Bridge Builder Large Cap Value Fund
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 97.10% | ||||||||
Communication Services – 5.32% | ||||||||
Activision Blizzard, Inc.(1) | 56,355 | $ | 3,351,995 | |||||
Alphabet, Inc. - Class C(1) | 110,081 | 128,003,288 | ||||||
AT&T, Inc. | 574,353 | 16,742,390 | ||||||
CenturyLink, Inc. | 85,785 | 811,526 | ||||||
Charter Communications, Inc. - Class A(1) | 4,861 | 2,120,903 | ||||||
Cinemark Holdings, Inc. | 8,252 | 84,088 | ||||||
Comcast Corp. - Class A | 4,285,662 | 147,341,060 | ||||||
Discovery, Inc. - Class A(1) | 12,315 | 239,404 | ||||||
Discovery, Inc. - Class C(1) | 26,556 | 465,792 | ||||||
DISH Network Corp. - Class A(1) | 20,325 | 406,297 | ||||||
Electronic Arts, Inc.(1) | 2,199 | 220,274 | ||||||
Facebook, Inc. - Class A(1) | 459,255 | 76,603,734 | ||||||
Fox Corp. - Class A | 24,216 | 572,224 | ||||||
Fox Corp. - Class B | 11,184 | 255,890 | ||||||
GCI Liberty, Inc. - Class A(1) | 84,399 | 4,808,211 | ||||||
InterActiveCorp(1) | 2,444 | 438,038 | ||||||
Interpublic Group of Companies, Inc. | 27,465 | 444,658 | ||||||
John Wiley & Sons, Inc. - Class A | 3,454 | 129,490 | ||||||
Liberty Broadband Corp. - Class A(1) | 1,937 | 207,259 | ||||||
Liberty Broadband Corp. - Class C(1) | 8,291 | 917,979 | ||||||
Liberty Media Corp.-Liberty Formula One - Class A(1) | 2,069 | 53,422 | ||||||
Liberty Media Corp.-Liberty Formula One - Class C(1) | 15,447 | 420,622 | ||||||
Liberty Media Corp.-Liberty SiriusXM - Class A(1) | 6,597 | 209,059 | ||||||
Liberty Media Corp.-Liberty SiriusXM - Class C(1) | 12,066 | 381,527 | ||||||
Lions Gate Entertainment Corp. - Class A(1) | 3,979 | 24,192 | ||||||
Lions Gate Entertainment Corp. - Class B(1) | 9,087 | 50,705 | ||||||
Madison Square Garden Co. - Class A(1) | 1,314 | 277,793 | ||||||
New York Times Co. - Class A | 10,402 | 319,445 | ||||||
News Corp. - Class A | 29,968 | 268,963 | ||||||
News Corp. - Class B | 9,482 | 85,243 | ||||||
Nexstar Media Group, Inc. - Class A | 740 | 42,720 | ||||||
Omnicom Group, Inc. | 7,933 | 435,522 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 236 | 3,795 | ||||||
Sprint Corp.(1) | 44,578 | 384,262 | ||||||
Take-Two Interactive Software, Inc.(1) | 4,724 | 560,314 | ||||||
Telephone & Data Systems, Inc. | 7,633 | 127,929 | ||||||
T-Mobile US, Inc.(1) | 11,762 | 986,832 | ||||||
TripAdvisor, Inc. | 655 | 11,390 | ||||||
United States Cellular Corp.(1) | 1,235 | 36,173 | ||||||
Verizon Communications, Inc. | 325,585 | 17,493,682 | ||||||
ViacomCBS, Inc. - Class A | 500 | 8,915 | ||||||
ViacomCBS, Inc. - Class B | 1,362,676 | 19,091,091 | ||||||
Walt Disney Co. | 137,348 | 13,267,817 | ||||||
Zillow Group, Inc. - Class A(1) | 4,349 | 147,736 | ||||||
Zillow Group, Inc. - Class C(1) | 9,989 | 359,804 | ||||||
Zynga, Inc. - Class A(1) | 53,032 | 363,269 | ||||||
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Total Communication Services | 439,576,722 | |||||||
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Consumer Discretionary – 11.54% | ||||||||
Aaron’s, Inc. | 521,279 | 11,874,736 | ||||||
Advance Auto Parts, Inc. | 470,546 | 43,911,353 | ||||||
Aptiv Plc | 18,885 | 929,897 |
Aramark | 1,808,155 | 36,108,855 | ||||||
AutoNation, Inc.(1) | 1,677,040 | 47,057,742 | ||||||
Best Buy, Inc. | 13,863 | 790,191 | ||||||
Booking Holdings, Inc.(1) | 64,499 | 86,771,795 | ||||||
BorgWarner, Inc. | 16,269 | 396,476 | ||||||
Brunswick Corp. | 6,222 | 220,072 | ||||||
Caesars Entertainment Corp.(1) | 45,314 | 306,323 | ||||||
Capri Holdings Ltd.(1) | 6,359 | 68,614 | ||||||
CarMax, Inc.(1) | 6,781 | 365,021 | ||||||
Carnival Corp. | 31,578 | 415,882 | ||||||
Carter’s, Inc. | 1,886 | 123,967 | ||||||
Choice Hotels International, Inc. | 1,443 | 88,384 | ||||||
Cie Generale des Etablissements Michelin SCA | 458,984 | 40,200,057 | ||||||
Columbia Sportswear Co. | 764 | 53,304 | ||||||
Dick’s Sporting Goods, Inc. | 4,694 | 99,794 | ||||||
Dollar General Corp. | 390,434 | 58,959,438 | ||||||
Dollar Tree, Inc.(1) | 8,487 | 623,540 | ||||||
DR Horton, Inc. | 26,391 | 897,294 | ||||||
Dunkin’ Brands Group, Inc. | 503 | 26,709 | ||||||
eBay, Inc. | 1,639,848 | 49,293,831 | ||||||
Expedia Group, Inc. | 1,400 | 78,778 | ||||||
Extended Stay America, Inc. | 14,195 | 103,765 | ||||||
Foot Locker, Inc. | 8,194 | 180,678 | ||||||
Ford Motor Co. | 307,454 | 1,485,003 | ||||||
Frontdoor, Inc.(1) | 6,760 | 235,113 | ||||||
Gap, Inc. | 16,596 | 116,836 | ||||||
Garmin Ltd. | 11,436 | 857,243 | ||||||
General Motors Co. | 97,575 | 2,027,609 | ||||||
Gentex Corp. | 19,666 | 435,799 | ||||||
Genuine Parts Co. | 11,043 | 743,525 | ||||||
Goodyear Tire & Rubber Co. | 18,833 | 109,608 | ||||||
Graham Holdings Co. - Class B | 340 | 115,998 | ||||||
Grand Canyon Education, Inc.(1) | 3,332 | 254,182 | ||||||
H&R Block, Inc. | 13,173 | 185,476 | ||||||
Hanesbrands, Inc. | 6,472 | 50,935 | ||||||
Harley-Davidson, Inc. | 11,865 | 224,604 | ||||||
Hilton Grand Vacations, Inc.(1) | 5,733 | 90,409 | ||||||
Home Depot, Inc. | 302,944 | 56,562,674 | ||||||
Hyatt Hotels Corp. - Class A | 2,767 | 132,539 | ||||||
International Game Technology Plc | 8,371 | 49,807 | ||||||
Kohl’s Corp. | 12,174 | 177,619 | ||||||
L Brands, Inc. | 15,018 | 173,608 | ||||||
Las Vegas Sands Corp. | 13,810 | 586,511 | ||||||
Lear Corp. | 4,789 | 389,106 | ||||||
Leggett & Platt, Inc. | 10,186 | 271,763 | ||||||
Lennar Corp. - Class A | 1,343,572 | 51,324,450 | ||||||
Lennar Corp. - Class B | 851 | 24,611 | ||||||
LKQ Corp.(1) | 20,549 | 421,460 | ||||||
Lowes Companies, Inc. | 619,366 | 53,296,444 | ||||||
Macy’s, Inc. | 24,403 | 119,819 | ||||||
Marriott International, Inc. - Class A | 615,405 | 46,038,448 | ||||||
Mattel, Inc.(1) | 8,531 | 75,158 | ||||||
McDonald’s Corp. | 616,886 | 102,002,100 | ||||||
MGM Resorts International | 3,061,258 | 36,122,844 | ||||||
Mohawk Industries, Inc.(1) | 4,604 | 351,009 | ||||||
Newell Brands, Inc. | 29,696 | 394,363 | ||||||
NIKE, Inc. - Class B | 959,281 | 79,370,910 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 13,455 | 147,467 |
Penske Automotive Group, Inc. | 2,729 | 76,412 | ||||||
Polaris Industries, Inc. | 474 | 22,823 | ||||||
PulteGroup, Inc. | 19,912 | 444,436 | ||||||
PVH Corp. | 5,682 | 213,870 | ||||||
Qurate Retail, Inc.(1) | 29,855 | 182,265 | ||||||
Ralph Lauren Corp. - Class A | 3,752 | 250,746 | ||||||
Royal Caribbean Cruises Ltd. | 13,570 | 436,547 | ||||||
SeaWorld Entertainment, Inc.(1) | 2,171,391 | 23,928,729 | ||||||
Service Corp. International | 8,968 | 350,738 | ||||||
ServiceMaster Global Holdings, Inc.(1) | 8,869 | 239,463 | ||||||
Six Flags Entertainment Corp. | 5,614 | 70,400 | ||||||
Skechers U.S.A., Inc. - Class A(1) | 6,464 | 153,455 | ||||||
Tapestry, Inc. | 21,452 | 277,803 | ||||||
Target Corp. | 36,487 | 3,392,196 | ||||||
Thor Industries, Inc. | 4,169 | 175,848 | ||||||
Tiffany & Co. | 9,482 | 1,227,919 | ||||||
TJX Companies, Inc. | 1,668,161 | 79,754,777 | ||||||
Toll Brothers, Inc. | 9,310 | 179,218 | ||||||
Under Armour, Inc. - Class A(1) | 5,512 | 50,766 | ||||||
Under Armour, Inc. - Class C(1) | 5,970 | 48,118 | ||||||
Urban Outfitters, Inc.(1) | 5,425 | 77,252 | ||||||
Vail Resorts, Inc. | 313 | 46,233 | ||||||
VF Corp. | 487,373 | 26,357,132 | ||||||
Whirlpool Corp. | 4,829 | 414,328 | ||||||
Williams-Sonoma, Inc. | 4,935 | 209,836 | ||||||
Wyndham Destinations, Inc. | 6,890 | 149,513 | ||||||
Wyndham Hotels & Resorts, Inc. | 5,043 | 158,905 | ||||||
Wynn Resorts Ltd. | 1,293 | 77,826 | ||||||
Yum China Holdings, Inc. | 5,555 | 236,810 | ||||||
Yum! Brands, Inc. | 2,612 | 179,000 | ||||||
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Total Consumer Discretionary | 954,294,910 | |||||||
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Consumer Staples – 8.62% | ||||||||
Altria Group, Inc. | 1,775,639 | 68,663,960 | ||||||
Archer-Daniels-Midland Co. | 43,760 | 1,539,477 | ||||||
Beyond Meat Inc.(1) | 3,767 | 250,882 | ||||||
Brown-Forman Corp. - Class A | 193 | 9,916 | ||||||
Brown-Forman Corp. - Class B | 870 | 48,294 | ||||||
Bunge Ltd. | 10,841 | 444,806 | ||||||
Campbell Soup Co. | 5,705 | 263,343 | ||||||
Casey’s General Stores, Inc. | 2,179 | 288,696 | ||||||
Clorox Co. | 1,809 | 313,409 | ||||||
Coca-Cola Co. | 2,136,034 | 94,519,504 | ||||||
Coca-Cola European Partners Plc | 1,380,789 | 51,821,011 | ||||||
Colgate-Palmolive Co. | 1,256,557 | 83,385,123 | ||||||
Conagra Brands, Inc. | 37,889 | 1,111,663 | ||||||
Constellation Brands, Inc. - Class A | 12,459 | 1,786,122 | ||||||
Costco Wholesale Corp. | 147,096 | 41,941,482 | ||||||
Coty, Inc. - Class A | 22,968 | 118,515 | ||||||
Diageo Plc - ADR | 449,570 | 57,149,338 | ||||||
Energizer Holdings, Inc. | 5,009 | 151,522 | ||||||
Flowers Foods, Inc. | 15,089 | 309,626 | ||||||
General Mills, Inc. | 47,576 | 2,510,586 | ||||||
Grocery Outlet Holding Corp.(1) | 3,462 | 118,885 | ||||||
Hain Celestial Group, Inc.(1) | 6,328 | 164,338 | ||||||
Herbalife Nutrition Ltd.(1) | 6,600 | 192,456 | ||||||
Hershey Co. | 1,462 | 193,715 | ||||||
Hormel Foods Corp. | 21,827 | 1,018,011 | ||||||
Ingredion, Inc. | 5,237 | 395,394 |
Kellogg Co. | 11,932 | 715,801 | ||||||
Keurig Dr Pepper, Inc. | 18,747 | 454,990 | ||||||
Kimberly-Clark Corp. | 26,845 | 3,432,670 | ||||||
Kraft Heinz Co. | 49,048 | 1,213,448 | ||||||
Kroger Co. | 62,437 | 1,880,602 | ||||||
Lamb Weston Holdings, Inc. | 8,558 | 488,662 | ||||||
McCormick & Co., Inc. | 3,422 | 483,221 | ||||||
Molson Coors Brewing Co. - Class B | 13,644 | 532,252 | ||||||
Mondelez International, Inc. - Class A | 111,794 | 5,598,644 | ||||||
Nu Skin Enterprises, Inc. - Class A | 4,151 | 90,699 | ||||||
PepsiCo, Inc. | 575,859 | 69,160,666 | ||||||
Philip Morris International, Inc. | 973,695 | 71,040,787 | ||||||
Pilgrim’s Pride Corp.(1) | 2,755 | 49,921 | ||||||
Post Holdings, Inc.(1) | 2,789 | 231,403 | ||||||
Procter & Gamble Co. | 814,623 | 89,608,530 | ||||||
Reynolds Consumer Products, Inc. | 2,098 | 61,199 | ||||||
Seaboard Corp. | 21 | 59,069 | ||||||
Spectrum Brands Holdings, Inc. | 3,678 | 133,769 | ||||||
Sprouts Farmers Market, Inc.(1) | 4,822 | 89,641 | ||||||
Swedish Match AB | 340,670 | 19,288,619 | ||||||
Swedish Match AB - ADR | 767,722 | 21,979,881 | ||||||
The J.M. Smucker Co. | 8,632 | 958,152 | ||||||
TreeHouse Foods, Inc.(1) | 3,602 | 159,028 | ||||||
Tyson Foods, Inc. - Class A | 22,608 | 1,308,325 | ||||||
US Foods Holding Corp.(1) | 17,227 | 305,090 | ||||||
Walgreens Boots Alliance, Inc. | 59,250 | 2,710,688 | ||||||
Walmart, Inc. | 109,318 | 12,420,711 | ||||||
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Total Consumer Staples | 713,166,542 | |||||||
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Energy – 2.30% | ||||||||
Antero Midstream Corp. | 18,822 | 39,526 | ||||||
Antero Resources Corp.(1) | 20,854 | 14,867 | ||||||
Apache Corp. | 29,595 | 123,707 | ||||||
Apergy Corp.(1) | 6,911 | 39,738 | ||||||
Baker Hughes a GE Co. - Class A | 51,449 | 540,214 | ||||||
Cabot Oil & Gas Corp. | 11,914 | 204,802 | ||||||
Centennial Resource Development, Inc. - Class A(1) | 12,973 | 3,412 | ||||||
Cheniere Energy, Inc.(1) | 7,723 | 258,720 | ||||||
Chesapeake Energy Corp.(1) | 90,155 | 15,570 | ||||||
Chevron Corp. | 582,948 | 42,240,412 | ||||||
Cimarex Energy Co. | 7,614 | 128,144 | ||||||
Concho Resources, Inc. | 15,621 | 669,360 | ||||||
ConocoPhillips | 85,410 | 2,630,628 | ||||||
Continental Resources, Inc. | 6,872 | 52,502 | ||||||
Devon Energy Corp. | 29,723 | 205,386 | ||||||
Diamondback Energy, Inc. | 9,988 | 261,686 | ||||||
EOG Resources, Inc. | 614,872 | 22,086,202 | ||||||
EQT Corp. | 19,465 | 137,618 | ||||||
Equitrans Midstream Corp. | 14,136 | 71,104 | ||||||
Exxon Mobil Corp. | 333,024 | 12,644,921 | ||||||
Halliburton Co. | 67,801 | 464,437 | ||||||
Helmerich & Payne, Inc. | 8,163 | 127,751 | ||||||
Hess Corp. | 1,070,521 | 35,648,349 | ||||||
HollyFrontier Corp. | 11,735 | 287,625 | ||||||
Kinder Morgan, Inc. | 153,401 | 2,135,342 | ||||||
Kosmos Energy Ltd. | 34,913 | 31,268 | ||||||
Marathon Oil Corp. | 63,933 | 210,340 | ||||||
Marathon Petroleum Corp. | 50,591 | 1,194,959 | ||||||
Murphy Oil Corp. | 10,677 | 65,450 |
National Oilwell Varco, Inc. | 29,885 | 293,769 | ||||||
Noble Energy, Inc. | 36,771 | 222,097 | ||||||
Occidental Petroleum Corp. | 70,720 | 818,938 | ||||||
ONEOK, Inc. | 22,156 | 483,222 | ||||||
Parsley Energy, Inc. - Class A | 10,293 | 58,979 | ||||||
Patterson-UTI Energy, Inc. | 13,866 | 32,585 | ||||||
PBF Energy, Inc. - Class A | 9,172 | 64,938 | ||||||
Phillips 66 | 603,238 | 32,363,719 | ||||||
Pioneer Natural Resources Co. | 7,458 | 523,179 | ||||||
Range Resources Corp. | 15,058 | 34,332 | ||||||
Schlumberger Ltd. | 108,918 | 1,469,304 | ||||||
Targa Resources Corp. | 18,062 | 124,808 | ||||||
Transocean Ltd.(1) | 46,151 | 53,535 | ||||||
Valero Energy Corp. | 663,041 | 30,075,540 | ||||||
Williams Cos, Inc. | 95,359 | 1,349,330 | ||||||
WPX Energy, Inc.(1) | 32,282 | 98,460 | ||||||
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Total Energy | 190,600,775 | |||||||
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Financials – 17.20% | ||||||||
Affiliated Managers Group, Inc. | 3,891 | 230,114 | ||||||
Aflac, Inc. | 57,097 | 1,955,001 | ||||||
AGNC Investment Corp. | 42,459 | 449,216 | ||||||
Alleghany Corp. | 983 | 542,960 | ||||||
Allstate Corp. | 25,016 | 2,294,718 | ||||||
Ally Financial, Inc. | 29,612 | 427,301 | ||||||
American Express Co. | 1,383,298 | 118,424,142 | ||||||
American Financial Group, Inc. | 5,764 | 403,941 | ||||||
American International Group, Inc. | 1,298,448 | 31,487,364 | ||||||
American National Insurance Co. | 631 | 51,982 | ||||||
Ameriprise Financial, Inc. | 8,580 | 879,278 | ||||||
Annaly Capital Management, Inc. | 112,238 | 569,047 | ||||||
Arch Capital Group Ltd.(1) | 1,576,545 | 44,868,471 | ||||||
Arthur J. Gallagher & Co. | 11,571 | 943,152 | ||||||
Associated Banc-Corp. | 12,323 | 157,611 | ||||||
Assurant, Inc. | 4,766 | 496,093 | ||||||
Assured Guaranty Ltd. | 7,407 | 191,026 | ||||||
Athene Holding Ltd. - Class A(1) | 6,397 | 158,774 | ||||||
Axis Capital Holdings Ltd. | 5,762 | 222,701 | ||||||
Bank of America Corp. | 628,869 | 13,350,889 | ||||||
Bank of Hawaii Corp. | 3,103 | 171,410 | ||||||
Bank of New York Mellon Corp. | 1,116,681 | 37,609,816 | ||||||
Bank OZK | 9,726 | 162,424 | ||||||
BankUnited, Inc. | �� | 7,233 | 135,257 | |||||
Berkshire Hathaway, Inc. - Class B(1) | 1,047,684 | 191,548,066 | ||||||
BGC Partners, Inc. - Class A | 22,490 | 56,675 | ||||||
BlackRock, Inc. - Class A | 109,608 | 48,224,232 | ||||||
BOK Financial Corp. | 2,603 | 110,784 | ||||||
Brighthouse Financial, Inc.(1) | 8,289 | 200,345 | ||||||
Brown & Brown, Inc. | 17,515 | 634,393 | ||||||
Capital One Financial Corp. | 35,728 | 1,801,406 | ||||||
CBOE Global Markets, Inc. | 6,512 | 581,196 | ||||||
Charles Schwab Corp. | 36,232 | 1,218,120 | ||||||
Chimera Investment Corp. | 14,906 | 135,645 | ||||||
Chubb Ltd. | 1,070,212 | 119,531,978 | ||||||
Cincinnati Financial Corp. | 11,962 | 902,533 | ||||||
CIT Group, Inc. | 6,838 | 118,024 | ||||||
Citigroup, Inc. | 1,693,655 | 71,336,749 | ||||||
Citizens Financial Group, Inc. | 34,162 | 642,587 | ||||||
CME Group, Inc. - Class A | 27,845 | 4,814,679 |
CNA Financial Corp. | 2,155 | 66,891 | ||||||
Comerica, Inc. | 10,440 | 306,310 | ||||||
Commerce Bancshares, Inc. | 7,897 | 397,614 | ||||||
Credit Acceptance Corp.(1) | 105 | 26,847 | ||||||
Cullen/Frost Bankers, Inc. | 4,438 | 247,596 | ||||||
Discover Financial Services | 15,882 | 566,511 | ||||||
E*TRADE Financial Corp. | 1,350,222 | 46,339,619 | ||||||
East West Bancorp, Inc. | 11,496 | 295,907 | ||||||
Eaton Vance Corp. | 8,432 | 271,932 | ||||||
Equitable Holdings, Inc. | 32,709 | 472,645 | ||||||
Erie Indemnity Co. - Class A | 681 | 100,951 | ||||||
Evercore, Inc. - Class A | 1,971 | 90,784 | ||||||
Everest Re Group Ltd. | 2,192 | 421,785 | ||||||
Fidelity National Financial, Inc. | 1,252,362 | 31,158,767 | ||||||
Fifth Third Bancorp | 55,786 | 828,422 | ||||||
First American Financial Corp. | 8,341 | 353,742 | ||||||
First Citizens BancShares, Inc. - Class A | 552 | 183,744 | ||||||
First Hawaiian, Inc. | 10,074 | 166,523 | ||||||
First Horizon National Corp. | 24,095 | 194,206 | ||||||
First Republic Bank | 10,943 | 900,390 | ||||||
FNB Corp. | 25,594 | 188,628 | ||||||
Franklin Resources, Inc. | 21,663 | 361,555 | ||||||
Globe Life, Inc. | 8,348 | 600,806 | ||||||
Goldman Sachs Group, Inc. | 356,164 | 55,059,393 | ||||||
Hanover Insurance Group, Inc. | 2,987 | 270,562 | ||||||
Hartford Financial Services Group, Inc. | 28,071 | 989,222 | ||||||
Huntington Bancshares, Inc. | 79,749 | 654,739 | ||||||
Interactive Brokers Group, Inc. - Class A | 4,344 | 187,530 | ||||||
Intercontinental Exchange, Inc. | 26,005 | 2,099,904 | ||||||
Invesco Ltd. | 29,580 | 268,586 | ||||||
Janus Henderson Group Plc | 12,296 | 188,375 | ||||||
Jefferies Financial Group, Inc. | 2,274,033 | 31,086,031 | ||||||
JPMorgan Chase & Co. | 885,015 | 79,677,900 | ||||||
Kemper Corp. | 4,052 | 301,347 | ||||||
KeyCorp | 77,268 | 801,269 | ||||||
Lazard Ltd. - Class A | 5,171 | 121,829 | ||||||
Legg Mason, Inc. | 6,744 | 329,444 | ||||||
Lincoln National Corp. | 15,623 | 411,197 | ||||||
Loews Corp. | 19,395 | 675,528 | ||||||
M&T Bank Corp. | 10,233 | 1,058,399 | ||||||
Markel Corp.(1) | 978 | 907,476 | ||||||
Marsh & McLennan Companies, Inc. | 693,373 | 59,949,030 | ||||||
Mercury General Corp. | 2,207 | 89,869 | ||||||
MetLife, Inc. | 61,152 | 1,869,417 | ||||||
MFA Financial, Inc. | 34,709 | 53,799 | ||||||
MGIC Investment Corp. | 27,487 | 174,542 | ||||||
Morgan Stanley | 91,528 | 3,111,952 | ||||||
Nasdaq, Inc. | 9,017 | 856,164 | ||||||
Navient Corp. | 1,967,059 | 14,910,307 | ||||||
New Residential Investment Corp. | 31,832 | 159,478 | ||||||
New York Community Bancorp, Inc. | 5,038,156 | 47,308,285 | ||||||
Northern Trust Corp. | 479,685 | 36,197,030 | ||||||
Old Republic International Corp. | 22,361 | 341,005 | ||||||
OneMain Holdings, Inc. - Class A | 4,917 | 94,013 | ||||||
PacWest Bancorp | 9,173 | 164,380 | ||||||
People’s United Financial, Inc. | 34,337 | 379,424 | ||||||
Pinnacle Financial Partners, Inc. | 5,822 | 218,558 | ||||||
PNC Financial Services Group, Inc. | 508,194 | 48,644,330 |
Popular, Inc. | 7,283 | 254,905 | ||||||
Primerica, Inc. | 918 | 81,225 | ||||||
Principal Financial Group, Inc. | 21,396 | 670,551 | ||||||
Prosperity Bancshares, Inc. | 6,432 | 310,344 | ||||||
Prudential Financial, Inc. | 31,184 | 1,625,934 | ||||||
Raymond James Financial, Inc. | 7,490 | 473,368 | ||||||
Regions Financial Corp. | 75,770 | 679,657 | ||||||
Reinsurance Group of America, Inc. - Class A | 4,908 | 412,959 | ||||||
RenaissanceRe Holdings Ltd. | 2,113 | 315,513 | ||||||
Santander Consumer USA Holdings, Inc. | 8,015 | 111,489 | ||||||
SEI Investments Co. | 5,199 | 240,922 | ||||||
Signature Bank | 2,077 | 166,970 | ||||||
SLM Corp. | 4,426,323 | 31,825,262 | ||||||
Starwood Property Trust, Inc. | 21,515 | 220,529 | ||||||
State Street Corp. | 28,032 | 1,493,265 | ||||||
Sterling Bancorp | 15,071 | 157,492 | ||||||
SVB Financial Group(1) | 3,767 | 569,118 | ||||||
Synchrony Financial | 3,326,464 | 53,522,806 | ||||||
Synovus Financial Corp. | 10,179 | 178,743 | ||||||
T Rowe Price Group, Inc. | 12,877 | 1,257,439 | ||||||
TCF Financial Corp. | 11,837 | 268,226 | ||||||
TD Ameritrade Holding Corp. | 2,707 | 93,825 | ||||||
Texas Capital Bancshares, Inc.(1) | 3,813 | 84,534 | ||||||
TFS Financial Corp. | 3,623 | 55,323 | ||||||
The Progressive Corp. | 30,844 | 2,277,521 | ||||||
Travelers Companies, Inc. | 16,786 | 1,667,689 | ||||||
Truist Financial Corp. | 722,397 | 22,278,723 | ||||||
Two Harbors Investment Corp. | 20,667 | 78,741 | ||||||
Umpqua Holdings Corp. | 17,434 | 190,031 | ||||||
Unum Group | 15,790 | 237,008 | ||||||
US Bancorp | 685,842 | 23,627,257 | ||||||
Virtu Financial, Inc. - Class A | 2,260 | 47,053 | ||||||
Voya Financial, Inc. | 9,807 | 397,674 | ||||||
Webster Financial Corp. | 7,253 | 166,094 | ||||||
Wells Fargo & Co. | 1,421,138 | 40,786,661 | ||||||
Western Alliance Bancorp | 6,700 | 205,087 | ||||||
White Mountains Insurance Group Ltd. | 243 | 221,130 | ||||||
Willis Towers Watson Plc | 362,018 | 61,488,757 | ||||||
Wintrust Financial Corp. | 4,530 | 148,856 | ||||||
WR Berkley Corp. | 11,353 | 592,286 | ||||||
Zions Bancorp N.A. | 12,817 | 342,983 | ||||||
|
| |||||||
Total Financials | 1,422,016,539 | |||||||
|
| |||||||
Healthcare – 14.37% | ||||||||
Abbott Laboratories | 76,812 | 6,061,235 | ||||||
Acadia Healthcare Co., Inc.(1) | 6,716 | 123,239 | ||||||
Adaptive Biotechnologies Corp.(1) | 1,440 | 40,003 | ||||||
Agilent Technologies, Inc. | 22,025 | 1,577,431 | ||||||
Agios Pharmaceuticals, Inc.(1) | 4,304 | 152,706 | ||||||
Alexion Pharmaceuticals, Inc.(1) | 4,104 | 368,498 | ||||||
Alkermes Plc(1) | 12,012 | 173,213 | ||||||
Allergan Plc | 437,745 | 77,524,640 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 1,373 | 149,451 | ||||||
Amgen, Inc. | 224,513 | 45,515,521 | ||||||
Anthem, Inc. | 237,984 | 54,031,887 | ||||||
Avantor, Inc.(1) | 7,203 | 89,965 | ||||||
Baxter International, Inc. | 738,338 | 59,945,662 | ||||||
Becton Dickinson & Co. | 19,268 | 4,427,208 | ||||||
Biogen, Inc.(1) | 8,972 | 2,838,561 |
Bio-Rad Laboratories, Inc. - Class A(1) | 1,656 | 580,527 | ||||||
Bluebird Bio, Inc.(1) | 4,270 | 196,249 | ||||||
Bristol Myers Squibb Co. | 75,972 | 4,234,679 | ||||||
Cantel Medical Corp. | 1,363 | 48,932 | ||||||
Cardinal Health, Inc. | 22,979 | 1,101,613 | ||||||
Catalent, Inc.(1) | 12,004 | 623,608 | ||||||
Centene Corp.(1) | 6,551 | 389,195 | ||||||
Change Healthcare, Inc.(1) | 8,423 | 84,146 | ||||||
Cigna Corp. | 20,001 | 3,543,777 | ||||||
Covetrus, Inc.(1) | 8,325 | 67,766 | ||||||
CVS Health Corp. | 944,352 | 56,028,404 | ||||||
Danaher Corp. | 461,661 | 63,898,499 | ||||||
DaVita, Inc.(1) | 6,807 | 517,740 | ||||||
Dentsply Sirona, Inc. | 17,469 | 678,321 | ||||||
Elanco Animal Health, Inc.(1) | 31,133 | 697,068 | ||||||
Encompass Health Corp. | 3,838 | 245,747 | ||||||
Envista Holdings Corp.(1) | 2,790,654 | 41,692,371 | ||||||
Exelixis, Inc.(1) | 13,856 | 238,600 | ||||||
Fresenius Medical Care AG & Co. KGaA | 999,177 | 65,222,271 | ||||||
Gilead Sciences, Inc. | 85,886 | 6,420,837 | ||||||
HCA Healthcare, Inc. | 8,461 | 760,221 | ||||||
Henry Schein, Inc.(1) | 10,033 | 506,867 | ||||||
Hill-Rom Holdings, Inc. | 2,515 | 253,009 | ||||||
Hologic, Inc.(1) | 638,181 | 22,400,153 | ||||||
Horizon Therapeutics Plc(1) | 12,856 | 380,795 | ||||||
Humana, Inc. | 5,940 | 1,865,279 | ||||||
ICU Medical, Inc.(1) | 1,064 | 214,683 | ||||||
Integra LifeSciences Holdings Corp.(1) | 5,495 | 245,462 | ||||||
IQVIA Holdings, Inc.(1) | 7,985 | 861,262 | ||||||
Jazz Pharmaceuticals Plc(1) | 471 | 46,978 | ||||||
Johnson & Johnson | 886,592 | 116,258,809 | ||||||
Laboratory Corp. of America Holdings(1) | 7,150 | 903,689 | ||||||
McKesson Corp. | 11,293 | 1,527,491 | ||||||
MEDNAX, Inc.(1) | 6,527 | 75,974 | ||||||
Medtronic Plc | 2,230,490 | 201,145,588 | ||||||
Merck & Co., Inc. | 993,893 | 76,470,127 | ||||||
Moderna, Inc.(1) | 1,619 | 48,489 | ||||||
Molina Healthcare, Inc.(1) | 1,025 | 143,203 | ||||||
Mylan NV(1) | 40,499 | 603,840 | ||||||
Nektar Therapeutics - Class A(1) | 11,346 | 202,526 | ||||||
PerkinElmer, Inc. | 6,749 | 508,065 | ||||||
Perrigo Co. Plc | 9,849 | 473,638 | ||||||
Pfizer, Inc. | 437,677 | 14,285,777 | ||||||
PPD, Inc.(1) | 2,090 | 37,223 | ||||||
Premier, Inc. - Class A(1) | 4,974 | 162,749 | ||||||
QIAGEN NV(1) | 17,371 | 722,634 | ||||||
Quest Diagnostics, Inc. | 10,464 | 840,259 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 5,103 | 2,491,744 | ||||||
Sanofi - ADR | 1,761,523 | 77,013,786 | ||||||
STERIS Plc | 6,168 | 863,335 | ||||||
The Cooper Companies, Inc. | 3,307 | 911,641 | ||||||
Thermo Fisher Scientific, Inc. | 10,005 | 2,837,418 | ||||||
United Therapeutics Corp.(1) | 3,351 | 317,759 | ||||||
UnitedHealth Group, Inc. | 643,229 | 160,408,448 | ||||||
Universal Health Services, Inc. - Class B | 6,146 | 608,946 | ||||||
West Pharmaceutical Services, Inc. | 1,418 | 215,891 | ||||||
Zimmer Biomet Holdings, Inc. | 16,117 | 1,629,106 | ||||||
|
| |||||||
Total Healthcare | 1,188,772,434 | |||||||
|
|
Industrials – 15.50% | ||||||||
3M Co. | 263,113 | 35,917,556 | ||||||
Acuity Brands, Inc. | 2,288 | 195,990 | ||||||
ADT, Inc. | 8,382 | 36,210 | ||||||
AECOM(1) | 11,752 | 350,797 | ||||||
AGCO Corp. | 4,848 | 229,068 | ||||||
Air Lease Corp. - Class A | 2,734,791 | 60,548,273 | ||||||
Airbus SE | 116,674 | 7,523,361 | ||||||
Airbus SE - ADR | 1,606,070 | 25,938,031 | ||||||
Alaska Air Group, Inc. | 5,142 | 146,393 | ||||||
Allegion Plc | 1,815 | 167,016 | ||||||
AMERCO | 706 | 205,128 | ||||||
American Airlines Group, Inc. | 27,619 | 336,676 | ||||||
AMETEK, Inc. | 3,661 | 263,665 | ||||||
AO Smith Corp. | 8,913 | 337,001 | ||||||
Arconic, Inc. | 30,326 | 487,036 | ||||||
BWX Technologies, Inc. | 782,153 | 38,098,673 | ||||||
Canadian National Railway Co. | 783,531 | 60,825,512 | ||||||
Carlisle Companies, Inc. | 605 | 75,794 | ||||||
Caterpillar, Inc. | 38,870 | 4,510,475 | ||||||
CH Robinson Worldwide, Inc. | 2,468 | 163,382 | ||||||
Clean Harbors, Inc.(1) | 4,020 | 206,387 | ||||||
Colfax Corp.(1) | 7,191 | 142,382 | ||||||
Copa Holdings SA - Class A | 2,396 | 108,515 | ||||||
CoreLogic, Inc. | 5,940 | 181,408 | ||||||
Crane Co. | 3,932 | 193,376 | ||||||
CSX Corp. | 37,126 | 2,127,320 | ||||||
Cummins, Inc. | 11,529 | 1,560,104 | ||||||
Curtiss-Wright Corp. | 3,306 | 305,507 | ||||||
Deere & Co. | 688,911 | 95,179,944 | ||||||
Delta Air Lines, Inc. | 35,792 | 1,021,146 | ||||||
Dover Corp. | 6,391 | 536,461 | ||||||
Eaton Corp. Plc | 32,450 | 2,521,041 | ||||||
Emerson Electric Co. | 43,963 | 2,094,837 | ||||||
Equifax, Inc. | 1,418 | �� | 169,380 | |||||
Expeditors International of Washington, Inc. | 3,814 | 254,470 | ||||||
Fastenal Co. | 4,216 | 131,750 | ||||||
FedEx Corp. | 579,700 | 70,294,422 | ||||||
Flowserve Corp. | 8,022 | 191,646 | ||||||
Fluor Corp. | 10,813 | 74,718 | ||||||
Fortive Corp. | 18,022 | 994,634 | ||||||
Fortune Brands Home & Security, Inc. | 7,537 | 325,975 | ||||||
Gates Industrial Corp. Plc(1) | 3,281 | 24,214 | ||||||
General Dynamics Corp. | 498,695 | 65,982,335 | ||||||
General Electric Co. | 7,406,968 | 58,811,326 | ||||||
GrafTech International Ltd. | 4,132 | 33,552 | ||||||
HD Supply Holdings, Inc.(1) | 12,645 | 359,497 | ||||||
Hexcel Corp. | 550 | 20,454 | ||||||
Honeywell International, Inc. | 388,446 | 51,970,190 | ||||||
Hubbell, Inc. - Class B | 1,900 | 218,006 | ||||||
Huntington Ingalls Industries, Inc. | 625 | 113,881 | ||||||
IAA, Inc.(1) | 996 | 29,840 | ||||||
IDEX Corp. | 2,966 | 409,634 | ||||||
IHS Markit Ltd. | 11,355 | 681,300 | ||||||
Ingersoll Rand, Inc.(1) | 11,352 | 281,530 | ||||||
ITT, Inc. | 6,973 | 316,295 | ||||||
Jacobs Engineering Group, Inc. | 765,481 | 60,679,679 | ||||||
JB Hunt Transport Services, Inc. | 519,769 | 47,938,295 |
JetBlue Airways Corp.(1) | 20,326 | 181,918 | ||||||
Johnson Controls International Plc | 60,085 | 1,619,892 | ||||||
Kansas City Southern | 7,533 | 958,047 | ||||||
KAR Auction Services, Inc. | 788 | 9,456 | ||||||
Kirby Corp.(1) | 4,626 | 201,092 | ||||||
Knight-Swift Transportation Holdings, Inc. - Class A | 9,534 | 312,715 | ||||||
L3Harris Technologies, Inc. | 8,627 | 1,553,895 | ||||||
Landstar System, Inc. | 315 | 30,196 | ||||||
Lennox International, Inc. | 231 | 41,993 | ||||||
Lincoln Electric Holdings, Inc. | 218 | 15,042 | ||||||
Lockheed Martin Corp. | 151,668 | 51,407,869 | ||||||
Lyft, Inc. - Class A(1) | 13,718 | 368,328 | ||||||
Macquarie Infrastructure Corp. | 5,672 | 143,218 | ||||||
ManpowerGroup, Inc. | 4,640 | 245,874 | ||||||
Masco Corp. | 21,739 | 751,517 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 3,488 | 191,735 | ||||||
Nielsen Holdings Plc | 24,721 | 310,001 | ||||||
Nordson Corp. | 387 | 52,272 | ||||||
Norfolk Southern Corp. | 17,559 | 2,563,614 | ||||||
Northrop Grumman Corp. | 156,267 | 47,278,581 | ||||||
nVent Electric Plc | 11,831 | 199,589 | ||||||
Old Dominion Freight Line, Inc. | 4,397 | 577,150 | ||||||
Oshkosh Corp. | 5,395 | 347,060 | ||||||
Owens Corning | 947,187 | 36,760,327 | ||||||
PACCAR, Inc. | 26,650 | 1,629,114 | ||||||
Parker-Hannifin Corp. | 10,056 | 1,304,565 | ||||||
Pentair Plc | 13,103 | 389,945 | ||||||
Quanta Services, Inc. | 8,611 | 273,227 | ||||||
Raytheon Co. | 407,415 | 53,432,477 | ||||||
Regal Beloit Corp. | 3,224 | 202,951 | ||||||
Republic Services, Inc. - Class A | 15,669 | 1,176,115 | ||||||
Resideo Technologies, Inc.(1) | 10,095 | 48,860 | ||||||
Roper Technologies, Inc. | 6,801 | 2,120,620 | ||||||
Ryder System, Inc. | 4,200 | 111,048 | ||||||
Schneider National, Inc. - Class B | 4,309 | 83,336 | ||||||
Sensata Technologies Holding Plc(1) | 7,103 | 205,490 | ||||||
Snap-on, Inc. | 4,283 | 466,076 | ||||||
Southwest Airlines Co. | 14,783 | 526,423 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 480,971 | 11,509,636 | ||||||
Stanley Black & Decker, Inc. | 541,140 | 54,114,000 | ||||||
Stericycle, Inc.(1) | 7,070 | 343,461 | ||||||
Teledyne Technologies, Inc.(1) | 2,821 | 838,599 | ||||||
Textron, Inc. | 18,117 | 483,180 | ||||||
Timken Co. | 5,191 | 167,877 | ||||||
Trane Technologies Plc | 1,111 | 91,757 | ||||||
TransDigm Group, Inc. | 758 | 242,704 | ||||||
Trinity Industries, Inc. | 7,680 | 123,418 | ||||||
Uber Technologies, Inc.(1) | 66,464 | 1,855,675 | ||||||
Union Pacific Corp. | 508,751 | 71,754,241 | ||||||
United Continental Holdings, Inc.(1) | 14,293 | 450,944 | ||||||
United Parcel Service, Inc. - Class B | 559,770 | 52,293,713 | ||||||
United Rentals, Inc.(1) | 1,738 | 178,840 | ||||||
United Technologies Corp. | 1,313,067 | 123,861,610 | ||||||
Univar, Inc.(1) | 12,951 | 138,835 | ||||||
Valmont Industries, Inc. | 1,642 | 174,019 | ||||||
WABCO Holdings, Inc.(1) | 649 | 87,647 | ||||||
Wabtec Corp. | 1,048,868 | 50,482,017 | ||||||
Waste Management, Inc. | 7,272 | 673,096 |
Watsco, Inc. | 2,541 | 401,554 | ||||||
WESCO International, Inc.(1) | 3,271 | 74,742 | ||||||
Woodward, Inc. | 861 | 51,178 | ||||||
XPO Logistics, Inc.(1) | 3,083 | 150,296 | ||||||
|
| |||||||
Total Industrials | 1,281,476,155 | |||||||
|
| |||||||
Information Technology – 11.94% | ||||||||
2U, Inc.(1) | 2,687 | 57,018 | ||||||
Accenture Plc - Class A | 303,840 | 49,604,918 | ||||||
Akamai Technologies, Inc.(1) | 1,078 | 98,626 | ||||||
Alliance Data Systems Corp. | 2,965 | 99,772 | ||||||
Amdocs Ltd. | 10,424 | 573,007 | ||||||
Analog Devices, Inc. | 25,007 | 2,241,878 | ||||||
Apple, Inc. | 236,506 | 60,141,111 | ||||||
Applied Materials, Inc. | 33,647 | 1,541,706 | ||||||
Arrow Electronics, Inc.(1) | 6,344 | 329,063 | ||||||
Autodesk, Inc.(1) | 3,919 | 611,756 | ||||||
Automatic Data Processing, Inc. | 270,156 | 36,924,922 | ||||||
Avnet, Inc. | 7,739 | 194,249 | ||||||
Bill.Com Holdings, Inc.(1) | 190 | 6,498 | ||||||
Broadcom, Inc. | 268,573 | 63,678,658 | ||||||
CACI International, Inc. - Class A(1) | 1,924 | 406,253 | ||||||
Cerence, Inc.(1) | 2,745 | 42,273 | ||||||
Ceridian HCM Holding, Inc.(1) | 1,486 | 74,404 | ||||||
Ciena Corp.(1) | 11,992 | 477,402 | ||||||
Cisco Systems, Inc. | 1,795,750 | 70,590,933 | ||||||
Citrix Systems, Inc. | 1,020 | 144,381 | ||||||
Cognizant Technology Solutions Corp. - Class A | 951,458 | 44,214,253 | ||||||
Coherent, Inc.(1) | 1,853 | 197,178 | ||||||
CommScope Holding Co., Inc.(1) | 15,206 | 138,527 | ||||||
Corning, Inc. | 40,772 | 837,457 | ||||||
Cree, Inc.(1) | 7,819 | 277,262 | ||||||
Cypress Semiconductor Corp. | 28,937 | 674,811 | ||||||
Dell Technologies, Inc. - Class C(1) | 3,845 | 152,070 | ||||||
Dolby Laboratories, Inc. - Class A | 4,215 | 228,495 | ||||||
DXC Technology Co. | 20,247 | 264,223 | ||||||
Dynatrace, Inc.(1) | 1,731 | 41,267 | ||||||
EchoStar Corp. - Class A(1) | 3,763 | 120,303 | ||||||
F5 Networks, Inc.(1) | 348 | 37,107 | ||||||
Fidelity National Information Services, Inc. | 18,612 | 2,263,964 | ||||||
First Solar, Inc.(1) | 6,382 | 230,135 | ||||||
FLIR Systems, Inc. | 9,835 | 313,638 | ||||||
Hewlett Packard Enterprise Co. | 102,702 | 997,236 | ||||||
HP, Inc. | 107,572 | 1,867,450 | ||||||
Intel Corp. | 336,737 | 18,224,206 | ||||||
International Business Machines Corp. | 27,560 | 3,057,231 | ||||||
IPG Photonics Corp.(1) | 2,628 | 289,816 | ||||||
Jabil, Inc. | 9,066 | 222,842 | ||||||
Jack Henry & Associates, Inc. | 691 | 107,271 | ||||||
Juniper Networks, Inc. | 26,179 | 501,066 | ||||||
Lam Research Corp. | 1,367 | 328,080 | ||||||
Leidos Holdings, Inc. | 10,499 | 962,233 | ||||||
Littelfuse, Inc. | 1,834 | 244,692 | ||||||
LogMeIn, Inc. | 3,789 | 315,548 | ||||||
Marvell Technology Group Ltd. | 3,062,420 | 69,302,565 | ||||||
Maxim Integrated Products, Inc. | 13,215 | 642,381 | ||||||
Medallia, Inc.(1) | 923 | 18,497 | ||||||
Microchip Technology, Inc. | 592,009 | 40,138,210 | ||||||
Micron Technology, Inc.(1) | 86,979 | 3,658,337 |
Microsoft Corp. | 960,211 | 151,434,877 | ||||||
MKS Instruments, Inc. | 4,258 | 346,814 | ||||||
Motorola Solutions, Inc. | 3,520 | 467,878 | ||||||
National Instruments Corp. | 9,676 | 320,082 | ||||||
NortonLifeLock, Inc. | 44,304 | 828,928 | ||||||
Nuance Communications, Inc.(1) | 22,500 | 377,550 | ||||||
NXP Semiconductors NV | 502,575 | 41,678,545 | ||||||
ON Semiconductor Corp.(1) | 32,315 | 401,999 | ||||||
Oracle Corp. | 1,855,937 | 89,697,435 | ||||||
Qorvo, Inc.(1) | 9,110 | 734,539 | ||||||
QUALCOMM, Inc. | 752,101 | 50,879,633 | ||||||
Sabre Corp. | 17,459 | 103,532 | ||||||
Samsung Electronics Co. Ltd. | 1,618,901 | 62,945,329 | ||||||
Skyworks Solutions, Inc. | 12,695 | 1,134,679 | ||||||
SolarWinds Corp.(1) | 2,570 | 40,272 | ||||||
SS&C Technologies Holdings, Inc. | 1,705 | 74,713 | ||||||
SYNNEX Corp. | 3,240 | 236,844 | ||||||
Texas Instruments, Inc. | 480,956 | 48,061,933 | ||||||
Trimble, Inc.(1) | 16,460 | 523,922 | ||||||
VeriSign, Inc.(1) | 2,525 | 454,727 | ||||||
ViaSat, Inc.(1) | 4,411 | 158,443 | ||||||
Visa, Inc. - Class A | 347,203 | 55,941,347 | ||||||
Western Digital Corp. | 23,376 | 972,909 | ||||||
Western Union Co. | 25,702 | 465,977 | ||||||
Xerox Corp. | 13,738 | 260,198 | ||||||
|
| |||||||
Total Information Technology | 987,250,284 | |||||||
|
| |||||||
Materials – 5.06% | ||||||||
Air Products & Chemicals, Inc. | 285,360 | 56,960,710 | ||||||
Albemarle Corp. | 8,228 | 463,812 | ||||||
Alcoa Corp.(1) | 14,518 | 89,431 | ||||||
AptarGroup, Inc. | 3,012 | 299,814 | ||||||
Ardagh Group SA - Class A | 1,510 | 17,909 | ||||||
Ashland Global Holdings, Inc. | 4,409 | 220,759 | ||||||
Avery Dennison Corp. | 420 | 42,785 | ||||||
Axalta Coating Systems Ltd.(1) | 11,164 | 192,802 | ||||||
Berry Global Group, Inc.(1) | 6,311 | 212,744 | ||||||
Cabot Corp. | 4,520 | 118,062 | ||||||
Celanese Corp. - Class A | 466,895 | 34,265,424 | ||||||
CF Industries Holdings, Inc. | 15,457 | 420,430 | ||||||
Chemours Co. | 12,856 | 114,033 | ||||||
Corteva, Inc. | 2,229,602 | 52,395,647 | ||||||
Crown Holdings, Inc.(1) | 4,376 | 253,983 | ||||||
Domtar Corp. | 4,490 | 97,164 | ||||||
Dow, Inc. | 58,888 | 1,721,885 | ||||||
DowDuPont, Inc. | 1,157,595 | 39,473,990 | ||||||
Eagle Materials, Inc. | 499 | 29,152 | ||||||
Eastman Chemical Co. | 10,680 | 497,474 | ||||||
Ecolab, Inc. | 342,452 | 53,364,295 | ||||||
Element Solutions, Inc.(1) | 5,012,200 | 41,901,992 | ||||||
FMC Corp. | 10,096 | 824,742 | ||||||
Freeport-McMoRan, Inc. | 113,213 | 764,188 | ||||||
Graphic Packaging Holding Co. | 22,939 | 279,856 | ||||||
Huntsman Corp. | 16,824 | 242,770 | ||||||
International Flavors & Fragrances, Inc. | 8,397 | 857,166 | ||||||
International Paper Co. | 30,874 | 961,108 | ||||||
Linde Plc | 693,615 | 119,995,395 | ||||||
LyondellBasell Industries NV - Class A | 20,901 | 1,037,317 | ||||||
Martin Marietta Materials, Inc. | 3,425 | 648,113 |
Mosaic Co. | 27,384 | 296,295 | ||||||
NewMarket Corp. | 59 | 22,589 | ||||||
Newmont Goldcorp Corp. | 64,252 | 2,909,331 | ||||||
Nucor Corp. | 24,030 | 865,561 | ||||||
O-I Glass, Inc. | 12,022 | 85,476 | ||||||
Olin Corp. | 12,029 | 140,378 | ||||||
Packaging Corp. of America | 7,316 | 635,248 | ||||||
PPG Industries, Inc. | 12,514 | 1,046,170 | ||||||
Reliance Steel & Aluminum Co. | 5,068 | 443,906 | ||||||
Royal Gold, Inc. | 3,541 | 310,581 | ||||||
RPM International, Inc. | 8,353 | 497,003 | ||||||
Sealed Air Corp. | 11,349 | 280,434 | ||||||
Silgan Holdings, Inc. | 6,210 | 180,214 | ||||||
Sonoco Products Co. | 7,678 | 355,875 | ||||||
Southern Copper Corp. | 1,700 | 47,872 | ||||||
Steel Dynamics, Inc. | 16,168 | 364,427 | ||||||
United States Steel Corp. | 13,454 | 84,895 | ||||||
Valvoline, Inc. | 14,981 | 196,101 | ||||||
Vulcan Materials Co. | 824 | 89,050 | ||||||
Westlake Chemical Corp. | 2,664 | 101,685 | ||||||
Westrock Co. | 20,031 | 566,076 | ||||||
|
| |||||||
Total Materials | 418,284,119 | |||||||
|
| |||||||
Real Estate – 2.66% | ||||||||
Alexandria Real Estate Equities, Inc. | 9,525 | 1,305,496 | ||||||
American Campus Communities, Inc. | 10,603 | 294,233 | ||||||
American Homes 4 Rent - Class A | 11,708 | 271,626 | ||||||
American Tower Corp. | 255,766 | 55,693,046 | ||||||
Apartment Investment & Management Co. - Class A | 11,639 | 409,111 | ||||||
Apple Hospitality REIT, Inc. | 16,849 | 154,505 | ||||||
AvalonBay Communities, Inc. | 10,938 | 1,609,745 | ||||||
Boston Properties, Inc. | 12,145 | 1,120,133 | ||||||
Brandywine Realty Trust | 13,849 | 145,691 | ||||||
Brixmor Property Group, Inc. | 23,737 | 225,501 | ||||||
Camden Property Trust | 7,269 | 575,996 | ||||||
CBRE Group, Inc. - Class A(1) | 16,509 | 622,554 | ||||||
Colony Capital, Inc. | 35,724 | 62,517 | ||||||
Columbia Property Trust, Inc. | 9,134 | 114,175 | ||||||
CoreSite Realty Corp. | 668 | 77,421 | ||||||
Corporate Office Properties Trust | 8,548 | 189,167 | ||||||
Cousins Properties, Inc. | 11,294 | 330,575 | ||||||
CubeSmart | 15,152 | 405,922 | ||||||
CyrusOne, Inc. | 8,746 | 540,065 | ||||||
Digital Realty Trust, Inc. | 20,505 | 2,848,350 | ||||||
Douglas Emmett, Inc. | 12,941 | 394,830 | ||||||
Duke Realty Corp. | 28,883 | 935,232 | ||||||
Empire State Realty Trust, Inc. - Class A | 11,558 | 103,560 | ||||||
EPR Properties | 6,195 | 150,043 | ||||||
Equity Commonwealth | 9,503 | 301,340 | ||||||
Equity Residential | 28,738 | 1,773,422 | ||||||
Essex Property Trust, Inc. | 5,139 | 1,131,813 | ||||||
Extra Space Storage, Inc. | 1,889 | 180,891 | ||||||
Federal Realty Investment Trust | 5,915 | 441,318 | ||||||
Gaming & Leisure Properties, Inc. | 15,832 | 438,705 | ||||||
Healthcare Trust of America, Inc. - Class A | 16,930 | 411,060 | ||||||
Healthpeak Properties, Inc. | 39,773 | 948,586 | ||||||
Highwoods Properties, Inc. | 8,102 | 286,973 | ||||||
Host Hotels & Resorts, Inc. | 55,827 | 616,330 | ||||||
Hudson Pacific Properties, Inc. | 12,042 | 305,385 |
Invitation Homes, Inc. | 42,051 | 898,630 | ||||||
Iron Mountain, Inc. | 19,869 | 472,882 | ||||||
JBG SMITH Properties | 9,625 | 306,364 | ||||||
Jones Lang LaSalle, Inc. | 3,579 | 361,407 | ||||||
Kilroy Realty Corp. | 8,204 | 522,595 | ||||||
Kimco Realty Corp. | 32,400 | 313,308 | ||||||
Life Storage, Inc. | 3,685 | 348,417 | ||||||
Macerich Co. | 11,150 | 62,774 | ||||||
Medical Properties Trust, Inc. | 40,442 | 699,242 | ||||||
MGM Growth Properties LLC - Class A | 2,723,628 | 64,468,275 | ||||||
Mid-America Apartment Communities, Inc. | 8,925 | 919,543 | ||||||
National Retail Properties, Inc. | 13,194 | 424,715 | ||||||
Omega Healthcare Investors, Inc. | 17,788 | 472,094 | ||||||
Outfront Media, Inc. | 9,514 | 128,249 | ||||||
Paramount Group, Inc. | 14,896 | 131,085 | ||||||
Park Hotels & Resorts, Inc. | 19,000 | 150,290 | ||||||
Prologis, Inc. | 57,608 | 4,629,955 | ||||||
Public Storage | 297,362 | 59,059,067 | ||||||
Rayonier, Inc. | 10,029 | 236,183 | ||||||
Realty Income Corp. | 25,610 | 1,276,915 | ||||||
Regency Centers Corp. | 12,989 | 499,167 | ||||||
Retail Properties of America, Inc. - Class A | 16,507 | 85,341 | ||||||
Service Properties Trust | 13,084 | 70,654 | ||||||
Simon Property Group, Inc. | 2,684 | 147,244 | ||||||
SITE Centers Corp. | 11,973 | 62,379 | ||||||
SL Green Realty Corp. | 6,126 | 264,031 | ||||||
Spirit Realty Capital, Inc. | 7,757 | 202,846 | ||||||
STORE Capital Corp. | 16,840 | 305,141 | ||||||
Sun Communities, Inc. | 5,413 | 675,813 | ||||||
Taubman Centers, Inc. | 4,532 | 189,800 | ||||||
The Howard Hughes Corp.(1) | 2,180 | 110,134 | ||||||
UDR, Inc. | 21,468 | 784,441 | ||||||
Ventas, Inc. | 29,125 | 780,550 | ||||||
VEREIT, Inc. | 83,473 | 408,183 | ||||||
VICI Properties, Inc. | 36,154 | 601,603 | ||||||
Vornado Realty Trust | 13,628 | 493,470 | ||||||
Weingarten Realty Investors | 9,267 | 133,723 | ||||||
Welltower, Inc. | 32,265 | 1,477,092 | ||||||
Weyerhaeuser Co. | 58,533 | 992,134 | ||||||
WP Carey, Inc. | 13,475 | 782,628 | ||||||
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| |||||||
Total Real Estate | 220,363,681 | |||||||
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| |||||||
Utilities – 2.59% | ||||||||
AES Corp. | 52,296 | 711,226 | ||||||
Alliant Energy Corp. | 18,887 | 912,053 | ||||||
Ameren Corp. | 19,241 | 1,401,322 | ||||||
American Electric Power Co., Inc. | 38,849 | 3,107,143 | ||||||
American Water Works Co., Inc. | 14,189 | 1,696,437 | ||||||
Atmos Energy Corp. | 9,500 | 942,685 | ||||||
Avangrid, Inc. | 4,471 | 195,740 | ||||||
CenterPoint Energy, Inc. | 39,451 | 609,518 | ||||||
CMS Energy Corp. | 22,228 | 1,305,895 | ||||||
Consolidated Edison, Inc. | 26,151 | 2,039,778 | ||||||
Dominion Energy, Inc. | 880,857 | 63,589,067 | ||||||
DTE Energy Co. | 14,558 | 1,382,573 | ||||||
Duke Energy Corp. | 57,288 | 4,633,454 | ||||||
Edison International | 819,904 | 44,922,540 | ||||||
Entergy Corp. | 15,616 | 1,467,436 | ||||||
Essential Utilities, Inc. | 16,852 | 685,876 |
Evergy, Inc. | 17,879 | 984,239 | ||||||
Eversource Energy | 25,453 | 1,990,679 | ||||||
Exelon Corp. | 1,374,580 | 50,598,290 | ||||||
FirstEnergy Corp. | 42,438 | 1,700,491 | ||||||
Hawaiian Electric Industries, Inc. | 8,388 | 361,103 | ||||||
IDACORP, Inc. | 3,943 | 346,156 | ||||||
MDU Resources Group, Inc. | 15,651 | 336,497 | ||||||
National Fuel Gas Co. | 6,335 | 236,232 | ||||||
NextEra Energy, Inc. | 38,411 | 9,242,455 | ||||||
NiSource, Inc. | 29,278 | 731,072 | ||||||
NRG Energy, Inc. | 19,862 | 541,438 | ||||||
OGE Energy Corp. | 15,755 | 484,151 | ||||||
PG&E Corp.(1) | 41,502 | 373,103 | ||||||
Pinnacle West Capital Corp. | 8,805 | 667,331 | ||||||
PPL Corp. | 60,442 | 1,491,709 | ||||||
Public Service Enterprise Group, Inc. | 39,663 | 1,781,265 | ||||||
Sempra Energy | 22,171 | 2,505,101 | ||||||
Southern Co. | 81,829 | 4,430,222 | ||||||
UGI Corp. | 16,427 | 438,108 | ||||||
Vistra Energy Corp. | 33,329 | 531,931 | ||||||
WEC Energy Group, Inc. | 24,788 | 2,184,566 | ||||||
Xcel Energy, Inc. | 41,204 | 2,484,601 | ||||||
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Total Utilities | 214,043,483 | |||||||
|
| |||||||
Total Common Stocks (Cost: $8,626,609,665) | 8,029,845,644 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 2.45% | ||||||||
Money Market Funds – 2.36% | ||||||||
Goldman Sachs Financial Square Government Fund - Class I, 0.34%(2) | 195,165,296 | 195,165,296 | ||||||
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| |||||||
Total Money Market Funds (Cost: $195,165,296) | 195,165,296 | |||||||
|
| |||||||
Principal Amount | Value | |||||||
Time Deposits – 0.09% | ||||||||
Barclays Bank, London, 0.15% due 04/01/2020 | $ | 2,269,354 | 2,269,354 | |||||
Brown Brothers Harriman, 0.15% due 04/01/2020 | 7,256 | 7,256 | ||||||
Citibank, London, -0.65% due 04/01/2020 | EUR | 4,292,399 | 4,734,086 | |||||
ING Bank, Amsterdam, 0.15% due 04/01/2020 | $ | 292,093 | 292,093 | |||||
|
| |||||||
Total Time Deposits (Cost: $7,302,789) | 7,302,789 | |||||||
|
| |||||||
Total Short-Term Investments (Cost: $202,468,085) | 202,468,085 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 99.55% | 8,232,313,729 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.45% | 37,017,640 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.00% | $ | 8,269,331,369 | ||||||
|
|
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
EUR Euro
(1) | Non-income producing security. |
(2) | Represents annualized seven-day yield as of the close of the reporting period. |
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 Value Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 439,576,722 | $ | — | $ | — | $ | 439,576,722 | ||||||||
Consumer Discretionary | 914,094,853 | 40,200,057 | — | 954,294,910 | ||||||||||||
Consumer Staples | 693,877,923 | 19,288,619 | — | 713,166,542 | ||||||||||||
Energy | 190,600,775 | — | — | 190,600,775 | ||||||||||||
Financials | 1,422,016,539 | — | — | 1,422,016,539 | ||||||||||||
Health Care | 1,123,550,163 | 65,222,271 | — | 1,188,772,434 | ||||||||||||
Industrials | 1,273,952,794 | 7,523,361 | — | 1,281,476,155 | ||||||||||||
Information Technology | 924,304,955 | 62,945,329 | — | 987,250,284 | ||||||||||||
Materials | 418,284,119 | — | — | 418,284,119 | ||||||||||||
Real Estate | 220,363,681 | — | — | 220,363,681 | ||||||||||||
Utilities | 214,043,483 | — | — | 214,043,483 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 195,165,296 | — | — | 195,165,296 | ||||||||||||
Time Deposits | — | 7,302,789 | — | 7,302,789 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 8,029,831,303 | $ | 202,482,426 | $ | — | $ | 8,232,313,729 | ||||||||
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