UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09877
CALVERT RESPONSIBLE INDEX SERIES, INC.
(Exact Name of Registrant as Specified in Charter)
2050 M Street NW, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 06/19/2015 | 06/19/2015 | 24.73% | 11.98% | 12.78% |
Class A with 4.75% Maximum Sales Charge | — | — | 18.82 | 10.90 | 12.11 |
Class I at NAV | 06/19/2015 | 06/19/2015 | 25.05 | 12.28 | 13.11 |
Class R6 at NAV | 02/01/2022 | 06/19/2015 | 25.09 | 12.28 | 13.12 |
Russell 1000® Growth Index | — | — | 27.72% | 12.41% | 13.77% |
Calvert US Large-Cap Growth Responsible Index | — | — | 25.34 | 12.59 | 13.41 |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.65% | 0.40% | 0.37% |
Net | 0.49 | 0.24 | 0.21 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 06/19/2015 | $2,776,117 | N.A. |
Class R6, at minimum investment | $5,000,000 | 06/19/2015 | $13,884,941 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Apple, Inc. | 10.1% |
Microsoft Corp. | 8.8 |
Alphabet, Inc., Class A | 5.5 |
Amazon.com, Inc. | 4.4 |
NVIDIA Corp. | 4.0 |
Tesla, Inc. | 2.7 |
Eli Lilly & Co. | 1.8 |
Visa, Inc., Class A | 1.5 |
Broadcom, Inc. | 1.4 |
Mastercard, Inc., Class A | 1.4 |
Total | 41.6% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Russell 1000® Growth Index is an unmanaged index of U.S. large-cap growth stocks. Calvert US Large-Cap Growth Responsible Index (the “Calvert Index”) is composed of common stocks of large growth companies that operate their businesses in a manner that is consistent with the Calvert Principles for Responsible Investment. Large growth companies are selected from the 1,000 largest publicly traded U.S. companies based on market capitalization and growth style factors, excluding real estate investment trusts and business development companies. The Calvert Principles for Responsible Investment serve as a framework for considering environmental, social and governance factors that may affect investment performance. Stocks are weighted in the Calvert Index based on their float-adjusted market capitalization within the relevant sector, subject to certain prescribed limits. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. |
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class's inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,067.50 | $2.54 ** | 0.49% |
Class I | $1,000.00 | $1,068.90 | $1.24 ** | 0.24% |
Class R6 | $1,000.00 | $1,069.20 | $1.09 ** | 0.21% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.61 | $2.48 ** | 0.49% |
Class I | $1,000.00 | $1,023.87 | $1.22 ** | 0.24% |
Class R6 | $1,000.00 | $1,024.02 | $1.07 ** | 0.21% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.9% |
Security | Shares | Value | |
Aerospace & Defense — 0.2% | |||
Axon Enterprise, Inc.(1) | 1,887 | $ 375,494 | |
Curtiss-Wright Corp. | 435 | 85,099 | |
HEICO Corp. | 1,166 | 188,811 | |
Hexcel Corp. | 824 | 53,675 | |
Woodward, Inc. | 807 | 100,278 | |
$ 803,357 | |||
Air Freight & Logistics — 0.3% | |||
C.H. Robinson Worldwide, Inc. | 287 | $ 24,719 | |
Expeditors International of Washington, Inc. | 3,055 | 350,195 | |
FedEx Corp. | 371 | 98,285 | |
GXO Logistics, Inc.(1) | 1,152 | 67,565 | |
United Parcel Service, Inc., Class B | 5,057 | 788,235 | |
$ 1,328,999 | |||
Automobile Components — 0.1% | |||
Aptiv PLC(1) | 4,450 | $ 438,726 | |
Visteon Corp.(1) | 576 | 79,528 | |
$ 518,254 | |||
Automobiles — 2.7% | |||
Tesla, Inc.(1) | 53,442 | $ 13,372,257 | |
$ 13,372,257 | |||
Banks — 0.0%(2) | |||
First Financial Bankshares, Inc. | 1,241 | $ 31,174 | |
$ 31,174 | |||
Beverages — 1.9% | |||
Celsius Holdings, Inc.(1) | 1,217 | $ 208,837 | |
Coca-Cola Co. (The) | 53,638 | 3,002,655 | |
Coca-Cola Consolidated, Inc. | 111 | 70,632 | |
Keurig Dr Pepper, Inc. | 10,707 | 338,020 | |
Monster Beverage Corp.(1) | 19,811 | 1,048,992 | |
PepsiCo, Inc. | 26,825 | 4,545,228 | |
$ 9,214,364 | |||
Biotechnology — 3.3% | |||
AbbVie, Inc. | 37,567 | $ 5,599,737 | |
Alkermes PLC(1) | 838 | 23,472 | |
Alnylam Pharmaceuticals, Inc.(1) | 2,868 | 507,923 | |
Amgen, Inc. | 5,555 | 1,492,962 | |
Biogen, Inc.(1) | 1,343 | 345,164 | |
BioMarin Pharmaceutical, Inc.(1) | 4,320 | 382,234 | |
Blueprint Medicines Corp.(1) | 1,080 | 54,238 | |
Denali Therapeutics, Inc.(1) | 2,500 | 51,575 | |
Exact Sciences Corp.(1) | 2,486 | 169,595 | |
Exelixis, Inc.(1) | 8,005 | 174,909 |
Security | Shares | Value | |
Biotechnology (continued) | |||
Gilead Sciences, Inc. | 7,868 | $ 589,628 | |
Halozyme Therapeutics, Inc.(1) | 3,520 | 134,464 | |
Horizon Therapeutics PLC(1) | 5,392 | 623,801 | |
Incyte Corp.(1) | 4,377 | 252,859 | |
Ionis Pharmaceuticals, Inc.(1) | 361 | 16,375 | |
Moderna, Inc.(1) | 8,051 | 831,588 | |
Neurocrine Biosciences, Inc.(1) | 2,457 | 276,413 | |
Regeneron Pharmaceuticals, Inc.(1) | 2,423 | 1,994,032 | |
Sarepta Therapeutics, Inc.(1) | 1,492 | 180,860 | |
Seagen, Inc.(1) | 2,068 | 438,726 | |
United Therapeutics Corp.(1) | 723 | 163,304 | |
Vertex Pharmaceuticals, Inc.(1) | 6,049 | 2,103,479 | |
$ 16,407,338 | |||
Broadline Retail — 4.5% | |||
Amazon.com, Inc.(1) | 169,790 | $ 21,583,705 | |
eBay, Inc. | 10,461 | 461,226 | |
Etsy, Inc.(1) | 2,461 | 158,931 | |
$ 22,203,862 | |||
Building Products — 0.8% | |||
A.O. Smith Corp. | 3,163 | $ 209,169 | |
AAON, Inc. | 1,710 | 97,248 | |
Advanced Drainage Systems, Inc. | 1,665 | 189,527 | |
Allegion PLC | 2,115 | 220,383 | |
AZEK Co., Inc. (The)(1) | 2,377 | 70,692 | |
Carlisle Cos., Inc. | 1,487 | 385,520 | |
Carrier Global Corp. | 7,330 | 404,616 | |
Fortune Brands Innovations, Inc. | 417 | 25,921 | |
Johnson Controls International PLC | 17,995 | 957,514 | |
Lennox International, Inc. | 876 | 328,009 | |
Masco Corp. | 2,743 | 146,613 | |
Simpson Manufacturing Co., Inc. | 1,052 | 157,600 | |
Trane Technologies PLC | 3,114 | 631,862 | |
Trex Co., Inc.(1) | 2,398 | 147,789 | |
UFP Industries, Inc. | 250 | 25,600 | |
Zurn Elkay Water Solutions Corp., Class C | 2,528 | 70,834 | |
$ 4,068,897 | |||
Capital Markets — 3.3% | |||
Ameriprise Financial, Inc. | 1,406 | $ 463,530 | |
Ares Management Corp., Class A | 5,864 | 603,230 | |
BlackRock, Inc. | 998 | 645,197 | |
Blackstone, Inc. | 20,103 | 2,153,836 | |
Blue Owl Capital, Inc. | 16,216 | 210,159 | |
Cboe Global Markets, Inc. | 3,933 | 614,374 | |
Charles Schwab Corp. (The) | 11,519 | 632,393 | |
Coinbase Global, Inc., Class A(1) | 6,403 | 480,737 | |
Evercore, Inc., Class A | 475 | 65,493 | |
FactSet Research Systems, Inc. | 796 | 348,059 | |
Hamilton Lane, Inc., Class A | 720 | 65,117 |
Security | Shares | Value | |
Capital Markets (continued) | |||
Houlihan Lokey, Inc. | 1,418 | $ 151,896 | |
Interactive Brokers Group, Inc., Class A | 1,107 | 95,822 | |
Intercontinental Exchange, Inc. | 15,618 | 1,718,292 | |
KKR & Co., Inc. | 24,207 | 1,491,151 | |
LPL Financial Holdings, Inc. | 2,520 | 598,878 | |
MarketAxess Holdings, Inc. | 782 | 167,067 | |
Moody's Corp. | 3,426 | 1,083,198 | |
Morningstar, Inc. | 576 | 134,922 | |
MSCI, Inc. | 1,645 | 844,017 | |
Nasdaq, Inc. | 8,745 | 424,920 | |
S&P Global, Inc. | 6,859 | 2,506,347 | |
SEI Investments Co. | 4,109 | 247,485 | |
T. Rowe Price Group, Inc. | 1,820 | 190,863 | |
Tradeweb Markets, Inc., Class A | 3,708 | 297,382 | |
$ 16,234,365 | |||
Chemicals — 0.9% | |||
Air Products & Chemicals, Inc. | 3,956 | $ 1,121,130 | |
Ashland, Inc. | 653 | 53,337 | |
Axalta Coating Systems, Ltd.(1) | 3,331 | 89,604 | |
Balchem Corp. | 815 | 101,093 | |
Ecolab, Inc. | 4,062 | 688,103 | |
Element Solutions, Inc. | 4,100 | 80,401 | |
FMC Corp. | 1,272 | 85,186 | |
International Flavors & Fragrances, Inc. | 1,078 | 73,487 | |
Livent Corp.(1) | 4,824 | 88,810 | |
PPG Industries, Inc. | 2,559 | 332,158 | |
Sherwin-Williams Co. (The) | 5,798 | 1,478,780 | |
$ 4,192,089 | |||
Commercial Services & Supplies — 0.8% | |||
Casella Waste Systems, Inc., Class A(1) | 1,063 | $ 81,107 | |
Cintas Corp. | 1,668 | 802,325 | |
Clean Harbors, Inc.(1) | 724 | 121,169 | |
Copart, Inc.(1) | 18,120 | 780,791 | |
MSA Safety, Inc. | 1,082 | 170,577 | |
Republic Services, Inc. | 3,138 | 447,196 | |
Rollins, Inc. | 5,163 | 192,735 | |
Stericycle, Inc.(1) | 435 | 19,449 | |
Tetra Tech, Inc. | 815 | 123,904 | |
Waste Management, Inc. | 6,541 | 997,110 | |
$ 3,736,363 | |||
Communications Equipment — 0.9% | |||
Arista Networks, Inc.(1) | 5,119 | $ 941,538 | |
Ciena Corp.(1) | 2,975 | 140,598 | |
Cisco Systems, Inc. | 40,780 | 2,192,333 | |
F5, Inc.(1) | 1,213 | 195,463 | |
Juniper Networks, Inc. | 1,587 | 44,103 | |
Lumentum Holdings, Inc.(1) | 1,397 | 63,116 | |
Motorola Solutions, Inc. | 3,354 | 913,093 |
Security | Shares | Value | |
Communications Equipment (continued) | |||
Viasat, Inc.(1) | 171 | $ 3,157 | |
$ 4,493,401 | |||
Construction & Engineering — 0.2% | |||
AECOM | 671 | $ 55,720 | |
Comfort Systems USA, Inc. | 696 | 118,605 | |
EMCOR Group, Inc. | 284 | 59,751 | |
MasTec, Inc.(1) | 680 | 48,940 | |
Quanta Services, Inc. | 3,033 | 567,383 | |
Valmont Industries, Inc. | 276 | 66,298 | |
WillScot Mobile Mini Holdings Corp.(1) | 3,816 | 158,707 | |
$ 1,075,404 | |||
Construction Materials — 0.2% | |||
Summit Materials, Inc., Class A(1) | 745 | $ 23,199 | |
Vulcan Materials Co. | 5,932 | 1,198,383 | |
$ 1,221,582 | |||
Consumer Finance — 0.3% | |||
American Express Co. | 8,543 | $ 1,274,530 | |
Credit Acceptance Corp.(1) | 194 | 89,263 | |
FirstCash Holdings, Inc. | 565 | 56,715 | |
SoFi Technologies, Inc.(1)(3) | 8,773 | 70,096 | |
$ 1,490,604 | |||
Consumer Staples Distribution & Retail — 1.2% | |||
BJ's Wholesale Club Holdings, Inc.(1) | 250 | $ 17,842 | |
Casey's General Stores, Inc. | 121 | 32,854 | |
Costco Wholesale Corp. | 7,386 | 4,172,795 | |
Dollar General Corp. | 2,459 | 260,162 | |
Dollar Tree, Inc.(1) | 1,948 | 207,365 | |
Sprouts Farmers Market, Inc.(1) | 955 | 40,874 | |
Target Corp. | 951 | 105,152 | |
Walmart, Inc. | 7,471 | 1,194,837 | |
$ 6,031,881 | |||
Containers & Packaging — 0.2% | |||
AptarGroup, Inc. | 1,062 | $ 132,793 | |
Avery Dennison Corp. | 1,038 | 189,611 | |
Ball Corp. | 6,436 | 320,384 | |
Crown Holdings, Inc. | 137 | 12,122 | |
Graphic Packaging Holding Co. | 1,323 | 29,476 | |
Sealed Air Corp. | 1,599 | 52,543 | |
Silgan Holdings, Inc. | 725 | 31,255 | |
$ 768,184 | |||
Distributors — 0.1% | |||
Genuine Parts Co. | 464 | $ 66,992 | |
Pool Corp. | 731 | 260,309 | |
$ 327,301 |
Security | Shares | Value | |
Diversified Consumer Services — 0.1% | |||
Bright Horizons Family Solutions, Inc.(1) | 1,078 | $ 87,814 | |
Duolingo, Inc.(1) | 501 | 83,101 | |
H&R Block, Inc. | 3,168 | 136,414 | |
Service Corp. International | 2,132 | 121,822 | |
$ 429,151 | |||
Diversified Telecommunication Services — 0.0%(2) | |||
Iridium Communications, Inc. | 2,577 | $ 117,228 | |
$ 117,228 | |||
Electric Utilities — 0.3% | |||
Constellation Energy Corp. | 2,576 | $ 280,990 | |
NextEra Energy, Inc. | 14,556 | 833,913 | |
NRG Energy, Inc. | 4,702 | 181,121 | |
PNM Resources, Inc. | 745 | 33,234 | |
Xcel Energy, Inc. | 294 | 16,823 | |
$ 1,346,081 | |||
Electrical Equipment — 0.9% | |||
Acuity Brands, Inc. | 158 | $ 26,909 | |
AMETEK, Inc. | 5,282 | 780,468 | |
Atkore, Inc.(1) | 1,102 | 164,407 | |
Eaton Corp. PLC | 5,388 | 1,149,153 | |
Emerson Electric Co. | 6,620 | 639,294 | |
EnerSys | 580 | 54,909 | |
Generac Holdings, Inc.(1) | 1,574 | 171,503 | |
Hubbell, Inc. | 1,008 | 315,917 | |
nVent Electric PLC | 1,782 | 94,428 | |
Plug Power, Inc.(1)(3) | 2,000 | 15,200 | |
Regal Rexnord Corp. | 548 | 78,298 | |
Rockwell Automation, Inc. | 2,315 | 661,789 | |
Sensata Technologies Holding PLC | 956 | 36,156 | |
$ 4,188,431 | |||
Electronic Equipment, Instruments & Components — 0.9% | |||
Advanced Energy Industries, Inc. | 947 | $ 97,655 | |
Amphenol Corp., Class A | 15,115 | 1,269,509 | |
Badger Meter, Inc. | 744 | 107,039 | |
Belden, Inc. | 520 | 50,206 | |
CDW Corp. | 1,689 | 340,773 | |
Cognex Corp. | 4,833 | 205,112 | |
Coherent Corp.(1) | 1,798 | 58,687 | |
Corning, Inc. | 6,269 | 191,016 | |
Insight Enterprises, Inc.(1) | 170 | 24,735 | |
IPG Photonics Corp.(1) | 584 | 59,299 | |
Jabil, Inc. | 420 | 53,294 | |
Keysight Technologies, Inc.(1) | 4,441 | 587,589 | |
Littelfuse, Inc. | 572 | 141,467 | |
National Instruments Corp. | 2,197 | 130,985 | |
Novanta, Inc.(1) | 956 | 137,129 |
Security | Shares | Value | |
Electronic Equipment, Instruments & Components (continued) | |||
Teledyne Technologies, Inc.(1) | 770 | $ 314,607 | |
Trimble, Inc.(1) | 4,285 | 230,790 | |
Zebra Technologies Corp., Class A(1) | 1,018 | 240,787 | |
$ 4,240,679 | |||
Entertainment — 1.3% | |||
AMC Entertainment Holdings, Inc., Class A(1)(3) | 358 | $ 2,860 | |
Atlanta Braves Holdings, Inc., Class C(1) | 63 | 2,251 | |
Electronic Arts, Inc. | 4,822 | 580,569 | |
Liberty Media Corp.-Liberty Formula One, Class A(1) | 2,195 | 124,105 | |
Liberty Media Corp.-Liberty Live, Class A(1) | 93 | 2,969 | |
Live Nation Entertainment, Inc.(1) | 2,663 | 221,136 | |
Madison Square Garden Sports Corp. | 265 | 46,720 | |
Netflix, Inc.(1) | 8,832 | 3,334,963 | |
ROBLOX Corp., Class A(1)(3) | 8,648 | 250,446 | |
Roku, Inc.(1) | 2,458 | 173,510 | |
Take-Two Interactive Software, Inc.(1) | 1,669 | 234,311 | |
Walt Disney Co. (The)(1) | 18,746 | 1,519,363 | |
Warner Music Group Corp., Class A | 1,813 | 56,928 | |
$ 6,550,131 | |||
Financial Services — 3.7% | |||
Affirm Holdings, Inc.(1) | 4,214 | $ 89,632 | |
Block, Inc., Class A(1) | 10,743 | 475,485 | |
Euronet Worldwide, Inc.(1) | 500 | 39,690 | |
Fiserv, Inc.(1) | 11,560 | 1,305,818 | |
Jack Henry & Associates, Inc. | 1,405 | 212,352 | |
Mastercard, Inc., Class A | 17,037 | 6,745,119 | |
PayPal Holdings, Inc.(1) | 22,320 | 1,304,827 | |
Shift4 Payments, Inc., Class A(1) | 1,117 | 61,848 | |
Toast, Inc., Class A(1)(3) | 6,377 | 119,441 | |
Visa, Inc., Class A | 32,316 | 7,433,003 | |
WEX, Inc.(1) | 972 | 182,823 | |
$ 17,970,038 | |||
Food Products — 0.7% | |||
Campbell Soup Co. | 1,425 | $ 58,539 | |
Darling Ingredients, Inc.(1) | 3,552 | 185,415 | |
Flowers Foods, Inc. | 1,300 | 28,834 | |
General Mills, Inc. | 4,684 | 299,729 | |
Hershey Co. (The) | 3,964 | 793,117 | |
Hormel Foods Corp. | 1,507 | 57,311 | |
JM Smucker Co. (The) | 340 | 41,789 | |
Kellogg Co. | 2,458 | 146,276 | |
Lamb Weston Holdings, Inc. | 3,043 | 281,356 | |
Lancaster Colony Corp. | 423 | 69,808 | |
McCormick & Co., Inc. | 3,730 | 282,137 | |
Mondelez International, Inc., Class A | 14,650 | 1,016,710 | |
Simply Good Foods Co. (The)(1) | 2,462 | 84,988 | |
$ 3,346,009 |
Security | Shares | Value | |
Gas Utilities — 0.0%(2) | |||
Southwest Gas Holdings, Inc. | 615 | $ 37,152 | |
UGI Corp. | 3,344 | 76,912 | |
$ 114,064 | |||
Ground Transportation — 0.6% | |||
J.B. Hunt Transport Services, Inc. | 1,386 | $ 261,289 | |
Landstar System, Inc. | 809 | 143,144 | |
Old Dominion Freight Line, Inc. | 1,898 | 776,548 | |
Saia, Inc.(1) | 587 | 234,007 | |
Union Pacific Corp. | 7,165 | 1,459,009 | |
$ 2,873,997 | |||
Health Care Equipment & Supplies — 4.1% | |||
Abbott Laboratories | 34,381 | $ 3,329,800 | |
Align Technology, Inc.(1) | 1,712 | 522,708 | |
Baxter International, Inc. | 11,095 | 418,725 | |
Becton Dickinson and Co. | 5,747 | 1,485,772 | |
Boston Scientific Corp.(1) | 34,136 | 1,802,381 | |
CONMED Corp. | 461 | 46,492 | |
Cooper Cos., Inc. (The) | 1,182 | 375,888 | |
DENTSPLY SIRONA, Inc. | 2,845 | 97,185 | |
DexCom, Inc.(1) | 8,887 | 829,157 | |
Edwards Lifesciences Corp.(1) | 13,940 | 965,763 | |
Envista Holdings Corp.(1) | 233 | 6,496 | |
GE HealthCare Technologies, Inc. | 9,175 | 624,267 | |
Globus Medical, Inc., Class A(1) | 1,635 | 81,178 | |
Haemonetics Corp.(1) | 1,167 | 104,540 | |
Hologic, Inc.(1) | 5,741 | 398,425 | |
ICU Medical, Inc.(1) | 253 | 30,110 | |
IDEXX Laboratories, Inc.(1) | 1,971 | 861,859 | |
Inari Medical, Inc.(1) | 1,128 | 73,771 | |
Inspire Medical Systems, Inc.(1) | 699 | 138,710 | |
Insulet Corp.(1) | 1,642 | 261,883 | |
Intuitive Surgical, Inc.(1) | 8,136 | 2,378,071 | |
Lantheus Holdings, Inc.(1) | 1,549 | 107,625 | |
Masimo Corp.(1) | 1,127 | 98,815 | |
Medtronic PLC | 7,708 | 603,999 | |
Merit Medical Systems, Inc.(1) | 1,308 | 90,278 | |
Neogen Corp.(1) | 2,495 | 46,257 | |
Novocure, Ltd.(1) | 1,190 | 19,218 | |
Penumbra, Inc.(1) | 762 | 184,335 | |
QuidelOrtho Corp.(1) | 1,125 | 82,170 | |
ResMed, Inc. | 3,424 | 506,307 | |
Shockwave Medical, Inc.(1) | 879 | 175,009 | |
STERIS PLC | 2,330 | 511,249 | |
Stryker Corp. | 7,976 | 2,179,602 | |
Teleflex, Inc. | 891 | 175,001 | |
Zimmer Biomet Holdings, Inc. | 4,950 | 555,489 | |
$ 20,168,535 |
Security | Shares | Value | |
Health Care Providers & Services — 0.5% | |||
AMN Healthcare Services, Inc.(1) | 892 | $ 75,980 | |
Chemed Corp. | 371 | 192,809 | |
DaVita, Inc.(1) | 535 | 50,573 | |
Elevance Health, Inc. | 1,045 | 455,014 | |
Encompass Health Corp. | 400 | 26,864 | |
Ensign Group, Inc. (The) | 949 | 88,190 | |
HealthEquity, Inc.(1) | 1,556 | 113,666 | |
Henry Schein, Inc.(1) | 1,040 | 77,220 | |
Humana, Inc. | 953 | 463,653 | |
Laboratory Corp. of America Holdings | 955 | 192,003 | |
Molina Healthcare, Inc.(1) | 694 | 227,556 | |
Option Care Health, Inc.(1) | 2,779 | 89,901 | |
Progyny, Inc.(1) | 1,785 | 60,726 | |
Quest Diagnostics, Inc. | 1,058 | 128,928 | |
R1 RCM, Inc.(1) | 3,198 | 48,194 | |
$ 2,291,277 | |||
Health Care Technology — 0.1% | |||
Doximity, Inc., Class A(1) | 2,138 | $ 45,368 | |
Veeva Systems, Inc., Class A(1) | 2,946 | 599,364 | |
$ 644,732 | |||
Hotels, Restaurants & Leisure — 2.3% | |||
Airbnb, Inc., Class A(1) | 8,254 | $ 1,132,531 | |
Aramark | 2,112 | 73,286 | |
Booking Holdings, Inc.(1) | 719 | 2,217,360 | |
Chipotle Mexican Grill, Inc.(1) | 726 | 1,329,909 | |
Choice Hotels International, Inc.(3) | 632 | 77,426 | |
Darden Restaurants, Inc. | 1,031 | 147,660 | |
Domino's Pizza, Inc. | 891 | 337,502 | |
Expedia Group, Inc.(1) | 2,926 | 301,583 | |
Hilton Grand Vacations, Inc.(1) | 600 | 24,420 | |
Hilton Worldwide Holdings, Inc. | 5,599 | 840,858 | |
Hyatt Hotels Corp., Class A | 134 | 14,215 | |
Marriott International, Inc., Class A | 4,474 | 879,409 | |
Marriott Vacations Worldwide Corp. | 193 | 19,422 | |
Planet Fitness, Inc., Class A(1) | 1,831 | 90,049 | |
Starbucks Corp. | 26,092 | 2,381,417 | |
Texas Roadhouse, Inc. | 1,282 | 123,200 | |
Vail Resorts, Inc. | 324 | 71,892 | |
Wendy's Co. (The) | 2,270 | 46,331 | |
Wingstop, Inc. | 750 | 134,880 | |
Wyndham Hotels & Resorts, Inc. | 992 | 68,984 | |
Yum! Brands, Inc. | 7,526 | 940,298 | |
$ 11,252,632 | |||
Household Durables — 0.2% | |||
D.R. Horton, Inc. | 1,811 | $ 194,628 | |
NVR, Inc.(1) | 69 | 411,468 | |
Tempur Sealy International, Inc. | 2,854 | 123,692 |
Security | Shares | Value | |
Household Durables (continued) | |||
TopBuild Corp.(1) | 491 | $ 123,536 | |
Whirlpool Corp. | 265 | 35,430 | |
$ 888,754 | |||
Household Products — 1.5% | |||
Church & Dwight Co., Inc. | 4,561 | $ 417,925 | |
Clorox Co. (The) | 2,311 | 302,880 | |
Colgate-Palmolive Co. | 15,322 | 1,089,547 | |
Kimberly-Clark Corp. | 2,892 | 349,498 | |
Procter & Gamble Co. (The) | 36,307 | 5,295,739 | |
$ 7,455,589 | |||
Independent Power and Renewable Electricity Producers — 0.0%(2) | |||
AES Corp. (The) | 8,622 | $ 131,054 | |
Ormat Technologies, Inc.(3) | 888 | 62,089 | |
$ 193,143 | |||
Insurance — 2.2% | |||
Allstate Corp. (The) | 5,292 | $ 589,582 | |
Arch Capital Group, Ltd.(1) | 5,499 | 438,325 | |
Assurant, Inc. | 150 | 21,537 | |
Brown & Brown, Inc. | 3,780 | 263,995 | |
Cincinnati Financial Corp. | 5,765 | 589,702 | |
Erie Indemnity Co., Class A | 718 | 210,941 | |
Everest Group, Ltd. | 695 | 258,311 | |
Globe Life, Inc. | 600 | 65,238 | |
Kinsale Capital Group, Inc. | 822 | 340,415 | |
Markel Group, Inc.(1) | 489 | 720,048 | |
Marsh & McLennan Cos., Inc. | 11,963 | 2,276,559 | |
Primerica, Inc. | 612 | 118,734 | |
Progressive Corp. (The) | 16,591 | 2,311,126 | |
Prudential Financial, Inc. | 13,620 | 1,292,402 | |
RenaissanceRe Holdings, Ltd. | 655 | 129,638 | |
RLI Corp. | 1,197 | 162,660 | |
Ryan Specialty Holdings, Inc.(1) | 3,471 | 167,996 | |
Selective Insurance Group, Inc. | 778 | 80,266 | |
W.R. Berkley Corp. | 1,801 | 114,345 | |
White Mountains Insurance Group, Ltd. | 94 | 140,595 | |
Willis Towers Watson PLC | 1,287 | 268,932 | |
$ 10,561,347 | |||
Interactive Media & Services — 5.6% | |||
Alphabet, Inc., Class A(1) | 205,932 | $ 26,948,262 | |
Pinterest, Inc., Class A(1) | 11,300 | 305,439 | |
Snap, Inc., Class A(1) | 15,984 | 142,417 | |
ZoomInfo Technologies, Inc.(1) | 6,036 | 98,990 | |
$ 27,495,108 | |||
IT Services — 2.2% | |||
Accenture PLC, Class A | 13,466 | $ 4,135,543 |
Security | Shares | Value | |
IT Services (continued) | |||
Akamai Technologies, Inc.(1) | 3,049 | $ 324,841 | |
Amdocs, Ltd. | 1,312 | 110,851 | |
Cloudflare, Inc., Class A(1) | 5,574 | 351,385 | |
Cognizant Technology Solutions Corp., Class A | 2,334 | 158,105 | |
EPAM Systems, Inc.(1) | 1,095 | 279,981 | |
Gartner, Inc.(1) | 1,675 | 575,547 | |
International Business Machines Corp. | 18,645 | 2,615,894 | |
MongoDB, Inc.(1) | 1,204 | 416,415 | |
Okta, Inc.(1) | 2,859 | 233,037 | |
Snowflake, Inc., Class A(1) | 6,031 | 921,356 | |
Twilio, Inc., Class A(1) | 3,329 | 194,846 | |
VeriSign, Inc.(1) | 1,908 | 386,427 | |
$ 10,704,228 | |||
Leisure Products — 0.1% | |||
Brunswick Corp. | 1,515 | $ 119,685 | |
Hasbro, Inc. | 2,401 | 158,802 | |
Mattel, Inc.(1) | 4,942 | 108,872 | |
$ 387,359 | |||
Life Sciences Tools & Services — 2.5% | |||
Agilent Technologies, Inc. | 6,858 | $ 766,861 | |
Avantor, Inc.(1) | 7,382 | 155,613 | |
Bio-Techne Corp. | 3,820 | 260,027 | |
Bruker Corp. | 2,462 | 153,383 | |
Charles River Laboratories International, Inc.(1) | 846 | 165,799 | |
Danaher Corp. | 14,895 | 3,695,449 | |
Fortrea Holdings, Inc.(1) | 955 | 27,303 | |
Illumina, Inc.(1) | 733 | 100,626 | |
IQVIA Holdings, Inc.(1) | 4,265 | 839,139 | |
Medpace Holdings, Inc.(1) | 574 | 138,983 | |
Mettler-Toledo International, Inc.(1) | 515 | 570,656 | |
Repligen Corp.(1) | 1,210 | 192,402 | |
Revvity, Inc. | 424 | 46,937 | |
Thermo Fisher Scientific, Inc. | 8,402 | 4,252,840 | |
Waters Corp.(1) | 1,403 | 384,717 | |
West Pharmaceutical Services, Inc. | 1,722 | 646,112 | |
$ 12,396,847 | |||
Machinery — 2.2% | |||
AGCO Corp. | 245 | $ 28,979 | |
Allison Transmission Holdings, Inc. | 485 | 28,644 | |
Caterpillar, Inc. | 5,085 | 1,388,205 | |
Chart Industries, Inc.(1)(3) | 615 | 104,009 | |
Deere & Co. | 3,761 | 1,419,326 | |
Donaldson Co., Inc. | 2,255 | 134,488 | |
Dover Corp. | 1,928 | 268,975 | |
Esab Corp. | 1,000 | 70,220 | |
Fortive Corp. | 4,714 | 349,590 | |
Franklin Electric Co., Inc. | 919 | 82,002 | |
Graco, Inc. | 4,337 | 316,081 |
Security | Shares | Value | |
Machinery (continued) | |||
IDEX Corp. | 1,703 | $ 354,258 | |
Illinois Tool Works, Inc. | 7,127 | 1,641,419 | |
Ingersoll Rand, Inc. | 9,881 | 629,617 | |
ITT, Inc. | 822 | 80,482 | |
Lincoln Electric Holdings, Inc. | 1,346 | 244,689 | |
Middleby Corp. (The)(1) | 458 | 58,624 | |
Mueller Industries, Inc. | 213 | 16,009 | |
Nordson Corp. | 1,194 | 266,465 | |
Otis Worldwide Corp. | 9,021 | 724,477 | |
PACCAR, Inc. | 775 | 65,891 | |
Parker-Hannifin Corp. | 2,683 | 1,045,082 | |
Pentair PLC | 2,784 | 180,264 | |
Snap-on, Inc. | 475 | 121,154 | |
SPX Technologies, Inc.(1) | 1,118 | 91,005 | |
Timken Co. (The) | 340 | 24,987 | |
Toro Co. (The) | 2,775 | 230,602 | |
Watts Water Technologies, Inc., Class A | 407 | 70,338 | |
Westinghouse Air Brake Technologies Corp. | 1,234 | 131,137 | |
Xylem, Inc. | 4,817 | 438,492 | |
$ 10,605,511 | |||
Media — 0.6% | |||
Cable One, Inc. | 57 | $ 35,092 | |
Charter Communications, Inc., Class A(1) | 537 | 236,183 | |
Comcast Corp., Class A | 41,056 | 1,820,423 | |
Interpublic Group of Cos., Inc. (The) | 705 | 20,205 | |
Liberty Broadband Corp., Class C(1) | 2,862 | 261,358 | |
New York Times Co. (The), Class A | 2,068 | 85,202 | |
Sirius XM Holdings, Inc.(3) | 5,224 | 23,612 | |
Trade Desk, Inc. (The), Class A(1) | 8,594 | 671,621 | |
$ 3,153,696 | |||
Metals & Mining — 0.2% | |||
ATI, Inc.(1) | 3,159 | $ 129,993 | |
Nucor Corp. | 3,178 | 496,880 | |
Reliance Steel & Aluminum Co. | 300 | 78,669 | |
Steel Dynamics, Inc. | 1,694 | 181,631 | |
$ 887,173 | |||
Multi-Utilities — 0.0%(2) | |||
Ameren Corp. | 250 | $ 18,708 | |
CMS Energy Corp. | 939 | 49,870 | |
Dominion Energy, Inc. | 2,693 | 120,296 | |
WEC Energy Group, Inc. | 306 | 24,648 | |
$ 213,522 | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
Denbury, Inc.(1) | 2,708 | $ 265,411 | |
$ 265,411 |
Security | Shares | Value | |
Paper & Forest Products — 0.0%(2) | |||
Louisiana-Pacific Corp. | 1,281 | $ 70,801 | |
$ 70,801 | |||
Passenger Airlines — 0.0%(2) | |||
Alaska Air Group, Inc.(1) | 2,600 | $ 96,408 | |
Southwest Airlines Co. | 3,260 | 88,248 | |
$ 184,656 | |||
Personal Care Products — 0.2% | |||
BellRing Brands, Inc.(1) | 2,380 | $ 98,127 | |
Coty, Inc., Class A(1) | 3,419 | 37,507 | |
e.l.f. Beauty, Inc.(1) | 965 | 105,986 | |
Estee Lauder Cos., Inc. (The), Class A | 4,455 | 643,970 | |
$ 885,590 | |||
Pharmaceuticals — 3.7% | |||
Bristol-Myers Squibb Co. | 37,597 | $ 2,182,130 | |
Catalent, Inc.(1) | 162 | 7,376 | |
Eli Lilly & Co. | 16,818 | 9,033,452 | |
Jazz Pharmaceuticals PLC(1) | 1,393 | 180,310 | |
Merck & Co., Inc. | 43,430 | 4,471,119 | |
Royalty Pharma PLC, Class A | 8,582 | 232,915 | |
Zoetis, Inc. | 10,892 | 1,894,990 | |
$ 18,002,292 | |||
Professional Services — 1.2% | |||
Alight, Inc., Class A(1) | 2,650 | $ 18,788 | |
Automatic Data Processing, Inc. | 5,679 | 1,366,254 | |
Booz Allen Hamilton Holding Corp. | 2,651 | 289,675 | |
Broadridge Financial Solutions, Inc. | 1,985 | 355,414 | |
Ceridian HCM Holding, Inc.(1) | 2,634 | 178,717 | |
CoStar Group, Inc.(1) | 8,857 | 681,015 | |
Dun & Bradstreet Holdings, Inc. | 644 | 6,434 | |
Equifax, Inc. | 2,566 | 470,040 | |
Exlservice Holdings, Inc.(1) | 2,950 | 82,718 | |
Exponent, Inc. | 782 | 66,939 | |
FTI Consulting, Inc.(1) | 538 | 95,985 | |
Genpact, Ltd. | 1,702 | 61,612 | |
Insperity, Inc. | 510 | 49,776 | |
Maximus, Inc. | 640 | 47,795 | |
Paychex, Inc. | 4,486 | 517,370 | |
Paycom Software, Inc. | 1,071 | 277,678 | |
Paylocity Holding Corp.(1) | 886 | 160,986 | |
Robert Half, Inc. | 652 | 47,779 | |
Science Applications International Corp. | 290 | 30,607 | |
SS&C Technologies Holdings, Inc. | 2,502 | 131,455 | |
TransUnion | 3,919 | 281,345 | |
TriNet Group, Inc.(1) | 407 | 47,407 | |
Verisk Analytics, Inc. | 2,996 | 707,775 | |
$ 5,973,564 |
Security | Shares | Value | |
Real Estate Management & Development — 0.0%(2) | |||
CBRE Group, Inc., Class A(1) | 2,767 | $ 204,371 | |
Zillow Group, Inc., Class C(1) | 496 | 22,895 | |
$ 227,266 | |||
Semiconductors & Semiconductor Equipment — 10.1% | |||
Advanced Micro Devices, Inc.(1) | 32,722 | $ 3,364,476 | |
Allegro MicroSystems, Inc.(1) | 1,799 | 57,460 | |
Analog Devices, Inc. | 7,803 | 1,366,227 | |
Applied Materials, Inc. | 16,790 | 2,324,575 | |
Broadcom, Inc. | 8,201 | 6,811,587 | |
Cirrus Logic, Inc.(1) | 1,246 | 92,154 | |
Diodes, Inc.(1) | 753 | 59,367 | |
Enphase Energy, Inc.(1) | 2,598 | 312,150 | |
Entegris, Inc. | 2,984 | 280,227 | |
First Solar, Inc.(1) | 1,968 | 318,009 | |
Intel Corp. | 6,830 | 242,806 | |
KLA Corp. | 2,777 | 1,273,699 | |
Lam Research Corp. | 2,690 | 1,686,011 | |
Lattice Semiconductor Corp.(1) | 2,826 | 242,838 | |
Marvell Technology, Inc. | 17,597 | 952,526 | |
Microchip Technology, Inc. | 11,068 | 863,857 | |
Micron Technology, Inc. | 21,259 | 1,446,250 | |
MKS Instruments, Inc. | 934 | 80,828 | |
Monolithic Power Systems, Inc. | 874 | 403,788 | |
NVIDIA Corp. | 44,860 | 19,513,651 | |
ON Semiconductor Corp.(1) | 8,495 | 789,610 | |
Onto Innovation, Inc.(1) | 1,003 | 127,903 | |
Power Integrations, Inc. | 1,263 | 96,380 | |
Qorvo, Inc.(1) | 2,161 | 206,311 | |
QUALCOMM, Inc. | 22,669 | 2,517,619 | |
Rambus, Inc.(1) | 2,137 | 119,223 | |
Silicon Laboratories, Inc.(1) | 721 | 83,557 | |
Skyworks Solutions, Inc. | 2,567 | 253,081 | |
SolarEdge Technologies, Inc.(1) | 1,048 | 135,726 | |
Teradyne, Inc. | 3,089 | 310,321 | |
Texas Instruments, Inc. | 18,361 | 2,919,583 | |
Universal Display Corp. | 1,049 | 164,683 | |
Wolfspeed, Inc.(1)(3) | 600 | 22,860 | |
$ 49,439,343 | |||
Software — 15.3% | |||
Adobe, Inc.(1) | 9,201 | $ 4,691,590 | |
Altair Engineering, Inc., Class A(1) | 850 | 53,176 | |
ANSYS, Inc.(1) | 1,655 | 492,445 | |
AppFolio, Inc., Class A(1) | 332 | 60,633 | |
AppLovin Corp., Class A(1) | 2,467 | 98,581 | |
Atlassian Corp., Class A(1) | 981 | 197,681 | |
Autodesk, Inc.(1) | 4,442 | 919,094 | |
Bill Holdings, Inc.(1) | 1,997 | 216,814 | |
Box, Inc., Class A(1) | 2,766 | 66,965 |
Security | Shares | Value | |
Software (continued) | |||
Cadence Design Systems, Inc.(1) | 5,503 | $ 1,289,353 | |
Confluent, Inc., Class A(1) | 4,075 | 120,661 | |
CrowdStrike Holdings, Inc., Class A(1) | 4,339 | 726,262 | |
Datadog, Inc., Class A(1) | 5,123 | 466,654 | |
DocuSign, Inc.(1) | 3,812 | 160,104 | |
Dolby Laboratories, Inc., Class A | 915 | 72,523 | |
Dropbox, Inc., Class A(1) | 6,106 | 166,266 | |
Dynatrace, Inc.(1) | 4,701 | 219,678 | |
Elastic NV(1) | 1,166 | 94,726 | |
Fair Isaac Corp.(1) | 530 | 460,321 | |
Five9, Inc.(1) | 1,549 | 99,601 | |
Fortinet, Inc.(1) | 12,707 | 745,647 | |
Guidewire Software, Inc.(1) | 1,090 | 98,100 | |
HashiCorp, Inc., Class A(1) | 2,220 | 50,683 | |
HubSpot, Inc.(1) | 915 | 450,637 | |
Intuit, Inc. | 5,516 | 2,818,345 | |
Manhattan Associates, Inc.(1) | 1,353 | 267,434 | |
Microsoft Corp. | 135,981 | 42,936,001 | |
New Relic, Inc.(1) | 640 | 54,797 | |
Oracle Corp. | 31,949 | 3,384,038 | |
Palo Alto Networks, Inc.(1) | 6,193 | 1,451,887 | |
PTC, Inc.(1) | 2,356 | 333,798 | |
Qualys, Inc.(1) | 765 | 116,701 | |
Roper Technologies, Inc. | 1,457 | 705,596 | |
Salesforce, Inc.(1) | 19,243 | 3,902,096 | |
ServiceNow, Inc.(1) | 4,165 | 2,328,068 | |
Smartsheet, Inc., Class A(1) | 1,600 | 64,736 | |
Splunk, Inc.(1) | 1,781 | 260,471 | |
SPS Commerce, Inc.(1) | 717 | 122,327 | |
Synopsys, Inc.(1) | 3,069 | 1,408,579 | |
Tenable Holdings, Inc.(1) | 2,200 | 98,560 | |
Teradata Corp.(1) | 1,973 | 88,824 | |
Tyler Technologies, Inc.(1) | 883 | 340,962 | |
VMware, Inc., Class A(1) | 4,318 | 718,861 | |
Workday, Inc., Class A(1) | 3,922 | 842,642 | |
Workiva, Inc.(1) | 619 | 62,729 | |
Zoom Video Communications, Inc., Class A(1) | 4,367 | 305,428 | |
Zscaler, Inc.(1) | 1,648 | 256,412 | |
$ 74,887,487 | |||
Specialty Retail — 2.9% | |||
AutoZone, Inc.(1) | 363 | $ 922,016 | |
Bath & Body Works, Inc. | 1,230 | 41,574 | |
Burlington Stores, Inc.(1) | 1,216 | 164,525 | |
Chewy, Inc., Class A(1) | 1,490 | 27,207 | |
Dick's Sporting Goods, Inc. | 891 | 96,745 | |
Five Below, Inc.(1) | 1,054 | 169,589 | |
Floor & Decor Holdings, Inc., Class A(1) | 1,963 | 177,652 | |
GameStop Corp., Class A(1) | 592 | 9,744 | |
Home Depot, Inc. (The) | 19,122 | 5,777,904 | |
Lowe's Cos., Inc. | 11,017 | 2,289,773 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
O'Reilly Automotive, Inc.(1) | 1,176 | $ 1,068,819 | |
RH (1)(3) | 305 | 80,630 | |
Ross Stores, Inc. | 5,089 | 574,803 | |
TJX Cos., Inc. (The) | 19,440 | 1,727,827 | |
Tractor Supply Co. | 2,110 | 428,435 | |
Ulta Beauty, Inc.(1) | 989 | 395,056 | |
Williams-Sonoma, Inc.(3) | 664 | 103,186 | |
$ 14,055,485 | |||
Technology Hardware, Storage & Peripherals — 10.2% | |||
Apple, Inc. | 289,316 | $ 49,533,792 | |
Pure Storage, Inc., Class A(1) | 5,654 | 201,396 | |
Seagate Technology Holdings PLC | 4,037 | 266,240 | |
Western Digital Corp.(1) | 2,279 | 103,991 | |
$ 50,105,419 | |||
Textiles, Apparel & Luxury Goods — 0.7% | |||
Columbia Sportswear Co. | 88 | $ 6,521 | |
Crocs, Inc.(1) | 1,131 | 99,788 | |
Deckers Outdoor Corp.(1) | 486 | 249,848 | |
lululemon Athletica, Inc.(1) | 2,126 | 819,807 | |
NIKE, Inc., Class B | 22,820 | 2,182,048 | |
PVH Corp. | 43 | 3,290 | |
Skechers USA, Inc., Class A(1) | 997 | 48,803 | |
Tapestry, Inc. | 708 | 20,355 | |
VF Corp. | 6,937 | 122,577 | |
$ 3,553,037 | |||
Trading Companies & Distributors — 0.4% | |||
Applied Industrial Technologies, Inc. | 718 | $ 111,010 | |
Core & Main, Inc., Class A(1) | 1,000 | 28,850 | |
Fastenal Co. | 11,069 | 604,810 | |
GATX Corp. | 340 | 37,002 | |
MSC Industrial Direct Co., Inc., Class A | 275 | 26,991 | |
SiteOne Landscape Supply, Inc.(1) | 999 | 163,287 | |
United Rentals, Inc. | 757 | 336,539 | |
W.W. Grainger, Inc. | 833 | 576,303 | |
$ 1,884,792 | |||
Water Utilities — 0.1% | |||
American Water Works Co., Inc. | 1,398 | $ 173,115 | |
Essential Utilities, Inc. | 2,925 | 100,415 | |
$ 273,530 | |||
Wireless Telecommunication Services — 0.3% | |||
T-Mobile US, Inc.(1) | 10,597 | $ 1,484,110 | |
$ 1,484,110 | |||
Total Common Stocks (identified cost $359,369,375) | $489,287,721 |
Rights — 0.0%(2) |
Security | Shares | Value | |
Health Care Equipment & Supplies — 0.0%(2) | |||
Abiomed, Inc., CVR(1)(4)(5) | 1,143 | $ 1,166 | |
Total Rights (identified cost $1,166) | $ 1,166 |
Short-Term Investments — 0.3% | |||
Affiliated Fund — 0.3% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 1,417,922 | $ 1,417,922 | |
Total Affiliated Fund (identified cost $1,417,922) | $ 1,417,922 | ||
Securities Lending Collateral — 0.0%(2) | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 115,114 | $ 115,114 | |
Total Securities Lending Collateral (identified cost $115,114) | $ 115,114 | ||
Total Short-Term Investments (identified cost $1,533,036) | $ 1,533,036 | ||
Total Investments — 100.2% (identified cost $360,903,577) | $490,821,923 | ||
Other Assets, Less Liabilities — (0.2)% | $ (877,843) | ||
Net Assets — 100.0% | $ 489,944,080 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $821,026. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Restricted security. Total market value of restricted securities amounts to $1,166, which represents less than 0.05% of the net assets of the Fund as of September 30, 2023. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Description | Acquisition Date | Cost |
Abiomed, Inc., CVR | 12/28/22 | $1,166 |
Abbreviations: | |
CVR | – Contingent Value Rights |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $359,485,655) - including $821,026 of securities on loan | $ 489,404,001 |
Investments in securities of affiliated issuers, at value (identified cost $1,417,922) | 1,417,922 |
Cash | 24,205 |
Cash denominated in foreign currency, at value (cost $1,088) | 1,162 |
Receivable for capital shares sold | 1,291,753 |
Dividends and interest receivable | 173,877 |
Dividends receivable - affiliated | 3,113 |
Securities lending income receivable | 271 |
Receivable from affiliates | 79,533 |
Directors' deferred compensation plan | 46,867 |
Total assets | $492,442,704 |
Liabilities | |
Payable for investments purchased | $ 1,478,232 |
Payable for capital shares redeemed | 587,738 |
Deposits for securities loaned | 115,114 |
Payable to affiliates: | |
Investment advisory fee | 49,872 |
Administrative fee | 49,961 |
Distribution and service fees | 16,527 |
Sub-transfer agency fee | 4,194 |
Directors' deferred compensation plan | 46,867 |
Accrued expenses | 150,119 |
Total liabilities | $ 2,498,624 |
Net Assets | $489,944,080 |
Sources of Net Assets | |
Paid-in capital | $ 378,647,369 |
Distributable earnings | 111,296,711 |
Net Assets | $489,944,080 |
Class A Shares | |
Net Assets | $ 77,895,399 |
Shares Outstanding | 1,640,792 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 47.47 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 49.84 |
Class I Shares | |
Net Assets | $ 354,002,523 |
Shares Outstanding | 7,380,102 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 47.97 |
September 30, 2023 | |
Class R6 Shares | |
Net Assets | $ 58,046,158 |
Shares Outstanding | 1,211,621 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 47.91 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $166) | $ 4,285,382 |
Dividend income - affiliated issuers | 42,736 |
Interest income | 453 |
Securities lending income, net | 18,368 |
Total investment income | $ 4,346,939 |
Expenses | |
Investment advisory fee | $ 531,287 |
Administrative fee | 531,287 |
Distribution and service fees: | |
Class A | 170,792 |
Directors' fees and expenses | 30,696 |
Custodian fees | 12,323 |
Transfer agency fees and expenses | 370,651 |
Accounting fees | 102,898 |
Professional fees | 51,569 |
Registration fees | 78,839 |
Reports to shareholders | 28,536 |
Miscellaneous | 43,333 |
Total expenses | $ 1,952,211 |
Waiver and/or reimbursement of expenses by affiliates | $ (720,490) |
Net expenses | $ 1,231,721 |
Net investment income | $ 3,115,218 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (8,289,940) |
Foreign currency transactions | 18 |
Net realized loss | $ (8,289,922) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 97,688,097 |
Foreign currency | 74 |
Net change in unrealized appreciation (depreciation) | $97,688,171 |
Net realized and unrealized gain | $89,398,249 |
Net increase in net assets from operations | $92,513,467 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 3,115,218 | $ 1,743,352 |
Net realized loss | (8,289,922) | (10,497,557) |
Net change in unrealized appreciation (depreciation) | 97,688,171 | (65,483,237) |
Net increase (decrease) in net assets from operations | $ 92,513,467 | $ (74,237,442) |
Distributions to shareholders: | ||
Class A | $ (224,890) | $ (970,439) |
Class I | (1,493,216) | (4,433,200) |
Class R6 | (316,925) | — |
Total distributions to shareholders | $ (2,035,031) | $ (5,403,639) |
Capital share transactions: | ||
Class A | $ 17,440,106 | $ 10,436,610 |
Class I | (9,640,339) | 153,430,921 |
Class R6 | 45,649,488 | 962,024 (1) |
Net increase in net assets from capital share transactions | $ 53,449,255 | $164,829,555 |
Net increase in net assets | $143,927,691 | $ 85,188,474 |
Net Assets | ||
At beginning of year | $ 346,016,389 | $ 260,827,915 |
At end of year | $489,944,080 | $346,016,389 |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 38.18 | $ 49.71 | $ 39.77 | $ 29.65 | $ 29.83 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.22 | $ 0.16 | $ 0.15 | $ 0.19 | $ 0.20 |
Net realized and unrealized gain (loss) | 9.20 | (10.79) | 10.49 | 10.39 | 0.96 |
Total income (loss) from operations | $ 9.42 | $ (10.63) | $ 10.64 | $ 10.58 | $ 1.16 |
Less Distributions | |||||
From net investment income | $ (0.13) | $ (0.11) | $ (0.15) | $ (0.17) | $ (0.20) |
From net realized gain | — | (0.79) | (0.55) | (0.29) | (1.14) |
Total distributions | $ (0.13) | $ (0.90) | $ (0.70) | $ (0.46) | $ (1.34) |
Net asset value — End of year | $ 47.47 | $ 38.18 | $ 49.71 | $ 39.77 | $ 29.65 |
Total Return(2) | 24.73% | (21.87)% | 27.06% | 36.14% | 4.51% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $77,895 | $47,248 | $50,963 | $29,021 | $16,361 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.66% | 0.65% | 0.66% | 0.67% | 0.77% |
Net expenses | 0.49% (4) | 0.49% (4) | 0.49% | 0.49% | 0.51% |
Net investment income | 0.49% | 0.35% | 0.32% | 0.56% | 0.72% |
Portfolio Turnover | 23% | 19% | 25% | 53% | 34% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 38.55 | $ 50.15 | $ 40.08 | $ 29.88 | $ 30.02 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.33 | $ 0.28 | $ 0.27 | $ 0.27 | $ 0.28 |
Net realized and unrealized gain (loss) | 9.29 | (10.87) | 10.57 | 10.46 | 0.97 |
Total income (loss) from operations | $ 9.62 | $ (10.59) | $ 10.84 | $ 10.73 | $ 1.25 |
Less Distributions | |||||
From net investment income | $ (0.20) | $ (0.22) | $ (0.22) | $ (0.24) | $ (0.25) |
From net realized gain | — | (0.79) | (0.55) | (0.29) | (1.14) |
Total distributions | $ (0.20) | $ (1.01) | $ (0.77) | $ (0.53) | $ (1.39) |
Net asset value — End of year | $ 47.97 | $ 38.55 | $ 50.15 | $ 40.08 | $ 29.88 |
Total Return(2) | 25.05% | (21.66)% | 27.40% | 36.42% | 4.82% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $354,003 | $297,905 | $209,865 | $112,304 | $74,948 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.41% | 0.40% | 0.41% | 0.42% | 0.52% |
Net expenses | 0.24% (4) | 0.24% (4) | 0.24% | 0.24% | 0.24% |
Net investment income | 0.74% | 0.61% | 0.57% | 0.81% | 1.00% |
Portfolio Turnover | 23% | 19% | 25% | 53% | 34% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | ||
Year Ended September 30, 2023 | Period Ended September 30, 2022(1) | |
Net asset value — Beginning of period | $ 38.55 | $ 50.25 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.35 | $ 0.19 |
Net realized and unrealized gain (loss) | 9.28 | (11.89) |
Total income (loss) from operations | $ 9.63 | $(11.70) |
Less Distributions | ||
From net investment income | $ (0.27) | $ — |
Total distributions | $ (0.27) | $ — |
Net asset value — End of period | $ 47.91 | $ 38.55 |
Total Return(3) | 25.09% | (23.28)% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $58,046 | $ 864 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.37% | 0.40% (6) |
Net expenses | 0.21% (7) | 0.21% (6)(7) |
Net investment income | 0.76% | 0.68% (6) |
Portfolio Turnover | 23% | 19% (4)(8) |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2022. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | $ 489,287,721(2) | $ — | $ — | $ 489,287,721 |
Rights | — | — | 1,166 | 1,166 |
Short-Term Investments: | ||||
Affiliated Fund | 1,417,922 | — | — | 1,417,922 |
Securities Lending Collateral | 115,114 | — | — | 115,114 |
Total Investments | $490,820,757 | $ — | $1,166 | $490,821,923 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $2,035,031 | $3,029,416 |
Long-term capital gains | $ — | $2,374,223 |
Undistributed ordinary income | $ 2,084,726 |
Deferred capital losses | (9,163,602) |
Net unrealized appreciation | 118,375,587 |
Distributable earnings | $111,296,711 |
Aggregate cost | $372,446,411 |
Gross unrealized appreciation | $ 129,346,514 |
Gross unrealized depreciation | (10,971,002) |
Net unrealized appreciation | $118,375,512 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $115,114 | $ — | $ — | $ — | $115,114 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $1,086,317 | $86,570,173 | $(86,238,568) | $ — | $ — | $1,417,922 | $42,736 | 1,417,922 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,119,019 | $ 47,507,706 | 391,567 | $ 18,624,018 | |
Reinvestment of distributions | 4,071 | 164,856 | 18,125 | 947,927 | |
Shares redeemed | (719,813) | (30,232,456) | (197,409) | (9,135,335) | |
Net increase | 403,277 | $ 17,440,106 | 212,283 | $ 10,436,610 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 2,580,713 | $ 113,456,358 | 4,412,350 | $ 193,442,806 | |
Reinvestment of distributions | 36,046 | 1,472,104 | 83,068 | 4,376,828 | |
Shares redeemed | (2,964,897) | (124,568,801) | (951,510) | (44,388,713) | |
Net increase (decrease) | (348,138) | $ (9,640,339) | 3,543,908 | $153,430,921 | |
Class R6 | |||||
Shares sold | 1,406,930 | $ 56,179,471 | 22,493 | $ 965,202 | |
Reinvestment of distributions | 7,772 | 316,925 | — | — | |
Shares redeemed | (225,496) | (10,846,908) | (78) | (3,178) | |
Net increase | 1,189,206 | $ 45,649,488 | 22,415 | $ 962,024 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2000 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 2000 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2000 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 06/19/2015 | 06/19/2015 | 10.13% | 5.45% | 6.47% |
Class A with 4.75% Maximum Sales Charge | — | — | 4.90 | 4.43 | 5.85 |
Class I at NAV | 06/19/2015 | 06/19/2015 | 10.41 | 5.72 | 6.78 |
Class R6 at NAV | 02/01/2022 | 06/19/2015 | 10.44 | 5.74 | 6.79 |
Russell 1000® Value Index | — | — | 14.44% | 6.22% | 7.16% |
Calvert US Large-Cap Value Responsible Index | — | — | 10.64 | 5.95 | 7.04 |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.61% | 0.36% | 0.31% |
Net | 0.49 | 0.24 | 0.19 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 06/19/2015 | $1,722,520 | N.A. |
Class R6, at minimum investment | $5,000,000 | 06/19/2015 | $8,618,815 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
JPMorgan Chase & Co. | 3.8% |
Bank of America Corp. | 1.8 |
Pfizer, Inc. | 1.8 |
Walmart, Inc. | 1.6 |
Wells Fargo & Co. | 1.4 |
Intel Corp. | 1.3 |
Verizon Communications, Inc. | 1.3 |
Cisco Systems, Inc. | 1.1 |
AT&T, Inc. | 1.1 |
Goldman Sachs Group, Inc. (The) | 1.1 |
Total | 16.3% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Russell 1000® Value Index is an unmanaged index of U.S. large-cap value stocks. Calvert US Large-Cap Value Responsible Index (the “Calvert Index”) is composed of common stocks of large value companies that operate their businesses in a manner that is consistent with the Calvert Principles for Responsible Investment. Large value companies are selected from the 1,000 largest publicly traded U.S. companies based on market capitalization and value style factors, excluding real estate investment trusts and business development companies. The Calvert Principles for Responsible Investment serve as a framework for considering environmental, social and governance factors that may affect investment performance. Stocks are weighted in the Calvert Index based on their float-adjusted market capitalization within the relevant sector, subject to certain prescribed limits. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. |
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class's inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 986.80 | $2.44 ** | 0.49% |
Class I | $1,000.00 | $ 987.60 | $1.20 ** | 0.24% |
Class R6 | $1,000.00 | $ 988.00 | $0.95 ** | 0.19% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.61 | $2.48 ** | 0.49% |
Class I | $1,000.00 | $1,023.87 | $1.22 ** | 0.24% |
Class R6 | $1,000.00 | $1,024.12 | $0.96 ** | 0.19% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.6% |
Security | Shares | Value | |
Aerospace & Defense — 0.3% | |||
Curtiss-Wright Corp. | 8,106 | $ 1,585,777 | |
Hexcel Corp. | 21,680 | 1,412,235 | |
Woodward, Inc. | 10,151 | 1,261,363 | |
$ 4,259,375 | |||
Air Freight & Logistics — 1.6% | |||
C.H. Robinson Worldwide, Inc. | 26,278 | $ 2,263,324 | |
FedEx Corp. | 39,532 | 10,472,817 | |
GXO Logistics, Inc.(1) | 17,473 | 1,024,792 | |
United Parcel Service, Inc., Class B | 83,039 | 12,943,289 | |
$ 26,704,222 | |||
Automobile Components — 0.5% | |||
Aptiv PLC(1) | 12,845 | $ 1,266,388 | |
Autoliv, Inc. | 22,941 | 2,213,348 | |
BorgWarner, Inc. | 61,932 | 2,500,195 | |
Lear Corp. | 15,752 | 2,113,918 | |
$ 8,093,849 | |||
Automobiles — 1.5% | |||
Ford Motor Co. | 749,362 | $ 9,307,076 | |
General Motors Co. | 269,966 | 8,900,779 | |
Harley-Davidson, Inc. | 38,598 | 1,276,050 | |
Rivian Automotive, Inc., Class A(1)(2) | 172,594 | 4,190,582 | |
Thor Industries, Inc. | 13,880 | 1,320,405 | |
$ 24,994,892 | |||
Banks — 12.3% | |||
Bank of America Corp. | 1,066,266 | $ 29,194,363 | |
Bank OZK | 21,968 | 814,354 | |
BOK Financial Corp. | 5,835 | 466,683 | |
Citigroup, Inc. | 327,320 | 13,462,672 | |
Citizens Financial Group, Inc. | 102,949 | 2,759,033 | |
Columbia Banking System, Inc. | 43,610 | 885,283 | |
Comerica, Inc. | 29,230 | 1,214,506 | |
Commerce Bancshares, Inc. | 25,266 | 1,212,263 | |
Cullen/Frost Bankers, Inc. | 12,572 | 1,146,692 | |
East West Bancorp, Inc. | 29,719 | 1,566,488 | |
F.N.B. Corp. | 78,979 | 852,183 | |
Fifth Third Bancorp | 144,854 | 3,669,152 | |
First Citizens Bancshares, Inc., Class A | 2,230 | 3,077,623 | |
First Financial Bankshares, Inc. | 27,824 | 698,939 | |
First Horizon Corp. | 112,700 | 1,241,954 | |
Home BancShares, Inc. | 35,935 | 752,479 | |
Huntington Bancshares, Inc. | 305,402 | 3,176,181 | |
JPMorgan Chase & Co. | 421,926 | 61,187,708 | |
KeyCorp | 199,506 | 2,146,685 | |
M&T Bank Corp. | 35,313 | 4,465,329 |
Security | Shares | Value | |
Banks (continued) | |||
New York Community Bancorp, Inc. | 149,102 | $ 1,690,817 | |
Old National Bancorp | 54,865 | 797,737 | |
Pinnacle Financial Partners, Inc. | 16,044 | 1,075,590 | |
PNC Financial Services Group, Inc. (The) | 76,871 | 9,437,453 | |
Popular, Inc. | 15,010 | 945,780 | |
Prosperity Bancshares, Inc. | 17,534 | 957,006 | |
Regions Financial Corp. | 200,316 | 3,445,435 | |
SouthState Corp. | 14,519 | 978,000 | |
Synovus Financial Corp. | 27,396 | 761,609 | |
Truist Financial Corp. | 266,614 | 7,627,827 | |
U.S. Bancorp | 284,433 | 9,403,355 | |
United Bankshares, Inc. | 28,248 | 779,362 | |
Valley National Bancorp | 90,441 | 774,175 | |
Webster Financial Corp. | 36,459 | 1,469,662 | |
Wells Fargo & Co. | 575,101 | 23,498,627 | |
Western Alliance Bancorp | 19,775 | 909,057 | |
Wintrust Financial Corp. | 12,546 | 947,223 | |
Zions Bancorp N.A. | 32,841 | 1,145,822 | |
$ 200,635,107 | |||
Beverages — 1.6% | |||
Coca-Cola Co. (The) | 275,391 | $ 15,416,388 | |
Keurig Dr Pepper, Inc. | 158,456 | 5,002,456 | |
PepsiCo, Inc. | 32,768 | 5,552,210 | |
$ 25,971,054 | |||
Biotechnology — 2.6% | |||
ACADIA Pharmaceuticals, Inc.(1) | 34,985 | $ 729,087 | |
Alkermes PLC(1) | 37,354 | 1,046,286 | |
Amgen, Inc. | 51,995 | 13,974,176 | |
Apellis Pharmaceuticals, Inc.(1) | 27,717 | 1,054,355 | |
Arrowhead Pharmaceuticals, Inc.(1) | 30,145 | 809,996 | |
Biogen, Inc.(1) | 21,448 | 5,512,350 | |
Blueprint Medicines Corp.(1) | 3,876 | 194,653 | |
Exact Sciences Corp.(1) | 20,491 | 1,397,896 | |
Gilead Sciences, Inc. | 158,198 | 11,855,358 | |
Ionis Pharmaceuticals, Inc.(1) | 36,207 | 1,642,349 | |
Sarepta Therapeutics, Inc.(1) | 7,422 | 899,695 | |
Seagen, Inc.(1) | 13,280 | 2,817,352 | |
United Therapeutics Corp.(1) | 4,679 | 1,056,846 | |
$ 42,990,399 | |||
Broadline Retail — 0.0%(3) | |||
Macy's, Inc. | 58,581 | $ 680,125 | |
$ 680,125 | |||
Building Products — 1.4% | |||
Allegion PLC | 4,497 | $ 468,587 | |
Carlisle Cos., Inc. | 9,473 | 2,455,970 | |
Carrier Global Corp. | 120,633 | 6,658,942 |
Security | Shares | Value | |
Building Products (continued) | |||
Fortune Brands Innovations, Inc. | 23,674 | $ 1,471,576 | |
Masco Corp. | 15,650 | 836,493 | |
Owens Corning | 30,140 | 4,111,397 | |
Trane Technologies PLC | 26,957 | 5,469,845 | |
UFP Industries, Inc. | 12,131 | 1,242,214 | |
Zurn Elkay Water Solutions Corp., Class C | 9,865 | 276,417 | |
$ 22,991,441 | |||
Capital Markets — 6.0% | |||
Affiliated Managers Group, Inc. | 7,546 | $ 983,546 | |
Ameriprise Financial, Inc. | 14,212 | 4,685,412 | |
Bank of New York Mellon Corp. (The) | 164,881 | 7,032,175 | |
BlackRock, Inc. | 20,638 | 13,342,261 | |
Carlyle Group, Inc. (The) | 39,887 | 1,202,992 | |
Charles Schwab Corp. (The) | 212,237 | 11,651,811 | |
CME Group, Inc. | 62,838 | 12,581,424 | |
Evercore, Inc., Class A | 5,840 | 805,219 | |
Franklin Resources, Inc. | 62,181 | 1,528,409 | |
Goldman Sachs Group, Inc. (The) | 53,591 | 17,340,440 | |
Hamilton Lane, Inc., Class A | 3,666 | 331,553 | |
Houlihan Lokey, Inc. | 3,676 | 393,773 | |
Interactive Brokers Group, Inc., Class A | 14,973 | 1,296,063 | |
Intercontinental Exchange, Inc. | 17,467 | 1,921,719 | |
Invesco, Ltd. | 96,033 | 1,394,399 | |
Jefferies Financial Group, Inc. | 57,320 | 2,099,632 | |
LPL Financial Holdings, Inc. | 2,075 | 493,124 | |
Nasdaq, Inc. | 22,559 | 1,096,142 | |
Northern Trust Corp. | 43,681 | 3,034,956 | |
Raymond James Financial, Inc. | 39,792 | 3,996,311 | |
State Street Corp. | 67,272 | 4,504,533 | |
Stifel Financial Corp. | 21,255 | 1,305,907 | |
T. Rowe Price Group, Inc. | 37,813 | 3,965,449 | |
Tradeweb Markets, Inc., Class A | 2,500 | 200,500 | |
$ 97,187,750 | |||
Chemicals — 2.5% | |||
Air Products & Chemicals, Inc. | 18,605 | $ 5,272,657 | |
Ashland, Inc. | 14,027 | 1,145,725 | |
Axalta Coating Systems, Ltd.(1) | 30,767 | 827,632 | |
Cabot Corp. | 23,504 | 1,628,122 | |
Celanese Corp. | 35,305 | 4,431,484 | |
Eastman Chemical Co. | 47,870 | 3,672,586 | |
Ecolab, Inc. | 26,780 | 4,536,532 | |
Element Solutions, Inc. | 46,592 | 913,669 | |
FMC Corp. | 27,503 | 1,841,876 | |
Huntsman Corp. | 69,676 | 1,700,094 | |
International Flavors & Fragrances, Inc. | 65,793 | 4,485,109 | |
Mosaic Co. (The) | 111,660 | 3,975,096 | |
PPG Industries, Inc. | 37,096 | 4,815,061 |
Security | Shares | Value | |
Chemicals (continued) | |||
Sherwin-Williams Co. (The) | 6,130 | $ 1,563,457 | |
$ 40,809,100 | |||
Commercial Services & Supplies — 0.6% | |||
Clean Harbors, Inc.(1) | 4,277 | $ 715,799 | |
Republic Services, Inc. | 20,250 | 2,885,828 | |
Stericycle, Inc.(1) | 15,226 | 680,754 | |
Tetra Tech, Inc. | 3,270 | 497,138 | |
Waste Management, Inc. | 27,114 | 4,133,258 | |
$ 8,912,777 | |||
Communications Equipment — 1.2% | |||
Ciena Corp.(1) | 745 | $ 35,209 | |
Cisco Systems, Inc. | 332,949 | 17,899,338 | |
Juniper Networks, Inc. | 54,371 | 1,510,970 | |
Viasat, Inc.(1)(2) | 7,736 | 142,807 | |
$ 19,588,324 | |||
Construction & Engineering — 0.4% | |||
AECOM | 31,979 | $ 2,655,536 | |
Comfort Systems USA, Inc. | 66 | 11,247 | |
EMCOR Group, Inc. | 10,147 | 2,134,827 | |
MasTec, Inc.(1) | 6,580 | 473,562 | |
Valmont Industries, Inc. | 2,427 | 582,990 | |
WillScot Mobile Mini Holdings Corp.(1) | 8,235 | 342,494 | |
$ 6,200,656 | |||
Construction Materials — 0.1% | |||
Summit Materials, Inc., Class A(1) | 49,281 | $ 1,534,610 | |
Vulcan Materials Co. | 4,275 | 863,636 | |
$ 2,398,246 | |||
Consumer Finance — 1.9% | |||
Ally Financial, Inc. | 63,854 | $ 1,703,625 | |
American Express Co. | 68,279 | 10,186,544 | |
Capital One Financial Corp. | 76,142 | 7,389,581 | |
Credit Acceptance Corp.(1) | 397 | 182,668 | |
Discover Financial Services | 52,724 | 4,567,480 | |
FirstCash Holdings, Inc. | 6,226 | 624,966 | |
OneMain Holdings, Inc. | 23,240 | 931,691 | |
SLM Corp. | 50,401 | 686,462 | |
SoFi Technologies, Inc.(1) | 143,972 | 1,150,336 | |
Synchrony Financial | 91,125 | 2,785,691 | |
$ 30,209,044 | |||
Consumer Staples Distribution & Retail — 4.6% | |||
Albertsons Cos., Inc., Class A | 129,130 | $ 2,937,708 | |
BJ's Wholesale Club Holdings, Inc.(1) | 22,483 | 1,604,612 | |
Casey's General Stores, Inc. | 9,959 | 2,704,068 | |
Costco Wholesale Corp. | 12,632 | 7,136,575 |
Security | Shares | Value | |
Consumer Staples Distribution & Retail (continued) | |||
Dollar General Corp. | 17,585 | $ 1,860,493 | |
Dollar Tree, Inc.(1) | 23,356 | 2,486,246 | |
Kroger Co. (The) | 151,983 | 6,801,239 | |
Performance Food Group Co.(1) | 46,444 | 2,733,694 | |
Sprouts Farmers Market, Inc.(1) | 28,371 | 1,214,279 | |
Sysco Corp. | 105,890 | 6,994,034 | |
Target Corp. | 77,557 | 8,575,477 | |
US Foods Holding Corp.(1) | 76,073 | 3,020,098 | |
Walmart, Inc. | 161,969 | 25,903,702 | |
$ 73,972,225 | |||
Containers & Packaging — 1.7% | |||
AptarGroup, Inc. | 12,778 | $ 1,597,761 | |
Avery Dennison Corp. | 15,059 | 2,750,827 | |
Ball Corp. | 24,296 | 1,209,455 | |
Berry Global Group, Inc. | 46,772 | 2,895,654 | |
Crown Holdings, Inc. | 43,404 | 3,840,386 | |
Graphic Packaging Holding Co. | 99,228 | 2,210,800 | |
Packaging Corp. of America | 29,373 | 4,510,224 | |
Sealed Air Corp. | 43,017 | 1,413,539 | |
Silgan Holdings, Inc. | 30,764 | 1,326,236 | |
Sonoco Products Co. | 41,213 | 2,239,927 | |
WestRock Co. | 101,204 | 3,623,103 | |
$ 27,617,912 | |||
Distributors — 0.4% | |||
Genuine Parts Co. | 24,580 | $ 3,548,860 | |
LKQ Corp. | 53,939 | 2,670,520 | |
$ 6,219,380 | |||
Diversified Consumer Services — 0.1% | |||
Service Corp. International | 18,469 | $ 1,055,319 | |
$ 1,055,319 | |||
Diversified Telecommunication Services — 2.4% | |||
AT&T, Inc. | 1,175,448 | $ 17,655,229 | |
Verizon Communications, Inc. | 663,219 | 21,494,928 | |
$ 39,150,157 | |||
Electric Utilities — 3.0% | |||
Alliant Energy Corp. | 75,649 | $ 3,665,194 | |
Avangrid, Inc. | 21,037 | 634,686 | |
Constellation Energy Corp. | 52,290 | 5,703,793 | |
Evergy, Inc. | 67,264 | 3,410,285 | |
Eversource Energy | 88,601 | 5,152,148 | |
Exelon Corp. | 198,864 | 7,515,071 | |
IDACORP, Inc. | 14,927 | 1,397,913 | |
NextEra Energy, Inc. | 228,027 | 13,063,667 | |
PNM Resources, Inc. | 20,211 | 901,613 | |
Portland General Electric Co. | 30,248 | 1,224,439 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Xcel Energy, Inc. | 119,809 | $ 6,855,471 | |
$ 49,524,280 | |||
Electrical Equipment — 1.9% | |||
Acuity Brands, Inc. | 8,436 | $ 1,436,735 | |
AMETEK, Inc. | 8,360 | 1,235,274 | |
Atkore, Inc.(1) | 250 | 37,297 | |
Eaton Corp. PLC | 38,169 | 8,140,684 | |
Emerson Electric Co. | 68,935 | 6,657,053 | |
EnerSys | 4,521 | 428,003 | |
Hubbell, Inc. | 5,748 | 1,801,481 | |
nVent Electric PLC | 39,401 | 2,087,859 | |
Plug Power, Inc.(1)(2) | 79,727 | 605,925 | |
Regal Rexnord Corp. | 19,352 | 2,765,014 | |
Rockwell Automation, Inc. | 8,900 | 2,544,243 | |
Sensata Technologies Holding PLC | 48,195 | 1,822,735 | |
Sunrun, Inc.(1)(2) | 37,757 | 474,228 | |
$ 30,036,531 | |||
Electronic Equipment, Instruments & Components — 1.2% | |||
Arrow Electronics, Inc.(1) | 11,255 | $ 1,409,576 | |
Avnet, Inc. | 16,955 | 817,061 | |
Belden, Inc. | 13,026 | 1,257,660 | |
CDW Corp. | 10,425 | 2,103,348 | |
Coherent Corp.(1) | 18,710 | 610,694 | |
Corning, Inc. | 93,521 | 2,849,585 | |
Insight Enterprises, Inc.(1) | 5,443 | 791,957 | |
Jabil, Inc. | 26,127 | 3,315,255 | |
Littelfuse, Inc. | 1,925 | 476,091 | |
National Instruments Corp. | 877 | 52,287 | |
TD SYNNEX Corp. | 7,960 | 794,886 | |
Teledyne Technologies, Inc.(1) | 6,287 | 2,568,743 | |
Trimble, Inc.(1) | 32,300 | 1,739,678 | |
Vishay Intertechnology, Inc. | 27,213 | 672,705 | |
$ 19,459,526 | |||
Energy Equipment & Services — 0.5% | |||
Baker Hughes Co. | 211,793 | $ 7,480,529 | |
$ 7,480,529 | |||
Entertainment — 1.5% | |||
AMC Entertainment Holdings, Inc., Class A(1) | 35,698 | $ 285,227 | |
Atlanta Braves Holdings, Inc., Class C(1) | 8,407 | 300,382 | |
Liberty Media Corp.-Liberty Formula One, Class A(1) | 37,462 | 2,118,102 | |
Liberty Media Corp.-Liberty Live, Class A(1) | 10,256 | 327,372 | |
Live Nation Entertainment, Inc.(1) | 4,285 | 355,826 | |
Madison Square Garden Sports Corp. | 2,721 | 479,712 | |
Take-Two Interactive Software, Inc.(1) | 15,314 | 2,149,932 | |
Walt Disney Co. (The)(1) | 162,830 | 13,197,372 | |
Warner Bros. Discovery, Inc.(1) | 519,729 | 5,644,257 |
Security | Shares | Value | |
Entertainment (continued) | |||
Warner Music Group Corp., Class A | 9,351 | $ 293,621 | |
$ 25,151,803 | |||
Financial Services — 1.0% | |||
Equitable Holdings, Inc. | 75,873 | $ 2,154,034 | |
Essent Group, Ltd. | 21,959 | 1,038,441 | |
Euronet Worldwide, Inc.(1) | 4,639 | 368,244 | |
Fidelity National Information Services, Inc. | 127,440 | 7,043,609 | |
Fiserv, Inc.(1) | 8,770 | 990,659 | |
MGIC Investment Corp. | 54,232 | 905,132 | |
Radian Group, Inc. | 33,126 | 831,794 | |
Voya Financial, Inc. | 22,244 | 1,478,114 | |
Western Union Co. (The) | 81,098 | 1,068,872 | |
$ 15,878,899 | |||
Food Products — 3.0% | |||
Bunge, Ltd. | 43,072 | $ 4,662,544 | |
Campbell Soup Co. | 47,679 | 1,958,653 | |
Conagra Brands, Inc. | 147,707 | 4,050,126 | |
Darling Ingredients, Inc.(1) | 5,366 | 280,105 | |
Flowers Foods, Inc. | 51,974 | 1,152,783 | |
General Mills, Inc. | 93,356 | 5,973,851 | |
Hormel Foods Corp. | 70,413 | 2,677,806 | |
Ingredion, Inc. | 19,544 | 1,923,130 | |
JM Smucker Co. (The) | 29,655 | 3,644,896 | |
Kellogg Co. | 48,829 | 2,905,814 | |
Kraft Heinz Co. (The) | 189,349 | 6,369,700 | |
Lamb Weston Holdings, Inc. | 6,940 | 641,673 | |
Lancaster Colony Corp. | 924 | 152,488 | |
McCormick & Co., Inc. | 36,039 | 2,725,990 | |
Mondelez International, Inc., Class A | 149,903 | 10,403,268 | |
$ 49,522,827 | |||
Gas Utilities — 0.3% | |||
National Fuel Gas Co. | 26,410 | $ 1,370,943 | |
New Jersey Resources Corp. | 29,062 | 1,180,789 | |
ONE Gas, Inc. | 16,146 | 1,102,449 | |
Southwest Gas Holdings, Inc. | 16,188 | 977,917 | |
UGI Corp. | 15,109 | 347,507 | |
$ 4,979,605 | |||
Ground Transportation — 2.0% | |||
Avis Budget Group, Inc.(1) | 6,818 | $ 1,225,126 | |
J.B. Hunt Transport Services, Inc. | 4,965 | 936,002 | |
Knight-Swift Transportation Holdings, Inc. | 40,747 | 2,043,462 | |
Ryder System, Inc. | 10,999 | 1,176,343 | |
Uber Technologies, Inc.(1) | 327,843 | 15,077,500 | |
Union Pacific Corp. | 49,030 | 9,983,979 | |
XPO, Inc.(1) | 30,918 | 2,308,338 | |
$ 32,750,750 |
Security | Shares | Value | |
Health Care Equipment & Supplies — 1.8% | |||
Abbott Laboratories | 60,379 | $ 5,847,706 | |
Baxter International, Inc. | 7,121 | 268,747 | |
Becton Dickinson and Co. | 11,927 | 3,083,487 | |
CONMED Corp. | 3,143 | 316,972 | |
DENTSPLY SIRONA, Inc. | 25,846 | 882,899 | |
Envista Holdings Corp.(1) | 43,226 | 1,205,141 | |
Globus Medical, Inc., Class A(1) | 2,885 | 143,240 | |
ICU Medical, Inc.(1) | 1,026 | 122,104 | |
iRhythm Technologies, Inc.(1) | 8,736 | 823,455 | |
Medtronic PLC | 170,674 | 13,374,015 | |
Neogen Corp.(1) | 32,562 | 603,700 | |
Novocure, Ltd.(1) | 8,128 | 131,267 | |
Stryker Corp. | 4,767 | 1,302,678 | |
Teleflex, Inc. | 3,691 | 724,949 | |
$ 28,830,360 | |||
Health Care Providers & Services — 3.8% | |||
agilon health, Inc.(1)(2) | 90,556 | $ 1,608,275 | |
AMN Healthcare Services, Inc.(1) | 835 | 71,125 | |
Centene Corp.(1) | 116,714 | 8,039,260 | |
CVS Health Corp. | 218,967 | 15,288,276 | |
DaVita, Inc.(1) | 9,426 | 891,040 | |
Elevance Health, Inc. | 32,143 | 13,995,705 | |
Encompass Health Corp. | 21,747 | 1,460,529 | |
Ensign Group, Inc. (The) | 4,858 | 451,454 | |
HealthEquity, Inc.(1) | 5,102 | 372,701 | |
Henry Schein, Inc.(1) | 21,639 | 1,606,696 | |
Humana, Inc. | 17,349 | 8,440,636 | |
Laboratory Corp. of America Holdings | 13,768 | 2,768,056 | |
Molina Healthcare, Inc.(1) | 8,013 | 2,627,383 | |
Option Care Health, Inc.(1) | 20,784 | 672,362 | |
Quest Diagnostics, Inc. | 19,183 | 2,337,640 | |
R1 RCM, Inc.(1) | 31,568 | 475,730 | |
Select Medical Holdings Corp. | 30,664 | 774,879 | |
$ 61,881,747 | |||
Hotels, Restaurants & Leisure — 1.1% | |||
Aramark | 54,098 | $ 1,877,201 | |
Darden Restaurants, Inc. | 24,692 | 3,536,388 | |
Hilton Grand Vacations, Inc.(1) | 17,116 | 696,621 | |
Hilton Worldwide Holdings, Inc. | 175 | 26,282 | |
Hyatt Hotels Corp., Class A | 11,275 | 1,196,052 | |
Marriott International, Inc., Class A | 14,915 | 2,931,692 | |
Marriott Vacations Worldwide Corp. | 7,031 | 707,530 | |
Starbucks Corp. | 37,205 | 3,395,700 | |
Texas Roadhouse, Inc. | 3,423 | 328,950 | |
Vail Resorts, Inc. | 6,952 | 1,542,579 | |
Wendy's Co. (The) | 25,843 | 527,456 | |
Wyndham Hotels & Resorts, Inc. | 13,409 | 932,462 | |
$ 17,698,913 |
Security | Shares | Value | |
Household Durables — 1.5% | |||
D.R. Horton, Inc. | 50,865 | $ 5,466,461 | |
KB Home | 23,599 | 1,092,162 | |
Leggett & Platt, Inc. | 24,259 | 616,421 | |
Lennar Corp., Class A | 57,826 | 6,489,812 | |
Meritage Homes Corp. | 10,636 | 1,301,740 | |
Mohawk Industries, Inc.(1) | 9,944 | 853,295 | |
Newell Brands, Inc. | 77,962 | 703,997 | |
PulteGroup, Inc. | 61,535 | 4,556,667 | |
Taylor Morrison Home Corp.(1) | 31,503 | 1,342,343 | |
TopBuild Corp.(1) | 2,341 | 588,995 | |
Whirlpool Corp. | 9,694 | 1,296,088 | |
$ 24,307,981 | |||
Household Products — 1.1% | |||
Colgate-Palmolive Co. | 4,339 | $ 308,546 | |
Kimberly-Clark Corp. | 39,230 | 4,740,946 | |
Procter & Gamble Co. (The) | 85,164 | 12,422,021 | |
$ 17,471,513 | |||
Independent Power and Renewable Electricity Producers — 0.2% | |||
AES Corp. (The) | 77,115 | $ 1,172,148 | |
Brookfield Renewable Corp., Class A | 40,490 | 969,331 | |
Clearway Energy, Inc., Class C | 33,727 | 713,663 | |
Ormat Technologies, Inc. | 5,695 | 398,194 | |
$ 3,253,336 | |||
Insurance — 5.0% | |||
Aflac, Inc. | 109,297 | $ 8,388,544 | |
Allstate Corp. (The) | 25,646 | 2,857,221 | |
American Financial Group, Inc. | 16,529 | 1,845,793 | |
American International Group, Inc. | 143,237 | 8,680,162 | |
Arch Capital Group, Ltd.(1) | 45,900 | 3,658,689 | |
Assurant, Inc. | 11,223 | 1,611,398 | |
Axis Capital Holdings, Ltd. | 14,658 | 826,271 | |
Brown & Brown, Inc. | 14,497 | 1,012,470 | |
Enstar Group, Ltd.(1) | 2,890 | 699,380 | |
Erie Indemnity Co., Class A | 1,310 | 384,865 | |
Everest Group, Ltd. | 5,114 | 1,900,720 | |
Fidelity National Financial, Inc. | 55,130 | 2,276,869 | |
First American Financial Corp. | 28,644 | 1,618,100 | |
Globe Life, Inc. | 17,834 | 1,939,091 | |
Hanover Insurance Group, Inc. (The) | 6,607 | 733,245 | |
Hartford Financial Services Group, Inc. (The) | 66,113 | 4,688,073 | |
Lincoln National Corp. | 31,969 | 789,315 | |
Marsh & McLennan Cos., Inc. | 12,505 | 2,379,701 | |
MetLife, Inc. | 129,633 | 8,155,212 | |
Old Republic International Corp. | 58,045 | 1,563,732 | |
Primerica, Inc. | 4,247 | 823,960 | |
Principal Financial Group, Inc. | 51,679 | 3,724,506 | |
Prudential Financial, Inc. | 3,181 | 301,845 |
Security | Shares | Value | |
Insurance (continued) | |||
Reinsurance Group of America, Inc. | 14,168 | $ 2,057,052 | |
RenaissanceRe Holdings, Ltd. | 6,790 | 1,343,877 | |
RLI Corp. | 1,813 | 246,369 | |
Selective Insurance Group, Inc. | 8,231 | 849,192 | |
Travelers Cos., Inc. (The) | 47,783 | 7,803,442 | |
Unum Group | 41,850 | 2,058,602 | |
W.R. Berkley Corp. | 33,787 | 2,145,137 | |
Willis Towers Watson PLC | 15,342 | 3,205,864 | |
$ 80,568,697 | |||
Interactive Media & Services — 0.1% | |||
IAC, Inc.(1) | 16,358 | $ 824,280 | |
Snap, Inc., Class A(1) | 34,852 | 310,531 | |
$ 1,134,811 | |||
IT Services — 0.5% | |||
Amdocs, Ltd. | 10,822 | $ 914,351 | |
Cognizant Technology Solutions Corp., Class A | 84,354 | 5,714,140 | |
DXC Technology Co.(1) | 44,839 | 933,996 | |
MongoDB, Inc.(1) | 1,182 | 408,807 | |
$ 7,971,294 | |||
Leisure Products — 0.0%(3) | |||
Brunswick Corp. | 4,310 | $ 340,490 | |
Mattel, Inc.(1) | 18,399 | 405,330 | |
$ 745,820 | |||
Life Sciences Tools & Services — 1.0% | |||
10X Genomics, Inc., Class A(1) | 25,004 | $ 1,031,415 | |
Avantor, Inc.(1) | 98,080 | 2,067,526 | |
Bio-Rad Laboratories, Inc., Class A(1) | 6,199 | 2,222,032 | |
Charles River Laboratories International, Inc.(1) | 3,883 | 760,990 | |
Danaher Corp. | 6,570 | 1,630,017 | |
Fortrea Holdings, Inc.(1) | 13,768 | 393,627 | |
Illumina, Inc.(1) | 32,995 | 4,529,554 | |
Revvity, Inc. | 31,224 | 3,456,497 | |
$ 16,091,658 | |||
Machinery — 5.9% | |||
AGCO Corp. | 23,737 | $ 2,807,612 | |
Allison Transmission Holdings, Inc. | 34,576 | 2,042,059 | |
Caterpillar, Inc. | 53,507 | 14,607,411 | |
Chart Industries, Inc.(1)(2) | 7,332 | 1,239,988 | |
CNH Industrial NV | 320,506 | 3,878,123 | |
Cummins, Inc. | 30,591 | 6,988,820 | |
Deere & Co. | 23,869 | 9,007,683 | |
Donaldson Co., Inc. | 13,092 | 780,807 | |
Dover Corp. | 23,748 | 3,313,083 | |
Esab Corp. | 13,308 | 934,488 | |
Flowserve Corp. | 55,337 | 2,200,752 |
Security | Shares | Value | |
Machinery (continued) | |||
Fortive Corp. | 57,002 | $ 4,227,268 | |
Franklin Electric Co., Inc. | 717 | 63,978 | |
IDEX Corp. | 2,828 | 588,281 | |
Illinois Tool Works, Inc. | 11,152 | 2,568,417 | |
Ingersoll Rand, Inc. | 4,844 | 308,660 | |
ITT, Inc. | 24,999 | 2,447,652 | |
Middleby Corp. (The)(1) | 12,033 | 1,540,224 | |
Mueller Industries, Inc. | 15,500 | 1,164,980 | |
Nordson Corp. | 1,749 | 390,324 | |
Oshkosh Corp. | 25,685 | 2,451,119 | |
Otis Worldwide Corp. | 22,948 | 1,842,954 | |
PACCAR, Inc. | 98,778 | 8,398,106 | |
Parker-Hannifin Corp. | 9,734 | 3,791,588 | |
Pentair PLC | 26,264 | 1,700,594 | |
Snap-on, Inc. | 13,850 | 3,532,581 | |
Stanley Black & Decker, Inc. | 48,033 | 4,014,598 | |
Timken Co. (The) | 26,233 | 1,927,863 | |
Toro Co. (The) | 1,680 | 139,608 | |
Watts Water Technologies, Inc., Class A | 2,617 | 452,270 | |
Westinghouse Air Brake Technologies Corp. | 41,392 | 4,398,728 | |
Xylem, Inc. | 20,077 | 1,827,609 | |
$ 95,578,228 | |||
Media — 2.2% | |||
Cable One, Inc. | 151 | $ 92,962 | |
Charter Communications, Inc., Class A(1) | 15,159 | 6,667,231 | |
Comcast Corp., Class A | 344,799 | 15,288,388 | |
Interpublic Group of Cos., Inc. (The) | 109,317 | 3,133,025 | |
New York Times Co. (The), Class A | 16,394 | 675,433 | |
Nexstar Media Group, Inc., Class A | 9,791 | 1,403,736 | |
Omnicom Group, Inc. | 57,182 | 4,258,915 | |
Paramount Global, Class B | 169,332 | 2,184,383 | |
Sirius XM Holdings, Inc.(2) | 118,955 | 537,676 | |
TEGNA, Inc. | 63,407 | 923,840 | |
$ 35,165,589 | |||
Metals & Mining — 1.2% | |||
ATI, Inc.(1) | 28,753 | $ 1,183,186 | |
Commercial Metals Co. | 49,917 | 2,466,399 | |
Nucor Corp. | 41,089 | 6,424,265 | |
Reliance Steel & Aluminum Co. | 16,287 | 4,270,940 | |
Steel Dynamics, Inc. | 41,227 | 4,420,359 | |
$ 18,765,149 | |||
Multi-Utilities — 3.2% | |||
Ameren Corp. | 67,961 | $ 5,085,522 | |
Black Hills Corp. | 19,533 | 988,175 | |
CMS Energy Corp. | 74,266 | 3,944,267 | |
Consolidated Edison, Inc. | 76,908 | 6,577,941 | |
Dominion Energy, Inc. | 151,652 | 6,774,295 | |
DTE Energy Co. | 53,401 | 5,301,651 |
Security | Shares | Value | |
Multi-Utilities (continued) | |||
NiSource, Inc. | 120,240 | $ 2,967,523 | |
Public Service Enterprise Group, Inc. | 110,582 | 6,293,222 | |
Sempra | 122,380 | 8,325,511 | |
WEC Energy Group, Inc. | 70,615 | 5,688,038 | |
$ 51,946,145 | |||
Oil, Gas & Consumable Fuels — 0.6% | |||
Occidental Petroleum Corp. | 138,279 | $ 8,971,542 | |
$ 8,971,542 | |||
Passenger Airlines — 0.7% | |||
American Airlines Group, Inc.(1) | 172,251 | $ 2,206,535 | |
Delta Air Lines, Inc. | 148,983 | 5,512,371 | |
Southwest Airlines Co. | 115,076 | 3,115,108 | |
$ 10,834,014 | |||
Personal Care Products — 0.0%(3) | |||
BellRing Brands, Inc.(1) | 3,705 | $ 152,757 | |
Coty, Inc., Class A(1) | 22,393 | 245,651 | |
$ 398,408 | |||
Pharmaceuticals — 3.2% | |||
Bristol-Myers Squibb Co. | 111,062 | $ 6,446,039 | |
Catalent, Inc.(1) | 48,949 | 2,228,648 | |
Elanco Animal Health, Inc.(1) | 143,535 | 1,613,333 | |
Jazz Pharmaceuticals PLC(1) | 2,928 | 379,000 | |
Merck & Co., Inc. | 99,332 | 10,226,229 | |
Organon & Co. | 74,748 | 1,297,625 | |
Perrigo Co. PLC | 39,171 | 1,251,514 | |
Pfizer, Inc. | 864,926 | 28,689,596 | |
$ 52,131,984 | |||
Professional Services — 1.1% | |||
Alight, Inc., Class A(1) | 62,528 | $ 443,323 | |
Automatic Data Processing, Inc. | 28,521 | 6,861,582 | |
Broadridge Financial Solutions, Inc. | 3,048 | 545,744 | |
Ceridian HCM Holding, Inc.(1) | 24 | 1,628 | |
Concentrix Corp. | 9,344 | 748,548 | |
Dun & Bradstreet Holdings, Inc. | 52,841 | 527,882 | |
FTI Consulting, Inc.(1) | 604 | 107,760 | |
Genpact, Ltd. | 17,802 | 644,432 | |
Insperity, Inc. | 6,085 | 593,896 | |
ManpowerGroup, Inc. | 13,133 | 962,912 | |
Maximus, Inc. | 8,660 | 646,729 | |
Paychex, Inc. | 20,063 | 2,313,866 | |
Robert Half, Inc. | 21,042 | 1,541,958 | |
Science Applications International Corp. | 10,839 | 1,143,948 | |
SS&C Technologies Holdings, Inc. | 19,301 | 1,014,074 | |
TriNet Group, Inc.(1) | 2,985 | 347,693 | |
$ 18,445,975 |
Security | Shares | Value | |
Real Estate Management & Development — 0.5% | |||
CBRE Group, Inc., Class A(1) | 54,227 | $ 4,005,206 | |
Howard Hughes Holdings, Inc.(1) | 10,868 | 805,645 | |
Jones Lang LaSalle, Inc.(1) | 14,007 | 1,977,509 | |
Zillow Group, Inc., Class C(1) | 40,264 | 1,858,586 | |
$ 8,646,946 | |||
Semiconductors & Semiconductor Equipment — 1.8% | |||
Amkor Technology, Inc. | 17,032 | $ 384,923 | |
Analog Devices, Inc. | 25,616 | 4,485,106 | |
Diodes, Inc.(1) | 302 | 23,810 | |
Intel Corp. | 610,368 | 21,698,582 | |
Micron Technology, Inc. | 8,480 | 576,894 | |
MKS Instruments, Inc. | 10,752 | 930,478 | |
Skyworks Solutions, Inc. | 5,908 | 582,470 | |
Wolfspeed, Inc.(1)(2) | 23,394 | 891,311 | |
$ 29,573,574 | |||
Software — 1.2% | |||
Altair Engineering, Inc., Class A(1) | 3,434 | $ 214,831 | |
AppFolio, Inc., Class A(1) | 910 | 166,193 | |
Aspen Technology, Inc.(1) | 6,156 | 1,257,425 | |
Atlassian Corp., Class A(1) | 21,890 | 4,411,054 | |
Dolby Laboratories, Inc., Class A | 5,954 | 471,914 | |
Elastic NV(1) | 4,186 | 340,071 | |
Gen Digital, Inc. | 126,385 | 2,234,487 | |
Guidewire Software, Inc.(1) | 8,966 | 806,940 | |
New Relic, Inc.(1) | 10,742 | 919,730 | |
Nutanix, Inc., Class A(1) | 51,047 | 1,780,519 | |
Roper Technologies, Inc. | 6,841 | 3,312,959 | |
SentinelOne, Inc., Class A(1) | 40,909 | 689,726 | |
Smartsheet, Inc., Class A(1) | 9,666 | 391,086 | |
Splunk, Inc.(1) | 13,195 | 1,929,769 | |
Tenable Holdings, Inc.(1) | 2,000 | 89,600 | |
Workday, Inc., Class A(1) | 3,024 | 649,706 | |
Workiva, Inc.(1) | 3,435 | 348,103 | |
$ 20,014,113 | |||
Specialty Retail — 1.2% | |||
Academy Sports & Outdoors, Inc. | 15,389 | $ 727,438 | |
Advance Auto Parts, Inc. | 11,965 | 669,203 | |
Asbury Automotive Group, Inc.(1) | 4,357 | 1,002,415 | |
AutoNation, Inc.(1) | 6,366 | 963,813 | |
Bath & Body Works, Inc. | 38,775 | 1,310,595 | |
Best Buy Co., Inc. | 40,135 | 2,788,179 | |
CarMax, Inc.(1) | 32,188 | 2,276,657 | |
Chewy, Inc., Class A(1) | 593 | 10,828 | |
Dick's Sporting Goods, Inc. | 2,673 | 290,234 | |
GameStop Corp., Class A(1) | 48,596 | 799,890 | |
Home Depot, Inc. (The) | 1,683 | 508,535 | |
Lithia Motors, Inc., Class A | 5,099 | 1,505,888 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
Lowe's Cos., Inc. | 1,606 | $ 333,791 | |
Penske Automotive Group, Inc. | 3,518 | 587,717 | |
RH (1)(2) | 1,087 | 287,359 | |
Ross Stores, Inc. | 12,835 | 1,449,713 | |
TJX Cos., Inc. (The) | 28,174 | 2,504,105 | |
Wayfair, Inc., Class A(1)(2) | 15,607 | 945,316 | |
Williams-Sonoma, Inc.(2) | 7,714 | 1,198,756 | |
$ 20,160,432 | |||
Technology Hardware, Storage & Peripherals — 1.2% | |||
Dell Technologies, Inc., Class C | 53,897 | $ 3,713,503 | |
Hewlett Packard Enterprise Co. | 281,246 | 4,885,243 | |
HP, Inc. | 187,481 | 4,818,262 | |
NetApp, Inc. | 46,400 | 3,520,832 | |
Western Digital Corp.(1) | 43,648 | 1,991,658 | |
$ 18,929,498 | |||
Textiles, Apparel & Luxury Goods — 0.3% | |||
Capri Holdings, Ltd.(1) | 23,625 | $ 1,242,911 | |
Columbia Sportswear Co. | 5,937 | 439,932 | |
PVH Corp. | 9,407 | 719,730 | |
Ralph Lauren Corp. | 8,206 | 952,634 | |
Skechers USA, Inc., Class A(1) | 16,503 | 807,822 | |
Tapestry, Inc. | 43,072 | 1,238,320 | |
$ 5,401,349 | |||
Trading Companies & Distributors — 0.7% | |||
Air Lease Corp. | 43,886 | $ 1,729,547 | |
Applied Industrial Technologies, Inc. | 4,205 | 650,135 | |
Beacon Roofing Supply, Inc.(1) | 9,823 | 758,041 | |
Core & Main, Inc., Class A(1) | 19,620 | 566,037 | |
GATX Corp. | 12,277 | 1,336,106 | |
MSC Industrial Direct Co., Inc., Class A | 8,993 | 882,663 | |
United Rentals, Inc. | 10,655 | 4,736,893 | |
WESCO International, Inc. | 8,575 | 1,233,257 | |
$ 11,892,679 | |||
Water Utilities — 0.4% | |||
American Water Works Co., Inc. | 36,196 | $ 4,482,151 | |
Essential Utilities, Inc. | 38,194 | 1,311,200 | |
$ 5,793,351 | |||
Wireless Telecommunication Services — 0.0%(3) | |||
T-Mobile US, Inc.(1) | 4,887 | $ 684,424 | |
$ 684,424 | |||
Total Common Stocks (identified cost $1,515,285,502) | $1,618,715,634 |
Short-Term Investments — 0.3% | |||
Affiliated Fund — 0.2% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(4) | 3,306,483 | $ 3,306,483 | |
Total Affiliated Fund (identified cost $3,306,483) | $ 3,306,483 | ||
Securities Lending Collateral — 0.1% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(5) | 1,675,456 | $ 1,675,456 | |
Total Securities Lending Collateral (identified cost $1,675,456) | $ 1,675,456 | ||
Total Short-Term Investments (identified cost $4,981,939) | $ 4,981,939 | ||
Total Investments — 99.9% (identified cost $1,520,267,441) | $1,623,697,573 | ||
Other Assets, Less Liabilities — 0.1% | $ 1,981,924 | ||
Net Assets — 100.0% | $1,625,679,497 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $7,441,913. |
(3) | Amount is less than 0.05%. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(5) | Represents investment of cash collateral received in connection with securities lending. |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $1,516,960,958) - including $7,441,913 of securities on loan | $ 1,620,391,090 |
Investments in securities of affiliated issuers, at value (identified cost $3,306,483) | 3,306,483 |
Cash | 980,513 |
Cash denominated in foreign currency, at value (cost $1,001) | 1,069 |
Receivable for capital shares sold | 3,188,951 |
Dividends receivable | 2,020,129 |
Dividends receivable - affiliated | 5,700 |
Securities lending income receivable | 3,783 |
Receivable from affiliates | 175,321 |
Directors' deferred compensation plan | 197,217 |
Total assets | $1,630,270,256 |
Liabilities | |
Payable for capital shares redeemed | $ 1,952,118 |
Deposits for securities loaned | 1,675,456 |
Payable to affiliates: | |
Investment advisory fee | 164,563 |
Administrative fee | 164,709 |
Distribution and service fees | 19,254 |
Sub-transfer agency fee | 4,798 |
Directors' deferred compensation plan | 197,217 |
Accrued expenses | 412,644 |
Total liabilities | $ 4,590,759 |
Net Assets | $1,625,679,497 |
Sources of Net Assets | |
Paid-in capital | $ 1,552,834,132 |
Distributable earnings | 72,845,365 |
Net Assets | $1,625,679,497 |
Class A Shares | |
Net Assets | $ 91,071,220 |
Shares Outstanding | 3,387,446 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 26.88 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 28.22 |
Class I Shares | |
Net Assets | $ 1,412,586,975 |
Shares Outstanding | 52,128,388 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 27.10 |
September 30, 2023 | |
Class R6 Shares | |
Net Assets | $ 122,021,302 |
Shares Outstanding | 4,507,796 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 27.07 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $8,726) | $ 44,342,316 |
Dividend income - affiliated issuers | 76,658 |
Securities lending income, net | 407,464 |
Total investment income | $ 44,826,438 |
Expenses | |
Investment advisory fee | $ 2,071,448 |
Administrative fee | 2,071,448 |
Distribution and service fees: | |
Class A | 253,022 |
Directors' fees and expenses | 115,368 |
Custodian fees | 31,457 |
Transfer agency fees and expenses | 1,386,818 |
Accounting fees | 355,066 |
Professional fees | 99,271 |
Registration fees | 118,348 |
Reports to shareholders | 87,106 |
Miscellaneous | 116,104 |
Total expenses | $ 6,705,456 |
Waiver and/or reimbursement of expenses by affiliates | $ (2,329,903) |
Net expenses | $ 4,375,553 |
Net investment income | $ 40,450,885 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 14,260,484 |
Foreign currency transactions | 25 |
Net realized gain | $ 14,260,509 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 114,814,434 |
Foreign currency | 60 |
Net change in unrealized appreciation (depreciation) | $114,814,494 |
Net realized and unrealized gain | $129,075,003 |
Net increase in net assets from operations | $169,525,888 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 40,450,885 | $ 34,873,055 |
Net realized gain (loss) | 14,260,509 | (52,596,082) |
Net change in unrealized appreciation (depreciation) | 114,814,494 | (282,772,556) |
Net increase (decrease) in net assets from operations | $ 169,525,888 | $ (300,495,583) |
Distributions to shareholders: | ||
Class A | $ (1,933,069) | $ (3,757,516) |
Class I | (29,784,811) | (70,362,679) |
Class R6 | (3,115,913) | — (1) |
Total distributions to shareholders | $ (34,833,793) | $ (74,120,195) |
Capital share transactions: | ||
Class A | $ (6,786,933) | $ 24,073,755 |
Class I | (204,862,567) | 315,558,015 |
Class R6 | 91,776,104 | 34,715,643 (1) |
Net increase (decrease) in net assets from capital share transactions | $ (119,873,396) | $ 374,347,413 |
Net increase (decrease) in net assets | $ 14,818,699 | $ (268,365) |
Net Assets | ||
At beginning of year | $ 1,610,860,798 | $ 1,611,129,163 |
At end of year | $1,625,679,497 | $1,610,860,798 |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 24.86 | $ 30.72 | $ 23.00 | $ 23.38 | $ 23.60 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.58 | $ 0.51 | $ 0.46 | $ 0.46 | $ 0.43 |
Net realized and unrealized gain (loss) | 1.94 | (5.11) | 7.69 | (0.35) | 0.25 |
Total income (loss) from operations | $ 2.52 | $ (4.60) | $ 8.15 | $ 0.11 | $ 0.68 |
Less Distributions | |||||
From net investment income | $ (0.50) | $ (0.38) | $ (0.33) | $ (0.34) | $ (0.34) |
From net realized gain | — | (0.88) | (0.10) | (0.15) | (0.56) |
Total distributions | $ (0.50) | $ (1.26) | $ (0.43) | $ (0.49) | $ (0.90) |
Net asset value — End of year | $ 26.88 | $ 24.86 | $ 30.72 | $ 23.00 | $ 23.38 |
Total Return(2) | 10.13% | (15.75)% | 35.76% | 0.35% | 3.18% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $91,071 | $90,131 | $87,085 | $47,993 | $52,888 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.63% | 0.61% | 0.61% | 0.63% | 0.68% |
Net expenses | 0.49% (4) | 0.49% (4) | 0.49% | 0.49% | 0.51% |
Net investment income | 2.10% | 1.73% | 1.59% | 2.07% | 1.95% |
Portfolio Turnover | 31% | 34% | 34% | 32% | 39% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 25.04 | $ 30.92 | $ 23.16 | $ 23.53 | $ 23.74 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.66 | $ 0.59 | $ 0.54 | $ 0.52 | $ 0.50 |
Net realized and unrealized gain (loss) | 1.96 | (5.14) | 7.72 | (0.35) | 0.25 |
Total income (loss) from operations | $ 2.62 | $ (4.55) | $ 8.26 | $ 0.17 | $ 0.75 |
Less Distributions | |||||
From net investment income | $ (0.56) | $ (0.45) | $ (0.40) | $ (0.39) | $ (0.40) |
From net realized gain | — | (0.88) | (0.10) | (0.15) | (0.56) |
Total distributions | $ (0.56) | $ (1.33) | $ (0.50) | $ (0.54) | $ (0.96) |
Net asset value — End of year | $ 27.10 | $ 25.04 | $ 30.92 | $ 23.16 | $ 23.53 |
Total Return(2) | 10.41% | (15.52)% | 36.03% | 0.63% | 3.46% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,412,587 | $1,492,096 | $1,524,045 | $668,670 | $368,993 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.38% | 0.36% | 0.36% | 0.38% | 0.43% |
Net expenses | 0.24% (4) | 0.24% (4) | 0.24% | 0.24% | 0.23% |
Net investment income | 2.36% | 1.98% | 1.83% | 2.31% | 2.22% |
Portfolio Turnover | 31% | 34% | 34% | 32% | 39% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | ||
Year Ended September 30, 2023 | Period Ended September 30, 2022(1) | |
Net asset value — Beginning of period | $ 25.05 | $ 31.03 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.66 | $ 0.41 |
Net realized and unrealized gain (loss) | 1.97 | (6.39) |
Total income (loss) from operations | $ 2.63 | $ (5.98) |
Less Distributions | ||
From net investment income | $ (0.61) | $ — |
Total distributions | $ (0.61) | $ — |
Net asset value — End of period | $ 27.07 | $ 25.05 |
Total Return(3) | 10.44% | (19.27)% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $122,021 | $28,633 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.33% | 0.31% (6) |
Net expenses | 0.19% (7) | 0.19% (6)(7) |
Net investment income | 2.37% | 2.21% (6) |
Portfolio Turnover | 31% | 34% (8) |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended September 30, 2023 and the period ended September 30, 2022). |
(8) | For the year ended September 30, 2022. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 1,618,715,634(1) | $ — | $ — | $ 1,618,715,634 |
Short-Term Investments: | ||||
Affiliated Fund | 3,306,483 | — | — | 3,306,483 |
Securities Lending Collateral | 1,675,456 | — | — | 1,675,456 |
Total Investments | $1,623,697,573 | $ — | $ — | $1,623,697,573 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $34,833,793 | $54,476,500 |
Long-term capital gains | $ — | $19,643,695 |
Undistributed ordinary income | $ 25,815,041 |
Deferred capital losses | (24,065,313) |
Net unrealized appreciation | 71,095,637 |
Distributable earnings | $ 72,845,365 |
Aggregate cost | $1,552,602,004 |
Gross unrealized appreciation | $ 202,060,218 |
Gross unrealized depreciation | (130,964,649) |
Net unrealized appreciation | $ 71,095,569 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $1,675,456 | $ — | $ — | $ — | $1,675,456 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $2,436,597 | $117,182,592 | $(116,312,706) | $ — | $ — | $3,306,483 | $76,658 | 3,306,483 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 960,015 | $ 26,434,198 | 1,352,711 | $ 40,245,039 | |
Reinvestment of distributions | 60,938 | 1,673,370 | 108,692 | 3,332,502 | |
Shares redeemed | (1,259,504) | (34,894,501) | (670,635) | (19,503,786) | |
Net increase (decrease) | (238,551) | $ (6,786,933) | 790,768 | $ 24,073,755 | |
Class I | |||||
Shares sold | 13,761,297 | $ 383,701,067 | 25,266,829 | $ 752,758,394 | |
Reinvestment of distributions | 819,411 | 22,632,121 | 1,789,057 | 55,156,619 | |
Shares redeemed | (22,040,180) | (611,195,755) | (16,750,251) | (492,356,998) | |
Net increase (decrease) | (7,459,472) | $(204,862,567) | 10,305,635 | $ 315,558,015 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 4,668,666 | $ 128,134,046 | 1,235,427 | $ 37,282,272 | |
Reinvestment of distributions | 112,977 | 3,115,913 | — | — | |
Shares redeemed | (1,416,954) | (39,473,855) | (92,320) | (2,566,629) | |
Net increase | 3,364,689 | $ 91,776,104 | 1,143,107 | $ 34,715,643 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2000 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 2000 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2000 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/30/2015 | 10/30/2015 | 24.06% | 3.85% | 4.83% |
Class A with 4.75% Maximum Sales Charge | — | — | 18.16 | 2.84 | 4.18 |
Class I at NAV | 10/30/2015 | 10/30/2015 | 24.35 | 4.11 | 5.13 |
Class R6 at NAV | 02/01/2019 | 10/30/2015 | 24.44 | 4.14 | 5.15 |
MSCI World ex USA Index | — | — | 24.00% | 3.44% | 4.70% |
Calvert International Responsible Index | — | — | 24.22 | 4.30 | 5.20 |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.65% | 0.40% | 0.37% |
Net | 0.54 | 0.29 | 0.26 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 10/30/2015 | $1,486,317 | N.A. |
Class R6, at minimum investment | $5,000,000 | 10/30/2015 | $7,441,648 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2.2% |
Nestle S.A. | 1.8 |
Novo Nordisk A/S, Class B | 1.6 |
Samsung Electronics Co., Ltd. | 1.6 |
Toyota Motor Corp. | 1.4 |
ASML Holding NV | 1.3 |
AstraZeneca PLC | 1.2 |
LVMH Moet Hennessy Louis Vuitton SE | 1.1 |
Linde PLC | 1.1 |
Novartis AG | 1.1 |
Total | 14.4% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI World ex USA Index is an unmanaged index of equity securities in the developed markets, excluding the United States. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Calvert International Responsible Index (the “Calvert Index”) is composed of common stocks of large companies in developed markets, excluding the U.S. Large companies in developed markets are the 1,000 largest publicly traded companies, excluding real estate investment trusts and business development companies, in markets that Calvert Research and Management determines to be developed markets based on a set of criteria including level of economic development, existence of capital controls, openness to foreign direct investment, market trading and liquidity conditions, regulatory environment, treatment of minority shareholders, and investor expectations. The Calvert Principles for Responsible Investment serve as a framework for considering environmental, social and governance factors that may affect investment performance. Stocks are weighted in the Calvert Index based on their float-adjusted market capitalization, by country and by sector, subject to certain prescribed limits. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. |
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’s inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 976.20 | $2.68 ** | 0.54% |
Class I | $1,000.00 | $ 977.60 | $1.44 ** | 0.29% |
Class R6 | $1,000.00 | $ 978.00 | $1.29 ** | 0.26% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.36 | $2.74 ** | 0.54% |
Class I | $1,000.00 | $1,023.61 | $1.47 ** | 0.29% |
Class R6 | $1,000.00 | $1,023.76 | $1.32 ** | 0.26% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.3% |
Security | Shares | Value | |
Australia — 5.4% | |||
Allkem, Ltd.(1) | 77,024 | $ 575,941 | |
ANZ Group Holdings, Ltd. | 172,399 | 2,827,631 | |
APA Group | 83,617 | 444,828 | |
ASX, Ltd. | 9,943 | 363,695 | |
Atlas Arteria, Ltd. | 62,471 | 221,197 | |
BlueScope Steel, Ltd. | 64,170 | 794,649 | |
Brambles, Ltd. | 91,951 | 844,711 | |
carsales.com, Ltd. | 24,284 | 435,033 | |
Cochlear, Ltd. | 4,040 | 661,684 | |
Coles Group, Ltd. | 90,232 | 900,592 | |
Commonwealth Bank of Australia | 83,999 | 5,365,523 | |
Computershare, Ltd. | 28,258 | 470,906 | |
CSL, Ltd. | 28,340 | 4,565,659 | |
Endeavour Group, Ltd. | 92,526 | 312,393 | |
Fortescue Metals Group, Ltd. | 159,464 | 2,119,763 | |
IGO, Ltd. | 88,273 | 708,393 | |
Insurance Australia Group, Ltd. | 135,051 | 489,904 | |
Macquarie Group, Ltd. | 22,210 | 2,378,426 | |
Medibank Private, Ltd. | 169,618 | 374,369 | |
National Australia Bank, Ltd. | 176,937 | 3,284,718 | |
Pilbara Minerals, Ltd. | 347,760 | 948,755 | |
Qantas Airways, Ltd.(1) | 56,530 | 187,142 | |
QBE Insurance Group, Ltd. | 82,275 | 824,168 | |
Ramsay Health Care, Ltd. | 12,004 | 398,418 | |
REA Group, Ltd. | 3,413 | 337,076 | |
Reece, Ltd. | 13,514 | 160,862 | |
SEEK, Ltd. | 17,700 | 250,049 | |
Sonic Healthcare, Ltd. | 28,021 | 535,059 | |
South32, Ltd. | 606,166 | 1,308,837 | |
Suncorp Group, Ltd. | 74,479 | 663,581 | |
Telstra Group, Ltd. | 254,495 | 628,766 | |
Transurban Group | 189,037 | 1,536,050 | |
Wesfarmers, Ltd. | 68,098 | 2,304,706 | |
Westpac Banking Corp. | 201,177 | 2,719,420 | |
WiseTech Global, Ltd. | 8,984 | 372,929 | |
Woolworths Group, Ltd. | 84,597 | 2,025,353 | |
Worley, Ltd. | 21,105 | 234,326 | |
$ 43,575,512 | |||
Austria — 0.3% | |||
ANDRITZ AG | 4,246 | $ 213,967 | |
Erste Group Bank AG | 13,368 | 461,689 | |
OMV AG | 18,592 | 888,038 | |
Verbund AG | 3,096 | 251,865 | |
voestalpine AG | 14,344 | 390,520 | |
$ 2,206,079 | |||
Belgium — 0.6% | |||
Ackermans & van Haaren NV | 754 | $ 113,937 |
Security | Shares | Value | |
Belgium (continued) | |||
Ageas S.A./NV | 5,466 | $ 225,125 | |
Anheuser-Busch InBev S.A./NV | 42,252 | 2,342,288 | |
Azelis Group NV | 3,839 | 75,782 | |
D'Ieteren Group | 906 | 152,746 | |
Elia Group S.A./NV | 1,495 | 146,302 | |
Groupe Bruxelles Lambert NV | 3,629 | 270,035 | |
KBC Group NV | 10,646 | 662,784 | |
Sofina S.A. | 788 | 159,266 | |
Solvay S.A. | 3,282 | 362,691 | |
UCB S.A. | 5,719 | 468,439 | |
Umicore S.A. | 10,753 | 254,594 | |
$ 5,233,989 | |||
Canada — 9.5% | |||
Agnico Eagle Mines, Ltd. | 48,743 | $ 2,214,922 | |
Air Canada(1)(2) | 18,211 | 259,841 | |
Algonquin Power & Utilities Corp.(2) | 35,497 | 210,120 | |
Alimentation Couche-Tard, Inc. | 48,686 | 2,472,564 | |
Bank of Montreal(2) | 38,317 | 3,232,367 | |
Bank of Nova Scotia (The)(2) | 64,757 | 2,902,563 | |
BCE, Inc.(2) | 17,557 | 670,223 | |
Brookfield Asset Management, Ltd., Class A | 21,515 | 716,929 | |
Brookfield Corp.(2) | 80,109 | 2,504,862 | |
BRP, Inc.(2) | 2,389 | 180,831 | |
CAE, Inc.(1) | 19,361 | 452,006 | |
Cameco Corp. | 52,838 | 2,096,403 | |
Canadian Imperial Bank of Commerce | 50,147 | 1,935,731 | |
Canadian National Railway Co. | 39,009 | 4,224,431 | |
Canadian Pacific Kansas City, Ltd.(2) | 57,167 | 4,249,277 | |
Canadian Tire Corp., Ltd., Class A | 3,361 | 361,402 | |
Canadian Utilities, Ltd., Class A | 7,374 | 155,814 | |
CCL Industries, Inc., Class B | 8,848 | 371,378 | |
CGI, Inc.(1) | 12,014 | 1,184,196 | |
Constellation Software, Inc.(2) | 1,141 | 2,355,563 | |
Descartes Systems Group, Inc. (The)(1) | 4,574 | 335,713 | |
Dollarama, Inc. | 16,031 | 1,104,496 | |
Element Fleet Management Corp.(2) | 21,788 | 312,644 | |
Emera, Inc.(2) | 16,062 | 560,766 | |
Empire Co., Ltd., Class A | 11,152 | 303,380 | |
FirstService Corp.(2) | 2,111 | 307,049 | |
Fortis, Inc.(2) | 26,952 | 1,023,710 | |
George Weston, Ltd. | 3,990 | 442,491 | |
GFL Environmental, Inc.(2) | 13,205 | 419,313 | |
Great-West Lifeco, Inc. | 14,798 | 423,376 | |
Hydro One, Ltd.(3) | 19,532 | 497,270 | |
iA Financial Corp., Inc. | 5,199 | 326,122 | |
IGM Financial, Inc.(2) | 4,844 | 122,861 | |
Intact Financial Corp. | 9,370 | 1,366,057 | |
Loblaw Cos., Ltd. | 10,125 | 860,243 | |
Lundin Mining Corp. | 89,343 | 666,331 | |
Magna International, Inc.(2) | 16,972 | 909,869 |
Security | Shares | Value | |
Canada (continued) | |||
Manulife Financial Corp. | 98,491 | $ 1,799,777 | |
Metro, Inc. | 15,494 | 804,673 | |
National Bank of Canada(2) | 18,528 | 1,230,835 | |
Northland Power, Inc.(2) | 14,233 | 231,794 | |
Nutrien, Ltd.(2) | 30,298 | 1,871,081 | |
Open Text Corp.(2) | 14,800 | 519,430 | |
Power Corp. of Canada(2) | 31,599 | 804,486 | |
Quebecor, Inc., Class B | 8,692 | 186,287 | |
RB Global, Inc.(2) | 11,772 | 737,045 | |
Rogers Communications, Inc., Class B | 22,049 | 846,571 | |
Royal Bank of Canada(2) | 67,519 | 5,900,611 | |
Saputo, Inc. | 17,192 | 359,472 | |
Shopify, Inc., Class A(1) | 65,155 | 3,555,508 | |
Stantec, Inc.(2) | 5,952 | 386,195 | |
Sun Life Financial, Inc. | 31,779 | 1,550,520 | |
Teck Resources, Ltd., Class B | 54,058 | 2,326,693 | |
TELUS Corp. | 26,536 | 433,329 | |
TFI International, Inc.(2) | 4,940 | 634,444 | |
Thomson Reuters Corp. | 10,768 | 1,317,291 | |
TMX Group, Ltd. | 13,450 | 289,052 | |
Toromont Industries, Ltd. | 5,188 | 422,527 | |
Toronto-Dominion Bank (The) | 91,621 | 5,519,858 | |
Waste Connections, Inc. | 14,571 | 1,956,424 | |
West Fraser Timber Co., Ltd. | 3,117 | 226,297 | |
WSP Global, Inc.(2) | 7,087 | 1,000,241 | |
$ 77,643,555 | |||
Denmark — 2.6% | |||
AP Moller - Maersk A/S, Class B | 243 | $ 437,131 | |
Carlsberg A/S, Class B | 4,617 | 582,134 | |
Chr. Hansen Holding A/S | 4,934 | 301,828 | |
Coloplast A/S, Class B | 5,433 | 574,904 | |
Danske Bank A/S | 26,170 | 607,301 | |
Demant A/S(1) | 4,371 | 180,484 | |
DSV A/S | 8,360 | 1,557,808 | |
Genmab A/S(1) | 3,017 | 1,068,171 | |
Jyske Bank A/S(1) | 1,791 | 130,643 | |
Novo Nordisk A/S, Class B | 145,118 | 13,213,165 | |
Novozymes A/S, Class B | 10,546 | 424,317 | |
Orsted A/S(3) | 7,861 | 427,663 | |
Pandora A/S | 4,112 | 424,322 | |
ROCKWOOL International A/S, Class B | 541 | 130,752 | |
Topdanmark A/S | 1,703 | 73,935 | |
Tryg A/S | 13,664 | 250,043 | |
Vestas Wind Systems A/S(1) | 50,198 | 1,073,930 | |
$ 21,458,531 | |||
Finland — 1.0% | |||
Elisa Oyj | 6,281 | $ 291,270 | |
Fortum Oyj(2) | 17,211 | 199,597 | |
Kesko Oyj, Class B | 12,395 | 222,072 |
Security | Shares | Value | |
Finland (continued) | |||
Kone Oyj, Class B | 14,903 | $ 628,013 | |
Metso Oyj | 34,987 | 366,904 | |
Neste Oyj(2) | 53,471 | 1,810,989 | |
Nokia Oyj | 216,041 | 812,330 | |
Nordea Bank Abp | 127,022 | 1,392,634 | |
Orion Oyj, Class B | 4,150 | 163,036 | |
Sampo Oyj, Class A | 18,363 | 793,860 | |
Stora Enso Oyj, Class R | 33,759 | 423,114 | |
UPM-Kymmene Oyj | 26,706 | 914,436 | |
Valmet Oyj(2) | 7,840 | 178,991 | |
Wartsila Oyj Abp | 24,526 | 277,976 | |
$ 8,475,222 | |||
France — 9.5% | |||
Accor S.A. | 10,180 | $ 342,398 | |
Air France-KLM(1)(2) | 4,794 | 59,998 | |
Air Liquide S.A. | 28,256 | 4,759,200 | |
Alstom S.A. | 16,577 | 393,989 | |
Alten S.A. | 1,634 | 214,416 | |
Amundi S.A.(3) | 2,563 | 143,955 | |
Arkema S.A. | 3,086 | 303,788 | |
AXA S.A. | 95,794 | 2,842,099 | |
BioMerieux | 2,430 | 235,080 | |
BNP Paribas S.A. | 51,048 | 3,245,952 | |
Bouygues S.A. | 9,333 | 326,325 | |
Bureau Veritas S.A. | 16,442 | 407,697 | |
Capgemini SE | 8,361 | 1,458,943 | |
Carrefour S.A. | 33,800 | 580,518 | |
Cie de Saint-Gobain S.A. | 39,796 | 2,381,806 | |
Cie Generale des Etablissements Michelin SCA | 35,880 | 1,098,178 | |
Credit Agricole S.A. | 50,102 | 615,994 | |
Danone S.A. | 35,670 | 1,967,477 | |
Dassault Systemes SE | 33,330 | 1,237,957 | |
Edenred SE | 15,482 | 968,492 | |
Eiffage S.A. | 3,806 | 361,256 | |
Elis S.A. | 12,454 | 218,733 | |
Engie S.A. | 88,817 | 1,362,112 | |
EssilorLuxottica S.A. | 15,656 | 2,723,292 | |
Eurazeo SE | 1,825 | 108,597 | |
Eurofins Scientific SE | 8,492 | 478,585 | |
Forvia SE(1) | 7,528 | 154,877 | |
Getlink SE | 19,320 | 307,997 | |
Hermes International SCA | 1,730 | 3,153,491 | |
Ipsen S.A. | 1,880 | 246,321 | |
Kering S.A. | 3,566 | 1,620,258 | |
Legrand S.A. | 14,405 | 1,323,622 | |
L'Oreal S.A. | 12,551 | 5,201,286 | |
LVMH Moet Hennessy Louis Vuitton SE | 12,298 | 9,282,905 | |
Neoen S.A.(3) | 3,811 | 110,827 | |
Orange S.A. | 85,485 | 980,536 | |
Pernod Ricard S.A. | 11,026 | 1,835,718 |
Security | Shares | Value | |
France (continued) | |||
Publicis Groupe S.A. | 13,862 | $ 1,049,251 | |
Renault S.A. | 9,743 | 398,649 | |
Rexel S.A. | 14,220 | 318,613 | |
Safran S.A. | 19,281 | 3,021,509 | |
Sanofi | 57,306 | 6,153,246 | |
Sartorius Stedim Biotech | 1,134 | 269,782 | |
Schneider Electric SE | 29,420 | 4,848,183 | |
SCOR SE | 7,381 | 229,157 | |
SEB S.A. | 1,385 | 129,203 | |
Societe Generale S.A. | 37,057 | 896,691 | |
Sodexo S.A. | 4,875 | 501,869 | |
SOITEC (1) | 1,467 | 243,458 | |
SPIE S.A. | 6,201 | 179,964 | |
Teleperformance SE | 3,016 | 378,678 | |
Thales S.A. | 5,980 | 840,448 | |
Valeo SE | 12,712 | 218,137 | |
Veolia Environnement S.A. | 34,994 | 1,011,542 | |
Verallia S.A.(3) | 4,023 | 158,241 | |
Vinci S.A. | 24,548 | 2,715,770 | |
Vivendi SE | 51,179 | 448,231 | |
Wendel SE | 1,441 | 113,903 | |
Worldline S.A.(1)(3) | 10,607 | 297,752 | |
$ 77,476,952 | |||
Germany — 6.4% | |||
adidas AG | 7,931 | $ 1,391,165 | |
Allianz SE | 18,921 | 4,502,746 | |
Bayerische Motoren Werke AG | 17,739 | 1,801,699 | |
Bechtle AG | 4,581 | 213,338 | |
Beiersdorf AG | 4,879 | 629,337 | |
BioNTech SE ADR(1) | 3,242 | 352,211 | |
Brenntag SE | 8,067 | 624,198 | |
Carl Zeiss Meditec AG | 1,767 | 154,034 | |
Commerzbank AG | 48,184 | 546,857 | |
Continental AG | 6,015 | 422,626 | |
Covestro AG(1)(3) | 9,816 | 527,855 | |
CTS Eventim AG & Co. KGaA | 3,411 | 193,620 | |
Daimler Truck Holding AG | 25,360 | 878,071 | |
Delivery Hero SE(1)(3) | 8,407 | 240,049 | |
Deutsche Boerse AG | 8,648 | 1,493,482 | |
Deutsche Lufthansa AG(1) | 32,660 | 258,452 | |
Deutsche Post AG | 51,542 | 2,091,343 | |
Deutsche Telekom AG | 159,081 | 3,337,009 | |
E.ON SE | 109,490 | 1,294,830 | |
Evonik Industries AG | 9,044 | 164,964 | |
Fresenius Medical Care AG & Co. KGaA | 10,164 | 436,970 | |
Fresenius SE & Co. KGaA | 21,361 | 663,477 | |
GEA Group AG | 9,201 | 339,097 | |
Hannover Rueck SE | 2,833 | 621,613 | |
Heidelberg Materials AG | 17,478 | 1,353,678 | |
HelloFresh SE(1) | 6,986 | 207,585 |
Security | Shares | Value | |
Germany (continued) | |||
Henkel AG & Co. KGaA | 4,827 | $ 304,350 | |
HOCHTIEF AG | 1,176 | 118,581 | |
Hugo Boss AG | 2,656 | 167,888 | |
Infineon Technologies AG | 64,279 | 2,128,968 | |
KION Group AG | 3,562 | 136,244 | |
Knorr-Bremse AG | 3,492 | 221,383 | |
Mercedes-Benz Group AG | 46,580 | 3,241,816 | |
Merck KGaA | 6,823 | 1,137,444 | |
MTU Aero Engines AG | 2,806 | 508,193 | |
Muenchener Rueckversicherungs-Gesellschaft AG | 6,302 | 2,454,330 | |
Nemetschek SE | 2,636 | 160,423 | |
Puma SE | 4,756 | 294,075 | |
SAP SE | 51,173 | 6,623,937 | |
Scout24 SE(3) | 4,026 | 279,157 | |
Siemens AG | 37,485 | 5,356,930 | |
Siemens Energy AG(1) | 30,267 | 394,461 | |
Siemens Healthineers AG(3) | 13,760 | 696,006 | |
Symrise AG | 7,323 | 697,141 | |
Talanx AG | 3,112 | 196,958 | |
Telefonica Deutschland Holding AG | 48,603 | 86,930 | |
thyssenkrupp AG | 63,377 | 481,812 | |
Volkswagen AG | 1,566 | 205,659 | |
Vonovia SE | 40,984 | 981,907 | |
Wacker Chemie AG | 866 | 123,664 | |
Zalando SE(1)(3) | 11,463 | 254,689 | |
$ 51,993,252 | |||
Hong Kong — 1.7% | |||
AIA Group, Ltd. | 588,183 | $ 4,756,720 | |
BOC Hong Kong Holdings, Ltd. | 191,350 | 522,361 | |
Chow Tai Fook Jewellery Group, Ltd. | 128,000 | 192,179 | |
CK Infrastructure Holdings, Ltd. | 31,500 | 148,628 | |
CLP Holdings, Ltd. | 100,000 | 738,388 | |
ESR Group, Ltd.(3) | 133,400 | 186,489 | |
Hang Lung Properties, Ltd. | 98,000 | 134,079 | |
Hang Seng Bank, Ltd. | 41,079 | 509,687 | |
Henderson Land Development Co., Ltd. | 71,355 | 187,375 | |
HKT Trust & HKT, Ltd. | 172,000 | 179,356 | |
Hong Kong Exchanges & Clearing, Ltd. | 64,399 | 2,390,025 | |
Hongkong Land Holdings, Ltd. | 62,000 | 221,111 | |
MTR Corp., Ltd. | 103,876 | 410,353 | |
New World Development Co., Ltd. | 61,250 | 118,757 | |
Sino Land Co., Ltd. | 178,000 | 200,185 | |
Sun Hung Kai Properties, Ltd. | 85,301 | 910,158 | |
Swire Pacific, Ltd., Class A | 24,393 | 164,299 | |
Swire Properties, Ltd. | 51,000 | 106,066 | |
Techtronic Industries Co., Ltd. | 71,993 | 694,991 | |
WH Group, Ltd.(3) | 535,041 | 280,050 | |
Wharf Holdings, Ltd. (The)(2) | 63,779 | 159,631 | |
Wharf Real Estate Investment Co., Ltd. | 88,000 | 339,146 |
Security | Shares | Value | |
Hong Kong (continued) | |||
Xinyi Glass Holdings, Ltd. | 198,000 | $ 255,138 | |
$ 13,805,172 | |||
Ireland — 1.7% | |||
AIB Group PLC | 66,726 | $ 299,080 | |
Aon PLC, Class A | 10,223 | 3,314,501 | |
Bank of Ireland Group PLC | 50,024 | 489,015 | |
CRH PLC | 59,796 | 3,296,801 | |
DCC PLC | 13,726 | 768,513 | |
ICON PLC ADR(1) | 4,422 | 1,088,918 | |
James Hardie Industries PLC CDI(1) | 59,365 | 1,552,587 | |
Kerry Group PLC, Class A | 9,995 | 835,126 | |
Kingspan Group PLC | 20,065 | 1,498,519 | |
Smurfit Kappa Group PLC | 14,546 | 481,672 | |
$ 13,624,732 | |||
Israel — 0.5% | |||
Bank Hapoalim B.M. | 79,259 | $ 706,166 | |
Bank Leumi Le-Israel B.M. | 91,761 | 760,318 | |
Check Point Software Technologies, Ltd.(1) | 6,501 | 866,453 | |
CyberArk Software, Ltd.(1) | 2,529 | 414,174 | |
Mizrahi Tefahot Bank, Ltd. | 8,226 | 298,725 | |
Nice, Ltd.(1) | 4,102 | 699,633 | |
$ 3,745,469 | |||
Italy — 1.8% | |||
A2A SpA | 77,405 | $ 137,572 | |
Amplifon SpA | 4,167 | 123,348 | |
Assicurazioni Generali SpA | 52,160 | 1,064,710 | |
Banco BPM SpA | 68,551 | 326,474 | |
Brembo SpA | 8,435 | 104,570 | |
Brunello Cucinelli SpA | 1,844 | 139,865 | |
DiaSorin SpA | 1,327 | 120,840 | |
Enel SpA | 450,146 | 2,760,629 | |
FinecoBank Banca Fineco SpA | 35,236 | 425,484 | |
Hera SpA | 48,247 | 131,747 | |
Infrastrutture Wireless Italiane SpA(3) | 17,407 | 206,836 | |
Interpump Group SpA | 4,690 | 214,541 | |
Intesa Sanpaolo SpA | 807,574 | 2,068,372 | |
Italgas SpA | 25,167 | 128,760 | |
Mediobanca Banca di Credito Finanziario SpA | 38,504 | 507,641 | |
Moncler SpA | 11,254 | 652,225 | |
Nexi SpA(1)(3) | 27,214 | 165,817 | |
Poste Italiane SpA(3) | 24,116 | 253,250 | |
PRADA SpA | 34,400 | 201,603 | |
Prysmian SpA | 17,601 | 706,474 | |
Recordati Industria Chimica e Farmaceutica SpA | 5,927 | 279,312 | |
Reply SpA | 1,162 | 109,033 | |
Snam SpA | 122,821 | 576,309 | |
Telecom Italia SpA(1)(2) | 498,725 | 155,535 | |
Terna - Rete Elettrica Nazionale | 82,770 | 622,549 |
Security | Shares | Value | |
Italy (continued) | |||
UniCredit SpA | 98,619 | $ 2,349,734 | |
$ 14,533,230 | |||
Japan — 17.3% | |||
Advantest Corp.(2) | 39,200 | $ 1,093,426 | |
Aeon Co., Ltd. | 33,379 | 661,174 | |
AGC, Inc. | 30,055 | 1,053,349 | |
Aisin Corp. | 8,600 | 324,951 | |
Ajinomoto Co., Inc. | 26,008 | 1,002,833 | |
ANA Holdings, Inc.(1) | 9,256 | 193,802 | |
Asahi Group Holdings, Ltd. | 26,900 | 1,004,837 | |
Astellas Pharma, Inc. | 98,171 | 1,358,846 | |
Bandai Namco Holdings, Inc. | 27,225 | 553,770 | |
BayCurrent Consulting, Inc. | 7,900 | 263,250 | |
Bridgestone Corp. | 30,300 | 1,180,729 | |
Canon, Inc.(2) | 49,768 | 1,198,843 | |
Central Japan Railway Co. | 60,335 | 1,467,226 | |
Chugai Pharmaceutical Co., Ltd. | 33,156 | 1,022,333 | |
Dai Nippon Printing Co., Ltd. | 16,429 | 427,452 | |
Daifuku Co., Ltd. | 18,100 | 341,667 | |
Dai-ichi Life Insurance Co., Ltd. | 45,494 | 939,192 | |
Daiichi Sankyo Co., Ltd. | 106,839 | 2,924,963 | |
Daikin Industries, Ltd. | 17,000 | 2,665,118 | |
Daito Trust Construction Co., Ltd. | 2,800 | 294,934 | |
Daiwa House Industry Co., Ltd. | 37,192 | 998,210 | |
Daiwa Securities Group, Inc.(2) | 62,800 | 362,140 | |
Denso Corp. | 114,988 | 1,845,083 | |
Dentsu Group, Inc. | 13,500 | 397,057 | |
Disco Corp. | 5,200 | 960,732 | |
East Japan Railway Co. | 16,026 | 917,118 | |
Eisai Co., Ltd. | 12,825 | 710,810 | |
FANUC Corp. | 56,455 | 1,468,249 | |
Fast Retailing Co., Ltd. | 9,326 | 2,031,345 | |
Fuji Electric Co., Ltd. | 6,600 | 297,235 | |
FUJIFILM Holdings Corp. | 18,400 | 1,064,450 | |
Fujitsu, Ltd.(2) | 9,748 | 1,146,473 | |
GMO Payment Gateway, Inc. | 1,600 | 87,302 | |
Hamamatsu Photonics K.K. | 8,221 | 345,724 | |
Hankyu Hanshin Holdings, Inc. | 11,600 | 395,799 | |
Hikari Tsushin, Inc. | 900 | 137,066 | |
Hitachi Construction Machinery Co., Ltd. | 5,500 | 166,902 | |
Hoshizaki Corp. | 5,600 | 194,400 | |
HOYA Corp. | 19,687 | 2,016,292 | |
Hulic Co., Ltd. | 30,000 | 269,005 | |
Ibiden Co., Ltd. | 5,100 | 270,506 | |
Isuzu Motors, Ltd. | 31,300 | 393,491 | |
Japan Airlines Co., Ltd. | 7,300 | 141,833 | |
Japan Exchange Group, Inc. | 24,200 | 448,336 | |
Japan Post Bank Co., Ltd. | 73,800 | 642,196 | |
Kao Corp. | 23,863 | 884,482 | |
KDDI Corp. | 79,518 | 2,434,083 |
Security | Shares | Value | |
Japan (continued) | |||
Keisei Electric Railway Co., Ltd. | 6,500 | $ 225,149 | |
Keyence Corp. | 11,100 | 4,105,064 | |
Kikkoman Corp. | 8,209 | 430,256 | |
Kintetsu Group Holdings Co., Ltd. | 8,700 | 246,668 | |
Kirin Holdings Co., Ltd. | 49,900 | 698,622 | |
Komatsu, Ltd. | 50,046 | 1,349,797 | |
Kose Corp. | 1,600 | 115,971 | |
Kubota Corp. | 54,194 | 797,238 | |
Kyocera Corp. | 16,000 | 811,163 | |
Kyowa Kirin Co., Ltd. | 12,806 | 222,656 | |
M3, Inc. | 20,100 | 364,589 | |
Makita Corp. | 11,792 | 290,781 | |
MatsukiyoCocokara & Co. | 17,100 | 306,313 | |
McDonald's Holdings Co. (Japan), Ltd. | 4,700 | 179,534 | |
MEIJI Holdings Co., Ltd. | 13,142 | 326,632 | |
MINEBEA MITSUMI, Inc. | 16,800 | 273,723 | |
MISUMI Group, Inc. | 13,900 | 216,457 | |
Mitsubishi Chemical Group Corp. | 72,560 | 457,133 | |
Mitsubishi Electric Corp. | 128,107 | 1,582,693 | |
Mitsubishi Estate Co., Ltd. | 58,308 | 760,687 | |
Mitsubishi HC Capital, Inc. | 43,000 | 286,512 | |
Mitsubishi Heavy Industries, Ltd. | 17,600 | 981,673 | |
Mitsubishi UFJ Financial Group, Inc.(2)(4) | 527,857 | 4,473,142 | |
Mitsui Fudosan Co., Ltd. | 43,400 | 955,841 | |
Mizuho Financial Group, Inc. | 117,458 | 1,994,195 | |
MS&AD Insurance Group Holdings, Inc.(2) | 20,800 | 761,161 | |
Murata Manufacturing Co., Ltd. | 91,059 | 1,661,112 | |
Nidec Corp. | 21,380 | 987,188 | |
Nintendo Co., Ltd. | 57,690 | 2,397,189 | |
Nippon Paint Holdings Co., Ltd. | 54,745 | 367,674 | |
Nippon Telegraph & Telephone Corp. | 1,624,400 | 1,922,696 | |
Nissan Chemical Corp. | 9,100 | 386,836 | |
Nissin Foods Holdings Co., Ltd. | 3,499 | 290,742 | |
Nitori Holdings Co., Ltd. | 3,768 | 420,115 | |
Nitto Denko Corp.(2) | 8,086 | 530,243 | |
Nomura Holdings, Inc. | 151,000 | 604,669 | |
Nomura Research Institute, Ltd. | 21,400 | 556,223 | |
NTT Data Group Corp. | 31,135 | 416,628 | |
Obayashi Corp. | 31,000 | 272,796 | |
Odakyu Electric Railway Co., Ltd. | 18,600 | 277,917 | |
Olympus Corp. | 63,600 | 825,749 | |
Omron Corp. | 9,582 | 426,413 | |
Ono Pharmaceutical Co., Ltd. | 18,122 | 347,550 | |
Oracle Corp. Japan | 2,126 | 157,484 | |
Oriental Land Co., Ltd. | 74,885 | 2,456,801 | |
ORIX Corp. | 58,367 | 1,089,852 | |
Osaka Gas Co., Ltd. | 16,900 | 278,088 | |
Otsuka Corp. | 6,588 | 278,728 | |
Otsuka Holdings Co., Ltd. | 23,420 | 831,529 | |
Pan Pacific International Holdings Corp. | 18,668 | 391,784 | |
Panasonic Corp. | 115,700 | 1,305,995 |
Security | Shares | Value | |
Japan (continued) | |||
Rakuten Group, Inc. | 80,400 | $ 330,347 | |
Recruit Holdings Co., Ltd. | 90,679 | 2,774,325 | |
Renesas Electronics Corp.(1) | 64,600 | 986,762 | |
Resona Holdings, Inc. | 108,233 | 598,440 | |
Rohm Co., Ltd. | 17,904 | 336,582 | |
SCREEN Holdings Co., Ltd. | 3,800 | 184,665 | |
Secom Co., Ltd. | 13,700 | 929,418 | |
Seiko Epson Corp.(2) | 16,200 | 254,414 | |
Sekisui Chemical Co., Ltd. | 19,172 | 275,827 | |
Sekisui House, Ltd. | 31,170 | 620,328 | |
SG Holdings Co., Ltd. | 15,600 | 199,709 | |
Shimadzu Corp. | 11,526 | 305,730 | |
Shin-Etsu Chemical Co., Ltd. | 98,885 | 2,872,178 | |
Shionogi & Co., Ltd. | 13,054 | 582,266 | |
Shiseido Co., Ltd. | 19,297 | 676,247 | |
SMC Corp. | 3,232 | 1,448,783 | |
SoftBank Corp. | 151,500 | 1,714,722 | |
SoftBank Group Corp. | 51,390 | 2,164,830 | |
Sompo Holdings, Inc. | 13,837 | 593,009 | |
Sony Group Corp. | 66,400 | 5,429,897 | |
Square Enix Holdings Co., Ltd. | 3,700 | 126,782 | |
Sumitomo Electric Industries, Ltd. | 40,273 | 485,165 | |
Sumitomo Mitsui Financial Group, Inc. | 63,653 | 3,127,019 | |
Sumitomo Mitsui Trust Holdings, Inc.(2) | 14,616 | 550,249 | |
Suntory Beverage & Food, Ltd. | 8,300 | 252,593 | |
Sysmex Corp. | 8,726 | 414,635 | |
T&D Holdings, Inc. | 26,419 | 434,460 | |
Takeda Pharmaceutical Co., Ltd. | 83,452 | 2,586,720 | |
TDK Corp. | 21,142 | 781,625 | |
Terumo Corp. | 35,146 | 930,344 | |
TIS, Inc. | 12,100 | 266,069 | |
Tobu Railway Co., Ltd. | 9,600 | 246,735 | |
Toho Co., Ltd. | 5,900 | 201,282 | |
Tokio Marine Holdings, Inc. | 87,900 | 2,035,209 | |
Tokyo Electron, Ltd. | 23,778 | 3,247,890 | |
Tokyo Gas Co., Ltd. | 20,100 | 455,720 | |
Tokyu Corp. | 34,132 | 393,527 | |
TOPPAN, Inc. | 14,500 | 346,860 | |
Toray Industries, Inc. | 71,850 | 373,840 | |
TOTO, Ltd. | 7,864 | 202,929 | |
Toyota Industries Corp. | 7,975 | 627,756 | |
Toyota Motor Corp. | 635,115 | 11,394,170 | |
Trend Micro, Inc. | 6,493 | 245,782 | |
Unicharm Corp. | 24,402 | 862,799 | |
West Japan Railway Co. | 12,610 | 521,812 | |
Yakult Honsha Co., Ltd. | 14,572 | 353,909 | |
Yamaha Corp. | 5,944 | 162,340 | |
Yamaha Motor Co., Ltd. | 16,725 | 439,650 | |
Yamato Holdings Co., Ltd. | 18,100 | 294,600 | |
Yaskawa Electric Corp. | 15,300 | 550,969 | |
Z Holdings Corp. | 151,700 | 420,833 |
Security | Shares | Value | |
Japan (continued) | |||
Zensho Holdings Co., Ltd.(2) | 4,700 | $ 204,096 | |
ZOZO, Inc.(2) | 6,400 | 117,192 | |
$140,628,705 | |||
Netherlands — 4.3% | |||
Aalberts NV | 5,731 | $ 209,115 | |
ABN AMRO Bank NV GDR(3) | 16,992 | 240,140 | |
Adyen NV(1)(2)(3) | 1,398 | 1,036,524 | |
Aegon NV | 65,405 | 315,233 | |
AerCap Holdings NV(1) | 10,343 | 648,196 | |
Akzo Nobel NV | 8,978 | 647,300 | |
Argenx SE(1)(5) | 1,842 | 900,420 | |
Argenx SE(1)(5) | 862 | 421,369 | |
ASM International NV | 2,149 | 897,406 | |
ASML Holding NV | 18,562 | 10,928,378 | |
ASR Nederland NV | 6,938 | 259,600 | |
BE Semiconductor Industries NV | 3,494 | 341,736 | |
Euronext NV(3) | 3,924 | 272,950 | |
Ferrovial SE | 23,363 | 713,903 | |
IMCD NV | 2,903 | 367,040 | |
ING Groep NV | 150,480 | 1,983,337 | |
JDE Peet's NV | 6,901 | 192,688 | |
Koninklijke Ahold Delhaize NV | 51,546 | 1,553,580 | |
Koninklijke KPN NV | 158,106 | 520,906 | |
Koninklijke Philips NV | 43,300 | 863,932 | |
Koninklijke Vopak NV | 8,165 | 279,292 | |
NN Group NV | 10,986 | 352,191 | |
NXP Semiconductors NV | 11,785 | 2,356,057 | |
Prosus NV | 68,639 | 2,022,519 | |
QIAGEN NV(1) | 11,055 | 447,728 | |
Randstad NV | 6,100 | 337,001 | |
Stellantis NV | 106,925 | 2,047,445 | |
STMicroelectronics NV(5) | 13,134 | 566,378 | |
STMicroelectronics NV(5) | 15,559 | 670,650 | |
Universal Music Group NV(2) | 42,510 | 1,109,348 | |
Wolters Kluwer NV | 13,966 | 1,690,939 | |
$ 35,193,301 | |||
New Zealand — 0.2% | |||
Auckland International Airport, Ltd. | 60,932 | $ 288,771 | |
Fisher & Paykel Healthcare Corp., Ltd. | 26,716 | 344,451 | |
Mercury NZ, Ltd. | 27,073 | 98,922 | |
Meridian Energy, Ltd. | 60,330 | 185,537 | |
Spark New Zealand, Ltd. | 67,979 | 195,701 | |
Xero, Ltd.(1) | 5,226 | 375,843 | |
$ 1,489,225 | |||
Norway — 0.7% | |||
AutoStore Holdings, Ltd.(1)(3) | 63,947 | $ 89,883 | |
DNB Bank ASA | 58,469 | 1,174,746 | |
Gjensidige Forsikring ASA | 12,137 | 178,092 |
Security | Shares | Value | |
Norway (continued) | |||
Kongsberg Gruppen ASA | 7,242 | $ 298,469 | |
Mowi ASA | 34,904 | 616,938 | |
Norsk Hydro ASA | 171,197 | 1,071,323 | |
Orkla ASA | 62,474 | 466,614 | |
Salmar ASA | 5,001 | 253,293 | |
Schibsted ASA, Class A | 6,109 | 137,087 | |
Telenor ASA | 45,605 | 517,190 | |
TOMRA Systems ASA | 13,330 | 151,481 | |
Yara International ASA | 11,885 | 448,773 | |
$ 5,403,889 | |||
Portugal — 0.1% | |||
EDP - Energias de Portugal S.A. | 180,224 | $ 749,362 | |
Jeronimo Martins SGPS S.A. | 19,321 | 433,915 | |
$ 1,183,277 | |||
Singapore — 1.0% | |||
CapitaLand Investment, Ltd. | 128,100 | $ 289,449 | |
DBS Group Holdings, Ltd. | 94,529 | 2,321,598 | |
Flex, Ltd.(1) | 26,175 | 706,201 | |
Oversea-Chinese Banking Corp., Ltd. | 168,871 | 1,579,290 | |
Singapore Airlines, Ltd. | 89,956 | 424,342 | |
Singapore Exchange, Ltd. | 50,000 | 355,700 | |
Singapore Technologies Engineering, Ltd. | 94,000 | 268,262 | |
Singapore Telecommunications, Ltd. | 387,412 | 685,756 | |
United Overseas Bank, Ltd. | 68,559 | 1,427,954 | |
$ 8,058,552 | |||
South Korea — 3.5% | |||
Doosan Enerbility Co., Ltd.(1) | 24,719 | $ 300,589 | |
Hana Financial Group, Inc. | 15,371 | 481,550 | |
HMM Co., Ltd. | 18,169 | 219,158 | |
HYBE Co., Ltd.(1) | 1,234 | 217,185 | |
Hyundai Mobis Co., Ltd. | 3,385 | 602,457 | |
Hyundai Motor Co. | 8,338 | 1,179,026 | |
Kakao Corp. | 15,420 | 503,256 | |
KB Financial Group, Inc. | 18,235 | 743,749 | |
Kia Corp. | 14,137 | 850,910 | |
Krafton, Inc.(1) | 1,357 | 151,468 | |
KT Corp. | 7,272 | 179,065 | |
L&F Co., Ltd. | 1,636 | 208,790 | |
LG Chem, Ltd. | 3,068 | 1,123,306 | |
LG Electronics, Inc. | 6,427 | 479,566 | |
LG H&H Co., Ltd. | 531 | 175,182 | |
LG Innotek Co., Ltd. | 636 | 115,241 | |
Meritz Financial Group, Inc. | 4,993 | 204,339 | |
NAVER Corp. | 7,777 | 1,162,776 | |
NCSoft Corp. | 845 | 138,927 | |
POSCO Holdings, Inc. | 5,992 | 2,360,661 | |
Samsung C&T Corp. | 4,647 | 370,507 | |
Samsung Electro-Mechanics Co., Ltd. | 3,347 | 340,103 |
Security | Shares | Value | |
South Korea (continued) | |||
Samsung Electronics Co., Ltd. | 252,565 | $ 12,768,198 | |
Samsung SDS Co., Ltd. | 2,354 | 235,758 | |
Shinhan Financial Group Co., Ltd. | 20,170 | 530,837 | |
SK Hynix, Inc. | 29,084 | 2,462,387 | |
Woori Financial Group, Inc. | 32,388 | 293,600 | |
$ 28,398,591 | |||
Spain — 2.0% | |||
Acciona S.A. | 865 | $ 110,162 | |
Aena SME S.A.(3) | 4,206 | 632,909 | |
Amadeus IT Group S.A. | 20,756 | 1,253,718 | |
Banco Bilbao Vizcaya Argentaria S.A. | 257,133 | 2,080,959 | |
Banco de Sabadell S.A. | 276,934 | 320,377 | |
Banco Santander S.A. | 689,022 | 2,623,843 | |
Bankinter S.A.(2) | 23,595 | 150,111 | |
CaixaBank S.A. | 177,333 | 706,493 | |
Cellnex Telecom S.A.(1)(3) | 24,290 | 844,855 | |
EDP Renovaveis S.A. | 12,245 | 200,541 | |
Enagas S.A. | 29,407 | 486,965 | |
Endesa S.A. | 13,380 | 272,302 | |
Grifols S.A.(1) | 12,573 | 162,844 | |
Iberdrola S.A. | 288,735 | 3,229,342 | |
Industria de Diseno Textil S.A. | 51,351 | 1,910,876 | |
International Consolidated Airlines Group S.A.(1) | 140,926 | 253,045 | |
Naturgy Energy Group S.A.(2) | 5,676 | 154,416 | |
Redeia Corp. S.A. | 17,781 | 279,719 | |
Telefonica S.A. | 246,260 | 1,006,056 | |
$ 16,679,533 | |||
Sweden — 2.6% | |||
AAK AB | 8,764 | $ 157,693 | |
AddTech AB, Class B | 11,587 | 184,920 | |
Alfa Laval AB | 14,396 | 493,176 | |
Assa Abloy AB, Class B | 50,378 | 1,094,642 | |
Atlas Copco AB, Class A | 129,638 | 1,741,125 | |
Axfood AB | 5,804 | 132,918 | |
Beijer Ref AB(2) | 17,537 | 184,511 | |
Boliden AB | 37,192 | 1,067,291 | |
Castellum AB | 19,997 | 202,700 | |
Epiroc AB, Class A | 30,351 | 576,282 | |
EQT AB | 16,376 | 322,656 | |
Essity AB, Class B | 31,088 | 670,482 | |
Fortnox AB | 21,804 | 116,062 | |
Getinge AB, Class B | 10,883 | 191,240 | |
H & M Hennes & Mauritz AB, Class B | 34,654 | 491,400 | |
Hexagon AB, Class B | 95,777 | 815,132 | |
Holmen AB, Class B | 4,339 | 168,658 | |
Husqvarna AB, Class B(2) | 19,098 | 145,740 | |
Industrivarden AB, Class A | 6,092 | 160,641 | |
Indutrade AB | 14,507 | 267,928 | |
Investment AB Latour, Class B | 5,932 | 104,260 |
Security | Shares | Value | |
Sweden (continued) | |||
Investor AB, Class B | 81,152 | $ 1,553,615 | |
Kinnevik AB, Class B(1) | 9,659 | 95,923 | |
L E Lundbergforetagen AB, Class B | 2,595 | 108,202 | |
Lifco AB, Class B | 12,322 | 215,553 | |
Nibe Industrier AB, Class B | 84,300 | 551,132 | |
Saab AB, Class B | 3,993 | 203,226 | |
Sagax AB, Class B | 10,955 | 208,095 | |
Sandvik AB | 55,204 | 1,015,773 | |
Skandinaviska Enskilda Banken AB, Class A | 67,195 | 801,089 | |
Skanska AB, Class B | 17,772 | 291,826 | |
SKF AB, Class B | 19,064 | 316,492 | |
Spotify Technology S.A.(1) | 5,978 | 924,438 | |
SSAB AB, Class A | 116,016 | 653,748 | |
Svenska Cellulosa AB SCA, Class B | 37,124 | 508,306 | |
Svenska Handelsbanken AB, Class A | 62,520 | 556,296 | |
Sweco AB, Class B | 8,161 | 76,111 | |
Swedbank AB, Class A | 43,748 | 804,150 | |
Swedish Orphan Biovitrum AB(1) | 12,779 | 261,110 | |
Tele2 AB, Class B | 26,729 | 204,409 | |
Telia Co. AB | 108,966 | 224,764 | |
Trelleborg AB, Class B | 9,534 | 236,880 | |
Volvo AB, Class B | 84,996 | 1,750,717 | |
$ 20,851,312 | |||
Switzerland — 9.2% | |||
ABB, Ltd. | 74,552 | $ 2,660,998 | |
Adecco Group AG | 9,536 | 391,673 | |
Alcon, Inc. | 21,751 | 1,678,468 | |
Bachem Holding AG | 1,448 | 106,803 | |
Baloise Holding AG | 2,120 | 306,926 | |
Banque Cantonale Vaudoise | 1,552 | 162,405 | |
Barry Callebaut AG | 180 | 286,244 | |
Belimo Holding AG | 389 | 184,617 | |
BKW AG | 797 | 140,305 | |
Chocoladefabriken Lindt & Spruengli AG PC | 53 | 588,965 | |
Chubb, Ltd. | 16,816 | 3,500,755 | |
Cie Financiere Richemont S.A., Class A | 21,836 | 2,659,258 | |
Clariant AG | 7,779 | 122,649 | |
Coca-Cola HBC AG | 11,049 | 302,121 | |
DKSH Holding AG | 1,524 | 103,087 | |
DSM-Firmenich AG | 8,501 | 718,359 | |
Dufry AG(1) | 4,955 | 188,121 | |
Emmi AG | 100 | 94,281 | |
Flughafen Zurich AG | 769 | 146,415 | |
Galenica AG(3) | 2,120 | 156,616 | |
Garmin, Ltd. | 6,627 | 697,160 | |
Geberit AG | 3,962 | 1,975,760 | |
Georg Fischer AG | 3,626 | 203,630 | |
Givaudan S.A. | 424 | 1,380,472 | |
Helvetia Holding AG | 1,201 | 167,766 | |
Holcim AG | 44,577 | 2,853,325 |
Security | Shares | Value | |
Switzerland (continued) | |||
Julius Baer Group, Ltd. | 7,482 | $ 478,907 | |
Kuehne + Nagel International AG | 2,285 | 649,238 | |
Logitech International S.A. | 6,707 | 461,431 | |
Lonza Group AG | 3,308 | 1,530,106 | |
Nestle S.A. | 126,030 | 14,266,091 | |
Novartis AG | 88,002 | 8,987,524 | |
On Holding AG, Class A(1)(2) | 7,568 | 210,542 | |
Partners Group Holding AG | 898 | 1,008,090 | |
PSP Swiss Property AG | 1,851 | 218,384 | |
Roche Holding AG PC | 32,303 | 8,818,752 | |
Schindler Holding AG | 3,040 | 584,922 | |
SFS Group AG | 841 | 91,748 | |
SGS S.A. | 8,187 | 687,099 | |
SIG Group AG | 13,847 | 341,126 | |
Sika AG | 6,976 | 1,767,445 | |
Sonova Holding AG | 2,244 | 531,102 | |
Straumann Holding AG | 4,612 | 587,010 | |
Swatch Group AG (The) | 1,344 | 344,228 | |
Swiss Life Holding AG | 1,169 | 727,326 | |
Swiss Prime Site AG | 3,251 | 297,625 | |
Swiss Re AG | 11,961 | 1,228,399 | |
Swisscom AG | 1,049 | 622,886 | |
TE Connectivity, Ltd. | 14,761 | 1,823,426 | |
Tecan Group AG | 543 | 182,514 | |
Temenos AG | 2,695 | 188,489 | |
UBS Group AG | 122,215 | 3,010,423 | |
VAT Group AG(3) | 1,296 | 462,469 | |
Zurich Insurance Group AG | 5,889 | 2,694,544 | |
$ 74,579,025 | |||
Taiwan — 4.4% | |||
Accton Technology Corp. | 23,000 | $ 352,870 | |
Advantech Co., Ltd. | 19,246 | 206,079 | |
Airtac International Group | 8,000 | 243,061 | |
ASE Technology Holding Co., Ltd. | 163,904 | 559,480 | |
Cathay Financial Holding Co., Ltd. | 421,973 | 582,655 | |
Chailease Holding Co., Ltd. | 70,824 | 397,693 | |
Chang Hwa Commercial Bank, Ltd. | 231,896 | 124,001 | |
Chunghwa Telecom Co., Ltd. | 198,055 | 711,884 | |
CTBC Financial Holding Co., Ltd. | 895,000 | 679,998 | |
Delta Electronics, Inc. | 103,319 | 1,040,621 | |
E Ink Holdings, Inc. | 46,000 | 256,495 | |
E.Sun Financial Holding Co., Ltd. | 617,822 | 464,447 | |
Eva Airways Corp. | 107,000 | 98,712 | |
Evergreen Marine Corp. Taiwan, Ltd. | 43,200 | 155,360 | |
Far Eastern New Century Corp. | 149,000 | 132,887 | |
Far EasTone Telecommunications Co., Ltd. | 78,073 | 175,851 | |
Feng TAY Enterprise Co., Ltd. | 21,280 | 120,778 | |
First Financial Holding Co., Ltd. | 456,936 | 376,015 | |
Fubon Financial Holding Co., Ltd. | 392,227 | 738,457 | |
Global Unichip Corp. | 4,000 | 170,328 |
Security | Shares | Value | |
Taiwan (continued) | |||
Globalwafers Co., Ltd. | 8,000 | $ 112,791 | |
Hotai Motor Co., Ltd. | 16,320 | 331,669 | |
Hua Nan Financial Holdings Co., Ltd. | 389,937 | 247,783 | |
Largan Precision Co., Ltd. | 5,000 | 331,242 | |
Lite-On Technology Corp. ADR | 102,000 | 385,091 | |
MediaTek, Inc. | 72,883 | 1,666,314 | |
Mega Financial Holding Co., Ltd. | 523,123 | 611,518 | |
Nan Ya Printed Circuit Board Corp. | 9,000 | 74,590 | |
Nanya Technology Corp. | 53,000 | 108,010 | |
Novatek Microelectronics Corp. | 28,000 | 367,685 | |
President Chain Store Corp. | 29,828 | 242,482 | |
Quanta Computer, Inc. | 138,398 | 1,035,786 | |
Realtek Semiconductor Corp. | 21,000 | 257,846 | |
Shanghai Commercial & Savings Bank, Ltd. (The) | 180,081 | 241,443 | |
SinoPac Financial Holdings Co., Ltd. | 581,721 | 313,780 | |
Taishin Financial Holding Co., Ltd. | 666,403 | 369,807 | |
Taiwan Cement Corp. | 794,000 | 818,244 | |
Taiwan Mobile Co., Ltd. | 90,748 | 266,036 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,079,240 | 17,598,339 | |
Unimicron Technology Corp. | 62,000 | 334,506 | |
Uni-President Enterprises Corp. | 270,000 | 586,834 | |
United Microelectronics Corp. | 598,000 | 839,691 | |
Voltronic Power Technology Corp. | 4,000 | 196,988 | |
Walsin Lihwa Corp. | 128,000 | 146,163 | |
Wan Hai Lines, Ltd. | 57,270 | 85,804 | |
Wiwynn Corp. | 4,000 | 186,523 | |
Yageo Corp. | 14,326 | 233,282 | |
Yang Ming Marine Transport Corp. | 71,000 | 100,041 | |
Yuanta Financial Holding Co., Ltd. | 490,973 | 381,395 | |
$ 36,059,355 | |||
United Kingdom — 13.0% | |||
3i Group PLC | 46,345 | $ 1,166,533 | |
abrdn PLC | 92,079 | 173,973 | |
Admiral Group PLC | 9,851 | 284,690 | |
Amcor PLC | 80,712 | 739,322 | |
Anglo American PLC | 102,084 | 2,803,185 | |
Antofagasta PLC | 46,769 | 811,898 | |
Ashtead Group PLC | 25,807 | 1,565,003 | |
Associated British Foods PLC | 21,710 | 545,438 | |
AstraZeneca PLC | 73,503 | 9,914,409 | |
Auto Trader Group PLC(3) | 51,638 | 388,006 | |
Aviva PLC | 138,035 | 653,341 | |
B&M European Value Retail S.A. | 48,687 | 347,276 | |
BAE Systems PLC | 174,047 | 2,114,992 | |
Barratt Developments PLC | 56,017 | 300,342 | |
Beazley PLC | 33,360 | 224,322 | |
Berkeley Group Holdings PLC | 6,369 | 318,065 | |
BP PLC | 945,174 | 6,092,529 | |
BT Group PLC | 373,220 | 529,995 | |
Bunzl PLC | 18,292 | 651,447 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Burberry Group PLC | 18,236 | $ 422,618 | |
Centrica PLC | 305,679 | 574,955 | |
Clarivate PLC(1)(2) | 20,945 | 140,541 | |
Coca-Cola Europacific Partners PLC | 13,307 | 831,421 | |
Compass Group PLC | 105,488 | 2,567,744 | |
ConvaTec Group PLC(3) | 78,991 | 209,332 | |
Croda International PLC | 8,092 | 483,348 | |
Dechra Pharmaceuticals PLC | 6,518 | 300,609 | |
Diageo PLC | 129,035 | 4,757,274 | |
Diploma PLC | 7,669 | 279,977 | |
DS Smith PLC | 75,730 | 264,125 | |
Ferguson PLC | 10,700 | 1,759,829 | |
GSK PLC | 220,488 | 3,989,464 | |
Haleon PLC | 289,366 | 1,199,447 | |
Halma PLC | 22,785 | 536,831 | |
Hargreaves Lansdown PLC | 17,001 | 159,894 | |
Hikma Pharmaceuticals PLC | 8,655 | 219,778 | |
Hiscox, Ltd. | 17,115 | 209,259 | |
Howden Joinery Group PLC | 25,321 | 226,561 | |
HSBC Holdings PLC | 922,505 | 7,218,955 | |
IMI PLC | 14,841 | 282,416 | |
Inchcape PLC | 18,821 | 173,350 | |
Informa PLC | 95,118 | 868,567 | |
InterContinental Hotels Group PLC | 10,049 | 743,167 | |
Intermediate Capital Group PLC | 13,780 | 231,303 | |
Intertek Group PLC | 10,313 | 515,743 | |
Investec PLC | 30,875 | 180,336 | |
J Sainsbury PLC | 106,705 | 328,601 | |
JD Sports Fashion PLC | 156,919 | 285,048 | |
Johnson Matthey PLC | 10,438 | 206,644 | |
Kingfisher PLC | 100,207 | 272,023 | |
Legal & General Group PLC | 284,779 | 768,428 | |
Liberty Global PLC, Class A(1) | 9,236 | 158,120 | |
Linde PLC | 24,763 | 9,220,503 | |
Lloyds Banking Group PLC | 3,106,097 | 1,669,199 | |
London Stock Exchange Group PLC | 18,890 | 1,893,266 | |
M&G PLC | 133,855 | 320,705 | |
Marks & Spencer Group PLC(1) | 102,570 | 295,013 | |
Melrose Industries PLC | 76,505 | 436,109 | |
Mondi PLC | 27,417 | 457,366 | |
National Grid PLC | 192,977 | 2,307,879 | |
Next PLC | 5,848 | 518,669 | |
Pearson PLC | 45,751 | 482,707 | |
Persimmon PLC | 18,827 | 246,568 | |
Phoenix Group Holdings PLC | 45,305 | 265,513 | |
Prudential PLC | 136,513 | 1,467,423 | |
Reckitt Benckiser Group PLC | 36,715 | 2,589,169 | |
RELX PLC | 122,167 | 4,121,904 | |
Rentokil Initial PLC | 156,392 | 1,161,150 | |
Rightmove PLC | 38,760 | 264,510 | |
RS Group PLC | 26,415 | 235,917 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Sage Group PLC (The) | 58,604 | $ 705,235 | |
Schroders PLC | 52,561 | 259,718 | |
Severn Trent PLC | 13,938 | 401,883 | |
Smith & Nephew PLC | 49,984 | 620,330 | |
Smiths Group PLC | 22,692 | 446,759 | |
Spectris PLC | 5,934 | 245,321 | |
Spirax-Sarco Engineering PLC | 4,253 | 492,298 | |
SSE PLC | 55,267 | 1,083,030 | |
St. James's Place PLC | 29,428 | 296,898 | |
Standard Chartered PLC | 108,712 | 999,882 | |
Tate & Lyle PLC | 22,950 | 191,468 | |
Taylor Wimpey PLC | 220,021 | 313,789 | |
Tesco PLC | 441,244 | 1,419,254 | |
Unilever PLC | 127,623 | 6,313,100 | |
United Utilities Group PLC | 39,725 | 459,022 | |
Vodafone Group PLC | 1,106,412 | 1,037,150 | |
Weir Group PLC (The) | 16,294 | 376,473 | |
Whitbread PLC | 12,863 | 541,441 | |
Wise PLC, Class A(1) | 25,324 | 211,186 | |
WPP PLC | 69,876 | 622,547 | |
$105,980,828 | |||
United States — 0.0%(6) | |||
Janus Henderson Group PLC | 6,797 | $ 175,499 | |
$ 175,499 | |||
Total Common Stocks (identified cost $782,259,298) | $808,452,787 |
Rights — 0.0% |
Security | Shares | Value | |
Italy — 0.0% | |||
Brembo SpA, Exp. 10/3/23(1) | 8,435 | $ 0 | |
Total Rights (identified cost $0) | $ 0 |
Warrants — 0.0%(6) |
Security | Shares | Value | |
Canada — 0.0%(6) | |||
Constellation Software, Inc., Exp. 3/31/40(1)(2) | 1,141 | $ 5,830 | |
Total Warrants (identified cost $0) | $ 5,830 |
Short-Term Investments — 3.0% |
Affiliated Fund — 0.7% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(7) | 5,693,673 | $ 5,693,673 | |
Total Affiliated Fund (identified cost $5,693,673) | $ 5,693,673 | ||
Securities Lending Collateral — 2.3% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(8) | 18,656,507 | $ 18,656,507 | |
Total Securities Lending Collateral (identified cost $18,656,507) | $ 18,656,507 | ||
Total Short-Term Investments (identified cost $24,350,180) | $ 24,350,180 |
Total Investments — 102.3% (identified cost $806,609,478) | $ 832,808,797 | |
Other Assets, Less Liabilities — (2.3)% | $ (18,987,147) | |
Net Assets — 100.0% | $ 813,821,650 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets.The country classifications used for financial reporting purposes may differ from the classifications determined by Calvert Research and Management (CRM). | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $39,016,910. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2023, the aggregate value of these securities is $9,059,590 or 1.1% of the Fund's net assets. |
(4) | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 7). |
(5) | Securities are traded on separate exchanges for the same entity. |
(6) | Amount is less than 0.05%. |
(7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Financials | 21.7% |
Industrials | 15.4 |
Information Technology | 13.3 |
Health Care | 11.5 |
Consumer Discretionary | 10.5 |
Consumer Staples | 8.7 |
Materials | 8.2 |
Communication Services | 4.6 |
Utilities | 3.0 |
Energy | 1.4 |
Real Estate | 1.0 |
Total | 99.3% |
Abbreviations: | |
ADR | – American Depositary Receipt |
CDI | – CHESS Depositary Interest |
GDR | – Global Depositary Receipt |
PC | – Participation Certificate |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $798,234,011) - including $39,016,910 of securities on loan | $ 822,641,982 |
Investments in securities of affiliated issuers, at value (identified cost $8,375,467) | 10,166,815 |
Cash denominated in foreign currency, at value (cost $1,542,368) | 1,540,323 |
Receivable for capital shares sold | 1,517,459 |
Dividends receivable | 1,756,779 |
Dividends receivable - affiliated | 73,075 |
Securities lending income receivable | 6,954 |
Tax reclaims receivable | 1,314,993 |
Receivable from affiliates | 83,242 |
Directors' deferred compensation plan | 68,753 |
Total assets | $839,170,375 |
Liabilities | |
Payable for investments purchased | $ 5,600,124 |
Payable for capital shares redeemed | 602,007 |
Deposits for securities loaned | 18,656,507 |
Payable to affiliates: | |
Investment advisory fee | 81,620 |
Administrative fee | 81,843 |
Distribution and service fees | 15,216 |
Sub-transfer agency fee | 5,182 |
Directors' deferred compensation plan | 68,753 |
Accrued expenses | 237,473 |
Total liabilities | $ 25,348,725 |
Net Assets | $813,821,650 |
Sources of Net Assets | |
Paid-in capital | $ 829,573,762 |
Accumulated loss | (15,752,112) |
Net Assets | $813,821,650 |
Class A Shares | |
Net Assets | $ 72,919,474 |
Shares Outstanding | 2,821,610 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 25.84 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 27.13 |
Class I Shares | |
Net Assets | $ 621,739,566 |
Shares Outstanding | 23,709,704 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 26.22 |
September 30, 2023 | |
Class R6 Shares | |
Net Assets | $ 119,162,610 |
Shares Outstanding | 4,548,675 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 26.20 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,514,359) | $ 20,398,216 |
Dividend income - affiliated issuers (net of foreign taxes withheld of $13,675) | 210,180 |
Securities lending income, net | 158,491 |
Other income | 269 |
Total investment income | $ 20,767,156 |
Expenses | |
Investment advisory fee | $ 912,104 |
Administrative fee | 912,104 |
Distribution and service fees: | |
Class A | 176,482 |
Directors' fees and expenses | 52,642 |
Custodian fees | 122,655 |
Transfer agency fees and expenses | 523,417 |
Accounting fees | 192,135 |
Professional fees | 63,312 |
Registration fees | 109,539 |
Reports to shareholders | 35,941 |
Miscellaneous | 64,194 |
Total expenses | $ 3,164,525 |
Waiver and/or reimbursement of expenses by affiliates | $ (786,501) |
Net expenses | $ 2,378,024 |
Net investment income | $ 18,389,132 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (22,197,875) |
Investment securities - affiliated issuers | 224,163 |
Foreign currency transactions | (29,490) |
Net realized loss | $ (22,003,202) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 144,575,647 |
Investment securities - affiliated issuers | 2,097,425 |
Foreign currency | 357,848 |
Net change in unrealized appreciation (depreciation) | $147,030,920 |
Net realized and unrealized gain | $125,027,718 |
Net increase in net assets from operations | $143,416,850 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 18,389,132 | $ 16,815,200 |
Net realized loss | (22,003,202) | (25,157,181) |
Net change in unrealized appreciation (depreciation) | 147,030,920 | (204,505,146) |
Net increase (decrease) in net assets from operations | $143,416,850 | $(212,847,127) |
Distributions to shareholders: | ||
Class A | $ (1,253,239) | $ (835,991) |
Class I | (9,691,079) | (10,622,020) |
Class R6 | (2,227,475) | (2,024,813) |
Total distributions to shareholders | $ (13,171,793) | $ (13,482,824) |
Capital share transactions: | ||
Class A | $ 21,038,406 | $ 12,448,423 |
Class I | 55,506,379 | 164,598,671 |
Class R6 | 4,535,080 | 34,325,572 |
Net increase in net assets from capital share transactions | $ 81,079,865 | $ 211,372,666 |
Net increase (decrease) in net assets | $211,324,922 | $ (14,957,285) |
Net Assets | ||
At beginning of year | $ 602,496,728 | $ 617,454,013 |
At end of year | $813,821,650 | $ 602,496,728 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 21.21 | $ 29.79 | $ 24.08 | $ 22.81 | $ 23.18 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.57 | $ 0.61 | $ 0.61 | $ 0.40 | $ 0.56 |
Net realized and unrealized gain (loss) | 4.50 | (8.64) | 5.33 | 1.26 | (0.51) |
Total income (loss) from operations | $ 5.07 | $ (8.03) | $ 5.94 | $ 1.66 | $ 0.05 |
Less Distributions | |||||
From net investment income | $ (0.44) | $ (0.55) | $ (0.23) | $ (0.39) | $ (0.42) |
Total distributions | $ (0.44) | $ (0.55) | $ (0.23) | $ (0.39) | $ (0.42) |
Net asset value — End of year | $ 25.84 | $ 21.21 | $ 29.79 | $ 24.08 | $ 22.81 |
Total Return(2) | 24.06% | (27.50)% | 24.74% | 7.31% | 0.34% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $72,919 | $40,139 | $43,359 | $25,497 | $34,344 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.65% | 0.65% | 0.67% | 0.74% | 0.89% |
Net expenses | 0.54% (4) | 0.54% (4) | 0.54% | 0.54% | 0.57% |
Net investment income | 2.21% | 2.27% | 2.11% | 1.77% | 2.56% |
Portfolio Turnover | 20% | 14% | 13% | 18% | 51% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 21.49 | $ 30.17 | $ 24.43 | $ 23.12 | $ 23.47 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.64 | $ 0.69 | $ 0.72 | $ 0.51 | $ 0.60 |
Net realized and unrealized gain (loss) | 4.56 | (8.75) | 5.37 | 1.22 | (0.50) |
Total income (loss) from operations | $ 5.20 | $ (8.06) | $ 6.09 | $ 1.73 | $ 0.10 |
Less Distributions | |||||
From net investment income | $ (0.47) | $ (0.62) | $ (0.35) | $ (0.42) | $ (0.45) |
Total distributions | $ (0.47) | $ (0.62) | $ (0.35) | $ (0.42) | $ (0.45) |
Net asset value — End of year | $ 26.22 | $ 21.49 | $ 30.17 | $ 24.43 | $ 23.12 |
Total Return(2) | 24.35% | (27.32)% | 25.07% | 7.55% | 0.60% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $621,740 | $468,639 | $481,361 | $197,395 | $67,854 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.40% | 0.40% | 0.42% | 0.49% | 0.64% |
Net expenses | 0.29% (4) | 0.29% (4) | 0.29% | 0.29% | 0.29% |
Net investment income | 2.43% | 2.52% | 2.43% | 2.22% | 2.73% |
Portfolio Turnover | 20% | 14% | 13% | 18% | 51% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | |||||
Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | ||
Net asset value — Beginning of period | $ 21.48 | $ 30.16 | $ 24.43 | $ 23.12 | $ 21.50 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.65 | $ 0.69 | $ 0.75 | $ 0.49 | $ 0.51 |
Net realized and unrealized gain (loss) | 4.56 | (8.74) | 5.34 | 1.25 | 1.11 |
Total income (loss) from operations | $ 5.21 | $ (8.05) | $ 6.09 | $ 1.74 | $ 1.62 |
Less Distributions | |||||
From net investment income | $ (0.49) | $ (0.63) | $ (0.36) | $ (0.43) | $ — |
Total distributions | $ (0.49) | $ (0.63) | $ (0.36) | $ (0.43) | $ — |
Net asset value — End of period | $ 26.20 | $ 21.48 | $ 30.16 | $ 24.43 | $ 23.12 |
Total Return(3) | 24.44% | (27.30)% | 25.08% | 7.59% | 7.54% (4) |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $119,163 | $93,719 | $92,734 | $29,215 | $16,867 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 0.37% | 0.37% | 0.39% | 0.46% | 0.56% (6) |
Net expenses | 0.26% (7) | 0.26% (7) | 0.26% | 0.26% | 0.26% (6) |
Net investment income | 2.47% | 2.52% | 2.52% | 2.13% | 3.40% (6) |
Portfolio Turnover | 20% | 14% | 13% | 18% | 51% (8) |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $ 43,575,512 | $ — | $ 43,575,512 |
Austria | — | 2,206,079 | — | 2,206,079 |
Belgium | — | 5,233,989 | — | 5,233,989 |
Canada | 77,643,555 | — | — | 77,643,555 |
Denmark | — | 21,458,531 | — | 21,458,531 |
Finland | — | 8,475,222 | — | 8,475,222 |
France | — | 77,476,952 | — | 77,476,952 |
Germany | 352,211 | 51,641,041 | — | 51,993,252 |
Hong Kong | — | 13,805,172 | — | 13,805,172 |
Ireland | 4,403,419 | 9,221,313 | — | 13,624,732 |
Israel | 1,280,627 | 2,464,842 | — | 3,745,469 |
Italy | — | 14,533,230 | — | 14,533,230 |
Japan | — | 140,628,705 | — | 140,628,705 |
Netherlands | 3,451,981 | 31,741,320 | — | 35,193,301 |
New Zealand | — | 1,489,225 | — | 1,489,225 |
Norway | — | 5,403,889 | — | 5,403,889 |
Portugal | — | 1,183,277 | — | 1,183,277 |
Singapore | 706,201 | 7,352,351 | — | 8,058,552 |
South Korea | — | 28,398,591 | — | 28,398,591 |
Spain | — | 16,679,533 | — | 16,679,533 |
Sweden | 924,438 | 19,926,874 | — | 20,851,312 |
Switzerland | 6,231,883 | 68,347,142 | — | 74,579,025 |
Taiwan | — | 36,059,355 | — | 36,059,355 |
United Kingdom | 12,849,736 | 93,131,092 | — | 105,980,828 |
United States | 175,499 | — | — | 175,499 |
Total Common Stocks | $108,019,550 | $700,433,237 (1) | $ — | $808,452,787 |
Rights | $ 0 | $ — | $ — | $ 0 |
Warrants | — | 5,830 | — | 5,830 |
Short-Term Investments: | ||||
Affiliated Fund | 5,693,673 | — | — | 5,693,673 |
Securities Lending Collateral | 18,656,507 | — | — | 18,656,507 |
Total Investments | $132,369,730 | $700,439,067 | $ — | $832,808,797 |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $13,171,793 | $13,482,824 |
Undistributed ordinary income | $ 16,221,276 |
Deferred capital losses | (28,602,878) |
Net unrealized depreciation | (3,370,510) |
Accumulated loss | $(15,752,112) |
Aggregate cost | $836,144,478 |
Gross unrealized appreciation | $ 57,230,277 |
Gross unrealized depreciation | (60,565,958) |
Net unrealized depreciation | $ (3,335,681) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $18,656,507 | $ — | $ — | $ — | $18,656,507 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Common Stocks | ||||||||
Mitsubishi UFJ Financial Group, Inc. | $2,568,839 | $ 934,920 | $ (1,352,205) | $ 224,163 | $ 2,097,425 | $ 4,473,142 | $ 124,395 | 527,857 |
Short-Term Investments | ||||||||
Liquidity Fund | 612 | 123,541,502 | (117,848,441) | — | — | 5,693,673 | 85,785 | 5,693,673 |
Total | $224,163 | $2,097,425 | $10,166,815 | $210,180 |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,675,822 | $ 40,209,100 | 806,018 | $ 22,595,079 | |
Reinvestment of distributions | 32,365 | 782,256 | 27,103 | 808,758 | |
Shares redeemed | (778,671) | (19,952,950) | (396,281) | (10,955,414) | |
Net increase | 929,516 | $ 21,038,406 | 436,840 | $ 12,448,423 | |
Class I | |||||
Shares sold | 8,917,762 | $ 232,117,274 | 10,633,616 | $ 286,200,830 | |
Reinvestment of distributions | 373,831 | 9,151,390 | 331,902 | 10,013,478 | |
Shares redeemed | (7,388,558) | (185,762,285) | (5,113,555) | (131,615,637) | |
Net increase | 1,903,035 | $ 55,506,379 | 5,851,963 | $ 164,598,671 | |
Class R6 | |||||
Shares sold | 894,776 | $ 23,011,517 | 2,182,164 | $ 56,577,967 | |
Reinvestment of distributions | 86,724 | 2,120,397 | 60,894 | 1,836,567 | |
Shares redeemed | (795,154) | (20,596,834) | (955,137) | (24,088,962) | |
Net increase | 186,346 | $ 4,535,080 | 1,287,921 | $ 34,325,572 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2000 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 2000 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2000 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/30/2015 | 10/30/2015 | 11.63% | 6.16% | 8.64% |
Class A with 4.75% Maximum Sales Charge | — | — | 6.34 | 5.13 | 7.97 |
Class I at NAV | 10/30/2015 | 10/30/2015 | 11.92 | 6.44 | 8.96 |
Class R6 at NAV | 02/01/2022 | 10/30/2015 | 11.91 | 6.44 | 8.96 |
Russell Midcap® Index | — | — | 13.45% | 6.38% | 8.63% |
Calvert US Mid-Cap Core Responsible Index | — | — | 12.01 | 6.61 | 9.22 |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.66% | 0.41% | 0.37% |
Net | 0.49 | 0.24 | 0.20 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 10/30/2015 | $1,973,346 | N.A. |
Class R6, at minimum investment | $5,000,000 | 10/30/2015 | $9,869,185 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Trane Technologies PLC | 0.6% |
Carrier Global Corp. | 0.6 |
PACCAR, Inc. | 0.6 |
ON Semiconductor Corp. | 0.6 |
Hilton Worldwide Holdings, Inc. | 0.5 |
Old Dominion Freight Line, Inc. | 0.5 |
Nucor Corp. | 0.5 |
Centene Corp. | 0.5 |
Ross Stores, Inc. | 0.5 |
Baker Hughes Co. | 0.5 |
Total | 5.4% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Calvert US Mid-Cap Core Responsible Index (the “Calvert Index”) is composed of the common stocks of mid-size companies that operate their businesses in a manner that is consistent with the Calvert Principles for Responsible Investment. Mid-size companies are selected from the 1,000 largest publicly traded U.S. companies based on market capitalization, excluding real estate investment trusts, business development companies and approximately the 200 largest publicly traded U.S. companies. The Calvert Principles for Responsible Investment serve as a framework for considering environmental, social and governance factors that may affect investment performance. Stocks are weighted in the Calvert Index based on their float-adjusted market capitalization within the relevant sector, subject to certain prescribed limits. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. |
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class's inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 979.00 | $2.43 ** | 0.49% |
Class I | $1,000.00 | $ 980.40 | $1.19 ** | 0.24% |
Class R6 | $1,000.00 | $ 980.40 | $0.99 ** | 0.20% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.61 | $2.48 ** | 0.49% |
Class I | $1,000.00 | $1,023.87 | $1.22 ** | 0.24% |
Class R6 | $1,000.00 | $1,024.07 | $1.01 ** | 0.20% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate(s), expenses would be higher. |
Common Stocks — 99.7% |
Security | Shares | Value | |
Aerospace & Defense — 0.7% | |||
Axon Enterprise, Inc.(1) | 4,830 | $ 961,122 | |
Curtiss-Wright Corp. | 2,651 | 518,615 | |
HEICO Corp. | 2,811 | 455,185 | |
Hexcel Corp. | 5,771 | 375,923 | |
Woodward, Inc. | 4,102 | 509,715 | |
$ 2,820,560 | |||
Air Freight & Logistics — 0.6% | |||
C.H. Robinson Worldwide, Inc. | 8,735 | $ 752,346 | |
Expeditors International of Washington, Inc. | 10,064 | 1,153,636 | |
GXO Logistics, Inc.(1) | 7,989 | 468,555 | |
$ 2,374,537 | |||
Automobile Components — 0.9% | |||
Aptiv PLC(1) | 17,037 | $ 1,679,678 | |
Autoliv, Inc. | 6,510 | 628,085 | |
BorgWarner, Inc. | 17,691 | 714,186 | |
Lear Corp. | 4,257 | 571,289 | |
Visteon Corp.(1) | 2,136 | 294,917 | |
$ 3,888,155 | |||
Automobiles — 0.4% | |||
Harley-Davidson, Inc. | 10,602 | $ 350,502 | |
Rivian Automotive, Inc., Class A(1)(2) | 46,951 | 1,139,971 | |
Thor Industries, Inc. | 3,793 | 360,828 | |
$ 1,851,301 | |||
Banks — 2.9% | |||
Bank OZK | 6,536 | $ 242,290 | |
BOK Financial Corp. | 1,626 | 130,047 | |
Citizens Financial Group, Inc. | 25,786 | 691,065 | |
Columbia Banking System, Inc. | 11,473 | 232,902 | |
Comerica, Inc. | 7,425 | 308,509 | |
Commerce Bancshares, Inc. | 6,202 | 297,572 | |
Cullen/Frost Bankers, Inc. | 3,386 | 308,837 | |
East West Bancorp, Inc. | 7,950 | 419,045 | |
F.N.B. Corp. | 19,707 | 212,639 | |
Fifth Third Bancorp | 36,586 | 926,723 | |
First Citizens Bancshares, Inc., Class A | 583 | 804,598 | |
First Financial Bankshares, Inc. | 7,537 | 189,329 | |
First Horizon Corp. | 27,131 | 298,984 | |
Home BancShares, Inc. | 11,222 | 234,989 | |
Huntington Bancshares, Inc. | 76,922 | 799,989 | |
KeyCorp | 51,782 | 557,174 | |
M&T Bank Corp. | 9,226 | 1,166,628 | |
New York Community Bancorp, Inc. | 37,701 | 427,529 | |
Old National Bancorp | 15,924 | 231,535 | |
Pinnacle Financial Partners, Inc. | 4,407 | 295,445 |
Security | Shares | Value | |
Banks (continued) | |||
Popular, Inc. | 3,520 | $ 221,795 | |
Prosperity Bancshares, Inc. | 4,554 | 248,557 | |
Regions Financial Corp. | 50,570 | 869,804 | |
SouthState Corp. | 3,818 | 257,181 | |
Synovus Financial Corp. | 8,441 | 234,660 | |
United Bankshares, Inc. | 7,277 | 200,772 | |
Valley National Bancorp | 20,771 | 177,800 | |
Webster Financial Corp. | 9,837 | 396,529 | |
Western Alliance Bancorp | 5,186 | 238,400 | |
Wintrust Financial Corp. | 3,411 | 257,531 | |
Zions Bancorp N.A. | 8,037 | 280,411 | |
$ 12,159,269 | |||
Beverages — 0.2% | |||
Celsius Holdings, Inc.(1) | 2,645 | $ 453,882 | |
Coca-Cola Consolidated, Inc. | 323 | 205,531 | |
$ 659,413 | |||
Biotechnology — 2.7% | |||
ACADIA Pharmaceuticals, Inc.(1) | 7,795 | $ 162,448 | |
Alkermes PLC(1) | 10,299 | 288,475 | |
Alnylam Pharmaceuticals, Inc.(1) | 7,738 | 1,370,400 | |
Apellis Pharmaceuticals, Inc.(1) | 6,017 | 228,887 | |
Arrowhead Pharmaceuticals, Inc.(1) | 6,703 | 180,110 | |
BioMarin Pharmaceutical, Inc.(1) | 11,917 | 1,054,416 | |
Blueprint Medicines Corp.(1) | 3,857 | 193,698 | |
Denali Therapeutics, Inc.(1) | 6,972 | 143,832 | |
Exact Sciences Corp.(1) | 11,136 | 759,698 | |
Exelixis, Inc.(1) | 19,779 | 432,171 | |
Halozyme Therapeutics, Inc.(1) | 7,893 | 301,513 | |
Horizon Therapeutics PLC(1) | 13,249 | 1,532,777 | |
Incyte Corp.(1) | 11,320 | 653,956 | |
Ionis Pharmaceuticals, Inc.(1) | 8,633 | 391,593 | |
Neurocrine Biosciences, Inc.(1) | 5,932 | 667,350 | |
Sarepta Therapeutics, Inc.(1) | 5,642 | 683,923 | |
Seagen, Inc.(1) | 8,356 | 1,772,725 | |
United Therapeutics Corp.(1) | 2,855 | 644,859 | |
$ 11,462,831 | |||
Broadline Retail — 0.5% | |||
eBay, Inc. | 30,122 | $ 1,328,079 | |
Etsy, Inc.(1) | 7,101 | 458,583 | |
Macy's, Inc. | 15,009 | 174,254 | |
$ 1,960,916 | |||
Building Products — 3.0% | |||
A.O. Smith Corp. | 8,753 | $ 578,836 | |
AAON, Inc. | 4,707 | 267,687 | |
Advanced Drainage Systems, Inc. | 4,401 | 500,966 | |
Allegion PLC | 5,935 | 618,427 |
Security | Shares | Value | |
Building Products (continued) | |||
AZEK Co., Inc. (The)(1) | 7,284 | $ 216,626 | |
Carlisle Cos., Inc. | 3,696 | 958,225 | |
Carrier Global Corp. | 46,868 | 2,587,113 | |
Fortune Brands Innovations, Inc. | 7,425 | 461,538 | |
Lennox International, Inc. | 2,195 | 821,896 | |
Masco Corp. | 12,537 | 670,103 | |
Owens Corning | 6,682 | 911,492 | |
Simpson Manufacturing Co., Inc. | 2,969 | 444,786 | |
Trane Technologies PLC | 12,818 | 2,600,900 | |
Trex Co., Inc.(1) | 5,909 | 364,172 | |
UFP Industries, Inc. | 3,249 | 332,697 | |
Zurn Elkay Water Solutions Corp., Class C | 8,188 | 229,428 | |
$ 12,564,892 | |||
Capital Markets — 4.5% | |||
Affiliated Managers Group, Inc. | 2,012 | $ 262,244 | |
Ameriprise Financial, Inc. | 5,677 | 1,871,593 | |
Ares Management Corp., Class A | 7,718 | 793,951 | |
Bank of New York Mellon Corp. (The) | 43,002 | 1,834,035 | |
Blue Owl Capital, Inc. | 23,715 | 307,346 | |
Carlyle Group, Inc. (The) | 10,454 | 315,293 | |
Cboe Global Markets, Inc. | 5,668 | 885,398 | |
Coinbase Global, Inc., Class A(1) | 9,578 | 719,116 | |
Evercore, Inc., Class A | 1,948 | 268,590 | |
FactSet Research Systems, Inc. | 2,619 | 1,145,184 | |
Franklin Resources, Inc. | 15,197 | 373,542 | |
Hamilton Lane, Inc., Class A | 2,260 | 204,394 | |
Houlihan Lokey, Inc. | 2,820 | 302,078 | |
Interactive Brokers Group, Inc., Class A | 5,214 | 451,324 | |
Invesco, Ltd. | 23,272 | 337,910 | |
Jefferies Financial Group, Inc. | 11,623 | 425,751 | |
LPL Financial Holdings, Inc. | 4,098 | 973,890 | |
MarketAxess Holdings, Inc. | 2,515 | 537,305 | |
Morningstar, Inc. | 1,823 | 427,020 | |
Nasdaq, Inc. | 18,334 | 890,849 | |
Northern Trust Corp. | 11,511 | 799,784 | |
Raymond James Financial, Inc. | 10,242 | 1,028,604 | |
SEI Investments Co. | 5,980 | 360,175 | |
State Street Corp. | 17,379 | 1,163,698 | |
Stifel Financial Corp. | 5,611 | 344,740 | |
T. Rowe Price Group, Inc. | 12,294 | 1,289,272 | |
Tradeweb Markets, Inc., Class A | 6,300 | 505,260 | |
$ 18,818,346 | |||
Chemicals — 1.9% | |||
Ashland, Inc. | 3,701 | $ 302,298 | |
Axalta Coating Systems, Ltd.(1) | 15,330 | 412,377 | |
Balchem Corp. | 2,244 | 278,346 | |
Cabot Corp. | 3,842 | 266,135 | |
Celanese Corp. | 7,441 | 933,994 | |
Eastman Chemical Co. | 8,377 | 642,684 |
Security | Shares | Value | |
Chemicals (continued) | |||
Element Solutions, Inc. | 14,382 | $ 282,031 | |
FMC Corp. | 8,644 | 578,889 | |
Huntsman Corp. | 11,838 | 288,847 | |
International Flavors & Fragrances, Inc. | 17,242 | 1,175,387 | |
Livent Corp.(1) | 12,517 | 230,438 | |
Mosaic Co. (The) | 23,075 | 821,470 | |
PPG Industries, Inc. | 13,923 | 1,807,205 | |
$ 8,020,101 | |||
Commercial Services & Supplies — 0.7% | |||
Casella Waste Systems, Inc., Class A(1) | 3,620 | $ 276,206 | |
Clean Harbors, Inc.(1) | 3,589 | 600,655 | |
MSA Safety, Inc. | 2,436 | 384,035 | |
Rollins, Inc. | 17,379 | 648,758 | |
Stericycle, Inc.(1) | 6,564 | 293,476 | |
Tetra Tech, Inc. | 3,749 | 569,961 | |
$ 2,773,091 | |||
Communications Equipment — 0.4% | |||
Ciena Corp.(1) | 9,391 | $ 443,819 | |
F5, Inc.(1) | 3,651 | 588,322 | |
Juniper Networks, Inc. | 19,233 | 534,485 | |
Lumentum Holdings, Inc.(1) | 3,840 | 173,491 | |
Viasat, Inc.(1)(2) | 4,657 | 85,968 | |
$ 1,826,085 | |||
Construction & Engineering — 1.1% | |||
AECOM | 9,844 | $ 817,446 | |
Comfort Systems USA, Inc. | 2,523 | 429,944 | |
EMCOR Group, Inc. | 3,330 | 700,599 | |
MasTec, Inc.(1) | 4,274 | 307,600 | |
Quanta Services, Inc. | 8,574 | 1,603,938 | |
Valmont Industries, Inc. | 1,414 | 339,657 | |
WillScot Mobile Mini Holdings Corp.(1) | 14,169 | 589,289 | |
$ 4,788,473 | |||
Construction Materials — 0.5% | |||
Summit Materials, Inc., Class A(1) | 14,299 | $ 445,271 | |
Vulcan Materials Co. | 8,096 | 1,635,554 | |
$ 2,080,825 | |||
Consumer Finance — 0.9% | |||
Ally Financial, Inc. | 17,130 | $ 457,028 | |
Credit Acceptance Corp.(1) | 386 | 177,606 | |
Discover Financial Services | 13,617 | 1,179,641 | |
FirstCash Holdings, Inc. | 2,107 | 211,501 | |
OneMain Holdings, Inc. | 6,476 | 259,623 | |
SLM Corp. | 12,832 | 174,772 | |
SoFi Technologies, Inc.(1)(2) | 52,094 | 416,231 |
Security | Shares | Value | |
Consumer Finance (continued) | |||
Synchrony Financial | 23,594 | $ 721,268 | |
$ 3,597,670 | |||
Consumer Staples Distribution & Retail — 2.0% | |||
Albertsons Cos., Inc., Class A | 25,792 | $ 586,768 | |
BJ's Wholesale Club Holdings, Inc.(1) | 7,646 | 545,695 | |
Casey's General Stores, Inc. | 2,303 | 625,311 | |
Dollar Tree, Inc.(1) | 12,677 | 1,349,467 | |
Kroger Co. (The) | 41,882 | 1,874,219 | |
Performance Food Group Co.(1) | 9,328 | 549,046 | |
Sprouts Farmers Market, Inc.(1) | 6,509 | 278,585 | |
Sysco Corp. | 29,417 | 1,942,993 | |
US Foods Holding Corp.(1) | 15,194 | 603,202 | |
$ 8,355,286 | |||
Containers & Packaging — 1.6% | |||
AptarGroup, Inc. | 4,496 | $ 562,180 | |
Avery Dennison Corp. | 5,419 | 989,889 | |
Ball Corp. | 21,567 | 1,073,605 | |
Berry Global Group, Inc. | 8,276 | 512,367 | |
Crown Holdings, Inc. | 8,357 | 739,427 | |
Graphic Packaging Holding Co. | 21,161 | 471,467 | |
Packaging Corp. of America | 6,079 | 933,431 | |
Sealed Air Corp. | 9,477 | 311,414 | |
Silgan Holdings, Inc. | 5,980 | 257,798 | |
Sonoco Products Co. | 6,715 | 364,960 | |
WestRock Co. | 16,864 | 603,731 | |
$ 6,820,269 | |||
Distributors — 0.6% | |||
Genuine Parts Co. | 8,038 | $ 1,160,527 | |
LKQ Corp. | 15,212 | 753,146 | |
Pool Corp. | 2,124 | 756,356 | |
$ 2,670,029 | |||
Diversified Consumer Services — 0.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 3,630 | $ 295,700 | |
Duolingo, Inc.(1) | 1,645 | 272,856 | |
H&R Block, Inc. | 9,669 | 416,347 | |
Service Corp. International | 10,044 | 573,914 | |
$ 1,558,817 | |||
Diversified Telecommunication Services — 0.1% | |||
Iridium Communications, Inc. | 7,871 | $ 358,052 | |
$ 358,052 | |||
Electric Utilities — 2.0% | |||
Alliant Energy Corp. | 17,850 | $ 864,833 | |
Avangrid, Inc. | 5,056 | 152,540 | |
Constellation Energy Corp. | 18,985 | 2,070,884 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Evergy, Inc. | 16,102 | $ 816,371 | |
Eversource Energy | 21,882 | 1,272,438 | |
IDACORP, Inc. | 3,588 | 336,016 | |
NRG Energy, Inc. | 15,935 | 613,816 | |
PNM Resources, Inc. | 6,048 | 269,801 | |
Portland General Electric Co. | 6,296 | 254,862 | |
Xcel Energy, Inc. | 32,894 | 1,882,195 | |
$ 8,533,756 | |||
Electrical Equipment — 2.1% | |||
Acuity Brands, Inc. | 2,176 | $ 370,595 | |
AMETEK, Inc. | 13,447 | 1,986,929 | |
Atkore, Inc.(1) | 2,624 | 391,474 | |
EnerSys | 2,345 | 222,001 | |
Generac Holdings, Inc.(1) | 4,201 | 457,741 | |
Hubbell, Inc. | 3,707 | 1,161,811 | |
nVent Electric PLC | 11,422 | 605,252 | |
Plug Power, Inc.(1)(2) | 31,087 | 236,261 | |
Regal Rexnord Corp. | 4,618 | 659,820 | |
Rockwell Automation, Inc. | 6,760 | 1,932,481 | |
Sensata Technologies Holding PLC | 10,261 | 388,071 | |
Sunrun, Inc.(1) | 10,890 | 136,778 | |
$ 8,549,214 | |||
Electronic Equipment, Instruments & Components — 3.1% | |||
Advanced Energy Industries, Inc. | 2,604 | $ 268,524 | |
Arrow Electronics, Inc.(1) | 3,078 | 385,489 | |
Avnet, Inc. | 4,977 | 239,842 | |
Badger Meter, Inc. | 2,049 | 294,790 | |
Belden, Inc. | 2,903 | 280,285 | |
CDW Corp. | 8,146 | 1,643,537 | |
Cognex Corp. | 11,626 | 493,407 | |
Coherent Corp.(1) | 7,960 | 259,814 | |
Corning, Inc. | 47,557 | 1,449,062 | |
Insight Enterprises, Inc.(1) | 1,629 | 237,019 | |
IPG Photonics Corp.(1) | 1,997 | 202,775 | |
Jabil, Inc. | 7,808 | 990,757 | |
Keysight Technologies, Inc.(1) | 11,155 | 1,475,918 | |
Littelfuse, Inc. | 1,682 | 415,992 | |
National Instruments Corp. | 8,306 | 495,204 | |
Novanta, Inc.(1) | 2,521 | 361,612 | |
TD SYNNEX Corp. | 2,378 | 237,467 | |
Teledyne Technologies, Inc.(1) | 3,070 | 1,254,341 | |
Trimble, Inc.(1) | 17,241 | 928,600 | |
Vishay Intertechnology, Inc. | 8,036 | 198,650 | |
Zebra Technologies Corp., Class A(1) | 3,267 | 772,744 | |
$ 12,885,829 |
Security | Shares | Value | |
Energy Equipment & Services — 0.5% | |||
Baker Hughes Co. | 58,757 | $ 2,075,297 | |
$ 2,075,297 | |||
Entertainment — 2.1% | |||
AMC Entertainment Holdings, Inc., Class A(1) | 10,671 | $ 85,261 | |
Atlanta Braves Holdings, Inc., Class C(1) | 3,685 | 131,665 | |
Electronic Arts, Inc. | 14,569 | 1,754,108 | |
Liberty Media Corp.-Liberty Formula One, Class A(1) | 16,419 | 928,330 | |
Liberty Media Corp.-Liberty Live, Class A(1) | 4,495 | 143,480 | |
Live Nation Entertainment, Inc.(1) | 9,836 | 816,781 | |
Madison Square Garden Sports Corp. | 1,120 | 197,456 | |
ROBLOX Corp., Class A(1)(2) | 29,178 | 844,995 | |
Roku, Inc.(1) | 7,867 | 555,332 | |
Take-Two Interactive Software, Inc.(1) | 9,685 | 1,359,677 | |
Warner Bros. Discovery, Inc.(1) | 141,875 | 1,540,763 | |
Warner Music Group Corp., Class A | 8,815 | 276,791 | |
$ 8,634,639 | |||
Financial Services — 1.8% | |||
Affirm Holdings, Inc.(1) | 14,097 | $ 299,843 | |
Block, Inc., Class A(1) | 31,449 | 1,391,933 | |
Equitable Holdings, Inc. | 18,805 | 533,874 | |
Essent Group, Ltd. | 5,226 | 247,137 | |
Euronet Worldwide, Inc.(1) | 3,005 | 238,537 | |
Fidelity National Information Services, Inc. | 34,694 | 1,917,537 | |
Jack Henry & Associates, Inc. | 4,523 | 683,606 | |
MGIC Investment Corp. | 14,352 | 239,535 | |
Radian Group, Inc. | 8,727 | 219,135 | |
Shift4 Payments, Inc., Class A(1) | 3,586 | 198,557 | |
Toast, Inc., Class A(1)(2) | 23,001 | 430,809 | |
Voya Financial, Inc. | 5,522 | 366,937 | |
Western Union Co. (The) | 23,174 | 305,433 | |
WEX, Inc.(1) | 2,708 | 509,348 | |
$ 7,582,221 | |||
Food Products — 2.0% | |||
Bunge, Ltd. | 9,412 | $ 1,018,849 | |
Campbell Soup Co. | 12,411 | 509,844 | |
Conagra Brands, Inc. | 29,245 | 801,898 | |
Darling Ingredients, Inc.(1) | 9,843 | 513,805 | |
Flowers Foods, Inc. | 12,739 | 282,551 | |
Hormel Foods Corp. | 17,319 | 658,641 | |
Ingredion, Inc. | 3,889 | 382,678 | |
JM Smucker Co. (The) | 6,079 | 747,170 | |
Kellogg Co. | 15,914 | 947,042 | |
Lamb Weston Holdings, Inc. | 8,909 | 823,726 | |
Lancaster Colony Corp. | 1,226 | 202,327 | |
McCormick & Co., Inc. | 16,408 | 1,241,101 | |
Simply Good Foods Co. (The)(1) | 6,044 | 208,639 | |
$ 8,338,271 |
Security | Shares | Value | |
Gas Utilities — 0.4% | |||
National Fuel Gas Co. | 6,263 | $ 325,112 | |
New Jersey Resources Corp. | 6,884 | 279,697 | |
ONE Gas, Inc. | 3,881 | 264,995 | |
Southwest Gas Holdings, Inc. | 4,743 | 286,525 | |
UGI Corp. | 14,881 | 342,263 | |
$ 1,498,592 | |||
Ground Transportation — 1.5% | |||
Avis Budget Group, Inc.(1) | 1,873 | $ 336,559 | |
J.B. Hunt Transport Services, Inc. | 5,785 | 1,090,588 | |
Knight-Swift Transportation Holdings, Inc. | 10,854 | 544,328 | |
Landstar System, Inc. | 2,708 | 479,154 | |
Old Dominion Freight Line, Inc. | 5,397 | 2,208,129 | |
Ryder System, Inc. | 3,387 | 362,240 | |
Saia, Inc.(1) | 2,004 | 798,895 | |
XPO, Inc.(1) | 8,175 | 610,345 | |
$ 6,430,238 | |||
Health Care Equipment & Supplies — 4.0% | |||
Align Technology, Inc.(1) | 4,509 | $ 1,376,688 | |
Baxter International, Inc. | 31,205 | 1,177,677 | |
CONMED Corp. | 1,975 | 199,179 | |
Cooper Cos., Inc. (The) | 3,061 | 973,429 | |
DENTSPLY SIRONA, Inc. | 13,168 | 449,819 | |
Envista Holdings Corp.(1) | 9,825 | 273,921 | |
GE HealthCare Technologies, Inc. | 23,987 | 1,632,075 | |
Globus Medical, Inc., Class A(1) | 5,301 | 263,195 | |
Haemonetics Corp.(1) | 3,264 | 292,389 | |
Hologic, Inc.(1) | 15,041 | 1,043,845 | |
ICU Medical, Inc.(1) | 1,302 | 154,951 | |
Inari Medical, Inc.(1) | 3,134 | 204,964 | |
Inspire Medical Systems, Inc.(1) | 1,813 | 359,772 | |
Insulet Corp.(1) | 4,499 | 717,545 | |
iRhythm Technologies, Inc.(1) | 1,941 | 182,959 | |
Lantheus Holdings, Inc.(1) | 4,530 | 314,744 | |
Masimo Corp.(1) | 3,010 | 263,917 | |
Merit Medical Systems, Inc.(1) | 3,661 | 252,682 | |
Neogen Corp.(1) | 14,078 | 261,006 | |
Novocure, Ltd.(1) | 6,175 | 99,726 | |
Penumbra, Inc.(1) | 2,374 | 574,294 | |
QuidelOrtho Corp.(1) | 3,145 | 229,711 | |
ResMed, Inc. | 9,172 | 1,356,264 | |
Shockwave Medical, Inc.(1) | 2,245 | 446,979 | |
STERIS PLC | 6,185 | 1,357,113 | |
Teleflex, Inc. | 2,997 | 588,641 | |
Zimmer Biomet Holdings, Inc. | 12,866 | 1,443,822 | |
$ 16,491,307 | |||
Health Care Providers & Services — 2.2% | |||
agilon health, Inc.(1)(2) | 20,080 | $ 356,621 |
Security | Shares | Value | |
Health Care Providers & Services (continued) | |||
AMN Healthcare Services, Inc.(1) | 2,702 | $ 230,156 | |
Centene Corp.(1) | 31,799 | 2,190,315 | |
Chemed Corp. | 912 | 473,966 | |
DaVita, Inc.(1) | 3,380 | 319,511 | |
Encompass Health Corp. | 6,172 | 414,512 | |
Ensign Group, Inc. (The) | 3,217 | 298,956 | |
HealthEquity, Inc.(1) | 5,312 | 388,042 | |
Henry Schein, Inc.(1) | 8,095 | 601,054 | |
Laboratory Corp. of America Holdings | 5,497 | 1,105,172 | |
Molina Healthcare, Inc.(1) | 3,626 | 1,188,929 | |
Option Care Health, Inc.(1) | 10,127 | 327,609 | |
Progyny, Inc.(1) | 4,969 | 169,045 | |
Quest Diagnostics, Inc. | 6,948 | 846,683 | |
R1 RCM, Inc.(1) | 8,876 | 133,761 | |
Select Medical Holdings Corp. | 6,829 | 172,569 | |
$ 9,216,901 | |||
Health Care Technology — 0.5% | |||
Doximity, Inc., Class A(1) | 8,070 | $ 171,245 | |
Veeva Systems, Inc., Class A(1) | 8,709 | 1,771,846 | |
$ 1,943,091 | |||
Hotels, Restaurants & Leisure — 2.6% | |||
Aramark | 15,941 | $ 553,153 | |
Choice Hotels International, Inc.(2) | 2,103 | 257,638 | |
Darden Restaurants, Inc. | 7,577 | 1,085,178 | |
Domino's Pizza, Inc. | 2,155 | 816,292 | |
Expedia Group, Inc.(1) | 8,959 | 923,404 | |
Hilton Grand Vacations, Inc.(1) | 5,325 | 216,727 | |
Hilton Worldwide Holdings, Inc. | 14,766 | 2,217,558 | |
Hyatt Hotels Corp., Class A | 3,122 | 331,182 | |
Marriott Vacations Worldwide Corp. | 2,312 | 232,657 | |
Planet Fitness, Inc., Class A(1) | 5,387 | 264,933 | |
Texas Roadhouse, Inc. | 4,259 | 409,290 | |
Vail Resorts, Inc. | 2,526 | 560,494 | |
Wendy's Co. (The) | 10,822 | 220,877 | |
Wingstop, Inc. | 1,849 | 332,524 | |
Wyndham Hotels & Resorts, Inc. | 5,750 | 399,855 | |
Yum! Brands, Inc. | 16,202 | 2,024,278 | |
$ 10,846,040 | |||
Household Durables — 2.1% | |||
D.R. Horton, Inc. | 17,220 | $ 1,850,633 | |
KB Home | 5,655 | 261,713 | |
Leggett & Platt, Inc. | 6,998 | 177,819 | |
Lennar Corp., Class A | 15,607 | 1,751,574 | |
Meritage Homes Corp. | 2,546 | 311,605 | |
Mohawk Industries, Inc.(1) | 3,008 | 258,117 | |
Newell Brands, Inc. | 23,981 | 216,549 | |
NVR, Inc.(1) | 204 | 1,216,513 | |
PulteGroup, Inc. | 14,757 | 1,092,756 |
Security | Shares | Value | |
Household Durables (continued) | |||
Taylor Morrison Home Corp.(1) | 7,539 | $ 321,237 | |
Tempur Sealy International, Inc. | 9,533 | 413,160 | |
TopBuild Corp.(1) | 2,265 | 569,874 | |
Whirlpool Corp. | 3,196 | 427,305 | |
$ 8,868,855 | |||
Household Products — 0.5% | |||
Church & Dwight Co., Inc. | 14,162 | $ 1,297,664 | |
Clorox Co. (The) | 6,972 | 913,750 | |
$ 2,211,414 | |||
Independent Power and Renewable Electricity Producers — 0.3% | |||
AES Corp. (The) | 47,294 | $ 718,869 | |
Brookfield Renewable Corp., Class A | 9,145 | 218,931 | |
Clearway Energy, Inc., Class C | 8,091 | 171,206 | |
Ormat Technologies, Inc. | 3,484 | 243,601 | |
$ 1,352,607 | |||
Insurance — 4.9% | |||
Allstate Corp. (The) | 14,476 | $ 1,612,771 | |
American Financial Group, Inc. | 4,270 | 476,831 | |
Arch Capital Group, Ltd.(1) | 20,161 | 1,607,033 | |
Assurant, Inc. | 2,902 | 416,669 | |
Axis Capital Holdings, Ltd. | 4,475 | 252,256 | |
Brown & Brown, Inc. | 16,192 | 1,130,849 | |
Cincinnati Financial Corp. | 8,287 | 847,677 | |
Enstar Group, Ltd.(1) | 741 | 179,322 | |
Erie Indemnity Co., Class A | 1,369 | 402,199 | |
Everest Group, Ltd. | 2,282 | 848,151 | |
Fidelity National Financial, Inc. | 13,691 | 565,438 | |
First American Financial Corp. | 6,289 | 355,266 | |
Globe Life, Inc. | 5,336 | 580,183 | |
Hanover Insurance Group, Inc. (The) | 2,094 | 232,392 | |
Hartford Financial Services Group, Inc. (The) | 16,532 | 1,172,284 | |
Kinsale Capital Group, Inc. | 1,152 | 477,078 | |
Lincoln National Corp. | 8,383 | 206,976 | |
Markel Group, Inc.(1) | 709 | 1,043,995 | |
Old Republic International Corp. | 13,999 | 377,133 | |
Primerica, Inc. | 2,052 | 398,109 | |
Principal Financial Group, Inc. | 13,381 | 964,369 | |
Prudential Financial, Inc. | 19,898 | 1,888,121 | |
Reinsurance Group of America, Inc. | 3,668 | 532,557 | |
RenaissanceRe Holdings, Ltd. | 2,765 | 547,249 | |
RLI Corp. | 2,157 | 293,115 | |
Ryan Specialty Holdings, Inc.(1) | 5,110 | 247,324 | |
Selective Insurance Group, Inc. | 3,276 | 337,985 | |
Unum Group | 10,360 | 509,608 | |
W.R. Berkley Corp. | 10,993 | 697,946 | |
White Mountains Insurance Group, Ltd. | 140 | 209,397 |
Security | Shares | Value | |
Insurance (continued) | |||
Willis Towers Watson PLC | 5,665 | $ 1,183,758 | |
$ 20,594,041 | |||
Interactive Media & Services — 0.5% | |||
IAC, Inc.(1) | 4,419 | $ 222,673 | |
Pinterest, Inc., Class A(1) | 36,114 | 976,162 | |
Snap, Inc., Class A(1) | 62,954 | 560,920 | |
ZoomInfo Technologies, Inc.(1) | 17,961 | 294,560 | |
$ 2,054,315 | |||
IT Services — 2.8% | |||
Akamai Technologies, Inc.(1) | 9,224 | $ 982,725 | |
Amdocs, Ltd. | 7,619 | 643,729 | |
Cloudflare, Inc., Class A(1) | 18,165 | 1,145,122 | |
Cognizant Technology Solutions Corp., Class A | 29,266 | 1,982,479 | |
DXC Technology Co.(1) | 12,323 | 256,688 | |
EPAM Systems, Inc.(1) | 3,568 | 912,302 | |
Gartner, Inc.(1) | 4,700 | 1,614,967 | |
MongoDB, Inc.(1) | 4,225 | 1,461,259 | |
Okta, Inc.(1) | 9,699 | 790,565 | |
Twilio, Inc., Class A(1) | 10,912 | 638,679 | |
VeriSign, Inc.(1) | 5,829 | 1,180,547 | |
$ 11,609,062 | |||
Leisure Products — 0.3% | |||
Brunswick Corp. | 4,669 | $ 368,851 | |
Hasbro, Inc. | 7,012 | 463,774 | |
Mattel, Inc.(1) | 20,173 | 444,411 | |
$ 1,277,036 | |||
Life Sciences Tools & Services — 3.5% | |||
10X Genomics, Inc., Class A(1) | 5,473 | $ 225,761 | |
Agilent Technologies, Inc. | 17,221 | 1,925,652 | |
Avantor, Inc.(1) | 42,633 | 898,704 | |
Bio-Rad Laboratories, Inc., Class A(1) | 1,295 | 464,193 | |
Bio-Techne Corp. | 9,800 | 667,086 | |
Bruker Corp. | 6,113 | 380,840 | |
Charles River Laboratories International, Inc.(1) | 3,106 | 608,714 | |
Fortrea Holdings, Inc.(1) | 5,726 | 163,706 | |
Illumina, Inc.(1) | 9,758 | 1,339,578 | |
IQVIA Holdings, Inc.(1) | 10,411 | 2,048,364 | |
Medpace Holdings, Inc.(1) | 1,478 | 357,868 | |
Mettler-Toledo International, Inc.(1) | 1,321 | 1,463,761 | |
Repligen Corp.(1) | 3,261 | 518,532 | |
Revvity, Inc. | 7,946 | 879,622 | |
Waters Corp.(1) | 3,811 | 1,045,014 | |
West Pharmaceutical Services, Inc. | 4,424 | 1,659,929 | |
$ 14,647,324 |
Security | Shares | Value | |
Machinery — 6.2% | |||
AGCO Corp. | 4,113 | $ 486,486 | |
Allison Transmission Holdings, Inc. | 6,336 | 374,204 | |
Chart Industries, Inc.(1)(2) | 2,977 | 503,470 | |
CNH Industrial NV | 63,463 | 767,902 | |
Cummins, Inc. | 8,384 | 1,915,409 | |
Donaldson Co., Inc. | 8,351 | 498,054 | |
Dover Corp. | 9,294 | 1,296,606 | |
Esab Corp. | 3,968 | 278,633 | |
Flowserve Corp. | 8,787 | 349,459 | |
Fortive Corp. | 21,461 | 1,591,548 | |
Franklin Electric Co., Inc. | 2,790 | 248,952 | |
Graco, Inc. | 11,611 | 846,210 | |
IDEX Corp. | 5,242 | 1,090,441 | |
Ingersoll Rand, Inc. | 24,430 | 1,556,680 | |
ITT, Inc. | 5,672 | 555,345 | |
Lincoln Electric Holdings, Inc. | 3,846 | 699,164 | |
Middleby Corp. (The)(1) | 3,496 | 447,488 | |
Mueller Industries, Inc. | 3,897 | 292,898 | |
Nordson Corp. | 3,421 | 763,464 | |
Oshkosh Corp. | 4,574 | 436,497 | |
Otis Worldwide Corp. | 24,251 | 1,947,598 | |
PACCAR, Inc. | 29,286 | 2,489,896 | |
Pentair PLC | 11,405 | 738,474 | |
Snap-on, Inc. | 3,687 | 940,406 | |
SPX Technologies, Inc.(1) | 3,070 | 249,898 | |
Stanley Black & Decker, Inc. | 10,163 | 849,423 | |
Timken Co. (The) | 4,197 | 308,437 | |
Toro Co. (The) | 7,326 | 608,791 | |
Watts Water Technologies, Inc., Class A | 1,782 | 307,965 | |
Westinghouse Air Brake Technologies Corp. | 11,554 | 1,227,844 | |
Xylem, Inc. | 14,711 | 1,339,142 | |
$ 26,006,784 | |||
Media — 1.6% | |||
Cable One, Inc. | 288 | $ 177,304 | |
Interpublic Group of Cos., Inc. (The) | 26,279 | 753,156 | |
Liberty Broadband Corp., Class C(1) | 8,435 | 770,284 | |
New York Times Co. (The), Class A | 10,955 | 451,346 | |
Nexstar Media Group, Inc., Class A | 2,333 | 334,482 | |
Omnicom Group, Inc. | 13,500 | 1,005,480 | |
Paramount Global, Class B | 40,461 | 521,947 | |
Sirius XM Holdings, Inc.(2) | 45,740 | 206,745 | |
TEGNA, Inc. | 15,839 | 230,774 | |
Trade Desk, Inc. (The), Class A(1) | 26,110 | 2,040,497 | |
$ 6,492,015 | |||
Metals & Mining — 1.3% | |||
ATI, Inc.(1) | 13,547 | $ 557,459 | |
Commercial Metals Co. | 11,564 | 571,377 | |
Nucor Corp. | 14,078 | 2,201,095 |
Security | Shares | Value | |
Metals & Mining (continued) | |||
Reliance Steel & Aluminum Co. | 3,976 | $ 1,042,627 | |
Steel Dynamics, Inc. | 10,744 | 1,151,972 | |
$ 5,524,530 | |||
Multi-Utilities — 2.3% | |||
Ameren Corp. | 17,065 | $ 1,276,974 | |
Black Hills Corp. | 4,695 | 237,520 | |
CMS Energy Corp. | 19,477 | 1,034,424 | |
Consolidated Edison, Inc. | 20,318 | 1,737,799 | |
DTE Energy Co. | 13,137 | 1,304,241 | |
NiSource, Inc. | 28,373 | 700,246 | |
Public Service Enterprise Group, Inc. | 29,695 | 1,689,942 | |
WEC Energy Group, Inc. | 18,971 | 1,528,114 | |
$ 9,509,260 | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
Denbury, Inc.(1) | 6,035 | $ 591,490 | |
$ 591,490 | |||
Paper & Forest Products — 0.1% | |||
Louisiana-Pacific Corp. | 3,842 | $ 212,347 | |
$ 212,347 | |||
Passenger Airlines — 0.9% | |||
Alaska Air Group, Inc.(1) | 9,950 | $ 368,946 | |
American Airlines Group, Inc.(1) | 48,914 | 626,589 | |
Delta Air Lines, Inc. | 39,886 | 1,475,782 | |
Southwest Airlines Co. | 40,046 | 1,084,045 | |
$ 3,555,362 | |||
Personal Care Products — 0.2% | |||
BellRing Brands, Inc.(1) | 7,725 | $ 318,502 | |
Coty, Inc., Class A(1) | 20,673 | 226,783 | |
e.l.f. Beauty, Inc.(1) | 2,981 | 327,403 | |
$ 872,688 | |||
Pharmaceuticals — 0.6% | |||
Catalent, Inc.(1) | 11,345 | $ 516,538 | |
Elanco Animal Health, Inc.(1) | 29,425 | 330,737 | |
Jazz Pharmaceuticals PLC(1) | 3,844 | 497,567 | |
Organon & Co. | 15,282 | 265,296 | |
Perrigo Co. PLC | 8,111 | 259,146 | |
Royalty Pharma PLC, Class A | 24,409 | 662,460 | |
$ 2,531,744 | |||
Professional Services — 3.6% | |||
Alight, Inc., Class A(1) | 17,236 | $ 122,203 | |
Booz Allen Hamilton Holding Corp. | 8,789 | 960,374 | |
Broadridge Financial Solutions, Inc. | 7,387 | 1,322,642 | |
Ceridian HCM Holding, Inc.(1) | 9,078 | 615,942 |
Security | Shares | Value | |
Professional Services (continued) | |||
Concentrix Corp. | 2,636 | $ 211,170 | |
CoStar Group, Inc.(1) | 23,786 | 1,828,906 | |
Dun & Bradstreet Holdings, Inc. | 17,016 | 169,990 | |
Equifax, Inc. | 7,444 | 1,363,592 | |
ExlService Holdings, Inc.(1) | 10,435 | 292,597 | |
Exponent, Inc. | 3,167 | 271,095 | |
FTI Consulting, Inc.(1) | 2,273 | 405,526 | |
Genpact, Ltd. | 10,696 | 387,195 | |
Insperity, Inc. | 2,477 | 241,755 | |
ManpowerGroup, Inc. | 3,109 | 227,952 | |
Maximus, Inc. | 4,140 | 309,175 | |
Paycom Software, Inc. | 3,264 | 846,257 | |
Paylocity Holding Corp.(1) | 2,536 | 460,791 | |
Robert Half, Inc. | 7,167 | 525,198 | |
Science Applications International Corp. | 3,282 | 346,382 | |
SS&C Technologies Holdings, Inc. | 13,290 | 698,257 | |
TransUnion | 13,174 | 945,762 | |
TriNet Group, Inc.(1) | 2,630 | 306,343 | |
Verisk Analytics, Inc. | 8,478 | 2,002,843 | |
$ 14,861,947 | |||
Real Estate Management & Development — 0.7% | |||
CBRE Group, Inc., Class A(1) | 19,216 | $ 1,419,294 | |
Howard Hughes Holdings, Inc.(1) | 2,612 | 193,628 | |
Jones Lang LaSalle, Inc.(1) | 3,367 | 475,353 | |
Zillow Group, Inc., Class C(1) | 13,451 | 620,898 | |
$ 2,709,173 | |||
Semiconductors & Semiconductor Equipment — 3.2% | |||
Allegro MicroSystems, Inc.(1) | 4,112 | $ 131,337 | |
Amkor Technology, Inc. | 6,095 | 137,747 | |
Cirrus Logic, Inc.(1) | 3,188 | 235,785 | |
Diodes, Inc.(1) | 2,793 | 220,200 | |
Enphase Energy, Inc.(1) | 7,725 | 928,159 | |
Entegris, Inc. | 9,483 | 890,549 | |
First Solar, Inc.(1) | 5,814 | 939,484 | |
Lattice Semiconductor Corp.(1) | 8,773 | 753,864 | |
MKS Instruments, Inc. | 4,072 | 352,391 | |
Monolithic Power Systems, Inc. | 2,785 | 1,286,670 | |
ON Semiconductor Corp.(1) | 24,467 | 2,274,208 | |
Onto Innovation, Inc.(1) | 3,075 | 392,124 | |
Power Integrations, Inc. | 3,455 | 263,651 | |
Qorvo, Inc.(1) | 6,319 | 603,275 | |
Rambus, Inc.(1) | 6,918 | 385,955 | |
Silicon Laboratories, Inc.(1) | 2,099 | 243,253 | |
Skyworks Solutions, Inc. | 10,051 | 990,928 | |
SolarEdge Technologies, Inc.(1) | 3,149 | 407,827 | |
Teradyne, Inc. | 9,897 | 994,253 | |
Universal Display Corp. | 2,854 | 448,049 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Wolfspeed, Inc.(1)(2) | 7,492 | $ 285,445 | |
$ 13,165,154 | |||
Software — 5.1% | |||
Altair Engineering, Inc., Class A(1) | 3,186 | $ 199,316 | |
ANSYS, Inc.(1) | 5,296 | 1,575,825 | |
AppFolio, Inc., Class A(1) | 1,187 | 216,782 | |
AppLovin Corp., Class A(1) | 10,452 | 417,662 | |
Aspen Technology, Inc.(1) | 1,693 | 345,812 | |
BILL Holdings, Inc.(1) | 6,374 | 692,025 | |
Box, Inc., Class A(1) | 8,902 | 215,517 | |
Confluent, Inc., Class A(1) | 12,496 | 370,007 | |
Datadog, Inc., Class A(1) | 16,284 | 1,483,310 | |
DocuSign, Inc.(1) | 12,844 | 539,448 | |
Dolby Laboratories, Inc., Class A | 3,612 | 286,287 | |
Dropbox, Inc., Class A(1) | 16,754 | 456,211 | |
Dynatrace, Inc.(1) | 14,982 | 700,109 | |
Elastic NV(1) | 4,871 | 395,720 | |
Fair Isaac Corp.(1) | 1,558 | 1,353,170 | |
Five9, Inc.(1) | 4,512 | 290,122 | |
Gen Digital, Inc. | 36,826 | 651,084 | |
Guidewire Software, Inc.(1) | 5,110 | 459,900 | |
HashiCorp, Inc., Class A(1) | 4,655 | 106,274 | |
HubSpot, Inc.(1) | 2,957 | 1,456,322 | |
Manhattan Associates, Inc.(1) | 3,879 | 766,723 | |
New Relic, Inc.(1) | 4,091 | 350,271 | |
Nutanix, Inc., Class A(1) | 15,011 | 523,584 | |
PTC, Inc.(1) | 7,429 | 1,052,541 | |
Qualys, Inc.(1) | 2,369 | 361,391 | |
SentinelOne, Inc., Class A(1) | 13,560 | 228,622 | |
Smartsheet, Inc., Class A(1) | 8,043 | 325,420 | |
Splunk, Inc.(1) | 9,538 | 1,394,933 | |
SPS Commerce, Inc.(1) | 2,319 | 395,645 | |
Tenable Holdings, Inc.(1) | 7,268 | 325,606 | |
Teradata Corp.(1) | 6,369 | 286,732 | |
Tyler Technologies, Inc.(1) | 2,588 | 999,330 | |
Workiva, Inc.(1) | 2,989 | 302,905 | |
Zoom Video Communications, Inc., Class A(1) | 14,015 | 980,209 | |
Zscaler, Inc.(1) | 5,416 | 842,675 | |
$ 21,347,490 | |||
Specialty Retail — 2.7% | |||
Academy Sports & Outdoors, Inc. | 4,451 | $ 210,399 | |
Advance Auto Parts, Inc. | 3,394 | 189,827 | |
Asbury Automotive Group, Inc.(1) | 1,258 | 289,428 | |
AutoNation, Inc.(1) | 1,574 | 238,304 | |
Bath & Body Works, Inc. | 13,518 | 456,908 | |
Best Buy Co., Inc. | 10,890 | 756,528 | |
Burlington Stores, Inc.(1) | 3,793 | 513,193 | |
CarMax, Inc.(1) | 8,973 | 634,660 | |
Chewy, Inc., Class A(1) | 5,235 | 95,591 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
Dick's Sporting Goods, Inc. | 3,342 | $ 362,874 | |
Five Below, Inc.(1) | 3,077 | 495,089 | |
Floor & Decor Holdings, Inc., Class A(1) | 6,025 | 545,263 | |
GameStop Corp., Class A(1) | 15,037 | 247,509 | |
Lithia Motors, Inc., Class A | 1,489 | 439,746 | |
Penske Automotive Group, Inc. | 1,069 | 178,587 | |
RH (1)(2) | 1,003 | 265,153 | |
Ross Stores, Inc. | 19,362 | 2,186,938 | |
Tractor Supply Co. | 6,163 | 1,251,397 | |
Ulta Beauty, Inc.(1) | 2,801 | 1,118,860 | |
Wayfair, Inc., Class A(1)(2) | 4,177 | 253,001 | |
Williams-Sonoma, Inc.(2) | 3,751 | 582,905 | |
$ 11,312,160 | |||
Technology Hardware, Storage & Peripherals — 1.7% | |||
Dell Technologies, Inc., Class C | 15,839 | $ 1,091,307 | |
Hewlett Packard Enterprise Co. | 80,218 | 1,393,387 | |
HP, Inc. | 53,575 | 1,376,877 | |
NetApp, Inc. | 13,145 | 997,442 | |
Pure Storage, Inc., Class A(1) | 18,506 | 659,184 | |
Seagate Technology Holdings PLC | 13,143 | 866,781 | |
Western Digital Corp.(1) | 19,649 | 896,584 | |
$ 7,281,562 | |||
Textiles, Apparel & Luxury Goods — 0.8% | |||
Capri Holdings, Ltd.(1) | 6,984 | $ 367,428 | |
Columbia Sportswear Co. | 1,821 | 134,936 | |
Crocs, Inc.(1) | 3,502 | 308,982 | |
Deckers Outdoor Corp.(1) | 1,519 | 780,903 | |
PVH Corp. | 3,789 | 289,896 | |
Ralph Lauren Corp. | 2,229 | 258,765 | |
Skechers USA, Inc., Class A(1) | 7,779 | 380,782 | |
Tapestry, Inc. | 12,552 | 360,870 | |
VF Corp. | 20,718 | 366,087 | |
$ 3,248,649 | |||
Trading Companies & Distributors — 1.8% | |||
Air Lease Corp. | 7,519 | $ 296,324 | |
Applied Industrial Technologies, Inc. | 2,667 | 412,345 | |
Beacon Roofing Supply, Inc.(1) | 2,779 | 214,455 | |
Core & Main, Inc., Class A(1) | 5,671 | 163,608 | |
Fastenal Co. | 32,917 | 1,798,585 | |
GATX Corp. | 2,453 | 266,960 | |
MSC Industrial Direct Co., Inc., Class A | 2,645 | 259,607 | |
SiteOne Landscape Supply, Inc.(1) | 2,411 | 394,078 | |
United Rentals, Inc. | 4,036 | 1,794,285 | |
W.W. Grainger, Inc. | 2,536 | 1,754,506 | |
WESCO International, Inc. | 2,482 | 356,961 | |
$ 7,711,714 |
Security | Shares | Value | |
Water Utilities — 0.5% | |||
American Water Works Co., Inc. | 11,842 | $ 1,466,395 | |
Essential Utilities, Inc. | 18,633 | 639,671 | |
$ 2,106,066 | |||
Total Common Stocks (identified cost $398,463,698) | $416,089,103 |
Rights — 0.0%(3) |
Security | Shares | Value | |
Health Care Equipment & Supplies — 0.0%(3) | |||
Abiomed, Inc., CVR(1)(4)(5) | 2,600 | $ 2,652 | |
Total Rights (identified cost $2,652) | $ 2,652 |
Short-Term Investments — 0.3% | |||
Affiliated Fund — 0.1% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 469,965 | $ 469,965 | |
Total Affiliated Fund (identified cost $469,965) | $ 469,965 | ||
Securities Lending Collateral — 0.2% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 727,130 | $ 727,130 | |
Total Securities Lending Collateral (identified cost $727,130) | $ 727,130 | ||
Total Short-Term Investments (identified cost $1,197,095) | $ 1,197,095 | ||
Total Investments — 100.0% (identified cost $399,663,445) | $417,288,850 | ||
Other Assets, Less Liabilities — (0.0)%(3) | $ (109,351) | ||
Net Assets — 100.0% | $ 417,179,499 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $4,271,071. |
(3) | Amount is less than 0.05% or (0.05)%, as applicable. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Restricted security. Total market value of restricted securities amounts to $2,652, which represents less than 0.05% of the net assets of the Fund as of September 30, 2023. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Description | Acquisition Date | Cost |
Abiomed, Inc., CVR | 12/28/22 | $2,652 |
Abbreviations: | |
CVR | – Contingent Value Rights |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $399,193,480) - including $4,271,071 of securities on loan | $ 416,818,885 |
Investments in securities of affiliated issuers, at value (identified cost $469,965) | 469,965 |
Cash | 290,401 |
Cash denominated in foreign currency, at value (cost $1,071) | 1,144 |
Receivable for capital shares sold | 963,874 |
Dividends receivable | 353,492 |
Dividends receivable - affiliated | 1,408 |
Securities lending income receivable | 1,475 |
Receivable from affiliates | 87,314 |
Directors' deferred compensation plan | 44,991 |
Total assets | $419,032,949 |
Liabilities | |
Payable for capital shares redeemed | $ 812,133 |
Deposits for securities loaned | 727,130 |
Payable to affiliates: | |
Investment advisory fee | 42,390 |
Administrative fee | 42,425 |
Distribution and service fees | 12,960 |
Sub-transfer agency fee | 13,039 |
Directors' deferred compensation plan | 44,991 |
Accrued expenses | 158,382 |
Total liabilities | $ 1,853,450 |
Net Assets | $417,179,499 |
Sources of Net Assets | |
Paid-in capital | $ 418,656,765 |
Accumulated loss | (1,477,266) |
Net Assets | $417,179,499 |
Class A Shares | |
Net Assets | $ 61,387,674 |
Shares Outstanding | 1,850,435 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 33.17 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 34.82 |
Class I Shares | |
Net Assets | $ 325,322,293 |
Shares Outstanding | 9,697,946 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 33.55 |
September 30, 2023 | |
Class R6 Shares | |
Net Assets | $ 30,469,532 |
Shares Outstanding | 909,441 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 33.50 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,970) | $ 5,792,080 |
Dividend income - affiliated issuers | 46,705 |
Securities lending income, net | 164,622 |
Total investment income | $ 6,003,407 |
Expenses | |
Investment advisory fee | $ 494,948 |
Administrative fee | 494,948 |
Distribution and service fees: | |
Class A | 157,457 |
Directors' fees and expenses | 28,233 |
Custodian fees | 13,854 |
Transfer agency fees and expenses | 394,368 |
Accounting fees | 95,843 |
Professional fees | 49,865 |
Registration fees | 79,436 |
Reports to shareholders | 34,031 |
Miscellaneous | 37,306 |
Total expenses | $ 1,880,289 |
Waiver and/or reimbursement of expenses by affiliates | $ (738,488) |
Net expenses | $ 1,141,801 |
Net investment income | $ 4,861,606 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (8,313,031) |
Foreign currency transactions | 20 |
Net realized loss | $ (8,313,011) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 43,244,346 |
Foreign currency | 71 |
Net change in unrealized appreciation (depreciation) | $43,244,417 |
Net realized and unrealized gain | $34,931,406 |
Net increase in net assets from operations | $39,793,012 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,861,606 | $ 3,277,557 |
Net realized loss | (8,313,011) | (11,747,114) |
Net change in unrealized appreciation (depreciation) | 43,244,417 | (77,130,229) |
Net increase (decrease) in net assets from operations | $ 39,793,012 | $ (85,599,786) |
Distributions to shareholders: | ||
Class A | $ (496,609) | $ (1,543,340) |
Class I | (2,821,761) | (8,114,381) |
Class R6 | (367,107) | — (1) |
Total distributions to shareholders | $ (3,685,477) | $ (9,657,721) |
Capital share transactions: | ||
Class A | $ 6,925,518 | $ 13,051,483 |
Class I | 19,500,947 | 94,258,432 |
Class R6 | 28,748,441 | 244,218 (1) |
Net increase in net assets from capital share transactions | $ 55,174,906 | $107,554,133 |
Net increase in net assets | $ 91,282,441 | $ 12,296,626 |
Net Assets | ||
At beginning of year | $ 325,897,058 | $ 313,600,432 |
At end of year | $417,179,499 | $325,897,058 |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 29.95 | $ 39.02 | $ 29.17 | $ 26.80 | $ 27.23 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.33 | $ 0.25 | $ 0.22 | $ 0.28 | $ 0.24 |
Net realized and unrealized gain (loss) | 3.15 | (8.25) | 10.47 | 2.54 | (0.02) |
Total income (loss) from operations | $ 3.48 | $ (8.00) | $ 10.69 | $ 2.82 | $ 0.22 |
Less Distributions | |||||
From net investment income | $ (0.26) | $ (0.14) | $ (0.19) | $ (0.18) | $ (0.24) |
From net realized gain | — | (0.93) | (0.65) | (0.27) | (0.41) |
Total distributions | $ (0.26) | $ (1.07) | $ (0.84) | $ (0.45) | $ (0.65) |
Net asset value — End of year | $ 33.17 | $ 29.95 | $ 39.02 | $ 29.17 | $ 26.80 |
Total Return(2) | 11.63% | (21.17)% | 37.14% | 10.60% | 1.05% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $61,388 | $48,932 | $50,682 | $14,803 | $12,385 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.67% | 0.66% | 0.68% | 0.77% | 0.90% |
Net expenses | 0.49% (4) | 0.49% (4) | 0.49% | 0.49% | 0.53% |
Net investment income | 0.97% | 0.70% | 0.57% | 1.03% | 0.93% |
Portfolio Turnover | 25% | 26% | 26% | 31% | 57% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 30.27 | $ 39.39 | $ 29.42 | $ 27.04 | $ 27.45 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.41 | $ 0.35 | $ 0.31 | $ 0.34 | $ 0.32 |
Net realized and unrealized gain (loss) | 3.19 | (8.34) | 10.57 | 2.57 | (0.02) |
Total income (loss) from operations | $ 3.60 | $ (7.99) | $ 10.88 | $ 2.91 | $ 0.30 |
Less Distributions | |||||
From net investment income | $ (0.32) | $ (0.20) | $ (0.26) | $ (0.26) | $ (0.30) |
From net realized gain | — | (0.93) | (0.65) | (0.27) | (0.41) |
Total distributions | $ (0.32) | $ (1.13) | $ (0.91) | $ (0.53) | $ (0.71) |
Net asset value — End of year | $ 33.55 | $ 30.27 | $ 39.39 | $ 29.42 | $ 27.04 |
Total Return(2) | 11.92% | (20.97)% | 37.49% | 10.91% | 1.30% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $325,322 | $276,747 | $262,918 | $83,065 | $49,221 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.42% | 0.42% | 0.43% | 0.52% | 0.64% |
Net expenses | 0.24% (4) | 0.24% (4) | 0.24% | 0.24% | 0.24% |
Net investment income | 1.21% | 0.96% | 0.83% | 1.27% | 1.23% |
Portfolio Turnover | 25% | 26% | 26% | 31% | 57% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | ||
Year Ended September 30, 2023 | Period Ended September 30, 2022(1) | |
Net asset value — Beginning of period | $ 30.27 | $ 37.87 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.44 | $ 0.31 |
Net realized and unrealized gain (loss) | 3.17 | (7.91) |
Total income (loss) from operations | $ 3.61 | $ (7.60) |
Less Distributions | ||
From net investment income | $ (0.38) | $ — |
Total distributions | $ (0.38) | $ — |
Net asset value — End of period | $ 33.50 | $ 30.27 |
Total Return(3) | 11.91% | (20.04)% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $30,470 | $ 218 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.38% | 0.38% (6) |
Net expenses | 0.20% (7) | 0.20% (6)(7) |
Net investment income | 1.29% | 1.40% (6) |
Portfolio Turnover | 25% | 26% (4)(8) |
(1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended September 30, 2023 and the period ended September 30, 2022). |
(8) | For the year ended September 30, 2022. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | $ 416,089,103(2) | $ — | $ — | $ 416,089,103 |
Rights | — | — | 2,652 | 2,652 |
Short-Term Investments: | ||||
Affiliated Fund | 469,965 | — | — | 469,965 |
Securities Lending Collateral | 727,130 | — | — | 727,130 |
Total Investments | $417,286,198 | $ — | $2,652 | $417,288,850 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $3,685,477 | $6,043,599 |
Long-term capital gains | $ — | $3,614,122 |
Undistributed ordinary income | $ 3,206,289 |
Deferred capital losses | (13,247,275) |
Net unrealized appreciation | 8,563,720 |
Accumulated loss | $ (1,477,266) |
Aggregate cost | $408,725,204 |
Gross unrealized appreciation | $ 49,152,972 |
Gross unrealized depreciation | (40,589,326) |
Net unrealized appreciation | $ 8,563,646 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $727,130 | $ — | $ — | $ — | $727,130 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $1,165,477 | $87,351,338 | $(88,046,850) | $ — | $ — | $469,965 | $46,705 | 469,965 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 819,922 | $ 27,105,188 | 607,564 | $ 22,952,188 | |
Reinvestment of distributions | 12,333 | 404,284 | 37,337 | 1,463,597 | |
Shares redeemed | (615,394) | (20,583,954) | (310,072) | (11,364,302) | |
Net increase | 216,861 | $ 6,925,518 | 334,829 | $ 13,051,483 | |
Class I | |||||
Shares sold | 3,907,417 | $ 132,196,691 | 4,712,747 | $172,052,965 | |
Reinvestment of distributions | 62,187 | 2,057,156 | 150,149 | 5,936,888 | |
Shares redeemed | (3,414,268) | (114,752,900) | (2,394,505) | (83,731,421) | |
Net increase | 555,336 | $ 19,500,947 | 2,468,391 | $ 94,258,432 |
Year Ended September 30, 2023 | Year Ended September 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 1,112,589 | $ 36,078,998 | 7,371 | $ 249,850 | |
Reinvestment of distributions | 11,114 | 367,107 | — | — | |
Shares redeemed | (221,467) | (7,697,664) | (166) | (5,632) | |
Net increase | 902,236 | $ 28,748,441 | 7,205 | $ 244,218 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2000 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 2000 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2000 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 06/30/2000 | 06/30/2000 | 20.08% | 9.62% | 11.46% |
Class A with 4.75% Maximum Sales Charge | — | — | 14.38 | 8.55 | 10.93 |
Class C at NAV | 06/30/2000 | 06/30/2000 | 19.22 | 8.80 | 10.79 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 18.22 | 8.80 | 10.79 |
Class I at NAV | 06/30/2000 | 06/30/2000 | 20.42 | 9.90 | 11.84 |
Class R6 at NAV | 10/03/2017 | 06/30/2000 | 20.46 | 9.95 | 11.86 |
Russell 1000® Index | — | — | 21.19% | 9.62% | 11.62% |
Calvert US Large-Cap Core Responsible Index | — | — | 20.72 | 10.22 | 12.16 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 0.59% | 1.34% | 0.34% | 0.29% |
Net | 0.49 | 1.24 | 0.24 | 0.19 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2013 | $27,878 | N.A. |
Class I, at minimum investment | $1,000,000 | 09/30/2013 | $3,063,435 | N.A. |
Class R6, at minimum investment | $5,000,000 | 09/30/2013 | $15,343,972 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Apple, Inc. | 7.1% |
Microsoft Corp. | 6.2 |
Alphabet, Inc., Class A | 3.9 |
Amazon.com, Inc. | 3.1 |
NVIDIA Corp. | 2.8 |
Tesla, Inc. | 1.9 |
Eli Lilly & Co. | 1.3 |
JPMorgan Chase & Co. | 1.2 |
Visa, Inc., Class A | 1.1 |
Broadcom, Inc. | 1.0 |
Total | 29.6% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Russell 1000® Index is an unmanaged index of U.S. large-cap stocks. Calvert US Large-Cap Core Responsible Index (the “Calvert Index”) is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment. Large companies are the 1,000 largest publicly traded U.S. companies based on market capitalization, excluding real estate investment trusts and business development companies. The Calvert Principles for Responsible Investment serve as a framework for considering environmental, social and governance factors that may affect investment performance. Stocks are weighted in the Calvert Index based on their float-adjusted market capitalization within the relevant sector, subject to certain prescribed limits. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. |
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,041.60 | $2.51 ** | 0.49% |
Class C | $1,000.00 | $1,038.00 | $6.34 ** | 1.24% |
Class I | $1,000.00 | $1,043.00 | $1.23 ** | 0.24% |
Class R6 | $1,000.00 | $1,043.30 | $0.97 ** | 0.19% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,022.61 | $2.48 ** | 0.49% |
Class C | $1,000.00 | $1,018.85 | $6.28 ** | 1.24% |
Class I | $1,000.00 | $1,023.87 | $1.22 ** | 0.24% |
Class R6 | $1,000.00 | $1,024.12 | $0.96 ** | 0.19% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.6% |
Security | Shares | Value | |
Aerospace & Defense — 0.2% | |||
Axon Enterprise, Inc.(1) | 13,683 | $ 2,722,780 | |
Curtiss-Wright Corp. | 6,678 | 1,306,417 | |
HEICO Corp. | 7,303 | 1,182,575 | |
Hexcel Corp. | 14,542 | 947,266 | |
Woodward, Inc. | 11,468 | 1,425,014 | |
$ 7,584,052 | |||
Air Freight & Logistics — 0.7% | |||
C.H. Robinson Worldwide, Inc. | 18,195 | $ 1,567,135 | |
Expeditors International of Washington, Inc. | 23,113 | 2,649,443 | |
FedEx Corp. | 32,067 | 8,495,190 | |
GXO Logistics, Inc.(1) | 14,264 | 836,584 | |
United Parcel Service, Inc., Class B | 102,344 | 15,952,359 | |
$ 29,500,711 | |||
Automobile Components — 0.2% | |||
Aptiv PLC(1) | 37,983 | $ 3,744,744 | |
Autoliv, Inc. | 10,909 | 1,052,500 | |
BorgWarner, Inc. | 34,215 | 1,381,260 | |
Lear Corp. | 8,990 | 1,206,458 | |
Visteon Corp.(1) | 3,913 | 540,268 | |
$ 7,925,230 | |||
Automobiles — 2.3% | |||
Ford Motor Co. | 557,753 | $ 6,927,292 | |
General Motors Co. | 193,749 | 6,387,905 | |
Harley-Davidson, Inc. | 17,804 | 588,600 | |
Rivian Automotive, Inc., Class A(1)(2) | 90,919 | 2,207,513 | |
Tesla, Inc.(1) | 331,017 | 82,827,074 | |
Thor Industries, Inc. | 6,696 | 636,990 | |
$ 99,575,374 | |||
Banks — 4.0% | |||
Bank of America Corp. | 994,300 | $ 27,223,934 | |
Bank OZK | 23,188 | 859,579 | |
BOK Financial Corp. | 2,833 | 226,583 | |
Citigroup, Inc. | 291,090 | 11,972,532 | |
Citizens Financial Group, Inc. | 74,149 | 1,987,193 | |
Columbia Banking System, Inc. | 30,723 | 623,677 | |
Comerica, Inc. | 21,543 | 895,112 | |
Commerce Bancshares, Inc. | 19,902 | 954,898 | |
Cullen/Frost Bankers, Inc. | 10,212 | 931,436 | |
East West Bancorp, Inc. | 19,690 | 1,037,860 | |
F.N.B. Corp. | 52,079 | 561,932 | |
Fifth Third Bancorp | 108,172 | 2,739,997 | |
First Citizens Bancshares, Inc., Class A | 1,638 | 2,260,604 | |
First Financial Bankshares, Inc. | 16,059 | 403,402 | |
First Horizon Corp. | 80,133 | 883,066 |
Security | Shares | Value | |
Banks (continued) | |||
Home BancShares, Inc. | 22,755 | $ 476,490 | |
Huntington Bancshares, Inc. | 219,142 | 2,279,077 | |
JPMorgan Chase & Co. | 367,381 | 53,277,593 | |
KeyCorp | 139,902 | 1,505,345 | |
M&T Bank Corp. | 25,239 | 3,191,472 | |
New York Community Bancorp, Inc. | 101,364 | 1,149,468 | |
Old National Bancorp | 43,636 | 634,467 | |
Pinnacle Financial Partners, Inc. | 9,343 | 626,355 | |
PNC Financial Services Group, Inc. (The) | 60,971 | 7,485,410 | |
Popular, Inc. | 9,320 | 587,253 | |
Prosperity Bancshares, Inc. | 12,231 | 667,568 | |
Regions Financial Corp. | 142,291 | 2,447,405 | |
SouthState Corp. | 12,620 | 850,083 | |
Synovus Financial Corp. | 25,700 | 714,460 | |
Truist Financial Corp. | 200,620 | 5,739,738 | |
U.S. Bancorp | 230,655 | 7,625,454 | |
United Bankshares, Inc. | 15,496 | 427,535 | |
Valley National Bancorp | 80,051 | 685,237 | |
Webster Financial Corp. | 24,164 | 974,051 | |
Wells Fargo & Co. | 561,261 | 22,933,124 | |
Western Alliance Bancorp | 14,818 | 681,183 | |
Wintrust Financial Corp. | 10,651 | 804,150 | |
Zions Bancorp N.A. | 19,408 | 677,145 | |
$ 170,001,868 | |||
Beverages — 1.8% | |||
Celsius Holdings, Inc.(1) | 7,929 | $ 1,360,616 | |
Coca-Cola Co. (The) | 538,838 | 30,164,151 | |
Coca-Cola Consolidated, Inc. | 885 | 563,143 | |
Keurig Dr Pepper, Inc. | 173,213 | 5,468,335 | |
Monster Beverage Corp.(1) | 132,173 | 6,998,560 | |
PepsiCo, Inc. | 189,942 | 32,183,773 | |
$ 76,738,578 | |||
Biotechnology — 3.3% | |||
AbbVie, Inc. | 241,392 | $ 35,981,892 | |
ACADIA Pharmaceuticals, Inc.(1) | 18,430 | 384,081 | |
Alkermes PLC(1) | 25,933 | 726,383 | |
Alnylam Pharmaceuticals, Inc.(1) | 19,078 | 3,378,714 | |
Amgen, Inc. | 82,077 | 22,059,015 | |
Apellis Pharmaceuticals, Inc.(1) | 14,184 | 539,559 | |
Arrowhead Pharmaceuticals, Inc.(1) | 15,880 | 426,696 | |
Biogen, Inc.(1) | 21,622 | 5,557,070 | |
BioMarin Pharmaceutical, Inc.(1) | 30,109 | 2,664,044 | |
Blueprint Medicines Corp.(1) | 9,135 | 458,760 | |
Denali Therapeutics, Inc.(1) | 16,510 | 340,601 | |
Exact Sciences Corp.(1) | 25,895 | 1,766,557 | |
Exelixis, Inc.(1) | 40,744 | 890,256 | |
Gilead Sciences, Inc. | 196,514 | 14,726,759 | |
Halozyme Therapeutics, Inc.(1) | 25,431 | 971,464 | |
Horizon Therapeutics PLC(1) | 38,524 | 4,456,842 |
Security | Shares | Value | |
Biotechnology (continued) | |||
Incyte Corp.(1) | 31,597 | $ 1,825,359 | |
Ionis Pharmaceuticals, Inc.(1) | 19,122 | 867,374 | |
Moderna, Inc.(1) | 49,941 | 5,158,406 | |
Neurocrine Biosciences, Inc.(1) | 16,355 | 1,839,937 | |
Regeneron Pharmaceuticals, Inc.(1) | 16,428 | 13,519,587 | |
Sarepta Therapeutics, Inc.(1) | 12,073 | 1,463,489 | |
Seagen, Inc.(1) | 20,074 | 4,258,699 | |
United Therapeutics Corp.(1) | 7,777 | 1,756,591 | |
Vertex Pharmaceuticals, Inc.(1) | 40,046 | 13,925,596 | |
$ 139,943,731 | |||
Broadline Retail — 3.2% | |||
Amazon.com, Inc.(1) | 1,046,745 | $ 133,062,224 | |
eBay, Inc. | 68,222 | 3,007,908 | |
Etsy, Inc.(1) | 16,765 | 1,082,684 | |
Macy's, Inc. | 31,445 | 365,076 | |
$ 137,517,892 | |||
Building Products — 1.1% | |||
A.O. Smith Corp. | 24,812 | $ 1,640,817 | |
AAON, Inc. | 13,299 | 756,314 | |
Advanced Drainage Systems, Inc. | 13,343 | 1,518,834 | |
Allegion PLC | 18,093 | 1,885,291 | |
AZEK Co., Inc. (The)(1) | 17,500 | 520,450 | |
Carlisle Cos., Inc. | 17,468 | 4,528,754 | |
Carrier Global Corp. | 169,410 | 9,351,432 | |
Fortune Brands Innovations, Inc. | 17,279 | 1,074,063 | |
Johnson Controls International PLC | 131,013 | 6,971,202 | |
Lennox International, Inc. | 6,566 | 2,458,573 | |
Masco Corp. | 23,519 | 1,257,090 | |
Owens Corning | 30,677 | 4,184,649 | |
Simpson Manufacturing Co., Inc. | 8,648 | 1,295,557 | |
Trane Technologies PLC | 44,165 | 8,961,520 | |
Trex Co., Inc.(1) | 14,931 | 920,197 | |
UFP Industries, Inc. | 5,762 | 590,029 | |
Zurn Elkay Water Solutions Corp., Class C | 20,000 | 560,400 | |
$ 48,475,172 | |||
Capital Markets — 3.8% | |||
Affiliated Managers Group, Inc. | 5,309 | $ 691,975 | |
Ameriprise Financial, Inc. | 15,386 | 5,072,456 | |
Ares Management Corp., Class A | 21,755 | 2,237,937 | |
Bank of New York Mellon Corp. (The) | 114,758 | 4,894,429 | |
BlackRock, Inc. | 22,187 | 14,343,674 | |
Blackstone, Inc. | 105,633 | 11,317,520 | |
Blue Owl Capital, Inc. | 64,997 | 842,361 | |
Carlyle Group, Inc. (The) | 24,373 | 735,090 | |
Cboe Global Markets, Inc. | 16,484 | 2,574,966 | |
Charles Schwab Corp. (The) | 227,320 | 12,479,868 | |
CME Group, Inc. | 54,362 | 10,884,360 | |
Coinbase Global, Inc., Class A(1) | 23,976 | 1,800,118 |
Security | Shares | Value | |
Capital Markets (continued) | |||
Evercore, Inc., Class A | 3,812 | $ 525,599 | |
FactSet Research Systems, Inc. | 5,632 | 2,462,648 | |
Franklin Resources, Inc. | 47,893 | 1,177,210 | |
Goldman Sachs Group, Inc. (The) | 49,651 | 16,065,574 | |
Hamilton Lane, Inc., Class A | 6,000 | 542,640 | |
Houlihan Lokey, Inc. | 5,612 | 601,157 | |
Interactive Brokers Group, Inc., Class A | 14,226 | 1,231,402 | |
Intercontinental Exchange, Inc. | 87,684 | 9,646,994 | |
Invesco, Ltd. | 58,955 | 856,027 | |
Jefferies Financial Group, Inc. | 29,880 | 1,094,504 | |
KKR & Co., Inc. | 99,580 | 6,134,128 | |
LPL Financial Holdings, Inc. | 10,812 | 2,569,472 | |
MarketAxess Holdings, Inc. | 4,905 | 1,047,904 | |
Moody's Corp. | 23,533 | 7,440,429 | |
Morningstar, Inc. | 3,966 | 928,996 | |
MSCI, Inc. | 10,686 | 5,482,773 | |
Nasdaq, Inc. | 48,816 | 2,371,969 | |
Northern Trust Corp. | 33,282 | 2,312,433 | |
Raymond James Financial, Inc. | 29,392 | 2,951,838 | |
S&P Global, Inc. | 45,631 | 16,674,024 | |
SEI Investments Co. | 14,768 | 889,477 | |
State Street Corp. | 49,937 | 3,343,781 | |
Stifel Financial Corp. | 17,068 | 1,048,658 | |
T. Rowe Price Group, Inc. | 35,101 | 3,681,042 | |
Tradeweb Markets, Inc., Class A | 17,457 | 1,400,051 | |
$ 160,355,484 | |||
Chemicals — 1.3% | |||
Air Products & Chemicals, Inc. | 42,371 | $ 12,007,941 | |
Ashland, Inc. | 9,807 | 801,036 | |
Axalta Coating Systems, Ltd.(1) | 50,541 | 1,359,553 | |
Balchem Corp. | 6,341 | 786,538 | |
Cabot Corp. | 11,242 | 778,733 | |
Celanese Corp. | 20,318 | 2,550,315 | |
Eastman Chemical Co. | 24,642 | 1,890,534 | |
Ecolab, Inc. | 50,318 | 8,523,869 | |
Element Solutions, Inc. | 46,654 | 914,885 | |
FMC Corp. | 23,761 | 1,591,274 | |
Huntsman Corp. | 31,548 | 769,771 | |
International Flavors & Fragrances, Inc. | 51,188 | 3,489,486 | |
Livent Corp.(1) | 32,336 | 595,306 | |
Mosaic Co. (The) | 60,550 | 2,155,580 | |
PPG Industries, Inc. | 47,521 | 6,168,226 | |
Sherwin-Williams Co. (The) | 45,910 | 11,709,346 | |
$ 56,092,393 | |||
Commercial Services & Supplies — 0.8% | |||
Casella Waste Systems, Inc., Class A(1) | 8,277 | $ 631,535 | |
Cintas Corp. | 10,956 | 5,269,946 | |
Clean Harbors, Inc.(1) | 8,722 | 1,459,714 | |
Copart, Inc.(1) | 123,120 | 5,305,241 |
Security | Shares | Value | |
Commercial Services & Supplies (continued) | |||
MSA Safety, Inc. | 8,207 | $ 1,293,834 | |
Republic Services, Inc. | 35,740 | 5,093,307 | |
Rollins, Inc. | 36,225 | 1,352,279 | |
Stericycle, Inc.(1) | 12,085 | 540,320 | |
Tetra Tech, Inc. | 7,984 | 1,213,808 | |
Waste Management, Inc. | 67,378 | 10,271,102 | |
$ 32,431,086 | |||
Communications Equipment — 1.0% | |||
Arista Networks, Inc.(1) | 29,864 | $ 5,492,886 | |
Ciena Corp.(1) | 16,458 | 777,805 | |
Cisco Systems, Inc. | 515,589 | 27,718,065 | |
F5, Inc.(1) | 8,244 | 1,328,438 | |
Juniper Networks, Inc. | 37,122 | 1,031,620 | |
Lumentum Holdings, Inc.(1) | 9,562 | 432,011 | |
Motorola Solutions, Inc. | 20,924 | 5,696,350 | |
Viasat, Inc.(1)(2) | 12,500 | 230,750 | |
$ 42,707,925 | |||
Construction & Engineering — 0.3% | |||
AECOM | 24,033 | $ 1,995,700 | |
Comfort Systems USA, Inc. | 5,777 | 984,459 | |
EMCOR Group, Inc. | 7,120 | 1,497,977 | |
MasTec, Inc.(1) | 10,386 | 747,480 | |
Quanta Services, Inc. | 24,700 | 4,620,629 | |
Valmont Industries, Inc. | 3,406 | 818,155 | |
WillScot Mobile Mini Holdings Corp.(1) | 34,896 | 1,451,325 | |
$ 12,115,725 | |||
Construction Materials — 0.2% | |||
Summit Materials, Inc., Class A(1) | 38,461 | $ 1,197,676 | |
Vulcan Materials Co. | 44,876 | 9,065,849 | |
$ 10,263,525 | |||
Consumer Finance — 0.7% | |||
Ally Financial, Inc. | 42,829 | $ 1,142,678 | |
American Express Co. | 90,426 | 13,490,655 | |
Capital One Financial Corp. | 57,446 | 5,575,134 | |
Credit Acceptance Corp.(1) | 584 | 268,710 | |
Discover Financial Services | 37,889 | 3,282,324 | |
FirstCash Holdings, Inc. | 5,630 | 565,139 | |
OneMain Holdings, Inc. | 16,018 | 642,162 | |
SLM Corp. | 22,631 | 308,234 | |
SoFi Technologies, Inc.(1) | 118,404 | 946,048 | |
Synchrony Financial | 58,171 | 1,778,288 | |
$ 27,999,372 | |||
Consumer Staples Distribution & Retail — 2.1% | |||
Albertsons Cos., Inc., Class A | 72,610 | $ 1,651,877 | |
BJ's Wholesale Club Holdings, Inc.(1) | 16,609 | 1,185,384 |
Security | Shares | Value | |
Consumer Staples Distribution & Retail (continued) | |||
Casey's General Stores, Inc. | 6,806 | $ 1,847,965 | |
Costco Wholesale Corp. | 53,359 | 30,145,701 | |
Dollar General Corp. | 27,931 | 2,955,100 | |
Dollar Tree, Inc.(1) | 27,373 | 2,913,856 | |
Kroger Co. (The) | 117,787 | 5,270,968 | |
Performance Food Group Co.(1) | 25,075 | 1,475,915 | |
Sprouts Farmers Market, Inc.(1) | 17,485 | 748,358 | |
Sysco Corp. | 87,603 | 5,786,178 | |
Target Corp. | 55,974 | 6,189,045 | |
US Foods Holding Corp.(1) | 40,557 | 1,610,113 | |
Walmart, Inc. | 172,587 | 27,601,839 | |
$ 89,382,299 | |||
Containers & Packaging — 0.5% | |||
AptarGroup, Inc. | 13,340 | $ 1,668,034 | |
Avery Dennison Corp. | 15,107 | 2,759,596 | |
Ball Corp. | 65,196 | 3,245,457 | |
Berry Global Group, Inc. | 22,280 | 1,379,355 | |
Crown Holdings, Inc. | 23,626 | 2,090,428 | |
Graphic Packaging Holding Co. | 54,728 | 1,219,340 | |
Packaging Corp. of America | 17,531 | 2,691,885 | |
Sealed Air Corp. | 29,677 | 975,186 | |
Silgan Holdings, Inc. | 20,778 | 895,739 | |
Sonoco Products Co. | 16,517 | 897,699 | |
WestRock Co. | 51,235 | 1,834,213 | |
$ 19,656,932 | |||
Distributors — 0.1% | |||
Genuine Parts Co. | 18,010 | $ 2,600,284 | |
LKQ Corp. | 29,890 | 1,479,854 | |
Pool Corp. | 4,776 | 1,700,733 | |
$ 5,780,871 | |||
Diversified Consumer Services — 0.1% | |||
Bright Horizons Family Solutions, Inc.(1) | 8,169 | $ 665,447 | |
Duolingo, Inc.(1) | 3,399 | 563,792 | |
H&R Block, Inc. | 23,553 | 1,014,192 | |
Service Corp. International | 19,420 | 1,109,659 | |
$ 3,353,090 | |||
Diversified Telecommunication Services — 0.7% | |||
AT&T, Inc. | 923,111 | $ 13,865,127 | |
Iridium Communications, Inc. | 16,712 | 760,229 | |
Verizon Communications, Inc. | 532,488 | 17,257,936 | |
$ 31,883,292 | |||
Electric Utilities — 1.1% | |||
Alliant Energy Corp. | 43,511 | $ 2,108,108 | |
Avangrid, Inc. | 8,163 | 246,278 | |
Constellation Energy Corp. | 51,397 | 5,606,385 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Evergy, Inc. | 39,292 | $ 1,992,104 | |
Eversource Energy | 60,266 | 3,504,468 | |
Exelon Corp. | 159,392 | 6,023,424 | |
IDACORP, Inc. | 8,719 | 816,534 | |
NextEra Energy, Inc. | 324,089 | 18,567,059 | |
NRG Energy, Inc. | 38,729 | 1,491,841 | |
PNM Resources, Inc. | 14,699 | 655,722 | |
Portland General Electric Co. | 12,060 | 488,189 | |
Xcel Energy, Inc. | 87,933 | 5,031,526 | |
$ 46,531,638 | |||
Electrical Equipment — 1.2% | |||
Acuity Brands, Inc. | 6,339 | $ 1,079,595 | |
AMETEK, Inc. | 46,434 | 6,861,088 | |
Atkore, Inc.(1) | 8,944 | 1,334,355 | |
Eaton Corp. PLC | 73,294 | 15,632,144 | |
Emerson Electric Co. | 113,177 | 10,929,503 | |
EnerSys | 5,057 | 478,746 | |
Generac Holdings, Inc.(1) | 12,162 | 1,325,172 | |
Hubbell, Inc. | 10,910 | 3,419,303 | |
nVent Electric PLC | 28,691 | 1,520,336 | |
Plug Power, Inc.(1)(2) | 64,158 | 487,601 | |
Regal Rexnord Corp. | 12,312 | 1,759,139 | |
Rockwell Automation, Inc. | 23,241 | 6,643,905 | |
Sensata Technologies Holding PLC | 31,243 | 1,181,610 | |
Sunrun, Inc.(1)(2) | 29,423 | 369,553 | |
$ 53,022,050 | |||
Electronic Equipment, Instruments & Components — 1.0% | |||
Advanced Energy Industries, Inc. | 7,355 | $ 758,448 | |
Amphenol Corp., Class A | 114,983 | 9,657,422 | |
Arrow Electronics, Inc.(1) | 6,623 | 829,465 | |
Avnet, Inc. | 12,127 | 584,400 | |
Badger Meter, Inc. | 5,790 | 833,007 | |
Belden, Inc. | 8,198 | 791,517 | |
CDW Corp. | 17,531 | 3,537,055 | |
Cognex Corp. | 35,063 | 1,488,074 | |
Coherent Corp.(1) | 25,014 | 816,457 | |
Corning, Inc. | 93,221 | 2,840,444 | |
Insight Enterprises, Inc.(1) | 3,940 | 573,270 | |
IPG Photonics Corp.(1) | 3,804 | 386,258 | |
Jabil, Inc. | 15,935 | 2,021,992 | |
Keysight Technologies, Inc.(1) | 35,745 | 4,729,421 | |
Littelfuse, Inc. | 4,405 | 1,089,445 | |
National Instruments Corp. | 13,065 | 778,935 | |
Novanta, Inc.(1) | 7,626 | 1,093,873 | |
TD SYNNEX Corp. | 3,656 | 365,088 | |
Teledyne Technologies, Inc.(1) | 9,519 | 3,889,273 | |
Trimble, Inc.(1) | 51,466 | 2,771,959 | |
Vishay Intertechnology, Inc. | 17,500 | 432,600 |
Security | Shares | Value | |
Electronic Equipment, Instruments & Components (continued) | |||
Zebra Technologies Corp., Class A(1) | 6,550 | $ 1,549,271 | |
$ 41,817,674 | |||
Energy Equipment & Services — 0.2% | |||
Baker Hughes Co. | 297,906 | $ 10,522,040 | |
$ 10,522,040 | |||
Entertainment — 1.4% | |||
AMC Entertainment Holdings, Inc., Class A(1) | 8,427 | $ 67,332 | |
Atlanta Braves Holdings, Inc., Class C(1) | 920 | 32,872 | |
Electronic Arts, Inc. | 29,931 | 3,603,692 | |
Liberty Media Corp.-Liberty Formula One, Class A(1) | 31,799 | 1,797,915 | |
Liberty Media Corp.-Liberty Live, Class A(1) | 1,360 | 43,411 | |
Live Nation Entertainment, Inc.(1) | 21,315 | 1,769,998 | |
Madison Square Garden Sports Corp. | 3,500 | 617,050 | |
Netflix, Inc.(1) | 55,486 | 20,951,514 | |
ROBLOX Corp., Class A(1)(2) | 53,154 | 1,539,340 | |
Roku, Inc.(1) | 15,348 | 1,083,415 | |
Take-Two Interactive Software, Inc.(1) | 20,124 | 2,825,208 | |
Walt Disney Co. (The)(1) | 262,712 | 21,292,808 | |
Warner Bros. Discovery, Inc.(1) | 319,939 | 3,474,537 | |
Warner Music Group Corp., Class A | 19,984 | 627,498 | |
$ 59,726,590 | |||
Financial Services — 2.9% | |||
Affirm Holdings, Inc.(1) | 25,669 | $ 545,980 | |
Block, Inc., Class A(1) | 68,304 | 3,023,135 | |
Equitable Holdings, Inc. | 50,312 | 1,428,358 | |
Essent Group, Ltd. | 16,779 | 793,479 | |
Euronet Worldwide, Inc.(1) | 7,279 | 577,807 | |
Fidelity National Information Services, Inc. | 74,819 | 4,135,246 | |
Fiserv, Inc.(1) | 79,606 | 8,992,294 | |
Jack Henry & Associates, Inc. | 8,677 | 1,311,442 | |
Mastercard, Inc., Class A | 107,599 | 42,599,520 | |
MGIC Investment Corp. | 43,154 | 720,240 | |
PayPal Holdings, Inc.(1) | 140,100 | 8,190,246 | |
Radian Group, Inc. | 23,336 | 585,967 | |
Shift4 Payments, Inc., Class A(1) | 7,065 | 391,189 | |
Toast, Inc., Class A(1)(2) | 31,241 | 585,144 | |
Visa, Inc., Class A | 206,733 | 47,550,657 | |
Voya Financial, Inc. | 12,965 | 861,524 | |
Western Union Co. (The) | 50,371 | 663,890 | |
WEX, Inc.(1) | 6,147 | 1,156,189 | |
$ 124,112,307 | |||
Food Products — 1.3% | |||
Bunge, Ltd. | 24,521 | $ 2,654,398 | |
Campbell Soup Co. | 35,599 | 1,462,407 | |
Conagra Brands, Inc. | 87,883 | 2,409,752 | |
Darling Ingredients, Inc.(1) | 28,014 | 1,462,331 |
Security | Shares | Value | |
Food Products (continued) | |||
Flowers Foods, Inc. | 28,590 | $ 634,126 | |
General Mills, Inc. | 103,615 | 6,630,324 | |
Hershey Co. (The) | 24,425 | 4,886,954 | |
Hormel Foods Corp. | 49,662 | 1,888,646 | |
Ingredion, Inc. | 9,520 | 936,768 | |
JM Smucker Co. (The) | 17,585 | 2,161,372 | |
Kellogg Co. | 46,588 | 2,772,452 | |
Kraft Heinz Co. (The) | 137,207 | 4,615,643 | |
Lamb Weston Holdings, Inc. | 23,745 | 2,195,463 | |
Lancaster Colony Corp. | 3,293 | 543,444 | |
McCormick & Co., Inc. | 44,925 | 3,398,127 | |
Mondelez International, Inc., Class A | 232,372 | 16,126,617 | |
Simply Good Foods Co. (The)(1) | 16,230 | 560,259 | |
$ 55,339,083 | |||
Gas Utilities — 0.1% | |||
National Fuel Gas Co. | 15,220 | $ 790,070 | |
New Jersey Resources Corp. | 13,596 | 552,405 | |
ONE Gas, Inc. | 7,344 | 501,448 | |
Southwest Gas Holdings, Inc. | 11,528 | 696,407 | |
UGI Corp. | 36,167 | 831,841 | |
$ 3,372,171 | |||
Ground Transportation — 1.0% | |||
Avis Budget Group, Inc.(1) | 3,306 | $ 594,055 | |
J.B. Hunt Transport Services, Inc. | 12,319 | 2,322,378 | |
Knight-Swift Transportation Holdings, Inc. | 24,186 | 1,212,928 | |
Landstar System, Inc. | 4,999 | 884,523 | |
Old Dominion Freight Line, Inc. | 13,684 | 5,598,672 | |
Ryder System, Inc. | 6,757 | 722,661 | |
Saia, Inc.(1) | 3,021 | 1,204,322 | |
Uber Technologies, Inc.(1) | 244,482 | 11,243,727 | |
Union Pacific Corp. | 83,887 | 17,081,910 | |
XPO, Inc.(1) | 14,264 | 1,064,950 | |
$ 41,930,126 | |||
Health Care Equipment & Supplies — 3.6% | |||
Abbott Laboratories | 252,668 | $ 24,470,896 | |
Align Technology, Inc.(1) | 10,527 | 3,214,104 | |
Baxter International, Inc. | 82,273 | 3,104,983 | |
Becton Dickinson and Co. | 44,739 | 11,566,374 | |
Boston Scientific Corp.(1) | 224,657 | 11,861,890 | |
CONMED Corp. | 4,682 | 472,180 | |
Cooper Cos., Inc. (The) | 8,098 | 2,575,245 | |
DENTSPLY SIRONA, Inc. | 35,033 | 1,196,727 | |
DexCom, Inc.(1) | 59,576 | 5,558,441 | |
Edwards Lifesciences Corp.(1) | 95,711 | 6,630,858 | |
Envista Holdings Corp.(1) | 21,529 | 600,228 | |
GE HealthCare Technologies, Inc. | 56,126 | 3,818,813 | |
Globus Medical, Inc., Class A(1) | 12,421 | 616,703 | |
Haemonetics Corp.(1) | 7,739 | 693,260 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Hologic, Inc.(1) | 39,658 | $ 2,752,265 | |
ICU Medical, Inc.(1) | 3,229 | 384,283 | |
IDEXX Laboratories, Inc.(1) | 13,164 | 5,756,222 | |
Inari Medical, Inc.(1) | 10,000 | 654,000 | |
Inspire Medical Systems, Inc.(1) | 4,579 | 908,657 | |
Insulet Corp.(1) | 11,231 | 1,791,232 | |
Intuitive Surgical, Inc.(1) | 54,456 | 15,916,944 | |
iRhythm Technologies, Inc.(1) | 4,710 | 443,965 | |
Lantheus Holdings, Inc.(1) | 10,604 | 736,766 | |
Masimo Corp.(1) | 8,514 | 746,507 | |
Medtronic PLC | 205,472 | 16,100,786 | |
Merit Medical Systems, Inc.(1) | 8,686 | 599,508 | |
Neogen Corp.(1) | 33,388 | 619,013 | |
Novocure, Ltd.(1) | 18,792 | 303,491 | |
Penumbra, Inc.(1) | 5,177 | 1,252,368 | |
QuidelOrtho Corp.(1) | 7,458 | 544,732 | |
ResMed, Inc. | 21,700 | 3,208,779 | |
Shockwave Medical, Inc.(1) | 5,758 | 1,146,418 | |
STERIS PLC | 14,875 | 3,263,872 | |
Stryker Corp. | 55,867 | 15,266,775 | |
Teleflex, Inc. | 7,790 | 1,530,034 | |
Zimmer Biomet Holdings, Inc. | 32,844 | 3,685,754 | |
$ 153,993,073 | |||
Health Care Providers & Services — 1.5% | |||
agilon health, Inc.(1)(2) | 59,210 | $ 1,051,570 | |
AMN Healthcare Services, Inc.(1) | 6,399 | 545,067 | |
Centene Corp.(1) | 81,275 | 5,598,222 | |
Chemed Corp. | 2,008 | 1,043,558 | |
CVS Health Corp. | 201,670 | 14,080,599 | |
DaVita, Inc.(1) | 10,074 | 952,295 | |
Elevance Health, Inc. | 36,491 | 15,888,911 | |
Encompass Health Corp. | 12,962 | 870,528 | |
Ensign Group, Inc. (The) | 8,432 | 783,586 | |
HealthEquity, Inc.(1) | 11,570 | 845,188 | |
Henry Schein, Inc.(1) | 23,039 | 1,710,646 | |
Humana, Inc. | 19,612 | 9,541,630 | |
Laboratory Corp. of America Holdings | 13,356 | 2,685,224 | |
Molina Healthcare, Inc.(1) | 8,844 | 2,899,859 | |
Option Care Health, Inc.(1) | 22,841 | 738,906 | |
Progyny, Inc.(1) | 11,753 | 399,837 | |
Quest Diagnostics, Inc. | 18,791 | 2,289,871 | |
R1 RCM, Inc.(1) | 26,713 | 402,565 | |
Select Medical Holdings Corp. | 16,154 | 408,212 | |
$ 62,736,274 | |||
Health Care Technology — 0.1% | |||
Doximity, Inc., Class A(1) | 11,619 | $ 246,555 | |
Veeva Systems, Inc., Class A(1) | 18,981 | 3,861,685 | |
$ 4,108,240 |
Security | Shares | Value | |
Hotels, Restaurants & Leisure — 1.9% | |||
Airbnb, Inc., Class A(1) | 51,316 | $ 7,041,069 | |
Aramark | 39,856 | 1,383,003 | |
Booking Holdings, Inc.(1) | 4,638 | 14,303,360 | |
Chipotle Mexican Grill, Inc.(1) | 4,822 | 8,833,084 | |
Choice Hotels International, Inc.(2) | 3,713 | 454,880 | |
Darden Restaurants, Inc. | 21,645 | 3,099,997 | |
Domino's Pizza, Inc. | 6,084 | 2,304,558 | |
Expedia Group, Inc.(1) | 18,923 | 1,950,394 | |
Hilton Grand Vacations, Inc.(1) | 12,459 | 507,081 | |
Hilton Worldwide Holdings, Inc. | 37,474 | 5,627,845 | |
Hyatt Hotels Corp., Class A | 5,006 | 531,037 | |
Marriott International, Inc., Class A | 35,636 | 7,004,612 | |
Marriott Vacations Worldwide Corp. | 4,891 | 492,181 | |
Planet Fitness, Inc., Class A(1) | 12,440 | 611,799 | |
Starbucks Corp. | 192,760 | 17,593,205 | |
Texas Roadhouse, Inc. | 13,421 | 1,289,758 | |
Vail Resorts, Inc. | 6,182 | 1,371,724 | |
Wendy's Co. (The) | 29,085 | 593,625 | |
Wingstop, Inc. | 4,983 | 896,143 | |
Wyndham Hotels & Resorts, Inc. | 11,818 | 821,824 | |
Yum! Brands, Inc. | 48,350 | 6,040,849 | |
$ 82,752,028 | |||
Household Durables — 0.5% | |||
D.R. Horton, Inc. | 51,518 | $ 5,536,639 | |
KB Home | 12,921 | 597,984 | |
Leggett & Platt, Inc. | 15,713 | 399,267 | |
Lennar Corp., Class A | 41,203 | 4,624,213 | |
Meritage Homes Corp. | 5,824 | 712,799 | |
Mohawk Industries, Inc.(1) | 7,595 | 651,727 | |
Newell Brands, Inc. | 43,520 | 392,986 | |
NVR, Inc.(1) | 520 | 3,100,916 | |
PulteGroup, Inc. | 38,852 | 2,876,991 | |
Taylor Morrison Home Corp.(1) | 17,249 | 734,980 | |
Tempur Sealy International, Inc. | 15,618 | 676,884 | |
TopBuild Corp.(1) | 4,652 | 1,170,443 | |
Whirlpool Corp. | 7,454 | 996,600 | |
$ 22,472,429 | |||
Household Products — 1.4% | |||
Church & Dwight Co., Inc. | 28,787 | $ 2,637,753 | |
Clorox Co. (The) | 15,502 | 2,031,692 | |
Colgate-Palmolive Co. | 103,531 | 7,362,089 | |
Kimberly-Clark Corp. | 40,577 | 4,903,731 | |
Procter & Gamble Co. (The) | 287,536 | 41,940,001 | |
$ 58,875,266 | |||
Independent Power and Renewable Electricity Producers — 0.1% | |||
AES Corp. (The) | 115,587 | $ 1,756,922 | |
Brookfield Renewable Corp., Class A | 15,670 | 375,140 |
Security | Shares | Value | |
Independent Power and Renewable Electricity Producers (continued) | |||
Clearway Energy, Inc., Class C | 25,206 | $ 533,359 | |
Ormat Technologies, Inc. | 10,753 | 751,850 | |
$ 3,417,271 | |||
Insurance — 2.5% | |||
Aflac, Inc. | 85,800 | $ 6,585,150 | |
Allstate Corp. (The) | 40,309 | 4,490,826 | |
American Financial Group, Inc. | 8,904 | 994,310 | |
American International Group, Inc. | 113,264 | 6,863,798 | |
Arch Capital Group, Ltd.(1) | 52,036 | 4,147,790 | |
Assurant, Inc. | 7,237 | 1,039,088 | |
Axis Capital Holdings, Ltd. | 11,680 | 658,402 | |
Brown & Brown, Inc. | 31,972 | 2,232,924 | |
Cincinnati Financial Corp. | 23,625 | 2,416,601 | |
Enstar Group, Ltd.(1) | 2,089 | 505,538 | |
Erie Indemnity Co., Class A | 3,679 | 1,080,853 | |
Everest Group, Ltd. | 6,034 | 2,242,657 | |
Fidelity National Financial, Inc. | 39,896 | 1,647,705 | |
First American Financial Corp. | 12,153 | 686,523 | |
Globe Life, Inc. | 13,850 | 1,505,911 | |
Hanover Insurance Group, Inc. (The) | 4,418 | 490,310 | |
Hartford Financial Services Group, Inc. (The) | 46,087 | 3,268,029 | |
Kinsale Capital Group, Inc. | 3,254 | 1,347,579 | |
Lincoln National Corp. | 20,704 | 511,182 | |
Markel Group, Inc.(1) | 2,001 | 2,946,453 | |
Marsh & McLennan Cos., Inc. | 75,988 | 14,460,516 | |
MetLife, Inc. | 96,967 | 6,100,194 | |
Old Republic International Corp. | 42,947 | 1,156,992 | |
Primerica, Inc. | 5,736 | 1,112,841 | |
Principal Financial Group, Inc. | 36,178 | 2,607,348 | |
Progressive Corp. (The) | 87,630 | 12,206,859 | |
Prudential Financial, Inc. | 57,523 | 5,458,357 | |
Reinsurance Group of America, Inc. | 11,341 | 1,646,600 | |
RenaissanceRe Holdings, Ltd. | 7,066 | 1,398,503 | |
RLI Corp. | 4,743 | 644,526 | |
Ryan Specialty Holdings, Inc.(1) | 10,000 | 484,000 | |
Selective Insurance Group, Inc. | 8,916 | 919,864 | |
Travelers Cos., Inc. (The) | 35,348 | 5,772,682 | |
Unum Group | 26,123 | 1,284,990 | |
W.R. Berkley Corp. | 31,841 | 2,021,585 | |
White Mountains Insurance Group, Ltd. | 375 | 560,884 | |
Willis Towers Watson PLC | 16,915 | 3,534,558 | |
$ 107,032,928 | |||
Interactive Media & Services — 4.0% | |||
Alphabet, Inc., Class A(1) | 1,264,795 | $ 165,511,074 | |
IAC, Inc.(1) | 12,541 | 631,941 | |
Pinterest, Inc., Class A(1) | 74,626 | 2,017,141 | |
Snap, Inc., Class A(1) | 139,856 | 1,246,117 |
Security | Shares | Value | |
Interactive Media & Services (continued) | |||
ZoomInfo Technologies, Inc.(1) | 36,468 | $ 598,075 | |
$ 170,004,348 | |||
IT Services — 1.7% | |||
Accenture PLC, Class A | 84,968 | $ 26,094,522 | |
Akamai Technologies, Inc.(1) | 21,008 | 2,238,192 | |
Amdocs, Ltd. | 14,063 | 1,188,183 | |
Cloudflare, Inc., Class A(1) | 36,158 | 2,279,400 | |
Cognizant Technology Solutions Corp., Class A | 63,212 | 4,281,981 | |
DXC Technology Co.(1) | 27,082 | 564,118 | |
EPAM Systems, Inc.(1) | 7,499 | 1,917,419 | |
Gartner, Inc.(1) | 10,259 | 3,525,095 | |
International Business Machines Corp. | 116,315 | 16,318,995 | |
MongoDB, Inc.(1) | 8,773 | 3,034,230 | |
Okta, Inc.(1) | 19,582 | 1,596,129 | |
Snowflake, Inc., Class A(1) | 35,444 | 5,414,780 | |
Twilio, Inc., Class A(1) | 23,304 | 1,363,983 | |
VeriSign, Inc.(1) | 12,043 | 2,439,069 | |
$ 72,256,096 | |||
Leisure Products — 0.1% | |||
Brunswick Corp. | 13,999 | $ 1,105,921 | |
Hasbro, Inc. | 15,358 | 1,015,778 | |
Mattel, Inc.(1) | 49,315 | 1,086,410 | |
$ 3,208,109 | |||
Life Sciences Tools & Services — 2.1% | |||
10X Genomics, Inc., Class A(1) | 11,756 | $ 484,935 | |
Agilent Technologies, Inc. | 46,088 | 5,153,560 | |
Avantor, Inc.(1) | 94,362 | 1,989,151 | |
Bio-Rad Laboratories, Inc., Class A(1) | 3,262 | 1,169,264 | |
Bio-Techne Corp. | 25,248 | 1,718,631 | |
Bruker Corp. | 18,228 | 1,135,604 | |
Charles River Laboratories International, Inc.(1) | 7,469 | 1,463,775 | |
Danaher Corp. | 100,797 | 25,007,736 | |
Fortrea Holdings, Inc.(1) | 13,356 | 381,848 | |
Illumina, Inc.(1) | 24,639 | 3,382,442 | |
IQVIA Holdings, Inc.(1) | 28,656 | 5,638,068 | |
Medpace Holdings, Inc.(1) | 3,135 | 759,078 | |
Mettler-Toledo International, Inc.(1) | 3,346 | 3,707,602 | |
Repligen Corp.(1) | 8,424 | 1,339,500 | |
Revvity, Inc. | 17,808 | 1,971,346 | |
Thermo Fisher Scientific, Inc. | 54,513 | 27,592,845 | |
Waters Corp.(1) | 8,775 | 2,406,193 | |
West Pharmaceutical Services, Inc. | 11,343 | 4,256,007 | |
$ 89,557,585 | |||
Machinery — 3.3% | |||
AGCO Corp. | 14,149 | $ 1,673,544 | |
Allison Transmission Holdings, Inc. | 17,917 | 1,058,178 |
Security | Shares | Value | |
Machinery (continued) | |||
Caterpillar, Inc. | 80,424 | $ 21,955,752 | |
Chart Industries, Inc.(1)(2) | 8,366 | 1,414,858 | |
CNH Industrial NV | 186,891 | 2,261,381 | |
Cummins, Inc. | 28,197 | 6,441,887 | |
Deere & Co. | 46,654 | 17,606,287 | |
Donaldson Co., Inc. | 24,605 | 1,467,442 | |
Dover Corp. | 27,739 | 3,869,868 | |
Esab Corp. | 11,201 | 786,534 | |
Flowserve Corp. | 21,203 | 843,243 | |
Fortive Corp. | 72,508 | 5,377,193 | |
Franklin Electric Co., Inc. | 7,879 | 703,043 | |
Graco, Inc. | 31,923 | 2,326,548 | |
IDEX Corp. | 16,025 | 3,333,521 | |
Illinois Tool Works, Inc. | 58,446 | 13,460,698 | |
Ingersoll Rand, Inc. | 80,343 | 5,119,456 | |
ITT, Inc. | 14,708 | 1,440,060 | |
Lincoln Electric Holdings, Inc. | 10,521 | 1,912,613 | |
Middleby Corp. (The)(1) | 11,897 | 1,522,816 | |
Mueller Industries, Inc. | 11,014 | 827,812 | |
Nordson Corp. | 9,681 | 2,160,509 | |
Oshkosh Corp. | 14,015 | 1,337,451 | |
Otis Worldwide Corp. | 79,661 | 6,397,575 | |
PACCAR, Inc. | 104,229 | 8,861,550 | |
Parker-Hannifin Corp. | 24,765 | 9,646,463 | |
Pentair PLC | 32,829 | 2,125,678 | |
Snap-on, Inc. | 10,690 | 2,726,591 | |
SPX Technologies, Inc.(1) | 8,666 | 705,412 | |
Stanley Black & Decker, Inc. | 30,319 | 2,534,062 | |
Timken Co. (The) | 10,680 | 784,873 | |
Toro Co. (The) | 21,586 | 1,793,797 | |
Watts Water Technologies, Inc., Class A | 4,503 | 778,208 | |
Westinghouse Air Brake Technologies Corp. | 33,599 | 3,570,566 | |
Xylem, Inc. | 46,816 | 4,261,661 | |
$ 143,087,130 | |||
Media — 1.0% | |||
Cable One, Inc. | 504 | $ 310,283 | |
Charter Communications, Inc., Class A(1) | 11,777 | 5,179,760 | |
Comcast Corp., Class A | 522,910 | 23,185,829 | |
Interpublic Group of Cos., Inc. (The) | 55,503 | 1,590,716 | |
Liberty Broadband Corp., Class C(1) | 18,039 | 1,647,322 | |
New York Times Co. (The), Class A | 18,406 | 758,327 | |
Nexstar Media Group, Inc., Class A | 4,833 | 692,907 | |
Omnicom Group, Inc. | 27,459 | 2,045,146 | |
Paramount Global, Class B | 91,715 | 1,183,124 | |
Sirius XM Holdings, Inc.(2) | 77,170 | 348,808 | |
TEGNA, Inc. | 31,824 | 463,676 | |
Trade Desk, Inc. (The), Class A(1) | 55,116 | 4,307,315 | |
$ 41,713,213 |
Security | Shares | Value | |
Metals & Mining — 0.6% | |||
ATI, Inc.(1) | 41,797 | $ 1,719,947 | |
Commercial Metals Co. | 39,906 | 1,971,755 | |
Nucor Corp. | 66,526 | 10,401,340 | |
Reliance Steel & Aluminum Co. | 19,125 | 5,015,149 | |
Steel Dynamics, Inc. | 52,226 | ��� 5,599,672 | |
$ 24,707,863 | |||
Multi-Utilities — 0.9% | |||
Ameren Corp. | 45,220 | $ 3,383,813 | |
Black Hills Corp. | 11,410 | 577,232 | |
CMS Energy Corp. | 50,324 | 2,672,708 | |
Consolidated Edison, Inc. | 55,114 | 4,713,900 | |
Dominion Energy, Inc. | 134,374 | 6,002,487 | |
DTE Energy Co. | 35,458 | 3,520,270 | |
NiSource, Inc. | 70,238 | 1,733,474 | |
Public Service Enterprise Group, Inc. | 79,394 | 4,518,312 | |
Sempra | 107,510 | 7,313,905 | |
WEC Energy Group, Inc. | 54,708 | 4,406,729 | |
$ 38,842,830 | |||
Oil, Gas & Consumable Fuels — 0.3% | |||
Denbury, Inc.(1) | 16,366 | $ 1,604,031 | |
Occidental Petroleum Corp. | 184,485 | 11,969,387 | |
$ 13,573,418 | |||
Paper & Forest Products — 0.0%(3) | |||
Louisiana-Pacific Corp. | 8,248 | $ 455,867 | |
$ 455,867 | |||
Passenger Airlines — 0.2% | |||
Alaska Air Group, Inc.(1) | 19,298 | $ 715,570 | |
American Airlines Group, Inc.(1) | 88,283 | 1,130,905 | |
Delta Air Lines, Inc. | 93,279 | 3,451,323 | |
Southwest Airlines Co. | 83,589 | 2,262,754 | |
$ 7,560,552 | |||
Personal Care Products — 0.1% | |||
BellRing Brands, Inc.(1) | 15,888 | $ 655,062 | |
Coty, Inc., Class A(1) | 59,093 | 648,250 | |
e.l.f. Beauty, Inc.(1) | 6,136 | 673,917 | |
Estee Lauder Cos., Inc. (The), Class A | 28,678 | 4,145,405 | |
$ 6,122,634 | |||
Pharmaceuticals — 3.7% | |||
Bristol-Myers Squibb Co. | 320,862 | $ 18,622,830 | |
Catalent, Inc.(1) | 26,317 | 1,198,213 | |
Elanco Animal Health, Inc.(1) | 74,870 | 841,539 | |
Eli Lilly & Co. | 106,079 | 56,978,213 | |
Jazz Pharmaceuticals PLC(1) | 10,110 | 1,308,638 | |
Merck & Co., Inc. | 342,827 | 35,294,040 |
Security | Shares | Value | |
Pharmaceuticals (continued) | |||
Organon & Co. | 37,716 | $ 654,750 | |
Perrigo Co. PLC | 17,537 | 560,307 | |
Pfizer, Inc. | 815,982 | 27,066,123 | |
Royalty Pharma PLC, Class A | 62,154 | 1,686,860 | |
Zoetis, Inc. | 71,723 | 12,478,367 | |
$ 156,689,880 | |||
Professional Services — 1.2% | |||
Alight, Inc., Class A(1) | 50,000 | $ 354,500 | |
Automatic Data Processing, Inc. | 52,080 | 12,529,407 | |
Booz Allen Hamilton Holding Corp. | 20,158 | 2,202,665 | |
Broadridge Financial Solutions, Inc. | 16,128 | 2,887,719 | |
Ceridian HCM Holding, Inc.(1) | 19,247 | 1,305,909 | |
Concentrix Corp. | 7,077 | 566,939 | |
CoStar Group, Inc.(1) | 58,315 | 4,483,840 | |
Dun & Bradstreet Holdings, Inc. | 29,876 | 298,461 | |
Equifax, Inc. | 17,539 | 3,212,794 | |
Exlservice Holdings, Inc.(1) | 21,250 | 595,850 | |
Exponent, Inc. | 5,782 | 494,939 | |
FTI Consulting, Inc.(1) | 3,808 | 679,385 | |
Genpact, Ltd. | 18,622 | 674,116 | |
Insperity, Inc. | 5,123 | 500,005 | |
ManpowerGroup, Inc. | 8,973 | 657,900 | |
Maximus, Inc. | 8,571 | 640,082 | |
Paychex, Inc. | 39,471 | 4,552,191 | |
Paycom Software, Inc. | 7,048 | 1,827,335 | |
Paylocity Holding Corp.(1) | 5,269 | 957,377 | |
Robert Half, Inc. | 16,715 | 1,224,875 | |
Science Applications International Corp. | 8,747 | 923,158 | |
SS&C Technologies Holdings, Inc. | 27,152 | 1,426,566 | |
TransUnion | 28,510 | 2,046,733 | |
TriNet Group, Inc.(1) | 6,210 | 723,341 | |
Verisk Analytics, Inc. | 19,638 | 4,639,281 | |
$ 50,405,368 | |||
Real Estate Management & Development — 0.1% | |||
CBRE Group, Inc., Class A(1) | 48,602 | $ 3,589,744 | |
Howard Hughes Holdings, Inc.(1) | 8,109 | 601,120 | |
Jones Lang LaSalle, Inc.(1) | 7,080 | 999,555 | |
Zillow Group, Inc., Class C(1) | 30,533 | 1,409,403 | |
$ 6,599,822 | |||
Semiconductors & Semiconductor Equipment — 7.7% | |||
Advanced Micro Devices, Inc.(1) | 202,285 | $ 20,798,944 | |
Allegro MicroSystems, Inc.(1) | 3,950 | 126,163 | |
Amkor Technology, Inc. | 7,055 | 159,443 | |
Analog Devices, Inc. | 63,807 | 11,171,968 | |
Applied Materials, Inc. | 105,962 | 14,670,439 | |
Broadcom, Inc. | 51,726 | 42,962,581 | |
Cirrus Logic, Inc.(1) | 7,380 | 545,825 | |
Diodes, Inc.(1) | 5,508 | 434,251 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Enphase Energy, Inc.(1) | 16,417 | $ 1,972,502 | |
Entegris, Inc. | 17,978 | 1,688,314 | |
First Solar, Inc.(1) | 12,403 | 2,004,201 | |
Intel Corp. | 528,138 | 18,775,306 | |
KLA Corp. | 17,482 | 8,018,294 | |
Lam Research Corp. | 17,328 | 10,860,670 | |
Lattice Semiconductor Corp.(1) | 15,108 | 1,298,230 | |
Marvell Technology, Inc. | 106,151 | 5,745,954 | |
Microchip Technology, Inc. | 67,302 | 5,252,921 | |
Micron Technology, Inc. | 142,090 | 9,666,383 | |
MKS Instruments, Inc. | 11,984 | 1,037,095 | |
Monolithic Power Systems, Inc. | 5,347 | 2,470,314 | |
NVIDIA Corp. | 276,319 | 120,196,002 | |
ON Semiconductor Corp.(1) | 52,437 | 4,874,019 | |
Onto Innovation, Inc.(1) | 6,230 | 794,450 | |
Power Integrations, Inc. | 6,062 | 462,591 | |
Qorvo, Inc.(1) | 11,584 | 1,105,924 | |
QUALCOMM, Inc. | 143,516 | 15,938,887 | |
Rambus, Inc.(1) | 13,679 | 763,151 | |
Silicon Laboratories, Inc.(1) | 4,402 | 510,148 | |
Skyworks Solutions, Inc. | 20,197 | 1,991,222 | |
SolarEdge Technologies, Inc.(1) | 6,827 | 884,165 | |
Teradyne, Inc. | 21,147 | 2,124,428 | |
Texas Instruments, Inc. | 116,734 | 18,561,873 | |
Universal Display Corp. | 6,342 | 995,631 | |
Wolfspeed, Inc.(1)(2) | 14,678 | 559,232 | |
$ 329,421,521 | |||
Software — 11.1% | |||
Adobe, Inc.(1) | 57,776 | $ 29,459,982 | |
Altair Engineering, Inc., Class A(1) | 4,845 | 303,103 | |
ANSYS, Inc.(1) | 10,737 | 3,194,794 | |
AppFolio, Inc., Class A(1) | 3,500 | 639,205 | |
AppLovin Corp., Class A(1) | 14,676 | 586,453 | |
Aspen Technology, Inc.(1) | 3,986 | 814,180 | |
Atlassian Corp., Class A(1) | 19,033 | 3,835,340 | |
Autodesk, Inc.(1) | 27,405 | 5,670,369 | |
Bill Holdings, Inc.(1) | 14,150 | 1,536,266 | |
Box, Inc., Class A(1) | 17,559 | 425,103 | |
Cadence Design Systems, Inc.(1) | 35,389 | 8,291,643 | |
Confluent, Inc., Class A(1) | 18,851 | 558,178 | |
CrowdStrike Holdings, Inc., Class A(1) | 26,655 | 4,461,514 | |
Datadog, Inc., Class A(1) | 33,156 | 3,020,180 | |
DocuSign, Inc.(1) | 26,144 | 1,098,048 | |
Dolby Laboratories, Inc., Class A | 6,538 | 518,202 | |
Dropbox, Inc., Class A(1) | 37,922 | 1,032,616 | |
Dynatrace, Inc.(1) | 28,054 | 1,310,963 | |
Elastic NV(1) | 8,376 | 680,466 | |
Fair Isaac Corp.(1) | 3,330 | 2,892,205 | |
Five9, Inc.(1) | 8,046 | 517,358 | |
Fortinet, Inc.(1) | 82,496 | 4,840,865 |
Security | Shares | Value | |
Software (continued) | |||
Gen Digital, Inc. | 83,482 | $ 1,475,962 | |
Guidewire Software, Inc.(1) | 8,032 | 722,880 | |
HashiCorp, Inc., Class A(1) | 15,000 | 342,450 | |
HubSpot, Inc.(1) | 6,360 | 3,132,300 | |
Intuit, Inc. | 34,474 | 17,614,146 | |
Manhattan Associates, Inc.(1) | 6,811 | 1,346,262 | |
Microsoft Corp. | 831,717 | 262,614,643 | |
New Relic, Inc.(1) | 8,072 | 691,125 | |
Nutanix, Inc., Class A(1) | 29,688 | 1,035,517 | |
Oracle Corp. | 200,222 | 21,207,514 | |
Palo Alto Networks, Inc.(1) | 38,607 | 9,051,025 | |
PTC, Inc.(1) | 15,079 | 2,136,393 | |
Qualys, Inc.(1) | 4,602 | 702,035 | |
Roper Technologies, Inc. | 13,056 | 6,322,760 | |
Salesforce, Inc.(1) | 119,204 | 24,172,187 | |
SentinelOne, Inc., Class A(1) | 22,483 | 379,063 | |
ServiceNow, Inc.(1) | 26,203 | 14,646,429 | |
Smartsheet, Inc., Class A(1) | 15,781 | 638,499 | |
Splunk, Inc.(1) | 19,469 | 2,847,341 | |
SPS Commerce, Inc.(1) | 4,586 | 782,417 | |
Synopsys, Inc.(1) | 19,218 | 8,820,486 | |
Tenable Holdings, Inc.(1) | 12,123 | 543,110 | |
Teradata Corp.(1) | 12,578 | 566,262 | |
Tyler Technologies, Inc.(1) | 4,951 | 1,911,779 | |
VMware, Inc., Class A(1) | 26,024 | 4,332,476 | |
Workday, Inc., Class A(1) | 24,941 | 5,358,574 | |
Workiva, Inc.(1) | 5,900 | 597,906 | |
Zoom Video Communications, Inc., Class A(1) | 26,522 | 1,854,949 | |
Zscaler, Inc.(1) | 11,669 | 1,815,580 | |
$ 473,349,103 | |||
Specialty Retail — 2.4% | |||
Academy Sports & Outdoors, Inc. | 9,139 | $ 432,001 | |
Advance Auto Parts, Inc. | 8,266 | 462,317 | |
Asbury Automotive Group, Inc.(1) | 2,587 | 595,191 | |
AutoNation, Inc.(1) | 4,563 | 690,838 | |
AutoZone, Inc.(1) | 2,212 | 5,618,458 | |
Bath & Body Works, Inc. | 29,800 | 1,007,240 | |
Best Buy Co., Inc. | 21,455 | 1,490,479 | |
Burlington Stores, Inc.(1) | 8,582 | 1,161,145 | |
CarMax, Inc.(1) | 19,883 | 1,406,325 | |
Chewy, Inc., Class A(1) | 9,570 | 174,748 | |
Dick's Sporting Goods, Inc. | 7,829 | 850,073 | |
Five Below, Inc.(1) | 6,997 | 1,125,817 | |
Floor & Decor Holdings, Inc., Class A(1) | 12,454 | 1,127,087 | |
GameStop Corp., Class A(1) | 31,480 | 518,161 | |
Home Depot, Inc. (The) | 122,508 | 37,017,017 | |
Lithia Motors, Inc., Class A | 3,411 | 1,007,371 | |
Lowe's Cos., Inc. | 71,896 | 14,942,865 | |
O'Reilly Automotive, Inc.(1) | 7,550 | 6,861,893 | |
Penske Automotive Group, Inc. | 1,776 | 296,699 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
RH (1)(2) | 2,425 | $ 641,073 | |
Ross Stores, Inc. | 38,806 | 4,383,138 | |
TJX Cos., Inc. (The) | 141,304 | 12,559,099 | |
Tractor Supply Co. | 13,044 | 2,648,584 | |
Ulta Beauty, Inc.(1) | 5,923 | 2,365,942 | |
Wayfair, Inc., Class A(1)(2) | 8,757 | 530,411 | |
Williams-Sonoma, Inc.(2) | 6,578 | 1,022,221 | |
$ 100,936,193 | |||
Technology Hardware, Storage & Peripherals — 7.5% | |||
Apple, Inc. | 1,767,323 | $ 302,583,371 | |
Dell Technologies, Inc., Class C | 35,257 | 2,429,207 | |
Hewlett Packard Enterprise Co. | 173,474 | 3,013,243 | |
HP, Inc. | 123,530 | 3,174,721 | |
NetApp, Inc. | 29,320 | 2,224,802 | |
Pure Storage, Inc., Class A(1) | 33,965 | 1,209,833 | |
Seagate Technology Holdings PLC | 25,712 | 1,695,707 | |
Western Digital Corp.(1) | 43,838 | 2,000,328 | |
$ 318,331,212 | |||
Textiles, Apparel & Luxury Goods — 0.6% | |||
Capri Holdings, Ltd.(1) | 13,279 | $ 698,608 | |
Columbia Sportswear Co. | 2,145 | 158,945 | |
Crocs, Inc.(1) | 7,218 | 636,844 | |
Deckers Outdoor Corp.(1) | 2,825 | 1,452,304 | |
lululemon Athletica, Inc.(1) | 13,184 | 5,083,882 | |
NIKE, Inc., Class B | 143,566 | 13,727,781 | |
PVH Corp. | 9,809 | 750,487 | |
Ralph Lauren Corp. | 4,524 | 525,191 | |
Skechers USA, Inc., Class A(1) | 20,147 | 986,196 | |
Tapestry, Inc. | 30,789 | 885,184 | |
VF Corp. | 41,223 | 728,410 | |
$ 25,633,832 | |||
Trading Companies & Distributors — 0.5% | |||
Air Lease Corp. | 17,419 | $ 686,483 | |
Applied Industrial Technologies, Inc. | 7,543 | 1,166,223 | |
Beacon Roofing Supply, Inc.(1) | 3,873 | 298,880 | |
Core & Main, Inc., Class A(1) | 12,500 | 360,625 | |
Fastenal Co. | 71,936 | 3,930,583 | |
GATX Corp. | 6,934 | 754,627 | |
MSC Industrial Direct Co., Inc., Class A | 7,733 | 758,994 | |
SiteOne Landscape Supply, Inc.(1) | 6,263 | 1,023,687 | |
United Rentals, Inc. | 13,924 | 6,190,193 | |
W.W. Grainger, Inc. | 5,410 | 3,742,854 | |
WESCO International, Inc. | 4,024 | 578,732 | |
$ 19,491,881 | |||
Water Utilities — 0.1% | |||
American Water Works Co., Inc. | 31,519 | $ 3,902,997 |
Security | Shares | Value | |
Water Utilities (continued) | |||
Essential Utilities, Inc. | 41,643 | $ 1,429,604 | |
$ 5,332,601 | |||
Wireless Telecommunication Services — 0.2% | |||
T-Mobile US, Inc.(1) | 69,546 | $ 9,739,917 | |
$ 9,739,917 | |||
Total Common Stocks (identified cost $2,639,576,236) | $4,248,066,765 |
Rights — 0.0%(3) |
Security | Shares | Value | |
Health Care Equipment & Supplies — 0.0%(3) | |||
Abiomed, Inc., CVR(1)(4)(5) | 7,614 | $ 7,766 | |
Total Rights (identified cost $7,766) | $ 7,766 |
Short-Term Investments — 0.3% | |||
Affiliated Fund — 0.3% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 12,339,221 | $ 12,339,221 | |
Total Affiliated Fund (identified cost $12,339,221) | $ 12,339,221 | ||
Securities Lending Collateral — 0.0%(3) | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 965,433 | $ 965,433 | |
Total Securities Lending Collateral (identified cost $965,433) | $ 965,433 | ||
Total Short-Term Investments (identified cost $13,304,654) | $ 13,304,654 | ||
Total Investments — 99.9% (identified cost $2,652,888,656) | $4,261,379,185 | ||
Other Assets, Less Liabilities — 0.1% | $ 3,802,557 | ||
Net Assets — 100.0% | $4,265,181,742 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $8,687,811. |
(3) | Amount is less than 0.05%. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Restricted security. Total market value of restricted securities amounts to $7,766, which represents less than 0.05% of the net assets of the Fund as of September 30, 2023. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Description | Acquisition Date | Cost |
Abiomed, Inc., CVR | 12/28/22 | $7,766 |
Abbreviations: | |
CVR | – Contingent Value Rights |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $2,640,549,435) - including $8,687,811 of securities on loan | $ 4,249,039,964 |
Investments in securities of affiliated issuers, at value (identified cost $12,339,221) | 12,339,221 |
Cash | 630,501 |
Receivable for capital shares sold | 6,958,945 |
Dividends receivable | 2,551,247 |
Dividends receivable - affiliated | 31,131 |
Securities lending income receivable | 3,246 |
Receivable from affiliates | 417,854 |
Directors' deferred compensation plan | 827,433 |
Total assets | $4,272,799,542 |
Liabilities | |
Payable for capital shares redeemed | $ 3,967,253 |
Deposits for securities loaned | 965,433 |
Payable to affiliates: | |
Investment advisory fee | 433,310 |
Administrative fee | 434,082 |
Distribution and service fees | 195,023 |
Sub-transfer agency fee | 33,816 |
Directors' deferred compensation plan | 827,433 |
Accrued expenses | 761,450 |
Total liabilities | $ 7,617,800 |
Net Assets | $4,265,181,742 |
Sources of Net Assets | |
Paid-in capital | $ 2,705,213,948 |
Distributable earnings | 1,559,967,794 |
Net Assets | $4,265,181,742 |
Class A Shares | |
Net Assets | $ 658,227,181 |
Shares Outstanding | 18,131,441 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 36.30 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 38.11 |
Class C Shares | |
Net Assets | $ 64,695,107 |
Shares Outstanding | 1,909,222 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 33.89 |
Class I Shares | |
Net Assets | $ 2,251,092,100 |
Shares Outstanding | 60,258,375 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 37.36 |
September 30, 2023 | |
Class R6 Shares | |
Net Assets | $ 1,291,167,354 |
Shares Outstanding | 34,596,339 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 37.32 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $6,458) | $ 61,175,847 |
Dividend income - affiliated issuers | 214,849 |
Interest income | 4,894 |
Securities lending income, net | 342,989 |
Total investment income | $ 61,738,579 |
Expenses | |
Investment advisory fee | $ 4,967,262 |
Administrative fee | 4,967,262 |
Distribution and service fees: | |
Class A | 1,629,910 |
Class C | 673,385 |
Directors' fees and expenses | 282,728 |
Custodian fees | 64,852 |
Transfer agency fees and expenses | 2,262,386 |
Accounting fees | 670,289 |
Professional fees | 179,820 |
Registration fees | 115,831 |
Reports to shareholders | 137,107 |
Miscellaneous | 222,901 |
Total expenses | $ 16,173,733 |
Waiver and/or reimbursement of expenses by affiliates | $ (4,480,062) |
Net expenses | $ 11,693,671 |
Net investment income | $ 50,044,908 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (1,554,224) |
Net realized loss | $ (1,554,224) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 682,498,550 |
Net change in unrealized appreciation (depreciation) | $682,498,550 |
Net realized and unrealized gain | $680,944,326 |
Net increase in net assets from operations | $730,989,234 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 50,044,908 | $ 46,270,594 |
Net realized loss | (1,554,224) | (49,030,028) |
Net change in unrealized appreciation (depreciation) | 682,498,550 | (901,328,012) |
Net increase (decrease) in net assets from operations | $ 730,989,234 | $ (904,087,446) |
Distributions to shareholders: | ||
Class A | $ (5,755,550) | $ (6,521,368) |
Class C | (77,603) | (250,662) |
Class I | (23,911,504) | (32,895,988) |
Class R6 | (13,728,521) | (11,820,048) |
Total distributions to shareholders | $ (43,473,178) | $ (51,488,066) |
Capital share transactions: | ||
Class A | $ (23,210,990) | $ 37,307,207 |
Class C | (10,997,513) | (2,919,441) |
Class I | (149,810,381) | (357,483,926) |
Class R6 | 156,207,787 | 190,149,405 |
Net decrease in net assets from capital share transactions | $ (27,811,097) | $ (132,946,755) |
Net increase (decrease) in net assets | $ 659,704,959 | $(1,088,522,267) |
Net Assets | ||
At beginning of year | $ 3,605,476,783 | $ 4,693,999,050 |
At end of year | $4,265,181,742 | $ 3,605,476,783 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 30.51 | $ 38.30 | $ 29.75 | $ 24.79 | $ 24.66 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.35 | $ 0.30 | $ 0.28 | $ 0.30 | $ 0.29 |
Net realized and unrealized gain (loss) | 5.74 | (7.74) | 8.53 | 4.91 | 0.69 |
Total income (loss) from operations | $ 6.09 | $ (7.44) | $ 8.81 | $ 5.21 | $ 0.98 |
Less Distributions | |||||
From net investment income | $ (0.30) | $ (0.25) | $ (0.26) | $ (0.25) | $ (0.22) |
From net realized gain | — | (0.10) | — | — | (0.63) |
Total distributions | $ (0.30) | $ (0.35) | $ (0.26) | $ (0.25) | $ (0.85) |
Net asset value — End of year | $ 36.30 | $ 30.51 | $ 38.30 | $ 29.75 | $ 24.79 |
Total Return(2) | 20.08% | (19.64)% | 29.75% | 21.18% | 4.33% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $658,227 | $572,693 | $686,373 | $424,771 | $321,690 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.60% | 0.59% | 0.59% | 0.60% | 0.62% |
Net expenses | 0.49% (4) | 0.49% (4) | 0.49% | 0.49% | 0.51% |
Net investment income | 1.00% | 0.82% | 0.77% | 1.14% | 1.24% |
Portfolio Turnover | 8% | 13% | 10% | 10% | 17% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class C | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 28.46 | $ 35.78 | $ 27.82 | $ 23.21 | $ 23.16 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.08 | $ 0.02 | $ 0.01 | $ 0.10 | $ 0.11 |
Net realized and unrealized gain (loss) | 5.39 | (7.24) | 7.98 | 4.60 | 0.64 |
Total income (loss) from operations | $ 5.47 | $ (7.22) | $ 7.99 | $ 4.70 | $ 0.75 |
Less Distributions | |||||
From net investment income | $ (0.04) | $ (0.00)(2) | $ (0.03) | $ (0.09) | $ (0.07) |
From net realized gain | — | (0.10) | — | — | (0.63) |
Total distributions | $ (0.04) | $ (0.10) | $ (0.03) | $ (0.09) | $ (0.70) |
Net asset value — End of year | $ 33.89 | $ 28.46 | $ 35.78 | $ 27.82 | $ 23.21 |
Total Return(3) | 19.22% | (20.24)% | 28.73% | 20.30% | 3.55% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $64,695 | $63,985 | $84,005 | $61,503 | $57,167 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.35% | 1.35% | 1.34% | 1.35% | 1.38% |
Net expenses | 1.24% (5) | 1.24% (5) | 1.24% | 1.24% | 1.26% |
Net investment income | 0.25% | 0.07% | 0.03% | 0.40% | 0.49% |
Portfolio Turnover | 8% | 13% | 10% | 10% | 17% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 31.38 | $ 39.37 | $ 30.56 | $ 25.46 | $ 25.29 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.45 | $ 0.40 | $ 0.38 | $ 0.38 | $ 0.36 |
Net realized and unrealized gain (loss) | 5.92 | (7.95) | 8.75 | 5.03 | 0.72 |
Total income (loss) from operations | $ 6.37 | $ (7.55) | $ 9.13 | $ 5.41 | $ 1.08 |
Less Distributions | |||||
From net investment income | $ (0.39) | $ (0.34) | $ (0.32) | $ (0.31) | $ (0.28) |
From net realized gain | — | (0.10) | — | — | (0.63) |
Total distributions | $ (0.39) | $ (0.44) | $ (0.32) | $ (0.31) | $ (0.91) |
Net asset value — End of year | $ 37.36 | $ 31.38 | $ 39.37 | $ 30.56 | $ 25.46 |
Total Return(2) | 20.42% | (19.45)% | 30.07% | 21.45% | 4.68% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $2,251,092 | $2,021,486 | $2,916,731 | $1,831,859 | $1,143,304 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.35% | 0.34% | 0.34% | 0.35% | 0.37% |
Net expenses | 0.24% (4) | 0.24% (4) | 0.24% | 0.24% | 0.22% |
Net investment income | 1.25% | 1.06% | 1.02% | 1.38% | 1.52% |
Portfolio Turnover | 8% | 13% | 10% | 10% | 17% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 31.37 | $ 39.35 | $ 30.55 | $ 25.44 | $ 25.28 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.47 | $ 0.43 | $ 0.39 | $ 0.39 | $ 0.37 |
Net realized and unrealized gain (loss) | 5.90 | (7.96) | 8.74 | 5.04 | 0.72 |
Total income (loss) from operations | $ 6.37 | $ (7.53) | $ 9.13 | $ 5.43 | $ 1.09 |
Less Distributions | |||||
From net investment income | $ (0.42) | $ (0.35) | $ (0.33) | $ (0.32) | $ (0.30) |
From net realized gain | — | (0.10) | — | — | (0.63) |
Total distributions | $ (0.42) | $ (0.45) | $ (0.33) | $ (0.32) | $ (0.93) |
Net asset value — End of year | $ 37.32 | $ 31.37 | $ 39.35 | $ 30.55 | $ 25.44 |
Total Return(2) | 20.46% | (19.42)% | 30.12% | 21.55% | 4.70% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,291,167 | $947,313 | $1,006,890 | $630,116 | $409,341 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.30% | 0.29% | 0.29% | 0.30% | 0.32% |
Net expenses | 0.19% (4) | 0.19% (4) | 0.19% | 0.19% | 0.19% |
Net investment income | 1.30% | 1.13% | 1.07% | 1.43% | 1.55% |
Portfolio Turnover | 8% | 13% | 10% | 10% | 17% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | $ 4,248,066,765(2) | $ — | $ — | $ 4,248,066,765 |
Rights | — | — | 7,766 | 7,766 |
Short-Term Investments: | ||||
Affiliated Fund | 12,339,221 | — | — | 12,339,221 |
Securities Lending Collateral | 965,433 | — | — | 965,433 |
Total Investments | $4,261,371,419 | $ — | $7,766 | $4,261,379,185 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $43,473,178 | $39,184,831 |
Long-term capital gains | $ — | $12,303,235 |
Undistributed ordinary income | $ 34,040,896 |
Deferred capital losses | (44,614,901) |
Net unrealized appreciation | 1,570,541,799 |
Distributable earnings | $1,559,967,794 |
Aggregate cost | $2,690,837,386 |
Gross unrealized appreciation | $ 1,735,251,608 |
Gross unrealized depreciation | (164,709,809) |
Net unrealized appreciation | $1,570,541,799 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $965,433 | $ — | $ — | $ — | $965,433 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $3,102,248 | $295,549,138 | $(286,312,165) | $ — | $ — | $12,339,221 | $214,849 | 12,339,221 |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 2,602,392 | $ 90,271,988 | 4,602,796 | $ 172,196,089 | |
Reinvestment of distributions | 162,212 | 5,325,430 | 149,851 | 6,030,031 | |
Shares redeemed | (3,406,742) | (118,808,408) | (3,899,745) | (140,918,913) | |
Net increase (decrease) | (642,138) | $ (23,210,990) | 852,902 | $ 37,307,207 | |
Class C | |||||
Shares sold | 177,578 | $ 5,819,850 | 365,749 | $ 13,120,780 | |
Reinvestment of distributions | 2,431 | 74,955 | 6,448 | 243,522 | |
Shares redeemed | (519,247) | (16,892,318) | (471,318) | (16,283,743) | |
Net decrease | (339,238) | $ (10,997,513) | (99,121) | $ (2,919,441) | |
Class I | |||||
Shares sold | 14,940,711 | $ 532,342,043 | 20,898,948 | $ 794,358,751 | |
Reinvestment of distributions | 671,490 | 22,642,643 | 762,717 | 31,507,827 | |
Shares redeemed | (19,773,168) | (704,795,067) | (31,324,553) | (1,183,350,504) | |
Net decrease | (4,160,967) | $(149,810,381) | (9,662,888) | $ (357,483,926) | |
Class R6 | |||||
Shares sold | 9,658,543 | $ 347,630,439 | 11,519,418 | $ 439,156,672 | |
Reinvestment of distributions | 368,142 | 12,395,325 | 254,065 | 10,487,823 | |
Shares redeemed | (5,629,973) | (203,817,977) | (7,159,165) | (259,495,090) | |
Net increase | 4,396,712 | $ 156,207,787 | 4,614,318 | $ 190,149,405 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2000 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 2000 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2000 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Directors has determined that Miles D. Harper III, an “independent” Director serving on the registrant’s audit committee, is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.
The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
(a) –(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended September 30, 2022 and September 30, 2023 by its principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by its principal accountant during such periods.
Fiscal Years Ended | 9/30/22 | %* | 9/30/23 | %* | ||||||||||||
Audit Fees | $ | 111,000 | 0 | % | $ | 122,600 | 0 | % | ||||||||
Audit-Related Fees(1) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
Tax Fees(2) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
All Other Fees(3) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
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Total | $ | 111,000 | 0 | % | $ | 122,600 | 0 | % | ||||||||
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* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimus waiver of Committee’s requirement to pre-approve). |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.
(f) Not applicable.
(g) Aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:
Fiscal Year ended 9/30/22 | Fiscal Year ended 9/30/23 | |||||
$ | %* | $ | %* | |||
$0 | 0% | $0 | 0% |
* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimus waiver of Committee’s requirement to pre-approve). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT RESPONSIBLE INDEX SERIES, INC. | ||
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President | ||
Date: | November 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | November 22, 2023 | |
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President | ||
Date: | November 22, 2023 |