SECURITIES AND EXCHANGE COMMISSION
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Schwab Capital Trust
101 Montgomery Street, San Francisco, California 94104
(Name and address of agent for service)
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Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s. GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the schedules of Portfolio Holdings are sub-categories of Sector classifications.
Total Return for | ||
the Report Period | ||
Schwab Premier Equity Fund® | ||
Investor Shares (Ticker Symbol: SWPNX) | -38.37% | |
Select Shares® (Ticker Symbol: SWPSX) | -38.32% | |
Benchmark: S&P 500® Index | -36.10% | |
Fund Category: Morningstar Large-Cap Blend | -37.22% | |
Performance Details | pages 6-7 | |
Schwab Core Equity Fundtm | ||
(Ticker Symbol: SWANX) | -33.71% | |
Benchmark: S&P 500® Index | -36.10% | |
Fund Category: Morningstar Large-Cap Blend | -37.22% | |
Performance Details | pages 8-9 | |
Schwab Dividend Equity Fundtm | ||
Investor Shares (Ticker Symbol: SWDIX) | -30.30% | |
Select Shares® (Ticker Symbol: SWDSX) | -30.23% | |
Benchmark: S&P 500® Index | -36.10% | |
Fund Category: Morningstar Large-Cap Value | -37.31% | |
Performance Details | pages 10-11 | |
Schwab Large-Cap Growth Fundtm | ||
Investor Shares (Ticker Symbol: SWLNX) | -35.45% | |
Select Shares® (Ticker Symbol: SWLSX) | -35.36% | |
Benchmark: Russell 1000 Growth Index | -36.95% | |
Fund Category: Morningstar Large-Cap Growth | -38.96% | |
Performance Details | pages 12-13 | |
Schwab Small-Cap Equity Fundtm | ||
Investor Shares (Ticker Symbol: SWSIX) | -38.25% | |
Select Shares® (Ticker Symbol: SWSCX) | -38.16% | |
Benchmark: S&P Small-Cap 600 Index | -32.44% | |
Fund Category: Morningstar Small-Cap Blend | -37.24% | |
Performance Details | pages 14-15 | |
Schwab Hedged Equity Fundtm | ||
Investor Shares (Ticker Symbol: SWHIX) | -22.80% | |
Select Shares® (Ticker Symbol: SWHEX) | -22.66% | |
Benchmark: S&P 500® Index | -36.10% | |
Fund Category: Morningstar Long-Short | -14.31% | |
Performance Details | pages 16-17 | |
Schwab Financial Services Fundtm | ||
(Ticker Symbol: SWFFX) | -42.12% | |
Benchmark: S&P 1500 SuperComposite Financials Sector Index | -49.94% | |
Fund Category: Morningstar Financial Services | -43.97% | |
Performance Details | pages 18-19 | |
Schwab Health Care Fundtm | ||
(Ticker Symbol: SWHFX) | -25.87% | |
Benchmark: S&P 1500 SuperComposite Health Care Sector Index | -24.48% | |
Fund Category: Morningstar Health Care | -25.35% | |
Performance Details | pages 20-21 | |
Minimum Initial Investment1 | ||
Investor Shares | $ 100 | |
Select Shares | $ 50,000 | |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of each of the funds. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Vivienne Hsu, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of each of the funds. Prior to joining the firm in August 2004, she worked for more than 11 years in asset management and quantitative analysis at other investment firms. | ||
Larry Mano, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of each of the funds. Prior to joining the firm in November 1998, he worked for 20 years in equity management. | ||
Paul Alan Davis, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of each of the funds. Prior to joining the firm in 2003, he worked for more than 12 years in portfolio management. |
Number of Holdings | 103 |
($ x 1,000,000) | $35,581 |
Price/Earnings Ratio (P/E) | 24.0 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 92% |
Information Technology | 17.7% |
Health Care | 15.9% |
Financials | 13.5% |
Industrials | 13.1% |
Energy | 12.1% |
Consumer Staples | 10.8% |
Consumer Discretionary | 7.9% |
Materials | 2.0% |
Utilities | 1.6% |
Telecommunication Services | 1.4% |
Other | 4.0% |
Total | 100.0% |
JPMorgan Chase & Co. | 1.5% |
Raytheon Co. | 1.5% |
Devon Energy Corp. | 1.4% |
Hewlett-Packard Co. | 1.4% |
Exxon Mobil Corp. | 1.4% |
Wal-Mart Stores, Inc. | 1.4% |
Church & Dwight Co., Inc. | 1.4% |
BMC Software, Inc. | 1.4% |
The Procter & Gamble Co. | 1.4% |
Omnicare, Inc. | 1.4% |
Total | 14.2% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Investor Shares (3/21/05) | -38.37% | -6.84% | -3.93% | |||||||||
Select Shares (3/21/05) | -38.32% | -6.72% | -3.80% | |||||||||
Benchmark: S&P 500® Index | -36.10% | -5.21% | -3.68% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -6.10% | -4.22% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 118 |
($ x 1,000,000) | $73,234 |
Price/Earnings Ratio (P/E) | 11.8 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover | 35% |
Information Technology | 17.7% |
Health Care | 16.7% |
Financials | 14.7% |
Energy | 12.1% |
Industrials | 12.0% |
Consumer Staples | 10.2% |
Consumer Discretionary | 6.4% |
Materials | 3.7% |
Telecommunication Services | 1.7% |
Utilities | 1.4% |
Other | 3.4% |
Total | 100.0% |
Exxon Mobil Corp. | 4.6% |
Corp. | 4.5% |
Hewlett-Packard Co. | 4.3% |
Raytheon Co. | 4.2% |
JPMorgan Chase & Co. | 4.1% |
Lockheed Martin Corp. | 3.9% |
Pfizer, Inc. | 3.7% |
The Procter & Gamble Co. | 2.6% |
Chevron Corp. | 2.3% |
Baxter International, Inc. | 2.1% |
Total | 36.3% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1
Fund and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Fund: Schwab Core Equity Fundtm (7/1/96) | -33.71% | 2.30% | 2.00% | |||||||||
Benchmark: S&P 500®Index | -36.10% | 0.26% | 0.40% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 111 |
($ x 1,000,000) | $56,703 |
Price/Earnings Ratio (P/E) | 12.4 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover | 22% |
Financials | 15.8% |
Health Care | 13.2% |
Consumer Staples | 12.7% |
Information Technology | 12.2% |
Industrials | 12.1% |
Energy | 11.5% |
Utilities | 8.9% |
Consumer Discretionary | 6.4% |
Telecommunication Services | 3.6% |
Materials | 2.3% |
Other | 1.3% |
Total | 100.0% |
JPMorgan Chase & Co. | 2.6% |
Bank of New York Mellon Corp. | 2.3% |
Chevron Corp. | 2.3% |
General Mills, Inc. | 2.0% |
Raytheon Co. | 2.0% |
Microsoft Corp. | 2.0% |
Exxon Mobil Corp. | 2.0% |
Johnson & Johnson | 1.9% |
Abbott Laboratories | 1.9% |
Occidental Petroleum Corp. | 1.9% |
Total | 20.9% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Investor Shares (9/2/03) | -30.30% | 3.29% | 4.35% | |||||||||
Select Shares (9/2/03) | -30.23% | 3.42% | 4.47% | |||||||||
Benchmark: S&P 500®Index | -36.10% | 0.26% | 1.12% | |||||||||
Fund Category: Morningstar Large-Cap Value | -37.31% | 0.60% | 1.52% |
SEC Yield | ||||
Investor Shares | 2.93% | |||
Select Shares | 3.08% | |||
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 150 |
($ x 1,000,000) | $67,482 |
Price/Earnings Ratio (P/E) | 13.4 |
Price/Book Ratio (P/B) | 2.7 |
Portfolio Turnover | 49% |
Information Technology | 30.4% |
Health Care | 17.7% |
Consumer Staples | 12.1% |
Industrials | 10.1% |
Consumer Discretionary | 8.8% |
Energy | 8.6% |
Financials | 4.4% |
Materials | 3.9% |
Telecommunication Services | 0.5% |
Utilities | 0.1% |
Other | 3.4% |
Total | 100.0% |
Corp. | 4.7% |
Baxter International, Inc. | 4.6% |
Hewlett-Packard Co. | 4.4% |
Exxon Mobil Corp. | 3.9% |
Lockheed Martin Corp. | 3.9% |
Microsoft Corp. | 3.2% |
Accenture Ltd., Class A | 3.2% |
General Mills, Inc. | 2.9% |
The Procter & Gamble Co. | 2.6% |
McDonald’s Corp. | 2.6% |
Total | 36.0% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Investor Shares (10/3/05) | -35.45% | -5.38% | -6.07% | |||||||||
Select Shares (10/3/05) | -35.36% | -5.22% | -5.92% | |||||||||
Benchmark: Russell 1000 Growth Index | -36.95% | -5.90% | -6.04% | |||||||||
Fund Category: Morningstar Large-Cap Growth | -38.96% | -6.70% | -6.92% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 222 |
($ x 1,000,000) | $1,415 |
Price/Earnings Ratio (P/E) | 18.4 |
Price/Book Ratio (P/B) | 1.3 |
Portfolio Turnover | 50% |
Information Technology | 18.8% |
Financials | 18.3% |
Industrials | 16.9% |
Health Care | 14.4% |
Consumer Discretionary | 12.3% |
Energy | 5.4% |
Consumer Staples | 4.3% |
Materials | 3.9% |
Utilities | 2.5% |
Telecommunication Services | 1.6% |
Other | 1.6% |
Total | 100.0% |
Magellan Health Services, Inc. | 2.8% |
Acuity Brands, Inc. | 2.4% |
SVB Financial Group | 2.1% |
Sybase, Inc. | 2.0% |
BJ’s Wholesale Club, Inc. | 2.0% |
National Fuel Gas Co. | 1.9% |
Commerce Bancshares, Inc. | 1.8% |
Hewitt Associates, Inc., Class A | 1.8% |
EMCOR Group, Inc. | 1.7% |
Platinum Underwriters Holdings, Ltd. | 1.7% |
Total | 20.2% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Investor Shares (7/1/03) | -38.25% | 1.99% | 5.08% | |||||||||
Select Shares (7/1/03) | -38.16% | 2.17% | 5.26% | |||||||||
Benchmark: S&P Small-Cap 600 Index | -32.44% | 3.34% | 6.07% | |||||||||
Fund Category: Morningstar Small-Cap Blend | -37.24% | 1.07% | 3.95% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Long Holdings | 120 |
Short Positions | 119 |
Long Holdings | $27,027 |
Short Positions | $5,261 |
Long Holdings | 13.2 |
Short Positions | 18.2 |
Long Holdings | 1.5 |
Short Positions | 1.6 |
Portfolio Turnover Rate | 138% |
excluding short sales | 59% |
Hewlett-Packard Co. | 3.1% |
Raytheon Co. | 3.1% |
BMC Software, Inc. | 2.9% |
Exxon Mobil Corp. | 2.8% |
Church & Dwight Co., Inc. | 2.8% |
Total | 14.7% |
Equinix, Inc. | 1.6% |
Aqua America, Inc. | 1.4% |
Staples, Inc. | 1.3% |
Knight Transportation, Inc. | 1.2% |
CLARCOR, Inc. | 1.2% |
Total | 6.7% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 3 Years | 5 Years | Since Inception | ||||||||||||
Investor Shares (3/1/05) | -22.80% | -3.63% | n/a | -1.18% | ||||||||||||
Select Shares (9/3/02) | -22.66% | -3.46% | 3.42% | 5.16% | ||||||||||||
Benchmark: S&P 500® Index | -36.10% | -5.21% | 0.26% | (3/1/05) -3.91% | ||||||||||||
(9/3/02) 2.82% | ||||||||||||||||
Fund Category: Morningstar Long-Short | -14.31% | -0.32% | 2.24% | (3/1/05) 0.36% | ||||||||||||
(9/3/02) 3.03% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). Includes dividend expense on securities sold short. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 79 |
($ x 1,000,000) | $31,729 |
Price/Earnings Ratio (P/E) | 16.4 |
Price/Book Ratio (P/B) | 1.0 |
Portfolio Turnover | 59% |
Diversified Financials | 42.2% |
Insurance | 25.8% |
Banks | 19.0% |
Software & Services | 3.7% |
Real Estate | 3.7% |
Commerical Services & Supplies | 0.7% |
Media | 0.6% |
Other | 4.3% |
Total | 100.0% |
JPMorgan Chase & Co. | 6.1% |
State Street Corp. | 4.7% |
SunTrust Banks, Inc. | 4.0% |
Northern Trust Corp. | 3.7% |
Bank of America Corp. | 3.5% |
Bank of New York Mellon Corp. | 3.4% |
Ameriprise Financial, Inc. | 3.0% |
The Chubb Corp. | 2.9% |
The Goldman Sachs Group, Inc. | 2.8% |
Metlife, Inc. | 2.8% |
Total | 36.9% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1
Fund and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Fund: Schwab Financial Services Fundtm (7/3/00)* | -42.12% | -1.84% | 1.69% | |||||||||
Benchmark: S&P 1500 SuperComposite Financials Sector Index | -49.94% | -7.09% | -1.53% | |||||||||
Fund Category: Morningstar Financial Services | -43.97% | -5.17% | 1.73% |
* | The one-year total return presented in the above table differs from the total return for the same period presented in the Financial Highlights section of the report. The total returns presented in the above table are calculated based on the NAV at which shareholder transactions were processed on 10/31/08. The total returns presented in the Financial Highlights are calculated in the same manner but also taking into account certain adjustments that are necessary under generally accepted accounting principles and which are required when preparing the annual report. |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 88 |
($ x 1,000,000) | $39,381 |
Price/Earnings Ratio (P/E) | 18.1 |
Price/Book Ratio (P/B) | 2.3 |
Portfolio Turnover | 50% |
Pharmaceuticals & Biotechnology | 57.5% |
Health Care Equipment & Services | 38.1% |
Real Estate | 1.0% |
Materials | 0.8% |
Other | 2.6% |
Total | 100.0% |
Johnson & Johnson | 6.2% |
Baxter International, Inc. | 5.7% |
Amgen, Inc. | 5.0% |
Pfizer, Inc. | 4.9% |
Abbott Laboratories | 4.7% |
Merck & Co., Inc. | 4.0% |
Express Scripts, Inc. | 3.3% |
Becton, Dickinson & Co. | 3.3% |
Medtronic, Inc. | 3.1% |
Thermo Fisher Scientific, Inc. | 2.6% |
Total | 42.8% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1
Fund and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Fund: Schwab Health Care Fundtm (7/3/00) | -25.87% | 8.67% | 3.25% | |||||||||
Benchmark: S&P 1500 SuperComposite Health Care Sector Index | -24.48% | 1.15% | -0.83% | |||||||||
Fund Category: Morningstar Health Care | -25.35% | 2.68% | 0.43% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 5/8/08). For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Premier Equity Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.18% | $ | 1,000 | $ | 695.50 | $ | 5.03 | |||||||||
Hypothetical 5% Return | 1.18% | $ | 1,000 | $ | 1,019.20 | $ | 5.99 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 1.03% | $ | 1,000 | $ | 696.40 | $ | 4.39 | |||||||||
Hypothetical 5% Return | 1.03% | $ | 1,000 | $ | 1,019.96 | $ | 5.23 | |||||||||
Schwab Core Equity Fundtm | ||||||||||||||||
Actual Return | 0.75% | $ | 1,000 | $ | 741.20 | $ | 3.28 | |||||||||
Hypothetical 5% Return | 0.75% | $ | 1,000 | $ | 1,021.37 | $ | 3.81 | |||||||||
Schwab Dividend Equity Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.04% | $ | 1,000 | $ | 763.30 | $ | 4.61 | |||||||||
Hypothetical 5% Return | 1.04% | $ | 1,000 | $ | 1,019.91 | $ | 5.28 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.94% | $ | 1,000 | $ | 763.70 | $ | 4.17 | |||||||||
Hypothetical 5% Return | 0.94% | $ | 1,000 | $ | 1,020.41 | $ | 4.77 | |||||||||
Schwab Large-Cap Growth Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.16% | $ | 1,000 | $ | 731.70 | $ | 5.05 | |||||||||
Hypothetical 5% Return | 1.16% | $ | 1,000 | $ | 1,019.30 | $ | 5.89 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.99% | $ | 1,000 | $ | 732.00 | $ | 4.31 | |||||||||
Hypothetical 5% Return | 0.99% | $ | 1,000 | $ | 1,020.16 | $ | 5.03 | |||||||||
Schwab Small-Cap Equity Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.25% | $ | 1,000 | $ | 719.40 | $ | 5.40 | |||||||||
Hypothetical 5% Return | 1.25% | $ | 1,000 | $ | 1,018.85 | $ | 6.34 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 1.10% | $ | 1,000 | $ | 720.10 | $ | 4.76 | |||||||||
Hypothetical 5% Return | 1.10% | $ | 1,000 | $ | 1,019.61 | $ | 5.58 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Hedged Equity Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 2.43% | $ | 1,000 | $ | 839.70 | $ | 11.24 | |||||||||
Hypothetical 5% Return | 2.43% | $ | 1,000 | $ | 1,012.92 | $ | 12.30 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 2.24% | $ | 1,000 | $ | 840.60 | $ | 10.36 | |||||||||
Hypothetical 5% Return | 2.24% | $ | 1,000 | $ | 1,013.88 | $ | 11.34 | |||||||||
Schwab Financial Services Focus Fund | ||||||||||||||||
Actual Return | 0.96% | $ | 1,000 | $ | 670.90 | $ | 4.03 | |||||||||
Hypothetical 5% Return | 0.96% | $ | 1,000 | $ | 1,020.31 | $ | 4.88 | |||||||||
Schwab Health Care Focus Fund | ||||||||||||||||
Actual Return | 0.83% | $ | 1,000 | $ | 852.00 | $ | 3.86 | |||||||||
Hypothetical 5% Return | 0.83% | $ | 1,000 | $ | 1,020.96 | $ | 4.22 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
11/1/07- | 11/1/06- | 11/1/05- | 3/21/051- | |||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | ||||||||||||
Per—Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 13.98 | 12.50 | 10.70 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.05 | 0.03 | 0.01 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) | (5.10 | ) | 1.46 | 1.83 | 0.68 | |||||||||||
Total from investment operations | (5.05 | ) | 1.49 | 1.84 | 0.70 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.01 | ) | (0.04 | ) | — | |||||||||
Distributions from net realized gains | (0.86 | ) | — | — | — | |||||||||||
Total distributions | (0.89 | ) | (0.01 | ) | (0.04 | ) | — | |||||||||
Net asset value at end of period | 8.04 | 13.98 | 12.50 | 10.70 | ||||||||||||
Total return (%) | (38.37 | ) | 11.89 | 17.22 | 7.00 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses | 1.17 | 1.16 | 3 | 1.17 | 0.78 | 4 | ||||||||||
Gross operating expenses | 1.17 | 1.16 | 1.18 | 1.23 | 4 | |||||||||||
Net investment income (loss) | 0.35 | 0.18 | 0.01 | 0.52 | 4 | |||||||||||
Portfolio turnover rate | 92 | 72 | 73 | 33 | 2 | |||||||||||
Net assets, end of period ($ x 1,000,000) | 261 | 663 | 690 | 364 |
11/1/07- | 11/1/06- | 11/1/05- | 3/21/051- | |||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | ||||||||||||
Per—Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 14.01 | 12.51 | 10.71 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.06 | 0.04 | 0.02 | 0.03 | ||||||||||||
Net realized and unrealized gains (losses) | (5.11 | ) | 1.48 | 1.83 | 0.68 | |||||||||||
Total from investment operations | (5.05 | ) | 1.52 | 1.85 | 0.71 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.05 | ) | (0.02 | ) | (0.05 | ) | — | |||||||||
Net realized and unrealized gains (losses) | (0.86 | ) | — | — | — | |||||||||||
Total distributions | (0.91 | ) | (0.02 | ) | (0.05 | ) | — | |||||||||
Net asset value at end of period | 8.05 | 14.01 | 12.51 | 10.71 | ||||||||||||
Total return (%) | (38.32 | ) | 12.20 | 17.28 | 7.10 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses | 1.02 | 1.01 | 1.02 | 0.68 | 4 | |||||||||||
Gross operating expenses | 1.02 | 1.01 | 1.03 | 1.08 | 4 | |||||||||||
Net investment income (loss) | 0.50 | 0.32 | 0.17 | 0.63 | 4 | |||||||||||
Portfolio turnover rate | 92 | 72 | 73 | 33 | 2 | |||||||||||
Net assets, end of period ($ x 1,000,000) | 441 | 983 | 857 | 481 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .3% | Common Stock | 838,548 | 675,791 | ||||||||
4 | .1% | Short-Term Investments | 28,384 | 28,384 | ||||||||
100 | .4% | Total Investments | 866,932 | 704,175 | ||||||||
(0 | .4)% | Other Assets and Liabilities, Net | (2,539 | ) | ||||||||
100 | .0% | Total Net Assets | 701,636 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 96.3% of net assets | ||||||||
Banks 1.9% | ||||||||
KeyCorp | 700,000 | 8,561 | ||||||
SunTrust Banks, Inc. | 125,000 | 5,017 | ||||||
13,578 | ||||||||
Capital Goods 8.5% | ||||||||
AGCO Corp. * | 200,000 | 6,304 | ||||||
Dover Corp. | 150,000 | 4,765 | ||||||
Fluor Corp. | 155,000 | 6,189 | ||||||
L-3 Communications Holdings, Inc. | 112,200 | 9,107 | ||||||
Lockheed Martin Corp. | 92,200 | 7,842 | ||||||
Northrop Grumman Corp. | 175,000 | 8,206 | ||||||
Raytheon Co. | 200,900 | 10,268 | ||||||
Tyco International Ltd. | 275,000 | 6,952 | ||||||
59,633 | ||||||||
Commercial & Professional Supplies 2.4% | ||||||||
Covanta Holding Corp. * | 350,000 | 7,546 | ||||||
Waste Management, Inc. | 300,000 | 9,369 | ||||||
16,915 | ||||||||
Consumer Durables & Apparel 3.6% | ||||||||
NIKE, Inc., Class B | 111,800 | 6,443 | ||||||
Polo Ralph Lauren Corp. | 125,000 | 5,896 | ||||||
Pulte Homes, Inc. | 700,000 | 7,798 | ||||||
The Warnaco Group, Inc. * | 175,000 | 5,217 | ||||||
25,354 | ||||||||
Consumer Services 0.6% | ||||||||
Yum! Brands, Inc. | 150,000 | 4,351 | ||||||
Diversified Financials 7.2% | ||||||||
Ameriprise Financial, Inc. | 200,000 | 4,320 | ||||||
Bank of America Corp. | 375,000 | 9,064 | ||||||
JPMorgan Chase & Co. | 250,000 | 10,312 | ||||||
Northern Trust Corp. | 150,000 | 8,447 | ||||||
Raymond James Financial, Inc. | 300,000 | 6,987 | ||||||
State Street Corp. | 160,000 | 6,936 | ||||||
The Goldman Sachs Group, Inc. | 50,000 | 4,625 | ||||||
50,691 | ||||||||
Energy 12.1% | ||||||||
Chevron Corp. | 125,000 | 9,325 | ||||||
ConocoPhillips | 150,000 | 7,803 | ||||||
Devon Energy Corp. | 125,000 | 10,107 | ||||||
ENSCO International, Inc. | 150,000 | 5,702 | ||||||
Exxon Mobil Corp. | 132,100 | 9,791 | ||||||
Hess Corp. | 75,000 | 4,516 | ||||||
National-Oilwell Varco, Inc. * | 225,000 | 6,725 | ||||||
Noble Energy | 150,000 | 7,773 | ||||||
Occidental Petroleum Corp. | 170,000 | 9,442 | ||||||
Oil States International, Inc. * | 225,000 | 5,204 | ||||||
The Williams Cos., Inc. | 250,000 | 5,243 | ||||||
W&T Offshore, Inc. | 175,000 | 3,355 | ||||||
84,986 | ||||||||
Food & Staples Retailing 3.9% | ||||||||
BJ’s Wholesale Club, Inc. * | 235,000 | 8,272 | ||||||
The Kroger Co. | 350,000 | 9,611 | ||||||
Wal-Mart Stores, Inc. | 175,000 | 9,767 | ||||||
27,650 | ||||||||
Food, Beverage & Tobacco 4.1% | ||||||||
Darling International, Inc. * | 700,000 | 5,278 | ||||||
General Mills, Inc. | 140,000 | 9,484 | ||||||
Sara Lee Corp. | 700,000 | 7,826 | ||||||
The Pepsi Bottling Group, Inc. | 275,000 | 6,358 | ||||||
28,946 | ||||||||
Health Care Equipment & Services 6.5% | ||||||||
AmerisourceBergen Corp. (a) | 175,000 | 5,472 | ||||||
Baxter International, Inc. | 150,000 | 9,074 | ||||||
CIGNA Corp. | 301,000 | 4,906 | ||||||
Express Scripts, Inc. * | 150,000 | 9,092 | ||||||
Medtronic, Inc. | 175,000 | 7,058 | ||||||
Omnicare, Inc. | 350,000 | 9,649 | ||||||
45,251 | ||||||||
Household & Personal Products 2.8% | ||||||||
Church & Dwight Co., Inc. | 165,000 | 9,750 | ||||||
The Procter & Gamble Co. | 150,000 | 9,681 | ||||||
19,431 | ||||||||
Insurance 4.4% | ||||||||
Prudential Financial, Inc. | 175,000 | 5,250 | ||||||
The Chubb Corp. | 172,600 | 8,944 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
The Hartford Financial Services Group, Inc. | 200,000 | 2,064 | ||||||
The Travelers Cos., Inc. | 225,000 | 9,574 | ||||||
Unum Provident Corp. | 325,000 | 5,119 | ||||||
30,951 | ||||||||
Materials 2.0% | ||||||||
Calgon Carbon Corp. * | 160,000 | 2,131 | ||||||
Chemtura Corp. | 950,000 | 1,644 | ||||||
FMC Corp. | 125,000 | 5,442 | ||||||
Owens-Illinois, Inc. * | 225,000 | 5,148 | ||||||
14,365 | ||||||||
Media 1.2% | ||||||||
The Interpublic Group of Cos., Inc. * | 900,000 | 4,671 | ||||||
Time Warner, Inc. | 350,000 | 3,531 | ||||||
8,202 | ||||||||
Pharmaceuticals & Biotechnology 9.5% | ||||||||
Amgen, Inc. * | 100,000 | 5,989 | ||||||
Bristol-Myers Squibb Co. | 250,000 | 5,137 | ||||||
Cephalon, Inc. * | 75,000 | 5,379 | ||||||
Forest Laboratories, Inc. * | 344,900 | 8,012 | ||||||
Invitrogen Corp. * | 200,000 | 5,758 | ||||||
Johnson & Johnson | 100,000 | 6,134 | ||||||
King Pharmaceuticals, Inc. * | 450,000 | 3,956 | ||||||
Pfizer, Inc. | 300,000 | 5,313 | ||||||
Thermo Fisher Scientific, Inc. * | 200,000 | 8,120 | ||||||
Warner Chilcott Ltd., Class A * | 350,000 | 4,855 | ||||||
Watson Pharmaceuticals, Inc. * | 300,000 | 7,851 | ||||||
66,504 | ||||||||
Retailing 2.6% | ||||||||
Family Dollar Stores, Inc. | 150,000 | 4,036 | ||||||
Macy’s, Inc. | 500,000 | 6,145 | ||||||
The Gap, Inc. | 600,000 | 7,764 | ||||||
17,945 | ||||||||
Semiconductors & Semiconductor Equipment 2.2% | ||||||||
Analog Devices, Inc. | 300,000 | 6,408 | ||||||
Intel Corp. | 550,000 | 8,800 | ||||||
15,208 | ||||||||
Software & Services 9.0% | ||||||||
Adobe Systems, Inc. * | 200,000 | 5,328 | ||||||
Alliance Data Systems Corp. * | 75,000 | 3,762 | ||||||
BMC Software, Inc. * | 375,000 | 9,682 | ||||||
CA, Inc. | 350,000 | 6,230 | ||||||
MasterCard, Inc., Class A | 35,000 | 5,174 | ||||||
Sybase, Inc. * | 309,000 | 8,229 | ||||||
Symantec Corp. * | 600,000 | 7,548 | ||||||
Synopsys, Inc. * | 500,100 | 9,142 | ||||||
Take-Two Interactive Software, Inc. * | 300,000 | 3,558 | ||||||
Western Union Co. | 300,000 | 4,578 | ||||||
63,231 | ||||||||
Technology Hardware & Equipment 6.6% | ||||||||
Avocent Corp. * | 300,000 | 4,506 | ||||||
Hewlett-Packard Co. | 263,500 | 10,087 | ||||||
International Business Machines Corp. | 100,000 | 9,297 | ||||||
Jabil Circuit, Inc. | 450,000 | 3,784 | ||||||
JDS Uniphase Corp. * | 800,000 | 4,368 | ||||||
NCR Corp. * | 450,000 | 8,226 | ||||||
QLogic Corp. * | 500,000 | 6,010 | ||||||
46,278 | ||||||||
Telecommunication Services 1.4% | ||||||||
Sprint Nextel Corp. | 1,200,000 | 3,756 | ||||||
Telephone & Data Systems, Inc. | 225,000 | 6,041 | ||||||
9,797 | ||||||||
Transportation 2.2% | ||||||||
AMR Corp. * | 870,000 | 8,883 | ||||||
Union Pacific Corp. | 100,000 | 6,677 | ||||||
15,560 | ||||||||
Utilities 1.6% | ||||||||
DTE Energy Co. | 125,000 | 4,412 | ||||||
Duke Energy Corp. | 400,000 | 6,552 | ||||||
10,964 | ||||||||
Total Common Stock (Cost $838,548) | 675,791 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 4.1% of net assets | ||||||||
Repurchase Agreement 3.7% | ||||||||
Fixed Income Clearing Corp. Fully | ||||||||
collateralized by Federal Home Loan Bank with a value of $ 26,404 0.03%, issued 10/31/08, due 11/03/08 | 25,882 | 25,882 | ||||||
U.S. Treasury Obligations 0.4% | ||||||||
U.S. Treasury Bills | ||||||||
0.25%, 12/18/08 (a) | 483 | 483 | ||||||
0.51%, 12/18/08 (a) | 150 | 150 | ||||||
0.87%, 12/18/08 (a) | 620 | 619 | ||||||
0.03%, 12/18/08 (a) | 1,000 | 1,000 |
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
0.05%, 12/18/08 (a) | 250 | 250 | ||||||
2,502 | ||||||||
Total Short-Term Investment (Cost $28,384) | 28,384 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $866,932 and the unrealized appreciation and depreciation were $30,296 and ($193,053), respectively, with a net depreciation of ($162,757). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 450 | 21,764 | (2,668 | ) |
Assets | ||||||
Investments, at value (cost $866,932) | $704,175 | |||||
Receivables: | ||||||
Investments sold | 8,359 | |||||
Dividends | 452 | |||||
Fund shares sold | 299 | |||||
Due from brokers for futures | 131 | |||||
Income from securities on loan | 61 | |||||
Prepaid expenses | + | 3 | ||||
Total assets | 713,480 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 10,533 | |||||
Investment adviser and administrator fees | 47 | |||||
Transfer agent and shareholder services fees | 8 | |||||
Fund shares redeemed | 1,167 | |||||
Accrued expenses | + | 89 | ||||
Total liabilities | 11,844 | |||||
Net Assets | ||||||
Total assets | 713,480 | |||||
Total liabilities | − | 11,844 | ||||
Net assets | $701,636 | |||||
Net Assets by Source | ||||||
Capital received from investors | 919,397 | |||||
Net investment income not yet distributed | 3,076 | |||||
Net realized capital losses | (55,412 | ) | ||||
Net unrealized capital losses | (165,425 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $261,228 | 32,498 | $8.04 | |||||||||
Select Shares | $440,408 | 54,719 | $8.05 |
Investment Income | ||||||
Dividends | $17,137 | |||||
Interest | 383 | |||||
Securities on loan | + | 696 | ||||
Total investment income | 18,216 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (51,448 | ) | ||||
Net realized losses on futures contracts | + | (3,639 | ) | |||
Net realized losses | (55,087 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (454,941 | ) | ||||
Net unrealized losses on futures contracts | + | (2,993 | ) | |||
Net unrealized losses | (457,934 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 10,658 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,183 | |||||
Select Shares | 723 | |||||
Shareholder reports | 116 | |||||
Portfolio accounting fees | 61 | |||||
Registration fees | 57 | |||||
Professional fees | 40 | |||||
Custodian fees | 31 | |||||
Trustees’ fees | 17 | |||||
Interest expense | 7 | |||||
Other expenses | + | 15 | ||||
Total expenses | 12,908 | |||||
Custody Credits | − | 2 | ||||
Net expenses | 12,906 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 18,216 | |||||
Net Expenses | − | 12,906 | ||||
Net investment income | 5,310 | |||||
Net realized losses | (55,087 | ) | ||||
Net unrealized losses | + | (457,934 | ) | |||
Decrease in net assets from operations | ($507,711 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $5,310 | $4,370 | ||||||||
Net realized gains (losses) | (55,087 | ) | 98,599 | |||||||
Net unrealized gains (losses) | + | (457,934 | ) | 80,460 | ||||||
Increase (Decrease) in net assets from operations | ($507,711 | ) | $183,429 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 1,212 | 334 | ||||||||
Select Shares | + | 3,379 | 1,669 | |||||||
Total distributions from net investment income | $4,591 | $2,003 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 39,517 | — | ||||||||
Select Shares | + | 58,845 | — | |||||||
Total distributions from net realized gains | $98,362 | $- | ||||||||
Total distributions | $102,953 | $2,003 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 1,998 | $23,061 | 6,110 | $80,950 | ||||||||||||||
Select Shares | + | 8,803 | 96,437 | 21,080 | 280,364 | |||||||||||||
Total Shares Sold | 10,801 | $119,498 | 27,190 | $361,314 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 3,027 | $37,593 | 24 | $306 | ||||||||||||||
Select Shares | + | 3,526 | 43,788 | 104 | 1,352 | |||||||||||||
Total Shares Reinvested | 6,553 | $81,381 | 128 | $1,658 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (19,931 | ) | ($223,871 | ) | (13,943 | ) | ($186,154 | ) | ||||||||||
Select Shares | + | (27,777 | ) | (310,406 | ) | (19,482 | ) | (259,173 | ) | |||||||||
Total Shares Redeemed | (47,708 | ) | ($534,277 | ) | (33,425 | ) | ($445,327 | ) | ||||||||||
Net transactions in fund shares | (30,354 | ) | ($333,398 | ) | (6,107 | ) | ($82,355 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 117,571 | $1,645,698 | 123,678 | $1,546,627 | ||||||||||||||
Total increase or decrease | + | (30,354 | ) | (944,062 | ) | (6,107 | ) | 99,071 | ||||||||||
End of period | 87,217 | $701,636 | 117,571 | $1,645,698 | ||||||||||||||
Net investment income not yet distributed | $3,076 | $2,367 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 20.49 | 18.40 | 15.81 | 13.81 | 12.71 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.23 | 0.16 | 0.10 | 0.13 | 0.12 | |||||||||||||||
Net realized and unrealized gains (losses) | (7.06 | ) | 2.35 | 2.58 | 2.03 | 1.09 | ||||||||||||||
Total from investment operations | (6.83 | ) | 2.51 | 2.68 | 2.16 | 1.21 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.18 | ) | (0.10 | ) | (0.09 | ) | (0.16 | ) | (0.11 | ) | ||||||||||
Distributions from net realized gains | (0.05 | ) | (0.32 | ) | — | — | — | |||||||||||||
Total distributions | (0.23 | ) | (0.42 | ) | (0.09 | ) | (0.16 | ) | (0.11 | ) | ||||||||||
Net asset value at end of period | 13.43 | 20.49 | 18.40 | 15.81 | 13.81 | |||||||||||||||
Total return (%) | (33.71 | ) | 13.88 | 17.02 | 15.74 | 9.57 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | |||||||||||||||
Gross operating expenses | 0.78 | 0.78 | 0.81 | 0.85 | 0.88 | |||||||||||||||
Net investment income (loss) | 1.28 | 0.91 | 0.63 | 0.93 | 0.89 | |||||||||||||||
Portfolio turnover rate | 35 | 18 | 42 | 48 | 86 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 1,449 | 2,133 | 1,125 | 547 | 263 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .1% | Common Stock | 1,709,727 | 1,392,804 | ||||||||
3 | .4% | Short-Term Investments | 49,190 | 49,190 | ||||||||
99 | .5% | Total Investments | 1,758,917 | 1,441,994 | ||||||||
0 | .5% | Other Assets and Liabilities, Net | 7,169 | |||||||||
100 | .0% | Total Net Assets | 1,449,163 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 96.1% of net assets | ||||||||
Banks 0.2% | ||||||||
KeyCorp | 300,000 | 3,669 | ||||||
Capital Goods 10.8% | ||||||||
AGCO Corp. * | 115,510 | 3,641 | ||||||
Emerson Electric Co. | 178,320 | 5,837 | ||||||
Fluor Corp. | 124,500 | 4,971 | ||||||
General Dynamics Corp. | 50,110 | 3,023 | ||||||
Lockheed Martin Corp. | 669,430 | 56,935 | ||||||
Northrop Grumman Corp. | 220,450 | 10,337 | ||||||
Raytheon Co. | 1,185,720 | 60,602 | ||||||
Tyco International Ltd. | 449,100 | 11,353 | ||||||
156,699 | ||||||||
Consumer Durables & Apparel 1.2% | ||||||||
Hasbro, Inc. | 284,900 | 8,282 | ||||||
NIKE, Inc., Class B | 106,000 | 6,109 | ||||||
Polo Ralph Lauren Corp. | 25,000 | 1,179 | ||||||
Toll Brothers, Inc. * | 50,000 | 1,156 | ||||||
16,726 | ||||||||
Consumer Services 1.4% | ||||||||
McDonald’s Corp. | 350,000 | 20,276 | ||||||
Diversified Financials 8.8% | ||||||||
Ameriprise Financial, Inc. | 433,550 | 9,365 | ||||||
Bank of America Corp. | 350,000 | 8,459 | ||||||
Bank of New York Mellon Corp. | 528,280 | 17,222 | ||||||
Discover Financial Services | 300,000 | 3,675 | ||||||
JPMorgan Chase & Co. | 1,424,200 | 58,748 | ||||||
Northern Trust Corp. | 143,290 | 8,069 | ||||||
State Street Corp. | 495,100 | 21,463 | ||||||
127,001 | ||||||||
Energy 12.0% | ||||||||
Anadarko Petroleum Corp. | 100,000 | 3,530 | ||||||
Chevron Corp. | 443,030 | 33,050 | ||||||
ConocoPhillips | 374,900 | 19,502 | ||||||
Devon Energy Corp. | 120,000 | 9,703 | ||||||
Exxon Mobil Corp. | 900,950 | 66,779 | ||||||
Massey Energy Co. | 25,000 | 577 | ||||||
National-Oilwell Varco, Inc. * | 101,050 | 3,020 | ||||||
Noble Energy | 197,500 | 10,235 | ||||||
Occidental Petroleum Corp. | 464,490 | 25,798 | ||||||
The Williams Cos., Inc. | 100,000 | 2,097 | ||||||
174,291 | ||||||||
Food & Staples Retailing 2.2% | ||||||||
The Kroger Co. | 630,000 | 17,300 | ||||||
Wal-Mart Stores, Inc. | 255,000 | 14,231 | ||||||
31,531 | ||||||||
Food, Beverage & Tobacco 4.5% | ||||||||
Altria Group, Inc. | 490,890 | 9,420 | ||||||
General Mills, Inc. | 430,340 | 29,151 | ||||||
Reynolds American, Inc. | 93,960 | 4,600 | ||||||
Sara Lee Corp. | 139,580 | 1,561 | ||||||
The Coca-Cola Co. | 380,440 | 16,762 | ||||||
The Pepsi Bottling Group, Inc. | 150,000 | 3,468 | ||||||
64,962 | ||||||||
Health Care Equipment & Services 6.1% | ||||||||
Aetna, Inc. | 499,095 | 12,412 | ||||||
Baxter International, Inc. | 496,680 | 30,044 | ||||||
Becton, Dickinson & Co. | 123,110 | 8,544 | ||||||
CIGNA Corp. | 326,760 | 5,326 | ||||||
Express Scripts, Inc. * | 246,160 | 14,920 | ||||||
Humana, Inc. * | 255,885 | 7,572 | ||||||
Omnicare, Inc. | 360,000 | 9,925 | ||||||
88,743 | ||||||||
Household & Personal Products 3.5% | ||||||||
Church & Dwight Co., Inc. | 205,000 | 12,114 | ||||||
The Procter & Gamble Co. | 591,030 | 38,145 | ||||||
50,259 | ||||||||
Insurance 5.6% | ||||||||
Aflac, Inc. | 100,400 | 4,446 | ||||||
American Financial Group, Inc. | 79,290 | 1,802 | ||||||
Loews Corp. | 123,169 | 4,090 | ||||||
MetLife, Inc. | 700,000 | 23,254 | ||||||
Nationwide Financial Services, Inc., Class A | 81,650 | 3,863 | ||||||
Prudential Financial, Inc. | 211,090 | 6,333 | ||||||
The Chubb Corp. | 152,660 | 7,911 | ||||||
The Hartford Financial Services Group, Inc. | 209,990 | 2,167 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
The Travelers Cos., Inc. | 582,940 | 24,804 | ||||||
W. R. Berkley Corp. | 112,630 | 2,959 | ||||||
81,629 | ||||||||
Materials 3.7% | ||||||||
AK Steel Holding Corp. | 127,270 | 1,772 | ||||||
Celanese Corp., Series A | 307,530 | 4,262 | ||||||
International Paper Co. | 327,155 | 5,634 | ||||||
Monsanto Co. | 230,120 | 20,476 | ||||||
Owens-Illinois, Inc. * | 123,710 | 2,830 | ||||||
Sonoco Products Co. | 326,650 | 8,225 | ||||||
Terra Industries, Inc. | 125,000 | 2,749 | ||||||
The Lubrizol Corp. | 188,070 | 7,068 | ||||||
53,016 | ||||||||
Media 2.1% | ||||||||
CBS Corp., Class B | 469,090 | 4,555 | ||||||
Omnicom Group, Inc. | 263,050 | 7,770 | ||||||
The Walt Disney Co. | 715,120 | 18,522 | ||||||
30,847 | ||||||||
Pharmaceuticals & Biotechnology 10.5% | ||||||||
Amgen, Inc. * | 300,000 | 17,967 | ||||||
Applied Biosystems, Inc. | 500,650 | 15,435 | ||||||
Cephalon, Inc. * | 245,000 | 17,571 | ||||||
Endo Pharmaceuticals Holdings, Inc. * | 86,560 | 1,601 | ||||||
Forest Laboratories, Inc. * | 350,000 | 8,131 | ||||||
Genentech, Inc. * | 125,000 | 10,367 | ||||||
Johnson & Johnson | 50,000 | 3,067 | ||||||
Merck & Co., Inc. | 517,080 | 16,004 | ||||||
Pfizer, Inc. | 3,057,530 | 54,149 | ||||||
Watson Pharmaceuticals, Inc. * | 305,000 | 7,982 | ||||||
152,274 | ||||||||
Retailing 1.6% | ||||||||
Amazon.com, Inc. * | 168,610 | 9,651 | ||||||
Family Dollar Stores, Inc. | 200,000 | 5,382 | ||||||
The Gap, Inc. | 690,000 | 8,929 | ||||||
23,962 | ||||||||
Semiconductors & Semiconductor Equipment 2.2% | ||||||||
Broadcom Corp., Class A * | 629,150 | 10,746 | ||||||
Intel Corp. | 848,020 | 13,568 | ||||||
LSI Corp. * | 650,000 | 2,503 | ||||||
National Semiconductor Corp. | 350,000 | 4,609 | ||||||
31,426 | ||||||||
Software & Services 4.4% | ||||||||
Accenture Ltd., Class A | 125,000 | 4,131 | ||||||
BMC Software, Inc. * | 510,640 | 13,185 | ||||||
Cadence Design Systems, Inc. * | 602,790 | 2,453 | ||||||
Microsoft Corp. | 645,650 | 14,418 | ||||||
Oracle Corp. * | 200,000 | 3,658 | ||||||
Symantec Corp. * | 1,285,900 | 16,177 | ||||||
Synopsys, Inc. * | 506,140 | 9,252 | ||||||
63,274 | ||||||||
Technology Hardware & Equipment 11.1% | ||||||||
Apple, Inc. * | 200,565 | 21,579 | ||||||
Cisco Systems, Inc. * | 202,650 | 3,601 | ||||||
Dolby Laboratories, Inc., Class A * | 50,910 | 1,607 | ||||||
Hewlett-Packard Co. | 1,628,900 | 62,354 | ||||||
International Business Machines Corp. | 693,160 | 64,443 | ||||||
NCR Corp. * | 126,445 | 2,311 | ||||||
Xerox Corp. | 549,070 | 4,404 | ||||||
160,299 | ||||||||
Telecommunication Services 1.7% | ||||||||
CenturyTel, Inc. | 248,360 | 6,236 | ||||||
Frontier Communications Corp. | 1,100,555 | 8,375 | ||||||
Qwest Communications International, Inc. | 2,119,420 | 6,061 | ||||||
Telephone & Data Systems, Inc. | 80,290 | 2,156 | ||||||
Verizon Communications, Inc. | 57,720 | 1,713 | ||||||
24,541 | ||||||||
Transportation 1.1% | ||||||||
Continental Airlines, Inc., Class B * | 170,960 | 3,235 | ||||||
CSX Corp. | 70,000 | 3,200 | ||||||
Union Pacific Corp. | 150,000 | 10,015 | ||||||
16,450 | ||||||||
Utilities 1.4% | ||||||||
Duke Energy Corp. | 425,000 | 6,962 | ||||||
Edison International | 333,500 | 11,869 | ||||||
PG&E Corp. | 57,220 | 2,098 | ||||||
20,929 | ||||||||
Total Common Stock (Cost $1,709,727) | 1,392,804 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 3.4% of net assets | ||||||||
Repurchase Agreement 3.2% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal Home Loan Bank with a value of $47,064 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 46,139 | 46,139 | ||||||
U.S. Treasury Obligations 0.2% | ||||||||
U.S. Treasury Bills | ||||||||
0.03%, 12/18/08 (a) | 775 | 774 | ||||||
0.05%, 12/18/08 (a) | 1,050 | 1,050 | ||||||
0.25%, 12/18/08 (a) | 727 | 727 | ||||||
0.15%, 12/18/08 (a) | 25 | 25 |
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
0.31%, 12/18/08 (a) | 475 | 475 | ||||||
3,051 | ||||||||
Total Short-Term Investment (Cost $49,190) | 49,190 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $1,764,462 and the unrealized appreciation and depreciation were $57,789 and ($380,257), respectively, with a net unrealized depreciation of ($322,468). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 700 | 33,856 | 1,483 |
Assets | ||||||
Investments, at value (cost $1,758,917) | $1,441,994 | |||||
Cash | 1 | |||||
Receivables: | ||||||
Investments sold | 5,047 | |||||
Fund shares sold | 4,990 | |||||
Dividends | 1,357 | |||||
Due from brokers for futures | 184 | |||||
Income from securities on loan | 52 | |||||
Prepaid expenses | + | 10 | ||||
Total assets | 1,453,635 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 3,260 | |||||
Investment adviser and administrator fees | 50 | |||||
Transfer agent and shareholder services fees | 27 | |||||
Fund shares redeemed | 1,021 | |||||
Accrued expenses | + | 114 | ||||
Total liabilities | 4,472 | |||||
Net Assets | ||||||
Total assets | 1,453,635 | |||||
Total liabilities | − | 4,472 | ||||
Net assets | $1,449,163 | |||||
Net Assets by Source | ||||||
Capital received from investors | 1,837,648 | |||||
Net investment income not yet distributed | 18,139 | |||||
Net realized capital losses | (91,184 | ) | ||||
Net unrealized capital losses | (315,440 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$1,449,163 | 107,910 | $13.43 |
Investment Income | ||||||
Dividends | $37,735 | |||||
Interest | 337 | |||||
Securities on loan | + | 374 | ||||
Total investment income | 38,446 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (88,480 | ) | ||||
Net realized losses on futures contracts | + | (2,136 | ) | |||
Net realized losses | (90,616 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (660,496 | ) | ||||
Net unrealized gains on futures contracts | + | 914 | ||||
Net unrealized losses | (659,582 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 9,545 | |||||
Transfer agent and shareholder service fees | 4,742 | |||||
Shareholder reports | 173 | |||||
Portfolio accounting fees | 76 | |||||
Registration fees | 61 | |||||
Custodian fees | 38 | |||||
Professional fees | 37 | |||||
Trustees’ fees | 22 | |||||
Interest expense | 2 | |||||
Other expenses | + | 19 | ||||
Total expenses | 14,715 | |||||
Expense reduction by adviser and Schwab | − | 485 | ||||
Net expenses | 14,230 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 38,446 | |||||
Net expenses | − | 14,230 | ||||
Net investment income | 24,216 | |||||
Net realized losses | (90,616 | ) | ||||
Net unrealized losses | + | (659,582 | ) | |||
Decrease in net assets from operations | ($725,982 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $24,216 | $15,389 | ||||||||
Net realized gains (losses) | (90,616 | ) | 4,262 | |||||||
Net unrealized gains (losses) | + | (659,582 | ) | 189,829 | ||||||
Increase (Decrease) in net assets from operations | (725,982 | ) | 209,480 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 18,271 | 7,073 | ||||||||
Distributions from net realized gains | + | 4,682 | 21,463 | |||||||
Total distributions | $22,953 | $28,536 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 31,275 | $534,240 | 55,950 | $1,081,379 | ||||||||||||||
Shares Reinvested | 845 | 16,336 | 1,237 | 23,020 | ||||||||||||||
Shares Redeemed | + | (28,312 | ) | (485,951 | ) | (14,242 | ) | (277,177 | ) | |||||||||
Net transactions in fund shares | 3,808 | $64,625 | 42,945 | $827,222 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 104,102 | $2,133,473 | 61,157 | $1,125,307 | ||||||||||||||
Total increase or decrease | + | 3,808 | (684,310 | ) | 42,945 | 1,008,166 | ||||||||||||
End of period | 107,910 | $1,449,163 | 104,102 | $2,133,473 | ||||||||||||||
Net investment income not yet distributed | $18,139 | $12,196 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.70 | 14.61 | 12.80 | 12.06 | 10.60 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.32 | 0.26 | 0.24 | 0.26 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) | (5.01 | ) | 1.38 | 1.97 | 0.93 | 1.49 | ||||||||||||||
Total from investment operations | (4.69 | ) | 1.64 | 2.21 | 1.19 | 1.78 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.28 | ) | (0.24 | ) | (0.24 | ) | (0.26 | ) | (0.32 | ) | ||||||||||
Distributions from net realized gains | (0.05 | ) | (0.31 | ) | (0.16 | ) | (0.19 | ) | — | |||||||||||
Total distributions | (0.33 | ) | (0.55 | ) | (0.40 | ) | (0.45 | ) | (0.32 | ) | ||||||||||
Net asset value at end of period | 10.68 | 15.70 | 14.61 | 12.80 | 12.06 | |||||||||||||||
Total return (%) | (30.30 | ) | 11.43 | 17.63 | 9.98 | 17.00 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.04 | 1.04 | 1.05 | 1.07 | 0.65 | |||||||||||||||
Gross operating expenses | 1.04 | 1.04 | 1.05 | 1.09 | 1.19 | |||||||||||||||
Net investment income (loss) | 2.19 | 1.71 | 1.78 | 2.17 | 2.71 | |||||||||||||||
Portfolio turnover rate | 22 | 18 | 36 | 26 | 39 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 415 | 760 | 624 | 528 | 267 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.66 | 14.60 | 12.80 | 12.06 | 10.60 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.32 | 0.28 | 0.26 | 0.28 | 0.31 | |||||||||||||||
Net realized and unrealized gains (losses) | (4.97 | ) | 1.37 | 1.98 | 0.93 | 1.48 | ||||||||||||||
Total from investment operations | (4.65 | ) | 1.65 | 2.24 | 1.21 | 1.79 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.33 | ) | (0.28 | ) | (0.28 | ) | (0.28 | ) | (0.33 | ) | ||||||||||
Distributions from net realized gains | (0.05 | ) | (0.31 | ) | (0.16 | ) | (0.19 | ) | — | |||||||||||
Total distributions | (0.38 | ) | (0.59 | ) | (0.44 | ) | (0.47 | ) | (0.33 | ) | ||||||||||
Net asset value at end of period | 10.63 | 15.66 | 14.60 | 12.80 | 12.06 | |||||||||||||||
Total return (%) | (30.23 | ) | 11.55 | 17.86 | 10.17 | 17.07 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.89 | 0.89 | 0.90 | 0.92 | 0.54 | |||||||||||||||
Gross operating expenses | 0.89 | 0.89 | 0.90 | 0.94 | 1.04 | |||||||||||||||
Net investment income (loss) | 2.33 | 1.83 | 1.92 | 2.32 | 2.83 | |||||||||||||||
Portfolio turnover rate | 22 | 18 | 36 | 26 | 39 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 824 | 1,340 | 729 | 509 | 252 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .3% | Common Stock | 1,449,649 | 1,218,011 | ||||||||
1 | .3% | Short-Term Investments | 16,105 | 16,105 | ||||||||
99 | .6% | Total Investments | 1,465,754 | 1,234,116 | ||||||||
0 | .4% | Other Assets and Liabilities, Net | 5,351 | |||||||||
100 | .0% | Total Net Assets | 1,239,467 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 98.3% of net assets | ||||||||
Banks 1.5% | ||||||||
KeyCorp | 577,500 | 7,063 | ||||||
SunTrust Banks, Inc. | 300,887 | 12,077 | ||||||
19,140 | ||||||||
Capital Goods 8.9% | ||||||||
Cooper Industries Ltd., Class A | 255,000 | 7,892 | ||||||
Eaton Corp. | 130,000 | 5,798 | ||||||
Emerson Electric Co. | 423,600 | 13,864 | ||||||
L-3 Communications Holdings, Inc. | 150,000 | 12,176 | ||||||
Lockheed Martin Corp. | 200,000 | 17,010 | ||||||
Masco Corp. | 300,000 | 3,045 | ||||||
Northrop Grumman Corp. | 290,400 | 13,617 | ||||||
Raytheon Co. | 487,100 | 24,896 | ||||||
Tyco International Ltd. | 300,000 | 7,584 | ||||||
United Technologies Corp. | 75,000 | 4,122 | ||||||
110,004 | ||||||||
Commercial & Professional Supplies 2.5% | ||||||||
Pitney Bowes, Inc. | 200,000 | 4,956 | ||||||
R.R. Donnelley & Sons Co. | 460,000 | 7,622 | ||||||
Waste Management, Inc. | 590,000 | 18,426 | ||||||
31,004 | ||||||||
Consumer Durables & Apparel 3.6% | ||||||||
D.R. Horton, Inc. | 1,169,314 | 8,630 | ||||||
Hasbro, Inc. | 475,000 | 13,808 | ||||||
Leggett & Platt, Inc. | 250,000 | 4,340 | ||||||
NIKE, Inc., Class B | 210,000 | 12,102 | ||||||
VF Corp. | 100,000 | 5,510 | ||||||
44,390 | ||||||||
Consumer Services 1.7% | ||||||||
McDonald’s Corp. | 375,000 | 21,724 | ||||||
Diversified Financials 7.3% | ||||||||
Bank of America Corp. | 775,400 | 18,741 | ||||||
Bank of New York Mellon Corp. | 879,845 | 28,683 | ||||||
JPMorgan Chase & Co. | 775,584 | 31,993 | ||||||
State Street Corp. | 245,000 | 10,621 | ||||||
90,038 | ||||||||
Energy 11.5% | ||||||||
Boardwalk Pipeline Partners L.P. | 191,500 | 4,596 | ||||||
Chevron Corp. | 375,000 | 27,975 | ||||||
ConocoPhillips | 400,000 | 20,808 | ||||||
Devon Energy Corp. | 160,000 | 12,937 | ||||||
Exxon Mobil Corp. | 325,800 | 24,148 | ||||||
Noble Energy | 182,500 | 9,457 | ||||||
Occidental Petroleum Corp. | 420,000 | 23,327 | ||||||
Patterson-UTI Energy, Inc. | 225,000 | 2,986 | ||||||
Spectra Energy Corp. | 275,000 | 5,316 | ||||||
The Williams Cos., Inc. | 510,000 | 10,695 | ||||||
142,245 | ||||||||
Food & Staples Retailing 1.2% | ||||||||
The Kroger Co. | 335,000 | 9,199 | ||||||
Wal-Mart Stores, Inc. | 100,000 | 5,581 | ||||||
14,780 | ||||||||
Food, Beverage & Tobacco 8.7% | ||||||||
Altria Group, Inc. | 510,000 | 9,787 | ||||||
General Mills, Inc. | 370,000 | 25,064 | ||||||
H.J. Heinz Co. | 435,000 | 19,062 | ||||||
Kellogg Co. | 340,000 | 17,143 | ||||||
Reynolds American, Inc. | 426,400 | 20,876 | ||||||
The Coca-Cola Co. | 370,000 | 16,302 | ||||||
108,234 | ||||||||
Health Care Equipment & Services 3.0% | ||||||||
Baxter International, Inc. | 325,000 | 19,659 | ||||||
Becton, Dickinson & Co. | 254,000 | 17,628 | ||||||
37,287 | ||||||||
Household & Personal Products 2.8% | ||||||||
Colgate-Palmolive Co. | 235,000 | 14,749 | ||||||
The Procter & Gamble Co. | 303,950 | 19,617 | ||||||
34,366 | ||||||||
Insurance 6.1% | ||||||||
Aon Corp. | 396,250 | 16,761 | ||||||
Axis Capital Holdings Ltd. | 100,000 | 2,848 | ||||||
HCC Insurance Holdings, Inc. | 385,000 | 8,493 | ||||||
Lincoln National Corp. | 300,000 | 5,172 | ||||||
The Allstate Corp. | 328,200 | 8,661 | ||||||
The Chubb Corp. | 351,000 | 18,189 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
The Travelers Cos., Inc. | 358,000 | 15,233 | ||||||
75,357 | ||||||||
Materials 2.2% | ||||||||
Eastman Chemical Co. | 75,000 | 3,029 | ||||||
International Paper Co. | 500,000 | 8,610 | ||||||
MeadWestvaco Corp. | 150,000 | 2,105 | ||||||
Sonoco Products Co. | 100,000 | 2,518 | ||||||
The Dow Chemical Co. | 150,800 | 4,022 | ||||||
The Lubrizol Corp. | 200,000 | 7,516 | ||||||
27,800 | ||||||||
Media 0.6% | ||||||||
CBS Corp., Class B | 600,000 | 5,826 | ||||||
Gannett Co., Inc. | 200,000 | 2,200 | ||||||
8,026 | ||||||||
Pharmaceuticals & Biotechnology 10.1% | ||||||||
Abbott Laboratories | 425,000 | 23,439 | ||||||
Bristol-Myers Squibb Co. | 750,000 | 15,412 | ||||||
Eli Lilly & Co. | 444,000 | 15,016 | ||||||
Johnson & Johnson | 387,000 | 23,739 | ||||||
Merck & Co., Inc. | 560,000 | 17,332 | ||||||
PerkinElmer, Inc. | 270,500 | 4,853 | ||||||
Pfizer, Inc. | 1,100,000 | 19,481 | ||||||
Wyeth | 195,000 | 6,275 | ||||||
125,547 | ||||||||
Real Estate 0.9% | ||||||||
Boston Properties, Inc. | 50,000 | 3,544 | ||||||
Essex Property Trust, Inc. | 40,000 | 3,892 | ||||||
Vornado Realty Trust | 50,000 | 3,527 | ||||||
10,963 | ||||||||
Retailing 0.4% | ||||||||
Genuine Parts Co. | 121,000 | 4,761 | ||||||
Semiconductors & Semiconductor Equipment 2.7% | ||||||||
Analog Devices, Inc. | 290,000 | 6,194 | ||||||
Applied Materials, Inc. | 700,000 | 9,037 | ||||||
Intel Corp. | 1,125,000 | 18,000 | ||||||
33,231 | ||||||||
Software & Services 5.0% | ||||||||
Accenture Ltd., Class A | 535,000 | 17,682 | ||||||
Automatic Data Processing, Inc. | 335,000 | 11,708 | ||||||
Microsoft Corp. | 1,100,000 | 24,563 | ||||||
Paychex, Inc. | 266,300 | 7,600 | ||||||
61,553 | ||||||||
Technology Hardware & Equipment 4.5% | ||||||||
Harris Corp. | 100,000 | 3,595 | ||||||
Hewlett-Packard Co. | 520,000 | 19,906 | ||||||
International Business Machines Corp. | 242,500 | 22,545 | ||||||
Molex, Inc. | 100,000 | 1,441 | ||||||
QUALCOMM, Inc. | 75,000 | 2,870 | ||||||
Seagate Technology | 385,000 | 2,606 | ||||||
Xerox Corp. | 290,000 | 2,326 | ||||||
55,289 | ||||||||
Telecommunication Services 3.5% | ||||||||
AT&T, Inc. | 450,407 | 12,057 | ||||||
CenturyTel, Inc. | 100,000 | 2,511 | ||||||
Embarq Corp. | 210,000 | 6,300 | ||||||
Frontier Communications Corp. | 700,000 | 5,327 | ||||||
Qwest Communications International, Inc. | 700,000 | 2,002 | ||||||
Verizon Communications, Inc. | 477,300 | 14,162 | ||||||
Windstream Corp. | 200,000 | 1,502 | ||||||
43,861 | ||||||||
Transportation 0.7% | ||||||||
CSX Corp. | 150,000 | 6,858 | ||||||
Southwest Airlines Co. | 150,000 | 1,767 | ||||||
8,625 | ||||||||
Utilities 8.9% | ||||||||
Alliant Energy Corp. | 350,000 | 10,283 | ||||||
American Electric Power Co., Inc. | 451,000 | 14,716 | ||||||
CenterPoint Energy, Inc. | 150,000 | 1,728 | ||||||
Consolidated Edison, Inc. | 135,000 | 5,848 | ||||||
DTE Energy Co. | 425,000 | 15,002 | ||||||
Duke Energy Corp. | 250,000 | 4,095 | ||||||
Edison International | 400,000 | 14,236 | ||||||
Integrys Energy Group, Inc. | 50,000 | 2,384 | ||||||
PG&E Corp. | 485,000 | 17,785 | ||||||
Pinnacle West Capital Corp. | 75,000 | 2,374 | ||||||
Progress Energy, Inc. | 410,000 | 16,142 | ||||||
TECO Energy, Inc. | 450,000 | 5,193 | ||||||
109,786 | ||||||||
Total Common Stock (Cost $1,449,649) | 1,218,011 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 1.3% of net assets | ||||||||
Commercial Paper & Other Obligations 1.3% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 15,546 | 15,546 | ||||||
U.S. Treasury Obligations 0.0% | ||||||||
U.S. Treasury Bill | ||||||||
0.05%, 12/18/08 (a) | 35 | 35 |
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
U.S. Treasury Bills | ||||||||
0.31%, 12/18/08 (a) | 525 | 524 | ||||||
559 | ||||||||
Total Short-Term Investments (Cost $16,105) | 16,105 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $1,465,754, and the unrealized appreciation and depreciation were $74,356 and ($305,994), respectively, with a net unrealized depreciation of ($231,638). |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 100 | 4,837 | 400 |
Assets | ||||||
Investments, at value (cost $1,465,754) | $1,234,116 | |||||
Receivables: | ||||||
Dividends | 3,157 | |||||
Fund shares sold | 3,043 | |||||
Due from brokers for futures | 29 | |||||
Prepaid expenses | + | 11 | ||||
Total assets | 1,240,356 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 35 | |||||
Investment adviser and administrator fees | 73 | |||||
Transfer agent and shareholder services fees | 14 | |||||
Fund shares redeemed | 667 | |||||
Accrued expenses | + | 100 | ||||
Total liabilities | 889 | |||||
Net Assets | ||||||
Total assets | 1,240,356 | |||||
Total liabilities | − | 889 | ||||
Net assets | $1,239,467 | |||||
Net Assets by Source | ||||||
Capital received from investors | 1,512,790 | |||||
Net investment income not yet distributed | 2,236 | |||||
Net realized capital losses | (44,321 | ) | ||||
Net unrealized capital losses | (231,238 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $415,388 | 38,904 | $10.68 | |||||||||
Select Shares | $824,079 | 77,515 | $10.63 |
Investment Income | ||||||
Dividends | $56,035 | |||||
Interest | + | 188 | ||||
Total investment income | 56,223 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (43,248 | ) | ||||
Net realized losses on futures contracts | + | (1,204 | ) | |||
Net realized losses | (44,452 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (576,617 | ) | ||||
Net unrealized gains on futures contracts | + | 531 | ||||
Net unrealized losses | (576,086 | ) | ||||
Expenses | ||||||
Investment advisor and administrator fees | 13,362 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,506 | |||||
Select Shares | 1,139 | |||||
Shareholder reports | 138 | |||||
Portfolio accounting fees | 75 | |||||
Registration fees | 60 | |||||
Professional fees | 42 | |||||
Custodian fees | 40 | |||||
Trustees’ fees | 21 | |||||
Interest expense | 9 | |||||
Other expenses | + | 19 | ||||
Net expenses | 16,411 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 56,223 | |||||
Net expenses | − | 16,411 | ||||
Net investment income | 39,812 | |||||
Net realized losses | (44,452 | ) | ||||
Net unrealized losses | + | (576,086 | ) | |||
Decrease in net assets from operations | ($580,726 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $39,812 | $33,115 | ||||||||
Net realized gains (losses) | (44,452 | ) | 8,254 | |||||||
Net unrealized gains (losses) | + | (576,086 | ) | 138,793 | ||||||
Increase (Decrease) in net assets from operations | (580,726 | ) | 180,162 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 12,236 | 11,773 | ||||||||
Select Shares | + | 27,045 | 20,876 | |||||||
Total distributions from net investment income | $39,281 | $32,649 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 2,493 | 13,513 | ||||||||
Select Shares | + | 4,513 | 16,664 | |||||||
Total distributions from net realized gains | $7,006 | $30,177 | ||||||||
Total distributions | $46,287 | $62,826 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 4,894 | $64,964 | 19,321 | $294,567 | ||||||||||||||
Select Shares | + | 16,086 | 217,167 | 49,096 | 751,702 | |||||||||||||
Total shares sold | 20,980 | $282,131 | 68,417 | $1,046,269 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 890 | $12,329 | 1,412 | $21,131 | ||||||||||||||
Select Shares | + | 1,256 | 17,359 | 1,561 | 23,343 | |||||||||||||
Total shares reinvested | 2,146 | $29,688 | 2,973 | $44,474 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (15,293 | ) | ($207,978 | ) | (15,025 | ) | ($230,326 | ) | ||||||||||
Select Shares | + | (25,411 | ) | (338,104 | ) | (14,990 | ) | (229,725 | ) | |||||||||
Total shares redeemed | (40,704 | ) | ($546,082 | ) | (30,015 | ) | ($460,051 | ) | ||||||||||
Net transactions in fund shares | (17,578 | ) | ($234,263 | ) | 41,375 | $630,692 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 133,997 | $2,100,743 | 92,622 | $1,352,715 | ||||||||||||||
Total increase or decrease | + | (17,578 | ) | (861,276 | ) | 41,375 | 748,028 | |||||||||||
End of period | 116,419 | $1,239,467 | 133,997 | $2,100,743 | ||||||||||||||
Net investment income not yet distributed | $2,236 | $1,709 |
11/1/07- | 11/1/06- | 11/1/05- | 10/3/051- | |||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | ||||||||||||
Per—Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 12.75 | 11.07 | 9.73 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.04 | 0.02 | 0.01 | (0.00 | )2 | |||||||||||
Net realized and unrealized gains (losses) | (4.55 | ) | 1.67 | 1.33 | (0.27 | ) | ||||||||||
Total from investment operations | (4.51 | ) | 1.69 | 1.34 | (0.27 | ) | ||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.01 | ) | (0.00 | )2 | — | |||||||||
Net asset value at end of period | 8.21 | 12.75 | 11.07 | 9.73 | ||||||||||||
Total return (%) | (35.45 | ) | 15.32 | 13.80 | (2.70 | )3 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses | 1.16 | 1.18 | 1.20 | 1.20 | 4 | |||||||||||
Gross operating expenses | 1.16 | 1.18 | 1.26 | 1.71 | 4 | |||||||||||
Net investment income (loss) | 0.37 | 0.22 | 0.09 | (0.61 | )4 | |||||||||||
Portfolio turnover rate | 49 | 30 | 53 | 4 | 3 | |||||||||||
Net assets, end of period ($ x 1,000,000) | 65 | 119 | 70 | 25 |
11/1/07- | 11/1/06- | 11/1/05- | 10/3/051- | |||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | ||||||||||||
Per—Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 12.77 | 11.09 | 9.73 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.06 | 0.04 | 0.02 | (0.00 | )2 | |||||||||||
Net realized and unrealized gains (losses) | (4.56 | ) | 1.67 | 1.35 | (0.27 | ) | ||||||||||
Total from investment operations | (4.50 | ) | 1.71 | 1.37 | (0.27 | ) | ||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.05 | ) | (0.03 | ) | (0.01 | ) | — | |||||||||
Net asset value at end of period | 8.22 | 12.77 | 11.09 | 9.73 | ||||||||||||
Total return (%) | (35.36 | ) | 15.47 | 14.04 | (2.70 | )3 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses | 0.99 | 0.99 | 0.99 | 0.99 | 4 | |||||||||||
Gross operating expenses | 1.01 | 1.03 | 1.12 | 1.56 | 4 | |||||||||||
Net investment income (loss) | 0.53 | 0.33 | 0.26 | (0.40 | )4 | |||||||||||
Portfolio turnover rate | 49 | 30 | 53 | 4 | 3 | |||||||||||
Net assets, end of period ($ x 1,000,000) | 332 | 492 | 107 | 33 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .6% | Common Stock | 472,014 | 382,604 | ||||||||
3 | .4% | Short-Term Investments | 13,544 | 13,544 | ||||||||
100 | .0% | Total Investments | 485,558 | 396,148 | ||||||||
0 | .0% | Other Assets and Liabilities, Net | 170 | |||||||||
100 | .0% | Total Net Assets | 396,318 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 96.6% of net assets | ||||||||
Capital Goods 8.1% | ||||||||
Cooper Industries Ltd., Class A | 111,800 | 3,460 | ||||||
Emerson Electric Co. | 14,600 | 478 | ||||||
Fluor Corp. | 90,000 | 3,594 | ||||||
ITT Corp. | 48,000 | 2,136 | ||||||
Lockheed Martin Corp. | 180,000 | 15,309 | ||||||
Northrop Grumman Corp. | 20,000 | 938 | ||||||
Raytheon Co. | 122,800 | 6,276 | ||||||
32,191 | ||||||||
Commercial & Professional Supplies 1.5% | ||||||||
Covanta Holding Corp. * | 270,000 | 5,821 | ||||||
Consumer Durables & Apparel 1.9% | ||||||||
Hasbro, Inc. | 118,000 | 3,430 | ||||||
NIKE, Inc., Class B | 70,000 | 4,034 | ||||||
7,464 | ||||||||
Consumer Services 3.0% | ||||||||
Apollo Group, Inc., Class A * | 25,000 | 1,738 | ||||||
McDonald’s Corp. | 175,000 | 10,138 | ||||||
11,876 | ||||||||
Diversified Financials 2.2% | ||||||||
JPMorgan Chase & Co. | 88,900 | 3,667 | ||||||
Northern Trust Corp. | 65,000 | 3,660 | ||||||
State Street Corp. | 33,000 | 1,431 | ||||||
8,758 | ||||||||
Energy 8.6% | ||||||||
Exxon Mobil Corp. | 210,800 | 15,624 | ||||||
Halliburton Co. | 50,000 | 990 | ||||||
Massey Energy Co. | 130,000 | 3,002 | ||||||
National-Oilwell Varco, Inc. * | 15,500 | 463 | ||||||
Noble Energy | 105,000 | 5,441 | ||||||
Occidental Petroleum Corp. | 122,500 | 6,804 | ||||||
The Williams Cos., Inc. | 88,000 | 1,845 | ||||||
34,169 | ||||||||
Food & Staples Retailing 3.3% | ||||||||
The Kroger Co. | 155,000 | 4,256 | ||||||
Wal-Mart Stores, Inc. | 155,000 | 8,651 | ||||||
12,907 | ||||||||
Food, Beverage & Tobacco 5.1% | ||||||||
Altria Group, Inc. | 270,000 | 5,181 | ||||||
General Mills, Inc. | 168,100 | 11,387 | ||||||
H.J. Heinz Co. | 13,500 | 592 | ||||||
Molson Coors Brewing Co., Class B | 25,000 | 934 | ||||||
The Coca-Cola Co. | 35,800 | 1,577 | ||||||
The Pepsi Bottling Group, Inc. | 25,000 | 578 | ||||||
20,249 | ||||||||
Health Care Equipment & Services 9.7% | ||||||||
Aetna, Inc. | 19,900 | 495 | ||||||
Baxter International, Inc. | 300,000 | 18,147 | ||||||
Becton, Dickinson & Co. | 60,800 | 4,220 | ||||||
CIGNA Corp. | 40,500 | 660 | ||||||
Express Scripts, Inc. * | 150,000 | 9,091 | ||||||
Humana, Inc. * | 40,000 | 1,184 | ||||||
Medtronic, Inc. | 50,000 | 2,016 | ||||||
St. Jude Medical, Inc. * | 29,000 | 1,103 | ||||||
Varian Medical Systems, Inc. * | 35,000 | 1,593 | ||||||
38,509 | ||||||||
Household & Personal Products 3.8% | ||||||||
Church & Dwight Co., Inc. | 78,000 | 4,609 | ||||||
The Procter & Gamble Co. | 160,000 | 10,326 | ||||||
14,935 | ||||||||
Insurance 2.2% | ||||||||
Aflac, Inc. | 40,000 | 1,771 | ||||||
Axis Capital Holdings Ltd. | 97,600 | 2,779 | ||||||
MetLife, Inc. | 37,500 | 1,246 | ||||||
Prudential Financial, Inc. | 33,500 | 1,005 | ||||||
The Travelers Cos., Inc. | 41,500 | 1,766 | ||||||
8,567 | ||||||||
Materials 3.9% | ||||||||
AK Steel Holding Corp. | 158,500 | 2,206 | ||||||
Celanese Corp., Series A | 300,000 | 4,158 | ||||||
Monsanto Co. | 30,000 | 2,670 | ||||||
Owens-Illinois, Inc. * | 75,000 | 1,716 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Sonoco Products Co. | 89,000 | 2,241 | ||||||
Terra Industries, Inc. | 60,000 | 1,319 | ||||||
The Lubrizol Corp. | 18,000 | 677 | ||||||
The Mosaic Co. | 8,000 | 315 | ||||||
15,302 | ||||||||
Media 1.9% | ||||||||
Omnicom Group, Inc. | 114,000 | 3,368 | ||||||
The DIRECTV Group, Inc. * | 50,000 | 1,094 | ||||||
The Interpublic Group of Cos., Inc. * | 50,000 | 260 | ||||||
The Walt Disney Co. | 106,000 | 2,745 | ||||||
7,467 | ||||||||
Pharmaceuticals & Biotechnology 7.9% | ||||||||
Abbott Laboratories | 27,000 | 1,489 | ||||||
Amgen, Inc. * | 75,000 | 4,492 | ||||||
Applied Biosystems, Inc. | 50,000 | 1,541 | ||||||
Celgene Corp. * | 60,000 | 3,856 | ||||||
Cephalon, Inc. * | 126,000 | 9,037 | ||||||
Endo Pharmaceuticals Holdings, Inc. * | 35,000 | 647 | ||||||
Forest Laboratories, Inc. * | 125,000 | 2,904 | ||||||
Merck & Co., Inc. | 125,000 | 3,869 | ||||||
Pfizer, Inc. | 200,000 | 3,542 | ||||||
31,377 | ||||||||
Retailing 2.0% | ||||||||
Amazon.com, Inc. * | 100,000 | 5,724 | ||||||
The Gap, Inc. | 175,000 | 2,265 | ||||||
7,989 | ||||||||
Semiconductors & Semiconductor Equipment 3.4% | ||||||||
Analog Devices, Inc. | 7,000 | 149 | ||||||
Broadcom Corp., Class A * | 210,000 | 3,587 | ||||||
Intel Corp. | 500,000 | 8,000 | ||||||
LSI Corp. * | 165,000 | 635 | ||||||
National Semiconductor Corp. | 10,000 | 132 | ||||||
Texas Instruments, Inc. | 50,000 | 978 | ||||||
13,481 | ||||||||
Software & Services 13.9% | ||||||||
Accenture Ltd., Class A | 380,000 | 12,559 | ||||||
Adobe Systems, Inc. * | 40,000 | 1,066 | ||||||
BMC Software, Inc. * | 301,500 | 7,785 | ||||||
eBay, Inc. * | 165,500 | 2,527 | ||||||
Google, Inc., Class A * | 7,000 | 2,515 | ||||||
MasterCard, Inc., Class A | 10,000 | 1,478 | ||||||
Microsoft Corp. | 572,500 | 12,784 | ||||||
Oracle Corp. * | 285,000 | 5,213 | ||||||
Symantec Corp. * | 516,000 | 6,491 | ||||||
Synopsys, Inc. * | 93,500 | 1,709 | ||||||
Western Union Co. | 65,000 | 992 | ||||||
55,119 | ||||||||
Technology Hardware & Equipment 13.1% | ||||||||
Agilent Technologies, Inc. * | 47,700 | 1,059 | ||||||
Apple, Inc. * | 65,000 | 6,993 | ||||||
Cisco Systems, Inc. * | 300,700 | 5,343 | ||||||
Dolby Laboratories, Inc., Class A * | 30,000 | 947 | ||||||
Hewlett-Packard Co. | 455,000 | 17,417 | ||||||
International Business Machines Corp. | 200,000 | 18,594 | ||||||
NCR Corp. * | 67,500 | 1,234 | ||||||
Seagate Technology | 45,000 | 305 | ||||||
51,892 | ||||||||
Telecommunication Services 0.5% | ||||||||
Embarq Corp. | 45,000 | 1,350 | ||||||
Sprint Nextel Corp. | 200,000 | 626 | ||||||
1,976 | ||||||||
Transportation 0.5% | ||||||||
Union Pacific Corp. | 30,000 | 2,003 | ||||||
Utilities 0.1% | ||||||||
Edison International | 15,500 | 552 | ||||||
Total Common Stock (Cost $472,014) | 382,604 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 3.4% of net assets | ||||||||
Commercial Paper & Other Obligations 3.3% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 12,984 | 12,984 | ||||||
U.S. Treasury Obligations 0.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.05%, 12/18/08 (a) | 40 | 40 | ||||||
0.87%, 12/18/08 (a) | 200 | 200 | ||||||
0.05%, 12/18/08 (a) | 320 | 320 | ||||||
560 | ||||||||
Total Short-Term Investment (Cost $13,544) | 13,544 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $485,570, and the unrealized appreciation and depreciation were $8,007 and ($97,429), respectively, with a net unrealized depreciation of ($89,422). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 100 | 4,837 | 112 |
Assets | ||||||
Investments, at value (cost $485,558) | $396,148 | |||||
Receivables: | ||||||
Investments sold | 3,387 | |||||
Fund shares sold | 488 | |||||
Dividends | 432 | |||||
Due from brokers for futures | 29 | |||||
Income from securities on loan | 5 | |||||
Prepaid expenses | + | 3 | ||||
Total assets | 400,492 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 3,684 | |||||
Investment adviser and administrator fees | 26 | |||||
Transfer agent and shareholder services fees | 2 | |||||
Fund shares redeemed | 402 | |||||
Accrued expenses | + | 60 | ||||
Total liabilities | 4,174 | |||||
Net Assets | ||||||
Total assets | 400,492 | |||||
Total liabilities | − | 4,174 | ||||
Net assets | $396,318 | |||||
Net Assets by Source | ||||||
Capital received from investors | 543,321 | |||||
Net investment income not yet distributed | 1,246 | |||||
Net realized capital losses | (58,951 | ) | ||||
Net unrealized capital losses | (89,298 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $64,741 | 7,889 | $8.21 | |||||||||
Select Shares | $331,577 | 40,329 | $8.22 |
Investment Income | ||||||
Dividends | $7,952 | |||||
Interest | 61 | |||||
Securities on loan | + | 123 | ||||
Total investment income | 8,136 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (53,483 | ) | ||||
Net realized losses on futures contracts | + | (549 | ) | |||
Net realized losses | (54,032 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (165,790 | ) | ||||
Net unrealized gains on futures contracts | + | 124 | ||||
Net unrealized losses | (165,666 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 4,630 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 243 | |||||
Select Shares | 436 | |||||
Shareholder reports | 65 | |||||
Registration fees | 55 | |||||
Portfolio accounting fees | 48 | |||||
Professional fees | 36 | |||||
Custodian fees | 16 | |||||
Trustees’ fees | 11 | |||||
Interest expense | 1 | |||||
Other expenses | + | 7 | ||||
Total expenses | 5,548 | |||||
Expense reduction by adviser and Schwab | − | 103 | ||||
Net expenses | 5,445 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 8,136 | |||||
Net expenses | − | 5,445 | ||||
Net investment income | 2,691 | |||||
Net realized losses | (54,032 | ) | ||||
Net unrealized losses | + | (165,666 | ) | |||
Decrease in net assets from operations | ($217,007 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $2,691 | $1,279 | ||||||||
Net realized losses | (54,032 | ) | (2,041 | ) | ||||||
Net unrealized gains (losses) | + | (165,666 | ) | 61,526 | ||||||
Increase (Decrease) in net assets from operations | (217,007 | ) | 60,764 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 282 | 92 | ||||||||
Select Shares | + | 2,030 | 458 | |||||||
Total distributions from net investment income | $2,312 | $550 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 1,823 | $20,286 | 5,538 | $65,288 | ||||||||||||||
Select Shares | + | 11,725 | 125,732 | 32,748 | 384,845 | |||||||||||||
Total shares sold | 13,548 | $146,018 | 38,286 | $450,133 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 21 | $254 | 7 | $80 | ||||||||||||||
Select Shares | + | 27 | 328 | 10 | 110 | |||||||||||||
Total shares reinvested | 48 | $582 | 17 | $190 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (3,257 | ) | ($35,189 | ) | (2,566 | ) | ($30,404 | ) | ||||||||||
Select Shares | + | (9,952 | ) | (106,495 | ) | (3,868 | ) | (46,276 | ) | |||||||||
Total shares redeemed | (13,209 | ) | ($141,684 | ) | (6,434 | ) | ($76,680 | ) | ||||||||||
Net transactions in fund shares | 387 | $4,916 | 31,869 | $373,643 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 47,831 | $610,721 | 15,962 | $176,864 | ||||||||||||||
Total increase or decrease | + | 387 | (214,403 | ) | 31,869 | 433,857 | ||||||||||||
End of period | 48,218 | $396,318 | 47,831 | $610,721 | ||||||||||||||
Net investment income not yet distributed | $1,246 | $867 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 18.10 | 17.72 | 15.72 | 14.13 | 11.81 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.05 | ) | (0.09 | ) | (0.05 | ) | 0.01 | (0.04 | ) | |||||||||||
Net realized and unrealized gains (losses) | (6.52 | ) | 0.55 | 2.48 | 3.12 | 2.58 | ||||||||||||||
Total from investment operations | (6.57 | ) | 0.46 | 2.43 | 3.13 | 2.54 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | — | — | (0.00 | )1 | — | — | ||||||||||||||
Distributions from net realized gains | (1.07 | ) | (0.08 | ) | (0.43 | ) | (1.54 | ) | (0.22 | ) | ||||||||||
Total distributions | (1.07 | ) | (0.08 | ) | (0.43 | ) | (1.54 | ) | (0.22 | ) | ||||||||||
Net asset value at end of period | 10.46 | 18.10 | 17.72 | 15.72 | 14.13 | |||||||||||||||
Total return (%) | (38.25 | ) | 2.59 | 15.71 | 23.65 | 21.74 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.27 | 1.24 | 1.29 | 1.28 | 1.30 | |||||||||||||||
Gross operating expenses | 1.27 | 1.24 | 1.29 | 1.38 | 1.61 | |||||||||||||||
Net investment income (loss) | (0.25 | ) | (0.43 | ) | (0.39 | ) | 0.11 | (0.35 | ) | |||||||||||
Portfolio turnover rate | 50 | 106 | 82 | 90 | 118 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 135 | 420 | 431 | 170 | 37 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 18.22 | 17.80 | 15.78 | 14.16 | 11.81 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.01 | ) | (0.10 | ) | (0.02 | ) | 0.00 | 1 | (0.02 | ) | ||||||||||
Net realized and unrealized gains (losses) | (6.59 | ) | 0.60 | 2.49 | 3.16 | 2.59 | ||||||||||||||
Total from investment operations | (6.60 | ) | 0.50 | 2.47 | 3.16 | 2.57 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | — | — | (0.02 | ) | — | — | ||||||||||||||
Distributions from net realized gains | (1.07 | ) | (0.08 | ) | (0.43 | ) | (1.54 | ) | (0.22 | ) | ||||||||||
Total distributions | (1.07 | ) | (0.08 | ) | (0.45 | ) | (1.54 | ) | (0.22 | ) | ||||||||||
Net asset value at end of period | 10.55 | 18.22 | 17.80 | 15.78 | 14.16 | |||||||||||||||
Total return (%) | (38.16 | ) | 2.80 | 15.89 | 23.83 | 22.00 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.11 | 1.09 | 1.12 | 1.11 | 1.12 | |||||||||||||||
Gross operating expenses | 1.12 | 1.09 | 1.14 | 1.23 | 1.46 | |||||||||||||||
Net investment income (loss) | (0.09 | ) | (0.28 | ) | (0.21 | ) | 0.09 | (0.16 | ) | |||||||||||
Portfolio turnover rate | 50 | 106 | 82 | 90 | 118 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 79 | 228 | 276 | 80 | 18 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .4% | Common Stock | 277,460 | 206,667 | ||||||||
1 | .7% | Foreign Common Stock | 4,142 | 3,682 | ||||||||
1 | .6% | Short-Term Investment | 3,478 | 3,478 | ||||||||
99 | .7% | Total Investments | 285,080 | 213,827 | ||||||||
0 | .3% | Other Assets and Liabilities, Net | 604 | |||||||||
100 | .0% | Total Net Assets | 214,431 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 96.4% of net assets | ||||||||
Automobiles & Components 0.4% | ||||||||
Cooper Tire & Rubber Co. | 27,900 | 213 | ||||||
Lear Corp. * | 57,300 | 115 | ||||||
Stoneridge, Inc. * | 60,600 | 345 | ||||||
TRW Automotive Holdings Corp. * | 24,400 | 154 | ||||||
Visteon Corp. * | 53,200 | 37 | ||||||
864 | ||||||||
Banks 8.5% | ||||||||
BancFirst Corp. | 48,100 | 2,424 | ||||||
Bank Mutual Corp. | 20,200 | 233 | ||||||
Chemical Financial Corp. | 15,000 | 394 | ||||||
Commerce Bancshares, Inc. | 82,715 | 3,911 | ||||||
First Citizens BancShares, Inc., Class A | 3,900 | 596 | ||||||
NBT Bancorp, Inc. | 37,700 | 1,051 | ||||||
SVB Financial Group * | 87,200 | 4,487 | ||||||
TrustCo Bank Corp. NY | 3,100 | 38 | ||||||
UCBH Holdings, Inc. | 31,100 | 164 | ||||||
UMB Financial Corp. | 67,800 | 3,073 | ||||||
Webster Financial Corp. | 100,800 | 1,869 | ||||||
18,240 | ||||||||
Capital Goods 12.4% | ||||||||
A.O. Smith Corp. | 26,700 | 842 | ||||||
Acuity Brands, Inc. | 147,200 | 5,146 | ||||||
AGCO Corp. * | 115,000 | 3,625 | ||||||
American Woodmark Corp. | 20,900 | 387 | ||||||
Applied Signal Technology, Inc. | 3,200 | 57 | ||||||
Brady Corp., Class A | 23,200 | 719 | ||||||
Crane Co. | 166,900 | 2,732 | ||||||
Cubic Corp. | 50,500 | 1,124 | ||||||
EMCOR Group, Inc. * | 210,000 | 3,732 | ||||||
Encore Wire Corp. | 13,100 | 251 | ||||||
EnPro Industries, Inc. * | 48,200 | 1,071 | ||||||
Gardner Denver, Inc. * | 33,600 | 861 | ||||||
Gibraltar Industries, Inc. | 72,200 | 957 | ||||||
Insteel Industries, Inc. | 19,700 | 202 | ||||||
Mueller Industries, Inc. | 27,700 | 634 | ||||||
Robbins & Myers, Inc. | 30,000 | 612 | ||||||
Tecumseh Products Co., Class A * | 12,400 | 230 | ||||||
Teledyne Technologies, Inc. * | 1,800 | 82 | ||||||
Tredegar Corp. | 83,700 | 1,232 | ||||||
United Rentals, Inc. * | 56,200 | 576 | ||||||
Wabash National Corp. | 39,800 | 240 | ||||||
Watts Water Technologies, Inc., Class A | 40,300 | 1,065 | ||||||
Woodward Governor Co. | 9,600 | 308 | ||||||
26,685 | ||||||||
Commercial & Professional Supplies 3.2% | ||||||||
Bowne & Co., Inc. | 88,900 | 692 | ||||||
CDI Corp. | 32,800 | 426 | ||||||
CRA International, Inc. * | 7,500 | 203 | ||||||
Hudson Highland Group, Inc. * | 46,300 | 243 | ||||||
Spherion Corp. * | 290,900 | 925 | ||||||
The Brink’s Co. | 21,900 | 1,062 | ||||||
Volt Information Sciences, Inc. * | 107,000 | 819 | ||||||
Watson Wyatt Worldwide, Inc., Class A | 57,200 | 2,429 | ||||||
6,799 | ||||||||
Consumer Durables & Apparel 6.5% | ||||||||
American Greetings Corp., Class A | 50,300 | 588 | ||||||
Blyth, Inc. | 133,300 | 1,146 | ||||||
Furniture Brands International, Inc. | 132,300 | 753 | ||||||
Helen of Troy Ltd. * | 23,900 | 430 | ||||||
JAKKS Pacific, Inc. * | 19,400 | 434 | ||||||
KB HOME | 43,000 | 718 | ||||||
Kenneth Cole Productions, Inc., Class A | 20,000 | 266 | ||||||
Lennar Corp., Class A | 8,700 | 67 | ||||||
Movado Group, Inc. | 30,400 | 462 | ||||||
NVR, Inc. * | 1,600 | 784 | ||||||
Perry Ellis International, Inc. * | 17,700 | 173 | ||||||
Pulte Homes, Inc. | 38,100 | 424 | ||||||
Steinway Musical Instruments, Inc. * | 8,200 | 183 | ||||||
Steven Madden Ltd. * | 47,600 | 1,037 | ||||||
The Stanley Works | 38,400 | 1,257 | ||||||
The Timberland Co., Class A * | 51,400 | 622 | ||||||
The Warnaco Group, Inc. * | 121,200 | 3,613 | ||||||
Toll Brothers, Inc. * | 22,200 | 513 | ||||||
Wolverine World Wide, Inc. | 21,600 | 508 | ||||||
13,978 | ||||||||
Consumer Services 1.8% | ||||||||
Career Education Corp. * | 87,400 | 1,382 | ||||||
DeVry, Inc. | 18,800 | 1,065 | ||||||
Krispy Kreme Doughnuts, Inc. * | 254,300 | 702 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Regis Corp. | 57,000 | 705 | ||||||
3,854 | ||||||||
Diversified Financials 1.8% | ||||||||
Advanta Corp., Class B | 194,200 | 878 | ||||||
Cash America International, Inc. | 12,000 | 424 | ||||||
GAMCO Investors, Inc., Class A | 5,800 | 221 | ||||||
LaBranche & Co., Inc. * | 90,100 | 561 | ||||||
Nelnet, Inc., Class A | 20,300 | 297 | ||||||
optionsXpress Holdings, Inc. | 50,100 | 890 | ||||||
TradeStation Group, Inc. * | 65,600 | 514 | ||||||
3,785 | ||||||||
Energy 5.3% | ||||||||
Basic Energy Services, Inc. * | 37,800 | 517 | ||||||
Callon Petroleum Co. * | 29,000 | 299 | ||||||
Dresser-Rand Group, Inc. * | 132,000 | 2,957 | ||||||
Foundation Coal Holdings, Inc. | 19,500 | 405 | ||||||
Lufkin Industries, Inc. | 11,600 | 607 | ||||||
Massey Energy Co. | 48,400 | 1,118 | ||||||
Matrix Service Co. * | 46,800 | 573 | ||||||
Oil States International, Inc. * | 5,500 | 127 | ||||||
Pioneer Drilling Co. * | 5,100 | 39 | ||||||
Rosetta Resources, Inc. * | 84,700 | 894 | ||||||
SEACOR Holdings, Inc. * | 5,500 | 369 | ||||||
Superior Energy Services, Inc. * | 1,900 | 41 | ||||||
Tidewater, Inc. | 21,700 | 946 | ||||||
VAALCO Energy, Inc. * | 156,200 | 828 | ||||||
W&T Offshore, Inc. | 92,000 | 1,764 | ||||||
11,484 | ||||||||
Food & Staples Retailing 2.0% | ||||||||
BJ’s Wholesale Club, Inc. * | 121,000 | 4,259 | ||||||
Food, Beverage & Tobacco 1.6% | ||||||||
Alliance One International, Inc. * | 583,400 | 1,948 | ||||||
Chiquita Brands International, Inc. * | 16,900 | 231 | ||||||
Diamond Foods, Inc. | 24,600 | 719 | ||||||
Universal Corp. | 14,400 | 570 | ||||||
3,468 | ||||||||
Health Care Equipment & Services 10.0% | ||||||||
Alliance Imaging, Inc. * | 46,800 | 381 | ||||||
AMERIGROUP Corp. * | 144,600 | 3,615 | ||||||
Analogic Corp. | 11,200 | 495 | ||||||
Centene Corp. * | 60,000 | 1,130 | ||||||
CONMED Corp. * | 69,800 | 1,829 | ||||||
CryoLife, Inc. * | 46,100 | 618 | ||||||
Emergency Medical Services Corp., Class A * | 24,800 | 815 | ||||||
Hanger Orthopedic Group, Inc. * | 25,400 | 423 | ||||||
Invacare Corp. | 29,200 | 531 | ||||||
Kindred Healthcare, Inc. * | 13,800 | 200 | ||||||
Magellan Health Services, Inc. * | 159,600 | 5,896 | ||||||
Merit Medical Systems, Inc. * | 136,900 | 2,505 | ||||||
Molina Healthcare, Inc. * | 62,500 | 1,392 | ||||||
Omnicare, Inc. | 36,000 | 993 | ||||||
Omnicell, Inc. * | 23,400 | 257 | ||||||
RehabCare Group, Inc. * | 3,900 | 67 | ||||||
Res-Care, Inc. * | 14,500 | 223 | ||||||
21,370 | ||||||||
Household & Personal Products 0.7% | ||||||||
Alberto-Culver Co. | 6,200 | 160 | ||||||
Church & Dwight Co., Inc. | 2,200 | 130 | ||||||
NBTY, Inc. * | 52,300 | 1,222 | ||||||
1,512 | ||||||||
Insurance 4.3% | ||||||||
Allied World Assurance Co. Holdings Ltd. | 20,300 | 651 | ||||||
American Financial Group, Inc. | 138,300 | 3,143 | ||||||
American Physicians Capital, Inc. | 15,250 | 624 | ||||||
Amerisafe, Inc. * | 33,300 | 574 | ||||||
Aspen Insurance Holdings Ltd. | 3,400 | 78 | ||||||
Harleysville Group, Inc. | 85,200 | 2,691 | ||||||
HCC Insurance Holdings, Inc. | 57,100 | 1,260 | ||||||
ProAssurance Corp. * | 1,400 | 77 | ||||||
Selective Insurance Group, Inc. | 2,000 | 47 | ||||||
9,145 | ||||||||
Materials 3.9% | ||||||||
A. Schulman, Inc. | 20,600 | 369 | ||||||
AK Steel Holding Corp. | 102,700 | 1,430 | ||||||
Minerals Technologies, Inc. | 5,700 | 324 | ||||||
OM Group, Inc. * | 3,000 | 64 | ||||||
PolyOne Corp. * | 130,300 | 619 | ||||||
Quaker Chemical Corp. | 41,300 | 790 | ||||||
Rock-Tenn Co., Class A | 39,700 | 1,207 | ||||||
Rockwood Holdings, Inc. * | 187,800 | 2,319 | ||||||
Sonoco Products Co. | 37,200 | 937 | ||||||
The Lubrizol Corp. | 6,500 | 244 | ||||||
8,303 | ||||||||
Media 0.3% | ||||||||
The Interpublic Group of Cos., Inc. * | 119,700 | 621 | ||||||
Pharmaceuticals & Biotechnology 4.4% | ||||||||
Cephalon, Inc. * | 12,700 | 911 | ||||||
Invitrogen Corp. * | 71,600 | 2,061 | ||||||
King Pharmaceuticals, Inc. * | 41,500 | 365 | ||||||
Medicis Pharmaceutical Corp., Class A | 72,000 | 1,027 | ||||||
OSI Pharmaceuticals, Inc. * | 61,200 | 2,323 | ||||||
Par Pharmaceutical Cos., Inc. * | 73,900 | 739 | ||||||
Regeneron Pharmaceuticals, Inc. * | 8,000 | 154 | ||||||
Sepracor, Inc. * | 30,700 | 409 | ||||||
ViroPharma, Inc. * | 21,100 | 265 | ||||||
VIVUS, Inc. * | 43,400 | 264 | ||||||
Watson Pharmaceuticals, Inc. * | 33,300 | 872 | ||||||
9,390 | ||||||||
Real Estate 2.0% | ||||||||
BioMed Realty Trust, Inc. | 45,000 | 632 | ||||||
Entertainment Properties Trust | 20,000 | 749 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Essex Property Trust, Inc. | 1,500 | 146 | ||||||
Home Properties, Inc. | 20,000 | 810 | ||||||
Kilroy Realty Corp. | 2,000 | 64 | ||||||
National Retail Properties, Inc. | 45,000 | 802 | ||||||
Senior Housing Properties Trust | 55,000 | 1,055 | ||||||
4,258 | ||||||||
Retailing 3.3% | ||||||||
Christopher & Banks Corp. | 42,700 | 223 | ||||||
Hot Topic, Inc. * | 195,400 | 1,266 | ||||||
Jo-Ann Stores, Inc. * | 39,500 | 757 | ||||||
RadioShack Corp. | 68,900 | 872 | ||||||
Rent-A-Center, Inc. * | 6,800 | 99 | ||||||
The Cato Corp., Class A | 79,800 | 1,239 | ||||||
The Children’s Place Retail Stores, Inc. * | 25,600 | 856 | ||||||
The Dress Barn, Inc. * | 31,100 | 297 | ||||||
The Finish Line, Inc., Class A | 49,300 | 472 | ||||||
The Talbots, Inc. | 95,500 | 937 | ||||||
7,018 | ||||||||
Semiconductors & Semiconductor Equipment 3.4% | ||||||||
Amkor Technology, Inc. * | 151,600 | 616 | ||||||
Applied Micro Circuits Corp. * | 28,200 | 144 | ||||||
Atmel Corp. * | 357,100 | 1,482 | ||||||
Cabot Microelectronics Corp. * | 8,300 | 238 | ||||||
Conexant Systems, Inc. * | 11,900 | 18 | ||||||
Entegris, Inc. * | 49,000 | 132 | ||||||
Integrated Device Technology, Inc. * | 189,300 | 1,204 | ||||||
Lattice Semiconductor Corp. * | 18,300 | 34 | ||||||
MKS Instruments, Inc. * | 10,400 | 193 | ||||||
Teradyne, Inc. * | 378,800 | 1,932 | ||||||
Ultratech, Inc. * | 74,500 | 1,124 | ||||||
Veeco Instruments, Inc. * | 33,700 | 261 | ||||||
7,378 | ||||||||
Software & Services 8.3% | ||||||||
CIBER, Inc. * | 41,900 | 226 | ||||||
CSG Systems International, Inc. * | 1,900 | 32 | ||||||
Global Payments, Inc. | 68,500 | 2,775 | ||||||
Hewitt Associates, Inc., Class A * | 137,300 | 3,829 | ||||||
JDA Software Group, Inc. * | 13,800 | 197 | ||||||
Novell, Inc. * | 725,700 | 3,382 | ||||||
SPSS, Inc. * | 25,100 | 586 | ||||||
Sybase, Inc. * | 162,100 | 4,317 | ||||||
Synopsys, Inc. * | 137,100 | 2,506 | ||||||
17,850 | ||||||||
Technology Hardware & Equipment 7.0% | ||||||||
3Com Corp. * | 67,900 | 185 | ||||||
Adaptec, Inc. * | 257,500 | 827 | ||||||
ADC Telecommunications, Inc. * | 25,800 | 164 | ||||||
Avid Technology, Inc. * | 20,300 | 301 | ||||||
Avocent Corp. * | 21,500 | 323 | ||||||
Benchmark Electronics, Inc. * | 22,200 | 266 | ||||||
Cognex Corp. | 41,100 | 658 | ||||||
Coherent, Inc. * | 19,500 | 493 | ||||||
Dolby Laboratories, Inc., Class A * | 21,300 | 672 | ||||||
Emulex Corp. * | 353,100 | 3,354 | ||||||
Harmonic, Inc. * | 54,500 | 388 | ||||||
Hutchinson Technology, Inc. * | 97,800 | 669 | ||||||
Insight Enterprises, Inc. * | 3,000 | 29 | ||||||
Jabil Circuit, Inc. | 8,500 | 72 | ||||||
JDS Uniphase Corp. * | 48,100 | 263 | ||||||
Mercury Computer Systems, Inc. * | 16,100 | 116 | ||||||
Methode Electronics, Inc. | 252,100 | 1,913 | ||||||
NCR Corp. * | 20,900 | 382 | ||||||
Plantronics, Inc. | 39,900 | 576 | ||||||
QLogic Corp. * | 116,300 | 1,398 | ||||||
Rackable Systems, Inc. * | 84,900 | 605 | ||||||
Rogers Corp. * | 9,900 | 298 | ||||||
Tekelec * | 21,900 | 278 | ||||||
Tellabs, Inc. * | 83,100 | 352 | ||||||
Vishay Intertechnology, Inc. * | 92,500 | 399 | ||||||
14,981 | ||||||||
Telecommunication Services 1.6% | ||||||||
CenturyTel, Inc. | 24,800 | 623 | ||||||
NTELOS Holdings Corp. | 9,800 | 255 | ||||||
Syniverse Holdings, Inc. * | 138,300 | 2,600 | ||||||
3,478 | ||||||||
Transportation 1.2% | ||||||||
Con-way, Inc. | 47,600 | 1,620 | ||||||
Hub Group, Inc., Class A * | 6,600 | 207 | ||||||
JetBlue Airways Corp. * | 68,600 | 381 | ||||||
SkyWest, Inc. | 27,700 | 427 | ||||||
2,635 | ||||||||
Utilities 2.5% | ||||||||
National Fuel Gas Co. | 111,800 | 4,046 | ||||||
Portland General Electric Co. | 61,700 | 1,266 | ||||||
5,312 | ||||||||
Total Common Stock (Cost $277,460) | 206,667 | |||||||
Foreign Common Stock 1.7% of net assets | ||||||||
Bermuda 1.7% | ||||||||
Insurance 1.7% | ||||||||
Platinum Underwriters Holdings, Ltd. | 116,000 | 3,682 | ||||||
Total Foreign Common Stock (Cost $4,142) | 3,682 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 1.6% of net assets | ||||||||
Commercial Paper & Other Obligations 1.6% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 3,478 | 3,478 | ||||||
Total Short-Term Investment (Cost $3,478) | 3,478 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $285,340 and the unrealized appreciation and depreciation were $7,298 and ($78,811), respectively, with a net unrealized depreciation of ($71,513). |
* | Non-income producing security. |
Assets | ||||||
Investments, at value (cost $285,080) | $213,827 | |||||
Receivables: | ||||||
Investments sold | 6,073 | |||||
Fund shares sold | 329 | |||||
Dividends | 111 | |||||
Income from securities on loan | 36 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 220,377 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 5,513 | |||||
Investment advisers and administrator fees | 13 | |||||
Transfer agent and shareholder services fees | 3 | |||||
Fund shares redeemed | 367 | |||||
Accrued expenses | + | 50 | ||||
Total liabilities | 5,946 | |||||
Net Assets | ||||||
Total assets | 220,377 | |||||
Total liabilities | − | 5,946 | ||||
Net assets | $214,431 | |||||
Net Assets by Source | ||||||
Capital received from investors | 333,834 | |||||
Net investment income not yet distributed | 7 | |||||
Net realized capital losses | (48,157 | ) | ||||
Net unrealized capital losses | (71,253 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $135,515 | 12,959 | $10.46 | |||||||||
Select Shares | $78,916 | 7,481 | $10.55 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $2) | $3,429 | |||||
Interest | 235 | |||||
Securities on loan | + | 345 | ||||
Total investment income | 4,009 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (46,661 | ) | ||||
Net realized losses on futures contracts | + | (1,219 | ) | |||
Net realized losses | (47,880 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (125,680 | ) | ||||
Net unrealized losses on futures contracts | + | (76 | ) | |||
Net unrealized losses | (125,756 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 3,812 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 629 | |||||
Select Shares | 140 | |||||
Portfolio accounting fees | 45 | |||||
Registration fees | 41 | |||||
Professional fees | 36 | |||||
Shareholder reports | 34 | |||||
Custodian fees | 16 | |||||
Trustees’ fees | 11 | |||||
Interest expense | 3 | |||||
Other expenses | + | 8 | ||||
Total expenses | 4,775 | |||||
Expense reduction by adviser and Schwab | − | (15 | ) | |||
Net expenses | 4,760 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 4,009 | |||||
Net expenses | − | 4,760 | ||||
Net investment loss | (751 | ) | ||||
Net realized losses | (47,880 | ) | ||||
Net unrealized losses | + | (125,756 | ) | |||
Decrease in net assets from operations | ($174,387 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment loss | ($751 | ) | ($3,498 | ) | ||||||
Net realized gains (losses) | (47,880 | ) | 33,493 | |||||||
Net unrealized losses | + | (125,756 | ) | (23,541 | ) | |||||
Increase (Decrease) in net assets from operations | (174,387 | ) | 6,454 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 22,156 | 2,059 | ||||||||
Select Shares | + | 11,434 | 1,551 | |||||||
Total distributions from net realized gains | $33,590 | $3,610 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 568 | $8,177 | 9,679 | $177,205 | ||||||||||||||
Select Shares | + | 1,043 | 14,622 | 22,102 | 408,478 | |||||||||||||
Total shares sold | 1,611 | $22,799 | 31,781 | $585,683 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 1,303 | $20,400 | 104 | $1,890 | ||||||||||||||
Select Shares | + | 640 | 10,084 | 49 | 897 | |||||||||||||
Total shares reinvested | 1,943 | $30,484 | 153 | $2,787 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (12,120 | ) | ($178,753 | ) | (10,906 | ) | ($199,419 | ) | ||||||||||
Select Shares | + | (6,725 | ) | (100,469 | ) | (25,103 | ) | (450,090 | ) | |||||||||
Total shares redeemed | (18,845 | ) | ($279,222 | ) | (36,009 | ) | ($649,509 | ) | ||||||||||
Net transactions in fund shares | (15,291 | ) | ($225,939 | ) | (4,075 | ) | ($61,039 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 35,731 | $648,347 | 39,806 | $706,542 | ||||||||||||||
Total decrease | + | (15,291 | ) | (433,916 | ) | (4,075 | ) | (58,195 | ) | |||||||||
End of period | 20,440 | $214,431 | 35,731 | $648,347 | ||||||||||||||
Net investment income not yet distributed | $7 | $7 |
11/1/07- | 11/1/06- | 11/1/05- | 3/1/051- | |||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | ||||||||||||
Per—Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 16.35 | 15.95 | 14.45 | 13.51 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | (0.11 | ) | 0.11 | 0.06 | 0.03 | |||||||||||
Net realized and unrealized gains (losses) | (3.59 | ) | 0.36 | 1.74 | 0.91 | |||||||||||
Total from investment operations | (3.70 | ) | 0.47 | 1.80 | 0.94 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.13 | ) | (0.07 | ) | (0.04 | ) | — | |||||||||
Distributions from net realized gains | — | — | (0.26 | ) | — | |||||||||||
Total distributions | (0.13 | ) | (0.07 | ) | (0.30 | ) | — | |||||||||
Net asset value at end of period | 12.52 | 16.35 | 15.95 | 14.45 | ||||||||||||
Total return (%) | (22.80 | ) | 2.94 | 12.71 | 6.96 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses (including dividend expense on short sales) | 2.34 | 2.19 | 2.11 | 2.32 | 3 | |||||||||||
Net operating expenses (excluding dividend expense on short sales) | 1.95 | 1.93 | 1.99 | 4 | 2.05 | 3,4 | ||||||||||
Gross operating expenses | 2.34 | 2.19 | 2.12 | 2.35 | 3 | |||||||||||
Net investment income (loss) | (0.35 | ) | 0.64 | 0.58 | 0.56 | 3 | ||||||||||
Portfolio turnover rate | 138 | 72 | 100 | 87 | 2 | |||||||||||
Net assets, end of period ($ x 1,000,000) | 79 | 211 | 207 | 33 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 16.39 | 15.98 | 14.46 | 13.01 | 11.53 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.05 | ) | 0.14 | 0.07 | 0.04 | (0.09 | ) | |||||||||||||
Net realized and unrealized gains (losses) | (3.63 | ) | 0.36 | 1.76 | 2.05 | 1.57 | ||||||||||||||
Total from investment operations | (3.68 | ) | 0.50 | 1.83 | 2.09 | 1.48 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.16 | ) | (0.09 | ) | (0.05 | ) | — | — | ||||||||||||
Distributions from net realized gains | — | — | (0.26 | ) | (0.64 | ) | — | |||||||||||||
Total distributions | (0.16 | ) | (0.09 | ) | (0.31 | ) | (0.64 | ) | — | |||||||||||
Net asset value at end of period | 12.55 | 16.39 | 15.98 | 14.46 | 13.01 | |||||||||||||||
Total return (%) | (22.66 | ) | 3.11 | 12.82 | 16.52 | 12.84 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses (including dividend expense on short sales) | 2.17 | 1 | 2.03 | 1 | 1.90 | 2.26 | 2.43 | |||||||||||||
Net operating expenses (excluding dividend expense on short sales) | 1.77 | 1.77 | 1.77 | 2 | 1.92 | 2 | 2.10 | 2 | ||||||||||||
Gross operating expenses | 2.19 | 2.04 | 1.97 | 2.39 | 2.71 | |||||||||||||||
Net investment income (loss) | (0.17 | ) | 0.79 | 0.77 | 0.55 | (0.86 | ) | |||||||||||||
Portfolio turnover rate | 138 | 72 | 100 | 87 | 99 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 343 | 948 | 931 | 229 | 68 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .6% | Common Stock | 536,749 | 415,706 | ||||||||
3 | .8% | Short-Term Investments | 15,844 | 15,844 | ||||||||
102 | .4% | Total Investments | 552,593 | 431,550 | ||||||||
(54 | .6)% | Short Sales | (325,303 | ) | (230,074 | ) | ||||||
52 | .2% | Other Assets and Liabilities, Net | 220,099 | |||||||||
100 | .0% | Total Net Assets | 421,575 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 98.6% of net assets | ||||||||
Automobiles & Components 0.1% | ||||||||
Lear Corp. (a) * | 126,800 | 255 | ||||||
Banks 2.6% | ||||||||
Bank of Hawaii Corp. (a) | 90,500 | 4,589 | ||||||
SunTrust Banks, Inc. | 32,100 | 1,289 | ||||||
UMB Financial Corp. (a) | 113,000 | 5,122 | ||||||
11,000 | ||||||||
Capital Goods 11.1% | ||||||||
Acuity Brands, Inc. (a) | 24,700 | 864 | ||||||
AGCO Corp. (a) * | 256,000 | 8,069 | ||||||
EMCOR Group, Inc. * | 513,900 | 9,132 | ||||||
Emerson Electric Co. | 82,400 | 2,697 | ||||||
Fluor Corp. | 38,800 | 1,549 | ||||||
Jacobs Engineering Group, Inc. * | 11,400 | 415 | ||||||
Lockheed Martin Corp. (a) | 87,200 | 7,416 | ||||||
Raytheon Co. (a) | 253,400 | 12,951 | ||||||
Tyco International Ltd. (a) | 80,000 | 2,023 | ||||||
URS Corp. * | 54,600 | 1,605 | ||||||
46,721 | ||||||||
Commercial & Professional Supplies 3.2% | ||||||||
Covanta Holding Corp. (a) * | 112,700 | 2,430 | ||||||
R.R. Donnelley & Sons Co. (a) | 227,700 | 3,773 | ||||||
Waste Management, Inc. | 228,100 | 7,123 | ||||||
13,326 | ||||||||
Consumer Durables & Apparel 2.8% | ||||||||
Hasbro, Inc. | 21 7,300 | 6,317 | ||||||
Polo Ralph Lauren Corp. | 12,800 | 604 | ||||||
Pulte Homes, Inc. | 86,700 | 966 | ||||||
The Warnaco Group, Inc. (a) * | 128,600 | 3,833 | ||||||
11,720 | ||||||||
Consumer Services 0.2% | ||||||||
Regis Corp. | 54,300 | 672 | ||||||
Diversified Financials 4.4% | ||||||||
Discover Financial Services (a) | 326,500 | 4,000 | ||||||
JPMorgan Chase & Co. | 66,800 | 2,755 | ||||||
Northern Trust Corp. | 141,100 | 7,945 | ||||||
optionsXpress Holdings, Inc. (a) | 43,400 | 771 | ||||||
State Street Corp. | 74,800 | 3,243 | ||||||
18,714 | ||||||||
Energy 10.8% | ||||||||
ConocoPhillips | 9,100 | 473 | ||||||
Dresser-Rand Group, Inc. (a) * | 205,800 | 4,610 | ||||||
Exxon Mobil Corp. (a) | 158,600 | 11,755 | ||||||
Massey Energy Co. (a) | 160,000 | 3,694 | ||||||
National-Oilwell Varco, Inc. (a) * | 49,500 | 1,479 | ||||||
Noble Energy (a) | 71,800 | 3,721 | ||||||
Occidental Petroleum Corp. | 196,900 | 10,936 | ||||||
Patterson-UTI Energy, Inc. (a) | 295,300 | 3,919 | ||||||
W&T Offshore, Inc. (a) | 255,800 | 4,904 | ||||||
45,491 | ||||||||
Food & Staples Retailing 2.7% | ||||||||
BJ’s Wholesale Club, Inc. (a) * | 172,000 | 6,055 | ||||||
The Kroger Co. (a) | 200,450 | 5,504 | ||||||
11,559 | ||||||||
Food, Beverage & Tobacco 3.0% | ||||||||
Altria Group, Inc. (a) | 114,000 | 2,188 | ||||||
Chiquita Brands International, Inc. (a) * | 263,100 | 3,591 | ||||||
General Mills, Inc. (a) | 45,500 | 3,082 | ||||||
The Pepsi Bottling Group, Inc. | 77,200 | 1,785 | ||||||
Tyson Foods, Inc., Class A (a) | 237,200 | 2,073 | ||||||
12,719 | ||||||||
Health Care Equipment & Services 7.6% | ||||||||
Baxter International, Inc. | 189,000 | 11,433 | ||||||
Boston Scientific Corp. (a) * | 458,400 | 4,139 | ||||||
CIGNA Corp. | 59,700 | 973 | ||||||
Humana, Inc. * | 172,100 | 5,093 | ||||||
Magellan Health Services, Inc. (a) * | 237,500 | 8,773 | ||||||
Teleflex, Inc. | 5,100 | 270 | ||||||
Thoratec Corp. * | 51,000 | 1,256 | ||||||
31,937 | ||||||||
Household & Personal Products 3.2% | ||||||||
Alberto-Culver Co. (a) | 77,500 | 1,994 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Church & Dwight Co., Inc. (a) | 198,700 | 11,741 | ||||||
13,735 | ||||||||
Insurance 4.8% | ||||||||
American Financial Group, Inc. (a) | 12,400 | 282 | ||||||
Arch Capital Group Ltd. * | 3,500 | 244 | ||||||
Axis Capital Holdings Ltd. (a) | 37,700 | 1,074 | ||||||
Harleysville Group, Inc. | 42,700 | 1,348 | ||||||
MetLife, Inc. (a) | 146,900 | 4,880 | ||||||
Prudential Financial, Inc. (a) | 152,100 | 4,563 | ||||||
W. R. Berkley Corp. (a) | 295,412 | 7,761 | ||||||
20,152 | ||||||||
Materials 3.6% | ||||||||
AK Steel Holding Corp. (a) | 162,100 | 2,256 | ||||||
Celanese Corp., Series A (a) | 150,700 | 2,089 | ||||||
Chemtura Corp. | 112,300 | 194 | ||||||
MeadWestvaco Corp. (a) | 49,800 | 699 | ||||||
Owens-Illinois, Inc. * | 4,500 | 103 | ||||||
Rock-Tenn Co., Class A | 34,600 | 1,052 | ||||||
Rockwood Holdings, Inc. * | 53,500 | 661 | ||||||
Sonoco Products Co. (a) | 180,700 | 4,550 | ||||||
Terra Industries, Inc. | 6,900 | 152 | ||||||
The Lubrizol Corp. (a) | 92,300 | 3,468 | ||||||
15,224 | ||||||||
Media 2.2% | ||||||||
Cablevision Systems Corp., Class A (a) | 190,800 | 3,383 | ||||||
Liberty Global, Inc., Series A * | 17,800 | 294 | ||||||
The Interpublic Group of Cos., Inc. * | 77,300 | 401 | ||||||
The Walt Disney Co. | 59,000 | 1,528 | ||||||
Time Warner, Inc. (a) | 379,400 | 3,828 | ||||||
9,434 | ||||||||
Pharmaceuticals & Biotechnology 6.0% | ||||||||
Amgen, Inc. (a) * | 51,200 | 3,066 | ||||||
Cephalon, Inc. (a) * | 53,500 | 3,837 | ||||||
Forest Laboratories, Inc. * | 99,000 | 2,300 | ||||||
King Pharmaceuticals, Inc. (a) * | 734,600 | 6,457 | ||||||
Medicis Pharmaceutical Corp., Class A (a) | 92,300 | 1,317 | ||||||
Pfizer, Inc. | 230,600 | 4,084 | ||||||
The Medicines Co. (a) * | 98,300 | 1,713 | ||||||
Thermo Fisher Scientific, Inc. (a) * | 57,600 | 2,339 | ||||||
Watson Pharmaceuticals, Inc. * | 7,300 | 191 | ||||||
25,304 | ||||||||
Retailing 3.5% | ||||||||
Family Dollar Stores, Inc. (a) | 106,500 | 2,866 | ||||||
Macy’s, Inc. | 6,700 | 82 | ||||||
RadioShack Corp. (a) | 427,600 | 5,414 | ||||||
The Gap, Inc. (a) | 486,800 | 6,299 | ||||||
14,661 | ||||||||
Semiconductors & Semiconductor Equipment 1.7% | ||||||||
Amkor Technology, Inc. (a) * | 725,900 | 2,947 | ||||||
Atmel Corp. (a) * | 483,600 | 2,007 | ||||||
Integrated Device Technology, Inc. * | 70,800 | 450 | ||||||
MKS Instruments, Inc. (a) * | 41,700 | 774 | ||||||
Teradyne, Inc. (a) * | 172,000 | 877 | ||||||
7,055 | ||||||||
Software & Services 7.7% | ||||||||
BMC Software, Inc. (a) * | 478,500 | 12,355 | ||||||
Hewitt Associates, Inc., Class A (a) * | 261,700 | 7,299 | ||||||
Sybase, Inc. (a) * | 337,000 | 8,974 | ||||||
Synopsys, Inc. (a) * | 204,200 | 3,733 | ||||||
32,361 | ||||||||
Technology Hardware & Equipment 8.7% | ||||||||
3Com Corp. * | 1,871,300 | 5,109 | ||||||
Brocade Communications Systems, Inc. (a) * | 309,100 | 1,165 | ||||||
Hewlett-Packard Co. (a) | 339,300 | 12,988 | ||||||
International Business Machines Corp. (a) | 86,600 | 8,051 | ||||||
Jabil Circuit, Inc. (a) | 428,500 | 3,604 | ||||||
JDS Uniphase Corp. (a) * | 769,700 | 4,203 | ||||||
Plantronics, Inc. | 50,900 | 735 | ||||||
Tellabs, Inc. * | 180,400 | 765 | ||||||
36,620 | ||||||||
Telecommunication Services 2.6% | ||||||||
CenturyTel, Inc. | 272,900 | 6,853 | ||||||
Sprint Nextel Corp. | 18,600 | 58 | ||||||
Syniverse Holdings, Inc. (a) * | 93,300 | 1,754 | ||||||
Telephone & Data Systems, Inc. | 94,300 | 2,532 | ||||||
11,197 | ||||||||
Transportation 2.5% | ||||||||
AMR Corp. (a) * | 585,600 | 5,979 | ||||||
Arkansas Best Corp. (a) | 99,700 | 2,910 | ||||||
Con-way, Inc. (a) | 31,400 | 1,069 | ||||||
Union Pacific Corp. | 4,200 | 280 | ||||||
Werner Enterprises, Inc. | 11,300 | 222 | ||||||
10,460 | ||||||||
Utilities 3.6% | ||||||||
DTE Energy Co. | 68,600 | 2,422 | ||||||
Edison International (a) | 161,900 | 5,762 | ||||||
ONEOK, Inc. (a) | 44,800 | 1,429 | ||||||
Portland General Electric Co. (a) | 82,400 | 1,691 | ||||||
Reliant Energy, Inc. (a) * | 778,200 | 4,085 | ||||||
15,389 | ||||||||
Total Common Stock (Cost $536,749) | 415,706 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 3.8% of net assets | ||||||||
Repurchase Agreement 3.2% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal Home Loan Mortgage Discount Notes. with a value of $13,863. | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 13,590 | 13,590 | ||||||
U.S. Treasury Bills 0.6% | ||||||||
U.S. Treasury Bills | ||||||||
0.05%, 12/18/08 (b) | 250 | 250 | ||||||
0.61%, 12/18/08 (b) | 100 | 100 | ||||||
0.10%, 12/18/08 (b) | 150 | 150 | ||||||
0.82%, 12/18/08 (b) | 4 | 4 | ||||||
0.03%, 12/18/08 (b) | 1,000 | 1,000 | ||||||
0.25%, 12/18/08 (b) | 750 | 750 | ||||||
2,254 | ||||||||
Total Short-Term Investment (Cost $15,844) | 15,844 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $552,623 and the unrealized appreciation and depreciation were $20,937 and ($142,010), respectively, with a net unrealized depreciation of ($121,073). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for short sales. | |
(b) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, Long, expires 12/18/08 | 40 | 9,673 | 1,056 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Short Sales 54.6% of net assets | ||||||||
Automobiles & Components 0.1% | ||||||||
Harley-Davidson, Inc. | 11,900 | 291 | ||||||
Banks 2.6% | ||||||||
City National Corp. | 46,700 | 2,500 | ||||||
New York Community Bancorp, Inc. | 35,100 | 550 | ||||||
PrivateBancorp, Inc. | 5,400 | 194 | ||||||
TCF Financial Corp. | 193,700 | 3,436 | ||||||
Washington Federal, Inc. | 192,900 | 3,399 | ||||||
Wilmington Trust Corp. | 36,000 | 1,039 | ||||||
(11,118 | ) | |||||||
Capital Goods 5.3% | ||||||||
Albany International Corp., Class A | 42,000 | 611 | ||||||
CLARCOR, Inc. | 143,700 | 5,086 | ||||||
Franklin Electric Co., Inc. | 54,000 | 2,277 | ||||||
Graco, Inc. | 41,800 | 1,034 | ||||||
Kaydon Corp. | 59,700 | 1,995 | ||||||
Nordson Corp. | 31,600 | 1,167 | ||||||
RSC Holdings, Inc. * | 80,600 | 592 | ||||||
Spirit AeroSystems Holdings, Inc., Class A * | 273,300 | 4,408 | ||||||
The Boeing Co. | 90,400 | 4,725 | ||||||
Watsco, Inc. | 6,800 | 279 | ||||||
(22,174 | ) | |||||||
Commercial & Professional Supplies 3.3% | ||||||||
Corrections Corp. of America * | 111,900 | 2,138 | ||||||
Huron Consulting Group, Inc. * | 75,400 | 4,100 | ||||||
Iron Mountain, Inc. * | 61,900 | 1,503 | ||||||
Mine Safety Appliances Co. | 171,700 | 4,636 | ||||||
The Geo Group, Inc. * | 80,800 | 1,427 | ||||||
(13,804 | ) | |||||||
Consumer Durables & Apparel 1.0% | ||||||||
Deckers Outdoor Corp. * | 10,000 | 849 | ||||||
Hanesbrands, Inc. * | 192,100 | 3,356 | ||||||
(4,205 | ) | |||||||
Consumer Services 3.2% | ||||||||
Coinstar, Inc. * | 77,900 | 1,869 | ||||||
Gaylord Entertainment Co. * | 30,000 | 642 | ||||||
Las Vegas Sands Corp. * | 63,000 | 894 | ||||||
Royal Caribbean Cruises Ltd. | 45,200 | 613 | ||||||
Scientific Games Corp., Class A * | 168,000 | 3,024 | ||||||
Sonic Corp. * | 181,400 | 1,941 | ||||||
The Cheesecake Factory, Inc. * | 253,400 | 2,230 | ||||||
Weight Watchers International, Inc. | 44,900 | 1,405 | ||||||
Wynn Resorts Ltd. | 13,600 | 821 | ||||||
(13,439 | ) | |||||||
Diversified Financials 1.5% | ||||||||
CME Group, Inc. | 500 | 141 | ||||||
Legg Mason, Inc. | 15,300 | 340 | ||||||
Leucadia National Corp. | 138,900 | 3,728 | ||||||
MSCI, Inc., Class A * | 115,600 | 1,993 | ||||||
(6,202 | ) | |||||||
Energy 4.3% | ||||||||
BPZ Resources, Inc. * | 227,800 | 2,255 | ||||||
Continental Resources, Inc. * | 104,700 | 3,391 | ||||||
Frontier Oil Corp. | 105,300 | 1,391 | ||||||
Quicksilver Resources, Inc. * | 40,000 | 419 | ||||||
Range Resources Corp. | 63,900 | 2,698 | ||||||
Rowan Cos., Inc. | 189,100 | 3,430 | ||||||
RPC, Inc. | 68,400 | 724 | ||||||
XTO Energy, Inc. | 102,100 | 3,671 | ||||||
(17,979 | ) | |||||||
Food & Staples Retailing 1.8% | ||||||||
CVS Caremark Corp. | 107,800 | 3,304 | ||||||
United Natural Foods, Inc. * | 88,400 | 1,975 | ||||||
Walgreen Co. | 24,000 | 611 | ||||||
Whole Foods Market, Inc. | 165,400 | 1,773 | ||||||
(7,663 | ) | |||||||
Food, Beverage & Tobacco 0.9% | ||||||||
Hansen Natural Corp. * | 19,500 | 494 | ||||||
PepsiCo, Inc. | 21,900 | 1,248 | ||||||
Smithfield Foods, Inc. * | 185,100 | 1,947 | ||||||
(3,689 | ) | |||||||
Health Care Equipment & Services 2.5% | ||||||||
Eclipsys Corp. * | 38,700 | 575 | ||||||
Emeritus Corp. * | 72,100 | 831 | ||||||
Healthways, Inc. * | 127,200 | 1,285 | ||||||
Masimo Corp. * | 29,600 | 947 | ||||||
Psychiatric Solutions, Inc. * | 115,200 | 3,835 | ||||||
The Cooper Cos., Inc. | 175,500 | 2,892 | ||||||
(10,365 | ) | |||||||
Insurance 1.0% | ||||||||
Fidelity National Financial, Inc., Class A | 490,300 | 4,418 | ||||||
Materials 4.7% | ||||||||
Coeur d’Alene Mines Corp. * | 96,640 | 70 | ||||||
Eagle Materials, Inc. | 30,500 | 540 | ||||||
Kaiser Aluminum Corp. | 30,100 | 1,010 | ||||||
Martin Marietta Materials, Inc. | 42,800 | 3,355 | ||||||
RTI International Metals, Inc. * | 229,400 | 3,622 | ||||||
Steel Dynamics, Inc. | 222,100 | 2,647 | ||||||
Texas Industries, Inc. | 141,600 | 4,479 | ||||||
Titanium Metals Corp. | 282,800 | 2,633 | ||||||
Westlake Chemical Corp. | 88,000 | 1,604 | ||||||
(19,960 | ) | |||||||
Media 0.3% | ||||||||
Lamar Advertising Co., Class A * | 60,200 | 913 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
National CineMedia, Inc. | 8,900 | 72 | ||||||
World Wrestling Entertainment, Inc., Class A | 28,310 | 403 | ||||||
(1,388 | ) | |||||||
Pharmaceuticals & Biotechnology 3.7% | ||||||||
AMAG Pharmaceuticals, Inc. * | 20,900 | 639 | ||||||
Amylin Pharmaceuticals, Inc. * | 195,500 | 1,996 | ||||||
Auxilium Pharmaceuticals, Inc. * | 158,000 | 3,105 | ||||||
BioMarin Pharmaceuticals, Inc. * | 70,100 | 1,284 | ||||||
Cepheid, Inc. * | 272,600 | 3,236 | ||||||
Covance, Inc. * | 87,100 | 4,355 | ||||||
Sequenom, Inc. * | 65,500 | 1,179 | ||||||
(15,794 | ) | |||||||
Real Estate 0.9% | ||||||||
CB Richard Ellis Group, Inc., Class A * | 344,200 | 2,413 | ||||||
The St. Joe Co. * | 45,900 | 1,419 | ||||||
(3,832 | ) | |||||||
Retailing 2.9% | ||||||||
J. Crew Group, Inc. * | 142,900 | 2,894 | ||||||
LKQ Corp. * | 147,000 | 1,682 | ||||||
Nordstrom, Inc. | 21,600 | 391 | ||||||
Sally Beauty Holdings, Inc. * | 214,700 | 1,091 | ||||||
Staples, Inc. | 277,000 | 5,382 | ||||||
Target Corp. | 5,600 | 224 | ||||||
Williams-Sonoma, Inc. | 70,000 | 579 | ||||||
(12,243 | ) | |||||||
Semiconductors & Semiconductor Equipment 1.3% | ||||||||
Diodes, Inc. * | 48,300 | 477 | ||||||
FormFactor, Inc. * | 52,500 | 915 | ||||||
Microchip Technology, Inc. | 5,200 | 128 | ||||||
Rambus, Inc. * | 411,500 | 3,765 | ||||||
(5,285 | ) | |||||||
Software & Services 4.9% | ||||||||
ACI Worldwide, Inc. * | 52,800 | 723 | ||||||
Blackbaud, Inc. | 118,700 | 1,804 | ||||||
Commvault Systems, Inc. * | 63,500 | 680 | ||||||
Concur Technologies, Inc. * | 73,300 | 1,849 | ||||||
Equinix, Inc. * | 113,644 | 7,094 | ||||||
Omniture, Inc. * | 86,200 | 991 | ||||||
Quality Systems, Inc. | 53,400 | 2,055 | ||||||
Syntel, Inc. | 23,800 | 592 | ||||||
THQ, Inc. * | 409,500 | 3,051 | ||||||
VeriFone Holdings, Inc. * | 124,500 | 1,414 | ||||||
VistaPrint Ltd. * | 23,000 | 393 | ||||||
(20,646 | ) | |||||||
Technology Hardware & Equipment 1.8% | ||||||||
Daktronics, Inc. | 108,600 | 1,082 | ||||||
EchoStar Corp., Class A * | 207,900 | 4,037 | ||||||
Polycom, Inc. * | 23,200 | 488 | ||||||
SanDisk Corp. * | 145,300 | 1,292 | ||||||
Zebra Technologies Corp., Class A * | 43,300 | 876 | ||||||
(7,775 | ) | |||||||
Telecommunication Services 1.1% | ||||||||
Cbeyond, Inc. * | 61,700 | 742 | ||||||
MetroPCS Communications, Inc. * | 280,500 | 3,854 | ||||||
(4,596 | ) | |||||||
Transportation 2.0% | ||||||||
C.H. Robinson Worldwide, Inc. | 3,500 | 181 | ||||||
Eagle Bulk Shipping, Inc. | 158,800 | 1,583 | ||||||
Genco Shipping & Trading Ltd. | 64,100 | 1,337 | ||||||
Knight Transportation, Inc. | 335,100 | 5,328 | ||||||
(8,429 | ) | |||||||
Utilities 3.5% | ||||||||
Aqua America, Inc. | 339,800 | 6,116 | ||||||
Equitable Resources, Inc. | 119,500 | 4,148 | ||||||
IDACORP, Inc. | 93,600 | 2,495 | ||||||
ITC Holdings Corp. | 38,100 | 1,546 | ||||||
Westar Energy, Inc. | 24,300 | 474 | ||||||
(14,779 | ) | |||||||
Total Short Sales (Proceeds $325,303) | ||||||||
230,074 | ||||||||
End of Short Sale Positions. | ||||||||
* Non-income producing security. |
Assets | ||||||
Investments, at value (cost $552,593) | $431,550 | |||||
Deposits with broker for short sales | 223,415 | |||||
Cash | 1 | |||||
Receivables: | ||||||
Fund shares sold | 418 | |||||
Dividends | 200 | |||||
Due from brokers for futures | 70 | |||||
Prepaid expenses | + | 4 | ||||
Total assets | 655,658 | |||||
Liabilities | ||||||
Securities sold short, at value (proceeds $325,303) | $230,074 | |||||
Payables: | ||||||
Investments bought | 2,251 | |||||
Investment adviser and administrator fees | 56 | |||||
Transfer agent and shareholder services fees | 2 | |||||
Fund shares redeemed | 1,569 | |||||
Dividends on short sales | 82 | |||||
Accrued expenses | + | 49 | ||||
Total liabilities | 234,083 | |||||
Net Assets | ||||||
Total assets | 655,658 | |||||
Total liabilities | − | 234,083 | ||||
Net assets | $421,575 | |||||
Net Assets by Source | ||||||
Capital received from investors | 482,414 | |||||
Net realized capital losses | (36,081 | ) | ||||
Net unrealized capital losses | (24,758 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $78,816 | 6,295 | $12.52 | |||||||||
Select Shares | $342,759 | 27,317 | $12.55 |
Investment Income | ||||||
Dividends | $10,408 | |||||
Interest | + | 5,069 | ||||
Total investment income | 15,477 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (2,055 | ) | ||||
Net realized gains on short sales | 9,096 | |||||
Net realized gains on futures contracts | + | 2,328 | ||||
Net realized gains | 9,369 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (287,318 | ) | ||||
Net unrealized gains on short sales | 103,542 | |||||
Net unrealized gains on futures contracts | + | 1,056 | ||||
Net unrealized losses | (182,720 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 12,943 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 356 | |||||
Select Shares | 635 | |||||
Dividends on short sales | 3,063 | |||||
Portfolio accounting fees | 50 | |||||
Professional fees | 50 | |||||
Registration fees | 48 | |||||
Shareholder reports | 36 | |||||
Custodian fees | 25 | |||||
Interest expense | 23 | |||||
Trustees’ fees | 14 | |||||
Tax expenses | 5 | |||||
Other expenses | + | 11 | ||||
Total expenses | 17,259 | |||||
Expense reduction by Schwab | − | 169 | ||||
Custody credit | − | 2 | ||||
Net expenses | 17,088 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 15,477 | |||||
Net expenses | − | 17,088 | ||||
Net investment loss | (1,611 | ) | ||||
Net realized gains | 9,369 | |||||
Net unrealized losses | + | (182,720 | ) | |||
Decrease in net assets from operations | ($174,962 | ) |
Operations |
11/1/0710/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income (loss) | ($1,611 | ) | $10,205 | |||||||
Net realized gains (losses) | 9,369 | (22,790 | ) | |||||||
Net unrealized gains (losses) | + | (182,720 | ) | 37,380 | ||||||
Increase (Decrease) in net assets from operations | (174,962 | ) | 24,795 | |||||||
Distributions to Shareholders | ||||||||||
Dividends from net investment income | ||||||||||
Investor Shares | 1,512 | 943 | ||||||||
Select Shares | + | 8,315 | 5,319 | |||||||
Total dividends from net investment income | $9,827 | $6,262 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 1,439 | $21,463 | 7,347 | $118,205 | ||||||||||||||
Select Shares | + | 7,429 | 111,815 | 36,575 | 591,433 | |||||||||||||
Total shares sold | 8,868 | $133,278 | 43,922 | $709,638 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 90 | $1,392 | 54 | $864 | ||||||||||||||
Select Shares | + | 424 | 6,600 | 276 | 4,400 | |||||||||||||
Total shares reinvested | 514 | $7,992 | 330 | $5,264 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (8,135 | ) | ($121,483 | ) | (7,485 | ) | ($120,355 | ) | ||||||||||
Select Shares | + | (38,408 | ) | (572,804 | ) | (37,207 | ) | (591,582 | ) | |||||||||
Total shares redeemed | (46,543 | ) | ($694,287 | ) | (44,692 | ) | ($711,937 | ) | ||||||||||
Net transactions in fund shares | (37,161 | ) | ($553,017 | ) | (440 | ) | $2,965 | |||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 70,773 | $1,159,381 | 71,213 | $1,137,883 | ||||||||||||||
Total increase or decrease | + | (37,161 | ) | (737,806 | ) | (440 | ) | 21,498 | ||||||||||
End of period | 33,612 | $421,575 | 70,773 | $1,159,381 | ||||||||||||||
Net investment income not yet distributed | $- | $8,210 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.88 | 15.75 | 14.42 | 13.12 | 11.77 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.18 | 0.18 | 0.10 | 0.12 | 0.08 | |||||||||||||||
Net realized and unrealized gains (losses) | (6.78 | ) | 0.25 | 1.98 | 2.21 | 1.37 | ||||||||||||||
Total from investment operations | (6.60 | ) | 0.43 | 2.08 | 2.33 | 1.45 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.21 | ) | (0.11 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | ||||||||||
Distributions from net realized gains | (0.02 | ) | (0.19 | ) | (0.64 | ) | (0.94 | ) | — | |||||||||||
Total distributions | (0.23 | ) | (0.30 | ) | (0.75 | ) | (1.03 | ) | (0.10 | ) | ||||||||||
Net asset value at end of period | 9.05 | 15.88 | 15.75 | 14.42 | 13.12 | |||||||||||||||
Total return (%) | (42.08 | ) | 2.75 | 14.85 | 18.62 | 12.39 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.94 | 0.90 | 0.98 | 1.07 | 1.05 | |||||||||||||||
Gross operating expenses | 0.94 | 0.90 | 0.98 | 1.15 | 1.25 | |||||||||||||||
Net investment income (loss) | 1.56 | 1.06 | 0.87 | 1.01 | 0.62 | |||||||||||||||
Portfolio turnover rate | 59 | 54 | 57 | 74 | 85 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 84 | 94 | 95 | 29 | 20 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
94 | .8% | Common Stock | 110,217 | 79,900 | ||||||||
0 | .5% | Foreign Common Stock | 462 | 432 | ||||||||
4 | .3% | Short-Term Investments | 3,588 | 3,588 | ||||||||
99 | .6% | Total Investments | 114,267 | 83,920 | ||||||||
0 | .4% | Other Assets and Liabilities, Net | 332 | |||||||||
100 | .0% | Total Net Assets | 84,252 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 94.8% of net assets | ||||||||
Banks 19.0% | ||||||||
1st Source Corp. | 6,000 | 129 | ||||||
BancFirst Corp. | 18,900 | 952 | ||||||
Bank of Hawaii Corp. | 31,400 | 1,592 | ||||||
Commerce Bancshares, Inc. | 14,846 | 702 | ||||||
First Citizens BancShares, Inc., Class A | 7,408 | 1,133 | ||||||
Flagstar Bancorp, Inc. | 60,000 | 114 | ||||||
Guaranty Bancorp * | 2,500 | 11 | ||||||
KeyCorp | 102,200 | 1,250 | ||||||
NBT Bancorp, Inc. | 20,200 | 563 | ||||||
Popular, Inc. | 56,100 | 426 | ||||||
Santander BanCorp | 21,600 | 205 | ||||||
SunTrust Banks, Inc. | 83,600 | 3,356 | ||||||
SVB Financial Group * | 11,600 | 597 | ||||||
The South Financial Group, Inc. | 50,100 | 291 | ||||||
UMB Financial Corp. | 24,700 | 1,120 | ||||||
Webster Financial Corp. | 46,500 | 862 | ||||||
Wells Fargo & Co. | 67,000 | 2,281 | ||||||
WSFS Financial Corp. | 8,600 | 412 | ||||||
15,996 | ||||||||
Commercial & Professional Supplies 0.2% | ||||||||
Duff & Phelps Corp., Class A * | 10,000 | 190 | ||||||
Diversified Financials 42.5% | ||||||||
Advanta Corp., Class B | 57,550 | 260 | ||||||
American Express Co. | 61,000 | 1,678 | ||||||
AmeriCredit Corp. * | 52,800 | 309 | ||||||
Ameriprise Financial, Inc. | 117,900 | 2,547 | ||||||
Bank of America Corp. | 122,800 | 2,968 | ||||||
Bank of New York Mellon Corp. | 88,200 | 2,875 | ||||||
Capital One Financial Corp. | 30,400 | 1,189 | ||||||
Cash America International, Inc. | 30,000 | 1,061 | ||||||
Citigroup, Inc. | 140,000 | 1,911 | ||||||
Discover Financial Services | 60,800 | 745 | ||||||
Franklin Resources, Inc. | 800 | 54 | ||||||
GAMCO Investors, Inc., Class A | 25,500 | 971 | ||||||
Interactive Brokers Group, Inc., Class A * | 23,500 | 502 | ||||||
JPMorgan Chase & Co. | 124,600 | 5,140 | ||||||
LaBranche & Co., Inc. * | 146,370 | 912 | ||||||
MarketAxess Holdings, Inc. * | 25,300 | 145 | ||||||
Morgan Stanley | 10,000 | 175 | ||||||
Nelnet, Inc., Class A | 30,900 | 452 | ||||||
Northern Trust Corp. | 55,800 | 3,142 | ||||||
PHH Corp. * | 47,700 | 384 | ||||||
Raymond James Financial, Inc. | 61,300 | 1,428 | ||||||
State Street Corp. | 91,000 | 3,945 | ||||||
TD Ameritrade Holding Corp. * | 50,000 | 665 | ||||||
The Goldman Sachs Group, Inc. | 25,400 | 2,349 | ||||||
35,807 | ||||||||
Insurance 25.2% | ||||||||
American Financial Group, Inc. | 77,950 | 1,772 | ||||||
Aon Corp. | 8,200 | 347 | ||||||
Arch Capital Group Ltd. * | 13,300 | 928 | ||||||
Assurant, Inc. | 35,800 | 912 | ||||||
Axis Capital Holdings Ltd. | 37,900 | 1,079 | ||||||
Berkshire Hathaway, Inc., Class A * | 15 | 1,732 | ||||||
Genworth Financial, Inc., Class A | 88,000 | 426 | ||||||
HCC Insurance Holdings, Inc. | 44,700 | 986 | ||||||
Lincoln National Corp. | 18,000 | 310 | ||||||
Loews Corp. | 60,600 | 2,013 | ||||||
MetLife, Inc. | 70,600 | 2,345 | ||||||
Prudential Financial, Inc. | 32,700 | 981 | ||||||
RenaissanceRe Holdings Ltd. | 4,700 | 216 | ||||||
The Chubb Corp. | 47,400 | 2,456 | ||||||
The Hartford Financial Services Group, Inc. | 31,500 | 325 | ||||||
The Travelers Cos., Inc. | 51,000 | 2,170 | ||||||
Transatlantic Holdings, Inc. | 7,300 | 313 | ||||||
Unum Group | 98,800 | 1,556 | ||||||
W. R. Berkley Corp. | 13,125 | 345 | ||||||
21,212 | ||||||||
Media 0.6% | ||||||||
Interactive Data Corp. | 20,000 | 472 | ||||||
Real Estate 3.6% | ||||||||
AMB Property Corp. | 3,500 | 84 | ||||||
AvalonBay Communities, Inc. | 2,700 | 192 | ||||||
Boston Properties, Inc. | 5,300 | 376 | ||||||
BRE Properties, Inc. | 4,000 | 139 | ||||||
DiamondRock Hospitality Co. | 10,000 | 52 | ||||||
Equity Residential | 11,000 | 384 | ||||||
Essex Property Trust, Inc. | 2,500 | 243 | ||||||
HCP, Inc. | 9,000 | 269 | ||||||
Host Hotels & Resorts, Inc. | 19,000 | 196 | ||||||
ProLogis | 9,400 | 132 | ||||||
Simon Property Group, Inc. | 8,000 | 536 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Vornado Realty Trust | 6,700 | 473 | ||||||
3,076 | ||||||||
Software & Services 3.7% | ||||||||
MasterCard, Inc., Class A | 12,000 | 1,774 | ||||||
Western Union Co. | 90,000 | 1,373 | ||||||
3,147 | ||||||||
Total Common Stock (Cost $110,217) | 79,900 | |||||||
Foreign Common Stock 0.5% of net assets | ||||||||
Bermuda 0.5% | ||||||||
Insurance 0.5% | ||||||||
Platinum Underwriters Holdings, Ltd. | 13,600 | 432 | ||||||
Total Foreign Common Stock (Cost $462) | 432 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 4.3% of net assets | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 2,980 | 2,980 | ||||||
0.56%, 11/03/08 | 608 | 608 | ||||||
Total Short-Term Investment (Cost $3,588) | 3,588 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $114,264 and the unrealized appreciation and depreciation were $1,318 and ($31,662), respectively, with a net unrealized depreciation of ($30,344). |
* | Non-income producing security. |
Assets | ||||||
Investments, at value (cost $114,267) | $83,920 | |||||
Receivables: | ||||||
Investments sold | 871 | |||||
Fund shares sold | 270 | |||||
Dividends | 97 | |||||
Income from securities on loan | + | 10 | ||||
Total assets | 85,168 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 853 | |||||
Investment advisers and administrator fees | 3 | |||||
Transfer agent and shareholder services fees | 2 | |||||
Fund shares redeemed | 26 | |||||
Accrued expenses | + | 32 | ||||
Total liabilities | 916 | |||||
Net Assets | ||||||
Total assets | 85,168 | |||||
Total liabilities | − | 916 | ||||
Net assets | $84,252 | |||||
Net Assets by Source | ||||||
Capital received from investors | 122,396 | |||||
Net investment income not yet distributed | 989 | |||||
Net realized capital losses | (8,786 | ) | ||||
Net unrealized capital losses | (30,347 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$84,252 | 9,310 | $9.05 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $1) | $2,019 | |||||
Interest | 83 | |||||
Securities on loan | + | 83 | ||||
Total investment income | 2,185 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (8,838 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (41,408 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 472 | |||||
Transfer agent and shareholder service fees | 218 | |||||
Portfolio accounting fees | 38 | |||||
Registration fees | 32 | |||||
Professional fees | 29 | |||||
Shareholder reports | 15 | |||||
Trustees’ fees | 8 | |||||
Custodian fees | 7 | |||||
Other expenses | + | 2 | ||||
Net expenses | 821 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 2,185 | |||||
Net expenses | − | 821 | ||||
Net investment income | 1,364 | |||||
Net realized losses | (8,838 | ) | ||||
Net unrealized losses | + | (41,408 | ) | |||
Decrease in net assets from operations | ($48,882 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $1,364 | $1,099 | ||||||||
Net realized gains (losses) | (8,838 | ) | 184 | |||||||
Net unrealized gains (losses) | + | (41,408 | ) | 1,303 | ||||||
Increase (Decrease) in net assets from operations | (48,882 | ) | 2,586 | |||||||
Distributions to Shareholders | ||||||||||
Distribution from net investment income | 1,182 | 704 | ||||||||
Distribution from net realized gains | + | 140 | 1,228 | |||||||
Total distributions | $1,322 | $1,932 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 6,693 | $82,051 | 2,478 | $39,875 | ||||||||||||||
Shares Reinvested | 83 | 1,188 | 108 | 1,727 | ||||||||||||||
Shares Redeemed | + | (3,361 | ) | (42,425 | ) | (2,738 | ) | (43,871 | ) | |||||||||
Net transactions in fund shares | 3,415 | $40,814 | (152 | ) | ($2,269 | ) | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 5,895 | $93,642 | 6,047 | $95,257 | ||||||||||||||
Total increase or decrease | + | 3,415 | (9,390 | ) | (152 | ) | (1,615 | ) | ||||||||||
End of period | 9,310 | $84,252 | 5,895 | $93,642 | ||||||||||||||
Net investment income not yet distributed | $989 | $860 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
| 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 17.08 | 15.05 | 14.03 | 10.78 | 8.43 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.08 | 0.05 | (0.01 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gains (losses) | (4.46 | ) | 2.11 | 1.03 | 3.27 | 2.41 | ||||||||||||||
Total from investment operations | (4.38 | ) | 2.16 | 1.02 | 3.25 | 2.35 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.05 | ) | — | — | — | — | ||||||||||||||
Distributions from net realized gains | (0.10 | ) | (0.13 | ) | — | — | — | |||||||||||||
Total distributions | (0.15 | ) | (0.13 | ) | — | — | — | |||||||||||||
Net asset value at end of period | 12.55 | 17.08 | 15.05 | 14.03 | 10.78 | |||||||||||||||
Total return (%) | (25.87 | ) | 14.49 | 7.27 | 30.15 | 27.88 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.82 | 0.82 | 0.84 | 0.89 | 1.04 | |||||||||||||||
Gross operating expenses | 0.82 | 0.82 | 0.84 | 0.89 | 1.07 | |||||||||||||||
Net investment income (loss) | 0.48 | 0.32 | (0.07 | ) | (0.28 | ) | (0.73 | ) | ||||||||||||
Portfolio turnover rate | 50 | 34 | 76 | 42 | 105 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 545 | 834 | 611 | 397 | 54 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .0% | Common Stock | 597,752 | 533,613 | ||||||||
2 | .6% | Short-Term Investments | 14,142 | 14,142 | ||||||||
100 | .6% | Total Investments | 611,894 | 547,755 | ||||||||
(0 | .6)% | Other Assets and Liabilities, Net | (3,071 | ) | ||||||||
100 | .0% | Total Net Assets | 544,684 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 98.0% of net assets | ||||||||
Health Care Equipment & Services 38.4% | ||||||||
Aetna, Inc. | 230,600 | 5,735 | ||||||
Alliance Imaging, Inc. * | 75,000 | 611 | ||||||
AmerisourceBergen Corp. | 150,000 | 4,690 | ||||||
Analogic Corp. | 15,000 | 662 | ||||||
Baxter International, Inc. | 510,000 | 30,850 | ||||||
Beckman Coulter, Inc. | 50,000 | 2,496 | ||||||
Becton, Dickinson & Co. | 260,000 | 18,044 | ||||||
Boston Scientific Corp. * | 800,000 | 7,224 | ||||||
C.R. Bard, Inc. | 65,000 | 5,736 | ||||||
Centene Corp. * | 75,000 | 1,413 | ||||||
Cerner Corp. * | 50,000 | 1,861 | ||||||
CIGNA Corp. | 400,000 | 6,520 | ||||||
CONMED Corp. * | 125,000 | 3,275 | ||||||
Covidien Ltd. | 200,000 | 8,858 | ||||||
Datascope Corp. | 7,500 | 376 | ||||||
DaVita, Inc. * | 125,000 | 7,094 | ||||||
DENTSPLY International, Inc. | 180,000 | 5,468 | ||||||
Edwards Lifesciences Corp. * | 100,000 | 5,284 | ||||||
Express Scripts, Inc. * | 300,000 | 18,183 | ||||||
Gen-Probe, Inc. * | 50,000 | 2,353 | ||||||
Hanger Orthopedic Group, Inc. * | 25,000 | 417 | ||||||
Hill-Rom Holdings, Inc. | 50,000 | 1,138 | ||||||
Humana, Inc. * | 174,300 | 5,158 | ||||||
Invacare Corp. | 175,000 | 3,183 | ||||||
Inverness Medical Innovations, Inc. * | 50,000 | 958 | ||||||
Kindred Healthcare, Inc. * | 100,000 | 1,449 | ||||||
LifePoint Hospitals, Inc. * | 50,000 | 1,199 | ||||||
Magellan Health Services, Inc. * | 80,000 | 2,955 | ||||||
McKesson Corp. | 50,000 | 1,840 | ||||||
Medco Health Solutions, Inc. * | 100,000 | 3,795 | ||||||
Medtronic, Inc. | 420,000 | 16,939 | ||||||
Merit Medical Systems, Inc. * | 75,000 | 1,373 | ||||||
Molina Healthcare, Inc. * | 50,000 | 1,114 | ||||||
Omnicare, Inc. | 250,000 | 6,892 | ||||||
Owens & Minor, Inc. | 62,500 | 2,704 | ||||||
Quest Diagnostics, Inc. | 175,000 | 8,190 | ||||||
STERIS Corp. | 25,000 | 851 | ||||||
Synovis Life Technologies, Inc. * | 40,000 | 700 | ||||||
Thoratec Corp. * | 75,000 | 1,846 | ||||||
UnitedHealth Group, Inc. | 50,000 | 1,187 | ||||||
Varian Medical Systems, Inc. * | 185,000 | 8,419 | ||||||
209,040 | ||||||||
Materials 0.8% | ||||||||
Sigma-Aldrich Corp. | 100,000 | 4,386 | ||||||
Pharmaceuticals & Biotechnology 57.8% | ||||||||
Abbott Laboratories | 465,000 | 25,645 | ||||||
Accelrys, Inc. * | 73,100 | 350 | ||||||
Adolor Corp. * | 175,000 | 551 | ||||||
Albany Molecular Research, Inc. * | 25,000 | 316 | ||||||
Alkermes, Inc. * | 75,000 | 741 | ||||||
Amgen, Inc. * | 450,000 | 26,950 | ||||||
Bio-Imaging Technologies, Inc. * | 10,000 | 41 | ||||||
Bio-Rad Laboratories, Inc., Class A * | 15,000 | 1,281 | ||||||
Biogen Idec, Inc. * | 250,000 | 10,637 | ||||||
Bristol-Myers Squibb Co. | 550,000 | 11,302 | ||||||
Celgene Corp. * | 160,000 | 10,282 | ||||||
Cephalon, Inc. * | 150,000 | 10,758 | ||||||
CV Therapeutics, Inc. * | 100,000 | 933 | ||||||
Eli Lilly & Co. | 330,000 | 11,161 | ||||||
Endo Pharmaceuticals Holdings, Inc. * | 175,000 | 3,238 | ||||||
Enzon Pharmaceuticals, Inc. * | 25,000 | 124 | ||||||
Forest Laboratories, Inc. * | 423,900 | 9,847 | ||||||
Genentech, Inc. * | 100,000 | 8,294 | ||||||
Genzyme Corp. * | 175,000 | 12,754 | ||||||
Invitrogen Corp. * | 210,000 | 6,046 | ||||||
Isis Pharmaceuticals, Inc. * | 75,000 | 1,055 | ||||||
Johnson & Johnson | 550,000 | 33,737 | ||||||
King Pharmaceuticals, Inc. * | 1,494,300 | 13,135 | ||||||
Martek Biosciences Corp. * | 87,500 | 2,610 | ||||||
Matrixx Initiatives, Inc. * | 5,000 | 82 | ||||||
Medicis Pharmaceutical Corp., Class A | 300,000 | 4,281 | ||||||
Merck & Co., Inc. | 708,900 | 21,940 | ||||||
Nabi Biopharmaceuticals * | 100,000 | 392 | ||||||
NPS Pharmacuticals, Inc. * | 25,000 | 175 | ||||||
PerkinElmer, Inc. | 89,900 | 1,613 | ||||||
Perrigo Co. | 75,000 | 2,550 | ||||||
Pfizer, Inc. | 1,500,000 | 26,565 | ||||||
Schering-Plough Corp. | 550,000 | 7,969 | ||||||
Techne Corp. | 25,000 | 1,726 | ||||||
The Medicines Co. * | 250,000 | 4,357 | ||||||
Thermo Fisher Scientific, Inc. * | 350,000 | 14,210 | ||||||
Valeant Pharmaceuticals International * | 75,000 | 1,408 | ||||||
ViroPharma, Inc. * | 150,000 | 1,881 | ||||||
Warner Chilcott Ltd., Class A * | 200,000 | 2,774 | ||||||
Waters Corp. * | 50,000 | 2,190 | ||||||
Watson Pharmaceuticals, Inc. * | 475,000 | 12,431 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Wyeth | 200,000 | 6,436 | ||||||
314,768 | ||||||||
Real Estate 1.0% | ||||||||
Health Care REIT, Inc. | 50,000 | 2,225 | ||||||
Healthcare Realty Trust, Inc. | 125,000 | 3,194 | ||||||
5,419 | ||||||||
Total Common Stock (Cost $597,752) | 533,613 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 2.6% of net assets | ||||||||
Commercial Paper & Other Obligations 2.3% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 12,678 | 12,678 | ||||||
U.S. Treasury Obligations 0.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.41%, 12/18/08 (a) | 200 | 200 | ||||||
0.15%, 12/18/08 (a) | 60 | 60 | ||||||
0.03%, 12/18/08 (a) | 845 | 844 | ||||||
0.87%, 12/18/08 (a) | 360 | 360 | ||||||
1,464 | ||||||||
Total Short-Term Investment (Cost $14,142) | 14,142 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $611,988 and the unrealized appreciation and depreciation were $35,327 and ($99,560), respectively, with a net unrealized depreciation of ($64,233). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 200 | 9,673 | (2,209 | ) |
Assets | ||||||
Investments, at value (cost $611,894) | $547,755 | |||||
Receivables: | ||||||
Fund shares sold | 490 | |||||
Dividends | 264 | |||||
Due from brokers for futures | 50 | |||||
Income from securities on loan | 32 | |||||
Prepaid expenses | + | 4 | ||||
Total assets | 548,595 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 3,166 | |||||
Investment adviser and administrator fees | 22 | |||||
Transfer agent and shareholder service fees | 10 | |||||
Fund shares redeemed | 635 | |||||
Accrued expenses | + | 78 | ||||
Total liabilities | 3,911 | |||||
Net Assets | ||||||
Total assets | 548,595 | |||||
Total liabilities | − | 3,911 | ||||
Net assets | $544,684 | |||||
Net Assets by Source | ||||||
Capital received from investors | 613,667 | |||||
Net investment income not yet distributed | 3,430 | |||||
Net realized capital losses | (6,065 | ) | ||||
Net unrealized capital losses | (66,348 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$544,684 | 43,402 | $12.55 |
Investment Income | ||||||
Dividends | $8,929 | |||||
Interest | 528 | |||||
Securities on loan | + | 135 | ||||
Total investment income | 9,592 | |||||
Net Realized Gains and Losses | ||||||
Net realized gains on investments | 1,380 | |||||
Net realized losses on futures contracts | + | (6,557 | ) | |||
Net realized losses | (5,177 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (206,455 | ) | ||||
Net unrealized losses on futures contracts | + | (2,779 | ) | |||
Net unrealized losses | (209,234 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 3,921 | |||||
Transfer agent and shareholder service fees | 1,842 | |||||
Shareholder reports | 91 | |||||
Registration fees | 58 | |||||
Portfolio accounting fees | 51 | |||||
Professional fees | 32 | |||||
Custodian fees | 25 | |||||
Trustees’ fees | 13 | |||||
Other expenses | + | 8 | ||||
Net expenses | 6,041 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 9,592 | |||||
Net expenses | − | 6,041 | ||||
Net investment Income | 3,551 | |||||
Net realized losses | (5,177 | ) | ||||
Net unrealized losses | + | (209,234 | ) | |||
Decrease in net assets from operations | ($210,860 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $3,551 | $2,267 | ||||||||
Net realized gains (losses) | (5,177 | ) | 4,674 | |||||||
Net unrealized gains (losses) | + | (209,234 | ) | 83,662 | ||||||
Increase (Decrease) in net assets from operations | (210,860 | ) | 90,603 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 2,381 | — | ||||||||
Distributions from net realized gains | + | 4,855 | 5,277 | |||||||
Total distributions | $7,236 | $5,277 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 12,076 | $187,775 | 20,648 | $335,280 | ||||||||||||||
Shares Reinvested | 396 | 6,542 | 318 | 4,816 | ||||||||||||||
Shares Redeemed | + | (17,912 | ) | (265,632 | ) | (12,749 | ) | (202,578 | ) | |||||||||
Net transactions in fund shares | (5,440 | ) | ($71,315 | ) | 8,217 | $137,518 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 48,842 | $834,095 | 40,625 | $611,251 | ||||||||||||||
Total increase or decrease | + | (5,440 | ) | (289,411 | ) | 8,217 | 222,844 | |||||||||||
End of period | 43,402 | $544,684 | 48,842 | $834,095 | ||||||||||||||
Net investment income not yet distributed | $3,430 | $2,267 |
Schwab Capital Trust (organized May 7, 1993) Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund Schwab Financial Services Fund Schwab Health Care Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MartketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund Schwab Balanced Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
2. | Significant Accounting Policies: |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the funds’ investment adviser using guidelines adopted by the funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s |
2. | Significant Accounting Policies (continued): (All dollar amounts are x 1,000) |
trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of a foreign exchange and the time at which funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
• | Mutual funds: valued at their respective net asset values as determined by those funds in accordance with the 1940 Act for a given day. |
2. | Significant Accounting Policies (continued): (All dollar amounts are x 1,000) |
2. | Significant Accounting Policies (continued): (All dollar amounts are x 1,000) |
4. | Affiliates and Affiliated Transactions: |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Average daily net assets | Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | ||||||||||||||||||
First $500 million | 0.91% | 0.54% | 0.775% | 0.87% | 0.975% | 1.675% | ||||||||||||||||||
$500 million to $1 billion | 0.885% | 0.49% | 0.77% | 0.85% | 0.93% | 1.65% | ||||||||||||||||||
$1 billion to $2 billion | 0.860% | n/a | 0.76% | 0.83% | 0.91% | 1.63% | ||||||||||||||||||
over $2 billion | n/a | n/a | n/a | 0.81% | n/a | n/a | ||||||||||||||||||
Financial | Health | |||||||||||||||||||||||
Average daily net assets | Services Fund | Care Fund | ||||||||||||||||||||||
First $500 million | 0.54% | 0.54% | ||||||||||||||||||||||
$500 million to $1 billion | 0.515% | 0.515% | ||||||||||||||||||||||
$1 billion to $2 billion | 0.490% | 0.490% | ||||||||||||||||||||||
over $2 billion | n/a | n/a |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares* | 0.05% | 0.05% |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | |||||||||||||||||||
Investor Shares | 1.30% | 0.75% | 1.10% | 1.20% | 1.30% | 2.00% | ** | |||||||||||||||||
Select Shares* | 1.15% | n/a | 0.95% | 0.99% | 1.12% | 1.77% | ** | |||||||||||||||||
Financial | Health | |||||||||||||||||||||||
Services Fund | Care Fund | |||||||||||||||||||||||
Investor Shares | 1.10% | 1.10% | ||||||||||||||||||||||
Select Shares* | n/a | n/a% |
* | Select Shares are only offered by Premier Equity Fund, Dividend Equity Fund, Large-Cap Growth Fund, Small-Cap Equity Fund, and Hedged Equity Fund. |
** | Excluding dividend and interest paid on securities sold short. |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Core | Dividend | Small-Cap | ||||||||||
Equity Fund | Equity Fund | Equity Fund | ||||||||||
Schwab Funds: | ||||||||||||
Target 2010 | 1.2% | 0.3% | 1.5% | |||||||||
Target 2015 | 0.1% | — | * | 0.1% | ||||||||
Target 2020 | 2.8% | 0.6% | 3.3% | |||||||||
Target 2025 | 0.1% | — | * | 0.2% | ||||||||
Target 2030 | 2.3% | 0.5% | 3.4% | |||||||||
Target 2035 | 0.1% | — | * | 0.2% | ||||||||
Target 2040 | 1.9% | 0.4% | 2.8% | |||||||||
Retirement Income | — | 0.4% | — | |||||||||
Schwab Balanced Fund | 3.1% |
* | Less than 0.05% |
Premier Equity Fund | $14,487 | |||
Core Equity Fund | 19,125 | |||
Dividend Equity Fund | 2,789 | |||
Large-Cap Growth Fund | 3,982 | |||
Small-Cap Equity Fund | 1,770 | |||
Hedged Equity Fund | — | |||
Financial Services Fund | — | |||
Health Care Fund | 12,047 |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
Premier Equity Fund | $1,091,279 | $1,538,903 | ||||||
Core Equity Fund | 702,512 | 661,618 | ||||||
Dividend Equity Fund | 382,655 | 601,245 | ||||||
Large-Cap Growth Fund | 261,927 | 267,337 | ||||||
Small-Cap Equity Fund | 193,223 | 454,702 | ||||||
Hedged Equity Fund* | 1,050,552 | 1,380,249 | ||||||
Financial Services Fund | 90,056 | 49,692 | ||||||
Health Care Fund | 357,194 | 422,560 |
* | Included securities sold short. |
8. | Redemption Fee: |
Current Period | Prior Period | |||||||
(11/01/07-10/31/08) | (11/01/06-10/31/07) | |||||||
Premier Equity Fund | ||||||||
Investor Shares | $5 | $16 | ||||||
Select Shares | 4 | 10 | ||||||
Core Equity Fund | 57 | 83 | ||||||
Dividend Equity Fund | ||||||||
Investor Shares | 23 | 45 | ||||||
Select Shares | 22 | 28 | ||||||
Large-Cap Growth Fund | ||||||||
Investor Shares | 6 | 15 | ||||||
Select Shares | 10 | 10 | ||||||
Small-Cap Equity Fund | ||||||||
Investor Shares | 3 | 30 | ||||||
Select Shares | 0 | 15 | ||||||
Hedged Equity Fund | ||||||||
Investor Shares | 5 | 14 | ||||||
Select Shares | 19 | 157 | ||||||
Financial Services Fund | 38 | 8 | ||||||
Health Care Fund | 49 | 58 |
9. | Other |
Schwab Small Cap Equity Fund | ($33 | ) | ||
Schwab Health Care Fund | 18 | |||
Schwab Core Equity Fund | (2,301 | ) |
10. | Federal Income Taxes: |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | |||||||||||||||||||
Undistributed Ordinary income | $3,076 | $18,140 | $2,236 | $1,244 | $— | $— | ||||||||||||||||||
Undistributed long-term capital gains | — | — | — | — | — | — | ||||||||||||||||||
Unrealized appreciation | 30,296 | 57,789 | 74,356 | 8,007 | 7,298 | 20,937 | ||||||||||||||||||
Unrealized depreciation | (193,053 | ) | (380,257 | ) | (305,994 | ) | (97,429 | ) | (78,811 | ) | (142,010 | ) | ||||||||||||
Other unrealized appreciation/(depreciation) | — | — | — | — | — | 95,229 | ||||||||||||||||||
Net unrealized appreciation/(depreciation) | $(162,757 | ) | $(322,468 | ) | $(231,638 | ) | $(89,422 | ) | $(71,513 | ) | $(25,844 | ) | ||||||||||||
Financial | Health Care | |||||||||||||||||||||||
Services Fund | Fund | |||||||||||||||||||||||
Undistributed Ordinary income | $987 | $3,418 | ||||||||||||||||||||||
Undistributed long-term capital gains | — | — | ||||||||||||||||||||||
Unrealized appreciation | 1,318 | 35,327 | ||||||||||||||||||||||
Unrealized depreciation | (31,662 | ) | (99,560 | ) | ||||||||||||||||||||
Other unrealized appreciation/(depreciation) | — | — | ||||||||||||||||||||||
Net unrealized appreciation/(depreciation) | $(30,344 | ) | $(64,233 | ) | ||||||||||||||||||||
10. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Expire | Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | ||||||||||||||||||
2013 | $— | $— | $— | $158 | $— | $— | ||||||||||||||||||
2014 | — | — | — | 2,674 | — | 12,200 | ||||||||||||||||||
2015 | — | — | — | 2,012 | — | 22,795 | ||||||||||||||||||
2016 | 58,079 | 84,157 | 43,921 | 53,983 | 47,891 | — | ||||||||||||||||||
Total | $58,079 | $84,157 | $43,921 | $58,827 | $47,891 | $34,995 | ||||||||||||||||||
Financial | Health Care | |||||||||||||||||||||||
Services Fund | Fund | |||||||||||||||||||||||
2013 | $— | $— | ||||||||||||||||||||||
2014 | — | — | ||||||||||||||||||||||
2015 | — | — | ||||||||||||||||||||||
2016 | 8,786 | 8,169 | ||||||||||||||||||||||
Total | $8,786 | $8,169 | ||||||||||||||||||||||
Hedged | ||||
Equity Fund | ||||
Capital losses utilized | $ | 10,335 |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | |||||||||||||||||||
Current period distributions | ||||||||||||||||||||||||
Ordinary income | $4,601 | $18,273 | $39,286 | $2,312 | $— | $9,827 | ||||||||||||||||||
Long-term capital gains | 98,352 | 4,680 | 7,001 | — | 33,590 | — | ||||||||||||||||||
Prior period distributions | ||||||||||||||||||||||||
Ordinary income | $2,003 | $7,073 | $32,649 | $550 | $— | $6,262 | ||||||||||||||||||
Long-term capital gains | — | 21,463 | 30,177 | — | $3,610 | — | ||||||||||||||||||
Financial | Health Care | |||||||||||||||||||||||
Services Fund | Fund | |||||||||||||||||||||||
Current period distributions | ||||||||||||||||||||||||
Ordinary income | $1,183 | $2,384 | ||||||||||||||||||||||
Long-term capital gains | 139 | 4,852 | ||||||||||||||||||||||
Prior period distributions | ||||||||||||||||||||||||
Ordinary income | $799 | $— | ||||||||||||||||||||||
Long-term capital gains | 1,133 | 5,277 |
10. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Premier | Core | Dividend | Large-Cap | Small-Cap | Hedged | |||||||||||||||||||
Equity Fund | Equity Fund | Equity Fund | Growth Fund | Equity Fund | Equity Fund | |||||||||||||||||||
Capital Shares | $— | $— | $— | $— | $(758 | ) | $(3,107 | ) | ||||||||||||||||
Undistributed net investment income | (10 | ) | (2 | ) | (4 | ) | — | 751 | 3,228 | |||||||||||||||
Net realized capital gains and losses | 10 | 2 | 4 | — | 7 | (121 | ) | |||||||||||||||||
Financial | Health | |||||||||||||||||||||||
Services Fund | Care Fund | |||||||||||||||||||||||
Undistributed net investment income | (53 | ) | (7 | ) | ||||||||||||||||||||
Net realized capital gains and losses | 53 | 7 |
Schwab Premier Equity Fund
Schwab Core Equity Fund
Schwab Dividend Equity Fund
Schwab Large-Cap Growth Fund
Schwab Small-Cap Equity Fund
Schwab Hedged Equity Fund
Schwab Financial Services Fund
Schwab Health Care Fund
San Francisco, California
December 12, 2008
Percentage | ||||
Premier Equity Fund | 100 | |||
Core Equity Fund | 100 | |||
Dividend Equity Fund | 100 | |||
Large-Cap Growth Fund | 100 | |||
Small-Cap Equity Fund | — | |||
Hedged Equity Fund | 84 | |||
Financial Services Fund | 100 | |||
Health Care Fund | 100 |
Premier Equity Fund | $4,601 | |||
Core Equity Fund | 18,273 | |||
Dividend Equity Fund | 39,286 | |||
Large-Cap Growth Fund | 2,312 | |||
Small-Cap Equity Fund | — | |||
Hedged Equity Fund | 9,827 | |||
Financial Services Fund | 1,182 | |||
Health Care Fund | 2,384 |
Premier Equity Fund | $98,352 | |||
Core Equity Fund | 4,680 | |||
Dividend Equity Fund | 7,001 | |||
Large-Cap Growth Fund | — | |||
Small-Cap Equity Fund | 33,590 | |||
Hedged Equity Fund | — | |||
Financial Services Fund | 139 | |||
Health Care Fund | 4,852 |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
Give your portfolio a good, diversified base. Schwab MarketTrack Portfolios® offers four index fund portfolios, each with a different mix of investments to match your risk tolerance and goals—in one cost-effective mutual fund.
• | Choose from four distinct portfolios. Select one that’s right for you based on its risk/return characteristics. | |
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In This Report | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
9 | ||
14 | ||
22 | ||
24 | ||
26 | ||
29 |
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for the Report Period | ||
Schwab Balanced Fundtm (Ticker Symbol: SWOBX) | -23.56% | |
Benchmark: Balanced Blended Index | -22.96% | |
Fund Category: Morningstar Moderate Allocation | -28.91% | |
Performance Details | pages 6-7 | |
Minimum Initial Investment1 | $ 100 | |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment officer, Charles Schwab Investment Management, is responsible for the overall management of the fund. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Caroline Lee, a managing director and portfolio manager of the investment adviser, co-manages the fund. Prior to joining the firm in November 2005, she worked in asset management for over 4 years overseeing subadvisor relationships in the pension group of a major corporation. She has also had 3 years of previous experience in investment management at another financial services firm. | ||
Daniel Kern, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day to-day co-management of the fund. He was appointed portfolio manager in 2008. Prior to joining the firm in 2003, he worked for more than 13 years in the investment management industry. |
Number of Holdings | 4 |
($ x 1,000,000) | $64,973 |
Price/Earnings Ratio (P/E) | 12.9 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 267% |
Equity Funds - Domestic | 60.0% |
Fixed - Income Funds | 37.3% |
Short-Term Investments | 2.7% |
Total | 100.0% |
Schwab Core Equity Fund | 53.1% |
Schwab Total Bond Market Fund | 37.3% |
Fund, Select Shares | 6.9% |
Fixed Income Clearing Corp. | 2.7% |
Total | 100.0% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
Fund and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Fund: Schwab Balanced Fundtm (11/18/96) | -23.56% | 1.60% | 3.69% | |||||||||
Benchmark: Balanced Blended Index | -22.96% | 1.73% | 2.53% | |||||||||
Fund Category: Morningstar Moderate Allocation | -28.91% | 0.75% | 2.17% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Balanced Blended Index is composed of 60% S&P 500® Index and 40% Lehman Brothers U.S. Aggregate Bond Index. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus. Includes expenses of the underlying funds in which the fund invests. The annualized weighted average expense ratio of the underlying funds was 0.69%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1,2 | Account Value | (Net of Expenses) | During Period3,4 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Balanced Fundtm | ||||||||||||||||
Actual Return | 0.00% | $ | 1,000 | $ | 822.40 | $ | 0.00 | |||||||||
Hypothetical 5% Return | 0.00% | $ | 1,000 | $ | 1,025.14 | $ | 0.00 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Six-month annualized expense ratio is less than 0.01. |
3 | Expenses for each share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
4 | Effective February 28, 2008. Schwab and the investment adviser have agreed to limit the “net operating expenses” (excluding interest, taxes and certain non-routine expenses) to 0.00%, through 2/27/09; does not include expenses of underlying funds in which the fund invests. |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/081 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 13.86 | 13.39 | 12.85 | 11.88 | 11.07 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.20 | 2 | 0.25 | 2 | 0.25 | 2 | 0.15 | 0.08 | ||||||||||||
Net realized and unrealized gains (losses) | (3.26 | )2 | 1.06 | 2 | 0.83 | 2 | 0.91 | 0.86 | ||||||||||||
Total from investment operations | (3.06 | ) | 1.31 | 1.08 | 1.06 | 0.94 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.29 | ) | (0.24 | ) | (0.16 | ) | (0.09 | ) | (0.13 | ) | ||||||||||
Distributions from net realized gains | (0.69 | ) | (0.60 | ) | (0.38 | ) | — | — | ||||||||||||
Total distributions | (0.98 | ) | (0.84 | ) | (0.54 | ) | (0.09 | ) | (0.13 | ) | ||||||||||
Net asset value at end of period | 9.82 | 13.86 | 13.39 | 12.85 | 11.88 | |||||||||||||||
Total return (%) | (23.56 | ) | 10.24 | 8.59 | 8.92 | 8.59 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.36 | 1.02 | 3 | 1.03 | 3 | 1.10 | 1.10 | |||||||||||||
Gross operating expenses | 0.53 | 1.27 | 1.26 | 1.27 | 1.32 | |||||||||||||||
Net investment income (loss) | 1.81 | 1.84 | 1.90 | 1.14 | 0.68 | |||||||||||||||
Portfolio turnover rate | 267 | 244 | 244 | 283 | 242 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 85 | 112 | 122 | 130 | 130 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
97 | .3% | Other Investment Companies | 102,928 | 82,601 | ||||||||
2 | .7% | Short-Term Investment | 2,280 | 2,280 | ||||||||
100 | .0% | Total Investments | 105,208 | 84,881 | ||||||||
0 | .0% | Other Assets and Liabilities | (40 | ) | ||||||||
100 | .0% | Net Assets | 84,841 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 97.3% of net assets | ||||||||
Laudus Small-Cap MarketMasters Fund, Select Shares (a) * | 662,831 | 5,873 | ||||||
Schwab Core Equity Fund (a) | 3,356,644 | 45,080 | ||||||
Schwab Total Bond Market Fund (a) | 3,688,621 | 31,648 | ||||||
Total Other Investment Companies (Cost $102,928) | 82,601 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 2.7% of net assets | ||||||||
Repurchase Agreement 2.7% | ||||||||
Fixed Income Clearing Corp. Fully collateralized by Federal National Mortgage Association with a value of $2,326. 0.03%, issued 10/31/08, due 11/03/08 | 2,280 | 2,280 | ||||||
Total Short-Term Investment (Cost $2,280) | 2,280 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $105,661, and the unrealized appreciation and depreciation were $0 and ($20,780), respectively, with a net depreciation of ($20,780). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Currency | Amount of | Currency | Amount of | |||||||||||||||||
Expiration | to be | Currency to be | to be | Currency to be | Unrealized | |||||||||||||||
Date | Received | Received | Delivered | Delivered | Gains / Losses | |||||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||||||
11/05/2008 | RUB | 276 | USD | 11 | (1 | ) | ||||||||||||||
11/05/2008 | USD | 10 | RUB | 276 | 1 | |||||||||||||||
Net unrealized gains/ (losses)on Forward Foreign Currency Contracts | — | |||||||||||||||||||
Assets | ||||||
Investments, at value (cost $105,208) | $84,881 | |||||
Cash | 1 | |||||
Receivables: | ||||||
Dividends | 155 | |||||
Fund shares sold | 25 | |||||
Due from investment adviser | 3 | |||||
Unrealized gains on forward foreign currency contracts | 1 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 85,067 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 156 | |||||
Fund shares redeemed | 7 | |||||
Unrealized losses on forward foreign currency contracts | 1 | |||||
Accrued expenses | + | 62 | ||||
Total liabilities | 226 | |||||
Net Assets | ||||||
Total assets | 85,067 | |||||
Total liabilities | − | 226 | ||||
Net assets | $84,841 | |||||
Net Assets by Source | ||||||
Capital received from investors | 100,833 | |||||
Net investment income not yet distributed | 2,062 | |||||
Net realized capital gains | 2,273 | |||||
Net unrealized capital losses | (20,327 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$84,841 | 8,636 | $9.82 |
Investment Income | ||||||
Dividends received from unaffiliated investments (net of foreign withholding taxes of $4) | $409 | |||||
Dividends received from affiliated underlying funds | 1,268 | |||||
Interest | + | 856 | ||||
Total investment income | 2,533 | |||||
Net Realized Gains and Losses | ||||||
Net realized gains on investments | 556 | |||||
Net realized losses on short sales | (516 | ) | ||||
Net realized gains on foreign currency transactions | 297 | |||||
Net realized losses on written option contracts | (497 | ) | ||||
Net realized gains on futures contracts | 916 | |||||
Net realized gains on swap agreements | + | 2,404 | ||||
Net realized gains | 3,160 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (33,993 | ) | ||||
Net unrealized losses on short sales | (11 | ) | ||||
Net unrealized gains on foreign currency translations | 121 | |||||
Net unrealized losses on written option contracts | (14 | ) | ||||
Net unrealized gains on futures contracts | 195 | |||||
Net unrealized losses on swap agreements | + | (234 | ) | |||
Net unrealized losses | (33,936 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 323 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 84 | |||||
Select Shares1 | 16 | |||||
Portfolio accounting fees | 55 | |||||
Shareholder reports | 52 | |||||
Professional fees | 47 | |||||
Custodian fees | 32 | |||||
Registration fees | 26 | |||||
Interest expense | 9 | |||||
Trustees’ fees | 8 | |||||
Other expenses | + | 8 | ||||
Total expenses | 660 | |||||
Expense reduction by adviser and Schwab | − | 205 | ||||
Custody credits | − | 1 | ||||
Net expenses | 454 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 2,533 | |||||
Net expenses | − | 454 | ||||
Net investment income | 2,079 | |||||
Net realized gains | 3,160 | |||||
Net unrealized losses | + | (33,936 | ) | |||
Decrease in net assets from operations | ($28,697 | ) |
1 | Effective on February 28, 2008, all outstanding Select Shares were converted into Investor Shares. |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $2,079 | $2,745 | ||||||||
Net realized gains | 3,160 | 7,306 | ||||||||
Net unrealized gains (losses) | + | (33,936 | ) | 4,412 | ||||||
Increase (Decrease) in net assets from operations | (28,697 | ) | 14,463 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 2,272 | 2,110 | ||||||||
Select Shares | + | 573 | 541 | |||||||
Total distributions from net investment income | 2,845 | 2,651 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 5,482 | 5,431 | ||||||||
Select Shares | + | 1,276 | 1,254 | |||||||
Total distributions from net realized gains | 6,758 | 6,685 | ||||||||
Total distributions | $9,603 | $9,336 |
Transactions in Fund Shares1 |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 2,660 | $31,962 | 616 | $8,271 | ||||||||||||||
Select Shares | + | 125 | 1,558 | 375 | 5,047 | |||||||||||||
Total shares sold | 2,785 | $33,520 | 991 | $13,318 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 593 | $7,378 | 555 | $7,169 | ||||||||||||||
Select Shares | + | 132 | 1,638 | 127 | 1,635 | |||||||||||||
Total shares reinvested | 725 | $9,016 | 682 | $8,804 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (2,719 | ) | ($31,898 | ) | (2,169 | ) | ($29,082 | ) | ||||||||||
Select Shares | + | (2,242 | ) | (27,365 | ) | (623 | ) | (8,345 | ) | |||||||||
Total shares redeemed | (4,961 | ) | ($59,263 | ) | (2,792 | ) | ($37,427 | ) | ||||||||||
Net transactions in fund shares | (1,451 | ) | ($16,727 | ) | (1,119 | ) | ($15,305 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 10,087 | $139,868 | 11,206 | $150,046 | ||||||||||||||
Total decrease | + | (1,451 | ) | (55,027 | ) | (1,119 | ) | (10,178 | ) | |||||||||
End of period | 8,636 | $84,841 | 10,087 | $139,868 | ||||||||||||||
Net investment income not yet distributed | $2,062 | $2,312 |
1 | Effective on February 28, 2008, all outstanding Select Shares (1,906 shares valued at $23,077) were converted into Investor Shares. |
Schwab Capital Trust (organized May 7, 1993) Schwab Balanced Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MarketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund | Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
• | Underlying mutual funds: valued at their respective net asset values as determined by the fund in accordance with the 1940 Act for a given day. | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the fund’s investment adviser using guidelines adopted by the fund’s Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of a foreign exchange and the time at which fund’s shares are priced. The Board of Trustees regularly reviews fair value determinations made by the fund pursuant to the procedures. | |
• | Bonds and notes: valued at halfway between the most recent bid and asked quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by an independent bond-pricing service. | |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Swap agreements: swaps are valued either based on a model that constructs swap yield curves using market data in order to calculate proceeds, or swaps are valued based on dealer quotes. | |
• | Options: open contracts are valued at their last quoted sale price. | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. |
4. | Affiliates and Affiliated Transactions: |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Average daily net assets | ||||
First $500 million | 0.775% | |||
$500 million to $1 billion | 0.75% | |||
Over $1 billion | 0.725% |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares | 0.05% | 0.15% |
Investor Shares | 1.10% | |||
Select Shares | 0.95% |
Schwab Active Equity Funds: | ||||
Core Equity Fund | 3.1% | |||
Laudus MarketMasters Funds: | ||||
Small-Cap MarketMasters Fund | 1.8% | |||
Schwab Bond Funds: | ||||
Total Bond Market Fund | 3.0% |
7. | Purchases and Sales of Investment Securities: |
Purchases of | ||||||||||
Long-Term U.S. | Purchases of other | Total Purchase of | ||||||||
Government | Long-Term | Long-Term | ||||||||
Securities Transactions* | Securities | Securities | ||||||||
$173,095 | $142,849 | $315,944 |
Sales/Maturities of | ||||||||||
Long-Term U.S. | Sales/Maturities of | Total Sales/Maturities | ||||||||
Government | other Long-Term | of Long-Term | ||||||||
Securities Transactions* | Securities | Securities | ||||||||
$215,466 | $125,149 | $340,615 |
8. | Options Written: |
Options Written | Notional Amount | Premiums | ||||||
Beginning of Period | 13,400 | $277 | ||||||
Options Written | 6,400 | 154 | ||||||
Options Closed | (19,800 | ) | (415 | ) | ||||
Options Expired | (— | ) | (16 | ) | ||||
Options Exercised | — | — | ||||||
End of Period | — | $— |
9. | Redemption Fee: |
10. | Federal Income Taxes: |
Undistributed ordinary income | $2,062 | |||
Undistributed long-term capital gains | 2,727 | |||
Unrealized appreciation | — | |||
Unrealized depreciation | (20,780 | ) | ||
Other unrealized appreciation/(depreciation) | — | |||
Net unrealized appreciation/(depreciation) | ($20,780 | ) | ||
Current Period | Prior Period | |||||||
Ordinary income | $4,039 | $2,651 | ||||||
Long-term capital gains | 5,564 | 6,685 | ||||||
Return of capital | — | — |
Capital Shares | $— | |||
Undistributed net investment income | 516 | |||
Net realized capital gains and losses | (516 | ) |
Schwab Balanced Fund (formerly Schwab Viewpoints Fund)
San Francisco, California
December 12, 2008
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
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• | Choose from four distinct portfolios. Select one that’s right for you based on its risk/return characteristics. | |
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In This Report | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
16 | ||
18 | ||
20 | ||
63 | ||
72 | ||
74 | ||
76 | ||
79 |
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for | ||
the Report Period | ||
Schwab S&P 500 Index Fund | ||
Investor Shares (Ticker Symbol: SWPIX) | -36.02% | |
Select Shares® (Ticker Symbol: SWPPX) | -35.92% | |
e.Shares (Ticker Symbol: SWPEX) | -35.92% | |
Benchmark: S&P 500® Index | -36.10% | |
Performance Details | pages 6-7 | |
Schwab Institutional Select® S&P 500 Fund | ||
(Ticker Symbol: ISLCX) | -36.00% | |
Benchmark: S&P 500® Index | -36.10% | |
Performance Details | pages 8-9 | |
Schwab 1000 Index® Fund | ||
Investor Shares (Ticker Symbol: SNXFX) | -36.43% | |
Select Shares® (Ticker Symbol: SNXSX) | -36.33% | |
Benchmark: Schwab 1000 Index® | -36.49% | |
Performance Details | pages 10-11 | |
Schwab Small-Cap Index Fund® | ||
Investor Shares (Ticker Symbol: SWSMX) | -34.60% | |
Select Shares® (Ticker Symbol: SWSSX) | -34.48% | |
Benchmark: Schwab Small-Cap Index® | -34.67% | |
Performance Details | pages 12-13 | |
Schwab Total Stock Market Index Fund® | ||
Investor Shares (Ticker Symbol: SWTIX) | -35.85% | |
Select Shares® (Ticker Symbol: SWTSX) | -35.76% | |
Benchmark: Dow Jones Wilshire 5000 Composite IndexSM | -36.43% | |
Performance Details | pages 14-15 | |
Schwab International Index Fund® | ||
Investor Shares (Ticker Symbol: SWINX) | -45.09% | |
Select Shares® (Ticker Symbol: SWISX) | -45.02% | |
Benchmark: Schwab International Index® | -45.43% | |
Performance Details | pages 16-17 | |
Minimum Initial Investment1 | ||
Investor Shares | $ 100 | |
Select Shares® | $ 50,000 | |
e.Shares ($500 for retirement, education and custodial accounts) | $ 1,000 | |
Institutional Select S&P 500 Fund | $ 75,000 | |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of each of the funds. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Larry Mano, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day management of the Schwab Total Stock Market Index Fund, and the Schwab International Index Fund, and co-management of each of the remaining funds. Prior to joining the firm in November 1998, he worked for 20 years in equity management. | ||
Ron Toll, a portfolio manager of the investment adviser, is responsible for the day-to-day co-management of each of the funds, except the Schwab Total Stock Market Index Fund and the Schwab International Index Fund. He joined the firm in 1998, became Manager, Portfolio Operations in 2000, Manager, Portfolio Operations and Analytics in 2005 and was named to his current position in 2007. |
Number of Holdings | 503 |
($ x 1,000,000) | $79,306 |
Price/Earnings Ratio (P/E) | 18.6 |
Price/Book Ratio (P/B) | 1.9 |
Portfolio Turnover Rate | 3% |
Information Technology | 15.7% |
Financials | 14.6% |
Health Care | 13.8% |
Energy | 13.0% |
Consumer Staples | 12.8% |
Industrials | 10.9% |
Consumer Discretionary | 8.2% |
Utilities | 3.7% |
Telecommunication Services | 3.3% |
Materials | 3.1% |
Other | 0.9% |
Total | 100.0% |
Exxon Mobil Corp. | 4.5% |
General Electric Co. | 2.4% |
The Procter & Gambel Co. | 2.3% |
Microsoft Corp. | 2.1% |
Johnson & Johnson | 2.0% |
AT&T, Inc. | 1.9% |
JPMorgan Chase & Co. | 1.8% |
Chevron Corp. | 1.8% |
Corp. | 1.5% |
Wal-Mart Stores, Inc. | 1.5% |
Total | 21.8% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$10,000 Investment in e.Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (5/1/96) | -36.02% | 0.06% | 0.15% | |||||||||
Select Shares (5/19/97) | -35.92% | 0.24% | 0.32% | |||||||||
e.Shares (5/1/96) | -35.92% | 0.20% | 0.25% | |||||||||
Benchmark: S&P 500® Index | -36.10% | 0.26% | 0.40% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% |
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (5/1/96) | ||||||||||||
Pre-Liquidation (still own shares) | -36.18% | -0.34% | -0.26% | |||||||||
Post-Liquidation (shares were sold) | -23.05% | -0.05% | -0.04% | |||||||||
Select Shares® (5/19/97) | ||||||||||||
Pre-Liquidation (still own shares) | -36.09% | -0.13% | -0.10% | |||||||||
Post-Liquidation (shares were sold) | -22.95% | 0.16% | 0.11% | |||||||||
e.Shares® (5/1/96) | ||||||||||||
Pre-Liquidation (still own shares) | -36.09% | -0.17% | -0.16% | |||||||||
Post-Liquidation (shares were sold) | -22.95% | 0.13% | 0.06% | |||||||||
Fund Category: Morningstar Large-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -35.44% | -0.36% | 0.21% | |||||||||
Post-Liquidation (shares were sold) | -21.39% | 0.37% | 0.82% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 502 |
($ x 1,000,000) | $78,829 |
Price/Earnings Ratio (P/E) | 18.8 |
Price/Book Ratio (P/B) | 1.9 |
Portfolio Turnover Rate | 1% |
Information Technology | 15.4% |
Financials | 14.3% |
Health Care | 13.5% |
Energy | 12.7% |
Consumer Staples | 12.5% |
Industrials | 10.6% |
Consumer Discretionary | 8.0% |
Utilities | 3.7% |
Telecommunication Services | 3.2% |
Materials | 3.0% |
Other | 3.1% |
Total | 100.0% |
Exxon Mobil Corp. | 4.4% |
General Electric Co. | 2.3% |
The Procter & Gamble Co. | 2.3% |
Microsoft Corp. | 2.0% |
Johnson & Johnson | 2.0% |
AT&T, Inc. | 1.8% |
Chevron Corp. | 1.8% |
JPMorgan Chase & Co. | 1.7% |
Corp. | 1.5% |
Wal-Mart Stores, Inc. | 1.4% |
Total | 21.2% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$75,000 Investment1
Fund and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Fund: Schwab Institutional Select® S&P 500 Fund (2/1/99) | -36.00% | 0.25% | -1.25% | |||||||||
Benchmark: S&P 500® Index | -36.10% | 0.26% | -1.18% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | -0.52% |
1 Year | 5 Years | Since Inception | ||||||||||
Fund: Schwab Institutional Select® S&P 500 Fund (2/1/99) | ||||||||||||
Pre-Liquidation (still own shares) | -36.20% | -0.11% | -1.64% | |||||||||
Post-Liquidation (shares were sold) | -23.04% | 0.15% | -1.20% | |||||||||
Fund Category: Morningstar Large-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -35.44% | -0.36% | n/a | |||||||||
Post-Liquidation (shares were sold) | -21.39% | 0.37% | n/a |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 950 |
($ x 1,000,000) | $71,803 |
Price/Earnings Ratio (P/E) | 18.1 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 4% |
Financials | 15.7% |
Information Technology | 15.3% |
Health Care | 13.6% |
Energy | 12.9% |
Consumer Staples | 11.7% |
Industrials | 11.1% |
Consumer Discretionary | 8.6% |
Utilities | 4.1% |
Materials | 3.5% |
Telecommunication Services | 3.1% |
Other | 0.4% |
Total | 100.0% |
Exxon Mobil Corp. | 4.1% |
The Procter & Gamble Co. | 2.1% |
General Electric Co. | 2.0% |
Microsoft Corp. | 1.9% |
Johnson & Johnson | 1.8% |
AT&T, Inc. | 1.6% |
Chevron Corp. | 1.6% |
JPMorgan Chase & Co. | 1.6% |
Wal-Mart Stores, Inc. | 1.3% |
Corp. | 1.3% |
Total | 19.3% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (4/2/91) | -36.43% | 0.24% | 0.66% | |||||||||
Select Shares (5/19/97) | -36.33% | 0.38% | 0.80% | |||||||||
Benchmark: Schwab 1000 Index® | -36.49% | 0.52% | 0.93% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% |
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (4/2/91) | ||||||||||||
Pre-Liquidation (still own shares) | -36.57% | -0.06% | 0.35% | |||||||||
Post-Liquidation (shares were sold) | -23.35% | 0.17% | 0.45% | |||||||||
Select Shares® (5/19/97) | ||||||||||||
Pre-Liquidation (still own shares) | -36.48% | 0.06% | 0.44% | |||||||||
Post-Liquidation (shares were sold) | -23.25% | 0.29% | 0.55% | |||||||||
Fund Category: Morningstar Large-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -35.44% | -0.36% | 0.21% | |||||||||
Post-Liquidation (shares were sold) | -21.39% | 0.37% | 0.82% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 985 |
($ x 1,000,000) | $1,026 |
Price/Earnings Ratio (P/E) | 75.1 |
Price/Book Ratio (P/B) | 1.4 |
Portfolio Turnover Rate3 | 64% |
Financials | 21.2% |
Industrials | 15.9% |
Information Technology | 14.9% |
Health Care | 12.6% |
Consumer Discretionary | 11.3% |
Energy | 7.1% |
Utilities | 4.8% |
Materials | 3.3% |
Consumer Staples | 3.2% |
Telecommunication Services | 0.8% |
Other | 4.9% |
Total | 100.0% |
Ralcorp Holdings, Inc. | 0.6% |
Myriad Genetics, Inc. | 0.4% |
Waste Connections, Inc. | 0.4% |
Piedmont Natural Gas Co., Inc. | 0.4% |
Comstock Resources, Inc. | 0.4% |
First Horizon National Corp. | 0.4% |
STERIS Corp. | 0.3% |
F5 Networks, Inc. | 0.3% |
OSI Pharmaceuticals, Inc. | 0.3% |
Foundry Networks, Inc. | 0.3% |
Total | 3.8% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | See Note 9 in the Financial Notes Section. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (12/3/93) | -34.60% | 1.16% | 4.77% | |||||||||
Select Shares (5/19/97) | -34.48% | 1.33% | 4.92% | |||||||||
Benchmark: Schwab Small-Cap Index® | -34.67% | 1.41% | 5.21% | |||||||||
Fund Category: Morningstar Small-Cap Blend | -37.24% | 1.07% | 6.03% |
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (12/3/93) | ||||||||||||
Pre-Liquidation (still own shares) | -36.39% | -0.01% | 3.51% | |||||||||
Post-Liquidation (shares were sold) | -19.17% | 1.31% | 3.98% | |||||||||
Select Shares® (5/19/97) | ||||||||||||
Pre-Liquidation (still own shares) | -36.31% | 0.11% | 3.62% | |||||||||
Post-Liquidation (shares were sold) | -19.08% | 1.43% | 4.09% | |||||||||
Fund Category: Morningstar Small-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -38.26% | -0.28% | 4.55% | |||||||||
Post-Liquidation (shares were sold) | -22.21% | 1.18% | 5.04% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 2,447 |
($ x 1,000,000) | $64,944 |
Price/Earnings Ratio (P/E) | 17.6 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 1% |
Financials | 16.5% |
Information Technology | 15.8% |
Health Care | 13.1% |
Energy | 11.8% |
Consumer Staples | 11.5% |
Industrials | 11.0% |
Consumer Discretionary | 9.7% |
Utilities | 3.7% |
Materials | 3.5% |
Telecommunication Services | 2.8% |
Other | 0.6% |
Total | 100.0% |
Exxon Mobil Corp. | 3.4% |
Wal-Mart Stores, Inc. | 1.9% |
Microsoft Corp. | 1.8% |
The Procter & Gamble Co. | 1.7% |
General Electric Co. | 1.6% |
Class A | 1.5% |
Johnson & Johnson | 1.5% |
AT&T, Inc. | 1.4% |
Chevron Corp. | 1.3% |
JPMorgan Chase & Co. | 1.2% |
Total | 17.3% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Investor Shares (6/1/99) | -35.85% | 0.68% | -0.72% | |||||||||
Select Shares (6/1/99) | -35.76% | 0.84% | -0.57% | |||||||||
Benchmark: Dow Jones Wilshire 5000 Composite IndexSM | -36.43% | 0.81% | -0.61% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | -0.82% |
Fund Class and Inception Date | 1 Year | 5 Years | Since Inception | |||||||||
Investor Shares (6/1/99) | ||||||||||||
Pre-Liquidation (still own shares) | -36.00% | 0.41% | -0.99% | |||||||||
Post-Liquidation (shares were sold) | -22.97% | 0.56% | -0.70% | |||||||||
Select Shares® (6/1/99) | ||||||||||||
Pre-Liquidation (still own shares) | -35.92% | 0.49% | -0.91% | |||||||||
Post-Liquidation (shares were sold) | -22.87% | 0.63% | -0.62% | |||||||||
Fund Category: Morningstar Large-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -35.44% | -0.36% | n/a | |||||||||
Post-Liquidation (shares were sold) | -21.39% | 0.37% | n/a |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
United Kingdom | 20.5% |
Japan | 18.2% |
France | 11.0% |
Germany | 9.0% |
Switzerland | 8.7% |
Canada | 6.5% |
Australia | 4.9% |
Spain | 4.6% |
Italy | 3.3% |
Netherlands | 2.6% |
Other Countries | 10.7% |
Total | 100.0% |
Number of Holdings | 354 |
($ x 1,000,000) | $52,081 |
Price/Earnings Ratio (P/E) | 8.5 |
Price/Book Ratio (P/B) | 1.3 |
Portfolio Turnover Rate | 11% |
Financials | 24.7% |
Energy | 11.0% |
Health Care | 9.7% |
Consumer Staples | 9.6% |
Consumer Discretionary | 8.0% |
Materials | 7.5% |
Utilities | 7.3% |
Industrials | 7.3% |
Telecommunication Services | 7.2% |
Information Technology | 4.5% |
Other | 3.2% |
Total | 100.0% |
BP plc | 2.2% |
Nestle S.A. - Reg’d | 2.1% |
HSBC Holdings plc | 2.1% |
Novartis AG - Reg’d | 1.9% |
iShares MSCI EAFE Index Fund | 1.9% |
Total S.A. | 1.9% |
Roche Holding AG | 1.5% |
Toyota Motor Corp. | 1.5% |
Vodafone Group plc | 1.5% |
GlaxoSmithKline plc | 1.4% |
Total | 18.0% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (9/9/93) | -45.09% | 3.96% | 1.50% | |||||||||
Select Shares (5/19/97) | -45.02% | 4.14% | 1.65% | |||||||||
Benchmark: Schwab International Index® | -45.43% | 4.13% | 1.93% | |||||||||
Fund Category: Morningstar Foreign Large-Cap Blend | -47.61% | 2.93% | 1.56% |
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Investor Shares (9/9/93) | ||||||||||||
Pre-Liquidation (still own shares) | -45.26% | 3.46% | 1.00% | |||||||||
Post-Liquidation (shares were sold) | -28.84% | 3.30% | 1.10% | |||||||||
Select Shares® (5/19/97) | ||||||||||||
Pre-Liquidation (still own shares) | -45.21% | 3.59% | 1.10% | |||||||||
Post-Liquidation (shares were sold) | -28.75% | 3.44% | 1.20% | |||||||||
Fund Category: Morningstar Foreign Large-Cap Blend | ||||||||||||
Pre-Liquidation (still own shares) | -47.56% | 2.14% | 0.58% | |||||||||
Post-Liquidation (shares were sold) | -28.91% | 2.77% | 1.22% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. |
2 | The pre-tax total return and the graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rates in effect as of 10/31/08 and do not reflect the impact of state and local taxes or the alternative minimum tax. Actual returns depend on an investor’s situation and may differ from those shown. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. Pre-liquidation after-tax returns reflect the tax effects of purchases and sales of securities within the fund portfolios and assume investors continue to hold fund shares at the end of the measurement periods. Post-liquidation figures assume investors sold fund shares at the end of the measurement periods and reflect both the effects of taxable distributions and any taxable gains or losses realized upon the sale of shares. Source for category information: Morningstar, Inc. Some funds in this category may not use tax-efficient strategies, including this fund. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab S&P 500 Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.36% | $ | 1,000 | $ | 709.10 | $ | 1.55 | |||||||||
Hypothetical 5% Return | 0.36% | $ | 1,000 | $ | 1,023.33 | $ | 1.83 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.19% | $ | 1,000 | $ | 710.00 | $ | 0.82 | |||||||||
Hypothetical 5% Return | 0.19% | $ | 1,000 | $ | 1,024.18 | $ | 0.97 | |||||||||
e.Shares® | ||||||||||||||||
Actual Return | 0.21% | $ | 1,000 | $ | 710.00 | $ | 0.90 | |||||||||
Hypothetical 5% Return | 0.21% | $ | 1,000 | $ | 1,024.08 | $ | 1.07 | |||||||||
Institutional Select® S&P 500 Fund | ||||||||||||||||
Actual Return | 0.10% | $ | 1,000 | $ | 708.20 | $ | 0.43 | |||||||||
Hypothetical 5% Return | 0.10% | $ | 1,000 | $ | 1,024.63 | $ | 0.51 | |||||||||
Schwab 1000 Index Fund® | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.49% | $ | 1,000 | $ | 703.50 | $ | 2.10 | |||||||||
Hypothetical 5% Return | 0.49% | $ | 1,000 | $ | 1,022.67 | $ | 2.49 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.34% | $ | 1,000 | $ | 704.20 | $ | 1.46 | |||||||||
Hypothetical 5% Return | 0.34% | $ | 1,000 | $ | 1,023.43 | $ | 1.73 | |||||||||
Schwab Small-Cap Index Fund® | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.56% | $ | 1,000 | $ | 732.00 | $ | 2.44 | |||||||||
Hypothetical 5% Return | 0.56% | $ | 1,000 | $ | 1,022.32 | $ | 2.85 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.41% | $ | 1,000 | $ | 732.80 | $ | 1.79 | |||||||||
Hypothetical 5% Return | 0.41% | $ | 1,000 | $ | 1,023.08 | $ | 2.08 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 366 days of the fiscal year. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Total Stock Market Index Fund® | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.53% | $ | 1,000 | $ | 710.20 | $ | 2.28 | |||||||||
Hypothetical 5% Return | 0.53% | $ | 1,000 | $ | 1,022.47 | $ | 2.69 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.38% | $ | 1,000 | $ | 710.80 | $ | 1.63 | |||||||||
Hypothetical 5% Return | 0.38% | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | |||||||||
Schwab International Index Fund® | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.68% | $ | 1,000 | $ | 603.70 | $ | 2.74 | |||||||||
Hypothetical 5% Return | 0.68% | $ | 1,000 | $ | 1,021.72 | $ | 3.46 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 0.50% | $ | 1,000 | $ | 603.90 | $ | 2.02 | |||||||||
Hypothetical 5% Return | 0.50% | $ | 1,000 | $ | 1,022.62 | $ | 2.54 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 366 days of the fiscal year. |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 24.17 | 21.47 | 18.79 | 17.61 | 16.36 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.40 | 0.38 | 0.34 | 0.34 | 0.23 | |||||||||||||||
Net realized and unrealized gains (losses) | (8.98 | ) | 2.65 | 2.64 | 1.14 | 1.23 | ||||||||||||||
Total from investment operations | (8.58 | ) | 3.03 | 2.98 | 1.48 | 1.46 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.38 | ) | (0.33 | ) | (0.30 | ) | (0.30 | ) | (0.21 | ) | ||||||||||
Net asset value at end of period | 15.21 | 24.17 | 21.47 | 18.79 | 17.61 | |||||||||||||||
Total return (%) | (36.02 | ) | 14.29 | 16.03 | 8.44 | 9.03 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.36 | 0.35 | 0.36 | 0.37 | 0.37 | |||||||||||||||
Gross operating expenses | 0.36 | 0.35 | 0.36 | 0.40 | 0.45 | |||||||||||||||
Net investment income (loss) | 1.89 | 1.60 | 1.57 | 1.74 | 1.35 | |||||||||||||||
Portfolio turnover rate | 3 | 2 | 3 | 4 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 2,369 | 3,948 | 3,685 | 3,666 | 3,849 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 24.28 | 21.56 | 18.88 | 17.68 | 16.41 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.44 | 0.41 | 0.37 | 0.36 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) | (9.02 | ) | 2.68 | 2.65 | 1.16 | 1.24 | ||||||||||||||
Total from investment operations | (8.58 | ) | 3.09 | 3.02 | 1.52 | 1.50 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.42 | ) | (0.37 | ) | (0.34 | ) | (0.32 | ) | (0.23 | ) | ||||||||||
Net asset value at end of period | 15.28 | 24.28 | 21.56 | 18.88 | 17.68 | |||||||||||||||
Total return (%) | (35.92 | ) | 14.50 | 16.18 | 8.66 | 9.25 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Gross operating expenses | 0.21 | 0.20 | 0.21 | 0.25 | 0.30 | |||||||||||||||
Net investment income (loss) | 2.06 | 1.78 | 1.74 | 1.92 | 1.53 | |||||||||||||||
Portfolio turnover rate | 3 | 2 | 3 | 4 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 2,598 | 4,345 | 4,038 | 3,938 | 4,119 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
e.Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 24.20 | 21.50 | 18.81 | 17.62 | 16.37 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.39 | 0.40 | 0.35 | 0.39 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) | (8.95 | ) | 2.67 | 2.67 | 1.11 | 1.21 | ||||||||||||||
Total from investment operations | (8.56 | ) | 3.07 | 3.02 | 1.50 | 1.47 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.41 | ) | (0.37 | ) | (0.33 | ) | (0.31 | ) | (0.22 | ) | ||||||||||
Net asset value at end of period | 15.23 | 24.20 | 21.50 | 18.81 | 17.62 | |||||||||||||||
Total return (%) | (35.92 | ) | 14.44 | 16.25 | 8.58 | 9.10 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.21 | 0.20 | 0.21 | 0.24 | 0.28 | |||||||||||||||
Gross operating expenses | 0.21 | 0.20 | 0.21 | 0.25 | 0.30 | |||||||||||||||
Net investment income (loss) | 2.05 | 1.76 | 1.72 | 1.88 | 1.44 | |||||||||||||||
Portfolio turnover rate | 3 | 2 | 3 | 4 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 186 | 274 | 241 | 220 | 249 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .9% | Common Stock | 4,886,488 | 5,099,555 | ||||||||
0 | .1% | Foreign Common Stock | 4,838 | 2,881 | ||||||||
0 | .9% | Short-Term Investments | 45,405 | 45,405 | ||||||||
99 | .9% | Total Investments | 4,936,731 | 5,147,841 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 5,761 | |||||||||
100 | .0% | Net Assets | 5,153,602 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 98.9% of net assets | ||||||||||
Automobiles & Components 0.3% | ||||||||||
Other Securities | 0.3 | 15,464 | ||||||||
Banks 3.4% | ||||||||||
U.S. Bancorp | 1,059,232 | 0.6 | 31,576 | |||||||
Wells Fargo & Co. | 2,061,376 | 1.3 | 70,190 | |||||||
Other Securities | 1.5 | 72,780 | ||||||||
3.4 | 174,546 | |||||||||
Capital Goods 8.0% | ||||||||||
3M Co. | 427,761 | 0.5 | 27,505 | |||||||
General Electric Co. | 6,340,787 | 2.4 | 123,709 | |||||||
The Boeing Co. | 455,250 | 0.5 | 23,796 | |||||||
United Technologies Corp. | 590,494 | 0.6 | 32,454 | |||||||
Other Securities | 4.0 | 207,435 | ||||||||
8.0 | 414,899 | |||||||||
Commercial & Professional Supplies 0.5% | ||||||||||
Other Securities | 0.5 | 25,189 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||||
Other Securities | 1.0 | 50,084 | ||||||||
Consumer Services 1.6% | ||||||||||
McDonald’s Corp. | 694,901 | 0.8 | 40,256 | |||||||
Other Securities | 0.8 | 40,704 | ||||||||
1.6 | 80,960 | |||||||||
Diversified Financials 7.8% | ||||||||||
Bank of America Corp. | 2,963,131 | 1.4 | 71,619 | |||||||
Citigroup, Inc. | 3,294,543 | 0.9 | 44,971 | |||||||
JPMorgan Chase & Co. | 2,298,616 | 1.8 | 94,818 | |||||||
The Charles Schwab Corp. (b) | 605,596 | 0.2 | 11,579 | |||||||
The Goldman Sachs Group, Inc. | 271,017 | 0.5 | 25,069 | |||||||
Other Securities | 3.0 | 153,290 | ||||||||
7.8 | 401,346 | |||||||||
Energy 12.9% | ||||||||||
Chevron Corp. | 1,250,719 | 1.8 | 93,304 | |||||||
ConocoPhillips | 920,904 | 0.9 | 47,905 | |||||||
Exxon Mobil Corp. | 3,146,231 | 4.5 | 233,199 | |||||||
Occidental Petroleum Corp. | 508,744 | 0.6 | 28,256 | |||||||
Schlumberger Ltd. | 728,459 | 0.7 | 37,625 | |||||||
Other Securities | 4.4 | 227,069 | ||||||||
12.9 | 667,358 | |||||||||
Food & Staples Retailing 3.1% | ||||||||||
CVS Caremark Corp. | 866,000 | 0.5 | 26,543 | |||||||
Wal-Mart Stores, Inc. | 1,367,893 | 1.5 | 76,342 | |||||||
Other Securities | 1.1 | 59,057 | ||||||||
3.1 | 161,942 | |||||||||
Food, Beverage & Tobacco 6.4% | ||||||||||
Anheuser-Busch Cos., Inc. | 432,408 | 0.5 | 26,822 | |||||||
Kraft Foods, Inc., Class A | 882,400 | 0.5 | 25,713 | |||||||
PepsiCo, Inc. | 951,078 | 1.1 | 54,221 | |||||||
Philip Morris International, Inc. | 1,251,889 | 1.1 | 54,420 | |||||||
The Coca-Cola Co. | 1,195,807 | 1.0 | 52,687 | |||||||
Other Securities | 2.2 | 115,850 | ||||||||
6.4 | 329,713 | |||||||||
Health Care Equipment & Services 4.2% | ||||||||||
Medtronic, Inc. | 682,296 | 0.5 | 27,517 | |||||||
Other Securities | 3.7 | 188,237 | ||||||||
4.2 | 215,754 | |||||||||
Household & Personal Products 3.2% | ||||||||||
The Procter & Gamble Co. | 1,841,670 | 2.3 | 118,861 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Other Securities | 0.9 | 48,879 | ||||||||
3.2 | 167,740 | |||||||||
Insurance 2.4% | ||||||||||
Other Securities | 2.4 | 123,850 | ||||||||
Materials 3.1% | ||||||||||
Monsanto Co. | 334,976 | 0.6 | 29,806 | |||||||
Other Securities | 2.5 | 129,650 | ||||||||
3.1 | 159,456 | |||||||||
Media 2.5% | ||||||||||
Comcast Corp., Class A | 1,781,208 | 0.6 | 28,072 | |||||||
The Walt Disney Co. | 1,148,676 | 0.6 | 29,751 | |||||||
Other Securities | 1.3 | 73,165 | ||||||||
2.5 | 130,988 | |||||||||
Pharmaceuticals & Biotechnology 9.6% | ||||||||||
Abbott Laboratories | 934,375 | 1.0 | 51,531 | |||||||
Amgen, Inc. * | 651,918 | 0.8 | 39,043 | |||||||
Bristol-Myers Squibb Co. | 1,196,028 | 0.5 | 24,578 | |||||||
Gilead Sciences, Inc. * | 559,944 | 0.5 | 25,673 | |||||||
Johnson & Johnson | 1,697,295 | 2.0 | 104,112 | |||||||
Merck & Co., Inc. | 1,310,407 | 0.8 | 40,557 | |||||||
Pfizer, Inc. | 4,089,357 | 1.4 | 72,423 | |||||||
Wyeth | 813,082 | 0.5 | 26,165 | |||||||
Other Securities | 2.1 | 108,544 | ||||||||
9.6 | 492,626 | |||||||||
Real Estate 1.0% | ||||||||||
Other Securities | 1.0 | 50,885 | ||||||||
Retailing 2.8% | ||||||||||
The Home Depot, Inc. | 1,043,282 | 0.5 | 24,611 | |||||||
Other Securities | 2.3 | 120,426 | ||||||||
2.8 | 145,037 | |||||||||
Semiconductors & Semiconductor Equipment 2.3% | ||||||||||
Intel Corp. | 3,463,566 | 1.1 | 55,417 | |||||||
Other Securities | 1.2 | 61,153 | ||||||||
2.3 | 116,570 | |||||||||
Software & Services 6.1% | ||||||||||
Google, Inc., Class A * | 141,971 | 1.0 | 51,019 | |||||||
Microsoft Corp. | 4,771,263 | 2.1 | 106,542 | |||||||
Oracle Corp. * | 2,400,471 | 0.9 | 43,905 | |||||||
Other Securities | 2.1 | 110,937 | ||||||||
6.1 | 312,403 | |||||||||
Technology Hardware & Equipment 7.4% | ||||||||||
Apple, Inc. * | 535,625 | 1.1 | 57,628 | |||||||
Cisco Systems, Inc. * | 3,601,398 | 1.3 | 63,997 | |||||||
Hewlett-Packard Co. | 1,494,758 | 1.1 | 57,219 | |||||||
International Business Machines Corp. | 823,847 | 1.5 | 76,593 | |||||||
QUALCOMM, Inc. | 984,858 | 0.7 | 37,681 | |||||||
Other Securities | 1.7 | 86,898 | ||||||||
7.4 | 380,016 | |||||||||
Telecommunication Services 3.3% | ||||||||||
AT&T, Inc. | 3,571,712 | 1.9 | 95,615 | |||||||
Verizon Communications, Inc. | 1,751,251 | 1.0 | 51,960 | |||||||
Other Securities | 0.4 | 22,664 | ||||||||
3.3 | 170,239 | |||||||||
Transportation 2.3% | ||||||||||
United Parcel Service, Inc., Class B | 617,110 | 0.6 | 32,571 | |||||||
Other Securities | 1.7 | 87,917 | ||||||||
2.3 | 120,488 | |||||||||
Utilities 3.7% | ||||||||||
Other Securities | 3.7 | 192,002 | ||||||||
Total Common Stock (Cost $4,886,488) | 5,099,555 | |||||||||
Foreign Common Stock 0.1% of net assets | ||||||||||
Bermuda 0.1% | ||||||||||
Diversified Financials 0.1% | ||||||||||
Other Securities | 0.1 | 2,881 | ||||||||
Total Foreign Common Stock (Cost $4,838) | 2,881 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 0.9% of net assets | ||||||||||
Commercial Paper & Other Obligations 0.8% | ||||||||||
Citibank, London Time Deposit, | ||||||||||
0.56% , 11/03/08 | 40,140 | 0.8 | 40,140 | |||||||
U.S. Treasury Obligations 0.1% | ||||||||||
Other Securities | 0.1 | 5,265 | ||||||||
Total Short-Term Investments (Cost $45,405) | 45,405 | |||||||||
End of Investments. |
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $4,978,254 and the unrealized appreciation and depreciation were $1,427,322 and ($1,257,735), respectively, with a net unrealized appreciation of $169,587. |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. Please see the complete schedule of holdings. | |
(b) | Issuer is affiliated with the fund’s adviser. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 950 | 45,947 | 3,345 |
Assets | ||||||
Investments, at value (cost $4,936,731) | $5,147,841 | |||||
Receivables: | ||||||
Investments sold | 192 | |||||
Fund shares sold | 9,259 | |||||
Dividends | 7,607 | |||||
Due from brokers for futures | 276 | |||||
Income from securities on loan | 253 | |||||
Interest | 1 | |||||
Prepaid expenses | + | 42 | ||||
Total assets | 5,165,471 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 2,450 | |||||
Investment advisers and administrator fees | 38 | |||||
Transfer agent and shareholder services fees | 58 | |||||
Fund shares redeemed | 9,069 | |||||
Accrued expenses | + | 254 | ||||
Total liabilities | 11,869 | |||||
Net Assets | ||||||
Total assets | 5,165,471 | |||||
Total liabilities | − | 11,869 | ||||
Net assets | $5,153,602 | |||||
Net Assets by Source | ||||||
Capital received from investors | 5,715,610 | |||||
Net investment income not yet distributed | 110,051 | |||||
Net realized capital losses | (886,514 | ) | ||||
Net unrealized capital gains | 214,455 |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $2,368,901 | 155,714 | $15.21 | |||||||||
Select Shares | $2,598,362 | 170,048 | $15.28 | |||||||||
e.Shares | $186,339 | 12,235 | $15.23 |
Investment Income | ||||||
Dividends (including $129 from affiliated issuer and net of foreign withholding tax of $3) | $158,564 | |||||
Interest | 165 | |||||
Securities on loan | + | 2,038 | ||||
Total investment income | 160,767 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (47,035 | ) | ||||
Net realized losses on foreign currency transactions | (1 | ) | ||||
Net realized losses on futures contracts | + | (1,851 | ) | |||
Net realized losses | (48,887 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (3,053,607 | ) | ||||
Net unrealized gains on futures contracts | + | 3,283 | ||||
Net unrealized losses | (3,050,324 | ) | ||||
Expenses | ||||||
Investment Advisor and administrator fees | 6,515 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 8,209 | |||||
Select Shares | 3,637 | |||||
e.Shares | 223 | |||||
Shareholder reports | 325 | |||||
Portfolio accounting fees | 188 | |||||
Custodian fees | 153 | |||||
Registration fees | 109 | |||||
Professional fees | 72 | |||||
Trustees’ fees | 65 | |||||
Interest expense | 36 | |||||
Other expenses | + | 154 | ||||
Total expenses | 19,686 | |||||
Expense reduction by adviser and Schwab | − | 593 | ||||
Net expenses | 19,093 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 160,767 | |||||
Net expenses | − | 19,093 | ||||
Net investment income | 141,674 | |||||
Net realized losses | (48,887 | ) | ||||
Net unrealized losses | + | (3,050,324 | ) | |||
Decrease in net assets from operations | ($2,957,537 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $141,674 | $141,261 | ||||||||
Net realized gains (losses) | (48,887 | ) | 70,980 | |||||||
Net unrealized gains (losses) | + | (3,050,324 | ) | 902,116 | ||||||
Increase (Decrease) in net assets from operations | (2,957,537 | ) | 1,114,357 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 61,410 | 57,248 | ||||||||
Select Shares | 74,254 | 68,517 | ||||||||
e.Shares | + | 4,519 | 4,038 | |||||||
Total distributions from net investment income | $140,183 | $129,803 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 20,489 | $401,669 | 20,611 | $464,893 | ||||||||||||||
Select Shares | 23,870 | 470,078 | 25,425 | 576,994 | ||||||||||||||
e.Shares | + | 4,609 | 79,000 | 2,827 | 63,881 | |||||||||||||
Total shares sold | 48,968 | $950,747 | 48,863 | $1,105,768 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 2,585 | $58,820 | 2,499 | $54,840 | ||||||||||||||
Select Shares | 2,885 | 65,826 | 2,752 | 60,597 | ||||||||||||||
e.Shares | + | 181 | 4,127 | 169 | 3,715 | |||||||||||||
Total shares reinvested | 5,651 | $128,773 | 5,420 | $119,152 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (30,693 | ) | ($612,594 | ) | (31,408 | ) | ($714,160 | ) | ||||||||||
Select Shares | (35,683 | ) | (704,340 | ) | (36,485 | ) | (827,901 | ) | ||||||||||
e.Shares | + | (3,896 | ) | (78,278 | ) | (2,880 | ) | (65,195 | ) | |||||||||
Total shares redeemed | (70,272 | ) | ($1,395,212 | ) | (70,773 | ) | ($1,607,256 | ) | ||||||||||
Net transactions in fund shares | (15,653 | ) | ($315,692 | ) | (16,490 | ) | ($382,336 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 353,650 | $8,567,014 | 370,140 | $7,964,796 | ||||||||||||||
Total increase or decrease | + | (15,653 | ) | (3,413,412 | ) | (16,490 | ) | 602,218 | ||||||||||
End of period | 337,997 | $5,153,602 | 353,650 | $8,567,014 | ||||||||||||||
Net investment income not yet distributed | $110,051 | $111,174 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 12.39 | 10.99 | 9.57 | 8.95 | 8.30 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.21 | 0.21 | 0.16 | 0.15 | 0.13 | |||||||||||||||
Net realized and unrealized gains (losses) | (4.60 | ) | 1.36 | 1.39 | 0.62 | 0.64 | ||||||||||||||
Total from investment operations | (4.39 | ) | 1.57 | 1.55 | 0.77 | 0.77 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.21 | ) | (0.17 | ) | (0.13 | ) | (0.15 | ) | (0.12 | ) | ||||||||||
Net asset value at end of period | 7.79 | 12.39 | 10.99 | 9.57 | 8.95 | |||||||||||||||
Total return (%) | (36.00 | ) | 14.43 | 16.39 | 8.64 | 9.36 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.10 | 0.10 | 0.10 | 0.10 | 0.15 | |||||||||||||||
Gross operating expenses | 0.22 | 0.22 | 0.28 | 0.33 | 0.35 | |||||||||||||||
Net investment income (loss) | 2.17 | 1.89 | 1.84 | 1.82 | 1.56 | |||||||||||||||
Portfolio turnover rate | 1 | 1 | 2 | 3 | 3 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 2,385 | 3,103 | 2,080 | 1,246 | 348 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .8% | Common Stock | 2,967,032 | 2,306,982 | ||||||||
3 | .1% | Short-Term Investments | 74,377 | 74,377 | ||||||||
99 | .9% | Total Investments | 3,041,409 | 2,381,359 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 3,326 | |||||||||
100 | .0% | Net Assets | 2,384,685 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 96.8% of net assets | ||||||||||
Automobiles & Components 0.3% | ||||||||||
Other Securities | 0.3 | 7,055 | ||||||||
Banks 3.3% | ||||||||||
U.S. Bancorp | 470,348 | 0.6 | 14,021 | |||||||
Wells Fargo & Co. | 899,513 | 1.3 | 30,628 | |||||||
Other Securities | 1.4 | 33,051 | ||||||||
3.3 | 77,700 | |||||||||
Capital Goods 7.8% | ||||||||||
3M Co. | 191,578 | 0.5 | 12,318 | |||||||
General Electric Co. | 2,854,825 | 2.3 | 55,698 | |||||||
United Technologies Corp. | 264,366 | 0.6 | 14,530 | |||||||
Other Securities | 4.4 | 103,900 | ||||||||
7.8 | 186,446 | |||||||||
Commercial & Professional Supplies 0.5% | ||||||||||
Other Securities | 0.5 | 11,404 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||||
Other Securities | 1.0 | 23,043 | ||||||||
Consumer Services 1.5% | ||||||||||
McDonald’s Corp. | 312,117 | 0.8 | 18,081 | |||||||
Other Securities | 0.7 | 18,422 | ||||||||
1.5 | 36,503 | |||||||||
Diversified Financials 7.7% | ||||||||||
Bank of America Corp. | 1,361,330 | 1.4 | 32,903 | |||||||
Citigroup, Inc. | 1,471,861 | 0.9 | 20,091 | |||||||
JPMorgan Chase & Co. | 1,001,935 | 1.7 | 41,330 | |||||||
The Charles Schwab Corp. (b) | 261,345 | 0.2 | 4,997 | |||||||
The Goldman Sachs Group, Inc. | 119,606 | 0.5 | 11,064 | |||||||
Other Securities | 3.0 | 71,886 | ||||||||
7.7 | 182,271 | |||||||||
Energy 12.7% | ||||||||||
Chevron Corp. | 564,193 | 1.8 | 42,089 | |||||||
ConocoPhillips | 414,250 | 0.9 | 21,549 | |||||||
Exxon Mobil Corp. | 1,417,381 | 4.4 | 105,056 | |||||||
Occidental Petroleum Corp. | 223,126 | 0.5 | 12,392 | |||||||
Schlumberger Ltd. | 325,080 | 0.7 | 16,790 | |||||||
Other Securities | 4.4 | 104,706 | ||||||||
12.7 | 302,582 | |||||||||
Food & Staples Retailing 3.0% | ||||||||||
CVS Caremark Corp. | 383,388 | 0.5 | 11,751 | |||||||
Wal-Mart Stores, Inc. | 613,519 | 1.4 | 34,240 | |||||||
Other Securities | 1.1 | 26,167 | ||||||||
3.0 | 72,158 | |||||||||
Food, Beverage & Tobacco 6.3% | ||||||||||
Altria Group, Inc. | 551,902 | 0.4 | 10,591 | |||||||
Anheuser-Busch Cos., Inc. | 193,045 | 0.5 | 11,975 | |||||||
Kraft Foods, Inc., Class A | 407,539 | 0.5 | 11,876 | |||||||
PepsiCo, Inc. | 424,966 | 1.0 | 24,227 | |||||||
Philip Morris International, Inc. | 561,602 | 1.0 | 24,413 | |||||||
The Coca-Cola Co. | 539,646 | 1.0 | 23,777 | |||||||
Other Securities | 1.9 | 42,690 | ||||||||
6.3 | 149,549 | |||||||||
Health Care Equipment & Services 4.1% | ||||||||||
Medtronic, Inc. | 304,243 | 0.5 | 12,270 | |||||||
Other Securities | 3.6 | 86,536 | ||||||||
4.1 | 98,806 | |||||||||
Household & Personal Products 3.2% | ||||||||||
The Procter & Gamble Co. | 829,841 | 2.3 | 53,558 | |||||||
Other Securities | 0.9 | 21,717 | ||||||||
3.2 | 75,275 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Insurance 2.4% | ||||||||||
Other Securities | 2.4 | 56,914 | ||||||||
Materials 3.0% | ||||||||||
Monsanto Co. | 147,970 | 0.6 | 13,166 | |||||||
Other Securities | 2.4 | 58,759 | ||||||||
3.0 | 71,925 | |||||||||
Media 2.5% | ||||||||||
Comcast Corp., Class A | 785,952 | 0.5 | 12,387 | |||||||
The Walt Disney Co. | 513,354 | 0.6 | 13,296 | |||||||
Other Securities | 1.4 | 33,301 | ||||||||
2.5 | 58,984 | |||||||||
Pharmaceuticals & Biotechnology 9.3% | ||||||||||
Abbott Laboratories | 420,281 | 1.0 | 23,178 | |||||||
Amgen, Inc. * | 293,331 | 0.7 | 17,568 | |||||||
Bristol-Myers Squibb Co. | 539,011 | 0.5 | 11,077 | |||||||
Gilead Sciences, Inc. * | 245,721 | 0.5 | 11,266 | |||||||
Johnson & Johnson | 765,447 | 2.0 | 46,952 | |||||||
Merck & Co., Inc. | 583,486 | 0.8 | 18,059 | |||||||
Pfizer, Inc. | 1,836,686 | 1.4 | 32,528 | |||||||
Wyeth | 357,982 | 0.5 | 11,520 | |||||||
Other Securities | 1.9 | 49,592 | ||||||||
9.3 | 221,740 | |||||||||
Real Estate 1.0% | ||||||||||
Other Securities | 1.0 | 24,569 | ||||||||
Retailing 2.7% | ||||||||||
The Home Depot, Inc. | 466,012 | 0.5 | 10,993 | |||||||
Other Securities | 2.2 | 54,224 | ||||||||
2.7 | 65,217 | |||||||||
Semiconductors & Semiconductor Equipment 2.2% | ||||||||||
Intel Corp. | 1,548,489 | 1.0 | 24,776 | |||||||
Other Securities | 1.2 | 28,359 | ||||||||
2.2 | 53,135 | |||||||||
Software & Services 5.9% | ||||||||||
Google, Inc., Class A * | 64,600 | 1.0 | 23,215 | |||||||
Microsoft Corp. | 2,149,703 | 2.0 | 48,003 | |||||||
Oracle Corp. * | 1,077,006 | 0.8 | 19,698 | |||||||
Other Securities | 2.1 | 49,985 | ||||||||
5.9 | 140,901 | |||||||||
Technology Hardware & Equipment 7.2% | ||||||||||
Apple, Inc. * | 240,305 | 1.1 | 25,854 | |||||||
Cisco Systems, Inc. * | 1,623,530 | 1.2 | 28,850 | |||||||
Hewlett-Packard Co. | 673,205 | 1.1 | 25,770 | |||||||
International Business Machines Corp. | 371,383 | 1.5 | 34,528 | |||||||
QUALCOMM, Inc. | 442,527 | 0.7 | 16,931 | |||||||
Other Securities | 1.6 | 40,037 | ||||||||
7.2 | 171,970 | |||||||||
Telecommunication Services 3.2% | ||||||||||
AT&T, Inc. | 1,611,145 | 1.8 | 43,130 | |||||||
Verizon Communications, Inc. | 788,490 | 1.0 | 23,395 | |||||||
Other Securities | 0.4 | 10,523 | ||||||||
3.2 | 77,048 | |||||||||
Transportation 2.3% | ||||||||||
United Parcel Service, Inc., Class B | 273,338 | 0.6 | 14,427 | |||||||
Other Securities | 1.7 | 40,372 | ||||||||
2.3 | 54,799 | |||||||||
Utilities 3.7% | ||||||||||
Other Securities | 3.7 | 86,988 | ||||||||
Total Common Stock (Cost $2,967,032) | 2,306,982 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 3.1% of net assets | ||||||||||
Commercial Paper & Other Obligations 2.8% | ||||||||||
Citibank, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 66,438 | 2.8 | 66,438 | |||||||
U.S. Treasury Obligations 0.3% | ||||||||||
Other Securities | 0.3 | 7,939 | ||||||||
Total Short-Term Investment (Cost $74,377) | 74,377 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $3,055,237, and the unrealized appreciation and depreciation were $119,828 and ($793,706), respectively, with a net unrealized depreciation of ($673,878). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. Please see complete schedule of holdings. | |
(b) | Issuer is affiliated with the fund’s adviser. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long expires 12/19/08 | 1,425 | 68,920 | (6,483 | ) |
Assets | ||||||
Investments, at value (cost $3,041,409) | $2,381,359 | |||||
Receivables: | ||||||
Investments sold | 115 | |||||
Fund shares sold | 10,048 | |||||
Dividends | 3,345 | |||||
Due from brokers for futures | 413 | |||||
Income from securities on loan | 222 | |||||
Interest | 1 | |||||
Prepaid expenses | + | 19 | ||||
Total assets | 2,395,522 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 9,088 | |||||
Transfer agent and shareholder services fees | 13 | |||||
Fund shares redeemed | 1,664 | |||||
Accrued expenses | + | 72 | ||||
Total liabilities | 10,837 | |||||
Net Assets | ||||||
Total assets | 2,395,522 | |||||
Total liabilities | − | 10,837 | ||||
Net assets | $2,384,685 | |||||
Net Assets by Source | ||||||
Capital received from investors | 3,135,974 | |||||
Net investment income not yet distributed | 50,399 | |||||
Net realized capital losses | (135,155 | ) | ||||
Net unrealized capital losses | (666,533 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$2,384,685 | 305,935 | $7.79 |
Investment Income | ||||||
Dividends (including $50 from affiliated issuer and net of foreign withholding tax of $2 ) | $62,739 | |||||
Interest | 1,689 | |||||
Securities on loan | + | 1,578 | ||||
Total investment income | 66,006 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (69,425 | ) | ||||
Net realized losses on futures contracts | + | (16,552 | ) | |||
Net realized losses | (85,977 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (1,199,800 | ) | ||||
Net unrealized losses on futures contracts | + | (6,848 | ) | |||
Net unrealized losses | (1,206,648 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 2,919 | |||||
Transfer agent and shareholder service fees | 2,910 | |||||
Registration fees | 223 | |||||
Portfolio accounting fees | 103 | |||||
Custodian fees | 80 | |||||
Professional fees | 40 | |||||
Shareholder reports | 51 | |||||
Trustees’ fees | 30 | |||||
Interest expense | 1 | |||||
Other expenses | + | 41 | ||||
Total expenses | 6,398 | |||||
Expense reduction by adviser and Schwab | − | 3,488 | ||||
Net expenses | 2,910 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 66,006 | |||||
Net expenses | − | 2,910 | ||||
Net investment income | 63,096 | |||||
Net realized losses | (85,977 | ) | ||||
Net unrealized losses | + | (1,206,648 | ) | |||
Decrease in net assets from operations | ($1,229,529 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $63,096 | $50,100 | ||||||||
Net realized gains (losses) | (85,977 | ) | 11,183 | |||||||
Net unrealized gains (losses) | + | (1,206,648 | ) | 294,913 | ||||||
Increase (Decrease) in net assets from operations | (1,229,529 | ) | 356,196 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | $53,061 | $32,922 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 135,006 | $1,356,798 | 89,179 | $1,028,140 | ||||||||||||||
Shares Reinvested | 4,137 | 48,190 | 2,614 | 29,386 | ||||||||||||||
Shares Redeemed | + | (83,668 | ) | (840,651 | ) | (30,703 | ) | (358,242 | ) | |||||||||
Net transactions in fund shares | 55,475 | $564,337 | 61,090 | $699,284 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 250,460 | $3,102,938 | 189,370 | $2,080,380 | ||||||||||||||
Total increase or decrease | + | 55,475 | (718,253 | ) | 61,090 | 1,022,558 | ||||||||||||
End of period | 305,935 | $2,384,685 | 250,460 | $3,102,938 | ||||||||||||||
Net investment income not yet distributed | $50,399 | $41,397 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 45.81 | 40.40 | 35.31 | 32.54 | 30.25 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.66 | 1 | 0.60 | 1 | 0.50 | 1 | 0.55 | 0.37 | ||||||||||||
Net realized and unrealized gains (losses) | (17.13 | )1 | 5.33 | 1 | 5.05 | 1 | 2.70 | 2.26 | ||||||||||||
Total from investment operations | (16.47 | ) | 5.93 | 5.55 | 3.25 | 2.63 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.62 | ) | (0.52 | ) | (0.46 | ) | (0.48 | ) | (0.34 | ) | ||||||||||
Distributions from net realized gains | (0.03 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.65 | ) | (0.52 | ) | (0.46 | ) | (0.48 | ) | (0.34 | ) | ||||||||||
Net asset value at end of period | 28.69 | 45.81 | 40.40 | 35.31 | 32.54 | |||||||||||||||
Total return (%) | (36.43 | ) | 14.81 | 15.84 | 10.04 | 8.78 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.49 | 0.48 | 0.49 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses | 0.49 | 0.48 | 0.49 | 0.50 | 0.50 | |||||||||||||||
Net investment income (loss) | 1.68 | 1.39 | 1.34 | 1.49 | 1.15 | |||||||||||||||
Portfolio turnover rate | 4 | 6 | 5 | 6 | 5 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 2,260 | 3,974 | 3,918 | 4,166 | 4,258 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 45.84 | 40.43 | 35.34 | 32.56 | 30.27 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.71 | 1 | 0.66 | 1 | 0.56 | 1 | 0.56 | 0.42 | ||||||||||||
Net realized and unrealized gains (losses) | (17.12 | )1 | 5.34 | 1 | 5.04 | 1 | 2.74 | 2.25 | ||||||||||||
Total from investment operations | (16.41 | ) | 6.00 | 5.60 | 3.30 | 2.67 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.69 | ) | (0.59 | ) | (0.51 | ) | (0.52 | ) | (0.38 | ) | ||||||||||
Distributions from net realized gains | (0.03 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.72 | ) | (0.59 | ) | (0.51 | ) | (0.52 | ) | (0.38 | ) | ||||||||||
Net asset value at end of period | 28.71 | 45.84 | 40.43 | 35.34 | 32.56 | |||||||||||||||
Total return (%) | (36.33 | ) | 14.98 | 16.01 | 10.21 | 8.90 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.34 | 0.33 | 0.34 | 0.35 | 0.35 | |||||||||||||||
Gross operating expenses | 0.34 | 0.33 | 0.34 | 0.35 | 0.35 | |||||||||||||||
Net investment income (loss) | 1.83 | 1.54 | 1.48 | 1.63 | 1.30 | |||||||||||||||
Portfolio turnover rate | 4 | 6 | 5 | 6 | 5 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 2,021 | 3,311 | 2,924 | 2,328 | 2,138 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
99 | .4% | Common Stock | 2,713,493 | 4,254,930 | ||||||||
0 | .1% | Foreign Common Stock | 7,106 | 5,102 | ||||||||
0 | .4% | Short-Term Investments | 15,704 | 15,704 | ||||||||
99 | .9% | Total Investments | 2,736,303 | 4,275,736 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 5,250 | |||||||||
100 | .0% | Net Assets | 4,280,986 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 99.4% of net assets | ||||||||||
Automobiles & Components 0.3% | ||||||||||
Other Securities | 0.3 | 14,295 | ||||||||
Banks 3.4% | ||||||||||
U.S. Bancorp | 788,855 | 0.6 | 23,516 | |||||||
Wells Fargo & Co. | 1,487,896 | 1.2 | 50,663 | |||||||
Other Securities | 1.6 | 70,089 | ||||||||
3.4 | 144,268 | |||||||||
Capital Goods 7.9% | ||||||||||
3M Co. | 314,034 | 0.5 | 20,192 | |||||||
General Electric Co. | 4,457,422 | 2.0 | 86,964 | |||||||
United Technologies Corp. | 446,863 | 0.6 | 24,560 | |||||||
Other Securities | 4.8 | 206,651 | ||||||||
7.9 | 338,367 | |||||||||
Commercial & Professional Supplies 0.8% | ||||||||||
Other Securities | 0.8 | 33,143 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||||
Other Securities | 1.0 | 44,872 | ||||||||
Consumer Services 1.7% | ||||||||||
McDonald’s Corp. | 513,736 | 0.7 | 29,761 | |||||||
Other Securities | 1.0 | 40,901 | ||||||||
1.7 | 70,662 | |||||||||
Diversified Financials 7.0% | ||||||||||
Bank of America Corp. | 2,150,393 | 1.2 | 51,975 | |||||||
Citigroup, Inc. | 2,411,662 | 0.8 | 32,919 | |||||||
JPMorgan Chase & Co. | 1,635,528 | 1.6 | 67,466 | |||||||
The Charles Schwab Corp. (b) | 427,315 | 0.2 | 8,170 | |||||||
The Goldman Sachs Group, Inc. | 192,532 | 0.4 | 17,809 | |||||||
Other Securities | 2.8 | 121,531 | ||||||||
7.0 | 299,870 | |||||||||
Energy 12.9% | ||||||||||
Chevron Corp. | 930,477 | 1.6 | 69,414 | |||||||
ConocoPhillips | 686,166 | 0.9 | 35,694 | |||||||
Exxon Mobil Corp. | 2,341,322 | 4.1 | 173,539 | |||||||
Occidental Petroleum Corp. | 363,616 | 0.5 | 20,195 | |||||||
Schlumberger Ltd. | 531,306 | 0.7 | 27,442 | |||||||
Other Securities | 5.1 | 225,998 | ||||||||
12.9 | 552,282 | |||||||||
Food & Staples Retailing 2.8% | ||||||||||
CVS Caremark Corp. | 641,161 | 0.4 | 19,652 | |||||||
Wal-Mart Stores, Inc. | 1,031,177 | 1.3 | 57,550 | |||||||
Other Securities | 1.1 | 44,724 | ||||||||
2.8 | 121,926 | |||||||||
Food, Beverage & Tobacco 5.8% | ||||||||||
Altria Group, Inc. | 935,715 | 0.4 | 17,956 | |||||||
Anheuser-Busch Cos., Inc. | 325,266 | 0.5 | 20,176 | |||||||
Kraft Foods, Inc., Class A | 661,464 | 0.5 | 19,275 | |||||||
PepsiCo, Inc. | 712,387 | 1.0 | 40,613 | |||||||
Philip Morris International, Inc. | 920,915 | 0.9 | 40,032 | |||||||
The Coca-Cola Co. | 882,204 | 0.9 | 38,870 | |||||||
Other Securities | 1.6 | 69,859 | ||||||||
5.8 | 246,781 | |||||||||
Health Care Equipment & Services 4.3% | ||||||||||
Medtronic, Inc. | 506,018 | 0.5 | 20,408 | |||||||
Other Securities | 3.8 | 163,431 | ||||||||
4.3 | 183,839 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Household & Personal Products 3.0% | ||||||||||
The Procter & Gamble Co. | 1,365,819 | 2.1 | 88,150 | |||||||
Other Securities | 0.9 | 42,037 | ||||||||
3.0 | 130,187 | |||||||||
Insurance 3.6% | ||||||||||
Berkshire Hathaway, Inc., Class A * | 288 | 0.8 | 33,261 | |||||||
Other Securities | 2.8 | 120,597 | ||||||||
3.6 | 153,858 | |||||||||
Materials 3.5% | ||||||||||
Monsanto Co. | 244,034 | 0.5 | 21,714 | |||||||
Other Securities | 3.0 | 126,629 | ||||||||
3.5 | 148,343 | |||||||||
Media 2.6% | ||||||||||
Comcast Corp., Class A | 1,296,253 | 0.5 | 20,429 | |||||||
The Walt Disney Co. | 856,002 | 0.5 | 22,170 | |||||||
Other Securities | 1.6 | 69,113 | ||||||||
2.6 | 111,712 | |||||||||
Pharmaceuticals & Biotechnology 9.4% | ||||||||||
Abbott Laboratories | 683,646 | 0.9 | 37,703 | |||||||
Amgen, Inc. * | 484,560 | 0.7 | 29,020 | |||||||
Bristol-Myers Squibb Co. | 865,539 | 0.4 | 17,787 | |||||||
Gilead Sciences, Inc. * | 411,012 | 0.5 | 18,845 | |||||||
Johnson & Johnson | 1,267,217 | 1.8 | 77,731 | |||||||
Merck & Co., Inc. | 954,285 | 0.7 | 29,535 | |||||||
Pfizer, Inc. | 2,991,310 | 1.3 | 52,976 | |||||||
Wyeth | 599,283 | 0.5 | 19,285 | |||||||
Other Securities | 2.6 | 117,522 | ||||||||
9.4 | 400,404 | |||||||||
Real Estate 1.7% | ||||||||||
Other Securities | 1.7 | 71,422 | ||||||||
Retailing 2.9% | ||||||||||
The Home Depot, Inc. | 772,065 | 0.4 | 18,213 | |||||||
Other Securities | 2.5 | 106,780 | ||||||||
2.9 | 124,993 | |||||||||
Semiconductors & Semiconductor Equipment 2.2% | ||||||||||
Intel Corp. | 2,502,630 | 0.9 | 40,042 | |||||||
Other Securities | 1.3 | 53,480 | ||||||||
2.2 | 93,522 | |||||||||
Software & Services 6.2% | ||||||||||
Google, Inc., Class A * | 105,296 | 0.9 | 37,839 | |||||||
Microsoft Corp. | 3,570,888 | 1.9 | 79,738 | |||||||
Oracle Corp. * | 1,773,710 | 0.8 | 32,441 | |||||||
Other Securities | 2.6 | 115,878 | ||||||||
6.2 | 265,896 | |||||||||
Technology Hardware & Equipment 6.9% | ||||||||||
Apple, Inc. * | 393,714 | 1.0 | 42,360 | |||||||
Cisco Systems, Inc. * | 2,624,315 | 1.1 | 46,634 | |||||||
Hewlett-Packard Co. | 1,117,468 | 1.0 | 42,777 | |||||||
International Business Machines Corp. | 613,790 | 1.3 | 57,064 | |||||||
QUALCOMM, Inc. | 733,228 | 0.7 | 28,053 | |||||||
Other Securities | 1.8 | 80,484 | ||||||||
6.9 | 297,372 | |||||||||
Telecommunication Services 3.1% | ||||||||||
AT&T, Inc. | 2,617,527 | 1.6 | 70,071 | |||||||
Verizon Communications, Inc. | 1,260,537 | 0.9 | 37,400 | |||||||
Other Securities | 0.6 | 24,461 | ||||||||
3.1 | 131,932 | |||||||||
Transportation 2.3% | ||||||||||
United Parcel Service, Inc., Class B | 453,825 | 0.6 | 23,953 | |||||||
Other Securities | 1.7 | 76,299 | ||||||||
2.3 | 100,252 | |||||||||
Utilities 4.1% | ||||||||||
Other Securities | 4.1 | 174,732 | ||||||||
Total Common Stock (Cost $2,713,493) | 4,254,930 | |||||||||
Foreign Common Stock 0.1% of net assets | ||||||||||
Bermuda 0.1% | ||||||||||
Capital Goods 0.0% | ||||||||||
Other Securities | 0.0 | 1,777 | ||||||||
Consumer Services 0.0% | ||||||||||
Other Securities | 0.0 | 234 | ||||||||
Diversified Financials 0.1% | ||||||||||
Other Securities | 0.1 | 3,091 | ||||||||
Total Foreign Common Stock (Cost $7,106) | 0.1 | 5,102 | ||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 0.4% of net assets | ||||||||||
Repurchase Agreement 0.3% | ||||||||||
Other Securities | 0.3 | 14,065 |
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
U.S. Treasury Obligations 0.1% | ||||||||||
Other Securities | 0.1 | 1,639 | ||||||||
Total Short-Term Investment (Cost $15,704) | 15,704 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/2008 the tax basis cost of the fund’s investments was $2,706,579 and the unrealized appreciation and depreciation were $1,962,147and ($392,990), respectively, with a net unrealized appreciation of $1,569,157. |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. Please see complete schedule of holdings. | |
(b) | Issuer is affiliated with the fund’s adviser |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 275 | 13,300 | 387 |
Assets | ||||||
Investments, at value (cost $2,736,303) | $4,275,736 | |||||
Cash | 138 | |||||
Receivables: | ||||||
Dividends | 6,337 | |||||
Fund shares sold | 4,244 | |||||
Income from securities on loan | 360 | |||||
Due from brokers for futures | 80 | |||||
Prepaid expenses | + | 36 | ||||
Total assets | 4,286,931 | |||||
Liabilities | ||||||
Payables: | ||||||
Investment adviser and administrator fees | 74 | |||||
Transfer agent and shareholder services fees | 58 | |||||
Fund shares redeemed | 5,604 | |||||
Accrued expenses | + | 209 | ||||
Total liabilities | 5,945 | |||||
Net Assets | ||||||
Total assets | 4,286,931 | |||||
Total liabilities | − | 5,945 | ||||
Net assets | $4,280,986 | |||||
Net Assets by Source | ||||||
Capital received from investors | 2,641,836 | |||||
Net investment income not yet distributed | 79,946 | |||||
Net realized capital gains | 19,384 | |||||
Net unrealized capital gains | 1,539,820 |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $2,259,616 | 78,750 | $28.69 | |||||||||
Select Shares | $2,021,370 | 70,408 | $28.71 |
Investment Income | ||||||
Dividends (including $95 from affiliated issuer and net of foreign withholding tax of $10) | $128,480 | |||||
Interest | 134 | |||||
Lending of securities | + | 3,174 | ||||
Total investment income | 131,788 | |||||
Net Realized Gains and Losses | ||||||
Net realized gains on investments | 17,238 | |||||
Net realized gains on affiliated issuer | 63 | |||||
Net realized losses on futures contracts | + | (1,098 | ) | |||
Net realized gains | 16,203 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (2,659,074 | ) | ||||
Net unrealized gains on futures contracts | + | 354 | ||||
Net unrealized losses | (2,658,720 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 13,558 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 8,154 | |||||
Select Shares | 2,823 | |||||
Shareholder reports | 303 | |||||
Portfolio accounting fees | 176 | |||||
Custodian fees | 117 | |||||
Registration fees | 76 | |||||
Trustees’ fees | 73 | |||||
Professional fees | 66 | |||||
Interest expense | 29 | |||||
Other expenses | + | 65 | ||||
Total expenses | 25,440 | |||||
Custody credit | − | 5 | ||||
Net expenses | 25,435 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 131,788 | |||||
Net expenses | − | 25,435 | ||||
Net investment income | 106,353 | |||||
Net realized gains | 16,203 | |||||
Net unrealized losses | + | (2,658,720 | ) | |||
Decrease in net assets from operations | ($2,536,164 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $106,353 | $102,885 | ||||||||
Net realized gains | 16,203 | 313,462 | ||||||||
Net unrealized gains (losses) | + | (2,658,720 | ) | 563,461 | ||||||
Increase (Decrease) in net assets from operations | (2,536,164 | ) | 979,808 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 52,859 | 49,741 | ||||||||
Select Shares | + | 49,349 | 42,503 | |||||||
Total distributions from net investment income | 102,208 | 92,244 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 2,740 | — | ||||||||
Select Shares | + | 2,293 | — | |||||||
Total distributions from net realized gains | 5,033 | — | ||||||||
Total distributions | $107,241 | $92,244 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 5,772 | $217,822 | 6,398 | $273,594 | ||||||||||||||
Select Shares | + | 10,059 | 373,493 | 11,316 | 486,239 | |||||||||||||
Total shares sold | 15,831 | $591,315 | 17,714 | $759,833 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 1,186 | $51,269 | 1,107 | $45,932 | ||||||||||||||
Select Shares | + | 974 | 42,080 | 856 | 35,483 | |||||||||||||
Total shares reinvested | 2,160 | $93,349 | 1,963 | $81,415 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (14,962 | ) | ($569,361 | ) | (17,729 | ) | ($762,521 | ) | ||||||||||
Select Shares | + | (12,842 | ) | (476,106 | ) | (12,279 | ) | (522,702 | ) | |||||||||
Total shares redeemed | (27,804 | ) | ($1,045,467 | ) | (30,008 | ) | ($1,285,223 | ) | ||||||||||
Net transactions in fund shares | (9,813 | ) | ($360,803 | ) | (10,331 | ) | ($443,975 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 158,971 | $7,285,194 | 169,302 | $6,841,605 | ||||||||||||||
Total increase or decrease | + | (9,813 | ) | (3,004,208 | ) | (10,331 | ) | 443,589 | ||||||||||
End of period | 149,158 | $4,280,986 | 158,971 | $7,285,194 | ||||||||||||||
Net investment income not yet distributed | $79,946 | $80,191 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 25.30 | 25.92 | 22.31 | 19.92 | 18.22 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.30 | 1 | 0.32 | 1 | 0.23 | 1 | 0.14 | 0.13 | ||||||||||||
Net realized and unrealized gains (losses) | (7.88 | )1 | 2.35 | 1 | 3.67 | 1 | 2.38 | 1.68 | ||||||||||||
Total from investment operations | (7.58 | ) | 2.67 | 3.90 | 2.52 | 1.81 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.28 | ) | (0.24 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Distributions from net realized gains | (3.62 | ) | (3.05 | ) | (0.15 | ) | — | — | ||||||||||||
Total distributions | (3.90 | ) | (3.29 | ) | (0.29 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net asset value at end of period | 13.82 | 25.30 | 25.92 | 22.31 | 19.92 | |||||||||||||||
Total return (%) | (34.60 | ) | 11.16 | 17.62 | 12.66 | 9.98 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.57 | 0.57 | 0.57 | 0.58 | 0.59 | |||||||||||||||
Gross operating expenses | 0.57 | 0.57 | 0.57 | 0.58 | 0.59 | |||||||||||||||
Net investment income (loss) | 1.62 | 1.28 | 0.94 | 0.57 | 0.66 | |||||||||||||||
Portfolio turnover rate | 64 | 31 | 29 | 40 | 39 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 448 | 756 | 771 | 823 | 869 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 25.35 | 25.97 | 22.36 | 19.96 | 18.25 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.33 | 1 | 0.35 | 1 | 0.27 | 1 | 0.17 | 0.17 | ||||||||||||
Net realized and unrealized gains (losses) | (7.89 | )1 | 2.36 | 1 | 3.67 | 1 | 2.39 | 1.68 | ||||||||||||
Total from investment operations | (7.56 | ) | 2.71 | 3.94 | 2.56 | 1.85 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.32 | ) | (0.28 | ) | (0.18 | ) | (0.16 | ) | (0.14 | ) | ||||||||||
Distributions from net realized gains | (3.62 | ) | (3.05 | ) | (0.15 | ) | — | — | ||||||||||||
Total distributions | (3.94 | ) | (3.33 | ) | (0.33 | ) | (0.16 | ) | (0.14 | ) | ||||||||||
Net asset value at end of period | 13.85 | 25.35 | 25.97 | 22.36 | 19.96 | |||||||||||||||
Total return (%) | (34.48 | ) | 11.35 | 17.78 | 12.86 | 10.16 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.42 | 0.42 | 0.42 | 0.41 | 0.42 | |||||||||||||||
Gross operating expenses | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | |||||||||||||||
Net investment income (loss) | 1.78 | 1.43 | 1.10 | 0.74 | 0.82 | |||||||||||||||
Portfolio turnover rate | 64 | 31 | 29 | 40 | 39 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 628 | 969 | 889 | 795 | 761 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
93 | .9% | Common Stock | 1,216,052 | 1,009,483 | ||||||||
1 | .1% | Foreign Common Stock | 19,828 | 12,097 | ||||||||
0 | .0% | Preferred Stock | 1,124 | 356 | ||||||||
0 | .0% | Rights | 44 | 54 | ||||||||
4 | .9% | Short-Term Investments | 52,705 | 52,705 | ||||||||
99 | .9% | Total Investments | 1,289,753 | 1,074,695 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 945 | |||||||||
100 | .0% | Net Assets | 1,075,640 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 93.9% of net assets | ||||||||||
Automobiles & Components 0.4% | ||||||||||
Other Securities | 0.4 | 4,358 | ||||||||
Banks 9.2% | ||||||||||
BancorpSouth, Inc. | 114,368 | 0.3 | 2,776 | |||||||
First Horizon National Corp. | 316,891 | 0.3 | 3,774 | |||||||
First Niagara Financial Group, Inc. | 186,136 | 0.3 | 2,935 | |||||||
FirstMerit Corp. | 119,482 | 0.3 | 2,786 | |||||||
NewAlliance Bancshares, Inc. | 183,811 | 0.2 | 2,537 | |||||||
SVB Financial Group * | 56,123 | 0.3 | 2,888 | |||||||
UMB Financial Corp. | 52,824 | 0.2 | 2,394 | |||||||
Westamerica Bancorp. | 46,670 | 0.2 | 2,672 | |||||||
Other Securities | 7.1 | 75,836 | ||||||||
9.2 | 98,598 | |||||||||
Capital Goods 9.2% | ||||||||||
Brady Corp., Class A | 81,429 | 0.2 | 2,524 | |||||||
CLARCOR, Inc. | 84,698 | 0.3 | 2,998 | |||||||
Curtiss-Wright Corp. | 67,956 | 0.2 | 2,508 | |||||||
Teledyne Technologies, Inc. * | 61,825 | 0.3 | 2,817 | |||||||
Wabtec Corp. | 81,150 | 0.3 | 3,227 | |||||||
Woodward Governor Co. | 94,634 | 0.3 | 3,038 | |||||||
Other Securities | 7.6 | 81,450 | ||||||||
9.2 | 98,562 | |||||||||
Commercial & Professional Supplies 4.3% | ||||||||||
IKON Office Solutions, Inc. | 171,121 | 0.3 | 2,948 | |||||||
Waste Connections, Inc. * | 123,243 | 0.4 | 4,172 | |||||||
Other Securities | 3.6 | 38,996 | ||||||||
4.3 | 46,116 | |||||||||
Consumer Durables & Apparel 2.9% | ||||||||||
Jarden Corp. * | 138,808 | 0.2 | 2,471 | |||||||
Other Securities | 2.7 | 29,080 | ||||||||
2.9 | 31,551 | |||||||||
Consumer Services 3.8% | ||||||||||
Other Securities | 3.8 | 40,511 | ||||||||
Diversified Financials 2.3% | ||||||||||
Other Securities | 2.3 | 24,667 | ||||||||
Energy 7.1% | ||||||||||
BP Prudhoe Bay Royalty Trust | 36,165 | 0.3 | 2,983 | |||||||
Comstock Resources, Inc. * | 76,926 | 0.4 | 3,802 | |||||||
Penn Virginia Corp. | 70,378 | 0.2 | 2,616 | |||||||
Other Securities | 6.2 | 67,304 | ||||||||
7.1 | 76,705 | |||||||||
Food & Staples Retailing 0.9% | ||||||||||
Casey’s General Stores, Inc. | 83,226 | 0.2 | 2,514 | |||||||
Other Securities | 0.7 | 7,173 | ||||||||
0.9 | 9,687 | |||||||||
Food, Beverage & Tobacco 1.9% | ||||||||||
Ralcorp Holdings, Inc. * | 92,835 | 0.6 | 6,283 | |||||||
Other Securities | 1.3 | 14,106 | ||||||||
1.9 | 20,389 | |||||||||
Health Care Equipment & Services 7.1% | ||||||||||
Amedisys, Inc. * | 42,800 | 0.2 | 2,414 | |||||||
Haemonetics Corp. * | 42,455 | 0.2 | 2,507 | |||||||
Hill-Rom Holdings, Inc. | 105,200 | 0.2 | 2,394 | |||||||
Immucor, Inc. * | 106,154 | 0.3 | 2,818 | |||||||
Masimo Corp. * | 75,600 | 0.2 | 2,418 | |||||||
NuVasive, Inc. * | 59,900 | 0.3 | 2,821 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Owens & Minor, Inc. | 69,192 | 0.3 | 2,994 | |||||||
Psychiatric Solutions, Inc. * | 88,654 | 0.3 | 2,951 | |||||||
STERIS Corp. | 105,358 | 0.3 | 3,586 | |||||||
Other Securities | 4.8 | 51,109 | ||||||||
7.1 | 76,012 | |||||||||
Household & Personal Products 0.4% | ||||||||||
Other Securities | 0.4 | 4,541 | ||||||||
Insurance 3.0% | ||||||||||
ProAssurance Corp. * | 54,489 | 0.3 | 2,994 | |||||||
Other Securities | 2.7 | 29,413 | ||||||||
3.0 | 32,407 | |||||||||
Materials 3.3% | ||||||||||
Other Securities | 3.3 | 34,986 | ||||||||
Media 1.1% | ||||||||||
Marvel Entertainment, Inc. * | 85,830 | 0.3 | 2,763 | |||||||
Other Securities | 0.8 | 8,749 | ||||||||
1.1 | 11,512 | |||||||||
Pharmaceuticals & Biotechnology 5.5% | ||||||||||
Myriad Genetics, Inc. * | 73,365 | 0.4 | 4,629 | |||||||
OSI Pharmaceuticals, Inc. * | 93,291 | 0.3 | 3,540 | |||||||
United Therapeutics Corp. * | 37,776 | 0.3 | 3,295 | |||||||
Valeant Pharmaceuticals International * | 144,686 | 0.3 | 2,716 | |||||||
Other Securities | 4.2 | 45,376 | ||||||||
5.5 | 59,556 | |||||||||
Real Estate 5.9% | ||||||||||
Healthcare Realty Trust, Inc. | 101,281 | 0.2 | 2,588 | |||||||
Other Securities | 5.7 | 61,284 | ||||||||
5.9 | 63,872 | |||||||||
Retailing 3.1% | ||||||||||
Aeropostale, Inc. * | 124,632 | 0.3 | 3,017 | |||||||
Other Securities | 2.8 | 30,016 | ||||||||
3.1 | 33,033 | |||||||||
Semiconductors & Semiconductor Equipment 3.5% | ||||||||||
Atmel Corp. * | 655,000 | 0.2 | 2,718 | |||||||
Microsemi Corp. * | 126,219 | 0.3 | 2,744 | |||||||
Other Securities | 3.0 | 31,993 | ||||||||
3.5 | 37,455 | |||||||||
Software & Services 6.3% | ||||||||||
Jack Henry & Associates, Inc. | 147,720 | 0.3 | 2,808 | |||||||
Other Securities | 6.0 | 64,429 | ||||||||
6.3 | 67,237 | |||||||||
Technology Hardware & Equipment 5.0% | ||||||||||
F5 Networks, Inc. * | 143,600 | 0.3 | 3,564 | |||||||
Foundry Networks, Inc. * | 237,924 | 0.3 | 3,533 | |||||||
Other Securities | 4.4 | 47,197 | ||||||||
5.0 | 54,294 | |||||||||
Telecommunication Services 0.7% | ||||||||||
Other Securities | 0.7 | 7,677 | ||||||||
Transportation 2.3% | ||||||||||
Other Securities | 2.3 | 24,723 | ||||||||
Utilities 4.7% | ||||||||||
Nicor, Inc. | 76,300 | 0.3 | 3,526 | |||||||
Piedmont Natural Gas Co., Inc. | 124,077 | 0.4 | 4,085 | |||||||
Vectren Corp. | 122,517 | 0.3 | 3,087 | |||||||
WGL Holdings, Inc. | 79,661 | 0.2 | 2,564 | |||||||
Other Securities | 3.5 | 37,772 | ||||||||
4.7 | 51,034 | |||||||||
Total Common Stock (Cost $1,216,052) | 1,009,483 | |||||||||
Foreign Common Stock 1.1% of net assets | ||||||||||
Bermuda 1.0% | ||||||||||
Capital Goods 0.1% | ||||||||||
Other Securities | 0.1 | 1,000 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||||
Other Securities | 0.1 | 664 | ||||||||
Insurance 0.6% | ||||||||||
Other Securities | 0.6 | 7,832 | ||||||||
Software & Services 0.1% | ||||||||||
Other Securities | 0.1 | 847 | ||||||||
Telecommunication Services 0.1% | ||||||||||
Other Securities | 0.1 | 604 | ||||||||
Transportation 0.0% | ||||||||||
Other Securities | 0.0 | 152 | ||||||||
Utilities 0.0% | ||||||||||
Other Securities | 0.0 | 410 | ||||||||
1.0 | 11,509 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Liberia 0.1% | ||||||||||
Transportation 0.1% | ||||||||||
Other Securities | 0.1 | 588 | ||||||||
Total Foreign Common Stock (Cost $19,828) | 12,097 | |||||||||
Preferred Stock 0.0% of net assets | ||||||||||
Health Care Equipment & Services 0.0% | ||||||||||
Other Securities | 0.0 | 356 | ||||||||
Total Preferred Stock (Cost $1,124) | 356 | |||||||||
Rights 0.0% of net assets | ||||||||||
Other Securities | 0.0 | 54 | ||||||||
Total Rights (Cost $44) | 54 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 4.9% of net assets | ||||||||||
Commercial Paper & Other Obligations 4.4% | ||||||||||
Citibank, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 40,100 | 3.7 | 40,100 | |||||||
JP Morgan Chase, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 7,151 | 0.7 | 7,151 | |||||||
4.4 | 47,251 | |||||||||
U.S. Treasury Obligations 0.5% | ||||||||||
Other Securities | 0.5 | 5,454 | ||||||||
Total Short-Term Investments (Cost $52,705) | 52,705 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $1,326,126, and the unrealized appreciation and depreciation were $136,059 and ($387,490), respectively, with a net unrealized depreciation of ($251,431). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. Please see complete schedule of holdings. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 903 | 48,446 | 989 |
Assets | ||||||
Investments, at value (cost $1,289,753) | $1,074,695 | |||||
Receivables: | ||||||
Investments sold | 953 | |||||
Fund shares sold | 9,510 | |||||
Due from brokers for futures | 1,806 | |||||
Dividends | 1,048 | |||||
Interest | 1 | |||||
Prepaid expenses | + | 9 | ||||
Total assets | 1,088,022 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 11,913 | |||||
Investment adviser and administrator fees | 19 | |||||
Transfer agent and shareholder services fees | 12 | |||||
Fund shares redeemed | 350 | |||||
Accrued expenses | + | 88 | ||||
Total liabilities | 12,382 | |||||
Net Assets | ||||||
Total assets | 1,088,022 | |||||
Total liabilities | − | 12,382 | ||||
Net assets | $1,075,640 | |||||
Net Assets by Source | ||||||
Capital received from investors | 1,316,524 | |||||
Net investment income not yet distributed | 18,705 | |||||
Net realized capital losses | (45,520 | ) | ||||
Net unrealized capital losses | (214,069 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $447,898 | 32,408 | $13.82 | |||||||||
Select Shares | $627,742 | 45,338 | $13.85 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $15) | $24,321 | |||||
Interest | 491 | |||||
Securities on loan | + | 7,024 | ||||
Total investment income | 31,836 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (48,257 | ) | ||||
Net realized losses on futures contracts | + | (123 | ) | |||
Net realized losses | (48,380 | ) | ||||
Net Unrealized Losses | ||||||
Net unrealized losses on investments | (541,270 | ) | ||||
Net unrealized gains on futures contracts | + | 275 | ||||
Net unrealized losses | (540,995 | ) | ||||
Expenses | ||||||
Investment Advisor and administrator fees | 4,307 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,523 | |||||
Select Shares | 841 | |||||
Portfolio accounting fees | 84 | |||||
Shareholder reports | 83 | |||||
Professional fees | 49 | |||||
Registration fees | 37 | |||||
Custodian fees | 30 | |||||
Trustees’ fees | 19 | |||||
Interest Expense | 3 | |||||
Other expenses | + | 17 | ||||
Total expenses | 6,993 | |||||
Expense reduction by adviser and Schwab | − | 18 | ||||
Net expenses | 6,975 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 31,836 | |||||
Net expenses | − | 6,975 | ||||
Net investment income | 24,861 | |||||
Net realized losses | (48,380 | ) | ||||
Net unrealized losses | + | (540,995 | ) | |||
Decrease in net assets from operations | ($564,514 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $24,861 | $23,290 | ||||||||
Net realized gains (losses) | (48,380 | ) | 244,655 | |||||||
Net unrealized losses | + | (540,995 | ) | (86,470 | ) | |||||
Increase (Decrease) in net assets from operations | (564,514 | ) | 181,475 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 8,132 | 6,876 | ||||||||
Select Shares | + | 12,287 | 9,628 | |||||||
Total distributions from net investment income | 20,419 | 16,504 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 106,591 | 88,653 | ||||||||
Select Shares | + | 140,533 | 104,007 | |||||||
Total distributions from net realized gains | 247,124 | 192,660 | ||||||||
Total distributions | $267,543 | $209,164 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 4,071 | $65,918 | 3,309 | $81,591 | ||||||||||||||
Select Shares | + | 8,084 | 143,442 | 4,151 | 101,982 | |||||||||||||
Total shares sold | 12,155 | $209,360 | 7,460 | $183,573 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 5,458 | 107,685 | 3,788 | 89,541 | ||||||||||||||
Select Shares | + | 7,095 | 140,062 | 4,407 | 104,234 | |||||||||||||
Total shares reinvested | 12,553 | $247,747 | 8,195 | $193,775 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (6,996 | ) | (127,623 | ) | (6,951 | ) | (171,881 | ) | ||||||||||
Select Shares | + | (8,050 | ) | (146,320 | ) | (4,571 | ) | (112,733 | ) | |||||||||
Total shares redeemed | (15,046 | ) | ($273,943 | ) | (11,522 | ) | ($284,614 | ) | ||||||||||
Net transactions in fund shares | 9,662 | $183,164 | 4,133 | $92,734 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 68,084 | $1,724,533 | 63,951 | $1,659,488 | ||||||||||||||
Total increase or decrease | + | 9,662 | (648,893 | ) | 4,133 | 65,045 | ||||||||||||
End of period | 77,746 | $1,075,640 | 68,084 | $1,724,533 | ||||||||||||||
Net investment income not yet distributed | $18,705 | $17,463 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 26.96 | 23.83 | 20.77 | 19.04 | 17.48 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.36 | 0.35 | 0.30 | 0.29 | 0.19 | |||||||||||||||
Net realized and unrealized gains (losses) | (9.90 | ) | 3.06 | 3.01 | 1.69 | 1.53 | ||||||||||||||
Total from investment operations | (9.54 | ) | 3.41 | 3.31 | 1.98 | 1.72 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.33 | ) | (0.28 | ) | (0.25 | ) | (0.25 | ) | (0.16 | ) | ||||||||||
Distributions from net realized gains | (0.06 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.39 | ) | (0.28 | ) | (0.25 | ) | (0.25 | ) | (0.16 | ) | ||||||||||
Net asset value at end of period | 17.03 | 26.96 | 23.83 | 20.77 | 19.04 | |||||||||||||||
Total return (%) | (35.85 | ) | 14.44 | 16.05 | 10.45 | 9.93 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.53 | 0.52 | 0.53 | 0.54 | 0.56 | |||||||||||||||
Gross operating expenses | 0.53 | 0.52 | 0.53 | 0.54 | 0.56 | |||||||||||||||
Net investment income (loss) | 1.56 | 1.34 | 1.27 | 1.37 | 1.07 | |||||||||||||||
Portfolio turnover rate | 1 | 0 | 1 | 3 | 2 | 2 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 422 | 673 | 607 | 600 | 592 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 27.04 | 23.90 | 20.83 | 19.09 | 17.52 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.40 | 0.37 | 0.31 | 0.31 | 0.22 | |||||||||||||||
Net realized and unrealized gains (losses) | (9.93 | ) | 3.09 | 3.04 | 1.71 | 1.54 | ||||||||||||||
Total from investment operations | (9.53 | ) | 3.46 | 3.35 | 2.02 | 1.76 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.37 | ) | (0.32 | ) | (0.28 | ) | (0.28 | ) | (0.19 | ) | ||||||||||
Distributions from net realized gains | (0.06 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.43 | ) | (0.32 | ) | (0.28 | ) | (0.28 | ) | (0.19 | ) | ||||||||||
Net asset value at end of period | 17.08 | 27.04 | 23.90 | 20.83 | 19.09 | |||||||||||||||
Total return (%) | (35.76 | ) | 14.62 | 16.23 | 10.63 | 10.10 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.38 | 0.37 | 0.38 | 0.39 | 0.39 | |||||||||||||||
Gross operating expenses | 0.38 | 0.37 | 0.38 | 0.39 | 0.41 | |||||||||||||||
Net investment income (loss) | 1.71 | 1.49 | 1.41 | 1.52 | 1.23 | |||||||||||||||
Portfolio turnover rate | 1 | 0 | 1 | 3 | 2 | 2 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 585 | 906 | 762 | 617 | 548 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .9% | Common Stock | 1,068,350 | 995,554 | ||||||||
0 | .2% | Foreign Common Stock | 2,910 | 1,827 | ||||||||
0 | .1% | Preferred Stock | 784 | 1,352 | ||||||||
0 | .0% | Rights | 13 | 16 | ||||||||
0 | .6% | Short-Term Investments | 5,867 | 5,867 | ||||||||
99 | .8% | Total Investments | 1,077,924 | 1,004,616 | ||||||||
0 | .0% | Collateral Invested for Securities on Loan | 3 | 3 | ||||||||
0 | .2% | Other Assets and Liabilities, Net | 2,505 | |||||||||
100 | .0% | Net Assets | 1,007,124 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 98.9% of net assets | ||||||||||
Automobiles & Components 0.3% | ||||||||||
Other Securities | 0.3 | 3,327 | ||||||||
Banks 3.9% | ||||||||||
U.S. Bancorp. | 158,531 | 0.5 | 4,726 | |||||||
Wells Fargo & Co. | 294,406 | 1.0 | 10,025 | |||||||
Other Securities | 2.4 | 24,492 | ||||||||
3.9 | 39,243 | |||||||||
Capital Goods 7.6% | ||||||||||
3M Co. | 65,000 | 0.4 | 4,180 | |||||||
General Electric Co. | 847,966 | 1.7 | 16,544 | |||||||
The Boeing Co. | 68,800 | 0.4 | 3,596 | |||||||
United Technologies Corp. | 84,068 | 0.5 | 4,620 | |||||||
Other Securities | 4.6 | 47,275 | ||||||||
7.6 | 76,215 | |||||||||
Commercial & Professional Supplies 1.2% | ||||||||||
Other Securities | 1.2 | 11,916 | ||||||||
Consumer Durables & Apparel 1.3% | ||||||||||
Other Securities | 1.3 | 12,916 | ||||||||
Consumer Services 2.0% | ||||||||||
McDonald’s Corp. | 110,300 | 0.7 | 6,390 | |||||||
Other Securities | 1.3 | 14,000 | ||||||||
2.0 | 20,390 | |||||||||
Diversified Financials 6.3% | ||||||||||
Bank of America Corp. | 436,775 | 1.1 | 10,557 | |||||||
Citigroup, Inc. | 462,286 | 0.6 | 6,310 | |||||||
JPMorgan Chase & Co. | 298,944 | 1.2 | 12,331 | |||||||
The Charles Schwab Corp. (d) | 111,120 | 0.2 | 2,125 | |||||||
The Goldman Sachs Group, Inc. | 39,700 | 0.4 | 3,672 | |||||||
Other Securities | 2.8 | 28,860 | ||||||||
6.3 | 63,855 | |||||||||
Energy 11.8% | ||||||||||
Chevron Corp. | 178,939 | 1.3 | 13,349 | |||||||
ConocoPhillips | 134,223 | 0.7 | 6,982 | |||||||
Exxon Mobil Corp. | 463,166 | 3.4 | 34,330 | |||||||
Occidental Petroleum Corp. | 75,020 | 0.4 | 4,167 | |||||||
Schlumberger Ltd. | 105,000 | 0.6 | 5,423 | |||||||
Other Securities | 5.4 | 54,395 | ||||||||
11.8 | 118,646 | |||||||||
Food & Staples Retailing 3.2% | ||||||||||
CVS Caremark Corp. | 125,640 | 0.4 | 3,851 | |||||||
Wal-Mart Stores, Inc. | 342,100 | 1.9 | 19,093 | |||||||
Other Securities | 0.9 | 9,199 | ||||||||
3.2 | 32,143 | |||||||||
Food, Beverage & Tobacco 5.7% | ||||||||||
Anheuser-Busch Cos., Inc. | 61,500 | 0.4 | 3,815 | |||||||
Kraft Foods, Inc., Class A | 160,513 | 0.5 | 4,677 | |||||||
PepsiCo, Inc. | 140,800 | 0.8 | 8,027 | |||||||
Philip Morris International, Inc. | 174,800 | 0.8 | 7,599 | |||||||
The Coca-Cola Co. | 202,200 | 0.9 | 8,909 | |||||||
Other Securities | 2.3 | 23,820 | ||||||||
5.7 | 56,847 | |||||||||
Health Care Equipment & Services 4.3% | ||||||||||
Medtronic, Inc. | 95,374 | 0.4 | 3,846 | |||||||
Other Securities | 3.9 | 39,114 | ||||||||
4.3 | 42,960 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Household & Personal Products 2.6% | ||||||||||
The Procter & Gamble Co. | 269,915 | 1.7 | 17,420 | |||||||
Other Securities | 0.9 | 8,880 | ||||||||
2.6 | 26,300 | |||||||||
Insurance 4.4% | ||||||||||
Berkshire Hathaway, Inc., Class A * | 133 | 1.5 | 15,360 | |||||||
Other Securities | 2.9 | 29,093 | ||||||||
4.4 | 44,453 | |||||||||
Materials 3.5% | ||||||||||
Monsanto Co. | 43,290 | 0.4 | 3,852 | |||||||
Other Securities | 3.1 | 31,751 | ||||||||
3.5 | 35,603 | |||||||||
Media 3.0% | ||||||||||
The Walt Disney Co. | 185,410 | 0.5 | 4,802 | |||||||
Time Warner, Inc. | 367,052 | 0.4 | 3,704 | |||||||
Other Securities | 2.1 | 21,768 | ||||||||
3.0 | 30,274 | |||||||||
Pharmaceuticals & Biotechnology 8.8% | ||||||||||
Abbott Laboratories | 136,705 | 0.8 | 7,539 | |||||||
Amgen, Inc. * | 103,268 | 0.6 | 6,185 | |||||||
Genentech, Inc. * | 95,300 | 0.8 | 7,904 | |||||||
Johnson & Johnson | 246,370 | 1.5 | 15,112 | |||||||
Merck & Co., Inc. | 183,552 | 0.6 | 5,681 | |||||||
Pfizer, Inc. | 610,192 | 1.1 | 10,807 | |||||||
Wyeth | 114,400 | 0.4 | 3,681 | |||||||
Other Securities | 3.0 | 32,157 | ||||||||
8.8 | 89,066 | |||||||||
Real Estate 1.6% | ||||||||||
Other Securities | 1.6 | 15,972 | ||||||||
Retailing 3.0% | ||||||||||
Other Securities | 3.0 | 30,089 | ||||||||
Semiconductors & Semiconductor Equipment 2.1% | ||||||||||
Intel Corp. | 483,832 | 0.8 | 7,741 | |||||||
Other Securities | 1.3 | 13,494 | ||||||||
2.1 | 21,235 | |||||||||
Software & Services 7.2% | ||||||||||
Google, Inc., Class A * | 27,900 | 1.0 | 10,026 | |||||||
Microsoft Corp. | 800,850 | 1.8 | 17,883 | |||||||
Oracle Corp. * | 434,449 | 0.8 | 7,946 | |||||||
Visa, Inc., Class A | 70,000 | 0.4 | 3,875 | |||||||
Other Securities | 3.2 | 33,180 | ||||||||
7.2 | 72,910 | |||||||||
Technology Hardware & Equipment 6.4% | ||||||||||
Apple, Inc. * | 75,000 | 0.8 | 8,069 | |||||||
Cisco Systems, Inc. * | 511,909 | 0.9 | 9,097 | |||||||
Hewlett-Packard Co. | 234,636 | 0.9 | 8,982 | |||||||
International Business Machines Corp. | 126,510 | 1.2 | 11,762 | |||||||
QUALCOMM, Inc. | 135,100 | 0.5 | 5,169 | |||||||
Other Securities | 2.1 | 21,539 | ||||||||
6.4 | 64,618 | |||||||||
Telecommunication Services 2.8% | ||||||||||
AT&T, Inc. | 520,056 | 1.4 | 13,922 | |||||||
Verizon Communications, Inc. | 247,572 | 0.7 | 7,345 | |||||||
Other Securities | 0.7 | 6,558 | ||||||||
2.8 | 27,825 | |||||||||
Transportation 2.2% | ||||||||||
United Parcel Service, Inc., Class B | 91,480 | 0.5 | 4,828 | |||||||
Other Securities | 1.7 | 17,046 | ||||||||
2.2 | 21,874 | |||||||||
Utilities 3.7% | ||||||||||
Other Securities | 3.7 | 36,877 | ||||||||
Total Common Stock (Cost $1,068,350) | 995,554 | |||||||||
Foreign Common Stock 0.2% of net assets | ||||||||||
Bermuda 0.2% | ||||||||||
Capital Goods 0.0% | ||||||||||
Other Securities | 0.0 | 323 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||||
Other Securities | 0.0 | 90 | ||||||||
Consumer Services 0.0% | ||||||||||
Other Securities | 0.0 | 20 | ||||||||
Diversified Financials 0.1% | ||||||||||
Other Securities | 0.1 | 652 | ||||||||
Energy 0.0% | ||||||||||
Other Securities | 0.0 | 39 | ||||||||
Insurance 0.1% | ||||||||||
Other Securities | 0.1 | 410 | ||||||||
Software & Services 0.0% | ||||||||||
Other Securities | 0.0 | 117 | ||||||||
Telecommunication Services 0.0% | ||||||||||
Other Securities | 0.0 | 31 | ||||||||
0.2 | 1,682 | |||||||||
British Virgin Islands 0.0% | ||||||||||
Transportation 0.0% | ||||||||||
Other Securities | 0.0 | 50 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Singapore 0.0% | ||||||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||||
Other Securities | 0.0 | 70 | ||||||||
United Kingdom 0.0% | ||||||||||
Insurance 0.0% | ||||||||||
Other Securities | 0.0 | 25 | ||||||||
Total Foreign Common Stock (Cost $2,910) | 1,827 | |||||||||
Preferred Stock 0.1% of net assets | ||||||||||
Health Care Equipment & Services 0.0% | ||||||||||
Other Securities | 0.0 | 44 | ||||||||
Real Estate 0.1% | ||||||||||
Other Securities | 0.1 | 1,308 | ||||||||
Total Preferred Stock (Cost $784) | 1,352 | |||||||||
Rights 0.0% of net assets | ||||||||||
Capital Goods 0.0% | ||||||||||
Other Securities | 0.0 | 16 | ||||||||
Total Rights | ||||||||||
(Cost $13) | 16 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 0.6% of net assets | ||||||||||
Commercial Paper & Other Obligations 0.5% | ||||||||||
Citibank, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 4,707 | 0.5 | 4,707 | |||||||
U.S. Treasury Obligation 0.1% | ||||||||||
Other Securities | 0.1 | 1,160 | ||||||||
Total Short-Term Investments (Cost $5,867) | 5,867 | |||||||||
End of Investments. | ||||||||||
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Collateral Invested for Securities on Loan 0.0% of net assets | ||||||||||
Securities Lending Investment Fund, a series of the Brown Brothers Investment Trust | 2,606 | 0.0 | 3 | |||||||
End of collateral invested for securities on loan. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $1,076,231 and the unrealized appreciation and depreciation were $224,582 and ($296,197), respectively,with a net unrealized depreciation of ($71,615). |
* | Non-income producing security. | |
(a) | All or a portion of this security is on loan. Please see complete schedule of holdings. | |
(b) | Fair-valued by management. Please see complete schedule of holdings. | |
(c) | All or a portion of this security is held as collateral for open futures contracts. Please see complete schedule of holdings. | |
(d) | Issuer is affiliated with the fund’s adviser. | |
(e) | Illiquid security. At the period end, the value of these amounted to $14 or 0.0% of net assets. Please see complete schedule of holdings. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contracts | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 20 | 1,073 | (309 | ) | ||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 80 | 3,869 | (145 | ) | ||||||||
(454 | ) |
Assets | ||||||
Investments, at value including securities on loan of $1 (cost $1,077,924) | $1,004,616 | |||||
Collateral invested for securities on loan | 3 | |||||
Receivables: | ||||||
Investments sold | 141 | |||||
Dividends | 1,367 | |||||
Fund shares sold | 1,304 | |||||
Income from securities on loan | 90 | |||||
Due from brokers for futures | 63 | |||||
Prepaid expenses | + | 8 | ||||
Total assets | 1,007,592 | |||||
Liabilities | ||||||
Collateral invested for securities on loan | 3 | |||||
Payables: | ||||||
Investment adviser and administrator fees | 20 | |||||
Transfer agent and shareholder services fees | 12 | |||||
Fund shares redeemed | 356 | |||||
Accrued expenses | + | 77 | ||||
Total liabilities | 468 | |||||
Net Assets | ||||||
Total assets | 1,007,592 | |||||
Total liabilities | − | 468 | ||||
Net assets | $1,007,124 | |||||
Net Assets by Source | ||||||
Capital received from investors | 1,087,173 | |||||
Net investment income not yet distributed | 17,281 | |||||
Net realized capital losses | (23,568 | ) | ||||
Net unrealized capital losses | (73,762 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $422,135 | 24,786 | $17.03 | |||||||||
Select Shares | $584,989 | 34,252 | $17.08 |
Investment Income | ||||||
Dividends (including $23 from affiliated issuer and net of foreign withholding tax of $7) | $26,911 | |||||
Interest | 385 | |||||
Securities on loan | + | 1,104 | ||||
Total investment income | 28,400 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (18,890 | ) | ||||
Net realized losses on futures contracts | + | (4,436 | ) | |||
Net realized losses | (23,326 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (561,982 | ) | ||||
Net unrealized losses on futures contracts | + | (975 | ) | |||
Net unrealized losses | (562,957 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 3,394 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,431 | |||||
Select Shares | 788 | |||||
Portfolio accounting fees | 111 | |||||
Shareholder reports | 68 | |||||
Registration fees | 66 | |||||
Professional fees | 49 | |||||
Custodian fees | 38 | |||||
Trustees’ fees | 18 | |||||
Other expenses | + | 15 | ||||
Total expenses | 5,978 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 28,400 | |||||
Net expenses | − | 5,978 | ||||
Net investment income | 22,422 | |||||
Net realized losses | (23,326 | ) | ||||
Net unrealized lossses | + | (562,957 | ) | |||
Decrease in net assets from operations | ($563,861 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $22,422 | $21,150 | ||||||||
Net realized gains (losses) | (23,326 | ) | 16,165 | |||||||
Net unrealized gains (losses) | + | (562,957 | ) | 162,886 | ||||||
Increase (Decrease) in net assets from operations | (563,861 | ) | 200,201 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 8,309 | 7,170 | ||||||||
Select Shares | + | 12,465 | 10,364 | |||||||
Total distributions from net investment income | 20,774 | 17,534 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 1,506 | — | ||||||||
Select Shares | + | 2,022 | — | |||||||
Total distributions from net realized gains | 3,528 | — | ||||||||
Total distributions | $24,302 | $17,534 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 4,610 | $101,344 | 4,388 | $110,760 | ||||||||||||||
Select Shares | + | 8,006 | 177,993 | 7,297 | 184,566 | |||||||||||||
Total shares sold | 12,616 | $279,337 | 11,685 | $295,326 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 361 | $9,166 | 273 | $6,688 | ||||||||||||||
Select Shares | + | 472 | 11,987 | 349 | 8,568 | |||||||||||||
Total shares reinvested | 833 | $21,153 | 622 | $15,256 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (5,154 | ) | ($115,426 | ) | (5,145 | ) | ($130,207 | ) | ||||||||||
Select Shares | + | (7,746 | ) | (169,194 | ) | (6,015 | ) | (152,240 | ) | |||||||||
Total shares redeemed | (12,900 | ) | ($284,620 | ) | (11,160 | ) | ($282,447 | ) | ||||||||||
Net transactions in fund shares | 549 | $15,870 | 1,147 | $28,135 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 58,489 | $1,579,417 | 57,342 | $1,368,615 | ||||||||||||||
Total increase or decrease | + | 549 | (572,293 | ) | 1,147 | 210,802 | ||||||||||||
End of period | 59,038 | $1,007,124 | 58,489 | $1,579,417 | ||||||||||||||
Net investment income not yet distributed | $17,281 | $16,410 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 25.92 | 21.12 | 17.07 | 14.82 | 12.74 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.63 | 0.50 | 0.48 | 0.35 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) | (12.10 | ) | 4.92 | 3.92 | 2.18 | 2.05 | ||||||||||||||
Total from investment operations | (11.47 | ) | 5.42 | 4.40 | 2.53 | 2.31 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.51 | ) | (0.62 | ) | (0.35 | ) | (0.28 | ) | (0.23 | ) | ||||||||||
Net asset value at end of period | 13.94 | 25.92 | 21.12 | 17.07 | 14.82 | |||||||||||||||
Total return (%) | (45.09 | ) | 26.26 | 26.15 | 17.30 | 18.40 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.68 | 0.69 | 0.69 | 0.68 | 0.69 | |||||||||||||||
Gross operating expenses | 0.69 | 0.69 | 0.70 | 0.72 | 0.73 | |||||||||||||||
Net investment income (loss) | 2.95 | 2.15 | 2.41 | 2.05 | 1.78 | |||||||||||||||
Portfolio turnover rate | 10 | 5 | 11 | 10 | 1 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 469 | 872 | 706 | 595 | 550 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 25.95 | 21.14 | 17.09 | 14.83 | 12.75 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.68 | 0.54 | 0.50 | 0.38 | 0.28 | |||||||||||||||
Net realized and unrealized gains (losses) | (12.13 | ) | 4.93 | 3.93 | 2.19 | 2.05 | ||||||||||||||
Total from investment operations | (11.45 | ) | 5.47 | 4.43 | 2.57 | 2.33 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.55 | ) | (0.66 | ) | (0.38 | ) | (0.31 | ) | (0.25 | ) | ||||||||||
Net asset value at end of period | 13.95 | 25.95 | 21.14 | 17.09 | 14.83 | |||||||||||||||
Total return (%) | (45.02 | ) | 26.50 | 26.35 | 17.56 | 18.56 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses | 0.54 | 0.54 | 0.55 | 0.57 | 0.58 | |||||||||||||||
Net investment income (loss) | 3.15 | 2.34 | 2.60 | 2.23 | 1.97 | |||||||||||||||
Portfolio turnover rate | 10 | 5 | 11 | 10 | 1 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 711 | 1,264 | 954 | 776 | 687 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
97 | .0% | Common Stock | 1,093,011 | 1,144,821 | ||||||||
0 | .2% | Preferred Stock | 3,449 | 2,361 | ||||||||
—% | Rights | — | — | |||||||||
1 | .9% | Other Investment Companies | 19,968 | 22,310 | ||||||||
1 | .3% | Short-Term Investment | 15,037 | 15,037 | ||||||||
100 | .4% | Total Investments | 1,131,465 | 1,184,529 | ||||||||
(0 | .4)% | Other Assets and Liabilities, Net | (5,097 | ) | ||||||||
100 | .0% | Net Assets | 1,179,432 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 97.0% of net assets | ||||||||||
Australia 4.9% | ||||||||||
BHP Billiton Ltd. | 569,033 | 0.9 | 10,932 | |||||||
Commonwealth Bank of Australia | 213,109 | 0.5 | 5,825 | |||||||
Other Securities | 3.5 | 41,666 | ||||||||
4.9 | 58,423 | |||||||||
Austria 0.2% | ||||||||||
Other Securities | 0.2 | 2,365 | ||||||||
Belgium 0.5% | ||||||||||
Other Securities | 0.5 | 5,869 | ||||||||
Bermuda 0.1% | ||||||||||
Other Securities | 0.1 | 972 | ||||||||
Canada 6.5% | ||||||||||
Other Securities | 6.5 | 76,550 | ||||||||
Denmark 0.6% | ||||||||||
Other Securities | 0.6 | 7,903 | ||||||||
Finland 1.1% | ||||||||||
Nokia Oyj | 640,831 | 0.8 | 9,816 | |||||||
Other Securities | 0.3 | 2,872 | ||||||||
1.1 | 12,688 | |||||||||
France 11.1% | ||||||||||
Axa | 294,219 | 0.5 | 5,621 | |||||||
BNP Paribas | 152,296 | 0.9 | 10,996 | |||||||
France Telecom S.A. | 317,295 | 0.7 | 8,001 | |||||||
GDF Suez | 242,859 | 0.9 | 10,810 | |||||||
Sanofi-Aventis | 175,336 | 0.9 | 11,109 | |||||||
Total S.A. | 399,919 | 1.9 | 22,001 | |||||||
Other Securities | 5.3 | 62,239 | ||||||||
11.1 | 130,777 | |||||||||
Germany 8.8% | ||||||||||
Allianz SE - Reg’d | 77,200 | 0.5 | 5,666 | |||||||
Bayer AG | 127,406 | 0.6 | 6,974 | |||||||
Deutsche Telekom AG - Reg’d | 505,762 | 0.6 | 7,420 | |||||||
E.ON AG | 341,651 | 1.1 | 12,803 | |||||||
RWE AG | 74,676 | 0.5 | 6,122 | |||||||
Siemens AG | 152,678 | 0.8 | 8,978 | |||||||
Volkswagen AG | 24,193 | 1.3 | 15,396 | |||||||
Other Securities | 3.4 | 40,675 | ||||||||
8.8 | 104,034 | |||||||||
Greece 0.2% | ||||||||||
Other Securities | 0.2 | 3,145 | ||||||||
Hong Kong 1.3% | ||||||||||
Other Securities | 1.3 | 15,360 | ||||||||
Ireland 0.2% | ||||||||||
Other Securities | 0.2 | 2,652 | ||||||||
Italy 3.3% | ||||||||||
Eni S.p.A. | 422,226 | 0.9 | 10,078 | |||||||
Intesa Sanpaolo | 1,599,904 | 0.5 | 5,855 | |||||||
Other Securities | 1.9 | 22,697 | ||||||||
3.3 | 38,630 | |||||||||
Japan 18.3% | ||||||||||
Canon, Inc. | 190,995 | 0.6 | 6,683 | |||||||
Honda Motor Co., Ltd. | 264,039 | 0.6 | 6,565 | |||||||
Mitsubishi UFJ Financial Group, Inc. | 1,671,579 | 0.9 | 10,504 | |||||||
Nintendo Co., Ltd. | 18,239 | 0.5 | 5,860 | |||||||
Nippon Telegraph & Telephone Corp. | 1,405 | 0.5 | 5,733 | |||||||
Takeda Pharmaceutical Co., Ltd. | 115,200 | 0.5 | 5,724 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Toyota Motor Corp. | 451,003 | 1.5 | 17,612 | |||||||
Other Securities | 13.2 | 156,939 | ||||||||
18.3 | 215,620 | |||||||||
Luxembourg 0.3% | ||||||||||
Other Securities | 0.3 | 3,529 | ||||||||
Netherlands 2.6% | ||||||||||
Unilever N.V. CVA | 286,417 | 0.6 | 6,902 | |||||||
Other Securities | 2.0 | 23,685 | ||||||||
2.6 | 30,587 | |||||||||
Norway 0.5% | ||||||||||
Other Securities | 0.5 | 5,762 | ||||||||
Portugal 0.3% | ||||||||||
Other Securities | 0.3 | 3,281 | ||||||||
Singapore 0.6% | ||||||||||
Other Securities | 0.6 | 6,813 | ||||||||
Spain 4.6% | ||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 636,477 | 0.6 | 7,387 | |||||||
Banco Santander S.A. | 1,064,785 | 1.0 | 11,516 | |||||||
Iberdrola S.A. | 834,123 | 0.5 | 6,037 | |||||||
Telefonica S.A. | 787,405 | 1.2 | 14,579 | |||||||
Other Securities | 1.3 | 14,623 | ||||||||
4.6 | 54,142 | |||||||||
Sweden 1.5% | ||||||||||
Other Securities | 1.5 | 17,410 | ||||||||
Switzerland 8.8% | ||||||||||
Credit Suisse Group AG - Reg’d | 171,263 | 0.5 | 6,404 | |||||||
Nestle S.A. | 649,334 | 2.1 | 25,251 | |||||||
Novartis AG - Reg’d. | 448,364 | 1.9 | 22,758 | |||||||
Roche Holding AG | 119,112 | 1.6 | 18,215 | |||||||
UBS AG - Reg’d * | 489,839 | 0.7 | 8,311 | |||||||
Other Securities | 2.0 | 22,778 | ||||||||
8.8 | 103,717 | |||||||||
United Kingdom 20.6% | ||||||||||
AstraZeneca plc | 245,264 | 0.9 | 10,394 | |||||||
BG Group plc | 580,504 | 0.7 | 8,536 | |||||||
BHP Billiton plc | 381,998 | 0.5 | 6,487 | |||||||
BP plc | 3,179,649 | 2.2 | 25,919 | |||||||
British American Tobacco plc | 295,319 | 0.7 | 8,100 | |||||||
Diageo plc | 440,768 | 0.6 | 6,726 | |||||||
GlaxoSmithKline plc | 887,702 | 1.4 | 17,065 | |||||||
HSBC Holdings plc | 2,043,280 | 2.1 | 24,201 | |||||||
Rio Tinto plc | 146,707 | 0.6 | 6,853 | |||||||
Royal Dutch Shell plc, Class A | 588,320 | 1.4 | 16,306 | |||||||
Royal Dutch Shell plc, Class B | 454,943 | 1.0 | 12,334 | |||||||
Tesco plc | 1,344,869 | 0.6 | 7,369 | |||||||
Vodafone Group plc | 8,956,795 | 1.5 | 17,230 | |||||||
Other Securities | 6.4 | 75,863 | ||||||||
20.6 | 243,383 | |||||||||
United States 0.1% | ||||||||||
Other Securities | 0.1 | 1,209 | ||||||||
Total Common Stock (Cost $1,093,011) | 1,144,821 | |||||||||
Preferred Stock 0.2% of net assets | ||||||||||
Germany 0.2% | ||||||||||
Other Securities | 0.2 | 2,361 | ||||||||
Total Preferred Stock (Cost $3,449) | 2,361 | |||||||||
Rights 0.0% of net assets | ||||||||||
Other Securities | 0.0 | — | ||||||||
Total Rights (Cost $—) | — | |||||||||
Other Investment Companies 1.9% of net assets | ||||||||||
United States 1.9% | ||||||||||
iShares MSCI EAFE Index Fund | 500,000 | 1.9 | 22,310 | |||||||
Total Other Investment Companies (Cost $19,968) | 22,310 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investment 1.3% of net assets | ||||||||||
Citibank, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 15,037 | 1.3 | 15,037 | |||||||
Total Short-Term Investments (Cost $15,037) | 15,037 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $1,152,853, and the unrealized appreciation and depreciation were $262,911 and ($231,235), respectively, with a net unrealized appreciation of $31,676. |
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $1,069,354 were adjusted from their closing market prices following the guidelines adopted by the fund’s Board of Trustees. |
* | Non-income producing security. | |
(a) | Fair-valued by Management. Please see complete schedule of holdings. | |
(b) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. Please see complete schedule of holdings. |
Assets | ||||||
Investments, at value (cost $1,131,465) | $1,184,529 | |||||
Receivables: | ||||||
Fund shares sold | 4,597 | |||||
Dividends | 2,998 | |||||
Foreign tax reclaims | 256 | |||||
Income from securities on loan | 73 | |||||
Prepaid expenses | + | 11 | ||||
Total assets | 1,192,464 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 12,361 | |||||
Investment advisors and administrator fees | 31 | |||||
Transfer agent and shareholder services fees | 12 | |||||
Fund shares redeemed | 453 | |||||
Accrued expenses | + | 175 | ||||
Total liabilities | 13,032 | |||||
Net Assets | ||||||
Total assets | 1,192,464 | |||||
Total liabilities | − | 13,032 | ||||
Net assets | $1,179,432 | |||||
Net Assets by Source | ||||||
Capital received from investors | 1,324,169 | |||||
Net investment income not yet distributed | 37,856 | |||||
Net realized capital losses | (235,730 | ) | ||||
Net unrealized capital gains | 53,137 |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $468,650 | 33,630 | $13.94 | |||||||||
Select Shares | $710,782 | 50,953 | $13.95 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $5,995) | $62,036 | |||||
Interest | 196 | |||||
Securities on loan | + | 3,222 | ||||
Total Investment Income | 65,454 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (10,817 | ) | ||||
Net realized losses on foreign currency transactions | + | (1,007 | ) | |||
Net realized losses | (11,824 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (992,890 | ) | ||||
Net unrealized gains on foreign currency translations | + | 44 | ||||
Net unrealized losses | (992,846 | ) | ||||
Expenses | ||||||
Investment advisor and administrator fees | 7,071 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,800 | |||||
Select Shares | 1,075 | |||||
Custodian fees | 469 | |||||
Portfolio accounting fees | 100 | |||||
Shareholder reports | 98 | |||||
Registration fees | 61 | |||||
Professional fees | 51 | |||||
Trustees’ fees | 22 | |||||
Interest expenses | 1 | |||||
Other expenses | + | 23 | ||||
Total expenses | 10,771 | |||||
Expense reduction by adviser and Schwab | − | 467 | ||||
Net expenses | 10,304 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 65,454 | |||||
Net expenses | − | 10,304 | ||||
Net investment income | 55,150 | |||||
Net realized losses | (11,824 | ) | ||||
Net unrealized losses | + | (992,846 | ) | |||
Decrease in net assets from operations | ($949,520 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $55,150 | $42,328 | ||||||||
Net realized gains (losses) | (11,824 | ) | 36,315 | |||||||
Net unrealized gains (losses) | + | (992,846 | ) | 363,716 | ||||||
Increase (Decrease) in net assets from operations | (949,520 | ) | 442,359 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 17,168 | 20,568 | ||||||||
Select Shares | + | 26,872 | 29,711 | |||||||
Total distributions from net investment income | $44,040 | $50,279 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 6,740 | $126,669 | 6,551 | $149,920 | ||||||||||||||
Select Shares | + | 10,127 | 200,887 | 8,448 | 193,668 | |||||||||||||
Total shares sold | 16,867 | $327,556 | 14,999 | $343,588 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 646 | $15,700 | 875 | $18,798 | ||||||||||||||
Select Shares | + | 992 | 24,068 | 1,257 | 26,990 | |||||||||||||
Total shares reinvested | 1,638 | $39,768 | 2,132 | $45,788 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (7,378 | ) | ($151,710 | ) | (7,214 | ) | ($164,681 | ) | ||||||||||
Select Shares | + | (8,895 | ) | (178,511 | ) | (6,076 | ) | (140,165 | ) | |||||||||
Total shares redeemed | (16,273 | ) | ($330,221 | ) | (13,290 | ) | ($304,846 | ) | ||||||||||
Net transactions in fund shares | 2,232 | $37,103 | 3,841 | $84,530 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 82,351 | $2,135,889 | 78,510 | $1,659,279 | ||||||||||||||
Total increase or decrease | + | 2,232 | (956,457 | ) | 3,841 | 476,610 | ||||||||||||
End of period | 84,583 | $1,179,432 | 82,351 | $2,135,889 | ||||||||||||||
Net investment income not yet distributed | $37,856 | $27,472 |
Schwab Capital Trust (organized May 7, 1993) Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MartketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab Balanced Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund | Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund Schwab Investments (organized October 26, 1990) Schwab 1000 Index Fund Schwab YieldPlus Fund Schwab Short-Term Bond Market Fund Schwab Total Bond Market Fund Schwab GNMA Fund Schwab Inflation Protected Fund Schwab Tax-Free YieldPlus Fund Schwab Tax-Free Bond Fund Schwab California Tax-Free YieldPlus Fund Schwab California Tax-Free Bond Fund S chwab Global Real Estate Fund | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. | |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the funds’ investment adviser using guidelines adopted by the funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values are adjusted for changes in value that may occur between the close of a foreign exchange and the time at which fund’s shares are priced. The Boards of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. | |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
• | Mutual funds: valued at their respective net asset values as determined by those funds in accordance with the 1940 Act for a given day. |
4. | Affiliates and Affiliated Transactions: |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Institutional | Schwab | |||||||||||
S&P 500 | Select | 1000 | ||||||||||
Average daily net assets | Index Fund | S&P 500 Fund | Index Fund | |||||||||
First $500 million | 0.15% | 0.15% | 0.30% | |||||||||
$500 million to $5 billion | 0.09% | 0.09% | 0.22% | |||||||||
$5 billion to $10 billion | 0.08% | 0.08% | 0.20% | |||||||||
Over $10 billion | 0.07% | 0.07% | 0.18% |
Total Stock | ||||||||||||
Small-Cap | Market | International | ||||||||||
Average daily net assets | Index Fund | Index Fund | Index Fund | |||||||||
First $500 million | 0.33% | 0.30% | 0.43% | |||||||||
Over $500 million | 0.28% | 0.22% | 0.38% |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares | 0.05% | 0.05% | ||||||
e. Shares* | 0.05% | 0.05% | ||||||
Institutional Select Shares* | 0.05% | 0.05% |
* | e.Shares is only offered by S&P 500 Index Fund and Institutional Select Shares only offered by Institutional Select S&P 500 Fund. |
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||||||
Investor Shares | 0.37% | n/a | 0.51% | 0.60% | 0.58% | 0.69% | ||||||||||||||||||
Select Shares | 0.19% | n/a | 0.36% | 0.42% | 0.39% | 0.50% | ||||||||||||||||||
e.Shares* | 0.28% | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Institutional Select Shares* | n/a | 0.10% | n/a | n/a | n/a | n/a |
* | e.Shares are only offered by S&P 500 Index Fund and Institutional Select Shares are only offered by Institutional Select S&P 500 Fund. |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||||||
Schwab MarketTrack Portfolios: | ||||||||||||||||||||||||
All Equity Portfolio | —% | 7.9% | — | 10.1% | — | 10.6% | ||||||||||||||||||
Growth Portfolio | —% | 5.7% | — | 10.3% | — | 8.9% | ||||||||||||||||||
Balanced Portfolio | —% | 2.8% | — | 5.7% | — | 5.0% | ||||||||||||||||||
Conservative Portfolio | 0.5% | 0.6% | — | 2.5% | — | 2.2% | ||||||||||||||||||
Schwab Annuity Portfolios: | ||||||||||||||||||||||||
Growth Portfolio II | —% | 0.4% | — | 0.6% | — | 0.5% |
S&P 500 Index Fund | $103,743 | |||
Institutional Select S&P 500 Fund | 108,168 | |||
Schwab 1000 Index Fund | 112,404 | |||
Small-Cap Index Fund | 112,276 | |||
Total Stock Market Index Fund | — | |||
International Index Fund | 3,542 |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
S&P 500 Index Fund | $245,285 | $517,597 | ||||||
Institutional Select S&P 500 Fund | 564,626 | 26,004 | ||||||
Schwab 1000 Index Fund | 258,595 | 527,957 | ||||||
Small-Cap Index Fund | 917,138 | 950,488 | ||||||
Total Stock Market Index Fund | 58,522 | 17,433 | ||||||
International Index Fund | 252,149 | 190,044 |
8. | Redemption Fee: |
Current Period | Prior Period | |||||||
(11/01/07-10/31/08) | (11/01/06-10/31/07) | |||||||
S&P 500 Index Fund | ||||||||
Investor Shares | $87 | $109 | ||||||
Select Shares | 76 | 85 | ||||||
e.Shares | 4 | 4 | ||||||
Institutional Select S&P 500 Fund | 76 | 49 | ||||||
Schwab 1000 Index Fund | ||||||||
Investor Shares | 64 | 90 | ||||||
Select Shares | 39 | 41 | ||||||
Small-Cap Index Fund | ||||||||
Investor Shares | 9 | 19 | ||||||
Select Shares | 9 | 3 | ||||||
Total Stock Market Index Fund | ||||||||
Investor Shares | 19 | 18 | ||||||
Select Shares | 24 | 29 | ||||||
International Index Fund | ||||||||
Investor Shares | 15 | 24 | ||||||
Select Shares | 14 | 29 |
Schwab S&P 500 Index Fund | $980 | |||
Schwab Institutional Select S&P 500 Fund | (2,613 | ) | ||
Schwab 1000 Index Fund | 30,101 | |||
Schwab Small-Cap Index Fund | (37,750 | ) | ||
Schwab Total Stock Market Index Fund | 1,738 | |||
Schwab International Index Fund | (137 | ) |
10. | Federal Income Taxes: |
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||||||
Undistributed Ordinary income | $109,658 | $50,288 | $79,310 | $17,855 | $16,970 | $48,156 | ||||||||||||||||||
Undistributed long-term capital gains | $— | $— | $— | $— | $— | $— | ||||||||||||||||||
Unrealized appreciation | $1,427,322 | $119,828 | $1,962,147 | $136,059 | $224,582 | $262,911 | ||||||||||||||||||
Unrealized depreciation | ($1,257,735 | ) | ($793,706 | ) | ($392,990 | ) | ($387,490 | ) | ($296,197 | ) | ($231,235 | ) | ||||||||||||
Other unrealized appreciation/(depreciation) | $— | $— | $— | $— | $— | $252 | ||||||||||||||||||
Net unrealized appreciation/(depreciation) | $169,587 | ($673,878 | ) | $1,569,157 | ($251,431 | ) | ($71,615 | ) | $31,928 | |||||||||||||||
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Expire | Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | ||||||||||||||||||
2009 | $7,194 | $6,440 | $— | $— | $— | $61,592 | ||||||||||||||||||
2010 | $400,268 | $27,646 | $— | $— | $— | $112,722 | ||||||||||||||||||
2011 | $72,381 | $1,609 | $— | $— | $— | $39,016 | ||||||||||||||||||
2012 | $29,212 | $— | $— | $— | $— | $8,278 | ||||||||||||||||||
2013 | $175,896 | $— | $— | $— | $— | $— | ||||||||||||||||||
2014 | $109,257 | $2,359 | $— | $— | $— | $— | ||||||||||||||||||
2015 | $— | $— | $— | $— | $— | $— | ||||||||||||||||||
2016 | $47,044 | $89,645 | $9,317 | $7,310 | $25,404 | $3,212 | ||||||||||||||||||
Total | $841,252 | $127,699 | $9,317 | $7,310 | $25,404 | $224,820 | ||||||||||||||||||
10. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||||||
Current period distributions | ||||||||||||||||||||||||
Ordinary income | $140,183 | $53,061 | $102,221 | $26,317 | $20,749 | $44,040 | ||||||||||||||||||
Long-term capital gains | — | — | 5,020 | 241,226 | 3,553 | — | ||||||||||||||||||
Return of Capital | — | — | — | — | — | — | ||||||||||||||||||
Prior period distributions | ||||||||||||||||||||||||
Ordinary income | $129,803 | $32,922 | $92,244 | $63,308 | $17,534 | $50,279 | ||||||||||||||||||
Long-term capital gains | — | — | — | 145,856 | — | — | ||||||||||||||||||
Return of Capital | — | — | — | — | — | — |
Institutional | Schwab | Total Stock | ||||||||||||||||||||||
S&P 500 | Select | 1000 | Small-Cap | Market | International | |||||||||||||||||||
Index Fund | S&P 500 Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||||||
Capital Shares | $1 | $— | $— | ($1 | ) | $— | $— | |||||||||||||||||
Undistributed net investment income | (2,614 | ) | (1,033 | ) | (4,390 | ) | (3,200 | ) | (777 | ) | (726 | ) | ||||||||||||
Net realized capital gains and losses | 2,613 | 1,033 | 4,390 | 3,201 | 777 | 726 |
Schwab S&P 500 Index Fund
Schwab Institutional Select S&P 500 Fund
Schwab 1000 Index Fund
Schwab Small-Cap Index Fund
Schwab Total Stock Market Index Fund
Schwab International Index Fund
San Francisco, California
December 12, 2008
Percentage | ||||
S&P 500 Index Fund | 100.00 | |||
Institutional Select S&P 500 Fund | 94.89 | |||
Schwab 1000 Index Fund | 100.00 | |||
Small-Cap Index Fund | 68.85 | |||
Total Stock Market Index Fund | 100.00 | |||
International Index Fund | — |
S&P 500 Index Fund | $140,183 | |||
Institutional Select S&P 500 Fund | 53,061 | |||
Schwab 1000 Index Fund | 102,221 | |||
Small-Cap Index Fund | 7,894 | |||
Total Stock Market Index Fund | 20,749 | |||
International Index Fund | 44,040 |
S&P 500 Index Fund | $— | |||
Institutional Select S&P 500 Fund | — | |||
Schwab 1000 Index Fund | 5,020 | |||
Small-Cap Index Fund | 241,226 | |||
Total Stock Market Index Fund | 3,553 | |||
International Index Fund | — |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
* | SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL and FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. |
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• | Choose from four distinct portfolios. Select one that’s right for you based on its risk/return characteristics. | |
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* | SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL and FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. |
In This Report | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
16 | ||
18 | ||
58 | ||
66 | ||
68 | ||
70 | ||
73 |
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for | ||
the Report Period | ||
Schwab Fundamental US Large* Company Index Fund | ||
Investor Shares (Ticker Symbol: SFLVX) | -39.52% | |
Select Shares® (Ticker Symbol: SFLSX) | -39.38% | |
Institutional Shares (Ticker Symbol: SFLNX) | -39.22% | |
Benchmark: FTSE RAFI U.S. 1000 Index® | -39.19% | |
Fund Category: Morningstar Large-Cap Value | -37.31% | |
Performance Details | pages 6-7 | |
Schwab Fundamental US Small-Mid* Company Index Fund | ||
Investor Shares (Ticker Symbol: SFSVX) | -38.88% | |
Select Shares® (Ticker Symbol: SFSSX) | -38.79% | |
Institutional Shares (Ticker Symbol: SFSNX) | -38.73% | |
Benchmark: FTSE RAFI U.S. Mid Small 1500 Index® | -37.82% | |
Fund Category: Morningstar Small-Cap Blend | -37.24% | |
Performance Details | pages 8-9 | |
Schwab Fundamental International* Large Company Index Fund | ||
Investor Shares (Ticker Symbol: SFNVX) | -46.80% | |
Select Shares® (Ticker Symbol: SFNSX) | -46.76% | |
Institutional Shares (Ticker Symbol: SFNNX) | -46.70% | |
Benchmark: FTSE RAFI Developed ex U.S. 1000 Index® | -46.73% | |
Fund Category: Morningstar Foreign Large-Cap Blend | -47.61% | |
Performance Details | pages 10-11 | |
Schwab Fundamental International* Small-Mid Company Index Fund1 | ||
Investor Shares (Ticker Symbol: SFIVX) | -38.00% | |
Select Shares® (Ticker Symbol: SFSMX) | -37.90% | |
Institutional Shares (Ticker Symbol: SFILX) | -37.80% | |
Benchmark: FTSE RAFI Developed ex U.S. Mid Small 1500 Index | -37.24% | |
Fund Category: Morningstar Foreign Small/Mid Growth | -43.41% | |
Performance Details | pages 12-13 | |
Schwab Fundamental Emerging Markets* Index Fund1 | ||
Investor Shares (Ticker Symbol: SFEMX) | -42.70% | |
Select Shares® (Ticker Symbol: SFESX) | -42.60% | |
Institutional Shares (Ticker Symbol: SFENX) | -42.60% | |
Benchmark: FTSE RAFI Emerging Markets Index® | -42.39% | |
Fund Category: Morningstar Diversified Emerging Markets | -47.76% | |
Performance Details | pages 14-15 | |
Minimum Initial Investment2 | ||
Investor Shares | $ 100 | |
Select Shares | $ 50,000 | |
Institutional Shares | $500,000 | |
* | SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL and FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. |
1 | The total returns are since inception date of 1/31/08. |
2 | Please see prospectus for further detail and eligibility requirements. Certain investment managers may aggregate the investments of their underlying customer accounts to meet the minimum initial investments. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of each of the funds. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Larry Mano, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day management of each of the funds. Prior to joining the firm in November 1998, he worked for 20 years in equity management. |
Index Fund
Number of Holdings | 927 |
($ x 1,000,000) | $68,588 |
Price/Earnings Ratio (P/E) | -17.4 |
Price/Book Ratio (P/B) | 1.4 |
Portfolio Turnover Rate | 26% |
Financials | 22.3% |
Consumer Staples | 12.3% |
Consumer Discretionary | 11.0% |
Health Care | 10.6% |
Industrials | 10.4% |
Information Technology | 9.9% |
Energy | 9.6% |
Utilities | 6.4% |
Telecommunication Services | 4.0% |
Materials | 3.2% |
Other | 0.3% |
Total | 100.0% |
Exxon Mobil Corp. | 3.4% |
JPMorgan Chase & Co. | 2.4% |
General Electric Co. | 2.2% |
Citigroup, Inc. | 2.2% |
Bank of America Corp. | 2.1% |
Wal-Mart Stores, Inc. | 2.0% |
Microsoft Corp. | 1.9% |
Chevron Corp. | 1.9% |
Pfizer, Inc. | 1.7% |
Verizon Communications, Inc. | 1.6% |
Total | 21.4% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | 1 Year | Since Inception | ||||||
Investor Shares (4/2/07)* | -39.52% | -23.76% | ||||||
Select Shares (4/2/07) | -39.38% | -23.65% | ||||||
Institutional Shares (4/2/07) | -39.22% | -23.48% | ||||||
Benchmark: FTSE RAFI U.S. 1000 Index | -39.19% | -23.49% | ||||||
Fund Category: Morningstar Large-Cap Value | -37.31% | -22.72% |
* | The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed at 10/31/08. The total return presented in the financial highlights section of the report is calculated in the same manner but also taking into account certain adjustments that are necessary under generally accepted accounting principles and which are required when preparing the annual report. |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 4/21/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Index Fund
Number of Holdings | 1,353 |
($ x 1,000,000) | $1,038 |
Price/Earnings Ratio (P/E) | 59.7 |
Price/Book Ratio (P/B) | 1.2 |
Portfolio Turnover Rate | 37% |
Financials | 25.0% |
Industrials | 17.5% |
Consumer Discretionary | 15.1% |
Information Technology | 14.2% |
Health Care | 7.9% |
Energy | 5.8% |
Consumer Staples | 4.3% |
Materials | 4.3% |
Utilities | 2.4% |
Telecommunication Services | 1.5% |
Other | 2.0% |
Total | 100.0% |
Ralcorp Holdings, Inc. | 0.5% |
The Finish Line, Inc., Class A | 0.5% |
The Laclede Group, Inc. | 0.3% |
First Niagara Financial Group, Inc. | 0.3% |
Old National Bancorp | 0.3% |
Corp., Class A | 0.3% |
United Natural Foods, Inc. | 0.3% |
Flowers Foods, Inc. | 0.3% |
Waste Connections, Inc. | 0.3% |
F.N.B. Corp. | 0.3% |
Total | 3.4% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | 1 Year | Since Inception | ||||||
Investor Shares (4/2/07) | -38.88% | -25.07% | ||||||
Select Shares (4/2/07) | -38.79% | -24.95% | ||||||
Institutional Shares (4/2/07) | -38.73% | -24.86% | ||||||
Benchmark: FTSE RAFI U.S. Mid Small 1500 Index | -37.82% | -23.92% | ||||||
Fund Category: Morningstar Small-Cap Blend | -37.24% | -23.80% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 4/21/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Japan | 22.0% |
United Kingdom | 21.5% |
France | 10.6% |
Germany | 8.6% |
Switzerland | 5.7% |
Canada | 4.9% |
Italy | 4.5% |
Australia | 4.0% |
Spain | 3.2% |
Netherlands | 2.8% |
United States | 2.5% |
Other Countries | 9.7% |
Total | 100.0% |
Number of Holdings | 1009 |
($ x 1,000,000) | $42,385 |
Price/Earnings Ratio (P/E) | 7.6 |
Price/Book Ratio (P/B) | 1.1 |
Portfolio Turnover Rate | 74% |
Financials | 27.6% |
Consumer Discretionary | 11.9% |
Energy | 10.5% |
Industrials | 9.4% |
Consumer Staples | 7.6% |
Telecommunication Services | 7.5% |
Utilities | 7.1% |
Health Care | 5.8% |
Materials | 5.8% |
Information Techonology | 3.8% |
Other | 3.0% |
Total | 100.0% |
BP plc | 2.5% |
iShares MSCI EAFE Index Fund | 2.5% |
HSBC Holdings plc | 2.2% |
Total S.A. | 1.7% |
Vofafone Group plc | 1.4% |
Royal Dutch Shell plc, Class A | 1.4% |
Toyota Motor Corp. | 1.2% |
Volkswagen AG | 1.1% |
GlaxoSmithKline plc | 1.1% |
Royal Dutch Shell plc, Class B | 1.0% |
Total | 16.1% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | 1 Year | Since Inception | ||||||
Investor Shares (4/2/07) | -46.80% | -27.10% | ||||||
Select Shares (4/2/07) | -46.76% | -26.99% | ||||||
Institutional Shares (4/2/07) | -46.70% | -26.90% | ||||||
Benchmark: FTSE RAFI Developed ex U.S. 1000 Index | -46.73% | -26.35% | ||||||
Fund Category: Morningstar Foreign Large-Cap Blend | -47.61% | -26.93% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 4/21/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Japan | 44.3% |
United Kingdom | 11.8% |
Canada | 6.0% |
Australia | 5.3% |
Switzerland | 3.4% |
Germany | 2.7% |
France | 2.7% |
Other Countries | 23.8% |
Total | 100.0% |
Number of Holdings | 1406 |
($ x 1,000,000) | $1,950 |
Price/Earnings Ratio (P/E) | 12.2 |
Price/Book Ratio (P/B) | 0.8 |
Portfolio Turnover Rate2 | 132% |
Industrials | 23.5% |
Financials | 18.7% |
Consumer Discretionary | 17.3% |
Consumer Staples | 11.1% |
Materials | 9.8% |
Information Technology | 7.8% |
Health Care | 4.7% |
Energy | 3.1% |
Utilities | 1.6% |
Telecommunication Services | 0.7% |
Others | 1.7% |
Total | 100.0% |
iShares MSCI EAFE Index Fund | 1.6% |
Melrose plc | 0.4% |
Familymart Co., Ltd. | 0.3% |
The Bank of Ikeda Ltd. | 0.3% |
Morinaga Milk Industry Co., Ltd. | 0.3% |
Amlin plc | 0.3% |
Keihan Electric Railway Co., Ltd. | 0.3% |
Rinnai Corp. | 0.3% |
Q.P.Corp. | 0.3% |
Emera, Inc. | 0.3% |
Total | 4.4% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | Not annualized. |
3 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | Since Inception | |||
Investor Shares (1/31/08) | -38.00% | |||
Select Shares (1/31/08) | -37.90% | |||
Institutional Shares (1/31/08) | -37.80% | |||
Benchmark: FTSE RAFI Developed ex U.S. Mid Small 1500 Index | -37.24% | |||
Fund Category: Morningstar Foreign Small/Mid Growth | -43.41% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 4/21/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Index Fund
China | 18.7% |
Republic of Korea | 17.5% |
Taiwan | 14.5% |
Brazil | 11.8% |
South Africa | 7.0% |
Mexico | 6.5% |
Russia | 5.8% |
Malaysia | 2.8% |
India | 2.8% |
United States | 2.6% |
Other | 10.0% |
Total | 100.0% |
Number of Holdings | 363 |
($ x 1,000,000) | $28,918 |
Price/Earnings Ratio (P/E) | 8.2 |
Price/Book Ratio (P/B) | 0.6 |
Portfolio Turnover Rate2 | 159% |
Energy | 22.9% |
Financials | 19.1% |
Information Technology | 11.8% |
Telecommunication Services | 11.2% |
Materials | 10.5% |
Industrials | 7.0% |
Utilities | 4.7% |
Consumer Staples | 4.5% |
Consumer Discretionary | 4.3% |
Health Care | 1.0% |
Other | 3.0% |
Total | 100.0% |
PetroChina Co., Ltd., Class H | 8.0% |
Samsung Electronics Co., Ltd. | 3.8% |
Index Fund | 2.6% |
Co., Ltd. | 2.4% |
Corp., Class H | 2.2% |
Petroleo Brasileiro S.A. | 1.9% |
Gazprom ADR - Reg’d | 1.6% |
LUKOIL ADR | 1.5% |
Banco Bradesco S.A. | 1.3% |
Hyundai Motor Co. | 1.2% |
Total | 26.5% |
1 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
2 | Not annualized. |
3 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | Since Inception | |||
Investor Shares (1/31/08) | -42.70% | |||
Select Shares (1/31/08) | -42.60% | |||
Institutional Shares (1/31/08) | -42.60% | |||
Benchmark: FTSE RAFI Emerging Markets Index | -42.39% | |||
Fund Category: Morningstar Diversified Emerging Markets | -47.76% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus (amended 4/21/08). Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Fundamental US Large Company Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.59% | $ | 1,000 | $ | 681.50 | $ | 2.49 | |||||||||
Hypothetical 5% Return | 0.59% | $ | 1,000 | $ | 1,022.17 | $ | 3.00 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.44% | $ | 1,000 | $ | 681.80 | $ | 1.86 | |||||||||
Hypothetical 5% Return | 0.44% | $ | 1,000 | $ | 1,022.92 | $ | 2.24 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.35% | $ | 1,000 | $ | 683.20 | $ | 1.48 | |||||||||
Hypothetical 5% Return | 0.35% | $ | 1,000 | $ | 1,023.38 | $ | 1.78 | |||||||||
Schwab Fundamental US Small-Mid Company Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.59% | $ | 1,000 | $ | 696.20 | $ | 2.52 | |||||||||
Hypothetical 5% Return | 0.59% | $ | 1,000 | $ | 1,022.17 | $ | 3.00 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.44% | $ | 1,000 | $ | 696.60 | $ | 1.88 | |||||||||
Hypothetical 5% Return | 0.44% | $ | 1,000 | $ | 1,022.92 | $ | 2.24 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.35% | $ | 1,000 | $ | 696.90 | $ | 1.49 | |||||||||
Hypothetical 5% Return | 0.35% | $ | 1,000 | $ | 1,023.38 | $ | 1.78 | |||||||||
Schwab Fundamental International Large Company Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.59% | $ | 1,000 | $ | 594.80 | $ | 2.37 | |||||||||
Hypothetical 5% Return | 0.59% | $ | 1,000 | $ | 1,022.17 | $ | 3.00 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.44% | $ | 1,000 | $ | 595.20 | $ | 1.76 | |||||||||
Hypothetical 5% Return | 0.44% | $ | 1,000 | $ | 1,022.92 | $ | 2.24 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.35% | $ | 1,000 | $ | 595.60 | $ | 1.40 | |||||||||
Hypothetical 5% Return | 0.35% | $ | 1,000 | $ | 1,023.38 | $ | 1.78 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Fundamental International Small-Mid Company Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.78% | $ | 1,000 | $ | 589.90 | $ | 3.12 | |||||||||
Hypothetical 5% Return | 0.78% | $ | 1,000 | $ | 1,021.22 | $ | 3.96 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.63% | $ | 1,000 | $ | 590.30 | $ | 2.52 | |||||||||
Hypothetical 5% Return | 0.63% | $ | 1,000 | $ | 1,021.97 | $ | 3.20 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.55% | $ | 1,000 | $ | 591.30 | $ | 2.20 | |||||||||
Hypothetical 5% Return | 0.55% | $ | 1,000 | $ | 1,022.37 | $ | 2.80 | |||||||||
Schwab Fundamental Emerging Markets Index Fund | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.85% | $ | 1,000 | $ | 521.40 | $ | 3.25 | |||||||||
Hypothetical 5% Return | 0.85% | $ | 1,000 | $ | 1,020.86 | $ | 4.32 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.70% | $ | 1,000 | $ | 521.30 | $ | 2.68 | |||||||||
Hypothetical 5% Return | 0.70% | $ | 1,000 | $ | 1,021.62 | $ | 3.56 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.61% | $ | 1,000 | $ | 521.80 | $ | 2.33 | |||||||||
Hypothetical 5% Return | 0.61% | $ | 1,000 | $ | 1,022.07 | $ | 3.10 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
11/1/07- | 4/2/071- | |||||||
Investor Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.73 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.16 | 0.05 | ||||||
Net realized and unrealized gains (losses) | (4.36 | ) | 0.68 | |||||
Total from investment operations | (4.20 | ) | 0.73 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.08 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.09 | ) | — | |||||
Net asset value at end of period | 6.44 | 10.73 | ||||||
Total return (%) | (39.46 | ) | 7.30 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.59 | 0.59 | 3 | |||||
Gross operating expenses | 0.67 | 0.75 | 3 | |||||
Net investment income (loss) | 1.96 | 1.45 | 3 | |||||
Portfolio turnover rate | 26 | 2 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 43 | 47 |
11/1/07- | 4/2/071- | |||||||
Select Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.74 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.19 | 0.05 | ||||||
Net realized and unrealized gains (losses) | (4.38 | ) | 0.69 | |||||
Total from investment operations | (4.19 | ) | 0.74 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.09 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.10 | ) | — | |||||
Net asset value at end of period | 6.45 | 10.74 | ||||||
Total return (%) | (39.38 | ) | 7.40 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.44 | 0.44 | 3 | |||||
Gross operating expenses | 0.52 | 0.60 | 3 | |||||
Net investment income (loss) | 2.10 | 1.60 | 3 | |||||
Portfolio turnover rate | 26 | 2 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 67 | 101 |
11/1/07- | 4/2/071- | |||||||
Institutional Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.75 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.20 | 0.05 | ||||||
Net realized and unrealized gains (losses) | (4.38 | ) | 0.70 | |||||
Total from investment operations | (4.18 | ) | 0.75 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.09 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.10 | ) | — | |||||
Net asset value at end of period | 6.47 | 10.75 | ||||||
Total return (%) | (39.22 | ) | 7.50 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.35 | 0.35 | 3 | |||||
Gross operating expenses | 0.52 | 0.60 | 3 | |||||
Net investment income (loss) | 2.19 | 1.66 | 3 | |||||
Portfolio turnover rate | 26 | 2 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 277 | 345 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
99 | .6% | Common Stock | 585,791 | 385,568 | ||||||||
0 | .1% | Foreign Common Stock | 459 | 328 | ||||||||
0 | .3% | Short-Term Investments | 1,353 | 1,353 | ||||||||
100 | .0% | Total Investments | 587,603 | 387,249 | ||||||||
0 | .0% | Other Assets and Liabilities, Net | 9 | |||||||||
100 | .0% | Net Assets | 387,258 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 99.6% of net assets | ||||||||||
Automobiles & Components 1.1% | ||||||||||
Ford Motor Co. * | 704,454 | 0.4 | 1,543 | |||||||
Other Securities | 0.7 | 2,678 | ||||||||
1.1 | 4,221 | |||||||||
Banks 5.3% | ||||||||||
U.S. Bancorp | 96,700 | 0.8 | 2,883 | |||||||
Wells Fargo & Co. | 184,325 | 1.6 | 6,276 | |||||||
Other Securities | 2.9 | 11,442 | ||||||||
5.3 | 20,601 | |||||||||
Capital Goods 7.1% | ||||||||||
3M Co. | 22,175 | 0.4 | 1,426 | |||||||
General Electric Co. | 430,155 | 2.2 | 8,392 | |||||||
United Technologies Corp. | 27,915 | 0.4 | 1,534 | |||||||
Other Securities | 4.1 | 16,326 | ||||||||
7.1 | 27,678 | |||||||||
Commercial & Professional Supplies 0.9% | ||||||||||
Other Securities | 0.9 | 3,433 | ||||||||
Consumer Durables & Apparel 1.8% | ||||||||||
Other Securities | 1.8 | 6,877 | ||||||||
Consumer Services 1.2% | ||||||||||
McDonald’s Corp. | 27,980 | 0.4 | 1,621 | |||||||
Other Securities | 0.8 | 2,994 | ||||||||
1.2 | 4,615 | |||||||||
Diversified Financials 9.9% | ||||||||||
Bank of America Corp. | 342,751 | 2.1 | 8,284 | |||||||
Citigroup, Inc. | 612,675 | 2.2 | 8,363 | |||||||
JPMorgan Chase & Co. | 225,302 | 2.4 | 9,294 | |||||||
Merrill Lynch & Co., Inc. | 91,845 | 0.5 | 1,707 | |||||||
Morgan Stanley | 80,425 | 0.4 | 1,405 | |||||||
The Charles Schwab Corp. (b) | 18,515 | 0.1 | 354 | |||||||
The Goldman Sachs Group, Inc. | 16,111 | 0.4 | 1,490 | |||||||
Other Securities | 1.8 | 7,307 | ||||||||
9.9 | 38,204 | |||||||||
Energy 9.6% | ||||||||||
Chevron Corp. | 97,215 | 1.9 | 7,252 | |||||||
ConocoPhillips | 78,310 | 1.1 | 4,074 | |||||||
Exxon Mobil Corp. | 177,170 | 3.4 | 13,132 | |||||||
Other Securities | 3.2 | 12,540 | ||||||||
9.6 | 36,998 | |||||||||
Food & Staples Retailing 3.9% | ||||||||||
The Kroger Co. | 56,010 | 0.4 | 1,538 | |||||||
Wal-Mart Stores, Inc. | 140,475 | 2.0 | 7,840 | |||||||
Other Securities | 1.5 | 5,686 | ||||||||
3.9 | 15,064 | |||||||||
Food, Beverage & Tobacco 6.2% | ||||||||||
Altria Group, Inc. | 107,600 | 0.5 | 2,065 | |||||||
Anheuser-Busch Cos., Inc. | 24,375 | 0.4 | 1,512 | |||||||
Kraft Foods, Inc., Class A | 84,332 | 0.6 | 2,457 | |||||||
PepsiCo, Inc. | 35,610 | 0.5 | 2,030 | |||||||
Philip Morris International, Inc. | 107,740 | 1.2 | 4,684 | |||||||
The Coca-Cola Co. | 53,515 | 0.6 | 2,358 | |||||||
Other Securities | 2.4 | 8,801 | ||||||||
6.2 | 23,907 | |||||||||
Health Care Equipment & Services 3.5% | ||||||||||
Other Securities | 3.5 | 13,513 | ||||||||
Household & Personal Products 2.2% | ||||||||||
The Procter & Gamble Co. | 85,395 | 1.4 | 5,511 | |||||||
Other Securities | 0.8 | 3,084 | ||||||||
2.2 | 8,595 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Insurance 5.3% | ||||||||||
Berkshire Hathaway, Inc., Class A * | 25 | 0.8 | 2,887 | |||||||
The Travelers Cos., Inc. | 35,155 | 0.4 | 1,496 | |||||||
Other Securities | 4.1 | 16,235 | ||||||||
5.3 | 20,618 | |||||||||
Materials 3.2% | ||||||||||
The Dow Chemical Co. | 63,100 | 0.4 | 1,683 | |||||||
Other Securities | 2.8 | 10,723 | ||||||||
3.2 | 12,406 | |||||||||
Media 3.0% | ||||||||||
The Walt Disney Co. | 65,960 | 0.4 | 1,709 | |||||||
Time Warner, Inc. | 209,815 | 0.5 | 2,117 | |||||||
Other Securities | 2.1 | 7,931 | ||||||||
3.0 | 11,757 | |||||||||
Pharmaceuticals & Biotechnology 7.1% | ||||||||||
Abbott Laboratories | 43,075 | 0.6 | 2,376 | |||||||
Amgen, Inc. * | 31,935 | 0.5 | 1,913 | |||||||
Bristol-Myers Squibb Co. | 113,750 | 0.6 | 2,338 | |||||||
Johnson & Johnson | 85,085 | 1.4 | 5,219 | |||||||
Merck & Co., Inc. | 88,255 | 0.7 | 2,731 | |||||||
Pfizer, Inc. | 378,150 | 1.7 | 6,697 | |||||||
Wyeth | 45,640 | 0.4 | 1,469 | |||||||
Other Securities | 1.2 | 4,655 | ||||||||
7.1 | 27,398 | |||||||||
Real Estate 1.8% | ||||||||||
Other Securities | 1.8 | 6,962 | ||||||||
Retailing 3.9% | ||||||||||
Lowe’s Cos., Inc. | 64,755 | 0.4 | 1,405 | |||||||
The Home Depot, Inc. | 123,886 | 0.8 | 2,922 | |||||||
Other Securities | 2.7 | 10,629 | ||||||||
3.9 | 14,956 | |||||||||
Semiconductors & Semiconductor Equipment 1.5% | ||||||||||
Intel Corp. | 175,320 | 0.7 | 2,805 | |||||||
Other Securities | 0.8 | 3,035 | ||||||||
1.5 | 5,840 | |||||||||
Software & Services 3.9% | ||||||||||
Microsoft Corp. | 330,985 | 1.9 | 7,391 | |||||||
Oracle Corp. * | 80,080 | 0.4 | 1,465 | |||||||
Other Securities | 1.6 | 6,429 | ||||||||
3.9 | 15,285 | |||||||||
Technology Hardware & Equipment 4.4% | ||||||||||
Cisco Systems, Inc. * | 106,205 | 0.5 | 1,887 | |||||||
Hewlett-Packard Co. | 69,805 | 0.7 | 2,672 | |||||||
International Business Machines Corp. | 38,795 | 0.9 | 3,607 | |||||||
Other Securities | 2.3 | 8,963 | ||||||||
4.4 | 17,129 | |||||||||
Telecommunication Services 4.0% | ||||||||||
AT&T, Inc. | 231,975 | 1.6 | 6,210 | |||||||
Verizon Communications, Inc. | 211,970 | 1.6 | 6,289 | |||||||
Other Securities | 0.8 | 2,968 | ||||||||
4.0 | 15,467 | |||||||||
Transportation 2.4% | ||||||||||
United Parcel Service, Inc., Class B | 35,480 | 0.5 | 1,873 | |||||||
Other Securities | 1.9 | 7,328 | ||||||||
2.4 | 9,201 | |||||||||
Utilities 6.4% | ||||||||||
Duke Energy Corp. | 124,825 | 0.5 | 2,045 | |||||||
Southern Co. | 47,195 | 0.4 | 1,621 | |||||||
Other Securities | 5.5 | 21,177 | ||||||||
6.4 | 24,843 | |||||||||
Total Common Stock (Cost $585,791) | 385,568 | |||||||||
Foreign Common Stock 0.1% of net assets | ||||||||||
Bermuda 0.1% | ||||||||||
Other Securities | 0.1 | 124 | ||||||||
Israel 0.0% | ||||||||||
Other Securities | 0.0 | 98 | ||||||||
United Kingdom 0.0% | ||||||||||
Other Securities | 0.0 | 106 | ||||||||
Total Foreign Common Stock (Cost $459) | 328 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 0.3% of net assets | ||||||||||
U.S. Treasury Obligations 0.3% | ||||||||||
Other Securities | 0.3 | 1,353 | ||||||||
Total Short Term Investments | ||||||||||
(Cost $1,353) | 1,353 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/2008, the tax basis cost of the fund’s investments was $593,867 and the unrealized appreciation and depreciation were $4,057 and ($210,675), respectively, with a net unrealized depreciation of ($206,618). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as Collateral for open futures contracts. Please see the complete schedule of holdings. | |
(b) | Issuer is affiliated with the fund’s adviser. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 20 | 967 | 62 |
Assets | ||||||
Investments, at value (cost $587,603) | $387,249 | |||||
Receivables: | ||||||
Investments sold | 3,332 | |||||
Fund shares sold | 1,248 | |||||
Dividends | 690 | |||||
Due from brokers for futures | 6 | |||||
Prepaid expense | + | 3 | ||||
Total assets | 392,528 | |||||
Liabilities | ||||||
Payables: | ||||||
Investment adviser and administrator fees | 8 | |||||
Transfer agent and shareholder services fees | 1 | |||||
Payable to custodian | 4,674 | |||||
Fund shares redeemed | 523 | |||||
Accrued expenses | + | 64 | ||||
Total liabilities | 5,270 | |||||
Net Assets | ||||||
Total assets | 392,528 | |||||
Total liabilities | − | 5,270 | ||||
Net assets | $387,258 | |||||
Net Assets by Source | ||||||
Capital received from investors | 633,590 | |||||
Net investment income not yet distributed | 9,171 | |||||
Net realized capital losses | (55,211 | ) | ||||
Net unrealized capital losses | (200,292 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $43,018 | 6,676 | $6.44 | |||||||||
Select Shares | $67,179 | 10,408 | $6.45 | |||||||||
Institutional Shares | $277,061 | 42,838 | $6.47 |
Investment Income | ||||||
Dividends (including $4 from affiliated issuer and net of foreign withholding tax of $2) | $13,181 | |||||
Interest | + | 153 | ||||
Total Investment Income | 13,334 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (50,693 | ) | ||||
Net realized losses on futures contracts | + | (4,733 | ) | |||
Net realized losses | (55,426 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (206,591 | ) | ||||
Net unrealized gains on futures contracts | + | 35 | ||||
Net unrealized losses | (206,556 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 1,545 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 127 | |||||
Select Shares | 95 | |||||
Institutional Shares | 379 | |||||
FTSE RAFI Index fees | 356 | |||||
Registration fees | 103 | |||||
Portfolio accounting fees | 68 | |||||
Professional fees | 49 | |||||
Shareholder reports | 44 | |||||
Custodian fees | 26 | |||||
Trustees’ fees | 11 | |||||
Interest expense | 9 | |||||
Other expenses | + | 5 | ||||
Total expenses | 2,817 | |||||
Expense reduction by adviser and Schwab | − | 765 | ||||
Custody credits | − | 1 | ||||
Net expenses | 2,051 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 13,334 | |||||
Net expenses | − | 2,051 | ||||
Net investment income | 11,283 | |||||
Net realized losses | (55,426 | ) | ||||
Net unrealized losses | + | (206,556 | ) | |||
Decrease in net assets from operations | ($250,699 | ) |
Operations |
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||
Net investment income | $11,283 | $2,358 | ||||||||
Net realized gains (losses) | (55,426 | ) | 411 | |||||||
Net unrealized gains (losses) | + | (206,556 | ) | 6,264 | ||||||
Increase (Decrease) in net assets from operations | (250,699 | ) | 9,033 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 352 | — | ||||||||
Select Shares | 824 | — | ||||||||
Institutional Shares | + | 3,041 | — | |||||||
Total distributions from net investment income | 4,217 | - | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 42 | — | ||||||||
Select Shares | 90 | — | ||||||||
Institutional Shares | + | 317 | — | |||||||
Total distributions from net realized gains | 449 | — | ||||||||
Total distributions | $4,666 | $- |
Transactions in Fund Shares |
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 4,835 | $42,547 | 5,488 | $57,669 | ||||||||||||||
Select Shares | 8,415 | 76,537 | 10,673 | 112,016 | ||||||||||||||
Institutional Shares | + | 34,654 | 315,247 | 34,072 | 360,153 | |||||||||||||
Total shares sold | 47,904 | $434,331 | 50,233 | $529,838 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 35 | $350 | - | $- | ||||||||||||||
Select Shares | 80 | 813 | - | — | ||||||||||||||
Institutional Shares | + | 214 | 2,174 | - | — | |||||||||||||
Total shares reinvested | 329 | $3,337 | - | $- | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (2,588 | ) | ($22,633 | ) | (1,094 | ) | ($11,593 | ) | ||||||||||
Select Shares | (7,513 | ) | (66,082 | ) | (1,247 | ) | (13,075 | ) | ||||||||||
Institutional Shares | + | (24,136 | ) | (199,856 | ) | (1,966 | ) | (20,677 | ) | |||||||||
Total shares redeemed | (34,237 | ) | ($288,571 | ) | (4,307 | ) | ($45,345 | ) | ||||||||||
Net transactions in fund shares | 13,996 | $149,097 | 45,926 | $484,493 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 45,926 | $493,526 | - | $- | ||||||||||||||
Total increase or decrease | + | 13,996 | (106,268 | ) | 45,926 | 493,526 | ||||||||||||
End of period | 59,922 | $387,258 | 45,926 | $493,526 | ||||||||||||||
Net investment income not yet distributed | $9,171 | $2,358 |
* | Commencement of operations. |
11/1/07- | 4/2/071- | |||||||
Investor Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.34 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.09 | 0.04 | ||||||
Net realized and unrealized gains (losses) | (4.09 | ) | 0.30 | |||||
Total from investment operations | (4.00 | ) | 0.34 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.05 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.06 | ) | — | |||||
Net asset value at end of period | 6.28 | 10.34 | ||||||
Total return (%) | (38.88 | ) | 3.40 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.59 | 0.59 | 3 | |||||
Gross operating expenses | 0.84 | 1.00 | 3 | |||||
Net investment income (loss) | 1.08 | 1.08 | 3 | |||||
Portfolio turnover rate | 37 | 4 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 24 | 25 |
11/1/07- | 4/2/071- | |||||||
Select Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.35 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.10 | 0.04 | ||||||
Net realized and unrealized gains (losses) | (4 09 | ) | 0.31 | |||||
Total from investment operations | (3.99 | ) | 0.35 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.06 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.07 | ) | — | |||||
Net asset value at end of period | 6.29 | 10.35 | ||||||
Total return (%) | (38.79 | ) | 3.50 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.44 | 0.44 | 3 | |||||
Gross operating expenses | 0.68 | 0.85 | 3 | |||||
Net investment income (loss) | 1.21 | 1.20 | 3 | |||||
Portfolio turnover rate | 37 | 4 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 21 | 28 |
11/1/07- | 4/2/071- | |||||||
Institutional Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 10.36 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.05 | 0.05 | ||||||
Net realized and unrealized gains (losses) | (4.04 | ) | 0.31 | |||||
Total from investment operations | (3.99 | ) | 0.36 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.06 | ) | — | |||||
Distributions from net realized gains | (0.01 | ) | — | |||||
Total distributions | (0.07 | ) | — | |||||
Net asset value at end of period | 6.30 | 10.36 | ||||||
Total return (%) | (38.73 | ) | 3.60 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.35 | 0.35 | 3 | |||||
Gross operating expenses | 0.71 | 0.89 | 3 | |||||
Net investment income (loss) | 1.44 | 1.36 | 3 | |||||
Portfolio turnover rate | 37 | 4 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 131 | 33 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
94 | .1% | Common Stock | 210,070 | 165,313 | ||||||||
2 | .3% | Foreign Common Stock | 5,872 | 4,041 | ||||||||
0 | .0% | Preferred Stock | 42 | 17 | ||||||||
0 | .0% | Rights | 3 | 4 | ||||||||
2 | .0% | Short-Term Investments | 3,490 | 3,490 | ||||||||
98 | .4% | Total Investments | 219,477 | 172,865 | ||||||||
1 | .6% | Other Assets and Liabilities, Net | 2,845 | |||||||||
100 | .0% | Net Assets | 175,710 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 94.1% of net assets | ||||||||||
Automobiles & Components 0.6% | ||||||||||
Other Securities | 0.6 | 1,101 | ||||||||
Banks 11.8% | ||||||||||
F.N.B. Corp. | 34,403 | 0.3 | 451 | |||||||
First BanCorp Puerto Rico | 39,930 | 0.2 | 408 | |||||||
First Niagara Financial Group, Inc. | 34,955 | 0.3 | 551 | |||||||
International Bancshares Corp. | 13,612 | 0.2 | 354 | |||||||
Old National Bancorp | 26,125 | 0.3 | 495 | |||||||
Park National Corp. | 5,910 | 0.2 | 430 | |||||||
TrustCo Bank Corp. NY | 29,270 | 0.2 | 356 | |||||||
United Bankshares, Inc. | 13,395 | 0.2 | 427 | |||||||
Westamerica Bancorp. | 5,970 | 0.2 | 342 | |||||||
Other Securities | 9.7 | 16,838 | ||||||||
11.8 | 20,652 | |||||||||
Capital Goods 9.9% | ||||||||||
Beacon Roofing Supply, Inc. * | 26,330 | 0.2 | 360 | |||||||
Brady Corp., Class A | 11,315 | 0.2 | 351 | |||||||
Donaldson Co., Inc. | 9,475 | 0.2 | 333 | |||||||
Griffon Corp. * | 45,368 | 0.2 | 383 | |||||||
Moog, Inc., Class A * | 9,615 | 0.2 | 338 | |||||||
Quanta Services, Inc. * | 17,391 | 0.2 | 344 | |||||||
Other Securities | 8.7 | 15,251 | ||||||||
9.9 | 17,360 | |||||||||
Commercial & Professional Supplies 4.7% | ||||||||||
Waste Connections, Inc. * | 13,630 | 0.3 | 461 | |||||||
Other Securities | 4.4 | 7,735 | ||||||||
4.7 | 8,196 | |||||||||
Consumer Durables & Apparel 3.1% | ||||||||||
Other Securities | 3.1 | 5,507 | ||||||||
Consumer Services 4.1% | ||||||||||
Corinthian Colleges, Inc. * | 30,765 | 0.2 | 439 | |||||||
Other Securities | 3.9 | 6,849 | ||||||||
4.1 | 7,288 | |||||||||
Diversified Financials 3.2% | ||||||||||
Other Securities | 3.2 | 5,659 | ||||||||
Energy 5.2% | ||||||||||
Comstock Resources, Inc. * | 8,375 | 0.2 | 414 | |||||||
Kinder Morgan Management L.L.C. * | 7,984 | 0.2 | 399 | |||||||
Other Securities | 4.8 | 8,292 | ||||||||
5.2 | 9,105 | |||||||||
Food & Staples Retailing 0.9% | ||||||||||
United Natural Foods, Inc. * | 21,455 | 0.3 | 479 | |||||||
Other Securities | 0.6 | 1,128 | ||||||||
0.9 | 1,607 | |||||||||
Food, Beverage & Tobacco 2.4% | ||||||||||
Flowers Foods, Inc. | 15,937 | 0.3 | 473 | |||||||
Ralcorp Holdings, Inc. * | 12,745 | 0.5 | 863 | |||||||
TreeHouse Foods, Inc. * | 11,145 | 0.2 | 337 | |||||||
Other Securities | 1.4 | 2,634 | ||||||||
2.4 | 4,307 | |||||||||
Health Care Equipment & Services 5.4% | ||||||||||
Edwards Lifesciences Corp. * | 8,410 | 0.2 | 444 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Emergency Medical Services Corp., Class A * | 14,800 | 0.3 | 486 | |||||||
Gentiva Health Services, Inc. * | 13,225 | 0.2 | 359 | |||||||
STERIS Corp. | 11,410 | 0.2 | 388 | |||||||
Other Securities | 4.5 | 7,784 | ||||||||
5.4 | 9,461 | |||||||||
Household & Personal Products 0.9% | ||||||||||
Church & Dwight Co., Inc. | 7,515 | 0.3 | 444 | |||||||
Other Securities | 0.6 | 1,091 | ||||||||
0.9 | 1,535 | |||||||||
Insurance 3.0% | ||||||||||
Brown & Brown, Inc. | 21,340 | 0.3 | 438 | |||||||
ProAssurance Corp. * | 6,645 | 0.2 | 365 | |||||||
Other Securities | 2.5 | 4,464 | ||||||||
3.0 | 5,267 | |||||||||
Materials 4.2% | ||||||||||
Ferro Corp. | 24,030 | 0.2 | 372 | |||||||
Sensient Technologies Corp. | 14,145 | 0.2 | 357 | |||||||
Other Securities | 3.8 | 6,613 | ||||||||
4.2 | 7,342 | |||||||||
Media 1.5% | ||||||||||
Other Securities | 1.5 | 2,705 | ||||||||
Pharmaceuticals & Biotechnology 2.3% | ||||||||||
Alpharma, Inc., Class A * | 11,695 | 0.2 | 366 | |||||||
Valeant Pharmaceuticals International * | 22,575 | 0.2 | 424 | |||||||
Other Securities | 1.9 | 3,272 | ||||||||
2.3 | 4,062 | |||||||||
Real Estate 6.0% | ||||||||||
Essex Property Trust, Inc. | 3,856 | 0.2 | 375 | |||||||
Franklin Street Properties Corp. | 28,570 | 0.2 | 338 | |||||||
National Retail Properties, Inc. | 19,755 | 0.2 | 352 | |||||||
Washington Real Estate Investment Trust | 11,555 | 0.2 | 346 | |||||||
Other Securities | 5.2 | 9,121 | ||||||||
6.0 | 10,532 | |||||||||
Retailing 5.3% | ||||||||||
Aaron Rents, Inc. | 18,020 | 0.3 | 447 | |||||||
The Finish Line, Inc., Class A | 89,352 | 0.5 | 855 | |||||||
Tractor Supply Co. * | 10,040 | 0.2 | 417 | |||||||
Other Securities | 4.3 | 7,588 | ||||||||
5.3 | 9,307 | |||||||||
Semiconductors & Semiconductor Equipment 2.5% | ||||||||||
ON Semiconductor Corp. * | 65,474 | 0.2 | 335 | |||||||
Other Securities | 2.3 | 4,122 | ||||||||
2.5 | 4,457 | |||||||||
Software & Services 5.8% | ||||||||||
Sybase, Inc. * | 12,750 | 0.2 | 340 | |||||||
Other Securities | 5.6 | 9,813 | ||||||||
5.8 | 10,153 | |||||||||
Technology Hardware & Equipment 5.4% | ||||||||||
Other Securities | 5.4 | 9,453 | ||||||||
Telecommunication Services 1.4% | ||||||||||
Other Securities | 1.4 | 2,468 | ||||||||
Transportation 2.1% | ||||||||||
Arkansas Best Corp. | 12,840 | 0.2 | 375 | |||||||
Other Securities | 1.9 | 3,276 | ||||||||
2.1 | 3,651 | |||||||||
Utilities 2.4% | ||||||||||
CH Energy Group, Inc. | 9,005 | 0.2 | 371 | |||||||
Northwest Natural Gas Co. | 8,645 | 0.3 | 440 | |||||||
The Laclede Group, Inc. | 10,590 | 0.3 | 554 | |||||||
UIL Holdings Corp. | 12,625 | 0.2 | 417 | |||||||
Other Securities | 1.4 | 2,356 | ||||||||
2.4 | 4,138 | |||||||||
Total Common Stock (Cost $210,070) | 165,313 | |||||||||
Foreign Common Stock 2.3% of net assets | ||||||||||
Bahamas 0.0% | ||||||||||
Other Securities | 0.0 | 16 | ||||||||
Bermuda 1.4% | ||||||||||
Nordic American Tanker Shipping Ltd. | 13,505 | 0.2 | 400 | |||||||
Other Securities | 1.2 | 2,025 | ||||||||
1.4 | 2,425 | |||||||||
British Virgin Islands 0.2% | ||||||||||
Other Securities | 0.2 | 405 | ||||||||
Canada 0.1% | ||||||||||
Other Securities | 0.1 | 130 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Cayman Islands 0.0% | ||||||||||
Other Securities | 0.0 | 21 | ||||||||
Greece 0.1% | ||||||||||
Other Securities | 0.1 | 124 | ||||||||
Israel 0.0% | ||||||||||
Other Securities | 0.0 | 18 | ||||||||
Liberia 0.1% | ||||||||||
Other Securities | 0.1 | 130 | ||||||||
Luxembourg 0.0% | ||||||||||
Other Securities | 0.0 | 46 | ||||||||
Netherlands 0.1% | ||||||||||
Other Securities | 0.1 | 239 | ||||||||
Netherlands Antilles 0.0% | ||||||||||
Other Securities | 0.0 | 34 | ||||||||
Panama 0.2% | ||||||||||
Other Securities | 0.2 | 286 | ||||||||
Singapore 0.1% | ||||||||||
Other Securities | 0.1 | 129 | ||||||||
United Kingdom 0.0% | ||||||||||
Other Securities | 0.0 | 38 | ||||||||
Total Foreign Common Stock (Cost $5,872) | 4,041 | |||||||||
Preferred Stock 0.0% of net assets | ||||||||||
Health Care Equipment & Services 0.0% | ||||||||||
Other Securities | 0.0 | 17 | ||||||||
Total Preferred Stock (Cost $42) | 17 | |||||||||
Rights 0.0% of net assets | ||||||||||
Capital Goods 0.0% | ||||||||||
Other Securities | 0.0 | 4 | ||||||||
Total Rights (Cost $3) | 4 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investments 2.0% of net assets | ||||||||||
Repurchase Agreement 1.7% | ||||||||||
Fixed Income Clearing Corp. | 2,991 | 1.7 | 2,991 | |||||||
U.S. Treasury Obligations 0.3% | ||||||||||
Other Securities | 0.3 | 499 | ||||||||
Total Short-Term Investments (Cost $3,490) | 3,490 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $220,370, and the unrealized appreciation and depreciation were $4,608 and ($52,113), respectively, with a net depreciation of ($47,505). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. Please see complete schedule of investments. | |
(b) | Fair-valued by Management. Please see complete schedule of investments. | |
(c) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. Please see complete schedule of holdings. | |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 105 | 5,633 | 212 |
Assets | ||||||
Investments, at value (cost $219,477) | $172,865 | |||||
Receivables: | ||||||
Investments sold | 306 | |||||
Fund shares sold | 2,680 | |||||
Due from brokers for futures | 169 | |||||
Dividends | 153 | |||||
Due from Investment adviser | 17 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 176,191 | |||||
Liabilities | ||||||
Payables: | ||||||
Transfer agent and shareholder services fees | 1 | |||||
Fund shares redeemed | 272 | |||||
Payable to custodian | 152 | |||||
Accrued expenses | + | 56 | ||||
Total liabilities | 481 | |||||
Net Assets | ||||||
Total assets | 176,191 | |||||
Total liabilities | − | 481 | ||||
Net assets | $175,710 | |||||
Net Assets by Source | ||||||
Capital received from investors | 226,233 | |||||
Net investment income not yet distributed | 1,189 | |||||
Net realized capital losses | (5,312 | ) | ||||
Net unrealized capital losses | (46,400 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $23,720 | 3,779 | $6.28 | |||||||||
Select Shares | $20,897 | 3,323 | $6.29 | |||||||||
Institutional Shares | $131,093 | 20,817 | $6.30 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $3) | $1,867 | |||||
Interest | + | 46 | ||||
Total investment income | 1,913 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (5,466 | ) | ||||
Net realized gains on futures contracts | + | 78 | ||||
Net realized losses | (5,388 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (46,841 | ) | ||||
Net unrealized gains on futures contracts | + | 212 | ||||
Net unrealized losses | (46,629 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 332 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 72 | |||||
Select Shares | 30 | |||||
Institutional Shares | 53 | |||||
FTSE RAFI Index fees | 84 | |||||
Portfolio accounting fees | 66 | |||||
Registration fees | 66 | |||||
Professional fees | 47 | |||||
Custodian fees | 28 | |||||
Shareholder reports | 23 | |||||
Trustees’ fees | 8 | |||||
Interest expense | 3 | |||||
Other expenses | + | 4 | ||||
Total expenses | 816 | |||||
Expense reduction by adviser and Schwab | − | 329 | ||||
Custody credits | − | 2 | ||||
Net expenses | 485 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 1,913 | |||||
Net expenses | − | 485 | ||||
Net investment income | 1,428 | |||||
Net realized losses | (5,388 | ) | ||||
Net unrealized losses | + | (46,629 | ) | |||
Decrease in net assets from operations | ($50,589 | ) |
Operations |
11/1/07-10/31/08 | 04/2/07*-10/31/07 | |||||||||
Net investment income | $1,428 | $364 | ||||||||
Net realized gains (losses) | (5,388 | ) | 74 | |||||||
Net unrealized gains (losses) | + | (46,629 | ) | 229 | ||||||
Increase (Decrease) in net assets from operations | (50,589 | ) | 667 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 128 | — | ||||||||
Select Shares | 189 | — | ||||||||
Institutional Shares | + | 206 | — | |||||||
Total distributions from net investment income | 523 | — | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 22 | — | ||||||||
Select Shares | 28 | — | ||||||||
Institutional Shares | + | 29 | — | |||||||
Total distributions from net realized gains | 79 | — | ||||||||
Total distributions | $602 | $- |
Transactions in Fund Shares |
11/1/07-10/31/08 | 04/2/07*-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 2,817 | $24,591 | 2,855 | $29,380 | ||||||||||||||
Select Shares | 3,446 | 30,642 | 3,146 | 32,410 | ||||||||||||||
Institutional Shares | + | 21,311 | 152,362 | 3,509 | 35,812 | |||||||||||||
Total shares sold | 27,574 | $207,595 | 9,510 | $97,602 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 14 | $130 | — | $- | ||||||||||||||
Select Shares | 19 | 187 | — | — | ||||||||||||||
Institutional Shares | + | 20 | 188 | — | — | |||||||||||||
Total shares reinvested | 53 | $505 | — | $- | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (1,491 | ) | ($12,873 | ) | (416 | ) | ($4,275 | ) | ||||||||||
Select Shares | (2,838 | ) | (24,773 | ) | (450 | ) | (4,561 | ) | ||||||||||
Institutional Shares | + | (3,721 | ) | (29,895 | ) | (302 | ) | (3,091 | ) | |||||||||
Total shares redeemed | (8,050 | ) | ($67,541 | ) | (1,168 | ) | ($11,927 | ) | ||||||||||
Net transactions in fund shares | 19,577 | $140,559 | 8,342 | $85,675 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 04/2/07*-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 8,342 | $86,342 | — | $- | ||||||||||||||
Total increase | + | 19,577 | 89,368 | 8,342 | 86,342 | |||||||||||||
End of period | 27,919 | $175,710 | 8,342 | $86,342 | ||||||||||||||
Net investment income not yet distributed | $1,189 | $364 |
* | Commencement of operations |
11/1/07- | 4/2/071- | |||||||
Investor Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 11.37 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.22 | 0.08 | ||||||
Net realized and unrealized gains (losses) | (5.50 | ) | 1.29 | |||||
Total from investment operations | (5.28 | ) | 1.37 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.08 | ) | — | |||||
Distributions from net realized gains | (0.02 | ) | — | |||||
Total distributions | (0.10 | ) | — | |||||
Net asset value at end of period | 5.99 | 11.37 | ||||||
Total return (%) | (46.80 | ) | 13.70 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.60 | 3 | 0.59 | 4 | ||||
Gross operating expenses | 0.89 | 1.45 | 4 | |||||
Net investment income (loss) | 3.06 | 2.16 | 4 | |||||
Portfolio turnover rate | 74 | 50 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 24 | 27 |
11/1/07- | 4/2/071- | |||||||
Select Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 11.39 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.24 | 0.08 | ||||||
Net realized and unrealized gains (losses) | (5.52 | ) | 1.31 | |||||
Total from investment operations | (5.28 | ) | 1.39 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.09 | ) | — | |||||
Distributions from net realized gains | (0.02 | ) | — | |||||
Total distributions | (0.11 | ) | — | |||||
Net asset value at end of period | 6.00 | 11.39 | ||||||
Total return (%) | (46.76 | ) | 13.90 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.45 | 5 | 0.44 | 4 | ||||
Gross operating expenses | 0.75 | 1.33 | 4 | |||||
Net investment income (loss) | 3.16 | 2.16 | 4 | |||||
Portfolio turnover rate | 74 | 50 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 30 | 37 |
11/1/07- | 4/2/071- | |||||||
Institutional Shares | 10/31/08 | 10/31/07 | ||||||
Per—Share Data ($) | ||||||||
Net asset value at beginning of period | 11.40 | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.28 | 0.08 | ||||||
Net realized and unrealized gains (losses) | (5.56 | ) | 1.32 | |||||
Total from investment operations | (5.28 | ) | 1.40 | |||||
Less distributions: | ||||||||
Distributions from net investment income | (0.09 | ) | — | |||||
Distributions from net realized gains | (0.02 | ) | — | |||||
Total distributions | (0.11 | ) | — | |||||
Net asset value at end of period | 6.01 | 11.40 | ||||||
Total return (%) | (46.70 | ) | 14.00 | 2 | ||||
Ratios/Supplemental Data (%) | ||||||||
Ratios to average net assets: | ||||||||
Net operating expenses | 0.35 | 0.36 | 3,4 | |||||
Gross operating expenses | 0.74 | 1.28 | 3 | |||||
Net investment income (loss) | 3.41 | 2.30 | 3 | |||||
Portfolio turnover rate | 74 | 50 | 2 | |||||
Net assets, end of period ($ x 1,000,000) | 145 | 166 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .2% | Common Stock | 327,168 | 191,440 | ||||||||
2 | .5% | Other Investment Companies | 4,484 | 4,908 | ||||||||
0 | .4% | Preferred Stock | 1,733 | 851 | ||||||||
0 | .0% | Rights | — | 5 | ||||||||
0 | .6% | Short-Term Investment | 1,098 | 1,098 | ||||||||
99 | .7% | Total Investments | 334,483 | 198,302 | ||||||||
0 | .3% | Other Assets and Liabilities, Net | 651 | |||||||||
100 | .0% | Net Assets | 198,953 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 96.2% of net assets | ||||||||||
Australia 4.0% | ||||||||||
Commonwealth Bank of Australia | 31,562 | 0.4 | 863 | |||||||
National Australia Bank Ltd. | 53,278 | 0.4 | 864 | |||||||
Other Securities | 3.2 | 6,225 | ||||||||
4.0 | 7,952 | |||||||||
Austria 0.3% | ||||||||||
Other Securities | 0.3 | 507 | ||||||||
Belgium 0.8% | ||||||||||
Other Securities | 0.8 | 1,522 | ||||||||
Bermuda 0.3% | ||||||||||
Other Securities | 0.3 | 594 | ||||||||
Canada 4.8% | ||||||||||
Royal Bank of Canada | 20,946 | 0.4 | 814 | |||||||
Other Securities | 4.4 | 8,822 | ||||||||
4.8 | 9,636 | |||||||||
Cayman Islands 0.0% | ||||||||||
Other Securities | 0.0 | 49 | ||||||||
Denmark 0.5% | ||||||||||
Other Securities | 0.5 | 959 | ||||||||
Finland 1.1% | ||||||||||
Other Securities | 1.1 | 2,233 | ||||||||
France 10.6% | ||||||||||
Axa | 69,706 | 0.7 | 1,332 | |||||||
BNP Paribas | 28,139 | 1.0 | 2,032 | |||||||
Carrefour S.A. | 19,259 | 0.4 | 814 | |||||||
France Telecom S.A. | 54,650 | 0.7 | 1,378 | |||||||
GDF Suez | 25,262 | 0.6 | 1,124 | |||||||
Sanofi-Aventis | 18,095 | 0.6 | 1,146 | |||||||
Societe Generale | 17,166 | 0.5 | 936 | |||||||
Total S.A. | 61,308 | 1.7 | 3,373 | |||||||
Vivendi S.A. | 30,043 | 0.4 | 785 | |||||||
Other Securities | 4.0 | 8,173 | ||||||||
10.6 | 21,093 | |||||||||
Germany 8.2% | ||||||||||
Allianz SE - Reg’d | 13,981 | 0.5 | 1,026 | |||||||
Daimler AG - Reg’d | 38,350 | 0.7 | 1,300 | |||||||
Deutsche Telekom AG - Reg’d | 123,668 | 0.9 | 1,814 | |||||||
E.ON AG | 39,705 | 0.8 | 1,488 | |||||||
Muenchener Rueckversicherungs-Gesellschaft AG - Reg’d | 6,512 | 0.4 | 845 | |||||||
Siemens AG | 16,244 | 0.5 | 955 | |||||||
Volkswagen AG | 3,516 | 1.1 | 2,237 | |||||||
Other Securities | 3.3 | 6,640 | ||||||||
8.2 | 16,305 | |||||||||
Greece 0.3% | ||||||||||
Other Securities | 0.3 | 633 | ||||||||
Hong Kong 1.8% | ||||||||||
Other Securities | 1.8 | 3,561 | ||||||||
Ireland 0.3% | ||||||||||
Other Securities | 0.3 | 504 | ||||||||
Italy 4.4% | ||||||||||
Enel S.p.A. | 146,577 | 0.5 | 981 | |||||||
Eni S.p.A. | 81,844 | 1.0 | 1,953 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Intesa Sanpaolo S.p.A. | 222,044 | 0.4 | 813 | |||||||
Other Securities | 2.5 | 4,946 | ||||||||
4.4 | 8,693 | |||||||||
Japan 21.9% | ||||||||||
Canon, Inc. | 23,200 | 0.4 | 812 | |||||||
Honda Motor Co., Ltd. | 41,500 | 0.5 | 1,032 | |||||||
Mitsubishi UFJ Financial Group, Inc. | 185,408 | 0.6 | 1,165 | |||||||
Nippon Telegraph & Telephone Corp. | 252 | 0.5 | 1,028 | |||||||
Panasonic Corp. | 64,000 | 0.5 | 1,031 | |||||||
The Tokyo Electric Power Co., Inc. | 44,200 | 0.6 | 1,252 | |||||||
Toyota Motor Corp. | 59,900 | 1.2 | 2,339 | |||||||
Other Securities | 17.6 | 34,932 | ||||||||
21.9 | 43,591 | |||||||||
Luxembourg 0.2% | ||||||||||
Other Securities | 0.2 | 414 | ||||||||
Netherlands 2.8% | ||||||||||
ING Groep N.V. CVA | 129,337 | 0.6 | 1,213 | |||||||
Other Securities | 2.2 | 4,346 | ||||||||
2.8 | 5,559 | |||||||||
New Zealand 0.1% | ||||||||||
Other Securities | 0.1 | 198 | ||||||||
Norway 0.6% | ||||||||||
Other Securities | 0.6 | 1,221 | ||||||||
Portugal 0.3% | ||||||||||
Other Securities | 0.3 | 596 | ||||||||
Singapore 0.6% | ||||||||||
Other Securities | 0.6 | 1,293 | ||||||||
Spain 3.2% | ||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 76,509 | 0.5 | 888 | |||||||
Banco Santander S.A. | 144,805 | 0.8 | 1,566 | |||||||
Telefonica S.A. | 72,631 | 0.7 | 1,345 | |||||||
Other Securities | 1.2 | 2,467 | ||||||||
3.2 | 6,266 | |||||||||
Sweden 2.0% | ||||||||||
Other Securities | 2.0 | 4,032 | ||||||||
Switzerland 5.7% | ||||||||||
Credit Suisse Group AG - Reg’d | 32,050 | 0.6 | 1,198 | |||||||
Nestle S.A. - Reg’d | 52,594 | 1.0 | 2,045 | |||||||
Novartis AG - Reg’d. | 36,804 | 0.9 | 1,868 | |||||||
Roche Holding AG | 7,854 | 0.6 | 1,201 | |||||||
UBS AG - Reg’d * | 107,915 | 0.9 | 1,831 | |||||||
Other Securities | 1.7 | 3,177 | ||||||||
5.7 | 11,320 | |||||||||
United Kingdom 21.4% | ||||||||||
AstraZeneca plc | 34,109 | 0.7 | 1,445 | |||||||
Barclays plc | 302,135 | 0.4 | 866 | |||||||
BP plc | 614,645 | 2.5 | 5,010 | |||||||
GlaxoSmithKline plc | 117,840 | 1.1 | 2,265 | |||||||
HSBC Holdings plc | 376,391 | 2.2 | 4,458 | |||||||
Royal Bank of Scotland Group plc | 740,449 | 0.4 | 816 | |||||||
Royal Dutch Shell plc, Class A | 98,631 | 1.4 | 2,710 | |||||||
Royal Dutch Shell plc, Class B | 75,539 | 1.0 | 2,048 | |||||||
Tesco plc | 172,541 | 0.5 | 945 | |||||||
Vodafone Group plc | 1,476,379 | 1.4 | 2,840 | |||||||
Other Securities | 9.8 | 19,224 | ||||||||
21.4 | 42,627 | |||||||||
United States 0.0% | ||||||||||
Other Securities | 0.0 | 82 | ||||||||
Total Common Stock (Cost $327,168) | 191,440 | |||||||||
Other Investment Companies 2.5% of net assets | ||||||||||
United States 2.5% | ||||||||||
iShares MSCI EAFE Index Fund | 110,000 | 2.5 | 4,908 | |||||||
Total Other Investment Companies (Cost $4,484) | 4,908 | |||||||||
Preferred Stock 0.4% of net assets | ||||||||||
Germany 0.3% | ||||||||||
Other Securities | 0.3 | 693 | ||||||||
Italy 0.1% | ||||||||||
Other Securities | 0.1 | 145 | ||||||||
Switzerland 0.0% | ||||||||||
Other Securities | 0.0 | 13 | ||||||||
Total Preferred Stock (Cost $1,733) | 851 | |||||||||
Rights 0.0% of net assets | ||||||||||
Other Securities | 0.0 | 5 | ||||||||
Total Rights (Cost $-) | 5 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Short-Term Investment 0.6% of net assets | ||||||||||
Citibank, London Time Deposit | ||||||||||
0.56% , 11/03/08 | 1,098 | 0.6 | 1,098 | |||||||
Total Short Term Investment | ||||||||||
(Cost $1,098) | 1,098 | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $342,137 and the unrealized appreciation and depreciation were $2,699 and ($146,535), respectively, with a net unrealized depreciation of ($143,836). | ||||||||||
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $182,281 were adjusted from their closing market prices following the guidelines adopted by the fund’s Board of Trustees. |
* | Non-income producing security. | |
(a) | Fair-valued by Management. Please see complete schedule of holdings. | |
(b) | Illiquid security. At the period end, the value of these amounted to $95 or 0.1% of net assets. Please see complete schedule of holdings. |
Assets | ||||||
Investments, at value (cost $334,483) | $198,302 | |||||
Foreign currency, at value (cost $49) | 49 | |||||
Receivables: | ||||||
Investments sold | 4,111 | |||||
Fund shares sold | 1,176 | |||||
Dividends | 666 | |||||
Foreign tax reclaims | 107 | |||||
Due from investment adviser | 4 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 204,416 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 5,178 | |||||
Transfer agent and shareholder services fees | 1 | |||||
Fund shares redeemed | 167 | |||||
Accrued expenses | + | 117 | ||||
Total liabilities | 5,463 | |||||
Net Assets | ||||||
Total assets | 204,416 | |||||
Total liabilities | − | 5,463 | ||||
Net assets | $198,953 | |||||
Net Assets by Source | ||||||
Capital received from investors | 344,974 | |||||
Net investment income not yet distributed | 8,283 | |||||
Net realized capital losses | (18,124 | ) | ||||
Net unrealized capital losses | (136,180 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $24,250 | 4,049 | $5.99 | |||||||||
Select Shares | $29,755 | 4,959 | $6.00 | |||||||||
Institutional Shares | $144,948 | 24,125 | $6.01 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $1,005) | $10,096 | |||||
Interest | + | 33 | ||||
Total investment income | 10,129 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (18,051 | ) | ||||
Net realized losses on foreign currency transactions | + | (251 | ) | |||
Net realized losses | (18,302 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (152,098 | ) | ||||
Net unrealized losses on foreign currency translations | + | (2 | ) | |||
Net unrealized losses | (152,100 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 815 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 75 | |||||
Select Shares | 38 | |||||
Institutional Shares | 204 | |||||
Custodian fees | 454 | |||||
FTSE RAFI Index fee | 185 | |||||
Portfolio accounting fees | 86 | |||||
Registration fees | 79 | |||||
Professional fees | 50 | |||||
Shareholder reports | 32 | |||||
Interest expense | 13 | |||||
Trustees’ fees | 9 | |||||
Other expenses | + | 10 | ||||
Total expenses | 2,050 | |||||
Expense reduction by adviser and Schwab | − | 980 | ||||
Net expenses | 1,070 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 10,129 | |||||
Net expenses | − | 1,070 | ||||
Net investment income | 9,059 | |||||
Net realized losses | (18,302 | ) | ||||
Net unrealized losses | + | (152,100 | ) | |||
Decrease in net assets from operations | ($161,343 | ) |
Operations |
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||
Net investment income | $9,059 | $1,621 | ||||||||
Net realized gains (losses) | (18,302 | ) | 488 | |||||||
Net unrealized gains (losses) | + | (152,100 | ) | 15,920 | ||||||
Increase (Decrease) in net assets from operations | (161,343 | ) | 18,029 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 212 | — | ||||||||
Select Shares | 306 | — | ||||||||
Institutional Shares | + | 1,625 | — | |||||||
Total distributions from net investment income | 2,143 | — | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 63 | — | ||||||||
Select Shares | 83 | — | ||||||||
Institutional Shares | + | 418 | — | |||||||
Total distributions from net realized gains | 564 | — | ||||||||
Total distributions | $2,707 | $- |
Transactions in Fund Shares |
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 3,192 | $29,638 | 2,885 | $30,188 | ||||||||||||||
Select Shares | 4,064 | 36,332 | 3,999 | 41,830 | ||||||||||||||
Institutional Shares | + | 19,960 | 189,615 | 15,243 | 160,306 | |||||||||||||
Total shares sold | 27,216 | $255,585 | 22,127 | $232,324 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 22 | $239 | — | $- | ||||||||||||||
Select Shares | 31 | 330 | — | — | ||||||||||||||
Institutional Shares | + | 147 | 1,572 | — | — | |||||||||||||
Total shares reinvested | 200 | $2,141 | — | $- | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (1,553 | ) | ($13,870 | ) | (497 | ) | ($5,264 | ) | ||||||||||
Select Shares | (2,365 | ) | (20,654 | ) | (770 | ) | (8,042 | ) | ||||||||||
Institutional Shares | + | (10,511 | ) | (89,716 | ) | (714 | ) | (7,530 | ) | |||||||||
Total shares redeemed | (14,429 | ) | ($124,240 | ) | (1,981 | ) | ($20,836 | ) | ||||||||||
Net transactions in fund shares | 12,987 | $133,486 | 20,146 | $211,488 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 4/2/07*-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 20,146 | $229,517 | — | $- | ||||||||||||||
Total increase or decrease | + | 12,987 | (30,564 | ) | 20,146 | 229,517 | ||||||||||||
End of period | 33,133 | $198,953 | 20,146 | $229,517 | ||||||||||||||
Net investment income not yet distributed | $8,283 | $1,587 |
* | Commencement of operations. |
1/31/081- | ||||
Investor Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.20 | 2 | ||
Net realized and unrealized gains (losses) | (4.00 | )2 | ||
Total from investment operations | (3.80 | ) | ||
Net asset value at end of period | 6.20 | |||
Total return (%) | (38.00 | )3 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.79 | 4 | ||
Gross operating expenses | 4.51 | 4 | ||
Net investment income | 2.91 | 4 | ||
Portfolio turnover rate | 132 | 3 | ||
Net assets, end of period ($ x 1,000,000) | 4 |
1/31/081- | ||||
Select Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.21 | 2 | ||
Net realized and unrealized gains (losses) | (4.00 | )2 | ||
Total from investment operations | (3.79 | ) | ||
Net asset value at end of period | 6.21 | |||
Total return (%) | (37.90 | )3 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.64 | 4 | ||
Gross operating expenses | 4.07 | 4 | ||
Net investment income | 3.07 | 4 | ||
Portfolio turnover rate | 132 | 3 | ||
Net assets, end of period ($ x 1,000,000) | 5 |
1/31/081- | ||||
Institutional Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.27 | 2 | ||
Net realized and unrealized gains (losses) | (4.05 | )2 | ||
Total from investment operations | (3.78 | ) | ||
Net asset value at end of period | 6.22 | |||
Total return (%) | (37.80 | )3 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.56 | 4,5 | ||
Gross operating expenses | 5.44 | 4 | ||
Net investment income | 3.55 | 4 | ||
Portfolio turnover rate | 132 | 3 | ||
Net assets, end of period ($ x 1,000,000) | 3 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
97 | .6% | Common Stock | 19,618 | 12,490 | ||||||||
1 | .7% | Other Investment Companies | 232 | 218 | ||||||||
0 | .2% | Preferred Stock | 53 | 26 | ||||||||
0 | .0% | Rights | — | — | ||||||||
0 | .0% | Warrants | — | — | ||||||||
99 | .5% | Total Investments | 19,903 | 12,734 | ||||||||
0 | .5% | Other Assets and Liabilities, Net | 67 | |||||||||
100 | .0% | Net Assets | 12,801 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 97.6% of net assets | ||||||||||
Australia 5.2% | ||||||||||
AWB Ltd. | 15,718 | 0.2 | 27 | |||||||
Commonwealth Property Office Fund | 29,955 | 0.2 | 26 | |||||||
Other Securities | 4.8 | 617 | ||||||||
5.2 | 670 | |||||||||
Austria 0.6% | ||||||||||
Other Securities | 0.6 | 71 | ||||||||
Belgium 1.2% | ||||||||||
Other Securities | 1.2 | 149 | ||||||||
Bermuda 1.5% | ||||||||||
Other Securities | 1.5 | 198 | ||||||||
Canada 5.9% | ||||||||||
Emera, Inc. | 1,892 | 0.3 | 34 | |||||||
Fortis, Inc. | 1,103 | 0.2 | 24 | |||||||
Saputo, Inc. | 1,493 | 0.2 | 31 | |||||||
Other Securities | 5.2 | 662 | ||||||||
5.9 | 751 | |||||||||
Cayman Islands 0.7% | ||||||||||
Other Securities | 0.7 | 90 | ||||||||
China 0.1% | ||||||||||
Other Securities | 0.1 | 13 | ||||||||
Cyprus 0.1% | ||||||||||
Other Securities | 0.1 | 12 | ||||||||
Denmark 1.5% | ||||||||||
Other Securities | 1.5 | 194 | ||||||||
Finland 1.2% | ||||||||||
Other Securities | 1.2 | 157 | ||||||||
France 2.7% | ||||||||||
Neopost S.A. | 302 | 0.2 | 25 | |||||||
Societe BIC S.A. | 470 | 0.2 | 25 | |||||||
Other Securities | 2.3 | 292 | ||||||||
2.7 | 342 | |||||||||
Germany 2.5% | ||||||||||
Epcos AG * | 1,361 | 0.2 | 31 | |||||||
Norddeutsche Affinerie AG | 807 | 0.2 | 26 | |||||||
Other Securities | 2.1 | 260 | ||||||||
2.5 | 317 | |||||||||
Gibraltar 0.0% | ||||||||||
Other Securities | 0.0 | 5 | ||||||||
Greece 0.5% | ||||||||||
Other Securities | 0.5 | 64 | ||||||||
Hong Kong 1.8% | ||||||||||
Hopewell Holdings Ltd. | 8,000 | 0.2 | 25 | |||||||
Other Securities | 1.6 | 203 | ||||||||
1.8 | 228 | |||||||||
Ireland 0.8% | ||||||||||
Other Securities | 0.8 | 101 | ||||||||
Italy 2.3% | ||||||||||
Other Securities | 2.3 | 292 | ||||||||
Japan 44.1% | ||||||||||
ABC-Mart, Inc. | 1,000 | 0.2 | 31 | |||||||
Daio Paper Corp. | 4,000 | 0.2 | 30 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
FamilyMart Co., Ltd. | 1,000 | 0.3 | 40 | |||||||
Keihan Electric Railway Co., Ltd. | 8,000 | 0.3 | 37 | |||||||
Lion Corp. | 4,000 | 0.2 | 26 | |||||||
Maeda Corp. | 9,000 | 0.2 | 25 | |||||||
Maruha Nichiro Holdings, Inc. | 20,000 | 0.2 | 31 | |||||||
Meiji Seika Kaisha Ltd. | 6,000 | 0.2 | 25 | |||||||
Morinaga Milk Industry Co., Ltd. | 12,000 | 0.3 | 39 | |||||||
Nichirei Corp. | 6,000 | 0.2 | 25 | |||||||
Nishi-Nippon Railroad Co., Ltd. | 7,000 | 0.2 | 26 | |||||||
Nishimatsu Construction Co., Ltd. | 12,000 | 0.2 | 25 | |||||||
Prima Meat Packers Ltd. * | 15,000 | 0.2 | 26 | |||||||
Q.P. Corp. | 3,000 | 0.3 | 34 | |||||||
Rengo Co., Ltd. | 5,000 | 0.2 | 25 | |||||||
Rinnai Corp. | 1,000 | 0.3 | 37 | |||||||
Santen Pharmaceutical Co., Ltd. | 1,000 | 0.2 | 26 | |||||||
Shimano, Inc. | 1,000 | 0.2 | 29 | |||||||
Snow Brand Milk Products Co., Ltd. | 8,000 | 0.2 | 30 | |||||||
Stanley Electric Co., Ltd. | 2,000 | 0.2 | 25 | |||||||
Sysmex Corp. | 1,000 | 0.2 | 31 | |||||||
The Bank of Ikeda Ltd. * | 1,000 | 0.3 | 40 | |||||||
The Hyakujushi Bank Ltd. | 5,000 | 0.2 | 25 | |||||||
The Nanto Bank Ltd. | 6,000 | 0.2 | 28 | |||||||
The Nishi-Nippon City Bank Ltd. | 12,000 | 0.2 | 26 | |||||||
THK Co., Ltd. | 2,000 | 0.2 | 27 | |||||||
Toda Corp. | 7,000 | 0.2 | 25 | |||||||
Toyo Suisan Kaisha Ltd. | 1,000 | 0.2 | 26 | |||||||
Yakult Honsha Co., Ltd. | 1,000 | 0.2 | 25 | |||||||
Yamaguchi Financial Group, Inc. | 3,000 | 0.2 | 29 | |||||||
Other Securities | 37.5 | 4,774 | ||||||||
44.1 | 5,648 | |||||||||
Liechtenstein 0.1% | ||||||||||
Other Securities | 0.1 | 17 | ||||||||
Luxembourg 0.1% | ||||||||||
Other Securities | 0.1 | 11 | ||||||||
Mauritius 0.0% | ||||||||||
Other Securities | 0.0 | 5 | ||||||||
Netherlands 2.4% | ||||||||||
Gemalto N.V. * | 989 | 0.2 | 28 | |||||||
Other Securities | 2.2 | 275 | ||||||||
2.4 | 303 | |||||||||
New Zealand 0.6% | ||||||||||
Other Securities | 0.6 | 81 | ||||||||
Norway 0.7% | ||||||||||
Other Securities | 0.7 | 91 | ||||||||
Portugal 0.2% | ||||||||||
Other Securities | 0.2 | 30 | ||||||||
Republic of Korea 0.0% | ||||||||||
Other Securities | 0.0 | 3 | ||||||||
Singapore 2.1% | ||||||||||
ComfortDelGro Corp., Ltd. | 30,000 | 0.2 | 25 | |||||||
Other Securities | 1.9 | 240 | ||||||||
2.1 | 265 | |||||||||
Spain 1.6% | ||||||||||
Other Securities | 1.6 | 206 | ||||||||
Sweden 1.9% | ||||||||||
Other Securities | 1.9 | 239 | ||||||||
Switzerland 3.4% | ||||||||||
Geberit AG - Reg’d | 237 | 0.2 | 25 | |||||||
Other Securities | 3.2 | 411 | ||||||||
3.4 | 436 | |||||||||
Thailand 0.0% | ||||||||||
Other Securities | 0.0 | 3 | ||||||||
United Kingdom 11.8% | ||||||||||
Amlin plc | 7,160 | 0.3 | 37 | |||||||
Capita Group plc | 2,841 | 0.2 | 29 | |||||||
Cobham plc | 10,593 | 0.3 | 32 | |||||||
Melrose plc | 32,645 | 0.4 | 47 | |||||||
Reed Elsevier plc | 3,019 | 0.2 | 26 | |||||||
Stagecoach Group plc | 8,209 | 0.2 | 25 | |||||||
Other Securities | 10.2 | 1,302 | ||||||||
11.8 | 1,498 | |||||||||
Total Common Stock (Cost $19,618) | 12,490 | |||||||||
Other Investment Companies 1.7% of net assets | ||||||||||
Australia 0.0% | ||||||||||
Other Securities | 0.0 | 6 | ||||||||
Canada 0.1% | ||||||||||
Other Securities | 0.1 | 11 | ||||||||
United States 1.6% | ||||||||||
iShares MSCI EAFE Index Fund | 4,500 | 1.6 | 201 | |||||||
Total Other Investment Companies (Cost $232) | 218 | |||||||||
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Preferred Stock 0.2% of net assets | ||||||||||
Germany 0.2% | ||||||||||
Other Securities | 0.2 | 26 | ||||||||
Total Preferred Stock (Cost $53) | 26 | |||||||||
Rights 0.0% of net assets | ||||||||||
Australia 0.0% | ||||||||||
Other Securities | 0.0 | — | ||||||||
Total Rights (Cost $—) | — | |||||||||
Warrants 0.0% of net assets | ||||||||||
Bermuda 0.0% | ||||||||||
Other Securities | 0.0 | — | ||||||||
Total Warrants (Cost $—) | — | |||||||||
End of Investments. | ||||||||||
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $20,333, and the unrealized appreciation and depreciation were $223 and ($7,822), respectively, with a net unrealized depreciation of ($7,599). | ||||||||||
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $11,607 were adjusted from their closing market prices following the guidelines adopted by the fund’s Board of Trustees. |
* | Non-income producing security. | |
(a) | Fair-valued by management. Please see complete schedule of | |
holdings. | ||
(b) | Illiquid security. At the period end, the value of these amounted to $37 or 0.3% of net assets. Please see complete schedule of holdings. |
Assets | ||||||
Investments, at value (cost $19,903) | $12,734 | |||||
Foreign currency, at value (cost $30) | 30 | |||||
Receivables: | ||||||
Investments sold | 417 | |||||
Fund shares sold | 133 | |||||
Dividends | 63 | |||||
Foreign tax reclaims | 8 | |||||
Due from investment adviser | + | 3 | ||||
Total assets | 13,388 | |||||
Liabilities | ||||||
Investments bought | 415 | |||||
Payable to custodian | 56 | |||||
Fund shares redeemed | 52 | |||||
Accrued expenses | + | 64 | ||||
Total liabilities | 587 | |||||
Net Assets | ||||||
Total assets | 13,388 | |||||
Total liabilities | − | 587 | ||||
Net assets | $12,801 | |||||
Net Assets by Source | ||||||
Capital received from investors | 20,359 | |||||
Net investment income not yet distributed | 492 | |||||
Net realized capital losses | (891 | ) | ||||
Net unrealized capital losses | (7,159 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $4,403 | 710 | $6.20 | |||||||||
Select Shares | $5,359 | 862 | $6.21 | * | ||||||||
Institutional Shares | $3,039 | 489 | $6.22 | * |
* | Due to rounding, the net assets divided by shares outstanding does not equal net asset value per share. |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $43) | $566 | |||||
Interest | + | 11 | ||||
Total investment income | 577 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (868 | ) | ||||
Net realized losses on foreign currency transactions | + | (15 | ) | |||
Net realized losses | (883 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (7,169 | ) | ||||
Net unrealized gains on foreign currency translations | + | 10 | ||||
Net unrealized losses | (7,159 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 59 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 7 | |||||
Select Shares | 4 | |||||
Institutional Shares | 8 | |||||
Custodian fees | 525 | |||||
Portfolio accounting fees | 44 | |||||
Professional fees | 24 | |||||
Registration fees | 18 | |||||
FTSE RAFI Index fee | 16 | |||||
Trustees’ fees | 6 | |||||
Shareholder reports | 5 | |||||
Interest expense | 2 | |||||
Other expenses | + | 2 | ||||
Total expenses | 720 | |||||
Expense reduction by adviser and Schwab | − | 627 | ||||
Net expenses | 93 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 577 | |||||
Net expenses | − | 93 | ||||
Net investment income | 484 | |||||
Net realized losses | (883 | ) | ||||
Net unrealized losses | + | (7,159 | ) | |||
Decrease in net assets from operations | ($7,558 | ) |
* | Commencement of operations. |
Operations |
1/31/08*-10/31/08 | ||||||
Net investment income | $484 | |||||
Net realized losses | (883 | ) | ||||
Net unrealized losses | + | (7,159 | ) | |||
Decrease in net assets from operations | (7,558 | ) |
Transactions in Fund Shares |
1/31/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | ||||||||||
Investor Shares | 891 | $8,225 | ||||||||
Select Shares | 1,650 | 14,954 | ||||||||
Institutional Shares | + | 1,941 | 18,373 | |||||||
Total shares sold | 4,482 | $41,552 | ||||||||
Shares Redeemed | ||||||||||
Investor Shares | (181 | ) | ($1,593 | ) | ||||||
Select Shares | (788 | ) | (5,864 | ) | ||||||
Institutional Shares | + | (1,452 | ) | (13,736 | ) | |||||
Total shares redeemed | (2,421 | ) | ($21,193 | ) | ||||||
Net transactions in fund shares | 2,061 | $20,359 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
1/31/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | - | $- | ||||||||
Total increase | + | 2,061 | 12,801 | |||||||
End of period | 2,061 | $12,801 | ||||||||
Net investment income not yet distributed | $492 |
* | Commencement of operations. |
1/31/081- | ||||
Investor Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.11 | |||
Net realized and unrealized gains (losses) | (4.38 | ) | ||
Total from investment operations | (4.27 | ) | ||
Net asset value at end of period | 5.73 | |||
Total return (%) | (42.70 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.85 | 3,4 | ||
Gross operating expenses | 3.97 | 3 | ||
Net investment income (loss) | 2.65 | 3 | ||
Portfolio turnover rate | 159 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 7 |
1/31/081- | ||||
Select Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.14 | |||
Net realized and unrealized gains (losses) | (4.40 | ) | ||
Total from investment operations | (4.26 | ) | ||
Net asset value at end of period | 5.74 | |||
Total return (%) | (42.60 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.70 | 3,5 | ||
Gross operating expenses | 3.33 | 3 | ||
Net investment income (loss) | 2.87 | 3 | ||
Portfolio turnover rate | 159 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 7 |
1/31/081- | ||||
Institutional Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.16 | |||
Net realized and unrealized gains (losses) | (4.42 | ) | ||
Total from investment operations | (4.26 | ) | ||
Net asset value at end of period | 5.74 | |||
Total return (%) | (42.60 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.61 | 3,4 | ||
Gross operating expenses | 4.06 | 3 | ||
Net investment income (loss) | 2.31 | 3 | ||
Portfolio turnover rate | 159 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 6 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
86 | .4% | Common Stock | 27,473 | 17,237 | ||||||||
8 | .6% | Preferred Stock | 3,108 | 1,714 | ||||||||
2 | .6% | Other Investment Companies | 527 | 510 | ||||||||
0 | .3% | Short-Term Investments | 70 | 70 | ||||||||
97 | .9% | Total Investments | 31,178 | 19,531 | ||||||||
2 | .1% | Other Assets and Liabilities, Net | 413 | |||||||||
100 | .0% | Net Assets | 19,944 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Common Stock 86.4% of net assets | ||||||||||
Argentina 0.2% | ||||||||||
Other Securities | 0.2 | 39 | ||||||||
Brazil 3.0% | ||||||||||
Centrais Eletricas Brasileiras S.A. * | 10,500 | 0.6 | 127 | |||||||
Petroleo Brasileiro S.A. | 11,900 | 0.8 | 158 | |||||||
Other Securities | 1.6 | 305 | ||||||||
3.0 | 590 | |||||||||
Chile 0.8% | ||||||||||
Other Securities | 0.8 | 171 | ||||||||
China 18.3% | ||||||||||
Bank of China Ltd., Class H | 543,000 | 0.8 | 159 | |||||||
China Construction Bank Corp., Class H | 433,000 | 1.1 | 215 | |||||||
China Life Insurance Co., Ltd., Class H | 84,000 | 1.1 | 224 | |||||||
China Petroleum & Chemical Corp., Class H | 674,000 | 2.2 | 443 | |||||||
China Shenhua Energy Co., Ltd., Class H | 70,000 | 0.6 | 133 | |||||||
Industrial & Commercial Bank of China Ltd., Class H | 502,000 | 1.2 | 236 | |||||||
PetroChina Co., Ltd., Class H | 2,109,000 | 8.0 | 1,586 | |||||||
Other Securities | 3.3 | 655 | ||||||||
18.3 | 3,651 | |||||||||
Columbia 0.0% | ||||||||||
Other Securities | 0.0 | 8 | ||||||||
Czech Republic 0.6% | ||||||||||
Other Securities | 0.6 | 118 | ||||||||
Hungary 0.6% | ||||||||||
Other Securities | 0.6 | 121 | ||||||||
India 2.8% | ||||||||||
Other Securities | 2.8 | 554 | ||||||||
Indonesia 0.8% | ||||||||||
Other Securities | 0.8 | 157 | ||||||||
Israel 1.9% | ||||||||||
Teva Pharmaceutical Industries Ltd. | 4,118 | 0.9 | 176 | |||||||
Other Securities | 1.0 | 200 | ||||||||
1.9 | 376 | |||||||||
Luxembourg 0.2% | ||||||||||
Other Securities | 0.2 | 33 | ||||||||
Malaysia 2.8% | ||||||||||
Public Bank Berhad | 39,900 | 0.5 | 94 | |||||||
Other Securities | 2.3 | 461 | ||||||||
2.8 | 555 | |||||||||
Mexico 6.4% | ||||||||||
America Movil S.A.B. de C.V., Series L | 104,600 | 0.8 | 161 | |||||||
Carso Global Telecom S.A.B. de C.V., Class A1 * | 26,200 | 0.5 | 101 | |||||||
Cemex S.A.B. de C.V. * | 136,400 | 0.5 | 103 | |||||||
Fomento Economico Mexicano S.A.B. de C.V. | 42,900 | 0.5 | 108 | |||||||
Telefonos de Mexico S.A.B. de C.V. | 251,500 | 1.1 | 225 |
Security and Number | % of Net | Value | ||||||||
of Shares | Assets | ($ x 1,000) | ||||||||
Telmex Internacional S.A.B. de C.V., Class L | 253,100 | 0.7 | 134 | |||||||
Other Securities | 2.3 | 445 | ||||||||
6.4 | 1,277 | |||||||||
Philippines 0.1% | ||||||||||
Other Securities | 0.1 | 14 | ||||||||
Poland 1.6% | ||||||||||
Polski Koncern Naftowy Orlen S.A. | 10,428 | 0.5 | 106 | |||||||
Telekomunikacja Polska S.A. | 13,091 | 0.5 | 99 | |||||||
Other Securities | 0.6 | 121 | ||||||||
1.6 | 326 | |||||||||
Republic of Korea 17.1% | ||||||||||
Hyundai Motor Co. | 5,183 | 1.2 | 240 | |||||||
KB Financial Group, Inc. * | 5,332 | 0.6 | 132 | |||||||
Korea Electric Power Corp. | 6,850 | 0.7 | 136 | |||||||
KT Corp. | 3,840 | 0.5 | 98 | |||||||
LG Corp. | 3,598 | 0.7 | 144 | |||||||
LG Electronics, Inc. | 2,524 | 0.9 | 188 | |||||||
POSCO | 740 | 1.0 | 204 | |||||||
Samsung Electronics Co., Ltd. | 1,779 | 3.8 | 750 | |||||||
SK Holdings Co., Ltd. | 2,907 | 1.0 | 195 | |||||||
SK Telecom Co., Ltd. | 773 | 0.6 | 123 | |||||||
Other Securities | 6.1 | 1,208 | ||||||||
17.1 | 3,418 | |||||||||
Russia 5.7% | ||||||||||
Gazprom ADR - Reg’d | 15,797 | 1.6 | 314 | |||||||
LUKOIL ADR | 7,990 | 1.5 | 307 | |||||||
Surgutneftegaz ADR | 26,882 | 0.9 | 174 | |||||||
Other Securities | 1.7 | 339 | ||||||||
5.7 | 1,134 | |||||||||
South Africa 6.9% | ||||||||||
FirstRand Ltd. | 68,125 | 0.5 | 99 | |||||||
MTN Group Ltd. | 8,454 | 0.5 | 95 | |||||||
Sanlam Ltd. | 65,728 | 0.5 | 108 | |||||||
Sasol | 4,801 | 0.7 | 142 | |||||||
Standard Bank Group Ltd. | 23,838 | 0.9 | 189 | |||||||
Other Securities | 3.8 | 735 | ||||||||
6.9 | 1,368 | |||||||||
Taiwan 14.2% | ||||||||||
China Steel Corp. | 203,200 | 0.7 | 147 | |||||||
Chunghwa Telecom Co., Ltd. | 118,900 | 1.0 | 197 | |||||||
Formosa Chemicals & Fibre Corp. | 77,000 | 0.6 | 124 | |||||||
Formosa Plastics Corp. | 67,000 | 0.6 | 113 | |||||||
Hon Hai Precision Industry Co., Ltd. | 55,950 | 0.7 | 135 | |||||||
Nan Ya Plastics Corp. | 80,000 | 0.5 | 111 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 323,169 | 2.4 | 470 | |||||||
Other Securities | 7.7 | 1,537 | ||||||||
14.2 | 2,834 | |||||||||
Thailand 1.0% | ||||||||||
Other Securities | 1.0 | 201 | ||||||||
Turkey 1.2% | ||||||||||
Other Securities | 1.2 | 242 | ||||||||
United Kingdom 0.2% | ||||||||||
Other Securities | 0.2 | 50 | ||||||||
Total Common Stock (Cost $27,471) | 17,237 | |||||||||
Preferred Stock 8.6% of net assets | ||||||||||
Brazil 8.6% | ||||||||||
Banco Bradesco S.A. | 22,100 | 1.3 | 256 | |||||||
Banco Itau Holding Financeira S.A. | 19,550 | 1.0 | 210 | |||||||
Companhia Energetica de Minas Gerais | 6,597 | 0.5 | 101 | |||||||
Companhia Vale do Rio Doce, Class A | 11,200 | 0.6 | 131 | |||||||
Petroleo Brasileiro S.A. | 34,500 | 1.9 | 371 | |||||||
Other Securities | 3.3 | 645 | ||||||||
8.6 | 1,714 | |||||||||
Total Preferred Stock (Cost $3,108) | 1,714 | |||||||||
Security | Face Amount | % of Net | Value | |||||||
Rate, Maturity Date | ($ x 1,000) | Assets | ($ x 1,000) | |||||||
Other Investment Companies 2.6% of net assets | ||||||||||
iShares MSCI Emerging Markets Index Fund | 20,000 | 2.6 | 510 | |||||||
Total Other Investment Companies (Cost $527) | 510 | |||||||||
Short-Term Investments 0.3% of net assets | ||||||||||
Other Securities | 0.3 | 70 | ||||||||
Total Short-Term Investment (Cost $70) | 70 | |||||||||
End of Investments. |
(All dollar amounts are x 1,000) | ||||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $34,692, and the unrealized appreciation and depreciation were $1 and ($15,162), respectively, with a net unrealized depreciation of ($15,161). | ||||||||||
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $14,715 were adjusted from their closing market prices following the guidelines adopted by the fund’s Board of Trustees. |
* | Non-income producing security. | |
(a) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. Please see complete schedule of holdings. |
Assets | ||||||
Investments, at value (cost $31,178) | $19,531 | |||||
Foreign currency, at value (cost $285) | 278 | |||||
Receivables: | ||||||
Investments sold | 382 | |||||
Fund shares sold | 203 | |||||
Dividends | 99 | |||||
Due from investment adviser | + | 92 | ||||
Total assets | 20,585 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 416 | |||||
Fund shares redeemed | 38 | |||||
Payable to custodian | 33 | |||||
Accrued expenses | + | 154 | ||||
Total liabilities | 641 | |||||
Net Assets | ||||||
Total assets | 20,585 | |||||
Total liabilities | − | 641 | ||||
Net assets | $19,944 | |||||
Net Assets by Source | ||||||
Capital received from investors | 34,820 | |||||
Net investment income not yet distributed | 441 | |||||
Net realized capital losses | (3,662 | ) | ||||
Net unrealized capital losses | (11,655 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $6,915 | 1,206 | $5.73 | |||||||||
Select Shares | $7,098 | 1,236 | $5.74 | |||||||||
Institutional Shares | $5,931 | 1,034 | $5.74 |
Investment Income | ||||||
Dividends (net of $69 foreign withholding tax) | $587 | |||||
Interest | + | 12 | ||||
Total investment income | 599 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (3,681 | ) | ||||
Net realized losses on foreign currency transactions | (30 | ) | ||||
Net realized gains on futures contracts | + | 20 | ||||
Net realized losses | (3,691 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (11,647 | ) | ||||
Net unrealized losses on foreign currency translations | + | (8 | ) | |||
Net unrealized losses | (11,655 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 91 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 13 | |||||
Select Shares | 6 | |||||
Institutional Shares | 7 | |||||
Custodian fees | 448 | |||||
Registration fees | 30 | |||||
Portfolio accounting fees | 28 | |||||
Professional fees | 23 | |||||
FTSE RAFI Index fee | 22 | |||||
Shareholder reports | 9 | |||||
Trustees’ fees | 6 | |||||
Interest expense | 2 | |||||
Other expenses | + | 4 | ||||
Total expenses | 689 | |||||
Expense reduction by adviser and Schwab | − | 560 | ||||
Net expenses | 129 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 599 | |||||
Net expenses | − | 129 | ||||
Net investment income | 470 | |||||
Net realized losses | (3,691 | ) | ||||
Net unrealized losses | + | (11,655 | ) | |||
Decrease in net assets from operations | ($14,876 | ) |
* | Commencement of operations. |
Operations |
1/31/08*-10/31/08 | ||||||
Net investment income | $470 | |||||
Net realized losses | (3,691 | ) | ||||
Net unrealized losses | + | (11,655 | ) | |||
Decrease in net assets from operations | (14,876 | ) |
Transactions in Fund Shares |
1/31/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | ||||||||||
Investor Shares | 1,630 | $14,977 | ||||||||
Select Shares | 2,353 | 21,345 | ||||||||
Institutional Shares | + | 2,648 | 24,423 | |||||||
Total shares sold | 6,631 | $60,745 | ||||||||
Shares Redeemed | ||||||||||
Investor Shares | (424 | ) | ($3,187 | ) | ||||||
Select Shares | (1,117 | ) | (7,286 | ) | ||||||
Institutional Shares | + | (1,614 | ) | (15,452 | ) | |||||
Total shares redeemed | (3,155 | ) | ($25,925 | ) | ||||||
Net transactions in fund shares | 3,476 | $34,820 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
1/31/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | - | $- | ||||||||
Total increase | + | 3,476 | 19,944 | |||||||
End of period | 3,476 | $19,944 | ||||||||
Net investment income not yet distributed | $441 |
* | Commencement of operations. |
Schwab Capital Trust (organized May 7, 1993) Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MartketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab Balanced Schwab Premier Equity Fund | Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. | |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the funds’ investment adviser using guidelines adopted by the funds’ Board of Trustees and the Pricing Committee. |
Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of a foreign exchange and the time at which funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
• | Mutual funds: valued at their respective net asset values as determined by those funds in accordance with the 1940 Act for a given day. |
4. | Affiliates and Affiliated Transactions: |
Fundamental | ||||||||||||||||||||
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Average daily net assets | Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||
First $500 million | 0.30% | 0.30% | 0.30% | 0.40% | 0.50% | |||||||||||||||
$500 million to $5 billion | 0.22% | 0.22% | 0.22% | 0.38% | 0.48% | |||||||||||||||
$5 billion to $10 billion | 0.20% | 0.20% | 0.20% | 0.36% | 0.46% | |||||||||||||||
over $10 billion | 0.18% | 0.18% | 0.18% | 0.34% | 0.44% |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares | 0.05% | 0.05% | ||||||
Institutional Shares | 0.05% | 0.05% |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Fundamental | ||||||||||||||||||||
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | ||||||||||||||||
Investor Shares | 0.59% | 0.59% | 0.59% | 0.79% | 0.84% | |||||||||||||||
Select Shares | 0.44% | 0.44% | 0.44% | 0.64% | 0.69% | |||||||||||||||
Institutional Shares | 0.35% | 0.35% | 0.35% | 0.55% | 0.60% |
Fundamental US Large Company Index Fund | $5,330 | |||
Fundamental US Small-Mid Company Index Fund | 5,229 | |||
Fundamental International Large Company Index Fund | 2,701 | |||
Fundamental Emerging Markets Index Fund | 4 |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
Fundamental US Large Company Index Fund | $301,538 | $134,407 | ||||||
Fundamental US Small-Mid Company Index Fund | 180,454 | 40,550 | ||||||
Fundamental International Large Company Index Fund | 336,366 | 196,869 | ||||||
Fundamental International Small-Mid Company Index Fund | 43,749 | 22,787 | ||||||
Fundamental Emerging Markets Index Fund | 70,690 | 35,837 |
8. | Redemption Fee: |
Current Period | Prior Period | ||||||||
(11/01/07-10/31/08) | (4/02/07-10/31/07) | ||||||||
Fundamental US Large Company Index Fund | |||||||||
Investor Shares | $3 | $2 | |||||||
Select Shares | 4 | 5 | |||||||
Institutional Shares | 17 | 23 | |||||||
Fundamental US Small-Mid Company Index Fund | |||||||||
Investor Shares | 2 | 1 | |||||||
Select Shares | 3 | 6 | |||||||
Institutional Shares | 4 | — | |||||||
Fundamental International Large Company Index Fund | |||||||||
Investor Shares | 2 | 1 | |||||||
Select Shares | 1 | 9 | |||||||
Institutional Shares | 14 | 9 | |||||||
Current Period | |||||||||
(1/31/08-10/31/08) | |||||||||
Fundamental International Small-Mid Company Index Fund | |||||||||
Investor Shares | — | * | — | ||||||
Select Shares | 1 | — | |||||||
Institutional Shares | — | * | — | ||||||
Fundamental Emerging Markets Index Fund | |||||||||
Investor Shares | 4 | — | |||||||
Select Shares | 5 | — | |||||||
Institutional Shares | 2 | — |
* | Less than 500. |
9. | Federal Income Taxes: |
Fundamental | ||||||||||||||||||||
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | ||||||||||||||||
Undistributed ordinary income | $9,132 | $1,192 | $8,267 | $490 | 441 | |||||||||||||||
Undistributed long-term capital gains | — | — | — | — | — | |||||||||||||||
Unrealized appreciation | 4,057 | 4,608 | 2,699 | 223 | 1 | |||||||||||||||
Unrealized depreciation | (210,675 | ) | (52,113 | ) | (146,535 | ) | (7,822 | ) | (15,162 | ) | ||||||||||
Other unrealized appreciation/(depreciation) | — | — | 69 | 15 | (8 | ) | ||||||||||||||
Net unrealized appreciation/(depreciation) | ($206,618 | ) | ($47,505 | ) | ($143,767 | ) | ($7,584 | ) | ($15,169 | ) | ||||||||||
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Expire | Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | |||||||||||||||
2016 | 48,847 | 4,210 | 10,522 | 463 | 147 | |||||||||||||||
Total | $48,847 | $4,210 | $10,522 | $463 | $147 | |||||||||||||||
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | ||||||||||||||||
Current period distributions | ||||||||||||||||||||
Oridinary income | $4,523 | $570 | $2,707 | $— | $— | |||||||||||||||
Long-term capital gains | 143 | 32 | — | — | — | |||||||||||||||
Return of capital | — | — | — | — | — |
9. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Fundamental | Fundamental | Fundamental | International | Fundamental | ||||||||||||||||
US Large | US Small-Mid | International | Small-Mid | Emerging | ||||||||||||||||
Company | Company | Large Company | Company | Markets | ||||||||||||||||
Index Fund | Index Fund | Index Fund | Index Fund | Index Fund | ||||||||||||||||
Capital Shares | $— | ($1 | ) | $— | $— | $— | ||||||||||||||
Undistributed net investment income | (253 | ) | (80 | ) | (220 | ) | 8 | (29 | ) | |||||||||||
Net realized capital gains and losses | 253 | 81 | 220 | (8 | ) | 29 |
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small-Mid Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small-Mid Company Index Fund
Schwab Fundamental Emerging Markets Index Fund
San Francisco, California
December 12, 2008
Foreign Tax Credit | Foreign Source Income | |||||||
Fundamental US Large Company Index Fund | $— | $— | ||||||
Fundamental US Small-Mid Company Index Fund | — | — | ||||||
Fundamental International Large Company Index Fund | 999 | 11,101 | ||||||
Fundamental International Small-Mid Company Index Fund | 43 | 582 | ||||||
Fundamental Emerging Markets Index Fund | 66 | 651 |
Percentage | ||||
Fundamental US Large Company Index Fund | 98.07 | |||
Fundamental US Small-Mid Company Index Fund | 84.75 | |||
Fundamental International Large Company Index Fund | — | |||
Fundamental International Small-Mid Company Index Fund | — | |||
Fundamental Emerging Markets Index Fund | — |
Fundamental US Large Company Index Fund | $4,524 | |||
Fundamental US Small-Mid Company Index Fund | 570 | |||
Fundamental International Large Company Index Fund | 2,707 | |||
Fundamental International Small-Mid Company Index Fund | 43 | * | ||
Fundamental Emerging Markets Index Fund | 66 | * |
Fundamental US Large Company Index Fund | $143 | |||
Fundamental US Small-Mid Company Index Fund | 32 |
* | The fund may designate dividend distributions as qualified dividends for the purpose of the maximum rate under section I(h)(ii) of the Internal Revenue Code. Shareholders will be notified in January 2009 via IRS form 1099 of the amounts for use in preparing their 2008 income tax return. |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
In This Report | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
10 | ||
12 | ||
14 | ||
15 | ||
50 | ||
57 | ||
59 | ||
61 | ||
64 |
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for the Report Period | ||
Schwab MarketTrack All Equity Portfoliotm (Ticker Symbol: SWEGX) | -38.46% | |
Benchmark: All Equity Composite Index | -39.60% | |
Fund Category: Morningstar Large-Cap Blend | -37.22% | |
Performance Details | pages 6-7 | |
Schwab MarketTrack Growth Portfoliotm | ||
Investor Shares (Ticker Symbol: SWHGX) | -32.27% | |
P Shares (Ticker Symbol: SWPGX) | -32.14% | |
Benchmark: Growth Composite Index | -32.25% | |
Fund Category: Morningstar Large-Cap Blend | -37.22% | |
Performance Details | pages 8-9 | |
Schwab MarketTrack Balanced Portfoliotm (Ticker Symbol: SWBGX) | -26.59% | |
Benchmark: Balanced Composite Index | -24.96% | |
Fund Category: Morningstar Moderate Allocation | -28.91% | |
Performance Details | pages 10-11 | |
Schwab MarketTrack Conservative Portfoliotm | ||
Investor Shares (Ticker Symbol: SWCGX)* | -20.66% | |
P Shares (Ticker Symbol: SWCPX) | -20.47% | |
Benchmark: Conservative Composite Index | -17.10% | |
Fund Category: Morningstar Conservative Allocation | -19.54% | |
Performance Details | pages 12-13 | |
Minimum Initial Investment1 | ||
Investor Shares | $ 100 | |
P Shares | $100,000 | |
* | The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed at 10/31/08. The total return presented in the financial highlights section of the report is calculated in the same manner but also taking into account certain adjustments that are necessary under generally accepted accounting principles and which are required when preparing the annual report. |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
Caroline Lee, a managing director and portfolio manager of the investment adviser, co-manages the portfolios. Prior to joining the firm in November 2005, she worked in asset management for over 4 years overseeing subadvisor relationships in the pension group of a major corporation. She has also had 3 years of previous experience in investment management at another financial services firm. | ||
Daniel Kern, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day to-day co-management of the portfolios. He was appointed portfolio manager in 2008. Prior to joining the firm in 2003, he worked for more than 13 years in the investment management industry. | ||
Larry Mano, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of the equity portions of the portfolios. Prior to joining the firm in November 1998, he worked for 20 years in equity management. | ||
Steve Hung, a managing director and portfolio manager of the investment adviser, has day-to-day responsibility for the co-management of the bond portion of the portfolios. He joined the firm in 1998 and has worked in fixed-income asset management since 1999. | ||
Matthew Hastings, CFA, a managing director and portfolio manager of the investment adviser, has day-to-day responsibility for the co-management of the bond portion of the portfolios. He joined the firm in 1999 and has worked in fixed income and asset management since 1996. |
Number of Holdings | 8 |
($ x 1,000,000) | $50,860 |
Price/Earnings Ratio (P/E) | 30.2 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 10% |
Large-Cap Stocks | 43.9% |
International Stocks | 29.3% |
Small-Cap Stocks | 25.4% |
Short-Term Investments | 1.4% |
Total | 100.0% |
S&P 500 Fund | 43.9% |
Fund, Select Shares | 29.3% |
Select Shares | 25.3% |
Total | 98.5% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Portfolio: Schwab MarketTrack All Equity Portfoliotm (5/19/98) | -38.46% | 1.35% | 1.57% | |||||||||
Benchmark: All Equity Composite Index | -39.60% | 1.70% | 1.47% | |||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% |
1 | The All Equity Composite Index is based on a comparable portfolio asset allocation and calculated using the following portion allocations: 70% Dow Jones Wilshire 5000 Composite Index and 30% MSCI EAFE Index. The index is maintained by Charles Schwab Investment Management. |
2 | Portfolio expenses have been partially absorbed by CSIM and Schwab. Without these reductions, the portfolio’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. |
3 | As stated in the 2/28/08 prospectus (amended on 10/1/08). Includes expenses of the Underlying Funds in which the Portfolios invest. The annualized weighted average expense ratio of the Underlying Funds was 0.30%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4�� | Source: Morningstar, Inc. This style assessment is the result of evaluating the portfolio based on a ten-factor model for value and growth characteristics. The portfolio’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the portfolio’s holdings as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 505 |
($ x 1,000,000) | $46,328 |
Price/Earnings Ratio (P/E) | 33.4 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 10% |
Large-Cap Stocks | 40.5% |
International Stocks | 19.2% |
Small-Cap Stocks | 20.1% |
Bonds | 14.9% |
Short-Term Investments | 5.3% |
Total | 100.0% |
S&P 500 Fund | 24.7% |
Select Shares | 20.2% |
Fund, Select Shares | 19.2% |
Schwab Total Bond Market Fund | 14.9% |
Fund, Institutional Shares | 5.0% |
Exxon Mobil Corp. | 0.8% |
General Electric Co. | 0.4% |
The Procter & Gamble Co. | 0.4% |
Microsoft Corp. | 0.4% |
Johnson & Johnson | 0.3% |
Total | 86.3% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$100,000 Investment in P Shares1
Portfolio Class and Inception Date | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||
Investor Shares (11/20/95) | -32.27% | 1.43% | 2.13% | 4.92% | ||||||||||||
P Shares (4/6/06) | -32.14% | n/a | n/a | -7.92% | ||||||||||||
Benchmark: Growth Composite Index | -32.25% | 2.08% | 2.28% | (11/20/95) 5.30% | ||||||||||||
(4/6/06) -7.41% | ||||||||||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% | (11/20/95) 5.01% | ||||||||||||
(4/6/06) -10.48% |
1 | The Growth Composite Index is based on a comparable portfolio asset allocation and calculated using the following portion allocations: 60% Dow Jones Wilshire 5000 Composite Index, 20% MSCI EAFE Index, 15% Lehman Brothers U.S. Aggregate Bond Index, and 5% Lehman Brothers U.S. Treasury Bills: 1-3 Months Index. The index is maintained by Charles Schwab Investment Management. |
2 | Portfolio expenses have been partially absorbed by CSIM and Schwab. Without these reductions, the portfolio’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. |
3 | As stated in the 2/28/08 prospectus (amended on 10/1/08). Includes expenses of the Underlying Funds in which the Portfolios invest. The annualized weighted average expense ratio of the Underlying Funds was 0.29%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the portfolio based on a ten-factor model for value and growth characteristics. The portfolio’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the portfolio’s holdings as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 505 |
Portfolio Turnover Rate | 17% |
Bonds | 34.8% |
Large-Cap Stocks | 30.7% |
Small-Cap Stocks | 15.2% |
International Stocks | 14.4% |
Short-Term Investments | 4.9% |
Total | 100.0% |
Schwab Total Bond Market Fund | 35.0% |
S&P 500 Fund | 16.5% |
Select Shares | 15.2% |
Fund, Select Shares | 14.4% |
Fund, Institutional Shares | 3.1% |
Exxon Mobil Corp. | 0.7% |
General Electric Co. | 0.3% |
The Procter & Gamble Co. | 0.3% |
Microsoft Corp. | 0.3% |
Johnson & Johnson | 0.3% |
Total | 86.1% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years | |||||||||
Portfolio: Schwab MarketTrack Balanced Portfoliotm (11/20/95) | -26.59% | 1.50% | 2.61% | |||||||||
Benchmark: Balanced Composite Index | -24.96% | 2.54% | 3.10% | |||||||||
Fund Category: Morningstar Moderate Allocation | -28.91% | 0.75% | 2.17% |
1 | The Balanced Composite Index is based on a comparable portfolio asset allocation and calculated using the following portion allocations: 45% Dow Jones Wilshire 5000 Composite Index, 15% MSCI EAFE Index, 35% Lehman Brothers U.S. Aggregate Bond Index, and 5% Lehman Brothers U.S. Treasury Bills: 1-3 Months Index. The index is maintained by Charles Schwab Investment Management. |
2 | Portfolio expenses have been partially absorbed by CSIM and Schwab. Without these reductions, the portfolio’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. |
3 | As stated in the 2/28/08 prospectus (amended on 10/1/08). Includes expenses of the Underlying Funds in which the Portfolios invest. The annualized weighted average expense ratio of the Underlying Funds was 0.34%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 506 |
Portfolio Turnover Rate | 16% |
Bonds | 54.8% |
Large-Cap Stocks | 21.0% |
International Stocks | 9.7% |
Small-Cap Stocks | 10.1% |
Short-Term Investments | 4.4% |
Total | 100.0% |
Schwab Total Bond Market Fund | 54.9% |
Select Shares | 10.2% |
Select Shares | 10.1% |
Fund, Select Shares | 9.7% |
S&P 500 Fund | 5.7% |
Fund, Institutional Shares | 3.9% |
Exxon Mobil Corp. | 0.3% |
General Electric Co. | 0.1% |
The Procter & Gamble Co. | 0.1% |
Microsoft Corp. | 0.1% |
Total | 95.1% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$100,000 Investment in P Shares1
Portfolio Class and Inception Date | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||
Investor Shares (11/20/95)* | -20.66% | 1.51% | 2.98% | 4.71% | ||||||||||||
P Shares (4/6/06) | -20.47% | n/a | n/a | -3.76% | ||||||||||||
Benchmark: Conservative Composite Index | -17.10% | 2.93% | 3.81% | (11/20/95) 5.65% | ||||||||||||
(4/6/06) -1.73% | ||||||||||||||||
Fund Category: Morningstar Conservative Allocation | -19.54% | 1.12% | 2.25% | (11/20/95) 4.17% | ||||||||||||
(4/6/06) -3.76% |
* | The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed at 10/31/08. The total return presented in the financial highlights section of the report is calculated in the same manner but also takes into account certain adjustments that are necessary under generally accepted accounting principles and which are required when preparing the annual report. |
1 | The Conservative Composite Index is based on a comparable portfolio asset allocation and calculated using the following portion allocations: 30% Dow Jones Wilshire 5000 Composite Index, 10% MSCI EAFE Index, 55% Lehman Brothers U.S. Aggregate Bond Index, and 5% Lehman Brothers U.S. Treasury Bills: 1-3 Months Index. The index is maintained by Charles Schwab Investment Management. |
2 | Portfolio expenses have been partially absorbed by CSIM and Schwab. Without these reductions, the portfolio’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. |
3 | As stated in the 2/28/08 prospectus (amended on 10/1/08). Includes expenses of the Underlying Funds in which the Portfolios invest. The annualized weighted average expense ratio of the Underlying Funds was 0.42%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab MarketTrack All Equity Portfoliotm | ||||||||||||||||
Actual Return | 0.50% | $ | 1,000 | $ | 681.60 | $ | 2.11 | |||||||||
Hypothetical 5% Return | 0.50% | $ | 1,000 | $ | 1,022.62 | $ | 2.54 | |||||||||
Schwab MarketTrack Growth Portfoliotm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.50% | $ | 1,000 | $ | 736.30 | $ | 2.18 | |||||||||
Hypothetical 5% Return | 0.50% | $ | 1,000 | $ | 1,022.62 | $ | 2.54 | |||||||||
P Shares | ||||||||||||||||
Actual Return | 0.35% | $ | 1,000 | $ | 737.20 | $ | 1.53 | |||||||||
Hypothetical 5% Return | 0.35% | $ | 1,000 | $ | 1,023.38 | $ | 1.78 | |||||||||
Schwab MarketTrack Balanced Portfoliotm | ||||||||||||||||
Actual Return | 0.50% | $ | 1,000 | $ | 784.50 | $ | 2.24 | |||||||||
Hypothetical 5% Return | 0.50% | $ | 1,000 | $ | 1,022.62 | $ | 2.54 | |||||||||
Schwab MarketTrack Conservative Portfoliotm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 0.50% | $ | 1,000 | $ | 834.10 | $ | 2.31 | |||||||||
Hypothetical 5% Return | 0.50% | $ | 1,000 | $ | 1,022.62 | $ | 2.54 | |||||||||
P Shares | ||||||||||||||||
Actual Return | 0.35% | $ | 1,000 | $ | 834.90 | $ | 1.61 | |||||||||
Hypothetical 5% Return | 0.35% | $ | 1,000 | $ | 1,023.38 | $ | 1.78 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights; does not include expenses of underlying funds in which the portfolios invest. |
2 | Expenses for each fund or Share Class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.58 | 13.63 | 11.55 | 10.44 | 9.43 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.20 | 0.21 | 0.11 | 0.12 | 0.08 | |||||||||||||||
Net realized and unrealized gains (losses) | (6.11 | ) | 2.01 | 2.10 | 1.11 | 1.02 | ||||||||||||||
Total from investment operations | (5.91 | ) | 2.22 | 2.21 | 1.23 | 1.10 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.22 | ) | (0.27 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | ||||||||||
Distributions from net realized gains | (0.01 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.23 | ) | (0.27 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | ||||||||||
Net asset value at end of period | 9.44 | 15.58 | 13.63 | 11.55 | 10.44 | |||||||||||||||
Total return (%) | (38.46 | ) | 16.55 | 19.31 | 11.81 | 11.75 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses1 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses1 | 0.73 | 0.72 | 0.74 | 0.75 | 0.76 | |||||||||||||||
Net investment income (loss) | 1.46 | 1.24 | 0.89 | 1.07 | 0.83 | |||||||||||||||
Portfolio turnover rate | 10 | 0 | 2 | 8 | 49 | 7 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 429 | 682 | 527 | 463 | 450 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .5% | Other Investment Companies | 522,073 | 422,741 | ||||||||
1 | .4% | Short-Term Investments | 6,154 | 6,154 | ||||||||
99 | .9% | Total Investments | 528,227 | 428,895 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 235 | |||||||||
100 | .0% | Total Net Assets | 429,130 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 98.5% of net assets | ||||||||
Schwab Institutional Select S&P 500 Fund (a) | 24,175,121 | 188,324 | ||||||
Schwab International Index Fund, Select Shares (a) | 9,006,531 | 125,641 | ||||||
Schwab Small-Cap Index Fund, Select Shares (a) | 7,853,845 | 108,776 | ||||||
Total Other Investment Companies (Cost $522,073) | 422,741 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 1.4% of net assets | ||||||||
Commercial Paper & Other Obligations 1.3% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 5,601 | 5,601 | ||||||
U.S. Treasury Obligations 0.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.03%, 12/18/08 (b) | 420 | 420 | ||||||
0.05%, 12/18/08 (b) | 35 | 35 | ||||||
0.61%, 12/18/08 (b) | 40 | 40 | ||||||
0.15%, 12/18/08 (b) | 58 | 58 | ||||||
553 | ||||||||
Total Short-Term Investments (Cost $6,154) | 6,154 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $541,653 and the unrealized appreciation and depreciation were $0 and ($112,758) respectively, with net unrealized depreciation of ($112,758). |
(a) | Issuer is affiliated with the fund’s adviser. | |
(b) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 100 | 4,837 | (1,146 | ) |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $522,073) | $422,741 | |||||
Investments in unaffiliated issuers, at value (cost $6,154) | + | 6,154 | ||||
Total investments, at value (cost $528,227) | 428,895 | |||||
Receivables: | ||||||
Fund shares sold | 586 | |||||
Due from brokers for futures | 29 | |||||
Prepaid expenses | + | 4 | ||||
Total assets | 429,514 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 35 | |||||
Investment adviser and administrator fees | 4 | |||||
Transfer agent and shareholder services fees | 8 | |||||
Fund shares redeemed | 248 | |||||
Accrued expenses | + | 89 | ||||
Total liabilities | 384 | |||||
Net Assets | ||||||
Total assets | 429,514 | |||||
Total liabilities | − | 384 | ||||
Net assets | 429,130 | |||||
Net Assets by Source | ||||||
Capital received from investors | 541,822 | |||||
Distributions in excess of net investment income | (2,911 | ) | ||||
Net realized capital losses | (9,303 | ) | ||||
Net unrealized capital losses | (100,478 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$429,130 | 45,481 | $9.44 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $11,611 | |||||
Interest | + | 250 | ||||
Total investment income | 11,861 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sales of affiliated underlying funds | (18,619 | ) | ||||
Realized capital gains distributions received from affiliated underlying funds | 24,683 | |||||
Net realized losses on futures contracts | + | (1,585 | ) | |||
Net realized gains | 4,479 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (283,839 | ) | ||||
Net unrealized losses on futures contracts | + | (1,431 | ) | |||
Net unrealized losses | (285,270 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 2,603 | |||||
Transfer agent and shareholder service fees | 1,510 | |||||
Shareholder reports | 140 | |||||
Professional fees | 39 | |||||
Registration fees | 50 | |||||
Portfolio accounting fees | 27 | |||||
Custodian fees | 17 | |||||
Trustees’ fees | 12 | |||||
Other expense | + | 25 | ||||
Total expenses | 4,423 | |||||
Expense reduction by adviser and Schwab | − | 1,402 | ||||
Net expenses | 3,021 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 11,861 | |||||
Net expenses | − | 3,021 | ||||
Net investment income | 8,840 | |||||
Net realized gains | 4,479 | |||||
Net unrealized losses | + | (285,270 | ) | |||
Decrease in net assets from operations | ($271,951 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $8,840 | $7,451 | ||||||||
Net realized gains | 4,479 | 15,732 | ||||||||
Net unrealized gains (losses) | + | (285,270 | ) | 67,913 | ||||||
Increase (Decrease) in net assets from operations | (271,951 | ) | 91,096 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 9,700 | 10,516 | ||||||||
Distributions from net realized gains | + | 437 | — | |||||||
Total distributions | $10,137 | $10,516 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 11,241 | $147,763 | 11,711 | $170,551 | ||||||||||||||
Shares Reinvested | 666 | 9,651 | 728 | 10,065 | ||||||||||||||
Shares Redeemed | + | (10,225 | ) | (128,596 | ) | (7,299 | ) | (105,663 | ) | |||||||||
Net transactions in fund shares | 1,682 | $28,818 | 5,140 | $74,953 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 43,799 | $682,400 | 38,659 | $526,867 | ||||||||||||||
Total increase or decrease | + | 1,682 | (253,270 | ) | 5,140 | 155,533 | ||||||||||||
End of period | 45,481 | $429,130 | 43,799 | $682,400 | ||||||||||||||
Distributions in excess of net investment income | ($2,911 | ) | ($2,051 | ) |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 21.09 | 19.16 | 16.81 | 15.57 | 14.36 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.37 | 0.40 | 0.30 | 0.27 | 0.21 | |||||||||||||||
Net realized and unrealized gains (losses) | (6.94 | ) | 2.16 | 2.33 | 1.20 | 1.21 | ||||||||||||||
Total from investment operations | (6.57 | ) | 2.56 | 2.63 | 1.47 | 1.42 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.41 | ) | (0.46 | ) | (0.28 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Distributions from net realized gains | (0.40 | ) | (0.17 | ) | — | — | — | |||||||||||||
Total distributions | (0.81 | ) | (0.63 | ) | (0.28 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Net asset value at end of period | 13.71 | 21.09 | 19.16 | 16.81 | 15.57 | |||||||||||||||
Total return (%) | (32.27 | ) | 13.69 | 15.83 | 9.48 | 9.94 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses1 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses1 | 0.71 | 0.70 | 0.71 | 0.72 | 0.73 | |||||||||||||||
Net investment income (loss) | 1.99 | 1.94 | 1.74 | 1.58 | 1.35 | |||||||||||||||
Portfolio turnover rate | 10 | 4 | 7 | 33 | 9 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 454 | 686 | 602 | 657 | 614 |
11/1/07- | 11/1/06- | 4/6/062- | ||||||||||
P Shares | 10/31/08 | 10/31/07 | 10/31/06 | |||||||||
Per—Share Data ($) | ||||||||||||
Net asset value at beginning of period | 21.10 | 19.18 | 18.32 | |||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.37 | 0.42 | 0.10 | |||||||||
Net realized and unrealized gains (losses) | (6.91 | ) | 2.16 | 0.76 | ||||||||
Total from investment operations | (6.54 | ) | 2.58 | 0.86 | ||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.44 | ) | (0.49 | ) | — | |||||||
Distributions from net realized gains | (0.40 | ) | (0.17 | ) | — | |||||||
Total distributions | (0.84 | ) | (0.66 | ) | — | |||||||
Net asset value at end of period | 13.72 | 21.10 | 19.18 | |||||||||
Total return (%) | (32.14 | ) | 13.83 | 4.69 | 3 | |||||||
Ratios/Supplemental Data (%) | ||||||||||||
Ratios to average net assets: | ||||||||||||
Net operating expenses1 | 0.35 | 0.35 | 0.35 | 4 | ||||||||
Gross operating expenses1 | 0.56 | 0.55 | 0.56 | 4 | ||||||||
Net investment income (loss) | 2.10 | 2.07 | 0.95 | 4 | ||||||||
Portfolio turnover rate | 10 | 4 | 7 | 3 | ||||||||
Net assets, end of period ($ x 1,000,000) | 94 | 138 | 119 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
15 | .8% | Common Stock | 68,670 | 86,725 | ||||||||
0 | .0% | Foreign Common Stock | 75 | 44 | ||||||||
84 | .0% | Other Investment Companies | 516,201 | 460,488 | ||||||||
0 | .2% | Short-Term Investment | 1,230 | 1,230 | ||||||||
100 | .0% | Total Investments | 586,176 | 548,487 | ||||||||
0 | .0% | Other Assets and Liabilities, Net | (242 | ) | ||||||||
100 | .0% | Total Net Assets | 548,245 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 15.8% of net assets | ||||||||
Automobiles & Components 0.0% | ||||||||
Ford Motor Co. * | 18,103 | 40 | ||||||
General Motors Corp. | 5,425 | 31 | ||||||
Harley-Davidson, Inc. | 3,000 | 74 | ||||||
Johnson Controls, Inc. | 5,400 | 96 | ||||||
The Goodyear Tire & Rubber Co. * | 1,600 | 14 | ||||||
255 | ||||||||
Banks 0.5% | ||||||||
BB&T Corp. | 5,300 | 190 | ||||||
Comerica, Inc. | 1,700 | 47 | ||||||
Fifth Third Bancorp | 5,369 | 58 | ||||||
First Horizon National Corp. | 1,236 | 15 | ||||||
Hudson City Bancorp, Inc. | 3,500 | 66 | ||||||
Huntington Bancshares, Inc. | 2,262 | 21 | ||||||
KeyCorp | 4,400 | 54 | ||||||
M&T Bank Corp. | 998 | 81 | ||||||
Marshall & Ilsley Corp. | 2,056 | 37 | ||||||
National City Corp. | 6,100 | 16 | ||||||
PNC Financial Services Group, Inc. | 2,800 | 187 | ||||||
Regions Financial Corp. | 7,173 | 80 | ||||||
Sovereign Bancorp, Inc. | 3,885 | 11 | ||||||
SunTrust Banks, Inc. | 3,500 | 141 | ||||||
U.S. Bancorp | 17,972 | 536 | ||||||
Wells Fargo & Co. | 33,230 | 1,131 | ||||||
Zions Bancorp | 900 | 34 | ||||||
2,705 | ||||||||
Capital Goods 1.3% | ||||||||
3M Co. | 7,600 | 489 | ||||||
Caterpillar, Inc. | 6,600 | 252 | ||||||
Cooper Industries Ltd., Class A | 1,800 | 56 | ||||||
Cummins, Inc. | 1,600 | 41 | ||||||
Danaher Corp. | 2,800 | 166 | ||||||
Deere & Co. | 4,600 | 177 | ||||||
Dover Corp. | 2,000 | 64 | ||||||
Eaton Corp. | 1,400 | 62 | ||||||
Emerson Electric Co. | 8,000 | 262 | ||||||
Fastenal Co. | 975 | 39 | ||||||
Flowserve Corp. | 600 | 34 | ||||||
Fluor Corp. | 1,600 | 64 | ||||||
General Dynamics Corp. | 4,000 | 241 | ||||||
General Electric Co. | 107,300 | 2,093 | ||||||
Goodrich Corp. | 1,100 | 40 | ||||||
Honeywell International, Inc. | 8,437 | 257 | ||||||
Illinois Tool Works, Inc. | 4,200 | 140 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 3,783 | 70 | ||||||
ITT Corp. | 1,800 | 80 | ||||||
Jacobs Engineering Group, Inc. * | 1,200 | 44 | ||||||
L-3 Communications Holdings, Inc. | 1,100 | 89 | ||||||
Lockheed Martin Corp. | 3,900 | 332 | ||||||
Masco Corp. | 4,500 | 46 | ||||||
Northrop Grumman Corp. | 3,592 | 168 | ||||||
PACCAR, Inc. | 3,543 | 104 | ||||||
Pall Corp. | 1,000 | 26 | ||||||
Parker Hannifin Corp. | 1,725 | 67 | ||||||
Precision Castparts Corp. | 1,400 | 91 | ||||||
Raytheon Co. | 4,500 | 230 | ||||||
Rockwell Automation, Inc. | 1,900 | 53 | ||||||
Rockwell Collins, Inc. | 1,900 | 71 | ||||||
Terex Corp. * | 800 | 13 | ||||||
Textron, Inc. | 3,000 | 53 | ||||||
The Boeing Co. | 8,078 | 422 | ||||||
The Manitowoc Co., Inc. | 1,300 | 13 | ||||||
Tyco International Ltd. | 4,950 | 125 | ||||||
United Technologies Corp. | 10,000 | 550 | ||||||
W.W. Grainger, Inc. | 900 | 71 | ||||||
7,195 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Allied Waste Industries, Inc. * | 3,100 | 32 | ||||||
Avery Dennison Corp. | 1,200 | 42 | ||||||
Cintas | 1,638 | 39 | ||||||
Equifax, Inc. | 1,200 | 31 | ||||||
Monster Worldwide, Inc. * | 954 | 14 | ||||||
Pitney Bowes, Inc. | 2,300 | 57 | ||||||
R.R. Donnelley & Sons Co. | 2,100 | 35 | ||||||
Robert Half International, Inc. | 1,700 | 32 | ||||||
Waste Management, Inc. | 5,517 | 172 | ||||||
454 | ||||||||
Consumer Durables & Apparel 0.2% | ||||||||
Centex Corp. | 1,200 | 15 | ||||||
Coach, Inc. * | 3,600 | 74 | ||||||
D.R. Horton, Inc. | 2,660 | 20 | ||||||
Eastman Kodak Co. | 3,100 | 28 | ||||||
Fortune Brands, Inc. | 1,400 | 53 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Harman International Industries, Inc. | 700 | 13 | ||||||
Hasbro, Inc. | 1,650 | 48 | ||||||
Jones Apparel Group, Inc. | 1,200 | 13 | ||||||
KB HOME | 800 | 13 | ||||||
Leggett & Platt, Inc. | 2,000 | 35 | ||||||
Lennar Corp., Class A | 1,300 | 10 | ||||||
Liz Claiborne, Inc. | 1,200 | 10 | ||||||
Mattel, Inc. | 4,150 | 62 | ||||||
Newell Rubbermaid, Inc. | 2,745 | 38 | ||||||
NIKE, Inc., Class B | 4,600 | 265 | ||||||
Polo Ralph Lauren Corp. | 500 | 24 | ||||||
Pulte Homes, Inc. | 2,400 | 27 | ||||||
Snap-on, Inc. | 600 | 22 | ||||||
The Black & Decker Corp. | 900 | 46 | ||||||
The Stanley Works | 600 | 20 | ||||||
VF Corp. | 1,200 | 66 | ||||||
Whirlpool Corp. | 907 | 42 | ||||||
944 | ||||||||
Consumer Services 0.3% | ||||||||
Apollo Group, Inc., Class A * | 1,700 | 118 | ||||||
Carnival Corp. | 4,300 | 109 | ||||||
Darden Restaurants, Inc. | 1,800 | 40 | ||||||
H&R Block, Inc. | 3,400 | 67 | ||||||
International Game Technology | 3,400 | 48 | ||||||
Marriott International, Inc., Class A | 3,900 | 82 | ||||||
McDonald’s Corp. | 12,400 | 718 | ||||||
Starbucks Corp. * | 7,920 | 104 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,900 | 43 | ||||||
Wyndham Worldwide Corp. | 1,986 | 16 | ||||||
Yum! Brands, Inc. | 6,240 | 181 | ||||||
1,526 | ||||||||
Diversified Financials 1.1% | ||||||||
American Capital Ltd. | 900 | 13 | ||||||
American Express Co. | 12,300 | 338 | ||||||
Ameriprise Financial, Inc. | 2,300 | 50 | ||||||
Bank of America Corp. | 46,575 | 1,126 | ||||||
Bank of New York Mellon Corp. | 10,986 | 358 | ||||||
Capital One Financial Corp. | 2,900 | 113 | ||||||
CIT Group, Inc. | 2,000 | 8 | ||||||
Citigroup, Inc. | 49,392 | 674 | ||||||
CME Group, Inc. | 340 | 96 | ||||||
Discover Financial Services | 5,450 | 67 | ||||||
E *TRADE Financial Corp. * | 3,500 | 6 | ||||||
Federated Investors, Inc., Class B | 1,100 | 27 | ||||||
Franklin Resources, Inc. | 1,500 | 102 | ||||||
IntercontinentalExchange, Inc. * | 700 | 60 | ||||||
Janus Capital Group, Inc. | 2,200 | 26 | ||||||
JPMorgan Chase & Co. | 37,615 | 1,552 | ||||||
Legg Mason, Inc. | 1,200 | 27 | ||||||
Leucadia National Corp. | 1,500 | 40 | ||||||
Merrill Lynch & Co., Inc. | 8,800 | 164 | ||||||
Moody’s Corp. | 3,000 | 77 | ||||||
Morgan Stanley | 10,900 | 190 | ||||||
Northern Trust Corp. | 2,200 | 124 | ||||||
NYSE Euronext | 2,500 | 75 | ||||||
SLM Corp. * | 4,110 | 44 | ||||||
State Street Corp. | 3,300 | 143 | ||||||
T. Rowe Price Group, Inc. | 2,400 | 95 | ||||||
The Charles Schwab Corp. (a) | 11,242 | 215 | ||||||
The Goldman Sachs Group, Inc. | 4,179 | 386 | ||||||
The Nasdaq OMX Group, Inc. * | 1,400 | 45 | ||||||
6,241 | ||||||||
Energy 2.1% | ||||||||
Anadarko Petroleum Corp. | 4,836 | 171 | ||||||
Apache Corp. | 3,308 | 272 | ||||||
Baker Hughes, Inc. | 3,360 | 117 | ||||||
BJ Services Co. | 3,000 | 39 | ||||||
Cabot Oil & Gas Corp. | 1,000 | 28 | ||||||
Cameron International Corp. * | 2,200 | 53 | ||||||
Chesapeake Energy Corp. | 3,600 | 79 | ||||||
Chevron Corp. | 21,635 | 1,614 | ||||||
ConocoPhillips | 16,440 | 855 | ||||||
CONSOL Energy, Inc. | 1,800 | 56 | ||||||
Devon Energy Corp. | 4,600 | 372 | ||||||
El Paso Corp. | 6,306 | 61 | ||||||
ENSCO International, Inc. | 1,100 | 42 | ||||||
EOG Resources, Inc. | 2,256 | 183 | ||||||
Exxon Mobil Corp. | 57,298 | 4,247 | ||||||
Halliburton Co. | 9,916 | 196 | ||||||
Hess Corp. | 2,520 | 152 | ||||||
Marathon Oil Corp. | 7,178 | 209 | ||||||
Massey Energy Co. | 800 | 18 | ||||||
Murphy Oil Corp. | 1,600 | 81 | ||||||
Nabors Industries Ltd. * | 2,800 | 40 | ||||||
National-Oilwell Varco, Inc. * | 3,200 | 96 | ||||||
Noble Corp. | 2,600 | 84 | ||||||
Noble Energy | 1,500 | 78 | ||||||
Occidental Petroleum Corp. | 7,800 | 433 | ||||||
Peabody Energy Corp. | 1,900 | 66 | ||||||
Pioneer Natural Resources Co. | 1,200 | 33 | ||||||
Range Resources Corp. | 1,300 | 55 | ||||||
Rowan Cos., Inc. | 1,100 | 20 | ||||||
Schlumberger Ltd. | 11,400 | 589 | ||||||
Smith International, Inc. | 1,900 | 65 | ||||||
Southwestern Energy Co. * | 3,500 | 125 | ||||||
Spectra Energy Corp. | 5,674 | 110 | ||||||
Sunoco, Inc. | 1,400 | 43 | ||||||
Tesoro Corp. | 1,400 | 14 | ||||||
The Williams Cos., Inc. | 5,000 | 105 | ||||||
Transocean, Inc. * | 2,689 | 221 | ||||||
Valero Energy Corp. | 6,000 | 123 | ||||||
Weatherford International Ltd. * | 5,440 | 92 | ||||||
XTO Energy, Inc. | 4,166 | 150 | ||||||
11,387 | ||||||||
Food & Staples Retailing 0.5% | ||||||||
Costco Wholesale Corp. | 4,400 | 251 | ||||||
CVS Caremark Corp. | 15,264 | 468 | ||||||
Safeway, Inc. | 4,200 | 89 | ||||||
SUPERVALU, Inc. | 2,043 | 29 | ||||||
Sysco Corp. | 6,200 | 162 | ||||||
The Kroger Co. | 7,200 | 198 | ||||||
Wal-Mart Stores, Inc. | 24,800 | 1,384 | ||||||
Walgreen Co. | 9,900 | 252 | ||||||
Whole Foods Market, Inc. | 1,000 | 11 | ||||||
2,844 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Food, Beverage & Tobacco 1.0% | ||||||||
Altria Group, Inc. | 20,300 | 390 | ||||||
Anheuser-Busch Cos., Inc. | 7,800 | 484 | ||||||
Archer-Daniels-Midland Co. | 6,532 | 135 | ||||||
Brown-Forman Corp., Class B | 1,130 | 51 | ||||||
Campbell Soup Co. | 1,800 | 68 | ||||||
Coca-Cola Enterprises, Inc. | 4,000 | 40 | ||||||
ConAgra Foods, Inc. | 4,900 | 85 | ||||||
Constellation Brands, Inc., Class A * | 1,920 | 24 | ||||||
Dean Foods Co. * | 1,300 | 29 | ||||||
Dr. Pepper Snapple Group, Inc. * | 2,500 | 57 | ||||||
General Mills, Inc. | 3,576 | 242 | ||||||
H.J. Heinz Co. | 3,400 | 149 | ||||||
Kellogg Co. | 2,500 | 126 | ||||||
Kraft Foods, Inc., Class A | 14,048 | 409 | ||||||
Lorillard, Inc. | 1,818 | 120 | ||||||
McCormick & Co., Inc. | 1,400 | 47 | ||||||
Molson Coors Brewing Co., Class B | 1,600 | 60 | ||||||
PepsiCo, Inc. | 16,460 | 938 | ||||||
Philip Morris International, Inc. | 20,300 | 883 | ||||||
Reynolds American, Inc. | 2,284 | 112 | ||||||
Sara Lee Corp. | 7,600 | 85 | ||||||
The Coca-Cola Co. | 20,600 | 908 | ||||||
The Hershey Co. | 1,700 | 63 | ||||||
The Pepsi Bottling Group, Inc. | 1,932 | 45 | ||||||
Tyson Foods, Inc., Class A | 2,500 | 22 | ||||||
UST, Inc. | 1,600 | 108 | ||||||
5,680 | ||||||||
Health Care Equipment & Services 0.7% | ||||||||
Aetna, Inc. | 5,696 | 142 | ||||||
AmerisourceBergen Corp. | 2,000 | 63 | ||||||
Baxter International, Inc. | 6,100 | 369 | ||||||
Becton, Dickinson & Co. | 2,600 | 180 | ||||||
Boston Scientific Corp. * | 10,887 | 98 | ||||||
C.R. Bard, Inc. | 1,000 | 88 | ||||||
Cardinal Health, Inc. | 4,100 | 157 | ||||||
CIGNA Corp. | 4,200 | 69 | ||||||
Coventry Health Care, Inc. * | 1,650 | 22 | ||||||
Covidien Ltd. | 4,950 | 219 | ||||||
Express Scripts, Inc. * | 3,200 | 194 | ||||||
Hospira, Inc. * | 1,530 | 43 | ||||||
Humana, Inc. * | 1,400 | 41 | ||||||
IMS Health, Inc. | 2,300 | 33 | ||||||
Intuitive Surgical, Inc. * | 400 | 69 | ||||||
Laboratory Corp. of America Holdings * | 1,300 | 80 | ||||||
McKesson Corp. | 2,654 | 98 | ||||||
Medco Health Solutions, Inc. * | 5,282 | 200 | ||||||
Medtronic, Inc. | 11,800 | 476 | ||||||
Patterson Cos., Inc. * | 1,300 | 33 | ||||||
Quest Diagnostics, Inc. | 1,802 | 84 | ||||||
St. Jude Medical, Inc. * | 3,500 | 133 | ||||||
Stryker Corp. | 2,884 | 154 | ||||||
Tenet Healthcare Corp. * | 4,650 | 20 | ||||||
UnitedHealth Group, Inc. | 12,600 | 299 | ||||||
Varian Medical Systems, Inc. * | 900 | 41 | ||||||
WellPoint, Inc. * | 5,902 | 229 | ||||||
Zimmer Holdings, Inc. * | 2,300 | 107 | ||||||
3,741 | ||||||||
Household & Personal Products 0.5% | ||||||||
Avon Products, Inc. | 4,800 | 119 | ||||||
Colgate-Palmolive Co. | 5,300 | 333 | ||||||
Kimberly-Clark Corp. | 4,960 | 304 | ||||||
The Clorox Co. | 1,500 | 91 | ||||||
The Estee Lauder Cos., Inc., Class A | 1,100 | 40 | ||||||
The Procter & Gamble Co. | 31,717 | 2,047 | ||||||
2,934 | ||||||||
Insurance 0.4% | ||||||||
Aflac, Inc. | 5,200 | 230 | ||||||
American International Group, Inc. | 25,551 | 49 | ||||||
Aon Corp. | 2,625 | 111 | ||||||
Assurant, Inc. | 1,000 | 25 | ||||||
Cincinnati Financial Corp. | 1,984 | 51 | ||||||
Genworth Financial, Inc., Class A | 3,700 | 18 | ||||||
Lincoln National Corp. | 3,168 | 55 | ||||||
Loews Corp. | 2,202 | 73 | ||||||
Marsh & McLennan Cos., Inc. | 5,200 | 152 | ||||||
MBIA, Inc. | 1,350 | 13 | ||||||
MetLife, Inc. | 7,310 | 243 | ||||||
Principal Financial Group, Inc. | 3,065 | 58 | ||||||
Prudential Financial, Inc. | 5,200 | 156 | ||||||
The Allstate Corp. | 6,700 | 177 | ||||||
The Chubb Corp. | 3,800 | 197 | ||||||
The Hartford Financial Services Group, Inc. | 2,900 | 30 | ||||||
The Progressive Corp. | 8,400 | 120 | ||||||
The Travelers Cos., Inc. | 6,453 | 275 | ||||||
Torchmark Corp. | 1,100 | 46 | ||||||
Unum Group | 2,349 | 37 | ||||||
XL Capital Ltd., Class A | 1,300 | 13 | ||||||
2,129 | ||||||||
Materials 0.5% | ||||||||
Air Products & Chemicals, Inc. | 2,300 | 134 | ||||||
AK Steel Holding Corp. | 750 | 10 | �� | |||||
Alcoa, Inc. | 8,472 | 98 | ||||||
Allegheny Technologies, Inc. | 735 | 20 | ||||||
Ashland, Inc. | 800 | 18 | ||||||
Ball Corp. | 800 | 27 | ||||||
Bemis Co., Inc. | 1,000 | 25 | ||||||
CF Industries Holdings, Inc. | 500 | 32 | ||||||
E.I. du Pont de Nemours & Co. | 9,592 | 307 | ||||||
Eastman Chemical Co. | 800 | 32 | ||||||
Ecolab, Inc. | 2,200 | 82 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 2,919 | 85 | ||||||
Hercules, Inc. | 900 | 15 | ||||||
International Flavors & Fragrances, Inc. | 1,100 | 35 | ||||||
International Paper Co. | 4,846 | 83 | ||||||
MeadWestvaco Corp. | 1,970 | 28 | ||||||
Monsanto Co. | 4,986 | 444 | ||||||
Newmont Mining Corp. | 4,201 | 111 | ||||||
Nucor Corp. | 3,600 | 146 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Pactiv Corp. * | 1,500 | 35 | ||||||
PPG Industries, Inc. | 1,700 | 84 | ||||||
Praxair, Inc. | 3,200 | 208 | ||||||
Rohm & Haas Co. | 1,505 | 106 | ||||||
Sealed Air Corp. | 1,764 | 30 | ||||||
Sigma-Aldrich Corp. | 1,200 | 53 | ||||||
The Dow Chemical Co. | 9,394 | 251 | ||||||
Titanium Metals Corp. | 900 | 8 | ||||||
United States Steel Corp. | 900 | 33 | ||||||
Vulcan Materials Co. | 800 | 43 | ||||||
Weyerhaeuser Co. | 2,300 | 88 | ||||||
2,671 | ||||||||
Media 0.4% | ||||||||
CBS Corp., Class B | 7,905 | 77 | ||||||
Comcast Corp., Class A | 31,764 | 501 | ||||||
Gannett Co., Inc. | 2,500 | 27 | ||||||
Meredith Corp. | 500 | 10 | ||||||
News Corp., Class A | 24,300 | 258 | ||||||
Omnicom Group, Inc. | 3,600 | 106 | ||||||
Scripps Networks Interactive, Class A | 800 | 23 | ||||||
The DIRECTV Group, Inc. * | 5,400 | 118 | ||||||
The Interpublic Group of Cos., Inc. * | 3,700 | 19 | ||||||
The McGraw-Hill Cos., Inc. | 3,800 | 102 | ||||||
The New York Times Co., Class A | 1,400 | 14 | ||||||
The Walt Disney Co. | 20,119 | 521 | ||||||
The Washington Post Co., Class B | 25 | 11 | ||||||
Time Warner, Inc. | 39,250 | 396 | ||||||
Viacom, Inc., Class B * | 6,905 | 140 | ||||||
2,323 | ||||||||
Pharmaceuticals & Biotechnology 1.5% | ||||||||
Abbott Laboratories | 15,300 | 844 | ||||||
Allergan, Inc. | 2,600 | 103 | ||||||
Amgen, Inc. * | 12,138 | 727 | ||||||
Applied Biosystems, Inc. | 2,000 | 62 | ||||||
Barr Pharmaceuticals, Inc. * | 1,100 | 71 | ||||||
Biogen Idec, Inc. * | 3,125 | 133 | ||||||
Bristol-Myers Squibb Co. | 19,000 | 390 | ||||||
Celgene Corp. * | 2,600 | 167 | ||||||
Eli Lilly & Co. | 9,900 | 335 | ||||||
Forest Laboratories, Inc. * | 3,400 | 79 | ||||||
Genzyme Corp. * | 2,400 | 175 | ||||||
Gilead Sciences, Inc. * | 8,600 | 394 | ||||||
Johnson & Johnson | 29,254 | 1,794 | ||||||
King Pharmaceuticals, Inc. * | 2,133 | 19 | ||||||
Merck & Co., Inc. | 21,600 | 669 | ||||||
Millipore Corp. * | 400 | 21 | ||||||
Mylan, Inc. * | 2,600 | 22 | ||||||
PerkinElmer, Inc. | 1,000 | 18 | ||||||
Pfizer, Inc. | 73,476 | 1,301 | ||||||
Schering-Plough Corp. | 14,100 | 204 | ||||||
Thermo Fisher Scientific, Inc. * | 3,530 | 143 | ||||||
Waters Corp. * | 1,300 | 57 | ||||||
Watson Pharmaceuticals, Inc. * | 1,000 | 26 | ||||||
Wyeth | 13,100 | 422 | ||||||
8,176 | ||||||||
Real Estate 0.1% | ||||||||
Apartment Investment & Management Co., Class A | 999 | 14 | ||||||
AvalonBay Communities, Inc. | 600 | 42 | ||||||
Boston Properties, Inc. | 800 | 57 | ||||||
CB Richard Ellis Group, Inc., Class A * | 1,300 | 9 | ||||||
Developers Diversified Realty Corp. | 1,200 | 16 | ||||||
Equity Residential | 2,600 | 91 | ||||||
General Growth Properties, Inc. | 2,400 | 10 | ||||||
HCP, Inc. | 2,200 | 66 | ||||||
Host Hotels & Resorts, Inc. | 5,000 | 52 | ||||||
Kimco Realty Corp. | 431 | 10 | ||||||
Plum Creek Timber Co., Inc. | 1,700 | 63 | ||||||
ProLogis | 1,700 | 24 | ||||||
Public Storage | 800 | 65 | ||||||
Simon Property Group, Inc. | 2,200 | 147 | ||||||
Vornado Realty Trust | 1,200 | 85 | ||||||
751 | ||||||||
Retailing 0.5% | ||||||||
Abercrombie & Fitch Co., Class A | 800 | 23 | ||||||
Amazon.com, Inc. * | 3,000 | 172 | ||||||
AutoNation, Inc. * | 2,190 | 15 | ||||||
AutoZone, Inc. * | 800 | 102 | ||||||
Bed, Bath & Beyond, Inc. * | 2,800 | 72 | ||||||
Best Buy Co., Inc. | 4,505 | 121 | ||||||
Big Lots, Inc. * | 1,100 | 27 | ||||||
Dillard’s, Inc., Class A | 500 | 3 | ||||||
Expedia, Inc. * | 2,000 | 19 | ||||||
Family Dollar Stores, Inc. | 1,700 | 46 | ||||||
GameStop Corp., Class A * | 1,600 | 44 | ||||||
Genuine Parts Co. | 1,800 | 71 | ||||||
J.C. Penney Co., Inc. | 2,800 | 67 | ||||||
Kohl’s Corp. * | 3,200 | 112 | ||||||
Limited Brands, Inc. | 3,738 | 45 | ||||||
Lowe’s Cos., Inc. | 15,200 | 330 | ||||||
Macy’s, Inc. | 5,144 | 63 | ||||||
Nordstrom, Inc. | 2,600 | 47 | ||||||
Office Depot, Inc. * | 3,300 | 12 | ||||||
RadioShack Corp. | 1,900 | 24 | ||||||
Sears Holdings Corp. * | 1,000 | 58 | ||||||
Staples, Inc. | 7,125 | 138 | ||||||
Target Corp. | 8,800 | 353 | ||||||
The Gap, Inc. | 5,300 | 68 | ||||||
The Home Depot, Inc. | 18,936 | 447 | ||||||
The Sherwin-Williams Co. | 1,200 | 68 | ||||||
The TJX Cos., Inc. | 5,200 | 139 | ||||||
Tiffany & Co. | 1,400 | 38 | ||||||
2,724 | ||||||||
Semiconductors & Semiconductor Equipment 0.4% | ||||||||
Advanced Micro Devices, Inc. * | 3,840 | 13 | ||||||
Altera Corp. | 3,680 | 64 | ||||||
Analog Devices, Inc. | 3,400 | 73 | ||||||
Applied Materials, Inc. | 16,200 | 209 | ||||||
Broadcom Corp., Class A * | 4,350 | 74 | ||||||
Intel Corp. | 59,030 | 944 | ||||||
KLA-Tencor Corp. | 1,800 | 42 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Linear Technology Corp. | 3,000 | 68 | ||||||
LSI Corp. * | 3,000 | 12 | ||||||
MEMC Electronic Materials, Inc. * | 2,000 | 37 | ||||||
Microchip Technology, Inc. | 2,000 | 49 | ||||||
Micron Technology, Inc. * | 5,400 | 25 | ||||||
National Semiconductor Corp. | 3,400 | 45 | ||||||
Novellus Systems, Inc. * | 1,325 | 21 | ||||||
NVIDIA Corp. * | 4,200 | 37 | ||||||
Teradyne, Inc. * | 1,700 | 9 | ||||||
Texas Instruments, Inc. | 14,800 | 289 | ||||||
Xilinx, Inc. | 3,200 | 59 | ||||||
2,070 | ||||||||
Software & Services 1.0% | ||||||||
Adobe Systems, Inc. * | 4,800 | 128 | ||||||
Affiliated Computer Services, Inc., Class A * | 1,271 | 52 | ||||||
Akamai Technologies, Inc. * | 1,600 | 23 | ||||||
Autodesk, Inc. * | 2,400 | 51 | ||||||
Automatic Data Processing, Inc. | 5,700 | 199 | ||||||
BMC Software, Inc. * | 2,400 | 62 | ||||||
CA, Inc. | 5,625 | 100 | ||||||
Citrix Systems, Inc. * | 1,800 | 46 | ||||||
Cognizant Technology Solutions Corp., Class A * | 2,800 | 54 | ||||||
Computer Sciences Corp. * | 1,680 | 51 | ||||||
Compuware Corp. * | 3,600 | 23 | ||||||
Convergys Corp. * | 1,354 | 10 | ||||||
eBay, Inc. * | 11,036 | 169 | ||||||
Electronic Arts, Inc. * | 2,866 | 65 | ||||||
Fidelity National Information Services, Inc. | 1,600 | 24 | ||||||
Fiserv, Inc. * | 1,800 | 60 | ||||||
Google, Inc., Class A * | 2,100 | 755 | ||||||
Intuit, Inc. * | 3,944 | 99 | ||||||
MasterCard, Inc., Class A | 700 | 103 | ||||||
Microsoft Corp. | 86,420 | 1,930 | ||||||
Novell, Inc. * | 3,200 | 15 | ||||||
Oracle Corp. * | 38,295 | 700 | ||||||
Paychex, Inc. | 3,600 | 103 | ||||||
Salesforce.com, Inc. * | 828 | 26 | ||||||
Symantec Corp. * | 9,321 | 117 | ||||||
Total System Services, Inc. | 2,000 | 27 | ||||||
Unisys Corp. * | 3,100 | 5 | ||||||
VeriSign, Inc. * | 2,500 | 53 | ||||||
Western Union Co. | 7,888 | 120 | ||||||
Yahoo!, Inc. * | 12,600 | 162 | ||||||
5,332 | ||||||||
Technology Hardware & Equipment 1.2% | ||||||||
Agilent Technologies, Inc. * | 4,437 | 98 | ||||||
Amphenol Corp., Class A | 1,800 | 52 | ||||||
Apple, Inc. * | 8,000 | 861 | ||||||
Ciena Corp. * | 457 | 4 | ||||||
Cisco Systems, Inc. * | 61,500 | 1,093 | ||||||
Corning, Inc. | 13,900 | 151 | ||||||
Dell, Inc. * | 23,740 | 288 | ||||||
EMC Corp. * | 23,186 | 273 | ||||||
Harris Corp. | 1,400 | 50 | ||||||
Hewlett-Packard Co. | 28,403 | 1,087 | ||||||
International Business Machines Corp. | 15,620 | 1,452 | ||||||
Jabil Circuit, Inc. | 1,998 | 17 | ||||||
JDS Uniphase Corp. * | 1,573 | 9 | ||||||
Juniper Networks, Inc. * | 4,200 | 79 | ||||||
Lexmark International, Inc., Class A * | 1,300 | 34 | ||||||
Molex, Inc. | 1,875 | 27 | ||||||
Motorola, Inc. | 24,131 | 130 | ||||||
NetApp, Inc. * | 3,400 | 46 | ||||||
QLogic Corp. * | 1,738 | 21 | ||||||
QUALCOMM, Inc. | 16,200 | 620 | ||||||
SanDisk Corp. * | 1,800 | 16 | ||||||
Sun Microsystems, Inc. * | 7,700 | 35 | ||||||
Tellabs, Inc. * | 4,000 | 17 | ||||||
Teradata Corp. * | 2,000 | 31 | ||||||
Tyco Electronics Ltd. | 4,950 | 96 | ||||||
Xerox Corp. | 9,400 | 75 | ||||||
6,662 | ||||||||
Telecommunication Services 0.5% | ||||||||
American Tower Corp., Class A * | 4,100 | 132 | ||||||
AT&T, Inc. | 61,655 | 1,651 | ||||||
CenturyTel, Inc. | 1,350 | 34 | ||||||
Embarq Corp. | 1,428 | 43 | ||||||
Frontier Communications Corp. | 2,576 | 20 | ||||||
Qwest Communications International, Inc. | 15,773 | 45 | ||||||
Sprint Nextel Corp. | 28,569 | 89 | ||||||
Verizon Communications, Inc. | 27,258 | 809 | ||||||
Windstream Corp. | 3,856 | 29 | ||||||
2,852 | ||||||||
Transportation 0.4% | ||||||||
Burlington Northern Santa Fe Corp. | 3,800 | 338 | ||||||
C.H. Robinson Worldwide, Inc. | 1,700 | 88 | ||||||
CSX Corp. | 4,400 | 201 | ||||||
Expeditors International of Washington, Inc. | 2,000 | 65 | ||||||
FedEx Corp. | 2,920 | 191 | ||||||
Norfolk Southern Corp. | 3,600 | 216 | ||||||
Ryder System, Inc. | 400 | 16 | ||||||
Southwest Airlines Co. | 7,480 | 88 | ||||||
Union Pacific Corp. | 5,000 | 334 | ||||||
United Parcel Service, Inc., Class B | 10,818 | 571 | ||||||
2,108 | ||||||||
Utilities 0.6% | ||||||||
Allegheny Energy, Inc. | 1,070 | 32 | ||||||
Ameren Corp. | 1,800 | 58 | ||||||
American Electric Power Co., Inc. | 3,860 | 126 | ||||||
CenterPoint Energy, Inc. | 2,949 | 34 | ||||||
CMS Energy Corp. | 1,000 | 10 | ||||||
Consolidated Edison, Inc. | 2,100 | 91 | ||||||
Constellation Energy Group, Inc. | 1,700 | 41 | ||||||
Dominion Resources, Inc. | 5,756 | 209 | ||||||
DTE Energy Co. | 1,700 | 60 | ||||||
Duke Energy Corp. | 11,348 | 186 | ||||||
Dynegy, Inc., Class A * | 3,100 | 11 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Edison International | 3,200 | 114 | ||||||
Entergy Corp. | 2,100 | 164 | ||||||
Exelon Corp. | 6,524 | 354 | ||||||
FirstEnergy Corp. | 3,195 | 167 | ||||||
FPL Group, Inc. | 3,800 | 180 | ||||||
Integrys Energy Group, Inc. | 165 | 8 | ||||||
Nicor, Inc. | 500 | 23 | ||||||
NiSource, Inc. | 2,646 | 34 | ||||||
Pepco Holdings, Inc. | 2,000 | 41 | ||||||
PG&E Corp. | 4,000 | 147 | ||||||
Pinnacle West Capital Corp. | 800 | 25 | ||||||
PPL Corp. | 3,600 | 118 | ||||||
Progress Energy, Inc. | 2,475 | 98 | ||||||
Public Service Enterprise Group, Inc. | 4,600 | 130 | ||||||
Questar Corp. | 1,200 | 41 | ||||||
Sempra Energy | 2,103 | 90 | ||||||
Southern Co. | 7,200 | 247 | ||||||
TECO Energy, Inc. | 1,300 | 15 | ||||||
The AES Corp. * | 6,000 | 48 | ||||||
Wisconsin Energy Corp. | 1,200 | 52 | ||||||
Xcel Energy, Inc. | 3,850 | 67 | ||||||
3,021 | ||||||||
Total Common Stock (Cost $68,670) | 86,725 | |||||||
Foreign Common Stock 0.0% of net assets | ||||||||
Bermuda 0.0% | ||||||||
Invesco Ltd. | 2,983 | 44 | ||||||
Total Common Stock (Cost $75) | 44 | |||||||
Other Investment Companies 84.0% of net assets | ||||||||
Schwab Institutional Select S&P 500 Fund (a) | 17,368,767 | 135,303 | ||||||
Schwab International Index Fund, Select Shares (a) | 7,559,140 | 105,450 | ||||||
Schwab Small-Cap Index Fund, Select Shares (a) | 7,975,718 | 110,463 | ||||||
Schwab Total Bond Market Fund (a) | 9,539,883 | 81,852 | ||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 27,419,712 | 27,420 | ||||||
Total Other Investment Companies (Cost $516,201) | 460,488 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.2% of net assets | ||||||||
Commercial Paper & Other Obligations 0.2% | ||||||||
Citibank, London Time Deposit, | ||||||||
0.56%, 11/03/08 | 1,230 | 1,230 | ||||||
Total Short-Term Investment (Cost $1,230) | 1,230 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $593,418 and the unrealized appreciation and depreciation were $37,704 and ($82,635), respectively, with a net unrealized depreciation of ($44,931). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds and stocks, at value (cost $516,282) | $460,703 | |||||
Investments in unaffiliated issuers, at value (cost $69,894) | + | 87,784 | ||||
Total investments, at value (cost $586,176) | 548,487 | |||||
Receivables: | ||||||
Investments sold | 3 | |||||
Dividends | 558 | |||||
Fund shares sold | 530 | |||||
Prepaid expenses | + | 4 | ||||
Total assets | 549,582 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 454 | |||||
Investment adviser and administrator fees | 7 | |||||
Transfer agent and shareholder services fees | 9 | |||||
Fund shares redeemed | 794 | |||||
Accrued expenses | + | 73 | ||||
Total liabilities | 1,337 | |||||
Net Assets | ||||||
Total assets | 549,582 | |||||
Total liabilities | − | 1,337 | ||||
Net assets | $548,245 | |||||
Net Assets by Source | ||||||
Capital received from investors | 571,312 | |||||
Net investment income not yet distributed | 4,220 | |||||
Net realized capital gains | 10,402 | |||||
Net unrealized capital losses | (37,689 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $453,987 | 33,106 | $13.71 | |||||||||
P Shares | $94,258 | 6,870 | $13.72 |
Investment Income | ||||||
Dividends received from affiliated underlying funds and stocks | $15,323 | |||||
Dividends received from unaffiliated issuers | 2,592 | |||||
Interest | + | 161 | ||||
Total investment income | 18,076 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sales of affiliated underlying funds | (6,283 | ) | ||||
Realized capital gains distributions received from affiliated underlying funds | 23,308 | |||||
Net realized losses on unaffiliated investments | + | (1,044 | ) | |||
Net realized gains | 15,981 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds and stocks | (245,982 | ) | ||||
Net unrealized losses on unaffiliated investments | + | (49,776 | ) | |||
Net unrealized losses | (295,758 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 3,091 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 1,511 | |||||
P Shares | 124 | |||||
Shareholder reports | 100 | |||||
Professional fees | 41 | |||||
Portfolio accounting fees | 39 | |||||
Registration fees | 29 | |||||
Custodian fees | 19 | |||||
Trustees’ fees | 13 | |||||
Other expenses | + | 27 | ||||
Total expenses | 4,994 | |||||
Expense reduction by adviser and Schwab | − | 1,537 | ||||
Net expenses | 3,457 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 18,076 | |||||
Net expenses | − | 3,457 | ||||
Net investment income | 14,619 | |||||
Net realized gains | 15,981 | |||||
Net unrealized losses | + | (295,758 | ) | |||
Decrease in net assets from operations | ($265,158 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $14,619 | $15,372 | ||||||||
Net realized gains | 15,981 | 19,823 | ||||||||
Net unrealized gains (losses) | + | (295,758 | ) | 65,110 | ||||||
Increase (Decrease) in net assets from operations | (265,158 | ) | 100,305 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 13,372 | 14,374 | ||||||||
P Shares | + | 3,067 | 3,227 | |||||||
Total distributions from net investment income | 16,439 | 17,601 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 13,018 | 5,401 | ||||||||
P Shares | + | 2,778 | 1,126 | |||||||
Total distributions from net realized gains | 15,796 | 6,527 | ||||||||
Total distributions | $32,235 | $24,128 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 5,270 | $93,615 | 5,776 | $114,724 | ||||||||||||||
P Shares | + | 1,702 | 31,974 | 1,197 | 23,356 | |||||||||||||
Total shares sold | 6,972 | $125,589 | 6,973 | $138,080 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 1,316 | $25,447 | 999 | $19,078 | ||||||||||||||
P Shares | + | 302 | 5,845 | 228 | 4,353 | |||||||||||||
Total shares reinvested | 1,618 | $31,292 | 1,227 | $23,431 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (6,000 | ) | ($104,934 | ) | (5,670 | ) | ($112,764 | ) | ||||||||||
P Shares | + | (1,659 | ) | (29,888 | ) | (1,092 | ) | (21,946 | ) | |||||||||
Total shares redeemed | (7,659 | ) | ($134,822 | ) | (6,762 | ) | ($134,710 | ) | ||||||||||
Net transactions in fund shares | 931 | $22,059 | 1,438 | $26,801 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 39,045 | $823,579 | 37,607 | $720,601 | ||||||||||||||
Total increase or decrease | + | 931 | (275,334 | ) | 1,438 | 102,978 | ||||||||||||
End of period | 39,976 | $548,245 | 39,045 | $823,579 | ||||||||||||||
Net investment income not yet distributed | $4,220 | $5,523 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | ||||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 18.13 | 17.04 | 15.46 | 14.66 | 13.78 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.42 | 0.47 | 0.38 | 0.34 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) | (5.06 | ) | 1.41 | 1.58 | 0.74 | 0.88 | ||||||||||||||
Total from investment operations | (4.64 | ) | 1.88 | 1.96 | 1.08 | 1.17 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.48 | ) | (0.50 | ) | (0.34 | ) | (0.28 | ) | (0.29 | ) | ||||||||||
Distributions from net realized gains | (0.27 | ) | (0.29 | ) | (0.04 | ) | — | — | ||||||||||||
Total distributions | (0.75 | ) | (0.79 | ) | (0.38 | ) | (0.28 | ) | (0.29 | ) | ||||||||||
Net asset value at end of period | 12.74 | 18.13 | 17.04 | 15.46 | 14.66 | |||||||||||||||
Total return (%) | (26.59 | ) | 11.38 | 12.92 | 7.41 | 8.61 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses1 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses1 | 0.72 | 0.72 | 0.73 | 0.73 | 0.74 | |||||||||||||||
Net investment income (loss) | 2.57 | 2.65 | 2.35 | 2.20 | 2.03 | |||||||||||||||
Portfolio turnover rate | 17 | 6 | 8 | 25 | 11 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 405 | 598 | 534 | 519 | 541 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
14 | .3% | Common Stock | 46,398 | 57,908 | ||||||||
0 | .0% | Foreign Common Stock | 50 | 30 | ||||||||
84 | .4% | Other Investment Companies | 375,659 | 341,712 | ||||||||
1 | .8% | Short-Term Investments | 7,190 | 7,190 | ||||||||
100 | .5% | Total Investments | 429,297 | 406,840 | ||||||||
(0 | .5)% | Other Assets and Liabilities, Net | (1,841 | ) | ||||||||
100 | .0% | Total Net Assets | 404,999 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 14.3% of net assets | ||||||||
Automobiles & Components 0.0% | ||||||||
Ford Motor Co. * | 12,185 | 27 | ||||||
General Motors Corp. | 3,650 | 21 | ||||||
Harley-Davidson, Inc. | 1,700 | 42 | ||||||
Johnson Controls, Inc. | 3,600 | 64 | ||||||
The Goodyear Tire & Rubber Co. * | 1,600 | 14 | ||||||
168 | ||||||||
Banks 0.5% | ||||||||
BB&T Corp. | 3,600 | 129 | ||||||
Comerica, Inc. | 1,100 | 30 | ||||||
Fifth Third Bancorp | 4,058 | 44 | ||||||
First Horizon National Corp. | 824 | 10 | ||||||
Hudson City Bancorp, Inc. | 2,400 | 45 | ||||||
Huntington Bancshares, Inc. | 1,597 | 15 | ||||||
KeyCorp | 3,000 | 37 | ||||||
M&T Bank Corp. | 500 | 41 | ||||||
Marshall & Ilsley Corp. | 1,344 | 24 | ||||||
National City Corp. | 4,100 | 11 | ||||||
PNC Financial Services Group, Inc. | 2,100 | 140 | ||||||
Regions Financial Corp. | 5,151 | 57 | ||||||
Sovereign Bancorp, Inc. * | 1,890 | 6 | ||||||
SunTrust Banks, Inc. | 2,300 | 92 | ||||||
U.S. Bancorp | 11,654 | 347 | ||||||
Wells Fargo & Co. | 22,470 | 765 | ||||||
Zions Bancorp | 600 | 23 | ||||||
1,816 | ||||||||
Capital Goods 1.2% | ||||||||
3M Co. | 5,000 | 322 | ||||||
Caterpillar, Inc. | 4,300 | 164 | ||||||
Cooper Industries Ltd., Class A | 1,600 | 50 | ||||||
Cummins, Inc. | 1,200 | 31 | ||||||
Danaher Corp. | 2,000 | 118 | ||||||
Deere & Co. | 3,000 | 116 | ||||||
Dover Corp. | 1,400 | 44 | ||||||
Eaton Corp. | 1,000 | 45 | ||||||
Emerson Electric Co. | 5,600 | 183 | ||||||
Fastenal Co. | 675 | 27 | ||||||
Flowserve Corp. | 400 | 23 | ||||||
Fluor Corp. | 1,000 | 40 | ||||||
General Dynamics Corp. | 2,600 | 157 | ||||||
General Electric Co. | 71,560 | 1,396 | ||||||
Goodrich Corp. | 700 | 26 | ||||||
Honeywell International, Inc. | 5,700 | 174 | ||||||
Illinois Tool Works, Inc. | 2,800 | 93 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 2,453 | 45 | ||||||
ITT Corp. | 1,400 | 62 | ||||||
Jacobs Engineering Group, Inc. * | 800 | 29 | ||||||
L-3 Communications Holdings, Inc. | 700 | 57 | ||||||
Lockheed Martin Corp. | 2,400 | 204 | ||||||
Masco Corp. | 3,000 | 30 | ||||||
Northrop Grumman Corp. | 2,456 | 115 | ||||||
PACCAR, Inc. | 2,362 | 69 | ||||||
Pall Corp. | 1,100 | 29 | ||||||
Parker Hannifin Corp. | 1,050 | 41 | ||||||
Precision Castparts Corp. | 900 | 58 | ||||||
Raytheon Co. | 3,200 | 164 | ||||||
Rockwell Automation, Inc. | 800 | 22 | ||||||
Rockwell Collins, Inc. | 1,200 | 45 | ||||||
Terex Corp. * | 500 | 8 | ||||||
Textron, Inc. | 2,000 | 35 | ||||||
The Boeing Co. | 5,484 | 287 | ||||||
The Manitowoc Co., Inc. | 800 | 8 | ||||||
Tyco International Ltd. | 3,237 | 82 | ||||||
United Technologies Corp. | 6,900 | 379 | ||||||
W.W. Grainger, Inc. | 600 | 47 | ||||||
4,825 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Allied Waste Industries, Inc. * | 2,100 | 22 | ||||||
Avery Dennison Corp. | 700 | 24 | ||||||
Cintas | 402 | 10 | ||||||
Equifax, Inc. | 900 | 23 | ||||||
Monster Worldwide, Inc. * | 666 | 9 | ||||||
Pitney Bowes, Inc. | 1,600 | 40 | ||||||
R.R. Donnelley & Sons Co. | 1,800 | 30 | ||||||
Robert Half International, Inc. | 1,200 | 23 | ||||||
Waste Management, Inc. | 3,712 | 116 | ||||||
297 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Centex Corp. | 800 | 10 | ||||||
Coach, Inc. * | 2,700 | 56 | ||||||
D.R. Horton, Inc. | 1,790 | 13 | ||||||
Eastman Kodak Co. | 2,000 | 18 | ||||||
Fortune Brands, Inc. | 1,000 | 38 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Harman International Industries, Inc. | 300 | 5 | ||||||
Hasbro, Inc. | 1,275 | 37 | ||||||
Jones Apparel Group, Inc. | 800 | 9 | ||||||
KB HOME | 600 | 10 | ||||||
Leggett & Platt, Inc. | 300 | 5 | ||||||
Lennar Corp., Class A | 900 | 7 | ||||||
Liz Claiborne, Inc. | 800 | 6 | ||||||
Mattel, Inc. | 2,825 | 42 | ||||||
Newell Rubbermaid, Inc. | 1,872 | 26 | ||||||
NIKE, Inc., Class B | 2,600 | 150 | ||||||
Polo Ralph Lauren Corp. | 500 | 24 | ||||||
Pulte Homes, Inc. | 700 | 8 | ||||||
Snap-on, Inc. | 650 | 24 | ||||||
The Black & Decker Corp. | 600 | 30 | ||||||
The Stanley Works | 600 | 20 | ||||||
VF Corp. | 800 | 44 | ||||||
Whirlpool Corp. | 271 | 13 | ||||||
595 | ||||||||
Consumer Services 0.2% | ||||||||
Apollo Group, Inc., Class A * | 1,100 | 76 | ||||||
Carnival Corp. | 2,870 | 73 | ||||||
Darden Restaurants, Inc. | 950 | 21 | ||||||
H&R Block, Inc. | 1,200 | 24 | ||||||
International Game Technology | 2,100 | �� | 29 | |||||
Marriott International, Inc., Class A | 2,200 | 46 | ||||||
McDonald’s Corp. | 8,100 | 469 | ||||||
Starbucks Corp. * | 4,880 | 64 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,200 | 27 | ||||||
Wyndham Worldwide Corp. | 1,283 | 11 | ||||||
Yum! Brands, Inc. | 4,120 | 120 | ||||||
960 | ||||||||
Diversified Financials 1.0% | ||||||||
American Capital Ltd. | 600 | 8 | ||||||
American Express Co. | 8,310 | 229 | ||||||
Ameriprise Financial, Inc. | 1,842 | 40 | ||||||
Bank of America Corp. | 31,064 | 751 | ||||||
Bank of New York Mellon Corp. | 7,422 | 242 | ||||||
Capital One Financial Corp. | 2,400 | 94 | ||||||
CIT Group, Inc. | 1,300 | 5 | ||||||
Citigroup, Inc. | 32,666 | 446 | ||||||
CME Group, Inc. | 230 | 65 | ||||||
Discover Financial Services | 3,605 | 44 | ||||||
E *TRADE Financial Corp. * | 2,400 | 4 | ||||||
Federated Investors, Inc., Class B | 700 | 17 | ||||||
Franklin Resources, Inc. | 1,210 | 82 | ||||||
IntercontinentalExchange, Inc. * | 500 | 43 | ||||||
Janus Capital Group, Inc. | 1,400 | 16 | ||||||
JPMorgan Chase & Co. | 25,113 | 1,036 | ||||||
Legg Mason, Inc. | 800 | 18 | ||||||
Leucadia National Corp. | 1,000 | 27 | ||||||
Merrill Lynch & Co., Inc. | 5,900 | 110 | ||||||
Moody’s Corp. | 2,000 | 51 | ||||||
Morgan Stanley | 7,210 | 126 | ||||||
Northern Trust Corp. | 1,400 | 79 | ||||||
NYSE Euronext | 1,500 | 45 | ||||||
SLM Corp. * | 2,200 | 23 | ||||||
State Street Corp. | 2,400 | 104 | ||||||
T. Rowe Price Group, Inc. | 2,000 | 79 | ||||||
The Charles Schwab Corp. (a) | 6,883 | 132 | ||||||
The Goldman Sachs Group, Inc. | 2,779 | 257 | ||||||
The Nasdaq OMX Group, Inc. * | 900 | 29 | ||||||
4,202 | ||||||||
Energy 1.8% | ||||||||
Anadarko Petroleum Corp. | 3,020 | 107 | ||||||
Apache Corp. | 2,048 | 169 | ||||||
Baker Hughes, Inc. | 1,750 | 61 | ||||||
BJ Services Co. | 1,200 | 15 | ||||||
Cabot Oil & Gas Corp. | 700 | 20 | ||||||
Cameron International Corp. * | 1,500 | 36 | ||||||
Chesapeake Energy Corp. | 2,300 | 50 | ||||||
Chevron Corp. | 14,127 | 1,054 | ||||||
ConocoPhillips | 10,585 | 551 | ||||||
CONSOL Energy, Inc. | 1,200 | 38 | ||||||
Devon Energy Corp. | 2,600 | 210 | ||||||
El Paso Corp. | 3,222 | 31 | ||||||
ENSCO International, Inc. | 800 | 30 | ||||||
EOG Resources, Inc. | 1,518 | 123 | ||||||
Exxon Mobil Corp. | 37,910 | 2,810 | ||||||
Halliburton Co. | 6,748 | 133 | ||||||
Hess Corp. | 1,800 | 108 | ||||||
Marathon Oil Corp. | 4,436 | 129 | ||||||
Massey Energy Co. | 500 | 11 | ||||||
Murphy Oil Corp. | 1,100 | 56 | ||||||
Nabors Industries Ltd. * | 2,000 | 29 | ||||||
National-Oilwell Varco, Inc. * | 2,260 | 68 | ||||||
Noble Corp. | 1,800 | 58 | ||||||
Noble Energy | 1,000 | 52 | ||||||
Occidental Petroleum Corp. | 5,400 | 300 | ||||||
Peabody Energy Corp. | 1,300 | 45 | ||||||
Pioneer Natural Resources Co. | 800 | 22 | ||||||
Range Resources Corp. | 800 | 34 | ||||||
Rowan Cos., Inc. | 600 | 11 | ||||||
Schlumberger Ltd. | 7,800 | 403 | ||||||
Smith International, Inc. | 1,300 | 45 | ||||||
Southwestern Energy Co. * | 2,300 | 82 | ||||||
Spectra Energy Corp. | 3,756 | 73 | ||||||
Sunoco, Inc. | 500 | 15 | ||||||
Tesoro Corp. | 900 | 9 | ||||||
The Williams Cos., Inc. | 3,000 | 63 | ||||||
Transocean, Inc. * | 1,479 | 122 | ||||||
Valero Energy Corp. | 4,000 | 82 | ||||||
Weatherford International Ltd. * | 3,640 | 61 | ||||||
XTO Energy, Inc. | 2,832 | 102 | ||||||
7,418 | ||||||||
Food & Staples Retailing 0.5% | ||||||||
Costco Wholesale Corp. | 3,000 | 171 | ||||||
CVS Caremark Corp. | 10,189 | 312 | ||||||
Safeway, Inc. | 2,800 | 60 | ||||||
SUPERVALU, Inc. | 786 | 11 | ||||||
Sysco Corp. | 3,500 | 92 | ||||||
The Kroger Co. | 5,300 | 145 | ||||||
Wal-Mart Stores, Inc. | 16,640 | 929 | ||||||
Walgreen Co. | 6,600 | 168 | ||||||
Whole Foods Market, Inc. | 800 | 9 | ||||||
1,897 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Food, Beverage & Tobacco 0.9% | ||||||||
Altria Group, Inc. | 13,640 | 262 | ||||||
Anheuser-Busch Cos., Inc. | 5,200 | 323 | ||||||
Archer-Daniels-Midland Co. | 3,746 | 78 | ||||||
Brown-Forman Corp., Class B | 255 | 12 | ||||||
Campbell Soup Co. | 1,200 | 46 | ||||||
Coca-Cola Enterprises, Inc. | 1,800 | 18 | ||||||
ConAgra Foods, Inc. | 3,800 | 66 | ||||||
Constellation Brands, Inc., Class A * | 1,290 | 16 | ||||||
Dean Foods Co. * | 800 | 17 | ||||||
Dr. Pepper Snapple Group, Inc. * | 2,000 | 46 | ||||||
General Mills, Inc. | 2,392 | 162 | ||||||
H.J. Heinz Co. | 2,300 | 101 | ||||||
Kellogg Co. | 1,700 | 86 | ||||||
Kraft Foods, Inc., Class A | 9,439 | 275 | ||||||
Lorillard, Inc. | 1,250 | 82 | ||||||
McCormick & Co., Inc. | 900 | 30 | ||||||
Molson Coors Brewing Co., Class B | 400 | 15 | ||||||
PepsiCo, Inc. | 11,070 | 631 | ||||||
Philip Morris International, Inc. | 13,640 | 593 | ||||||
Reynolds American, Inc. | 1,228 | 60 | ||||||
Sara Lee Corp. | 5,100 | 57 | ||||||
The Coca-Cola Co. | 13,810 | 608 | ||||||
The Hershey Co. | 700 | 26 | ||||||
The Pepsi Bottling Group, Inc. | 926 | 21 | ||||||
Tyson Foods, Inc., Class A | 1,700 | 15 | ||||||
UST, Inc. | 1,100 | 74 | ||||||
3,720 | ||||||||
Health Care Equipment & Services 0.6% | ||||||||
Aetna, Inc. | 4,136 | 103 | ||||||
AmerisourceBergen Corp. | 1,400 | 44 | ||||||
Baxter International, Inc. | 4,600 | 278 | ||||||
Becton, Dickinson & Co. | 1,800 | 125 | ||||||
Boston Scientific Corp. * | 7,307 | 66 | ||||||
C.R. Bard, Inc. | 600 | 53 | ||||||
Cardinal Health, Inc. | 2,775 | 106 | ||||||
CIGNA Corp. | 3,000 | 49 | ||||||
Coventry Health Care, Inc. * | 1,250 | 17 | ||||||
Covidien Ltd. | 3,237 | 143 | ||||||
Express Scripts, Inc. * | 2,000 | 121 | ||||||
Hospira, Inc. * | 1,020 | 28 | ||||||
Humana, Inc. * | 1,300 | 38 | ||||||
IMS Health, Inc. | 1,500 | 22 | ||||||
Intuitive Surgical, Inc. * | 300 | 52 | ||||||
Laboratory Corp. of America Holdings * | 900 | 55 | ||||||
McKesson Corp. | 2,173 | 80 | ||||||
Medco Health Solutions, Inc. * | 3,568 | 135 | ||||||
Medtronic, Inc. | 7,800 | 315 | ||||||
Patterson Cos., Inc. * | 900 | 23 | ||||||
Quest Diagnostics, Inc. | 670 | 31 | ||||||
St. Jude Medical, Inc. * | 2,120 | 81 | ||||||
Stryker Corp. | 1,946 | 104 | ||||||
Tenet Healthcare Corp. * | 3,150 | 14 | ||||||
UnitedHealth Group, Inc. | 9,100 | 216 | ||||||
Varian Medical Systems, Inc. * | 700 | 32 | ||||||
WellPoint, Inc. * | 4,252 | 165 | ||||||
Zimmer Holdings, Inc. * | 1,500 | 70 | ||||||
2,566 | ||||||||
Household & Personal Products 0.5% | ||||||||
Avon Products, Inc. | 3,000 | 75 | ||||||
Colgate-Palmolive Co. | 3,600 | 226 | ||||||
Kimberly-Clark Corp. | 3,380 | 207 | ||||||
The Clorox Co. | 1,300 | 79 | ||||||
The Estee Lauder Cos., Inc., Class A | 700 | 25 | ||||||
The Procter & Gamble Co. | 21,032 | 1,357 | ||||||
1,969 | ||||||||
Insurance 0.4% | ||||||||
Aflac, Inc. | 3,300 | 146 | ||||||
American International Group, Inc. | 17,342 | 33 | ||||||
Aon Corp. | 2,025 | 86 | ||||||
Assurant, Inc. | 700 | 18 | ||||||
Cincinnati Financial Corp. | 623 | 16 | ||||||
Genworth Financial, Inc., Class A | 3,300 | 16 | ||||||
Lincoln National Corp. | 2,243 | 39 | ||||||
Loews Corp. | 1,514 | 50 | ||||||
Marsh & McLennan Cos., Inc. | 3,600 | 106 | ||||||
MBIA, Inc. | 550 | 5 | ||||||
MetLife, Inc. | 5,286 | 176 | ||||||
Principal Financial Group, Inc. | 2,329 | 44 | ||||||
Prudential Financial, Inc. | 3,500 | 105 | ||||||
The Allstate Corp. | 4,700 | 124 | ||||||
The Chubb Corp. | 3,000 | 155 | ||||||
The Hartford Financial Services Group, Inc. | 2,300 | 24 | ||||||
The Progressive Corp. | 6,000 | 86 | ||||||
The Travelers Cos., Inc. | 4,841 | 206 | ||||||
Torchmark Corp. | 800 | 33 | ||||||
Unum Group | 2,757 | 43 | ||||||
XL Capital Ltd., Class A | 800 | 8 | ||||||
1,519 | ||||||||
Materials 0.5% | ||||||||
Air Products & Chemicals, Inc. | 1,500 | 87 | ||||||
AK Steel Holding Corp. | 600 | 8 | ||||||
Alcoa, Inc. | 5,648 | 65 | ||||||
Allegheny Technologies, Inc. | 492 | 13 | ||||||
Ashland, Inc. | 500 | 11 | ||||||
Ball Corp. | 800 | 27 | ||||||
Bemis Co., Inc. | 600 | 15 | ||||||
CF Industries Holdings, Inc. | 325 | 21 | ||||||
E.I. du Pont de Nemours & Co. | 6,484 | 207 | ||||||
Eastman Chemical Co. | 600 | 24 | ||||||
Ecolab, Inc. | 1,200 | 45 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 1,823 | 53 | ||||||
Hercules, Inc. | 1,300 | 22 | ||||||
International Flavors & Fragrances, Inc. | 500 | 16 | ||||||
International Paper Co. | 3,166 | 55 | ||||||
MeadWestvaco Corp. | 579 | 8 | ||||||
Monsanto Co. | 3,854 | 343 | ||||||
Newmont Mining Corp. | 2,754 | 73 | ||||||
Nucor Corp. | 2,400 | 97 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Pactiv Corp. * | 1,000 | 24 | ||||||
PPG Industries, Inc. | 1,200 | 59 | ||||||
Praxair, Inc. | 2,000 | 130 | ||||||
Rohm & Haas Co. | 1,421 | 100 | ||||||
Sealed Air Corp. | 1,242 | 21 | ||||||
Sigma-Aldrich Corp. | 1,000 | 44 | ||||||
The Dow Chemical Co. | 6,049 | 161 | ||||||
Titanium Metals Corp. | 600 | 6 | ||||||
United States Steel Corp. | 700 | 26 | ||||||
Vulcan Materials Co. | 400 | 22 | ||||||
Weyerhaeuser Co. | 1,400 | 54 | ||||||
1,837 | ||||||||
Media 0.4% | ||||||||
CBS Corp., Class B | 5,309 | 52 | ||||||
Comcast Corp., Class A | 20,691 | 326 | ||||||
Gannett Co., Inc. | 1,700 | 19 | ||||||
Meredith Corp. | 300 | 6 | ||||||
News Corp., Class A | 16,300 | 173 | ||||||
Omnicom Group, Inc. | 2,400 | 71 | ||||||
Scripps Networks Interactive, Class A | 600 | 17 | ||||||
The DIRECTV Group, Inc. * | 3,600 | 79 | ||||||
The Interpublic Group of Cos., Inc. * | 2,500 | 13 | ||||||
The McGraw-Hill Cos., Inc. | 2,400 | 64 | ||||||
The New York Times Co., Class A | 100 | 1 | ||||||
The Walt Disney Co. | 14,117 | 366 | ||||||
The Washington Post Co., Class B | 15 | 6 | ||||||
Time Warner, Inc. | 26,470 | 267 | ||||||
Viacom, Inc., Class B * | 4,609 | 93 | ||||||
1,553 | ||||||||
Pharmaceuticals & Biotechnology 1.4% | ||||||||
Abbott Laboratories | 10,200 | 562 | ||||||
Allergan, Inc. | 1,800 | 71 | ||||||
Amgen, Inc. * | 7,840 | 470 | ||||||
Applied Biosystems, Inc. | 1,400 | 43 | ||||||
Barr Pharmaceuticals, Inc. * | 600 | 39 | ||||||
Biogen Idec, Inc. * | 2,550 | 108 | ||||||
Bristol-Myers Squibb Co. | 12,800 | 263 | ||||||
Celgene Corp. * | 1,800 | 116 | ||||||
Eli Lilly & Co. | 6,500 | 220 | ||||||
Forest Laboratories, Inc. * | 2,400 | 56 | ||||||
Genzyme Corp. * | 1,700 | 124 | ||||||
Gilead Sciences, Inc. * | 5,960 | 273 | ||||||
Johnson & Johnson | 19,872 | 1,219 | ||||||
King Pharmaceuticals, Inc. * | 1,388 | 12 | ||||||
Merck & Co., Inc. | 14,500 | 449 | ||||||
Millipore Corp. * | 200 | 10 | ||||||
Mylan, Inc. * | 1,700 | 15 | ||||||
PerkinElmer, Inc. | 600 | 11 | ||||||
Pfizer, Inc. | 49,386 | 875 | ||||||
Schering-Plough Corp. | 10,300 | 149 | ||||||
Thermo Fisher Scientific, Inc. * | 2,340 | 95 | ||||||
Waters Corp. * | 900 | 39 | ||||||
Watson Pharmaceuticals, Inc. * | 1,100 | 29 | ||||||
Wyeth | 8,800 | 283 | ||||||
5,531 | ||||||||
Real Estate 0.1% | ||||||||
Apartment Investment & Management Co., Class A | 666 | 10 | ||||||
AvalonBay Communities, Inc. | 400 | 28 | ||||||
Boston Properties, Inc. | 500 | 35 | ||||||
CB Richard Ellis Group, Inc., Class A * | 900 | 6 | ||||||
Developers Diversified Realty Corp. | 800 | 11 | ||||||
Equity Residential | 1,700 | 59 | ||||||
General Growth Properties, Inc. | 1,600 | 7 | ||||||
HCP, Inc. | 1,500 | 45 | ||||||
Host Hotels & Resorts, Inc. | 3,400 | 35 | ||||||
Kimco Realty Corp. | 1,001 | 23 | ||||||
Plum Creek Timber Co., Inc. | 1,200 | 45 | ||||||
ProLogis | 1,200 | 17 | ||||||
Public Storage | 600 | 49 | ||||||
Simon Property Group, Inc. | 1,450 | 97 | ||||||
Vornado Realty Trust | 800 | 56 | ||||||
523 | ||||||||
Retailing 0.4% | ||||||||
Abercrombie & Fitch Co., Class A | 500 | 14 | ||||||
Amazon.com, Inc. * | 2,000 | 114 | ||||||
AutoNation, Inc. * | 100 | 1 | ||||||
AutoZone, Inc. * | 500 | 64 | ||||||
Bed Bath & Beyond, Inc. * | 1,800 | 46 | ||||||
Best Buy Co., Inc. | 2,250 | 60 | ||||||
Big Lots, Inc. * | 1,200 | 29 | ||||||
Dillard’s, Inc., Class A | 700 | 4 | ||||||
Expedia, Inc. * | 1,400 | 13 | ||||||
Family Dollar Stores, Inc. | 1,100 | 30 | ||||||
GameStop Corp., Class A * | 1,100 | 30 | ||||||
Genuine Parts Co. | 650 | 26 | ||||||
J.C. Penney Co., Inc. | 1,700 | 41 | ||||||
Kohl’s Corp. * | 2,200 | 77 | ||||||
Limited Brands, Inc. | 1,591 | 19 | ||||||
Lowe’s Cos., Inc. | 10,000 | 217 | ||||||
Macy’s, Inc. | 3,508 | 43 | ||||||
Nordstrom, Inc. | 1,800 | 33 | ||||||
Office Depot, Inc. * | 1,800 | 6 | ||||||
RadioShack Corp. | 900 | 11 | ||||||
Sears Holdings Corp. * | 673 | 39 | ||||||
Staples, Inc. | 4,575 | 89 | ||||||
Target Corp. | 5,800 | 233 | ||||||
The Gap, Inc. | 3,862 | 50 | ||||||
The Home Depot, Inc. | 12,240 | 289 | ||||||
The Sherwin-Williams Co. | 1,100 | 63 | ||||||
The TJX Cos., Inc. | 3,600 | 96 | ||||||
Tiffany & Co. | 350 | 10 | ||||||
1,747 | ||||||||
Semiconductors & Semiconductor Equipment 0.3% | ||||||||
Advanced Micro Devices, Inc. * | 2,040 | 7 | ||||||
Altera Corp. | 2,546 | 44 | ||||||
Analog Devices, Inc. | 2,300 | 49 | ||||||
Applied Materials, Inc. | 10,900 | 141 | ||||||
Broadcom Corp., Class A * | 3,000 | 51 | ||||||
Intel Corp. | 38,360 | 614 | ||||||
KLA-Tencor Corp. | 1,600 | 37 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Linear Technology Corp. | 1,300 | 29 | ||||||
LSI Corp. * | 2,000 | 8 | ||||||
MEMC Electronic Materials, Inc. * | 1,500 | 28 | ||||||
Microchip Technology, Inc. | 1,500 | 37 | ||||||
Micron Technology, Inc. * | 3,600 | 17 | ||||||
National Semiconductor Corp. | 2,200 | 29 | ||||||
Novellus Systems, Inc. * | 900 | 14 | ||||||
NVIDIA Corp. * | 4,050 | 35 | ||||||
Teradyne, Inc. * | 1,100 | 6 | ||||||
Texas Instruments, Inc. | 9,800 | 192 | ||||||
Xilinx, Inc. | 2,100 | 39 | ||||||
1,377 | ||||||||
Software & Services 0.9% | ||||||||
Adobe Systems, Inc. * | 3,900 | 104 | ||||||
Affiliated Computer Services, Inc., Class A * | 465 | 19 | ||||||
Akamai Technologies, Inc. * | 1,000 | 14 | ||||||
Autodesk, Inc. * | 1,600 | 34 | ||||||
Automatic Data Processing, Inc. | 3,900 | 136 | ||||||
BMC Software, Inc. * | 1,600 | 41 | ||||||
CA, Inc. | 3,825 | 68 | ||||||
Citrix Systems, Inc. * | 1,200 | 31 | ||||||
Cognizant Technology Solutions Corp., Class A * | 1,800 | 35 | ||||||
Computer Sciences Corp. * | 1,090 | 33 | ||||||
Compuware Corp. * | 2,400 | 15 | ||||||
Convergys Corp. * | 1,369 | 11 | ||||||
eBay, Inc. * | 7,416 | 113 | ||||||
Electronic Arts, Inc. * | 2,292 | 52 | ||||||
Fidelity National Information Services, Inc. | 1,000 | 15 | ||||||
Fiserv, Inc. * | 1,200 | 40 | ||||||
Google, Inc., Class A * | 1,400 | 503 | ||||||
Intuit, Inc. * | 2,654 | 67 | ||||||
MasterCard, Inc., Class A | 500 | 74 | ||||||
Microsoft Corp. | 58,390 | 1,304 | ||||||
Novell, Inc. * | 2,200 | 10 | ||||||
Oracle Corp. * | 25,721 | 471 | ||||||
Paychex, Inc. | 2,475 | 71 | ||||||
Salesforce.com, Inc. * | 527 | 16 | ||||||
Symantec Corp. * | 5,018 | 63 | ||||||
Total System Services, Inc. | 1,300 | 18 | ||||||
Unisys Corp. * | 2,100 | 3 | ||||||
VeriSign, Inc. * | 1,600 | 34 | ||||||
Western Union Co. | 5,704 | 87 | ||||||
Yahoo!, Inc. * | 7,500 | 96 | ||||||
3,578 | ||||||||
Technology Hardware & Equipment 1.1% | ||||||||
Agilent Technologies, Inc. * | 2,917 | 65 | ||||||
Amphenol Corp., Class A | 1,200 | 34 | ||||||
Apple, Inc. * | 5,430 | 584 | ||||||
Ciena Corp. * | 300 | 3 | ||||||
Cisco Systems, Inc. * | 42,100 | 748 | ||||||
Corning, Inc. | 9,550 | 103 | ||||||
Dell, Inc. * | 16,500 | 201 | ||||||
EMC Corp. * | 15,562 | 183 | ||||||
Harris Corp. | 900 | 32 | ||||||
Hewlett-Packard Co. | 18,324 | 701 | ||||||
International Business Machines Corp. | 10,200 | 948 | ||||||
Jabil Circuit, Inc. | 441 | 4 | ||||||
JDS Uniphase Corp. * | 1,058 | 6 | ||||||
Juniper Networks, Inc. * | 3,000 | 56 | ||||||
Lexmark International, Inc., Class A * | 800 | 21 | ||||||
Molex, Inc. | 250 | 4 | ||||||
Motorola, Inc. | 16,150 | 87 | ||||||
NetApp, Inc. * | 2,800 | 38 | ||||||
QLogic Corp. * | 1,170 | 14 | ||||||
QUALCOMM, Inc. | 10,760 | 412 | ||||||
SanDisk Corp. * | 1,200 | 11 | ||||||
Sun Microsystems, Inc. * | 6,275 | 29 | ||||||
Tellabs, Inc. * | 2,700 | 11 | ||||||
Teradata Corp. * | 1,200 | 19 | ||||||
Tyco Electronics Ltd. | 3,237 | 63 | ||||||
Xerox Corp. | 7,000 | 56 | ||||||
4,433 | ||||||||
Telecommunication Services 0.5% | ||||||||
American Tower Corp., Class A * | 2,800 | 90 | ||||||
AT&T, Inc. | 41,406 | 1,108 | ||||||
CenturyTel, Inc. | 900 | 23 | ||||||
Embarq Corp. | 943 | 28 | ||||||
Frontier Communications Corp. | 1,732 | 13 | ||||||
Qwest Communications International, Inc. | 11,922 | 34 | ||||||
Sprint Nextel Corp. | 18,876 | 59 | ||||||
Verizon Communications, Inc. | 19,036 | 565 | ||||||
Windstream Corp. | 2,595 | 20 | ||||||
1,940 | ||||||||
Transportation 0.4% | ||||||||
Burlington Northern Santa Fe Corp. | 2,500 | 223 | ||||||
C.H. Robinson Worldwide, Inc. | 1,500 | 78 | ||||||
CSX Corp. | 3,000 | 137 | ||||||
Expeditors International of Washington, Inc. | 1,400 | 46 | ||||||
FedEx Corp. | 2,160 | 141 | ||||||
Norfolk Southern Corp. | 2,500 | 150 | ||||||
Ryder System, Inc. | 400 | 16 | ||||||
Southwest Airlines Co. | 5,137 | 60 | ||||||
Union Pacific Corp. | 3,400 | 227 | ||||||
United Parcel Service, Inc., Class B | 6,785 | 358 | ||||||
1,436 | ||||||||
Utilities 0.5% | ||||||||
Allegheny Energy, Inc. | 720 | 22 | ||||||
Ameren Corp. | 1,200 | 39 | ||||||
American Electric Power Co., Inc. | 2,880 | 94 | ||||||
CenterPoint Energy, Inc. | 1,924 | 22 | ||||||
CMS Energy Corp. | 700 | 7 | ||||||
Consolidated Edison, Inc. | 1,500 | 65 | ||||||
Constellation Energy Group, Inc. | 1,000 | 24 | ||||||
Dominion Resources, Inc. | 3,674 | 133 | ||||||
DTE Energy Co. | 1,000 | 35 | ||||||
Duke Energy Corp. | 7,512 | 123 | ||||||
Dynegy, Inc., Class A * | 2,100 | 8 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Edison International | 2,200 | 78 | ||||||
Entergy Corp. | 1,500 | 117 | ||||||
Exelon Corp. | 4,324 | 235 | ||||||
FirstEnergy Corp. | 2,030 | 106 | ||||||
FPL Group, Inc. | 2,600 | 123 | ||||||
Integrys Energy Group, Inc. | 165 | 8 | ||||||
Nicor, Inc. | 300 | 14 | ||||||
NiSource, Inc. | 1,651 | 21 | ||||||
Pepco Holdings, Inc. | 1,300 | 27 | ||||||
PG&E Corp. | 2,700 | 99 | ||||||
Pinnacle West Capital Corp. | 600 | 19 | ||||||
PPL Corp. | 2,000 | 66 | ||||||
Progress Energy, Inc. | 1,593 | 63 | ||||||
Public Service Enterprise Group, Inc. | 3,000 | 84 | ||||||
Questar Corp. | 800 | 28 | ||||||
Sempra Energy | 1,360 | 58 | ||||||
Southern Co. | 4,500 | 154 | ||||||
TECO Energy, Inc. | 900 | 10 | ||||||
The AES Corp. * | 4,900 | 39 | ||||||
Wisconsin Energy Corp. | 800 | 35 | ||||||
Xcel Energy, Inc. | 2,585 | 45 | ||||||
2,001 | ||||||||
Total Common Stock (Cost $46,398) | 57,908 | |||||||
Foreign Common Stock 0.0% of net assets | ||||||||
Bermuda 0.0% | ||||||||
Invesco Ltd. | 1,988 | 30 | ||||||
Total Foreign Common Stock (Cost $50) | 30 | |||||||
Other Investment Companies 84.4% of net assets | ||||||||
Schwab Institutional Select S&P 500 Fund (a) | 8,600,045 | 66,995 | ||||||
Schwab International Index Fund, Select Shares (a) | 4,194,205 | 58,509 | ||||||
Schwab Small-Cap Index Fund, Select Shares (a) | 4,455,891 | 61,714 | ||||||
Schwab Total Bond Market Fund (a) | 16,524,628 | 141,781 | ||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 12,712,885 | 12,713 | ||||||
Total Other Investment Companies (Cost $375,659) | 341,712 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 1.8% of net assets | ||||||||
Commercial Paper & Other Obligations 1.8% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 7,190 | 7,190 | ||||||
Total Short-Term Investment (Cost $7,190) | 7,190 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $433,603 and the unrealized appreciation and depreciation were $26,329 and ($53,092), respectively, with net unrealized depreciation of ($26,763). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds and stocks, at value (cost $375,707) | $341,844 | |||||
Investments in unaffiliated issuers, at value (cost $53,590) | + | 64,996 | ||||
Total investments, at value (cost $429,297) | 406,840 | |||||
Receivables: | ||||||
Investments sold | 3 | |||||
Dividends | 781 | |||||
Fund shares sold | 295 | |||||
Prepaid expenses | + | 3 | ||||
Total assets | 407,922 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 718 | |||||
Transfer agent and shareholder services fees | 8 | |||||
Investment adviser and administrator fees | 6 | |||||
Fund shares redeemed | 2,141 | |||||
Accrued expenses | + | 50 | ||||
Total liabilities | 2,923 | |||||
Net Assets | ||||||
Total assets | 407,922 | |||||
Total liabilities | − | 2,923 | ||||
Net assets | $404,999 | |||||
Net Assets by Source | ||||||
Capital received from investors | 417,075 | |||||
Net investment income not yet distributed | 6,950 | |||||
Net realized capital gains | 3,431 | |||||
Net unrealized capital losses | (22,457 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$404,999 | 31,788 | $12.74 |
Investment Income | ||||||
Dividends received from affiliated underlying funds and stocks | $14,282 | |||||
Dividends received from unaffiliated issuers | 1,725 | |||||
Interest | + | 357 | ||||
Total investment income | 16,364 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sales of affiliated underlying funds | (5,285 | ) | ||||
Realized capital gains distributions received from affiliated underlying funds | 12,769 | |||||
Net realized losses on unaffiliated investments | + | (897 | ) | |||
Net realized gains | 6,587 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on unaffiliated investments | (33,140 | ) | ||||
Net unrealized losses on affiliated underlying funds and stocks | + | (140,958 | ) | |||
Net unrealized losses | (174,098 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 2,326 | |||||
Transfer agent and shareholder service fees | 1,333 | |||||
Shareholder reports | 56 | |||||
Professional fees | 39 | |||||
Portfolio accounting fees | 35 | |||||
Registration fees | 25 | |||||
Custodian fees | 15 | |||||
Trustees’ fees | 11 | |||||
Other expenses | + | 23 | ||||
Total expenses | 3,863 | |||||
Expense reduction by adviser and Schwab | − | 1,197 | ||||
Net expenses | 2,666 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 16,364 | |||||
Net expenses | − | 2,666 | ||||
Net investment income | 13,698 | |||||
Net realized gains | 6,587 | |||||
Net unrealized losses | + | (174,098 | ) | |||
Decrease in net assets from operations | ($153,813 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $13,698 | $15,102 | ||||||||
Net realized gains | 6,587 | 11,342 | ||||||||
Net unrealized gains (losses) | + | (174,098 | ) | 34,877 | ||||||
Increase (Decrease) in net assets from operations | (153,813 | ) | 61,321 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 15,748 | 15,639 | ||||||||
Distributions from net realized gains | + | 9,065 | 9,027 | |||||||
Total distributions | $24,813 | $24,666 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Total shares sold | 5,213 | $83,413 | 6,844 | $118,314 | ||||||||||||||
Total shares reinvested | 1,408 | 23,635 | 1,416 | 23,639 | ||||||||||||||
Total shares redeemed | + | (7,834 | ) | (121,760 | ) | (6,605 | ) | (114,366 | ) | |||||||||
Net transactions in fund shares | (1,213 | ) | ($14,712 | ) | 1,655 | $27,587 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 33,001 | $598,337 | 31,346 | $534,095 | ||||||||||||||
Total increase or decrease | + | (1,213 | ) | (193,338 | ) | 1,655 | 64,242 | |||||||||||
End of period | 31,788 | $404,999 | 33,001 | $598,337 | ||||||||||||||
Net investment income not yet distributed | $6,950 | $8,725 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 14.90 | 14.33 | 13.42 | 13.09 | 12.53 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.43 | 0.49 | 0.42 | 0.36 | 0.34 | |||||||||||||||
Net realized and unrealized gains (losses) | (3.40 | ) | 0.78 | 0.92 | 0.32 | 0.57 | ||||||||||||||
Total from investment operations | (2.97 | ) | 1.27 | 1.34 | 0.68 | 0.91 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.46 | ) | (0.51 | ) | (0.42 | ) | (0.35 | ) | (0.35 | ) | ||||||||||
Distributions from net realized gains | (0.13 | ) | (0.19 | ) | (0.01 | ) | — | — | ||||||||||||
Total distributions | (0.59 | ) | (0.70 | ) | (0.43 | ) | (0.35 | ) | (0.35 | ) | ||||||||||
Net asset value at end of period | 11.34 | 14.90 | 14.33 | 13.42 | 13.09 | |||||||||||||||
Total return (%) | (20.59 | ) | 9.12 | 10.13 | 5.24 | 7.38 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses1 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||
Gross operating expenses1 | 0.74 | 0.73 | 0.74 | 0.75 | 0.75 | |||||||||||||||
Net investment income (loss) | 3.12 | 3.37 | 3.12 | 2.67 | 2.70 | |||||||||||||||
Portfolio turnover rate | 16 | 4 | 11 | 9 | 10 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 182 | 252 | 232 | 300 | 290 |
11/01/07- | 11/01/06- | 4/06/062- | ||||||||||
P Shares | 10/31/08 | 10/31/07 | 10/31/06 | |||||||||
Per—Share Data ($) | ||||||||||||
Net asset value at beginning of period | 14.87 | 14.32 | 13.93 | |||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.42 | 0.51 | 0.23 | |||||||||
Net realized and unrealized gains (losses) | (3.36 | ) | 0.78 | 0.35 | ||||||||
Total from investment operations | (2.94 | ) | 1.29 | 0.58 | ||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.50 | ) | (0.55 | ) | (0.19 | ) | ||||||
Distributions from net realized gains | (0.13 | ) | (0.19 | ) | — | |||||||
Total distributions | (0.63 | ) | (0.74 | ) | (0.19 | ) | ||||||
Net asset value at end of period | 11.30 | 14.87 | 14.32 | |||||||||
Total return (%) | (20.47 | ) | 9.32 | 4.22 | 3 | |||||||
Ratios/Supplemental Data (%) | ||||||||||||
Ratios to average net assets: | ||||||||||||
Net operating expenses1 | 0.35 | 0.35 | 0.35 | 4 | ||||||||
Gross operating expenses1 | 0.59 | 0.58 | 0.60 | 4 | ||||||||
Net investment income (loss) | 3.20 | 3.48 | 2.81 | 4 | ||||||||
Portfolio turnover rate | 16 | 4 | 11 | 3 | ||||||||
Net assets, end of period ($ x 1,000,000) | 86 | 99 | 79 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
5 | .1% | Common Stock | 12,019 | 13,652 | ||||||||
0 | .0% | Foreign Common Stock | 12 | 7 | ||||||||
94 | .5% | Other Investment Companies | 279,188 | 253,489 | ||||||||
0 | .5% | Short-Term Investment | 1,471 | 1,471 | ||||||||
100 | .1% | Total Investments | 292,690 | 268,619 | ||||||||
(0 | .1)% | Other Assets and Liabilities, Net | (249 | ) | ||||||||
100 | .0% | Total Net Assets | 268,370 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 5.1% of net assets | ||||||||
Automobiles & Components 0.0% | ||||||||
Ford Motor Co. * | 2,921 | 6 | ||||||
General Motors Corp. | 825 | 5 | ||||||
Harley-Davidson, Inc. | 500 | 12 | ||||||
Johnson Controls, Inc. | 900 | 16 | ||||||
The Goodyear Tire & Rubber Co. * | 300 | 3 | ||||||
42 | ||||||||
Banks 0.2% | ||||||||
BB&T Corp. | 850 | 31 | ||||||
Comerica, Inc. | 300 | 8 | ||||||
Fifth Third Bancorp | 867 | 9 | ||||||
First Horizon National Corp. | 206 | 2 | ||||||
Hudson City Bancorp, Inc. | 500 | 9 | ||||||
Huntington Bancshares, Inc. | 423 | 4 | ||||||
KeyCorp | 700 | 9 | ||||||
M&T Bank Corp. | 199 | 16 | ||||||
Marshall & Ilsley Corp. | 322 | 6 | ||||||
National City Corp. | 950 | 3 | ||||||
PNC Financial Services Group, Inc. | 400 | 27 | ||||||
Regions Financial Corp. | 1,148 | 13 | ||||||
Sovereign Bancorp, Inc. | 420 | 1 | ||||||
SunTrust Banks, Inc. | 500 | 20 | ||||||
U.S. Bancorp | 2,922 | 87 | ||||||
Wells Fargo & Co. | 5,120 | 174 | ||||||
Zions Bancorp | 100 | 4 | ||||||
423 | ||||||||
Capital Goods 0.4% | ||||||||
3M Co. | 1,200 | 77 | ||||||
Caterpillar, Inc. | 1,100 | 42 | ||||||
Cooper Industries Ltd., Class A | 300 | 9 | ||||||
Cummins, Inc. | 400 | 10 | ||||||
Danaher Corp. | 500 | 30 | ||||||
Deere & Co. | 800 | 31 | ||||||
Dover Corp. | 300 | 10 | ||||||
Eaton Corp. | 200 | 9 | ||||||
Emerson Electric Co. | 1,300 | 43 | ||||||
Fastenal Co. | 150 | 6 | ||||||
Flowserve Corp. | 100 | 6 | ||||||
Fluor Corp. | 200 | 8 | ||||||
General Dynamics Corp. | 600 | 36 | ||||||
General Electric Co. | 16,890 | 330 | ||||||
Goodrich Corp. | 200 | 7 | ||||||
Honeywell International, Inc. | 1,275 | 39 | ||||||
Illinois Tool Works, Inc. | 700 | 23 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 569 | 10 | ||||||
ITT Corp. | 300 | 13 | ||||||
Jacobs Engineering Group, Inc. * | 200 | 7 | ||||||
L-3 Communications Holdings, Inc. | 200 | 16 | ||||||
Lockheed Martin Corp. | 700 | 60 | ||||||
Masco Corp. | 700 | 7 | ||||||
Northrop Grumman Corp. | 514 | 24 | ||||||
PACCAR, Inc. | 675 | 20 | ||||||
Pall Corp. | 200 | 5 | ||||||
Parker Hannifin Corp. | 225 | 9 | ||||||
Precision Castparts Corp. | 200 | 13 | ||||||
Raytheon Co. | 600 | 31 | ||||||
Rockwell Automation, Inc. | 300 | 8 | ||||||
Rockwell Collins, Inc. | 300 | 11 | ||||||
Terex Corp. * | 100 | 2 | ||||||
Textron, Inc. | 400 | 7 | ||||||
The Boeing Co. | 1,246 | 65 | ||||||
The Manitowoc Co., Inc. | 200 | 2 | ||||||
Tyco International Ltd. | 753 | 19 | ||||||
United Technologies Corp. | 1,600 | 88 | ||||||
W.W. Grainger, Inc. | 100 | 8 | ||||||
1,141 | ||||||||
Commercial & Professional Supplies 0.0% | ||||||||
Allied Waste Industries, Inc. * | 500 | 5 | ||||||
Avery Dennison Corp. | 200 | 7 | ||||||
Cintas | 260 | 6 | ||||||
Equifax, Inc. | 200 | 5 | ||||||
Monster Worldwide, Inc. * | 191 | 3 | ||||||
Pitney Bowes, Inc. | 400 | 10 | ||||||
R.R. Donnelley & Sons Co. | 300 | 5 | ||||||
Robert Half International, Inc. | 300 | 6 | ||||||
Waste Management, Inc. | 907 | 28 | ||||||
75 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Centex Corp. | 200 | 2 | ||||||
Coach, Inc. * | 600 | 12 | ||||||
D.R. Horton, Inc. | 420 | 3 | ||||||
Eastman Kodak Co. | 500 | 5 | ||||||
Fortune Brands, Inc. | 200 | 8 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Harman International Industries, Inc. | 100 | 2 | ||||||
Hasbro, Inc. | 325 | 9 | ||||||
Jones Apparel Group, Inc. | 200 | 2 | ||||||
KB HOME | 200 | 3 | ||||||
Leggett & Platt, Inc. | 300 | 5 | ||||||
Lennar Corp., Class A | 200 | 2 | ||||||
Liz Claiborne, Inc. | 200 | 2 | ||||||
Mattel, Inc. | 650 | 10 | ||||||
Newell Rubbermaid, Inc. | 436 | 6 | ||||||
NIKE, Inc., Class B | 600 | 35 | ||||||
Polo Ralph Lauren Corp. | 100 | 5 | ||||||
Pulte Homes, Inc. | 400 | 4 | ||||||
Snap-on, Inc. | 100 | 4 | ||||||
The Black & Decker Corp. | 100 | 5 | ||||||
The Stanley Works | 100 | 3 | ||||||
VF Corp. | 200 | 11 | ||||||
Whirlpool Corp. | 111 | 5 | ||||||
143 | ||||||||
Consumer Services 0.1% | ||||||||
Apollo Group, Inc., Class A * | 250 | 17 | ||||||
Carnival Corp. | 820 | 21 | ||||||
Darden Restaurants, Inc. | 300 | 7 | ||||||
H&R Block, Inc. | 600 | 12 | ||||||
International Game Technology | 556 | 8 | ||||||
Marriott International, Inc., Class A | 600 | 12 | ||||||
McDonald’s Corp. | 2,000 | 116 | ||||||
Starbucks Corp. * | 1,120 | 15 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 300 | 7 | ||||||
Wyndham Worldwide Corp. | 291 | 2 | ||||||
Yum! Brands, Inc. | 960 | 28 | ||||||
245 | ||||||||
Diversified Financials 0.4% | ||||||||
American Capital Ltd. | 150 | 2 | ||||||
American Express Co. | 1,820 | 50 | ||||||
Ameriprise Financial, Inc. | 364 | 8 | ||||||
Bank of America Corp. | 7,287 | 176 | ||||||
Bank of New York Mellon Corp. | 1,832 | 60 | ||||||
Capital One Financial Corp. | 450 | 18 | ||||||
CIT Group, Inc. | 300 | 1 | ||||||
Citigroup, Inc. | 7,782 | 106 | ||||||
CME Group, Inc. | 54 | 15 | ||||||
Discover Financial Services | 815 | 10 | ||||||
E *TRADE Financial Corp. * | 600 | 1 | ||||||
Federated Investors, Inc., Class B | 200 | 5 | ||||||
Franklin Resources, Inc. | 200 | 14 | ||||||
IntercontinentalExchange, Inc. * | 100 | 9 | ||||||
Janus Capital Group, Inc. | 400 | 5 | ||||||
JPMorgan Chase & Co. | 5,952 | 245 | ||||||
Legg Mason, Inc. | 190 | 4 | ||||||
Leucadia National Corp. | 300 | 8 | ||||||
Merrill Lynch & Co., Inc. | 1,500 | 28 | ||||||
Moody’s Corp. | 400 | 10 | ||||||
Morgan Stanley | 1,630 | 28 | ||||||
Northern Trust Corp. | 300 | 17 | ||||||
NYSE Euronext | 400 | 12 | ||||||
SLM Corp. * | 650 | 7 | ||||||
State Street Corp. | 500 | 22 | ||||||
T. Rowe Price Group, Inc. | 400 | 16 | ||||||
The Charles Schwab Corp. (a) | 2,125 | 41 | ||||||
The Goldman Sachs Group, Inc. | 628 | 58 | ||||||
The Nasdaq OMX Group, Inc. * | 200 | 6 | ||||||
982 | ||||||||
Energy 0.7% | ||||||||
Anadarko Petroleum Corp. | 734 | 26 | ||||||
Apache Corp. | 462 | 38 | ||||||
Baker Hughes, Inc. | 470 | 16 | ||||||
BJ Services Co. | 400 | 5 | ||||||
Cabot Oil & Gas Corp. | 200 | 6 | ||||||
Cameron International Corp. * | 300 | 7 | ||||||
Chesapeake Energy Corp. | 500 | 11 | ||||||
Chevron Corp. | 3,520 | 263 | ||||||
ConocoPhillips | 2,596 | 135 | ||||||
CONSOL Energy, Inc. | 300 | 9 | ||||||
Devon Energy Corp. | 700 | 57 | ||||||
El Paso Corp. | 769 | 7 | ||||||
ENSCO International, Inc. | 200 | 8 | ||||||
EOG Resources, Inc. | 360 | 29 | ||||||
Exxon Mobil Corp. | 8,918 | 661 | ||||||
Halliburton Co. | 1,428 | 28 | ||||||
Hess Corp. | 300 | 18 | ||||||
Marathon Oil Corp. | 1,046 | 30 | ||||||
Massey Energy Co. | 100 | 2 | ||||||
Murphy Oil Corp. | 300 | 15 | ||||||
Nabors Industries Ltd. * | 400 | 6 | ||||||
National-Oilwell Varco, Inc. * | 540 | 16 | ||||||
Noble Corp. | 400 | 13 | ||||||
Noble Energy | 300 | 15 | ||||||
Occidental Petroleum Corp. | 1,200 | 67 | ||||||
Peabody Energy Corp. | 400 | 14 | ||||||
Pioneer Natural Resources Co. | 200 | 6 | ||||||
Range Resources Corp. | 200 | 8 | ||||||
Rowan Cos., Inc. | 100 | 2 | ||||||
Schlumberger Ltd. | 1,800 | 93 | ||||||
Smith International, Inc. | 300 | 10 | ||||||
Southwestern Energy Co. * | 1,000 | 36 | ||||||
Spectra Energy Corp. | 938 | 18 | ||||||
Sunoco, Inc. | 200 | 6 | ||||||
Tesoro Corp. | 200 | 2 | ||||||
The Williams Cos., Inc. | 700 | 15 | ||||||
Transocean, Inc. * | 435 | 36 | ||||||
Valero Energy Corp. | 1,000 | 21 | ||||||
Weatherford International Ltd. * | 880 | 15 | ||||||
XTO Energy, Inc. | 666 | 24 | ||||||
1,794 | ||||||||
Food & Staples Retailing 0.2% | ||||||||
Costco Wholesale Corp. | 700 | 40 | ||||||
CVS Caremark Corp. | 2,170 | 66 | ||||||
Safeway, Inc. | 650 | 14 | ||||||
SUPERVALU, Inc. | 318 | 4 | ||||||
Sysco Corp. | 1,000 | 26 | ||||||
The Kroger Co. | 1,200 | 33 | ||||||
Wal-Mart Stores, Inc. | 3,900 | 218 | ||||||
Walgreen Co. | 1,600 | 41 | ||||||
Whole Foods Market, Inc. | 100 | 1 | ||||||
443 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Food, Beverage & Tobacco 0.3% | ||||||||
Altria Group, Inc. | 3,220 | 62 | ||||||
Anheuser-Busch Cos., Inc. | 1,200 | 75 | ||||||
Archer-Daniels-Midland Co. | 1,014 | 21 | ||||||
Brown-Forman Corp., Class B | 188 | 9 | ||||||
Campbell Soup Co. | 300 | 11 | ||||||
Coca-Cola Enterprises, Inc. | 700 | 7 | ||||||
ConAgra Foods, Inc. | 800 | 14 | ||||||
Constellation Brands, Inc., Class A * | 300 | 4 | ||||||
Dean Foods Co. * | 200 | 4 | ||||||
Dr. Pepper Snapple Group, Inc. * | 200 | 5 | ||||||
General Mills, Inc. | 582 | 39 | ||||||
H.J. Heinz Co. | 600 | 26 | ||||||
Kellogg Co. | 400 | 20 | ||||||
Kraft Foods, Inc., Class A | 2,228 | 65 | ||||||
Lorillard, Inc. | 340 | 22 | ||||||
McCormick & Co., Inc. | 200 | 7 | ||||||
Molson Coors Brewing Co., Class B | 100 | 4 | ||||||
PepsiCo, Inc. | 2,560 | 146 | ||||||
Philip Morris International, Inc. | 3,220 | 140 | ||||||
Reynolds American, Inc. | 274 | 13 | ||||||
Sara Lee Corp. | 1,200 | 13 | ||||||
The Coca-Cola Co. | 3,220 | 142 | ||||||
The Hershey Co. | 400 | 15 | ||||||
The Pepsi Bottling Group, Inc. | 350 | 8 | ||||||
Tyson Foods, Inc., Class A | 400 | 4 | ||||||
UST, Inc. | 300 | 20 | ||||||
896 | ||||||||
Health Care Equipment & Services 0.2% | ||||||||
Aetna, Inc. | 888 | 22 | ||||||
AmerisourceBergen Corp. | 400 | 13 | ||||||
Baxter International, Inc. | 900 | 54 | ||||||
Becton, Dickinson & Co. | 400 | 28 | ||||||
Boston Scientific Corp. * | 2,107 | 19 | ||||||
C.R. Bard, Inc. | 200 | 18 | ||||||
Cardinal Health, Inc. | 650 | 25 | ||||||
CIGNA Corp. | 600 | 10 | ||||||
Coventry Health Care, Inc. * | 300 | 4 | ||||||
Covidien Ltd. | 753 | 33 | ||||||
Express Scripts, Inc. * | 400 | 24 | ||||||
Hospira, Inc. * | 240 | 7 | ||||||
Humana, Inc. * | 200 | 6 | ||||||
IMS Health, Inc. | 350 | 5 | ||||||
Intuitive Surgical, Inc. * | 100 | 17 | ||||||
Laboratory Corp. of America Holdings * | 200 | 12 | ||||||
McKesson Corp. | 422 | 16 | ||||||
Medco Health Solutions, Inc. * | 844 | 32 | ||||||
Medtronic, Inc. | 1,800 | 73 | ||||||
Patterson Cos., Inc. * | 200 | 5 | ||||||
Quest Diagnostics, Inc. | 278 | 13 | ||||||
St. Jude Medical, Inc. * | 500 | 19 | ||||||
Stryker Corp. | 602 | 32 | ||||||
Tenet Healthcare Corp. * | 750 | 3 | ||||||
UnitedHealth Group, Inc. | 2,000 | 47 | ||||||
Varian Medical Systems, Inc. * | 200 | 9 | ||||||
WellPoint, Inc. * | 900 | 35 | ||||||
Zimmer Holdings, Inc. * | 350 | 16 | ||||||
597 | ||||||||
Household & Personal Products 0.2% | ||||||||
Avon Products, Inc. | 700 | 18 | ||||||
Colgate-Palmolive Co. | 800 | 50 | ||||||
Kimberly-Clark Corp. | 756 | 46 | ||||||
The Clorox Co. | 300 | 18 | ||||||
The Estee Lauder Cos., Inc., Class A | 100 | 4 | ||||||
The Procter & Gamble Co. | 5,062 | 327 | ||||||
463 | ||||||||
Insurance 0.1% | ||||||||
Aflac, Inc. | 800 | 35 | ||||||
American International Group, Inc. | 3,979 | 8 | ||||||
Aon Corp. | 475 | 20 | ||||||
Assurant, Inc. | 200 | 5 | ||||||
Cincinnati Financial Corp. | 330 | 9 | ||||||
Genworth Financial, Inc., Class A | 300 | 2 | ||||||
Lincoln National Corp. | 501 | 9 | ||||||
Loews Corp. | 413 | 14 | ||||||
Marsh & McLennan Cos., Inc. | 800 | 24 | ||||||
MBIA, Inc. | 200 | 2 | ||||||
MetLife, Inc. | 1,178 | 39 | ||||||
Principal Financial Group, Inc. | 550 | 10 | ||||||
Prudential Financial, Inc. | 800 | 24 | ||||||
The Allstate Corp. | 1,100 | 29 | ||||||
The Chubb Corp. | 600 | 31 | ||||||
The Hartford Financial Services Group, Inc. | 425 | 4 | ||||||
The Progressive Corp. | 1,400 | 20 | ||||||
The Travelers Cos., Inc. | 1,006 | 43 | ||||||
Torchmark Corp. | 200 | 8 | ||||||
Unum Group | 346 | 5 | ||||||
XL Capital Ltd., Class A | 200 | 2 | ||||||
343 | ||||||||
Materials 0.1% | ||||||||
Air Products & Chemicals, Inc. | 300 | 18 | ||||||
AK Steel Holding Corp. | 150 | 2 | ||||||
Alcoa, Inc. | 1,312 | 15 | ||||||
Allegheny Technologies, Inc. | 146 | 4 | ||||||
Ashland, Inc. | 100 | 2 | ||||||
Ball Corp. | 200 | 7 | ||||||
Bemis Co., Inc. | 200 | 5 | ||||||
CF Industries Holdings, Inc. | 100 | 6 | ||||||
E.I. du Pont de Nemours & Co. | 1,525 | 49 | ||||||
Eastman Chemical Co. | 100 | 4 | ||||||
Ecolab, Inc. | 400 | 15 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 480 | 14 | ||||||
Hercules, Inc. | 200 | 3 | ||||||
International Flavors & Fragrances, Inc. | 200 | 6 | ||||||
International Paper Co. | 739 | 13 | ||||||
MeadWestvaco Corp. | 294 | 4 | ||||||
Monsanto Co. | 664 | 59 | ||||||
Newmont Mining Corp. | 643 | 17 | ||||||
Nucor Corp. | 400 | 16 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Pactiv Corp. * | 300 | 7 | ||||||
PPG Industries, Inc. | 250 | 12 | ||||||
Praxair, Inc. | 500 | 33 | ||||||
Rohm & Haas Co. | 273 | 19 | ||||||
Sealed Air Corp. | 306 | 5 | ||||||
Sigma-Aldrich Corp. | 200 | 9 | ||||||
The Dow Chemical Co. | 1,372 | 37 | ||||||
Titanium Metals Corp. | 100 | 1 | ||||||
United States Steel Corp. | 100 | 4 | ||||||
Vulcan Materials Co. | 200 | 11 | ||||||
Weyerhaeuser Co. | 350 | 13 | ||||||
410 | ||||||||
Media 0.1% | ||||||||
CBS Corp., Class B | 1,330 | 13 | ||||||
Comcast Corp., Class A | 4,894 | 77 | ||||||
Gannett Co., Inc. | 400 | 4 | ||||||
Meredith Corp. | 100 | 2 | ||||||
News Corp., Class A | 3,880 | 41 | ||||||
Omnicom Group, Inc. | 600 | 18 | ||||||
Scripps Networks Interactive, Class A | 100 | 3 | ||||||
The DIRECTV Group, Inc. * | 1,200 | 26 | ||||||
The Interpublic Group of Cos., Inc. * | 600 | 3 | ||||||
The McGraw-Hill Cos., Inc. | 600 | 16 | ||||||
The New York Times Co., Class A | 200 | 2 | ||||||
The Walt Disney Co. | 3,077 | 80 | ||||||
The Washington Post Co., Class B | 4 | 2 | ||||||
Time Warner, Inc. | 6,380 | 64 | ||||||
Viacom, Inc., Class B * | 1,330 | 27 | ||||||
378 | ||||||||
Pharmaceuticals & Biotechnology 0.5% | ||||||||
Abbott Laboratories | 2,400 | 132 | ||||||
Allergan, Inc. | 400 | 16 | ||||||
Amgen, Inc. * | 1,952 | 117 | ||||||
Applied Biosystems, Inc. | 300 | 9 | ||||||
Barr Pharmaceuticals, Inc. * | 200 | 13 | ||||||
Biogen Idec, Inc. * | 480 | 20 | ||||||
Bristol-Myers Squibb Co. | 3,000 | 62 | ||||||
Celgene Corp. * | 300 | 19 | ||||||
Eli Lilly & Co. | 1,725 | 58 | ||||||
Forest Laboratories, Inc. * | 550 | 13 | ||||||
Genzyme Corp. * | 325 | 24 | ||||||
Gilead Sciences, Inc. * | 1,300 | 60 | ||||||
Johnson & Johnson | 4,622 | 284 | ||||||
King Pharmaceuticals, Inc. * | 366 | 3 | ||||||
Merck & Co., Inc. | 3,400 | 105 | ||||||
Millipore Corp. * | 100 | 5 | ||||||
Mylan, Inc. * | 400 | 4 | ||||||
PerkinElmer, Inc. | 200 | 4 | ||||||
Pfizer, Inc. | 11,557 | 205 | ||||||
Schering-Plough Corp. | 2,300 | 33 | ||||||
Thermo Fisher Scientific, Inc. * | 526 | 21 | ||||||
Waters Corp. * | 200 | 9 | ||||||
Watson Pharmaceuticals, Inc. * | 200 | 5 | ||||||
Wyeth | 2,000 | 64 | ||||||
1,285 | ||||||||
Real Estate 0.0% | ||||||||
Apartment Investment & Management Co., Class A | 110 | 2 | ||||||
AvalonBay Communities, Inc. | 100 | 7 | ||||||
Boston Properties, Inc. | 130 | 9 | ||||||
CB Richard Ellis Group, Inc., Class A * | 200 | 2 | ||||||
Developers Diversified Realty Corp. | 100 | 1 | ||||||
Equity Residential | 400 | 14 | ||||||
General Growth Properties, Inc. | 400 | 2 | ||||||
HCP, Inc. | 300 | 9 | ||||||
Host Hotels & Resorts, Inc. | 800 | 8 | ||||||
Kimco Realty Corp. | 168 | 4 | ||||||
Plum Creek Timber Co., Inc. | 300 | 11 | ||||||
ProLogis | 300 | 4 | ||||||
Public Storage | 100 | 8 | ||||||
Simon Property Group, Inc. | 300 | 20 | ||||||
Vornado Realty Trust | 200 | 14 | ||||||
115 | ||||||||
Retailing 0.2% | ||||||||
Abercrombie & Fitch Co., Class A | 100 | 3 | ||||||
Amazon.com, Inc. * | 300 | 17 | ||||||
AutoNation, Inc. * | 500 | 3 | ||||||
AutoZone, Inc. * | 150 | 19 | ||||||
Bed, Bath & Beyond, Inc. * | 400 | 10 | ||||||
Best Buy Co., Inc. | 675 | 18 | ||||||
Big Lots, Inc. * | 200 | 5 | ||||||
Dillard’s, Inc., Class A | 200 | 1 | ||||||
Expedia, Inc. * | 300 | 3 | ||||||
Family Dollar Stores, Inc. | 300 | 8 | ||||||
GameStop Corp., Class A * | 300 | 8 | ||||||
Genuine Parts Co. | 250 | 10 | ||||||
J.C. Penney Co., Inc. | 400 | 10 | ||||||
Kohl’s Corp. * | 500 | 18 | ||||||
Limited Brands, Inc. | 739 | 9 | ||||||
Lowe’s Cos., Inc. | 2,400 | 52 | ||||||
Macy’s, Inc. | 910 | 11 | ||||||
Nordstrom, Inc. | 400 | 7 | ||||||
Office Depot, Inc. * | 600 | 2 | ||||||
RadioShack Corp. | 300 | 4 | ||||||
Sears Holdings Corp. * | 154 | 9 | ||||||
Staples, Inc. | 1,125 | 22 | ||||||
Target Corp. | 1,400 | 56 | ||||||
The Gap, Inc. | 1,362 | 18 | ||||||
The Home Depot, Inc. | 2,655 | 63 | ||||||
The Sherwin-Williams Co. | 200 | 11 | ||||||
The TJX Cos., Inc. | 800 | 21 | ||||||
Tiffany & Co. | 250 | 7 | ||||||
425 | ||||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
Advanced Micro Devices, Inc. * | 560 | 2 | ||||||
Altera Corp. | 510 | 9 | ||||||
Analog Devices, Inc. | 600 | 13 | ||||||
Applied Materials, Inc. | 2,600 | 34 | ||||||
Broadcom Corp., Class A * | 738 | 13 | ||||||
Intel Corp. | 9,100 | 146 | ||||||
KLA-Tencor Corp. | 300 | 7 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Linear Technology Corp. | 500 | 11 | ||||||
LSI Corp. * | 500 | 2 | ||||||
MEMC Electronic Materials, Inc. * | 300 | 5 | ||||||
Microchip Technology, Inc. | 300 | 7 | ||||||
Micron Technology, Inc. * | 900 | 4 | ||||||
National Semiconductor Corp. | 600 | 8 | ||||||
Novellus Systems, Inc. * | 250 | 4 | ||||||
NVIDIA Corp. * | 600 | 5 | ||||||
Teradyne, Inc. * | 300 | 2 | ||||||
Texas Instruments, Inc. | 2,400 | 47 | ||||||
Xilinx, Inc. | 500 | 9 | ||||||
328 | ||||||||
Software & Services 0.3% | ||||||||
Adobe Systems, Inc. * | 800 | 21 | ||||||
Affiliated Computer Services, Inc., Class A * | 203 | 8 | ||||||
Akamai Technologies, Inc. * | 300 | 4 | ||||||
Autodesk, Inc. * | 400 | 9 | ||||||
Automatic Data Processing, Inc. | 900 | 31 | ||||||
BMC Software, Inc. * | 400 | 10 | ||||||
CA, Inc. | 850 | 15 | ||||||
Citrix Systems, Inc. * | 300 | 8 | ||||||
Cognizant Technology Solutions Corp., Class A * | 400 | 8 | ||||||
Computer Sciences Corp. * | 258 | 8 | ||||||
Compuware Corp. * | 600 | 4 | ||||||
Convergys Corp. * | 174 | 1 | ||||||
eBay, Inc. * | 1,708 | 26 | ||||||
Electronic Arts, Inc. * | 424 | 10 | ||||||
Fidelity National Information Services, Inc. | 250 | 4 | ||||||
Fiserv, Inc. * | 300 | 10 | ||||||
Google, Inc., Class A * | 300 | 108 | ||||||
Intuit, Inc. * | 626 | 16 | ||||||
MasterCard, Inc., Class A | 100 | 15 | ||||||
Microsoft Corp. | 13,620 | 304 | ||||||
Novell, Inc. * | 500 | 2 | ||||||
Oracle Corp. * | 5,988 | 110 | ||||||
Paychex, Inc. | 525 | 15 | ||||||
Salesforce.com, Inc. * | 151 | 5 | ||||||
Symantec Corp. * | 1,678 | 21 | ||||||
Total System Services, Inc. | 300 | 4 | ||||||
Unisys Corp. * | 500 | 1 | ||||||
VeriSign, Inc. * | 300 | 6 | ||||||
Western Union Co. | 1,392 | 21 | ||||||
Yahoo!, Inc. * | 2,000 | 26 | ||||||
831 | ||||||||
Technology Hardware & Equipment 0.4% | ||||||||
Agilent Technologies, Inc. * | 710 | 16 | ||||||
Amphenol Corp., Class A | 300 | 9 | ||||||
Apple, Inc. * | 1,200 | 129 | ||||||
Ciena Corp. * | 71 | 1 | ||||||
Cisco Systems, Inc. * | 9,930 | 176 | ||||||
Corning, Inc. | 2,250 | 24 | ||||||
Dell, Inc. * | 3,850 | 47 | ||||||
EMC Corp. * | 3,650 | 43 | ||||||
Harris Corp. | 200 | 7 | ||||||
Hewlett-Packard Co. | 4,703 | 180 | ||||||
International Business Machines Corp. | 2,500 | 232 | ||||||
Jabil Circuit, Inc. | 322 | 3 | ||||||
JDS Uniphase Corp. * | 251 | 1 | ||||||
Juniper Networks, Inc. * | 600 | 11 | ||||||
Lexmark International, Inc., Class A * | 200 | 5 | ||||||
Molex, Inc. | 250 | 4 | ||||||
Motorola, Inc. | 3,666 | 20 | ||||||
NetApp, Inc. * | 500 | 7 | ||||||
QLogic Corp. * | 276 | 3 | ||||||
QUALCOMM, Inc. | 2,400 | 92 | ||||||
SanDisk Corp. * | 285 | 2 | ||||||
Sun Microsystems, Inc. * | 1,250 | 6 | ||||||
Tellabs, Inc. * | 600 | 2 | ||||||
Teradata Corp. * | 400 | 6 | ||||||
Tyco Electronics Ltd. | 753 | 15 | ||||||
Xerox Corp. | 1,200 | 10 | ||||||
1,051 | ||||||||
Telecommunication Services 0.2% | ||||||||
American Tower Corp., Class A * | 600 | 19 | ||||||
AT&T, Inc. | 9,588 | 257 | ||||||
CenturyTel, Inc. | 250 | 6 | ||||||
Embarq Corp. | 222 | 7 | ||||||
Frontier Communications Corp. | 410 | 3 | ||||||
Qwest Communications International, Inc. | 2,524 | 7 | ||||||
Sprint Nextel Corp. | 4,454 | 14 | ||||||
Verizon Communications, Inc. | 4,188 | 124 | ||||||
Windstream Corp. | 516 | 4 | ||||||
441 | ||||||||
Transportation 0.1% | ||||||||
Burlington Northern Santa Fe Corp. | 600 | 54 | ||||||
C.H. Robinson Worldwide, Inc. | 200 | 10 | ||||||
CSX Corp. | 600 | 28 | ||||||
Expeditors International of Washington, Inc. | 300 | 10 | ||||||
FedEx Corp. | 460 | 30 | ||||||
Norfolk Southern Corp. | 600 | 36 | ||||||
Ryder System, Inc. | 100 | 4 | ||||||
Southwest Airlines Co. | 1,218 | 14 | ||||||
Union Pacific Corp. | 800 | 53 | ||||||
United Parcel Service, Inc., Class B | 1,712 | 90 | ||||||
329 | ||||||||
Utilities 0.2% | ||||||||
Allegheny Energy, Inc. | 170 | 5 | ||||||
Ameren Corp. | 300 | 10 | ||||||
American Electric Power Co., Inc. | 580 | 19 | ||||||
CenterPoint Energy, Inc. | 474 | 5 | ||||||
CMS Energy Corp. | 200 | 2 | ||||||
Consolidated Edison, Inc. | 300 | 13 | ||||||
Constellation Energy Group, Inc. | 200 | 5 | ||||||
Dominion Resources, Inc. | 870 | 32 | ||||||
DTE Energy Co. | 200 | 7 | ||||||
Duke Energy Corp. | 1,876 | 31 | ||||||
Dynegy, Inc., Class A * | 500 | 2 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Edison International | 500 | 18 | ||||||
Entergy Corp. | 350 | 27 | ||||||
Exelon Corp. | 1,024 | 55 | ||||||
FirstEnergy Corp. | 533 | 28 | ||||||
FPL Group, Inc. | 600 | 28 | ||||||
Integrys Energy Group, Inc. | 82 | 4 | ||||||
Nicor, Inc. | 100 | 5 | ||||||
NiSource, Inc. | 376 | 5 | ||||||
Pepco Holdings, Inc. | 300 | 6 | ||||||
PG&E Corp. | 600 | 22 | ||||||
Pinnacle West Capital Corp. | 100 | 3 | ||||||
PPL Corp. | 600 | 20 | ||||||
Progress Energy, Inc. | 354 | 14 | ||||||
Public Service Enterprise Group, Inc. | 800 | 22 | ||||||
Questar Corp. | 200 | 7 | ||||||
Sempra Energy | 297 | 13 | ||||||
Southern Co. | 1,100 | 38 | ||||||
TECO Energy, Inc. | 200 | 2 | ||||||
The AES Corp. * | 800 | 6 | ||||||
Wisconsin Energy Corp. | 200 | 9 | ||||||
Xcel Energy, Inc. | 510 | 9 | ||||||
472 | ||||||||
Total Common Stock (Cost $12,019) | 13,652 | |||||||
Foreign Common Stock 0.0% of net assets | ||||||||
Bermuda 0.0% | ||||||||
Invesco Ltd. | 459 | 7 | ||||||
Total Common Stock (Cost $12) | 7 | |||||||
Other Investment Companies 94.5% of net assets | ||||||||
Schwab Institutional Select S&P 500 Fund (a) | 1,973,844 | 15,376 | ||||||
Schwab International Index Fund, Select Shares (a) | 1,861,475 | 25,968 | ||||||
Schwab S&P 500 Index Fund, Select Shares (a) | 1,785,442 | 27,281 | ||||||
Schwab Small-Cap Index Fund, Select Shares (a) | 1,958,569 | 27,126 | ||||||
Schwab Total Bond Market Fund (a) | 17,173,417 | 147,348 | ||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 10,389,731 | 10,390 | ||||||
Total Other Investment Companies (Cost $279,188) | 253,489 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.5% of net assets | ||||||||
Commercial Paper & Other Obligations 0.5% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 1,471 | 1,471 | ||||||
Total Short-Term Investment (Cost $1,471) | 1,471 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $294,663 and the unrealized appreciation and depreciation were $7,303 and ($33,347), respectively, with net unrealized depreciation of ($26,044). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $279,208) | $253,530 | |||||
Investments in unaffiliated issuers, at value (cost $13,482) | + | 15,089 | ||||
Total investments, at value (cost $292,690) | 268,619 | |||||
Receivables: | ||||||
Investments sold | 1 | |||||
Dividends | 733 | |||||
Fund shares sold | 25 | |||||
Prepaid expenses | + | 2 | ||||
Total assets | 269,380 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 711 | |||||
Investment adviser and administrator fees | 4 | |||||
Transfer agent and shareholder services fees | 4 | |||||
Fund shares redeemed | 254 | |||||
Accrued expenses | + | 37 | ||||
Total liabilities | 1,010 | |||||
Net Assets | ||||||
Total assets | 269,380 | |||||
Total liabilities | − | 1,010 | ||||
Net assets | $268,370 | |||||
Net Assets by Source | ||||||
Capital received from investors | 291,595 | |||||
Net investment income not yet distributed | 655 | |||||
Net realized capital gains | 191 | |||||
Net unrealized capital losses | (24,071 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $182,402 | 16,090 | $11.34 | |||||||||
P Shares | $85,968 | 7,608 | $11.30 |
Investment Income | ||||||
Dividends received from affiliated underlying funds and stocks | $11,547 | |||||
Dividends received from unaffiliated issuers | 407 | |||||
Interest | + | 195 | ||||
Total investment income | 12,149 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gains distributions received from affiliated underlying funds | 5,116 | |||||
Net realized losses on sales of affiliated underlying funds | (3,003 | ) | ||||
Net realized losses on unaffiliated investments | + | (214 | ) | |||
Net realized gains | 1,899 | |||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds and stocks | (77,680 | ) | ||||
Net unrealized losses on unaffiliated investments | + | (7,757 | ) | |||
Net unrealized losses | (85,437 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 1,485 | |||||
Transfer agent and shareholder service fees | ||||||
Investor Shares | 582 | |||||
P Shares | 104 | |||||
Professional fees | 40 | |||||
Portfolio accounting fees | 32 | |||||
Shareholder reports | 22 | |||||
Registration fees | 20 | |||||
Custodian fees | 11 | |||||
Trustees’ fees | 10 | |||||
Other expenses | + | 20 | ||||
Total expenses | 2,326 | |||||
Expense reduction by adviser and Schwab | − | 796 | ||||
Net expenses | 1,530 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 12,149 | |||||
Net expenses | − | 1,530 | ||||
Net investment income | 10,619 | |||||
Net realized gains | 1,899 | |||||
Net unrealized losses | + | (85,437 | ) | |||
Decrease in net assets from operations | ($72,919 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $10,619 | $11,448 | ||||||||
Net realized gains | 1,899 | 4,036 | ||||||||
Net unrealized gains (losses) | + | (85,437 | ) | 13,864 | ||||||
Increase (Decrease) in net assets from operations | (72,919 | ) | 29,348 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 7,893 | 8,300 | ||||||||
P Shares | + | 3,905 | 3,503 | |||||||
Total distributions from net investment income | 11,798 | 11,803 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 2,228 | 3,111 | ||||||||
P Shares | + | 1,018 | 1,178 | |||||||
Total distributions from net realized gains | 3,246 | 4,289 | ||||||||
Total distributions | $15,044 | $16,092 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 3,003 | $41,069 | 3,285 | $47,630 | ||||||||||||||
P Shares | + | 2,204 | 31,328 | 2,101 | 30,335 | |||||||||||||
Total shares sold | 5,207 | $72,397 | 5,386 | $77,965 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 689 | $9,481 | 745 | $10,688 | ||||||||||||||
P Shares | + | 358 | 4,923 | 327 | 4,681 | |||||||||||||
Total shares reinvested | 1,047 | $14,404 | 1,072 | $15,369 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (4,522 | ) | ($59,815 | ) | (3,277 | ) | ($47,566 | ) | ||||||||||
P Shares | + | (1,596 | ) | (21,433 | ) | (1,313 | ) | (19,043 | ) | |||||||||
Total shares redeemed | (6,118 | ) | ($81,248 | ) | (4,590 | ) | ($66,609 | ) | ||||||||||
Net transactions in fund shares | 136 | $5,553 | 1,868 | $26,725 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 23,562 | $350,780 | 21,694 | $310,799 | ||||||||||||||
Total increase or decrease | + | 136 | (82,410 | ) | 1,868 | 39,981 | ||||||||||||
End of period | 23,698 | $268,370 | 23,562 | $350,780 | ||||||||||||||
Net investment income not yet distributed | $655 | $1,719 |
Schwab Capital Trust (organized May 7, 1993) Schwab MartketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab Balanced Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund | Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the funds’ investment adviser using guidelines adopted by the funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary pricing source is not able or willing to provide a price, or for certain foreign securities’ closing market prices adjusted for changes in value that may occur between the close of foreign exchange and the time at which funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. | |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Underlying mutual funds: valued at their respective net asset values as determined by those funds, in accordance with the 1940 Act for a given day. | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. |
3. | Risk factors: |
4. | Affiliates and Affiliated Transactions: |
Average daily net assets | ||||
First $500 million | 0.44% | |||
over $500 million | 0.39% |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
P Shares* | 0.05% | 0.05% |
MarketTrack | MarketTrack | MarketTrack | MarketTrack | |||||||||||||
All Equity | Growth | Balanced | Conservative | |||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||
Investor Shares | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||||||
P Shares* | n/a | 0.35% | n/a | 0.35% |
MarketTrack | MarketTrack | MarketTrack | MarketTrack | |||||||||||||
All Equity | Growth | Balanced | Conservative | |||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||
Schwab Equity Index Funds: | ||||||||||||||||
S&P 500 Index Fund | — | — | — | 0.5% | ||||||||||||
Small-Cap Index Fund | 10.1% | 10.3% | 5.7% | 2.5% | ||||||||||||
International Index Fund | 10.6% | 8.9% | 5.0% | 2.2% | ||||||||||||
Schwab Bond Funds: | ||||||||||||||||
Total Bond Market Fund | — | 7.8% | 13.6% | 14.1% | ||||||||||||
Schwab Institutional Select Funds: | ||||||||||||||||
Institutional Select S&P 500 Index | 7.9% | 5.7% | 2.8% | 0.6% | ||||||||||||
Schwab Money Funds: | ||||||||||||||||
Value Advantage Money Fund | — | 0.1% | — | ** | — | ** |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
MarketTrack All Equity Portfolio | $117,044 | $57,700 | ||||||
MarketTrack Growth Portfolio | 102,516 | 70,033 | ||||||
MarketTrack Balanced Portfolio | 87,612 | 89,161 | ||||||
MarketTrack Conservative Portfolio | 63,469 | 52,086 |
8. | Redemption Fee: |
Current Period | Prior Period | |||||||
(11/01/07-10/31/08) | (11/01/06-10/31/07) | |||||||
MarketTrack All Equity Portfolio | $62 | $32 | ||||||
MarketTrack Growth Portfolio | 18 | 25 | ||||||
MarketTrack Balance Portfolio | 14 | 17 | ||||||
MarketTrack Conservative Portfolio | 14 | 6 |
9. | Federal Income Taxes: |
MarketTrack | MarketTrack | MarketTrack | MarketTrack | |||||||||||||
All Equity | Growth | Balanced | Conservative | |||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||
Undistributed ordinary income | $31 | * | $4,215 | $6,946 | $655 | |||||||||||
Undistributed long-term capital gains | 23,827 | * | 17,649 | 7,741 | 2,163 | |||||||||||
Unrealized appreciation | — | 37,704 | 26,329 | 7,303 | ||||||||||||
Unrealized depreciation | (112,758 | ) | (82,635 | ) | (53,092 | ) | (33,347 | ) | ||||||||
Other unrealized appreciation/(depreciation) | — | — | — | — | ||||||||||||
Net unrealized appreciation/(depreciation) | ($112,758 | ) | ($44,931 | ) | ($26,763 | ) | ($26,044 | ) | ||||||||
MarketTrack | MarketTrack | MarketTrack | MarketTrack | |||||||||||||
All Equity | Growth | Balanced | Conservative | |||||||||||||
Portfolio* | Portfolio | Portfolio | Portfolio | |||||||||||||
Current period distributions | ||||||||||||||||
Ordinary income | $9,825 | $17,000 | $15,943 | $12,042 | ||||||||||||
Long-term capital gains | 312 | 15,235 | 8,870 | 3,002 | ||||||||||||
Return of Capital | — | — | — | — | ||||||||||||
Prior period distributions | ||||||||||||||||
Ordinary income | 10,511 | 17,601 | 15,698 | 11,803 | ||||||||||||
Long-term capital gains | 5 | 6,527 | 8,968 | 4,289 | ||||||||||||
Return of Capital | — | — | — | — |
MarketTrack | MarketTrack | MarketTrack | MarketTrack | |||||||||||||
All Equity | Growth | Balanced | Conservative | |||||||||||||
Portfolio* | Portfolio | Portfolio | Portfolio | |||||||||||||
Capital Shares | $— | $— | $— | $1 | ||||||||||||
Undistributed net investment income | 591 | 517 | 275 | 115 | ||||||||||||
Net realized capital gains and losses | (591 | ) | (517 | ) | (275 | ) | (116 | ) |
* | Tax information for MarketTrack All Equity Portfolio is as of December 31, 2007. |
Schwab MarketTrack All Equity Portfolio
Schwab MarketTrack Growth Portfolio
Schwab MarketTrack Balanced Portfolio
Schwab MarketTrack Conservative Portfolio
San Francisco, California
December 12, 2008
Percentage | ||||
MarketTrack All Equity Portfolio* | 81.42 | |||
MarketTrack Growth Portfolio | 46.59 | |||
MarketTrack Balanced Portfolio | 26.09 | |||
MarketTrack Conservative Portfolio | 16.63 |
MarketTrack All Equity Portfolio* | $8,000 | |||
MarketTrack Growth Portfolio | 17,001 | |||
MarketTrack Balanced Portfolio | 15,943 | |||
MarketTrack Conservative Portfolio | 12,042 |
MarketTrack All Equity Portfolio | $— | |||
MarketTrack Growth Portfolio | 15,235 | |||
MarketTrack Balanced Portfolio | 8,870 | |||
MarketTrack Conservative Portfolio | 3,002 |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
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Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for the Report Period* | ||
Schwab Target 2010 Fund (Ticker Symbol: SWBRX) | -27.87% | |
Benchmark: Target 2010 Composite Index | -23.93% | |
Fund Category: Morningstar Target-Date 2000-2014 | -23.54% | |
Performance Details | pages 8-9 | |
Schwab Target 2015 Fund (Ticker Symbol: SWGRX) | -18.50% | |
Benchmark: Target 2015 Composite Index | -19.78% | |
Fund Category: Morningstar Target-Date 2015-2029 | -23.60% | |
Performance Details | pages 10-11 | |
Schwab Target 2020 Fund (Ticker Symbol: SWCRX) | -30.59% | |
Benchmark: Target 2020 Composite Index | -28.25% | |
Fund Category: Morningstar Target-Date 2015-2029 | -32.34% | |
Performance Details | pages 12-13 | |
Schwab Target 2025 Fund (Ticker Symbol: SWHRX) | -20.10% | |
Benchmark: Target 2025 Composite Index | -21.87% | |
Fund Category: Morningstar Target-Date 2015-2029 | -23.60% | |
Performance Details | pages 14-15 | |
* | For the Target 2015, 2025, and 2035 Funds, their respective benchmarks, and fund categories, the total returns are since inception date of 3/12/08. |
Total Return for the Report Period* | ||
Schwab Target 2030 Fund (Ticker Symbol: SWDRX) | -32.83% | |
Benchmark: Target 2030 Composite Index | -30.92% | |
Fund Category: Morningstar Target-Date 2030+ | -38.52% | |
Performance Details | pages 16-17 | |
Schwab Target 2035 Fund (Ticker Symbol: SWIRX) | -22.40% | |
Benchmark: Target 2035 Composite Index | -23.68% | |
Fund Category: Morningstar Target-Date 2030+ | -28.22% | |
Performance Details | pages 18-19 | |
Schwab Target 2040 Fund (Ticker Symbol: SWERX) | -34.60% | |
Benchmark: Target 2040 Composite Index | -33.43% | |
Fund Category: Morningstar Target-Date 2030+ | -38.52% | |
Performance Details | pages 20-21 | |
Schwab Retirement Income Fund (Ticker Symbol: SWARX) | -14.96% | |
Benchmark: Target Income Composite Index | -8.10% | |
Fund Category: Morningstar Conservative Allocation | -19.54% | |
Performance Details | pages 22-23 | |
Minimum Initial Investment1 | $ 100 | |
* | For the Target 2015, 2025, and 2035 Funds, their respective benchmarks, and fund categories, the total returns are since inception date of 3/12/08. |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of each of the funds. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Caroline Lee, a managing director and portfolio manager of the investment adviser, co-manages the funds. Prior to joining the firm in November 2005, she worked in asset management for over 4 years overseeing subadvisor relationships in the pension group of a major corporation. She has also had 3 years of previous experience in investment management at another financial services firm. | ||
Daniel Kern, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day to-day co-management of the funds. He was appointed portfolio manager in 2008. Prior to joining the firm in 2003, he worked for more than 13 years in the investment management industry. |
Number of Holdings | 16 |
($ x 1,000,000) | $46,741 |
Price/Earnings Ratio (P/E) | 12.1 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate | 50% |
Fixed-Income Funds | 42.1% |
Equity Funds - Domestic | 37.8% |
Equity Funds - International | 14.1% |
Short-Term Investments | 6.0% |
Total | 100.0% |
Schwab Total Bond Market Fund | 31.6% |
Schwab Core Equity Fund | 21.5% |
Fund, Select Shares | 8.1% |
Fund, Institutional Shares | 6.0% |
Select Shares | 5.0% |
Shares | 4.9% |
Fund, Select Shares | 4.6% |
Select Shares | 4.3% |
Select Shares | 3.9% |
Fund, Select Shares | 2.6% |
Total | 92.5% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Fund: Schwab Target 2010 Fund (7/1/05) | -27.87% | -2.59% | -1.63% | |||||||||
Benchmark: Target 2010 Composite Index3 | -23.93% | -0.71% | -0.14% | |||||||||
Fund Category: Morningstar Target-Date 2000-2014 | -23.54% | -2.35% | -1.74% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2010 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 38% Dow Jones Wilshire 5000 Composite Index, 11% MSCI EAFE Net Index, 32% Lehman Brothers U.S. Aggregate Bond Index, 3% FTSE EPRA/NAREIT Global Index, 2% MSCI Emerging Markets Net Index, 4% Lehman Brothers U.S. TIPS Index, 4% Citigroup Non-U.S. Dollar World Government Bond Index, and 6% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.86%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 18 |
($ x 1,000,000) | $45,054 |
Price/Earnings Ratio (P/E) | 12.0 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate1 | 35% |
Equity Funds - Domestic | 41.9% |
Fixed-Income Funds | 34.0% |
Equity Funds - International | 18.1% |
Short-Term Investments | 6.0% |
Total | 100.0% |
Schwab Total Bond Market Fund | 25.8% |
Schwab Core Equity Fund | 23.4% |
Fund, Select Shares | 9.8% |
Select Shares | 5.7% |
Select Shares | 4.8% |
Fund, Institutional Shares | 4.1% |
Shares | 3.6% |
Fund, Select Shares | 3.5% |
Fund, Select Shares | 3.3% |
Select Shares | 2.8% |
Total | 86.8% |
1 | Not annualized. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | Since Inception | |||
Fund: Schwab Target 2015 Fund (3/12/08) | -18.50% | |||
Benchmark: Target 2015 Composite Index3 | -19.78% | |||
Fund Category: Morningstar Target-Date 2015-2029 | -23.60% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2015 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 42.4% Dow Jones Wilshire 5000 Composite Index, 12.5% MSCI EAFE Net Index, 28% Lehman Brothers U.S. Aggregate Bond Index, 3.6% FTSE EPRA/NAREIT Global Index, 2.5% MSCI Emerging Markets Net Index, 3.5% Lehman Brothers U.S. TIPS Index, 3.5% Citigroup Non-U.S. Dollar World Government Bond Index, and 4% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.84%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 17 |
($ x 1,000,000) | $45,632 |
Price/Earnings Ratio (P/E) | 12.0 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate | 34% |
Equity Funds - Domestic | 43.9% |
Fixed-Income Funds | 34.8% |
Equity Funds - International | 18.6% |
Short-Term Investments | 2.7% |
Total | 100.0% |
Schwab Total Bond Market Fund | 26.6% |
Schwab Core Equity Fund | 25.2% |
Fund, Select Shares | 10.0% |
Select Shares | 5.6% |
Select Shares | 4.9% |
Fund, Select Shares | 4.5% |
Select Shares | 4.4% |
Shares | 3.9% |
Fund, Select Shares | 3.7% |
Schwab Value Advantage Money Fund | 2.5% |
Total | 91.3% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Fund: Schwab Target 2020 Fund (7/1/05) | -30.59% | -3.46% | -2.28% | |||||||||
Benchmark: Target 2020 Composite Index3 | -28.25% | -2.10% | -1.30% | |||||||||
Fund Category: Morningstar Target-Date 2015-2029 | -32.34% | -4.43% | -3.27% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2020 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 45% Dow Jones Wilshire 5000 Composite Index, 13% MSCI EAFE Net Index, 26% Lehman Brothers U.S. Aggregate Bond Index, 4% FTSE EPRA/NAREIT Global Index, 3% MSCI Emerging Markets Net Index, 3.5% Lehman Brothers U.S. TIPS Index, 3.5% Citigroup Non-U.S. Dollar World Government Bond Index, and 2% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.88%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
($ x 1,000,000) | $46,089 |
Price/Earnings Ratio (P/E) | 12.1 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate1 | 3% |
Equity Funds - Domestic | 46.8% |
Fixed-Income Funds | 29.5% |
Equity Funds - International | 18.9% |
Short-Term Investments | 4.8% |
Total | 100.0% |
Schwab Core Equity Fund | 26.5% |
Schwab Total Bond Market Fund | 21.3% |
Fund, Select Shares | 10.5% |
Select Shares | 6.3% |
Select Shares | 5.1% |
Fund, Select Shares | 3.5% |
Select Shares | 3.3% |
Shares | 3.2% |
Fund, Select Shares | 3.0% |
Select Shares | 2.7% |
Total | 85.4% |
1 | Not annualized. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | Since Inception | |||
Fund: Schwab Target 2025 Fund (3/12/08) | -20.10% | |||
Benchmark: Target 2025 Composite Index3 | -21.87% | |||
Fund Category: Morningstar Target-Date 2015-2029 | -23.60% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2025 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 48% Dow Jones Wilshire 5000 Composite Index, 14.2% MSCI EAFE Net Index, 23.2% Lehman Brothers U.S. Aggregate Bond Index, 4% FTSE EPRA/NAREIT Global Index, 2.8% MSCI Emerging Markets Net Index, 2.9% Lehman Brothers U.S. TIPS Index, 2.9% Citigroup Non-U.S. Dollar World Government Bond Index, and 2% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.88%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 17 |
($ x 1,000,000) | $43,350 |
Price/Earnings Ratio (P/E) | 12.1 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 31% |
Equity Funds - Domestic | 46.8% |
Fixed-Income Funds | 27.9% |
Equity Funds - International | 21.8% |
Short-Term Investments | 3.5% |
Total | 100.0% |
Schwab Core Equity Fund | 26.1% |
Schwab Total Bond Market Fund | 21.8% |
Fund, Select Shares | 11.4% |
Select Shares | 5.9% |
Fund, Select Shares | 5.7% |
Select Shares | 5.6% |
Select Shares | 5.0% |
Shares | 2.9% |
Fund, Institutional Shares | 2.9% |
Fund, Select Shares | 2.8% |
Total | 90.1% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Fund: Schwab Target 2030 Fund (7/1/05) | -32.83% | -4.02% | -2.74% | |||||||||
Benchmark: Target 2030 Composite Index3 | -30.92% | -2.84% | -1.88% | |||||||||
Fund Category: Morningstar Target-Date 2030+ | -38.52% | -6.31% | -4.89% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2030 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 49% Dow Jones Wilshire 5000 Composite Index, 15% MSCI EAFE Net Index, 21% Lehman Brothers U.S. Aggregate Bond Index, 5% FTSE EPRA/NAREIT Global Index, 3% MSCI Emerging Markets Net Index, 2.5% Lehman Brothers U.S. TIPS Index, 2.5% Citigroup Non-U.S. Dollar World Government Bond Index, and 2% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.93%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
($ x 1,000,000) | $45,445 |
Price/Earnings Ratio (P/E) | 12.0 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate1 | 7% |
Equity Funds - Domestic | 51.5% |
Fixed-Income Funds | 22.1% |
Equity Funds - International | 21.7% |
Short-Term Investments | 4.7% |
Total | 100.0% |
Schwab Core Equity Fund | 28.8% |
Schwab Total Bond Market Fund | 16.2% |
Fund, Select Shares | 12.2% |
Select Shares | 7.0% |
Select Shares | 6.1% |
Fund, Select Shares | 4.2% |
Select Shares | 3.6% |
Select Shares | 3.4% |
Discovery Fund, Select Shares | 2.7% |
Fund, Select Shares | 2.7% |
Total | 86.9% |
1 | Not annualized. |
2 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | Since Inception | |||
Fund: Schwab Target 2035 Fund (3/12/08) | -22.40% | |||
Benchmark: Target 2035 Composite Index3 | -23.68% | |||
Fund Category: Morningstar Target-Date 2030+ | -28.22% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2035 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 52.4% Dow Jones Wilshire 5000 Composite Index, 15.8% MSCI EAFE Net Index, 17.6% Lehman Brothers U.S. Aggregate Bond Index, 4.6% FTSE EPRA/NAREIT Global Index, 3.2% MSCI Emerging Markets Net Index, 2.2% Lehman Brothers U.S. TIPS Index, 2.2% Citigroup Non-U.S. Dollar World Government Bond Index, and 2% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.90%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 17 |
($ x 1,000,000) | $43,985 |
Price/Earnings Ratio (P/E) | 12.0 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 36% |
Equity Funds - Domestic | 53.7% |
Equity Funds - International | 24.1% |
Fixed-Income Funds | 19.6% |
Short-Term Investments | 2.6% |
Total | 100.0% |
Schwab Core Equity Fund | 29.5% |
Schwab Total Bond Market Fund | 14.5% |
Fund, Select Shares | 12.8% |
Select Shares | 7.1% |
Select Shares | 6.4% |
Fund, Select Shares | 5.9% |
Select Shares | 5.5% |
Fund, Select Shares | 3.0% |
Fund, Institutional Shares | 2.7% |
Fund, Institutional Shares | 2.5% |
Total | 89.9% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Fund: Schwab Target 2040 Fund (7/1/05) | -34.60% | -4.34% | -2.88% | |||||||||
Benchmark: Target 2040 Composite Index3 | -33.43% | -3.48% | -2.36% | |||||||||
Fund Category: Morningstar Target-Date 2030+ | -38.52% | -6.31% | -4.89% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target 2040 Composite Index is based on an asset allocation glide schedule and will become more conservative as time elapses. The current composite is derived using the following portion allocations: 54% Dow Jones Wilshire 5000 Composite Index, 17% MSCI EAFE Net Index, 15% Lehman Brothers U.S. Aggregate Bond Index, 5% FTSE EPRA/NAREIT Global Index, 3% MSCI Emerging Markets Net Index, 2% Lehman Brothers U.S. TIPS Index, 2% Citigroup Non-U.S. Dollar World Government Bond Index, and 2% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.95%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 10 |
($ x 1,000,000) | $53,344 |
Price/Earnings Ratio (P/E) | 11.4 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 95% |
Fixed-Income Funds | 58.3% |
Short-Term Investments | 23.6% |
Equity Funds - Domestic | 14.2% |
Equity Funds - International | 3.9% |
Total | 100.0% |
Institutional Shares | 22.0% |
Fund, Institutional Shares | 22.0% |
Schwab Total Bond Market Fund | 21.0% |
Select Shares | 10.2% |
Shares | 6.4% |
Fund, Select Shares | 5.9% |
Select Shares | 4.0% |
Fund, Select Shares | 3.8% |
Schwab Short Term Bond Market Fund | 2.8% |
Total | 98.1% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment1,3
Fund and Inception Date | 1 Year | 3 Years | Since Inception | |||||||||
Fund: Schwab Retirement Income Fund (7/1/05) | -14.96% | -0.73% | -0.61% | |||||||||
Benchmark: Target Income Composite Index3 | -8.10% | 2.15% | 2.02% | |||||||||
Fund Category: Morningstar Conservative Allocation | -19.54% | -1.65% | -1.35% |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | The Target Income Composite Index is based on a fixed asset allocation. The composite is derived using the following portion allocations: 15% Dow Jones Wilshire 5000 Composite Index, 5% MSCI EAFE Net Index, 20% Lehman Brothers U.S. Aggregate Bond Index, 20% Lehman Brothers U.S. Aggregate Intermediate Bond Index, 5% Lehman Brothers U.S. TIPS Index, 5% Citigroup Non-U.S. Dollar World Government Bond Index, and 30% Lehman Brothers U.S. Treasury Bills: 1-3 Months. |
4 | As stated in the 2/28/08 prospectus (amended 6/13/08). Includes expenses of the Underlying Funds in which the Target Funds invest. The annualized weighted average expense ratio of the Underlying Funds was 0.59%. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Schwab Target 2010 Fund | ||||||||||||||||
Actual Return | 0.06% | $ | 1,000 | $ | 795.60 | $ | 0.27 | |||||||||
Hypothetical 5% Return | 0.06% | $ | 1,000 | $ | 1,024.83 | $ | 0.31 | |||||||||
Schwab Target 2015 Fund | ||||||||||||||||
Actual Return | 0.05% | $ | 1,000 | $ | 792.80 | $ | 0.23 | |||||||||
Hypothetical 5% Return | 0.05% | $ | 1,000 | $ | 1,024.89 | $ | 0.25 | |||||||||
Schwab Target 2020 Fund | ||||||||||||||||
Actual Return | 0.04% | $ | 1,000 | $ | 771.10 | $ | 0.18 | |||||||||
Hypothetical 5% Return | 0.04% | $ | 1,000 | $ | 1,024.94 | $ | 0.20 | |||||||||
Schwab Target 2025 Fund | ||||||||||||||||
Actual Return | 0.04% | $ | 1,000 | $ | 770.50 | $ | 0.18 | |||||||||
Hypothetical 5% Return | 0.04% | $ | 1,000 | $ | 1,024.94 | $ | 0.20 | |||||||||
Schwab Target 2030 Fund | ||||||||||||||||
Actual Return | 0.03% | $ | 1,000 | $ | 751.10 | $ | 0.13 | |||||||||
Hypothetical 5% Return | 0.03% | $ | 1,000 | $ | 1,024.99 | $ | 0.15 | |||||||||
Schwab Target 2035 Fund | ||||||||||||||||
Actual Return | 0.02% | $ | 1,000 | $ | 748.30 | $ | 0.09 | |||||||||
Hypothetical 5% Return | 0.02% | $ | 1,000 | $ | 1,025.04 | $ | 0.10 | |||||||||
Schwab Target 2040 Fund | ||||||||||||||||
Actual Return | 0.01% | $ | 1,000 | $ | 736.10 | $ | 0.04 | |||||||||
Hypothetical 5% Return | 0.01% | $ | 1,000 | $ | 1,025.09 | $ | 0.05 | |||||||||
Schwab Retirement Income Fund | ||||||||||||||||
Actual Return | 0.10% | $ | 1,000 | $ | 902.80 | $ | 0.48 | |||||||||
Hypothetical 5% Return | 0.10% | $ | 1,000 | $ | 1,024.63 | $ | 0.51 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights; does not include expenses of underlying funds in which the Target Funds invest. |
2 | Except as otherwise noted, expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
11/1/07- | 11/1/06- | 11/1/05- | 7/1/051- | |||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | |||||||||||||
Per-Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 12.65 | 11.42 | 10.24 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.32 | 0.23 | 0.22 | 0.04 | ||||||||||||
Net realized and unrealized gains (losses) | (3.73 | ) | 1.24 | 1.13 | 0.20 | |||||||||||
Total from investment operations | (3.41 | ) | 1.47 | 1.35 | 0.24 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.38 | ) | (0.21 | ) | (0.17 | ) | — | |||||||||
Distributions from net realized gains | (0.10 | ) | (0.03 | ) | — | — | ||||||||||
Total distributions | (0.48 | ) | (0.24 | ) | (0.17 | ) | — | |||||||||
Net asset value at end of period | 8.76 | 12.65 | 11.42 | 10.24 | ||||||||||||
Total return (%) | (27.87 | ) | 13.02 | 13.39 | 2.40 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses3 | 0.06 | 0.06 | 0.06 | 0.06 | 4 | |||||||||||
Gross operating expenses3 | 0.11 | 0.09 | 0.27 | 0.37 | 4 | |||||||||||
Net investment income (loss) | 2.89 | 2.10 | 2.12 | 1.51 | 4 | |||||||||||
Portfolio turnover rate | 50 | 1 | 0 | 5 | — | |||||||||||
Net assets, end of period ($ x 1,000,000) | 80 | 138 | 62 | 32 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
100 | .2% | Other Investment Companies | 98,207 | 80,039 | ||||||||
0 | .1% | Short-Term Investment | 51 | 51 | ||||||||
100 | .3% | Total Investments | 98,258 | 80,090 | ||||||||
(0 | .3)% | Other Assets and Liabilities, Net | (261 | ) | ||||||||
100 | .0% | Total Net Assets | 79,829 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 100.2% of net assets | ||||||||
Equity Funds 52.0% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 550,465 | 6,495 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 239,842 | 1,276 | ||||||
Laudus Rosenberg International Small Capitalization Fund, Select Shares (a) | 147,397 | 1,409 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 132,319 | 1,522 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 601,215 | 3,980 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 143,791 | 1,109 | ||||||
Schwab Core Equity Fund (a) | 1,275,440 | 17,129 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 319,820 | 3,400 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 434,675 | 2,082 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 298,597 | 3,150 | ||||||
41,552 | ||||||||
Fixed-Income Funds 42.2% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 383,905 | 3,908 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 404,494 | 3,665 | ||||||
Schwab Short Term Bond Market Fund (a) | 99,635 | 897 | ||||||
Schwab Total Bond Market Fund (a) | 2,944,018 | 25,259 | ||||||
33,729 | ||||||||
Money Fund 6.0% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 4,757,731 | 4,758 | ||||||
Total Other Investment Companies (Cost $98,207) | 80,039 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.1% of net assets | ||||||||
Commercial Paper & Other Obligations 0.1% | ||||||||
Brown Brothers Harriman & Co., Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 51 | 51 | ||||||
Total Short-Term Investment (Cost $51) | 51 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $99,218 and the unrealized appreciation and depreciation were $77 and ($19,205), respectively, with a net unrealized depreciation of ($19,128). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $98,207) | $80,039 | |||||
Investments in unaffiliated issuers, at value (cost $51) | + | 51 | ||||
Total investments, at value (cost $98,258) | 80,090 | |||||
Receivables: | ||||||
Fund shares sold | 19 | |||||
Dividends | 135 | |||||
Due from investment adviser | 1 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 80,246 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 128 | |||||
Fund shares redeemed | 258 | |||||
Accrued expenses | + | 31 | ||||
Total liabilities | 417 | |||||
Net Assets | ||||||
Total assets | 80,246 | |||||
Total liabilities | − | 417 | ||||
Net assets | $79,829 | |||||
Net Assets by Source | ||||||
Capital received from investors | 105,066 | |||||
Net investment income not yet distributed | 1,860 | |||||
Net realized capital losses | (8,929 | ) | ||||
Net unrealized capital losses | (18,168 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$79,829 | 9,110 | $8.76 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $3,435 | |||||
Interest | + | 24 | ||||
Total investment income | 3,459 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gain distributions received from affiliated underlying funds | 4,869 | |||||
Net realized losses on sales of affiliated underlying funds | + | (12,704 | ) | |||
Net realized losses | (7,835 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (31,198 | ) | ||||
Expenses | ||||||
Professional fees | 37 | |||||
Shareholder reports | 27 | |||||
Registration fees | 24 | |||||
Portfolio accounting fees | 17 | |||||
Custodian fees | 9 | |||||
Trustees’ fees | 8 | |||||
Interest expense | 1 | |||||
Other expenses | + | 2 | ||||
Total expenses | 125 | |||||
Expense reduction by adviser | − | 55 | ||||
Net expenses | 70 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 3,459 | |||||
Net expenses | − | 70 | ||||
Net investment income | 3,389 | |||||
Net realized losses | (7,835 | ) | ||||
Net unrealized losses | + | (31,198 | ) | |||
Decrease in net assets from operations | ($35,644 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $3,389 | $2,107 | ||||||||
Net realized gains (losses) | (7,835 | ) | 1,292 | |||||||
Net unrealized gains (losses) | + | (31,198 | ) | 8,350 | ||||||
Increase (Decrease) in net assets from operations | (35,644 | ) | 11,749 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 4,243 | 1,251 | ||||||||
Distributions from net realized gains | + | 1,117 | 165 | |||||||
Total distributions | $5,360 | $1,416 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 2,953 | $32,660 | 7,558 | $90,601 | ||||||||||||||
Shares Reinvested | 437 | 5,033 | 113 | 1,309 | ||||||||||||||
Shares Redeemed | + | (5,174 | ) | (54,628 | ) | (2,209 | ) | (26,511 | ) | |||||||||
Net transactions in fund shares | (1,784 | ) | ($16,935 | ) | 5,462 | $65,399 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 10,894 | $137,768 | 5,432 | $62,036 | ||||||||||||||
Total increase or decrease | + | (1,784 | ) | (57,939 | ) | 5,462 | 75,732 | |||||||||||
End of period | 9,110 | $79,829 | 10,894 | $137,768 | ||||||||||||||
Net investment income not yet distributed | $1,860 | $1,640 |
3/12/081- | ||||
10/31/08 | ||||
Per-Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.06 | |||
Net realized and unrealized gains (losses) | (1.91 | ) | ||
Total from investment operations | (1.85 | ) | ||
Net asset value at end of period | 8.15 | |||
Total return (%) | (18.50 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses3 | 0.05 | 4 | ||
Gross operating expenses3 | 1.90 | 4 | ||
Net investment income (loss) | 1.87 | 4 | ||
Portfolio turnover rate | 35 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 6 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .3% | Other Investment Companies | 6,957 | 5,820 | ||||||||
1 | .9% | Short-Term Investments | 112 | 112 | ||||||||
100 | .2% | Total Investments | 7,069 | 5,932 | ||||||||
(0 | .2)% | Other Assets and Liabilities, Net | (13 | ) | ||||||||
100 | .0% | Total Net Assets | 5,919 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 98.3% of net assets | ||||||||
Equity Funds 60.2% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 49,320 | 582 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 27,973 | 149 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 20,202 | 135 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 12,775 | 147 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 50,765 | 336 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 21,238 | 164 | ||||||
Schwab Core Equity Fund (a) | 103,207 | 1,386 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 15,600 | 166 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 43,919 | 210 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 27,239 | 287 | ||||||
3,562 | ||||||||
Fixed-Income Funds 34.0% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 20,812 | 212 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 21,813 | 198 | ||||||
Schwab Short Term Bond Market Fund (a) | 8,719 | 78 | ||||||
Schwab Total Bond Market Fund (a) | 178,165 | 1,529 | ||||||
2,017 | ||||||||
Money Fund 4.1% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 241,389 | 241 | ||||||
Total Other Investment Companies (Cost $6,957) | 5,820 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 1.9% of net assets | ||||||||
Commercial Paper & Other Obligations 1.9% | ||||||||
Brown Brothers Harriman & Co., Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 96 | 96 | ||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 8 | 8 | ||||||
JP Morgan Chase, London Time Deposit | ||||||||
0.56%, 11/03/08 | 8 | 8 | ||||||
Total Short-Term Investments (Cost $112) | 112 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $7,135 and the unrealized appreciation and depreciation were $0 and ($1,203), respectively, with a net unrealized depreciation of ($1,203). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $6,957) | $5,820 | |||||
Investments in unaffiliated issuers, at value (cost $112) | + | 112 | ||||
Total investments, at value (cost $7,069) | 5,932 | |||||
Receivables: | ||||||
Fund shares sold | 5 | |||||
Dividends | 7 | |||||
Due from investment adviser | + | 3 | ||||
Total assets | 5,947 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 7 | |||||
Accrued expenses | + | 21 | ||||
Total liabilities | 28 | |||||
Net Assets | ||||||
Total assets | 5,947 | |||||
Total liabilities | − | 28 | ||||
Net assets | $5,919 | |||||
Net Assets by Source | ||||||
Capital received from investors | 7,080 | |||||
Net investment income not yet distributed | 40 | |||||
Net realized capital losses | (64 | ) | ||||
Net unrealized capital lossess | (1,137 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$5,919 | 726 | $8.15 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $40 | |||||
Interest | + | 1 | ||||
Total investment income | 41 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sale of affiliated underlying funds | (64 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (1,137 | ) | ||||
Expenses | ||||||
Professional fees | 18 | |||||
Custodian fees | 9 | |||||
Registration fees | 5 | |||||
Portfolio accounting fees | 4 | |||||
Trustees’ fees | 3 | |||||
Shareholder reports | 1 | |||||
Other expenses | + | 1 | ||||
Total expenses | 41 | |||||
Expense reduction by adviser | − | 40 | ||||
Net expenses | 1 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 41 | |||||
Net expenses | − | 1 | ||||
Net investment income | 40 | |||||
Net realized losses | (64 | ) | ||||
Net unrealized losses | + | (1,137 | ) | |||
Decrease in net assets from operations | ($1,161 | ) |
* | Commencement of operations. |
Operations |
3/12/08*-10/31/08 | ||||||
Net investment income | $40 | |||||
Net realized losses | (64 | ) | ||||
Net unrealized losses | + | (1,137 | ) | |||
Decrease in net assets from operations | (1,161 | ) |
Transactions in Fund Shares |
3/12/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | 900 | $8,772 | ||||||||
Shares Redeemed | + | (174 | ) | (1,692 | ) | |||||
Net transactions in fund shares | 726 | $7,080 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
3/12/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | - | $- | ||||||||
Total increase | + | 726 | 5,919 | |||||||
End of period | 726 | $5,919 | ||||||||
Net investment income not yet distributed | $40 |
* | Commencement of operations. |
11/1/07- | 11/1/06- | 11/1/05- | 7/1/051 - | |||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | |||||||||||||
Per-Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 12.88 | 11.56 | 10.28 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.30 | 0.21 | 0.21 | 0.04 | ||||||||||||
Net realized and unrealized gains (losses) | (4.11 | ) | 1.33 | 1.25 | 0.24 | |||||||||||
Total from investment operations | (3.81 | ) | 1.54 | 1.46 | 0.28 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.38 | ) | (0.19 | ) | (0.18 | ) | — | |||||||||
Distributions from net realized gains | (0.10 | ) | (0.03 | ) | — | — | ||||||||||
Total distributions | (0.48 | ) | (0.22 | ) | (0.18 | ) | — | |||||||||
Net asset value at end of period | 8.59 | 12.88 | 11.56 | 10.28 | ||||||||||||
Total return (%) | (30.59 | ) | 13.47 | 14.36 | 2.80 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses3 | 0.04 | 0.04 | 0.04 | 0.04 | 4 | |||||||||||
Gross operating expenses3 | 0.08 | 0.07 | 0.22 | 0.36 | 4 | |||||||||||
Net investment income (loss) | 2.67 | 1.84 | 1.84 | 1.29 | 4 | |||||||||||
Portfolio turnover rate | 34 | 5 | — | — | — | |||||||||||
Net assets, end of period ($ x 1,000,000) | 163 | 225 | 84 | 35 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
99 | .7% | Other Investment Companies | 208,649 | 162,195 | ||||||||
0 | .2% | Short-Term Investment | 363 | 363 | ||||||||
99 | .9% | Total Investments | 209,012 | 162,558 | ||||||||
0 | .1% | Other Assets and Liabilities, Net | 182 | |||||||||
100 | .0% | Total Net Assets | 162,740 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 99.7% of net assets | ||||||||
Equity Funds 62.5% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 1,379,210 | 16,275 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 638,581 | 3,397 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 44,834 | 299 | ||||||
Laudus Rosenberg International Small Capitalization Fund, Select Shares (a) | 315,819 | 3,019 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 324,865 | 3,736 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 1,382,380 | 9,151 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 326,797 | 2,520 | ||||||
Schwab Core Equity Fund (a) | 3,049,538 | 40,955 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 742,750 | 7,895 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 1,519,811 | 7,280 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 672,043 | 7,090 | ||||||
101,617 | ||||||||
Fixed-Income Funds 34.7% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 621,052 | 6,322 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 660,447 | 5,984 | ||||||
Schwab Short Term Bond Market Fund (a) | 108,268 | 975 | ||||||
Schwab Total Bond Market Fund (a) | 5,036,056 | 43,209 | ||||||
56,490 | ||||||||
Money Fund 2.5% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 4,088,037 | 4,088 | ||||||
Total Other Investment Companies (Cost $208,649) | 162,195 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.2% of net assets | ||||||||
Commercial Paper & Other Obligations 0.2% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 363 | 363 | ||||||
Total Short-Term Investment (Cost $363) | 363 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $211,884 and the unrealized appreciation and depreciation were $20 and ($49,346), respectively, with a net unrealized depreciation of ($49,326). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $208,649) | $162,195 | |||||
Investment in unaffiliated issuers, at value (cost $363) | + | 363 | ||||
Total Investments, at value (cost $209,012) | 162,558 | |||||
Receivables: | ||||||
Fund shares sold | 262 | |||||
Dividends | 222 | |||||
Due from investment adviser | 2 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 163,045 | |||||
‘ | ||||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 215 | |||||
Fund shares redeemed | 52 | |||||
Accrued expenses | + | 38 | ||||
Total liabilities | 305 | |||||
Net Assets | ||||||
Total assets | 163,045 | |||||
Total liabilities | − | 305 | ||||
Net assets | $162,740 | |||||
Net Assets by Source | ||||||
Capital received from investors | 219,855 | |||||
Net investment income not yet distributed | 2,894 | |||||
Net realized capital losses | (13,555 | ) | ||||
Net unrealized capital losses | (46,454 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$162,740 | 18,946 | $8.59 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $5,524 | |||||
Interest | + | 100 | ||||
Total investment income | 5,624 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gain distributions received from affiliated underlying funds | 8,699 | |||||
Net realized losses on sales of affiliated underlying funds | + | (20,329 | ) | |||
Net realized losses | (11,630 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (66,226 | ) | ||||
Expenses | ||||||
Shareholder reports | 60 | |||||
Professional fees | 38 | |||||
Registration fees | 32 | |||||
Portfolio accounting fees | 19 | |||||
Trustees’ fees | 9 | |||||
Custodian fees | 9 | |||||
Other expenses | + | 3 | ||||
Total expenses | 170 | |||||
Expense reduction by adviser | − | 87 | ||||
Net expenses | 83 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 5,624 | |||||
Net expenses | − | 83 | ||||
Net investment income | 5,541 | |||||
Net realized losses | (11,630 | ) | ||||
Net unrealized losses | + | (66,226 | ) | |||
Decrease in net assets from operations | ($72,315 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $5,541 | $2,845 | ||||||||
Net realized gains (losses) | (11,630 | ) | 2,089 | |||||||
Net unrealized gains (losses) | + | (66,226 | ) | 13,464 | ||||||
Increase (Decrease) in net assets from operations | (72,315 | ) | 18,398 | |||||||
Distributions to shareholders | ||||||||||
Distributions from net investment income | 6,771 | 1,577 | ||||||||
Distributions from net realized gains | + | 1,775 | 231 | |||||||
Total distributions | $8,546 | $1,808 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Shares Sold | 6,200 | $68,386 | 12,465 | $152,246 | ||||||||||||||
Shares Reinvested | 716 | 8,346 | 150 | 1,758 | ||||||||||||||
Shares Redeemed | + | (5,403 | ) | (57,658 | ) | (2,418 | ) | (29,709 | ) | |||||||||
Net transactions in fund shares | 1,513 | $19,074 | 10,197 | $124,295 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 17,433 | $224,527 | 7,236 | $83,642 | ||||||||||||||
Total increase or decrease | + | 1,513 | (61,787 | ) | 10,197 | 140,885 | ||||||||||||
End of period | 18,946 | $162,740 | 17,433 | $224,527 | ||||||||||||||
Net investment income not yet distributed | $2,894 | $2,200 |
3/12/081- | ||||
10/31/08 | ||||
Per-Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.05 | |||
Net realized and unrealized gains (losses) | (2.06 | ) | ||
Total from investment operations | (2.01 | ) | ||
Net asset value at end of period | 7.99 | |||
Total return (%) | (20.10 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses3 | 0.04 | 4 | ||
Gross operating expenses3 | 1.27 | 4 | ||
Net investment income (loss) | 1.60 | 4 | ||
Portfolio turnover rate | 3 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 8 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96 | .8% | Other Investment Companies | 9,240 | 7,323 | ||||||||
2 | .6% | Short-Term Investments | 192 | 192 | ||||||||
99 | .4% | Total Investments | 9,432 | 7,515 | ||||||||
0 | .6% | Other Assets and Liabilities, Net | 48 | |||||||||
100 | .0% | Total Net Assets | 7,563 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 96.8% of net assets | ||||||||
Equity Funds 65.3% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 67,350 | 795 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 34,640 | 184 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 26,388 | 176 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 16,763 | 193 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 72,177 | 478 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 26,790 | 206 | ||||||
Schwab Core Equity Fund (a) | 149,066 | 2,002 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 23,787 | 253 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 55,837 | 267 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 36,649 | 387 | ||||||
4,941 | ||||||||
Fixed-Income Funds 29.3% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 23,671 | 241 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 24,844 | 225 | ||||||
Schwab Short Term Bond Market Fund (a) | 15,715 | 141 | ||||||
Schwab Total Bond Market Fund (a) | 187,597 | 1,610 | ||||||
2,217 | ||||||||
Money Fund 2.2% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 165,000 | 165 | ||||||
Total Other Investment Companies (Cost $9,240) | 7,323 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 2.6% of net assets | ||||||||
Commercial Paper & Other Obligations 2.6% | ||||||||
Brown Brothers Harriman & Co., Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 112 | 112 | ||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 20 | 20 | ||||||
HSBC Bank USA, Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 20 | 20 | ||||||
JP Morgan Chase, London Time Deposit | ||||||||
0.56%, 11/03/08 | 20 | 20 | ||||||
Wells Fargo, Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 20 | 20 | ||||||
Total Short-Term Investments (Cost $192) | 192 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $9,448 and the unrealized appreciation and depreciation were $0 and ($1,933), respectively, with a net unrealized depreciation of ($1,933). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $9,240) | $7,323 | |||||
Investments in unaffiliated issuers, at value (cost $192) | + | 192 | ||||
Total Investments, at value (cost $9,432) | 7,515 | |||||
Receivables: | ||||||
Fund shares sold | 67 | |||||
Dividends | 8 | |||||
Due from investment adviser | + | 2 | ||||
Total assets | 7,592 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 8 | |||||
Accrued expenses | + | 21 | ||||
Total liabilities | 29 | |||||
Net Assets | ||||||
Total assets | 7,592 | |||||
Total liabilities | − | 29 | ||||
Net assets | $7,563 | |||||
Net Assets by Source | ||||||
Capital received from investors | 9,445 | |||||
Net investment income not yet distributed | 51 | |||||
Net realized capital losses | (16 | ) | ||||
Net unrealized capital losses | (1,917 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$7,563 | 946 | $7.99 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $50 | |||||
Interest | + | 2 | ||||
Total investment income | 52 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sales of affiliated underlying funds | (16 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (1,917 | ) | ||||
Expenses | ||||||
Professional fees | 18 | |||||
Custodian fees | 8 | |||||
Registration fees | 5 | |||||
Portfolio accounting fees | 4 | |||||
Trustees’ fees | 3 | |||||
Shareholder reports | 1 | |||||
Other expenses | + | 2 | ||||
Total expenses | 41 | |||||
Expense reduction by adviser | − | 40 | ||||
Net expenses | 1 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 52 | |||||
Net expenses | − | 1 | ||||
Net investment income | 51 | |||||
Net realized losses | (16 | ) | ||||
Net unrealized losses | + | (1,917 | ) | |||
Decrease in net assets from operations | ($1,882 | ) |
* | Commencement of operations. |
Operations |
3/12/08*-10/31/08 | ||||||
Net investment income | $51 | |||||
Net realized losses | (16 | ) | ||||
Net unrealized losses | + | (1,917 | ) | |||
Decrease in net assets from operations | (1,882 | ) |
Transactions in Fund Shares |
3/12/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | 1,041 | $10,308 | ||||||||
Shares Redeemed | + | (95 | ) | (863 | ) | |||||
Net transactions in fund shares | 946 | $9,445 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
3/12/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | — | $- | ||||||||
Total increase | + | 946 | 7,563 | |||||||
End of period | 946 | $7,563 | ||||||||
Net investment income not yet distributed | $51 |
* | Commencement of operations. |
11/1/07- | 11/1/06- | 11/1/05- | 7/1/051- | |||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | |||||||||||||
Per-Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 13.15 | 11.67 | 10.31 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.28 | 0.18 | 0.19 | 0.03 | ||||||||||||
Net realized and unrealized gains (losses) | (4.47 | ) | 1.48 | 1.34 | 0.28 | |||||||||||
Total from investment operations | (4.19 | ) | 1.66 | 1.53 | 0.31 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net income | (0.35 | ) | (0.16 | ) | (0.17 | ) | — | |||||||||
Distributions from net realized gains | (0.10 | ) | (0.02 | ) | — | — | ||||||||||
Total distributions | (0.45 | ) | (0.18 | ) | (0.17 | ) | — | |||||||||
Net asset value at end of period | 8.51 | 13.15 | 11.67 | 10.31 | ||||||||||||
Total return (%) | (32.83 | ) | 14.45 | 14.99 | 3.10 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses3 | 0.03 | 0.03 | 0.03 | 0.03 | 4 | |||||||||||
Gross operating expenses3 | 0.10 | 0.09 | 0.32 | 0.58 | 4 | |||||||||||
Net investment income (loss) | 2.35 | 1.50 | 1.54 | 1.05 | 4 | |||||||||||
Portfolio turnover rate | 31 | 5 | — | — | — | |||||||||||
Net assets, end of period ($ x 1,000,000) | 129 | 162 | 56 | 19 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
99 | .2% | Other Investment Companies | 168,734 | 127,574 | ||||||||
0 | .6% | Short-Term Investment | 770 | 770 | ||||||||
99 | .8% | Total Investments | 169,504 | 128,344 | ||||||||
0 | .2% | Other Assets and Liabilities, Net | 252 | |||||||||
100 | .0% | Total Net Assets | 128,596 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 99.2% of net assets | ||||||||
Equity Funds 68.5% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 1,246,584 | 14,710 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 558,030 | 2,969 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 46,133 | 307 | ||||||
Laudus Rosenberg International Small Capitalization Fund, Select Shares (a) | 280,079 | 2,677 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 313,747 | 3,608 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 1,141,620 | 7,557 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 235,294 | 1,814 | ||||||
Schwab Core Equity Fund (a) | 2,495,466 | 33,514 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 602,438 | 6,404 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 1,527,899 | 7,319 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 682,647 | 7,202 | ||||||
88,081 | ||||||||
Fixed-Income Funds 27.8% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 369,106 | 3,758 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 386,869 | 3,505 | ||||||
Schwab Short Term Bond Market Fund (a) | 53,997 | 486 | ||||||
Schwab Total Bond Market Fund (a) | 3,262,393 | 27,991 | ||||||
35,740 | ||||||||
Money Fund 2.9% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 3,752,916 | 3,753 | ||||||
Total Other Investment Companies (Cost $168,734) | 127,574 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.6% of net assets | ||||||||
Commercial Paper & Other Obligations 0.6% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 770 | 770 | ||||||
Total Short-Term Investment (Cost $770) | 770 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $171,758 and the unrealized appreciation and depreciation were $14 and ($43,428), respectively, with a net unrealized depreciation of ($43,414). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $168,734) | $127,574 | |||||
Investments in unaffiliated issuers, at value (cost $770) | + | 770 | ||||
Total investments, at value (cost $169,504) | 128,344 | |||||
Receivables: | ||||||
Fund shares sold | 298 | |||||
Dividends | 139 | |||||
Due from investment adviser | 2 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 128,784 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 134 | |||||
Fund shares redeemed | 15 | |||||
Accrued expenses | + | 39 | ||||
Total liabilities | 188 | |||||
Net Assets | ||||||
Total assets | 128,784 | |||||
Total liabilities | − | 188 | ||||
Net assets | $128,596 | |||||
Net Assets by Source | ||||||
Capital received from investors | 176,844 | |||||
Net investment income not yet distributed | 1,882 | |||||
Net realized capital losses | (8,970 | ) | ||||
Net unrealized capital losses | (41,160 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$128,596 | 15,109 | $8.51 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $3,695 | |||||
Interest | + | 80 | ||||
Total investment income | 3,775 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gain distributions received from affiliated underlying funds | 6,819 | |||||
Net realized losses on sales of affiliated underlying funds | + | (14,281 | ) | |||
Net realized losses | (7,462 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (56,219 | ) | ||||
Expenses | ||||||
Professional fees | 38 | |||||
Shareholder reports | 60 | |||||
Registration fees | 27 | |||||
Portfolio accounting fees | 18 | |||||
Trustees’ fees | 8 | |||||
Custodian fees | 8 | |||||
Other expenses | + | 3 | ||||
Total expenses | 162 | |||||
Expense reduction by adviser | − | 115 | ||||
Net expenses | 47 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 3,775 | |||||
Net expenses | − | 47 | ||||
Net investment income | 3,728 | |||||
Net realized losses | (7,462 | ) | ||||
Net unrealized losses | + | (56,219 | ) | |||
Decrease in net assets from operations | ($59,953 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $3,728 | $1,639 | ||||||||
Net realized gains (losses) | (7,462 | ) | 1,486 | |||||||
Net unrealized gains (losses) | + | (56,219 | ) | 10,815 | ||||||
Increase (Decrease) in net assets from operations | (59,953 | ) | 13,940 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 4,582 | 895 | ||||||||
Distributions from net realized gains | + | 1,299 | 133 | |||||||
Total distributions | $5,881 | $1,028 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 5,714 | $63,457 | 9,098 | $112,933 | ||||||||||||||
Shares Reinvested | 483 | 5,740 | 83 | 990 | ||||||||||||||
Shares Redeemed | + | (3,426 | ) | (37,045 | ) | (1,634 | ) | (20,477 | ) | |||||||||
Net transactions in fund shares | 2,771 | $32,152 | 7,547 | $93,446 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 12,338 | $162,278 | 4,791 | $55,920 | ||||||||||||||
Total increase or decrease | + | 2,771 | (33,682 | ) | 7,547 | 106,358 | ||||||||||||
End of period | 15,109 | $128,596 | 12,338 | $162,278 | ||||||||||||||
Net investment income not yet distributed | $1,882 | $1,229 |
3/12/081- | ||||
10/31/08 | ||||
Per-Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.04 | |||
Net realized and unrealized gains (losses) | (2.28 | ) | ||
Total from investment operations | (2.24 | ) | ||
Net asset value at end of period | 7.76 | |||
Total return (%) | (22.40 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses3 | 0.02 | 4 | ||
Gross operating expenses3 | 1.57 | 4 | ||
Net investment income (loss) | 1.32 | 4 | ||
Portfolio turnover rate | 7 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 6 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
97 | .6% | Other Investment Companies | 7,593 | 6,012 | ||||||||
2 | .4% | Short-Term Investments | 150 | 150 | ||||||||
100 | .0% | Total Investments | 7,743 | 6,162 | ||||||||
0 | .0% | Other Assets and Liabilities, Net | (3 | ) | ||||||||
100 | .0% | Total Net Assets | 6,159 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 97.6% of net assets | ||||||||
Equity Funds 73.3% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 63,586 | 750 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 31,082 | 165 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 25,048 | 167 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 14,559 | 167 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 64,994 | 430 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 26,913 | 208 | ||||||
Schwab Core Equity Fund (a) | 132,207 | 1,776 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 20,696 | 220 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 53,583 | 257 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 35,369 | 373 | ||||||
4,513 | ||||||||
Fixed-Income Funds 22.1% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 13,912 | 142 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 14,590 | 132 | ||||||
Schwab Short Term Bond Market Fund (a) | 9,952 | 89 | ||||||
Schwab Total Bond Market Fund (a) | 116,399 | 999 | ||||||
1,362 | ||||||||
Money Fund 2.2% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 136,704 | 137 | ||||||
Total Other Investment Companies (Cost $7,593) | 6,012 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 2.4% of net assets | ||||||||
Commercial Paper & Other Obligations 2.4% | ||||||||
Brown Brothers Harriman & Co., Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 109 | 109 | ||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 11 | 11 | ||||||
HSBC Bank USA, Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 10 | 10 | ||||||
JP Morgan Chase, London Time Deposit | ||||||||
0.56%, 11/03/08 | 10 | 10 | ||||||
Wells Fargo, Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 10 | 10 | ||||||
Total Short-Term Investments (Cost $150) | 150 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $7,840 and the unrealized appreciation and depreciation were $0 and ($1,678), respectively, with a net unrealized depreciation of ($1,678). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $7,593) | $6,012 | |||||
Investments in unaffiliated issuers, at value (cost $150) | + | 150 | ||||
Total Investments, at value (cost $7,743) | 6,162 | |||||
Receivables: | ||||||
Fund shares sold | 17 | |||||
Dividends | 5 | |||||
Due from investment adviser | + | 3 | ||||
Total assets | 6,187 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 5 | |||||
Fund shares redeemed | 1 | |||||
Accrued expenses | + | 22 | ||||
Total liabilities | 28 | |||||
Net Assets | ||||||
Total assets | 6,187 | |||||
Total liabilities | − | 28 | ||||
Net assets | $6,159 | |||||
Net Assets by Source | ||||||
Capital received from investors | 7,803 | |||||
Net investment income not yet distributed | 34 | |||||
Net realized capital losses | (97 | ) | ||||
Net unrealized capital losses | (1,581 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$6,159 | 794 | $7.76 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $33 | |||||
Interest | + | 2 | ||||
Total investment income | 35 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on sales of affiliated underlying funds | (97 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (1,581 | ) | ||||
Expenses | ||||||
Professional fees | 18 | |||||
Custodian fees | 8 | |||||
Registration fees | 5 | |||||
Portfolio accounting fees | 4 | |||||
Trustees’ fees | 3 | |||||
Shareholder reports | 2 | |||||
Other expenses | + | 1 | ||||
Total expenses | 41 | |||||
Expense reduction by adviser | − | (40 | ) | |||
Net expenses | 1 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 35 | |||||
Net expenses | − | 1 | ||||
Net investment income | 34 | |||||
Net realized losses | (97 | ) | ||||
Net unrealized losses | + | (1,581 | ) | |||
Decrease in net assets from operations | ($1,644 | ) |
* | Commencement of operations. |
Operations |
3/12/08*-10/31/08 | ||||||
Net investment income | $34 | |||||
Net realized losses | (97 | ) | ||||
Net unrealized losses | + | (1,581 | ) | |||
Decrease in net assets from operations | (1,644 | ) |
Transactions in Fund Shares |
3/12/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | 911 | $8,843 | ||||||||
Shares Redeemed | + | (117 | ) | (1,040 | ) | |||||
Net transactions in fund shares | 794 | $7,803 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
3/12/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | - | $- | ||||||||
Total increase | + | 794 | 6,159 | |||||||
End of period | 794 | $6,159 | ||||||||
Net investment income not yet distributed | $34 |
* | Commencement of operations. |
11/1/07- | 11/1/06- | 11/1/05- | 7/1/051- | |||||||||||||
11/30/08 | 10/31/07 | 10/31/06 | 10/31/05 | |||||||||||||
Per-Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 13.45 | 11.83 | 10.36 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.28 | 0.17 | 0.19 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) | (4.80 | ) | 1.62 | 1.45 | 0.34 | |||||||||||
Total from investment operations | (4.52 | ) | 1.79 | 1.64 | 0.36 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.36 | ) | (0.15 | ) | (0.17 | ) | — | |||||||||
Distributions from net realized gains | (0.09 | ) | (0.02 | ) | — | — | ||||||||||
Total distributions | (0.45 | ) | (0.17 | ) | (0.17 | ) | — | |||||||||
Net asset value at end of period | 8.48 | 13.45 | 11.83 | 10.36 | ||||||||||||
Total return (%) | (34.60 | ) | 15.32 | 16.06 | 3.60 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses3 | 0.01 | 0.01 | 0.01 | 0.01 | 4 | |||||||||||
Gross operating expenses3 | 0.15 | 0.13 | 0.48 | 1.10 | 4 | |||||||||||
Net investment income (loss) | 2.22 | 1.19 | 1.26 | 0.80 | 4 | |||||||||||
Portfolio turnover rate | 36 | 5 | — | 1 | — | |||||||||||
Net assets, end of period ($ x 1,000,000) | 94 | 118 | 34 | 9 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
100 | .1% | Other Investment Companies | 125,853 | 93,662 | ||||||||
0 | .0% | Short-Term Investment | 17 | 17 | ||||||||
100 | .1% | Total Investments | 125,870 | 93,679 | ||||||||
(0 | .1)% | Other Assets and Liabilities, Net | (59 | ) | ||||||||
100 | .0% | Total Net Assets | 93,620 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 100.1% of net assets | ||||||||
Equity Funds 77.9% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 1,016,324 | 11,993 | ||||||
Laudus Mondrian Emerging Markets Fund, Institutional Shares (a) | 476,641 | 2,536 | ||||||
Laudus Rosenberg International Discovery Fund, Select Shares (a) | 63,963 | 426 | ||||||
Laudus Rosenberg International Small Capitalization Fund, Select Shares (a) | 222,510 | 2,127 | ||||||
Laudus Rosenberg U.S. Discovery Fund, Select Shares (a) * | 244,185 | 2,808 | ||||||
Laudus Rosenberg U.S. Large Capitalization Growth Fund, Select Shares (a) | 998,871 | 6,613 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 265,523 | 2,047 | ||||||
Schwab Core Equity Fund (a) | 2,057,732 | 27,635 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 487,698 | 5,184 | ||||||
Schwab Global Real Estate Fund, Select Shares (a) | 1,152,945 | 5,523 | ||||||
Schwab Small-Cap Equity Fund, Select Shares (a) * | 567,786 | 5,990 | ||||||
72,882 | ||||||||
Fixed-Income Funds 19.7% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 196,215 | 1,998 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 206,047 | 1,867 | ||||||
Schwab Short Term Bond Market Fund (a) | 108,268 | 974 | ||||||
Schwab Total Bond Market Fund (a) | 1,580,662 | 13,562 | ||||||
18,401 | ||||||||
Money Fund 2.5% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 2,379,499 | 2,379 | ||||||
Total Other Investment Companies (Cost $125,853) | 93,662 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.0% of net assets | ||||||||
Commercial Paper & Other Obligations 0.0% | ||||||||
Brown Brothers Harriman & Co., Grand Cayman Time Deposit | ||||||||
0.56%, 11/03/08 | 17 | 17 | ||||||
Total Short-Term Investment (Cost $17) | 17 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08 the tax basis cost of the fund’s investments was $127,491 and the unrealized appreciation and depreciation were $47 and ($33,859), respectively, with a net unrealized depreciation of ($33,812). |
* | Non-income producing security. | |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $125,853) | $93,662 | |||||
Investments in unaffiliated issuers, at value (cost $17) | + | 17 | ||||
Total Investments, at value (cost $125,870) | 93,679 | |||||
Receivables: | ||||||
Fund shares sold | 192 | |||||
Dividends | 69 | |||||
Due from investment adviser | 3 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 93,944 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 66 | |||||
Fund shares redeemed | 213 | |||||
Accrued expenses | + | 45 | ||||
Total liabilities | 324 | |||||
Net Assets | ||||||
Total assets | 93,944 | |||||
Total liabilities | − | 324 | ||||
Net assets | $93,620 | |||||
Net Assets by Source | ||||||
Capital received from investors | 132,737 | |||||
Net investment income not yet distributed | 1,061 | |||||
Net realized capital losses | (7,987 | ) | ||||
Net unrealized capital losses | (32,191 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$93,620 | 11,044 | $8.48 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $2,479 | |||||
Interest | + | 72 | ||||
Total investment income | 2,551 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gain distributions received from affiliated underlying funds | 5,193 | |||||
Net realized losses on sales of affiliated underlying funds | + | (12,008 | ) | |||
Net realized losses | (6,815 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (42,552 | ) | ||||
Expenses | ||||||
Shareholder reports | 76 | |||||
Professional fees | 37 | |||||
Registration fees | 25 | |||||
Portfolio accounting fees | 17 | |||||
Trustees’ fees | 8 | |||||
Custodian fees | 7 | |||||
Other expenses | + | 2 | ||||
Total expenses | 172 | |||||
Expense reduction by adviser | − | 161 | ||||
Net expenses | 11 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 2,551 | |||||
Net expenses | − | 11 | ||||
Net investment income | 2,540 | |||||
Net realized losses | (6,815 | ) | ||||
Net unrealized losses | + | (42,552 | ) | |||
Decrease in net assets from operations | ($46,827 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $2,540 | $871 | ||||||||
Net realized gains (losses) | (6,815 | ) | 979 | |||||||
Net unrealized gains (losses) | + | (42,552 | ) | 7,922 | ||||||
Increase (Decrease) in net assets from operations | (46,827 | ) | 9,772 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 3,281 | 487 | ||||||||
Distributions from net realized gains | + | 851 | 75 | |||||||
Total distributions | $4,132 | $562 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 4,826 | $54,153 | 7,271 | $92,343 | ||||||||||||||
Shares Reinvested | 336 | 4,043 | 45 | 547 | ||||||||||||||
Shares Redeemed | + | (2,902 | ) | (31,780 | ) | (1,381 | ) | (17,633 | ) | |||||||||
Net transactions in fund shares | 2,260 | $26,416 | 5,935 | $75,257 | ||||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 8,784 | $118,163 | 2,849 | $33,696 | ||||||||||||||
Total increase or decrease | + | 2,260 | (24,543 | ) | 5,935 | 84,467 | ||||||||||||
End of period | 11,044 | $93,620 | 8,784 | $118,163 | ||||||||||||||
Net investment income not yet distributed | $1,061 | $631 |
11/1/07- | 11/1/06- | 11/1/05- | 7/1/051- | |||||||||||||
10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | |||||||||||||
Per-Share Data ($) | ||||||||||||||||
Net asset value at beginning of period | 10.44 | 10.19 | 9.90 | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) | 0.38 | 0.45 | 0.41 | 0.11 | ||||||||||||
Net realized and unrealized gains (losses) | (1.89 | ) | 0.25 | 0.32 | (0.09 | ) | ||||||||||
Total from investment operations | (1.51 | ) | 0.70 | 0.73 | 0.02 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.40 | ) | (0.45 | ) | (0.41 | ) | (0.12 | ) | ||||||||
Distributions from net realized gains | (0.04 | ) | — | (0.03 | ) | — | ||||||||||
Total distributions | (0.44 | ) | (0.45 | ) | (0.44 | ) | (0.12 | ) | ||||||||
Net asset value at end of period | 8.49 | 10.44 | 10.19 | 9.90 | ||||||||||||
Total return (%) | (14.96 | ) | 6.98 | 7.52 | 0.16 | 2 | ||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||
Net operating expenses3 | 0.10 | 0.10 | 0.10 | 0.10 | 4 | |||||||||||
Gross operating expenses3 | 0.15 | 0.15 | 0.36 | 0.64 | 4 | |||||||||||
Net investment income (loss) | 3.98 | 4.43 | 4.20 | 3.40 | 4 | |||||||||||
Portfolio turnover rate | 95 | 5 | — | 1 | — | |||||||||||
Net assets, end of period ($ x 1,000,000) | 53 | 68 | 36 | 14 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98 | .1% | Other Investment Companies | 57,237 | 51,756 | ||||||||
1 | .5% | Short-Term Investment | 797 | 797 | ||||||||
99 | .6% | Total Investments | 58,034 | 52,553 | ||||||||
0 | .4% | Other Assets and Liabilities, Net | 199 | |||||||||
100 | .0% | Total Net Assets | 52,752 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Other Investment Companies 98.1% of net assets | ||||||||
Equity Funds 18.0% | ||||||||
Laudus International MarketMasters Fund, Select Shares (a) | 171,976 | 2,029 | ||||||
Laudus Rosenberg U.S. Large Capitalization Value Fund, Select Shares (a) | 274,510 | 2,117 | ||||||
Schwab Dividend Equity Fund, Select Shares (a) | 503,864 | 5,356 | ||||||
9,502 | ||||||||
Fixed-Income Funds 58.1% | ||||||||
Laudus Mondrian International Fixed Income Fund, Institutional Shares (a) | 331,778 | 3,377 | ||||||
Schwab Inflation Protected Fund, Select Shares (a) | 342,186 | 3,100 | ||||||
Schwab Premier Income Fund, Institutional Shares (a) | 1,241,778 | 11,623 | ||||||
Schwab Short Term Bond Market Fund (a) | 162,432 | 1,462 | ||||||
Schwab Total Bond Market Fund (a) | 1,291,455 | 11,081 | ||||||
30,643 | ||||||||
Money Fund 22.0% | ||||||||
Schwab Value Advantage Money Fund, Institutional Shares (a) | 11,610,636 | 11,611 | ||||||
Total Other Investment Companies (Cost $57,237) | 51,756 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 1.5% of net assets | ||||||||
Commercial Paper & Other Obligations 1.5% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 797 | 797 | ||||||
Total Short-Term Investment (Cost $797) | 797 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $58,089, and the unrealized appreciation and depreciation were $76 and ($5,612), respectively, with a net unrealized depreciation of ($5,536). |
(a) | Issuer is affiliated with the fund’s adviser. |
Assets | ||||||
Investments in affiliated underlying funds, at value (cost $57,237) | $51,756 | |||||
Investments in unaffiliated issuers, at value (cost $797) | + | 797 | ||||
Total investments, at value (cost $58,034) | 52,553 | |||||
Receivables: | ||||||
Fund shares sold | 302 | |||||
Dividends | 129 | |||||
Due from investment adviser | + | 1 | ||||
Total assets | 52,985 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 116 | |||||
Fund shares redeemed | 49 | |||||
Distributions to shareholders | 41 | |||||
Accrued expenses | + | 27 | ||||
Total liabilities | 233 | |||||
Net Assets | ||||||
Total assets | 52,985 | |||||
Total liabilities | − | 233 | ||||
Net assets | $52,752 | |||||
Net Assets by Source | ||||||
Capital received from investors | 64,240 | |||||
Net investment income not yet distributed | 4 | |||||
Net realized capital losses | (6,011 | ) | ||||
Net unrealized capital losses | (5,481 | ) |
Shares | ||||||||||
Net Assets | ¸ | Outstanding | = | NAV | ||||||
$52,752 | 6,212 | $8.49 |
Investment Income | ||||||
Dividends received from affiliated underlying funds | $2,675 | |||||
Interest | + | 30 | ||||
Total investment income | 2,705 | |||||
Net Realized Gains and Losses | ||||||
Realized capital gain distributions received from affiliated underlying funds | 345 | |||||
Net realized losses on sales of affiliated underlying funds | + | (6,266 | ) | |||
Net realized losses | (5,921 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on affiliated underlying funds | (6,932 | ) | ||||
Expenses | ||||||
Professional fees | 37 | |||||
Registration fees | 19 | |||||
Portfolio accounting fees | 16 | |||||
Shareholder reports | 14 | |||||
Trustees’ fees | 8 | |||||
Custodian fees | 6 | |||||
Other expenses | + | 2 | ||||
Total expenses | 102 | |||||
Expense reduction by adviser | − | 35 | ||||
Net expenses | 67 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 2,705 | |||||
Net expenses | − | 67 | ||||
Net investment income | 2,638 | |||||
Net realized losses | (5,921 | ) | ||||
Net unrealized losses | + | (6,932 | ) | |||
Decrease in net assets from operations | ($10,215 | ) |
Operations |
11/1/07 -10/31/08 | 11/01/06 -10/31/07 | |||||||||
Net investment income | $2,638 | $2,378 | ||||||||
Net realized gains (losses) | (5,921 | ) | 269 | |||||||
Net unrealized gains (losses) | + | (6,932 | ) | 739 | ||||||
Increase (Decrease) in net assets from operations | (10,215 | ) | 3,386 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | 2,719 | 2,382 | ||||||||
Distributions from net realized gains | + | 270 | - | |||||||
Total distributions | $2,989 | $2,382 |
Transactions in Fund Shares |
11/1/07 -10/31/08 | 11/01/06 - 10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | 3,588 | $35,115 | 4,894 | $50,795 | ||||||||||||||
Shares Reinvested | 224 | 2,173 | 158 | 1,636 | ||||||||||||||
Shares Redeemed | + | (4,137 | ) | (39,548 | ) | (2,088 | ) | (21,641 | ) | |||||||||
Net transactions in fund shares | (325 | ) | ($2,260 | ) | 2,964 | $30,790 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07 -10/31/08 | 11/01/06 - 10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 6,537 | $68,216 | 3,573 | $36,422 | ||||||||||||||
Total increase or decrease | + | (325 | ) | (15,464 | ) | 2,964 | 31,794 | |||||||||||
End of period | 6,212 | $52,752 | 6,537 | $68,216 | ||||||||||||||
Net investment income not yet distributed | $4 | $- |
Schwab Capital Trust (organized May 7, 1993) Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MarketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund Schwab Balanced Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund Schwab Financial Services Fund Schwab Health Care Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
• | Underlying funds: valued at their respective net asset values as determined by those funds, in accordance with the 1940 Act for a given day. | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. |
3. | Risk factors: |
4. | Affiliates and Affiliated Transactions: |
Target 2010 Fund | 0.06% | |||
Target 2015 Fund | 0.05% | |||
Target 2020 Fund | 0.04% | |||
Target 2025 Fund | 0.04% | |||
Target 2030 Fund | 0.03% | |||
Target 2035 Fund | 0.02% | |||
Target 2040 Fund | 0.01% | |||
Retirement Income Fund | 0.10% |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Target | Target | Target | Target | Target | Target | Target | ||||||||||||||||||||||||||
2010 | 2015 | 2020 | 2025 | 2030 | 2035 | 2040 | Retirement | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
Schwab Active Equity Funds: | ||||||||||||||||||||||||||||||||
Core Equity Fund | 1.2% | 0.1% | 2.8% | 0.1% | 2.3% | 0.1% | 1.9% | — | ||||||||||||||||||||||||
Dividend Equity Fund | 0.3% | — | * | 0.6% | — | * | 0.5% | — | * | 0.4% | 0.4% | |||||||||||||||||||||
Small-Cap Equity Fund | 1.5% | 0.1% | 3.3% | 0.2% | 3.4% | 0.2% | 2.8% | — | ||||||||||||||||||||||||
Laudus MarketMasters Funds: | ||||||||||||||||||||||||||||||||
International MarketMasters Fund | 0.4% | — | * | 1.1% | 0.1% | 1.0% | 0.1% | 0.8% | 0.1% | |||||||||||||||||||||||
Laudus Rosenberg Funds: | ||||||||||||||||||||||||||||||||
U.S. Large Capitalization Growth Fund | 9.7% | 0.8% | 22.3% | 1.2% | 18.4% | 1.0% | 16.1% | — | ||||||||||||||||||||||||
U.S. Large Capitalization | ||||||||||||||||||||||||||||||||
Value Fund | 7.3% | 1.1% | 16.5% | 1.4% | 11.9% | 1.4% | 13.4% | 13.9% | ||||||||||||||||||||||||
U.S. Discovery Fund | 0.3% | — | * | 0.8% | — | * | 0.7% | — | * | 0.6% | — | |||||||||||||||||||||
International Discovery Fund | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | — | ||||||||||||||||||||||||
International Small Capitalization Fund | 0.3% | — | 0.6% | — | 0.5% | — | 0.4% | — | ||||||||||||||||||||||||
Mondrian Emerging Markets Fund | 5.3% | 0.6% | 14.2% | 0.8% | 12.4% | 0.7% | 10.6% | — | ||||||||||||||||||||||||
Mondrian International Fixed Income Fund | 4.7% | 0.3% | 7.6% | 0.3% | 4.5% | 0.2% | 2.4% | 4.0% | ||||||||||||||||||||||||
Schwab Bond Funds: | ||||||||||||||||||||||||||||||||
Premier Income Fund | — | — | — | — | — | — | — | 5.5% | ||||||||||||||||||||||||
Short Term Bond Market Fund | 0.3% | — | * | 0.3% | — | * | 0.2% | — | * | 0.3% | 0.5% | |||||||||||||||||||||
Total Bond Market Fund | 2.4% | 0.1% | 4.1% | 0.2% | 2.7% | 0.1% | 1.3% | 1.1% | ||||||||||||||||||||||||
Inflation Protected Fund | 1.4% | 0.1% | 2.2% | 0.1% | 1.3% | — | * | 0.7% | 1.2% | |||||||||||||||||||||||
Global Real Estate Fund | 1.7% | 0.2% | 6.1% | 0.2% | 6.1% | 0.2% | 4.6% | — | ||||||||||||||||||||||||
Schwab Money Funds: | ||||||||||||||||||||||||||||||||
Value Advantage Money Fund | — | * | — | * | — | * | — | * | — | * | — | * | — | * | — | * |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
Target 2010 Fund | $58,058 | $67,837 | ||||||
Target 2015 Fund | 8,254 | 1,234 | ||||||
Target 2020 Fund | 102,481 | 69,890 | ||||||
Target 2025 Fund | 9,417 | 160 | ||||||
Target 2030 Fund | 89,877 | 47,793 | ||||||
Target 2035 Fund | 7,996 | 306 | ||||||
Target 2040 Fund | 78,764 | 40,638 | ||||||
Retirement Income Fund | 61,684 | 61,478 |
8. | Redemption Fee: |
Current Period | Prior Period | |||||||
(11/01/07-10/31/08)* | (11/01/06-10/31/07) | |||||||
Target 2010 Fund | $24 | $10 | ||||||
Target 2015 Fund | 4 | N/A | ||||||
Target 2020 Fund | 16 | 25 | ||||||
Target 2025 Fund | 4 | N/A | ||||||
Target 2030 Fund | 9 | 11 | ||||||
Target 2035 Fund | 2 | N/A | ||||||
Target 2040 Fund | 18 | 14 |
* | (3/12/08-10/31/08) for the Target 2015, Target 2025 and Target 2035 Funds |
9. | Federal Income Taxes: |
Target | Target | Target | Target | Target | Target | Target | ||||||||||||||||||||||||||
2010 | 2015 | 2020 | 2025 | 2030 | 2035 | 2040 | Retirement | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
Undistributed Ordinary income | $1,860 | $42 | $2,894 | $51 | $1,882 | $34 | $1,061 | $45 | ||||||||||||||||||||||||
Undistributed long-term capital gains | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unrealized appreciation | 77 | — | 20 | — | 14 | — | 47 | 76 | ||||||||||||||||||||||||
Unrealized depreciation | (19,205 | ) | (1,203 | ) | (49,346 | ) | (1,933 | ) | (43,428 | ) | (1,678 | ) | (33,859 | ) | (5,612 | ) | ||||||||||||||||
Other unrealized appreciation/(depreciation) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net unrealized appreciation/(depreciation) | $(19,128 | ) | $(1,203 | ) | $(49,326 | ) | $(1,933 | ) | $(43,414 | ) | $(1,678 | ) | $(33,812 | ) | $(5,536 | ) | ||||||||||||||||
9. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Target | Target | Target | Target | Target | Target | Target | ||||||||||||||||||||||||||
2010 | 2015 | 2020 | 2025 | 2030 | 2035 | 2040 | Retirement | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
2016 | $7,968 | $— | $10,682 | $— | $6,716 | $— | $6,366 | $5,956 | ||||||||||||||||||||||||
Total | $7,968 | $— | $10,682 | $— | $6,716 | $— | $6,366 | $5,956 |
Target | Target | Target | Target | Target | Target | Target | ||||||||||||||||||||||||||
2010 | 2015 | 2020 | 2025 | 2030 | 2035 | 2040 | Retirement | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
Current period distributions | ||||||||||||||||||||||||||||||||
Ordinary income | $4,244 | — | $6,772 | — | $4,583 | — | $3,281 | $2,721 | ||||||||||||||||||||||||
Long-term capital gains | 1,116 | — | 1,774 | — | 1,298 | — | 851 | 269 | ||||||||||||||||||||||||
Return of capital | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prior period distributions | ||||||||||||||||||||||||||||||||
Ordinary income | $1,251 | — | $1,577 | — | $895 | — | $487 | $2,382 | ||||||||||||||||||||||||
Long-term capital gains | 165 | — | 231 | — | 133 | — | 75 | — | ||||||||||||||||||||||||
Return of capital | — | — | — | — | — | — | — | — |
Target | Target | Target | Target | Target | Target | Target | ||||||||||||||||||||||||||
2010 | 2015 | 2020 | 2025 | 2030 | 2035 | 2040 | Retirement | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
Capital Shares | $1 | $— | $— | $— | $— | $— | $— | $— | ||||||||||||||||||||||||
Undistributed net investment income | 1,074 | — | 1,924 | — | 1,507 | — | 1,171 | 85 | ||||||||||||||||||||||||
Net realized capital gains and losses | (1,075 | ) | — | (1,924 | ) | — | (1,507 | ) | — | (1,171 | ) | (85 | ) |
Schwab Target 2010 Fund
Schwab Target 2015 Fund
Schwab Target 2020 Fund
Schwab Target 2025 Fund
Schwab Target 2030 Fund
Schwab Target 2035 Fund
Schwab Target 2040 Fund
Schwab Retirement Income Fund
San Francisco, California
December 12, 2008
Percentage | ||||
Target 2010 Fund | 17.62 | |||
Target 2015 Fund | — | |||
Target 2020 Fund | 14.01 | |||
Target 2025 Fund | — | |||
Target 2030 Fund | 16.22 | |||
Target 2035 Fund | — | |||
Target 2040 Fund | 16.22 | |||
Retirement Income Fund | 8.79 |
Target 2010 Fund | $4,244 | |||
Target 2015 Fund | — | |||
Target 2020 Fund | 6,772 | |||
Target 2025 Fund | — | |||
Target 2030 Fund | 4,583 | |||
Target 2035 Fund | — | |||
Target 2040 Fund | 3,281 | |||
Retirement Income Fund | 2,721 |
Target 2010 Fund | $1,116 | |||
Target 2015 Fund | — | |||
Target 2020 Fund | 1,774 | |||
Target 2025 Fund | — | |||
Target 2030 Fund | 1,298 | |||
Target 2035 Fund | — | |||
Target 2040 Fund | 851 | |||
Retirement Income Fund | 269 |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
Annual Report October 31, 2008 |
In This Report | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
10 | ||
12 | ||
13 | ||
43 | ||
51 | ||
53 | ||
56 | ||
59 |
To learn more, please see the Funds’ prospectus at www.laudus.com. Or call 1.800.435.4000 to order a prospectus or to speak with a representative.
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for the Report Period | ||
Laudus U.S. MarketMasters Fundtm | ||
Investor Shares (Ticker Symbol: SWOGX) | -39.74% | |
Select Shares® (Ticker Symbol: SWMGX) | -39.65% | |
Benchmark: S&P 500® Index | -36.10% | |
Fund Category: Morningstar Large-Cap Blend | -37.22% | |
Performance Details | pages 6-7 | |
Laudus Small-Cap MarketMasters Fundtm | ||
Investor Shares (Ticker Symbol: SWOSX) | -34.34% | |
Select Shares® (Ticker Symbol: SWMSX) | -34.28% | |
Benchmark: Russell 2000® Index | -34.16% | |
Fund Category: Morningstar Small-Cap Growth | -41.62% | |
Performance Details | pages 8-9 | |
Laudus International MarketMasters Fundtm | ||
Investor Shares (Ticker Symbol: SWOIX) | -49.97% | |
Select Shares® (Ticker Symbol: SWMIX) | -49.91% | |
Benchmark: MSCI EAFE® Index (Net) | -46.62% | |
Fund Category: Morningstar Foreign Large-Cap Growth | -50.01% | |
Performance Details | pages 10-11 | |
Minimum Initial Investment1 | ||
Investor Shares | $ 100 | |
Select Shares | $ 50,000 | |
1 | Please see prospectus for further detail and eligibility requirements. |
-36.10% | S&P 500® Index: measures U.S. large-cap stocks |
-34.16% | Russell 2000® Index: measures U.S. small-cap stocks |
-46.62% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
0.30% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
2.38% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of the funds. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Caroline Lee, a managing director and portfolio manager of the investment adviser, co-manages the funds. Prior to joining the firm in November 2005, she worked in asset management for over 4 years overseeing subadvisor relationships in the pension group of a major corporation. She has also had 3 years of previous experience in investment management at another financial services firm. |
Number of Holdings | 178 |
($ x 1,000,000) | $33,125 |
Price/Earnings Ratio (P/E) | 21.4 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 74% |
Financials | 22.7% |
Information Technology | 18.2% |
Consumer Discretionary | 15.0% |
Health Care | 13.1% |
Energy | 6.2% |
Industrials | 6.0% |
Consumer Staples | 3.3% |
Materials | 3.0% |
Telecommunication Services | 2.8% |
Utilities | 1.9% |
Other | 7.8% |
Total | 100.0% |
Intel Corp. | 2.4% |
Hewlett-Packard Co. | 2.3% |
Dell, Inc. | 2.0% |
Dr. Pepper Snapple Group, Inc. | 1.9% |
JPMorgan Chase & Co. | 1.9% |
Gilead Sciences, Inc. | 1.5% |
Bank of New York Mellon Corp. | 1.5% |
Merrill Lynch & Co., Inc. | 1.4% |
Schering-Plough Corp. | 1.3% |
McDonald’s Corp. | 1.3% |
Total | 17.5% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||
Investor Shares (11/18/96) | -39.74% | -1.75% | 1.04% | 2.57% | ||||||||||||
Select Shares (6/4/04) | -39.65% | n/a | n/a | -2.84% | ||||||||||||
Benchmark: S&P 500® Index | -36.10% | 0.26% | 0.40% | (11/18/96) 4.01% | ||||||||||||
(6/4/04) -1.31% | ||||||||||||||||
Fund Category: Morningstar Large-Cap Blend | -37.22% | -0.29% | 0.87% | (11/18/96) 3.70% | ||||||||||||
(6/4/04) -1.73% |
% of | ||||||
Investment Manager | Investment Style | Net Assets | ||||
Gardner Lewis Asset Management L.P. | Large-Cap Growth | 18.6% | ||||
Harris Associates L.P. | Mid/Large-Cap Value | 26.2% | ||||
TCW Investment Management Company | Small/Mid-Cap Value | 26.4% | ||||
Thornburg Investment Management, Inc. | Large-Cap Blend | 24.8% | ||||
Cash and other assets | - | 4.0% | ||||
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Number of Holdings | 221 |
($ x 1,000,000) | $1,557 |
Price/Earnings Ratio (P/E) | 21.5 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate | 134% |
Information Technology | 19.5% |
Health Care | 18.5% |
Consumer Discretionary | 13.0% |
Financials | 12.4% |
Industrials | 10.3% |
Consumer Staples | 7.1% |
Energy | 4.3% |
Materials | 2.8% |
Telecommunication Services | 1.4% |
Utilities | 0.8% |
Other | 9.9% |
Total | 100.0% |
Analogic Corp. | 1.6% |
Class A | 1.6% |
The Hain Celestial Group, Inc. | 1.5% |
Argon ST, Inc. | 1.2% |
Teleflex, Inc. | 1.2% |
Perrigo Co. | 1.2% |
Quality Systems, Inc. | 1.1% |
Salix Pharmaceuticals Ltd. | 1.1% |
Baldor Electric Co. | 1.0% |
FEI Co. | 1.0% |
Total | 12.5% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||
Investor Shares (9/16/97) | -34.34% | 0.80% | 4.78% | 3.04% | ||||||||||||
Select Shares (6/9/04) | -34.28% | n/a | n/a | -0.94% | ||||||||||||
Benchmark: Russell 2000® Index | -34.16% | 1.57% | 4.90% | (9/16/97) 3.09% | ||||||||||||
(6/9/04) -0.42% | ||||||||||||||||
Fund Category: Morningstar Small-Cap Growth | -41.62% | -1.40% | 3.91% | (9/16/97) 1.89% | ||||||||||||
(6/9/04) -2.96% |
% of | ||||||
Investment Manager | Investment Style | Net Assets | ||||
TAMRO Capital Partners LLC | Small-Cap Value/Blend | 31.9% | ||||
TCW Investment Management Company | Small/Mid-Cap Value | 16.2% | ||||
Tocqueville Asset Management LP | Small-Cap Blend | 26.1% | ||||
Neuberger Berman Management LLC | Small-Cap Growth | 18.6% | ||||
Cash and other assets | - | 7.2% | ||||
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
United Kingdom | 17.5% |
Japan | 12.3% |
Switzerland | 10.1% |
France | 7.0% |
Germany | 6.9% |
Canada | 4.9% |
Netherlands | 3.7% |
Australia | 3.1% |
Cayman Islands | 2.9% |
Bermuda | 2.5% |
Other | 29.1% |
Total | 100.0% |
Number of Holdings | 542 |
($ x 1,000,000) | $17,561 |
Price/Earnings Ratio (P/E) | 9.3 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 88% |
Industrials | 18.6% |
Financials | 14.6% |
Consumer Discretionary | 13.6% |
Information Technology | 9.8% |
Health Care | 8.9% |
Consumer Staples | 7.1% |
Energy | 6.6% |
Materials | 6.6% |
Telecommunication Services | 2.0% |
Utilities | 1.5% |
Other | 10.7% |
Total | 100.0% |
Credit Suisse Group AG - Reg’d | 1.5% |
Adecco S.A. - Reg’d | 1.0% |
Rohm Co., Ltd. | 0.9% |
Daiwa Securities Group, Inc. | 0.9% |
Publicis Groupe | 0.8% |
Noble Corp. | 0.8% |
Potash Corp. of Saskatchewan, Inc. | 0.8% |
Transocean, Inc. | 0.8% |
SAP AG | 0.8% |
UBS AG - Reg’d | 0.8% |
Total | 9.1% |
1 | This list is not a recommendation of any security by the investment adviser. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
Fund Class and Inception Date | 1 Year | 5 Years | 10 Years | Since Inception | ||||||||||||
Investor Shares (10/16/96) | -49.97% | 3.65% | 6.31% | 6.39% | ||||||||||||
Select Shares (4/2/04) | -49.91% | n/a | n/a | 1.13% | ||||||||||||
Benchmark: MSCI EAFE® Index (Net) | -46.62% | 3.60% | 1.67% | (10/16/96) 2.40% | ||||||||||||
(4/2/04) 0.53% | ||||||||||||||||
Fund Category: Morningstar Foreign Large-Cap Growth | -50.01% | 2.19% | 1.92% | (10/16/96) 2.73% | ||||||||||||
(4/2/04) -0.71% |
% of | ||||||
Investment Manager | Investment Style | Net Assets | ||||
American Century Global Investment Management, Inc. | International Small/Mid-Cap Company Growth | 19.1% | ||||
Wentworth, Hauser and Violich, Inc. | International Growth | 9.8% | ||||
Harris Associates L.P. | International Value | 25.3% | ||||
William Blair & Company, LLC | International Growth | 20.3% | ||||
Mondrian Investment Partners Limited | International Small Company Value | 18.3% | ||||
Cash and other assets | - | 7.2% | ||||
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 2/28/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/09. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/1/08 | at 10/31/08 | 5/1/08 - 10/31/08 | |||||||||||||
Laudus U.S. MarketMasters Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.25% | $ | 1,000 | $ | 676.90 | $ | 5.27 | |||||||||
Hypothetical 5% Return | 1.25% | $ | 1,000 | $ | 1,018.85 | $ | 6.34 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 1.07% | $ | 1,000 | $ | 677.40 | $ | 4.51 | |||||||||
Hypothetical 5% Return | 1.07% | $ | 1,000 | $ | 1,019.76 | $ | 5.43 | |||||||||
Laudus Small-Cap MarketMasters Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.46% | $ | 1,000 | $ | 760.80 | $ | 6.46 | |||||||||
Hypothetical 5% Return | 1.46% | $ | 1,000 | $ | 1,017.80 | $ | 7.41 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 1.37% | $ | 1,000 | $ | 760.50 | $ | 6.06 | |||||||||
Hypothetical 5% Return | 1.37% | $ | 1,000 | $ | 1,018.25 | $ | 6.95 | |||||||||
Laudus International MarketMasters Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.59% | $ | 1,000 | $ | 569.60 | $ | 6.27 | |||||||||
Hypothetical 5% Return | 1.59% | $ | 1,000 | $ | 1,017.14 | $ | 8.06 | |||||||||
Select Shares | ||||||||||||||||
Actual Return | 1.47% | $ | 1,000 | $ | 570.00 | $ | 5.80 | |||||||||
Hypothetical 5% Return | 1.47% | $ | 1,000 | $ | 1,017.75 | $ | 7.46 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 366 days of the fiscal year. |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.02 | 12.90 | 11.26 | 10.30 | 9.94 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.05 | 0.03 | 0.03 | 0.02 | (0.03 | ) | ||||||||||||||
Net realized and unrealized gains (losses) | (6.01 | ) | 2.14 | 1.63 | 0.94 | 0.39 | ||||||||||||||
Total from investment operations | (5.96 | ) | 2.17 | 1.66 | 0.96 | 0.36 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.05 | ) | (0.02 | ) | — | — | ||||||||||||
Net asset value at end of period | 9.03 | 15.02 | 12.90 | 11.26 | 10.30 | |||||||||||||||
Total return (%) | (39.74 | ) | 16.90 | 14.71 | 9.32 | 3.62 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.25 | 1.22 | 1 | 1.20 | 1 | 1.25 | 1.25 | |||||||||||||
Gross operating expenses | 1.34 | 1.27 | 1.37 | 1.38 | 1.39 | |||||||||||||||
Net investment income (loss) | 0.36 | 0.25 | 0.18 | 0.14 | (0.25 | ) | ||||||||||||||
Portfolio turnover rate | 74 | 60 | 65 | 83 | 72 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 71 | 137 | 134 | 150 | 180 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 6/4/042- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 15.06 | 12.93 | 11.30 | 10.32 | 10.42 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.07 | 0.06 | 0.04 | 0.02 | (0.00 | )3 | ||||||||||||||
Net realized and unrealized gains (losses) | (6.02 | ) | 2.15 | 1.63 | 0.96 | (0.10 | ) | |||||||||||||
Total from investment operations | (5.95 | ) | 2.21 | 1.67 | 0.98 | (0.10 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.08 | ) | (0.04 | ) | — | — | ||||||||||||
Net asset value at end of period | 9.05 | 15.06 | 12.93 | 11.30 | 10.32 | |||||||||||||||
Total return (%) | (39.65 | ) | 17.19 | 14.81 | 9.50 | (0.96 | )4 | |||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.07 | 1.04 | 5 | 0.97 | 5 | 1.07 | 1.07 | 6 | ||||||||||||
Gross operating expenses | 1.29 | 1.22 | 1.33 | 1.33 | 1.37 | 6 | ||||||||||||||
Net investment income (loss) | 0.53 | 0.44 | 0.43 | 0.25 | (0.08 | )6 | ||||||||||||||
Portfolio turnover rate | 74 | 60 | 65 | 83 | 72 | 4 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 6 | 10 | 8 | 2 | 1 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
88 | .9% | Common Stock | 88,747 | 68,661 | ||||||||
3 | .9% | Foreign Common Stock | 3,502 | 2,961 | ||||||||
7 | .8% | Short-Term Investment | 6,045 | 6,045 | ||||||||
100 | .6% | Total Investments | 98,294 | 77,667 | ||||||||
(0 | .6)% | Other Assets and Liabilities | (451 | ) | ||||||||
100 | .0% | Net Assets | 77,216 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 88.9% of net assets | ||||||||
Automobiles & Components 1.3% | ||||||||
Toyota Motor Corp. | 19,200 | 727 | ||||||
WABCO Holdings, Inc. | 15,400 | 283 | ||||||
1,010 | ||||||||
Banks 3.8% | ||||||||
Fifth Third Bancorp | 70,011 | 760 | ||||||
First Horizon National Corp. | 23,458 | 279 | ||||||
Hudson City Bancorp, Inc. | 23,905 | 450 | ||||||
New York Community Bancorp, Inc. | 31,570 | 494 | ||||||
People’s United Financial, Inc. | 38,832 | 680 | ||||||
Synovus Financial Corp. | 29,665 | 306 | ||||||
2,969 | ||||||||
Capital Goods 4.1% | ||||||||
AGCO Corp. * | 6,059 | 191 | ||||||
Alliant Techsystems, Inc. * | 5,500 | 454 | ||||||
Cummins, Inc. | 3,093 | 80 | ||||||
Dover Corp. | 12,300 | 391 | ||||||
Hexcel Corp. * | 38,150 | 503 | ||||||
Joy Global, Inc. | 15,000 | 435 | ||||||
McDermott International, Inc. * | 13,180 | 226 | ||||||
Precision Castparts Corp. | 3,405 | 221 | ||||||
Rockwell Collins, Inc. | 10,700 | 398 | ||||||
SPX Corp. | 7,090 | 274 | ||||||
3,173 | ||||||||
Commercial & Professional Supplies 0.6% | ||||||||
Robert Half International, Inc. | 24,500 | 462 | ||||||
Consumer Durables & Apparel 0.9% | ||||||||
Lennar Corp., Class A | 19,000 | 147 | ||||||
Snap-on, Inc. | 8,385 | 310 | ||||||
Toll Brothers, Inc. * | 11,000 | 254 | ||||||
711 | ||||||||
Consumer Services 5.9% | ||||||||
Burger King Holdings, Inc. | 16,900 | 336 | ||||||
Carnival Corp. | 38,000 | 965 | ||||||
Life Time Fitness, Inc. * | 9,200 | 175 | ||||||
McDonald’s Corp. | 17,100 | 991 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 36,300 | 818 | ||||||
Wynn Resorts Ltd. | 5,205 | 315 | ||||||
Yum! Brands, Inc. | 34,000 | 986 | ||||||
4,586 | ||||||||
Diversified Financials 13.2% | ||||||||
American Capital Ltd. | 13,335 | 187 | ||||||
Bank of America Corp. | 26,935 | 651 | ||||||
Bank of New York Mellon Corp. | 35,500 | 1,157 | ||||||
Capital One Financial Corp. | 17,200 | 673 | ||||||
CIT Group, Inc. | 24,500 | 102 | ||||||
CME Group, Inc. | 1,193 | 337 | ||||||
Discover Financial Services | 79,250 | 971 | ||||||
Federated Investors, Inc., Class B | 14,745 | 357 | ||||||
JPMorgan Chase & Co. | 34,670 | 1,430 | ||||||
Knight Capital Group, Inc., Class A * | 39,175 | 567 | ||||||
Legg Mason, Inc. | 43,000 | 954 | ||||||
Merrill Lynch & Co., Inc. | 57,350 | 1,066 | ||||||
Moody’s Corp. | 11,500 | 294 | ||||||
Morgan Stanley | 38,500 | 673 | ||||||
The Goldman Sachs Group, Inc. | 8,383 | 775 | ||||||
10,194 | ||||||||
Energy 6.3% | ||||||||
Apache Corp. | 5,300 | 436 | ||||||
Cameron International Corp. * | 11,800 | 286 | ||||||
ConocoPhillips | 13,170 | 685 | ||||||
CONSOL Energy, Inc. | 6,600 | 207 | ||||||
Exxon Mobil Corp. | 6,875 | 510 | ||||||
Gazprom - Reg’d ADR | 14,000 | 278 | ||||||
Helmerich & Payne, Inc. | 6,462 | 222 | ||||||
Marathon Oil Corp. | 21,600 | 629 | ||||||
Murphy Oil Corp. | 7,500 | 380 | ||||||
Transocean, Inc. * | 7,957 | 655 | ||||||
Weatherford International Ltd. * | 31,825 | 537 | ||||||
4,825 | ||||||||
Food & Staples Retailing 0.7% | ||||||||
CVS Caremark Corp. | 14,075 | 431 | ||||||
Rite Aid Corp. * | 215,760 | 105 | ||||||
536 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Food, Beverage & Tobacco 2.4% | ||||||||
Dr. Pepper Snapple Group, Inc. * | 63,911 | 1,463 | ||||||
Tyson Foods, Inc., Class A | 44,955 | 393 | ||||||
1,856 | ||||||||
Health Care Equipment & Services 6.0% | ||||||||
Alcon, Inc. | 2,640 | 233 | ||||||
Baxter International, Inc. | 6,595 | 399 | ||||||
Beckman Coulter, Inc. | 5,500 | 274 | ||||||
Boston Scientific Corp. * | 25,733 | 232 | ||||||
Cerner Corp. * | 12,400 | 462 | ||||||
Eclipsys Corp. * | 19,750 | 293 | ||||||
Edwards Lifesciences Corp. * | 7,400 | 391 | ||||||
Express Scripts, Inc. * | 4,839 | 293 | ||||||
Humana, Inc. * | 17,535 | 519 | ||||||
McKesson Corp. | 8,100 | 298 | ||||||
Pediatrix Medical Group, Inc. * | 10,500 | 406 | ||||||
Teleflex, Inc. | 9,315 | 494 | ||||||
Varian Medical Systems, Inc. * | 8,240 | 375 | ||||||
4,669 | ||||||||
Household & Personal Products 0.2% | ||||||||
Avon Products, Inc. | 5,200 | 129 | ||||||
Insurance 3.8% | ||||||||
ACE Ltd. | 8,688 | 498 | ||||||
Arch Capital Group Ltd. * | 9,135 | 637 | ||||||
Assurant, Inc. | 11,310 | 288 | ||||||
Cincinnati Financial Corp. | 16,500 | 429 | ||||||
MetLife, Inc. | 7,500 | 249 | ||||||
PartnerRe Ltd. | 4,500 | 305 | ||||||
The Allstate Corp. | 17,310 | 457 | ||||||
The Hartford Financial Services Group, Inc. | 8,294 | 86 | ||||||
2,949 | ||||||||
Materials 3.1% | ||||||||
Commercial Metals Co. | 29,100 | 323 | ||||||
Cytec Industries, Inc. | 10,530 | 298 | ||||||
International Flavors & Fragrances, Inc. | 13,400 | 427 | ||||||
Monsanto Co. | 6,916 | 615 | ||||||
Pactiv Corp. * | 20,100 | 474 | ||||||
PPG Industries, Inc. | 4,510 | 224 | ||||||
2,361 | ||||||||
Media 2.5% | ||||||||
Comcast Corp., Special Class A | 53,750 | 829 | ||||||
DISH Network Corp., Class A * | 17,000 | 268 | ||||||
Liberty Media Corp - Entertainment, Series A * | 9,470 | 152 | ||||||
Liberty Media Corp. - Capital, Series A * | 9,610 | 65 | ||||||
The DIRECTV Group, Inc. * | 26,760 | 586 | ||||||
1,900 | ||||||||
Pharmaceuticals & Biotechnology 6.2% | ||||||||
Abbott Laboratories | 5,695 | 314 | ||||||
Eli Lilly & Co. | 17,855 | 604 | ||||||
Genentech, Inc. * | 10,570 | 877 | ||||||
Gilead Sciences, Inc. * | 25,340 | 1,162 | ||||||
Schering-Plough Corp. | 70,400 | 1,020 | ||||||
Thermo Fisher Scientific, Inc. * | 10,900 | 442 | ||||||
Varian, Inc. * | 10,985 | 405 | ||||||
4,824 | ||||||||
Retailing 4.5% | ||||||||
American Eagle Outfitters, Inc. | 18,000 | 200 | ||||||
Best Buy Co., Inc. | 36,115 | 968 | ||||||
Macy’s, Inc. | 27,301 | 336 | ||||||
Priceline.com, Inc. * | 8,216 | 432 | ||||||
The Gap, Inc. | 14,700 | 190 | ||||||
The TJX Cos., Inc. | 10,780 | 289 | ||||||
Tiffany & Co. | 30,500 | 837 | ||||||
Urban Outfitters, Inc. * | 9,685 | 211 | ||||||
3,463 | ||||||||
Semiconductors & Semiconductor Equipment 5.5% | ||||||||
Analog Devices, Inc. | 16,600 | 355 | ||||||
Broadcom Corp., Class A * | 23,400 | 400 | ||||||
Intel Corp. | 114,475 | 1,832 | ||||||
Maxim Integrated Products, Inc. | 32,090 | 436 | ||||||
MEMC Electronic Materials, Inc. * | 14,375 | 264 | ||||||
National Semiconductor Corp. | 59,300 | 781 | ||||||
ON Semiconductor Corp. * | 41,011 | 209 | ||||||
4,277 | ||||||||
Software & Services 5.1% | ||||||||
Accenture Ltd., Class A | 9,216 | 305 | ||||||
Activision Blizzard, Inc. * | 19,070 | 238 | ||||||
Adobe Systems, Inc. * | 12,835 | 342 | ||||||
Amdocs Ltd. * | 15,600 | 352 | ||||||
Electronic Arts, Inc. * | 9,505 | 216 | ||||||
Google, Inc., Class A * | 978 | 351 | ||||||
MasterCard, Inc., Class A | 2,774 | 410 | ||||||
Microsoft Corp. | 28,910 | 646 | ||||||
Oracle Corp. * | 20,300 | 371 | ||||||
Paychex, Inc. | 7,600 | 217 | ||||||
Salesforce.com, Inc. * | 5,460 | 169 | ||||||
THQ, Inc. * | 45,000 | 335 | ||||||
3,952 | ||||||||
Technology Hardware & Equipment 6.9% | ||||||||
Agilent Technologies, Inc. * | 10,400 | 231 | ||||||
Apple, Inc. * | 7,080 | 762 | ||||||
Avnet, Inc. * | 13,100 | 219 | ||||||
Corning, Inc. | 49,975 | 541 | ||||||
Dell, Inc. * | 125,760 | 1,528 | ||||||
Hewlett-Packard Co. | 45,435 | 1,739 | ||||||
Nortel Networks Corp. * | 2,696 | 3 | ||||||
QUALCOMM, Inc. | 7,435 | 285 | ||||||
5,308 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Telecommunication Services 2.5% | ||||||||
AT&T, Inc. | 33,800 | 905 | ||||||
Crown Castle International Corp. * | 22,660 | 480 | ||||||
France Telecom S.A. | 16,300 | 413 | ||||||
Level 3 Communications, Inc. * | 149,800 | 157 | ||||||
1,955 | ||||||||
Transportation 1.4% | ||||||||
JetBlue Airways Corp. * | 18,200 | 101 | ||||||
Southwest Airlines Co. | 19,160 | 226 | ||||||
Union Pacific Corp. | 10,800 | 721 | ||||||
1,048 | ||||||||
Utilities 2.0% | ||||||||
Consolidated Edison, Inc. | 6,445 | 279 | ||||||
Entergy Corp. | 7,720 | 603 | ||||||
Hawaiian Electric Industries, Inc. | 8,340 | 222 | ||||||
Wisconsin Energy Corp. | 9,195 | 400 | ||||||
1,504 | ||||||||
Total Common Stock (Cost $88,747) | 68,661 | |||||||
Foreign Common Stock 3.9% of net assets | ||||||||
Bermuda 0.5% | ||||||||
Diversified Financials 0.5% | ||||||||
Invesco Ltd. | 27,204 | 406 | ||||||
Canada 0.3% | ||||||||
Technology Hardware & Equipment 0.3% | ||||||||
Research In Motion Ltd. * | 4,007 | 202 | ||||||
Hong Kong 0.6% | ||||||||
Diversified Financials 0.3% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 20,300 | 199 | ||||||
Telecommunication Services 0.3% | ||||||||
China Mobile Ltd. | 27,900 | 244 | ||||||
443 | ||||||||
Israel 0.9% | ||||||||
Pharmaceuticals & Biotechnology 0.9% | ||||||||
Teva Pharmaceutical Industries Ltd. ADR | 15,395 | 660 | ||||||
Singapore 0.5% | ||||||||
Semiconductors & Semiconductor Equipment 0.5% | ||||||||
Verigy Ltd. * | 25,532 | 370 | ||||||
Switzerland 0.4% | ||||||||
Insurance 0.4% | ||||||||
Swiss Re - Reg’d | 7,400 | 305 | ||||||
United Kingdom 0.7% | ||||||||
Insurance 0.7% | ||||||||
Willis Group Holdings Ltd. | 21,930 | 575 | ||||||
Total Foreign Common Stock (Cost $3,502) | 2,961 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 7.8% of net assets | ||||||||
Repurchase Agreements 7.8% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal National Mortgage Association | ||||||||
with a value of $3,999 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 3,914 | 3,914 | ||||||
Fully collateralized by Federal Home Loan Bank | ||||||||
with a value of $2,002 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 1,960 | 1,960 | ||||||
Fully collateralized by Federal Home Loan Mortgage Corp. | ||||||||
with a value of $177 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 171 | 171 | ||||||
Total Short-Term Investments (Cost $6,045) | 6,045 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $99,645 and the unrealized appreciation and depreciation were $4,330 and ($26,308), respectively, with a net unrealized depreciation of ($21,978). |
* | Non-income producing security. |
Assets | ||||||
Investments, at value (cost $98,294) | $77,667 | |||||
Cash | 14 | |||||
Foreign currency, at value (cost $5) | 5 | |||||
Receivables: | ||||||
Investments sold | 304 | |||||
Dividends | 67 | |||||
Foreign tax reclaims | 11 | |||||
Prepaid expenses | + | 1 | ||||
Total assets | 78,069 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 803 | |||||
Investment adviser and administrator fees | 4 | |||||
Transfer agent and shareholder services fees | 1 | |||||
Fund shares redeemed | 1 | |||||
Accrued expenses | + | 44 | ||||
Total liabilities | 853 | |||||
Net Assets | ||||||
Total assets | 78,069 | |||||
Total liabilities | − | 853 | ||||
Net assets | $77,216 | |||||
Net Assets by Source | ||||||
Capital received from investors | 107,687 | |||||
Net investment income not yet distributed | 167 | |||||
Net realized capital losses | (10,011 | ) | ||||
Net unrealized capital losses | (20,627 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $70,988 | 7,863 | $9.03 | |||||||||
Select Shares | $6,228 | 688 | $9.05 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $16) | $1,735 | |||||
Interest | + | 181 | ||||
Total investment income | 1,916 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (4,977 | ) | ||||
Net realized losses on foreign currency transactions | + | (6 | ) | |||
Net realized losses | (4,983 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (50,031 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 1,101 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 275 | |||||
Select Shares | 18 | |||||
Portfolio accounting fees | 65 | |||||
Professional fees | 45 | |||||
Registration fees | 27 | |||||
Custodian fees | 23 | |||||
Shareholder reports | 22 | |||||
Trustees’ fees | 8 | |||||
Tax expense | 1 | |||||
Other expenses | + | 4 | ||||
Total expenses | 1,589 | |||||
Custody credits | − | 1 | ||||
Expense reduction by adviser and Schwab | − | 117 | ||||
Net expenses | 1,471 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 1,916 | |||||
Net expenses | − | 1,471 | ||||
Net investment income | 445 | |||||
Net realized losses | (4,983 | ) | ||||
Net unrealized losses | + | (50,031 | ) | |||
Decrease in net assets from operations | ($54,569 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $445 | $376 | ||||||||
Net realized gains (losses) | (4,983 | ) | 16,847 | |||||||
Net unrealized gains (losses) | + | (50,031 | ) | 5,209 | ||||||
Increase (Decrease) in net assets from operations | (54,569 | ) | 22,432 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 294 | 541 | ||||||||
Select Shares | + | 39 | 47 | |||||||
Total distributions from net investment income | $333 | $588 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 208 | $2,695 | 409 | $5,822 | ||||||||||||||
Select Shares | + | 221 | 2,845 | 204 | 2,926 | |||||||||||||
Total shares sold | 429 | $5,540 | 613 | $8,748 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 21 | $282 | 39 | $517 | ||||||||||||||
Select Shares | + | 2 | 34 | 3 | 41 | |||||||||||||
Total shares reinvested | 23 | $316 | 42 | $558 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (1,495 | ) | ($18,325 | ) | (1,676 | ) | ($23,334 | ) | ||||||||||
Select Shares | + | (185 | ) | (2,339 | ) | (166 | ) | (2,331 | ) | |||||||||
Total shares redeemed | (1,680 | ) | ($20,664 | ) | (1,842 | ) | ($25,665 | ) | ||||||||||
Net transactions in fund shares | (1,228 | ) | ($14,808 | ) | (1,187 | ) | ($16,359 | ) | ||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 9,779 | $146,926 | 10,966 | $141,441 | ||||||||||||||
Total increase or decrease | + | (1,228 | ) | (69,710 | ) | (1,187 | ) | 5,485 | ||||||||||
End of period | 8,551 | $77,216 | 9,779 | $146,926 | ||||||||||||||
Net Investment income not yet distributed | $167 | $60 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 13.74 | 14.20 | 13.38 | 12.18 | 11.08 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | )1 | (0.08 | )1 | (0.13 | ) | (0.14 | ) | (0.14 | ) | ||||||||||
Net realized and unrealized gain (losses) | (4.59 | )1 | 1.81 | 1 | 2.08 | 1.34 | 1.24 | |||||||||||||
Total income from investment operations | (4.63 | ) | 1.73 | 1.95 | 1.20 | 1.10 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net realized gains | (0.33 | ) | (2.19 | ) | (1.13 | ) | — | — | ||||||||||||
Net asset value at end of period | 8.78 | 13.74 | 14.20 | 13.38 | 12.18 | |||||||||||||||
Total return (%) | (34.34 | ) | 13.79 | 15.33 | 9.85 | 9.93 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.48 | 1.51 | 2 | 1.48 | 2 | 1.55 | 1.55 | |||||||||||||
Gross operating expenses | 1.48 | 1.59 | 1.63 | 1.69 | 1.77 | |||||||||||||||
Net investment income (loss) | (0.38 | ) | (0.60 | ) | (0.82 | ) | (0.95 | ) | (1.08 | ) | ||||||||||
Portfolio turnover rate | 134 | 83 | 105 | 94 | 140 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 64 | 99 | 95 | 108 | 129 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 6/9/043- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 13.85 | 14.27 | 13.41 | 12.19 | 12.11 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | )1 | (0.04 | )1 | (0.02 | ) | (0.11 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gains (losses) | (4.62 | )1 | 1.81 | 1 | 2.01 | 1.33 | 0.11 | |||||||||||||
Total income from investment operations | (4.66 | ) | 1.77 | 1.99 | 1.22 | 0.08 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net realized gains | (0.33 | ) | (2.19 | ) | (1.13 | ) | — | — | ||||||||||||
Net asset value at end of period | 8.86 | 13.85 | 14.27 | 13.41 | 12.19 | |||||||||||||||
Total return (%) | (34.28 | ) | 14.04 | 15.61 | 10.01 | 0.66 | 4 | |||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.37 | 1.36 | 5 | 1.16 | 5 | 1.37 | 1.37 | 6 | ||||||||||||
Gross operating expenses | 1.44 | 1.66 | 1.55 | 1.63 | 1.79 | 6 | ||||||||||||||
Net investment income (loss) | (0.31 | ) | (0.29 | ) | (0.43 | ) | (0.76 | ) | (0.91 | )6 | ||||||||||
Portfolio turnover rate | 134 | 83 | 105 | 94 | 140 | 4 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 260 | 437 | 7 | 1 | 0.32 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
88 | .3% | Common Stock | 351,721 | 286,267 | ||||||||
2 | .0% | Foreign Common Stock | 10,735 | 6,620 | ||||||||
9 | .9% | Short-Term Investments | 32,071 | 32,071 | ||||||||
100 | .2% | Total Investments | 394,527 | 324,958 | ||||||||
(0 | .2)% | Other Assets and Liabilities | (727 | ) | ||||||||
100 | .0% | Net Assets | 324,231 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 88.3% of net assets | ||||||||
Automobiles & Components 0.2% | ||||||||
WABCO Holdings, Inc. | 44,600 | 819 | ||||||
Banks 4.1% | ||||||||
Bank of the Ozarks, Inc. | 80,831 | 2,457 | ||||||
Fifth Third Bancorp | 75,750 | 822 | ||||||
First Horizon National Corp. | 60,179 | 717 | ||||||
Glacier Bancorp, Inc. | 110,483 | 2,228 | ||||||
New York Community Bancorp, Inc. | 90,346 | 1,415 | ||||||
People’s United Financial, Inc. | 111,196 | 1,946 | ||||||
PrivateBancorp, Inc. | 26,700 | 961 | ||||||
Synovus Financial Corp. | 76,640 | 792 | ||||||
Wilmington Trust Corp. | 66,381 | 1,916 | ||||||
13,254 | ||||||||
Capital Goods 6.4% | ||||||||
Aerovironment, Inc. * | 31,100 | 1,117 | ||||||
Alliant Techsystems, Inc. * | 15,795 | 1,304 | ||||||
Argon ST, Inc. * | 185,111 | 3,861 | ||||||
Astec Industries, Inc. * | 80,500 | 2,046 | ||||||
Axsys Technologies, Inc. * | 18,000 | 1,188 | ||||||
Baldor Electric Co. | 191,619 | 3,365 | ||||||
Dover Corp. | 10,700 | 340 | ||||||
General Cable Corp. * | 94,528 | 1,614 | ||||||
Hexcel Corp. * | 96,300 | 1,271 | ||||||
Joy Global, Inc. | 23,000 | 667 | ||||||
Orbital Sciences Corp. * | 42,200 | 865 | ||||||
Rockwell Collins, Inc. | 36,100 | 1,344 | ||||||
SPX Corp. | 19,560 | 758 | ||||||
Trex Co., Inc. * | 61,163 | 998 | ||||||
20,738 | ||||||||
Commercial & Professional Supplies 2.7% | ||||||||
Clean Harbors, Inc. * | 11,700 | 767 | ||||||
Cornell Cos., Inc. * | 42,330 | 964 | ||||||
EnergySolutions | 104,100 | 470 | ||||||
FTI Consulting, Inc. * | 10,400 | 606 | ||||||
Steelcase, Inc., Class A | 352,062 | 3,274 | ||||||
The Geo Group, Inc. * | 39,820 | 703 | ||||||
Watson Wyatt Worldwide, Inc., Class A | 46,631 | 1,980 | ||||||
8,764 | ||||||||
Consumer Durables & Apparel 2.5% | ||||||||
Carter’s, Inc. * | 120,894 | 2,568 | ||||||
Columbia Sportswear Co. | 47,000 | 1,733 | ||||||
Lennar Corp., Class A | 53,800 | 416 | ||||||
M.D.C. Holdings, Inc. | 47,815 | 1,608 | ||||||
Snap-on, Inc. | 24,515 | 906 | ||||||
Toll Brothers, Inc. * | 31,400 | 726 | ||||||
7,957 | ||||||||
Consumer Services 5.7% | ||||||||
Bob Evans Farms, Inc. | 109,270 | 2,282 | ||||||
Burger King Holdings, Inc. | 42,800 | 851 | ||||||
Chipotle Mexican Grill, Inc., Class A * | 21,955 | 1,114 | ||||||
Chipotle Mexican Grill, Inc., Class B * | 18,700 | 800 | ||||||
Choice Hotels International, Inc. | 36,323 | 993 | ||||||
Corinthian Colleges, Inc. * | 213,478 | 3,048 | ||||||
DeVry, Inc. | 29,000 | 1,644 | ||||||
ITT Educational Services, Inc. * | 21,000 | 1,841 | ||||||
Las Vegas Sands Corp. * | 59,900 | 850 | ||||||
Strayer Education, Inc. | 9,050 | 2,048 | ||||||
The Cheesecake Factory, Inc. * | 37,600 | 331 | ||||||
Vail Resorts, Inc. * | 48,481 | 1,612 | ||||||
WMS Industries, Inc. * | 41,260 | 1,031 | ||||||
18,445 | ||||||||
Diversified Financials 5.3% | ||||||||
Calamos Asset Management, Inc., Class A | 181,605 | 1,491 | ||||||
Federated Investors, Inc., Class B | 41,715 | 1,009 | ||||||
GAMCO Investors, Inc., Class A | 64,498 | 2,455 | ||||||
Greenhill & Co., Inc. | 11,100 | 732 | ||||||
KBW, Inc. * | 67,606 | 1,980 | ||||||
Knight Capital Group, Inc., Class A * | 348,630 | 5,041 | ||||||
Moody’s Corp. | 39,600 | 1,014 | ||||||
Raymond James Financial, Inc. | 118,376 | 2,757 | ||||||
Riskmetrics Group, Inc. * | 48,200 | 743 | ||||||
17,222 | ||||||||
Energy 4.3% | ||||||||
Arena Resources, Inc. * | 31,860 | 971 | ||||||
Bill Barrett Corp. * | 24,315 | 496 | ||||||
Cameron International Corp. * | 13,500 | 327 | ||||||
Comstock Resources, Inc. * | 29,700 | 1,468 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Concho Resources, Inc. * | 50,900 | 1,082 | ||||||
CONSOL Energy, Inc. | 6,200 | 195 | ||||||
Global Industries Ltd. * | 138,500 | 353 | ||||||
Holly Corp. | 93,679 | 1,839 | ||||||
MarkWest Energy Partners L.P. | 31,842 | 578 | ||||||
Murphy Oil Corp. | 7,450 | 377 | ||||||
Oceaneering International, Inc. * | 78,300 | 2,206 | ||||||
TETRA Technologies, Inc. * | 217,500 | 1,514 | ||||||
Weatherford International Ltd. * | 23,700 | 400 | ||||||
Willbros Group, Inc. * | 139,273 | 2,157 | ||||||
13,963 | ||||||||
Food & Staples Retailing 0.9% | ||||||||
United Natural Foods, Inc. * | 132,125 | 2,952 | ||||||
Food, Beverage & Tobacco 4.8% | ||||||||
Central European Distribution Corp. * | 79,400 | 2,286 | ||||||
Diamond Foods, Inc. | 31,400 | 918 | ||||||
Flowers Foods, Inc. | 25,300 | 750 | ||||||
Lance, Inc. | 113,155 | 2,341 | ||||||
The Hain Celestial Group, Inc. * | 208,689 | 4,850 | ||||||
TreeHouse Foods, Inc. * | 108,363 | 3,279 | ||||||
Tyson Foods, Inc., Class A | 129,015 | 1,128 | ||||||
15,552 | ||||||||
Health Care Equipment & Services 11.6% | ||||||||
Allscripts Healthcare Solutions, Inc. | 155,000 | 1,007 | ||||||
AMN Healthcare Services, Inc. * | 138,251 | 1,243 | ||||||
Analogic Corp. | 115,595 | 5,105 | ||||||
Beckman Coulter, Inc. | 14,200 | 709 | ||||||
Cerner Corp. * | 83,630 | 3,114 | ||||||
Eclipsys Corp. * | 100,050 | 1,486 | ||||||
Edwards Lifesciences Corp. * | 19,200 | 1,014 | ||||||
Greatbatch, Inc. * | 104,500 | 2,273 | ||||||
ICU Medical, Inc. * | 40,000 | 1,281 | ||||||
Immucor, Inc. * | 51,100 | 1,357 | ||||||
IMS Health, Inc. | 111,000 | 1,592 | ||||||
Kensey Nash Corp. * | 42,200 | 1,071 | ||||||
LHC Group, Inc. * | 40,600 | 1,432 | ||||||
Masimo Corp. * | 29,600 | 947 | ||||||
NuVasive, Inc. * | 32,100 | 1,512 | ||||||
Pediatrix Medical Group, Inc. * | 27,120 | 1,048 | ||||||
PharMerica Corp. * | 67,200 | 1,380 | ||||||
STERIS Corp. | 30,200 | 1,028 | ||||||
Teleflex, Inc. | 72,489 | 3,841 | ||||||
Thoratec Corp. * | 79,500 | 1,957 | ||||||
Wright Medical Group, Inc. * | 134,200 | 3,111 | ||||||
37,508 | ||||||||
Household & Personal Products 0.9% | ||||||||
Chattem, Inc. * | 10,500 | 795 | ||||||
NBTY, Inc. * | 95,310 | 2,227 | ||||||
3,022 | ||||||||
Insurance 1.1% | ||||||||
Arch Capital Group Ltd. * | 26,054 | 1,817 | ||||||
Assurant, Inc. | 32,510 | 828 | ||||||
PartnerRe Ltd. | 11,400 | 772 | ||||||
3,417 | ||||||||
Materials 2.8% | ||||||||
Brush Engineered Materials, Inc. * | 93,000 | 1,141 | ||||||
Commercial Metals Co. | 74,700 | 829 | ||||||
Cytec Industries, Inc. | 30,050 | 851 | ||||||
Glatfelter | 262,500 | 2,706 | ||||||
International Flavors & Fragrances, Inc. | 38,200 | 1,218 | ||||||
Landec Corp. * | 133,000 | 1,244 | ||||||
Pactiv Corp. * | 51,900 | 1,223 | ||||||
9,212 | ||||||||
Pharmaceuticals & Biotechnology 6.9% | ||||||||
Alkermes, Inc. * | 217,500 | 2,149 | ||||||
Emergent Biosolutions, Inc. * | 42,700 | 769 | ||||||
Illumina, Inc. * | 21,900 | 675 | ||||||
Martek Biosciences Corp. * | 56,700 | 1,691 | ||||||
Myriad Genetics, Inc. * | 20,100 | 1,268 | ||||||
Perrigo Co. | 110,969 | 3,773 | ||||||
Salix Pharmaceuticals Ltd. * | 391,500 | 3,602 | ||||||
Techne Corp. | 17,200 | 1,187 | ||||||
The Medicines Co. * | 155,000 | 2,702 | ||||||
Thermo Fisher Scientific, Inc. * | 12,200 | 495 | ||||||
United Therapeutics Corp. * | 27,852 | 2,430 | ||||||
Varian, Inc. * | 31,598 | 1,164 | ||||||
ViroPharma, Inc. * | 45,300 | 568 | ||||||
22,473 | ||||||||
Real Estate 1.2% | ||||||||
Lexington Realty Trust | 201,812 | 1,621 | ||||||
Washington Real Estate Investment Trust | 73,361 | 2,199 | ||||||
3,820 | ||||||||
Retailing 4.4% | ||||||||
1-800-FLOWERS.COM, Inc., Class A * | 363,500 | 1,945 | ||||||
Aaron Rents, Inc. | 112,124 | 2,780 | ||||||
American Eagle Outfitters, Inc. | 46,500 | 517 | ||||||
bebe stores, Inc. | 221,700 | 1,964 | ||||||
Blue Nile, Inc. * | 25,432 | 778 | ||||||
Fred’s, Inc., Class A | 59,200 | 725 | ||||||
GameStop Corp., Class A * | 34,090 | 934 | ||||||
Macy’s, Inc. | 81,224 | 998 | ||||||
PetMed Express, Inc. * | 94,296 | 1,665 | ||||||
The Gap, Inc. | 23,900 | 309 | ||||||
Tractor Supply Co. * | 32,000 | 1,330 | ||||||
Tuesday Morning Corp. * | 97,961 | 219 | ||||||
14,164 | ||||||||
Semiconductors & Semiconductor Equipment 5.7% | ||||||||
Broadcom Corp., Class A * | 69,400 | 1,185 | ||||||
Cabot Microelectronics Corp. * | 31,500 | 905 | ||||||
Cymer, Inc. * | 79,300 | 1,940 | ||||||
EMCORE Corp. * | 450,000 | 1,602 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
FEI Co. * | 156,500 | 3,288 | ||||||
Kopin Corp. * | 858,000 | 1,991 | ||||||
Maxim Integrated Products, Inc. | 96,775 | 1,316 | ||||||
Microsemi Corp. * | 41,100 | 894 | ||||||
Silicon Image, Inc. * | 461,500 | 2,109 | ||||||
Ultratech, Inc. * | 210,000 | 3,167 | ||||||
18,397 | ||||||||
Software & Services 10.4% | ||||||||
Alliance Data Systems Corp. * | 20,000 | 1,003 | ||||||
ANSYS, Inc. * | 33,600 | 962 | ||||||
Aspen Technology, Inc. * | 304,000 | 2,380 | ||||||
Concur Technologies, Inc. * | 28,810 | 727 | ||||||
Epicor Software Corp. * | 132,500 | 934 | ||||||
Equinix, Inc. * | 13,900 | 868 | ||||||
Fair Isaac Corp. | 124,000 | 1,933 | ||||||
FalconStor Software, Inc. * | 136,031 | 409 | ||||||
IAC/InterActiveCorp * | 38,400 | 643 | ||||||
Interwoven, Inc. * | 240,000 | 3,026 | ||||||
Lionbridge Technologies, Inc. * | 613,000 | 1,067 | ||||||
ManTech International Corp., Class A * | 58,658 | 3,164 | ||||||
Nuance Communications, Inc. * | 70,570 | 646 | ||||||
Omniture, Inc. * | 73,800 | 849 | ||||||
Parametric Technology Corp. * | 189,500 | 2,462 | ||||||
Perficient, Inc. * | 104,000 | 571 | ||||||
Quality Systems, Inc. | 94,937 | 3,654 | ||||||
RealNetworks, Inc. * | 435,500 | 1,864 | ||||||
RightNow Technologies, Inc. * | 143,471 | 944 | ||||||
Safeguard Scientifics, Inc. * | 35,601 | 28 | ||||||
Symyx Technologies, Inc. * | 142,500 | 628 | ||||||
Take-Two Interactive Software, Inc. * | 154,597 | 1,833 | ||||||
THQ, Inc. * | 129,000 | 961 | ||||||
TIBCO Software, Inc. * | 291,000 | 1,499 | ||||||
ValueClick, Inc. * | 109,000 | 807 | ||||||
33,862 | ||||||||
Technology Hardware & Equipment 3.0% | ||||||||
Agilent Technologies, Inc. * | 31,500 | 699 | ||||||
Avnet, Inc. * | 39,100 | 654 | ||||||
Electro Scientific Industries, Inc. * | 137,000 | 1,147 | ||||||
F5 Networks, Inc. * | 90,503 | 2,246 | ||||||
FLIR Systems, Inc. * | 33,080 | 1,062 | ||||||
L-1 Identity Solutions, Inc. * | 180,483 | 1,480 | ||||||
Riverbed Technology, Inc. * | 134,363 | 1,684 | ||||||
SeaChange International, Inc. * | 84,442 | 645 | ||||||
9,617 | ||||||||
Telecommunication Services 1.4% | ||||||||
Cbeyond, Inc. * | 144,393 | 1,736 | ||||||
Clearwire Corp., Class A * | 17,100 | 148 | ||||||
SBA Communications Corp., Class A * | 128,860 | 2,705 | ||||||
4,589 | ||||||||
Transportation 1.2% | ||||||||
Allegiant Travel Co. * | 16,200 | 645 | ||||||
Continental Airlines, Inc., Class B * | 45,400 | 859 | ||||||
Hub Group, Inc., Class A * | 19,700 | 619 | ||||||
Kirby Corp. * | 20,130 | 691 | ||||||
Old Dominion Freight Line, Inc. * | 40,200 | 1,220 | ||||||
4,034 | ||||||||
Utilities 0.8% | ||||||||
Consolidated Edison, Inc. | 16,565 | 718 | ||||||
Hawaiian Electric Industries, Inc. | 21,480 | 572 | ||||||
Wisconsin Energy Corp. | 27,500 | 1,196 | ||||||
2,486 | ||||||||
Total Common Stock (Cost $351,721) | 286,267 | |||||||
Foreign Common Stock 2.0% of net assets | ||||||||
Bermuda 0.6% | ||||||||
Consumer Services 0.3% | ||||||||
Orient-Express Hotels Ltd., Class A | 78,500 | 966 | ||||||
Diversified Financials 0.3% | ||||||||
Invesco Ltd. | 69,705 | 1,039 | ||||||
2,005 | ||||||||
Canada 0.5% | ||||||||
Food, Beverage & Tobacco 0.5% | ||||||||
SunOpta, Inc. * | 400,789 | 1,647 | ||||||
Singapore 0.4% | ||||||||
Semiconductors & Semiconductor Equipment 0.4% | ||||||||
Verigy Ltd. * | 91,552 | 1,328 | ||||||
United Kingdom 0.5% | ||||||||
Insurance 0.5% | ||||||||
Willis Group Holdings Ltd. | 62,503 | 1,640 | ||||||
Total Foreign Common Stock (Cost $10,735) | 6,620 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 9.9% of net assets | ||||||||
Repurchase Agreement 8.3% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal National Mortgage Association | ||||||||
with a value of $25,678 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 25,163 | 25,163 | ||||||
Fully collateralized by Federal Home Loan Bank | ||||||||
with a value of $1,649 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 1,613 | 1,613 |
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
U.S. Treasury Obligations 1.6% of net assets | ||||||||
U.S. Treasury Bill | ||||||||
1.02%, 12/18/08 (a) | 13 | 13 | ||||||
0.03%, 12/18/08 (a) | 124 | 124 | ||||||
0.13%, 12/18/08 (a) | 1,600 | 1,600 | ||||||
0.15%, 12/18/08 (a) | 400 | 400 | ||||||
0.25%, 12/18/08 (a) | 530 | 530 | ||||||
0.31%, 12/18/08 (a) | 350 | 350 | ||||||
0.41%, 01/15/09 (a) | 2,280 | 2,278 | ||||||
5,295 | ||||||||
Total Short-Term Investments (Cost $32,071) | 32,071 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $403,078, and the unrealized appreciation and depreciation were $15,216 and ($93,336), respectively, with a net depreciation of ($78,120). |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 215 | 11,535 | (550 | ) |
Assets | ||||||
Investments, at value (cost $394,527) | $324,958 | |||||
Cash | 34 | |||||
Receivables: | ||||||
Investments sold | 8,083 | |||||
Due from brokers for futures | 430 | |||||
Fund shares sold | 303 | |||||
Dividends | 118 | |||||
Prepaid expenses | + | 3 | ||||
Total assets | 333,929 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 9,281 | |||||
Investment advisers and administrator fees | 30 | |||||
Transfer agent and shareholder services fees | 88 | |||||
Fund shares redeemed | 212 | |||||
Accrued expenses | + | 87 | ||||
Total liabilities | 9,698 | |||||
Net Assets | ||||||
Total assets | 333,929 | |||||
Total liabilities | − | 9,698 | ||||
Net assets | $324,231 | |||||
Net Assets by Source | ||||||
Capital received from investors | 498,533 | |||||
Net investment income not yet distributed | 18 | |||||
Net realized capital losses | (104,201 | ) | ||||
Net unrealized capital losses | (70,119 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $64,179 | 7,310 | $8.78 | |||||||||
Select Shares | $260,052 | 29,352 | $8.86 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $3) | $4,778 | |||||
Interest | + | 611 | ||||
Total investment income | 5,389 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (89,179 | ) | ||||
Net realized losses on futures contracts | + | (13,503 | ) | |||
Net realized losses | (102,682 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (95,676 | ) | ||||
Net unrealized losses on futures contracts | + | (606 | ) | |||
Net unrealized losses | (96,282 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 5,882 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 216 | |||||
Select Shares | 835 | |||||
Shareholder reports | 95 | |||||
Portfolio accounting fees | 74 | |||||
Registration fees | 55 | |||||
Professional fees | 47 | |||||
Custodian fees | 38 | |||||
Trustees’ fees | 11 | |||||
Interest expense | 2 | |||||
Other expenses | + | 11 | ||||
Total expenses | 7,266 | |||||
Custody credits | − | 7 | ||||
Expense reduction by adviser and Schwab | − | 266 | ||||
Net expenses | 6,993 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 5,389 | |||||
Net expenses | − | 6,993 | ||||
Net investment loss | (1,604 | ) | ||||
Net realized losses | (102,682 | ) | ||||
Net unrealized losses | + | (96,282 | ) | |||
Decrease in net assets from operations | ($200,568 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment loss | ($1,604 | ) | ($761 | ) | ||||||
Net realized gains (losses) | (102,682 | ) | 12,919 | |||||||
Net unrealized gains (losses) | + | (96,282 | ) | 10,469 | ||||||
Increase (Decrease) in net assets from operations | (200,568 | ) | 22,627 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 2,435 | 14,314 | ||||||||
Select Shares | + | 10,845 | 1,039 | |||||||
Total distributions from net realized gains | $13,280 | $15,353 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 1,337 | $15,389 | 743 | $9,969 | ||||||||||||||
Select Shares | + | 14,764 | 169,600 | 31,680 | 429,281 | |||||||||||||
Total shares sold | 16,101 | $184,989 | 32,423 | $439,250 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 188 | $2,278 | 1,070 | $13,314 | ||||||||||||||
Select Shares | + | 285 | 3,475 | 68 | 853 | |||||||||||||
Total shares reinvested | 473 | $5,753 | 1,138 | $14,167 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (1,434 | ) | ($15,902 | ) | (1,296 | ) | ($17,359 | ) | ||||||||||
Select Shares | + | (17,259 | ) | (173,104 | ) | (649 | ) | (8,781 | ) | |||||||||
Total shares redeemed | (18,693 | ) | ($189,006 | ) | (1,945 | ) | ($26,140 | ) | ||||||||||
Net transactions in fund shares | (2,119 | ) | $1,736 | 31,616 | $427,277 | |||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 38,781 | 536,343 | 7,165 | $101,792 | ||||||||||||||
Total increase or decrease | + | (2,119 | ) | (212,112 | ) | 31,616 | 434,551 | |||||||||||
End of period | 36,662 | $324,231 | 38,781 | $536,343 | ||||||||||||||
Net investment income not yet distributed | $18 | $27 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 11/1/03- | ||||||||||||||||
Investor Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 25.96 | 20.73 | 16.78 | 13.58 | 11.95 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.20 | 0.14 | 0.13 | 0.06 | 0.02 | |||||||||||||||
Net realized and unrealized gains (losses) | (12.25 | ) | 6.84 | 3.98 | 3.16 | 1.65 | ||||||||||||||
Total from investment operations | (12.05 | ) | 6.98 | 4.11 | 3.22 | 1.67 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.16 | ) | (0.16 | ) | (0.02 | ) | (0.04 | ) | ||||||||||
Distributions from net realized gains | (2.03 | ) | (1.59 | ) | — | — | — | |||||||||||||
Total distributions | (2.13 | ) | (1.75 | ) | (0.16 | ) | (0.02 | ) | (0.04 | ) | ||||||||||
Net asset value at end of period | 11.78 | 25.96 | 20.73 | 16.78 | 13.58 | |||||||||||||||
Total return (%) | (49.97 | ) | 36.01 | 24.66 | 23.75 | 13.98 | ||||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.59 | 1.56 | 1 | 1.57 | 1 | 1.65 | 1.65 | |||||||||||||
Gross operating expenses | 1.59 | 1.59 | 1.64 | 1.74 | 1.89 | |||||||||||||||
Net investment income (loss) | 0.95 | 0.62 | 0.52 | 0.37 | 0.15 | |||||||||||||||
Portfolio turnover rate | 88 | 71 | 90 | 53 | 69 | |||||||||||||||
Net assets, end of period ($ x 1,000,000) | 918 | 2,297 | 1,320 | 794 | 552 |
11/1/07- | 11/1/06- | 11/1/05- | 11/1/04- | 4/2/042- | ||||||||||||||||
Select Shares | 10/31/08 | 10/31/07 | 10/31/06 | 10/31/05 | 10/31/04 | |||||||||||||||
Per—Share Data ($) | ||||||||||||||||||||
Net asset value at beginning of period | 26.00 | 20.77 | 16.81 | 13.61 | 13.64 | |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.23 | 0.15 | 0.19 | 0.08 | 0.02 | |||||||||||||||
Net realized and unrealized gains (losses) | (12.27 | ) | 6.86 | 3.96 | 3.17 | (0.05 | ) | |||||||||||||
Total from investment operations | (12.04 | ) | 7.01 | 4.15 | 3.25 | (0.03 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.13 | ) | (0.19 | ) | (0.19 | ) | (0.05 | ) | — | |||||||||||
Distributions from net realized gains | (2.03 | ) | (1.59 | ) | — | — | — | |||||||||||||
Total distributions | (2.16 | ) | (1.78 | ) | (0.19 | ) | (0.05 | ) | — | |||||||||||
Net asset value at end of period | 11.80 | 26.00 | 20.77 | 16.81 | 13.61 | |||||||||||||||
Total return (%) | (49.91 | ) | 36.16 | 24.88 | 23.90 | (0.22 | )3 | |||||||||||||
Ratios/Supplemental Data (%) | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Net operating expenses | 1.48 | 4 | 1.44 | 5 | 1.39 | 5 | 1.47 | 1.47 | 6 | |||||||||||
Gross operating expenses | 1.54 | 1.55 | 1.60 | 1.68 | 1.86 | 6 | ||||||||||||||
Net investment income (loss) | 1.08 | 0.73 | 0.72 | 0.59 | 0.37 | 6 | ||||||||||||||
Portfolio turnover rate | 88 | 71 | 90 | 53 | 69 | 3 | ||||||||||||||
Net assets, end of period ($ x 1,000,000) | 540 | 1,255 | 628 | 274 | 81 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
88 | .4% | Common Stock | 1,878,850 | 1,289,136 | ||||||||
0 | .3% | Preferred Stock | 6,294 | 4,957 | ||||||||
0 | .9% | Other Investment Companies | 23,908 | 12,887 | ||||||||
—% | Rights | — | — | |||||||||
9 | .7% | Short-Term Investments | 140,767 | 140,767 | ||||||||
99 | .3% | Total Investments | 2,049,819 | 1,447,747 | ||||||||
0 | .7% | Other Assets and Liabilities | 10,511 | |||||||||
100 | .0% | Net Assets | 1,458,258 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 88.4% of net assets | ||||||||
Australia 3.1% | ||||||||
Capital Goods 0.0% | ||||||||
Boart Longyear Group | 700,440 | 203 | ||||||
Commercial & Professional Supplies 0.2% | ||||||||
Transfield Services Ltd. | 901,052 | 2,455 | ||||||
�� | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Billabong International Ltd. | 111,400 | 891 | ||||||
Diversified Financials 0.0% | ||||||||
ASX Ltd. | 13,700 | 275 | ||||||
Energy 0.1% | ||||||||
WorleyParsons Ltd. | 123,113 | 1,237 | ||||||
Food & Staples Retailing 0.5% | ||||||||
Woolworths Ltd. | 406,748 | 7,582 | ||||||
Health Care Equipment & Services 0.2% | ||||||||
Ansell Ltd. | 168,647 | 1,419 | ||||||
Sonic Healthcare Ltd. | 175,400 | 1,603 | ||||||
3,022 | ||||||||
Insurance 0.3% | ||||||||
QBE Insurance Group Ltd. | 262,754 | 4,483 | ||||||
Materials 0.6% | ||||||||
BHP Billiton Ltd. ADR | 221,925 | 8,629 | ||||||
Incitec Pivot Ltd. | 202,300 | 542 | ||||||
9,171 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
CSL Ltd. | 113,692 | 2,765 | ||||||
Real Estate 0.4% | ||||||||
Commonwealth Property Office Fund | 7,569,390 | 6,689 | ||||||
Retailing 0.4% | ||||||||
David Jones Ltd. | 1,954,708 | 4,026 | ||||||
JB Hi-Fi Ltd. | 297,498 | 1,746 | ||||||
5,772 | ||||||||
Software & Services 0.1% | ||||||||
Computershare Ltd. | 140,100 | 792 | ||||||
45,337 | ||||||||
Austria 0.2% | ||||||||
Energy 0.1% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 17,321 | 615 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Intercell AG * | 54,714 | 1,533 | ||||||
2,148 | ||||||||
Belgium 0.1% | ||||||||
Capital Goods 0.1% | ||||||||
Bekaert N.V. | 13,000 | 1,279 | ||||||
Bermuda 2.5% | ||||||||
Capital Goods 0.5% | ||||||||
Cooper Industries Ltd., Class A | 108,600 | 3,361 | ||||||
Fong’s Industries Co., Ltd. (d) | 12,208,000 | 2,208 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 31,725 | 586 | ||||||
Noble Group Ltd. | 1,700,760 | 1,238 | ||||||
7,393 | ||||||||
Consumer Durables & Apparel 0.2% | ||||||||
Arts Optical International Holdings Ltd. (d) | 8,688,000 | 1,682 | ||||||
Ports Design Ltd. | 455,000 | 529 | ||||||
2,211 | ||||||||
Diversified Financials 0.0% | ||||||||
Lazard Ltd., Class A | 15,853 | 478 | ||||||
Energy 0.6% | ||||||||
Seadrill Ltd. | 129,800 | 1,250 | ||||||
Weatherford International Ltd. * | 451,500 | 7,621 | ||||||
8,871 | ||||||||
Insurance 0.2% | ||||||||
Catlin Group Ltd. | 205,334 | 1,148 | ||||||
PartnerRe Ltd. | 30,025 | 2,032 | ||||||
3,180 | ||||||||
Materials 0.1% | ||||||||
Huabao International Holdings Ltd. | 3,000,000 | 1,936 | ||||||
Retailing 0.6% | ||||||||
Esprit Holdings Ltd. | 280,600 | 1,595 | ||||||
Signet Jewelers Ltd. | 669,460 | 6,815 | ||||||
8,410 | ||||||||
Transportation 0.3% | ||||||||
Cosco Pacific Ltd. | 2,700,000 | 1,966 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Pacific Basin Shipping Ltd. | 4,164,000 | 2,230 | ||||||
4,196 | ||||||||
36,675 | ||||||||
Brazil 1.1% | ||||||||
Capital Goods 0.0% | ||||||||
Lupatech S.A. * | 28,500 | 243 | ||||||
Weg S.A. | 5,800 | 33 | ||||||
276 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Cyrela Brazil Realty S.A. | 139,000 | 680 | ||||||
Consumer Services 0.1% | ||||||||
Anhanguera Educacional Participacoes S.A. | 105,900 | 782 | ||||||
Diversified Financials 0.1% | ||||||||
BM&F BOVESPA S.A. | 488,156 | 1,305 | ||||||
GP Investments Ltd. BDR * | 178,100 | 592 | ||||||
1,897 | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
SLC Agricola S.A. | 80,500 | 416 | ||||||
Materials 0.5% | ||||||||
Companhia Vale do Rio Doce ADR | 499,150 | 6,549 | ||||||
MMX Mineracao e Metalicos S.A. * | 219,100 | 399 | ||||||
6,948 | ||||||||
Real Estate 0.1% | ||||||||
BR Malls Participacoes S.A. * | 204,800 | 756 | ||||||
Software & Services 0.1% | ||||||||
Redecard S.A. | 172,700 | 1,913 | ||||||
Telecommunication Services 0.2% | ||||||||
GVT Holding S.A. * | 256,200 | 2,780 | ||||||
Transportation 0.0% | ||||||||
LLX Logistica S.A. * | 371,700 | 136 | ||||||
16,584 | ||||||||
Canada 4.9% | ||||||||
Banks 0.1% | ||||||||
Laurentian Bank of Canada | 49,104 | 1,666 | ||||||
Consumer Durables & Apparel 0.2% | ||||||||
Gildan Activewear, Inc. * | 109,100 | 2,544 | ||||||
Lululemon Athletica, Inc. * | 44,200 | 626 | ||||||
3,170 | ||||||||
Energy 0.9% | ||||||||
Canadian Natural Resources Ltd. | 55,150 | 2,786 | ||||||
Crescent Point Energy Trust | 31,900 | 739 | ||||||
EnCana Corp. | 87,120 | 4,426 | ||||||
Oilexco, Inc. * | 311,000 | 1,308 | ||||||
Pacific Rubiales Energy Corp. * | 157,100 | 586 | ||||||
Suncor Energy, Inc. | 99,950 | 2,391 | ||||||
12,236 | ||||||||
Food & Staples Retailing 0.4% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 52,100 | 703 | ||||||
Metro, Inc., Class A | 53,623 | 1,350 | ||||||
Shoppers Drug Mart Corp. | 110,400 | 4,250 | ||||||
6,303 | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Saputo, Inc. | 26,700 | 558 | ||||||
Insurance 0.1% | ||||||||
Manulife Financial Corp. | 64,675 | 1,299 | ||||||
Materials 1.1% | ||||||||
Agnico-Eagle Mines Ltd. | 54,700 | 1,509 | ||||||
Eastern Platinum Ltd. * | 434,500 | 130 | ||||||
FNX Mining Co., Inc. * | 90,100 | 370 | ||||||
Potash Corp. of Saskatchewan, Inc. | 134,600 | 11,476 | ||||||
Sino-Forest Corp. * | 121,400 | 1,136 | ||||||
Teck Cominco Ltd., Class B | 74,600 | 732 | ||||||
15,353 | ||||||||
Real Estate 0.6% | ||||||||
Brookfield Asset Management, Inc., Class A | 137,285 | 2,475 | ||||||
Morguard Real Estate Investment Trust | 285,190 | 2,123 | ||||||
Northern Property Real Estate Investment Trust | 288,700 | 4,304 | ||||||
8,902 | ||||||||
Software & Services 0.3% | ||||||||
Open Text Corp. * | 141,168 | 3,663 | ||||||
Telecommunication Services 0.4% | ||||||||
Rogers Communications, Inc., Class B | 193,500 | 5,617 | ||||||
Transportation 0.8% | ||||||||
Canadian National Railway Co. | 143,000 | 6,186 | ||||||
Canadian Pacific Railway Ltd. | 129,325 | 5,820 | ||||||
12,006 | ||||||||
Utilities 0.0% | ||||||||
Fortis, Inc. | 9,100 | 199 | ||||||
70,972 | ||||||||
Cayman Islands 2.9% | ||||||||
Capital Goods 0.1% | ||||||||
China High Speed Transmission Equipment Group Co., Ltd. | 2,327,000 | 1,849 | ||||||
Suntech Power Holdings Co., Ltd. ADR * | 21,200 | 371 | ||||||
2,220 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Li Ning Co., Ltd. | 672,000 | 832 | ||||||
Consumer Services 0.1% | ||||||||
New Oriental Education & Technology Group, Inc. ADR * | 25,663 | 1,641 | ||||||
Energy 1.6% | ||||||||
Noble Corp. | 358,600 | 11,551 | ||||||
Transocean, Inc. * | 139,246 | 11,464 | ||||||
23,015 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
China Medical Technologies, Inc. ADR | 63,743 | 1,553 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Mindray Medical International Ltd. ADR | 16,600 | 358 | ||||||
1,911 | ||||||||
Household & Personal Products 0.1% | ||||||||
Hengan International Group Co. Ltd. | 377,000 | 1,052 | ||||||
Materials 0.4% | ||||||||
AMVIG Holdings Ltd. | 8,908,000 | 5,237 | ||||||
Media 0.2% | ||||||||
Focus Media Holding Ltd. ADR * | 78,700 | 1,458 | ||||||
Pico Far East Holdings Ltd. (d) | 17,266,000 | 1,110 | ||||||
2,568 | ||||||||
Retailing 0.1% | ||||||||
Belle International Holdings Ltd. | 549,000 | 264 | ||||||
Golden Eagle Retail Group Ltd. | 1,177,000 | 615 | ||||||
New World Department Store China * | 1,175,000 | 651 | ||||||
1,530 | ||||||||
Technology Hardware & Equipment 0.1% | ||||||||
Ju Teng International Holdings Ltd. * | 3,528,000 | 1,068 | ||||||
Kingboard Chemical Holdings Ltd. | 286,500 | 572 | ||||||
1,640 | ||||||||
41,646 | ||||||||
Chile 0.0% | ||||||||
Food & Staples Retailing 0.0% | ||||||||
Cencosud S.A. ADR (b) | 7,244 | 159 | ||||||
China 0.2% | ||||||||
Capital Goods 0.1% | ||||||||
China South Locomotive & Rolling Stock Corp., Ltd., Class H * | 4,180,125 | 1,478 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
China Yurun Food Group Ltd. | 849,000 | 1,009 | ||||||
Health Care Equipment & Services 0.0% | ||||||||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 740,000 | 893 | ||||||
3,380 | ||||||||
Denmark 0.9% | ||||||||
Capital Goods 0.1% | ||||||||
Vestas Wind Systems A/S * | 38,200 | 1,565 | ||||||
Insurance 0.1% | ||||||||
Topdanmark A/S * | 13,600 | 1,469 | ||||||
Materials 0.1% | ||||||||
Novozymes A/S, Class B | 13,400 | 946 | ||||||
Pharmaceuticals & Biotechnology 0.6% | ||||||||
Genmab A/S * | 20,600 | 930 | ||||||
Novo Nordisk A/S, Class B | 153,175 | 8,211 | ||||||
9,141 | ||||||||
13,121 | ||||||||
Egypt 0.2% | ||||||||
Capital Goods 0.1% | ||||||||
ElSewedy Cables Holding Co. * | 80,572 | 914 | ||||||
Orascom Construction Industries | 30,011 | 994 | ||||||
1,908 | ||||||||
Diversified Financials 0.1% | ||||||||
Egyptian Financial Group-Hermes Holding S.A.E. | 130,268 | 582 | ||||||
Materials 0.0% | ||||||||
El Ezz Steel Rebars S.A.E. | 239,400 | 406 | ||||||
2,896 | ||||||||
Finland 0.0% | ||||||||
Automobiles & Components 0.0% | ||||||||
Nokian Renkaat Oyj | 15,100 | 197 | ||||||
France 6.9% | ||||||||
Banks 0.6% | ||||||||
BNP Paribas | 127,251 | 9,188 | ||||||
Capital Goods 0.7% | ||||||||
Carbone Lorraine S.A. | 174,942 | 5,203 | ||||||
Nexans S.A. | 46,128 | 2,631 | ||||||
Societe Industrielle D’Aviations Latecoere S.A. (d) * | 248,348 | 1,995 | ||||||
9,829 | ||||||||
Consumer Durables & Apparel 0.4% | ||||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 88,800 | 5,909 | ||||||
Diversified Financials 0.3% | ||||||||
Eurazeo | 28,448 | 1,713 | ||||||
Financiere Marc de Lacharriere S.A. | 54,648 | 2,377 | ||||||
4,090 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Groupe Danone ADR | 95,300 | 1,067 | ||||||
Health Care Equipment & Services 0.2% | ||||||||
bioMerieux | 25,854 | 2,099 | ||||||
Orpea * | 41,703 | 1,357 | ||||||
3,456 | ||||||||
Insurance 0.5% | ||||||||
April Group | 26,705 | 969 | ||||||
Axa | 140,310 | 2,680 | ||||||
Euler Hermes S.A. | 78,662 | 3,875 | ||||||
7,524 | ||||||||
Media 2.1% | ||||||||
Ipsos | 147,897 | 3,718 | ||||||
Publicis Groupe | 536,000 | 12,114 | ||||||
Societe Television Francaise 1 | 836,500 | 10,725 | ||||||
Vivendi | 182,411 | 4,768 | ||||||
31,325 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
Boiron S.A. | 125,053 | 2,953 | ||||||
Software & Services 0.1% | ||||||||
Altran Technologies S.A. * | 197,139 | 991 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
UbiSoft Entertainment S.A. * | 17,442 | 922 | ||||||
1,913 | ||||||||
Technology Hardware & Equipment 0.8% | ||||||||
Ingenico S.A. | 43,953 | 686 | ||||||
Neopost S.A. | 130,378 | 10,916 | ||||||
11,602 | ||||||||
Telecommunication Services 0.2% | ||||||||
Iliad S.A. | 28,697 | 2,269 | ||||||
Transportation 0.1% | ||||||||
Norbert Dentressangle | 25,057 | 1,382 | ||||||
Utilities 0.6% | ||||||||
EDF Energies Nouvelles S.A. | 78,310 | 2,442 | ||||||
Sechilienne S.A. | 34,440 | 1,322 | ||||||
Veolia Environnement | 189,570 | 4,698 | ||||||
8,462 | ||||||||
100,969 | ||||||||
Georgia 0.0% | ||||||||
Diversified Financials 0.0% | ||||||||
Bank of Georgia - Reg’d GDR * | 7,300 | 51 | ||||||
Germany 6.7% | ||||||||
Automobiles & Components 1.3% | ||||||||
Bayerische Motoren Werke AG | 321,400 | 8,150 | ||||||
Daimler AG - Reg’d | 278,000 | 9,424 | ||||||
ElringKlinger AG | 169,697 | 1,358 | ||||||
18,932 | ||||||||
Capital Goods 1.3% | ||||||||
Bauer AG | 17,653 | 621 | ||||||
Bilfinger Berger AG | 196,091 | 8,834 | ||||||
MTU Aero Engines Holding AG | 91,729 | 1,769 | ||||||
Pfeiffer Vacuum Technology AG | 16,898 | 1,011 | ||||||
Q-Cells SE * | 39,696 | 1,572 | ||||||
Roth & Rau AG * | 18,559 | 394 | ||||||
SMA Solar Technology AG * | 4,900 | 219 | ||||||
Solarworld AG | 97,184 | 2,392 | ||||||
Vossloh AG | 23,644 | 1,790 | ||||||
18,602 | ||||||||
Commercial & Professional Supplies 0.2% | ||||||||
GfK AG | 116,558 | 2,260 | ||||||
Consumer Durables & Apparel 0.2% | ||||||||
Rational AG | 24,544 | 2,512 | ||||||
Household & Personal Products 0.2% | ||||||||
Beiersdorf AG | 47,753 | 2,492 | ||||||
Insurance 0.5% | ||||||||
Allianz SE - Reg’d | 107,700 | 7,904 | ||||||
Materials 0.5% | ||||||||
BASF SE ADR | 94,250 | 3,138 | ||||||
Symrise AG | 344,407 | 4,198 | ||||||
7,336 | ||||||||
Media 0.1% | ||||||||
CTS Eventim AG | 35,584 | 884 | ||||||
Pharmaceuticals & Biotechnology 0.6% | ||||||||
Gerresheimer AG | 60,839 | 2,097 | ||||||
QIAGEN N.V. * | 405,488 | 5,851 | ||||||
Stada Arzneimittel AG | 31,476 | 951 | ||||||
8,899 | ||||||||
Real Estate 0.0% | ||||||||
Colonia Real Estate AG | 14,109 | 36 | ||||||
Retailing 0.2% | ||||||||
Fielmann AG | 63,879 | 3,568 | ||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Manz Automation AG * | 4,009 | 390 | ||||||
Software & Services 0.8% | ||||||||
SAP AG | 321,700 | 11,263 | ||||||
Wirecard AG * | 155,680 | 890 | ||||||
12,153 | ||||||||
Technology Hardware & Equipment 0.3% | ||||||||
Wincor Nixdorf AG | 110,817 | 4,799 | ||||||
Utilities 0.5% | ||||||||
E.ON AG | 125,606 | 4,707 | ||||||
RWE AG ADR | 27,925 | 2,300 | ||||||
7,007 | ||||||||
97,774 | ||||||||
Greece 0.1% | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Jumbo S.A. | 6,847 | 69 | ||||||
Diversified Financials 0.1% | ||||||||
Hellenic Exchanges S.A. | 207,094 | 1,810 | ||||||
1,879 | ||||||||
Hong Kong 0.4% | ||||||||
Diversified Financials 0.0% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 58,900 | 597 | ||||||
Real Estate 0.2% | ||||||||
The Link REIT | 1,274,000 | 2,278 | ||||||
Semiconductors & Semiconductor Equipment 0.2% | ||||||||
ASM Pacific Technology Ltd. | 919,700 | 3,073 | ||||||
5,948 | ||||||||
India 1.0% | ||||||||
Banks 0.2% | ||||||||
Housing Development Finance Corp., Ltd. | 56,661 | 2,069 | ||||||
Indian Bank | 291,590 | 787 | ||||||
2,856 | ||||||||
Consumer Services 0.0% | ||||||||
Educomp Solutions Ltd. | 13,900 | 646 | ||||||
Household & Personal Products 0.0% | ||||||||
Hindustan Unilever Ltd. | 134,900 | 619 | ||||||
Materials 0.1% | ||||||||
Asian Paints Ltd. | 48,661 | 951 | ||||||
Pharmaceuticals & Biotechnology 0.3% | ||||||||
Glenmark Pharmaceuticals Ltd. | 142,772 | 850 | ||||||
Lupin Ltd. | 135,846 | 1,855 | ||||||
Piramal Healthcare Ltd. | 96,675 | 445 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Sun Pharmaceutical Industries Ltd. | 37,438 | 866 | ||||||
4,016 | ||||||||
Software & Services 0.2% | ||||||||
Financial Technologies (India) Ltd. | 29,223 | 317 | ||||||
Infosys Technologies Ltd. | 108,858 | 3,156 | ||||||
3,473 | ||||||||
Telecommunication Services 0.2% | ||||||||
Bharti Airtel Ltd. * | 142,426 | 1,962 | ||||||
Tulip Telecom Ltd. | 39,401 | 548 | ||||||
2,510 | ||||||||
15,071 | ||||||||
Indonesia 0.1% | ||||||||
Banks 0.1% | ||||||||
PT Bank Rakyat Indonesia | 2,989,500 | 915 | ||||||
Capital Goods 0.0% | ||||||||
PT United Tractors Tbk | 624,750 | 182 | ||||||
1,097 | ||||||||
Ireland 1.7% | ||||||||
Banks 0.4% | ||||||||
Anglo Irish Bank Corp. plc | 234,967 | 754 | ||||||
Bank of Ireland | 1,987,700 | 5,945 | ||||||
6,699 | ||||||||
Commercial & Professional Supplies 0.7% | ||||||||
Experian plc | 1,921,200 | 10,596 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Glanbia plc | 308,653 | 1,181 | ||||||
Kerry Group plc, Class A | 18,100 | 403 | ||||||
1,584 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
United Drug plc | 226,968 | 882 | ||||||
Media 0.1% | ||||||||
Independent News & Media plc | 1,477,799 | 1,201 | ||||||
Pharmaceuticals & Biotechnology 0.3% | ||||||||
ICON plc ADR * | 150,067 | 3,807 | ||||||
Transportation 0.0% | ||||||||
Ryanair Holdings plc ADR * | 20,600 | 459 | ||||||
25,228 | ||||||||
Israel 0.5% | ||||||||
Capital Goods 0.2% | ||||||||
Elbit Systems Ltd. | 61,103 | 2,922 | ||||||
Pharmaceuticals & Biotechnology 0.3% | ||||||||
Teva Pharmaceutical Industries Ltd. ADR | 98,900 | 4,241 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Orbotech Ltd. * | 25,000 | 81 | ||||||
7,244 | ||||||||
Italy 1.8% | ||||||||
Automobiles & Components 0.1% | ||||||||
Landi Renzo S.p.A. | 268,779 | 1,011 | ||||||
Capital Goods 0.2% | ||||||||
Astaldi S.p.A. | 223,334 | 957 | ||||||
Danieli S.p.A. - Officine Meccaniche Danieli & C. | 26,921 | 335 | ||||||
Prysmian S.p.A. | 130,100 | 1,578 | ||||||
Trevi Finanziaria S.p.A. | 57,300 | 666 | ||||||
3,536 | ||||||||
Consumer Durables & Apparel 0.7% | ||||||||
Luxottica Group S.p.A. | 498,500 | 10,074 | ||||||
Energy 0.4% | ||||||||
ERG S.p.A. | 47,300 | 632 | ||||||
Saipem S.p.A. | 259,359 | 4,875 | ||||||
5,507 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Davide Campari - Milano S.p.A. | 263,473 | 1,839 | ||||||
Transportation 0.3% | ||||||||
Ansaldo STS S.p.A. | 221,863 | 2,842 | ||||||
Autostrada Torino-Milano S.p.A. | 234,103 | 1,831 | ||||||
4,673 | ||||||||
26,640 | ||||||||
Japan 12.2% | ||||||||
Automobiles & Components 1.2% | ||||||||
F.C.C. Co., Ltd. | 373,100 | 4,655 | ||||||
Honda Motor Co., Ltd. | 199,600 | 4,963 | ||||||
Sumitomo Rubber Industries, Ltd. | 182,800 | 1,613 | ||||||
Toyota Motor Corp. | 136,700 | 5,338 | ||||||
Yamaha Motor Co., Ltd. | 37,300 | 413 | ||||||
16,982 | ||||||||
Banks 0.5% | ||||||||
Seven Bank Ltd. | 1,280 | 3,686 | ||||||
Suruga Bank Ltd. | 413,000 | 3,888 | ||||||
7,574 | ||||||||
Capital Goods 0.9% | ||||||||
Hankyu Hanshin Holdings, Inc. | 349,000 | 1,647 | ||||||
JGC Corp. | 31,000 | 332 | ||||||
Miura Co., Ltd. | 124,100 | 2,549 | ||||||
Nippon Sheet Glass Co., Ltd. | 208,000 | 680 | ||||||
Taisei Corp. | 125,000 | 288 | ||||||
Takeuchi Mfg Co., Ltd. | 197,800 | 1,604 | ||||||
The Japan Steel Works Ltd. | 44,000 | 312 | ||||||
Toyo Tanso Co., Ltd. | 13,300 | 464 | ||||||
Ushio, Inc. | 383,800 | 5,185 | ||||||
13,061 | ||||||||
Commercial & Professional Supplies 0.7% | ||||||||
Aeon Delight Co., Ltd. | 94,000 | 2,316 | ||||||
Daiseki Co., Ltd. | 46,900 | 1,068 | ||||||
Meitec Corp. | 120,000 | 2,371 | ||||||
Nissha Printing Co., Ltd. | 87,100 | 4,843 | ||||||
10,598 | ||||||||
Consumer Durables & Apparel 0.3% | ||||||||
Asics Corp. | 97,000 | 608 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Shimano, Inc. | 159,700 | 4,568 | ||||||
5,176 | ||||||||
Consumer Services 0.1% | ||||||||
Saizeriya Co., Ltd. | 118,800 | 1,763 | ||||||
Diversified Financials 1.3% | ||||||||
Daiwa Securities Group, Inc. | 2,216,300 | 12,530 | ||||||
Nomura Holdings, Inc. | 688,600 | 6,524 | ||||||
19,054 | ||||||||
Energy 0.1% | ||||||||
Shinko Plantech Co., Ltd. | 156,200 | 1,232 | ||||||
Food & Staples Retailing 0.2% | ||||||||
FamilyMart Co., Ltd. | 72,600 | 2,876 | ||||||
Ministop Co., Ltd. | 47,100 | 875 | ||||||
3,751 | ||||||||
Food, Beverage & Tobacco 0.8% | ||||||||
Hokuto Corp. | 90,900 | 2,407 | ||||||
Kikkoman Corp. | 187,000 | 1,886 | ||||||
Toyo Suisan Kaisha Ltd. | 161,000 | 4,151 | ||||||
Unicharm Petcare Corp. | 80,000 | 2,823 | ||||||
11,267 | ||||||||
Health Care Equipment & Services 0.2% | ||||||||
So-net M3, Inc. | 330 | 1,116 | ||||||
Terumo Corp. | 30,200 | 1,259 | ||||||
2,375 | ||||||||
Household & Personal Products 0.1% | ||||||||
Kobayashi Pharmaceutical Co., Ltd. | 47,500 | 1,522 | ||||||
Unicharm Corp. | 4,100 | 294 | ||||||
1,816 | ||||||||
Insurance 0.1% | ||||||||
Aioi Insurance Co., Ltd. | 261,000 | 1,072 | ||||||
Materials 0.5% | ||||||||
Nifco, Inc. | 215,600 | 3,169 | ||||||
Taiyo Ink Mfg. Co., Ltd. | 196,100 | 3,265 | ||||||
Ube Industries Ltd. | 584,000 | 1,229 | ||||||
7,663 | ||||||||
Media 0.2% | ||||||||
Jupiter Telecommunications Co., Ltd. | 4,724 | 3,165 | ||||||
Tokyo Broadcasting System, Inc. | 28,000 | 496 | ||||||
3,661 | ||||||||
Pharmaceuticals & Biotechnology 0.5% | ||||||||
Hisamitsu Pharmaceutical Co., Inc. | 26,500 | 1,105 | ||||||
Kaken Pharmaceutical Co., Ltd. | 365,000 | 3,031 | ||||||
Tsumura & Co. | 119,800 | 3,066 | ||||||
7,202 | ||||||||
Real Estate 0.6% | ||||||||
AEON Mall Co., Ltd. | 180,300 | 4,451 | ||||||
Mitsubishi Estate Co., Ltd. | 237,000 | 4,233 | ||||||
8,684 | ||||||||
Retailing 0.7% | ||||||||
ABC-Mart, Inc. | 50,200 | 1,544 | ||||||
DeNA Co., Ltd. | 93 | 208 | ||||||
Fast Retailing Co., Ltd. | 14,500 | 1,546 | ||||||
Nitori Co., Ltd. | 64,410 | 4,036 | ||||||
Point, Inc. | 47,780 | 2,347 | ||||||
9,681 | ||||||||
Semiconductors & Semiconductor Equipment 0.9% | ||||||||
Rohm Co., Ltd. | 269,000 | 12,962 | ||||||
Software & Services 0.9% | ||||||||
Capcom Co., Ltd. | 230,300 | 5,134 | ||||||
Kakaku.com, Inc. | 966 | 2,842 | ||||||
Net One Systems Co., Ltd. | 1,076 | 1,755 | ||||||
Nintendo Co., Ltd. | 9,500 | 3,052 | ||||||
12,783 | ||||||||
Technology Hardware & Equipment 1.3% | ||||||||
Canon, Inc. | 151,900 | 5,315 | ||||||
Hosiden Corp. | 163,400 | 1,716 | ||||||
Nippon Electric Glass Co., Ltd. | 127,000 | 764 | ||||||
OMRON Corp. | 766,800 | 10,948 | ||||||
18,743 | ||||||||
Utilities 0.1% | ||||||||
Osaka Gas Co., Ltd. | 364,000 | 1,288 | ||||||
178,388 | ||||||||
Luxembourg 0.6% | ||||||||
Energy 0.4% | ||||||||
Tenaris S.A. ADR | 257,525 | 5,302 | ||||||
Household & Personal Products 0.0% | ||||||||
Oriflame Cosmetics S.A. SDR | 23,037 | 720 | ||||||
Telecommunication Services 0.2% | ||||||||
Millicom International Cellular S.A. | 70,678 | 2,827 | ||||||
8,849 | ||||||||
Malaysia 0.1% | ||||||||
Energy 0.0% | ||||||||
KNM Group Berhad | 3,621,025 | 614 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Kuala Lumpur Kepong Berhad | 327,200 | 766 | ||||||
1,380 | ||||||||
Mexico 0.8% | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Desarrolladora Homex S.A. de C.V. ADR * | 30,741 | 716 | ||||||
Diversified Financials 0.0% | ||||||||
Banco Compartamos S.A. de C.V. | 275,400 | 445 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Fomento Economico Mexicano S.A.B. de C.V. | 98,600 | 2,494 | ||||||
Media 0.5% | ||||||||
Grupo Televisa S.A. ADR | 395,400 | 6,983 | ||||||
Megacable Holdings S.A.B. de C.V. * | 428,900 | 666 | ||||||
7,649 | ||||||||
11,304 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Netherlands 3.7% | ||||||||
Capital Goods 0.4% | ||||||||
Imtech N.V. | 121,758 | 1,860 | ||||||
Koninklijke BAM Groep N.V. | 204,537 | 1,818 | ||||||
Koninklijke Boskalis Westminster N.V. , CVA | 71,443 | 2,358 | ||||||
6,036 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Koninklijke Ten Cate N.V. | 29,941 | 635 | ||||||
Energy 1.1% | ||||||||
Core Laboratories N.V. | 36,000 | 2,653 | ||||||
Fugro N.V., C.V.A. * | 115,795 | 4,138 | ||||||
Schlumberger Ltd. | 168,575 | 8,707 | ||||||
15,498 | ||||||||
Food & Staples Retailing 0.1% | ||||||||
X5 Retail Group N.V. - Reg’d GDR * | 62,952 | 646 | ||||||
X5 Retail Group N.V. GDR * | 9,280 | 95 | ||||||
741 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Unilever N.V. | 54,000 | 1,299 | ||||||
Materials 0.4% | ||||||||
Akzo Nobel N.V. | 123,600 | 5,137 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
QIAGEN N.V. * | 103,191 | 1,471 | ||||||
Semiconductors & Semiconductor Equipment 0.6% | ||||||||
ASML Holding N.V. | 511,700 | 8,958 | ||||||
Technology Hardware & Equipment 0.2% | ||||||||
Gemalto N.V. * | 107,246 | 3,005 | ||||||
Smartrac N.V. * | 35,500 | 498 | ||||||
3,503 | ||||||||
Transportation 0.7% | ||||||||
Koninklijke Vopak N.V. | 290,123 | 9,407 | ||||||
Smit Internationale N.V. | 20,111 | 1,357 | ||||||
10,764 | ||||||||
54,042 | ||||||||
New Zealand 1.1% | ||||||||
Consumer Services 0.2% | ||||||||
Sky City Entertainment Group Ltd. | 1,544,979 | 2,982 | ||||||
Health Care Equipment & Services 0.5% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 4,388,910 | 7,650 | ||||||
Materials 0.1% | ||||||||
Nufarm Ltd. | 127,218 | 921 | ||||||
Retailing 0.1% | ||||||||
The Warehouse Group Ltd. | 633,387 | 1,478 | ||||||
Transportation 0.2% | ||||||||
Auckland International Airport Ltd. | 2,474,582 | 2,649 | ||||||
15,680 | ||||||||
Northern Ireland 0.0% | ||||||||
Media 0.0% | ||||||||
Informa plc | 138,100 | 468 | ||||||
Norway 0.3% | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Ekornes A.S.A. | 130,700 | 1,357 | ||||||
Energy 0.1% | ||||||||
Farstad Shipping A.S.A. | 177,950 | 2,330 | ||||||
Materials 0.0% | ||||||||
Yara International A.S.A. ADR | 7,975 | 170 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Pronova BioPharma A/S * | 423,653 | 1,101 | ||||||
4,958 | ||||||||
Republic of Korea 1.0% | ||||||||
Capital Goods 0.0% | ||||||||
Taewoong Co., Ltd. | 8,700 | 424 | ||||||
Consumer Durables & Apparel 0.1% | ||||||||
LG Fashion Corp. | 75,270 | 1,227 | ||||||
Consumer Services 0.1% | ||||||||
MegaStudy Co., Ltd. | 6,158 | 692 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Hite Brewery Co., Ltd. * | 5,000 | 668 | ||||||
Lotte Chilsung Beverage Co., Ltd. | 1,670 | 899 | ||||||
1,567 | ||||||||
Household & Personal Products 0.1% | ||||||||
LG Household & Health Care Ltd. | 14,464 | 2,066 | ||||||
Retailing 0.1% | ||||||||
CJ Home Shopping | 25,574 | 733 | ||||||
Semiconductors & Semiconductor Equipment 0.4% | ||||||||
Samsung Electronics Co., Ltd. | 14,000 | 5,903 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Digitech Systems Co., Ltd. * | 142,310 | 1,332 | ||||||
13,944 | ||||||||
Russia 0.0% | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Wimm-Bill-Dann Foods ADR * | 3,700 | 163 | ||||||
Real Estate 0.0% | ||||||||
LSR Group O.J.S.C. - Reg’d GDR * | 126,700 | 315 | ||||||
478 | ||||||||
Singapore 2.3% | ||||||||
Capital Goods 0.2% | ||||||||
SembCorp Marine Ltd. | 2,724,000 | 3,385 | ||||||
Consumer Services 0.0% | ||||||||
Raffles Education Corp., Ltd. | 538,000 | 208 | ||||||
Diversified Financials 0.0% | ||||||||
Singapore Exchange Ltd. | 76,000 | 272 | ||||||
Food & Staples Retailing 0.1% | ||||||||
Olam International Ltd. | 1,657,300 | 1,459 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Wilmar International Ltd. | 1,315,000 | 2,274 | ||||||
Health Care Equipment & Services 0.2% | ||||||||
Parkway Holdings Ltd. | 2,529,780 | 2,712 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Real Estate 0.3% | ||||||||
CapitaMall Trust | 3,257,000 | 4,319 | ||||||
Telecommunication Services 0.4% | ||||||||
StarHub Ltd. | 3,532,000 | 5,734 | ||||||
Transportation 0.7% | ||||||||
SIA Engineering Co., Ltd. | 2,655,000 | 3,499 | ||||||
Singapore Airport Terminal Services Ltd. | 3,675,000 | 3,733 | ||||||
SMRT Corp., Ltd. | 3,406,000 | 3,588 | ||||||
10,820 | ||||||||
Utilities 0.2% | ||||||||
Hyflux Ltd. | 2,179,000 | 2,338 | ||||||
33,521 | ||||||||
South Africa 0.3% | ||||||||
Capital Goods 0.1% | ||||||||
Wilson Bayly Holmes-Ovcon Ltd. | 65,089 | 762 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Aspen Pharmacare Holdings Ltd. * | 218,861 | 765 | ||||||
Telecommunication Services 0.1% | ||||||||
MTN Group Ltd. | 275,262 | 3,091 | ||||||
4,618 | ||||||||
Spain 1.9% | ||||||||
Banks 0.2% | ||||||||
Banco Santander S.A. | 302,355 | 3,270 | ||||||
Capital Goods 0.1% | ||||||||
Construcciones y Auxiliar de Ferrocarriles S.A. | 3,911 | 1,093 | ||||||
Commercial & Professional Supplies 0.4% | ||||||||
Prosegur, Compania de Seguridad S.A. - Reg’d | 228,589 | 6,494 | ||||||
Energy 0.1% | ||||||||
Tecnicas Reunidas S.A. | 34,161 | 976 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Viscofan S.A. | 43,688 | 751 | ||||||
Media 0.3% | ||||||||
Gestevision Telecinco S.A. | 511,200 | 4,104 | ||||||
Pharmaceuticals & Biotechnology 0.5% | ||||||||
Grifols S.A. | 369,926 | 7,362 | ||||||
Software & Services 0.1% | ||||||||
Indra Sistemas S.A. | 42,600 | 828 | ||||||
Utilities 0.1% | ||||||||
Enagas | 41,300 | 807 | ||||||
Iberdrola Renovables S.A. * | 532,808 | 1,621 | ||||||
2,428 | ||||||||
27,306 | ||||||||
Sweden 0.8% | ||||||||
Capital Goods 0.5% | ||||||||
Assa Abloy AB, B Shares | 597,700 | 6,673 | ||||||
Health Care Equipment & Services 0.1% | ||||||||
Elekta AB, Class B | 146,486 | 1,852 | ||||||
Materials 0.2% | ||||||||
Billerud | 343,900 | 1,942 | ||||||
SSAB Svenskt Stal AB, A Shares | 56,200 | 568 | ||||||
2,510 | ||||||||
11,035 | ||||||||
Switzerland 10.0% | ||||||||
Capital Goods 0.8% | ||||||||
ABB Ltd. - Reg’d * | 671,100 | 8,805 | ||||||
ABB Ltd. ADR | 19,400 | 255 | ||||||
Burckhardt Compression Holding AG | 3,847 | 500 | ||||||
Geberit AG - Reg’d | 16,900 | 1,756 | ||||||
Meyer Burger Technology AG * | 2,478 | 346 | ||||||
11,662 | ||||||||
Commercial & Professional Supplies 1.0% | ||||||||
Adecco S.A. - Reg’d | 404,700 | 14,078 | ||||||
Consumer Durables & Apparel 0.7% | ||||||||
Advanced Digital Broadcast Holdings S.A. Reg’d * | 30,501 | 828 | ||||||
Compagnie Financiere Richemont S.A., Series A | 244,000 | 5,130 | ||||||
Swatch Group AG | 29,700 | 4,634 | ||||||
10,592 | ||||||||
Consumer Services 0.0% | ||||||||
Orascom Development Holding AG * | 9,705 | 279 | ||||||
Diversified Financials 2.5% | ||||||||
Bank Sarasin & Cie AG Class B - Reg’d | 28,332 | 834 | ||||||
Credit Suisse Group AG - Reg’d | 580,600 | 21,711 | ||||||
EFG International AG | 27,277 | 587 | ||||||
Partners Group Holding AG | 26,627 | 2,218 | ||||||
UBS AG - Reg’d * | 654,811 | 11,110 | ||||||
36,460 | ||||||||
Food, Beverage & Tobacco 1.1% | ||||||||
Aryzta AG * | 29,446 | 1,041 | ||||||
Nestle S.A. - Reg’d | 147,916 | 5,752 | ||||||
Nestle S.A. - Reg’d ADR | 239,562 | 9,211 | ||||||
16,004 | ||||||||
Health Care Equipment & Services 0.3% | ||||||||
Galenica AG - Reg’d | 5,116 | 1,547 | ||||||
Synthes, Inc. | 17,938 | 2,315 | ||||||
3,862 | ||||||||
Insurance 0.3% | ||||||||
Zurich Financial Services AG - Reg’d | 21,300 | 4,321 | ||||||
Materials 0.4% | ||||||||
Givaudan S.A. - Reg’d | 8,200 | 5,588 | ||||||
Pharmaceuticals & Biotechnology 2.1% | ||||||||
Actelion Ltd. - Reg’d * | 97,821 | 5,168 | ||||||
Basilea Pharmaceutica AG - Reg’d * | 20,008 | 2,713 | ||||||
Lonza Group AG - Reg’d | 35,837 | 2,974 | ||||||
Novartis AG - Reg’d. | 217,000 | 11,015 | ||||||
Novartis AG ADR | 73,150 | 3,730 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Roche Holding AG | 33,730 | 5,158 | ||||||
30,758 | ||||||||
Real Estate 0.2% | ||||||||
PSP Swiss Property AG - Reg’d * | 46,410 | 2,008 | ||||||
Swiss Prime Site AG - Reg’d * | 37,751 | 1,737 | ||||||
3,745 | ||||||||
Software & Services 0.1% | ||||||||
Temenos Group AG - Reg’d * | 58,883 | 738 | ||||||
Transportation 0.5% | ||||||||
Kuehne & Nagel International AG - Reg’d | 129,856 | 7,862 | ||||||
145,949 | ||||||||
Taiwan 0.2% | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Giant Manufacturing Co., Ltd. | 849,000 | 2,053 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Acer, Inc. | 953,000 | 1,229 | ||||||
3,282 | ||||||||
Turkey 0.1% | ||||||||
Food & Staples Retailing 0.1% | ||||||||
BIM Birlesik Magazalar A/S | 48,593 | 981 | ||||||
United Arab Emirates 0.1% | ||||||||
Transportation 0.1% | ||||||||
DP World Ltd. | 3,371,974 | 1,147 | ||||||
United Kingdom 17.4% | ||||||||
Banks 1.3% | ||||||||
Barclays plc | 841,900 | 2,413 | ||||||
Lloyds TSB Group plc | 3,216,600 | 10,397 | ||||||
Standard Chartered plc | 312,660 | 5,167 | ||||||
17,977 | ||||||||
Capital Goods 3.0% | ||||||||
BAE Systems plc ADR | 31,050 | 706 | ||||||
Bodycote plc | 2,611,834 | 5,228 | ||||||
Chemring Group plc | 67,768 | 1,739 | ||||||
Chloride Group plc | 2,015,501 | 4,281 | ||||||
Cobham plc | 1,465,730 | 4,455 | ||||||
PV Crystalox Solar plc | 198,192 | 433 | ||||||
Qinetiq plc | 799,538 | 2,197 | ||||||
Rolls-Royce Group plc * | 1,104,545 | 5,844 | ||||||
Rolls-Royce Group plc, C Shares (c)* | 63,179,974 | — | ||||||
Spirax-Sarco Engineering plc | 168,515 | 2,187 | ||||||
The Weir Group plc | 1,050,672 | 5,902 | ||||||
Ultra Electronics Holdings plc | 410,128 | 7,276 | ||||||
VT Group plc | 444,719 | 3,582 | ||||||
43,830 | ||||||||
Commercial & Professional Supplies 1.8% | ||||||||
Babcock International Group plc | 261,574 | 1,637 | ||||||
Capita Group plc | 433,885 | 4,483 | ||||||
Connaught plc | 249,811 | 1,380 | ||||||
De La Rue plc group | 287,555 | 4,148 | ||||||
G4S plc | 1,849,000 | 5,600 | ||||||
Intertek Group plc | 68,563 | 812 | ||||||
Serco Group plc | 1,229,049 | 7,330 | ||||||
25,390 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
The Berkeley Group Holdings plc * | 34,900 | 420 | ||||||
Consumer Services 0.2% | ||||||||
888 Holdings plc | 581,025 | 716 | ||||||
Domino’s Pizza UK & IRL plc | 596,011 | 1,602 | ||||||
Greene King plc | 197,169 | 1,018 | ||||||
3,336 | ||||||||
Diversified Financials 1.4% | ||||||||
BlueBay Asset Management plc | 25,703 | 83 | ||||||
Cattles plc | 2,358,673 | 1,258 | ||||||
IG Group Holdings plc | 956,560 | 4,469 | ||||||
International Personal Finance | 187,953 | 425 | ||||||
Man Group plc | 507,696 | 2,931 | ||||||
Provident Financial plc | 91,054 | 1,161 | ||||||
Schroders plc | 799,700 | 10,252 | ||||||
20,579 | ||||||||
Energy 1.0% | ||||||||
AMEC plc | 191,117 | 1,599 | ||||||
BG Group plc | 232,155 | 3,414 | ||||||
Imperial Energy Corp plc * | 148,800 | 2,036 | ||||||
John Wood Group plc | 374,521 | 1,448 | ||||||
Lamprell plc | 270,541 | 624 | ||||||
Petrofac Ltd. | 181,651 | 1,257 | ||||||
Tullow Oil plc | 232,269 | 1,973 | ||||||
Wellstream Holdings plc | 370,664 | 2,588 | ||||||
14,939 | ||||||||
Food, Beverage & Tobacco 1.5% | ||||||||
British American Tobacco plc | 167,900 | 4,605 | ||||||
British American Tobacco plc ADR | 78,775 | 4,282 | ||||||
Cadbury plc ADR | 13,316 | 492 | ||||||
Diageo plc | 612,200 | 9,343 | ||||||
Diageo plc ADR | 52,625 | 3,273 | ||||||
21,995 | ||||||||
Health Care Equipment & Services 0.2% | ||||||||
Smith & Nephew plc | 68,500 | 627 | ||||||
SSL International plc | 284,096 | 1,919 | ||||||
2,546 | ||||||||
Household & Personal Products 0.6% | ||||||||
Reckitt Benckiser Group plc | 187,662 | 7,938 | ||||||
Insurance 0.6% | ||||||||
Admiral Group plc | 113,877 | 1,688 | ||||||
Amlin plc | 820,828 | 4,203 | ||||||
Jardine Lloyd Thompson Group plc | 400,341 | 2,856 | ||||||
8,747 | ||||||||
Materials 1.7% | ||||||||
Croda International plc | 517,554 | 4,273 | ||||||
Ferrexpo plc | 123,347 | 78 | ||||||
Rexam plc | 900,684 | 5,427 | ||||||
Rio Tinto plc ADR | 51,675 | 9,605 | ||||||
Victrex plc | 580,493 | 5,369 | ||||||
24,752 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Media 1.0% | ||||||||
Aegis Group plc | 340,819 | 359 | ||||||
British Sky Broadcasting Group plc | 1,317,000 | 8,014 | ||||||
Johnston Press plc | 3,024,700 | 1,209 | ||||||
Thomson Reuters plc | 302,800 | 5,247 | ||||||
14,829 | ||||||||
Pharmaceuticals & Biotechnology 0.7% | ||||||||
GlaxoSmithKline plc | 539,200 | 10,366 | ||||||
Retailing 0.1% | ||||||||
ASOS plc * | 268,065 | 1,125 | ||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
ARM Holdings plc | 294,579 | 459 | ||||||
Software & Services 0.5% | ||||||||
Autonomy Corp. plc * | 249,345 | 3,954 | ||||||
Aveva Group plc | 53,508 | 682 | ||||||
Blinkx plc * | 747,900 | 224 | ||||||
Micro Focus International plc | 218,502 | 924 | ||||||
Playtech Ltd. | 233,427 | 1,300 | ||||||
7,084 | ||||||||
Technology Hardware & Equipment 1.3% | ||||||||
Halma plc | 1,008,051 | 2,665 | ||||||
Laird plc | 947,421 | 2,488 | ||||||
Rotork plc | 598,605 | 7,173 | ||||||
Spectris plc | 352,932 | 2,833 | ||||||
Spirent Communications plc | 1,256,436 | 1,099 | ||||||
TT electronics plc | 3,335,210 | 2,540 | ||||||
18,798 | ||||||||
Telecommunication Services 0.3% | ||||||||
Inmarsat plc | 196,700 | 1,341 | ||||||
Vodafone Group plc | 1,709,993 | 3,290 | ||||||
4,631 | ||||||||
Transportation 0.2% | ||||||||
FirstGroup plc | 351,100 | 2,317 | ||||||
National Express Group plc | 98,100 | 904 | ||||||
3,221 | ||||||||
252,962 | ||||||||
United States 0.2% | ||||||||
Consumer Services 0.0% | ||||||||
Tim Hortons, Inc. | 11,700 | 293 | ||||||
Software & Services 0.2% | ||||||||
Amdocs Ltd. * | 100,000 | 2,256 | ||||||
2,549 | ||||||||
Total Common Stock (Cost $1,878,850) | 1,289,136 | |||||||
Preferred Stock 0.3% of net assets | ||||||||
Brazil 0.2% | ||||||||
Banks 0.0% | ||||||||
Banco Sofisa S.A. | 134,200 | 208 | ||||||
Energy 0.2% | ||||||||
Petroleo Brasileiro S.A. | 281,100 | 3,025 | ||||||
3,233 | ||||||||
Germany 0.1% | ||||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Biotest AG | 28,450 | 1,724 | ||||||
Total Preferred Stock (Cost $6,294) | 4,957 | |||||||
Other Investment Companies 0.9% of net assets | ||||||||
iShares MSCI EAFE Growth Index Fund | 29,400 | 1,345 | ||||||
iShares MSCI EAFE Small Cap Index Fund | 232 | 6 | ||||||
iShares MSCI Emerging Markets Index Fund | 354,000 | 9,023 | ||||||
iShares MSCI Japan Index Fund | 234,659 | 2,110 | ||||||
World Index Share ETFs - CSI 300 China Tracker * | 179,800 | 403 | ||||||
Total Other Investment Companies (Cost $23,908) | 12,887 | |||||||
Rights 0.0% of net assets | ||||||||
Brazil 0.0% | ||||||||
Anhanguera Educacional Participacoes S.A. (c) * | 3,654 | — | ||||||
Total Rights (Cost $—) | — | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 9.7% of net assets | ||||||||
Repurchase Agreements 9.7% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal National Mortgage Association with a value of $124,088 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 121,645 | 121,645 | ||||||
Fully collateralized by Federal Home Loan Mortgage Corp. with a value of $13,630 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 13,355 | 13,355 | ||||||
Fully collateralized by Federal Home Loan Bank with a value of $5,679 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 5,566 | 5,566 | ||||||
140,566 | ||||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
U.S. Treasury Obligations 0.0% | ||||||||
U.S. Treasury Bills | ||||||||
0.03%, 12/18/08 (a) | 175 | 175 | ||||||
0.15%, 12/18/08 (a) | 26 | 26 | ||||||
201 | ||||||||
Total Short-Term Investments (Cost $140,767) | 140,767 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/2008, the tax basis cost of the fund’s investments was $2,100,404 and the unrealized appreciation and depreciation were $32,510 and ($685,167), respectively, with a net unrealized depreciation of ($652,657). | ||||||||
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $1,044,869 were adjusted from their closing market prices following the guidelines adopted by the fund’s Board of Trustees. |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. | |
(b) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $159 or 0.0% of net assets. | |
(c) | Fair-valued by Management. | |
(d) | Illiquid security. At the period end, the value of these amounted to $6,995 or 0.5% of net assets. |
Unrealized | ||||||||||||
Number of | Contract | Gains/ | ||||||||||
Contracts | Value | (Losses) $ | ||||||||||
Futures Contracts | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 565 | 30,312 | (144 | ) | ||||||||
S & P 500 Index, Long, expires 12/18/08 | 80 | 19,346 | (130 | ) | ||||||||
Net unrealized losses on futures | (274 | ) | ||||||||||
Currency | Amount of | Currency | Amount of | |||||||||||||||||
Expiration | to be | Currency to be | to be | Currency to be | Unrealized | |||||||||||||||
Date | Received | Received | Delivered | Delivered | Gains / Losses | |||||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||||||
11/05/2008 | AUD | 37 | USD | 24 | (1 | ) | ||||||||||||||
11/06/2008 | AUD | 921 | USD | 612 | 2 | |||||||||||||||
03/31/2009 | USD | 7,243 | EUR | 5,700 | 1,578 | |||||||||||||||
05/26/2009 | USD | 7,622 | EUR | 6,000 | 1,644 | |||||||||||||||
11/04/2008 | JPY | 135,342 | USD | 1,374 | (14 | ) | ||||||||||||||
11/05/2008 | JPY | 47,321 | USD | 480 | 1 | |||||||||||||||
11/05/2008 | USD | 656 | JPY | 64,586 | (1 | ) | ||||||||||||||
11/06/2008 | JPY | 170,884 | USD | 1,735 | (3 | ) | ||||||||||||||
11/06/2008 | USD | 2,732 | JPY | 269,074 | 42 | |||||||||||||||
04/28/2009 | USD | 12,612 | JPY | 1,232,100 | 604 | |||||||||||||||
12/16/2008 | GBP | 5,264 | USD | 8,451 | (684 | ) | ||||||||||||||
12/16/2008 | USD | 8,451 | GBP | 5,264 | 801 | |||||||||||||||
07/22/2009 | USD | 9,575 | GBP | 6,000 | 2,102 | |||||||||||||||
11/04/2008 | USD | 342 | ZAR | 3,344 | (23 | ) | ||||||||||||||
04/20/2009 | USD | 1,747 | CHF | 2,020 | 275 | |||||||||||||||
05/11/2009 | USD | 26,448 | CHF | 30,580 | 2,481 | |||||||||||||||
05/26/2009 | USD | 4,161 | CHF | 4,810 | 506 | |||||||||||||||
Total net unrealized gains on Forward Foreign Currency Contracts | 9,310 | |||||||||||||||||||
Assets | ||||||
Investments, at value (cost $2,049,819) | $1,447,747 | |||||
Cash | 3 | |||||
Foreign currency, at value (cost $3,948) | 3,953 | |||||
Receivables: | ||||||
Investments sold | 17,637 | |||||
Dividends | 3,240 | |||||
Fund shares sold | 2,554 | |||||
Foreign tax reclaims | 885 | |||||
Due from brokers for futures | 266 | |||||
Unrealized gains on forward foreign currency contracts | 10,036 | |||||
Prepaid expenses | + | 16 | ||||
Total assets | 1,486,337 | |||||
Liabilities | ||||||
Payables: | ||||||
Investments bought | 25,173 | |||||
Investment advisers and administrator fees | 135 | |||||
Transfer agent and shareholder services fees | 22 | |||||
Fund shares redeemed | 1,799 | |||||
Unrealized losses on forward foreign currency contracts | 726 | |||||
Accrued expenses | + | 224 | ||||
Total liabilities | 28,079 | |||||
Net Assets | ||||||
Total assets | 1,486,337 | |||||
Total liabilities | − | 28,079 | ||||
Net assets | $1,458,258 | |||||
Net Assets by Source | ||||||
Capital received from investors | 2,274,035 | |||||
Net investment income not yet distributed | 49,101 | |||||
Net realized capital losses | (271,862 | ) | ||||
Net unrealized capital losses | (593,016 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $918,045 | 77,952 | $11.78 | |||||||||
Select Shares | $540,213 | 45,792 | $11.80 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $5,232) | $66,724 | |||||
Interest | + | 2,451 | ||||
Total investment income | 69,175 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (256,503 | ) | ||||
Net realized gains on foreign currency transactions | 23,754 | |||||
Net realized losses on futures contracts | + | (421 | ) | |||
Net realized losses | (233,170 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (1,431,344 | ) | ||||
Net unrealized gains on foreign currency translations | 13,853 | |||||
Net unrealized losses on futures contracts | + | (410 | ) | |||
Net unrealized losses | (1,417,901 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 34,227 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 4,320 | |||||
Select Shares | 1,968 | |||||
Custodian fees | 1,467 | |||||
Shareholder reports | 177 | |||||
Portfolio accounting fees | 166 | |||||
Tax expense | 150 | |||||
Registration fees | 113 | |||||
Professional fees | 82 | |||||
Interest expense | 45 | |||||
Trustees’ fees | 29 | |||||
Other expenses | + | 36 | ||||
Total expenses | 42,780 | |||||
Custody credit | − | 9 | ||||
Expense reduction by adviser and Schwab | − | 674 | ||||
Net expenses | 42,097 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 69,175 | |||||
Net expenses | − | 42,097 | ||||
Net investment income | 27,078 | |||||
Net realized losses | (233,170 | ) | ||||
Net unrealized losses | + | (1,417,901 | ) | |||
Decrease in net assets from operations | ($1,623,993 | ) |
Operations |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||
Net investment income | $27,078 | $17,091 | ||||||||
Net realized gains (losses) | (233,170 | ) | 272,202 | |||||||
Net unrealized gains (losses) | + | (1,417,901 | ) | 515,059 | ||||||
Increase (Decrease) in net assets from operations | (1,623,993 | ) | 804,352 | |||||||
Distributions to Shareholders | ||||||||||
Distributions from net investment income | ||||||||||
Investor Shares | 9,137 | 10,102 | ||||||||
Select Shares | + | 6,366 | 5,868 | |||||||
Total distributions from net investment income | 15,503 | 15,970 | ||||||||
Distributions from net realized gains | ||||||||||
Investor Shares | 178,846 | 102,732 | ||||||||
Select Shares | + | 99,234 | 49,061 | |||||||
Total distributions from net realized gains | 278,080 | 151,793 | ||||||||
Total distributions | $293,583 | $167,763 |
Transactions in Fund Shares |
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | VALUE | SHARES | VALUE | |||||||||||||||
Shares Sold | ||||||||||||||||||
Investor Shares | 18,491 | $371,099 | 39,201 | $892,836 | ||||||||||||||
Select Shares | + | 15,523 | 287,578 | 22,242 | 510,084 | |||||||||||||
Total shares sold | 34,014 | $658,677 | 61,443 | $1,402,920 | ||||||||||||||
Shares Reinvested | ||||||||||||||||||
Investor Shares | 7,243 | $150,710 | 4,681 | $95,215 | ||||||||||||||
Select Shares | + | 4,054 | 84,409 | 2,180 | 44,358 | |||||||||||||
Total shares reinvested | 11,297 | $235,119 | 6,861 | $139,573 | ||||||||||||||
Shares Redeemed | ||||||||||||||||||
Investor Shares | (36,259 | ) | ($677,223 | ) | (19,082 | ) | ($431,924 | ) | ||||||||||
Select Shares | + | (22,057 | ) | (392,324 | ) | (6,398 | ) | (143,587 | ) | |||||||||
Total shares redeemed | (58,316 | ) | ($1,069,547 | ) | (25,480 | ) | ($575,511 | ) | ||||||||||
Net transactions in fund shares | (13,005 | ) | ($175,751 | ) | 42,824 | $966,982 | ||||||||||||
Shares Outstanding and Net Assets | ||||||||||||||||||
11/1/07-10/31/08 | 11/1/06-10/31/07 | |||||||||||||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||||||||||||
Beginning of period | 136,749 | $3,551,585 | 93,925 | $1,948,014 | ||||||||||||||
Total increase or decrease | + | (13,005 | ) | (2,093,327 | ) | 42,824 | 1,603,571 | |||||||||||
End of period | 123,744 | $1,458,258 | 136,749 | $3,551,585 | ||||||||||||||
Net Investment income not yet distributed | $49,101 | $5,187 |
Schwab Capital Trust (organized May 7, 1993) Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MarketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Schwab Balanced Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund | Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout Schwab International Core Equity Fund | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. | |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the funds calculate net asset value: valued at fair value, as determined in good faith by the funds’ investment adviser using guidelines adopted by the funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s |
primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of a foreign exchange and the time at which funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the funds pursuant to the procedures. |
• | Bonds and notes: valued at halfway between the most recent bid and asked quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by an independent bond-pricing service. | |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
• | Mutual funds: valued at their respective net asset values as determined by those funds in accordance with the 1940 Act for a given day. |
4. | Affiliates and Affiliated Transactions: |
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Average daily net assets | Fund | Fund | Fund | |||||||||
First $500 million | 0.925% | 1.17% | 1.29% | |||||||||
$500 million to $1 billion | 0.92% | 1.13% | 1.275% | |||||||||
Over $1 billion | 0.91% | 1.07% | 1.25% |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares | 0.05% | 0.15% |
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Fund | Fund | Fund | ||||||||||
Investor Shares | 1.25% | 1.55% | 1.65% | |||||||||
Select Shares | 1.07% | 1.37% | 1.47% |
U.S. MarketMasters Fund | $— | |||||||||||
Small-Cap MarketMasters Fund | — | |||||||||||
International MarketMasters Fund | 994 |
7. | Purchases and Sales of Investment Securities: |
Purchases of Securities | Sales/Maturities of Securities | |||||||
U.S. MarketMasters Fund | $83,482 | $94,929 | ||||||
Small-Cap MarketMasters Fund | 641,483 | 668,893 | ||||||
International MarketMasters Fund | 2,309,316 | 2,681,415 |
8. | Redemption Fee: |
Current Period | Prior Period | |||||||
(11/01/07-10/31/08) | (11/01/06-10/31/07) | |||||||
U.S. MarketMasters Fund | ||||||||
Investor Shares | $3 | $8 | ||||||
Select Shares | — | — | ||||||
Small-Cap MarketMasters Fund | ||||||||
Investor Shares | 3 | 2 | ||||||
Select Shares | 12 | 3 | ||||||
International MarketMasters Fund | ||||||||
Investor Shares | 95 | 151 | ||||||
Select Shares | 23 | 33 |
9. | Federal Income Taxes: |
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Fund | Fund | Fund | ||||||||||
Undistributed Ordinary income | $167 | $— | $59,779 | |||||||||
Undistributed long-term capital gains | — | — | — | |||||||||
Unrealized appreciation | 4,330 | 15,216 | 32,510 | |||||||||
Unrealized depreciation | (26,308 | ) | (93,336 | ) | (685,167 | ) | ||||||
Other unrealized appreciation/(depreciation) | 1 | — | 18 | |||||||||
Net unrealized appreciation/(depreciation) | ($21,977 | ) | ($78,120 | ) | $(652,639 | ) | ||||||
9. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Expire | Fund | Fund | Fund | |||||||||
2010 | $3,736 | $— | $— | |||||||||
2011 | 604 | — | — | |||||||||
2012 | — | — | — | |||||||||
2013 | — | — | — | |||||||||
2014 | — | — | — | |||||||||
2015 | — | — | — | |||||||||
2016 | 4,321 | 96,182 | 222,918 | |||||||||
Total | $8,661 | $96,182 | $222,918 | |||||||||
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Fund | Fund | Fund | ||||||||||
Current period distributions | ||||||||||||
Ordinary income | $333 | $2,320 | $92,896 | |||||||||
Long-term capital gains | — | 10,961 | 200,687 | |||||||||
Return of Capital | — | — | — | |||||||||
Prior period distributions | ||||||||||||
Ordinary income | $588 | $2,643 | $15,970 | |||||||||
Long-term capital gains | — | 12,710 | 151,793 | |||||||||
Return of Capital | — | — | — |
U.S. | Small-Cap | International | ||||||||||
MarketMasters | MarketMasters | MarketMasters | ||||||||||
Fund | Fund | Fund | ||||||||||
Capital Shares | ($1 | ) | ($1,889 | ) | ($150 | ) | ||||||
Undistributed net investment income | (5 | ) | 1,595 | 32,339 | ||||||||
Net realized capital gains and losses | 6 | 294 | (32,189 | ) |
9. | Federal Income Taxes (continued): (All dollar amounts are x 1,000) |
Laudus U.S. MarketMasters Fund
Laudus Small-Cap MarketMasters Fund
Laudus International MarketMasters Fund
San Francisco, California
December 12, 2008
Percentage | ||||
U.S. MarketMasters Fund | 100.00 | |||
Small-Cap MarketMasters Fund | 25.68 | |||
International MarketMasters Fund | — |
U.S. MarketMasters Fund | $333 | |||
Small-Cap MarketMasters Fund | 2,320 | |||
International MarketMasters Fund | 61,779 |
U.S. MarketMasters Fund | $— | |||
Small-Cap MarketMasters Fund | 10,961 | |||
International MarketMasters Fund | 200,687 |
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
© 2006 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Printed on recycled paper. | MFR13812-11 |
In This Report | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
8 | ||
9 | ||
18 | ||
24 | ||
26 | ||
29 | ||
32 |
Distributor and transfer agent: Charles Schwab & Co., Inc. (Schwab).
Total Return for the Report Period* | ||
Schwab® International Core Equity Fund | ||
Investor Shares (Ticker Symbol: SICVX) | -41.50% | |
Select Shares® (Ticker Symbol: SICSX) | -41.50% | |
Institutional Shares (Ticker Symbol: SICNX) | -41.50% | |
Benchmark: MSCI EAFE Index® (Net) | -41.44% | |
Fund Category: Morningstar Foreign Large-Cap Blend | -42.19% | |
Performance Details | pages 6-7 | |
Minimum Initial Investment1 | ||
Investor Shares | $ 100 | |
Select Shares | $ 50,000 | |
Institutional Shares | $500,000 | |
* | Total returns are since inception date of 5/30/08. |
1 | Please see prospectus for further detail and eligibility requirements. |
-30.08% | S&P 500® Index: measures U.S. large-cap stocks |
-27.45% | Russell 2000® Index: measures U.S. small-cap stocks |
-41.44% | MSCI EAFE® Index: measures (in U.S. dollars) large-cap stocks in Europe, Australasia and the Far East |
-2.64% | Lehman Brothers U.S. Aggregate Bond Index1: measures the U.S. bond market |
0.81% | Three-Month U.S. Treasury Bills (T-bills): measures short-term U.S. Treasury obligations |
1 | Please note that the index’s name has changed to Barclays Capital U.S. Aggregate Bond Index. |
Jeffrey Mortimer, CFA, Chief Investment Officer, Charles Schwab Investment Management, is responsible for the overall management of the fund. Prior to joining the firm in October 1997, he worked for more than 8 years in asset management. | ||
Eric Thaller, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of the fund. Prior to joining the firm in January 2008, he worked for 12 years in quantitative analysis and asset management. | ||
Vivienne Hsu, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of the fund. Prior to joining the firm in August 2004, she worked for more than 11 years in asset management and quantitative analysis at other investment firms. | ||
Paul Alan Davis, CFA, a managing director and portfolio manager of the investment adviser, is responsible for the day-to-day co-management of the fund. Prior to joining the firm in 2003, he worked for more than 12 years in portfolio management. |
Japan | 22.5% |
United Kingdom | 21.9% |
France | 9.0% |
Germany | 8.9% |
Switzerland | 6.2% |
Hong Kong | 4.9% |
Australia | 4.7% |
Spain | 4.4% |
Others | 17.5% |
Total | 100.0% |
Number of Holdings | 145 |
($ x 1,000,000) | $34,697 |
Price/Earnings Ratio (P/E) | 7.4 |
Price/Book Ratio (P/B) | 1.2 |
Portfolio Turnover Rate1 | 56% |
Financials | 21.7% |
Health Care | 14.3% |
Industrials | 13.5% |
Consumer Discretionary | 9.1% |
Energy | 8.0% |
Consumer Staples | 7.9% |
Materials | 6.9% |
Information Technology | 5.6% |
Utilities | 4.6% |
Telecommunication Services | 4.5% |
Other | 3.9% |
Total | 100.0% |
BP plc | 2.6% |
Royal Dutch Shell plc, Class B | 2.4% |
Sanofi-Aventis | 2.3% |
Novartis AG - Reg’d | 2.3% |
Telefonica S.A. | 2.2% |
France Telecom S.A. | 1.9% |
BG Group plc | 1.9% |
Banco Santander S.A. | 1.9% |
BHP Billiton Ltd. | 1.8% |
Bayer AG | 1.7% |
Total | 21.0% |
1 | Not annualized. |
$10,000 Investment in Investor Shares1
$50,000 Investment in Select Shares1
$500,000 Investment in Institutional Shares1
Fund Class and Inception Date | Since Inception | |||
Investor Shares (5/30/08) | -41.50% | |||
Select Shares (5/30/08) | -41.50% | |||
Institutional Shares (5/30/08) | -41.50% | |||
Benchmark: MSCI EAFE Index®(Net)* | -41.44% | |||
Fund Category: Morningstar Foreign Large-Cap Blend | -42.19% |
* | The Morgan Stanley Capital International Europe, Australasia, Far East Index (Net) (MSCI EAFE Index®) is a free float-adjusted market capitalization index that is designed to measure market equity performance in 22 developed market countries, excluding the U.S. and Canada. Investors cannot invest directly in any index and index figures do not include trading and management costs. |
1 | Fund expenses may have been partially absorbed by CSIM and Schwab. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. |
3 | As stated in the 5/1/08 prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect through at least 2/27/10. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
4 | Source: Morningstar, Inc. This style assessment is the result of evaluating the fund based on a ten-factor model for value and growth characteristics. The fund’s market capitalization placement is determined by the geometric mean of its holdings’ market capitalizations. The assessment reflects the fund’s portfolio as of 10/31/08, which may have changed since then, and is not a precise indication of risk or performance—past, present, or future. |
Ending | ||||||||||||||||
Beginning | Account Value | Expenses Paid | ||||||||||||||
Expense Ratio1 | Account Value | (Net of Expenses) | During Period2 | |||||||||||||
(Annualized) | at 5/30/08 | at 10/31/08 | 5/30/08 - 10/31/08 | |||||||||||||
Schwab International Core Equity Fundtm | ||||||||||||||||
Investor Shares | ||||||||||||||||
Actual Return | 1.10% | $ | 1,000 | $ | 585.00 | $ | 3.69 | |||||||||
Hypothetical 5% Return | 1.10% | $ | 1,000 | $ | 1,016.52 | $ | 4.70 | |||||||||
Select Shares® | ||||||||||||||||
Actual Return | 0.95% | $ | 1,000 | $ | 585.00 | $ | 3.19 | |||||||||
Hypothetical 5% Return | 0.95% | $ | 1,000 | $ | 1,017.15 | $ | 4.06 | |||||||||
Institutional Shares | ||||||||||||||||
Actual Return | 0.86% | $ | 1,000 | $ | 585.00 | $ | 2.89 | |||||||||
Hypothetical 5% Return | 0.86% | $ | 1,000 | $ | 1,017.53 | $ | 3.67 |
1 | Based on the expense ratio for the period 5/30/08 through 10/31/08; may differ from the expense ratio provided in Financial Highlights. |
2 | Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period (from 5/30/08 through 10/31/08), multiplied by the 155 days of the period, and divided by the 366 days of the fiscal year. |
5/30/081- | ||||
Investor Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.05 | |||
Net realized and unrealized gains (losses) | (4.20 | ) | ||
Total from investment operations | (4.15 | ) | ||
Net asset value at end of period | 5.85 | |||
Total return (%) | (41.50 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 1.10 | 3 | ||
Gross operating expenses | 1.52 | 3 | ||
Net investment income (loss) | 1.37 | 3 | ||
Portfolio turnover rate | 56 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 21 |
5/30/081- | ||||
Select Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.07 | |||
Net realized and unrealized gains (losses) | (4.22 | ) | ||
Total from investment operations | (4.15 | ) | ||
Net asset value at end of period | 5.85 | |||
Total return (%) | (41.50 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.95 | 3 | ||
Gross operating expenses | 1.36 | 3 | ||
Net investment income (loss) | 1.49 | 3 | ||
Portfolio turnover rate | 56 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 9 |
5/30/081- | ||||
Institutional Shares | 10/31/08 | |||
Per—Share Data ($) | ||||
Net asset value at beginning of period | 10.00 | |||
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.06 | |||
Net realized and unrealized gains (losses) | (4.21 | ) | ||
Total from investment operations | (4.15 | ) | ||
Net asset value at end of period | 5.85 | |||
Total return (%) | (41.50 | )2 | ||
Ratios/Supplemental Data (%) | ||||
Ratios to average net assets: | ||||
Net operating expenses | 0.86 | 3 | ||
Gross operating expenses | 1.39 | 3 | ||
Net investment income (loss) | 1.67 | 3 | ||
Portfolio turnover rate | 56 | 2 | ||
Net assets, end of period ($ x 1,000,000) | 3 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
94 | .1% | Common Stock | 50,901 | 31,102 | ||||||||
1 | .3% | Other Investment Companies | 481 | 446 | ||||||||
3 | .9% | Short-Term Investment | 1,288 | 1,288 | ||||||||
99 | .3% | Total Investments | 52,670 | 32,836 | ||||||||
0 | .7% | Other Assets and Liabilities | 220 | |||||||||
100 | .0% | Net Assets | 33,056 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Common Stock 94.1% of net assets | ||||||||
Australia 4.7% | ||||||||
Diversified Financials 0.3% | ||||||||
Challenger Financial Services Group Ltd. | 55,622 | 62 | ||||||
Macquarie Group Ltd. | 1,426 | 28 | ||||||
90 | ||||||||
Energy 0.4% | ||||||||
Woodside Petroleum Ltd. | 5,006 | 141 | ||||||
Materials 3.3% | ||||||||
Amcor Ltd. | 69,562 | 269 | ||||||
BHP Billiton Ltd. | 31,241 | 600 | ||||||
BlueScope Steel Ltd. | 60,855 | 179 | ||||||
Boral Ltd. | 14,692 | 44 | ||||||
1,092 | ||||||||
Software & Services 0.2% | ||||||||
Computershare Ltd. | 7,937 | 45 | ||||||
Utilities 0.5% | ||||||||
AGL Energy Ltd. | 18,418 | 173 | ||||||
1,541 | ||||||||
Austria 0.8% | ||||||||
Banks 0.8% | ||||||||
Erste Group Bank AG | 10,672 | 284 | ||||||
Brazil 0.2% | ||||||||
Materials 0.2% | ||||||||
Companhia Siderurgica Nacional S.A. | 5,500 | 73 | ||||||
Canada 0.2% | ||||||||
Capital Goods 0.2% | ||||||||
Bombardier, Inc., Class B | 17,900 | 69 | ||||||
China 1.5% | ||||||||
Banks 1.3% | ||||||||
Bank of China Ltd., Class H | 330,000 | 96 | ||||||
China Construction Bank Corp., Class H | 397,000 | 197 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 319,000 | 150 | ||||||
443 | ||||||||
Real Estate 0.2% | ||||||||
Shui On Land Ltd. | 257,000 | 58 | ||||||
501 | ||||||||
Denmark 1.0% | ||||||||
Pharmaceuticals & Biotechnology 1.0% | ||||||||
H. Lundbeck A/S | 2,200 | 39 | ||||||
Novo Nordisk A/S, Class B | 5,275 | 283 | ||||||
322 | ||||||||
Finland 0.4% | ||||||||
Software & Services 0.2% | ||||||||
TietoEnator Oyj | 4,210 | 47 | ||||||
Technology Hardware & Equipment 0.2% | ||||||||
Nokia Oyj | 4,978 | 76 | ||||||
123 | ||||||||
France 8.9% | ||||||||
Automobiles & Components 0.2% | ||||||||
Renault S.A. | 1,967 | 60 | ||||||
Capital Goods 1.6% | ||||||||
Alstom S.A. | 996 | 49 | ||||||
Schneider Electric S.A. | 3,187 | 191 | ||||||
Vallourec S.A. | 1,741 | 195 | ||||||
Vinci S.A. | 2,109 | 76 | ||||||
511 | ||||||||
Insurance 0.9% | ||||||||
Axa | 15,503 | 296 | ||||||
Media 1.4% | ||||||||
Publicis Groupe | 8,445 | 191 | ||||||
Vivendi S.A. | 10,551 | 276 | ||||||
467 | ||||||||
Pharmaceuticals & Biotechnology 2.3% | ||||||||
Sanofi-Aventis | 12,237 | 775 | ||||||
Software & Services 0.6% | ||||||||
Cap Gemini S.A. | 5,816 | 188 | ||||||
Telecommunication Services 1.9% | ||||||||
France Telecom S.A. | 25,375 | 640 | ||||||
2,937 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Germany 8.9% | ||||||||
Automobiles & Components 0.6% | ||||||||
Daimler AG - Reg’d | 5,812 | 197 | ||||||
Banks 0.9% | ||||||||
Aareal Bank AG | 18,742 | 149 | ||||||
Commerzbank AG | 13,437 | 143 | ||||||
292 | ||||||||
Capital Goods 1.4% | ||||||||
Bilfinger Berger AG | 866 | 39 | ||||||
MAN AG | 6,919 | 338 | ||||||
MTU Aero Engines Holding AG | 3,715 | 72 | ||||||
449 | ||||||||
Consumer Durables & Apparel 1.1% | ||||||||
Adidas AG | 10,444 | 363 | ||||||
Health Care Equipment & Services 1.0% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 7,646 | 339 | ||||||
Insurance 0.2% | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG - Reg’d | 406 | 53 | ||||||
Materials 0.4% | ||||||||
BASF SE | 4,228 | 139 | ||||||
Pharmaceuticals & Biotechnology 2.5% | ||||||||
Bayer AG | 10,258 | 562 | ||||||
Merck KGaA | 3,015 | 266 | ||||||
828 | ||||||||
Retailing 0.7% | ||||||||
Fielmann AG | 4,303 | 240 | ||||||
Transportation 0.1% | ||||||||
Deutsche Lufthansa AG - Reg’d | 2,358 | 32 | ||||||
2,932 | ||||||||
Greece 1.2% | ||||||||
Banks 1.1% | ||||||||
Alpha Bank A.E. | 24,383 | 356 | ||||||
Consumer Services 0.1% | ||||||||
OPAP S.A. | 2,340 | 51 | ||||||
407 | ||||||||
Hong Kong 4.9% | ||||||||
Capital Goods 1.1% | ||||||||
Hutchison Whampoa Ltd. | 65,000 | 351 | ||||||
Consumer Durables & Apparel 0.2% | ||||||||
Texwinca Holdings Ltd. | 132,000 | 62 | ||||||
Energy 0.5% | ||||||||
CNOOC Ltd. | 204,000 | 168 | ||||||
Real Estate 0.3% | ||||||||
Cheung Kong (Holdings) Ltd. | 12,000 | 115 | ||||||
Utilities 2.8% | ||||||||
CLP Holdings Ltd. | 69,500 | 469 | ||||||
Hongkong Electric Holdings Ltd. | 82,000 | 442 | ||||||
911 | ||||||||
1,607 | ||||||||
Ireland 0.1% | ||||||||
Banks 0.1% | ||||||||
The Governor and Company of the Bank of Ireland | 11,439 | 34 | ||||||
Italy 1.9% | ||||||||
Capital Goods 0.2% | ||||||||
Prysmian S.p.A. | 5,766 | 70 | ||||||
Diversified Financials 0.8% | ||||||||
IFIL Investments S.p.A. | 78,820 | 244 | ||||||
Media 0.4% | ||||||||
Seat Pagine Gialle S.p.A. * | 1,615,272 | 142 | ||||||
Real Estate 0.5% | ||||||||
Pirelli & C. Real Estate S.p.A. | 24,186 | 172 | ||||||
628 | ||||||||
Japan 22.4% | ||||||||
Banks 2.5% | ||||||||
Kiyo Holdings, Inc. | 195,000 | 315 | ||||||
The Daishi Bank Ltd. | 15,000 | 59 | ||||||
The Keiyo Bank Ltd. | 15,000 | 67 | ||||||
The San-in Godo Bank Ltd. | 25,000 | 179 | ||||||
The Sumitomo Trust & Banking Co., Ltd. | 46,000 | 213 | ||||||
833 | ||||||||
Capital Goods 4.3% | ||||||||
Asahi Glass Co., Ltd. | 35,000 | 220 | ||||||
Itochu Corp. | 38,000 | 201 | ||||||
Kajima Corp. | 37,000 | 107 | ||||||
Marubeni Corp. | 24,000 | 93 | ||||||
Mitsubishi Corp. | 10,400 | 174 | ||||||
Mitsubishi Electric Corp. | 64,000 | 397 | ||||||
Mitsui & Co., Ltd. | 18,000 | 175 | ||||||
Sumitomo Corp. | 4,700 | 41 | ||||||
1,408 | ||||||||
Commercial & Professional Supplies 0.2% | ||||||||
Toppan Forms Co., Ltd. | 6,900 | 64 | ||||||
Consumer Durables & Apparel 1.7% | ||||||||
Panasonic Corp. | 34,000 | 547 | ||||||
Diversified Financials 0.5% | ||||||||
Acom Co., Ltd. | 30 | 1 | ||||||
Aiful Corp. | 15,000 | 70 | ||||||
Hitachi Capital Corp. | 12,400 | 99 | ||||||
170 | ||||||||
Food, Beverage & Tobacco 3.7% | ||||||||
Asahi Breweries Ltd. | 28,700 | 474 | ||||||
Nisshin Seifun Group, Inc. | 35,500 | 385 | ||||||
Toyo Suisan Kaisha Ltd. | 14,000 | 361 | ||||||
1,220 | ||||||||
Health Care Equipment & Services 0.3% | ||||||||
Suzuken Co., Ltd. | 4,400 | 94 | ||||||
Household & Personal Products 0.4% | ||||||||
Shiseido Co., Ltd. | 7,000 | 144 | ||||||
Insurance 1.0% | ||||||||
Tokio Marine Holdings, Inc. | 10,900 | 336 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Materials 1.2% | ||||||||
Nippon Steel Corp. | 95,000 | 320 | ||||||
Ube Industries Ltd. | 35,000 | 73 | ||||||
393 | ||||||||
Media 0.1% | ||||||||
Toei Co., Ltd. | 9,000 | 35 | ||||||
Real Estate 1.3% | ||||||||
Nomura Real Estate Holdings, Inc. | 22,500 | 441 | ||||||
Retailing 0.2% | ||||||||
Rakuten, Inc. | 106 | 53 | ||||||
Software & Services 0.2% | ||||||||
Hitachi Software Engineering Co., Ltd. | 4,000 | 56 | ||||||
Technology Hardware & Equipment 2.8% | ||||||||
Canon, Inc. | 14,300 | 500 | ||||||
Hitachi Ltd. | 45,000 | 211 | ||||||
Ricoh Co., Ltd. | 18,000 | 194 | ||||||
Seiko Epson Corp. | 2,500 | 38 | ||||||
943 | ||||||||
Transportation 1.2% | ||||||||
Mitsui O.S.K. Lines Ltd. | 35,000 | 183 | ||||||
Nippon Yusen Kabushiki Kaisha | 45,000 | 217 | ||||||
400 | ||||||||
Utilities 0.8% | ||||||||
Electric Power Development Co., Ltd. | 8,800 | 262 | ||||||
7,399 | ||||||||
Luxembourg 0.0% | ||||||||
Diversified Financials 0.0% | ||||||||
Reinet Investments S.C.A. * | 139 | 1 | ||||||
Mexico 0.2% | ||||||||
Materials 0.2% | ||||||||
Grupo Mexico S.A.B. de C.V., Series B | 71,272 | 64 | ||||||
Netherlands 1.3% | ||||||||
Diversified Financials 0.8% | ||||||||
ING Groep N.V. CVA | 28,545 | 268 | ||||||
Technology Hardware & Equipment 0.5% | ||||||||
Gemalto N.V. * | 5,918 | 166 | ||||||
434 | ||||||||
Norway 0.0% | ||||||||
Software & Services 0.0% | ||||||||
Ementor A.S.A. * | 4,000 | 12 | ||||||
Portugal 0.3% | ||||||||
Telecommunication Services 0.3% | ||||||||
Portugal Telecom SGPS S.A. - Reg’d | 14,194 | 93 | ||||||
Republic of Korea 0.4% | ||||||||
Consumer Services 0.3% | ||||||||
Kangwon Land, Inc. | 9,000 | 92 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
KT&G Corp. | 571 | 37 | ||||||
129 | ||||||||
Singapore 0.2% | ||||||||
Transportation 0.2% | ||||||||
Singapore Airlines Ltd. | 7,000 | 54 | ||||||
Spain 4.4% | ||||||||
Banks 2.0% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 3,124 | 36 | ||||||
Banco Santander S.A. | 57,732 | 625 | ||||||
661 | ||||||||
Diversified Financials 0.2% | ||||||||
Corporacion Financiera Alba S.A. | 2,221 | 65 | ||||||
Telecommunication Services 2.2% | ||||||||
Telefonica S.A. | 39,409 | 730 | ||||||
1,456 | ||||||||
Sweden 2.4% | ||||||||
Banks 1.3% | ||||||||
Nordea Bank AB | 52,800 | 423 | ||||||
Capital Goods 1.1% | ||||||||
AB SKF, B Shares | 6,000 | 55 | ||||||
Alfa Laval AB | 13,300 | 96 | ||||||
Scania AB, B Shares | 27,900 | 229 | ||||||
380 | ||||||||
803 | ||||||||
Switzerland 6.1% | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Compagnie Financiere Richemont S.A., Series A | 1,020 | 21 | ||||||
Energy 0.1% | ||||||||
Petroplus Holdings AG * | 1,348 | 36 | ||||||
Food, Beverage & Tobacco 1.3% | ||||||||
Nestle S.A. - Reg’d | 11,407 | 444 | ||||||
Health Care Equipment & Services 1.6% | ||||||||
Straumann Holding AG | 159 | 27 | ||||||
Synthes, Inc. | 3,870 | 499 | ||||||
526 | ||||||||
Insurance 0.1% | ||||||||
Zurich Financial Services AG - Reg’d | 222 | 45 | ||||||
Pharmaceuticals & Biotechnology 2.3% | ||||||||
Novartis AG - Reg’d. | 14,801 | 751 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Technology Hardware & Equipment 0.6% | ||||||||
Logitech International S.A. - Reg’d * | 13,784 | 206 | ||||||
2,029 | ||||||||
United Kingdom 21.7% | ||||||||
Banks 1.3% | ||||||||
HSBC Holdings plc | 9,463 | 112 | ||||||
Lloyds TSB Group plc | 96,308 | 311 | ||||||
423 | ||||||||
Capital Goods 0.8% | ||||||||
BAE Systems plc | 46,315 | 260 | ||||||
Commercial & Professional Supplies 0.2% | ||||||||
Regus plc | 104,380 | 79 | ||||||
Consumer Services 1.3% | ||||||||
Compass Group plc | 89,152 | 415 | ||||||
Diversified Financials 1.8% | ||||||||
Man Group plc | 36,769 | 212 | ||||||
Provident Financial plc | 18,419 | 235 | ||||||
Tullett Prebon plc | 35,490 | 136 | ||||||
583 | ||||||||
Energy 6.9% | ||||||||
BG Group plc | 43,132 | 634 | ||||||
BP plc | 105,049 | 856 | ||||||
Royal Dutch Shell plc, Class B | 29,705 | 806 | ||||||
2,296 | ||||||||
Food, Beverage & Tobacco 2.2% | ||||||||
British American Tobacco plc | 15,013 | 412 | ||||||
Cadbury plc | 35,669 | 327 | ||||||
739 | ||||||||
Materials 1.5% | ||||||||
Anglo American plc | 10,189 | 256 | ||||||
Antofagasta plc | 18,024 | 111 | ||||||
BHP Billiton plc | 7,303 | 124 | ||||||
491 | ||||||||
Pharmaceuticals & Biotechnology 3.2% | ||||||||
AstraZeneca plc | 11,802 | 500 | ||||||
GlaxoSmithKline plc | 28,636 | 551 | ||||||
1,051 | ||||||||
Retailing 0.7% | ||||||||
HMV Group plc | 77,366 | 124 | ||||||
WH Smith plc * | 17,849 | 107 | ||||||
231 | ||||||||
Software & Services 0.3% | ||||||||
Logica plc | 101,448 | 113 | ||||||
Transportation 1.0% | ||||||||
Stagecoach Group plc | 105,927 | 318 | ||||||
Utilities 0.5% | ||||||||
Drax Group plc | 18,409 | 171 | ||||||
7,170 | ||||||||
Total Common Stock (Cost $50,901) | 31,102 | |||||||
Other Investment Companies 1.3% of net assets | ||||||||
United States 1.3% | ||||||||
iShares MSCI EAFE Index Fund | 10,000 | 446 | ||||||
Total Other Investment Companies (Cost $481) | 446 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 3.9% of net assets | ||||||||
Repurchase Agreement 3.9% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal Home Loan Bank | ||||||||
with a value of $1,314 | ||||||||
0.03%, issued 10/31/08, | ||||||||
due 11/03/08 | 1,288 | 1,288 | ||||||
Total Short-Term Investment (Cost $1,288) | 1,288 | |||||||
End of Investments. | ||||||||
(All dollar amounts are x 1,000) | ||||||||
At 10/31/08, the tax basis cost of the fund’s investments was $52,734 and the unrealized appreciation and depreciation were $114 and ($20,012), respectively, with a net unrealized depreciation of ($19,898). | ||||||||
At 10/31/08, the prices of certain foreign securities held by the fund aggregating $30,795, were adjusted from their closing market prices following the guidelines by the fund’s Board of Trustees. |
* | Non-income producing security. |
Assets | ||||||
Investments, at value (cost $52,670) | $32,836 | |||||
Foreign currency, at value (cost $150) | 149 | |||||
Receivables: | ||||||
Dividends | 93 | |||||
Fund shares sold | 20 | |||||
Due from investment adviser | 3 | |||||
Foreign tax reclaims | + | 1 | ||||
Total assets | 33,102 | |||||
Liabilities | ||||||
Payables: | ||||||
Fund shares redeemed | 18 | |||||
Accrued expenses | + | 28 | ||||
Total liabilities | 46 | |||||
Net Assets | ||||||
Total assets | 33,102 | |||||
Total liabilities | − | 46 | ||||
Net assets | $33,056 | |||||
Net Assets by Source | ||||||
Capital received from investors | 59,665 | |||||
Net investment income not yet distributed | 404 | |||||
Net realized capital losses | (7,184 | ) | ||||
Net unrealized capital losses | (19,829 | ) |
Shares | ||||||||||||
Share Class | Net Assets | ¸ | Outstanding | = | NAV | |||||||
Investor Shares | $21,257 | 3,636 | $5.85 | |||||||||
Select Shares | $9,121 | 1,559 | $5.85 | |||||||||
Institutional Shares | $2,678 | 458 | $5.85 |
Investment Income | ||||||
Dividends (net of foreign withholding tax of $25) | $547 | |||||
Interest | + | 20 | ||||
Total investment income | 567 | |||||
Net Realized Gains and Losses | ||||||
Net realized losses on investments | (7,152 | ) | ||||
Net realized gains on foreign currency transactions | + | 44 | ||||
Net realized losses | (7,108 | ) | ||||
Net Unrealized Gains and Losses | ||||||
Net unrealized losses on investments | (19,834 | ) | ||||
Net unrealized gains on foreign currency translations | + | 5 | ||||
Net unrealized losses | (19,829 | ) | ||||
Expenses | ||||||
Investment adviser and administrator fees | 186 | |||||
Transfer agent and shareholder service fees: | ||||||
Investor Shares | 36 | |||||
Select Shares | 7 | |||||
Institutional Shares | 2 | |||||
Registration fees | 33 | |||||
Custodian fees | 32 | |||||
Professional fees | 22 | |||||
Shareholder reports | 9 | |||||
Portfolio accounting fees | 5 | |||||
Trustees’ fees | 2 | |||||
Other expenses | + | 2 | ||||
Total expenses | 336 | |||||
Expense reduction by adviser and Schwab | − | 97 | ||||
Net expenses | 239 | |||||
Increase (Decrease) in Net Assets from Operations | ||||||
Total investment income | 567 | |||||
Net expenses | − | 239 | ||||
Net investment income | 328 | |||||
Net realized losses | (7,108 | ) | ||||
Net unrealized losses | + | (19,829 | ) | |||
Decrease in net assets from operations | ($26,609 | ) |
* | Commencement of operations. |
Operations |
5/30/08*-10/31/08 | ||||||
Net investment income | $328 | |||||
Net realized losses | (7,108 | ) | ||||
Net unrealized losses | + | (19,829 | ) | |||
Decrease in net assets from operations | (26,609 | ) |
Transactions in Fund Shares |
5/30/08*-10/31/08 | ||||||||||
SHARES | VALUE | |||||||||
Shares Sold | ||||||||||
Investor Shares | 4,667 | $46,199 | ||||||||
Select Shares | 2,361 | 23,461 | ||||||||
Institutional Shares | + | 458 | 4,508 | |||||||
Total shares sold | 7,486 | $74,168 | ||||||||
Shares Redeemed | ||||||||||
Investor Shares | (1,031 | ) | ($8,130 | ) | ||||||
Select Shares | (802 | ) | (6,373 | ) | ||||||
Institutional Shares | + | - | - | |||||||
Total shares redeemed | (1,833 | ) | ($14,503 | ) | ||||||
Net transactions in fund shares | 5,653 | $59,665 | ||||||||
Shares Outstanding and Net Assets | ||||||||||
5/30/08*-10/31/08 | ||||||||||
SHARES | NET ASSETS | |||||||||
Beginning of period | - | $- | ||||||||
Total increase | + | 5,653 | 33,056 | |||||||
End of period | 5,653 | $33,056 | ||||||||
Net Investment income not yet distributed | $404 |
* | Commencement of operations. |
Schwab Capital Trust (organized May 7, 1993) Schwab International Core Equity Fund Schwab S&P 500 Index Fund Schwab Institutional Select S&P 500 Fund Schwab Small-Cap Index Fund Schwab Total Stock Market Index Fund Schwab International Index Fund Schwab MartketTrack All Equity Portfolio Schwab MarketTrack Growth Portfolio Schwab MarketTrack Balanced Portfolio Schwab MarketTrack Conservative Portfolio Laudus U.S. MarketMasters Fund Laudus Small-Cap MarketMasters Fund Laudus International MarketMasters Fund Schwab Balanced Fund Schwab Premier Equity Fund Schwab Core Equity Fund Schwab Dividend Equity Fund Schwab Large-Cap Growth Fund Schwab Small-Cap Equity Fund Schwab Hedged Equity Fund | Schwab Financial Services Fund Schwab Health Care Fund Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target 2035 Fund Schwab Target 2040 Fund Schwab Retirement Income Fund Schwab Fundamental US Large Company Index Fund Schwab Fundamental US Small-Mid Company Index Fund Schwab Fundamental International Large Company Index Fund Schwab Fundamental International Small-Mid Company Index Fund Schwab Fundamental Emerging Markets Index Fund Schwab Monthly Income Fund—Moderate Payout Schwab Monthly Income Fund—Enhanced Payout Schwab Monthly Income Fund—Maximum Payout | |
• | Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate. | |
• | Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the fund calculates net asset value: valued at fair value, as determined in good faith by the fund’s investment adviser using guidelines adopted by the fund’s Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary |
trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of a foreign exchange and the time at which the fund’s shares are priced. The Board of Trustees regularly reviews fair value determinations made by the fund pursuant to the procedures. |
• | Futures and Forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards). | |
• | Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market value. | |
• | Mutual funds: valued at their respective net asset values as determined by those funds in accordance with the 1940 Act for a given day. |
3. | Risk factors: |
4. | Affiliates and Affiliated Transactions: |
Average daily net assets | ||||
First $500 million | 0.81% | |||
$500 million to $1 billion | 0.79% | |||
Over $1 billion | 0.77% |
Transfer Agent Fees | Shareholder Service Fees | |||||||
Investor Shares | 0.05% | 0.20% | ||||||
Select Shares | 0.05% | 0.05% | ||||||
Institutional Shares | 0.05% | 0.05% |
4. | Affiliates and Affiliated Transactions (continued): (All dollar amounts are x 1,000) |
Investor Shares | 1.10% | |||
Select Shares | 0.95% | |||
Institutional Shares | 0.86% |
7. | Purchases and Sales of Investment Securities: |
Purchases of | Sales/Maturities | |||||
Securities | of Securities | |||||
$88,137 | $29,617 |
8. | Redemption Fee: |
Current Period | ||||
(05/30/08–10/31/08) | ||||
Investor Shares | $15 | |||
Select Shares | 7 | |||
Institutional Shares | 1 |
9. | Federal Income Taxes: |
Undistributed Ordinary income | $405 | |||
Undistributed long-term capital gains | — | |||
Unrealized appreciation | 114 | |||
Unrealized depreciation | (20,012 | ) | ||
Other unrealized appreciation/(depreciation) | 5 | |||
Net unrealized appreciation/(depreciation) | ($19,983 | ) | ||
Capital Shares | $— | |||
Undistributed net investment income | 76 | |||
Net realized capital gains and losses | (76 | ) |
Schwab International Core Equity Fund
San Francisco, California
December 12, 2008
Independent Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served(1)) | During the Past Five Years | the Trustee | Other Directorships | |||||
Mariann Byerwalter 1960 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman of JDN Corporate Advisory LLC. | 84 | Board 1–Director, Redwood Trust, Inc. Board 2–Director, PMI Group, Inc. | |||||
John F. Cogan 1947 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Fellow: The Hoover Institution at Stanford University; Stanford Institute for Economic Policy Research; Professor of Public Policy, Stanford University | 69 | Board 1–Director, Gilead Sciences, Inc. Board 2–Director, Monaco Coach Corporation Board 3–Director, Venture Lending and Leasing, Inc. | |||||
William A. Hasler 1941 Trustee (Trustee of Schwab Capital Trust since 2000.) | Retired. Dean Emeritus, Haas School of Business, University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals). | 84 | Board 1–Director, Mission West Properties Board 2–Director, TOUSA Board 3–Director, Harris-Stratex Networks Board 4–Director, Genitope Corp. Board 5– Director, Ditech Networks Board 6–Director, Rubicon Limited | |||||
Gerald B. Smith 1950 Trustee (Trustee of Schwab Capital Trust since 2000.) | Chairman, Chief Executive Officer and founder of Smith Graham & Co.(investment advisors). | 69 | Board 1–Board of Cooper Industries Board 2–Chairman of the Audit Committee of Oneok Partners LP | |||||
Donald R. Stephens 1938 Trustee (Trustee of Schwab Capital Trust since 1989.) | Managing Partner, D. R. Stephens & Company (investments). | 69 | None. | |||||
Joseph H. Wender 1944 Trustee (Trustee of Schwab Capital Trust since 2008.) | Senior Managing Director, Chairman of the Finance Committee, GSC Group; General Partner, Goldman Sachs & Co., until June 2005. | 69 | Board 1–Board Member and Chairman of the Audit Committee, Isis Pharmaceuticals | |||||
Michael W. Wilsey 1943 Trustee (Trustee of Schwab Capital Trust since 1989.) | Chairman, Chief Executive Officer, Wilsey Bennett, Inc. (real estate investment and management, and other investments). | 69 | None. | |||||
Interested Trustees | ||||||||
Number of | ||||||||
and Position(s) with | Portfolios in | |||||||
the trust; (Terms of | Fund Complex | |||||||
office, and length of | Principal Occupations | Overseen by | ||||||
Time Served ) | During the Past Five Years | the Trustee | Other Directorships | |||||
Charles R. Schwab(2) 1937 Chairman and Trustee (Chairman and Trustee of Schwab Capital Trust since 1989.) | Chairman, The Charles Schwab Corporation, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc., Charles Schwab Bank, N. A.; Chairman and Chief Executive Officer, Schwab (SIS) Holdings Inc. I, Schwab International Holdings, Inc.; Chief Executive Officer, Schwab Holdings, Inc.; Through June 2007, Director, U.S. Trust Company, N. A., U.S. Trust Corporation, United States Trust Company of New York. Until October 2008, Chief Executive Officer, The Charles Schwab Corporation, Charles Schwab & Co., Inc. | 69 | None. | |||||
Walter W. Bettinger II(2) 1960 Trustee (Trustee of Schwab Capital Trust since 2008.) | As of October 2008, Chief Executive Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; President and Chief Operating Officer, Charles Schwab & Co., Inc. and The Charles Schwab Corporation; Director, Charles Schwab Bank; Executive Vice President and President – Schwab Investor Services, The Charles Schwab Corporation; Executive Vice President and President – Schwab Investor Services, Charles Schwab & Co., Inc.; Chairman and President, Schwab Retirement Plan Services, Inc.; President and Chief Executive Officer, The Charles Schwab Trust Company, Director, Charles Schwab Bank, N.A., Schwab Retirement Plan Services, and Schwab Retirement Technologies. | 69 | None. | |||||
Officers of the Trust | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Randall W. Merk 1954 President and Chief Executive Officer (Officer of Schwab Capital Trust since 2007.) | Executive Vice President and President, Investment Management Services, Charles Schwab & Co., Inc,; Executive Vice President, Charles Schwab & Co., Inc. (2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc. | |
George Pereira 1964 Treasurer and Principal Financial Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Chief Financial Officer, Laudus Trust and Laudus Institutional Trust; Director, Charles Schwab Worldwide Fund, PLC and Charles Schwab Asset Management (Ireland) Limited. Through June 2007, Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust; Chief Financial Officer, Mutual Fund Division, UST Advisors, Inc. From December 1999 to November 2004, Sr. Vice President, Financial Reporting, Charles Schwab & Co. Inc. | |
Officers of the Trust continued | ||
with the trust; (Terms of office, and | ||
length of Time Served(3)) | Principal Occupations During the Past Five Years | |
Jeffrey Mortimer 1963 Senior Vice President and Chief Investment Officer (Officer of Schwab Capital Trust since 2004.) | Senior Vice President and Chief Investment Officer, Charles Schwab Investment Management, Inc.; President, CEO and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to March 31, 2008, Vice President and Chief Investment Officer, Laudus Trust and Laudus Institutional Trust. Prior to 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc. | |
Randall Fillmore 1960 Chief Compliance Officer and AML Officer (Officer of Schwab Capital Trust since 2002.) | Senior Vice President and Chief Compliance Officer, Charles Schwab Investment Management, Inc.; Senior Vice President, Charles Schwab & Co. Inc.; Chief Compliance Officer, Laudus Trust and Laudus Institutional Trust. Through June 2007, Chief Compliance Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Funds Trust. | |
Koji E. Felton 1961 Secretary and Chief Legal Officer (Officer of Schwab Capital Trust since 1998.) | Senior Vice President, Chief Counsel and Corporate Secretary, Charles Schwab Investment Management, Inc.; Senior Vice President and Deputy General Counsel, Charles Schwab & Co., Inc. Through June 2007, Chief Legal Officer, Excelsior Funds Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust. | |
Catherine MacGregor 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust; since 2006, Chief Counsel, Laudus Trust and Laudus Institutional Trust. Until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP. | |
Cathy Sabo 1964 Vice President (Officer of Schwab Capital Trust since 2005.) | Vice President-Compliance, Charles Schwab Investment Management, Inc., Laudus Trust and Laudus Institutional Trust. Until 2004, Vice President, Client, Sales & Services Controls, Charles Schwab & Co., Inc. | |
Michael Haydel 1972 Vice President (Officer of Schwab Capital Trust since 2006.) | Vice President, Asset Management Client Services, Charles Schwab & Co., Inc.; Vice President and AML Officer, Laudus Trust and Laudus Institutional Trust. Until March 2004, Director Charles Schwab & Co., Inc. | |
1 | Trustees remain in office until they resign, retire or are removed by shareholder vote. The Schwab Funds retirement policy requires that independent trustees elected after January 1, 2000 retire at age 72 or after 20 years of service as a trustee, whichever comes first. Independent trustees elected prior to January 1, 2000 will retire on the following schedule: Messrs. Stephens and Wilsey will retire on December 31, 2010. |
2 | In addition to their employment with the investment adviser and the distributor, Messrs. Schwab and Bettinger also own stock of The Charles Schwab Corporation. Mr. Schwab and Mr. Bettinger are Interested Trustees because they are employees of Schwab and/or the adviser. |
3 | The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
* SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX, FUNDAMENTAL US LARGE, FUNDAMENTAL US SMALL-MID, FUNDAMENTAL INTERNATIONAL AND FUNDAMENTAL EMERGING MARKETS are trademarks of Research Affiliates LLC. | |
1 Investments in money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency and, although they seek to preserve the value of your investment at $1 per share, it is possible to lose money. |
(a) | Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party. | |
(c) | During the period covered by the report, no amendments were made to the provisions of this code of ethics. | |
(d) | During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics. | |
(f)(1) | Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR. |
Registrant’s Board of Trustees has determined that William Hasler, Mariann Byerwalter and Donald Stephens, currently serving on its audit committee, are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Each of these members of Registrant’s audit committee is “independent” under the standards set forth in Item 3 of Form N-CSR. | ||
The designation of each of Messrs. Hasler and Stephens and Ms. Byerwalter as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit committee or Board of Trustees. |
Audit Fees |
2008: $1,207,707 | 2007 : $943,025 |
Audit-Related Fees | ||
For services rendered to Registrant: |
2008: $86,911 | 2007: $60,057 |
Nature of these services: tax provision review and procedures performed related to Registrant’s service provider conversion. |
Tax Fees | ||
For services rendered to Registrant: |
2008: $95,808 | 2007: $68,760 |
Nature of these services: preparation and review of tax returns. |
All Other Fees | ||
For services rendered to Registrant: |
2008: $14,285 | 2007: $13,158 |
Nature of these services: | review of the methodology of allocation of Charles Schwab & Co., Inc. (“Schwab”) expenses for purposes of Section 15(c) of the Investment Company Act of 1940. |
2008: $- | 2007: $188,361 |
2008: $- | 2007: $2,541,476 |
(h) | During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence. |
Cost | Value | |||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||
97.0 % | Common Stock | 1,093,011 | 1,144,821 | |||||||
0.2 % | Preferred Stock | 3,449 | 2,361 | |||||||
— % | Rights | — | — | |||||||
1.9 % | Other Investment Companies | 19,968 | 22,310 | |||||||
1.3 % | Short-Term Investment | 15,037 | 15,037 | |||||||
100.4 % | Total Investments | 1,131,465 | 1,184,529 | |||||||
(0.4) % | Other Assets and Liabilities, Net | (5,097 | ) | |||||||
100.0 % | Total Net Assets | 1,179,432 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 97.0% of net assets | ||||||||
Australia 4.9% | ||||||||
Banks 1.6% | ||||||||
Australia & New Zealand Banking Group Ltd. | 252,721 | 2,963 | ||||||
Commonwealth Bank of Australia | 213,109 | 5,825 | ||||||
National Australia Bank Ltd. | 250,857 | 4,070 | ||||||
St. George Bank Ltd. | 91,790 | 1,717 | ||||||
Westpac Banking Corp. | 298,794 | 4,100 | ||||||
18,675 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Brambles Ltd. | 196,396 | 1,048 | ||||||
Diversified Financials 0.1% | ||||||||
Macquarie Group Ltd. | 41,564 | 825 | ||||||
Energy 0.4% | ||||||||
Origin Energy Ltd. | 145,723 | 1,528 | ||||||
Santos Ltd. | 99,415 | 900 | ||||||
Woodside Petroleum Ltd. | 78,317 | 2,213 | ||||||
4,641 | ||||||||
Food & Staples Retailing 0.4% | ||||||||
Wesfarmers Ltd. | 135,409 | 1,946 | ||||||
Woolworths Ltd. | 176,829 | 3,296 | ||||||
5,242 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Foster’s Group Ltd. | 375,713 | 1,436 | ||||||
Insurance 0.3% | ||||||||
AMP Ltd. | 283,951 | 1,033 | ||||||
QBE Insurance Group Ltd. | 147,956 | 2,524 | ||||||
Suncorp-Metway Ltd. | 148,012 | 797 | ||||||
4,354 | ||||||||
Materials 1.2% | ||||||||
BHP Billiton Ltd. | 569,033 | 10,932 | ||||||
Newcrest Mining Ltd. | 74,314 | 1,022 | ||||||
Rio Tinto Ltd. | 50,532 | 2,614 | ||||||
14,568 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
CSL Ltd. | 90,137 | 2,192 | ||||||
Real Estate 0.3% | ||||||||
Westfield Group | 305,649 | 3,376 | ||||||
Telecommunication Services 0.2% | ||||||||
Telstra Corp., Ltd. | 750,720 | 2,066 | ||||||
58,423 | ||||||||
Austria 0.2% | ||||||||
Banks 0.1% | ||||||||
Erste Group Bank AG | 33,336 | 889 | ||||||
Energy 0.1% | ||||||||
OMV AG | 25,065 | 802 | ||||||
Telecommunication Services 0.0% | ||||||||
Telekom Austria AG | 54,842 | 674 | ||||||
2,365 | ||||||||
Belgium 0.5% | ||||||||
Banks 0.2% | ||||||||
Dexia S.A. | 129,799 | 690 | ||||||
KBC GROEP N.V. | 34,679 | 1,491 | ||||||
2,181 | ||||||||
Diversified Financials 0.1% | ||||||||
Fortis NPV | 358,772 | 416 | ||||||
Groupe Bruxelles Lambert S.A. | 13,694 | 1,006 | ||||||
1,422 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
InBev N.V. | 33,347 | 1,345 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Materials 0.1% | ||||||||
Solvay S.A., Class A | 9,904 | 921 | ||||||
5,869 | ||||||||
Bermuda 0.1% | ||||||||
Retailing 0.1% | ||||||||
Esprit Holdings Ltd. | 171,000 | 972 | ||||||
Canada 6.5% | ||||||||
Banks 1.9% | ||||||||
Bank of Montreal | 82,275 | 2,936 | ||||||
Bank of Nova Scotia | 162,452 | 5,417 | ||||||
Canadian Imperial Bank of Commerce | 63,437 | 2,877 | ||||||
National Bank of Canada | 31,831 | 1,194 | ||||||
Royal Bank of Canada | 112,546 | 4,374 | ||||||
The Toronto-Dominion Bank | 106,837 | 5,045 | ||||||
21,843 | ||||||||
Capital Goods 0.1% | ||||||||
Bombardier, Inc., Class B | 239,456 | 924 | ||||||
Energy 1.8% | ||||||||
Cameco Corp. | 53,209 | 871 | ||||||
Canadian Natural Resources Ltd. | 20,258 | 1,022 | ||||||
Canadian Oil Sands Trust | 80,433 | 2,158 | ||||||
Enbridge, Inc. | 59,980 | 2,083 | ||||||
EnCana Corp. | 79,102 | 4,019 | ||||||
Husky Energy, Inc. | 141,844 | 4,260 | ||||||
Imperial Oil Ltd. | 16,983 | 601 | ||||||
Nexen, Inc. | 30,764 | 489 | ||||||
Petro-Canada | 43,798 | 1,095 | ||||||
Suncor Energy, Inc. | 74,490 | 1,789 | ||||||
Talisman Energy, Inc. | 44,819 | 443 | ||||||
TransCanada Corp. | 91,572 | 2,767 | ||||||
21,597 | ||||||||
Food & Staples Retailing 0.2% | ||||||||
Shoppers Drug Mart Corp. | 67,700 | 2,606 | ||||||
Insurance 0.4% | ||||||||
Manulife Financial Corp. | 80,594 | 1,613 | ||||||
Power Corp. of Canada | 25,638 | 557 | ||||||
Power Financial Corp. | 18,838 | 471 | ||||||
Sun Life Financial, Inc. | 97,223 | 2,287 | ||||||
4,928 | ||||||||
Materials 1.1% | ||||||||
Agnico-Eagle Mines Ltd. | 22,340 | 616 | ||||||
Agrium, Inc. | 25,529 | 978 | ||||||
Barrick Gold Corp. | 137,399 | 3,142 | ||||||
Goldcorp, Inc. | 107,739 | 2,015 | ||||||
Kinross Gold Corp. | 59,751 | 622 | ||||||
Potash Corp. of Saskatchewan, Inc. | 52,112 | 4,436 | ||||||
Teck Cominco Ltd., Class B | 72,800 | 725 | ||||||
Yamana Gold, Inc. | 109,204 | 521 | ||||||
13,055 | ||||||||
Real Estate 0.0% | ||||||||
Brookfield Asset Management, Inc., Class A | 25,995 | 455 | ||||||
Technology Hardware & Equipment 0.4% | ||||||||
Research In Motion Ltd. * | 78,948 | 3,997 | ||||||
Telecommunication Services 0.4% | ||||||||
BCE, Inc. | 132,156 | 3,841 | ||||||
Rogers Communications, Inc., Class B | 26,458 | 768 | ||||||
4,609 | ||||||||
Transportation 0.2% | ||||||||
Canadian National Railway Co. | 32,195 | 1,398 | ||||||
Canadian Pacific Railway Ltd. | 25,153 | 1,138 | ||||||
2,536 | ||||||||
76,550 | ||||||||
Denmark 0.6% | ||||||||
Banks 0.1% | ||||||||
Danske Bank A/S | 90,729 | 1,343 | ||||||
Capital Goods 0.1% | ||||||||
Vestas Wind Systems A/S * | 30,401 | 1,245 | ||||||
Pharmaceuticals & Biotechnology 0.3% | ||||||||
Novo Nordisk A/S, Class B | 82,083 | 4,400 | ||||||
Transportation 0.1% | ||||||||
AP Moller — Maersk A/S, Series B | 159 | 915 | ||||||
7,903 | ||||||||
Finland 1.1% | ||||||||
Materials 0.1% | ||||||||
UPM-Kymmene Oyj | 83,482 | 1,181 | ||||||
Technology Hardware & Equipment 0.8% | ||||||||
Nokia Oyj | 640,831 | 9,816 | ||||||
Utilities 0.2% | ||||||||
Fortum Oyj | 68,798 | 1,691 | ||||||
12,688 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
France 11.1% | ||||||||
Automobiles & Components 0.2% | ||||||||
Compagnie Generale des Etablissements Michelin, Class B | 23,759 | 1,223 | ||||||
Renault S.A. | 30,704 | 941 | ||||||
2,164 | ||||||||
Banks 1.6% | ||||||||
BNP Paribas | 152,296 | 10,996 | ||||||
Credit Agricole S.A. | 147,374 | 2,132 | ||||||
Societe Generale | 100,890 | 5,499 | ||||||
18,627 | ||||||||
Capital Goods 1.0% | ||||||||
Alstom S.A. | 32,032 | 1,587 | ||||||
Bouygues S.A. | 42,577 | 1,813 | ||||||
Compagnie de Saint-Gobain | 58,875 | 2,272 | ||||||
Schneider Electric S.A. | 43,256 | 2,593 | ||||||
Vallourec S.A. | 8,759 | 980 | ||||||
Vinci S.A. | 82,453 | 2,967 | ||||||
12,212 | ||||||||
Consumer Durables & Apparel 0.4% | ||||||||
Hermes International | 12,189 | 1,573 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 40,824 | 2,717 | ||||||
4,290 | ||||||||
Consumer Services 0.1% | ||||||||
Accor S.A. | 37,106 | 1,443 | ||||||
Energy 1.9% | ||||||||
Total S.A. | 399,919 | 22,001 | ||||||
Food & Staples Retailing 0.3% | ||||||||
Carrefour S.A. | 96,720 | 4,086 | ||||||
Food, Beverage & Tobacco 0.6% | ||||||||
Groupe Danone | 88,271 | 4,915 | ||||||
Pernod Ricard S.A. | 36,514 | 2,378 | ||||||
7,293 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Essilor International S.A. | 32,662 | 1,465 | ||||||
Household & Personal Products 0.2% | ||||||||
L’Oreal S.A. | 40,437 | 3,062 | ||||||
Insurance 0.5% | ||||||||
Axa | 294,219 | 5,621 | ||||||
Materials 0.5% | ||||||||
Air Liquide S.A. | 45,075 | 3,890 | ||||||
Lafarge S.A. | 24,338 | 1,609 | ||||||
5,499 | ||||||||
Media 0.4% | ||||||||
Vivendi S.A. | 195,392 | 5,107 | ||||||
Pharmaceuticals & Biotechnology 0.9% | ||||||||
Sanofi-Aventis | 175,336 | 11,109 | ||||||
Real Estate 0.2% | ||||||||
Unibail-Rodamco | 13,688 | 2,053 | ||||||
Retailing 0.1% | ||||||||
PPR | 12,173 | 776 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Alcatel-Lucent * | 358,710 | 926 | ||||||
Telecommunication Services 0.7% | ||||||||
France Telecom S.A. | 317,295 | 8,001 | ||||||
Utilities 1.3% | ||||||||
Electricite de France | 45,959 | 2,761 | ||||||
GDF Suez | 242,859 | 10,810 | ||||||
Veolia Environnement | 59,345 | 1,471 | ||||||
15,042 | ||||||||
130,777 | ||||||||
Germany 8.8% | ||||||||
Automobiles & Components 2.0% | ||||||||
Bayerische Motoren Werke AG | 54,349 | 1,378 | ||||||
Continental AG | 27,067 | 1,112 | ||||||
Daimler AG — Reg’d | 165,404 | 5,607 | ||||||
Volkswagen AG | 24,193 | 15,396 | ||||||
23,493 | ||||||||
Banks 0.1% | ||||||||
Commerzbank AG | 120,704 | 1,285 | ||||||
Capital Goods 0.9% | ||||||||
MAN AG | 19,617 | 959 | ||||||
Siemens AG | 152,678 | 8,978 | ||||||
9,937 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Adidas AG | 34,078 | 1,184 | ||||||
Diversified Financials 0.5% | ||||||||
Deutsche Bank AG — Reg’d | 95,335 | 3,561 | ||||||
Deutsche Boerse AG | 33,200 | 2,597 | ||||||
6,158 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 30,500 | 1,351 |
Number | Value | |||||||
Security | of Shares | ($ x 1,000) | ||||||
Insurance 0.9% | ||||||||
Allianz SE — Reg’d | 77,200 | 5,666 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG — Reg’d | 34,994 | 4,543 | ||||||
10,209 | ||||||||
Materials 0.8% | ||||||||
BASF SE | 162,824 | 5,375 | ||||||
K+S AG | 24,700 | 957 | ||||||
Linde AG | 23,686 | 1,960 | ||||||
ThyssenKrupp AG | 57,028 | 1,080 | ||||||
9,372 | ||||||||
Pharmaceuticals & Biotechnology 0.7% | ||||||||
Bayer AG | 127,406 | 6,974 | ||||||
Merck KGaA | 10,800 | 954 | ||||||
7,928 | ||||||||
Software & Services 0.4% | ||||||||
SAP AG | 146,240 | 5,120 | ||||||
Telecommunication Services 0.6% | ||||||||
Deutsche Telekom AG — Reg’d | 505,762 | 7,420 | ||||||
Transportation 0.1% | ||||||||
Deutsche Post AG — Reg’d | 150,627 | 1,652 | ||||||
Utilities 1.6% | ||||||||
E.ON AG | 341,651 | 12,803 | ||||||
RWE AG | 74,676 | 6,122 | ||||||
18,925 | ||||||||
104,034 | ||||||||
Greece 0.2% | ||||||||
Banks 0.2% | ||||||||
Alpha Bank A.E. | 65,044 | 950 | ||||||
National Bank of Greece S.A. | 67,942 | 1,492 | ||||||
Piraeus Bank S.A. | 55,440 | 703 | ||||||
3,145 | ||||||||
Hong Kong 1.3% | ||||||||
Banks 0.1% | ||||||||
Hang Seng Bank Ltd. | 121,836 | 1,520 | ||||||
Capital Goods 0.1% | ||||||||
Hutchison Whampoa Ltd. | 336,370 | 1,818 | ||||||
Diversified Financials 0.2% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 180,018 | 1,825 | ||||||
Real Estate 0.5% | ||||||||
Cheung Kong (Holdings) Ltd. | 244,628 | 2,349 | ||||||
Sun Hung Kai Properties Ltd. | 242,604 | 2,126 | ||||||
Swire Pacific Ltd., Class A | 167,890 | 1,182 | ||||||
5,657 | ||||||||
Utilities 0.4% | ||||||||
CLP Holdings Ltd. | 323,080 | 2,179 | ||||||
Hong Kong & China Gas Co., Ltd. | 673,200 | 1,186 | ||||||
Hongkong Electric Holdings Ltd. | 218,000 | 1,175 | ||||||
4,540 | ||||||||
15,360 | ||||||||
Ireland 0.2% | ||||||||
Banks 0.1% | ||||||||
Allied Irish Banks plc | 138,658 | 738 | ||||||
Materials 0.1% | ||||||||
CRH plc | 87,100 | 1,914 | ||||||
2,652 | ||||||||
Italy 3.3% | ||||||||
Automobiles & Components 0.1% | ||||||||
Fiat S.p.A. | 126,888 | 1,007 | ||||||
Banks 1.3% | ||||||||
Banca Monte dei Paschi di Siena S.p.A. | 595,701 | 1,156 | ||||||
Banco Popolare Societa Cooperativa | 109,760 | 1,369 | ||||||
Intesa Sanpaolo | 1,599,904 | 5,855 | ||||||
UniCredit S.p.A. | 2,258,854 | 5,530 | ||||||
Unione di Banche Italiane S.c.p.A. | 102,112 | 1,723 | ||||||
15,633 | ||||||||
Energy 0.9% | ||||||||
Eni S.p.A. | 422,226 | 10,078 | ||||||
Insurance 0.4% | ||||||||
Assicurazioni Generali S.p.A. | 200,193 | 5,056 | ||||||
Telecommunication Services 0.2% | ||||||||
Telecom Italia S.p.A. | 1,808,111 | 2,077 | ||||||
Utilities 0.4% | ||||||||
Enel S.p.A. | 714,308 | 4,779 | ||||||
38,630 | ||||||||
Japan 18.3% | ||||||||
Automobiles & Components 2.5% | ||||||||
Bridgestone Corp. | 106,657 | 1,865 | ||||||
Denso Corp. | 71,600 | 1,395 | ||||||
Honda Motor Co., Ltd. | 264,039 | 6,565 | ||||||
Nissan Motors Co., Ltd. | 337,196 | 1,675 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Toyota Motor Corp. | 451,003 | 17,612 | ||||||
29,112 | ||||||||
Banks 2.0% | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 1,671,579 | 10,504 | ||||||
Mizuho Financial Group, Inc. | 1,908 | 4,659 | ||||||
Resona Holdings, Inc. | 948 | 994 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,318 | 5,284 | ||||||
The Bank of Yokohama Ltd. | 214,000 | 1,038 | ||||||
The Sumitomo Trust & Banking Co., Ltd. | 253,950 | 1,176 | ||||||
23,655 | ||||||||
Capital Goods 1.7% | ||||||||
Asahi Glass Co., Ltd. | 143,000 | 899 | ||||||
Daikin Industries Ltd. | 43,300 | 974 | ||||||
Fanuc Ltd. | 31,300 | 2,085 | ||||||
Itochu Corp. | 237,000 | 1,252 | ||||||
Komatsu Ltd. | 140,609 | 1,546 | ||||||
Mitsubishi Corp. | 241,000 | 4,040 | ||||||
Mitsubishi Electric Corp. | 303,000 | 1,878 | ||||||
Mitsubishi Heavy Industries Ltd. | 565,000 | 1,812 | ||||||
Mitsui & Co., Ltd. | 284,000 | 2,752 | ||||||
Sumitomo Corp. | 188,000 | 1,654 | ||||||
Sumitomo Electric Industries Ltd. | 124,000 | 1,004 | ||||||
19,896 | ||||||||
Commercial & Professional Supplies 0.2% | ||||||||
Dai Nippon Printing Co., Ltd. | 87,000 | 1,028 | ||||||
Secom Co., Ltd | 38,500 | 1,468 | ||||||
2,496 | ||||||||
Consumer Durables & Apparel 0.9% | ||||||||
Nikon Corp. | 55,000 | 775 | ||||||
Panasonic Corp. | 328,912 | 5,297 | ||||||
Sharp Corp. | 144,785 | 1,033 | ||||||
Sony Corp. | 167,500 | 3,970 | ||||||
�� | 11,075 | |||||||
Diversified Financials 0.5% | ||||||||
Daiwa Securities Group, Inc. | 240,045 | 1,357 | ||||||
Nomura Holdings, Inc. | 328,000 | 3,108 | ||||||
ORIX Corp. | 16,000 | 1,644 | ||||||
6,109 | ||||||||
Food & Staples Retailing 0.4% | ||||||||
Aeon Co., Ltd. | 106,200 | 1,018 | ||||||
Seven & I Holdings Co., Ltd. | 133,203 | 3,740 | ||||||
4,758 | ||||||||
Food, Beverage & Tobacco 0.5% | ||||||||
Asahi Breweries Ltd. | 66,000 | 1,089 | ||||||
Japan Tobacco, Inc. | 750 | 2,661 | ||||||
Kirin Holdings Co., Ltd. | 136,000 | 1,504 | ||||||
5,254 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Terumo Corp. | 26,000 | 1,084 | ||||||
Household & Personal Products 0.3% | ||||||||
Kao Corp. | 86,619 | 2,533 | ||||||
Shiseido Co., Ltd. | 56,000 | 1,152 | ||||||
3,685 | ||||||||
Insurance 0.7% | ||||||||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 70,562 | 1,961 | ||||||
Sompo Japan Insurance, Inc. | 149,000 | 1,044 | ||||||
T&D Holdings, Inc. | 37,000 | 1,413 | ||||||
Tokio Marine Holdings, Inc. | 129,500 | 3,995 | ||||||
8,413 | ||||||||
Materials 0.9% | ||||||||
JFE Holdings, Inc. | 91,000 | 2,322 | ||||||
Nippon Steel Corp. | 969,000 | 3,261 | ||||||
Shin-Etsu Chemical Co., Ltd. | 60,560 | 3,219 | ||||||
Sumitomo Metal Industries Ltd. | 564,000 | 1,451 | ||||||
10,253 | ||||||||
Pharmaceuticals & Biotechnology 1.1% | ||||||||
Astellas Pharma, Inc. | 79,370 | 3,197 | ||||||
Daiichi Sankyo Co., Ltd. | 105,500 | 2,163 | ||||||
Eisai Co., Ltd. | 41,000 | 1,330 | ||||||
Shionogi & Co., Ltd. | 59,000 | 1,004 | ||||||
Takeda Pharmaceutical Co., Ltd. | 115,200 | 5,724 | ||||||
13,418 | ||||||||
Real Estate 0.6% | ||||||||
Mitsubishi Estate Co., Ltd. | 195,502 | 3,492 | ||||||
Mitsui Fudosan Co., Ltd. | 135,777 | 2,368 | ||||||
Sumitomo Realty & Development Co., Ltd. | 74,000 | 1,206 | ||||||
7,066 | ||||||||
Retailing 0.1% | ||||||||
Yamada Denki Co., Ltd. | 15,000 | 817 | ||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
Tokyo Electron Ltd. | 28,000 | 934 | ||||||
Software & Services 0.5% | ||||||||
Nintendo Co., Ltd. | 18,239 | 5,860 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Technology Hardware & Equipment 1.8% | ||||||||
Canon, Inc. | 190,995 | 6,683 | ||||||
Fujifilm Holdings Corp. | 79,811 | 1,837 | ||||||
Fujitsu Ltd. | 326,000 | 1,282 | ||||||
Hitachi Ltd. | 544,079 | 2,554 | ||||||
Hoya Corp. | 69,607 | 1,271 | ||||||
Keyence Corp. | 6,000 | 1,150 | ||||||
Kyocera Corp. | 29,500 | 1,733 | ||||||
Murata Manufacturing Co., Ltd. | 32,574 | 1,123 | ||||||
NEC Corp. | 321,000 | 952 | ||||||
Ricoh Co., Ltd. | 94,000 | 1,011 | ||||||
Toshiba Corp. | 471,178 | 1,703 | ||||||
21,299 | ||||||||
Telecommunication Services 1.2% | ||||||||
KDDI Corp. | 519 | 3,112 | ||||||
Nippon Telegraph & Telephone Corp. | 1,405 | 5,734 | ||||||
NTT DoCoMo, Inc. | 2,615 | 4,147 | ||||||
SOFTBANK Corp. | 140,000 | 1,379 | ||||||
14,372 | ||||||||
Transportation 0.7% | ||||||||
Central Japan Railway Co. | 272 | 2,235 | ||||||
East Japan Railway Co. | 596 | 4,241 | ||||||
Mitsui O.S.K. Lines Ltd. | 175,000 | 914 | ||||||
West Japan Railway Co. | 285 | 1,254 | ||||||
8,644 | ||||||||
Utilities 1.5% | ||||||||
Chubu Electric Power Co., Inc. | 106,100 | 2,778 | ||||||
Kyushu Electric Power Co., Inc. | 66,493 | 1,524 | ||||||
Osaka Gas Co., Ltd. | 310,000 | 1,097 | ||||||
The Kansai Electric Power Co., Inc. | 130,000 | 3,260 | ||||||
The Tokyo Electric Power Co., Inc. | 192,890 | 5,463 | ||||||
Tohoku Electric Power Co., Inc. | 74,800 | 1,680 | ||||||
Tokyo Gas Co., Ltd. | 376,201 | 1,618 | ||||||
17,420 | ||||||||
215,620 | ||||||||
Luxembourg 0.3% | ||||||||
Diversified Financials 0.0% | ||||||||
Reinet Investments S.C.A. * | 11,728 | 121 | ||||||
Materials 0.3% | ||||||||
ArcelorMittal | 131,278 | 3,408 | ||||||
3,529 | ||||||||
Netherlands 2.6% | ||||||||
Capital Goods 0.3% | ||||||||
European Aeronautic Defence & Space Co. | 61,252 | 1,019 | ||||||
Koninklijke (Royal) Philips Electronics N.V. | 173,665 | 3,209 | ||||||
4,228 | ||||||||
Diversified Financials 0.3% | ||||||||
ING Groep N.V. CVA | 338,890 | 3,179 | ||||||
Food & Staples Retailing 0.2% | ||||||||
Koninklijke Ahold N.V. | 201,081 | 2,159 | ||||||
Food, Beverage & Tobacco 0.7% | ||||||||
Heineken N.V. | 43,960 | 1,483 | ||||||
Unilever N.V. CVA | 286,417 | 6,902 | ||||||
8,385 | ||||||||
Insurance 0.1% | ||||||||
Aegon N.V. | 180,648 | 751 | ||||||
Materials 0.2% | ||||||||
Akzo Nobel N.V. | 42,995 | 1,787 | ||||||
Koninklijke DSM N.V. | 30,304 | 844 | ||||||
2,631 | ||||||||
Media 0.1% | ||||||||
Reed Elsevier N.V. | 110,328 | 1,475 | ||||||
Semiconductors & Semiconductor Equipment 0.2% | ||||||||
ASML Holding N.V. | 72,039 | 1,261 | ||||||
STMicroelectronics N.V. | 99,193 | 808 | ||||||
2,069 | ||||||||
Telecommunication Services 0.4% | ||||||||
Koninklijke (Royal) KPN N.V. | 301,146 | 4,241 | ||||||
Transportation 0.1% | ||||||||
TNT N.V. | 69,631 | 1,469 | ||||||
30,587 | ||||||||
Norway 0.5% | ||||||||
Capital Goods 0.1% | ||||||||
Orkla A.S.A. | 136,763 | 911 | ||||||
Energy 0.3% | ||||||||
StatoilHydro A.S.A. | 206,245 | 4,148 | ||||||
Telecommunication Services 0.1% | ||||||||
Telenor A.S.A. | 117,795 | 703 | ||||||
5,762 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Portugal 0.3% | ||||||||
Banks 0.1% | ||||||||
Banco Comercial Portugues S.A. — Reg’d | 622,781 | 724 | ||||||
Telecommunication Services 0.1% | ||||||||
Portugal Telecom SGPS S.A. — Reg’d | 186,107 | 1,224 | ||||||
Utilities 0.1% | ||||||||
EDP — Energias de Portugal S.A. | 391,312 | 1,333 | ||||||
3,281 | ||||||||
Singapore 0.6% | ||||||||
Banks 0.4% | ||||||||
DBS Group Holdings Ltd. | 175,246 | 1,338 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 437,552 | 1,479 | ||||||
United Overseas Bank Ltd. | 214,682 | 1,941 | ||||||
4,758 | ||||||||
Telecommunication Services 0.2% | ||||||||
Singapore Telecommunications Ltd. | 1,221,237 | 2,055 | ||||||
6,813 | ||||||||
Spain 4.6% | ||||||||
Banks 1.9% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 636,477 | 7,387 | ||||||
Banco de Sabadell S.A. | 185,508 | 1,265 | ||||||
Banco Popular Espanol S.A. | 197,744 | 1,800 | ||||||
Banco Santander S.A. | 1,064,785 | 11,516 | ||||||
21,968 | ||||||||
Capital Goods 0.1% | ||||||||
ACS, Actividades de Construccion y Servicios S.A. | 37,491 | 1,392 | ||||||
Energy 0.4% | ||||||||
Compania Espanola de Petroleos S.A. | 18,285 | 1,618 | ||||||
Repsol YPF S.A. | 154,504 | 2,938 | ||||||
4,556 | ||||||||
Retailing 0.1% | ||||||||
Industria de Diseno Textil S.A. | 35,569 | 1,202 | ||||||
Telecommunication Services 1.2% | ||||||||
Telefonica S.A. | 787,405 | 14,579 | ||||||
Transportation 0.1% | ||||||||
Abertis Infraestructuras S.A. | 58,657 | 1,007 | ||||||
Utilities 0.8% | ||||||||
Gas Natural SDG S.A. | 45,433 | 1,398 | ||||||
Iberdrola S.A. | 834,123 | 6,037 | ||||||
Union Fenosa S.A. | 94,389 | 2,003 | ||||||
9,438 | ||||||||
54,142 | ||||||||
Sweden 1.5% | ||||||||
Banks 0.4% | ||||||||
Nordea Bank AB | 346,815 | 2,780 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 92,075 | 912 | ||||||
Svenska Handelsbanken AB, A Shares | 82,642 | 1,519 | ||||||
5,211 | ||||||||
Capital Goods 0.3% | ||||||||
Atlas Copco AB, A Shares | 107,348 | 900 | ||||||
Sandvik AB | 179,447 | 1,165 | ||||||
Volvo AB, B Shares | 188,427 | 985 | ||||||
3,050 | ||||||||
Diversified Financials 0.1% | ||||||||
Investor AB, B Shares | 68,068 | 1,026 | ||||||
Retailing 0.3% | ||||||||
Hennes & Mauritz AB, B Shares | 82,874 | 2,972 | ||||||
Technology Hardware & Equipment 0.3% | ||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 519,093 | 3,534 | ||||||
Telecommunication Services 0.1% | ||||||||
TeliaSonera AB | 367,528 | 1,617 | ||||||
17,410 | ||||||||
Switzerland 8.8% | ||||||||
Capital Goods 0.5% | ||||||||
ABB Ltd. — Reg’d * | 399,623 | 5,243 | ||||||
Consumer Durables & Apparel 0.1% | ||||||||
Compagnie Financiere Richemont S.A., Series A | 55,033 | 1,157 | ||||||
Diversified Financials 1.4% | ||||||||
Credit Suisse Group AG — Reg’d | 171,263 | 6,404 | ||||||
Julius Baer Holding AG — Reg’d | 36,647 | 1,434 | ||||||
UBS AG — Reg’d * | 489,839 | 8,311 | ||||||
16,149 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Food, Beverage & Tobacco 2.1% | ||||||||
Nestle S.A. | 649,334 | 25,251 | ||||||
Insurance 0.6% | ||||||||
Swiss Re — Reg’d | 62,331 | 2,599 | ||||||
Zurich Financial Services AG — Reg’d | 24,047 | 4,879 | ||||||
7,478 | ||||||||
Materials 0.4% | ||||||||
Holcim Ltd. — Reg’d | 33,680 | 1,913 | ||||||
Syngenta AG — Reg’d | 16,162 | 3,021 | ||||||
4,934 | ||||||||
Pharmaceuticals & Biotechnology 3.6% | ||||||||
Novartis AG — Reg’d. | 448,364 | 22,758 | ||||||
Roche Holding AG | 119,112 | 18,215 | ||||||
Roche Holding AG — Bearer Shares | 8,014 | 1,239 | ||||||
42,212 | ||||||||
Telecommunication Services 0.1% | ||||||||
Swisscom AG — Reg’d | 4,232 | 1,293 | ||||||
103,717 | ||||||||
United Kingdom 20.6% | ||||||||
Banks 3.3% | ||||||||
Barclays plc | 1,360,383 | 3,900 | ||||||
HBOS plc | 899,840 | 1,473 | ||||||
HSBC Holdings plc | 2,043,280 | 24,201 | ||||||
Lloyds TSB Group plc | 1,023,922 | 3,309 | ||||||
Royal Bank of Scotland Group plc | 2,730,432 | 3,008 | ||||||
Standard Chartered plc | 195,106 | 3,225 | ||||||
39,116 | ||||||||
Capital Goods 0.4% | ||||||||
BAE Systems plc | 605,754 | 3,405 | ||||||
Rolls-Royce Group plc * | 309,529 | 1,638 | ||||||
Rolls-Royce Group plc, C Shares (a)* | 17,705,058 | — | ||||||
5,043 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Capita Group plc | 102,892 | 1,063 | ||||||
Diversified Financials 0.1% | ||||||||
Man Group plc | 266,983 | 1,541 | ||||||
Energy 5.4% | ||||||||
BG Group plc | 580,504 | 8,536 | ||||||
BP plc | 3,179,649 | 25,919 | ||||||
Royal Dutch Shell plc, Class A | 588,320 | 16,306 | ||||||
Royal Dutch Shell plc, Class B | 454,943 | 12,334 | ||||||
63,095 | ||||||||
Food & Staples Retailing 0.7% | ||||||||
J Sainsbury plc | 253,705 | 1,159 | ||||||
Tesco plc | 1,344,869 | 7,369 | ||||||
8,528 | ||||||||
Food, Beverage & Tobacco 2.2% | ||||||||
British American Tobacco plc | 295,319 | 8,100 | ||||||
Cadbury plc | 219,834 | 2,019 | ||||||
Diageo plc | 440,768 | 6,726 | ||||||
Imperial Tobacco Group plc | 169,744 | 4,550 | ||||||
Unilever plc | 214,819 | 4,826 | ||||||
26,221 | ||||||||
Household & Personal Products 0.4% | ||||||||
Reckitt Benckiser Group plc | 101,843 | 4,308 | ||||||
Insurance 0.5% | ||||||||
Aviva plc | 425,163 | 2,536 | ||||||
Prudential plc | 452,313 | 2,272 | ||||||
Standard Life plc | 401,148 | 1,553 | ||||||
6,361 | ||||||||
Materials 1.8% | ||||||||
Anglo American plc | 220,873 | 5,542 | ||||||
BHP Billiton plc | 381,998 | 6,486 | ||||||
Rio Tinto plc | 146,707 | 6,853 | ||||||
Xstrata plc | 100,849 | 1,725 | ||||||
20,606 | ||||||||
Media 0.2% | ||||||||
Reed Elsevier plc | 184,124 | 1,616 | ||||||
WPP Group plc | 214,518 | 1,283 | ||||||
2,899 | ||||||||
Pharmaceuticals & Biotechnology 2.4% | ||||||||
AstraZeneca plc | 245,264 | 10,394 | ||||||
GlaxoSmithKline plc | 887,702 | 17,065 | ||||||
Shire Ltd. | 93,522 | 1,226 | ||||||
28,685 | ||||||||
Real Estate 0.1% | ||||||||
Land Securities Group plc | 77,701 | 1,379 | ||||||
Retailing 0.1% | ||||||||
Marks & Spencer Group plc | 275,748 | 978 | ||||||
Telecommunication Services 1.7% | ||||||||
BT Group plc | 1,365,430 | 2,566 | ||||||
Vodafone Group plc | 8,956,795 | 17,230 | ||||||
19,796 | ||||||||
Utilities 1.2% | ||||||||
British Energy Group plc | 169,549 | 2,028 | ||||||
Centrica plc | 619,690 | 3,045 | ||||||
National Grid plc | 408,987 | 4,607 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Scottish & Southern Energy plc | 146,282 | 2,867 | ||||||
United Utilities Group plc | 107,747 | 1,217 | ||||||
13,764 | ||||||||
243,383 | ||||||||
United States 0.1% | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Synthes, Inc. | 9,366 | 1,209 | ||||||
Total Common Stock (Cost $1,093,011) | 1,144,821 | |||||||
Preferred Stock 0.2% of net assets | ||||||||
Germany 0.2% | ||||||||
Porsche Automobil Holding SE | 14,600 | 1,276 | ||||||
Volkswagen AG | 17,600 | 1,085 | ||||||
Total Preferred Stock (Cost $3,449) | 2,361 | |||||||
Rights 0.0% of net assets | ||||||||
Belgium 0.0% | ||||||||
Fortis (a)(b) | 358,772 | — | ||||||
Total Rights (Cost $—) | — | |||||||
Other Investment Companies 1.9% of net assets | ||||||||
United States 1.9% | ||||||||
iShares MSCI EAFE Index Fund | 500,000 | 22,310 | ||||||
Total Other Investment Companies (Cost $19,968) | 22,310 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 1.3% of net assets | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 15,037 | 15,037 | ||||||
Total Short-Term Investments (Cost $15,037) | 15,037 | |||||||
* | Non-income producing security. | |
(a) | Fair-valued by Management. | |
(b) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. | |
CVA — Dutch Certificate | ||
Reg’d — Registered |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
93.9 | % | Common Stock | 1,216,052 | 1,009,483 | ||||||||
1.1 | % | Foreign Common Stock | 19,828 | 12,097 | ||||||||
— | % | Preferred Stock | 1,124 | 356 | ||||||||
— | % | Rights | 44 | 54 | ||||||||
4.9 | % | Short-Term Investments | 52,705 | 52,705 | ||||||||
99.9 | % | Total Investments | 1,289,753 | 1,074,695 | ||||||||
0.1 | % | Other Assets and Liabilities, Net | 945 | |||||||||
100.0 | % | Total Net Assets | 1,075,640 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 93.9% of net assets | ||||||||
Automobiles & Components 0.4% | ||||||||
American Axle & Manufacturing Holdings, Inc. | 24,385 | 88 | ||||||
ArvinMeritor, Inc. | 109,012 | 645 | ||||||
Cooper Tire & Rubber Co. | 89,123 | 680 | ||||||
Dana Holding Corp. * | 90,271 | 171 | ||||||
Drew Industries, Inc. * | 28,913 | 350 | ||||||
Exide Technologies * | 96,900 | 460 | ||||||
Modine Manufacturing Co. | 47,691 | 353 | ||||||
Tenneco, Inc. * | 59,818 | 294 | ||||||
Thor Industries, Inc. | 52,464 | 939 | ||||||
Visteon Corp. * | 147,500 | 102 | ||||||
Winnebago Industries, Inc. | 46,430 | 276 | ||||||
4,358 | ||||||||
Banks 9.2% | ||||||||
1st Source Corp. | 14,221 | 305 | ||||||
AMCORE Financial, Inc. | 19,993 | 93 | ||||||
BancFirst Corp. | 13,416 | 676 | ||||||
BancorpSouth, Inc. | 114,368 | 2,776 | ||||||
Bank Mutual Corp. | 82,693 | 953 | ||||||
Beneficial Mutual Bancorp, Inc. * | 60,203 | 713 | ||||||
BOK Financial Corp. | 2,480 | 119 | ||||||
Brookline Bancorp, Inc. | 92,796 | 1,086 | ||||||
Cathay General Bancorp | 78,622 | 1,925 | ||||||
Central Pacific Financial Corp. | 42,432 | 662 | ||||||
Chemical Financial Corp. | 41,203 | 1,082 | ||||||
Citizens Republic Bancorp, Inc. | 97,328 | 287 | ||||||
City Holding Co. | 31,200 | 1,305 | ||||||
Community Bank System, Inc. | 50,200 | 1,252 | ||||||
Corus Bankshares, Inc. | 14,648 | 32 | ||||||
CVB Financial Corp. | 105,819 | 1,340 | ||||||
Dime Community Bancshares | 42,400 | 708 | ||||||
Doral Financial Corp. * | 6,900 | 64 | ||||||
Downey Financial Corp. | 430 | 1 | ||||||
East West Bancorp, Inc. | 106,800 | 1,853 | ||||||
F.N.B. Corp. | 133,537 | 1,749 | ||||||
First BanCorp Puerto Rico | 117,677 | 1,203 | ||||||
First Busey Corp. | 35,500 | 662 | ||||||
First Citizens BancShares, Inc., Class A | 12,265 | 1,876 | ||||||
First Commonwealth Financial Corp. | 107,656 | 1,191 | ||||||
First Financial Bancorp | 48,189 | 648 | ||||||
First Financial Bankshares, Inc. | 40,721 | 2,207 | ||||||
First Horizon National Corp. | 316,891 | 3,774 | ||||||
First Midwest Bancorp, Inc. | 71,763 | 1,594 | ||||||
First Niagara Financial Group, Inc. | 186,136 | 2,935 | ||||||
FirstMerit Corp. | 119,482 | 2,786 | ||||||
Frontier Financial Corp. | 69,885 | 465 | ||||||
Glacier Bancorp, Inc. | 91,111 | 1,838 | ||||||
Hancock Holding Co. | 38,810 | 1,714 | ||||||
IBERIABANK Corp. | 19,600 | 998 | ||||||
International Bancshares Corp. | 82,195 | 2,135 | ||||||
Kearny Financial Corp. | 29,200 | 337 | ||||||
MB Financial, Inc. | 51,524 | 1,531 | ||||||
MGIC Investment Corp. | 164,200 | 637 | ||||||
National Penn Bancshares, Inc. | 123,578 | 2,093 | ||||||
NBT Bancorp, Inc. | 56,685 | 1,580 | ||||||
NewAlliance Bancshares, Inc. | 183,811 | 2,537 | ||||||
Northwest Bancorp, Inc. | 37,693 | 999 | ||||||
Old National Bancorp | 105,883 | 2,005 | ||||||
Oritani Financial Corp. * | 11,000 | 188 | ||||||
Pacific Capital Bancorp | 69,842 | 1,372 | ||||||
PacWest Bancorp | 38,016 | 950 | ||||||
Park National Corp. | 15,253 | 1,110 | ||||||
PrivateBancorp, Inc. | 43,476 | 1,566 | ||||||
Prosperity Bancshares, Inc. | 64,965 | 2,157 | ||||||
Provident Financial Services, Inc. | 80,051 | 1,174 | ||||||
Provident New York Bancorp | 50,000 | 602 | ||||||
S&T Bancorp, Inc. | 37,081 | 1,264 | ||||||
Signature Bank * | 54,809 | 1,786 | ||||||
Sterling Bancshares, Inc. | 110,712 | 881 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Sterling Financial Corp., Washington | 82,747 | 702 | ||||||
Susquehanna Bancshares, Inc. | 133,508 | 2,068 | ||||||
SVB Financial Group * | 56,123 | 2,888 | ||||||
The Colonial BancGroup, Inc. | 287,500 | 1,167 | ||||||
The South Financial Group, Inc. | 108,725 | 632 | ||||||
TrustCo Bank Corp. NY | 120,802 | 1,470 | ||||||
Trustmark Corp. | 73,677 | 1,512 | ||||||
UCBH Holdings, Inc. | 201,725 | 1,065 | ||||||
UMB Financial Corp. | 52,824 | 2,394 | ||||||
Umpqua Holdings Corp. | 94,195 | 1,603 | ||||||
United Bankshares, Inc. | 63,122 | 2,014 | ||||||
United Community Banks, Inc. | 63,222 | 829 | ||||||
Washington Federal, Inc. | 129,839 | 2,288 | ||||||
Webster Financial Corp. | 79,500 | 1,474 | ||||||
WesBanco, Inc. | 42,198 | 1,147 | ||||||
Westamerica Bancorp. | 46,670 | 2,672 | ||||||
Whitney Holding Corp. | 103,200 | 1,961 | ||||||
Wintrust Financial Corp. | 36,555 | 936 | ||||||
98,598 | ||||||||
Capital Goods 9.2% | ||||||||
A.O. Smith Corp. | 36,730 | 1,159 | ||||||
AAR CORP. * | 61,597 | 985 | ||||||
Actuant Corp., Class A | 82,648 | 1,482 | ||||||
Albany International Corp., Class A | 44,500 | 648 | ||||||
American Superconductor Corp. * | 68,553 | 858 | ||||||
Ameron International Corp. | 15,500 | 729 | ||||||
Apogee Enterprises, Inc. | 49,200 | 485 | ||||||
Applied Industrial Technologies, Inc. | 60,166 | 1,215 | ||||||
Astec Industries, Inc. * | 30,095 | 765 | ||||||
Badger Meter, Inc. | 24,303 | 612 | ||||||
Baldor Electric Co. | 69,908 | 1,228 | ||||||
Barnes Group, Inc. | 64,340 | 934 | ||||||
Beacon Roofing Supply, Inc. * | 74,882 | 1,024 | ||||||
Belden, Inc. | 65,200 | 1,359 | ||||||
Blount International, Inc. * | 56,662 | 492 | ||||||
Brady Corp., Class A | 81,429 | 2,524 | ||||||
Briggs & Stratton Corp. | 78,493 | 1,237 | ||||||
Cascade Corp. | 12,800 | 423 | ||||||
Ceradyne, Inc. * | 38,912 | 914 | ||||||
Chart Industries, Inc. * | 45,100 | 614 | ||||||
CIRCOR International, Inc. | 28,200 | 864 | ||||||
CLARCOR, Inc. | 84,698 | 2,998 | ||||||
Cubic Corp. | 24,015 | 534 | ||||||
Curtiss-Wright Corp. | 67,956 | 2,508 | ||||||
Dycom Industries, Inc. * | 58,132 | 516 | ||||||
DynCorp International, Inc., Class A * | 37,899 | 501 | ||||||
EMCOR Group, Inc. * | 101,404 | 1,802 | ||||||
Encore Wire Corp. | 29,441 | 564 | ||||||
Energy Conversion Devices, Inc. * | 69,063 | 2,358 | ||||||
EnerSys * | 67,878 | 897 | ||||||
EnPro Industries, Inc. * | 30,300 | 673 | ||||||
ESCO Technologies, Inc. * | 38,469 | 1,327 | ||||||
Esterline Technologies Corp. * | 44,811 | 1,615 | ||||||
Evergreen Solar, Inc. * | 159,989 | 606 | ||||||
Federal Signal Corp. | 80,759 | 687 | ||||||
Franklin Electric Co., Inc. | 35,818 | 1,510 | ||||||
FreightCar America, Inc. | 17,490 | 457 | ||||||
Gardner Denver, Inc. * | 78,612 | 2,014 | ||||||
GenCorp, Inc. * | 69,052 | 338 | ||||||
Gibraltar Industries, Inc. | 15,172 | 201 | ||||||
GrafTech International Ltd. * | 190,000 | 1,541 | ||||||
Granite Construction, Inc. | 54,956 | 1,960 | ||||||
HEICO Corp., Class A | 22,724 | 638 | ||||||
Hexcel Corp. * | 145,483 | 1,920 | ||||||
Icahn Enterprises L.P. | 1,847 | 57 | ||||||
II-VI, Inc. * | 39,100 | 1,098 | ||||||
Insituform Technologies, Inc., Class A * | 41,900 | 563 | ||||||
Interline Brands, Inc. * | 48,634 | 518 | ||||||
Kaman Corp. | 40,349 | 1,030 | ||||||
Kaydon Corp. | 44,435 | 1,485 | ||||||
Layne Christensen Co. * | 39,911 | 1,049 | ||||||
Lindsay Corp. | 17,800 | 847 | ||||||
MasTec, Inc. * | 73,273 | 639 | ||||||
Moog, Inc., Class A * | 64,572 | 2,268 | ||||||
Mueller Industries, Inc. | 60,924 | 1,393 | ||||||
Mueller Water Products, Inc., Class A | 100,000 | 700 | ||||||
Mueller Water Products, Inc., Class B | 9,300 | 61 | ||||||
NACCO Industries, Inc., Class A | 9,477 | 584 | ||||||
NCI Building Systems, Inc. * | 32,206 | 599 | ||||||
Nordson Corp. | 51,643 | 1,907 | ||||||
Orbital Sciences Corp. * | 96,436 | 1,976 | ||||||
Otter Tail Corp. | 47,909 | 1,125 | ||||||
Perini Corp. * | 42,730 | 813 | ||||||
Polypore International, Inc. * | 25,200 | 215 | ||||||
Quanex Building Products Corp. | 29,404 | 269 | ||||||
RBC Bearings, Inc. * | 33,900 | 804 | ||||||
Regal-Beloit Corp. | 51,347 | 1,672 | ||||||
Robbins & Myers, Inc. | 56,800 | 1,159 | ||||||
RSC Holdings, Inc. * | 62,000 | 455 | ||||||
Rush Enterprises, Inc., Class A * | 55,287 | 518 | ||||||
Sauer-Danfoss, Inc. | 27,000 | 277 | ||||||
Seaboard Corp. | 975 | 1,307 | ||||||
Simpson Manufacturing Co., Inc. | 55,294 | 1,274 | ||||||
TAL International Group, Inc. | 21,000 | 348 | ||||||
Taser International, Inc. * | 107,100 | 537 | ||||||
Tecumseh Products Co., Class A * | 27,800 | 515 | ||||||
Teledyne Technologies, Inc. * | 61,825 | 2,817 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Tennant Co. | 31,200 | 783 | ||||||
The Middleby Corp. * | 26,352 | 1,064 | ||||||
The Toro Co. | 55,135 | 1,855 | ||||||
Titan International, Inc. | 53,925 | 623 | ||||||
TransDigm Group, Inc. * | 58,500 | 1,763 | ||||||
Tredegar Corp. | 29,800 | 439 | ||||||
Triumph Group, Inc. | 24,801 | 1,088 | ||||||
United Rentals, Inc. * | 92,000 | 943 | ||||||
Universal Forest Products, Inc. | 24,662 | 583 | ||||||
Vicor Corp. | 26,517 | 185 | ||||||
Wabtec Corp. | 81,150 | 3,227 | ||||||
Watsco, Inc. | 44,982 | 1,848 | ||||||
Watts Water Technologies, Inc., Class A | 57,807 | 1,528 | ||||||
Woodward Governor Co. | 94,634 | 3,038 | ||||||
98,562 | ||||||||
Commercial & Professional Supplies 4.3% | ||||||||
ABM Industries, Inc. | 70,209 | 1,147 | ||||||
Acco Brands Corp. * | 60,923 | 172 | ||||||
Administaff, Inc. | 34,310 | 686 | ||||||
American Reprographics Co. * | 58,787 | 625 | ||||||
Cenveo, Inc. * | 55,242 | 267 | ||||||
Clean Harbors, Inc. * | 31,500 | 2,065 | ||||||
Consolidated Graphics, Inc. * | 20,300 | 264 | ||||||
CoStar Group, Inc. * | 36,483 | 1,314 | ||||||
Deluxe Corp. | 76,046 | 925 | ||||||
Duff & Phelps Corp., Class A * | 21,000 | 399 | ||||||
Ennis, Inc. | 39,000 | 459 | ||||||
First Advantage Corp., Class A * | 17,552 | 192 | ||||||
G & K Services, Inc., Class A | 29,330 | 663 | ||||||
Healthcare Services Group, Inc. | 66,650 | 1,104 | ||||||
Heidrick & Struggles International, Inc. | 25,600 | 618 | ||||||
Herman Miller, Inc. | 95,700 | 2,105 | ||||||
HNI Corp. | 75,200 | 1,378 | ||||||
Huron Consulting Group, Inc. * | 30,500 | 1,658 | ||||||
IKON Office Solutions, Inc. | 171,121 | 2,948 | ||||||
Innerworkings, Inc. * | 48,200 | 335 | ||||||
Interface, Inc., Class A | 87,900 | 620 | ||||||
Kelly Services, Inc., Class A | 43,623 | 621 | ||||||
Kimball International, Inc., Class B | 39,751 | 296 | ||||||
Knoll, Inc. | 71,903 | 1,040 | ||||||
Korn/Ferry International * | 78,461 | 1,090 | ||||||
M&F Worldwide Corp. * | 15,670 | 361 | ||||||
McGrath Rentcorp | 38,898 | 885 | ||||||
Mine Safety Appliances Co. | 47,689 | 1,288 | ||||||
Mobile Mini, Inc. * | 52,768 | 887 | ||||||
MPS Group, Inc. * | 144,346 | 1,124 | ||||||
Navigant Consulting, Inc. * | 68,548 | 1,108 | ||||||
Resources Connection, Inc. * | 68,250 | 1,183 | ||||||
Rollins, Inc. | 71,655 | 1,259 | ||||||
School Specialty, Inc. * | 26,093 | 548 | ||||||
Steelcase, Inc., Class A | 104,242 | 969 | ||||||
Sykes Enterprises, Inc. * | 51,893 | 828 | ||||||
Tetra Tech, Inc. * | 104,878 | 2,306 | ||||||
The Advisory Board Co. * | 26,576 | 655 | ||||||
The Corporate Executive Board Co. | 52,800 | 1,575 | ||||||
The Geo Group, Inc. * | 79,200 | 1,399 | ||||||
TrueBlue, Inc. * | 69,376 | 578 | ||||||
United Stationers, Inc. * | 34,967 | 1,307 | ||||||
Viad Corp. | 31,696 | 693 | ||||||
Waste Connections, Inc. * | 123,243 | 4,172 | ||||||
46,116 | ||||||||
Consumer Durables & Apparel 2.9% | ||||||||
American Greetings Corp., Class A | 67,111 | 784 | ||||||
Blyth, Inc. | 28,509 | 245 | ||||||
Brunswick Corp. | 129,500 | 449 | ||||||
Callaway Golf Co. | 98,069 | 1,026 | ||||||
Carter’s, Inc. * | 84,914 | 1,804 | ||||||
Champion Enterprises, Inc. * | 74,033 | 138 | ||||||
Columbia Sportswear Co. | 18,919 | 697 | ||||||
Crocs, Inc. * | 81,418 | 204 | ||||||
Deckers Outdoor Corp. * | 24,500 | 2,079 | ||||||
Ethan Allen Interiors, Inc. | 42,479 | 760 | ||||||
Furniture Brands International, Inc. | 46,202 | 263 | ||||||
Hovnanian Enterprises, Inc., Class A * | 41,411 | 178 | ||||||
Iconix Brand Group, Inc. * | 85,400 | 930 | ||||||
JAKKS Pacific, Inc. * | 62,174 | 1,391 | ||||||
Jarden Corp. * | 138,808 | 2,471 | ||||||
Jones Apparel Group, Inc. | 123,300 | 1,370 | ||||||
K-Swiss, Inc., Class A | 65,428 | 990 | ||||||
Leapfrog Enterprises, Inc. * | 53,625 | 362 | ||||||
Meritage Homes Corp. * | 74,885 | 1,028 | ||||||
Movado Group, Inc. | 27,900 | 424 | ||||||
Oxford Industries, Inc. | 20,618 | 278 | ||||||
Polaris Industries, Inc. | 49,123 | 1,654 | ||||||
Pool Corp. | 72,477 | 1,262 | ||||||
Quiksilver, Inc. * | 158,512 | 411 | ||||||
Sealy Corp. | 32,500 | 105 | ||||||
Skechers U.S.A., Inc., Class A * | 50,278 | 683 | ||||||
Tempur-Pedic International, Inc. | 110,562 | 863 | ||||||
The Ryland Group, Inc. | 63,000 | 1,184 | ||||||
The Timberland Co., Class A * | 69,660 | 843 | ||||||
The Warnaco Group, Inc. * | 72,963 | 2,175 | ||||||
Under Armour, Inc., Class A * | 56,520 | 1,469 | ||||||
UniFirst Corp. | 21,635 | 706 | ||||||
Wolverine World Wide, Inc. | 98,936 | 2,325 | ||||||
31,551 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Consumer Services 3.8% | ||||||||
Ambassadors Groups, Inc. | 33 | — | ||||||
American Public Education, Inc. * | 17,600 | 779 | ||||||
Ameristar Casinos, Inc. | 26,175 | 241 | ||||||
Bally Technologies, Inc. * | 83,962 | 1,860 | ||||||
Bob Evans Farms, Inc. | 48,046 | 1,003 | ||||||
Boyd Gaming Corp. | 70,700 | 481 | ||||||
California Pizza Kitchen, Inc. * | 38,950 | 381 | ||||||
Capella Education Co. * | 22,500 | 1,067 | ||||||
Career Education Corp. * | 132,900 | 2,101 | ||||||
CBRL Group, Inc. | 37,353 | 744 | ||||||
CEC Entertainment, Inc. * | 45,538 | 1,169 | ||||||
Cedar Fair L.P. | 82,997 | 1,535 | ||||||
Choice Hotels International, Inc. | 54,114 | 1,480 | ||||||
Churchill Downs, Inc. | 15,261 | 580 | ||||||
CKE Restaurants, Inc. | 85,979 | 730 | ||||||
Coinstar, Inc. * | 41,700 | 1,000 | ||||||
Corinthian Colleges, Inc. * | 129,229 | 1,845 | ||||||
DineEquity, Inc. | 28,572 | 515 | ||||||
Domino’s Pizza, Inc. * | 39,879 | 237 | ||||||
Gaylord Entertainment Co. * | 61,835 | 1,324 | ||||||
Jack in the Box, Inc. * | 86,588 | 1,740 | ||||||
Life Time Fitness, Inc. * | 56,977 | 1,085 | ||||||
Matthews International Corp., Class A | 49,484 | 2,208 | ||||||
P.F. Chang’s China Bistro, Inc. * | 37,742 | 772 | ||||||
Panera Bread Co., Class A * | 50,900 | 2,297 | ||||||
Papa John’s International, Inc. * | 34,655 | 782 | ||||||
Pinnacle Entertainment, Inc. * | 73,885 | 414 | ||||||
Pre-Paid Legal Services, Inc. * | 14,300 | 565 | ||||||
Red Robin Gourmet Burgers, Inc. * | 28,427 | 432 | ||||||
Regis Corp. | 65,149 | 806 | ||||||
Sonic Corp. * | 97,229 | 1,040 | ||||||
Sotheby’s | 104,400 | 972 | ||||||
Speedway Motorsports, Inc. | 21,584 | 344 | ||||||
Steiner Leisure Ltd. * | 32,309 | 837 | ||||||
Stewart Enterprises, Inc., Class A | 144,000 | 745 | ||||||
Texas Roadhouse, Inc., Class A * | 82,396 | 578 | ||||||
The Cheesecake Factory, Inc. * | 100,500 | 884 | ||||||
The Marcus Corp. | 33,083 | 464 | ||||||
thinkorswim Group, Inc. * | 105,600 | 845 | ||||||
Vail Resorts, Inc. * | 48,871 | 1,625 | ||||||
WMS Industries, Inc. * | 80,151 | 2,004 | ||||||
40,511 | ||||||||
Diversified Financials 2.3% | ||||||||
Advance America Cash Advance Centers, Inc. | 13,665 | 37 | ||||||
AmeriCredit Corp. * | 171,900 | 1,007 | ||||||
Cash America International, Inc. | 43,970 | 1,555 | ||||||
Cohen & Steers, Inc. | 27,028 | 491 | ||||||
Credit Acceptance Corp. * | 5,953 | 91 | ||||||
EZCORP, Inc., Class A * | 73,600 | 1,166 | ||||||
FCStone Group, Inc. * | 27,800 | 165 | ||||||
Financial Federal Corp. | 45,423 | 1,052 | ||||||
GAMCO Investors, Inc., Class A | 8,700 | 331 | ||||||
GFI Group, Inc. | 75,668 | 243 | ||||||
Greenhill & Co., Inc. | 25,832 | 1,704 | ||||||
Interactive Brokers Group, Inc., Class A * | 61,400 | 1,312 | ||||||
Investment Technology Group, Inc. * | 64,465 | 1,316 | ||||||
KBW, Inc. * | 53,400 | 1,564 | ||||||
KKR Financial Holdings LLC | 96,943 | 374 | ||||||
Knight Capital Group, Inc., Class A * | 145,672 | 2,106 | ||||||
MF Global Ltd. * | 124,100 | 484 | ||||||
Nelnet, Inc., Class A | 34,600 | 506 | ||||||
optionsXpress Holdings, Inc. | 66,147 | 1,175 | ||||||
PHH Corp. * | 97,363 | 785 | ||||||
PICO Holdings, Inc. * | 29,500 | 739 | ||||||
Piper Jaffray Cos., Inc. * | 24,439 | 964 | ||||||
Portfolio Recovery Associates, Inc. * | 25,943 | 931 | ||||||
Pzena Investment Management, Inc. | 12,000 | 53 | ||||||
Riskmetrics Group, Inc. * | 48,100 | 741 | ||||||
Stifel Financial Corp. * | 42,150 | 1,840 | ||||||
W.P. Carey & Co., LLC | 58,166 | 1,338 | ||||||
World Acceptance Corp. * | 32,300 | 597 | ||||||
24,667 | ||||||||
Energy 7.1% | ||||||||
Alliance Holdings GP L.P. | 20,994 | 435 | ||||||
Alliance Resource Partners L.P. | 31,610 | 1,011 | ||||||
Alon USA Energy, Inc. | 22,000 | 194 | ||||||
APCO Argentina, Inc. | 3,100 | 87 | ||||||
Arena Resources, Inc. * | 59,400 | 1,810 | ||||||
Atlas America, Inc. | 64,244 | 1,472 | ||||||
Atlas Pipeline Holdings L.P. | 26,000 | 281 | ||||||
Atlas Pipeline Partners L.P. | 84,500 | 1,517 | ||||||
ATP Oil & Gas Corp. * | 43,533 | 524 | ||||||
Basic Energy Services, Inc. * | 38,100 | 521 | ||||||
BP Prudhoe Bay Royalty Trust | 36,165 | 2,983 | ||||||
BPZ Resources, Inc. * | 91,200 | 903 | ||||||
BreitBurn Energy Partners L.P. | 51,163 | 575 | ||||||
Bristow Group, Inc. * | 47,687 | 1,181 | ||||||
Buckeye GP Holdings L.P. | 12,604 | 216 | ||||||
Cal Dive International, Inc. * | 68,100 | 580 | ||||||
Calumet Specialty Products Partners L.P. | 20,000 | 295 | ||||||
CARBO Ceramics, Inc. | 32,420 | 1,403 | ||||||
Carrizo Oil & Gas, Inc. * | 45,000 | 1,053 | ||||||
Clayton Williams Energy, Inc. * | 10,000 | 484 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Complete Production Services, Inc. * | 82,000 | 1,016 | ||||||
Comstock Resources, Inc. * | 76,926 | 3,802 | ||||||
Contango Oil & Gas Co. * | 22,200 | 1,221 | ||||||
Copano Energy LLC | 68,100 | 1,500 | ||||||
Crosstex Energy L.P. | 56,383 | 724 | ||||||
Crosstex Energy, Inc. | 73,631 | 752 | ||||||
DCP Midstream Partners L.P. | 41,700 | 630 | ||||||
Delek US Holdings, Inc. | 16,000 | 89 | ||||||
Dorchester Minerals L.P. | 27,392 | 614 | ||||||
Eagle Rock Energy Partners L.P. | 61,385 | 624 | ||||||
Enbridge Energy Management LLC * | 18,751 | 705 | ||||||
Encore Energy Partners L.P. | 15,900 | 282 | ||||||
General Maritime Corp. | 45,996 | 697 | ||||||
Genesis Energy L.P. | 37,343 | 485 | ||||||
Global Industries Ltd. * | 149,682 | 382 | ||||||
GMX Resources, Inc. * | 22,700 | 857 | ||||||
Goodrich Petroleum Corp. * | 35,800 | 994 | ||||||
Grey Wolf, Inc. * | 293,748 | 1,886 | ||||||
GulfMark Offshore, Inc. * | 39,000 | 1,443 | ||||||
Holly Energy Partners L.P. | 25,010 | 714 | ||||||
Hornbeck Offshore Services, Inc. * | 36,845 | 877 | ||||||
Hugoton Royalty Trust | 30,860 | 771 | ||||||
Inergy Holdings L.P. | 10,742 | 284 | ||||||
Inergy L.P. | 71,942 | 1,543 | ||||||
International Coal Group, Inc. * | 214,668 | 1,005 | ||||||
ION Geophysical Corp. * | 139,900 | 918 | ||||||
Legacy Reserves L.P. | 14,300 | 178 | ||||||
Lufkin Industries, Inc. | 23,595 | 1,234 | ||||||
Magellan Midstream Holdings L.P. | 33,125 | 641 | ||||||
MarkWest Energy Partners L.P. | 89,100 | 1,617 | ||||||
McMoRan Exploration Co. * | 85,800 | 1,217 | ||||||
NATCO Group, Inc., Class A * | 31,500 | 666 | ||||||
Natural Resource Partners L.P. | 52,211 | 1,228 | ||||||
Newpark Resources, Inc. * | 142,610 | 820 | ||||||
NuStar GP Holdings LLC | 31,100 | 624 | ||||||
Oil States International, Inc. * | 2,042 | 47 | ||||||
Parallel Petroleum Corp. * | 44,700 | 179 | ||||||
Parker Drilling Co. * | 155,765 | 797 | ||||||
Patriot Coal Corp. * | 99,800 | 1,580 | ||||||
Penn Virginia Corp. | 70,378 | 2,616 | ||||||
Penn Virginia GP Holdings L.P. | 8,500 | 194 | ||||||
Penn Virginia Resource Partners L.P. | 46,146 | 850 | ||||||
Petroleum Development Corp. * | 25,203 | 522 | ||||||
PetroQuest Energy, Inc. * | 73,200 | 728 | ||||||
Pioneer Drilling Co. * | 79,231 | 613 | ||||||
Regency Energy Partners L.P. | 75,420 | 1,089 | ||||||
Rex Energy Corp. * | 26,700 | 181 | ||||||
Rosetta Resources, Inc. * | 81,400 | 859 | ||||||
RPC, Inc. | 54,689 | 579 | ||||||
SEACOR Holdings, Inc. * | 31,516 | 2,117 | ||||||
Ship Finance International Ltd. | 72,025 | 983 | ||||||
Stone Energy Corp. * | 54,968 | 1,668 | ||||||
Sunoco Logistics Partners L.P. | 25,186 | 1,147 | ||||||
Swift Energy Co. * | 47,701 | 1,530 | ||||||
T-3 Energy Services, Inc. * | 18,100 | 436 | ||||||
Targa Resources Partners L.P. | 30,795 | 486 | ||||||
TC Pipelines L.P. | 35,500 | 949 | ||||||
Teekay LNG Partners L.P. | 33,000 | 594 | ||||||
TETRA Technologies, Inc. * | 110,874 | 772 | ||||||
Trico Marine Services, Inc. * | 24,191 | 218 | ||||||
USEC, Inc. * | 162,223 | 670 | ||||||
Venoco, Inc. * | 24,500 | 104 | ||||||
VeraSun Energy Corp. * | 130,600 | 63 | ||||||
Warren Resources, Inc. * | 81,865 | 433 | ||||||
Western Refining, Inc. | 25,522 | 170 | ||||||
Williams Partners L.P. | 74,920 | 1,582 | ||||||
Williams Pipeline Partners L.P. | 25,500 | 388 | ||||||
World Fuel Services Corp. | 46,478 | 996 | ||||||
76,705 | ||||||||
Food & Staples Retailing 0.9% | ||||||||
Casey’s General Stores, Inc. | 83,226 | 2,514 | ||||||
Ingles Markets, Inc., Class A | 23,631 | 441 | ||||||
PriceSmart, Inc. | 23,300 | 347 | ||||||
Ruddick Corp. | 62,156 | 1,780 | ||||||
The Andersons, Inc. | 30,600 | 815 | ||||||
The Great Atlantic & Pacific Tea Co., Inc. * | 37,890 | 313 | ||||||
United Natural Foods, Inc. * | 72,882 | 1,628 | ||||||
Weis Markets, Inc. | 18,000 | 584 | ||||||
Winn-Dixie Stores, Inc. * | 84,200 | 1,265 | ||||||
9,687 | ||||||||
Food, Beverage & Tobacco 1.9% | ||||||||
Alliance One International, Inc. * | 151,200 | 505 | ||||||
Cal-Maine Foods, Inc. | 18,800 | 553 | ||||||
Chiquita Brands International, Inc. * | 70,202 | 958 | ||||||
Darling International, Inc. * | 121,000 | 912 | ||||||
Green Mountain Coffee Roasters, Inc. * | 29,800 | 864 | ||||||
Lancaster Colony Corp. | 29,643 | 935 | ||||||
Lance, Inc. | 46,500 | 962 | ||||||
Pilgrim’s Pride Corp. | 29,180 | 32 | ||||||
Ralcorp Holdings, Inc. * | 92,835 | 6,283 | ||||||
Sanderson Farms, Inc. | 27,700 | 865 | ||||||
The Boston Beer Co., Inc., Class A * | 17,300 | 654 | ||||||
The Hain Celestial Group, Inc. * | 67,831 | 1,576 | ||||||
Tootsie Roll Industries, Inc. | 43,518 | 1,082 | ||||||
TreeHouse Foods, Inc. * | 51,900 | 1,571 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Universal Corp. | 37,545 | 1,486 | ||||||
Vector Group Ltd. | 67,528 | 1,151 | ||||||
20,389 | ||||||||
Health Care Equipment & Services 7.1% | ||||||||
Advanced Medical Optics, Inc. * | 57,300 | 354 | ||||||
Align Technology, Inc. * | 89,600 | 621 | ||||||
Allscripts Healthcare Solutions, Inc. | 63,275 | 411 | ||||||
Amedisys, Inc. * | 42,800 | 2,414 | ||||||
American Medical Systems Holdings, Inc. * | 108,025 | 1,169 | ||||||
AMERIGROUP Corp. * | 86,042 | 2,151 | ||||||
AMN Healthcare Services, Inc. * | 53,300 | 479 | ||||||
AmSurg Corp. * | 49,300 | 1,230 | ||||||
Analogic Corp. | 19,854 | 877 | ||||||
ArthroCare Corp. * | 44,230 | 919 | ||||||
Assisted Living Concepts, Inc., Class A * | 83,600 | 416 | ||||||
athenahealth, Inc. * | 33,300 | 1,019 | ||||||
Catalyst Health Solutions, Inc. * | 62,865 | 1,061 | ||||||
Centene Corp. * | 72,092 | 1,358 | ||||||
Chemed Corp. | 34,700 | 1,520 | ||||||
CONMED Corp. * | 51,500 | 1,349 | ||||||
Datascope Corp. | 20,716 | 1,039 | ||||||
Eclipsys Corp. * | 86,467 | 1,284 | ||||||
Emeritus Corp. * | 44,700 | 515 | ||||||
ev3, Inc. * | 112,655 | 729 | ||||||
Gentiva Health Services, Inc. * | 45,396 | 1,233 | ||||||
Haemonetics Corp. * | 42,455 | 2,507 | ||||||
Health Management Associates, Inc., Class A * | 379,200 | 796 | ||||||
HEALTHSOUTH Corp. * | 141,300 | 1,772 | ||||||
Healthspring, Inc. * | 73,444 | 1,213 | ||||||
Healthways, Inc. * | 49,763 | 503 | ||||||
Hill-Rom Holdings, Inc. | 105,200 | 2,394 | ||||||
HMS Holdings Corp. * | 39,800 | 986 | ||||||
Immucor, Inc. * | 106,154 | 2,818 | ||||||
Integra LifeSciences Holdings * | 30,948 | 1,162 | ||||||
Invacare Corp. | 52,211 | 950 | ||||||
inVentiv Health, Inc. * | 48,701 | 461 | ||||||
Kindred Healthcare, Inc. * | 51,492 | 746 | ||||||
LifePoint Hospitals, Inc. * | 80,541 | 1,931 | ||||||
Magellan Health Services, Inc. * | 60,010 | 2,217 | ||||||
Masimo Corp. * | 75,600 | 2,418 | ||||||
MedAssets, Inc. * | 19,800 | 286 | ||||||
Mentor Corp. | 53,296 | 901 | ||||||
Meridian Bioscience, Inc. | 67,750 | 1,665 | ||||||
Molina Healthcare, Inc. * | 24,000 | 535 | ||||||
National Healthcare Corp. | 13,388 | 549 | ||||||
NuVasive, Inc. * | 59,900 | 2,821 | ||||||
Omnicell, Inc. * | 58,300 | 640 | ||||||
Owens & Minor, Inc. | 69,192 | 2,994 | ||||||
PharMerica Corp. * | 58,664 | 1,204 | ||||||
Phase Forward, Inc. * | 71,500 | 1,020 | ||||||
PSS World Medical, Inc. * | 103,066 | 1,870 | ||||||
Psychiatric Solutions, Inc. * | 88,654 | 2,951 | ||||||
Sirona Dental Systems, Inc. * | 39,465 | 630 | ||||||
STERIS Corp. | 105,358 | 3,586 | ||||||
Sunrise Senior Living, Inc. * | 40,777 | 123 | ||||||
SurModics, Inc. * | 24,019 | 637 | ||||||
Symmetry Medical, Inc. * | 55,991 | 723 | ||||||
Thoratec Corp. * | 85,626 | 2,108 | ||||||
TomoTherapy, Inc. * | 65,000 | 211 | ||||||
Triple-S Management Corp., Class B * | 26,300 | 269 | ||||||
Universal American Financial Corp. * | 72,702 | 643 | ||||||
Volcano Corp. * | 60,900 | 947 | ||||||
West Pharmaceutical Services, Inc. | 51,865 | 2,071 | ||||||
Wright Medical Group, Inc. * | 69,300 | 1,606 | ||||||
76,012 | ||||||||
Household & Personal Products 0.4% | ||||||||
Bare Escentuals, Inc. * | 95,200 | 398 | ||||||
Chattem, Inc. * | 30,713 | 2,324 | ||||||
Elizabeth Arden, Inc. * | 39,498 | 683 | ||||||
Nu Skin Enterprises, Inc., Class A | 88,122 | 1,136 | ||||||
4,541 | ||||||||
Insurance 3.0% | ||||||||
Ambac Financial Group, Inc. | 434,900 | 1,166 | ||||||
American Equity Investment Life Holding Co. | 77,764 | 351 | ||||||
AmTrust Financial Services, Inc. | 40,705 | 400 | ||||||
Argo Group International Holdings Ltd. * | 48,838 | 1,558 | ||||||
CNA Surety Corp. * | 37,000 | 512 | ||||||
Delphi Financial Group, Inc., Class A | 71,880 | 1,132 | ||||||
eHealth, Inc. * | 27,400 | 349 | ||||||
Employers Holdings, Inc. | 78,000 | 995 | ||||||
FBL Financial Group, Inc., Class A | 27,168 | 474 | ||||||
Greenlight Capital Re Ltd. * | 45,789 | 573 | ||||||
Harleysville Group, Inc. | 28,263 | 893 | ||||||
Hilltop Holdings, Inc. * | 71,739 | 674 | ||||||
Horace Mann Educators Corp. | 78,278 | 623 | ||||||
Infinity Property & Casualty Corp. | 28,892 | 1,150 | ||||||
IPC Holdings Ltd. | 68,877 | 1,902 | ||||||
Kansas City Life Insurance Co. | 499 | 24 | ||||||
LandAmerica Financial Group, Inc. | 24,433 | 241 | ||||||
Montpelier Re Holdings Ltd. | 133,849 | 1,915 | ||||||
National Financial Partners Corp. | 66,638 | 444 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
National Western Life Insurance Co., Class A | 4,494 | 848 | ||||||
Odyssey Re Holdings Corp. | 1,349 | 53 | ||||||
OneBeacon Insurance Group Ltd. | 44,200 | 610 | ||||||
ProAssurance Corp. * | 54,489 | 2,994 | ||||||
RLI Corp. | 35,155 | 2,018 | ||||||
Safety Insurance Group, Inc. | 25,870 | 983 | ||||||
Selective Insurance Group, Inc. | 91,014 | 2,162 | ||||||
State Auto Financial Corp. | 37,356 | 984 | ||||||
Stewart Information Services Corp. | 28,543 | 474 | ||||||
The Navigators Group, Inc. * | 21,485 | 1,085 | ||||||
The Phoenix Cos., Inc. | 191,792 | 1,241 | ||||||
Tower Group, Inc. | 30,300 | 637 | ||||||
United America Indemnity Ltd., Class A * | 19,411 | 233 | ||||||
United Fire & Casualty Co. | 34,300 | 795 | ||||||
Zenith National Insurance Corp. | 58,245 | 1,914 | ||||||
32,407 | ||||||||
Materials 3.3% | ||||||||
A. Schulman, Inc. | 39,109 | 700 | ||||||
A.M. Castle & Co. | 41,497 | 505 | ||||||
AbitibiBowater, Inc. * | 18,898 | 37 | ||||||
AMCOL International Corp. | 33,252 | 816 | ||||||
Arch Chemicals, Inc. | 37,672 | 1,069 | ||||||
Brush Engineered Materials, Inc. * | 30,300 | 372 | ||||||
Coeur d’Alene Mines Corp. * | 665,906 | 480 | ||||||
Deltic Timber Corp. | 22,204 | 1,011 | ||||||
Eagle Materials, Inc. | 64,290 | 1,139 | ||||||
Ferro Corp. | 66,177 | 1,024 | ||||||
Glatfelter | 66,900 | 690 | ||||||
Graphic Packaging Holding Co. * | 66,315 | 123 | ||||||
H.B. Fuller Co. | 81,816 | 1,446 | ||||||
Haynes International, Inc. * | 31,225 | 790 | ||||||
Headwaters, Inc. * | 63,514 | 673 | ||||||
Hecla Mining Co. * | 165,900 | 413 | ||||||
Kaiser Aluminum Corp. | 23,150 | 777 | ||||||
Koppers Holdings, Inc. | 46,200 | 1,099 | ||||||
Kronos Worldwide, Inc. | 3,805 | 48 | ||||||
Louisiana-Pacific Corp. | 137,500 | 660 | ||||||
Minerals Technologies, Inc. | 28,561 | 1,621 | ||||||
NewMarket Corp. | 18,500 | 697 | ||||||
NL Industries, Inc. | 9,441 | 130 | ||||||
Olin Corp. | 114,091 | 2,072 | ||||||
OM Group, Inc. * | 46,100 | 984 | ||||||
PolyOne Corp. * | 141,175 | 671 | ||||||
Rock-Tenn Co., Class A | 56,400 | 1,715 | ||||||
Royal Gold, Inc. | 52,638 | 1,518 | ||||||
RTI International Metals, Inc. * | 30,766 | 486 | ||||||
Sensient Technologies Corp. | 81,225 | 2,049 | ||||||
Silgan Holdings, Inc. | 47,512 | 2,211 | ||||||
Sims Group Ltd. | 820 | 8 | ||||||
Smurfit-Stone Container Corp. * | 305,500 | 412 | ||||||
Stillwater Mining Co. * | 52,341 | 207 | ||||||
Temple-Inland, Inc. | 157,000 | 931 | ||||||
Texas Industries, Inc. | 41,651 | 1,317 | ||||||
W.R. Grace & Co. * | 90,600 | 816 | ||||||
Wausau Paper Corp. | 73,820 | 684 | ||||||
Westlake Chemical Corp. | 38,000 | 693 | ||||||
Worthington Industries, Inc. | 90,560 | 1,093 | ||||||
Zoltek Cos., Inc. * | 67,800 | 799 | ||||||
34,986 | ||||||||
Media 1.1% | ||||||||
Arbitron, Inc. | 41,256 | 1,344 | ||||||
Belo Corp., Class A | 105,000 | 224 | ||||||
Cinemark Holdings, Inc. | 78,794 | 653 | ||||||
CKX, Inc. * | 72,771 | 323 | ||||||
Cox Radio, Inc., Class A * | 39,900 | 217 | ||||||
Crown Media Holdings, Inc., Class A * | 18,000 | 56 | ||||||
Entravision Communications Corp., Class A * | 72,527 | 137 | ||||||
Harte-Hanks, Inc. | 58,916 | 414 | ||||||
Hearst-Argyle Television, Inc. | 33,980 | 509 | ||||||
Journal Communications, Inc., Class A | 34,478 | 86 | ||||||
Lee Enterprises, Inc. | 32,340 | 81 | ||||||
Live Nation, Inc. * | 114,589 | 1,289 | ||||||
Marvel Entertainment, Inc. * | 85,830 | 2,763 | ||||||
National CineMedia, Inc. | 54,000 | 437 | ||||||
Radio One, Inc., Class A * | 32,033 | 24 | ||||||
RCN Corp. * | 56,668 | 366 | ||||||
Scholastic Corp. | 39,169 | 727 | ||||||
Sinclair Broadcast Group, Inc., Class A | 77,078 | 249 | ||||||
The McClatchy Co., Class A | 49,905 | 153 | ||||||
Valassis Communications, Inc. * | 57,662 | 256 | ||||||
Warner Music Group Corp. | 74,286 | 308 | ||||||
World Wrestling Entertainment, Inc., Class A | 62,900 | 896 | ||||||
11,512 | ||||||||
Pharmaceuticals & Biotechnology 5.5% | ||||||||
Abraxis BioScience * | 6,746 | 427 | ||||||
Acorda Therapeutics, Inc. * | 60,800 | 1,240 | ||||||
Affymetrix, Inc. * | 109,000 | 402 | ||||||
Alkermes, Inc. * | 147,342 | 1,456 | ||||||
Alnylam Pharmaceuticals, Inc. * | 59,800 | 1,375 | ||||||
Alpharma, Inc., Class A * | 74,630 | 2,337 | ||||||
AMAG Pharmaceuticals, Inc. * | 27,000 | 826 | ||||||
Arena Pharmaceuticals, Inc. * | 88,800 | 327 | ||||||
Auxilium Pharmaceuticals, Inc. * | 59,400 | 1,167 | ||||||
Celera Corp. * | 124,117 | 1,404 | ||||||
Cepheid, Inc. * | 89,100 | 1,058 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Cubist Pharmaceuticals, Inc. * | 83,632 | 2,123 | ||||||
CV Therapeutics, Inc. * | 102,563 | 957 | ||||||
Dionex Corp. * | 28,044 | 1,510 | ||||||
eResearch Technology, Inc. * | 68,703 | 444 | ||||||
Exelixis, Inc. * | 127,772 | 439 | ||||||
Halozyme Therapeutics, Inc. * | 94,800 | 454 | ||||||
Human Genome Sciences, Inc. * | 161,981 | 523 | ||||||
Incyte Corp. * | 140,163 | 582 | ||||||
InterMune, Inc. * | 42,100 | 620 | ||||||
Isis Pharmaceuticals, Inc. * | 144,700 | 2,034 | ||||||
K-V Pharmaceutical Co., Class A * | 58,101 | 988 | ||||||
Kendle International, Inc. * | 19,577 | 354 | ||||||
Luminex Corp. * | 65,300 | 1,218 | ||||||
Martek Biosciences Corp. * | 54,876 | 1,637 | ||||||
Medarex, Inc. * | 187,450 | 1,318 | ||||||
Medicis Pharmaceutical Corp., Class A | 83,849 | 1,196 | ||||||
Myriad Genetics, Inc. * | 73,365 | 4,629 | ||||||
Nektar Therapeutics * | 116,771 | 646 | ||||||
Onyx Pharmaceuticals, Inc. * | 84,966 | 2,292 | ||||||
OSI Pharmaceuticals, Inc. * | 93,291 | 3,540 | ||||||
Par Pharmaceutical Cos., Inc. * | 45,280 | 453 | ||||||
PAREXEL International Corp. * | 92,818 | 965 | ||||||
PDL BioPharma, Inc. | 185,300 | 1,807 | ||||||
Regeneron Pharmaceuticals, Inc. * | 97,149 | 1,875 | ||||||
Rigel Pharmaceuticals, Inc. * | 54,100 | 471 | ||||||
Savient Pharmaceuticals, Inc. * | 48,700 | 232 | ||||||
Seattle Genetics, Inc. * | 96,198 | 989 | ||||||
The Medicines Co. * | 94,108 | 1,640 | ||||||
Theravance, Inc. * | 79,138 | 537 | ||||||
United Therapeutics Corp. * | 37,776 | 3,295 | ||||||
Valeant Pharmaceuticals International * | 144,686 | 2,716 | ||||||
Varian, Inc. * | 43,371 | 1,598 | ||||||
ViroPharma, Inc. * | 122,774 | 1,540 | ||||||
XenoPort, Inc. * | 41,600 | 1,731 | ||||||
ZymoGenetics, Inc. * | 57,577 | 184 | ||||||
59,556 | ||||||||
Real Estate 5.9% | ||||||||
Acadia Realty Trust | 55,400 | 1,001 | ||||||
Alexander’s, Inc. | 3,410 | 1,193 | ||||||
American Campus Communities, Inc. | 69,900 | 1,816 | ||||||
Anthracite Capital, Inc. | 99,700 | 433 | ||||||
Ashford Hospitality Trust | 117,900 | 191 | ||||||
BioMed Realty Trust, Inc. | 117,034 | 1,644 | ||||||
Brandywine Realty Trust | 147,430 | 1,274 | ||||||
Capstead Mortgage Corp. | 89,600 | 900 | ||||||
CBL & Associates Properties, Inc. | 100,400 | 927 | ||||||
Colonial Properties Trust | 70,800 | 746 | ||||||
Corporate Office Properties Trust | 75,349 | 2,343 | ||||||
Cousins Properties, Inc. | 77,545 | 1,123 | ||||||
DCT Industrial Trust, Inc. | 255,500 | 1,260 | ||||||
DiamondRock Hospitality Co. | 127,000 | 658 | ||||||
DuPont Fabros Technology, Inc. | 45,066 | 281 | ||||||
EastGroup Properties, Inc. | 36,990 | 1,238 | ||||||
Entertainment Properties Trust | 53,955 | 2,021 | ||||||
Equity Lifestyle Properties, Inc. | 37,259 | 1,565 | ||||||
Equity One, Inc. | 48,137 | 841 | ||||||
Extra Space Storage, Inc. | 150,558 | 1,733 | ||||||
FelCor Lodging Trust, Inc. | 72,994 | 220 | ||||||
First Industrial Realty Trust, Inc. | 83,501 | 863 | ||||||
Forestar Real Estate Group, Inc. * | 71,600 | 627 | ||||||
Franklin Street Properties Corp. | 99,365 | 1,175 | ||||||
Getty Realty Corp. | 32,542 | 634 | ||||||
Glimcher Realty Trust | 56,548 | 296 | ||||||
Gramercy Capital Corp. | 2,348 | 6 | ||||||
Healthcare Realty Trust, Inc. | 101,281 | 2,588 | ||||||
Home Properties, Inc. | 55,765 | 2,258 | ||||||
HRPT Properties Trust | 336,404 | 1,214 | ||||||
Inland Real Estate Corp. | 87,036 | 997 | ||||||
Kilroy Realty Corp. | 48,300 | 1,553 | ||||||
LaSalle Hotel Properties | 62,726 | 883 | ||||||
Lexington Realty Trust | 124,491 | 1,000 | ||||||
LTC Properties, Inc. | 36,667 | 886 | ||||||
Maguire Properties, Inc. | 57,535 | 204 | ||||||
Medical Properties Trust, Inc. | 98,000 | 723 | ||||||
MFA Mortgage Investments, Inc. | 345,464 | 1,900 | ||||||
Mid-America Apartment Communities, Inc. | 40,652 | 1,433 | ||||||
National Health Investors, Inc. | 38,368 | 1,149 | ||||||
National Retail Properties, Inc. | 128,526 | 2,292 | ||||||
Newcastle Investment Corp. | 60,630 | 246 | ||||||
NorthStar Realty Finance Corp. | 82,700 | 476 | ||||||
OMEGA Healthcare Investors, Inc. | 135,458 | 2,041 | ||||||
Parkway Properties, Inc. | 28,700 | 495 | ||||||
Pennsylvania Real Estate Investment Trust | 58,812 | 744 | ||||||
Post Properties, Inc. | 66,767 | 1,490 | ||||||
Potlatch Corp. | 66,303 | 2,202 | ||||||
PS Business Parks, Inc. | 27,038 | 1,224 | ||||||
Redwood Trust, Inc. | 43,129 | 657 | ||||||
Saul Centers, Inc. | 20,300 | 743 | ||||||
Sovran Self Storage, Inc. | 33,226 | 1,078 | ||||||
Strategic Hotel & Resorts, Inc. | 96,031 | 475 | ||||||
Sunstone Hotel Investors, Inc. | 79,909 | 523 | ||||||
Tanger Factory Outlet Centers, Inc. | 47,834 | 1,730 | ||||||
Tejon Ranch Co. * | 21,292 | 619 | ||||||
U-Store-It Trust | 115,879 | 795 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Washington Real Estate Investment Trust | 74,882 | 2,245 | ||||||
63,872 | ||||||||
Retailing 3.1% | ||||||||
99 Cents Only Stores * | 80,806 | 986 | ||||||
Aaron Rents, Inc. | 82,771 | 2,052 | ||||||
Aeropostale, Inc. * | 124,632 | 3,017 | ||||||
AnnTaylor Stores Corp. * | 88,500 | 1,112 | ||||||
bebe stores, Inc. | 73,149 | 648 | ||||||
Blockbuster, Inc., Class A * | 217,421 | 331 | ||||||
Blue Nile, Inc. * | 22,000 | 673 | ||||||
Brown Shoe Co., Inc. | 65,675 | 692 | ||||||
Cabela’s, Inc. * | 58,036 | 461 | ||||||
Charming Shoppes, Inc. * | 79,353 | 87 | ||||||
Chico’s FAS, Inc. * | 260,900 | 887 | ||||||
Coldwater Creek, Inc. * | 48,379 | 174 | ||||||
Collective Brands, Inc. * | 110,800 | 1,417 | ||||||
Dillard’s, Inc., Class A | 80,600 | 430 | ||||||
DSW, Inc., Class A * | 21,700 | 281 | ||||||
Genesco, Inc. * | 31,244 | 775 | ||||||
Group 1 Automotive, Inc. | 36,064 | 362 | ||||||
Hibbett Sports, Inc. * | 45,775 | 815 | ||||||
Jo-Ann Stores, Inc. * | 40,400 | 774 | ||||||
Jos. A. Bank Clothiers, Inc. * | 26,912 | 685 | ||||||
NutriSystem, Inc. | 42,248 | 598 | ||||||
O’Reilly Automotive, Inc. * | 3,882 | 105 | ||||||
OfficeMax, Inc. | 93,800 | 755 | ||||||
Orbitz Worldwide, Inc. * | 20,000 | 67 | ||||||
Pacific Sunwear of California, Inc. * | 52,861 | 181 | ||||||
Penske Automotive Group, Inc. | 69,116 | 566 | ||||||
Pier 1 Imports, Inc. * | 64,502 | 89 | ||||||
Rent-A-Center, Inc. * | 100,905 | 1,473 | ||||||
Sally Beauty Holdings, Inc. * | 128,050 | 651 | ||||||
Sonic Automotive, Inc., Class A | 13,532 | 69 | ||||||
Stage Stores, Inc. | 73,327 | 565 | ||||||
The Buckle, Inc. | 40,764 | 1,074 | ||||||
The Cato Corp., Class A | 44,704 | 694 | ||||||
The Children’s Place Retail Stores, Inc. * | 45,613 | 1,525 | ||||||
The Dress Barn, Inc. * | 81,512 | 779 | ||||||
The Finish Line, Inc., Class A | 10,619 | 102 | ||||||
The Gymboree Corp. * | 46,210 | 1,195 | ||||||
The Men’s Wearhouse, Inc. | 78,100 | 1,194 | ||||||
The Pep Boys — Manny, Moe & Jack | 46,804 | 226 | ||||||
The Talbots, Inc. | 49,570 | 486 | ||||||
Tractor Supply Co. * | 55,200 | 2,294 | ||||||
Tween Brands, Inc. * | 45,655 | 389 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc. * | 51,300 | 453 | ||||||
Zale Corp. * | 49,444 | 844 | ||||||
33,033 | ||||||||
Semiconductors & Semiconductor Equipment 3.5% | ||||||||
Advanced Energy Industries, Inc. * | 50,600 | 540 | ||||||
Amkor Technology, Inc. * | 187,518 | 761 | ||||||
ANADIGICS, Inc. * | 27,100 | 48 | ||||||
Applied Micro Circuits Corp. * | 100,765 | 515 | ||||||
Atheros Communications * | 90,743 | 1,631 | ||||||
Atmel Corp. * | 655,000 | 2,718 | ||||||
ATMI, Inc. * | 60,254 | 733 | ||||||
Brooks Automation, Inc. * | 87,231 | 597 | ||||||
Cabot Microelectronics Corp. * | 35,200 | 1,011 | ||||||
Cavium Networks, Inc. * | 59,800 | 762 | ||||||
Cirrus Logic, Inc. * | 100,804 | 579 | ||||||
Cymer, Inc. * | 45,965 | 1,125 | ||||||
Diodes, Inc. * | 50,081 | 495 | ||||||
DSP Group, Inc. * | 34,411 | 217 | ||||||
Entegris, Inc. * | 135,772 | 365 | ||||||
Fairchild Semiconductor International, Inc. * | 194,000 | 1,102 | ||||||
FEI Co. * | 55,600 | 1,168 | ||||||
FormFactor, Inc. * | 73,973 | 1,289 | ||||||
Hittite Microwave Corp. * | 38,609 | 1,265 | ||||||
International Rectifier Corp. * | 113,000 | 1,745 | ||||||
Micrel, Inc. | 76,505 | 562 | ||||||
Microsemi Corp. * | 126,219 | 2,744 | ||||||
MKS Instruments, Inc. * | 74,399 | 1,380 | ||||||
Monolithic Power Systems * | 53,900 | 916 | ||||||
OmniVision Technologies, Inc. * | 79,573 | 644 | ||||||
PMC-Sierra, Inc. * | 340,723 | 1,594 | ||||||
Power Integrations, Inc. * | 61,262 | 1,286 | ||||||
RF Micro Devices, Inc. * | 351,204 | 699 | ||||||
Semtech Corp. * | 95,829 | 1,161 | ||||||
Sigma Designs, Inc. * | 35,000 | 388 | ||||||
Silicon Image, Inc. * | 108,822 | 497 | ||||||
Skyworks Solutions, Inc. * | 313,308 | 2,234 | ||||||
Standard Microsystems Corp. * | 33,692 | 607 | ||||||
Tessera Technologies, Inc. * | 75,090 | 1,297 | ||||||
TriQuint Semiconductor, Inc. * | 223,800 | 1,003 | ||||||
Veeco Instruments, Inc. * | 94,900 | 734 | ||||||
Zoran Corp. * | 128,124 | 1,043 | ||||||
37,455 | ||||||||
Software & Services 6.3% | ||||||||
ACI Worldwide, Inc. * | 60,759 | 832 | ||||||
Acxiom Corp. | 99,876 | 785 | ||||||
Advent Software, Inc. * | 28,114 | 527 | ||||||
Ariba, Inc. * | 147,100 | 1,574 | ||||||
Bankrate, Inc. * | 22,300 | 734 | ||||||
Blackbaud, Inc. | 64,369 | 978 | ||||||
Blackboard, Inc. * | 49,461 | 1,211 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
CACI International, Inc., Class A * | 51,027 | 2,101 | ||||||
comScore, Inc. * | 28,000 | 342 | ||||||
Concur Technologies, Inc. * | 74,500 | 1,880 | ||||||
CyberSource Corp. * | 102,700 | 1,248 | ||||||
DealerTrack Holdings, Inc. * | 63,336 | 680 | ||||||
Digital River, Inc. * | 54,700 | 1,356 | ||||||
EarthLink, Inc. * | 167,281 | 1,154 | ||||||
Epicor Software Corp. * | 126,700 | 893 | ||||||
Euronet Worldwide, Inc. * | 69,036 | 823 | ||||||
Exlservice Holdings, Inc. * | 28,000 | 204 | ||||||
Fair Isaac Corp. | 71,600 | 1,116 | ||||||
Forrester Research, Inc. * | 24,317 | 682 | ||||||
Gartner, Inc. * | 110,249 | 2,029 | ||||||
Global Cash Access Holdings, Inc. * | 37,118 | 105 | ||||||
GSI Commerce, Inc. * | 37,700 | 390 | ||||||
Heartland Payment Systems, Inc. | 51,100 | 890 | ||||||
Hewitt Associates, Inc., Class A * | 7,500 | 209 | ||||||
Informatica Corp. * | 140,581 | 1,975 | ||||||
Interwoven, Inc. * | 77,800 | 981 | ||||||
j2 Global Communications, Inc. * | 68,028 | 1,097 | ||||||
Jack Henry & Associates, Inc. | 147,720 | 2,808 | ||||||
Lawson Software, Inc. * | 186,900 | 994 | ||||||
Macrovision Solutions Corp. * | 123,229 | 1,365 | ||||||
Manhattan Associates, Inc. * | 37,047 | 623 | ||||||
ManTech International Corp., Class A * | 33,482 | 1,806 | ||||||
MAXIMUS, Inc. | 32,574 | 1,040 | ||||||
Mentor Graphics Corp. * | 143,367 | 1,052 | ||||||
MicroStrategy, Inc., Class A * | 15,662 | 617 | ||||||
ModusLink Global Solutions, Inc. * | 60,550 | 337 | ||||||
Move, Inc. * | 137,352 | 231 | ||||||
NetSuite, Inc. * | 25,000 | 247 | ||||||
NeuStar, Inc., Class A * | 119,195 | 2,348 | ||||||
Omniture, Inc. * | 100,300 | 1,153 | ||||||
Perot Systems Corp., Class A * | 139,792 | 2,012 | ||||||
Progress Software Corp. * | 68,280 | 1,566 | ||||||
Quality Systems, Inc. | 28,272 | 1,088 | ||||||
Quest Software, Inc. * | 117,588 | 1,558 | ||||||
RealNetworks, Inc. * | 139,430 | 597 | ||||||
Sapient Corp. * | 175,463 | 963 | ||||||
SAVVIS, Inc. * | 60,200 | 518 | ||||||
Secure Computing Corp. * | 108,319 | 613 | ||||||
Solera Holdings, Inc. * | 82,500 | 2,053 | ||||||
SPSS, Inc. * | 27,400 | 640 | ||||||
SRA International, Inc., Class A * | 67,495 | 1,247 | ||||||
Synchronoss Technologies, Inc. * | 26,100 | 203 | ||||||
Syntel, Inc. | 21,183 | 527 | ||||||
Take-Two Interactive Software, Inc. * | 117,404 | 1,392 | ||||||
TeleTech Holdings, Inc. * | 54,400 | 492 | ||||||
The Ultimate Software Group, Inc. * | 51,900 | 692 | ||||||
THQ, Inc. * | 112,500 | 838 | ||||||
TIBCO Software, Inc. * | 284,136 | 1,463 | ||||||
TiVo, Inc. * | 159,103 | 1,093 | ||||||
Unisys Corp. * | 499,000 | 759 | ||||||
United Online, Inc. | 127,087 | 940 | ||||||
VeriFone Holdings, Inc. * | 90,343 | 1,026 | ||||||
WebMD Health Corp., Class A * | 14,824 | 331 | ||||||
Websense, Inc. * | 70,904 | 1,384 | ||||||
Wind River Systems, Inc. * | 118,836 | 1,039 | ||||||
Wright Express Corp. * | 57,376 | 786 | ||||||
67,237 | ||||||||
Technology Hardware & Equipment 5.0% | ||||||||
3Com Corp. * | 626,619 | 1,711 | ||||||
ADC Telecommunications, Inc. * | 174,300 | 1,105 | ||||||
ADTRAN, Inc. | 84,405 | 1,283 | ||||||
Arris Group, Inc. * | 175,460 | 1,212 | ||||||
Avid Technology, Inc. * | 50,405 | 747 | ||||||
Avocent Corp. * | 69,056 | 1,037 | ||||||
Benchmark Electronics, Inc. * | 100,594 | 1,206 | ||||||
Black Box Corp. | 29,892 | 909 | ||||||
Blue Coat Systems, Inc. * | 64,600 | 872 | ||||||
Brightpoint, Inc. * | 58,295 | 336 | ||||||
Checkpoint Systems, Inc. * | 62,444 | 787 | ||||||
Cogent, Inc. * | 68,609 | 627 | ||||||
Cognex Corp. | 68,609 | 1,099 | ||||||
Coherent, Inc. * | 46,951 | 1,188 | ||||||
Comtech Telecommunications Corp. * | 37,800 | 1,830 | ||||||
Daktronics, Inc. | 57,100 | 569 | ||||||
Data Domain, Inc. * | 51,600 | 953 | ||||||
Echelon Corp. * | 52,300 | 425 | ||||||
Electro Scientific Industries, Inc. * | 39,085 | 327 | ||||||
Electronics for Imaging, Inc. * | 72,409 | 768 | ||||||
Emulex Corp. * | 126,290 | 1,200 | ||||||
F5 Networks, Inc. * | 143,600 | 3,564 | ||||||
Foundry Networks, Inc. * | 237,924 | 3,533 | ||||||
Harmonic, Inc. * | 157,700 | 1,121 | ||||||
Hughes Communications, Inc. * | 17,500 | 284 | ||||||
Hutchinson Technology, Inc. * | 31,786 | 217 | ||||||
Imation Corp. | 49,813 | 614 | ||||||
Infinera Corp. * | 149,600 | 1,164 | ||||||
Insight Enterprises, Inc. * | 65,900 | 641 | ||||||
InterDigital, Inc. * | 76,594 | 1,668 | ||||||
Intermec, Inc. * | 81,440 | 1,056 | ||||||
IPG Photonics Corp. * | 30,118 | 428 | ||||||
Ixia * | 89,940 | 599 | ||||||
L-1 Identity Solutions, Inc. * | 103,084 | 845 | ||||||
Littelfuse, Inc. * | 32,800 | 612 | ||||||
MTS Systems Corp. | 30,175 | 980 | ||||||
National Instruments Corp. | 6,045 | 154 | ||||||
NETGEAR, Inc. * | 55,300 | 611 | ||||||
Newport Corp. * | 45,737 | 329 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Palm, Inc. * | 165,160 | 659 | ||||||
Plantronics, Inc. | 78,493 | 1,133 | ||||||
Plexus Corp. * | 59,362 | 1,108 | ||||||
Riverbed Technology, Inc. * | 87,200 | 1,093 | ||||||
Rofin-Sinar Technologies, Inc. * | 43,636 | 973 | ||||||
Rogers Corp. * | 30,267 | 911 | ||||||
Sanmina-SCI Corp. * | 819,634 | 615 | ||||||
ScanSource, Inc. * | 43,878 | 871 | ||||||
Sonus Networks, Inc. * | 378,058 | 835 | ||||||
Starent Networks Corp. * | 49,400 | 492 | ||||||
Sycamore Networks, Inc. * | 283,415 | 947 | ||||||
Synaptics, Inc. * | 63,300 | 1,955 | ||||||
SYNNEX Corp. * | 28,500 | 440 | ||||||
Technitrol, Inc. | 52,643 | 304 | ||||||
Tekelec * | 110,627 | 1,404 | ||||||
ViaSat, Inc. * | 42,919 | 782 | ||||||
Vishay Intertechnology, Inc. * | 269,300 | 1,161 | ||||||
54,294 | ||||||||
Telecommunication Services 0.7% | ||||||||
Alaska Communication Systems Group, Inc. | 75,300 | 703 | ||||||
Centennial Communications Corp. * | 87,873 | 313 | ||||||
Cincinnati Bell, Inc. * | 370,445 | 885 | ||||||
Cogent Communications Group, Inc. * | 67,300 | 322 | ||||||
ICO Global Communications Holdings Ltd. * | 54,500 | 89 | ||||||
Iowa Telecommunications Services, Inc. | 50,800 | 768 | ||||||
iPCS, Inc. * | 22,800 | 372 | ||||||
NTELOS Holdings Corp. | 47,600 | 1,238 | ||||||
PAETEC Holding Corp. * | 116,800 | 105 | ||||||
Premiere Global Services, Inc. * | 118,800 | 1,182 | ||||||
Syniverse Holdings, Inc. * | 90,400 | 1,700 | ||||||
7,677 | ||||||||
Transportation 2.3% | ||||||||
AirTran Holdings, Inc. * | 175,398 | 717 | ||||||
Alaska Air Group, Inc. * | 55,909 | 1,381 | ||||||
AMERCO * | 9,104 | 412 | ||||||
American Commercial Lines, Inc. * | 64,202 | 477 | ||||||
Arkansas Best Corp. | 38,272 | 1,117 | ||||||
Atlas Air Worldwide Holdings, Inc. * | 22,100 | 427 | ||||||
Avis Budget Group, Inc. * | 90,119 | 148 | ||||||
Eagle Bulk Shipping, Inc. | 72,600 | 724 | ||||||
Forward Air Corp. | 48,682 | 1,274 | ||||||
Genco Shipping & Trading Ltd. | 42,400 | 884 | ||||||
Genesee & Wyoming, Inc., Class A * | 57,972 | 1,933 | ||||||
Heartland Express, Inc. | 89,952 | 1,380 | ||||||
Hub Group, Inc., Class A * | 60,892 | 1,915 | ||||||
JetBlue Airways Corp. * | 286,303 | 1,589 | ||||||
Knight Transportation, Inc. | 97,488 | 1,550 | ||||||
Macquarie Infrastructure Co., LLC | 66,451 | 675 | ||||||
Old Dominion Freight Line, Inc. * | 50,989 | 1,547 | ||||||
Pacer International, Inc. | 56,118 | 634 | ||||||
Republic Airways Holdings, Inc. * | 54,900 | 821 | ||||||
SkyWest, Inc. | 88,512 | 1,364 | ||||||
US Airways Group, Inc. * | 200,200 | 2,030 | ||||||
Werner Enterprises, Inc. | 72,543 | 1,423 | ||||||
YRC Worldwide, Inc. * | 65,800 | 301 | ||||||
24,723 | ||||||||
Utilities 4.7% | ||||||||
ALLETE, Inc. | 40,690 | 1,424 | ||||||
American States Water Co. | 29,100 | 996 | ||||||
Amerigas Partners L.P. | 49,500 | 1,556 | ||||||
Avista Corp. | 86,012 | 1,708 | ||||||
Black Hills Corp. | 61,798 | 1,560 | ||||||
California Water Service Group | 34,987 | 1,314 | ||||||
CH Energy Group, Inc. | 25,297 | 1,043 | ||||||
Cleco Corp. | 90,815 | 2,090 | ||||||
El Paso Electric Co. * | 73,016 | 1,352 | ||||||
Ferrellgas Partners L.P. | 58,100 | 968 | ||||||
IDACORP, Inc. | 70,798 | 1,888 | ||||||
ITC Holdings Corp. | 2,741 | 111 | ||||||
MGE Energy, Inc. | 33,860 | 1,206 | ||||||
New Jersey Resources Corp. | 62,113 | 2,313 | ||||||
Nicor, Inc. | 76,300 | 3,526 | ||||||
Northwest Natural Gas Co. | 44,895 | 2,284 | ||||||
NorthWestern Corp. | 65,912 | 1,288 | ||||||
Piedmont Natural Gas Co., Inc. | 124,077 | 4,085 | ||||||
PNM Resources, Inc. | 129,900 | 1,267 | ||||||
Portland General Electric Co. | 99,400 | 2,040 | ||||||
South Jersey Industries, Inc. | 45,960 | 1,566 | ||||||
Southwest Gas Corp. | 68,496 | 1,789 | ||||||
Spectra Energy Partners L.P. | 13,000 | 261 | ||||||
Suburban Propane Partners L.P. | 47,694 | 1,617 | ||||||
The Empire District Electric Co. | 56,900 | 1,093 | ||||||
The Laclede Group, Inc. | 36,877 | 1,929 | ||||||
UIL Holdings Corp. | 49,310 | 1,627 | ||||||
Unisource Energy Corp. | 53,717 | 1,482 | ||||||
Vectren Corp. | 122,517 | 3,087 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
WGL Holdings, Inc. | 79,661 | 2,564 | ||||||
51,034 | ||||||||
Total Common Stock (Cost $1,216,052) | 1,009,483 | |||||||
Foreign Common Stock 1.1% of net assets | ||||||||
Bermuda 1.0% | ||||||||
Capital Goods 0.1% | ||||||||
Aircastle Ltd. | 113,800 | 791 | ||||||
Textainer Group Holdings Ltd. | 19,000 | 209 | ||||||
1,000 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Helen of Troy Ltd. * | 36,900 | 664 | ||||||
Insurance 0.6% | ||||||||
Assured Guaranty Ltd. | 144,337 | 1,621 | ||||||
Enstar Group Ltd. * | 11,194 | 852 | ||||||
Flagstone Reinsurance Holdings Ltd. | 41,829 | 443 | ||||||
Max Capital Group Ltd. | 69,384 | 1,107 | ||||||
Platinum Underwriters Holdings Ltd. | 55,157 | 1,751 | ||||||
Validus Holdings Ltd. | 116,014 | 2,058 | ||||||
7,832 | ||||||||
Software & Services 0.1% | ||||||||
VistaPrint Ltd. * | 49,600 | 847 | ||||||
Telecommunication Services 0.1% | ||||||||
Global Crossing Ltd. * | 90,624 | 604 | ||||||
Transportation 0.0% | ||||||||
TBS International Ltd., Class A * | 17,800 | 152 | ||||||
Utilities 0.0% | ||||||||
Brookfield Infrastructure Partners L.P. | 27,366 | 410 | ||||||
11,509 | ||||||||
Liberia 0.1% | ||||||||
Transportation 0.1% | ||||||||
Excel Maritime Carriers Ltd. | 51,400 | 588 | ||||||
Total Foreign Common Stock (Cost $19,828) | 12,097 | |||||||
Preferred Stock 0.0% of net assets | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Inverness Medical Innovations, Inc., Class B * | 3,018 | 356 | ||||||
Total Preferred Stock (Cost $1,124) | 356 | |||||||
Rights 0.0% of net assets | ||||||||
Fresenius Kabi Pharmaceuticals Holding, Inc. — CVR * | 47,356 | 54 | ||||||
Total Rights (Cost $44) | 54 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 4.9% of net assets | ||||||||
Commercial Paper & Other Obligations 4.4% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 40,100 | 40,100 | ||||||
JP Morgan Chase, London Time Deposit | ||||||||
0.56%, 11/03/08 | 7,151 | 7,151 | ||||||
47,251 | ||||||||
U.S. Treasury Obligations 0.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.25%, 12/18/08 (a) | 258 | 258 | ||||||
0.17%, 12/18/08 (a) | 900 | 900 | ||||||
0.20%, 12/18/08 (a) | 1,760 | 1,759 | ||||||
0.36%, 12/18/08 (a) | 880 | 880 | ||||||
0.61%, 12/18/08 (a) | 15 | 15 | ||||||
0.03%, 12/18/08 (a) | 1,642 | 1,642 | ||||||
5,454 | ||||||||
Total Short-Term Investments (Cost $52,705) | 52,705 | |||||||
End of Investments. |
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 903 | 48,446 | 989 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98.9 | % | Common Stock | 4,886,488 | 5,099,555 | ||||||||
0.1 | % | Foreign Common Stock | 4,838 | 2,881 | ||||||||
0.9 | % | Short-Term Investments | 45,405 | 45,405 | ||||||||
99.9 | % | Total Investments | 4,936,731 | 5,147,841 | ||||||||
0.1 | % | Other Assets and Liabilities, Net | 5,761 | |||||||||
100.0 | % | Net Assets | 5,153,602 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 98.9% of net assets | ||||||||
Automobiles & Components 0.3% | ||||||||
Ford Motor Co. * | 1,182,277 | 2,589 | ||||||
General Motors Corp. | 355,225 | 2,053 | ||||||
Harley-Davidson, Inc. | 143,545 | 3,514 | ||||||
Johnson Controls, Inc. | 358,952 | 6,364 | ||||||
The Goodyear Tire & Rubber Co. * | 105,796 | 944 | ||||||
15,464 | ||||||||
Banks 3.4% | ||||||||
BB&T Corp. | 335,116 | 12,014 | ||||||
Comerica, Inc. | 95,108 | 2,624 | ||||||
Fifth Third Bancorp | 347,725 | 3,773 | ||||||
First Horizon National Corp. | 120,653 | 1,437 | ||||||
Hudson City Bancorp, Inc. | 310,900 | 5,848 | ||||||
Huntington Bancshares, Inc. | 217,426 | 2,055 | ||||||
KeyCorp | 296,955 | 3,632 | ||||||
M&T Bank Corp. | 47,155 | 3,824 | ||||||
Marshall & Ilsley Corp. | 154,183 | 2,780 | ||||||
National City Corp. | 1,260,423 | 3,403 | ||||||
PNC Financial Services Group, Inc. | 211,811 | 14,121 | ||||||
Regions Financial Corp. | 426,331 | 4,728 | ||||||
Sovereign Bancorp, Inc. * | 275,282 | 798 | ||||||
SunTrust Banks, Inc. | 227,836 | 9,145 | ||||||
U.S. Bancorp | 1,059,232 | 31,576 | ||||||
Wells Fargo & Co. | 2,061,376 | 70,190 | ||||||
Zions Bancorp | 68,162 | 2,598 | ||||||
174,546 | ||||||||
Capital Goods 8.0% | ||||||||
3M Co. | 427,761 | 27,505 | ||||||
Caterpillar, Inc. | 374,687 | 14,302 | ||||||
Cooper Industries Ltd., Class A | 109,322 | 3,383 | ||||||
Cummins, Inc. | 121,708 | 3,146 | ||||||
Danaher Corp. | 145,519 | 8,621 | ||||||
Deere & Co. | 265,168 | 10,225 | ||||||
Dover Corp. | 114,923 | 3,651 | ||||||
Eaton Corp. | 93,395 | 4,165 | ||||||
Emerson Electric Co. | 477,518 | 15,629 | ||||||
Fastenal Co. | 58,534 | 2,357 | ||||||
Flowserve Corp. | 20,000 | 1,138 | ||||||
Fluor Corp. | 103,898 | 4,149 | ||||||
General Dynamics Corp. | 243,372 | 14,680 | ||||||
General Electric Co. | 6,340,787 | 123,709 | ||||||
Goodrich Corp. | 74,318 | 2,717 | ||||||
Honeywell International, Inc. | 453,360 | 13,805 | ||||||
Illinois Tool Works, Inc. | 247,170 | 8,253 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 194,677 | 3,592 | ||||||
ITT Corp. | 115,560 | 5,142 | ||||||
Jacobs Engineering Group, Inc. * | 40,234 | 1,466 | ||||||
L-3 Communications Holdings, Inc. | 73,595 | 5,974 | ||||||
Lockheed Martin Corp. | 202,532 | 17,225 | ||||||
Masco Corp. | 236,681 | 2,402 | ||||||
Northrop Grumman Corp. | 208,321 | 9,768 | ||||||
PACCAR, Inc. | 227,020 | 6,638 | ||||||
Pall Corp. | 48,022 | 1,268 | ||||||
Parker Hannifin Corp. | 106,006 | 4,110 | ||||||
Precision Castparts Corp. | 84,100 | 5,451 | ||||||
Raytheon Co. | 259,439 | 13,260 | ||||||
Rockwell Automation, Inc. | 88,041 | 2,436 | ||||||
Rockwell Collins, Inc. | 98,524 | 3,668 | ||||||
Terex Corp. * | 59,300 | 990 | ||||||
Textron, Inc. | 154,126 | 2,728 | ||||||
The Boeing Co. | 455,250 | 23,796 | ||||||
The Manitowoc Co., Inc. | 74,100 | 729 | ||||||
Tyco International Ltd. | 284,553 | 7,193 | ||||||
United Technologies Corp. | 590,494 | 32,454 | ||||||
W.W. Grainger, Inc. | 40,399 | 3,174 | ||||||
414,899 | ||||||||
Commercial & Professional Supplies 0.5% | ||||||||
Allied Waste Industries, Inc. * | 103,186 | 1,075 | ||||||
Avery Dennison Corp. | 56,457 | 1,977 | ||||||
Cintas | 81,991 | 1,943 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Equifax, Inc. | 80,620 | 2,103 | ||||||
Monster Worldwide, Inc. * | 77,326 | 1,101 | ||||||
Pitney Bowes, Inc. | 131,854 | 3,267 | ||||||
R.R. Donnelley & Sons Co. | 131,347 | 2,177 | ||||||
Robert Half International, Inc. | 97,973 | 1,849 | ||||||
Waste Management, Inc. | 310,505 | 9,697 | ||||||
25,189 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||
Centex Corp. | 72,629 | 890 | ||||||
Coach, Inc. * | 212,416 | 4,376 | ||||||
D.R. Horton, Inc. | 164,056 | 1,211 | ||||||
Eastman Kodak Co. | 169,561 | 1,556 | ||||||
Fortune Brands, Inc. | 91,549 | 3,492 | ||||||
Harman International Industries, Inc. | 34,500 | 634 | ||||||
Hasbro, Inc. | 83,255 | 2,420 | ||||||
Jones Apparel Group, Inc. | 52,684 | 585 | ||||||
KB HOME | 38,775 | 647 | ||||||
Leggett & Platt, Inc. | 107,903 | 1,873 | ||||||
Lennar Corp., Class A | 79,582 | 616 | ||||||
Liz Claiborne, Inc. | 61,119 | 498 | ||||||
Mattel, Inc. | 222,967 | 3,349 | ||||||
Newell Rubbermaid, Inc. | 167,418 | 2,302 | ||||||
NIKE, Inc., Class B | 236,242 | 13,615 | ||||||
Polo Ralph Lauren Corp. | 23,200 | 1,094 | ||||||
Pulte Homes, Inc. | 122,586 | 1,366 | ||||||
Snap-on, Inc. | �� | 35,854 | 1,325 | |||||
The Black & Decker Corp. | 37,550 | 1,901 | ||||||
The Stanley Works | 36,574 | 1,197 | ||||||
VF Corp. | 53,707 | 2,959 | ||||||
Whirlpool Corp. | 46,691 | 2,178 | ||||||
50,084 | ||||||||
Consumer Services 1.6% | ||||||||
Apollo Group, Inc., Class A * | 71,930 | 5,000 | ||||||
Carnival Corp. | 265,307 | 6,739 | ||||||
Darden Restaurants, Inc. | 78,430 | 1,739 | ||||||
H&R Block, Inc. | 157,094 | 3,098 | ||||||
International Game Technology | 191,469 | 2,681 | ||||||
Marriott International, Inc., Class A | 183,134 | 3,822 | ||||||
McDonald’s Corp. | 694,901 | 40,256 | ||||||
Starbucks Corp. * | 431,110 | 5,660 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 120,073 | 2,706 | ||||||
Wyndham Worldwide Corp. | 107,943 | 884 | ||||||
Yum! Brands, Inc. | 288,706 | 8,375 | ||||||
80,960 | ||||||||
Diversified Financials 7.8% | ||||||||
American Capital Ltd. | 55,200 | 776 | ||||||
American Express Co. | 736,634 | 20,257 | ||||||
Ameriprise Financial, Inc. | 148,061 | 3,198 | ||||||
Bank of America Corp. | 2,963,131 | 71,619 | ||||||
Bank of New York Mellon Corp. | 705,303 | 22,993 | ||||||
Capital One Financial Corp. | 240,889 | 9,424 | ||||||
CIT Group, Inc. | 116,838 | 484 | ||||||
Citigroup, Inc. | 3,294,543 | 44,971 | ||||||
CME Group, Inc. | 38,190 | 10,775 | ||||||
Discover Financial Services | 300,324 | 3,679 | ||||||
E*TRADE Financial Corp. * | 262,898 | 478 | ||||||
Federated Investors, Inc., Class B | 45,911 | 1,111 | ||||||
Franklin Resources, Inc. | 96,036 | 6,530 | ||||||
IntercontinentalExchange, Inc. * | 37,700 | 3,226 | ||||||
Janus Capital Group, Inc. | 95,251 | 1,118 | ||||||
JPMorgan Chase & Co. | 2,298,616 | 94,818 | ||||||
Legg Mason, Inc. | 81,300 | 1,804 | ||||||
Leucadia National Corp. | 75,700 | 2,032 | ||||||
Merrill Lynch & Co., Inc. | 907,590 | 16,872 | ||||||
Moody’s Corp. | 126,591 | 3,241 | ||||||
Morgan Stanley | 655,048 | 11,444 | ||||||
Northern Trust Corp. | 124,934 | 7,035 | ||||||
NYSE Euronext | 163,400 | 4,931 | ||||||
SLM Corp. * | 255,962 | 2,731 | ||||||
State Street Corp. | 248,528 | 10,774 | ||||||
T. Rowe Price Group, Inc. | 159,326 | 6,300 | ||||||
The Charles Schwab Corp. (b) | 605,596 | 11,579 | ||||||
The Goldman Sachs Group, Inc. | 271,017 | 25,069 | ||||||
The Nasdaq OMX Group, Inc. * | 64,000 | 2,077 | ||||||
401,346 | ||||||||
Energy 12.9% | ||||||||
Anadarko Petroleum Corp. | 286,332 | 10,108 | ||||||
Apache Corp. | 194,449 | 16,009 | ||||||
Baker Hughes, Inc. | 190,241 | 6,649 | ||||||
BJ Services Co. | 150,775 | 1,937 | ||||||
Cabot Oil & Gas Corp. | 59,700 | 1,676 | ||||||
Cameron International Corp. * | 129,400 | 3,139 | ||||||
Chesapeake Energy Corp. | 271,300 | 5,960 | ||||||
Chevron Corp. | 1,250,719 | 93,304 | ||||||
ConocoPhillips | 920,904 | 47,905 | ||||||
CONSOL Energy, Inc. | 104,200 | 3,271 | ||||||
Devon Energy Corp. | 269,713 | 21,809 | ||||||
El Paso Corp. | 410,934 | 3,986 | ||||||
ENSCO International, Inc. | 70,400 | 2,676 | ||||||
EOG Resources, Inc. | 150,907 | 12,211 | ||||||
Exxon Mobil Corp. | 3,146,231 | 233,199 | ||||||
Halliburton Co. | 546,836 | 10,822 | ||||||
Hess Corp. | 154,202 | 9,284 | ||||||
Marathon Oil Corp. | 436,722 | 12,709 | ||||||
Massey Energy Co. | 48,700 | 1,124 | ||||||
Murphy Oil Corp. | 97,527 | 4,939 | ||||||
Nabors Industries Ltd. * | 174,696 | 2,512 | ||||||
National-Oilwell Varco, Inc. * | 222,610 | 6,654 | ||||||
Noble Corp. | 163,482 | 5,266 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Noble Energy | 104,000 | 5,389 | ||||||
Occidental Petroleum Corp. | 508,744 | 28,256 | ||||||
Peabody Energy Corp. | 134,400 | 4,638 | ||||||
Pioneer Natural Resources Co. | 73,000 | 2,032 | ||||||
Range Resources Corp. | 88,600 | 3,741 | ||||||
Rowan Cos., Inc. | 64,341 | 1,167 | ||||||
Schlumberger Ltd. | 728,459 | 37,625 | ||||||
Smith International, Inc. | 110,400 | 3,807 | ||||||
Southwestern Energy Co. * | 179,200 | 6,383 | ||||||
Spectra Energy Corp. | 356,334 | 6,888 | ||||||
Sunoco, Inc. | 72,311 | 2,205 | ||||||
Tesoro Corp. | 42,700 | 413 | ||||||
The Williams Cos., Inc. | 368,102 | 7,719 | ||||||
Transocean, Inc. * | 184,039 | 15,152 | ||||||
Valero Energy Corp. | 322,485 | 6,637 | ||||||
Weatherford International Ltd. * | 415,262 | 7,010 | ||||||
XTO Energy, Inc. | 310,083 | 11,147 | ||||||
667,358 | ||||||||
Food & Staples Retailing 3.1% | ||||||||
Costco Wholesale Corp. | 264,071 | 15,055 | ||||||
CVS Caremark Corp. | 866,000 | 26,543 | ||||||
Safeway, Inc. | 269,735 | 5,737 | ||||||
SUPERVALU, Inc. | 124,524 | 1,773 | ||||||
Sysco Corp. | 355,595 | 9,317 | ||||||
The Kroger Co. | 409,246 | 11,238 | ||||||
Wal-Mart Stores, Inc. | 1,367,893 | 76,342 | ||||||
Walgreen Co. | 599,499 | 15,263 | ||||||
Whole Foods Market, Inc. | 62,900 | 674 | ||||||
161,942 | ||||||||
Food, Beverage & Tobacco 6.4% | ||||||||
Altria Group, Inc. | 1,193,829 | 22,910 | ||||||
Anheuser-Busch Cos., Inc. | 432,408 | 26,822 | ||||||
Archer-Daniels-Midland Co. | 390,669 | 8,098 | ||||||
Brown-Forman Corp., Class B | 51,186 | 2,324 | ||||||
Campbell Soup Co. | 120,713 | 4,581 | ||||||
Coca-Cola Enterprises, Inc. | 173,467 | 1,743 | ||||||
ConAgra Foods, Inc. | 286,055 | 4,983 | ||||||
Constellation Brands, Inc., Class A * | 117,905 | 1,478 | ||||||
Dean Foods Co. * | 43,900 | 960 | ||||||
Dr. Pepper Snapple Group, Inc. * | 140,000 | 3,206 | ||||||
General Mills, Inc. | 205,003 | 13,887 | ||||||
H.J. Heinz Co. | 192,551 | 8,438 | ||||||
Kellogg Co. | 153,585 | 7,744 | ||||||
Kraft Foods, Inc., Class A | 882,400 | 25,713 | ||||||
Lorillard, Inc. | 103,718 | 6,831 | ||||||
McCormick & Co., Inc. | 77,973 | 2,625 | ||||||
Molson Coors Brewing Co., Class B | 72,850 | 2,722 | ||||||
PepsiCo, Inc. | 951,078 | 54,221 | ||||||
Philip Morris International, Inc. | 1,251,889 | 54,420 | ||||||
Reynolds American, Inc. | 110,078 | 5,389 | ||||||
Sara Lee Corp. | 442,030 | 4,942 | ||||||
The Coca-Cola Co. | 1,195,807 | 52,687 | ||||||
The Hershey Co. | 97,892 | 3,645 | ||||||
The Pepsi Bottling Group, Inc. | 81,611 | 1,887 | ||||||
Tyson Foods, Inc., Class A | 136,402 | 1,192 | ||||||
UST, Inc. | 92,696 | 6,265 | ||||||
329,713 | ||||||||
Health Care Equipment & Services 4.2% | ||||||||
Aetna, Inc. | 300,652 | 7,477 | ||||||
AmerisourceBergen Corp. | 102,482 | 3,205 | ||||||
Baxter International, Inc. | 393,211 | 23,785 | ||||||
Becton, Dickinson & Co. | 149,794 | 10,396 | ||||||
Boston Scientific Corp. * | 760,150 | 6,864 | ||||||
C.R. Bard, Inc. | 60,312 | 5,323 | ||||||
Cardinal Health, Inc. | 216,680 | 8,277 | ||||||
CIGNA Corp. | 175,110 | 2,854 | ||||||
Coventry Health Care, Inc. * | 93,847 | 1,238 | ||||||
Covidien Ltd. | 302,553 | 13,400 | ||||||
DaVita, Inc. * | 30,000 | 1,703 | ||||||
Express Scripts, Inc. * | 152,994 | 9,273 | ||||||
Hospira, Inc. * | 92,968 | 2,586 | ||||||
Humana, Inc. * | 105,389 | 3,119 | ||||||
IMS Health, Inc. | 120,083 | 1,722 | ||||||
Intuitive Surgical, Inc. * | 22,700 | 3,922 | ||||||
Laboratory Corp. of America Holdings * | 67,844 | 4,172 | ||||||
McKesson Corp. | 170,166 | 6,260 | ||||||
Medco Health Solutions, Inc. * | 310,676 | 11,790 | ||||||
Medtronic, Inc. | 682,296 | 27,517 | ||||||
Patterson Cos., Inc. * | 69,444 | 1,759 | ||||||
Quest Diagnostics, Inc. | 88,042 | 4,120 | ||||||
St. Jude Medical, Inc. * | 208,159 | 7,916 | ||||||
Stryker Corp. | 146,742 | 7,845 | ||||||
Tenet Healthcare Corp. * | 48,777 | 214 | ||||||
UnitedHealth Group, Inc. | 753,808 | 17,888 | ||||||
Varian Medical Systems, Inc. * | 49,000 | 2,230 | ||||||
WellPoint, Inc. * | 317,839 | 12,354 | ||||||
Zimmer Holdings, Inc. * | 140,969 | 6,545 | ||||||
215,754 | ||||||||
Household & Personal Products 3.2% | ||||||||
Avon Products, Inc. | 260,520 | 6,469 | ||||||
Colgate-Palmolive Co. | 309,757 | 19,440 | ||||||
Kimberly-Clark Corp. | 254,211 | 15,581 | ||||||
The Clorox Co. | 84,412 | 5,133 | ||||||
The Estee Lauder Cos., Inc., Class A | 62,600 | 2,256 | ||||||
The Procter & Gamble Co. | 1,841,670 | 118,861 | ||||||
167,740 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Insurance 2.4% | ||||||||
Aflac, Inc. | 289,968 | 12,840 | ||||||
American International Group, Inc. | 1,600,032 | 3,056 | ||||||
Aon Corp. | 178,675 | 7,558 | ||||||
Assurant, Inc. | 53,600 | 1,366 | ||||||
Cincinnati Financial Corp. | 101,886 | 2,648 | ||||||
Genworth Financial, Inc., Class A | 280,038 | 1,355 | ||||||
Lincoln National Corp. | 165,270 | 2,849 | ||||||
Loews Corp. | 177,303 | 5,888 | ||||||
Marsh & McLennan Cos., Inc. | 315,984 | 9,265 | ||||||
MBIA, Inc. | 78,224 | 769 | ||||||
MetLife, Inc. | 437,911 | 14,547 | ||||||
Principal Financial Group, Inc. | 158,912 | 3,018 | ||||||
Prudential Financial, Inc. | 264,181 | 7,925 | ||||||
The Allstate Corp. | 333,682 | 8,806 | ||||||
The Chubb Corp. | 223,400 | 11,577 | ||||||
The Hartford Financial Services Group, Inc. | 198,917 | 2,053 | ||||||
The Progressive Corp. | 411,728 | 5,875 | ||||||
The Travelers Cos., Inc. | 363,352 | 15,461 | ||||||
Torchmark Corp. | 61,861 | 2,584 | ||||||
Unum Group | 213,338 | 3,360 | ||||||
XL Capital Ltd., Class A | 108,299 | 1,050 | ||||||
123,850 | ||||||||
Materials 3.1% | ||||||||
Air Products & Chemicals, Inc. | 130,754 | 7,601 | ||||||
AK Steel Holding Corp. | 50,800 | 707 | ||||||
Alcoa, Inc. | 491,937 | 5,662 | ||||||
Allegheny Technologies, Inc. | 53,155 | 1,411 | ||||||
Ashland, Inc. | 36,927 | 834 | ||||||
Ball Corp. | 59,822 | 2,046 | ||||||
Bemis Co., Inc. | 59,750 | 1,484 | ||||||
CF Industries Holdings, Inc. | 17,000 | 1,091 | ||||||
E.I. du Pont de Nemours & Co. | 561,478 | 17,967 | ||||||
Eastman Chemical Co. | 45,991 | 1,858 | ||||||
Ecolab, Inc. | 105,595 | 3,935 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 218,796 | 6,367 | ||||||
Hercules, Inc. | 71,222 | 1,197 | ||||||
International Flavors & Fragrances, Inc. | 48,167 | 1,536 | ||||||
International Paper Co. | 258,603 | 4,453 | ||||||
MeadWestvaco Corp. | 104,877 | 1,471 | ||||||
Monsanto Co. | 334,976 | 29,806 | ||||||
Newmont Mining Corp. | 254,312 | 6,699 | ||||||
Nucor Corp. | 175,904 | 7,126 | ||||||
Pactiv Corp. * | 79,295 | 1,868 | ||||||
PPG Industries, Inc. | 100,861 | 5,001 | ||||||
Praxair, Inc. | 191,780 | 12,494 | ||||||
Rohm & Haas Co. | 76,442 | 5,378 | ||||||
Sealed Air Corp. | 98,210 | 1,662 | ||||||
Sigma-Aldrich Corp. | 77,926 | 3,418 | ||||||
The Dow Chemical Co. | 575,193 | 15,340 | ||||||
Titanium Metals Corp. | 26,900 | 250 | ||||||
United States Steel Corp. | 77,148 | 2,845 | ||||||
Vulcan Materials Co. | 56,704 | 3,078 | ||||||
Weyerhaeuser Co. | 127,433 | 4,871 | ||||||
159,456 | ||||||||
Media 2.5% | ||||||||
CBS Corp., Class B | 419,711 | 4,075 | ||||||
Comcast Corp., Class A | 1,781,208 | 28,072 | ||||||
Gannett Co., Inc. | 138,839 | 1,527 | ||||||
Meredith Corp. | 17,154 | 332 | ||||||
News Corp., Class A | 1,391,611 | 14,807 | ||||||
Omnicom Group, Inc. | 201,982 | 5,967 | ||||||
Scripps Networks Interactive, Class A | 39,225 | 1,114 | ||||||
The DIRECTV Group, Inc. * | 338,000 | 7,399 | ||||||
The Interpublic Group of Cos., Inc. * | 256,619 | 1,332 | ||||||
The McGraw-Hill Cos., Inc. | 195,811 | 5,256 | ||||||
The New York Times Co., Class A | 81,287 | 813 | ||||||
The Walt Disney Co. | 1,148,676 | 29,751 | ||||||
The Washington Post Co., Class B | 1,250 | 533 | ||||||
Time Warner, Inc. | 2,197,329 | 22,171 | ||||||
Viacom, Inc., Class B * | 387,703 | 7,839 | ||||||
130,988 | ||||||||
Pharmaceuticals & Biotechnology 9.6% | ||||||||
Abbott Laboratories | 934,375 | 51,531 | ||||||
Allergan, Inc. | 185,022 | 7,340 | ||||||
Amgen, Inc. * | 651,918 | 39,043 | ||||||
Applied Biosystems, Inc. | 103,342 | 3,186 | ||||||
Barr Pharmaceuticals, Inc. * | 66,137 | 4,250 | ||||||
Biogen Idec, Inc. * | 177,761 | 7,564 | ||||||
Bristol-Myers Squibb Co. | 1,196,028 | 24,578 | ||||||
Celgene Corp. * | 257,500 | 16,547 | ||||||
Eli Lilly & Co. | 614,625 | 20,787 | ||||||
Forest Laboratories, Inc. * | 201,123 | 4,672 | ||||||
Genzyme Corp. * | 162,807 | 11,865 | ||||||
Gilead Sciences, Inc. * | 559,944 | 25,673 | ||||||
Johnson & Johnson | 1,697,295 | 104,112 | ||||||
King Pharmaceuticals, Inc. * | 159,892 | 1,406 | ||||||
Merck & Co., Inc. | 1,310,407 | 40,557 | ||||||
Millipore Corp. * | 16,408 | 851 | ||||||
Mylan, Inc. * | 65,549 | 562 | ||||||
PerkinElmer, Inc. | 70,980 | 1,273 | ||||||
Pfizer, Inc. | 4,089,357 | 72,423 | ||||||
Schering-Plough Corp. | 946,326 | 13,712 | ||||||
Thermo Fisher Scientific, Inc. * | 251,699 | 10,219 | ||||||
Waters Corp. * | 60,268 | 2,640 | ||||||
Watson Pharmaceuticals, Inc. * | 63,811 | 1,670 |
Number of | Value | |||||||||||
Security | Shares | ($ x 1,000) | ||||||||||
Wyeth | 813,082 | 26,165 | ||||||||||
492,626 | ||||||||||||
Real Estate 1.0% | ||||||||||||
Apartment Investment & Management Co., Class A | 63,441 | 928 | ||||||||||
AvalonBay Communities, Inc. | 39,950 | 2,837 | ||||||||||
Boston Properties, Inc. | 65,600 | 4,650 | ||||||||||
CB Richard Ellis Group, Inc., Class A * | 14,700 | 103 | ||||||||||
Developers Diversified Realty Corp. | 39,700 | 523 | ||||||||||
Equity Residential | 165,692 | 5,788 | ||||||||||
General Growth Properties, Inc. | 94,600 | 392 | ||||||||||
HCP, Inc. | 134,700 | 4,031 | ||||||||||
Host Hotels & Resorts, Inc. | 271,458 | 2,807 | ||||||||||
Kimco Realty Corp. | 134,400 | 3,035 | ||||||||||
Plum Creek Timber Co., Inc. | 106,950 | 3,987 | ||||||||||
ProLogis | 154,506 | 2,163 | ||||||||||
Public Storage | 68,725 | 5,601 | ||||||||||
Simon Property Group, Inc. | 132,910 | 8,909 | ||||||||||
Vornado Realty Trust | 72,727 | 5,131 | ||||||||||
50,885 | ||||||||||||
Retailing 2.8% | ||||||||||||
Abercrombie & Fitch Co., Class A | 25,900 | 750 | ||||||||||
Amazon.com, Inc. * | 182,988 | 10,474 | ||||||||||
AutoNation, Inc. * | 80,566 | 554 | ||||||||||
AutoZone, Inc. * | 26,707 | 3,400 | ||||||||||
Bed Bath & Beyond, Inc. * | 158,865 | 4,094 | ||||||||||
Best Buy Co., Inc. | 214,441 | 5,749 | ||||||||||
Big Lots, Inc. * | 62,909 | 1,537 | ||||||||||
Dillard’s, Inc., Class A | 33,711 | 180 | ||||||||||
Expedia, Inc. * | 126,600 | 1,204 | ||||||||||
Family Dollar Stores, Inc. | 85,892 | 2,311 | ||||||||||
Game Stop Corp., Class A * | 97,900 | 2,681 | ||||||||||
Genuine Parts Co. | 102,653 | 4,039 | ||||||||||
J.C. Penney Co., Inc. | 135,584 | 3,243 | ||||||||||
Kohl’s Corp. * | 191,551 | 6,729 | ||||||||||
Limited Brands, Inc. | 189,987 | 2,276 | ||||||||||
Lowe’s Cos., Inc. | 894,120 | 19,402 | ||||||||||
Macy’s, Inc. | 272,190 | 3,345 | ||||||||||
Nordstrom, Inc. | 109,382 | 1,979 | ||||||||||
Office Depot, Inc. * | 167,083 | 602 | ||||||||||
Radio Shack Corp. | 79,067 | 1,001 | ||||||||||
Sears Holdings Corp. * | 40,075 | 2,314 | ||||||||||
Staples, Inc. | 426,397 | 8,285 | ||||||||||
Target Corp. | 442,619 | 17,758 | ||||||||||
The Gap, Inc. | 300,574 | 3,889 | ||||||||||
The Home Depot, Inc. | 1,043,282 | 24,611 | ||||||||||
The Sherwin-Williams Co. | 60,651 | 3,452 | ||||||||||
The TJX Cos., Inc. | 266,739 | 7,138 | ||||||||||
Tiffany & Co. | 74,308 | 2,040 | ||||||||||
145,037 | ||||||||||||
Semiconductors & Semiconductor Equipment 2.3% | ||||||||||||
Advanced Micro Devices, Inc. * | 301,471 | 1,055 | ||||||||||
Altera Corp. | 194,494 | 3,375 | ||||||||||
Analog Devices, Inc. | 179,122 | 3,826 | ||||||||||
Applied Materials, Inc. | 830,049 | 10,716 | ||||||||||
Broadcom Corp., Class A * | 285,901 | 4,883 | ||||||||||
Intel Corp. | 3,463,566 | 55,417 | ||||||||||
KLA-Tencor Corp. | 110,567 | 2,571 | ||||||||||
Linear Technology Corp. | 136,338 | 3,092 | ||||||||||
LSI Corp. * | 250,138 | 963 | ||||||||||
MEMC Electronic Materials, Inc. * | 105,100 | 1,932 | ||||||||||
Microchip Technology, Inc. | 67,700 | 1,667 | ||||||||||
Micron Technology, Inc. * | 425,213 | 2,003 | ||||||||||
National Semiconductor Corp. | 132,830 | 1,749 | ||||||||||
Novellus Systems, Inc. * | 62,474 | 987 | ||||||||||
NVIDIA Corp. * | 324,850 | 2,846 | ||||||||||
Teradyne, Inc. * | 119,683 | 610 | ||||||||||
Texas Instruments, Inc. | 802,340 | 15,694 | ||||||||||
Xilinx, Inc. | 172,868 | 3,184 | ||||||||||
116,570 | ||||||||||||
Software & Services 6.1% | ||||||||||||
Adobe Systems, Inc. * | 331,082 | 8,820 | ||||||||||
Affiliated Computer Services, Inc., Class A * | 58,472 | 2,397 | ||||||||||
Akamai Technologies, Inc. * | 49,500 | 712 | ||||||||||
Autodesk, Inc. * | 142,646 | 3,040 | ||||||||||
Automatic Data Processing, Inc. | 312,760 | 10,931 | ||||||||||
BMC Software, Inc. * | 120,001 | 3,099 | ||||||||||
CA, Inc. | 256,895 | 4,573 | ||||||||||
Citrix Systems, Inc. * | 86,545 | 2,230 | ||||||||||
Cognizant Technology Solutions Corp., Class A * | 176,300 | 3,385 | ||||||||||
Computer Sciences Corp. * | 98,553 | 2,972 | ||||||||||
Compuware Corp. * | 179,317 | 1,144 | ||||||||||
Convergys Corp. * | 85,006 | 654 | ||||||||||
eBay, Inc. * | 672,806 | 10,274 | ||||||||||
Electronic Arts, Inc. * | 189,219 | 4,310 | ||||||||||
Fidelity National Information Services, Inc. | 102,300 | 1,544 | ||||||||||
Fiserv, Inc. * | 100,097 | 3,339 | ||||||||||
Google, Inc., Class A * | 141,971 | 51,019 | ||||||||||
Intuit, Inc. * | 197,876 | 4,959 | ||||||||||
Master Card, Inc., Class A | 43,900 | 6,489 | ||||||||||
Microsoft Corp. | 4,771,263 | 106,542 | ||||||||||
Novell, Inc. * | 220,687 | 1,028 | ||||||||||
Oracle Corp. * | 2,400,471 | 43,905 | ||||||||||
Paychex, Inc. | 198,430 | 5,663 | ||||||||||
Salesforce.com, Inc. * | 47,435 | 1,469 | ||||||||||
Symantec Corp. * | 513,854 | 6,464 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Total System Services, Inc. | 118,200 | 1,624 | ||||||
Unisys Corp. * | 181,592 | 276 | ||||||
VeriSign, Inc. * | 117,700 | 2,495 | ||||||
Western Union Co. | 455,462 | 6,950 | ||||||
Yahoo!, Inc. * | 787,491 | 10,096 | ||||||
312,403 | ||||||||
Technology Hardware & Equipment 7.4% | ||||||||
Agilent Technologies, Inc. * | 225,567 | 5,005 | ||||||
Amphenol Corp., Class A | 72,000 | 2,063 | ||||||
Apple, Inc. * | 535,625 | 57,628 | ||||||
Ciena Corp. * | 47,466 | 456 | ||||||
Cisco Systems, Inc. * | 3,601,398 | 63,997 | ||||||
Corning, Inc. | 962,529 | 10,424 | ||||||
Dell, Inc. * | 1,105,794 | 13,436 | ||||||
EMC Corp. * | 1,270,626 | 14,968 | ||||||
Harris Corp. | 80,000 | 2,876 | ||||||
Hewlett-Packard Co. | 1,494,758 | 57,219 | ||||||
International Business Machines Corp. | 823,847 | 76,593 | ||||||
Jabil Circuit, Inc. | 108,685 | 914 | ||||||
JDS Uniphase Corp. * | 125,689 | 686 | ||||||
Juniper Networks, Inc. * | 305,100 | 5,718 | ||||||
Lexmark International, Inc., Class A * | 55,716 | 1,439 | ||||||
Molex, Inc. | 85,448 | 1,231 | ||||||
Motorola, Inc. | 1,403,700 | 7,538 | ||||||
NetApp, Inc. * | 219,563 | 2,971 | ||||||
QLogic Corp. * | 98,272 | 1,181 | ||||||
QUALCOMM, Inc. | 984,858 | 37,681 | ||||||
SanDisk Corp. * | 109,800 | 976 | ||||||
Sun Microsystems, Inc. * | 483,538 | 2,224 | ||||||
Tellabs, Inc. * | 266,357 | 1,129 | ||||||
Teradata Corp. * | 108,424 | 1,669 | ||||||
Tyco Electronics Ltd. | 281,553 | 5,473 | ||||||
Xerox Corp. | 563,696 | 4,521 | ||||||
380,016 | ||||||||
Telecommunication Services 3.3% | ||||||||
American Tower Corp., Class A * | 196,700 | 6,355 | ||||||
AT&T, Inc. | 3,571,712 | 95,615 | ||||||
CenturyTel, Inc. | 68,817 | 1,728 | ||||||
Embarq Corp. | 93,293 | 2,799 | ||||||
Frontier Communications Corp. | 197,963 | 1,507 | ||||||
Qwest Communications International, Inc. | 954,223 | 2,729 | ||||||
Sprint Nextel Corp. * | 1,782,577 | 5,579 | ||||||
Verizon Communications, Inc. | 1,751,251 | 51,960 | ||||||
Windstream Corp. | 261,945 | 1,967 | ||||||
170,239 | ||||||||
Transportation 2.3% | ||||||||
Burlington Northern Santa Fe Corp. | 174,259 | 15,520 | ||||||
C.H. Robinson Worldwide, Inc. | 72,200 | 3,739 | ||||||
CSX Corp. | 253,106 | 11,572 | ||||||
Expeditors International of Washington, Inc. | 99,500 | 3,249 | ||||||
FedEx Corp. | 187,949 | 12,286 | ||||||
Norfolk Southern Corp. | 233,304 | 13,984 | ||||||
Ryder System, Inc. | 34,193 | 1,355 | ||||||
Southwest Airlines Co. | 450,801 | 5,310 | ||||||
Union Pacific Corp. | 313,046 | 20,902 | ||||||
United Parcel Service, Inc., Class B | 617,110 | 32,571 | ||||||
120,488 | ||||||||
Utilities 3.7% | ||||||||
Allegheny Energy, Inc. | 100,525 | 3,031 | ||||||
Ameren Corp. | 124,330 | 4,035 | ||||||
American Electric Power Co., Inc. | 245,935 | 8,025 | ||||||
Center Point Energy, Inc. | 172,437 | 1,986 | ||||||
CMS Energy Corp. | 116,771 | 1,197 | ||||||
Consolidated Edison, Inc. | 149,269 | 6,466 | ||||||
Constellation Energy Group, Inc. | 109,191 | 2,644 | ||||||
Dominion Resources, Inc. | 351,016 | 12,735 | ||||||
DTE Energy Co. | 102,614 | 3,622 | ||||||
Duke Energy Corp. | 782,869 | 12,823 | ||||||
Dynegy, Inc., Class A * | 247,112 | 899 | ||||||
Edison International | 204,467 | 7,277 | ||||||
Entergy Corp. | 116,073 | 9,059 | ||||||
Exelon Corp. | 401,854 | 21,797 | ||||||
FirstEnergy Corp. | 185,163 | 9,658 | ||||||
FPL Group, Inc. | 250,250 | 11,822 | ||||||
Integrys Energy Group, Inc. | 27,779 | 1,324 | ||||||
Nicor, Inc. | 20,782 | 960 | ||||||
NiSource, Inc. | 161,756 | 2,096 | ||||||
Pepco Holdings, Inc. | 59,700 | 1,233 | ||||||
PG&E Corp. | 219,856 | 8,062 | ||||||
Pinnacle West Capital Corp. | 51,445 | 1,628 | ||||||
PPL Corp. | 227,042 | 7,452 | ||||||
Progress Energy, Inc. | 158,192 | 6,228 | ||||||
Public Service Enterprise Group, Inc. | 310,174 | 8,731 | ||||||
Questar Corp. | 98,900 | 3,408 | ||||||
Sempra Energy | 159,017 | 6,773 | ||||||
Southern Co. | 464,409 | 15,948 | ||||||
TECO Energy, Inc. | 114,004 | 1,316 | ||||||
The AES Corp. * | 414,310 | 3,302 | ||||||
Wisconsin Energy Corp. | 50,000 | 2,175 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Xcel Energy, Inc. | 246,254 | 4,290 | ||||||
192,002 | ||||||||
Total Common Stock (Cost $4,886,488) | 5,099,555 | |||||||
Foreign Common Stock 0.1% of net assets | ||||||||
Bermuda 0.1% | ||||||||
Diversified Financials 0.1% | ||||||||
Invesco Ltd. | 193,243 | 2,881 | ||||||
Total Foreign Common Stock (Cost $4,838) | 2,881 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 0.9% of net assets | ||||||||
Commercial Paper & Other Obligations 0.8% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 40,140 | 40,140 | ||||||
U.S. Treasury Obligations 0.1% | ||||||||
U.S. Treasury Bill | ||||||||
0.25%, 12/18/08 (a) | 1,750 | 1,750 | ||||||
0.05%, 12/18/08 (a) | 1,510 | 1,510 | ||||||
0.03%, 12/18/08 (a) | 2,005 | 2,005 | ||||||
5,265 | ||||||||
Total Short-Term Investments (Cost $45,405) | 45,405 | |||||||
End of Investments. | ||
(All dollar amounts are x 1,000) | ||
At 10/31/08 the tax basis cost of the fund’s investments was $4,978,254 and the unrealized appreciation and depreciation were $1,427,322 and ($1,257,735), respectively, with a net unrealized appreciation of $169,587. | ||
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. | |
(b) | Issuer is affiliated with the fund’s adviser. | |
In addition to the above, the fund held the following at 10/31/08. All numbers are x 1,000 except number of futures contracts. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long expires 12/19/08 | 950 | 45,947 | 3,345 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
96.8 | % | Common Stock | 2,967,032 | 2,306,982 | ||||||||
3.1 | % | Short-Term Investments | 74,377 | 74,377 | ||||||||
99.9 | % | Total Investments | 3,041,409 | 2,381,359 | ||||||||
0.1 | % | Other Assets and Liabilities, Net | 3,326 | |||||||||
100.0 | % | Total Net Assets | 2,384,685 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 96.8% of net assets | ||||||||
Automobiles & Components 0.3% | ||||||||
Ford Motor Co. * | 574,911 | 1,259 | ||||||
General Motors Corp. | 148,652 | 859 | ||||||
Harley-Davidson, Inc. | 61,925 | 1,516 | ||||||
Johnson Controls, Inc. | 159,407 | 2,826 | ||||||
The Goodyear Tire & Rubber Co. * | 66,640 | 595 | ||||||
7,055 | ||||||||
Banks 3.3% | ||||||||
BB&T Corp. | 153,347 | 5,498 | ||||||
Comerica, Inc. | 39,662 | 1,094 | ||||||
Fifth Third Bancorp | 152,410 | 1,654 | ||||||
First Horizon National Corp. | 78,429 | 934 | ||||||
Hudson City Bancorp, Inc. | 150,792 | 2,836 | ||||||
Huntington Bancshares, Inc. | 98,485 | 931 | ||||||
KeyCorp | 130,943 | 1,601 | ||||||
M&T Bank Corp. | 20,546 | 1,666 | ||||||
Marshall & Ilsley Corp. | 69,887 | 1,260 | ||||||
National City Corp. | 558,170 | 1,507 | ||||||
PNC Financial Services Group, Inc. | 92,643 | 6,177 | ||||||
Regions Financial Corp. | 183,842 | 2,039 | ||||||
Sovereign Bancorp, Inc. | 142,961 | 415 | ||||||
SunTrust Banks, Inc. | 99,780 | 4,005 | ||||||
U.S. Bancorp | 470,348 | 14,021 | ||||||
Wells Fargo & Co. | 899,513 | 30,628 | ||||||
Zions Bancorp | 37,636 | 1,434 | ||||||
77,700 | ||||||||
Capital Goods 7.8% | ||||||||
3M Co. | 191,578 | 12,318 | ||||||
Caterpillar, Inc. | 165,170 | 6,305 | ||||||
Cooper Industries Ltd., Class A | 51,029 | 1,579 | ||||||
Cummins, Inc. | 54,454 | 1,408 | ||||||
Danaher Corp. | 67,268 | 3,985 | ||||||
Deere & Co. | 116,098 | 4,477 | ||||||
Dover Corp. | 52,647 | 1,673 | ||||||
Eaton Corp. | 45,244 | 2,018 | ||||||
Emerson Electric Co. | 207,567 | 6,794 | ||||||
Fastenal Co. | 32,415 | 1,305 | ||||||
Flowserve Corp. | 15,500 | 882 | ||||||
Fluor Corp. | 47,684 | 1,904 | ||||||
General Dynamics Corp. | 106,528 | 6,426 | ||||||
General Electric Co. | 2,854,825 | 55,698 | ||||||
Goodrich Corp. | 32,678 | 1,195 | ||||||
Honeywell International, Inc. | 196,417 | 5,981 | ||||||
Illinois Tool Works, Inc. | 105,641 | 3,527 | ||||||
Ingersoll-Rand Co., Ltd. Class A | 84,419 | 1,557 | ||||||
ITT Corp. | 50,818 | 2,261 | ||||||
Jacobs Engineering Group, Inc. * | 32,100 | 1,169 | ||||||
L-3 Communications Holdings, Inc. | 32,788 | 2,661 | ||||||
Lockheed Martin Corp. | 91,939 | 7,819 | ||||||
Masco Corp. | 96,807 | 983 | ||||||
Northrop Grumman Corp. | 89,934 | 4,217 | ||||||
PACCAR, Inc. | 97,150 | 2,841 | ||||||
Pall Corp. | 34,308 | 906 | ||||||
Parker Hannifin Corp. | 46,330 | 1,796 | ||||||
Precision Castparts Corp. | 37,927 | 2,458 | ||||||
Raytheon Co. | 113,449 | 5,798 | ||||||
Rockwell Automation, Inc. | 39,180 | 1,084 | ||||||
Rockwell Collins, Inc. | 42,981 | 1,600 | ||||||
Terex Corp. * | 28,035 | 468 | ||||||
Textron, Inc. | 67,278 | 1,191 | ||||||
The Boeing Co. | 200,131 | 10,461 | ||||||
The Manitowoc Co., Inc. | 36,300 | 357 | ||||||
Tyco International Ltd. | 128,165 | 3,240 | ||||||
United Technologies Corp. | 264,366 | 14,530 | ||||||
W.W. Grainger, Inc. | 20,028 | 1,574 | ||||||
186,446 | ||||||||
Commercial & Professional Supplies 0.5% | ||||||||
Allied Waste Industries, Inc. * | 100,914 | 1,052 | ||||||
Avery Dennison Corp. | 27,819 | 974 | ||||||
Cintas | 33,285 | 789 | ||||||
Equifax, Inc. | 34,741 | 906 | ||||||
Monster Worldwide, Inc. * | 32,101 | 457 | ||||||
Pitney Bowes, Inc. | 57,137 | 1,416 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
R.R. Donnelley & Sons Co. | 56,122 | 930 | ||||||
Robert Half International, Inc. | 41,869 | 790 | ||||||
Waste Management, Inc. | 130,975 | 4,090 | ||||||
11,404 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||
Centex Corp. | 32,437 | 397 | ||||||
Coach, Inc. * | 93,112 | 1,918 | ||||||
D.R. Horton, Inc. | 71,790 | 530 | ||||||
Eastman Kodak Co. | 81,352 | 747 | ||||||
Fortune Brands, Inc. | 41,630 | 1,588 | ||||||
Harman International Industries, Inc. | 14,956 | 275 | ||||||
Hasbro, Inc. | 45,412 | 1,320 | ||||||
Jones Apparel Group, Inc. | 24,819 | 276 | ||||||
KB HOME | 19,935 | 333 | ||||||
Leggett & Platt, Inc. | 44,891 | 779 | ||||||
Lennar Corp., Class A | 36,936 | 286 | ||||||
Liz Claiborne, Inc. | 25,123 | 205 | ||||||
Mattel, Inc. | 90,502 | 1,359 | ||||||
Newell Rubbermaid, Inc. | 73,279 | 1,008 | ||||||
NIKE, Inc., Class B | 105,820 | 6,098 | ||||||
Polo Ralph Lauren Corp. | 16,026 | 756 | ||||||
Pulte Homes, Inc. | 57,364 | 639 | ||||||
Snap-on, Inc. | 20,478 | 757 | ||||||
The Black & Decker Corp. | 17,554 | 888 | ||||||
The Stanley Works | 20,845 | 682 | ||||||
VF Corp. | 23,084 | 1,272 | ||||||
Whirlpool Corp. | 19,942 | 930 | ||||||
23,043 | ||||||||
Consumer Services 1.5% | ||||||||
Apollo Group, Inc., Class A * | 35,235 | 2,449 | ||||||
Carnival Corp. | 116,824 | 2,967 | ||||||
Darden Restaurants, Inc. | 38,168 | 846 | ||||||
H&R Block, Inc. | 80,911 | 1,596 | ||||||
International Game Technology | 79,535 | 1,114 | ||||||
Marriott International, Inc., Class A | 78,260 | 1,633 | ||||||
McDonald’s Corp. | 312,117 | 18,081 | ||||||
Starbucks Corp. * | 187,632 | 2,464 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 53,595 | 1,208 | ||||||
Wyndham Worldwide Corp. | 48,261 | 395 | ||||||
Yum! Brands, Inc. | 129,259 | 3,750 | ||||||
36,503 | ||||||||
Diversified Financials 7.7% | ||||||||
American Capital Ltd. | 50,161 | 705 | ||||||
American Express Co. | 329,207 | 9,053 | ||||||
Ameriprise Financial, Inc. | 61,347 | 1,325 | ||||||
Bank of America Corp. | 1,361,330 | 32,903 | ||||||
Bank of New York Mellon Corp. | 315,410 | 10,282 | ||||||
Capital One Financial Corp. | 100,835 | 3,945 | ||||||
CIT Group, Inc. | 76,614 | 317 | ||||||
Citigroup, Inc. | 1,471,861 | 20,091 | ||||||
CME Group, Inc. | 18,123 | 5,113 | ||||||
Discover Financial Services | 128,679 | 1,576 | ||||||
E*TRADE Financial Corp. * | 294,795 | 537 | ||||||
Federated Investors, Inc., Class B | 27,495 | 665 | ||||||
Franklin Resources, Inc. | 41,889 | 2,848 | ||||||
IntercontinentalExchange, Inc. * | 20,258 | 1,733 | ||||||
Invesco Ltd. | 96,474 | 1,438 | ||||||
Janus Capital Group, Inc. | 50,444 | 592 | ||||||
JPMorgan Chase & Co. | 1,001,935 | 41,330 | ||||||
Legg Mason, Inc. | 38,108 | 846 | ||||||
Leucadia National Corp. | 46,051 | 1,236 | ||||||
Merrill Lynch & Co., Inc. | 411,086 | 7,642 | ||||||
Moody’s Corp. | 53,338 | 1,366 | ||||||
Morgan Stanley | 297,866 | 5,204 | ||||||
Northern Trust Corp. | 59,384 | 3,344 | ||||||
NYSE Euronext | 69,600 | 2,101 | ||||||
SLM Corp. * | 125,496 | 1,339 | ||||||
State Street Corp. | 115,898 | 5,024 | ||||||
T. Rowe Price Group, Inc. | 69,453 | 2,746 | ||||||
The Charles Schwab Corp. (b) | 261,345 | 4,997 | ||||||
The Goldman Sachs Group, Inc. | 119,606 | 11,064 | ||||||
The Nasdaq OMX Group, Inc. * | 28,000 | 909 | ||||||
182,271 | ||||||||
Energy 12.7% | ||||||||
Anadarko Petroleum Corp. | 126,027 | 4,449 | ||||||
Apache Corp. | 90,039 | 7,413 | ||||||
Baker Hughes, Inc. | 82,706 | 2,891 | ||||||
BJ Services Co. | 75,984 | 976 | ||||||
Cabot Oil & Gas Corp. | 24,300 | 682 | ||||||
Cameron International Corp. * | 57,000 | 1,383 | ||||||
Chesapeake Energy Corp. | 136,166 | 2,992 | ||||||
Chevron Corp. | 564,193 | 42,089 | ||||||
ConocoPhillips | 414,250 | 21,549 | ||||||
CONSOL Energy, Inc. | 46,518 | 1,460 | ||||||
Devon Energy Corp. | 121,245 | 9,804 | ||||||
El Paso Corp. | 178,740 | 1,734 | ||||||
ENSCO International, Inc. | 38,093 | 1,448 | ||||||
EOG Resources, Inc. | 66,765 | 5,403 | ||||||
Exxon Mobil Corp. | 1,417,381 | 105,056 | ||||||
Halliburton Co. | 235,940 | 4,669 | ||||||
Hess Corp. | 74,318 | 4,475 | ||||||
Marathon Oil Corp. | 197,570 | 5,749 | ||||||
Massey Energy Co. | 20,300 | 469 | ||||||
Murphy Oil Corp. | 51,165 | 2,591 | ||||||
Nabors Industries Ltd. * | 71,694 | 1,031 | ||||||
National-Oilwell Varco, Inc. * | 112,314 | 3,357 | ||||||
Noble Corp. | 69,033 | 2,224 | ||||||
Noble Energy | 44,284 | 2,295 | ||||||
Occidental Petroleum Corp. | 223,126 | 12,392 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Peabody Energy Corp. | 73,164 | 2,525 | ||||||
Pioneer Natural Resources Co. | 31,600 | 879 | ||||||
Range Resources Corp. | 41,700 | 1,761 | ||||||
Rowan Cos., Inc. | 28,822 | 523 | ||||||
Schlumberger Ltd. | 325,080 | 16,790 | ||||||
Smith International, Inc. | 56,532 | 1,949 | ||||||
Southwestern Energy Co. * | 89,700 | 3,195 | ||||||
Spectra Energy Corp. | 165,007 | 3,190 | ||||||
Sunoco, Inc. | 30,690 | 936 | ||||||
Tesoro Corp. | 32,107 | 310 | ||||||
The Williams Cos., Inc. | 150,096 | 3,148 | ||||||
Transocean, Inc. * | 88,509 | 7,287 | ||||||
Valero Energy Corp. | 140,055 | 2,882 | ||||||
Weatherford International Ltd. * | 178,920 | 3,020 | ||||||
XTO Energy, Inc. | 155,953 | 5,606 | ||||||
302,582 | ||||||||
Food & Staples Retailing 3.0% | ||||||||
Costco Wholesale Corp. | 119,851 | 6,833 | ||||||
CVS Caremark Corp. | 383,388 | 11,751 | ||||||
Safeway, Inc. | 116,071 | 2,469 | ||||||
SUPERVALU, Inc. | 56,710 | 807 | ||||||
Sysco Corp. | 161,562 | 4,233 | ||||||
The Kroger Co. | 176,211 | 4,839 | ||||||
Wal-Mart Stores, Inc. | 613,519 | 34,240 | ||||||
Walgreen Co. | 262,412 | 6,681 | ||||||
Whole Foods Market, Inc. | 28,416 | 305 | ||||||
72,158 | ||||||||
Food, Beverage & Tobacco 6.3% | ||||||||
Altria Group, Inc. | 551,902 | 10,591 | ||||||
Anheuser-Busch Cos., Inc. | 193,045 | 11,975 | ||||||
Archer-Daniels-Midland Co. | 169,338 | 3,510 | ||||||
Brown-Forman Corp., Class B | 26,370 | 1,197 | ||||||
Campbell Soup Co. | 56,098 | 2,129 | ||||||
Coca-Cola Enterprises, Inc. | 83,195 | 836 | ||||||
ConAgra Foods, Inc. | 129,694 | 2,259 | ||||||
Constellation Brands, Inc., Class A * | 50,650 | 635 | ||||||
Dean Foods Co. * | 41,170 | 900 | ||||||
Dr. Pepper Snapple Group, Inc. * | 68,100 | 1,560 | ||||||
General Mills, Inc. | 89,637 | 6,072 | ||||||
H.J. Heinz Co. | 86,392 | 3,786 | ||||||
Kellogg Co. | 68,649 | 3,461 | ||||||
Kraft Foods, Inc., Class A | 407,539 | 11,876 | ||||||
Lorillard, Inc. | 46,771 | 3,080 | ||||||
McCormick & Co., Inc. | 34,729 | 1,169 | ||||||
Molson Coors Brewing Co., Class B | 42,880 | 1,602 | ||||||
PepsiCo, Inc. | 424,966 | 24,227 | ||||||
Philip Morris International, Inc. | 561,602 | 24,413 | ||||||
Reynolds American, Inc. | 47,234 | 2,313 | ||||||
Sara Lee Corp. | 201,812 | 2,256 | ||||||
The Coca-Cola Co. | 539,646 | 23,777 | ||||||
The Hershey Co. | 42,436 | 1,580 | ||||||
The Pepsi Bottling Group, Inc. | 39,152 | 905 | ||||||
Tyson Foods, Inc., Class A | 81,988 | 717 | ||||||
UST, Inc. | 40,285 | 2,723 | ||||||
149,549 | ||||||||
Health Care Equipment & Services 4.1% | ||||||||
Aetna, Inc. | 130,828 | 3,254 | ||||||
AmerisourceBergen Corp. | 48,591 | 1,519 | ||||||
Baxter International, Inc. | 172,828 | 10,454 | ||||||
Becton, Dickinson & Co. | 64,396 | 4,469 | ||||||
Boston Scientific Corp. * | 400,523 | 3,617 | ||||||
C.R. Bard, Inc. | 26,161 | 2,309 | ||||||
Cardinal Health, Inc. | 94,428 | 3,607 | ||||||
CIGNA Corp. | 77,598 | 1,265 | ||||||
Coventry Health Care, Inc. * | 40,638 | 536 | ||||||
Covidien Ltd. | 131,866 | 5,840 | ||||||
DaVita, Inc. * | 25,000 | 1,419 | ||||||
Express Scripts, Inc. * | 71,022 | 4,305 | ||||||
Hospira, Inc. * | 43,024 | 1,197 | ||||||
Humana, Inc. * | 44,614 | 1,320 | ||||||
IMS Health, Inc. | 48,636 | 697 | ||||||
Intuitive Surgical, Inc. * | 10,500 | 1,814 | ||||||
Laboratory Corp. of America Holdings * | 28,847 | 1,774 | ||||||
McKesson Corp. | 75,960 | 2,794 | ||||||
Medco Health Solutions, Inc. * | 144,862 | 5,497 | ||||||
Medtronic, Inc. | 304,243 | 12,270 | ||||||
Patterson Cos., Inc. * | 34,503 | 874 | ||||||
Quest Diagnostics, Inc. | 43,088 | 2,016 | ||||||
St. Jude Medical, Inc. * | 91,208 | 3,469 | ||||||
Stryker Corp. | 70,666 | 3,778 | ||||||
Tenet Healthcare Corp. * | 120,290 | 527 | ||||||
UnitedHealth Group, Inc. | 333,617 | 7,917 | ||||||
Varian Medical Systems, Inc. * | 33,106 | 1,507 | ||||||
WellPoint, Inc. * | 151,906 | 5,905 | ||||||
Zimmer Holdings, Inc. * | 61,504 | 2,856 | ||||||
98,806 | ||||||||
Household & Personal Products 3.2% | ||||||||
Avon Products, Inc. | 114,250 | 2,837 | ||||||
Colgate-Palmolive Co. | 138,720 | 8,706 | ||||||
Kimberly-Clark Corp. | 110,918 | 6,798 | ||||||
The Clorox Co. | 38,435 | 2,337 | ||||||
The Estee Lauder Cos., Inc., Class A | 28,826 | 1,039 | ||||||
The Procter & Gamble Co. | 829,841 | 53,558 | ||||||
75,275 | ||||||||
Insurance 2.4% | ||||||||
Aflac, Inc. | 126,270 | 5,591 | ||||||
American International Group, Inc. | 702,455 | 1,342 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Aon Corp. | 87,685 | 3,709 | ||||||
Assurant, Inc. | 32,046 | 817 | ||||||
Cincinnati Financial Corp. | 41,680 | 1,083 | ||||||
Genworth Financial, Inc., Class A | 113,826 | 551 | ||||||
Lincoln National Corp. | 76,189 | 1,313 | ||||||
Loews Corp. | 95,184 | 3,161 | ||||||
Marsh & McLennan Cos., Inc. | 137,695 | 4,037 | ||||||
MBIA, Inc. | 49,189 | 484 | ||||||
MetLife, Inc. | 205,392 | 6,823 | ||||||
Principal Financial Group, Inc. | 68,911 | 1,309 | ||||||
Prudential Financial, Inc. | 118,250 | 3,547 | ||||||
The Allstate Corp. | 147,318 | 3,888 | ||||||
The Chubb Corp. | 103,453 | 5,361 | ||||||
The Hartford Financial Services Group, Inc. | 82,833 | 855 | ||||||
The Progressive Corp. | 177,592 | 2,534 | ||||||
The Travelers Cos., Inc. | 170,803 | 7,268 | ||||||
Torchmark Corp. | 24,160 | 1,009 | ||||||
Unum Group | 92,450 | 1,456 | ||||||
XL Capital Ltd., Class A | 80,000 | 776 | ||||||
56,914 | ||||||||
Materials 3.0% | ||||||||
Air Products & Chemicals, Inc. | 56,647 | 3,293 | ||||||
AK Steel Holding Corp. | 21,200 | 295 | ||||||
Alcoa, Inc. | 220,895 | 2,542 | ||||||
Allegheny Technologies, Inc. | 25,642 | 680 | ||||||
Ashland, Inc. | 16,981 | 384 | ||||||
Ball Corp. | 26,947 | 922 | ||||||
Bemis Co., Inc. | 25,685 | 638 | ||||||
CF Industries Holdings, Inc. | 15,100 | 969 | ||||||
E.I. du Pont de Nemours & Co. | 243,275 | 7,785 | ||||||
Eastman Chemical Co. | 25,367 | 1,024 | ||||||
Ecolab, Inc. | 47,133 | 1,756 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 102,652 | 2,987 | ||||||
Hercules, Inc. | 35,016 | 589 | ||||||
International Flavors & Fragrances, Inc. | 21,076 | 672 | ||||||
International Paper Co. | 112,135 | 1,931 | ||||||
MeadWestvaco Corp. | 45,330 | 636 | ||||||
Monsanto Co. | 147,970 | 13,166 | ||||||
Newmont Mining Corp. | 122,636 | 3,230 | ||||||
Nucor Corp. | 83,596 | 3,386 | ||||||
Pactiv Corp. * | 37,448 | 882 | ||||||
PPG Industries, Inc. | 43,437 | 2,154 | ||||||
Praxair, Inc. | 83,349 | 5,430 | ||||||
Rohm & Haas Co. | 33,484 | 2,356 | ||||||
Sealed Air Corp. | 42,046 | 711 | ||||||
Sigma-Aldrich Corp. | 34,128 | 1,497 | ||||||
The Dow Chemical Co. | 248,017 | 6,615 | ||||||
Titanium Metals Corp. | 52,400 | 488 | ||||||
United States Steel Corp. | 30,765 | 1,135 | ||||||
Vulcan Materials Co. | 29,567 | 1,605 | ||||||
Weyerhaeuser Co. | 56,692 | 2,167 | ||||||
71,925 | ||||||||
Media 2.5% | ||||||||
CBS Corp., Class B | 188,781 | 1,833 | ||||||
Comcast Corp., Class A | 785,952 | 12,387 | ||||||
Gannett Co., Inc. | 60,175 | 662 | ||||||
Meredith Corp. | 14,758 | 286 | ||||||
News Corp., Class A | 599,910 | 6,383 | ||||||
Omnicom Group, Inc. | 86,105 | 2,544 | ||||||
Scripps Networks Interactive, Class A | 21,568 | 612 | ||||||
The DIRECTV Group, Inc. * | 185,442 | 4,059 | ||||||
The Interpublic Group of Cos., Inc. * | 123,746 | 642 | ||||||
The McGraw-Hill Cos., Inc. | 82,956 | 2,227 | ||||||
The New York Times Co., Class A | 28,747 | 287 | ||||||
The Walt Disney Co. | 513,354 | 13,296 | ||||||
The Washington Post Co., Class B | 1,275 | 544 | ||||||
Time Warner, Inc. | 966,114 | 9,748 | ||||||
Viacom, Inc., Class B * | 171,806 | 3,474 | ||||||
58,984 | ||||||||
Pharmaceuticals & Biotechnology 9.3% | ||||||||
Abbott Laboratories | 420,281 | 23,178 | ||||||
Allergan, Inc. | 82,536 | 3,274 | ||||||
Amgen, Inc. * | 293,331 | 17,568 | ||||||
Applied Biosystems, Inc. | 48,003 | 1,480 | ||||||
Barr Pharmaceuticals, Inc. * | 29,099 | 1,870 | ||||||
Biogen Idec, Inc. * | 77,275 | 3,288 | ||||||
Bristol-Myers Squibb Co. | 539,011 | 11,077 | ||||||
Celgene Corp. * | 121,513 | 7,808 | ||||||
Eli Lilly & Co. | 274,943 | 9,299 | ||||||
Forest Laboratories, Inc. * | 82,991 | 1,928 | ||||||
Genzyme Corp. * | 71,716 | 5,227 | ||||||
Gilead Sciences, Inc. * | 245,721 | 11,266 | ||||||
Johnson & Johnson | 765,447 | 46,952 | ||||||
King Pharmaceuticals, Inc. * | 71,346 | 627 | ||||||
Merck & Co., Inc. | 583,486 | 18,059 | ||||||
Millipore Corp. * | 14,752 | 765 | ||||||
Mylan, Inc. * | 81,702 | 700 | ||||||
PerkinElmer, Inc. | 31,080 | 558 | ||||||
Pfizer, Inc. | 1,836,686 | 32,528 | ||||||
Schering-Plough Corp. | 437,375 | 6,338 | ||||||
Thermo Fisher Scientific, Inc. * | 112,442 | 4,565 | ||||||
Waters Corp. * | 26,184 | 1,147 | ||||||
Watson Pharmaceuticals, Inc. * | 27,435 | 718 | ||||||
Wyeth | 357,982 | 11,520 | ||||||
221,740 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Real Estate 1.0% | ||||||||
Apartment Investment & Management Co., Class A | 30,011 | 439 | ||||||
AvalonBay Communities, Inc. | 20,070 | 1,425 | ||||||
Boston Properties, Inc. | 32,146 | 2,279 | ||||||
CB Richard Ellis Group, Inc., Class A * | 43,840 | 307 | ||||||
Developers Diversified Realty Corp. | 34,251 | 451 | ||||||
Equity Residential | 74,530 | 2,603 | ||||||
General Growth Properties, Inc. | 59,676 | 247 | ||||||
HCP, Inc. | 66,400 | 1,987 | ||||||
Host Hotels & Resorts, Inc. | 139,504 | 1,443 | ||||||
Kimco Realty Corp. | 59,659 | 1,347 | ||||||
Plum Creek Timber Co., Inc. | 45,927 | 1,712 | ||||||
ProLogis | 70,540 | 988 | ||||||
Public Storage | 33,453 | 2,726 | ||||||
Simon Property Group, Inc. | 60,163 | 4,033 | ||||||
Vornado Realty Trust | 36,595 | 2,582 | ||||||
24,569 | ||||||||
Retailing 2.7% | ||||||||
Abercrombie & Fitch Co., Class A | 21,945 | 635 | ||||||
Amazon.com, Inc. * | 85,302 | 4,883 | ||||||
AutoNation, Inc. * | 34,077 | 234 | ||||||
AutoZone, Inc. * | 12,561 | 1,599 | ||||||
Bed, Bath & Beyond, Inc. * | 69,604 | 1,794 | ||||||
Best Buy Co., Inc. | 97,936 | 2,626 | ||||||
Big Lots, Inc. * | 29,058 | 710 | ||||||
Dillard’s, Inc., Class A | 15,101 | 80 | ||||||
Expedia, Inc. * | 56,726 | 539 | ||||||
Family Dollar Stores, Inc. | 35,738 | 962 | ||||||
GameStop Corp., Class A * | 43,300 | 1,186 | ||||||
Genuine Parts Co. | 40,885 | 1,609 | ||||||
J.C. Penney Co., Inc. | 52,937 | 1,266 | ||||||
Kohl’s Corp. * | 81,929 | 2,878 | ||||||
Limited Brands, Inc. | 79,980 | 958 | ||||||
Lowe’s Cos., Inc. | 403,488 | 8,756 | ||||||
Macy’s, Inc. | 123,174 | 1,514 | ||||||
Nordstrom, Inc. | 53,114 | 961 | ||||||
Office Depot, Inc. * | 62,244 | 224 | ||||||
RadioShack Corp. | 35,079 | 444 | ||||||
Sears Holdings Corp. * | 20,224 | 1,168 | ||||||
Staples, Inc. | 189,947 | 3,691 | ||||||
Target Corp. | 205,589 | 8,248 | ||||||
The Gap, Inc. | 129,339 | 1,674 | ||||||
The Home Depot, Inc. | 466,012 | 10,993 | ||||||
The Sherwin-Williams Co. | 26,385 | 1,501 | ||||||
The TJX Cos., Inc. | 119,164 | 3,189 | ||||||
Tiffany & Co. | 32,620 | 895 | ||||||
65,217 | ||||||||
Semiconductors & Semiconductor Equipment 2.2% | ||||||||
Advanced Micro Devices, Inc. * | 124,328 | 435 | ||||||
Altera Corp. | 84,616 | 1,468 | ||||||
Analog Devices, Inc. | 83,132 | 1,776 | ||||||
Applied Materials, Inc. | 354,373 | 4,575 | ||||||
Broadcom Corp., Class A * | 122,649 | 2,095 | ||||||
Intel Corp. | 1,548,489 | 24,776 | ||||||
KLA-Tencor Corp. | 48,214 | 1,121 | ||||||
Linear Technology Corp. | 66,330 | 1,505 | ||||||
LSI Corp. * | 171,738 | 661 | ||||||
MEMC Electronic Materials, Inc. * | 60,027 | 1,103 | ||||||
Microchip Technology, Inc. | 51,223 | 1,262 | ||||||
Micron Technology, Inc. * | 176,762 | 833 | ||||||
National Semiconductor Corp. | 71,845 | 946 | ||||||
Novellus Systems, Inc. * | 34,762 | 549 | ||||||
NVIDIA Corp. * | 143,582 | 1,258 | ||||||
Teradyne, Inc. * | 54,766 | 279 | ||||||
Texas Instruments, Inc. | 353,434 | 6,913 | ||||||
Xilinx, Inc. | 85,795 | 1,580 | ||||||
53,135 | ||||||||
Software & Services 5.9% | ||||||||
Adobe Systems, Inc. * | 149,054 | 3,971 | ||||||
Affiliated Computer Services, Inc., Class A * | 25,436 | 1,043 | ||||||
Akamai Technologies, Inc. * | 38,941 | 560 | ||||||
Autodesk, Inc. * | 63,235 | 1,347 | ||||||
Automatic Data Processing, Inc. | 136,833 | 4,782 | ||||||
BMC Software, Inc. * | 58,638 | 1,514 | ||||||
CA, Inc. | 106,030 | 1,887 | ||||||
Citrix Systems, Inc. * | 46,463 | 1,197 | ||||||
Cognizant Technology Solutions Corp., Class A * | 78,648 | 1,510 | ||||||
Computer Sciences Corp. * | 43,559 | 1,314 | ||||||
Compuware Corp. * | 87,868 | 560 | ||||||
Convergys Corp. * | 42,335 | 325 | ||||||
eBay, Inc. * | 293,623 | 4,484 | ||||||
Electronic Arts, Inc. * | 83,391 | 1,900 | ||||||
Fidelity National Information Services, Inc. | 51,184 | 772 | ||||||
Fiserv, Inc. * | 44,455 | 1,483 | ||||||
Google, Inc., Class A * | 64,600 | 23,215 | ||||||
Intuit, Inc. * | 85,909 | 2,153 | ||||||
MasterCard, Inc., Class A | 19,200 | 2,838 | ||||||
Microsoft Corp. | 2,149,703 | 48,003 | ||||||
Novell, Inc. * | 93,560 | 436 | ||||||
Oracle Corp. * | 1,077,006 | 19,698 | ||||||
Paychex, Inc. | 85,235 | 2,433 | ||||||
Salesforce.com, Inc. * | 27,830 | 862 | ||||||
Symantec Corp. * | 223,779 | 2,815 | ||||||
Total System Services, Inc. | 52,300 | 719 | ||||||
Unisys Corp. * | 92,693 | 141 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
VeriSign, Inc. * | 55,225 | 1,171 | ||||||
Western Union Co. | 196,479 | 2,998 | ||||||
Yahoo!, Inc. * | 372,064 | 4,770 | ||||||
140,901 | ||||||||
Technology Hardware & Equipment 7.2% | ||||||||
Agilent Technologies, Inc. * | 99,035 | 2,198 | ||||||
Amphenol Corp., Class A | 47,700 | 1,367 | ||||||
Apple, Inc. * | 240,305 | 25,854 | ||||||
Ciena Corp. * | 23,905 | 230 | ||||||
Cisco Systems, Inc. * | 1,623,530 | 28,850 | ||||||
Corning, Inc. | 412,233 | 4,465 | ||||||
Dell, Inc. * | 563,596 | 6,848 | ||||||
EMC Corp. * | 564,406 | 6,649 | ||||||
Harris Corp. | 35,000 | 1,258 | ||||||
Hewlett-Packard Co. | 673,205 | 25,770 | ||||||
International Business Machines Corp. | 371,383 | 34,528 | ||||||
Jabil Circuit, Inc. | 55,940 | 470 | ||||||
JDS Uniphase Corp. * | 60,010 | 328 | ||||||
Juniper Networks, Inc. * | 146,265 | 2,741 | ||||||
Lexmark International, Inc., Class A * | 26,417 | 682 | ||||||
Molex, Inc. | 36,743 | 529 | ||||||
Motorola, Inc. | 610,907 | 3,281 | ||||||
NetApp, Inc. * | 94,381 | 1,277 | ||||||
QLogic Corp. * | 48,761 | 586 | ||||||
QUALCOMM, Inc. | 442,527 | 16,931 | ||||||
SanDisk Corp. * | 61,239 | 544 | ||||||
Sun Microsystems, Inc. * | 214,806 | 988 | ||||||
Tellabs, Inc. * | 109,499 | 464 | ||||||
Teradata Corp. * | 46,647 | 718 | ||||||
Tyco Electronics Ltd. | 127,466 | 2,478 | ||||||
Xerox Corp. | 241,422 | 1,936 | ||||||
171,970 | ||||||||
Telecommunication Services 3.2% | ||||||||
American Tower Corp., Class A * | 105,800 | 3,418 | ||||||
AT&T, Inc. | 1,611,145 | 43,130 | ||||||
CenturyTel, Inc. | 31,276 | 785 | ||||||
Embarq Corp. | 39,789 | 1,194 | ||||||
Frontier Communications Corp. | 94,497 | 719 | ||||||
Qwest Communications International, Inc. | 407,599 | 1,166 | ||||||
Sprint Nextel Corp. | 746,332 | 2,336 | ||||||
Verizon Communications, Inc. | 788,490 | 23,395 | ||||||
Windstream Corp. | 120,462 | 905 | ||||||
77,048 | ||||||||
Transportation 2.3% | ||||||||
Burlington Northern Santa Fe Corp. | 83,471 | 7,434 | ||||||
C.H. Robinson Worldwide, Inc. | 44,195 | 2,288 | ||||||
CSX Corp. | 106,591 | 4,873 | ||||||
Expeditors International of Washington, Inc. | 55,900 | 1,825 | ||||||
FedEx Corp. | 86,179 | 5,634 | ||||||
Norfolk Southern Corp. | 100,268 | 6,010 | ||||||
Ryder System, Inc. | 17,409 | 690 | ||||||
Southwest Airlines Co. | 201,000 | 2,368 | ||||||
Union Pacific Corp. | 138,534 | 9,250 | ||||||
United Parcel Service, Inc., Class B | 273,338 | 14,427 | ||||||
54,799 | ||||||||
Utilities 3.7% | ||||||||
Allegheny Energy, Inc. | 40,995 | 1,236 | ||||||
Ameren Corp. | 64,690 | 2,099 | ||||||
American Electric Power Co., Inc. | 107,947 | 3,522 | ||||||
CenterPoint Energy, Inc. | 84,982 | 979 | ||||||
CMS Energy Corp. | 64,013 | 656 | ||||||
Consolidated Edison, Inc. | 73,496 | 3,184 | ||||||
Constellation Energy Group, Inc. | 45,174 | 1,094 | ||||||
Dominion Resources, Inc. | 154,948 | 5,622 | ||||||
DTE Energy Co. | 42,898 | 1,514 | ||||||
Duke Energy Corp. | 339,573 | 5,562 | ||||||
Dynegy, Inc., Class A * | 123,196 | 448 | ||||||
Edison International | 85,226 | 3,033 | ||||||
Entergy Corp. | 51,430 | 4,014 | ||||||
Exelon Corp. | 179,954 | 9,761 | ||||||
FirstEnergy Corp. | 81,834 | 4,268 | ||||||
FPL Group, Inc. | 109,688 | 5,182 | ||||||
Integrys Energy Group, Inc. | 20,003 | 954 | ||||||
Nicor, Inc. | 12,326 | 570 | ||||||
NiSource, Inc. | 74,133 | 961 | ||||||
Pepco Holdings, Inc. | 53,400 | 1,103 | ||||||
PG&E Corp. | 96,450 | 3,537 | ||||||
Pinnacle West Capital Corp. | 27,516 | 871 | ||||||
PPL Corp. | 100,728 | 3,306 | ||||||
Progress Energy, Inc. | 70,345 | 2,769 | ||||||
Public Service Enterprise Group, Inc. | 145,396 | 4,093 | ||||||
Questar Corp. | 44,691 | 1,540 | ||||||
Sempra Energy | 69,392 | 2,955 | ||||||
Southern Co. | 205,716 | 7,064 | ||||||
TECO Energy, Inc. | 64,115 | 740 | ||||||
The AES Corp. * | 174,339 | 1,389 | ||||||
Wisconsin Energy Corp. | 22,000 | 957 | ||||||
Xcel Energy, Inc. | 115,087 | 2,005 | ||||||
86,988 | ||||||||
Total Common Stock (Cost $2,967,032) | 2,306,982 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 3.1% of net assets | ||||||||
Commercial Paper & Other Obligations 2.8% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 66,438 | 66,438 | ||||||
U.S. Treasury Obligations 0.3% | ||||||||
U.S. Treasury Bill | ||||||||
0.03%, 12/18/08 (a) | 6,560 | 6,560 | ||||||
0.36%, 12/18/08 (a) | 530 | 530 | ||||||
0.61%, 12/18/08 (a) | 850 | 849 | ||||||
7,939 | ||||||||
Total Short-Term Investments (Cost $74,377) | 74,377 | |||||||
End of Investments. | ||
(All dollar amounts x 1,000) | ||
At 10/31/08, the tax basis cost of the fund’s investments was $3,055,237, and the unrealized appreciation and depreciation were $119,828 and ($793,706), respectively, with a net unrealized depreciation of ($673,878). | ||
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. | |
(b) | Issuer is affiliated with the fund’s adviser. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long expires 12/19/08 | 1,425 | 68,920 | (6,483 | ) |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
98.9 | % | Common Stock | 1,068,350 | 995,554 | ||||||||
0.2 | % | Foreign Common Stock | 2,910 | 1,827 | ||||||||
0.1 | % | Preferred Stock | 784 | 1,352 | ||||||||
— | % | Rights | 13 | 16 | ||||||||
0.6 | % | Short-Term Investments | 5,867 | 5,867 | ||||||||
99.8 | % | Total Investments | 1,077,924 | 1,004,616 | ||||||||
0.0 | % | Collateral Invested for Securities on Loan | 3 | 3 | ||||||||
0.2 | % | Other Assets and Liabilities, Net | 2,505 | |||||||||
100.0 | % | Net Assets | 1,007,124 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 98.9% of net assets | ||||||||
Automobiles & Components 0.3% | ||||||||
American Axle & Manufacturing Holdings, Inc. | 5,300 | 19 | ||||||
ArvinMeritor, Inc. | 9,900 | 59 | ||||||
ATC Technology Corp. * | 5,011 | 110 | ||||||
BorgWarner, Inc. | 10,800 | 243 | ||||||
Cooper Tire & Rubber Co. | 8,900 | 68 | ||||||
Drew Industries, Inc. * | 2,400 | 29 | ||||||
Ford Motor Co. * | 148,736 | 326 | ||||||
General Motors Corp. | 45,386 | 262 | ||||||
Gentex Corp. | 11,500 | 110 | ||||||
Harley-Davidson, Inc. | 25,500 | 624 | ||||||
Hawk Corp., Class A * | 1,800 | 26 | ||||||
Hayes Lemmerz International, Inc. * | 17,258 | 23 | ||||||
Johnson Controls, Inc. | 45,000 | 798 | ||||||
Lear Corp. * | 5,800 | 12 | ||||||
Modine Manufacturing Co. | 3,700 | 27 | ||||||
Monaco Coach Corp. | 1,200 | 3 | ||||||
Proliance International, Inc. * | 872 | 1 | ||||||
Standard Motor Products, Inc. | 7,500 | 32 | ||||||
Stoneridge, Inc. * | 8,200 | 47 | ||||||
Strattec Security Corp. | 1,500 | 32 | ||||||
Superior Industries International, Inc. | 800 | 11 | ||||||
Tenneco, Inc. * | 4,480 | 22 | ||||||
The Goodyear Tire & Rubber Co. * | 20,500 | 183 | ||||||
Thor Industries, Inc. | 4,500 | 80 | ||||||
TRW Automotive Holdings Corp. * | 7,800 | 49 | ||||||
Visteon Corp. * | 10,251 | 7 | ||||||
WABCO Holdings, Inc. | 5,133 | 94 | ||||||
Winnebago Industries, Inc. | 5,100 | 30 | ||||||
3,327 | ||||||||
Banks 3.9% | ||||||||
1st Source Corp. | 3,728 | 80 | ||||||
Abigail Adams National Bancorp, Inc. | 550 | 2 | ||||||
AMCORE Financial, Inc. | 3,811 | 18 | ||||||
Ameris Bancorp | 1,800 | 20 | ||||||
Anchor BanCorp Wisconsin, Inc. | 3,100 | 18 | ||||||
Arrow Financial Corp. | 1,081 | 28 | ||||||
Associated Banc-Corp | 15,500 | 342 | ||||||
Astoria Financial Corp. | 8,300 | 158 | ||||||
BancFirst Corp. | 2,000 | 101 | ||||||
BancorpSouth, Inc. | 7,612 | 185 | ||||||
BancTrust Financial Group, Inc. | 1,100 | 14 | ||||||
Bank Mutual Corp. | 6,168 | 71 | ||||||
Bank of Hawaii Corp. | 3,500 | 178 | ||||||
Bank of the Ozarks, Inc. | 2,800 | 85 | ||||||
Banner Corp. | 1,200 | 15 | ||||||
BB&T Corp. | 49,458 | 1,773 | ||||||
Berkshire Bancorp, Inc. | 3,600 | 23 | ||||||
Berkshire Hills Bancorp, Inc. | 1,400 | 36 | ||||||
BOK Financial Corp. | 4,540 | 217 | ||||||
Boston Private Financial Holdings, Inc. | 2,129 | 19 | ||||||
Brookline Bancorp, Inc. | 2,405 | 28 | ||||||
Bryn Mawr Bank Corp. | 1,400 | 30 | ||||||
Camco Financial Corp. | 700 | 5 | ||||||
Camden National Corp. | 700 | 20 | ||||||
Capital City Bank Group, Inc. | 1,875 | 53 | ||||||
Capitol Bancorp Ltd. | 1,500 | 15 | ||||||
Capitol Federal Financial | 6,920 | 322 | ||||||
Cascade Bancorp | 3,318 | 32 | ||||||
Cathay General Bancorp | 6,200 | 152 | ||||||
Centerline Holding Co. | 3,900 | 2 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Central Pacific Financial Corp. | 3,400 | 53 | ||||||
Century Bancorp Inc., Class A | 800 | 13 | ||||||
Charter Financial Corp. | 900 | 8 | ||||||
Chemical Financial Corp. | 5,383 | 141 | ||||||
Citizens First Bancorp, Inc. | 700 | 2 | ||||||
Citizens Republic Bancorp, Inc. | 5,650 | 17 | ||||||
Citizens South Banking Corp. | 1,000 | 7 | ||||||
City Holding Co. | 1,800 | 75 | ||||||
City National Corp. | 3,100 | 166 | ||||||
Columbia Banking System, Inc. | 1,951 | 31 | ||||||
Comerica, Inc. | 13,496 | 372 | ||||||
Commerce Bancshares, Inc. | 14,696 | 695 | ||||||
Community Bank System, Inc. | 4,400 | 110 | ||||||
Community Trust Bancorp, Inc. | 2,487 | 83 | ||||||
Corus Bankshares, Inc. | 4,000 | 9 | ||||||
Cullen/Frost Bankers, Inc. | 6,300 | 353 | ||||||
CVB Financial Corp. | 5,811 | 74 | ||||||
Dime Community Bancshares | 3,375 | 56 | ||||||
Downey Financial Corp. | 2,000 | 3 | ||||||
East West Bancorp, Inc. | 2,600 | 45 | ||||||
F.N.B. Corp. | 7,661 | 100 | ||||||
Fifth Third Bancorp. | 46,714 | 507 | ||||||
First BanCorp Puerto Rico | 7,200 | 74 | ||||||
First Busey Corp. | 1,500 | 28 | ||||||
First Citizens BancShares, Inc., Class A | 300 | 46 | ||||||
First Commonwealth Financial Corp. | 5,504 | 61 | ||||||
First Financial Bancorp | 1,839 | 25 | ||||||
First Financial Bankshares, Inc. | 4,000 | 217 | ||||||
First Financial Corp. | 600 | 25 | ||||||
First Financial Holdings, Inc. | 3,900 | 85 | ||||||
First Horizon National Corp. | 16,076 | 191 | ||||||
First M&F Corp. | 2,000 | 19 | ||||||
First Merchants Corp. | 1,041 | 23 | ||||||
First Midwest Bancorp, Inc. | 3,125 | 69 | ||||||
First Niagara Financial Group, Inc. | 8,172 | 129 | ||||||
First Place Financial Corp. | 2,900 | 20 | ||||||
First United Corp. | 2,200 | 38 | ||||||
FirstFed Financial Corp. * | 400 | 4 | ||||||
FirstMerit Corp. | 7,300 | 170 | ||||||
Flagstar Bancorp, Inc. | 6,200 | 12 | ||||||
Flushing Financial Corp. | 3,300 | 51 | ||||||
Fremont General Corp. * | 6,200 | — | ||||||
Frontier Financial Corp. | 1,575 | 11 | ||||||
Fulton Financial Corp. | 14,762 | 155 | ||||||
Glacier Bancorp, Inc. | 7,697 | 155 | ||||||
Great Southern Bancorp, Inc. | 1,400 | 15 | ||||||
Guaranty Financial Group, Inc. * | 2,933 | 6 | ||||||
Hancock Holding Co. | 5,100 | 225 | ||||||
Harleysville National Corp. | 1,274 | 18 | ||||||
Hawthorn Bancshares, Inc. | 750 | 15 | ||||||
Heritage Financial Corp. | 735 | 9 | ||||||
Horizon Financial Corp. | 2,695 | 16 | ||||||
Hudson City Bancorp, Inc. | 55,731 | 1,048 | ||||||
Huntington Bancshares, Inc. | 29,199 | 276 | ||||||
IBERIABANK Corp. | 3,875 | 197 | ||||||
Imperial Capital Bancorp, Inc. | 700 | 4 | ||||||
Independent Bank Corp., Massachusetts | 1,000 | 29 | ||||||
Independent Bank Corp., Michigan | 4,302 | 16 | ||||||
Indiana Community Bancorp | 800 | 14 | ||||||
IndyMac Bancorp, Inc. | 5,900 | — | ||||||
Integra Bank Corp. | 1,225 | 7 | ||||||
International Bancshares Corp. | 7,784 | 202 | ||||||
Irwin Financial Corp. | 3,700 | 8 | ||||||
Kearny Financial Corp. | 4,500 | 52 | ||||||
KeyCorp | 41,290 | 505 | ||||||
Lakeland Financial Corp. | 2,200 | 49 | ||||||
M&T Bank Corp. | 9,962 | 808 | ||||||
MainSource Financial Group, Inc. | 1,735 | 31 | ||||||
Marshall & Ilsley Corp. | 19,650 | 354 | ||||||
MB Financial, Inc. | 2,133 | 63 | ||||||
Merchants Bancshares, Inc. | 750 | 16 | ||||||
MGIC Investment Corp. | 9,300 | 36 | ||||||
Midwest Banc Holdings, Inc. | 1,300 | 4 | ||||||
MutualFirst Financial, Inc. | 2,000 | 18 | ||||||
Nara Bancorp, Inc. | 4,000 | 44 | ||||||
National City Corp. | 64,643 | 175 | ||||||
National Penn Bancshares, Inc. | 6,675 | 113 | ||||||
NBT Bancorp, Inc. | 4,400 | 123 | ||||||
New York Community Bancorp, Inc. | 27,585 | 432 | ||||||
NewAlliance Bancshares, Inc. | 9,100 | 126 | ||||||
North Valley Bancorp | 1,500 | 9 | ||||||
Northrim BanCorp, Inc. | 3,281 | 43 | ||||||
Northwest Bancorp, Inc. | 5,000 | 133 | ||||||
OceanFirst Financial Corp. | 1,050 | 17 | ||||||
Ocwen Financial Corp. * | 8,420 | 56 | ||||||
Old National Bancorp | 6,244 | 118 | ||||||
Oriental Financial Group, Inc. | 1,663 | 27 | ||||||
PAB Bankshares, Inc. | 714 | 4 | ||||||
Pacific Capital Bancorp | 6,844 | 134 | ||||||
Park National Corp. | 845 | 61 | ||||||
People’s United Financial, Inc. | 28,987 | 507 | ||||||
Peoples Financial Corp. | 3,000 | 61 | ||||||
Pinnacle Financial Partners, Inc. * | 475 | 14 | ||||||
PNC Financial Services Group, Inc. | 32,498 | 2,167 | ||||||
Popular, Inc. | 21,700 | 165 | ||||||
Prosperity Bancshares, Inc. | 6,400 | 213 | ||||||
Provident Bankshares Corp. | 1,657 | 18 | ||||||
Provident Financial Holdings, Inc. | 750 | 4 | ||||||
Provident Financial Services, Inc. | 5,217 | 76 | ||||||
Regions Financial Corp. | 61,962 | 687 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Renasant Corp. | 1,125 | 24 | ||||||
Republic Bancorp, Inc., Class A | 1,821 | 42 | ||||||
Roma Financial Corp. | 2,500 | 36 | ||||||
Royal Bank of Canada | 416 | 16 | ||||||
S&T Bancorp, Inc. | 4,400 | 150 | ||||||
S.Y. Bancorp, Inc. | 1,470 | 40 | ||||||
Sandy Spring Bancorp, Inc. | 2,900 | 62 | ||||||
Santander BanCorp | 4,686 | 44 | ||||||
Seacoast Banking Corp. of Florida | 1,980 | 18 | ||||||
Shore Bancshares, Inc. | 750 | 18 | ||||||
Simmons First National Corp., Class A | 1,000 | 31 | ||||||
Southwest Bancorp, Inc. | 3,300 | 48 | ||||||
Sovereign Bancorp, Inc. * | 53,489 | 155 | ||||||
State Bancorp, Inc. | 1,058 | 13 | ||||||
Sterling Bancorp | 1,918 | 30 | ||||||
Sterling Bancshares, Inc. | 6,150 | 49 | ||||||
Sterling Financial Corp., Washington | 1,827 | 16 | ||||||
Suffolk Bancorp | 2,400 | 78 | ||||||
Sun Bancorp, Inc. * | 4,018 | 40 | ||||||
SunTrust Banks, Inc. | 33,342 | 1,338 | ||||||
Susquehanna Bancshares, Inc. | 7,468 | 116 | ||||||
SVB Financial Group * | 2,200 | 113 | ||||||
Synovus Financial Corp. | 27,700 | 286 | ||||||
TCF Financial Corp. | 13,600 | 241 | ||||||
TF Financial Corp. | 700 | 13 | ||||||
TFS Financial Corp. | 28,000 | 366 | ||||||
The Colonial BancGroup, Inc. | 10,100 | 41 | ||||||
The First of Long Island Corp. | 4,000 | 84 | ||||||
The PMI Group, Inc. | 8,100 | 20 | ||||||
The South Financial Group, Inc. | 4,500 | 26 | ||||||
The Toronto-Dominion Bank | 4,688 | 221 | ||||||
Timberland Bancorp, Inc. | 2,000 | 12 | ||||||
Tompkins Financial Corp. | 931 | 46 | ||||||
Tree.com, Inc. * | 1,044 | 3 | ||||||
TriCo Bancshares | 400 | 9 | ||||||
TrustCo Bank Corp. NY | 6,857 | 83 | ||||||
Trustmark Corp. | 8,300 | 170 | ||||||
U.S. Bancorp. | 158,531 | 4,726 | ||||||
UCBH Holdings, Inc. | 9,400 | 50 | ||||||
UMB Financial Corp. | 3,574 | 162 | ||||||
Umpqua Holdings Corp. | 343 | 6 | ||||||
Union Bankshares Corp. | 1,050 | 25 | ||||||
United Bankshares, Inc. | 7,400 | 236 | ||||||
United Community Banks, Inc. | 3,778 | 50 | ||||||
Valley National Bancorp | 9,425 | 179 | ||||||
Washington Federal, Inc. | 7,942 | 140 | ||||||
Washington Trust Bancorp, Inc. | 1,000 | 21 | ||||||
Webster Financial Corp. | 8,663 | 161 | ||||||
Wells Fargo & Co. | 294,406 | 10,025 | ||||||
WesBanco, Inc. | 4,456 | 121 | ||||||
West Coast Bancorp | 1,200 | 10 | ||||||
Westamerica Bancorp. | 5,200 | 298 | ||||||
Whitney Holding Corp. | 6,675 | 127 | ||||||
Willow Financial Bancorp, Inc. | 1,675 | 15 | ||||||
Wilmington Trust Corp. | 5,700 | 165 | ||||||
Wintrust Financial Corp. | 5,800 | 148 | ||||||
WSFS Financial Corp. | 1,000 | 48 | ||||||
Zions Bancorp | 7,725 | 294 | ||||||
39,243 | ||||||||
Capital Goods 7.6% | ||||||||
3D Systems Corp. * | 1,400 | 15 | ||||||
3M Co. | 65,000 | 4,180 | ||||||
A.O. Smith Corp. | 1,300 | 41 | ||||||
AAON, Inc. | 6,113 | 101 | ||||||
AAR CORP. * | 5,000 | 80 | ||||||
Accuride Corp. * | 2,500 | 1 | ||||||
Aceto Corp. | 5,000 | 42 | ||||||
Actuant Corp., Class A | 5,680 | 102 | ||||||
Acuity Brands, Inc. | 5,200 | 182 | ||||||
Aecom Technology Corp. * | 8,000 | 141 | ||||||
Aerosonic Corp. * | 300 | — | ||||||
AGCO Corp. * | 6,762 | 213 | ||||||
Alamo Group, Inc. | 500 | 6 | ||||||
Albany International Corp., Class A | 3,918 | 57 | ||||||
Alliant Techsystems, Inc. * | 2,437 | 201 | ||||||
American Science & Engineering, Inc. | 500 | 31 | ||||||
American Superconductor Corp. * | 700 | 9 | ||||||
American Woodmark Corp. | 4,000 | 74 | ||||||
Ameron International Corp. | 900 | 42 | ||||||
AMETEK, Inc. | 9,300 | 309 | ||||||
Ampco-Pittsburgh Corp. | 2,800 | 66 | ||||||
Apogee Enterprises, Inc. | 1,200 | 12 | ||||||
Applied Industrial Technologies, Inc. | 6,525 | 132 | ||||||
Applied Signal Technology, Inc. | 2,500 | 45 | ||||||
Armstrong World Industries, Inc. | 3,500 | 69 | ||||||
Astronics Corp. * | 1,250 | 16 | ||||||
Astronics Corp., Class B * | 390 | 5 | ||||||
Badger Meter, Inc. | 4,000 | 101 | ||||||
Baldor Electric Co. | 3,800 | 67 | ||||||
Barnes Group, Inc. | 3,600 | 52 | ||||||
BE Aerospace, Inc. * | 6,200 | 80 | ||||||
Belden, Inc. | 4,400 | 92 | ||||||
Blount International, Inc. * | 1,200 | 10 | ||||||
Brady Corp., Class A | 1,400 | 43 | ||||||
Breeze-Eastern Corp. * | 500 | 4 | ||||||
Briggs & Stratton Corp. | 3,500 | 55 | ||||||
Building Materials Holding Corp. | 3,000 | 1 | ||||||
C&D Technologies, Inc. * | 4,500 | 16 | ||||||
Carlisle Cos., Inc. | 3,200 | 74 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Cascade Corp. | 4,400 | 145 | ||||||
Caterpillar, Inc. | 53,800 | 2,054 | ||||||
Ceradyne, Inc. * | 2,500 | 59 | ||||||
Chase Corp. | 200 | 3 | ||||||
CIRCOR International, Inc. | 3,750 | 115 | ||||||
CLARCOR, Inc. | 3,400 | 120 | ||||||
Columbus McKinnon Corp. * | 2,400 | 34 | ||||||
Cooper Industries Ltd., Class A | 27,400 | 848 | ||||||
Crane Co. | 5,000 | 82 | ||||||
Cummins, Inc. | 15,600 | 403 | ||||||
Curtiss-Wright Corp. | 3,600 | 133 | ||||||
Danaher Corp. | 24,000 | 1,422 | ||||||
Deere & Co. | 38,000 | 1,465 | ||||||
Donaldson Co., Inc. | 6,500 | 228 | ||||||
Dover Corp. | 16,700 | 531 | ||||||
Ducommun, Inc. | 3,200 | 65 | ||||||
Dycom Industries, Inc. * | 3,300 | 29 | ||||||
DynCorp International, Inc., Class A * | 4,500 | 59 | ||||||
Eaton Corp. | 12,600 | 562 | ||||||
EMCOR Group, Inc. * | 7,800 | 139 | ||||||
Emerson Electric Co. | 70,000 | 2,291 | ||||||
Energy Conversion Devices, Inc. * | 600 | 20 | ||||||
ESCO Technologies, Inc. * | 2,800 | 97 | ||||||
Esterline Technologies Corp. * | 2,400 | 87 | ||||||
Evergreen Solar, Inc. * | 1,000 | 4 | ||||||
Fastenal Co. | 13,200 | 531 | ||||||
Federal Signal Corp. | 5,300 | 45 | ||||||
First Solar, Inc. * | 6,000 | 862 | ||||||
Flow International Corp. * | 900 | 3 | ||||||
Flowserve Corp. | 3,900 | 222 | ||||||
Fluor Corp. | 16,200 | 647 | ||||||
Franklin Electric Co., Inc. | 1,300 | 55 | ||||||
FreightCar America, Inc. | 2,500 | 65 | ||||||
FuelCell Energy, Inc. * | 1,200 | 6 | ||||||
Furmanite Corp. * | 1,400 | 11 | ||||||
Gardner Denver, Inc. * | 3,400 | 87 | ||||||
GATX Corp. | 4,000 | 114 | ||||||
GenCorp, Inc. * | 2,500 | 12 | ||||||
General Cable Corp. * | 4,700 | 80 | ||||||
General Dynamics Corp. | 31,400 | 1,894 | ||||||
General Electric Co. | 847,966 | 16,544 | ||||||
Gibraltar Industries, Inc. | 2,500 | 33 | ||||||
Global Power Equipment Group, Inc. * | 1,000 | 1 | ||||||
Goodrich Corp. | 8,404 | 307 | ||||||
Graco, Inc. | 7,012 | 173 | ||||||
GrafTech International Ltd. * | 8,600 | 70 | ||||||
Granite Construction, Inc. | 4,850 | 173 | ||||||
Hardinge, Inc. | 1,800 | 13 | ||||||
Harsco Corp. | 6,200 | 147 | ||||||
HEICO Corp., Class A | 2,286 | 64 | ||||||
Herley Industries, Inc. * | 4,000 | 53 | ||||||
Hexcel Corp. * | 2,000 | 26 | ||||||
Honeywell International, Inc. | 71,062 | 2,164 | ||||||
Hubbell, Inc., Class B | 3,800 | 136 | ||||||
Huttig Building Products, Inc. * | 811 | 1 | ||||||
Icahn Enterprises L.P. | 3,800 | 117 | ||||||
IDEX Corp. | 7,225 | 167 | ||||||
II-VI, Inc. * | 3,800 | 107 | ||||||
Illinois Tool Works, Inc. | 51,700 | 1,726 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 30,942 | 571 | ||||||
Insituform Technologies, Inc., Class A * | 1,300 | 17 | ||||||
Integrated Electrical Services, Inc. * | 5,105 | 62 | ||||||
ITT Corp. | 17,400 | 774 | ||||||
Jacobs Engineering Group, Inc. * | 10,600 | 386 | ||||||
John Bean Technologies Corp. | 1,983 | 17 | ||||||
Joy Global, Inc. | 19,350 | 561 | ||||||
Kadant, Inc. * | 1 | — | ||||||
Kaydon Corp. | 3,300 | 110 | ||||||
KBR, Inc. | 13,500 | 200 | ||||||
Kennametal, Inc. | 8,000 | 170 | ||||||
Kratos Defense & Security Solutions, Inc. * | 1,800 | 3 | ||||||
L-3 Communications Holdings, Inc. | 9,100 | 739 | ||||||
Ladish Co., Inc. * | 1,300 | 22 | ||||||
Lawson Products, Inc. | 2,000 | 60 | ||||||
Lennox International, Inc. | 4,771 | 142 | ||||||
Lincoln Electric Holdings, Inc. | 3,900 | 168 | ||||||
Lockheed Martin Corp. | 37,052 | 3,151 | ||||||
Lydall, Inc. * | 2,500 | 17 | ||||||
Magnetek, Inc. * | 1,500 | 3 | ||||||
Masco Corp. | 35,800 | 363 | ||||||
MasTec, Inc. * | 5,350 | 47 | ||||||
McDermott International, Inc. * | 25,000 | 428 | ||||||
Medis Technologies Ltd. * | 1,110 | 1 | ||||||
Michael Baker Corp. * | 3,000 | 71 | ||||||
Moog, Inc., Class A * | 2,787 | 98 | ||||||
MSC Industrial Direct Co., Inc., Class A | 4,300 | 154 | ||||||
Mueller Industries, Inc. | 4,200 | 96 | ||||||
Mueller Water Products, Inc., Class B | 3,139 | 21 | ||||||
NACCO Industries, Inc., Class A | 1,300 | 80 | ||||||
NCI Building Systems, Inc. * | 2,900 | 54 | ||||||
NN, Inc. | 1,800 | 13 | ||||||
Nordson Corp. | 4,000 | 148 | ||||||
Northrop Grumman Corp. | 30,032 | 1,408 | ||||||
Omega Flex, Inc. | 700 | 15 | ||||||
Orbital Sciences Corp. * | 4,600 | 94 | ||||||
Oshkosh Corp. | 9,000 | 69 | ||||||
Otter Tail Corp. | 1,100 | 26 | ||||||
Owens Corning, Inc. * | 11,000 | 173 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
PACCAR, Inc. | 31,725 | 928 | ||||||
Pall Corp. | 10,900 | 288 | ||||||
Parker Hannifin Corp. | 16,500 | 640 | ||||||
Pentair, Inc. | 9,500 | 263 | ||||||
Perini Corp. * | 5,000 | 95 | ||||||
Plug Power, Inc. * | 2,248 | 2 | ||||||
Powell Industries, Inc. * | 1,000 | 19 | ||||||
Power-One, Inc. * | 6,000 | 7 | ||||||
Precision Castparts Corp. | 10,302 | 668 | ||||||
Quanex Building Products Corp. | 5,625 | 52 | ||||||
Quanta Services, Inc. * | 18,371 | 363 | ||||||
Raven Industries, Inc. | 2,800 | 90 | ||||||
Raytheon Co. | 34,900 | 1,784 | ||||||
Regal-Beloit Corp. | 2,500 | 81 | ||||||
Rockwell Automation, Inc. | 15,700 | 434 | ||||||
Rockwell Collins, Inc. | 13,100 | 488 | ||||||
Roper Industries, Inc. | 6,500 | 295 | ||||||
Rush Enterprises, Inc., Class B * | 750 | 8 | ||||||
Sauer-Danfoss, Inc. | 3,800 | 39 | ||||||
Seaboard Corp. | 200 | 268 | ||||||
Simpson Manufacturing Co., Inc. | 3,200 | 74 | ||||||
Spirit AeroSystems Holdings, Inc., Class A * | 11,000 | 177 | ||||||
SPX Corp. | 8,610 | 334 | ||||||
Standex International Corp. | 3,000 | 77 | ||||||
SunPower Corp., Class A * | 1,300 | 51 | ||||||
SunPower Corp., Class B * | 2,331 | 69 | ||||||
Taser International, Inc. * | 1,700 | 9 | ||||||
Tecumseh Products Co., Class A * | 3,200 | 59 | ||||||
Teledyne Technologies, Inc. * | 12,157 | 554 | ||||||
Tennant Co. | 4,200 | 105 | ||||||
Terex Corp. * | 7,400 | 124 | ||||||
Textron, Inc. | 23,600 | 418 | ||||||
The Allied Defense Group, Inc. * | 500 | 4 | ||||||
The Boeing Co. | 68,800 | 3,596 | ||||||
The Gorman-Rupp Co. | 4,491 | 141 | ||||||
The Greenbrier Cos., Inc. | 4,100 | 34 | ||||||
The Manitowoc Co., Inc. | 11,600 | 114 | ||||||
The Middleby Corp. * | 7,000 | 283 | ||||||
The Shaw Group, Inc. * | 8,500 | 152 | ||||||
The Timken Co. | 6,600 | 105 | ||||||
The Toro Co. | 4,100 | 138 | ||||||
Thomas & Betts Corp. * | 7,300 | 173 | ||||||
Titan International, Inc. | 4,125 | 48 | ||||||
TransDigm Group, Inc. * | 3,600 | 109 | ||||||
Tredegar Corp. | 5,100 | 75 | ||||||
Trinity Industries, Inc. | 1,650 | 28 | ||||||
Triumph Group, Inc. | 1,200 | 53 | ||||||
Tyco International Ltd. | 38,525 | 974 | ||||||
United Rentals, Inc. * | 5,900 | 60 | ||||||
United Technologies Corp. | 84,068 | 4,620 | ||||||
Universal Forest Products, Inc. | 2,500 | 59 | ||||||
URS Corp. * | 7,700 | 226 | ||||||
USG Corp. * | 3,900 | 58 | ||||||
Valmont Industries, Inc. | 1,900 | 104 | ||||||
Vicor Corp. | 4,200 | 29 | ||||||
W.W. Grainger, Inc. | 7,300 | 574 | ||||||
Wabash National Corp. | 2,500 | 15 | ||||||
Wabtec Corp. | 2,828 | 112 | ||||||
Watsco, Inc. | 3,400 | 140 | ||||||
Watts Water Technologies, Inc., Class A | 1,000 | 26 | ||||||
WESCO International, Inc. * | 4,800 | 95 | ||||||
Woodward Governor Co. | 8,000 | 257 | ||||||
76,215 | ||||||||
Commercial & Professional Supplies 1.2% | ||||||||
A.T. Cross Co., Class A * | 2,400 | 13 | ||||||
ABM Industries, Inc. | 4,900 | 80 | ||||||
Administaff, Inc. | 2,800 | 56 | ||||||
Allied Waste Industries, Inc. * | 29,100 | 303 | ||||||
American Locker Group, Inc. * | 500 | 1 | ||||||
American Reprographics Co. * | 4,000 | 43 | ||||||
AMREP Corp. * | 2,500 | 75 | ||||||
Avery Dennison Corp. | 9,700 | 340 | ||||||
Bowne & Co., Inc. | 4,200 | 33 | ||||||
Casella Waste Systems, Inc., Class A * | 2,500 | 13 | ||||||
CDI Corp. | 3,700 | 48 | ||||||
Cenveo, Inc. * | 4,300 | 21 | ||||||
Cintas. | 15,350 | 364 | ||||||
Clean Harbors, Inc. * | 2,500 | 164 | ||||||
CompX International, Inc. | 1,300 | 7 | ||||||
Consolidated Graphics, Inc. * | 3,900 | 51 | ||||||
Copart, Inc. * | 6,550 | 229 | ||||||
Cornell Cos., Inc. * | 4,600 | 105 | ||||||
Corrections Corp. of America * | 11,484 | 219 | ||||||
CoStar Group, Inc. * | 800 | 29 | ||||||
Covanta Holding Corp. * | 11,700 | 252 | ||||||
CRA International, Inc. * | 2,500 | 68 | ||||||
Deluxe Corp. | 3,800 | 46 | ||||||
Diamond Management & Technology Consultants, Inc. | 1,000 | 4 | ||||||
EnergySolutions | 7,000 | 32 | ||||||
Ennis, Inc. | 4,500 | 53 | ||||||
Equifax, Inc. | 13,095 | 341 | ||||||
Exponent, Inc. * | 6,000 | 177 | ||||||
FTI Consulting, Inc. * | 2,700 | 157 | ||||||
G & K Services, Inc., Class A | 4,100 | 93 | ||||||
GP Strategies Corp. * | 1,500 | 9 | ||||||
Healthcare Services Group, Inc. | 8,437 | 140 | ||||||
Heidrick & Struggles International, Inc. | 3,100 | 75 | ||||||
Herman Miller, Inc. | 5,700 | 125 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
HNI Corp. | 4,000 | 73 | ||||||
Hudson Highland Group, Inc. * | 3,220 | 17 | ||||||
ICT Group, Inc. * | 3,000 | 16 | ||||||
IKON Office Solutions, Inc. | 12,500 | 215 | ||||||
Interface, Inc., Class A | 5,800 | 41 | ||||||
Iron Mountain, Inc. * | 14,680 | 356 | ||||||
Kelly Services, Inc., Class A | 5,700 | 81 | ||||||
Kforce, Inc. * | 2,905 | 23 | ||||||
Kimball International, Inc., Class B | 6,100 | 45 | ||||||
Knoll, Inc. | 4,000 | 58 | ||||||
Korn/Ferry International * | 3,600 | 50 | ||||||
M&F Worldwide Corp. * | 1,200 | 28 | ||||||
Manpower, Inc. | 6,991 | 218 | ||||||
McGrath Rentcorp | 1,600 | 36 | ||||||
Mine Safety Appliances Co. | 2,700 | 73 | ||||||
Mobile Mini, Inc. * | 1,200 | 20 | ||||||
Monster Worldwide, Inc. * | 9,800 | 139 | ||||||
MPS Group, Inc. * | 11,400 | 89 | ||||||
Multi-Color Corp. | 2,625 | 52 | ||||||
Navigant Consulting, Inc. * | 5,000 | 81 | ||||||
On Assignment, Inc. * | 4,700 | 30 | ||||||
Pitney Bowes, Inc. | 20,000 | 496 | ||||||
R.R. Donnelley & Sons Co. | 17,000 | 282 | ||||||
Republic Services, Inc. | 26,550 | 629 | ||||||
Resources Connection, Inc. * | 3,700 | 64 | ||||||
Robert Half International, Inc. | 14,000 | 264 | ||||||
Rollins, Inc. | 10,012 | 176 | ||||||
School Specialty, Inc. * | 1,600 | 34 | ||||||
Spherion Corp. * | 6,830 | 22 | ||||||
Stantec, Inc. * | 1,690 | 27 | ||||||
Steelcase, Inc., Class A | 11,500 | 107 | ||||||
Stericycle, Inc. * | 6,400 | 374 | ||||||
Superior Uniform Group, Inc. | 1,600 | 16 | ||||||
Tetra Tech, Inc. * | 12,031 | 265 | ||||||
The Advisory Board Co. * | 1,000 | 25 | ||||||
The Brink’s Co. | 5,600 | 271 | ||||||
The Corporate Executive Board Co. | 2,700 | 80 | ||||||
The Dun & Bradstreet Corp. | 12,140 | 895 | ||||||
The Geo Group, Inc. * | 11,400 | 201 | ||||||
The Standard Register Co. | 4,100 | 33 | ||||||
TRC Cos., Inc. * | 1,350 | 2 | ||||||
TrueBlue, Inc. * | 6,000 | 50 | ||||||
United Stationers, Inc. * | 2,900 | 108 | ||||||
Viad Corp. | 3,625 | 79 | ||||||
Virco Mfg. Corp. | 1,170 | 3 | ||||||
Volt Information Sciences, Inc. * | 3,150 | 24 | ||||||
Waste Connections, Inc. * | 5,475 | 185 | ||||||
Waste Management, Inc. | 48,100 | 1,502 | ||||||
Watson Wyatt Worldwide, Inc., Class A | 4,600 | 195 | ||||||
11,916 | ||||||||
Consumer Durables & Apparel 1.3% | ||||||||
American Greetings Corp., Class A | 8,500 | 99 | ||||||
Beazer Homes USA, Inc. * | 2,553 | 8 | ||||||
Blyth, Inc. | 4,800 | 41 | ||||||
Brookfield Homes Corp. | 3,074 | 28 | ||||||
Brunswick Corp. | 7,400 | 26 | ||||||
Callaway Golf Co. | 5,600 | 59 | ||||||
Carter’s, Inc. * | 5,000 | 106 | ||||||
Cavco Industries, Inc. * | 410 | 14 | ||||||
Centex Corp. | 10,700 | 131 | ||||||
Chromcraft Revington, Inc. * | 1,300 | 1 | ||||||
Coach, Inc. * | 32,008 | 659 | ||||||
Columbia Sportswear Co. | 4,350 | 160 | ||||||
Craftmade International, Inc. | 2,800 | 5 | ||||||
CSS Industries, Inc. | 3,400 | 75 | ||||||
D.R. Horton, Inc. | 24,604 | 182 | ||||||
Deckers Outdoor Corp. * | 2,500 | 212 | ||||||
DGSE Cos., Inc. * | 700 | 1 | ||||||
Eastman Kodak Co. | 22,700 | 208 | ||||||
Ethan Allen Interiors, Inc. | 4,200 | 75 | ||||||
Flexsteel Industries, Inc. | 600 | 5 | ||||||
Foamex International, Inc. * | 2,278 | 1 | ||||||
Fortune Brands, Inc. | 11,500 | 439 | ||||||
Fossil, Inc. * | 5,462 | 99 | ||||||
Furniture Brands International, Inc. | 4,700 | 27 | ||||||
Garmin Ltd. | 16,000 | 359 | ||||||
Hampshire Group Ltd. * | 2,000 | 12 | ||||||
Hanesbrands, Inc. * | 11,047 | 193 | ||||||
Harman International Industries, Inc. | 6,800 | 125 | ||||||
Hasbro, Inc. | 14,500 | 422 | ||||||
Hovnanian Enterprises, Inc., Class A * | 3,700 | 16 | ||||||
Jarden Corp. * | 7,059 | 126 | ||||||
Jones Apparel Group, Inc. | 12,156 | 135 | ||||||
K-Swiss, Inc., Class A | 2,400 | 36 | ||||||
KB HOME. | 7,800 | 130 | ||||||
Kenneth Cole Productions, Inc., Class A | 3,100 | 41 | ||||||
Leggett & Platt, Inc. | 16,200 | 281 | ||||||
Lennar Corp., Class A | 12,190 | 94 | ||||||
Liz Claiborne, Inc. | 8,600 | 70 | ||||||
M.D.C. Holdings, Inc. | 4,403 | 148 | ||||||
M/I Homes, Inc. | 1,800 | 25 | ||||||
Maidenform Brands, Inc. * | 5,000 | 55 | ||||||
Marine Products Corp. | 405 | 3 | ||||||
Mattel, Inc. | 34,300 | 515 | ||||||
Meritage Homes Corp. * | 1,000 | 14 | ||||||
Mohawk Industries, Inc. * | 4,819 | 233 | ||||||
Movado Group, Inc. | 3,300 | 50 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Nautilus, Inc. * | 4,125 | 10 | ||||||
Newell Rubbermaid, Inc. | 23,900 | 329 | ||||||
NIKE, Inc., Class B | 41,400 | 2,386 | ||||||
NVR, Inc. * | 500 | 245 | ||||||
Oxford Industries, Inc. | 2,500 | 34 | ||||||
Palm Harbor Homes, Inc. * | 2,700 | 23 | ||||||
Perry Ellis International, Inc. * | 2,500 | 24 | ||||||
Phillips-Van Heusen Corp. | 5,600 | 137 | ||||||
Polaris Industries, Inc. | 3,200 | 108 | ||||||
Polo Ralph Lauren Corp. | 7,500 | 354 | ||||||
Pool Corp. | 5,662 | 99 | ||||||
Pulte Homes, Inc. | 20,244 | 226 | ||||||
Quiksilver, Inc. * | 4,000 | 10 | ||||||
RC2 Corp. * | 2,200 | 28 | ||||||
Russ Berrie & Co., Inc. * | 3,000 | 8 | ||||||
Skechers U.S.A., Inc., Class A * | 6,500 | 88 | ||||||
Skyline Corp. | 2,600 | 56 | ||||||
Snap-on, Inc. | 4,000 | 148 | ||||||
Standard Pacific Corp. * | 4,800 | 14 | ||||||
Stanley Furniture Co., Inc. | 5,200 | 51 | ||||||
Steven Madden Ltd. * | 2,700 | 59 | ||||||
Sturm, Ruger & Co., Inc. * | 6,000 | 43 | ||||||
Tandy Brands Accessories, Inc. | 1,000 | 2 | ||||||
Tempur-Pedic International, Inc. | 8,000 | 62 | ||||||
The Black & Decker Corp. | 7,100 | 359 | ||||||
The Boyds Collection Ltd. * | 34 | — | ||||||
The Ryland Group, Inc. | 3,700 | 70 | ||||||
The Stanley Works. | 6,600 | 216 | ||||||
The Timberland Co., Class A * | 5,300 | 64 | ||||||
The Warnaco Group, Inc. * | 2,500 | 75 | ||||||
Toll Brothers, Inc. * | 13,700 | 317 | ||||||
Tupperware Brands Corp. | 4,800 | 121 | ||||||
UniFirst Corp. | 1,500 | 49 | ||||||
Uniroyal Technology Corp. (b)(e)* | 1,100 | — | ||||||
Universal Electronics, Inc. * | 5,200 | 110 | ||||||
VF Corp. | 13,500 | 744 | ||||||
Whirlpool Corp. | 6,849 | 320 | ||||||
Wolverine World Wide, Inc. | 7,800 | 183 | ||||||
12,916 | ||||||||
Consumer Services 2.0% | ||||||||
Ambassadors Groups, Inc. | 3,400 | 36 | ||||||
Ambassadors International, Inc. * | 1,700 | 3 | ||||||
Ameristar Casinos, Inc. | 3,400 | 31 | ||||||
Apollo Group, Inc., Class A * | 14,550 | 1,011 | ||||||
Bally Technologies, Inc. * | 3,000 | 66 | ||||||
Bob Evans Farms, Inc. | 2,200 | 46 | ||||||
Boyd Gaming Corp. | 7,800 | 53 | ||||||
Brinker International, Inc. | 10,350 | 96 | ||||||
Burger King Holdings, Inc. | 10,800 | 215 | ||||||
Career Education Corp. * | 8,614 | 136 | ||||||
Carnival Corp. | 50,000 | 1,270 | ||||||
CBRL Group, Inc. | 3,446 | 69 | ||||||
CEC Entertainment, Inc. * | 2,025 | 52 | ||||||
Cedar Fair L.P. | 5,300 | 98 | ||||||
Chipotle Mexican Grill, Inc., Class A * | 2,600 | 132 | ||||||
Choice Hotels International, Inc. | 6,800 | 186 | ||||||
Churchill Downs, Inc. | 900 | 34 | ||||||
CKE Restaurants, Inc. | 4,800 | 41 | ||||||
Coinstar, Inc. * | 5,000 | 120 | ||||||
Corinthian Colleges, Inc. * | 9,200 | 131 | ||||||
CPI Corp. | 2,900 | 21 | ||||||
Darden Restaurants, Inc. | 13,300 | 295 | ||||||
DeVry, Inc. | 4,800 | 272 | ||||||
DineEquity, Inc. | 3,000 | 54 | ||||||
Domino’s Pizza, Inc. * | 5,100 | 30 | ||||||
Dover Downs Gaming & Entertainment, Inc. | 4,899 | 25 | ||||||
Dover Motorsports, Inc. | 1,400 | 3 | ||||||
Empire Resorts, Inc. * | 3,000 | 7 | ||||||
Gaylord Entertainment Co. * | 2,625 | 56 | ||||||
H&R Block, Inc. | 26,300 | 519 | ||||||
Hillenbrand, Inc. | 5,800 | 110 | ||||||
International Game Technology. | 29,100 | 407 | ||||||
International Speedway Corp., Class A | 3,245 | 102 | ||||||
Interstate Hotels & Resorts, Inc. * | 2,582 | 3 | ||||||
Interval Leisure Group, Inc. * | 6,269 | 46 | ||||||
Isle of Capri Casinos, Inc. * | 4,400 | 22 | ||||||
ITT Educational Services, Inc. * | 6,000 | 526 | ||||||
Jack in the Box, Inc. * | 8,400 | 169 | ||||||
Jackson Hewitt Tax Service, Inc. | 3,000 | 41 | ||||||
Krispy Kreme Doughnuts, Inc. * | 2,100 | 6 | ||||||
Landry’s Restaurants, Inc. | 1,800 | 23 | ||||||
Las Vegas Sands Corp. * | 25,000 | 355 | ||||||
Learning Tree International, Inc. * | 1,400 | 18 | ||||||
LIFE TIME FITNESS, Inc. * | 2,500 | 48 | ||||||
Luby’s, Inc. * | 1,400 | 7 | ||||||
Marriott International, Inc., Class A | 37,400 | 781 | ||||||
Matthews International Corp., Class A | 1,900 | 85 | ||||||
McDonald’s Corp. | 110,300 | 6,390 | ||||||
MGM MIRAGE * | 22,500 | 370 | ||||||
Monarch Casino & Resort, Inc. * | 8,000 | 71 | ||||||
MTR Gaming Group, Inc. * | 5,300 | 14 | ||||||
Multimedia Games, Inc. * | 1,500 | 5 | ||||||
Nobel Learning Communities, Inc. * | 500 | 7 | ||||||
O’Charley’s, Inc. | 400 | 3 | ||||||
P.F. Chang’s China Bistro, Inc. * | 800 | 16 | ||||||
Panera Bread Co., Class A * | 800 | 36 | ||||||
Papa John’s International, Inc. * | 3,400 | 77 | ||||||
Peet’s Coffee & Tea, Inc. * | 1,800 | 40 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Penn National Gaming, Inc. * | 6,800 | 131 | ||||||
Pinnacle Entertainment, Inc. * | 3,800 | 21 | ||||||
Pre-Paid Legal Services, Inc. * | 3,600 | 142 | ||||||
Regis Corp. | 3,900 | 48 | ||||||
Royal Caribbean Cruises Ltd. | 16,500 | 224 | ||||||
Ruby Tuesday, Inc. * | 5,600 | 14 | ||||||
Scientific Games Corp., Class A * | 6,500 | 117 | ||||||
Service Corp. International | 24,100 | 166 | ||||||
Shuffle Master, Inc. * | 2,812 | 11 | ||||||
Sonic Corp. * | 7,968 | 85 | ||||||
Sotheby’s | 5,438 | 51 | ||||||
Speedway Motorsports, Inc. | 4,800 | 77 | ||||||
Starbucks Corp. * | 62,600 | 822 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 17,730 | 400 | ||||||
Stewart Enterprises, Inc., Class A | 10,000 | 52 | ||||||
Strayer Education, Inc. | 700 | 158 | ||||||
Texas Roadhouse, Inc., Class A * | 5,900 | 41 | ||||||
The Cheesecake Factory, Inc. * | 2,887 | 25 | ||||||
The Steak n Shake Co. * | 1,580 | 8 | ||||||
Tim Hortons, Inc. | 13,949 | 351 | ||||||
Vail Resorts, Inc. * | 3,800 | 126 | ||||||
Weight Watchers International, Inc. | 8,700 | 272 | ||||||
Wendy’s/Arby’s Group, Inc., Class A | 50,775 | 184 | ||||||
WMS Industries, Inc. * | 8,250 | 206 | ||||||
Wyndham Worldwide Corp. | 16,744 | 137 | ||||||
Wynn Resorts Ltd. | 4,000 | 242 | ||||||
Yum! Brands, Inc. | 48,000 | 1,393 | ||||||
20,390 | ||||||||
Diversified Financials 6.3% | ||||||||
Advance America Cash Advance Centers, Inc. | 12,500 | 33 | ||||||
Advanta Corp., Class A | 11,100 | 26 | ||||||
Advanta Corp., Class B | 7,500 | 34 | ||||||
Affiliated Managers Group, Inc. * | 1,800 | 83 | ||||||
AllianceBernstein Holding L.P. | 7,700 | 180 | ||||||
American Express Co. | 105,150 | 2,892 | ||||||
AmeriCredit Corp. * | 12,300 | 72 | ||||||
Ameriprise Financial, Inc. | 21,030 | 454 | ||||||
Asset Acceptance Capital Corp. * | 2,500 | 20 | ||||||
ASTA Funding, Inc. | 6,000 | 20 | ||||||
Bank of America Corp. | 436,775 | 10,557 | ||||||
Bank of New York Mellon Corp. | 95,234 | 3,105 | ||||||
BGC Partners, Inc., Class A | 28,300 | 116 | ||||||
BlackRock, Inc. | 9,400 | 1,235 | ||||||
Calamos Asset Management, Inc., Class A | 5,000 | 41 | ||||||
Capital One Financial Corp. | 33,710 | 1,319 | ||||||
Cash America International, Inc. | 6,500 | 230 | ||||||
CIT Group, Inc. | 18,600 | 77 | ||||||
Citigroup, Inc. | 462,286 | 6,310 | ||||||
CME Group, Inc. | 6,330 | 1,786 | ||||||
Cohen & Steers, Inc. | 5,400 | 98 | ||||||
CompuCredit Corp. * | 8,400 | 22 | ||||||
Cowen Group, Inc. * | 6,500 | 46 | ||||||
Credit Acceptance Corp. * | 2,400 | 37 | ||||||
Discover Financial Services. | 45,150 | 553 | ||||||
Dollar Financial Corp. * | 6,500 | 76 | ||||||
E*TRADE Financial Corp. * | 34,335 | 62 | ||||||
Eaton Vance Corp. | 11,600 | 255 | ||||||
Encore Capital Group, Inc. * | 2,000 | 19 | ||||||
Evercore Partners, Inc., Class A | 6,500 | 79 | ||||||
EZCORP, Inc., Class A * | 8,500 | 135 | ||||||
FBR Capital Markets Corp. * | 4,000 | 22 | ||||||
FCStone Group, Inc. * | 2,500 | 15 | ||||||
Federated Investors, Inc., Class B | 9,950 | 241 | ||||||
Financial Federal Corp. | 3,700 | 86 | ||||||
Franklin Resources, Inc. | 20,600 | 1,401 | ||||||
GAMCO Investors, Inc., Class A | 3,200 | 122 | ||||||
GFI Group, Inc. | 9,900 | 32 | ||||||
Greenhill & Co., Inc. | 2,500 | 165 | ||||||
Interactive Brokers Group, Inc., Class A * | 3,400 | 73 | ||||||
IntercontinentalExchange, Inc. * | 5,100 | 436 | ||||||
Investment Technology Group, Inc. * | 4,750 | 97 | ||||||
Janus Capital Group, Inc. | 19,200 | 225 | ||||||
Jefferies Group, Inc. | 8,200 | 130 | ||||||
JPMorgan Chase & Co. | 298,944 | 12,331 | ||||||
Knight Capital Group, Inc., Class A * | 9,700 | 140 | ||||||
LaBranche & Co., Inc. * | 6,900 | 43 | ||||||
Legg Mason, Inc. | 10,050 | 223 | ||||||
Leucadia National Corp. | 17,908 | 481 | ||||||
MarketAxess Holdings, Inc. * | 4,000 | 23 | ||||||
Merrill Lynch & Co., Inc. | 80,048 | 1,488 | ||||||
MF Global Ltd. * | 14,000 | 55 | ||||||
MicroFinancial, Inc. | 1,900 | 6 | ||||||
Moody’s Corp. | 26,600 | 681 | ||||||
Morgan Stanley | 90,300 | 1,577 | ||||||
MSCI, Inc., Class A * | 3,000 | 52 | ||||||
Nelnet, Inc., Class A | 7,500 | 110 | ||||||
NewStar Financial, Inc. * | 2,000 | 11 | ||||||
Northern Trust Corp. | 18,500 | 1,042 | ||||||
NYSE Euronext. | 22,500 | 679 | ||||||
optionsXpress Holdings, Inc. | 5,300 | 94 | ||||||
Penson Worldwide, Inc. * | 8,000 | 57 | ||||||
PHH Corp. * | 4,186 | 34 | ||||||
Piper Jaffray Cos., Inc. * | 3,950 | 156 | ||||||
Portfolio Recovery Associates, Inc. * | 2,000 | 72 | ||||||
Raymond James Financial, Inc. | 10,350 | 241 | ||||||
Resource America, Inc., Class A | 4,000 | 23 |
8 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
SEI Investments Co. | 19,400 | 343 | ||||||
Siebert Financial Corp. | 2,900 | 6 | ||||||
SLM Corp. * | 37,300 | 398 | ||||||
State Street Corp. | 36,983 | 1,603 | ||||||
Stifel Financial Corp. * | 3,000 | 131 | ||||||
SWS Group, Inc. | 8,211 | 152 | ||||||
T. Rowe Price Group, Inc. | 21,400 | 846 | ||||||
TD Ameritrade Holding Corp. * | 47,100 | 626 | ||||||
The Blackstone Group L.P. | 22,000 | 201 | ||||||
The Charles Schwab Corp. (d) | 111,120 | 2,125 | ||||||
The First Marblehead Corp. | 7,500 | 13 | ||||||
The Goldman Sachs Group, Inc. | 39,700 | 3,672 | ||||||
The Nasdaq OMX Group, Inc. * | 17,100 | 555 | ||||||
The Student Loan Corp. | 1,700 | 62 | ||||||
TradeStation Group, Inc. * | 4,000 | 31 | ||||||
W.P. Carey & Co., LLC | 4,100 | 94 | ||||||
Waddell & Reed Financial, Inc., Class A | 7,250 | 105 | ||||||
Westwood Holdings Group, Inc. | 4,285 | 164 | ||||||
World Acceptance Corp. * | 5,000 | 92 | ||||||
63,855 | ||||||||
Energy 11.8% | ||||||||
Abraxas Petroleum Corp. * | 8,500 | 19 | ||||||
Adams Resources & Energy, Inc. | 1,400 | 26 | ||||||
Alliance Holdings GP L.P. | 1,000 | 21 | ||||||
Alliance Resource Partners L.P. | 3,400 | 109 | ||||||
Alon USA Energy, Inc. | 8,700 | 77 | ||||||
Alpha Natural Resources, Inc. * | 5,200 | 186 | ||||||
Anadarko Petroleum Corp. | 39,060 | 1,379 | ||||||
Apache Corp. | 29,772 | 2,451 | ||||||
APCO Argentina, Inc. | 800 | 22 | ||||||
Approach Resources, Inc. * | 4,000 | 44 | ||||||
Arch Coal, Inc. | 7,000 | 150 | ||||||
Arena Resources, Inc. * | 3,000 | 91 | ||||||
Atlas America, Inc. | 4,005 | 92 | ||||||
ATP Oil & Gas Corp. * | 6,600 | 79 | ||||||
Atwood Oceanics, Inc. * | 4,800 | 132 | ||||||
Baker Hughes, Inc. | 28,300 | 989 | ||||||
Basic Energy Services, Inc. * | 3,000 | 41 | ||||||
Berry Petroleum Co., Class A | 4,000 | 93 | ||||||
Bill Barrett Corp. * | 3,700 | 75 | ||||||
BJ Services Co. | 28,600 | 367 | ||||||
Boardwalk Pipeline Partners L.P. | 10,500 | 252 | ||||||
BP Prudhoe Bay Royalty Trust | 2,200 | 181 | ||||||
Brigham Exploration Co. * | 5,000 | 39 | ||||||
Bristow Group, Inc. * | 6,800 | 168 | ||||||
Buckeye Partners L.P. | 3,400 | 136 | ||||||
Cabot Oil & Gas Corp. | 27,200 | 763 | ||||||
Cal Dive International, Inc. * | 9,000 | 77 | ||||||
Callon Petroleum Co. * | 5,000 | 52 | ||||||
Calumet Specialty Products Partners L.P. | 5,000 | 74 | ||||||
Cameron International Corp. * | 18,200 | 442 | ||||||
CARBO Ceramics, Inc. | 1,900 | 82 | ||||||
Carrizo Oil & Gas, Inc. * | 3,000 | 70 | ||||||
Cheniere Energy Partners L.P. | 2,500 | 16 | ||||||
Chesapeake Energy Corp. | 39,200 | 861 | ||||||
Chevron Corp. | 178,939 | 13,349 | ||||||
Cimarex Energy Co. | 8,008 | 324 | ||||||
Clayton Williams Energy, Inc. * | 2,500 | 121 | ||||||
CNX Gas Corp. * | 12,000 | 303 | ||||||
Compagnie Generale de Geophysique-Veritas ADR * | 6,029 | 98 | ||||||
Complete Production Services, Inc. * | 6,100 | 76 | ||||||
Comstock Resources, Inc. * | 4,500 | 222 | ||||||
Concho Resources, Inc. * | 6,400 | 136 | ||||||
ConocoPhillips | 134,223 | 6,982 | ||||||
CONSOL Energy, Inc. | 14,100 | 443 | ||||||
Continental Resources, Inc. * | 5,000 | 162 | ||||||
CREDO Petroleum Corp. * | 6,700 | 59 | ||||||
Cross Timbers Royalty Trust | 1,500 | 68 | ||||||
Crosstex Energy L.P. | 2,000 | 26 | ||||||
Crosstex Energy, Inc. | 3,200 | 33 | ||||||
CVR Energy, Inc. * | 6,900 | 27 | ||||||
Delek US Holdings, Inc. | 7,000 | 39 | ||||||
Delta Petroleum Corp. * | 8,600 | 81 | ||||||
Denbury Resources, Inc. * | 19,600 | 249 | ||||||
Devon Energy Corp. | 37,360 | 3,021 | ||||||
Diamond Offshore Drilling, Inc. | 12,300 | 1,092 | ||||||
Dresser-Rand Group, Inc. * | 6,000 | 134 | ||||||
Dril-Quip, Inc. * | 3,100 | 77 | ||||||
Eagle Rock Energy Partners L.P. | 3,000 | 30 | ||||||
El Paso Corp. | 51,387 | 498 | ||||||
El Paso Pipeline Partners L.P. | 5,000 | 89 | ||||||
Enbridge Energy Management LLC * | 1,510 | 57 | ||||||
Encore Acquisition Co. * | 5,250 | 164 | ||||||
Energy Partners Ltd. * | 9,001 | 39 | ||||||
Energy Transfer Equity L.P. | 23,000 | 471 | ||||||
Energy Transfer Partners L.P. | 14,000 | 544 | ||||||
ENGlobal Corp. * | 4,000 | 18 | ||||||
ENSCO International, Inc. | 11,200 | 426 | ||||||
Enterprise GP Holdings L.P. | 14,100 | 324 | ||||||
Enterprise Products Partners L.P. | 41,500 | 1,013 | ||||||
EOG Resources, Inc. | 22,800 | 1,845 | ||||||
Exterran Holdings, Inc. * | 4,720 | 106 | ||||||
Exxon Mobil Corp. | 463,166 | 34,330 | ||||||
FMC Technologies, Inc. * | 9,182 | 321 | ||||||
Forest Oil Corp. * | 4,450 | 130 | ||||||
Foundation Coal Holdings, Inc. | 3,700 | 77 | ||||||
Frontier Oil Corp. | 14,400 | 190 | ||||||
General Maritime Corp. | 8,000 | 121 | ||||||
Geomet, Inc. * | 4,000 | 12 |
See financial notes. 9
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Global Industries Ltd. * | 14,400 | 37 | ||||||
Grey Wolf, Inc. * | 15,000 | 96 | ||||||
Gulf Island Fabrication, Inc. | 2,800 | 55 | ||||||
GulfMark Offshore, Inc. * | 4,100 | 152 | ||||||
Gulfport Energy Corp. * | 5,000 | 35 | ||||||
Halliburton Co. | 81,200 | 1,607 | ||||||
Harvest Natural Resources, Inc. * | 6,000 | 51 | ||||||
Helix Energy Solutions Group, Inc. * | 8,564 | 90 | ||||||
Helmerich & Payne, Inc. | 9,600 | 329 | ||||||
Hercules Offshore, Inc. * | 7,400 | 54 | ||||||
Hess Corp. | 28,200 | 1,698 | ||||||
Holly Corp. | 8,000 | 157 | ||||||
Hornbeck Offshore Services, Inc. * | 5,000 | 119 | ||||||
Houston American Energy Corp. | 4,000 | 16 | ||||||
Hugoton Royalty Trust | 4,846 | 121 | ||||||
IHS, Inc., Class A * | 3,600 | 127 | ||||||
Inergy L.P. | 2,000 | 43 | ||||||
International Coal Group, Inc. * | 12,800 | 60 | ||||||
ION Geophysical Corp. * | 7,900 | 52 | ||||||
James River Coal Co. * | 2,500 | 48 | ||||||
Key Energy Services, Inc. * | 10,300 | 64 | ||||||
Kinder Morgan Energy Partners L.P. | 20,000 | 1,081 | ||||||
Kinder Morgan Management LLC * | 4,388 | 219 | ||||||
Lufkin Industries, Inc. | 3,500 | 183 | ||||||
Magellan Midstream Partners L.P. | 2,400 | 86 | ||||||
Marathon Oil Corp. | 67,308 | 1,959 | ||||||
Mariner Energy, Inc. * | 6,601 | 95 | ||||||
MarkWest Energy Partners L.P. | 1,000 | 18 | ||||||
Massey Energy Co. | 6,800 | 157 | ||||||
Matrix Service Co. * | 8,000 | 98 | ||||||
McMoRan Exploration Co. * | 4,500 | 64 | ||||||
Murphy Oil Corp. | 18,500 | 937 | ||||||
Nabors Industries Ltd. * | 23,634 | 340 | ||||||
NATCO Group, Inc., Class A * | 6,200 | 131 | ||||||
National-Oilwell Varco, Inc. * | 32,622 | 975 | ||||||
Natural Gas Services Group * | 7,500 | 99 | ||||||
Natural Resource Partners L.P. | 4,000 | 94 | ||||||
Newfield Exploration Co. * | 10,600 | 244 | ||||||
Newpark Resources, Inc. * | 11,500 | 66 | ||||||
Ngas Resources, Inc. * | 4,000 | 13 | ||||||
Noble Corp. | 20,200 | 651 | ||||||
Noble Energy. | 14,218 | 737 | ||||||
NuStar Energy L.P. | 1,600 | 74 | ||||||
NuStar GP Holdings LLC | 1,000 | 20 | ||||||
Occidental Petroleum Corp. | 75,020 | 4,167 | ||||||
Oceaneering International, Inc. * | 5,200 | 146 | ||||||
Oil States International, Inc. * | 3,600 | 83 | ||||||
ONEOK Partners, L.P. | 6,000 | 330 | ||||||
Overseas Shipholding Group, Inc. | 3,700 | 139 | ||||||
OYO Geospace Corp. * | 300 | 9 | ||||||
Panhandle Oil & Gas, Inc., Class A | 2,000 | 50 | ||||||
Parallel Petroleum Corp. * | 8,500 | 34 | ||||||
Parker Drilling Co. * | 18,300 | 94 | ||||||
Patriot Coal Corp. * | 3,700 | 59 | ||||||
Patterson-UTI Energy, Inc. | 13,200 | 175 | ||||||
Peabody Energy Corp. | 18,500 | 638 | ||||||
Penn Virginia Corp. | 5,000 | 186 | ||||||
Penn Virginia GP Holdings L.P. | 1,500 | 34 | ||||||
Penn Virginia Resource Partners L.P. | 5,000 | 92 | ||||||
Petrohawk Energy Corp. * | 5,000 | 95 | ||||||
Petroleum Development Corp. * | 4,000 | 83 | ||||||
PetroQuest Energy, Inc. * | 4,200 | 42 | ||||||
PHI, Inc. * | 4,000 | 84 | ||||||
Pioneer Drilling Co. * | 9,200 | 71 | ||||||
Pioneer Natural Resources Co. | 10,133 | 282 | ||||||
Plains All American Pipeline L.P. | 7,295 | 292 | ||||||
Plains Exploration & Production Co. * | 6,765 | 191 | ||||||
Pride International, Inc. * | 12,700 | 239 | ||||||
Quest Resource Corp. * | 4,000 | 2 | ||||||
Quicksilver Resources, Inc. * | 8,400 | 88 | ||||||
RAM Energy Resources, Inc. * | 4,000 | 5 | ||||||
Range Resources Corp. | 8,100 | 342 | ||||||
Rex Energy Corp. * | 8,000 | 54 | ||||||
Rosetta Resources, Inc. * | 6,600 | 70 | ||||||
Rowan Cos., Inc. | 8,400 | 152 | ||||||
RPC, Inc. | 11,475 | 121 | ||||||
SandRidge Energy, Inc. * | 6,000 | 64 | ||||||
Schlumberger Ltd. | 105,000 | 5,423 | ||||||
SEACOR Holdings, Inc. * | 1,250 | 84 | ||||||
Ship Finance International Ltd. | 6,100 | 83 | ||||||
Smith International, Inc. | 18,932 | 653 | ||||||
Southern Union Co. | 9,874 | 170 | ||||||
Southwestern Energy Co. * | 30,000 | 1,069 | ||||||
Spectra Energy Corp. | 54,678 | 1,057 | ||||||
St. Mary Land & Exploration Co. | 7,400 | 184 | ||||||
Stone Energy Corp. * | 4,383 | 133 | ||||||
Sunoco Logistics Partners L.P. | 2,000 | 91 | ||||||
Sunoco, Inc. | 11,000 | 335 | ||||||
Superior Energy Services, Inc. * | 9,900 | 211 | ||||||
Swift Energy Co. * | 2,500 | 80 | ||||||
T-3 Energy Services, Inc. * | 5,000 | 121 | ||||||
Targa Resources Partners L.P. | 2,000 | 32 | ||||||
TC Pipelines L.P. | 2,400 | 64 | ||||||
Teekay Corp. | 6,000 | 128 | ||||||
Teekay LNG Partners L.P. | 1,000 | 18 | ||||||
Tel Offshore Trust | 83 | 1 | ||||||
TEPPCO Partners L.P. | 7,000 | 199 | ||||||
Tesoro Corp. | 12,100 | 117 | ||||||
TETRA Technologies, Inc. * | 5,300 | 37 |
10 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
The Meridian Resource Corp. * | 3,100 | 4 | ||||||
The Williams Cos., Inc. | 51,360 | 1,077 | ||||||
Tidewater, Inc. | 7,700 | 336 | ||||||
Transocean, Inc. * | 28,512 | 2,347 | ||||||
Trico Marine Services, Inc. * | 5,000 | 45 | ||||||
Ultra Petroleum Corp. * | 13,000 | 605 | ||||||
Union Drilling, Inc. * | 2,500 | 14 | ||||||
Unit Corp. * | 4,400 | 165 | ||||||
USEC, Inc. * | 14,300 | 59 | ||||||
VAALCO Energy, Inc. * | 9,000 | 48 | ||||||
Valero Energy Corp. | 47,980 | 987 | ||||||
Verenium Corp. * | 1,100 | 1 | ||||||
W&T Offshore, Inc. | 7,500 | 144 | ||||||
Walter Industries, Inc. | 4,900 | 190 | ||||||
Warren Resources, Inc. * | 5,000 | 26 | ||||||
Weatherford International Ltd. * | 49,400 | 834 | ||||||
Western Refining, Inc. | 5,600 | 37 | ||||||
Westmoreland Coal Co. * | 6,500 | 64 | ||||||
Whiting Petroleum Corp. * | 3,400 | 177 | ||||||
World Fuel Services Corp. | 4,100 | 88 | ||||||
XTO Energy, Inc. | 46,177 | 1,660 | ||||||
118,646 | ||||||||
Food & Staples Retailing 3.2% | ||||||||
Arden Group, Inc., Class A | 600 | 90 | ||||||
BJ’s Wholesale Club, Inc. * | 6,100 | 215 | ||||||
Casey’s General Stores, Inc. | 5,100 | 154 | ||||||
Costco Wholesale Corp. | 38,600 | 2,201 | ||||||
CVS Caremark Corp. | 125,640 | 3,851 | ||||||
Ingles Markets, Inc., Class A | 300 | 6 | ||||||
Nash Finch Co. | 1,700 | 67 | ||||||
PriceSmart, Inc. | 500 | 7 | ||||||
Rite Aid Corp. * | 40,400 | 20 | ||||||
Ruddick Corp. | 3,100 | 89 | ||||||
Safeway, Inc. | 35,900 | 764 | ||||||
Spartan Stores, Inc. | 500 | 13 | ||||||
SUPERVALU, Inc. | 19,832 | 282 | ||||||
Sysco Corp. | 48,636 | 1,274 | ||||||
The Andersons, Inc. | 1,000 | 27 | ||||||
The Great Atlantic & Pacific Tea Co., Inc. * | 2,705 | 22 | ||||||
The Kroger Co. | 60,800 | 1,669 | ||||||
The Pantry, Inc. * | 1,000 | 22 | ||||||
United Natural Foods, Inc. * | 2,600 | 58 | ||||||
Wal-Mart Stores, Inc. | 342,100 | 19,093 | ||||||
Walgreen Co. | 80,400 | 2,047 | ||||||
Weis Markets, Inc. | 1,700 | 55 | ||||||
Whole Foods Market, Inc. | 10,900 | 117 | ||||||
32,143 | ||||||||
Food, Beverage & Tobacco 5.7% | ||||||||
Alliance One International, Inc. * | 10,800 | 36 | ||||||
Altria Group, Inc. | 174,800 | 3,354 | ||||||
American Italian Pasta Co., Class A * | 1,000 | 13 | ||||||
Anheuser-Busch Cos., Inc. | 61,500 | 3,815 | ||||||
Archer-Daniels-Midland Co. | 53,958 | 1,119 | ||||||
Bridgford Foods Corp. * | 300 | 1 | ||||||
Brown-Forman Corp., Class B | 12,390 | 563 | ||||||
Bunge Ltd. | 8,000 | 307 | ||||||
Campbell Soup Co. | 35,400 | 1,343 | ||||||
Chiquita Brands International, Inc. * | 3,200 | 44 | ||||||
Coca-Cola Bottling Co. Consolidated | 400 | 18 | ||||||
Coca-Cola Enterprises, Inc. | 30,000 | 302 | ||||||
ConAgra Foods, Inc. | 43,293 | 754 | ||||||
Constellation Brands, Inc., Class A * | 17,600 | 221 | ||||||
Corn Products International, Inc. | 5,800 | 141 | ||||||
Dean Foods Co. * | 11,113 | 243 | ||||||
Del Monte Foods Co. | 16,031 | 101 | ||||||
Dr. Pepper Snapple Group, Inc. * | 20,000 | 458 | ||||||
Flowers Foods, Inc. | 7,158 | 212 | ||||||
Fresh Del Monte Produce, Inc. * | 4,200 | 89 | ||||||
General Mills, Inc. | 31,300 | 2,120 | ||||||
Green Mountain Coffee Roasters, Inc. * | 2,700 | 78 | ||||||
Griffin Land & Nurseries, Inc. | 300 | 9 | ||||||
H.J. Heinz Co. | 27,900 | 1,223 | ||||||
Hormel Foods Corp. | 11,500 | 325 | ||||||
J & J Snack Foods Corp. | 6,400 | 201 | ||||||
John B. Sanfilippo & Son, Inc. * | 5,000 | 36 | ||||||
Kellogg Co. | 34,400 | 1,734 | ||||||
Kraft Foods, Inc., Class A | 160,513 | 4,677 | ||||||
Lancaster Colony Corp. | 3,400 | 107 | ||||||
Lance, Inc. | 2,900 | 60 | ||||||
Lorillard, Inc. | 25,648 | 1,689 | ||||||
McCormick & Co., Inc. | 11,300 | 380 | ||||||
MGP Ingredients, Inc. | 3,400 | 5 | ||||||
Molson Coors Brewing Co., Class B | 17,000 | 635 | ||||||
Monterey Gourmet Foods, Inc. * | 700 | 1 | ||||||
National Beverage Corp. * | 4,500 | 41 | ||||||
PepsiAmericas, Inc. | 13,200 | 250 | ||||||
PepsiCo, Inc. | 140,800 | 8,027 | ||||||
Philip Morris International, Inc. | 174,800 | 7,599 | ||||||
Pilgrim’s Pride Corp. | 1,400 | 2 | ||||||
Ralcorp Holdings, Inc. * | 6,700 | 453 | ||||||
Reynolds American, Inc. | 22,664 | 1,110 | ||||||
Rocky Mountain Chocolate Factory, Inc. | 2,427 | 17 | ||||||
Sanderson Farms, Inc. | 1,750 | 55 | ||||||
Sara Lee Corp. | 64,378 | 720 | ||||||
Smithfield Foods, Inc. * | 6,300 | 66 |
See financial notes. 11
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Tasty Baking Co. | 500 | 2 | ||||||
The Boston Beer Co., Inc., Class A * | 2,500 | 95 | ||||||
The Coca-Cola Co. | 202,200 | 8,909 | ||||||
The Hain Celestial Group, Inc. * | 1,406 | 33 | ||||||
The Hershey Co. | 19,400 | 723 | ||||||
The J. M. Smucker Co. | 5,438 | 242 | ||||||
The Pepsi Bottling Group, Inc. | 23,400 | 541 | ||||||
Tootsie Roll Industries, Inc. | 2,535 | 63 | ||||||
TreeHouse Foods, Inc. * | 1,722 | 52 | ||||||
Tyson Foods, Inc., Class A | 30,340 | 265 | ||||||
Universal Corp. | 4,800 | 190 | ||||||
UST, Inc. | 12,700 | 858 | ||||||
Vector Group Ltd. | 4,116 | 70 | ||||||
Zapata Corp. * | 8,000 | 50 | ||||||
56,847 | ||||||||
Health Care Equipment & Services 4.3% | ||||||||
ABIOMED, Inc. * | 800 | 12 | ||||||
Advanced Medical Optics, Inc. * | 4,111 | 25 | ||||||
Aetna, Inc. | 59,200 | 1,472 | ||||||
Align Technology, Inc. * | 8,700 | 60 | ||||||
Alliance Imaging, Inc. * | 1,800 | 15 | ||||||
Allscripts Healthcare Solutions, Inc. | 1,900 | 12 | ||||||
Amedisys, Inc. * | 3,334 | 188 | ||||||
America Service Group, Inc. * | 3,550 | 31 | ||||||
American Medical Systems Holdings, Inc. * | 7,800 | 84 | ||||||
AMERIGROUP Corp. * | 4,300 | 107 | ||||||
AmerisourceBergen Corp. | 20,648 | 646 | ||||||
AMN Healthcare Services, Inc. * | 4,110 | 37 | ||||||
AmSurg Corp. * | 2,300 | 57 | ||||||
Analogic Corp. | 1,400 | 62 | ||||||
ArthroCare Corp. * | 1,400 | 29 | ||||||
Aspect Medical Systems, Inc. * | 3,700 | 12 | ||||||
athenahealth, Inc. * | 1,000 | 31 | ||||||
Baxter International, Inc. | 53,018 | 3,207 | ||||||
Beckman Coulter, Inc. | 5,100 | 255 | ||||||
Becton, Dickinson & Co. | 21,300 | 1,478 | ||||||
BioScrip, Inc. * | 2,172 | 6 | ||||||
Boston Scientific Corp. * | 109,568 | 989 | ||||||
Brookdale Senior Living, Inc. | 300 | 3 | ||||||
C.R. Bard, Inc. | 8,000 | 706 | ||||||
Cantel Medical Corp. * | 3,571 | 34 | ||||||
Cardinal Health, Inc. | 36,160 | 1,381 | ||||||
Catalyst Health Solutions, Inc. * | 1,900 | 32 | ||||||
Centene Corp. * | 4,000 | 75 | ||||||
Cerner Corp. * | 8,400 | 313 | ||||||
Cerus Corp. * | 500 | 1 | ||||||
Chemed Corp. | 3,900 | 171 | ||||||
Chindex International, Inc. * | 3,300 | 28 | ||||||
CIGNA Corp. | 38,400 | 626 | ||||||
Community Health Systems, Inc. * | 7,100 | 146 | ||||||
CONMED Corp. * | 4,200 | 110 | ||||||
CorVel Corp. * | 2,850 | 76 | ||||||
Coventry Health Care, Inc. * | 23,937 | 316 | ||||||
Covidien Ltd. | 38,525 | 1,706 | ||||||
Cross Country Healthcare, Inc. * | 4,600 | 52 | ||||||
CryoLife, Inc. * | 750 | 10 | ||||||
Cyberonics, Inc. * | 1,200 | 15 | ||||||
Datascope Corp. | 2,500 | 125 | ||||||
DaVita, Inc. * | 8,250 | 468 | ||||||
DENTSPLY International, Inc. | 13,100 | 398 | ||||||
Eclipsys Corp. * | 6,300 | 94 | ||||||
Edwards Lifesciences Corp. * | 3,900 | 206 | ||||||
Express Scripts, Inc. * | 25,200 | 1,527 | ||||||
Five Star Quality Care, Inc. * | 135 | — | ||||||
Gen-Probe, Inc. * | 3,400 | 160 | ||||||
Gentiva Health Services, Inc. * | 3,250 | 88 | ||||||
Greatbatch, Inc. * | 1,100 | 24 | ||||||
Haemonetics Corp. * | 3,700 | 219 | ||||||
Hanger Orthopedic Group, Inc. * | 5,400 | 90 | ||||||
Health Management Associates, Inc., Class A * | 15,900 | 33 | ||||||
Health Net, Inc. * | 9,100 | 117 | ||||||
Healthspring, Inc. * | 4,600 | 76 | ||||||
HealthTronics, Inc. * | 3,500 | 7 | ||||||
Healthways, Inc. * | 3,100 | 31 | ||||||
Henry Schein, Inc. * | 7,600 | 356 | ||||||
Hill-Rom Holdings, Inc. | 5,800 | 132 | ||||||
Hologic, Inc. * | 21,112 | 258 | ||||||
Home Diagnostics, Inc. * | 2,500 | 22 | ||||||
Hospira, Inc. * | 14,070 | 391 | ||||||
Humana, Inc. * | 18,900 | 559 | ||||||
ICU Medical, Inc. * | 550 | 18 | ||||||
IDEXX Laboratories, Inc. * | 5,000 | 176 | ||||||
Immucor, Inc. * | 6,795 | 180 | ||||||
IMS Health, Inc. | 19,300 | 277 | ||||||
Integra LifeSciences Holdings * | 1,100 | 41 | ||||||
Intuitive Surgical, Inc. * | 2,050 | 354 | ||||||
Invacare Corp. | 2,000 | 36 | ||||||
inVentiv Health, Inc. * | 4,733 | 45 | ||||||
Inverness Medical Innovations, Inc. * | 741 | 14 | ||||||
Kindred Healthcare, Inc. * | 4,624 | 67 | ||||||
Kinetic Concepts, Inc. * | 5,600 | 136 | ||||||
Laboratory Corp. of America Holdings * | 12,800 | 787 | ||||||
Landauer, Inc. | 1,100 | 59 | ||||||
LCA-Vision, Inc. | 2,500 | 9 | ||||||
LifePoint Hospitals, Inc. * | 3,707 | 89 | ||||||
Lincare Holdings, Inc. * | 7,100 | 187 | ||||||
Magellan Health Services, Inc. * | 3,007 | 111 | ||||||
McKesson Corp. | 25,400 | 934 | ||||||
MedCath Corp. * | 1,500 | 23 |
12 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Medco Health Solutions, Inc. * | 50,066 | 1,900 | ||||||
Medical Action Industries, Inc. * | 3,750 | 43 | ||||||
Medical Staffing Network Holdings, Inc. * | 1,800 | 1 | ||||||
Medtronic, Inc. | 95,374 | 3,846 | ||||||
Mentor Corp. | 3,000 | 51 | ||||||
Meridian Bioscience, Inc. | 11,250 | 277 | ||||||
Merit Medical Systems, Inc. * | 2,222 | 41 | ||||||
Molina Healthcare, Inc. * | 2,500 | 56 | ||||||
National Healthcare Corp. | 600 | 25 | ||||||
Neogen Corp. * | 937 | 28 | ||||||
NOVT Corp. * | 400 | 1 | ||||||
Odyssey HealthCare, Inc. * | 2,250 | 22 | ||||||
Omnicare, Inc. | 10,000 | 276 | ||||||
OraSure Technologies, Inc. * | 1,500 | 7 | ||||||
Owens & Minor, Inc. | 2,000 | 87 | ||||||
Patterson Cos., Inc. * | 10,600 | 268 | ||||||
PDI, Inc. * | 2,900 | 14 | ||||||
Pediatrix Medical Group, Inc. * | 6,000 | 232 | ||||||
PharMerica Corp. * | 3,413 | 70 | ||||||
PSS World Medical, Inc. * | 5,800 | 105 | ||||||
Psychiatric Solutions, Inc. * | 4,400 | 146 | ||||||
Quest Diagnostics, Inc. | 14,820 | 694 | ||||||
RehabCare Group, Inc. * | 4,000 | 68 | ||||||
Res-Care, Inc. * | 4,500 | 69 | ||||||
ResMed, Inc. * | 4,000 | 137 | ||||||
RTI Biologics, Inc. * | 1,700 | 5 | ||||||
SonoSite, Inc. * | 1,600 | 34 | ||||||
St. Jude Medical, Inc. * | 29,600 | 1,126 | ||||||
STERIS Corp. | 6,100 | 208 | ||||||
Stryker Corp. | 31,100 | 1,663 | ||||||
Sunrise Senior Living, Inc. * | 3,400 | 10 | ||||||
SXC Health Solutions Corp. * | 173 | 2 | ||||||
Teleflex, Inc. | 4,300 | 228 | ||||||
Tenet Healthcare Corp. * | 36,650 | 161 | ||||||
The Cooper Cos., Inc. | 2,781 | 46 | ||||||
Theragenics Corp. * | 2,500 | 5 | ||||||
Thoratec Corp. * | 2,636 | 65 | ||||||
U.S. Physical Therapy, Inc. * | 3,500 | 49 | ||||||
UnitedHealth Group, Inc. | 118,880 | 2,821 | ||||||
Universal American Financial Corp. * | 4,000 | 35 | ||||||
Universal Health Services, Inc., Class B | 4,000 | 168 | ||||||
Utah Medical Products, Inc. | 2,500 | 66 | ||||||
Varian Medical Systems, Inc. * | 11,900 | 542 | ||||||
VCA Antech, Inc. * | 7,900 | 143 | ||||||
WellPoint, Inc. * | 57,723 | 2,244 | ||||||
WellCare Health Plans, Inc. * | 3,200 | 77 | ||||||
West Pharmaceutical Services, Inc. | 4,600 | 184 | ||||||
Wright Medical Group, Inc. * | 4,200 | 97 | ||||||
Young Innovations, Inc. | 2,000 | 34 | ||||||
Zimmer Holdings, Inc. * | 20,300 | 943 | ||||||
42,960 | ||||||||
Household & Personal Products 2.6% | ||||||||
Alberto-Culver Co. | 9,450 | 243 | ||||||
Avon Products, Inc. | 39,000 | 968 | ||||||
Central Garden & Pet Co. * | 1,600 | 5 | ||||||
Central Garden & Pet Co., Class A * | 3,200 | 10 | ||||||
Chattem, Inc. * | 1,200 | 91 | ||||||
Church & Dwight Co., Inc. | 4,950 | 293 | ||||||
Colgate-Palmolive Co. | 42,500 | 2,667 | ||||||
Energizer Holdings, Inc. * | 6,333 | 309 | ||||||
Herbalife Ltd. | 5,800 | 142 | ||||||
Inter Parfums, Inc. | 1,013 | 12 | ||||||
Kimberly-Clark Corp. | 40,639 | 2,491 | ||||||
NBTY, Inc. * | 5,400 | 126 | ||||||
Nu Skin Enterprises, Inc., Class A | 6,500 | 84 | ||||||
Nutraceutical International Corp. * | 5,000 | 46 | ||||||
Oil-Dri Corp. of America | 500 | 8 | ||||||
Spectrum Brands, Inc. * | 2,800 | 2 | ||||||
The Clorox Co. | 12,200 | 742 | ||||||
The Estee Lauder Cos., Inc., Class A | 12,800 | 461 | ||||||
The Procter & Gamble Co. | 269,915 | 17,420 | ||||||
USANA Health Sciences, Inc. * | 3,500 | 133 | ||||||
WD-40 Co. | 1,600 | 47 | ||||||
26,300 | ||||||||
Insurance 4.4% | ||||||||
21st Century Holding Co. | 1,500 | 8 | ||||||
Aflac, Inc. | 42,600 | 1,886 | ||||||
Alleghany Corp. * | 228 | 64 | ||||||
Allied World Assurance Co. Holdings Ltd. | 4,900 | 157 | ||||||
Ambac Financial Group, Inc. | 7,750 | 21 | ||||||
American Financial Group, Inc. | 10,750 | 244 | ||||||
American International Group, Inc. | 111,922 | 214 | ||||||
American National Insurance Co. | 1,300 | 89 | ||||||
American Physicians Capital, Inc. | 3,750 | 153 | ||||||
AmTrust Financial Services, Inc. | 7,500 | 74 | ||||||
Aon Corp. | 25,500 | 1,079 | ||||||
Arch Capital Group Ltd. * | 6,900 | 481 | ||||||
Argo Group International Holdings Ltd. * | 1,556 | 50 | ||||||
Arthur J. Gallagher & Co. | 6,800 | 166 | ||||||
Aspen Insurance Holdings Ltd. | 7,000 | 161 | ||||||
Assurant, Inc. | 11,500 | 293 | ||||||
Axis Capital Holdings Ltd. | 12,200 | 347 | ||||||
Baldwin & Lyons, Inc., Class B | 750 | 14 | ||||||
Berkshire Hathaway, Inc., Class A * | 133 | 15,360 |
See financial notes. 13
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Brown & Brown, Inc. | 11,000 | 226 | ||||||
Cincinnati Financial Corp. | 13,450 | 350 | ||||||
Citizens, Inc. * | 5,000 | 42 | ||||||
CNA Financial Corp. | 20,900 | 325 | ||||||
CNA Surety Corp. * | 4,700 | 65 | ||||||
Conseco, Inc. * | 16,000 | 30 | ||||||
Crawford & Co., Class B * | 1,600 | 23 | ||||||
Delphi Financial Group, Inc., Class A | 6,772 | 107 | ||||||
Eastern Insurance Holdings, Inc. | 2,500 | 23 | ||||||
EMC Insurance Group, Inc. | 1,200 | 29 | ||||||
Employers Holdings, Inc. | 4,200 | 54 | ||||||
Endurance Specialty Holdings Ltd. | 5,000 | 151 | ||||||
Erie Indemnity Co., Class A | 5,500 | 204 | ||||||
Everest Re Group Ltd. | 5,900 | 441 | ||||||
FBL Financial Group, Inc., Class A | 2,090 | 36 | ||||||
Fidelity National Financial, Inc., Class A | 17,327 | 156 | ||||||
First American Corp. | 7,800 | 159 | ||||||
FPIC Insurance Group, Inc. * | 400 | 18 | ||||||
Genworth Financial, Inc., Class A | 37,500 | 181 | ||||||
Hanover Insurance Group, Inc. | 4,900 | 192 | ||||||
Harleysville Group, Inc. | 1,800 | 57 | ||||||
HCC Insurance Holdings, Inc. | 7,950 | 175 | ||||||
Hilltop Holdings, Inc. * | 3,726 | 35 | ||||||
Horace Mann Educators Corp. | 4,300 | 34 | ||||||
Independence Holding Co. | 2,700 | 18 | ||||||
Infinity Property & Casualty Corp. | 2,500 | 100 | ||||||
IPC Holdings Ltd. | 5,000 | 138 | ||||||
LandAmerica Financial Group, Inc. | 5,300 | 52 | ||||||
Lincoln National Corp. | 21,926 | 378 | ||||||
Loews Corp. | 35,645 | 1,184 | ||||||
Markel Corp. * | 300 | 105 | ||||||
Marsh & McLennan Cos., Inc. | 43,000 | 1,261 | ||||||
MBIA, Inc. | 11,250 | 111 | ||||||
Mercury General Corp. | 5,400 | 277 | ||||||
MetLife, Inc. | 62,000 | 2,060 | ||||||
Montpelier Re Holdings Ltd. | 8,100 | 116 | ||||||
National Financial Partners Corp. | 2,500 | 17 | ||||||
National Western Life Insurance Co., Class A | 300 | 57 | ||||||
Nationwide Financial Services, Inc., Class A | 16,400 | 776 | ||||||
NYMAGIC, Inc. | 2,100 | 37 | ||||||
Odyssey Re Holdings Corp. | 5,400 | 213 | ||||||
Old Republic International Corp. | 20,437 | 188 | ||||||
OneBeacon Insurance Group Ltd. | 8,200 | 113 | ||||||
PartnerRe Ltd. | 5,400 | 365 | ||||||
Penn Treaty American Corp. * | 150 | — | ||||||
Philadelphia Consolidated Holding Corp. * | 5,500 | 322 | ||||||
PMA Capital Corp., Class A * | 700 | 3 | ||||||
Presidential Life Corp. | 1,000 | 9 | ||||||
Principal Financial Group, Inc. | 25,400 | 482 | ||||||
ProAssurance Corp. * | 1,670 | 92 | ||||||
Protective Life Corp. | 5,500 | 46 | ||||||
Prudential Financial, Inc. | 45,500 | 1,365 | ||||||
Reinsurance Group of America, Inc., Class A | 5,100 | 190 | ||||||
RenaissanceRe Holdings Ltd. | 5,800 | 266 | ||||||
RLI Corp. | 2,800 | 161 | ||||||
Safety Insurance Group, Inc. | 1,000 | 38 | ||||||
Selective Insurance Group, Inc. | 5,400 | 128 | ||||||
StanCorp Financial Group, Inc. | 5,000 | 170 | ||||||
State Auto Financial Corp. | 3,800 | 100 | ||||||
Stewart Information Services Corp. | 1,400 | 23 | ||||||
The Allstate Corp. | 58,874 | 1,554 | ||||||
The Chubb Corp. | 33,094 | 1,715 | ||||||
The Hartford Financial Services Group, Inc. | 24,400 | 252 | ||||||
The Navigators Group, Inc. * | 1,500 | 76 | ||||||
The Phoenix Cos., Inc. | 9,500 | 61 | ||||||
The Progressive Corp. | 85,200 | 1,216 | ||||||
The Travelers Cos., Inc. | 54,550 | 2,321 | ||||||
Torchmark Corp. | 10,600 | 443 | ||||||
Transatlantic Holdings, Inc. | 6,437 | 276 | ||||||
United Fire & Casualty Co. | 5,000 | 116 | ||||||
Unitrin, Inc. | 5,600 | 118 | ||||||
Unum Group | 23,914 | 377 | ||||||
W. R. Berkley Corp. | 22,950 | 603 | ||||||
Wesco Financial Corp. | 200 | 66 | ||||||
White Mountains Insurance Group Ltd. | 200 | 69 | ||||||
XL Capital Ltd., Class A | 14,700 | 143 | ||||||
Zenith National Insurance Corp. | 3,400 | 112 | ||||||
44,453 | ||||||||
Materials 3.5% | ||||||||
A. Schulman, Inc. | 2,300 | 41 | ||||||
A.M. Castle & Co. | 4,000 | 49 | ||||||
AbitibiBowater, Inc. * | 1,196 | 2 | ||||||
AEP Industries, Inc. * | 1,900 | 37 | ||||||
Air Products & Chemicals, Inc. | 17,700 | 1,029 | ||||||
Airgas, Inc. | 7,500 | 288 | ||||||
AK Steel Holding Corp. | 9,527 | 133 | ||||||
Albemarle Corp. | 9,000 | 219 | ||||||
Alcoa, Inc. | 71,664 | 825 | ||||||
Allegheny Technologies, Inc. | 7,700 | 204 | ||||||
AptarGroup, Inc. | 6,900 | 209 | ||||||
Arch Chemicals, Inc. | 2,700 | 77 | ||||||
Ashland, Inc. | 5,500 | 124 | ||||||
Ball Corp. | 8,700 | 298 | ||||||
Bemis Co., Inc. | 8,900 | 221 |
14 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Brush Engineered Materials, Inc. * | 4,000 | 49 | ||||||
Buckeye Technologies, Inc. * | 7,700 | 45 | ||||||
Cabot Corp. | 5,200 | 138 | ||||||
Calgon Carbon Corp. * | 4,000 | 53 | ||||||
Carpenter Technology Corp. | 5,000 | 91 | ||||||
Celanese Corp., Series A | 12,500 | 173 | ||||||
Century Aluminum Co. * | 3,100 | 39 | ||||||
CF Industries Holdings, Inc. | 4,400 | 282 | ||||||
Chemtura Corp. | 19,427 | 34 | ||||||
Chesapeake Corp. * | 1,000 | — | ||||||
Cliffs Natural Resources, Inc. | 6,000 | 162 | ||||||
Commercial Metals Co. | 9,000 | 100 | ||||||
Compass Minerals International, Inc. | 5,000 | 275 | ||||||
Crown Holdings, Inc. * | 13,400 | 270 | ||||||
Cytec Industries, Inc. | 3,600 | 102 | ||||||
Deltic Timber Corp. | 700 | 32 | ||||||
Domtar Corp. * | 39,000 | 97 | ||||||
E.I. du Pont de Nemours & Co. | 78,195 | 2,502 | ||||||
Eagle Materials, Inc. | 4,143 | 73 | ||||||
Eastman Chemical Co. | 8,100 | 327 | ||||||
Ecolab, Inc. | 21,500 | 801 | ||||||
Ferro Corp. | 8,200 | 127 | ||||||
FMC Corp. | 6,200 | 270 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 30,122 | 877 | ||||||
Georgia Gulf Corp. | 3,300 | 8 | ||||||
Glatfelter | 4,000 | 41 | ||||||
Goldcorp, Inc. | 18,759 | 350 | ||||||
Greif, Inc., Class A | 7,400 | 300 | ||||||
H.B. Fuller Co. | 6,500 | 115 | ||||||
Hawkins, Inc. | 1,900 | 31 | ||||||
Headwaters, Inc. * | 7,500 | 80 | ||||||
Hecla Mining Co. * | 12,000 | 30 | ||||||
Hercules, Inc. | 11,000 | 185 | ||||||
Horsehead Holding Corp. * | 4,000 | 14 | ||||||
Huntsman Corp. | 17,500 | 177 | ||||||
Innophos Holdings, Inc. | 6,500 | 174 | ||||||
International Flavors & Fragrances, Inc. | 7,400 | 236 | ||||||
International Paper Co. | 39,304 | 677 | ||||||
Koppers Holdings, Inc. | 2,500 | 59 | ||||||
Kronos Worldwide, Inc. | 6,060 | 77 | ||||||
Landec Corp. * | 6,500 | 61 | ||||||
Louisiana-Pacific Corp. | 8,300 | 40 | ||||||
Martin Marietta Materials, Inc. | 4,200 | 329 | ||||||
Material Sciences Corp. * | 8,000 | 39 | ||||||
MeadWestvaco Corp. | 14,474 | 203 | ||||||
Minerals Technologies, Inc. | 3,100 | 176 | ||||||
Mod-Pac Corp. * | 500 | 1 | ||||||
Monsanto Co. | 43,290 | 3,852 | ||||||
Myers Industries, Inc. | 8,080 | 85 | ||||||
Nalco Holding Co. | 13,600 | 192 | ||||||
Neenah Paper, Inc. | 1,231 | 11 | ||||||
NewMarket Corp. | 2,000 | 75 | ||||||
Newmont Mining Corp. | 32,251 | 850 | ||||||
NL Industries, Inc. | 7,800 | 108 | ||||||
Nucor Corp. | 27,000 | 1,094 | ||||||
Olin Corp. | 7,320 | 133 | ||||||
OM Group, Inc. * | 2,400 | 51 | ||||||
Omnova Solutions, Inc. * | 3,400 | 4 | ||||||
Owens-Illinois, Inc. * | 13,700 | 313 | ||||||
Packaging Corp. of America | 8,500 | 143 | ||||||
Pactiv Corp. * | 12,400 | 292 | ||||||
Penford Corp. | 5,200 | 67 | ||||||
PolyOne Corp. * | 7,200 | 34 | ||||||
PPG Industries, Inc. | 13,900 | 689 | ||||||
Praxair, Inc. | 25,700 | 1,674 | ||||||
Reliance Steel & Aluminum Co. | 8,500 | 213 | ||||||
Rock-Tenn Co., Class A | 4,500 | 137 | ||||||
Rockwood Holdings, Inc. * | 5,900 | 73 | ||||||
Rohm & Haas Co. | 26,753 | 1,882 | ||||||
Royal Gold, Inc. | 2,200 | 63 | ||||||
RPM International, Inc. | 9,600 | 136 | ||||||
RTI International Metals, Inc. * | 1,500 | 24 | ||||||
Schnitzer Steel Industries, Inc., Class A | 1,650 | 44 | ||||||
Schweitzer-Mauduit International, Inc. | 3,300 | 55 | ||||||
Sealed Air Corp. | 14,500 | 245 | ||||||
Sensient Technologies Corp. | 4,800 | 121 | ||||||
Sigma-Aldrich Corp. | 12,600 | 553 | ||||||
Silgan Holdings, Inc. | 5,800 | 270 | ||||||
Sims Group Ltd. | 5,125 | 50 | ||||||
Smurfit-Stone Container Corp. * | 20,000 | 27 | ||||||
Sonoco Products Co. | 8,000 | 201 | ||||||
Southern Copper Corp. | 68,400 | 996 | ||||||
Spartech Corp. | 8,200 | 52 | ||||||
Steel Dynamics, Inc. | 14,000 | 167 | ||||||
Stepan Co. | 1,200 | 43 | ||||||
Stillwater Mining Co. * | 11,233 | 45 | ||||||
Temple-Inland, Inc. | 8,800 | 52 | ||||||
Terra Industries, Inc. | 7,500 | 165 | ||||||
Texas Industries, Inc. | 1,000 | 32 | ||||||
The Dow Chemical Co. | 78,766 | 2,101 | ||||||
The Lubrizol Corp. | 5,400 | 203 | ||||||
The Mosaic Co. | 36,000 | 1,419 | ||||||
The Scotts Miracle-Gro Co., Class A | 5,600 | 146 | ||||||
The Valspar Corp. | 8,400 | 172 | ||||||
Titanium Metals Corp. | 11,307 | 105 | ||||||
United States Steel Corp. | 9,900 | 365 | ||||||
Valhi, Inc. | 8,600 | 123 | ||||||
Vulcan Materials Co. | 7,592 | 412 |
See financial notes. 15
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Wausau Paper Corp. | 8,700 | 81 | ||||||
Westlake Chemical Corp. | 5,100 | 93 | ||||||
Weyerhaeuser Co. | 18,250 | 698 | ||||||
Worthington Industries, Inc. | 7,200 | 87 | ||||||
Yamana Gold, Inc. | 14,751 | 68 | ||||||
Zep, Inc. | 6,600 | 139 | ||||||
35,603 | ||||||||
Media 3.0% | ||||||||
4Kids Entertainment, Inc. * | 4,000 | 21 | ||||||
Acme Communications, Inc. * | 1,900 | 1 | ||||||
AH Belo Corp., Class A | 1,880 | 6 | ||||||
Alloy, Inc. * | 3,500 | 18 | ||||||
Arbitron, Inc. | 2,120 | 69 | ||||||
Ascent Media Corp., Series A * | 1,116 | 28 | ||||||
Belo Corp., Class A | 9,400 | 20 | ||||||
Cablevision Systems Corp., Class A | 21,100 | 374 | ||||||
Carmike Cinemas, Inc. | 2,500 | 5 | ||||||
CBS Corp., Class B | 72,006 | 699 | ||||||
CKX, Inc. * | 7,300 | 32 | ||||||
Clear Channel Outdoor Holdings, Inc., Class A * | 28,700 | 179 | ||||||
Comcast Corp., Class A | 227,004 | 3,578 | ||||||
Comcast Corp., Special Class A | 64,200 | 990 | ||||||
Cox Radio, Inc., Class A * | 4,600 | 25 | ||||||
Crown Media Holdings, Inc., Class A * | 6,000 | 19 | ||||||
Cumulus Media Inc., Class A * | 4,351 | 5 | ||||||
Daily Journal Corp. * | 500 | 19 | ||||||
Discovery Communications, Inc., Series A * | 11,161 | 152 | ||||||
Discovery Communications, Inc., Series C * | 11,161 | 149 | ||||||
DISH Network Corp., Class A * | 37,700 | 593 | ||||||
DreamWorks Animation SKG, Inc., Class A * | 8,200 | 230 | ||||||
Emmis Communications Corp., Class A * | 713 | — | ||||||
Entercom Communications Corp., Class A | 3,000 | 2 | ||||||
Entravision Communications Corp., Class A * | 5,000 | 9 | ||||||
Gannett Co., Inc. | 19,500 | 214 | ||||||
Gray Television, Inc. | 5,600 | 3 | ||||||
Harte-Hanks, Inc. | 8,100 | 57 | ||||||
Hearst-Argyle Television, Inc. | 7,500 | 112 | ||||||
Idearc, Inc. | 12,378 | 5 | ||||||
Interactive Data Corp. | 20,700 | 488 | ||||||
John Wiley & Sons, Inc., Class A | 6,300 | 219 | ||||||
Journal Communications, Inc., Class A | 7,500 | 19 | ||||||
Journal Register Co. * | 3,200 | — | ||||||
Lakes Entertainment, Inc. * | 1,800 | 8 | ||||||
Lamar Advertising Co., Class A * | 9,200 | 140 | ||||||
Lee Enterprises, Inc. | 2,500 | 6 | ||||||
Liberty Global, Inc., Series A * | 37,575 | 620 | ||||||
Liberty Global, Inc., Series C * | 12,601 | 204 | ||||||
Liberty Media Corp — Entertainment, Series A * | 44,644 | 719 | ||||||
Liberty Media Corp. — Capital, Series A * | 11,161 | 76 | ||||||
LIN TV Corp., Class A * | 3,300 | 6 | ||||||
Live Nation, Inc. * | 6,215 | 70 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A * | 3,900 | 20 | ||||||
Marvel Entertainment, Inc. * | 11,700 | 377 | ||||||
Media General, Inc., Class A | 2,000 | 15 | ||||||
Mediacom Communications Corp., Class A * | 7,600 | 34 | ||||||
Meredith Corp. | 3,800 | 74 | ||||||
Morningstar, Inc. * | 3,200 | 120 | ||||||
News Corp., Class A | 253,950 | 2,702 | ||||||
Nexstar Broadcasting Group, Inc., Class A * | 4,500 | 5 | ||||||
Omnicom Group, Inc. | 33,600 | 992 | ||||||
Playboy Enterprises, Inc., Class B * | 4,500 | 11 | ||||||
R.H. Donnelley Corp. * | 5,466 | 5 | ||||||
Radio One, Inc., Class A * | 9,500 | 7 | ||||||
Regal Entertainment Group, Class A | 12,100 | 155 | ||||||
Salem Communications Corp., Class A * | 900 | 1 | ||||||
Scholastic Corp. | 2,200 | 41 | ||||||
Scripps Networks Interactive, Class A | 12,000 | 341 | ||||||
Sinclair Broadcast Group, Inc., Class A | 7,300 | 24 | ||||||
Sirius XM Radio, Inc. * | 70,380 | 24 | ||||||
The DIRECTV Group, Inc. * | 101,476 | 2,221 | ||||||
The E.W. Scripps Co., Class A | 4,000 | 19 | ||||||
The Interpublic Group of Cos., Inc. * | 34,537 | 179 | ||||||
The McClatchy Co., Class A | 8,416 | 26 | ||||||
The McGraw-Hill Cos., Inc. | 34,600 | 929 | ||||||
The New York Times Co., Class A | 13,200 | 132 | ||||||
The Walt Disney Co. | 185,410 | 4,802 | ||||||
The Washington Post Co., Class B | 600 | 256 | ||||||
Time Warner Cable, Inc., Class A * | 75,000 | 1,468 | ||||||
Time Warner, Inc. | 367,052 | 3,704 | ||||||
Valassis Communications, Inc. * | 3,700 | 16 | ||||||
Value Line, Inc. | 300 | 12 | ||||||
Viacom, Inc., Class B * | 56,606 | 1,145 |
16 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Virgin Media, Inc. | 15,000 | 86 | ||||||
Voyager Learning Co. * | 1,700 | 3 | ||||||
Warner Music Group Corp. | 11,700 | 48 | ||||||
Westwood One, Inc. * | 7,200 | 2 | ||||||
World Wrestling Entertainment, Inc., Class A | 4,900 | 70 | ||||||
WPT Enterprises, Inc. * | 862 | — | ||||||
Xanadoo Co., Class A * | 63 | 19 | ||||||
30,274 | ||||||||
Pharmaceuticals & Biotechnology 8.8% | ||||||||
Abbott Laboratories | 136,705 | 7,539 | ||||||
Abraxis BioScience * | 1,500 | 95 | ||||||
Accelrys, Inc. * | 4,300 | 21 | ||||||
Acura Pharmaceuticals, Inc. * | 1,000 | 6 | ||||||
Adolor Corp. * | 8,700 | 27 | ||||||
Affymax, Inc. * | 2,900 | 39 | ||||||
Affymetrix, Inc. * | 8,900 | 33 | ||||||
Albany Molecular Research, Inc. * | 5,600 | 71 | ||||||
Alexion Pharmaceuticals, Inc. * | 6,200 | 253 | ||||||
Alkermes, Inc. * | 8,500 | 84 | ||||||
Allergan, Inc. | 26,468 | 1,050 | ||||||
Alnylam Pharmaceuticals, Inc. * | 7,400 | 170 | ||||||
Alpharma, Inc., Class A * | 7,700 | 241 | ||||||
Amgen, Inc. * | 103,268 | 6,185 | ||||||
Amicus Therapeutics, Inc. * | 500 | 5 | ||||||
Amylin Pharmaceuticals, Inc. * | 2,300 | 24 | ||||||
Aphton Corp. * | 800 | — | ||||||
Applied Biosystems, Inc. | 16,500 | 509 | ||||||
Arena Pharmaceuticals, Inc. * | 800 | 3 | ||||||
ArQule, Inc. * | 8,800 | 24 | ||||||
Avigen, Inc. * | 900 | 1 | ||||||
Barr Pharmaceuticals, Inc. * | 8,781 | 564 | ||||||
Bio-Rad Laboratories, Inc., Class A * | 3,000 | 256 | ||||||
BioCryst Pharmaceuticals, Inc. * | 1,400 | 2 | ||||||
Biogen Idec, Inc. * | 28,125 | 1,197 | ||||||
BioMarin Pharmaceuticals, Inc. * | 1,800 | 33 | ||||||
Bristol-Myers Squibb Co. | 162,750 | 3,345 | ||||||
Bruker Corp. * | 2,100 | 9 | ||||||
Caliper Life Sciences, Inc. * | 700 | 1 | ||||||
Cambrex Corp. * | 8,900 | 40 | ||||||
Caraco Pharmaceutical Laboratories Ltd. * | 2,000 | 20 | ||||||
Celera Corp. * | 9,600 | 109 | ||||||
Celgene Corp. * | 44,091 | 2,833 | ||||||
Cell Genesys, Inc. * | 1,500 | — | ||||||
Cephalon, Inc. * | 6,000 | 430 | ||||||
Charles River Laboratories International, Inc. * | 6,416 | 230 | ||||||
Clinical Data, Inc. * | 175 | 2 | ||||||
Cougar Biotechnology, Inc. * | 1,000 | 25 | ||||||
Covance, Inc. * | 5,800 | 290 | ||||||
Cubist Pharmaceuticals, Inc. * | 8,900 | 226 | ||||||
CV Therapeutics, Inc. * | 5,500 | 51 | ||||||
Cypress Bioscience, Inc. * | 4,000 | 22 | ||||||
Dendreon Corp. * | 1,400 | 7 | ||||||
Dionex Corp. * | 5,200 | 280 | ||||||
Durect Corp. * | 2,000 | 8 | ||||||
Dyax Corp. * | 2,000 | 7 | ||||||
Eli Lilly & Co. | 96,400 | 3,260 | ||||||
Emergent Biosolutions, Inc. * | 4,000 | 72 | ||||||
Endo Pharmaceuticals Holdings, Inc. * | 10,500 | 194 | ||||||
Enzo Biochem, Inc. * | 5,781 | 33 | ||||||
Enzon Pharmaceuticals, Inc. * | 8,900 | 44 | ||||||
eResearch Technology, Inc. * | 5,625 | 36 | ||||||
Exelixis, Inc. * | 7,300 | 25 | ||||||
Forest Laboratories, Inc. * | 27,500 | 639 | ||||||
Genentech, Inc. * | 95,300 | 7,904 | ||||||
Genzyme Corp. * | 20,732 | 1,511 | ||||||
Geron Corp. * | 1,000 | 4 | ||||||
Gilead Sciences, Inc. * | 75,840 | 3,477 | ||||||
GTx, Inc. * | 3,000 | 42 | ||||||
Harvard Bioscience, Inc. * | 500 | 2 | ||||||
Human Genome Sciences, Inc. * | 5,100 | 16 | ||||||
Illumina, Inc. * | 9,200 | 284 | ||||||
ImClone Systems, Inc. * | 6,935 | 477 | ||||||
ImmunoGen, Inc. * | 1,500 | 7 | ||||||
Impax Laboratories, Inc. (b)(e)* | 1,600 | 11 | ||||||
Incyte Corp. * | 2,600 | 11 | ||||||
Indevus Pharmaceuticals, Inc. * | 1,800 | 5 | ||||||
Inspire Pharmaceuticals, Inc. * | 1,300 | 5 | ||||||
InterMune, Inc. * | 1,100 | 16 | ||||||
Invitrogen Corp. * | 7,258 | 209 | ||||||
Isis Pharmaceuticals, Inc. * | 7,300 | 103 | ||||||
Johnson & Johnson | 246,370 | 15,112 | ||||||
K-V Pharmaceutical Co., Class A * | 2,700 | 46 | ||||||
Kendle International, Inc. * | 2,700 | 49 | ||||||
King Pharmaceuticals, Inc. * | 22,516 | 198 | ||||||
Lexicon Pharmaceuticals, Inc. * | 6,900 | 11 | ||||||
Ligand Pharmaceuticals, Inc., Class B * | 2,300 | 5 | ||||||
Luminex Corp. * | 7,800 | 145 | ||||||
MAP Pharmaceuticals, Inc. * | 500 | 2 | ||||||
Martek Biosciences Corp. * | 3,000 | 90 | ||||||
Matrixx Initiatives, Inc. * | 2,700 | 44 | ||||||
Maxygen, Inc. * | 6,500 | 27 | ||||||
Medarex, Inc. * | 15,600 | 110 | ||||||
Medicis Pharmaceutical Corp., Class A | 5,900 | 84 | ||||||
Merck & Co., Inc. | 183,552 | 5,681 | ||||||
Millipore Corp. * | 5,100 | 265 | ||||||
Momenta Pharmaceuticals, Inc. * | 4,000 | 36 |
See financial notes. 17
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Mylan, Inc. * | 25,500 | 219 | ||||||
Myriad Genetics, Inc. * | 1,400 | 88 | ||||||
Nabi Biopharmaceuticals * | 2,800 | 11 | ||||||
Nektar Therapeutics * | 2,200 | 12 | ||||||
Neurocrine Biosciences, Inc. * | 1,400 | 6 | ||||||
Noven Pharmaceuticals, Inc. * | 5,800 | 65 | ||||||
NPS Pharmacuticals, Inc. * | 1,000 | 7 | ||||||
Omrix Biopharmaceuticals, Inc. * | 5,500 | 95 | ||||||
Onyx Pharmaceuticals, Inc. * | 4,500 | 121 | ||||||
Orchid Cellmark, Inc. * | 280 | — | ||||||
OSI Pharmaceuticals, Inc. * | 4,998 | 190 | ||||||
OXiGENE, Inc. * | 900 | 1 | ||||||
Pain Therapeutics, Inc. * | 7,400 | 68 | ||||||
Par Pharmaceutical Cos., Inc. * | 5,900 | 59 | ||||||
PAREXEL International Corp. * | 4,800 | 50 | ||||||
PDL BioPharma, Inc. | 9,500 | 93 | ||||||
PerkinElmer, Inc. | 11,477 | 206 | ||||||
Perrigo Co. | 7,300 | 248 | ||||||
Pfizer, Inc. | 610,192 | 10,807 | ||||||
Pharmaceutical Product Development, Inc. | 10,000 | 310 | ||||||
Pharmacopeia, Inc. * | 650 | 1 | ||||||
Pharmanet Development Group, Inc. * | 8,500 | 14 | ||||||
POZEN, Inc. * | 1,300 | 8 | ||||||
Regeneron Pharmaceuticals, Inc. * | 9,200 | 178 | ||||||
Replidyne, Inc. * | 3,500 | 4 | ||||||
Salix Pharmaceuticals Ltd. * | 4,000 | 37 | ||||||
Sangamo BioSciences, Inc. * | 1,200 | 9 | ||||||
Savient Pharmaceuticals, Inc. * | 2,300 | 11 | ||||||
Schering-Plough Corp. | 129,750 | 1,880 | ||||||
Sepracor, Inc. * | 9,100 | 121 | ||||||
Sucampo Pharmaceuticals, Inc., Class A * | 1,500 | 12 | ||||||
SuperGen, Inc. * | 900 | 1 | ||||||
Synta Pharmaceuticals Corp. * | 4,000 | 28 | ||||||
Techne Corp. | 3,800 | 262 | ||||||
The Medicines Co. * | 8,300 | 145 | ||||||
Thermo Fisher Scientific, Inc. * | 37,302 | 1,514 | ||||||
Trimeris, Inc. | 3,000 | 10 | ||||||
United Therapeutics Corp. * | 3,000 | 262 | ||||||
Valeant Pharmaceuticals International * | 7,900 | 148 | ||||||
Varian, Inc. * | 5,800 | 214 | ||||||
Vertex Pharmaceuticals, Inc. * | 3,144 | 82 | ||||||
Vical, Inc. * | 1,600 | 3 | ||||||
ViroPharma, Inc. * | 10,000 | 125 | ||||||
VIVUS, Inc. * | 4,000 | 24 | ||||||
Warner Chilcott Ltd., Class A * | 20,500 | 284 | ||||||
Waters Corp. * | 8,700 | 381 | ||||||
Watson Pharmaceuticals, Inc. * | 7,732 | 202 | ||||||
Wyeth | 114,400 | 3,681 | ||||||
XenoPort, Inc. * | 2,500 | 104 | ||||||
ZymoGenetics, Inc. * | 2,000 | 6 | ||||||
89,066 | ||||||||
Real Estate 1.6% | ||||||||
Alexander’s, Inc. | 700 | 245 | ||||||
Alexandria Real Estate Equities, Inc. | 2,500 | 174 | ||||||
AMB Property Corp. | 7,300 | 175 | ||||||
American Land Lease, Inc. | 1,700 | 15 | ||||||
American Realty Investors, Inc. * | 1,537 | 13 | ||||||
Annaly Capital Management, Inc. | 24,400 | 339 | ||||||
Anthracite Capital, Inc. | 4,900 | 21 | ||||||
Anworth Mortgage Asset Corp. | 1,000 | 6 | ||||||
Apartment Investment & Management Co., Class A | 8,219 | 120 | ||||||
AvalonBay Communities, Inc. | 8,600 | 611 | ||||||
Avatar Holdings, Inc. * | 2,500 | 85 | ||||||
Boston Properties, Inc. | 11,400 | 808 | ||||||
Brandywine Realty Trust | 7,363 | 64 | ||||||
BRE Properties, Inc. | 5,000 | 174 | ||||||
Brookfield Properties Corp. | 26,700 | 269 | ||||||
Camden Property Trust | 4,800 | 162 | ||||||
CapitalSource, Inc. | 6,900 | 51 | ||||||
Capstead Mortgage Corp. | 2,240 | 22 | ||||||
CB Richard Ellis Group, Inc., Class A * | 17,500 | 123 | ||||||
CBL & Associates Properties, Inc. | 4,400 | 41 | ||||||
Colonial Properties Trust | 2,567 | 27 | ||||||
Consolidated-Tomoka Land Co. | 900 | 33 | ||||||
Corporate Office Properties Trust | 3,500 | 109 | ||||||
Cousins Properties, Inc. | 5,200 | 75 | ||||||
DCT Industrial Trust, Inc. | 14,500 | 71 | ||||||
Developers Diversified Realty Corp. | 10,112 | 133 | ||||||
Douglas Emmett, Inc. | 9,000 | 136 | ||||||
Duke Realty Corp. | 12,990 | 183 | ||||||
EastGroup Properties, Inc. | 900 | 30 | ||||||
Entertainment Properties Trust | 2,200 | 82 | ||||||
Equity Lifestyle Properties, Inc. | 3,000 | 126 | ||||||
Equity One, Inc. | 6,600 | 115 | ||||||
Equity Residential | 24,700 | 863 | ||||||
Essex Property Trust, Inc. | 3,600 | 350 | ||||||
Federal Realty Investment Trust | 5,200 | 319 | ||||||
FelCor Lodging Trust, Inc. | 5,700 | 17 | ||||||
First Industrial Realty Trust, Inc. | 2,600 | 27 | ||||||
Forest City Enterprises, Inc., Class A | 10,400 | 124 | ||||||
Forestar Real Estate Group, Inc. * | 2,933 | 26 | ||||||
Friedman, Billings, Ramsey Group, Inc., Class A * | 12,080 | 8 | ||||||
FX Real Estate & Entertainment, Inc. * | 1,460 | 1 |
18 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
General Growth Properties, Inc. | 20,460 | 85 | ||||||
Getty Realty Corp. | 2,000 | 39 | ||||||
Glimcher Realty Trust | 3,800 | 20 | ||||||
Gramercy Capital Corp. | 1,028 | 3 | ||||||
HCP, Inc. | 20,648 | 618 | ||||||
Health Care REIT, Inc. | 7,700 | 343 | ||||||
Healthcare Realty Trust, Inc. | 4,900 | 125 | ||||||
Highwoods Properties, Inc. | 5,600 | 139 | ||||||
Home Properties, Inc. | 2,500 | 101 | ||||||
Hospitality Properties Trust | 8,500 | 86 | ||||||
Host Hotels & Resorts, Inc. | 39,254 | 406 | ||||||
HRPT Properties Trust | 19,000 | 69 | ||||||
Inland Real Estate Corp. | 5,500 | 63 | ||||||
iStar Financial, Inc. | 9,390 | 10 | ||||||
Jones Lang LaSalle, Inc. | 2,300 | 76 | ||||||
Kilroy Realty Corp. | 1,800 | 58 | ||||||
Kimco Realty Corp. | 19,195 | 433 | ||||||
LaSalle Hotel Properties | 3,500 | 49 | ||||||
Lexington Realty Trust | 3,000 | 24 | ||||||
Liberty Property Trust | 8,300 | 198 | ||||||
LTC Properties, Inc. | 2,800 | 68 | ||||||
Mack-Cali Realty Corp. | 5,900 | 134 | ||||||
Maguire Properties, Inc. | 3,000 | 11 | ||||||
Maui Land & Pineapple Co., Inc. * | 800 | 12 | ||||||
MFA Mortgage Investments, Inc. | 5,500 | 30 | ||||||
Mid-America Apartment Communities, Inc. | 2,500 | 88 | ||||||
National Health Investors, Inc. | 3,100 | 93 | ||||||
National Retail Properties, Inc. | 3,320 | 59 | ||||||
Nationwide Health Properties, Inc. | 8,100 | 242 | ||||||
New Century Financial Corp. (b)(e)* | 3,600 | — | ||||||
Newcastle Investment Corp. | 2,200 | 9 | ||||||
NovaStar Financial, Inc. * | 500 | — | ||||||
OMEGA Healthcare Investors, Inc. | 2,784 | 42 | ||||||
Parkway Properties, Inc. | 500 | 9 | ||||||
Pennsylvania Real Estate Investment Trust | 2,500 | 32 | ||||||
Plum Creek Timber Co., Inc. | 15,047 | 561 | ||||||
PMC Commercial Trust | 1,500 | 13 | ||||||
Post Properties, Inc. | 2,200 | 49 | ||||||
Potlatch Corp. | 2,753 | 91 | ||||||
ProLogis | 20,854 | 292 | ||||||
PS Business Parks, Inc. | 3,000 | 136 | ||||||
Public Storage. | 14,590 | 1,189 | ||||||
RAIT Financial Trust | 3,300 | 13 | ||||||
Ramco-Gershenson Properties Trust | 1,400 | 18 | ||||||
Rayonier, Inc. | 2,388 | 79 | ||||||
Realty Income Corp. | 8,600 | 199 | ||||||
Redwood Trust, Inc. | 2,500 | 38 | ||||||
Regency Centers Corp. | 5,700 | 225 | ||||||
Reis, Inc. * | 1,400 | 7 | ||||||
Saul Centers, Inc. | 2,100 | 77 | ||||||
Senior Housing Properties Trust | 7,450 | 143 | ||||||
SL Green Realty Corp. | 4,750 | 200 | ||||||
Sovran Self Storage, Inc. | 800 | 26 | ||||||
Sun Communities, Inc. | 3,000 | 45 | ||||||
Tanger Factory Outlet Centers, Inc. | 1,600 | 58 | ||||||
Taubman Centers, Inc. | 4,100 | 136 | ||||||
Tejon Ranch Co. * | 674 | 20 | ||||||
The Macerich Co. | 5,200 | 153 | ||||||
The St. Joe Co. * | 5,300 | 164 | ||||||
UDR, Inc. | 11,900 | 235 | ||||||
UMH Properties, Inc. | 1,600 | 9 | ||||||
Universal Health Realty Income Trust | 900 | 31 | ||||||
Urstadt Biddle Properties | 500 | 8 | ||||||
Urstadt Biddle Properties, Class A | 1,000 | 16 | ||||||
Ventas, Inc. | 5,800 | 209 | ||||||
Vornado Realty Trust | 16,000 | 1,129 | ||||||
Washington Real Estate Investment Trust | 3,100 | 93 | ||||||
Weingarten Realty Investors | 7,975 | 163 | ||||||
15,972 | ||||||||
Retailing 3.0% | ||||||||
99 Cents Only Stores * | 3,066 | 37 | ||||||
Aaron Rents, Inc. | 6,250 | 155 | ||||||
Aaron Rents, Inc., Class A | 2,175 | 45 | ||||||
Abercrombie & Fitch Co., Class A | 5,800 | 168 | ||||||
Advance Auto Parts, Inc. | 9,540 | 298 | ||||||
Aeropostale, Inc. * | 6,600 | 160 | ||||||
Amazon.com, Inc. * | 33,700 | 1,929 | ||||||
America’s Car-Mart, Inc. * | 3,750 | 61 | ||||||
American Eagle Outfitters, Inc. | 18,150 | 202 | ||||||
AnnTaylor Stores Corp. * | 9,825 | 123 | ||||||
Asbury Automotive Group, Inc. | 4,100 | 13 | ||||||
Audiovox Corp., Class A * | 1,600 | 9 | ||||||
Auto Nation, Inc. * | 21,600 | 148 | ||||||
AutoZone, Inc. * | 6,100 | 776 | ||||||
Barnes & Noble, Inc. | 7,400 | 140 | ||||||
Bed Bath & Beyond, Inc. * | 23,700 | 611 | ||||||
Best Buy Co., Inc. | 39,225 | 1,052 | ||||||
Big Lots, Inc. * | 11,100 | 271 | ||||||
Blockbuster, Inc., Class A * | 15,300 | 23 | ||||||
Borders Group, Inc. | 5,700 | 19 | ||||||
Brown Shoe Co., Inc. | 6,675 | 70 | ||||||
Cabela’s, Inc. * | 3,500 | 28 | ||||||
CarMax, Inc. * | 17,046 | 181 | ||||||
Charlotte Russe Holding, Inc. * | 2,500 | 21 | ||||||
Charming Shoppes, Inc. * | 10,200 | 11 | ||||||
Chico’s FAS, Inc. * | 13,300 | 45 |
See financial notes. 19
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Christopher & Banks Corp. | 2,900 | 15 | ||||||
Circuit City Stores, Inc. | 16,500 | 4 | ||||||
Coldwater Creek, Inc. * | 8,502 | 31 | ||||||
Collective Brands, Inc. * | 5,906 | 76 | ||||||
Dick’s Sporting Goods, Inc. * | 11,000 | 169 | ||||||
Dillard’s, Inc., Class A | 5,500 | 29 | ||||||
Dollar Tree, Inc. * | 8,650 | 329 | ||||||
DSW, Inc., Class A * | 3,500 | 45 | ||||||
Duckwall-ALCO Stores, Inc. * | 1,800 | 23 | ||||||
Expedia, Inc. * | 31,345 | 298 | ||||||
Family Dollar Stores, Inc. | 12,700 | 342 | ||||||
Foot Locker, Inc. | 14,100 | 206 | ||||||
GameStop Corp., Class A * | 12,048 | 330 | ||||||
Genesco, Inc. * | 4,300 | 107 | ||||||
Genuine Parts Co. | 13,500 | 531 | ||||||
Group 1 Automotive, Inc. | 1,400 | 14 | ||||||
Guess?, Inc. | 7,900 | 172 | ||||||
Handleman Co. * | 6,600 | 9 | ||||||
Hibbett Sports, Inc. * | 3,543 | 63 | ||||||
Hollywood Media Corp. * | 1,100 | 2 | ||||||
HSN, Inc. * | 6,269 | 39 | ||||||
J. Crew Group, Inc. * | 5,500 | 111 | ||||||
J.C. Penney Co., Inc. | 27,400 | 655 | ||||||
Kohl’s Corp. * | 28,300 | 994 | ||||||
Liberty Media Corp. — Interactive Class A * | 55,809 | 272 | ||||||
Limited Brands, Inc. | 31,520 | 378 | ||||||
Lithia Motors, Inc., Class A | 700 | 3 | ||||||
Lowe’s Cos., Inc. | 122,500 | 2,658 | ||||||
Macy’s, Inc. | 42,952 | 528 | ||||||
MarineMax, Inc. * | 800 | 2 | ||||||
Midas, Inc. * | 6,800 | 89 | ||||||
Monro Muffler Brake, Inc. | 1,575 | 34 | ||||||
Mothers Work, Inc. * | 2,500 | 22 | ||||||
Netflix, Inc. * | 6,000 | 149 | ||||||
Nordstrom, Inc. | 20,600 | 373 | ||||||
O’Reilly Automotive, Inc. * | 5,899 | 160 | ||||||
Office Depot, Inc. * | 26,000 | 94 | ||||||
OfficeMax, Inc. | 6,400 | 52 | ||||||
Pacific Sunwear of California, Inc. * | 7,475 | 26 | ||||||
Penske Automotive Group, Inc. | 2,000 | 16 | ||||||
PetSmart, Inc. | 11,100 | 219 | ||||||
Pomeroy IT Solutions, Inc. * | 2,100 | 5 | ||||||
Priceline.com, Inc. * | 3,983 | 210 | ||||||
RadioShack Corp. | 10,700 | 135 | ||||||
Rent-A-Center, Inc. * | 7,750 | 113 | ||||||
Retail Ventures, Inc. * | 5,000 | 10 | ||||||
REX Stores Corp. * | 1,875 | 17 | ||||||
Ross Stores, Inc. | 13,400 | 438 | ||||||
Saks, Inc. * | 10,800 | 65 | ||||||
Sally Beauty Holdings, Inc. * | 6,950 | 35 | ||||||
Sears Holdings Corp. * | 12,885 | 744 | ||||||
Select Comfort Corp. * | 4,500 | 2 | ||||||
Shoe Carnival, Inc. * | 1,200 | 17 | ||||||
Sonic Automotive, Inc., Class A | 1,400 | 7 | ||||||
Source Interlink Cos., Inc. (a)* | 5,000 | 2 | ||||||
Stage Stores, Inc. | 2,700 | 21 | ||||||
Staples, Inc. | 61,800 | 1,201 | ||||||
Stein Mart, Inc. | 3,800 | 8 | ||||||
Systemax, Inc. | 2,500 | 35 | ||||||
Target Corp. | 69,800 | 2,800 | ||||||
The Buckle, Inc. | 7,875 | 207 | ||||||
The Cato Corp., Class A | 4,300 | 67 | ||||||
The Children’s Place Retail Stores, Inc. * | 1,800 | 60 | ||||||
The Dress Barn, Inc. * | 6,000 | 57 | ||||||
The Finish Line, Inc., Class A | 5,061 | 48 | ||||||
The Gap, Inc. | 73,900 | 956 | ||||||
The Gymboree Corp. * | 2,500 | 65 | ||||||
The Home Depot, Inc. | 146,070 | 3,446 | ||||||
The Men’s Wearhouse, Inc. | 3,600 | 55 | ||||||
The Pep Boys — Manny, Moe & Jack | 5,000 | 24 | ||||||
The Sherwin-Williams Co. | 13,000 | 740 | ||||||
The Talbots, Inc. | 5,700 | 56 | ||||||
The TJX Cos., Inc. | 40,400 | 1,081 | ||||||
The Wet Seal, Inc., Class A * | 6,000 | 18 | ||||||
Ticketmaster Entertainment, Inc. * | 6,269 | 61 | ||||||
Tiffany & Co. | 11,500 | 316 | ||||||
Tractor Supply Co. * | 4,000 | 166 | ||||||
Trans World Entertainment Corp. * | 1,500 | 4 | ||||||
TravelCenters of America LLC * | 600 | 1 | ||||||
Tuesday Morning Corp. * | 2,500 | 6 | ||||||
Tween Brands, Inc. * | 1,742 | 15 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc. * | 4,000 | 35 | ||||||
Urban Outfitters, Inc. * | 12,800 | 278 | ||||||
ValueVision Media, Inc., Class A * | 1,400 | 1 | ||||||
West Marine, Inc. * | 2,500 | 16 | ||||||
Williams-Sonoma, Inc. | 9,200 | 76 | ||||||
Winmark Corp. * | 1,200 | 18 | ||||||
Zale Corp. * | 5,020 | 86 | ||||||
30,089 | ||||||||
Semiconductors & Semiconductor Equipment 2.1% | ||||||||
Actel Corp. * | 1,100 | 13 | ||||||
Advanced Energy Industries, Inc. * | 3,900 | 42 | ||||||
Advanced Micro Devices, Inc. * | 34,200 | 120 | ||||||
Altera Corp. | 30,400 | 527 | ||||||
Amkor Technology, Inc. * | 14,400 | 58 | ||||||
ANADIGICS, Inc. * | 1,150 | 2 | ||||||
Analog Devices, Inc. | 30,200 | 645 | ||||||
Applied Materials, Inc. | 139,098 | 1,796 |
20 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Asyst Technologies, Inc. * | 1,700 | 1 | ||||||
Atmel Corp. * | 37,900 | 157 | ||||||
ATMI, Inc. * | 1,400 | 17 | ||||||
Axcelis Technologies, Inc. * | 7,044 | 3 | ||||||
AXT, Inc. * | 800 | 1 | ||||||
Broadcom Corp., Class A * | 40,700 | 695 | ||||||
Brooks Automation, Inc. * | 5,585 | 38 | ||||||
Cabot Microelectronics Corp. * | 660 | 19 | ||||||
CEVA, Inc. * | 433 | 4 | ||||||
Cirrus Logic, Inc. * | 3,800 | 22 | ||||||
Cohu, Inc. | 1,100 | 16 | ||||||
Cree, Inc. * | 6,000 | 118 | ||||||
Cymer, Inc. * | 4,200 | 103 | ||||||
Cypress Semiconductor Corp. * | 8,500 | 43 | ||||||
Diodes, Inc. * | 6,412 | 63 | ||||||
DSP Group, Inc. * | 3,300 | 21 | ||||||
EMCORE Corp. * | 1,500 | 5 | ||||||
Entegris, Inc. * | 14,299 | 38 | ||||||
Exar Corp. * | 3,834 | 26 | ||||||
Fairchild Semiconductor International, Inc. * | 8,600 | 49 | ||||||
FEI Co. * | 1,500 | 32 | ||||||
FormFactor, Inc. * | 2,500 | 44 | ||||||
FSI International, Inc. * | 1,300 | 1 | ||||||
hi/fn, Inc. * | 800 | 2 | ||||||
Integrated Device Technology, Inc. * | 16,120 | 103 | ||||||
Integrated Silicon Solution, Inc. * | 3,038 | 5 | ||||||
Intel Corp. | 483,832 | 7,741 | ||||||
International Rectifier Corp. * | 6,600 | 102 | ||||||
Intersil Corp., Class A | 12,364 | 169 | ||||||
IXYS Corp. | 900 | 7 | ||||||
KLA-Tencor Corp. | 15,000 | 349 | ||||||
Kopin Corp. * | 2,500 | 6 | ||||||
Kulicke & Soffa Industries, Inc. * | 4,400 | 13 | ||||||
Lam Research Corp. * | 11,600 | 259 | ||||||
Lattice Semiconductor Corp. * | 4,600 | 9 | ||||||
Linear Technology Corp. | 25,000 | 567 | ||||||
LSI Corp. * | 62,387 | 240 | ||||||
LTX-Credence Corp. * | 2,941 | 2 | ||||||
Marvell Technology Group Ltd. * | 32,400 | 225 | ||||||
Mattson Technology, Inc. * | 4,100 | 11 | ||||||
MEMC Electronic Materials, Inc. * | 16,300 | 300 | ||||||
Micrel, Inc. | 6,800 | 50 | ||||||
Microchip Technology, Inc. | 16,475 | 406 | ||||||
Micron Technology, Inc. * | 52,699 | 248 | ||||||
Microsemi Corp. * | 7,652 | 166 | ||||||
MIPS Technologies, Inc. * | 1,100 | 3 | ||||||
MKS Instruments, Inc. * | 4,300 | 80 | ||||||
MoSys, Inc. * | 1,200 | 5 | ||||||
Nanometrics, Inc. * | 300 | — | ||||||
National Semiconductor Corp. | 29,200 | 385 | ||||||
Novellus Systems, Inc. * | 11,171 | 176 | ||||||
NVIDIA Corp. * | 42,000 | 368 | ||||||
OmniVision Technologies, Inc. * | 4,800 | 39 | ||||||
ON Semiconductor Corp. * | 29,165 | 149 | ||||||
Pericom Semiconductor Corp. * | 600 | 5 | ||||||
Photronics, Inc. * | 9,400 | 6 | ||||||
PLX Technology, Inc. * | 1,300 | 4 | ||||||
PMC-Sierra, Inc. * | 8,800 | 41 | ||||||
Rambus, Inc. * | 8,200 | 75 | ||||||
RF Micro Devices, Inc. * | 16,020 | 32 | �� | |||||
Rudolph Technologies, Inc. * | 1,318 | 4 | ||||||
Semitool, Inc. * | 4,300 | 25 | ||||||
Semtech Corp. * | 6,000 | 73 | ||||||
Silicon Image, Inc. * | 6,500 | 30 | ||||||
Silicon Laboratories, Inc. * | 5,000 | 130 | ||||||
Silicon Storage Technology, Inc. * | 7,000 | 22 | ||||||
SiRF Technology Holdings, Inc. * | 3,500 | 3 | ||||||
Skyworks Solutions, Inc. * | 5,689 | 41 | ||||||
Standard Microsystems Corp. * | 3,600 | 65 | ||||||
Supertex, Inc. * | 1,400 | 34 | ||||||
Techwell, Inc. * | 2,500 | 22 | ||||||
Teradyne, Inc. * | 15,559 | 79 | ||||||
Tessera Technologies, Inc. * | 3,000 | 52 | ||||||
Texas Instruments, Inc. | 143,397 | 2,805 | ||||||
Three-Five Systems, Inc. * | 1,099 | — | ||||||
Trident Microsystems, Inc. * | 5,000 | 9 | ||||||
TriQuint Semiconductor, Inc. * | 5,310 | 24 | ||||||
Ultratech, Inc. * | 1,300 | 20 | ||||||
Varian Semiconductor Equipment Associates, Inc. * | 7,875 | 154 | ||||||
Veeco Instruments, Inc. * | 3,500 | 27 | ||||||
Virage Logic Corp. * | 1,400 | 6 | ||||||
Xilinx, Inc. | 27,600 | 508 | ||||||
Zoran Corp. * | 4,261 | 35 | ||||||
21,235 | ||||||||
Software & Services 7.2% | ||||||||
Accenture Ltd., Class A | 72,000 | 2,380 | ||||||
ACI Worldwide, Inc. * | 5,200 | 71 | ||||||
Activision Blizzard, Inc. * | 110,732 | 1,380 | ||||||
Actuate Corp. * | 8,600 | 24 | ||||||
Acxiom Corp. | 13,300 | 105 | ||||||
Adobe Systems, Inc. * | 46,210 | 1,231 | ||||||
Advent Software, Inc. * | 4,100 | 77 | ||||||
Affiliated Computer Services, Inc., Class A * | 9,900 | 406 | ||||||
Akamai Technologies, Inc. * | 12,138 | 175 | ||||||
Alliance Data Systems Corp. * | 6,600 | 331 | ||||||
ANSYS, Inc. * | 8,786 | 252 | ||||||
Ariba, Inc. * | 11,570 | 124 | ||||||
Aspen Technology, Inc. * | 8,500 | 67 | ||||||
Autodesk, Inc. * | 16,800 | 358 | ||||||
Automatic Data Processing, Inc. | 48,100 | 1,681 |
See financial notes. 21
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Blackbaud, Inc. | 3,000 | 46 | ||||||
BMC Software, Inc. * | 29,000 | 749 | ||||||
Borland Software Corp. * | 3,000 | 5 | ||||||
Bottomline Technologies, Inc. * | 5,000 | 39 | ||||||
Broadridge Financial Solutions, Inc. | 12,025 | 146 | ||||||
CA, Inc. | 47,508 | 846 | ||||||
CACI International, Inc., Class A * | 2,100 | 86 | ||||||
Cadence Design Systems, Inc. * | 22,600 | 92 | ||||||
Captaris, Inc. * | 2,200 | 10 | ||||||
Catapult Communications Corp. * | 1,600 | 7 | ||||||
Chordiant Software, Inc. * | 440 | 1 | ||||||
CIBER, Inc. * | 7,300 | 39 | ||||||
Citrix Systems, Inc. * | 20,000 | 515 | ||||||
Cognizant Technology Solutions Corp., Class A * | 21,200 | 407 | ||||||
Computer Sciences Corp. * | 16,238 | 490 | ||||||
Compuware Corp. * | 27,900 | 178 | ||||||
Convergys Corp. * | 10,500 | 81 | ||||||
CSG Systems International, Inc. * | 5,400 | 90 | ||||||
CyberSource Corp. * | 5,457 | 66 | ||||||
DealerTrack Holdings, Inc. * | 3,100 | 33 | ||||||
Digimarc Corp. * | 2,142 | 21 | ||||||
Digital River, Inc. * | 2,100 | 52 | ||||||
DST Systems, Inc. * | 8,100 | 329 | ||||||
Dynamics Research Corp. * | 1,200 | 9 | ||||||
EarthLink, Inc. * | 17,050 | 118 | ||||||
eBay, Inc. * | 110,848 | 1,693 | ||||||
Edgewater Technology, Inc. * | 767 | 2 | ||||||
Electronic Arts, Inc. * | 25,200 | 574 | ||||||
eLoyalty Corp. * | 190 | 1 | ||||||
Entrust, Inc. * | 11,300 | 16 | ||||||
Epicor Software Corp. * | 4,000 | 28 | ||||||
EPIQ Systems, Inc. * | 825 | 11 | ||||||
Equinix, Inc. * | 2,565 | 160 | ||||||
Euronet Worldwide, Inc. * | 2,500 | 30 | ||||||
Exlservice Holdings, Inc. * | 5,000 | 37 | ||||||
FactSet Research Systems, Inc. | 3,750 | 145 | ||||||
Fair Isaac Corp. | 7,744 | 121 | ||||||
FalconStor Software, Inc. * | 1,200 | 4 | ||||||
Fidelity National Information Services, Inc. | 16,314 | 246 | ||||||
Fiserv, Inc. * | 15,300 | 510 | ||||||
Forrester Research, Inc. * | 4,100 | 115 | ||||||
Gartner, Inc. * | 10,300 | 190 | ||||||
Global Payments, Inc. | 6,240 | 253 | ||||||
Google, Inc., Class A * | 27,900 | 10,026 | ||||||
GSE Systems, Inc. * | 424 | 3 | ||||||
Hackett Group, Inc. * | 1,700 | 5 | ||||||
Hewitt Associates, Inc., Class A * | 9,425 | 263 | ||||||
Hlth Corp. * | 21,926 | 182 | ||||||
IAC/InterActiveCorp * | 15,672 | 263 | ||||||
iGATE Corp. * | 9,600 | 65 | ||||||
infoGROUP, Inc. | 4,800 | 21 | ||||||
Informatica Corp. * | 6,700 | 94 | ||||||
InfoSpace, Inc. | 3,872 | 33 | ||||||
Interactive Intelligence, Inc. * | 4,000 | 29 | ||||||
Internet Capital Group, Inc. * | 350 | 2 | ||||||
Interwoven, Inc. * | 5,925 | 75 | ||||||
Intuit, Inc. * | 33,430 | 838 | ||||||
j2 Global Communications, Inc. * | 4,000 | 64 | ||||||
Jack Henry & Associates, Inc. | 6,300 | 120 | ||||||
JDA Software Group, Inc. * | 4,500 | 64 | ||||||
Kana Software, Inc. * | 528 | — | ||||||
Lawson Software, Inc. * | 14,500 | 77 | ||||||
Lender Processing Services, Inc. | 8,157 | 188 | ||||||
LookSmart, Ltd. * | 480 | 1 | ||||||
Macrovision Solutions Corp. * | 12,812 | 142 | ||||||
Magma Design Automation, Inc. * | 7,200 | 19 | ||||||
Manhattan Associates, Inc. * | 4,300 | 72 | ||||||
ManTech International Corp., Class A * | 5,000 | 270 | ||||||
Mastech Holdings, Inc. * | 640 | 1 | ||||||
MasterCard, Inc., Class A | 10,000 | 1,478 | ||||||
MAXIMUS, Inc. | 4,200 | 134 | ||||||
McAfee, Inc. * | 14,445 | 470 | ||||||
Mentor Graphics Corp. * | 8,200 | 60 | ||||||
Metavante Technologies, Inc. * | 7,550 | 127 | ||||||
MICROS Systems, Inc. * | 22,000 | 375 | ||||||
Microsoft Corp. | 800,850 | 17,883 | ||||||
MicroStrategy, Inc., Class A * | 856 | 34 | ||||||
Midway Games, Inc. * | 5,600 | 5 | ||||||
ModusLink Global Solutions, Inc. * | 3,950 | 22 | ||||||
MoneyGram International, Inc. | 7,500 | 8 | ||||||
Move, Inc. * | 5,020 | 8 | ||||||
MSC.Software Corp. * | 1,800 | 15 | ||||||
NetScout Systems, Inc. * | 7,300 | 70 | ||||||
NeuStar, Inc., Class A * | 6,300 | 124 | ||||||
Novell, Inc. * | 25,600 | 119 | ||||||
Nuance Communications, Inc. * | 1,974 | 18 | ||||||
NYFIX, Inc. * | 750 | 1 | ||||||
Omniture, Inc. * | 5,000 | 58 | ||||||
Openwave Systems, Inc. * | 7,771 | 6 | ||||||
OPNET Technologies, Inc. * | 3,600 | 45 | ||||||
Oracle Corp. * | 434,449 | 7,946 | ||||||
Parametric Technology Corp. * | 8,680 | 113 | ||||||
Paychex, Inc. | 32,400 | 925 | ||||||
Perot Systems Corp., Class A * | 9,100 | 131 | ||||||
Phoenix Technologies Ltd. * | 4,100 | 18 | ||||||
PLATO Learning, Inc. * | 1,433 | 2 | ||||||
Progress Software Corp. * | 4,200 | 96 | ||||||
Quality Systems, Inc. | 2,000 | 77 | ||||||
Quest Software, Inc. * | 7,700 | 102 | ||||||
Radiant Systems, Inc. * | 3,800 | 20 | ||||||
RealNetworks, Inc. * | 18,900 | 81 | ||||||
Red Hat, Inc. * | 14,600 | 194 |
22 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Renaissance Learning, Inc. | 2,100 | 29 | ||||||
S1 Corp. * | 12,930 | 81 | ||||||
Saba Software, Inc. * | 3,849 | 6 | ||||||
SAIC, Inc. * | 9,500 | 175 | ||||||
Salesforce.com, Inc. * | 8,500 | 263 | ||||||
Sapient Corp. * | 9,100 | 50 | ||||||
SAVVIS, Inc. * | 4,000 | 34 | ||||||
Secure Computing Corp. * | 3,200 | 18 | ||||||
Soapstone Networks, Inc. * | 375 | 1 | ||||||
Solera Holdings, Inc. * | 5,000 | 124 | ||||||
SonicWALL, Inc. * | 7,400 | 33 | ||||||
SourceForge, Inc. * | 4,527 | 5 | ||||||
SPSS, Inc. * | 3,200 | 75 | ||||||
SRA International, Inc., Class A * | 5,000 | 92 | ||||||
StarTek, Inc. * | 3,900 | 13 | ||||||
SumTotal Systems, Inc. * | 463 | 2 | ||||||
SupportSoft, Inc. * | 11,600 | 29 | ||||||
Sybase, Inc. * | 19,036 | 507 | ||||||
Symantec Corp. * | 93,673 | 1,178 | ||||||
Symyx Technologies, Inc. * | 3,800 | 17 | ||||||
Synopsys, Inc. * | 13,684 | 250 | ||||||
Syntel, Inc. | 2,500 | 62 | ||||||
Take-Two Interactive Software, Inc. * | 6,000 | 71 | ||||||
TeleCommunication Systems, Inc., Class A * | 1,300 | 9 | ||||||
TeleTech Holdings, Inc. * | 5,000 | 45 | ||||||
THQ, Inc. * | 5,425 | 40 | ||||||
TIBCO Software, Inc. * | 16,000 | 82 | ||||||
TiVo, Inc. * | 4,500 | 31 | ||||||
Total System Services, Inc. | 28,204 | 388 | ||||||
Unisys Corp. * | 27,600 | 42 | ||||||
United Online, Inc. | 8,650 | 64 | ||||||
USinternetworking, Inc. * | 1,100 | — | ||||||
ValueClick, Inc. * | 8,500 | 63 | ||||||
VeriFone Holdings, Inc. * | 6,600 | 75 | ||||||
VeriSign, Inc. * | 20,875 | 443 | ||||||
Vignette Corp. * | 3,394 | 28 | ||||||
Visa, Inc., Class A | 70,000 | 3,875 | ||||||
VMware, Inc., Class A * | 30,000 | 930 | ||||||
Web.com Group, Inc. * | 223 | 1 | ||||||
WebMD Health Corp., Class A * | 5,600 | 125 | ||||||
Websense, Inc. * | 7,500 | 146 | ||||||
Western Union Co. | 62,932 | 960 | ||||||
Wind River Systems, Inc. * | 10,060 | 88 | ||||||
Yahoo!, Inc. * | 111,144 | 1,425 | ||||||
72,910 | ||||||||
Technology Hardware & Equipment 6.4% | ||||||||
3Com Corp. * | 17,900 | 49 | ||||||
Adaptec, Inc. * | 5,700 | 18 | ||||||
ADC Telecommunications, Inc. * | 9,431 | 60 | ||||||
ADTRAN, Inc. | 7,000 | 106 | ||||||
Agilent Technologies, Inc. * | 39,317 | 872 | ||||||
Agilysys, Inc. | 1,360 | 5 | ||||||
Amphenol Corp., Class A | 17,600 | 504 | ||||||
Anaren, Inc. * | 3,300 | 41 | ||||||
Anixter International, Inc. * | 3,300 | 111 | ||||||
Apple, Inc. * | 75,000 | 8,069 | ||||||
Arris Group, Inc. * | 5,775 | 40 | ||||||
Arrow Electronics, Inc. * | 12,000 | 209 | ||||||
Avid Technology, Inc. * | 3,756 | 56 | ||||||
Avnet, Inc. * | 11,288 | 189 | ||||||
Avocent Corp. * | 3,963 | 60 | ||||||
AVX Corp. | 14,000 | 126 | ||||||
Aware, Inc. * | 1,100 | 2 | ||||||
Bel Fuse, Inc., Class A | 1,200 | 25 | ||||||
Bell Microproducts, Inc. * | 1,000 | 1 | ||||||
Benchmark Electronics, Inc. * | 4,830 | 58 | ||||||
Black Box Corp. | 1,700 | 52 | ||||||
Blue Coat Systems, Inc. * | 680 | 9 | ||||||
Brightpoint, Inc. * | 4,454 | 26 | ||||||
Brocade Communications Systems, Inc. * | 32,535 | 123 | ||||||
CalAmp Corp. * | 1,000 | 1 | ||||||
Checkpoint Systems, Inc. * | 4,600 | 58 | ||||||
Ciena Corp. * | 2,470 | 24 | ||||||
Cisco Systems, Inc. * | 511,909 | 9,097 | ||||||
Cogent, Inc. * | 7,500 | 69 | ||||||
Cognex Corp. | 2,900 | 46 | ||||||
Coherent, Inc. * | 1,300 | 33 | ||||||
Comarco, Inc. * | 500 | 1 | ||||||
CommScope, Inc. * | 5,323 | 78 | ||||||
Comtech Telecommunications Corp. * | 2,175 | 105 | ||||||
Corning, Inc. | 121,807 | 1,319 | ||||||
Cosine Communications, Inc. * | 730 | 1 | ||||||
CPI International, Inc. * | 6,000 | 59 | ||||||
CTS Corp. | 5,800 | 41 | ||||||
Daktronics, Inc. | 5,200 | 52 | ||||||
Data Domain, Inc. * | 4,500 | 83 | ||||||
DDi Corp. * | 1 | — | ||||||
Dell, Inc. * | 189,400 | 2,301 | ||||||
Diebold, Inc. | 5,300 | 158 | ||||||
Dolby Laboratories, Inc., Class A * | 8,800 | 278 | ||||||
Echelon Corp. * | 3,700 | 30 | ||||||
EchoStar Corp., Class A * | 7,540 | 146 | ||||||
Electro Rent Corp. | 5,100 | 61 | ||||||
Electro Scientific Industries, Inc. * | 1,300 | 11 | ||||||
Electronics for Imaging, Inc. * | 3,400 | 36 | ||||||
EMC Corp. * | 199,686 | 2,352 | ||||||
EMS Technologies, Inc. * | 1,000 | 21 | ||||||
Emulex Corp. * | 5,900 | 56 | ||||||
Extreme Networks, Inc. * | 9,000 | 17 | ||||||
F5 Networks, Inc. * | 6,600 | 164 |
See financial notes. 23
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Finisar Corp. * | 7,900 | 5 | ||||||
FLIR Systems, Inc. * | 9,600 | 308 | ||||||
Foundry Networks, Inc. * | 9,300 | 138 | ||||||
Frequency Electronics, Inc. * | 500 | 2 | ||||||
Gerber Scientific, Inc. * | 5,400 | 26 | ||||||
Harmonic, Inc. * | 6,342 | 45 | ||||||
Harris Corp. | 14,000 | 503 | ||||||
Harris Stratex Networks, Inc., Class A * | 700 | 5 | ||||||
Hewlett-Packard Co. | 234,636 | 8,982 | ||||||
Hutchinson Technology, Inc. * | 2,500 | 17 | ||||||
I.D. Systems, Inc. * | 5,500 | 30 | ||||||
Imation Corp. | 2,000 | 25 | ||||||
Immersion Corp. * | 800 | 4 | ||||||
Infinera Corp. * | 7,500 | 58 | ||||||
Ingram Micro, Inc., Class A * | 13,400 | 179 | ||||||
Insight Enterprises, Inc. * | 4,650 | 45 | ||||||
Intelli-Check-Mobilisa, Inc. * | 500 | 1 | ||||||
InterDigital, Inc. * | 4,500 | 98 | ||||||
Intermec, Inc. * | 5,600 | 73 | ||||||
International Business Machines Corp. | 126,510 | 11,762 | ||||||
Itron, Inc. * | 2,500 | 121 | ||||||
Ixia * | 5,200 | 35 | ||||||
Jabil Circuit, Inc. | 15,400 | 129 | ||||||
JDS Uniphase Corp. * | 17,553 | 96 | ||||||
Juniper Networks, Inc. * | 40,565 | 760 | ||||||
Keithley Instruments, Inc. | 3,200 | 14 | ||||||
KEMET Corp. * | 6,700 | 4 | ||||||
L-1 Identity Solutions, Inc. * | 756 | 6 | ||||||
LaserCard Corp. * | 1,000 | 5 | ||||||
LeCroy Corp. * | 900 | 4 | ||||||
Lexmark International, Inc., Class A * | 10,900 | 282 | ||||||
LightPath Technologies, Inc. * | 75 | — | ||||||
Littelfuse, Inc. * | 2,000 | 37 | ||||||
Maxwell Technologies, Inc. * | 1,000 | 9 | ||||||
Measurement Specialties, Inc. * | 700 | 7 | ||||||
Mercury Computer Systems, Inc. * | 3,600 | 26 | ||||||
Merix Corp. * | 3,700 | 2 | ||||||
Merrimac Industries, Inc. * | 600 | 2 | ||||||
Methode Electronics, Inc. | 3,600 | 27 | ||||||
Mettler-Toledo International, Inc. * | 3,200 | 245 | ||||||
MOCON, Inc. | 600 | 5 | ||||||
Molex, Inc. | 16,125 | 232 | ||||||
Motorola, Inc. | 195,955 | 1,052 | ||||||
MRV Communications, Inc. * | 4,307 | 3 | ||||||
MTS Systems Corp. | 4,500 | 146 | ||||||
Multi-Fineline Electronix, Inc. * | 2,500 | 29 | ||||||
National Instruments Corp. | 5,675 | 144 | ||||||
NCR Corp. * | 23,800 | 435 | ||||||
NetApp, Inc. * | 27,500 | 372 | ||||||
NETGEAR, Inc. * | 3,000 | 33 | ||||||
Network Equipment Technologies, Inc. * | 5,000 | 14 | ||||||
Newport Corp. * | 4,200 | 30 | ||||||
Oplink Communications, Inc. * | 657 | 5 | ||||||
OSI Systems, Inc. * | 3,700 | 43 | ||||||
Palm, Inc. * | 8,638 | 34 | ||||||
Park Electrochemical Corp. | 3,600 | 78 | ||||||
ParkerVision, Inc. * | 400 | 2 | ||||||
PC Connection, Inc. * | 5,500 | 33 | ||||||
PC-Tel, Inc. | 6,400 | 38 | ||||||
Performance Technologies, Inc. * | 1,600 | 5 | ||||||
Planar Systems, Inc. * | 3,700 | 7 | ||||||
Plantronics, Inc. | 4,000 | 58 | ||||||
Plexus Corp. * | 3,700 | 69 | ||||||
Polycom, Inc. * | 9,200 | 193 | ||||||
Powerwave Technologies, Inc. * | 3,583 | 3 | ||||||
Presstek, Inc. * | 1,100 | 5 | ||||||
QLogic Corp. * | 17,044 | 205 | ||||||
QUALCOMM, Inc. | 135,100 | 5,169 | ||||||
Quantum Corp. * | 5,500 | 2 | ||||||
RadiSys Corp. * | 3,700 | 24 | ||||||
Research Frontiers, Inc. * | 800 | 3 | ||||||
Richardson Electronics Ltd. | 1,300 | 7 | ||||||
Riverbed Technology, Inc. * | 5,500 | 69 | ||||||
Rofin-Sinar Technologies, Inc. * | 3,800 | 85 | ||||||
Rogers Corp. * | 2,500 | 75 | ||||||
SanDisk Corp. * | 19,500 | 173 | ||||||
Sanmina-SCI Corp. * | 41,316 | 31 | ||||||
ScanSource, Inc. * | 1,200 | 24 | ||||||
SCM Microsystems, Inc. * | 1,200 | 2 | ||||||
SeaChange International, Inc. * | 6,350 | 49 | ||||||
Seagate Technology | 37,066 | 251 | ||||||
Sonus Networks, Inc. * | 19,400 | 43 | ||||||
Stratasys, Inc. * | 2,700 | 33 | ||||||
Sun Microsystems, Inc. * | 62,057 | 285 | ||||||
Sycamore Networks, Inc. * | 27,900 | 93 | ||||||
Symmetricom, Inc. * | 8,450 | 38 | ||||||
Synaptics, Inc. * | 5,250 | 162 | ||||||
Tech Data Corp. * | 5,300 | 114 | ||||||
Technitrol, Inc. | 4,000 | 23 | ||||||
Tekelec * | 8,700 | 110 | ||||||
Tellabs, Inc. * | 34,564 | 147 | ||||||
Teradata Corp. * | 23,800 | 366 | ||||||
TESSCO Technologies, Inc. * | 1,350 | 15 | ||||||
ThinkEngine Networks, Inc. * | 2,600 | — | ||||||
Tollgrade Communications, Inc. * | 3,600 | 16 | ||||||
Trimble Navigation Ltd. * | 11,792 | 243 | ||||||
TTM Technologies, Inc. * | 4,400 | 31 | ||||||
Tyco Electronics Ltd. | 38,525 | 749 | ||||||
UTStarcom, Inc. * | 16,000 | 38 | ||||||
ViaSat, Inc. * | 3,500 | 64 | ||||||
Vishay Intertechnology, Inc. * | 36,688 | 158 | ||||||
Western Digital Corp. * | 18,700 | 309 |
24 See financial notes.
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Xerox Corp. | 69,700 | 559 | ||||||
Xybernaut Corp. (b)(e)* | 1,400 | — | ||||||
Zebra Technologies Corp., Class A * | 6,375 | 129 | ||||||
Zygo Corp. * | 3,500 | 30 | ||||||
64,618 | ||||||||
Telecommunication Services 2.8% | ||||||||
Alaska Communication Systems Group, Inc. | 5,000 | 47 | ||||||
American Tower Corp., Class A * | 33,800 | 1,092 | ||||||
AT&T, Inc. | 520,056 | 13,922 | ||||||
Atlantic Tele-Network, Inc. | 3,250 | 79 | ||||||
Centennial Communications Corp. * | 8,000 | 28 | ||||||
CenturyTel, Inc. | 13,500 | 339 | ||||||
CIBL, Inc. (b)(e) | 9 | — | ||||||
Cincinnati Bell, Inc. * | 22,268 | 53 | ||||||
Cogent Communications Group, Inc. * | 3,900 | 19 | ||||||
Consolidated Communications Holdings, Inc. | 2,622 | 27 | ||||||
Crown Castle International Corp. * | 27,776 | 588 | ||||||
D&E Communications, Inc. | 5,500 | 38 | ||||||
Embarq Corp. | 11,576 | 347 | ||||||
FairPoint Communications, Inc. | 4,669 | 19 | ||||||
Frontier Communications Corp. | 37,119 | 282 | ||||||
General Communication, Inc., Class A * | 10,500 | 81 | ||||||
HickoryTech Corp. | 4,600 | 29 | ||||||
IDT Corp., Class B * | 7,600 | 8 | ||||||
Iowa Telecommunications Services, Inc. | 2,500 | 38 | ||||||
Leap Wireless International, Inc. * | 5,700 | 160 | ||||||
Level 3 Communications, Inc. * | 93,000 | 98 | ||||||
Lynch Interactive Corp. * | 9 | 28 | ||||||
NII Holdings, Inc. * | 14,900 | 384 | ||||||
NTELOS Holdings Corp. | 3,000 | 78 | ||||||
PAETEC Holding Corp. * | 8,500 | 8 | ||||||
Premiere Global Services, Inc. * | 5,100 | 51 | ||||||
Qwest Communications International, Inc. | 151,337 | 433 | ||||||
SBA Communications Corp., Class A * | 9,300 | 195 | ||||||
Shenandoah Telecommunications Co. | 2,500 | 60 | ||||||
Sprint Nextel Corp. | 236,530 | 740 | ||||||
SureWest Communications | 5,500 | 97 | ||||||
Syniverse Holdings, Inc. * | 10,400 | 195 | ||||||
Telephone & Data Systems, Inc. | 10,600 | 285 | ||||||
tw telecom, Inc. * | 14,000 | 99 | ||||||
United States Cellular Corp. * | 6,100 | 234 | ||||||
USA Mobility, Inc. * | 5,500 | 53 | ||||||
Verizon Communications, Inc. | 247,572 | 7,345 | ||||||
Warwick Valley Telephone Co. | 1,100 | 9 | ||||||
Windstream Corp. | 31,624 | 237 | ||||||
27,825 | ||||||||
Transportation 2.2% | ||||||||
AirTran Holdings, Inc. * | 5,800 | 24 | ||||||
Alaska Air Group, Inc. * | 1,900 | 47 | ||||||
Alexander & Baldwin, Inc. | 3,400 | 108 | ||||||
AMERCO * | 900 | 41 | ||||||
AMR Corp. * | 19,500 | 199 | ||||||
Arkansas Best Corp. | 1,100 | 32 | ||||||
Atlas Air Worldwide Holdings, Inc. * | 3,000 | 58 | ||||||
Avis Budget Group, Inc. * | 8,372 | 14 | ||||||
Burlington Northern Santa Fe Corp. | 30,300 | 2,698 | ||||||
C.H. Robinson Worldwide, Inc. | 15,000 | 777 | ||||||
Con-way, Inc. | 4,500 | 153 | ||||||
Continental Airlines, Inc., Class B * | 10,000 | 189 | ||||||
CSX Corp. | 36,700 | 1,678 | ||||||
Dollar Thrifty Automotive Group, Inc. * | 3,500 | 6 | ||||||
Expeditors International of Washington, Inc. | 16,200 | 529 | ||||||
FedEx Corp. | 24,063 | 1,573 | ||||||
Forward Air Corp. | 2,600 | 68 | ||||||
Genco Shipping & Trading Ltd. | 5,500 | 115 | ||||||
Heartland Express, Inc. | 8,941 | 137 | ||||||
Hertz Global Holdings, Inc. * | 26,000 | 187 | ||||||
Horizon Lines, Inc., Class A | 5,200 | 24 | ||||||
Hub Group, Inc., Class A * | 4,400 | 138 | ||||||
J.B. Hunt Transport Services, Inc. | 13,000 | 370 | ||||||
JetBlue Airways Corp. * | 11,962 | 66 | ||||||
Kansas City Southern * | 7,550 | 233 | ||||||
Kirby Corp. * | 5,600 | 192 | ||||||
Knight Transportation, Inc. | 4,050 | 64 | ||||||
Landstar System, Inc. | 15,200 | 587 | ||||||
MAIR Holdings, Inc. (b)(e) * | 1,100 | 3 | ||||||
Norfolk Southern Corp. | 34,500 | 2,068 | ||||||
Old Dominion Freight Line, Inc. * | 4,050 | 123 | ||||||
Pacer International, Inc. | 2,800 | 32 | ||||||
Park-Ohio Holdings Corp. * | 2,600 | 20 | ||||||
Pinnacle Airlines Corp. * | 7,500 | 20 | ||||||
Quixote Corp. | 1,300 | 8 | ||||||
Republic Airways Holdings, Inc. * | 7,500 | 112 | ||||||
Ryder System, Inc. | 6,400 | 254 | ||||||
Saia, Inc. * | 6,100 | 65 | ||||||
SkyWest, Inc. | 4,000 | 62 | ||||||
Southwest Airlines Co. | 64,125 | 755 | ||||||
UAL Corp. | 5,600 | 82 | ||||||
Union Pacific Corp. | 44,000 | 2,938 |
See financial notes. 25
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
United Parcel Service, Inc., Class B | 91,480 | 4,828 | ||||||
US Airways Group, Inc. * | 5,900 | 60 | ||||||
Werner Enterprises, Inc. | 5,832 | 114 | ||||||
YRC Worldwide, Inc. * | 5,004 | 23 | ||||||
21,874 | ||||||||
Utilities 3.7% | ||||||||
AGL Resources, Inc. | 6,800 | 207 | ||||||
Allegheny Energy, Inc. | 14,400 | 434 | ||||||
ALLETE, Inc. | 5,233 | 183 | ||||||
Alliant Energy Corp. | 11,800 | 347 | ||||||
Ameren Corp. | 15,100 | 490 | ||||||
American Electric Power Co., Inc. | 33,820 | 1,104 | ||||||
Aqua America, Inc. | 4,894 | 88 | ||||||
Atmos Energy Corp. | 9,200 | 223 | ||||||
Avista Corp. | 7,800 | 155 | ||||||
Black Hills Corp. | 3,900 | 98 | ||||||
Calpine Corp. * | 15,000 | 176 | ||||||
CenterPoint Energy, Inc. | 29,100 | 335 | ||||||
Central Vermont Public Service Corp. | 6,200 | 123 | ||||||
CH Energy Group, Inc. | 1,900 | 78 | ||||||
Cleco Corp. | 6,400 | 147 | ||||||
CMS Energy Corp. | 19,900 | 204 | ||||||
Consolidated Edison, Inc. | 23,500 | 1,018 | ||||||
Constellation Energy Group, Inc. | 15,500 | 375 | ||||||
Dominion Resources, Inc. | 49,480 | 1,795 | ||||||
DPL, Inc. | 11,452 | 261 | ||||||
DTE Energy Co. | 13,801 | 487 | ||||||
Duke Energy Corp. | 102,856 | 1,685 | ||||||
Dynegy, Inc., Class A * | 39,081 | 142 | ||||||
Edison International | 37,710 | 1,342 | ||||||
El Paso Electric Co. * | 5,300 | 98 | ||||||
Energen Corp. | 5,200 | 175 | ||||||
Entergy Corp. | 15,700 | 1,225 | ||||||
Equitable Resources, Inc. | 8,800 | 305 | ||||||
Exelon Corp. | 54,474 | 2,955 | ||||||
FirstEnergy Corp. | 28,217 | 1,472 | ||||||
Florida Public Utilities Co. | 1,599 | 19 | ||||||
FPL Group, Inc. | 32,900 | 1,554 | ||||||
Great Plains Energy, Inc. | 9,341 | 182 | ||||||
Hawaiian Electric Industries, Inc. | 7,700 | 205 | ||||||
IDACORP, Inc. | 4,200 | 112 | ||||||
Integrys Energy Group, Inc. | 7,540 | 359 | ||||||
MDU Resources Group, Inc. | 16,425 | 299 | ||||||
MGE Energy, Inc. | 2,000 | 71 | ||||||
Middlesex Water Co. | 3,000 | 52 | ||||||
Mirant Corp. * | 17,700 | 310 | ||||||
National Fuel Gas Co. | 5,800 | 210 | ||||||
New Jersey Resources Corp. | 6,225 | 232 | ||||||
Nicor, Inc. | 3,000 | 139 | ||||||
NiSource, Inc. | 22,864 | 296 | ||||||
Northeast Utilities | 15,624 | 352 | ||||||
Northwest Natural Gas Co. | 5,700 | 290 | ||||||
NorthWestern Corp. | 7,100 | 139 | ||||||
NRG Energy, Inc. * | 14,000 | 326 | ||||||
NSTAR | 7,734 | 256 | ||||||
OGE Energy Corp. | 6,500 | 177 | ||||||
ONEOK, Inc. | 12,900 | 412 | ||||||
Ormat Technologies, Inc. | 2,800 | 68 | ||||||
Pepco Holdings, Inc. | 16,800 | 347 | ||||||
PG&E Corp. | 29,900 | 1,096 | ||||||
Piedmont Natural Gas Co., Inc. | 6,300 | 207 | ||||||
Pinnacle West Capital Corp. | 9,800 | 310 | ||||||
PNM Resources, Inc. | 5,500 | 54 | ||||||
Portland General Electric Co. | 5,200 | 107 | ||||||
PPL Corp. | 32,500 | 1,067 | ||||||
Progress Energy, Inc. | 21,159 | 833 | ||||||
Public Service Enterprise Group, Inc. | 44,000 | 1,239 | ||||||
Puget Energy, Inc. | 10,900 | 255 | ||||||
Questar Corp. | 16,200 | 558 | ||||||
Reliant Energy, Inc. * | 28,125 | 148 | ||||||
SCANA Corp. | 10,405 | 342 | ||||||
Sempra Energy. | 21,675 | 923 | ||||||
Sierra Pacific Resources | 20,476 | 170 | ||||||
South Jersey Industries, Inc. | 2,500 | 85 | ||||||
Southern Co. | 68,600 | 2,356 | ||||||
Southwest Gas Corp. | 3,600 | 94 | ||||||
Spectra Energy Partners L.P. | 2,000 | 40 | ||||||
TECO Energy, Inc. | 23,700 | 274 | ||||||
The AES Corp. * | 55,096 | 439 | ||||||
The Laclede Group, Inc. | 3,300 | 173 | ||||||
UGI Corp. | 10,700 | 255 | ||||||
UIL Holdings Corp. | 3,166 | 105 | ||||||
Unisource Energy Corp. | 3,800 | 105 | ||||||
Unitil Corp. | 600 | 14 | ||||||
Vectren Corp. | 5,766 | 145 | ||||||
Westar Energy, Inc. | 8,200 | 160 | ||||||
WGL Holdings, Inc. | 3,000 | 97 | ||||||
Wisconsin Energy Corp. | 11,400 | 496 | ||||||
Xcel Energy, Inc. | 34,195 | 596 | ||||||
36,877 | ||||||||
Total Common Stock (Cost $1,068,350) | 995,554 | |||||||
Foreign Common Stock 0.2% of net assets | ||||||||
Bermuda 0.2% | ||||||||
Capital Goods 0.0% | ||||||||
Aircastle Ltd. | 5,500 | 38 |
26 See financial notes.
\
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Foster Wheeler Ltd. * | 10,400 | 285 | ||||||
323 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Helen of Troy Ltd. * | 5,000 | 90 | ||||||
Consumer Services 0.0% | ||||||||
Orient-Express Hotels Ltd., Class A | 1,600 | 20 | ||||||
Diversified Financials 0.1% | ||||||||
Invesco Ltd. | 35,000 | 522 | ||||||
Lazard Ltd., Class A | 4,300 | 130 | ||||||
652 | ||||||||
Energy 0.0% | ||||||||
Arlington Tankers Ltd. | 4,000 | 39 | ||||||
Insurance 0.1% | ||||||||
Assured Guaranty Ltd. | 6,500 | 73 | ||||||
Flagstone Reinsurance Holdings Ltd. | 7,500 | 79 | ||||||
Platinum Underwriters Holdings Ltd. | 4,500 | 143 | ||||||
Validus Holdings Ltd. | 6,500 | 115 | ||||||
410 | ||||||||
Software & Services 0.0% | ||||||||
Genpact Ltd. * | 15,000 | 117 | ||||||
Telecommunication Services 0.0% | ||||||||
Global Crossing Ltd. * | 4,600 | 31 | ||||||
1,682 | ||||||||
British Virgin Islands 0.0% | ||||||||
Transportation 0.0% | ||||||||
UTI Worldwide, Inc. | 4,300 | 50 | ||||||
Singapore 0.0% | ||||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Verigy Ltd. * | 4,813 | 70 | ||||||
United Kingdom 0.0% | ||||||||
Insurance 0.0% | ||||||||
Willis Group Holdings Ltd. | 963 | 25 | ||||||
Total Foreign Common Stock (Cost $2,910) | 1,827 | |||||||
Preferred Stock 0.1% of net assets | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Inverness Medical Innovations, Inc., Class B * | 149 | 18 | ||||||
National Healthcare Corp., Series A * | 2,300 | 26 | ||||||
44 | ||||||||
Real Estate 0.1% | ||||||||
Simon Property Group, Inc. | 19,520 | 1,308 | ||||||
Total Preferred Stock (Cost $784) | 1,352 | |||||||
Rights 0.0% of net assets | ||||||||
Capital Goods 0.0% | ||||||||
Fresenius Kabi Pharmaceuticals Holding, Inc. — CVR * | 14,000 | 16 | ||||||
Total Rights (Cost $13) | 16 | |||||||
Security | Face Amount | Value | ||||||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||||||
Short-Term Investments 0.6% of net assets | ||||||||||||
Commercial Paper & Other Obligations 0.5% | ||||||||||||
Citibank, London Time Deposit | ||||||||||||
0.56%, 11/03/08 | 4,707 | 4,707 | ||||||||||
U.S. Treasury Obligation 0.1% | ||||||||||||
U.S. Treasury Bills | ||||||||||||
0.03%, 12/18/08 (c) | 1,160 | 1,160 | ||||||||||
Total Short-Term Investments (Cost $5,867) | 5,867 | |||||||||||
End of Investments. |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Collateral Invested for Securities on Loan 0.0% of net assets | ||||||||
Securities Lending Investment Fund, a series of the Brown Brothers Investment Trust | 2,606 | 3 |
See financial notes. 27
* | Non-income producing security. | |
(a) | All or a portion of this security is on loan. | |
(b) | Fair-valued by Management. | |
(c) | All or a portion of this security is held as collateral for open futures contracts. | |
(d) | Issuer is affiliated with the fund’s adviser. | |
(e) | Illiquid security. At the period end, the value of these amounted to $14 or 0.0% of net assets. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Losses | ||||||||||
Futures Contracts | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 20 | 1,073 | (309 | ) | ||||||||
S & P 500 Index, e-mini, Long, expires 12/19/08 | 80 | 3,869 | (145 | ) | ||||||||
(454 | ) |
28 See financial notes.
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
99.6 | % | Common Stock | 585,791 | 385,568 | ||||||||
0.1 | % | Foreign Common Stock | 459 | 328 | ||||||||
0.3 | % | Short-Term Investments | 1,353 | 1,353 | ||||||||
100.0 | % | Total Investments | 587,603 | 387,249 | ||||||||
0.0 | % | Other Assets and Liabilities, Net | 9 | |||||||||
100.0 | % | Net Assets | 387,258 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 99.6% of net assets | ||||||||
Automobiles & Components 1.1% | ||||||||
American Axle & Manufacturing Holdings, Inc. | 2,660 | 9 | ||||||
ArvinMeritor, Inc. | 15,635 | 93 | ||||||
Autoliv, Inc. | 6,650 | 142 | ||||||
BorgWarner, Inc. | 3,750 | 84 | ||||||
Exide Technologies * | 7,700 | 37 | ||||||
Ford Motor Co. * | 704,454 | 1,543 | ||||||
General Motors Corp. | 202,960 | 1,173 | ||||||
Harley-Davidson, Inc. | 9,660 | 236 | ||||||
Johnson Controls, Inc. | 30,350 | 538 | ||||||
Lear Corp. * | 13,415 | 27 | ||||||
Tenneco, Inc. * | 5,260 | 26 | ||||||
The Goodyear Tire & Rubber Co. * | 16,790 | 150 | ||||||
Thor Industries, Inc. | 2,100 | 38 | ||||||
TRW Automotive Holdings Corp. * | 17,250 | 109 | ||||||
WABCO Holdings, Inc. | 886 | 16 | ||||||
4,221 | ||||||||
Banks 5.3% | ||||||||
Associated Banc-Corp | 7,560 | 167 | ||||||
Astoria Financial Corp. | 5,855 | 111 | ||||||
BancorpSouth, Inc. | 3,545 | 86 | ||||||
Bank of Hawaii Corp. | 2,420 | 123 | ||||||
BB&T Corp. | 37,575 | 1,347 | ||||||
BOK Financial Corp. | 920 | 44 | ||||||
Citizens Republic Bancorp, Inc. | 7,700 | 23 | ||||||
City National Corp. | 1,720 | 92 | ||||||
Comerica, Inc. | 16,900 | 466 | ||||||
Commerce Bancshares, Inc. | 2,861 | 135 | ||||||
Cullen/Frost Bankers, Inc. | 2,220 | 124 | ||||||
Downey Financial Corp. | 600 | 1 | ||||||
Fifth Third Bancorp | 66,090 | 717 | ||||||
First Horizon National Corp. | 27,182 | 324 | ||||||
FirstMerit Corp. | 6,060 | 141 | ||||||
Flagstar Bancorp, Inc. | 6,200 | 12 | ||||||
Fulton Financial Corp. | 10,380 | 109 | ||||||
Hudson City Bancorp, Inc. | 14,790 | 278 | ||||||
Huntington Bancshares, Inc. | 25,727 | 243 | ||||||
KeyCorp | 60,430 | 739 | ||||||
M&T Bank Corp. | 5,286 | 429 | ||||||
Marshall & Ilsley Corp. | 18,485 | 333 | ||||||
MGIC Investment Corp. | 26,940 | 105 | ||||||
National City Corp. | 145,214 | 392 | ||||||
New York Community Bancorp, Inc. | 16,965 | 266 | ||||||
People’s United Financial, Inc. | 5,352 | 94 | ||||||
PNC Financial Services Group, Inc. | 19,055 | 1,270 | ||||||
Popular, Inc. | 27,880 | 212 | ||||||
Radian Group, Inc. | 24,230 | 87 | ||||||
Regions Financial Corp. | 50,425 | 559 | ||||||
Sovereign Bancorp, Inc. * | 52,225 | 152 | ||||||
SunTrust Banks, Inc. | 24,260 | 974 | ||||||
Synovus Financial Corp. | 30,710 | 317 | ||||||
TCF Financial Corp. | 6,865 | 122 | ||||||
TFS Financial Corp. | 3,000 | 39 | ||||||
The Colonial BancGroup, Inc. | 11,860 | 48 | ||||||
The PMI Group, Inc. | 20,435 | 51 | ||||||
The South Financial Group, Inc. | 6,430 | 37 | ||||||
Tree.com, Inc. * | 941 | 3 | ||||||
Trustmark Corp. | 3,125 | 64 | ||||||
U.S. Bancorp | 96,700 | 2,883 | ||||||
Valley National Bancorp | 5,425 | 103 | ||||||
Washington Federal, Inc. | 4,550 | 80 | ||||||
Webster Financial Corp. | 4,725 | 88 | ||||||
Wells Fargo & Co. | 184,325 | 6,276 | ||||||
Whitney Holding Corp. | 2,930 | 56 | ||||||
Wilmington Trust Corp. | 1,330 | 38 | ||||||
Zions Bancorp | 6,335 | 241 | ||||||
20,601 | ||||||||
Capital Goods 7.1% | ||||||||
3M Co. | 22,175 | 1,426 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Acuity Brands, Inc. | 1,220 | 43 | ||||||
Aecom Technology Corp. * | 4,900 | 86 | ||||||
AGCO Corp. * | 3,540 | 112 | ||||||
Alliant Techsystems, Inc. * | 1,120 | 92 | ||||||
AMETEK, Inc. | 1,800 | 60 | ||||||
Armstrong World Industries, Inc. | 1,900 | 37 | ||||||
BlueLinx Holdings, Inc. | 12,200 | 33 | ||||||
Briggs & Stratton Corp. | 5,535 | 87 | ||||||
Carlisle Cos., Inc. | 3,225 | 75 | ||||||
Caterpillar, Inc. | 20,345 | 777 | ||||||
Cooper Industries Ltd., Class A | 5,670 | 176 | ||||||
Crane Co. | 3,325 | 54 | ||||||
Cummins, Inc. | 5,884 | 152 | ||||||
Danaher Corp. | 4,550 | 270 | ||||||
Deere & Co. | 10,886 | 420 | ||||||
Dover Corp. | 7,975 | 253 | ||||||
Eaton Corp. | 7,360 | 328 | ||||||
EMCOR Group, Inc. * | 4,240 | 75 | ||||||
Emerson Electric Co. | 26,200 | 858 | ||||||
Fastenal Co. | 2,020 | 81 | ||||||
Flowserve Corp. | 925 | 53 | ||||||
Fluor Corp. | 4,070 | 163 | ||||||
GATX Corp. | 2,935 | 84 | ||||||
General Dynamics Corp. | 10,825 | 653 | ||||||
General Electric Co. | 430,155 | 8,392 | ||||||
Goodrich Corp. | 4,655 | 170 | ||||||
Granite Construction, Inc. | 2,500 | 89 | ||||||
Harsco Corp. | 3,035 | 72 | ||||||
Honeywell International, Inc. | 25,140 | 766 | ||||||
Hubbell, Inc., Class B | 1,830 | 66 | ||||||
Illinois Tool Works, Inc. | 16,570 | 553 | ||||||
Ingersoll-Rand Co., Ltd., Class A | 13,842 | 255 | ||||||
ITT Corp. | 5,955 | 265 | ||||||
Jacobs Engineering Group, Inc. * | 3,840 | 140 | ||||||
John Bean Technologies Corp. | 1,391 | 12 | ||||||
KBR, Inc. | 8,600 | 128 | ||||||
Kennametal, Inc. | 4,440 | 94 | ||||||
L-3 Communications Holdings, Inc. | 3,835 | 311 | ||||||
Lennox International, Inc. | 2,435 | 73 | ||||||
Lincoln Electric Holdings, Inc. | 1,100 | 47 | ||||||
Lockheed Martin Corp. | 12,035 | 1,024 | ||||||
Masco Corp. | 34,150 | 347 | ||||||
McDermott International, Inc. * | 9,590 | 164 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,125 | 76 | ||||||
Mueller Industries, Inc. | 2,830 | 65 | ||||||
Mueller Water Products, Inc., Class B | 6,700 | 44 | ||||||
NACCO Industries, Inc., Class A | 207 | 13 | ||||||
Northrop Grumman Corp. | 19,095 | 895 | ||||||
Oshkosh Corp. | 120 | 1 | ||||||
Owens Corning, Inc. * | 14,800 | 233 | ||||||
PACCAR, Inc. | 18,942 | 554 | ||||||
Pall Corp. | 3,340 | 88 | ||||||
Parker Hannifin Corp. | 6,317 | 245 | ||||||
Pentair, Inc. | 4,850 | 134 | ||||||
Precision Castparts Corp. | 1,716 | 111 | ||||||
Raytheon Co. | 15,110 | 772 | ||||||
Rockwell Automation, Inc. | 5,350 | 148 | ||||||
Rockwell Collins, Inc. | 3,430 | 128 | ||||||
Seaboard Corp. | 17 | 23 | ||||||
Spirit AeroSystems Holdings, Inc., Class A * | 3,700 | 60 | ||||||
SPX Corp. | 1,835 | 71 | ||||||
Terex Corp. * | 3,625 | 61 | ||||||
Textron, Inc. | 8,320 | 147 | ||||||
The Boeing Co. | 21,160 | 1,106 | ||||||
The Shaw Group, Inc. * | 2,140 | 38 | ||||||
The Timken Co. | 5,565 | 88 | ||||||
Thomas & Betts Corp. * | 2,200 | 52 | ||||||
Trinity Industries, Inc. | 2,625 | 44 | ||||||
Tyco International Ltd. | 41,235 | 1,042 | ||||||
United Technologies Corp. | 27,915 | 1,534 | ||||||
URS Corp. * | 6,093 | 179 | ||||||
USG Corp. * | 4,825 | 72 | ||||||
W.W. Grainger, Inc. | 3,035 | 238 | ||||||
27,678 | ||||||||
Commercial & Professional Supplies 0.9% | ||||||||
Allied Waste Industries, Inc. * | 47,265 | 493 | ||||||
Avery Dennison Corp. | 5,450 | 191 | ||||||
Cintas | 4,450 | 105 | ||||||
Corrections Corp. of America * | 5,140 | 98 | ||||||
Covanta Holding Corp. * | 2,115 | 46 | ||||||
Deluxe Corp. | 5,245 | 64 | ||||||
Equifax, Inc. | 3,530 | 92 | ||||||
HNI Corp. | 3,020 | 55 | ||||||
IKON Office Solutions, Inc. | 16,925 | 292 | ||||||
Iron Mountain, Inc. * | 4,955 | 120 | ||||||
Kelly Services, Inc., Class A | 5,340 | 76 | ||||||
Manpower, Inc. | 6,245 | 194 | ||||||
Pitney Bowes, Inc. | 11,905 | 295 | ||||||
R.R. Donnelley & Sons Co. | 13,240 | 219 | ||||||
Republic Services, Inc. | 5,370 | 127 | ||||||
Robert Half International, Inc. | 2,930 | 55 | ||||||
Steelcase, Inc., Class A | 6,075 | 57 | ||||||
The Brink’s Co. | 820 | 40 | ||||||
United Stationers, Inc. * | 925 | 35 | ||||||
Waste Management, Inc. | 24,955 | 779 | ||||||
3,433 | ||||||||
Consumer Durables & Apparel 1.8% | ||||||||
Beazer Homes USA, Inc. * | 21,135 | 67 | ||||||
Brookfield Homes Corp. | 2,800 | 26 | ||||||
Brunswick Corp. | 12,170 | 42 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Centex Corp. | 18,290 | 224 | ||||||
Coach, Inc. * | 5,475 | 113 | ||||||
D.R. Horton, Inc. | 38,090 | 281 | ||||||
Eastman Kodak Co. | 34,440 | 316 | ||||||
Fortune Brands, Inc. | 7,660 | 292 | ||||||
Furniture Brands International, Inc. | 9,460 | 54 | ||||||
Garmin Ltd. * | 1,370 | 31 | ||||||
Hanesbrands, Inc. * | 7,600 | 133 | ||||||
Harman International Industries, Inc. | 2,720 | 50 | ||||||
Hasbro, Inc. | 5,465 | 159 | ||||||
Hovnanian Enterprises, Inc., Class A * | 18,470 | 79 | ||||||
Jarden Corp. * | 4,277 | 76 | ||||||
Jones Apparel Group, Inc. | 11,575 | 129 | ||||||
KB HOME | 11,960 | 200 | ||||||
Leggett & Platt, Inc. | 15,920 | 276 | ||||||
Lennar Corp., Class A | 20,400 | 158 | ||||||
Liz Claiborne, Inc. | 10,545 | 86 | ||||||
M.D.C. Holdings, Inc. | 3,635 | 122 | ||||||
Mattel, Inc. | 16,235 | 244 | ||||||
Meritage Homes Corp. * | 9,325 | 128 | ||||||
Mohawk Industries, Inc. * | 5,435 | 263 | ||||||
Newell Rubbermaid, Inc. | 16,750 | 230 | ||||||
NIKE, Inc., Class B | 10,628 | 612 | ||||||
NVR, Inc. * | 703 | 345 | ||||||
Polaris Industries, Inc. | 1,900 | 64 | ||||||
Polo Ralph Lauren Corp. | 2,720 | 128 | ||||||
Pulte Homes, Inc. | 34,870 | 388 | ||||||
Quiksilver, Inc. * | 8,550 | 22 | ||||||
Snap-on, Inc. | 3,430 | 127 | ||||||
Standard Pacific Corp. * | 59,055 | 168 | ||||||
The Black & Decker Corp. | 2,030 | 103 | ||||||
The Ryland Group, Inc. | 5,435 | 102 | ||||||
The Stanley Works | 3,840 | 126 | ||||||
The Timberland Co., Class A * | 3,600 | 44 | ||||||
Toll Brothers, Inc. * | 10,395 | 240 | ||||||
Tupperware Brands Corp. | 2,140 | 54 | ||||||
VF Corp. | 5,145 | 283 | ||||||
Whirlpool Corp. | 6,255 | 292 | ||||||
6,877 | ||||||||
Consumer Services 1.2% | ||||||||
Apollo Group, Inc., Class A * | 2,725 | 189 | ||||||
Boyd Gaming Corp. | 2,725 | 19 | ||||||
Brinker International, Inc. | 6,855 | 64 | ||||||
Burger King Holdings, Inc. | 3,740 | 74 | ||||||
Career Education Corp. * | 4,935 | 78 | ||||||
Carnival Corp. | 20,245 | 514 | ||||||
Darden Restaurants, Inc. | 6,245 | 138 | ||||||
H&R Block, Inc. | 16,465 | 325 | ||||||
Hillenbrand, Inc. | 2,825 | 54 | ||||||
International Game Technology | 5,255 | 74 | ||||||
Interval Leisure Group, Inc. * | 5,649 | 41 | ||||||
Jack in the Box, Inc. * | �� | 1,240 | 25 | |||||
Las Vegas Sands Corp. * | 270 | 4 | ||||||
Marriott International, Inc., Class A | 9,460 | 197 | ||||||
McDonald’s Corp. | 27,980 | 1,621 | ||||||
MGM MIRAGE * | 3,215 | 53 | ||||||
Penn National Gaming, Inc. * | 2,140 | 41 | ||||||
Regis Corp. | 3,375 | 42 | ||||||
Royal Caribbean Cruises Ltd. | 7,805 | 106 | ||||||
Starbucks Corp. * | 18,290 | 240 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 7,470 | 168 | ||||||
Wendy’s/Arby’s Group, Inc., Class A | 28,326 | 103 | ||||||
Wyndham Worldwide Corp. | 14,560 | 119 | ||||||
Yum! Brands, Inc. | 11,230 | 326 | ||||||
4,615 | ||||||||
Diversified Financials 9.9% | ||||||||
Allied Capital Corp. | 14,000 | 102 | ||||||
American Capital Ltd. | 8,455 | 119 | ||||||
American Express Co. | 42,395 | 1,166 | ||||||
AmeriCredit Corp. * | 14,470 | 85 | ||||||
Ameriprise Financial, Inc. | 9,700 | 209 | ||||||
Apollo Investment Corp. | 6,514 | 86 | ||||||
Bank of America Corp. | 342,751 | 8,284 | ||||||
Bank of New York Mellon Corp. | 25,552 | 833 | ||||||
Capital One Financial Corp. | 25,110 | 982 | ||||||
CIT Group, Inc. | 39,605 | 164 | ||||||
Citigroup, Inc. | 612,675 | 8,363 | ||||||
CME Group, Inc. | 245 | 69 | ||||||
Discover Financial Services | 42,632 | 522 | ||||||
E*TRADE Financial Corp. * | 142,715 | 260 | ||||||
Federated Investors, Inc., Class B | 30 | 1 | ||||||
Franklin Resources, Inc. | 4,040 | 275 | ||||||
Interactive Brokers Group, Inc., Class A * | 4,800 | 103 | ||||||
Janus Capital Group, Inc. | 5,165 | 61 | ||||||
Jefferies Group, Inc. | 3,030 | 48 | ||||||
JPMorgan Chase & Co. | 225,302 | 9,294 | ||||||
Legg Mason, Inc. | 4,720 | 105 | ||||||
Merrill Lynch & Co., Inc. | 91,845 | 1,707 | ||||||
MF Global Ltd. * | 7,100 | 28 | ||||||
Moody’s Corp. | 5,820 | 149 | ||||||
Morgan Stanley | 80,425 | 1,405 | ||||||
Nelnet, Inc., Class A | 3,400 | 50 | ||||||
Northern Trust Corp. | 6,860 | 386 | ||||||
NYSE Euronext | 1,720 | 52 | ||||||
Och-Ziff Capital Management Group | 8,500 | 39 | ||||||
PHH Corp. * | 13,390 | 108 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Raymond James Financial, Inc. | 5,535 | 129 | ||||||
SLM Corp. * | 30,135 | 321 | ||||||
State Street Corp. | 9,436 | 409 | ||||||
T. Rowe Price Group, Inc. | 3,745 | 148 | ||||||
TD Ameritrade Holding Corp. * | 12,470 | 166 | ||||||
The Charles Schwab Corp. (b) | 18,515 | 354 | ||||||
The Goldman Sachs Group, Inc. | 16,111 | 1,490 | ||||||
The Nasdaq OMX Group, Inc. * | 3,830 | 124 | ||||||
The Student Loan Corp. | 208 | 8 | ||||||
38,204 | ||||||||
Energy 9.6% | ||||||||
Anadarko Petroleum Corp. | 16,735 | 591 | ||||||
Apache Corp. | 8,420 | 693 | ||||||
Baker Hughes, Inc. | 7,475 | 261 | ||||||
BJ Services Co. | 8,770 | 113 | ||||||
Cameron International Corp. * | 3,250 | 79 | ||||||
Chesapeake Energy Corp. | 9,120 | 200 | ||||||
Chevron Corp. | 97,215 | 7,252 | ||||||
Cimarex Energy Co. | 3,845 | 156 | ||||||
ConocoPhillips | 78,310 | 4,074 | ||||||
CONSOL Energy, Inc. | 2,135 | 67 | ||||||
CVR Energy, Inc. * | 2,100 | 8 | ||||||
Denbury Resources, Inc. * | 4,500 | 57 | ||||||
Devon Energy Corp. | 11,770 | 952 | ||||||
Diamond Offshore Drilling, Inc. | 1,220 | 108 | ||||||
El Paso Corp. | 29,120 | 282 | ||||||
ENSCO International, Inc. | 2,530 | 96 | ||||||
EOG Resources, Inc. | 2,950 | 239 | ||||||
Exxon Mobil Corp. | 177,170 | 13,132 | ||||||
FMC Technologies, Inc. * | 2,040 | 71 | ||||||
Forest Oil Corp. * | 2,550 | 74 | ||||||
Frontier Oil Corp. | 830 | 11 | ||||||
General Maritime Corp. | 2,600 | 39 | ||||||
Halliburton Co. | 22,565 | 447 | ||||||
Helmerich & Payne, Inc. | 2,495 | 86 | ||||||
Hess Corp. | 7,550 | 455 | ||||||
Marathon Oil Corp. | 33,990 | 989 | ||||||
Massey Energy Co. | 3,440 | 79 | ||||||
Murphy Oil Corp. | 4,675 | 237 | ||||||
Nabors Industries Ltd. * | 8,800 | 127 | ||||||
National-Oilwell Varco, Inc. * | 5,623 | 168 | ||||||
Newfield Exploration Co. * | 6,000 | 138 | ||||||
Noble Corp. | 3,040 | 98 | ||||||
Noble Energy | 3,735 | 194 | ||||||
Occidental Petroleum Corp. | 20,830 | 1,157 | ||||||
Overseas Shipholding Group, Inc. | 2,120 | 80 | ||||||
Peabody Energy Corp. | 3,445 | 119 | ||||||
Petrohawk Energy Corp. * | 12,800 | 243 | ||||||
Pioneer Natural Resources Co. | 4,150 | 116 | ||||||
Pride International, Inc. * | 5,165 | 97 | ||||||
Schlumberger Ltd. | 13,590 | 702 | ||||||
SEACOR Holdings, Inc. * | 100 | 7 | ||||||
Ship Finance International Ltd. | 2,740 | 37 | ||||||
Smith International, Inc. | 3,340 | 115 | ||||||
Southern Union Co. | 5,250 | 90 | ||||||
Southwestern Energy Co. * | 2,840 | 101 | ||||||
Spectra Energy Corp. | 18,940 | 366 | ||||||
Sunoco, Inc. | 10,690 | 326 | ||||||
Teekay Corp. | 2,940 | 63 | ||||||
Tesoro Corp. | 8,960 | 87 | ||||||
The Williams Cos., Inc. | 15,875 | 333 | ||||||
Tidewater, Inc. | 2,120 | 92 | ||||||
Transocean, Inc. * | 2,171 | 179 | ||||||
Unit Corp. * | 2,010 | 75 | ||||||
Valero Energy Corp. | 32,565 | 670 | ||||||
Weatherford International Ltd. * | 5,890 | 99 | ||||||
Whiting Petroleum Corp. * | 1,200 | 62 | ||||||
XTO Energy, Inc. | 5,825 | 209 | ||||||
36,998 | ||||||||
Food & Staples Retailing 3.9% | ||||||||
BJ’s Wholesale Club, Inc. * | 7,070 | 249 | ||||||
Casey’s General Stores, Inc. | 3,100 | 94 | ||||||
Costco Wholesale Corp. | 22,415 | 1,278 | ||||||
CVS Caremark Corp. | 26,135 | 801 | ||||||
Nash Finch Co. | 1,830 | 72 | ||||||
Ruddick Corp. | 2,935 | 84 | ||||||
Safeway, Inc. | 34,610 | 736 | ||||||
SUPERVALU, Inc. | 26,260 | 374 | ||||||
Sysco Corp. | 34,680 | 909 | ||||||
The Kroger Co. | 56,010 | 1,538 | ||||||
The Pantry, Inc. * | 3,920 | 86 | ||||||
Wal-Mart Stores, Inc. | 140,475 | 7,840 | ||||||
Walgreen Co. | 31,070 | 791 | ||||||
Weis Markets, Inc. | 1,820 | 59 | ||||||
Whole Foods Market, Inc. | 6,130 | 66 | ||||||
Winn-Dixie Stores, Inc. * | 5,800 | 87 | ||||||
15,064 | ||||||||
Food, Beverage & Tobacco 6.2% | ||||||||
Altria Group, Inc. | 107,600 | 2,065 | ||||||
Anheuser-Busch Cos., Inc. | 24,375 | 1,512 | ||||||
Archer-Daniels-Midland Co. | 24,605 | 510 | ||||||
Brown-Forman Corp., Class B | 2,900 | 132 | ||||||
Bunge Ltd. | 5,675 | 218 | ||||||
Campbell Soup Co. | 10,430 | 396 | ||||||
Coca-Cola Enterprises, Inc. | 22,295 | 224 | ||||||
ConAgra Foods, Inc. | 34,645 | 604 | ||||||
Constellation Brands, Inc., Class A * | 14,305 | 179 | ||||||
Cosan Ltd., Class A * | 6,500 | 17 | ||||||
Dean Foods Co. * | 19,390 | 424 | ||||||
Del Monte Foods Co. | 13,530 | 85 | ||||||
General Mills, Inc. | 16,555 | 1,121 | ||||||
H.J. Heinz Co. | 13,575 | 595 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Hormel Foods Corp. | 3,660 | 103 | ||||||
Kellogg Co. | 10,260 | 517 | ||||||
Kraft Foods, Inc., Class A | 84,332 | 2,457 | ||||||
Lorillard, Inc. | 5,968 | 393 | ||||||
McCormick & Co., Inc. | 5,240 | 176 | ||||||
Molson Coors Brewing Co., Class B | 6,680 | 250 | ||||||
PepsiAmericas, Inc. | 5,080 | 96 | ||||||
PepsiCo, Inc. | 35,610 | 2,030 | ||||||
Philip Morris International, Inc. | 107,740 | 4,684 | ||||||
Pilgrim’s Pride Corp. | 3,640 | 4 | ||||||
Reynolds American, Inc. | 8,675 | 425 | ||||||
Sara Lee Corp. | 64,750 | 724 | ||||||
Smithfield Foods, Inc. * | 10,806 | 114 | ||||||
The Coca-Cola Co. | 53,515 | 2,358 | ||||||
The Hershey Co. | 9,470 | 353 | ||||||
The J. M. Smucker Co. | 3,425 | 153 | ||||||
The Pepsi Bottling Group, Inc. | 8,535 | 197 | ||||||
Tyson Foods, Inc., Class A | 47,380 | 414 | ||||||
UST, Inc. | 5,570 | 377 | ||||||
23,907 | ||||||||
Health Care Equipment & Services 3.5% | ||||||||
Aetna, Inc. | 12,380 | 308 | ||||||
Alcon, Inc. | 895 | 79 | ||||||
AmerisourceBergen Corp. | 22,570 | 706 | ||||||
Baxter International, Inc. | 12,160 | 736 | ||||||
Beckman Coulter, Inc. | 820 | 41 | ||||||
Becton, Dickinson & Co. | 5,355 | 372 | ||||||
Boston Scientific Corp. * | 65,685 | 593 | ||||||
Brookdale Senior Living, Inc. | 1,600 | 14 | ||||||
C.R. Bard, Inc. | 1,420 | 125 | ||||||
Cardinal Health, Inc. | 28,220 | 1,078 | ||||||
Cerner Corp. * | 2,105 | 78 | ||||||
CIGNA Corp. | 12,709 | 207 | ||||||
Community Health Systems, Inc. * | 5,750 | 118 | ||||||
Coventry Health Care, Inc. * | 8,750 | 115 | ||||||
Covidien Ltd. | 12,770 | 566 | ||||||
DaVita, Inc. * | 4,080 | 232 | ||||||
DENTSPLY International, Inc. | 3,035 | 92 | ||||||
Express Scripts, Inc. * | 7,020 | 425 | ||||||
Health Management Associates, Inc., Class A * | 33,695 | 71 | ||||||
Health Net, Inc. * | 8,070 | 104 | ||||||
Henry Schein, Inc. * | 2,930 | 137 | ||||||
Hospira, Inc. * | 3,850 | 107 | ||||||
Humana, Inc. * | 6,370 | 188 | ||||||
IMS Health, Inc. | 3,640 | 52 | ||||||
Laboratory Corp. of America Holdings * | 2,930 | 180 | ||||||
LifePoint Hospitals, Inc. * | 2,830 | 68 | ||||||
Lincare Holdings, Inc. * | 4,135 | 109 | ||||||
McKesson Corp. | 26,540 | 976 | ||||||
Medco Health Solutions, Inc. * | 26,260 | 997 | ||||||
Medtronic, Inc. | 22,205 | 896 | ||||||
Omnicare, Inc. | 11,350 | 313 | ||||||
Owens & Minor, Inc. | 3,335 | 144 | ||||||
Patterson Cos., Inc. * | 3,635 | 92 | ||||||
Quest Diagnostics, Inc. | 4,955 | 232 | ||||||
St. Jude Medical, Inc. * | 4,560 | 173 | ||||||
Stryker Corp. | 3,845 | 206 | ||||||
Teleflex, Inc. | 2,820 | 149 | ||||||
Tenet Healthcare Corp. * | 73,175 | 321 | ||||||
UnitedHealth Group, Inc. | 34,275 | 813 | ||||||
Universal Health Services, Inc., Class B | 2,825 | 119 | ||||||
Varian Medical Systems, Inc. * | 2,120 | 96 | ||||||
WellPoint, Inc. * | 22,370 | 870 | ||||||
Zimmer Holdings, Inc. * | 4,640 | 215 | ||||||
13,513 | ||||||||
Household & Personal Products 2.2% | ||||||||
Alberto-Culver Co. | 15,270 | 393 | ||||||
Avon Products, Inc. | 11,425 | 284 | ||||||
Colgate-Palmolive Co. | 10,730 | 673 | ||||||
Energizer Holdings, Inc. * | 720 | 35 | ||||||
Kimberly-Clark Corp. | 18,100 | 1,109 | ||||||
The Clorox Co. | 5,155 | 314 | ||||||
The Estee Lauder Cos., Inc., Class A | 7,660 | 276 | ||||||
The Procter & Gamble Co. | 85,395 | 5,511 | ||||||
8,595 | ||||||||
Insurance 5.3% | ||||||||
ACE Ltd. | 14,240 | 817 | ||||||
Aflac, Inc. | 11,740 | 520 | ||||||
Alleghany Corp. * | 200 | 56 | ||||||
Allied World Assurance Co. Holdings Ltd. | 3,540 | 114 | ||||||
Ambac Financial Group, Inc. | 73,935 | 198 | ||||||
American Financial Group, Inc. | 5,060 | 115 | ||||||
American International Group, Inc. | 168,960 | 323 | ||||||
Aon Corp. | 11,560 | 489 | ||||||
Arch Capital Group Ltd. * | 2,225 | 155 | ||||||
Arthur J. Gallagher & Co. | 3,040 | 74 | ||||||
Aspen Insurance Holdings Ltd. | 3,225 | 74 | ||||||
Assurant, Inc. | 4,555 | 116 | ||||||
Axis Capital Holdings Ltd. | 5,950 | 169 | ||||||
Berkshire Hathaway, Inc., Class A * | 25 | 2,887 | ||||||
Berkshire Hathaway, Inc., Class B * | 340 | 1,306 | ||||||
Cincinnati Financial Corp. | 11,080 | 288 | ||||||
CNA Financial Corp. | 2,000 | 31 | ||||||
Endurance Specialty Holdings Ltd. | 2,330 | 70 | ||||||
Erie Indemnity Co., Class A | 825 | 31 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Everest Re Group Ltd. | 2,525 | 189 | ||||||
Fidelity National Financial, Inc., Class A | 37,505 | 338 | ||||||
First American Corp. | 8,360 | 171 | ||||||
Genworth Financial, Inc., Class A | 39,955 | 193 | ||||||
Hanover Insurance Group, Inc. | 3,230 | 127 | ||||||
HCC Insurance Holdings, Inc. | 4,735 | 104 | ||||||
IPC Holdings Ltd. | 2,600 | 72 | ||||||
LandAmerica Financial Group, Inc. | 3,020 | 30 | ||||||
Lincoln National Corp. | 12,880 | 222 | ||||||
Loews Corp. | 20,132 | 669 | ||||||
Markel Corp. * | 613 | 215 | ||||||
Marsh & McLennan Cos., Inc. | 31,870 | 934 | ||||||
MBIA, Inc. | 40,770 | 401 | ||||||
Mercury General Corp. | 1,430 | 73 | ||||||
MetLife, Inc. | 33,305 | 1,106 | ||||||
Montpelier Re Holdings Ltd. | 8,280 | 118 | ||||||
Nationwide Financial Services, Inc., Class A | 7,965 | 377 | ||||||
Old Republic International Corp. | 23,560 | 217 | ||||||
OneBeacon Insurance Group Ltd. | 6,900 | 95 | ||||||
PartnerRe Ltd. | 2,930 | 198 | ||||||
Philadelphia Consolidated Holding Corp. * | 2,300 | 134 | ||||||
Principal Financial Group, Inc. | 10,785 | 205 | ||||||
Protective Life Corp. | 3,435 | 29 | ||||||
Prudential Financial, Inc. | 22,380 | 671 | ||||||
RenaissanceRe Holdings Ltd. | 2,725 | 125 | ||||||
Selective Insurance Group, Inc. | 3,340 | 79 | ||||||
StanCorp Financial Group, Inc. | 2,225 | 76 | ||||||
Stewart Information Services Corp. | 1,900 | 32 | ||||||
The Allstate Corp. | 40,775 | 1,076 | ||||||
The Chubb Corp. | 17,575 | 911 | ||||||
The Hartford Financial Services Group, Inc. | 20,330 | 210 | ||||||
The Phoenix Cos., Inc. | 10,280 | 66 | ||||||
The Progressive Corp. | 33,145 | 473 | ||||||
The Travelers Cos., Inc. | 35,155 | 1,496 | ||||||
Torchmark Corp. | 4,040 | 169 | ||||||
Transatlantic Holdings, Inc. | 1,625 | 70 | ||||||
Unitrin, Inc. | 3,650 | 77 | ||||||
Unum Group | 20,925 | 330 | ||||||
W. R. Berkley Corp. | 8,460 | 222 | ||||||
Wesco Financial Corp. | 112 | 37 | ||||||
White Mountains Insurance Group Ltd. | 529 | 182 | ||||||
XL Capital Ltd., Class A | 27,385 | 266 | ||||||
20,618 | ||||||||
Materials 3.2% | ||||||||
AbitibiBowater, Inc. * | 11,917 | 23 | ||||||
Air Products & Chemicals, Inc. | 6,675 | 388 | ||||||
Airgas, Inc. | 1,600 | 61 | ||||||
AK Steel Holding Corp. | 2,845 | 40 | ||||||
Alcoa, Inc. | 38,265 | 440 | ||||||
Allegheny Technologies, Inc. | 911 | 24 | ||||||
AptarGroup, Inc. | 2,000 | 61 | ||||||
Ashland, Inc. | 10,350 | 234 | ||||||
Ball Corp. | 4,240 | 145 | ||||||
Bemis Co., Inc. | 6,655 | 165 | ||||||
Cabot Corp. | 4,030 | 107 | ||||||
Carpenter Technology Corp. | 2,000 | 36 | ||||||
Celanese Corp., Series A | 4,200 | 58 | ||||||
Chemtura Corp. | 15,430 | 27 | ||||||
Commercial Metals Co. | 5,845 | 65 | ||||||
Crown Holdings, Inc. * | 8,720 | 176 | ||||||
Cytec Industries, Inc. | 1,720 | 49 | ||||||
Domtar Corp. * | 28,400 | 70 | ||||||
E.I. du Pont de Nemours & Co. | 42,045 | 1,346 | ||||||
Eastman Chemical Co. | 4,960 | 200 | ||||||
Ecolab, Inc. | 4,560 | 170 | ||||||
FMC Corp. | 1,640 | 71 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,385 | 128 | ||||||
Graphic Packaging Holding Co. * | 5,995 | 11 | ||||||
Greif, Inc., Class A | 1,212 | 49 | ||||||
Hercules, Inc. | 4,150 | 70 | ||||||
Huntsman Corp. | 11,665 | 118 | ||||||
International Flavors & Fragrances, Inc. | 1,535 | 49 | ||||||
International Paper Co. | 37,195 | 641 | ||||||
Louisiana-Pacific Corp. | 13,885 | 67 | ||||||
Martin Marietta Materials, Inc. | 1,110 | 87 | ||||||
MeadWestvaco Corp. | 14,540 | 204 | ||||||
Monsanto Co. | 5,395 | 480 | ||||||
Nalco Holding Co. | 6,370 | 90 | ||||||
Newmont Mining Corp. | 9,210 | 243 | ||||||
Nucor Corp. | 8,980 | 364 | ||||||
Olin Corp. | 4,855 | 88 | ||||||
Owens-Illinois, Inc. * | 3,645 | 83 | ||||||
Packaging Corp. of America | 3,445 | 58 | ||||||
Pactiv Corp. * | 6,060 | 143 | ||||||
PPG Industries, Inc. | 10,000 | 496 | ||||||
Praxair, Inc. | 6,985 | 455 | ||||||
Reliance Steel & Aluminum Co. | 2,720 | 68 | ||||||
Rohm & Haas Co. | 6,000 | 422 | ||||||
RPM International, Inc. | 7,465 | 106 | ||||||
Sealed Air Corp. | 6,875 | 116 | ||||||
Sigma-Aldrich Corp. | 3,230 | 142 | ||||||
Silgan Holdings, Inc. | 1,220 | 57 | ||||||
Smurfit-Stone Container Corp. * | 27,405 | 37 | ||||||
Sonoco Products Co. | 8,055 | 203 | ||||||
Southern Copper Corp. | 4,965 | 72 | ||||||
Steel Dynamics, Inc. | 2,250 | 27 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Temple-Inland, Inc. | 17,945 | 106 | ||||||
The Dow Chemical Co. | 63,100 | 1,683 | ||||||
The Lubrizol Corp. | 2,135 | 80 | ||||||
The Mosaic Co. | 3,660 | 144 | ||||||
The Scotts Miracle-Gro Co., Class A | 4,420 | 116 | ||||||
The Valspar Corp. | 6,750 | 138 | ||||||
United States Steel Corp. | 4,695 | 173 | ||||||
Valhi, Inc. | 850 | 12 | ||||||
Vulcan Materials Co. | 223 | 12 | ||||||
Weyerhaeuser Co. | 19,030 | 727 | ||||||
Worthington Industries, Inc. | 7,065 | 85 | ||||||
12,406 | ||||||||
Media 3.0% | ||||||||
Ascent Media Corp., Series A * | 440 | 11 | ||||||
Belo Corp., Class A | 7,580 | 16 | ||||||
Cablevision Systems Corp., Class A | 18,265 | 324 | ||||||
CBS Corp., Class B | 55,910 | 543 | ||||||
Clear Channel Outdoor Holdings, Inc., Class A * | 8,370 | 52 | ||||||
Comcast Corp., Class A | 88,410 | 1,393 | ||||||
Comcast Corp., Special Class A | 37,630 | 580 | ||||||
Discovery Communications, Inc., Series A * | 4,407 | 60 | ||||||
Discovery Communications, Inc., Series C * | 4,407 | 59 | ||||||
DISH Network Corp., Class A * | 13,870 | 218 | ||||||
Gannett Co., Inc. | 24,030 | 264 | ||||||
Hearst-Argyle Television, Inc. | 1,140 | 17 | ||||||
Lamar Advertising Co., Class A * | 1,820 | 28 | ||||||
Lee Enterprises, Inc. | 7,970 | 20 | ||||||
Liberty Global, Inc., Series A * | 7,270 | 120 | ||||||
Liberty Global, Inc., Series C * | 7,070 | 114 | ||||||
Liberty Media Corp — Entertainment, Series A * | 16,668 | 269 | ||||||
Liberty Media Corp. — Capital, Series A * | 2,217 | 15 | ||||||
Live Nation, Inc. * | 17,745 | 200 | ||||||
Meredith Corp. | 1,300 | 25 | ||||||
News Corp., Class A | 95,580 | 1,017 | ||||||
News Corp., Class B | 20,920 | 222 | ||||||
Omnicom Group, Inc. | 11,404 | 337 | ||||||
Regal Entertainment Group, Class A | 17,685 | 227 | ||||||
Scripps Networks Interactive, Class A | 4,545 | 129 | ||||||
The DIRECTV Group, Inc. * | 18,140 | 397 | ||||||
The E.W. Scripps Co., Class A | 1,515 | 7 | ||||||
The Interpublic Group of Cos., Inc. * | 22,305 | 116 | ||||||
The McClatchy Co., Class A | 14,080 | 43 | ||||||
The McGraw-Hill Cos., Inc. | 12,280 | 330 | ||||||
The New York Times Co., Class A | 8,600 | 86 | ||||||
The Walt Disney Co. | 65,960 | 1,709 | ||||||
The Washington Post Co., Class B | 100 | 43 | ||||||
Time Warner Cable, Inc., Class A * | 11,200 | 219 | ||||||
Time Warner, Inc. | 209,815 | 2,117 | ||||||
Viacom, Inc., Class B * | 13,900 | 281 | ||||||
Virgin Media, Inc. | 21,710 | 125 | ||||||
Warner Music Group Corp. | 5,760 | 24 | ||||||
11,757 | ||||||||
Pharmaceuticals & Biotechnology 7.1% | ||||||||
Abbott Laboratories | 43,075 | 2,376 | ||||||
Allergan, Inc. | 3,130 | 124 | ||||||
Amgen, Inc. * | 31,935 | 1,913 | ||||||
Applied Biosystems, Inc. | 4,245 | 131 | ||||||
Barr Pharmaceuticals, Inc. * | 2,070 | 133 | ||||||
Biogen Idec, Inc. * | 6,790 | 289 | ||||||
Bristol-Myers Squibb Co. | 113,750 | 2,338 | ||||||
Celgene Corp. * | 2,652 | 170 | ||||||
Cephalon, Inc. * | 935 | 67 | ||||||
Eli Lilly & Co. | 39,415 | 1,333 | ||||||
Forest Laboratories, Inc. * | 6,455 | 150 | ||||||
Genentech, Inc. * | 3,570 | 296 | ||||||
Genzyme Corp. * | 4,750 | 346 | ||||||
Gilead Sciences, Inc. * | 3,860 | 177 | ||||||
Invitrogen Corp. * | 640 | 18 | ||||||
Johnson & Johnson | 85,085 | 5,219 | ||||||
King Pharmaceuticals, Inc. * | 16,900 | 149 | ||||||
Merck & Co., Inc. | 88,255 | 2,731 | ||||||
Mylan, Inc. * | 8,175 | 70 | ||||||
PerkinElmer, Inc. | 4,250 | 76 | ||||||
Pfizer, Inc. | 378,150 | 6,697 | ||||||
Schering-Plough Corp. | 37,250 | 540 | ||||||
Thermo Fisher Scientific, Inc. * | 10,045 | 408 | ||||||
Warner Chilcott Ltd., Class A * | 2,200 | 30 | ||||||
Watson Pharmaceuticals, Inc. * | 5,665 | 148 | ||||||
Wyeth | 45,640 | 1,469 | ||||||
27,398 | ||||||||
Real Estate 1.8% | ||||||||
Alexandria Real Estate Equities, Inc. | 784 | 54 | ||||||
AMB Property Corp. | 3,840 | 92 | ||||||
Annaly Capital Management, Inc. | 9,585 | 133 | ||||||
Apartment Investment & Management Co., Class A | 8,218 | 120 | ||||||
AvalonBay Communities, Inc. | 2,920 | 207 | ||||||
Boston Properties, Inc. | 5,290 | 375 | ||||||
Brandywine Realty Trust | 5,625 | 49 | ||||||
BRE Properties, Inc. | 1,720 | 60 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Camden Property Trust | 3,720 | 125 | ||||||
CapitalSource, Inc. | 8,400 | 62 | ||||||
CB Richard Ellis Group, Inc., Class A * | 1,130 | 8 | ||||||
CBL & Associates Properties, Inc. | 4,730 | 44 | ||||||
Colonial Properties Trust | 4,225 | 45 | ||||||
Cousins Properties, Inc. | 4,620 | 67 | ||||||
Developers Diversified Realty Corp. | 5,435 | 72 | ||||||
Duke Realty Corp. | 12,475 | 176 | ||||||
Equity One, Inc. | 4,030 | 70 | ||||||
Equity Residential | 14,725 | 514 | ||||||
Federal Realty Investment Trust | 1,870 | 115 | ||||||
First Industrial Realty Trust, Inc. | 3,530 | 36 | ||||||
General Growth Properties, Inc. | 7,450 | 31 | ||||||
HCP, Inc. | 10,465 | 313 | ||||||
Health Care REIT, Inc. | 3,430 | 153 | ||||||
Healthcare Realty Trust, Inc. | 4,535 | 116 | ||||||
Highwoods Properties, Inc. | 3,535 | 88 | ||||||
Home Properties, Inc. | 2,720 | 110 | ||||||
Hospitality Properties Trust | 5,355 | 54 | ||||||
Host Hotels & Resorts, Inc. | 17,685 | 183 | ||||||
HRPT Properties Trust | 24,850 | 90 | ||||||
iStar Financial, Inc. | 15,470 | 16 | ||||||
Kimco Realty Corp. | 8,460 | 191 | ||||||
Liberty Property Trust | 7,250 | 173 | ||||||
Mack-Cali Realty Corp. | 3,950 | 90 | ||||||
Nationwide Health Properties, Inc. | 3,435 | 102 | ||||||
Newcastle Investment Corp. | 730 | 3 | ||||||
Pennsylvania Real Estate Investment Trust | 3,620 | 46 | ||||||
Plum Creek Timber Co., Inc. | 7,395 | 276 | ||||||
Post Properties, Inc. | 2,825 | 63 | ||||||
Potlatch Corp. | 3,220 | 107 | ||||||
ProLogis | 7,360 | 103 | ||||||
Public Storage | 3,330 | 271 | ||||||
Rayonier, Inc. | 3,835 | 127 | ||||||
Realty Income Corp. | 5,340 | 123 | ||||||
Redwood Trust, Inc. | 4,125 | 63 | ||||||
Regency Centers Corp. | 3,720 | 147 | ||||||
Senior Housing Properties Trust | 4,740 | 91 | ||||||
Simon Property Group, Inc. | 6,130 | 411 | ||||||
SL Green Realty Corp. | 3,557 | 150 | ||||||
The Macerich Co. | 2,470 | 73 | ||||||
UDR, Inc. | 6,650 | 131 | ||||||
Ventas, Inc. | 2,825 | 102 | ||||||
Vornado Realty Trust | 6,493 | 458 | ||||||
Weingarten Realty Investors | 4,035 | 83 | ||||||
6,962 | ||||||||
Retailing 3.9% | ||||||||
Abercrombie & Fitch Co., Class A | 220 | 6 | ||||||
Advance Auto Parts, Inc. | 1,845 | 58 | ||||||
Amazon.com, Inc. * | 2,450 | 140 | ||||||
American Eagle Outfitters, Inc. | 3,435 | 38 | ||||||
AnnTaylor Stores Corp. * | 3,430 | 43 | ||||||
Asbury Automotive Group, Inc. | 7,645 | 25 | ||||||
AutoNation, Inc. * | 30,035 | 206 | ||||||
AutoZone, Inc. * | 1,723 | 219 | ||||||
Barnes & Noble, Inc. | 4,440 | 84 | ||||||
Bed Bath & Beyond, Inc. * | 10,165 | 262 | ||||||
Best Buy Co., Inc. | 21,050 | 564 | ||||||
Big Lots, Inc. * | 8,665 | 212 | ||||||
Blockbuster, Inc., Class A * | 57,375 | 87 | ||||||
Borders Group, Inc. | 4,460 | 15 | ||||||
CarMax, Inc. * | 9,440 | 100 | ||||||
Charming Shoppes, Inc. * | 18,490 | 20 | ||||||
Chico’s FAS, Inc. * | 8,400 | 29 | ||||||
Collective Brands, Inc. * | 3,640 | 47 | ||||||
Core-Mark Holding Co., Inc. * | 3,100 | 61 | ||||||
Dick’s Sporting Goods, Inc. * | 2,200 | 34 | ||||||
Dillard’s, Inc., Class A | 14,175 | 76 | ||||||
Dollar Tree, Inc. * | 5,745 | 218 | ||||||
Expedia, Inc. * | 14,630 | 139 | ||||||
Family Dollar Stores, Inc. | 10,975 | 295 | ||||||
Foot Locker, Inc. | 16,595 | 243 | ||||||
GameStop Corp., Class A * | 7,040 | 193 | ||||||
Genuine Parts Co. | 10,600 | 417 | ||||||
Group 1 Automotive, Inc. | 4,335 | 44 | ||||||
J.C. Penney Co., Inc. | 14,800 | 354 | ||||||
Kohl’s Corp. * | 14,095 | 495 | ||||||
Liberty Media Corp. — Interactive Class A * | 40,920 | 200 | ||||||
Limited Brands, Inc. | 36,520 | 438 | ||||||
Lowe’s Cos., Inc. | 64,755 | 1,405 | ||||||
Macy’s, Inc. | 37,120 | 456 | ||||||
Nordstrom, Inc. | 7,255 | 131 | ||||||
O’Reilly Automotive, Inc. * | 7,730 | 210 | ||||||
Office Depot, Inc. * | 41,250 | 148 | ||||||
OfficeMax, Inc. | 12,055 | 97 | ||||||
Penske Automotive Group, Inc. | 5,595 | 46 | ||||||
PetSmart, Inc. | 5,140 | 101 | ||||||
RadioShack Corp. | 10,080 | 128 | ||||||
Rent-A-Center, Inc. * | 9,670 | 141 | ||||||
Ross Stores, Inc. | 4,645 | 152 | ||||||
Saks, Inc. * | 20,535 | 123 | ||||||
Sears Holdings Corp. * | 8,121 | 469 | ||||||
Sonic Automotive, Inc., Class A | 9,160 | 47 | ||||||
Staples, Inc. | 25,100 | 488 | ||||||
Target Corp. | 30,115 | 1,208 | ||||||
The Gap, Inc. | 23,775 | 308 | ||||||
The Home Depot, Inc. | 123,886 | 2,922 | ||||||
The Sherwin-Williams Co. | 5,545 | 316 | ||||||
The Talbots, Inc. | 1,635 | 16 | ||||||
The TJX Cos., Inc. | 15,280 | 409 | ||||||
Ticketmaster Entertainment, Inc. * | 5,649 | 55 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Tiffany & Co. | 3,535 | 97 | ||||||
Williams-Sonoma, Inc. | 4,845 | 40 | ||||||
Zale Corp. * | 4,745 | 81 | ||||||
14,956 | ||||||||
Semiconductors & Semiconductor Equipment 1.5% | ||||||||
Advanced Micro Devices, Inc. * | 54,130 | 189 | ||||||
Altera Corp. | 6,150 | 107 | ||||||
Amkor Technology, Inc. * | 12,980 | 53 | ||||||
Analog Devices, Inc. | 7,965 | 170 | ||||||
Applied Materials, Inc. | 24,485 | 316 | ||||||
Atmel Corp. * | 15,690 | 65 | ||||||
Broadcom Corp., Class A * | 11,745 | 201 | ||||||
Fairchild Semiconductor International, Inc. * | 4,660 | 26 | ||||||
Integrated Device Technology, Inc. * | 9,495 | 60 | ||||||
Intel Corp. | 175,320 | 2,805 | ||||||
International Rectifier Corp. * | 3,825 | 59 | ||||||
Intersil Corp., Class A | 2,835 | 39 | ||||||
KLA-Tencor Corp. | 8,430 | 196 | ||||||
Linear Technology Corp. | 4,555 | 103 | ||||||
LSI Corp. * | 23,040 | 89 | ||||||
Marvell Technology Group Ltd. * | 10,430 | 73 | ||||||
Microchip Technology, Inc. | 4,480 | 110 | ||||||
Micron Technology, Inc. * | 62,875 | 296 | ||||||
National Semiconductor Corp. | 8,050 | 106 | ||||||
NVIDIA Corp. * | 7,217 | 63 | ||||||
Spansion, Inc., Class A * | 49,331 | 31 | ||||||
Teradyne, Inc. * | 4,550 | 23 | ||||||
Texas Instruments, Inc. | 28,110 | 550 | ||||||
Xilinx, Inc. | 5,960 | 110 | ||||||
5,840 | ||||||||
Software & Services 3.9% | ||||||||
Accenture Ltd., Class A | 15,795 | 522 | ||||||
Activision Blizzard, Inc. * | 9,100 | 113 | ||||||
Adobe Systems, Inc. * | 7,440 | 198 | ||||||
Affiliated Computer Services, Inc., Class A * | 5,855 | 240 | ||||||
Alliance Data Systems Corp. * | 2,280 | 114 | ||||||
Amdocs Ltd. * | 5,700 | 129 | ||||||
Automatic Data Processing, Inc. | 17,200 | 601 | ||||||
BMC Software, Inc. * | 3,040 | 79 | ||||||
Broadridge Financial Solutions, Inc. | 3,737 | 45 | ||||||
CA, Inc. | 9,105 | 162 | ||||||
CACI International, Inc., Class A * | 1,700 | 70 | ||||||
Cadence Design Systems, Inc. * | 8,175 | 33 | ||||||
Citrix Systems, Inc. * | 2,730 | 70 | ||||||
Computer Sciences Corp. * | 13,645 | 412 | ||||||
Compuware Corp. * | 15,520 | 99 | ||||||
Convergys Corp. * | 10,165 | 78 | ||||||
eBay, Inc. * | 17,875 | 273 | ||||||
Electronic Arts, Inc. * | 6,150 | 140 | ||||||
Fidelity National Information Services, Inc. | 6,120 | 92 | ||||||
Fiserv, Inc. * | 5,050 | 168 | ||||||
Google, Inc., Class A * | 1,406 | 505 | ||||||
Hewitt Associates, Inc., Class A * | 3,150 | 88 | ||||||
IAC/InterActiveCorp * | 14,122 | 237 | ||||||
Intuit, Inc. * | 6,855 | 172 | ||||||
Lender Processing Services, Inc. | 3,060 | 71 | ||||||
MasterCard, Inc., Class A | 868 | 128 | ||||||
McAfee, Inc. * | 2,935 | 96 | ||||||
Metavante Technologies, Inc. * | 5,495 | 92 | ||||||
Microsoft Corp. | 330,985 | 7,391 | ||||||
Oracle Corp. * | 80,080 | 1,465 | ||||||
Paychex, Inc. | 8,160 | 233 | ||||||
Perot Systems Corp., Class A * | 4,455 | 64 | ||||||
SAIC, Inc. * | 14,500 | 268 | ||||||
Symantec Corp. * | 31,345 | 394 | ||||||
VeriSign, Inc. * | 6,660 | 141 | ||||||
Western Union Co. | 7,710 | 118 | ||||||
Yahoo!, Inc. * | 14,355 | 184 | ||||||
15,285 | ||||||||
Technology Hardware & Equipment 4.4% | ||||||||
Agilent Technologies, Inc. * | 6,805 | 151 | ||||||
Amphenol Corp., Class A | 3,300 | 95 | ||||||
Anixter International, Inc. * | 620 | 21 | ||||||
Apple, Inc. * | 8,765 | 943 | ||||||
Arrow Electronics, Inc. * | 10,895 | 190 | ||||||
Avnet, Inc. * | 13,480 | 226 | ||||||
AVX Corp. | 3,080 | 28 | ||||||
Benchmark Electronics, Inc. * | 5,140 | 62 | ||||||
Cisco Systems, Inc. * | 106,205 | 1,887 | ||||||
Corning, Inc. | 18,260 | 198 | ||||||
Dell, Inc. * | 73,950 | 898 | ||||||
Diebold, Inc. | 5,130 | 152 | ||||||
EMC Corp. * | 44,770 | 527 | ||||||
Flextronics International Ltd. * | 61,842 | 258 | ||||||
Harris Corp. | 2,725 | 98 | ||||||
Hewlett-Packard Co. | 69,805 | 2,672 | ||||||
Ingram Micro, Inc., Class A * | 34,765 | 463 | ||||||
International Business Machines Corp. | 38,795 | 3,607 | ||||||
Jabil Circuit, Inc. | 17,795 | 150 | ||||||
Juniper Networks, Inc. * | 9,770 | 183 | ||||||
Lexmark International, Inc., Class A * | 7,045 | 182 | ||||||
Mettler-Toledo International, Inc. * | 300 | 23 | ||||||
Molex, Inc. | 2,930 | 42 | ||||||
Molex, Inc., Class A | 2,930 | 38 | ||||||
Motorola, Inc. | 154,000 | 827 | ||||||
NCR Corp. * | 11,065 | 202 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
NetApp, Inc. * | 5,230 | 71 | ||||||
QUALCOMM, Inc. | 25,185 | 964 | ||||||
SanDisk Corp. * | 11,945 | 106 | ||||||
Sanmina-SCI Corp. * | 184,395 | 138 | ||||||
Seagate Technology | 19,635 | 133 | ||||||
Sun Microsystems, Inc. * | 30,953 | 142 | ||||||
SYNNEX Corp. * | 770 | 12 | ||||||
Tech Data Corp. * | 14,440 | 310 | ||||||
Tellabs, Inc. * | 18,760 | 79 | ||||||
Tyco Electronics Ltd. | 20,535 | 399 | ||||||
Vishay Intertechnology, Inc. * | 19,940 | 86 | ||||||
Western Digital Corp. * | 7,860 | 130 | ||||||
Xerox Corp. | 54,330 | 436 | ||||||
17,129 | ||||||||
Telecommunication Services 4.0% | ||||||||
American Tower Corp., Class A * | 5,665 | 183 | ||||||
AT&T, Inc. | 231,975 | 6,210 | ||||||
CenturyTel, Inc. | 6,765 | 170 | ||||||
Embarq Corp. | 9,040 | 271 | ||||||
Frontier Communications Corp. | 33,560 | 255 | ||||||
Level 3 Communications, Inc. * | 68,000 | 72 | ||||||
NII Holdings, Inc. * | 3,370 | 87 | ||||||
Qwest Communications International, Inc. | 127,280 | 364 | ||||||
Sprint Nextel Corp. | 404,540 | 1,266 | ||||||
Telephone & Data Systems, Inc., Special Shares | 2,330 | 64 | ||||||
United States Cellular Corp. * | 4,135 | 159 | ||||||
Verizon Communications, Inc. | 211,970 | 6,289 | ||||||
Windstream Corp. | 10,300 | 77 | ||||||
15,467 | ||||||||
Transportation 2.4% | ||||||||
Alaska Air Group, Inc. * | 2,725 | 67 | ||||||
Alexander & Baldwin, Inc. | 2,820 | 90 | ||||||
AMERCO * | 2,420 | 109 | ||||||
AMR Corp. * | 36,120 | 369 | ||||||
Avis Budget Group, Inc. * | 31,490 | 52 | ||||||
Burlington Northern Santa Fe Corp. | 10,920 | 973 | ||||||
C.H. Robinson Worldwide, Inc. | 3,180 | 165 | ||||||
Con-way, Inc. | 3,030 | 103 | ||||||
Continental Airlines, Inc., Class B * | 14,870 | 281 | ||||||
CSX Corp. | 12,270 | 561 | ||||||
Expeditors International of Washington, Inc. | 3,325 | 109 | ||||||
FedEx Corp. | 14,062 | 919 | ||||||
Hertz Global Holdings, Inc. * | 48,500 | 349 | ||||||
J.B. Hunt Transport Services, Inc. | 2,845 | 81 | ||||||
JetBlue Airways Corp. * | 23,500 | 130 | ||||||
Kansas City Southern * | 2,830 | 87 | ||||||
Norfolk Southern Corp. | 13,450 | 806 | ||||||
Ryder System, Inc. | 3,710 | 147 | ||||||
Southwest Airlines Co. | 29,575 | 348 | ||||||
UAL Corp. | 18,400 | 268 | ||||||
Union Pacific Corp. | 16,516 | 1,103 | ||||||
United Parcel Service, Inc., Class B | 35,480 | 1,873 | ||||||
US Airways Group, Inc. * | 4,900 | 50 | ||||||
Werner Enterprises, Inc. | 3,940 | 77 | ||||||
YRC Worldwide, Inc. * | 18,455 | 84 | ||||||
9,201 | ||||||||
Utilities 6.4% | ||||||||
AGL Resources, Inc. | 4,640 | 141 | ||||||
Allegheny Energy, Inc. | 3,255 | 98 | ||||||
ALLETE, Inc. | 2,330 | 82 | ||||||
Alliant Energy Corp. | 7,475 | 220 | ||||||
Ameren Corp. | 18,150 | 589 | ||||||
American Electric Power Co., Inc. | 30,955 | 1,010 | ||||||
Aqua America, Inc. | 4,200 | 76 | ||||||
Atmos Energy Corp. | 8,360 | 203 | ||||||
Avista Corp. | 4,250 | 84 | ||||||
Black Hills Corp. | 2,825 | 71 | ||||||
CenterPoint Energy, Inc. | 33,410 | 385 | ||||||
Cleco Corp. | 3,635 | 84 | ||||||
CMS Energy Corp. | 21,210 | 217 | ||||||
Consolidated Edison, Inc. | 21,905 | 949 | ||||||
Constellation Energy Group, Inc. | 7,080 | 171 | ||||||
Dominion Resources, Inc. | 38,590 | 1,400 | ||||||
DPL, Inc. | 4,020 | 92 | ||||||
DTE Energy Co. | 15,465 | 546 | ||||||
Duke Energy Corp. | 124,825 | 2,045 | ||||||
Edison International | 16,410 | 584 | ||||||
Energen Corp. | 2,120 | 71 | ||||||
Entergy Corp. | 8,517 | 665 | ||||||
Equitable Resources, Inc. | 2,180 | 76 | ||||||
Exelon Corp. | 21,355 | 1,158 | ||||||
FirstEnergy Corp. | 17,690 | 923 | ||||||
FPL Group, Inc. | 16,780 | 793 | ||||||
Great Plains Energy, Inc. | 9,670 | 188 | ||||||
Hawaiian Electric Industries, Inc. | 8,770 | 233 | ||||||
IDACORP, Inc. | 2,240 | 60 | ||||||
Integrys Energy Group, Inc. | 4,935 | 235 | ||||||
MDU Resources Group, Inc. | 8,680 | 158 | ||||||
Mirant Corp. * | 4,345 | 76 | ||||||
National Fuel Gas Co. | 4,445 | 161 | ||||||
New Jersey Resources Corp. | 3,380 | 126 | ||||||
Nicor, Inc. | 4,340 | 201 | ||||||
NiSource, Inc. | 33,775 | 438 | ||||||
Northeast Utilities | 11,215 | 253 | ||||||
NRG Energy, Inc. * | 8,060 | 187 | ||||||
NSTAR | 7,880 | 260 | ||||||
OGE Energy Corp. | 7,165 | 196 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
ONEOK, Inc. | 7,170 | 229 | ||||||
Pepco Holdings, Inc. | 16,465 | 340 | ||||||
PG&E Corp. | 26,115 | 958 | ||||||
Piedmont Natural Gas Co., Inc. | 3,550 | 117 | ||||||
Pinnacle West Capital Corp. | 9,185 | 291 | ||||||
PNM Resources, Inc. | 10,545 | 103 | ||||||
Portland General Electric Co. | 5,045 | 103 | ||||||
PPL Corp. | 13,355 | 438 | ||||||
Progress Energy, Inc. | 22,625 | 891 | ||||||
Public Service Enterprise Group, Inc. | 22,780 | 641 | ||||||
Puget Energy, Inc. | 9,100 | 213 | ||||||
Questar Corp. | 3,650 | 126 | ||||||
Reliant Energy, Inc. * | 19,620 | 103 | ||||||
SCANA Corp. | 8,685 | 286 | ||||||
Sempra Energy | 11,915 | 507 | ||||||
Sierra Pacific Resources | 13,500 | 112 | ||||||
Southern Co. | 47,195 | 1,621 | ||||||
Southwest Gas Corp. | 2,425 | 63 | ||||||
TECO Energy, Inc. | 18,225 | 210 | ||||||
The AES Corp. * | 44,070 | 351 | ||||||
UGI Corp. | 8,020 | 191 | ||||||
Unisource Energy Corp. | 3,500 | 96 | ||||||
Vectren Corp. | 5,165 | 130 | ||||||
Westar Energy, Inc. | 4,370 | 85 | ||||||
WGL Holdings, Inc. | 4,245 | 137 | ||||||
Wisconsin Energy Corp. | 8,170 | 355 | ||||||
Xcel Energy, Inc. | 36,780 | 641 | ||||||
24,843 | ||||||||
Total Common Stock (Cost $585,791) | 385,568 | |||||||
Foreign Common Stock 0.1% of net assets | ||||||||
Bermuda 0.1% | ||||||||
Capital Goods 0.0% | ||||||||
Foster Wheeler Ltd. * | 2,070 | 57 | ||||||
Insurance 0.1% | ||||||||
Platinum Underwriters Holdings, Ltd. | 2,100 | 67 | ||||||
124 | ||||||||
Israel 0.0% | ||||||||
Software & Services 0.0% | ||||||||
Check Point Software Technologies Ltd. * | 4,855 | 98 | ||||||
United Kingdom 0.0% | ||||||||
Insurance 0.0% | ||||||||
Willis Group Holdings Ltd. | 4,045 | 106 | ||||||
Total Foreign Common Stock (Cost $459) | 328 | |||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 0.3% of net assets | ||||||||
U.S. Treasury Obligations 0.3% | ||||||||
U.S. Treasury Bill | ||||||||
0.03%, 12/18/08 (a) | 1,155 | 1,155 | ||||||
0.41%, 12/18/08 (a) | 195 | 195 | ||||||
1.02%, 12/18/08 (a) | 3 | 3 | ||||||
Total Short-Term Investment (Cost $1,353) | 1,353 | |||||||
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. | |
(b) | Issuer is affiliated with the fund’s adviser. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
S & P 500 Index, e-mini, Long expires 12/19/08 | 20 | 967 | 62 |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
94.1 | % | Common Stock | 210,070 | 165,313 | ||||||||
2.3 | % | Foreign Common Stock | 5,872 | 4,041 | ||||||||
— | % | Preferred Stock | 42 | 17 | ||||||||
— | % | Rights | 3 | 4 | ||||||||
2.0 | % | Short-Term Investments | 3,490 | 3,490 | ||||||||
98.4 | % | Total Investments | 219,477 | 172,865 | ||||||||
1.6 | % | Other Assets and Liabilities, Net | 2,845 | |||||||||
100.0 | % | Net Assets | 175,710 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 94.1% of net assets | ||||||||
Automobiles & Components 0.6% | ||||||||
ATC Technology Corp. * | 6,785 | 149 | ||||||
Dorman Products, Inc. * | 3,400 | 38 | ||||||
Drew Industries, Inc. * | 8,315 | 101 | ||||||
Gentex Corp. | 21,670 | 208 | ||||||
Hayes Lemmerz International, Inc. * | 58,800 | 78 | ||||||
Modine Manufacturing Co. | 25,815 | 191 | ||||||
Standard Motor Products, Inc. | 13,100 | 55 | ||||||
Stoneridge, Inc. * | 5,600 | 32 | ||||||
Superior Industries International, Inc. | 14,260 | 204 | ||||||
Winnebago Industries, Inc. | 7,665 | 45 | ||||||
1,101 | ||||||||
Banks 11.8% | ||||||||
1st Source Corp. | 5,940 | 127 | ||||||
AMCORE Financial, Inc. | 4,181 | 19 | ||||||
Ameris Bancorp | 2,100 | 23 | ||||||
Anchor BanCorp Wisconsin, Inc. | 3,545 | 20 | ||||||
Arrow Financial Corp. | 3,421 | 89 | ||||||
BancFirst Corp. | 2,975 | 150 | ||||||
Bank Mutual Corp. | 4,660 | 54 | ||||||
Bank of the Ozarks, Inc. | 4,860 | 148 | ||||||
BankAtlantic Bancorp, Inc., Class A | 3,400 | 21 | ||||||
BankFinancial Corp. | 2,300 | 28 | ||||||
BankUnited Financial Corp., Class A | 18,760 | 9 | ||||||
Banner Corp. | 1,960 | 25 | ||||||
Beneficial Mutual Bancorp, Inc. * | 12,100 | 143 | ||||||
Berkshire Hills Bancorp, Inc. | 5,000 | 130 | ||||||
Boston Private Financial Holdings, Inc. | 20,040 | 177 | ||||||
Brookline Bancorp, Inc. | 23,810 | 279 | ||||||
Cadence Financial Corp. | 2,100 | 16 | ||||||
Camden National Corp. | 745 | 22 | ||||||
Capital City Bank Group, Inc. | 4,895 | 137 | ||||||
Capitol Bancorp Ltd. | 1,980 | 20 | ||||||
Capitol Federal Financial | 3,080 | 143 | ||||||
Cascade Bancorp | 3,855 | 37 | ||||||
Cathay General Bancorp | 12,400 | 304 | ||||||
Central Pacific Financial Corp. | 11,045 | 172 | ||||||
Chemical Financial Corp. | 10,130 | 266 | ||||||
City Bank | 6,780 | 70 | ||||||
City Holding Co. | 3,890 | 163 | ||||||
Columbia Banking System, Inc. | 1,555 | 25 | ||||||
Community Bank System, Inc. | 8,950 | 223 | ||||||
Community Trust Bancorp, Inc. | 4,795 | 160 | ||||||
Corus Bankshares, Inc. | 10,625 | 23 | ||||||
CVB Financial Corp. | 23,280 | 295 | ||||||
Dime Community Bancshares | 9,850 | 164 | ||||||
East West Bancorp, Inc. | 15,565 | 270 | ||||||
F.N.B. Corp. | 34,403 | 451 | ||||||
Farmers Capital Bank Corp. | 2,670 | 53 | ||||||
Federal Agricultural Mortgage Corp., Class C | 1,400 | 8 | ||||||
Fifth Third Bancorp | 118 | 1 | ||||||
Financial Institutions, Inc. | 1,400 | 23 | ||||||
First Bancorp | 8,805 | 154 | ||||||
First BanCorp Puerto Rico | 39,930 | 408 | ||||||
First Busey Corp. | 7,515 | 140 | ||||||
First Citizens BancShares, Inc., Class A | 2,158 | 330 | ||||||
First Commonwealth Financial Corp. | 28,190 | 312 | ||||||
First Community Bancshares, Inc. | 3,175 | 99 | ||||||
First Financial Bancorp | 12,790 | 172 | ||||||
First Financial Bankshares, Inc. | 4,205 | 228 | ||||||
First Financial Corp. | 3,100 | 131 | ||||||
First Financial Holdings, Inc. | 4,785 | 104 | ||||||
First Merchants Corp. | 5,465 | 120 | ||||||
First Midwest Bancorp, Inc. | 14,155 | 314 | ||||||
First Niagara Financial Group, Inc. | 34,955 | 551 | ||||||
First Place Financial Corp. | 3,600 | 25 | ||||||
First State Bancorp | 2,900 | 11 | ||||||
FirstFed Financial Corp. * | 3,515 | 31 | ||||||
Flushing Financial Corp. | 4,135 | 64 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Franklin Bank Corp. * | 1,400 | — | ||||||
Frontier Financial Corp. | 12,055 | 80 | ||||||
Glacier Bancorp, Inc. | 10,480 | 211 | ||||||
Great Southern Bancorp, Inc. | 3,070 | 33 | ||||||
Greene Bancshares, Inc. | 1,800 | 36 | ||||||
Guaranty Bancorp * | 22,530 | 96 | ||||||
Hancock Holding Co. | 6,230 | 275 | ||||||
Hanmi Financial Corp. | 5,870 | 23 | ||||||
Harleysville National Corp. | 11,025 | 153 | ||||||
Heartland Financial USA, Inc. | 3,600 | 85 | ||||||
IBERIABANK Corp. | 3,550 | 181 | ||||||
Imperial Capital Bancorp, Inc. | 1,400 | 7 | ||||||
Independent Bank Corp., Massachusetts | 7,095 | 204 | ||||||
Independent Bank Corp., Michigan | 5,760 | 21 | ||||||
Integra Bank Corp. | 5,645 | 34 | ||||||
International Bancshares Corp. | 13,612 | 354 | ||||||
Investors Bancorp, Inc. * | 10,065 | 145 | ||||||
Irwin Financial Corp. | 7,675 | 17 | ||||||
Kearny Financial Corp. | 10,035 | 116 | ||||||
Lakeland Bancorp, Inc. | 4,937 | 54 | ||||||
Macatawa Bank Corp. | 3,000 | 15 | ||||||
MainSource Financial Group, Inc. | 6,500 | 116 | ||||||
MB Financial, Inc. | 8,745 | 260 | ||||||
MBT Financial Corp. | 4,068 | 18 | ||||||
Midwest Banc Holdings, Inc. | 8,220 | 25 | ||||||
Nara Bancorp, Inc. | 6,080 | 67 | ||||||
NASB Financial, Inc. | 1,003 | 30 | ||||||
National Penn Bancshares, Inc. | 14,323 | 243 | ||||||
NBT Bancorp, Inc. | 10,655 | 297 | ||||||
NewAlliance Bancshares, Inc. | 23,375 | 323 | ||||||
Northwest Bancorp, Inc. | 5,080 | 135 | ||||||
OceanFirst Financial Corp. | 3,700 | 61 | ||||||
Ocwen Financial Corp. * | 29,405 | 197 | ||||||
Old National Bancorp | 26,125 | 495 | ||||||
Old Second Bancorp, Inc. | 3,375 | 46 | ||||||
Oriental Financial Group, Inc. | 8,355 | 136 | ||||||
Oritani Financial Corp. * | 8,500 | 145 | ||||||
Pacific Capital Bancorp | 15,570 | 306 | ||||||
PacWest Bancorp | 9,180 | 229 | ||||||
Park National Corp. | 5,910 | 430 | ||||||
Peoples Bancorp, Inc. | 1,475 | 28 | ||||||
PrivateBancorp, Inc. | 3,355 | 121 | ||||||
Prosperity Bancshares, Inc. | 4,800 | 159 | ||||||
Provident Bankshares Corp. | 23,630 | 252 | ||||||
Provident Financial Services, Inc. | 19,190 | 281 | ||||||
Provident New York Bancorp | 14,085 | 170 | ||||||
Renasant Corp. | 7,200 | 151 | ||||||
Republic Bancorp, Inc., Class A | 5,800 | 134 | ||||||
Royal Bancshares of Pennsylvania, Inc., Class A | 2,300 | 12 | ||||||
S&T Bancorp, Inc. | 8,090 | 276 | ||||||
S.Y. Bancorp, Inc. | 4,765 | 131 | ||||||
Sandy Spring Bancorp, Inc. | 7,295 | 157 | ||||||
Santander BanCorp | 11,960 | 113 | ||||||
SCBT Financial Corp. | 4,000 | 136 | ||||||
Seacoast Banking Corp. of Florida | 3,590 | 32 | ||||||
Security Bank Corp. | 4,400 | 9 | ||||||
Signature Bank * | 4,590 | 150 | ||||||
Simmons First National Corp., Class A | 6,000 | 186 | ||||||
Southwest Bancorp, Inc. | 2,000 | 29 | ||||||
StellarOne Corp. | 7,542 | 128 | ||||||
Sterling Bancorp | 9,645 | 151 | ||||||
Sterling Bancshares, Inc. | 15,525 | 124 | ||||||
Sterling Financial Corp., Washington | 13,540 | 115 | ||||||
Suffolk Bancorp | 3,965 | 129 | ||||||
Sun Bancorp, Inc. * | 2,673 | 27 | ||||||
Susquehanna Bancshares, Inc. | 19,054 | 295 | ||||||
SVB Financial Group * | 4,935 | 254 | ||||||
Texas Capital Bancshares, Inc. * | 5,700 | 102 | ||||||
TierOne Corp. | 2,785 | 15 | ||||||
Tompkins Financial Corp. | 3,065 | 150 | ||||||
Triad Guaranty, Inc. * | 6,705 | 7 | ||||||
TriCo Bancshares | 6,800 | 146 | ||||||
TrustCo Bank Corp. NY | 29,270 | 356 | ||||||
UCBH Holdings, Inc. | 21,900 | 116 | ||||||
UMB Financial Corp. | 5,401 | 245 | ||||||
Umpqua Holdings Corp. | 18,990 | 323 | ||||||
Union Bankshares Corp. | 4,300 | 102 | ||||||
United Bankshares, Inc. | 13,395 | 427 | ||||||
United Community Banks, Inc. | 13,180 | 173 | ||||||
United Community Financial Corp. | 8,834 | 41 | ||||||
Univest Corp. of Pennsylvania | 4,000 | 124 | ||||||
Washington Trust Bancorp, Inc. | 3,085 | 66 | ||||||
Waterstone Financial, Inc. * | 3,716 | 31 | ||||||
WesBanco, Inc. | 7,870 | 214 | ||||||
West Bancorp | 2,700 | 34 | ||||||
West Coast Bancorp | 3,265 | 28 | ||||||
Westamerica Bancorp. | 5,970 | 342 | ||||||
Western Alliance Bancorp * | 13,665 | 202 | ||||||
Wintrust Financial Corp. | 5,900 | 151 | ||||||
WSFS Financial Corp. | 2,635 | 126 | ||||||
20,652 | ||||||||
Capital Goods 9.9% | ||||||||
A.O. Smith Corp. | 7,560 | 239 | ||||||
AAR CORP. * | 11,140 | 178 | ||||||
Aceto Corp. | 5,000 | 42 | ||||||
Actuant Corp., Class A | 8,720 | 156 | ||||||
Alamo Group, Inc. | 2,000 | 25 | ||||||
Albany International Corp., Class A | 7,630 | 111 | ||||||
Altra Holdings, Inc. * | 2,700 | 24 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
American Railcar Industries, Inc. | 9,050 | 101 | ||||||
American Woodmark Corp. | 5,595 | 104 | ||||||
Ameron International Corp. | 2,960 | 139 | ||||||
Ampco-Pittsburgh Corp. | 5,100 | 121 | ||||||
Apogee Enterprises, Inc. | 13,195 | 130 | ||||||
Applied Industrial Technologies, Inc. | 10,920 | 220 | ||||||
Argon ST, Inc. * | 2,465 | 51 | ||||||
Astec Industries, Inc. * | 5,990 | 152 | ||||||
Baldor Electric Co. | 7,270 | 128 | ||||||
Barnes Group, Inc. | 9,325 | 135 | ||||||
BE Aerospace, Inc. * | 13,945 | 179 | ||||||
Beacon Roofing Supply, Inc. * | 26,330 | 360 | ||||||
Belden, Inc. | 7,260 | 151 | ||||||
Blount International, Inc. * | 11,005 | 96 | ||||||
Brady Corp., Class A | 11,315 | 351 | ||||||
Bucyrus International, Inc. | 4,110 | 99 | ||||||
Builders FirstSource, Inc. * | 8,855 | 34 | ||||||
C&D Technologies, Inc. * | 7,000 | 24 | ||||||
Cascade Corp. | 3,755 | 124 | ||||||
Ceradyne, Inc. * | 4,850 | 114 | ||||||
Chart Industries, Inc. * | 2,600 | 35 | ||||||
CIRCOR International, Inc. | 3,590 | 110 | ||||||
CLARCOR, Inc. | 7,025 | 249 | ||||||
Columbus McKinnon Corp. * | 2,100 | 29 | ||||||
Commercial Vehicle Group, Inc. * | 9,300 | 12 | ||||||
Cubic Corp. | 4,590 | 102 | ||||||
Curtiss-Wright Corp. | 6,805 | 251 | ||||||
Donaldson Co., Inc. | 9,475 | 333 | ||||||
Ducommun, Inc. | 1,400 | 28 | ||||||
Dycom Industries, Inc. * | 22,210 | 197 | ||||||
DynCorp International, Inc., Class A * | 10,585 | 140 | ||||||
Encore Wire Corp. | 8,440 | 162 | ||||||
Energy Conversion Devices, Inc. * | 4,130 | 141 | ||||||
EnerSys * | 13,975 | 185 | ||||||
EnPro Industries, Inc. * | 7,490 | 166 | ||||||
ESCO Technologies, Inc. * | 5,100 | 176 | ||||||
Esterline Technologies Corp. * | 5,070 | 183 | ||||||
Federal Signal Corp. | 22,500 | 191 | ||||||
First Solar, Inc. * | 800 | 115 | ||||||
Franklin Electric Co., Inc. | 4,880 | 206 | ||||||
FreightCar America, Inc. | 1,235 | 32 | ||||||
Gardner Denver, Inc. * | 9,095 | 233 | ||||||
General Cable Corp. * | 5,155 | 88 | ||||||
Gibraltar Industries, Inc. | 15,455 | 205 | ||||||
Graco, Inc. | 10,740 | 266 | ||||||
GrafTech International Ltd. * | 11,310 | 92 | ||||||
Great Lakes Dredge & Dock Co. | 8,000 | 36 | ||||||
Griffon Corp. * | 45,368 | 383 | ||||||
H&E Equipment Services, Inc. * | 2,620 | 15 | ||||||
HEICO Corp. | 1,100 | 42 | ||||||
HEICO Corp., Class A | 4,745 | 133 | ||||||
Herley Industries, Inc. * | 3,300 | 44 | ||||||
Hexcel Corp. * | 13,105 | 173 | ||||||
Huttig Building Products, Inc. * | 7,100 | 8 | ||||||
IDEX Corp. | 9,742 | 226 | ||||||
II-VI, Inc. * | 1,765 | 50 | ||||||
Insituform Technologies, Inc., Class A * | 14,975 | 201 | ||||||
Insteel Industries, Inc. | 4,000 | 41 | ||||||
Integrated Electrical Services, Inc. * | 11,600 | 142 | ||||||
Interline Brands, Inc. * | 12,560 | 134 | ||||||
Kadant, Inc. * | 3,100 | 51 | ||||||
Kaman Corp. | 7,520 | 192 | ||||||
Kaydon Corp. | 4,115 | 137 | ||||||
Ladish Co., Inc. * | 1,500 | 26 | ||||||
Lawson Products, Inc. | 1,380 | 41 | ||||||
Layne Christensen Co. * | 5,100 | 134 | ||||||
LSI Industries, Inc. | 2,800 | 22 | ||||||
Lydall, Inc. * | 4,000 | 27 | ||||||
MasTec, Inc. * | 14,410 | 126 | ||||||
Michael Baker Corp. * | 2,700 | 64 | ||||||
Moog, Inc., Class A * | 9,615 | 338 | ||||||
NCI Building Systems, Inc. * | 9,545 | 178 | ||||||
NN, Inc. | 4,000 | 29 | ||||||
Nordson Corp. | 3,955 | 146 | ||||||
Northwest Pipe Co. * | 1,600 | 46 | ||||||
Orbital Sciences Corp. * | 8,555 | 175 | ||||||
Otter Tail Corp. | 11,380 | 267 | ||||||
Perini Corp. * | 10,280 | 196 | ||||||
Pike Electric Corp. * | 4,720 | 41 | ||||||
Polypore International, Inc. * | 6,600 | 56 | ||||||
Powell Industries, Inc. * | 1,270 | 23 | ||||||
Quanex Building Products Corp. | 7,550 | 69 | ||||||
Quanta Services, Inc. * | 17,391 | 344 | ||||||
Raven Industries, Inc. | 4,265 | 137 | ||||||
RBC Bearings, Inc. * | 2,100 | 50 | ||||||
Regal-Beloit Corp. | 8,065 | 263 | ||||||
Robbins & Myers, Inc. | 6,600 | 135 | ||||||
RSC Holdings, Inc. * | 27,200 | 200 | ||||||
Rush Enterprises, Inc., Class A * | 14,200 | 133 | ||||||
Rush Enterprises, Inc., Class B * | 2,400 | 26 | ||||||
Sauer-Danfoss, Inc. | 3,440 | 35 | ||||||
Simpson Manufacturing Co., Inc. | 7,685 | 177 | ||||||
Standex International Corp. | 7,250 | 187 | ||||||
Stanley, Inc. * | 4,400 | 151 | ||||||
SunPower Corp., Class A * | 2,100 | 82 | ||||||
SunPower Corp., Class B * | 4,769 | 141 | ||||||
TAL International Group, Inc. | 7,690 | 127 | ||||||
Tecumseh Products Co., Class A * | 12,570 | 233 | ||||||
Tecumseh Products Co., Class B * | 2,500 | 41 | ||||||
Teledyne Technologies, Inc. * | 6,070 | 277 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Tennant Co. | 5,210 | 131 | ||||||
The Gorman-Rupp Co. | 1,500 | 47 | ||||||
The Greenbrier Cos., Inc. | 9,820 | 81 | ||||||
The Manitowoc Co., Inc. | 9,930 | 98 | ||||||
The Middleby Corp. * | 2,948 | 119 | ||||||
The Toro Co. | 6,370 | 214 | ||||||
Thermadyne Holdings Corp. * | 13,600 | 123 | ||||||
Titan International, Inc. | 7,575 | 88 | ||||||
TransDigm Group, Inc. * | 4,980 | 150 | ||||||
Tredegar Corp. | 11,475 | 169 | ||||||
Trex Co., Inc. * | 3,000 | 49 | ||||||
TriMas Corp. * | 6,800 | 27 | ||||||
Triumph Group, Inc. | 4,730 | 207 | ||||||
Universal Forest Products, Inc. | 8,970 | 212 | ||||||
Valmont Industries, Inc. | 2,110 | 116 | ||||||
Wabash National Corp. | 28,245 | 171 | ||||||
Wabtec Corp. | 5,660 | 225 | ||||||
Watsco, Inc. | 7,545 | 310 | ||||||
Watts Water Technologies, Inc., Class A | 9,175 | 242 | ||||||
Woodward Governor Co. | 8,200 | 263 | ||||||
Xerium Technologies, Inc. | 13,455 | 52 | ||||||
17,360 | ||||||||
Commercial & Professional Supplies 4.7% | ||||||||
ABM Industries, Inc. | 14,810 | 242 | ||||||
Acco Brands Corp. * | 23,170 | 65 | ||||||
Administaff, Inc. | 8,460 | 169 | ||||||
American Reprographics Co. * | 7,410 | 79 | ||||||
AMREP Corp. * | 1,000 | 30 | ||||||
Bowne & Co., Inc. | 6,850 | 53 | ||||||
Casella Waste Systems, Inc., Class A * | 11,000 | 56 | ||||||
CBIZ, Inc. * | 8,995 | 73 | ||||||
CDI Corp. | 5,320 | 69 | ||||||
Cenveo, Inc. * | 9,875 | 48 | ||||||
Clean Harbors, Inc. * | 2,865 | 188 | ||||||
Comfort Systems USA, Inc. | 10,200 | 95 | ||||||
Consolidated Graphics, Inc. * | 6,980 | 91 | ||||||
Copart, Inc. * | 5,765 | 201 | ||||||
Cornell Cos., Inc. * | 4,800 | 109 | ||||||
CoStar Group, Inc. * | 1,640 | 59 | ||||||
Courier Corp. | 1,255 | 22 | ||||||
CRA International, Inc. * | 1,945 | 53 | ||||||
EnergySolutions | 15,600 | 70 | ||||||
Ennis, Inc. | 9,740 | 115 | ||||||
First Advantage Corp., Class A * | 9,700 | 106 | ||||||
FTI Consulting, Inc. * | 3,865 | 225 | ||||||
G & K Services, Inc., Class A | 4,950 | 112 | ||||||
Healthcare Services Group, Inc. | 8,470 | 140 | ||||||
Heidrick & Struggles International, Inc. | 5,170 | 125 | ||||||
Herman Miller, Inc. | 9,330 | 205 | ||||||
Hudson Highland Group, Inc. * | 21,985 | 115 | ||||||
ICT Group, Inc. * | 4,000 | 21 | ||||||
Interface, Inc., Class A | 16,925 | 119 | ||||||
Kforce, Inc. * | 15,700 | 124 | ||||||
Kimball International, Inc., Class B | 26,525 | 198 | ||||||
Knoll, Inc. | 14,100 | 204 | ||||||
Korn/Ferry International * | 9,830 | 137 | ||||||
LECG Corp. * | 3,655 | 18 | ||||||
M&F Worldwide Corp. * | 5,000 | 115 | ||||||
McGrath Rentcorp | 6,125 | 139 | ||||||
Mine Safety Appliances Co. | 5,185 | 140 | ||||||
Mobile Mini, Inc. * | 11,625 | 195 | ||||||
Monster Worldwide, Inc. * | 14,120 | 201 | ||||||
MPS Group, Inc. * | 30,445 | 237 | ||||||
Navigant Consulting, Inc. * | 11,725 | 190 | ||||||
Resources Connection, Inc. * | 9,800 | 170 | ||||||
Rollins, Inc. | 8,415 | 148 | ||||||
Schawk, Inc. | 2,660 | 35 | ||||||
School Specialty, Inc. * | 8,000 | 168 | ||||||
Spherion Corp. * | 27,890 | 89 | ||||||
Standard Parking Corp. * | 1,600 | 34 | ||||||
Stericycle, Inc. * | 5,290 | 309 | ||||||
Sykes Enterprises, Inc. * | 8,030 | 128 | ||||||
Tetra Tech, Inc. * | 15,055 | 331 | ||||||
The Advisory Board Co. * | 4,630 | 114 | ||||||
The Corporate Executive Board Co. | 3,150 | 94 | ||||||
The Dun & Bradstreet Corp. | 4,020 | 296 | ||||||
The Geo Group, Inc. * | 3,590 | 63 | ||||||
The Standard Register Co. | 19,150 | 156 | ||||||
TrueBlue, Inc. * | 17,430 | 145 | ||||||
Viad Corp. | 8,065 | 176 | ||||||
Volt Information Sciences, Inc. * | 8,650 | 66 | ||||||
Waste Connections, Inc. * | 13,630 | 461 | ||||||
Waste Services, Inc. * | 4,500 | 27 | ||||||
Watson Wyatt Worldwide, Inc., Class A | 5,495 | 233 | ||||||
8,196 | ||||||||
Consumer Durables & Apparel 3.1% | ||||||||
Arctic Cat, Inc. | 17,300 | 131 | ||||||
Bassett Furniture Industries, Inc. | 4,900 | 22 | ||||||
Blyth, Inc. | 11,490 | 99 | ||||||
California Coastal Communities, Inc. * | 10,575 | 13 | ||||||
Callaway Golf Co. | 15,855 | 166 | ||||||
Carter’s, Inc. * | 8,525 | 181 | ||||||
Champion Enterprises, Inc. * | 13,605 | 25 | ||||||
Cherokee, Inc. | 1,000 | 21 | ||||||
Columbia Sportswear Co. | 2,880 | 106 | ||||||
Crocs, Inc. * | 2,460 | 6 | ||||||
CSS Industries, Inc. | 6,095 | 135 | ||||||
Deckers Outdoor Corp. * | 1,630 | 138 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Ethan Allen Interiors, Inc. | 12,885 | 231 | ||||||
Fossil, Inc. * | 6,805 | 123 | ||||||
G-III Apparel Group Ltd. * | 2,900 | 40 | ||||||
Hooker Furniture Corp. | 1,500 | 14 | ||||||
Iconix Brand Group, Inc. * | 11,800 | 128 | ||||||
JAKKS Pacific, Inc. * | 7,625 | 171 | ||||||
K-Swiss, Inc., Class A | 9,830 | 149 | ||||||
Kenneth Cole Productions, Inc., Class A | 3,840 | 51 | ||||||
La-Z-Boy, Inc. | 44,000 | 254 | ||||||
Leapfrog Enterprises, Inc. * | 25,735 | 174 | ||||||
Libbey, Inc. | 2,500 | 9 | ||||||
M/I Homes, Inc. | 12,100 | 165 | ||||||
Maidenform Brands, Inc. * | 2,300 | 25 | ||||||
Marine Products Corp. | 3,180 | 20 | ||||||
Movado Group, Inc. | 6,100 | 93 | ||||||
National Presto Industries, Inc. | 1,245 | 82 | ||||||
Nautilus, Inc. * | 23,375 | 57 | ||||||
Oxford Industries, Inc. | 9,710 | 131 | ||||||
Palm Harbor Homes, Inc. * | 24,900 | 214 | ||||||
Perry Ellis International, Inc. * | 4,700 | 46 | ||||||
Phillips-Van Heusen Corp. | 9,470 | 232 | ||||||
Pool Corp. | 13,380 | 233 | ||||||
RC2 Corp. * | 8,720 | 111 | ||||||
Russ Berrie & Co., Inc. * | 7,055 | 19 | ||||||
Sealy Corp. | 5,130 | 17 | ||||||
Skechers U.S.A., Inc., Class A * | 11,685 | 159 | ||||||
Skyline Corp. | 2,085 | 45 | ||||||
Steinway Musical Instruments, Inc. * | 1,700 | 38 | ||||||
Steven Madden Ltd. * | 5,175 | 113 | ||||||
Sturm, Ruger & Co., Inc. * | 4,300 | 31 | ||||||
Tempur-Pedic International, Inc. | 15,515 | 121 | ||||||
The Warnaco Group, Inc. * | 9,260 | 276 | ||||||
Under Armour, Inc., Class A * | 4,735 | 123 | ||||||
Unifi, Inc. * | 52,600 | 252 | ||||||
UniFirst Corp. | 5,125 | 167 | ||||||
Velcro Industries N.V. | 600 | 12 | ||||||
Weyco Group, Inc. | 4,600 | 128 | ||||||
Wolverine World Wide, Inc. | 8,950 | 210 | ||||||
5,507 | ||||||||
Consumer Services 4.1% | ||||||||
AFC Enterprises, Inc. * | 26,100 | 127 | ||||||
Ameristar Casinos, Inc. | 13,935 | 128 | ||||||
Bally Technologies, Inc. * | 6,425 | 142 | ||||||
Benihana, Inc., Class A * | 800 | 2 | ||||||
Bluegreen Corp. * | 8,870 | 43 | ||||||
Bob Evans Farms, Inc. | 10,865 | 227 | ||||||
California Pizza Kitchen, Inc. * | 3,700 | 36 | ||||||
CBRL Group, Inc. | 10,220 | 204 | ||||||
CEC Entertainment, Inc. * | 6,980 | 179 | ||||||
Chipotle Mexican Grill, Inc., Class A * | 1,060 | 54 | ||||||
Chipotle Mexican Grill, Inc., Class B * | 3,100 | 133 | ||||||
Choice Hotels International, Inc. | 5,490 | 150 | ||||||
Churchill Downs, Inc. | 3,595 | 137 | ||||||
CKE Restaurants, Inc. | 21,565 | 183 | ||||||
Coinstar, Inc. * | 5,125 | 123 | ||||||
Corinthian Colleges, Inc. * | 30,765 | 439 | ||||||
Denny’s Corp. * | 20,300 | 36 | ||||||
DeVry, Inc. | 5,085 | 288 | ||||||
DineEquity, Inc. | 2,190 | 39 | ||||||
Domino’s Pizza, Inc. * | 15,215 | 90 | ||||||
Dover Downs Gaming & Entertainment, Inc. | 3,900 | 20 | ||||||
Gaylord Entertainment Co. * | 9,040 | 194 | ||||||
Great Wolf Resorts, Inc. * | 5,700 | 11 | ||||||
International Speedway Corp., Class A | 8,290 | 260 | ||||||
Isle of Capri Casinos, Inc. * | 11,275 | 57 | ||||||
ITT Educational Services, Inc. * | 3,355 | 294 | ||||||
Jackson Hewitt Tax Service, Inc. | 5,205 | 72 | ||||||
Krispy Kreme Doughnuts, Inc. * | 18,675 | 52 | ||||||
Landry’s Restaurants, Inc. | 9,740 | 122 | ||||||
LIFE TIME FITNESS, Inc. * | 5,285 | 101 | ||||||
Lincoln Educational Services * | 3,500 | 51 | ||||||
Lodgian, Inc. * | 5,400 | 28 | ||||||
Luby’s, Inc. * | 4,700 | 23 | ||||||
Matthews International Corp., Class A | 4,215 | 188 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc. * | 2,100 | 10 | ||||||
Morgans Hotel Group * | 5,100 | 24 | ||||||
MTR Gaming Group, Inc. * | 7,005 | 19 | ||||||
Multimedia Games, Inc. * | 3,280 | 10 | ||||||
O’Charley’s, Inc. | 13,975 | 105 | ||||||
P.F. Chang’s China Bistro, Inc. * | 4,505 | 92 | ||||||
Panera Bread Co., Class A * | 4,775 | 215 | ||||||
Papa John’s International, Inc. * | 5,710 | 129 | ||||||
Pinnacle Entertainment, Inc. * | 17,585 | 98 | ||||||
Pre-Paid Legal Services, Inc. * | 760 | 30 | ||||||
Red Lion Hotels Corp. * | 5,000 | 14 | ||||||
Red Robin Gourmet Burgers, Inc. * | 2,580 | 39 | ||||||
Ruby Tuesday, Inc. * | 42,970 | 104 | ||||||
Scientific Games Corp., Class A * | 10,730 | 193 | ||||||
Sonic Corp. * | 8,000 | 86 | ||||||
Sotheby’s | 3,600 | 33 | ||||||
Speedway Motorsports, Inc. | 7,415 | 118 | ||||||
Steiner Leisure Ltd. * | 1,260 | 33 | ||||||
Stewart Enterprises, Inc., Class A | 29,360 | 152 | ||||||
Strayer Education, Inc. | 647 | 146 | ||||||
Texas Roadhouse, Inc., Class A * | 17,510 | 123 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
The Cheesecake Factory, Inc. * | 14,135 | 124 | ||||||
The Marcus Corp. | 12,230 | 172 | ||||||
The Steak n Shake Co. * | 15,470 | 80 | ||||||
Tim Hortons, Inc. | 10,630 | 268 | ||||||
Trump Entertainment Resorts, Inc. * | 36,108 | 24 | ||||||
Universal Technical Institute, Inc. * | 3,780 | 62 | ||||||
Vail Resorts, Inc. * | 5,460 | 182 | ||||||
Weight Watchers International, Inc. | 3,180 | 99 | ||||||
WMS Industries, Inc. * | 5,792 | 145 | ||||||
Wynn Resorts Ltd. | 2,085 | 126 | ||||||
7,288 | ||||||||
Diversified Financials 3.2% | ||||||||
Advance America Cash Advance Centers, Inc. | 14,115 | 38 | ||||||
Advanta Corp., Class A | 352 | 1 | ||||||
Advanta Corp., Class B | 17,042 | 77 | ||||||
Affiliated Managers Group, Inc. * | 5,219 | 242 | ||||||
Ares Capital Corp. | 21,895 | 172 | ||||||
Asset Acceptance Capital Corp. * | 12,860 | 104 | ||||||
ASTA Funding, Inc. | 2,000 | 7 | ||||||
BGC Partners, Inc., Class A | 7,720 | 32 | ||||||
BlackRock Kelso Capital Corp. | 6,000 | 63 | ||||||
Calamos Asset Management, Inc., Class A | 5,075 | 42 | ||||||
Capital Southwest Corp. | 1,166 | 119 | ||||||
Cash America International, Inc. | 4,805 | 170 | ||||||
Cohen & Steers, Inc. | 5,440 | 99 | ||||||
Compass Diversified Holdings | 10,500 | 128 | ||||||
Cowen Group, Inc. * | 4,700 | 33 | ||||||
Credit Acceptance Corp. * | 2,675 | 41 | ||||||
Deerfield Capital Corp. | 694 | 2 | ||||||
Dollar Financial Corp. * | 2,565 | 30 | ||||||
Eaton Vance Corp. | 12,015 | 264 | ||||||
Encore Capital Group, Inc. * | 16,255 | 152 | ||||||
Evercore Partners, Inc., Class A | 1,900 | 23 | ||||||
EZCORP, Inc., Class A * | 8,100 | 128 | ||||||
FBR Capital Markets Corp. * | 5,300 | 29 | ||||||
FCStone Group, Inc. * | 1,300 | 8 | ||||||
Financial Federal Corp. | 5,810 | 134 | ||||||
First Cash Financial Services, Inc. * | 7,990 | 123 | ||||||
GAMCO Investors, Inc., Class A | 3,035 | 116 | ||||||
GFI Group, Inc. | 7,720 | 25 | ||||||
Gladstone Capital Corp. | 3,100 | 37 | ||||||
Greenhill & Co., Inc. | 1,835 | 121 | ||||||
IntercontinentalExchange, Inc. * | 1,725 | 148 | ||||||
Invesco Ltd. | 6,867 | 102 | ||||||
Investment Technology Group, Inc. * | 5,055 | 103 | ||||||
KBW, Inc. * | 3,500 | 102 | ||||||
Knight Capital Group, Inc., Class A * | 18,845 | 272 | ||||||
LaBranche & Co., Inc. * | 38,475 | 240 | ||||||
MCG Capital Corp. | 17,205 | 14 | ||||||
MSCI, Inc., Class A * | 12,100 | 209 | ||||||
NewStar Financial, Inc. * | 10,000 | 54 | ||||||
optionsXpress Holdings, Inc. | 8,010 | 142 | ||||||
Penson Worldwide, Inc. * | 4,000 | 29 | ||||||
PICO Holdings, Inc. * | 4,145 | 104 | ||||||
Piper Jaffray Cos., Inc. * | 8,005 | 316 | ||||||
Portfolio Recovery Associates, Inc. * | 3,645 | 131 | ||||||
Prospect Capital Corp. | 2,300 | 29 | ||||||
Rewards Network, Inc. * | 7,355 | 28 | ||||||
SEI Investments Co. | 10,890 | 193 | ||||||
Stifel Financial Corp. * | 2,550 | 111 | ||||||
SWS Group, Inc. | 13,120 | 243 | ||||||
The First Marblehead Corp. | 6,510 | 11 | ||||||
Thomas Weisel Partners Group, Inc. * | 4,600 | 26 | ||||||
W.P. Carey & Co., LLC | 9,325 | 214 | ||||||
Waddell & Reed Financial, Inc., Class A | 10,800 | 157 | ||||||
World Acceptance Corp. * | 6,560 | 121 | ||||||
5,659 | ||||||||
Energy 5.2% | ||||||||
Adams Resources & Energy, Inc. | 2,900 | 54 | ||||||
Allis-Chalmers Energy, Inc. * | 2,800 | 19 | ||||||
Alpha Natural Resources, Inc. * | 7,145 | 256 | ||||||
Atlas America, Inc. | 5,548 | 127 | ||||||
ATP Oil & Gas Corp. * | 2,245 | 27 | ||||||
Atwood Oceanics, Inc. * | 4,240 | 116 | ||||||
Aventine Renewable Energy Holdings, Inc. * | 21,015 | 41 | ||||||
Basic Energy Services, Inc. * | 9,045 | 124 | ||||||
Berry Petroleum Co., Class A | 3,260 | 76 | ||||||
Bill Barrett Corp. * | 5,280 | 108 | ||||||
Brigham Exploration Co. * | 6,815 | 53 | ||||||
Bristow Group, Inc. * | 6,285 | 156 | ||||||
Bronco Drilling Co., Inc. * | 605 | 5 | ||||||
Cabot Oil & Gas Corp. | 7,450 | 209 | ||||||
Cal Dive International, Inc. * | 14,143 | 120 | ||||||
Callon Petroleum Co. * | 2,800 | 29 | ||||||
CARBO Ceramics, Inc. | 2,580 | 112 | ||||||
Carrizo Oil & Gas, Inc. * | 4,955 | 116 | ||||||
Clayton Williams Energy, Inc. * | 705 | 34 | ||||||
CNX Gas Corp. * | 6,600 | 167 | ||||||
Complete Production Services, Inc. * | 13,610 | 169 | ||||||
Comstock Resources, Inc. * | 8,375 | 414 | ||||||
Continental Resources, Inc. * | 4,900 | 159 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Copano Energy LLC | 2,700 | 59 | ||||||
Crosstex Energy, Inc. | 3,760 | 38 | ||||||
Delek US Holdings, Inc. | 2,870 | 16 | ||||||
Delta Petroleum Corp. * | 12,015 | 113 | ||||||
DHT Maritime, Inc. | 7,300 | 38 | ||||||
Dresser-Rand Group, Inc. * | 10,050 | 225 | ||||||
Dril-Quip, Inc. * | 4,385 | 108 | ||||||
Edge Petroleum Corp. * | 12,500 | 7 | ||||||
Encore Acquisition Co. * | 6,705 | 209 | ||||||
Energy Partners Ltd. * | 19,575 | 85 | ||||||
EXCO Resources, Inc. * | 26,405 | 243 | ||||||
Global Industries Ltd. * | 6,405 | 16 | ||||||
Grey Wolf, Inc. * | 41,885 | 269 | ||||||
Gulf Island Fabrication, Inc. | 1,100 | 22 | ||||||
GulfMark Offshore, Inc. * | 2,285 | 84 | ||||||
Harvest Natural Resources, Inc. * | 3,850 | 33 | ||||||
Hercules Offshore, Inc. * | 15,316 | 112 | ||||||
Holly Corp. | 5,170 | 101 | ||||||
Hornbeck Offshore Services, Inc. * | 5,040 | 120 | ||||||
IHS, Inc., Class A * | 1,610 | 57 | ||||||
International Coal Group, Inc. * | 22,355 | 105 | ||||||
ION Geophysical Corp. * | 15,505 | 102 | ||||||
James River Coal Co. * | 8,200 | 158 | ||||||
Key Energy Services, Inc. * | 26,300 | 163 | ||||||
Kinder Morgan Management L.L.C. * | 7,984 | 399 | ||||||
Linn Energy L.L.C. | 7,800 | 130 | ||||||
Lufkin Industries, Inc. | 2,155 | 113 | ||||||
Mariner Energy, Inc. * | 14,400 | 207 | ||||||
Matrix Service Co. * | 2,500 | 31 | ||||||
NATCO Group, Inc., Class A * | 4,700 | 99 | ||||||
Newpark Resources, Inc. * | 33,940 | 195 | ||||||
Oceaneering International, Inc. * | 5,500 | 155 | ||||||
Oil States International, Inc. * | 5,910 | 137 | ||||||
Parker Drilling Co. * | 34,250 | 175 | ||||||
Penn Virginia Corp. | 5,240 | 195 | ||||||
Petroleum Development Corp. * | 855 | 18 | ||||||
PetroQuest Energy, Inc. * | 4,985 | 50 | ||||||
PHI, Inc. * | 4,825 | 101 | ||||||
Pioneer Drilling Co. * | 7,260 | 56 | ||||||
Quicksilver Resources, Inc. * | 9,050 | 95 | ||||||
Range Resources Corp. | 5,910 | 249 | ||||||
Rosetta Resources, Inc. * | 15,230 | 161 | ||||||
RPC, Inc. | 12,915 | 137 | ||||||
SandRidge Energy, Inc. * | 8,000 | 86 | ||||||
St. Mary Land & Exploration Co. | 8,500 | 212 | ||||||
Stone Energy Corp. * | 330 | 10 | ||||||
Superior Energy Services, Inc. * | 6,170 | 131 | ||||||
Superior Well Services, Inc. * | 1,700 | 28 | ||||||
Swift Energy Co. * | 7,405 | 237 | ||||||
TETRA Technologies, Inc. * | 7,280 | 51 | ||||||
Trico Marine Services, Inc. * | 900 | 8 | ||||||
Ultra Petroleum Corp. * | 3,940 | 183 | ||||||
Venoco, Inc. * | 3,000 | 13 | ||||||
VeraSun Energy Corp. * | 9,421 | 4 | ||||||
W&T Offshore, Inc. | 2,620 | 50 | ||||||
Walter Industries, Inc. | 4,195 | 162 | ||||||
Western Refining, Inc. | 3,335 | 22 | ||||||
Willbros Group, Inc. * | 2,000 | 31 | ||||||
9,105 | ||||||||
Food & Staples Retailing 0.9% | ||||||||
Arden Group, Inc., Class A | 700 | 105 | ||||||
Ingles Markets, Inc., Class A | 10,900 | 204 | ||||||
PriceSmart, Inc. | 9,900 | 148 | ||||||
Spartan Stores, Inc. | 11,300 | 305 | ||||||
Susser Holdings Corp. * | 2,400 | 37 | ||||||
The Andersons, Inc. | 5,905 | 157 | ||||||
United Natural Foods, Inc. * | 21,455 | 479 | ||||||
Village Super Market, Inc., Class A | 3,501 | 172 | ||||||
1,607 | ||||||||
Food, Beverage & Tobacco 2.4% | ||||||||
Alliance One International, Inc. * | 27,830 | 93 | ||||||
B&G Foods, Inc., Class A | 4,200 | 16 | ||||||
Cal-Maine Foods, Inc. | 5,000 | 147 | ||||||
Central European Distribution Corp. * | 3,760 | 108 | ||||||
Coca-Cola Bottling Co. Consolidated | 3,300 | 146 | ||||||
Darling International, Inc. * | 14,900 | 112 | ||||||
Diamond Foods, Inc. | 7,000 | 205 | ||||||
Farmer Brothers Co. | 925 | 22 | ||||||
Flowers Foods, Inc. | 15,937 | 473 | ||||||
Hansen Natural Corp. * | 4,655 | 118 | ||||||
Imperial Sugar Co. | 14,400 | 171 | ||||||
J & J Snack Foods Corp. | 3,775 | 118 | ||||||
John B. Sanfilippo & Son, Inc. * | 4,800 | 35 | ||||||
Lancaster Colony Corp. | 7,465 | 235 | ||||||
Lance, Inc. | 11,060 | 229 | ||||||
National Beverage Corp. * | 4,500 | 41 | ||||||
Ralcorp Holdings, Inc. * | 12,745 | 863 | ||||||
Reddy Ice Holdings, Inc. | 1,910 | 5 | ||||||
Sanderson Farms, Inc. | 4,700 | 147 | ||||||
Seneca Foods Corp., Class A * | 1,600 | 26 | ||||||
The Boston Beer Co., Inc., Class A * | 3,000 | 113 | ||||||
The Hain Celestial Group, Inc. * | 9,090 | 211 | ||||||
Tootsie Roll Industries, Inc. | 6,950 | 173 | ||||||
TreeHouse Foods, Inc. * | 11,145 | 337 | ||||||
Vector Group Ltd. | 9,580 | 163 | ||||||
4,307 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Health Care Equipment & Services 5.4% | ||||||||
Advanced Medical Optics, Inc. * | 13,700 | 85 | ||||||
Air Methods Corp. * | 1,000 | 17 | ||||||
Alliance Imaging, Inc. * | 3,875 | 32 | ||||||
Allscripts Healthcare Solutions, Inc. | 13,040 | 85 | ||||||
Amedisys, Inc. * | 2,970 | 168 | ||||||
America Service Group, Inc. * | 5,000 | 44 | ||||||
American Medical Systems Holdings, Inc. * | 9,465 | 102 | ||||||
AMN Healthcare Services, Inc. * | 10,665 | 96 | ||||||
AmSurg Corp. * | 8,225 | 205 | ||||||
Analogic Corp. | 3,165 | 140 | ||||||
AngioDynamics, Inc. * | 3,500 | 44 | ||||||
ArthroCare Corp. * | 2,260 | 47 | ||||||
Assisted Living Concepts, Inc., Class A * | 8,100 | 40 | ||||||
BioScrip, Inc. * | 7,800 | 23 | ||||||
Catalyst Health Solutions, Inc. * | 5,500 | 93 | ||||||
Centene Corp. * | 13,240 | 249 | ||||||
Chemed Corp. | 3,395 | 149 | ||||||
CONMED Corp. * | 7,735 | 203 | ||||||
CorVel Corp. * | 465 | 12 | ||||||
Cross Country Healthcare, Inc. * | 15,265 | 173 | ||||||
Datascope Corp. | 2,705 | 136 | ||||||
Eclipsys Corp. * | 3,080 | 46 | ||||||
Edwards Lifesciences Corp. * | 8,410 | 444 | ||||||
Emergency Medical Services Corp., Class A * | 14,800 | 486 | ||||||
Five Star Quality Care, Inc. * | 6,000 | 12 | ||||||
Gen-Probe, Inc. * | 3,895 | 183 | ||||||
Gentiva Health Services, Inc. * | 13,225 | 359 | ||||||
Greatbatch, Inc. * | 5,120 | 111 | ||||||
Haemonetics Corp. * | 3,100 | 183 | ||||||
Hanger Orthopedic Group, Inc. * | 13,200 | 220 | ||||||
HEALTHSOUTH Corp. * | 14,300 | 179 | ||||||
Healthspring, Inc. * | 11,850 | 196 | ||||||
HealthTronics, Inc. * | 12,824 | 25 | ||||||
Healthways, Inc. * | 2,660 | 27 | ||||||
Hologic, Inc. * | 8,540 | 105 | ||||||
ICU Medical, Inc. * | 650 | 21 | ||||||
IDEXX Laboratories, Inc. * | 3,840 | 135 | ||||||
Immucor, Inc. * | 5,200 | 138 | ||||||
Integra LifeSciences Holdings * | 3,570 | 134 | ||||||
Intuitive Surgical, Inc. * | 575 | 99 | ||||||
Invacare Corp. | 10,065 | 183 | ||||||
inVentiv Health, Inc. * | 1,990 | 19 | ||||||
Inverness Medical Innovations, Inc. * | 6,980 | 134 | ||||||
Kinetic Concepts, Inc. * | 5,370 | 130 | ||||||
Landauer, Inc. | 1,850 | 100 | ||||||
LCA-Vision, Inc. | 1,230 | 4 | ||||||
MedCath Corp. * | 5,580 | 86 | ||||||
Mentor Corp. | 7,190 | 122 | ||||||
Meridian Bioscience, Inc. | 4,925 | 121 | ||||||
Merit Medical Systems, Inc. * | 2,920 | 53 | ||||||
Molina Healthcare, Inc. * | 4,905 | 109 | ||||||
MWI Veterinary Supply, Inc. * | 2,800 | 97 | ||||||
National Healthcare Corp. | 1,550 | 64 | ||||||
Odyssey HealthCare, Inc. * | 4,300 | 41 | ||||||
Pediatrix Medical Group, Inc. * | 4,555 | 176 | ||||||
PSS World Medical, Inc. * | 14,870 | 270 | ||||||
Psychiatric Solutions, Inc. * | 5,895 | 196 | ||||||
RehabCare Group, Inc. * | 3,445 | 59 | ||||||
Res-Care, Inc. * | 7,625 | 118 | ||||||
Sirona Dental Systems, Inc. * | 7,090 | 113 | ||||||
Skilled Healthcare Group, Inc., Class A * | 16,500 | 203 | ||||||
STERIS Corp. | 11,410 | 388 | ||||||
Sun Healthcare Group, Inc. * | 9,800 | 113 | ||||||
Sunrise Senior Living, Inc. * | 5,645 | 17 | ||||||
SXC Health Solutions Corp. * | 868 | 11 | ||||||
Symmetry Medical, Inc. * | 2,570 | 33 | ||||||
The Cooper Cos., Inc. | 9,285 | 153 | ||||||
Thoratec Corp. * | 9,345 | 230 | ||||||
Triple-S Management Corp., Class B * | 6,800 | 69 | ||||||
Universal American Financial Corp. * | 9,995 | 88 | ||||||
VCA Antech, Inc. * | 8,175 | 148 | ||||||
WellCare Health Plans, Inc. * | 4,285 | 104 | ||||||
West Pharmaceutical Services, Inc. | 5,120 | 204 | ||||||
Wright Medical Group, Inc. * | 5,400 | 125 | ||||||
Zoll Medical Corp. * | 5,575 | 134 | ||||||
9,461 | ||||||||
Household & Personal Products 0.9% | ||||||||
Bare Escentuals, Inc. * | 4,935 | 21 | ||||||
Central Garden & Pet Co. * | 26,500 | 90 | ||||||
Central Garden & Pet Co., Class A * | 27,230 | 87 | ||||||
Chattem, Inc. * | 1,655 | 125 | ||||||
Church & Dwight Co., Inc. | 7,515 | 444 | ||||||
Elizabeth Arden, Inc. * | 12,570 | 217 | ||||||
Herbalife Ltd. | 3,205 | 78 | ||||||
Inter Parfums, Inc. | 2,250 | 26 | ||||||
Nu Skin Enterprises, Inc., Class A | 12,910 | 166 | ||||||
Prestige Brands Holdings, Inc. * | 5,010 | 35 | ||||||
Spectrum Brands, Inc. * | 15,615 | 9 | ||||||
USANA Health Sciences, Inc. * | 3,230 | 123 | ||||||
WD-40 Co. | 3,915 | 114 | ||||||
1,535 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Insurance 3.0% | ||||||||
American Equity Investment Life Holding Co. | 19,335 | 87 | ||||||
American Physicians Capital, Inc. | 3,300 | 135 | ||||||
Amerisafe, Inc. * | 5,300 | 91 | ||||||
AmTrust Financial Services, Inc. | 12,800 | 126 | ||||||
Argo Group International Holdings Ltd. * | 959 | 31 | ||||||
Baldwin & Lyons, Inc., Class B | 2,350 | 43 | ||||||
Brown & Brown, Inc. | 21,340 | 438 | ||||||
CNA Surety Corp. * | 4,320 | 60 | ||||||
Crawford & Co., Class A * | 14,105 | 109 | ||||||
Crawford & Co., Class B * | 22,015 | 319 | ||||||
Delphi Financial Group, Inc., Class A | 12,320 | 194 | ||||||
Donegal Group, Inc., Class A | 4,800 | 79 | ||||||
Employers Holdings, Inc. | 12,800 | 163 | ||||||
FBL Financial Group, Inc., Class A | 7,800 | 136 | ||||||
First Acceptance Corp. * | 11,499 | 35 | ||||||
First Mercury Financial Corp. * | 3,000 | 32 | ||||||
FPIC Insurance Group, Inc. * | 2,250 | 101 | ||||||
Harleysville Group, Inc. | 7,835 | 247 | ||||||
Hilltop Holdings, Inc. * | 14,390 | 135 | ||||||
Horace Mann Educators Corp. | 13,870 | 110 | ||||||
Infinity Property & Casualty Corp. | 4,845 | 193 | ||||||
Kansas City Life Insurance Co. | 1,327 | 63 | ||||||
Meadowbrook Insurance Group, Inc. | 7,500 | 40 | ||||||
National Financial Partners Corp. | 11,125 | 74 | ||||||
National Western Life Insurance Co., Class A | 1,164 | 220 | ||||||
PMA Capital Corp., Class A * | 11,370 | 53 | ||||||
Presidential Life Corp. | 12,445 | 117 | ||||||
ProAssurance Corp. * | 6,645 | 365 | ||||||
RLI Corp. | 4,410 | 253 | ||||||
Safety Insurance Group, Inc. | 5,205 | 198 | ||||||
Seabright Insurance Holdings * | 3,000 | 31 | ||||||
State Auto Financial Corp. | 9,930 | 262 | ||||||
The Navigators Group, Inc. * | 3,485 | 176 | ||||||
United America Indemnity Ltd., Class A * | 8,290 | 99 | ||||||
United Fire & Casualty Co. | 6,760 | 157 | ||||||
Zenith National Insurance Corp. | 8,990 | 295 | ||||||
5,267 | ||||||||
Materials 4.2% | ||||||||
A. Schulman, Inc. | 12,470 | 223 | ||||||
A.M. Castle & Co. | 9,800 | 119 | ||||||
AEP Industries, Inc. * | 1,400 | 27 | ||||||
AMCOL International Corp. | 5,820 | 143 | ||||||
Arch Chemicals, Inc. | 7,450 | 211 | ||||||
Brush Engineered Materials, Inc. * | 2,100 | 26 | ||||||
Buckeye Technologies, Inc. * | 8,680 | 51 | ||||||
Bway Holding Co. * | 4,100 | 31 | ||||||
Calgon Carbon Corp. * | 9,100 | 121 | ||||||
Caraustar Industries, Inc. * | 20,704 | 7 | ||||||
Century Aluminum Co. * | 7,115 | 89 | ||||||
CF Industries Holdings, Inc. | 2,725 | 175 | ||||||
Cliffs Natural Resources, Inc. | 7,240 | 195 | ||||||
Compass Minerals International, Inc. | 1,830 | 101 | ||||||
Constar International, Inc. * | 19,200 | 8 | ||||||
Deltic Timber Corp. | 1,500 | 68 | ||||||
Eagle Materials, Inc. | 9,490 | 168 | ||||||
Ferro Corp. | 24,030 | 372 | ||||||
GenTek, Inc. * | 14,470 | 260 | ||||||
Georgia Gulf Corp. | 25,205 | 58 | ||||||
Glatfelter | 17,145 | 177 | ||||||
H.B. Fuller Co. | 11,780 | 208 | ||||||
Haynes International, Inc. * | 4,100 | 104 | ||||||
Headwaters, Inc. * | 31,220 | 331 | ||||||
Hecla Mining Co. * | 3,365 | 8 | ||||||
Horsehead Holding Corp. * | 3,100 | 11 | ||||||
Innophos Holdings, Inc. | 7,500 | 201 | ||||||
Innospec, Inc. | 4,680 | 41 | ||||||
Kaiser Aluminum Corp. | 3,700 | 124 | ||||||
Koppers Holdings, Inc. | 2,500 | 60 | ||||||
Mercer International, Inc. * | 11,700 | 33 | ||||||
Minerals Technologies, Inc. | 4,430 | 251 | ||||||
Myers Industries, Inc. | 15,805 | 167 | ||||||
Neenah Paper, Inc. | 8,515 | 77 | ||||||
NewMarket Corp. | 2,335 | 88 | ||||||
NL Industries, Inc. | 12,865 | 177 | ||||||
Olympic Steel, Inc. | 1,600 | 37 | ||||||
OM Group, Inc. * | 8,315 | 177 | ||||||
Penford Corp. | 2,000 | 26 | ||||||
PolyOne Corp. * | 51,205 | 243 | ||||||
Quaker Chemical Corp. | 2,100 | 40 | ||||||
Rock-Tenn Co., Class A | 10,015 | 305 | ||||||
Royal Gold, Inc. | 2,330 | 67 | ||||||
RTI International Metals, Inc. * | 8,240 | 130 | ||||||
Schnitzer Steel Industries, Inc., Class A | 4,740 | 128 | ||||||
Schweitzer-Mauduit International, Inc. | 7,210 | 121 | ||||||
Sensient Technologies Corp. | 14,145 | 357 | ||||||
Spartech Corp. | 23,785 | 151 | ||||||
Stepan Co. | 2,265 | 81 | ||||||
Stillwater Mining Co. * | 7,240 | 29 | ||||||
Terra Industries, Inc. | 9,190 | 202 | ||||||
Texas Industries, Inc. | 5,045 | 160 | ||||||
Titanium Metals Corp. | 6,090 | 57 | ||||||
Tronox, Inc., Class A | 11,005 | 2 | ||||||
Tronox, Inc., Class B | 12,850 | 2 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
U.S. Concrete, Inc. * | 23,700 | 75 | ||||||
W.R. Grace & Co. * | 16,665 | 150 | ||||||
Wausau Paper Corp. | 29,310 | 271 | ||||||
Zoltek Cos., Inc. * | 1,700 | 20 | ||||||
7,342 | ||||||||
Media 1.5% | ||||||||
Alloy, Inc. * | 13,000 | 65 | ||||||
Arbitron, Inc. | 3,360 | 109 | ||||||
Carmike Cinemas, Inc. | 8,875 | 19 | ||||||
Cinemark Holdings, Inc. | 8,500 | 70 | ||||||
CKX, Inc. * | 6,835 | 30 | ||||||
Cox Radio, Inc., Class A * | 24,495 | 134 | ||||||
CTC Media, Inc. * | 9,300 | 69 | ||||||
Cumulus Media Inc., Class A * | 9,485 | 10 | ||||||
DreamWorks Animation SKG, Inc., Class A * | 7,945 | 223 | ||||||
Emmis Communications Corp., Class A * | 33,189 | 22 | ||||||
Entravision Communications Corp., Class A * | 30,255 | 57 | ||||||
GateHouse Media, Inc. | 5,000 | — | ||||||
Harte-Hanks, Inc. | 8,235 | 58 | ||||||
Interactive Data Corp. | 4,885 | 115 | ||||||
John Wiley & Sons, Inc., Class A | 9,015 | 314 | ||||||
Journal Communications, Inc., Class A | 16,255 | 41 | ||||||
LIN TV Corp., Class A * | 11,460 | 20 | ||||||
LodgeNet Interactive Corp. * | 2,000 | 2 | ||||||
Marvel Entertainment, Inc. * | 5,615 | 181 | ||||||
Media General, Inc., Class A | 24,170 | 184 | ||||||
Mediacom Communications Corp., Class A * | 54,440 | 242 | ||||||
Morningstar, Inc. * | 2,335 | 87 | ||||||
Navarre Corp. * | 56,003 | 52 | ||||||
Nexstar Broadcasting Group, Inc., Class A * | 5,600 | 7 | ||||||
Playboy Enterprises, Inc., Class B * | 3,900 | 10 | ||||||
Radio One, Inc., Class D * | 80,630 | 6 | ||||||
RCN Corp. * | 20,220 | 130 | ||||||
Saga Communications, Inc., Class A * | 10,783 | 58 | ||||||
Salem Communications Corp., Class A * | 8,790 | 9 | ||||||
Sinclair Broadcast Group, Inc., Class A | 16,510 | 53 | ||||||
Spanish Broadcasting System, Inc., Class A * | 30,600 | 7 | ||||||
Valassis Communications, Inc. * | 23,585 | 105 | ||||||
Westwood One, Inc. * | 35,720 | 10 | ||||||
World Wrestling Entertainment, Inc., Class A | 14,500 | 206 | ||||||
2,705 | ||||||||
Pharmaceuticals & Biotechnology 2.3% | ||||||||
Affymetrix, Inc. * | 3,890 | 14 | ||||||
Albany Molecular Research, Inc. * | 4,000 | 51 | ||||||
Alpharma, Inc., Class A * | 11,695 | 366 | ||||||
Bio-Rad Laboratories, Inc., Class A * | 3,250 | 277 | ||||||
Bruker Corp. * | 13,235 | 54 | ||||||
Cambrex Corp. * | 5,880 | 26 | ||||||
Celera Corp. * | 11,485 | 130 | ||||||
Dionex Corp. * | 2,550 | 137 | ||||||
Endo Pharmaceuticals Holdings, Inc. * | 13,910 | 257 | ||||||
ImClone Systems, Inc. * | 3,760 | 259 | ||||||
K-V Pharmaceutical Co., Class A * | 5,530 | 94 | ||||||
Kendle International, Inc. * | 800 | 14 | ||||||
Martek Biosciences Corp. * | 4,340 | 129 | ||||||
Medicis Pharmaceutical Corp., Class A | 7,225 | 103 | ||||||
Millipore Corp. * | 5,820 | 302 | ||||||
Par Pharmaceutical Cos., Inc. * | 11,670 | 117 | ||||||
PAREXEL International Corp. * | 6,520 | 68 | ||||||
PDL BioPharma, Inc. | 14,440 | 141 | ||||||
Pharmaceutical Product Development, Inc. | 7,965 | 247 | ||||||
Pharmanet Development Group, Inc. * | 1,695 | 3 | ||||||
Salix Pharmaceuticals Ltd. * | 8,495 | 78 | ||||||
Techne Corp. | 2,465 | 170 | ||||||
Valeant Pharmaceuticals International * | 22,575 | 424 | ||||||
Varian, Inc. * | 4,935 | 182 | ||||||
ViroPharma, Inc. * | 10,300 | 129 | ||||||
Waters Corp. * | 6,610 | 290 | ||||||
4,062 | ||||||||
Real Estate 6.0% | ||||||||
Acadia Realty Trust | 5,425 | 98 | ||||||
Agree Realty Corp. | 1,200 | 24 | ||||||
American Campus Communities, Inc. | 6,480 | 168 | ||||||
American Mortgage Acceptance Co. (b)* | 600 | — | ||||||
Anthracite Capital, Inc. | 64,625 | 280 | ||||||
Anworth Mortgage Asset Corp. | 27,755 | 163 | ||||||
Arbor Realty Trust, Inc. | 15,700 | 57 | ||||||
Ashford Hospitality Trust | 11,645 | 19 | ||||||
Associated Estates Realty Corp. | 3,200 | 26 | ||||||
Avatar Holdings, Inc. * | 3,445 | 117 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
BioMed Realty Trust, Inc. | 15,160 | 213 | ||||||
Capital Trust, Inc., Class A | 3,400 | 27 | ||||||
CapLease, Inc. | 4,200 | 28 | ||||||
Capstead Mortgage Corp. | 16,700 | 168 | ||||||
Cedar Shopping Centers, Inc. | 10,845 | 104 | ||||||
Corporate Office Properties Trust | 9,035 | �� | 281 | |||||
DCT Industrial Trust, Inc. | 36,400 | 179 | ||||||
DiamondRock Hospitality Co. | 21,575 | 112 | ||||||
Digital Realty Trust, Inc. | 4,670 | 156 | ||||||
Douglas Emmett, Inc. | 15,600 | 236 | ||||||
EastGroup Properties, Inc. | 5,630 | 189 | ||||||
Education Realty Trust, Inc. | 2,800 | 12 | ||||||
Entertainment Properties Trust | 7,830 | 293 | ||||||
Equity Lifestyle Properties, Inc. | 5,720 | 240 | ||||||
Essex Property Trust, Inc. | 3,856 | 375 | ||||||
Extra Space Storage, Inc. | 14,065 | 162 | ||||||
FelCor Lodging Trust, Inc. | 14,650 | 44 | ||||||
First Potomac Realty Trust | 9,500 | 117 | ||||||
Forest City Enterprises, Inc., Class A | 10,860 | 129 | ||||||
Franklin Street Properties Corp. | 28,570 | 338 | ||||||
Getty Realty Corp. | 9,360 | 182 | ||||||
Glimcher Realty Trust | 28,125 | 147 | ||||||
Grubb & Ellis Co. | 14,500 | 22 | ||||||
Hersha Hospitality Trust | 4,100 | 17 | ||||||
HomeBanc Corp. (b)(c)* | 6,875 | — | ||||||
Inland Real Estate Corp. | 17,670 | 203 | ||||||
Investors Real Estate Trust | 18,725 | 185 | ||||||
Jer Investors Trust, Inc. | 4,900 | 16 | ||||||
Jones Lang LaSalle, Inc. | 5,681 | 187 | ||||||
Kilroy Realty Corp. | 7,435 | 239 | ||||||
Kite Realty Group Trust | 2,900 | 18 | ||||||
LaSalle Hotel Properties | 9,540 | 134 | ||||||
Lexington Realty Trust | 28,270 | 227 | ||||||
LTC Properties, Inc. | 6,230 | 151 | ||||||
Maguire Properties, Inc. | 5,140 | 18 | ||||||
Medical Properties Trust, Inc. | 18,400 | 136 | ||||||
MFA Mortgage Investments, Inc. | 45,090 | 248 | ||||||
Mid-America Apartment Communities, Inc. | 6,545 | 231 | ||||||
Mission West Properties, Inc. | 14,600 | 126 | ||||||
National Health Investors, Inc. | 9,335 | 280 | ||||||
National Retail Properties, Inc. | 19,755 | 352 | ||||||
NorthStar Realty Finance Corp. | 23,100 | 133 | ||||||
OMEGA Healthcare Investors, Inc. | 12,190 | 184 | ||||||
One Liberty Properties, Inc. | 3,000 | 36 | ||||||
Parkway Properties, Inc. | 5,820 | 100 | ||||||
PS Business Parks, Inc. | 3,610 | 163 | ||||||
RAIT Financial Trust | 43,865 | 168 | ||||||
Ramco-Gershenson Properties Trust | 6,930 | 91 | ||||||
Resource Capital Corp. | 5,500 | 27 | ||||||
Saul Centers, Inc. | 3,185 | 117 | ||||||
Sovran Self Storage, Inc. | 6,510 | 211 | ||||||
Strategic Hotel & Resorts, Inc. | 20,455 | 101 | ||||||
Sun Communities, Inc. | 9,255 | 139 | ||||||
Sunstone Hotel Investors, Inc. | 16,305 | 107 | ||||||
Tanger Factory Outlet Centers, Inc. | 5,430 | 196 | ||||||
Taubman Centers, Inc. | 4,955 | 165 | ||||||
The St. Joe Co. * | 10,770 | 333 | ||||||
U-Store-It Trust | 19,815 | 136 | ||||||
Universal Health Realty Income Trust | 3,700 | 128 | ||||||
Urstadt Biddle Properties, Class A | 9,195 | 151 | ||||||
Vestin Realty Mortgage II, Inc. | 4,693 | 13 | ||||||
Washington Real Estate Investment Trust | 11,555 | 346 | ||||||
Winthrop Realty Trust | 5,000 | 13 | ||||||
10,532 | ||||||||
Retailing 5.3% | ||||||||
1-800-FLOWERS.COM, Inc., Class A * | 7,500 | 40 | ||||||
99 Cents Only Stores * | 20,000 | 244 | ||||||
A.C. Moore Arts & Crafts, Inc. * | 26,460 | 74 | ||||||
Aaron Rents, Inc. | 18,020 | 447 | ||||||
Aeropostale, Inc. * | 8,270 | 200 | ||||||
Audiovox Corp., Class A * | 6,000 | 35 | ||||||
bebe stores, Inc. | 18,390 | 163 | ||||||
Big 5 Sporting Goods Corp. | 13,140 | 82 | ||||||
Books-A-Million, Inc. | 3,600 | 11 | ||||||
Brown Shoe Co., Inc. | 21,662 | 228 | ||||||
Build-A-Bear Workshop, Inc. * | 20,900 | 109 | ||||||
Cabela’s, Inc. * | 22,480 | 179 | ||||||
Cache, Inc. * | 3,700 | 13 | ||||||
Casual Male Retail Group, Inc. * | 11,000 | 21 | ||||||
Charlotte Russe Holding, Inc. * | 13,515 | 114 | ||||||
Christopher & Banks Corp. | 21,040 | 110 | ||||||
Citi Trends, Inc. * | 2,300 | 38 | ||||||
Coldwater Creek, Inc. * | 23,840 | 86 | ||||||
Conn’s, Inc. * | 8,965 | 121 | ||||||
Cost Plus, Inc. * | 21,500 | 37 | ||||||
DSW, Inc., Class A * | 12,245 | 158 | ||||||
Eddie Bauer Holdings, Inc. * | 21,500 | 74 | ||||||
Finlay Enterprises, Inc. * | 4,600 | 1 | ||||||
Fred’s, Inc., Class A | 25,030 | 307 | ||||||
Gander Mountain Co. * | 6,400 | 13 | ||||||
Genesco, Inc. * | 7,780 | 193 | ||||||
Guess?, Inc. | 4,435 | 97 | ||||||
Hastings Entertainment, Inc. * | 4,320 | 20 | ||||||
Haverty Furniture Cos., Inc. | 14,100 | 139 | ||||||
hhgregg, Inc. * | 3,100 | 17 | ||||||
Hibbett Sports, Inc. * | 5,885 | 105 | ||||||
Hot Topic, Inc. * | 34,820 | 226 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
J. Crew Group, Inc. * | 6,130 | 124 | ||||||
Jo-Ann Stores, Inc. * | 15,950 | 306 | ||||||
Jos. A. Bank Clothiers, Inc. * | 5,290 | 135 | ||||||
Kirkland’s, Inc. * | 15,522 | 33 | ||||||
Lithia Motors, Inc., Class A | 20,435 | 84 | ||||||
LKQ Corp. * | 12,750 | 146 | ||||||
MarineMax, Inc. * | 17,700 | 41 | ||||||
Monro Muffler Brake, Inc. | 7,300 | 157 | ||||||
Mothers Work, Inc. * | 2,200 | 19 | ||||||
Netflix, Inc. * | 5,855 | 145 | ||||||
New York & Co, Inc. * | 15,400 | 43 | ||||||
NutriSystem, Inc. | 9,230 | 131 | ||||||
Orbitz Worldwide, Inc. * | 20,400 | 69 | ||||||
Pacific Sunwear of California, Inc. * | 29,050 | 99 | ||||||
Pier 1 Imports, Inc. * | 67,835 | 94 | ||||||
Pomeroy IT Solutions, Inc. * | 6,600 | 17 | ||||||
Priceline.com, Inc. * | 1,820 | 96 | ||||||
Retail Ventures, Inc. * | 18,200 | 37 | ||||||
REX Stores Corp. * | 2,100 | 19 | ||||||
Sally Beauty Holdings, Inc. * | 19,725 | 100 | ||||||
Select Comfort Corp. * | 12,770 | 6 | ||||||
Shoe Carnival, Inc. * | 7,300 | 102 | ||||||
Source Interlink Cos., Inc. * | 42,680 | 16 | ||||||
Stage Stores, Inc. | 17,695 | 136 | ||||||
Stein Mart, Inc. | 13,395 | 29 | ||||||
Systemax, Inc. | 14,685 | 208 | ||||||
The Bon-Ton Stores, Inc. | 22,600 | 51 | ||||||
The Buckle, Inc. | 4,823 | 127 | ||||||
The Cato Corp., Class A | 11,565 | 179 | ||||||
The Children’s Place Retail Stores, Inc. * | 6,840 | 229 | ||||||
The Dress Barn, Inc. * | 21,875 | 209 | ||||||
The Finish Line, Inc., Class A | 89,352 | 855 | ||||||
The Gymboree Corp. * | 4,120 | 106 | ||||||
The Men’s Wearhouse, Inc. | 14,255 | 218 | ||||||
The Pep Boys — Manny, Moe & Jack | 32,955 | 159 | ||||||
The Wet Seal, Inc., Class A * | 13,900 | 41 | ||||||
Tractor Supply Co. * | 10,040 | 417 | ||||||
Trans World Entertainment Corp. * | 47,400 | 114 | ||||||
Tuesday Morning Corp. * | 12,030 | 27 | ||||||
Tween Brands, Inc. * | 2,365 | 20 | ||||||
Ulta Salon, Cosmetics & Fragrance, Inc. * | 11,500 | 101 | ||||||
Urban Outfitters, Inc. * | 8,515 | 185 | ||||||
ValueVision Media, Inc., Class A * | 6,340 | 4 | ||||||
West Marine, Inc. * | 27,080 | 171 | ||||||
9,307 | ||||||||
Semiconductors & Semiconductor Equipment 2.5% | ||||||||
Actel Corp. * | 2,630 | 32 | ||||||
Advanced Energy Industries, Inc. * | 5,020 | 53 | ||||||
Applied Micro Circuits Corp. * | 26,840 | 137 | ||||||
Asyst Technologies, Inc. * | 18,495 | 12 | ||||||
Atheros Communications * | 2,745 | 49 | ||||||
ATMI, Inc. * | 9,815 | 119 | ||||||
Axcelis Technologies, Inc. * | 10,160 | 4 | ||||||
Brooks Automation, Inc. * | 21,290 | 146 | ||||||
Cabot Microelectronics Corp. * | 6,730 | 193 | ||||||
Cirrus Logic, Inc. * | 6,335 | 36 | ||||||
Cohu, Inc. | 1,610 | 23 | ||||||
Conexant Systems, Inc. * | 8,822 | 14 | ||||||
Cree, Inc. * | 10,595 | 208 | ||||||
Cymer, Inc. * | 6,920 | 169 | ||||||
Cypress Semiconductor Corp. * | 9,005 | 45 | ||||||
Diodes, Inc. * | 9,247 | 91 | ||||||
DSP Group, Inc. * | 3,640 | 23 | ||||||
Entegris, Inc. * | 21,465 | 58 | ||||||
Exar Corp. * | 3,315 | 22 | ||||||
FEI Co. * | 6,320 | 133 | ||||||
FormFactor, Inc. * | 9,565 | 167 | ||||||
Hittite Microwave Corp. * | 3,935 | 129 | ||||||
IXYS Corp. | 4,500 | 36 | ||||||
Kulicke & Soffa Industries, Inc. * | 10,400 | 31 | ||||||
Lattice Semiconductor Corp. * | 19,525 | 37 | ||||||
Mattson Technology, Inc. * | 5,700 | 15 | ||||||
Micrel, Inc. | 7,750 | 57 | ||||||
Microsemi Corp. * | 8,145 | 177 | ||||||
MKS Instruments, Inc. * | 11,050 | 205 | ||||||
OmniVision Technologies, Inc. * | 16,380 | 132 | ||||||
ON Semiconductor Corp. * | 65,474 | 335 | ||||||
Photronics, Inc. * | 13,945 | 10 | ||||||
PMC-Sierra, Inc. * | 33,325 | 156 | ||||||
Rambus, Inc. * | 14,165 | 130 | ||||||
RF Micro Devices, Inc. * | 56,265 | 112 | ||||||
Rudolph Technologies, Inc. * | 4,980 | 17 | ||||||
Semtech Corp. * | 11,305 | 137 | ||||||
Silicon Image, Inc. * | 7,960 | 36 | ||||||
Silicon Laboratories, Inc. * | 4,070 | 106 | ||||||
Silicon Storage Technology, Inc. * | 15,455 | 49 | ||||||
SiRF Technology Holdings, Inc. * | 7,665 | 7 | ||||||
Skyworks Solutions, Inc. * | 33,510 | 239 | ||||||
Standard Microsystems Corp. * | 2,790 | 50 | ||||||
Tessera Technologies, Inc. * | 9,440 | 163 | ||||||
TriQuint Semiconductor, Inc. * | 30,420 | 136 | ||||||
Varian Semiconductor Equipment Associates, Inc. * | 7,252 | 142 | ||||||
Veeco Instruments, Inc. * | 2,140 | 17 | ||||||
Zoran Corp. * | 7,635 | 62 | ||||||
4,457 | ||||||||
Software & Services 5.8% | ||||||||
ACI Worldwide, Inc. * | 10,295 | 141 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Acxiom Corp. | 27,575 | 217 | ||||||
Akamai Technologies, Inc. * | 11,275 | 162 | ||||||
ANSYS, Inc. * | 4,600 | 132 | ||||||
Ariba, Inc. * | 11,745 | 126 | ||||||
Borland Software Corp. * | 21,590 | 32 | ||||||
CDC Corp., Class A * | 12,670 | 15 | ||||||
CIBER, Inc. * | 42,970 | 232 | ||||||
Cognizant Technology Solutions Corp., Class A * | 12,270 | 236 | ||||||
Concur Technologies, Inc. * | 4,300 | 108 | ||||||
CSG Systems International, Inc. * | 15,045 | 250 | ||||||
DealerTrack Holdings, Inc. * | 9,345 | 100 | ||||||
Digital River, Inc. * | 4,650 | 115 | ||||||
EarthLink, Inc. * | 44,075 | 304 | ||||||
Epicor Software Corp. * | 4,945 | 35 | ||||||
EPIQ Systems, Inc. * | 10,370 | 141 | ||||||
Equinix, Inc. * | 1,030 | 64 | ||||||
Euronet Worldwide, Inc. * | 3,595 | 43 | ||||||
FactSet Research Systems, Inc. | 2,465 | 96 | ||||||
Fair Isaac Corp. | 10,385 | 162 | ||||||
Forrester Research, Inc. * | 5,475 | 154 | ||||||
Gartner, Inc. * | 7,800 | 144 | ||||||
Gevity HR, Inc. | 6,715 | 23 | ||||||
Global Cash Access Holdings, Inc. * | 8,135 | 23 | ||||||
Global Payments, Inc. | 7,970 | 323 | ||||||
GSI Commerce, Inc. * | 11,580 | 120 | ||||||
Heartland Payment Systems, Inc. | 6,405 | 111 | ||||||
Hlth Corp. * | 21,670 | 180 | ||||||
i2 Technologies, Inc. * | 4,500 | 64 | ||||||
infoGROUP, Inc. | 7,315 | 33 | ||||||
Informatica Corp. * | 12,675 | 178 | ||||||
InfoSpace, Inc. | 17,510 | 150 | ||||||
Interwoven, Inc. * | 10,625 | 134 | ||||||
Ipass, Inc. * | 15,100 | 29 | ||||||
j2 Global Communications, Inc. * | 7,685 | 124 | ||||||
Jack Henry & Associates, Inc. | 10,780 | 205 | ||||||
JDA Software Group, Inc. * | 2,385 | 34 | ||||||
Lawson Software, Inc. * | 18,620 | 99 | ||||||
Macrovision Solutions Corp. * | 11,569 | 128 | ||||||
Manhattan Associates, Inc. * | 1,095 | 18 | ||||||
ManTech International Corp., Class A * | 5,460 | 294 | ||||||
Marchex, Inc., Class B | 4,500 | 35 | ||||||
MAXIMUS, Inc. | 3,745 | 120 | ||||||
Mentor Graphics Corp. * | 25,380 | 186 | ||||||
MICROS Systems, Inc. * | 6,860 | 117 | ||||||
MicroStrategy, Inc., Class A * | 2,728 | 107 | ||||||
ModusLink Global Solutions, Inc. * | 17,595 | 98 | ||||||
MSC.Software Corp. * | 16,115 | 139 | ||||||
Ness Technologies, Inc. * | 14,600 | 108 | ||||||
Net 1 UEPS Technologies, Inc. * | 2,680 | 38 | ||||||
NeuStar, Inc., Class A * | 7,575 | 149 | ||||||
Novell, Inc. * | 51,735 | 241 | ||||||
Nuance Communications, Inc. * | 11,455 | 105 | ||||||
Openwave Systems, Inc. * | 4,435 | 3 | ||||||
Parametric Technology Corp. * | 16,700 | 217 | ||||||
Progress Software Corp. * | 5,550 | 127 | ||||||
Quality Systems, Inc. | 1,630 | 63 | ||||||
Quest Software, Inc. * | 12,380 | 164 | ||||||
RealNetworks, Inc. * | 10,345 | 44 | ||||||
Red Hat, Inc. * | 8,100 | 108 | ||||||
Renaissance Learning, Inc. | 3,540 | 48 | ||||||
Salesforce.com, Inc. * | 3,135 | 97 | ||||||
Sapient Corp. * | 20,980 | 115 | ||||||
Secure Computing Corp. * | 5,000 | 28 | ||||||
SI International, Inc. * | 1,500 | 43 | ||||||
SINA Corp. * | 1,680 | 54 | ||||||
Solera Holdings, Inc. * | 6,600 | 164 | ||||||
SonicWALL, Inc. * | 3,855 | 17 | ||||||
SPSS, Inc. * | 1,060 | 25 | ||||||
SRA International, Inc., Class A * | 8,315 | 154 | ||||||
StarTek, Inc. * | 8,600 | 28 | ||||||
Sybase, Inc. * | 12,750 | 340 | ||||||
Symyx Technologies, Inc. * | 6,110 | 27 | ||||||
Syntel, Inc. | 7,135 | 177 | ||||||
Take-Two Interactive Software, Inc. * | 11,435 | 136 | ||||||
TeleTech Holdings, Inc. * | 5,230 | 47 | ||||||
THQ, Inc. * | 18,530 | 138 | ||||||
TIBCO Software, Inc. * | 34,530 | 178 | ||||||
TNS, Inc. * | 4,275 | 61 | ||||||
United Online, Inc. | 16,027 | 119 | ||||||
ValueClick, Inc. * | 15,960 | 118 | ||||||
Vignette Corp. * | 5,820 | 47 | ||||||
VMware, Inc., Class A * | 5,600 | 174 | ||||||
WebMD Health Corp., Class A * | 4,300 | 96 | ||||||
Websense, Inc. * | 3,490 | 68 | ||||||
Wind River Systems, Inc. * | 6,850 | 60 | ||||||
Wright Express Corp. * | 10,700 | 146 | ||||||
10,153 | ||||||||
Technology Hardware & Equipment 5.4% | ||||||||
3Com Corp. * | 37,520 | 102 | ||||||
Adaptec, Inc. * | 21,695 | 70 | ||||||
ADC Telecommunications, Inc. * | 21,300 | 135 | ||||||
ADTRAN, Inc. | 14,145 | 215 | ||||||
Agilysys, Inc. | 6,522 | 26 | ||||||
Arris Group, Inc. * | 33,565 | 232 | ||||||
Avid Technology, Inc. * | 9,525 | 141 | ||||||
Avocent Corp. * | 12,890 | 194 | ||||||
Bel Fuse, Inc., Class B | 1,200 | 26 | ||||||
Black Box Corp. | 6,240 | 190 | ||||||
Brightpoint, Inc. * | 32,100 | 185 | ||||||
Brocade Communications Systems, Inc. * | 14,520 | 55 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Checkpoint Systems, Inc. * | 12,720 | 160 | ||||||
Cogent, Inc. * | 15,380 | 141 | ||||||
Cognex Corp. | 6,065 | 97 | ||||||
CommScope, Inc. * | 9,005 | 132 | ||||||
Comtech Telecommunications Corp. * | 3,170 | 153 | ||||||
CTS Corp. | 17,795 | 124 | ||||||
Daktronics, Inc. | 9,265 | 92 | ||||||
Digi International, Inc. * | 4,000 | 41 | ||||||
Dolby Laboratories, Inc., Class A * | 6,145 | 194 | ||||||
Electro Rent Corp. | 4,405 | 53 | ||||||
Electro Scientific Industries, Inc. * | 5,255 | 44 | ||||||
Electronics for Imaging, Inc. * | 13,180 | 140 | ||||||
EMS Technologies, Inc. * | 1,400 | 29 | ||||||
Emulex Corp. * | 15,425 | 147 | ||||||
Extreme Networks, Inc. * | 8,365 | 15 | ||||||
F5 Networks, Inc. * | 9,390 | 233 | ||||||
FLIR Systems, Inc. * | 7,090 | 228 | ||||||
Foundry Networks, Inc. * | 21,675 | 322 | ||||||
Gerber Scientific, Inc. * | 7,300 | 35 | ||||||
GTSI Corp. * | 1,400 | 8 | ||||||
Hughes Communications, Inc. * | 4,530 | 74 | ||||||
Hutchinson Technology, Inc. * | 15,800 | 108 | ||||||
Hypercom Corp. * | 10,500 | 20 | ||||||
Imation Corp. | 13,825 | 170 | ||||||
InterDigital, Inc. * | 7,045 | 153 | ||||||
Intermec, Inc. * | 8,035 | 104 | ||||||
Itron, Inc. * | 1,965 | 95 | ||||||
Ixia * | 19,215 | 128 | ||||||
JDS Uniphase Corp. * | 26,760 | 146 | ||||||
L-1 Identity Solutions, Inc. * | 17,200 | 141 | ||||||
Littelfuse, Inc. * | 4,405 | 82 | ||||||
Loral Space & Communications, Inc. * | 11,550 | 133 | ||||||
Mercury Computer Systems, Inc. * | 7,200 | 52 | ||||||
Methode Electronics, Inc. | 12,330 | 94 | ||||||
MTS Systems Corp. | 3,280 | 107 | ||||||
Multi-Fineline Electronix, Inc. * | 1,620 | 19 | ||||||
National Instruments Corp. | 5,995 | 152 | ||||||
NETGEAR, Inc. * | 10,000 | 110 | ||||||
Newport Corp. * | 16,130 | 116 | ||||||
Nu Horizons Electronics Corp. * | 7,000 | 13 | ||||||
Opnext, Inc. * | 6,900 | 28 | ||||||
OSI Systems, Inc. * | 2,690 | 31 | ||||||
Palm, Inc. * | 60,515 | 241 | ||||||
Park Electrochemical Corp. | 5,610 | 121 | ||||||
PC Connection, Inc. * | 22,200 | 134 | ||||||
PC Mall, Inc. * | 5,100 | 23 | ||||||
Plantronics, Inc. | 10,110 | 146 | ||||||
Plexus Corp. * | 9,680 | 181 | ||||||
Polycom, Inc. * | 12,550 | 264 | ||||||
Powerwave Technologies, Inc. * | 68,060 | 65 | ||||||
QLogic Corp. * | 21,180 | 255 | ||||||
Rackable Systems, Inc. * | 15,860 | 113 | ||||||
RadiSys Corp. * | 4,500 | 29 | ||||||
Richardson Electronics Ltd. | 7,000 | 35 | ||||||
Rofin-Sinar Technologies, Inc. * | 3,910 | 87 | ||||||
Rogers Corp. * | 4,970 | 150 | ||||||
ScanSource, Inc. * | 8,000 | 159 | ||||||
Sonus Networks, Inc. * | 10,090 | 22 | ||||||
Stec, Inc. * | 5,400 | 30 | ||||||
Sycamore Networks, Inc. * | 19,805 | 66 | ||||||
Symmetricom, Inc. * | 10,400 | 46 | ||||||
Synaptics, Inc. * | 6,155 | 190 | ||||||
Technitrol, Inc. | 13,090 | 76 | ||||||
Tekelec * | 10,235 | 130 | ||||||
Teradata Corp. * | 14,365 | 221 | ||||||
Trimble Navigation Ltd. * | 10,255 | 211 | ||||||
TTM Technologies, Inc. * | 15,800 | 113 | ||||||
ViaSat, Inc. * | 6,175 | 112 | ||||||
Westell Technologies, Inc., Class A * | 14,933 | 5 | ||||||
Zebra Technologies Corp., Class A * | 9,540 | 193 | ||||||
9,453 | ||||||||
Telecommunication Services 1.4% | ||||||||
Alaska Communication Systems Group, Inc. | 12,040 | 112 | ||||||
Atlantic Tele-Network, Inc. | 1,500 | 37 | ||||||
Centennial Communications Corp. * | 5,825 | 21 | ||||||
Cincinnati Bell, Inc. * | 64,395 | 154 | ||||||
Clearwire Corp., Class A * | 14,000 | 121 | ||||||
Consolidated Communications Holdings, Inc. | 11,900 | 123 | ||||||
D&E Communications, Inc. | 2,500 | 18 | ||||||
FairPoint Communications, Inc. | 28,730 | 114 | ||||||
FiberTower Corp. * | 30,800 | 23 | ||||||
General Communication, Inc., Class A * | 23,760 | 182 | ||||||
Globalstar, Inc. * | 800 | — | ||||||
Iowa Telecommunications Services, Inc. | 12,430 | 188 | ||||||
iPCS, Inc. * | 2,140 | 35 | ||||||
MetroPCS Communications, Inc. * | 15,900 | 218 | ||||||
NTELOS Holdings Corp. | 5,240 | 136 | ||||||
Premiere Global Services, Inc. * | 16,260 | 162 | ||||||
SBA Communications Corp., Class A * | 3,705 | 78 | ||||||
SureWest Communications | 10,170 | 180 | ||||||
Syniverse Holdings, Inc. * | 8,765 | 165 | ||||||
tw telecom, Inc. * | 21,375 | 151 | ||||||
USA Mobility, Inc. * | 25,925 | 250 | ||||||
2,468 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Transportation 2.1% | ||||||||
Air Transport Services Group, Inc. * | 33,830 | 11 | ||||||
AirTran Holdings, Inc. * | 45,015 | 184 | ||||||
American Commercial Lines, Inc. * | 1,745 | 13 | ||||||
Arkansas Best Corp. | 12,840 | 375 | ||||||
Atlas Air Worldwide Holdings, Inc. * | 5,700 | 110 | ||||||
Celadon Group, Inc. * | 10,700 | 114 | ||||||
Covenant Transport Group, Inc., Class A * | 3,300 | 7 | ||||||
Danaos Corp. | 1,400 | 12 | ||||||
Diana Shipping, Inc. | 3,435 | 57 | ||||||
DryShips, Inc. | 5,180 | 100 | ||||||
Dynamex, Inc. * | 2,000 | 49 | ||||||
Eagle Bulk Shipping, Inc. | 2,620 | 26 | ||||||
Forward Air Corp. | 5,775 | 151 | ||||||
Genco Shipping & Trading Ltd. | 6,385 | 133 | ||||||
Genesee & Wyoming, Inc., Class A * | 4,665 | 156 | ||||||
Hawaiian Holdings, Inc. * | 6,000 | 42 | ||||||
Heartland Express, Inc. | 9,785 | 150 | ||||||
Horizon Lines, Inc., Class A | 6,250 | 29 | ||||||
Hub Group, Inc., Class A * | 7,910 | 249 | ||||||
International Shipholding Corp. * | 2,200 | 54 | ||||||
Kirby Corp. * | 6,820 | 234 | ||||||
Knight Transportation, Inc. | 12,015 | 191 | ||||||
Landstar System, Inc. | 5,970 | 230 | ||||||
Marten Transport Ltd. * | 6,500 | 120 | ||||||
Mesa Air Group, Inc. * | 34,771 | 13 | ||||||
Navios Maritime Holdings, Inc. | 9,800 | 27 | ||||||
Old Dominion Freight Line, Inc. * | 9,500 | 288 | ||||||
Pacer International, Inc. | 13,160 | 149 | ||||||
Park-Ohio Holdings Corp. * | 3,100 | 24 | ||||||
Pinnacle Airlines Corp. * | 4,900 | 13 | ||||||
Republic Airways Holdings, Inc. * | 5,810 | 87 | ||||||
Saia, Inc. * | 12,100 | 128 | ||||||
Seaspan Corp. | 4,310 | 50 | ||||||
Universal Truckload Services, Inc. * | 2,000 | 31 | ||||||
USA Truck, Inc. * | 3,000 | 44 | ||||||
3,651 | ||||||||
Utilities 2.4% | ||||||||
American States Water Co. | 4,615 | 158 | ||||||
California Water Service Group | 4,940 | 186 | ||||||
Central Vermont Public Service Corp. | 4,645 | 92 | ||||||
CH Energy Group, Inc. | 9,005 | 371 | ||||||
Chesapeake Utilities Corp. | 2,000 | 62 | ||||||
El Paso Electric Co. * | 15,890 | 294 | ||||||
ITC Holdings Corp. | 3,670 | 149 | ||||||
MGE Energy, Inc. | 7,400 | 264 | ||||||
Middlesex Water Co. | 3,000 | 52 | ||||||
Northwest Natural Gas Co. | 8,645 | 440 | ||||||
NorthWestern Corp. | 13,525 | 264 | ||||||
Ormat Technologies, Inc. | 4,260 | 103 | ||||||
SJW Corp. | 5,290 | 147 | ||||||
South Jersey Industries, Inc. | 7,920 | 270 | ||||||
The Empire District Electric Co. | 13,010 | 250 | ||||||
The Laclede Group, Inc. | 10,590 | 554 | ||||||
UIL Holdings Corp. | 12,625 | 417 | ||||||
Unitil Corp. | 2,700 | 65 | ||||||
4,138 | ||||||||
Total Common Stock (Cost $210,070) | 165,313 | |||||||
Foreign Common Stock 2.3% of net assets | ||||||||
Bahamas 0.0% | ||||||||
Transportation 0.0% | ||||||||
Ultrapetrol Bahamas Ltd. * | 3,900 | 16 | ||||||
Bermuda 1.4% | ||||||||
Capital Goods 0.2% | ||||||||
Aircastle Ltd. | 16,600 | 116 | ||||||
China Yuchai International Ltd. | 28,705 | 154 | ||||||
Textainer Group Holdings Ltd. | 2,200 | 24 | ||||||
294 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Helen of Troy Ltd. * | 9,830 | 177 | ||||||
Consumer Services 0.1% | ||||||||
Orient-Express Hotels Ltd., Class A | 7,390 | 91 | ||||||
Diversified Financials 0.2% | ||||||||
Lazard Ltd., Class A | 9,245 | 279 | ||||||
Energy 0.4% | ||||||||
Arlington Tankers Ltd. | 1,800 | 18 | ||||||
Knightsbridge Tankers Ltd. | 10,790 | 193 | ||||||
Nordic American Tanker Shipping Ltd. | 13,505 | 400 | ||||||
Tsakos Energy Navigation Ltd. | 6,390 | 158 | ||||||
769 | ||||||||
Insurance 0.3% | ||||||||
Assured Guaranty Ltd. | 13,465 | 151 | ||||||
Enstar Group Ltd. * | 610 | 46 | ||||||
Flagstone Reinsurance Holdings Ltd. | 7,800 | 83 | ||||||
Max Capital Group Ltd. | 12,015 | 192 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
RAM Holdings Ltd. * | 4,300 | 3 | ||||||
Validus Holdings Ltd. | 6,600 | 117 | ||||||
592 | ||||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
ChipMOS TECHNOLOGIES (Bermuda) Ltd. * | 23,040 | 12 | ||||||
Software & Services 0.1% | ||||||||
Genpact Ltd. * | 14,600 | 114 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Xyratex Ltd. * | 3,275 | 19 | ||||||
Telecommunication Services 0.0% | ||||||||
Global Crossing Ltd. * | 10,185 | 68 | ||||||
Transportation 0.0% | ||||||||
TBS International Ltd., Class A * | 1,200 | 10 | ||||||
2,425 | ||||||||
British Virgin Islands 0.2% | ||||||||
Technology Hardware & Equipment 0.1% | ||||||||
Nam Tai Electronics, Inc. | 20,860 | 159 | ||||||
Transportation 0.1% | ||||||||
UTI Worldwide, Inc. | 20,920 | 246 | ||||||
405 | ||||||||
Canada 0.1% | ||||||||
Capital Goods 0.1% | ||||||||
KHD Humboldt Wedag International Ltd. * | 7,600 | 130 | ||||||
Cayman Islands 0.0% | ||||||||
Technology Hardware & Equipment 0.0% | ||||||||
Smart Modular Technologies (WWH), Inc. * | 7,700 | 21 | ||||||
Greece 0.1% | ||||||||
Energy 0.0% | ||||||||
Top Ships, Inc. * | 20,300 | 35 | ||||||
Transportation 0.1% | ||||||||
Aegean Marine Petroleum Network, Inc. | 8,300 | 89 | ||||||
124 | ||||||||
Israel 0.0% | ||||||||
Technology Hardware & Equipment 0.0% | ||||||||
Orbotech Ltd. * | 5,660 | 18 | ||||||
Liberia 0.1% | ||||||||
Transportation 0.1% | ||||||||
Excel Maritime Carriers Ltd. | 11,404 | 130 | ||||||
Luxembourg 0.0% | ||||||||
Telecommunication Services 0.0% | ||||||||
Millicom International Cellular S.A. | 1,150 | 46 | ||||||
Netherlands 0.1% | ||||||||
Capital Goods 0.0% | ||||||||
AerCap Holdings N.V. * | 16,300 | 103 | ||||||
Energy 0.1% | ||||||||
Core Laboratories N.V. | 1,845 | 136 | ||||||
239 | ||||||||
Netherlands Antilles 0.0% | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Orthofix International N.V. * | 2,480 | 34 | ||||||
Panama 0.2% | ||||||||
Banks 0.1% | ||||||||
Banco Latinoamericano de Exportaciones, S.A., Class E | 20,000 | 213 | ||||||
Transportation 0.1% | ||||||||
Copa Holdings S.A., Class A | 2,900 | 73 | ||||||
�� | ||||||||
286 | ||||||||
Singapore 0.1% | ||||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
Verigy Ltd. * | 8,920 | 129 | ||||||
United Kingdom 0.0% | ||||||||
Insurance 0.0% | ||||||||
Willis Group Holdings Ltd. | 1,464 | 38 | ||||||
Total Foreign Common Stock (Cost $5,872) | 4,041 | |||||||
Preferred Stock 0.0% of net assets | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Inverness Medical Innovations, Inc., Class B * | 141 | 17 | ||||||
Total Preferred Stock (Cost $42) | 17 | |||||||
Rights 0.0% of net assets | ||||||||
Capital Goods 0.0% | ||||||||
Fresenius Kabi Pharmaceuticals Holding, Inc. — CVR * | 3,500 | 4 | ||||||
Face/Maturity | ||||||||
Issuer | Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000 | ) | ($ x 1,000 | ) | ||||
Total Rights (Cost $3) | 4 | |||||||
Short-Term Investments 2.0% of net assets | ||||||||
Repurchase Agreement 1.7% | ||||||||
Fixed Income Clearing Corp. | ||||||||
Fully collateralized by Federal Home Loan Bank with a value of $3,054 | ||||||||
0.03%, issued 10/31/08, due 11/03/08 | 2,991 | 2,991 | ||||||
U.S. Treasury Obligations 0.3% | ||||||||
U.S. Treasury Bill | ||||||||
0.03%, 12/18/08 (a) | 319 | 319 | ||||||
0.05%, 12/18/08 (a) | 50 | 50 | ||||||
0.61%, 12/18/08 (a) | 130 | 130 | ||||||
499 | ||||||||
Total Short-Term Investment (Cost $3,490) | 3,490 | |||||||
* | Non-income producing security. | |
(a) | All or a portion of this security is held as collateral for open futures contracts. | |
(b) | Fair-valued by Management. | |
(c) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. |
Number of | Contract | Unrealized | ||||||||||
Contracts | Value | Gains | ||||||||||
Futures Contract | ||||||||||||
Russell 2000 Index, e-mini, Long, expires 12/19/08 | 105 | 5,633 | 212 |
Cost | Value | |||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||
96.2 % | Common Stock | 327,168 | 191,440 | |||||||
2.5 % | Other Investment Companies | 4,484 | 4,908 | |||||||
0.4 % | Preferred Stock | 1,733 | 851 | |||||||
— % | Rights | — | 5 | |||||||
0.6 % | Short-Term Investment | 1,098 | 1,098 | |||||||
99.7 % | Total Investments | 334,483 | 198,302 | |||||||
0.3 % | Other Assets and Liabilities | 651 | ||||||||
100.0 % | Net Assets | 198,953 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 96.2% of net assets | ||||||||
Australia 4.0% | ||||||||
Banks 1.5% | ||||||||
Australia & New Zealand Banking Group Ltd. | 40,518 | 475 | ||||||
Commonwealth Bank of Australia | 31,562 | 863 | ||||||
National Australia Bank Ltd. | 53,278 | 865 | ||||||
St. George Bank Ltd. | 14,123 | 264 | ||||||
Westpac Banking Corp. | 43,534 | 597 | ||||||
3,064 | ||||||||
Capital Goods 0.0% | ||||||||
Leighton Holdings Ltd. | 3,920 | 65 | ||||||
Commercial & Professional Supplies 0.0% | ||||||||
Brambles Ltd. | 11,740 | 63 | ||||||
Consumer Services 0.1% | ||||||||
Crown Ltd. | 10,591 | 47 | ||||||
TABCORP Holdings Ltd. | 10,828 | 50 | ||||||
Tatts Group Ltd. | 13,174 | 22 | ||||||
119 | ||||||||
Diversified Financials 0.1% | ||||||||
ASX Ltd. | 2,651 | 53 | ||||||
Macquarie Group Ltd. | 5,017 | 100 | ||||||
153 | ||||||||
Energy 0.2% | ||||||||
Caltex Australia Ltd. | 6,154 | 39 | ||||||
Origin Energy Ltd. | 18,675 | 196 | ||||||
Santos Ltd. | 10,965 | 99 | ||||||
Woodside Petroleum Ltd. | 3,627 | 102 | ||||||
436 | ||||||||
Food & Staples Retailing 0.3% | ||||||||
Metcash Ltd. | 23,576 | 64 | ||||||
Wesfarmers Ltd. | 8,381 | 120 | ||||||
Wesfarmers Ltd., Price Protected Shares | 1,941 | 28 | ||||||
Woolworths Ltd. | 18,023 | 336 | ||||||
548 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Coca-Cola Amatil Ltd. | 15,501 | 84 | ||||||
Foster’s Group Ltd. | 34,723 | 133 | ||||||
Lion Nathan Ltd. | 14,426 | 85 | ||||||
302 | ||||||||
Insurance 0.4% | ||||||||
AMP Ltd. | 29,079 | 106 | ||||||
AXA Asia Pacific Holdings Ltd. | 19,551 | 57 | ||||||
Insurance Australia Group Ltd. | 76,998 | 195 | ||||||
QBE Insurance Group Ltd. | 12,365 | 211 | ||||||
Suncorp-Metway Ltd. | 27,459 | 148 | ||||||
717 | ||||||||
Materials 0.5% | ||||||||
Alumina Ltd. | 25,658 | 37 | ||||||
Amcor Ltd. | 26,401 | 102 | ||||||
BHP Billiton Ltd. | 23,061 | 443 | ||||||
BlueScope Steel Ltd. | 18,549 | 55 | ||||||
Boral Ltd. | 19,012 | 57 | ||||||
OneSteel Ltd. | 17,442 | 40 | ||||||
Orica Ltd. | 6,239 | 81 | ||||||
OZ Minerals Ltd. | 33,262 | 21 | ||||||
PaperlinX Ltd. | 39,053 | 36 | ||||||
Rio Tinto Ltd. | 1,997 | 103 | ||||||
975 | ||||||||
Media 0.0% | ||||||||
Consolidated Media Holdings Ltd. | 35,924 | 49 | ||||||
Fairfax Media Ltd. | 10,601 | 14 | ||||||
63 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Pharmaceuticals & Biotechnology 0.0% | ||||||||
CSL Ltd. | 2,480 | 60 | ||||||
Real Estate 0.3% | ||||||||
CFS Retail Property Trust | 39,932 | 54 | ||||||
Dexus Property Group | 63,134 | 31 | ||||||
Goodman Group | 24,070 | 15 | ||||||
GPT Group | 50,939 | 26 | ||||||
Lend Lease Corp., Ltd. | 10,915 | 51 | ||||||
Macquarie Office Trust | 50,381 | 10 | ||||||
Mirvac Group | 29,639 | 22 | ||||||
Stockland | 27,258 | 73 | ||||||
Westfield Group | 33,502 | 370 | ||||||
652 | ||||||||
Telecommunication Services 0.2% | ||||||||
Telstra Corp., Ltd. | 113,966 | 314 | ||||||
Transportation 0.2% | ||||||||
Macquarie Airports | 19,437 | 27 | ||||||
Macquarie Infrastructure Group | 95,917 | 126 | ||||||
Qantas Airways Ltd. | 39,888 | 65 | ||||||
Toll Holdings Ltd. | 9,335 | 37 | ||||||
Transurban Group | 17,182 | 62 | ||||||
Virgin Blue Holdings Ltd. | 9,335 | 2 | ||||||
319 | ||||||||
Utilities 0.1% | ||||||||
AGL Energy Ltd. | 10,920 | 102 | ||||||
7,952 | ||||||||
Austria 0.3% | ||||||||
Banks 0.1% | ||||||||
Erste Group Bank AG | 4,564 | 121 | ||||||
Raiffeisen International Bank-Holding AG | 658 | 21 | ||||||
142 | ||||||||
Capital Goods 0.0% | ||||||||
Wienerberger AG | 1,629 | 27 | ||||||
Energy 0.1% | ||||||||
OMV AG | 2,624 | 84 | ||||||
Insurance 0.0% | ||||||||
Wiener Staedtische Versicherung AG | 544 | 15 | ||||||
Materials 0.0% | ||||||||
Voestalpine AG | 3,058 | 75 | ||||||
Real Estate 0.0% | ||||||||
IMMOEAST AG * | 4,330 | 5 | ||||||
Immofinanz Immobilien Anlagen AG * | 8,266 | 9 | ||||||
14 | ||||||||
Telecommunication Services 0.1% | ||||||||
Telekom Austria AG | 7,634 | 94 | ||||||
Utilities 0.0% | ||||||||
EVN AG | 1,932 | 28 | ||||||
Oesterreichische Elektrizitaetswirtschafts AG, A Shares | 584 | 28 | ||||||
56 | ||||||||
507 | ||||||||
Belgium 0.8% | ||||||||
Banks 0.2% | ||||||||
Dexia S.A. | 39,188 | 208 | ||||||
KBC GROEP N.V. | 3,709 | 160 | ||||||
368 | ||||||||
Diversified Financials 0.2% | ||||||||
Banque Nationale de Belgique | 9 | 27 | ||||||
Compagnie Nationale a Portefeuille / Nationale Portefeuille Maatschappij | 933 | 50 | ||||||
Fortis | 51,143 | 61 | ||||||
Fortis NPV | 12,748 | 15 | ||||||
Groupe Bruxelles Lambert S.A. | 1,690 | 124 | ||||||
KBC Ancora | 420 | 12 | ||||||
Sofina S.A. | 361 | 25 | ||||||
314 | ||||||||
Food & Staples Retailing 0.2% | ||||||||
Colruyt S.A. | 262 | 59 | ||||||
Delhaize Group | 4,598 | 258 | ||||||
317 | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
InBev N.V. | 1,628 | 66 | ||||||
Health Care Equipment & Services 0.0% | ||||||||
Agfa Gevaert N.V. * | 9,368 | 39 | �� | |||||
Materials 0.1% | ||||||||
Solvay S.A. | 1,217 | 113 | ||||||
Umicore | 1,590 | 29 | ||||||
142 | ||||||||
Pharmaceuticals & Biotechnology 0.0% | ||||||||
UCB S.A. | 2,866 | 73 | ||||||
Retailing 0.0% | ||||||||
S.A. D’Ieteren N.V. | 117 | 18 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Telecommunication Services 0.1% | ||||||||
Belgacom S.A. | 4,722 | 162 | ||||||
Mobistar S.A. | 351 | 23 | ||||||
185 | ||||||||
1,522 | ||||||||
Bermuda 0.3% | ||||||||
Capital Goods 0.1% | ||||||||
Jardine Matheson Holdings Ltd. | 3,600 | 85 | ||||||
Noble Group Ltd. | 31,157 | 23 | ||||||
108 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Playmates Holdings Ltd. | 256,000 | 39 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 16,500 | 33 | ||||||
72 | ||||||||
Diversified Financials 0.0% | ||||||||
Guoco Group Ltd. | 5,000 | 29 | ||||||
Energy 0.0% | ||||||||
Frontline Ltd. | 1,821 | 56 | ||||||
Real Estate 0.1% | ||||||||
Chinese Estates Holdings Ltd. | 38,000 | 29 | ||||||
Great Eagle Holdings Ltd. | 3,000 | 4 | ||||||
Hongkong Land Holdings Ltd. | 24,000 | 65 | ||||||
Kerry Properties Ltd. | 5,500 | 14 | ||||||
112 | ||||||||
Retailing 0.1% | ||||||||
Esprit Holdings Ltd. | 11,500 | 65 | ||||||
Li & Fung Ltd. | 24,000 | 48 | ||||||
Signet Jewelers Ltd. | 3,572 | 37 | ||||||
150 | ||||||||
Transportation 0.0% | ||||||||
Cosco Pacific Ltd. | 34,000 | 25 | ||||||
Orient Overseas International Ltd. | 8,000 | 14 | ||||||
39 | ||||||||
Utilities 0.0% | ||||||||
Brookfield Infrastructure Partners L.P. | 109 | 2 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 7,100 | 26 | ||||||
28 | ||||||||
594 | ||||||||
Canada 4.8% | ||||||||
Automobiles & Components 0.1% | ||||||||
Magna International, Inc., Class A | 4,876 | 164 | ||||||
Banks 1.4% | ||||||||
Bank of Montreal | 11,926 | 426 | ||||||
Bank of Nova Scotia | 16,032 | 535 | ||||||
Canadian Imperial Bank of Commerce | 8,367 | 379 | ||||||
National Bank of Canada | 3,806 | 143 | ||||||
Royal Bank of Canada | 20,946 | 814 | ||||||
The Toronto-Dominion Bank | 12,145 | 573 | ||||||
2,870 | ||||||||
Capital Goods 0.1% | ||||||||
Bombardier, Inc., Class A | 1,385 | 5 | ||||||
Bombardier, Inc., Class B | 15,081 | 58 | ||||||
Finning International, Inc. | 3,416 | 42 | ||||||
105 | ||||||||
Diversified Financials 0.1% | ||||||||
IGM Financial, Inc. | 3,371 | 102 | ||||||
Onex Corp. | 1,324 | 23 | ||||||
125 | ||||||||
Energy 1.0% | ||||||||
Addax Petroleum Corp. | 982 | 15 | ||||||
Canadian Natural Resources Ltd. | 5,050 | 255 | ||||||
Enbridge, Inc. | 6,192 | 215 | ||||||
EnCana Corp. | 8,417 | 428 | ||||||
Husky Energy, Inc. | 2,539 | 76 | ||||||
Imperial Oil Ltd. | 2,641 | 93 | ||||||
Nexen, Inc. | 6,219 | 99 | ||||||
Petro-Canada | 8,901 | 222 | ||||||
Suncor Energy, Inc. | 5,050 | 121 | ||||||
Talisman Energy, Inc. | 16,487 | 163 | ||||||
TransCanada Corp. | 9,933 | 300 | ||||||
1,987 | ||||||||
Food & Staples Retailing 0.3% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 2,607 | 35 | ||||||
George Weston Ltd. | 3,087 | 157 | ||||||
Loblaw Cos., Ltd. | 4,672 | 114 | ||||||
Metro, Inc., Class A | 4,082 | 103 | ||||||
Shoppers Drug Mart Corp. | 3,132 | 121 | ||||||
The Jean Coutu Group (PJC), Inc., Class A | 8,229 | 50 | ||||||
580 | ||||||||
Insurance 0.6% | ||||||||
Fairfax Financial Holdings Ltd. | 318 | 87 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Great-West Lifeco, Inc. | 3,189 | 68 | ||||||
ING Canada, Inc. | 2,892 | 79 | ||||||
Manulife Financial Corp. | 19,717 | 394 | ||||||
Power Corp. of Canada | 12,115 | 263 | ||||||
Power Financial Corp. | 4,785 | 120 | ||||||
Sun Life Financial, Inc. | 10,746 | 253 | ||||||
1,264 | ||||||||
Materials 0.2% | ||||||||
Barrick Gold Corp. | 5,806 | 133 | ||||||
Gerdau Ameristeel Corp. | 2,651 | 14 | ||||||
Goldcorp, Inc. | 5,401 | 101 | ||||||
NOVA Chemicals Corp. | 2,136 | 28 | ||||||
Potash Corp. of Saskatchewan, Inc. | 1,264 | 107 | ||||||
Teck Cominco Ltd., Class B | 9,666 | 96 | ||||||
479 | ||||||||
Media 0.1% | ||||||||
Quebecor, Inc., Class B | 3,957 | 65 | ||||||
Shaw Communications, Inc., Class B | 5,439 | 95 | ||||||
Thomson Reuters Corp. | 3,618 | 85 | ||||||
245 | ||||||||
Real Estate 0.1% | ||||||||
Brookfield Asset Management, Inc., Class A | 8,502 | 149 | ||||||
Brookfield Properties Corp. | 8,949 | 91 | ||||||
RioCan Real Estate Investment Trust | 4,249 | 59 | ||||||
299 | ||||||||
Retailing 0.1% | ||||||||
Canadian Tire Corp., Ltd., Class A | 1,995 | 76 | ||||||
Sears Canada, Inc. * | 1,724 | 24 | ||||||
100 | ||||||||
Software & Services 0.0% | ||||||||
CGI Group, Inc., Class A * | 8,468 | 68 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Celestica, Inc. * | 21,365 | 104 | ||||||
Nortel Networks Corp. * | 21,739 | 27 | ||||||
Research In Motion Ltd. * | 1,702 | 86 | ||||||
217 | ||||||||
Telecommunication Services 0.3% | ||||||||
BCE, Inc. | 7,389 | 215 | ||||||
Manitoba Telecom Services, Inc. | 2,337 | 83 | ||||||
Rogers Communications, Inc., Class B | 3,977 | 115 | ||||||
Telus Corp. | 2,378 | 84 | ||||||
Telus Corp. — Non voting | 2,487 | 81 | ||||||
578 | ||||||||
Transportation 0.2% | ||||||||
ACE Aviation Holdings, Inc., Class A * | 4,225 | 19 | ||||||
Canadian National Railway Co. | 5,538 | 240 | ||||||
Canadian Pacific Railway Ltd. | 2,007 | 91 | ||||||
350 | ||||||||
Utilities 0.1% | ||||||||
ATCO Ltd., Class I | 1,877 | 61 | ||||||
Canadian Utilities Ltd., Class A | 2,434 | 86 | ||||||
TransAlta Corp. | 2,895 | 58 | ||||||
205 | ||||||||
9,636 | ||||||||
Cayman Islands 0.0% | ||||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Semiconductor Manufacturing International Corp. * | 369,000 | 7 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Foxconn International Holdings Ltd. * | 48,000 | 17 | ||||||
Telecommunication Services 0.0% | ||||||||
Hutchison Telecommunications International Ltd. * | 23,000 | 25 | ||||||
49 | ||||||||
Denmark 0.5% | ||||||||
Banks 0.2% | ||||||||
Danske Bank A/S | 19,497 | 289 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Carlsberg A/S, Class B | 3,453 | 136 | ||||||
Danisco A/S | 1,221 | 53 | ||||||
East Asiatic Co. Ltd. A/S | 1,126 | 38 | ||||||
227 | ||||||||
Insurance 0.0% | ||||||||
Trygvesta A/S | 475 | 29 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Novo Nordisk A/S, Class B | 3,738 | 200 | ||||||
Transportation 0.1% | ||||||||
A P Moller — Maersk A/S, Series A | 17 | 99 | ||||||
AP Moller — Maersk A/S, Series B | 20 | 115 | ||||||
214 | ||||||||
959 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Finland 1.1% | ||||||||
Capital Goods 0.1% | ||||||||
Kone Oyj, Class B | 4,044 | 90 | ||||||
Metso Corp. Oyj | 2,157 | 29 | ||||||
Wartsila Corp. Oyj | 1,907 | 48 | ||||||
167 | ||||||||
Diversified Financials 0.0% | ||||||||
Pohjola Bank plc | 4,265 | 57 | ||||||
Energy 0.1% | ||||||||
Neste Oil Oyj | 5,429 | 86 | ||||||
Food & Staples Retailing 0.0% | ||||||||
Kesko Oyj, Class B | 3,121 | 73 | ||||||
Insurance 0.1% | ||||||||
Sampo Oyj, Class A | 13,208 | 265 | ||||||
Materials 0.4% | ||||||||
Kemira Oyj | 2,450 | 22 | ||||||
M-real Oyj, Class B | 26,613 | 41 | ||||||
Outokumpu Oyj | 3,141 | 33 | ||||||
Rautaruukki Oyj | 2,031 | 33 | ||||||
Stora Enso Oyj, Class R | 27,849 | 259 | ||||||
UPM-Kymmene Oyj | 25,540 | 361 | ||||||
749 | ||||||||
Media 0.0% | ||||||||
SanomaWSOY Oyj | 1,413 | 22 | ||||||
Technology Hardware & Equipment 0.3% | ||||||||
Nokia Oyj | 39,184 | 600 | ||||||
Telecommunication Services 0.0% | ||||||||
Elisa Oyj | 3,132 | 47 | ||||||
Utilities 0.1% | ||||||||
Fortum Oyj | 6,775 | 167 | ||||||
2,233 | ||||||||
France 10.6% | ||||||||
Automobiles & Components 0.4% | ||||||||
Compagnie Generale des Etablissements Michelin, Class B | 2,905 | 150 | ||||||
Faurecia * | 798 | 11 | ||||||
PSA Peugeot Citroen | 11,496 | 307 | ||||||
Renault S.A. | 8,174 | 251 | ||||||
Societe Fonciere, Financiere et de Participations | 356 | 15 | ||||||
Valeo S.A. | 5,654 | 98 | ||||||
832 | ||||||||
Banks 1.8% | ||||||||
BNP Paribas | 28,139 | 2,032 | ||||||
Credit Agricole S.A. | 32,967 | 477 | ||||||
Natixis | 32,787 | 72 | ||||||
Societe Generale | 17,166 | 936 | ||||||
3,517 | ||||||||
Capital Goods 1.0% | ||||||||
Alstom S.A. | 2,674 | 133 | ||||||
Bouygues S.A. | 6,635 | 282 | ||||||
Compagnie de Saint-Gobain | 12,594 | 486 | ||||||
Eiffage S.A. | 1,427 | 55 | ||||||
Legrand S.A. | 2,371 | 39 | ||||||
Nexans S.A. | 738 | 42 | ||||||
Safran S.A. | 4,308 | 55 | ||||||
Schneider Electric S.A. | 4,514 | 271 | ||||||
Thales S.A. | 1,894 | 76 | ||||||
Vallourec S.A. | 804 | 90 | ||||||
Vinci S.A. | 9,331 | 336 | ||||||
Wendel | 446 | 21 | ||||||
Zodiac S.A. | 1,160 | 45 | ||||||
1,931 | ||||||||
Consumer Durables & Apparel 0.3% | ||||||||
Christian Dior S.A. | 1,702 | 103 | ||||||
Hermes International | 609 | 79 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 4,741 | 315 | ||||||
Thomson * | 18,475 | 26 | ||||||
523 | ||||||||
Consumer Services 0.2% | ||||||||
Accor S.A. | 4,199 | 163 | ||||||
Sodexo | 3,509 | 169 | ||||||
332 | ||||||||
Diversified Financials 0.0% | ||||||||
Eurazeo | 645 | 39 | ||||||
Energy 1.7% | ||||||||
Esso S.A.F | 197 | 23 | ||||||
Technip S.A. | 1,712 | 51 | ||||||
Total S.A. | 61,308 | 3,373 | ||||||
3,447 | ||||||||
Food & Staples Retailing 0.5% | ||||||||
Carrefour S.A. | 19,259 | 814 | ||||||
Casino Guichard-Perrachon S.A. | 1,270 | 89 | ||||||
Rallye S.A. | 1,593 | 32 | ||||||
935 | ||||||||
Food, Beverage & Tobacco 0.3% | ||||||||
Groupe Danone | 6,437 | 358 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Pernod Ricard S.A. | 2,572 | 168 | ||||||
526 | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Essilor International S.A. | 2,168 | 97 | ||||||
Household & Personal Products 0.1% | ||||||||
L’Oreal S.A. | 3,029 | 229 | ||||||
Insurance 0.8% | ||||||||
Axa | 69,706 | 1,331 | ||||||
CNP Assurances | 1,659 | 134 | ||||||
Euler Hermes S.A. | 326 | 16 | ||||||
SCOR SE | 3,304 | 54 | ||||||
1,535 | ||||||||
Materials 0.3% | ||||||||
Air Liquide S.A. | 3,591 | 310 | ||||||
Arkema | 1,434 | 33 | ||||||
Ciments Francais S.A. | 432 | 31 | ||||||
Eramet | 291 | 59 | ||||||
Imerys S.A. | 948 | 43 | ||||||
Lafarge S.A. | 3,038 | 201 | ||||||
Sequana | 1,589 | 13 | ||||||
690 | ||||||||
Media 0.6% | ||||||||
Eutelsat Communications | 3,645 | 78 | ||||||
JC Decaux S.A. | 1,780 | 31 | ||||||
Lagardere S.C.A. | 3,741 | 149 | ||||||
M6 Metropole Television | 2,625 | 41 | ||||||
PagesJaunes Groupe S.A. | 6,962 | 66 | ||||||
Publicis Groupe | 2,856 | 65 | ||||||
Societe Television Francaise 1 | 3,588 | 46 | ||||||
Vivendi S.A. | 30,043 | 785 | ||||||
1,261 | ||||||||
Pharmaceuticals & Biotechnology 0.6% | ||||||||
Sanofi-Aventis | 18,095 | 1,146 | ||||||
Real Estate 0.1% | ||||||||
Fonciere des Regions | 283 | 19 | ||||||
Gecina S.A. | 1,176 | 82 | ||||||
Klepierre | 1,050 | 24 | ||||||
Unibail-Rodamco | 823 | 123 | ||||||
248 | ||||||||
Retailing 0.1% | ||||||||
PPR | 2,914 | 186 | ||||||
Software & Services 0.1% | ||||||||
Atos Origin S.A. | 2,286 | 53 | ||||||
Cap Gemini S.A. | 3,256 | 105 | ||||||
158 | ||||||||
Technology Hardware & Equipment 0.1% | ||||||||
Alcatel-Lucent * | 88,333 | 228 | ||||||
Telecommunication Services 0.7% | ||||||||
France Telecom S.A. | 54,650 | 1,378 | ||||||
Transportation 0.1% | ||||||||
Aeroports de Paris | 1,021 | 61 | ||||||
Air France-KLM | 9,368 | 135 | ||||||
Bollore | 186 | 23 | ||||||
Societe des Autoroutes Paris-Rhin-Rhone | 952 | 62 | ||||||
281 | ||||||||
Utilities 0.8% | ||||||||
Electricite de France | 2,694 | 162 | ||||||
GDF Suez | 25,262 | 1,124 | ||||||
Suez Environnement S.A. * | 5,956 | 114 | ||||||
Veolia Environnement | 7,027 | 174 | ||||||
1,574 | ||||||||
21,093 | ||||||||
Germany 8.2% | ||||||||
Automobiles & Components 2.0% | ||||||||
Bayerische Motoren Werke AG | 13,436 | 341 | ||||||
Continental AG | 2,525 | 104 | ||||||
Daimler AG — Reg’d | 38,350 | 1,300 | ||||||
Volkswagen AG | 3,516 | 2,237 | ||||||
3,982 | ||||||||
Banks 0.2% | ||||||||
Commerzbank AG | 22,922 | 244 | ||||||
Deutsche Postbank AG | 1,067 | 22 | ||||||
Hypo Real Estate Holding AG | 7,449 | 49 | ||||||
IKB Deutsche Industriebank AG * | 6,400 | 12 | ||||||
327 | ||||||||
Capital Goods 0.6% | ||||||||
BayWa AG | 700 | 22 | ||||||
Bilfinger Berger AG | 1,000 | 45 | ||||||
GEA Group AG | 2,500 | 36 | ||||||
Heidelberger Druckmaschinen AG | 2,848 | 27 | ||||||
Hochtief AG | 1,100 | 34 | ||||||
MAN AG | 2,238 | 109 | ||||||
Rheinmetall AG | 600 | 18 | ||||||
Siemens AG | 16,244 | 955 | ||||||
1,246 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Adidas AG | 3,205 | 111 | ||||||
Consumer Services 0.1% | ||||||||
TUI AG | 13,034 | 157 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Diversified Financials 0.4% | ||||||||
Deutsche Bank AG — Reg’d | 20,034 | 748 | ||||||
Deutsche Boerse AG | 1,070 | 84 | ||||||
832 | ||||||||
Food & Staples Retailing 0.1% | ||||||||
Metro AG | 5,675 | 181 | ||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Suedzucker AG | 2,384 | 27 | ||||||
Health Care Equipment & Services 0.1% | ||||||||
Celesio AG | 2,123 | 63 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,884 | 128 | ||||||
Fresenius SE | 518 | 30 | ||||||
221 | ||||||||
Household & Personal Products 0.1% | ||||||||
Beiersdorf AG | 1,700 | 89 | ||||||
Henkel AG & Co. KGaA | 2,023 | 49 | ||||||
138 | ||||||||
Insurance 1.0% | ||||||||
Allianz SE — Reg’d | 13,981 | 1,026 | ||||||
AMB Generali Holding AG | 200 | 21 | ||||||
Hannover Rueckversicherung AG — Reg’d | 1,695 | 42 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG — Reg’d | 6,512 | 845 | ||||||
1,934 | ||||||||
Materials 0.7% | ||||||||
Altana AG | 3,616 | 40 | ||||||
BASF SE | 23,082 | 762 | ||||||
HeidelbergCement AG | 1,018 | 76 | ||||||
K & S AG | 1,200 | 46 | ||||||
Lanxess | 2,877 | 43 | ||||||
Linde AG | 1,968 | 163 | ||||||
Salzgitter AG | 764 | 49 | ||||||
ThyssenKrupp AG | 13,365 | 253 | ||||||
Wacker Chemie AG | 200 | 22 | ||||||
1,454 | ||||||||
Pharmaceuticals & Biotechnology 0.4% | ||||||||
Bayer AG | 11,858 | 649 | ||||||
Merck KGaA | 1,911 | 169 | ||||||
818 | ||||||||
Retailing 0.0% | ||||||||
Arcandor AG * | 4,668 | 11 | ||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
Infineon Technologies AG * | 38,507 | 119 | ||||||
Software & Services 0.1% | ||||||||
SAP AG | 7,052 | 247 | ||||||
Telecommunication Services 0.9% | ||||||||
Deutsche Telekom AG — Reg’d | 123,668 | 1,814 | ||||||
Transportation 0.2% | ||||||||
Deutsche Lufthansa AG — Reg’d | 8,193 | 114 | ||||||
Deutsche Post AG — Reg’d | 25,487 | 279 | ||||||
Fraport AG | 834 | 27 | ||||||
420 | ||||||||
Utilities 1.1% | ||||||||
E.ON AG | 39,705 | 1,488 | ||||||
RWE AG | 9,488 | 778 | ||||||
2,266 | ||||||||
16,305 | ||||||||
Greece 0.3% | ||||||||
Banks 0.1% | ||||||||
Alpha Bank A.E. | 6,150 | 90 | ||||||
EFG Eurobank Ergasias | 5,032 | 55 | ||||||
National Bank of Greece S.A. | 6,552 | 144 | ||||||
Piraeus Bank S.A. | 2,935 | 37 | ||||||
326 | ||||||||
Consumer Services 0.1% | ||||||||
OPAP S.A. | 5,439 | 119 | ||||||
Energy 0.0% | ||||||||
Hellenic Petroleum S.A. | 4,313 | 36 | ||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Coca-Cola Hellenic Bottling Co., S.A. | 1,336 | 18 | ||||||
Telecommunication Services 0.1% | ||||||||
Hellenic Telecommunications Organization S.A. (OTE) | 7,671 | 108 | ||||||
Utilities 0.0% | ||||||||
Public Power Corp. S.A. | 2,093 | 26 | ||||||
633 | ||||||||
Hong Kong 1.8% | ||||||||
Banks 0.2% | ||||||||
BOC Hong Kong (Holdings) Ltd. | 95,000 | 109 | ||||||
Hang Seng Bank Ltd. | 13,800 | 172 | ||||||
The Bank of East Asia Ltd. | 26,100 | 53 | ||||||
334 | ||||||||
Capital Goods 0.3% | ||||||||
Citic Pacific Ltd. | 20,000 | 16 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Henderson Investment Ltd. | 1,436,000 | 68 | ||||||
Hutchison Whampoa Ltd. | 82,000 | 443 | ||||||
527 | ||||||||
Diversified Financials 0.0% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 9,500 | 96 | ||||||
Energy 0.1% | ||||||||
CNOOC Ltd. | 139,100 | 114 | ||||||
Materials 0.0% | ||||||||
Fosun International | 64,500 | 13 | ||||||
Real Estate 0.5% | ||||||||
Cheung Kong (Holdings) Ltd. | 26,500 | 254 | ||||||
Hang Lung Group Ltd. | 18,000 | 58 | ||||||
Hang Lung Properties Ltd. | 24,000 | 59 | ||||||
Henderson Land Development Co., Ltd. | 13,569 | 49 | ||||||
Hysan Development Co., Ltd. | 25,000 | 39 | ||||||
New World Development Co., Ltd. | 41,000 | 34 | ||||||
Sino Land Co., Ltd. | 18,000 | 16 | ||||||
Sun Hung Kai Properties Ltd. | 24,600 | 215 | ||||||
Swire Pacific Ltd., Class A | 30,500 | 215 | ||||||
The Link REIT | 39,000 | 70 | ||||||
The Wharf (Holdings) Ltd. | 20,000 | 40 | ||||||
Wheelock & Co., Ltd. | 24,000 | 36 | ||||||
1,085 | ||||||||
Retailing 0.0% | ||||||||
China Resources Enterprise Ltd. | 12,000 | 24 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Lenovo Group Ltd. | 102,000 | 31 | ||||||
Telecommunication Services 0.3% | ||||||||
China Mobile Ltd. | 42,000 | 370 | ||||||
China Unicom Ltd. | 98,056 | 140 | ||||||
PCCW Ltd. (a)(b) | 80,000 | 30 | ||||||
540 | ||||||||
Transportation 0.1% | ||||||||
Cathay Pacific Airways Ltd. | 51,800 | 63 | ||||||
China Merchants Holdings International Co., Ltd. | 8,000 | 19 | ||||||
MTR Corp., Ltd. | 46,500 | 103 | ||||||
185 | ||||||||
Utilities 0.3% | ||||||||
CLP Holdings Ltd. | 42,500 | 287 | ||||||
Hong Kong & China Gas Co., Ltd. | 48,290 | 85 | ||||||
Hongkong Electric Holdings Ltd. | 44,500 | 240 | ||||||
612 | ||||||||
3,561 | ||||||||
Ireland 0.3% | ||||||||
Banks 0.2% | ||||||||
Allied Irish Banks plc | 21,212 | 113 | ||||||
Anglo Irish Bank Corp. plc | 9,106 | 29 | ||||||
The Governor and Company of the Bank of Ireland | 35,767 | 106 | ||||||
248 | ||||||||
Insurance 0.0% | ||||||||
Irish Life & Permanent plc | 7,628 | 26 | ||||||
Materials 0.1% | ||||||||
CRH plc | 7,947 | 175 | ||||||
Smurfit Kappa Group plc | 7,407 | 13 | ||||||
188 | ||||||||
Transportation 0.0% | ||||||||
Ryanair Holdings plc * | 12,140 | 42 | ||||||
504 | ||||||||
Italy 4.4% | ||||||||
Automobiles & Components 0.1% | ||||||||
Fiat S.p.A. | 27,673 | 220 | ||||||
Pirelli & C. S.p.A. | 107,334 | 38 | ||||||
258 | ||||||||
Banks 1.0% | ||||||||
Banca Carige S.p.A. (Cassa di Risparmio di Genova e Imperia) | 14,397 | 31 | ||||||
Banca Monte dei Paschi di Siena S.p.A. | 104,188 | 202 | ||||||
Banca Popolare di Milano Scarl | 8,791 | 51 | ||||||
Banco Popolare Societa Cooperativa | 19,522 | 244 | ||||||
Intesa Sanpaolo S.p.A. | 222,044 | 813 | ||||||
UniCredit S.p.A. | 162,752 | 398 | ||||||
Unione di Banche Italiane S.c.p.A. | 16,309 | 275 | ||||||
2,014 | ||||||||
Capital Goods 0.0% | ||||||||
Finmeccanica S.p.A. | 6,919 | 86 | ||||||
Consumer Durables & Apparel 0.1% | ||||||||
Benetton Group S.p.A. | 3,285 | 23 | ||||||
Luxottica Group S.p.A. | 4,114 | 83 | ||||||
106 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Consumer Services 0.1% | ||||||||
Autogrill S.p.A. | 3,929 | 31 | ||||||
Lottomatica S.p.A. | 3,451 | 81 | ||||||
112 | ||||||||
Diversified Financials 0.1% | ||||||||
IFIL Investments S.p.A. | 16,030 | 50 | ||||||
Mediobanca S.p.A. | 9,217 | 105 | ||||||
155 | ||||||||
Energy 1.1% | ||||||||
Eni S.p.A. | 81,844 | 1,954 | ||||||
ERG S.p.A. | 7,085 | 95 | ||||||
Saipem S.p.A. | 3,104 | 58 | ||||||
Saras S.p.A. | 8,348 | 29 | ||||||
2,136 | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Parmalat S.p.A. | 14,314 | 25 | ||||||
Insurance 0.6% | ||||||||
Alleanza Assicurazioni S.p.A. | 13,165 | 88 | ||||||
Assicurazioni Generali S.p.A. | 30,102 | 760 | ||||||
Fondiaria — Sai S.p.A. | 4,631 | 87 | ||||||
Mediolanum S.p.A. | 7,132 | 28 | ||||||
Milano Assicurazioni S.p.A. | 6,211 | 20 | ||||||
Premafin Finanziaria S.p.A. | 39,187 | 70 | ||||||
Societa Cattolica di Assicurazioni S.c.r.l. | 1,740 | 64 | ||||||
Unipol Gruppo Finanziario S.p.A. | 14,511 | 26 | ||||||
1,143 | ||||||||
Materials 0.0% | ||||||||
Buzzi Unicem S.p.A. | 1,676 | 20 | ||||||
Italcementi S.p.A. | 2,706 | 32 | ||||||
Italcementi S.p.A. — RNC | 5,810 | 40 | ||||||
92 | ||||||||
Media 0.1% | ||||||||
Mediaset S.p.A. | 30,173 | 164 | ||||||
Telecommunication Services 0.5% | ||||||||
Telecom Italia S.p.A. | 665,418 | 764 | ||||||
Telecom Italia S.p.A. — RNC | 317,142 | 267 | ||||||
1,031 | ||||||||
Transportation 0.0% | ||||||||
Atlantia S.p.A. | 3,893 | 71 | ||||||
Utilities 0.7% | ||||||||
A2A S.p.A. | 42,490 | 77 | ||||||
Edison S.p.A. | 47,016 | 68 | ||||||
Enel S.p.A. | 146,577 | 981 | ||||||
Hera S.p.A. | 10,337 | 23 | ||||||
Snam Rete Gas S.p.A | 16,384 | 83 | ||||||
Terna — Rete Elettrica Nationale S.p.A. | 21,247 | 68 | ||||||
1,300 | ||||||||
8,693 | ||||||||
Japan 21.9% | ||||||||
Automobiles & Components 2.8% | ||||||||
Aisin Seiki Co., Ltd. | 4,700 | 83 | ||||||
Bridgestone Corp. | 21,400 | 374 | ||||||
Calsonic Kansei Corp. | 6,000 | 10 | ||||||
Daihatsu Motor Co., Ltd. | 8,000 | 59 | ||||||
Denso Corp. | 8,900 | 174 | ||||||
Fuji Heavy Industries Ltd. | 41,000 | 144 | ||||||
Honda Motor Co., Ltd. | 41,500 | 1,032 | ||||||
Isuzu Motors Ltd. | 61,000 | 107 | ||||||
Kanto Auto Works Ltd. | 2,000 | 24 | ||||||
Mazda Motor Corp. | 41,000 | 91 | ||||||
Mitsubishi Motors Corp. * | 104,000 | 144 | ||||||
NGK Spark Plug Co., Ltd. | 3,000 | 28 | ||||||
Nissan Motors Co., Ltd. | 101,800 | 506 | ||||||
Nok Corp. | 2,900 | 28 | ||||||
Sumitomo Rubber Industries, Ltd. | 10,300 | 91 | ||||||
Suzuki Motor Corp. | 9,700 | 142 | ||||||
Takata Corp. | 1,000 | 7 | ||||||
The Yokohama Rubber Co., Ltd. | 9,000 | 44 | ||||||
Toyoda Gosei Co., Ltd. | 1,000 | 14 | ||||||
Toyota Auto Body Co., Ltd. | 1,900 | 31 | ||||||
Toyota Boshoku Corp. | 1,000 | 9 | ||||||
Toyota Industries Corp. | 3,900 | 88 | ||||||
Toyota Motor Corp. | 59,900 | 2,339 | ||||||
Yamaha Motor Co., Ltd. | 9,900 | 110 | ||||||
5,679 | ||||||||
Banks 1.8% | ||||||||
Aozora Bank Ltd. | 15,000 | 13 | ||||||
Chuo Mitsui Trust Holdings, Inc. | 22,000 | 87 | ||||||
Hokuhoku Financial Group, Inc. | 44,000 | 87 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 185,408 | 1,165 | ||||||
Mizuho Financial Group, Inc. | 192 | 469 | ||||||
Mizuho Trust & Banking Co., Ltd. | 58,000 | 68 | ||||||
Resona Holdings, Inc. | 50 | 52 | ||||||
Sapporo Hokuyo Holdings, Inc. | 4 | 17 | ||||||
Shinsei Bank Ltd. | 27,000 | 41 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 168 | 674 | ||||||
The 77 Bank Ltd. | 6,000 | 28 | ||||||
The Bank of Kyoto Ltd. | 8,000 | 84 | ||||||
The Bank of Yokohama Ltd. | 18,000 | 87 | ||||||
The Chiba Bank Ltd. | 14,000 | 69 | ||||||
The Chugoku Bank Ltd. | 4,000 | 55 | ||||||
The Gunma Bank Ltd. | 18,000 | 92 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
The Hachijuni Bank Ltd. | 17,000 | 83 | ||||||
The Hiroshima Bank Ltd. | 21,000 | 78 | ||||||
The Iyo Bank Ltd. | 5,000 | 54 | ||||||
The Joyo Bank Ltd. | 15,000 | 71 | ||||||
The Shizuoka Bank Ltd. | 9,000 | 80 | ||||||
The Sumitomo Trust & Banking Co., Ltd. | 30,000 | 139 | ||||||
3,593 | ||||||||
Capital Goods 2.2% | ||||||||
Amada Co., Ltd. | 4,000 | 18 | ||||||
Asahi Glass Co., Ltd. | 23,000 | 144 | ||||||
Daikin Industries Ltd. | 2,900 | 65 | ||||||
Fanuc Ltd. | 1,800 | 120 | ||||||
Fuji Electric Holdings Co., Ltd. | 19,000 | 28 | ||||||
Fujikura Ltd. | 14,000 | 40 | ||||||
Hankyu Hanshin Holdings, Inc. | 26,000 | 123 | ||||||
Hanwa Co., Ltd. | 16,000 | 42 | ||||||
Hino Motors, Ltd. | 9,000 | 21 | ||||||
Hitachi Construction Machinery Co., Ltd. | 6,000 | 70 | ||||||
IHI Corp. | 40,000 | 49 | ||||||
Itochu Corp. | 24,000 | 127 | ||||||
JFE Shoji Holdings, Inc. | 5,000 | 16 | ||||||
JS Group Corp. | 8,900 | 115 | ||||||
JTEKT Corp. | 8,200 | 63 | ||||||
Kajima Corp. | 40,000 | 116 | ||||||
Kanematsu Corp. * | 47,000 | 38 | ||||||
Kawasaki Heavy Industries Ltd. | 40,000 | 72 | ||||||
Kinden Corp. | 6,000 | 50 | ||||||
Komatsu Ltd. | 11,900 | 131 | ||||||
Kubota Corp. | 14,000 | 70 | ||||||
Marubeni Corp. | 35,000 | 136 | ||||||
Matsushita Electric Works Ltd. | 12,000 | 105 | ||||||
Mitsubishi Corp. | 20,900 | 350 | ||||||
Mitsubishi Electric Corp. | 41,000 | 254 | ||||||
Mitsubishi Heavy Industries Ltd. | 96,000 | 308 | ||||||
Mitsui & Co., Ltd. | 23,000 | 223 | ||||||
Nagase & Co., Ltd. | 3,000 | 26 | ||||||
NEC Leasing Ltd. | 2,500 | 22 | ||||||
NGK Insulators Ltd. | 8,000 | 83 | ||||||
Nippon Sheet Glass Co., Ltd. | 24,000 | 78 | ||||||
Nippon Steel Trading Co., Ltd. | 11,000 | 18 | ||||||
NSK Ltd. | 8,000 | 33 | ||||||
NTN Corp. | 6,000 | 22 | ||||||
Obayashi Corp. | 25,000 | 122 | ||||||
Shimizu Corp. | 24,000 | 118 | ||||||
SMC Corp. | 900 | 85 | ||||||
Sojitz Corp. | 110,000 | 184 | ||||||
Sumikin Bussan Corp. | 10,000 | 21 | ||||||
Sumitomo Corp. | 24,200 | 213 | ||||||
Sumitomo Electric Industries Ltd. | 16,600 | 134 | ||||||
Sumitomo Heavy Industries Ltd. | 7,000 | 21 | ||||||
Taisei Corp. | 66,000 | 152 | ||||||
The Furukawa Electric Co., Ltd. | 19,000 | 57 | ||||||
Tokyo Leasing Co., Ltd. | 3,000 | 16 | ||||||
Toto Ltd. | 14,000 | 98 | ||||||
Toyota Tsusho Corp. | 6,300 | 61 | ||||||
4,458 | ||||||||
Commercial & Professional Supplies 0.2% | ||||||||
Dai Nippon Printing Co., Ltd. | 16,000 | 189 | ||||||
Secom Co., Ltd. | 2,700 | 103 | ||||||
Toppan Printing Co., Ltd. | 20,000 | 147 | ||||||
439 | ||||||||
Consumer Durables & Apparel 1.3% | ||||||||
Casio Computer Co., Ltd. | 5,100 | 33 | ||||||
HASEKO Corp. | 44,500 | 40 | ||||||
JVC KENWOOD Holdings, Inc. * | 42,000 | 23 | ||||||
Makita Corp. | 1,800 | 33 | ||||||
NAMCO BANDAI Holdings, Inc. | 5,000 | 51 | ||||||
Nikon Corp. | 6,000 | 84 | ||||||
Panasonic Corp. | 64,000 | 1,031 | ||||||
Pioneer Corp. | 6,700 | 20 | ||||||
Sankyo Co., Ltd. | 2,000 | 89 | ||||||
Sanyo Electric Co., Ltd. * | 95,000 | 144 | ||||||
Sega Sammy Holdings, Inc. | 12,000 | 91 | ||||||
Sekisui Chemical Co., Ltd. | 13,000 | 76 | ||||||
Sekisui House Ltd. | 18,000 | 180 | ||||||
Sharp Corp. | 20,000 | 143 | ||||||
Sony Corp. | 24,700 | 585 | ||||||
Sumitomo Forestry Co., Ltd. | 7,000 | 46 | ||||||
Yamaha Corp. | 3,000 | 29 | ||||||
2,698 | ||||||||
Consumer Services 0.1% | ||||||||
Benesse Corp. | 1,300 | 54 | ||||||
Oriental Land Co., Ltd. | 800 | 57 | ||||||
111 | ||||||||
Diversified Financials 0.7% | ||||||||
Acom Co., Ltd. | 3,010 | 115 | ||||||
Aiful Corp. | 4,350 | 20 | ||||||
Century Leasing System, Inc. | 4,500 | 30 | ||||||
Credit Saison Co., Ltd. | 5,200 | 55 | ||||||
Daiwa Securities Group, Inc. | 30,000 | 170 | ||||||
Fuyo General Lease Co., Ltd. | 3,000 | 43 | ||||||
Hitachi Capital Corp. | 4,600 | 37 | ||||||
IBJ Leasing Co., Ltd. | 4,000 | 48 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,700 | 65 | ||||||
Nomura Holdings, Inc. | 38,200 | 362 | ||||||
ORIX Corp. | 2,340 | 240 | ||||||
Promise Co., Ltd. | 4,950 | 89 | ||||||
Ricoh Leasing Co., Ltd. | 2,000 | 27 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Takefuji Corp. | 2,750 | 22 | ||||||
1,323 | ||||||||
Energy 0.5% | ||||||||
Cosmo Oil Co., Ltd. | 47,000 | 100 | ||||||
Idemitsu Kosan Co., Ltd. | 2,000 | 117 | ||||||
Inpex Holdings, Inc. | 11 | 64 | ||||||
Japan Petroleum Exploration Co., Ltd. | 1,800 | 68 | ||||||
Nippon Mining Holdings, Inc. | 45,500 | 139 | ||||||
Nippon Oil Corp. | 70,000 | 287 | ||||||
Showa Shell Sekiyu K.K. | 6,200 | 51 | ||||||
TonenGeneral Sekiyu K.K. | 13,000 | 110 | ||||||
936 | ||||||||
Food & Staples Retailing 0.5% | ||||||||
Aeon Co., Ltd. | 30,300 | 290 | ||||||
Lawson, Inc. | 1,800 | 88 | ||||||
Ryoshoku Ltd. | 2,300 | 44 | ||||||
Seven & I Holdings Co., Ltd. | 20,000 | 562 | ||||||
Uny Co., Ltd. | 11,000 | 86 | ||||||
1,070 | ||||||||
Food, Beverage & Tobacco 0.5% | ||||||||
Ajinomoto Co., Inc. | 11,000 | 95 | ||||||
Asahi Breweries Ltd. | 9,900 | 163 | ||||||
Japan Tobacco, Inc. | 76 | 270 | ||||||
Kirin Holdings Co., Ltd. | 14,000 | 155 | ||||||
Meiji Dairies Corp. | 9,000 | 41 | ||||||
Nippon Meat Packers, Inc. | 7,000 | 96 | ||||||
Nisshin Seifun Group, Inc. | 5,500 | 60 | ||||||
Nissin Food Products Co., Ltd. | 1,600 | 46 | ||||||
Yamazaki Baking Co., Ltd. | 4,000 | 53 | ||||||
979 | ||||||||
Health Care Equipment & Services 0.2% | ||||||||
Alfresa Holdings Corp. | 1,400 | 61 | ||||||
Mediceo Paltac Holdings Co., Ltd. | 7,100 | 77 | ||||||
Olympus Corp. | 3,500 | 67 | ||||||
Suzuken Co., Ltd. | 3,400 | 73 | ||||||
Terumo Corp. | 2,300 | 96 | ||||||
374 | ||||||||
Household & Personal Products 0.2% | ||||||||
Kao Corp. | 8,000 | 234 | ||||||
Shiseido Co., Ltd. | 4,000 | 82 | ||||||
316 | ||||||||
Insurance 0.6% | ||||||||
Aioi Insurance Co., Ltd. | 20,000 | 82 | ||||||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 11,500 | 320 | ||||||
NIPPONKOA Insurance Co., Ltd. | 14,000 | 84 | ||||||
Nissay Dowa General Insurance Co., Ltd. | 7,000 | 31 | ||||||
Sompo Japan Insurance, Inc. | 27,000 | 189 | ||||||
T&D Holdings, Inc. | 5,100 | 195 | ||||||
Tokio Marine Holdings, Inc. | 13,200 | 407 | ||||||
1,308 | ||||||||
Materials 1.6% | ||||||||
Asahi Kasei Corp. | 30,000 | 113 | ||||||
Daicel Chemical Industries Ltd. | 6,000 | 22 | ||||||
Daido Steel Co., Ltd. | 6,000 | 19 | ||||||
DIC Corp. | 19,000 | 31 | ||||||
Hitachi Chemical Co., Ltd. | 2,900 | 30 | ||||||
Hitachi Metals Ltd. | 9,000 | 68 | ||||||
JFE Holdings, Inc. | 11,500 | 293 | ||||||
JSR Corp. | 7,000 | 79 | ||||||
Kaneka Corp. | 6,000 | 28 | ||||||
Kobe Steel Ltd. | 59,000 | 96 | ||||||
Kuraray Co., Ltd. | 8,000 | 61 | ||||||
Mitsubishi Chemical Holdings Corp. | 33,000 | 133 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 5,000 | 18 | ||||||
Mitsubishi Materials Corp. | 24,000 | 54 | ||||||
Mitsubishi Rayon Co., Ltd. | 9,000 | 19 | ||||||
Mitsui Chemicals, Inc. | 24,000 | 84 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 21,000 | 38 | ||||||
Nippon Light Metal Co., Ltd. | 27,000 | 25 | ||||||
Nippon Paper Group, Inc. | 67 | 179 | ||||||
Nippon Steel Corp. | 110,000 | 370 | ||||||
Nisshin Steel Co., Ltd. | 31,000 | 42 | ||||||
Nitto Denko Corp. | 4,400 | 97 | ||||||
Oji Paper Co., Ltd. | 45,000 | 172 | ||||||
Shin-Etsu Chemical Co., Ltd. | 5,000 | 266 | ||||||
Showa Denko K.K. | 21,000 | 32 | ||||||
Sumitomo Chemical Co., Ltd. | 29,000 | 89 | ||||||
Sumitomo Metal Industries Ltd. | 68,000 | 175 | ||||||
Sumitomo Metal Mining Co., Ltd. | 8,000 | 60 | ||||||
Taiheiyo Cement Corp. | 37,000 | 43 | ||||||
Teijin Ltd. | 26,000 | 68 | ||||||
Toray Industries, Inc. | 33,000 | 153 | ||||||
Tosoh Corp. | 19,000 | 38 | ||||||
Toyo Seikan Kaisha Ltd. | 7,000 | 86 | ||||||
Ube Industries Ltd. | 16,000 | 34 | ||||||
3,115 | ||||||||
Media 0.2% | ||||||||
Dentsu, Inc. | 50 | 82 | ||||||
Fuji Television Network, Inc. | 55 | 66 | ||||||
Hakuhodo Dy Holdings, Inc. | 1,000 | 45 | ||||||
Nippon Television Network Corp. | 630 | 61 | ||||||
Tokyo Broadcasting System, Inc. | 3,500 | 62 | ||||||
316 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Pharmaceuticals & Biotechnology 0.7% | ||||||||
Astellas Pharma, Inc. | 5,100 | 205 | ||||||
Chugai Pharmaceutical Co., Ltd. | 4,200 | 60 | ||||||
Daiichi Sankyo Co., Ltd. | 7,700 | 158 | ||||||
Eisai Co., Ltd. | 4,100 | 133 | ||||||
Kyowa Hakko Kogyo Co., Ltd. | 12,000 | 100 | ||||||
Ono Pharmaceutical Co., Ltd. | 1,500 | 67 | ||||||
Shionogi & Co., Ltd. | 4,000 | 68 | ||||||
Taisho Pharmaceutical Co., Ltd. | 5,000 | 90 | ||||||
Takeda Pharmaceutical Co., Ltd. | 9,600 | 477 | ||||||
1,358 | ||||||||
Real Estate 0.4% | ||||||||
Daito Trust Construction Co., Ltd. | 1,400 | 59 | ||||||
Daiwa House Industry Co., Ltd. | 17,000 | 151 | ||||||
Leopalace21 Corp. | 2,000 | 15 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 178 | ||||||
Mitsui Fudosan Co., Ltd. | 13,000 | 227 | ||||||
Sumitomo Realty & Development Co., Ltd. | 9,500 | 155 | ||||||
Tokyu Land Corp. | 8,000 | 23 | ||||||
808 | ||||||||
Retailing 0.3% | ||||||||
Canon Marketing Japan, Inc. | 6,100 | 102 | ||||||
Fast Retailing Co., Ltd. | 700 | 75 | ||||||
Isetan Mitsukoshi Holdings Ltd. * | 11,520 | 108 | ||||||
Marui Group Co., Ltd. | 7,200 | 44 | ||||||
Takashimaya Co., Ltd. | 7,000 | 54 | ||||||
The Daiei, Inc. * | 25,300 | 123 | ||||||
Yamada Denki Co., Ltd. | 1,450 | 79 | ||||||
585 | ||||||||
Semiconductors & Semiconductor Equipment 0.2% | ||||||||
Advantest Corp. | 5,400 | 78 | ||||||
Elpida Memory, Inc. * | 3,100 | 16 | ||||||
NEC Electronics Corp. * | 1,200 | 12 | ||||||
Rohm Co., Ltd. | 2,600 | 125 | ||||||
Sumco Corp. | 6,000 | 65 | ||||||
Tokyo Electron Ltd. | 2,000 | 67 | ||||||
363 | ||||||||
Software & Services 0.2% | ||||||||
KONAMI Corp. | 4,700 | 85 | ||||||
Nintendo Co., Ltd. | 430 | 138 | ||||||
Nomura Research Institute Ltd. | 4,300 | 71 | ||||||
NTT Data Corp. | 23 | 76 | ||||||
Oracle Corp. Japan | 1,400 | 61 | ||||||
431 | ||||||||
Technology Hardware & Equipment 2.1% | ||||||||
Alps Electric Co., Ltd. | 5,600 | 31 | ||||||
Brother Industries Ltd. | 8,000 | 55 | ||||||
Canon, Inc. | 23,200 | 812 | ||||||
Citizen Holdings Co., Ltd. | 14,300 | 79 | ||||||
Fujifilm Holdings Corp. | 11,900 | 274 | ||||||
Fujitsu Ltd. | 66,000 | 259 | ||||||
Hitachi High-Technologies Corp. | 1,700 | 28 | ||||||
Hitachi Ltd. | 135,000 | 634 | ||||||
Hoya Corp. | 4,700 | 86 | ||||||
Ibiden Co., Ltd. | 3,900 | 73 | ||||||
Keyence Corp. | 500 | 96 | ||||||
Konica Minolta Holdings, Inc. | 8,500 | 56 | ||||||
Kyocera Corp. | 4,600 | 270 | ||||||
Murata Manufacturing Co., Ltd. | 4,000 | 138 | ||||||
NEC Corp. | 102,000 | 302 | ||||||
Nidec Corp. | 1,000 | 54 | ||||||
Nippon Electric Glass Co., Ltd. | 11,000 | 66 | ||||||
Oki Electric Industry Co., Ltd. * | 16,000 | 13 | ||||||
OMRON Corp. | 7,100 | 101 | ||||||
Ricoh Co., Ltd. | 18,000 | 194 | ||||||
Seiko Epson Corp. | 6,800 | 102 | ||||||
Tdk Corp. | 2,500 | 84 | ||||||
Toshiba Corp. | 80,000 | 289 | ||||||
Yokogawa Electric Corp. | 3,500 | 16 | ||||||
4,112 | ||||||||
Telecommunication Services 1.2% | ||||||||
KDDI Corp. | 87 | 521 | ||||||
Nippon Telegraph & Telephone Corp. | 252 | 1,028 | ||||||
NTT DoCoMo, Inc. | 478 | 758 | ||||||
SOFTBANK Corp. | 9,500 | 94 | ||||||
2,401 | ||||||||
Transportation 1.1% | ||||||||
All Nippon Airways Co., Ltd. | 16,000 | 61 | ||||||
Central Japan Railway Co. | 37 | 304 | ||||||
East Japan Railway Co. | 69 | 491 | ||||||
Japan Airlines Corp. * | 27,000 | 62 | ||||||
Kawasaki Kisen Kaisha Ltd. | 22,000 | 87 | ||||||
Keihin Electric Express Railway Co., Ltd. | 6,000 | 46 | ||||||
Keio Corp. | 10,000 | 52 | ||||||
Kintetsu Corp. | 28,000 | 107 | ||||||
Mitsui O.S.K. Lines Ltd. | 18,000 | 94 | ||||||
Nagoya Railroad Co., Ltd. | 17,000 | 53 | ||||||
Nippon Express Co., Ltd. | 35,000 | 141 | ||||||
Nippon Yusen Kabushiki Kaisha | 24,000 | 116 | ||||||
Odakyu Electric Railway Co., Ltd. | 10,000 | 73 | ||||||
Seino Holdings Co., Ltd. | 6,000 | 29 | ||||||
Tobu Railway Co., Ltd. | 15,000 | 76 | ||||||
Tokyu Corp. | 30,000 | 118 | ||||||
West Japan Railway Co. | 48 | 211 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Yamato Holdings Co., Ltd. | 9,000 | 100 | ||||||
2,221 | ||||||||
Utilities 2.3% | ||||||||
Chubu Electric Power Co., Inc. | 22,800 | 597 | ||||||
Electric Power Development Co., Ltd. | 6,300 | 188 | ||||||
Hokkaido Electric Power Co., Inc. | 6,300 | 141 | ||||||
Hokuriku Electric Power Co. | 6,400 | 169 | ||||||
Kyushu Electric Power Co., Inc. | 14,600 | 335 | ||||||
Osaka Gas Co., Ltd. | 52,000 | 184 | ||||||
Shikoku Electric Power Co., Inc. | 4,800 | 141 | ||||||
The Chugoku Electric Power Co., Inc. | 11,400 | 276 | ||||||
The Kansai Electric Power Co., Inc. | 26,500 | 664 | ||||||
The Tokyo Electric Power Co., Inc. | 44,200 | 1,252 | ||||||
Toho Gas Co., Ltd. | 12,000 | 69 | ||||||
Tohoku Electric Power Co., Inc. | 16,100 | 362 | ||||||
Tokyo Gas Co., Ltd. | 51,000 | 219 | ||||||
4,597 | ||||||||
43,591 | ||||||||
Luxembourg 0.2% | ||||||||
Diversified Financials 0.0% | ||||||||
Reinet Investments S.C.A. * | 504 | 5 | ||||||
Materials 0.1% | ||||||||
ArcelorMittal N.V. * | 9,892 | 257 | ||||||
Media 0.1% | ||||||||
RTL Group | 185 | 10 | ||||||
SES FDR | 7,884 | 142 | ||||||
152 | ||||||||
414 | ||||||||
Netherlands 2.8% | ||||||||
Capital Goods 0.4% | ||||||||
European Aeronautic Defence & Space Co. | 11,900 | 198 | ||||||
Hagemeyer N.V. (b) | 10,437 | 65 | ||||||
Koninklijke (Royal) Philips Electronics N.V. | 23,810 | 440 | ||||||
Koninklijke BAM Groep N.V. | 3,508 | 31 | ||||||
734 | ||||||||
Commercial & Professional Supplies 0.0% | ||||||||
Randstad Holding N.V. | 3,448 | 67 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
Hunter Douglas N.V. | 886 | 22 | ||||||
Diversified Financials 0.6% | ||||||||
ING Groep N.V. CVA | 129,337 | 1,213 | ||||||
SNS Reaal | 9,394 | 69 | ||||||
1,282 | ||||||||
Food & Staples Retailing 0.3% | ||||||||
Koninklijke Ahold N.V. | 50,366 | 541 | ||||||
Food, Beverage & Tobacco 0.5% | ||||||||
CSM | 2,443 | 45 | ||||||
Heineken Holding N.V. | 2,513 | 76 | ||||||
Heineken N.V. | 3,400 | 115 | ||||||
Nutreco Holding N.V. | 1,070 | 34 | ||||||
Unilever N.V. CVA | 30,615 | 738 | ||||||
1,008 | ||||||||
Insurance 0.2% | ||||||||
Aegon N.V. | 78,415 | 326 | ||||||
Materials 0.2% | ||||||||
Akzo Nobel N.V. | 5,363 | 223 | ||||||
Koninklijke DSM N.V. | 6,523 | 181 | ||||||
404 | ||||||||
Media 0.1% | ||||||||
Wolters Kluwer N.V. | 6,361 | 113 | ||||||
Real Estate 0.1% | ||||||||
Corio N.V. | 1,327 | 71 | ||||||
Wereldhave N.V. | 650 | 54 | ||||||
125 | ||||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
ASML Holding N.V. | 4,639 | 81 | ||||||
STMicroelectronics N.V. | 22,180 | 182 | ||||||
263 | ||||||||
Telecommunication Services 0.2% | ||||||||
Koninklijke (Royal) KPN N.V. | 36,302 | 511 | ||||||
Transportation 0.1% | ||||||||
TNT N.V. | 7,710 | 163 | ||||||
5,559 | ||||||||
New Zealand 0.1% | ||||||||
Materials 0.0% | ||||||||
Fletcher Building Ltd. | 7,894 | 27 | ||||||
Telecommunication Services 0.1% | ||||||||
Telecom Corp. of New Zealand Ltd. | 91,236 | 124 | ||||||
Utilities 0.0% | ||||||||
Contact Energy Ltd. | 11,106 | 47 | ||||||
198 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Norway 0.6% | ||||||||
Banks 0.1% | ||||||||
DnB NOR A.S.A. | 22,841 | 132 | ||||||
Capital Goods 0.1% | ||||||||
Orkla A.S.A. | 20,554 | 137 | ||||||
Energy 0.2% | ||||||||
Aker A.S.A., Class A | 727 | 16 | ||||||
Aker Solutions A.S.A. | 3,200 | 18 | ||||||
StatoilHydro A.S.A. | 23,064 | 464 | ||||||
498 | ||||||||
Insurance 0.0% | ||||||||
Storebrand A.S.A. | 7,500 | 18 | ||||||
Materials 0.2% | ||||||||
Norsk Hydro A.S.A. | 53,901 | 225 | ||||||
Norske Skogindustrier A.S.A. * | 26,382 | 91 | ||||||
Yara International A.S.A. | 1,500 | 31 | ||||||
347 | ||||||||
Telecommunication Services 0.0% | ||||||||
Telenor A.S.A. | 12,184 | 73 | ||||||
Utilities 0.0% | ||||||||
Hafslund A.S.A., B Shares | 1,550 | 16 | ||||||
1,221 | ||||||||
Portugal 0.3% | ||||||||
Banks 0.1% | ||||||||
Banco BPI S.A. — Reg’d | 3,890 | 8 | ||||||
Banco Comercial Portugues S.A. — Reg’d | 80,798 | 94 | ||||||
Banco Espirito Santo, S.A. Reg’d | 2,575 | 24 | ||||||
126 | ||||||||
Energy 0.0% | ||||||||
Galp Energia SGPS S.A., B Shares | 2,594 | 24 | ||||||
Food & Staples Retailing 0.0% | ||||||||
Jeronimo Martins, SGPS, S.A. | 5,189 | 26 | ||||||
Materials 0.0% | ||||||||
CIMPOR-Cimentos de Portugal, SGPS, S.A. | 7,034 | 32 | ||||||
Telecommunication Services 0.1% | ||||||||
Portugal Telecom SGPS S.A. — Reg’d | 25,930 | 171 | ||||||
Transportation 0.0% | ||||||||
Brisa — Private Shares | 6,689 | 51 | ||||||
Utilities 0.1% | ||||||||
EDP — Energias de Portugal S.A. | 48,710 | 166 | ||||||
596 | ||||||||
Singapore 0.6% | ||||||||
Banks 0.2% | ||||||||
DBS Group Holdings Ltd. | 23,056 | 176 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 37,897 | 128 | ||||||
United Overseas Bank Ltd. | 25,238 | 228 | ||||||
532 | ||||||||
Capital Goods 0.1% | ||||||||
Fraser & Neave Ltd. | 27,000 | 51 | ||||||
Hi-P International Ltd. | 244,000 | 57 | ||||||
Keppel Corp., Ltd. | 12,000 | 37 | ||||||
SembCorp Industries Ltd. | 14,000 | 24 | ||||||
Singapore Technologies Engineering Ltd. | 47,700 | 75 | ||||||
244 | ||||||||
Media 0.0% | ||||||||
Singapore Press Holdings Ltd. | 30,000 | 66 | ||||||
Real Estate 0.1% | ||||||||
Capitaland Ltd. | 45,000 | 90 | ||||||
City Developments Ltd. | 9,000 | 40 | ||||||
130 | ||||||||
Telecommunication Services 0.1% | ||||||||
Singapore Telecommunications Ltd. | 107,486 | 181 | ||||||
Transportation 0.1% | ||||||||
Neptune Orient Lines Ltd. | 27,146 | 23 | ||||||
Singapore Airlines Ltd. | 15,270 | 117 | ||||||
140 | ||||||||
1,293 | ||||||||
Spain 3.2% | ||||||||
Banks 1.5% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 76,509 | 888 | ||||||
Banco de Sabadell S.A. | 15,821 | 108 | ||||||
Banco Espanol de Credito S.A. | 3,672 | 47 | ||||||
Banco Popular Espanol S.A. | 22,735 | 207 | ||||||
Banco Santander S.A. | 144,805 | 1,566 | ||||||
Banco Santander S.A. — Reg’d | 8,581 | 94 | ||||||
Bankinter S.A. | 3,886 | 42 | ||||||
2,952 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Capital Goods 0.1% | ||||||||
ACS, Actividades de Construccion y Servicios S.A. | 3,578 | 133 | ||||||
Fomento de Construcciones y Contratas S.A. (FCC) | 1,589 | 63 | ||||||
Grupo Ferrovial S.A. | 1,593 | 49 | ||||||
Sacyr Vallehermoso S.A. | 2,266 | 21 | ||||||
266 | ||||||||
Energy 0.4% | ||||||||
Compania Espanola de Petroleos S.A. | 861 | 76 | ||||||
Repsol YPF S.A. | 35,286 | 671 | ||||||
747 | ||||||||
Insurance 0.0% | ||||||||
Mapfre S.A. | 14,284 | 45 | ||||||
Materials 0.0% | ||||||||
Acerinox S.A. | 5,359 | 67 | ||||||
Media 0.0% | ||||||||
Gestevision Telecinco S.A. | 1,474 | 12 | ||||||
Retailing 0.1% | ||||||||
Industria de Diseno Textil S.A. | 2,396 | 81 | ||||||
Telecommunication Services 0.7% | ||||||||
Telefonica S.A. | 72,631 | 1,345 | ||||||
Transportation 0.1% | ||||||||
Abertis Infraestructuras S.A. | 4,700 | 81 | ||||||
Iberia Lineas Aereas de Espana S.A. | 21,324 | 50 | ||||||
131 | ||||||||
Utilities 0.3% | ||||||||
Acciona S.A. | 321 | 30 | ||||||
Enagas | 1,718 | 34 | ||||||
Gas Natural SDG S.A. | 2,823 | 87 | ||||||
Iberdrola S.A. | 50,910 | 368 | ||||||
Union Fenosa S.A. | 4,752 | 101 | ||||||
620 | ||||||||
6,266 | ||||||||
Sweden 2.0% | ||||||||
Banks 0.4% | ||||||||
Nordea Bank AB | 53,535 | 429 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 13,470 | 134 | ||||||
Svenska Handelsbanken AB, A Shares | 13,273 | 244 | ||||||
Swedbank AB, A Shares | 8,842 | 73 | ||||||
880 | ||||||||
Capital Goods 0.5% | ||||||||
AB SKF, B Shares | 9,944 | 91 | ||||||
Assa Abloy AB, B Shares | 6,335 | 71 | ||||||
Atlas Copco AB, A Shares | 12,032 | 101 | ||||||
Atlas Copco AB, B Shares | 12,600 | 94 | ||||||
NCC AB, B Shares | 3,597 | 29 | ||||||
Sandvik AB | 19,029 | 123 | ||||||
Scania AB, A Shares | 2,579 | 21 | ||||||
Scania AB, B Shares | 7,250 | 60 | ||||||
Skanska AB, B Shares | 14,917 | 131 | ||||||
Trelleborg AB, B Shares | 4,199 | 25 | ||||||
Volvo AB, A Shares | 16,403 | 85 | ||||||
Volvo AB, B Shares | 35,000 | 183 | ||||||
1,014 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Securitas AB, B Shares | 10,800 | 104 | ||||||
Consumer Durables & Apparel 0.1% | ||||||||
Electrolux AB, B Shares | 17,747 | 163 | ||||||
Husqvarna AB, B Shares | 6,700 | 47 | ||||||
210 | ||||||||
Diversified Financials 0.3% | ||||||||
Industrivarden AB, A Shares | 10,700 | 82 | ||||||
Industrivarden AB, C Shares | 5,239 | 35 | ||||||
Investor AB, B Shares | 24,710 | 373 | ||||||
Kinnevik Investment AB | 4,268 | 33 | ||||||
L E Lundbergforetagen AB, B Shares | 771 | 25 | ||||||
548 | ||||||||
Materials 0.2% | ||||||||
Boliden AB | 7,650 | 18 | ||||||
Holmen AB, B Shares | 3,600 | 101 | ||||||
SSAB Svenskt Stal AB, A Shares | 4,300 | 44 | ||||||
SSAB Svenskt Stal AB, B Shares | 3,000 | 27 | ||||||
Svenska Cellulosa AB (SCA), B Shares | 24,100 | 178 | ||||||
368 | ||||||||
Retailing 0.1% | ||||||||
Hennes & Mauritz AB, B Shares | 3,719 | 133 | ||||||
Technology Hardware & Equipment 0.2% | ||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 64,582 | 440 | ||||||
Telecommunication Services 0.1% | ||||||||
Tele2 AB, B Shares | 8,400 | 72 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
TeliaSonera AB | 54,466 | 239 | ||||||
311 | ||||||||
Transportation 0.0% | ||||||||
SAS AB * | 4,533 | 24 | ||||||
4,032 | ||||||||
Switzerland 5.7% | ||||||||
Capital Goods 0.1% | ||||||||
ABB Ltd. — Reg’d * | 14,406 | 189 | ||||||
Schindler Holding AG — Reg’d | 606 | 28 | ||||||
217 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Adecco S.A. — Reg’d | 3,448 | 120 | ||||||
SGS S.A. — Reg’d | 92 | 91 | ||||||
211 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Compagnie Financiere Richemont S.A., Series A | 3,688 | 78 | ||||||
Swatch Group AG | 304 | 47 | ||||||
Swatch Group AG — Reg’d | 2,759 | 79 | ||||||
204 | ||||||||
Diversified Financials 1.6% | ||||||||
Credit Suisse Group AG — Reg’d | 32,050 | 1,198 | ||||||
Julius Baer Holding AG — Reg’d | 1,747 | 68 | ||||||
Pargesa Holding S.A. | 1,195 | 92 | ||||||
UBS AG — Reg’d * | 107,915 | 1,831 | ||||||
3,189 | ||||||||
Energy 0.0% | ||||||||
Petroplus Holdings AG * | 1,381 | 37 | ||||||
Food, Beverage & Tobacco 1.0% | ||||||||
Nestle S.A. — Reg’d | 52,594 | 2,045 | ||||||
Insurance 0.7% | ||||||||
Baloise Holding AG — Reg’d | 1,413 | 76 | ||||||
Helvetia Holding AG | 111 | 19 | ||||||
Swiss Life Holding — Reg’d * | 1,679 | 151 | ||||||
Swiss Re — Reg’d | 10,874 | 453 | ||||||
Zurich Financial Services AG — Reg’d | 3,657 | 742 | ||||||
1,441 | ||||||||
Materials 0.3% | ||||||||
Ciba Holding AG | 2,850 | 119 | ||||||
Clariant AG — Reg’d * | 14,283 | 89 | ||||||
Givaudan S.A. — Reg’d | 70 | 48 | ||||||
Holcim Ltd. — Reg’d | 3,408 | 193 | ||||||
Syngenta AG — Reg’d | 686 | 128 | ||||||
577 | ||||||||
Pharmaceuticals & Biotechnology 1.6% | ||||||||
Novartis AG — Reg’d. | 36,804 | 1,868 | ||||||
Roche Holding AG | 7,854 | 1,201 | ||||||
Roche Holding AG — Bearer Shares | 222 | 35 | ||||||
3,104 | ||||||||
Telecommunication Services 0.1% | ||||||||
Swisscom AG — Reg’d | 534 | 163 | ||||||
Transportation 0.0% | ||||||||
Kuehne & Nagel International AG — Reg’d | 963 | 58 | ||||||
Utilities 0.1% | ||||||||
BKW FMB Energie AG | 822 | 74 | ||||||
11,320 | ||||||||
United Kingdom 21.4% | ||||||||
Automobiles & Components 0.0% | ||||||||
GKN plc | 24,576 | 47 | ||||||
Banks 3.9% | ||||||||
Barclays plc | 302,135 | 866 | ||||||
Bradford & Bingley plc (a)(b) | 87,225 | — | ||||||
HBOS plc | 266,674 | 437 | ||||||
HSBC Holdings plc | 376,391 | 4,458 | ||||||
Lloyds TSB Group plc | 233,584 | 755 | ||||||
Northern Rock plc (a)(b) | 4,722 | — | ||||||
Royal Bank of Scotland Group plc | 740,449 | 816 | ||||||
Standard Chartered plc | 21,191 | 350 | ||||||
7,682 | ||||||||
Capital Goods 0.5% | ||||||||
BAE Systems plc | 55,595 | 313 | ||||||
Balfour Beatty plc | 8,749 | 35 | ||||||
Bunzl plc | 6,706 | 67 | ||||||
IMI plc | 9,623 | 43 | ||||||
Rolls-Royce Group plc * | 31,844 | 169 | ||||||
Rolls-Royce Group plc, C Shares (a)* | 1,821,477 | — | ||||||
Smiths Group plc | 11,584 | 149 | ||||||
Tomkins plc | 39,315 | 72 | ||||||
Travis Perkins plc | 4,014 | 19 | ||||||
Wolseley plc | 34,014 | 186 | ||||||
1,053 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Experian Group Ltd. | 10,245 | 56 | ||||||
G4S plc | 30,333 | 92 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Hays plc | 33,584 | 37 | ||||||
Rentokil Initial plc | 67,811 | 49 | ||||||
234 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Barratt Developments plc | 18,899 | 24 | ||||||
Bellway plc | 4,836 | 42 | ||||||
Persimmon plc | 13,108 | 63 | ||||||
Taylor Wimpey plc | 40,452 | 7 | ||||||
136 | ||||||||
Consumer Services 0.7% | ||||||||
Carnival plc | 16,847 | 371 | ||||||
Compass Group plc | 60,460 | 281 | ||||||
Enterprise Inns plc | 12,977 | 21 | ||||||
InterContinental Hotels Group plc | 17,123 | 145 | ||||||
Ladbrokes plc | 119,386 | 304 | ||||||
Mitchells & Butlers plc | 39,257 | 99 | ||||||
Punch Taverns plc | 7,652 | 19 | ||||||
Rank Group plc * | 52,750 | 49 | ||||||
Tui Travel plc | 21,998 | 67 | ||||||
Whitbread plc | 6,521 | 95 | ||||||
William Hill plc | 20,202 | 62 | ||||||
1,513 | ||||||||
Diversified Financials 0.3% | ||||||||
3i Group plc | 13,284 | 116 | ||||||
Close Brothers Group plc | 3,413 | 30 | ||||||
ICAP plc | 14,091 | 70 | ||||||
Investec plc | 12,067 | 46 | ||||||
Man Group plc | 18,934 | 109 | ||||||
Provident Financial plc | 5,972 | 76 | ||||||
Schroders plc | 6,745 | 87 | ||||||
Schroders plc — Non Voting | 1,318 | 14 | ||||||
548 | ||||||||
Energy 5.1% | ||||||||
AMEC plc | 12,470 | 104 | ||||||
BG Group plc | 22,074 | 325 | ||||||
BP plc | 614,645 | 5,010 | ||||||
Royal Dutch Shell plc, Class A | 98,631 | 2,710 | ||||||
Royal Dutch Shell plc, Class B | 75,539 | 2,048 | ||||||
10,197 | ||||||||
Food & Staples Retailing 0.8% | ||||||||
J Sainsbury plc | 72,627 | 332 | ||||||
Tesco plc | 172,541 | 945 | ||||||
William Morrison Supermarkets plc | 57,473 | 245 | ||||||
1,522 | ||||||||
Food, Beverage & Tobacco 1.5% | ||||||||
Associated British Foods plc | 10,015 | 112 | ||||||
British American Tobacco plc | 24,155 | 663 | ||||||
Cadbury plc | 26,646 | 245 | ||||||
Diageo plc | 43,342 | 661 | ||||||
Imperial Tobacco Group plc | 14,641 | 392 | ||||||
SABMiller plc | 11,289 | 179 | ||||||
Tate & Lyle plc | 14,942 | 89 | ||||||
Unilever plc | 25,366 | 570 | ||||||
2,911 | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Smith & Nephew plc | 7,683 | 70 | ||||||
Household & Personal Products 0.1% | ||||||||
Reckitt Benckiser Group plc | 5,920 | 250 | ||||||
Insurance 1.1% | ||||||||
Aviva plc | 121,753 | 726 | ||||||
Friends Provident plc | 91,862 | 105 | ||||||
Legal & General Group plc | 272,140 | 313 | ||||||
Old Mutual plc | 106,873 | 87 | ||||||
Prudential plc | 77,124 | 388 | ||||||
Royal & Sun Alliance Insurance Group plc | 117,522 | 261 | ||||||
Standard Life plc | 85,547 | 331 | ||||||
2,211 | ||||||||
Materials 0.7% | ||||||||
Anglo American plc | 9,965 | 250 | ||||||
Antofagasta plc | 13,781 | 85 | ||||||
BHP Billiton plc | 15,549 | 264 | ||||||
Johnson Matthey plc | 4,969 | 75 | ||||||
Kazakhmys plc | 15,251 | 72 | ||||||
Lonmin plc | 4,334 | 81 | ||||||
Mondi plc | 16,154 | 59 | ||||||
Rexam plc | 16,904 | 102 | ||||||
Rio Tinto plc | 5,768 | 269 | ||||||
Vedanta Resources plc | 5,851 | 81 | ||||||
Xstrata plc | 4,575 | 78 | ||||||
1,416 | ||||||||
Media 0.5% | ||||||||
Aegis Group plc | 48,503 | 51 | ||||||
British Sky Broadcasting Group plc | 13,537 | 82 | ||||||
Daily Mail & General Trust plc | 7,587 | 36 | ||||||
ITV plc | 116,077 | 56 | ||||||
Pearson plc | 23,287 | 232 | ||||||
Reed Elsevier plc | 5,903 | 52 | ||||||
Thomson Reuters plc | 5,471 | 95 | ||||||
Trinity Mirror plc | 11,998 | 7 | ||||||
United Business Media Ltd. | 19,328 | 126 | ||||||
WPP Group plc | 43,549 | 260 | ||||||
Yell Group plc | 28,100 | 28 | ||||||
1,025 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Pharmaceuticals & Biotechnology 1.9% | ||||||||
AstraZeneca plc | 34,109 | 1,446 | ||||||
GlaxoSmithKline plc | 117,840 | 2,265 | ||||||
Shire Ltd. | 6,028 | 79 | ||||||
3,790 | ||||||||
Real Estate 0.3% | ||||||||
British Land Co. plc | 17,923 | 179 | ||||||
Hammerson plc | 8,163 | 94 | ||||||
Land Securities Group plc | 15,319 | 272 | ||||||
Liberty International plc | 5,424 | 60 | ||||||
Segro plc | 12,158 | 55 | ||||||
660 | ||||||||
Retailing 0.5% | ||||||||
DSG International plc | 216,168 | 112 | ||||||
Home Retail Group plc | 44,355 | 141 | ||||||
Inchcape plc | 12,528 | 16 | ||||||
Kesa Electricals plc | 23,615 | 30 | ||||||
Kingfisher plc | 241,083 | 445 | ||||||
Marks & Spencer Group plc | 46,448 | 165 | ||||||
Next plc | 5,272 | 90 | ||||||
The Carphone Warehouse Group plc | 5,416 | 12 | ||||||
1,011 | ||||||||
Software & Services 0.1% | ||||||||
Logica plc | 49,133 | 55 | ||||||
The Sage Group plc | 23,326 | 65 | ||||||
120 | ||||||||
Technology Hardware & Equipment 0.0% | ||||||||
Electrocomponents plc | 24,968 | 57 | ||||||
Telecommunication Services 1.8% | ||||||||
BT Group plc | 298,769 | 562 | ||||||
Cable & Wireless | 54,058 | 107 | ||||||
Vodafone Group plc | 1,476,379 | 2,840 | ||||||
3,509 | ||||||||
Transportation 0.2% | ||||||||
Arriva plc | 5,853 | 57 | ||||||
British Airways plc | 30,501 | 67 | ||||||
EasyJet plc * | 17,759 | 89 | ||||||
FirstGroup plc | 12,810 | 84 | ||||||
National Express Group plc | 4,036 | 37 | ||||||
334 | ||||||||
Utilities 1.2% | ||||||||
British Energy Group plc | 22,184 | 265 | ||||||
Centrica plc | 88,984 | 437 | ||||||
Drax Group plc | 10,281 | 96 | ||||||
International Power plc | 15,475 | 55 | ||||||
National Grid plc | 60,888 | 686 | ||||||
Pennon Group plc | 7,014 | 61 | ||||||
Scottish & Southern Energy plc | 17,099 | 335 | ||||||
Severn Trent plc | 7,318 | 162 | ||||||
United Utilities Group plc | 20,768 | 234 | ||||||
2,331 | ||||||||
42,627 | ||||||||
United States 0.0% | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Synthes, Inc. | 634 | 82 | ||||||
Total Common Stock (Cost $327,168) | 191,440 | |||||||
Other Investment Companies 2.5% of net assets | ||||||||
United States 2.5% | ||||||||
iShares MSCI EAFE Index Fund | 110,000 | 4,908 | ||||||
Total Other Investment Companies (Cost $4,484) | 4,908 | |||||||
Preferred Stock 0.4% of net assets | ||||||||
Germany 0.3% | ||||||||
Automobiles & Components 0.1% | ||||||||
Porsche Automobil Holding SE | 2,690 | 235 | ||||||
Volkswagen AG | 3,391 | 209 | ||||||
444 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Fresenius SE | 1,716 | 109 | ||||||
Household & Personal Products 0.1% | ||||||||
Henkel KGaA | 4,694 | 134 | ||||||
Media 0.0% | ||||||||
Prosiebensat.1 Media AG | 1,900 | 6 | ||||||
693 | ||||||||
Italy 0.1% | ||||||||
Diversified Financials 0.1% | ||||||||
Istituto Finanziario Industriale S.p.A. * | 9,876 | 86 | ||||||
Insurance 0.0% | ||||||||
Unipol Gruppo Finanziario S.p.A. | 53,859 | 59 | ||||||
145 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Switzerland 0.0% | ||||||||
Capital Goods 0.0% | ||||||||
Schindler Holding AG | 300 | 13 | ||||||
Total Preferred Stock (Cost $1,733) | 851 | |||||||
Rights 0.0% of net assets | ||||||||
Australia 0.0% | ||||||||
Goodman Group (a) | 11,312 | — | ||||||
Gpt Group (a) | 50,939 | 5 | ||||||
5 | ||||||||
Belgium 0.0% | ||||||||
Fortis (a)(b)* | 12,748 | — | ||||||
Netherlands 0.0% | ||||||||
Fortis Bank Nv/Sa (b) | 12,654 | — | ||||||
Total Rights (Cost $—) | 5 |
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investment 0.6% of net assets | ||||||||
Commercial Paper & Other Obligations 0.6% | ||||||||
Citibank, London Time Deposit | ||||||||
0.56%, 11/03/08 | 1,098 | 1,098 | ||||||
Total Short-Term Investment (Cost $1,098) | 1,098 | |||||||
* | Non-income producing security. | |
(a) | Fair-valued by Management. | |
(b) | Illiquid security. At the period end, the value of these amounted to $95 or 0.1% of net assets. | |
CVA – Dutch Certificate | ||
FDR – Fiduciary Depositary Receipt | ||
GDR – Global Depository Receipt | ||
Reg’d – Registered |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
86.4 | % | Common Stock | 27,473 | 17,237 | ||||||||
8.6 | % | Preferred Stock | 3,108 | 1,714 | ||||||||
2.6 | % | Other Investment Companies | 527 | 510 | ||||||||
0.3 | % | Short-Term Investments | 70 | 70 | ||||||||
97.9 | % | Total Investments | 31,178 | 19,531 | ||||||||
2.1 | % | Other Assets and Liabilities | 413 | |||||||||
100.0 | % | Net Assets | 19,944 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 86.4% of net assets | ||||||||
Argentina 0.2% | ||||||||
Energy 0.1% | ||||||||
Petrobras Energia Participaciones S.A. | 29,401 | 21 | ||||||
Materials 0.1% | ||||||||
Siderar S.A.I.C., Class A | 2,000 | 10 | ||||||
Telecommunication Services 0.0% | ||||||||
Telecom Argentina S.A., Class B * | 6,334 | 8 | ||||||
39 | ||||||||
Brazil 3.0% | ||||||||
Banks 0.3% | ||||||||
Banco do Brasil S.A. | 7,100 | 48 | ||||||
Banco Nossa Caixa S.A. | 1,000 | 15 | ||||||
63 | ||||||||
Capital Goods 0.2% | ||||||||
Empresa Brasileira de Aeronautica S.A. | 5,700 | 30 | ||||||
Energy 0.8% | ||||||||
Petroleo Brasileiro S.A. | 11,900 | 158 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Companhia de Bebidas das Americas | 100 | 3 | ||||||
Souza Cruz S.A. | 800 | 15 | ||||||
18 | ||||||||
Materials 0.6% | ||||||||
Companhia Siderurgica Nacional S.A. | 3,300 | 44 | ||||||
Companhia Vale do Rio Doce | 4,300 | 56 | ||||||
Gerdau S.A. | 400 | 2 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. | 500 | 6 | ||||||
108 | ||||||||
Telecommunication Services 0.2% | ||||||||
Brasil Telecom Participacoes S.A. | 700 | 15 | ||||||
Tele Norte Leste Participacoes S.A. | 800 | 13 | ||||||
Telesp — Telecomunicacoes de Sao Paulo S.A. | 900 | 15 | ||||||
Tim Participacoes S.A. * | 1,400 | 4 | ||||||
47 | ||||||||
Utilities 0.8% | ||||||||
Centrais Eletricas Brasileiras S.A. * | 10,500 | 127 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo * | 1,200 | 14 | ||||||
Companhia Energetica de Minas Gerais | 104 | 1 | ||||||
CPFL Energia S.A. | 400 | 6 | ||||||
Tractebel Energia S.A. | 2,300 | 18 | ||||||
166 | ||||||||
590 | ||||||||
Chile 0.8% | ||||||||
Banks 0.1% | ||||||||
Banco Santander Chile S.A. | 421,108 | 13 | ||||||
Capital Goods 0.1% | ||||||||
Empresas Copec S.A. | 3,918 | 32 | ||||||
Food & Staples Retailing 0.0% | ||||||||
Cencosud S.A. | 2,035 | 3 | ||||||
Retailing 0.1% | ||||||||
S.A.C.I. Falabella S.A. | 4,073 | 11 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Utilities 0.5% | ||||||||
Empresa Nacional de Electricidad S.A. | 33,941 | 40 | ||||||
Enersis S.A. | 266,802 | 72 | ||||||
112 | ||||||||
171 | ||||||||
China 18.3% | ||||||||
Automobiles & Components 0.1% | ||||||||
Dongfeng Motor Group Co., Ltd., Class H | 40,000 | 11 | ||||||
Banks 3.5% | ||||||||
Bank of China Ltd., Class H | 543,000 | 159 | ||||||
Bank of Communications Co., Ltd., Class H | 70,000 | 41 | ||||||
China CITIC Bank, Class H | 46,000 | 14 | ||||||
China Construction Bank Corp., Class H | 433,000 | 215 | ||||||
China Merchants Bank Co., Ltd., Class H | 22,500 | 35 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 502,000 | 236 | ||||||
700 | ||||||||
Capital Goods 0.5% | ||||||||
China Communications Construction Co., Ltd., Class H | 14,000 | 10 | ||||||
China International Marine Containers (Group) Co., Ltd., Class B | 33,000 | 17 | ||||||
China Railway Group Ltd., Class H * | 124,000 | 72 | ||||||
Shanghai Electric Group Co., Ltd., Class H * | 26,000 | 8 | ||||||
107 | ||||||||
Energy 11.0% | ||||||||
China Coal Energy Co., Class H | 29,000 | 17 | ||||||
China Petroleum & Chemical Corp., Class H | 674,000 | 443 | ||||||
China Shenhua Energy Co., Ltd., Class H | 70,000 | 133 | ||||||
PetroChina Co., Ltd., Class H | 2,109,000 | 1,586 | ||||||
Yanzhou Coal Mining Co., Ltd., Class H | 22,000 | 13 | ||||||
2,192 | ||||||||
Insurance 1.5% | ||||||||
China Life Insurance Co., Ltd., Class H | 84,000 | 224 | ||||||
PICC Property & Casualty Co., Ltd., Class H * | 22,000 | 6 | ||||||
Ping An Insurance (Group) Co., of China Ltd., Class H | 16,500 | 71 | ||||||
301 | ||||||||
Materials 0.4% | ||||||||
Aluminum Corp. of China Ltd., Class H | 67,000 | 24 | ||||||
Angang Steel Co., Ltd., Class H | 22,000 | 14 | ||||||
Jiangxi Copper Co., Ltd., Class H | 11,000 | 5 | ||||||
Maanshan Iron & Steel Co., Ltd., Class H | 69,000 | 13 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Class H | 90,000 | 17 | ||||||
73 | ||||||||
Telecommunication Services 0.4% | ||||||||
China Telecom Corp., Ltd., Class H | 212,000 | 76 | ||||||
Transportation 0.4% | ||||||||
Air China Ltd., Class H | 40,000 | 11 | ||||||
China COSCO Holdings Co., Ltd., Class H | 22,500 | 12 | ||||||
China Shipping Container Lines Co., Ltd., Class H | 137,000 | 16 | ||||||
China Shipping Development Co. Ltd., Class H | 9,000 | 9 | ||||||
China Southern Airlines Co., Ltd., Class H * | 51,500 | 8 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 27,000 | 19 | ||||||
Zhejiang Expressway Co., Ltd., Class H | 22,000 | 10 | ||||||
85 | ||||||||
Utilities 0.5% | ||||||||
Datang International Power Generation Co., Ltd., Class H | 75,000 | 28 | ||||||
Huadian Power International Corp., Ltd., Class H | 72,000 | 13 | ||||||
Huaneng Power International, Inc., Class H | 133,000 | 65 | ||||||
106 | ||||||||
3,651 | ||||||||
Columbia 0.0% | ||||||||
Diversified Financials 0.0% | ||||||||
Suramericana de Inversiones S.A. | 1,429 | 8 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Czech Republic 0.6% | ||||||||
Banks 0.1% | ||||||||
Komercni Banka A/S | 60 | 9 | ||||||
Materials 0.0% | ||||||||
Unipetrol A/S | 900 | 7 | ||||||
Telecommunication Services 0.3% | ||||||||
Telefonica 02 Czech Republic A/S | 2,900 | 63 | ||||||
Utilities 0.2% | ||||||||
CEZ | 900 | 39 | ||||||
118 | ||||||||
Hungary 0.6% | ||||||||
Banks 0.2% | ||||||||
OTP Bank Nyrt. * | 2,975 | 49 | ||||||
Energy 0.3% | ||||||||
MOL Hungarian Oil & Gas Nyrt. | 924 | 50 | ||||||
Telecommunication Services 0.1% | ||||||||
Magyar Telekom Telecommunications plc | 6,933 | 22 | ||||||
121 | ||||||||
India 2.8% | ||||||||
Banks 0.3% | ||||||||
Bank of Baroda | 1,305 | 6 | ||||||
Canara Bank Ltd. | 2,498 | 9 | ||||||
ICICI Bank Ltd. | 2,575 | 22 | ||||||
Punjab National Bank Ltd. | 1,026 | 9 | ||||||
State Bank of India | 480 | 11 | ||||||
57 | ||||||||
Capital Goods 0.1% | ||||||||
Bharat Heavy Electricals Ltd. | 245 | 7 | ||||||
Larsen & Toubro Ltd. | 777 | 13 | ||||||
Tata Motors Ltd. | 1,787 | 6 | ||||||
26 | ||||||||
Energy 1.0% | ||||||||
Bharat Petroleum Corp., Ltd. | 3,561 | 21 | ||||||
Hindustan Petroleum Corp., Ltd. | 9,583 | 37 | ||||||
Indian Oil Corp., Ltd. | 2,514 | 17 | ||||||
Oil & Natural Gas Corp., Ltd. | 3,344 | 47 | ||||||
Reliance Industries Ltd. | 2,616 | 74 | ||||||
196 | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
ITC Ltd. | 12,282 | 39 | ||||||
Household & Personal Products 0.1% | ||||||||
Hindustan Unilever Ltd. | 6,310 | 29 | ||||||
Materials 0.3% | ||||||||
Grasim Industries Ltd. | 627 | 14 | ||||||
Hindalco Industries Ltd. | 11,052 | 14 | ||||||
Steel Authority of India Ltd. | 2,891 | 5 | ||||||
Tata Steel Ltd. | 4,580 | 20 | ||||||
53 | ||||||||
Software & Services 0.4% | ||||||||
Infosys Technologies Ltd. | 2,451 | 71 | ||||||
Tata Consultancy Services | 662 | 7 | ||||||
Wipro Ltd. | 1,059 | 6 | ||||||
84 | ||||||||
Telecommunication Services 0.2% | ||||||||
Bharti Airtel Ltd. * | 1,581 | 22 | ||||||
Mahanagar Telephone Nigam Ltd. | 6,271 | 9 | ||||||
Reliance Communications Ltd. | 1,439 | 6 | ||||||
37 | ||||||||
Utilities 0.2% | ||||||||
Gail India Ltd. | 3,888 | 17 | ||||||
NTPC Ltd. | 5,419 | 16 | ||||||
33 | ||||||||
554 | ||||||||
Indonesia 0.8% | ||||||||
Automobiles & Components 0.1% | ||||||||
PT Astra International Tbk | 26,000 | 21 | ||||||
Banks 0.3% | ||||||||
PT Bank Central Asia Tbk | 113,000 | 28 | ||||||
PT Bank Danamon Indonesia Tbk | 13,000 | 3 | ||||||
PT Bank Mandiri | 69,500 | 10 | ||||||
PT Bank Rakyat Indonesia | 53,500 | 16 | ||||||
57 | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
PT Gudang Garam Tbk | 22,500 | 9 | ||||||
Telecommunication Services 0.4% | ||||||||
PT Indosat Tbk | 33,500 | 16 | ||||||
PT Telekomunikasi Indonesia | 108,000 | 54 | ||||||
70 | ||||||||
157 | ||||||||
Israel 1.9% | ||||||||
Banks 0.5% | ||||||||
Bank Hapoalim B.M. | 27,456 | 62 | ||||||
Bank Leumi Le-Israel | 10,085 | 27 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Israel Discount Bank, Class A | 6,107 | 6 | ||||||
95 | ||||||||
Capital Goods 0.1% | ||||||||
Discount Investment Corp. — Reg’d | 615 | 7 | ||||||
IDB Development Corp., Ltd. | 877 | 10 | ||||||
IDB Holding Corp., Ltd. | 818 | 13 | ||||||
30 | ||||||||
Materials 0.2% | ||||||||
Israel Chemicals Ltd. | 2,082 | 21 | ||||||
The Israel Corp., Ltd. | 20 | 9 | ||||||
30 | ||||||||
Pharmaceuticals & Biotechnology 0.9% | ||||||||
Teva Pharmaceutical Industries Ltd. | 4,118 | 176 | ||||||
Telecommunication Services 0.2% | ||||||||
Bezeq Israeli Telecommunication Corp., Ltd. | 30,420 | 45 | ||||||
376 | ||||||||
Luxembourg 0.2% | ||||||||
Diversified Financials 0.0% | ||||||||
Reinet Investments SCA * | 2,854 | 4 | ||||||
Energy 0.2% | ||||||||
Tenaris S.A. | 2,588 | 29 | ||||||
33 | ||||||||
Malaysia 2.8% | ||||||||
Banks 1.1% | ||||||||
Bumiputra-Commerce Holdings Berhad | 21,900 | 38 | ||||||
Malayan Banking Berhad | 55,700 | 85 | ||||||
Public Bank Berhad | 39,900 | 94 | ||||||
217 | ||||||||
Capital Goods 0.2% | ||||||||
Sime Darby Berhad | 25,100 | 44 | ||||||
Consumer Services 0.2% | ||||||||
Genting Berhad | 23,900 | 31 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
British American Tobacco Malaysia Berhad | 2,800 | 33 | ||||||
IOI Corp., Berhad | 16,700 | 13 | ||||||
46 | ||||||||
Telecommunication Services 0.3% | ||||||||
Telekom Malaysia Berhad | 16,500 | 16 | ||||||
TM International Bhd * | 39,300 | 50 | ||||||
66 | ||||||||
Transportation 0.4% | ||||||||
MISC Berhad | 23,400 | 54 | ||||||
PLUS Expressways Berhad | 23,300 | 17 | ||||||
71 | ||||||||
Utilities 0.4% | ||||||||
Petronas Gas Berhad | 7,400 | 20 | ||||||
Tenaga Nasional Berhad | 14,400 | 25 | ||||||
YTL Corp. Berhad | 11,100 | 20 | ||||||
YTL Power International Berhad | 32,007 | 15 | ||||||
80 | ||||||||
555 | ||||||||
Mexico 6.4% | ||||||||
Banks 0.1% | ||||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 14,000 | 27 | ||||||
Capital Goods 0.1% | ||||||||
Alfa S.A.B., Class A | 6,700 | 13 | ||||||
Food & Staples Retailing 0.3% | ||||||||
Organizacion Soriana S.A.B de C.V., Series B * | 5,100 | 10 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 19,300 | 52 | ||||||
62 | ||||||||
Food, Beverage & Tobacco 1.4% | ||||||||
Coca-Cola Femsa S.A.B. de C.V. (Femsa), Series L | 16,500 | 56 | ||||||
Fomento Economico Mexicano S.A.B. de C.V. | 42,900 | 108 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 3,700 | 18 | ||||||
Grupo Modelo, S.A. de C.V., Series C | 31,000 | 94 | ||||||
276 | ||||||||
Household & Personal Products 0.2% | ||||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 11,800 | 38 | ||||||
Materials 0.9% | ||||||||
Cemex S.A.B. de C.V. * | 136,400 | 103 | ||||||
Grupo Mexico S.A.B. de C.V., Series B | 79,699 | 71 | ||||||
174 | ||||||||
Media 0.3% | ||||||||
Grupo Televisa S.A. | 19,100 | 66 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Telecommunication Services 3.1% | ||||||||
America Movil S.A.B. de C.V., Series L | 104,600 | 161 | ||||||
Carso Global Telecom S.A.B. de C.V., Class A1 * | 26,200 | 101 | ||||||
Telefonos de Mexico S.A.B. de C.V. | 251,500 | 225 | ||||||
Telmex Internacional S.A.B. de C.V., Class L | 253,100 | 134 | ||||||
621 | ||||||||
1,277 | ||||||||
Philippines 0.1% | ||||||||
Banks 0.1% | ||||||||
Bank of the Philippine Islands | 9,000 | 8 | ||||||
Telecommunication Services 0.0% | ||||||||
Philippine Long Distance Telephone Co. | 150 | 6 | ||||||
14 | ||||||||
Poland 1.6% | ||||||||
Banks 0.4% | ||||||||
Bank Handlowy w Warszawie S.A. | 524 | 8 | ||||||
Bank Pekao S.A. | 827 | 38 | ||||||
Bank Przemyslowo-Handlowy * | 581 | 9 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 3,194 | 36 | ||||||
91 | ||||||||
Energy 0.6% | ||||||||
Polski Koncern Naftowy Orlen S.A. | �� | 10,428 | 106 | |||||
Polskie Gornictwo Naftowe I Gazownictwo S.A. | 13,743 | 17 | ||||||
123 | ||||||||
Materials 0.1% | ||||||||
KGHM Polska Miedz S.A. | 1,142 | 13 | ||||||
Telecommunication Services 0.5% | ||||||||
Telekomunikacja Polska S.A. | 13,091 | 99 | ||||||
326 | ||||||||
Republic of Korea 17.1% | ||||||||
Automobiles & Components 1.9% | ||||||||
Hyundai Mobis | 851 | 50 | ||||||
Hyundai Motor Co. | 5,183 | 240 | ||||||
Kia Motors Corp. * | 10,090 | 85 | ||||||
Korea Kumho Petrochemical Co., Ltd. | 910 | 12 | ||||||
387 | ||||||||
Banks 1.4% | ||||||||
Hana Financial Group, Inc. | 1,340 | 21 | ||||||
Industrial Bank of Korea | 1,570 | 9 | ||||||
KB Financial Group, Inc. * | 5,332 | 132 | ||||||
Korea Exchange Bank | 3,090 | 17 | ||||||
Shinhan Financial Group Co., Ltd. | 3,540 | 86 | ||||||
Woori Finance Holdings Co., Ltd. | 2,710 | 15 | ||||||
280 | ||||||||
Capital Goods 3.1% | ||||||||
CJ Corp. * | 398 | 11 | ||||||
Daelim Industrial Co., Ltd. | 337 | 10 | ||||||
Daewoo Engineering & Construction Co., Ltd. | 770 | 5 | ||||||
Doosan Corp. * | 484 | 35 | ||||||
Doosan Heavy Industries & Construction Co., Ltd. | 149 | 7 | ||||||
GS Engineering & Construction Corp. | 268 | 13 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 420 | 17 | ||||||
Hyundai Heavy Industries Co., Ltd. | 203 | 27 | ||||||
Kumho Industrial Co., Ltd. | 920 | 8 | ||||||
LG Corp. | 3,598 | 144 | ||||||
LG International Corp. | 3,630 | 41 | ||||||
LS Corp. | 469 | 20 | ||||||
Samsung C & T Corp. | 2,260 | 72 | ||||||
SK Holdings Co., Ltd. | 2,907 | 195 | ||||||
SK Networks Co., Ltd. * | 1,878 | 12 | ||||||
617 | ||||||||
Consumer Durables & Apparel 1.0% | ||||||||
LG Electronics, Inc. | 2,524 | 188 | ||||||
Diversified Financials 0.0% | ||||||||
Samsung Card Co., Ltd. | 317 | 8 | ||||||
Energy 0.7% | ||||||||
GS Holdings Corp. | 1,650 | 33 | ||||||
S-Oil Corp. | 1,701 | 86 | ||||||
SK Energy Co., Ltd. | 468 | 27 | ||||||
146 | ||||||||
Food & Staples Retailing 0.2% | ||||||||
Shinsegae Co., Ltd. | 97 | 34 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
KT&G Corp. | 611 | 39 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Insurance 0.2% | ||||||||
Samsung Fire & Marine Insurance Co., Ltd. | 319 | 42 | ||||||
Materials 1.6% | ||||||||
Dongkuk Steel Mill Co., Ltd. | 790 | 13 | ||||||
Hanwha Corp. | 1,709 | 27 | ||||||
Hyosung Corp. | 710 | 17 | ||||||
Hyundai Steel Co. | 343 | 10 | ||||||
LG Chem Ltd. | 916 | 55 | ||||||
POSCO | 740 | 204 | ||||||
326 | ||||||||
Retailing 0.0% | ||||||||
Lotte Shopping Co., Ltd | 63 | 9 | ||||||
Semiconductors & Semiconductor Equipment 3.9% | ||||||||
Hynix Semiconductor, Inc. * | 2,730 | 23 | ||||||
Samsung Electronics Co., Ltd. | 1,779 | 750 | ||||||
773 | ||||||||
Technology Hardware & Equipment 0.4% | ||||||||
LG Display Co., Ltd. | 880 | 16 | ||||||
Samsung SDI Co., Ltd. * | 1,050 | 59 | ||||||
75 | ||||||||
Telecommunication Services 1.5% | ||||||||
KT Corp. | 3,840 | 98 | ||||||
KT Freetel Co., Ltd. * | 1,680 | 35 | ||||||
LG Dacom Corp. | 1,244 | 17 | ||||||
LG Telecom Ltd. | 2,784 | 20 | ||||||
SK Telecom Co., Ltd. | 773 | 123 | ||||||
293 | ||||||||
Transportation 0.2% | ||||||||
Hanjin Shipping Co., Ltd. | 1,340 | 18 | ||||||
Hyundai Merchant Marine Co., Ltd. | 580 | 15 | ||||||
Korean Air Lines Co., Ltd. | 513 | 15 | ||||||
48 | ||||||||
Utilities 0.8% | ||||||||
Korea Electric Power Corp. | 6,850 | 136 | ||||||
Korea Gas Corp. | 444 | 17 | ||||||
153 | ||||||||
3,418 | ||||||||
Russia 5.7% | ||||||||
Banks 0.4% | ||||||||
Sberbank GDR — Reg’d | 294 | 52 | ||||||
VTB Bank OJSC GDR — Reg’d | 9,129 | 29 | ||||||
81 | ||||||||
Energy 4.6% | ||||||||
Gazprom ADR — Reg’d | 15,797 | 314 | ||||||
LUKOIL ADR | 7,990 | 307 | ||||||
Rosneft Oil Co. GDR | 13,092 | 60 | ||||||
Surgutneftegaz ADR | 26,882 | 174 | ||||||
Tatneft GDR | 1,502 | 66 | ||||||
921 | ||||||||
Materials 0.4% | ||||||||
Cherepovets MK Severstal GDR | 1,691 | 6 | ||||||
Mining & Metallurgical Co., Norilsk Nickel | 6,627 | 67 | ||||||
73 | ||||||||
Telecommunication Services 0.3% | ||||||||
Mobile TeleSystems ADR | 960 | 38 | ||||||
Sistema JSFC GDR | 1,746 | 13 | ||||||
Vimpel-Communications ADR | 578 | 8 | ||||||
59 | ||||||||
Utilities 0.0% | ||||||||
Federal Grid Co. Unified Energy System JSC GDR (a)* | 285 | — | ||||||
1,134 | ||||||||
South Africa 6.9% | ||||||||
Banks 1.4% | ||||||||
ABSA Group Ltd. | 5,575 | 58 | ||||||
Nedbank Group Ltd. | 4,180 | 41 | ||||||
Standard Bank Group Ltd. | 23,838 | 189 | ||||||
288 | ||||||||
Capital Goods 0.6% | ||||||||
Barloworld Ltd. | 8,040 | 47 | ||||||
Bidvest Group Ltd. * | 5,416 | 58 | ||||||
Eqstra Holdings Ltd. * | 8,237 | 8 | ||||||
113 | ||||||||
Diversified Financials 0.8% | ||||||||
FirstRand Ltd. | 68,125 | 99 | ||||||
Remgro Ltd. | 4,727 | 35 | ||||||
RMB Holdings Ltd. | 9,037 | 21 | ||||||
155 | ||||||||
Energy 0.7% | ||||||||
Sasol | 4,801 | 142 | ||||||
Food & Staples Retailing 0.1% | ||||||||
Pick’n Pay Stores Ltd. | 5,911 | 19 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Tiger Brands Ltd. | 3,117 | 45 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Insurance 0.7% | ||||||||
Liberty Group Ltd. | 4,348 | 27 | ||||||
Sanlam Ltd. | 65,728 | 108 | ||||||
135 | ||||||||
Materials 1.2% | ||||||||
Anglo Platinum Ltd. | 745 | 31 | ||||||
ArcelorMittal South Africa Ltd. | 2,351 | 22 | ||||||
Gold Fields Ltd. | 5,177 | 36 | ||||||
Harmony Gold Mining Co., Ltd. * | 4,111 | 30 | ||||||
Impala Platinum Holdings Ltd. | 3,450 | 36 | ||||||
Mondi Ltd. | 12,949 | 54 | ||||||
Sappi Ltd. | 5,973 | 37 | ||||||
246 | ||||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Adcock Ingram Holdings Ltd. * | 3,167 | 11 | ||||||
Telecommunication Services 0.8% | ||||||||
MTN Group Ltd. | 8,454 | 95 | ||||||
Telkom South Africa Ltd. | 6,385 | 69 | ||||||
164 | ||||||||
Transportation 0.3% | ||||||||
Imperial Holdings Ltd. | 8,679 | 50 | ||||||
1,368 | ||||||||
Taiwan 14.2% | ||||||||
Automobiles & Components 0.1% | ||||||||
China Motor Corp. | 36,000 | 12 | ||||||
Yulon Motor Co., Ltd. | 28,312 | 12 | ||||||
24 | ||||||||
Banks 1.5% | ||||||||
Chang Hwa Commercial Bank | 63,000 | 24 | ||||||
China Development Financial Holding Corp. | 172,275 | 34 | ||||||
Chinatrust Financial Holding Co., Ltd. | 128,158 | 37 | ||||||
First Financial Holding Co., Ltd. | 68,612 | 32 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 71,040 | 37 | ||||||
Mega Financial Holding Co., Ltd. | 189,000 | 52 | ||||||
SinoPac Financial Holdings Co., Ltd. | 142,000 | 30 | ||||||
Taishin Financial Holdings Co., Ltd. | 165,000 | 25 | ||||||
Taiwan Cooperative Bank | 57,700 | 28 | ||||||
299 | ||||||||
Capital Goods 0.1% | ||||||||
Far Eastern Textile Ltd. | 44,640 | 26 | ||||||
Consumer Durables & Apparel 0.2% | ||||||||
Pou Chen Corp. | 79,299 | 36 | ||||||
Diversified Financials 0.4% | ||||||||
Fubon Financial Holding Co. Ltd. | 124,000 | 75 | ||||||
Energy 0.1% | ||||||||
Formosa Petrochemical Corp. | 13,000 | 30 | ||||||
Food & Staples Retailing 0.1% | ||||||||
President Chain Store Corp. | 6,000 | 14 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Uni-President Enterprises Corp. | 41,450 | 35 | ||||||
Insurance 0.4% | ||||||||
Cathay Financial Holding Co., Ltd. | 53,850 | 58 | ||||||
Shin Kong Financial Holding Co., Ltd. | 55,899 | 15 | ||||||
73 | ||||||||
Materials 2.5% | ||||||||
China Steel Corp. | 203,200 | 147 | ||||||
Formosa Chemicals & Fibre Corp. | 77,000 | 124 | ||||||
Formosa Plastics Corp. | 67,000 | 113 | ||||||
Nan Ya Plastics Corp. | 80,000 | 111 | ||||||
Taiwan Cement Corp. | 16,100 | 8 | ||||||
503 | ||||||||
Semiconductors & Semiconductor Equipment 3.6% | ||||||||
Advanced Semiconductor Engineering, Inc. | 54,070 | 23 | ||||||
Inotera Memories, Inc. * | 18,000 | 4 | ||||||
MediaTek, Inc. | 7,050 | 63 | ||||||
Nanya Technology Corp. * | 80,000 | 14 | ||||||
Powerchip Semiconductor Corp. * | 230,000 | 27 | ||||||
ProMOS Technologies, Inc. * | 230,000 | 15 | ||||||
Siliconware Precision Industries Co. | 38,270 | 40 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 323,169 | 470 | ||||||
United Microelectronics Corp. | 236,965 | 65 | ||||||
721 | ||||||||
Technology Hardware & Equipment 3.3% | ||||||||
Acer, Inc. | 66,660 | 86 | ||||||
Asustek Computer, Inc. | 51,190 | 73 | ||||||
AU Optronics Corp. | 94,049 | 66 | ||||||
Chi Mei Optoelectronics Corp. | 62,150 | 23 | ||||||
Chunghwa Picture Tubes Ltd. | 146,000 | 15 | ||||||
Compal Electronics, Inc. | 115,425 | 83 | ||||||
Delta Electronics, Inc. | 19,280 | 44 | ||||||
Hon Hai Precision Industry Co., Ltd. | 55,950 | 135 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Inventec Co., Ltd. | 87,050 | 27 | ||||||
Lite-On Technology Corp. | 57,210 | 36 | ||||||
Qisda Corp. | 40,920 | 10 | ||||||
Quanta Computer, Inc. | 50,020 | 52 | ||||||
Tatung Co., Ltd. * | 85,000 | 15 | ||||||
665 | ||||||||
Telecommunication Services 1.4% | ||||||||
Chunghwa Telecom Co., Ltd. | 118,900 | 197 | ||||||
Far EasTone Telecommunications Co., Ltd. | 35,622 | 38 | ||||||
Taiwan Mobile Co., Ltd. | 30,000 | 41 | ||||||
276 | ||||||||
Transportation 0.3% | ||||||||
China Airlines * | 47,000 | 11 | ||||||
Evergreen Marine Corp. | 38,000 | 20 | ||||||
Wan Hai Lines Ltd. | 29,850 | 12 | ||||||
Yang Ming Marine Transport | 49,699 | 14 | ||||||
57 | ||||||||
2,834 | ||||||||
Thailand 1.0% | ||||||||
Banks 0.2% | ||||||||
Bangkok Bank Public Co., Ltd. — Reg’d | 6,800 | 14 | ||||||
Kasikornbank Public Co., Ltd. | 6,300 | 9 | ||||||
Krung Thai Bank Public Co., Ltd. | 40,800 | 5 | ||||||
Siam Commercial Bank Public Co., Ltd. | 8,700 | 13 | ||||||
41 | ||||||||
Diversified Financials 0.0% | ||||||||
KGI Securities Thailand Public Co., Ltd. | 329,200 | 7 | ||||||
Energy 0.4% | ||||||||
IRPC PCL | 98,100 | 6 | ||||||
PTT Aromatics & Refining PCL | 25,900 | 8 | ||||||
PTT Exploration & Production Public Co., Ltd. | 7,000 | 17 | ||||||
PTT Public Co., Ltd. | 8,200 | 37 | ||||||
Thai Oil Public Co., Ltd. | 10,500 | 6 | ||||||
74 | ||||||||
Materials 0.3% | ||||||||
Nakornthai Strip Mill Public Co., Ltd. * | 12,692,900 | 40 | ||||||
PTT Chemical PCL | 2,700 | 3 | ||||||
The Siam Cement Public Co., Ltd. | 4,100 | 12 | ||||||
55 | ||||||||
Telecommunication Services 0.1% | ||||||||
Advanced Info Service Public Co. Ltd. | 10,700 | 21 | ||||||
Transportation 0.0% | ||||||||
Thai Airways International Public Co., Ltd. | 15,900 | 3 | ||||||
201 | ||||||||
Turkey 1.2% | ||||||||
Automobiles & Components 0.0% | ||||||||
Ford Otomotiv Sanayi A/S | 1,146 | 4 | ||||||
Banks 0.4% | ||||||||
Akbank T.A.S. | 9,853 | 34 | ||||||
Turkiye Garanti Bankasi A/S * | 8,784 | 15 | ||||||
Turkiye Is Bankasi, Class C | 9,973 | 28 | ||||||
Turkiye Vakiflar Bankasi T.A.O., Class D | 9,414 | 9 | ||||||
86 | ||||||||
Capital Goods 0.4% | ||||||||
Dogan Sirketler Grubu Holdings A/S * | 30,789 | 24 | ||||||
Enka Insaat ve Sanayi A/S | 637 | 3 | ||||||
Koc Holding A/S * | 23,748 | 44 | ||||||
71 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Arcelik A/S | 2,446 | 3 | ||||||
Diversified Financials 0.1% | ||||||||
Haci Omer Sabanci Holding A/S | 6,905 | 17 | ||||||
Energy 0.2% | ||||||||
Tupras-Turkiye Petrol Rafinerileri A/S | 2,671 | 34 | ||||||
Materials 0.1% | ||||||||
Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir) | 6,081 | 19 | ||||||
Telecommunication Services 0.0% | ||||||||
Turkcell Iletisim Hizmetleri A/S | 1,691 | 8 | ||||||
242 | ||||||||
United Kingdom 0.2% | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
British American Tobacco plc * | 1,819 | 50 | ||||||
Total Common Stock (Cost $27,473) | 17,237 | |||||||
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Preferred Stock 8.6% of net assets | ||||||||
Brazil 8.6% | ||||||||
Banks 2.3% | ||||||||
Banco Bradesco S.A. | 22,100 | 256 | ||||||
Banco Itau Holding Financeira S.A. | 19,550 | 210 | ||||||
466 | ||||||||
Energy 1.9% | ||||||||
Petroleo Brasileiro S.A. | 34,500 | 371 | ||||||
Food & Staples Retailing 0.3% | ||||||||
Compania Brasileira de Distribuicao Grupo Pao de Acucar | 3,200 | 50 | ||||||
Food, Beverage & Tobacco 0.4% | ||||||||
Companhia de Bebidas das Americas | 1,910 | 80 | ||||||
Materials 1.8% | ||||||||
Aracruz Celulose S.A., Class B | 10,700 | 13 | ||||||
Braskem S.A., Class A | 8,200 | 36 | ||||||
Companhia Vale do Rio Doce, Class A | 11,200 | 131 | ||||||
Gerdau S.A. | 7,800 | 50 | ||||||
Metalurgica Gerdau S.A. | 7,900 | 71 | ||||||
Usinas Siderurgicas de Minas Gerais S.A., Class A | 3,150 | 41 | ||||||
Votorantim Celulose e Papel S.A. * | 2,100 | 21 | ||||||
363 | ||||||||
Telecommunication Services 1.1% | ||||||||
Brasil Telecom Participacoes S.A. | 3,900 | 28 | ||||||
Brasil Telecom S.A. | 4,300 | 25 | ||||||
Tele Norte Leste Participacoes S.A. | 6,400 | 83 | ||||||
Telecomunicacoes de Sao Paulo S.A. | 600 | 13 | ||||||
Telemar Norte Leste S.A., Class A | 1,300 | 32 | ||||||
Tim Participacoes S.A. | 10,900 | 16 | ||||||
Vivo Participacoes S.A. * | 1,750 | 19 | ||||||
216 | ||||||||
Utilities 0.8% | ||||||||
Companhia Energetica de Minas Gerais | 6,597 | 101 | ||||||
Companhia Paranaense de Energia-Copel, Class B | 3,700 | 41 | ||||||
Compania Energetica de Sao Paulo, Class B * | 2,200 | 10 | ||||||
Eletropaulo Metropolitana S.A., Class B | 1,280 | 16 | ||||||
168 | ||||||||
Total Preferred Stock (Cost $3,108) | 1,714 | |||||||
Other Investment Companies 2.6% of net assets | ||||||||
iShares MSCI Emerging Markets Index Fund | 20,000 | 510 | ||||||
Total Other Investment Companies (Cost $527) | 510 | |||||||
Security | Face Amount | Value | ||||||
Rate, Maturity Date | ($ x 1,000) | ($ x 1,000) | ||||||
Short-Term Investments 0.3% of net assets | ||||||||
Commercial Paper & Other Obligations 0.3% | ||||||||
Citibank, Time Deposits | ||||||||
0.0, 06/09/09 | 8 | 8 | ||||||
0.0, 02/09/09 | 30 | 30 | ||||||
0.0, 02/13/09 | 6 | 6 | ||||||
0.0, 02/25/09 | 2 | 2 | ||||||
0.0, 09/16/09 | 24 | 24 | ||||||
Total Short-Term Investments (Cost $70) | 70 | |||||||
* | Non-income producing security. | |
(a) | Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets. |
Cost | Value | |||||||||||
Holdings by Category | ($ x 1,000) | ($ x 1,000) | ||||||||||
97.6 | % | Common Stock | 19,618 | 12,490 | ||||||||
1.7 | % | Other Investment Companies | 232 | 218 | ||||||||
0.2 | % | Preferred Stock | 53 | 26 | ||||||||
— | % | Rights | — | — | ||||||||
— | % | Warrants | — | — | ||||||||
99.5 | % | Total Investments | 19,903 | 12,734 | ||||||||
0.5 | % | Other Assets and Liabilities | 67 | |||||||||
100.0 | % | Net Assets | 12,801 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Common Stock 97.6% of net assets | ||||||||
Australia 5.2% | ||||||||
Banks 0.2% | ||||||||
Bank of Queensland Ltd. | 1,353 | 12 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,088 | 18 | ||||||
30 | ||||||||
Capital Goods 0.3% | ||||||||
Alesco Corp., Ltd. | 989 | 4 | ||||||
Crane Group Ltd. | 980 | 6 | ||||||
CSR Ltd. | 5,623 | 8 | ||||||
GWA International Ltd. | 4,077 | 6 | ||||||
Hills Industries Ltd. | 2,691 | 7 | ||||||
United Group Ltd. | 1,542 | 10 | ||||||
41 | ||||||||
Commercial & Professional Supplies 0.4% | ||||||||
Corporate Express Australia Ltd. | 2,163 | 7 | ||||||
Downer EDI Ltd. | 4,269 | 14 | ||||||
Spotless Group Ltd. | 5,506 | 9 | ||||||
Transfield Services Ltd. | 2,595 | 7 | ||||||
Transpacific Industries Group Ltd. | 2,659 | 7 | ||||||
44 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Billabong International Ltd. | 1,440 | 11 | ||||||
Consumer Services 0.1% | ||||||||
A.B.C. Learning Centres Ltd. (a)(b) | 9,091 | 2 | ||||||
Aristocrat Leisure Ltd. | 1,928 | 5 | ||||||
Flight Centre Ltd. | 519 | 5 | ||||||
12 | ||||||||
Diversified Financials 0.4% | ||||||||
Allco Finance Group Ltd. * | 23,422 | 2 | ||||||
ASX Ltd. | 1,066 | 22 | ||||||
Babcock & Brown Ltd. | 5,001 | 4 | ||||||
Challenger Financial Services Group Ltd. | 8,294 | 9 | ||||||
City Pacific Ltd. | 3,406 | — | ||||||
Perpetual Ltd. | 448 | 11 | ||||||
48 | ||||||||
Energy 0.3% | ||||||||
Centennial Coal Co., Ltd. | 3,575 | 9 | ||||||
Oil Search Ltd. | 5,576 | 17 | ||||||
Paladin Energy Ltd. * | 4,133 | 6 | ||||||
WorleyParsons Ltd. | 600 | 6 | ||||||
38 | ||||||||
Food & Staples Retailing 0.3% | ||||||||
ABB Grain Ltd. | 2,138 | 12 | ||||||
AWB Ltd. | 15,718 | 27 | ||||||
39 | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Futuris Corp., Ltd. | 12,090 | 9 | ||||||
Goodman Fielder Ltd. | 19,369 | 22 | ||||||
31 | ||||||||
Health Care Equipment & Services 0.6% | ||||||||
Ansell Ltd. | 1,198 | 10 | ||||||
Australian Pharmaceutical Industries Ltd. | 11,557 | 4 | ||||||
Cochlear Ltd. | 267 | 10 | ||||||
Healthscope Ltd. | 2,639 | 8 | ||||||
Primary Health Care Ltd. | 1,583 | 5 | ||||||
Ramsay Health Care Ltd. | 1,186 | 8 | ||||||
Sigma Pharmaceuticals Ltd. | 15,700 | 13 | ||||||
Sonic Healthcare Ltd. | 2,591 | 24 | ||||||
82 | ||||||||
Materials 0.8% | ||||||||
Adelaide Brighton Ltd. | 4,351 | 7 | ||||||
Great Southern Ltd. | 6,411 | 1 | ||||||
Gunns Ltd. | 8,061 | 6 | ||||||
Iluka Resources Ltd. * | 8,157 | 20 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Incitec Pivot Ltd. | 8,160 | 22 | ||||||
Minara Resources Ltd. | 8,491 | 6 | ||||||
Newcrest Mining Ltd. | 517 | 7 | ||||||
OneSteel Ltd. | 6,375 | 15 | ||||||
OZ Minerals Ltd. | 8,519 | 5 | ||||||
Sims Group Ltd. | 1,903 | 18 | ||||||
107 | ||||||||
Media 0.3% | ||||||||
APN News & Media Ltd. | 2,862 | 5 | ||||||
Austereo Group Ltd. | 6,477 | 6 | ||||||
Macquarie Communications Infrastructure Group | 4,320 | 5 | ||||||
Macquarie Media Group Ltd. | 6,437 | 5 | ||||||
Seven Network Ltd. | 1,385 | 6 | ||||||
Ten Network Holdings Ltd. | 6,101 | 5 | ||||||
West Australian Newspapers Holdings Ltd. | 1,488 | 6 | ||||||
38 | ||||||||
Real Estate 0.6% | ||||||||
Abacus Property Group | 7,677 | 2 | ||||||
Australand Property Group | 18,480 | 4 | ||||||
Bunnings Warehouse Property Trust | 4,012 | 4 | ||||||
Centro Properties Group * | 42,428 | 2 | ||||||
Commonwealth Property Office Fund | 29,955 | 26 | ||||||
FKP Property Group | 7,517 | 6 | ||||||
ING Industrial Fund | 16,228 | 4 | ||||||
ING Office Fund | 22,128 | 16 | ||||||
Macquarie CountryWide Trust | 28,257 | 4 | ||||||
Macquarie DDR Trust | 50,434 | 3 | ||||||
Valad Property Group | 13,973 | 1 | ||||||
72 | ||||||||
Retailing 0.2% | ||||||||
David Jones Ltd. | 5,465 | 11 | ||||||
Harvey Norman Holdings Ltd. | 5,669 | 10 | ||||||
Pacific Brands Ltd. | 10,092 | 7 | ||||||
28 | ||||||||
Software & Services 0.1% | ||||||||
Computershare Ltd. | 2,335 | 13 | ||||||
Utilities 0.3% | ||||||||
APA Group | 6,311 | 12 | ||||||
Babcock & Brown Infrastructure Group | 37,688 | 5 | ||||||
Babcock & Brown Wind Partners | 6,839 | 4 | ||||||
Envestra Ltd. | 14,701 | 6 | ||||||
SP Ausnet | 11,314 | 9 | ||||||
36 | ||||||||
670 | ||||||||
Austria 0.6% | ||||||||
Automobiles & Components 0.0% | ||||||||
Semperit AG Holding | 186 | 4 | ||||||
Capital Goods 0.1% | ||||||||
A-TEC Industries AG * | 208 | 3 | ||||||
Andritz AG | 216 | 6 | ||||||
Palfinger AG | 266 | 4 | ||||||
Zumtobel AG | 114 | 2 | ||||||
15 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Agrana Beteiligungs AG | 73 | 5 | ||||||
Materials 0.1% | ||||||||
Lenzing AG | 10 | 3 | ||||||
Mayr-Melnhof Karton AG | 113 | 7 | ||||||
RHI AG * | 272 | 4 | ||||||
14 | ||||||||
Real Estate 0.1% | ||||||||
Atrium European Real Estate Ltd. * | 2,210 | 10 | ||||||
CA Immobilien Anlagen AG * | 455 | 3 | ||||||
13 | ||||||||
Transportation 0.2% | ||||||||
Austrian Airlines AG * | 1,978 | 7 | ||||||
Flughafen Wien AG | 103 | 4 | ||||||
Oesterreichische Post AG | 315 | 9 | ||||||
20 | ||||||||
71 | ||||||||
Belgium 1.2% | ||||||||
Capital Goods 0.2% | ||||||||
Bekaert N.V. | 226 | 22 | ||||||
Compagnie d’Enterprises CFE | 58 | 3 | ||||||
25 | ||||||||
Diversified Financials 0.2% | ||||||||
Ackermans & van Haaren N.V. | 182 | 11 | ||||||
Brederode S.A. | 86 | 1 | ||||||
Compagnie du Bois Sauvage | 18 | 3 | ||||||
GIMV N.V. | 119 | 5 | ||||||
RHJ International * | 1,681 | 9 | ||||||
29 | ||||||||
Energy 0.1% | ||||||||
Euronav S.A. | 321 | 5 | ||||||
Exmar N.V. | 205 | 2 | ||||||
7 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Health Care Equipment & Services 0.1% | ||||||||
Omega Pharma S.A. | 237 | 9 | ||||||
Materials 0.2% | ||||||||
Recticel S.A. | 393 | 3 | ||||||
Tessenderlo Chemie N.V. | 564 | 22 | ||||||
25 | ||||||||
Real Estate 0.2% | ||||||||
Befimmo S.C.A. | 196 | 15 | ||||||
Cofinimmo | 118 | 14 | ||||||
29 | ||||||||
Technology Hardware & Equipment 0.0% | ||||||||
Barco N.V. | 175 | 3 | ||||||
Telecommunication Services 0.1% | ||||||||
Telenet Group Holding N.V. * | 900 | 14 | ||||||
Transportation 0.1% | ||||||||
Compagnie Maritime Belge S.A. | 383 | 8 | ||||||
149 | ||||||||
Bermuda 1.5% | ||||||||
Automobiles & Components 0.0% | ||||||||
Brilliance China Automotive Holdings Ltd. * | 40,000 | 2 | ||||||
Capital Goods 0.1% | ||||||||
Chevalier International Holdings Ltd. | 3,000 | 2 | ||||||
Johnson Electric Holdings Ltd. | 30,000 | 6 | ||||||
NWS Holdings Ltd. | 5,000 | 5 | ||||||
PYI Corp. | 18,000 | 1 | ||||||
14 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Hutchison Harbour Ring Ltd. | 30,000 | 2 | ||||||
IDT International Ltd. * | 184,000 | 3 | ||||||
Texwinca Holdings Ltd. | 10,000 | 4 | ||||||
9 | ||||||||
Consumer Services 0.2% | ||||||||
Cafe De Coral Holdings Ltd. | 4,000 | 6 | ||||||
Mandarin Oriental International Ltd. | 5,000 | 7 | ||||||
Regal Hotels International Holdings Ltd | 6,800 | 1 | ||||||
Shangri-La Asia Ltd. | 7,000 | 10 | ||||||
24 | ||||||||
Diversified Financials 0.0% | ||||||||
Macquarie International Infrastructure Fund Ltd. | 21,000 | 6 | ||||||
Energy 0.1% | ||||||||
BW GAS Ltd. * | 757 | 2 | ||||||
CNPC Hong Kong Ltd. | 20,000 | 6 | ||||||
Golar LNG Ltd. | 289 | 2 | ||||||
Seadrill Ltd. | 551 | 5 | ||||||
Sinopec Kantons Holdings Ltd. | 10,000 | 1 | ||||||
16 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
China Foods Ltd. | 13,000 | 3 | ||||||
First Pacific Co., Ltd. | 22,000 | 9 | ||||||
People’s Food Holdings Ltd. | 8,000 | 2 | ||||||
14 | ||||||||
Insurance 0.3% | ||||||||
Catlin Group Ltd. | 3,561 | 20 | ||||||
Hiscox Ltd. | 4,963 | 19 | ||||||
39 | ||||||||
Materials 0.2% | ||||||||
Aquarius Platinum Ltd. | 4,318 | 11 | ||||||
China Oriental Group Co., Ltd. | 12,000 | 2 | ||||||
Nine Dragons Paper Holdings Ltd. | 2,000 | — | ||||||
Sinofert Holdings Ltd. | 17,000 | 10 | ||||||
23 | ||||||||
Media 0.1% | ||||||||
SCMP Group Ltd. (b) | 20,000 | 7 | ||||||
Real Estate 0.0% | ||||||||
K Wah International Holdings Ltd. | 5,000 | 1 | ||||||
Pacific Century Premium Developments Ltd. * | 11,000 | 2 | ||||||
Sinolink Worldwide Holdings Ltd. | 52,000 | 3 | ||||||
6 | ||||||||
Retailing 0.1% | ||||||||
Chow Sang Sang Holdings International Ltd. | 5,000 | 2 | ||||||
Giordano International Ltd. | 34,000 | 6 | ||||||
GOME Electrical Appliances Holdings Ltd. | 28,000 | 6 | ||||||
14 | ||||||||
Software & Services 0.0% | ||||||||
DMX Technologies Group Ltd. * | 45,000 | 3 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
TPV Technology Ltd. | 44,000 | 9 | ||||||
Transportation 0.1% | ||||||||
Pacific Basin Shipping Ltd. | 12,000 | 6 | ||||||
Road King Infrastructure Ltd. | 4,000 | 1 | ||||||
7 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Utilities 0.0% | ||||||||
Enerchina Holdings Ltd. * | 465,000 | 5 | ||||||
198 | ||||||||
Canada 5.9% | ||||||||
Automobiles & Components 0.1% | ||||||||
Linamar Corp. | 1,394 | 9 | ||||||
Martinrea International, Inc. * | 1,027 | 3 | ||||||
12 | ||||||||
Banks 0.1% | ||||||||
Laurentian Bank Of Canada | 326 | 11 | ||||||
Capital Goods 0.4% | ||||||||
CAE, Inc. | 1,349 | 8 | ||||||
Russel Metals, Inc. | 905 | 16 | ||||||
SNC-Lavalin Group, Inc. | 657 | 17 | ||||||
Toromont Industries Ltd. | 457 | 9 | ||||||
50 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Transcontinental, Inc., Class A | 1,462 | 15 | ||||||
Consumer Durables & Apparel 0.2% | ||||||||
Dorel Industries, Inc., Class B | 644 | 14 | ||||||
Gildan Activewear, Inc. * | 396 | 9 | ||||||
23 | ||||||||
Diversified Financials 0.2% | ||||||||
AGF Management Ltd., Class B | 633 | 7 | ||||||
Dundee Corp., Class A * | 972 | 4 | ||||||
DundeeWealth, Inc. | 894 | 4 | ||||||
TMX Group, Inc. | 491 | 12 | ||||||
27 | ||||||||
Energy 0.4% | ||||||||
Cameco Corp. | 906 | 15 | ||||||
Compton Petroleum Corp. * | 1,203 | 2 | ||||||
Ensign Energy Services, Inc. | 976 | 12 | ||||||
Flint Energy Services Ltd. * | 298 | 2 | ||||||
Highpine Oil & Gas Ltd. * | 938 | 5 | ||||||
OPTI Canada, Inc. * | 671 | 2 | ||||||
Paramount Resources Ltd., Class A * | 620 | 5 | ||||||
Savanna Energy Services Corp. | 566 | 5 | ||||||
ShawCor Ltd. | 218 | 3 | ||||||
51 | ||||||||
Food, Beverage & Tobacco 0.6% | ||||||||
Cott Corp. * | 7,229 | 6 | ||||||
Maple Leaf Foods, Inc. | 3,034 | 21 | ||||||
Saputo, Inc. | 1,493 | 31 | ||||||
Viterra, Inc. * | 2,206 | 14 | ||||||
72 | ||||||||
Insurance 0.2% | ||||||||
Industrial Alliance Insurance & Financial Services, Inc. | 931 | 20 | ||||||
Kingsway Financial Services, Inc. | 1,440 | 8 | ||||||
Northbridge Financial Corp. | 170 | 4 | ||||||
32 | ||||||||
Materials 1.3% | ||||||||
Agnico-Eagle Mines Ltd. | 293 | 8 | ||||||
Agrium, Inc. | 513 | 20 | ||||||
Canfor Corp. * | 2,983 | 17 | ||||||
Cascades, Inc. | 2,287 | 9 | ||||||
Catalyst Paper Corp. * | 11,233 | 4 | ||||||
CCL Industries, Inc., Class B | 395 | 10 | ||||||
Centerra Gold, Inc. * | 1,580 | 1 | ||||||
First Quantum Minerals Ltd. | 189 | 4 | ||||||
Harry Winston Diamond Corp. | 667 | 6 | ||||||
HudBay Minerals, Inc. * | 1,117 | 5 | ||||||
IAMGOLD Corp. | 2,056 | 7 | ||||||
Inmet Mining Corp. | 167 | 4 | ||||||
Kinross Gold Corp. | 1,011 | 10 | ||||||
Lundin Mining Corp. * | 2,791 | 4 | ||||||
Methanex Corp. | 1,266 | 14 | ||||||
Sherritt International Corp. | 1,832 | 6 | ||||||
Sino-Forest Corp. * | 761 | 7 | ||||||
West Fraser Timber Co., Ltd. | 780 | 21 | ||||||
Yamana Gold, Inc. | 959 | 5 | ||||||
162 | ||||||||
Media 0.2% | ||||||||
Astral Media, Inc. | 397 | 9 | ||||||
Corus Entertainment, Inc., Class B | 304 | 4 | ||||||
Torstar Corp., Class B | 1,355 | 13 | ||||||
26 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
Biovail Corp. | 2,393 | 21 | ||||||
MDS, Inc. * | 1,068 | 11 | ||||||
32 | ||||||||
Real Estate 0.8% | ||||||||
Boardwalk Real Estate Investment Trust | 307 | 6 | ||||||
Calloway Real Estate Investment Trust | 822 | 10 | ||||||
Canadian Apartment Properties Real Estate Investment Trust | 1,532 | 17 | ||||||
Canadian Real Estate Investment Trust | 533 | 11 | ||||||
Chartwell Seniors Housing Real Estate Investment Trust | 1,178 | 5 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Cominar Real Estate Investment Trust | 409 | 7 | ||||||
Dundee Real Estate Investment Trust | 360 | 6 | ||||||
Extendicare Real Estate Investment Trust | 734 | 2 | ||||||
First Capital Realty, Inc. | 456 | 8 | ||||||
FirstService Corp. * | 481 | 6 | ||||||
H&R Real Estate Investment Trust | 1,678 | 14 | ||||||
InnVest Real Estate Investment Trust | 763 | 3 | ||||||
Morguard Real Estate Investment Trust | 669 | 5 | ||||||
Primaris Retail Real Estate Investment Trust | 653 | 7 | ||||||
107 | ||||||||
Retailing 0.3% | ||||||||
Reitmans (Canada) Ltd., Class A | 725 | 9 | ||||||
RONA, Inc. * | 2,376 | 23 | ||||||
The Forzani Group Ltd., Class A | 605 | 4 | ||||||
36 | ||||||||
Software & Services 0.1% | ||||||||
MacDonald, Dettwiler & Associates Ltd. * | 437 | 8 | ||||||
Open Text Corp. * | 350 | 9 | ||||||
17 | ||||||||
Transportation 0.2% | ||||||||
Transat A.T., Inc., Class B | 549 | 5 | ||||||
WestJet Airlines Ltd. * | 841 | 7 | ||||||
WestJet Airlines Ltd., Class V * | 875 | 8 | ||||||
20 | ||||||||
Utilities 0.5% | ||||||||
Emera, Inc. | 1,892 | 34 | ||||||
Fortis, Inc. | 1,103 | 24 | ||||||
58 | ||||||||
751 | ||||||||
Cayman Islands 0.7% | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Samson Holding Ltd. * | 16,000 | 2 | ||||||
TCL Multimedia Technology Holdings Ltd. * | 148,000 | 2 | ||||||
4 | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Chaoda Modern Agriculture (Holdings) Ltd. | 8,000 | 5 | ||||||
China Mengniu Dairy Co., Ltd. | 8,000 | 8 | ||||||
Tingyi (Cayman Islands) Holding Corp. | 11,000 | 12 | ||||||
25 | ||||||||
Household & Personal Products 0.1% | ||||||||
Hengan International Group Co. Ltd. | 3,000 | 8 | ||||||
Materials 0.0% | ||||||||
Lee & Man Paper Manufacturing Ltd. | 2,000 | 1 | ||||||
Real Estate 0.1% | ||||||||
Agile Property Holdings Ltd. | 12,000 | 4 | ||||||
China Resources Land Ltd. | 5,000 | 5 | ||||||
Country Garden Holdings Co. | 25,000 | 4 | ||||||
Greentown China Holdings Ltd. | 2,000 | 1 | ||||||
HKR International Ltd. | 8,400 | 2 | ||||||
Shimao Property Holdings Ltd. | 8,000 | 4 | ||||||
Shui On Land Ltd. | 16,000 | 4 | ||||||
24 | ||||||||
Retailing 0.1% | ||||||||
Lifestyle International Holdings Ltd. | 10,000 | 7 | ||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Solomon Systech International Ltd. | 148,000 | 2 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Kingboard Chemical Holdings Ltd. | 5,000 | 10 | ||||||
Kingboard Laminates Holding Ltd. | 10,500 | 2 | ||||||
12 | ||||||||
Transportation 0.1% | ||||||||
Hopewell Highway Infrastructure Ltd. | 11,000 | 7 | ||||||
90 | ||||||||
China 0.1% | ||||||||
Capital Goods 0.1% | ||||||||
Beijing Enterprises Holdings Ltd. | 2,000 | 8 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Digital China Holdings Ltd. | 15,700 | 5 | ||||||
13 | ||||||||
Cyprus 0.1% | ||||||||
Energy 0.1% | ||||||||
Prosafe Production Public Ltd. * | 2,424 | 6 | ||||||
Prosafe SE * | 1,538 | 6 | ||||||
12 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Denmark 1.5% | ||||||||
Banks 0.2% | ||||||||
Jyske Bank A/S — Reg’d * | 576 | 17 | ||||||
Spar Nord Bank A/S | 477 | 5 | ||||||
Sydbank A/S | 588 | 9 | ||||||
31 | ||||||||
Capital Goods 0.2% | ||||||||
FLSmidth & Co. A/S | 175 | 7 | ||||||
NKT Holding A/S | 177 | 7 | ||||||
Rockwool International A/S, B Shares | 74 | 5 | ||||||
Schouw & Co. A/S | 73 | 1 | ||||||
Vestas Wind Systems A/S * | 297 | 12 | ||||||
32 | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Bang & Olufsen A/S, B Shares | 143 | 3 | ||||||
Energy 0.1% | ||||||||
Dampskibsselskabet Torm A/S | 671 | 11 | ||||||
Health Care Equipment & Services 0.2% | ||||||||
Coloplast A/S, Class B | 200 | 14 | ||||||
GN Store Nord A/S * | 1,846 | 4 | ||||||
William Demant Holding A/S * | 71 | 3 | ||||||
21 | ||||||||
Insurance 0.2% | ||||||||
Alm. Brand A/S * | 136 | 2 | ||||||
Topdanmark A/S * | 165 | 18 | ||||||
20 | ||||||||
Materials 0.2% | ||||||||
Auriga Industries A/S, Class B | 122 | 2 | ||||||
Novozymes A/S, Class B | 260 | 19 | ||||||
21 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
Alk-Abello A/S | 253 | 20 | ||||||
H. Lundbeck A/S | 519 | 9 | ||||||
29 | ||||||||
Transportation 0.2% | ||||||||
D/S Norden A/S | 58 | 2 | ||||||
DFDS A/S | 100 | 7 | ||||||
DSV A/S | 1,448 | 17 | ||||||
26 | ||||||||
194 | ||||||||
Finland 1.2% | ||||||||
Automobiles & Components 0.1% | ||||||||
Nokian Renkaat Oyj | 546 | 7 | ||||||
Capital Goods 0.3% | ||||||||
Cargotec Corp., B Shares | 396 | 5 | ||||||
KCI Konecranes Oyj | 333 | 6 | ||||||
Lemminkainen Oyj | 85 | 1 | ||||||
Ramirent Oyj | 442 | 2 | ||||||
Uponor Oyj | 846 | 8 | ||||||
Yit Oyj | 1,729 | 11 | ||||||
33 | ||||||||
Commercial & Professional Supplies 0.0% | ||||||||
Poyry Oyj | 158 | 2 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
Amer Sports Oyj, A Shares | 910 | 6 | ||||||
Food, Beverage & Tobacco 0.0% | ||||||||
HKScan Oyj | 601 | 3 | ||||||
Health Care Equipment & Services 0.0% | ||||||||
Oriola-KD Oyj, Class B | 1,359 | 3 | ||||||
Materials 0.3% | ||||||||
Ahlstrom Oyj | 1,246 | 13 | ||||||
Huhtamaki Oyj | 3,579 | 24 | ||||||
37 | ||||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
Orion Oyj, Class B | 1,357 | 20 | ||||||
Real Estate 0.0% | ||||||||
Sponda Oyj | 948 | 4 | ||||||
Retailing 0.0% | ||||||||
Stockmann Oyj Abp, B Shares | 409 | 6 | ||||||
Software & Services 0.2% | ||||||||
TietoEnator Oyj | 2,065 | 23 | ||||||
Transportation 0.1% | ||||||||
Finnair Oyj | 900 | 5 | ||||||
Finnlines Oyj | 606 | 8 | ||||||
13 | ||||||||
157 | ||||||||
France 2.7% | ||||||||
Automobiles & Components 0.0% | ||||||||
Plastic Omnium S.A. | 255 | 3 | ||||||
Capital Goods 0.1% | ||||||||
Carbone Lorraine S.A. | 256 | 8 | ||||||
IMS International Metal Service | 276 | 5 | ||||||
Manitou BF | 305 | 4 | ||||||
17 | ||||||||
Commercial & Professional Supplies 0.3% | ||||||||
Societe BIC S.A. | 470 | 25 | ||||||
Sperian Protection | 45 | 3 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Teleperformance | 583 | 12 | ||||||
40 | ||||||||
Consumer Durables & Apparel 0.2% | ||||||||
Beneteau | 501 | 5 | ||||||
Kaufman & Broad S.A. | 161 | 3 | ||||||
Nexity | 304 | 3 | ||||||
SEB S.A. | 269 | 9 | ||||||
Trigano S.A. | 180 | 1 | ||||||
21 | ||||||||
Consumer Services 0.1% | ||||||||
Club Mediterranee S.A. * | 232 | 5 | ||||||
Compagnie des Alpes | 111 | 4 | ||||||
Euro Disney S.C.A. * | 386 | 2 | ||||||
Groupe Partouche S.A. * | 192 | 1 | ||||||
Pierre & Vacances | 42 | 2 | ||||||
14 | ||||||||
Diversified Financials 0.1% | ||||||||
Financiere Marc de Lacharriere S.A. | 164 | 7 | ||||||
Union Financiere de France Banque S.A. | 161 | 5 | ||||||
12 | ||||||||
Energy 0.2% | ||||||||
Bourbon S.A. | 318 | 9 | ||||||
Compagnie Generale de Geophysique-Veritas * | 473 | 8 | ||||||
Etablissements Maurel et Prom | 878 | 10 | ||||||
27 | ||||||||
Food & Staples Retailing 0.1% | ||||||||
Guyenne et Gascogne S.A. | 69 | 5 | ||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Bonduelle S.C.A. | 55 | 5 | ||||||
Bongrain S.A. | 113 | 6 | ||||||
Remy Cointreau S.A. | 184 | 8 | ||||||
19 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
bioMerieux | 88 | 7 | ||||||
Generale de Sante | 266 | 3 | ||||||
10 | ||||||||
Insurance 0.0% | ||||||||
April Group | 141 | 5 | ||||||
Materials 0.1% | ||||||||
Rhodia S.A. | 1,615 | 14 | ||||||
Media 0.2% | ||||||||
Canal Plus | 1,320 | 8 | ||||||
Havas S.A. | 5,890 | 12 | ||||||
Ipsos | 200 | 5 | ||||||
NRJ Group | 541 | 4 | ||||||
Spir Communication | 65 | 2 | ||||||
31 | ||||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Ipsen S.A. | 191 | 7 | ||||||
Real Estate 0.1% | ||||||||
Mercialys | 250 | 8 | ||||||
Societe Immobilliere de Location pour l’Industrie et le Commerce | 85 | 8 | ||||||
16 | ||||||||
Retailing 0.0% | ||||||||
Etam | 263 | 3 | ||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Silicon-On-Insulator Technologies * | 1,417 | 5 | ||||||
Software & Services 0.3% | ||||||||
Altran Technologies S.A. * | 2,139 | 11 | ||||||
Dassault Systemes S.A. | 305 | 12 | ||||||
Groupe Steria S.C.A. | 216 | 3 | ||||||
Sopra Group | 150 | 6 | ||||||
UbiSoft Entertainment S.A. * | 164 | 9 | ||||||
41 | ||||||||
Technology Hardware & Equipment 0.2% | ||||||||
Bull S.A. * | 1,653 | 3 | ||||||
Neopost S.A. | 302 | 25 | ||||||
28 | ||||||||
Telecommunication Services 0.1% | ||||||||
Iliad S.A. | 67 | 5 | ||||||
Transportation 0.1% | ||||||||
Derichebourg S.A. | 1,764 | 5 | ||||||
Norbert Dentressangle | 89 | 5 | ||||||
10 | ||||||||
Utilities 0.1% | ||||||||
EDF Energies Nouvelles S.A. | 135 | 4 | ||||||
Rubis | 83 | 5 | ||||||
9 | ||||||||
342 | ||||||||
Germany 2.5% | ||||||||
Automobiles & Components 0.1% | ||||||||
ElringKlinger AG | 346 | 3 | ||||||
Leoni AG | 390 | 5 | ||||||
8 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Banks 0.1% | ||||||||
Aareal Bank AG | 624 | 5 | ||||||
comdirect bank AG | 218 | 2 | ||||||
7 | ||||||||
Capital Goods 0.5% | ||||||||
Demag Cranes AG | 210 | 4 | ||||||
Deutz AG | 1,635 | 5 | ||||||
Duerr AG | 109 | 2 | ||||||
Gildemeister AG | 380 | 4 | ||||||
Indus Holding AG | 105 | 2 | ||||||
Kloeckner & Co., SE | 237 | 3 | ||||||
Koenig & Bauer AG | 437 | 5 | ||||||
Krones AG | 149 | 6 | ||||||
KUKA AG | 497 | 9 | ||||||
MTU Aero Engines Holding AG | 437 | 8 | ||||||
Pfleiderer AG | 128 | 1 | ||||||
SGL Carbon AG * | 308 | 6 | ||||||
Solarworld AG | 338 | 8 | ||||||
Vossloh AG | 84 | 6 | ||||||
69 | ||||||||
Commercial & Professional Supplies 0.0% | ||||||||
GfK AG | 111 | 2 | ||||||
INTERSEROH AG | 62 | 3 | ||||||
5 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Puma AG Rudolf Dassler Sport | 40 | 7 | ||||||
Rational AG | 29 | 3 | ||||||
10 | ||||||||
Diversified Financials 0.1% | ||||||||
MLP AG | 697 | 8 | ||||||
MPC Muenchmeyer Petersen Capital AG | 92 | 1 | ||||||
9 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Carl Zeiss Meditec AG | 157 | 2 | ||||||
Rhoen-klinikum AG | 427 | 9 | ||||||
11 | ||||||||
Materials 0.3% | ||||||||
Fuchs Petrolub AG | 106 | 7 | ||||||
Kloeckner-Werke AG * | 120 | 2 | ||||||
Norddeutsche Affinerie AG | 807 | 26 | ||||||
Symrise AG | 603 | 7 | ||||||
42 | ||||||||
Media 0.0% | ||||||||
Premiere AG * | 279 | 1 | ||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
QIAGEN N.V. * | 636 | 9 | ||||||
Stada Arzneimittel AG | 271 | 8 | ||||||
17 | ||||||||
Real Estate 0.2% | ||||||||
Deutsche Euroshop AG | 418 | 11 | ||||||
Deutsche Wohnen AG * | 586 | 5 | ||||||
IVG Immobilien AG | 509 | 3 | ||||||
19 | ||||||||
Retailing 0.3% | ||||||||
Douglas Holding AG | 604 | 22 | ||||||
Fielmann AG | 103 | 6 | ||||||
Medion AG | 398 | 4 | ||||||
Praktiker Bau- und Heimwerkermaerkte Holding AG | 993 | 8 | ||||||
Takkt AG | 113 | 1 | ||||||
41 | ||||||||
Software & Services 0.1% | ||||||||
Bechtle AG | 287 | 4 | ||||||
Software AG | 132 | 6 | ||||||
United Internet AG — Reg’d | 527 | 5 | ||||||
15 | ||||||||
Technology Hardware & Equipment 0.4% | ||||||||
Epcos AG * | 1,361 | 31 | ||||||
Jenoptik AG * | 1,351 | 8 | ||||||
Wincor Nixdorf AG | 224 | 10 | ||||||
49 | ||||||||
Telecommunication Services 0.1% | ||||||||
Freenet AG * | 956 | 6 | ||||||
Transportation 0.0% | ||||||||
Sixt AG | 270 | 4 | ||||||
Utilities 0.0% | ||||||||
MVV Energie AG | 103 | 4 | ||||||
317 | ||||||||
Gibraltar 0.0% | ||||||||
Consumer Services 0.0% | ||||||||
PartyGaming plc * | 2,414 | 5 | ||||||
Greece 0.5% | ||||||||
Banks 0.1% | ||||||||
Agricultural Bank of Greece | 1,104 | 3 | ||||||
Emporiki Bank of Greece S.A. * | 307 | 3 | ||||||
Greek Postal Savings Bank | 634 | 4 | ||||||
10 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Capital Goods 0.1% | ||||||||
Ellaktor S.A. | 986 | 5 | ||||||
Technical Olympic S.A. * | 9,172 | 3 | ||||||
8 | ||||||||
Consumer Services 0.0% | ||||||||
Intralot S.A. Integrated Lottery | 671 | 3 | ||||||
Energy 0.1% | ||||||||
Motor Oil (Hellas) Corinth Refineries S.A. | 730 | 8 | ||||||
Materials 0.2% | ||||||||
Elval Aluminum Process Co. | 1,123 | 2 | ||||||
Heracles General Cement S.A. | 308 | 2 | ||||||
Mytilineos Holdings S.A. | 663 | 4 | ||||||
Sidenor Steel Products Manufacturing Co. S.A. | 454 | 2 | ||||||
Titan Cement Co. | 601 | 10 | ||||||
Viohalco, Hellenic Copper & Aluminum Industry S.A. | 1,414 | 7 | ||||||
27 | ||||||||
Real Estate 0.0% | ||||||||
Babis Vovos International Construction S.A. * | 188 | 4 | ||||||
Retailing 0.0% | ||||||||
Hellenic Duty Free Shops S.A. | 195 | 1 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Intracom Holdings S.A. * | 1,351 | 2 | ||||||
Utilities 0.0% | ||||||||
EYDAP Athens Water Supply & Sewage Co. S.A. | 121 | 1 | ||||||
64 | ||||||||
Hong Kong 1.8% | ||||||||
Automobiles & Components 0.1% | ||||||||
Denway Motors Ltd. | 32,000 | 8 | ||||||
Banks 0.3% | ||||||||
Chong Hing Bank Ltd. | 3,000 | 4 | ||||||
CITIC International Financial Holdings Ltd. (a)(b)* | 23,000 | 15 | ||||||
Dah Sing Banking Group Ltd. | 3,800 | 2 | ||||||
Dah Sing Financial Group | 2,400 | 6 | ||||||
Fubon Bank (Hong Kong) Ltd. | 2,000 | — | ||||||
Industrial & Commercial Bank of China (Asia) Ltd. | 6,000 | 6 | ||||||
Wing Hang Bank Ltd. | 2,000 | 9 | ||||||
42 | ||||||||
Capital Goods 0.0% | ||||||||
Shanghai Industrial Holdings Ltd. | 3,000 | 5 | ||||||
Tianjin Development Holdings Ltd. | 6,000 | 1 | ||||||
6 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
Fountain Set (Holdings) Ltd. | 38,000 | 1 | ||||||
Techtronic Industries Co., Ltd. | 27,000 | 10 | ||||||
Truly International Holdings Ltd. | 1,000 | 1 | ||||||
12 | ||||||||
Consumer Services 0.1% | ||||||||
China Travel International Investment Hong Kong Ltd. | 16,000 | 2 | ||||||
Galaxy Entertainment Group Ltd. * | 12,000 | 1 | ||||||
The Hongkong & Shanghai Hotels Ltd. | 7,000 | 7 | ||||||
10 | ||||||||
Diversified Financials 0.0% | ||||||||
Allied Properties (H.K.) Ltd. | 14,000 | 2 | ||||||
Public Financial Holdings Ltd. | 9,000 | 3 | ||||||
Sun Hung Kai & Co., Ltd. | 2,000 | 1 | ||||||
6 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
China Agri-Industries Holdings Ltd. * | 14,000 | 5 | ||||||
Global Bio-chem Technology Group Co., Ltd. | 18,000 | 3 | ||||||
8 | ||||||||
Insurance 0.1% | ||||||||
China Insurance International Holdings Co., Ltd. | 5,000 | 12 | ||||||
Materials 0.0% | ||||||||
Minmetals Resources Ltd. | 9,100 | 1 | ||||||
Media 0.1% | ||||||||
I-Cable Communications Ltd. | 9,000 | 1 | ||||||
Next Media Ltd. | 10,000 | 2 | ||||||
Oriental Press Group Ltd. | 23,000 | 2 | ||||||
Television Broadcasts Ltd. | 3,000 | 8 | ||||||
13 | ||||||||
Real Estate 0.4% | ||||||||
Champion Real Estate Investment Trust | 27,000 | 7 | ||||||
China Overseas Land & Investment Ltd. | 9,000 | 10 | ||||||
Guangzhou Investment Co., Ltd. | 51,000 | 4 | ||||||
Hopewell Holdings Ltd. | 8,000 | 25 | ||||||
Hopson Development Holdings Ltd. | 4,000 | 1 | ||||||
Kowloon Development Co., Ltd. | 4,000 | 1 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Shenzhen Investment Ltd. | 10,000 | 1 | ||||||
49 | ||||||||
Retailing 0.0% | ||||||||
Wing On Co. International Ltd. | 3,000 | 3 | ||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
ASM Pacific Technology Ltd. | 2,000 | 7 | ||||||
Software & Services 0.0% | ||||||||
Sino-i Technology Ltd. * | 920,000 | 5 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
TCL Communication Technology Holdings Ltd. * | 294,000 | 3 | ||||||
VTech Holdings Ltd. | 3,000 | 11 | ||||||
14 | ||||||||
Telecommunication Services 0.1% | ||||||||
SmarTone Telecommunications Holdings Ltd. | 13,000 | 10 | ||||||
Transportation 0.1% | ||||||||
Hong Kong Aircraft Engineering Co., Ltd. | 800 | 6 | ||||||
Shun Tak Holdings Ltd. | 5,000 | 1 | ||||||
7 | ||||||||
Utilities 0.1% | ||||||||
China Power International Development Ltd. | 15,900 | 3 | ||||||
China Resources Power Holdings Co., Ltd. | 4,000 | 8 | ||||||
Guangdong Investment Ltd. | 15,000 | 4 | ||||||
15 | ||||||||
228 | ||||||||
Ireland 0.8% | ||||||||
Capital Goods 0.2% | ||||||||
DCC plc | 855 | 13 | ||||||
Grafton Group plc * | 2,091 | 6 | ||||||
Kingspan Group plc | 1,139 | 7 | ||||||
26 | ||||||||
Food & Staples Retailing 0.0% | ||||||||
Fyffes plc | 11,516 | 4 | ||||||
Food, Beverage & Tobacco 0.3% | ||||||||
C&C Group plc | 2,865 | 4 | ||||||
Glanbia plc | 1,476 | 5 | ||||||
Greencore Group plc | 4,270 | 7 | ||||||
Kerry Group plc, Class A | 883 | 20 | ||||||
36 | ||||||||
Health Care Equipment & Services 0.2% | ||||||||
United Drug plc | 5,096 | 20 | ||||||
Insurance 0.0% | ||||||||
FBD Holdings plc | 305 | 4 | ||||||
Media 0.0% | ||||||||
Independent News & Media plc | 5,844 | 5 | ||||||
Transportation 0.1% | ||||||||
Aer Lingus Group plc * | 3,994 | 6 | ||||||
101 | ||||||||
Italy 2.3% | ||||||||
Automobiles & Components 0.1% | ||||||||
Brembo S.p.A | 393 | 3 | ||||||
Immsi S.p.A | 2,728 | 2 | ||||||
Piaggio & C. S.p.A. | 1,828 | 3 | ||||||
Sogefi S.p.A. | 437 | 1 | ||||||
9 | ||||||||
Banks 0.3% | ||||||||
Banca Piccolo Credito Valtellinese Scarl | 2,080 | 15 | ||||||
Banca Popolare dell’Etruria e del Lazio Scrl | 746 | 5 | ||||||
Banco di Desio e della Brianza S.p.A. | 655 | 4 | ||||||
Credito Artigiano S.p.A. | 2,487 | 7 | ||||||
Credito Emiliano S.p.A. | 1,054 | 7 | ||||||
38 | ||||||||
Capital Goods 0.4% | ||||||||
Astaldi S.p.A. | 822 | 4 | ||||||
Cofide S.p.A. — Compagnia Finanziaria De Benedetti | 20,297 | 10 | ||||||
Danieli S.p.A. — Officine Meccaniche Danieli & C. | 350 | 4 | ||||||
Danieli S.p.A. — Officine Meccaniche Danieli & C. — RNC | 595 | 4 | ||||||
Impregilo S.p.A. * | 4,329 | 11 | ||||||
Interpump Group S.p.A. | 1,274 | 7 | ||||||
Permasteelisa S.p.A. | 590 | 9 | ||||||
49 | ||||||||
Consumer Durables & Apparel 0.3% | ||||||||
Bulgari S.p.A | 1,121 | 8 | ||||||
Geox S.p.A. | 627 | 5 | ||||||
Indesit Co. S.p.A. | 1,065 | 9 | ||||||
Safilo Group S.p.A. | 4,976 | 5 | ||||||
Tod’s S.p.A. | 157 | 6 | ||||||
33 | ||||||||
Diversified Financials 0.1% | ||||||||
Banca Italease * | 2,679 | 13 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Food & Staples Retailing 0.0% | ||||||||
Marr S.p.A. | 487 | 3 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Davide Campari — Milano S.p.A. | 1,350 | 9 | ||||||
Health Care Equipment & Services 0.0% | ||||||||
Sorin S.p.A. * | 1,794 | 1 | ||||||
Insurance 0.0% | ||||||||
Ergo Previdenza S.p.A. | 540 | 3 | ||||||
Materials 0.1% | ||||||||
Caltagirone S.p.A. | 514 | 2 | ||||||
Cementir Holding S.p.A. | 1,067 | 3 | ||||||
KME Group | 3,206 | 2 | ||||||
7 | ||||||||
Media 0.4% | ||||||||
Caltagirone Editore S.p.A. | 2,948 | 9 | ||||||
Gruppo Editoriale L’Espresso S.p.A. | 3,769 | 5 | ||||||
Mondadori (Arnoldo) Editore S.p.A. | 2,457 | 9 | ||||||
RCS MediaGroup S.p.A. | 7,372 | 12 | ||||||
Seat Pagine Gialle S.p.A. * | 69,665 | 6 | ||||||
Telecom Italia Media S.p.A. * | 53,975 | 7 | ||||||
48 | ||||||||
Pharmaceuticals & Biotechnology 0.0% | ||||||||
Recordati S.p.A. | 1,034 | 5 | ||||||
Real Estate 0.1% | ||||||||
Beni Stabili S.p.A. | 10,597 | 6 | ||||||
Pirelli & C. Real Estate S.p.A. | 377 | 3 | ||||||
Risanamento S.p.A. * | 570 | — | ||||||
9 | ||||||||
Retailing 0.0% | ||||||||
Gruppo Coin S.p.A. * | 1,790 | 4 | ||||||
Software & Services 0.0% | ||||||||
Tiscali S.p.A * | 2,409 | 2 | ||||||
Technology Hardware & Equipment 0.0% | ||||||||
Esprinet S.p.A. | 447 | 2 | ||||||
Telecommunication Services 0.0% | ||||||||
Fastweb * | 306 | 6 | ||||||
Transportation 0.2% | ||||||||
Alitalia S.p.A. (a)(b)* | 14,782 | 4 | ||||||
Ansaldo STS S.p.A. | 695 | 9 | ||||||
Autostrada Torino-Milano S.p.A. | 1,153 | 9 | ||||||
Gemina S.p.A. * | 7,584 | 5 | ||||||
Societa Iniziative Autostradali e Servizi S.p.A. | 603 | 4 | ||||||
31 | ||||||||
Utilities 0.2% | ||||||||
ACEA S.p.A. | 855 | 11 | ||||||
Acegas-APS S.p.A. | 598 | 4 | ||||||
Iride S.p.A. | 2,968 | 5 | ||||||
20 | ||||||||
292 | ||||||||
Japan 44.1% | ||||||||
Automobiles & Components 1.7% | ||||||||
Ahresty Corp. | 1,000 | 5 | ||||||
Aichi Machine Industry Co., Ltd. | 3,000 | 6 | ||||||
Akebono Brake Industry Co., Ltd. | 2,000 | 12 | ||||||
Futaba Industrial Co. Ltd. | 1,000 | 6 | ||||||
Kayaba Industry Co., Ltd. | 4,000 | 8 | ||||||
Keihin Corp. | 1,000 | 9 | ||||||
Koito Manufacturing Co., Ltd. | 1,000 | 8 | ||||||
Mitsuba Corp. | 2,000 | 10 | ||||||
Musashi Seimitsu Industry Co., Ltd. | 1,000 | 13 | ||||||
NHK Spring Co., Ltd. | 3,000 | 12 | ||||||
Nissan Shatai Co., Ltd. | 1,000 | 7 | ||||||
Nissin Kogyo Co., Ltd. | 1,000 | 9 | ||||||
Press Kogyo Co., Ltd. | 2,000 | 4 | ||||||
Riken Corp. | 2,000 | 6 | ||||||
Sanden Corp. | 3,000 | 8 | ||||||
Shiroki Corp. | 1,000 | 3 | ||||||
Showa Corp. | 2,000 | 10 | ||||||
Stanley Electric Co., Ltd. | 2,000 | 25 | ||||||
Tachi-S Co., Ltd. | 1,000 | 5 | ||||||
Tokai Rika Co., Ltd. | 1,000 | 10 | ||||||
Tokai Rubber Industries Ltd. | 1,000 | 8 | ||||||
Topre Corp. | 1,000 | 8 | ||||||
Toyo Tire & Rubber Co., Ltd. | 7,000 | 17 | ||||||
TS Tech Co., Ltd. | 700 | 5 | ||||||
Unipres Corp. | 1,000 | 8 | ||||||
222 | ||||||||
Banks 5.4% | ||||||||
Bank of The Ryukyus, Ltd. | 1,000 | 8 | ||||||
Kansai Urban Banking Corp. | 2,000 | 2 | ||||||
Kiyo Holdings, Inc. | 9,000 | 15 | ||||||
Suruga Bank Ltd. | 2,000 | 19 | ||||||
The Aichi Bank Ltd. | 100 | 7 | ||||||
The Akita Bank Ltd. | 3,000 | 13 | ||||||
The Aomori Bank Ltd. | 3,000 | 13 | ||||||
The Awa Bank Ltd. | 3,000 | 19 | ||||||
The Bank of Ikeda Ltd. * | 1,000 | 40 | ||||||
The Bank Of Iwate Ltd. | 200 | 12 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
The Bank of Nagoya Ltd. | 3,000 | 18 | ||||||
The Bank of Okinawa Ltd. | 300 | 9 | ||||||
The Bank of Saga Ltd. | 3,000 | 10 | ||||||
The Chiba Kogyo Bank Ltd. * | 1,000 | 12 | ||||||
The Chukyo Bank Ltd. | 1,000 | 4 | ||||||
The Daisan Bank Ltd. | 2,000 | 7 | ||||||
The Daishi Bank Ltd. | 6,000 | 23 | ||||||
The Ehime Bank Ltd. | 3,000 | 10 | ||||||
The Eighteenth Bank Ltd. | 4,000 | 12 | ||||||
The Fukui Bank Ltd. | 4,000 | 14 | ||||||
The Higashi-Nippon Bank Ltd. | 2,000 | 6 | ||||||
The Higo Bank Ltd. | 3,000 | 17 | ||||||
The Hokkoku Bank Ltd. | 5,000 | 19 | ||||||
The Hokuetsu Bank Ltd. | 3,000 | 7 | ||||||
The Hyakugo Bank Ltd. | 4,000 | 22 | ||||||
The Hyakujushi Bank Ltd. | 5,000 | 25 | ||||||
The Juroku Bank Ltd. | 5,000 | 18 | ||||||
The Kagawa Bank Ltd. | 1,000 | 6 | ||||||
The Kagoshima Bank Ltd. | 3,000 | 19 | ||||||
The Keiyo Bank Ltd. | 2,000 | 9 | ||||||
The Michinoku Bank Ltd. | 3,000 | 6 | ||||||
The Mie Bank Ltd. | 1,000 | 4 | ||||||
The Minato Bank Ltd. | 4,000 | 5 | ||||||
The Miyazaki Bank Ltd. | 2,000 | 6 | ||||||
The Musashino Bank Ltd. | 400 | 12 | ||||||
The Nanto Bank Ltd. | 6,000 | 28 | ||||||
The Nishi-Nippon City Bank Ltd. | 12,000 | 26 | ||||||
The Ogaki Kyoritsu Bank Ltd. | 4,000 | 20 | ||||||
The Oita Bank Ltd. | 2,000 | 12 | ||||||
The San-in Godo Bank Ltd. | 3,000 | 22 | ||||||
The Senshu Bank Ltd. | 1,000 | 2 | ||||||
The Shiga Bank Ltd. | 3,000 | 19 | ||||||
The Shikoku Bank Ltd. | 4,000 | 18 | ||||||
The Tochigi Bank Ltd. | 1,000 | 6 | ||||||
The Toho Bank Ltd. | 3,000 | 13 | ||||||
The Tokushima Bank Ltd. | 2,000 | 10 | ||||||
The Tokyo Tomin Bank Ltd. | 1,000 | 13 | ||||||
The Yamagata Bank Ltd. | 2,000 | 12 | ||||||
The Yamanashi Chuo Bank Ltd. | 3,000 | 17 | ||||||
Yamaguchi Financial Group, Inc. | 3,000 | 29 | ||||||
695 | ||||||||
Capital Goods 8.2% | ||||||||
Aica Kogyo Co., Ltd. | 1,000 | 9 | ||||||
Amano Corp. | 1,000 | 7 | ||||||
Ando Corp. | 7,000 | 10 | ||||||
Bando Chemical Industries Ltd. | 2,000 | 5 | ||||||
Bunka Shutter Co., Ltd. | 2,000 | 8 | ||||||
Central Glass Co., Ltd. | 4,000 | 13 | ||||||
Chiyoda Corp. | 2,000 | 12 | ||||||
Chudenko Corp. | 1,000 | 15 | ||||||
CKD Corp. | 1,000 | 3 | ||||||
COMSYS Holdings Corp. | 3,000 | 21 | ||||||
Dai-Dan Co., Ltd. | 2,000 | 9 | ||||||
Daifuku Co., Ltd. | 1,000 | 5 | ||||||
Ebara Corp. | 11,000 | 22 | ||||||
Fujitec Co., Ltd. | 2,000 | 7 | ||||||
Fukuda Corp. | 2,000 | 4 | ||||||
Furukawa Co., Ltd. | 6,000 | 6 | ||||||
Futaba Corp. | 1,000 | 15 | ||||||
Glory Ltd. | 1,000 | 14 | ||||||
GS Yuasa Corp. | 6,000 | 15 | ||||||
Hitachi Cable Ltd. | 4,000 | 8 | ||||||
Hitachi Plant Technologies Ltd. | 2,000 | 5 | ||||||
Hitachi Zosen Corp. * | 27,000 | 23 | ||||||
Inaba Denki Sangyo Co., Ltd. | 400 | 10 | ||||||
Inabata & Co., Ltd. | 4,000 | 15 | ||||||
Iseki & Co., Ltd. * | 7,000 | 12 | ||||||
Iwatani Corp. | 10,000 | 23 | ||||||
Japan Pulp & Paper Co., Ltd. | 3,000 | 10 | ||||||
JGC Corp. | 2,000 | 21 | ||||||
Kamei Corp. | 3,000 | 12 | ||||||
Kandenko Co., Ltd. | 3,000 | 16 | ||||||
Keihan Electric Railway Co., Ltd. | 8,000 | 37 | ||||||
Kitz Corp. | 2,000 | 6 | ||||||
Komori Corp. | 1,000 | 11 | ||||||
Kumagai Gumi Co., Ltd. | 9,000 | 4 | ||||||
Kurita Water Industries Ltd. | 1,000 | 23 | ||||||
Kuroda Electric Co., Ltd. | 1,000 | 8 | ||||||
Kyowa Exeo Corp. | 2,000 | 20 | ||||||
Kyudenko Corp. | 3,000 | 21 | ||||||
Maeda Corp. | 9,000 | 25 | ||||||
Maeda Road Construction Co., Ltd. | 2,000 | 14 | ||||||
Makino Milling Machine Co., Ltd. | 1,000 | 3 | ||||||
Max Co., Ltd. | 1,000 | 9 | ||||||
Meidensha Corp. | 5,000 | 8 | ||||||
Minebea Co., Ltd. | 6,000 | 16 | ||||||
Mitsuboshi Belting Ltd. | 2,000 | 8 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd. | 10,000 | 14 | ||||||
Mori Seiki Co., Ltd. | 1,000 | 9 | ||||||
Nabtesco Corp. | 1,000 | 6 | ||||||
Nachi-Fujikoshi Corp. | 4,000 | 8 | ||||||
Nichias Corp. | 3,000 | 7 | ||||||
Nichiha Corp. | 1,000 | 5 | ||||||
Nippo Corp. | 2,000 | 12 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 1,000 | 9 | ||||||
Nishimatsu Construction Co., Ltd. | 12,000 | 25 | ||||||
Nishio Rent All Co., Ltd. | 1,000 | 7 | ||||||
Nitto Boseki Co., Ltd. | 5,000 | 7 | ||||||
Noritake Co., Ltd. | 2,000 | 6 | ||||||
Noritz Corp. | 1,000 | 11 | ||||||
OKUMA Corp. | 1,000 | 4 | ||||||
Okumura Corp. | 6,000 | 24 | ||||||
OSG Corp. | 1,000 | 7 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Penta-Ocean Construction Co., Ltd. * | 17,000 | 19 | ||||||
Ryobi Ltd. | 4,000 | 8 | ||||||
Sanki Engineering Co., Ltd. | 2,000 | 13 | ||||||
Sankyo-Tateyama Holdings, Inc. | 14,000 | 13 | ||||||
Sanwa Holdings Corp. | 5,000 | 17 | ||||||
ShinMaywa Industries Ltd. | 3,000 | 8 | ||||||
Sintokogio Ltd. | 1,000 | 6 | ||||||
Sumitomo Mitsui Construction Co., Ltd. * | 13,000 | 9 | ||||||
Swcc Showa Holdings Co., Ltd. | 6,000 | 5 | ||||||
Tadano Ltd. | 1,000 | 4 | ||||||
Taihei Kogyo Co., Ltd. | 1,000 | 2 | ||||||
Taikisha Ltd. | 1,000 | 14 | ||||||
Takara Standard Co., Ltd. | 2,000 | 11 | ||||||
Takasago Thermal Engineering Co., Ltd. | 2,000 | 19 | ||||||
Takuma Co., Ltd. | 3,000 | 6 | ||||||
Tekken Corp. * | 9,000 | 10 | ||||||
The Japan Steel Works Ltd. | 1,000 | 7 | ||||||
The Nippon Road Co., Ltd. | 4,000 | 4 | ||||||
THK Co., Ltd. | 2,000 | 27 | ||||||
TOA Corp. * | 13,000 | 16 | ||||||
Tobishima Corp. * | 48,000 | 8 | ||||||
Toda Corp. | 7,000 | 25 | ||||||
Toenec Corp. | 1,000 | 5 | ||||||
Tokyu Construction Co., Ltd. | 3,000 | 7 | ||||||
Toshiba Machine Co., Ltd. | 1,000 | 3 | ||||||
Toshiba Plant Systems & Services Corp. | 1,000 | 8 | ||||||
Toyo Construction Co., Ltd. * | 15,000 | 5 | ||||||
Toyo Engineering Corp. | 1,000 | 3 | ||||||
Tsubakimoto Chain Co. | 2,000 | 6 | ||||||
Ushio, Inc. | 1,000 | 14 | ||||||
Yamazen Corp. | 2,000 | 6 | ||||||
Yuasa Trading Co., Ltd. | 14,000 | 14 | ||||||
Yurtec Corp. | 1,000 | 4 | ||||||
1,055 | ||||||||
Commercial & Professional Supplies 0.8% | ||||||||
Arrk Corp. * | 4,000 | 3 | ||||||
Kokuyo Co., Ltd. | 3,000 | 21 | ||||||
Kyodo Printing Co., Ltd. | 3,000 | 7 | ||||||
Nissha Printing Co., Ltd. | 400 | 22 | ||||||
Okamura Corp. | 1,000 | 6 | ||||||
Radia Holdings, Inc. * | 1,000 | 12 | ||||||
Sohgo Security Services Co., Ltd. | 1,000 | 9 | ||||||
Temp Holdings Co., Ltd. * | 1,500 | 8 | ||||||
Toppan Forms Co., Ltd. | 1,000 | 9 | ||||||
Uchida Yoko Co., Ltd. | 2,000 | 9 | ||||||
106 | ||||||||
Consumer Durables & Apparel 2.6% | ||||||||
Alpine Electronics, Inc. | 1,000 | 9 | ||||||
Arnest One Corp. | 1,000 | 1 | ||||||
Asics Corp. | 1,000 | 6 | ||||||
Clarion Co., Ltd. | 1,000 | 1 | ||||||
Cleanup Corp. | 1,000 | 3 | ||||||
Daikyo, Inc. | 3,000 | 3 | ||||||
Fujitsu General Ltd. | 2,000 | 4 | ||||||
Funai Electric Co., Ltd. | 400 | 5 | ||||||
Gunze Ltd. | 4,000 | 13 | ||||||
Heiwa Corp. | 1,000 | 7 | ||||||
Hitachi Koki Co., Ltd. | 2,000 | 15 | ||||||
Juki Corp. | 2,000 | 3 | ||||||
JVC KENWOOD Holdings, Inc. * | 13,000 | 7 | ||||||
Kurabo Industries Ltd. | 6,000 | 9 | ||||||
Misawa Homes Co., Ltd. * | 4,000 | 11 | ||||||
Mitsui Home Co., Ltd. | 1,000 | 4 | ||||||
Mizuno Corp. | �� | 2,000 | 8 | |||||
Nisshinbo Industries, Inc. | 3,000 | 18 | ||||||
Onward Holdings Co., Ltd. | 3,000 | 22 | ||||||
PanaHome Corp. | 2,000 | 12 | ||||||
Renown, Inc. * | 3,000 | 5 | ||||||
Rinnai Corp. | 1,000 | 37 | ||||||
Sangetsu Co., Ltd. | 1,000 | 20 | ||||||
Sanyo Shokai Ltd. | 2,000 | 9 | ||||||
Seiko Holdings Corp. | 3,000 | 8 | ||||||
Shimano, Inc. | 1,000 | 29 | ||||||
The Japan General Estate Co., Ltd. | 1,000 | 2 | ||||||
The Japan Wool Textile Co., Ltd. | 1,000 | 8 | ||||||
Tokyo Style Co., Ltd. | 1,000 | 8 | ||||||
Touei Housing Corp. | 1,000 | 1 | ||||||
Towa Real Estate Development Co., Ltd. | 8,000 | 5 | ||||||
Toyobo Co., Ltd. | 15,000 | 21 | ||||||
Unitika Ltd. | 13,000 | 9 | ||||||
Wacoal Holdings Corp. | 1,000 | 11 | ||||||
334 | ||||||||
Consumer Services 0.4% | ||||||||
Accordia Golf Co., Ltd. | 7 | 4 | ||||||
Pacific Golf Group International Holdings KK | 2 | 1 | ||||||
Resorttrust, Inc. | 1,000 | 10 | ||||||
Royal Holdings Co., Ltd. | 1,000 | 10 | ||||||
Saizeriya Co., Ltd. | 1,000 | 15 | ||||||
Tokyo Dome Corp. | 2,000 | 6 | ||||||
Yoshinoya Holdings Co., Ltd. | 3 | 3 | ||||||
Zensho Co., Ltd. | 1,000 | 4 | ||||||
53 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Diversified Financials 0.9% | ||||||||
Aeon Credit Service Co., Ltd. | 1,000 | 11 | ||||||
Central Finance Co., Ltd. | 3,000 | 5 | ||||||
Jaccs Co., Ltd. * | 6,000 | 9 | ||||||
Japan Securities Finance Co., Ltd. | 1,000 | 5 | ||||||
Marusan Securities Co., Ltd. | 1,000 | 5 | ||||||
Matsui Securities Co., Ltd. | 1,000 | 7 | ||||||
Mizuho Investors Securities Co., Ltd. | 5,000 | 4 | ||||||
Monex Group, Inc. | 11 | 4 | ||||||
NIS Group Co., Ltd. * | 6,000 | 2 | ||||||
Okasan Holdings, Inc. | 2,000 | 9 | ||||||
OMC Card, Inc. * | 2,000 | 3 | ||||||
Pocket Card Co., Ltd. | 1,000 | 2 | ||||||
SBI Holdings, Inc. | 128 | 15 | ||||||
SFCG Co., Ltd. | 130 | 1 | ||||||
Shinki Co., Ltd. * | 2,000 | 1 | ||||||
Shinko Securities Co., Ltd. | 8,000 | 20 | ||||||
Tokai Tokyo Securities Co., Ltd. | 3,000 | 8 | ||||||
111 | ||||||||
Energy 0.4% | ||||||||
AOC Holdings, Inc. | 2,000 | 11 | ||||||
Itochu Enex Co., Ltd. | 3,000 | 15 | ||||||
Mitsuuroko Co., Ltd. | 1,000 | 7 | ||||||
Sala Corp. | 1,000 | 6 | ||||||
San-Ai Oil Co., Ltd. | 3,000 | 11 | ||||||
Sinanen Co., Ltd. | 1,000 | 4 | ||||||
54 | ||||||||
Food & Staples Retailing 1.4% | ||||||||
Arcs Co., Ltd. | 1,000 | 14 | ||||||
Circle K Sunkus Co., Ltd. | 1,000 | 17 | ||||||
FamilyMart Co., Ltd. | 1,000 | 40 | ||||||
Heiwado Co., Ltd. | 1,000 | 15 | ||||||
Inageya Co., Ltd. | 1,000 | 9 | ||||||
Izumiya Co., Ltd. | 4,000 | 24 | ||||||
Kasumi Co., Ltd. | 1,000 | 5 | ||||||
Okuwa Co., Ltd. | 1,000 | 13 | ||||||
Sundrug Co., Ltd. | 1,000 | 18 | ||||||
The Maruetsu, Inc. * | 1,000 | 5 | ||||||
Toho Co., Ltd. | 2,000 | 7 | ||||||
Valor Co., Ltd. | 1,000 | 8 | ||||||
175 | ||||||||
Food, Beverage & Tobacco 4.7% | ||||||||
Coca-Cola Central Japan Co., Ltd. | 1 | 7 | ||||||
Coca-Cola West Holdings Co., Ltd. | 1,000 | 20 | ||||||
Ezaki Glico Co., Ltd. | 2,000 | 20 | ||||||
Fuji Oil Co., Ltd. | 2,000 | 23 | ||||||
House Foods Corp. | 1,000 | 16 | ||||||
Ito En Ltd. | 1,000 | 16 | ||||||
Itoham Foods, Inc. | 3,000 | 9 | ||||||
J-Oil Mills, Inc. | 2,000 | 8 | ||||||
Kagome Co., Ltd. | 1,000 | 16 | ||||||
Kikkoman Corp. | 2,000 | 20 | ||||||
Kyokuyo Co., Ltd. | 4,000 | 7 | ||||||
Marudai Food Co., Ltd. | 5,000 | 12 | ||||||
Maruha Nichiro Holdings, Inc. | 20,000 | 31 | ||||||
Meiji Seika Kaisha Ltd. | 6,000 | 25 | ||||||
Mercian Corp. | 3,000 | 6 | ||||||
Mikuni Coca-Cola Bottling Co., Ltd. | 1,000 | 10 | ||||||
Morinaga & Co., Ltd. | 6,000 | 12 | ||||||
Morinaga Milk Industry Co., Ltd. | 12,000 | 39 | ||||||
Nichirei Corp. | 6,000 | 25 | ||||||
Nippon Flour Mills Co., Ltd. | 4,000 | 18 | ||||||
Nippon Suisan Kaisha Ltd. | 7,000 | 18 | ||||||
Prima Meat Packers Ltd. * | 15,000 | 26 | ||||||
Q.P. Corp. | 3,000 | 35 | ||||||
Sakata Seed Corp. | 1,000 | 14 | ||||||
Sapporo Holdings Ltd. | 4,000 | 22 | ||||||
Showa Sangyo Co., Ltd. | 3,000 | 8 | ||||||
Snow Brand Milk Products Co., Ltd. | 8,000 | 30 | ||||||
Starzen Co., Ltd. | 3,000 | 7 | ||||||
Takara Holdings, Inc. | 3,000 | 14 | ||||||
The Nisshin Oillio Group Ltd. | 5,000 | 24 | ||||||
Toyo Suisan Kaisha Ltd. | 1,000 | 26 | ||||||
Yakult Honsha Co., Ltd. | 1,000 | 25 | ||||||
Yonekyu Corp. | 1,000 | 11 | ||||||
600 | ||||||||
Health Care Equipment & Services 0.5% | ||||||||
Hitachi Medical Corp. | 1,000 | 8 | ||||||
Nipro Corp. | 1,000 | 15 | ||||||
Sysmex Corp. | 1,000 | 31 | ||||||
Toho Pharmaceutical Co., Ltd. | 1,000 | 11 | ||||||
Vital-Net, Inc. | 1,000 | 5 | ||||||
70 | ||||||||
Household & Personal Products 0.6% | ||||||||
Aderans Hodings Co., Ltd. | 1,000 | 10 | ||||||
Fancl Corp. | 1,000 | 12 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 300 | 10 | ||||||
Lion Corp. | 4,000 | 26 | ||||||
Unicharm Corp. | 200 | 14 | ||||||
72 | ||||||||
Insurance 0.1% | ||||||||
The Fuji Fire & Marine Insurance Co., Ltd. | 4,000 | 8 | ||||||
Materials 4.9% | ||||||||
Adeka Corp. | 2,000 | 13 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Aichi Steel Corp. | 2,000 | 7 | ||||||
Air Water, Inc. | 2,000 | 19 | ||||||
Chuetsu Pulp & Paper Co., Ltd. | 3,000 | 5 | ||||||
Daiken Corp. | 3,000 | 6 | ||||||
Dainichiseika Color & Chemical Mfg. Co., Ltd. | 1,000 | 3 | ||||||
Daio Paper Corp. | 4,000 | 30 | ||||||
Denki Kagaku Kogyo Kabushiki Kaisha | 11,000 | 24 | ||||||
Dowa Holdings Co., Ltd. | 6,000 | 18 | ||||||
Furukawa-Sky Aluminum Corp. | 4,000 | 8 | ||||||
Godo Steel Ltd. | 4,000 | 10 | ||||||
Hokkan Holdings Ltd. | 2,000 | 5 | ||||||
Hokuetsu Paper Mills Ltd. | 3,000 | 11 | ||||||
Ishihara Sangyo Kaisha Ltd. * | 4,000 | 3 | ||||||
Kansai Paint Co., Ltd. | 3,000 | 17 | ||||||
Kureha Corp. | 2,000 | 9 | ||||||
Kurimoto Ltd. | 5,000 | 3 | ||||||
Lintec Corp. | 1,000 | 12 | ||||||
Maruichi Steel Tube Ltd. | 1,000 | 23 | ||||||
Mitsubishi Paper Mills Ltd. | 8,000 | 11 | ||||||
Mitsubishi Steel Mfg. Co., Ltd. | 2,000 | 6 | ||||||
Mitsui Mining Co., Ltd. | 2,000 | 4 | ||||||
Nakayama Steel Works Ltd. | 6,000 | 15 | ||||||
Nifco, Inc. | 1,000 | 15 | ||||||
Nihon Yamamura Glass Co., Ltd. | 3,000 | 6 | ||||||
Nippon Kayaku Co., Ltd. | 3,000 | 14 | ||||||
Nippon Metal Industry Co., Ltd. | 2,000 | 3 | ||||||
Nippon Paint Co., Ltd. | 5,000 | 19 | ||||||
Nippon Shokubai Co., Ltd. | 3,000 | 17 | ||||||
Nippon Soda Co., Ltd. | 3,000 | 9 | ||||||
Nippon Yakin Kogyo Co., Ltd. | 1,000 | 3 | ||||||
Nissan Chemical Industries Ltd. | 2,000 | 16 | ||||||
Nittetsu Mining Co., Ltd. | 1,000 | 3 | ||||||
Nof Corp. | 4,000 | 11 | ||||||
Pacific Metals Co., Ltd. | 1,000 | 4 | ||||||
Rengo Co., Ltd. | 5,000 | 25 | ||||||
Sakai Chemical Industry Co., Ltd. | 2,000 | 5 | ||||||
Sakata Inx Corp. | 1,000 | 2 | ||||||
Sanyo Chemical Industries Ltd. | 2,000 | 11 | ||||||
Sanyo Special Steel Co., Ltd. | 2,000 | 6 | ||||||
Shin-Etsu Polymer Co., Ltd. | 1,000 | 4 | ||||||
Sumitomo Bakelite Co., Ltd. | 4,000 | 15 | ||||||
Sumitomo Light Metal Industries Ltd. | 13,000 | 11 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 13,000 | 20 | ||||||
Taiyo Nippon Sanso Corp. | 3,000 | 19 | ||||||
Takasago International Corp. | 1,000 | 5 | ||||||
Toagosei Co., Ltd. | 4,000 | 9 | ||||||
Toho Zinc Co., Ltd. | 1,000 | 2 | ||||||
Tokai Carbon Co., Ltd. | 1,000 | 5 | ||||||
Tokuyama Corp. | 3,000 | 15 | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 1,000 | 14 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 2,000 | 15 | ||||||
Tomoku Co., Ltd. | 3,000 | 5 | ||||||
Topy Industries Ltd. | 7,000 | 12 | ||||||
Toyo Ink Mfg. Co., Ltd. | 4,000 | 11 | ||||||
Toyo Kohan Co., Ltd. | 1,000 | 3 | ||||||
Yamato Kogyo Co., Ltd. | 300 | 7 | ||||||
Yodogawa Steel Works Ltd. | 4,000 | 17 | ||||||
Zeon Corp. | 4,000 | 11 | ||||||
631 | ||||||||
Media 0.5% | ||||||||
Asatsu-DK, Inc. | 1,000 | 22 | ||||||
Kadokawa Group Holdings, Inc. | 500 | 9 | ||||||
Shochiku Co., Ltd. | 1,000 | 6 | ||||||
Toei Co., Ltd. | 2,000 | 8 | ||||||
Toho Co., Ltd. | 1,000 | 19 | ||||||
TV Asahi Corp. | 3 | 4 | ||||||
68 | ||||||||
Pharmaceuticals & Biotechnology 0.9% | ||||||||
Dainippon Sumitomo Pharma Co., Ltd. | 2,000 | 16 | ||||||
Kaken Pharmaceutical Co., Ltd. | 1,000 | 8 | ||||||
Kissei Pharmaceutical Co., Ltd. | 1,000 | 23 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,000 | 10 | ||||||
Mochida Pharmaceutical Co., Ltd. | 1,000 | 9 | ||||||
Nippon Shinyaku Co., Ltd. | 1,000 | 10 | ||||||
Rohto Pharmaceutical Co., Ltd. | 1,000 | 11 | ||||||
Santen Pharmaceutical Co., Ltd. | 1,000 | 26 | ||||||
Ssp Co., Ltd. | 1,000 | 6 | ||||||
119 | ||||||||
Real Estate 0.5% | ||||||||
Daibiru Corp. | 1,000 | 8 | ||||||
Heiwa Real Estate Co., Ltd. | 2,000 | 6 | ||||||
Iida Home Max | 1,000 | 3 | ||||||
Joint Corp. | 1,000 | 1 | ||||||
Nomura Real Estate Holdings, Inc. | 1,000 | 20 | ||||||
NTT Urban Development Corp. | 9 | 9 | ||||||
Tokyo Tatemono Co., Ltd. | 3,000 | 12 | ||||||
59 | ||||||||
Retailing 3.4% | ||||||||
ABC-Mart, Inc. | 1,000 | 31 | ||||||
Aoyama Trading Co., Ltd. | 1,000 | 12 | ||||||
Autobacs Seven Co., Ltd. | 1,000 | 21 | ||||||
Belluna Co., Ltd. | 1,000 | 3 | ||||||
Best Denki Co., Ltd. | 3,000 | 9 | ||||||
Chiyoda Co., Ltd. | 1,000 | 13 | ||||||
Chori Co., Ltd. * | 9,000 | 9 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Culture Convenience Club Co., Ltd. | 1,000 | 7 | ||||||
DCM Japan Holdings Co., Ltd. | 1,000 | 7 | ||||||
Don Quijote Co., Ltd. | 1,000 | 18 | ||||||
Duskin Co., Ltd. | 1,000 | 16 | ||||||
EDION Corp. | 3,000 | 20 | ||||||
GEO Corp. | 10 | 7 | ||||||
H2O Retailing Corp. | 2,000 | 12 | ||||||
Hikari Tsushin, Inc. | 1,000 | 15 | ||||||
Izumi Co., Ltd. | 1,000 | 13 | ||||||
J. Front Retailing Co., Ltd. | 4,000 | 18 | ||||||
Joshin Denki Co., Ltd. | 1,000 | 9 | ||||||
K’s Holdings Corp. | 1,000 | 17 | ||||||
Kato Sangyo Co., Ltd. | 1,000 | 13 | ||||||
Keiyo Co., Ltd. | 1,000 | 5 | ||||||
Kohnan Shoji Co., Ltd. | 1,000 | 11 | ||||||
Kojima Co., Ltd. | 2,000 | 8 | ||||||
Komeri Co., Ltd. | 1,000 | 23 | ||||||
Nice Holdings, Inc. | 5,000 | 8 | ||||||
Nissen Holdings Co., Ltd. | 1,000 | 4 | ||||||
Parco Co., Ltd. | 1,000 | 9 | ||||||
Paris Miki, Inc. | 1,000 | 10 | ||||||
Ryohin Keikaku Co., Ltd. | 300 | 14 | ||||||
Senshukai Co., Ltd. | 1,000 | 7 | ||||||
Shimachu Co., Ltd. | 1,000 | 23 | ||||||
Shimamura Co., Ltd. | 200 | 14 | ||||||
Telepark Corp. | 5 | 4 | ||||||
USS Co., Ltd. | 200 | 12 | ||||||
Yokohama Reito Co., Ltd. | 1,000 | 7 | ||||||
429 | ||||||||
Semiconductors & Semiconductor Equipment 0.5% | ||||||||
Disco Corp. | 1,000 | 24 | ||||||
Sanken Electric Co., Ltd. | 3,000 | 11 | ||||||
Shindengen Electric Manufacturing Co., Ltd. | 4,000 | 8 | ||||||
Shinko Electric Industries Co., Ltd. | 1,000 | 6 | ||||||
Tokyo Seimitsu Co., Ltd. | 1,000 | 10 | ||||||
ULVAC, Inc. | 300 | 6 | ||||||
65 | ||||||||
Software & Services 1.3% | ||||||||
CSK Holdings Corp. | 1,000 | 8 | ||||||
eAccess Ltd. | 12 | 6 | ||||||
Fuji Soft, Inc. | 1,000 | 17 | ||||||
Hitachi Software Engineering Co., Ltd. | 1,000 | 14 | ||||||
IT Holdings Corp. * | 790 | 8 | ||||||
ITOCHU Techno-Solutions Corp. | 400 | 9 | ||||||
Koei Co., Ltd. | 1,000 | 11 | ||||||
NEC Fielding Ltd. | 1,000 | 10 | ||||||
Net One Systems Co., Ltd. | 9 | 15 | ||||||
Nihon Unisys Ltd. | 1,000 | 10 | ||||||
OBIC Co., Ltd. | 40 | 5 | ||||||
OTSUKA Corp. | 100 | 5 | ||||||
Square Enix Co., Ltd. | 300 | 8 | ||||||
Trans Cosmos, Inc. | 1,000 | 7 | ||||||
Trend Micro, Inc. | 1,000 | 24 | ||||||
Yahoo! Japan Corp. | 19 | 6 | ||||||
163 | ||||||||
Technology Hardware & Equipment 2.3% | ||||||||
Anritsu Corp. | 2,000 | 5 | ||||||
Cmk Corp. | 1,000 | 3 | ||||||
Dainippon Screen Mfg. Co., Ltd. | 5,000 | 11 | ||||||
Daiwabo Information System Co., Ltd. | 1,000 | 24 | ||||||
Hirose Electric Co., Ltd. | 200 | 17 | ||||||
Hitachi Kokusai Electric, Inc. | 1,000 | 5 | ||||||
Hitachi Maxell Ltd. | 1,000 | 7 | ||||||
Hosiden Corp. | 1,000 | 10 | ||||||
Japan Aviation Electronics Industry Ltd. | 1,000 | 4 | ||||||
Japan Radio Co., Ltd. | 4,000 | 7 | ||||||
Kaga Electronics Co., Ltd. | 1,000 | 10 | ||||||
Mabuchi Motor Co., Ltd. | 500 | 20 | ||||||
Marubun Corp. | 1,000 | 4 | ||||||
Mitsumi Electric Co., Ltd. | 1,000 | 13 | ||||||
NEC Tokin Corp. * | 1,000 | 3 | ||||||
Nichicon Corp. | 2,000 | 12 | ||||||
Nidec Sankyo Corp. | 1,000 | 5 | ||||||
Nippon Chemi-Con Corp. | 2,000 | 4 | ||||||
Ryoden Trading Co., Ltd. | 2,000 | 10 | ||||||
Ryosan Co., Ltd. | 1,000 | 19 | ||||||
Ryoyo Electro Corp. | 2,000 | 15 | ||||||
Sanshin Electronics Co., Ltd. | 1,000 | 11 | ||||||
Satori Electric Co., Ltd. | 1,000 | 5 | ||||||
Shimadzu Corp. | 2,000 | 14 | ||||||
Shinko Shoji Co., Ltd. | 1,000 | 7 | ||||||
Taiyo Yuden Co., Ltd. | 2,000 | 9 | ||||||
Topcon Corp. | 1,000 | 6 | ||||||
Toshiba Tec Corp. | 2,000 | 6 | ||||||
Uniden Corp. | 2,000 | 6 | ||||||
Yamatake Corp. | 1,000 | 19 | ||||||
YASKAWA Electric Corp. | 2,000 | 9 | ||||||
300 | ||||||||
Transportation 1.9% | ||||||||
Daiichi Chuo Kisen Kaisha | 1,000 | 3 | ||||||
Fukuyama Transporting Co., Ltd. | 4,000 | 17 | ||||||
Hitachi Transport System Ltd. | 1,000 | 13 | ||||||
Iino Kaiun Kaisha Ltd. | 1,000 | 5 | ||||||
Japan Airport Terminal Co., Ltd. | 1,000 | 12 | ||||||
Kamigumi Co., Ltd. | 3,000 | 24 | ||||||
Kanagawa Chuo Kotsu Co., Ltd. | 1,000 | 5 | ||||||
Keisei Electric Railway Co., Ltd. | 4,000 | 20 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Maruzen Showa Unyu Co., Ltd. | 1,000 | 4 | ||||||
Mitsubishi Logistics Corp. | 2,000 | 18 | ||||||
Mitsui-Soko Co., Ltd. | 2,000 | 9 | ||||||
Nippon Konpo Unyu Soko Co., Ltd. | 1,000 | 10 | ||||||
Nishi-Nippon Railroad Co., Ltd. | 7,000 | 26 | ||||||
Nissin Corp. | 3,000 | 8 | ||||||
Sagami Railway Co., Ltd. | 5,000 | 20 | ||||||
Sankyu, Inc. | 5,000 | 16 | ||||||
Senko Co., Ltd. | 2,000 | 8 | ||||||
Shinwa Kaiun Kaisha Ltd. | 1,000 | 2 | ||||||
The Sumitomo Warehouse Co., Ltd. | 3,000 | 12 | ||||||
Tonami Transportation Co., Ltd. | 2,000 | 5 | ||||||
237 | ||||||||
Utilities 0.2% | ||||||||
Saibu Gas Co., Ltd. | 5,000 | 12 | ||||||
Shizuoka Gas Co., Ltd. | 1,000 | 5 | ||||||
Tokai Corp. | 1,000 | 5 | ||||||
22 | ||||||||
5,648 | ||||||||
Liechtenstein 0.1% | ||||||||
Banks 0.0% | ||||||||
Liechtensteinische Landesbank AG | 141 | 8 | ||||||
Diversified Financials 0.1% | ||||||||
Verwaltungs-und Privat-Bank AG | 70 | 9 | ||||||
17 | ||||||||
Luxembourg 0.1% | ||||||||
Real Estate 0.0% | ||||||||
Gagfah S.A. | 599 | 3 | ||||||
Telecommunication Services 0.1% | ||||||||
COLT Telecom Group S.A. * | 4,668 | 5 | ||||||
Transportation 0.0% | ||||||||
Logwin AG * | 3,252 | 3 | ||||||
11 | ||||||||
Mauritius 0.0% | ||||||||
Food, Beverage & Tobacco 0.0% | ||||||||
Golden Agri-Resources Ltd. | 41,264 | 5 | ||||||
Netherlands 2.4% | ||||||||
Capital Goods 0.4% | ||||||||
Aalberts Industries N.V. | 851 | 8 | ||||||
Arcadis N.V. | 712 | 9 | ||||||
Draka Holdings N.V. | 449 | 5 | ||||||
Heijmans N.V. CVA | 608 | 5 | ||||||
Imtech N.V. | 1,052 | 16 | ||||||
Koninklijke Boskalis Westminster N.V. , CVA | 254 | 8 | ||||||
Wavin N.V. | 1,295 | 5 | ||||||
56 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
USG People N.V. | 769 | 8 | ||||||
Consumer Durables & Apparel 0.1% | ||||||||
Koninklijke Ten Cate N.V. | 225 | 4 | ||||||
TomTom N.V. * | 889 | 7 | ||||||
11 | ||||||||
Diversified Financials 0.0% | ||||||||
Kas Bank N.V. C.V.A. | 346 | 6 | ||||||
Energy 0.3% | ||||||||
Fugro N.V., C.V.A. | 362 | 13 | ||||||
SBM Offshore N.V. | 1,244 | 22 | ||||||
35 | ||||||||
Food & Staples Retailing 0.1% | ||||||||
Sligro Food Group N.V. | 258 | 6 | ||||||
Super De Boer * | 3,378 | 12 | ||||||
18 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Koninklijike Wessanen N.V. | 2,040 | 13 | ||||||
Health Care Equipment & Services 0.1% | ||||||||
OPG Groep N.V. | 797 | 11 | ||||||
Materials 0.1% | ||||||||
James Hardie Industries N.V. CDI | 3,836 | 11 | ||||||
Media 0.2% | ||||||||
Reed Elsevier N.V. | 1,826 | 24 | ||||||
Real Estate 0.4% | ||||||||
Eurocommercial Properties N.V. CVA | 575 | 19 | ||||||
Nieuwe Steen Investments N.V. | 548 | 9 | ||||||
Vastned Offices/Industrial N.V. | 449 | 6 | ||||||
VastNed Retail N.V. | 267 | 14 | ||||||
48 | ||||||||
Retailing 0.1% | ||||||||
Macintosh Retail Group N.V. | 550 | 6 | ||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
ASM International N.V. * | 578 | 5 | ||||||
Technology Hardware & Equipment 0.3% | ||||||||
Gemalto N.V. * | 989 | 28 | ||||||
Oce N.V. | 1,972 | 9 | ||||||
37 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Transportation 0.1% | ||||||||
Koninklijke Vopak N.V. | 205 | 7 | ||||||
Smit Internationale N.V. | 107 | 7 | ||||||
14 | ||||||||
303 | ||||||||
New Zealand 0.6% | ||||||||
Consumer Durables & Apparel 0.0% | ||||||||
Fisher & Paykel Appliances Holdings Ltd. | 5,626 | 5 | ||||||
Consumer Services 0.1% | ||||||||
Sky City Entertainment Group Ltd. | 7,207 | 14 | ||||||
Health Care Equipment & Services 0.1% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 4,791 | 8 | ||||||
Materials 0.1% | ||||||||
Nufarm Ltd. | 1,639 | 12 | ||||||
Media 0.0% | ||||||||
Sky Network Television Ltd. | 2,512 | 6 | ||||||
Real Estate 0.1% | ||||||||
Kiwi Income Property Trust | 13,716 | 8 | ||||||
Retailing 0.0% | ||||||||
The Warehouse Group Ltd. | 1,859 | 4 | ||||||
Transportation 0.1% | ||||||||
Air New Zealand Ltd. | 11,192 | 6 | ||||||
Auckland International Airport Ltd. | 11,357 | 12 | ||||||
18 | ||||||||
Utilities 0.1% | ||||||||
Vector Ltd. | 5,104 | 6 | ||||||
81 | ||||||||
Norway 0.7% | ||||||||
Banks 0.1% | ||||||||
Sparebanken 1 SMN | 855 | 3 | ||||||
Sparebanken Rogaland | 1,421 | 8 | ||||||
11 | ||||||||
Capital Goods 0.1% | ||||||||
Renewable Energy Corp. A/S * | 735 | 7 | ||||||
Veidekke A.S.A. | 1,142 | 4 | ||||||
11 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Tomra Systems A.S.A. | 1,678 | 8 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
Ekornes A.S.A. | 486 | 5 | ||||||
Diversified Financials 0.0% | ||||||||
Acta Holding A.S.A. | 1,053 | — | ||||||
Energy 0.1% | ||||||||
Fred. Olsen Energy A.S.A. | 104 | 3 | ||||||
Petroleum Geo-Services A.S.A. * | 1,385 | 7 | ||||||
Solstad Offshore A.S.A. | 170 | 1 | ||||||
Subsea 7, Inc. * | 323 | 3 | ||||||
TGS Nopec Geophysical Co., A.S.A. * | 722 | 4 | ||||||
18 | ||||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Cermaq A.S.A. | 986 | 4 | ||||||
Marine Harvest * | 36,898 | 6 | ||||||
10 | ||||||||
Media 0.0% | ||||||||
Schibsted A.S.A. | 432 | 5 | ||||||
Technology Hardware & Equipment 0.1% | ||||||||
Tandberg A.S.A. | 507 | 6 | ||||||
Transportation 0.1% | ||||||||
Odfjell SE, B Shares | 1,731 | 10 | ||||||
Stolt-Nielsen S.A. | 340 | 4 | ||||||
Wilh. Wilhelmsen A.S.A. | 191 | 3 | ||||||
17 | ||||||||
91 | ||||||||
Portugal 0.2% | ||||||||
Banks 0.0% | ||||||||
Banif, SGPS, S.A. — Reg’d | 3,545 | 5 | ||||||
Capital Goods 0.0% | ||||||||
Mota-Engil, SGPS, S.A. | 1,207 | 4 | ||||||
Materials 0.1% | ||||||||
Semapa — Sociedade de Investimento e Gestao, SGPS, S.A. | 886 | 8 | ||||||
Sonae Industria-SGPS, S.A. | 1,837 | 5 | ||||||
13 | ||||||||
Media 0.1% | ||||||||
Zon Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS S.A. | 1,237 | 6 | ||||||
Retailing 0.0% | ||||||||
SAG GEST — Solucos Automovel Globais, SGPS, S.A. | 1,095 | 2 | ||||||
30 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Republic of Korea 0.0% | ||||||||
Transportation 0.0% | ||||||||
STX Pan Ocean Co., Ltd. | 5,000 | 3 | ||||||
Singapore 2.1% | ||||||||
Capital Goods 0.2% | ||||||||
Cosco Corp.(Singapore) Ltd. | 9,431 | 5 | ||||||
Gallant Venture Ltd. * | 4,000 | 1 | ||||||
Haw Par Corp., Ltd. | 2,000 | 5 | ||||||
Hong Leong Asia Ltd. | 2,000 | 1 | ||||||
Jaya Holdings Ltd. | 4,000 | 1 | ||||||
SembCorp Marine Ltd. | 8,048 | 10 | ||||||
23 | ||||||||
Diversified Financials 0.2% | ||||||||
Hong Leong Finance Ltd. | 5,000 | 7 | ||||||
Kim Eng Holdings Ltd. | 2,120 | 1 | ||||||
Singapore Exchange Ltd. | 6,000 | 22 | ||||||
UOB-Kay Hian Holdings Ltd. | 2,000 | 1 | ||||||
31 | ||||||||
Energy 0.1% | ||||||||
Singapore Petroleum Co., Ltd. | 6,000 | 9 | ||||||
Food & Staples Retailing 0.1% | ||||||||
Olam International Ltd. * | 8,000 | 7 | ||||||
Food, Beverage & Tobacco 0.1% | ||||||||
Cerebos Pacific Ltd. | 1,000 | 2 | ||||||
Wilmar International Ltd. | 4,000 | 7 | ||||||
9 | ||||||||
Health Care Equipment & Services 0.0% | ||||||||
Parkway Holdings Ltd. | 5,866 | 6 | ||||||
Insurance 0.0% | ||||||||
Pacific Century Regional Developments Ltd. (a)(b) | 10,000 | 1 | ||||||
Real Estate 0.6% | ||||||||
Allgreen Properties Ltd. | 9,000 | 2 | ||||||
Ascendas Real Estate Investment Trust (A-REIT) | 13,000 | 14 | ||||||
CapitaCommercial Trust | 8,000 | 5 | ||||||
CapitaMall Trust | 9,000 | 12 | ||||||
Fortune REIT | 10,000 | 3 | ||||||
Guocoland Ltd. | 2,000 | 1 | ||||||
Keppel Land Ltd. | 2,000 | 3 | ||||||
Singapore Land Ltd. | 2,000 | 5 | ||||||
Suntec Real Estate Investment Trust | 23,000 | 11 | ||||||
United Industrial Corp., Ltd. | 5,000 | 5 | ||||||
UOL Group Ltd. | 7,000 | 9 | ||||||
Wheelock Properties (S) Ltd. | 3,221 | 2 | ||||||
Wing Tai Holdings Ltd. * | 5,000 | 2 | ||||||
Yanlord Land Group Ltd. | 4,000 | 2 | ||||||
76 | ||||||||
Semiconductors & Semiconductor Equipment 0.0% | ||||||||
Chartered Semiconductor Manufacturing Ltd. * | 24,000 | 4 | ||||||
STATS ChipPAC Ltd. * | 4,000 | 1 | ||||||
5 | ||||||||
Technology Hardware & Equipment 0.2% | ||||||||
Creative Technology Ltd. | 1,750 | 3 | ||||||
Elec & Eltek International Co., Ltd. | 2,000 | 2 | ||||||
Venture Corp., Ltd. | 4,000 | 15 | ||||||
20 | ||||||||
Telecommunication Services 0.1% | ||||||||
MobileOne Ltd. | 14,000 | 12 | ||||||
StarHub Ltd. | 3,000 | 5 | ||||||
17 | ||||||||
Transportation 0.5% | ||||||||
Chuan Hup Holdings Ltd. | 67,000 | 10 | ||||||
ComfortDelGro Corp., Ltd. | 30,000 | 25 | ||||||
SIA Engineering Co., Ltd. | 4,205 | 6 | ||||||
Singapore Airport Terminal Services Ltd. | 4,749 | 5 | ||||||
Singapore Post Ltd. | 17,000 | 8 | ||||||
SMRT Corp., Ltd. | 7,000 | 7 | ||||||
61 | ||||||||
265 | ||||||||
Spain 1.6% | ||||||||
Banks 0.2% | ||||||||
Banco de Valencia S.A. | 768 | 7 | ||||||
Banco Guipuzcoano S.A. — Reg’d | 754 | 6 | ||||||
Banco Pastor S.A. | 1,472 | 12 | ||||||
25 | ||||||||
Capital Goods 0.3% | ||||||||
Abengoa S.A. | 501 | 7 | ||||||
Gamesa Corp. Tecnologica S.A. | 749 | 12 | ||||||
Obrascon Huarte Lain S.A. | 468 | 6 | ||||||
Uralita S.A. | 902 | 5 | ||||||
Zardoya Otis S.A. | 624 | 12 | ||||||
42 | ||||||||
Commercial & Professional Supplies 0.1% | ||||||||
Prosegur, Compania de Seguridad S.A. — Reg’d | 241 | 7 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
La Seda de Barcelona S.A., Class B * | 4,611 | 2 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Consumer Services 0.1% | ||||||||
NH Hoteles S.A. | 1,786 | 14 | ||||||
Sol Melia S.A. | 690 | 3 | ||||||
17 | ||||||||
Diversified Financials 0.1% | ||||||||
Bolsas y Mercados Espanoles | 200 | 5 | ||||||
Corporacion Financiera Alba S.A. | 204 | 6 | ||||||
11 | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
Campofrio Alimentacion S.A. | 496 | 6 | ||||||
Ebro Puleva S.A. | 1,622 | 21 | ||||||
Pescanova S.A. | 48 | 2 | ||||||
Sos Cuetara S.A. | 510 | 7 | ||||||
36 | ||||||||
Insurance 0.0% | ||||||||
Grupo Catalana Occidente S.A. | 275 | 4 | ||||||
Materials 0.1% | ||||||||
Cementos Portland Valderrivas S.A. | 119 | 4 | ||||||
Cie Automotive S.A. | 319 | 2 | ||||||
Grupo Empresarial Ence S.A. | 942 | 4 | ||||||
10 | ||||||||
Media 0.1% | ||||||||
Antena 3 de Television S.A. | 1,003 | 5 | ||||||
Gestevision Telecinco S.A. | 93 | 1 | ||||||
Promotora de Informaciones S.A. (Prisa) | 703 | 3 | ||||||
Vocento S.A. | 528 | 3 | ||||||
12 | ||||||||
Pharmaceuticals & Biotechnology 0.1% | ||||||||
Grifols S.A. | 476 | 10 | ||||||
Real Estate 0.0% | ||||||||
Inmobiliaria Colonial S.A. * | 2,978 | 1 | ||||||
Parquesol Inmobiliaria S.A. | 172 | 2 | ||||||
3 | ||||||||
Software & Services 0.1% | ||||||||
Indra Sistemas S.A. | 640 | 12 | ||||||
Transportation 0.1% | ||||||||
Cintra Concesiones de Infraestructuras de Transporte S.A. | 810 | 7 | ||||||
Utilities 0.1% | ||||||||
Iberdrola Renovables * | 2,589 | 8 | ||||||
206 | ||||||||
Sweden 1.9% | ||||||||
Capital Goods 0.4% | ||||||||
Alfa Laval AB | 1,973 | 14 | ||||||
Cardo AB | 409 | 6 | ||||||
Haldex AB | 559 | 2 | ||||||
Hexagon AB, Class B | 1,195 | 8 | ||||||
Hexpol AB * | 25 | — | ||||||
Lindab International AB | 1,001 | 8 | ||||||
Peab AB | 1,364 | 4 | ||||||
Saab AB, Class B | 392 | 4 | ||||||
46 | ||||||||
Commercial & Professional Supplies 0.0% | ||||||||
Niscayah Group AB | 1,904 | 2 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
JM AB | 1,005 | 6 | ||||||
Diversified Financials 0.2% | ||||||||
D. Carnegie & Co. AB | 851 | 2 | ||||||
Investment AB Oresund | 949 | 9 | ||||||
Ratos AB, B Shares | 1,009 | 18 | ||||||
29 | ||||||||
Energy 0.2% | ||||||||
Brostrom AB, B Shares | 1,683 | 12 | ||||||
Lundin Petroleum AB * | 1,244 | 6 | ||||||
PA Resources AB * | 1,117 | 3 | ||||||
21 | ||||||||
Food & Staples Retailing 0.1% | ||||||||
Axfood AB | 384 | 7 | ||||||
Hakon Invest AB | 434 | 5 | ||||||
12 | ||||||||
Food, Beverage & Tobacco 0.2% | ||||||||
AarhusKarlshamn AB | 383 | 5 | ||||||
Swedish Match AB | 1,498 | 21 | ||||||
26 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Getinge AB, Class B | 1,095 | 15 | ||||||
Materials 0.1% | ||||||||
Billerud | 1,579 | 9 | ||||||
Hoganas AB, B Shares | 611 | 9 | ||||||
18 | ||||||||
Media 0.1% | ||||||||
Eniro AB | 3,357 | 8 | ||||||
Modern Times Group MTG AB, B Shares | 286 | 6 | ||||||
14 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Real Estate 0.4% | ||||||||
Castellum AB | 1,651 | 11 | ||||||
Fabege AB | 2,790 | 11 | ||||||
Hufvudstaden AB, A Shares | 925 | 6 | ||||||
Kungsleden AB | 2,271 | 11 | ||||||
Lennart Wallenstam Byggnads AB, B Shares | 648 | 5 | ||||||
44 | ||||||||
Retailing 0.1% | ||||||||
Bilia AB, A Shares | 1,109 | 3 | ||||||
Nobia AB | 1,223 | 3 | ||||||
6 | ||||||||
239 | ||||||||
Switzerland 3.4% | ||||||||
Automobiles & Components 0.1% | ||||||||
Rieter Holding AG — Reg’d | 80 | 14 | ||||||
Banks 0.3% | ||||||||
Banque Cantonale Vaudoise — Reg’d | 28 | 6 | ||||||
Basler Kantonalbank | 233 | 23 | ||||||
Luzerner Kantonalbank — Reg’d | 22 | 5 | ||||||
St. Galler Kantonalbank — Reg’d | 21 | 7 | ||||||
41 | ||||||||
Capital Goods 0.6% | ||||||||
Bucher Industries AG — Reg’d | 35 | 4 | ||||||
Conzzeta AG | 2 | 3 | ||||||
Daetwyler Holding AG * | 71 | 3 | ||||||
Geberit AG — Reg’d | 237 | 24 | ||||||
Georg Fischer AG — Reg’d * | 59 | 13 | ||||||
Implenia AG * | 376 | 11 | ||||||
Kaba Holding AG, Class B — Reg’d | 16 | 3 | ||||||
OC Oerlikon Corp. AG — Reg’d * | 47 | 4 | ||||||
Sulzer AG — Reg’d | 271 | 16 | ||||||
81 | ||||||||
Consumer Durables & Apparel 0.1% | ||||||||
AFG Arbonia-Forster Holding AG | 35 | 4 | ||||||
Forbo Holding AG — Reg’d * | 35 | 9 | ||||||
13 | ||||||||
Consumer Services 0.1% | ||||||||
Kuoni Reisen Holding AG — Reg’d | 34 | 10 | ||||||
Diversified Financials 0.2% | ||||||||
Bank Sarasin & Cie AG Class B — Reg’d | 300 | 9 | ||||||
Compagnie Financiere Tradition | 4 | — | ||||||
EFG International AG — Reg’d | 177 | 4 | ||||||
Vontobel Holding AG | 388 | 9 | ||||||
22 | ||||||||
Food, Beverage & Tobacco 0.5% | ||||||||
Aryzta AG * | 60 | 2 | ||||||
Aryzta AG — Reg’d * | 416 | 15 | ||||||
Barry Callebaut AG — Reg’d * | 15 | 8 | ||||||
Bell Holding AG — Reg’d | 3 | 3 | ||||||
Emmi AG — Reg’d | 12 | 1 | ||||||
Lindt & Spruengli AG | 3 | 6 | ||||||
Lindt & Spruengli AG — Reg’d | 1 | 24 | ||||||
59 | ||||||||
Health Care Equipment & Services 0.3% | ||||||||
Galenica AG — Reg’d | 32 | 10 | ||||||
Nobel Biocare Holding AG — Reg’d | 486 | 8 | ||||||
Sonova Holding AG — Reg’d | 242 | 10 | ||||||
Straumann Holding AG — Reg’d | 22 | 4 | ||||||
32 | ||||||||
Insurance 0.1% | ||||||||
Schweizerische Naional-Versicherungs-Gesellschaft — Reg’d | 20 | 11 | ||||||
Materials 0.2% | ||||||||
EMS-Chemie Holding AG | 200 | 15 | ||||||
Schmolz & Bickenbach AG — Reg’d | 181 | 4 | ||||||
Sika AG | 8 | 6 | ||||||
25 | ||||||||
Media 0.0% | ||||||||
PubliGroupe S.A. — Reg’d | 48 | 5 | ||||||
Pharmaceuticals & Biotechnology 0.2% | ||||||||
Actelion Ltd. — Reg’d * | 161 | 9 | ||||||
Lonza Group AG — Reg’d | 269 | 22 | ||||||
31 | ||||||||
Real Estate 0.2% | ||||||||
Allreal Holding AG — Reg’d | 50 | 5 | ||||||
PSP Swiss Property AG — Reg’d * | 347 | 15 | ||||||
Swiss Prime Site AG — Reg’d * | 171 | 8 | ||||||
28 | ||||||||
Retailing 0.2% | ||||||||
Charles Vogele Holding AG * | 137 | 5 | ||||||
Jelmoli Holding AG | 5 | 9 | ||||||
Valora Holding AG — Reg’d | 86 | 12 | ||||||
26 | ||||||||
Semiconductors & Semiconductor Equipment 0.1% | ||||||||
Micronas Semiconductor Holding AG — Reg’d * | 1,972 | 7 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Technology Hardware & Equipment 0.1% | �� | |||||||
Logitech International S.A. — Reg’d * | 987 | 15 | ||||||
Transportation 0.1% | ||||||||
Flughafen Zuerich AG — Reg’d | 20 | 5 | ||||||
Panalpina Welttransport Holding AG — Reg’d | 165 | 8 | ||||||
13 | ||||||||
Utilities 0.0% | ||||||||
Energiedienst Holding AG — Reg’d * | 60 | 3 | ||||||
436 | ||||||||
Thailand 0.0% | ||||||||
Telecommunication Services 0.0% | ||||||||
Total Access Communication Public Co., Ltd. | 4,800 | 3 | ||||||
United Kingdom 11.8% | ||||||||
Banks 0.0% | ||||||||
Paragon Group Cos. plc | 6,450 | 5 | ||||||
Capital Goods 2.1% | ||||||||
Ashtead Group plc | 13,586 | 9 | ||||||
Bodycote plc | 5,892 | 12 | ||||||
BSS Group plc | 1,767 | 7 | ||||||
Carillion plc | 4,339 | 15 | ||||||
Charter International PLC | 1,097 | 7 | ||||||
Cobham plc | 10,593 | 32 | ||||||
Cookson Group plc | 2,609 | 8 | ||||||
Fenner plc | 3,292 | 5 | ||||||
Galliford Try plc | 9,463 | 7 | ||||||
Interserve plc | 1,710 | 5 | ||||||
Invensys plc * | 8,151 | 20 | ||||||
Keller Group plc | 948 | 8 | ||||||
Kier Group plc | 670 | 7 | ||||||
Meggitt plc | 4,097 | 9 | ||||||
Melrose plc | 32,645 | 47 | ||||||
Morgan Crucible Co. plc | 3,198 | 6 | ||||||
Morgan Sindall plc | 577 | 5 | ||||||
Qinetiq plc | 5,923 | 16 | ||||||
SIG plc | 1,404 | 6 | ||||||
Spirax-Sarco Engineering plc | 742 | 10 | ||||||
The Weir Group plc | 1,729 | 10 | ||||||
Ultra Electronics Holdings plc | 418 | 7 | ||||||
VT Group plc | 1,335 | 11 | ||||||
269 | ||||||||
Commercial & Professional Supplies 1.2% | ||||||||
Aggreko plc | 1,457 | 10 | ||||||
Babcock International Group plc | 1,300 | 8 | ||||||
Capita Group plc | 2,841 | 29 | ||||||
De La Rue plc group | 1,329 | 19 | ||||||
Homeserve plc | 388 | 8 | ||||||
Intertek Group plc | 718 | 8 | ||||||
Michael Page International plc | 2,379 | 8 | ||||||
Mitie Group plc | 3,195 | 10 | ||||||
Regus plc | 6,918 | 5 | ||||||
Serco Group plc | 3,274 | 20 | ||||||
Shanks Group plc | 3,523 | 7 | ||||||
The Davis Service Group plc | 3,668 | 13 | ||||||
WS Atkins plc | 660 | 6 | ||||||
151 | ||||||||
Consumer Durables & Apparel 0.6% | ||||||||
Aga Rangemaster Group plc | 3,983 | 6 | ||||||
Bovis Homes Group plc | 2,232 | 12 | ||||||
Burberry Group plc | 3,721 | 17 | ||||||
Headlam Group plc | 1,578 | 5 | ||||||
Redrow plc | 4,586 | 15 | ||||||
The Berkeley Group Holdings plc * | 1,409 | 17 | ||||||
72 | ||||||||
Consumer Services 0.4% | ||||||||
Greene King plc | 2,781 | 14 | ||||||
Holidaybreak plc | 1,948 | 6 | ||||||
J.D. Wetherspoon plc | 3,079 | 13 | ||||||
Luminar Group Holdings plc | 1,545 | 4 | ||||||
Millennium & Copthorne Hotels plc | 1,779 | 6 | ||||||
Restaurant Group plc | 2,450 | 5 | ||||||
48 | ||||||||
Diversified Financials 0.6% | ||||||||
Aberdeen Asset Management plc | 8,246 | 12 | ||||||
Ashmore Group plc | 2,307 | 6 | ||||||
Cattles plc | 10,357 | 5 | ||||||
F&C Asset Management plc | 11,673 | 8 | ||||||
Henderson Group plc * | 5,945 | 5 | ||||||
HSBC Infrastructure Co., Ltd. | 6,673 | 12 | ||||||
Intermediate Capital Group plc | 869 | 14 | ||||||
London Stock Exchange Group plc | 656 | 6 | ||||||
Tullett Prebon plc | 1,605 | 6 | ||||||
74 | ||||||||
Energy 0.7% | ||||||||
Acergy S.A. | 987 | 7 | ||||||
Cairn Energy plc * | 248 | 6 | ||||||
Dana Petroleum plc * | 471 | 7 | ||||||
Hunting plc | 1,392 | 10 | ||||||
John Wood Group plc | 1,604 | 6 | ||||||
Petrofac Ltd. | 880 | 6 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Premier Oil plc * | 495 | 6 | ||||||
Tullow Oil plc | 2,242 | 19 | ||||||
UK Coal plc * | 2,619 | 4 | ||||||
Venture Production plc | 1,172 | 8 | ||||||
79 | ||||||||
Food, Beverage & Tobacco 0.6% | ||||||||
Britvic plc | 3,494 | 13 | ||||||
Dairy Crest Group plc | 2,896 | 14 | ||||||
Greggs plc | 171 | 9 | ||||||
Marston’s plc | 5,705 | 9 | ||||||
Northern Foods plc | 16,661 | 13 | ||||||
Premier Foods plc | 12,227 | 5 | ||||||
Robert Wiseman Dairies plc | 1,203 | 8 | ||||||
Uniq plc * | 3,567 | 2 | ||||||
73 | ||||||||
Health Care Equipment & Services 0.1% | ||||||||
Southern Cross Healthcare Ltd. | 4,222 | 6 | ||||||
SSL International plc | 1,563 | 11 | ||||||
17 | ||||||||
Household & Personal Products 0.1% | ||||||||
McBride plc | 4,952 | 10 | ||||||
PZ Cussons plc | 2,447 | 5 | ||||||
15 | ||||||||
Insurance 1.0% | ||||||||
Admiral Group plc | 812 | 12 | ||||||
Amlin plc | 7,160 | 37 | ||||||
Beazley Group plc | 4,911 | 8 | ||||||
Benfield Group plc | 2,383 | 13 | ||||||
Brit Insurance Holdings plc | 7,020 | 21 | ||||||
Chaucer Holdings plc | 6,730 | 6 | ||||||
Jardine Lloyd Thompson Group plc | 2,694 | 19 | ||||||
St. James’s Place plc | 1,700 | 5 | ||||||
121 | ||||||||
Materials 0.3% | ||||||||
Croda International plc | 1,058 | 9 | ||||||
DS Smith plc | 10,374 | 11 | ||||||
Filtrona plc | 2,954 | 6 | ||||||
Marshalls plc | 2,795 | 4 | ||||||
RPC Group plc | 2,985 | 5 | ||||||
Yule Catto & Co. plc | 4,235 | 6 | ||||||
41 | ||||||||
Media 0.6% | ||||||||
Euromoney Institutional Investor plc | 1,277 | 5 | ||||||
Informa plc | 5,250 | 18 | ||||||
Johnston Press plc | 12,529 | 5 | ||||||
Reed Elsevier plc | 3,019 | 26 | ||||||
St. Ives plc | 3,219 | 5 | ||||||
Taylor Nelson Sofres plc | 5,062 | 20 | ||||||
79 | ||||||||
Real Estate 0.8% | ||||||||
Big Yellow Group plc | 1,765 | 8 | ||||||
Brixton plc | 5,241 | 14 | ||||||
Capital & Regional plc | 3,756 | 3 | ||||||
CLS Holdings plc * | 1,351 | 6 | ||||||
Daejan Holdings plc | 82 | 4 | ||||||
Derwent London plc | 548 | 6 | ||||||
Eurocastle Investment Ltd. | 6,876 | 4 | ||||||
Grainger plc | 2,477 | 3 | ||||||
Great Portland Estates plc | 2,045 | 9 | ||||||
Invista Foundation Property Trust Ltd. | 11,270 | 6 | ||||||
Mapeley Ltd. | 580 | 2 | ||||||
Minerva plc * | 7,823 | 2 | ||||||
Quintain Estates & Development plc | 4,397 | 6 | ||||||
Savills plc | 1,907 | 7 | ||||||
Shaftesbury plc | 1,260 | 7 | ||||||
St. Modwen Properties plc | 2,041 | 6 | ||||||
Unite Group plc | 3,097 | 8 | ||||||
Warner Estate Holdings plc | 1,185 | 1 | ||||||
Workspace Group plc | 2,392 | 4 | ||||||
106 | ||||||||
Retailing 0.9% | ||||||||
Carpetright plc | 823 | 6 | ||||||
Debenhams plc | 18,518 | 11 | ||||||
Findel plc | 4,102 | 4 | ||||||
Galiform plc | 26,038 | 10 | ||||||
GAME GROUP plc | 3,074 | 7 | ||||||
Halfords Group plc | 3,587 | 13 | ||||||
HMV Group plc | 3,708 | 6 | ||||||
JJB Sports plc | 5,489 | 3 | ||||||
John Menzies plc | 1,219 | 3 | ||||||
Lookers plc | 4,394 | 2 | ||||||
N Brown Group plc | 2,531 | 9 | ||||||
Pendragon plc | 50,173 | 4 | ||||||
Smiths News plc | 5,209 | 5 | ||||||
Sports Direct International | 9,669 | 7 | ||||||
WH Smith plc * | 3,040 | 18 | ||||||
Woolworths Group plc | 165,675 | 11 | ||||||
119 | ||||||||
Semiconductors & Semiconductor Equipment 0.2% | ||||||||
ARM Holdings plc | 7,798 | 12 | ||||||
CSR plc * | 2,006 | 7 | ||||||
19 |
Number of | Value | |||||||
Security | Shares | ($ x 1,000) | ||||||
Software & Services 0.2% | ||||||||
Computacenter plc | 6,008 | 9 | ||||||
Dimension Data Holdings plc | 16,722 | 8 | ||||||
Misys plc | 7,982 | 14 | ||||||
31 | ||||||||
Technology Hardware & Equipment 0.4% | ||||||||
Halma plc | 4,166 | 11 | ||||||
Laird plc | 1,795 | 5 | ||||||
Premier Farnell plc | 5,651 | 12 | ||||||
Renishaw plc | 784 | 6 | ||||||
Rotork plc | 509 | 6 | ||||||
Spectris plc | 980 | 8 | ||||||
TT electronics plc | 6,491 | 5 | ||||||
53 | ||||||||
Telecommunication Services 0.2% | ||||||||
Inmarsat plc | 2,407 | 17 | ||||||
KCOM Group plc | 22,007 | 6 | ||||||
23 | ||||||||
Transportation 0.6% | ||||||||
Air Berlin plc * | 619 | 3 | ||||||
Avis Europe plc * | 35,071 | 4 | ||||||
BBA Aviation plc | 10,420 | 13 | ||||||
Forth Ports plc | 310 | 5 | ||||||
Northgate plc | 2,729 | 5 | ||||||
Stagecoach Group plc | 8,209 | 25 | ||||||
The Go-Ahead Group plc | 766 | 17 | ||||||
Wincanton plc | 3,048 | 9 | ||||||
81 | ||||||||
Utilities 0.2% | ||||||||
Northumbrian Water Group plc | 4,286 | 22 | ||||||
1,498 | ||||||||
Total Common Stock (Cost $19,618) | 12,490 | |||||||
Other Investment Companies 1.7% of net assets | ||||||||
Australia 0.0% | ||||||||
Australian Infrastructure Fund | 5,335 | 6 | ||||||
Canada 0.1% | ||||||||
CML Healthcare Income Fund | 912 | 11 | ||||||
United States 1.6% | ||||||||
iShares MSCI EAFE Index Fund | 4,500 | 201 | ||||||
Total Other Investment Companies (Cost $232) | 218 | |||||||
Preferred Stock 0.2% of net assets | ||||||||
Germany 0.2% | ||||||||
Capital Goods 0.1% | ||||||||
Jungheinrich AG | 495 | 6 | ||||||
Consumer Durables & Apparel 0.0% | ||||||||
Hugo Boss AG | 243 | 4 | ||||||
Health Care Equipment & Services 0.1% | ||||||||
Draegerwerk AG & Co. KGAA | 277 | 11 | ||||||
Materials 0.0% | ||||||||
Fuchs Petrolub AG | 27 | 1 | ||||||
Transportation 0.0% | ||||||||
Sixt AG | 246 | 4 | ||||||
Total Preferred Stock (Cost $53) | 26 | |||||||
Rights 0.0% of net assets | ||||||||
Australia 0.0% | ||||||||
Real Estate 0.0% | ||||||||
FKP Property Group (a)* | 2,684 | — | ||||||
Total Rights (Cost $—) | — | |||||||
Warrants 0.0% of net assets | ||||||||
Bermuda 0.0% | ||||||||
Capital Goods 0.0% | ||||||||
PYI Corp. * | 3,333 | — |
* | Non-income producing security. | |
(a) | Fair-valued by Management. |
(b) | Illiquid security. At the period end, the value of these amounted to $29 or 0.2% of net assets. |
CVA – Dutch Certificate
Reg’d – Registered
REIT – Real Estate Investment Trust
(a) | Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Randall W. Merk and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above. | |
(b) | During the second fiscal quarter of the period covered by this report, there have been no changes in Registrant’s internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting. |
(a) | (1) | Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached. |
(2) | Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. | ||
(3) | Not applicable. |
(b) | A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission. |
By: | S/ Randall W. Merk | |||
Chief Executive Officer |
By: | S/ Randall W. Merk | |||
Chief Executive Officer | ||||
Date: 12/16/2008 | ||||
By: | /S/ George Pereira | |||
George Pereira | ||||
Principal Financial Officer | ||||
Date: 12/16/2008 |