Bridge Builder Large Cap Growth Fund
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 96.33% | ||||||||
Communication Services – 10.46% | ||||||||
Activision Blizzard, Inc.(1) | 2,105 | $ | 125,205 | |||||
Alphabet, Inc. - Class A(1) | 151,867 | 176,461,861 | ||||||
Alphabet, Inc. - Class C(1) | 133,451 | 155,178,157 | ||||||
Altice USA, Inc. - Class A(1) | 14,953 | 333,302 | ||||||
AMC Networks, Inc. - Class A(1) | 1,862 | 45,265 | ||||||
Cable One, Inc. | 224 | 368,258 | ||||||
Charter Communications, Inc. - Class A(1) | 4,433 | 1,934,162 | ||||||
Comcast Corp. - Class A | 106,495 | 3,661,298 | ||||||
Electronic Arts, Inc.(1) | 271,393 | 27,185,437 | ||||||
Facebook, Inc. - Class A(1) | 920,037 | 153,462,172 | ||||||
Fox Corp. - Class A | 1,720 | 40,644 | ||||||
Fox Corp. - Class B | 782 | 17,892 | ||||||
InterActiveCorp(1) | 2,147 | 384,807 | ||||||
Interpublic Group of Companies, Inc. | 1,838 | 29,757 | ||||||
Live Nation Entertainment, Inc.(1) | 6,630 | 301,400 | ||||||
Madison Square Garden Co. - Class A(1) | 110 | 23,255 | ||||||
Match Group, Inc.(1) | 694,538 | 45,867,290 | ||||||
Netflix, Inc.(1) | 183,594 | 68,939,547 | ||||||
New York Times Co. - Class A | 1,505 | 46,219 | ||||||
Nexstar Media Group, Inc. - Class A | 1,648 | 95,139 | ||||||
Omnicom Group, Inc. | 5,896 | 323,690 | ||||||
Roku, Inc. - Class A(1) | 4,257 | 372,402 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 3,127 | 50,282 | ||||||
Sirius XM Holdings, Inc. | 70,334 | 347,450 | ||||||
Spotify Technology SA(1) | 6,566 | 797,375 | ||||||
Take-Two Interactive Software, Inc.(1) | 2,559 | 303,523 | ||||||
Tencent Holdings Ltd. | 313,627 | 15,501,834 | ||||||
T-Mobile US, Inc.(1) | 8,166 | 685,127 | ||||||
TripAdvisor, Inc. | 4,438 | 77,177 | ||||||
Twitter, Inc.(1) | 38,441 | 944,111 | ||||||
ViacomCBS, Inc. - Class B | 14,756 | 206,732 | ||||||
Walt Disney Co. | 311,921 | 30,131,569 | ||||||
World Wrestling Entertainment, Inc. - Class A | 1,986 | 67,385 | ||||||
Zynga, Inc. - Class A(1) | 8,910 | 61,034 | ||||||
Total Communication Services | 684,370,758 | |||||||
Consumer Discretionary – 16.68% | ||||||||
Advance Auto Parts, Inc. | 812 | 75,776 | ||||||
Alibaba Group Holding Ltd. - ADR(1) | 248,005 | 48,232,012 | ||||||
Amazon.com, Inc.(1) | 131,764 | 256,902,906 | ||||||
Aptiv Plc | 198,092 | 9,754,050 | ||||||
AutoZone, Inc.(1) | 1,199 | 1,014,354 | ||||||
Best Buy, Inc. | 2,204 | 125,628 | ||||||
Booking Holdings, Inc.(1) | 52,702 | 70,901,055 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 2,938 | 299,676 | ||||||
Burlington Stores, Inc.(1) | 3,300 | 522,918 | ||||||
Capri Holdings Ltd.(1) | 2,925 | 31,561 | ||||||
CarMax, Inc.(1) | 3,820 | 205,631 | ||||||
Carter’s, Inc. | 985 | 64,744 | ||||||
Carvana Co. - Class A(1) | 2,135 | 117,617 |
Chipotle Mexican Grill, Inc. - Class A(1) | 1,290 | 844,176 | ||||||
Choice Hotels International, Inc. | 719 | 44,039 | ||||||
Columbia Sportswear Co. | 992 | 69,212 | ||||||
Darden Restaurants, Inc. | 5,993 | 326,379 | ||||||
Dollar General Corp. | 287,846 | 43,467,624 | ||||||
Dollar Tree, Inc.(1) | 6,391 | 469,547 | ||||||
Domino’s Pizza, Inc. | 2,063 | 668,556 | ||||||
Dunkin’ Brands Group, Inc. | 3,756 | 199,444 | ||||||
eBay, Inc. | 37,980 | 1,141,679 | ||||||
Etsy, Inc.(1) | 5,815 | 223,529 | ||||||
Expedia Group, Inc. | 5,960 | 335,369 | ||||||
Five Below, Inc.(1) | 2,815 | 198,120 | ||||||
Floor & Decor Holdings, Inc. - Class A(1) | 3,612 | 115,909 | ||||||
Grand Canyon Education, Inc.(1) | 218 | 16,630 | ||||||
GrubHub, Inc.(1) | 4,511 | 183,733 | ||||||
H&R Block, Inc. | 1,669 | 23,499 | ||||||
Hanesbrands, Inc. | 13,260 | 104,356 | ||||||
Hasbro, Inc. | 6,389 | 457,133 | ||||||
Hilton Grand Vacations, Inc.(1) | 619 | 9,762 | ||||||
Hilton Worldwide Holdings, Inc. | 13,818 | 942,940 | ||||||
Home Depot, Inc. | 240,383 | 44,881,910 | ||||||
Kering SA | 41,215 | 21,490,039 | ||||||
L Brands, Inc. | 1,944 | 22,473 | ||||||
Las Vegas Sands Corp. | 8,120 | 344,856 | ||||||
Lennar Corp. - Class A | 5,662 | 216,288 | ||||||
Lennar Corp. - Class B | 440 | 12,725 | ||||||
LKQ Corp.(1) | 2,241 | 45,963 | ||||||
Lowes Companies, Inc. | 654,630 | 56,330,911 | ||||||
Lululemon Athletica, Inc.(1) | 167,082 | 31,670,393 | ||||||
Marriott International, Inc. - Class A | 13,703 | 1,025,121 | ||||||
Mattel, Inc.(1) | 11,697 | 103,051 | ||||||
McDonald’s Corp. | 423,835 | 70,081,117 | ||||||
MGM Resorts International | 2,196 | 25,913 | ||||||
NIKE, Inc. - Class B | 1,538,563 | 127,300,703 | ||||||
Nordstrom, Inc. | 5,634 | 86,425 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 2,155 | 23,619 | ||||||
NVR, Inc.(1) | 162 | 416,196 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(1) | 2,528 | 117,147 | ||||||
O’Reilly Automotive, Inc.(1) | 12,127 | 3,650,833 | ||||||
Planet Fitness, Inc. - Class A(1) | 4,218 | 205,417 | ||||||
Polaris Industries, Inc. | 2,698 | 129,909 | ||||||
Pool Corp. | 1,910 | 375,831 | ||||||
Ross Stores, Inc. | 416,361 | 36,210,916 | ||||||
Service Corp. International | 3,160 | 123,588 | ||||||
ServiceMaster Global Holdings, Inc.(1) | 1,067 | 28,809 | ||||||
Six Flags Entertainment Corp. | 366 | 4,590 | ||||||
Skechers U.S.A., Inc. - Class A(1) | 2,356 | 55,931 | ||||||
Starbucks Corp. | 388,621 | 25,547,944 | ||||||
Target Corp. | 1,360 | 126,439 | ||||||
Tempur Sealy International, Inc.(1) | 2,363 | 103,287 | ||||||
Tesla, Inc.(1) | 95,341 | 49,958,684 | ||||||
TJX Companies, Inc. | 1,292,554 | 61,797,007 | ||||||
Tractor Supply Co. | 5,970 | 504,763 | ||||||
Ulta Beauty, Inc.(1) | 241,688 | 42,464,582 | ||||||
Under Armour, Inc. - Class A(1) | 6,118 | 56,347 | ||||||
Under Armour, Inc. - Class C(1) | 6,948 | 56,001 |
Vail Resorts, Inc. | 1,838 | 271,491 | ||||||
VF Corp. | 15,521 | 839,376 | ||||||
Wayfair, Inc. - Class A(1) | 3,068 | 163,954 | ||||||
Wendy’s Co. | 8,902 | 132,462 | ||||||
Williams-Sonoma, Inc. | 680 | 28,914 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,408 | 44,366 | ||||||
Wynn Resorts Ltd. | 4,134 | 248,825 | ||||||
Yum China Holdings, Inc. | 14,694 | 626,405 | ||||||
Yum! Brands, Inc. | 1,090,127 | 74,706,403 | ||||||
Total Consumer Discretionary | 1,090,747,488 | |||||||
Consumer Staples – 4.68% | ||||||||
Altria Group, Inc. | 45,850 | 1,773,019 | ||||||
Brown-Forman Corp. - Class A | 2,082 | 106,973 | ||||||
Brown-Forman Corp. - Class B | 7,978 | 442,859 | ||||||
Campbell Soup Co. | 4,714 | 217,598 | ||||||
Casey’s General Stores, Inc. | 456 | 60,415 | ||||||
Church & Dwight Co., Inc. | 12,421 | 797,180 | ||||||
Clorox Co. | 5,111 | 885,481 | ||||||
Coca-Cola Co. | 1,849,907 | 81,858,385 | ||||||
Costco Wholesale Corp. | 132,017 | 37,642,007 | ||||||
Estee Lauder Companies, Inc. - Class A | 174,429 | 27,793,517 | ||||||
Grocery Outlet Holding Corp.(1) | 435 | 14,938 | ||||||
Herbalife Nutrition Ltd.(1) | 656 | 19,129 | ||||||
Hershey Co. | 6,372 | 844,290 | ||||||
Kellogg Co. | 4,688 | 281,233 | ||||||
Kimberly-Clark Corp. | 218,294 | 27,913,254 | ||||||
Lamb Weston Holdings, Inc. | 1,873 | 106,948 | ||||||
McCormick & Co., Inc. | 4,013 | 566,676 | ||||||
Mondelez International, Inc. - Class A | 811,836 | 40,656,747 | ||||||
Monster Beverage Corp.(1) | 19,321 | 1,086,999 | ||||||
PepsiCo, Inc. | 59,193 | 7,109,079 | ||||||
Pilgrim’s Pride Corp.(1) | 932 | 16,888 | ||||||
Post Holdings, Inc.(1) | 1,446 | 119,975 | ||||||
Procter & Gamble Co. | 679,074 | 74,698,140 | ||||||
Reynolds Consumer Products, Inc. | 971 | 28,324 | ||||||
Sprouts Farmers Market, Inc.(1) | 2,746 | 51,048 | ||||||
Sysco Corp. | 23,858 | 1,088,641 | ||||||
TreeHouse Foods, Inc.(1) | 464 | 20,486 | ||||||
Total Consumer Staples | 306,200,229 | |||||||
Energy – 0.72% | ||||||||
Cabot Oil & Gas Corp. | 12,945 | 222,524 | ||||||
Cheniere Energy, Inc.(1) | 6,616 | 221,636 | ||||||
ConocoPhillips | 1,169,245 | 36,012,746 | ||||||
Diamondback Energy, Inc. | 1,690 | 44,278 | ||||||
EOG Resources, Inc. | 285,625 | 10,259,650 | ||||||
Equitrans Midstream Corp. | 1,028 | 5,171 | ||||||
ONEOK, Inc. | 6,745 | 147,108 | ||||||
Parsley Energy, Inc. - Class A | 7,616 | 43,640 | ||||||
Pioneer Natural Resources Co. | 3,472 | 243,561 | ||||||
Total Energy | 47,200,314 | |||||||
Financials – 4.52% | ||||||||
Alleghany Corp. | 77 | 42,531 | ||||||
American Express Co. | 59,926 | 5,130,265 | ||||||
Ameriprise Financial, Inc. | 928 | 95,101 | ||||||
Aon Plc | 251,061 | 41,435,107 | ||||||
Arch Capital Group Ltd.(1) | 2,500 | 71,150 |
Arthur J. Gallagher & Co. | 1,926 | 156,988 | ||||||
Athene Holding Ltd. - Class A(1) | 2,560 | 63,539 | ||||||
Axis Capital Holdings Ltd. | 404 | 15,615 | ||||||
Bank of America Corp. | 3,091,609 | 65,634,859 | ||||||
Brown & Brown, Inc. | 660 | 23,905 | ||||||
CBOE Global Markets, Inc. | 1,406 | 125,486 | ||||||
Charles Schwab Corp. | 34,765 | 1,168,799 | ||||||
CIT Group, Inc. | 390 | 6,731 | ||||||
Comerica, Inc. | 541 | 15,873 | ||||||
Commerce Bancshares, Inc. | 397,977 | 20,038,142 | ||||||
Credit Acceptance Corp.(1) | 445 | 113,782 | ||||||
Discover Financial Services | 5,467 | 195,008 | ||||||
E*TRADE Financial Corp. | 1,856 | 63,698 | ||||||
Erie Indemnity Co. - Class A | 808 | 119,778 | ||||||
Evercore, Inc. - Class A | 719 | 33,117 | ||||||
Everest Re Group Ltd. | 605 | 116,414 | ||||||
FactSet Research Systems, Inc. | 1,870 | 487,472 | ||||||
First Republic Bank | 1,573 | 129,426 | ||||||
Interactive Brokers Group, Inc. - Class A | 975 | 42,091 | ||||||
Intercontinental Exchange, Inc. | 1,058,635 | 85,484,776 | ||||||
JPMorgan Chase & Co. | 492,835 | 44,369,935 | ||||||
Kemper Corp. | 563 | 41,870 | ||||||
Lazard Ltd. - Class A | 1,977 | 46,578 | ||||||
LendingTree, Inc.(1) | 381 | 69,872 | ||||||
LPL Financial Holdings, Inc. | 4,108 | 223,598 | ||||||
Markel Corp.(1) | 55 | 51,034 | ||||||
MarketAxess Holdings, Inc. | 1,841 | 612,261 | ||||||
Marsh & McLennan Companies, Inc. | 22,369 | 1,934,024 | ||||||
Moody’s Corp. | 8,167 | 1,727,320 | ||||||
Morningstar, Inc. | 971 | 112,879 | ||||||
MSCI, Inc. - Class A | 4,112 | 1,188,204 | ||||||
Primerica, Inc. | 1,504 | 133,074 | ||||||
Prosperity Bancshares, Inc. | 409 | 19,734 | ||||||
Raymond James Financial, Inc. | 1,455 | 91,956 | ||||||
RenaissanceRe Holdings Ltd. | 824 | 123,040 | ||||||
S&P Global, Inc. | 89,327 | 21,889,581 | ||||||
SEI Investments Co. | 2,975 | 137,862 | ||||||
Signature Bank | 1,317 | 105,874 | ||||||
SVB Financial Group(1) | 190 | 28,705 | ||||||
Synchrony Financial | 8,375 | 134,754 | ||||||
Synovus Financial Corp. | 559 | 9,816 | ||||||
T Rowe Price Group, Inc. | 3,280 | 320,292 | ||||||
TD Ameritrade Holding Corp. | 11,785 | 408,468 | ||||||
The Progressive Corp. | 9,689 | 715,436 | ||||||
Travelers Companies, Inc. | 2,077 | 206,350 | ||||||
Virtu Financial, Inc. - Class A | 1,002 | 20,862 | ||||||
Voya Financial, Inc. | 489 | 19,829 | ||||||
Western Alliance Bancorp | 508 | 15,550 | ||||||
Total Financials | 295,568,411 | |||||||
Healthcare – 17.13% | ||||||||
Abbott Laboratories | 897,349 | 70,809,810 | ||||||
AbbVie, Inc. | 74,393 | 5,668,003 | ||||||
ABIOMED, Inc.(1) | 2,262 | 328,352 | ||||||
Adaptive Biotechnologies Corp.(1) | 2,581 | 71,700 | ||||||
Agilent Technologies, Inc. | 1,509 | 108,075 | ||||||
Agios Pharmaceuticals, Inc.(1) | 273 | 9,686 |
Alexion Pharmaceuticals, Inc.(1) | 8,061 | 723,797 | ||||||
Align Technology, Inc.(1) | 3,921 | 682,058 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 4,572 | 497,662 | ||||||
AmerisourceBergen Corp. - Class A | 7,485 | 662,423 | ||||||
Amgen, Inc. | 27,292 | 5,532,907 | ||||||
Anthem, Inc. | 75,690 | 17,184,658 | ||||||
AstraZeneca Plc - ADR | 709,041 | 31,665,771 | ||||||
Avantor, Inc.(1) | 11,583 | 144,672 | ||||||
Baxter International, Inc. | 11,457 | 930,194 | ||||||
Becton Dickinson & Co. | 318,219 | 73,117,180 | ||||||
Biogen, Inc.(1) | 3,013 | 953,253 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 203,921 | 17,231,324 | ||||||
Bio-Techne Corp. | 1,881 | 356,675 | ||||||
Boston Scientific Corp.(1) | 633,068 | 20,657,009 | ||||||
Bristol Myers Squibb Co. | 69,052 | 3,848,958 | ||||||
Bruker Corp. | 5,120 | 183,603 | ||||||
Cantel Medical Corp. | 1,040 | 37,336 | ||||||
Centene Corp.(1) | 24,790 | 1,472,774 | ||||||
Cerner Corp. | 15,793 | 994,801 | ||||||
Change Healthcare, Inc.(1) | 5,435 | 54,296 | ||||||
Charles River Laboratories International, Inc.(1) | 2,392 | 301,894 | ||||||
Chemed Corp. | 773 | 334,864 | ||||||
Cigna Corp. | 5,665 | 1,003,725 | ||||||
Danaher Corp. | 801,982 | 111,002,329 | ||||||
DexCom, Inc.(1) | 4,527 | 1,218,985 | ||||||
Edwards Lifesciences Corp.(1) | 10,430 | 1,967,307 | ||||||
Eli Lilly & Co. | 42,789 | 5,935,690 | ||||||
Encompass Health Corp. | 2,448 | 156,745 | ||||||
Envista Holdings Corp.(1) | 4,815 | 71,936 | ||||||
Exact Sciences Corp.(1) | 6,997 | 405,826 | ||||||
Exelixis, Inc.(1) | 6,046 | 104,112 | ||||||
Gilead Sciences, Inc. | 9,216 | 688,988 | ||||||
Guardant Health, Inc.(1) | 1,884 | 131,126 | ||||||
HCA Healthcare, Inc. | 8,148 | 732,098 | ||||||
Henry Schein, Inc.(1) | 869 | 43,902 | ||||||
Hill-Rom Holdings, Inc. | 1,725 | 173,535 | ||||||
Hologic, Inc.(1) | 10,393 | 364,794 | ||||||
Horizon Therapeutics Plc(1) | 1,044 | 30,923 | ||||||
Humana, Inc. | 93,074 | 29,227,097 | ||||||
ICU Medical, Inc.(1) | 290 | 58,513 | ||||||
IDEXX Laboratories, Inc.(1) | 4,294 | 1,040,179 | ||||||
Illumina, Inc.(1) | 294,727 | 80,495,838 | ||||||
Incyte Corp.(1) | 9,032 | 661,413 | ||||||
Insulet Corp.(1) | 2,977 | 493,229 | ||||||
Intuitive Surgical, Inc.(1) | 176,446 | 87,377,824 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 6,412 | 303,159 | ||||||
IQVIA Holdings, Inc.(1) | 155,695 | 16,793,263 | ||||||
Jazz Pharmaceuticals Plc(1) | 2,416 | 240,972 | ||||||
Johnson & Johnson | 739,260 | 96,939,164 | ||||||
Laboratory Corp. of America Holdings(1) | 140,651 | 17,776,880 | ||||||
Masimo Corp.(1) | 2,401 | 425,265 | ||||||
McKesson Corp. | 880 | 119,029 | ||||||
Medtronic Plc | 811,753 | 73,203,886 | ||||||
Merck & Co., Inc. | 121,480 | 9,346,671 | ||||||
Mettler-Toledo International, Inc.(1) | 1,199 | 827,921 | ||||||
Moderna, Inc.(1) | 10,102 | 302,555 |
Molina Healthcare, Inc.(1) | 2,375 | 331,811 | ||||||
Nektar Therapeutics - Class A(1) | 1,271 | 22,687 | ||||||
Neurocrine Biosciences, Inc.(1) | 4,619 | 399,774 | ||||||
Penumbra, Inc.(1) | 1,567 | 252,804 | ||||||
PerkinElmer, Inc. | 1,200 | 90,336 | ||||||
Pfizer, Inc. | 1,478,200 | 48,248,448 | ||||||
PPD, Inc.(1) | 2,167 | 38,594 | ||||||
PRA Health Sciences, Inc.(1) | 3,083 | 256,012 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 129,161 | 63,068,025 | ||||||
ResMed, Inc. | 7,088 | 1,043,992 | ||||||
Sage Therapeutics, Inc.(1) | 2,597 | 74,586 | ||||||
Sarepta Therapeutics, Inc.(1) | 3,516 | 343,935 | ||||||
Seattle Genetics, Inc.(1) | 5,861 | 676,242 | ||||||
STERIS Plc | 240 | 33,593 | ||||||
Stryker Corp. | 17,251 | 2,872,119 | ||||||
Teleflex, Inc. | 2,316 | 678,264 | ||||||
The Cooper Companies, Inc. | 322 | 88,766 | ||||||
Thermo Fisher Scientific, Inc. | 115,017 | 32,618,821 | ||||||
UnitedHealth Group, Inc. | 412,178 | 102,788,950 | ||||||
Varian Medical Systems, Inc.(1) | 4,617 | 473,981 | ||||||
Veeva Systems, Inc. - Class A(1) | 6,537 | 1,022,191 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 96,702 | 23,010,241 | ||||||
Waters Corp.(1) | 3,246 | 590,934 | ||||||
West Pharmaceutical Services, Inc. | 2,751 | 418,840 | ||||||
Zoetis, Inc. - Class A | 399,338 | 46,998,089 | ||||||
Total Healthcare | 1,120,670,649 | |||||||
Industrials – 4.62% | ||||||||
3M Co. | 51,184 | 6,987,128 | ||||||
Acuity Brands, Inc. | 517 | 44,286 | ||||||
Air Lease Corp. - Class A | 569 | 12,598 | ||||||
Alaska Air Group, Inc. | 2,735 | 77,865 | ||||||
Allegion Plc | 3,509 | 322,898 | ||||||
Allison Transmission Holdings, Inc. | 5,359 | 174,757 | ||||||
American Airlines Group, Inc. | 1,992 | 24,282 | ||||||
AMETEK, Inc. | 9,120 | 656,822 | ||||||
AO Smith Corp. | 1,125 | 42,536 | ||||||
Armstrong World Industries, Inc. | 2,417 | 191,958 | ||||||
Boeing Co. | 106,417 | 15,871,031 | ||||||
BWX Technologies, Inc. | 3,476 | 169,316 | ||||||
Carlisle Companies, Inc. | 2,445 | 306,310 | ||||||
Caterpillar, Inc. | 202,978 | 23,553,567 | ||||||
CH Robinson Worldwide, Inc. | 5,267 | 348,675 | ||||||
Cintas Corp. | 4,278 | 741,035 | ||||||
Copart, Inc.(1) | 10,124 | 693,696 | ||||||
CoStar Group, Inc.(1) | 1,795 | 1,054,042 | ||||||
CSX Corp. | 13,415 | 768,680 | ||||||
Deere & Co. | 1,553 | 214,562 | ||||||
Delta Air Lines, Inc. | 5,632 | 160,681 | ||||||
Donaldson Co., Inc. | 6,226 | 240,510 | ||||||
Dover Corp. | 3,276 | 274,987 | ||||||
Emerson Electric Co. | 2,742 | 130,656 | ||||||
Equifax, Inc. | 5,122 | 611,823 | ||||||
Expeditors International of Washington, Inc. | 6,038 | 402,855 | ||||||
Fastenal Co. | 25,726 | 803,938 | ||||||
Flowserve Corp. | 1,400 | 33,446 | ||||||
Fortive Corp. | 3,224 | 177,933 |
Fortune Brands Home & Security, Inc. | 2,203 | 95,280 | ||||||
General Dynamics Corp. | 825 | 109,156 | ||||||
Graco, Inc. | 8,231 | 401,097 | ||||||
HEICO Corp. | 2,188 | 163,247 | ||||||
HEICO Corp. - Class A | 3,964 | 253,300 | ||||||
Hexcel Corp. | 3,740 | 139,091 | ||||||
Honeywell International, Inc. | 561,258 | 75,090,708 | ||||||
Hubbell, Inc. - Class B | 1,480 | 169,815 | ||||||
Huntington Ingalls Industries, Inc. | 1,591 | 289,896 | ||||||
IAA, Inc.(1) | 5,963 | 178,651 | ||||||
IDEX Corp. | 1,867 | 257,851 | ||||||
IHS Markit Ltd. | 1,055,360 | 63,321,600 | ||||||
Illinois Tool Works, Inc. | 16,098 | 2,287,848 | ||||||
Ingersoll Rand, Inc.(1) | 10,362 | 256,978 | ||||||
JB Hunt Transport Services, Inc. | 1,314 | 121,190 | ||||||
JetBlue Airways Corp.(1) | 1,307 | 11,698 | ||||||
KAR Auction Services, Inc. | 6,350 | 76,200 | ||||||
L3Harris Technologies, Inc. | 5,617 | 1,011,734 | ||||||
Landstar System, Inc. | 1,789 | 171,494 | ||||||
Lennox International, Inc. | 1,595 | 289,955 | ||||||
Lincoln Electric Holdings, Inc. | 2,813 | 194,097 | ||||||
Lockheed Martin Corp. | 12,439 | 4,216,199 | ||||||
Lyft, Inc. - Class A(1) | 1,070 | 28,730 | ||||||
Middleby Corp.(1) | 2,859 | 162,620 | ||||||
Nielsen Holdings Plc | 2,198 | 27,563 | ||||||
Nordson Corp. | 2,611 | 352,668 | ||||||
Norfolk Southern Corp. | 251,186 | 36,673,156 | ||||||
Northrop Grumman Corp. | 7,858 | 2,377,438 | ||||||
Old Dominion Freight Line, Inc. | 2,084 | 273,546 | ||||||
Quanta Services, Inc. | 1,482 | 47,024 | ||||||
Raytheon Co. | 171,768 | 22,527,373 | ||||||
Republic Services, Inc. - Class A | 701 | 52,617 | ||||||
Robert Half International, Inc. | 5,736 | 216,534 | ||||||
Rockwell Automation, Inc. | 5,728 | 864,412 | ||||||
Rollins, Inc. | 7,031 | 254,100 | ||||||
Roper Technologies, Inc. | 788 | 245,706 | ||||||
Sensata Technologies Holding Plc(1) | 3,439 | 99,490 | ||||||
Southwest Airlines Co. | 14,044 | 500,107 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 4,763 | 113,979 | ||||||
Toro Co. | 5,475 | 356,368 | ||||||
Trane Technologies Plc | 11,319 | 934,836 | ||||||
TransDigm Group, Inc. | 2,099 | 672,079 | ||||||
TransUnion | 9,476 | 627,122 | ||||||
Uber Technologies, Inc.(1) | 622,271 | 17,373,806 | ||||||
Union Pacific Corp. | 34,934 | 4,927,091 | ||||||
United Continental Holdings, Inc.(1) | 2,622 | 82,724 | ||||||
United Parcel Service, Inc. - Class B | 35,126 | 3,281,471 | ||||||
United Rentals, Inc.(1) | 2,615 | 269,084 | ||||||
Verisk Analytics, Inc. - Class A | 7,976 | 1,111,695 | ||||||
WABCO Holdings, Inc.(1) | 2,134 | 288,197 | ||||||
Wabtec Corp. | 2,499 | 120,277 | ||||||
Waste Management, Inc. | 16,665 | 1,542,512 | ||||||
Woodward, Inc. | 2,364 | 140,516 | ||||||
WW Grainger, Inc. | 2,185 | 542,973 | ||||||
XPO Logistics, Inc.(1) | 2,567 | 125,141 | ||||||
Xylem, Inc. | 8,993 | 585,714 | ||||||
Total Industrials | 301,998,627 |
Information Technology – 33.12% | ||||||||
2U, Inc.(1) | 1,018 | 21,602 | ||||||
Accenture Plc - Class A | 163,084 | 26,625,094 | ||||||
Adobe Systems, Inc.(1) | 320,028 | 101,845,711 | ||||||
Advanced Micro Devices, Inc.(1) | 51,843 | 2,357,820 | ||||||
Adyen NV(1)(2) | 20,362 | 17,305,555 | ||||||
Akamai Technologies, Inc.(1) | 7,267 | 664,858 | ||||||
Alliance Data Systems Corp. | 236 | 7,941 | ||||||
Alteryx, Inc. - Class A(1) | 2,277 | 216,702 | ||||||
Amphenol Corp. - Class A | 14,741 | 1,074,324 | ||||||
Analog Devices, Inc. | 539,395 | 48,356,762 | ||||||
Anaplan, Inc.(1) | 4,339 | 131,298 | ||||||
ANSYS, Inc.(1) | 4,224 | 981,953 | ||||||
Apple, Inc. | 862,818 | 219,405,989 | ||||||
Applied Materials, Inc. | 171,620 | 7,863,628 | ||||||
Arista Networks, Inc.(1) | 2,975 | 602,586 | ||||||
Aspen Technology, Inc.(1) | 3,407 | 323,904 | ||||||
Atlassian Corp. Plc - Class A(1) | 49,210 | 6,754,565 | ||||||
Autodesk, Inc.(1) | 592,938 | 92,557,622 | ||||||
Automatic Data Processing, Inc. | 21,885 | 2,991,242 | ||||||
Avalara, Inc.(1) | 2,363 | 176,280 | ||||||
Bill.Com Holdings, Inc.(1) | 513 | 17,545 | ||||||
Black Knight, Inc.(1) | 7,156 | 415,477 | ||||||
Booz Allen Hamilton Holding Corp. - Class A | 6,818 | 467,988 | ||||||
Broadcom, Inc. | 56,877 | 13,485,537 | ||||||
Broadridge Financial Solutions, Inc. | 5,690 | 539,583 | ||||||
Cadence Design Systems, Inc.(1) | 14,058 | 928,390 | ||||||
CDK Global, Inc. | 6,250 | 205,313 | ||||||
CDW Corp. | 7,173 | 669,026 | ||||||
Ceridian HCM Holding, Inc.(1) | 3,707 | 185,609 | ||||||
Cisco Systems, Inc. | 1,391,152 | 54,686,185 | ||||||
Citrix Systems, Inc. | 5,189 | 734,503 | ||||||
Cognex Corp. | 8,132 | 343,333 | ||||||
Cognizant Technology Solutions Corp. - Class A | 2,208 | 102,606 | ||||||
CoreLogic, Inc. | 223 | 6,810 | ||||||
Corning, Inc. | 11,918 | 244,796 | ||||||
Coupa Software, Inc.(1) | 160,408 | 22,413,810 | ||||||
Cree, Inc.(1) | 395 | 14,007 | ||||||
Dell Technologies, Inc. - Class C(1) | 5,642 | 223,141 | ||||||
DocuSign, Inc. - Class A(1) | 7,958 | 735,319 | ||||||
Dolby Laboratories, Inc. - Class A | 413 | 22,389 | ||||||
Dropbox, Inc. - Class A(1) | 10,522 | 190,448 | ||||||
Dynatrace, Inc.(1) | 5,093 | 121,417 | ||||||
Elastic NV(1) | 2,665 | 148,734 | ||||||
Entegris, Inc. | 6,636 | 297,094 | ||||||
EPAM Systems, Inc.(1) | 2,587 | 480,302 | ||||||
Euronet Worldwide, Inc.(1) | 2,568 | 220,129 | ||||||
F5 Networks, Inc.(1) | 2,847 | 303,576 | ||||||
Fair Isaac Corp.(1) | 1,412 | 434,458 | ||||||
Fidelity National Information Services, Inc. | 134,329 | 16,339,780 | ||||||
FireEye, Inc.(1) | 9,663 | 102,235 | ||||||
Fiserv, Inc.(1) | 28,362 | 2,694,106 | ||||||
FleetCor Technologies, Inc.(1) | 395,860 | 73,843,724 | ||||||
FLIR Systems, Inc. | 582 | 18,560 | ||||||
Fortinet, Inc.(1) | 7,214 | 729,840 |
Gartner, Inc.(1) | 4,367 | 434,822 | ||||||
Genpact Ltd. | 9,183 | 268,144 | ||||||
Global Payments, Inc. | 14,984 | 2,161,142 | ||||||
GoDaddy, Inc. - Class A(1) | 8,652 | 494,116 | ||||||
Guidewire Software, Inc.(1) | 4,176 | 331,199 | ||||||
HP, Inc. | 3,953 | 68,624 | ||||||
HubSpot, Inc.(1) | 2,050 | 273,040 | ||||||
International Business Machines Corp. | 26,995 | 2,994,555 | ||||||
Intuit, Inc. | 306,510 | 70,497,300 | ||||||
IPG Photonics Corp.(1) | 124 | 13,675 | ||||||
Jabil, Inc. | 1,645 | 40,434 | ||||||
Jack Henry & Associates, Inc. | 3,433 | 532,939 | ||||||
Keysight Technologies, Inc.(1) | 9,460 | 791,613 | ||||||
KLA-Tencor Corp. | 7,841 | 1,127,065 | ||||||
Lam Research Corp. | 6,356 | 1,525,440 | ||||||
Manhattan Associates, Inc.(1) | 3,306 | 164,705 | ||||||
Mastercard, Inc. - Class A | 256,748 | 62,020,047 | ||||||
Maxim Integrated Products, Inc. | 4,979 | 242,029 | ||||||
Medallia, Inc.(1) | 3,046 | 61,042 | ||||||
Microchip Technology, Inc. | 3,359 | 227,740 | ||||||
Microsoft Corp. | 2,793,859 | 440,619,503 | ||||||
MongoDB, Inc. - Class A(1) | 2,104 | 287,280 | ||||||
Monolithic Power Systems, Inc. | 2,163 | 362,216 | ||||||
Motorola Solutions, Inc. | 128,658 | 17,101,221 | ||||||
National Instruments Corp. | 354 | 11,710 | ||||||
NCR Corp.(1) | 6,643 | 117,581 | ||||||
NetApp, Inc. | 11,328 | 472,264 | ||||||
New Relic, Inc.(1) | 2,549 | 117,866 | ||||||
Nutanix, Inc. - Class A(1) | 8,755 | 138,329 | ||||||
NVIDIA Corp. | 216,746 | 57,134,246 | ||||||
Okta, Inc. - Class A(1) | 5,220 | 638,197 | ||||||
Oracle Corp. | 100,948 | 4,878,817 | ||||||
Pagerduty, Inc.(1) | 2,205 | 38,102 | ||||||
Palo Alto Networks, Inc.(1) | 83,441 | 13,680,986 | ||||||
Paychex, Inc. | 16,232 | 1,021,317 | ||||||
Paycom Software, Inc.(1) | 2,464 | 497,753 | ||||||
Paylocity Holding Corp.(1) | 1,749 | 154,472 | ||||||
PayPal Holdings, Inc.(1) | 1,137,383 | 108,893,048 | ||||||
Pegasystems, Inc. | 1,958 | 139,468 | ||||||
Pluralsight, Inc. - Class A(1) | 3,078 | 33,796 | ||||||
Proofpoint, Inc.(1) | 2,840 | 291,356 | ||||||
PTC, Inc.(1) | 80,068 | 4,900,962 | ||||||
Pure Storage, Inc. - Class A(1) | 11,744 | 144,451 | ||||||
QUALCOMM, Inc. | 57,456 | 3,886,898 | ||||||
RealPage, Inc.(1) | 4,078 | 215,849 | ||||||
RingCentral, Inc. - Class A(1) | 50,522 | 10,706,117 | ||||||
Sabre Corp. | 2,472 | 14,659 | ||||||
Salesforce.com, Inc.(1) | 1,125,676 | 162,074,830 | ||||||
ServiceNow, Inc.(1) | 91,896 | 26,335,556 | ||||||
Shopify, Inc. - Class A(1) | 79,153 | 33,001,260 | ||||||
Skyworks Solutions, Inc. | 443 | 39,595 | ||||||
Smartsheet, Inc. - Class A(1) | 4,246 | 176,251 | ||||||
SolarWinds Corp.(1) | 338 | 5,296 | ||||||
Splunk, Inc.(1) | 7,875 | 994,061 | ||||||
Square, Inc. - Class A(1) | 17,339 | 908,217 | ||||||
SS&C Technologies Holdings, Inc. | 9,980 | 437,324 |
Switch, Inc. - Class A | 3,013 | 43,478 | ||||||
Synopsys, Inc.(1) | 7,532 | 970,046 | ||||||
Teradata Corp.(1) | 5,834 | 119,539 | ||||||
Teradyne, Inc. | 8,297 | 449,448 | ||||||
Texas Instruments, Inc. | 377,734 | 37,746,959 | ||||||
Trade Desk, Inc. - Class A(1) | 42,481 | 8,198,833 | ||||||
Trimble, Inc.(1) | 2,209 | 70,312 | ||||||
Twilio, Inc. - Class A(1) | 6,093 | 545,263 | ||||||
Tyler Technologies, Inc.(1) | 1,904 | 564,650 | ||||||
Ubiquiti, Inc. | 445 | 63,003 | ||||||
Universal Display Corp. | 2,178 | 287,017 | ||||||
VeriSign, Inc.(1) | 3,567 | 642,381 | ||||||
Visa, Inc. - Class A | 1,314,985 | 211,870,383 | ||||||
VMware, Inc. - Class A(1) | 3,837 | 464,661 | ||||||
Western Union Co. | 4,768 | 86,444 | ||||||
WEX, Inc.(1) | 2,210 | 231,056 | ||||||
Workday, Inc. - Class A(1) | 757,691 | 98,666,522 | ||||||
Xilinx, Inc. | 600,821 | 46,827,989 | ||||||
Zebra Technologies Corp. - Class A(1) | 2,670 | 490,212 | ||||||
Zendesk, Inc.(1) | 5,625 | 360,056 | ||||||
Zscaler, Inc.(1) | 3,475 | 211,489 | ||||||
Total Information Technology | 2,166,281,472 | |||||||
Materials – 2.27% | ||||||||
Air Products & Chemicals, Inc. | 1,608 | 320,973 | ||||||
AptarGroup, Inc. | 1,275 | 126,913 | ||||||
Avery Dennison Corp. | 142,133 | 14,479,089 | ||||||
Axalta Coating Systems Ltd.(1) | 3,148 | 54,366 | ||||||
Ball Corp. | 16,320 | 1,055,251 | ||||||
Berry Global Group, Inc.(1) | 2,506 | 84,477 | ||||||
CF Industries Holdings, Inc. | 1,081 | 29,403 | ||||||
Crown Holdings, Inc.(1) | 3,695 | 214,458 | ||||||
Eagle Materials, Inc. | 1,723 | 100,658 | ||||||
Ecolab, Inc. | 450,158 | 70,148,121 | ||||||
Element Solutions, Inc.(1) | 3,621 | 30,272 | ||||||
Linde Plc | 273,836 | 47,373,628 | ||||||
Martin Marietta Materials, Inc. | 932 | 176,362 | ||||||
NewMarket Corp. | 312 | 119,455 | ||||||
PPG Industries, Inc. | 3,932 | 328,715 | ||||||
Royal Gold, Inc. | 1,023 | 89,727 | ||||||
RPM International, Inc. | 1,067 | 63,487 | ||||||
Scotts Miracle-Gro Co. | 1,975 | 202,240 | ||||||
Sealed Air Corp. | 562 | 13,887 | ||||||
Sherwin-Williams Co. | 4,166 | 1,914,360 | ||||||
Southern Copper Corp. | 3,169 | 89,239 | ||||||
Vulcan Materials Co. | 107,023 | 11,565,976 | ||||||
WR Grace & Co. | 2,826 | 100,606 | ||||||
Total Materials | 148,681,663 | |||||||
Real Estate – 2.13% | ||||||||
American Homes 4 Rent - Class A | 5,452 | 126,486 | ||||||
American Tower Corp. | 22,094 | 4,810,969 | ||||||
Americold Realty Trust | 9,462 | 322,087 | ||||||
Brookfield Property REIT, Inc. - Class A | 3,676 | 31,209 | ||||||
CBRE Group, Inc. - Class A(1) | 6,171 | 232,709 | ||||||
Colony Capital, Inc. | 705 | 1,234 | ||||||
CoreSite Realty Corp. | 1,427 | 165,389 | ||||||
Crown Castle International Corp. | 20,851 | 3,010,884 |
Equinix, Inc. | 115,844 | 72,352,687 | ||||||
Equity LifeStyle Properties, Inc. | 8,664 | 498,007 | ||||||
Extra Space Storage, Inc. | 5,080 | 486,461 | ||||||
Iron Mountain, Inc. | 1,578 | 37,556 | ||||||
Jones Lang LaSalle, Inc. | 286 | 28,880 | ||||||
Lamar Advertising Co. - Class A | 4,391 | 225,171 | ||||||
Outfront Media, Inc. | 1,081 | 14,572 | ||||||
Prologis, Inc. | 665,895 | 53,517,981 | ||||||
Public Storage | 5,666 | 1,125,324 | ||||||
SBA Communications Corp. - Class A | 5,620 | 1,517,231 | ||||||
Simon Property Group, Inc. | 13,704 | 751,802 | ||||||
Sun Communities, Inc. | 1,099 | 137,210 | ||||||
The Howard Hughes Corp.(1) | 695 | 35,111 | ||||||
UDR, Inc. | 732 | 26,747 | ||||||
|
| |||||||
Total Real Estate | 139,455,707 | |||||||
|
| |||||||
Total Common Stocks (Cost: $5,114,384,581) | 6,301,175,318 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 2.62% | ||||||||
Money Market Funds – 2.62% | ||||||||
Goldman Sachs Financial Square Government Fund - Class I, 0.34(3) | 170,946,189 | 170,946,189 | ||||||
Total Money Market Funds (Cost: $170,946,189) | 170,946,189 | |||||||
Principal Amount | Value | |||||||
Time Deposits – 0.00%(4) | ||||||||
Citibank, New York, 0.15% due 04/01/2020 | $ | 156,418 | 156,418 | |||||
|
| |||||||
Total Time Deposits (Cost: $156,418) | 156,418 | |||||||
Total Short-Term Investments (Cost: $171,102,607) | 171,102,607 | |||||||
TOTAL INVESTMENTS IN SECURITIES – 98.95% | 6,472,277,925 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.05% | 68,863,070 | |||||||
TOTAL NET ASSETS – 100.00% | $ | 6,541,140,995 | ||||||
|
|
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
(1) | Non-income producing security. |
(2) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of the security totals $17,305,555, which represents 0.26% of total net assets. |
(3) | Represents annualized seven-day yield as of the close of the reporting period. |
(4) | Amount calculated is less than 0.005%. |
The accompanying notes are an integral part of this Schedule of Investments.
1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
a) Investment Valuation Policies – The Net Asset Value (“NAV”) of the Funds’ shares are generally valued as of the close of the regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open. The NAV per share of each Fund is computed by dividing the total net assets of the Fund by the total number of shares outstanding. For purposes of calculating the NAV, portfolio securities and derivative instruments are valued using valuation methods adopted by the Trust’s Board of Trustees (the “Board”).
The Board has delegated responsibility for applying approved valuation policies to the Adviser. The Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Adviser performs a series of activities to provide reasonable assurance of the accuracy of the prices utilized including: periodic vendor due diligence meetings and reviewing the results of back testing on a monthly basis. The Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
The Board has approved a Valuation Committee whose function is to monitor the valuation of portfolio securities and derivative instruments and determine in good faith the fair value of the Funds’ holdings after considering all relevant factors. The Valuation Committee is generally responsible for overseeing the day-to-day valuation processes and is authorized to make all necessary determinations to fair value the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers, dealers or independent pricing services are unreliable.
Additionally, the Board has adopted valuation procedures that allow for the use of fair value pricing in appropriate circumstances. For example, such circumstances may arise when trading in a security has been halted or suspended, when a security has been delisted from a national exchange, when a security has not been traded for an extended period of time, or when a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time a Fund calculates its own share price. If there is no price, or in the Adviser’s determination the price provided for a security by an independent pricing agent or broker does not represent fair value, then the security will be fair valued in accordance with procedures adopted by the Board. Thinly traded securities and certain foreign securities may be impacted more by the use of fair valuations than other securities. In using fair value pricing, a Fund attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. When using fair value to price securities, a Fund may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value.
b) Fair Value Hierarchy – The Funds have performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the following three broad categories:
• | Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities. |
• | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include, but are not limited to, quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets. |
• | Level 3 – Significant unobservable inputs (including the Fund’s own assumptions). |
c) Valuation Techniques – Fixed-income securities, including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds (other than short-term securities) are valued using that day’s bid price provided by an independent pricing service. Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yields and other relevant data relating to investments or securities with similar characteristics. The independent pricing service’s internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, trade information, market color, credit risks/spreads, default rates and quoted prices for similar assets and the securities’ terms and conditions. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 of the fair value hierarchy.
Mortgage- and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data and packaged collateral performance, as available. Mortgage- and asset-backed securities that use such valuation techniques and inputs are typically categorized as Level 2.
Short-term securities without a vendor price and with 60 days or less remaining to maturity when acquired by a Fund are generally valued on an amortized cost basis, which approximates fair value. These securities are typically categorized as Level 2 in the fair value hierarchy.
Equity securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. These valuations are typically categorized as Level 1 in the fair value hierarchy. Securities traded on an exchange for which there have been no sales are valued at the mean between the last bid and ask price on such day. Securities and financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective securities in accordance with procedures adopted by the Board and are classified as Level 2 or Level 3 depending on the observability of inputs.
Foreign securities, currencies and other assets denominated in currencies other than U.S. dollars are translated to U.S. dollars using exchange rates obtained from independent pricing services. All assets denominated in foreign currencies are converted to U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern time.
Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.
Open-ended mutual funds (including money market funds) are valued at the end of the day’s net asset value and are categorized as Level 1 of the fair value hierarchy.
Exchange traded financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales or settlement price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. If there was no sale activity, the financial derivative is valued at the mean between the highest bid and lowest ask price on the relevant exchange closest to the close of the NYSE and are categorized as Level 2.
OTC derivatives, including forward foreign currency exchange contracts and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. These securities are typically categorized as Level 2 of the fair value hierarchy.
The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.
Centrally cleared credit default and interest rate swap contracts are valued daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract. These securities are typically categorized as Level 2 of the fair value hierarchy.
The Funds value the repurchase agreements they have entered based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral). These securities are typically categorized as Level 2 of the fair value hierarchy.
Bridge Builder Large Cap Growth Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 668,868,924 | $ | 15,501,834 | $ | — | $ | 684,370,758 | ||||||||
Consumer Discretionary | 1,069,257,449 | 21,490,039 | — | 1,090,747,488 | ||||||||||||
Consumer Staples | 306,200,229 | — | — | 306,200,229 | ||||||||||||
Energy | 47,200,314 | — | — | 47,200,314 | ||||||||||||
Financials | 295,568,411 | — | — | 295,568,411 | ||||||||||||
Health Care | 1,120,670,649 | — | — | 1,120,670,649 | ||||||||||||
Industrials | 301,998,627 | — | — | 301,998,627 | ||||||||||||
Information Technology | 2,166,281,472 | — | — | 2,166,281,472 | ||||||||||||
Materials | 148,681,663 | — | — | 148,681,663 | ||||||||||||
Real Estate | 139,455,707 | — | — | 139,455,707 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 170,946,189 | — | — | 170,946,189 | ||||||||||||
Time Deposits | — | 156,418 | — | 156,418 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 6,435,129,634 | $ | 37,148,291 | $ | — | $ | 6,472,277,925 | ||||||||
|
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|
|
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|
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