Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-7704
Schwab Capital Trust
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Marie Chandoha
Schwab Capital Trust
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 636-7000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2017
Item 1: | Report(s) to Shareholders. |
Table of Contents
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Total Return for the 12 Months Ended October 31, 2017 | |
Laudus Small-Cap MarketMasters Fund | |
Investor Shares (Ticker Symbol: SWOSX) | 25.89% |
Select Shares® (Ticker Symbol: SWMSX) | 26.02% |
Russell 2000® Index | 27.85% |
Fund Category: Morningstar Small Blend1 | 24.89% |
Performance Details | pages 8-11 |
Laudus International MarketMasters Fund | |
Investor Shares2 (Ticker Symbol: SWOIX) | 28.35% |
Select Shares®2 (Ticker Symbol: SWMIX) | 28.52% |
MSCI EAFE® Index (Net)3 | 23.44% |
Fund Category: Morningstar Foreign Large Growth1 | 25.00% |
Performance Details | pages 12-15 |
Minimum Initial Investment4 | |
Investor Shares | $ 100 |
Select Shares® | $ 50,000 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
4 | Please see the funds’ prospectus for further detail and eligibility requirements. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20045img6185bfd42.jpg)
President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
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1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Omar Aguilar, Ph.D., Senior Vice President and Chief Investment Officer of Equities and Multi-Asset Strategies, has overall responsibility for all aspects of the management of the funds. Prior to joining CSIM in 2011, Mr. Aguilar was with Financial Engines, where he was responsible for managing assets from leading retirement plan sponsors in the defined contribution market. Prior to joining Financial Engines in 2009, Mr. Aguilar was the head of quantitative equity for ING Investment Management, where he was responsible for building and developing the firm’s quantitative equity group. He joined ING in 2004 from Lehman Brothers, where he served as the head of quantitative research for its alternative investment management business. Prior to that, he was a director of quantitative research and portfolio manager with Merrill Lynch Investment Management and Bankers Trust. |
![]() | Jane Shi, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining CSIM in 2011, Ms. Shi was a vice president investment analyst at Bailard, Inc. since 2006, where she developed quantitative models for domestic equity and tactical asset allocation strategies, and was also responsible for performance measurement and attribution. Prior to that, she was a treasury analyst at Sun Microsystems, Inc. |
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1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Investor Shares (9/16/97) | 25.89% | 11.13% | 5.24% |
Select Shares® (6/9/04) | 26.02% | 11.29% | 5.39% |
Russell 2000® Index | 27.85% | 14.49% | 7.63% |
Fund Category: Morningstar Small Blend2 | 24.89% | 13.40% | 7.07% |
Fund Expense Ratios3: Investor Shares: Net 1.35%; Gross 1.56% / Select Shares: Net 1.20%; Gross 1.52% |
Investment Managers | Investment Style | % of Net Assets |
Voya Investment Management Co. LLC | Small-Cap Growth | 39.9% |
Wellington Management Company, LLP | Small-Cap Value | 36.0% |
The Boston Company Asset Management, LLC | Small-/Mid-Cap Core | 22.4% |
Mellon Capital Management Corp. | Small-Cap Blend | 0.0% 5 |
Cash & other assets | 1.7% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | For more information about each of the investment manager’s investment styles, refer to the fund’s prospectus. |
5 | Less than 0.05%. |
Number of Holdings | 276 |
Weighted Average Market Cap (millions) | $3,047 |
Price/Earnings Ratio (P/E) | 23.5 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 106% |
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1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
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1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Investor Shares (10/16/96) | 28.35% | 9.98% | 3.46% |
Select Shares® (4/2/04) | 28.52% | 10.14% | 3.61% |
MSCI EAFE® Index (Net)2 | 23.44% | 8.53% | 1.10% |
MSCI EAFE® Index (Gross) | 24.01% | 9.01% | 1.58% |
Fund Category: Morningstar Foreign Large Growth3 | 25.00% | 9.13% | 1.90% |
Fund Expense Ratios4: Investor Shares: Net 1.40%; Gross 1.61% / Select Shares: Net 1.25%; Gross 1.54% |
Investment Managers | Investment Style | % of Net Assets |
American Century Investment Management, Inc. | International Small-Cap Growth | 27.9% |
Harris Associates L.P. | International Large-Cap Value | 26.3% |
Mondrian Investment Partners Limited | International Small-Cap Value | 21.3% |
William Blair Investment Management, LLC | International Multi-Cap Growth | 20.2% |
Mellon Capital Management Corp. | International Blend | 3.5% |
Cash & other assets | 0.8% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. |
5 | For more information about each of the investment manager’s investment styles, refer to the fund’s prospectus. |
Number of Holdings | 1,228 |
Weighted Average Market Cap (millions) | $29,595 |
Price/Earnings Ratio (P/E) | 19.1 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 71% |
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1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172 | |
Laudus Small-Cap MarketMasters Fund | ||||
Investor Shares | ||||
Actual Return | 1.35% | $1,000.00 | $1,048.80 | $6.97 |
Hypothetical 5% Return | 1.35% | $1,000.00 | $1,018.39 | $6.87 |
Select Shares | ||||
Actual Return | 1.20% | $1,000.00 | $1,049.40 | $6.20 |
Hypothetical 5% Return | 1.20% | $1,000.00 | $1,019.15 | $6.11 |
Laudus International MarketMasters Fund | ||||
Investor Shares | ||||
Actual Return | 1.40% | $1,000.00 | $1,143.70 | $7.56 |
Hypothetical 5% Return | 1.40% | $1,000.00 | $1,018.14 | $7.12 |
Select Shares | ||||
Actual Return | 1.25% | $1,000.00 | $1,144.30 | $6.76 |
Hypothetical 5% Return | 1.25% | $1,000.00 | $1,018.90 | $6.36 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
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 365 days of the fiscal year. |
Investor Shares | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $16.22 | $17.42 | $18.02 | $17.28 | $13.14 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.00 2 | 0.01 | (0.05) | (0.05) | (0.02) | |
Net realized and unrealized gains (losses) | 4.19 | (0.15) | (0.17) 3 | 0.79 | 4.16 | |
Total from investment operations | 4.19 | (0.14) | (0.22) | 0.74 | 4.14 | |
Less distributions: | ||||||
Distributions from net investment income | (0.03) | — | (0.03) | — | — | |
Distributions from net realized gains | (0.19) | (1.06) | (0.35) | — | — | |
Total distributions | (0.22) | (1.06) | (0.38) | — | — | |
Net asset value at end of period | $20.19 | $16.22 | $17.42 | $18.02 | $17.28 | |
Total return | 25.89% | (0.64%) | (1.18%) | 4.28% | 31.51% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | |
Gross operating expenses | 1.56% | 1.56% | 1.55% | 1.56% | 1.59% | |
Net investment income (loss) | 0.01% | 0.04% | (0.26%) | (0.26%) | (0.16%) | |
Portfolio turnover rate | 106% | 85% | 51% | 79% | 97% | |
Net assets, end of period (x 1,000,000) | $65 | $55 | $62 | $70 | $76 | |
Select Shares | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $16.55 | $17.73 | $18.33 | $17.56 | $13.33 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.03 | 0.03 | (0.02) | (0.02) | (0.00) 2 | |
Net realized and unrealized gains (losses) | 4.26 | (0.15) | (0.17) 3 | 0.79 | 4.23 | |
Total from investment operations | 4.29 | (0.12) | (0.19) | 0.77 | 4.23 | |
Less distributions: | ||||||
Distributions from net investment income | (0.05) | — | (0.06) | — | — | |
Distributions from net realized gains | (0.19) | (1.06) | (0.35) | — | — | |
Total distributions | (0.24) | (1.06) | (0.41) | — | — | |
Net asset value at end of period | $20.60 | $16.55 | $17.73 | $18.33 | $17.56 | |
Total return | 26.02% | (0.50%) | (0.99%) | 4.39% | 31.73% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | |
Gross operating expenses | 1.51% | 1.52% | 1.51% | 1.51% | 1.53% | |
Net investment income (loss) | 0.15% | 0.19% | (0.09%) | (0.13%) | (0.03%) | |
Portfolio turnover rate | 106% | 85% | 51% | 79% | 97% | |
Net assets, end of period (x 1,000,000) | $122 | $98 | $107 | $122 | $113 |
Security | Number of Shares | Value ($) |
Common Stock 93.2% of net assets | ||
Automobiles & Components 0.6% | ||
Dana, Inc. | 25,356 | 773,105 |
Visteon Corp. * | 3,159 | 398,160 |
1,171,265 | ||
Banks 10.2% | ||
1st Source Corp. | 12,870 | 660,360 |
Banc of California, Inc. | 31,920 | 671,916 |
Banner Corp. | 10,103 | 579,104 |
FCB Financial Holdings, Inc., Class A * | 10,930 | 510,431 |
First Busey Corp. | 32,368 | 1,007,292 |
First Interstate BancSystem, Inc., Class A | 14,850 | 583,605 |
First Midwest Bancorp, Inc. | 73,839 | 1,704,943 |
Flushing Financial Corp. | 34,395 | 1,031,162 |
Great Western Bancorp, Inc. | 54,127 | 2,197,015 |
Hancock Holding Co. | 33,295 | 1,623,131 |
Home BancShares, Inc. | 34,550 | 776,684 |
International Bancshares Corp. | 29,128 | 1,182,597 |
KeyCorp | 20,275 | 370,019 |
MB Financial, Inc. | 33,125 | 1,521,762 |
MGIC Investment Corp. * | 106,329 | 1,520,505 |
Northwest Bancshares, Inc. | 91,889 | 1,550,167 |
Pinnacle Financial Partners, Inc. | 5,156 | 341,327 |
SVB Financial Group * | 2,666 | 584,600 |
Texas Capital Bancshares, Inc. * | 6,760 | 581,698 |
18,998,318 | ||
Capital Goods 11.3% | ||
Actuant Corp., Class A | 24,223 | 617,686 |
Albany International Corp., Class A | 25,022 | 1,510,078 |
Astronics Corp. * | 8,220 | 282,768 |
Beacon Roofing Supply, Inc. * | 13,328 | 738,504 |
CIRCOR International, Inc. | 23,128 | 1,016,476 |
Cubic Corp. | 31,444 | 1,715,270 |
Curtiss-Wright Corp. | 6,448 | 762,476 |
EMCOR Group, Inc. | 9,648 | 776,760 |
EnPro Industries, Inc. | 6,992 | 585,510 |
ESCO Technologies, Inc. | 21,484 | 1,244,998 |
GATX Corp. | 15,121 | 898,339 |
Granite Construction, Inc. | 12,101 | 770,713 |
Lindsay Corp. | 7,025 | 643,209 |
Luxfer Holdings plc ADR | 49,561 | 613,565 |
Mueller Industries, Inc. | 54,972 | 1,910,277 |
Primoris Services Corp. | 31,245 | 883,296 |
Regal Beloit Corp. | 6,214 | 504,266 |
Simpson Manufacturing Co., Inc. | 12,144 | 676,907 |
Teledyne Technologies, Inc. * | 3,043 | 517,188 |
Tennant Co. | 3,705 | 256,942 |
Thermon Group Holdings, Inc. * | 50,302 | 1,081,996 |
TriMas Corp. * | 67,352 | 1,788,196 |
Watts Water Technologies, Inc., Class A | 8,536 | 575,326 |
Woodward, Inc. | 9,805 | 758,221 |
21,128,967 | ||
Security | Number of Shares | Value ($) |
Commercial & Professional Services 6.7% | ||
ACCO Brands Corp. * | 81,142 | 1,058,903 |
Deluxe Corp. | 5,360 | 373,324 |
Essendant, Inc. | 34,314 | 332,159 |
Exponent, Inc. | 1,321 | 97,556 |
Forrester Research, Inc. | 30,107 | 1,315,676 |
FTI Consulting, Inc. * | 32,784 | 1,401,516 |
Healthcare Services Group, Inc. | 12,204 | 645,470 |
Huron Consulting Group, Inc. * | 20,676 | 756,742 |
ICF International, Inc. * | 11,730 | 629,901 |
Knoll, Inc. | 27,719 | 588,197 |
Korn/Ferry International | 9,865 | 412,653 |
Matthews International Corp., Class A | 26,878 | 1,689,282 |
Mistras Group, Inc. * | 35,380 | 743,334 |
Nielsen Holdings plc | 5,780 | 214,265 |
SP Plus Corp. * | 23,870 | 924,962 |
Steelcase, Inc., Class A | 38,345 | 557,920 |
The Brink's Co. | 10,505 | 799,430 |
12,541,290 | ||
Consumer Durables & Apparel 2.0% | ||
American Outdoor Brands Corp. * | 23,160 | 331,883 |
CalAtlantic Group, Inc. | 3,548 | 175,058 |
G-III Apparel Group Ltd. * | 30,312 | 768,106 |
Helen of Troy Ltd. * | 4,720 | 438,488 |
Nautilus, Inc. * | 19,439 | 252,707 |
Sturm, Ruger & Co., Inc. | 5,845 | 289,620 |
TRI Pointe Group, Inc. * | 52,900 | 935,801 |
Universal Electronics, Inc. * | 10,310 | 618,600 |
3,810,263 | ||
Consumer Services 3.2% | ||
Boyd Gaming Corp. | 20,385 | 595,854 |
Bright Horizons Family Solutions, Inc. * | 5,597 | 483,021 |
Dave & Buster's Entertainment, Inc. * | 12,840 | 618,888 |
Del Taco Restaurants, Inc. * | 20,545 | 260,716 |
Eldorado Resorts, Inc. * | 9,035 | 232,199 |
Extended Stay America, Inc. | 29,281 | 580,349 |
Jack in the Box, Inc. | 6,258 | 647,766 |
Penn National Gaming, Inc. * | 14,774 | 385,454 |
Planet Fitness, Inc., Class A | 53,950 | 1,437,228 |
Sotheby's * | 15,090 | 781,964 |
6,023,439 | ||
Diversified Financials 3.7% | ||
Ally Financial, Inc. | 37,476 | 979,248 |
E*TRADE Financial Corp. * | 9,078 | 395,710 |
Eaton Vance Corp. | 9,751 | 492,133 |
FNFV Group * | 22,079 | 380,863 |
Green Dot Corp., Class A * | 7,099 | 401,945 |
Houlihan Lokey, Inc. | 12,162 | 506,304 |
Ladder Capital Corp. | 1 | 13 |
Leucadia National Corp. | 34,399 | 870,295 |
Moelis & Co., Class A | 10,655 | 455,501 |
OM Asset Management plc | 30,120 | 460,234 |
Security | Number of Shares | Value ($) |
Raymond James Financial, Inc. | 4,412 | 374,049 |
SLM Corp. * | 92,795 | 982,699 |
Solar Capital Ltd. | 25,990 | 551,248 |
6,850,242 | ||
Energy 2.7% | ||
Arch Coal, Inc., Class A | 8,498 | 649,417 |
Cabot Oil & Gas Corp. | 3,272 | 90,634 |
Carrizo Oil & Gas, Inc. * | 21,178 | 374,639 |
Dorian LPG Ltd. * | 44,110 | 315,386 |
Dril-Quip, Inc. * | 3,544 | 149,202 |
Era Group, Inc. * | 29,256 | 314,795 |
Oasis Petroleum, Inc. * | 37,088 | 350,482 |
Resolute Energy Corp. * | 16,810 | 504,804 |
Scorpio Tankers, Inc. | 170,897 | 608,393 |
SEACOR Holdings, Inc. * | 16,744 | 790,317 |
SEACOR Marine Holdings, Inc. * | 20,814 | 294,518 |
Tesco Corp. * | 31,370 | 120,775 |
Unit Corp. * | 11,337 | 212,229 |
US Silica Holdings, Inc. | 10,200 | 311,202 |
5,086,793 | ||
Food & Staples Retailing 0.5% | ||
Smart & Final Stores, Inc. * | 94,090 | 564,540 |
U.S. Foods Holding Corp. * | 10,640 | 290,259 |
854,799 | ||
Food, Beverage & Tobacco 0.4% | ||
Blue Buffalo Pet Products, Inc. * | 9,550 | 276,282 |
Vector Group Ltd. | 17,903 | 372,024 |
648,306 | ||
Health Care Equipment & Services 7.2% | ||
Allscripts Healthcare Solutions, Inc. * | 93,145 | 1,255,595 |
Amedisys, Inc. * | 14,445 | 694,949 |
AMN Healthcare Services, Inc. * | 6,100 | 267,790 |
Brookdale Senior Living, Inc. * | 92,499 | 927,765 |
Chemed Corp. | 3,849 | 859,982 |
CorVel Corp. * | 10,546 | 632,760 |
Evolent Health, Inc., Class A * | 17,688 | 287,430 |
Haemonetics Corp. * | 21,808 | 1,037,188 |
HealthEquity, Inc. * | 14,871 | 746,822 |
HealthSouth Corp. | 19,206 | 886,165 |
Hill-Rom Holdings, Inc. | 6,967 | 562,307 |
ICU Medical, Inc. * | 2,607 | 498,198 |
Magellan Health, Inc. * | 5,680 | 484,504 |
Masimo Corp. * | 4,271 | 374,823 |
Medidata Solutions, Inc. * | 12,018 | 904,114 |
Merit Medical Systems, Inc. * | 15,759 | 599,630 |
Natus Medical, Inc. * | 16,955 | 718,892 |
NuVasive, Inc. * | 11,876 | 673,725 |
Omnicell, Inc. * | 7,430 | 370,014 |
Owens & Minor, Inc. | 9,829 | 241,498 |
Select Medical Holdings Corp. * | 25,253 | 483,595 |
13,507,746 | ||
Insurance 1.4% | ||
AMERISAFE, Inc. | 8,392 | 542,962 |
Kemper Corp. | 20,850 | 1,336,485 |
Primerica, Inc. | 5,760 | 509,760 |
State National Cos., Inc. | 13,791 | 289,887 |
2,679,094 | ||
Security | Number of Shares | Value ($) |
Materials 7.3% | ||
Boise Cascade Co. * | 18,668 | 661,781 |
Commercial Metals Co. | 24,711 | 481,370 |
Compass Minerals International, Inc. | 4,515 | 296,184 |
Deltic Timber Corp. | 15,783 | 1,461,664 |
Ferroglobe Representation & Warranty Insurance *(b) | 1,153 | — |
Goldcorp, Inc. | 12,432 | 162,362 |
Greif, Inc., Class A | 35,625 | 1,978,256 |
H.B. Fuller Co. | 6,918 | 393,427 |
Huntsman Corp. | 16,791 | 537,648 |
KapStone Paper & Packaging Corp. | 21,437 | 481,475 |
Kinross Gold Corp. * | 67,913 | 268,256 |
Methanex Corp. | 8,070 | 393,413 |
Minerals Technologies, Inc. | 7,420 | 533,498 |
Neenah Paper, Inc. | 8,050 | 698,740 |
Orion Engineered Carbons S.A. | 36,130 | 854,474 |
Packaging Corp. of America | 5,817 | 676,343 |
PolyOne Corp. | 11,112 | 511,930 |
Sensient Technologies Corp. | 19,836 | 1,508,528 |
US Concrete, Inc. * | 6,121 | 478,662 |
Valvoline, Inc. | 20,011 | 480,664 |
Westlake Chemical Corp. | 3,117 | 264,664 |
Worthington Industries, Inc. | 11,700 | 532,350 |
13,655,689 | ||
Media 1.4% | ||
AMC Entertainment Holdings, Inc., Class A | 16,700 | 232,130 |
Nexstar Media Group, Inc., Class A | 19,656 | 1,254,053 |
Sinclair Broadcast Group, Inc., Class A | 34,003 | 1,077,895 |
2,564,078 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.1% | ||
Aerie Pharmaceuticals, Inc. * | 5,757 | 355,495 |
Amicus Therapeutics, Inc. * | 14,135 | 201,282 |
Bluebird Bio, Inc. * | 2,365 | 328,972 |
Catalent, Inc. * | 18,399 | 783,613 |
Clovis Oncology, Inc. * | 5,437 | 409,787 |
Dermira, Inc. * | 18,533 | 496,128 |
Epizyme, Inc. * | 11,146 | 186,138 |
Exact Sciences Corp. * | 9,564 | 525,924 |
FibroGen, Inc. * | 7,880 | 440,098 |
INC Research Holdings, Inc., Class A * | 7,550 | 431,483 |
Jazz Pharmaceuticals plc * | 4,195 | 593,718 |
Lexicon Pharmaceuticals, Inc. * | 17,367 | 176,970 |
Loxo Oncology, Inc. * | 4,154 | 357,909 |
MacroGenics, Inc. * | 10,782 | 213,376 |
Pacira Pharmaceuticals, Inc. * | 7,802 | 250,054 |
Phibro Animal Health Corp., Class A | 1,803 | 67,883 |
Portola Pharmaceuticals, Inc. * | 4,829 | 238,601 |
PRA Health Sciences, Inc. * | 7,370 | 600,139 |
Prestige Brands Holdings, Inc. * | 15,474 | 725,731 |
Prothena Corp. plc * | 4,890 | 283,865 |
Puma Biotechnology, Inc. * | 4,100 | 521,930 |
Radius Health, Inc. * | 10,181 | 326,912 |
Sage Therapeutics, Inc. * | 17,219 | 1,089,618 |
Sarepta Therapeutics, Inc. * | 7,869 | 388,020 |
TherapeuticsMD, Inc. * | 293,534 | 1,385,480 |
11,379,126 | ||
Real Estate 3.3% | ||
Corporate Office Properties Trust | 24,777 | 791,129 |
DiamondRock Hospitality Co. | 62,736 | 681,313 |
EastGroup Properties, Inc. | 7,071 | 640,562 |
Security | Number of Shares | Value ($) |
Education Realty Trust, Inc. | 26,117 | 911,483 |
QTS Realty Trust, Inc., Class A | 10,701 | 619,053 |
Ramco-Gershenson Properties Trust | 74,690 | 943,335 |
Summit Hotel Properties, Inc. | 56,854 | 898,862 |
Urban Edge Properties | 26,904 | 631,168 |
6,116,905 | ||
Retailing 2.5% | ||
At Home Group, Inc. * | 19,050 | 390,525 |
Big Lots, Inc. | 16,965 | 870,474 |
Camping World Holdings, Inc., Class A | 15,480 | 650,470 |
Fred's, Inc., Class A | 60,016 | 264,670 |
Lithia Motors, Inc., Class A | 12,450 | 1,409,091 |
The Cato Corp., Class A | 25,870 | 332,688 |
The Children's Place, Inc. | 6,322 | 687,834 |
4,605,752 | ||
Semiconductors & Semiconductor Equipment 2.5% | ||
Impinj, Inc. * | 9,920 | 338,669 |
Integrated Device Technology, Inc. * | 24,344 | 756,368 |
Marvell Technology Group Ltd. | 3,635 | 67,139 |
Maxim Integrated Products, Inc. | 11,463 | 602,266 |
Microsemi Corp. * | 14,764 | 787,955 |
MKS Instruments, Inc. | 4,460 | 484,579 |
Monolithic Power Systems, Inc. | 5,398 | 656,775 |
Power Integrations, Inc. | 7,832 | 629,301 |
Teradyne, Inc. | 6,997 | 300,101 |
United Microelectronics Corp. ADR | 3,284 | 8,538 |
4,631,691 | ||
Software & Services 7.8% | ||
Acxiom Corp. * | 31,910 | 802,856 |
Alteryx, Inc., Class A * | 16,390 | 370,250 |
Barracuda Networks, Inc. * | 14,720 | 343,123 |
Blackhawk Network Holdings, Inc. * | 19,995 | 678,830 |
BroadSoft, Inc. * | 2,949 | 161,753 |
CommVault Systems, Inc. * | 7,105 | 369,815 |
Coupa Software, Inc. * | 19,161 | 665,845 |
Ellie Mae, Inc. * | 8,947 | 804,783 |
Envestnet, Inc. * | 5,629 | 300,589 |
EPAM Systems, Inc. * | 8,402 | 765,842 |
Euronet Worldwide, Inc. * | 5,346 | 516,637 |
Fair Isaac Corp. | 5,316 | 771,671 |
First Data Corp., Class A * | 35,730 | 636,351 |
Five9, Inc. * | 14,920 | 376,432 |
Guidewire Software, Inc. * | 8,067 | 645,199 |
j2 Global, Inc. | 10,717 | 794,558 |
Manhattan Associates, Inc. * | 10,264 | 429,651 |
Nuance Communications, Inc. * | 25,287 | 372,730 |
Proofpoint, Inc. * | 7,172 | 662,765 |
PROS Holdings, Inc. * | 12,177 | 275,078 |
Q2 Holdings, Inc. * | 12,286 | 522,769 |
Rapid7, Inc. * | 18,686 | 337,843 |
Square, Inc., Class A * | 8,524 | 317,008 |
Teradata Corp. * | 34,942 | 1,168,810 |
WNS Holdings Ltd. ADR * | 28,260 | 1,071,619 |
Zendesk, Inc. * | 11,445 | 354,795 |
14,517,602 | ||
Technology Hardware & Equipment 7.1% | ||
Belden, Inc. | 26,250 | 2,097,637 |
CalAmp Corp. * | 11,658 | 264,986 |
Ciena Corp. * | 59,689 | 1,269,585 |
Cray, Inc. * | 7,965 | 164,477 |
Security | Number of Shares | Value ($) |
CTS Corp. | 32,256 | 877,363 |
Diebold Nixdorf, Inc. | 34,445 | 664,789 |
Electronics For Imaging, Inc. * | 10,225 | 315,544 |
Infinera Corp. * | 96,445 | 807,245 |
Littelfuse, Inc. | 2,795 | 584,155 |
Lumentum Holdings, Inc. * | 2,295 | 144,929 |
Methode Electronics, Inc. | 13,559 | 635,917 |
NetApp, Inc. | 11,414 | 507,010 |
NetScout Systems, Inc. * | 16,773 | 476,353 |
Sanmina Corp. * | 11,415 | 373,556 |
ScanSource, Inc. * | 14,062 | 603,963 |
Universal Display Corp. | 615 | 90,098 |
VeriFone Systems, Inc. * | 39,481 | 753,297 |
Viavi Solutions, Inc. * | 149,733 | 1,389,522 |
Xerox Corp. | 34,673 | 1,050,939 |
Zebra Technologies Corp., Class A * | 2,080 | 241,259 |
13,312,624 | ||
Telecommunication Services 0.7% | ||
Boingo Wireless, Inc. * | 14,275 | 333,750 |
Cogent Communications Holdings, Inc. | 9,325 | 502,617 |
Vonage Holdings Corp. * | 51,215 | 416,378 |
1,252,745 | ||
Transportation 3.8% | ||
Allegiant Travel Co. | 4,753 | 648,309 |
Avis Budget Group, Inc. * | 34,380 | 1,418,175 |
Forward Air Corp. | 14,779 | 848,906 |
JB Hunt Transport Services, Inc. | 3,407 | 362,471 |
Knight-Swift Transportation Holdings, Inc. * | 55,030 | 2,280,993 |
Saia, Inc. * | 6,780 | 439,344 |
SkyWest, Inc. | 9,519 | 448,345 |
Werner Enterprises, Inc. | 19,045 | 678,954 |
7,125,497 | ||
Utilities 0.8% | ||
Dynegy, Inc. * | 32,599 | 405,858 |
New Jersey Resources Corp. | 10,583 | 470,414 |
Spire, Inc. | 7,294 | 575,861 |
1,452,133 | ||
Total Common Stock | ||
(Cost $151,701,997) | 173,914,364 | |
Other Investment Companies 6.7% of net assets | ||
Equity Funds 1.9% | ||
iShares Russell 2000 ETF | 13,583 | 2,027,399 |
iShares Russell 2000 Growth ETF | 8,460 | 1,536,336 |
3,563,735 | ||
Money Market Fund 4.8% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (a) | 8,952,774 | 8,952,774 |
Total Other Investment Companies | ||
(Cost $12,205,706) | 12,516,509 | |
Security | Number of Shares | Value ($) |
Rights 0.0% of net assets | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Dyax Corp. CVR *(b) | 1,269 | 1,409 |
Tobira Therapeutics, Inc. *(b) | 77 | 464 |
Total Rights | ||
(Cost $1,413) | 1,873 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 45 | 3,381,075 | 194,801 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVR — | Contingent Value Rights |
ETF — | Exchange-traded fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $160,258,675 | $— | $— | $160,258,675 | |
Materials | 13,655,689 | — | — * | 13,655,689 | |
Other Investment Companies1 | 12,516,509 | — | — | 12,516,509 | |
Rights 1 | |||||
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 1,873 | 1,873 | |
Futures Contracts2 | 194,801 | — | — | 194,801 | |
Total | $186,625,674 | $— | $1,873 | $186,627,547 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $163,909,116) | $186,432,746 | |
Deposit with broker for futures contracts | 242,500 | |
Receivables: | ||
Investments sold | 1,107,667 | |
Fund shares sold | 203,125 | |
Dividends | 36,014 | |
Variation margin on futures contracts | 20,646 | |
Foreign tax reclaims | 936 | |
Prepaid expenses | + | 16,414 |
Total assets | 188,060,048 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,299,679 | |
Investment adviser and administrator fees | 137,918 | |
Shareholder service fees | 23,118 | |
Fund shares redeemed | 4,349 | |
Accrued expenses | + | 61,394 |
Total liabilities | 1,526,458 | |
Net Assets | ||
Total assets | 188,060,048 | |
Total liabilities | – | 1,526,458 |
Net assets | $186,533,590 | |
Net Assets by Source | ||
Capital received from investors | 142,258,648 | |
Net realized capital gains | 21,556,511 | |
Net unrealized capital appreciation | 22,718,431 |
Net Asset Value (NAV) by Shares Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $64,807,677 | 3,210,557 | $20.19 | ||
Select Shares | $121,725,913 | 5,907,919 | $20.60 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $5,223) | $2,346,708 | |
Interest | + | 1,491 |
Total investment income | 2,348,199 | |
Expenses | ||
Investment adviser and administrator fees | 2,031,319 | |
Shareholder service fees: | ||
Investor Shares | 153,271 | |
Select Shares | 219,046 | |
Custodian fees | 66,936 | |
Professional fees | 49,763 | |
Shareholder reports | 43,465 | |
Portfolio accounting fees | 41,068 | |
Registration fees | 32,457 | |
Independent trustees’ fees | 8,023 | |
Transfer agent fees | 5,393 | |
Interest expense | 93 | |
Other expenses | + | 6,699 |
Total expenses | 2,657,533 | |
Expense reduction by CSIM and its affiliates | – | 479,316 |
Net expenses | – | 2,178,217 |
Net investment income | 169,982 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 21,695,620 | |
Net realized gains on futures contracts | + | 150,066 |
Net realized gains | 21,845,686 | |
Net change in unrealized appreciation (depreciation) on investments | 16,873,394 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 213,604 |
Net change in unrealized appreciation (depreciation) | + | 17,086,998 |
Net realized and unrealized gains | 38,932,684 | |
Increase in net assets resulting from operations | $39,102,666 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $169,982 | $210,511 | ||
Net realized gains | 21,845,686 | 1,168,816 | ||
Net change in unrealized appreciation (depreciation) | + | 17,086,998 | (2,420,138) | |
Increase (decrease) in net assets from operations | 39,102,666 | (1,040,811) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ||||
Investor Shares | (88,307) | — | ||
Select Shares | + | (286,345) | — | |
Total distributions from net investment income | (374,652) | — | ||
Distributions from net realized gains | ||||
Investor Shares | (624,867) | (3,793,537) | ||
Select Shares | + | (1,055,222) | (6,231,390) | |
Total distributions from net realized gains | (1,680,089) | (10,024,927) | ||
Total distributions | ($2,054,741) | ($10,024,927) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares Sold | ||||||||
Investor Shares | 150,756 | $2,838,923 | 40,792 | $680,024 | ||||
Select Shares | + | 470,039 | 9,097,237 | 315,043 | 5,053,827 | |||
Total shares sold | 620,795 | $11,936,160 | 355,835 | $5,733,851 | ||||
Shares Reinvested | ||||||||
Investor Shares | 33,695 | $630,426 | 212,542 | $3,368,785 | ||||
Select Shares | + | 68,980 | 1,315,446 | 378,685 | 6,115,760 | |||
Total shares reinvested | 102,675 | $1,945,872 | 591,227 | $9,484,545 | ||||
Shares Redeemed | ||||||||
Investor Shares | (361,547) | ($6,831,172) | (440,313) | ($7,015,212) | ||||
Select Shares | + | (552,290) | (10,492,211) | (782,174) | (13,027,787) | |||
Total shares redeemed | (913,837) | ($17,323,383) | (1,222,487) | ($20,042,999) | ||||
Net transactions in fund shares | (190,367) | ($3,441,351) | (275,425) | ($4,824,603) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 9,308,843 | $152,927,016 | 9,584,268 | $168,817,357 | ||||
Total increase or decrease | + | (190,367) | 33,606,574 | (275,425) | (15,890,341) | |||
End of period | 9,118,476 | $186,533,590 | 9,308,843 | $152,927,016 | ||||
Net investment income not yet distributed | $— | $205,940 |
Investor Shares | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $21.17 | $22.71 | $22.95 | $23.68 | $19.03 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.18 1 | 0.17 1 | 0.18 1 | 0.25 | 0.23 | |
Net realized and unrealized gains (losses) | 5.78 | (0.24) | (0.10) | (0.66) | 4.85 | |
Total from investment operations | 5.96 | (0.07) | 0.08 | (0.41) | 5.08 | |
Less distributions: | ||||||
Distributions from net investment income | (0.15) | (0.27) | (0.32) | (0.32) | (0.43) | |
Distributions from net realized gains | — | (1.20) | — | — | — | |
Total distributions | (0.15) | (1.47) | (0.32) | (0.32) | (0.43) | |
Net asset value at end of period | $26.98 | $21.17 | $22.71 | $22.95 | $23.68 | |
Total return | 28.35% | (0.14%) | 0.39% | (1.73%) | 27.23% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% | |
Gross operating expenses | 1.61% | 1.61% | 1.59% | 1.59% | 1.60% | |
Net investment income (loss) | 0.76% | 0.81% | 0.76% | 1.06% | 1.10% | |
Portfolio turnover rate | 71% | 69% | 72% | 74% | 65% | |
Net assets, end of period (x 1,000,000) | $512 | $447 | $536 | $631 | $675 | |
Select Shares | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $21.16 | $22.71 | $22.95 | $23.68 | $19.03 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.19 1 | 0.21 1 | 0.28 | 0.28 | |
Net realized and unrealized gains (losses) | 5.76 | (0.23) | (0.10) | (0.65) | 4.83 | |
Total from investment operations | 5.98 | (0.04) | 0.11 | (0.37) | 5.11 | |
Less distributions: | ||||||
Distributions from net investment income | (0.18) | (0.31) | (0.35) | (0.36) | (0.46) | |
Distributions from net realized gains | — | (1.20) | — | — | — | |
Total distributions | (0.18) | (1.51) | (0.35) | (0.36) | (0.46) | |
Net asset value at end of period | $26.96 | $21.16 | $22.71 | $22.95 | $23.68 | |
Total return | 28.52% | 0.00% 2 | 0.56% | (1.57%) | 27.43% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |
Gross operating expenses | 1.53% | 1.54% | 1.50% | 1.47% | 1.44% | |
Net investment income (loss) | 0.92% | 0.93% | 0.91% | 1.20% | 1.26% | |
Portfolio turnover rate | 71% | 69% | 72% | 74% | 65% | |
Net assets, end of period (x 1,000,000) | $1,229 | $1,063 | $1,395 | $1,592 | $1,590 |
Security | Number of Shares | Value ($) |
Common Stock 96.9% of net assets | ||
Argentina 0.0% | ||
Grupo Financiero Galicia S.A. | 9,502 | 521,660 |
Australia 3.4% | ||
AGL Energy Ltd. | 2,729 | 52,837 |
ALS Ltd. | 998,090 | 5,992,374 |
Alumina Ltd. | 9,544 | 17,127 |
Amcor Ltd. | 4,684 | 56,847 |
AMP Ltd. | 2,073,993 | 7,903,997 |
APA Group | 4,591 | 30,129 |
Aristocrat Leisure Ltd. | 2,231 | 40,333 |
ASX Ltd. | 809 | 33,472 |
Aurizon Holdings Ltd. | 8,450 | 33,536 |
AusNet Services | 8,703 | 11,802 |
Australia & New Zealand Banking Group Ltd. | 12,027 | 276,002 |
Bank of Queensland Ltd. | 1,590 | 16,277 |
Bendigo & Adelaide Bank Ltd. | 1,903 | 16,598 |
BHP Billiton Ltd. | 13,217 | 272,122 |
BlueScope Steel Ltd. | 2,454 | 24,160 |
Boral Ltd. | 4,665 | 25,598 |
Brambles Ltd. | 6,414 | 46,510 |
Caltex Australia Ltd. | 1,038 | 27,254 |
Challenger Ltd. | 2,338 | 23,849 |
Charter Hall Retail REIT | 1,776,835 | 5,527,191 |
CIMIC Group Ltd. | 395 | 14,654 |
Coca-Cola Amatil Ltd. | 2,276 | 14,209 |
Cochlear Ltd. | 228 | 30,713 |
Commonwealth Bank of Australia | 7,085 | 421,453 |
Computershare Ltd. | 1,846 | 22,068 |
Costa Group Holdings Ltd. | 1,170,883 | 5,571,293 |
Crown Resorts Ltd. | 1,727 | 15,357 |
CSL Ltd. | 1,876 | 199,721 |
Dexus | 4,253 | 31,846 |
Domino's Pizza Enterprises Ltd. | 239 | 8,545 |
Flight Centre Travel Group Ltd. | 276 | 9,895 |
Fortescue Metals Group Ltd. | 6,208 | 22,073 |
Goodman Group | 7,301 | 46,812 |
Harvey Norman Holdings Ltd. | 2,689 | 7,789 |
Healthscope Ltd. | 6,723 | 10,099 |
Incitec Pivot Ltd. | 6,620 | 19,418 |
Inghams Group Ltd. | 1,388,997 | 3,778,893 |
Insurance Australia Group Ltd. | 9,835 | 49,456 |
InvoCare Ltd. | 637,210 | 8,284,640 |
James Hardie Industries plc CDI | 1,776 | 27,116 |
LendLease Group | 2,203 | 27,357 |
Macquarie Group Ltd. | 1,334 | 100,637 |
Medibank Pvt Ltd. | 10,964 | 25,807 |
Mirvac Group | 14,751 | 27,265 |
National Australia Bank Ltd. | 10,960 | 274,616 |
Newcrest Mining Ltd. | 3,100 | 53,003 |
Northern Star Resources Ltd. | 607,552 | 2,416,089 |
Orica Ltd. | 383,664 | 6,145,201 |
Origin Energy Ltd. * | 7,214 | 43,937 |
Pact Group Holdings Ltd. | 878,905 | 3,901,590 |
Security | Number of Shares | Value ($) |
Qantas Airways Ltd. | 2,388 | 11,270 |
QBE Insurance Group Ltd. | 5,545 | 45,468 |
Ramsay Health Care Ltd. | 564 | 28,916 |
REA Group Ltd. | 247 | 13,695 |
Rio Tinto Ltd. | 1,753 | 93,411 |
Santos Ltd. * | 8,053 | 27,827 |
Scentre Group | 22,038 | 67,953 |
SEEK Ltd. | 1,289 | 18,151 |
Shopping Centres Australasia Property Group | 3,390,072 | 6,110,451 |
Sonic Healthcare Ltd. | 1,573 | 26,272 |
South32 Ltd. | 21,533 | 56,245 |
Stockland | 9,898 | 34,306 |
Suncorp Group Ltd. | 5,348 | 55,666 |
Sydney Airport | 4,385 | 23,891 |
Tabcorp Holdings Ltd. | 3,225 | 11,096 |
Tatts Group Ltd. | 5,747 | 18,371 |
Telstra Corp., Ltd. | 17,301 | 46,955 |
The GPT Group | 7,163 | 27,970 |
TPG Telecom Ltd. | 1,746 | 7,227 |
Transurban Group | 8,483 | 78,856 |
Treasury Wine Estates Ltd. | 2,941 | 35,304 |
Vicinity Centres | 13,881 | 28,215 |
Wesfarmers Ltd. | 4,662 | 149,328 |
Westfield Corp. | 7,984 | 47,587 |
Westpac Banking Corp. | 13,807 | 349,723 |
Woodside Petroleum Ltd. | 3,139 | 73,996 |
Woolworths Ltd. | 5,317 | 105,408 |
59,623,125 | ||
Austria 0.0% | ||
ANDRITZ AG | 289 | 16,341 |
Erste Group Bank AG * | 1,218 | 52,283 |
Lenzing AG | 3,185 | 431,107 |
OMV AG | 615 | 36,908 |
Raiffeisen Bank International AG * | 588 | 20,448 |
voestalpine AG | 452 | 24,850 |
581,937 | ||
Belgium 0.5% | ||
Ageas | 802 | 38,893 |
Anheuser-Busch InBev S.A./N.V. | 3,134 | 384,295 |
Colruyt S.A. | 267 | 13,655 |
Galapagos N.V. * | 34,980 | 3,401,865 |
Groupe Bruxelles Lambert S.A. | 330 | 35,444 |
KBC Group N.V. | 59,749 | 4,963,284 |
Proximus | 605 | 20,090 |
Solvay S.A. | 308 | 45,756 |
Telenet Group Holding N.V. * | 209 | 14,454 |
UCB S.A. | 516 | 37,563 |
Umicore S.A. | 758 | 33,875 |
8,989,174 | ||
Security | Number of Shares | Value ($) |
Brazil 0.9% | ||
CCR S.A. | 122,000 | 678,751 |
Companhia de Saneamento Basico do Estado de Sao Paulo | 22,300 | 203,142 |
CVC Brasil Operadora e Agencia de Viagens S.A. | 414,300 | 5,471,146 |
EcoRodovias Infraestrutura e Logistica S.A. | 986,400 | 3,678,684 |
Engie Brasil Energia S.A. | 33,800 | 369,896 |
Kroton Educacional S.A. | 264,600 | 1,455,126 |
M Dias Branco S.A. | 18,600 | 273,772 |
Magazine Luiza S.A. | 153,494 | 2,991,240 |
Via Varejo S.A. * | 47,100 | 324,962 |
15,446,719 | ||
Canada 5.7% | ||
Alamos Gold, Inc., Class A | 181,453 | 1,149,113 |
Arizona Mining, Inc. * | 914,152 | 2,295,832 |
BRP, Inc. | 147,362 | 4,952,807 |
CAE, Inc. | 687,371 | 12,179,909 |
Canadian National Railway Co. | 58,532 | 4,709,873 |
CES Energy Solutions Corp. | 686,963 | 3,700,793 |
Cineplex, Inc. | 118,859 | 3,594,976 |
Constellation Software, Inc. | 2,287 | 1,301,149 |
Dollarama, Inc. | 13,024 | 1,449,792 |
Enerflex Ltd. | 155,651 | 2,117,413 |
Finning International, Inc. | 19,924 | 485,861 |
FirstService Corp. | 61,230 | 4,262,512 |
Hudbay Minerals, Inc. | 355,098 | 2,639,632 |
Innergex Renewable Energy, Inc. | 354,361 | 3,870,201 |
Interfor Corp. * | 223,756 | 3,642,257 |
Lundin Mining Corp. | 114,551 | 873,717 |
New Flyer Industries, Inc. | 85,529 | 3,629,066 |
Northview Apartment Real Estate Investment Trust | 172,894 | 3,119,892 |
Parex Resources, Inc. * | 279,765 | 3,721,237 |
Premium Brands Holdings Corp. | 55,897 | 4,523,407 |
Ritchie Bros. Auctioneers, Inc. | 190,777 | 5,350,215 |
Rogers Communications, Inc., Class B | 51,600 | 2,677,392 |
Shopify, Inc., Class A * | 25,966 | 2,583,357 |
Suncor Energy, Inc. | 135,355 | 4,595,418 |
The Descartes Systems Group, Inc. * | 182,300 | 5,284,877 |
TransAlta Renewables, Inc. | 267,220 | 2,881,195 |
WSP Global, Inc. | 170,585 | 7,645,318 |
99,237,211 | ||
China 3.6% | ||
3SBio, Inc. * | 74,500 | 133,435 |
Alibaba Group Holding Ltd. ADR * | 23,843 | 4,408,332 |
Anhui Conch Cement Co., Ltd., Class H | 290,500 | 1,244,413 |
Baidu, Inc. ADR * | 21,995 | 5,365,460 |
Baozun, Inc. ADR * | 135,090 | 4,240,475 |
China Overseas Land & Investment Ltd. | 600,000 | 1,948,210 |
China Resources Cement Holdings Ltd. | 6,708,000 | 4,533,933 |
CSPC Pharmaceutical Group Ltd. | 568,000 | 988,168 |
Ctrip.com International Ltd. ADR * | 36,242 | 1,735,629 |
Industrial & Commercial Bank of China Ltd., Class H | 5,739,000 | 4,566,321 |
Kingboard Laminates Holdings Ltd. | 2,756,000 | 4,631,506 |
Lonking Holdings Ltd. | 11,218,000 | 5,047,545 |
Microport Scientific Corp. | 2,946,000 | 2,907,473 |
Nexteer Automotive Group Ltd. * | 3,287,288 | 6,437,904 |
Ping An Insurance Group Co. of China Ltd., Class H | 771,500 | 6,779,895 |
SINA Corp. * | 7,687 | 827,506 |
Security | Number of Shares | Value ($) |
Tencent Holdings Ltd. | 107,700 | 4,840,586 |
Wisdom Education International Holdings Co., Ltd. | 3,196,000 | 1,872,643 |
62,509,434 | ||
Denmark 1.2% | ||
Ambu A/S, Class B | 29,003 | 2,673,258 |
AP Moeller - Maersk A/S, Series A | 15 | 27,803 |
AP Moeller - Maersk A/S, Series B | 27 | 51,759 |
Carlsberg A/S, Class B | 436 | 49,809 |
Chr. Hansen Holding A/S | 13,321 | 1,165,718 |
Coloplast A/S, Class B | 497 | 43,745 |
Danske Bank A/S | 3,037 | 115,902 |
DSV A/S | 51,275 | 3,964,886 |
Genmab A/S * | 2,877 | 580,968 |
H. Lundbeck A/S | 301 | 17,894 |
ISS A/S | 689 | 29,178 |
Novo Nordisk A/S, Class B | 108,481 | 5,401,141 |
Novozymes A/S, B Shares | 963 | 53,208 |
Orsted A/S | 36,086 | 2,022,144 |
Pandora A/S | 449 | 42,398 |
TDC A/S | 3,194 | 18,884 |
Topdanmark A/S * | 116,972 | 4,808,571 |
Tryg A/S | 544 | 12,959 |
Vestas Wind Systems A/S | 916 | 80,869 |
William Demant Holding A/S * | 486 | 14,026 |
21,175,120 | ||
Finland 0.2% | ||
Elisa Oyj | 565 | 22,751 |
Fortum Oyj | 1,770 | 37,567 |
Huhtamaki Oyj | 10,957 | 466,711 |
Kone Oyj, Class B | 1,397 | 75,611 |
Metso Oyj | 439 | 15,944 |
Neste Oyj | 509 | 28,337 |
Nokia Oyj | 24,056 | 118,306 |
Nokian Renkaat Oyj | 11,685 | 535,724 |
Orion Oyj, Class B | 421 | 17,255 |
Sampo Oyj, A Shares | 1,847 | 96,653 |
Stora Enso Oyj, R Shares | 2,194 | 34,288 |
Terveystalo Oyj * | 209,666 | 2,515,562 |
UPM-Kymmene Oyj | 2,158 | 64,810 |
Wartsila Oyj Abp | 616 | 39,680 |
4,069,199 | ||
France 10.7% | ||
Accor S.A. | 775 | 38,663 |
Aeroports de Paris | 118 | 19,867 |
Air Liquide S.A. | 1,762 | 224,345 |
Airbus SE | 2,388 | 245,045 |
Alstom S.A. | 610 | 24,678 |
Alten S.A. | 46,586 | 4,077,038 |
Arkema S.A. | 28,860 | 3,645,922 |
Atos SE | 17,593 | 2,732,469 |
AXA S.A. | 7,987 | 241,115 |
BNP Paribas S.A. | 305,210 | 23,821,463 |
Boiron S.A. | 44,600 | 4,026,302 |
Bollore S.A. * | 17 | 81 |
Bollore S.A. | 3,491 | 16,864 |
Bouygues S.A. | 887 | 42,570 |
Bureau Veritas S.A. | 259,156 | 6,939,749 |
Capgemini SE | 662 | 80,422 |
Carrefour S.A. | 2,361 | 47,516 |
Casino Guichard Perrachon S.A. | 222 | 12,676 |
CNP Assurances | 680 | 15,818 |
Security | Number of Shares | Value ($) |
Compagnie de Saint-Gobain | 2,062 | 120,901 |
Compagnie Generale des Etablissements Michelin | 32,128 | 4,650,411 |
Credit Agricole S.A. | 4,711 | 82,222 |
Danone S.A. | 67,255 | 5,496,828 |
Dassault Aviation S.A. | 11 | 17,151 |
Dassault Systemes S.A. | 521 | 55,307 |
Edenred | 945 | 27,243 |
Eiffage S.A. | 292 | 30,501 |
Electricite de France S.A. | 2,331 | 30,508 |
Elior Group S.A. | 169,462 | 4,812,422 |
Engie S.A. | 7,452 | 125,953 |
Essilor International S.A. | 857 | 108,499 |
Eurazeo S.A. | 193 | 17,943 |
Eurofins Scientific SE | 2,811 | 1,758,438 |
Eutelsat Communications S.A. | 709 | 17,759 |
Fonciere Des Regions | 131 | 13,340 |
Gecina S.A. | 197 | 31,966 |
Groupe Eurotunnel SE | 1,859 | 23,365 |
Hermes International | 3,603 | 1,870,345 |
ICADE | 146 | 12,755 |
Iliad S.A. | 105 | 26,210 |
Imerys S.A. | 145 | 13,203 |
Ingenico Group S.A. | 57,032 | 5,538,284 |
Ipsen S.A. | 3,786 | 457,756 |
JCDecaux S.A. | 359 | 13,733 |
Kering | 10,820 | 4,962,109 |
Klepierre S.A. | 918 | 36,544 |
Korian S.A. | 187,788 | 6,102,771 |
L'Oreal S.A. | 1,037 | 230,798 |
Lagardere S.C.A. | 457 | 15,050 |
Legrand S.A. | 1,106 | 82,077 |
LISI | 101,545 | 4,661,277 |
LVMH Moet Hennessy Louis Vuitton SE | 5,917 | 1,764,823 |
Maisons du Monde S.A. | 124,179 | 5,373,742 |
Natixis S.A. | 3,811 | 29,886 |
Nexity S.A. * | 7,791 | 478,852 |
Orange S.A. | 8,228 | 135,167 |
Orpea | 8,510 | 1,019,573 |
Pernod-Ricard S.A. | 35,165 | 5,272,778 |
Peugeot S.A. | 1,983 | 47,048 |
Publicis Groupe S.A. | 147,938 | 9,629,700 |
Remy Cointreau S.A. | 92 | 11,949 |
Renault S.A. | 720 | 71,406 |
Rexel S.A. | 1,203 | 21,452 |
Rubis SCA | 274,901 | 17,250,756 |
Safran S.A. | 69,487 | 7,318,529 |
Sanofi | 14,265 | 1,350,704 |
Schneider Electric SE * | 2,318 | 203,662 |
SCOR SE | 731 | 30,346 |
SEB S.A. | 2,993 | 557,762 |
SES S.A. | 1,500 | 24,396 |
Societe BIC S.A. | 114 | 12,037 |
Societe Generale S.A. | 3,161 | 175,924 |
Sodexo S.A. | 373 | 47,454 |
SOITEC * | 32,997 | 2,596,704 |
Solutions 30 SE * | 108,232 | 3,378,783 |
STMicroelectronics N.V. | 2,602 | 61,255 |
Suez | 1,556 | 27,365 |
Teleperformance | 57,375 | 8,379,279 |
Thales S.A. | 26,683 | 2,780,727 |
TOTAL S.A. | 105,066 | 5,856,178 |
Trigano S.A. | 7,749 | 1,250,474 |
Valeo S.A. | 155,401 | 10,521,293 |
Veolia Environnement S.A. | 94,678 | 2,242,978 |
Vinci S.A. | 45,580 | 4,465,817 |
Vivendi S.A. | 4,253 | 105,610 |
Wendel S.A. | 112 | 18,890 |
Security | Number of Shares | Value ($) |
Worldline S.A. * | 124,295 | 6,080,245 |
Zodiac Aerospace | 815 | 23,295 |
186,313,111 | ||
Georgia 0.0% | ||
BGEO Group plc | 11,439 | 540,185 |
Germany 10.0% | ||
adidas AG | 11,394 | 2,536,111 |
Aixtron SE * | 308,771 | 4,820,083 |
Allianz SE | 71,810 | 16,764,677 |
Aurelius Equity Opportunities SE & Co. KGaA | 45,850 | 2,818,278 |
Axel Springer SE | 220 | 14,813 |
BASF SE | 3,778 | 413,137 |
Bayer AG | 3,401 | 442,398 |
Bayerische Motoren Werke AG | 182,966 | 18,765,036 |
Bechtle AG | 7,578 | 606,512 |
Beiersdorf AG | 420 | 47,246 |
Brenntag AG | 635 | 36,027 |
Carl Zeiss Meditec AG, Class B | 77,696 | 4,143,002 |
Commerzbank AG * | 4,307 | 59,687 |
Continental AG | 45,138 | 11,487,354 |
Covestro AG | 15,351 | 1,475,685 |
CTS Eventim AG & Co. KGaA | 53,513 | 2,213,430 |
Daimler AG | 269,462 | 22,496,344 |
Deutsche Bank AG | 8,528 | 139,767 |
Deutsche Boerse AG | 799 | 82,748 |
Deutsche Lufthansa AG | 952 | 30,586 |
Deutsche Post AG | 3,993 | 183,039 |
Deutsche Telekom AG | 13,476 | 244,014 |
Deutsche Wohnen SE | 1,442 | 61,718 |
Duerr AG | 78,744 | 10,897,361 |
E.ON SE | 8,974 | 106,292 |
Evonik Industries AG | 649 | 23,608 |
Fielmann AG | 94,799 | 8,329,800 |
Fraport AG Frankfurt Airport Services Worldwide | 169 | 16,059 |
Fresenius Medical Care AG & Co. KGaA | 889 | 86,075 |
Fresenius SE & Co. KGaA | 1,706 | 142,820 |
GEA Group AG | 753 | 36,376 |
Gerresheimer AG | 39,915 | 3,192,650 |
Hannover Rueck SE | 253 | 31,838 |
HeidelbergCement AG | 602 | 61,602 |
Henkel AG & Co. KGaA | 420 | 52,972 |
HOCHTIEF AG | 83 | 14,661 |
Hugo Boss AG | 262 | 23,433 |
Infineon Technologies AG | 131,110 | 3,626,243 |
Innogy SE | 552 | 25,671 |
JOST Werke AG * | 79,554 | 3,638,626 |
K&S AG | 751 | 18,258 |
KION Group AG | 10,055 | 805,684 |
LANXESS AG | 364 | 28,541 |
Linde AG | 766 | 165,438 |
MAN SE | 140 | 15,502 |
Merck KGaA | 522 | 56,007 |
METRO AG * | 710 | 13,459 |
MorphoSys AG * | 59,520 | 5,165,696 |
MTU Aero Engines AG | 71,436 | 12,088,507 |
Muenchener Rueckversicherungs-Gesellschaft AG | 638 | 143,232 |
Nemetschek SE | 20,913 | 1,869,857 |
Norma Group SE | 69,834 | 4,759,446 |
OSRAM Licht AG | 367 | 28,101 |
ProSiebenSat.1 Media SE | 950 | 33,463 |
QIAGEN N.V. * | 95,769 | 3,249,125 |
Security | Number of Shares | Value ($) |
Rational AG | 5,444 | 3,591,835 |
Rheinmetall AG | 42,618 | 5,061,670 |
RTL Group S.A. | 157 | 11,665 |
RWE AG * | 2,164 | 54,411 |
SAP SE | 36,718 | 4,195,489 |
Siemens AG | 3,146 | 451,869 |
Stabilus S.A. | 71,108 | 6,493,875 |
Symrise AG | 507 | 39,509 |
Telefonica Deutschland Holding AG | 3,020 | 15,405 |
ThyssenKrupp AG | 1,778 | 47,697 |
United Internet AG | 515 | 32,661 |
Volkswagen AG | 129 | 24,090 |
Vonovia SE | 79,670 | 3,519,299 |
Washtec AG | 2,960 | 262,165 |
Wirecard AG | 11,439 | 1,136,466 |
Zalando SE * | 440 | 22,150 |
173,588,351 | ||
Hong Kong 1.4% | ||
AIA Group Ltd. | 485,000 | 3,654,707 |
ASM Pacific Technology Ltd. | 157,800 | 2,302,374 |
BOC Hong Kong (Holdings) Ltd. | 15,500 | 73,860 |
China High Precision Automation Group Ltd. *(d) | 766,000 | — |
CK Asset Holdings Ltd. | 10,538 | 86,726 |
CK Hutchison Holdings Ltd. | 11,038 | 140,201 |
CK Infrastructure Holdings Ltd. | 2,574 | 22,412 |
CLP Holdings Ltd. | 7,000 | 71,246 |
First Pacific Co., Ltd. | 10,000 | 7,614 |
Galaxy Entertainment Group Ltd. | 510,000 | 3,477,882 |
Hang Lung Group Ltd. | 4,000 | 14,055 |
Hang Lung Properties Ltd. | 8,000 | 18,370 |
Hang Seng Bank Ltd. | 3,100 | 73,479 |
Henderson Land Development Co., Ltd. | 5,098 | 33,269 |
HK Electric Investments & HK Electric Investments Ltd. | 13,000 | 11,965 |
HKBN Ltd. | 2,530,983 | 2,569,886 |
HKT Trust & HKT Ltd. | 15,120 | 18,470 |
Hong Kong & China Gas Co., Ltd. | 34,217 | 64,863 |
Hong Kong Exchanges & Clearing Ltd. | 4,800 | 133,748 |
Hongkong Land Holdings Ltd. | 4,900 | 35,539 |
Hysan Development Co., Ltd. | 3,000 | 14,495 |
I-CABLE Communications Ltd. * | 762 | 24 |
Kerry Properties Ltd. | 3,000 | 13,501 |
Li & Fung Ltd. | 28,000 | 14,112 |
Link REIT | 9,000 | 75,666 |
Luk Fook Holdings International Ltd. | 618,000 | 2,614,146 |
Melco International Development Ltd. | 1,661,000 | 4,552,248 |
Melco Resorts & Entertainment Ltd. ADR | 37,255 | 941,806 |
MGM China Holdings Ltd. | 4,000 | 9,024 |
MTR Corp., Ltd. | 6,000 | 34,785 |
New World Development Co., Ltd. | 25,000 | 37,273 |
NWS Holdings Ltd. | 7,572 | 15,326 |
PCCW Ltd. | 17,000 | 9,373 |
Power Assets Holdings Ltd. | 5,500 | 47,680 |
Sands China Ltd. | 10,000 | 47,176 |
Shangri-La Asia Ltd. | 6,000 | 11,946 |
Sino Land Co., Ltd. | 14,000 | 24,130 |
SJM Holdings Ltd. | 8,683 | 7,465 |
Skyworth Digital Holdings Ltd. | 1,834,000 | 844,589 |
Sun Hung Kai Properties Ltd. | 5,702 | 93,281 |
Sunny Optical Technology Group Co., Ltd. | 119,000 | 1,745,424 |
Swire Pacific Ltd., Class A | 2,000 | 19,764 |
Swire Properties Ltd. | 4,800 | 16,220 |
Techtronic Industries Co., Ltd. | 5,500 | 32,286 |
The Bank of East Asia Ltd. | 4,800 | 21,062 |
The Wharf Holdings Ltd. | 5,349 | 48,720 |
Security | Number of Shares | Value ($) |
WH Group Ltd. | 33,500 | 33,948 |
Wheelock & Co., Ltd. | 3,000 | 20,899 |
Wynn Macau Ltd. | 6,400 | 16,431 |
Yue Yuen Industrial Holdings Ltd. | 3,000 | 11,492 |
24,184,958 | ||
Hungary 0.1% | ||
MOL Hungarian Oil & Gas plc | 96,184 | 1,151,869 |
India 2.5% | ||
Adani Ports & Special Economic Zone Ltd. | 81,811 | 544,077 |
Axis Bank Ltd. | 956,100 | 7,728,774 |
Bharat Electronics Ltd. | 190,815 | 544,400 |
Bharti Infratel Ltd. | 77,217 | 527,878 |
Britannia Industries Ltd. | 16,883 | 1,210,054 |
Eicher Motors Ltd. | 1,841 | 916,967 |
Future Retail Ltd. * | 402,166 | 3,236,685 |
HDFC Bank Ltd. | 75,486 | 2,109,858 |
Hindustan Zinc Ltd. | 106,532 | 519,121 |
Indiabulls Housing Finance Ltd. | 263,021 | 5,056,779 |
IndusInd Bank Ltd. | 42,836 | 1,076,639 |
Infosys Ltd. | 14,800 | 210,723 |
Infosys Ltd. ADR | 297,900 | 4,423,815 |
Makemytrip Ltd. * | 14,267 | 389,489 |
Maruti Suzuki India Ltd. | 18,538 | 2,351,755 |
Motherson Sumi Systems Ltd. | 128,572 | 725,596 |
UPL Ltd. | 48,413 | 598,230 |
Vakrangee Ltd. | 1,049,387 | 9,116,306 |
Voltas Ltd. | 98,006 | 859,362 |
Yes Bank Ltd. | 276,346 | 1,343,266 |
43,489,774 | ||
Indonesia 1.0% | ||
PT Bank Central Asia Tbk | 2,303,300 | 3,548,097 |
PT Bank Mandiri (Persero) Tbk | 18,294,000 | 9,501,938 |
PT Bank Tabungan Negara (Persero) Tbk | 22,349,500 | 4,548,093 |
17,598,128 | ||
Ireland 0.6% | ||
Bank of Ireland Group plc * | 4,431 | 34,726 |
CRH plc | 3,437 | 129,341 |
DCC plc | 365 | 34,614 |
Glanbia plc | 332,863 | 6,432,529 |
ICON plc * | 7,615 | 905,119 |
Kerry Group plc, Class A | 641 | 64,549 |
Kingspan Group plc | 14,232 | 595,155 |
Paddy Power Betfair plc | 328 | 33,546 |
Shire plc | 3,709 | 182,689 |
Smurfit Kappa Group plc | 38,092 | 1,136,131 |
9,548,399 | ||
Israel 0.3% | ||
Azrieli Group Ltd. | 173 | 9,774 |
Bank Hapoalim B.M. | 4,312 | 30,530 |
Bank Leumi Le-Israel B.M. | 5,857 | 32,376 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 8,089 | 12,079 |
Check Point Software Technologies Ltd. * | 31,985 | 3,764,954 |
Elbit Systems Ltd. | 91 | 13,506 |
Frutarom Industries Ltd. | 6,361 | 523,849 |
Israel Chemicals Ltd. | 2,525 | 10,529 |
Mizrahi Tefahot Bank Ltd. | 574 | 10,363 |
Nice Ltd. | 236 | 19,642 |
Security | Number of Shares | Value ($) |
Taro Pharmaceutical Industries Ltd. * | 50 | 5,621 |
Teva Pharmaceutical Industries Ltd. ADR | 3,767 | 51,985 |
Wix.com Ltd. * | 6,488 | 452,862 |
4,938,070 | ||
Italy 3.8% | ||
Amplifon S.p.A. | 237,551 | 3,608,472 |
Anima Holding S.p.A. | 69,167 | 525,923 |
Assicurazioni Generali S.p.A. | 5,155 | 93,820 |
Atlantia S.p.A. | 1,884 | 61,420 |
Azimut Holding S.p.A. | 10,394 | 205,171 |
Banca Generali S.p.A. | 43,418 | 1,428,497 |
Brembo S.p.A. | 34,847 | 575,250 |
Buzzi Unicem S.p.A. | 132,668 | 3,693,448 |
Davide Campari-Milano S.p.A. | 709,201 | 5,678,396 |
Enel S.p.A. | 610,126 | 3,783,800 |
Eni S.p.A. | 10,484 | 171,393 |
EXOR N.V. | 143,331 | 9,188,393 |
Ferrari N.V. | 15,579 | 1,865,396 |
Fiat Chrysler Automobiles N.V. * | 4,460 | 77,119 |
FinecoBank Banca Fineco S.p.A. | 988,394 | 9,244,432 |
Gima TT S.p.A. * | 120,800 | 2,396,356 |
Interpump Group S.p.A. | 19,100 | 642,885 |
Intesa Sanpaolo S.p.A. | 4,393,556 | 14,770,707 |
Leonardo S.p.A. | 1,611 | 27,809 |
Luxottica Group S.p.A. | 709 | 40,666 |
Mediobanca S.p.A. | 2,293 | 25,118 |
Moncler S.p.A. | 199,103 | 5,652,251 |
Poste Italiane S.p.A | 2,071 | 15,138 |
Prysmian S.p.A. | 876 | 30,143 |
Recordati S.p.A. | 23,105 | 1,074,132 |
Saipem S.p.A. * | 3,073 | 12,918 |
Snam S.p.A. | 9,230 | 47,127 |
Telecom Italia S.p.A. * | 46,380 | 40,132 |
Tenaris S.A. | 1,883 | 25,705 |
Terna - Rete Elettrica Nationale S.p.A. | 6,006 | 36,240 |
UniCredit S.p.A. * | 8,224 | 157,166 |
UnipolSai Assicurazioni S.p.A. | 4,029 | 9,168 |
65,204,591 | ||
Japan 14.1% | ||
ABC-Mart, Inc. | 100 | 5,044 |
Acom Co., Ltd. * | 2,000 | 8,315 |
Aeon Co., Ltd. | 2,500 | 38,669 |
AEON Financial Service Co., Ltd. | 500 | 10,738 |
Aeon Mall Co., Ltd. | 500 | 8,941 |
Air Water, Inc. | 578 | 11,093 |
Aisin Seiki Co., Ltd. | 700 | 36,262 |
Ajinomoto Co., Inc. | 2,178 | 43,814 |
Alfresa Holdings Corp. | 800 | 15,286 |
Alps Electric Co., Ltd. | 800 | 24,483 |
Amada Holdings Co., Ltd. | 1,326 | 16,477 |
ANA Holdings, Inc. | 440 | 16,911 |
Anritsu Corp. | 290,100 | 2,731,608 |
Aozora Bank Ltd. | 500 | 19,571 |
Ariake Japan Co., Ltd. | 62,800 | 4,800,113 |
Asahi Glass Co., Ltd. | 800 | 31,352 |
Asahi Group Holdings Ltd. | 78,400 | 3,579,616 |
Asahi Intecc Co., Ltd. | 43,100 | 2,486,575 |
Asahi Kasei Corp. | 235,463 | 2,851,392 |
Asics Corp. | 600 | 9,172 |
Astellas Pharma, Inc. | 8,500 | 113,125 |
Bandai Namco Holdings, Inc. | 41,500 | 1,422,124 |
Benesse Holdings, Inc. | 300 | 10,170 |
Bridgestone Corp. | 2,700 | 128,980 |
Brother Industries Ltd. | 1,000 | 24,333 |
Security | Number of Shares | Value ($) |
Calbee, Inc. | 300 | 10,125 |
Canon, Inc. | 4,365 | 163,980 |
Casio Computer Co., Ltd. | 836 | 12,336 |
Central Japan Railway Co. | 600 | 108,988 |
Chubu Electric Power Co., Inc. | 2,631 | 33,931 |
Chugai Pharmaceutical Co., Ltd. | 900 | 42,909 |
Coca-Cola Bottlers Japan, Inc. | 500 | 17,495 |
Concordia Financial Group Ltd. | 5,100 | 27,010 |
Cosmos Pharmaceutical Corp. | 20,900 | 4,351,447 |
Credit Saison Co., Ltd. | 711 | 14,316 |
CYBERDYNE, Inc. * | 500 | 6,624 |
Dai Nippon Printing Co., Ltd. | 1,000 | 23,970 |
Dai-ichi Life Holdings, Inc. | 4,400 | 84,031 |
Daicel Corp. | 1,100 | 13,734 |
Daifuku Co., Ltd. | 49,700 | 2,423,292 |
Daiichi Sankyo Co., Ltd. | 2,300 | 52,828 |
Daikin Industries Ltd. | 39,700 | 4,387,279 |
Daito Trust Construction Co., Ltd. | 300 | 52,450 |
Daiwa House Industry Co., Ltd. | 2,300 | 84,302 |
Daiwa House REIT Investment Corp. | 6 | 14,021 |
Daiwa Securities Group, Inc. | 457,800 | 2,870,259 |
Dena Co., Ltd. | 400 | 9,407 |
Denka Co., Ltd. | 107,100 | 3,578,251 |
Denso Corp. | 2,000 | 110,148 |
Dentsu, Inc. | 900 | 38,497 |
Disco Corp. | 100 | 23,173 |
DMG Mori Co., Ltd. | 257,400 | 5,190,619 |
Don Quijote Holdings Co., Ltd. | 500 | 20,972 |
East Japan Railway Co. | 1,338 | 129,759 |
Eisai Co., Ltd. | 1,100 | 61,222 |
Electric Power Development Co., Ltd. | 600 | 15,121 |
F.C.C. Co., Ltd. | 123,500 | 2,981,679 |
FamilyMart UNY Holdings Co., Ltd. | 300 | 17,051 |
FANUC Corp. | 17,899 | 4,185,214 |
Fast Retailing Co., Ltd. | 230 | 76,952 |
Fuji Electric Co., Ltd. | 2,000 | 14,490 |
FUJIFILM Holdings Corp. | 1,700 | 69,543 |
Fujitsu Ltd. | 8,000 | 62,340 |
Fukuoka Financial Group, Inc. | 3,000 | 15,484 |
GMO Payment Gateway, Inc. | 55,200 | 4,038,803 |
H.I.S. Co., Ltd. | 72,300 | 2,420,976 |
Hakuhodo DY Holdings, Inc. | 900 | 12,450 |
Hamamatsu Photonics K.K. | 600 | 19,427 |
Hankyu Hanshin Holdings, Inc. | 1,000 | 38,987 |
Hikari Tsushin, Inc. | 100 | 12,946 |
Hino Motors Ltd. | 1,100 | 14,158 |
Hirose Electric Co., Ltd. | 100 | 15,044 |
Hisamitsu Pharmaceutical Co., Inc. | 300 | 16,518 |
Hitachi Chemical Co., Ltd. | 25,000 | 712,895 |
Hitachi Construction Machinery Co., Ltd. | 400 | 13,722 |
Hitachi High-Technologies Corp. | 300 | 12,555 |
Hitachi Ltd. | 20,322 | 161,831 |
Hitachi Metals Ltd. | 1,000 | 12,955 |
Hogy Medical Co., Ltd. | 68,300 | 4,677,516 |
Honda Motor Co., Ltd. | 7,107 | 222,712 |
Hoshizaki Corp. | 5,600 | 529,949 |
Hosiden Corp. | 245,200 | 4,233,365 |
Hoya Corp. | 73,800 | 4,009,608 |
Hulic Co., Ltd. | 1,200 | 12,379 |
Idemitsu Kosan Co., Ltd. | 600 | 17,538 |
IHI Corp. | 600 | 21,611 |
Iida Group Holdings Co., Ltd. | 713 | 13,678 |
Inpex Corp. | 3,800 | 40,687 |
Investors Cloud Co., Ltd. | 85,600 | 5,220,160 |
Isetan Mitsukoshi Holdings Ltd. | 1,321 | 14,400 |
Isuzu Motors Ltd. | 2,200 | 32,132 |
ITOCHU Corp. | 6,129 | 107,359 |
Itochu Techno-Solutions Corp. | 121,700 | 4,740,476 |
Security | Number of Shares | Value ($) |
Izumi Co., Ltd. | 8,400 | 435,606 |
J. Front Retailing Co., Ltd. | 1,000 | 14,842 |
Japan Airlines Co., Ltd. | 500 | 17,114 |
Japan Airport Terminal Co., Ltd. | 200 | 7,109 |
Japan Aviation Electronics Industry Ltd. | 11,000 | 201,219 |
Japan Exchange Group, Inc. | 2,100 | 37,860 |
Japan Post Bank Co., Ltd. | 1,700 | 21,530 |
Japan Post Holdings Co., Ltd. | 6,200 | 71,724 |
Japan Prime Realty Investment Corp. | 3 | 9,643 |
Japan Real Estate Investment Corp. | 5 | 23,441 |
Japan Retail Fund Investment Corp. | 10 | 17,747 |
Japan Tobacco, Inc. | 4,500 | 148,951 |
JFE Holdings, Inc. | 2,100 | 45,132 |
JGC Corp. | 800 | 13,418 |
JSR Corp. | 900 | 17,446 |
JTEKT Corp. | 900 | 14,913 |
JXTG Holdings, Inc. | 12,485 | 64,470 |
Kajima Corp. | 4,000 | 41,486 |
Kakaku.com, Inc. | 600 | 8,239 |
Kamigumi Co., Ltd. | 500 | 11,969 |
Kaneka Corp. | 1,337 | 11,041 |
Kansai Paint Co., Ltd. | 873 | 22,439 |
Kao Corp. | 2,000 | 120,870 |
Kawasaki Heavy Industries Ltd. | 600 | 20,933 |
KDDI Corp. | 7,500 | 199,820 |
Keihan Holdings Co., Ltd. | 425 | 12,986 |
Keikyu Corp. | 1,000 | 20,686 |
Keio Corp. | 400 | 17,451 |
Keisei Electric Railway Co., Ltd. | 533 | 16,101 |
Keyence Corp. | 7,300 | 4,053,141 |
Kikkoman Corp. | 614 | 21,073 |
Kintetsu Group Holdings Co., Ltd. | 700 | 26,917 |
Kirin Holdings Co., Ltd. | 3,500 | 84,014 |
Kobe Steel Ltd. * | 1,400 | 11,820 |
Koito Manufacturing Co., Ltd. | 22,585 | 1,514,419 |
Komatsu Ltd. | 30,900 | 1,009,681 |
Konami Holdings Corp. | 400 | 19,482 |
Konica Minolta, Inc. | 1,800 | 15,791 |
Kose Corp. | 4,800 | 583,741 |
Kubota Corp. | 4,300 | 80,907 |
Kuraray Co., Ltd. | 1,400 | 27,572 |
Kurita Water Industries Ltd. | 400 | 12,710 |
Kyocera Corp. | 1,300 | 86,954 |
Kyowa Hakko Kirin Co., Ltd. | 1,100 | 20,305 |
Kyushu Electric Power Co., Inc. | 1,700 | 19,390 |
Kyushu Financial Group, Inc. | 1,300 | 8,263 |
Kyushu Railway Co. | 683 | 21,830 |
Lawson, Inc. | 229 | 14,953 |
LINE Corp. * | 200 | 8,284 |
LINE Corp. ADR * | 13,408 | 556,566 |
Lion Corp. | 1,000 | 19,243 |
LIXIL Group Corp. | 1,100 | 30,295 |
M3, Inc. | 900 | 26,844 |
Mabuchi Motor Co., Ltd. | 200 | 10,495 |
Makita Corp. | 900 | 37,718 |
Marubeni Corp. | 6,645 | 44,555 |
Marui Group Co., Ltd. | 800 | 12,244 |
Maruichi Steel Tube Ltd. | 200 | 6,110 |
Maxell Holdings Ltd. | 198,500 | 4,511,110 |
Mazda Motor Corp. | 2,300 | 33,202 |
McDonald's Holdings Co., Ltd. | 300 | 12,880 |
Mebuki Financial Group, Inc. | 4,210 | 17,564 |
Medipal Holdings Corp. | 800 | 14,857 |
MEIJI Holdings Co., Ltd. | 500 | 40,875 |
Minebea Mitsumi, Inc. | 34,587 | 634,087 |
Miraca Holdings, Inc. | 200 | 9,305 |
MISUMI Group, Inc. | 233,930 | 6,409,105 |
Mitsubishi Chemical Holdings Corp. | 5,800 | 60,583 |
Security | Number of Shares | Value ($) |
Mitsubishi Corp. | 6,149 | 143,997 |
Mitsubishi Electric Corp. | 7,900 | 135,197 |
Mitsubishi Estate Co., Ltd. | 5,087 | 92,250 |
Mitsubishi Gas Chemical Co., Inc. | 700 | 17,124 |
Mitsubishi Heavy Industries Ltd. | 1,300 | 50,865 |
Mitsubishi Materials Corp. | 504 | 19,164 |
Mitsubishi Motors Corp. | 2,700 | 21,621 |
Mitsubishi Tanabe Pharma Corp. | 900 | 19,808 |
Mitsubishi UFJ Financial Group, Inc. | 758,200 | 5,142,978 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,200 | 11,607 |
Mitsui & Co., Ltd. | 7,000 | 104,540 |
Mitsui Chemicals, Inc. | 800 | 24,669 |
Mitsui Fudosan Co., Ltd. | 3,600 | 84,027 |
Mitsui Mining & Smelting Co., Ltd. | 14,785 | 769,340 |
Mitsui O.S.K. Lines Ltd. | 500 | 15,311 |
Mixi, Inc. | 201 | 9,799 |
Mizuho Financial Group, Inc. | 98,600 | 179,144 |
MS&AD Insurance Group Holdings, Inc. | 1,910 | 64,887 |
Murata Manufacturing Co., Ltd. | 824 | 129,501 |
Musashi Seimitsu Industry Co., Ltd. | 110,000 | 3,506,253 |
Nabtesco Corp. | 16,900 | 671,381 |
Nagoya Railroad Co., Ltd. | 800 | 17,973 |
NEC Corp. | 1,100 | 30,184 |
Nexon Co., Ltd. * | 800 | 21,519 |
NGK Insulators Ltd. | 1,100 | 21,781 |
NGK Spark Plug Co., Ltd. | 700 | 15,975 |
NH Foods Ltd. | 409 | 11,765 |
Nichias Corp. | 42,000 | 546,880 |
Nidec Corp. | 1,000 | 132,983 |
Nifco, Inc. | 171,000 | 11,163,075 |
Nihon M&A Center, Inc. | 222,600 | 10,656,872 |
Nikon Corp. | 1,400 | 26,587 |
Nintendo Co., Ltd. | 11,300 | 4,383,966 |
Nippon Building Fund, Inc. | 6 | 28,917 |
Nippon Electric Glass Co., Ltd. | 400 | 16,331 |
Nippon Express Co., Ltd. | 300 | 19,036 |
Nippon Paint Holdings Co., Ltd. | 700 | 24,695 |
Nippon Prologis REIT, Inc. | 8 | 16,821 |
Nippon Shinyaku Co., Ltd. | 50,000 | 3,543,411 |
Nippon Shokubai Co., Ltd. | 66,800 | 5,038,780 |
Nippon Steel & Sumitomo Metal Corp. | 3,100 | 74,324 |
Nippon Telegraph & Telephone Corp. | 2,800 | 135,373 |
Nippon Yusen K.K. * | 600 | 12,690 |
Nissan Chemical Industries Ltd. | 500 | 18,650 |
Nissan Motor Co., Ltd. | 9,400 | 91,418 |
Nisshin Seifun Group, Inc. | 800 | 14,060 |
Nissin Foods Holdings Co., Ltd. | 200 | 12,593 |
Nitori Holdings Co., Ltd. | 12,205 | 1,773,769 |
Nitto Denko Corp. | 700 | 65,091 |
NOK Corp. | 400 | 9,825 |
Nomura Holdings, Inc. | 14,700 | 84,125 |
Nomura Real Estate Holdings, Inc. | 500 | 11,005 |
Nomura Real Estate Master Fund, Inc. | 16 | 19,996 |
Nomura Research Institute Ltd. | 21,260 | 901,320 |
NSK Ltd. | 1,600 | 23,038 |
NTT Data Corp. | 2,500 | 29,117 |
NTT DOCOMO, Inc. | 5,700 | 138,047 |
Obayashi Corp. | 2,600 | 34,043 |
Obic Co., Ltd. | 300 | 19,857 |
Odakyu Electric Railway Co., Ltd. | 1,200 | 23,475 |
Oji Holdings Corp. | 4,000 | 23,444 |
Olympus Corp. | 139,500 | 5,191,446 |
Omron Corp. | 800 | 44,828 |
Ono Pharmaceutical Co., Ltd. | 1,700 | 38,962 |
Oracle Corp., Japan | 6,900 | 583,847 |
Oriental Land Co., Ltd. | 900 | 71,985 |
ORIX Corp. | 5,400 | 92,845 |
Osaka Gas Co., Ltd. | 1,600 | 30,990 |
Security | Number of Shares | Value ($) |
Otsuka Corp. | 5,500 | 374,927 |
Otsuka Holdings Co., Ltd. | 1,600 | 66,839 |
Outsourcing, Inc. | 296,400 | 4,086,187 |
Panasonic Corp. | 9,000 | 135,894 |
Park24 Co., Ltd. | 400 | 9,246 |
Persol Holdings Co., Ltd. | 23,200 | 575,259 |
Pigeon Corp. | 98,600 | 3,499,105 |
Pola Orbis Holdings, Inc. | 34,200 | 1,090,108 |
Rakuten, Inc. | 3,800 | 40,663 |
Recruit Holdings Co., Ltd. | 4,500 | 110,329 |
Renesas Electronics Corp. * | 74,300 | 960,631 |
Resona Holdings, Inc. | 8,900 | 48,107 |
Resorttrust, Inc. | 273,400 | 5,383,126 |
Ricoh Co., Ltd. | 2,900 | 26,911 |
Rinnai Corp. | 100 | 8,568 |
Rohm Co., Ltd. | 400 | 37,235 |
Rohto Pharmaceutical Co., Ltd. | 151,400 | 3,494,711 |
Ryohin Keikaku Co., Ltd. | 100 | 29,500 |
Sakata Seed Corp. | 54,400 | 1,644,889 |
Sankyo Co., Ltd. | 200 | 6,455 |
Sankyu, Inc. | 12,480 | 515,963 |
Santen Pharmaceutical Co., Ltd. | 1,500 | 23,835 |
Sanwa Holdings Corp. | 291,900 | 3,660,510 |
SBI Holdings, Inc. | 836 | 13,193 |
SCSK Corp. | 15,100 | 651,169 |
Secom Co., Ltd. | 900 | 68,528 |
Sega Sammy Holdings, Inc. | 700 | 9,854 |
Seibu Holdings, Inc. | 700 | 12,514 |
Seiko Epson Corp. | 1,100 | 26,250 |
Sekisui Chemical Co., Ltd. | 1,682 | 33,950 |
Sekisui House Ltd. | 2,455 | 45,905 |
Seven & i Holdings Co., Ltd. | 3,100 | 124,944 |
Seven Bank Ltd. | 2,900 | 10,725 |
Sharp Corp. * | 600 | 19,087 |
Shimadzu Corp. | 1,000 | 20,792 |
Shimamura Co., Ltd. | 142 | 15,820 |
Shimano, Inc. | 345 | 47,210 |
Shimizu Corp. | 2,300 | 27,072 |
Shin-Etsu Chemical Co., Ltd. | 1,624 | 171,269 |
Shinsei Bank Ltd. | 700 | 11,813 |
Shionogi & Co., Ltd. | 1,200 | 64,604 |
Shiseido Co., Ltd. | 1,600 | 65,996 |
SHO-BOND Holdings Co., Ltd. | 75,800 | 4,664,605 |
Showa Shell Sekiyu K.K. | 900 | 10,618 |
SMC Corp. | 237 | 90,667 |
SMS Co., Ltd. | 69,200 | 2,084,610 |
SoftBank Group Corp. | 3,431 | 304,062 |
Sohgo Security Services Co., Ltd. | 300 | 14,453 |
Sompo Holdings, Inc. | 1,500 | 60,293 |
Sony Corp. | 94,900 | 3,970,111 |
Sony Financial Holdings, Inc. | 700 | 11,629 |
Stanley Electric Co., Ltd. | 600 | 22,149 |
Start Today Co., Ltd. | 22,700 | 621,744 |
Subaru Corp. | 2,500 | 86,373 |
Sumitomo Chemical Co., Ltd. | 6,000 | 42,167 |
Sumitomo Corp. | 4,800 | 69,428 |
Sumitomo Dainippon Pharma Co., Ltd. | 700 | 9,991 |
Sumitomo Electric Industries Ltd. | 3,100 | 52,778 |
Sumitomo Heavy Industries Ltd. | 400 | 16,806 |
Sumitomo Metal Mining Co., Ltd. | 1,000 | 39,452 |
Sumitomo Mitsui Financial Group, Inc. | 5,500 | 220,345 |
Sumitomo Mitsui Trust Holdings, Inc. | 1,400 | 55,258 |
Sumitomo Realty & Development Co., Ltd. | 1,495 | 50,071 |
Sumitomo Rubber Industries Ltd. | 800 | 15,190 |
Sundrug Co., Ltd. | 300 | 13,056 |
Suntory Beverage & Food Ltd. | 600 | 27,607 |
Suruga Bank Ltd. | 27,400 | 623,860 |
Suzuken Co., Ltd. | 300 | 10,814 |
Security | Number of Shares | Value ($) |
Suzuki Motor Corp. | 1,400 | 76,683 |
Sysmex Corp. | 600 | 41,064 |
T&D Holdings, Inc. | 2,200 | 34,321 |
Taiheiyo Cement Corp. | 500 | 19,984 |
Taisei Corp. | 26,700 | 1,479,367 |
Taisho Pharmaceutical Holdings Co., Ltd. | 100 | 7,616 |
Taiyo Nippon Sanso Corp. | 629 | 7,552 |
Takashimaya Co., Ltd. | 1,000 | 9,201 |
Takeda Pharmaceutical Co., Ltd. | 2,900 | 163,516 |
TDK Corp. | 500 | 38,420 |
TechnoPro Holdings, Inc. | 18,400 | 843,611 |
Teijin Ltd. | 800 | 16,932 |
Terumo Corp. | 1,300 | 54,171 |
The Bank of Kyoto Ltd. | 200 | 10,503 |
The Chiba Bank Ltd. | 3,000 | 22,997 |
The Chugoku Bank Ltd. | 700 | 10,034 |
The Chugoku Electric Power Co., Inc. | 1,100 | 12,265 |
The Hachijuni Bank Ltd. | 1,511 | 9,463 |
The Hiroshima Bank Ltd. | 1,043 | 8,831 |
The Kansai Electric Power Co., Inc. | 2,900 | 39,713 |
The Shizuoka Bank Ltd. | 2,454 | 23,881 |
The Yokohama Rubber Co., Ltd. | 500 | 11,241 |
THK Co., Ltd. | 500 | 18,238 |
TIS, Inc. | 18,200 | 566,379 |
Tobu Railway Co., Ltd. | 800 | 23,469 |
Toho Co., Ltd. | 500 | 16,566 |
Toho Gas Co., Ltd. | 266 | 7,437 |
Tohoku Electric Power Co., Inc. | 1,800 | 23,614 |
Tokio Marine Holdings, Inc. | 2,800 | 120,700 |
Tokyo Base Co., Ltd. * | 86,100 | 3,530,455 |
Tokyo Electric Power Co. Holdings, Inc. * | 5,800 | 23,807 |
Tokyo Electron Ltd. | 600 | 105,648 |
Tokyo Gas Co., Ltd. | 1,600 | 39,913 |
Tokyo Tatemono Co., Ltd. | 800 | 11,223 |
Tokyu Corp. | 2,200 | 33,280 |
Tokyu Fudosan Holdings Corp. | 2,000 | 13,112 |
Topcon Corp. | 142,400 | 3,010,842 |
Toppan Printing Co., Ltd. | 2,261 | 23,003 |
Toray Industries, Inc. | 6,000 | 60,730 |
Toshiba Corp. * | 16,000 | 46,295 |
Tosoh Corp. | 1,000 | 21,581 |
TOTO Ltd. | 600 | 29,384 |
Toyo Seikan Group Holdings Ltd. | 700 | 12,382 |
Toyo Suisan Kaisha Ltd. | 365 | 14,042 |
Toyo Tire & Rubber Co., Ltd. | 208,600 | 4,719,898 |
Toyoda Gosei Co., Ltd. | 300 | 7,336 |
Toyota Industries Corp. | 714 | 43,948 |
Toyota Motor Corp. | 266,677 | 16,540,922 |
Toyota Tsusho Corp. | 900 | 32,733 |
Trend Micro, Inc. | 500 | 26,812 |
Tsubaki Nakashima Co. Ltd. | 167,200 | 3,855,450 |
Tsuruha Holdings, Inc. | 5,000 | 619,913 |
Ulvac, Inc. | 71,400 | 5,058,262 |
Unicharm Corp. | 1,600 | 36,409 |
United Urban Investment Corp. | 12 | 17,263 |
USS Co., Ltd. | 900 | 18,193 |
Vector, Inc. | 93,300 | 1,233,673 |
West Japan Railway Co. | 641 | 45,201 |
Yahoo Japan Corp. | 5,700 | 25,484 |
Yakult Honsha Co., Ltd. | 400 | 33,071 |
Yamada Denki Co., Ltd. | 2,500 | 13,298 |
Yamaguchi Financial Group, Inc. | 1,274 | 15,432 |
Yamaha Corp. | 700 | 27,504 |
Yamaha Motor Co., Ltd. | 1,100 | 33,014 |
Yamato Holdings Co., Ltd. | 1,400 | 28,624 |
Yamazaki Baking Co., Ltd. | 500 | 9,000 |
Yaskawa Electric Corp. | 1,021 | 36,583 |
Security | Number of Shares | Value ($) |
Yokogawa Electric Corp. | 900 | 17,097 |
Zenkoku Hosho Co., Ltd. | 75,700 | 3,110,417 |
246,289,331 | ||
Luxembourg 0.0% | ||
Millicom International Cellular S.A. SDR | 257 | 16,435 |
Malaysia 0.2% | ||
My EG Services Bhd | 4,905,200 | 2,537,601 |
Mexico 0.6% | ||
Arca Continental S.A.B. de C.V. | 137,970 | 878,048 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 371,100 | 2,202,395 |
Grupo Financiero Santander Mexico S.A.B. de C.V., Class B | 229,921 | 387,244 |
Grupo Televisa S.A.B. ADR | 326,500 | 7,147,085 |
Infraestructura Energetica Nova S.A.B. de C.V. | 90,200 | 460,557 |
11,075,329 | ||
Netherlands 1.9% | ||
ABN AMRO Group N.V. CVA | 1,534 | 47,377 |
Aegon N.V. | 7,784 | 45,956 |
AerCap Holdings N.V. * | 636 | 33,479 |
Akzo Nobel N.V. | 21,457 | 1,937,156 |
Altice N.V., Class A * | 1,928 | 36,359 |
Altice N.V., Class B * | 431 | 8,126 |
AMG Advanced Metallurgical Group N.V. | 50,907 | 2,436,423 |
ArcelorMittal * | 2,750 | 78,748 |
ASML Holding N.V. | 26,871 | 4,848,314 |
ASR Nederland N.V. | 202,690 | 8,309,200 |
Boskalis Westminster N.V. | 44,513 | 1,591,184 |
Gemalto N.V. | 322 | 12,743 |
Heineken Holding N.V. | 420 | 38,985 |
Heineken N.V. | 1,062 | 103,474 |
ING Groep N.V. | 15,959 | 294,914 |
Koninklijke Ahold Delhaize N.V. | 5,273 | 99,228 |
Koninklijke DSM N.V. | 752 | 64,159 |
Koninklijke KPN N.V. | 13,941 | 47,969 |
Koninklijke Philips N.V. | 80,566 | 3,283,298 |
Koninklijke Vopak N.V. | 285 | 12,336 |
NN Group N.V. | 1,336 | 55,948 |
NXP Semiconductors N.V. * | 1,421 | 166,328 |
Randstad Holding N.V. | 474 | 29,162 |
Refresco Group N.V. | 285,760 | 6,607,418 |
RELX N.V. | 3,995 | 90,194 |
Unibail-Rodamco SE | 410 | 102,626 |
Unilever N.V. CVA | 6,700 | 389,202 |
Wolters Kluwer N.V. | 58,810 | 2,882,428 |
33,652,734 | ||
New Zealand 1.8% | ||
a2 Milk Co., Ltd. * | 1,408,426 | 8,233,663 |
Auckland International Airport Ltd. | 1,728,415 | 7,366,785 |
Contact Energy Ltd. | 2,757 | 10,851 |
Fisher & Paykel Healthcare Corp., Ltd. | 520,440 | 4,720,479 |
Fletcher Building Ltd. | 2,756 | 13,902 |
Mercury NZ Ltd. | 3,435,064 | 7,733,081 |
Meridian Energy Ltd. | 6,222 | 12,139 |
Ryman Healthcare Ltd. | 1,821 | 11,589 |
Security | Number of Shares | Value ($) |
SKYCITY Entertainment Group Ltd. | 1,352,351 | 3,599,860 |
Spark New Zealand Ltd. | 7,727 | 19,468 |
31,721,817 | ||
Norway 0.2% | ||
Aker BP A.S.A | 136,610 | 3,147,050 |
DNB A.S.A. | 4,043 | 78,027 |
Gjensidige Forsikring A.S.A. | 794 | 14,942 |
Marine Harvest A.S.A. * | 1,579 | 30,834 |
Norsk Hydro A.S.A. | 5,616 | 43,459 |
Orkla A.S.A. | 3,360 | 32,912 |
Schibsted A.S.A., B Shares | 341 | 8,002 |
Schibsted A.S.A., Class A | 307 | 7,915 |
Statoil A.S.A. | 4,744 | 96,386 |
Telenor A.S.A. | 3,036 | 64,466 |
Yara International A.S.A. | 708 | 33,625 |
3,557,618 | ||
Papua New Guinea 0.0% | ||
Oil Search Ltd. | 5,652 | 32,038 |
Peru 0.2% | ||
Credicorp Ltd. | 15,974 | 3,345,595 |
Portugal 0.0% | ||
Banco Espirito Santo S.A. *(d) | 42,176 | — |
EDP - Energias de Portugal S.A. | 9,679 | 34,517 |
Galp Energia, SGPS, S.A. | 2,094 | 38,932 |
Jeronimo Martins, SGPS, S.A. | 1,001 | 18,187 |
91,636 | ||
Republic of Korea 1.2% | ||
Hugel, Inc. * | 902 | 346,112 |
ING Life Insurance Korea Ltd. | 114,562 | 4,908,266 |
LG Innotek Co., Ltd. | 4,041 | 622,165 |
Loen Entertainment, Inc. | 29,485 | 2,802,832 |
Mando Corp. | 4,231 | 1,233,027 |
Medy-Tox, Inc. | 2,673 | 1,011,812 |
Netmarble Games Corp. * | 5,592 | 868,486 |
Samsung Electronics Co., Ltd. | 2,619 | 6,456,109 |
Samsung SDI Co., Ltd. | 6,482 | 1,194,298 |
SK Materials Co., Ltd. | 8,136 | 1,363,804 |
Yuhan Corp. | 2,317 | 422,168 |
21,229,079 | ||
Russia 0.1% | ||
Globaltrans Investment plc GDR | 34,600 | 319,704 |
X5 Retail Group N.V. GDR * | 20,481 | 841,769 |
1,161,473 | ||
Singapore 1.8% | ||
Ascendas Real Estate Investment Trust | 3,747,533 | 7,534,994 |
CapitaLand Commercial Trust | 11,660 | 14,852 |
CapitaLand Ltd. | 10,200 | 27,469 |
CapitaLand Mall Trust | 4,712,000 | 6,985,392 |
City Developments Ltd. | 1,627 | 15,451 |
ComfortDelGro Corp., Ltd. | 8,400 | 12,453 |
DBS Group Holdings Ltd. | 7,316 | 122,167 |
Genting Singapore plc | 24,600 | 22,019 |
Global Logistic Properties Ltd. | 10,600 | 25,820 |
Golden Agri-Resources Ltd. | 34,700 | 10,057 |
Security | Number of Shares | Value ($) |
Hutchison Port Holdings Trust, Class U | 25,700 | 11,051 |
Jardine Cycle & Carriage Ltd. | 411 | 11,885 |
Jardine Matheson Holdings Ltd. | 909 | 58,232 |
Jardine Strategic Holdings Ltd. | 900 | 37,751 |
Keppel Corp., Ltd. | 6,000 | 33,026 |
Oversea-Chinese Banking Corp., Ltd. | 12,938 | 112,996 |
Sarine Technologies Ltd. | 1,433,700 | 1,026,057 |
SATS Ltd. | 2,284,700 | 7,880,800 |
Sembcorp Industries Ltd. | 3,800 | 9,203 |
Singapore Airlines Ltd. | 2,131 | 16,060 |
Singapore Exchange Ltd. | 3,200 | 18,009 |
Singapore Press Holdings Ltd. | 6,300 | 12,476 |
Singapore Technologies Engineering Ltd. | 6,200 | 15,828 |
Singapore Telecommunications Ltd. | 33,700 | 92,741 |
StarHub Ltd. | 3,300 | 6,369 |
Suntec Real Estate Investment Trust | 9,324 | 13,348 |
United Overseas Bank Ltd. | 5,441 | 98,295 |
UOL Group Ltd. | 2,100 | 13,926 |
Venture Corp., Ltd. | 537,000 | 7,676,247 |
Wilmar International Ltd. | 6,500 | 16,175 |
Yangzijiang Shipbuilding Holdings Ltd. | 10,500 | 12,130 |
31,943,279 | ||
South Africa 0.3% | ||
Bid Corp., Ltd. | 26,434 | 581,450 |
Dis-Chem Pharmacies Ltd. | 1,806,396 | 4,228,924 |
RMB Holdings Ltd. | 122,055 | 539,596 |
The Bidvest Group Ltd. | 26,434 | 320,941 |
5,670,911 | ||
Spain 1.3% | ||
Abertis Infraestructuras S.A. | 2,876 | 62,204 |
ACS Actividades de Construccion y Servicios S.A. | 976 | 38,473 |
Aena SME S.A. | 273 | 50,088 |
Amadeus IT Group S.A. | 67,124 | 4,554,289 |
Banco Bilbao Vizcaya Argentaria S.A. | 27,530 | 240,735 |
Banco De Sabadell S.A. | 22,171 | 44,391 |
Banco Santander S.A. | 65,957 | 447,143 |
Bankia S.A. | 4,090 | 19,518 |
Bankinter S.A. | 150,940 | 1,424,381 |
CaixaBank S.A. | 14,582 | 68,220 |
Distribuidora Internacional de Alimentacion S.A. | 2,418 | 11,826 |
Enagas S.A. | 903 | 26,010 |
Endesa S.A. | 1,266 | 28,977 |
Ferrovial S.A. | 1,992 | 43,260 |
Gas Natural SDG S.A. | 1,463 | 31,305 |
Grifols S.A. | 1,246 | 38,993 |
Iberdrola S.A. | 23,615 | 190,833 |
Industria de Diseno Textil S.A. | 4,495 | 168,014 |
Inmobiliaria Colonial Socimi S.A. | 493,797 | 4,701,180 |
International Consolidated Airlines Group S.A. | 2,586 | 21,828 |
Mapfre S.A. | 4,274 | 13,978 |
Masmovil Ibercom S.A. * | 45,035 | 3,720,392 |
NH Hotel Group S.A. | 821,767 | 5,195,581 |
Prosegur Cia de Seguridad S.A. | 59,934 | 457,382 |
Red Electrica Corp. S.A. | 1,811 | 40,100 |
Repsol S.A. | 5,089 | 95,365 |
Siemens Gamesa Renewable Energy S.A. | 1,017 | 14,746 |
Telefonica S.A. | 18,589 | 194,914 |
21,944,126 | ||
Security | Number of Shares | Value ($) |
Sweden 3.5% | ||
AAK AB | 114,602 | 9,261,852 |
AF AB, B Shares | 353,944 | 7,293,107 |
Alfa Laval AB | 1,214 | 30,744 |
Assa Abloy AB, Class B | 4,143 | 87,346 |
Atlas Copco AB, A Shares | 84,509 | 3,705,842 |
Atlas Copco AB, B Shares | 22,379 | 888,406 |
Boliden AB | 57,267 | 2,003,873 |
Electrolux AB, B Shares | 992 | 35,064 |
Essity AB, Class B * | 2,459 | 73,498 |
Fabege AB | 24,556 | 518,506 |
Getinge AB, B Shares | 777 | 15,294 |
Hennes & Mauritz AB, B Shares | 654,014 | 16,412,542 |
Hexagon AB, B Shares | 1,045 | 53,582 |
Hexpol AB | 44,283 | 447,893 |
Hufvudstaden AB, A Shares | 25,635 | 421,830 |
Husqvarna AB, B Shares | 52,065 | 508,634 |
ICA Gruppen AB | 327 | 12,060 |
Industrivarden AB, C Shares | 637 | 16,369 |
Intrum Justitia AB | 18,992 | 665,610 |
Investor AB, B Shares | 1,882 | 93,247 |
Kinnevik AB, Class B | 933 | 30,604 |
LE Lundbergfortagen AB, B Shares | 154 | 12,021 |
Lundin Petroleum AB * | 743 | 17,479 |
Munters Group AB * | 25,927 | 214,777 |
Nordea Bank AB | 12,520 | 151,301 |
Saab AB, Class B | 95,867 | 4,897,678 |
Sandvik AB | 4,625 | 84,422 |
Securitas AB, B Shares | 1,246 | 21,862 |
Skandinaviska Enskilda Banken AB, A Shares | 6,284 | 77,442 |
Skanska AB, B Shares | 1,400 | 30,700 |
SKF AB, B Shares | 303,830 | 7,060,654 |
SSAB AB, A Shares * | 485,025 | 2,381,204 |
Svenska Handelsbanken AB, A Shares | 6,224 | 89,204 |
Swedbank AB, A Shares | 20,725 | 514,348 |
Swedish Match AB | 752 | 28,329 |
Tele2 AB, B Shares | 1,405 | 17,871 |
Telefonaktiebolaget LM Ericsson, B Shares | 12,696 | 79,897 |
Telia Co. AB | 10,509 | 48,640 |
Volvo AB, B Shares | 130,116 | 2,577,109 |
60,880,841 | ||
Switzerland 6.2% | ||
ABB Ltd. | 8,172 | 213,412 |
Adecco Group AG | 658 | 52,204 |
Baloise Holding AG | 209 | 32,950 |
Barry Callebaut AG * | 9 | 14,063 |
Belimo Holding AG | 663 | 2,842,995 |
Burckhardt Compression Holding AG | 7,387 | 2,200,674 |
Cembra Money Bank AG * | 5,753 | 515,379 |
Chocoladefabriken Lindt & Spruengli AG | 4 | 23,154 |
Cie Financiere Richemont S.A. | 83,451 | 7,693,037 |
Credit Suisse Group AG * | 1,236,579 | 19,487,027 |
Daetwyler Holding AG | 12,814 | 2,148,822 |
dormakaba Holding AG, Series B * | 570 | 564,170 |
Dufry AG * | 5,530 | 823,131 |
EMS-Chemie Holding AG | 33 | 21,634 |
Geberit AG | 153 | 69,271 |
Georg Fischer AG | 3,836 | 4,726,220 |
Givaudan S.A. | 38 | 84,865 |
Idorsia Ltd. * | 129,552 | 2,553,196 |
Julius Baer Group Ltd. * | 905 | 53,529 |
Kuehne & Nagel International AG | 23,990 | 4,191,432 |
LafargeHolcim Ltd. * | 198,034 | 11,181,967 |
Landis&Gyr Group AG * | 32,221 | 2,192,928 |
Security | Number of Shares | Value ($) |
Leonteq AG * | 26,069 | 1,636,279 |
Logitech International S.A. | 124,585 | 4,455,079 |
Lonza Group AG * | 16,744 | 4,448,230 |
Nestle S.A. | 27,987 | 2,354,784 |
Novartis AG | 9,131 | 753,118 |
Pargesa Holding S.A. | 171 | 14,320 |
Partners Group Holding AG | 4,909 | 3,301,734 |
Roche Holding AG | 2,887 | 667,275 |
Schindler Holding AG | 248 | 55,738 |
SGS S.A. | 22 | 54,330 |
Sika AG | 9 | 66,613 |
Sonova Holding AG | 212 | 38,273 |
Straumann Holding AG | 13,369 | 9,334,235 |
Swiss Life Holding AG * | 131 | 45,532 |
Swiss Prime Site AG * | 284 | 24,240 |
Swiss Re AG | 1,337 | 125,826 |
Swisscom AG | 107 | 54,059 |
Tecan Group AG | 13,114 | 2,773,713 |
Temenos Group AG * | 51,430 | 5,938,698 |
The Swatch Group AG | 241 | 18,166 |
The Swatch Group AG - Bearer Shares | 11,440 | 4,483,837 |
U-Blox Holding AG * | 24,003 | 4,712,827 |
UBS Group AG * | 15,058 | 256,183 |
Vifor Pharma AG | 208 | 26,753 |
Zurich Insurance Group AG | 621 | 189,508 |
107,515,410 | ||
Taiwan 1.4% | ||
Airtac International Group | 327,070 | 5,301,767 |
MediaTek, Inc. | 265,000 | 3,015,571 |
Merry Electronics Co., Ltd. | 503,000 | 3,847,750 |
Silergy Corp. | 189,000 | 4,082,160 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 151,000 | 1,220,729 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 145,275 | 6,149,490 |
23,617,467 | ||
Thailand 0.0% | ||
PTT Global Chemical PCL | 293,500 | 706,803 |
United Kingdom 15.7% | ||
3i Group plc | 176,930 | 2,258,006 |
Admiral Group plc | 882 | 22,531 |
Anglo American plc | 5,507 | 103,879 |
Antofagasta plc | 1,567 | 19,860 |
Ashtead Group plc | 227,728 | 5,866,162 |
Associated British Foods plc | 1,441 | 63,778 |
AstraZeneca plc | 5,206 | 352,243 |
Auto Trader Group plc | 3,893 | 17,703 |
Aviva plc | 16,722 | 112,178 |
Babcock International Group plc | 1,027 | 11,074 |
BAE Systems plc | 13,080 | 103,036 |
Barclays plc | 69,589 | 171,726 |
Barratt Developments plc | 4,148 | 36,066 |
Bellway plc | 218,562 | 10,597,156 |
BHP Billiton plc | 8,705 | 157,610 |
BP plc | 80,423 | 545,482 |
British American Tobacco plc | 9,454 | 610,821 |
BT Group plc | 34,908 | 120,277 |
Bunzl plc | 48,437 | 1,508,837 |
Burberry Group plc | 75,329 | 1,902,616 |
Burford Capital Ltd. | 160,605 | 2,645,013 |
Capita plc | 2,806 | 19,541 |
Carnival plc | 34,821 | 2,295,688 |
Security | Number of Shares | Value ($) |
Centrica plc | 22,757 | 51,321 |
Cineworld Group plc | 751,795 | 6,633,025 |
Close Brothers Group plc | 22,942 | 423,124 |
CNH Industrial N.V. | 1,127,367 | 14,383,673 |
Cobham plc * | 9,706 | 17,919 |
Coca-Cola European Partners plc | 911 | 37,369 |
Coca-Cola HBC AG CDI * | 719 | 24,300 |
Compass Group plc | 207,314 | 4,551,442 |
ConvaTec Group plc | 5,022 | 13,066 |
Croda International plc | 200,177 | 11,124,774 |
Dechra Pharmaceuticals plc | 20,721 | 565,851 |
Diageo plc | 193,857 | 6,619,986 |
Diploma plc | 406,566 | 5,826,391 |
Direct Line Insurance Group plc | 5,477 | 27,032 |
Dixons Carphone plc | 3,823 | 8,806 |
easyJet plc | 27,412 | 487,518 |
Elementis plc | 569,915 | 2,152,159 |
Equiniti Group plc | 662,723 | 2,666,112 |
Experian plc | 289,674 | 6,102,936 |
Ferguson plc | 20,049 | 1,402,026 |
Fevertree Drinks plc | 22,444 | 632,249 |
Fresnillo plc | 878 | 15,184 |
G4S plc | 820,843 | 3,062,911 |
GKN plc | 7,062 | 29,765 |
GlaxoSmithKline plc | 20,194 | 362,428 |
Glencore plc * | 5,116,779 | 24,679,245 |
Greene King plc | 357,423 | 2,568,281 |
Greggs plc | 32,542 | 550,631 |
Halma plc | 379,520 | 5,955,004 |
Hammerson plc | 3,152 | 21,942 |
Hargreaves Lansdown plc | 1,036 | 21,762 |
Hikma Pharmaceuticals plc | 571 | 8,826 |
Hiscox Ltd. | 70,800 | 1,342,569 |
HSBC Holdings plc | 82,201 | 802,703 |
IMI plc | 1,063 | 17,248 |
Imperial Brands plc | 3,951 | 161,088 |
Inmarsat plc | 1,942 | 16,019 |
InterContinental Hotels Group plc | 733 | 40,609 |
Intermediate Capital Group plc | 338,217 | 4,367,178 |
Intertek Group plc | 23,370 | 1,683,599 |
Intu Properties plc | 3,656 | 10,496 |
Investec plc | 2,575 | 17,620 |
ITV plc | 14,455 | 31,597 |
J. Sainsbury plc | 6,526 | 21,015 |
John Wood Group plc | 2,453 | 23,195 |
Johnson Matthey plc | 798 | 35,827 |
Jupiter Fund Management plc | 99,801 | 787,478 |
Just Eat plc * | 489,422 | 5,070,430 |
Kingfisher plc | 8,978 | 37,327 |
Laird plc | 2,334,605 | 5,054,150 |
Land Securities Group plc | 2,998 | 38,506 |
Legal & General Group plc | 24,618 | 87,285 |
Liberty Global plc, Class A * | 88,400 | 2,727,140 |
Liberty Global plc, Series C * | 228,700 | 6,835,843 |
Lloyds Banking Group plc | 24,931,153 | 22,598,358 |
London Stock Exchange Group plc | 1,307 | 65,270 |
Marks & Spencer Group plc | 6,693 | 30,590 |
Mediclinic International plc | 1,464 | 11,317 |
Meggitt plc | 493,307 | 3,395,938 |
Merlin Entertainments plc | 2,820 | 14,185 |
Metro Bank plc * | 10,861 | 512,846 |
Micro Focus International plc | 33,407 | 1,173,404 |
Mondi plc | 1,499 | 36,252 |
National Grid plc | 14,051 | 169,138 |
Next plc | 618 | 40,397 |
Old Mutual plc | 19,936 | 50,572 |
Pearson plc | 3,387 | 31,627 |
Persimmon plc | 1,267 | 47,151 |
Security | Number of Shares | Value ($) |
Playtech plc | 48,825 | 637,981 |
Provident Financial plc | 604 | 7,473 |
Prudential plc | 10,624 | 260,770 |
Randgold Resources Ltd. | 386 | 37,931 |
Reckitt Benckiser Group plc | 2,723 | 243,618 |
RELX plc | 4,406 | 101,386 |
Renishaw plc | 9,971 | 655,969 |
Rentokil Initial plc | 2,954,406 | 13,174,723 |
Rio Tinto plc | 5,095 | 240,793 |
Rolls-Royce Holdings plc * | 6,841 | 88,406 |
Rolls-Royce Holdings plc, C Shares *(d) | 314,686 | 418 |
Royal Bank of Scotland Group plc * | 2,365,442 | 8,885,942 |
Royal Dutch Shell plc, A Shares | 18,384 | 578,724 |
Royal Dutch Shell plc, B Shares | 15,401 | 495,870 |
Royal Mail plc | 3,646 | 18,130 |
RSA Insurance Group plc | 4,197 | 35,046 |
Sanne Group plc | 112,541 | 1,195,182 |
Schroders plc | 181,340 | 8,413,600 |
Schroders plc, Non-Voting Shares | 1,100 | 36,785 |
Segro plc | 166,240 | 1,200,104 |
Severn Trent plc | 939 | 26,329 |
Sky plc * | 4,171 | 52,239 |
Smith & Nephew plc | 3,607 | 68,034 |
Smiths Group plc | 130,728 | 2,727,755 |
Spectris plc | 93,293 | 3,171,819 |
Spirax-Sarco Engineering plc | 135,894 | 10,196,969 |
SSE plc | 4,164 | 76,476 |
St. James's Place plc | 2,172 | 33,948 |
Standard Chartered plc * | 13,541 | 134,867 |
Standard Life Aberdeen plc | 10,989 | 62,706 |
Synthomer plc | 71,714 | 466,330 |
Tate & Lyle plc | 1,823 | 15,660 |
Taylor Wimpey plc | 13,443 | 35,625 |
Tesco plc | 33,822 | 81,497 |
The Berkeley Group Holdings plc | 540 | 26,831 |
The British Land Co., plc | 4,027 | 32,152 |
The Sage Group plc | 4,409 | 43,643 |
The Weir Group plc | 862 | 22,347 |
Travis Perkins plc | 1,072 | 21,641 |
TUI AG | 1,788 | 32,293 |
UDG Healthcare plc | 197,737 | 2,427,963 |
Ultra Electronics Holdings plc | 178,825 | 4,330,198 |
Unilever plc | 79,324 | 4,495,604 |
United Utilities Group plc | 2,806 | 31,044 |
Victrex plc | 262,751 | 8,366,224 |
Vodafone Group plc | 109,512 | 313,241 |
WH Smith plc | 50,898 | 1,383,776 |
Whitbread plc | 741 | 36,343 |
WM Morrison Supermarkets plc | 8,839 | 26,320 |
Worldpay Group plc | 8,412 | 45,346 |
WPP plc | 560,388 | 9,907,220 |
272,955,599 | ||
United States 0.5% | ||
Willis Towers Watson plc | 51,766 | 8,338,467 |
Total Common Stock | ||
(Cost $1,267,196,837) | 1,686,994,604 | |
Preferred Stock 0.5% of net assets | ||
Brazil 0.3% | ||
Itau Unibanco Holding S.A. | 341,850 | 4,394,214 |
Security | Number of Shares | Value ($) |
Germany 0.2% | ||
Bayerische Motoren Werke AG | 214 | 18,777 |
Fuchs Petrolub SE | 12,665 | 713,197 |
Henkel AG & Co. KGaA | 734 | 103,066 |
Jungheinrich AG | 73,770 | 3,359,635 |
Porsche Automobil Holding SE | 630 | 46,100 |
Schaeffler AG | 674 | 10,746 |
Volkswagen AG | 756 | 138,426 |
4,389,947 | ||
Italy 0.0% | ||
Intesa Sanpaolo S.p.A. - RSP | 4,119 | 12,982 |
Telecom Italia S.p.A. - RSP | 25,361 | 18,018 |
31,000 | ||
Total Preferred Stock | ||
(Cost $6,525,039) | 8,815,161 | |
Other Investment Companies 2.8% of net assets | ||
Equity Fund 0.0% | ||
iShares MSCI EAFE ETF | 1,156 | 80,492 |
Money Market Fund 2.8% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (a) | 48,228,436 | 48,228,436 |
Total Other Investment Companies | ||
(Cost $48,307,011) | 48,308,928 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/17 * | 65,957 | 3,150 |
Ferrovial S.A. expires 11/13/17 * | 1,992 | 958 |
Total Rights | ||
(Cost $4,040) | 4,108 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.0% of net assets | ||
U.S. Treasury Obligation 0.0% | ||
United States Treasury Bill 1.09%, 12/07/17 (b)(c) | 30,000 | 29,970 |
Total Short-Term Investment | ||
(Cost $29,968) | 29,970 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 170 | 17,062,900 | 345,668 |
Expiration Date | Counterparty | Currency to be Received | Amount of Currency to be Received | Currency to be Delivered | Amount of Currency to be Delivered | Unrealized Appreciation ($) | ||||||
Forward Foreign Currency Exchange Contracts | ||||||||||||
03/21/2018 | State Street Bank & Trust Co. | USD | 7,095,688 | CHF | 6,736,000 | 276,065 | ||||||
01/31/2018 | State Street Bank & Trust Co. | USD | 15,501,543 | NZD | 22,439,500 | 169,497 | ||||||
Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 445,562 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | All or a portion of this security is held as collateral for open futures contracts. |
(c) | The rate shown is the purchase yield. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
ETF — | Exchange-traded fund |
GDR — | Global Depositary Receipt |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
CHF — | Swiss franc |
NZD — | New Zealand dollar |
USD — | U.S. dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $— | $143,606,954 | $— | $143,606,954 | |
Argentina | 521,660 | — | — | 521,660 | |
Austria | 447,448 | 134,489 | — | 581,937 | |
Brazil | 15,446,719 | — | — | 15,446,719 | |
Canada | 99,237,211 | — | — | 99,237,211 | |
China | 16,577,402 | 45,932,032 | — | 62,509,434 | |
Finland | 2,555,242 | 1,513,957 | — | 4,069,199 | |
France | 19,124,598 | 167,188,513 | — | 186,313,111 | |
Germany | 3,638,626 | 169,949,725 | — | 173,588,351 | |
Hong Kong | 3,582,036 | 20,602,922 | — * | 24,184,958 | |
India | 4,813,304 | 38,676,470 | — | 43,489,774 | |
Ireland | 9,201,755 | 346,644 | — | 9,548,399 | |
Israel | 4,287,501 | 650,569 | — | 4,938,070 | |
Italy | 3,562,532 | 61,642,059 | — | 65,204,591 | |
Japan | 3,147,992 | 243,141,339 | — | 246,289,331 | |
Mexico | 11,075,329 | — | — | 11,075,329 | |
Netherlands | 6,906,453 | 26,746,281 | — | 33,652,734 | |
New Zealand | 3,611,449 | 28,110,368 | — | 31,721,817 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Norway | $38,749 | $3,518,869 | $— | $3,557,618 | |
Peru | 3,345,595 | — | — | 3,345,595 | |
Portugal | — | 91,636 | — * | 91,636 | |
Republic of Korea | 9,812,611 | 11,416,468 | — | 21,229,079 | |
Russia | 1,161,473 | — | — | 1,161,473 | |
South Africa | 4,810,374 | 860,537 | — | 5,670,911 | |
Spain | 3,720,392 | 18,223,734 | — | 21,944,126 | |
Sweden | 8,173,494 | 52,707,347 | — | 60,880,841 | |
Switzerland | 2,890,389 | 104,625,021 | — | 107,515,410 | |
Taiwan | 6,149,490 | 17,467,977 | — | 23,617,467 | |
Thailand | 706,803 | — | — | 706,803 | |
United Kingdom | 30,963,419 | 241,991,762 | 418 | 272,955,599 | |
United States | 8,338,467 | — | — | 8,338,467 | |
Preferred Stock1 | — | 4,420,947 | — | 4,420,947 | |
Brazil | 4,394,214 | — | — | 4,394,214 | |
Other Investment Companies1 | 48,308,928 | — | — | 48,308,928 | |
Rights 1 | 4,108 | — | — | 4,108 | |
Short-Term Investments1 | — | 29,970 | — | 29,970 | |
Futures Contracts2 | 345,668 | — | — | 345,668 | |
Forward Foreign Currency Exchange Contracts2 | — | 445,562 | — | 445,562 | |
Total | $340,901,431 | $1,404,042,152 | $418 | $1,744,944,001 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts and forward foreign currency exchange contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,322,062,895) | $1,744,152,771 | |
Foreign currency, at value (cost $926,676) | 924,457 | |
Deposit with broker for futures contracts | 1,540,001 | |
Receivables: | ||
Investments sold | 7,099,310 | |
Dividends | 2,164,173 | |
Foreign tax reclaims | 1,213,043 | |
Fund shares sold | 926,756 | |
Variation margin on futures contracts | 72,146 | |
Unrealized appreciation on forward foreign currency exchange contracts | 445,562 | |
Prepaid expenses | + | 27,743 |
Total assets | 1,758,565,962 | |
Liabilities | ||
Payables: | ||
Investments bought | 11,076,329 | |
Investment adviser and administrator fees | 1,511,529 | |
Shareholder service fees | 212,739 | |
Fund shares redeemed | 3,502,557 | |
Foreign capital gains tax | 528,648 | |
Accrued expenses and other liabilities | + | 315,187 |
Total liabilities | 17,146,989 | |
Net Assets | ||
Total assets | 1,758,565,962 | |
Total liabilities | – | 17,146,989 |
Net assets | $1,741,418,973 | |
Net Assets by Source | ||
Capital received from investors | 1,268,600,240 | |
Net investment income not yet distributed | 12,569,530 | |
Net realized capital gains | 37,875,984 | |
Net unrealized capital appreciation | 422,373,219 |
Net Asset Value (NAV) by Shares Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $512,187,589 | 18,986,236 | $26.98 | ||
Select Shares | $1,229,231,384 | 45,589,994 | $26.96 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,595,367) | $32,505,473 | |
Income from non-cash dividends | + | 1,861,090 |
Total investment income | 34,366,563 | |
Expenses | ||
Investment adviser and administrator fees | 20,129,706 | |
Shareholder service fees: | ||
Investor Shares | 1,099,136 | |
Select Shares | 1,790,132 | |
Custodian fees | 1,006,272 | |
Portfolio accounting fees | 177,490 | |
Shareholder reports | 126,019 | |
Professional fees | 66,804 | |
Transfer agent fees | 54,552 | |
Registration fees | 43,403 | |
Independent trustees’ fees | 15,895 | |
Interest expense | 779 | |
Other expenses | + | 59,284 |
Total expenses | 24,569,472 | |
Expense reduction by CSIM and its affiliates | – | 4,070,354 |
Net expenses | – | 20,499,118 |
Net investment income | 13,867,445 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments (net of foreign capital gain tax paid of ($184,190)) | 67,459,497 | |
Net realized gains on futures contracts | 4,610,038 | |
Net realized losses on foreign currency transactions | (519,939) | |
Net realized gains on forward foreign currency exchange contracts | + | 832,199 |
Net realized gains | 72,381,795 | |
Net change in unrealized appreciation (depreciation) on investments (net of change in foreign capital gains tax of $441,407) | 312,792,465 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 809,166 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | 181,584 | |
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | + | 221,841 |
Net change in unrealized appreciation (depreciation) | + | 314,005,056 |
Net realized and unrealized gains | 386,386,851 | |
Increase in net assets resulting from operations | $400,254,296 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $13,867,445 | $14,639,509 | ||
Net realized gains (losses) | 72,381,795 | (9,854,169) | ||
Net change in unrealized appreciation (depreciation) | + | 314,005,056 | (18,810,623) | |
Increase (decrease) in net assets from operations | 400,254,296 | (14,025,283) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ||||
Investor Shares | (3,023,945) | (6,292,923) | ||
Select Shares | + | (9,031,598) | (18,622,940) | |
Total distributions from net investment income | (12,055,543) | (24,915,863) | ||
Distributions from net realized gains | ||||
Investor Shares | — | (28,099,826) | ||
Select Shares | + | — | (72,880,802) | |
Total distributions from net realized gains | — | (100,980,628) | ||
Total distributions | ($12,055,543) | ($125,896,491) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares Sold | ||||||||
Investor Shares | 1,073,343 | $26,268,397 | 751,766 | $15,557,806 | ||||
Select Shares | + | 3,940,536 | 93,709,180 | 4,875,860 | 100,112,035 | |||
Total shares sold | 5,013,879 | $119,977,577 | 5,627,626 | $115,669,841 | ||||
Shares Reinvested | ||||||||
Investor Shares | 128,906 | $2,663,205 | 1,484,420 | $30,682,952 | ||||
Select Shares | + | 260,814 | 5,377,990 | 2,403,803 | 49,590,453 | |||
Total shares reinvested | 389,720 | $8,041,195 | 3,888,223 | $80,273,405 | ||||
Shares Redeemed | ||||||||
Investor Shares | (3,345,200) | ($76,914,481) | (4,715,236) | ($97,117,882) | ||||
Select Shares | + | (8,849,251) | (208,212,630) | (18,470,059) | (379,624,146) | |||
Total shares redeemed | (12,194,451) | ($285,127,111) | (23,185,295) | ($476,742,028) | ||||
Net transactions in fund shares | (6,790,852) | ($157,108,339) | (13,669,446) | ($280,798,782) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 71,367,082 | $1,510,328,559 | 85,036,528 | $1,931,049,115 | ||||
Total increase or decrease | + | (6,790,852) | 231,090,414 | (13,669,446) | (420,720,556) | |||
End of period | 64,576,230 | $1,741,418,973 | 71,367,082 | $1,510,328,559 | ||||
Net investment income not yet distributed | $12,569,530 | $9,070,674 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Laudus Small-Cap MarketMasters Fund | Schwab Target 2045 Fund |
Laudus International MarketMasters Fund | Schwab Target 2050 Fund |
Schwab ® S&P 500 Index Fund | Schwab Target 2055 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2060 Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental US Large Company Index Fund |
Schwab International Index Fund® | Schwab Fundamental US Small Company Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Large Company Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental International Small Company Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
Schwab Balanced Fund™ | Schwab Target 2010 Index Fund |
Schwab Core Equity Fund™ | Schwab Target 2015 Index Fund |
Schwab Dividend Equity Fund™ | Schwab Target 2020 Index Fund |
Schwab Large-Cap Growth Fund™ | Schwab Target 2025 Index Fund |
Schwab Small-Cap Equity Fund™ | Schwab Target 2030 Index Fund |
Schwab Hedged Equity Fund™ | Schwab Target 2035 Index Fund |
Schwab Health Care Fund™ | Schwab Target 2040 Index Fund |
Schwab ® International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2035 Fund | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Target 2040 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
% of Average Daily Net Assets | Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund |
First $500 million | 1.17% | 1.29% |
$500 million to $1 billion | 1.13% | 1.275% |
Over $1 billion | 1.07% | 1.25% |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Investor Shares | 1.35% | 1.40% |
Select Shares | 1.20% | 1.25% |
Underlying Funds | |||
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | ||
Schwab Balanced Fund | 20.8% | —% | |
Schwab Monthly Income Fund - Enhanced Payout | —% | 0.5% | |
Schwab Monthly Income Fund - Maximum Payout | —% | 0.1% | |
Schwab Monthly Income Fund - Moderate Payout | —% | 0.3% | |
Schwab Target 2010 Fund | 0.2% | 0.2% | |
Schwab Target 2015 Fund | 0.4% | 0.3% | |
Schwab Target 2020 Fund | 3.2% | 2.5% | |
Schwab Target 2025 Fund | 3.8% | 2.8% | |
Schwab Target 2030 Fund | 9.3% | 6.0% | |
Schwab Target 2035 Fund | 5.2% | 3.0% | |
Schwab Target 2040 Fund | 13.3% | 7.3% | |
Schwab Target 2045 Fund | 1.8% | 0.9% | |
Schwab Target 2050 Fund | 1.7% | 0.8% | |
Schwab Target 2055 Fund | 1.1% | 0.5% | |
Schwab Target 2060 Fund | 0.1% | 0.0%* |
* | Less than 0.05% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales/Maturities of Investment Securities:
Purchases of Securities | Sales/Maturities of Securities | |
Laudus Small-Cap MarketMasters Fund | $175,764,480 | $184,996,205 |
Laudus International MarketMasters Fund | 1,085,564,987 | 1,224,536,885 |
Notional Amounts | Number of Contracts | |
Laudus Small-Cap MarketMasters Fund | $1,698,345 | 23 |
Laudus International MarketMasters Fund | 28,708,132 | 319 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |||
Asset Derivatives | Fair Value | |||
Equity Index - Futures Contracts1 | $194,801 | $345,668 | ||
Forward Foreign Currency Exchange Contracts2 | — | 445,562 | ||
Liability Derivatives | Fair Value | |||
Equity Index - Futures Contracts3 | $— | $— | ||
Forward Foreign Currency Exchange Contracts4 | — | — |
1 | Includes cumulative unrealized appreciation of futures contracts as reported in the Schedule of Portfolio Holdings. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
2 | Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
3 | Includes cumulative unrealized depreciation of futures contracts as reported in the Schedule of Portfolio Holdings. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
4 | Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Equity Index Futures Contracts | ||
Realized Gains (Losses)1 | $150,066 | $4,610,038 |
Change in Unrealized Appreciation (Depreciation)2 | 213,604 | 809,166 |
Forward Foreign Currency Exchange Contracts | ||
Realized Gains (Losses)1 | $— | $832,199 |
Change in Unrealized Appreciation (Depreciation)2 | — | 221,841 |
1 | Statement of Operations location: Net realized gains (losses) on futures contracts and net realized gains (losses) on foreign currency transactions. |
2 | Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on foreign currency translations. |
Gross Amounts Not Offset in the Statement of Assets & Liabilities | |||||||
Counterparty | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received | Net Amounts(a) | |||
State Street Bank & Trust Co. | $445,562 | $— | $— | $445,562 | |||
Total | $445,562 | $— | $— | $445,562 |
a | Represents the net amount due from the counterparty in the event of default. |
9. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Laudus Small-Cap MarketMasters Fund | $202 | $110 |
Laudus International MarketMasters Fund | 2,865 | 11,152 |
10. Federal Income Taxes:
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | ||
Tax cost | $164,711,539 | $1,349,346,602 | |
Gross unrealized appreciation | $30,972,366 | $419,674,850 | |
Gross unrealized depreciation | (9,056,358) | (24,077,451) | |
Net unrealized appreciation (depreciation) | $21,916,008 | $395,597,399 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | ||
Undistributed ordinary income | $10,688,920 | $35,453,965 | |
Undistributed long-term capital gains | 11,670,014 | 42,268,959 | |
Net unrealized appreciation (depreciation) on investments | 21,916,008 | 395,597,399 | |
Net other unrealized appreciation (depreciation) | — | (501,590) | |
Total | $44,274,942 | $472,818,733 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Capital loss carryforwards utilized | $— | $13,160,449 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Current period distributions | ||
Ordinary income | $374,652 | $12,055,543 |
Long-term capital gains | 1,680,089 | — |
Prior period distributions | ||
Ordinary income | $1,923,995 | $24,918,086 |
Long-term capital gains | 8,100,932 | 100,978,405 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Capital shares | $35 | $— |
Undistributed net investment income | (1,270) | 1,686,954 |
Net realized capital gains (losses) | 1,235 | (1,686,954) |
11. Custody Out-of-Pocket Fee Reimbursement:
State Street to Fund | State Street to CSIM | |
Laudus Small-Cap MarketMasters Fund | ||
Investor Shares | $152 | $4,911 |
Select Shares | 266 | 8,592 |
Laudus International MarketMasters Fund | ||
Investor Shares | 15,810 | 15,185 |
Select Shares | 37,943 | 36,843 |
12. Subsequent Events:
San Francisco, California
December 15, 2017
Percentage | |
Laudus Small-Cap MarketMasters Fund | 63.66 |
Laudus International MarketMasters Fund | — |
Laudus Small-Cap MarketMasters Fund | $239,989 |
Laudus International MarketMasters Fund | 15,028,786 |
Laudus Small-Cap MarketMasters Fund | $1,680,089 |
Laudus International MarketMasters Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreements, including the resources of CSIM and its affiliates, and the Sub-Advisers, dedicated to the Funds; |
2. | each Fund’s investment and administration agreement performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, collective trust funds and other types of accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates, as well as the profitability of the Sub-Advisers; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreements reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Laudus Funds®
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00201781
Table of Contents
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Equity Fund
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Core Equity Fund (Ticker Symbol: SWANX) | 26.00% |
S&P 500® Index | 23.63% |
Fund Category: Morningstar Large Blend1 | 22.34% |
Performance Details | pages 8-10 |
Schwab Dividend Equity Fund (Ticker Symbol: SWDSX) | 21.19% |
Russell 1000® Value Index | 17.78% |
Fund Category: Morningstar Large Value1 | 19.35% |
Performance Details | pages 11-13 |
Schwab Large-Cap Growth Fund (Ticker Symbol: SWLSX) | 28.10% |
Russell 1000® Growth Index | 29.71% |
Fund Category: Morningstar Large Growth1 | 26.56% |
Performance Details | pages 14-16 |
Schwab Small-Cap Equity Fund (Ticker Symbol: SWSCX) | 25.87% |
Russell 2000® Index | 27.85% |
Fund Category: Morningstar Small Blend1 | 24.89% |
Performance Details | pages 17-19 |
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Hedged Equity Fund (Ticker Symbol: SWHEX) | 11.71% |
S&P 500® Index | 23.63% |
Fund Category: Morningstar Long-Short Equity1 | 12.09% |
Performance Details | pages 20-22 |
Schwab Health Care Fund2 (Ticker Symbol: SWHFX) | 21.10% |
Dow Jones Global Health Care Index | 19.97% |
Fund Category: Morningstar Health1 | 25.01% |
Performance Details | pages 23-25 |
Schwab International Core Equity Fund2 (Ticker Symbol: SICNX) | 25.58% |
MSCI EAFE® Index (Net)3 | 23.44% |
Fund Category: Morningstar Foreign Large Blend1 | 22.45% |
Performance Details | pages 26-28 |
Minimum Initial Investment4 | $100 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
4 | Please see the funds’ prospectus for further detail and eligibility requirements. |
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President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Jonas Svallin, CFA, Vice President and Head of Active Equities, has overall responsibility for all aspects of the management of the funds and leads the Active Equity portfolio management and research team. Prior to joining CSIM in 2012, Mr. Svallin spent nearly three years as a partner and a director of quantitative analytics and research at Fiduciary Research & Consulting, where he provided oversight of quantitative analytics and risk management efforts. From 2003 to 2009, Mr. Svallin was a principal and head portfolio manager at Algert Coldiron Investors LLC (now known as Algert Global). Prior to joining Algert, Mr. Svallin worked as a quantitative research associate at RCM Capital Management and a senior consultant at FactSet Research Systems. |
![]() | Wei Li, Ph.D., CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining CSIM in 2012, Ms. Li spent more than ten years at BlackRock, Inc. (formerly Barclays Global Investors), where she held a number of positions. From 2001 to 2009, she worked in various roles in the Global Advanced Active group, including portfolio management and quantitative research for both U.S. and international equity markets. After 2009, she worked in the defined contribution research and product development area for almost two years. |
![]() | Iain Clayton, CFA, FRM, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Core Equity Fund, Schwab International Core Equity Fund and Schwab Health Care Fund. Prior to joining CSIM in 2013, Mr. Clayton spent more than five years at SSI Investment Management, where he was a portfolio manager and director of quantitative research. In these roles, Mr. Clayton co-managed multiple investment strategies and developed quantitative models and valuation approaches. From 2004 to 2008, he worked as a portfolio manager and director at RCM Capital Management (now known as Allianz Global Investors) and helped manage various equity portfolios and developed fundamental-based stock selection models. Prior to that, he was a vice president at Eureka Investment Advisors for almost three years and also served as a senior quantitative analyst/assistant portfolio manager. He has also worked as a quantitative research analyst at RCM Capital Management. |
![]() | Xin Wen, CFA, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund and the Schwab Dividend Equity Fund. Previously, she served as an Associate Portfolio Manager supporting the Schwab Active Equity Funds. Prior to joining CSIM in 2014, Ms. Wen spent nearly 10 years at Algert Global (formerly Algert Coldiron Investors), a quantitative market neutral hedge fund manager, where she held a number of positions, including Assistant Portfolio Manager and Macroeconomic Research Analyst. In her various roles, she supported both U.S. and International funds and acted as the lead portfolio manager for the Canadian fund. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m33.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Core Equity Fund (7/1/96) | 26.00% | 14.46% | 6.80% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Large Blend3 | 22.34% | 13.70% | 6.62% |
Fund Expense Ratio4: 0.73% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On May 21, 2009 and September 7, 2012, the Laudus U.S. MarketMasters Fund and the Schwab Premier Equity Fund, respectively, merged into the fund. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 142 |
Weighted Average Market Cap (millions) | $152,096 |
Price/Earnings Ratio (P/E) | 21.3 |
Price/Book Ratio (P/B) | 2.9 |
Portfolio Turnover Rate | 86% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img8ecefb4f9.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imgbf1b6f7c10.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m34.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Dividend Equity Fund (9/2/03) | 21.19% | 12.21% | 6.28% |
Russell 1000® Value Index | 17.78% | 13.48% | 5.99% |
Dividend Equity Spliced Index | 17.78% | 13.81% | 6.87% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Large Value3 | 19.35% | 12.64% | 5.76% |
Fund Expense Ratio4: 0.89% |
30-Day SEC Yield | 1.20% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On October 7, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to October 7, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 126 |
Weighted Average Market Cap (millions) | $104,957 |
Price/Earnings Ratio (P/E) | 19.5 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 70% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imge696d1f211.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imgf681ddd112.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m39.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Large-Cap Growth Fund (10/3/05) | 28.10% | 15.58% | 7.54% |
Russell 1000® Growth Index | 29.71% | 16.83% | 9.13% |
Fund Category: Morningstar Large Growth3 | 26.56% | 15.09% | 7.47% |
Fund Expense Ratios4: Net 0.99%; Gross 1.04% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On October 7, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to October 7, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | 113 |
Weighted Average Market Cap (millions) | $202,948 |
Price/Earnings Ratio (P/E) | 24.5 |
Price/Book Ratio (P/B) | 4.8 |
Portfolio Turnover Rate | 81% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img9fc11b7713.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imgb42de4c214.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m35.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Equity Fund (7/1/03) | 25.87% | 15.70% | 7.98% |
Russell 2000® Index | 27.85% | 14.49% | 7.63% |
Fund Category: Morningstar Small Blend3 | 24.89% | 13.40% | 7.07% |
Fund Expense Ratio4: 1.10% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On September 28, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to September 28, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 325 |
Weighted Average Market Cap (millions) | $2,123 |
Price/Earnings Ratio (P/E) | 19.2 |
Price/Book Ratio (P/B) | 2.2 |
Portfolio Turnover Rate | 99% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img31ba4b3515.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imgd576a4ab16.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m36.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Hedged Equity Fund (9/3/02) | 11.71% | 8.92% | 4.46% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Long-Short Equity3 | 12.09% | 6.07% | 3.99% |
Fund Expense Ratios4: Net 1.85%; Gross 1.87% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On September 28, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to September 28, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | |
Long Holdings | 181 |
Short Holdings | 104 |
Weighted Average Market Cap (millions) | |
Long Holdings | $83,138 |
Short Holdings | $8,245 |
Price/Earnings Ratio (P/E) | |
Long Holdings | 20.9 |
Short Holdings | 27.4 |
Price/Book Ratio (P/B) | |
Long Holdings | 2.6 |
Short Holdings | 2.6 |
Portfolio Turnover Rate | 163% |
Portfolio Turnover Rate excluding short sales | 107% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img2d25c6e017.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748imgf640c23618.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2m42.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Health Care Fund (7/3/00) | 21.10% | 16.07% | 10.27% |
Dow Jones Global Health Care Index | 19.97% | 14.15% | 9.17% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Health2 | 25.01% | 17.10% | 11.31% |
Fund Expense Ratio3: 0.80% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 82 |
Weighted Average Market Cap (millions) | $107,052 |
Price/Earnings Ratio (P/E) | 23.4 |
Price/Book Ratio (P/B) | 4.0 |
Portfolio Turnover Rate | 42% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img9cc2dc9f19.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img1dc7f1cd20.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748lg_2mc9.jpg)
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab International Core Equity Fund (5/30/08) | 25.58% | 10.30% | 3.75% |
MSCI EAFE® Index (Net)3 | 23.44% | 8.53% | 2.17% |
MSCI EAFE® Index (Gross) | 24.01% | 9.01% | 2.64% |
Fund Category: Morningstar Foreign Large Blend4 | 22.45% | 7.95% | N/A |
Fund Expense Ratios5: Net 0.86%; Gross 0.91% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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 | On October 7, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund. The performance history of the fund prior to October 7, 2009 is that of the fund’s former Institutional Shares. On December 3, 2009, the Laudus Rosenberg International Equity Fund merged into the fund. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
4 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
5 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | 183 |
Weighted Average Market Cap (millions) | $51,436 |
Price/Earnings Ratio (P/E) | 12.7 |
Price/Book Ratio (P/B) | 1.9 |
Portfolio Turnover Rate | 85% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img7061a01a21.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img0a58ebd122.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20748img3d0101fb23.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172 | |
Schwab Core Equity Fund | ||||
Actual Return | 0.74% | $1,000.00 | $1,095.30 | $3.91 |
Hypothetical 5% Return | 0.74% | $1,000.00 | $1,021.47 | $3.77 |
Schwab Dividend Equity Fund | ||||
Actual Return | 0.88% | $1,000.00 | $1,070.40 | $4.59 |
Hypothetical 5% Return | 0.88% | $1,000.00 | $1,020.76 | $4.48 |
Schwab Large-Cap Growth Fund | ||||
Actual Return | 0.99% | $1,000.00 | $1,115.40 | $5.28 |
Hypothetical 5% Return | 0.99% | $1,000.00 | $1,020.21 | $5.04 |
Schwab Small-Cap Equity Fund | ||||
Actual Return | 1.11% | $1,000.00 | $1,069.90 | $5.79 |
Hypothetical 5% Return | 1.11% | $1,000.00 | $1,019.60 | $5.65 |
Schwab Hedged Equity Fund | ||||
Actual Return | 1.51% | $1,000.00 | $1,031.60 | $7.73 |
Hypothetical 5% Return | 1.51% | $1,000.00 | $1,017.59 | $7.68 |
Schwab Health Care Fund | ||||
Actual Return | 0.81% | $1,000.00 | $1,069.40 | $4.23 |
Hypothetical 5% Return | 0.81% | $1,000.00 | $1,021.12 | $4.13 |
Schwab International Core Equity Fund | ||||
Actual Return | 0.86% | $1,000.00 | $1,092.10 | $4.54 |
Hypothetical 5% Return | 0.86% | $1,000.00 | $1,020.86 | $4.38 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Expenses for each fund 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $19.65 | $23.10 | $25.48 | $23.46 | $18.80 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.34 1 | 0.38 1 | 0.30 1 | 0.30 | 0.32 | |
Net realized and unrealized gains (losses) | 4.71 | (0.52) | 1.05 | 3.60 | 4.51 | |
Total from investment operations | 5.05 | (0.14) | 1.35 | 3.90 | 4.83 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.36) | (0.33) | (0.22) | (0.17) | |
Distributions from net realized gains | — | (2.95) | (3.40) | (1.66) | — | |
Total distributions | (0.34) | (3.31) | (3.73) | (1.88) | (0.17) | |
Net asset value at end of period | $24.36 | $19.65 | $23.10 | $25.48 | $23.46 | |
Total return | 26.00% | (0.50%) | 5.61% | 17.88% | 25.89% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.73% | 0.73% | 0.74% | 0.72% | 0.72% | |
Gross operating expenses | 0.74% | 0.73% | 0.74% | 0.72% | 0.73% | |
Net investment income (loss) | 1.53% | 1.93% | 1.29% | 1.19% | 1.51% | |
Portfolio turnover rate | 86% | 80% | 81% | 63% | 80% | |
Net assets, end of period (x 1,000,000) | $2,353 | $2,075 | $2,363 | $2,317 | $2,247 | |
Security | Number of Shares | Value ($) |
Common Stock 99.3% of net assets | ||
Automobiles & Components 1.1% | ||
Lear Corp. | 140,351 | 24,644,232 |
Banks 5.6% | ||
Bank of America Corp. | 310,887 | 8,515,195 |
CIT Group, Inc. | 100,329 | 4,677,338 |
Citigroup, Inc. | 750,582 | 55,167,777 |
Citizens Financial Group, Inc. | 233,923 | 8,891,413 |
Essent Group Ltd. * | 242,942 | 10,354,188 |
JPMorgan Chase & Co. | 118,779 | 11,950,355 |
Regions Financial Corp. | 1,363,700 | 21,110,076 |
The PNC Financial Services Group, Inc. | 72,593 | 9,929,997 |
130,596,339 | ||
Capital Goods 8.7% | ||
Allison Transmission Holdings, Inc. | 657,457 | 27,935,348 |
Crane Co. | 86,538 | 7,193,039 |
Fortune Brands Home & Security, Inc. | 106,690 | 7,047,941 |
Graco, Inc. | 57,663 | 7,599,407 |
Ingersoll-Rand plc | 233,063 | 20,649,382 |
L3 Technologies, Inc. | 73,778 | 13,809,766 |
Oshkosh Corp. | 227,241 | 20,806,186 |
Owens Corning | 424,103 | 35,069,077 |
The Boeing Co. | 209,908 | 54,152,066 |
The Toro Co. | 175,123 | 11,006,480 |
205,268,692 | ||
Commercial & Professional Services 1.4% | ||
ManpowerGroup, Inc. | 161,171 | 19,869,161 |
Republic Services, Inc. | 86,094 | 5,602,136 |
Robert Half International, Inc. | 149,974 | 7,764,154 |
33,235,451 | ||
Consumer Durables & Apparel 1.9% | ||
Michael Kors Holdings Ltd. * | 172,787 | 8,433,733 |
NIKE, Inc., Class B | 84,007 | 4,619,545 |
Ralph Lauren Corp. | 127,431 | 11,396,154 |
Whirlpool Corp. | 116,219 | 19,051,781 |
43,501,213 | ||
Consumer Services 3.1% | ||
Aramark | 315,770 | 13,795,992 |
Carnival Corp. | 111,985 | 7,434,684 |
Darden Restaurants, Inc. | 201,952 | 16,614,591 |
Extended Stay America, Inc. | 277,957 | 5,509,108 |
Las Vegas Sands Corp. | 336,719 | 21,341,250 |
Starbucks Corp. | 160,092 | 8,779,445 |
73,475,070 | ||
Security | Number of Shares | Value ($) |
Diversified Financials 3.2% | ||
Capital One Financial Corp. | 141,156 | 13,011,760 |
Discover Financial Services | 305,014 | 20,292,581 |
Evercore, Inc., Class A | 94,804 | 7,593,800 |
Franklin Resources, Inc. | 102,061 | 4,299,830 |
Leucadia National Corp. | 101,765 | 2,574,655 |
Morgan Stanley | 426,907 | 21,345,350 |
State Street Corp. | 75,094 | 6,908,648 |
76,026,624 | ||
Energy 4.8% | ||
Chevron Corp. | 226,560 | 26,256,038 |
ConocoPhillips | 340,719 | 17,427,777 |
Exxon Mobil Corp. | 336,806 | 28,072,780 |
Halliburton Co. | 195,370 | 8,350,114 |
Rowan Cos. plc, Class A * | 356,678 | 5,111,196 |
Valero Energy Corp. | 343,031 | 27,061,716 |
112,279,621 | ||
Food & Staples Retailing 1.5% | ||
CVS Health Corp. | 131,214 | 8,992,096 |
Wal-Mart Stores, Inc. | 305,378 | 26,662,553 |
35,654,649 | ||
Food, Beverage & Tobacco 4.6% | ||
Archer-Daniels-Midland Co. | 227,590 | 9,301,603 |
Bunge Ltd. | 84,133 | 5,786,668 |
Campbell Soup Co. | 158,727 | 7,518,898 |
Dr Pepper Snapple Group, Inc. | 36,192 | 3,100,207 |
Ingredion, Inc. | 127,704 | 16,007,696 |
Molson Coors Brewing Co., Class B | 77,157 | 6,239,687 |
PepsiCo, Inc. | 409,568 | 45,146,681 |
Philip Morris International, Inc. | 50,630 | 5,297,923 |
The Hershey Co. | 86,042 | 9,135,939 |
107,535,302 | ||
Health Care Equipment & Services 5.2% | ||
Baxter International, Inc. | 286,767 | 18,487,868 |
Centene Corp. * | 48,194 | 4,514,332 |
Express Scripts Holding Co. * | 331,766 | 20,333,938 |
Hill-Rom Holdings, Inc. | 174,761 | 14,104,960 |
Humana, Inc. | 115,723 | 29,549,868 |
UnitedHealth Group, Inc. | 87,248 | 18,341,275 |
WellCare Health Plans, Inc. * | 55,497 | 10,973,977 |
Zimmer Biomet Holdings, Inc. | 53,072 | 6,454,617 |
122,760,835 | ||
Household & Personal Products 2.5% | ||
Colgate-Palmolive Co. | 186,971 | 13,172,107 |
Energizer Holdings, Inc. | 119,780 | 5,149,342 |
HRG Group, Inc. * | 105,572 | 1,712,378 |
Security | Number of Shares | Value ($) |
Kimberly-Clark Corp. | 161,738 | 18,197,142 |
Spectrum Brands Holdings, Inc. | 193,026 | 21,217,418 |
59,448,387 | ||
Insurance 4.9% | ||
CNA Financial Corp. | 58,649 | 3,174,670 |
Everest Re Group Ltd. | 125,763 | 29,862,424 |
Loews Corp. | 181,576 | 8,989,828 |
Prudential Financial, Inc. | 68,477 | 7,563,969 |
Reinsurance Group of America, Inc. | 114,133 | 17,049,188 |
The Allstate Corp. | 482,436 | 45,281,443 |
The Hartford Financial Services Group, Inc. | 60,689 | 3,340,930 |
115,262,452 | ||
Materials 4.2% | ||
Ashland Global Holdings, Inc. | 167,764 | 11,404,597 |
Axalta Coating Systems Ltd. * | 842,003 | 27,996,600 |
Berry Global Group, Inc. * | 352,791 | 20,973,425 |
Eastman Chemical Co. | 115,922 | 10,526,877 |
Freeport-McMoRan, Inc. * | 366,878 | 5,128,954 |
LyondellBasell Industries N.V., Class A | 84,600 | 8,758,638 |
PPG Industries, Inc. | 65,299 | 7,590,356 |
Silgan Holdings, Inc. | 253,153 | 7,404,725 |
99,784,172 | ||
Media 2.2% | ||
Comcast Corp., Class A | 613,619 | 22,108,693 |
Live Nation Entertainment, Inc. * | 447,130 | 19,575,351 |
Sinclair Broadcast Group, Inc., Class A | 323,129 | 10,243,189 |
51,927,233 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
AbbVie, Inc. | 150,958 | 13,623,960 |
Amgen, Inc. | 197,706 | 34,642,045 |
Celgene Corp. * | 172,531 | 17,420,455 |
Eli Lilly & Co. | 276,852 | 22,685,253 |
Gilead Sciences, Inc. | 134,892 | 10,111,504 |
Johnson & Johnson | 253,560 | 35,348,800 |
Pfizer, Inc. | 1,176,819 | 41,259,274 |
Thermo Fisher Scientific, Inc. | 100,386 | 19,457,818 |
194,549,109 | ||
Real Estate 3.6% | ||
American Homes 4 Rent, Class A | 121,344 | 2,582,200 |
Apartment Investment & Management Co., Class A | 208,565 | 9,172,689 |
DCT Industrial Trust, Inc. | 95,913 | 5,564,872 |
Equity LifeStyle Properties, Inc. | 241,387 | 21,357,922 |
PS Business Parks, Inc. | 32,997 | 4,366,493 |
Realogy Holdings Corp. | 627,583 | 20,289,758 |
Retail Properties of America, Inc., Class A | 291,686 | 3,564,403 |
Senior Housing Properties Trust | 965,022 | 17,756,405 |
84,654,742 | ||
Retailing 3.5% | ||
Amazon.com, Inc. * | 29,752 | 32,884,291 |
Expedia, Inc. | 100,316 | 12,505,393 |
The Home Depot, Inc. | 198,694 | 32,939,491 |
The Priceline Group, Inc. * | 1,821 | 3,481,679 |
81,810,854 | ||
Security | Number of Shares | Value ($) |
Semiconductors & Semiconductor Equipment 3.0% | ||
Applied Materials, Inc. | 346,377 | 19,546,054 |
Intel Corp. | 418,527 | 19,038,793 |
Lam Research Corp. | 32,415 | 6,760,797 |
Maxim Integrated Products, Inc. | 159,070 | 8,357,538 |
ON Semiconductor Corp. * | 838,670 | 17,880,444 |
71,583,626 | ||
Software & Services 14.3% | ||
Accenture plc, Class A | 115,234 | 16,404,712 |
Alliance Data Systems Corp. | 60,931 | 13,632,093 |
Alphabet, Inc., Class A * | 46,283 | 47,812,190 |
Alphabet, Inc., Class C * | 10,791 | 10,970,562 |
CACI International, Inc., Class A * | 90,513 | 13,011,244 |
Facebook, Inc., Class A * | 166,569 | 29,992,414 |
Fidelity National Information Services, Inc. | 303,209 | 28,125,667 |
International Business Machines Corp. | 143,696 | 22,137,806 |
Intuit, Inc. | 176,359 | 26,633,736 |
MAXIMUS, Inc. | 130,629 | 8,677,685 |
Microsoft Corp. | 1,056,008 | 87,838,745 |
Science Applications International Corp. | 39,257 | 2,879,108 |
Total System Services, Inc. | 286,549 | 20,645,856 |
VeriSign, Inc. * | 71,313 | 7,667,574 |
336,429,392 | ||
Technology Hardware & Equipment 6.0% | ||
Apple, Inc. | 526,877 | 89,063,288 |
CDW Corp. | 173,281 | 12,129,670 |
Juniper Networks, Inc. | 476,438 | 11,829,956 |
NCR Corp. * | 69,350 | 2,225,441 |
Tech Data Corp. * | 78,743 | 7,304,988 |
Western Digital Corp. | 100,044 | 8,930,928 |
Xerox Corp. | 299,601 | 9,080,906 |
140,565,177 | ||
Telecommunication Services 0.7% | ||
AT&T, Inc. | 514,131 | 17,300,508 |
Transportation 0.7% | ||
Alaska Air Group, Inc. | 86,987 | 5,743,752 |
Ryder System, Inc. | 110,167 | 8,932,340 |
Southwest Airlines Co. | 44,807 | 2,413,305 |
17,089,397 | ||
Utilities 4.3% | ||
CenterPoint Energy, Inc. | 1,113,919 | 32,949,724 |
FirstEnergy Corp. | 1,072,657 | 35,344,048 |
PG&E Corp. | 292,489 | 16,897,090 |
UGI Corp. | 345,248 | 16,523,569 |
101,714,431 | ||
Total Common Stock | ||
(Cost $1,859,585,570) | 2,337,097,508 | |
Security | Number of Shares | Value ($) |
Other Investment Company 0.7% of net assets | ||
Money Market Fund 0.7% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (a) | 16,471,360 | 16,471,360 |
Total Other Investment Company | ||
(Cost $16,471,360) | 16,471,360 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/15/17 | 35 | 4,502,225 | 195,509 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $2,337,097,508 | $— | $— | $2,337,097,508 | |
Other Investment Company1 | 16,471,360 | — | — | 16,471,360 | |
Futures Contracts2 | 195,509 | — | — | 195,509 | |
Total | $2,353,764,377 | $— | $— | $2,353,764,377 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,876,056,930) | $2,353,568,868 | |
Deposit with broker for futures contracts | 1,155,000 | |
Receivables: | ||
Dividends | 1,497,553 | |
Fund shares sold | 427,141 | |
Variation margin on futures contracts | 7,700 | |
Prepaid expenses | + | 21,291 |
Total assets | 2,356,677,553 | |
Liabilities | ||
Payables: | ||
Investment adviser and administrator fees | 930,217 | |
Shareholder service fees | 490,703 | |
Fund shares redeemed | 2,022,496 | |
Accrued expenses | + | 117,078 |
Total liabilities | 3,560,494 | |
Net Assets | ||
Total assets | 2,356,677,553 | |
Total liabilities | – | 3,560,494 |
Net assets | $2,353,117,059 | |
Net Assets by Source | ||
Capital received from investors | 1,631,785,435 | |
Net investment income not yet distributed | 26,704,798 | |
Net realized capital gains | 216,919,379 | |
Net unrealized capital appreciation | 477,707,447 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,353,117,059 | 96,589,548 | $24.36 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $702) | $49,821,119 | |
Securities on loan, net | + | 9,152 |
Total investment income | 49,830,271 | |
Expenses | ||
Investment adviser and administrator fees | 10,347,153 | |
Shareholder service fees | 5,429,325 | |
Shareholder reports | 131,329 | |
Portfolio accounting fees | 63,050 | |
Transfer agent fees | 49,451 | |
Custodian fees | 44,177 | |
Professional fees | 40,069 | |
Registration fees | 39,133 | |
Independent trustees’ fees | 19,361 | |
Interest expense | 1,259 | |
Other expenses | + | 31,535 |
Total expenses | 16,195,842 | |
Expense reduction by CSIM and its affiliates | – | 49,451 |
Net expenses | – | 16,146,391 |
Net investment income | 33,683,880 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 219,947,328 | |
Net realized gains on futures contracts | + | 373,860 |
Net realized gains | 220,321,188 | |
Net change in unrealized appreciation (depreciation) on investments | 252,516,675 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 253,479 |
Net change in unrealized appreciation (depreciation) | + | 252,770,154 |
Net realized and unrealized gains | 473,091,342 | |
Increase in net assets resulting from operations | $506,775,222 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $33,683,880 | $41,695,228 | ||
Net realized gains | 220,321,188 | 2,984,723 | ||
Net change in unrealized appreciation (depreciation) | + | 252,770,154 | (60,205,448) | |
Increase (decrease) in net assets from operations | 506,775,222 | (15,525,497) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (35,084,460) | (37,055,587) | ||
Distributions from net realized gains | + | — | (299,452,225) | |
Total distributions | ($35,084,460) | ($336,507,812) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,988,532 | $112,792,936 | 9,848,997 | $188,207,369 | ||||
Shares reinvested | 1,218,622 | 25,249,831 | 12,520,076 | 244,391,884 | ||||
Shares redeemed | + | (15,242,604) | (331,861,293) | (19,037,976) | (368,198,142) | |||
Net transactions in fund shares | (9,035,450) | ($193,818,526) | 3,331,097 | $64,401,111 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 105,624,998 | $2,075,244,823 | 102,293,901 | $2,362,877,021 | ||||
Total increase or decrease | + | (9,035,450) | 277,872,236 | 3,331,097 | (287,632,198) | |||
End of period | 96,589,548 | $2,353,117,059 | 105,624,998 | $2,075,244,823 | ||||
Net investment income not yet distributed | $26,704,798 | $27,905,265 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.39 | $16.43 | $19.17 | $18.22 | $14.52 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.29 1 | 0.31 1 | 0.29 1 | 0.27 | 0.32 | |
Net realized and unrealized gains (losses) | 2.75 | (0.29) | (0.21) | 2.16 | 3.70 | |
Total from investment operations | 3.04 | 0.02 | 0.08 | 2.43 | 4.02 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.32) | (0.27) | (0.29) | (0.32) | |
Distributions from net realized gains | — | (1.74) | (2.55) | (1.19) | — | |
Total distributions | (0.22) | (2.06) | (2.82) | (1.48) | (0.32) | |
Net asset value at end of period | $17.21 | $14.39 | $16.43 | $19.17 | $18.22 | |
Total return | 21.19% | 0.26% | 0.12% | 14.26% | 27.99% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.88% | 0.88% | 0.88% | 0.89% | 0.89% | |
Gross operating expenses | 0.88% | 0.89% | 0.88% | 0.89% | 0.89% | |
Net investment income (loss) | 1.78% | 2.18% | 1.71% | 1.47% | 1.97% | |
Portfolio turnover rate | 70% | 74% | 73% | 72% | 64% | |
Net assets, end of period (x 1,000,000) | $1,469 | $1,560 | $1,872 | $2,053 | $1,804 | |
Security | Number of Shares | Value ($) |
Common Stock 99.4% of net assets | ||
Automobiles & Components 0.5% | ||
Lear Corp. | 41,420 | 7,272,938 |
Banks 12.0% | ||
Bank of America Corp. | 1,092,335 | 29,919,056 |
CIT Group, Inc. | 242,838 | 11,321,107 |
Citigroup, Inc. | 719,655 | 52,894,642 |
Citizens Financial Group, Inc. | 600,281 | 22,816,681 |
Essent Group Ltd. * | 75,568 | 3,220,708 |
JPMorgan Chase & Co. | 306,103 | 30,797,023 |
Regions Financial Corp. | 1,538,968 | 23,823,225 |
Wells Fargo & Co. | 28,993 | 1,627,667 |
176,420,109 | ||
Capital Goods 9.5% | ||
Allison Transmission Holdings, Inc. | 606,650 | 25,776,559 |
Caterpillar, Inc. | 25,380 | 3,446,604 |
Hubbell, Inc. | 31,481 | 3,960,940 |
Ingersoll-Rand plc | 153,943 | 13,639,350 |
L3 Technologies, Inc. | 18,479 | 3,458,899 |
Oshkosh Corp. | 298,493 | 27,330,019 |
Owens Corning | 325,262 | 26,895,915 |
Raytheon Co. | 14,006 | 2,523,881 |
Stanley Black & Decker, Inc. | 22,415 | 3,621,143 |
Textron, Inc. | 58,980 | 3,110,605 |
The Boeing Co. | 101,392 | 26,157,108 |
139,921,023 | ||
Consumer Durables & Apparel 1.5% | ||
Hasbro, Inc. | 89,716 | 8,306,805 |
Ralph Lauren Corp. | 20,031 | 1,791,372 |
Whirlpool Corp. | 74,656 | 12,238,358 |
22,336,535 | ||
Consumer Services 0.8% | ||
Darden Restaurants, Inc. | 15,758 | 1,296,411 |
H&R Block, Inc. | 136,143 | 3,368,178 |
Las Vegas Sands Corp. | 109,662 | 6,950,377 |
11,614,966 | ||
Diversified Financials 6.7% | ||
Berkshire Hathaway, Inc., Class B * | 67,761 | 12,667,241 |
Capital One Financial Corp. | 249,969 | 23,042,142 |
Discover Financial Services | 238,935 | 15,896,346 |
Morgan Stanley | 568,605 | 28,430,250 |
The Goldman Sachs Group, Inc. | 45,800 | 11,105,584 |
Voya Financial, Inc. | 187,056 | 7,512,169 |
98,653,732 | ||
Security | Number of Shares | Value ($) |
Energy 10.5% | ||
Anadarko Petroleum Corp. | 64,765 | 3,197,448 |
Baker Hughes, a GE Co. | 245,022 | 7,701,042 |
Chevron Corp. | 329,073 | 38,136,270 |
ConocoPhillips | 431,503 | 22,071,378 |
Exxon Mobil Corp. | 605,367 | 50,457,339 |
Halliburton Co. | 221,955 | 9,486,357 |
Rowan Cos. plc, Class A * | 28,034 | 401,727 |
Valero Energy Corp. | 283,265 | 22,346,776 |
153,798,337 | ||
Food & Staples Retailing 0.8% | ||
CVS Health Corp. | 25,680 | 1,759,851 |
Wal-Mart Stores, Inc. | 118,107 | 10,311,922 |
12,071,773 | ||
Food, Beverage & Tobacco 4.4% | ||
Archer-Daniels-Midland Co. | 205,554 | 8,400,992 |
Bunge Ltd. | 95,737 | 6,584,791 |
Campbell Soup Co. | 103,305 | 4,893,558 |
Ingredion, Inc. | 11,140 | 1,396,399 |
Molson Coors Brewing Co., Class B | 97,249 | 7,864,527 |
PepsiCo, Inc. | 233,007 | 25,684,361 |
Philip Morris International, Inc. | 81,253 | 8,502,314 |
TreeHouse Foods, Inc. * | 18,180 | 1,206,788 |
64,533,730 | ||
Health Care Equipment & Services 5.0% | ||
Allscripts Healthcare Solutions, Inc. * | 130,299 | 1,756,431 |
Baxter International, Inc. | 364,566 | 23,503,570 |
Express Scripts Holding Co. * | 491,326 | 30,113,371 |
Hill-Rom Holdings, Inc. | 48,549 | 3,918,390 |
Humana, Inc. | 18,323 | 4,678,778 |
UnitedHealth Group, Inc. | 43,375 | 9,118,292 |
73,088,832 | ||
Household & Personal Products 3.1% | ||
Colgate-Palmolive Co. | 213,225 | 15,021,701 |
HRG Group, Inc. * | 300,220 | 4,869,568 |
Kimberly-Clark Corp. | 42,591 | 4,791,913 |
Spectrum Brands Holdings, Inc. | 146,990 | 16,157,141 |
The Procter & Gamble Co. | 49,534 | 4,276,766 |
45,117,089 | ||
Insurance 7.2% | ||
Assured Guaranty Ltd. | 23,165 | 859,422 |
CNA Financial Corp. | 69,303 | 3,751,371 |
Everest Re Group Ltd. | 112,463 | 26,704,339 |
Loews Corp. | 341,722 | 16,918,656 |
Reinsurance Group of America, Inc. | 24,336 | 3,635,312 |
The Allstate Corp. | 337,004 | 31,631,196 |
The Hartford Financial Services Group, Inc. | 157,224 | 8,655,181 |
Security | Number of Shares | Value ($) |
The Travelers Cos., Inc. | 70,536 | 9,342,493 |
XL Group Ltd. | 102,690 | 4,155,864 |
105,653,834 | ||
Materials 4.1% | ||
Axalta Coating Systems Ltd. * | 360,094 | 11,973,125 |
Berry Global Group, Inc. * | 349,406 | 20,772,187 |
LyondellBasell Industries N.V., Class A | 182,824 | 18,927,769 |
PPG Industries, Inc. | 69,718 | 8,104,020 |
59,777,101 | ||
Media 1.7% | ||
Comcast Corp., Class A | 77,550 | 2,794,127 |
Live Nation Entertainment, Inc. * | 515,281 | 22,559,002 |
25,353,129 | ||
Pharmaceuticals, Biotechnology & Life Sciences 9.2% | ||
Amgen, Inc. | 129,160 | 22,631,415 |
Celgene Corp. * | 21,246 | 2,145,209 |
Eli Lilly & Co. | 234,279 | 19,196,821 |
Johnson & Johnson | 252,196 | 35,158,644 |
Merck & Co., Inc. | 29,838 | 1,643,776 |
Pfizer, Inc. | 1,467,333 | 51,444,695 |
Thermo Fisher Scientific, Inc. | 16,841 | 3,264,291 |
135,484,851 | ||
Real Estate 5.6% | ||
American Homes 4 Rent, Class A | 142,868 | 3,040,231 |
Apartment Investment & Management Co., Class A | 100,366 | 4,414,097 |
DCT Industrial Trust, Inc. | 75,638 | 4,388,517 |
Equity LifeStyle Properties, Inc. | 208,157 | 18,417,731 |
Prologis, Inc. | 72,021 | 4,651,116 |
PS Business Parks, Inc. | 4,662 | 616,922 |
Realogy Holdings Corp. | 393,677 | 12,727,577 |
Retail Properties of America, Inc., Class A | 1,014,603 | 12,398,449 |
Senior Housing Properties Trust | 1,196,542 | 22,016,373 |
82,671,013 | ||
Retailing 0.8% | ||
Expedia, Inc. | 9,403 | 1,172,178 |
Lowe's Cos., Inc. | 72,064 | 5,761,517 |
The Home Depot, Inc. | 28,437 | 4,714,286 |
11,647,981 | ||
Semiconductors & Semiconductor Equipment 1.6% | ||
Applied Materials, Inc. | 86,109 | 4,859,131 |
Intel Corp. | 344,745 | 15,682,450 |
ON Semiconductor Corp. * | 126,474 | 2,696,426 |
23,238,007 | ||
Software & Services 1.9% | ||
Alliance Data Systems Corp. | 18,422 | 4,121,554 |
Alphabet, Inc., Class A * | 10,436 | 10,780,805 |
CDK Global, Inc. | 23,853 | 1,516,097 |
IAC/InterActiveCorp * | 6,711 | 866,054 |
Intuit, Inc. | 11,898 | 1,796,836 |
Security | Number of Shares | Value ($) |
j2 Global, Inc. | 38,019 | 2,818,729 |
Microsoft Corp. | 20,062 | 1,668,757 |
Nuance Communications, Inc. * | 164,538 | 2,425,290 |
Science Applications International Corp. | 30,093 | 2,207,021 |
28,201,143 | ||
Technology Hardware & Equipment 3.3% | ||
Apple, Inc. | 33,649 | 5,688,027 |
CDW Corp. | 68,352 | 4,784,640 |
Cisco Systems, Inc. | 108,810 | 3,715,861 |
F5 Networks, Inc. * | 27,692 | 3,358,209 |
HP, Inc. | 93,981 | 2,025,290 |
Juniper Networks, Inc. | 352,894 | 8,762,358 |
NCR Corp. * | 137,540 | 4,413,659 |
Seagate Technology plc | 56,363 | 2,083,740 |
Tech Data Corp. * | 98,101 | 9,100,830 |
Western Digital Corp. | 31,659 | 2,826,199 |
Xerox Corp. | 64,683 | 1,960,542 |
48,719,355 | ||
Telecommunication Services 1.9% | ||
AT&T, Inc. | 814,445 | 27,406,074 |
Transportation 0.2% | ||
Ryder System, Inc. | 39,902 | 3,235,254 |
Utilities 7.1% | ||
CenterPoint Energy, Inc. | 990,683 | 29,304,403 |
Exelon Corp. | 82,112 | 3,301,723 |
FirstEnergy Corp. | 830,279 | 27,357,693 |
PG&E Corp. | 449,440 | 25,964,149 |
UGI Corp. | 366,846 | 17,557,250 |
103,485,218 | ||
Total Common Stock | ||
(Cost $1,225,343,440) | 1,459,702,024 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.6% of net assets | ||
Time Deposit 0.6% | ||
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (a) | 9,116,201 | 9,116,201 |
Total Short-Term Investment | ||
(Cost $9,116,201) | 9,116,201 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/15/17 | 40 | 5,145,400 | 223,438 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $1,459,702,024 | $— | $— | $1,459,702,024 | |
Short-Term Investment1 | — | 9,116,201 | — | 9,116,201 | |
Futures Contracts2 | 223,438 | — | — | 223,438 | |
Total | $1,459,925,462 | $9,116,201 | $— | $1,469,041,663 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,234,459,641) | $1,468,818,225 | |
Deposit with broker for futures contracts | 330,000 | |
Receivables: | ||
Dividends | 1,549,199 | |
Fund shares sold | 654,974 | |
Variation margin on futures contracts | 8,800 | |
Interest | 152 | |
Prepaid expenses | + | 22,369 |
Total assets | 1,471,383,719 | |
Liabilities | ||
Payables: | ||
Investment adviser and administrator fees | 776,583 | |
Shareholder service fees | 304,151 | |
Fund shares redeemed | 826,317 | |
Accrued expenses | + | 98,776 |
Total liabilities | 2,005,827 | |
Net Assets | ||
Total assets | 1,471,383,719 | |
Total liabilities | – | 2,005,827 |
Net assets | $1,469,377,892 | |
Net Assets by Source | ||
Capital received from investors | 1,106,298,720 | |
Net investment income not yet distributed | 8,029,021 | |
Net realized capital gains | 120,468,129 | |
Net unrealized capital appreciation | 234,582,022 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,469,377,892 | 85,354,711 | $17.21 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,445) | $40,082,507 | |
Interest | + | 32,251 |
Total investment income | 40,114,758 | |
Expenses | ||
Investment adviser and administrator fees | 9,331,647 | |
Shareholder service fees | 3,648,812 | |
Shareholder reports | 98,130 | |
Portfolio accounting fees | 57,223 | |
Professional fees | 40,732 | |
Transfer agent fees | 35,775 | |
Custodian fees | 35,409 | |
Registration fees | 25,916 | |
Independent trustees’ fees | 15,584 | |
Interest expense | 1,482 | |
Other expenses | + | 24,039 |
Total expenses | 13,314,749 | |
Expense reduction by CSIM and its affiliates | – | 35,775 |
Net expenses | – | 13,278,974 |
Net investment income | 26,835,784 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 129,280,694 | |
Net realized gains on futures contracts | + | 548,820 |
Net realized gains | 129,829,514 | |
Net change in unrealized appreciation (depreciation) on investments | 139,251,519 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 288,550 |
Net change in unrealized appreciation (depreciation) | + | 139,540,069 |
Net realized and unrealized gains | 269,369,583 | |
Increase in net assets resulting from operations | $296,205,367 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $26,835,784 | $36,519,772 | ||
Net realized gains (losses) | 129,829,514 | (9,553,682) | ||
Net change in unrealized appreciation (depreciation) | + | 139,540,069 | (25,854,487) | |
Increase in net assets from operations | 296,205,367 | 1,111,603 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (20,423,777) | (35,938,370) | ||
Distributions from net realized gains | + | — | (195,568,378) | |
Total distributions | ($20,423,777) | ($231,506,748) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,020,638 | $64,372,892 | 8,869,700 | $124,506,020 | ||||
Shares reinvested | 811,045 | 13,160,752 | 11,191,095 | 160,580,768 | ||||
Shares redeemed | + | (27,826,825) | (443,615,673) | (25,625,568) | (366,896,176) | |||
Net transactions in fund shares | (22,995,142) | ($366,082,029) | (5,564,773) | ($81,809,388) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 108,349,853 | $1,559,678,331 | 113,914,626 | $1,871,882,864 | ||||
Total decrease | + | (22,995,142) | (90,300,439) | (5,564,773) | (312,204,533) | |||
End of period | 85,354,711 | $1,469,377,892 | 108,349,853 | $1,559,678,331 | ||||
Net investment income not yet distributed | $8,029,021 | $1,273,539 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.20 | $17.68 | $18.38 | $15.66 | $12.48 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.08 1 | 0.20 1 | 0.13 1 | 0.11 | 0.14 | |
Net realized and unrealized gains (losses) | 4.04 | (0.12) | 1.08 | 2.70 | 3.17 | |
Total from investment operations | 4.12 | 0.08 | 1.21 | 2.81 | 3.31 | |
Less distributions: | ||||||
Distributions from net investment income | (0.17) | (0.20) | (0.09) | (0.09) | (0.13) | |
Distributions from net realized gains | (0.50) | (2.36) | (1.82) | — | — | |
Total distributions | (0.67) | (2.56) | (1.91) | (0.09) | (0.13) | |
Net asset value at end of period | $18.65 | $15.20 | $17.68 | $18.38 | $15.66 | |
Total return | 28.10% | 0.54% | 7.00% | 18.06% | 26.76% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.99% | 1.00% 2 | 0.99% | 0.99% | 0.99% | |
Gross operating expenses | 1.04% | 1.04% | 1.03% | 1.04% | 1.05% | |
Net investment income (loss) | 0.48% | 1.32% | 0.75% | 0.60% | 1.00% | |
Portfolio turnover rate | 81% | 84% | 90% | 82% | 87% | |
Net assets, end of period (x 1,000,000) | $257 | $219 | $251 | $256 | $253 | |
Security | Number of Shares | Value ($) |
Common Stock 98.6% of net assets | ||
Automobiles & Components 1.0% | ||
Lear Corp. | 14,968 | 2,628,231 |
Banks 0.6% | ||
Essent Group Ltd. * | 31,211 | 1,330,213 |
MGIC Investment Corp. * | 24,964 | 356,985 |
1,687,198 | ||
Capital Goods 10.1% | ||
Allegion plc | 14,035 | 1,170,379 |
Allison Transmission Holdings, Inc. | 100,788 | 4,282,482 |
Caterpillar, Inc. | 13,159 | 1,786,992 |
Ingersoll-Rand plc | 20,195 | 1,789,277 |
Oshkosh Corp. | 44,398 | 4,065,081 |
Owens Corning | 49,634 | 4,104,235 |
The Boeing Co. | 30,401 | 7,842,850 |
The Toro Co. | 13,407 | 842,630 |
25,883,926 | ||
Commercial & Professional Services 0.6% | ||
ManpowerGroup, Inc. | 8,459 | 1,042,826 |
Waste Management, Inc. | 7,106 | 583,900 |
1,626,726 | ||
Consumer Services 4.7% | ||
Aramark | 74,783 | 3,267,269 |
Darden Restaurants, Inc. | 31,633 | 2,602,447 |
Hilton Worldwide Holdings, Inc. | 5,211 | 376,651 |
Las Vegas Sands Corp. | 36,205 | 2,294,673 |
Starbucks Corp. | 27,406 | 1,502,945 |
Vail Resorts, Inc. | 4,789 | 1,096,777 |
Wyndham Worldwide Corp. | 9,422 | 1,006,741 |
12,147,503 | ||
Diversified Financials 1.6% | ||
Morgan Stanley | 20,304 | 1,015,200 |
SEI Investments Co. | 46,652 | 3,009,521 |
4,024,721 | ||
Food, Beverage & Tobacco 5.0% | ||
Campbell Soup Co. | 15,685 | 742,998 |
Dr Pepper Snapple Group, Inc. | 20,738 | 1,776,417 |
Ingredion, Inc. | 13,166 | 1,650,358 |
Molson Coors Brewing Co., Class B | 15,987 | 1,292,869 |
PepsiCo, Inc. | 41,808 | 4,608,496 |
Philip Morris International, Inc. | 14,489 | 1,516,129 |
TreeHouse Foods, Inc. * | 18,998 | 1,261,087 |
12,848,354 | ||
Security | Number of Shares | Value ($) |
Health Care Equipment & Services 6.6% | ||
Allscripts Healthcare Solutions, Inc. * | 52,559 | 708,495 |
Baxter International, Inc. | 40,849 | 2,633,535 |
Centene Corp. * | 22,431 | 2,101,112 |
Express Scripts Holding Co. * | 35,020 | 2,146,376 |
Hill-Rom Holdings, Inc. | 24,693 | 1,992,972 |
Humana, Inc. | 6,614 | 1,688,885 |
Masimo Corp. * | 7,862 | 689,969 |
UnitedHealth Group, Inc. | 7,980 | 1,677,556 |
Varian Medical Systems, Inc. * | 8,022 | 835,812 |
WellCare Health Plans, Inc. * | 12,422 | 2,456,326 |
16,931,038 | ||
Household & Personal Products 1.1% | ||
Kimberly-Clark Corp. | 15,575 | 1,752,343 |
Spectrum Brands Holdings, Inc. | 11,053 | 1,214,946 |
2,967,289 | ||
Insurance 2.0% | ||
Everest Re Group Ltd. | 13,057 | 3,100,385 |
The Allstate Corp. | 21,341 | 2,003,066 |
5,103,451 | ||
Materials 2.8% | ||
Axalta Coating Systems Ltd. * | 88,356 | 2,937,837 |
Berry Global Group, Inc. * | 54,631 | 3,247,813 |
LyondellBasell Industries N.V., Class A | 4,285 | 443,626 |
PPG Industries, Inc. | 4,478 | 520,523 |
7,149,799 | ||
Media 3.9% | ||
Comcast Corp., Class A | 124,069 | 4,470,206 |
Live Nation Entertainment, Inc. * | 105,071 | 4,600,008 |
Sinclair Broadcast Group, Inc., Class A | 26,518 | 840,621 |
9,910,835 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.6% | ||
AbbVie, Inc. | 44,624 | 4,027,316 |
Amgen, Inc. | 13,328 | 2,335,332 |
Celgene Corp. * | 31,589 | 3,189,541 |
Eli Lilly & Co. | 53,846 | 4,412,141 |
Gilead Sciences, Inc. | 7,408 | 555,304 |
Johnson & Johnson | 6,550 | 913,136 |
Pfizer, Inc. | 6,854 | 240,301 |
PRA Health Sciences, Inc. * | 15,495 | 1,261,758 |
16,934,829 | ||
Real Estate 3.8% | ||
American Tower Corp. | 16,017 | 2,301,162 |
DCT Industrial Trust, Inc. | 26,733 | 1,551,049 |
Equity LifeStyle Properties, Inc. | 16,336 | 1,445,409 |
PS Business Parks, Inc. | 6,856 | 907,255 |
Security | Number of Shares | Value ($) |
Realogy Holdings Corp. | 15,295 | 494,487 |
Retail Properties of America, Inc., Class A | 142,833 | 1,745,419 |
Senior Housing Properties Trust | 67,347 | 1,239,185 |
9,683,966 | ||
Retailing 7.1% | ||
Amazon.com, Inc. * | 9,991 | 11,042,852 |
Best Buy Co., Inc. | 17,690 | 990,286 |
Burlington Stores, Inc. * | 10,767 | 1,010,914 |
Expedia, Inc. | 4,638 | 578,173 |
Target Corp. | 3,895 | 229,961 |
The Home Depot, Inc. | 26,213 | 4,345,591 |
18,197,777 | ||
Semiconductors & Semiconductor Equipment 3.8% | ||
Applied Materials, Inc. | 92,438 | 5,216,276 |
Lam Research Corp. | 12,671 | 2,642,791 |
Micron Technology, Inc. * | 12,204 | 540,759 |
Texas Instruments, Inc. | 13,741 | 1,328,617 |
9,728,443 | ||
Software & Services 24.4% | ||
Accenture plc, Class A | 10,882 | 1,549,162 |
Adobe Systems, Inc. * | 5,303 | 928,873 |
Alliance Data Systems Corp. | 3,954 | 884,628 |
Alphabet, Inc., Class A * | 12,246 | 12,650,608 |
CDK Global, Inc. | 10,068 | 639,922 |
Check Point Software Technologies Ltd. * | 6,068 | 714,264 |
Conduent, Inc. * | 11,948 | 184,955 |
Electronic Arts, Inc. * | 14,109 | 1,687,436 |
Facebook, Inc., Class A * | 37,065 | 6,673,924 |
Fidelity National Information Services, Inc. | 4,685 | 434,581 |
First Data Corp., Class A * | 73,082 | 1,301,590 |
GoDaddy, Inc., Class A * | 28,967 | 1,352,759 |
International Business Machines Corp. | 17,901 | 2,757,828 |
Intuit, Inc. | 19,817 | 2,992,763 |
MasterCard, Inc., Class A | 25,731 | 3,828,001 |
MAXIMUS, Inc. | 48,941 | 3,251,151 |
Microsoft Corp. | 145,750 | 12,123,485 |
Science Applications International Corp. | 27,425 | 2,011,350 |
Total System Services, Inc. | 51,677 | 3,723,328 |
Visa, Inc., Class A | 27,409 | 3,014,442 |
62,705,050 | ||
Technology Hardware & Equipment 9.5% | ||
Apple, Inc. | 95,490 | 16,141,630 |
ARRIS International plc * | 59,260 | 1,688,910 |
CDW Corp. | 25,856 | 1,809,920 |
F5 Networks, Inc. * | 8,927 | 1,082,577 |
Juniper Networks, Inc. | 39,901 | 990,742 |
Security | Number of Shares | Value ($) |
NCR Corp. * | 25,901 | 831,163 |
Tech Data Corp. * | 14,251 | 1,322,065 |
Zebra Technologies Corp., Class A * | 4,855 | 563,132 |
24,430,139 | ||
Telecommunication Services 0.9% | ||
AT&T, Inc. | 31,861 | 1,072,123 |
T-Mobile US, Inc. * | 22,320 | 1,334,066 |
2,406,189 | ||
Transportation 1.4% | ||
American Airlines Group, Inc. | 26,873 | 1,258,194 |
Ryder System, Inc. | 16,171 | 1,311,145 |
Union Pacific Corp. | 5,421 | 627,697 |
XPO Logistics, Inc. * | 4,180 | 289,883 |
3,486,919 | ||
Utilities 1.1% | ||
FirstEnergy Corp. | 35,603 | 1,173,119 |
PG&E Corp. | 27,346 | 1,579,778 |
2,752,897 | ||
Total Common Stock | ||
(Cost $192,955,063) | 253,235,280 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.0% of net assets | ||
Time Deposits 1.0% | ||
BNP Paribas | ||
0.60%, 11/01/17 (a) | 2,552,290 | 2,552,290 |
Wells Fargo | ||
0.60%, 11/01/17 (a) | 34,711 | 34,711 |
Total Short-Term Investments | ||
(Cost $2,587,001) | 2,587,001 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/15/17 | 14 | 1,800,890 | 78,203 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $253,235,280 | $— | $— | $253,235,280 | |
Short-Term Investments1 | — | 2,587,001 | — | 2,587,001 | |
Futures Contracts2 | 78,203 | — | — | 78,203 | |
Total | $253,313,483 | $2,587,001 | $— | $255,900,484 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $195,542,064) | $255,822,281 | |
Deposit with broker for futures contracts | 63,000 | |
Receivables: | ||
Investments sold | 2,372,116 | |
Fund shares sold | 908,549 | |
Dividends | 142,692 | |
Variation margin on futures contracts | 3,080 | |
Interest | 43 | |
Prepaid expenses | + | 15,565 |
Total assets | 259,327,326 | |
Liabilities | ||
Payables: | ||
Investments bought | 2,116,831 | |
Investment adviser and administrator fees | 136,478 | |
Shareholder service fees | 51,711 | |
Fund shares redeemed | 132,412 | |
Accrued expenses | + | 60,842 |
Total liabilities | 2,498,274 | |
Net Assets | ||
Total assets | 259,327,326 | |
Total liabilities | – | 2,498,274 |
Net assets | $256,829,052 | |
Net Assets by Source | ||
Capital received from investors | 177,384,155 | |
Net investment income not yet distributed | 706,094 | |
Net realized capital gains | 18,380,383 | |
Net unrealized capital appreciation | 60,358,420 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$256,829,052 | 13,772,563 | $18.65 | ||
Investment Income | ||
Dividends | $3,453,965 | |
Interest | + | 9,344 |
Total investment income | 3,463,309 | |
Expenses | ||
Investment adviser and administrator fees | 1,690,678 | |
Shareholder service fees | 570,682 | |
Shareholder reports | 40,412 | |
Portfolio accounting fees | 38,563 | |
Professional fees | 35,386 | |
Registration fees | 21,072 | |
Transfer agent fees | 18,238 | |
Custodian fees | 13,232 | |
Independent trustees’ fees | 8,370 | |
Interest expense | 78 | |
Other expenses | + | 5,676 |
Total expenses | 2,442,387 | |
Expense reduction by CSIM and its affiliates | – | 117,627 |
Net expenses | – | 2,324,760 |
Net investment income | 1,138,549 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 18,326,054 | |
Net realized gains on futures contracts | + | 34,802 |
Net realized gains | 18,360,856 | |
Net change in unrealized appreciation (depreciation) on investments | 38,457,640 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 77,389 |
Net change in unrealized appreciation (depreciation) | + | 38,535,029 |
Net realized and unrealized gains | 56,895,885 | |
Increase in net assets resulting from operations | $58,034,434 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $1,138,549 | $3,012,896 | ||
Net realized gains | 18,360,856 | 7,278,455 | ||
Net change in unrealized appreciation (depreciation) | + | 38,535,029 | (9,588,620) | |
Increase in net assets from operations | 58,034,434 | 702,731 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (2,362,093) | (2,760,714) | ||
Distributions from net realized gains | + | (7,123,142) | (33,117,333) | |
Total distributions | ($9,485,235) | ($35,878,047) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,572,508 | $26,376,506 | 1,470,303 | $21,865,357 | ||||
Shares reinvested | 371,671 | 5,649,403 | 1,409,350 | 21,238,901 | ||||
Shares redeemed | + | (2,577,225) | (42,665,864) | (2,663,649) | (39,879,178) | |||
Net transactions in fund shares | (633,046) | ($10,639,955) | 216,004 | $3,225,080 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 14,405,609 | $218,919,808 | 14,189,605 | $250,870,044 | ||||
Total increase or decrease | + | (633,046) | 37,909,244 | 216,004 | (31,950,236) | |||
End of period | 13,772,563 | $256,829,052 | 14,405,609 | $218,919,808 | ||||
Net investment income not yet distributed | $706,094 | $1,950,703 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.81 | $21.19 | $25.11 | $24.87 | $17.72 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | (0.00) 1,2 | 0.07 1 | 0.05 1 | (0.02) | 0.09 | |
Net realized and unrealized gains (losses) | 4.86 | 0.12 | 0.63 | 2.71 | 7.16 | |
Total from investment operations | 4.86 | 0.19 | 0.68 | 2.69 | 7.25 | |
Less distributions: | ||||||
Distributions from net investment income | (0.09) | (0.04) | (0.02) | (0.07) | (0.10) | |
Distributions from net realized gains | — | (2.53) | (4.58) | (2.38) | — | |
Total distributions | (0.09) | (2.57) | (4.60) | (2.45) | (0.10) | |
Net asset value at end of period | $23.58 | $18.81 | $21.19 | $25.11 | $24.87 | |
Total return | 25.87% | 1.47% | 3.01% | 11.67% | 41.10% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.10% | 1.09% | 1.09% | 1.10% | 1.10% | |
Gross operating expenses | 1.10% | 1.10% | 1.09% | 1.10% | 1.11% | |
Net investment income (loss) | (0.01%) | 0.37% | 0.22% | (0.10%) | 0.42% | |
Portfolio turnover rate | 99% | 85% | 95% | 103% | 84% | |
Net assets, end of period (x 1,000,000) | $645 | $571 | $630 | $666 | $590 | |
Security | Number of Shares | Value ($) |
Common Stock 99.3% of net assets | ||
Automobiles & Components 1.5% | ||
Cooper-Standard Holding, Inc. * | 30,162 | 3,362,460 |
Shiloh Industries, Inc. * | 48,129 | 446,637 |
Tenneco, Inc. | 42,528 | 2,471,302 |
Tower International, Inc. | 102,559 | 3,117,794 |
9,398,193 | ||
Banks 13.7% | ||
1st Source Corp. | 56,913 | 2,920,206 |
BancFirst Corp. | 47,884 | 2,616,861 |
BCB Bancorp, Inc. | 13,385 | 188,059 |
Camden National Corp. | 22,292 | 962,346 |
Cathay General Bancorp | 78,798 | 3,293,756 |
Central Pacific Financial Corp. | 47,399 | 1,475,057 |
Central Valley Community Bancorp | 14,736 | 297,667 |
Century Bancorp, Inc., Class A | 5,913 | 502,309 |
Customers Bancorp, Inc. * | 156,225 | 4,271,191 |
Essent Group Ltd. * | 127,948 | 5,453,144 |
Farmers Capital Bank Corp. | 14,285 | 594,256 |
Federal Agricultural Mortgage Corp., Class C | 53,008 | 3,935,314 |
Financial Institutions, Inc. | 103,033 | 3,379,482 |
First BanCorp * | 1,077,391 | 5,548,564 |
First Business Financial Services, Inc. | 5,678 | 126,222 |
First Citizens BancShares, Inc., Class A | 18,240 | 7,387,200 |
First Community Bancshares, Inc. | 27,051 | 808,013 |
First Financial Corp. | 49,625 | 2,357,187 |
Great Southern Bancorp, Inc. | 5,287 | 284,176 |
Hancock Holding Co. | 58,728 | 2,862,990 |
Home Bancorp, Inc. | 5,152 | 220,712 |
International Bancshares Corp. | 190,492 | 7,733,975 |
Meta Financial Group, Inc. | 17,081 | 1,490,317 |
MGIC Investment Corp. * | 299,286 | 4,279,790 |
MidSouth Bancorp, Inc. | 57,859 | 757,953 |
Northrim BanCorp, Inc. | 11,563 | 375,798 |
OFG Bancorp | 497,404 | 4,426,896 |
Peapack-Gladstone Financial Corp. | 31,457 | 1,091,243 |
Preferred Bank | 31,993 | 1,974,928 |
Radian Group, Inc. | 219,181 | 4,594,034 |
Republic Bancorp, Inc., Class A | 28,759 | 1,130,804 |
Sandy Spring Bancorp, Inc. | 37,135 | 1,500,625 |
Shore Bancshares, Inc. | 22,623 | 372,375 |
Southern Missouri Bancorp, Inc. | 5,033 | 185,869 |
TCF Financial Corp. | 288,335 | 5,253,464 |
Territorial Bancorp, Inc. | 9,407 | 297,167 |
The Bank of N.T. Butterfield & Son Ltd. | 42,740 | 1,596,339 |
United Community Banks, Inc. | 75,941 | 2,082,302 |
88,628,591 | ||
Capital Goods 11.3% | ||
Aerojet Rocketdyne Holdings, Inc. * | 99,080 | 3,128,946 |
Applied Industrial Technologies, Inc. | 36,940 | 2,351,231 |
Argan, Inc. | 23,481 | 1,614,319 |
Atkore International Group, Inc. * | 174,765 | 3,374,712 |
Security | Number of Shares | Value ($) |
Blue Bird Corp. * | 14,538 | 300,210 |
Columbus McKinnon Corp. | 39,585 | 1,565,983 |
Continental Building Products, Inc. * | 31,431 | 839,208 |
Curtiss-Wright Corp. | 33,704 | 3,985,498 |
EMCOR Group, Inc. | 65,827 | 5,299,732 |
EnerSys | 49,270 | 3,417,860 |
EnPro Industries, Inc. | 15,102 | 1,264,641 |
General Cable Corp. | 46,980 | 984,231 |
Global Brass & Copper Holdings, Inc. | 117,943 | 4,128,005 |
GMS, Inc. * | 57,508 | 1,958,147 |
Harsco Corp. * | 124,944 | 2,655,060 |
HC2 Holdings, Inc. * | 41,695 | 226,404 |
Hillenbrand, Inc. | 127,214 | 5,031,314 |
Hyster-Yale Materials Handling, Inc. | 4,625 | 363,016 |
Kadant, Inc. | 12,911 | 1,466,690 |
Lydall, Inc. * | 13,533 | 782,207 |
MasTec, Inc. * | 50,305 | 2,190,783 |
Meritor, Inc. * | 184,875 | 4,808,599 |
Moog, Inc., Class A * | 35,988 | 3,158,307 |
Ply Gem Holdings, Inc. * | 194,496 | 3,286,982 |
Regal Beloit Corp. | 63,532 | 5,155,622 |
Rush Enterprises, Inc., Class A * | 35,930 | 1,824,525 |
TPI Composites, Inc. * | 87,960 | 2,203,398 |
Univar, Inc. * | 95,623 | 2,844,784 |
Vectrus, Inc. * | 45,139 | 1,377,191 |
Wabash National Corp. | 61,548 | 1,384,830 |
72,972,435 | ||
Commercial & Professional Services 3.7% | ||
ACCO Brands Corp. * | 138,146 | 1,802,805 |
ARC Document Solutions, Inc. * | 59,050 | 261,001 |
Barrett Business Services, Inc. | 27,912 | 1,696,771 |
CRA International, Inc. | 25,359 | 1,071,671 |
Insperity, Inc. | 40,201 | 3,815,075 |
LSC Communications, Inc. | 64,670 | 1,046,361 |
Quad Graphics, Inc. | 108,204 | 2,465,969 |
RR Donnelley & Sons Co. | 139,716 | 1,285,387 |
SP Plus Corp. * | 50,892 | 1,972,065 |
The Brink's Co. | 43,046 | 3,275,801 |
TriNet Group, Inc. * | 119,507 | 4,149,283 |
TrueBlue, Inc. * | 47,911 | 1,298,388 |
24,140,577 | ||
Consumer Durables & Apparel 1.1% | ||
Fossil Group, Inc. *(a) | 37,469 | 295,256 |
Hooker Furniture Corp. | 7,569 | 358,771 |
La-Z-Boy, Inc. | 46,685 | 1,258,161 |
Lifetime Brands, Inc. | 18,263 | 340,605 |
M/I Homes, Inc. * | 20,673 | 690,478 |
MCBC Holdings, Inc. * | 79,030 | 1,807,416 |
Perry Ellis International, Inc. * | 40,969 | 954,168 |
Taylor Morrison Home Corp., Class A * | 56,709 | 1,369,522 |
7,074,377 | ||
Security | Number of Shares | Value ($) |
Consumer Services 2.9% | ||
BJ's Restaurants, Inc. * | 14,761 | 467,924 |
Bloomin' Brands, Inc. | 197,583 | 3,513,026 |
Buffalo Wild Wings, Inc. * | 30,088 | 3,556,402 |
Century Casinos, Inc. * | 7,950 | 65,587 |
Dave & Buster's Entertainment, Inc. * | 70,690 | 3,407,258 |
Penn National Gaming, Inc. * | 50,696 | 1,322,659 |
Pinnacle Entertainment, Inc. * | 73,250 | 1,894,977 |
Ruth's Hospitality Group, Inc. | 197,261 | 4,162,207 |
18,390,040 | ||
Diversified Financials 1.2% | ||
Enova International, Inc. * | 255,394 | 3,792,601 |
Evercore, Inc., Class A | 47,343 | 3,792,174 |
7,584,775 | ||
Energy 3.2% | ||
Abraxas Petroleum Corp. * | 307,819 | 655,655 |
Cloud Peak Energy, Inc. * | 118,777 | 504,802 |
CVR Energy, Inc. (a) | 14,621 | 401,347 |
Era Group, Inc. * | 22,107 | 237,871 |
Evolution Petroleum Corp. | 93,424 | 691,338 |
Green Plains, Inc. | 100,648 | 1,851,923 |
McDermott International, Inc. * | 564,450 | 3,736,659 |
Natural Gas Services Group, Inc. * | 27,827 | 773,591 |
Overseas Shipholding Group, Inc., Class A * | 404,125 | 957,776 |
Pacific Ethanol, Inc. * | 132,535 | 636,168 |
Par Pacific Holdings, Inc. * | 65,166 | 1,367,834 |
QEP Resources, Inc. * | 105,975 | 948,476 |
REX American Resources Corp. * | 13,705 | 1,208,507 |
Southwestern Energy Co. * | 306,774 | 1,702,596 |
TETRA Technologies, Inc. * | 469,711 | 1,333,979 |
Unit Corp. * | 69,285 | 1,297,015 |
W&T Offshore, Inc. * | 311,477 | 974,923 |
World Fuel Services Corp. | 45,335 | 1,260,313 |
20,540,773 | ||
Food & Staples Retailing 0.5% | ||
The Andersons, Inc. | 62,186 | 2,328,865 |
Village Super Market, Inc., Class A | 25,626 | 614,768 |
2,943,633 | ||
Food, Beverage & Tobacco 2.8% | ||
Coca-Cola Bottling Co. Consolidated | 20,345 | 4,589,018 |
Darling Ingredients, Inc. * | 86,378 | 1,576,399 |
Dean Foods Co. | 474,731 | 4,628,627 |
Fresh Del Monte Produce, Inc. | 63,846 | 2,841,786 |
John B. Sanfilippo & Son, Inc. | 3,226 | 189,850 |
The Boston Beer Co., Inc., Class A * | 23,363 | 4,159,782 |
17,985,462 | ||
Health Care Equipment & Services 4.5% | ||
Allscripts Healthcare Solutions, Inc. * | 21,360 | 287,933 |
Analogic Corp. | 22,627 | 1,816,948 |
AngioDynamics, Inc. * | 86,911 | 1,474,880 |
Cantel Medical Corp. | 19,231 | 1,886,177 |
Cardiovascular Systems, Inc. * | 28,839 | 694,155 |
Civitas Solutions, Inc. * | 19,759 | 368,505 |
Cotiviti Holdings, Inc. * | 24,467 | 860,260 |
Cutera, Inc. * | 10,410 | 409,113 |
Exactech, Inc. * | 40,144 | 1,680,026 |
Haemonetics Corp. * | 50,300 | 2,392,268 |
Security | Number of Shares | Value ($) |
Halyard Health, Inc. * | 51,949 | 2,189,650 |
HealthSouth Corp. | 45,164 | 2,083,867 |
Integer Holdings Corp. * | 21,233 | 1,031,924 |
Lantheus Holdings, Inc. * | 33,304 | 662,750 |
Magellan Health, Inc. * | 7,550 | 644,015 |
Masimo Corp. * | 40,827 | 3,582,978 |
Merit Medical Systems, Inc. * | 17,638 | 671,126 |
Orthofix International N.V. * | 35,085 | 1,885,117 |
Quality Systems, Inc. * | 133,521 | 1,878,640 |
RadNet, Inc. * | 89,732 | 982,565 |
Surgery Partners, Inc. * | 29,309 | 271,108 |
Varex Imaging Corp. * | 44,879 | 1,542,491 |
29,296,496 | ||
Household & Personal Products 0.5% | ||
HRG Group, Inc. * | 153,256 | 2,485,812 |
USANA Health Sciences, Inc. * | 14,193 | 932,480 |
3,418,292 | ||
Insurance 3.0% | ||
American Equity Investment Life Holding Co. | 147,907 | 4,364,735 |
Argo Group International Holdings Ltd. | 32,539 | 2,048,330 |
CNO Financial Group, Inc. | 142,076 | 3,405,562 |
Crawford & Co., Class B | 46,614 | 549,113 |
Employers Holdings, Inc. | 26,005 | 1,240,438 |
HCI Group, Inc. | 19,865 | 744,143 |
Health Insurance Innovations, Inc., Class A *(a) | 15,140 | 325,510 |
Maiden Holdings Ltd. | 157,639 | 1,300,522 |
National Western Life Group, Inc., Class A | 11,548 | 4,129,334 |
The Navigators Group, Inc. | 19,573 | 1,135,234 |
19,242,921 | ||
Materials 3.4% | ||
A. Schulman, Inc. | 66,655 | 2,619,542 |
AK Steel Holding Corp. * | 305,577 | 1,402,598 |
Boise Cascade Co. * | 41,638 | 1,476,067 |
Century Aluminum Co. * | 18,829 | 263,606 |
Chase Corp. | 8,200 | 973,750 |
Domtar Corp. | 10,170 | 481,244 |
Ingevity Corp. * | 25,959 | 1,849,060 |
Innophos Holdings, Inc. | 27,463 | 1,343,765 |
Koppers Holdings, Inc. * | 35,229 | 1,710,368 |
Louisiana-Pacific Corp. * | 60,134 | 1,634,442 |
Myers Industries, Inc. | 22,989 | 496,562 |
OMNOVA Solutions, Inc. * | 98,798 | 1,091,718 |
Rayonier Advanced Materials, Inc. | 80,962 | 1,163,424 |
Schnitzer Steel Industries, Inc., Class A | 10,664 | 314,055 |
SunCoke Energy, Inc. * | 191,515 | 2,123,901 |
Trinseo S.A. | 22,857 | 1,622,847 |
Worthington Industries, Inc. | 31,139 | 1,416,825 |
21,983,774 | ||
Media 2.5% | ||
Gannett Co., Inc. | 361,771 | 3,147,408 |
Gray Television, Inc. * | 134,580 | 2,095,411 |
Meredith Corp. | 36,475 | 1,933,175 |
Sinclair Broadcast Group, Inc., Class A | 177,580 | 5,629,286 |
Time, Inc. | 78,240 | 907,584 |
Townsquare Media, Inc., Class A * | 12,062 | 125,927 |
tronc, Inc. * | 155,706 | 2,302,113 |
16,140,904 | ||
Security | Number of Shares | Value ($) |
Pharmaceuticals, Biotechnology & Life Sciences 11.3% | ||
Acorda Therapeutics, Inc. * | 43,116 | 1,145,808 |
Akebia Therapeutics, Inc. * | 65,782 | 1,193,943 |
AMAG Pharmaceuticals, Inc. * | 105,477 | 1,655,989 |
Amphastar Pharmaceuticals, Inc. * | 41,017 | 741,177 |
ANI Pharmaceuticals, Inc. * | 14,684 | 852,847 |
Arena Pharmaceuticals, Inc. * | 9,442 | 264,659 |
Array BioPharma, Inc. * | 49,970 | 522,187 |
BioSpecifics Technologies Corp. * | 33,812 | 1,547,575 |
Cambrex Corp. * | 16,676 | 721,237 |
Catalent, Inc. * | 146,404 | 6,235,346 |
Conatus Pharmaceuticals, Inc. * | 136,356 | 625,874 |
Corcept Therapeutics, Inc. * | 34,283 | 675,032 |
Cytokinetics, Inc. * | 87,774 | 1,198,115 |
CytomX Therapeutics, Inc. * | 40,702 | 814,040 |
Depomed, Inc. * | 170,518 | 825,307 |
Eagle Pharmaceuticals, Inc. * | 30,728 | 1,651,630 |
Emergent BioSolutions, Inc. * | 107,729 | 4,415,812 |
Endo International plc * | 59,172 | 377,517 |
Exact Sciences Corp. * | 41,392 | 2,276,146 |
FibroGen, Inc. * | 17,143 | 957,437 |
Genomic Health, Inc. * | 122,143 | 4,005,069 |
Horizon Pharma plc * | 93,023 | 1,261,392 |
Impax Laboratories, Inc. * | 42,850 | 777,727 |
Innoviva, Inc. * | 32,839 | 401,949 |
Intersect ENT, Inc. * | 23,367 | 692,832 |
Lannett Co., Inc. *(a) | 20,914 | 416,189 |
Ligand Pharmaceuticals, Inc. * | 32,577 | 4,735,067 |
MiMedx Group, Inc. *(a) | 141,335 | 1,792,128 |
Momenta Pharmaceuticals, Inc. * | 56,982 | 803,446 |
Myriad Genetics, Inc. * | 52,873 | 1,812,486 |
Novelion Therapeutics, Inc. * | 109,883 | 518,648 |
PDL BioPharma, Inc. * | 490,374 | 1,451,507 |
Phibro Animal Health Corp., Class A | 56,039 | 2,109,868 |
PRA Health Sciences, Inc. * | 58,411 | 4,756,408 |
Prestige Brands Holdings, Inc. * | 120,462 | 5,649,668 |
PTC Therapeutics, Inc. * | 21,852 | 409,506 |
Recro Pharma, Inc. * | 36,040 | 311,025 |
Repligen Corp. * | 52,923 | 1,968,736 |
Retrophin, Inc. * | 101,950 | 2,535,496 |
Spectrum Pharmaceuticals, Inc. * | 37,697 | 738,484 |
Sucampo Pharmaceuticals, Inc., Class A * | 179,209 | 1,792,090 |
Supernus Pharmaceuticals, Inc. * | 25,296 | 1,052,314 |
Vanda Pharmaceuticals, Inc. * | 206,691 | 3,245,049 |
Veracyte, Inc. * | 121,476 | 1,038,620 |
72,973,382 | ||
Real Estate 8.0% | ||
Ashford Hospitality Trust, Inc. | 97,359 | 684,434 |
Consolidated-Tomoka Land Co. | 16,604 | 971,666 |
Cousins Properties, Inc. | 267,201 | 2,410,153 |
Gladstone Commercial Corp. | 69,059 | 1,495,818 |
Global Net Lease, Inc. | 154,564 | 3,338,582 |
iStar, Inc. * | 230,231 | 2,693,703 |
Kite Realty Group Trust | 253,232 | 4,732,906 |
Lexington Realty Trust | 777,231 | 7,865,578 |
MedEquities Realty Trust, Inc. | 183,632 | 2,133,804 |
Preferred Apartment Communities, Inc., Class A | 75,109 | 1,490,913 |
PS Business Parks, Inc. | 55,557 | 7,351,858 |
RE/MAX Holdings, Inc., Class A | 52,644 | 3,500,826 |
Select Income REIT | 141,499 | 3,418,616 |
Tier REIT, Inc. | 206,308 | 4,037,447 |
Security | Number of Shares | Value ($) |
UMH Properties, Inc. | 180,111 | 2,690,858 |
Urstadt Biddle Properties, Inc., Class A | 117,779 | 2,559,338 |
51,376,500 | ||
Retailing 2.5% | ||
Big Lots, Inc. | 65,816 | 3,377,019 |
Caleres, Inc. | 28,174 | 769,995 |
Nutrisystem, Inc. | 12,220 | 610,389 |
Office Depot, Inc. | 205,812 | 638,017 |
Rent-A-Center, Inc. (a) | 509,639 | 5,065,812 |
Sally Beauty Holdings, Inc. * | 18,154 | 314,246 |
Sleep Number Corp. * | 36,099 | 1,173,218 |
Tailored Brands, Inc. | 111,018 | 1,715,228 |
The Children's Place, Inc. | 13,569 | 1,476,307 |
Tilly's, Inc., Class A | 62,429 | 743,529 |
15,883,760 | ||
Semiconductors & Semiconductor Equipment 4.0% | ||
Advanced Energy Industries, Inc. * | 50,886 | 4,311,062 |
Amkor Technology, Inc. * | 239,260 | 2,768,238 |
Cabot Microelectronics Corp. | 15,301 | 1,479,148 |
Cirrus Logic, Inc. * | 92,559 | 5,183,304 |
Entegris, Inc. | 78,917 | 2,584,532 |
IXYS Corp. * | 12,463 | 307,836 |
Microsemi Corp. * | 8,965 | 478,462 |
MKS Instruments, Inc. | 60,022 | 6,521,390 |
Rudolph Technologies, Inc. * | 28,871 | 801,170 |
Synaptics, Inc. * | 11,035 | 409,619 |
Ultra Clean Holdings, Inc. * | 37,957 | 968,663 |
25,813,424 | ||
Software & Services 9.9% | ||
Aspen Technology, Inc. * | 60,128 | 3,879,459 |
Barracuda Networks, Inc. * | 198,403 | 4,624,774 |
Blackbaud, Inc. | 16,224 | 1,643,491 |
Blucora, Inc. * | 54,010 | 1,172,017 |
Cardtronics plc, Class A * | 91,169 | 2,087,770 |
DHI Group, Inc. * | 340,225 | 748,495 |
Ebix, Inc. | 23,583 | 1,602,465 |
Endurance International Group Holdings, Inc. * | 190,431 | 1,561,534 |
Everi Holdings, Inc. * | 57,438 | 476,161 |
EVERTEC, Inc. | 197,390 | 2,960,850 |
Fair Isaac Corp. | 19,521 | 2,833,668 |
Five9, Inc. * | 72,123 | 1,819,663 |
Internap Corp. * | 124,624 | 579,502 |
j2 Global, Inc. | 59,727 | 4,428,160 |
MAXIMUS, Inc. | 48,096 | 3,195,017 |
Pegasystems, Inc. | 48,762 | 2,842,825 |
Progress Software Corp. | 215,956 | 9,141,418 |
Proofpoint, Inc. * | 18,340 | 1,694,799 |
Science Applications International Corp. | 38,448 | 2,819,776 |
Stamps.com, Inc. * | 10,493 | 2,354,629 |
Syntel, Inc. * | 62,143 | 1,451,661 |
Travelport Worldwide Ltd. | 195,599 | 3,068,948 |
Verint Systems, Inc. * | 69,131 | 2,917,328 |
Web.com Group, Inc. * | 125,702 | 3,029,418 |
Zix Corp. * | 214,133 | 1,038,545 |
63,972,373 | ||
Technology Hardware & Equipment 4.6% | ||
Anixter International, Inc. * | 17,298 | 1,188,373 |
Applied Optoelectronics, Inc. *(a) | 25,471 | 1,037,688 |
CalAmp Corp. * | 19,811 | 450,304 |
Security | Number of Shares | Value ($) |
Ciena Corp. * | 175,419 | 3,731,162 |
Comtech Telecommunications Corp. | 11,703 | 251,731 |
Eastman Kodak Co. * | 64,054 | 342,689 |
Electronics For Imaging, Inc. * | 20,852 | 643,493 |
Extreme Networks, Inc. * | 243,291 | 2,919,492 |
Finisar Corp. * | 148,874 | 3,504,494 |
Insight Enterprises, Inc. * | 29,697 | 1,337,850 |
Itron, Inc. * | 24,917 | 1,947,264 |
NETGEAR, Inc. * | 85,708 | 3,998,278 |
Plantronics, Inc. | 40,317 | 1,828,779 |
Sanmina Corp. * | 53,051 | 1,736,094 |
Tech Data Corp. * | 24,632 | 2,285,111 |
TTM Technologies, Inc. * | 165,192 | 2,606,730 |
29,809,532 | ||
Telecommunication Services 0.7% | ||
Frontier Communications Corp. (a) | 69,936 | 846,925 |
IDT Corp., Class B | 35,902 | 473,188 |
Telephone & Data Systems, Inc. | 74,689 | 2,177,184 |
United States Cellular Corp. * | 34,486 | 1,261,843 |
4,759,140 | ||
Transportation 0.8% | ||
Air Transport Services Group, Inc. * | 54,159 | 1,310,648 |
Hawaiian Holdings, Inc. * | 60,322 | 2,020,787 |
Radiant Logistics, Inc. * | 50,414 | 246,020 |
SkyWest, Inc. | 37,438 | 1,763,330 |
5,340,785 | ||
Utilities 1.7% | ||
Atlantic Power Corp. * | 621,041 | 1,521,550 |
Consolidated Water Co., Ltd. | 51,711 | 636,045 |
Dynegy, Inc. * | 321,095 | 3,997,633 |
Northwest Natural Gas Co. | 9,757 | 647,377 |
Spark Energy, Inc., Class A (a) | 247,964 | 3,471,496 |
Unitil Corp. | 7,201 | 374,452 |
10,648,553 | ||
Total Common Stock | ||
(Cost $558,240,111) | 640,318,692 |
Security | Number of Shares | Value ($) |
Other Investment Company 2.1% of net assets | ||
Securities Lending Collateral 2.1% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 13,351,015 | 13,351,015 |
Total Other Investment Company | ||
(Cost $13,351,015) | 13,351,015 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.1% of net assets | ||
Time Deposits 1.1% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (c) | 807,254 | 807,254 |
BNP Paribas | ||
0.60%, 11/01/17 (c) | 6,418,958 | 6,418,958 |
Total Short-Term Investments | ||
(Cost $7,226,212) | 7,226,212 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $13,008,830. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
REIT — | Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $640,318,692 | $— | $— | $640,318,692 | |
Other Investment Company1 | 13,351,015 | — | — | 13,351,015 | |
Short-Term Investments1 | — | 7,226,212 | — | 7,226,212 | |
Total | $653,669,707 | $7,226,212 | $— | $660,895,919 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $565,466,323) including securities on loan of $13,008,830 | $647,544,904 | |
Collateral invested for securities on loan, at value (cost $13,351,015) | 13,351,015 | |
Deposit with broker for futures contracts | 385,250 | |
Receivables: | ||
Investments sold | 4,249,103 | |
Dividends | 110,498 | |
Income from securities on loan | 82,507 | |
Fund shares sold | 80,674 | |
Foreign tax reclaims | 399 | |
Interest | 120 | |
Prepaid expenses | + | 13,330 |
Total assets | 665,817,800 | |
Liabilities | ||
Collateral held for securities on loan | 13,351,015 | |
Payables: | ||
Investments bought | 5,604,497 | |
Investment adviser and administrator fees | 445,566 | |
Shareholder service fees | 125,886 | |
Fund shares redeemed | 1,280,798 | |
Accrued expenses | + | 75,218 |
Total liabilities | 20,882,980 | |
Net Assets | ||
Total assets | 665,817,800 | |
Total liabilities | – | 20,882,980 |
Net assets | $644,934,820 | |
Net Assets by Source | ||
Capital received from investors | 480,932,822 | |
Net realized capital gains | 81,923,417 | |
Net unrealized capital appreciation | 82,078,581 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$644,934,820 | 27,354,578 | $23.58 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $13,626) | $6,094,432 | |
Interest | 27,236 | |
Securities on loan, net | + | 666,011 |
Total investment income | 6,787,679 | |
Expenses | ||
Investment adviser and administrator fees | 5,068,161 | |
Shareholder service fees | 1,507,641 | |
Shareholder reports | 112,007 | |
Portfolio accounting fees | 50,307 | |
Professional fees | 35,587 | |
Custodian fees | 34,861 | |
Registration fees | 27,892 | |
Transfer agent fees | 23,285 | |
Independent trustees’ fees | 10,543 | |
Interest expense | 315 | |
Other expenses | + | 10,705 |
Total expenses | 6,881,304 | |
Expense reduction by CSIM and its affiliates | – | 23,285 |
Net expenses | – | 6,858,019 |
Net investment loss | (70,340) | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 88,824,323 | |
Net realized gains on futures contracts | + | 699,416 |
Net realized gains | 89,523,739 | |
Net change in unrealized appreciation (depreciation) on investments | + | 52,242,477 |
Net realized and unrealized gains | 141,766,216 | |
Increase in net assets resulting from operations | $141,695,876 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income (loss) | ($70,340) | $2,188,154 | ||
Net realized gains (losses) | 89,523,739 | (6,273,721) | ||
Net change in unrealized appreciation (depreciation) | + | 52,242,477 | 12,056,144 | |
Increase in net assets from operations | 141,695,876 | 7,970,577 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (2,651,266) | (1,300,102) | ||
Distributions from net realized gains | + | — | (75,008,179) | |
Total distributions | ($2,651,266) | ($76,308,281) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,656,779 | $58,042,781 | 4,063,466 | $71,865,992 | ||||
Shares reinvested | 87,796 | 1,920,104 | 3,095,037 | 55,617,808 | ||||
Shares redeemed | + | (5,773,585) | (125,530,925) | (6,528,284) | (118,052,147) | |||
Net transactions in fund shares | (3,029,010) | ($65,568,040) | 630,219 | $9,431,653 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 30,383,588 | $571,458,250 | 29,753,369 | $630,364,301 | ||||
Total increase or decrease | + | (3,029,010) | 73,476,570 | 630,219 | (58,906,051) | |||
End of period | 27,354,578 | $644,934,820 | 30,383,588 | $571,458,250 | ||||
Net investment income not yet distributed | $— | $1,410,331 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.25 | $17.46 | $19.02 | $18.62 | $16.36 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.03 1 | 0.03 1 | (0.01) 1 | (0.08) | (0.10) | |
Net realized and unrealized gains (losses) | 1.85 | 0.49 | 0.89 | 1.99 | 2.36 | |
Total from investment operations | 1.88 | 0.52 | 0.88 | 1.91 | 2.26 | |
Less distributions: | ||||||
Distributions from net investment income | — | (0.12) | — | — | — | |
Distributions from net realized gains | (0.48) | (1.61) | (2.44) | (1.51) | — | |
Total distributions | (0.48) | (1.73) | (2.44) | (1.51) | — | |
Net asset value at end of period | $17.65 | $16.25 | $17.46 | $19.02 | $18.62 | |
Total return | 11.71% | 3.55% | 4.84% | 11.07% | 13.81% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses (including dividend expense on short sales) | 1.64% | 1.85% | 1.82% | 1.99% | 2.48% | |
Net operating expenses (excluding dividend expense on short sales) | 1.33% | 1.57% 2 | 1.54% 2 | 1.52% 2 | 1.48% 2 | |
Gross operating expenses | 1.65% | 1.87% | 1.84% | 2.02% | 2.52% | |
Net investment income (loss) | 0.16% | 0.22% | (0.06%) | (0.46%) | (0.49%) | |
Portfolio turnover rate | 163% | 142% | 146% | 142% | 130% | |
Net assets, end of period (x 1,000,000) | $252 | $204 | $212 | $200 | $193 | |
Security | Number of Shares | Value ($) |
Common Stock 100.1% of net assets | ||
Automobiles & Components 0.5% | ||
Lear Corp. | 7,174 | 1,259,683 |
Banks 6.3% | ||
Bank of America Corp. (a) | 161,573 | 4,425,484 |
Citigroup, Inc. (a) | 81,435 | 5,985,472 |
Citizens Financial Group, Inc. | 10,352 | 393,480 |
Essent Group Ltd. * | 13,780 | 587,304 |
First BanCorp * | 193,237 | 995,171 |
Regions Financial Corp. (a) | 172,765 | 2,674,402 |
Zions Bancorp | 15,983 | 742,570 |
15,803,883 | ||
Capital Goods 8.6% | ||
Aerojet Rocketdyne Holdings, Inc. * | 61,209 | 1,932,980 |
Allison Transmission Holdings, Inc. (a) | 115,743 | 4,917,920 |
Argan, Inc. | 9,099 | 625,556 |
Caterpillar, Inc. | 4,786 | 649,939 |
Graco, Inc. | 11,364 | 1,497,662 |
Harsco Corp. * | 35,447 | 753,249 |
Hubbell, Inc. | 4,448 | 559,647 |
Meritor, Inc. * | 34,663 | 901,585 |
Oshkosh Corp. (a) | 47,091 | 4,311,652 |
Ply Gem Holdings, Inc. * | 15,229 | 257,370 |
Regal Beloit Corp. | 10,280 | 834,222 |
The Boeing Co. (a) | 11,366 | 2,932,201 |
United Rentals, Inc. * | 3,988 | 564,222 |
Wabash National Corp. | 34,618 | 778,905 |
21,517,110 | ||
Commercial & Professional Services 1.9% | ||
ACCO Brands Corp. * | 29,257 | 381,804 |
Robert Half International, Inc. | 32,931 | 1,704,838 |
The Brink's Co. (a) | 25,771 | 1,961,173 |
TriNet Group, Inc. * | 19,489 | 676,658 |
4,724,473 | ||
Consumer Durables & Apparel 2.5% | ||
Deckers Outdoor Corp. * | 7,849 | 535,616 |
Hanesbrands, Inc. | 16,220 | 364,950 |
Hasbro, Inc. | 16,722 | 1,548,290 |
iRobot Corp. * | 3,319 | 223,004 |
KB Home | 15,122 | 414,796 |
M.D.C. Holdings, Inc. | 11,490 | 425,590 |
PulteGroup, Inc. | 9,486 | 286,762 |
Taylor Morrison Home Corp., Class A * | 22,357 | 539,921 |
Toll Brothers, Inc. | 30,924 | 1,423,741 |
Tupperware Brands Corp. | 7,416 | 435,690 |
Whirlpool Corp. | 958 | 157,045 |
6,355,405 | ||
Security | Number of Shares | Value ($) |
Consumer Services 2.4% | ||
Carnival Corp. | 5,594 | 371,386 |
Darden Restaurants, Inc. | 8,342 | 686,296 |
Graham Holdings Co., Class B | 1,091 | 607,087 |
Las Vegas Sands Corp. (a) | 52,007 | 3,296,204 |
Royal Caribbean Cruises Ltd. | 5,908 | 731,233 |
Wyndham Worldwide Corp. | 3,911 | 417,890 |
6,110,096 | ||
Diversified Financials 1.6% | ||
Capital One Financial Corp. | 8,105 | 747,119 |
Lazard Ltd., Class A | 3,143 | 149,418 |
Moelis & Co., Class A | 8,797 | 376,072 |
Morgan Stanley | 15,485 | 774,250 |
Synchrony Financial | 64,134 | 2,092,051 |
4,138,910 | ||
Energy 7.8% | ||
Anadarko Petroleum Corp. | 41,503 | 2,049,003 |
Apache Corp. | 22,560 | 933,307 |
Baker Hughes, a GE Co. | 37,188 | 1,168,819 |
Cabot Oil & Gas Corp. | 619 | 17,146 |
ConocoPhillips | 40,475 | 2,070,296 |
CVR Energy, Inc. | 17,373 | 476,889 |
Devon Energy Corp. (a) | 87,739 | 3,237,569 |
Halliburton Co. (a) | 58,596 | 2,504,393 |
Marathon Petroleum Corp. | 22,398 | 1,338,057 |
Southwestern Energy Co. *(a) | 360,735 | 2,002,079 |
The Williams Cos., Inc. | 31,860 | 908,010 |
Valero Energy Corp. (a) | 28,641 | 2,259,489 |
World Fuel Services Corp. (a) | 22,140 | 615,492 |
19,580,549 | ||
Food & Staples Retailing 1.7% | ||
Costco Wholesale Corp. | 10,254 | 1,651,715 |
CVS Health Corp. | 7,389 | 506,368 |
Wal-Mart Stores, Inc. (a) | 25,362 | 2,214,356 |
4,372,439 | ||
Food, Beverage & Tobacco 4.0% | ||
Archer-Daniels-Midland Co. | 36,592 | 1,495,515 |
Bunge Ltd. | 11,015 | 757,612 |
Campbell Soup Co. | 23,882 | 1,131,290 |
Coca-Cola Bottling Co. Consolidated | 5,927 | 1,336,894 |
Dean Foods Co. (a) | 111,052 | 1,082,757 |
Fresh Del Monte Produce, Inc. | 11,456 | 509,907 |
PepsiCo, Inc. (a) | 22,506 | 2,480,836 |
Sanderson Farms, Inc. | 3,497 | 523,046 |
TreeHouse Foods, Inc. * | 11,588 | 769,212 |
10,087,069 | ||
Security | Number of Shares | Value ($) |
Health Care Equipment & Services 4.2% | ||
Baxter International, Inc. | 8,016 | 516,792 |
Centene Corp. * | 13,678 | 1,281,218 |
Express Scripts Holding Co. *(a) | 61,993 | 3,799,551 |
Haemonetics Corp. * | 14,719 | 700,036 |
Halyard Health, Inc. * | 11,435 | 481,985 |
Hill-Rom Holdings, Inc. | 2,937 | 237,045 |
Humana, Inc. | 2,756 | 703,745 |
Masimo Corp. * | 12,269 | 1,076,727 |
McKesson Corp. (a) | 6,504 | 896,771 |
Varian Medical Systems, Inc. * | 3,404 | 354,663 |
Zimmer Biomet Holdings, Inc. | 5,021 | 610,654 |
10,659,187 | ||
Household & Personal Products 1.4% | ||
HRG Group, Inc. *(a) | 123,034 | 1,995,611 |
Spectrum Brands Holdings, Inc. | 8,486 | 932,781 |
USANA Health Sciences, Inc. * | 9,235 | 606,740 |
3,535,132 | ||
Insurance 5.0% | ||
CNA Financial Corp. | 18,204 | 985,383 |
Everest Re Group Ltd. (a) | 8,471 | 2,011,439 |
Loews Corp. | 39,939 | 1,977,380 |
The Allstate Corp. (a) | 56,954 | 5,345,702 |
The Hartford Financial Services Group, Inc. | 39,787 | 2,190,274 |
XL Group Ltd. | 624 | 25,253 |
12,535,431 | ||
Materials 2.1% | ||
Axalta Coating Systems Ltd. * | 52,949 | 1,760,554 |
Berry Global Group, Inc. * | 33,714 | 2,004,297 |
Freeport-McMoRan, Inc. * | 54,970 | 768,481 |
Stepan Co. | 9,286 | 741,580 |
5,274,912 | ||
Media 2.8% | ||
Comcast Corp., Class A | 36,752 | 1,324,175 |
Live Nation Entertainment, Inc. *(a) | 113,802 | 4,982,251 |
Sinclair Broadcast Group, Inc., Class A | 24,944 | 790,725 |
7,097,151 | ||
Pharmaceuticals, Biotechnology & Life Sciences 9.2% | ||
AbbVie, Inc. (a) | 21,637 | 1,952,739 |
Alexion Pharmaceuticals, Inc. * | 1,159 | 138,686 |
Amgen, Inc. (a) | 26,282 | 4,605,132 |
Biogen, Inc. * | 1,928 | 600,880 |
Celgene Corp. *(a) | 37,317 | 3,767,898 |
Eli Lilly & Co. (a) | 62,918 | 5,155,501 |
Emergent BioSolutions, Inc. *(a) | 39,529 | 1,620,294 |
Gilead Sciences, Inc. | 8,884 | 665,945 |
Pfizer, Inc. (a) | 100,901 | 3,537,589 |
Prestige Brands Holdings, Inc. * | 5,292 | 248,195 |
United Therapeutics Corp. * | 3,509 | 416,132 |
Vertex Pharmaceuticals, Inc. * | 3,315 | 484,752 |
23,193,743 | ||
Real Estate 4.9% | ||
Apartment Investment & Management Co., Class A | 14,297 | 628,782 |
DCT Industrial Trust, Inc. | 21,379 | 1,240,410 |
Security | Number of Shares | Value ($) |
Equity LifeStyle Properties, Inc. | 5,433 | 480,712 |
Realogy Holdings Corp. | 61,968 | 2,003,425 |
Retail Properties of America, Inc., Class A (a) | 315,339 | 3,853,443 |
Senior Housing Properties Trust (a) | 119,973 | 2,207,503 |
UDR, Inc. | 51,005 | 1,978,484 |
12,392,759 | ||
Retailing 5.1% | ||
Amazon.com, Inc. *(a) | 4,426 | 4,891,969 |
Best Buy Co., Inc. | 11,242 | 629,327 |
Burlington Stores, Inc. * | 15,924 | 1,495,104 |
Expedia, Inc. | 3,476 | 433,318 |
Lowe's Cos., Inc. | 26,189 | 2,093,811 |
Rent-A-Center, Inc. (a) | 121,412 | 1,206,835 |
Ross Stores, Inc. | 10,243 | 650,328 |
Shutterfly, Inc. *(a) | 18,347 | 783,417 |
The Gap, Inc. | 21,928 | 569,909 |
12,754,018 | ||
Semiconductors & Semiconductor Equipment 2.1% | ||
Amkor Technology, Inc. * | 49,434 | 571,951 |
Applied Materials, Inc. | 12,525 | 706,786 |
Micron Technology, Inc. * | 35,174 | 1,558,560 |
Microsemi Corp. * | 3,250 | 173,452 |
MKS Instruments, Inc. | 8,343 | 906,467 |
ON Semiconductor Corp. * | 42,308 | 902,007 |
Skyworks Solutions, Inc. | 4,409 | 502,009 |
5,321,232 | ||
Software & Services 11.6% | ||
Accenture plc, Class A | 16,862 | 2,400,474 |
Alliance Data Systems Corp. | 2,498 | 558,878 |
Alphabet, Inc., Class A *(a) | 4,102 | 4,237,530 |
Barracuda Networks, Inc. * | 65,035 | 1,515,966 |
Cardtronics plc, Class A * | 8,092 | 185,307 |
CDK Global, Inc. | 20,495 | 1,302,662 |
Convergys Corp. | 12,925 | 332,560 |
Electronic Arts, Inc. * | 9,195 | 1,099,722 |
Endurance International Group Holdings, Inc. * | 136,991 | 1,123,326 |
First Data Corp., Class A * | 75,536 | 1,345,296 |
Fortinet, Inc. * | 6,235 | 245,721 |
GoDaddy, Inc., Class A * | 33,827 | 1,579,721 |
IAC/InterActiveCorp * | 7,208 | 930,193 |
MAXIMUS, Inc. | 19,865 | 1,319,632 |
Microsoft Corp. | 30,933 | 2,573,007 |
Nuance Communications, Inc. * | 98,196 | 1,447,409 |
Progress Software Corp. (a) | 122,312 | 5,177,467 |
Science Applications International Corp. | 6,410 | 470,110 |
Take-Two Interactive Software, Inc. * | 6,323 | 699,640 |
Verint Systems, Inc. * | 4,367 | 184,287 |
VMware, Inc., Class A * | 3,842 | 459,849 |
29,188,757 | ||
Technology Hardware & Equipment 9.2% | ||
Anixter International, Inc. * | 1,893 | 130,049 |
Apple, Inc. (a) | 23,229 | 3,926,630 |
ARRIS International plc *(a) | 100,897 | 2,875,564 |
Benchmark Electronics, Inc. *(a) | 8,350 | 258,432 |
CDW Corp. | 10,357 | 724,990 |
Extreme Networks, Inc. * | 39,428 | 473,136 |
F5 Networks, Inc. * | 10,518 | 1,275,518 |
HP, Inc. (a) | 77,407 | 1,668,121 |
Jabil, Inc. | 84,245 | 2,382,449 |
Security | Number of Shares | Value ($) |
Juniper Networks, Inc. (a) | 158,122 | 3,926,169 |
NCR Corp. *(a) | 10,340 | 331,811 |
Seagate Technology plc | 11,856 | 438,316 |
Tech Data Corp. *(a) | 29,501 | 2,736,808 |
Western Digital Corp. | 7,164 | 639,530 |
Zebra Technologies Corp., Class A * | 11,541 | 1,338,641 |
23,126,164 | ||
Telecommunication Services 1.7% | ||
AT&T, Inc. (a) | 76,565 | 2,576,412 |
T-Mobile US, Inc. *(a) | 6,321 | 377,806 |
Telephone & Data Systems, Inc. (a) | 40,772 | 1,188,504 |
4,142,722 | ||
Transportation 0.5% | ||
Alaska Air Group, Inc. | 9,107 | 601,335 |
Ryder System, Inc. | 8,742 | 708,801 |
1,310,136 | ||
Utilities 3.0% | ||
CenterPoint Energy, Inc. | 63,001 | 1,863,570 |
FirstEnergy Corp. (a) | 144,651 | 4,766,250 |
PG&E Corp. | 9,500 | 548,815 |
UGI Corp. | 9,103 | 435,670 |
7,614,305 | ||
Total Common Stock | ||
(Cost $220,986,366) | 252,095,266 | |
Other Investment Company 0.2% of net assets | ||
Money Market Fund 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (b) | 495,697 | 495,697 |
Total Other Investment Company | ||
(Cost $495,697) | 495,697 |
Security | Number of Shares | Value ($) |
Short Sales (41.7%) of net assets | ||
Automobiles & Components (1.2%) | ||
Adient plc | 6,776 | (571,624) |
Tesla, Inc. * | 7,195 | (2,385,358) |
(2,956,982) | ||
Banks (2.1%) | ||
First Financial Bankshares, Inc. | 5,905 | (269,563) |
Flagstar Bancorp, Inc. * | 50,113 | (1,872,723) |
Nationstar Mortgage Holdings, Inc. * | 139,204 | (2,710,302) |
United Bankshares, Inc. | 14,324 | (514,948) |
(5,367,536) | ||
Capital Goods (4.7%) | ||
Air Lease Corp. | 27,691 | (1,203,174) |
Albany International Corp., Class A | 34,930 | (2,108,026) |
Granite Construction, Inc. | 9,864 | (628,238) |
John Bean Technologies Corp. | 4,020 | (429,738) |
Johnson Controls International plc | 31,414 | (1,300,225) |
KBR, Inc. | 21,536 | (422,752) |
Mercury Systems, Inc. * | 30,090 | (1,518,642) |
Proto Labs, Inc. * | 15,037 | (1,311,978) |
Wabtec Corp. | 37,244 | (2,849,166) |
(11,771,939) | ||
Commercial & Professional Services (1.4%) | ||
Healthcare Services Group, Inc. | 39,970 | (2,114,014) |
Verisk Analytics, Inc. * | 17,864 | (1,519,333) |
(3,633,347) | ||
Consumer Durables & Apparel (1.7%) | ||
G-III Apparel Group Ltd. * | 18,532 | (469,601) |
Meritage Homes Corp. * | 11,831 | (576,170) |
TRI Pointe Group, Inc. * | 176,819 | (3,127,928) |
(4,173,699) | ||
Consumer Services (2.4%) | ||
Caesars Entertainment Corp. * | 89,171 | (1,154,766) |
Eldorado Resorts, Inc. * | 49,367 | (1,268,732) |
ILG, Inc. | 79,789 | (2,367,339) |
Yum! Brands, Inc. | 16,086 | (1,197,603) |
(5,988,440) | ||
Diversified Financials (1.7%) | ||
Cboe Global Markets, Inc. | 15,336 | (1,733,888) |
LendingClub Corp. * | 176,045 | (1,001,696) |
PRA Group, Inc. * | 40,775 | (1,137,623) |
TD Ameritrade Holding Corp. | 6,370 | (318,436) |
(4,191,643) | ||
Energy (4.1%) | ||
Cheniere Energy, Inc. * | 44,040 | (2,058,430) |
Diamondback Energy, Inc. * | 6,580 | (705,113) |
Golar LNG Ltd. | 101,320 | (2,140,892) |
Helmerich & Payne, Inc. | 5,336 | (289,798) |
Matador Resources Co. * | 14,765 | (392,011) |
Security | Number of Shares | Value ($) |
Nabors Industries Ltd. | 69,732 | (392,591) |
Oasis Petroleum, Inc. * | 50,819 | (480,240) |
Parsley Energy, Inc., Class A * | 21,839 | (580,917) |
RSP Permian, Inc. * | 35,103 | (1,207,894) |
SM Energy Co. | 63,668 | (1,358,038) |
US Silica Holdings, Inc. | 20,651 | (630,062) |
(10,235,986) | ||
Food & Staples Retailing (0.4%) | ||
Casey's General Stores, Inc. | 6,761 | (774,608) |
PriceSmart, Inc. | 3,039 | (254,668) |
(1,029,276) | ||
Food, Beverage & Tobacco (0.5%) | ||
Altria Group, Inc. | 11,833 | (759,915) |
Cal-Maine Foods, Inc. * | 10,013 | (450,585) |
(1,210,500) | ||
Health Care Equipment & Services (1.9%) | ||
Acadia Healthcare Co., Inc. * | 13,653 | (428,158) |
DexCom, Inc. * | 16,012 | (720,060) |
HealthEquity, Inc. * | 9,251 | (464,585) |
ICU Medical, Inc. * | 1,705 | (325,825) |
Nevro Corp. * | 4,031 | (353,035) |
Novocure Ltd. * | 29,853 | (644,825) |
Penumbra, Inc. * | 18,744 | (1,884,709) |
(4,821,197) | ||
Household & Personal Products (1.0%) | ||
Coty, Inc., Class A | 79,053 | (1,217,416) |
WD-40 Co. | 11,747 | (1,302,155) |
(2,519,571) | ||
Insurance (0.3%) | ||
Kemper Corp. | 5,430 | (348,063) |
RLI Corp. | 5,798 | (342,604) |
(690,667) | ||
Materials (0.7%) | ||
Balchem Corp. | 4,998 | (421,281) |
Martin Marietta Materials, Inc. | 6,377 | (1,382,853) |
(1,804,134) | ||
Media (0.9%) | ||
Liberty Broadband Corp., Class A * | 26,537 | (2,287,755) |
Pharmaceuticals, Biotechnology & Life Sciences (2.3%) | ||
ACADIA Pharmaceuticals, Inc. * | 24,372 | (848,877) |
Accelerate Diagnostics, Inc. * | 23,211 | (460,738) |
Alnylam Pharmaceuticals, Inc. * | 8,222 | (1,001,769) |
Bluebird Bio, Inc. * | 4,979 | (692,579) |
Intercept Pharmaceuticals, Inc. * | 7,763 | (478,434) |
Juno Therapeutics, Inc. * | 7,284 | (327,124) |
Prothena Corp. plc * | 8,497 | (493,251) |
TESARO, Inc. * | 3,086 | (357,266) |
Ultragenyx Pharmaceutical, Inc. * | 22,312 | (1,028,360) |
(5,688,398) | ||
Security | Number of Shares | Value ($) |
Real Estate (2.0%) | ||
Acadia Realty Trust | 68,401 | (1,925,488) |
Life Storage, Inc. | 24,175 | (1,953,824) |
Weyerhaeuser Co. | 34,101 | (1,224,567) |
(5,103,879) | ||
Retailing (1.3%) | ||
CarMax, Inc. * | 17,804 | (1,337,080) |
Ollie's Bargain Outlet Holdings, Inc. * | 30,590 | (1,365,844) |
TripAdvisor, Inc. * | 13,643 | (511,612) |
(3,214,536) | ||
Semiconductors & Semiconductor Equipment (1.4%) | ||
Advanced Micro Devices, Inc. * | 93,674 | (1,029,009) |
Inphi Corp. * | 7,426 | (304,318) |
Integrated Device Technology, Inc. * | 29,403 | (913,551) |
MACOM Technology Solutions Holdings, Inc. * | 12,321 | (503,683) |
MaxLinear, Inc. * | 6,445 | (157,709) |
Power Integrations, Inc. | 6,223 | (500,018) |
Qorvo, Inc. * | 2,066 | (156,623) |
(3,564,911) | ||
Software & Services (5.2%) | ||
2U, Inc. * | 32,101 | (2,042,587) |
Autodesk, Inc. * | 14,232 | (1,778,431) |
Benefitfocus, Inc. * | 10,863 | (297,646) |
Blackline, Inc. * | 6,070 | (215,606) |
Callidus Software, Inc. * | 37,093 | (940,308) |
Ellie Mae, Inc. * | 15,757 | (1,417,342) |
FireEye, Inc. * | 61,205 | (1,035,589) |
Gigamon, Inc. * | 15,599 | (600,562) |
HubSpot, Inc. * | 4,733 | (409,641) |
Nutanix, Inc., Class A * | 12,511 | (356,563) |
Security | Number of Shares | Value ($) |
PTC, Inc. * | 10,801 | (717,726) |
Q2 Holdings, Inc. * | 27,838 | (1,184,507) |
WEX, Inc. * | 17,355 | (2,144,904) |
(13,141,412) | ||
Technology Hardware & Equipment (2.8%) | ||
Arista Networks, Inc. * | 3,607 | (721,003) |
Avnet, Inc. | 12,242 | (487,232) |
II-VI, Inc. * | 31,697 | (1,432,704) |
Infinera Corp. * | 258,154 | (2,160,749) |
Lumentum Holdings, Inc. * | 12,446 | (785,965) |
Pure Storage, Inc., Class A * | 43,617 | (716,627) |
Universal Display Corp. | 4,592 | (672,728) |
(6,977,008) | ||
Telecommunication Services (0.2%) | ||
Iridium Communications, Inc. * | 44,856 | (538,272) |
Transportation (0.4%) | ||
C.H. Robinson Worldwide, Inc. | 14,644 | (1,149,993) |
Utilities (1.1%) | ||
American States Water Co. | 10,703 | (575,286) |
New Jersey Resources Corp. | 6,369 | (283,102) |
Ormat Technologies, Inc. | 31,172 | (2,023,998) |
(2,882,386) | ||
Total Short Sales | ||
(Proceeds $99,637,600) | (104,943,467) |
* | Non-income producing security. |
(a) | All or a portion of this security is held as collateral for short sales. |
(b) | The rate shown is the 7-day yield. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $252,095,266 | $— | $— | $252,095,266 | |
Other Investment Company1 | 495,697 | — | — | 495,697 | |
Liabilities | |||||
Short Sales1 | (104,943,467) | — | — | (104,943,467) | |
Total | $147,647,496 | $— | $— | $147,647,496 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $221,482,063) | $252,590,963 | |
Deposit with broker for short sales | 103,811,429 | |
Receivables: | ||
Investments sold | 1,650,986 | |
Fund shares sold | 595,799 | |
Dividends | 179,257 | |
Prepaid expenses | + | 17,520 |
Total assets | 358,845,954 | |
Liabilities | ||
Securities sold short, at value (proceeds $99,637,600) | 104,943,467 | |
Payables: | ||
Investments bought | 1,651,800 | |
Investment adviser and administrator fees | 223,935 | |
Shareholder service fees | 47,735 | |
Fund shares redeemed | 208,599 | |
Dividends on short sales | 3,973 | |
Accrued expenses | + | 54,047 |
Total liabilities | 107,133,556 | |
Net Assets | ||
Total assets | 358,845,954 | |
Total liabilities | – | 107,133,556 |
Net assets | $251,712,398 | |
Net Assets by Source | ||
Capital received from investors | 211,023,980 | |
Net investment income not yet distributed | 124,921 | |
Net realized capital gains | 14,760,464 | |
Net unrealized capital appreciation | 25,803,033 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$251,712,398 | 14,259,142 | $17.65 | ||
Investment Income | ||
Dividends | $4,420,112* | |
Expenses | ||
Investment adviser and administrator fees | 2,580,735 | |
Shareholder service fees | 531,236 | |
Dividends on short sales | 761,857 | |
Professional fees | 37,750 | |
Portfolio accounting fees | 31,172 | |
Registration fees | 29,309 | |
Transfer agent fees | 25,942 | |
Shareholder reports | 25,114 | |
Custodian fees | 21,878 | |
Independent trustees’ fees | 8,424 | |
Interest expense | 1,145 | |
Other expenses | + | 5,573 |
Total expenses | 4,060,135 | |
Expense reduction by CSIM and its affiliates | – | 28,202 |
Net expenses | – | 4,031,933 |
Net investment income | 388,179 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 29,022,309 | |
Net realized gains on futures contracts | 170,443 | |
Net realized losses on short sales | + | (13,964,217) |
Net realized gains | 15,228,535 | |
Net change in unrealized appreciation (depreciation) on investments | 19,481,542 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 8,016 | |
Net change in unrealized appreciation (depreciation) on short sales | + | (9,692,177) |
Net change in unrealized appreciation (depreciation) | + | 9,797,381 |
Net realized and unrealized gains | 25,025,916 | |
Increase in net assets resulting from operations | $25,414,095 |
* | Includes stock loan fees and rebates net of $53,632. See financial note 2(c) for additional information. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $388,179 | $444,158 | ||
Net realized gains | 15,228,535 | 7,153,419 | ||
Net change in unrealized appreciation (depreciation) | + | 9,797,381 | (1,484,704) | |
Increase in net assets from operations | 25,414,095 | 6,112,873 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | — | (1,497,867) | ||
Distributions from net realized gains | + | (6,371,171) | (19,419,333) | |
Total distributions | ($6,371,171) | ($20,917,200) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,562,308 | $94,777,684 | 3,865,291 | $61,376,265 | ||||
Shares reinvested | 311,206 | 5,290,506 | 1,134,070 | 17,510,038 | ||||
Shares redeemed | + | (4,198,129) | (71,890,789) | (4,533,468) | (71,119,986) | |||
Net transactions in fund shares | 1,675,385 | $28,177,401 | 465,893 | $7,766,317 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 12,583,757 | $204,492,073 | 12,117,864 | $211,530,083 | ||||
Total increase or decrease | + | 1,675,385 | 47,220,325 | 465,893 | (7,038,010) | |||
End of period | 14,259,142 | $251,712,398 | 12,583,757 | $204,492,073 | ||||
Net investment income not yet distributed/Distributions in excess of net investment income | $124,921 | ($336,330) |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $21.56 | $26.68 | $28.19 | $24.57 | $20.59 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 1 | 0.19 1 | 0.14 1 | 0.23 | 0.22 | |
Net realized and unrealized gains (losses) | 4.24 | (1.52) | 1.78 | 5.84 | 6.26 | |
Total from investment operations | 4.45 | (1.33) | 1.92 | 6.07 | 6.48 | |
Less distributions: | ||||||
Distributions from net investment income | (0.20) | (0.16) | (0.21) | (0.19) | (0.33) | |
Distributions from net realized gains | (0.37) | (3.63) | (3.22) | (2.26) | (2.17) | |
Total distributions | (0.57) | (3.79) | (3.43) | (2.45) | (2.50) | |
Net asset value at end of period | $25.44 | $21.56 | $26.68 | $28.19 | $24.57 | |
Total return | 21.10% | (5.78%) | 7.26% | 27.06% | 35.46% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.81% | 0.80% | 0.79% | 0.80% | 0.82% | |
Gross operating expenses | 0.81% | 0.80% | 0.80% | 0.81% | 0.83% | |
Net investment income (loss) | 0.89% | 0.82% | 0.52% | 0.93% | 1.06% | |
Portfolio turnover rate | 42% | 54% | 75% | 57% | 54% | |
Net assets, end of period (x 1,000,000) | $853 | $853 | $1,118 | $1,064 | $816 | |
Security | Number of Shares | Value ($) |
Common Stock 99.8% of net assets | ||
Australia 1.4% | ||
Ansell Ltd. | 584,898 | 10,766,264 |
Cochlear Ltd. | 11,283 | 1,519,869 |
12,286,133 | ||
Denmark 4.2% | ||
Bavarian Nordic A/S * | 18,442 | 748,338 |
GN Store Nord A/S | 54,500 | 1,803,599 |
H. Lundbeck A/S | 112,006 | 6,658,510 |
Novo Nordisk A/S, Class B | 532,514 | 26,513,246 |
35,723,693 | ||
Finland 1.0% | ||
Orion Oyj, Class B | 206,670 | 8,470,342 |
France 0.6% | ||
Sanofi | 54,465 | 5,157,103 |
Germany 0.4% | ||
Evotec AG * | 173,374 | 3,689,337 |
Hong Kong 0.5% | ||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,122,000 | 405,903 |
Sino Biopharmaceutical Ltd. | 3,352,000 | 3,919,761 |
4,325,664 | ||
Ireland 3.2% | ||
Allergan plc | 59,761 | 10,591,442 |
Medtronic plc | 202,665 | 16,318,586 |
26,910,028 | ||
Italy 1.4% | ||
DiaSorin S.p.A. | 10,100 | 918,747 |
Recordati S.p.A. | 242,035 | 11,252,000 |
12,170,747 | ||
Japan 4.9% | ||
Astellas Pharma, Inc. | 945,200 | 12,579,531 |
Hoya Corp. | 340,200 | 18,483,314 |
Shionogi & Co., Ltd. | 201,100 | 10,826,634 |
41,889,479 | ||
Republic of Korea 0.4% | ||
Celltrion, Inc. * | 8,300 | 1,283,087 |
Hugel, Inc. * | 4,789 | 1,837,616 |
3,120,703 | ||
Security | Number of Shares | Value ($) |
Switzerland 5.9% | ||
Lonza Group AG * | 75,610 | 20,086,639 |
Novartis AG | 58,902 | 4,858,192 |
Roche Holding AG | 108,188 | 25,005,598 |
49,950,429 | ||
Taiwan 0.2% | ||
St. Shine Optical Co., Ltd. | 77,800 | 1,902,850 |
United Kingdom 2.9% | ||
GlaxoSmithKline plc | 1,053,343 | 18,904,695 |
Indivior plc * | 1,121,707 | 5,535,270 |
24,439,965 | ||
United States 72.8% | ||
Abbott Laboratories | 308,900 | 16,751,647 |
AbbVie, Inc. | 177,199 | 15,992,210 |
Acorda Therapeutics, Inc. * | 8,842 | 234,976 |
Agilent Technologies, Inc. | 249,100 | 16,946,273 |
Alexion Pharmaceuticals, Inc. * | 88,500 | 10,589,910 |
AMAG Pharmaceuticals, Inc. * | 160,500 | 2,519,850 |
Amgen, Inc. | 239,111 | 41,897,029 |
Analogic Corp. | 10,200 | 819,060 |
AngioDynamics, Inc. * | 78,500 | 1,332,145 |
Anthem, Inc. | 11,600 | 2,426,836 |
Baxter International, Inc. | 261,273 | 16,844,270 |
Becton, Dickinson & Co. | 32,100 | 6,698,307 |
Biogen, Inc. * | 65,014 | 20,262,263 |
Bioverativ, Inc. * | 30,400 | 1,717,600 |
Boston Scientific Corp. * | 185,900 | 5,231,226 |
Bristol-Myers Squibb Co. | 275,834 | 17,007,924 |
Catalent, Inc. * | 86,900 | 3,701,071 |
Celgene Corp. * | 289,106 | 29,191,033 |
Centene Corp. * | 30,026 | 2,812,535 |
Cigna Corp. | 18,100 | 3,569,682 |
Community Health Systems, Inc. * | 374,950 | 2,212,205 |
Danaher Corp. | 8,500 | 784,295 |
DaVita, Inc. * | 17,700 | 1,075,098 |
Eli Lilly & Co. | 240,229 | 19,684,364 |
Emergent BioSolutions, Inc. * | 249,700 | 10,235,203 |
Exelixis, Inc. * | 133,875 | 3,318,761 |
Express Scripts Holding Co. * | 276,060 | 16,919,717 |
Genomic Health, Inc. * | 259,283 | 8,501,890 |
Gilead Sciences, Inc. | 429,485 | 32,194,196 |
Haemonetics Corp. * | 180,028 | 8,562,132 |
Halyard Health, Inc. * | 249,000 | 10,495,350 |
Hill-Rom Holdings, Inc. | 128,200 | 10,347,022 |
Humana, Inc. | 47,700 | 12,180,195 |
Illumina, Inc. * | 6,800 | 1,395,292 |
Johnson & Johnson | 532,902 | 74,291,868 |
Ligand Pharmaceuticals, Inc. * | 2,700 | 392,445 |
Magellan Health, Inc. * | 10,600 | 904,180 |
Merck & Co., Inc. | 532,710 | 29,346,994 |
Meridian Bioscience, Inc. | 124,000 | 1,853,800 |
MiMedx Group, Inc. *(c) | 111,900 | 1,418,892 |
Pfizer, Inc. | 1,265,200 | 44,357,912 |
Security | Number of Shares | Value ($) |
Prestige Brands Holdings, Inc. * | 90,383 | 4,238,963 |
Quality Systems, Inc. * | 444,600 | 6,255,522 |
Quest Diagnostics, Inc. | 14,500 | 1,359,810 |
Quidel Corp. * | 53,100 | 2,174,445 |
Regeneron Pharmaceuticals, Inc. * | 11,100 | 4,469,082 |
Stryker Corp. | 34,600 | 5,358,502 |
Thermo Fisher Scientific, Inc. | 112,350 | 21,776,801 |
UnitedHealth Group, Inc. | 188,491 | 39,624,578 |
Vanda Pharmaceuticals, Inc. * | 50,500 | 792,850 |
Vertex Pharmaceuticals, Inc. * | 110,300 | 16,129,169 |
WellCare Health Plans, Inc. * | 28,876 | 5,709,940 |
Zimmer Biomet Holdings, Inc. | 30,293 | 3,684,235 |
Zoetis, Inc. | 45,800 | 2,922,956 |
621,514,511 | ||
Total Common Stock | ||
(Cost $623,265,369) | 851,550,984 | |
Other Investment Company 0.2% of net assets | ||
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 1,352,189 | 1,352,189 |
Total Other Investment Company | ||
(Cost $1,352,189) | 1,352,189 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.1% of net assets | ||
Time Deposit 0.1% | ||
Sumitomo Mitsui Banking Corp. | ||
U.S. Dollar | ||
0.60%, 11/01/17 (a) | 1,125,321 | 1,125,321 |
Total Short-Term Investment | ||
(Cost $1,125,321) | 1,125,321 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
(b) | The rate shown is the 7-day yield. |
(c) | All or a portion of this security is on loan. Securities on loan were valued at $1,347,947. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $648,424,539 | $— | $— | $648,424,539 | |
Australia | — | 12,286,133 | — | 12,286,133 | |
Denmark | — | 35,723,693 | — | 35,723,693 | |
Finland | — | 8,470,342 | — | 8,470,342 | |
France | — | 5,157,103 | — | 5,157,103 | |
Germany | — | 3,689,337 | — | 3,689,337 | |
Hong Kong | — | 4,325,664 | — | 4,325,664 | |
Italy | 11,252,000 | 918,747 | — | 12,170,747 | |
Japan | — | 41,889,479 | — | 41,889,479 | |
Republic of Korea | — | 3,120,703 | — | 3,120,703 | |
Switzerland | — | 49,950,429 | — | 49,950,429 | |
Taiwan | — | 1,902,850 | — | 1,902,850 | |
United Kingdom | — | 24,439,965 | — | 24,439,965 | |
Other Investment Company1 | 1,352,189 | — | — | 1,352,189 | |
Short-Term Investment1 | — | 1,125,321 | — | 1,125,321 | |
Total | $661,028,728 | $192,999,766 | $— | $854,028,494 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $624,390,690) including securities on loan of $1,347,947 | $852,676,305 | |
Collateral invested for securities on loan, at value (cost $1,352,189) | 1,352,189 | |
Deposit with broker for futures contracts | 462,000 | |
Receivables: | ||
Foreign tax reclaims | 673,799 | |
Dividends | 535,858 | |
Fund shares sold | 195,505 | |
Income from securities on loan | 1,057 | |
Interest | 19 | |
Prepaid expenses | + | 14,433 |
Total assets | 855,911,165 | |
Liabilities | ||
Collateral held for securities on loan | 1,352,189 | |
Payables: | ||
Investment adviser and administrator fees | 397,915 | |
Shareholder service fees | 186,864 | |
Fund shares redeemed | 649,635 | |
Accrued expenses | + | 81,495 |
Total liabilities | 2,668,098 | |
Net Assets | ||
Total assets | 855,911,165 | |
Total liabilities | – | 2,668,098 |
Net assets | $853,243,067 | |
Net Assets by Source | ||
Capital received from investors | 568,330,424 | |
Net investment income not yet distributed | 6,387,444 | |
Net realized capital gains | 50,244,618 | |
Net unrealized capital appreciation | 228,280,581 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$853,243,067 | 33,537,830 | $25.44 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $486,068) | $14,450,906 | |
Interest | 22,922 | |
Securities on loan, net | + | 34,500 |
Total investment income | 14,508,328 | |
Expenses | ||
Investment adviser and administrator fees | 4,513,951 | |
Shareholder service fees | 2,073,375 | |
Shareholder reports | 89,649 | |
Portfolio accounting fees | 55,654 | |
Custodian fees | 52,895 | |
Transfer agent fees | 47,121 | |
Professional fees | 32,886 | |
Registration fees | 29,459 | |
Independent trustees’ fees | 11,853 | |
Interest expense | 3,627 | |
Other expenses | + | 21,464 |
Total expenses | 6,931,934 | |
Expense reduction by CSIM and its affiliates | – | 47,121 |
Net expenses | – | 6,884,813 |
Net investment income | 7,623,515 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 50,703,907 | |
Net realized gains on futures contracts | 228,734 | |
Net realized losses on foreign currency transactions | + | (129,352) |
Net realized gains | 50,803,289 | |
Net change in unrealized appreciation (depreciation) on investments | 103,013,111 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 65,016 |
Net change in unrealized appreciation (depreciation) | + | 103,078,127 |
Net realized and unrealized gains | 153,881,416 | |
Increase in net assets resulting from operations | $161,504,931 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $7,623,515 | $8,080,909 | ||
Net realized gains | 50,803,289 | 13,851,929 | ||
Net change in unrealized appreciation (depreciation) | + | 103,078,127 | (78,198,470) | |
Increase (decrease) in net assets from operations | 161,504,931 | (56,265,632) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (7,795,978) | (6,691,995) | ||
Distributions from net realized gains | + | (13,907,780) | (149,840,338) | |
Total distributions | ($21,703,758) | ($156,532,333) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,602,137 | $61,859,539 | 2,833,641 | $64,956,918 | ||||
Shares reinvested | 885,124 | 19,145,216 | 6,099,701 | 139,195,182 | ||||
Shares redeemed | + | (9,509,826) | (220,486,601) | (11,272,005) | (256,438,361) | |||
Net transactions in fund shares | (6,022,565) | ($139,481,846) | (2,338,663) | ($52,286,261) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 39,560,395 | $852,923,740 | 41,899,058 | $1,118,007,966 | ||||
Total increase or decrease | + | (6,022,565) | 319,327 | (2,338,663) | (265,084,226) | |||
End of period | 33,537,830 | $853,243,067 | 39,560,395 | $852,923,740 | ||||
Net investment income not yet distributed | $6,387,444 | $6,748,836 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $9.20 | $9.62 | $9.77 | $9.82 | $7.90 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.22 1 | 0.19 1 | 0.29 1 | 0.20 | |
Net realized and unrealized gains (losses) | 2.08 | (0.45) | (0.01) | (0.08) | 1.93 | |
Total from investment operations | 2.30 | (0.23) | 0.18 | 0.21 | 2.13 | |
Less distributions: | ||||||
Distributions from net investment income | (0.23) | (0.19) | (0.15) | (0.26) | (0.21) | |
Distributions from net realized gains | — | — | (0.18) | — | — | |
Total distributions | (0.23) | (0.19) | (0.33) | (0.26) | (0.21) | |
Net asset value at end of period | $11.27 | $9.20 | $9.62 | $9.77 | $9.82 | |
Total return | 25.58% | (2.41%) | 2.05% | 2.20% | 27.70% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |
Gross operating expenses | 0.90% | 0.91% | 0.92% | 0.98% | 1.10% | |
Net investment income (loss) | 2.15% | 2.40% | 2.02% | 2.95% | 2.40% | |
Portfolio turnover rate | 85% | 90% | 87% | 90% | 75% | |
Net assets, end of period (x 1,000,000) | $1,227 | $772 | $679 | $423 | $147 | |
Security | Number of Shares | Value ($) |
Common Stock 97.6% of net assets | ||
Australia 5.6% | ||
Aristocrat Leisure Ltd. | 752,826 | 13,609,784 |
Australia & New Zealand Banking Group Ltd. | 93,904 | 2,154,960 |
BHP Billiton Ltd. | 193,955 | 3,993,300 |
carsales.com Ltd. | 204,076 | 2,143,080 |
CIMIC Group Ltd. | 88,826 | 3,295,345 |
Computershare Ltd. | 549,403 | 6,567,856 |
Fortescue Metals Group Ltd. | 463,040 | 1,646,387 |
National Australia Bank Ltd. | 806,515 | 20,208,175 |
Qantas Airways Ltd. | 2,866,164 | 13,527,230 |
Sandfire Resources NL | 240,000 | 1,056,734 |
68,202,851 | ||
Austria 0.3% | ||
CA Immobilien Anlagen AG | 33,253 | 949,001 |
Raiffeisen Bank International AG * | 87,990 | 3,059,951 |
4,008,952 | ||
Belgium 1.5% | ||
bpost S.A. | 75,292 | 2,122,787 |
KBC Group N.V. | 131,342 | 10,910,436 |
UCB S.A. | 71,025 | 5,170,328 |
18,203,551 | ||
Brazil 0.3% | ||
MRV Engenharia e Participacoes S.A. | 787,700 | 3,046,008 |
Canada 0.4% | ||
Enerflex Ltd. | 60,429 | 822,052 |
Manulife Financial Corp. | 120,400 | 2,420,879 |
Maple Leaf Foods, Inc. | 63,079 | 1,636,015 |
4,878,946 | ||
Denmark 3.2% | ||
Dfds A/S | 39,442 | 2,287,318 |
Novo Nordisk A/S, Class B | 293,547 | 14,615,360 |
Orsted A/S | 67,770 | 3,797,614 |
Sydbank A/S | 110,760 | 4,323,899 |
Vestas Wind Systems A/S | 165,178 | 14,582,702 |
39,606,893 | ||
Finland 0.3% | ||
UPM-Kymmene Oyj | 107,560 | 3,230,270 |
France 9.0% | ||
Air France-KLM * | 445,785 | 6,979,954 |
Atos SE | 20,028 | 3,110,663 |
BNP Paribas S.A. | 75,877 | 5,922,156 |
Casino Guichard Perrachon S.A. | 64,900 | 3,705,753 |
Security | Number of Shares | Value ($) |
Eiffage S.A. | 55,826 | 5,831,339 |
Gaztransport Et Technigaz S.A. | 91,177 | 4,462,669 |
Hermes International | 5,565 | 2,888,834 |
Ipsen S.A. | 50,535 | 6,110,061 |
L'Oreal S.A. | 46,257 | 10,295,116 |
LVMH Moet Hennessy Louis Vuitton SE | 17,500 | 5,219,604 |
Metropole Television S.A. | 192,466 | 4,449,560 |
Neopost S.A. | 102,156 | 3,765,534 |
Orange S.A. | 158,020 | 2,595,901 |
Peugeot S.A. | 270,307 | 6,413,183 |
Sanofi | 254,760 | 24,122,344 |
Thales S.A. | 32,172 | 3,352,754 |
TOTAL S.A. | 120,519 | 6,717,499 |
Veolia Environnement S.A. | 174,426 | 4,132,256 |
110,075,180 | ||
Germany 9.9% | ||
Allianz SE | 78,540 | 18,335,854 |
BASF SE | 145,053 | 15,862,028 |
Beiersdorf AG | 81,691 | 9,189,457 |
Continental AG | 24,829 | 6,318,834 |
Covestro AG | 241,930 | 23,256,622 |
Deutsche Lufthansa AG | 289,596 | 9,304,096 |
Deutz AG | 341,808 | 2,895,620 |
Fielmann AG | 27,099 | 2,381,135 |
HOCHTIEF AG | 7,476 | 1,320,587 |
Hugo Boss AG | 120,264 | 10,756,336 |
Pfeiffer Vacuum Technology AG | 21,968 | 3,527,501 |
Rheinmetall AG | 24,640 | 2,926,452 |
RWE AG * | 423,365 | 10,645,029 |
SAP SE | 32,486 | 3,711,931 |
Siltronic AG * | 9,000 | 1,343,229 |
121,774,711 | ||
Greece 0.1% | ||
Motor Oil (Hellas) Corinth Refineries S.A. | 61,444 | 1,470,825 |
Hong Kong 4.4% | ||
China Petroleum & Chemical Corp., Class H (b) | 10,530,000 | 7,732,371 |
China Railway Group Ltd., Class H (b) | 5,582,000 | 4,486,829 |
China Shenhua Energy Co., Ltd., Class H (b) | 2,417,000 | 5,782,112 |
CK Asset Holdings Ltd. | 534,000 | 4,394,730 |
Kingboard Chemical Holdings Ltd. | 2,060,500 | 12,227,120 |
Shanghai Industrial Holdings Ltd. | 1,380,000 | 4,239,314 |
Sino Biopharmaceutical Ltd. | 1,874,000 | 2,191,418 |
Sinopec Shanghai Petrochemical Co., Ltd., Class H (b) | 12,207,000 | 7,281,153 |
The Wharf Holdings Ltd. | 250,000 | 2,277,036 |
Weichai Power Co., Ltd., Class H (b) | 1,656,000 | 2,062,091 |
Zhejiang Expressway Co., Ltd., Class H (b) | 976,000 | 1,206,966 |
53,881,140 | ||
Security | Number of Shares | Value ($) |
Italy 1.1% | ||
Assicurazioni Generali S.p.A. | 80,980 | 1,473,816 |
DiaSorin S.p.A. | 12,500 | 1,137,064 |
Fiat Chrysler Automobiles N.V. * | 86,640 | 1,498,116 |
Moncler S.p.A. | 178,089 | 5,055,694 |
Recordati S.p.A. | 89,245 | 4,148,923 |
13,313,613 | ||
Japan 22.9% | ||
ANA Holdings, Inc. | 106,000 | 4,074,109 |
Aozora Bank Ltd. | 228,550 | 8,945,854 |
Astellas Pharma, Inc. | 823,000 | 10,953,188 |
Bandai Namco Holdings, Inc. | 158,800 | 5,441,766 |
Canon Marketing Japan, Inc. | 74,100 | 1,863,922 |
Central Japan Railway Co. | 15,945 | 2,896,356 |
Credit Saison Co., Ltd. | 104,800 | 2,110,181 |
Daiichikosho Co., Ltd. | 29,400 | 1,385,406 |
Daiwa House Industry Co., Ltd. | 111,200 | 4,075,802 |
Elecom Co., Ltd. | 69,100 | 1,384,670 |
Fujitsu Ltd. | 297,700 | 2,319,826 |
Haseko Corp. | 756,300 | 10,982,553 |
Hoya Corp. | 199,500 | 10,838,981 |
ITOCHU Corp. | 222,700 | 3,900,955 |
Japan Airlines Co., Ltd. | 340,700 | 11,661,241 |
Japan Securities Finance Co., Ltd. | 541,200 | 3,043,855 |
Kanamoto Co., Ltd. | 80,000 | 2,630,076 |
Kenedix Office Investment Corp. | 1,097 | 5,876,996 |
Kenedix, Inc. | 1,042,044 | 6,092,407 |
Kirin Holdings Co., Ltd. | 440,000 | 10,561,702 |
Matsumotokiyoshi Holdings Co., Ltd. | 40,900 | 2,941,244 |
Mitsubishi UFJ Financial Group, Inc. | 1,885,800 | 12,791,649 |
Mixi, Inc. | 152,900 | 7,454,163 |
MS&AD Insurance Group Holdings, Inc. | 40,600 | 1,379,276 |
Nexon Co., Ltd. * | 120,900 | 3,252,105 |
Nihon Unisys Ltd. | 258,052 | 4,274,447 |
Nippon Light Metal Holdings Co., Ltd. | 787,200 | 2,317,017 |
Omron Corp. | 65,000 | 3,642,306 |
ORIX Corp. | 1,007,700 | 17,325,993 |
Prima Meat Packers Ltd. | 307,000 | 2,006,103 |
Resona Holdings, Inc. | 1,108,200 | 5,990,185 |
Sankyu, Inc. | 169,180 | 6,994,443 |
Seino Holdings Co., Ltd. | 85,000 | 1,240,099 |
Shionogi & Co., Ltd. | 249,119 | 13,411,836 |
Showa Shell Sekiyu K.K. | 435,100 | 5,132,979 |
SoftBank Group Corp. | 91,200 | 8,082,338 |
Sony Corp. | 274,300 | 11,475,253 |
Subaru Corp. | 151,390 | 5,230,387 |
Suzuki Motor Corp. | 106,900 | 5,855,262 |
T-Gaia Corp. | 168,100 | 3,420,898 |
Taisei Corp. | 72,000 | 3,989,303 |
The Kansai Electric Power Co., Inc. | 445,900 | 6,106,196 |
TOKAI Holdings Corp. | 1,004,000 | 8,027,501 |
Tomy Co., Ltd. | 159,200 | 2,575,740 |
Toshiba TEC Corp. | 827,000 | 4,823,190 |
Tosoh Corp. | 380,000 | 8,200,679 |
Toyo Tire & Rubber Co., Ltd. | 120,000 | 2,715,186 |
Toyota Boshoku Corp. | 189,200 | 3,810,054 |
Ulvac, Inc. | 84,732 | 6,002,755 |
281,508,433 | ||
Netherlands 4.0% | ||
BE Semiconductor Industries N.V. | 84,180 | 6,615,051 |
Heineken Holding N.V. | 104,274 | 9,678,939 |
Koninklijke KPN N.V. | 485,979 | 1,672,191 |
Koninklijke Philips N.V. | 104,119 | 4,243,151 |
Security | Number of Shares | Value ($) |
RELX N.V. | 130,233 | 2,940,243 |
SBM Offshore N.V. | 143,953 | 2,569,002 |
Unilever N.V. CVA | 374,380 | 21,747,697 |
49,466,274 | ||
New Zealand 0.2% | ||
Spark New Zealand Ltd. | 826,000 | 2,081,120 |
Norway 0.7% | ||
Austevoll Seafood A.S.A. | 263,254 | 2,634,999 |
Telenor A.S.A. | 289,771 | 6,152,922 |
8,787,921 | ||
Republic of Korea 1.6% | ||
Hugel, Inc. * | 4,590 | 1,761,256 |
Samsung Electronics Co., Ltd. | 7,285 | 17,958,288 |
19,719,544 | ||
Singapore 1.8% | ||
CapitaLand Ltd. | 6,002,000 | 16,163,340 |
Singapore Technologies Engineering Ltd. | 2,313,000 | 5,905,009 |
22,068,349 | ||
South Africa 0.9% | ||
Mondi Ltd. | 474,295 | 11,377,042 |
Spain 1.6% | ||
ACS Actividades de Construccion y Servicios S.A. | 347,503 | 13,698,242 |
Banco Santander S.A. | 598,095 | 4,054,671 |
Mediaset Espana Comunicacion S.A. | 203,531 | 2,212,173 |
19,965,086 | ||
Sweden 1.6% | ||
Electrolux AB, B Shares | 90,895 | 3,212,827 |
Hemfosa Fastigheter AB | 272,296 | 3,308,294 |
JM AB | 324,994 | 8,575,270 |
Svenska Cellulosa AB, S.C.A., B Shares | 448,092 | 4,207,569 |
19,303,960 | ||
Switzerland 9.3% | ||
Adecco Group AG | 193,378 | 15,342,091 |
Cembra Money Bank AG * | 171,668 | 15,378,763 |
Inficon Holding AG * | 4,835 | 3,003,053 |
Nestle S.A. | 194,404 | 16,356,861 |
Pargesa Holding S.A. | 112,377 | 9,410,631 |
Roche Holding AG | 89,132 | 20,601,166 |
Schindler Holding AG | 10,624 | 2,407,473 |
SGS S.A. | 1,478 | 3,649,983 |
Sika AG | 600 | 4,440,882 |
Swiss Life Holding AG * | 20,402 | 7,091,108 |
Swisscom AG | 5,660 | 2,859,571 |
UBS Group AG * | 559,235 | 9,514,323 |
Zurich Insurance Group AG | 14,368 | 4,384,612 |
114,440,517 | ||
Security | Number of Shares | Value ($) |
Taiwan 0.6% | ||
CTBC Financial Holding Co., Ltd. | 7,783,000 | 4,983,158 |
HannStar Display Corp. | 5,469,000 | 2,124,087 |
7,107,245 | ||
United Kingdom 16.3% | ||
888 Holdings plc | 367,409 | 1,223,351 |
Aviva plc | 2,727,464 | 18,296,987 |
British American Tobacco plc | 24,376 | 1,574,929 |
Carnival plc | 255,471 | 16,842,759 |
Electrocomponents plc | 604,793 | 5,578,020 |
GlaxoSmithKline plc | 1,286,719 | 23,093,172 |
Grainger plc | 755,539 | 2,794,214 |
HSBC Holdings plc | 1,257,732 | 12,281,901 |
Imperial Brands plc | 201,726 | 8,224,681 |
Legal & General Group plc | 5,072,799 | 17,985,968 |
Lloyds Banking Group plc | 6,994,245 | 6,339,797 |
Mondi plc | 129,978 | 3,143,415 |
Moneysupermarket.com Group plc | 1,316,058 | 5,679,000 |
Old Mutual plc | 5,150,761 | 13,066,080 |
Paragon Banking Group plc | 2,231,479 | 14,082,771 |
Rio Tinto plc | 79,300 | 3,747,766 |
Royal Dutch Shell plc, B Shares | 674,200 | 21,707,399 |
SSE plc | 308,775 | 5,670,930 |
The Berkeley Group Holdings plc | 65,710 | 3,264,873 |
The British Land Co., plc | 633,587 | 5,058,686 |
Unilever plc | 179,889 | 10,195,020 |
199,851,719 | ||
Total Common Stock | ||
(Cost $1,060,410,823) | 1,197,370,150 | |
Security | Number of Shares | Value ($) |
Other Investment Company 1.9% of net assets | ||
Money Market Fund 1.9% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (a) | 23,357,999 | 23,357,999 |
Total Other Investment Company | ||
(Cost $23,357,999) | 23,357,999 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 100 | 10,037,000 | 203,804 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | Represents a China based company which is listed on the Hong Kong exchange and traded in Hong Kong dollars. |
CVA — | Dutch Certificate |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $— | $837,648,334 | $— | $837,648,334 | |
Austria | 949,001 | 3,059,951 | — | 4,008,952 | |
Brazil | 3,046,008 | — | — | 3,046,008 | |
Canada | 4,878,946 | — | — | 4,878,946 | |
Germany | 3,527,501 | 118,247,210 | — | 121,774,711 | |
Greece | 1,470,825 | — | — | 1,470,825 | |
Italy | 4,148,923 | 9,164,690 | — | 13,313,613 | |
South Africa | 11,377,042 | — | — | 11,377,042 | |
United Kingdom | 10,167,224 | 189,684,495 | — | 199,851,719 | |
Other Investment Company1 | 23,357,999 | — | — | 23,357,999 | |
Futures Contracts2 | 203,804 | — | — | 203,804 | |
Total | $63,127,273 | $1,157,804,680 | $— | $1,220,931,953 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,083,768,822) | $1,220,728,149 | |
Foreign currency, at value (cost $340,008) | 340,019 | |
Deposit with broker for futures contracts | 1,242,500 | |
Receivables: | ||
Fund shares sold | 3,516,985 | |
Dividends | 2,655,877 | |
Foreign tax reclaims | 1,110,702 | |
Variation margin on futures contracts | 37,500 | |
Prepaid expenses | + | 28,429 |
Total assets | 1,229,660,161 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,292,024 | |
Investment adviser and administrator fees | 519,837 | |
Shareholder service fees | 253,298 | |
Fund shares redeemed | 499,609 | |
Accrued expenses | + | 168,050 |
Total liabilities | 2,732,818 | |
Net Assets | ||
Total assets | 1,229,660,161 | |
Total liabilities | – | 2,732,818 |
Net assets | $1,226,927,343 | |
Net Assets by Source | ||
Capital received from investors | 1,068,212,582 | |
Net investment income not yet distributed | 20,102,206 | |
Net realized capital gains | 1,456,050 | |
Net unrealized capital appreciation | 137,156,505 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,226,927,343 | 108,821,803 | $11.27 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $2,649,823) | $28,056,986 | |
Expenses | ||
Investment adviser and administrator fees | 5,403,442 | |
Shareholder service fees | 2,282,390 | |
Custodian fees | 360,552 | |
Portfolio accounting fees | 79,344 | |
Shareholder reports | 78,003 | |
Registration fees | 67,152 | |
Professional fees | 46,663 | |
Transfer agent fees | 37,260 | |
Independent trustees’ fees | 12,086 | |
Interest expense | 1,697 | |
Other expenses | + | 23,374 |
Total expenses | 8,391,963 | |
Expense reduction by CSIM and its affiliates | – | 378,266 |
Net expenses | – | 8,013,697 |
Net investment income | 20,043,289 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 60,317,165 | |
Net realized gains on futures contracts | 2,416,831 | |
Net realized losses on foreign currency transactions | + | (209,217) |
Net realized gains | 62,524,779 | |
Net change in unrealized appreciation (depreciation) on investments | 122,013,904 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 267,173 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 73,704 |
Net change in unrealized appreciation (depreciation) | + | 122,354,781 |
Net realized and unrealized gains | 184,879,560 | |
Increase in net assets resulting from operations | $204,922,849 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $20,043,289 | $17,231,802 | ||
Net realized gains (losses) | 62,524,779 | (42,955,497) | ||
Net change in unrealized appreciation (depreciation) | + | 122,354,781 | 10,627,127 | |
Increase (decrease) in net assets from operations | 204,922,849 | (15,096,568) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($18,825,782) | ($13,757,023) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 45,026,202 | $469,685,880 | 32,702,600 | $293,413,982 | ||||
Shares reinvested | 1,739,337 | 15,723,609 | 1,360,473 | 12,393,908 | ||||
Shares redeemed | + | (21,803,712) | (216,356,541) | (20,795,558) | (184,509,327) | |||
Net transactions in fund shares | 24,961,827 | $269,052,948 | 13,267,515 | $121,298,563 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 83,859,976 | $771,777,328 | 70,592,461 | $679,332,356 | ||||
Total increase | + | 24,961,827 | 455,150,015 | 13,267,515 | 92,444,972 | |||
End of period | 108,821,803 | $1,226,927,343 | 83,859,976 | $771,777,328 | ||||
Net investment income not yet distributed | $20,102,206 | $17,033,702 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Core Equity Fund | Schwab Target 2045 Fund |
Schwab Dividend Equity Fund | Schwab Target 2050 Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2055 Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2060 Fund |
Schwab Hedged Equity Fund | Schwab Fundamental US Large Company Index Fund |
Schwab Health Care Fund | Schwab Fundamental US Small Company Index Fund |
Schwab International Core Equity Fund | Schwab Fundamental International Large Company Index Fund |
Schwab ® S&P 500 Index Fund | Schwab Fundamental International Small Company Index Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental Global Real Estate Index Fund |
Schwab International Index Fund® | Schwab Target 2010 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2015 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2020 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2025 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2030 Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2035 Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2040 Index Fund |
Schwab Balanced Fund™ | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2035 Fund | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Target 2040 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
% of Average Daily Net Assets | Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | Schwab International Core Equity Fund |
Flat rate | 0.47% | 0.62% | 0.72% | 0.81% | 1.05% | 0.58% |
% of Average Daily Net Assets | Schwab Health Care Fund |
First $500 million | 0.54% |
$500 million to $1 billion | 0.515% |
Over $1 billion | 0.49% |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | Schwab Health Care Fund | Schwab International Core Equity Fund |
0.75% | 0.89% | 0.99% | 1.12% | 1.33%* | 0.82% | 0.86% |
* | Excludes dividends and stock loan fees paid on securities sold short. |
Underlying Funds | |||||||
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Small-Cap Equity Fund | Schwab International Core Equity Fund | ||||
Schwab Balanced Fund | 5.7% | —% | —% | —% | |||
Schwab Monthly Income Fund - Enhanced Payout | —% | 1.3% | —% | —% | |||
Schwab Monthly Income Fund - Maximum Payout | —% | 0.4% | —% | —% | |||
Schwab Monthly Income Fund - Moderate Payout | —% | 0.9% | —% | —% | |||
Schwab Target 2010 Fund | 0.1% | 0.0%* | 0.1% | 0.2% | |||
Schwab Target 2015 Fund | 0.3% | 0.0%* | 0.2% | 0.3% | |||
Schwab Target 2020 Fund | 2.0% | 0.1% | 1.8% | 2.4% | |||
Schwab Target 2025 Fund | 2.3% | 0.3% | 2.2% | 2.5% | |||
Schwab Target 2030 Fund | 4.9% | 0.9% | 5.1% | 5.4% | |||
Schwab Target 2035 Fund | 2.4% | 0.6% | 2.7% | 2.7% | |||
Schwab Target 2040 Fund | 5.8% | 1.8% | 7.3% | 6.8% | |||
Schwab Target 2045 Fund | 0.7% | 0.3% | 1.0% | 0.9% | |||
Schwab Target 2050 Fund | 0.6% | 0.3% | 0.9% | 0.8% | |||
Schwab Target 2055 Fund | 0.4% | 0.2% | 0.6% | 0.5% | |||
Schwab Target 2060 Fund | 0.0%* | 0.0%* | 0.1% | 0.0%* |
* | Less than 0.05% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales/Maturities of Investment Securities:
Purchases of Securities | Sales/Maturities of Securities | |
Schwab Core Equity Fund | $1,867,546,452 | $2,067,695,195 |
Schwab Dividend Equity Fund | 1,042,018,047 | 1,404,508,600 |
Schwab Large-Cap Growth Fund | 188,204,312 | 209,717,982 |
Schwab Small-Cap Equity Fund | 609,926,641 | 672,728,153 |
Schwab Hedged Equity Fund* | 393,973,073 | 392,866,682 |
Schwab Health Care Fund | 357,505,440 | 510,764,946 |
Schwab International Core Equity Fund | 1,028,419,204 | 772,709,597 |
* | Including securities sold short. |
8. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab Core Equity Fund | $3,714,846 | 31 |
Schwab Dividend Equity Fund | 2,607,877 | 22 |
Schwab Large-Cap Growth Fund | 832,712 | 7 |
Schwab Small-Cap Equity Fund | 3,561,847 | 50 |
Schwab Hedged Equity Fund | 656,377 | 6 |
Schwab Health Care Fund | 2,736,028 | 22 |
Schwab International Core Equity Fund | 11,487,710 | 122 |
9. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Schwab Core Equity Fund | $1,679 | $21,676 |
Schwab Dividend Equity Fund | 11,570 | 10,131 |
Schwab Large-Cap Growth Fund | 2,514 | 590 |
Schwab Small-Cap Equity Fund | 4,073 | 4,174 |
Schwab Hedged Equity Fund | 9,890 | 4,852 |
Schwab Health Care Fund | 8,956 | 28,881 |
Schwab International Core Equity Fund | 3,125 | 20,115 |
10. Federal Income Taxes:
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | Schwab Health Care Fund | Schwab International Core Equity Fund | |||||||
Tax cost | $1,878,180,773 | $1,234,706,178 | $195,632,518 | $579,457,851 | $122,201,807 | $626,376,002 | $1,093,351,243 | ||||||
Gross unrealized appreciation | $509,590,727 | $273,095,635 | $64,564,674 | $114,431,054 | $55,425,970 | $250,685,118 | $144,176,751 | ||||||
Gross unrealized depreciation | (34,007,123) | (38,760,150) | (4,296,708) | (32,992,986) | (29,980,281) | (23,032,626) | (16,596,041) | ||||||
Net unrealized appreciation (depreciation) | $475,583,604 | $234,335,485 | $60,267,966 | $81,438,068 | $25,445,689 | $227,652,492 | $127,580,710 |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | |||||
Undistributed ordinary income | $100,064,119 | $49,214,888 | $8,526,630 | $20,942,807 | $124,921 | ||||
Undistributed long-term capital gains | 145,683,901 | 79,528,799 | 10,650,301 | 61,621,123 | 15,117,808 | ||||
Net unrealized appreciation (depreciation) on investments | 475,583,604 | 234,335,485 | 60,267,966 | 81,438,068 | 25,445,689 | ||||
Total | $721,331,624 | $363,079,172 | $79,444,897 | $164,001,998 | $40,688,418 |
Schwab Health Care Fund | Schwab International Core Equity Fund | ||
Undistributed ordinary income | $13,442,245 | $27,614,289 | |
Undistributed long-term capital gains | 43,822,940 | 3,526,388 | |
Net unrealized appreciation (depreciation) on investments | 227,652,492 | 127,580,710 | |
Net other unrealized appreciation (depreciation) | (5,034) | (6,626) | |
Total | $284,912,643 | $158,714,761 |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | |
Capital loss carryforwards utilized | $1,636,581 | $9,117,909 | $— | $5,776,732 | $— |
Schwab Health Care Fund | Schwab International Core Equity Fund | |
Capital loss carryforwards utilized | $— | $57,779,085 |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | |
Current period distributions | |||||
Ordinary income | $35,084,460 | $20,423,777 | $2,362,093 | $2,651,266 | $4,574,882 |
Long-term capital gains | — | — | 7,123,142 | — | 1,796,289 |
Prior period distributions | |||||
Ordinary income | $91,137,043 | $70,215,756 | $10,837,735 | $11,811,855 | $5,415,180 |
Long-term capital gains | 245,370,769 | 161,290,992 | 25,040,312 | 64,496,426 | 15,502,020 |
Schwab Health Care Fund | Schwab International Core Equity Fund | |
Current period distributions | ||
Ordinary income | $7,795,978 | $18,825,782 |
Long-term capital gains | 13,907,780 | — |
Prior period distributions | ||
Ordinary income | $61,724,249 | $13,757,023 |
Long-term capital gains | 94,808,084 | — |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | |
Capital shares | $— | $— | $— | $— | $— |
Undistributed net investment income | 200,113 | 343,475 | (21,065) | 1,311,275 | 73,072 |
Net realized capital gains (losses) | (200,113) | (343,475) | 21,065 | (1,311,275) | (73,072) |
Schwab Health Care Fund | Schwab International Core Equity Fund | |
Capital shares | $— | $— |
Undistributed net investment income | (188,929) | 1,850,997 |
Net realized capital gains (losses) | 188,929 | (1,850,997) |
11. Custody Out-of-Pocket Fee Reimbursement:
State Street to Fund | State Street to CSIM | |
Schwab Core Equity Fund | $618 | $3,030 |
Schwab Dividend Equity Fund | 131 | 1,433 |
Schwab Large-Cap Growth Fund | — | 1,391 |
Schwab Small-Cap Equity Fund | 101 | 1,383 |
Schwab Hedged Equity Fund | 194 | 1,194 |
Schwab Health Care Fund | — | 2,324 |
Schwab International Core Equity Fund | — | 5,806 |
12. Subsequent Events:
San Francisco, California
December 15, 2017
Percentage | |
Schwab Core Equity Fund | 88.35 |
Schwab Dividend Equity Fund | 55.71 |
Schwab Large-Cap Growth Fund | 88.54 |
Schwab Small-Cap Equity Fund | 60.99 |
Schwab Hedged Equity Fund | 63.09 |
Schwab Health Care Fund | 95.45 |
Schwab International Core Equity Fund | — |
Schwab Core Equity Fund | $31,058,080 |
Schwab Dividend Equity Fund | 11,619,647 |
Schwab Large-Cap Growth Fund | 2,096,796 |
Schwab Small-Cap Equity Fund | 1,661,323 |
Schwab Hedged Equity Fund | 2,966,930 |
Schwab Health Care Fund | 7,795,978 |
Schwab International Core Equity Fund | 21,047,063 |
Schwab Core Equity Fund | $— |
Schwab Dividend Equity Fund | — |
Schwab Large-Cap Growth Fund | 7,123,142 |
Schwab Small-Cap Equity Fund | — |
Schwab Hedged Equity Fund | 1,796,289 |
Schwab Health Care Fund | 13,907,780 |
Schwab International Core Equity Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
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Table of Contents
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Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Balanced Fund (Ticker Symbol: SWOBX) | 15.90% |
Balanced Blended Index | 14.48% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 13.46% |
Performance Details | pages 7-9 |
Minimum Initial Investment2 | $ 100 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | Please see the fund’s prospectus for further detail and eligibility requirements. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g21046img94b28bda2.jpg)
President and CEO of
Charles Schwab Investment
Management, Inc. and the
fund covered in this report.
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1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the management of the fund. She has served as portfolio manager of the fund since February 2012. Prior to joining CSIM in 2012, Ms. Tang was a product manager at Thomson Reuters and, from 1997 to 2009, worked as a portfolio manager at Barclays Global Investors, which was subsequently acquired by BlackRock. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Balanced Fund (11/18/96) | 15.90% | 9.41% | 5.60% |
Balanced Blended Index | 14.48% | 9.57% | 6.33% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 13.46% | 7.87% | 5.03% |
Fund Expense Ratios3: Net 0.62%; Gross 0.68% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.62% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | 7 |
Portfolio Turnover Rate | 28% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The holdings listed exclude any temporary liquidity investments. |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172,5 | Effective Expenses Paid During Period 5/1/17-10/31/174,5 | |
Schwab Balanced Fund | ||||||
Actual Return | 0.00% | 0.58% | $1,000.00 | $1,064.80 | $0.00 | $3.02 |
Hypothetical 5% Return | 0.00% | 0.58% | $1,000.00 | $1,025.20 | $0.00 | $2.96 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Based on the most recent six-month acquired fund fees and expense ratio; may differ from the acquired fund fees and expense ratio in the prospectus, which are based on estimated amounts for the current fiscal year. |
4 | Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
5 | Expenses for the fund 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.51 | $15.40 | $15.56 | $14.28 | $12.51 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.21 | 0.19 | 0.18 | 0.16 | 0.14 | |
Net realized and unrealized gains (losses) | 1.96 | 0.00 2 | 0.42 | 1.33 | 1.85 | |
Total from investment operations | 2.17 | 0.19 | 0.60 | 1.49 | 1.99 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.32) | (0.34) | (0.21) | (0.22) | |
Distributions from net realized gains | (0.86) | (0.76) | (0.42) | — | — | |
Total distributions | (1.08) | (1.08) | (0.76) | (0.21) | (0.22) | |
Net asset value at end of period | $15.60 | $14.51 | $15.40 | $15.56 | $14.28 | |
Total return | 15.90% | 1.41% | 3.95% | 10.52% | 16.13% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | — | 0.00% 4 | 0.00% 4 | 0.00% 4 | 0.00% 4 | |
Gross operating expenses3 | 0.06% | 0.06% | 0.07% | 0.09% | 0.10% | |
Net investment income (loss) | 1.39% | 1.34% | 1.18% | 1.09% | 1.06% | |
Portfolio turnover rate | 28% 5 | 19% | 5% | 27% | 33% | |
Net assets, end of period (x 1,000,000) | $386 | $282 | $305 | $202 | $165 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 98.3% of net assets | ||
Equity Funds 60.4% | ||
Large-Cap 50.3% | ||
Laudus U.S. Large Cap Growth Fund * | 2,755,633 | 59,108,330 |
Schwab Core Equity Fund | 5,525,048 | 134,590,159 |
193,698,489 | ||
Small-Cap 10.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,897,385 | 39,086,140 |
232,784,629 | ||
Fixed-Income Funds 36.5% | ||
Intermediate-Term Bond 36.5% | ||
Schwab Intermediate-Term Bond Fund | 4,160,907 | 41,817,118 |
Schwab U.S. Aggregate Bond Index Fund | 9,820,402 | 98,989,652 |
140,806,770 | ||
Security | Number of Shares | Value ($) |
Money Market Fund 1.4% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 5,224,167 | 5,225,734 |
Total Affiliated Underlying Funds | ||
(Cost $327,374,175) | 378,817,133 | |
Unaffiliated Underlying Funds 1.6% of net assets | ||
Money Market Fund 1.6% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (a) | 6,313,260 | 6,313,260 |
Total Unaffiliated Underlying Fund | ||
(Cost $6,313,260) | 6,313,260 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,668,454 | 359,611 | (130,680) | 1,897,385 | $7,029,670 | $420 | $383,137 |
Laudus U.S. Large Cap Growth Fund | 2,515,641 | 253,400 | (13,408) | 2,755,633 | 12,277,434 | (23,810) | 682,242 |
Schwab Core Equity Fund | 5,023,249 | 801,706 | (299,907) | 5,525,048 | 25,120,629 | (932,503) | 1,680,787 |
Schwab Intermediate-Term Bond Fund | 3,296,863 | 864,044 | — | 4,160,907 | (848,888) | — | 953,449 |
Schwab Total Bond Market Fund | 7,384,445 | 296,916 | (7,681,361) | — | (1,741,110) | 467,481 | 778,048 |
Schwab U.S. Aggregate Bond Index Fund | — | 9,968,380 | (147,978) | 9,820,402 | 119,998 | 2,466 | 1,179,957 |
Schwab Variable Share Price Money Fund, Ultra Shares | — | 9,222,967 | (3,998,800) | 5,224,167 | — | (300) | 28,628 |
Total | $41,957,733 | ($486,246) | $5,686,248 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $378,817,133 | $— | $— | $378,817,133 | |
Unaffiliated Underlying Fund1 | 6,313,260 | — | — | 6,313,260 | |
Total | $385,130,393 | $— | $— | $385,130,393 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $327,374,175) | $378,817,133 | |
Investments in unaffiliated issuers, at value (cost $6,313,260) | 6,313,260 | |
Receivables: | ||
Fund shares sold | 1,089,277 | |
Dividends | 266,269 | |
Due from investment adviser | 35,630 | |
Prepaid expenses | + | 19,082 |
Total assets | 386,540,651 | |
Liabilities | ||
Payables: | ||
Investments bought | 857,511 | |
Fund shares redeemed | 92,358 | |
Accrued expenses | + | 65,551 |
Total liabilities | 1,015,420 | |
Net Assets | ||
Total assets | 386,540,651 | |
Total liabilities | – | 1,015,420 |
Net assets | $385,525,231 | |
Net Assets by Source | ||
Capital received from investors | 333,931,802 | |
Net investment income not yet distributed | 2,261,130 | |
Net realized capital losses | (2,110,659) | |
Net unrealized capital appreciation | 51,442,958 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$385,525,231 | 24,705,622 | $15.60 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $4,445,501 | |
Dividends received from unaffiliated underlying funds | + | 43,633 |
Total investment income | 4,489,134 | |
Expenses | ||
Shareholder reports | 51,125 | |
Registration fees | 42,104 | |
Professional fees | 28,141 | |
Transfer agent fees | 23,232 | |
Portfolio accounting fees | 17,422 | |
Independent trustees’ fees | 8,820 | |
Custodian fees | 1,162 | |
Other expenses | + | 6,713 |
Total expenses | 178,719 | |
Expense reduction by CSIM | – | 178,719 |
Net expenses | – | — |
Net investment income | 4,489,134 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,240,747 | |
Net realized losses on sales of affiliated underlying funds | (486,246) | |
Net realized gains on investments* | + | 78,694 |
Net realized gains | 833,195 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 41,957,733 |
Net realized and unrealized gains | 42,790,928 | |
Increase in net assets resulting from operations | $47,280,062 |
* | Fund received litigation proceeds from an unaffiliated investment that was held in a prior period. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $4,489,134 | $3,835,878 | ||
Net realized gains | 833,195 | 19,437,795 | ||
Net change in unrealized appreciation (depreciation) | + | 41,957,733 | (19,051,501) | |
Increase in net assets from operations | 47,280,062 | 4,222,172 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (4,244,870) | (6,125,816) | ||
Distributions from net realized gains | + | (16,885,712) | (14,319,966) | |
Total distributions | ($21,130,582) | ($20,445,782) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 8,260,904 | $122,413,364 | 5,997,037 | $86,468,453 | ||||
Shares reinvested | 1,382,977 | 19,168,062 | 1,316,822 | 18,725,208 | ||||
Shares redeemed | + | (4,360,274) | (64,024,141) | (7,731,157) | (112,621,617) | |||
Net transactions in fund shares | 5,283,607 | $77,557,285 | (417,298) | ($7,427,956) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 19,422,015 | $281,818,466 | 19,839,313 | $305,470,032 | ||||
Total increase or decrease | + | 5,283,607 | 103,706,765 | (417,298) | (23,651,566) | |||
End of period | 24,705,622 | $385,525,231 | 19,422,015 | $281,818,466 | ||||
Net investment income not yet distributed | $2,261,130 | $1,863,577 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Balanced Fund | Schwab Target 2045 Fund |
Schwab ® S&P 500 Index Fund | Schwab Target 2050 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2055 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2060 Fund |
Schwab International Index Fund® | Schwab Fundamental US Large Company Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental US Small Company Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental International Large Company Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental International Small Company Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental Emerging Markets Large Company Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Fundamental Global Real Estate Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2010 Index Fund |
Schwab Core Equity Fund™ | Schwab Target 2015 Index Fund |
Schwab Dividend Equity Fund™ | Schwab Target 2020 Index Fund |
Schwab Large-Cap Growth Fund™ | Schwab Target 2025 Index Fund |
Schwab Small-Cap Equity Fund™ | Schwab Target 2030 Index Fund |
Schwab Hedged Equity Fund™ | Schwab Target 2035 Index Fund |
Schwab Health Care Fund™ | Schwab Target 2040 Index Fund |
Schwab ® International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2035 Fund | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Target 2040 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Laudus Small-Cap MarketMasters Fund, Select Shares | 20.8% |
Laudus U.S. Large Cap Growth Fund | 3.3% |
Schwab Core Equity Fund | 5.7% |
Schwab Intermediate-Term Bond Fund | 12.8% |
Schwab U.S. Aggregate Bond Index Fund | 6.3% |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.4% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales/Maturities of Investment Securities:
Purchases of Securities | Sales/Maturities of Securities |
$151,064,146 | $87,467,704 |
8. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) |
$1,999 | $6,464 |
9. Federal Income Taxes:
Tax cost | $336,242,851 |
Gross unrealized appreciation | $49,652,532 |
Gross unrealized depreciation | (764,990) |
Net unrealized appreciation (depreciation) | $48,887,542 |
Undistributed ordinary income | $2,261,130 |
Undistributed long-term capital gains | 444,757 |
Net unrealized appreciation (depreciation) on investments | 48,887,542 |
Total | $51,593,429 |
Current period distributions | |
Ordinary income | $6,186,610 |
Long-term capital gains | 14,943,972 |
Prior period distributions | |
Ordinary income | $6,797,035 |
Long-term capital gains | 13,648,747 |
Capital shares | $— |
Undistributed net investment income | 153,289 |
Net realized capital gains (losses) | (153,289) |
10. Custody Out-of-Pocket Fee Reimbursement:
State Street to Fund | State Street to CSIM | |
Schwab Balanced Fund | $— | $3,423 |
11. Subsequent Events:
San Francisco, California
December 15, 2017
1. | the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of CSIM and its affiliates dedicated to the Fund; |
2. | the Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | the Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
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00201783
Table of Contents
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Index Fund®
Index Fund®
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab S&P 500 Index Fund (Ticker Symbol: SWPPX) | 23.57% |
S&P 500® Index | 23.63% |
Fund Category: Morningstar Large Blend1 | 22.34% |
Performance Details | pages 7-9 |
Schwab 1000 Index Fund (Ticker Symbol: SNXFX) | 23.52% |
Schwab 1000 Index® | 23.61% |
Fund Category: Morningstar Large Blend1 | 22.34% |
Performance Details | pages 10-12 |
Schwab Small-Cap Index Fund (Ticker Symbol: SWSSX) | 27.84% |
Russell 2000® Index | 27.85% |
Fund Category: Morningstar Small Blend1 | 24.89% |
Performance Details | pages 13-15 |
Schwab Total Stock Market Index Fund (Ticker Symbol: SWTSX) | 23.89% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% |
Fund Category: Morningstar Large Blend1 | 22.34% |
Performance Details | pages 16-18 |
Schwab International Index Fund2 (Ticker Symbol: SWISX) | 23.76% |
MSCI EAFE® Index (Net)3 | 23.44% |
Fund Category: Morningstar Foreign Large Blend1 | 22.45% |
Performance Details | pages 19-21 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940imgd9b741bb2.jpg)
President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940img56cc39483.jpg)
1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Christopher Bliss, CFA, Vice President and Head of the Passive Equity Team, leads the portfolio management team for Schwab’s Passive Equity Funds and ETFs. He also has overall responsibility for all aspects of the management of the funds. Prior to joining CSIM in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a Managing Director and Head of Americas Institutional Index team. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan. |
![]() | Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining CSIM in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc. |
![]() | Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, and Schwab Total Stock Market Index Fund. Prior to joining CSIM in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors), where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and nearly two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California. |
![]() | Jane Qin, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining CSIM in 2012, Ms. Qin spent more than four years at The Bank of New York Mellon Corporation. During that time, Ms. Qin spent more than two years as an associate equity portfolio manager and nearly two years as a performance analyst. She also worked at Wells Fargo Funds Management as a mutual fund analyst and at CIGNA Reinsurance in Risk Management group as a risk analyst. |
![]() | David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. He joined CSIM in 2008 and became a Portfolio Manager in September 2014. Prior to this role, Mr. Rios served as an Associate Portfolio Manager on the Schwab Equity Index Strategies team for four years. His first role with CSIM was as a trade operation specialist. He also previously worked as a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation). |
![]() | Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, and Schwab Total Stock Market Index Fund. Prior to joining CSIM in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab S&P 500 Index Fund (5/19/97) | 23.57% | 15.08% | 7.47% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Large Blend3 | 22.34% | 13.70% | 6.62% |
Fund Expense Ratio4: 0.03% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On September 9, 2009, the Investor Share class, Select Share class and e.Shares class were combined into a single class of shares of the fund. The performance history of the fund prior to September 9, 2009 is that of the fund’s former Select Shares. On September 9, 2009, the Schwab Institutional Select S&P 500 Fund merged into the fund. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. |
Number of Holdings | 508 |
Weighted Average Market Cap (millions) | $192,278 |
Price/Earnings Ratio (P/E) | 22.6 |
Price/Book Ratio (P/B) | 3.1 |
Portfolio Turnover Rate | 2% |
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1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab 1000 Index Fund (4/2/91) | 23.52% | 14.84% | 7.35% |
Schwab 1000 Index® | 23.61% | 15.11% | 7.61% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Large Blend3 | 22.34% | 13.70% | 6.62% |
Fund Expense Ratio4: 0.05% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On September 18, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to September 18, 2009 is that of the fund’s former Investor Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. |
Number of Holdings | 976 2 |
Weighted Average Market Cap (millions) | $172,657 |
Price/Earnings Ratio (P/E) | 22.6 |
Price/Book Ratio (P/B) | 3.0 |
Portfolio Turnover Rate | 5% |
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1 | Excludes derivatives. |
2 | As a result of the Schwab 1000 Index’s once per year reconstitution and the effects of certain corporate actions, the fund may hold less than 1,000 securities. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940lg_2m27.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Index Fund (5/19/97) | 27.84% | 14.50% | 8.40% |
Russell 2000® Index | 27.85% | 14.49% | 7.63% |
Small-Cap Spliced Index | 27.85% | 14.49% | 8.41% |
Fund Category: Morningstar Small Blend3 | 24.89% | 13.40% | 7.07% |
Fund Expense Ratio4: 0.05% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On August 21, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to August 21, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. Effective March 1, 2017, the management fee was reduced to 0.05%. For more information, see financial note 4 or refer to the prospectus supplement dated March 1, 2017. |
Number of Holdings | 1,974 |
Weighted Average Market Cap (millions) | $2,256 |
Price/Earnings Ratio (P/E) | 21.8 |
Price/Book Ratio (P/B) | 2.2 |
Portfolio Turnover Rate | 11% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940img7c9c5cb815.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940img2266b6bf16.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940lg_2m40.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Total Stock Market Index Fund (6/1/99) | 23.89% | 14.99% | 7.73% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 7.67% |
Fund Category: Morningstar Large Blend3 | 22.34% | 13.70% | 6.62% |
Fund Expense Ratio4: 0.03% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On September 18, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to September 18, 2009 is that of the fund’s former Select Shares. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. |
Number of Holdings | 2,427 |
Weighted Average Market Cap (millions) | $159,319 |
Price/Earnings Ratio (P/E) | 22.2 |
Price/Book Ratio (P/B) | 2.9 |
Portfolio Turnover Rate | 2% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940imgedbbfe7917.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940img44d3ef2018.jpg)
1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
1 | Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index’s and fund’s securities. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940lg_2m26.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Index Fund (5/19/97) | 23.76% | 8.46% | 1.10% |
MSCI EAFE® Index (Net)3 | 23.44% | 8.53% | 1.10% |
International Spliced Index | 23.44% | 8.54% | 1.23% |
Fund Category: Morningstar Foreign Large Blend4 | 22.45% | 7.95% | 0.93% |
Fund Expense Ratio5: 0.06% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On August 21, 2009, the Investor Share class and Select Share class were combined into a single class of shares of the fund. The performance history of the fund prior to August 21, 2009 is that of the fund’s former Select Shares. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
4 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
5 | As stated in the prospectus. Effective March 1, 2017, the management fee was reduced to 0.06%. For more information, see financial note 4 or refer to the prospectus supplement dated March 1, 2017. |
Number of Holdings | 947 |
Weighted Average Market Cap (millions) | $62,862 |
Price/Earnings Ratio (P/E) | 17.1 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 3% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940imgffb08bbc19.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940img50a0ca2420.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g20940imgac7cd1d421.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172 | |
Schwab S&P 500 Index Fund | ||||
Actual Return | 0.03% | $1,000.00 | $1,090.80 | $0.16 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab 1000 Index Fund | ||||
Actual Return | 0.05% | $1,000.00 | $1,090.20 | $0.26 |
Hypothetical 5% Return | 0.05% | $1,000.00 | $1,024.95 | $0.26 |
Schwab Small-Cap Index Fund | ||||
Actual Return | 0.05% | $1,000.00 | $1,080.00 | $0.26 |
Hypothetical 5% Return | 0.05% | $1,000.00 | $1,024.95 | $0.26 |
Schwab Total Stock Market Index Fund | ||||
Actual Return | 0.03% | $1,000.00 | $1,088.70 | $0.16 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab International Index Fund | ||||
Actual Return | 0.06% | $1,000.00 | $1,109.30 | $0.32 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Expenses for each fund 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $33.38 | $33.00 | $31.99 | $27.78 | $22.35 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.74 1 | 0.69 1 | 0.67 1 | 0.56 | 0.52 | |
Net realized and unrealized gains (losses) | 6.99 | 0.69 | 0.92 | 4.13 | 5.40 | |
Total from investment operations | 7.73 | 1.38 | 1.59 | 4.69 | 5.92 | |
Less distributions: | ||||||
Distributions from net investment income | (0.69) | (0.68) | (0.58) | (0.48) | (0.49) | |
Distributions from net realized gains | (0.19) | (0.32) | — | — | — | |
Total distributions | (0.88) | (1.00) | (0.58) | (0.48) | (0.49) | |
Net asset value at end of period | $40.23 | $33.38 | $33.00 | $31.99 | $27.78 | |
Total return | 23.57% | 4.40% | 5.10% | 17.16% | 27.06% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.05% 2 | 0.09% | 0.09% | 0.09% | 0.09% | |
Gross operating expenses | 0.05% 2 | 0.09% | 0.09% | 0.09% | 0.09% | |
Net investment income (loss) | 2.01% | 2.12% | 2.07% | 1.89% | 2.10% | |
Portfolio turnover rate | 2% | 2% | 2% | 2% | 1% | |
Net assets, end of period (x 1,000,000) | $29,999 | $22,675 | $21,587 | $20,473 | $17,121 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.5% of net assets | ||||
Automobiles & Components 0.7% | ||||
Other Securities | 0.7 | 213,939,091 | ||
Banks 6.5% | ||||
Bank of America Corp. | 13,256,831 | 1.2 | 363,104,601 | |
Citigroup, Inc. | 3,676,617 | 0.9 | 270,231,349 | |
JPMorgan Chase & Co. | 4,749,031 | 1.6 | 477,800,009 | |
Wells Fargo & Co. | 6,030,309 | 1.1 | 338,541,547 | |
Other Securities | 1.7 | 504,289,807 | ||
6.5 | 1,953,967,313 | |||
Capital Goods 7.3% | ||||
3M Co. | 807,999 | 0.6 | 185,993,290 | |
General Electric Co. | 11,718,947 | 0.8 | 236,253,971 | |
Honeywell International, Inc. | 1,030,729 | 0.5 | 148,589,893 | |
The Boeing Co. | 751,854 | 0.6 | 193,963,295 | |
Other Securities | 4.8 | 1,430,125,024 | ||
7.3 | 2,194,925,473 | |||
Commercial & Professional Services 0.6% | ||||
Other Securities | 0.6 | 173,028,788 | ||
Consumer Durables & Apparel 1.1% | ||||
Other Securities | 1.1 | 342,799,953 | ||
Consumer Services 1.8% | ||||
McDonald's Corp. | 1,092,008 | 0.6 | 182,267,055 | |
Other Securities | 1.2 | 373,291,261 | ||
1.8 | 555,558,316 | |||
Diversified Financials 5.4% | ||||
Berkshire Hathaway, Inc., Class B * | 2,596,940 | 1.6 | 485,471,964 | |
The Charles Schwab Corp. (a) | 1,598,881 | 0.2 | 71,693,824 | |
Other Securities | 3.6 | 1,051,597,966 | ||
5.4 | 1,608,763,754 | |||
Energy 5.9% | ||||
Chevron Corp. | 2,554,634 | 1.0 | 296,056,534 | |
Exxon Mobil Corp. | 5,737,231 | 1.6 | 478,198,204 | |
Other Securities | 3.3 | 990,384,497 | ||
5.9 | 1,764,639,235 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.7% | ||||
Wal-Mart Stores, Inc. | 1,983,802 | 0.6 | 173,205,753 | |
Other Securities | 1.1 | 332,426,424 | ||
1.7 | 505,632,177 | |||
Food, Beverage & Tobacco 4.5% | ||||
Altria Group, Inc. | 2,599,591 | 0.6 | 166,945,734 | |
PepsiCo, Inc. | 1,934,883 | 0.7 | 213,282,153 | |
Philip Morris International, Inc. | 2,104,996 | 0.7 | 220,266,781 | |
The Coca-Cola Co. | 5,174,176 | 0.8 | 237,908,612 | |
Other Securities | 1.7 | 503,924,428 | ||
4.5 | 1,342,327,708 | |||
Health Care Equipment & Services 5.6% | ||||
Abbott Laboratories | 2,341,994 | 0.4 | 127,006,335 | |
Medtronic plc | 1,836,216 | 0.5 | 147,852,112 | |
UnitedHealth Group, Inc. | 1,309,810 | 0.9 | 275,348,258 | |
Other Securities | 3.8 | 1,144,547,036 | ||
5.6 | 1,694,753,741 | |||
Household & Personal Products 1.7% | ||||
The Procter & Gamble Co. | 3,445,280 | 1.0 | 297,465,475 | |
Other Securities | 0.7 | 219,092,388 | ||
1.7 | 516,557,863 | |||
Insurance 2.7% | ||||
Other Securities | 2.7 | 818,103,285 | ||
Materials 3.0% | ||||
DowDuPont, Inc. | 3,146,180 | 0.8 | 227,500,276 | |
Other Securities | 2.2 | 674,811,158 | ||
3.0 | 902,311,434 | |||
Media 2.7% | ||||
Comcast Corp., Class A | 6,370,428 | 0.8 | 229,526,521 | |
The Walt Disney Co. | 2,087,293 | 0.7 | 204,158,128 | |
Other Securities | 1.2 | 362,310,633 | ||
2.7 | 795,995,282 | |||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||||
AbbVie, Inc. | 2,147,986 | 0.6 | 193,855,737 | |
Amgen, Inc. | 989,359 | 0.6 | 173,355,484 | |
Bristol-Myers Squibb Co. | 2,213,364 | 0.5 | 136,476,024 | |
Gilead Sciences, Inc. | 1,760,750 | 0.4 | 131,985,820 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Johnson & Johnson | 3,630,375 | 1.7 | 506,110,579 | |
Merck & Co., Inc. | 3,703,614 | 0.7 | 204,032,095 | |
Pfizer, Inc. | 8,079,833 | 0.9 | 283,278,945 | |
Other Securities | 2.9 | 872,081,853 | ||
8.3 | 2,501,176,537 | |||
Real Estate 2.9% | ||||
Other Securities | 2.9 | 875,957,486 | ||
Retailing 5.5% | ||||
Amazon.com, Inc. * | 539,340 | 2.0 | 596,121,715 | |
The Home Depot, Inc. | 1,596,000 | 0.9 | 264,584,880 | |
The Priceline Group, Inc. * | 66,415 | 0.4 | 126,982,823 | |
Other Securities | 2.2 | 651,789,233 | ||
5.5 | 1,639,478,651 | |||
Semiconductors & Semiconductor Equipment 4.0% | ||||
Broadcom Ltd. | 549,460 | 0.5 | 145,007,989 | |
Intel Corp. | 6,355,105 | 1.0 | 289,093,727 | |
NVIDIA Corp. | 809,782 | 0.6 | 167,471,015 | |
Texas Instruments, Inc. | 1,344,854 | 0.4 | 130,033,933 | |
Other Securities | 1.5 | 471,466,682 | ||
4.0 | 1,203,073,346 | |||
Software & Services 14.5% | ||||
Alphabet, Inc., Class A * | 402,702 | 1.4 | 416,007,274 | |
Alphabet, Inc., Class C * | 408,475 | 1.4 | 415,272,024 | |
Facebook, Inc., Class A * | 3,205,910 | 1.9 | 577,256,155 | |
International Business Machines Corp. | 1,170,990 | 0.6 | 180,402,719 | |
MasterCard, Inc., Class A | 1,259,490 | 0.6 | 187,374,327 | |
Microsoft Corp. | 10,406,481 | 2.9 | 865,611,090 | |
Oracle Corp. | 4,100,146 | 0.7 | 208,697,431 | |
Visa, Inc., Class A | 2,470,600 | 0.9 | 271,716,588 | |
Other Securities | 4.1 | 1,215,821,813 | ||
14.5 | 4,338,159,421 | |||
Technology Hardware & Equipment 5.9% | ||||
Apple, Inc. | 6,982,625 | 3.9 | 1,180,342,930 | |
Cisco Systems, Inc. | 6,747,438 | 0.8 | 230,425,008 | |
Other Securities | 1.2 | 346,732,965 | ||
5.9 | 1,757,500,903 | |||
Telecommunication Services 1.9% | ||||
AT&T, Inc. | 8,307,602 | 0.9 | 279,550,807 | |
Verizon Communications, Inc. | 5,521,928 | 0.9 | 264,334,693 | |
Other Securities | 0.1 | 24,450,442 | ||
1.9 | 568,335,942 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 2.1% | ||||
Other Securities | 2.1 | 623,075,055 | ||
Utilities 3.2% | ||||
Other Securities | 3.2 | 947,024,611 | ||
Total Common Stock | ||||
(Cost $15,347,140,321) | 29,837,085,365 | |||
Other Investment Company 0.1% of net assets | ||||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 41,865,235 | ||
Total Other Investment Company | ||||
(Cost $41,865,235) | 41,865,235 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment 0.3% of net assets | ||||
Time Deposit 0.3% | ||||
Other Securities | 0.3 | 93,761,463 | ||
Total Short-Term Investments | ||||
(Cost $93,761,463) | 93,761,463 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/15/17 | 1,195 | 153,718,825 | 1,107,706 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $39,809,403. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 1,480,381 | 118,500 | — | 1,598,881 | $19,870,727 | $— | $478,254 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $29,837,085,365 | $— | $— | $29,837,085,365 | |
Other Investment Company1 | 41,865,235 | — | — | 41,865,235 | |
Short-Term Investments1 | — | 93,761,463 | — | 93,761,463 | |
Futures Contracts2 | 1,107,706 | — | — | 1,107,706 | |
Total | $29,880,058,306 | $93,761,463 | $— | $29,973,819,769 |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investment in affiliated issuer, at value (cost $27,444,152) | $71,693,824 | |
Investments in unaffiliated issuers, at value (cost $15,413,457,632) including securities on loan of $39,809,403 | 29,859,153,004 | |
Collateral invested for securities on loan, at value (cost $41,865,235) | 41,865,235 | |
Deposit with broker for futures contracts | 11,551,500 | |
Receivables: | ||
Fund shares sold | 52,804,828 | |
Dividends | 24,852,154 | |
Variation margin on futures contracts | 251,679 | |
Income from securities on loan | 51,654 | |
Interest | + | 1,563 |
Total assets | 30,062,225,441 | |
Liabilities | ||
Collateral held for securities on loan | 41,865,235 | |
Payables: | ||
Investment adviser fees | 755,661 | |
Fund shares redeemed | + | 20,944,045 |
Total liabilities | 63,564,941 | |
Net Assets | ||
Total assets | 30,062,225,441 | |
Total liabilities | – | 63,564,941 |
Net assets | $29,998,660,500 | |
Net Assets by Source | ||
Capital received from investors | 15,110,385,682 | |
Net investment income not yet distributed | 428,200,409 | |
Net realized capital losses | (30,978,341) | |
Net unrealized capital appreciation | 14,491,052,750 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$29,998,660,500 | 745,693,365 | $40.23 | ||
Investment Income | ||
Dividends received from affiliated issuer | $478,254 | |
Dividends received from unaffiliated issuers | 542,823,050 | |
Interest | 726,496 | |
Securities on loan, net | + | 481,022 |
Total investment income | 544,508,822 | |
Expenses 1 | ||
Investment adviser and administrator fees | 10,334,577 | |
Shareholder service fees | 1,495,075 | |
Transfer agent fees | 263,422 | |
Registration fees | 141,970 | |
Custodian fees | 138,935 | |
Portfolio accounting fees | 111,380 | |
Shareholder reports | 70,845 | |
Professional fees | 38,505 | |
Independent trustees’ fees | 38,386 | |
Index fees | 35,796 | |
Other expenses | + | 154,065 |
Total expenses | 12,822,956 | |
Expense reduction by CSIM and its affiliates | – | 263,422 |
Net expenses | – | 12,559,534 |
Net investment income | 531,949,288 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on unaffiliated issuers | (52,049,686) | |
Net realized gains on futures contracts | + | 42,406,209 |
Net realized losses | (9,643,477) | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 19,870,727 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 4,955,438,317 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 2,059,599 |
Net change in unrealized appreciation (depreciation) | + | 4,977,368,643 |
Net realized and unrealized gains | 4,967,725,166 | |
Increase in net assets resulting from operations | $5,499,674,454 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $531,949,288 | $464,358,826 | ||
Net realized gains (losses) | (9,643,477) | 135,865,002 | ||
Net change in unrealized appreciation (depreciation) | + | 4,977,368,643 | 367,870,298 | |
Increase in net assets from operations | 5,499,674,454 | 968,094,126 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (467,541,204) | (445,863,757) | ||
Distributions from net realized gains | + | (130,682,605) | (213,585,458) | |
Total distributions | ($598,223,809) | ($659,449,215) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 179,562,912 | $6,615,177,231 | 138,449,264 | $4,442,657,641 | ||||
Shares reinvested | 14,654,966 | 509,406,624 | 18,184,196 | 567,165,064 | ||||
Shares redeemed | + | (127,842,782) | (4,701,911,186) | (131,502,877) | (4,230,435,569) | |||
Net transactions in fund shares | 66,375,096 | $2,422,672,669 | 25,130,583 | $779,387,136 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 679,318,269 | $22,674,537,186 | 654,187,686 | $21,586,505,139 | ||||
Total increase | + | 66,375,096 | 7,324,123,314 | 25,130,583 | 1,088,032,047 | |||
End of period | 745,693,365 | $29,998,660,500 | 679,318,269 | $22,674,537,186 | ||||
Net investment income not yet distributed | $428,200,409 | $370,308,971 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $52.40 | $53.67 | $53.63 | $48.31 | $40.23 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 1.08 | 0.95 | 0.94 | 0.83 | 0.81 | |
Net realized and unrealized gains (losses) | 10.96 | 0.92 | 1.40 | 6.74 | 9.74 | |
Total from investment operations | 12.04 | 1.87 | 2.34 | 7.57 | 10.55 | |
Less distributions: | ||||||
Distributions from net investment income | (0.97) | (0.96) | (0.86) | (0.75) | (0.81) | |
Distributions from net realized gains | (0.86) | (2.18) | (1.44) | (1.50) | (1.66) | |
Total distributions | (1.83) | (3.14) | (2.30) | (2.25) | (2.47) | |
Net asset value at end of period | $62.61 | $52.40 | $53.67 | $53.63 | $48.31 | |
Total return | 23.52% | 3.87% | 4.66% | 16.36% | 27.85% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.12% 2 | 0.29% | 0.29% | 0.29% | 0.29% | |
Gross operating expenses | 0.14% 2 | 0.33% | 0.33% | 0.33% | 0.34% | |
Net investment income (loss) | 1.87% | 1.86% | 1.77% | 1.64% | 1.87% | |
Portfolio turnover rate | 5% | 3% | 4% | 4% | 4% | |
Net assets, end of period (x 1,000,000) | $7,681 | $6,432 | $6,550 | $6,586 | $5,887 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 1.0% | ||||
Other Securities | 1.0 | 77,186,114 | ||
Banks 6.6% | ||||
Bank of America Corp. | 3,042,141 | 1.1 | 83,324,242 | |
Citigroup, Inc. | 843,956 | 0.8 | 62,030,766 | |
JPMorgan Chase & Co. | 1,089,178 | 1.4 | 109,582,199 | |
Wells Fargo & Co. | 1,388,696 | 1.0 | 77,961,393 | |
Other Securities | 2.3 | 171,335,940 | ||
6.6 | 504,234,540 | |||
Capital Goods 7.5% | ||||
3M Co. | 182,554 | 0.5 | 42,022,105 | |
General Electric Co. | 2,680,102 | 0.7 | 54,030,856 | |
Honeywell International, Inc. | 239,099 | 0.4 | 34,468,512 | |
The Boeing Co. | 174,289 | 0.6 | 44,963,076 | |
Other Securities | 5.3 | 404,039,975 | ||
7.5 | 579,524,524 | |||
Commercial & Professional Services 0.7% | ||||
Other Securities | 0.7 | 53,093,360 | ||
Consumer Durables & Apparel 1.2% | ||||
Other Securities | 1.2 | 94,579,746 | ||
Consumer Services 2.1% | ||||
McDonald's Corp. | 249,636 | 0.5 | 41,666,745 | |
Other Securities | 1.6 | 116,037,218 | ||
2.1 | 157,703,963 | |||
Diversified Financials 5.4% | ||||
Berkshire Hathaway, Inc., Class B * | 592,512 | 1.4 | 110,764,193 | |
The Charles Schwab Corp. (a) | 375,265 | 0.2 | 16,826,883 | |
Other Securities | 3.8 | 283,345,089 | ||
5.4 | 410,936,165 | |||
Energy 5.7% | ||||
Chevron Corp. | 583,937 | 0.9 | 67,672,459 | |
Exxon Mobil Corp. | 1,307,363 | 1.4 | 108,968,706 | |
Other Securities | 3.4 | 263,465,935 | ||
5.7 | 440,107,100 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.6% | ||||
Wal-Mart Stores, Inc. | 458,627 | 0.5 | 40,042,723 | |
Other Securities | 1.1 | 78,871,028 | ||
1.6 | 118,913,751 | |||
Food, Beverage & Tobacco 4.3% | ||||
Altria Group, Inc. | 596,705 | 0.5 | 38,320,395 | |
PepsiCo, Inc. | 438,185 | 0.6 | 48,301,133 | |
Philip Morris International, Inc. | 476,865 | 0.6 | 49,899,154 | |
The Coca-Cola Co. | 1,200,348 | 0.7 | 55,192,001 | |
Other Securities | 1.9 | 135,106,380 | ||
4.3 | 326,819,063 | |||
Health Care Equipment & Services 5.4% | ||||
Abbott Laboratories | 537,201 | 0.4 | 29,132,410 | |
Medtronic plc | 418,622 | 0.4 | 33,707,443 | |
UnitedHealth Group, Inc. | 295,892 | 0.8 | 62,202,416 | |
Other Securities | 3.8 | 290,655,944 | ||
5.4 | 415,698,213 | |||
Household & Personal Products 1.6% | ||||
The Procter & Gamble Co. | 786,119 | 0.9 | 67,873,515 | |
Other Securities | 0.7 | 54,115,536 | ||
1.6 | 121,989,051 | |||
Insurance 3.0% | ||||
Other Securities | 3.0 | 229,488,751 | ||
Materials 3.3% | ||||
DowDuPont, Inc. | 726,220 | 0.7 | 52,512,968 | |
Other Securities | 2.6 | 203,512,422 | ||
3.3 | 256,025,390 | |||
Media 2.7% | ||||
Comcast Corp., Class A | 1,454,246 | 0.7 | 52,396,483 | |
The Walt Disney Co. | 472,460 | 0.6 | 46,211,313 | |
Other Securities | 1.4 | 107,999,618 | ||
2.7 | 206,607,414 | |||
Pharmaceuticals, Biotechnology & Life Sciences 7.9% | ||||
AbbVie, Inc. | 494,626 | 0.6 | 44,639,996 | |
Amgen, Inc. | 228,102 | 0.5 | 39,968,032 | |
Bristol-Myers Squibb Co. | 506,839 | 0.4 | 31,251,693 | |
Gilead Sciences, Inc. | 410,344 | 0.4 | 30,759,386 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Johnson & Johnson | 832,187 | 1.5 | 116,015,190 | |
Merck & Co., Inc. | 844,018 | 0.6 | 46,496,952 | |
Pfizer, Inc. | 1,842,351 | 0.8 | 64,592,826 | |
Other Securities | 3.1 | 235,381,236 | ||
7.9 | 609,105,311 | |||
Real Estate 3.7% | ||||
Other Securities | 3.7 | 282,651,340 | ||
Retailing 5.1% | ||||
Amazon.com, Inc. * | 122,991 | 1.8 | 135,939,493 | |
The Home Depot, Inc. | 369,035 | 0.8 | 61,178,622 | |
The Priceline Group, Inc. * | 15,246 | 0.4 | 29,149,742 | |
Other Securities | 2.1 | 163,364,159 | ||
5.1 | 389,632,016 | |||
Semiconductors & Semiconductor Equipment 3.9% | ||||
Broadcom Ltd. | 125,470 | 0.4 | 33,112,788 | |
Intel Corp. | 1,463,480 | 0.9 | 66,573,705 | |
NVIDIA Corp. | 185,599 | 0.5 | 38,383,729 | |
Texas Instruments, Inc. | 314,775 | 0.4 | 30,435,595 | |
Other Securities | 1.7 | 131,833,466 | ||
3.9 | 300,339,283 | |||
Software & Services 14.1% | ||||
Alphabet, Inc., Class A * | 92,588 | 1.2 | 95,647,108 | |
Alphabet, Inc., Class C * | 93,332 | 1.2 | 94,885,044 | |
Facebook, Inc., Class A * | 731,600 | 1.7 | 131,731,896 | |
International Business Machines Corp. | 265,740 | 0.5 | 40,939,904 | |
MasterCard, Inc., Class A | 291,210 | 0.6 | 43,323,312 | |
Microsoft Corp. | 2,384,438 | 2.6 | 198,337,553 | |
Oracle Corp. | 926,410 | 0.6 | 47,154,269 | |
Visa, Inc., Class A | 569,700 | 0.8 | 62,655,606 | |
Other Securities | 4.9 | 371,923,759 | ||
14.1 | 1,086,598,451 | |||
Technology Hardware & Equipment 5.8% | ||||
Apple, Inc. | 1,599,774 | 3.5 | 270,425,797 | |
Cisco Systems, Inc. | 1,554,615 | 0.7 | 53,090,102 | |
Other Securities | 1.6 | 125,132,523 | ||
5.8 | 448,648,422 | |||
Telecommunication Services 1.8% | ||||
AT&T, Inc. | 1,907,041 | 0.8 | 64,171,930 | |
Verizon Communications, Inc. | 1,261,257 | 0.8 | 60,376,372 | |
Other Securities | 0.2 | 14,466,720 | ||
1.8 | 139,015,022 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 2.1% | ||||
Other Securities | 2.1 | 159,040,486 | ||
Utilities 3.2% | ||||
Other Securities | 3.2 | 246,401,164 | ||
Total Common Stock | ||||
(Cost $2,019,916,823) | 7,654,338,640 | |||
Other Investment Companies 0.5% of net assets | ||||
Money Market Fund 0.2% | ||||
Other Securities | 0.2 | 19,076,675 | ||
Securities Lending Collateral 0.3% | ||||
Other Securities | 0.3 | 21,380,850 | ||
Total Other Investment Companies | ||||
(Cost $40,457,525) | 40,457,525 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/15/17 | 210 | 27,013,350 | 624,917 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $20,177,397. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 375,265 | — | — | 375,265 | $4,930,983 | $— | $116,332 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $7,654,338,640 | $— | $— | $7,654,338,640 | |
Other Investment Companies1 | 40,457,525 | — | — | 40,457,525 | |
Futures Contracts2 | 624,917 | — | — | 624,917 | |
Total | $7,695,421,082 | $— | $— | $7,695,421,082 |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investment in affiliated issuer, at value (cost $2,209,352) | $16,826,883 | |
Investments in unaffiliated issuers, at value (cost $2,036,784,146) including securities on loan of $20,177,397 | 7,656,588,432 | |
Collateral invested for securities on loan, at value (cost $21,380,850) | 21,380,850 | |
Deposit with broker for futures contracts | 1,129,500 | |
Receivables: | ||
Dividends | 6,104,275 | |
Fund shares sold | 2,971,681 | |
Variation margin on futures contracts | 44,853 | |
Income from securities on loan | + | 30,825 |
Total assets | 7,705,077,299 | |
Liabilities | ||
Collateral held for securities on loan | 21,380,850 | |
Payables: | ||
Investment adviser fees | 323,694 | |
Fund shares redeemed | + | 2,669,888 |
Total liabilities | 24,374,432 | |
Net Assets | ||
Total assets | 7,705,077,299 | |
Total liabilities | – | 24,374,432 |
Net assets | $7,680,702,867 | |
Net Assets by Source | ||
Capital received from investors | 1,726,888,865 | |
Net investment income not yet distributed | 106,037,341 | |
Net realized capital gains | 212,729,927 | |
Net unrealized capital appreciation | 5,635,046,734 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$7,680,702,867 | 122,670,134 | $62.61 | ||
Investment Income | ||
Dividends received from affiliated issuer | $116,332 | |
Dividends received from unaffiliated issuers (net of foreign withholding taxes of $8,191) | 141,444,918 | |
Securities on loan, net | + | 343,658 |
Total investment income | 141,904,908 | |
Expenses 1 | ||
Investment adviser and administrator fees | 7,333,602 | |
Shareholder service fees | 2,126,991 | |
Portfolio accounting fees | 41,874 | |
Shareholder reports | 39,639 | |
Transfer agent fees | 37,074 | |
Registration fees | 34,237 | |
Custodian fees | 31,009 | |
Professional fees | 21,518 | |
Independent trustees’ fees | 16,961 | |
Interest expense | 1,229 | |
Other expenses | + | 44,238 |
Total expenses | 9,728,372 | |
Expense reduction by CSIM and its affiliates | – | 858,722 |
Net expenses | – | 8,869,650 |
Net investment income | 133,035,258 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on unaffiliated issuers | 182,587,042 | |
Net realized gains on futures contracts | 8,242,115 | |
Net realized gains on foreign currency transactions | + | 520 |
Net realized gains | 190,829,677 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 4,930,983 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 1,153,310,605 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 623,284 |
Net change in unrealized appreciation (depreciation) | + | 1,158,864,872 |
Net realized and unrealized gains | 1,349,694,549 | |
Increase in net assets resulting from operations | $1,482,729,807 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $133,035,258 | $119,057,166 | ||
Net realized gains | 190,829,677 | 99,482,670 | ||
Net change in unrealized appreciation (depreciation) | + | 1,158,864,872 | 26,057,919 | |
Increase in net assets from operations | 1,482,729,807 | 244,597,755 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (118,201,282) | (116,634,011) | ||
Distributions from net realized gains | + | (104,593,102) | (264,435,992) | |
Total distributions | ($222,794,384) | ($381,070,003) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 8,174,082 | $469,813,117 | 7,018,989 | $351,323,719 | ||||
Shares reinvested | 3,447,950 | 186,706,519 | 6,609,034 | 324,569,655 | ||||
Shares redeemed | + | (11,718,276) | (668,209,704) | (12,905,052) | (656,886,870) | |||
Net transactions in fund shares | (96,244) | ($11,690,068) | 722,971 | $19,006,504 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 122,766,378 | $6,432,457,512 | 122,043,407 | $6,549,923,256 | ||||
Total increase or decrease | + | (96,244) | 1,248,245,355 | 722,971 | (117,465,744) | |||
End of period | 122,670,134 | $7,680,702,867 | 122,766,378 | $6,432,457,512 | ||||
Net investment income not yet distributed | $106,037,341 | $93,428,871 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $25.60 | $26.29 | $28.13 | $27.62 | $21.26 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.38 | 0.39 | 0.38 | 0.35 | 0.42 | |
Net realized and unrealized gains (losses) | 6.62 | 0.59 | (0.34) | 1.76 | 6.94 | |
Total from investment operations | 7.00 | 0.98 | 0.04 | 2.11 | 7.36 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.36) | (0.34) | (0.31) | (0.50) | |
Distributions from net realized gains | (0.76) | (1.31) | (1.54) | (1.29) | (0.50) | |
Total distributions | (1.15) | (1.67) | (1.88) | (1.60) | (1.00) | |
Net asset value at end of period | $31.45 | $25.60 | $26.29 | $28.13 | $27.62 | |
Total return | 27.84% | 4.17% | 0.36% | 8.08% | 36.23% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.09% 2 | 0.17% | 0.17% | 0.17% | 0.17% | |
Gross operating expenses | 0.10% 2 | 0.20% | 0.20% | 0.21% | 0.20% | |
Net investment income (loss) | 1.31% | 1.60% | 1.37% | 1.27% | 1.76% | |
Portfolio turnover rate | 11% | 17% | 17% | 12% | 11% | |
Net assets, end of period (x 1,000,000) | $3,531 | $2,619 | $2,607 | $2,567 | $2,351 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.4% of net assets | ||||
Automobiles & Components 1.3% | ||||
Dana, Inc. | 248,329 | 0.2 | 7,571,551 | |
Other Securities | 1.1 | 37,965,029 | ||
1.3 | 45,536,580 | |||
Banks 12.7% | ||||
Hancock Holding Co. | 144,326 | 0.2 | 7,035,892 | |
MGIC Investment Corp. * | 629,945 | 0.3 | 9,008,213 | |
Radian Group, Inc. | 369,340 | 0.2 | 7,741,366 | |
Sterling Bancorp | 372,130 | 0.3 | 9,321,856 | |
Texas Capital Bancshares, Inc. * | 86,400 | 0.2 | 7,434,720 | |
Umpqua Holdings Corp. | 376,388 | 0.2 | 7,700,898 | |
Wintrust Financial Corp. | 95,366 | 0.2 | 7,752,302 | |
Other Securities | 11.1 | 393,496,799 | ||
12.7 | 449,492,046 | |||
Capital Goods 9.9% | ||||
Curtiss-Wright Corp. | 75,740 | 0.3 | 8,956,255 | |
EMCOR Group, Inc. | 103,097 | 0.2 | 8,300,339 | |
Woodward, Inc. | 91,258 | 0.2 | 7,056,981 | |
Other Securities | 9.2 | 323,682,303 | ||
9.9 | 347,995,878 | |||
Commercial & Professional Services 3.7% | ||||
Other Securities | 3.7 | 130,744,771 | ||
Consumer Durables & Apparel 2.6% | ||||
Other Securities | 2.6 | 90,309,253 | ||
Consumer Services 3.9% | ||||
Grand Canyon Education, Inc. * | 80,875 | 0.2 | 7,239,121 | |
Other Securities | 3.7 | 129,931,033 | ||
3.9 | 137,170,154 | |||
Diversified Financials 2.9% | ||||
Other Securities | 2.9 | 102,805,749 | ||
Energy 3.6% | ||||
Other Securities | 3.6 | 126,470,065 | ||
Food & Staples Retailing 0.5% | ||||
Other Securities | 0.5 | 17,478,109 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food, Beverage & Tobacco 1.7% | ||||
Other Securities | 1.7 | 60,743,619 | ||
Health Care Equipment & Services 6.4% | ||||
HealthSouth Corp. | 168,100 | 0.2 | 7,756,134 | |
Masimo Corp. * | 76,500 | 0.2 | 6,713,640 | |
Medidata Solutions, Inc. * | 97,500 | 0.2 | 7,334,925 | |
Other Securities | 5.8 | 205,450,744 | ||
6.4 | 227,255,443 | |||
Household & Personal Products 0.4% | ||||
Other Securities | 0.4 | 14,666,924 | ||
Insurance 2.5% | ||||
CNO Financial Group, Inc. | 287,368 | 0.2 | 6,888,211 | |
Primerica, Inc. | 77,300 | 0.2 | 6,841,050 | |
Other Securities | 2.1 | 74,490,159 | ||
2.5 | 88,219,420 | |||
Materials 4.5% | ||||
Louisiana-Pacific Corp. * | 244,572 | 0.2 | 6,647,467 | |
Other Securities | 4.3 | 152,146,162 | ||
4.5 | 158,793,629 | |||
Media 1.3% | ||||
Other Securities | 1.3 | 44,960,496 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.2% | ||||
Bluebird Bio, Inc. * | 77,200 | 0.3 | 10,738,520 | |
Catalent, Inc. * | 212,999 | 0.3 | 9,071,627 | |
Exact Sciences Corp. * | 198,362 | 0.3 | 10,907,926 | |
PRA Health Sciences, Inc. * | 84,300 | 0.2 | 6,864,549 | |
Other Securities | 7.1 | 253,731,344 | ||
8.2 | 291,313,966 | |||
Real Estate 7.1% | ||||
Gramercy Property Trust | 259,222 | 0.2 | 7,698,893 | |
Healthcare Realty Trust, Inc. | 210,381 | 0.2 | 6,782,683 | |
Starwood Waypoint Homes | 216,300 | 0.2 | 7,853,853 | |
Other Securities | 6.5 | 227,489,773 | ||
7.1 | 249,825,202 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Retailing 2.7% | ||||
Other Securities | 2.7 | 96,574,526 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||||
Entegris, Inc. | 246,400 | 0.2 | 8,069,600 | |
Integrated Device Technology, Inc. * | 228,889 | 0.2 | 7,111,581 | |
MKS Instruments, Inc. | 92,989 | 0.3 | 10,103,255 | |
Monolithic Power Systems, Inc. | 68,300 | 0.2 | 8,310,061 | |
Silicon Laboratories, Inc. * | 70,550 | 0.2 | 6,695,195 | |
Other Securities | 2.4 | 82,696,137 | ||
3.5 | 122,985,829 | |||
Software & Services 8.7% | ||||
Aspen Technology, Inc. * | 127,699 | 0.2 | 8,239,139 | |
Blackbaud, Inc. | 81,469 | 0.2 | 8,252,810 | |
EPAM Systems, Inc. * | 84,383 | 0.2 | 7,691,510 | |
Fair Isaac Corp. | 51,391 | 0.2 | 7,459,918 | |
GrubHub, Inc. * | 145,576 | 0.3 | 8,883,048 | |
MAXIMUS, Inc. | 110,617 | 0.2 | 7,348,287 | |
Paycom Software, Inc. * | 84,407 | 0.2 | 6,938,255 | |
Proofpoint, Inc. * | 73,800 | 0.2 | 6,819,858 | |
Other Securities | 7.0 | 245,685,908 | ||
8.7 | 307,318,733 | |||
Technology Hardware & Equipment 5.1% | ||||
Littelfuse, Inc. | 38,600 | 0.2 | 8,067,400 | |
Lumentum Holdings, Inc. * | 105,200 | 0.2 | 6,643,380 | |
SYNNEX Corp. | 50,500 | 0.2 | 6,811,440 | |
Other Securities | 4.5 | 159,683,017 | ||
5.1 | 181,205,237 | |||
Telecommunication Services 0.9% | ||||
Other Securities | 0.9 | 30,196,344 | ||
Transportation 1.6% | ||||
Knight-Swift Transportation Holdings, Inc. * | 211,328 | 0.2 | 8,759,546 | |
Other Securities | 1.4 | 48,176,384 | ||
1.6 | 56,935,930 | |||
Utilities 3.7% | ||||
ALLETE, Inc. | 86,999 | 0.2 | 6,816,372 | |
IDACORP, Inc. | 85,743 | 0.2 | 7,890,928 | |
ONE Gas, Inc. | 88,200 | 0.2 | 6,789,636 | |
Portland General Electric Co. | 154,008 | 0.2 | 7,352,342 | |
Southwest Gas Holdings, Inc. | 80,196 | 0.2 | 6,607,348 | |
WGL Holdings, Inc. | 87,533 | 0.2 | 7,501,578 | |
Other Securities | 2.5 | 87,155,765 | ||
3.7 | 130,113,969 | |||
Total Common Stock | ||||
(Cost $2,369,360,215) | 3,509,111,872 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Media 0.0% | ||||
Other Securities | 0.0 | 14,516 | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||||
Other Securities | 0.0 | 334,026 | ||
Total Rights | ||||
(Cost $250,273) | 348,542 | |||
Other Investment Company 3.1% of net assets | ||||
Securities Lending Collateral 3.1% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 110,274,741 | 3.1 | 110,274,741 | |
Total Other Investment Company | ||||
(Cost $110,274,741) | 110,274,741 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment 0.3% of net assets | ||||
Time Deposit 0.3% | ||||
Barclays Capital, Inc. 0.60%, 11/01/17 (c) | 10,068,225 | 0.3 | 10,068,225 | |
Total Short-Term Investment | ||||
(Cost $10,068,225) | 10,068,225 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 252 | 18,934,020 | 18,045 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $107,544,231. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $3,247,512,494 | $— | $— | $3,247,512,494 | |
Diversified Financials | 102,520,149 | — | 285,600 | 102,805,749 | |
Materials | 158,793,629 | — | — * | 158,793,629 | |
Rights 1 | |||||
Media | — | — | 14,516 | 14,516 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 334,026 * | 334,026 | |
Other Investment Company1 | 110,274,741 | — | — | 110,274,741 | |
Short-Term Investment1 | — | 10,068,225 | — | 10,068,225 | |
Futures Contracts2 | 18,045 | — | — | 18,045 | |
Total | $3,619,119,058 | $10,068,225 | $634,142 | $3,629,821,425 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $2,379,678,713) including securities on loan of $107,544,231 | $3,519,528,639 | |
Collateral invested for securities on loan, at value (cost $110,274,741) | 110,274,741 | |
Deposit with broker for futures contracts | 1,870,000 | |
Receivables: | ||
Fund shares sold | 9,748,999 | |
Dividends | 1,005,088 | |
Income from securities on loan | 585,254 | |
Variation margin on futures contracts | 98,890 | |
Foreign tax reclaims | 1,110 | |
Interest | + | 168 |
Total assets | 3,643,112,889 | |
Liabilities | ||
Collateral held for securities on loan | 110,274,741 | |
Payables: | ||
Investments bought | 494,562 | |
Investment adviser fees | 149,285 | |
Fund shares redeemed | 1,190,584 | |
Due to custodian | + | 4,246 |
Total liabilities | 112,113,418 | |
Net Assets | ||
Total assets | 3,643,112,889 | |
Total liabilities | – | 112,113,418 |
Net assets | $3,530,999,471 | |
Net Assets by Source | ||
Capital received from investors | 2,236,103,613 | |
Net investment income not yet distributed | 29,935,898 | |
Net realized capital gains | 125,091,989 | |
Net unrealized capital appreciation | 1,139,867,971 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$3,530,999,471 | 112,273,730 | $31.45 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $11,342) | $38,582,098 | |
Interest | 123,532 | |
Securities on loan, net | + | 5,439,371 |
Total investment income | 44,145,001 | |
Expenses 1 | ||
Investment adviser and administrator fees | 2,550,246 | |
Shareholder service fees | 181,191 | |
Index fees | 124,772 | |
Registration fees | 38,248 | |
Portfolio accounting fees | 32,481 | |
Shareholder reports | 24,252 | |
Transfer agent fees | 19,587 | |
Custodian fees | 16,893 | |
Professional fees | 15,420 | |
Independent trustees’ fees | 6,218 | |
Other expenses | + | 18,357 |
Total expenses | 3,027,665 | |
Expense reduction by CSIM and its affiliates | – | 280,692 |
Net expenses | – | 2,746,973 |
Net investment income | 41,398,028 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 129,664,715 | |
Net realized gains on futures contracts | 7,377,927 | |
Net realized gains on foreign currency transactions | + | 2,836 |
Net realized gains | 137,045,478 | |
Net change in unrealized appreciation (depreciation) on investments | 562,673,821 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 625,537 |
Net change in unrealized appreciation (depreciation) | + | 563,299,358 |
Net realized and unrealized gains | 700,344,836 | |
Increase in net assets resulting from operations | $741,742,864 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $41,398,028 | $40,983,928 | ||
Net realized gains | 137,045,478 | 73,511,432 | ||
Net change in unrealized appreciation (depreciation) | + | 563,299,358 | (17,644,520) | |
Increase in net assets from operations | 741,742,864 | 96,850,840 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (39,963,730) | (36,921,658) | ||
Distributions from net realized gains | + | (77,932,853) | (133,048,449) | |
Total distributions | ($117,896,583) | ($169,970,107) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 27,293,118 | $793,122,741 | 19,812,273 | $485,854,730 | ||||
Shares reinvested | 3,628,372 | 102,973,212 | 6,229,806 | 148,954,660 | ||||
Shares redeemed | + | (20,947,140) | (607,654,132) | (22,912,471) | (550,233,981) | |||
Net transactions in fund shares | 9,974,350 | $288,441,821 | 3,129,608 | $84,575,409 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 102,299,380 | $2,618,711,369 | 99,169,772 | $2,607,255,227 | ||||
Total increase | + | 9,974,350 | 912,288,102 | 3,129,608 | 11,456,142 | |||
End of period | 112,273,730 | $3,530,999,471 | 102,299,380 | $2,618,711,369 | ||||
Net investment income not yet distributed | $29,935,898 | $29,632,152 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $38.19 | $37.69 | $36.96 | $32.53 | $25.80 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.80 1 | 0.75 1 | 0.72 1 | 0.60 | 0.57 | |
Net realized and unrealized gains (losses) | 8.19 | 0.75 | 0.83 | 4.49 | 6.70 | |
Total from investment operations | 8.99 | 1.50 | 1.55 | 5.09 | 7.27 | |
Less distributions: | ||||||
Distributions from net investment income | (0.74) | (0.70) | (0.61) | (0.51) | (0.54) | |
Distributions from net realized gains | (0.19) | (0.30) | (0.21) | (0.15) | — | |
Total distributions | (0.93) | (1.00) | (0.82) | (0.66) | (0.54) | |
Net asset value at end of period | $46.25 | $38.19 | $37.69 | $36.96 | $32.53 | |
Total return | 23.89% | 4.19% | 4.36% | 15.93% | 28.76% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.05% 2 | 0.09% | 0.09% | 0.09% | 0.09% | |
Gross operating expenses | 0.05% 2 | 0.10% | 0.11% | 0.10% | 0.10% | |
Net investment income (loss) | 1.89% | 2.03% | 1.92% | 1.79% | 2.02% | |
Portfolio turnover rate | 2% | 1% | 2% | 1% | 2% | |
Net assets, end of period (x 1,000,000) | $6,720 | $4,850 | $4,477 | $4,049 | $3,183 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 1.0% | ||||
Other Securities | 1.0 | 68,482,657 | ||
Banks 6.9% | ||||
Bank of America Corp. | 2,442,841 | 1.0 | 66,909,415 | |
Citigroup, Inc. | 679,026 | 0.7 | 49,908,411 | |
JPMorgan Chase & Co. | 881,811 | 1.3 | 88,719,005 | |
Wells Fargo & Co. | 1,118,288 | 0.9 | 62,780,688 | |
Other Securities | 3.0 | 193,602,323 | ||
6.9 | 461,919,842 | |||
Capital Goods 7.7% | ||||
3M Co. | 149,527 | 0.5 | 34,419,620 | |
General Electric Co. | 2,161,262 | 0.6 | 43,571,042 | |
Honeywell International, Inc. | 189,633 | 0.4 | 27,337,493 | |
The Boeing Co. | 138,455 | 0.5 | 35,718,621 | |
Other Securities | 5.7 | 377,060,647 | ||
7.7 | 518,107,423 | |||
Commercial & Professional Services 0.9% | ||||
Other Securities | 0.9 | 63,153,225 | ||
Consumer Durables & Apparel 1.3% | ||||
Other Securities | 1.3 | 90,292,334 | ||
Consumer Services 2.2% | ||||
McDonald's Corp. | 202,011 | 0.5 | 33,717,656 | |
Other Securities | 1.7 | 114,333,130 | ||
2.2 | 148,050,786 | |||
Diversified Financials 5.2% | ||||
Berkshire Hathaway, Inc., Class B * | 481,493 | 1.3 | 90,010,301 | |
The Charles Schwab Corp. (a) | 292,470 | 0.2 | 13,114,355 | |
Other Securities | 3.7 | 249,423,205 | ||
5.2 | 352,547,861 | |||
Energy 5.6% | ||||
Chevron Corp. | 473,554 | 0.8 | 54,880,173 | |
Exxon Mobil Corp. | 1,059,793 | 1.3 | 88,333,747 | |
Other Securities | 3.5 | 232,002,645 | ||
5.6 | 375,216,565 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.5% | ||||
Wal-Mart Stores, Inc. | 365,451 | 0.5 | 31,907,527 | |
Other Securities | 1.0 | 67,596,635 | ||
1.5 | 99,504,162 | |||
Food, Beverage & Tobacco 4.1% | ||||
Altria Group, Inc. | 476,932 | 0.5 | 30,628,573 | |
PepsiCo, Inc. | 356,744 | 0.6 | 39,323,891 | |
Philip Morris International, Inc. | 387,686 | 0.6 | 40,567,463 | |
The Coca-Cola Co. | 958,232 | 0.7 | 44,059,507 | |
Other Securities | 1.7 | 117,463,028 | ||
4.1 | 272,042,462 | |||
Health Care Equipment & Services 5.5% | ||||
Medtronic plc | 337,684 | 0.4 | 27,190,316 | |
UnitedHealth Group, Inc. | 241,043 | 0.8 | 50,672,059 | |
Other Securities | 4.3 | 288,766,599 | ||
5.5 | 366,628,974 | |||
Household & Personal Products 1.5% | ||||
The Procter & Gamble Co. | 634,051 | 0.8 | 54,743,963 | |
Other Securities | 0.7 | 47,410,677 | ||
1.5 | 102,154,640 | |||
Insurance 2.9% | ||||
Other Securities | 2.9 | 197,353,233 | ||
Materials 3.5% | ||||
DowDuPont, Inc. | 581,128 | 0.6 | 42,021,366 | |
Other Securities | 2.9 | 190,168,413 | ||
3.5 | 232,189,779 | |||
Media 2.7% | ||||
Comcast Corp., Class A | 1,177,598 | 0.6 | 42,428,856 | |
The Walt Disney Co. | 387,068 | 0.6 | 37,859,121 | |
Other Securities | 1.5 | 99,500,597 | ||
2.7 | 179,788,574 | |||
Pharmaceuticals, Biotechnology & Life Sciences 8.0% | ||||
AbbVie, Inc. | 397,487 | 0.5 | 35,873,202 | |
Amgen, Inc. | 182,408 | 0.5 | 31,961,530 | |
Bristol-Myers Squibb Co. | 409,053 | 0.4 | 25,222,208 | |
Gilead Sciences, Inc. | 325,689 | 0.4 | 24,413,647 | |
Johnson & Johnson | 670,923 | 1.4 | 93,533,375 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Merck & Co., Inc. | 681,916 | 0.6 | 37,566,752 | |
Pfizer, Inc. | 1,498,374 | 0.8 | 52,532,992 | |
Other Securities | 3.4 | 238,442,609 | ||
8.0 | 539,546,315 | |||
Real Estate 3.9% | ||||
Other Securities | 3.9 | 263,802,201 | ||
Retailing 4.9% | ||||
Amazon.com, Inc. * | 99,597 | 1.6 | 110,082,572 | |
The Home Depot, Inc. | 294,147 | 0.7 | 48,763,690 | |
Other Securities | 2.6 | 172,416,854 | ||
4.9 | 331,263,116 | |||
Semiconductors & Semiconductor Equipment 3.8% | ||||
Broadcom Ltd. | 100,566 | 0.4 | 26,540,373 | |
Intel Corp. | 1,177,951 | 0.8 | 53,584,991 | |
NVIDIA Corp. | 148,800 | 0.5 | 30,773,328 | |
Texas Instruments, Inc. | 249,573 | 0.4 | 24,131,214 | |
Other Securities | 1.7 | 121,997,707 | ||
3.8 | 257,027,613 | |||
Software & Services 13.8% | ||||
Alphabet, Inc., Class A * | 74,261 | 1.1 | 76,714,583 | |
Alphabet, Inc., Class C * | 75,323 | 1.1 | 76,576,375 | |
Facebook, Inc., Class A * | 591,989 | 1.6 | 106,593,539 | |
International Business Machines Corp. | 215,782 | 0.5 | 33,243,375 | |
MasterCard, Inc., Class A | 232,767 | 0.5 | 34,628,747 | |
Microsoft Corp. | 1,926,996 | 2.4 | 160,287,527 | |
Oracle Corp. | 753,631 | 0.6 | 38,359,818 | |
Visa, Inc., Class A | 455,677 | 0.7 | 50,115,356 | |
Other Securities | 5.3 | 351,220,294 | ||
13.8 | 927,739,614 | |||
Technology Hardware & Equipment 5.8% | ||||
Apple, Inc. | 1,292,094 | 3.3 | 218,415,570 | |
Cisco Systems, Inc. | 1,255,485 | 0.6 | 42,874,813 | |
Other Securities | 1.9 | 125,283,019 | ||
5.8 | 386,573,402 | |||
Telecommunication Services 1.8% | ||||
AT&T, Inc. | 1,536,151 | 0.8 | 51,691,481 | |
Verizon Communications, Inc. | 1,022,005 | 0.7 | 48,923,379 | |
Other Securities | 0.3 | 16,910,539 | ||
1.8 | 117,525,399 | |||
Transportation 2.0% | ||||
Other Securities | 2.0 | 135,686,557 | ||
Utilities 3.2% | ||||
Other Securities | 3.2 | 213,931,628 | ||
Total Common Stock | ||||
(Cost $3,877,020,389) | 6,700,528,362 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Media 0.0% | ||||
Other Securities | 0.0 | 1,527 | ||
Pharmaceuticals, Biotechnology & Life Sciences* 0.0% | ||||
Other Securities | 0.0 | 34,410 | ||
Technology Hardware & Equipment 0.0% | ||||
Other Securities | 0.0 | — | ||
Total Rights | ||||
(Cost $34,632) | 35,937 | |||
Other Investment Company 0.5% of net assets | ||||
Securities Lending Collateral 0.5% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 31,253,822 | 0.5 | 31,253,822 | |
Total Other Investment Company | ||||
(Cost $31,253,822) | 31,253,822 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.6% of net assets | ||||
Time Deposits 0.6% | ||||
Barclays Capital, Inc. 0.60%, 11/01/17 (d) | 33,317,646 | 0.5 | 33,317,646 | |
Other Securities | 0.1 | 9,810,091 | ||
0.6 | 43,127,737 | |||
Total Short-Term Investments | ||||
(Cost $43,127,737) | 43,127,737 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 36 | 2,704,860 | 14,544 | |
S&P 500 Index, e-mini, expires 12/15/17 | 119 | 15,307,565 | 64,529 | |
Net Unrealized Appreciation | 79,073 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $30,004,117. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
(e) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 250,126 | 42,344 | — | 292,470 | $3,457,111 | $— | $85,278 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $6,436,726,161 | $— | $— | $6,436,726,161 | |
Real Estate | 263,802,201 | — | — * | 263,802,201 | |
Rights 1 | |||||
Media | — | — | 1,527 | 1,527 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 34,410 * | 34,410 | |
Technology Hardware & Equipment | — | — | — * | — | |
Other Investment Company1 | 31,253,822 | — | — | 31,253,822 | |
Short-Term Investments1 | — | 43,127,737 | — | 43,127,737 | |
Futures Contracts2 | 79,073 | — | — | 79,073 | |
Total | $6,731,861,257 | $43,127,737 | $35,937 | $6,775,024,931 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investment in affiliated issuer, at value (cost $7,041,361) | $13,114,355 | |
Investments in unaffiliated issuers, at value (cost $3,913,141,397) including securities on loan of $30,004,117 | 6,730,577,681 | |
Collateral invested for securities on loan, at value (cost $31,253,822) | 31,253,822 | |
Deposit with broker for futures contracts | 3,282,500 | |
Receivables: | ||
Fund shares sold | 12,429,604 | |
Dividends | 4,961,923 | |
Variation margin on futures contracts | 137,216 | |
Income from securities on loan | 112,639 | |
Interest | 719 | |
Foreign tax reclaims | + | 159 |
Total assets | 6,795,870,618 | |
Liabilities | ||
Collateral held for securities on loan | 31,253,822 | |
Payables: | ||
Investments bought | 42,778,580 | |
Investment adviser fees | 168,862 | |
Fund shares redeemed | + | 1,585,790 |
Total liabilities | 75,787,054 | |
Net Assets | ||
Total assets | 6,795,870,618 | |
Total liabilities | – | 75,787,054 |
Net assets | $6,720,083,564 | |
Net Assets by Source | ||
Capital received from investors | 3,822,047,558 | |
Net investment income not yet distributed | 88,171,320 | |
Net realized capital losses | (13,723,665) | |
Net unrealized capital appreciation | 2,823,588,351 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$6,720,083,564 | 145,301,513 | $46.25 | ||
Investment Income | ||
Dividends received from affiliated issuer | $85,278 | |
Dividends received from unaffiliated issuers (net of foreign withholding taxes of $8,029) | 111,790,519 | |
Interest | 142,041 | |
Securities on loan, net | + | 1,274,468 |
Total investment income | 113,292,306 | |
Expenses 1 | ||
Investment adviser and administrator fees | 2,272,374 | |
Shareholder service fees | 332,580 | |
Index fees | 153,926 | |
Registration fees | 60,736 | |
Portfolio accounting fees | 43,387 | |
Transfer agent fees | 37,196 | |
Custodian fees | 36,526 | |
Shareholder reports | 31,618 | |
Professional fees | 17,574 | |
Independent trustees’ fees | 9,685 | |
Other expenses | + | 33,360 |
Total expenses | 3,028,962 | |
Expense reduction by CSIM and its affiliates | – | 199,955 |
Net expenses | – | 2,829,007 |
Net investment income | 110,463,299 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on unaffiliated issuers | 6,550,474 | |
Net realized gains on futures contracts | 8,235,742 | |
Net realized gains on foreign currency transactions | + | 458 |
Net realized gains | 14,786,674 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 3,457,111 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 1,089,679,519 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 471,023 |
Net change in unrealized appreciation (depreciation) | + | 1,093,607,653 |
Net realized and unrealized gains | 1,108,394,327 | |
Increase in net assets resulting from operations | $1,218,857,626 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $110,463,299 | $93,562,870 | ||
Net realized gains | 14,786,674 | 11,000,475 | ||
Net change in unrealized appreciation (depreciation) | + | 1,093,607,653 | 93,459,982 | |
Increase in net assets from operations | 1,218,857,626 | 198,023,327 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (94,787,157) | (84,938,610) | ||
Distributions from net realized gains | + | (24,251,175) | (36,762,493) | |
Total distributions | ($119,038,332) | ($121,701,103) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 34,191,936 | $1,448,154,476 | 23,096,907 | $842,649,529 | ||||
Shares reinvested | 2,290,335 | 91,911,175 | 2,656,745 | 94,819,269 | ||||
Shares redeemed | + | (18,204,725) | (770,224,655) | (17,507,062) | (640,225,552) | |||
Net transactions in fund shares | 18,277,546 | $769,840,996 | 8,246,590 | $297,243,246 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 127,023,967 | $4,850,423,274 | 118,777,377 | $4,476,857,804 | ||||
Total increase | + | 18,277,546 | 1,869,660,290 | 8,246,590 | 373,565,470 | |||
End of period | 145,301,513 | $6,720,083,564 | 127,023,967 | $4,850,423,274 | ||||
Net investment income not yet distributed | $88,171,320 | $74,346,707 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.52 | $18.49 | $19.42 | $19.92 | $16.32 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.55 1 | 0.53 1 | 0.54 1 | 0.64 | 0.49 | |
Net realized and unrealized gains (losses) | 3.49 | (1.03) | (0.86) | (0.63) | 3.69 | |
Total from investment operations | 4.04 | (0.50) | (0.32) | 0.01 | 4.18 | |
Less distributions: | ||||||
Distributions from net investment income | (0.55) | (0.47) | (0.61) | (0.51) | (0.58) | |
Net asset value at end of period | $21.01 | $17.52 | $18.49 | $19.42 | $19.92 | |
Total return | 23.76% | (2.64%) | (1.53%) | 0.09% | 26.40% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.10% 2 | 0.19% | 0.19% | 0.19% | 0.19% | |
Gross operating expenses | 0.11% 2 | 0.23% | 0.23% | 0.23% | 0.23% | |
Net investment income (loss) | 2.88% | 3.06% | 2.82% | 3.42% | 2.88% | |
Portfolio turnover rate | 3% | 4% | 7% | 2% | 5% | |
Net assets, end of period (x 1,000,000) | $4,128 | $2,900 | $2,844 | $2,699 | $2,205 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 98.4% of net assets | ||||
Australia 6.7% | ||||
Australia & New Zealand Banking Group Ltd. | 816,735 | 0.5 | 18,742,881 | |
BHP Billiton Ltd. | 887,695 | 0.4 | 18,276,571 | |
Commonwealth Bank of Australia | 481,921 | 0.7 | 28,667,181 | |
National Australia Bank Ltd. | 742,139 | 0.5 | 18,595,159 | |
Westpac Banking Corp. | 928,843 | 0.6 | 23,527,069 | |
Other Securities | 4.0 | 169,994,497 | ||
6.7 | 277,803,358 | |||
Austria 0.3% | ||||
Other Securities | 0.3 | 10,254,813 | ||
Belgium 1.2% | ||||
Anheuser-Busch InBev S.A./N.V. | 211,955 | 0.6 | 25,990,157 | |
Other Securities | 0.6 | 22,192,550 | ||
1.2 | 48,182,707 | |||
Denmark 1.8% | ||||
Novo Nordisk A/S, Class B | 517,440 | 0.6 | 25,762,729 | |
Other Securities | 1.2 | 50,240,217 | ||
1.8 | 76,002,946 | |||
Finland 0.9% | ||||
Other Securities | 0.9 | 39,040,210 | ||
France 10.6% | ||||
Airbus SE | 163,499 | 0.4 | 16,777,450 | |
AXA S.A. | 537,776 | 0.4 | 16,234,590 | |
BNP Paribas S.A. | 311,934 | 0.6 | 24,346,267 | |
LVMH Moet Hennessy Louis Vuitton SE | 77,689 | 0.6 | 23,171,759 | |
Sanofi | 317,470 | 0.7 | 30,060,137 | |
TOTAL S.A. | 655,110 | 0.9 | 36,514,582 | |
Other Securities | 7.0 | 290,599,798 | ||
10.6 | 437,704,583 | |||
Germany 9.1% | ||||
Allianz SE | 127,248 | 0.7 | 29,707,166 | |
BASF SE | 254,349 | 0.7 | 27,813,909 | |
Bayer AG | 229,755 | 0.7 | 29,886,259 | |
Daimler AG | 268,121 | 0.5 | 22,384,389 | |
Deutsche Telekom AG | 907,555 | 0.4 | 16,433,384 | |
SAP SE | 273,316 | 0.8 | 31,229,762 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Siemens AG | 212,635 | 0.7 | 30,541,340 | |
Other Securities | 4.6 | 187,999,558 | ||
9.1 | 375,995,767 | |||
Hong Kong 3.4% | ||||
AIA Group Ltd. | 3,357,400 | 0.6 | 25,299,617 | |
Other Securities | 2.8 | 113,612,559 | ||
3.4 | 138,912,176 | |||
Ireland 0.4% | ||||
Other Securities | 0.4 | 18,222,022 | ||
Israel 0.5% | ||||
Other Securities | 0.5 | 22,064,578 | ||
Italy 2.3% | ||||
Other Securities | 2.3 | 96,369,947 | ||
Japan 23.7% | ||||
Mitsubishi UFJ Financial Group, Inc. | 3,367,409 | 0.6 | 22,841,613 | |
SoftBank Group Corp. | 231,800 | 0.5 | 20,542,608 | |
Toyota Motor Corp. | 726,003 | 1.1 | 45,031,100 | |
Other Securities | 21.5 | 888,401,746 | ||
23.7 | 976,817,067 | |||
Netherlands 3.6% | ||||
ASML Holding N.V. | 104,048 | 0.5 | 18,773,301 | |
ING Groep N.V. | 1,083,040 | 0.5 | 20,013,998 | |
Unilever N.V. CVA | 456,625 | 0.6 | 26,525,301 | |
Other Securities | 2.0 | 84,906,338 | ||
3.6 | 150,218,938 | |||
New Zealand 0.2% | ||||
Other Securities | 0.2 | 6,029,598 | ||
Norway 0.7% | ||||
Other Securities | 0.7 | 28,234,709 | ||
Portugal 0.2% | ||||
Other Securities | 0.2 | 6,237,005 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Singapore 1.3% | ||||
Other Securities | 1.3 | 53,111,008 | ||
Spain 3.4% | ||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,872,711 | 0.4 | 16,375,864 | |
Banco Santander S.A. | 4,459,469 | 0.7 | 30,232,123 | |
Other Securities | 2.3 | 91,640,908 | ||
3.4 | 138,248,895 | |||
Sweden 2.8% | ||||
Other Securities | 2.8 | 116,971,832 | ||
Switzerland 7.9% | ||||
Nestle S.A. | 868,777 | 1.8 | 73,097,594 | |
Novartis AG | 621,455 | 1.2 | 51,257,131 | |
Roche Holding AG | 195,281 | 1.1 | 45,135,488 | |
UBS Group AG * | 1,017,399 | 0.4 | 17,309,115 | |
Other Securities | 3.4 | 138,058,419 | ||
7.9 | 324,857,747 | |||
United Kingdom 17.4% | ||||
AstraZeneca plc | 351,198 | 0.6 | 23,762,395 | |
BP plc | 5,460,868 | 0.9 | 37,039,198 | |
British American Tobacco plc | 643,188 | 1.0 | 41,556,264 | |
Diageo plc | 700,102 | 0.6 | 23,907,652 | |
GlaxoSmithKline plc | 1,366,035 | 0.6 | 24,516,682 | |
Glencore plc * | 3,383,035 | 0.4 | 16,317,052 | |
HSBC Holdings plc | 5,586,620 | 1.3 | 54,554,004 | |
Lloyds Banking Group plc | 20,167,527 | 0.4 | 18,280,462 | |
Prudential plc | 719,770 | 0.4 | 17,667,016 | |
Reckitt Benckiser Group plc | 184,964 | 0.4 | 16,548,109 | |
Rio Tinto plc | 341,266 | 0.4 | 16,128,440 | |
Royal Dutch Shell plc, A Shares | 1,251,725 | 1.0 | 39,404,030 | |
Royal Dutch Shell plc, B Shares | 1,046,164 | 0.8 | 33,683,624 | |
Unilever plc | 356,056 | 0.5 | 20,179,099 | |
Vodafone Group plc | 7,389,349 | 0.5 | 21,136,039 | |
Other Securities | 7.6 | 314,525,209 | ||
17.4 | 719,205,275 | |||
Total Common Stock | ||||
(Cost $3,137,345,040) | 4,060,485,181 | |||
Preferred Stock 0.6% of net assets | ||||
Germany 0.5% | ||||
Other Securities | 0.5 | 23,304,123 | ||
Italy 0.1% | ||||
Other Securities | 0.1 | 2,088,320 | ||
Total Preferred Stock | ||||
(Cost $21,356,947) | 25,392,443 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Spain 0.0% | ||||
Other Securities | 0.0 | 276,406 | ||
Total Rights | ||||
(Cost $271,849) | 276,406 | |||
Other Investment Company 0.5% of net assets | ||||
United States 0.5% | ||||
Securities Lending Collateral 0.5% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 21,252,836 | 0.5 | 21,252,836 | |
Total Other Investment Company | ||||
(Cost $21,252,836) | 21,252,836 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.4% of net assets | ||||
Time Deposits 0.4% | ||||
Sumitomo Mitsui Banking Corp. 0.60%, 11/01/17 (c) | 17,116,052 | 0.4 | 17,116,052 | |
Other Securities | 0.0 | 439,750 | ||
0.4 | 17,555,802 | |||
Total Short-Term Investments | ||||
(Cost $17,555,802) | 17,555,802 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 388 | 38,943,560 | 123,114 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $20,335,458. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $— | $1,086,316,513 | $— | $1,086,316,513 | |
Austria | 1,106,127 | 9,148,686 | — | 10,254,813 | |
Finland | 2,722,228 | 36,317,982 | — | 39,040,210 | |
France | 18,238,235 | 419,466,348 | — | 437,704,583 | |
Hong Kong | 3,610,067 | 135,302,109 | — | 138,912,176 | |
Ireland | 8,740,583 | 9,481,439 | — | 18,222,022 | |
Israel | 12,584,387 | 9,480,191 | — | 22,064,578 | |
Italy | 7,416,425 | 88,953,522 | — | 96,369,947 | |
Japan | 7,301,792 | 969,515,275 | — | 976,817,067 | |
Netherlands | 22,589,095 | 127,629,843 | — | 150,218,938 | |
New Zealand | 620,534 | 5,409,064 | — | 6,029,598 | |
Norway | 2,919,008 | 25,315,701 | — | 28,234,709 | |
Portugal | — | 6,237,005 | — * | 6,237,005 | |
Switzerland | 3,128,213 | 321,729,534 | — | 324,857,747 | |
United Kingdom | 12,283,052 | 706,894,296 | 27,927 | 719,205,275 | |
Preferred Stock1 | — | 25,392,443 | — | 25,392,443 | |
Rights 1 | 276,406 | — | — | 276,406 | |
Other Investment Company1 | 21,252,836 | — | — | 21,252,836 | |
Short-Term Investments1 | — | 17,555,802 | — | 17,555,802 | |
Futures Contracts2 | 123,114 | — | — | 123,114 | |
Total | $124,912,102 | $4,000,145,753 | $27,927 | $4,125,085,782 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $3,176,529,638) including securities on loan of $20,335,458 | $4,103,709,832 | |
Collateral invested for securities on loan, at value (cost $21,252,836) | 21,252,836 | |
Foreign currency, at value (cost $66,395) | 66,454 | |
Deposit with broker for futures contracts | 2,415,000 | |
Receivables: | ||
Fund shares sold | 9,922,611 | |
Dividends | 8,741,305 | |
Foreign tax reclaims | 5,034,327 | |
Variation margin on futures contracts | 134,455 | |
Income from securities on loan | 47,920 | |
Interest | + | 285 |
Total assets | 4,151,325,025 | |
Liabilities | ||
Collateral held for securities on loan | 21,252,836 | |
Payables: | ||
Investments bought | 89,972 | |
Investment adviser fees | 207,262 | |
Fund shares redeemed | + | 2,007,192 |
Total liabilities | 23,557,262 | |
Net Assets | ||
Total assets | 4,151,325,025 | |
Total liabilities | – | 23,557,262 |
Net assets | $4,127,767,763 | |
Net Assets by Source | ||
Capital received from investors | 3,251,176,312 | |
Net investment income not yet distributed | 71,292,514 | |
Net realized capital losses | (121,960,149) | |
Net unrealized capital appreciation | 927,259,086 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$4,127,767,763 | 196,454,529 | $21.01 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $9,457,771) | $101,373,668 | |
Interest | 92,014 | |
Securities on loan, net | + | 906,885 |
Total investment income | 102,372,567 | |
Expenses 1 | ||
Investment adviser and administrator fees | 2,955,892 | |
Shareholder service fees | 183,892 | |
Index fees | 182,167 | |
Custodian fees | 163,426 | |
Registration fees | 53,212 | |
Shareholder reports | 47,504 | |
Portfolio accounting fees | 37,308 | |
Professional fees | 18,505 | |
Transfer agent fees | 15,639 | |
Interest expense | 7,390 | |
Independent trustees’ fees | 6,395 | |
Other expenses | + | 18,699 |
Total expenses | 3,690,029 | |
Expense reduction by CSIM and its affiliates | – | 330,201 |
Net expenses | – | 3,359,828 |
Net investment income | 99,012,739 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (14,444,306) | |
Net realized gains on futures contracts | 7,098,669 | |
Net realized losses on foreign currency transactions | + | (362,460) |
Net realized losses | (7,708,097) | |
Net change in unrealized appreciation (depreciation) on investments | 642,784,878 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 551,767 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 405,323 |
Net change in unrealized appreciation (depreciation) | + | 643,741,968 |
Net realized and unrealized gains | 636,033,871 | |
Increase in net assets resulting from operations | $735,046,610 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $99,012,739 | $87,842,148 | ||
Net realized losses | (7,708,097) | (41,952,856) | ||
Net change in unrealized appreciation (depreciation) | + | 643,741,968 | (119,132,636) | |
Increase (decrease) in net assets from operations | 735,046,610 | (73,243,344) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($92,318,949) | ($77,100,360) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 67,629,186 | $1,284,202,843 | 64,054,024 | $1,096,906,593 | ||||
Shares reinvested | 4,417,331 | 75,315,502 | 3,569,073 | 61,423,757 | ||||
Shares redeemed | + | (41,099,900) | (774,927,371) | (55,915,117) | (951,870,981) | |||
Net transactions in fund shares | 30,946,617 | $584,590,974 | 11,707,980 | $206,459,369 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 165,507,912 | $2,900,449,128 | 153,799,932 | $2,844,333,463 | ||||
Total increase | + | 30,946,617 | 1,227,318,635 | 11,707,980 | 56,115,665 | |||
End of period | 196,454,529 | $4,127,767,763 | 165,507,912 | $2,900,449,128 | ||||
Net investment income not yet distributed | $71,292,514 | $63,872,618 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab S&P 500 Index Fund | Schwab Target 2045 Fund |
Schwab Small-Cap Index Fund | Schwab Target 2050 Fund |
Schwab Total Stock Market Index Fund | Schwab Target 2055 Fund |
Schwab International Index Fund | Schwab Target 2060 Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental US Large Company Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental US Small Company Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental International Large Company Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental International Small Company Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Fundamental Emerging Markets Large Company Index Fund |
Laudus International MarketMasters Fund™ | Schwab Fundamental Global Real Estate Index Fund |
Schwab Balanced Fund™ | Schwab Target 2010 Index Fund |
Schwab Core Equity Fund™ | Schwab Target 2015 Index Fund |
Schwab Dividend Equity Fund™ | Schwab Target 2020 Index Fund |
Schwab Large-Cap Growth Fund™ | Schwab Target 2025 Index Fund |
Schwab Small-Cap Equity Fund™ | Schwab Target 2030 Index Fund |
Schwab Hedged Equity Fund™ | Schwab Target 2035 Index Fund |
Schwab Health Care Fund™ | Schwab Target 2040 Index Fund |
Schwab ® International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund – Moderate Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund – Enhanced Payout |
Schwab Target 2035 Fund | Schwab® Monthly Income Fund – Maximum Payout |
Schwab Target 2040 Fund | |
SCHWAB INVESTMENTS (ORGANIZED OCTOBER 26, 1990) | |
Schwab 1000 Index Fund | Schwab® Short-Term Bond Index Fund |
Schwab Intermediate-Term Bond Fund™ | Schwab Tax-Free Bond Fund™ |
Schwab GNMA Fund™ | Schwab California Tax-Free Bond Fund™ |
Schwab ® Treasury Inflation Protected Securities Index Fund | Schwab Global Real Estate Fund™ |
Schwab ® U.S. Aggregate Bond Index Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund |
0.03% | 0.05% | 0.05% | 0.03% | 0.06% |
% of Average Daily Net Assets | Schwab 1000 Index Fund |
First $500 million | 0.30% |
$500 million to $5 billion | 0.22% |
$5 billion to $10 billion | 0.20% |
Over $10 billion | 0.18% |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund |
0.04% | 0.10% | 0.08% | 0.04% | 0.09% |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund |
0.02% | 0.10% | 0.02% | 0.02% | 0.02% |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund |
0.09% | 0.29% | 0.17% | 0.09% | 0.19% |
Underlying Funds | |||||||
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab International Index Fund | ||||
Schwab MarketTrack All Equity Portfolio | 0.7% | —% | 3.3% | 2.2% | |||
Schwab MarketTrack Balanced Portfolio | 0.4% | —% | 1.6% | 0.9% | |||
Schwab MarketTrack Conservative Portfolio | 0.1% | —% | 0.5% | 0.3% | |||
Schwab MarketTrack Growth Portfolio | 0.7% | —% | 3.2% | 1.8% | |||
Schwab MarketTrack Growth Portfolio II | 0.0%* | 0.0%* | 0.2% | 0.1% | |||
Schwab Target 2010 Fund | 0.0%* | —% | —% | —% | |||
Schwab Target 2015 Fund | 0.0%* | —% | —% | —% | |||
Schwab Target 2020 Fund | 0.3% | —% | —% | —% | |||
Schwab Target 2025 Fund | 0.3% | —% | —% | —% | |||
Schwab Target 2030 Fund | 0.6% | —% | —% | —% | |||
Schwab Target 2035 Fund | 0.3% | —% | —% | —% | |||
Schwab Target 2040 Fund | 0.6% | —% | —% | —% | |||
Schwab Target 2045 Fund | 0.1% | —% | —% | —% | |||
Schwab Target 2050 Fund | 0.1% | —% | —% | —% | |||
Schwab Target 2055 Fund | 0.0%* | —% | —% | —% | |||
Schwab Target 2060 Fund | 0.0%* | —% | —% | —% |
* | Less than 0.05% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab S&P 500 Index Fund | $162,740,519 | ($18,649,590) |
Schwab 1000 Index Fund | 117,562,482 | 17,607,537 |
Schwab Small-Cap Index Fund | 40,888,123 | (6,425,481) |
Schwab Total Stock Market Index Fund | 68,823,576 | (6,532,941) |
Schwab International Index Fund | 539,659 | — |
5. Board of Trustees:
6. Borrowing from Banks:
7. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab S&P 500 Index Fund | $191,234,289 | 1,617 |
Schwab 1000 Index Fund | 48,506,693 | 411 |
Schwab Small-Cap Index Fund | 25,724,285 | 343 |
Schwab Total Stock Market Index Fund | 32,167,485 | 295 |
Schwab International Index Fund | 35,286,534 | 385 |
8. Purchases and Sales/Maturities of Investment Securities:
Purchases of Securities | Sales/Maturities of Securities | |
Schwab S&P 500 Index Fund | $3,003,479,598 | $507,375,190 |
Schwab 1000 Index Fund | 370,650,754 | 413,529,467 |
Schwab Small-Cap Index Fund | 748,243,010 | 356,684,649 |
Schwab Total Stock Market Index Fund | 952,640,235 | 113,454,160 |
Schwab International Index Fund | 702,013,771 | 105,006,373 |
9. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Schwab S&P 500 Index Fund | $110,332 | $369,401 |
Schwab 1000 Index Fund | 8,551 | 27,980 |
Schwab Small-Cap Index Fund | 13,135 | 12,505 |
Schwab Total Stock Market Index Fund | 35,265 | 54,925 |
Schwab International Index Fund | 13,908 | 46,804 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | |||||
Tax cost | $15,526,220,262 | $2,037,560,022 | $2,503,523,340 | $3,981,127,727 | $3,260,966,091 | ||||
Gross unrealized appreciation | $14,838,222,231 | $5,681,509,253 | $1,313,509,321 | $2,908,492,813 | $1,020,515,918 | ||||
Gross unrealized depreciation | (390,622,724) | (23,648,193) | (187,211,236) | (114,595,609) | (156,396,227) | ||||
Net unrealized appreciation (depreciation) | $14,447,599,507 | $5,657,861,060 | $1,126,298,085 | $2,793,897,204 | $864,119,691 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | |||||
Undistributed ordinary income | $440,675,311 | $106,037,341 | $48,963,499 | $93,046,239 | $102,236,502 | ||||
Undistributed long-term capital gains | — | 189,915,600 | 119,634,274 | 11,092,563 | — | ||||
Net unrealized appreciation (depreciation) on investments | 14,447,599,507 | 5,657,861,060 | 1,126,298,085 | 2,793,897,204 | 864,119,691 | ||||
Net other unrealized appreciation (depreciation) | — | — | — | — | (44,222) | ||||
Total | $14,888,274,818 | $5,953,814,001 | $1,294,895,858 | $2,898,036,006 | $966,311,971 |
Expiration Date | Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | ||||
No expiration | $— | $— | $— | $— | $89,720,520 | ||||
Total | $— | $— | $— | $— | $89,720,520 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | |
Capital loss carryforwards utilized | $— | $— | $— | $— | $5,786,723 |
Capital losses expired | — | — | — | — | 13,252,761 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | |
Current period distributions | |||||
Ordinary income | $475,283,514 | $118,201,282 | $39,963,730 | $95,406,007 | $92,318,949 |
Long-term capital gains | 122,940,295 | 104,593,102 | 77,932,853 | 23,632,325 | — |
Prior period distributions | |||||
Ordinary income | $445,863,757 | $116,634,011 | $46,401,819 | $85,807,300 | $77,100,360 |
Long-term capital gains | 213,585,458 | 264,435,992 | 123,568,288 | 35,893,803 | — |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab International Index Fund | |
Capital shares | $— | $— | $— | $— | ($13,252,761) |
Undistributed net investment income | (6,516,646) | (2,225,506) | (1,130,552) | (1,851,529) | 726,106 |
Net realized capital gains (losses) | 6,516,646 | 2,225,506 | 1,130,552 | 1,851,529 | 12,526,655 |
11. Custody Out-of-Pocket Fee Reimbursement:
State Street to Fund | State Street to CSIM | |
Schwab S&P 500 Index Fund | $1,142 | $2,495 |
Schwab 1000 Index Fund | 2,243 | 2,394 |
Schwab Small-Cap Index Fund | 8 | 1,732 |
Schwab Total Stock Market Index Fund | 343 | 1,693 |
Schwab International Index Fund | — | 4,477 |
San Francisco, California
December 15, 2017
Percentage | |
Schwab S&P 500 Index Fund | 93.32 |
Schwab 1000 Index Fund | 99.37 |
Schwab Small-Cap Index Fund | 60.02 |
Schwab Total Stock Market Index Fund | 89.19 |
Schwab International Index Fund | — |
Schwab S&P 500 Index Fund | $467,082,763 |
Schwab 1000 Index Fund | 118,201,282 |
Schwab Small-Cap Index Fund | 24,888,163 |
Schwab Total Stock Market Index Fund | 89,758,562 |
Schwab International Index Fund | 85,084,585 |
Schwab S&P 500 Index Fund | $122,940,295 |
Schwab 1000 Index Fund | 104,593,102 |
Schwab Small-Cap Index Fund | 77,932,853 |
Schwab Total Stock Market Index Fund | 23,632,325 |
Schwab International Index Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreements, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreements reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
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00201784
Table of Contents
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US Large Company Index Fund
US Small Company Index Fund
International Large Company
Index Fund
International Small Company
Index Fund
Emerging Markets Large
Company Index Fund
* | SCHWAB is a registered trademark of Charles Schwab & Co., Inc. FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC. |
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Fundamental US Large Company Index Fund (Ticker Symbol: SFLNX) | 19.69% |
Russell RAFITM US Large Company Index | 20.02% |
Russell 1000® Index | 23.67% |
Fund Category: Morningstar Large Value1 | 19.35% |
Performance Details | pages 7-9 |
Schwab Fundamental US Small Company Index Fund (Ticker Symbol: SFSNX) | 22.94% |
Russell RAFITM US Small Company Index | 23.16% |
Russell 2000® Index | 27.85% |
Fund Category: Morningstar Small Blend1 | 24.89% |
Performance Details | pages 10-12 |
Schwab Fundamental International Large Company Index Fund2 (Ticker Symbol: SFNNX) | 23.83% |
Russell RAFITM Developed ex US Large Company Index (Net)3 | 23.69% |
MSCI EAFE® Index (Net)3 | 23.44% |
Fund Category: Morningstar Foreign Large Value1 | 21.31% |
Performance Details | pages 13-15 |
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Fundamental International Small Company Index Fund2 (Ticker Symbol: SFILX) | 25.23% |
Russell RAFITM Developed ex US Small Company Index (Net)3 | 25.30% |
S&P Developed ex-U.S. Small Cap Index (Net)3 | 25.86% |
Fund Category: Morningstar Foreign Small/Mid Blend1 | 27.34% |
Performance Details | pages 16-18 |
Schwab Fundamental Emerging Markets Large Company Index Fund2 (Ticker Symbol: SFENX) | 21.96% |
Russell RAFITM Emerging Markets Large Company Index (Net)3 | 22.42% |
MSCI Emerging Markets Index (Net)3 | 26.45% |
Fund Category: Morningstar Diversified Emerging Markets1 | 22.97% |
Performance Details | pages 19-21 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839img32e2a2042.jpg)
President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgad47e1423.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgc63558ef4.jpg)
* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Christopher Bliss, CFA, Vice President and Head of the Passive Equity Team, leads the portfolio management team for Schwab’s Passive Equity Funds and ETFs. He also has overall responsibility for all aspects of the management of the funds. Prior to joining CSIM in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a Managing Director and Head of Americas Institutional Index team. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan. |
![]() | Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab Fundamental Emerging Markets Large Company Index Fund. Prior to joining CSIM in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc. |
![]() | Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining CSIM in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors), where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and nearly two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California. |
![]() | Jane Qin, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab Fundamental Emerging Markets Large Company Index Fund. Prior to joining CSIM in 2012, Ms. Qin spent more than four years at The Bank of New York Mellon Corporation. During that time, Ms. Qin spent more than two years as an associate equity portfolio manager and nearly two years as a performance analyst. She also worked at Wells Fargo Funds Management as a mutual fund analyst and at CIGNA Reinsurance in Risk Management group as a risk analyst. |
![]() | David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab Fundamental Emerging Markets Large Company Index Fund. He joined CSIM in 2008 and became a Portfolio Manager in September 2014. Prior to this role, Mr. Rios served as an Associate Portfolio Manager on the Schwab Equity Index Strategies team for four years. His first role with CSIM was as a trade operation specialist. He also previously worked as a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation). |
![]() | Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining CSIM in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Large Company Index Fund (4/2/07) | 19.69% | 13.99% | 7.74% |
Russell RAFITM US Large Company Index3 | 20.02% | 14.40% | N/A |
Fundamental U.S. Large Company Spliced Index | 20.02% | 14.40% | 8.01% |
Russell 1000® Index | 23.67% | 15.18% | 7.61% |
Fund Category: Morningstar Large Value4 | 19.35% | 12.64% | 5.76% |
Fund Expense Ratio5: 0.25% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On October 27, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund, and the fund no longer offers multiple classes of shares. The performance history of the fund prior to October 27, 2009 is that of the fund’s former Institutional Shares. |
3 | The inception date of the Russell RAFITM US Large Company Index is February 24, 2011. The fund began tracking the index on October 19, 2012. |
4 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
5 | As stated in the prospectus. |
Number of Holdings | 661 |
Weighted Average Market Cap (millions) | $150,465 |
Price/Earnings Ratio (P/E) | 19.9 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 15% |
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1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839lg_2mb2.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Small Company Index Fund (4/2/07) | 22.94% | 14.84% | 8.93% |
Russell RAFITM US Small Company Index3 | 23.16% | 15.19% | N/A |
Fundamental U.S. Small Company Spliced Index | 23.16% | 15.19% | 9.40% |
Russell 2000® Index | 27.85% | 14.49% | 7.63% |
Fund Category: Morningstar Small Blend4 | 24.89% | 13.40% | 7.07% |
Fund Expense Ratio5: 0.25% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On October 27, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund, and the fund no longer offers multiple classes of shares. The performance history of the fund prior to October 27, 2009 is that of the fund’s former Institutional Shares. |
3 | The inception date of the Russell RAFITM US Small Company Index is February 24, 2011. The fund began tracking the index on October 19, 2012. |
4 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
5 | As stated in the prospectus. |
Number of Holdings | 898 |
Weighted Average Market Cap (millions) | $4,814 |
Price/Earnings Ratio (P/E) | 22.7 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 27% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839img65990d1613.jpg)
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1 | Excludes derivatives. |
2 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
3 | This list is not a recommendation of any security by the investment adviser. |
1 | Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index’s and fund’s securities. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839lg_2mb3.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental International Large Company Index Fund (4/2/07) | 23.83% | 9.20% | 1.30% |
Russell RAFITM Developed ex US Large Company Index (Net)3,4 | 23.69% | 9.43% | N/A |
Fundamental Developed ex-U.S. Large Company Spliced Index | 23.69% | 9.43% | 1.84% |
MSCI EAFE® Index (Net)4 | 23.44% | 8.53% | 1.10% |
Fund Category: Morningstar Foreign Large Value5 | 21.31% | 7.14% | 0.40% |
Fund Expense Ratio6: 0.25% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On October 19, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund, and the fund no longer offers multiple classes of shares. The performance history of the fund prior to October 19, 2009 is that of the fund’s former Institutional Shares. |
3 | The inception date of the Russell RAFITM Developed ex US Large Company Index (Net) is February 24, 2011. The fund began tracking the index on October 19, 2012. |
4 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
5 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
6 | As stated in the prospectus. |
Number of Holdings | 856 |
Weighted Average Market Cap (millions) | $61,828 |
Price/Earnings Ratio (P/E) | 15.6 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 11% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgaa39433815.jpg)
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![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imga07b050117.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
1 | Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index’s and fund’s securities. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839lg_2mc6.jpg)
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Fundamental International Small Company Index Fund (1/31/08) | 25.23% | 12.63% | 7.22% |
Russell RAFITM Developed ex US Small Company Index (Net)3,4 | 25.30% | 13.13% | N/A |
Fundamental Developed ex-U.S. Small Company Spliced Index | 25.30% | 13.13% | 8.38% |
S&P Developed ex-U.S. Small Cap Index (Net)4 | 25.86% | 11.67% | 5.60% |
Fund Category: Morningstar Foreign Small/Mid Blend5 | 27.34% | 11.09% | N/A |
Fund Expense Ratio6: 0.39% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On October 19, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund, and the fund no longer offers multiple classes of shares. The performance history of the fund prior to October 19, 2009 is that of the fund’s former Institutional Shares. |
3 | The inception date of the Russell RAFITM Developed ex US Small Company Index (Net) is February 24, 2011. The fund began tracking the index on October 19, 2012. |
4 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
5 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
6 | As stated in the prospectus. |
Number of Holdings | 1,488 |
Weighted Average Market Cap (millions) | $3,882 |
Price/Earnings Ratio (P/E) | 16.8 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 21% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgb5a447c918.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgee2d4a9d19.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imga6af33cb20.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
1 | Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index’s and fund’s securities. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839lg_2mc5.jpg)
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Fundamental Emerging Markets Large Company Index Fund (1/31/08) | 21.96% | 3.77% | 2.01% |
Russell RAFITM Emerging Markets Large Company Index (Net)3,4 | 22.42% | 4.55% | N/A |
Fundamental Emerging Markets Large Company Spliced Index | 22.42% | 4.55% | 3.47% |
MSCI Emerging Markets Index (Net)4 | 26.45% | 4.83% | 2.71% |
Fund Category: Morningstar Diversified Emerging Markets5 | 22.97% | 4.59% | N/A |
Fund Expense Ratio6: 0.39% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On October 19, 2009, the Investor Share class, Select Share class and Institutional Share class were combined into a single class of shares of the fund, and the fund no longer offers multiple classes of shares. The performance history of the fund prior to October 19, 2009 is that of the fund’s former Institutional Shares. |
3 | The inception date of the Russell RAFITM Emerging Markets Large Company Index (Net) is February 24, 2011. The fund began tracking the index on October 19, 2012. |
4 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
5 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
6 | As stated in the prospectus. |
Number of Holdings | 318 |
Weighted Average Market Cap (millions) | $78,426 |
Price/Earnings Ratio (P/E) | 11.4 |
Price/Book Ratio (P/B) | 1.2 |
Portfolio Turnover Rate | 18% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839imgbbeddf5921.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839img6b272cf822.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g22839img538fc18823.jpg)
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172 | |
Schwab Fundamental US Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,069.00 | $1.30 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.94 | $1.28 |
Schwab Fundamental US Small Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,054.40 | $1.29 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.94 | $1.28 |
Schwab Fundamental International Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,117.00 | $1.33 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.94 | $1.28 |
Schwab Fundamental International Small Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $1,124.10 | $2.09 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.23 | $1.99 |
Schwab Fundamental Emerging Markets Large Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $1,104.80 | $2.07 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.23 | $1.99 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Expenses for each fund 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.12 | $15.14 | $15.56 | $13.65 | $10.76 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.35 1 | 0.34 1 | 0.33 1 | 0.26 | 0.24 | |
Net realized and unrealized gains (losses) | 2.52 | 0.44 | (0.10) | 1.87 | 2.89 | |
Total from investment operations | 2.87 | 0.78 | 0.23 | 2.13 | 3.13 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.34) | (0.26) | (0.22) | (0.24) | |
Distributions from net realized gains | (0.76) | (0.46) | (0.39) | — | — | |
Total distributions | (1.10) | (0.80) | (0.65) | (0.22) | (0.24) | |
Net asset value at end of period | $16.89 | $15.12 | $15.14 | $15.56 | $13.65 | |
Total return | 19.69% | 5.61% | 1.44% | 15.74% | 29.67% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.30% 2 | 0.35% | 0.35% | 0.35% | 0.35% | |
Gross operating expenses | 0.31% 2 | 0.39% | 0.39% | 0.39% | 0.41% | |
Net investment income (loss) | 2.19% | 2.33% | 2.16% | 1.95% | 2.03% | |
Portfolio turnover rate | 15% | 11% | 12% | 14% | 10% | |
Net assets, end of period (x 1,000,000) | $5,367 | $4,569 | $4,886 | $4,465 | $3,020 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.5% of net assets | ||||
Automobiles & Components 1.7% | ||||
Ford Motor Co. | 2,019,831 | 0.5 | 24,783,326 | |
General Motors Co. | 709,068 | 0.6 | 30,475,743 | |
Other Securities | 0.6 | 33,974,603 | ||
1.7 | 89,233,672 | |||
Banks 5.0% | ||||
Bank of America Corp. | 1,178,794 | 0.6 | 32,287,168 | |
Citigroup, Inc. | 600,952 | 0.8 | 44,169,972 | |
JPMorgan Chase & Co. | 681,443 | 1.3 | 68,559,980 | |
Wells Fargo & Co. | 1,002,513 | 1.0 | 56,281,080 | |
Other Securities | 1.3 | 69,382,820 | ||
5.0 | 270,681,020 | |||
Capital Goods 8.3% | ||||
3M Co. | 126,781 | 0.5 | 29,183,718 | |
Caterpillar, Inc. | 204,477 | 0.5 | 27,767,977 | |
General Electric Co. | 2,135,278 | 0.8 | 43,047,204 | |
The Boeing Co. | 110,492 | 0.5 | 28,504,726 | |
United Technologies Corp. | 243,342 | 0.5 | 29,142,638 | |
Other Securities | 5.5 | 286,755,781 | ||
8.3 | 444,402,044 | |||
Commercial & Professional Services 0.6% | ||||
Other Securities | 0.6 | 31,457,939 | ||
Consumer Durables & Apparel 1.2% | ||||
Other Securities | 1.2 | 66,885,293 | ||
Consumer Services 1.8% | ||||
McDonald's Corp. | 217,148 | 0.7 | 36,244,173 | |
Other Securities | 1.1 | 62,038,289 | ||
1.8 | 98,282,462 | |||
Diversified Financials 4.8% | ||||
Berkshire Hathaway, Inc., Class B * | 322,486 | 1.1 | 60,285,532 | |
The Charles Schwab Corp. (b) | 65,715 | 0.1 | 2,946,661 | |
The Goldman Sachs Group, Inc. | 110,709 | 0.5 | 26,844,718 | |
Other Securities | 3.1 | 165,872,517 | ||
4.8 | 255,949,428 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 13.2% | ||||
Chevron Corp. | 1,128,722 | 2.4 | 130,807,593 | |
ConocoPhillips | 981,482 | 0.9 | 50,202,804 | |
Exxon Mobil Corp. | 2,531,391 | 3.9 | 210,991,440 | |
Marathon Petroleum Corp. | 415,752 | 0.5 | 24,837,024 | |
Phillips 66 | 390,008 | 0.7 | 35,521,929 | |
Schlumberger Ltd. | 407,460 | 0.5 | 26,077,440 | |
Valero Energy Corp. | 470,946 | 0.7 | 37,152,930 | |
Other Securities | 3.6 | 195,203,715 | ||
13.2 | 710,794,875 | |||
Food & Staples Retailing 3.6% | ||||
CVS Health Corp. | 596,356 | 0.8 | 40,868,277 | |
Wal-Mart Stores, Inc. | 970,962 | 1.6 | 84,774,692 | |
Other Securities | 1.2 | 67,067,032 | ||
3.6 | 192,710,001 | |||
Food, Beverage & Tobacco 4.3% | ||||
PepsiCo, Inc. | 323,033 | 0.7 | 35,607,928 | |
Philip Morris International, Inc. | 368,338 | 0.7 | 38,542,888 | |
The Coca-Cola Co. | 832,173 | 0.7 | 38,263,315 | |
Other Securities | 2.2 | 120,843,940 | ||
4.3 | 233,258,071 | |||
Health Care Equipment & Services 5.4% | ||||
Anthem, Inc. | 144,000 | 0.6 | 30,126,240 | |
UnitedHealth Group, Inc. | 221,186 | 0.9 | 46,497,721 | |
Other Securities | 3.9 | 210,708,536 | ||
5.4 | 287,332,497 | |||
Household & Personal Products 1.7% | ||||
The Procter & Gamble Co. | 696,445 | 1.1 | 60,131,061 | |
Other Securities | 0.6 | 30,993,788 | ||
1.7 | 91,124,849 | |||
Insurance 3.8% | ||||
American International Group, Inc. | 523,092 | 0.6 | 33,796,974 | |
Other Securities | 3.2 | 167,849,637 | ||
3.8 | 201,646,611 | |||
Materials 4.0% | ||||
DowDuPont, Inc. | 515,838 | 0.7 | 37,300,246 | |
Other Securities | 3.3 | 179,895,359 | ||
4.0 | 217,195,605 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Media 2.7% | ||||
Comcast Corp., Class A | 944,694 | 0.6 | 34,037,325 | |
The Walt Disney Co. | 342,262 | 0.6 | 33,476,646 | |
Time Warner, Inc. | 253,383 | 0.5 | 24,905,015 | |
Other Securities | 1.0 | 50,734,444 | ||
2.7 | 143,153,430 | |||
Pharmaceuticals, Biotechnology & Life Sciences 5.8% | ||||
Johnson & Johnson | 470,617 | 1.2 | 65,608,716 | |
Merck & Co., Inc. | 721,192 | 0.7 | 39,730,467 | |
Pfizer, Inc. | 2,126,264 | 1.4 | 74,546,816 | |
Other Securities | 2.5 | 129,516,039 | ||
5.8 | 309,402,038 | |||
Real Estate 1.3% | ||||
Other Securities | 1.3 | 69,535,343 | ||
Retailing 4.4% | ||||
Lowe's Cos., Inc. | 310,895 | 0.5 | 24,856,055 | |
Target Corp. | 413,333 | 0.5 | 24,403,180 | |
The Home Depot, Inc. | 261,423 | 0.8 | 43,338,705 | |
Other Securities | 2.6 | 145,704,666 | ||
4.4 | 238,302,606 | |||
Semiconductors & Semiconductor Equipment 3.4% | ||||
Intel Corp. | 1,831,296 | 1.6 | 83,305,655 | |
Other Securities | 1.8 | 99,708,641 | ||
3.4 | 183,014,296 | |||
Software & Services 7.4% | ||||
International Business Machines Corp. | 420,411 | 1.2 | 64,768,519 | |
Microsoft Corp. | 1,252,218 | 1.9 | 104,159,493 | |
Oracle Corp. | 746,904 | 0.7 | 38,017,414 | |
Other Securities | 3.6 | 188,244,363 | ||
7.4 | 395,189,789 | |||
Technology Hardware & Equipment 5.9% | ||||
Apple, Inc. | 1,001,497 | 3.2 | 169,293,053 | |
Cisco Systems, Inc. | 1,241,561 | 0.8 | 42,399,308 | |
Other Securities | 1.9 | 106,383,441 | ||
5.9 | 318,075,802 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Telecommunication Services 3.0% | ||||
AT&T, Inc. | 2,315,194 | 1.5 | 77,906,278 | |
Verizon Communications, Inc. | 1,296,139 | 1.2 | 62,046,174 | |
Other Securities | 0.3 | 19,776,838 | ||
3.0 | 159,729,290 | |||
Transportation 2.2% | ||||
Union Pacific Corp. | 210,235 | 0.5 | 24,343,111 | |
Other Securities | 1.7 | 91,379,958 | ||
2.2 | 115,723,069 | |||
Utilities 4.0% | ||||
Other Securities | 4.0 | 214,560,924 | ||
Total Common Stock | ||||
(Cost $3,747,825,331) | 5,337,640,954 | |||
Other Investment Company 0.5% of net assets | ||||
Securities Lending Collateral 0.5% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 29,273,546 | 0.5 | 29,273,546 | |
Total Other Investment Company | ||||
(Cost $29,273,546) | 29,273,546 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/15/17 | 234 | 30,100,590 | 54,704 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $28,388,424. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 72,715 | — | (7,000) | 65,715 | $771,725 | $171,383 | $21,982 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $5,337,640,954 | $— | $— | $5,337,640,954 | |
Other Investment Company1 | 29,273,546 | — | — | 29,273,546 | |
Futures Contracts2 | 54,704 | — | — | 54,704 | |
Total | $5,366,969,204 | $— | $— | $5,366,969,204 |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investment in affiliated issuer, at value (cost $1,140,816) | $2,946,661 | |
Investments in unaffiliated issuers, at value (cost $3,746,684,515) including securities on loan of $28,388,424 | 5,334,694,293 | |
Collateral invested for securities on loan, at value (cost $29,273,546) | 29,273,546 | |
Deposit with broker for futures contracts | 1,165,500 | |
Receivables: | ||
Investments sold | 24,885,586 | |
Dividends | 5,664,817 | |
Fund shares sold | 5,122,630 | |
Income from securities on loan | 68,292 | |
Variation margin on futures contracts | + | 50,358 |
Total assets | 5,403,871,683 | |
Liabilities | ||
Collateral held for securities on loan | 29,273,546 | |
Payables: | ||
Investment adviser fees | 1,145,001 | |
Due to custodian | 3,584,517 | |
Fund shares redeemed | 2,473,673 | |
Accrued expenses | + | 198,440 |
Total liabilities | 36,675,177 | |
Net Assets | ||
Total assets | 5,403,871,683 | |
Total liabilities | – | 36,675,177 |
Net assets | $5,367,196,506 | |
Net Assets by Source | ||
Capital received from investors | 3,639,868,810 | |
Net investment income not yet distributed | 90,506,807 | |
Net realized capital gains | 46,950,562 | |
Net unrealized capital appreciation | 1,589,870,327 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,367,196,506 | 317,767,403 | $16.89 | ||
Investment Income | ||
Dividends received from affiliated issuer | $21,982 | |
Dividends received from unaffiliated issuers (net of foreign withholding taxes of $15,541) | 128,448,496 | |
Securities on loan, net | + | 905,831 |
Total investment income | 129,376,309 | |
Expenses 1 | ||
Investment adviser and administrator fees | 12,408,245 | |
Shareholder service fees | 1,809,401 | |
Index fees | 1,484,303 | |
Transfer agent fees | 151,127 | |
Registration fees | 99,257 | |
Shareholder reports | 82,181 | |
Portfolio accounting fees | 54,000 | |
Custodian fees | 44,222 | |
Professional fees | 35,374 | |
Independent trustees’ fees | 18,335 | |
Interest expense | 3,380 | |
Other expenses | + | 48,098 |
Total expenses | 16,237,923 | |
Expense reduction by CSIM and its affiliates | – | 739,366 |
Net expenses | – | 15,498,557 |
Net investment income | 113,877,752 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on affiliated issuer | 171,383 | |
Net realized gains on unaffiliated issuers | 50,430,328 | |
Net realized gains on futures contracts | + | 5,779,510 |
Net realized gains | 56,381,221 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 771,725 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 740,281,262 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 309,528 |
Net change in unrealized appreciation (depreciation) | + | 741,362,515 |
Net realized and unrealized gains | 797,743,736 | |
Increase in net assets resulting from operations | $911,621,488 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $113,877,752 | $108,811,377 | ||
Net realized gains | 56,381,221 | 237,469,517 | ||
Net change in unrealized appreciation (depreciation) | + | 741,362,515 | (96,510,495) | |
Increase in net assets from operations | 911,621,488 | 249,770,399 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (106,432,914) | (108,957,758) | ||
Distributions from net realized gains | + | (235,982,514) | (146,034,638) | |
Total distributions | ($342,415,428) | ($254,992,396) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 69,847,473 | $1,104,160,813 | 60,574,518 | $881,245,699 | ||||
Shares reinvested | 14,226,127 | 219,082,355 | 11,581,875 | 160,408,965 | ||||
Shares redeemed | + | (68,569,481) | (1,094,190,189) | (92,533,795) | (1,353,159,351) | |||
Net transactions in fund shares | 15,504,119 | $229,052,979 | (20,377,402) | ($311,504,687) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 302,263,284 | $4,568,937,467 | 322,640,686 | $4,885,664,151 | ||||
Total increase or decrease | + | 15,504,119 | 798,259,039 | (20,377,402) | (316,726,684) | |||
End of period | 317,767,403 | $5,367,196,506 | 302,263,284 | $4,568,937,467 | ||||
Net investment income not yet distributed | $90,506,807 | $87,137,069 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.69 | $12.82 | $13.51 | $12.78 | $10.31 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 1 | 0.18 1 | 0.18 1 | 0.14 | 0.16 | |
Net realized and unrealized gains (losses) | 2.68 | 0.43 | (0.03) | 1.23 | 3.35 | |
Total from investment operations | 2.89 | 0.61 | 0.15 | 1.37 | 3.51 | |
Less distributions: | ||||||
Distributions from net investment income | (0.17) | (0.18) | (0.16) | (0.12) | (0.20) | |
Distributions from net realized gains | (0.09) | (0.56) | (0.68) | (0.52) | (0.84) | |
Total distributions | (0.26) | (0.74) | (0.84) | (0.64) | (1.04) | |
Net asset value at end of period | $15.32 | $12.69 | $12.82 | $13.51 | $12.78 | |
Total return | 22.94% | 5.37% | 1.01% | 10.99% | 37.55% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.30% 2 | 0.35% | 0.35% | 0.35% | 0.35% | |
Gross operating expenses | 0.33% 2 | 0.43% | 0.43% | 0.44% | 0.48% | |
Net investment income (loss) | 1.43% | 1.50% | 1.37% | 1.14% | 1.41% | |
Portfolio turnover rate | 27% | 30% | 31% | 29% | 27% | |
Net assets, end of period (x 1,000,000) | $1,727 | $1,361 | $1,416 | $1,208 | $849 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.5% of net assets | ||||
Automobiles & Components 0.9% | ||||
Other Securities | 0.9 | 16,130,601 | ||
Banks 5.5% | ||||
Other Securities | 5.5 | 94,922,343 | ||
Capital Goods 12.6% | ||||
Armstrong World Industries, Inc. * | 88,900 | 0.3 | 4,542,790 | |
Kennametal, Inc. | 110,600 | 0.3 | 4,827,690 | |
Lennox International, Inc. | 20,800 | 0.2 | 3,975,504 | |
Moog, Inc., Class A * | 45,900 | 0.2 | 4,028,184 | |
Teledyne Technologies, Inc. * | 23,800 | 0.2 | 4,045,048 | |
Triumph Group, Inc. | 158,600 | 0.3 | 4,924,530 | |
Other Securities | 11.1 | 190,523,438 | ||
12.6 | 216,867,184 | |||
Commercial & Professional Services 5.2% | ||||
Copart, Inc. * | 121,600 | 0.3 | 4,412,864 | |
IHS Markit Ltd. * | 94,900 | 0.2 | 4,043,689 | |
Verisk Analytics, Inc. * | 56,100 | 0.3 | 4,771,305 | |
Other Securities | 4.4 | 76,371,353 | ||
5.2 | 89,599,211 | |||
Consumer Durables & Apparel 3.2% | ||||
Other Securities | 3.2 | 54,371,149 | ||
Consumer Services 5.0% | ||||
Hilton Worldwide Holdings, Inc. | 61,100 | 0.3 | 4,416,308 | |
Weight Watchers International, Inc. * | 125,992 | 0.3 | 5,659,561 | |
Other Securities | 4.4 | 76,022,849 | ||
5.0 | 86,098,718 | |||
Diversified Financials 4.3% | ||||
Cboe Global Markets, Inc. | 35,300 | 0.2 | 3,991,018 | |
E*TRADE Financial Corp. * | 96,600 | 0.2 | 4,210,794 | |
FNFV Group * | 351,700 | 0.4 | 6,066,825 | |
Other Securities | 3.5 | 59,586,978 | ||
4.3 | 73,855,615 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 4.7% | ||||
Cimarex Energy Co. | 39,800 | 0.3 | 4,653,814 | |
Other Securities | 4.4 | 76,902,475 | ||
4.7 | 81,556,289 | |||
Food & Staples Retailing 0.8% | ||||
Other Securities | 0.8 | 14,535,978 | ||
Food, Beverage & Tobacco 2.7% | ||||
Flowers Foods, Inc. | 216,950 | 0.2 | 4,128,559 | |
Sanderson Farms, Inc. | 34,300 | 0.3 | 5,130,251 | |
Other Securities | 2.2 | 37,153,066 | ||
2.7 | 46,411,876 | |||
Health Care Equipment & Services 4.1% | ||||
Select Medical Holdings Corp. * | 212,700 | 0.2 | 4,073,205 | |
Other Securities | 3.9 | 67,298,413 | ||
4.1 | 71,371,618 | |||
Household & Personal Products 0.7% | ||||
Other Securities | 0.7 | 11,872,003 | ||
Insurance 2.9% | ||||
Primerica, Inc. | 47,400 | 0.2 | 4,194,900 | |
Other Securities | 2.7 | 46,700,972 | ||
2.9 | 50,895,872 | |||
Materials 6.8% | ||||
AptarGroup, Inc. | 57,300 | 0.3 | 4,989,111 | |
Cabot Corp. | 78,300 | 0.3 | 4,773,168 | |
PolyOne Corp. | 98,400 | 0.3 | 4,533,288 | |
Southern Copper Corp. | 99,800 | 0.2 | 4,286,410 | |
Other Securities | 5.7 | 97,977,156 | ||
6.8 | 116,559,133 | |||
Media 2.2% | ||||
Other Securities | 2.2 | 37,814,712 | ||
Pharmaceuticals, Biotechnology & Life Sciences 2.8% | ||||
Myriad Genetics, Inc. * | 120,200 | 0.2 | 4,120,456 | |
PerkinElmer, Inc. | 59,200 | 0.2 | 4,281,344 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Quintiles IMS Holdings, Inc. * | 45,326 | 0.3 | 4,899,741 | |
Other Securities | 2.1 | 35,457,950 | ||
2.8 | 48,759,491 | |||
Real Estate 10.2% | ||||
Camden Property Trust | 46,600 | 0.2 | 4,251,784 | |
Mid-America Apartment Communities, Inc. | 39,676 | 0.2 | 4,060,839 | |
SBA Communications Corp. * | 26,205 | 0.2 | 4,118,902 | |
UDR, Inc. | 108,300 | 0.2 | 4,200,957 | |
Other Securities | 9.4 | 160,327,527 | ||
10.2 | 176,960,009 | |||
Retailing 4.5% | ||||
Guess?, Inc. | 321,500 | 0.3 | 5,211,515 | |
Other Securities | 4.2 | 72,441,288 | ||
4.5 | 77,652,803 | |||
Semiconductors & Semiconductor Equipment 2.3% | ||||
Cree, Inc. * | 119,700 | 0.2 | 4,273,290 | |
Teradyne, Inc. | 116,400 | 0.3 | 4,992,396 | |
Other Securities | 1.8 | 30,671,265 | ||
2.3 | 39,936,951 | |||
Software & Services 6.6% | ||||
CSRA, Inc. | 146,000 | 0.3 | 4,670,540 | |
Jack Henry & Associates, Inc. | 36,080 | 0.2 | 3,973,490 | |
Red Hat, Inc. * | 42,100 | 0.3 | 5,086,943 | |
Synopsys, Inc. * | 46,900 | 0.2 | 4,057,788 | |
VeriSign, Inc. * | 43,000 | 0.3 | 4,623,360 | |
Other Securities | 5.3 | 91,833,322 | ||
6.6 | 114,245,443 | |||
Technology Hardware & Equipment 4.8% | ||||
Insight Enterprises, Inc. * | 97,700 | 0.3 | 4,401,385 | |
Trimble, Inc. * | 98,600 | 0.2 | 4,030,768 | |
Vishay Intertechnology, Inc. | 259,100 | 0.3 | 5,764,975 | |
Other Securities | 4.0 | 68,924,139 | ||
4.8 | 83,121,267 | |||
Telecommunication Services 0.5% | ||||
Other Securities | 0.5 | 9,433,066 | ||
Transportation 2.9% | ||||
Copa Holdings S.A., Class A | 33,300 | 0.2 | 4,102,227 | |
Knight-Swift Transportation Holdings, Inc. * | 106,873 | 0.3 | 4,429,886 | |
Landstar System, Inc. | 43,270 | 0.2 | 4,272,912 | |
SkyWest, Inc. | 91,400 | 0.2 | 4,304,940 | |
Other Securities | 2.0 | 32,257,967 | ||
2.9 | 49,367,932 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Utilities 3.3% | ||||
Hawaiian Electric Industries, Inc. | 116,000 | 0.2 | 4,229,360 | |
PNM Resources, Inc. | 93,600 | 0.2 | 4,062,240 | |
Portland General Electric Co. | 85,200 | 0.2 | 4,067,448 | |
Other Securities | 2.7 | 44,751,834 | ||
3.3 | 57,110,882 | |||
Total Common Stock | ||||
(Cost $1,281,960,180) | 1,719,450,146 | |||
Rights 0.0% of net assets | ||||
Technology Hardware & Equipment 0.0% | ||||
Other Securities | 0.0 | — | ||
Total Rights | ||||
(Cost $493) | — | |||
Other Investment Companies 2.9% of net assets | ||||
Money Market Fund 0.4% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (b) | 7,789,512 | 0.4 | 7,789,512 | |
Securities Lending Collateral 2.5% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 42,380,512 | 2.5 | 42,380,512 | |
Total Other Investment Companies | ||||
(Cost $50,170,024) | 50,170,024 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 123 | 9,241,605 | (45,059) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $40,627,569. |
(b) | The rate shown is the 7-day yield. |
(c) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $1,542,490,137 | $— | $— | $1,542,490,137 | |
Real Estate | 176,960,009 | — | — * | 176,960,009 | |
Rights 1 | |||||
Technology Hardware & Equipment | — | — | — * | — | |
Other Investment Companies1 | 50,170,024 | — | — | 50,170,024 | |
Liabilities | |||||
Futures Contracts2 | (45,059) | — | — | (45,059) | |
Total | $1,769,575,111 | $— | $— | $1,769,575,111 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,289,750,185) including securities on loan of $40,627,569 | $1,727,239,658 | |
Collateral invested for securities on loan, at value (cost $42,380,512) | 42,380,512 | |
Foreign currency, at value (cost $34) | 27 | |
Deposit with broker for futures contracts | 863,500 | |
Receivables: | ||
Fund shares sold | 1,733,620 | |
Dividends | 641,793 | |
Income from securities on loan | 131,515 | |
Variation margin on futures contracts | + | 62,272 |
Total assets | 1,773,052,897 | |
Liabilities | ||
Collateral held for securities on loan | 42,380,512 | |
Payables: | ||
Investment adviser fees | 367,423 | |
Fund shares redeemed | 2,831,052 | |
Accrued expenses | + | 99,603 |
Total liabilities | 45,678,590 | |
Net Assets | ||
Total assets | 1,773,052,897 | |
Total liabilities | – | 45,678,590 |
Net assets | $1,727,374,307 | |
Net Assets by Source | ||
Capital received from investors | 1,186,861,155 | |
Net investment income not yet distributed | 17,059,787 | |
Net realized capital gains | 86,008,958 | |
Net unrealized capital appreciation | 437,444,407 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,727,374,307 | 112,727,582 | $15.32 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $10,238) | $27,055,685 | |
Interest | 464 | |
Securities on loan, net | + | 1,524,114 |
Total investment income | 28,580,263 | |
Expenses 1 | ||
Investment adviser and administrator fees | 4,088,192 | |
Shareholder service fees | 722,545 | |
Index fees | 478,682 | |
Registration fees | 55,065 | |
Portfolio accounting fees | 36,250 | |
Transfer agent fees | 31,603 | |
Professional fees | 23,695 | |
Custodian fees | 22,368 | |
Independent trustees’ fees | 8,228 | |
Shareholder reports | 6,179 | |
Interest expense | 631 | |
Other expenses | + | 10,901 |
Total expenses | 5,484,339 | |
Expense reduction by CSIM and its affiliates | – | 541,833 |
Net expenses | – | 4,942,506 |
Net investment income | 23,637,757 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 85,863,717 | |
Net realized gains on futures contracts | 2,815,463 | |
Net realized gains on foreign currency transactions | + | 446 |
Net realized gains | 88,679,626 | |
Net change in unrealized appreciation (depreciation) on investments | 206,151,285 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 404,930 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 2 |
Net change in unrealized appreciation (depreciation) | + | 206,556,217 |
Net realized and unrealized gains | 295,235,843 | |
Increase in net assets resulting from operations | $318,873,600 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $23,637,757 | $20,356,322 | ||
Net realized gains | 88,679,626 | 11,892,831 | ||
Net change in unrealized appreciation (depreciation) | + | 206,556,217 | 38,043,378 | |
Increase in net assets from operations | 318,873,600 | 70,292,531 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (19,300,337) | (20,210,722) | ||
Distributions from net realized gains | + | (10,058,079) | (61,589,342) | |
Total distributions | ($29,358,416) | ($81,800,064) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 29,918,575 | $427,349,828 | 27,387,772 | $327,990,889 | ||||
Shares reinvested | 1,290,347 | 18,451,962 | 4,713,120 | 54,342,269 | ||||
Shares redeemed | + | (25,684,515) | (368,759,520) | (35,294,191) | (425,576,331) | |||
Net transactions in fund shares | 5,524,407 | $77,042,270 | (3,193,299) | ($43,243,173) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 107,203,175 | $1,360,816,853 | 110,396,474 | $1,415,567,559 | ||||
Total increase or decrease | + | 5,524,407 | 366,557,454 | (3,193,299) | (54,750,706) | |||
End of period | 112,727,582 | $1,727,374,307 | 107,203,175 | $1,360,816,853 | ||||
Net investment income not yet distributed | $17,059,787 | $13,738,912 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $7.96 | $8.19 | $8.84 | $9.05 | $7.16 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.25 1 | 0.24 1 | 0.25 1 | 0.30 | 0.23 | |
Net realized and unrealized gains (losses) | 1.59 | (0.25) | (0.60) | (0.26) | 1.87 | |
Total from investment operations | 1.84 | (0.01) | (0.35) | 0.04 | 2.10 | |
Less distributions: | ||||||
Distributions from net investment income | (0.25) | (0.22) | (0.30) | (0.25) | (0.21) | |
Net asset value at end of period | $9.55 | $7.96 | $8.19 | $8.84 | $9.05 | |
Total return | 23.83% | 0.07% | (4.07%) | 0.39% | 30.12% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.29% 2 | 0.35% | 0.35% | 0.35% | 0.34% 3 | |
Gross operating expenses | 0.34% 2 | 0.46% | 0.46% | 0.48% | 0.52% | |
Net investment income (loss) | 2.92% | 3.20% | 2.96% | 3.52% | 2.95% | |
Portfolio turnover rate | 11% | 18% | 11% | 8% | 22% | |
Net assets, end of period (x 1,000,000) | $1,372 | $971 | $1,173 | $908 | $646 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 98.5% of net assets | ||||
Australia 5.8% | ||||
Australia & New Zealand Banking Group Ltd. | 249,189 | 0.4 | 5,718,525 | |
BHP Billiton Ltd. | 478,140 | 0.7 | 9,844,327 | |
Commonwealth Bank of Australia | 117,057 | 0.5 | 6,963,162 | |
National Australia Bank Ltd. | 224,350 | 0.4 | 5,621,351 | |
Wesfarmers Ltd. | 186,603 | 0.4 | 5,977,046 | |
Westpac Banking Corp. | 270,855 | 0.5 | 6,860,604 | |
Other Securities | 2.9 | 38,853,608 | ||
5.8 | 79,838,623 | |||
Austria 0.4% | ||||
Other Securities | 0.4 | 5,365,382 | ||
Belgium 0.9% | ||||
Other Securities | 0.9 | 11,803,534 | ||
Canada 6.9% | ||||
Royal Bank of Canada | 83,244 | 0.5 | 6,508,660 | |
Suncor Energy, Inc. | 190,237 | 0.5 | 6,458,709 | |
Other Securities | 5.9 | 81,228,261 | ||
6.9 | 94,195,630 | |||
Denmark 0.9% | ||||
Other Securities | 0.9 | 12,725,112 | ||
Finland 0.9% | ||||
Other Securities | 0.9 | 12,459,278 | ||
France 10.0% | ||||
BNP Paribas S.A. | 85,770 | 0.5 | 6,694,299 | |
Engie S.A. (a) | 479,704 | 0.6 | 8,107,941 | |
Orange S.A. | 368,017 | 0.4 | 6,045,664 | |
Sanofi | 92,602 | 0.6 | 8,768,163 | |
TOTAL S.A. | 415,677 | 1.7 | 23,169,043 | |
Other Securities | 6.2 | 84,982,264 | ||
10.0 | 137,767,374 | |||
Germany 9.5% | ||||
Allianz SE | 37,472 | 0.6 | 8,748,168 | |
BASF SE | 106,570 | 0.8 | 11,653,784 | |
Bayer AG | 52,174 | 0.5 | 6,786,732 | |
Bayerische Motoren Werke AG | 57,681 | 0.4 | 5,915,777 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Daimler AG | 132,574 | 0.8 | 11,068,092 | |
Deutsche Telekom AG | 414,664 | 0.5 | 7,508,452 | |
E.ON SE | 824,822 | 0.7 | 9,769,550 | |
Siemens AG | 62,966 | 0.7 | 9,043,977 | |
Other Securities | 4.5 | 59,650,310 | ||
9.5 | 130,144,842 | |||
Hong Kong 1.4% | ||||
Other Securities | 1.4 | 18,993,733 | ||
Ireland 0.6% | ||||
Other Securities | 0.6 | 8,462,762 | ||
Israel 0.3% | ||||
Other Securities | 0.3 | 4,153,310 | ||
Italy 3.3% | ||||
Enel S.p.A. | 1,467,616 | 0.7 | 9,101,669 | |
Eni S.p.A. | 715,933 | 0.9 | 11,704,080 | |
UniCredit S.p.A. * | 312,778 | 0.4 | 5,977,385 | |
Other Securities | 1.3 | 18,438,680 | ||
3.3 | 45,221,814 | |||
Japan 22.2% | ||||
Hitachi Ltd. | 924,000 | 0.5 | 7,358,131 | |
Honda Motor Co., Ltd. | 253,600 | 0.6 | 7,947,077 | |
Mitsubishi UFJ Financial Group, Inc. | 982,534 | 0.5 | 6,664,667 | |
Nippon Telegraph & Telephone Corp. | 142,608 | 0.5 | 6,894,743 | |
Toyota Motor Corp. | 250,818 | 1.1 | 15,557,251 | |
Other Securities | 19.0 | 259,607,624 | ||
22.2 | 304,029,493 | |||
Luxembourg 0.4% | ||||
Other Securities | 0.4 | 6,143,206 | ||
Netherlands 5.0% | ||||
Royal Dutch Shell plc, A Shares | 462,701 | 1.1 | 14,569,413 | |
Royal Dutch Shell plc, B Shares | 707,348 | 1.7 | 22,774,674 | |
Other Securities | 2.2 | 30,972,518 | ||
5.0 | 68,316,605 | |||
New Zealand 0.1% | ||||
Other Securities | 0.1 | 1,386,715 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Norway 0.9% | ||||
Statoil A.S.A. (a) | 284,976 | 0.4 | 5,790,003 | |
Other Securities | 0.5 | 7,164,653 | ||
0.9 | 12,954,656 | |||
Portugal 0.2% | ||||
Other Securities | 0.2 | 3,015,674 | ||
Singapore 0.8% | ||||
Other Securities | 0.8 | 11,545,188 | ||
Spain 4.0% | ||||
Banco Santander S.A. | 2,506,517 | 1.2 | 16,992,456 | |
Repsol S.A. | 315,103 | 0.4 | 5,904,840 | |
Telefonica S.A. | 985,966 | 0.8 | 10,338,310 | |
Other Securities | 1.6 | 21,175,089 | ||
4.0 | 54,410,695 | |||
Sweden 2.5% | ||||
Other Securities | 2.5 | 33,738,833 | ||
Switzerland 6.1% | ||||
Glencore plc * | 1,959,817 | 0.7 | 9,452,588 | |
Nestle S.A. | 182,227 | 1.1 | 15,332,307 | |
Novartis AG | 137,701 | 0.8 | 11,357,473 | |
Roche Holding AG | 35,957 | 0.6 | 8,310,777 | |
Other Securities | 2.9 | 39,378,778 | ||
6.1 | 83,831,923 | |||
United Kingdom 15.4% | ||||
AstraZeneca plc | 124,011 | 0.6 | 8,390,704 | |
BHP Billiton plc | 319,597 | 0.4 | 5,786,506 | |
BP plc | 4,625,837 | 2.3 | 31,375,468 | |
British American Tobacco plc | 119,400 | 0.6 | 7,714,413 | |
GlaxoSmithKline plc | 401,942 | 0.5 | 7,213,786 | |
HSBC Holdings plc | 1,675,522 | 1.2 | 16,361,670 | |
Rio Tinto plc | 142,637 | 0.5 | 6,741,112 | |
Vodafone Group plc | 4,147,071 | 0.9 | 11,862,026 | |
Other Securities | 8.4 | 115,409,350 | ||
15.4 | 210,855,035 | |||
Total Common Stock | ||||
(Cost $1,237,498,521) | 1,351,359,417 | |||
Preferred Stock 0.8% of net assets | ||||
Germany 0.7% | ||||
Volkswagen AG | 41,057 | 0.5 | 7,517,666 | |
Other Securities | 0.2 | 1,554,878 | ||
0.7 | 9,072,544 | |||
Italy 0.1% | ||||
Other Securities | 0.1 | 1,507,703 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Spain 0.0% | ||||
Other Securities | 0.0 | 147,855 | ||
Total Preferred Stock | ||||
(Cost $9,848,864) | 10,728,102 | |||
Rights 0.0% of net assets | ||||
Spain 0.0% | ||||
Other Securities | 0.0 | 137,151 | ||
Total Rights | ||||
(Cost $135,047) | 137,151 | |||
Other Investment Company 1.3% of net assets | ||||
United States 1.3% | ||||
Securities Lending Collateral 1.3% | ||||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 17,604,440 | 1.3 | 17,604,440 | |
Total Other Investment Company | ||||
(Cost $17,604,440) | 17,604,440 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.8% of net assets | ||||
Time Deposits 0.8% | ||||
Sumitomo Mitsui Banking Corp. 0.60%, 11/01/17 (c) | 9,791,480 | 0.7 | 9,791,480 | |
Other Securities | 0.1 | 1,251,369 | ||
0.8 | 11,042,849 | |||
Total Short-Term Investments | ||||
(Cost $11,042,849) | 11,042,849 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 86 | 8,631,820 | 48,896 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $16,804,058. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVA — | Dutch Certificate |
GDR — | Global Depositary Receipt |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $— | $243,988,893 | $— | $243,988,893 | |
Australia | — | 79,831,433 | 7,190 * | 79,838,623 | |
Canada | 94,195,630 | — | — | 94,195,630 | |
Finland | 589,730 | 11,869,548 | — | 12,459,278 | |
France | 11,225,691 | 126,541,683 | — | 137,767,374 | |
Ireland | 4,299,863 | 4,162,899 | — | 8,462,762 | |
Israel | 1,051,431 | 3,101,879 | — | 4,153,310 | |
Italy | 1,519,155 | 43,702,659 | — | 45,221,814 | |
Japan | 2,175,876 | 301,853,617 | — | 304,029,493 | |
Netherlands | 4,568,474 | 63,748,131 | — * | 68,316,605 | |
Norway | 572,622 | 12,382,034 | — | 12,954,656 | |
Singapore | 945,607 | 10,599,581 | — | 11,545,188 | |
Sweden | 1,040,958 | 32,697,875 | — | 33,738,833 | |
Switzerland | 2,314,191 | 81,517,732 | — | 83,831,923 | |
United Kingdom | 8,346,912 | 202,496,024 | 12,099 | 210,855,035 | |
Preferred Stock1 | — | 10,728,102 | — | 10,728,102 | |
Rights 1 | 137,151 | — | — | 137,151 | |
Other Investment Company1 | 17,604,440 | — | — | 17,604,440 | |
Short-Term Investments1 | — | 11,042,849 | — | 11,042,849 | |
Futures Contracts2 | 48,896 | — | — | 48,896 | |
Total | $150,636,627 | $1,240,264,939 | $19,289 | $1,390,920,855 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,258,525,281) including securities on loan of $16,804,058 | $1,373,267,519 | |
Collateral invested for securities on loan, at value (cost $17,604,440) | 17,604,440 | |
Foreign currency, at value (cost $60,729) | 60,644 | |
Cash | 3,744 | |
Deposit with broker for futures contracts | 511,000 | |
Receivables: | ||
Dividends | 3,032,529 | |
Fund shares sold | 2,029,985 | |
Foreign tax reclaims | 1,170,184 | |
Income from securities on loan | 49,416 | |
Variation margin on futures contracts | 30,720 | |
Interest | + | 166 |
Total assets | 1,397,760,347 | |
Liabilities | ||
Collateral held for securities on loan | 17,604,440 | |
Payables: | ||
Investments bought | 7,116,216 | |
Investment adviser fees | 287,864 | |
Fund shares redeemed | 808,473 | |
Accrued expenses | + | 49,828 |
Total liabilities | 25,866,821 | |
Net Assets | ||
Total assets | 1,397,760,347 | |
Total liabilities | – | 25,866,821 |
Net assets | $1,371,893,526 | |
Net Assets by Source | ||
Capital received from investors | 1,263,382,398 | |
Net investment income not yet distributed | 29,964,925 | |
Net realized capital losses | (36,239,443) | |
Net unrealized capital appreciation | 114,785,646 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,371,893,526 | 143,662,422 | $9.55 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,647,232) | $36,847,536 | |
Interest | 22,475 | |
Securities on loan, net | + | 692,895 |
Total investment income | 37,562,906 | |
Expenses 1 | ||
Investment adviser and administrator fees | 2,963,351 | |
Shareholder service fees | 376,016 | |
Index fees | 305,174 | |
Custodian fees | 110,195 | |
Portfolio accounting fees | 48,267 | |
Transfer agent fees | 42,281 | |
Registration fees | 40,247 | |
Professional fees | 24,973 | |
Shareholder reports | 16,610 | |
Independent trustees’ fees | 6,573 | |
Interest expense | 1,257 | |
Other expenses | + | 16,407 |
Total expenses | 3,951,351 | |
Expense reduction by CSIM and its affiliates | – | 508,100 |
Net expenses | – | 3,443,251 |
Net investment income | 34,119,655 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 14,231,043 | |
Net realized gains on futures contracts | 1,718,802 | |
Net realized losses on foreign currency transactions | + | (136) |
Net realized gains | 15,949,709 | |
Net change in unrealized appreciation (depreciation) on investments | 198,624,606 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 208,626 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 107,606 |
Net change in unrealized appreciation (depreciation) | + | 198,940,838 |
Net realized and unrealized gains | 214,890,547 | |
Increase in net assets resulting from operations | $249,010,202 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $34,119,655 | $31,436,117 | ||
Net realized gains | 15,949,709 | 23,779,784 | ||
Net change in unrealized appreciation (depreciation) | + | 198,940,838 | (76,971,398) | |
Increase (decrease) in net assets from operations | 249,010,202 | (21,755,497) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($31,144,306) | ($31,819,112) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 47,237,656 | $406,561,858 | 40,777,391 | $309,566,525 | ||||
Shares reinvested | 2,127,749 | 16,766,662 | 2,600,103 | 19,448,771 | ||||
Shares redeemed | + | (27,724,391) | (240,708,374) | (64,663,235) | (477,115,945) | |||
Net transactions in fund shares | 21,641,014 | $182,620,146 | (21,285,741) | ($148,100,649) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 122,021,408 | $971,407,484 | 143,307,149 | $1,173,082,742 | ||||
Total increase or decrease | + | 21,641,014 | 400,486,042 | (21,285,741) | (201,675,258) | |||
End of period | 143,662,422 | $1,371,893,526 | 122,021,408 | $971,407,484 | ||||
Net investment income not yet distributed | $29,964,925 | $26,747,894 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $11.93 | $11.25 | $11.15 | $11.47 | $9.13 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.27 | 0.25 | 0.22 | 0.22 | 0.22 | |
Net realized and unrealized gains (losses) | 2.67 | 0.66 | 0.12 | (0.23) | 2.42 | |
Total from investment operations | 2.94 | 0.91 | 0.34 | (0.01) | 2.64 | |
Less distributions: | ||||||
Distributions from net investment income | (0.29) | (0.23) | (0.19) | (0.31) | (0.30) | |
Distributions from net realized gains | — | — | (0.05) | — | — | |
Total distributions | (0.29) | (0.23) | (0.24) | (0.31) | (0.30) | |
Net asset value at end of period | $14.58 | $11.93 | $11.25 | $11.15 | $11.47 | |
Total return | 25.23% | 8.29% | 3.09% | (0.07%) | 29.75% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.43% 2 | 0.49% | 0.49% | 0.49% | 0.47% 3,4 | |
Gross operating expenses | 0.48% 2 | 0.68% | 0.71% | 0.80% | 0.93% | |
Net investment income (loss) | 2.04% | 2.24% | 1.98% | 1.87% | 2.21% | |
Portfolio turnover rate | 21% | 40% | 37% | 41% | 29% | |
Net assets, end of period (x 1,000,000) | $749 | $476 | $427 | $275 | $150 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 98.9% of net assets | ||||
Australia 5.7% | ||||
Qantas Airways Ltd. | 323,828 | 0.2 | 1,528,348 | |
Other Securities | 5.5 | 40,730,578 | ||
5.7 | 42,258,926 | |||
Austria 1.1% | ||||
Wienerberger AG | 44,881 | 0.2 | 1,151,532 | |
Other Securities | 0.9 | 7,045,684 | ||
1.1 | 8,197,216 | |||
Belgium 1.2% | ||||
Other Securities | 1.2 | 9,229,668 | ||
Canada 8.6% | ||||
Bombardier, Inc., Class B * | 631,500 | 0.2 | 1,336,327 | |
Canadian Utilities Ltd., Class A | 45,300 | 0.2 | 1,368,024 | |
IGM Financial, Inc. | 35,700 | 0.2 | 1,258,258 | |
Kinross Gold Corp. * | 283,100 | 0.1 | 1,119,146 | |
Linamar Corp. | 18,632 | 0.2 | 1,130,543 | |
Pengrowth Energy Corp. *(a) | 1,065,800 | 0.2 | 1,197,899 | |
Quebecor, Inc., Class B | 34,200 | 0.2 | 1,290,486 | |
Waste Connections, Inc. | 24,851 | 0.2 | 1,755,809 | |
Other Securities | 7.1 | 54,041,401 | ||
8.6 | 64,497,893 | |||
Denmark 1.4% | ||||
FLSmidth & Co. A/S | 18,267 | 0.2 | 1,252,235 | |
Other Securities | 1.2 | 9,350,352 | ||
1.4 | 10,602,587 | |||
Finland 1.4% | ||||
Other Securities | 1.4 | 10,689,460 | ||
France 4.0% | ||||
Edenred | 39,785 | 0.2 | 1,146,947 | |
Other Securities | 3.8 | 29,089,321 | ||
4.0 | 30,236,268 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Germany 2.7% | ||||
Siltronic AG * | 7,771 | 0.2 | 1,159,804 | |
STADA Arzneimittel AG | 12,291 | 0.2 | 1,181,882 | |
Other Securities | 2.3 | 17,487,637 | ||
2.7 | 19,829,323 | |||
Greece 0.0% | ||||
Other Securities | 0.0 | — | ||
Hong Kong 4.5% | ||||
Orient Overseas International Ltd. | 135,000 | 0.2 | 1,299,574 | |
Techtronic Industries Co., Ltd. | 202,500 | 0.2 | 1,188,718 | |
Tingyi (Cayman Islands) Holding Corp. | 744,000 | 0.2 | 1,173,181 | |
Wynn Macau Ltd. | 455,600 | 0.2 | 1,169,666 | |
Other Securities | 3.7 | 28,730,422 | ||
4.5 | 33,561,561 | |||
Ireland 0.8% | ||||
Other Securities | 0.8 | 5,851,352 | ||
Israel 0.8% | ||||
Other Securities | 0.8 | 6,027,573 | ||
Italy 3.1% | ||||
A2A S.p.A | 725,759 | 0.2 | 1,246,361 | |
Ferrari N.V. | 11,902 | 0.2 | 1,425,120 | |
Leonardo S.p.A. | 67,862 | 0.2 | 1,171,434 | |
Other Securities | 2.5 | 19,599,755 | ||
3.1 | 23,442,670 | |||
Japan 37.9% | ||||
COMSYS Holdings Corp. | 48,700 | 0.2 | 1,233,299 | |
FamilyMart UNY Holdings Co., Ltd. | 21,600 | 0.2 | 1,227,689 | |
Fujikura Ltd. | 141,300 | 0.2 | 1,233,228 | |
Kamigumi Co., Ltd. | 51,500 | 0.2 | 1,232,858 | |
Kanematsu Corp. | 93,000 | 0.2 | 1,223,462 | |
Kinden Corp. | 71,600 | 0.2 | 1,209,172 | |
Konami Holdings Corp. | 23,400 | 0.2 | 1,139,702 | |
Kurita Water Industries Ltd. | 36,500 | 0.2 | 1,159,833 | |
Leopalace21 Corp. | 155,500 | 0.2 | 1,161,156 | |
Nissin Foods Holdings Co., Ltd. | 18,000 | 0.2 | 1,133,407 | |
Nomura Research Institute Ltd. | 26,760 | 0.2 | 1,134,493 | |
Sharp Corp. *(a) | 49,000 | 0.2 | 1,558,791 | |
Shikoku Electric Power Co., Inc. | 97,000 | 0.2 | 1,269,252 | |
The Chiba Bank Ltd. | 150,000 | 0.2 | 1,149,839 |
Security | Number of Shares | % of Net Assets | Value ($) | |
THK Co., Ltd. | 31,100 | 0.2 | 1,134,410 | |
TIS, Inc. | 41,500 | 0.2 | 1,291,468 | |
Tsuruha Holdings, Inc. | 9,300 | 0.2 | 1,153,038 | |
Yakult Honsha Co., Ltd. | 14,900 | 0.2 | 1,231,903 | |
Yaskawa Electric Corp. | 43,900 | 0.2 | 1,572,971 | |
Other Securities | 34.1 | 260,341,605 | ||
37.9 | 283,791,576 | |||
Luxembourg 0.4% | ||||
Other Securities | 0.4 | 3,087,006 | ||
Netherlands 2.5% | ||||
Aalberts Industries N.V. | 25,994 | 0.2 | 1,281,784 | |
Other Securities | 2.3 | 17,117,456 | ||
2.5 | 18,399,240 | |||
New Zealand 0.9% | ||||
Other Securities | 0.9 | 6,760,465 | ||
Norway 1.5% | ||||
Other Securities | 1.5 | 10,895,560 | ||
Portugal 0.6% | ||||
Other Securities | 0.6 | 4,097,180 | ||
Singapore 2.0% | ||||
City Developments Ltd. | 139,100 | 0.2 | 1,321,015 | |
Venture Corp., Ltd. | 101,700 | 0.2 | 1,453,770 | |
Other Securities | 1.6 | 11,940,762 | ||
2.0 | 14,715,547 | |||
Spain 1.6% | ||||
Obrascon Huarte Lain S.A. *(a) | 201,575 | 0.2 | 1,130,379 | |
Other Securities | 1.4 | 11,119,384 | ||
1.6 | 12,249,763 | |||
Sweden 2.2% | ||||
Other Securities | 2.2 | 16,788,071 | ||
Switzerland 3.0% | ||||
Sonova Holding AG | 6,750 | 0.2 | 1,218,591 | |
Other Securities | 2.8 | 21,065,188 | ||
3.0 | 22,283,779 | |||
United Kingdom 11.0% | ||||
Intermediate Capital Group plc | 87,551 | 0.2 | 1,130,490 | |
Janus Henderson Group plc | 44,956 | 0.2 | 1,562,221 | |
SIG plc | 656,241 | 0.2 | 1,503,020 | |
Other Securities | 10.4 | 78,425,869 | ||
11.0 | 82,621,600 | |||
Total Common Stock | ||||
(Cost $580,792,205) | 740,114,284 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Preferred Stock 0.2% of net assets | ||||
Germany 0.1% | ||||
Other Securities | 0.1 | 494,814 | ||
Italy 0.1% | ||||
Other Securities | 0.1 | 309,502 | ||
Sweden 0.0% | ||||
Other Securities | 0.0 | 231,881 | ||
Total Preferred Stock | ||||
(Cost $1,004,578) | 1,036,197 | |||
Rights 0.0% of net assets | ||||
Australia 0.0% | ||||
Other Securities | 0.0 | 90,324 | ||
Total Rights | ||||
(Cost $74,669) | 90,324 | |||
Other Investment Company 2.4% of net assets | ||||
United States 2.4% | ||||
Securities Lending Collateral 2.4% | ||||
Wells Fargo Government Money Market Fund,Select Class 0.96% (b) | 18,125,487 | 2.4 | 18,125,487 | |
Total Other Investment Company | ||||
(Cost $18,125,487) | 18,125,487 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.5% of net assets | ||||
Time Deposits 0.5% | ||||
Barclays Capital, Inc. 0.60%, 11/01/17 (c) | 3,342,999 | 0.4 | 3,342,999 | |
Other Securities | 0.1 | 643,681 | ||
0.5 | 3,986,680 | |||
Total Short-Term Investments | ||||
(Cost $3,986,680) | 3,986,680 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 75 | 7,527,750 | 26,797 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $17,278,281. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock | |||||
Australia | $278,313 | $41,980,613 | $— * | $42,258,926 | |
Austria | 2,359,528 | 5,837,688 | — | 8,197,216 | |
Belgium | 835,798 | 8,393,870 | — | 9,229,668 | |
Canada | 64,497,893 | — | — | 64,497,893 | |
Denmark | 1,465,913 | 9,136,674 | — | 10,602,587 | |
Finland | 1,943,079 | 8,478,999 | 267,382 | 10,689,460 | |
France | 6,118,517 | 24,117,751 | — | 30,236,268 | |
Germany | 3,106,114 | 16,723,209 | — | 19,829,323 | |
Greece | — | — | — * | — | |
Hong Kong | 4,423,701 | 28,916,746 | 221,114 | 33,561,561 | |
Ireland | 4,973,951 | 877,401 | — | 5,851,352 | |
Israel | 405,362 | 5,622,211 | — | 6,027,573 | |
Italy | 8,619,283 | 14,823,387 | — * | 23,442,670 | |
Japan | 2,588,483 | 281,203,093 | — | 283,791,576 | |
Luxembourg | 196,696 | 2,890,310 | — * | 3,087,006 | |
Netherlands | 5,596,984 | 12,802,256 | — | 18,399,240 | |
New Zealand | 730,837 | 6,029,628 | — | 6,760,465 | |
Norway | 2,153,477 | 8,742,083 | — | 10,895,560 | |
Portugal | 1,139,071 | 2,958,109 | — * | 4,097,180 | |
Singapore | 985,431 | 13,730,116 | — * | 14,715,547 | |
Spain | 1,862,155 | 10,387,608 | — * | 12,249,763 | |
Sweden | 3,361,926 | 13,426,145 | — | 16,788,071 | |
Switzerland | 3,357,375 | 18,926,404 | — | 22,283,779 | |
United Kingdom | 33,738,135 | 48,823,459 | 60,006 * | 82,621,600 | |
Preferred Stock1 | — | 494,814 | — | 494,814 | |
Italy | 277,822 | 31,680 | — | 309,502 | |
Sweden | 231,881 | — | — | 231,881 | |
Rights 1 | |||||
Australia | — | — | 90,324 | 90,324 | |
Other Investment Company1 | 18,125,487 | — | — | 18,125,487 | |
Short-Term Investments1 | — | 3,986,680 | — | 3,986,680 | |
Futures Contracts2 | 26,797 | — | — | 26,797 | |
Total | $173,400,009 | $589,340,934 | $638,826 | $763,379,769 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2017. |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $585,858,132) including securities on loan of $17,278,281 | $745,227,485 | |
Collateral invested for securities on loan, at value (cost $18,125,487) | 18,125,487 | |
Foreign currency, at value (cost $4,002) | 4,002 | |
Deposit with broker for futures contracts | 521,500 | |
Receivables: | ||
Fund shares sold | 1,878,677 | |
Dividends | 1,812,568 | |
Foreign tax reclaims | 254,356 | |
Income from securities on loan | 103,447 | |
Variation margin on futures contracts | 28,062 | |
Interest | + | 56 |
Total assets | 767,955,640 | |
Liabilities | ||
Collateral held for securities on loan | 18,125,487 | |
Payables: | ||
Investments bought | 74,484 | |
Investment adviser fees | 242,986 | |
Fund shares redeemed | 785,961 | |
Accrued expenses | + | 3,887 |
Total liabilities | 19,232,805 | |
Net Assets | ||
Total assets | 767,955,640 | |
Total liabilities | – | 19,232,805 |
Net assets | $748,722,835 | |
Net Assets by Source | ||
Capital received from investors | 575,157,641 | |
Net investment income not yet distributed | 8,089,791 | |
Net realized capital gains | 6,091,559 | |
Net unrealized capital appreciation | 159,383,844 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$748,722,835 | 51,362,542 | $14.58 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $1,585,100) | $13,931,306 | |
Interest | 19,574 | |
Securities on loan, net | + | 749,422 |
Total investment income | 14,700,302 | |
Expenses 1 | ||
Investment adviser and administrator fees | 2,340,272 | |
Shareholder service fees | 225,572 | |
Custodian fees | 82,555 | |
Portfolio accounting fees | 48,243 | |
Registration fees | 36,896 | |
Transfer agent fees | 23,405 | |
Professional fees | 22,430 | |
Shareholder reports | 11,462 | |
Index fees | 10,955 | |
Independent trustees’ fees | 5,028 | |
Interest expense | 246 | |
Other expenses | + | 16,561 |
Total expenses | 2,823,625 | |
Expense reduction by CSIM and its affiliates | – | 249,041 |
Net expenses | – | 2,574,584 |
Net investment income | 12,125,718 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 11,767,618 | |
Net realized gains on futures contracts | 1,173,627 | |
Net realized losses on foreign currency transactions | + | (1,788) |
Net realized gains | 12,939,457 | |
Net change in unrealized appreciation (depreciation) on investments | 110,740,166 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 77,127 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 43,476 |
Net change in unrealized appreciation (depreciation) | + | 110,860,769 |
Net realized and unrealized gains | 123,800,226 | |
Increase in net assets resulting from operations | $135,925,944 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $12,125,718 | $9,577,389 | ||
Net realized gains | 12,939,457 | 166,541 | ||
Net change in unrealized appreciation (depreciation) | + | 110,860,769 | 26,137,507 | |
Increase in net assets from operations | 135,925,944 | 35,881,437 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($11,632,113) | ($8,387,388) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 19,026,529 | $247,977,626 | 13,213,332 | $147,536,415 | ||||
Shares reinvested | 784,700 | 9,086,829 | 604,755 | 6,525,310 | ||||
Shares redeemed | + | (8,321,425) | (108,260,435) | (11,915,246) | (132,914,627) | |||
Net transactions in fund shares | 11,489,804 | $148,804,020 | 1,902,841 | $21,147,098 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 39,872,738 | $475,624,984 | 37,969,897 | $426,983,837 | ||||
Total increase | + | 11,489,804 | 273,097,851 | 1,902,841 | 48,641,147 | |||
End of period | 51,362,542 | $748,722,835 | 39,872,738 | $475,624,984 | ||||
Net investment income not yet distributed | $8,089,791 | $6,730,088 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $7.86 | $6.67 | $8.60 | $9.24 | $8.86 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.16 1 | 0.20 1 | 0.20 | 0.19 | |
Net realized and unrealized gains (losses) | 1.47 | 1.22 | (1.92) | (0.66) | 0.43 | |
Total from investment operations | 1.69 | 1.38 | (1.72) | (0.46) | 0.62 | |
Less distributions: | ||||||
Distributions from net investment income | (0.17) | (0.19) | (0.21) | (0.18) | (0.24) | |
Total distributions | (0.17) | (0.19) | (0.21) | (0.18) | (0.24) | |
Net asset value at end of period | $9.38 | $7.86 | $6.67 | $8.60 | $9.24 | |
Total return | 21.96% | 21.64% | (20.28%) | (5.03%) | 7.11% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.43% 2 | 0.49% | 0.49% | 0.49% | 0.51% 3,4 | |
Gross operating expenses | 0.57% 2 | 0.88% | 0.85% | 0.85% | 0.88% | |
Net investment income (loss) | 2.62% | 2.41% | 2.61% | 2.35% | 2.22% | |
Portfolio turnover rate | 18% | 20% | 27% | 19% | 22% | |
Net assets, end of period (x 1,000,000) | $554 | $336 | $304 | $346 | $353 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 90.7% of net assets | ||||
Brazil 5.5% | ||||
Ambev S.A. | 507,650 | 0.6 | 3,243,324 | |
Banco do Brasil S.A. | 331,115 | 0.6 | 3,485,954 | |
Petroleo Brasileiro S.A. * | 1,234,358 | 1.2 | 6,573,080 | |
Vale S.A. | 547,876 | 1.0 | 5,376,095 | |
Other Securities | 2.1 | 11,631,423 | ||
5.5 | 30,309,876 | |||
Chile 0.7% | ||||
Other Securities | 0.7 | 3,615,234 | ||
China 18.2% | ||||
Bank of China Ltd., Class H | 13,912,234 | 1.3 | 6,952,816 | |
China Construction Bank Corp., Class H | 16,705,960 | 2.7 | 14,930,367 | |
China Mobile Ltd. | 928,055 | 1.7 | 9,334,716 | |
China Petroleum & Chemical Corp., Class H | 11,723,400 | 1.6 | 8,608,706 | |
CNOOC Ltd. | 4,641,075 | 1.1 | 6,336,891 | |
Industrial & Commercial Bank of China Ltd., Class H | 12,248,172 | 1.8 | 9,745,442 | |
PetroChina Co., Ltd., Class H | 6,386,000 | 0.8 | 4,174,517 | |
Ping An Insurance Group Co. of China Ltd., Class H | 252,500 | 0.4 | 2,218,954 | |
Other Securities | 6.8 | 38,344,855 | ||
18.2 | 100,647,264 | |||
Colombia 0.5% | ||||
Other Securities | 0.5 | 2,526,359 | ||
Czech Republic 0.2% | ||||
Other Securities | 0.2 | 1,390,344 | ||
Greece 0.7% | ||||
Other Securities | 0.7 | 3,809,475 | ||
Hungary 0.5% | ||||
Other Securities | 0.5 | 2,740,053 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
India 4.9% | ||||
Infosys Ltd. | 168,332 | 0.4 | 2,396,721 | |
Reliance Industries Ltd. | 436,142 | 1.1 | 6,340,902 | |
Other Securities | 3.4 | 18,455,972 | ||
4.9 | 27,193,595 | |||
Indonesia 1.3% | ||||
Other Securities | 1.3 | 7,304,303 | ||
Malaysia 2.0% | ||||
Other Securities | 2.0 | 11,113,210 | ||
Mexico 3.1% | ||||
America Movil S.A.B. de C.V., Series L | 6,925,619 | 1.1 | 5,974,923 | |
Other Securities | 2.0 | 11,024,490 | ||
3.1 | 16,999,413 | |||
Peru 0.1% | ||||
Other Securities | 0.1 | 781,211 | ||
Philippines 0.2% | ||||
Other Securities | 0.2 | 858,770 | ||
Poland 2.3% | ||||
Polski Koncern Naftowy Orlen S.A. | 92,940 | 0.6 | 3,287,242 | |
Other Securities | 1.7 | 9,289,620 | ||
2.3 | 12,576,862 | |||
Republic of Korea 19.3% | ||||
Hyundai Mobis Co., Ltd. | 14,183 | 0.6 | 3,373,740 | |
Hyundai Motor Co. | 40,131 | 1.0 | 5,773,511 | |
KB Financial Group, Inc. | 44,134 | 0.4 | 2,307,515 | |
Kia Motors Corp. | 113,103 | 0.6 | 3,580,007 | |
Korea Electric Power Corp. | 72,197 | 0.5 | 2,531,196 | |
LG Chem Ltd. | 9,288 | 0.6 | 3,348,849 | |
LG Display Co., Ltd. | 98,075 | 0.5 | 2,565,698 | |
LG Electronics, Inc. | 46,054 | 0.7 | 3,749,090 | |
POSCO | 25,022 | 1.3 | 7,293,548 | |
Samsung Electronics Co., Ltd. | 13,626 | 6.1 | 33,589,517 | |
Shinhan Financial Group Co., Ltd. | 59,743 | 0.5 | 2,683,547 | |
SK Hynix, Inc. | 64,537 | 0.9 | 4,758,485 |
Security | Number of Shares | % of Net Assets | Value ($) | |
SK Innovation Co., Ltd. | 24,815 | 0.8 | 4,552,082 | |
Other Securities | 4.8 | 26,793,469 | ||
19.3 | 106,900,254 | |||
Russia 10.7% | ||||
Gazprom PJSC | 8,106,730 | 3.2 | 17,452,760 | |
Gazprom PJSC ADR | 719,000 | 0.6 | 3,088,403 | |
Lukoil PJSC | 260,826 | 2.5 | 13,808,435 | |
MMC Norilsk Nickel PJSC | 13,031 | 0.4 | 2,360,197 | |
Sberbank of Russia PJSC | 1,132,740 | 0.7 | 3,753,847 | |
Surgutneftegas OJSC | 12,759,505 | 1.1 | 6,365,577 | |
Tatneft PJSC | 388,030 | 0.5 | 2,892,973 | |
Other Securities | 1.7 | 9,431,312 | ||
10.7 | 59,153,504 | |||
South Africa 5.3% | ||||
MTN Group Ltd. | 604,558 | 0.9 | 5,249,442 | |
Sasol Ltd. | 187,568 | 1.0 | 5,480,320 | |
Standard Bank Group Ltd. | 205,366 | 0.4 | 2,384,788 | |
Other Securities | 3.0 | 16,176,631 | ||
5.3 | 29,291,181 | |||
Taiwan 12.1% | ||||
Hon Hai Precision Industry Co., Ltd. | 3,218,466 | 2.2 | 11,962,854 | |
Innolux Corp. | 5,336,357 | 0.4 | 2,338,957 | |
MediaTek, Inc. | 213,138 | 0.4 | 2,425,407 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,443,803 | 2.1 | 11,672,136 | |
Other Securities | 7.0 | 38,627,627 | ||
12.1 | 67,026,981 | |||
Thailand 1.6% | ||||
PTT PCL | 252,187 | 0.6 | 3,188,397 | |
Other Securities | 1.0 | 5,908,795 | ||
1.6 | 9,097,192 | |||
Turkey 1.4% | ||||
Other Securities | 1.4 | 8,024,380 | ||
United Arab Emirates 0.1% | ||||
Other Securities | 0.1 | 625,204 | ||
Total Common Stock | ||||
(Cost $412,602,255) | 501,984,665 | |||
Preferred Stock 9.1% of net assets | ||||
Brazil 6.3% | ||||
Banco Bradesco S.A. | 474,487 | 0.9 | 5,030,174 | |
Itau Unibanco Holding S.A. | 579,985 | 1.3 | 7,455,253 | |
Petroleo Brasileiro S.A. * | 1,532,554 | 1.4 | 7,856,489 | |
Vale S.A. | 671,828 | 1.1 | 6,107,714 | |
Other Securities | 1.6 | 8,264,998 | ||
6.3 | 34,714,628 | |||
Colombia 0.1% | ||||
Other Securities | 0.1 | 678,401 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Republic of Korea 1.2% | ||||
Samsung Electronics Co., Ltd. | 2,282 | 0.8 | 4,570,490 | |
Other Securities | 0.4 | 2,000,522 | ||
1.2 | 6,571,012 | |||
Russia 1.5% | ||||
Transneft PJSC | 2,105 | 1.2 | 6,659,114 | |
Other Securities | 0.3 | 1,707,583 | ||
1.5 | 8,366,697 | |||
Total Preferred Stock | ||||
(Cost $32,379,525) | 50,330,738 | |||
Rights 0.0% of net assets | ||||
Brazil 0.0% | ||||
Other Securities | 0.0 | 33,357 | ||
Total Rights | ||||
(Cost $—) | 33,357 | |||
Other Investment Company 0.2% of net assets | ||||
United States 0.2% | ||||
Securities Lending Collateral 0.2% | ||||
Other Securities | 0.2 | 1,403,969 | ||
Total Other Investment Company | ||||
(Cost $1,403,969) | 1,403,969 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.1% of net assets | ||||
Time Deposit 0.1% | ||||
Other Securities | 0.1 | 676,030 | ||
Total Short-Term Investments | ||||
(Cost $676,030) | 676,030 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index expires 12/15/17 | 54 | 3,035,340 | (3,606) |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $1,331,448. |
(c) | The rate shown is the 7-day yield. |
ADR — | American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $— | $111,474,561 | $— | $111,474,561 | |
Brazil | 30,309,876 | — | — | 30,309,876 | |
China | 3,222,221 | 97,425,043 | — | 100,647,264 | |
Colombia | 2,526,359 | — | — | 2,526,359 | |
Greece | 727,566 | 3,081,909 | — | 3,809,475 | |
Indonesia | 671,385 | 6,632,918 | — | 7,304,303 | |
Malaysia | 1,718,717 | 9,394,493 | — | 11,113,210 | |
Mexico | 16,999,413 | — | — | 16,999,413 | |
Peru | 781,211 | — | — | 781,211 | |
Poland | 832,712 | 11,744,150 | — | 12,576,862 | |
Republic of Korea | 4,609,863 | 102,290,391 | — | 106,900,254 | |
Russia | 56,065,101 | 3,088,403 | — | 59,153,504 | |
South Africa | 3,220,852 | 26,070,329 | — | 29,291,181 | |
Thailand | 7,795,967 | 1,301,225 | — | 9,097,192 | |
Preferred Stock1 | — | 6,571,012 | — | 6,571,012 | |
Brazil | 34,714,628 | — | — | 34,714,628 | |
Colombia | 678,401 | — | — | 678,401 | |
Russia | 8,366,697 | — | — | 8,366,697 | |
Rights 1 | 33,357 | — | — | 33,357 | |
Other Investment Company1 | 1,403,969 | — | — | 1,403,969 | |
Short-Term Investments1 | — | 676,030 | — | 676,030 | |
Liabilities | |||||
Futures Contracts2 | (3,606) | — | — | (3,606) | |
Total | $174,674,689 | $379,750,464 | $— | $554,425,153 |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $445,657,810) including securities on loan of $1,331,448 | $553,024,790 | |
Collateral invested for securities on loan, at value (cost $1,403,969) | 1,403,969 | |
Foreign currency, at value (cost $169,745) | 168,332 | |
Deposit with broker for futures contracts | 214,200 | |
Receivables: | ||
Fund shares sold | 1,034,723 | |
Dividends | 500,213 | |
Variation margin on futures contracts | 24,999 | |
Income from securities on loan | 2,418 | |
Foreign tax reclaims | + | 1,268 |
Total assets | 556,374,912 | |
Liabilities | ||
Collateral held for securities on loan | 1,403,969 | |
Payables: | ||
Investment adviser fees | 181,408 | |
Foreign capital gains tax | 762,299 | |
Fund shares redeemed | 363,107 | |
Accrued expenses and other liabilities | + | 2,963 |
Total liabilities | 2,713,746 | |
Net Assets | ||
Total assets | 556,374,912 | |
Total liabilities | – | 2,713,746 |
Net assets | $553,661,166 | |
Net Assets by Source | ||
Capital received from investors | 527,939,381 | |
Net investment income not yet distributed | 10,613,135 | |
Net realized capital losses | (91,483,898) | |
Net unrealized capital appreciation | 106,592,548 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$553,661,166 | 59,005,657 | $9.38 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $2,088,811) | $13,207,715 | |
Interest | 13,679 | |
Securities on loan, net | + | 15,644 |
Total investment income | 13,237,038 | |
Expenses 1 | ||
Investment adviser and administrator fees | 1,899,360 | |
Shareholder service fees | 134,005 | |
Custodian fees | 266,156 | |
Portfolio accounting fees | 38,016 | |
Registration fees | 33,137 | |
Transfer agent fees | 22,466 | |
Professional fees | 21,761 | |
Index fees | 10,448 | |
Shareholder reports | 6,216 | |
Independent trustees’ fees | 4,623 | |
Interest expense | 1,146 | |
Other expenses | + | 15,933 |
Total expenses | 2,453,267 | |
Expense reduction by CSIM and its affiliates | – | 571,567 |
Net expenses | – | 1,881,700 |
Net investment income | 11,355,338 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments (net of foreign capital gain tax paid of $5,685) | (6,228,326) | |
Net realized gains on futures contracts | 1,276,586 | |
Net realized losses on foreign currency transactions | + | (127,216) |
Net realized losses | (5,078,956) | |
Net change in unrealized appreciation (depreciation) on investments (net of change in foreign capital gains tax of $591,964) | 81,533,074 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 8,927 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (14,341) |
Net change in unrealized appreciation (depreciation) | + | 81,527,660 |
Net realized and unrealized gains | 76,448,704 | |
Increase in net assets resulting from operations | $87,804,042 |
1 | See financial note 2(e) and financial note 4. |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $11,355,338 | $7,270,085 | ||
Net realized losses | (5,078,956) | (39,222,603) | ||
Net change in unrealized appreciation (depreciation) | + | 81,527,660 | 93,365,255 | |
Increase in net assets from operations | 87,804,042 | 61,412,737 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($7,176,164) | ($8,647,638) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 29,666,825 | $251,074,987 | 15,830,412 | $100,588,374 | ||||
Shares reinvested | 660,956 | 4,970,387 | 944,255 | 5,589,988 | ||||
Shares redeemed | + | (14,015,317) | (118,606,299) | (19,713,318) | (127,760,306) | |||
Net transactions in fund shares | 16,312,464 | $137,439,075 | (2,938,651) | ($21,581,944) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 42,693,193 | $335,594,213 | 45,631,844 | $304,411,058 | ||||
Total increase or decrease | + | 16,312,464 | 218,066,953 | (2,938,651) | 31,183,155 | |||
End of period | 59,005,657 | $553,661,166 | 42,693,193 | $335,594,213 | ||||
Net investment income not yet distributed | $10,613,135 | $6,137,971 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Fundamental US Large Company Index Fund | Schwab Target 2015 Fund |
Schwab Fundamental US Small Company Index Fund | Schwab Target 2020 Fund |
Schwab Fundamental International Large Company Index Fund | Schwab Target 2025 Fund |
Schwab Fundamental International Small Company Index Fund | Schwab Target 2030 Fund |
Schwab Fundamental Emerging Markets Large Company Index Fund | Schwab Target 2035 Fund |
Schwab Fundamental Global Real Estate Index Fund | Schwab Target 2040 Fund |
Schwab ® S&P 500 Index Fund | Schwab Target 2045 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2050 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2055 Fund |
Schwab International Index Fund® | Schwab Target 2060 Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2010 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2015 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2020 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2025 Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2030 Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2035 Index Fund |
Schwab Balanced Fund™ | Schwab Target 2040 Index Fund |
Schwab Core Equity Fund™ | Schwab Target 2045 Index Fund |
Schwab Dividend Equity Fund™ | Schwab Target 2050 Index Fund |
Schwab Large-Cap Growth Fund™ | Schwab Target 2055 Index Fund |
Schwab Small-Cap Equity Fund™ | Schwab Target 2060 Index Fund |
Schwab Hedged Equity Fund™ | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Health Care Fund™ | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab ® International Core Equity Fund | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Target 2010 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
0.25% | 0.25% | 0.25% | 0.39% | 0.39% |
% of Average Daily Net Assets | Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company 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% |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
0.24% | 0.25% | 0.25% | 0.39% | 0.44% |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
0.35% | 0.35% | 0.35% | 0.49% | 0.49% |
Underlying Funds | |||||
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |
Schwab MarketTrack All Equity Portfolio | 1.6% | 2.9% | 2.9% | 4.5% | 6.0% |
Schwab MarketTrack Balanced Portfolio | 0.9% | 1.4% | 1.2% | 1.9% | 2.7% |
Schwab MarketTrack Conservative Portfolio | 0.3% | 0.4% | 0.4% | 0.6% | 0.8% |
Schwab MarketTrack Growth Portfolio | 1.8% | 2.8% | 2.4% | 3.7% | 5.1% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab Fundamental US Large Company Index Fund | $244,411,124 | ($7,880,764) |
Schwab Fundamental US Small Company Index Fund | 219,809,026 | 31,260,617 |
Schwab Fundamental International Large Company Index Fund | 29,829,151 | (1,439,269) |
Schwab Fundamental International Small Company Index Fund | 56,642,934 | 6,747,886 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 7,792,764 | 124,580 |
6. Borrowing from Banks:
7. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab Fundamental US Large Company Index Fund | $29,006,175 | 247 |
Schwab Fundamental US Small Company Index Fund | 13,004,295 | 169 |
Schwab Fundamental International Large Company Index Fund | 9,915,561 | 109 |
Schwab Fundamental International Small Company Index Fund | 7,862,623 | 87 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,667,392 | 74 |
Purchases of Securities | Sales/Maturities of Securities | |
Schwab Fundamental US Large Company Index Fund | $809,567,931 | $758,950,616 |
Schwab Fundamental US Small Company Index Fund | 583,374,951 | 446,587,498 |
Schwab Fundamental International Large Company Index Fund | 307,628,536 | 121,660,812 |
Schwab Fundamental International Small Company Index Fund | 275,026,501 | 122,725,921 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 219,730,775 | 77,359,855 |
9. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Schwab Fundamental US Large Company Index Fund | $31,673 | $71,689 |
Schwab Fundamental US Small Company Index Fund | 7,915 | 15,918 |
Schwab Fundamental International Large Company Index Fund | 3,741 | 34,029 |
Schwab Fundamental International Small Company Index Fund | 2,570 | 5,204 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 9,496 | 43,985 |
10. Federal Income Taxes:
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |||||
Tax cost | $3,793,890,752 | $1,338,247,898 | $1,294,552,003 | $617,118,073 | $473,950,896 | ||||
Gross unrealized appreciation | $1,729,877,386 | $514,094,148 | $178,359,512 | $164,940,199 | $97,652,666 | ||||
Gross unrealized depreciation | (156,798,934) | (82,766,935) | (81,990,660) | (18,678,503) | (17,178,409) | ||||
Net unrealized appreciation (depreciation) | $1,573,078,452 | $431,327,213 | $96,368,852 | $146,261,696 | $80,474,257 |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |||||
Undistributed ordinary income | $98,298,122 | $29,763,139 | $33,096,241 | $21,159,569 | $12,279,287 | ||||
Undistributed long-term capital gains | 55,951,122 | 79,422,807 | — | 6,156,235 | — | ||||
Net unrealized appreciation (depreciation) on investments | 1,573,078,452 | 431,327,213 | 96,368,852 | 146,261,696 | 80,474,257 | ||||
Net other unrealized appreciation (depreciation) | — | (7) | (5,488) | (12,306) | (770,826) | ||||
Total | $1,727,327,696 | $540,513,152 | $129,459,605 | $173,565,194 | $91,982,718 |
Expiration Date | Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | ||||
October 31, 2018 | $— | $— | $20,948,477 | $— | $— | ||||
No expiration | — | — | — | — | 66,260,933 | ||||
Total | $— | $— | $20,948,477 | $— | $66,260,933 |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |
Capital loss carryforwards utilized | $— | $— | $14,811,167 | $1,521,731 | $— |
Capital losses expired | — | — | 23,609,804 | — | — |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |
Current period distributions | |||||
Ordinary income | $141,184,723 | $19,300,337 | $31,144,306 | $11,632,113 | $7,176,164 |
Long-term capital gains | 201,230,705 | 10,058,079 | — | — | — |
Prior period distributions | |||||
Ordinary income | $172,769,868 | $20,540,783 | $31,819,112 | $8,387,388 | $8,647,638 |
Long-term capital gains | 82,222,528 | 61,259,281 | — | — | — |
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund | |
Capital shares | $— | $— | ($23,609,804) | $— | $— |
Undistributed net investment income | (4,075,100) | (1,016,545) | 241,682 | 866,098 | 295,990 |
Net realized capital gains (losses) | 4,075,100 | 1,016,545 | 23,368,122 | (866,098) | (295,990) |
11. Custody Out-of-Pocket Fee Reimbursement:
State Street to Fund | State Street to CSIM | |
Schwab Fundamental US Large Company Index Fund | $— | $1,548 |
Schwab Fundamental US Small Company Index Fund | — | 1,682 |
Schwab Fundamental International Large Company Index Fund | — | 2,810 |
Schwab Fundamental International Small Company Index Fund | 262 | 2,828 |
Schwab Fundamental Emerging Markets Large Company Index Fund | — | 3,356 |
12. Subsequent Events:
San Francisco, California
December 15, 2017
Foreign Tax Credit | Foreign Source Income | |
Schwab Fundamental US Large Company Index Fund | $— | $— |
Schwab Fundamental US Small Company Index Fund | — | — |
Schwab Fundamental International Large Company Index Fund | 3,029,076 | 41,522,915 |
Schwab Fundamental International Small Company Index Fund | 1,496,046 | 15,516,406 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,073,066 | 15,296,526 |
Percentage | |
Schwab Fundamental US Large Company Index Fund | 84.27 |
Schwab Fundamental US Small Company Index Fund | 70.06 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | — |
Schwab Fundamental Emerging Markets Large Company Index Fund | — |
Schwab Fundamental US Large Company Index Fund | $123,153,627 |
Schwab Fundamental US Small Company Index Fund | 14,171,599 |
Schwab Fundamental International Large Company Index Fund | 31,430,176 |
Schwab Fundamental International Small Company Index Fund | 9,519,961 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 7,117,422 |
Schwab Fundamental US Large Company Index Fund | $201,230,705 |
Schwab Fundamental US Small Company Index Fund | 10,058,079 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | — |
Schwab Fundamental Emerging Markets Large Company Index Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
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00201785
Table of Contents
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All Equity Portfolio™
Growth Portfolio™
Balanced Portfolio™
Conservative Portfolio™
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab MarketTrack All Equity Portfolio (Ticker Symbol: SWEGX) | 23.33% |
All Equity Composite Index | 23.92% |
Fund Category: Morningstar Allocation—85%+ Equity1 | 20.64% |
Performance Details | pages 8-10 |
Schwab MarketTrack Growth Portfolio (Ticker Symbol: SWHGX) | 18.52% |
Growth Composite Index | 19.04% |
Fund Category: Morningstar Allocation—70% to 85% Equity1 | 16.53% |
Performance Details | pages 11-13 |
Schwab MarketTrack Balanced Portfolio (Ticker Symbol: SWBGX) | 13.71% |
Balanced Composite Index | 14.27% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 13.46% |
Performance Details | pages 14-16 |
Schwab MarketTrack Conservative Portfolio (Ticker Symbol: SWCGX) | 9.07% |
Conservative Composite Index | 9.66% |
Fund Category: Morningstar Allocation—30% to 50% Equity1 | 9.20% |
Performance Details | pages 17-19 |
Minimum Initial Investment2 | $ 100 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | Please see the funds’ prospectus for further detail and eligibility requirements. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907img3a82e80a2.jpg)
President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the management of the funds. She has served as portfolio manager of the funds since February 2012. Prior to joining CSIM in 2012, Ms. Tang was a product manager at Thomson Reuters and, from 1997 to 2009, worked as a portfolio manager at Barclays Global Investors, which was subsequently acquired by BlackRock. |
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Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack All Equity Portfolio (5/19/98) | 23.33% | 12.51% | 5.40% |
All Equity Composite Index | 23.92% | 13.05% | 5.70% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Fund Category: Morningstar Allocation—85%+ Equity2 | 20.64% | 11.35% | 5.04% |
Fund Expense Ratio3: 0.55% |
1 | Portfolio expenses have been partially absorbed by CSIM and its affiliates. 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. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.13% of acquired fund fees and expenses, which are indirect expenses incurred by the portfolio through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. Effective October 6, 2017, the expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.55% and 0.13%, respectively. For more information, refer to the prospectus supplement dated October 6, 2017. |
Number of Holdings | 9 |
Portfolio Turnover Rate | 5% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907lg_2m28.jpg)
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Growth Portfolio (11/20/95) | 18.52% | 10.51% | 5.24% |
Growth Composite Index | 19.04% | 11.00% | 5.68% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Allocation—70% to 85% Equity2 | 16.53% | 9.31% | 4.59% |
Fund Expense Ratio3: 0.53% |
1 | Portfolio expenses have been partially absorbed by CSIM and its affiliates. 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. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.12% of acquired fund fees and expenses, which are indirect expenses incurred by the portfolio through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. Effective October 6, 2017, the expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.53% and 0.12%, respectively. For more information, refer to the prospectus supplement dated October 6, 2017. |
Number of Holdings | 13 |
Portfolio Turnover Rate | 20% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907lg_2m29.jpg)
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Balanced Portfolio (11/20/95) | 13.71% | 8.22% | 4.64% |
Balanced Composite Index | 14.27% | 8.74% | 5.43% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 13.46% | 7.87% | 5.03% |
Fund Expense Ratio3: 0.51% |
1 | Portfolio expenses have been partially absorbed by CSIM and its affiliates. 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. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.10% of acquired fund fees and expenses, which are indirect expenses incurred by the portfolio through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. Effective October 6, 2017, the expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.51% and 0.10%, respectively. For more information, refer to the prospectus supplement dated October 6, 2017. |
Number of Holdings | 12 |
Portfolio Turnover Rate | 46% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907img863a0bd910.jpg)
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907lg_2m30.jpg)
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Conservative Portfolio (11/20/95) | 9.07% | 5.88% | 3.92% |
Conservative Composite Index | 9.66% | 6.48% | 5.06% |
S&P 500® Index | 23.63% | 15.18% | 7.51% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Allocation—30% to 50% Equity2 | 9.20% | 5.53% | 4.33% |
Fund Expense Ratio3: 0.52% |
1 | Portfolio expenses have been partially absorbed by CSIM and its affiliates. 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. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.08% of acquired fund fees and expenses, which are indirect expenses incurred by the portfolio through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual ratios during the period, refer to the financial highlights section of the financial statements. Effective October 6, 2017, the expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.52% and 0.08%, respectively. For more information, refer to the prospectus supplement dated October 6, 2017. |
Number of Holdings | 12 |
Portfolio Turnover Rate | 74% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907imgcfb0ed8012.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g29907img16434d2213.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | This list is not a recommendation of any security by the investment adviser. |
3 | The holdings listed exclude any temporary liquidity investments. |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172,5 | Effective Expenses Paid During Period 5/1/17-10/31/174,5 | |
Schwab MarketTrack All Equity Portfolio | ||||||
Actual Return | 0.40% | 0.57% | $1,000.00 | $1,087.50 | $2.10 | $3.00 |
Hypothetical 5% Return | 0.40% | 0.57% | $1,000.00 | $1,023.18 | $2.04 | $2.91 |
Schwab MarketTrack Growth Portfolio | ||||||
Actual Return | 0.40% | 0.55% | $1,000.00 | $1,071.20 | $2.09 | $2.87 |
Hypothetical 5% Return | 0.40% | 0.55% | $1,000.00 | $1,023.18 | $2.04 | $2.80 |
Schwab MarketTrack Balanced Portfolio | ||||||
Actual Return | 0.40% | 0.55% | $1,000.00 | $1,056.40 | $2.07 | $2.85 |
Hypothetical 5% Return | 0.40% | 0.55% | $1,000.00 | $1,023.18 | $2.04 | $2.80 |
Schwab MarketTrack Conservative Portfolio | ||||||
Actual Return | 0.42% | 0.56% | $1,000.00 | $1,041.60 | $2.16 | $2.88 |
Hypothetical 5% Return | 0.42% | 0.56% | $1,000.00 | $1,023.08 | $2.14 | $2.85 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Based on the most recent six-month acquired fund fees and expense ratio; may differ from the acquired fund fees and expenses ratios in the prospectus, which are based on estimated amounts for the current fiscal year. |
4 | Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
5 | Expenses for each portfolio 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.90 | $17.00 | $17.17 | $15.99 | $12.79 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.27 1 | 0.27 1 | 0.29 1 | 0.21 | 0.27 | |
Net realized and unrealized gains (losses) | 3.33 | 0.31 | (0.23) | 1.24 | 3.27 | |
Total from investment operations | 3.60 | 0.58 | 0.06 | 1.45 | 3.54 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.53) | (0.23) | (0.27) | (0.34) | |
Distributions from net realized gains | (0.44) | (1.15) | — | — | — | |
Total distributions | (0.74) | (1.68) | (0.23) | (0.27) | (0.34) | |
Net asset value at end of period | $18.76 | $15.90 | $17.00 | $17.17 | $15.99 | |
Total return | 23.33% | 3.99% | 0.36% | 9.12% | 28.37% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.41% | 0.42% 3 | 0.50% | 0.50% | |
Gross operating expenses2 | 0.40% | 0.42% | 0.43% 3 | 0.51% | 0.52% | |
Net investment income (loss) | 1.56% | 1.73% | 1.67% | 1.24% | 1.84% | |
Portfolio turnover rate | 5% | 6% | 42% 4 | 9% | 6% | |
Net assets, end of period (x 1,000,000) | $662 | $553 | $578 | $621 | $586 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.7% of net assets | ||
Equity Funds 99.7% | ||
International 29.9% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,564,913 | 33,438,879 |
Schwab Fundamental International Large Company Index Fund | 4,208,898 | 40,194,975 |
Schwab Fundamental International Small Company Index Fund | 2,300,700 | 33,544,207 |
Schwab International Index Fund | 4,325,353 | 90,875,656 |
198,053,717 | ||
Large-Cap 44.9% | ||
Schwab Fundamental US Large Company Index Fund | 5,188,750 | 87,637,988 |
Schwab S&P 500 Index Fund | 5,208,977 | 209,557,144 |
297,195,132 | ||
Small-Cap 24.9% | ||
Schwab Fundamental US Small Company Index Fund | 3,215,044 | 49,254,478 |
Schwab Small-Cap Index Fund | 3,666,070 | 115,297,912 |
164,552,390 | ||
Total Affiliated Underlying Funds | ||
(Cost $407,043,160) | 659,801,239 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (a) | 2,261,473 | 2,261,473 |
Total Short-Term Investment | ||
(Cost $2,261,473) | 2,261,473 |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,607,099 | 215,040 | (257,226) | 3,564,913 | $5,391,556 | $252,795 | $602,733 |
Schwab Fundamental International Large Company Index Fund | 4,235,015 | 265,697 | (291,814) | 4,208,898 | 6,717,985 | 171,326 | 1,104,948 |
Schwab Fundamental International Small Company Index Fund | 2,349,239 | 125,491 | (174,030) | 2,300,700 | 5,886,078 | 469,209 | 682,505 |
Schwab Fundamental US Large Company Index Fund | 4,955,852 | 348,703 | (115,805) | 5,188,750 | 9,092,125 | 43,349 | 5,370,032 |
Schwab Fundamental US Small Company Index Fund | 3,296,472 | 163,260 | (244,688) | 3,215,044 | 8,305,368 | 238,582 | 828,294 |
Schwab International Index Fund | 4,367,482 | 272,493 | (314,622) | 4,325,353 | 15,005,967 | 784,839 | 2,456,558 |
Schwab S&P 500 Index Fund | 5,196,744 | 157,547 | (145,314) | 5,208,977 | 35,141,320 | 734,697 | 4,533,815 |
Schwab Small-Cap Index Fund | 3,669,723 | 317,761 | (321,414) | 3,666,070 | 19,797,937 | 1,748,379 | 4,057,310 |
Total | $105,338,336 | $4,443,176 | $19,636,195 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $659,801,239 | $— | $— | $659,801,239 | |
Short-Term Investment1 | — | 2,261,473 | — | 2,261,473 | |
Total | $659,801,239 | $2,261,473 | $— | $662,062,712 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $407,043,160) | $659,801,239 | |
Investments in unaffiliated issuers, at value (cost $2,261,473) | 2,261,473 | |
Receivables: | ||
Fund shares sold | 393,144 | |
Interest | 37 | |
Prepaid expenses | + | 12,351 |
Total assets | 662,468,244 | |
Liabilities | ||
Payables: | ||
Investment adviser and administrator fees | 72,702 | |
Shareholder service fees | 135,393 | |
Fund shares redeemed | 428,755 | |
Accrued expenses | + | 73,895 |
Total liabilities | 710,745 | |
Net Assets | ||
Total assets | 662,468,244 | |
Total liabilities | – | 710,745 |
Net assets | $661,757,499 | |
Net Assets by Source | ||
Capital received from investors | 405,341,954 | |
Net investment income not yet distributed | 3,597,922 | |
Net realized capital gains | 59,544 | |
Net unrealized capital appreciation | 252,758,079 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$661,757,499 | 35,275,802 | $18.76 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $11,979,153 | |
Interest | + | 10,113 |
Total investment income | 11,989,266 | |
Expenses | ||
Investment adviser and administrator fees | 797,138 | |
Shareholder service fees | 1,478,149 | |
Shareholder reports | 72,560 | |
Professional fees | 29,031 | |
Transfer agent fees | 26,218 | |
Registration fees | 24,747 | |
Portfolio accounting fees | 21,117 | |
Independent trustees’ fees | 10,463 | |
Custodian fees | 492 | |
Other expenses | + | 7,147 |
Total expenses | 2,467,062 | |
Expense reduction by CSIM and its affiliates | – | 26,218 |
Net expenses | – | 2,440,844 |
Net investment income | 9,548,422 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 7,657,042 | |
Net realized gains on sales of affiliated underlying funds | + | 4,443,176 |
Net realized gains | 12,100,218 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 105,338,336 |
Net realized and unrealized gains | 117,438,554 | |
Increase in net assets resulting from operations | $126,986,976 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $9,548,422 | $9,512,618 | ||
Net realized gains | 12,100,218 | 16,087,296 | ||
Net change in unrealized appreciation (depreciation) | + | 105,338,336 | (5,044,678) | |
Increase in net assets from operations | 126,986,976 | 20,555,236 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (10,329,088) | (17,824,381) | ||
Distributions from net realized gains | + | (15,056,778) | (38,823,520) | |
Total distributions | ($25,385,866) | ($56,647,901) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,389,094 | $58,388,000 | 2,683,457 | $41,168,105 | ||||
Shares reinvested | 1,434,727 | 23,299,953 | 3,463,150 | 52,155,040 | ||||
Shares redeemed | + | (4,337,281) | (74,592,117) | (5,333,614) | (81,715,079) | |||
Net transactions in fund shares | 486,540 | $7,095,836 | 812,993 | $11,608,066 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 34,789,262 | $553,060,553 | 33,976,269 | $577,545,152 | ||||
Total increase or decrease | + | 486,540 | 108,696,946 | 812,993 | (24,484,599) | |||
End of period | 35,275,802 | $661,757,499 | 34,789,262 | $553,060,553 | ||||
Net investment income not yet distributed | $3,597,922 | $3,775,232 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $20.54 | $22.68 | $23.20 | $21.67 | $18.08 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.34 1 | 0.32 1 | 0.34 1 | 0.27 | 0.34 | |
Net realized and unrealized gains (losses) | 3.37 | 0.41 | (0.12) | 1.57 | 3.60 | |
Total from investment operations | 3.71 | 0.73 | 0.22 | 1.84 | 3.94 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.39) | (0.35) | (0.31) | (0.35) | |
Distributions from net realized gains | (0.42) | (2.48) | (0.39) | — | — | |
Total distributions | (0.78) | (2.87) | (0.74) | (0.31) | (0.35) | |
Net asset value at end of period | $23.47 | $20.54 | $22.68 | $23.20 | $21.67 | |
Total return | 18.52% | 3.88% | 0.95% | 8.55% | 22.14% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.41% | 0.42% 3 | 0.50% | 0.50% | |
Gross operating expenses2 | 0.40% | 0.41% | 0.42% 3 | 0.51% | 0.52% | |
Net investment income (loss) | 1.57% | 1.61% | 1.50% | 1.20% | 1.71% | |
Portfolio turnover rate | 20% 4 | 12% | 36% 5 | 7% | 9% | |
Net assets, end of period (x 1,000,000) | $804 | $707 | $716 | $734 | $680 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 98.0% of net assets | ||
Equity Funds 80.5% | ||
International 20.5% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,992,419 | 28,068,892 |
Schwab Fundamental International Large Company Index Fund | 3,456,821 | 33,012,642 |
Schwab Fundamental International Small Company Index Fund | 1,895,943 | 27,642,845 |
Schwab International Index Fund | 3,627,507 | 76,213,932 |
164,938,311 | ||
Large-Cap 40.0% | ||
Schwab Fundamental US Large Company Index Fund | 5,707,679 | 96,402,703 |
Schwab S&P 500 Index Fund | 5,592,380 | 224,981,442 |
321,384,145 | ||
Small-Cap 20.0% | ||
Schwab Fundamental US Small Company Index Fund | 3,163,808 | 48,469,536 |
Schwab Small-Cap Index Fund | 3,576,510 | 112,481,230 |
160,950,766 | ||
647,273,222 | ||
Fixed-Income Fund 14.6% | ||
Intermediate-Term Bond 14.6% | ||
Schwab U.S. Aggregate Bond Index Fund | 11,592,820 | 116,855,623 |
Security | Number of Shares | Value ($) |
Money Market Fund 2.9% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 23,322,991 | 23,329,988 |
Total Affiliated Underlying Funds | ||
(Cost $484,938,236) | 787,458,833 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.9% of net assets | ||
Time Deposits 1.9% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (b) | 8,023,121 | 8,023,121 |
BNP Paribas | ||
0.60%, 11/01/17 (b) | 3,138,634 | 3,138,634 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 4,428,988 | 4,428,988 |
Total Short-Term Investments | ||
(Cost $15,590,743) | 15,590,743 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,147,610 | 141,894 | (297,085) | 2,992,419 | $4,496,766 | $251,067 | $520,844 |
Schwab Fundamental International Large Company Index Fund | 3,553,251 | 256,614 | (353,044) | 3,456,821 | 5,522,542 | 282,709 | 923,510 |
Schwab Fundamental International Small Company Index Fund | 1,983,160 | 133,699 | (220,916) | 1,895,943 | 4,825,964 | 567,958 | 589,821 |
Schwab Fundamental US Large Company Index Fund | 5,622,155 | 392,207 | (306,683) | 5,707,679 | 9,971,843 | 343,887 | 6,039,991 |
Schwab Fundamental US Small Company Index Fund | 3,341,405 | 58,486 | (236,083) | 3,163,808 | 8,333,246 | 247,511 | 836,348 |
Schwab International Index Fund | 3,753,848 | 311,597 | (437,938) | 3,627,507 | 12,599,460 | 774,682 | 2,152,381 |
Schwab S&P 500 Index Fund | 5,944,233 | 148,751 | (500,604) | 5,592,380 | 30,689,046 | 9,314,110 | 5,170,577 |
Schwab Small-Cap Index Fund | 3,800,083 | 215,365 | (438,938) | 3,576,510 | 17,435,218 | 4,501,332 | 4,122,562 |
Schwab Total Bond Market Fund | 11,044,481 | 694,772 | (11,739,253) | — | (5,565,328) | 3,746,637 | 1,213,505 |
Schwab U.S. Aggregate Bond Index Fund | — | 11,592,820 | — | 11,592,820 | 132,265 | — | 1,478,015 |
Schwab Variable Share Price Money Fund, Ultra Shares | 23,123,393 | 199,598 | — | 23,322,991 | (2,316) | — | 206,504 |
Total | $88,438,706 | $20,029,893 | $23,254,058 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $787,458,833 | $— | $— | $787,458,833 | |
Short-Term Investments1 | — | 15,590,743 | — | 15,590,743 | |
Total | $787,458,833 | $15,590,743 | $— | $803,049,576 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $484,938,236) | $787,458,833 | |
Investments in unaffiliated issuers, at value (cost $15,590,743) | 15,590,743 | |
Receivables: | ||
Investments sold | 1,920,000 | |
Fund shares sold | 490,920 | |
Dividends | 241,808 | |
Interest | 260 | |
Prepaid expenses | + | 20,027 |
Total assets | 805,722,591 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,339,716 | |
Investment adviser and administrator fees | 83,688 | |
Shareholder service fees | 165,144 | |
Fund shares redeemed | 259,179 | |
Accrued expenses | + | 75,181 |
Total liabilities | 1,922,908 | |
Net Assets | ||
Total assets | 805,722,591 | |
Total liabilities | – | 1,922,908 |
Net assets | $803,799,683 | |
Net Assets by Source | ||
Capital received from investors | 476,659,700 | |
Net investment income not yet distributed | 245,714 | |
Net realized capital gains | 24,373,672 | |
Net unrealized capital appreciation | 302,520,597 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$803,799,683 | 34,247,141 | $23.47 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $14,950,307 | |
Interest | + | 60,893 |
Total investment income | 15,011,200 | |
Expenses | ||
Investment adviser and administrator fees | 993,344 | |
Shareholder service fees | 1,856,284 | |
Shareholder reports | 76,958 | |
Registration fees | 31,304 | |
Professional fees | 30,035 | |
Transfer agent fees | 23,228 | |
Portfolio accounting fees | 23,057 | |
Independent trustees’ fees | 11,324 | |
Custodian fees | 564 | |
Other expenses | + | 8,715 |
Total expenses | 3,054,813 | |
Expense reduction by CSIM and its affiliates | – | 23,228 |
Net expenses | – | 3,031,585 |
Net investment income | 11,979,615 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 8,303,751 | |
Net realized gains on sales of affiliated underlying funds | + | 20,029,893 |
Net realized gains | 28,333,644 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 88,438,706 |
Net realized and unrealized gains | 116,772,350 | |
Increase in net assets resulting from operations | $128,751,965 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $11,979,615 | $11,228,277 | ||
Net realized gains | 28,333,644 | 15,589,084 | ||
Net change in unrealized appreciation (depreciation) | + | 88,438,706 | 67,526 | |
Increase in net assets from operations | 128,751,965 | 26,884,887 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (12,313,667) | (12,295,465) | ||
Distributions from net realized gains | + | (14,243,881) | (78,132,750) | |
Total distributions | ($26,557,548) | ($90,428,215) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,602,336 | $78,603,931 | 3,143,226 | $62,988,887 | ||||
Shares reinvested | 1,199,044 | 25,000,064 | 4,371,390 | 85,329,538 | ||||
Shares redeemed | + | (4,968,874) | (108,818,326) | (4,668,623) | (93,835,305) | |||
Net transactions in fund shares | (167,494) | ($5,214,331) | 2,845,993 | $54,483,120 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 34,414,635 | $706,819,597 | 31,568,642 | $715,879,805 | ||||
Total increase or decrease | + | (167,494) | 96,980,086 | 2,845,993 | (9,060,208) | |||
End of period | 34,247,141 | $803,799,683 | 34,414,635 | $706,819,597 | ||||
Net investment income not yet distributed/Distributions in excess of net investment income | $245,714 | ($99,779) |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.35 | $19.07 | $19.50 | $18.55 | $16.33 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.30 1 | 0.27 1 | 0.29 1 | 0.26 | 0.31 | |
Net realized and unrealized gains (losses) | 2.02 | 0.35 | (0.08) | 1.08 | 2.23 | |
Total from investment operations | 2.32 | 0.62 | 0.21 | 1.34 | 2.54 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.33) | (0.30) | (0.27) | (0.32) | |
Distributions from net realized gains | (0.25) | (2.01) | (0.34) | (0.12) | — | |
Total distributions | (0.55) | (2.34) | (0.64) | (0.39) | (0.32) | |
Net asset value at end of period | $19.12 | $17.35 | $19.07 | $19.50 | $18.55 | |
Total return | 13.71% | 3.92% | 1.10% | 7.28% | 15.82% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.41% | 0.42% 3 | 0.50% | 0.50% | |
Gross operating expenses2 | 0.40% | 0.41% | 0.42% 3 | 0.51% | 0.52% | |
Net investment income (loss) | 1.67% | 1.60% | 1.51% | 1.30% | 1.75% | |
Portfolio turnover rate | 46% 4 | 15% | 36% 5 | 16% | 12% | |
Net assets, end of period (x 1,000,000) | $551 | $516 | $512 | $522 | $481 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 98.0% of net assets | ||
Equity Funds 60.5% | ||
International 15.5% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 1,578,352 | 14,804,941 |
Schwab Fundamental International Large Company Index Fund | 1,788,391 | 17,079,134 |
Schwab Fundamental International Small Company Index Fund | 994,140 | 14,494,558 |
Schwab International Index Fund | 1,861,986 | 39,120,335 |
85,498,968 | ||
Large-Cap 30.0% | ||
Schwab Fundamental US Large Company Index Fund | 2,931,715 | 49,516,670 |
Schwab S&P 500 Index Fund | 2,874,606 | 115,645,384 |
165,162,054 | ||
Small-Cap 15.0% | ||
Schwab Fundamental US Small Company Index Fund | 1,622,017 | 24,849,302 |
Schwab Small-Cap Index Fund | 1,844,746 | 58,017,246 |
82,866,548 | ||
333,527,570 | ||
Fixed-Income Fund 34.6% | ||
Intermediate-Term Bond 34.6% | ||
Schwab U.S. Aggregate Bond Index Fund | 18,904,130 | 190,553,630 |
Security | Number of Shares | Value ($) |
Money Market Funds 2.9% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 15,958,138 | 15,962,925 |
Total Affiliated Underlying Funds | ||
(Cost $380,181,622) | 540,044,125 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.0% of net assets | ||
Time Deposits 2.0% | ||
BNP Paribas | ||
0.60%, 11/01/17 (b) | 5,460,838 | 5,460,838 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 5,505,815 | 5,505,815 |
Total Short-Term Investments | ||
(Cost $10,966,653) | 10,966,653 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 1,694,518 | 96,051 | (212,217) | 1,578,352 | $2,335,795 | $144,483 | $275,748 |
Schwab Fundamental International Large Company Index Fund | 1,971,662 | 63,403 | (246,674) | 1,788,391 | 2,853,547 | 131,536 | 499,619 |
Schwab Fundamental International Small Company Index Fund | 1,090,979 | 98,428 | (195,267) | 994,140 | 2,337,953 | 419,749 | 311,475 |
Schwab Fundamental US Large Company Index Fund | 3,063,991 | 241,169 | (373,445) | 2,931,715 | 5,091,704 | 350,337 | 3,207,089 |
Schwab Fundamental US Small Company Index Fund | 1,831,742 | 59,328 | (269,053) | 1,622,017 | 4,281,057 | 317,865 | 440,577 |
Schwab International Index Fund | 2,068,181 | 89,453 | (295,648) | 1,861,986 | 5,967,167 | 885,199 | 1,133,445 |
Schwab S&P 500 Index Fund | 3,245,716 | 142,093 | (513,203) | 2,874,606 | 11,625,873 | 9,274,025 | 2,724,011 |
Schwab Small-Cap Index Fund | 2,062,757 | 285,639 | (503,650) | 1,844,746 | 8,935,112 | 2,810,258 | 2,190,302 |
Schwab Total Bond Market Fund | 18,701,725 | 624,942 | (19,326,667) | — | (8,808,724) | 5,554,537 | 1,984,031 |
Schwab U.S. Aggregate Bond Index Fund | — | 19,022,942 | (118,812) | 18,904,130 | 272,625 | 3,564 | 2,442,956 |
Schwab Variable Share Price Money Fund, Ultra Shares | 14,079,080 | 1,879,058 | — | 15,958,138 | (1,410) | — | 134,663 |
Total | $34,890,699 | $19,891,553 | $15,343,916 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $540,044,125 | $— | $— | $540,044,125 | |
Short-Term Investments1 | — | 10,966,653 | — | 10,966,653 | |
Total | $540,044,125 | $10,966,653 | $— | $551,010,778 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $380,181,622) | $540,044,125 | |
Investments in unaffiliated issuers, at value (cost $10,966,653) | 10,966,653 | |
Receivables: | ||
Investments sold | 1,230,000 | |
Dividends | 385,002 | |
Fund shares sold | 334,755 | |
Interest | 183 | |
Prepaid expenses | + | 18,663 |
Total assets | 552,979,381 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,356,240 | |
Investment adviser and administrator fees | 61,032 | |
Shareholder service fees | 115,667 | |
Fund shares redeemed | 272,954 | |
Accrued expenses | + | 53,499 |
Total liabilities | 1,859,392 | |
Net Assets | ||
Total assets | 552,979,381 | |
Total liabilities | – | 1,859,392 |
Net assets | $551,119,989 | |
Net Assets by Source | ||
Capital received from investors | 373,442,457 | |
Net investment income not yet distributed | 2,162,663 | |
Net realized capital gains | 15,652,366 | |
Net unrealized capital appreciation | 159,862,503 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$551,119,989 | 28,825,458 | $19.12 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $10,939,836 | |
Interest | + | 44,592 |
Total investment income | 10,984,428 | |
Expenses | ||
Investment adviser and administrator fees | 689,522 | |
Shareholder service fees | 1,291,888 | |
Shareholder reports | 40,885 | |
Registration fees | 37,589 | |
Professional fees | 28,663 | |
Portfolio accounting fees | 20,157 | |
Transfer agent fees | 18,521 | |
Independent trustees’ fees | 10,038 | |
Custodian fees | 540 | |
Other expenses | + | 8,894 |
Total expenses | 2,146,697 | |
Expense reduction by CSIM and its affiliates | – | 18,521 |
Net expenses | – | 2,128,176 |
Net investment income | 8,856,252 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 4,404,080 | |
Net realized gains on sales of affiliated underlying funds | + | 19,891,553 |
Net realized gains | 24,295,633 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 34,890,699 |
Net realized and unrealized gains | 59,186,332 | |
Increase in net assets resulting from operations | $68,042,584 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $8,856,252 | $8,114,394 | ||
Net realized gains | 24,295,633 | 7,614,608 | ||
Net change in unrealized appreciation (depreciation) | + | 34,890,699 | 3,868,814 | |
Increase in net assets from operations | 68,042,584 | 19,597,816 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (8,666,441) | (8,833,869) | ||
Distributions from net realized gains | + | (7,379,404) | (53,151,015) | |
Total distributions | ($16,045,845) | ($61,984,884) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,303,698 | $95,646,704 | 5,422,348 | $90,844,158 | ||||
Shares reinvested | 851,062 | 14,782,939 | 3,496,216 | 57,722,533 | ||||
Shares redeemed | + | (7,062,344) | (127,155,645) | (6,040,389) | (102,580,180) | |||
Net transactions in fund shares | (907,584) | ($16,726,002) | 2,878,175 | $45,986,511 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 29,733,042 | $515,849,252 | 26,854,867 | $512,249,809 | ||||
Total increase or decrease | + | (907,584) | 35,270,737 | 2,878,175 | 3,599,443 | |||
End of period | 28,825,458 | $551,119,989 | 29,733,042 | $515,849,252 | ||||
Net investment income not yet distributed | $2,162,663 | $1,612,306 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.31 | $15.94 | $16.00 | $15.34 | $14.23 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.27 1 | 0.24 1 | 0.25 1 | 0.23 | 0.26 | |
Net realized and unrealized gains (losses) | 1.09 | 0.30 | (0.05) | 0.67 | 1.10 | |
Total from investment operations | 1.36 | 0.54 | 0.20 | 0.90 | 1.36 | |
Less distributions: | ||||||
Distributions from net investment income | (0.28) | (0.27) | (0.26) | (0.24) | (0.25) | |
Distributions from net realized gains | (0.12) | (0.90) | — | — | — | |
Total distributions | (0.40) | (1.17) | (0.26) | (0.24) | (0.25) | |
Net asset value at end of period | $16.27 | $15.31 | $15.94 | $16.00 | $15.34 | |
Total return | 9.07% | 3.68% | 1.23% | 5.95% | 9.71% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.42% | 0.43% | 0.43% 3 | 0.50% | 0.50% | |
Gross operating expenses2 | 0.42% | 0.44% | 0.44% 3 | 0.54% | 0.55% | |
Net investment income (loss) | 1.71% | 1.61% | 1.54% | 1.43% | 1.78% | |
Portfolio turnover rate | 74% 4 | 10% | 24% 5 | 9% | 15% | |
Net assets, end of period (x 1,000,000) | $251 | $238 | $228 | $223 | $203 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 98.2% of net assets | ||
Equity Funds 40.4% | ||
International 10.5% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 497,404 | 4,665,650 |
Schwab Fundamental International Large Company Index Fund | 553,720 | 5,288,025 |
Schwab Fundamental International Small Company Index Fund | 310,725 | 4,530,366 |
Schwab International Index Fund | 573,435 | 12,047,870 |
26,531,911 | ||
Large-Cap 19.9% | ||
Schwab Fundamental US Large Company Index Fund | 882,928 | 14,912,655 |
Schwab S&P 500 Index Fund | 871,251 | 35,050,441 |
49,963,096 | ||
Small-Cap 10.0% | ||
Schwab Fundamental US Small Company Index Fund | 488,990 | 7,491,321 |
Schwab Small-Cap Index Fund | 558,240 | 17,556,644 |
25,047,965 | ||
101,542,972 | ||
Fixed-Income Fund 54.7% | ||
Intermediate-Term Bond 54.7% | ||
Schwab U.S. Aggregate Bond Index Fund | 13,618,908 | 137,278,590 |
Security | Number of Shares | Value ($) |
Money Market Fund 3.1% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 7,863,007 | 7,865,365 |
Total Affiliated Underlying Funds | ||
(Cost $196,876,782) | 246,686,927 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.8% of net assets | ||
Time Deposits 1.8% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (b) | 1,955,199 | 1,955,199 |
BNP Paribas | ||
0.60%, 11/01/17 (b) | 2,508,646 | 2,508,646 |
Total Short-Term Investments | ||
(Cost $4,463,845) | 4,463,845 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 509,672 | 100,030 | (112,298) | 497,404 | $733,996 | $21,538 | $84,096 |
Schwab Fundamental International Large Company Index Fund | 593,139 | 19,074 | (58,493) | 553,720 | 884,188 | 62,146 | 150,302 |
Schwab Fundamental International Small Company Index Fund | 336,405 | 22,714 | (48,394) | 310,725 | 790,791 | 80,223 | 96,044 |
Schwab Fundamental US Large Company Index Fund | 940,789 | 160,644 | (218,505) | 882,928 | 1,502,307 | 225,086 | 955,530 |
Schwab Fundamental US Small Company Index Fund | 577,750 | 54,057 | (142,817) | 488,990 | 1,292,256 | 122,433 | 134,980 |
Schwab International Index Fund | 628,667 | 90,798 | (146,030) | 573,435 | 1,946,603 | 265,522 | 343,504 |
Schwab S&P 500 Index Fund | 1,001,572 | 117,213 | (247,534) | 871,251 | 3,739,203 | 2,818,068 | 830,700 |
Schwab Small-Cap Index Fund | 637,089 | 136,836 | (215,685) | 558,240 | 2,754,747 | 924,124 | 654,299 |
Schwab Total Bond Market Fund | 13,621,970 | 336,637 | (13,958,607) | — | (5,918,817) | 3,596,772 | 1,427,200 |
Schwab U.S. Aggregate Bond Index Fund | — | 15,077,032 | (1,458,124) | 13,618,908 | 254,735 | 5,279 | 1,868,767 |
Schwab Variable Share Price Money Fund, Ultra Shares | 5,505,587 | 2,357,420 | — | 7,863,007 | (552) | — | 60,904 |
Total | $7,979,457 | $8,121,191 | $6,606,326 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $246,686,927 | $— | $— | $246,686,927 | |
Short-Term Investments1 | — | 4,463,845 | — | 4,463,845 | |
Total | $246,686,927 | $4,463,845 | $— | $251,150,772 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $196,876,782) | $246,686,927 | |
Investments in unaffiliated issuers, at value (cost $4,463,845) | 4,463,845 | |
Receivables: | ||
Fund shares sold | 293,170 | |
Dividends | 281,282 | |
Interest | 74 | |
Prepaid expenses | + | 14,785 |
Total assets | 251,740,083 | |
Liabilities | ||
Payables: | ||
Investments bought | 276,759 | |
Investment adviser and administrator fees | 28,263 | |
Shareholder service fees | 53,337 | |
Fund shares redeemed | 81,939 | |
Accrued expenses | + | 39,643 |
Total liabilities | 479,941 | |
Net Assets | ||
Total assets | 251,740,083 | |
Total liabilities | – | 479,941 |
Net assets | $251,260,142 | |
Net Assets by Source | ||
Capital received from investors | 198,767,259 | |
Net investment income not yet distributed | 208,749 | |
Net realized capital gains | 2,473,989 | |
Net unrealized capital appreciation | 49,810,145 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$251,260,142 | 15,444,714 | $16.27 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $5,287,583 | |
Interest | + | 22,683 |
Total investment income | 5,310,266 | |
Expenses | ||
Investment adviser and administrator fees | 325,020 | |
Shareholder service fees | 613,155 | |
Professional fees | 26,869 | |
Registration fees | 26,568 | |
Shareholder reports | 20,276 | |
Portfolio accounting fees | 16,692 | |
Transfer agent fees | 13,351 | |
Independent trustees’ fees | 8,466 | |
Custodian fees | 1,372 | |
Other expenses | + | 5,925 |
Total expenses | 1,057,694 | |
Expense reduction by CSIM and its affiliates | – | 13,351 |
Net expenses | – | 1,044,343 |
Net investment income | 4,265,923 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,318,743 | |
Net realized gains on sales of affiliated underlying funds | + | 8,121,191 |
Net realized gains | 9,439,934 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 7,979,457 |
Net realized and unrealized gains | 17,419,391 | |
Increase in net assets resulting from operations | $21,685,314 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $4,265,923 | $3,685,571 | ||
Net realized gains | 9,439,934 | 2,120,710 | ||
Net change in unrealized appreciation (depreciation) | + | 7,979,457 | 2,559,754 | |
Increase in net assets from operations | 21,685,314 | 8,366,035 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (4,357,981) | (3,884,346) | ||
Distributions from net realized gains | + | (1,875,524) | (12,777,507) | |
Total distributions | ($6,233,505) | ($16,661,853) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,595,789 | $72,046,804 | 3,067,103 | $46,365,503 | ||||
Shares reinvested | 364,367 | 5,611,415 | 1,032,463 | 15,174,842 | ||||
Shares redeemed | + | (5,057,806) | (79,839,038) | (2,836,646) | (42,848,228) | |||
Net transactions in fund shares | (97,650) | ($2,180,819) | 1,262,920 | $18,692,117 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 15,542,364 | $237,989,152 | 14,279,444 | $227,592,853 | ||||
Total increase or decrease | + | (97,650) | 13,270,990 | 1,262,920 | 10,396,299 | |||
End of period | 15,444,714 | $251,260,142 | 15,542,364 | $237,989,152 | ||||
Net investment income not yet distributed | $208,749 | $193,139 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab MarketTrack All Equity Portfolio | Schwab Target 2045 Fund |
Schwab MarketTrack Growth Portfolio | Schwab Target 2050 Fund |
Schwab MarketTrack Balanced Portfolio | Schwab Target 2055 Fund |
Schwab MarketTrack Conservative Portfolio | Schwab Target 2060 Fund |
Schwab ® S&P 500 Index Fund | Schwab Fundamental US Large Company Index Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental US Small Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental International Large Company Index Fund |
Schwab International Index Fund® | Schwab Fundamental International Small Company Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Fundamental Emerging Markets Large Company Index Fund |
Laudus International MarketMasters Fund™ | Schwab Fundamental Global Real Estate Index Fund |
Schwab Balanced Fund™ | Schwab Target 2010 Index Fund |
Schwab Core Equity Fund™ | Schwab Target 2015 Index Fund |
Schwab Dividend Equity Fund™ | Schwab Target 2020 Index Fund |
Schwab Large-Cap Growth Fund™ | Schwab Target 2025 Index Fund |
Schwab Small-Cap Equity Fund™ | Schwab Target 2030 Index Fund |
Schwab Hedged Equity Fund™ | Schwab Target 2035 Index Fund |
Schwab Health Care Fund™ | Schwab Target 2040 Index Fund |
Schwab ® International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2035 Fund | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Target 2040 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio |
0.50% | 0.50% | 0.50% | 0.50% |
Underlying Funds | Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio |
Schwab Fundamental Emerging Markets Large Company Index Fund | 6.0% | 5.1% | 2.7% | 0.8% |
Schwab Fundamental International Large Company Index Fund | 2.9% | 2.4% | 1.2% | 0.4% |
Schwab Fundamental International Small Company Index Fund | 4.5% | 3.7% | 1.9% | 0.6% |
Schwab Fundamental US Large Company Index Fund | 1.6% | 1.8% | 0.9% | 0.3% |
Schwab Fundamental US Small Company Index Fund | 2.9% | 2.8% | 1.4% | 0.4% |
Schwab International Index Fund | 2.2% | 1.8% | 0.9% | 0.3% |
Schwab S&P 500 Index Fund | 0.7% | 0.7% | 0.4% | 0.1% |
Schwab Small-Cap Index Fund | 3.3% | 3.2% | 1.6% | 0.5% |
Schwab U.S. Aggregate Bond Index Fund | —% | 7.5% | 12.2% | 8.8% |
Schwab Variable Share Price Money Fund, Ultra Shares | —% | 1.8% | 1.2% | 0.6% |
5. Board of Trustees:
6. Borrowing from Banks:
Purchases of Securities | Sales/Maturities of Securities | |
Schwab MarketTrack All Equity Portfolio | $32,156,195 | $32,920,000 |
Schwab MarketTrack Growth Portfolio | 151,624,360 | 167,905,856 |
Schwab MarketTrack Balanced Portfolio | 220,762,194 | 239,040,325 |
Schwab MarketTrack Conservative Portfolio | 180,560,916 | 181,987,454 |
8. Redemption Fee:
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Schwab MarketTrack All Equity Portfolio | $2,773 | $5,050 |
Schwab MarketTrack Growth Portfolio | 2,553 | 8,705 |
Schwab MarketTrack Balanced Portfolio | 9,511 | 11,924 |
Schwab MarketTrack Conservative Portfolio | 4,202 | 2,739 |
9. Federal Income Taxes:
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Tax cost | $420,725,871 | $500,943,724 | $394,176,064 | $202,784,167 | |||
Gross unrealized appreciation | $241,336,841 | $302,105,852 | $156,834,714 | $48,366,605 | |||
Gross unrealized depreciation | — | — | — | — | |||
Net unrealized appreciation (depreciation) | $241,336,841 | $302,105,852 | $156,834,714 | $48,366,605 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Undistributed ordinary income | $4,430,672 | $1,291,556 | $2,957,077 | $909,901 | |||
Undistributed long-term capital gains | 10,648,032 | 23,742,575 | 17,885,741 | 3,216,377 | |||
Net unrealized appreciation (depreciation) on investments | 241,336,841 | 302,105,852 | 156,834,714 | 48,366,605 | |||
Total | $256,415,545 | $327,139,983 | $177,677,532 | $52,492,883 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | |
Current period distributions | ||||
Ordinary income | $10,923,071 | $13,720,259 | $9,941,858 | $4,606,837 |
Long-term capital gains | 14,462,795 | 12,837,289 | 6,103,987 | 1,626,668 |
Prior period distributions | ||||
Ordinary income | $17,824,381 | $12,295,465 | $9,353,819 | $3,884,346 |
Long-term capital gains | 38,823,520 | 78,132,750 | 52,631,065 | 12,777,507 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | |
Capital shares | $— | $— | $— | $— |
Undistributed net investment income | 603,356 | 679,545 | 360,546 | 107,668 |
Net realized capital gains (losses) | (603,356) | (679,545) | (360,546) | (107,668) |
State Street to Fund | State Street to CSIM | |
Schwab MarketTrack All Equity Portfolio | $53 | $1,349 |
Schwab MarketTrack Growth Portfolio | — | 475 |
Schwab MarketTrack Balanced Portfolio | 48 | 1,425 |
Schwab MarketTrack Conservative Portfolio | — | 1,465 |
11. Subsequent Events:
San Francisco, California
December 15, 2017
Percentage | |
Schwab MarketTrack All Equity Portfolio | 58.19 |
Schwab MarketTrack Growth Portfolio | 52.60 |
Schwab MarketTrack Balanced Portfolio | 37.73 |
Schwab MarketTrack Conservative Portfolio | 23.00 |
Schwab MarketTrack All Equity Portfolio | $10,524,600 |
Schwab MarketTrack Growth Portfolio | 11,029,272 |
Schwab MarketTrack Balanced Portfolio | 5,713,343 |
Schwab MarketTrack Conservative Portfolio | 1,623,043 |
Schwab MarketTrack All Equity Portfolio | $14,462,795 |
Schwab MarketTrack Growth Portfolio | 12,837,289 |
Schwab MarketTrack Balanced Portfolio | 6,103,987 |
Schwab MarketTrack Conservative Portfolio | 1,626,668 |
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
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00201787
Table of Contents
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Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Target 2010 Fund (Ticker Symbol: SWBRX) | 9.11% |
Target 2010 Composite Index | 8.65% |
Fund Category: Morningstar Target-Date 2000-20101 | 9.38% |
Performance Details | pages 9-11 |
Schwab Target 2015 Fund (Ticker Symbol: SWGRX) | 9.67% |
Target 2015 Composite Index | 9.12% |
Fund Category: Morningstar Target-Date 20151 | 10.59% |
Performance Details | pages 12-14 |
Schwab Target 2020 Fund (Ticker Symbol: SWCRX) | 12.28% |
Target 2020 Composite Index | 11.55% |
Fund Category: Morningstar Target-Date 20201 | 11.77% |
Performance Details | pages 15-17 |
Schwab Target 2025 Fund (Ticker Symbol: SWHRX) | 15.17% |
Target 2025 Composite Index | 14.26% |
Fund Category: Morningstar Target-Date 20251 | 14.12% |
Performance Details | pages 18-20 |
Schwab Target 2030 Fund (Ticker Symbol: SWDRX) | 17.47% |
Target 2030 Composite Index | 16.32% |
Fund Category: Morningstar Target-Date 20301 | 16.28% |
Performance Details | pages 21-23 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
Total Return for the 12 Months Ended October 31, 2017 | |
Schwab Target 2035 Fund (Ticker Symbol: SWIRX) | 19.19% |
Target 2035 Composite Index | 18.05% |
Fund Category: Morningstar Target-Date 20351 | 18.48% |
Performance Details | pages 24-26 |
Schwab Target 2040 Fund (Ticker Symbol: SWERX) | 21.02% |
Target 2040 Composite Index | 19.71% |
Fund Category: Morningstar Target-Date 20401 | 19.68% |
Performance Details | pages 27-29 |
Schwab Target 2045 Fund (Ticker Symbol: SWMRX) | 22.11% |
Target 2045 Composite Index | 20.77% |
Fund Category: Morningstar Target-Date 20451 | 20.74% |
Performance Details | pages 30-32 |
Schwab Target 2050 Fund (Ticker Symbol: SWNRX) | 22.68% |
Target 2050 Composite Index | 21.43% |
Fund Category: Morningstar Target-Date 20501 | 20.86% |
Performance Details | pages 33-35 |
Schwab Target 2055 Fund (Ticker Symbol: SWORX) | 23.35% |
Target 2055 Composite Index | 22.06% |
Fund Category: Morningstar Target-Date 20551 | 21.30% |
Performance Details | pages 36-38 |
Schwab Target 2060 Fund (Ticker Symbol: SWPRX) | 23.63% |
Target 2060 Composite Index | 22.26% |
Fund Category: Morningstar Target-Date 2060+1 | 21.59% |
Performance Details | pages 39-41 |
Minimum Initial Investment2 | $ 100 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | Please see the funds’ prospectus for further detail and eligibility requirements. |
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President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
1 | Morningstar, “9 Partners for the Next Decade.” Laura Pavlenko Lutton and Greggory Warren, CFA: April 27, 2017. Morningstar looked collectively across four traits (differentiation, low costs, repeatable investment processes, and adaptable business models) to identify firms that they believe are representative of these trends. |
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* | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
1 | The CBOE Volatility Index® (or VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. |
![]() | Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the management of the funds. She has served as portfolio manager of the funds since February 2012, with the exception of the Schwab Target 2060 Fund, for which she has served as portfolio manager since its inception in August 2016. Prior to joining CSIM in 2012, Ms. Tang was a product manager at Thomson Reuters and, from 1997 to 2009, worked as a portfolio manager at Barclays Global Investors, which was subsequently acquired by BlackRock. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2010 Fund (7/1/05) | 9.11% | 5.88% | 3.11% |
Target 2010 Composite Index | 8.65% | 5.97% | 3.98% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 7.67% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Target-Date 2000-20102 | 9.38% | 5.99% | 3.88% |
Fund Expense Ratios3: Net 0.33%; Gross 0.47% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.33% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.47%, 0.33% and 0.33%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 22 |
Portfolio Turnover Rate | 51% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
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Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2015 Fund (3/12/08) | 9.67% | 6.50% | 5.30% |
Target 2015 Composite Index | 9.12% | 6.59% | 5.34% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 9.73% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.07% |
Fund Category: Morningstar Target-Date 20152 | 10.59% | 6.64% | N/A |
Fund Expense Ratios3: Net 0.35%; Gross 0.43% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.35% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.43%, 0.35% and 0.35%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 22 |
Portfolio Turnover Rate | 52% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2020 Fund (7/1/05) | 12.28% | 7.87% | 4.47% |
Target 2020 Composite Index | 11.55% | 7.96% | 4.88% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 7.67% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Target-Date 20202 | 11.77% | 6.85% | 3.95% |
Fund Expense Ratios3: Net 0.42%; Gross 0.45% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.42% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.45%, 0.42% and 0.42%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 25 |
Portfolio Turnover Rate | 47% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
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Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2025 Fund (3/12/08) | 15.17% | 9.10% | 7.14% |
Target 2025 Composite Index | 14.26% | 9.16% | 6.69% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 9.73% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.07% |
Fund Category: Morningstar Target-Date 20252 | 14.12% | 8.00% | N/A |
Fund Expense Ratios3: Net 0.50%; Gross 0.54% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.54%, 0.50% and 0.50%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 25 |
Portfolio Turnover Rate | 36% |
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1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
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Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2030 Fund (7/1/05) | 17.47% | 10.03% | 5.53% |
Target 2030 Composite Index | 16.32% | 10.08% | 5.68% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 7.67% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Target-Date 20302 | 16.28% | 8.75% | 4.35% |
Fund Expense Ratios3: Net 0.57%; Gross 0.60% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.57% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.60%, 0.57% and 0.57%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 30% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img9ef1cbd514.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img5b5f6d1515.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mq3.jpg)
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2035 Fund (3/12/08) | 19.19% | 10.85% | 7.91% |
Target 2035 Composite Index | 18.05% | 10.89% | 7.45% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 9.73% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.07% |
Fund Category: Morningstar Target-Date 20352 | 18.48% | 9.68% | N/A |
Fund Expense Ratios3: Net 0.62%; Gross 0.66% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.62% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.66%, 0.62% and 0.62%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 24% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img3222650f16.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img0101a6b817.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mp8.jpg)
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2040 Fund (7/1/05) | 21.02% | 11.51% | 6.12% |
Target 2040 Composite Index | 19.71% | 11.53% | 6.12% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 15.05% | 7.67% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.04% | 4.19% |
Fund Category: Morningstar Target-Date 20402 | 19.68% | 10.03% | 4.61% |
Fund Expense Ratios3: Net 0.66%; Gross 0.69% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.66% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.69%, 0.66% and 0.66%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 21% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img07d6225718.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img29d72abe19.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mr1.jpg)
Fund and Inception Date | 1 Year | 3 Years | Since Inception |
Fund: Schwab Target 2045 Fund (1/23/13) | 22.11% | 8.22% | 10.78% |
Target 2045 Composite Index | 20.77% | 8.41% | 10.94% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 10.48% | 14.17% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.40% | 2.17% |
Fund Category: Morningstar Target-Date 20452 | 20.74% | 7.57% | N/A |
Fund Expense Ratios3: Net 0.69%; Gross 0.82% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the 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 for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.82%, 0.69% and 0.69%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 11% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854imgb979409620.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854imgaefdb8c021.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mr2.jpg)
Fund and Inception Date | 1 Year | 3 Years | Since Inception |
Fund: Schwab Target 2050 Fund (1/23/13) | 22.68% | 8.41% | 11.05% |
Target 2050 Composite Index | 21.43% | 8.59% | 11.19% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 10.48% | 14.17% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.40% | 2.17% |
Fund Category: Morningstar Target-Date 20502 | 20.86% | 7.65% | N/A |
Fund Expense Ratios3: Net 0.71%; Gross 0.86% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes expenses of the underlying funds in which the fund invests. The annualized weighted average expense ratio of the underlying funds was 0.71%. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.86%, 0.71% and 0.71%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 10% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img3d21e3c822.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854imge56faa7e23.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mr3.jpg)
Fund and Inception Date | 1 Year | 3 Years | Since Inception |
Fund: Schwab Target 2055 Fund (1/23/13) | 23.35% | 8.54% | 11.21% |
Target 2055 Composite Index | 22.06% | 8.74% | 11.38% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 10.48% | 14.17% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 2.40% | 2.17% |
Fund Category: Morningstar Target-Date 20552 | 21.30% | 7.83% | N/A |
Fund Expense Ratios3: Net 0.73%; Gross 0.99% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes expenses of the underlying funds in which the fund invests. The annualized weighted average expense ratio of the underlying funds was 0.73%. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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. Effective May 26, 2017, the gross expense ratio, the net expense ratio and the annualized weighted average expense ratio of the underlying funds changed to 0.99%, 0.73% and 0.73%, respectively. For more information, refer to the prospectus supplement dated May 26, 2017. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 9% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img17f73d4124.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854imgd30a2f7325.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854lg_2mv3.jpg)
Fund and Inception Date | 1 Year | Since Inception |
Fund: Schwab Target 2060 Fund (8/25/16) | 23.63% | 17.91% |
Target 2060 Composite Index | 22.26% | 16.44% |
Dow Jones U.S. Total Stock Market IndexSM | 23.96% | 17.85% |
Bloomberg Barclays U.S. Aggregate Bond Index | 0.90% | 0.11% |
Fund Category: Morningstar Target-Date 2060+2 | 21.59% | N/A |
Fund Expense Ratios3: Net 0.75%; Gross 1.85% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. 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. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes expenses of the underlying funds in which the fund invests. The annualized weighted average expense ratio of the underlying funds was 0.75%. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. 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 | 22 |
Portfolio Turnover Rate | 7% |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img2cd5c62b26.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img8840c94727.jpg)
1 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
2 | The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed income securities, exchange-traded funds, and cash equivalents, including money market securities. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The holdings listed exclude any temporary liquidity investments. |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172,5 | Effective Expenses Paid During Period 5/1/17-10/31/174,5 | |
Schwab Target 2010 Fund | ||||||
Actual Return | 0.00% | 0.37% | $1,000.00 | $1,042.70 | $0.00 | $1.91 |
Hypothetical 5% Return | 0.00% | 0.37% | $1,000.00 | $1,025.20 | $0.00 | $1.89 |
Schwab Target 2015 Fund | ||||||
Actual Return | 0.00% | 0.39% | $1,000.00 | $1,044.50 | $0.00 | $2.01 |
Hypothetical 5% Return | 0.00% | 0.39% | $1,000.00 | $1,025.20 | $0.00 | $1.99 |
Schwab Target 2020 Fund | ||||||
Actual Return | 0.00% | 0.46% | $1,000.00 | $1,053.00 | $0.00 | $2.38 |
Hypothetical 5% Return | 0.00% | 0.46% | $1,000.00 | $1,025.20 | $0.00 | $2.35 |
Schwab Target 2025 Fund | ||||||
Actual Return | 0.00% | 0.54% | $1,000.00 | $1,064.40 | $0.00 | $2.81 |
Hypothetical 5% Return | 0.00% | 0.54% | $1,000.00 | $1,025.20 | $0.00 | $2.75 |
Schwab Target 2030 Fund | ||||||
Actual Return | 0.00% | 0.60% | $1,000.00 | $1,072.60 | $0.00 | $3.13 |
Hypothetical 5% Return | 0.00% | 0.60% | $1,000.00 | $1,025.20 | $0.00 | $3.06 |
Schwab Target 2035 Fund | ||||||
Actual Return | 0.00% | 0.64% | $1,000.00 | $1,078.20 | $0.00 | $3.35 |
Hypothetical 5% Return | 0.00% | 0.64% | $1,000.00 | $1,025.20 | $0.00 | $3.26 |
Schwab Target 2040 Fund | ||||||
Actual Return | 0.00% | 0.69% | $1,000.00 | $1,084.80 | $0.00 | $3.63 |
Hypothetical 5% Return | 0.00% | 0.69% | $1,000.00 | $1,025.20 | $0.00 | $3.52 |
Schwab Target 2045 Fund | ||||||
Actual Return | 0.00% | 0.71% | $1,000.00 | $1,088.40 | $0.00 | $3.74 |
Hypothetical 5% Return | 0.00% | 0.71% | $1,000.00 | $1,025.20 | $0.00 | $3.62 |
Schwab Target 2050 Fund | ||||||
Actual Return | 0.00% | 0.73% | $1,000.00 | $1,089.90 | $0.00 | $3.85 |
Hypothetical 5% Return | 0.00% | 0.73% | $1,000.00 | $1,025.20 | $0.00 | $3.72 |
Schwab Target 2055 Fund | ||||||
Actual Return | 0.00% | 0.75% | $1,000.00 | $1,091.60 | $0.00 | $3.95 |
Hypothetical 5% Return | 0.00% | 0.75% | $1,000.00 | $1,025.20 | $0.00 | $3.82 |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/17 | Ending Account Value (Net of Expenses) at 10/31/17 | Expenses Paid During Period 5/1/17-10/31/172,5 | Effective Expenses Paid During Period 5/1/17-10/31/174,5 | |
Schwab Target 2060 Fund | ||||||
Actual Return | 0.00% | 0.75% | $1,000.00 | $1,093.70 | $0.00 | $3.96 |
Hypothetical 5% Return | 0.00% | 0.75% | $1,000.00 | $1,025.20 | $0.00 | $3.82 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights which covers a 12-month period. |
2 | Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Based on the most recent six-month acquired fund fees and expense ratio; may differ from the acquired fund fees and expenses ratios in the prospectus, which are based on estimated amounts for the current fiscal year. |
4 | Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
5 | Expenses for the fund 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 365 days of the fiscal year. |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.52 | $12.42 | $12.42 | $11.91 | $11.10 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.20 1 | 0.17 1 | 0.19 | 0.21 | |
Net realized and unrealized gains (losses) | 0.90 | 0.12 | 0.08 | 0.52 | 0.85 | |
Total from investment operations | 1.12 | 0.32 | 0.25 | 0.71 | 1.06 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.22) | (0.25) | (0.20) | (0.25) | |
Net asset value at end of period | $13.42 | $12.52 | $12.42 | $12.42 | $11.91 | |
Total return | 9.11% | 2.68% | 2.03% | 6.08% | 9.74% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.14% | 0.14% | 0.14% | 0.17% | 0.18% | |
Net investment income (loss) | 1.75% | 1.60% | 1.40% | 1.53% | 1.77% | |
Portfolio turnover rate | 51% 4 | 14% | 33% | 29% | 26% | |
Net assets, end of period (x 1,000,000) | $59 | $59 | $65 | $64 | $61 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 75.6% of net assets | ||
Equity Funds 31.1% | ||
Global Real Estate 1.7% | ||
Schwab Global Real Estate Fund | 131,052 | 1,007,788 |
1,007,788 | ||
International 9.1% | ||
Laudus International MarketMasters Fund, Select Shares | 117,629 | 3,171,284 |
Schwab International Core Equity Fund | 192,635 | 2,171,001 |
5,342,285 | ||
Large-Cap 18.1% | ||
Schwab Core Equity Fund | 136,802 | 3,332,494 |
Schwab Dividend Equity Fund | 4,714 | 81,124 |
Schwab S&P 500 Index Fund | 179,542 | 7,222,976 |
10,636,594 | ||
Small-Cap 2.2% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 21,215 | 437,029 |
Schwab Small-Cap Equity Fund | 35,716 | 842,175 |
1,279,204 | ||
18,265,871 | ||
Fixed-Income Funds 40.2% | ||
Inflation-Protected Bond 6.1% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 321,807 | 3,565,624 |
Intermediate-Term Bond 23.7% | ||
Schwab U.S. Aggregate Bond Index Fund | 1,382,883 | 13,939,461 |
International Bond 0.7% | ||
Laudus Mondrian International Government Fixed Income Fund | 44,863 | 440,555 |
Short-Term Bond 9.7% | ||
Schwab Short-Term Bond Index Fund | 569,447 | 5,683,082 |
23,628,722 | ||
Money Market Fund 4.3% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 2,498,657 | 2,499,406 |
Total Affiliated Underlying Funds | ||
(Cost $38,965,723) | 44,393,999 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 22.2% of net assets | ||
Equity Funds 6.5% | ||
Large-Cap 6.5% | ||
ClearBridge Large Cap Growth Fund | 44,266 | 1,980,026 |
Dodge & Cox Stock Fund | 4,354 | 878,445 |
TCW Relative Value Large Cap Fund, Class I | 39,079 | 949,616 |
3,808,087 | ||
Fixed-Income Funds 15.7% | ||
Intermediate-Term Bond 15.7% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 64,307 | 723,448 |
Metropolitan West Total Return Bond Fund, Class I | 521,575 | 5,559,991 |
Wells Fargo Core Bond Fund, Institutional Class | 230,962 | 2,974,788 |
9,258,227 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $12,591,401) | 13,066,314 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.2% of net assets | ||
Time Deposits 2.2% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (b) | 592,316 | 592,316 |
BNP Paribas | ||
0.60%, 11/01/17 (b) | 592,316 | 592,316 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 90,141 | 90,141 |
Total Short-Term Investments | ||
(Cost $1,274,773) | 1,274,773 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 145,572 | 4,216 | (32,159) | 117,629 | $375,434 | $394,291 | $26,247 |
Laudus Mondrian International Government Fixed Income Fund | 35,650 | 16,393 | (7,180) | 44,863 | 3,882 | 2,954 | 3,281 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 28,044 | 285 | (7,114) | 21,215 | 30,267 | 77,212 | 5,427 |
Laudus U.S. Large Cap Growth Fund | 218,108 | 3,555 | (221,663) | — | (1,396,034) | 1,696,816 | 59,151 |
Schwab Core Equity Fund | 206,034 | 3,299 | (72,531) | 136,802 | 137,848 | 622,731 | 68,347 |
Schwab Dividend Equity Fund | 125,632 | 560 | (121,478) | 4,714 | 15,645 | 158,731 | 8,905 |
Schwab Global Real Estate Fund | 161,504 | 6,734 | (37,186) | 131,052 | (14,898) | 93,414 | 47,901 |
Schwab International Core Equity Fund | 226,044 | 5,681 | (39,090) | 192,635 | 399,410 | 25,628 | 51,357 |
Schwab S&P 500 Index Fund | 100,633 | 112,504 | (33,595) | 179,542 | 1,097,290 | 88,191 | 88,356 |
Schwab Short-Term Bond Index Fund | — | 577,439 | (7,992) | 569,447 | (20,202) | 82 | 52,205 |
Schwab Short-Term Bond Market Fund | 618,557 | 19,442 | (637,999) | — | (174,147) | 133,930 | 33,304 |
Schwab Small-Cap Equity Fund | 41,665 | 4,688 | (10,637) | 35,716 | 136,384 | 58,342 | 3,737 |
Schwab Total Bond Market Fund | 1,451,313 | 60,820 | (1,512,133) | — | (187,464) | (69,669) | 150,211 |
Schwab Treasury Inflation Protected Securities Index Fund | 336,959 | 9,186 | (24,338) | 321,807 | (90,223) | 10,747 | 70,726 |
Schwab U.S. Aggregate Bond Index Fund | — | 1,466,201 | (83,318) | 1,382,883 | 16,052 | 8,990 | 185,334 |
Schwab Variable Share Price Money Fund, Ultra Shares | 2,477,273 | 21,384 | — | 2,498,657 | (248) | — | 22,123 |
Total | $328,996 | $3,302,390 | $876,612 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $44,393,999 | $— | $— | $44,393,999 | |
Unaffiliated Underlying Funds1 | 13,066,314 | — | — | 13,066,314 | |
Short-Term Investments1 | — | 1,274,773 | — | 1,274,773 | |
Total | $57,460,313 | $1,274,773 | $— | $58,735,086 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $38,965,723) | $44,393,999 | |
Investments in unaffiliated issuers, at value (cost $13,866,174) | 14,341,087 | |
Receivables: | ||
Investments sold | 100,000 | |
Dividends | 51,911 | |
Fund shares sold | 28,103 | |
Due from investment adviser | 9,648 | |
Interest | 21 | |
Prepaid expenses | + | 9,540 |
Total assets | 58,934,309 | |
Liabilities | ||
Payables: | ||
Investments bought | 51,085 | |
Fund shares redeemed | 93,097 | |
Accrued expenses | + | 30,392 |
Total liabilities | 174,574 | |
Net Assets | ||
Total assets | 58,934,309 | |
Total liabilities | – | 174,574 |
Net assets | $58,759,735 | |
Net Assets by Source | ||
Capital received from investors | 52,441,443 | |
Net investment income not yet distributed | 623,092 | |
Net realized capital losses | (207,989) | |
Net unrealized capital appreciation | 5,903,189 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$58,759,735 | 4,379,749 | $13.42 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $790,672 | |
Dividends received from unaffiliated underlying funds | 236,988 | |
Interest | + | 5,632 |
Total investment income | 1,033,292 | |
Expenses | ||
Professional fees | 25,661 | |
Registration fees | 19,568 | |
Transfer agent fees | 10,006 | |
Shareholder reports | 8,029 | |
Independent trustees’ fees | 7,397 | |
Portfolio accounting fees | 5,471 | |
Custodian fees | 2,176 | |
Other expenses | + | 3,699 |
Total expenses | 82,007 | |
Expense reduction by CSIM | – | 82,007 |
Net expenses | – | — |
Net investment income | 1,033,292 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 85,940 | |
Realized capital gain distributions received from unaffiliated underlying funds | 232,423 | |
Net realized gains on sales of affiliated underlying funds | 3,302,390 | |
Net realized gains on sales of unaffiliated underlying funds | + | 384,747 |
Net realized gains | 4,005,500 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 328,996 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (217,952) |
Net change in unrealized appreciation (depreciation) | + | 111,044 |
Net realized and unrealized gains | 4,116,544 | |
Increase in net assets resulting from operations | $5,149,836 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $1,033,292 | $976,757 | ||
Net realized gains | 4,005,500 | 2,212,658 | ||
Net change in unrealized appreciation (depreciation) | + | 111,044 | (1,623,498) | |
Increase in net assets from operations | 5,149,836 | 1,565,917 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($1,060,087) | ($1,128,027) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 708,162 | $9,067,566 | 719,105 | $8,761,592 | ||||
Shares reinvested | 78,082 | 964,310 | 87,514 | 1,059,786 | ||||
Shares redeemed | + | (1,156,863) | (14,832,092) | (1,250,841) | (15,300,270) | |||
Net transactions in fund shares | (370,619) | ($4,800,216) | (444,222) | ($5,478,892) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 4,750,368 | $59,470,202 | 5,194,590 | $64,511,204 | ||||
Total decrease | + | (370,619) | (710,467) | (444,222) | (5,041,002) | |||
End of period | 4,379,749 | $58,759,735 | 4,750,368 | $59,470,202 | ||||
Net investment income not yet distributed | $623,092 | $567,443 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $11.72 | $12.23 | $12.81 | $12.22 | $11.13 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.20 1 | 0.18 1 | 0.17 1 | 0.19 | 0.20 | |
Net realized and unrealized gains (losses) | 0.88 | 0.11 | 0.08 | 0.60 | 1.12 | |
Total from investment operations | 1.08 | 0.29 | 0.25 | 0.79 | 1.32 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.21) | (0.27) | (0.20) | (0.23) | |
Distributions from net realized gains | (0.37) | (0.59) | (0.56) | — | — | |
Total distributions | (0.59) | (0.80) | (0.83) | (0.20) | (0.23) | |
Net asset value at end of period | $12.21 | $11.72 | $12.23 | $12.81 | $12.22 | |
Total return | 9.67% | 2.59% | 1.99% | 6.56% | 12.06% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.09% | 0.08% | 0.09% | 0.11% | 0.14% | |
Net investment income (loss) | 1.74% | 1.59% | 1.42% | 1.52% | 1.72% | |
Portfolio turnover rate | 52% 4 | 14% | 33% | 32% | 16% | |
Net assets, end of period (x 1,000,000) | $103 | $104 | $116 | $111 | $94 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 75.7% of net assets | ||
Equity Funds 32.9% | ||
Global Real Estate 1.7% | ||
Schwab Global Real Estate Fund | 220,574 | 1,696,214 |
International 9.6% | ||
Laudus International MarketMasters Fund, Select Shares | 221,402 | 5,968,993 |
Schwab International Core Equity Fund | 346,863 | 3,909,144 |
9,878,137 | ||
Large-Cap 19.3% | ||
Schwab Core Equity Fund | 254,416 | 6,197,562 |
Schwab Dividend Equity Fund | 10,000 | 172,093 |
Schwab S&P 500 Index Fund | 333,205 | 13,404,832 |
19,774,487 | ||
Small-Cap 2.3% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 38,514 | 793,386 |
Schwab Small-Cap Equity Fund | 68,089 | 1,605,528 |
2,398,914 | ||
33,747,752 | ||
Fixed-Income Funds 38.6% | ||
Inflation-Protected Bond 6.0% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 553,854 | 6,136,703 |
Intermediate-Term Bond 22.5% | ||
Schwab U.S. Aggregate Bond Index Fund | 2,292,299 | 23,106,375 |
International Bond 0.9% | ||
Laudus Mondrian International Government Fixed Income Fund | 92,594 | 909,276 |
Short-Term Bond 9.2% | ||
Schwab Short-Term Bond Index Fund | 942,868 | 9,409,827 |
39,562,181 | ||
Money Market Fund 4.2% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 4,241,918 | 4,243,190 |
Total Affiliated Underlying Funds | ||
(Cost $66,947,217) | 77,553,123 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 22.1% of net assets | ||
Equity Funds 6.7% | ||
Large-Cap 6.7% | ||
ClearBridge Large Cap Growth Fund | 79,913 | 3,574,503 |
Dodge & Cox Stock Fund | 7,945 | 1,603,142 |
TCW Relative Value Large Cap Fund, Class I | 72,086 | 1,751,680 |
6,929,325 | ||
Fixed-Income Funds 15.4% | ||
Intermediate-Term Bond 15.4% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 131,682 | 1,481,421 |
Metropolitan West Total Return Bond Fund, Class I | 894,350 | 9,533,775 |
Wells Fargo Core Bond Fund, Institutional Class | 367,629 | 4,735,062 |
15,750,258 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $21,792,317) | 22,679,583 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.5% of net assets | ||
Time Deposits 2.5% | ||
Citibank | ||
0.60%, 11/01/17 (b) | 1,022,529 | 1,022,529 |
JPMorgan Chase Bank | ||
0.60%, 11/01/17 (b) | 564,287 | 564,287 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 1,022,529 | 1,022,529 |
Total Short-Term Investments | ||
(Cost $2,609,345) | 2,609,345 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 265,900 | 24,550 | (69,048) | 221,402 | $1,374,115 | ($29,512) | $47,942 |
Laudus Mondrian International Government Fixed Income Fund | 76,743 | 15,851 | — | 92,594 | 18 | — | 4,873 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 48,557 | 472 | (10,515) | 38,514 | 136,996 | 43,768 | 9,001 |
Laudus U.S. Large Cap Growth Fund | 404,597 | 6,402 | (410,999) | — | (1,655,460) | 2,187,944 | 106,530 |
Schwab Core Equity Fund | 377,300 | 22,417 | (145,301) | 254,416 | 1,557,110 | (206,199) | 122,708 |
Schwab Dividend Equity Fund | 235,802 | 997 | (226,799) | 10,000 | 208,162 | 114,901 | 15,843 |
Schwab Global Real Estate Fund | 310,396 | 11,650 | (101,472) | 220,574 | 111,167 | 19,779 | 82,829 |
Schwab International Core Equity Fund | 412,225 | 13,910 | (79,272) | 346,863 | 780,477 | (29,464) | 93,657 |
Schwab S&P 500 Index Fund | 184,941 | 224,393 | (76,129) | 333,205 | 1,879,707 | 214,588 | 157,213 |
Schwab Short-Term Bond Index Fund | — | 942,868 | — | 942,868 | (30,878) | — | 82,710 |
Schwab Short-Term Bond Market Fund | 1,041,828 | 5,166 | (1,046,994) | — | (44,510) | (25,578) | 52,649 |
Schwab Small-Cap Equity Fund | 79,817 | 11,336 | (23,064) | 68,089 | 343,707 | 14,015 | 6,443 |
Schwab Total Bond Market Fund | 2,439,734 | 23,000 | (2,462,734) | — | (636,765) | 195,650 | 240,369 |
Schwab Treasury Inflation Protected Securities Index Fund | 568,411 | 60,404 | (74,961) | 553,854 | (62,093) | (71,630) | 116,017 |
Schwab U.S. Aggregate Bond Index Fund | — | 2,337,016 | (44,717) | 2,292,299 | 38,807 | (1,674) | 290,698 |
Schwab Variable Share Price Money Fund, Ultra Shares | 4,205,616 | 36,302 | — | 4,241,918 | (421) | — | 37,558 |
Total | $4,000,139 | $2,426,588 | $1,467,040 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $77,553,123 | $— | $— | $77,553,123 | |
Unaffiliated Underlying Funds1 | 22,679,583 | — | — | 22,679,583 | |
Short-Term Investments1 | — | 2,609,345 | — | 2,609,345 | |
Total | $100,232,706 | $2,609,345 | $— | $102,842,051 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $66,947,217) | $77,553,123 | |
Investments in unaffiliated issuers, at value (cost $24,401,662) | 25,288,928 | |
Receivables: | ||
Fund shares sold | 242,471 | |
Dividends | 82,965 | |
Due from investment adviser | 9,903 | |
Interest | 43 | |
Prepaid expenses | + | 4,338 |
Total assets | 103,181,771 | |
Liabilities | ||
Payables: | ||
Investments bought | 611,554 | |
Fund shares redeemed | 20,340 | |
Accrued expenses | + | 31,364 |
Total liabilities | 663,258 | |
Net Assets | ||
Total assets | 103,181,771 | |
Total liabilities | – | 663,258 |
Net assets | $102,518,513 | |
Net Assets by Source | ||
Capital received from investors | 87,065,489 | |
Net investment income not yet distributed | 996,827 | |
Net realized capital gains | 2,963,025 | |
Net unrealized capital appreciation | 11,493,172 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$102,518,513 | 8,398,602 | $12.21 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $1,314,305 | |
Dividends received from unaffiliated underlying funds | 386,551 | |
Interest | + | 7,632 |
Total investment income | 1,708,488 | |
Expenses | ||
Professional fees | 25,911 | |
Registration fees | 19,182 | |
Transfer agent fees | 11,194 | |
Shareholder reports | 9,529 | |
Independent trustees’ fees | 7,622 | |
Portfolio accounting fees | 5,945 | |
Custodian fees | 2,408 | |
Other expenses | + | 4,257 |
Total expenses | 86,048 | |
Expense reduction by CSIM | – | 86,048 |
Net expenses | – | — |
Net investment income | 1,708,488 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 152,735 | |
Realized capital gain distributions received from unaffiliated underlying funds | 378,238 | |
Net realized gains on sales of affiliated underlying funds | 2,426,588 | |
Net realized gains on sales of unaffiliated underlying funds | + | 479,850 |
Net realized gains | 3,437,411 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 4,000,139 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (145,896) |
Net change in unrealized appreciation (depreciation) | + | 3,854,243 |
Net realized and unrealized gains | 7,291,654 | |
Increase in net assets resulting from operations | $9,000,142 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $1,708,488 | $1,755,616 | ||
Net realized gains | 3,437,411 | 3,635,423 | ||
Net change in unrealized appreciation (depreciation) | + | 3,854,243 | (2,475,029) | |
Increase in net assets from operations | 9,000,142 | 2,916,010 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (1,851,464) | (1,912,081) | ||
Distributions from net realized gains | + | (3,187,589) | (5,504,533) | |
Total distributions | ($5,039,053) | ($7,416,614) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,604,791 | $19,099,768 | 1,773,195 | $20,460,018 | ||||
Shares reinvested | 417,430 | 4,675,208 | 607,968 | 6,894,365 | ||||
Shares redeemed | + | (2,508,878) | (29,396,775) | (2,943,054) | (34,207,784) | |||
Net transactions in fund shares | (486,657) | ($5,621,799) | (561,891) | ($6,853,401) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 8,885,259 | $104,179,223 | 9,447,150 | $115,533,228 | ||||
Total decrease | + | (486,657) | (1,660,710) | (561,891) | (11,354,005) | |||
End of period | 8,398,602 | $102,518,513 | 8,885,259 | $104,179,223 | ||||
Net investment income not yet distributed | $996,827 | $993,948 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.84 | $14.33 | $14.32 | $13.52 | $11.94 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.23 1 | 0.22 1 | 0.20 1 | 0.21 | 0.22 | |
Net realized and unrealized gains (losses) | 1.39 | 0.06 | 0.12 | 0.82 | 1.62 | |
Total from investment operations | 1.62 | 0.28 | 0.32 | 1.03 | 1.84 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.27) | (0.31) | (0.23) | (0.26) | |
Distributions from net realized gains | (0.51) | (0.50) | — | — | — | |
Total distributions | (0.75) | (0.77) | (0.31) | (0.23) | (0.26) | |
Net asset value at end of period | $14.71 | $13.84 | $14.33 | $14.32 | $13.52 | |
Total return | 12.28% | 2.05% | 2.25% | 7.71% | 15.72% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.03% | 0.03% | 0.03% | 0.04% | 0.05% | |
Net investment income (loss) | 1.67% | 1.59% | 1.42% | 1.48% | 1.71% | |
Portfolio turnover rate | 47% 4 | 9% | 25% | 26% | 14% | |
Net assets, end of period (x 1,000,000) | $579 | $530 | $536 | $499 | $415 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 75.4% of net assets | ||
Equity Funds 42.1% | ||
Global Real Estate 2.3% | ||
Schwab Global Real Estate Fund | 1,740,703 | 13,386,010 |
International 12.7% | ||
Laudus International MarketMasters Fund, Select Shares | 1,588,804 | 42,834,145 |
Laudus Mondrian Emerging Markets Fund | 190,425 | 1,607,187 |
Schwab International Core Equity Fund | 2,586,379 | 29,148,494 |
73,589,826 | ||
Large-Cap 24.0% | ||
Laudus U.S. Large Cap Growth Fund * | 157,247 | 3,372,944 |
Schwab Core Equity Fund | 1,939,729 | 47,251,790 |
Schwab Dividend Equity Fund | 106,865 | 1,839,145 |
Schwab S&P 500 Index Fund | 2,154,391 | 86,671,176 |
139,135,055 | ||
Small-Cap 3.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 291,799 | 6,011,050 |
Schwab Small-Cap Equity Fund | 487,322 | 11,491,057 |
17,502,107 | ||
243,612,998 | ||
Fixed-Income Funds 30.7% | ||
Inflation-Protected Bond 3.4% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 1,771,233 | 19,625,267 |
Intermediate-Term Bond 19.6% | ||
Schwab Intermediate-Term Bond Fund | 405,610 | 4,076,384 |
Schwab U.S. Aggregate Bond Index Fund | 10,845,819 | 109,325,852 |
113,402,236 | ||
International Bond 1.2% | ||
Laudus Mondrian International Government Fixed Income Fund | 717,722 | 7,048,029 |
Short-Term Bond 6.5% | ||
Schwab Short-Term Bond Index Fund | 3,803,599 | 37,959,917 |
178,035,449 | ||
Money Market Fund 2.6% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 15,148,854 | 15,153,399 |
Total Affiliated Underlying Funds | ||
(Cost $360,456,880) | 436,801,846 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 22.2% of net assets | ||
Equity Funds 7.6% | ||
Large-Cap 7.6% | ||
ClearBridge Large Cap Growth Fund | 475,986 | 21,290,851 |
Dodge & Cox Stock Fund | 52,811 | 10,655,674 |
TCW Relative Value Large Cap Fund, Class I | 498,850 | 12,122,053 |
44,068,578 | ||
Fixed-Income Funds 14.6% | ||
Intermediate-Term Bond 14.6% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,123,452 | 12,638,843 |
Metropolitan West Total Return Bond Fund, Class I | 4,905,026 | 52,287,574 |
Wells Fargo Core Bond Fund, Institutional Class | 1,525,857 | 19,653,037 |
84,579,454 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $122,285,522) | 128,648,032 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.3% of net assets | ||
Time Deposits 2.3% | ||
Citibank | ||
0.60%, 11/01/17 (b) | 5,786,566 | 5,786,566 |
JPMorgan Chase Bank | ||
0.60%, 11/01/17 (b) | 1,449,227 | 1,449,227 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 5,786,566 | 5,786,566 |
Total Short-Term Investments | ||
(Cost $13,022,359) | 13,022,359 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,886,513 | 16,496 | (314,205) | 1,588,804 | $10,171,035 | ($169,643) | $340,138 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 147,572 | 132,392 | (89,539) | 190,425 | 388,011 | (159,381) | 49,995 |
Laudus Mondrian International Government Fixed Income Fund | 599,739 | 117,983 | — | 717,722 | 67,339 | — | 45,254 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 369,722 | 4,160 | (82,083) | 291,799 | 1,086,080 | 296,745 | 79,333 |
Laudus U.S. Large Cap Growth Fund | 2,627,246 | 42,242 | (2,512,241) | 157,247 | (10,058,564) | 13,983,419 | 702,909 |
Schwab Core Equity Fund | 2,454,798 | 60,023 | (575,092) | 1,939,729 | 10,891,417 | (940,248) | 793,836 |
Schwab Dividend Equity Fund | 1,514,872 | 7,216 | (1,415,223) | 106,865 | 1,688,655 | 376,631 | 114,849 |
Schwab Global Real Estate Fund | 1,997,312 | 142,610 | (399,219) | 1,740,703 | 1,058,294 | (72,134) | 601,099 |
Schwab Intermediate-Term Bond Fund | 394,902 | 10,708 | — | 405,610 | (98,666) | — | 106,979 |
Schwab International Core Equity Fund | 2,933,654 | 73,731 | (421,006) | 2,586,379 | 5,736,087 | (212,734) | 666,526 |
Schwab S&P 500 Index Fund | 1,186,329 | 1,257,872 | (289,810) | 2,154,391 | 13,196,737 | 413,184 | 1,041,597 |
Schwab Short-Term Bond Index Fund | — | 3,803,599 | — | 3,803,599 | (122,698) | — | 343,167 |
Schwab Short-Term Bond Market Fund | 3,448,197 | 396,574 | (3,844,771) | — | (117,005) | (107,957) | 181,122 |
Schwab Small-Cap Equity Fund | 570,876 | 2,100 | (85,654) | 487,322 | 2,758,268 | (182,318) | 45,923 |
Schwab Total Bond Market Fund | 10,005,022 | 210,756 | (10,215,778) | — | (2,664,546) | 911,436 | 1,007,787 |
Schwab Treasury Inflation Protected Securities Index Fund | 1,320,382 | 450,851 | — | 1,771,233 | (307,364) | — | 318,902 |
Schwab U.S. Aggregate Bond Index Fund | — | 10,845,819 | — | 10,845,819 | 208,193 | — | 1,421,129 |
Schwab Variable Share Price Money Fund, Ultra Shares | 11,036,379 | 4,112,475 | — | 15,148,854 | (1,106) | — | 118,971 |
Total | $33,880,167 | $14,137,000 | $7,979,516 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $436,801,846 | $— | $— | $436,801,846 | |
Unaffiliated Underlying Funds1 | 128,648,032 | — | — | 128,648,032 | |
Short-Term Investments1 | — | 13,022,359 | — | 13,022,359 | |
Total | $565,449,878 | $13,022,359 | $— | $578,472,237 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $360,456,880) | $436,801,846 | |
Investments in unaffiliated issuers, at value (cost $135,307,881) | 141,670,391 | |
Receivables: | ||
Investments sold | 3,190,000 | |
Fund shares sold | 469,867 | |
Dividends | 406,839 | |
Due from investment adviser | 20,423 | |
Interest | 217 | |
Prepaid expenses | + | 16,921 |
Total assets | 582,576,504 | |
Liabilities | ||
Payables: | ||
Investments bought | 2,933,350 | |
Fund shares redeemed | 331,279 | |
Accrued expenses | + | 48,425 |
Total liabilities | 3,313,054 | |
Net Assets | ||
Total assets | 582,576,504 | |
Total liabilities | – | 3,313,054 |
Net assets | $579,263,450 | |
Net Assets by Source | ||
Capital received from investors | 473,685,248 | |
Net investment income not yet distributed | 4,928,832 | |
Net realized capital gains | 17,941,894 | |
Net unrealized capital appreciation | 82,707,476 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$579,263,450 | 39,370,774 | $14.71 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $6,912,287 | |
Dividends received from unaffiliated underlying funds | 2,185,963 | |
Interest | + | 54,455 |
Total investment income | 9,152,705 | |
Expenses | ||
Shareholder reports | 36,411 | |
Registration fees | 29,234 | |
Professional fees | 28,571 | |
Portfolio accounting fees | 20,556 | |
Transfer agent fees | 17,586 | |
Independent trustees’ fees | 10,136 | |
Custodian fees | 688 | |
Other expenses | + | 10,125 |
Total expenses | 153,307 | |
Expense reduction by CSIM | – | 153,307 |
Net expenses | – | — |
Net investment income | 9,152,705 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,067,229 | |
Realized capital gain distributions received from unaffiliated underlying funds | 2,366,351 | |
Net realized gains on sales of affiliated underlying funds | 14,137,000 | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,645,408 |
Net realized gains | 20,215,988 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 33,880,167 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 172,480 |
Net change in unrealized appreciation (depreciation) | + | 34,052,647 |
Net realized and unrealized gains | 54,268,635 | |
Increase in net assets resulting from operations | $63,421,340 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $9,152,705 | $8,437,830 | ||
Net realized gains | 20,215,988 | 21,563,485 | ||
Net change in unrealized appreciation (depreciation) | + | 34,052,647 | (18,731,756) | |
Increase in net assets from operations | 63,421,340 | 11,269,559 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (9,169,294) | (10,024,736) | ||
Distributions from net realized gains | + | (19,004,283) | (18,650,147) | |
Total distributions | ($28,173,577) | ($28,674,883) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,864,813 | $96,253,742 | 6,250,271 | $84,821,765 | ||||
Shares reinvested | 2,009,738 | 26,689,317 | 2,041,707 | 27,481,364 | ||||
Shares redeemed | + | (7,785,496) | (108,877,340) | (7,444,384) | (101,328,110) | |||
Net transactions in fund shares | 1,089,055 | $14,065,719 | 847,594 | $10,975,019 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 38,281,719 | $529,949,968 | 37,434,125 | $536,380,273 | ||||
Total increase or decrease | + | 1,089,055 | 49,313,482 | 847,594 | (6,430,305) | |||
End of period | 39,370,774 | $579,263,450 | 38,281,719 | $529,949,968 | ||||
Net investment income not yet distributed | $4,928,832 | $4,225,519 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.45 | $14.11 | $14.54 | $13.63 | $11.73 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.20 1 | 0.19 1 | 0.21 | 0.21 | |
Net realized and unrealized gains (losses) | 1.73 | 0.06 | 0.15 | 0.93 | 1.93 | |
Total from investment operations | 1.95 | 0.26 | 0.34 | 1.14 | 2.14 | |
Less distributions: | ||||||
Distributions from net investment income | (0.23) | (0.26) | (0.32) | (0.23) | (0.24) | |
Distributions from net realized gains | (0.46) | (0.66) | (0.45) | — | — | |
Total distributions | (0.69) | (0.92) | (0.77) | (0.23) | (0.24) | |
Net asset value at end of period | $14.71 | $13.45 | $14.11 | $14.54 | $13.63 | |
Total return | 15.17% | 2.01% | 2.36% | 8.44% | 18.54% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.03% | 0.04% | 0.04% | 0.06% | 0.08% | |
Net investment income (loss) | 1.59% | 1.53% | 1.37% | 1.39% | 1.57% | |
Portfolio turnover rate | 36% 4 | 5% | 21% | 27% | 10% | |
Net assets, end of period (x 1,000,000) | $521 | $443 | $409 | $344 | $251 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 75.5% of net assets | ||
Equity Funds 52.8% | ||
Global Real Estate 2.9% | ||
Schwab Global Real Estate Fund | 1,931,100 | 14,850,157 |
International 16.1% | ||
Laudus International MarketMasters Fund, Select Shares | 1,808,604 | 48,759,972 |
Laudus Mondrian Emerging Markets Fund | 498,196 | 4,204,778 |
Schwab International Core Equity Fund | 2,758,784 | 31,091,495 |
84,056,245 | ||
Large-Cap 29.7% | ||
Laudus U.S. Large Cap Growth Fund * | 414,198 | 8,884,547 |
Schwab Core Equity Fund | 2,247,060 | 54,738,389 |
Schwab Dividend Equity Fund | 222,970 | 3,837,316 |
Schwab S&P 500 Index Fund | 2,161,008 | 86,937,350 |
154,397,602 | ||
Small-Cap 4.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 349,456 | 7,198,800 |
Schwab Small-Cap Equity Fund | 610,514 | 14,395,912 |
21,594,712 | ||
274,898,716 | ||
Fixed-Income Funds 21.5% | ||
Inflation-Protected Bond 1.1% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 510,217 | 5,653,202 |
Intermediate-Term Bond 15.3% | ||
Schwab Intermediate-Term Bond Fund | 543,818 | 5,465,376 |
Schwab U.S. Aggregate Bond Index Fund | 7,351,362 | 74,101,724 |
79,567,100 | ||
International Bond 1.2% | ||
Laudus Mondrian International Government Fixed Income Fund | 627,519 | 6,162,234 |
Short-Term Bond 3.9% | ||
Schwab Short-Term Bond Index Fund | 2,050,617 | 20,465,154 |
111,847,690 | ||
Money Market Fund 1.2% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 6,068,086 | 6,069,906 |
Total Affiliated Underlying Funds | ||
(Cost $325,508,128) | 392,816,312 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 21.7% of net assets | ||
Equity Funds 8.6% | ||
Large-Cap 8.6% | ||
ClearBridge Large Cap Growth Fund | 446,737 | 19,982,548 |
Dodge & Cox Stock Fund | 55,646 | 11,227,593 |
TCW Relative Value Large Cap Fund, Class I | 562,202 | 13,661,519 |
44,871,660 | ||
Fixed-Income Funds 13.1% | ||
Intermediate-Term Bond 13.1% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,435,790 | 16,152,642 |
Metropolitan West Total Return Bond Fund, Class I | 3,915,917 | 41,743,673 |
Wells Fargo Core Bond Fund, Institutional Class | 806,104 | 10,382,617 |
68,278,932 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $106,323,035) | 113,150,592 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.8% of net assets | ||
Time Deposits 2.8% | ||
Australia & New Zealand Banking Group Ltd. | ||
0.60%, 11/01/17 (b) | 4,175,041 | 4,175,041 |
BNP Paribas | ||
0.60%, 11/01/17 (b) | 5,172,678 | 5,172,678 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 5,172,678 | 5,172,678 |
Total Short-Term Investments | ||
(Cost $14,520,397) | 14,520,397 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,937,469 | 45,721 | (174,586) | 1,808,604 | $11,057,245 | ($201,579) | $354,470 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 478,075 | 101,711 | (81,590) | 498,196 | 742,703 | (199,437) | 103,536 |
Laudus Mondrian International Government Fixed Income Fund | 513,430 | 114,089 | — | 627,519 | 65,655 | — | 39,566 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 391,494 | 4,857 | (46,895) | 349,456 | 1,490,236 | 36,718 | 92,627 |
Laudus U.S. Large Cap Growth Fund | 2,588,103 | 42,181 | (2,216,086) | 414,198 | (378,226) | 5,242,509 | 701,894 |
Schwab Core Equity Fund | 2,433,088 | 76,630 | (262,658) | 2,247,060 | 11,551,745 | (697,109) | 793,567 |
Schwab Dividend Equity Fund | 1,497,790 | 8,355 | (1,283,175) | 222,970 | 2,728,614 | (488,041) | 133,550 |
Schwab Global Real Estate Fund | 1,979,164 | 88,136 | (136,200) | 1,931,100 | 1,048,770 | (5,749) | 629,320 |
Schwab Intermediate-Term Bond Fund | 529,461 | 14,357 | — | 543,818 | (132,286) | — | 143,432 |
Schwab International Core Equity Fund | 2,967,167 | 74,573 | (282,956) | 2,758,784 | 5,971,675 | (66,256) | 674,140 |
Schwab S&P 500 Index Fund | 1,185,018 | 1,132,690 | (156,700) | 2,161,008 | 13,242,316 | 139,344 | 1,029,790 |
Schwab Short-Term Bond Index Fund | — | 2,050,617 | — | 2,050,617 | (56,904) | — | 194,068 |
Schwab Short-Term Bond Market Fund | 1,719,256 | 232,630 | (1,951,886) | — | (54,911) | (66,107) | 80,221 |
Schwab Small-Cap Equity Fund | 645,885 | 62,329 | (97,700) | 610,514 | 3,307,574 | (325,299) | 54,536 |
Schwab Total Bond Market Fund | 6,258,996 | 209,615 | (6,468,611) | — | (1,407,247) | 294,048 | 632,913 |
Schwab Treasury Inflation Protected Securities Index Fund | 320,824 | 189,393 | — | 510,217 | (73,383) | — | 79,861 |
Schwab U.S. Aggregate Bond Index Fund | — | 7,351,362 | — | 7,351,362 | 149,334 | — | 948,566 |
Schwab Variable Share Price Money Fund, Ultra Shares | 6,016,155 | 51,931 | — | 6,068,086 | (603) | — | 53,727 |
Total | $49,252,307 | $3,663,042 | $6,739,784 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $392,816,312 | $— | $— | $392,816,312 | |
Unaffiliated Underlying Funds1 | 113,150,592 | — | — | 113,150,592 | |
Short-Term Investments1 | — | 14,520,397 | — | 14,520,397 | |
Total | $505,966,904 | $14,520,397 | $— | $520,487,301 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $325,508,128) | $392,816,312 | |
Investments in unaffiliated issuers, at value (cost $120,843,432) | 127,670,989 | |
Receivables: | ||
Investments sold | 720,000 | |
Fund shares sold | 2,834,040 | |
Dividends | 276,006 | |
Due from investment adviser | 19,518 | |
Interest | 242 | |
Prepaid expenses | + | 10,651 |
Total assets | 524,347,758 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,636,288 | |
Fund shares redeemed | 163,003 | |
Accrued expenses | + | 46,658 |
Total liabilities | 3,845,949 | |
Net Assets | ||
Total assets | 524,347,758 | |
Total liabilities | – | 3,845,949 |
Net assets | $520,501,809 | |
Net Assets by Source | ||
Capital received from investors | 436,692,622 | |
Net investment income not yet distributed | 3,572,726 | |
Net realized capital gains | 6,100,720 | |
Net unrealized capital appreciation | 74,135,741 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$520,501,809 | 35,386,570 | $14.71 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $5,661,057 | |
Dividends received from unaffiliated underlying funds | 1,846,406 | |
Interest | + | 49,033 |
Total investment income | 7,556,496 | |
Expenses | ||
Registration fees | 32,135 | |
Shareholder reports | 31,302 | |
Professional fees | 28,188 | |
Portfolio accounting fees | 19,652 | |
Transfer agent fees | 17,448 | |
Independent trustees’ fees | 9,713 | |
Custodian fees | 1,072 | |
Other expenses | + | 8,590 |
Total expenses | 148,100 | |
Expense reduction by CSIM | – | 148,100 |
Net expenses | – | — |
Net investment income | 7,556,496 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,078,727 | |
Realized capital gain distributions received from unaffiliated underlying funds | 2,270,643 | |
Net realized gains on sales of affiliated underlying funds | 3,663,042 | |
Net realized gains on sales of unaffiliated underlying funds | + | 866,881 |
Net realized gains | 7,879,293 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 49,252,307 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 2,336,930 |
Net change in unrealized appreciation (depreciation) | + | 51,589,237 |
Net realized and unrealized gains | 59,468,530 | |
Increase in net assets resulting from operations | $67,025,026 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $7,556,496 | $6,517,460 | ||
Net realized gains | 7,879,293 | 17,092,704 | ||
Net change in unrealized appreciation (depreciation) | + | 51,589,237 | (13,982,701) | |
Increase in net assets from operations | 67,025,026 | 9,627,463 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (7,453,730) | (7,697,743) | ||
Distributions from net realized gains | + | (15,212,564) | (19,307,598) | |
Total distributions | ($22,666,294) | ($27,005,341) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 7,272,083 | $101,088,617 | 7,097,645 | $93,244,573 | ||||
Shares reinvested | 1,686,255 | 21,971,905 | 2,002,536 | 26,213,202 | ||||
Shares redeemed | + | (6,532,103) | (90,094,385) | (5,154,240) | (68,264,079) | |||
Net transactions in fund shares | 2,426,235 | $32,966,137 | 3,945,941 | $51,193,696 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 32,960,335 | $443,176,940 | 29,014,394 | $409,361,122 | ||||
Total increase | + | 2,426,235 | 77,324,869 | 3,945,941 | 33,815,818 | |||
End of period | 35,386,570 | $520,501,809 | 32,960,335 | $443,176,940 | ||||
Net investment income not yet distributed | $3,572,726 | $2,939,375 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.51 | $15.59 | $15.77 | $14.70 | $12.42 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.23 1 | 0.22 1 | 0.21 1 | 0.22 | 0.22 | |
Net realized and unrealized gains (losses) | 2.18 | 0.01 | 0.17 | 1.10 | 2.31 | |
Total from investment operations | 2.41 | 0.23 | 0.38 | 1.32 | 2.53 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.30) | (0.36) | (0.25) | (0.25) | |
Distributions from net realized gains | (0.58) | (1.01) | (0.20) | — | — | |
Total distributions | (0.82) | (1.31) | (0.56) | (0.25) | (0.25) | |
Net asset value at end of period | $16.10 | $14.51 | $15.59 | $15.77 | $14.70 | |
Total return | 17.47% | 1.72% | 2.44% | 9.11% | 20.73% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.02% | 0.03% | 0.03% | 0.03% | 0.04% | |
Net investment income (loss) | 1.53% | 1.51% | 1.36% | 1.38% | 1.59% | |
Portfolio turnover rate | 30% | 5% | 19% | 26% | 10% | |
Net assets, end of period (x 1,000,000) | $966 | $814 | $789 | $727 | $621 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 78.0% of net assets | ||
Equity Funds 61.4% | ||
Global Real Estate 3.2% | ||
Schwab Global Real Estate Fund | 4,005,110 | 30,799,293 |
International 18.9% | ||
Laudus International MarketMasters Fund, Select Shares | 3,869,158 | 104,312,502 |
Laudus Mondrian Emerging Markets Fund | 1,542,701 | 13,020,399 |
Schwab International Core Equity Fund | 5,840,200 | 65,819,054 |
183,151,955 | ||
Large-Cap 34.1% | ||
Schwab Dividend Equity Fund | 786,317 | 13,532,518 |
Schwab Core Equity Fund | 4,705,517 | 114,626,401 |
Laudus U.S. Large Cap Growth Fund * | 1,424,368 | 30,552,700 |
Schwab S&P 500 Index Fund | 4,234,731 | 170,363,221 |
329,074,840 | ||
Small-Cap 5.2% | ||
Schwab Small-Cap Equity Fund | 1,403,512 | 33,094,819 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 849,500 | 17,499,685 |
50,594,504 | ||
593,620,592 | ||
Fixed-Income Funds 15.3% | ||
Intermediate-Term Bond 11.9% | ||
Schwab Intermediate-Term Bond Fund | 1,113,481 | 11,190,482 |
Schwab U.S. Aggregate Bond Index Fund | 10,273,819 | 103,560,098 |
114,750,580 | ||
International Bond 1.1% | ||
Laudus Mondrian International Government Fixed Income Fund | 1,080,882 | 10,614,259 |
Short-Term Bond 2.3% | ||
Schwab Short-Term Bond Index Fund | 2,237,888 | 22,334,124 |
147,698,963 | ||
Money Market Fund 1.3% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 12,596,054 | 12,599,833 |
Total Affiliated Underlying Funds | ||
(Cost $570,330,058) | 753,919,388 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 20.4% of net assets | ||
Equity Funds 9.1% | ||
Large-Cap 9.1% | ||
TCW Relative Value Large Cap Fund, Class I | 1,277,722 | 31,048,634 |
Dodge & Cox Stock Fund | 96,908 | 19,553,213 |
ClearBridge Large Cap Growth Fund | 838,292 | 37,496,790 |
88,098,637 | ||
Fixed-Income Funds 11.3% | ||
Intermediate-Term Bond 11.3% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 2,914,818 | 32,791,702 |
Metropolitan West Total Return Bond Fund, Class I | 6,003,776 | 64,000,258 |
Wells Fargo Core Bond Fund, Institutional Class | 934,082 | 12,030,976 |
108,822,936 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $181,533,453) | 196,921,573 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.9% of net assets | ||
Time Deposits 1.9% | ||
BNP Paribas | ||
0.60%, 11/01/17 (b) | 9,647,171 | 9,647,171 |
Wells Fargo | ||
0.60%, 11/01/17 (b) | 8,603,613 | 8,603,613 |
Total Short-Term Investments | ||
(Cost $18,250,784) | 18,250,784 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 4,071,975 | 100,968 | (303,785) | 3,869,158 | $23,436,395 | ($110,735) | $745,860 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 1,471,129 | 241,865 | (170,293) | 1,542,701 | 2,090,583 | (416,725) | 305,901 |
Laudus Mondrian International Government Fixed Income Fund | 819,346 | 261,536 | — | 1,080,882 | 153,271 | — | 63,818 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 911,800 | 10,743 | (73,043) | 849,500 | 3,515,873 | 58,645 | 204,879 |
Laudus U.S. Large Cap Growth Fund | 5,350,156 | 87,197 | (4,012,985) | 1,424,368 | (3,514,896) | 15,661,019 | 1,450,963 |
Schwab Core Equity Fund | 4,983,750 | 78,698 | (356,931) | 4,705,517 | 23,454,855 | (959,761) | 1,630,626 |
Schwab Dividend Equity Fund | 3,059,015 | 20,023 | (2,292,721) | 786,317 | 4,782,418 | 309,371 | 321,497 |
Schwab Global Real Estate Fund | 4,195,068 | 185,018 | (374,976) | 4,005,110 | 2,358,748 | (195,579) | 1,320,439 |
Schwab Intermediate-Term Bond Fund | 1,084,084 | 29,397 | — | 1,113,481 | (270,859) | — | 293,680 |
Schwab International Core Equity Fund | 6,163,321 | 238,539 | (561,660) | 5,840,200 | 12,619,193 | (5,533) | 1,418,843 |
Schwab S&P 500 Index Fund | 2,434,925 | 1,977,466 | (177,660) | 4,234,731 | 25,998,483 | 207,996 | 2,108,944 |
Schwab Short-Term Bond Index Fund | — | 2,237,888 | — | 2,237,888 | (58,408) | — | 215,545 |
Schwab Short-Term Bond Market Fund | 1,808,325 | 343,360 | (2,151,685) | — | (62,834) | (64,783) | 84,223 |
Schwab Small-Cap Equity Fund | 1,496,022 | 99,139 | (191,649) | 1,403,512 | 7,197,314 | (300,970) | 123,293 |
Schwab Total Bond Market Fund | 8,413,016 | 397,933 | (8,810,949) | — | (2,322,220) | 798,447 | 835,803 |
Schwab U.S. Aggregate Bond Index Fund | — | 10,352,559 | (78,740) | 10,273,819 | 259,721 | 4,724 | 1,358,240 |
Schwab Variable Share Price Money Fund, Ultra Shares | 6,016,155 | 6,579,899 | — | 12,596,054 | (602) | — | 86,895 |
Total | $99,637,035 | $14,986,116 | $12,569,449 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $753,919,388 | $— | $— | $753,919,388 | |
Unaffiliated Underlying Funds1 | 196,921,573 | — | — | 196,921,573 | |
Short-Term Investments1 | — | 18,250,784 | — | 18,250,784 | |
Total | $950,840,961 | $18,250,784 | $— | $969,091,745 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $570,330,058) | $753,919,388 | |
Investments in unaffiliated issuers, at value (cost $199,784,237) | 215,172,357 | |
Receivables: | ||
Investments sold | 2,430,000 | |
Fund shares sold | 824,945 | |
Dividends | 389,285 | |
Due from investment adviser | 28,487 | |
Interest | 304 | |
Prepaid expenses | + | 17,998 |
Total assets | 972,782,764 | |
Liabilities | ||
Payables: | ||
Investments bought | 5,878,164 | |
Fund shares redeemed | 672,216 | |
Accrued expenses | + | 61,630 |
Total liabilities | 6,612,010 | |
Net Assets | ||
Total assets | 972,782,764 | |
Total liabilities | – | 6,612,010 |
Net assets | $966,170,754 | |
Net Assets by Source | ||
Capital received from investors | 742,425,162 | |
Net investment income not yet distributed | 5,557,877 | |
Net realized capital gains | 19,210,265 | |
Net unrealized capital appreciation | 198,977,450 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$966,170,754 | 60,025,377 | $16.10 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $10,351,715 | |
Dividends received from unaffiliated underlying funds | 3,149,019 | |
Interest | + | 67,883 |
Total investment income | 13,568,617 | |
Expenses | ||
Shareholder reports | 58,331 | |
Registration fees | 33,651 | |
Professional fees | 30,542 | |
Portfolio accounting fees | 24,726 | |
Transfer agent fees | 19,711 | |
Independent trustees’ fees | 11,986 | |
Custodian fees | 528 | |
Other expenses | + | 14,133 |
Total expenses | 193,608 | |
Expense reduction by CSIM | – | 193,608 |
Net expenses | – | — |
Net investment income | 13,568,617 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 2,217,734 | |
Realized capital gain distributions received from unaffiliated underlying funds | 4,260,527 | |
Net realized gains on sales of affiliated underlying funds | 14,986,116 | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,657,316 |
Net realized gains | 24,121,693 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 99,637,035 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 4,248,149 |
Net change in unrealized appreciation (depreciation) | + | 103,885,184 |
Net realized and unrealized gains | 128,006,877 | |
Increase in net assets resulting from operations | $141,575,494 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $13,568,617 | $12,054,689 | ||
Net realized gains | 24,121,693 | 36,819,129 | ||
Net change in unrealized appreciation (depreciation) | + | 103,885,184 | (33,678,925) | |
Increase in net assets from operations | 141,575,494 | 15,194,893 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (13,474,267) | (15,460,516) | ||
Distributions from net realized gains | + | (32,750,422) | (51,660,998) | |
Total distributions | ($46,224,689) | ($67,121,514) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 9,681,587 | $145,980,348 | 8,588,483 | $122,183,243 | ||||
Shares reinvested | 3,168,835 | 44,553,824 | 4,601,025 | 65,104,505 | ||||
Shares redeemed | + | (8,932,547) | (133,954,943) | (7,687,009) | (109,898,546) | |||
Net transactions in fund shares | 3,917,875 | $56,579,229 | 5,502,499 | $77,389,202 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 56,107,502 | $814,240,720 | 50,605,003 | $788,778,139 | ||||
Total increase | + | 3,917,875 | 151,930,034 | 5,502,499 | 25,462,581 | |||
End of period | 60,025,377 | $966,170,754 | 56,107,502 | $814,240,720 | ||||
Net investment income not yet distributed | $5,557,877 | $4,651,679 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.82 | $14.70 | $15.23 | $14.12 | $11.69 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 1 | 0.20 1 | 0.19 1 | 0.20 | 0.20 | |
Net realized and unrealized gains (losses) | 2.32 | 0.01 | 0.17 | 1.15 | 2.45 | |
Total from investment operations | 2.53 | 0.21 | 0.36 | 1.35 | 2.65 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.28) | (0.35) | (0.24) | (0.22) | |
Distributions from net realized gains | (0.55) | (0.81) | (0.54) | — | — | |
Total distributions | (0.77) | (1.09) | (0.89) | (0.24) | (0.22) | |
Net asset value at end of period | $15.58 | $13.82 | $14.70 | $15.23 | $14.12 | |
Total return | 19.19% | 1.63% | 2.43% | 9.62% | 23.02% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | — | 0.00% 3 | 0.00% 3 | — | — | |
Gross operating expenses2 | 0.04% | 0.04% | 0.05% | 0.07% | 0.09% | |
Net investment income (loss) | 1.48% | 1.46% | 1.28% | 1.28% | 1.42% | |
Portfolio turnover rate | 24% | 3% | 14% | 24% | 5% | |
Net assets, end of period (x 1,000,000) | $440 | $361 | $337 | $282 | $204 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 80.2% of net assets | ||
Equity Funds 68.6% | ||
Global Real Estate 3.6% | ||
Schwab Global Real Estate Fund | 2,026,641 | 15,584,869 |
International 21.3% | ||
Laudus International MarketMasters Fund, Select Shares | 1,926,709 | 51,944,062 |
Laudus Mondrian Emerging Markets Fund | 1,013,481 | 8,553,780 |
Schwab International Core Equity Fund | 2,940,472 | 33,139,122 |
93,636,964 | ||
Large-Cap 37.5% | ||
Laudus U.S. Large Cap Growth Fund * | 949,422 | 20,365,099 |
Schwab Core Equity Fund | 2,309,142 | 56,250,695 |
Schwab Dividend Equity Fund | 511,548 | 8,803,746 |
Schwab S&P 500 Index Fund | 1,981,817 | 79,728,499 |
165,148,039 | ||
Small-Cap 6.2% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 472,127 | 9,725,815 |
Schwab Small-Cap Equity Fund | 749,129 | 17,664,459 |
27,390,274 | ||
301,760,146 | ||
Fixed-Income Funds 10.7% | ||
Intermediate-Term Bond 8.5% | ||
Schwab Intermediate-Term Bond Fund | 457,101 | 4,593,865 |
Schwab U.S. Aggregate Bond Index Fund | 3,264,571 | 32,906,880 |
37,500,745 | ||
International Bond 0.9% | ||
Laudus Mondrian International Government Fixed Income Fund | 409,383 | 4,020,139 |
Short-Term Bond 1.3% | ||
Schwab Short-Term Bond Index Fund | 578,765 | 5,776,074 |
47,296,958 | ||
Money Market Fund 0.9% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 4,027,779 | 4,028,987 |
Total Affiliated Underlying Funds | ||
(Cost $281,226,382) | 353,086,091 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 18.3% of net assets | ||
Equity Funds 9.4% | ||
Large-Cap 9.4% | ||
ClearBridge Large Cap Growth Fund | 354,607 | 15,861,550 |
Dodge & Cox Stock Fund | 49,725 | 10,033,027 |
TCW Relative Value Large Cap Fund, Class I | 628,012 | 15,260,703 |
41,155,280 | ||
Fixed-Income Funds 8.9% | ||
Intermediate-Term Bond 8.9% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,255,739 | 14,127,065 |
Metropolitan West Total Return Bond Fund, Class I | 2,070,797 | 22,074,692 |
Wells Fargo Core Bond Fund, Institutional Class | 232,930 | 3,000,138 |
39,201,895 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $72,932,687) | 80,357,175 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.6% of net assets | ||
Time Deposits 1.6% | ||
Citibank | ||
0.60%, 11/01/17 (b) | 2,718,927 | 2,718,927 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 4,394,016 | 4,394,016 |
Total Short-Term Investments | ||
(Cost $7,112,943) | 7,112,943 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,972,928 | 80,664 | (126,883) | 1,926,709 | $11,610,793 | ($64,945) | $367,053 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 916,890 | 174,415 | (77,824) | 1,013,481 | 1,277,199 | (199,378) | 188,143 |
Laudus Mondrian International Government Fixed Income Fund | 267,860 | 141,523 | — | 409,383 | 93,373 | — | 23,704 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 481,347 | 29,941 | (39,161) | 472,127 | 1,900,897 | (9,258) | 107,886 |
Laudus U.S. Large Cap Growth Fund | 2,555,620 | 41,652 | (1,647,850) | 949,422 | 4,116,022 | 2,532,684 | 693,084 |
Schwab Core Equity Fund | 2,370,394 | 62,734 | (123,986) | 2,309,142 | 11,359,090 | (421,476) | 784,836 |
Schwab Dividend Equity Fund | 1,463,222 | 10,793 | (962,467) | 511,548 | 3,617,430 | (963,267) | 173,814 |
Schwab Global Real Estate Fund | 2,007,148 | 90,526 | (71,033) | 2,026,641 | 1,094,737 | (7,904) | 646,859 |
Schwab Intermediate-Term Bond Fund | 445,033 | 12,068 | — | 457,101 | (111,191) | — | 120,560 |
Schwab International Core Equity Fund | 3,013,564 | 175,603 | (248,695) | 2,940,472 | 6,274,071 | 15,803 | 698,459 |
Schwab S&P 500 Index Fund | 1,160,179 | 859,452 | (37,814) | 1,981,817 | 12,147,322 | 24,342 | 1,013,056 |
Schwab Short-Term Bond Index Fund | — | 578,765 | — | 578,765 | (16,589) | — | 50,666 |
Schwab Short-Term Bond Market Fund | 436,073 | 102,410 | (538,483) | — | (21,533) | (5,648) | 24,384 |
Schwab Small-Cap Equity Fund | 772,287 | 73,106 | (96,264) | 749,129 | 3,926,361 | (283,781) | 65,160 |
Schwab Total Bond Market Fund | 2,584,207 | 204,597 | (2,788,804) | — | (533,113) | 53,520 | 249,646 |
Schwab U.S. Aggregate Bond Index Fund | — | 3,264,571 | — | 3,264,571 | 100,668 | — | 439,376 |
Schwab Variable Share Price Money Fund, Ultra Shares | 1,504,039 | 2,523,740 | — | 4,027,779 | (151) | — | 26,188 |
Total | $56,835,386 | $670,692 | $5,672,874 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $353,086,091 | $— | $— | $353,086,091 | |
Unaffiliated Underlying Funds1 | 80,357,175 | — | — | 80,357,175 | |
Short-Term Investments1 | — | 7,112,943 | — | 7,112,943 | |
Total | $433,443,266 | $7,112,943 | $— | $440,556,209 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $281,226,382) | $353,086,091 | |
Investments in unaffiliated issuers, at value (cost $80,045,630) | 87,470,118 | |
Receivables: | ||
Fund shares sold | 569,787 | |
Dividends | 124,874 | |
Due from investment adviser | 22,459 | |
Interest | 119 | |
Prepaid expenses | + | 8,134 |
Total assets | 441,281,582 | |
Liabilities | ||
Payables: | ||
Investments bought | 724,670 | |
Fund shares redeemed | 427,717 | |
Accrued expenses | + | 48,487 |
Total liabilities | 1,200,874 | |
Net Assets | ||
Total assets | 441,281,582 | |
Total liabilities | – | 1,200,874 |
Net assets | $440,080,708 | |
Net Assets by Source | ||
Capital received from investors | 355,989,147 | |
Net investment income not yet distributed | 2,070,853 | |
Net realized capital gains | 2,736,511 | |
Net unrealized capital appreciation | 79,284,197 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$440,080,708 | 28,238,643 | $15.58 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $4,616,583 | |
Dividends received from unaffiliated underlying funds | 1,243,373 | |
Interest | + | 29,635 |
Total investment income | 5,889,591 | |
Expenses | ||
Shareholder reports | 32,987 | |
Registration fees | 28,645 | |
Professional fees | 27,682 | |
Transfer agent fees | 21,392 | |
Portfolio accounting fees | 18,697 | |
Independent trustees’ fees | 9,270 | |
Custodian fees | 564 | |
Other expenses | + | 7,582 |
Total expenses | 146,819 | |
Expense reduction by CSIM | – | 146,819 |
Net expenses | – | — |
Net investment income | 5,889,591 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,056,291 | |
Realized capital gain distributions received from unaffiliated underlying funds | 1,861,281 | |
Net realized gains on sales of affiliated underlying funds | 670,692 | |
Net realized gains on sales of unaffiliated underlying funds | + | 365,326 |
Net realized gains | 3,953,590 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 56,835,386 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 3,125,202 |
Net change in unrealized appreciation (depreciation) | + | 59,960,588 |
Net realized and unrealized gains | 63,914,178 | |
Increase in net assets resulting from operations | $69,803,769 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $5,889,591 | $5,081,203 | ||
Net realized gains | 3,953,590 | 16,229,767 | ||
Net change in unrealized appreciation (depreciation) | + | 59,960,588 | (14,418,236) | |
Increase in net assets from operations | 69,803,769 | 6,892,734 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (5,834,076) | (6,503,748) | ||
Distributions from net realized gains | + | (14,384,783) | (18,968,293) | |
Total distributions | ($20,218,859) | ($25,472,041) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,223,969 | $75,702,508 | 5,272,101 | $71,143,858 | ||||
Shares reinvested | 1,463,205 | 19,709,361 | 1,840,004 | 24,821,651 | ||||
Shares redeemed | + | (4,564,479) | (65,787,434) | (3,924,580) | (53,511,419) | |||
Net transactions in fund shares | 2,122,695 | $29,624,435 | 3,187,525 | $42,454,090 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 26,115,948 | $360,871,363 | 22,928,423 | $336,996,580 | ||||
Total increase | + | 2,122,695 | 79,209,345 | 3,187,525 | 23,874,783 | |||
End of period | 28,238,643 | $440,080,708 | 26,115,948 | $360,871,363 | ||||
Net investment income not yet distributed | $2,070,853 | $1,734,750 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 11/1/12– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.12 | $16.42 | $16.77 | $15.49 | $12.67 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.23 1 | 0.22 1 | 0.21 1 | 0.21 | 0.22 | |
Net realized and unrealized gains (losses) | 2.78 | (0.03) 2 | 0.20 | 1.33 | 2.84 | |
Total from investment operations | 3.01 | 0.19 | 0.41 | 1.54 | 3.06 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.32) | (0.39) | (0.26) | (0.24) | |
Distributions from net realized gains | (0.75) | (1.17) | (0.37) | — | — | |
Total distributions | (0.99) | (1.49) | (0.76) | (0.26) | (0.24) | |
Net asset value at end of period | $17.14 | $15.12 | $16.42 | $16.77 | $15.49 | |
Total return | 21.02% | 1.38% | 2.48% | 10.07% | 24.55% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | — | 0.00% 4 | 0.00% 4 | — | — | |
Gross operating expenses3 | 0.02% | 0.03% | 0.03% | 0.04% | 0.04% | |
Net investment income (loss) | 1.44% | 1.45% | 1.27% | 1.26% | 1.47% | |
Portfolio turnover rate | 21% | 4% | 13% | 23% | 6% | |
Net assets, end of period (x 1,000,000) | $998 | $841 | $834 | $768 | $639 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 82.9% of net assets | ||
Equity Funds 75.6% | ||
Global Real Estate 4.0% | ||
Schwab Global Real Estate Fund | 5,158,108 | 39,665,850 |
International 23.7% | ||
Laudus International MarketMasters Fund, Select Shares | 4,746,119 | 127,955,377 |
Laudus Mondrian Emerging Markets Fund | 2,990,467 | 25,239,544 |
Schwab International Core Equity Fund | 7,383,553 | 83,212,644 |
236,407,565 | ||
Large-Cap 40.7% | ||
Laudus U.S. Large Cap Growth Fund * | 2,733,424 | 58,631,935 |
Schwab Core Equity Fund | 5,639,832 | 137,386,311 |
Schwab Dividend Equity Fund | 1,556,759 | 26,791,829 |
Schwab S&P 500 Index Fund | 4,553,125 | 183,172,233 |
405,982,308 | ||
Small-Cap 7.2% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,216,736 | 25,064,763 |
Schwab Small-Cap Equity Fund | 2,009,039 | 47,373,139 |
72,437,902 | ||
754,493,625 | ||
Fixed-Income Funds 6.7% | ||
Intermediate-Term Bond 5.6% | ||
Schwab Intermediate-Term Bond Fund | 920,295 | 9,248,969 |
Schwab U.S. Aggregate Bond Index Fund | 4,603,548 | 46,403,760 |
55,652,729 | ||
International Bond 0.5% | ||
Laudus Mondrian International Government Fixed Income Fund | 537,701 | 5,280,224 |
Short-Term Bond 0.6% | ||
Schwab Short-Term Bond Index Fund | 586,580 | 5,854,065 |
66,787,018 | ||
Money Market Fund 0.6% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 5,832,001 | 5,833,751 |
Total Affiliated Underlying Funds | ||
(Cost $604,427,628) | 827,114,394 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 15.5% of net assets | ||
Equity Funds 9.2% | ||
Large-Cap 9.2% | ||
ClearBridge Large Cap Growth Fund | 721,689 | 32,281,152 |
Dodge & Cox Stock Fund | 100,983 | 20,375,370 |
TCW Relative Value Large Cap Fund, Class I | 1,605,702 | 39,018,566 |
91,675,088 | ||
Fixed-Income Funds 6.3% | ||
Intermediate-Term Bond 6.3% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 2,284,530 | 25,700,960 |
Metropolitan West Total Return Bond Fund, Class I | 3,099,377 | 33,039,354 |
Wells Fargo Core Bond Fund, Institutional Class | 356,411 | 4,590,577 |
63,330,891 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $134,580,941) | 155,005,979 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.5% of net assets | ||
Time Deposits 1.5% | ||
BNP Paribas | ||
0.60%, 11/01/17 (b) | 5,411,507 | 5,411,507 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 9,960,491 | 9,960,491 |
Total Short-Term Investments | ||
(Cost $15,371,998) | 15,371,998 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 5,015,124 | 193,602 | (462,607) | 4,746,119 | $29,068,637 | ($206,273) | $930,993 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 2,844,569 | 351,198 | (205,300) | 2,990,467 | 3,739,754 | (510,263) | 570,689 |
Laudus Mondrian International Government Fixed Income Fund | 371,078 | 166,623 | — | 537,701 | 98,797 | — | 28,734 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,311,540 | 15,462 | (110,266) | 1,216,736 | 5,100,930 | 52,980 | 294,861 |
Laudus U.S. Large Cap Growth Fund | 6,340,489 | 103,338 | (3,710,403) | 2,733,424 | 7,342,637 | 10,716,348 | 1,719,541 |
Schwab Core Equity Fund | 5,897,454 | 93,818 | (351,440) | 5,639,832 | 27,832,699 | (925,281) | 1,943,912 |
Schwab Dividend Equity Fund | 3,605,589 | 29,250 | (2,078,080) | 1,556,759 | 8,346,265 | (1,340,879) | 472,019 |
Schwab Global Real Estate Fund | 5,214,413 | 233,123 | (289,428) | 5,158,108 | 2,911,055 | (115,562) | 1,665,156 |
Schwab Intermediate-Term Bond Fund | 895,999 | 24,296 | — | 920,295 | (223,865) | — | 242,727 |
Schwab International Core Equity Fund | 7,577,005 | 419,871 | (613,323) | 7,383,553 | 15,884,144 | (3,294) | 1,772,346 |
Schwab S&P 500 Index Fund | 2,877,175 | 1,777,268 | (101,318) | 4,553,125 | 28,428,967 | 168,067 | 2,505,104 |
Schwab Short-Term Bond Index Fund | — | 586,580 | — | 586,580 | (14,333) | — | 53,402 |
Schwab Short-Term Bond Market Fund | 398,188 | 163,538 | (561,726) | — | (11,759) | (13,798) | 21,506 |
Schwab Small-Cap Equity Fund | 2,164,424 | 148,422 | (303,807) | 2,009,039 | 10,699,290 | (672,647) | 178,677 |
Schwab Total Bond Market Fund | 3,699,235 | 130,957 | (3,830,192) | — | (718,925) | 20,360 | 347,957 |
Schwab U.S. Aggregate Bond Index Fund | — | 4,603,548 | — | 4,603,548 | 141,569 | — | 633,952 |
Schwab Variable Share Price Money Fund, Ultra Shares | 1,002,693 | 4,829,308 | — | 5,832,001 | (100) | — | 33,448 |
Total | $138,625,762 | $7,169,758 | $13,415,024 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $827,114,394 | $— | $— | $827,114,394 | |
Unaffiliated Underlying Funds1 | 155,005,979 | — | — | 155,005,979 | |
Short-Term Investments1 | — | 15,371,998 | — | 15,371,998 | |
Total | $982,120,373 | $15,371,998 | $— | $997,492,371 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $604,427,628) | $827,114,394 | |
Investments in unaffiliated issuers, at value (cost $149,952,939) | 170,377,977 | |
Receivables: | ||
Investments sold | 3,625,000 | |
Fund shares sold | 656,839 | |
Dividends | 182,067 | |
Due from investment adviser | 34,727 | |
Interest | 256 | |
Prepaid expenses | + | 19,178 |
Total assets | 1,002,010,438 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,401,847 | |
Fund shares redeemed | 295,547 | |
Accrued expenses | + | 77,838 |
Total liabilities | 3,775,232 | |
Net Assets | ||
Total assets | 1,002,010,438 | |
Total liabilities | – | 3,775,232 |
Net assets | $998,235,206 | |
Net Assets by Source | ||
Capital received from investors | 740,311,109 | |
Net investment income not yet distributed | 3,822,072 | |
Net realized capital gains | 10,990,221 | |
Net unrealized capital appreciation | 243,111,804 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$998,235,206 | 58,234,402 | $17.14 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $10,820,095 | |
Dividends received from unaffiliated underlying funds | 2,381,514 | |
Interest | + | 65,143 |
Total investment income | 13,266,752 | |
Expenses | ||
Shareholder reports | 83,070 | |
Registration fees | 31,686 | |
Professional fees | 30,710 | |
Transfer agent fees | 27,133 | |
Portfolio accounting fees | 25,143 | |
Independent trustees’ fees | 12,165 | |
Custodian fees | 512 | |
Other expenses | + | 14,463 |
Total expenses | 224,882 | |
Expense reduction by CSIM | – | 224,882 |
Net expenses | – | — |
Net investment income | 13,266,752 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 2,594,929 | |
Realized capital gain distributions received from unaffiliated underlying funds | 4,009,389 | |
Net realized gains on sales of affiliated underlying funds | 7,169,758 | |
Net realized gains on sales of unaffiliated underlying funds | + | 1,990,566 |
Net realized gains | 15,764,642 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 138,625,762 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 6,703,830 |
Net change in unrealized appreciation (depreciation) | + | 145,329,592 |
Net realized and unrealized gains | 161,094,234 | |
Increase in net assets resulting from operations | $174,360,986 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $13,266,752 | $12,011,403 | ||
Net realized gains | 15,764,642 | 46,388,953 | ||
Net change in unrealized appreciation (depreciation) | + | 145,329,592 | (45,981,770) | |
Increase in net assets from operations | 174,360,986 | 12,418,586 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (13,243,888) | (16,331,843) | ||
Distributions from net realized gains | + | (41,459,607) | (60,050,458) | |
Total distributions | ($54,703,495) | ($76,382,301) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 7,851,862 | $124,294,415 | 7,586,960 | $112,421,088 | ||||
Shares reinvested | 3,644,656 | 53,467,109 | 5,048,206 | 74,662,962 | ||||
Shares redeemed | + | (8,921,765) | (140,664,847) | (7,812,359) | (116,129,400) | |||
Net transactions in fund shares | 2,574,753 | $37,096,677 | 4,822,807 | $70,954,650 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 55,659,649 | $841,481,038 | 50,836,842 | $834,490,103 | ||||
Total increase | + | 2,574,753 | 156,754,168 | 4,822,807 | 6,990,935 | |||
End of period | 58,234,402 | $998,235,206 | 55,659,649 | $841,481,038 | ||||
Net investment income not yet distributed | $3,822,072 | $3,342,015 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 1/23/13 1– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.00 | $12.51 | $12.67 | $11.66 | $10.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.17 2 | 0.16 2 | 0.14 2 | 0.16 | 0.02 | |
Net realized and unrealized gains (losses) | 2.37 | 0.00 3 | 0.15 | 1.03 | 1.64 | |
Total from investment operations | 2.54 | 0.16 | 0.29 | 1.19 | 1.66 | |
Less distributions: | ||||||
Distributions from net investment income | (0.18) | (0.23) | (0.29) | (0.18) | — | |
Distributions from net realized gains | (0.44) | (0.44) | (0.16) | — | — | |
Total distributions | (0.62) | (0.67) | (0.45) | (0.18) | — | |
Net asset value at end of period | $13.92 | $12.00 | $12.51 | $12.67 | $11.66 | |
Total return | 22.11% | 1.40% | 2.37% | 10.30% | 16.60% 4 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses5 | — | 0.00% 6 | 0.00% 6 | — | 0.00% 7,8 | |
Gross operating expenses5 | 0.10% | 0.13% | 0.20% | 0.32% | 1.08% 7 | |
Net investment income (loss) | 1.31% | 1.34% | 1.09% | 1.03% | 0.46% 7 | |
Portfolio turnover rate | 11% | 1% | 10% | 23% | 39% 4 | |
Net assets, end of period (x 1,000,000) | $121 | $82 | $66 | $41 | $18 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 84.8% of net assets | ||
Equity Funds 80.0% | ||
Global Real Estate 4.0% | ||
Schwab Global Real Estate Fund | 635,930 | 4,890,304 |
International 25.2% | ||
Laudus International MarketMasters Fund, Select Shares | 598,666 | 16,140,030 |
Laudus Mondrian Emerging Markets Fund | 431,102 | 3,638,501 |
Schwab International Core Equity Fund | 953,926 | 10,750,753 |
30,529,284 | ||
Large-Cap 42.6% | ||
Laudus U.S. Large Cap Growth Fund * | 391,181 | 8,390,841 |
Schwab Core Equity Fund | 716,762 | 17,460,315 |
Schwab Dividend Equity Fund | 233,840 | 4,024,379 |
Schwab S&P 500 Index Fund | 539,805 | 21,716,354 |
51,591,889 | ||
Small-Cap 8.2% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 164,019 | 3,378,794 |
Schwab Small-Cap Equity Fund | 277,434 | 6,541,883 |
9,920,677 | ||
96,932,154 | ||
Fixed-Income Funds 4.3% | ||
Intermediate-Term Bond 3.6% | ||
Schwab U.S. Aggregate Bond Index Fund | 346,074 | 3,488,425 |
Schwab Intermediate-Term Bond Fund | 87,333 | 877,693 |
4,366,118 | ||
International Bond 0.4% | ||
Laudus Mondrian International Government Fixed Income Fund | 51,469 | 505,429 |
Short-Term Bond 0.3% | ||
Schwab Short-Term Bond Index Fund | 33,572 | 335,049 |
5,206,596 | ||
Money Market Fund 0.5% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.13% (a) | 542,324 | 542,486 |
Total Affiliated Underlying Funds | ||
(Cost $87,759,063) | 102,681,236 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 13.5% of net assets | ||
Equity Funds 9.2% | ||
Large-Cap 9.2% | ||
ClearBridge Large Cap Growth Fund | 77,285 | 3,456,956 |
Dodge & Cox Stock Fund | 14,576 | 2,940,968 |
TCW Relative Value Large Cap Fund, Class I | 193,765 | 4,708,496 |
11,106,420 | ||
Fixed-Income Funds 4.3% | ||
Intermediate-Term Bond 4.3% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 204,027 | 2,295,303 |
Metropolitan West Total Return Bond Fund, Class I | 251,177 | 2,677,552 |
Wells Fargo Core Bond Fund, Institutional Class | 20,329 | 261,838 |
5,234,693 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $15,051,367) | 16,341,113 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 1.9% of net assets | ||
Time Deposits 1.9% | ||
Citibank | ||
0.60%, 11/01/17 (b) | 1,116,464 | 1,116,464 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (b) | 1,206,303 | 1,206,303 |
Total Short-Term Investments | ||
(Cost $2,322,767) | 2,322,767 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 508,866 | 89,800 | — | 598,666 | $3,379,650 | $— | $97,778 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 326,696 | 104,406 | — | 431,102 | 428,600 | — | 65,620 |
Laudus Mondrian International Government Fixed Income Fund | 27,675 | 23,794 | — | 51,469 | 15,840 | — | 2,544 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 138,358 | 25,661 | — | 164,019 | 604,756 | — | 34,202 |
Laudus U.S. Large Cap Growth Fund | 629,495 | 45,143 | (283,457) | 391,181 | 2,139,130 | 49,907 | 172,874 |
Schwab Core Equity Fund | 594,275 | 122,487 | — | 716,762 | 3,054,877 | — | 201,935 |
Schwab Dividend Equity Fund | 363,102 | 48,946 | (178,208) | 233,840 | 1,133,677 | (344,298) | 55,955 |
Schwab Global Real Estate Fund | 510,061 | 125,869 | — | 635,930 | 317,900 | — | 180,369 |
Schwab Intermediate-Term Bond Fund | 72,332 | 15,001 | — | 87,333 | (18,334) | — | 20,903 |
Schwab International Core Equity Fund | 791,812 | 162,114 | — | 953,926 | 1,833,910 | — | 182,167 |
Schwab S&P 500 Index Fund | 286,728 | 253,077 | — | 539,805 | 3,180,526 | — | 260,855 |
Schwab Short-Term Bond Index Fund | — | 33,572 | — | 33,572 | (940) | — | 1,989 |
Schwab Short-Term Bond Market Fund | 19,815 | 102 | (19,917) | — | (1,513) | 219 | 1,048 |
Schwab Small-Cap Equity Fund | 230,129 | 61,016 | (13,711) | 277,434 | 1,238,160 | (25,831) | 20,833 |
Schwab Total Bond Market Fund | 239,299 | 36,676 | (275,975) | — | (34,967) | (20,780) | 23,350 |
Schwab U.S. Aggregate Bond Index Fund | — | 346,074 | — | 346,074 | 31,681 | — | 48,759 |
Schwab Variable Share Price Money Fund, Ultra Shares | — | 542,324 | — | 542,324 | — | — | 2,755 |
Total | $17,302,953 | ($340,783) | $1,373,936 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $102,681,236 | $— | $— | $102,681,236 | |
Unaffiliated Underlying Funds1 | 16,341,113 | — | — | 16,341,113 | |
Short-Term Investments1 | — | 2,322,767 | — | 2,322,767 | |
Total | $119,022,349 | $2,322,767 | $— | $121,345,116 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $87,759,063) | $102,681,236 | |
Investments in unaffiliated issuers, at value (cost $17,374,134) | 18,663,880 | |
Receivables: | ||
Fund shares sold | 285,660 | |
Dividends | 14,064 | |
Due from investment adviser | 13,449 | |
Interest | 39 | |
Prepaid expenses | + | 4,462 |
Total assets | 121,662,790 | |
Liabilities | ||
Payables: | ||
Investments bought | 494,015 | |
Fund shares redeemed | 13,118 | |
Accrued expenses | + | 36,505 |
Total liabilities | 543,638 | |
Net Assets | ||
Total assets | 121,662,790 | |
Total liabilities | – | 543,638 |
Net assets | $121,119,152 | |
Net Assets by Source | ||
Capital received from investors | 104,629,866 | |
Net investment income not yet distributed | 361,950 | |
Net realized capital losses | (84,583) | |
Net unrealized capital appreciation | 16,211,919 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$121,119,152 | 8,703,477 | $13.92 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $1,109,182 | |
Dividends received from unaffiliated underlying funds | 214,509 | |
Interest | + | 8,038 |
Total investment income | 1,331,729 | |
Expenses | ||
Registration fees | 26,268 | |
Professional fees | 25,899 | |
Shareholder reports | 15,518 | |
Transfer agent fees | 11,143 | |
Independent trustees’ fees | 7,615 | |
Portfolio accounting fees | 5,974 | |
Custodian fees | 2,072 | |
Other expenses | + | 4,057 |
Total expenses | 98,546 | |
Expense reduction by CSIM | – | 98,546 |
Net expenses | – | — |
Net investment income | 1,331,729 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 264,754 | |
Realized capital gain distributions received from unaffiliated underlying funds | 375,024 | |
Net realized losses on sales of affiliated underlying funds | (340,783) | |
Net realized losses on sales of unaffiliated underlying funds | + | (4,344) |
Net realized gains | 294,651 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 17,302,953 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 1,037,197 |
Net change in unrealized appreciation (depreciation) | + | 18,340,150 |
Net realized and unrealized gains | 18,634,801 | |
Increase in net assets resulting from operations | $19,966,530 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $1,331,729 | $980,012 | ||
Net realized gains | 294,651 | 3,459,499 | ||
Net change in unrealized appreciation (depreciation) | + | 18,340,150 | (2,924,876) | |
Increase in net assets from operations | 19,966,530 | 1,514,635 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (1,270,308) | (1,239,407) | ||
Distributions from net realized gains | + | (3,146,401) | (2,410,714) | |
Total distributions | ($4,416,709) | ($3,650,121) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,762,281 | $35,257,289 | 2,277,183 | $26,554,975 | ||||
Shares reinvested | 363,903 | 4,308,619 | 304,143 | 3,570,641 | ||||
Shares redeemed | + | (1,244,586) | (15,883,333) | (1,020,715) | (11,929,960) | |||
Net transactions in fund shares | 1,881,598 | $23,682,575 | 1,560,611 | $18,195,656 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 6,821,879 | $81,886,756 | 5,261,268 | $65,826,586 | ||||
Total increase | + | 1,881,598 | 39,232,396 | 1,560,611 | 16,060,170 | |||
End of period | 8,703,477 | $121,119,152 | 6,821,879 | $81,886,756 | ||||
Net investment income not yet distributed | $361,950 | $264,792 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 1/23/13 1– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.08 | $12.60 | $12.75 | $11.72 | $10.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.16 2 | 0.15 2 | 0.13 2 | 0.17 | 0.02 | |
Net realized and unrealized gains (losses) | 2.47 | 0.01 | 0.18 | 1.04 | 1.70 | |
Total from investment operations | 2.63 | 0.16 | 0.31 | 1.21 | 1.72 | |
Less distributions: | ||||||
Distributions from net investment income | (0.18) | (0.23) | (0.30) | (0.18) | — | |
Distributions from net realized gains | (0.46) | (0.45) | (0.16) | — | — | |
Total distributions | (0.64) | (0.68) | (0.46) | (0.18) | — | |
Net asset value at end of period | $14.07 | $12.08 | $12.60 | $12.75 | $11.72 | |
Total return | 22.68% | 1.39% | 2.44% | 10.43% | 17.20% 3 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | — | 0.01% 5 | 0.00% 6 | — | 0.00% 7,8 | |
Gross operating expenses4 | 0.11% | 0.16% | 0.25% | 0.39% | 1.37% 7 | |
Net investment income (loss) | 1.27% | 1.31% | 1.05% | 0.99% | 0.40% 7 | |
Portfolio turnover rate | 10% | 1% | 8% | 23% | 40% 3 | |
Net assets, end of period (x 1,000,000) | $104 | $68 | $53 | $33 | $14 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 85.9% of net assets | ||
Equity Funds 83.0% | ||
Global Real Estate 4.3% | ||
Schwab Global Real Estate Fund | 578,379 | 4,447,735 |
International 26.2% | ||
Laudus International MarketMasters Fund, Select Shares | 530,596 | 14,304,862 |
Laudus Mondrian Emerging Markets Fund | 410,023 | 3,460,591 |
Schwab International Core Equity Fund | 844,296 | 9,515,213 |
27,280,666 | ||
Large-Cap 43.7% | ||
Laudus U.S. Large Cap Growth Fund * | 372,185 | 7,983,367 |
Schwab Core Equity Fund | 622,617 | 15,166,962 |
Schwab Dividend Equity Fund | 213,507 | 3,674,460 |
Schwab S&P 500 Index Fund | 463,950 | 18,664,706 |
45,489,495 | ||
Small-Cap 8.8% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 155,786 | 3,209,190 |
Schwab Small-Cap Equity Fund | 255,145 | 6,016,310 |
9,225,500 | ||
86,443,396 | ||
Fixed-Income Funds 2.9% | ||
Intermediate-Term Bond 2.4% | ||
Schwab Intermediate-Term Bond Fund | 47,374 | 476,105 |
Schwab U.S. Aggregate Bond Index Fund | 208,754 | 2,104,238 |
2,580,343 | ||
International Bond 0.4% | ||
Laudus Mondrian International Government Fixed Income Fund | 41,974 | 412,187 |
Short-Term Bond 0.1% | ||
Schwab Short-Term Bond Index Fund | 7,260 | 72,458 |
3,064,988 | ||
Total Affiliated Underlying Funds | ||
(Cost $76,446,173) | 89,508,384 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 12.1% of net assets | ||
Equity Funds 9.0% | ||
Large-Cap 9.0% | ||
ClearBridge Large Cap Growth Fund | 58,560 | 2,619,398 |
Dodge & Cox Stock Fund | 13,765 | 2,777,395 |
TCW Relative Value Large Cap Fund, Class I | 164,981 | 4,009,048 |
9,405,841 | ||
Fixed-Income Funds 3.1% | ||
Intermediate-Term Bond 3.1% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 132,271 | 1,488,051 |
Metropolitan West Total Return Bond Fund, Class I | 145,399 | 1,549,952 |
Wells Fargo Core Bond Fund, Institutional Class | 9,559 | 123,117 |
3,161,120 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $11,461,158) | 12,566,961 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.4% of net assets | ||
Time Deposits 2.4% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (a) | 440,218 | 440,218 |
BNP Paribas | ||
0.60%, 11/01/17 (a) | 1,038,556 | 1,038,556 |
Wells Fargo | ||
0.60%, 11/01/17 (a) | 1,038,556 | 1,038,556 |
Total Short-Term Investments | ||
(Cost $2,517,330) | 2,517,330 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 437,758 | 92,838 | — | 530,596 | $2,921,413 | $— | $81,487 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 291,463 | 118,560 | — | 410,023 | 395,778 | — | 58,901 |
Laudus Mondrian International Government Fixed Income Fund | 10,611 | 31,363 | — | 41,974 | 18,933 | — | 1,945 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 132,033 | 35,356 | (11,603) | 155,786 | 547,008 | 3,548 | 28,494 |
Laudus U.S. Large Cap Growth Fund | 533,054 | 58,942 | (219,811) | 372,185 | 1,958,091 | (1,664) | 148,292 |
Schwab Core Equity Fund | 502,864 | 129,739 | (9,986) | 622,617 | 2,648,825 | (46,618) | 167,480 |
Schwab Dividend Equity Fund | 307,158 | 47,321 | (140,972) | 213,507 | 955,160 | (270,741) | 49,030 |
Schwab Global Real Estate Fund | 432,848 | 145,531 | — | 578,379 | 268,207 | — | 158,339 |
Schwab Intermediate-Term Bond Fund | 46,123 | 1,251 | — | 47,374 | (11,524) | — | 12,495 |
Schwab International Core Equity Fund | 674,116 | 170,180 | — | 844,296 | 1,574,063 | — | 154,286 |
Schwab S&P 500 Index Fund | 243,202 | 220,748 | — | 463,950 | 2,641,062 | — | 215,561 |
Schwab Short-Term Bond Index Fund | — | 7,260 | — | 7,260 | (234) | — | 691 |
Schwab Short-Term Bond Market Fund | 7,787 | 39 | (7,826) | — | (403) | (123) | 391 |
Schwab Small-Cap Equity Fund | 204,300 | 62,216 | (11,371) | 255,145 | 1,080,264 | (36,142) | 17,306 |
Schwab Total Bond Market Fund | 142,131 | 4,034 | (146,165) | — | (19,356) | (14,463) | 12,641 |
Schwab U.S. Aggregate Bond Index Fund | — | 208,754 | — | 208,754 | 15,539 | — | 28,708 |
Total | $14,992,826 | ($366,203) | $1,136,047 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $89,508,384 | $— | $— | $89,508,384 | |
Unaffiliated Underlying Funds1 | 12,566,961 | — | — | 12,566,961 | |
Short-Term Investments1 | — | 2,517,330 | — | 2,517,330 | |
Total | $102,075,345 | $2,517,330 | $— | $104,592,675 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $76,446,173) | $89,508,384 | |
Investments in unaffiliated issuers, at value (cost $13,978,488) | 15,084,291 | |
Receivables: | ||
Fund shares sold | 69,127 | |
Due from investment adviser | 13,824 | |
Dividends | 7,995 | |
Interest | 42 | |
Prepaid expenses | + | 4,519 |
Total assets | 104,688,182 | |
Liabilities | ||
Payables: | ||
Investments bought | 488,126 | |
Fund shares redeemed | 98 | |
Accrued expenses | + | 37,058 |
Total liabilities | 525,282 | |
Net Assets | ||
Total assets | 104,688,182 | |
Total liabilities | – | 525,282 |
Net assets | $104,162,900 | |
Net Assets by Source | ||
Capital received from investors | 89,845,490 | |
Net investment income not yet distributed | 266,815 | |
Net realized capital losses | (117,419) | |
Net unrealized capital appreciation | 14,168,014 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$104,162,900 | 7,402,169 | $14.07 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $912,843 | |
Dividends received from unaffiliated underlying funds | 155,940 | |
Interest | + | 7,828 |
Total investment income | 1,076,611 | |
Expenses | ||
Professional fees | 25,797 | |
Registration fees | 24,323 | |
Shareholder reports | 16,043 | |
Transfer agent fees | 11,677 | |
Independent trustees’ fees | 7,522 | |
Portfolio accounting fees | 5,760 | |
Custodian fees | 2,323 | |
Other expenses | + | 3,849 |
Total expenses | 97,294 | |
Expense reduction by CSIM | – | 97,294 |
Net expenses | – | — |
Net investment income | 1,076,611 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 223,204 | |
Realized capital gain distributions received from unaffiliated underlying funds | 287,145 | |
Net realized losses on sales of affiliated underlying funds | (366,203) | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,134 |
Net realized gains | 146,280 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 14,992,826 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 882,346 |
Net change in unrealized appreciation (depreciation) | + | 15,875,172 |
Net realized and unrealized gains | 16,021,452 | |
Increase in net assets resulting from operations | $17,098,063 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $1,076,611 | $782,023 | ||
Net realized gains | 146,280 | 2,882,816 | ||
Net change in unrealized appreciation (depreciation) | + | 15,875,172 | (2,387,792) | |
Increase in net assets from operations | 17,098,063 | 1,277,047 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (1,025,271) | (1,001,880) | ||
Distributions from net realized gains | + | (2,632,547) | (1,983,116) | |
Total distributions | ($3,657,818) | ($2,984,996) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,650,700 | $34,292,743 | 1,940,302 | $22,754,852 | ||||
Shares reinvested | 296,528 | 3,537,587 | 245,062 | 2,894,189 | ||||
Shares redeemed | + | (1,179,968) | (15,171,475) | (746,622) | (8,754,679) | |||
Net transactions in fund shares | 1,767,260 | $22,658,855 | 1,438,742 | $16,894,362 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 5,634,909 | $68,063,800 | 4,196,167 | $52,877,387 | ||||
Total increase | + | 1,767,260 | 36,099,100 | 1,438,742 | 15,186,413 | |||
End of period | 7,402,169 | $104,162,900 | 5,634,909 | $68,063,800 | ||||
Net investment income not yet distributed | $266,815 | $194,591 |
11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | 1/23/13 1– 10/31/13 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.09 | $12.63 | $12.79 | $11.74 | $10.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.16 2 | 0.15 2 | 0.13 2 | 0.16 | 0.02 | |
Net realized and unrealized gains (losses) | 2.55 | 0.00 3 | 0.17 | 1.07 | 1.72 | |
Total from investment operations | 2.71 | 0.15 | 0.30 | 1.23 | 1.74 | |
Less distributions: | ||||||
Distributions from net investment income | (0.17) | (0.23) | (0.30) | (0.18) | — | |
Distributions from net realized gains | (0.45) | (0.46) | (0.16) | — | — | |
Total distributions | (0.62) | (0.69) | (0.46) | (0.18) | — | |
Net asset value at end of period | $14.18 | $12.09 | $12.63 | $12.79 | $11.74 | |
Total return | 23.35% | 1.28% | 2.36% | 10.59% | 17.40% 4 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses5 | — | 0.01% 6 | 0.00% 7 | — | 0.00% 8,9 | |
Gross operating expenses5 | 0.19% | 0.27% | 0.44% | 0.68% | 2.78% 9 | |
Net investment income (loss) | 1.24% | 1.26% | 1.03% | 0.94% | 0.34% 9 | |
Portfolio turnover rate | 9% | 1% | 8% | 29% | 12% 4 | |
Net assets, end of period (x 1,000,000) | $60 | $38 | $29 | $18 | $7 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 87.2% of net assets | ||
Equity Funds 85.6% | ||
Global Real Estate 4.3% | ||
Schwab Global Real Estate Fund | 334,404 | 2,571,570 |
International 27.1% | ||
Laudus International MarketMasters Fund, Select Shares | 310,559 | 8,372,682 |
Laudus Mondrian Emerging Markets Fund | 250,686 | 2,115,788 |
Schwab International Core Equity Fund | 503,958 | 5,679,603 |
16,168,073 | ||
Large-Cap 44.8% | ||
Laudus U.S. Large Cap Growth Fund * | 231,721 | 4,970,420 |
Schwab Core Equity Fund | 367,417 | 8,950,274 |
Schwab Dividend Equity Fund | 130,069 | 2,238,494 |
Schwab S&P 500 Index Fund | 263,320 | 10,593,376 |
26,752,564 | ||
Small-Cap 9.4% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 97,330 | 2,004,989 |
Schwab Small-Cap Equity Fund | 153,323 | 3,615,355 |
5,620,344 | ||
51,112,551 | ||
Fixed-Income Funds 1.6% | ||
Intermediate-Term Bond 1.4% | ||
Schwab Intermediate-Term Bond Fund | 17,720 | 178,087 |
Schwab U.S. Aggregate Bond Index Fund | 61,548 | 620,407 |
798,494 | ||
International Bond 0.2% | ||
Laudus Mondrian International Government Fixed Income Fund | 12,704 | 124,756 |
Short-Term Bond 0.0% | ||
Schwab Short-Term Bond Index Fund | 707 | 7,060 |
930,310 | ||
Total Affiliated Underlying Funds | ||
(Cost $44,351,323) | 52,042,861 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 10.8% of net assets | ||
Equity Funds 8.9% | ||
Large-Cap 8.9% | ||
ClearBridge Large Cap Growth Fund | 31,197 | 1,395,448 |
Dodge & Cox Stock Fund | 7,529 | 1,519,213 |
TCW Relative Value Large Cap Fund, Class I | 97,139 | 2,360,488 |
5,275,149 | ||
Fixed-Income Funds 1.9% | ||
Intermediate-Term Bond 1.9% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 49,326 | 554,918 |
Metropolitan West Total Return Bond Fund, Class I | 52,465 | 559,278 |
Wells Fargo Core Bond Fund, Institutional Class | 2,832 | 36,475 |
1,150,671 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $5,780,952) | 6,425,820 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.3% of net assets | ||
Time Deposits 2.3% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (a) | 594,714 | 594,714 |
BNP Paribas | ||
0.60%, 11/01/17 (a) | 594,714 | 594,714 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (a) | 206,487 | 206,487 |
Total Short-Term Investments | ||
(Cost $1,395,915) | 1,395,915 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 253,229 | 57,330 | — | 310,559 | $1,711,664 | $— | $47,701 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 181,271 | 69,415 | — | 250,686 | 244,971 | — | 36,225 |
Laudus Mondrian International Government Fixed Income Fund | 5,883 | 6,821 | — | 12,704 | 4,126 | — | 801 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 74,976 | 25,753 | (3,399) | 97,330 | 327,173 | (262) | 17,221 |
Laudus U.S. Large Cap Growth Fund | 304,056 | 45,661 | (117,996) | 231,721 | 1,182,003 | (12,701) | 85,055 |
Schwab Core Equity Fund | 285,238 | 83,598 | (1,419) | 367,417 | 1,512,887 | (7,984) | 96,442 |
Schwab Dividend Equity Fund | 176,609 | 28,641 | (75,181) | 130,069 | 557,573 | (151,617) | 29,131 |
Schwab Global Real Estate Fund | 255,184 | 79,220 | — | 334,404 | 158,049 | — | 90,406 |
Schwab Intermediate-Term Bond Fund | 16,060 | 1,660 | — | 17,720 | (3,904) | — | 4,549 |
Schwab International Core Equity Fund | 389,951 | 114,007 | — | 503,958 | 927,939 | — | 91,113 |
Schwab S&P 500 Index Fund | 139,575 | 123,745 | — | 263,320 | 1,505,387 | — | 123,989 |
Schwab Short-Term Bond Index Fund | — | 707 | — | 707 | (16) | — | 76 |
Schwab Short-Term Bond Market Fund | 753 | 3 | (756) | — | 8 | (66) | 30 |
Schwab Small-Cap Equity Fund | 123,887 | 36,555 | (7,119) | 153,323 | 662,036 | (23,467) | 10,474 |
Schwab Total Bond Market Fund | 46,142 | 3,661 | (49,803) | — | (7,178) | (3,781) | 4,298 |
Schwab U.S. Aggregate Bond Index Fund | — | 61,548 | — | 61,548 | 5,333 | — | 9,077 |
Total | $8,788,051 | ($199,878) | $646,588 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $52,042,861 | $— | $— | $52,042,861 | |
Unaffiliated Underlying Funds1 | 6,425,820 | — | — | 6,425,820 | |
Short-Term Investments1 | — | 1,395,915 | — | 1,395,915 | |
Total | $58,468,681 | $1,395,915 | $— | $59,864,596 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $44,351,323) | $52,042,861 | |
Investments in unaffiliated issuers, at value (cost $7,176,867) | 7,821,735 | |
Receivables: | ||
Fund shares sold | 98,764 | |
Due from investment adviser | 12,759 | |
Dividends | 2,601 | |
Interest | 23 | |
Prepaid expenses | + | 3,467 |
Total assets | 59,982,210 | |
Liabilities | ||
Payables: | ||
Investments bought | 253,649 | |
Fund shares redeemed | 14,055 | |
Accrued expenses | + | 35,766 |
Total liabilities | 303,470 | |
Net Assets | ||
Total assets | 59,982,210 | |
Total liabilities | – | 303,470 |
Net assets | $59,678,740 | |
Net Assets by Source | ||
Capital received from investors | 51,264,184 | |
Net investment income not yet distributed | 133,244 | |
Net realized capital losses | (55,094) | |
Net unrealized capital appreciation | 8,336,406 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$59,678,740 | 4,207,236 | $14.18 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $518,897 | |
Dividends received from unaffiliated underlying funds | 75,842 | |
Interest | + | 4,358 |
Total investment income | 599,097 | |
Expenses | ||
Professional fees | 25,587 | |
Registration fees | 21,309 | |
Shareholder reports | 15,150 | |
Transfer agent fees | 11,486 | |
Independent trustees’ fees | 7,323 | |
Portfolio accounting fees | 5,310 | |
Custodian fees | 2,140 | |
Other expenses | + | 3,473 |
Total expenses | 91,778 | |
Expense reduction by CSIM | – | 91,778 |
Net expenses | – | — |
Net investment income | 599,097 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 127,691 | |
Realized capital gain distributions received from unaffiliated underlying funds | 152,874 | |
Net realized losses on sales of affiliated underlying funds | (199,878) | |
Net realized gains on sales of unaffiliated underlying funds | + | 582 |
Net realized gains | 81,269 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 8,788,051 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 512,596 |
Net change in unrealized appreciation (depreciation) | + | 9,300,647 |
Net realized and unrealized gains | 9,381,916 | |
Increase in net assets resulting from operations | $9,981,013 |
Operations | ||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||
Net investment income | $599,097 | $418,835 | ||
Net realized gains | 81,269 | 1,609,792 | ||
Net change in unrealized appreciation (depreciation) | + | 9,300,647 | (1,300,425) | |
Increase in net assets from operations | 9,981,013 | 728,202 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | (570,725) | (539,934) | ||
Distributions from net realized gains | + | (1,461,213) | (1,092,479) | |
Total distributions | ($2,031,938) | ($1,632,413) |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,552,727 | $20,199,527 | 1,228,549 | $14,416,250 | ||||
Shares reinvested | 163,811 | 1,964,096 | 134,412 | 1,590,086 | ||||
Shares redeemed | + | (673,145) | (8,694,815) | (479,820) | (5,646,620) | |||
Net transactions in fund shares | 1,043,393 | $13,468,808 | 883,141 | $10,359,716 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 11/1/15-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 3,163,843 | $38,260,857 | 2,280,702 | $28,805,352 | ||||
Total increase | + | 1,043,393 | 21,417,883 | 883,141 | 9,455,505 | |||
End of period | 4,207,236 | $59,678,740 | 3,163,843 | $38,260,857 | ||||
Net investment income not yet distributed | $133,244 | $96,614 |
11/1/16– 10/31/17 | 8/25/16 1– 10/31/16 | |||||
Per-Share Data | ||||||
Net asset value at beginning of period | $9.83 | $10.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.08 | 0.01 | ||||
Net realized and unrealized gains (losses) | 2.22 | (0.18) | ||||
Total from investment operations | 2.30 | (0.17) | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.11) | — | ||||
Net asset value at end of period | $12.02 | $9.83 | ||||
Total return | 23.63% | (1.70%) 3 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | — | — 5 | ||||
Gross operating expenses4 | 1.89% | 7.87% 5 | ||||
Net investment income (loss) | 0.75% | 0.43% 5 | ||||
Portfolio turnover rate | 7% | 0% 3 | ||||
Net assets, end of period (x 1,000,000) | $6 | $1 | ||||
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 87.9% of net assets | ||
Equity Funds 86.7% | ||
Global Real Estate 4.5% | ||
Schwab Global Real Estate Fund | 33,699 | 259,148 |
International 27.5% | ||
Laudus International MarketMasters Fund, Select Shares | 30,159 | 813,095 |
Laudus Mondrian Emerging Markets Fund | 25,316 | 213,663 |
Schwab International Core Equity Fund | 48,282 | 544,136 |
1,570,894 | ||
Large-Cap 45.2% | ||
Laudus U.S. Large Cap Growth Fund * | 22,846 | 490,053 |
Schwab Core Equity Fund | 34,798 | 847,685 |
Schwab Dividend Equity Fund | 13,236 | 227,796 |
Schwab S&P 500 Index Fund | 25,370 | 1,020,622 |
2,586,156 | ||
Small-Cap 9.5% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares | 9,739 | 200,626 |
Schwab Small-Cap Equity Fund | 14,643 | 345,280 |
545,906 | ||
4,962,104 | ||
Fixed-Income Funds 1.2% | ||
Intermediate-Term Bond 1.1% | ||
Schwab Intermediate-Term Bond Fund | 1,070 | 10,751 |
Schwab U.S. Aggregate Bond Index Fund | 5,433 | 54,763 |
65,514 | ||
International Bond 0.1% | ||
Laudus Mondrian International Government Fixed Income Fund | 374 | 3,676 |
69,190 | ||
Total Affiliated Underlying Funds | ||
(Cost $4,545,407) | 5,031,294 | |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 10.1% of net assets | ||
Equity Funds 8.7% | ||
Large-Cap 8.7% | ||
ClearBridge Large Cap Growth Fund | 2,585 | 115,645 |
Dodge & Cox Stock Fund | 1,262 | 254,570 |
TCW Relative Value Large Cap Fund, Class I | 5,262 | 127,868 |
498,083 | ||
Fixed-Income Funds 1.4% | ||
Intermediate-Term Bond 1.4% | ||
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 3,384 | 38,068 |
Metropolitan West Total Return Bond Fund, Class I | 3,395 | 36,191 |
Wells Fargo Core Bond Fund, Institutional Class | 239 | 3,081 |
77,340 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $544,604) | 575,423 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 2.0% of net assets | ||
Time Deposits 2.0% | ||
Australia & New Zealand Banking Group Ltd. | ||
0.60%, 11/01/17 (a) | 55,076 | 55,076 |
BNP Paribas | ||
0.60%, 11/01/17 (a) | 55,076 | 55,076 |
Brown Brothers Harriman | ||
0.60%, 11/01/17 (a) | 5,687 | 5,687 |
Total Short-Term Investments | ||
(Cost $115,839) | 115,839 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/16 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/17 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 4,200 | 26,627 | (668) | 30,159 | $110,723 | $83 | $1,308 |
Laudus Mondrian Emerging Markets Fund, (formerly Institutional Shares) | 2,913 | 22,403 | — | 25,316 | 17,130 | — | 1,004 |
Laudus Mondrian International Government Fixed Income Fund | 96 | 278 | — | 374 | 226 | — | 6 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,289 | 8,450 | — | 9,739 | 13,856 | — | 433 |
Laudus U.S. Large Cap Growth Fund | 4,896 | 21,867 | (3,917) | 22,846 | 73,429 | 881 | 2,191 |
Schwab Core Equity Fund | 4,674 | 30,781 | (657) | 34,798 | 83,192 | (20) | 2,476 |
Schwab Dividend Equity Fund | 2,545 | 10,691 | — | 13,236 | 16,120 | — | 1,455 |
Schwab Global Real Estate Fund | 4,006 | 29,693 | — | 33,699 | 8,969 | — | 4,492 |
Schwab Intermediate-Term Bond Fund | 97 | 973 | — | 1,070 | (18) | — | 169 |
Schwab International Core Equity Fund | 6,116 | 43,320 | (1,154) | 48,282 | 55,841 | 58 | 2,373 |
Schwab S&P 500 Index Fund | 2,327 | 23,540 | (497) | 25,370 | 87,394 | 85 | 4,455 |
Schwab Small-Cap Equity Fund | 2,023 | 13,468 | (848) | 14,643 | 29,499 | (34) | 266 |
Schwab Total Bond Market Fund | 1,129 | 222 | (1,351) | — | 146 | (413) | 91 |
Schwab U.S. Aggregate Bond Index Fund | — | 5,433 | — | 5,433 | 223 | — | 540 |
Total | $496,730 | $640 | $21,259 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $5,031,294 | $— | $— | $5,031,294 | |
Unaffiliated Underlying Funds1 | 575,423 | — | — | 575,423 | |
Short-Term Investments1 | — | 115,839 | — | 115,839 | |
Total | $5,606,717 | $115,839 | $— | $5,722,556 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $4,545,407) | $5,031,294 | |
Investments in unaffiliated issuers, at value (cost $660,443) | 691,262 | |
Receivables: | ||
Investments sold | 110,000 | |
Fund shares sold | 312,745 | |
Due from investment adviser | 5,244 | |
Dividends | 171 | |
Prepaid expenses | + | 11,656 |
Total assets | 6,162,372 | |
Liabilities | ||
Payables: | ||
Investments bought | 306,171 | |
Fund shares redeemed | 110,000 | |
Accrued expenses | + | 21,681 |
Total liabilities | 437,852 | |
Net Assets | ||
Total assets | 6,162,372 | |
Total liabilities | – | 437,852 |
Net assets | $5,724,520 | |
Net Assets by Source | ||
Capital received from investors | 5,191,227 | |
Net investment income not yet distributed | 7,886 | |
Net realized capital gains | 8,701 | |
Net unrealized capital appreciation | 516,706 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,724,520 | 476,436 | $12.02 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $17,726 | |
Dividends received from unaffiliated underlying funds | 3,136 | |
Interest | + | 297 |
Total investment income | 21,159 | |
Expenses | ||
Professional fees | 24,554 | |
Registration fees | 7,653 | |
Independent trustees’ fees | 7,047 | |
Custodian fees | 4,308 | |
Shareholder reports | 3,485 | |
Portfolio accounting fees | 3,097 | |
Transfer agent fees | 306 | |
Other expenses | + | 3,126 |
Total expenses | 53,576 | |
Expense reduction by CSIM | – | 53,576 |
Net expenses | – | — |
Net investment income | 21,159 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 3,533 | |
Realized capital gain distributions received from unaffiliated underlying funds | 3,705 | |
Net realized gains on sales of affiliated underlying funds | 640 | |
Net realized gains on sales of unaffiliated underlying funds | + | 1,068 |
Net realized gains | 8,946 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 496,730 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 30,605 |
Net change in unrealized appreciation (depreciation) | + | 527,335 |
Net realized and unrealized gains | 536,281 | |
Increase in net assets resulting from operations | $557,440 |
Operations | ||||
11/1/16-10/31/17 | 8/25/16*-10/31/16 | |||
Net investment income | $21,159 | $376 | ||
Net realized gains | 8,946 | — | ||
Net change in unrealized appreciation (depreciation) | + | 527,335 | (10,629) | |
Increase (decrease) in net assets from operations | 557,440 | (10,253) | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($13,894) | $— |
Transactions in Fund Shares | ||||||||
11/1/16-10/31/17 | 8/25/16*-10/31/16 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 438,825 | $4,856,011 | 62,839 | $627,951 | ||||
Shares reinvested | 1,367 | 13,863 | — | — | ||||
Shares redeemed | + | (26,595) | (306,598) | — | — | |||
Net transactions in fund shares | 413,597 | $4,563,276 | 62,839 | $627,951 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/16-10/31/17 | 8/25/16*-10/31/16 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 62,839 | $617,698 | — | $— | ||||
Total increase | + | 413,597 | 5,106,822 | 62,839 | 617,698 | |||
End of period | 476,436 | $5,724,520 | 62,839 | $617,698 | ||||
Net investment income not yet distributed | $7,886 | $376 |
* | Commencement of operations. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Target 2010 Fund | Schwab Small-Cap Equity Fund™ |
Schwab Target 2015 Fund | Schwab Hedged Equity Fund™ |
Schwab Target 2020 Fund | Schwab Health Care Fund™ |
Schwab Target 2025 Fund | Schwab® International Core Equity Fund |
Schwab Target 2030 Fund | Schwab Fundamental US Large Company Index Fund |
Schwab Target 2035 Fund | Schwab Fundamental US Small Company Index Fund |
Schwab Target 2040 Fund | Schwab Fundamental International Large Company Index Fund |
Schwab Target 2045 Fund | Schwab Fundamental International Small Company Index Fund |
Schwab Target 2050 Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab Target 2055 Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab Target 2060 Fund | Schwab Target 2010 Index Fund |
Schwab ® S&P 500 Index Fund | Schwab Target 2015 Index Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2020 Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2025 Index Fund |
Schwab International Index Fund® | Schwab Target 2030 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2035 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2040 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2045 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2050 Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2055 Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2060 Index Fund |
Schwab Balanced Fund™ | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Core Equity Fund™ | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Dividend Equity Fund™ | Schwab® Monthly Income Fund - Maximum Payout |
Schwab Large-Cap Growth Fund™ |
2. Significant Accounting Policies:
4. Affiliates and Affiliated Transactions:
Underlying Funds | 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 Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund |
Laudus International MarketMasters Fund, Select Shares | 0.2% | 0.3% | 2.5% | 2.8% | 6.0% | 3.0% | 7.3% | 0.9% | 0.8% | 0.5% | 0.0%* |
Laudus Mondrian Emerging Markets Fund (formerly Institutional Shares) | —% | —% | 0.5% | 1.4% | 4.2% | 2.8% | 8.2% | 1.2% | 1.1% | 0.7% | 0.1% |
Laudus Mondrian International Government Fixed Income Fund | 0.5% | 1.1% | 8.2% | 7.2% | 12.4% | 4.7% | 6.2% | 0.6% | 0.5% | 0.1% | 0.0%* |
Laudus Small-Cap MarketMasters Fund, Select Shares | 0.2% | 0.4% | 3.2% | 3.8% | 9.3% | 5.2% | 13.3% | 1.8% | 1.7% | 1.1% | 0.1% |
Laudus U.S. Large Cap Growth Fund | —% | —% | 0.2% | 0.5% | 1.7% | 1.1% | 3.2% | 0.5% | 0.4% | 0.3% | 0.0%* |
Schwab Core Equity Fund | 0.1% | 0.3% | 2.0% | 2.3% | 4.9% | 2.4% | 5.8% | 0.7% | 0.6% | 0.4% | 0.0%* |
Schwab Dividend Equity Fund | 0.0%* | 0.0%* | 0.1% | 0.3% | 0.9% | 0.6% | 1.8% | 0.3% | 0.3% | 0.2% | 0.0%* |
Schwab Global Real Estate Fund | 0.4% | 0.6% | 4.7% | 5.2% | 10.8% | 5.5% | 14.0% | 1.7% | 1.6% | 0.9% | 0.1% |
Schwab Intermediate-Term Bond Fund | —% | —% | 1.2% | 1.7% | 3.4% | 1.4% | 2.8% | 0.3% | 0.1% | 0.1% | 0.0%* |
Schwab International Core Equity Fund | 0.2% | 0.3% | 2.4% | 2.5% | 5.4% | 2.7% | 6.8% | 0.9% | 0.8% | 0.5% | 0.0%* |
Schwab S&P 500 Index Fund | 0.0%* | 0.0%* | 0.3% | 0.3% | 0.6% | 0.3% | 0.6% | 0.1% | 0.1% | 0.0%* | 0.0%* |
Schwab Short-Term Bond Index Fund | 1.4% | 2.3% | 9.3% | 5.0% | 5.5% | 1.4% | 1.4% | 0.1% | 0.0%* | 0.0%* | —% |
Schwab Small-Cap Equity Fund | 0.1% | 0.2% | 1.8% | 2.2% | 5.1% | 2.7% | 7.3% | 1.0% | 0.9% | 0.6% | 0.1% |
Schwab Treasury Inflation Protected Securities Index Fund | 0.6% | 1.1% | 3.4% | 1.0% | —% | —% | —% | —% | —% | —% | —% |
Schwab U.S. Aggregate Bond Index Fund | 0.9% | 1.5% | 7.0% | 4.7% | 6.6% | 2.1% | 3.0% | 0.2% | 0.1% | 0.0%* | 0.0%* |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.2% | 0.3% | 1.2% | 0.5% | 1.0% | 0.3% | 0.5% | 0.0%* | —% | —% | —% |
* | Less than 0.05% |
5. Board of Trustees:
7. Purchases and Sales/Maturities of Investment Securities:
Purchases of Securities | Sales/Maturities of Securities | |
Schwab Target 2010 Fund | $29,580,072 | $33,946,924 |
Schwab Target 2015 Fund | 50,543,907 | 58,973,159 |
Schwab Target 2020 Fund | 250,561,753 | 254,296,477 |
Schwab Target 2025 Fund | 185,879,266 | 169,493,790 |
Schwab Target 2030 Fund | 292,645,773 | 261,160,406 |
Schwab Target 2035 Fund | 114,009,366 | 94,180,777 |
Schwab Target 2040 Fund | 197,368,065 | 192,848,103 |
Schwab Target 2045 Fund | 32,137,380 | 11,161,991 |
Schwab Target 2050 Fund | 28,378,110 | 8,510,200 |
Schwab Target 2055 Fund | 15,920,924 | 4,058,701 |
Schwab Target 2060 Fund | 4,684,003 | 211,722 |
Current Period (11/1/16-10/31/17) | Prior Period (11/1/15-10/31/16) | |
Schwab Target 2010 Fund | $998 | $1,591 |
Schwab Target 2015 Fund | 107 | 2,546 |
Schwab Target 2020 Fund | 3,521 | 5,615 |
Schwab Target 2025 Fund | 858 | 5,667 |
Schwab Target 2030 Fund | 3,488 | 7,742 |
Schwab Target 2035 Fund | 557 | 3,566 |
Schwab Target 2040 Fund | 3,012 | 6,637 |
Schwab Target 2045 Fund | 3,277 | 1,974 |
Schwab Target 2050 Fund | 758 | 1,498 |
Schwab Target 2055 Fund | 324 | 1,252 |
Schwab Target 2060 Fund* | 105 | — |
* | Commencement of operations 8/25/16. |
9. Federal Income Taxes:
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 | |||||||
Tax cost | $53,039,886 | $91,660,005 | $496,809,521 | $447,716,612 | $773,793,144 | $362,402,086 | $758,474,318 | ||||||
Gross unrealized appreciation | $5,958,004 | $11,661,380 | $84,539,820 | $75,240,431 | $199,648,369 | $79,422,699 | $241,193,231 | ||||||
Gross unrealized depreciation | (262,804) | (479,334) | (2,877,104) | (2,469,742) | (4,349,768) | (1,268,576) | (2,175,178) | ||||||
Net unrealized appreciation (depreciation) | $5,695,200 | $11,182,046 | $81,662,716 | $72,770,689 | $195,298,601 | $78,154,123 | $239,018,053 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Tax cost | $105,517,748 | $90,711,487 | $51,667,129 | $5,205,913 | |||
Gross unrealized appreciation | $15,916,060 | $13,927,970 | $8,204,523 | $516,661 | |||
Gross unrealized depreciation | (88,692) | (46,782) | (7,056) | (18) | |||
Net unrealized appreciation (depreciation) | $15,827,368 | $13,881,188 | $8,197,467 | $516,643 |
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 | |||||||
Undistributed ordinary income | $623,092 | $1,229,385 | $5,413,618 | $3,815,774 | $6,224,054 | $2,070,853 | $4,254,408 | ||||||
Undistributed long-term capital gains | — | 3,041,593 | 18,501,868 | 7,222,724 | 22,222,937 | 3,866,585 | 14,651,636 | ||||||
Net unrealized appreciation (depreciation) on investments | 5,695,200 | 11,182,046 | 81,662,716 | 72,770,689 | 195,298,601 | 78,154,123 | 239,018,053 | ||||||
Total | $6,318,292 | $15,453,024 | $105,578,202 | $83,809,187 | $223,745,592 | $84,091,561 | $257,924,097 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Undistributed ordinary income | $361,950 | $266,815 | $133,244 | $9,657 | |||
Undistributed long-term capital gains | 299,968 | 169,407 | 83,845 | 6,993 | |||
Net unrealized appreciation (depreciation) on investments | 15,827,368 | 13,881,188 | 8,197,467 | 516,643 | |||
Total | $16,489,286 | $14,317,410 | $8,414,556 | $533,293 |
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 | |
Capital loss carryforwards utilized | $3,510,540 | $— | $— | $— | $— | $— | $— |
Capital losses expired | 3,876,356 | — | — | — | — | — | — |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | |
Capital loss carryforwards utilized | $— | $— | $— | $— |
Capital losses expired | — | — | — | — |
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 | |
Current period distributions | |||||||
Ordinary income | $1,060,087 | $2,085,243 | $9,368,626 | $8,090,184 | $14,157,501 | $6,132,722 | $14,204,470 |
Long-term capital gains | — | 2,953,810 | 18,804,951 | 14,576,110 | 32,067,188 | 14,086,137 | 40,499,025 |
Prior period distributions | |||||||
Ordinary income | $1,128,027 | $2,365,308 | $10,024,736 | $9,159,638 | $18,416,804 | $7,659,556 | $19,011,206 |
Long-term capital gains | — | 5,051,306 | 18,650,147 | 17,845,703 | 48,704,710 | 17,812,485 | 57,371,095 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | |
Current period distributions | ||||
Ordinary income | $1,270,308 | $1,028,725 | $570,725 | $13,894 |
Long-term capital gains | 3,146,401 | 2,629,093 | 1,461,213 | — |
Prior period distributions | ||||
Ordinary income | $1,239,407 | $1,001,880 | $539,934 | $— |
Long-term capital gains | 2,410,714 | 1,983,116 | 1,092,479 | — |
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 | |
Capital shares | ($3,876,356) | $— | $— | $— | $— | $— | $— |
Undistributed net investment income | 82,444 | 145,855 | 719,902 | 530,585 | 811,848 | 280,588 | 457,193 |
Net realized capital gains (losses) | 3,793,912 | (145,855) | (719,902) | (530,585) | (811,848) | (280,588) | (457,193) |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | |
Capital shares | $— | $— | $— | $— |
Undistributed net investment income | 35,737 | 20,884 | 8,258 | 245 |
Net realized capital gains (losses) | (35,737) | (20,884) | (8,258) | (245) |
State Street to Fund | State Street to CSIM | |
Schwab Target 2010 Fund | $— | $1,460 |
Schwab Target 2015 Fund | — | 2,871 |
Schwab Target 2020 Fund | — | 1,382 |
Schwab Target 2025 Fund | — | 2,446 |
Schwab Target 2030 Fund | — | 1,519 |
Schwab Target 2035 Fund | — | 2,445 |
Schwab Target 2040 Fund | — | 1,510 |
Schwab Target 2045 Fund | — | 1,851 |
Schwab Target 2050 Fund | — | 1,836 |
Schwab Target 2055 Fund | — | 1,884 |
Schwab Target 2060 Fund | — | — |
11. Subsequent Events:
San Francisco, California
December 15, 2017
Percentage | |
Schwab Target 2010 Fund | 19.28 |
Schwab Target 2015 Fund | 18.32 |
Schwab Target 2020 Fund | 23.70 |
Schwab Target 2025 Fund | 27.43 |
Schwab Target 2030 Fund | 30.99 |
Schwab Target 2035 Fund | 35.03 |
Schwab Target 2040 Fund | 37.36 |
Schwab Target 2045 Fund | 40.23 |
Schwab Target 2050 Fund | 41.58 |
Schwab Target 2055 Fund | 42.98 |
Schwab Target 2060 Fund | 36.36 |
Schwab Target 2010 Fund | $293,223 |
Schwab Target 2015 Fund | 550,261 |
Schwab Target 2020 Fund | 3,319,944 |
Schwab Target 2025 Fund | 3,366,176 |
Schwab Target 2030 Fund | 6,770,957 |
Schwab Target 2035 Fund | 3,368,494 |
Schwab Target 2040 Fund | 8,466,553 |
Schwab Target 2045 Fund | 823,713 |
Schwab Target 2050 Fund | 695,471 |
Schwab Target 2055 Fund | 403,595 |
Schwab Target 2060 Fund | 8,054 |
Schwab Target 2010 Fund | $— |
Schwab Target 2015 Fund | 2,953,810 |
Schwab Target 2020 Fund | 18,804,951 |
Schwab Target 2025 Fund | 14,576,110 |
Schwab Target 2030 Fund | 32,067,188 |
Schwab Target 2035 Fund | 14,086,137 |
Schwab Target 2040 Fund | 40,499,025 |
Schwab Target 2045 Fund | 3,146,401 |
Schwab Target 2050 Fund | 2,629,093 |
Schwab Target 2055 Fund | 1,461,213 |
Schwab Target 2060 Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable mutual funds, exchange-traded funds and other accounts; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 108 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 108 | Director, Gilead Sciences, Inc. (2005 – present) |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 108 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 108 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 108 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 108 | None |
Charles A. Ruffel 1956 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2015) | Co-Chief Executive Officer, Kudu Investment Management, LLC (financial services) (Jan. 2015 – present); Partner, Kudu Advisors, LLC (financial services) (June 2008 – Jan. 2015); Advisor, Asset International, Inc. (publisher of financial services information) (Aug. 2008 – Jan. 2015). | 108 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 108 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Partner, Colgin Partners, LLC (vineyards) (Feb. 1998 – present). | 108 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director, Schwab Holdings, Inc. (May 2008 – present); and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 108 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 108 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Senior Executive Vice President (July 2015 – present), Chief Financial Officer (July 2015 – May 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – May 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 108 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of the investment adviser for the trusts in the Fund Complex. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk 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. |
THIS IS NOT PART OF THE SHAREHOLDER REPORT
INFORMATION.
INFORMATION.
Partnership
The Schwab Funds Family®
Member SIPC®
Printed on recycled paper.
1 | You could lose money by investing in a money market fund. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The money market fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-001313/g56854img08c316471.jpg)
00201788
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Item 2: | Code of Ethics. |
(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. |
Item 3: | Audit Committee Financial Expert. |
Registrant’s Board of Trustees has determined that Kiran M. Patel, Robert W. Burns and Kimberly S. Patmore, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.
The designation of each of Mr. Patel, Mr. Burns and Ms. Patmore 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, compliance and valuation 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, compliance and valuation committee or Board of Trustees.
Item 4: | Principal Accountant Fees and Services. |
Registrant is composed of forty-nine series. Thirty-four series have a fiscal year-end of October 31, whose annual financial statements are reported in Item 1, three series have a fiscal year-end of December 31, eleven series have a fiscal year-end of March 31, and one series has a fiscal year-end of February 28. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the thirty-eight series, based on their respective 2017 and 2016 fiscal years, as applicable.
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The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:
(a) Audit Fees | (b)Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees3 | |||||||||||||||||||||||||
Fiscal Year 2017 | Fiscal Year 2016 | Fiscal Year 2017 | Fiscal Year 2016 | Fiscal Year 2017 | Fiscal Year 2016 | Fiscal Year 2017 | Fiscal Year 2016 | |||||||||||||||||||||
$ 1,404,027 | $ | 1,176,105 | $ | 75,000 | $ | 0 | $ | 166,000 | $ | 117,450 | $ | 0 | $ | 0 |
1 | The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees. |
2 | The nature of the services includes tax compliance. |
3 | The nature of the services include agreed upon procedures relating to Charles Schwab Investment Management., Inc.’s, (“CSIM”) expenses for purposes of Section 15(c) of the Investment Company Act of 1940. |
(e) (1) | Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(2) | There were no services described in each of paragraphs (b) through (d) above (including services required to be approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) Not applicable.
(g) Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant.
2017: $241,000 | 2016: $117,450 |
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(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, compliance and valuation 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. |
Item 5: | Audit Committee of Listed Registrants. |
Not applicable.
Item 6: | Schedule of Investments. |
Except as noted below, the condensed schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for the Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, Schwab Fundamental Emerging Markets Large Company Index Fund, Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund and Schwab International Index Fund are filed under this Item.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab International Index Fund, Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund and Schwab Fundamental Emerging Markets Large Company Index Fund
In our opinion, the accompanying statements of assets and liabilities, including the condensed portfolio holdings, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the portfolio holdings (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab International Index Fund, Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund and Schwab Fundamental Emerging Markets Large Company Index Fund (nine of the funds constituting Schwab Capital Trust, hereafter referred to the “Funds”) as of October 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and portfolio holdings (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.
San Francisco, California
December 15, 2017
PricewaterhouseCoopers LLP, Three Embarcadero Center, San Francisco, CA 94111 |
T: (415) 498 5000, F: (415) 498 7100, www.pwc.com/us |
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Security | Number of Shares | Value ($) |
Common Stock 99.5% of net assets | ||
Automobiles & Components 0.7% | ||
BorgWarner, Inc. | 261,400 | 13,781,008 |
Delphi Automotive plc | 368,100 | 36,581,778 |
Ford Motor Co. | 5,389,597 | 66,130,355 |
General Motors Co. | 1,775,600 | 76,315,288 |
Harley-Davidson, Inc. | 223,470 | 10,579,070 |
The Goodyear Tire & Rubber Co. | 344,936 | 10,551,592 |
213,939,091 | ||
Banks 6.5% | ||
Bank of America Corp. | 13,256,831 | 363,104,601 |
BB&T Corp. | 1,071,366 | 52,754,062 |
Citigroup, Inc. | 3,676,617 | 270,231,349 |
Citizens Financial Group, Inc. | 702,300 | 26,694,423 |
Comerica, Inc. | 250,370 | 19,671,571 |
Fifth Third Bancorp | 967,329 | 27,955,808 |
Huntington Bancshares, Inc. | 1,491,293 | 20,579,843 |
JPMorgan Chase & Co. | 4,749,031 | 477,800,009 |
KeyCorp | 1,475,098 | 26,920,539 |
M&T Bank Corp. | 209,998 | 35,021,366 |
People's United Financial, Inc. | 486,600 | 9,079,956 |
Regions Financial Corp. | 1,678,245 | 25,979,233 |
SunTrust Banks, Inc. | 676,416 | 40,727,007 |
The PNC Financial Services Group, Inc. | 650,168 | 88,936,481 |
U.S. Bancorp | 2,148,328 | 116,826,077 |
Wells Fargo & Co. | 6,030,309 | 338,541,547 |
Zions Bancorp | 282,898 | 13,143,441 |
1,953,967,313 | ||
Capital Goods 7.3% | ||
3M Co. | 807,999 | 185,993,290 |
A.O. Smith Corp. | 194,514 | 11,515,229 |
Acuity Brands, Inc. | 60,500 | 10,115,600 |
Allegion plc | 131,733 | 10,985,215 |
AMETEK, Inc. | 311,600 | 21,029,884 |
Arconic, Inc. | 583,254 | 14,651,340 |
Caterpillar, Inc. | 799,162 | 108,526,200 |
Cummins, Inc. | 215,762 | 38,163,983 |
Deere & Co. | 429,986 | 57,136,540 |
Dover Corp. | 215,570 | 20,584,779 |
Eaton Corp. plc | 598,138 | 47,863,003 |
Emerson Electric Co. | 863,215 | 55,642,839 |
Fastenal Co. | 384,498 | 18,059,871 |
Flowserve Corp. | 175,000 | 7,712,250 |
Fluor Corp. | 174,382 | 7,514,120 |
Fortive Corp. | 406,587 | 29,379,977 |
Fortune Brands Home & Security, Inc. | 205,600 | 13,581,936 |
General Dynamics Corp. | 374,980 | 76,113,440 |
General Electric Co. | 11,718,947 | 236,253,971 |
Honeywell International, Inc. | 1,030,729 | 148,589,893 |
Illinois Tool Works, Inc. | 421,236 | 65,931,859 |
Ingersoll-Rand plc | 342,800 | 30,372,080 |
Jacobs Engineering Group, Inc. | 160,934 | 9,367,968 |
Johnson Controls International plc | 1,273,202 | 52,697,831 |
Security | Number of Shares | Value ($) |
L3 Technologies, Inc. | 105,383 | 19,725,590 |
Lockheed Martin Corp. | 336,891 | 103,816,331 |
Masco Corp. | 419,488 | 16,704,012 |
Northrop Grumman Corp. | 234,367 | 69,262,479 |
PACCAR, Inc. | 471,550 | 33,824,281 |
Parker-Hannifin Corp. | 185,936 | 33,953,773 |
Pentair plc | 229,582 | 16,176,348 |
Quanta Services, Inc. * | 225,500 | 8,508,115 |
Raytheon Co. | 392,588 | 70,744,358 |
Rockwell Automation, Inc. | 177,321 | 35,609,603 |
Rockwell Collins, Inc. | 221,205 | 29,995,398 |
Roper Technologies, Inc. | 135,900 | 35,085,303 |
Snap-on, Inc. | 72,782 | 11,483,544 |
Stanley Black & Decker, Inc. | 209,981 | 33,922,430 |
Textron, Inc. | 369,404 | 19,482,367 |
The Boeing Co. | 751,854 | 193,963,295 |
TransDigm Group, Inc. | 66,300 | 18,398,250 |
United Rentals, Inc. * | 110,100 | 15,576,948 |
United Technologies Corp. | 1,002,058 | 120,006,466 |
W.W. Grainger, Inc. | 69,927 | 13,824,568 |
Xylem, Inc. | 256,710 | 17,078,916 |
2,194,925,473 | ||
Commercial & Professional Services 0.6% | ||
Cintas Corp. | 113,876 | 16,972,079 |
Equifax, Inc. | 169,261 | 18,369,896 |
IHS Markit Ltd. * | 487,100 | 20,755,331 |
Nielsen Holdings plc | 449,500 | 16,662,965 |
Republic Services, Inc. | 310,634 | 20,212,955 |
Robert Half International, Inc. | 183,742 | 9,512,323 |
Stericycle, Inc. * | 114,100 | 8,083,985 |
Verisk Analytics, Inc. * | 199,900 | 17,001,495 |
Waste Management, Inc. | 553,216 | 45,457,759 |
173,028,788 | ||
Consumer Durables & Apparel 1.1% | ||
D.R. Horton, Inc. | 463,016 | 20,469,937 |
Garmin Ltd. | 155,100 | 8,780,211 |
Hanesbrands, Inc. | 481,600 | 10,836,000 |
Hasbro, Inc. | 152,617 | 14,130,808 |
Leggett & Platt, Inc. | 182,994 | 8,648,296 |
Lennar Corp., Class A | 274,318 | 15,271,283 |
Mattel, Inc. | 475,694 | 6,716,799 |
Michael Kors Holdings Ltd. * | 220,800 | 10,777,248 |
Mohawk Industries, Inc. * | 83,800 | 21,935,488 |
Newell Brands, Inc. | 681,750 | 27,801,765 |
NIKE, Inc., Class B | 1,787,708 | 98,306,063 |
PulteGroup, Inc. | 370,186 | 11,190,723 |
PVH Corp. | 99,900 | 12,668,319 |
Ralph Lauren Corp. | 69,126 | 6,181,938 |
Tapestry, Inc. | 415,328 | 17,007,682 |
Under Armour, Inc., Class A *(b) | 283,400 | 3,548,168 |
Under Armour, Inc., Class C *(b) | 225,892 | 2,604,535 |
VF Corp. | 433,364 | 30,183,803 |
Whirlpool Corp. | 96,022 | 15,740,887 |
342,799,953 | ||
Consumer Services 1.8% | ||
Carnival Corp. | 550,521 | 36,549,089 |
Chipotle Mexican Grill, Inc. * | 32,259 | 8,771,222 |
Darden Restaurants, Inc. | 162,248 | 13,348,143 |
H&R Block, Inc. | 284,905 | 7,048,550 |
Hilton Worldwide Holdings, Inc. | 271,900 | 19,652,932 |
Marriott International, Inc., Class A | 418,526 | 50,005,487 |
McDonald's Corp. | 1,092,008 | 182,267,055 |
Security | Number of Shares | Value ($) |
MGM Resorts International | 696,428 | 21,833,018 |
Norwegian Cruise Line Holdings Ltd. * | 239,000 | 13,324,250 |
Royal Caribbean Cruises Ltd. | 237,300 | 29,370,621 |
Starbucks Corp. | 1,962,724 | 107,635,784 |
Wyndham Worldwide Corp. | 136,364 | 14,570,493 |
Wynn Resorts Ltd. | 106,200 | 15,663,438 |
Yum! Brands, Inc. | 477,075 | 35,518,234 |
555,558,316 | ||
Diversified Financials 5.4% | ||
Affiliated Managers Group, Inc. | 73,800 | 13,763,700 |
American Express Co. | 984,341 | 94,024,252 |
Ameriprise Financial, Inc. | 198,514 | 31,075,382 |
Berkshire Hathaway, Inc., Class B * | 2,596,940 | 485,471,964 |
BlackRock, Inc. | 168,200 | 79,193,606 |
Capital One Financial Corp. | 667,574 | 61,536,971 |
Cboe Global Markets, Inc. | 149,800 | 16,936,388 |
CME Group, Inc. | 459,585 | 63,041,274 |
Discover Financial Services | 499,473 | 33,229,939 |
E*TRADE Financial Corp. * | 387,919 | 16,909,389 |
Franklin Resources, Inc. | 452,105 | 19,047,184 |
Intercontinental Exchange, Inc. | 794,430 | 52,511,823 |
Invesco Ltd. | 537,247 | 19,228,070 |
Leucadia National Corp. | 427,851 | 10,824,630 |
Moody's Corp. | 225,029 | 32,046,380 |
Morgan Stanley | 1,922,034 | 96,101,700 |
Nasdaq, Inc. | 161,900 | 11,762,035 |
Navient Corp. | 373,300 | 4,651,318 |
Northern Trust Corp. | 284,118 | 26,570,715 |
Raymond James Financial, Inc. | 183,000 | 15,514,740 |
S&P Global, Inc. | 350,167 | 54,790,631 |
State Street Corp. | 500,826 | 46,075,992 |
Synchrony Financial | 1,010,499 | 32,962,477 |
T. Rowe Price Group, Inc. | 321,979 | 29,911,849 |
The Bank of New York Mellon Corp. | 1,389,073 | 71,467,806 |
The Charles Schwab Corp. (a) | 1,598,881 | 71,693,824 |
The Goldman Sachs Group, Inc. | 488,369 | 118,419,715 |
1,608,763,754 | ||
Energy 5.9% | ||
Anadarko Petroleum Corp. | 746,509 | 36,855,149 |
Andeavor | 196,607 | 20,887,528 |
Apache Corp. | 533,906 | 22,087,691 |
Baker Hughes, a GE Co. | 558,563 | 17,555,635 |
Cabot Oil & Gas Corp. | 614,700 | 17,027,190 |
Chesapeake Energy Corp. *(b) | 1,064,666 | 4,152,197 |
Chevron Corp. | 2,554,634 | 296,056,534 |
Cimarex Energy Co. | 135,830 | 15,882,602 |
Concho Resources, Inc. * | 194,777 | 26,141,021 |
ConocoPhillips | 1,642,550 | 84,016,433 |
Devon Energy Corp. | 709,058 | 26,164,240 |
EOG Resources, Inc. | 793,212 | 79,218,082 |
EQT Corp. | 226,300 | 14,152,802 |
Exxon Mobil Corp. | 5,737,231 | 478,198,204 |
Halliburton Co. | 1,191,468 | 50,923,342 |
Helmerich & Payne, Inc. (b) | 140,100 | 7,608,831 |
Hess Corp. | 352,140 | 15,550,502 |
Kinder Morgan, Inc. | 2,639,344 | 47,798,520 |
Marathon Oil Corp. | 1,192,852 | 16,962,355 |
Marathon Petroleum Corp. | 686,052 | 40,984,747 |
National Oilwell Varco, Inc. | 534,224 | 18,265,119 |
Newfield Exploration Co. * | 244,700 | 7,534,313 |
Noble Energy, Inc. | 672,368 | 18,738,896 |
Occidental Petroleum Corp. | 1,039,070 | 67,092,750 |
ONEOK, Inc. | 499,241 | 27,093,809 |
Phillips 66 | 580,695 | 52,889,701 |
Security | Number of Shares | Value ($) |
Pioneer Natural Resources Co. | 233,300 | 34,918,011 |
Range Resources Corp. | 268,400 | 4,860,724 |
Schlumberger Ltd. | 1,882,028 | 120,449,792 |
TechnipFMC plc * | 615,400 | 16,855,806 |
The Williams Cos., Inc. | 1,096,398 | 31,247,343 |
Valero Energy Corp. | 589,040 | 46,469,366 |
1,764,639,235 | ||
Food & Staples Retailing 1.7% | ||
Costco Wholesale Corp. | 589,222 | 94,911,880 |
CVS Health Corp. | 1,379,251 | 94,520,071 |
Sysco Corp. | 644,657 | 35,855,822 |
The Kroger Co. | 1,219,394 | 25,241,456 |
Wal-Mart Stores, Inc. | 1,983,802 | 173,205,753 |
Walgreens Boots Alliance, Inc. | 1,235,811 | 81,897,195 |
505,632,177 | ||
Food, Beverage & Tobacco 4.5% | ||
Altria Group, Inc. | 2,599,591 | 166,945,734 |
Archer-Daniels-Midland Co. | 756,999 | 30,938,549 |
Brown-Forman Corp., Class B | 267,184 | 15,234,832 |
Campbell Soup Co. | 263,611 | 12,487,253 |
ConAgra Brands, Inc. | 582,149 | 19,886,210 |
Constellation Brands, Inc., Class A | 233,865 | 51,237,483 |
Dr Pepper Snapple Group, Inc. | 246,500 | 21,115,190 |
General Mills, Inc. | 791,880 | 41,114,410 |
Hormel Foods Corp. | 363,400 | 11,323,544 |
Kellogg Co. | 324,934 | 20,318,123 |
McCormick & Co., Inc. - Non Voting Shares | 157,802 | 15,706,033 |
Molson Coors Brewing Co., Class B | 254,130 | 20,551,493 |
Mondelez International, Inc., Class A | 2,029,254 | 84,071,993 |
Monster Beverage Corp. * | 547,600 | 31,722,468 |
PepsiCo, Inc. | 1,934,883 | 213,282,153 |
Philip Morris International, Inc. | 2,104,996 | 220,266,781 |
The Coca-Cola Co. | 5,174,176 | 237,908,612 |
The Hershey Co. | 196,128 | 20,824,871 |
The JM Smucker Co. | 150,275 | 15,936,664 |
The Kraft Heinz Co. | 812,418 | 62,824,284 |
Tyson Foods, Inc., Class A | 392,690 | 28,631,028 |
1,342,327,708 | ||
Health Care Equipment & Services 5.6% | ||
Abbott Laboratories | 2,341,994 | 127,006,335 |
Aetna, Inc. | 449,175 | 76,373,225 |
Align Technology, Inc. * | 100,000 | 23,898,000 |
AmerisourceBergen Corp. | 218,146 | 16,786,335 |
Anthem, Inc. | 359,209 | 75,150,115 |
Baxter International, Inc. | 671,389 | 43,284,449 |
Becton, Dickinson & Co. | 306,863 | 64,033,102 |
Boston Scientific Corp. * | 1,849,774 | 52,052,640 |
C.R. Bard, Inc. | 98,673 | 32,272,978 |
Cardinal Health, Inc. | 425,133 | 26,315,733 |
Centene Corp. * | 234,800 | 21,993,716 |
Cerner Corp. * | 419,400 | 28,317,888 |
Cigna Corp. | 344,208 | 67,884,702 |
Danaher Corp. | 823,604 | 75,993,941 |
DaVita, Inc. * | 204,000 | 12,390,960 |
DENTSPLY SIRONA, Inc. | 311,800 | 19,041,626 |
Edwards Lifesciences Corp. * | 285,400 | 29,176,442 |
Envision Healthcare Corp. * | 173,600 | 7,395,360 |
Express Scripts Holding Co. * | 771,995 | 47,315,574 |
HCA Healthcare, Inc. * | 391,900 | 29,647,235 |
Henry Schein, Inc. * | 209,800 | 16,490,280 |
Hologic, Inc. * | 367,800 | 13,921,230 |
Humana, Inc. | 194,303 | 49,615,271 |
Security | Number of Shares | Value ($) |
IDEXX Laboratories, Inc. * | 115,300 | 19,159,401 |
Intuitive Surgical, Inc. * | 150,993 | 56,676,733 |
Laboratory Corp. of America Holdings * | 133,991 | 20,595,757 |
McKesson Corp. | 283,975 | 39,154,473 |
Medtronic plc | 1,836,216 | 147,852,112 |
Patterson Cos., Inc. | 104,447 | 3,864,539 |
Quest Diagnostics, Inc. | 185,480 | 17,394,314 |
ResMed, Inc. | 187,307 | 15,767,503 |
Stryker Corp. | 436,040 | 67,529,515 |
The Cooper Cos., Inc. | 66,300 | 15,929,238 |
UnitedHealth Group, Inc. | 1,309,810 | 275,348,258 |
Universal Health Services, Inc., Class B | 119,100 | 12,231,570 |
Varian Medical Systems, Inc. * | 123,906 | 12,909,766 |
Zimmer Biomet Holdings, Inc. | 279,423 | 33,983,425 |
1,694,753,741 | ||
Household & Personal Products 1.7% | ||
Church & Dwight Co., Inc. | 324,000 | 14,635,080 |
Colgate-Palmolive Co. | 1,190,094 | 83,842,122 |
Coty, Inc., Class A | 650,900 | 10,023,860 |
Kimberly-Clark Corp. | 474,495 | 53,385,433 |
The Clorox Co. | 179,457 | 22,706,694 |
The Estee Lauder Cos., Inc., Class A | 308,552 | 34,499,199 |
The Procter & Gamble Co. | 3,445,280 | 297,465,475 |
516,557,863 | ||
Insurance 2.7% | ||
Aflac, Inc. | 525,473 | 44,081,930 |
American International Group, Inc. | 1,207,730 | 78,031,435 |
Aon plc | 345,050 | 49,490,521 |
Arthur J. Gallagher & Co. | 238,300 | 15,091,539 |
Assurant, Inc. | 74,246 | 7,472,860 |
Brighthouse Financial, Inc. * | 131,597 | 8,182,701 |
Chubb Ltd. | 627,405 | 94,625,222 |
Cincinnati Financial Corp. | 192,903 | 13,536,003 |
Everest Re Group Ltd. | 52,800 | 12,537,360 |
Lincoln National Corp. | 294,671 | 22,330,169 |
Loews Corp. | 382,716 | 18,948,269 |
Marsh & McLennan Cos., Inc. | 696,179 | 56,341,766 |
MetLife, Inc. | 1,445,677 | 77,459,374 |
Principal Financial Group, Inc. | 358,667 | 23,618,222 |
Prudential Financial, Inc. | 580,231 | 64,092,316 |
The Allstate Corp. | 483,910 | 45,419,793 |
The Hartford Financial Services Group, Inc. | 500,395 | 27,546,745 |
The Progressive Corp. | 786,920 | 38,283,658 |
The Travelers Cos., Inc. | 376,160 | 49,822,392 |
Torchmark Corp. | 143,266 | 12,052,969 |
Unum Group | 303,840 | 15,811,834 |
Willis Towers Watson plc | 178,225 | 28,708,483 |
XL Group Ltd. | 361,199 | 14,617,724 |
818,103,285 | ||
Materials 3.0% | ||
Air Products & Chemicals, Inc. | 297,401 | 47,414,641 |
Albemarle Corp. | 148,846 | 20,970,913 |
Avery Dennison Corp. | 119,776 | 12,716,618 |
Ball Corp. | 489,928 | 21,032,609 |
CF Industries Holdings, Inc. | 297,325 | 11,292,404 |
DowDuPont, Inc. | 3,146,180 | 227,500,276 |
Eastman Chemical Co. | 188,616 | 17,128,219 |
Ecolab, Inc. | 351,428 | 45,917,583 |
FMC Corp. | 179,900 | 16,705,514 |
Freeport-McMoRan, Inc. * | 1,800,240 | 25,167,355 |
International Flavors & Fragrances, Inc. | 107,943 | 15,912,957 |
International Paper Co. | 566,589 | 32,448,552 |
Security | Number of Shares | Value ($) |
LyondellBasell Industries N.V., Class A | 442,900 | 45,853,437 |
Martin Marietta Materials, Inc. | 86,900 | 18,844,265 |
Monsanto Co. | 596,900 | 72,284,590 |
Newmont Mining Corp. | 712,846 | 25,776,511 |
Nucor Corp. | 422,300 | 24,421,609 |
Packaging Corp. of America | 124,420 | 14,466,313 |
PPG Industries, Inc. | 350,896 | 40,788,151 |
Praxair, Inc. | 390,279 | 57,027,568 |
Sealed Air Corp. | 267,068 | 11,812,418 |
The Mosaic Co. | 492,500 | 11,002,450 |
The Sherwin-Williams Co. | 111,836 | 44,191,995 |
Vulcan Materials Co. | 173,271 | 21,095,744 |
WestRock Co. | 334,889 | 20,538,742 |
902,311,434 | ||
Media 2.7% | ||
CBS Corp., Class B - Non Voting Shares | 491,336 | 27,573,776 |
Charter Communications, Inc., Class A * | 273,200 | 91,295,244 |
Comcast Corp., Class A | 6,370,428 | 229,526,521 |
Discovery Communications, Inc., Class A * | 204,800 | 3,866,624 |
Discovery Communications, Inc., Class C * | 240,200 | 4,277,962 |
DISH Network Corp., Class A * | 306,900 | 14,896,926 |
News Corp., Class A | 523,000 | 7,144,180 |
News Corp., Class B | 205,200 | 2,852,280 |
Omnicom Group, Inc. | 314,247 | 21,114,256 |
Scripps Networks Interactive, Inc., Class A | 133,093 | 11,083,985 |
The Interpublic Group of Cos., Inc. | 506,365 | 9,747,526 |
The Walt Disney Co. | 2,087,293 | 204,158,128 |
Time Warner, Inc. | 1,053,234 | 103,522,370 |
Twenty-First Century Fox, Inc., Class A | 1,435,501 | 37,538,351 |
Twenty-First Century Fox, Inc., Class B | 652,700 | 16,611,215 |
Viacom, Inc., Class B | 448,853 | 10,785,938 |
795,995,282 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
AbbVie, Inc. | 2,147,986 | 193,855,737 |
Agilent Technologies, Inc. | 429,866 | 29,243,784 |
Alexion Pharmaceuticals, Inc. * | 305,030 | 36,499,890 |
Allergan plc | 448,368 | 79,464,261 |
Amgen, Inc. | 989,359 | 173,355,484 |
Biogen, Inc. * | 287,631 | 89,643,077 |
Bristol-Myers Squibb Co. | 2,213,364 | 136,476,024 |
Celgene Corp. * | 1,062,526 | 107,283,250 |
Eli Lilly & Co. | 1,308,923 | 107,253,151 |
Gilead Sciences, Inc. | 1,760,750 | 131,985,820 |
Illumina, Inc. * | 197,600 | 40,545,544 |
Incyte Corp. * | 230,600 | 26,115,450 |
Johnson & Johnson | 3,630,375 | 506,110,579 |
Merck & Co., Inc. | 3,703,614 | 204,032,095 |
Mettler-Toledo International, Inc. * | 34,900 | 23,823,787 |
Mylan N.V. * | 718,851 | 25,670,169 |
PerkinElmer, Inc. | 141,360 | 10,223,155 |
Perrigo Co., plc | 177,000 | 14,335,230 |
Pfizer, Inc. | 8,079,833 | 283,278,945 |
Quintiles IMS Holdings, Inc. * | 201,671 | 21,800,635 |
Regeneron Pharmaceuticals, Inc. * | 105,000 | 42,275,100 |
Thermo Fisher Scientific, Inc. | 540,537 | 104,772,287 |
Vertex Pharmaceuticals, Inc. * | 336,510 | 49,207,857 |
Waters Corp. * | 108,352 | 21,242,410 |
Zoetis, Inc. | 668,800 | 42,682,816 |
2,501,176,537 | ||
Real Estate 2.9% | ||
Alexandria Real Estate Equities, Inc. | 122,600 | 15,197,496 |
American Tower Corp. | 576,700 | 82,854,489 |
Security | Number of Shares | Value ($) |
Apartment Investment & Management Co., Class A | 209,014 | 9,192,436 |
AvalonBay Communities, Inc. | 191,599 | 34,742,647 |
Boston Properties, Inc. | 208,176 | 25,226,768 |
CBRE Group, Inc., Class A * | 417,640 | 16,421,605 |
Crown Castle International Corp. | 545,843 | 58,448,868 |
Digital Realty Trust, Inc. | 279,800 | 33,139,512 |
Duke Realty Corp. | 469,646 | 13,375,518 |
Equinix, Inc. | 106,709 | 49,459,621 |
Equity Residential | 496,302 | 33,381,273 |
Essex Property Trust, Inc. | 90,400 | 23,723,672 |
Extra Space Storage, Inc. | 167,400 | 13,658,166 |
Federal Realty Investment Trust | 95,900 | 11,557,868 |
GGP, Inc. | 881,400 | 17,152,044 |
HCP, Inc. | 633,100 | 16,359,304 |
Host Hotels & Resorts, Inc. | 1,009,711 | 19,749,947 |
Iron Mountain, Inc. | 361,002 | 14,440,080 |
Kimco Realty Corp. | 569,859 | 10,348,639 |
Mid-America Apartment Communities, Inc. | 153,500 | 15,710,725 |
Prologis, Inc. | 728,889 | 47,071,652 |
Public Storage | 202,628 | 41,994,653 |
Realty Income Corp. | 368,600 | 19,782,762 |
Regency Centers Corp. | 193,800 | 11,928,390 |
SBA Communications Corp. * | 161,696 | 25,415,377 |
Simon Property Group, Inc. | 420,613 | 65,333,817 |
SL Green Realty Corp. | 129,700 | 12,409,696 |
The Macerich Co. | 152,100 | 8,304,660 |
UDR, Inc. | 351,100 | 13,619,169 |
Ventas, Inc. | 473,700 | 29,724,675 |
Vornado Realty Trust | 233,156 | 17,454,058 |
Welltower, Inc. | 490,900 | 32,870,664 |
Weyerhaeuser Co. | 999,923 | 35,907,235 |
875,957,486 | ||
Retailing 5.5% | ||
Advance Auto Parts, Inc. | 101,600 | 8,304,784 |
Amazon.com, Inc. * | 539,340 | 596,121,715 |
AutoZone, Inc. * | 38,998 | 22,989,321 |
Best Buy Co., Inc. | 353,957 | 19,814,513 |
CarMax, Inc. * | 239,400 | 17,978,940 |
Dollar General Corp. | 356,100 | 28,787,124 |
Dollar Tree, Inc. * | 324,230 | 29,585,988 |
Expedia, Inc. | 165,113 | 20,582,987 |
Foot Locker, Inc. | 165,000 | 4,963,200 |
Genuine Parts Co. | 191,338 | 16,881,752 |
Kohl's Corp. | 231,910 | 9,684,562 |
L Brands, Inc. | 345,535 | 14,871,826 |
LKQ Corp. * | 465,800 | 17,556,002 |
Lowe's Cos., Inc. | 1,148,688 | 91,837,606 |
Macy's, Inc. | 382,226 | 7,170,560 |
Netflix, Inc. * | 587,300 | 115,363,339 |
Nordstrom, Inc. | 139,796 | 5,542,911 |
O'Reilly Automotive, Inc. * | 122,100 | 25,756,995 |
Ross Stores, Inc. | 514,600 | 32,671,954 |
Signet Jewelers Ltd. | 72,500 | 4,753,825 |
Target Corp. | 748,808 | 44,209,624 |
The Gap, Inc. | 277,162 | 7,203,440 |
The Home Depot, Inc. | 1,596,000 | 264,584,880 |
The Priceline Group, Inc. * | 66,415 | 126,982,823 |
The TJX Cos., Inc. | 865,406 | 60,405,339 |
Tiffany & Co. | 140,028 | 13,109,421 |
Tractor Supply Co. | 162,600 | 9,798,276 |
TripAdvisor, Inc. * | 147,713 | 5,539,238 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 81,400 | 16,425,706 |
1,639,478,651 | ||
Security | Number of Shares | Value ($) |
Semiconductors & Semiconductor Equipment 4.0% | ||
Advanced Micro Devices, Inc. * | 1,093,200 | 12,008,802 |
Analog Devices, Inc. | 489,240 | 44,667,612 |
Applied Materials, Inc. | 1,453,772 | 82,036,354 |
Broadcom Ltd. | 549,460 | 145,007,989 |
Intel Corp. | 6,355,105 | 289,093,727 |
KLA-Tencor Corp. | 217,581 | 23,692,395 |
Lam Research Corp. | 222,974 | 46,505,687 |
Microchip Technology, Inc. | 306,223 | 29,029,940 |
Micron Technology, Inc. * | 1,490,475 | 66,042,947 |
NVIDIA Corp. | 809,782 | 167,471,015 |
Qorvo, Inc. * | 172,500 | 13,077,225 |
QUALCOMM, Inc. | 1,990,865 | 101,554,024 |
Skyworks Solutions, Inc. | 248,300 | 28,271,438 |
Texas Instruments, Inc. | 1,344,854 | 130,033,933 |
Xilinx, Inc. | 333,563 | 24,580,258 |
1,203,073,346 | ||
Software & Services 14.5% | ||
Accenture plc, Class A | 833,700 | 118,685,532 |
Activision Blizzard, Inc. | 1,031,100 | 67,526,739 |
Adobe Systems, Inc. * | 667,976 | 117,002,676 |
Akamai Technologies, Inc. * | 222,141 | 11,606,867 |
Alliance Data Systems Corp. | 65,400 | 14,631,942 |
Alphabet, Inc., Class A * | 402,702 | 416,007,274 |
Alphabet, Inc., Class C * | 408,475 | 415,272,024 |
ANSYS, Inc. * | 114,000 | 15,584,940 |
Autodesk, Inc. * | 292,981 | 36,610,906 |
Automatic Data Processing, Inc. | 606,373 | 70,496,925 |
CA, Inc. | 451,625 | 14,623,617 |
Cadence Design Systems, Inc. * | 368,400 | 15,900,144 |
Citrix Systems, Inc. * | 189,808 | 15,680,039 |
Cognizant Technology Solutions Corp., Class A | 792,096 | 59,937,904 |
CSRA, Inc. | 246,840 | 7,896,412 |
DXC Technology Co. | 382,851 | 35,038,524 |
eBay, Inc. * | 1,336,569 | 50,308,457 |
Electronic Arts, Inc. * | 413,892 | 49,501,483 |
Facebook, Inc., Class A * | 3,205,910 | 577,256,155 |
Fidelity National Information Services, Inc. | 452,134 | 41,939,950 |
Fiserv, Inc. * | 281,004 | 36,370,348 |
Gartner, Inc. * | 128,500 | 16,102,335 |
Global Payments, Inc. | 204,800 | 21,288,960 |
International Business Machines Corp. | 1,170,990 | 180,402,719 |
Intuit, Inc. | 327,609 | 49,475,511 |
MasterCard, Inc., Class A | 1,259,490 | 187,374,327 |
Microsoft Corp. | 10,406,481 | 865,611,090 |
Oracle Corp. | 4,100,146 | 208,697,431 |
Paychex, Inc. | 436,865 | 27,867,618 |
PayPal Holdings, Inc. * | 1,532,969 | 111,232,231 |
Red Hat, Inc. * | 242,000 | 29,240,860 |
salesforce.com, Inc. * | 926,765 | 94,845,130 |
Symantec Corp. | 841,050 | 27,334,125 |
Synopsys, Inc. * | 207,500 | 17,952,900 |
The Western Union Co. | 629,625 | 12,504,353 |
Total System Services, Inc. | 230,100 | 16,578,705 |
VeriSign, Inc. * | 112,125 | 12,055,680 |
Visa, Inc., Class A | 2,470,600 | 271,716,588 |
4,338,159,421 | ||
Technology Hardware & Equipment 5.9% | ||
Amphenol Corp., Class A | 417,300 | 36,305,100 |
Apple, Inc. | 6,982,625 | 1,180,342,930 |
Cisco Systems, Inc. | 6,747,438 | 230,425,008 |
Corning, Inc. | 1,243,387 | 38,930,447 |
F5 Networks, Inc. * | 82,400 | 9,992,648 |
Security | Number of Shares | Value ($) |
FLIR Systems, Inc. | 186,200 | 8,717,884 |
Harris Corp. | 157,600 | 21,956,832 |
Hewlett Packard Enterprise Co. | 2,264,878 | 31,527,102 |
HP, Inc. | 2,258,508 | 48,670,847 |
Juniper Networks, Inc. | 510,965 | 12,687,261 |
Motorola Solutions, Inc. | 219,322 | 19,857,413 |
NetApp, Inc. | 374,374 | 16,629,693 |
Seagate Technology plc | 384,000 | 14,196,480 |
TE Connectivity Ltd. | 469,800 | 42,737,706 |
Western Digital Corp. | 399,136 | 35,630,871 |
Xerox Corp. | 293,391 | 8,892,681 |
1,757,500,903 | ||
Telecommunication Services 1.9% | ||
AT&T, Inc. | 8,307,602 | 279,550,807 |
CenturyLink, Inc. (b) | 1,287,543 | 24,450,442 |
Verizon Communications, Inc. | 5,521,928 | 264,334,693 |
568,335,942 | ||
Transportation 2.1% | ||
Alaska Air Group, Inc. | 163,600 | 10,802,508 |
American Airlines Group, Inc. | 581,000 | 27,202,420 |
C.H. Robinson Worldwide, Inc. | 184,895 | 14,519,804 |
CSX Corp. | 1,234,691 | 62,265,467 |
Delta Air Lines, Inc. | 891,700 | 44,611,751 |
Expeditors International of Washington, Inc. | 239,800 | 13,999,524 |
FedEx Corp. | 329,968 | 74,510,074 |
JB Hunt Transport Services, Inc. | 108,100 | 11,500,759 |
Kansas City Southern | 143,800 | 14,986,836 |
Norfolk Southern Corp. | 392,282 | 51,553,700 |
Southwest Airlines Co. | 761,646 | 41,022,254 |
Union Pacific Corp. | 1,088,150 | 125,996,889 |
United Continental Holdings, Inc. * | 346,600 | 20,269,168 |
United Parcel Service, Inc., Class B | 934,518 | 109,833,901 |
623,075,055 | ||
Utilities 3.2% | ||
AES Corp. | 887,049 | 9,429,331 |
Alliant Energy Corp. | 310,969 | 13,452,519 |
Ameren Corp. | 335,920 | 20,823,681 |
American Electric Power Co., Inc. | 664,802 | 49,467,917 |
American Water Works Co., Inc. | 231,000 | 20,272,560 |
CenterPoint Energy, Inc. | 564,366 | 16,693,946 |
CMS Energy Corp. | 418,284 | 20,232,397 |
Consolidated Edison, Inc. | 424,165 | 36,499,398 |
Dominion Energy, Inc. | 869,704 | 70,567,783 |
DTE Energy Co. | 242,112 | 26,743,692 |
Duke Energy Corp. | 954,479 | 84,290,040 |
Edison International | 439,593 | 35,145,460 |
Entergy Corp. | 241,553 | 20,836,362 |
Eversource Energy | 420,000 | 26,308,800 |
Exelon Corp. | 1,292,593 | 51,975,165 |
FirstEnergy Corp. | 606,694 | 19,990,567 |
NextEra Energy, Inc. | 633,638 | 98,258,245 |
NiSource, Inc. | 427,662 | 11,277,447 |
NRG Energy, Inc. | 380,500 | 9,512,500 |
PG&E Corp. | 682,806 | 39,445,703 |
Pinnacle West Capital Corp. | 156,061 | 13,688,110 |
PPL Corp. | 928,450 | 34,872,582 |
Public Service Enterprise Group, Inc. | 698,870 | 34,384,404 |
SCANA Corp. | 195,700 | 8,442,498 |
Sempra Energy | 345,369 | 40,580,857 |
The Southern Co. | 1,365,535 | 71,280,927 |
Security | Number of Shares | Value ($) |
WEC Energy Group, Inc. | 431,178 | 29,057,085 |
Xcel Energy, Inc. | 676,386 | 33,494,635 |
947,024,611 | ||
Total Common Stock | ||
(Cost $15,347,140,321) | 29,837,085,365 | |
Other Investment Company 0.1% of net assets | ||
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 41,865,235 | 41,865,235 |
Total Other Investment Company | ||
(Cost $41,865,235) | 41,865,235 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 0.3% of net assets | ||
Time Deposits 0.3% | ||
BNP Paribas | ||
0.60%, 11/01/17 (d) | 10,173,631 | 10,173,631 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (d) | 83,587,832 | 83,587,832 |
Total Short-Term Investments | ||
(Cost $93,761,463) | 93,761,463 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/15/17 | 1,195 | 153,718,825 | 1,107,706 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $39,809,403. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 1.0% | ||
Adient plc | 29,818 | 2,515,447 |
Autoliv, Inc. | 26,600 | 3,321,276 |
BorgWarner, Inc. | 69,096 | 3,642,741 |
Delphi Automotive plc | 82,400 | 8,188,912 |
Ford Motor Co. | 1,208,087 | 14,823,228 |
General Motors Co. | 408,300 | 17,548,734 |
Gentex Corp. | 97,544 | 1,893,329 |
Harley-Davidson, Inc. | 59,392 | 2,811,617 |
Lear Corp. | 23,600 | 4,143,924 |
Tenneco, Inc. | 12,300 | 714,753 |
Tesla, Inc. * | 39,408 | 13,064,934 |
The Goodyear Tire & Rubber Co. | 83,100 | 2,542,029 |
Thor Industries, Inc. | 14,500 | 1,975,190 |
77,186,114 | ||
Banks 6.6% | ||
Associated Banc-Corp. | 42,800 | 1,082,840 |
Bank of America Corp. | 3,042,141 | 83,324,242 |
Bank of Hawaii Corp. | 12,970 | 1,058,482 |
Bank of the Ozarks, Inc. | 34,700 | 1,617,714 |
BankUnited, Inc. | 35,000 | 1,219,750 |
BB&T Corp. | 252,900 | 12,452,796 |
BOK Financial Corp. | 8,900 | 769,583 |
Chemical Financial Corp. | 22,600 | 1,190,794 |
CIT Group, Inc. | 44,888 | 2,092,679 |
Citigroup, Inc. | 843,956 | 62,030,766 |
Citizens Financial Group, Inc. | 163,500 | 6,214,635 |
Comerica, Inc. | 51,128 | 4,017,127 |
Commerce Bancshares, Inc. | 29,381 | 1,708,799 |
Cullen/Frost Bankers, Inc. | 16,900 | 1,664,650 |
East West Bancorp, Inc. | 45,800 | 2,740,672 |
F.N.B. Corp. | 55,200 | 744,648 |
Fifth Third Bancorp | 241,084 | 6,967,328 |
First Citizens BancShares, Inc., Class A | 3,300 | 1,336,500 |
First Horizon National Corp. | 70,500 | 1,323,285 |
First Republic Bank | 44,600 | 4,344,040 |
Fulton Financial Corp. | 49,000 | 891,800 |
Hancock Holding Co. | 25,238 | 1,230,352 |
Home BancShares, Inc. | 50,100 | 1,126,248 |
Huntington Bancshares, Inc. | 329,006 | 4,540,283 |
IBERIABANK Corp. | 13,454 | 992,233 |
Investors Bancorp, Inc. | 108,730 | 1,495,037 |
JPMorgan Chase & Co. | 1,089,178 | 109,582,199 |
KeyCorp | 333,218 | 6,081,228 |
M&T Bank Corp. | 49,343 | 8,228,932 |
MB Financial, Inc. | 20,000 | 918,800 |
MGIC Investment Corp. * | 103,900 | 1,485,770 |
New York Community Bancorp, Inc. | 109,882 | 1,380,118 |
PacWest Bancorp | 28,300 | 1,367,456 |
People's United Financial, Inc. | 103,793 | 1,936,777 |
Popular, Inc. | 31,529 | 1,156,484 |
Prosperity Bancshares, Inc. | 23,100 | 1,519,518 |
Radian Group, Inc. | 65,144 | 1,365,418 |
Regions Financial Corp. | 390,106 | 6,038,841 |
Security | Number of Shares | Value ($) |
Signature Bank * | 15,700 | 2,041,157 |
SunTrust Banks, Inc. | 155,993 | 9,392,339 |
SVB Financial Group * | 14,900 | 3,267,272 |
Synovus Financial Corp. | 44,657 | 2,092,180 |
TCF Financial Corp. | 40,000 | 728,800 |
Texas Capital Bancshares, Inc. * | 15,990 | 1,375,939 |
TFS Financial Corp. | 27,300 | 420,966 |
The PNC Financial Services Group, Inc. | 154,134 | 21,083,990 |
U.S. Bancorp | 486,505 | 26,456,142 |
UMB Financial Corp. | 13,000 | 955,890 |
Umpqua Holdings Corp. | 55,400 | 1,133,484 |
United Bankshares, Inc. | 21,700 | 780,115 |
Webster Financial Corp. | 27,500 | 1,512,225 |
Wells Fargo & Co. | 1,388,696 | 77,961,393 |
Western Alliance Bancorp * | 27,800 | 1,551,240 |
Wintrust Financial Corp. | 15,728 | 1,278,529 |
Zions Bancorp | 63,798 | 2,964,055 |
504,234,540 | ||
Capital Goods 7.5% | ||
3M Co. | 182,554 | 42,022,105 |
A.O. Smith Corp. | 50,800 | 3,007,360 |
Acuity Brands, Inc. | 14,300 | 2,390,960 |
AECOM * | 46,500 | 1,630,290 |
AGCO Corp. | 14,200 | 973,694 |
Air Lease Corp. | 29,000 | 1,260,050 |
Allegion plc | 28,700 | 2,393,293 |
Allison Transmission Holdings, Inc. | 38,000 | 1,614,620 |
AMETEK, Inc. | 75,105 | 5,068,837 |
Arconic, Inc. | 118,940 | 2,987,773 |
BWX Technologies, Inc. | 32,900 | 1,971,368 |
Carlisle Cos., Inc. | 20,736 | 2,277,435 |
Caterpillar, Inc. | 180,796 | 24,552,097 |
Chicago Bridge & Iron Co., N.V. (b) | 32,000 | 446,080 |
Colfax Corp. * | 25,000 | 1,042,750 |
Crane Co. | 16,384 | 1,361,838 |
Cummins, Inc. | 49,892 | 8,824,897 |
Curtiss-Wright Corp. | 15,200 | 1,797,400 |
Deere & Co. | 95,946 | 12,749,305 |
Donaldson Co., Inc. | 32,900 | 1,553,209 |
Dover Corp. | 50,237 | 4,797,131 |
Eaton Corp. plc | 142,901 | 11,434,938 |
EMCOR Group, Inc. | 14,300 | 1,151,293 |
Emerson Electric Co. | 200,228 | 12,906,697 |
EnerSys | 4,500 | 312,165 |
Fastenal Co. | 92,300 | 4,335,331 |
Flowserve Corp. | 43,023 | 1,896,024 |
Fluor Corp. | 40,958 | 1,764,880 |
Fortive Corp. | 92,520 | 6,685,495 |
Fortune Brands Home & Security, Inc. | 52,900 | 3,494,574 |
General Dynamics Corp. | 88,844 | 18,033,555 |
General Electric Co. | 2,680,102 | 54,030,856 |
Graco, Inc. | 15,694 | 2,068,312 |
HD Supply Holdings, Inc. * | 62,800 | 2,222,492 |
Hexcel Corp. | 26,300 | 1,596,147 |
Honeywell International, Inc. | 239,099 | 34,468,512 |
Hubbell, Inc. | 16,932 | 2,130,384 |
Huntington Ingalls Industries, Inc. | 13,700 | 3,189,771 |
IDEX Corp. | 28,906 | 3,706,038 |
Illinois Tool Works, Inc. | 100,404 | 15,715,234 |
Ingersoll-Rand plc | 82,400 | 7,300,640 |
ITT, Inc. | 30,300 | 1,413,192 |
Jacobs Engineering Group, Inc. | 38,756 | 2,255,987 |
Johnson Controls International plc | 288,386 | 11,936,297 |
L3 Technologies, Inc. | 23,374 | 4,375,145 |
Lennox International, Inc. | 11,700 | 2,236,221 |
Lincoln Electric Holdings, Inc. | 22,200 | 2,035,074 |
Security | Number of Shares | Value ($) |
Lockheed Martin Corp. | 76,564 | 23,593,962 |
Masco Corp. | 108,836 | 4,333,850 |
MasTec, Inc. * | 6,800 | 296,140 |
MSC Industrial Direct Co., Inc., Class A | 15,558 | 1,289,758 |
Nordson Corp. | 18,000 | 2,280,420 |
Northrop Grumman Corp. | 53,832 | 15,908,971 |
Orbital ATK, Inc. | 13,800 | 1,834,434 |
Oshkosh Corp. | 23,600 | 2,160,816 |
Owens Corning | 36,900 | 3,051,261 |
PACCAR, Inc. | 107,289 | 7,695,840 |
Parker-Hannifin Corp. | 41,253 | 7,533,210 |
Pentair plc | 57,895 | 4,079,282 |
Quanta Services, Inc. * | 40,100 | 1,512,973 |
Raytheon Co. | 91,290 | 16,450,458 |
Regal Beloit Corp. | 5,400 | 438,210 |
Rockwell Automation, Inc. | 39,549 | 7,942,230 |
Rockwell Collins, Inc. | 50,483 | 6,845,495 |
Roper Technologies, Inc. | 30,891 | 7,975,130 |
Sensata Technologies Holding N.V. * | 49,600 | 2,425,936 |
Snap-on, Inc. | 17,250 | 2,721,705 |
Spirit AeroSystems Holdings, Inc., Class A | 37,400 | 2,995,740 |
Stanley Black & Decker, Inc. | 46,641 | 7,534,854 |
Teledyne Technologies, Inc. * | 12,600 | 2,141,496 |
Terex Corp. | 20,800 | 979,888 |
Textron, Inc. | 88,938 | 4,690,590 |
The Boeing Co. | 174,289 | 44,963,076 |
The Middleby Corp. * | 18,300 | 2,120,970 |
The Timken Co. | 8,900 | 419,635 |
The Toro Co. | 30,400 | 1,910,640 |
TransDigm Group, Inc. | 15,200 | 4,218,000 |
Trinity Industries, Inc. | 44,200 | 1,437,384 |
United Rentals, Inc. * | 26,767 | 3,786,995 |
United Technologies Corp. | 234,703 | 28,108,031 |
Univar, Inc. * | 11,000 | 327,250 |
USG Corp. * | 24,400 | 837,652 |
Valmont Industries, Inc. | 2,900 | 460,810 |
W.W. Grainger, Inc. | 17,876 | 3,534,085 |
WABCO Holdings, Inc. * | 18,000 | 2,656,260 |
Wabtec Corp. | 28,800 | 2,203,200 |
Watsco, Inc. | 7,000 | 1,165,990 |
WESCO International, Inc. * | 5,600 | 353,640 |
Woodward, Inc. | 17,300 | 1,337,809 |
Xylem, Inc. | 53,400 | 3,552,702 |
579,524,524 | ||
Commercial & Professional Services 0.7% | ||
Cintas Corp. | 25,710 | 3,831,818 |
Copart, Inc. * | 72,148 | 2,618,251 |
Deluxe Corp. | 14,500 | 1,009,925 |
Equifax, Inc. | 37,300 | 4,048,169 |
IHS Markit Ltd. * | 101,532 | 4,326,279 |
KAR Auction Services, Inc. | 44,400 | 2,101,452 |
ManpowerGroup, Inc. | 21,591 | 2,661,738 |
Nielsen Holdings plc | 95,500 | 3,540,185 |
Republic Services, Inc. | 81,581 | 5,308,476 |
Robert Half International, Inc. | 43,891 | 2,272,237 |
Rollins, Inc. | 32,850 | 1,442,444 |
Stericycle, Inc. * | 27,098 | 1,919,893 |
The Dun & Bradstreet Corp. | 10,925 | 1,276,368 |
TransUnion * | 36,200 | 1,900,138 |
Verisk Analytics, Inc. * | 47,800 | 4,065,390 |
Waste Management, Inc. | 131,077 | 10,770,597 |
53,093,360 | ||
Security | Number of Shares | Value ($) |
Consumer Durables & Apparel 1.2% | ||
Brunswick Corp. | 29,300 | 1,484,045 |
CalAtlantic Group, Inc. | 22,300 | 1,100,282 |
Carter's, Inc. | 17,300 | 1,673,429 |
Columbia Sportswear Co. | 8,900 | 555,182 |
D.R. Horton, Inc. | 107,597 | 4,756,863 |
Garmin Ltd. | 39,886 | 2,257,946 |
Hanesbrands, Inc. | 121,600 | 2,736,000 |
Hasbro, Inc. | 34,225 | 3,168,893 |
Leggett & Platt, Inc. | 39,744 | 1,878,301 |
Lennar Corp., Class A | 60,775 | 3,383,344 |
lululemon Athletica, Inc. * | 28,600 | 1,759,186 |
Mattel, Inc. (b) | 102,797 | 1,451,494 |
Michael Kors Holdings Ltd. * | 33,500 | 1,635,135 |
Mohawk Industries, Inc. * | 19,439 | 5,088,353 |
Newell Brands, Inc. | 143,713 | 5,860,616 |
NIKE, Inc., Class B | 403,612 | 22,194,624 |
NVR, Inc. * | 1,098 | 3,602,944 |
Polaris Industries, Inc. | 19,200 | 2,273,856 |
PulteGroup, Inc. | 98,799 | 2,986,694 |
PVH Corp. | 25,514 | 3,235,430 |
Ralph Lauren Corp. | 18,395 | 1,645,065 |
Skechers U.S.A., Inc., Class A * | 23,100 | 737,352 |
Tapestry, Inc. | 89,730 | 3,674,444 |
Tempur Sealy International, Inc. * | 13,400 | 875,958 |
Toll Brothers, Inc. | 50,000 | 2,302,000 |
Under Armour, Inc., Class A *(b) | 56,200 | 703,624 |
Under Armour, Inc., Class C *(b) | 56,598 | 652,575 |
VF Corp. | 103,828 | 7,231,620 |
Whirlpool Corp. | 22,415 | 3,674,491 |
94,579,746 | ||
Consumer Services 2.1% | ||
Aramark | 65,800 | 2,874,802 |
Bright Horizons Family Solutions, Inc. * | 12,900 | 1,113,270 |
Carnival Corp. | 127,060 | 8,435,513 |
Chipotle Mexican Grill, Inc. * | 8,050 | 2,188,795 |
Cracker Barrel Old Country Store, Inc. (b) | 8,100 | 1,264,653 |
Darden Restaurants, Inc. | 34,165 | 2,810,755 |
Domino's Pizza, Inc. | 16,000 | 2,928,000 |
Dunkin' Brands Group, Inc. | 28,000 | 1,653,960 |
Extended Stay America, Inc. | 56,900 | 1,127,758 |
H&R Block, Inc. | 75,198 | 1,860,399 |
Hilton Worldwide Holdings, Inc. | 58,800 | 4,250,064 |
Jack in the Box, Inc. | 12,400 | 1,283,524 |
Las Vegas Sands Corp. | 117,163 | 7,425,791 |
Marriott International, Inc., Class A | 100,008 | 11,948,956 |
McDonald's Corp. | 249,636 | 41,666,745 |
MGM Resorts International | 158,287 | 4,962,297 |
Norwegian Cruise Line Holdings Ltd. * | 54,100 | 3,016,075 |
Royal Caribbean Cruises Ltd. | 52,391 | 6,484,434 |
Service Corp. International | 63,100 | 2,237,526 |
ServiceMaster Global Holdings, Inc. * | 41,700 | 1,964,487 |
Six Flags Entertainment Corp. | 24,400 | 1,532,076 |
Starbucks Corp. | 448,654 | 24,604,185 |
Texas Roadhouse, Inc. | 19,700 | 985,197 |
The Wendy's Co. | 60,900 | 926,289 |
Vail Resorts, Inc. | 11,800 | 2,702,436 |
Wyndham Worldwide Corp. | 34,917 | 3,730,881 |
Wynn Resorts Ltd. | 24,842 | 3,663,947 |
Yum! Brands, Inc. | 108,276 | 8,061,148 |
157,703,963 | ||
Security | Number of Shares | Value ($) |
Diversified Financials 5.4% | ||
Affiliated Managers Group, Inc. | 17,859 | 3,330,703 |
AGNC Investment Corp. | 94,700 | 1,906,311 |
Ally Financial, Inc. | 123,500 | 3,227,055 |
American Express Co. | 234,877 | 22,435,451 |
Ameriprise Financial, Inc. | 47,457 | 7,428,919 |
Annaly Capital Management, Inc. | 332,700 | 3,812,742 |
Berkshire Hathaway, Inc., Class B * | 592,512 | 110,764,193 |
BlackRock, Inc. | 38,765 | 18,251,725 |
Capital One Financial Corp. | 150,653 | 13,887,194 |
Cboe Global Markets, Inc. | 28,900 | 3,267,434 |
Chimera Investment Corp. | 47,000 | 860,100 |
CME Group, Inc. | 101,480 | 13,920,012 |
Credit Acceptance Corp. * | 3,200 | 917,536 |
Discover Financial Services | 123,724 | 8,231,358 |
E*TRADE Financial Corp. * | 86,290 | 3,761,381 |
Eaton Vance Corp. | 39,084 | 1,972,569 |
FactSet Research Systems, Inc. | 12,900 | 2,449,323 |
Franklin Resources, Inc. | 114,858 | 4,838,968 |
Intercontinental Exchange, Inc. | 183,550 | 12,132,655 |
Invesco Ltd. | 110,190 | 3,943,700 |
Lazard Ltd., Class A | 31,200 | 1,483,248 |
Legg Mason, Inc. | 31,214 | 1,191,751 |
Leucadia National Corp. | 101,178 | 2,559,803 |
LPL Financial Holdings, Inc. | 26,000 | 1,289,860 |
MarketAxess Holdings, Inc. | 11,500 | 2,001,000 |
Moody's Corp. | 53,326 | 7,594,156 |
Morgan Stanley | 449,448 | 22,472,400 |
Morningstar, Inc. | 4,800 | 409,008 |
MSCI, Inc. | 29,450 | 3,456,252 |
Nasdaq, Inc. | 36,337 | 2,639,883 |
Navient Corp. | 68,400 | 852,264 |
New Residential Investment Corp. | 104,800 | 1,847,624 |
Northern Trust Corp. | 65,976 | 6,170,075 |
Raymond James Financial, Inc. | 39,649 | 3,361,442 |
S&P Global, Inc. | 82,236 | 12,867,467 |
Santander Consumer USA Holdings, Inc. * | 28,200 | 469,248 |
SEI Investments Co. | 42,148 | 2,718,967 |
SLM Corp. * | 125,400 | 1,327,986 |
Starwood Property Trust, Inc. | 63,900 | 1,374,489 |
State Street Corp. | 114,250 | 10,511,000 |
Stifel Financial Corp. | 10,000 | 530,300 |
Synchrony Financial | 240,800 | 7,854,896 |
T. Rowe Price Group, Inc. | 76,550 | 7,111,495 |
TD Ameritrade Holding Corp. | 87,231 | 4,360,678 |
The Bank of New York Mellon Corp. | 325,996 | 16,772,494 |
The Charles Schwab Corp. (a) | 375,265 | 16,826,883 |
The Goldman Sachs Group, Inc. | 114,132 | 27,674,727 |
Voya Financial, Inc. | 46,500 | 1,867,440 |
410,936,165 | ||
Energy 5.7% | ||
Anadarko Petroleum Corp. | 174,148 | 8,597,687 |
Andeavor | 47,587 | 5,055,643 |
Antero Resources Corp. * | 66,200 | 1,284,280 |
Apache Corp. | 118,700 | 4,910,619 |
Baker Hughes, a GE Co. | 135,606 | 4,262,097 |
Cabot Oil & Gas Corp. | 145,596 | 4,033,009 |
Cheniere Energy, Inc. * | 66,400 | 3,103,536 |
Chesapeake Energy Corp. *(b) | 245,959 | 959,240 |
Chevron Corp. | 583,937 | 67,672,459 |
Cimarex Energy Co. | 29,115 | 3,404,417 |
Concho Resources, Inc. * | 45,200 | 6,066,292 |
ConocoPhillips | 385,266 | 19,706,356 |
CONSOL Energy, Inc. * | 50,000 | 806,500 |
Continental Resources, Inc. * | 25,800 | 1,050,318 |
Security | Number of Shares | Value ($) |
Core Laboratories N.V. (b) | 13,300 | 1,328,670 |
Devon Energy Corp. | 162,382 | 5,991,896 |
Diamondback Energy, Inc. * | 30,800 | 3,300,528 |
Energen Corp. * | 28,000 | 1,447,600 |
Ensco plc, Class A | 90,800 | 489,412 |
EOG Resources, Inc. | 180,204 | 17,996,973 |
EQT Corp. | 51,600 | 3,227,064 |
Exxon Mobil Corp. | 1,307,363 | 108,968,706 |
Gulfport Energy Corp. * | 54,400 | 745,280 |
Halliburton Co. | 271,688 | 11,611,945 |
Helmerich & Payne, Inc. | 31,392 | 1,704,900 |
Hess Corp. | 84,123 | 3,714,872 |
HollyFrontier Corp. | 59,400 | 2,194,830 |
Kinder Morgan, Inc. | 579,917 | 10,502,297 |
Laredo Petroleum, Inc. * | 35,000 | 417,200 |
Marathon Oil Corp. | 267,696 | 3,806,637 |
Marathon Petroleum Corp. | 157,800 | 9,426,972 |
Murphy Oil Corp. | 49,944 | 1,336,002 |
National Oilwell Varco, Inc. | 119,426 | 4,083,175 |
Newfield Exploration Co. * | 63,666 | 1,960,276 |
Noble Energy, Inc. | 147,622 | 4,114,225 |
Oasis Petroleum, Inc. * | 74,500 | 704,025 |
Occidental Petroleum Corp. | 238,816 | 15,420,349 |
ONEOK, Inc. | 117,245 | 6,362,886 |
Parsley Energy, Inc., Class A * | 73,000 | 1,941,800 |
Patterson-UTI Energy, Inc. | 49,797 | 984,985 |
PDC Energy, Inc. * | 20,659 | 1,052,163 |
Phillips 66 | 136,400 | 12,423,312 |
Pioneer Natural Resources Co. | 52,911 | 7,919,189 |
QEP Resources, Inc. * | 90,600 | 810,870 |
Range Resources Corp. | 63,528 | 1,150,492 |
Rice Energy, Inc. * | 58,700 | 1,664,145 |
RPC, Inc. (b) | 17,600 | 427,856 |
RSP Permian, Inc. * | 18,200 | 626,262 |
Schlumberger Ltd. | 431,405 | 27,609,920 |
SM Energy Co. | 25,000 | 533,250 |
Southwestern Energy Co. * | 184,100 | 1,021,755 |
Targa Resources Corp. | 66,100 | 2,743,150 |
TechnipFMC plc * | 144,168 | 3,948,761 |
The Williams Cos., Inc. | 256,621 | 7,313,698 |
Transocean Ltd. * | 110,700 | 1,162,350 |
US Silica Holdings, Inc. | 25,000 | 762,750 |
Valero Energy Corp. | 138,120 | 10,896,287 |
Weatherford International plc * | 305,300 | 1,059,391 |
Whiting Petroleum Corp. * | 114,900 | 690,549 |
WPX Energy, Inc. * | 141,400 | 1,594,992 |
440,107,100 | ||
Food & Staples Retailing 1.6% | ||
Casey's General Stores, Inc. | 10,600 | 1,214,442 |
Costco Wholesale Corp. | 133,759 | 21,545,900 |
CVS Health Corp. | 318,411 | 21,820,706 |
Rite Aid Corp. * | 330,300 | 544,995 |
Sysco Corp. | 151,030 | 8,400,288 |
The Kroger Co. | 277,826 | 5,750,998 |
U.S. Foods Holding Corp. * | 37,400 | 1,020,272 |
Wal-Mart Stores, Inc. | 458,627 | 40,042,723 |
Walgreens Boots Alliance, Inc. | 280,269 | 18,573,427 |
118,913,751 | ||
Food, Beverage & Tobacco 4.3% | ||
Altria Group, Inc. | 596,705 | 38,320,395 |
Archer-Daniels-Midland Co. | 180,405 | 7,373,152 |
Blue Buffalo Pet Products, Inc. * | 29,200 | 844,756 |
Brown-Forman Corp., Class A | 16,800 | 963,144 |
Brown-Forman Corp., Class B | 59,560 | 3,396,111 |
Security | Number of Shares | Value ($) |
Bunge Ltd. | 40,992 | 2,819,430 |
Campbell Soup Co. | 53,858 | 2,551,253 |
ConAgra Brands, Inc. | 136,097 | 4,649,074 |
Constellation Brands, Inc., Class A | 54,132 | 11,859,780 |
Dr Pepper Snapple Group, Inc. | 57,920 | 4,961,427 |
Flowers Foods, Inc. | 56,925 | 1,083,283 |
General Mills, Inc. | 183,700 | 9,537,704 |
Hormel Foods Corp. | 81,188 | 2,529,818 |
Ingredion, Inc. | 21,800 | 2,732,630 |
Kellogg Co. | 79,931 | 4,998,085 |
Lamb Weston Holdings, Inc. | 45,365 | 2,313,161 |
Lancaster Colony Corp. | 6,000 | 751,320 |
McCormick & Co., Inc. - Non Voting Shares | 35,254 | 3,508,831 |
Molson Coors Brewing Co., Class B | 58,272 | 4,712,457 |
Mondelez International, Inc., Class A | 470,564 | 19,495,466 |
Monster Beverage Corp. * | 131,200 | 7,600,416 |
PepsiCo, Inc. | 438,185 | 48,301,133 |
Philip Morris International, Inc. | 476,865 | 49,899,154 |
Pilgrim's Pride Corp. * | 15,000 | 476,700 |
Pinnacle Foods, Inc. | 29,600 | 1,610,832 |
Post Holdings, Inc. * | 17,800 | 1,476,154 |
Seaboard Corp. | 105 | 462,013 |
Snyder's-Lance, Inc. | 22,700 | 854,201 |
The Coca-Cola Co. | 1,200,348 | 55,192,001 |
The Hain Celestial Group, Inc. * | 30,700 | 1,105,814 |
The Hershey Co. | 45,564 | 4,837,985 |
The JM Smucker Co. | 36,901 | 3,913,351 |
The Kraft Heinz Co. | 187,600 | 14,507,108 |
TreeHouse Foods, Inc. * | 9,700 | 643,886 |
Tyson Foods, Inc., Class A | 89,659 | 6,537,038 |
326,819,063 | ||
Health Care Equipment & Services 5.4% | ||
Abbott Laboratories | 537,201 | 29,132,410 |
ABIOMED, Inc. * | 12,100 | 2,334,332 |
Acadia Healthcare Co., Inc. * | 21,000 | 658,560 |
Aetna, Inc. | 106,734 | 18,147,982 |
Align Technology, Inc. * | 23,400 | 5,592,132 |
AmerisourceBergen Corp. | 49,820 | 3,833,649 |
Anthem, Inc. | 81,423 | 17,034,506 |
athenahealth, Inc. * | 12,000 | 1,534,560 |
Baxter International, Inc. | 159,325 | 10,271,683 |
Becton, Dickinson & Co. | 68,207 | 14,232,755 |
Boston Scientific Corp. * | 429,507 | 12,086,327 |
C.R. Bard, Inc. | 23,600 | 7,718,852 |
Cantel Medical Corp. | 11,700 | 1,147,536 |
Cardinal Health, Inc. | 99,410 | 6,153,479 |
Centene Corp. * | 54,276 | 5,084,033 |
Cerner Corp. * | 94,504 | 6,380,910 |
Cigna Corp. | 78,854 | 15,551,586 |
Danaher Corp. | 184,040 | 16,981,371 |
DaVita, Inc. * | 53,450 | 3,246,553 |
DENTSPLY SIRONA, Inc. | 76,190 | 4,652,923 |
DexCom, Inc. * | 26,400 | 1,187,208 |
Edwards Lifesciences Corp. * | 65,384 | 6,684,206 |
Envision Healthcare Corp. * | 26,100 | 1,111,860 |
Express Scripts Holding Co. * | 183,989 | 11,276,686 |
HCA Healthcare, Inc. * | 95,600 | 7,232,140 |
HealthSouth Corp. | 21,500 | 992,010 |
Henry Schein, Inc. * | 51,838 | 4,074,467 |
Hill-Rom Holdings, Inc. | 17,300 | 1,396,283 |
Hologic, Inc. * | 76,970 | 2,913,315 |
Humana, Inc. | 46,391 | 11,845,942 |
IDEXX Laboratories, Inc. * | 29,996 | 4,984,435 |
Intuitive Surgical, Inc. * | 35,523 | 13,333,913 |
Laboratory Corp. of America Holdings * | 30,368 | 4,667,865 |
Masimo Corp. * | 15,300 | 1,342,728 |
Security | Number of Shares | Value ($) |
McKesson Corp. | 65,847 | 9,078,984 |
MEDNAX, Inc. * | 28,208 | 1,235,228 |
Medtronic plc | 418,622 | 33,707,443 |
Molina Healthcare, Inc. * | 12,300 | 834,309 |
NuVasive, Inc. * | 13,500 | 765,855 |
Patterson Cos., Inc. | 22,600 | 836,200 |
Quest Diagnostics, Inc. | 42,747 | 4,008,814 |
ResMed, Inc. | 43,716 | 3,680,013 |
STERIS plc | 22,600 | 2,109,258 |
Stryker Corp. | 98,654 | 15,278,545 |
Teleflex, Inc. | 13,846 | 3,281,225 |
The Cooper Cos., Inc. | 14,400 | 3,459,744 |
UnitedHealth Group, Inc. | 295,892 | 62,202,416 |
Universal Health Services, Inc., Class B | 27,874 | 2,862,660 |
Varian Medical Systems, Inc. * | 31,371 | 3,268,545 |
Veeva Systems, Inc., Class A * | 32,400 | 1,974,456 |
WellCare Health Plans, Inc. * | 14,100 | 2,788,134 |
West Pharmaceutical Services, Inc. | 22,500 | 2,281,500 |
Zimmer Biomet Holdings, Inc. | 59,412 | 7,225,687 |
415,698,213 | ||
Household & Personal Products 1.6% | ||
Church & Dwight Co., Inc. | 80,788 | 3,649,194 |
Colgate-Palmolive Co. | 264,754 | 18,651,919 |
Coty, Inc., Class A | 107,900 | 1,661,660 |
Edgewell Personal Care Co. * | 19,900 | 1,292,107 |
Herbalife Ltd. *(b) | 20,100 | 1,459,662 |
HRG Group, Inc. * | 41,900 | 679,618 |
Kimberly-Clark Corp. | 113,204 | 12,736,582 |
Spectrum Brands Holdings, Inc. | 8,200 | 901,344 |
The Clorox Co. | 40,425 | 5,114,975 |
The Estee Lauder Cos., Inc., Class A | 71,268 | 7,968,475 |
The Procter & Gamble Co. | 786,119 | 67,873,515 |
121,989,051 | ||
Insurance 3.0% | ||
Aflac, Inc. | 123,213 | 10,336,339 |
Alleghany Corp. * | 5,186 | 2,936,417 |
American Financial Group, Inc. | 21,805 | 2,300,209 |
American International Group, Inc. | 268,841 | 17,369,817 |
American National Insurance Co. | 3,100 | 377,363 |
AmTrust Financial Services, Inc. | 31,200 | 391,872 |
Aon plc | 79,703 | 11,431,801 |
Arch Capital Group Ltd. * | 37,000 | 3,686,680 |
Arthur J. Gallagher & Co. | 61,120 | 3,870,730 |
Aspen Insurance Holdings Ltd. | 18,600 | 797,940 |
Assurant, Inc. | 19,192 | 1,931,675 |
Assured Guaranty Ltd. | 41,600 | 1,543,360 |
Axis Capital Holdings Ltd. | 27,862 | 1,515,414 |
Brighthouse Financial, Inc. * | 30,876 | 1,919,870 |
Brown & Brown, Inc. | 39,476 | 1,967,484 |
Chubb Ltd. | 140,002 | 21,115,102 |
Cincinnati Financial Corp. | 48,417 | 3,397,421 |
CNA Financial Corp. | 9,150 | 495,289 |
CNO Financial Group, Inc. | 43,000 | 1,030,710 |
Enstar Group Ltd. * | 1,800 | 410,040 |
Erie Indemnity Co., Class A | 8,285 | 1,000,828 |
Everest Re Group Ltd. | 12,720 | 3,020,364 |
First American Financial Corp. | 24,900 | 1,355,058 |
FNF Group | 88,169 | 3,299,284 |
Lincoln National Corp. | 70,959 | 5,377,273 |
Loews Corp. | 82,358 | 4,077,545 |
Markel Corp. * | 4,447 | 4,821,882 |
Marsh & McLennan Cos., Inc. | 155,820 | 12,610,513 |
Mercury General Corp. | 6,500 | 363,805 |
MetLife, Inc. | 331,244 | 17,748,053 |
Security | Number of Shares | Value ($) |
Old Republic International Corp. | 70,509 | 1,430,628 |
Primerica, Inc. | 12,000 | 1,062,000 |
Principal Financial Group, Inc. | 88,009 | 5,795,393 |
Prudential Financial, Inc. | 133,597 | 14,757,125 |
Reinsurance Group of America, Inc. | 19,510 | 2,914,404 |
RenaissanceRe Holdings Ltd. | 13,907 | 1,924,172 |
The Allstate Corp. | 107,098 | 10,052,218 |
The Hanover Insurance Group, Inc. | 10,900 | 1,072,342 |
The Hartford Financial Services Group, Inc. | 116,795 | 6,429,565 |
The Progressive Corp. | 181,542 | 8,832,018 |
The Travelers Cos., Inc. | 86,747 | 11,489,640 |
Torchmark Corp. | 33,597 | 2,826,516 |
Unum Group | 78,214 | 4,070,256 |
Validus Holdings Ltd. | 25,509 | 1,328,509 |
W. R. Berkley Corp. | 32,225 | 2,209,990 |
White Mountains Insurance Group Ltd. | 1,313 | 1,167,454 |
Willis Towers Watson plc | 38,766 | 6,244,427 |
XL Group Ltd. | 83,567 | 3,381,956 |
229,488,751 | ||
Materials 3.3% | ||
Air Products & Chemicals, Inc. | 64,278 | 10,247,842 |
Albemarle Corp. | 39,539 | 5,570,650 |
Alcoa Corp. * | 55,980 | 2,674,724 |
AptarGroup, Inc. | 18,200 | 1,584,674 |
Ashland Global Holdings, Inc. | 20,300 | 1,379,994 |
Avery Dennison Corp. | 26,560 | 2,819,875 |
Axalta Coating Systems Ltd. * | 57,600 | 1,915,200 |
Ball Corp. | 97,752 | 4,196,493 |
Bemis Co., Inc. | 28,149 | 1,267,268 |
Berry Global Group, Inc. * | 36,100 | 2,146,145 |
Cabot Corp. | 8,000 | 487,680 |
Celanese Corp., Series A | 44,643 | 4,656,711 |
CF Industries Holdings, Inc. | 70,560 | 2,679,869 |
Crown Holdings, Inc. * | 47,376 | 2,850,614 |
DowDuPont, Inc. | 726,220 | 52,512,968 |
Eagle Materials, Inc. | 14,650 | 1,546,601 |
Eastman Chemical Co. | 45,762 | 4,155,647 |
Ecolab, Inc. | 83,128 | 10,861,505 |
FMC Corp. | 43,504 | 4,039,781 |
Freeport-McMoRan, Inc. * | 406,857 | 5,687,861 |
Graphic Packaging Holding Co. | 104,500 | 1,618,705 |
Huntsman Corp. | 55,500 | 1,777,110 |
International Flavors & Fragrances, Inc. | 24,408 | 3,598,227 |
International Paper Co. | 126,807 | 7,262,237 |
LyondellBasell Industries N.V., Class A | 107,400 | 11,119,122 |
Martin Marietta Materials, Inc. | 21,449 | 4,651,216 |
Monsanto Co. | 136,534 | 16,534,267 |
NewMarket Corp. | 2,800 | 1,121,092 |
Newmont Mining Corp. | 162,928 | 5,891,477 |
Nucor Corp. | 99,976 | 5,781,612 |
Olin Corp. | 48,800 | 1,782,664 |
Packaging Corp. of America | 29,030 | 3,375,318 |
Platform Specialty Products Corp. * | 15,000 | 160,500 |
PPG Industries, Inc. | 81,712 | 9,498,203 |
Praxair, Inc. | 89,328 | 13,052,607 |
Reliance Steel & Aluminum Co. | 19,922 | 1,530,807 |
Royal Gold, Inc. | 20,400 | 1,715,844 |
RPM International, Inc. | 44,600 | 2,378,518 |
Sealed Air Corp. | 58,102 | 2,569,851 |
Sensient Technologies Corp. | 13,500 | 1,026,675 |
Silgan Holdings, Inc. | 20,000 | 585,000 |
Sonoco Products Co. | 33,970 | 1,759,306 |
Steel Dynamics, Inc. | 74,400 | 2,768,424 |
The Chemours Co. | 55,300 | 3,130,533 |
The Mosaic Co. | 77,795 | 1,737,940 |
The Scotts Miracle-Gro Co. | 14,668 | 1,461,226 |
Security | Number of Shares | Value ($) |
The Sherwin-Williams Co. | 23,890 | 9,440,134 |
United States Steel Corp. | 59,900 | 1,516,668 |
Valvoline, Inc. | 55,730 | 1,338,635 |
Vulcan Materials Co. | 40,825 | 4,970,444 |
W.R. Grace & Co. | 21,500 | 1,644,535 |
Westlake Chemical Corp. | 14,000 | 1,188,740 |
WestRock Co. | 77,542 | 4,755,651 |
256,025,390 | ||
Media 2.7% | ||
AMC Networks, Inc., Class A * | 13,200 | 671,616 |
Cable One, Inc. | 900 | 638,829 |
CBS Corp., Class B - Non Voting Shares | 117,005 | 6,566,321 |
Charter Communications, Inc., Class A * | 62,820 | 20,992,559 |
Cinemark Holdings, Inc. | 34,600 | 1,257,364 |
Comcast Corp., Class A | 1,454,246 | 52,396,483 |
Discovery Communications, Inc., Class A * | 46,200 | 872,256 |
Discovery Communications, Inc., Class C * | 48,100 | 856,661 |
DISH Network Corp., Class A * | 67,372 | 3,270,237 |
Liberty Broadband Corp., Class C * | 45,400 | 3,962,966 |
Liberty Global plc, Class A * | 79,241 | 2,444,585 |
Liberty Global plc, Series C * | 179,872 | 5,376,374 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 30,446 | 1,269,903 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 52,300 | 2,178,295 |
Lions Gate Entertainment Corp., Class B * | 32,300 | 893,418 |
Live Nation Entertainment, Inc. * | 45,500 | 1,991,990 |
News Corp., Class A | 118,782 | 1,622,562 |
Omnicom Group, Inc. | 73,888 | 4,964,535 |
Scripps Networks Interactive, Inc., Class A | 30,900 | 2,573,352 |
Sirius XM Holdings, Inc. (b) | 508,000 | 2,763,520 |
TEGNA, Inc. | 73,854 | 903,234 |
The Interpublic Group of Cos., Inc. | 127,164 | 2,447,907 |
The Madison Square Garden Co., Class A * | 6,933 | 1,543,910 |
The Walt Disney Co. | 472,460 | 46,211,313 |
Time Warner, Inc. | 237,680 | 23,361,567 |
Twenty-First Century Fox, Inc., Class A | 341,328 | 8,925,727 |
Twenty-First Century Fox, Inc., Class B | 121,400 | 3,089,630 |
Viacom, Inc., Class B | 106,546 | 2,560,300 |
206,607,414 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.9% | ||
AbbVie, Inc. | 494,626 | 44,639,996 |
ACADIA Pharmaceuticals, Inc. * | 28,800 | 1,003,104 |
Agilent Technologies, Inc. | 99,131 | 6,743,882 |
Alexion Pharmaceuticals, Inc. * | 70,304 | 8,412,577 |
Alkermes plc * | 44,700 | 2,179,572 |
Allergan plc | 103,377 | 18,321,506 |
Alnylam Pharmaceuticals, Inc. * | 24,800 | 3,021,632 |
Amgen, Inc. | 228,102 | 39,968,032 |
Bio-Rad Laboratories, Inc., Class A * | 6,900 | 1,516,551 |
Bio-Techne Corp. | 12,563 | 1,646,004 |
Biogen, Inc. * | 67,455 | 21,023,025 |
BioMarin Pharmaceutical, Inc. * | 53,900 | 4,424,651 |
Bristol-Myers Squibb Co. | 506,839 | 31,251,693 |
Bruker Corp. | 33,900 | 1,064,460 |
Catalent, Inc. * | 39,000 | 1,661,010 |
Celgene Corp. * | 242,540 | 24,489,264 |
Charles River Laboratories International, Inc. * | 14,400 | 1,674,576 |
Eli Lilly & Co. | 300,371 | 24,612,400 |
Exelixis, Inc. * | 86,500 | 2,144,335 |
Gilead Sciences, Inc. | 410,344 | 30,759,386 |
Illumina, Inc. * | 45,900 | 9,418,221 |
Incyte Corp. * | 51,800 | 5,866,350 |
Ionis Pharmaceuticals, Inc. * | 37,900 | 2,164,469 |
Jazz Pharmaceuticals plc * | 19,200 | 2,717,376 |
Johnson & Johnson | 832,187 | 116,015,190 |
Security | Number of Shares | Value ($) |
Mallinckrodt plc * | 20,120 | 637,200 |
Merck & Co., Inc. | 844,018 | 46,496,952 |
Mettler-Toledo International, Inc. * | 8,800 | 6,007,144 |
Mylan N.V. * | 164,800 | 5,885,008 |
Neurocrine Biosciences, Inc. * | 24,300 | 1,509,273 |
OPKO Health, Inc. *(b) | 110,000 | 740,300 |
PerkinElmer, Inc. | 32,300 | 2,335,936 |
Perrigo Co., plc | 41,900 | 3,393,481 |
Pfizer, Inc. | 1,842,351 | 64,592,826 |
PRA Health Sciences, Inc. * | 14,500 | 1,180,735 |
Quintiles IMS Holdings, Inc. * | 45,446 | 4,912,713 |
Regeneron Pharmaceuticals, Inc. * | 22,900 | 9,219,998 |
Seattle Genetics, Inc. * | 33,600 | 2,060,016 |
TESARO, Inc. * | 6,500 | 752,505 |
Thermo Fisher Scientific, Inc. | 123,798 | 23,995,766 |
United Therapeutics Corp. * | 14,100 | 1,672,119 |
Vertex Pharmaceuticals, Inc. * | 77,612 | 11,349,203 |
VWR Corp. * | 25,700 | 850,670 |
Waters Corp. * | 25,000 | 4,901,250 |
Zoetis, Inc. | 154,700 | 9,872,954 |
609,105,311 | ||
Real Estate 3.7% | ||
Alexandria Real Estate Equities, Inc. | 29,200 | 3,619,632 |
American Campus Communities, Inc. | 44,400 | 1,846,152 |
American Homes 4 Rent, Class A | 67,200 | 1,430,016 |
American Tower Corp. | 133,189 | 19,135,264 |
Apartment Investment & Management Co., Class A | 49,418 | 2,173,404 |
Apple Hospitality REIT, Inc. | 73,000 | 1,382,620 |
AvalonBay Communities, Inc. | 41,849 | 7,588,479 |
Boston Properties, Inc. | 47,905 | 5,805,128 |
Brixmor Property Group, Inc. | 101,300 | 1,769,711 |
Camden Property Trust | 26,864 | 2,451,071 |
CBRE Group, Inc., Class A * | 104,537 | 4,110,395 |
Colony NorthStar, Inc., Class A | 170,200 | 2,090,056 |
CoreCivic, Inc. | 41,400 | 1,020,924 |
Cousins Properties, Inc. | 101,600 | 916,432 |
Crown Castle International Corp. | 124,327 | 13,312,935 |
CubeSmart | 50,100 | 1,363,722 |
CyrusOne, Inc. | 29,700 | 1,823,283 |
DCT Industrial Trust, Inc. | 27,600 | 1,601,352 |
DDR Corp. | 91,800 | 704,106 |
Digital Realty Trust, Inc. | 63,907 | 7,569,145 |
Douglas Emmett, Inc. | 47,600 | 1,894,004 |
Duke Realty Corp. | 104,537 | 2,977,214 |
EPR Properties | 17,000 | 1,176,060 |
Equinix, Inc. | 24,162 | 11,199,087 |
Equity Commonwealth * | 40,300 | 1,211,015 |
Equity LifeStyle Properties, Inc. | 23,400 | 2,070,432 |
Equity Residential | 111,372 | 7,490,881 |
Essex Property Trust, Inc. | 20,929 | 5,492,397 |
Extra Space Storage, Inc. | 40,600 | 3,312,554 |
Federal Realty Investment Trust | 21,596 | 2,602,750 |
First Industrial Realty Trust, Inc. | 37,400 | 1,154,912 |
Forest City Realty Trust, Inc., Class A | 85,300 | 2,100,939 |
Gaming & Leisure Properties, Inc. | 59,100 | 2,159,514 |
GGP, Inc. | 187,700 | 3,652,642 |
Gramercy Property Trust | 41,433 | 1,230,560 |
HCP, Inc. | 144,480 | 3,733,363 |
Healthcare Realty Trust, Inc. | 43,600 | 1,405,664 |
Healthcare Trust of America, Inc., Class A | 55,800 | 1,676,790 |
Highwoods Properties, Inc. | 31,600 | 1,613,180 |
Hospitality Properties Trust | 52,081 | 1,488,475 |
Host Hotels & Resorts, Inc. | 240,139 | 4,697,119 |
Hudson Pacific Properties, Inc. | 44,412 | 1,502,014 |
Iron Mountain, Inc. | 77,466 | 3,098,640 |
JBG SMITH Properties * | 27,167 | 847,882 |
Security | Number of Shares | Value ($) |
Jones Lang LaSalle, Inc. | 15,400 | 1,994,146 |
Kilroy Realty Corp. | 27,700 | 1,973,071 |
Kimco Realty Corp. | 126,531 | 2,297,803 |
Lamar Advertising Co., Class A | 26,170 | 1,843,415 |
LaSalle Hotel Properties | 39,000 | 1,100,190 |
Liberty Property Trust | 46,304 | 1,985,516 |
Life Storage, Inc. | 14,900 | 1,204,218 |
Medical Properties Trust, Inc. | 104,300 | 1,379,889 |
Mid-America Apartment Communities, Inc. | 35,970 | 3,681,529 |
National Retail Properties, Inc. | 43,000 | 1,727,740 |
Omega Healthcare Investors, Inc. (b) | 71,900 | 2,075,034 |
Outfront Media, Inc. | 50,000 | 1,172,500 |
Paramount Group, Inc. | 48,500 | 772,120 |
Park Hotels & Resorts, Inc. | 45,447 | 1,308,419 |
Prologis, Inc. | 162,080 | 10,467,126 |
PS Business Parks, Inc. | 5,000 | 661,650 |
Public Storage | 46,709 | 9,680,440 |
Rayonier, Inc. | 30,500 | 914,390 |
Realogy Holdings Corp. | 47,700 | 1,542,141 |
Realty Income Corp. | 86,400 | 4,637,088 |
Regency Centers Corp. | 44,442 | 2,735,405 |
Retail Properties of America, Inc., Class A | 70,400 | 860,288 |
Ryman Hospitality Properties, Inc. | 15,500 | 1,025,015 |
SBA Communications Corp. * | 38,300 | 6,019,994 |
Senior Housing Properties Trust | 72,168 | 1,327,891 |
Simon Property Group, Inc. | 97,150 | 15,090,309 |
SL Green Realty Corp. | 31,851 | 3,047,504 |
Spirit Realty Capital, Inc. | 157,000 | 1,304,670 |
STORE Capital Corp. | 57,000 | 1,407,330 |
Sun Communities, Inc. | 23,200 | 2,094,032 |
Sunstone Hotel Investors, Inc. | 64,700 | 1,055,904 |
Tanger Factory Outlet Centers, Inc. (b) | 30,900 | 702,975 |
Taubman Centers, Inc. | 19,800 | 934,956 |
The Howard Hughes Corp. * | 11,500 | 1,467,745 |
The Macerich Co. | 40,745 | 2,224,677 |
UDR, Inc. | 85,262 | 3,307,313 |
Uniti Group, Inc. * | 56,900 | 995,750 |
Ventas, Inc. | 107,029 | 6,716,070 |
VEREIT, Inc. | 298,200 | 2,352,798 |
Vornado Realty Trust | 54,334 | 4,067,443 |
Weingarten Realty Investors | 43,602 | 1,327,681 |
Welltower, Inc. | 111,421 | 7,460,750 |
Weyerhaeuser Co. | 243,126 | 8,730,655 |
WP Carey, Inc. | 36,300 | 2,473,845 |
282,651,340 | ||
Retailing 5.1% | ||
Advance Auto Parts, Inc. | 22,622 | 1,849,122 |
Amazon.com, Inc. * | 122,991 | 135,939,493 |
AutoNation, Inc. *(b) | 10,166 | 481,868 |
AutoZone, Inc. * | 9,033 | 5,324,954 |
Bed Bath & Beyond, Inc. | 51,220 | 1,019,278 |
Best Buy Co., Inc. | 85,826 | 4,804,539 |
Burlington Stores, Inc. * | 14,500 | 1,361,405 |
CarMax, Inc. * | 61,400 | 4,611,140 |
Dick's Sporting Goods, Inc. | 8,700 | 212,889 |
Dollar General Corp. | 83,200 | 6,725,888 |
Dollar Tree, Inc. * | 71,418 | 6,516,893 |
Expedia, Inc. | 36,404 | 4,538,123 |
Foot Locker, Inc. | 40,809 | 1,227,535 |
Genuine Parts Co. | 45,830 | 4,043,581 |
Kohl's Corp. | 56,465 | 2,357,978 |
L Brands, Inc. | 78,823 | 3,392,542 |
Liberty Interactive Corp., QVC Group, Class A * | 105,208 | 2,390,326 |
Liberty Ventures, Series A * | 26,808 | 1,526,984 |
LKQ Corp. * | 99,600 | 3,753,924 |
Lowe's Cos., Inc. | 268,436 | 21,461,458 |
Security | Number of Shares | Value ($) |
Macy's, Inc. | 93,676 | 1,757,362 |
Netflix, Inc. * | 134,800 | 26,478,764 |
Nordstrom, Inc. | 41,600 | 1,649,440 |
O'Reilly Automotive, Inc. * | 27,466 | 5,793,953 |
Penske Automotive Group, Inc. | 15,300 | 713,286 |
Pool Corp. | 8,900 | 1,074,942 |
Ross Stores, Inc. | 122,524 | 7,779,049 |
Sally Beauty Holdings, Inc. * | 7,900 | 136,749 |
Signet Jewelers Ltd. | 24,300 | 1,593,351 |
Target Corp. | 180,562 | 10,660,380 |
The Gap, Inc. | 72,255 | 1,877,907 |
The Home Depot, Inc. | 369,035 | 61,178,622 |
The Michaels Cos., Inc. * | 16,400 | 318,488 |
The Priceline Group, Inc. * | 15,246 | 29,149,742 |
The TJX Cos., Inc. | 202,290 | 14,119,842 |
Tiffany & Co. | 33,573 | 3,143,104 |
Tractor Supply Co. | 41,400 | 2,494,764 |
TripAdvisor, Inc. * | 22,700 | 851,250 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 19,900 | 4,015,621 |
Williams-Sonoma, Inc. | 25,300 | 1,305,480 |
389,632,016 | ||
Semiconductors & Semiconductor Equipment 3.9% | ||
Advanced Micro Devices, Inc. * | 236,200 | 2,594,657 |
Analog Devices, Inc. | 113,653 | 10,376,519 |
Applied Materials, Inc. | 338,489 | 19,100,934 |
Broadcom Ltd. | 125,470 | 33,112,788 |
Cavium, Inc. * | 21,700 | 1,497,083 |
Cirrus Logic, Inc. * | 16,700 | 935,200 |
Cypress Semiconductor Corp. | 105,500 | 1,673,230 |
First Solar, Inc. * | 22,300 | 1,222,486 |
Integrated Device Technology, Inc. * | 47,100 | 1,463,397 |
Intel Corp. | 1,463,480 | 66,573,705 |
KLA-Tencor Corp. | 47,638 | 5,187,302 |
Lam Research Corp. | 48,319 | 10,077,894 |
Marvell Technology Group Ltd. | 114,162 | 2,108,572 |
Maxim Integrated Products, Inc. | 93,500 | 4,912,490 |
Microchip Technology, Inc. | 68,648 | 6,507,830 |
Micron Technology, Inc. * | 344,700 | 15,273,657 |
Microsemi Corp. * | 35,700 | 1,905,309 |
MKS Instruments, Inc. | 16,800 | 1,825,320 |
Monolithic Power Systems, Inc. | 7,600 | 924,692 |
NVIDIA Corp. | 185,599 | 38,383,729 |
ON Semiconductor Corp. * | 126,800 | 2,703,376 |
Qorvo, Inc. * | 36,300 | 2,751,903 |
QUALCOMM, Inc. | 460,578 | 23,494,084 |
Skyworks Solutions, Inc. | 59,900 | 6,820,214 |
Teradyne, Inc. | 62,600 | 2,684,914 |
Texas Instruments, Inc. | 314,775 | 30,435,595 |
Xilinx, Inc. | 78,605 | 5,792,403 |
300,339,283 | ||
Software & Services 14.1% | ||
Accenture plc, Class A | 192,700 | 27,432,772 |
Activision Blizzard, Inc. | 232,238 | 15,209,267 |
Adobe Systems, Inc. * | 155,313 | 27,204,625 |
Akamai Technologies, Inc. * | 55,509 | 2,900,345 |
Alliance Data Systems Corp. | 15,671 | 3,506,073 |
Alphabet, Inc., Class A * | 92,588 | 95,647,108 |
Alphabet, Inc., Class C * | 93,332 | 94,885,044 |
Amdocs Ltd. | 46,200 | 3,007,620 |
ANSYS, Inc. * | 27,400 | 3,745,854 |
Aspen Technology, Inc. * | 24,400 | 1,574,288 |
Autodesk, Inc. * | 66,472 | 8,306,341 |
Automatic Data Processing, Inc. | 139,051 | 16,166,069 |
Booz Allen Hamilton Holding Corp. | 38,600 | 1,458,694 |
Security | Number of Shares | Value ($) |
Broadridge Financial Solutions, Inc. | 36,400 | 3,127,488 |
CA, Inc. | 88,681 | 2,871,491 |
Cadence Design Systems, Inc. * | 92,587 | 3,996,055 |
Cars.com, Inc. * | 24,618 | 586,401 |
CDK Global, Inc. | 45,500 | 2,891,980 |
Citrix Systems, Inc. * | 48,200 | 3,981,802 |
Cognizant Technology Solutions Corp., Class A | 185,032 | 14,001,371 |
CoStar Group, Inc. * | 10,600 | 3,134,950 |
CSRA, Inc. | 42,331 | 1,354,169 |
DST Systems, Inc. | 21,960 | 1,287,295 |
DXC Technology Co. | 88,604 | 8,109,038 |
eBay, Inc. * | 312,970 | 11,780,191 |
Electronic Arts, Inc. * | 98,381 | 11,766,368 |
EPAM Systems, Inc. * | 14,200 | 1,294,330 |
Euronet Worldwide, Inc. * | 11,600 | 1,121,024 |
Facebook, Inc., Class A * | 731,600 | 131,731,896 |
Fair Isaac Corp. | 9,300 | 1,349,988 |
Fidelity National Information Services, Inc. | 98,108 | 9,100,498 |
First Data Corp., Class A * | 101,000 | 1,798,810 |
Fiserv, Inc. * | 70,978 | 9,186,683 |
FleetCor Technologies, Inc. * | 29,500 | 4,875,465 |
Fortinet, Inc. * | 44,600 | 1,757,686 |
Gartner, Inc. * | 26,400 | 3,308,184 |
Genpact Ltd. | 44,550 | 1,356,547 |
Global Payments, Inc. | 47,099 | 4,895,941 |
GrubHub, Inc. * | 26,800 | 1,635,336 |
Guidewire Software, Inc. * | 19,000 | 1,519,620 |
IAC/InterActiveCorp * | 25,730 | 3,320,456 |
International Business Machines Corp. | 265,740 | 40,939,904 |
Intuit, Inc. | 77,544 | 11,710,695 |
j2 Global, Inc. | 13,900 | 1,030,546 |
Jack Henry & Associates, Inc. | 24,200 | 2,665,146 |
Leidos Holdings, Inc. | 36,700 | 2,294,484 |
Manhattan Associates, Inc. * | 15,200 | 636,272 |
MasterCard, Inc., Class A | 291,210 | 43,323,312 |
MAXIMUS, Inc. | 16,000 | 1,062,880 |
Microsoft Corp. | 2,384,438 | 198,337,553 |
Nuance Communications, Inc. * | 69,700 | 1,027,378 |
Oracle Corp. | 926,410 | 47,154,269 |
Paychex, Inc. | 102,528 | 6,540,261 |
PayPal Holdings, Inc. * | 348,370 | 25,277,727 |
Proofpoint, Inc. * | 13,000 | 1,201,330 |
PTC, Inc. * | 39,700 | 2,638,065 |
Red Hat, Inc. * | 57,283 | 6,921,505 |
Sabre Corp. | 62,900 | 1,230,324 |
salesforce.com, Inc. * | 209,440 | 21,434,090 |
Science Applications International Corp. | 10,900 | 799,406 |
ServiceNow, Inc. * | 50,800 | 6,419,596 |
Splunk, Inc. * | 40,400 | 2,718,920 |
SS&C Technologies Holdings, Inc. | 49,000 | 1,969,800 |
Symantec Corp. | 196,689 | 6,392,392 |
Synopsys, Inc. * | 48,700 | 4,213,524 |
Take-Two Interactive Software, Inc. * | 33,800 | 3,739,970 |
Teradata Corp. * | 35,844 | 1,198,982 |
The Ultimate Software Group, Inc. * | 8,900 | 1,803,051 |
The Western Union Co. | 163,440 | 3,245,918 |
Total System Services, Inc. | 55,100 | 3,969,955 |
Twitter, Inc. * | 198,700 | 4,097,194 |
Tyler Technologies, Inc. * | 9,300 | 1,648,797 |
Vantiv, Inc., Class A * | 51,300 | 3,591,000 |
VeriSign, Inc. * | 29,605 | 3,183,130 |
Visa, Inc., Class A | 569,700 | 62,655,606 |
VMware, Inc., Class A * | 24,100 | 2,884,529 |
WEX, Inc. * | 13,100 | 1,619,029 |
Workday, Inc., Class A * | 38,800 | 4,306,412 |
Security | Number of Shares | Value ($) |
Yelp, Inc. * | 23,500 | 1,097,920 |
Zillow Group, Inc., Class C * | 34,700 | 1,432,416 |
1,086,598,451 | ||
Technology Hardware & Equipment 5.8% | ||
Amphenol Corp., Class A | 92,240 | 8,024,880 |
Apple, Inc. | 1,599,774 | 270,425,797 |
Arista Networks, Inc. * | 13,800 | 2,758,482 |
ARRIS International plc * | 55,100 | 1,570,350 |
Arrow Electronics, Inc. * | 28,800 | 2,407,392 |
Avnet, Inc. | 42,546 | 1,693,331 |
Belden, Inc. | 10,000 | 799,100 |
Brocade Communications Systems, Inc. | 127,300 | 1,483,045 |
CDW Corp. | 42,900 | 3,003,000 |
Ciena Corp. * | 46,900 | 997,563 |
Cisco Systems, Inc. | 1,554,615 | 53,090,102 |
Cognex Corp. | 26,700 | 3,288,105 |
Coherent, Inc. * | 7,300 | 1,917,783 |
CommScope Holding Co., Inc. * | 59,700 | 1,918,758 |
Corning, Inc. | 289,363 | 9,059,956 |
F5 Networks, Inc. * | 23,200 | 2,813,464 |
Finisar Corp. * | 35,600 | 838,024 |
FLIR Systems, Inc. | 38,200 | 1,788,524 |
Harris Corp. | 38,807 | 5,406,591 |
Hewlett Packard Enterprise Co. | 510,768 | 7,109,891 |
HP, Inc. | 522,068 | 11,250,565 |
IPG Photonics Corp. * | 12,900 | 2,746,539 |
Jabil, Inc. | 62,300 | 1,761,844 |
Juniper Networks, Inc. | 110,994 | 2,755,981 |
Keysight Technologies, Inc. * | 49,100 | 2,193,297 |
Littelfuse, Inc. | 6,000 | 1,254,000 |
Motorola Solutions, Inc. | 49,912 | 4,519,032 |
National Instruments Corp. | 31,200 | 1,404,000 |
NCR Corp. * | 38,744 | 1,243,295 |
NetApp, Inc. | 88,200 | 3,917,844 |
Palo Alto Networks, Inc. * | 27,300 | 4,018,560 |
Seagate Technology plc | 92,137 | 3,406,305 |
SYNNEX Corp. | 9,300 | 1,254,384 |
TE Connectivity Ltd. | 108,600 | 9,879,342 |
Trimble, Inc. * | 74,000 | 3,025,120 |
Ubiquiti Networks, Inc. *(b) | 7,600 | 472,568 |
ViaSat, Inc. * | 13,600 | 885,360 |
Western Digital Corp. | 91,093 | 8,131,872 |
Xerox Corp. | 73,261 | 2,220,541 |
Zebra Technologies Corp., Class A * | 16,500 | 1,913,835 |
448,648,422 | ||
Telecommunication Services 1.8% | ||
AT&T, Inc. | 1,907,041 | 64,171,930 |
CenturyLink, Inc. (b) | 285,511 | 5,421,854 |
Frontier Communications Corp. (b) | 15,446 | 187,051 |
Sprint Corp. * | 200,000 | 1,308,000 |
T-Mobile US, Inc. * | 90,900 | 5,433,093 |
Verizon Communications, Inc. | 1,261,257 | 60,376,372 |
Zayo Group Holdings, Inc. * | 58,700 | 2,116,722 |
139,015,022 | ||
Transportation 2.1% | ||
Alaska Air Group, Inc. | 38,800 | 2,561,964 |
AMERCO | 2,000 | 785,280 |
American Airlines Group, Inc. | 136,500 | 6,390,930 |
Avis Budget Group, Inc. * | 23,800 | 981,750 |
C.H. Robinson Worldwide, Inc. | 43,348 | 3,404,118 |
CSX Corp. | 285,526 | 14,399,076 |
Delta Air Lines, Inc. | 206,351 | 10,323,741 |
Security | Number of Shares | Value ($) |
Expeditors International of Washington, Inc. | 59,698 | 3,485,169 |
FedEx Corp. | 77,828 | 17,574,341 |
Genesee & Wyoming, Inc., Class A * | 16,600 | 1,191,548 |
JB Hunt Transport Services, Inc. | 26,491 | 2,818,377 |
JetBlue Airways Corp. * | 95,500 | 1,828,825 |
Kansas City Southern | 33,100 | 3,449,682 |
Kirby Corp. * | 14,100 | 998,985 |
Landstar System, Inc. | 8,500 | 839,375 |
Macquarie Infrastructure Corp. | 23,100 | 1,606,605 |
Norfolk Southern Corp. | 90,086 | 11,839,102 |
Old Dominion Freight Line, Inc. | 19,400 | 2,349,922 |
Ryder System, Inc. | 16,964 | 1,375,441 |
Southwest Airlines Co. | 180,288 | 9,710,312 |
Spirit Airlines, Inc. * | 20,100 | 745,509 |
Union Pacific Corp. | 250,724 | 29,031,332 |
United Continental Holdings, Inc. * | 81,482 | 4,765,067 |
United Parcel Service, Inc., Class B | 208,635 | 24,520,872 |
XPO Logistics, Inc. * | 29,750 | 2,063,163 |
159,040,486 | ||
Utilities 3.2% | ||
AES Corp. | 196,502 | 2,088,816 |
Alliant Energy Corp. | 74,800 | 3,235,848 |
Ameren Corp. | 78,585 | 4,871,484 |
American Electric Power Co., Inc. | 153,071 | 11,390,013 |
American Water Works Co., Inc. | 54,500 | 4,782,920 |
Aqua America, Inc. | 58,917 | 2,090,375 |
Atmos Energy Corp. | 30,718 | 2,679,838 |
Avangrid, Inc. | 13,000 | 672,490 |
Black Hills Corp. | 15,500 | 1,011,530 |
Calpine Corp. * | 105,900 | 1,582,146 |
CenterPoint Energy, Inc. | 133,911 | 3,961,087 |
CMS Energy Corp. | 85,733 | 4,146,905 |
Consolidated Edison, Inc. | 89,906 | 7,736,411 |
Dominion Energy, Inc. | 200,608 | 16,277,333 |
DTE Energy Co. | 55,897 | 6,174,383 |
Duke Energy Corp. | 213,295 | 18,836,082 |
Edison International | 99,454 | 7,951,347 |
Entergy Corp. | 57,362 | 4,948,046 |
Eversource Energy | 101,312 | 6,346,184 |
Exelon Corp. | 294,119 | 11,826,525 |
FirstEnergy Corp. | 138,791 | 4,573,164 |
Great Plains Energy, Inc. | 64,500 | 2,117,535 |
Hawaiian Electric Industries, Inc. | 31,000 | 1,130,260 |
IDACORP, Inc. | 19,800 | 1,822,194 |
MDU Resources Group, Inc. | 64,217 | 1,756,335 |
National Fuel Gas Co. | 28,047 | 1,628,128 |
NextEra Energy, Inc. | 145,308 | 22,532,912 |
NiSource, Inc. | 95,880 | 2,528,356 |
NRG Energy, Inc. | 98,800 | 2,470,000 |
OGE Energy Corp. | 66,760 | 2,459,438 |
ONE Gas, Inc. | 16,000 | 1,231,680 |
PG&E Corp. | 158,237 | 9,141,352 |
Pinnacle West Capital Corp. | 32,687 | 2,866,977 |
Portland General Electric Co. | 27,200 | 1,298,528 |
PPL Corp. | 211,761 | 7,953,743 |
Public Service Enterprise Group, Inc. | 156,372 | 7,693,502 |
SCANA Corp. | 44,531 | 1,921,067 |
Sempra Energy | 82,678 | 9,714,665 |
Southwest Gas Holdings, Inc. | 14,200 | 1,169,938 |
The Southern Co. | 306,618 | 16,005,460 |
UGI Corp. | 50,172 | 2,401,232 |
Vectren Corp. | 22,800 | 1,553,592 |
WEC Energy Group, Inc. | 96,477 | 6,501,585 |
Westar Energy, Inc. | 42,300 | 2,262,204 |
Security | Number of Shares | Value ($) |
WGL Holdings, Inc. | 13,000 | 1,114,100 |
Xcel Energy, Inc. | 160,409 | 7,943,454 |
246,401,164 | ||
Total Common Stock | ||
(Cost $2,019,916,823) | 7,654,338,640 | |
Other Investment Companies 0.5% of net assets | ||
Money Market Fund 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (c) | 19,076,675 | 19,076,675 |
Securities Lending Collateral 0.3% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 21,380,850 | 21,380,850 |
Total Other Investment Companies | ||
(Cost $40,457,525) | 40,457,525 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/15/17 | 210 | 27,013,350 | 624,917 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $20,177,397. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.4% of net assets | ||
Automobiles & Components 1.3% | ||
American Axle & Manufacturing Holdings, Inc. * | 147,050 | 2,616,020 |
Cooper Tire & Rubber Co. | 89,799 | 2,945,407 |
Cooper-Standard Holding, Inc. * | 29,200 | 3,255,216 |
Dana, Inc. | 248,329 | 7,571,551 |
Dorman Products, Inc. * | 47,400 | 3,275,814 |
Fox Factory Holding Corp. * | 58,400 | 2,484,920 |
Gentherm, Inc. * | 63,900 | 2,140,650 |
Horizon Global Corp. * | 44,200 | 717,366 |
LCI Industries | 41,800 | 5,174,840 |
Modine Manufacturing Co. * | 89,500 | 1,883,975 |
Motorcar Parts of America, Inc. * | 31,200 | 901,992 |
Shiloh Industries, Inc. * | 32,500 | 301,600 |
Standard Motor Products, Inc. | 35,200 | 1,537,184 |
Stoneridge, Inc. * | 42,600 | 968,724 |
Superior Industries International, Inc. | 37,500 | 583,125 |
Tenneco, Inc. | 91,928 | 5,341,936 |
Tower International, Inc. | 32,900 | 1,000,160 |
VOXX International Corp. * | 34,500 | 231,150 |
Winnebago Industries, Inc. | 53,000 | 2,604,950 |
45,536,580 | ||
Banks 12.7% | ||
1st Source Corp. | 26,203 | 1,344,476 |
Access National Corp. | 31,624 | 920,258 |
ACNB Corp. | 8,600 | 239,940 |
Allegiance Bancshares, Inc. * | 22,100 | 866,320 |
American National Bankshares, Inc. | 15,700 | 614,655 |
Ameris Bancorp | 61,200 | 2,931,480 |
Ames National Corp. | 15,500 | 461,900 |
Arrow Financial Corp. | 20,387 | 719,661 |
Atlantic Capital Bancshares, Inc. * | 36,400 | 598,780 |
Banc of California, Inc. | 72,800 | 1,532,440 |
BancFirst Corp. | 28,432 | 1,553,809 |
Banco Latinoamericano de Comercio Exterior, S.A., Class E | 50,257 | 1,408,704 |
BancorpSouth, Inc. | 143,600 | 4,537,760 |
Bank Mutual Corp. | 71,800 | 759,285 |
Bank of Commerce Holdings | 27,300 | 327,600 |
Bank of Marin Bancorp | 9,600 | 650,400 |
BankFinancial Corp. | 28,200 | 446,688 |
Bankwell Financial Group, Inc. | 7,700 | 281,820 |
Banner Corp. | 56,857 | 3,259,043 |
Bar Harbor Bankshares | 24,957 | 754,450 |
BCB Bancorp, Inc. | 16,300 | 229,015 |
Bear State Financial, Inc. | 48,900 | 501,714 |
Beneficial Bancorp, Inc. | 113,011 | 1,864,682 |
Berkshire Hills Bancorp, Inc. | 68,300 | 2,615,890 |
Blue Hills Bancorp, Inc. | 43,900 | 952,630 |
BofI Holding, Inc. *(a) | 103,080 | 2,772,852 |
Boston Private Financial Holdings, Inc. | 141,600 | 2,251,440 |
Bridge Bancorp, Inc. | 31,400 | 1,114,700 |
Brookline Bancorp, Inc. | 136,022 | 2,094,739 |
Bryn Mawr Bank Corp. | 27,200 | 1,192,720 |
BSB Bancorp, Inc. * | 15,267 | 456,483 |
Byline Bancorp, Inc. * | 11,100 | 222,555 |
Security | Number of Shares | Value ($) |
C&F Financial Corp. | 4,700 | 272,600 |
Cadence BanCorp * | 16,800 | 409,248 |
Camden National Corp. | 25,550 | 1,102,994 |
Capital Bank Financial Corp., Class A | 50,419 | 2,047,011 |
Capital City Bank Group, Inc. | 15,300 | 377,298 |
Capitol Federal Financial, Inc. | 218,857 | 3,018,038 |
Capstar Financial Holdings, Inc. * | 15,100 | 304,869 |
Carolina Financial Corp. | 21,200 | 781,220 |
Cathay General Bancorp | 134,426 | 5,619,007 |
CenterState Bank Corp. | 88,400 | 2,354,976 |
Central Pacific Financial Corp. | 49,100 | 1,527,992 |
Central Valley Community Bancorp | 13,500 | 272,700 |
Century Bancorp, Inc., Class A | 4,700 | 399,265 |
Charter Financial Corp. | 24,859 | 476,547 |
Chemical Financial Corp. | 122,363 | 6,447,306 |
Chemung Financial Corp. | 8,800 | 415,712 |
Citizens & Northern Corp. | 20,300 | 495,929 |
City Holding Co. | 27,800 | 1,959,622 |
Civista Bancshares, Inc. | 17,000 | 383,690 |
Clifton Bancorp, Inc. | 38,861 | 661,803 |
CNB Financial Corp. | 20,700 | 595,125 |
CoBiz Financial, Inc. | 60,600 | 1,238,664 |
Codorus Valley Bancorp, Inc. | 11,466 | 362,784 |
Columbia Banking System, Inc. | 97,400 | 4,237,874 |
Commerce Union Bancshares, Inc. | 11,700 | 282,672 |
Community Bank System, Inc. | 87,396 | 4,832,125 |
Community Bankers Trust Corp. * | 37,200 | 321,780 |
Community Trust Bancorp, Inc. | 25,180 | 1,216,194 |
ConnectOne Bancorp, Inc. | 54,740 | 1,469,769 |
County Bancorp, Inc. | 7,500 | 244,950 |
Customers Bancorp, Inc. * | 54,050 | 1,477,727 |
CVB Financial Corp. | 174,119 | 4,154,479 |
Dime Community Bancshares, Inc. | 50,600 | 1,115,730 |
DNB Financial Corp. | 5,800 | 195,460 |
Eagle Bancorp, Inc. * | 52,980 | 3,531,117 |
Entegra Financial Corp. * | 10,100 | 275,225 |
Enterprise Bancorp, Inc. | 14,531 | 524,569 |
Enterprise Financial Services Corp. | 39,000 | 1,700,400 |
Equity Bancshares, Inc., Class A * | 18,500 | 630,665 |
ESSA Bancorp, Inc. | 12,500 | 202,125 |
Essent Group Ltd. * | 136,600 | 5,821,892 |
Evans Bancorp, Inc. | 7,900 | 344,045 |
Farmers & Merchants Bancorp, Inc. | 15,200 | 562,704 |
Farmers Capital Bank Corp. | 13,815 | 574,704 |
Farmers National Banc Corp. | 50,500 | 732,250 |
FB Financial Corp. * | 22,400 | 915,488 |
FCB Financial Holdings, Inc., Class A * | 58,469 | 2,730,502 |
Federal Agricultural Mortgage Corp., Class C | 14,300 | 1,061,632 |
Fidelity Southern Corp. | 34,748 | 762,024 |
Financial Institutions, Inc. | 22,900 | 751,120 |
First BanCorp * | 342,600 | 1,764,390 |
First Bancorp (North Carolina) | 49,088 | 1,801,530 |
First Bancorp, Inc. | 18,296 | 571,018 |
First Busey Corp. | 66,776 | 2,078,069 |
First Business Financial Services, Inc. | 11,600 | 257,868 |
First Citizens BancShares, Inc., Class A | 12,941 | 5,241,105 |
First Commonwealth Financial Corp. | 163,829 | 2,385,350 |
First Community Bancshares, Inc. | 34,300 | 1,024,541 |
First Connecticut Bancorp, Inc. | 23,900 | 630,960 |
First Defiance Financial Corp. | 16,300 | 883,460 |
First Financial Bancorp | 105,289 | 2,874,390 |
First Financial Bankshares, Inc. | 109,662 | 5,006,070 |
First Financial Corp. | 17,700 | 840,750 |
First Financial Northwest, Inc. | 10,300 | 171,289 |
First Foundation, Inc. * | 51,200 | 947,712 |
First Guaranty Bancshares, Inc. (a) | 7,200 | 192,096 |
First Internet Bancorp | 7,900 | 297,830 |
First Interstate BancSystem, Inc., Class A | 46,008 | 1,808,114 |
Security | Number of Shares | Value ($) |
First Merchants Corp. | 71,800 | 3,087,400 |
First Mid-Illinois Bancshares, Inc. | 18,900 | 729,540 |
First Midwest Bancorp, Inc. | 169,363 | 3,910,592 |
First Northwest Bancorp * | 15,400 | 260,568 |
Flagstar Bancorp, Inc. * | 39,100 | 1,461,167 |
Flushing Financial Corp. | 47,500 | 1,424,050 |
FNB Bancorp | 8,700 | 300,585 |
Franklin Financial Network, Inc. * | 23,164 | 794,525 |
Fulton Financial Corp. | 293,549 | 5,342,592 |
German American Bancorp, Inc. | 35,700 | 1,284,486 |
Glacier Bancorp, Inc. | 134,611 | 5,109,834 |
Great Southern Bancorp, Inc. | 16,300 | 876,125 |
Great Western Bancorp, Inc. | 101,817 | 4,132,752 |
Green Bancorp, Inc. * | 39,100 | 866,065 |
Greene County Bancorp, Inc. (a) | 7,200 | 215,280 |
Guaranty Bancorp | 38,920 | 1,107,274 |
Guaranty Bancshares, Inc. | 6,100 | 174,948 |
Hancock Holding Co. | 144,326 | 7,035,892 |
Hanmi Financial Corp. | 51,600 | 1,586,700 |
HarborOne Bancorp, Inc. * | 25,100 | 489,701 |
Heartland Financial USA, Inc. | 41,300 | 2,034,025 |
Heritage Commerce Corp. | 67,500 | 1,038,150 |
Heritage Financial Corp. | 51,945 | 1,584,323 |
Hilltop Holdings, Inc. | 124,513 | 2,933,526 |
Hingham Institution for Savings | 2,496 | 485,971 |
Home Bancorp, Inc. | 11,800 | 505,512 |
Home BancShares, Inc. | 269,697 | 6,062,789 |
HomeStreet, Inc. * | 42,222 | 1,226,549 |
HomeTrust Bancshares, Inc. * | 29,400 | 771,750 |
Hope Bancorp, Inc. | 226,679 | 4,182,228 |
Horizon Bancorp | 37,250 | 1,025,120 |
Howard Bancorp, Inc. *(a) | 15,200 | 317,680 |
IBERIABANK Corp. | 86,175 | 6,355,406 |
Impac Mortgage Holdings, Inc. * | 12,642 | 165,610 |
Independent Bank Corp., Massachusetts | 43,800 | 3,157,980 |
Independent Bank Corp., Michigan | 33,600 | 756,000 |
Independent Bank Group, Inc. | 30,000 | 1,887,000 |
International Bancshares Corp. | 90,360 | 3,668,616 |
Investar Holding Corp. | 13,900 | 322,480 |
Investors Bancorp, Inc. | 442,714 | 6,087,318 |
Kearny Financial Corp. | 144,832 | 2,179,722 |
Lakeland Bancorp, Inc. | 75,197 | 1,545,298 |
Lakeland Financial Corp. | 39,000 | 1,882,920 |
LCNB Corp. | 12,200 | 248,880 |
LegacyTexas Financial Group, Inc. | 79,500 | 3,171,255 |
LendingTree, Inc. * | 10,600 | 2,841,330 |
Live Oak Bancshares, Inc. | 40,000 | 948,000 |
Macatawa Bank Corp. | 39,500 | 396,580 |
MainSource Financial Group, Inc. | 42,944 | 1,618,559 |
Malvern Bancorp, Inc. * | 10,500 | 283,500 |
MB Financial, Inc. | 140,787 | 6,467,755 |
MBT Financial Corp. | 27,100 | 285,905 |
Mercantile Bank Corp. | 25,300 | 913,330 |
Meridian Bancorp, Inc. | 85,044 | 1,675,367 |
Meta Financial Group, Inc. | 15,600 | 1,361,100 |
MGIC Investment Corp. * | 629,945 | 9,008,213 |
Middlefield Banc Corp. | 4,700 | 214,085 |
Midland States Bancorp, Inc. | 25,700 | 833,965 |
MidSouth Bancorp, Inc. | 29,900 | 391,690 |
MidWestOne Financial Group, Inc. | 18,800 | 661,948 |
MutualFirst Financial, Inc. | 8,100 | 313,470 |
National Bank Holdings Corp., Class A | 41,100 | 1,348,902 |
National Bankshares, Inc. | 9,300 | 411,990 |
National Commerce Corp. * | 19,632 | 800,004 |
Nationstar Mortgage Holdings, Inc. * | 55,597 | 1,082,474 |
NBT Bancorp, Inc. | 76,523 | 2,918,587 |
Nicolet Bankshares, Inc. * | 14,900 | 848,406 |
NMI Holdings, Inc., Class A * | 90,100 | 1,310,955 |
Security | Number of Shares | Value ($) |
Northeast Bancorp | 12,600 | 324,450 |
Northfield Bancorp, Inc. | 76,986 | 1,313,381 |
Northrim BanCorp, Inc. | 10,000 | 325,000 |
Northwest Bancshares, Inc. | 159,109 | 2,684,169 |
Norwood Financial Corp. | 10,200 | 304,674 |
OceanFirst Financial Corp. | 51,500 | 1,429,125 |
Ocwen Financial Corp. * | 157,909 | 551,102 |
OFG Bancorp | 80,900 | 720,010 |
Ohio Valley Banc Corp. (a) | 7,400 | 263,440 |
Old Line Bancshares, Inc. | 12,300 | 370,845 |
Old National Bancorp | 222,609 | 4,051,484 |
Old Point Financial Corp. | 6,400 | 207,232 |
Old Second Bancorp, Inc. | 57,224 | 783,969 |
Opus Bank * | 34,942 | 904,998 |
Oritani Financial Corp. | 73,550 | 1,246,673 |
Orrstown Financial Services, Inc. | 18,300 | 466,650 |
Pacific Continental Corp. | 32,400 | 907,200 |
Pacific Mercantile Bancorp * | 21,300 | 199,155 |
Pacific Premier Bancorp, Inc. * | 65,753 | 2,656,421 |
Paragon Commercial Corp. * | 7,100 | 408,747 |
Park National Corp. | 22,753 | 2,498,052 |
Park Sterling Corp. | 85,000 | 1,068,450 |
Parke Bancorp, Inc. | 9,400 | 202,570 |
PCSB Financial Corp. * | 28,400 | 531,648 |
Peapack-Gladstone Financial Corp. | 27,300 | 947,037 |
Penns Woods Bancorp, Inc. | 11,000 | 532,620 |
PennyMac Financial Services, Inc., Class A * | 29,800 | 566,200 |
People's Utah Bancorp | 24,800 | 771,280 |
Peoples Bancorp of North Carolina, Inc. | 7,500 | 255,675 |
Peoples Bancorp, Inc. | 28,000 | 927,360 |
Peoples Financial Services Corp. | 11,100 | 503,274 |
PHH Corp. * | 85,063 | 1,123,682 |
Preferred Bank | 22,800 | 1,407,444 |
Premier Financial Bancorp, Inc. | 17,627 | 364,879 |
Provident Bancorp, Inc. * | 8,700 | 206,190 |
Provident Financial Holdings, Inc. | 7,600 | 146,908 |
Provident Financial Services, Inc. | 109,251 | 2,971,627 |
Prudential Bancorp, Inc. | 12,900 | 235,425 |
QCR Holdings, Inc. | 22,062 | 1,053,461 |
Radian Group, Inc. | 369,340 | 7,741,366 |
RBB Bancorp | 7,400 | 185,518 |
Renasant Corp. | 73,266 | 3,033,212 |
Republic Bancorp, Inc., Class A | 16,100 | 633,052 |
Republic First Bancorp, Inc. * | 81,400 | 752,950 |
Riverview Bancorp, Inc. | 32,500 | 288,600 |
S&T Bancorp, Inc. | 60,681 | 2,481,246 |
Sandy Spring Bancorp, Inc. | 42,800 | 1,729,548 |
Seacoast Banking Corp. of Florida * | 76,420 | 1,894,452 |
ServisFirst Bancshares, Inc. | 77,480 | 3,177,455 |
Shore Bancshares, Inc. | 18,700 | 307,802 |
SI Financial Group, Inc. | 13,600 | 204,000 |
Sierra Bancorp | 21,200 | 560,952 |
Simmons First National Corp., Class A | 67,307 | 3,883,614 |
SmartFinancial, Inc. * | 12,700 | 298,323 |
South State Corp. | 49,963 | 4,499,168 |
Southern First Bancshares, Inc. * | 8,800 | 339,240 |
Southern Missouri Bancorp, Inc. | 7,800 | 288,054 |
Southern National Bancorp of Virginia, Inc. | 35,100 | 573,183 |
Southside Bancshares, Inc. | 46,231 | 1,637,040 |
State Bank Financial Corp. | 68,200 | 1,971,662 |
Sterling Bancorp | 372,130 | 9,321,856 |
Stock Yards Bancorp, Inc. | 35,430 | 1,337,483 |
Summit Financial Group, Inc. | 21,790 | 592,688 |
Sun Bancorp, Inc. | 17,780 | 450,723 |
Sunshine Bancorp, Inc. * | 12,800 | 298,880 |
Territorial Bancorp, Inc. | 12,200 | 385,398 |
Texas Capital Bancshares, Inc. * | 86,400 | 7,434,720 |
The Bancorp, Inc. * | 81,300 | 683,733 |
Security | Number of Shares | Value ($) |
The Bank of N.T. Butterfield & Son Ltd. | 89,300 | 3,335,355 |
The Community Financial Corp. | 7,000 | 253,470 |
The First Bancshares, Inc. | 14,200 | 452,980 |
The First of Long Island Corp. | 41,450 | 1,307,748 |
Timberland Bancorp, Inc. | 10,500 | 318,255 |
Tompkins Financial Corp. | 26,342 | 2,294,915 |
Towne Bank | 100,556 | 3,368,626 |
TriCo Bancshares | 35,500 | 1,470,410 |
TriState Capital Holdings, Inc. * | 34,900 | 790,485 |
Triumph Bancorp, Inc. * | 29,300 | 908,300 |
TrustCo Bank Corp. | 177,355 | 1,627,232 |
Trustmark Corp. | 111,477 | 3,672,052 |
Two River Bancorp | 12,900 | 250,260 |
UMB Financial Corp. | 77,600 | 5,705,928 |
Umpqua Holdings Corp. | 376,388 | 7,700,898 |
Union Bankshares Corp. | 77,368 | 2,669,970 |
Union Bankshares, Inc. (a) | 5,900 | 290,280 |
United Bankshares, Inc. | 168,456 | 6,055,993 |
United Community Banks, Inc. | 125,100 | 3,430,242 |
United Community Financial Corp. | 93,600 | 863,928 |
United Financial Bancorp, Inc. | 90,007 | 1,648,028 |
United Security Bancshares | 23,200 | 218,080 |
Unity Bancorp, Inc. | 13,800 | 272,550 |
Univest Corp. of Pennsylvania | 45,175 | 1,323,628 |
Valley National Bancorp | 448,270 | 5,155,105 |
Veritex Holdings, Inc. * | 25,500 | 672,180 |
Walker & Dunlop, Inc. * | 47,945 | 2,631,701 |
Washington Federal, Inc. | 148,601 | 5,171,315 |
Washington Trust Bancorp, Inc. | 24,100 | 1,337,550 |
WashingtonFirst Bankshares, Inc. | 18,200 | 635,908 |
Waterstone Financial, Inc. | 45,557 | 874,694 |
WesBanco, Inc. | 70,795 | 2,860,118 |
West Bancorp, Inc. | 28,900 | 706,605 |
Westamerica Bancorp | 43,900 | 2,556,297 |
Western New England Bancorp, Inc. | 39,100 | 412,505 |
Wintrust Financial Corp. | 95,366 | 7,752,302 |
WSFS Financial Corp. | 50,300 | 2,499,910 |
Xenith Bankshares, Inc. * | 12,710 | 406,466 |
449,492,046 | ||
Capital Goods 9.9% | ||
AAON, Inc. | 68,187 | 2,386,545 |
AAR Corp. | 55,520 | 2,159,173 |
Actuant Corp., Class A | 102,623 | 2,616,887 |
Advanced Drainage Systems, Inc. | 61,715 | 1,206,528 |
Aegion Corp. * | 54,400 | 1,266,976 |
Aerojet Rocketdyne Holdings, Inc. * | 119,500 | 3,773,810 |
Aerovironment, Inc. * | 36,400 | 1,862,224 |
Aircastle Ltd. | 77,600 | 1,804,976 |
Alamo Group, Inc. | 15,800 | 1,666,900 |
Albany International Corp., Class A | 47,500 | 2,866,625 |
Allied Motion Technologies, Inc. | 14,974 | 425,262 |
Altra Industrial Motion Corp. | 48,100 | 2,303,990 |
Ameresco, Inc., Class A * | 52,600 | 405,020 |
American Railcar Industries, Inc. (a) | 11,431 | 454,954 |
American Woodmark Corp. * | 24,300 | 2,347,380 |
Apogee Enterprises, Inc. | 46,500 | 2,219,445 |
Applied Industrial Technologies, Inc. | 64,110 | 4,080,601 |
Argan, Inc. | 26,100 | 1,794,375 |
Armstrong Flooring, Inc. * | 45,700 | 676,360 |
Astec Industries, Inc. | 39,095 | 2,030,985 |
Astronics Corp. * | 36,792 | 1,265,645 |
Atkore International Group, Inc. * | 54,100 | 1,044,671 |
Axon Enterprise, Inc. *(a) | 90,000 | 2,067,300 |
AZZ, Inc. | 42,200 | 2,017,160 |
Babcock & Wilcox Enterprises, Inc. *(a) | 84,000 | 367,920 |
Barnes Group, Inc. | 85,240 | 5,548,272 |
Security | Number of Shares | Value ($) |
Beacon Roofing Supply, Inc. * | 116,182 | 6,437,645 |
Blue Bird Corp. * | 7,000 | 144,550 |
BMC Stock Holdings, Inc. * | 108,300 | 2,323,035 |
Briggs & Stratton Corp. | 69,593 | 1,753,744 |
Builders FirstSource, Inc. * | 162,400 | 2,926,448 |
Caesarstone Ltd. * | 36,900 | 1,044,270 |
CAI International, Inc. * | 25,900 | 958,818 |
Chart Industries, Inc. * | 54,702 | 2,379,537 |
Chicago Bridge & Iron Co., N.V. (a) | 167,700 | 2,337,738 |
CIRCOR International, Inc. | 29,500 | 1,296,525 |
Columbus McKinnon Corp. | 36,300 | 1,436,028 |
Comfort Systems USA, Inc. | 62,300 | 2,759,890 |
Commercial Vehicle Group, Inc. * | 42,400 | 344,288 |
Continental Building Products, Inc. * | 68,644 | 1,832,795 |
CSW Industrials, Inc. * | 25,700 | 1,260,585 |
Cubic Corp. | 42,015 | 2,291,918 |
Curtiss-Wright Corp. | 75,740 | 8,956,255 |
DMC Global, Inc. | 22,100 | 480,675 |
Douglas Dynamics, Inc. | 35,800 | 1,501,810 |
Ducommun, Inc. * | 21,000 | 692,370 |
DXP Enterprises, Inc. * | 24,700 | 792,129 |
Dycom Industries, Inc. * | 51,757 | 4,545,817 |
EMCOR Group, Inc. | 103,097 | 8,300,339 |
Encore Wire Corp. | 37,295 | 1,683,869 |
Energous Corp. *(a) | 35,700 | 350,217 |
Energy Recovery, Inc. * | 53,600 | 413,256 |
EnerSys | 74,574 | 5,173,198 |
Engility Holdings, Inc. * | 28,234 | 950,639 |
EnPro Industries, Inc. | 37,900 | 3,173,746 |
EnviroStar, Inc. (a) | 7,900 | 210,930 |
ESCO Technologies, Inc. | 44,869 | 2,600,159 |
Esterline Technologies Corp. * | 44,442 | 4,215,324 |
Federal Signal Corp. | 103,400 | 2,207,590 |
Foundation Building Materials, Inc. * | 24,400 | 328,180 |
Franklin Electric Co., Inc. | 82,936 | 3,773,588 |
FreightCar America, Inc. | 17,700 | 331,344 |
GATX Corp. | 66,900 | 3,974,529 |
Gencor Industries, Inc. * | 11,550 | 209,055 |
Generac Holdings, Inc. * | 104,725 | 5,455,125 |
General Cable Corp. | 84,076 | 1,761,392 |
Gibraltar Industries, Inc. * | 55,000 | 1,828,750 |
Global Brass & Copper Holdings, Inc. | 35,900 | 1,256,500 |
GMS, Inc. * | 47,700 | 1,624,185 |
Graham Corp. | 15,200 | 292,904 |
Granite Construction, Inc. | 66,400 | 4,229,016 |
Great Lakes Dredge & Dock Corp. * | 122,800 | 626,280 |
Griffon Corp. | 48,800 | 1,100,440 |
H&E Equipment Services, Inc. | 52,600 | 1,732,644 |
Hardinge, Inc. | 18,000 | 297,720 |
Harsco Corp. * | 138,200 | 2,936,750 |
HC2 Holdings, Inc. * | 85,100 | 462,093 |
Herc Holdings, Inc. * | 40,200 | 1,948,092 |
Hillenbrand, Inc. | 109,800 | 4,342,590 |
Hurco Cos., Inc. | 8,600 | 384,850 |
Huttig Building Products, Inc. * | 40,100 | 269,472 |
Hyster-Yale Materials Handling, Inc. | 18,154 | 1,424,907 |
IES Holdings, Inc. * | 12,900 | 241,230 |
Insteel Industries, Inc. | 33,500 | 855,925 |
JELD-WEN Holding, Inc. * | 95,900 | 3,536,792 |
John Bean Technologies Corp. | 54,633 | 5,840,268 |
Kadant, Inc. | 18,500 | 2,101,600 |
Kaman Corp. | 47,755 | 2,671,415 |
KBR, Inc. | 238,100 | 4,673,903 |
Kennametal, Inc. | 136,000 | 5,936,400 |
KLX, Inc. * | 88,594 | 4,860,267 |
Kratos Defense & Security Solutions, Inc. * | 125,900 | 1,515,836 |
L.B. Foster Co., Class A | 14,200 | 353,580 |
Lawson Products, Inc. * | 8,900 | 223,835 |
Security | Number of Shares | Value ($) |
Layne Christensen Co. * | 30,400 | 401,584 |
Lindsay Corp. | 17,866 | 1,635,811 |
LSI Industries, Inc. | 34,500 | 239,775 |
Lydall, Inc. * | 30,900 | 1,786,020 |
Masonite International Corp. * | 51,500 | 3,455,650 |
MasTec, Inc. * | 117,173 | 5,102,884 |
Mercury Systems, Inc. * | 80,901 | 4,083,073 |
Meritor, Inc. * | 139,938 | 3,639,787 |
Milacron Holdings Corp. * | 96,400 | 1,730,380 |
Miller Industries, Inc. | 15,800 | 446,350 |
Moog, Inc., Class A * | 53,157 | 4,665,058 |
MRC Global, Inc. * | 159,478 | 2,735,048 |
Mueller Industries, Inc. | 97,169 | 3,376,623 |
Mueller Water Products, Inc., Class A | 264,500 | 3,158,130 |
MYR Group, Inc. * | 23,800 | 758,982 |
National Presto Industries, Inc. | 8,500 | 993,650 |
Navistar International Corp. * | 85,407 | 3,613,570 |
NCI Building Systems, Inc. * | 67,700 | 1,079,815 |
Nexeo Solutions, Inc. * | 43,100 | 318,509 |
NN, Inc. | 46,617 | 1,377,532 |
Northwest Pipe Co. * | 15,700 | 286,368 |
NOW, Inc. * | 184,200 | 2,306,184 |
NV5 Global, Inc. * | 13,100 | 761,110 |
Omega Flex, Inc. | 5,672 | 365,787 |
Orion Group Holdings, Inc. * | 50,600 | 364,320 |
Park-Ohio Holdings Corp. | 15,186 | 716,020 |
Patrick Industries, Inc. * | 27,200 | 2,529,600 |
PGT Innovations, Inc. * | 78,800 | 1,111,080 |
Plug Power, Inc. *(a) | 410,300 | 1,169,355 |
Ply Gem Holdings, Inc. * | 32,400 | 547,560 |
Powell Industries, Inc. | 13,000 | 376,740 |
Preformed Line Products Co. | 6,400 | 455,104 |
Primoris Services Corp. | 65,000 | 1,837,550 |
Proto Labs, Inc. * | 41,400 | 3,612,150 |
Quanex Building Products Corp. | 60,204 | 1,321,478 |
Raven Industries, Inc. | 62,600 | 2,106,490 |
RBC Bearings, Inc. * | 39,500 | 4,890,890 |
REV Group, Inc. | 38,200 | 985,560 |
Revolution Lighting Technologies, Inc. *(a) | 27,500 | 152,900 |
Rexnord Corp. * | 182,850 | 4,666,332 |
Rush Enterprises, Inc., Class A * | 50,387 | 2,558,652 |
Rush Enterprises, Inc., Class B * | 10,000 | 475,900 |
Simpson Manufacturing Co., Inc. | 72,494 | 4,040,816 |
SiteOne Landscape Supply, Inc. * | 59,400 | 3,772,494 |
Spartan Motors, Inc. | 64,100 | 1,035,215 |
Sparton Corp. * | 14,600 | 340,034 |
SPX Corp. * | 70,200 | 2,056,158 |
SPX FLOW, Inc. * | 69,200 | 2,853,116 |
Standex International Corp. | 22,400 | 2,319,520 |
Sterling Construction Co., Inc. * | 42,800 | 763,980 |
Sun Hydraulics Corp. | 42,550 | 2,447,902 |
Sunrun, Inc. *(a) | 143,300 | 822,542 |
Tennant Co. | 31,876 | 2,210,601 |
Textainer Group Holdings Ltd. * | 41,431 | 809,976 |
The Eastern Co. | 9,200 | 265,880 |
The ExOne Co. *(a) | 20,400 | 216,852 |
The Gorman-Rupp Co. | 29,031 | 928,411 |
The Greenbrier Cos., Inc. | 46,301 | 2,416,912 |
The KeyW Holding Corp. * | 101,600 | 767,080 |
The Manitowoc Co., Inc. * | 207,300 | 1,973,496 |
Thermon Group Holdings, Inc. * | 56,200 | 1,208,862 |
Titan International, Inc. | 78,700 | 766,538 |
Titan Machinery, Inc. * | 34,000 | 506,260 |
TPI Composites, Inc. * | 21,400 | 536,070 |
Trex Co., Inc. * | 51,078 | 5,590,487 |
TriMas Corp. * | 81,100 | 2,153,205 |
Triton International Ltd. * | 78,100 | 3,116,190 |
Triumph Group, Inc. | 82,200 | 2,552,310 |
Security | Number of Shares | Value ($) |
Tutor Perini Corp. * | 65,330 | 1,842,306 |
Twin Disc, Inc. * | 14,700 | 313,845 |
Universal Forest Products, Inc. | 33,162 | 3,743,990 |
Vectrus, Inc. * | 17,747 | 541,461 |
Veritiv Corp. * | 19,076 | 613,293 |
Vicor Corp. * | 26,200 | 564,610 |
Vivint Solar, Inc. *(a) | 27,000 | 101,250 |
Wabash National Corp. | 96,100 | 2,162,250 |
Watts Water Technologies, Inc., Class A | 49,811 | 3,357,261 |
Wesco Aircraft Holdings, Inc. * | 114,000 | 1,031,700 |
Willis Lease Finance Corp. * | 6,500 | 163,085 |
Woodward, Inc. | 91,258 | 7,056,981 |
347,995,878 | ||
Commercial & Professional Services 3.7% | ||
ABM Industries, Inc. | 94,909 | 3,983,331 |
Acacia Research Corp. * | 70,000 | 315,000 |
ACCO Brands Corp. * | 185,185 | 2,416,664 |
Advanced Disposal Services, Inc. * | 71,200 | 1,774,304 |
Aqua Metals, Inc. *(a) | 32,800 | 130,544 |
ARC Document Solutions, Inc. * | 64,500 | 285,090 |
Barrett Business Services, Inc. | 13,500 | 820,665 |
BG Staffing, Inc. | 11,000 | 185,680 |
Brady Corp., Class A | 84,229 | 3,204,913 |
Casella Waste Systems, Inc., Class A * | 70,800 | 1,306,968 |
CBIZ, Inc. * | 89,200 | 1,511,940 |
CECO Environmental Corp. | 50,352 | 441,587 |
Cogint, Inc. *(a) | 24,100 | 109,655 |
Covanta Holding Corp. | 211,400 | 3,403,540 |
CRA International, Inc. | 14,500 | 612,770 |
Deluxe Corp. | 82,372 | 5,737,210 |
Ennis, Inc. | 47,200 | 951,080 |
Essendant, Inc. | 57,734 | 558,865 |
Exponent, Inc. | 44,300 | 3,271,555 |
Forrester Research, Inc. | 16,017 | 699,943 |
Franklin Covey Co. * | 17,900 | 347,260 |
FTI Consulting, Inc. * | 69,400 | 2,966,850 |
GP Strategies Corp. * | 20,376 | 591,923 |
Healthcare Services Group, Inc. | 120,452 | 6,370,706 |
Heidrick & Struggles International, Inc. | 29,800 | 740,530 |
Heritage-Crystal Clean, Inc. * | 28,300 | 553,265 |
Herman Miller, Inc. | 105,400 | 3,541,440 |
Hill International, Inc. * | 50,500 | 267,650 |
HNI Corp. | 75,489 | 2,583,234 |
Hudson Technologies, Inc. * | 59,700 | 353,424 |
Huron Consulting Group, Inc. * | 35,052 | 1,282,903 |
ICF International, Inc. * | 32,200 | 1,729,140 |
InnerWorkings, Inc. * | 78,600 | 855,168 |
Insperity, Inc. | 30,226 | 2,868,447 |
Interface, Inc. | 104,500 | 2,382,600 |
Kelly Services, Inc., Class A | 55,323 | 1,455,548 |
Kforce, Inc. | 39,800 | 833,810 |
Kimball International, Inc., Class B | 58,299 | 1,117,592 |
Knoll, Inc. | 80,803 | 1,714,640 |
Korn/Ferry International | 88,161 | 3,687,775 |
LSC Communications, Inc. | 55,400 | 896,372 |
Matthews International Corp., Class A | 53,059 | 3,334,758 |
McGrath RentCorp | 38,235 | 1,709,104 |
Mistras Group, Inc. * | 25,914 | 544,453 |
Mobile Mini, Inc. | 73,868 | 2,445,031 |
MSA Safety, Inc. | 55,689 | 4,427,275 |
Multi-Color Corp. | 23,700 | 1,959,990 |
Navigant Consulting, Inc. * | 90,748 | 1,570,848 |
NL Industries, Inc. * | 25,000 | 325,000 |
On Assignment, Inc. * | 86,539 | 5,297,918 |
Pendrell Corp. * | 30,100 | 195,048 |
Quad Graphics, Inc. | 55,000 | 1,253,450 |
Security | Number of Shares | Value ($) |
Resources Connection, Inc. | 50,450 | 794,588 |
RPX Corp. * | 75,700 | 985,614 |
RR Donnelley & Sons Co. | 117,400 | 1,080,080 |
SP Plus Corp. * | 31,000 | 1,201,250 |
Steelcase, Inc., Class A | 143,642 | 2,089,991 |
Team, Inc. * | 46,613 | 573,340 |
Tetra Tech, Inc. | 96,661 | 4,760,554 |
The Advisory Board Co. * | 68,838 | 3,712,089 |
The Brink's Co. | 78,600 | 5,981,460 |
TriNet Group, Inc. * | 72,046 | 2,501,437 |
TrueBlue, Inc. * | 72,476 | 1,964,100 |
UniFirst Corp. | 25,806 | 4,064,445 |
US Ecology, Inc. | 37,800 | 1,797,390 |
Viad Corp. | 33,696 | 1,956,053 |
VSE Corp. | 14,800 | 726,680 |
WageWorks, Inc. * | 66,800 | 4,258,500 |
Willdan Group, Inc. * | 12,400 | 372,744 |
130,744,771 | ||
Consumer Durables & Apparel 2.6% | ||
Acushnet Holdings Corp. (a) | 37,500 | 692,625 |
American Outdoor Brands Corp. * | 95,500 | 1,368,515 |
AV Homes, Inc. * | 24,200 | 402,930 |
Bassett Furniture Industries, Inc. | 14,909 | 578,469 |
Beazer Homes USA, Inc. * | 57,840 | 1,213,483 |
Callaway Golf Co. | 166,569 | 2,403,591 |
Cavco Industries, Inc. * | 14,500 | 2,275,050 |
Century Communities, Inc. * | 30,130 | 860,211 |
Clarus Corp. * | 34,800 | 254,040 |
Columbia Sportswear Co. | 49,300 | 3,075,334 |
Crocs, Inc. * | 126,800 | 1,293,360 |
CSS Industries, Inc. | 13,400 | 401,732 |
Culp, Inc. | 21,800 | 691,060 |
Deckers Outdoor Corp. * | 56,371 | 3,846,757 |
Delta Apparel, Inc. * | 11,000 | 230,230 |
Escalade, Inc. | 14,500 | 179,075 |
Ethan Allen Interiors, Inc. | 43,179 | 1,284,575 |
Flexsteel Industries, Inc. | 13,700 | 688,699 |
Fossil Group, Inc. * | 64,400 | 507,472 |
G-III Apparel Group Ltd. * | 72,210 | 1,829,801 |
GoPro, Inc., Class A *(a) | 180,600 | 1,883,658 |
Green Brick Partners, Inc. * | 35,840 | 388,864 |
Hamilton Beach Brands Holding Co., Class A * | 16,154 | 626,291 |
Helen of Troy Ltd. * | 47,683 | 4,429,751 |
Hooker Furniture Corp. | 18,434 | 873,772 |
Hovnanian Enterprises, Inc., Class A * | 218,000 | 527,560 |
Iconix Brand Group, Inc. * | 105,800 | 173,512 |
Installed Building Products, Inc. * | 38,171 | 2,660,519 |
iRobot Corp. * | 44,845 | 3,013,136 |
Johnson Outdoors, Inc., Class A | 8,500 | 639,285 |
KB Home | 142,700 | 3,914,261 |
La-Z-Boy, Inc. | 79,200 | 2,134,440 |
LGI Homes, Inc. *(a) | 30,400 | 1,834,032 |
Libbey, Inc. | 34,479 | 235,836 |
Lifetime Brands, Inc. | 20,300 | 378,595 |
M.D.C. Holdings, Inc. | 68,307 | 2,530,091 |
M/I Homes, Inc. * | 41,000 | 1,369,400 |
Malibu Boats, Inc., Class A * | 37,961 | 1,184,383 |
Marine Products Corp. | 13,700 | 196,869 |
MCBC Holdings, Inc. * | 29,900 | 683,813 |
Meritage Homes Corp. * | 63,985 | 3,116,069 |
Movado Group, Inc. | 25,000 | 692,500 |
Nautilus, Inc. * | 50,200 | 652,600 |
Oxford Industries, Inc. | 28,296 | 1,827,922 |
Perry Ellis International, Inc. * | 22,300 | 519,367 |
PICO Holdings, Inc. * | 39,800 | 752,220 |
Sequential Brands Group, Inc. * | 60,752 | 157,955 |
Security | Number of Shares | Value ($) |
Steven Madden Ltd. * | 101,176 | 3,945,864 |
Sturm, Ruger & Co., Inc. (a) | 29,000 | 1,436,950 |
Superior Uniform Group, Inc. | 18,527 | 434,829 |
Taylor Morrison Home Corp., Class A * | 124,800 | 3,013,920 |
The New Home Co., Inc. * | 16,549 | 192,465 |
TopBuild Corp. * | 64,000 | 4,223,360 |
TRI Pointe Group, Inc. * | 262,700 | 4,647,163 |
Unifi, Inc. * | 26,500 | 1,008,325 |
Universal Electronics, Inc. * | 24,700 | 1,482,000 |
Vera Bradley, Inc. * | 31,500 | 226,800 |
Vista Outdoor, Inc. * | 103,000 | 2,153,730 |
William Lyon Homes, Class A * | 39,800 | 1,104,450 |
Wolverine World Wide, Inc. | 157,747 | 4,306,493 |
ZAGG, Inc. * | 42,121 | 659,194 |
90,309,253 | ||
Consumer Services 3.9% | ||
Adtalem Global Education, Inc. | 105,884 | 3,912,414 |
American Public Education, Inc. * | 25,200 | 504,000 |
Ascent Capital Group, Inc., Class A * | 14,700 | 165,375 |
Belmond Ltd., Class A * | 147,500 | 1,939,625 |
Biglari Holdings, Inc. * | 1,710 | 611,222 |
BJ's Restaurants, Inc. * | 37,000 | 1,172,900 |
Bloomin' Brands, Inc. | 156,013 | 2,773,911 |
Bojangles', Inc. * | 30,750 | 376,687 |
Boyd Gaming Corp. | 138,600 | 4,051,278 |
Bridgepoint Education, Inc. * | 34,700 | 335,896 |
Brinker International, Inc. | 90,000 | 2,764,800 |
Buffalo Wild Wings, Inc. * | 26,379 | 3,117,998 |
Caesars Entertainment Corp. * | 226,962 | 2,939,158 |
Cambium Learning Group, Inc. * | 18,000 | 110,160 |
Capella Education Co. | 21,000 | 1,710,450 |
Career Education Corp. * | 109,600 | 1,170,528 |
Carriage Services, Inc. | 27,800 | 720,020 |
Carrols Restaurant Group, Inc. * | 66,500 | 748,125 |
Century Casinos, Inc. * | 32,600 | 268,950 |
Chegg, Inc. * | 159,500 | 2,473,845 |
Churchill Downs, Inc. | 22,614 | 4,716,150 |
Chuy's Holdings, Inc. * | 27,800 | 625,500 |
Collectors Universe, Inc. | 10,100 | 250,076 |
Cracker Barrel Old Country Store, Inc. (a) | 33,716 | 5,264,079 |
Dave & Buster's Entertainment, Inc. * | 70,068 | 3,377,278 |
Del Frisco's Restaurant Group, Inc. * | 36,200 | 503,180 |
Del Taco Restaurants, Inc. * | 61,600 | 781,704 |
Denny's Corp. * | 118,900 | 1,554,023 |
DineEquity, Inc. | 31,397 | 1,494,811 |
Drive Shack, Inc. | 113,000 | 412,450 |
El Pollo Loco Holdings, Inc. * | 46,700 | 537,050 |
Eldorado Resorts, Inc. * | 82,669 | 2,124,593 |
Empire Resorts, Inc. *(a) | 4,421 | 98,588 |
Fiesta Restaurant Group, Inc. * | 41,000 | 678,550 |
Fogo De Chao, Inc. * | 18,500 | 204,425 |
Golden Entertainment, Inc. * | 17,200 | 458,896 |
Grand Canyon Education, Inc. * | 80,875 | 7,239,121 |
Houghton Mifflin Harcourt Co. * | 174,294 | 1,725,511 |
ILG, Inc. | 182,200 | 5,405,874 |
International Speedway Corp., Class A | 43,500 | 1,689,975 |
J Alexander's Holdings, Inc. * | 21,043 | 220,951 |
Jack in the Box, Inc. | 51,408 | 5,321,242 |
K12, Inc. * | 58,449 | 948,043 |
La Quinta Holdings, Inc. * | 144,302 | 2,542,601 |
Laureate Education, Inc., Class A * | 59,300 | 792,841 |
Liberty Tax, Inc. | 11,700 | 152,685 |
Lindblad Expeditions Holdings, Inc. * | 37,700 | 404,144 |
Marriott Vacations Worldwide Corp. | 37,585 | 4,946,938 |
Monarch Casino & Resort, Inc. * | 17,800 | 794,058 |
Nathan's Famous, Inc. * | 4,700 | 381,170 |
Security | Number of Shares | Value ($) |
Papa John's International, Inc. | 47,211 | 3,212,709 |
Penn National Gaming, Inc. * | 148,300 | 3,869,147 |
Pinnacle Entertainment, Inc. * | 89,247 | 2,308,820 |
Planet Fitness, Inc., Class A | 147,500 | 3,929,400 |
Potbelly Corp. * | 37,700 | 454,285 |
RCI Hospitality Holdings, Inc. | 16,000 | 440,800 |
Red Lion Hotels Corp. * | 22,200 | 195,360 |
Red Robin Gourmet Burgers, Inc. * | 21,700 | 1,484,280 |
Red Rock Resorts, Inc., Class A | 113,400 | 2,793,042 |
Regis Corp. * | 56,000 | 836,080 |
Ruby Tuesday, Inc. * | 75,100 | 177,987 |
Ruth's Hospitality Group, Inc. | 50,500 | 1,065,550 |
Scientific Games Corp., Class A * | 91,300 | 4,345,880 |
SeaWorld Entertainment, Inc. (a) | 112,723 | 1,294,060 |
Shake Shack, Inc., Class A *(a) | 37,100 | 1,408,316 |
Sonic Corp. (a) | 66,601 | 1,691,665 |
Sotheby's * | 66,400 | 3,440,848 |
Speedway Motorsports, Inc. | 17,384 | 346,811 |
Strayer Education, Inc. | 18,400 | 1,724,632 |
Texas Roadhouse, Inc. | 113,896 | 5,695,939 |
The Cheesecake Factory, Inc. | 76,667 | 3,430,082 |
The Habit Restaurants, Inc., Class A * | 37,211 | 457,695 |
The Marcus Corp. | 33,300 | 904,095 |
Weight Watchers International, Inc. * | 47,000 | 2,111,240 |
Wingstop, Inc. | 49,100 | 1,663,017 |
Zoe's Kitchen, Inc. * | 30,502 | 374,565 |
137,170,154 | ||
Diversified Financials 2.9% | ||
AG Mortgage Investment Trust, Inc. | 54,000 | 1,015,740 |
Anworth Mortgage Asset Corp. | 149,900 | 837,941 |
Apollo Commercial Real Estate Finance, Inc. | 187,143 | 3,381,674 |
Ares Commercial Real Estate Corp. | 41,900 | 543,862 |
Arlington Asset Investment Corp., Class A | 37,800 | 433,566 |
ARMOUR Residential REIT, Inc. | 72,629 | 1,819,356 |
Artisan Partners Asset Management, Inc., Class A | 73,400 | 2,524,960 |
Associated Capital Group, Inc., Class A | 9,700 | 359,870 |
B. Riley Financial, Inc. | 38,302 | 637,728 |
Capstead Mortgage Corp. | 159,829 | 1,409,692 |
Cherry Hill Mortgage Investment Corp. | 19,100 | 347,811 |
Cohen & Steers, Inc. | 37,128 | 1,614,697 |
Cowen, Inc., * | 42,475 | 637,125 |
CYS Investments, Inc. | 267,461 | 2,139,688 |
Diamond Hill Investment Group, Inc. | 5,800 | 1,229,194 |
Donnelley Financial Solutions, Inc. * | 58,700 | 1,262,050 |
Dynex Capital, Inc. | 77,200 | 540,400 |
Elevate Credit, Inc. * | 24,400 | 191,052 |
Ellington Residential Mortgage REIT | 14,200 | 189,996 |
Encore Capital Group, Inc. * | 43,300 | 2,011,285 |
Enova International, Inc. * | 58,036 | 861,835 |
Evercore, Inc., Class A | 67,700 | 5,422,770 |
EZCORP, Inc., Class A * | 77,400 | 793,350 |
Financial Engines, Inc. | 97,100 | 3,505,310 |
FirstCash, Inc. | 81,627 | 5,211,884 |
FNFV Group * | 111,036 | 1,915,371 |
GAIN Capital Holdings, Inc. | 70,000 | 516,600 |
GAMCO Investors, Inc., Class A | 9,700 | 280,912 |
Granite Point Mortgage Trust, Inc. | 18,800 | 348,740 |
Great Ajax Corp. | 19,800 | 280,170 |
Green Dot Corp., Class A * | 78,341 | 4,435,667 |
Greenhill & Co., Inc. | 49,529 | 906,381 |
Hamilton Lane, Inc., Class A | 21,500 | 591,035 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 84,645 | 2,036,559 |
Houlihan Lokey, Inc. | 41,400 | 1,723,482 |
INTL. FCStone, Inc. * | 25,100 | 1,041,901 |
Invesco Mortgage Capital, Inc. | 190,106 | 3,273,625 |
Investment Technology Group, Inc. | 62,265 | 1,461,359 |
Security | Number of Shares | Value ($) |
KKR Real Estate Finance Trust, Inc. | 16,700 | 337,674 |
Ladder Capital Corp. | 135,955 | 1,827,235 |
Ladenburg Thalmann Financial Services, Inc. | 142,600 | 436,356 |
LendingClub Corp. * | 528,700 | 3,008,303 |
Marlin Business Services Corp. | 11,600 | 254,040 |
Medley Management, Inc., Class A | 14,400 | 81,360 |
Moelis & Co., Class A | 53,624 | 2,292,426 |
MTGE Investment Corp. | 76,700 | 1,388,270 |
Nelnet, Inc., Class A | 34,800 | 2,037,192 |
New York Mortgage Trust, Inc. | 175,200 | 1,056,456 |
NewStar Financial, Inc. | 54,900 | 674,172 |
OM Asset Management plc | 131,500 | 2,009,320 |
On Deck Capital, Inc. * | 74,200 | 365,806 |
Oppenheimer Holdings, Inc., Class A | 13,800 | 300,150 |
Orchid Island Capital, Inc. (a) | 79,659 | 793,404 |
Owens Realty Mortgage, Inc. | 14,500 | 260,420 |
PennyMac Mortgage Investment Trust | 120,621 | 1,937,173 |
Piper Jaffray Cos. | 23,729 | 1,734,590 |
PJT Partners, Inc., Class A | 31,900 | 1,231,340 |
PRA Group, Inc. * | 77,981 | 2,175,670 |
Pzena Investment Management, Inc., Class A | 27,100 | 319,780 |
Redwood Trust, Inc. | 137,700 | 2,163,267 |
Regional Management Corp. * | 15,700 | 387,633 |
Resource Capital Corp. | 49,037 | 503,120 |
Safeguard Scientifics, Inc. * | 36,500 | 514,650 |
Silvercrest Asset Management Group, Inc., Class A | 9,800 | 159,740 |
Stifel Financial Corp. | 111,710 | 5,923,981 |
Sutherland Asset Management Corp. | 28,000 | 438,200 |
Tiptree, Inc. | 55,800 | 371,070 |
TPG RE Finance Trust, Inc. | 28,000 | 546,560 |
Virtu Financial, Inc., Class A (a) | 38,771 | 548,610 |
Virtus Investment Partners, Inc. | 11,100 | 1,292,040 |
Waddell & Reed Financial, Inc., Class A | 147,300 | 2,753,037 |
Western Asset Mortgage Capital Corp. | 78,856 | 794,080 |
Westwood Holdings Group, Inc. | 14,900 | 967,010 |
Wins Finance Holdings, Inc. *(a)(d) | 2,000 | 285,600 |
WisdomTree Investments, Inc. | 191,400 | 2,122,626 |
World Acceptance Corp. * | 8,900 | 778,750 |
102,805,749 | ||
Energy 3.6% | ||
Abraxas Petroleum Corp. * | 328,400 | 699,492 |
Adams Resources & Energy, Inc. | 2,900 | 124,526 |
Approach Resources, Inc. *(a) | 74,500 | 173,585 |
Arch Coal, Inc., Class A | 36,400 | 2,781,688 |
Archrock, Inc. | 117,228 | 1,406,736 |
Ardmore Shipping Corp. * | 46,500 | 385,950 |
Basic Energy Services, Inc. * | 29,400 | 554,484 |
Bill Barrett Corp. * | 145,798 | 718,784 |
Bonanza Creek Energy, Inc. * | 33,900 | 1,146,837 |
Bristow Group, Inc. | 56,862 | 536,777 |
C&J Energy Services, Inc. * | 77,500 | 2,207,975 |
California Resources Corp. *(a) | 71,800 | 791,954 |
Callon Petroleum Co. * | 336,200 | 3,728,458 |
CARBO Ceramics, Inc. *(a) | 46,400 | 384,192 |
Carrizo Oil & Gas, Inc. * | 137,911 | 2,439,646 |
Clean Energy Fuels Corp. * | 213,938 | 502,754 |
Cloud Peak Energy, Inc. * | 124,500 | 529,125 |
Contango Oil & Gas Co. * | 35,000 | 139,650 |
CVR Energy, Inc. (a) | 24,800 | 680,760 |
Delek US Holdings, Inc. | 129,032 | 3,361,284 |
Denbury Resources, Inc. * | 678,600 | 834,678 |
DHT Holdings, Inc. | 135,900 | 535,446 |
Diamond Offshore Drilling, Inc. *(a) | 107,500 | 1,798,475 |
Dorian LPG Ltd. * | 42,703 | 305,326 |
Dril-Quip, Inc. * | 62,400 | 2,627,040 |
Earthstone Energy, Inc., Class A *(a) | 38,800 | 312,340 |
Security | Number of Shares | Value ($) |
Eclipse Resources Corp. * | 181,300 | 402,486 |
Energy XXI Gulf Coast, Inc. * | 49,500 | 423,225 |
Ensco plc, Class A | 759,193 | 4,092,050 |
EP Energy Corp., Class A *(a) | 60,500 | 163,350 |
Era Group, Inc. * | 28,700 | 308,812 |
Evolution Petroleum Corp. | 46,800 | 346,320 |
Exterran Corp. * | 60,314 | 1,946,333 |
Fairmount Santrol Holdings, Inc. *(a) | 260,153 | 1,121,259 |
Forum Energy Technologies, Inc. * | 116,955 | 1,684,152 |
Frank's International N.V. (a) | 83,100 | 549,291 |
Frontline Ltd. (a) | 126,963 | 773,205 |
GasLog Ltd. | 73,800 | 1,273,050 |
Gastar Exploration, Inc. *(a) | 300,000 | 246,000 |
Gener8 Maritime, Inc. * | 95,100 | 438,411 |
Geospace Technologies Corp. * | 23,862 | 358,407 |
Golar LNG Ltd. | 159,100 | 3,361,783 |
Green Plains, Inc. | 71,500 | 1,315,600 |
Gulf Island Fabrication, Inc. | 23,400 | 307,710 |
Halcon Resources Corp. * | 226,600 | 1,491,028 |
Hallador Energy Co. | 28,100 | 145,558 |
Helix Energy Solutions Group, Inc. * | 254,707 | 1,737,102 |
Independence Contract Drilling, Inc. * | 46,000 | 149,040 |
International Seaways, Inc. * | 54,098 | 1,089,534 |
Isramco, Inc. * | 1,400 | 159,040 |
Jagged Peak Energy, Inc. * | 104,200 | 1,447,338 |
Jones Energy, Inc., Class A *(a) | 100,000 | 128,000 |
Keane Group, Inc. * | 52,500 | 810,600 |
Key Energy Services, Inc. * | 17,600 | 187,264 |
Lilis Energy, Inc. *(a) | 71,700 | 357,066 |
Mammoth Energy Services, Inc. * | 14,200 | 280,166 |
Matador Resources Co. * | 150,162 | 3,986,801 |
Matrix Service Co. * | 39,700 | 559,770 |
McDermott International, Inc. * | 497,785 | 3,295,337 |
Midstates Petroleum Co., Inc. * | 17,900 | 272,975 |
NACCO Industries, Inc., Class A | 8,077 | 336,003 |
Natural Gas Services Group, Inc. * | 20,500 | 569,900 |
Navios Maritime Acquisition Corp. | 120,600 | 150,750 |
NCS Multistage Holdings, Inc. * | 18,000 | 392,040 |
Newpark Resources, Inc. * | 153,310 | 1,341,463 |
Noble Corp. plc * | 408,000 | 1,697,280 |
Nordic American Tankers Ltd. (a) | 175,400 | 778,776 |
Oasis Petroleum, Inc. * | 390,510 | 3,690,320 |
Oil States International, Inc. * | 84,500 | 1,947,725 |
Overseas Shipholding Group, Inc., Class A * | 85,400 | 202,398 |
Pacific Ethanol, Inc. * | 65,500 | 314,400 |
Panhandle Oil & Gas, Inc., Class A | 32,500 | 784,875 |
Par Pacific Holdings, Inc. * | 54,038 | 1,134,258 |
Parker Drilling Co. * | 181,265 | 190,328 |
PDC Energy, Inc. * | 116,203 | 5,918,219 |
Peabody Energy Corp. * | 102,000 | 3,150,780 |
Penn Virginia Corp. * | 23,800 | 927,486 |
PHI, Inc. - Non Voting Shares * | 19,572 | 228,797 |
Pioneer Energy Services Corp. * | 118,500 | 225,150 |
ProPetro Holding Corp. * | 41,600 | 633,568 |
Ranger Energy Services, Inc. * | 14,300 | 165,880 |
Renewable Energy Group, Inc. * | 64,600 | 781,660 |
Resolute Energy Corp. * | 36,300 | 1,090,089 |
REX American Resources Corp. * | 10,500 | 925,890 |
RigNet, Inc. * | 26,200 | 457,190 |
Ring Energy, Inc. * | 89,300 | 1,143,933 |
Rowan Cos. plc, Class A * | 196,100 | 2,810,113 |
Sanchez Energy Corp. *(a) | 105,053 | 454,879 |
SandRidge Energy, Inc. * | 58,100 | 1,090,537 |
Scorpio Tankers, Inc. | 377,002 | 1,342,127 |
SEACOR Holdings, Inc. * | 25,700 | 1,213,040 |
SEACOR Marine Holdings, Inc. * | 25,839 | 365,622 |
Select Energy Services, Inc., Class A * | 15,800 | 257,224 |
SemGroup Corp., Class A | 111,803 | 2,912,468 |
Security | Number of Shares | Value ($) |
Ship Finance International Ltd. | 99,500 | 1,482,550 |
SilverBow Resources, Inc. * | 11,800 | 265,382 |
Smart Sand, Inc. * | 45,000 | 323,550 |
Solaris Oilfield Infrastructure, Inc., Class A * | 17,100 | 272,916 |
SRC Energy, Inc. * | 335,812 | 3,203,646 |
Stone Energy Corp. * | 32,700 | 962,034 |
Superior Energy Services, Inc. * | 254,200 | 2,242,044 |
Teekay Corp. (a) | 108,200 | 876,420 |
Teekay Tankers Ltd., Class A (a) | 181,000 | 267,880 |
Tellurian, Inc. *(a) | 92,500 | 996,225 |
Tesco Corp. * | 77,100 | 296,835 |
TETRA Technologies, Inc. * | 256,474 | 728,386 |
Ultra Petroleum Corp. * | 324,900 | 2,579,706 |
Unit Corp. * | 90,578 | 1,695,620 |
Uranium Energy Corp. *(a) | 234,500 | 248,570 |
US Silica Holdings, Inc. | 135,900 | 4,146,309 |
W&T Offshore, Inc. * | 185,400 | 580,302 |
Westmoreland Coal Co. * | 46,552 | 80,768 |
WildHorse Resource Development Corp. * | 35,900 | 467,059 |
Willbros Group, Inc. * | 69,500 | 212,670 |
126,470,065 | ||
Food & Staples Retailing 0.5% | ||
Ingles Markets, Inc., Class A | 28,131 | 655,452 |
Natural Grocers by Vitamin Cottage, Inc. * | 12,600 | 61,866 |
Performance Food Group Co. * | 143,700 | 4,066,710 |
PriceSmart, Inc. | 36,600 | 3,067,080 |
Smart & Final Stores, Inc. * | 37,600 | 225,600 |
SpartanNash, Co. | 64,933 | 1,594,105 |
SUPERVALU, Inc. * | 67,933 | 1,106,629 |
The Andersons, Inc. | 48,123 | 1,802,206 |
The Chefs' Warehouse, Inc. * | 28,300 | 564,585 |
United Natural Foods, Inc. * | 88,782 | 3,442,078 |
Village Super Market, Inc., Class A | 11,600 | 278,284 |
Weis Markets, Inc. | 15,800 | 613,514 |
17,478,109 | ||
Food, Beverage & Tobacco 1.7% | ||
Alico, Inc. | 4,700 | 154,630 |
Amplify Snack Brands, Inc. *(a) | 65,700 | 419,823 |
B&G Foods, Inc. (a) | 109,757 | 3,490,273 |
Bob Evans Farms, Inc. | 32,946 | 2,543,102 |
Cal-Maine Foods, Inc. *(a) | 51,116 | 2,300,220 |
Calavo Growers, Inc. | 26,288 | 1,937,426 |
Castle Brands, Inc. *(a) | 148,700 | 176,953 |
Coca-Cola Bottling Co. Consolidated | 8,400 | 1,894,704 |
Craft Brew Alliance, Inc. * | 16,200 | 295,650 |
Darling Ingredients, Inc. * | 284,300 | 5,188,475 |
Dean Foods Co. | 151,800 | 1,480,050 |
Farmer Brothers Co. * | 13,700 | 465,115 |
Fresh Del Monte Produce, Inc. | 56,261 | 2,504,177 |
Freshpet, Inc. * | 43,850 | 681,867 |
Hostess Brands, Inc. * | 144,800 | 1,669,544 |
J&J Snack Foods Corp. | 25,281 | 3,366,671 |
John B. Sanfilippo & Son, Inc. | 16,000 | 941,600 |
Lancaster Colony Corp. | 32,856 | 4,114,228 |
Landec Corp. * | 44,654 | 591,665 |
Lifeway Foods, Inc. * | 10,100 | 101,606 |
Limoneira Co. | 17,600 | 410,960 |
MGP Ingredients, Inc. | 23,147 | 1,573,070 |
National Beverage Corp. | 20,401 | 1,997,258 |
Omega Protein Corp. | 39,500 | 865,050 |
Primo Water Corp. * | 48,200 | 530,682 |
Sanderson Farms, Inc. | 34,343 | 5,136,683 |
Seneca Foods Corp., Class A * | 12,400 | 446,400 |
Snyder's-Lance, Inc. | 147,210 | 5,539,512 |
Security | Number of Shares | Value ($) |
The Boston Beer Co., Inc., Class A * | 15,500 | 2,759,775 |
Tootsie Roll Industries, Inc. (a) | 29,935 | 1,065,686 |
Turning Point Brands, Inc. * | 9,200 | 161,000 |
Universal Corp. | 43,024 | 2,467,426 |
Vector Group Ltd. | 167,100 | 3,472,338 |
60,743,619 | ||
Health Care Equipment & Services 6.4% | ||
AAC Holdings, Inc. * | 22,600 | 178,992 |
Abaxis, Inc. | 38,200 | 1,848,880 |
Accuray, Inc. * | 141,000 | 669,750 |
Aceto Corp. | 46,000 | 463,220 |
Addus HomeCare Corp. * | 12,500 | 450,000 |
Allscripts Healthcare Solutions, Inc. * | 302,500 | 4,077,700 |
Almost Family, Inc. * | 21,100 | 933,675 |
Amedisys, Inc. * | 47,300 | 2,275,603 |
American Renal Associates Holdings, Inc. * | 13,500 | 163,755 |
AMN Healthcare Services, Inc. * | 84,200 | 3,696,380 |
Analogic Corp. | 22,154 | 1,778,966 |
AngioDynamics, Inc. * | 72,900 | 1,237,113 |
Anika Therapeutics, Inc. * | 23,600 | 1,289,268 |
Antares Pharma, Inc. * | 241,500 | 439,530 |
AtriCure, Inc. * | 55,000 | 1,179,200 |
Atrion Corp. | 2,300 | 1,512,595 |
AxoGen, Inc. * | 51,300 | 1,054,215 |
BioScrip, Inc. * | 170,400 | 431,112 |
BioTelemetry, Inc. * | 45,800 | 1,330,490 |
Cantel Medical Corp. | 60,945 | 5,977,486 |
Capital Senior Living Corp. * | 44,800 | 595,840 |
Cardiovascular Systems, Inc. * | 51,700 | 1,244,419 |
Castlight Health, Inc., Class B * | 125,673 | 483,841 |
Cerus Corp. * | 160,500 | 460,635 |
Chemed Corp. | 27,798 | 6,210,907 |
Civitas Solutions, Inc. * | 23,800 | 443,870 |
Community Health Systems, Inc. * | 159,200 | 939,280 |
Computer Programs & Systems, Inc. (a) | 24,100 | 726,615 |
ConforMIS, Inc. * | 56,000 | 198,240 |
CONMED Corp. | 49,800 | 2,600,556 |
Corindus Vascular Robotics, Inc. *(a) | 181,900 | 207,366 |
CorVel Corp. * | 14,500 | 870,000 |
Cotiviti Holdings, Inc. * | 61,700 | 2,169,372 |
Cross Country Healthcare, Inc. * | 62,715 | 856,060 |
CryoLife, Inc. * | 57,700 | 1,122,265 |
Cutera, Inc. * | 22,805 | 896,237 |
Diplomat Pharmacy, Inc. * | 81,188 | 1,709,007 |
Endologix, Inc. * | 153,537 | 813,746 |
Entellus Medical, Inc. * | 18,800 | 318,284 |
Evolent Health, Inc., Class A * | 89,900 | 1,460,875 |
Exactech, Inc. * | 17,000 | 711,450 |
FONAR Corp. * | 10,700 | 341,330 |
Genesis Healthcare, Inc. * | 48,100 | 46,979 |
GenMark Diagnostics, Inc. * | 90,400 | 673,480 |
Glaukos Corp. * | 48,000 | 1,694,880 |
Globus Medical, Inc., Class A * | 116,500 | 3,712,855 |
Haemonetics Corp. * | 93,500 | 4,446,860 |
Halyard Health, Inc. * | 80,293 | 3,384,350 |
HealthEquity, Inc. * | 83,334 | 4,185,033 |
HealthSouth Corp. | 168,100 | 7,756,134 |
HealthStream, Inc. * | 41,900 | 1,024,874 |
Heska Corp. * | 10,591 | 1,032,623 |
HMS Holdings Corp. * | 139,352 | 2,681,132 |
ICU Medical, Inc. * | 25,800 | 4,930,380 |
Inogen, Inc. * | 29,098 | 2,878,665 |
Inovalon Holdings, Inc., Class A * | 105,200 | 1,762,100 |
Insulet Corp. * | 99,400 | 5,845,714 |
Integer Holdings Corp. * | 56,600 | 2,750,760 |
Integra LifeSciences Holdings Corp. * | 106,196 | 4,967,849 |
Security | Number of Shares | Value ($) |
Invacare Corp. | 50,511 | 782,921 |
iRhythm Technologies, Inc. * | 23,100 | 1,176,945 |
K2M Group Holdings, Inc. * | 67,900 | 1,336,951 |
Kindred Healthcare, Inc. | 144,823 | 876,179 |
Lantheus Holdings, Inc. * | 53,100 | 1,056,690 |
LeMaitre Vascular, Inc. | 26,635 | 852,586 |
LHC Group, Inc. * | 28,600 | 1,910,766 |
LivaNova plc * | 83,700 | 6,185,430 |
Magellan Health, Inc. * | 41,368 | 3,528,690 |
Masimo Corp. * | 76,500 | 6,713,640 |
Medidata Solutions, Inc. * | 97,500 | 7,334,925 |
Meridian Bioscience, Inc. | 68,450 | 1,023,328 |
Merit Medical Systems, Inc. * | 83,800 | 3,188,590 |
Molina Healthcare, Inc. * | 73,743 | 5,001,988 |
NantHealth, Inc. *(a) | 43,600 | 159,140 |
National HealthCare Corp. | 18,188 | 1,164,032 |
National Research Corp., Class A | 17,500 | 657,125 |
Natus Medical, Inc. * | 56,500 | 2,395,600 |
Neogen Corp. * | 64,225 | 5,150,845 |
Nevro Corp. * | 48,264 | 4,226,961 |
Novocure Ltd. * | 107,600 | 2,324,160 |
NuVasive, Inc. * | 87,200 | 4,946,856 |
NxStage Medical, Inc. * | 112,900 | 3,042,655 |
Obalon Therapeutics, Inc. *(a) | 17,600 | 148,368 |
Omnicell, Inc. * | 62,600 | 3,117,480 |
OraSure Technologies, Inc. * | 98,300 | 1,941,425 |
Orthofix International N.V. * | 28,200 | 1,515,186 |
Owens & Minor, Inc. | 103,200 | 2,535,624 |
Oxford Immunotec Global plc * | 40,500 | 535,410 |
Penumbra, Inc. * | 48,900 | 4,916,895 |
PetIQ, Inc. * | 12,700 | 305,562 |
PharMerica Corp. * | 55,300 | 1,620,290 |
Pulse Biosciences, Inc. *(a) | 15,300 | 370,413 |
Quality Systems, Inc. * | 90,100 | 1,267,707 |
Quidel Corp. * | 47,500 | 1,945,125 |
Quotient Ltd. *(a) | 46,200 | 236,082 |
R1 RCM, Inc. * | 167,500 | 636,500 |
RadNet, Inc. * | 58,700 | 642,765 |
Rockwell Medical, Inc. *(a) | 78,700 | 476,922 |
RTI Surgical, Inc. * | 75,200 | 338,400 |
Select Medical Holdings Corp. * | 184,411 | 3,531,471 |
Sientra, Inc. * | 25,900 | 379,694 |
Simulations Plus, Inc. | 19,500 | 317,850 |
STAAR Surgical Co. * | 66,600 | 882,450 |
Surgery Partners, Inc. * | 35,400 | 327,450 |
Surmodics, Inc. * | 26,500 | 788,375 |
Tabula Rasa HealthCare, Inc. * | 18,300 | 528,504 |
Tactile Systems Technology, Inc. * | 15,400 | 441,826 |
Teladoc, Inc. * | 95,500 | 3,156,275 |
Tenet Healthcare Corp. *(a) | 149,800 | 2,139,144 |
The Ensign Group, Inc. | 79,500 | 1,834,860 |
The Providence Service Corp. * | 21,100 | 1,173,160 |
Tivity Health, Inc. * | 60,600 | 2,802,750 |
Triple-S Management Corp., Class B * | 38,900 | 933,989 |
U.S. Physical Therapy, Inc. | 19,300 | 1,311,435 |
Utah Medical Products, Inc. | 5,200 | 392,080 |
Varex Imaging Corp. * | 62,600 | 2,151,562 |
ViewRay, Inc. *(a) | 49,900 | 343,811 |
Viveve Medical, Inc. *(a) | 26,200 | 143,052 |
Vocera Communications, Inc. * | 44,200 | 1,247,324 |
Wright Medical Group N.V. * | 179,261 | 4,698,431 |
227,255,443 | ||
Household & Personal Products 0.4% | ||
Central Garden & Pet Co. * | 15,400 | 587,972 |
Central Garden & Pet Co., Class A * | 64,100 | 2,365,931 |
elf Beauty, Inc. *(a) | 34,300 | 726,817 |
Security | Number of Shares | Value ($) |
HRG Group, Inc. * | 202,300 | 3,281,306 |
Inter Parfums, Inc. | 30,100 | 1,393,630 |
Medifast, Inc. | 17,579 | 1,096,929 |
Natural Health Trends Corp. (a) | 12,400 | 238,824 |
Nature's Sunshine Products, Inc. | 15,000 | 148,500 |
Oil-Dri Corp. of America | 6,887 | 289,323 |
Orchids Paper Products Co. (a) | 15,900 | 195,252 |
Revlon, Inc., Class A *(a) | 18,602 | 418,545 |
USANA Health Sciences, Inc. * | 19,400 | 1,274,580 |
WD-40 Co. | 23,900 | 2,649,315 |
14,666,924 | ||
Insurance 2.5% | ||
Ambac Financial Group, Inc. * | 82,100 | 1,336,588 |
American Equity Investment Life Holding Co. | 146,264 | 4,316,251 |
AMERISAFE, Inc. | 34,735 | 2,247,355 |
AmTrust Financial Services, Inc. | 142,000 | 1,783,520 |
Argo Group International Holdings Ltd. | 50,631 | 3,187,221 |
Atlas Financial Holdings, Inc. * | 16,900 | 333,775 |
Baldwin & Lyons, Inc., Class B | 13,000 | 298,350 |
Blue Capital Reinsurance Holdings Ltd. | 9,100 | 120,575 |
Citizens, Inc. *(a) | 80,500 | 610,190 |
CNO Financial Group, Inc. | 287,368 | 6,888,211 |
Crawford & Co., Class B | 20,800 | 245,024 |
Donegal Group, Inc., Class A | 10,400 | 178,256 |
eHealth, Inc. * | 22,400 | 568,512 |
EMC Insurance Group, Inc. | 14,300 | 421,278 |
Employers Holdings, Inc. | 55,300 | 2,637,810 |
Enstar Group Ltd. * | 19,194 | 4,372,393 |
FBL Financial Group, Inc., Class A | 16,468 | 1,273,800 |
Federated National Holding Co. | 20,246 | 310,574 |
Fidelity & Guaranty Life (a) | 19,200 | 597,120 |
Genworth Financial, Inc., Class A * | 865,600 | 2,865,136 |
Global Indemnity Ltd. * | 14,755 | 619,267 |
Greenlight Capital Re Ltd., Class A * | 50,689 | 1,117,692 |
Hallmark Financial Services, Inc. * | 21,200 | 245,708 |
HCI Group, Inc. | 13,800 | 516,948 |
Health Insurance Innovations, Inc., Class A *(a) | 26,700 | 574,050 |
Heritage Insurance Holdings, Inc. (a) | 40,462 | 649,011 |
Horace Mann Educators Corp. | 67,678 | 2,964,296 |
Independence Holding Co. | 11,248 | 305,383 |
Infinity Property & Casualty Corp. | 18,092 | 1,706,980 |
Investors Title Co. | 2,200 | 417,340 |
James River Group Holdings Ltd. | 37,400 | 1,582,768 |
Kemper Corp. | 70,514 | 4,519,947 |
Kingstone Cos., Inc. | 14,700 | 238,140 |
Kinsale Capital Group, Inc. | 23,700 | 1,028,106 |
Maiden Holdings Ltd. | 124,800 | 1,029,600 |
MBIA, Inc. *(a) | 214,184 | 1,552,834 |
National General Holdings Corp. | 83,300 | 1,680,994 |
National Western Life Group, Inc., Class A | 3,994 | 1,428,175 |
NI Holdings, Inc. * | 16,600 | 296,974 |
Primerica, Inc. | 77,300 | 6,841,050 |
RLI Corp. | 69,020 | 4,078,392 |
Safety Insurance Group, Inc. | 24,970 | 2,052,534 |
Selective Insurance Group, Inc. | 99,914 | 5,954,874 |
State Auto Financial Corp. | 24,726 | 633,975 |
State National Cos., Inc. | 54,800 | 1,151,896 |
Stewart Information Services Corp. | 34,300 | 1,301,342 |
The Navigators Group, Inc. | 35,940 | 2,084,520 |
Third Point Reinsurance Ltd. * | 130,860 | 2,185,362 |
Trupanion, Inc. *(a) | 37,300 | 1,050,368 |
United Fire Group, Inc. | 36,800 | 1,696,112 |
United Insurance Holdings Corp. | 36,800 | 579,232 |
Security | Number of Shares | Value ($) |
Universal Insurance Holdings, Inc. | 53,822 | 1,283,655 |
WMIH Corp. * | 313,200 | 259,956 |
88,219,420 | ||
Materials 4.5% | ||
A. Schulman, Inc. | 46,609 | 1,831,734 |
Advanced Emissions Solutions, Inc. (a) | 35,400 | 425,154 |
AdvanSix, Inc. * | 54,800 | 2,535,596 |
AgroFresh Solutions, Inc. * | 35,000 | 206,500 |
AK Steel Holding Corp. * | 538,000 | 2,469,420 |
Allegheny Technologies, Inc. * | 187,300 | 4,716,214 |
American Vanguard Corp. | 49,700 | 1,118,250 |
Ampco-Pittsburgh Corp. | 14,400 | 238,320 |
Balchem Corp. | 53,700 | 4,526,373 |
Boise Cascade Co. * | 68,100 | 2,414,145 |
Calgon Carbon Corp. | 88,685 | 1,924,464 |
Carpenter Technology Corp. | 80,344 | 4,000,328 |
Century Aluminum Co. * | 83,000 | 1,162,000 |
Chase Corp. | 12,100 | 1,436,875 |
Clearwater Paper Corp. * | 27,200 | 1,255,280 |
Cleveland-Cliffs, Inc. * | 512,559 | 3,054,852 |
Codexis, Inc. * | 78,000 | 479,700 |
Coeur Mining, Inc. * | 328,213 | 2,491,137 |
Commercial Metals Co. | 193,800 | 3,775,224 |
Compass Minerals International, Inc. | 58,200 | 3,817,920 |
Core Molding Technologies, Inc. | 12,400 | 287,804 |
Deltic Timber Corp. | 19,121 | 1,770,796 |
Ferro Corp. * | 143,800 | 3,425,316 |
Ferroglobe Representation & Warranty Insurance *(d) | 108,500 | — |
Flotek Industries, Inc. * | 129,300 | 636,156 |
Forterra, Inc. *(a) | 31,100 | 154,256 |
FutureFuel Corp. | 40,400 | 613,272 |
GCP Applied Technologies, Inc. * | 123,500 | 3,612,375 |
Gold Resource Corp. | 129,300 | 469,359 |
Greif, Inc., Class A | 45,894 | 2,548,494 |
Greif, Inc., Class B | 8,700 | 546,795 |
H.B. Fuller Co. | 86,594 | 4,924,601 |
Hawkins, Inc. | 15,500 | 590,550 |
Haynes International, Inc. | 21,325 | 760,876 |
Hecla Mining Co. | 679,040 | 3,205,069 |
Ingevity Corp. * | 71,500 | 5,092,945 |
Innophos Holdings, Inc. | 34,700 | 1,697,871 |
Innospec, Inc. | 40,900 | 2,529,665 |
Intrepid Potash, Inc. * | 159,600 | 641,592 |
Kaiser Aluminum Corp. | 27,743 | 2,751,551 |
KapStone Paper & Packaging Corp. | 150,303 | 3,375,805 |
Klondex Mines Ltd. * | 292,800 | 846,192 |
KMG Chemicals, Inc. | 16,800 | 926,184 |
Koppers Holdings, Inc. * | 34,500 | 1,674,975 |
Kraton Corp. * | 52,135 | 2,556,179 |
Kronos Worldwide, Inc. | 41,600 | 1,094,496 |
Louisiana-Pacific Corp. * | 244,572 | 6,647,467 |
LSB Industries, Inc. *(a) | 28,000 | 211,400 |
Materion Corp. | 37,029 | 1,901,439 |
Minerals Technologies, Inc. | 60,322 | 4,337,152 |
Myers Industries, Inc. | 34,900 | 753,840 |
Neenah Paper, Inc. | 28,353 | 2,461,040 |
Olympic Steel, Inc. | 12,200 | 230,336 |
OMNOVA Solutions, Inc. * | 82,500 | 911,625 |
P.H. Glatfelter Co. | 70,300 | 1,473,488 |
PolyOne Corp. | 139,876 | 6,444,087 |
Quaker Chemical Corp. | 22,800 | 3,541,296 |
Rayonier Advanced Materials, Inc. | 69,342 | 996,444 |
Ryerson Holding Corp. * | 25,800 | 227,040 |
Schnitzer Steel Industries, Inc., Class A | 43,300 | 1,275,185 |
Schweitzer-Mauduit International, Inc. | 52,500 | 2,217,075 |
Sensient Technologies Corp. | 76,014 | 5,780,865 |
Security | Number of Shares | Value ($) |
Stepan Co. | 34,200 | 2,731,212 |
Summit Materials, Inc., Class A * | 179,677 | 5,641,858 |
SunCoke Energy, Inc. * | 116,900 | 1,296,421 |
TimkenSteel Corp. * | 63,644 | 891,016 |
Trecora Resources * | 42,800 | 520,020 |
Tredegar Corp. | 42,100 | 814,635 |
Trinseo S.A. | 76,000 | 5,396,000 |
Tronox Ltd., Class A | 148,800 | 3,938,736 |
UFP Technologies, Inc. * | 16,100 | 496,685 |
United States Lime & Minerals, Inc. | 2,700 | 245,295 |
US Concrete, Inc. * | 26,800 | 2,095,760 |
Valhi, Inc. | 25,000 | 108,750 |
Verso Corp., Class A * | 58,500 | 410,085 |
Warrior Met Coal, Inc. | 27,200 | 707,744 |
Worthington Industries, Inc. | 76,417 | 3,476,973 |
158,793,629 | ||
Media 1.3% | ||
AMC Entertainment Holdings, Inc., Class A (a) | 92,300 | 1,282,970 |
Beasley Broadcasting Group, Inc., Class A | 17,600 | 166,320 |
Central European Media Enterprises Ltd., Class A * | 154,400 | 710,240 |
Clear Channel Outdoor Holdings, Inc., Class A | 61,800 | 234,840 |
Daily Journal Corp. * | 2,000 | 464,200 |
Emerald Expositions Events, Inc. | 24,600 | 572,934 |
Entercom Communications Corp., Class A (a) | 43,000 | 475,150 |
Entravision Communications Corp., Class A | 98,600 | 512,720 |
Eros International plc *(a) | 36,390 | 445,778 |
Gannett Co., Inc. | 195,800 | 1,703,460 |
Global Eagle Entertainment, Inc. * | 77,200 | 187,596 |
Gray Television, Inc. * | 115,593 | 1,799,783 |
Hemisphere Media Group, Inc. * | 29,200 | 356,240 |
IMAX Corp. * | 99,100 | 2,403,175 |
Liberty Media Corp. - Liberty Braves, Class A * | 22,300 | 523,604 |
Liberty Media Corp. - Liberty Braves, Class C * | 55,500 | 1,310,355 |
Loral Space & Communications, Inc. * | 25,600 | 1,207,040 |
MDC Partners, Inc., Class A * | 98,180 | 1,129,070 |
Meredith Corp. | 67,300 | 3,566,900 |
MSG Networks, Inc., Class A * | 97,200 | 1,686,420 |
National CineMedia, Inc. | 95,700 | 644,061 |
New Media Investment Group, Inc. | 87,582 | 1,398,685 |
Nexstar Media Group, Inc., Class A | 77,098 | 4,918,852 |
Reading International, Inc., Class A * | 39,800 | 622,870 |
Saga Communications, Inc., Class A | 6,400 | 280,000 |
Salem Media Group, Inc. | 21,000 | 134,400 |
Scholastic Corp. | 49,069 | 1,812,609 |
Sinclair Broadcast Group, Inc., Class A | 121,202 | 3,842,103 |
The E.W. Scripps Co., Class A * | 103,471 | 1,794,187 |
The New York Times Co., Class A | 213,851 | 4,084,554 |
Time, Inc. | 173,586 | 2,013,598 |
Townsquare Media, Inc., Class A * | 10,100 | 105,444 |
tronc, Inc. * | 30,617 | 452,672 |
WideOpenWest, Inc. * | 35,100 | 448,929 |
World Wrestling Entertainment, Inc., Class A | 62,900 | 1,668,737 |
44,960,496 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.2% | ||
Abeona Therapeutics, Inc. *(a) | 41,100 | 737,745 |
Accelerate Diagnostics, Inc. *(a) | 45,100 | 895,235 |
Acceleron Pharma, Inc. * | 53,527 | 2,087,553 |
Achaogen, Inc. *(a) | 58,700 | 746,664 |
Achillion Pharmaceuticals, Inc. * | 226,789 | 911,692 |
Aclaris Therapeutics, Inc. * | 39,900 | 1,005,879 |
Acorda Therapeutics, Inc. * | 72,039 | 1,914,436 |
Adamas Pharmaceuticals, Inc. *(a) | 27,472 | 677,460 |
Aduro Biotech, Inc. * | 73,381 | 583,379 |
Advaxis, Inc. *(a) | 56,011 | 190,437 |
Security | Number of Shares | Value ($) |
Aerie Pharmaceuticals, Inc. * | 55,144 | 3,405,142 |
Agenus, Inc. * | 106,654 | 390,354 |
Aileron Therapeutics, Inc. * | 12,300 | 148,092 |
Aimmune Therapeutics, Inc. * | 67,000 | 1,947,690 |
Akcea Therapeutics, Inc. *(a) | 25,700 | 470,824 |
Akebia Therapeutics, Inc. * | 76,947 | 1,396,588 |
Alder Biopharmaceuticals, Inc. * | 111,946 | 1,259,392 |
AMAG Pharmaceuticals, Inc. * | 54,731 | 859,277 |
Amicus Therapeutics, Inc. * | 280,204 | 3,990,105 |
Amphastar Pharmaceuticals, Inc. * | 65,926 | 1,191,283 |
AnaptysBio, Inc. *(a) | 21,700 | 1,432,851 |
Anavex Life Sciences Corp. *(a) | 51,200 | 216,064 |
ANI Pharmaceuticals, Inc. * | 13,500 | 784,080 |
Aratana Therapeutics, Inc. * | 62,700 | 359,271 |
Ardelyx, Inc. * | 64,340 | 344,219 |
Arena Pharmaceuticals, Inc. * | 67,860 | 1,902,116 |
Array BioPharma, Inc. * | 291,979 | 3,051,181 |
Assembly Biosciences, Inc. * | 23,400 | 690,534 |
Asterias Biotherapeutics, Inc. *(a) | 45,825 | 114,563 |
Atara Biotherapeutics, Inc. * | 38,043 | 540,211 |
Athenex, Inc. *(a) | 13,200 | 220,968 |
Athersys, Inc. *(a) | 157,000 | 288,880 |
Audentes Therapeutics, Inc. * | 25,600 | 680,704 |
Avexis, Inc. * | 42,700 | 4,462,577 |
Axovant Sciences Ltd. * | 58,100 | 304,444 |
Bellicum Pharmaceuticals, Inc. * | 47,900 | 451,218 |
BioCryst Pharmaceuticals, Inc. * | 136,700 | 615,150 |
Biohaven Pharmaceutical Holding Co. Ltd. * | 16,800 | 505,008 |
BioSpecifics Technologies Corp. * | 8,000 | 366,160 |
BioTime, Inc. * | 105,400 | 252,960 |
Bluebird Bio, Inc. * | 77,200 | 10,738,520 |
Blueprint Medicines Corp. * | 64,664 | 4,294,983 |
Calithera Biosciences, Inc. * | 51,100 | 822,710 |
Calyxt, Inc. * | 14,600 | 299,008 |
Cambrex Corp. * | 55,300 | 2,391,725 |
Cara Therapeutics, Inc. *(a) | 39,117 | 490,527 |
Cascadian Therapeutics, Inc. * | 60,500 | 277,695 |
Catalent, Inc. * | 212,999 | 9,071,627 |
Catalyst Pharmaceuticals, Inc. * | 120,500 | 344,630 |
Celldex Therapeutics, Inc. * | 256,300 | 625,372 |
Cempra, Inc. * | 91,100 | 209,530 |
ChemoCentryx, Inc. * | 35,200 | 231,264 |
Chimerix, Inc. * | 78,386 | 385,659 |
Clearside Biomedical, Inc. *(a) | 38,600 | 274,832 |
Clovis Oncology, Inc. * | 74,400 | 5,607,528 |
Coherus Biosciences, Inc. * | 67,661 | 761,186 |
Collegium Pharmaceutical, Inc. *(a) | 30,736 | 317,503 |
Conatus Pharmaceuticals, Inc. * | 44,200 | 202,878 |
Concert Pharmaceuticals, Inc. * | 32,122 | 547,680 |
Corbus Pharmaceuticals Holdings, Inc. *(a) | 74,300 | 527,530 |
Corcept Therapeutics, Inc. * | 152,206 | 2,996,936 |
Corium International, Inc. * | 33,600 | 338,688 |
Corvus Pharmaceuticals, Inc. * | 17,500 | 237,650 |
Curis, Inc. * | 158,654 | 250,673 |
Cytokinetics, Inc. * | 71,200 | 971,880 |
CytomX Therapeutics, Inc. * | 48,800 | 976,000 |
Depomed, Inc. * | 106,300 | 514,492 |
Dermira, Inc. * | 63,700 | 1,705,249 |
Dova Pharmaceuticals, Inc. *(a) | 9,900 | 248,094 |
Durect Corp. * | 263,476 | 210,069 |
Dynavax Technologies Corp. * | 103,900 | 2,285,800 |
Eagle Pharmaceuticals, Inc. * | 13,524 | 726,915 |
Edge Therapeutics, Inc. * | 27,900 | 302,994 |
Editas Medicine, Inc. *(a) | 56,800 | 1,408,640 |
Emergent BioSolutions, Inc. * | 61,500 | 2,520,885 |
Enanta Pharmaceuticals, Inc. * | 26,322 | 1,307,414 |
Enzo Biochem, Inc. * | 66,300 | 653,055 |
Epizyme, Inc. * | 65,259 | 1,089,825 |
Security | Number of Shares | Value ($) |
Esperion Therapeutics, Inc. * | 28,770 | 1,315,940 |
Exact Sciences Corp. * | 198,362 | 10,907,926 |
Fate Therapeutics, Inc. * | 66,000 | 314,820 |
FibroGen, Inc. * | 111,209 | 6,211,023 |
Five Prime Therapeutics, Inc. * | 45,000 | 2,018,700 |
Flexion Therapeutics, Inc. *(a) | 54,643 | 1,202,692 |
Fluidigm Corp. * | 50,000 | 290,000 |
Fortress Biotech, Inc. *(a) | 56,900 | 212,806 |
Foundation Medicine, Inc. * | 25,600 | 1,152,000 |
G1 Therapeutics, Inc. * | 14,600 | 344,998 |
Genocea Biosciences, Inc. *(a) | 49,100 | 56,956 |
Genomic Health, Inc. * | 31,700 | 1,039,443 |
Geron Corp. *(a) | 247,200 | 556,200 |
Global Blood Therapeutics, Inc. * | 61,600 | 2,451,680 |
Halozyme Therapeutics, Inc. * | 204,700 | 3,629,331 |
Heron Therapeutics, Inc. * | 70,860 | 1,087,701 |
Horizon Pharma plc * | 281,200 | 3,813,072 |
Idera Pharmaceuticals, Inc. * | 166,529 | 259,785 |
Ignyta, Inc. * | 96,045 | 1,479,093 |
Immune Design, Corp. * | 34,143 | 169,008 |
ImmunoGen, Inc. * | 150,500 | 872,900 |
Immunomedics, Inc. * | 173,200 | 1,856,704 |
Impax Laboratories, Inc. * | 123,800 | 2,246,970 |
INC Research Holdings, Inc., Class A * | 94,300 | 5,389,245 |
Innoviva, Inc. * | 130,100 | 1,592,424 |
Inovio Pharmaceuticals, Inc. * | 154,162 | 898,764 |
Insmed, Inc. * | 124,914 | 3,373,927 |
Insys Therapeutics, Inc. *(a) | 57,579 | 296,532 |
Intellia Therapeutics, Inc. *(a) | 26,300 | 818,456 |
Intersect ENT, Inc. * | 45,868 | 1,359,986 |
Intra-Cellular Therapies, Inc. * | 58,100 | 905,779 |
Invitae Corp. *(a) | 73,300 | 618,652 |
Iovance Biotherapeutics, Inc. * | 81,472 | 633,445 |
Ironwood Pharmaceuticals, Inc. * | 233,400 | 3,589,692 |
Jounce Therapeutics, Inc. * | 27,700 | 387,800 |
Kala Pharmaceuticals, Inc. * | 13,700 | 220,022 |
Karyopharm Therapeutics, Inc. * | 66,763 | 681,650 |
Keryx Biopharmaceuticals, Inc. * | 147,234 | 954,076 |
Kindred Biosciences, Inc. * | 35,500 | 264,475 |
Kura Oncology, Inc. *(a) | 39,200 | 584,080 |
La Jolla Pharmaceutical Co. * | 33,879 | 1,164,082 |
Lannett Co., Inc. *(a) | 48,300 | 961,170 |
Lexicon Pharmaceuticals, Inc. *(a) | 68,300 | 695,977 |
Ligand Pharmaceuticals, Inc. * | 33,843 | 4,919,080 |
Loxo Oncology, Inc. * | 38,700 | 3,334,392 |
Luminex Corp. | 76,000 | 1,622,600 |
MacroGenics, Inc. * | 61,749 | 1,222,013 |
Madrigal Pharmaceuticals, Inc. * | 13,800 | 689,862 |
Matinas BioPharma Holdings, Inc. *(a) | 89,500 | 100,240 |
MediciNova, Inc. *(a) | 46,400 | 329,904 |
Medpace Holdings, Inc. * | 13,500 | 505,845 |
Merrimack Pharmaceuticals, Inc. (a) | 25,740 | 302,188 |
Mersana Therapeutics, Inc. * | 9,600 | 156,096 |
MiMedx Group, Inc. *(a) | 192,750 | 2,444,070 |
Minerva Neurosciences, Inc. * | 57,000 | 359,100 |
Miragen Therapeutics, Inc. * | 21,300 | 176,364 |
Momenta Pharmaceuticals, Inc. * | 136,086 | 1,918,813 |
MyoKardia, Inc. * | 34,000 | 1,307,300 |
Myriad Genetics, Inc. * | 106,686 | 3,657,196 |
NanoString Technologies, Inc. * | 36,400 | 362,544 |
NantKwest, Inc. *(a) | 57,600 | 266,112 |
Natera, Inc. * | 58,700 | 645,113 |
Nektar Therapeutics * | 256,771 | 6,185,613 |
NeoGenomics, Inc. * | 89,888 | 779,329 |
Neos Therapeutics, Inc. *(a) | 43,700 | 454,480 |
NewLink Genetics Corp. *(a) | 34,800 | 325,728 |
Novavax, Inc. *(a) | 420,621 | 458,477 |
Novelion Therapeutics, Inc. * | 25,900 | 122,248 |
Security | Number of Shares | Value ($) |
Nymox Pharmaceutical Corp. *(a) | 50,400 | 179,424 |
Ocular Therapeutix, Inc. *(a) | 38,470 | 221,587 |
Omeros Corp. *(a) | 77,300 | 1,218,248 |
Organovo Holdings, Inc. *(a) | 154,441 | 245,561 |
Otonomy, Inc. * | 48,000 | 142,800 |
Ovid therapeutics, Inc. * | 14,500 | 93,960 |
Pacific Biosciences of California, Inc. * | 181,000 | 765,630 |
Pacira Pharmaceuticals, Inc. * | 65,400 | 2,096,070 |
Paratek Pharmaceuticals, Inc. * | 38,408 | 821,931 |
PDL BioPharma, Inc. * | 258,800 | 766,048 |
Phibro Animal Health Corp., Class A | 32,500 | 1,223,625 |
Pieris Pharmaceuticals, Inc. * | 57,600 | 290,880 |
Portola Pharmaceuticals, Inc. * | 95,900 | 4,738,419 |
PRA Health Sciences, Inc. * | 84,300 | 6,864,549 |
Prestige Brands Holdings, Inc. * | 93,900 | 4,403,910 |
Progenics Pharmaceuticals, Inc. * | 145,500 | 900,645 |
Protagonist Therapeutics, Inc. *(a) | 13,200 | 197,604 |
Prothena Corp. plc * | 65,453 | 3,799,547 |
PTC Therapeutics, Inc. * | 68,136 | 1,276,869 |
Puma Biotechnology, Inc. * | 49,100 | 6,250,430 |
Ra Pharmaceuticals, Inc. * | 21,800 | 286,452 |
Radius Health, Inc. *(a) | 62,014 | 1,991,270 |
Reata Pharmaceuticals, Inc., Class A *(a) | 23,600 | 714,608 |
Recro Pharma, Inc. * | 30,500 | 263,215 |
REGENXBIO, Inc. * | 44,100 | 1,320,795 |
Repligen Corp. * | 63,900 | 2,377,080 |
Retrophin, Inc. * | 67,593 | 1,681,038 |
Revance Therapeutics, Inc. * | 37,208 | 967,408 |
Rigel Pharmaceuticals, Inc. * | 219,800 | 824,250 |
Sage Therapeutics, Inc. * | 57,495 | 3,638,284 |
Sangamo Therapeutics, Inc. * | 141,000 | 1,748,400 |
Sarepta Therapeutics, Inc. * | 99,200 | 4,891,552 |
Selecta Biosciences, Inc. *(a) | 29,600 | 628,112 |
Seres Therapeutics, Inc. * | 34,800 | 349,392 |
Sienna Biopharmaceuticals, Inc. * | 8,700 | 170,520 |
Spark Therapeutics, Inc. * | 44,800 | 3,624,320 |
Spectrum Pharmaceuticals, Inc. * | 136,700 | 2,677,953 |
Stemline Therapeutics, Inc. * | 40,200 | 548,730 |
Strongbridge Biopharma plc *(a) | 46,400 | 278,400 |
Sucampo Pharmaceuticals, Inc., Class A * | 40,218 | 402,180 |
Supernus Pharmaceuticals, Inc. * | 83,800 | 3,486,080 |
Syndax Pharmaceuticals, Inc. * | 24,400 | 272,792 |
Synergy Pharmaceuticals, Inc. *(a) | 383,700 | 1,047,501 |
Syros Pharmaceuticals, Inc. * | 21,300 | 366,360 |
Teligent, Inc. * | 90,900 | 516,312 |
Tetraphase Pharmaceuticals, Inc. * | 90,353 | 543,022 |
TG Therapeutics, Inc. *(a) | 74,950 | 610,842 |
The Medicines Co. * | 114,328 | 3,285,787 |
TherapeuticsMD, Inc. *(a) | 253,855 | 1,198,196 |
Theravance Biopharma, Inc. *(a) | 72,800 | 2,101,008 |
Tocagen, Inc. * | 13,700 | 151,659 |
Trevena, Inc. * | 70,634 | 105,951 |
Ultragenyx Pharmaceutical, Inc. * | 65,841 | 3,034,612 |
Vanda Pharmaceuticals, Inc. * | 74,600 | 1,171,220 |
VBI Vaccines, Inc. *(a) | 42,800 | 147,232 |
Veracyte, Inc. * | 45,400 | 388,170 |
Versartis, Inc. * | 53,335 | 96,003 |
Voyager Therapeutics, Inc. * | 26,900 | 566,514 |
WaVe Life Sciences Ltd. *(a) | 20,700 | 477,135 |
XBiotech, Inc. *(a) | 40,600 | 172,956 |
Xencor, Inc. * | 67,128 | 1,327,792 |
ZIOPHARM Oncology, Inc. *(a) | 236,064 | 1,100,058 |
Zogenix, Inc. * | 53,125 | 1,992,187 |
Zynerba Pharmaceuticals, Inc. *(a) | 19,200 | 188,160 |
291,313,966 | ||
Security | Number of Shares | Value ($) |
Real Estate 7.1% | ||
Acadia Realty Trust | 139,957 | 3,939,790 |
Agree Realty Corp. | 48,800 | 2,307,752 |
Alexander & Baldwin, Inc. | 80,360 | 3,635,486 |
Alexander's, Inc. | 3,741 | 1,537,551 |
Altisource Portfolio Solutions S.A. *(a) | 17,887 | 462,200 |
Altisource Residential Corp. | 87,800 | 936,826 |
American Assets Trust, Inc. | 73,200 | 2,839,428 |
Armada Hoffler Properties, Inc. | 74,900 | 1,068,823 |
Ashford Hospitality Prime, Inc. | 52,487 | 510,174 |
Ashford Hospitality Trust, Inc. | 128,682 | 904,634 |
Bluerock Residential Growth REIT, Inc. | 41,408 | 467,496 |
CareTrust REIT, Inc. | 127,665 | 2,412,869 |
CatchMark Timber Trust, Inc., Class A | 57,209 | 732,275 |
CBL & Associates Properties, Inc. | 307,100 | 2,407,664 |
Cedar Realty Trust, Inc. | 148,800 | 809,472 |
Chatham Lodging Trust | 74,334 | 1,616,765 |
Chesapeake Lodging Trust | 102,585 | 2,862,121 |
City Office REIT, Inc. | 44,500 | 580,280 |
Clipper Realty, Inc. | 26,300 | 285,881 |
Community Healthcare Trust, Inc. | 29,500 | 809,185 |
Consolidated-Tomoka Land Co. | 7,600 | 444,752 |
CorEnergy Infrastructure Trust, Inc. | 19,500 | 703,560 |
Cousins Properties, Inc. | 714,007 | 6,440,343 |
DiamondRock Hospitality Co. | 340,717 | 3,700,187 |
Easterly Government Properties, Inc. | 61,800 | 1,243,416 |
EastGroup Properties, Inc. | 57,990 | 5,253,314 |
Education Realty Trust, Inc. | 128,213 | 4,474,634 |
Farmland Partners, Inc. (a) | 59,300 | 495,155 |
First Industrial Realty Trust, Inc. | 201,237 | 6,214,199 |
Forestar Group, Inc. *(a) | 18,000 | 320,400 |
Four Corners Property Trust, Inc. | 102,300 | 2,524,764 |
Franklin Street Properties Corp. | 173,965 | 1,739,650 |
FRP Holdings, Inc. * | 12,700 | 563,245 |
Getty Realty Corp. | 57,159 | 1,623,887 |
Gladstone Commercial Corp. | 45,800 | 992,028 |
Global Medical REIT, Inc. (a) | 28,400 | 240,264 |
Global Net Lease, Inc. | 109,933 | 2,374,553 |
Government Properties Income Trust | 170,447 | 3,097,022 |
Gramercy Property Trust | 259,222 | 7,698,893 |
Healthcare Realty Trust, Inc. | 210,381 | 6,782,683 |
Hersha Hospitality Trust | 71,125 | 1,258,201 |
HFF, Inc., Class A | 63,900 | 2,802,654 |
Independence Realty Trust, Inc. | 122,058 | 1,238,889 |
InfraREIT, Inc. | 71,000 | 1,590,400 |
Investors Real Estate Trust | 212,002 | 1,240,212 |
iStar, Inc. * | 109,700 | 1,283,490 |
Jernigan Capital, Inc. | 24,300 | 498,636 |
Kennedy-Wilson Holdings, Inc. | 206,387 | 4,014,227 |
Kite Realty Group Trust | 141,539 | 2,645,364 |
LaSalle Hotel Properties | 196,679 | 5,548,315 |
Lexington Realty Trust | 360,274 | 3,645,973 |
LTC Properties, Inc. | 65,551 | 3,048,777 |
Mack-Cali Realty Corp. | 157,300 | 3,581,721 |
Marcus & Millichap, Inc. * | 33,879 | 962,841 |
Maui Land & Pineapple Co., Inc. * | 11,100 | 177,045 |
MedEquities Realty Trust, Inc. | 49,700 | 577,514 |
Monmouth Real Estate Investment Corp. | 117,100 | 1,995,384 |
National Health Investors, Inc. | 68,168 | 5,193,720 |
National Storage Affiliates Trust | 76,021 | 1,884,561 |
New Senior Investment Group, Inc. | 139,269 | 1,245,065 |
NexPoint Residential Trust, Inc. | 30,956 | 735,205 |
NorthStar Realty Europe Corp. | 97,800 | 1,317,366 |
One Liberty Properties, Inc. | 26,400 | 639,672 |
Pebblebrook Hotel Trust | 114,800 | 4,093,768 |
Pennsylvania Real Estate Investment Trust | 106,167 | 1,031,943 |
Physicians Realty Trust | 312,550 | 5,432,119 |
Security | Number of Shares | Value ($) |
Potlatch Corp. | 68,503 | 3,548,455 |
Preferred Apartment Communities, Inc., Class A | 53,297 | 1,057,945 |
PS Business Parks, Inc. | 33,238 | 4,398,385 |
QTS Realty Trust, Inc., Class A | 81,287 | 4,702,453 |
Quality Care Properties, Inc. * | 157,100 | 2,486,893 |
Ramco-Gershenson Properties Trust | 133,821 | 1,690,159 |
RE/MAX Holdings, Inc., Class A | 31,400 | 2,088,100 |
Redfin Corp. *(a) | 17,400 | 409,596 |
Retail Opportunity Investments Corp. | 195,047 | 3,506,945 |
Rexford Industrial Realty, Inc. | 123,116 | 3,655,314 |
RLJ Lodging Trust | 290,284 | 6,287,551 |
Ryman Hospitality Properties, Inc. | 77,585 | 5,130,696 |
Sabra Health Care REIT, Inc. | 294,717 | 5,870,763 |
Safety Income and Growth, Inc. | 11,500 | 206,655 |
Saul Centers, Inc. | 19,100 | 1,167,392 |
Select Income REIT | 111,628 | 2,696,932 |
Seritage Growth Properties, Class A (a) | 42,700 | 1,756,251 |
STAG Industrial, Inc. | 159,300 | 4,348,890 |
Starwood Waypoint Homes | 216,300 | 7,853,853 |
Stratus Properties, Inc. | 9,200 | 273,700 |
Summit Hotel Properties, Inc. | 170,100 | 2,689,281 |
Sunstone Hotel Investors, Inc. | 378,154 | 6,171,473 |
Tejon Ranch Co. * | 29,092 | 548,384 |
Terreno Realty Corp. | 89,600 | 3,290,112 |
The GEO Group, Inc. | 204,420 | 5,304,699 |
The RMR Group, Inc., Class A | 11,919 | 625,152 |
The St. Joe Co. * | 85,600 | 1,523,680 |
Tier REIT, Inc. | 87,000 | 1,702,590 |
Trinity Place Holdings, Inc. * | 32,544 | 234,317 |
UMH Properties, Inc. | 53,200 | 794,808 |
Universal Health Realty Income Trust | 22,644 | 1,657,767 |
Urban Edge Properties | 162,387 | 3,809,599 |
Urstadt Biddle Properties, Inc., Class A | 46,774 | 1,016,399 |
Washington Prime Group, Inc. | 306,300 | 2,398,329 |
Washington Real Estate Investment Trust | 135,682 | 4,367,604 |
Whitestone REIT (a) | 63,400 | 847,024 |
Xenia Hotels & Resorts, Inc. | 182,462 | 3,970,373 |
249,825,202 | ||
Retailing 2.7% | ||
1-800-Flowers.com, Inc., Class A * | 46,800 | 439,920 |
Aaron's, Inc. | 110,400 | 4,062,720 |
Abercrombie & Fitch Co., Class A | 119,763 | 1,608,417 |
America's Car-Mart, Inc. * | 16,000 | 685,600 |
American Eagle Outfitters, Inc. | 279,615 | 3,640,587 |
Asbury Automotive Group, Inc. * | 30,585 | 1,877,919 |
Ascena Retail Group, Inc. * | 314,263 | 609,670 |
At Home Group, Inc. * | 7,600 | 155,800 |
Barnes & Noble Education, Inc. * | 60,495 | 329,698 |
Barnes & Noble, Inc. | 122,310 | 856,170 |
Big 5 Sporting Goods Corp. (a) | 32,284 | 205,003 |
Big Lots, Inc. | 79,110 | 4,059,134 |
Boot Barn Holdings, Inc. * | 21,411 | 176,213 |
Build-A-Bear Workshop, Inc. * | 25,700 | 200,460 |
Caleres, Inc. | 67,775 | 1,852,291 |
Camping World Holdings, Inc., Class A | 51,800 | 2,176,636 |
Carvana Co. *(a) | 24,800 | 351,664 |
Chico's FAS, Inc. | 207,151 | 1,655,136 |
Citi Trends, Inc. | 24,846 | 540,649 |
Conn's, Inc. *(a) | 28,100 | 864,075 |
Core-Mark Holding Co., Inc. | 78,182 | 2,662,879 |
Dillard's, Inc., Class A (a) | 24,500 | 1,244,600 |
DSW, Inc., Class A | 115,000 | 2,202,250 |
Duluth Holdings, Inc., Class B *(a) | 16,700 | 345,022 |
Express, Inc. * | 115,898 | 784,629 |
Five Below, Inc. * | 90,300 | 4,989,075 |
Francesca's Holdings Corp. * | 59,600 | 385,612 |
Security | Number of Shares | Value ($) |
Fred's, Inc., Class A (a) | 60,300 | 265,923 |
FTD Cos., Inc. * | 28,097 | 303,448 |
Gaia, Inc. * | 19,900 | 241,785 |
Genesco, Inc. * | 32,744 | 802,228 |
GNC Holdings, Inc., Class A (a) | 105,000 | 718,200 |
Group 1 Automotive, Inc. | 34,300 | 2,694,951 |
Groupon, Inc. * | 572,200 | 2,729,394 |
Guess?, Inc. | 94,900 | 1,538,329 |
Haverty Furniture Cos., Inc. | 30,300 | 722,655 |
Hibbett Sports, Inc. * | 39,475 | 505,280 |
HSN, Inc. | 54,055 | 2,037,873 |
J. Jill, Inc. * | 17,700 | 90,447 |
J.C. Penney Co., Inc. *(a) | 511,900 | 1,433,320 |
Kirkland's, Inc. * | 27,800 | 325,260 |
Lands' End, Inc. *(a) | 24,200 | 263,780 |
Liberty TripAdvisor Holdings, Inc., Class A * | 127,111 | 1,372,799 |
Lithia Motors, Inc., Class A | 40,237 | 4,554,024 |
Lumber Liquidators Holdings, Inc. * | 48,098 | 1,480,456 |
MarineMax, Inc. * | 45,300 | 840,315 |
Monro, Inc. | 54,646 | 2,696,780 |
Nutrisystem, Inc. | 50,348 | 2,514,883 |
Office Depot, Inc. | 844,700 | 2,618,570 |
Ollie's Bargain Outlet Holdings, Inc. * | 79,800 | 3,563,070 |
Overstock.com, Inc. *(a) | 30,900 | 1,418,310 |
Party City Holdco, Inc. * | 43,516 | 485,203 |
PetMed Express, Inc. | 34,500 | 1,219,920 |
Pier 1 Imports, Inc. | 144,900 | 602,784 |
Rent-A-Center, Inc. (a) | 70,285 | 698,633 |
RH *(a) | 34,141 | 3,069,959 |
Sears Holdings Corp. *(a) | 43,000 | 236,930 |
Shoe Carnival, Inc. | 19,750 | 370,708 |
Shutterfly, Inc. * | 58,547 | 2,499,957 |
Sleep Number Corp. * | 71,112 | 2,311,140 |
Sonic Automotive, Inc., Class A | 42,074 | 835,169 |
Sportsman's Warehouse Holdings, Inc. *(a) | 44,500 | 182,450 |
Tailored Brands, Inc. | 92,669 | 1,431,736 |
The Buckle, Inc. (a) | 53,164 | 874,548 |
The Cato Corp., Class A | 40,904 | 526,025 |
The Children's Place, Inc. | 29,690 | 3,230,272 |
The Container Store Group, Inc. * | 39,900 | 144,039 |
The Finish Line, Inc., Class A | 81,919 | 759,389 |
Tile Shop Holdings, Inc. | 70,800 | 605,340 |
Tilly's, Inc., Class A | 20,600 | 245,346 |
Vitamin Shoppe, Inc. * | 40,000 | 184,000 |
Weyco Group, Inc. | 9,100 | 247,429 |
Winmark Corp. | 4,500 | 588,375 |
Zumiez, Inc. * | 30,100 | 531,265 |
96,574,526 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||
Advanced Energy Industries, Inc. * | 67,837 | 5,747,151 |
Alpha & Omega Semiconductor Ltd. * | 28,000 | 516,040 |
Ambarella, Inc. * | 53,300 | 3,008,252 |
Amkor Technology, Inc. * | 167,518 | 1,938,183 |
Axcelis Technologies, Inc. * | 54,100 | 1,779,890 |
AXT, Inc. * | 64,000 | 595,200 |
Brooks Automation, Inc. | 114,231 | 3,928,404 |
Cabot Microelectronics Corp. | 43,300 | 4,185,811 |
CEVA, Inc. * | 36,536 | 1,764,689 |
Cirrus Logic, Inc. * | 109,600 | 6,137,600 |
Cohu, Inc. | 46,600 | 1,202,280 |
Cree, Inc. * | 170,700 | 6,093,990 |
CyberOptics Corp. * | 12,100 | 174,240 |
Diodes, Inc. * | 67,981 | 2,334,468 |
DSP Group, Inc. * | 45,900 | 615,060 |
Entegris, Inc. | 246,400 | 8,069,600 |
FormFactor, Inc. * | 123,391 | 2,245,716 |
Security | Number of Shares | Value ($) |
GSI Technology, Inc. * | 25,700 | 177,844 |
Ichor Holdings Ltd. * | 31,100 | 970,009 |
Impinj, Inc. *(a) | 30,100 | 1,027,614 |
Inphi Corp. * | 72,633 | 2,976,500 |
Integrated Device Technology, Inc. * | 228,889 | 7,111,581 |
IXYS Corp. * | 42,600 | 1,052,220 |
Kopin Corp. * | 95,000 | 333,450 |
Lattice Semiconductor Corp. * | 224,000 | 1,310,400 |
MACOM Technology Solutions Holdings, Inc. * | 67,690 | 2,767,167 |
MaxLinear, Inc. * | 101,760 | 2,490,067 |
MKS Instruments, Inc. | 92,989 | 10,103,255 |
Monolithic Power Systems, Inc. | 68,300 | 8,310,061 |
Nanometrics, Inc. * | 40,600 | 1,147,762 |
NeoPhotonics Corp. *(a) | 80,063 | 417,128 |
NVE Corp. | 8,500 | 723,180 |
PDF Solutions, Inc. * | 44,800 | 656,320 |
Photronics, Inc. * | 108,337 | 1,050,869 |
Pixelworks, Inc. * | 87,000 | 486,330 |
Power Integrations, Inc. | 51,362 | 4,126,937 |
Rambus, Inc. * | 178,500 | 2,625,735 |
Rudolph Technologies, Inc. * | 54,400 | 1,509,600 |
Semtech Corp. * | 108,329 | 4,446,905 |
Sigma Designs, Inc. * | 78,958 | 477,696 |
Silicon Laboratories, Inc. * | 70,550 | 6,695,195 |
SMART Global Holdings, Inc. * | 34,300 | 1,075,991 |
SunPower Corp. *(a) | 101,400 | 721,968 |
Synaptics, Inc. * | 59,800 | 2,219,776 |
Ultra Clean Holdings, Inc. * | 55,500 | 1,416,360 |
Veeco Instruments, Inc. * | 80,955 | 1,461,238 |
Xcerra Corp. * | 84,400 | 831,340 |
Xperi Corp. | 83,859 | 1,928,757 |
122,985,829 | ||
Software & Services 8.7% | ||
2U, Inc. * | 76,658 | 4,877,749 |
8x8, Inc. * | 159,600 | 2,130,660 |
A10 Networks, Inc. * | 92,019 | 672,659 |
ACI Worldwide, Inc. * | 206,752 | 4,978,588 |
Actua Corp. * | 56,400 | 871,380 |
Acxiom Corp. * | 132,700 | 3,338,732 |
Agilysys, Inc. * | 24,000 | 294,480 |
Alarm.com Holdings, Inc. * | 33,600 | 1,568,448 |
Alteryx, Inc., Class A * | 14,900 | 336,591 |
Amber Road, Inc. * | 41,000 | 305,860 |
American Software, Inc., Class A | 45,000 | 558,450 |
Appfolio, Inc., Class A * | 14,600 | 670,140 |
Apptio, Inc., Class A * | 39,600 | 960,300 |
Aspen Technology, Inc. * | 127,699 | 8,239,139 |
Bankrate, Inc. * | 74,600 | 1,036,940 |
Barracuda Networks, Inc. * | 43,200 | 1,006,992 |
Bazaarvoice, Inc. * | 142,400 | 687,080 |
Benefitfocus, Inc. * | 26,390 | 723,086 |
Blackbaud, Inc. | 81,469 | 8,252,810 |
Blackhawk Network Holdings, Inc. * | 96,102 | 3,262,663 |
Blackline, Inc. * | 25,800 | 916,416 |
Blucora, Inc. * | 73,100 | 1,586,270 |
Bottomline Technologies de, Inc. * | 70,700 | 2,301,992 |
Box, Inc., Class A * | 139,100 | 3,053,245 |
Brightcove, Inc. * | 73,900 | 591,200 |
BroadSoft, Inc. * | 52,250 | 2,865,913 |
CACI International, Inc., Class A * | 41,858 | 6,017,087 |
Callidus Software, Inc. * | 107,200 | 2,717,520 |
Carbonite, Inc. * | 41,200 | 935,240 |
Cardtronics plc, Class A * | 78,300 | 1,793,070 |
Care.com, Inc. * | 23,800 | 365,806 |
Cars.com, Inc. * | 125,600 | 2,991,792 |
Cass Information Systems, Inc. | 17,740 | 1,144,230 |
Security | Number of Shares | Value ($) |
ChannelAdvisor Corp. * | 39,100 | 439,875 |
Cimpress N.V. * | 43,300 | 4,725,762 |
Cloudera, Inc. * | 22,600 | 341,938 |
CommerceHub, Inc., Series A * | 20,000 | 446,600 |
CommerceHub, Inc., Series C * | 49,100 | 1,047,303 |
CommVault Systems, Inc. * | 67,847 | 3,531,436 |
Convergys Corp. | 162,300 | 4,175,979 |
Cornerstone OnDemand, Inc. * | 89,300 | 3,425,548 |
Coupa Software, Inc. * | 55,200 | 1,918,200 |
CSG Systems International, Inc. | 56,400 | 2,387,976 |
DHI Group, Inc. * | 76,400 | 168,080 |
Digimarc Corp. *(a) | 17,200 | 614,040 |
Ebix, Inc. | 39,500 | 2,684,025 |
Ellie Mae, Inc. * | 58,700 | 5,280,065 |
Endurance International Group Holdings, Inc. * | 96,802 | 793,776 |
Envestnet, Inc. * | 72,854 | 3,890,404 |
EPAM Systems, Inc. * | 84,383 | 7,691,510 |
Etsy, Inc. * | 194,363 | 3,245,862 |
Everbridge, Inc. * | 28,200 | 751,248 |
Everi Holdings, Inc. * | 106,600 | 883,714 |
EVERTEC, Inc. | 103,000 | 1,545,000 |
Exa Corp. * | 21,600 | 523,584 |
ExlService Holdings, Inc. * | 57,592 | 3,594,893 |
Fair Isaac Corp. | 51,391 | 7,459,918 |
Five9, Inc. * | 93,800 | 2,366,574 |
Gigamon, Inc. * | 60,300 | 2,321,550 |
Glu Mobile, Inc. * | 170,358 | 683,136 |
Gogo, Inc. *(a) | 100,600 | 999,964 |
GrubHub, Inc. * | 145,576 | 8,883,048 |
GTT Communications, Inc. * | 53,043 | 1,933,417 |
Hortonworks, Inc. * | 92,800 | 1,532,128 |
HubSpot, Inc. * | 59,589 | 5,157,428 |
Imperva, Inc. * | 55,442 | 2,367,373 |
Information Services Group, Inc. * | 48,500 | 197,880 |
Instructure, Inc. * | 40,800 | 1,419,840 |
Internap Corp. * | 135,100 | 628,215 |
j2 Global, Inc. | 79,428 | 5,888,792 |
Leaf Group Ltd. * | 24,000 | 169,200 |
Limelight Networks, Inc. * | 147,000 | 727,650 |
Liquidity Services, Inc. * | 37,500 | 213,750 |
LivePerson, Inc. * | 97,300 | 1,367,065 |
ManTech International Corp., Class A | 44,700 | 2,074,527 |
MAXIMUS, Inc. | 110,617 | 7,348,287 |
MicroStrategy, Inc., Class A * | 16,462 | 2,177,264 |
MINDBODY, Inc., Class A * | 70,800 | 2,283,300 |
Mitek Systems, Inc. * | 46,200 | 411,180 |
MobileIron, Inc. * | 92,736 | 357,034 |
Model N, Inc. * | 45,800 | 666,390 |
MoneyGram International, Inc. * | 53,700 | 835,035 |
Monotype Imaging Holdings, Inc. | 72,200 | 1,664,210 |
MuleSoft, Inc., Class A * | 42,000 | 982,380 |
New Relic, Inc. * | 52,000 | 2,669,160 |
NIC, Inc. | 105,500 | 1,793,500 |
Nutanix, Inc., Class A * | 96,700 | 2,755,950 |
Okta, Inc. * | 23,900 | 691,188 |
Ominto, Inc. *(a) | 24,500 | 78,155 |
Park City Group, Inc. *(a) | 25,000 | 276,250 |
Paycom Software, Inc. * | 84,407 | 6,938,255 |
Paylocity Holding Corp. * | 43,145 | 2,304,374 |
Pegasystems, Inc. | 62,900 | 3,667,070 |
Perficient, Inc. * | 61,997 | 1,205,842 |
Planet Payment, Inc. * | 66,200 | 295,914 |
Presidio, Inc. * | 30,900 | 457,320 |
Progress Software Corp. | 79,220 | 3,353,383 |
Proofpoint, Inc. * | 73,800 | 6,819,858 |
PROS Holdings, Inc. * | 41,600 | 939,744 |
Q2 Holdings, Inc. * | 52,093 | 2,216,557 |
QAD, Inc., Class A | 20,400 | 754,800 |
Security | Number of Shares | Value ($) |
Qualys, Inc. * | 55,326 | 2,926,745 |
QuinStreet, Inc. * | 60,000 | 534,000 |
Quotient Technology, Inc. * | 123,732 | 1,936,406 |
Rapid7, Inc. * | 31,100 | 562,288 |
RealNetworks, Inc. * | 38,000 | 179,360 |
RealPage, Inc. * | 98,800 | 4,278,040 |
Reis, Inc. | 11,900 | 217,175 |
RingCentral, Inc., Class A * | 107,968 | 4,550,851 |
Rosetta Stone, Inc. * | 31,000 | 315,270 |
Science Applications International Corp. | 76,584 | 5,616,671 |
SecureWorks Corp., Class A * | 9,300 | 93,186 |
ServiceSource International, Inc. * | 105,500 | 367,140 |
Shutterstock, Inc. * | 35,860 | 1,398,181 |
Silver Spring Networks, Inc. * | 77,600 | 1,250,912 |
SPS Commerce, Inc. * | 28,300 | 1,391,228 |
Stamps.com, Inc. * | 27,300 | 6,126,120 |
StarTek, Inc. * | 17,100 | 204,174 |
Sykes Enterprises, Inc. * | 67,493 | 1,953,247 |
Synchronoss Technologies, Inc. * | 70,962 | 803,999 |
Syntel, Inc. * | 56,917 | 1,329,581 |
TechTarget, Inc. * | 31,700 | 394,982 |
Telenav, Inc. * | 61,700 | 397,965 |
TeleTech Holdings, Inc. | 22,500 | 937,125 |
The Hackett Group, Inc. | 41,600 | 642,304 |
The Meet Group, Inc. * | 149,000 | 505,110 |
The Rubicon Project, Inc. * | 92,361 | 328,805 |
The Trade Desk, Inc., Class A * | 39,900 | 2,630,208 |
TiVo Corp. | 202,009 | 3,666,463 |
Travelport Worldwide Ltd. | 219,062 | 3,437,083 |
TrueCar, Inc. * | 115,259 | 1,864,891 |
Tucows, Inc., Class A *(a) | 15,000 | 876,750 |
Twilio, Inc., Class A * | 103,700 | 3,313,215 |
Unisys Corp. * | 92,750 | 811,563 |
Upland Software, Inc. * | 11,700 | 257,049 |
Varonis Systems, Inc. * | 31,400 | 1,369,040 |
VASCO Data Security International, Inc. * | 58,800 | 799,680 |
Verint Systems, Inc. * | 108,860 | 4,593,892 |
Veritone, Inc. *(a) | 4,500 | 159,750 |
VirnetX Holding Corp. *(a) | 105,000 | 540,750 |
Virtusa Corp. * | 45,800 | 1,747,728 |
Web.com Group, Inc. * | 64,100 | 1,544,810 |
Workiva, Inc. * | 44,800 | 1,001,280 |
XO Group, Inc. * | 39,800 | 794,408 |
Yelp, Inc. * | 134,400 | 6,279,168 |
Yext, Inc. *(a) | 19,500 | 223,860 |
Zendesk, Inc. * | 169,094 | 5,241,914 |
Zix Corp. * | 88,900 | 431,165 |
307,318,733 | ||
Technology Hardware & Equipment 5.1% | ||
3D Systems Corp. *(a) | 184,000 | 2,277,920 |
Acacia Communications, Inc. *(a) | 35,300 | 1,493,543 |
ADTRAN, Inc. | 79,800 | 1,683,780 |
Aerohive Networks, Inc. * | 69,500 | 275,220 |
Akoustis Technologies, Inc. *(a) | 21,100 | 128,499 |
Anixter International, Inc. * | 48,724 | 3,347,339 |
Applied Optoelectronics, Inc. *(a) | 31,700 | 1,291,458 |
Avid Technology, Inc. * | 43,642 | 193,770 |
AVX Corp. | 87,354 | 1,645,749 |
Badger Meter, Inc. | 49,580 | 2,171,604 |
Bel Fuse, Inc., Class B | 14,100 | 456,135 |
Belden, Inc. | 73,908 | 5,905,988 |
Benchmark Electronics, Inc. * | 90,294 | 2,794,599 |
CalAmp Corp. * | 63,500 | 1,443,355 |
Calix, Inc. * | 62,600 | 344,300 |
Ciena Corp. * | 241,574 | 5,138,279 |
Clearfield, Inc. * | 30,900 | 423,330 |
Security | Number of Shares | Value ($) |
Comtech Telecommunications Corp. | 37,500 | 806,625 |
Control4 Corp. * | 41,700 | 1,228,065 |
Cray, Inc. * | 64,200 | 1,325,730 |
CTS Corp. | 52,200 | 1,419,840 |
Daktronics, Inc. | 59,300 | 609,011 |
Diebold Nixdorf, Inc. | 135,733 | 2,619,647 |
Digi International, Inc. * | 44,700 | 464,880 |
Eastman Kodak Co. * | 48,900 | 261,615 |
Electro Scientific Industries, Inc. * | 56,300 | 1,007,207 |
Electronics For Imaging, Inc. * | 82,088 | 2,533,236 |
EMCORE Corp. * | 50,590 | 417,368 |
ePlus, Inc. * | 23,100 | 2,208,360 |
Extreme Networks, Inc. * | 186,900 | 2,242,800 |
Fabrinet * | 60,600 | 2,253,108 |
FARO Technologies, Inc. * | 26,500 | 1,372,700 |
Finisar Corp. * | 193,800 | 4,562,052 |
Fitbit, Inc., Class A * | 294,000 | 1,805,160 |
Harmonic, Inc. * | 160,700 | 594,590 |
II-VI, Inc. * | 100,700 | 4,551,640 |
Immersion Corp. * | 46,379 | 374,742 |
Infinera Corp. * | 246,404 | 2,062,402 |
Insight Enterprises, Inc. * | 58,300 | 2,626,415 |
InterDigital, Inc. | 57,700 | 4,232,295 |
Intevac, Inc. * | 32,700 | 274,680 |
Iteris, Inc. * | 41,300 | 285,383 |
Itron, Inc. * | 57,769 | 4,514,647 |
KEMET Corp. * | 76,700 | 1,970,423 |
Kimball Electronics, Inc. * | 53,500 | 1,177,000 |
Knowles Corp. * | 146,097 | 2,419,366 |
KVH Industries, Inc. * | 30,800 | 355,740 |
Littelfuse, Inc. | 38,600 | 8,067,400 |
Lumentum Holdings, Inc. * | 105,200 | 6,643,380 |
Maxwell Technologies, Inc. * | 50,000 | 241,000 |
Mesa Laboratories, Inc. | 4,800 | 765,360 |
Methode Electronics, Inc. | 59,900 | 2,809,310 |
MicroVision, Inc. *(a) | 117,700 | 260,117 |
MTS Systems Corp. | 30,575 | 1,591,429 |
Napco Security Systems, Inc. * | 21,900 | 222,285 |
NETGEAR, Inc. * | 57,300 | 2,673,045 |
NetScout Systems, Inc. * | 149,300 | 4,240,120 |
Novanta, Inc. * | 55,800 | 2,639,340 |
Oclaro, Inc. * | 277,500 | 2,294,925 |
OSI Systems, Inc. * | 30,200 | 2,669,076 |
Park Electrochemical Corp. | 32,946 | 622,020 |
PC Connection, Inc. | 17,700 | 477,900 |
PCM, Inc. * | 17,200 | 241,660 |
Plantronics, Inc. | 57,130 | 2,591,417 |
Plexus Corp. * | 56,462 | 3,468,461 |
Pure Storage, Inc., Class A * | 155,000 | 2,546,650 |
Quantenna Communications, Inc. * | 35,600 | 551,444 |
Quantum Corp. * | 47,200 | 250,160 |
Radisys Corp. * | 56,700 | 74,844 |
Rogers Corp. * | 30,567 | 4,648,629 |
Sanmina Corp. * | 132,100 | 4,322,973 |
ScanSource, Inc. * | 45,205 | 1,941,555 |
Sonus Networks, Inc. * | 70,411 | 549,206 |
Stratasys Ltd. * | 84,706 | 1,907,579 |
Super Micro Computer, Inc. * | 67,326 | 1,339,787 |
SYNNEX Corp. | 50,500 | 6,811,440 |
Systemax, Inc. | 19,600 | 559,580 |
Tech Data Corp. * | 59,067 | 5,479,646 |
TTM Technologies, Inc. * | 154,092 | 2,431,572 |
Ubiquiti Networks, Inc. *(a) | 37,972 | 2,361,099 |
USA Technologies, Inc. * | 88,400 | 561,340 |
VeriFone Systems, Inc. * | 186,000 | 3,548,880 |
ViaSat, Inc. * | 92,919 | 6,049,027 |
Viavi Solutions, Inc. * | 387,100 | 3,592,288 |
Security | Number of Shares | Value ($) |
Vishay Intertechnology, Inc. | 232,028 | 5,162,623 |
Vishay Precision Group, Inc. * | 16,500 | 405,075 |
181,205,237 | ||
Telecommunication Services 0.9% | ||
ATN International, Inc. | 18,000 | 977,220 |
Boingo Wireless, Inc. * | 63,100 | 1,475,278 |
Cincinnati Bell, Inc. * | 77,329 | 1,476,984 |
Cogent Communications Holdings, Inc. | 70,100 | 3,778,390 |
Consolidated Communications Holdings, Inc. | 111,692 | 2,141,135 |
Frontier Communications Corp. (a) | 149,619 | 1,811,886 |
General Communication, Inc., Class A * | 46,100 | 1,885,029 |
Globalstar, Inc. *(a) | 768,189 | 1,236,784 |
Hawaiian Telcom Holdco, Inc. * | 9,713 | 292,847 |
IDT Corp., Class B | 25,400 | 334,772 |
Intelsat S.A. * | 63,800 | 277,530 |
Iridium Communications, Inc. * | 148,700 | 1,784,400 |
Lumos Networks Corp. * | 34,700 | 623,212 |
Ooma, Inc. * | 28,700 | 301,350 |
ORBCOMM, Inc. * | 119,100 | 1,347,021 |
pdvWireless, Inc. *(a) | 15,305 | 436,958 |
Shenandoah Telecommunications Co. | 77,900 | 2,960,200 |
Spok Holdings, Inc. | 39,700 | 672,915 |
Straight Path Communications, Inc., Class B * | 16,515 | 2,997,638 |
Vonage Holdings Corp. * | 341,300 | 2,774,769 |
Windstream Holdings, Inc. | 324,482 | 610,026 |
30,196,344 | ||
Transportation 1.6% | ||
Air Transport Services Group, Inc. * | 98,700 | 2,388,540 |
Allegiant Travel Co. | 21,081 | 2,875,448 |
ArcBest Corp. | 40,572 | 1,322,647 |
Atlas Air Worldwide Holdings, Inc. * | 41,200 | 2,527,620 |
Avis Budget Group, Inc. * | 129,500 | 5,341,875 |
Costamare, Inc. | 97,000 | 602,370 |
Covenant Transport Group, Inc., Class A * | 21,294 | 632,432 |
Daseke, Inc. * | 32,400 | 448,092 |
Eagle Bulk Shipping, Inc. *(a) | 64,500 | 303,150 |
Echo Global Logistics, Inc. * | 45,275 | 1,088,864 |
Forward Air Corp. | 52,282 | 3,003,078 |
Genco Shipping & Trading Ltd. * | 8,000 | 96,080 |
Hawaiian Holdings, Inc. * | 90,900 | 3,045,150 |
Heartland Express, Inc. | 82,400 | 1,757,592 |
Hertz Global Holdings, Inc. * | 91,500 | 2,275,605 |
Hub Group, Inc., Class A * | 57,998 | 2,511,313 |
Knight-Swift Transportation Holdings, Inc. * | 211,328 | 8,759,546 |
Marten Transport Ltd. | 71,608 | 1,407,097 |
Matson, Inc. | 74,531 | 2,029,479 |
Navios Maritime Holdings, Inc. * | 168,800 | 307,216 |
Radiant Logistics, Inc. * | 67,754 | 330,640 |
Roadrunner Transportation Systems, Inc. * | 57,700 | 507,760 |
Safe Bulkers, Inc. * | 82,600 | 293,230 |
Saia, Inc. * | 44,100 | 2,857,680 |
Schneider National, Inc., Class B | 54,500 | 1,427,355 |
Scorpio Bulkers, Inc. * | 105,875 | 847,000 |
SkyWest, Inc. | 85,712 | 4,037,035 |
Universal Logistics Holdings, Inc. | 11,747 | 253,735 |
Werner Enterprises, Inc. | 80,249 | 2,860,877 |
YRC Worldwide, Inc. * | 59,200 | 797,424 |
56,935,930 | ||
Utilities 3.7% | ||
ALLETE, Inc. | 86,999 | 6,816,372 |
American States Water Co. | 62,600 | 3,364,750 |
AquaVenture Holdings Ltd. * | 24,200 | 294,514 |
Security | Number of Shares | Value ($) |
Artesian Resources Corp., Class A | 15,700 | 637,734 |
Atlantic Power Corp. * | 172,300 | 422,135 |
Avista Corp. | 110,330 | 5,763,639 |
Black Hills Corp. | 90,498 | 5,905,900 |
Cadiz, Inc. *(a) | 35,700 | 473,025 |
California Water Service Group | 86,474 | 3,631,908 |
Chesapeake Utilities Corp. | 28,100 | 2,263,455 |
Connecticut Water Service, Inc. | 18,400 | 1,141,168 |
Consolidated Water Co., Ltd. | 35,976 | 442,505 |
Dynegy, Inc. * | 182,700 | 2,274,615 |
El Paso Electric Co. | 69,803 | 4,013,673 |
Genie Energy Ltd., Class B | 17,611 | 100,735 |
Global Water Resources, Inc. | 15,000 | 141,150 |
IDACORP, Inc. | 85,743 | 7,890,928 |
MGE Energy, Inc. | 58,940 | 3,892,987 |
Middlesex Water Co. | 26,185 | 1,138,524 |
New Jersey Resources Corp. | 146,100 | 6,494,145 |
Northwest Natural Gas Co. | 48,895 | 3,244,183 |
NorthWestern Corp. | 82,369 | 4,882,834 |
NRG Yield, Inc., Class A | 59,933 | 1,099,771 |
NRG Yield, Inc., Class C | 107,624 | 2,001,806 |
ONE Gas, Inc. | 88,200 | 6,789,636 |
Ormat Technologies, Inc. | 68,073 | 4,419,980 |
Otter Tail Corp. | 66,253 | 3,044,325 |
Pattern Energy Group, Inc. | 128,300 | 2,959,881 |
PNM Resources, Inc. | 135,500 | 5,880,700 |
Portland General Electric Co. | 154,008 | 7,352,342 |
Pure Cycle Corp. * | 30,700 | 233,320 |
RGC Resources, Inc. (a) | 12,000 | 349,080 |
SJW Group. | 27,500 | 1,631,025 |
South Jersey Industries, Inc. | 137,420 | 4,668,157 |
Southwest Gas Holdings, Inc. | 80,196 | 6,607,348 |
Spark Energy, Inc., Class A (a) | 27,000 | 378,000 |
Spire, Inc. | 79,671 | 6,290,026 |
TerraForm Global, Inc., Class A * | 144,200 | 702,975 |
TerraForm Power, Inc. | 70,000 | 940,100 |
The York Water Co. | 19,200 | 675,840 |
Unitil Corp. | 26,100 | 1,357,200 |
WGL Holdings, Inc. | 87,533 | 7,501,578 |
130,113,969 | ||
Total Common Stock | ||
(Cost $2,369,360,215) | 3,509,111,872 | |
Rights 0.0% of net assets | ||
Media 0.0% | ||
Media General, Inc. CVR *(d) | 174,886 | 14,516 |
Pharmaceuticals, Biotechnology & Life Sciences* 0.0% | ||
Dyax Corp. CVR *(d) | 224,713 | 249,431 |
Omthera Pharmaceutical CVR *(d) | 8,400 | — |
Tobira Therapeutics, Inc. *(d) | 14,029 | 84,595 |
334,026 | ||
Total Rights | ||
(Cost $250,273) | 348,542 | |
Other Investment Company 3.1% of net assets | ||
Securities Lending Collateral 3.1% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 110,274,741 | 110,274,741 |
Total Other Investment Company | ||
(Cost $110,274,741) | 110,274,741 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (c) | 10,068,225 | 10,068,225 |
Total Short-Term Investment | ||
(Cost $10,068,225) | 10,068,225 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 252 | 18,934,020 | 18,045 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $107,544,231. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 1.0% | ||
Adient plc | 24,062 | 2,029,870 |
American Axle & Manufacturing Holdings, Inc. * | 32,023 | 569,689 |
Autoliv, Inc. | 21,000 | 2,622,060 |
BorgWarner, Inc. | 52,100 | 2,746,712 |
Cooper Tire & Rubber Co. | 15,600 | 511,680 |
Cooper-Standard Holding, Inc. * | 5,400 | 601,992 |
Dana, Inc. | 35,200 | 1,073,248 |
Delphi Automotive plc | 66,485 | 6,607,279 |
Dorman Products, Inc. * | 8,900 | 615,079 |
Ford Motor Co. | 968,677 | 11,885,667 |
Fox Factory Holding Corp. * | 9,000 | 382,950 |
General Motors Co. | 326,552 | 14,035,205 |
Gentex Corp. | 74,400 | 1,444,104 |
Gentherm, Inc. * | 13,007 | 435,734 |
Harley-Davidson, Inc. | 42,093 | 1,992,683 |
Horizon Global Corp. * | 3,717 | 60,327 |
LCI Industries | 5,400 | 668,520 |
Lear Corp. | 16,400 | 2,879,676 |
Modine Manufacturing Co. * | 12,100 | 254,705 |
Motorcar Parts of America, Inc. * | 13,800 | 398,958 |
Standard Motor Products, Inc. | 7,500 | 327,525 |
Stoneridge, Inc. * | 13,100 | 297,894 |
Strattec Security Corp. | 1,500 | 69,225 |
Tenneco, Inc. | 10,080 | 585,749 |
Tesla, Inc. * | 32,519 | 10,781,024 |
The Goodyear Tire & Rubber Co. | 53,637 | 1,640,756 |
Thor Industries, Inc. | 10,000 | 1,362,200 |
Tower International, Inc. | 5,564 | 169,146 |
Visteon Corp. * | 8,000 | 1,008,320 |
VOXX International Corp. * | 9,100 | 60,970 |
Winnebago Industries, Inc. | 7,400 | 363,710 |
68,482,657 | ||
Banks 6.9% | ||
1st Source Corp. | 6,080 | 311,965 |
Ameris Bancorp | 12,948 | 620,209 |
Arrow Financial Corp. | 6,062 | 213,989 |
Associated Banc-Corp. | 32,290 | 816,937 |
Banc of California, Inc. | 15,000 | 315,750 |
BancFirst Corp. | 4,600 | 251,390 |
BancorpSouth, Inc. | 26,212 | 828,299 |
Bank Mutual Corp. | 18,268 | 193,184 |
Bank of America Corp. | 2,442,841 | 66,909,415 |
Bank of Hawaii Corp. | 10,000 | 816,100 |
Bank of the Ozarks, Inc. | 32,600 | 1,519,812 |
BankUnited, Inc. | 26,896 | 937,326 |
Banner Corp. | 10,571 | 605,930 |
BB&T Corp. | 203,488 | 10,019,749 |
Beneficial Bancorp, Inc. | 29,899 | 493,333 |
Berkshire Hills Bancorp, Inc. | 8,000 | 306,400 |
Blue Hills Bancorp, Inc. | 6,550 | 142,135 |
BofI Holding, Inc. *(b) | 20,000 | 538,000 |
BOK Financial Corp. | 7,340 | 634,690 |
Boston Private Financial Holdings, Inc. | 20,729 | 329,591 |
Security | Number of Shares | Value ($) |
Bridge Bancorp, Inc. | 8,000 | 284,000 |
Brookline Bancorp, Inc. | 33,705 | 519,057 |
Bryn Mawr Bank Corp. | 3,400 | 149,090 |
Camden National Corp. | 3,750 | 161,888 |
Capital Bank Financial Corp., Class A | 10,300 | 418,180 |
Capital City Bank Group, Inc. | 6,875 | 169,538 |
Capitol Federal Financial, Inc. | 37,463 | 516,615 |
Cathay General Bancorp | 16,006 | 669,051 |
CenterState Bank Corp. | 17,590 | 468,598 |
Central Pacific Financial Corp. | 10,269 | 319,571 |
Century Bancorp, Inc., Class A | 800 | 67,960 |
Chemical Financial Corp. | 15,770 | 830,921 |
CIT Group, Inc. | 36,420 | 1,697,900 |
Citigroup, Inc. | 679,026 | 49,908,411 |
Citizens Financial Group, Inc. | 126,300 | 4,800,663 |
City Holding Co. | 4,800 | 338,352 |
CoBiz Financial, Inc. | 20,000 | 408,800 |
Columbia Banking System, Inc. | 17,451 | 759,293 |
Comerica, Inc. | 43,459 | 3,414,574 |
Commerce Bancshares, Inc. | 20,482 | 1,191,233 |
Community Bank System, Inc. | 18,260 | 1,009,595 |
Community Trust Bancorp, Inc. | 10,335 | 499,180 |
ConnectOne Bancorp, Inc. | 11,100 | 298,035 |
Cullen/Frost Bankers, Inc. | 15,600 | 1,536,600 |
Customers Bancorp, Inc. * | 13,200 | 360,888 |
CVB Financial Corp. | 32,611 | 778,098 |
Dime Community Bancshares, Inc. | 6,875 | 151,594 |
Eagle Bancorp, Inc. * | 11,760 | 783,804 |
East West Bancorp, Inc. | 34,500 | 2,064,480 |
Enterprise Financial Services Corp. | 7,400 | 322,640 |
Essent Group Ltd. * | 23,000 | 980,260 |
F.N.B. Corp. | 90,033 | 1,214,545 |
FCB Financial Holdings, Inc., Class A * | 14,600 | 681,820 |
Federal Agricultural Mortgage Corp., Class C | 5,100 | 378,624 |
Fifth Third Bancorp | 178,314 | 5,153,275 |
First BanCorp * | 56,579 | 291,382 |
First Bancorp (North Carolina) | 10,000 | 367,000 |
First Busey Corp. | 16,033 | 498,947 |
First Citizens BancShares, Inc., Class A | 1,900 | 769,500 |
First Commonwealth Financial Corp. | 24,904 | 362,602 |
First Defiance Financial Corp. | 2,482 | 134,524 |
First Financial Bancorp | 23,039 | 628,965 |
First Financial Bankshares, Inc. | 18,200 | 830,830 |
First Financial Corp. | 2,600 | 123,500 |
First Hawaiian, Inc. | 11,000 | 321,640 |
First Horizon National Corp. | 66,116 | 1,240,997 |
First Interstate BancSystem, Inc., Class A | 8,900 | 349,770 |
First Merchants Corp. | 9,041 | 388,763 |
First Midwest Bancorp, Inc. | 34,325 | 792,564 |
First Republic Bank | 36,924 | 3,596,398 |
First United Corp. * | 2,475 | 43,313 |
Flagstar Bancorp, Inc. * | 8,060 | 301,202 |
Flushing Financial Corp. | 6,800 | 203,864 |
Fulton Financial Corp. | 37,785 | 687,687 |
German American Bancorp, Inc. | 5,271 | 189,651 |
Glacier Bancorp, Inc. | 16,797 | 637,614 |
Great Southern Bancorp, Inc. | 3,400 | 182,750 |
Great Western Bancorp, Inc. | 13,000 | 527,670 |
Guaranty Bancorp | 5,824 | 165,693 |
Hancock Holding Co. | 23,944 | 1,167,270 |
Hanmi Financial Corp. | 14,700 | 452,025 |
HarborOne Bancorp, Inc. * | 15,000 | 292,650 |
Heartland Financial USA, Inc. | 8,700 | 428,475 |
Heritage Commerce Corp. | 12,000 | 184,560 |
Heritage Financial Corp. | 6,135 | 187,117 |
Hilltop Holdings, Inc. | 14,975 | 352,811 |
Home BancShares, Inc. | 51,929 | 1,167,364 |
HomeStreet, Inc. * | 14,000 | 406,700 |
Security | Number of Shares | Value ($) |
Hope Bancorp, Inc. | 26,063 | 480,862 |
Horizon Bancorp | 5,157 | 141,921 |
Huntington Bancshares, Inc. | 265,936 | 3,669,917 |
IBERIABANK Corp. | 12,858 | 948,277 |
Impac Mortgage Holdings, Inc. * | 15,600 | 204,360 |
Independent Bank Corp., Massachusetts | 5,700 | 410,970 |
Independent Bank Corp., Michigan | 16,731 | 376,447 |
Independent Bank Group, Inc. | 5,000 | 314,500 |
International Bancshares Corp. | 13,484 | 547,450 |
Investors Bancorp, Inc. | 78,997 | 1,086,209 |
JPMorgan Chase & Co. | 881,811 | 88,719,005 |
Kearny Financial Corp. | 29,323 | 441,311 |
KeyCorp | 274,146 | 5,003,164 |
Lakeland Bancorp, Inc. | 15,000 | 308,250 |
Lakeland Financial Corp. | 5,550 | 267,954 |
LegacyTexas Financial Group, Inc. | 8,700 | 347,043 |
LendingTree, Inc. * | 2,444 | 655,114 |
Live Oak Bancshares, Inc. | 5,909 | 140,043 |
M&T Bank Corp. | 39,167 | 6,531,881 |
MainSource Financial Group, Inc. | 5,535 | 208,614 |
MB Financial, Inc. | 20,757 | 953,577 |
Mercantile Bank Corp. | 4,032 | 145,555 |
Meridian Bancorp, Inc. | 10,660 | 210,002 |
Meta Financial Group, Inc. | 1,939 | 169,178 |
MGIC Investment Corp. * | 102,800 | 1,470,040 |
MutualFirst Financial, Inc. | 2,000 | 77,400 |
National Bank Holdings Corp., Class A | 12,800 | 420,096 |
Nationstar Mortgage Holdings, Inc. * | 10,200 | 198,594 |
NBT Bancorp, Inc. | 11,500 | 438,610 |
New York Community Bancorp, Inc. | 114,285 | 1,435,420 |
NMI Holdings, Inc., Class A * | 13,009 | 189,281 |
Northfield Bancorp, Inc. | 15,765 | 268,951 |
Northrim BanCorp, Inc. | 4,281 | 139,133 |
Northwest Bancshares, Inc. | 19,350 | 326,434 |
OceanFirst Financial Corp. | 7,150 | 198,412 |
Ocwen Financial Corp. * | 18,620 | 64,984 |
OFG Bancorp | 8,163 | 72,651 |
Old National Bancorp | 29,600 | 538,720 |
Oritani Financial Corp. | 6,000 | 101,700 |
Pacific Continental Corp. | 5,235 | 146,580 |
Pacific Premier Bancorp, Inc. * | 14,000 | 565,600 |
PacWest Bancorp | 33,562 | 1,621,716 |
Park National Corp. | 4,845 | 531,933 |
Park Sterling Corp. | 13,032 | 163,812 |
Peapack-Gladstone Financial Corp. | 3,842 | 133,279 |
People's United Financial, Inc. | 89,322 | 1,666,749 |
Peoples Bancorp, Inc. | 13,100 | 433,872 |
Peoples Financial Corp. | 3,000 | 42,750 |
PHH Corp. * | 22,086 | 291,756 |
Pinnacle Financial Partners, Inc. | 20,230 | 1,339,226 |
Popular, Inc. | 25,720 | 943,410 |
Preferred Bank | 3,201 | 197,598 |
Premier Financial Bancorp, Inc. | 2,909 | 60,216 |
Prosperity Bancshares, Inc. | 17,300 | 1,137,994 |
Provident Financial Holdings, Inc. | 4,350 | 84,086 |
Provident Financial Services, Inc. | 14,017 | 381,262 |
QCR Holdings, Inc. | 2,998 | 143,155 |
Radian Group, Inc. | 51,000 | 1,068,960 |
Regions Financial Corp. | 298,873 | 4,626,554 |
Renasant Corp. | 8,910 | 368,874 |
Republic Bancorp, Inc., Class A | 6,521 | 256,406 |
S&T Bancorp, Inc. | 12,400 | 507,036 |
Sandy Spring Bancorp, Inc. | 5,900 | 238,419 |
Seacoast Banking Corp. of Florida * | 17,436 | 432,238 |
ServisFirst Bancshares, Inc. | 17,000 | 697,170 |
Shore Bancshares, Inc. | 1,250 | 20,575 |
Signature Bank * | 14,200 | 1,846,142 |
Simmons First National Corp., Class A | 14,944 | 862,269 |
Security | Number of Shares | Value ($) |
South State Corp. | 5,584 | 502,839 |
Southside Bancshares, Inc. | 5,357 | 189,691 |
State Bank Financial Corp. | 6,200 | 179,242 |
Sterling Bancorp | 60,535 | 1,516,402 |
Stock Yards Bancorp, Inc. | 5,505 | 207,814 |
Sun Bancorp, Inc. | 3,863 | 97,927 |
SunTrust Banks, Inc. | 116,657 | 7,023,918 |
SVB Financial Group * | 13,800 | 3,026,064 |
Synovus Financial Corp. | 28,042 | 1,313,768 |
TCF Financial Corp. | 50,900 | 927,398 |
Texas Capital Bancshares, Inc. * | 10,689 | 919,788 |
TFS Financial Corp. | 21,200 | 326,904 |
The First of Long Island Corp. | 9,000 | 283,950 |
The PNC Financial Services Group, Inc. | 119,982 | 16,412,338 |
Timberland Bancorp, Inc. | 2,000 | 60,620 |
Tompkins Financial Corp. | 4,024 | 350,571 |
Towne Bank | 21,600 | 723,600 |
TriCo Bancshares | 5,682 | 235,348 |
TriState Capital Holdings, Inc. * | 17,300 | 391,845 |
Triumph Bancorp, Inc. * | 4,448 | 137,888 |
TrustCo Bank Corp. | 20,657 | 189,528 |
Trustmark Corp. | 24,262 | 799,190 |
U.S. Bancorp | 398,774 | 21,685,330 |
UMB Financial Corp. | 11,374 | 836,330 |
Umpqua Holdings Corp. | 51,951 | 1,062,917 |
Union Bankshares Corp. | 12,893 | 444,937 |
United Bankshares, Inc. | 28,527 | 1,025,546 |
United Community Banks, Inc. | 22,878 | 627,315 |
United Financial Bancorp, Inc. | 14,699 | 269,139 |
Univest Corp. of Pennsylvania | 5,795 | 169,793 |
Valley National Bancorp | 77,242 | 888,283 |
Walker & Dunlop, Inc. * | 9,700 | 532,433 |
Washington Federal, Inc. | 23,242 | 808,822 |
Washington Trust Bancorp, Inc. | 3,600 | 199,800 |
Waterstone Financial, Inc. | 6,868 | 131,866 |
Webster Financial Corp. | 21,963 | 1,207,745 |
Wells Fargo & Co. | 1,118,288 | 62,780,688 |
WesBanco, Inc. | 14,156 | 571,902 |
Westamerica Bancorp | 5,200 | 302,796 |
Western Alliance Bancorp * | 26,200 | 1,461,960 |
Wintrust Financial Corp. | 13,200 | 1,073,028 |
WSFS Financial Corp. | 6,000 | 298,200 |
Zions Bancorp | 49,625 | 2,305,577 |
461,919,842 | ||
Capital Goods 7.7% | ||
3M Co. | 149,527 | 34,419,620 |
A.O. Smith Corp. | 35,000 | 2,072,000 |
AAON, Inc. | 10,279 | 359,765 |
AAR Corp. | 8,400 | 326,676 |
Actuant Corp., Class A | 10,280 | 262,140 |
Acuity Brands, Inc. | 10,100 | 1,688,720 |
Advanced Drainage Systems, Inc. | 7,807 | 152,627 |
AECOM * | 43,025 | 1,508,456 |
Aegion Corp. * | 17,800 | 414,562 |
Aerojet Rocketdyne Holdings, Inc. * | 26,000 | 821,080 |
Aerovironment, Inc. * | 4,200 | 214,872 |
AGCO Corp. | 15,462 | 1,060,229 |
Air Lease Corp. | 25,200 | 1,094,940 |
Aircastle Ltd. | 14,100 | 327,966 |
Alamo Group, Inc. | 2,500 | 263,750 |
Albany International Corp., Class A | 6,718 | 405,431 |
Allegion plc | 25,133 | 2,095,841 |
Allison Transmission Holdings, Inc. | 38,555 | 1,638,202 |
Altra Industrial Motion Corp. | 4,300 | 205,970 |
American Railcar Industries, Inc. | 4,500 | 179,100 |
American Woodmark Corp. * | 4,000 | 386,400 |
Security | Number of Shares | Value ($) |
AMETEK, Inc. | 55,959 | 3,776,673 |
Apogee Enterprises, Inc. | 6,600 | 315,018 |
Applied Industrial Technologies, Inc. | 13,125 | 835,406 |
Arconic, Inc. | 100,377 | 2,521,470 |
Argan, Inc. | 2,852 | 196,075 |
Armstrong Flooring, Inc. * | 4,247 | 62,856 |
Armstrong World Industries, Inc. * | 14,595 | 745,804 |
Astec Industries, Inc. | 5,700 | 296,115 |
Astronics Corp. * | 2,932 | 100,861 |
Axon Enterprise, Inc. *(b) | 11,800 | 271,046 |
AZZ, Inc. | 10,000 | 478,000 |
Babcock & Wilcox Enterprises, Inc. * | 8,700 | 38,106 |
Barnes Group, Inc. | 11,200 | 729,008 |
Beacon Roofing Supply, Inc. * | 16,100 | 892,101 |
BMC Stock Holdings, Inc. * | 23,915 | 512,977 |
Briggs & Stratton Corp. | 11,400 | 287,280 |
Builders FirstSource, Inc. * | 35,772 | 644,611 |
BWX Technologies, Inc. | 24,900 | 1,492,008 |
CAI International, Inc. * | 4,600 | 170,292 |
Carlisle Cos., Inc. | 15,000 | 1,647,450 |
Caterpillar, Inc. | 145,769 | 19,795,430 |
Chart Industries, Inc. * | 4,400 | 191,400 |
Chicago Bridge & Iron Co., N.V. (b) | 18,000 | 250,920 |
CIRCOR International, Inc. | 3,750 | 164,813 |
Colfax Corp. * | 26,100 | 1,088,631 |
Columbus McKinnon Corp. | 4,300 | 170,108 |
Comfort Systems USA, Inc. | 7,700 | 341,110 |
Continental Building Products, Inc. * | 8,721 | 232,851 |
Crane Co. | 13,000 | 1,080,560 |
CSW Industrials, Inc. * | 3,868 | 189,725 |
Cubic Corp. | 4,500 | 245,475 |
Cummins, Inc. | 38,500 | 6,809,880 |
Curtiss-Wright Corp. | 12,500 | 1,478,125 |
Deere & Co. | 77,854 | 10,345,240 |
DMC Global, Inc. | 6,800 | 147,900 |
Donaldson Co., Inc. | 36,200 | 1,709,002 |
Douglas Dynamics, Inc. | 4,907 | 205,849 |
Dover Corp. | 38,161 | 3,643,994 |
Ducommun, Inc. * | 3,200 | 105,504 |
DXP Enterprises, Inc. * | 1,700 | 54,519 |
Dycom Industries, Inc. * | 8,600 | 755,338 |
Eaton Corp. plc | 107,577 | 8,608,312 |
EMCOR Group, Inc. | 17,440 | 1,404,094 |
Emerson Electric Co. | 158,770 | 10,234,314 |
Encore Wire Corp. | 4,600 | 207,690 |
EnerSys | 11,700 | 811,629 |
Engility Holdings, Inc. * | 4,116 | 138,586 |
EnPro Industries, Inc. | 4,900 | 410,326 |
ESCO Technologies, Inc. | 3,900 | 226,005 |
Esterline Technologies Corp. * | 9,000 | 853,650 |
Fastenal Co. | 73,932 | 3,472,586 |
Federal Signal Corp. | 12,800 | 273,280 |
Flowserve Corp. | 35,191 | 1,550,867 |
Fluor Corp. | 35,719 | 1,539,132 |
Fortive Corp. | 75,219 | 5,435,325 |
Fortune Brands Home & Security, Inc. | 40,883 | 2,700,731 |
Franklin Electric Co., Inc. | 9,700 | 441,350 |
Gardner Denver Holdings, Inc. * | 10,542 | 304,137 |
GATX Corp. | 8,900 | 528,749 |
Generac Holdings, Inc. * | 19,118 | 995,857 |
General Cable Corp. | 6,700 | 140,365 |
General Dynamics Corp. | 69,200 | 14,046,216 |
General Electric Co. | 2,161,262 | 43,571,042 |
Gibraltar Industries, Inc. * | 6,300 | 209,475 |
Global Brass & Copper Holdings, Inc. | 8,800 | 308,000 |
GMS, Inc. * | 6,509 | 221,631 |
Graco, Inc. | 13,812 | 1,820,283 |
Granite Construction, Inc. | 8,150 | 519,074 |
Security | Number of Shares | Value ($) |
Great Lakes Dredge & Dock Corp. * | 11,600 | 59,160 |
Griffon Corp. | 15,100 | 340,505 |
H&E Equipment Services, Inc. | 6,800 | 223,992 |
Hardinge, Inc. | 4,800 | 79,392 |
Harsco Corp. * | 36,200 | 769,250 |
HD Supply Holdings, Inc. * | 51,900 | 1,836,741 |
HEICO Corp. | 6,468 | 586,518 |
HEICO Corp., Class A | 13,250 | 1,008,325 |
Herc Holdings, Inc. * | 5,820 | 282,037 |
Hexcel Corp. | 21,200 | 1,286,628 |
Hillenbrand, Inc. | 17,800 | 703,990 |
Honeywell International, Inc. | 189,633 | 27,337,493 |
Hubbell, Inc. | 13,967 | 1,757,328 |
Huntington Ingalls Industries, Inc. | 10,672 | 2,484,762 |
Hyster-Yale Materials Handling, Inc. | 2,300 | 180,527 |
IDEX Corp. | 19,025 | 2,439,195 |
IES Holdings, Inc. * | 5,105 | 95,464 |
Illinois Tool Works, Inc. | 76,611 | 11,991,154 |
Ingersoll-Rand plc | 61,300 | 5,431,180 |
ITT, Inc. | 19,300 | 900,152 |
Jacobs Engineering Group, Inc. | 26,500 | 1,542,565 |
JELD-WEN Holding, Inc. * | 10,000 | 368,800 |
John Bean Technologies Corp. | 8,183 | 874,763 |
Johnson Controls International plc | 229,321 | 9,491,596 |
Kadant, Inc. | 3,001 | 340,914 |
Kaman Corp. | 5,700 | 318,858 |
KBR, Inc. | 43,900 | 861,757 |
Kennametal, Inc. | 25,000 | 1,091,250 |
KLX, Inc. * | 15,600 | 855,816 |
Kratos Defense & Security Solutions, Inc. * | 11,080 | 133,403 |
L.B. Foster Co., Class A * | 1,400 | 34,860 |
L3 Technologies, Inc. | 19,676 | 3,682,954 |
Lawson Products, Inc. * | 5,500 | 138,325 |
Layne Christensen Co. * | 4,500 | 59,445 |
Lennox International, Inc. | 8,449 | 1,614,857 |
Lincoln Electric Holdings, Inc. | 13,600 | 1,246,712 |
Lindsay Corp. | 3,100 | 283,836 |
Lockheed Martin Corp. | 62,535 | 19,270,786 |
Lydall, Inc. * | 5,500 | 317,900 |
Masco Corp. | 77,500 | 3,086,050 |
Masonite International Corp. * | 8,700 | 583,770 |
MasTec, Inc. * | 15,750 | 685,912 |
Mercury Systems, Inc. * | 15,800 | 797,426 |
Meritor, Inc. * | 22,600 | 587,826 |
Micronet Enertec Technologies, Inc. * | 26,009 | 21,587 |
Milacron Holdings Corp. * | 12,365 | 221,952 |
Moog, Inc., Class A * | 7,587 | 665,835 |
MRC Global, Inc. * | 30,500 | 523,075 |
MSC Industrial Direct Co., Inc., Class A | 12,000 | 994,800 |
Mueller Industries, Inc. | 11,800 | 410,050 |
Mueller Water Products, Inc., Class A | 55,039 | 657,166 |
MYR Group, Inc. * | 8,500 | 271,065 |
National Presto Industries, Inc. | 2,900 | 339,010 |
Navistar International Corp. * | 24,800 | 1,049,288 |
NCI Building Systems, Inc. * | 14,480 | 230,956 |
NN, Inc. | 16,700 | 493,485 |
Nordson Corp. | 11,599 | 1,469,477 |
Northrop Grumman Corp. | 43,940 | 12,985,588 |
NOW, Inc. * | 35,105 | 439,515 |
Ocean Power Technologies, Inc. *(b) | 121,730 | 150,337 |
Omega Flex, Inc. | 700 | 45,143 |
Orbital ATK, Inc. | 14,394 | 1,913,394 |
Oshkosh Corp. | 18,900 | 1,730,484 |
Owens Corning | 26,800 | 2,216,092 |
PACCAR, Inc. | 88,548 | 6,351,548 |
Park-Ohio Holdings Corp. | 3,600 | 169,740 |
Parker-Hannifin Corp. | 33,300 | 6,080,913 |
Patrick Industries, Inc. * | 3,177 | 295,461 |
Security | Number of Shares | Value ($) |
Pentair plc | 42,885 | 3,021,677 |
PGT Innovations, Inc. * | 10,000 | 141,000 |
Plug Power, Inc. *(b) | 54,966 | 156,653 |
Powell Industries, Inc. | 2,800 | 81,144 |
Preformed Line Products Co. | 1,000 | 71,110 |
Primoris Services Corp. | 6,900 | 195,063 |
Proto Labs, Inc. * | 4,800 | 418,800 |
Quanex Building Products Corp. | 6,125 | 134,444 |
Quanta Services, Inc. * | 38,271 | 1,443,965 |
Raven Industries, Inc. | 5,600 | 188,440 |
Raytheon Co. | 72,602 | 13,082,880 |
RBC Bearings, Inc. * | 6,000 | 742,920 |
Regal Beloit Corp. | 13,600 | 1,103,640 |
Rexnord Corp. * | 29,900 | 763,048 |
Rockwell Automation, Inc. | 32,431 | 6,512,793 |
Rockwell Collins, Inc. | 39,901 | 5,410,576 |
Roper Technologies, Inc. | 25,069 | 6,472,064 |
Rush Enterprises, Inc., Class A * | 8,200 | 416,396 |
Sensata Technologies Holding N.V. * | 43,600 | 2,132,476 |
Simpson Manufacturing Co., Inc. | 16,200 | 902,988 |
SiteOne Landscape Supply, Inc. * | 12,000 | 762,120 |
Snap-on, Inc. | 14,880 | 2,347,766 |
Spirit AeroSystems Holdings, Inc., Class A | 31,100 | 2,491,110 |
SPX Corp. * | 7,110 | 208,252 |
SPX FLOW, Inc. * | 7,110 | 293,145 |
Standex International Corp. | 3,000 | 310,650 |
Stanley Black & Decker, Inc. | 38,013 | 6,141,000 |
Sun Hydraulics Corp. | 5,600 | 322,168 |
Teledyne Technologies, Inc. * | 9,057 | 1,539,328 |
Tennant Co. | 4,200 | 291,270 |
Terex Corp. | 27,000 | 1,271,970 |
Textron, Inc. | 68,300 | 3,602,142 |
The Boeing Co. | 138,455 | 35,718,621 |
The Gorman-Rupp Co. | 5,141 | 164,409 |
The Greenbrier Cos., Inc. | 5,800 | 302,760 |
The KeyW Holding Corp. * | 8,400 | 63,420 |
The Manitowoc Co., Inc. * | 23,200 | 220,864 |
The Middleby Corp. * | 14,000 | 1,622,600 |
The Timken Co. | 19,300 | 909,995 |
The Toro Co. | 25,900 | 1,627,815 |
Thermon Group Holdings, Inc. * | 9,500 | 204,345 |
Titan International, Inc. | 30,625 | 298,288 |
Titan Machinery, Inc. * | 3,600 | 53,604 |
TransDigm Group, Inc. | 11,800 | 3,274,500 |
Trex Co., Inc. * | 9,700 | 1,061,665 |
TriMas Corp. * | 9,293 | 246,729 |
Trinity Industries, Inc. | 38,000 | 1,235,760 |
Triton International Ltd. * | 15,020 | 599,298 |
Triumph Group, Inc. | 17,600 | 546,480 |
Tutor Perini Corp. * | 7,100 | 200,220 |
Twin Disc, Inc. * | 17,900 | 382,165 |
United Rentals, Inc. * | 18,900 | 2,673,972 |
United Technologies Corp. | 186,056 | 22,282,067 |
Univar, Inc. * | 26,100 | 776,475 |
Universal Forest Products, Inc. | 4,600 | 519,340 |
USG Corp. * | 28,300 | 971,539 |
Valmont Industries, Inc. | 6,100 | 969,290 |
Vectrus, Inc. * | 1,938 | 59,128 |
Veritiv Corp. * | 1,466 | 47,132 |
Vicor Corp. * | 9,900 | 213,345 |
W.W. Grainger, Inc. | 14,300 | 2,827,110 |
Wabash National Corp. | 11,200 | 252,000 |
WABCO Holdings, Inc. * | 12,733 | 1,879,009 |
Wabtec Corp. | 23,824 | 1,822,536 |
Watsco, Inc. | 6,800 | 1,132,676 |
Watts Water Technologies, Inc., Class A | 7,800 | 525,720 |
Welbilt, Inc. * | 43,100 | 950,786 |
Wesco Aircraft Holdings, Inc. * | 13,500 | 122,175 |
Security | Number of Shares | Value ($) |
WESCO International, Inc. * | 12,200 | 770,430 |
Woodward, Inc. | 14,800 | 1,144,484 |
Xylem, Inc. | 41,800 | 2,780,954 |
518,107,423 | ||
Commercial & Professional Services 0.9% | ||
ABM Industries, Inc. | 13,900 | 583,383 |
Acacia Research Corp. * | 89,600 | 403,200 |
ACCO Brands Corp. * | 42,001 | 548,113 |
Advanced Disposal Services, Inc. * | 10,146 | 252,838 |
ARC Document Solutions, Inc. * | 3,000 | 13,260 |
Brady Corp., Class A | 15,400 | 585,970 |
Casella Waste Systems, Inc., Class A * | 13,300 | 245,518 |
CBIZ, Inc. * | 13,406 | 227,232 |
Cintas Corp. | 19,650 | 2,928,636 |
Clean Harbors, Inc. * | 10,900 | 583,259 |
CompX International, Inc. | 2,000 | 29,700 |
Copart, Inc. * | 54,436 | 1,975,482 |
Covanta Holding Corp. | 26,400 | 425,040 |
CRA International, Inc. | 4,200 | 177,492 |
Deluxe Corp. | 12,100 | 842,765 |
Ennis, Inc. | 6,500 | 130,975 |
Equifax, Inc. | 31,116 | 3,377,019 |
Essendant, Inc. | 5,800 | 56,144 |
Exponent, Inc. | 6,600 | 487,410 |
Forrester Research, Inc. | 6,800 | 297,160 |
FTI Consulting, Inc. * | 11,500 | 491,625 |
GP Strategies Corp. * | 1,500 | 43,575 |
Healthcare Services Group, Inc. | 20,256 | 1,071,340 |
Heidrick & Struggles International, Inc. | 5,000 | 124,250 |
Herman Miller, Inc. | 18,700 | 628,320 |
HNI Corp. | 12,700 | 434,594 |
Huron Consulting Group, Inc. * | 5,000 | 183,000 |
ICF International, Inc. * | 6,500 | 349,050 |
IHS Markit Ltd. * | 88,260 | 3,760,759 |
InnerWorkings, Inc. * | 7,400 | 80,512 |
Insperity, Inc. | 6,800 | 645,320 |
Interface, Inc. | 24,700 | 563,160 |
KAR Auction Services, Inc. | 36,200 | 1,713,346 |
Kelly Services, Inc., Class A | 5,700 | 149,967 |
Kforce, Inc. | 7,105 | 148,850 |
Kimball International, Inc., Class B | 9,100 | 174,447 |
Knoll, Inc. | 7,000 | 148,540 |
Korn/Ferry International | 15,700 | 656,731 |
LSC Communications, Inc. | 4,579 | 74,088 |
ManpowerGroup, Inc. | 18,137 | 2,235,929 |
Mastech Digital, Inc. * | 675 | 8,606 |
Matthews International Corp., Class A | 5,300 | 333,105 |
McGrath RentCorp | 4,600 | 205,620 |
Mistras Group, Inc. * | 4,000 | 84,040 |
Mobile Mini, Inc. | 14,700 | 486,570 |
MSA Safety, Inc. | 8,700 | 691,650 |
Multi-Color Corp. | 4,625 | 382,488 |
Navigant Consulting, Inc. * | 14,000 | 242,340 |
Nielsen Holdings plc | 83,300 | 3,087,931 |
NL Industries, Inc. * | 7,800 | 101,400 |
On Assignment, Inc. * | 12,700 | 777,494 |
Pitney Bowes, Inc. | 43,000 | 590,820 |
Quad Graphics, Inc. | 9,800 | 223,342 |
Republic Services, Inc. | 57,582 | 3,746,861 |
Resources Connection, Inc. | 11,300 | 177,975 |
Robert Half International, Inc. | 33,651 | 1,742,112 |
Rollins, Inc. | 28,927 | 1,270,185 |
RPX Corp. * | 10,300 | 134,106 |
RR Donnelley & Sons Co. | 12,212 | 112,350 |
SP Plus Corp. * | 5,505 | 213,319 |
Steelcase, Inc., Class A | 11,500 | 167,325 |
Security | Number of Shares | Value ($) |
Stericycle, Inc. * | 19,900 | 1,409,915 |
Team, Inc. * | 4,548 | 55,940 |
Tetra Tech, Inc. | 13,131 | 646,702 |
The Advisory Board Co. * | 13,800 | 744,165 |
The Brink's Co. | 12,100 | 920,810 |
The Dun & Bradstreet Corp. | 7,840 | 915,947 |
TransUnion * | 35,200 | 1,847,648 |
TriNet Group, Inc. * | 11,600 | 402,752 |
TrueBlue, Inc. * | 10,100 | 273,710 |
UniFirst Corp. | 3,700 | 582,750 |
US Ecology, Inc. | 3,500 | 166,425 |
Verisk Analytics, Inc. * | 36,600 | 3,112,830 |
Viad Corp. | 3,625 | 210,431 |
Virco Manufacturing Corp. * | 1,170 | 6,611 |
WageWorks, Inc. * | 11,900 | 758,625 |
Waste Management, Inc. | 100,010 | 8,217,822 |
Willdan Group, Inc. * | 8,400 | 252,504 |
63,153,225 | ||
Consumer Durables & Apparel 1.3% | ||
American Outdoor Brands Corp. * | 12,400 | 177,692 |
AV Homes, Inc. * | 6,500 | 108,225 |
Beazer Homes USA, Inc. * | 10,835 | 227,318 |
Brunswick Corp. | 18,400 | 931,960 |
CalAtlantic Group, Inc. | 12,527 | 618,082 |
Callaway Golf Co. | 31,065 | 448,268 |
Carter's, Inc. | 14,400 | 1,392,912 |
Cavco Industries, Inc. * | 1,610 | 252,609 |
Columbia Sportswear Co. | 6,900 | 430,422 |
Crocs, Inc. * | 15,000 | 153,000 |
CSS Industries, Inc. | 4,800 | 143,904 |
D.R. Horton, Inc. | 87,290 | 3,859,091 |
Deckers Outdoor Corp. * | 7,500 | 511,800 |
Ethan Allen Interiors, Inc. | 10,200 | 303,450 |
Flexsteel Industries, Inc. | 1,900 | 95,513 |
Fossil Group, Inc. * | 7,662 | 60,377 |
G-III Apparel Group Ltd. * | 11,300 | 286,342 |
Garmin Ltd. | 27,800 | 1,573,758 |
GoPro, Inc., Class A *(b) | 49,800 | 519,414 |
Hamilton Beach Brands Holding Co., Class A * | 3,800 | 147,326 |
Hanesbrands, Inc. | 89,688 | 2,017,980 |
Hasbro, Inc. | 28,000 | 2,592,520 |
Helen of Troy Ltd. * | 7,900 | 733,910 |
Hovnanian Enterprises, Inc., Class A * | 50,500 | 122,210 |
Iconix Brand Group, Inc. * | 9,600 | 15,744 |
Installed Building Products, Inc. * | 4,326 | 301,522 |
iRobot Corp. * | 7,300 | 490,487 |
JAKKS Pacific, Inc. * | 7,500 | 20,625 |
KB Home | 19,700 | 540,371 |
La-Z-Boy, Inc. | 17,600 | 474,320 |
Leggett & Platt, Inc. | 33,800 | 1,597,388 |
Lennar Corp., Class A | 49,752 | 2,769,694 |
LGI Homes, Inc. *(b) | 8,000 | 482,640 |
Libbey, Inc. | 7,232 | 49,467 |
lululemon Athletica, Inc. * | 23,957 | 1,473,595 |
M.D.C. Holdings, Inc. | 9,453 | 350,139 |
M/I Homes, Inc. * | 3,000 | 100,200 |
Malibu Boats, Inc., Class A * | 10,000 | 312,000 |
Marine Products Corp. | 405 | 5,820 |
Mattel, Inc. | 76,700 | 1,083,004 |
Meritage Homes Corp. * | 15,000 | 730,500 |
Michael Kors Holdings Ltd. * | 38,700 | 1,888,947 |
Mohawk Industries, Inc. * | 14,919 | 3,905,197 |
Movado Group, Inc. | 5,800 | 160,660 |
Nautilus, Inc. * | 9,825 | 127,725 |
Newell Brands, Inc. | 122,097 | 4,979,116 |
NIKE, Inc., Class B | 323,790 | 17,805,212 |
Security | Number of Shares | Value ($) |
Nova Lifestyle, Inc. *(b) | 57,200 | 88,660 |
NVR, Inc. * | 800 | 2,625,096 |
Oxford Industries, Inc. | 2,500 | 161,500 |
Perry Ellis International, Inc. * | 5,500 | 128,095 |
PICO Holdings, Inc. * | 3,700 | 69,930 |
Polaris Industries, Inc. | 16,081 | 1,904,473 |
PulteGroup, Inc. | 68,976 | 2,085,145 |
PVH Corp. | 19,311 | 2,448,828 |
Ralph Lauren Corp. | 12,400 | 1,108,932 |
Sequential Brands Group, Inc. * | 18,160 | 47,216 |
Skechers U.S.A., Inc., Class A * | 38,000 | 1,212,960 |
Steven Madden Ltd. * | 14,112 | 550,368 |
Sturm, Ruger & Co., Inc. (b) | 2,700 | 133,785 |
Superior Uniform Group, Inc. | 3,200 | 75,104 |
Tapestry, Inc. | 75,198 | 3,079,358 |
Taylor Morrison Home Corp., Class A * | 24,528 | 592,351 |
Tempur Sealy International, Inc. * | 13,900 | 908,643 |
Toll Brothers, Inc. | 31,200 | 1,436,448 |
TopBuild Corp. * | 7,688 | 507,331 |
TRI Pointe Group, Inc. * | 48,700 | 861,503 |
Tupperware Brands Corp. | 14,300 | 840,125 |
Under Armour, Inc., Class A *(b) | 50,500 | 632,260 |
Under Armour, Inc., Class C *(b) | 59,269 | 683,372 |
Unifi, Inc. * | 10,000 | 380,500 |
Universal Electronics, Inc. * | 5,200 | 312,000 |
Vera Bradley, Inc. * | 11,000 | 79,200 |
VF Corp. | 79,100 | 5,509,315 |
Vista Outdoor, Inc. * | 17,574 | 367,472 |
Vuzix Corp. *(b) | 7,800 | 38,220 |
Whirlpool Corp. | 17,614 | 2,887,463 |
William Lyon Homes, Class A * | 14,900 | 413,475 |
Wolverine World Wide, Inc. | 27,500 | 750,750 |
90,292,334 | ||
Consumer Services 2.2% | ||
Adtalem Global Education, Inc. | 16,800 | 620,760 |
American Public Education, Inc. * | 5,600 | 112,000 |
Aramark | 64,600 | 2,822,374 |
Ascent Capital Group, Inc., Class A * | 3,116 | 35,055 |
Belmond Ltd., Class A * | 12,600 | 165,690 |
Biglari Holdings, Inc. * | 279 | 99,726 |
BJ's Restaurants, Inc. * | 7,300 | 231,410 |
Bloomin' Brands, Inc. | 20,900 | 371,602 |
Boyd Gaming Corp. | 21,300 | 622,599 |
Bridgepoint Education, Inc. * | 13,700 | 132,616 |
Bright Horizons Family Solutions, Inc. * | 13,712 | 1,183,346 |
Brinker International, Inc. | 12,650 | 388,608 |
Buffalo Wild Wings, Inc. * | 4,800 | 567,360 |
Caesars Entertainment Corp. * | 41,600 | 538,720 |
Capella Education Co. | 3,000 | 244,350 |
Career Education Corp. * | 25,114 | 268,217 |
Carnival Corp. | 100,339 | 6,661,506 |
Chegg, Inc. * | 19,388 | 300,708 |
Chipotle Mexican Grill, Inc. * | 6,879 | 1,870,400 |
Choice Hotels International, Inc. | 12,200 | 850,950 |
Churchill Downs, Inc. | 2,900 | 604,795 |
Chuy's Holdings, Inc. * | 6,760 | 152,100 |
Cracker Barrel Old Country Store, Inc. (b) | 5,146 | 803,445 |
Darden Restaurants, Inc. | 33,068 | 2,720,504 |
Dave & Buster's Entertainment, Inc. * | 12,600 | 607,320 |
Del Taco Restaurants, Inc. * | 8,895 | 112,878 |
Denny's Corp. * | 21,100 | 275,777 |
DineEquity, Inc. | 3,000 | 142,830 |
Domino's Pizza, Inc. | 12,200 | 2,232,600 |
Dover Motorsports, Inc. | 1,400 | 2,730 |
Dunkin' Brands Group, Inc. | 21,600 | 1,275,912 |
Eldorado Resorts, Inc. * | 5,800 | 149,060 |
Security | Number of Shares | Value ($) |
Extended Stay America, Inc. | 57,500 | 1,139,650 |
Fiesta Restaurant Group, Inc. * | 4,300 | 71,165 |
Golden Entertainment, Inc. * | 3,400 | 90,712 |
Graham Holdings Co., Class B | 1,400 | 779,030 |
Grand Canyon Education, Inc. * | 14,900 | 1,333,699 |
H&R Block, Inc. | 54,700 | 1,353,278 |
Hilton Grand Vacations, Inc. * | 20,624 | 844,759 |
Hilton Worldwide Holdings, Inc. | 52,282 | 3,778,943 |
Houghton Mifflin Harcourt Co. * | 19,600 | 194,040 |
Hyatt Hotels Corp., Class A * | 14,968 | 937,895 |
ILG, Inc. | 25,089 | 744,391 |
International Speedway Corp., Class A | 6,445 | 250,388 |
J Alexander's Holdings, Inc. * | 2,846 | 29,883 |
Jack in the Box, Inc. | 7,000 | 724,570 |
K12, Inc. * | 12,100 | 196,262 |
La Quinta Holdings, Inc. * | 15,800 | 278,396 |
Las Vegas Sands Corp. | 91,400 | 5,792,932 |
Laureate Education, Inc., Class A * | 15,000 | 200,550 |
Luby's, Inc. * | 6,900 | 16,629 |
Marriott International, Inc., Class A | 75,492 | 9,019,784 |
Marriott Vacations Worldwide Corp. | 6,780 | 892,384 |
McDonald's Corp. | 202,011 | 33,717,656 |
MGM Resorts International | 128,600 | 4,031,610 |
Monarch Casino & Resort, Inc. * | 8,000 | 356,880 |
Norwegian Cruise Line Holdings Ltd. * | 44,436 | 2,477,307 |
Papa John's International, Inc. | 6,800 | 462,740 |
Penn National Gaming, Inc. * | 17,000 | 443,530 |
Pinnacle Entertainment, Inc. * | 9,800 | 253,526 |
Planet Fitness, Inc., Class A | 24,700 | 658,008 |
Playa Hotels & Resorts N.V. * | 13,217 | 136,532 |
Red Robin Gourmet Burgers, Inc. * | 2,300 | 157,320 |
Red Rock Resorts, Inc., Class A | 15,000 | 369,450 |
Regis Corp. * | 17,300 | 258,289 |
Royal Caribbean Cruises Ltd. | 40,900 | 5,062,193 |
Ruby Tuesday, Inc. * | 33,713 | 79,900 |
Ruth's Hospitality Group, Inc. | 7,190 | 151,709 |
Scientific Games Corp., Class A * | 10,900 | 518,840 |
SeaWorld Entertainment, Inc. *(b) | 28,211 | 323,862 |
Service Corp. International | 44,900 | 1,592,154 |
ServiceMaster Global Holdings, Inc. * | 30,000 | 1,413,300 |
Shake Shack, Inc., Class A *(b) | 8,000 | 303,680 |
Six Flags Entertainment Corp. | 20,000 | 1,255,800 |
Sonic Corp. (b) | 12,868 | 326,847 |
Sotheby's * | 11,338 | 587,535 |
Speedway Motorsports, Inc. | 6,700 | 133,665 |
Starbucks Corp. | 359,085 | 19,692,221 |
Strayer Education, Inc. | 4,300 | 403,039 |
Texas Roadhouse, Inc. | 16,100 | 805,161 |
The Cheesecake Factory, Inc. | 13,087 | 585,512 |
The Wendy's Co. | 50,775 | 772,288 |
Vail Resorts, Inc. | 9,100 | 2,084,082 |
Weight Watchers International, Inc. * | 6,500 | 291,980 |
Wingstop, Inc. | 7,088 | 240,071 |
Wyndham Worldwide Corp. | 26,044 | 2,782,801 |
Wynn Resorts Ltd. | 21,245 | 3,133,425 |
Yum! Brands, Inc. | 85,300 | 6,350,585 |
148,050,786 | ||
Diversified Financials 5.2% | ||
Affiliated Managers Group, Inc. | 14,617 | 2,726,070 |
AG Mortgage Investment Trust, Inc. | 12,000 | 225,720 |
AGNC Investment Corp. | 104,240 | 2,098,351 |
Ally Financial, Inc. | 117,278 | 3,064,474 |
American Express Co. | 182,907 | 17,471,277 |
Ameriprise Financial, Inc. | 38,230 | 5,984,524 |
Annaly Capital Management, Inc. | 287,717 | 3,297,237 |
Anworth Mortgage Asset Corp. | 24,200 | 135,278 |
Security | Number of Shares | Value ($) |
Apollo Commercial Real Estate Finance, Inc. | 34,655 | 626,216 |
Arlington Asset Investment Corp., Class A | 6,941 | 79,613 |
ARMOUR Residential REIT, Inc. | 7,625 | 191,006 |
Artisan Partners Asset Management, Inc., Class A | 15,800 | 543,520 |
Associated Capital Group, Inc., Class A | 3,400 | 126,140 |
Asta Funding, Inc. * | 6,000 | 42,900 |
Atlanticus Holdings Corp. * | 4,629 | 10,508 |
Berkshire Hathaway, Inc., Class B * | 481,493 | 90,010,301 |
BGC Partners, Inc., Class A | 61,300 | 929,921 |
BlackRock, Inc. | 30,419 | 14,322,178 |
Blackstone Mortgage Trust, Inc., Class A | 27,702 | 881,755 |
Capital One Financial Corp. | 119,877 | 11,050,262 |
Capstead Mortgage Corp. | 21,740 | 191,747 |
Cboe Global Markets, Inc. | 26,296 | 2,973,026 |
Chimera Investment Corp. | 50,440 | 923,052 |
CME Group, Inc. | 83,750 | 11,487,987 |
Cohen & Steers, Inc. | 5,400 | 234,846 |
Cowen, Inc., * | 2,972 | 44,580 |
Credit Acceptance Corp. * | 3,400 | 974,882 |
CYS Investments, Inc. | 25,500 | 204,000 |
Diamond Hill Investment Group, Inc. | 786 | 166,577 |
Discover Financial Services | 94,207 | 6,267,592 |
Donnelley Financial Solutions, Inc. * | 4,579 | 98,449 |
Dynex Capital, Inc. | 21,998 | 153,986 |
E*TRADE Financial Corp. * | 68,098 | 2,968,392 |
Eaton Vance Corp. | 30,800 | 1,554,476 |
Encore Capital Group, Inc. * | 5,600 | 260,120 |
Enova International, Inc. * | 6,313 | 93,748 |
Evercore, Inc., Class A | 12,300 | 985,230 |
EZCORP, Inc., Class A * | 20,600 | 211,150 |
FactSet Research Systems, Inc. | 9,650 | 1,832,245 |
Federated Investors, Inc., Class B | 32,450 | 1,008,221 |
Financial Engines, Inc. | 21,200 | 765,320 |
FirstCash, Inc. | 13,896 | 887,260 |
FNFV Group * | 16,478 | 284,246 |
Franklin Resources, Inc. | 82,500 | 3,475,725 |
GAMCO Investors, Inc., Class A | 3,400 | 98,464 |
Green Dot Corp., Class A * | 12,149 | 687,876 |
Greenhill & Co., Inc. | 4,500 | 82,350 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 13,000 | 312,780 |
Houlihan Lokey, Inc. | 10,400 | 432,952 |
Interactive Brokers Group, Inc., Class A | 20,529 | 1,108,977 |
Intercontinental Exchange, Inc. | 145,730 | 9,632,753 |
INTL. FCStone, Inc. * | 4,437 | 184,180 |
Invesco Ltd. | 96,700 | 3,460,893 |
Invesco Mortgage Capital, Inc. | 22,300 | 384,006 |
Investment Technology Group, Inc. | 8,050 | 188,933 |
Janus Henderson Group plc | 49,198 | 1,709,630 |
Ladder Capital Corp. | 22,000 | 295,680 |
Lazard Ltd., Class A | 35,000 | 1,663,900 |
Legg Mason, Inc. | 17,550 | 670,059 |
LendingClub Corp. * | 79,000 | 449,510 |
Leucadia National Corp. | 84,450 | 2,136,585 |
LPL Financial Holdings, Inc. | 22,300 | 1,106,303 |
MarketAxess Holdings, Inc. | 8,900 | 1,548,600 |
MFA Financial, Inc. | 93,700 | 772,088 |
Moelis & Co., Class A | 10,000 | 427,500 |
Moody's Corp. | 40,700 | 5,796,087 |
Morgan Stanley | 348,025 | 17,401,250 |
Morningstar, Inc. | 5,500 | 468,655 |
MSCI, Inc. | 23,000 | 2,699,280 |
MTGE Investment Corp. | 14,600 | 264,260 |
Nasdaq, Inc. | 30,507 | 2,216,334 |
Navient Corp. | 72,000 | 897,120 |
Nelnet, Inc., Class A | 6,400 | 374,656 |
New Residential Investment Corp. | 71,750 | 1,264,952 |
New York Mortgage Trust, Inc. | 18,600 | 112,158 |
NewStar Financial, Inc. | 13,500 | 165,780 |
Security | Number of Shares | Value ($) |
Northern Trust Corp. | 53,600 | 5,012,672 |
OneMain Holdings, Inc. * | 10,500 | 333,585 |
Orchid Island Capital, Inc. | 20,000 | 199,200 |
PennyMac Mortgage Investment Trust | 14,400 | 231,264 |
Piper Jaffray Cos. | 3,950 | 288,745 |
PJT Partners, Inc., Class A | 4,122 | 159,109 |
PRA Group, Inc. * | 9,800 | 273,420 |
Raymond James Financial, Inc. | 30,750 | 2,606,985 |
Redwood Trust, Inc. | 19,700 | 309,487 |
Resource Capital Corp. | 37,950 | 389,367 |
S&P Global, Inc. | 63,361 | 9,914,096 |
Santander Consumer USA Holdings, Inc. * | 43,700 | 727,168 |
SEI Investments Co. | 31,100 | 2,006,261 |
SLM Corp. * | 121,596 | 1,287,702 |
Starwood Property Trust, Inc. | 63,073 | 1,356,700 |
State Street Corp. | 90,760 | 8,349,920 |
Stifel Financial Corp. | 11,785 | 624,959 |
Synchrony Financial | 193,113 | 6,299,346 |
T. Rowe Price Group, Inc. | 59,400 | 5,518,260 |
TD Ameritrade Holding Corp. | 63,249 | 3,161,818 |
The Bank of New York Mellon Corp. | 256,249 | 13,184,011 |
The Charles Schwab Corp. (a) | 292,470 | 13,114,355 |
The Goldman Sachs Group, Inc. | 89,444 | 21,688,381 |
Two Harbors Investment Corp. | 107,000 | 1,048,600 |
Virtu Financial, Inc., Class A (b) | 9,957 | 140,892 |
Virtus Investment Partners, Inc. | 3,475 | 404,490 |
Voya Financial, Inc. | 45,389 | 1,822,822 |
Waddell & Reed Financial, Inc., Class A | 30,150 | 563,503 |
Western Asset Mortgage Capital Corp. | 4,607 | 46,392 |
Westwood Holdings Group, Inc. | 1,785 | 115,847 |
WisdomTree Investments, Inc. | 20,500 | 227,345 |
World Acceptance Corp. * | 3,000 | 262,500 |
352,547,861 | ||
Energy 5.6% | ||
Abraxas Petroleum Corp. * | 36,200 | 77,106 |
Adams Resources & Energy, Inc. | 2,300 | 98,762 |
Anadarko Petroleum Corp. | 136,868 | 6,757,173 |
Andeavor | 37,231 | 3,955,421 |
Antero Resources Corp. * | 56,100 | 1,088,340 |
Apache Corp. | 94,072 | 3,891,759 |
Arch Coal, Inc., Class A | 5,800 | 443,236 |
Archrock, Inc. | 10,720 | 128,640 |
Baker Hughes, a GE Co. | 104,565 | 3,286,478 |
Bonanza Creek Energy, Inc. * | 2,125 | 71,889 |
C&J Energy Services, Inc. * | 25,000 | 712,250 |
Cabot Oil & Gas Corp. | 112,800 | 3,124,560 |
California Resources Corp. *(b) | 23,232 | 256,249 |
Callon Petroleum Co. * | 61,700 | 684,253 |
Carrizo Oil & Gas, Inc. * | 18,922 | 334,730 |
Centennial Resource Development, Inc., Class A *(b) | 33,700 | 654,791 |
Cheniere Energy, Inc. * | 56,300 | 2,631,462 |
Chesapeake Energy Corp. *(b) | 277,430 | 1,081,977 |
Chevron Corp. | 473,554 | 54,880,173 |
Cimarex Energy Co. | 22,562 | 2,638,175 |
Cloud Peak Energy, Inc. * | 119,200 | 506,600 |
Comstock Resources, Inc. *(b) | 10,160 | 47,955 |
Concho Resources, Inc. * | 37,876 | 5,083,338 |
ConocoPhillips | 299,931 | 15,341,471 |
CONSOL Energy, Inc. * | 44,600 | 719,398 |
Continental Resources, Inc. * | 23,600 | 960,756 |
Core Laboratories N.V. | 9,800 | 979,020 |
CVR Energy, Inc. | 5,100 | 139,995 |
Delek US Holdings, Inc. | 15,084 | 392,938 |
Denbury Resources, Inc. * | 103,025 | 126,721 |
Devon Energy Corp. | 128,060 | 4,725,414 |
Diamond Offshore Drilling, Inc. *(b) | 11,400 | 190,722 |
Security | Number of Shares | Value ($) |
Diamondback Energy, Inc. * | 25,886 | 2,773,944 |
Dril-Quip, Inc. * | 12,700 | 534,670 |
Energen Corp. * | 22,600 | 1,168,420 |
Energy XXI Gulf Coast, Inc. * | 20,000 | 171,000 |
Ensco plc, Class A | 88,700 | 478,093 |
EOG Resources, Inc. | 143,259 | 14,307,276 |
EQT Corp. | 43,100 | 2,695,474 |
Era Group, Inc. * | 2,850 | 30,666 |
Exterran Corp. * | 5,360 | 172,967 |
Extraction Oil & Gas, Inc. * | 24,000 | 382,800 |
Exxon Mobil Corp. | 1,059,793 | 88,333,747 |
Fairmount Santrol Holdings, Inc. *(b) | 35,100 | 151,281 |
Forum Energy Technologies, Inc. * | 11,200 | 161,280 |
Frank's International N.V. | 14,000 | 92,540 |
Gastar Exploration, Inc. * | 240,300 | 197,046 |
Geospace Technologies Corp. * | 1,800 | 27,036 |
Gevo, Inc. *(b) | 301,600 | 191,516 |
Green Plains, Inc. | 9,300 | 171,120 |
Gulf Island Fabrication, Inc. | 4,100 | 53,915 |
Gulfport Energy Corp. * | 49,803 | 682,301 |
Halcon Resources Corp. * | 50,000 | 329,000 |
Halliburton Co. | 211,844 | 9,054,213 |
Helix Energy Solutions Group, Inc. * | 39,464 | 269,144 |
Helmerich & Payne, Inc. (b) | 29,217 | 1,586,775 |
Hess Corp. | 65,400 | 2,888,064 |
HollyFrontier Corp. | 50,154 | 1,853,190 |
Kinder Morgan, Inc. | 484,563 | 8,775,436 |
Kosmos Energy Ltd. * | 75,600 | 580,608 |
Laredo Petroleum, Inc. * | 40,100 | 477,992 |
Marathon Oil Corp. | 198,714 | 2,825,713 |
Marathon Petroleum Corp. | 123,408 | 7,372,394 |
Matador Resources Co. * | 31,400 | 833,670 |
Matrix Service Co. * | 8,000 | 112,800 |
McDermott International, Inc. * | 85,100 | 563,362 |
Murphy Oil Corp. | 38,000 | 1,016,500 |
Nabors Industries Ltd. | 70,734 | 398,232 |
NACCO Industries, Inc., Class A | 1,900 | 79,040 |
National Oilwell Varco, Inc. | 97,122 | 3,320,601 |
Natural Gas Services Group, Inc. * | 7,500 | 208,500 |
Newfield Exploration Co. * | 55,800 | 1,718,082 |
Newpark Resources, Inc. * | 11,500 | 100,625 |
Noble Corp. plc * | 54,955 | 228,613 |
Noble Energy, Inc. | 129,047 | 3,596,540 |
Oasis Petroleum, Inc. * | 47,700 | 450,765 |
Occidental Petroleum Corp. | 188,353 | 12,161,953 |
Oceaneering International, Inc. | 33,400 | 675,348 |
Oil States International, Inc. * | 20,200 | 465,610 |
ONEOK, Inc. | 96,223 | 5,222,022 |
Pacific Ethanol, Inc. * | 10,200 | 48,960 |
Panhandle Oil & Gas, Inc., Class A | 6,200 | 149,730 |
Parker Drilling Co. * | 60,300 | 63,315 |
Parsley Energy, Inc., Class A * | 56,300 | 1,497,580 |
Patterson-UTI Energy, Inc. | 67,500 | 1,335,150 |
PBF Energy, Inc., Class A | 37,313 | 1,080,958 |
PDC Energy, Inc. * | 19,876 | 1,012,285 |
Peabody Energy Corp. * | 17,400 | 537,486 |
PHI, Inc. - Non Voting Shares * | 4,000 | 46,760 |
Phillips 66 | 104,165 | 9,487,348 |
Pioneer Energy Services Corp. * | 13,100 | 24,890 |
Pioneer Natural Resources Co. | 41,733 | 6,246,178 |
QEP Resources, Inc. * | 83,800 | 750,010 |
Range Resources Corp. | 62,978 | 1,140,532 |
Renewable Energy Group, Inc. * | 32,800 | 396,880 |
Resolute Energy Corp. * | 9,680 | 290,690 |
REX American Resources Corp. * | 4,875 | 429,878 |
Rice Energy, Inc. * | 43,736 | 1,239,916 |
RigNet, Inc. * | 4,141 | 72,260 |
Ring Energy, Inc. * | 22,800 | 292,068 |
Security | Number of Shares | Value ($) |
Rowan Cos. plc, Class A * | 25,000 | 358,250 |
RPC, Inc. (b) | 16,118 | 391,829 |
RSP Permian, Inc. * | 26,400 | 908,424 |
Sanchez Energy Corp. *(b) | 8,700 | 37,671 |
Schlumberger Ltd. | 349,321 | 22,356,544 |
SEACOR Holdings, Inc. * | 4,850 | 228,920 |
SEACOR Marine Holdings, Inc. * | 4,876 | 68,995 |
SemGroup Corp., Class A | 15,900 | 414,195 |
SM Energy Co. | 22,500 | 479,925 |
Southwestern Energy Co. * | 122,975 | 682,511 |
SRC Energy, Inc. * | 63,800 | 608,652 |
Superior Energy Services, Inc. * | 37,000 | 326,340 |
Synthesis Energy Systems, Inc. * | 334,602 | 147,225 |
Targa Resources Corp. | 54,200 | 2,249,300 |
TechnipFMC plc * | 112,904 | 3,092,441 |
Tellurian, Inc. *(b) | 23,000 | 247,710 |
Tesco Corp. * | 7,000 | 26,950 |
TETRA Technologies, Inc. * | 12,100 | 34,364 |
The Williams Cos., Inc. | 204,183 | 5,819,215 |
Tidewater, Inc. * | 10,800 | 294,300 |
Transocean Ltd. * | 85,400 | 896,700 |
Ultra Petroleum Corp. * | 37,800 | 300,132 |
Unit Corp. * | 19,300 | 361,296 |
Uranium Energy Corp. *(b) | 226,400 | 239,984 |
US Silica Holdings, Inc. | 24,400 | 744,444 |
Valero Energy Corp. | 109,980 | 8,676,322 |
Weatherford International plc * | 241,449 | 837,828 |
Westmoreland Coal Co. * | 9,600 | 16,656 |
Whiting Petroleum Corp. * | 78,200 | 469,982 |
World Fuel Services Corp. | 17,400 | 483,720 |
WPX Energy, Inc. * | 116,953 | 1,319,230 |
375,216,565 | ||
Food & Staples Retailing 1.5% | ||
Casey's General Stores, Inc. | 8,544 | 978,886 |
Costco Wholesale Corp. | 109,253 | 17,598,473 |
CVS Health Corp. | 253,739 | 17,388,734 |
Ingles Markets, Inc., Class A | 4,200 | 97,860 |
Performance Food Group Co. * | 27,000 | 764,100 |
PriceSmart, Inc. | 5,980 | 501,124 |
Rite Aid Corp. * | 261,480 | 431,442 |
SpartanNash, Co. | 12,540 | 307,857 |
Sprouts Farmers Market, Inc. * | 35,374 | 654,065 |
SUPERVALU, Inc. * | 12,676 | 206,492 |
Sysco Corp. | 120,236 | 6,687,526 |
The Andersons, Inc. | 13,500 | 505,575 |
The Kroger Co. | 221,532 | 4,585,712 |
U.S. Foods Holding Corp. * | 34,100 | 930,248 |
United Natural Foods, Inc. * | 15,300 | 593,181 |
Wal-Mart Stores, Inc. | 365,451 | 31,907,527 |
Walgreens Boots Alliance, Inc. | 227,817 | 15,097,433 |
Weis Markets, Inc. | 6,900 | 267,927 |
99,504,162 | ||
Food, Beverage & Tobacco 4.1% | ||
Alico, Inc. | 2,000 | 65,800 |
Alliance One International, Inc. * | 2,460 | 26,322 |
Altria Group, Inc. | 476,932 | 30,628,573 |
Archer-Daniels-Midland Co. | 141,756 | 5,793,568 |
B&G Foods, Inc. (b) | 15,000 | 477,000 |
Blue Buffalo Pet Products, Inc. * | 24,900 | 720,357 |
Bob Evans Farms, Inc. | 4,200 | 324,198 |
Brown-Forman Corp., Class A | 10,000 | 573,300 |
Brown-Forman Corp., Class B | 54,232 | 3,092,309 |
Bunge Ltd. | 36,100 | 2,482,958 |
Cal-Maine Foods, Inc. *(b) | 5,200 | 234,000 |
Security | Number of Shares | Value ($) |
Calavo Growers, Inc. | 4,846 | 357,150 |
Campbell Soup Co. | 52,500 | 2,486,925 |
Coca-Cola Bottling Co. Consolidated | 1,248 | 281,499 |
ConAgra Brands, Inc. | 107,737 | 3,680,296 |
Constellation Brands, Inc., Class A | 42,369 | 9,282,624 |
Darling Ingredients, Inc. * | 56,100 | 1,023,825 |
Dean Foods Co. | 26,756 | 260,871 |
Dr Pepper Snapple Group, Inc. | 46,700 | 4,000,322 |
Farmer Brothers Co. * | 4,500 | 152,775 |
Flowers Foods, Inc. | 44,605 | 848,833 |
Fresh Del Monte Produce, Inc. | 7,900 | 351,629 |
General Mills, Inc. | 141,138 | 7,327,885 |
Hormel Foods Corp. | 72,781 | 2,267,856 |
Hostess Brands, Inc. * | 20,300 | 234,059 |
Ingredion, Inc. | 18,200 | 2,281,370 |
J&J Snack Foods Corp. | 3,259 | 434,001 |
John B. Sanfilippo & Son, Inc. | 5,000 | 294,250 |
Kellogg Co. | 61,800 | 3,864,354 |
Lamb Weston Holdings, Inc. | 38,264 | 1,951,081 |
Lancaster Colony Corp. | 5,200 | 651,144 |
Landec Corp. * | 9,100 | 120,575 |
Limoneira Co. | 2,900 | 67,715 |
McCormick & Co., Inc. - Non Voting Shares | 28,200 | 2,806,746 |
MGP Ingredients, Inc. | 5,500 | 373,780 |
Molson Coors Brewing Co., Class B | 46,882 | 3,791,347 |
Mondelez International, Inc., Class A | 370,624 | 15,354,952 |
Monster Beverage Corp. * | 106,985 | 6,197,641 |
National Beverage Corp. | 6,400 | 626,560 |
PepsiCo, Inc. | 356,744 | 39,323,891 |
Philip Morris International, Inc. | 387,686 | 40,567,463 |
Pilgrim's Pride Corp. * | 12,466 | 396,169 |
Pinnacle Foods, Inc. | 30,300 | 1,648,926 |
Post Holdings, Inc. * | 15,350 | 1,272,976 |
Primo Water Corp. * | 1,000 | 11,010 |
Rocky Mountain Chocolate Factory, Inc. | 3,427 | 39,411 |
Sanderson Farms, Inc. | 5,850 | 874,985 |
Seaboard Corp. | 100 | 440,012 |
Snyder's-Lance, Inc. | 23,930 | 900,486 |
The Boston Beer Co., Inc., Class A * | 2,100 | 373,905 |
The Coca-Cola Co. | 958,232 | 44,059,507 |
The Hain Celestial Group, Inc. * | 27,012 | 972,972 |
The Hershey Co. | 33,900 | 3,599,502 |
The JM Smucker Co. | 27,691 | 2,936,631 |
The Kraft Heinz Co. | 151,849 | 11,742,483 |
Tootsie Roll Industries, Inc. (b) | 8,293 | 295,231 |
TreeHouse Foods, Inc. * | 12,522 | 831,210 |
Tyson Foods, Inc., Class A | 69,284 | 5,051,496 |
Universal Corp. | 4,800 | 275,280 |
Vector Group Ltd. | 30,725 | 638,466 |
272,042,462 | ||
Health Care Equipment & Services 5.5% | ||
Abaxis, Inc. | 5,600 | 271,040 |
Abbott Laboratories | 435,412 | 23,612,393 |
ABIOMED, Inc. * | 10,200 | 1,967,784 |
Acadia Healthcare Co., Inc. * | 19,600 | 614,656 |
Accuray, Inc. * | 21,200 | 100,700 |
Aceto Corp. | 7,900 | 79,553 |
Aetna, Inc. | 81,725 | 13,895,702 |
Align Technology, Inc. * | 18,800 | 4,492,824 |
Allscripts Healthcare Solutions, Inc. * | 54,860 | 739,513 |
Almost Family, Inc. * | 3,074 | 136,024 |
Amedisys, Inc. * | 10,834 | 521,224 |
American Renal Associates Holdings, Inc. * | 23,900 | 289,907 |
AmerisourceBergen Corp. | 39,596 | 3,046,912 |
AMN Healthcare Services, Inc. * | 11,210 | 492,119 |
Analogic Corp. | 6,000 | 481,800 |
Security | Number of Shares | Value ($) |
AngioDynamics, Inc. * | 8,948 | 151,848 |
Anika Therapeutics, Inc. * | 4,606 | 251,626 |
Antares Pharma, Inc. * | 28,100 | 51,142 |
Anthem, Inc. | 64,623 | 13,519,778 |
athenahealth, Inc. * | 10,500 | 1,342,740 |
AtriCure, Inc. * | 13,800 | 295,872 |
Atrion Corp. | 616 | 405,112 |
Baxter International, Inc. | 125,616 | 8,098,464 |
Becton, Dickinson & Co. | 57,341 | 11,965,346 |
BioScrip, Inc. * | 88,272 | 223,328 |
BioTelemetry, Inc. * | 7,518 | 218,398 |
Boston Scientific Corp. * | 345,151 | 9,712,549 |
Brookdale Senior Living, Inc. * | 51,725 | 518,802 |
C.R. Bard, Inc. | 18,184 | 5,947,441 |
Cantel Medical Corp. | 8,034 | 787,975 |
Capital Senior Living Corp. * | 8,394 | 111,640 |
Cardinal Health, Inc. | 78,718 | 4,872,644 |
Cardiovascular Systems, Inc. * | 5,000 | 120,350 |
Centene Corp. * | 42,541 | 3,984,815 |
Cerner Corp. * | 78,700 | 5,313,824 |
Chemed Corp. | 3,900 | 871,377 |
Cigna Corp. | 62,251 | 12,277,142 |
Community Health Systems, Inc. * | 28,066 | 165,589 |
Computer Programs & Systems, Inc. (b) | 3,600 | 108,540 |
ConforMIS, Inc. * | 55,500 | 196,470 |
CONMED Corp. | 7,300 | 381,206 |
Corindus Vascular Robotics, Inc. *(b) | 201,900 | 230,166 |
CorVel Corp. * | 2,700 | 162,000 |
Cotiviti Holdings, Inc. * | 8,700 | 305,892 |
Cross Country Healthcare, Inc. * | 12,500 | 170,625 |
CryoLife, Inc. * | 9,050 | 176,022 |
Cutera, Inc. * | 3,425 | 134,602 |
Danaher Corp. | 152,495 | 14,070,714 |
DaVita, Inc. * | 38,700 | 2,350,638 |
DENTSPLY SIRONA, Inc. | 59,540 | 3,636,108 |
DexCom, Inc. * | 20,500 | 921,885 |
Diplomat Pharmacy, Inc. * | 9,000 | 189,450 |
Edwards Lifesciences Corp. * | 51,900 | 5,305,737 |
Endologix, Inc. * | 13,700 | 72,610 |
Envision Healthcare Corp. * | 27,392 | 1,166,899 |
Evolent Health, Inc., Class A * | 20,000 | 325,000 |
Express Scripts Holding Co. * | 144,052 | 8,828,947 |
Five Star Senior Living, Inc. * | 14,335 | 21,503 |
GenMark Diagnostics, Inc. * | 23,500 | 175,075 |
Glaukos Corp. * | 3,000 | 105,930 |
Globus Medical, Inc., Class A * | 13,900 | 442,993 |
Haemonetics Corp. * | 16,300 | 775,228 |
Halyard Health, Inc. * | 15,624 | 658,552 |
HCA Healthcare, Inc. * | 71,300 | 5,393,845 |
HealthEquity, Inc. * | 14,400 | 723,168 |
HealthSouth Corp. | 27,600 | 1,273,464 |
HealthStream, Inc. * | 6,800 | 166,328 |
Henry Schein, Inc. * | 38,906 | 3,058,012 |
Heska Corp. * | 1,591 | 155,122 |
Hill-Rom Holdings, Inc. | 15,200 | 1,226,792 |
HMS Holdings Corp. * | 31,500 | 606,060 |
Hologic, Inc. * | 74,841 | 2,832,732 |
Humana, Inc. | 35,797 | 9,140,764 |
ICU Medical, Inc. * | 3,350 | 640,185 |
IDEXX Laboratories, Inc. * | 22,400 | 3,722,208 |
Inogen, Inc. * | 5,600 | 554,008 |
Inovalon Holdings, Inc., Class A * | 26,000 | 435,500 |
Insulet Corp. * | 16,000 | 940,960 |
Integer Holdings Corp. * | 6,700 | 325,620 |
Integra LifeSciences Holdings Corp. * | 17,400 | 813,972 |
Intuitive Surgical, Inc. * | 28,049 | 10,528,473 |
Invacare Corp. | 6,000 | 93,000 |
iRhythm Technologies, Inc. * | 4,447 | 226,575 |
Security | Number of Shares | Value ($) |
K2M Group Holdings, Inc. * | 12,900 | 254,001 |
Kindred Healthcare, Inc. | 11,559 | 69,932 |
Laboratory Corp. of America Holdings * | 24,562 | 3,775,425 |
Lantheus Holdings, Inc. * | 7,198 | 143,240 |
LeMaitre Vascular, Inc. | 6,800 | 217,668 |
LHC Group, Inc. * | 6,000 | 400,860 |
LifePoint Health, Inc. * | 9,607 | 462,577 |
LivaNova plc * | 10,400 | 768,560 |
Magellan Health, Inc. * | 7,607 | 648,877 |
Masimo Corp. * | 12,900 | 1,132,104 |
McKesson Corp. | 51,203 | 7,059,870 |
Medidata Solutions, Inc. * | 16,500 | 1,241,295 |
MEDNAX, Inc. * | 24,300 | 1,064,097 |
Medtronic plc | 337,684 | 27,190,316 |
Meridian Bioscience, Inc. | 10,050 | 150,247 |
Merit Medical Systems, Inc. * | 10,277 | 391,040 |
Molina Healthcare, Inc. * | 11,250 | 763,087 |
National HealthCare Corp. | 4,100 | 262,400 |
Natus Medical, Inc. * | 7,600 | 322,240 |
Neogen Corp. * | 10,257 | 822,611 |
Nevro Corp. * | 6,000 | 525,480 |
NuVasive, Inc. * | 14,100 | 799,893 |
Nuvectra Corp. * | 2,233 | 31,284 |
NxStage Medical, Inc. * | 18,700 | 503,965 |
Omnicell, Inc. * | 7,400 | 368,520 |
OraSure Technologies, Inc. * | 16,500 | 325,875 |
Orthofix International N.V. * | 2,800 | 150,444 |
Owens & Minor, Inc. | 16,200 | 398,034 |
Patterson Cos., Inc. | 18,800 | 695,600 |
Penumbra, Inc. * | 8,300 | 834,565 |
PharMerica Corp. * | 4,813 | 141,021 |
Premier, Inc., Class A * | 15,900 | 519,453 |
Quality Systems, Inc. * | 10,500 | 147,735 |
Quest Diagnostics, Inc. | 35,420 | 3,321,688 |
Quidel Corp. * | 5,200 | 212,940 |
Quorum Health Corp. * | 5,949 | 34,028 |
RadNet, Inc. * | 35,600 | 389,820 |
ResMed, Inc. | 37,300 | 3,139,914 |
RTI Surgical, Inc. * | 18,100 | 81,450 |
SeaSpine Holdings Corp. * | 1,766 | 17,695 |
Select Medical Holdings Corp. * | 22,600 | 432,790 |
STERIS plc | 23,044 | 2,150,697 |
Stryker Corp. | 78,900 | 12,219,243 |
Surgery Partners, Inc. * | 37,100 | 343,175 |
Surmodics, Inc. * | 4,200 | 124,950 |
Teladoc, Inc. * | 14,900 | 492,445 |
Teleflex, Inc. | 11,500 | 2,725,270 |
Tenet Healthcare Corp. *(b) | 19,500 | 278,460 |
The Cooper Cos., Inc. | 11,681 | 2,806,477 |
The Ensign Group, Inc. | 10,600 | 244,648 |
The Providence Service Corp. * | 4,800 | 266,880 |
Tivity Health, Inc. * | 8,100 | 374,625 |
Triple-S Management Corp., Class B * | 5,300 | 127,253 |
U.S. Physical Therapy, Inc. | 3,500 | 237,825 |
UnitedHealth Group, Inc. | 241,043 | 50,672,059 |
Universal Health Services, Inc., Class B | 21,600 | 2,218,320 |
Utah Medical Products, Inc. | 2,500 | 188,500 |
Varex Imaging Corp. * | 8,440 | 290,083 |
Varian Medical Systems, Inc. * | 21,100 | 2,198,409 |
Veeva Systems, Inc., Class A * | 29,246 | 1,782,251 |
Vocera Communications, Inc. * | 3,700 | 104,414 |
WellCare Health Plans, Inc. * | 11,359 | 2,246,129 |
West Pharmaceutical Services, Inc. | 19,000 | 1,926,600 |
Wright Medical Group N.V. * | 25,565 | 670,059 |
Zimmer Biomet Holdings, Inc. | 49,400 | 6,008,028 |
366,628,974 | ||
Security | Number of Shares | Value ($) |
Household & Personal Products 1.5% | ||
Avon Products, Inc. * | 106,000 | 241,680 |
Central Garden & Pet Co., Class A * | 8,600 | 317,426 |
Church & Dwight Co., Inc. | 64,400 | 2,908,948 |
Colgate-Palmolive Co. | 218,609 | 15,401,004 |
Coty, Inc., Class A | 115,600 | 1,780,240 |
Edgewell Personal Care Co. * | 15,533 | 1,008,558 |
Energizer Holdings, Inc. | 15,933 | 684,960 |
Herbalife Ltd. *(b) | 16,700 | 1,212,754 |
HRG Group, Inc. * | 34,400 | 557,968 |
Inter Parfums, Inc. | 5,613 | 259,882 |
Kimberly-Clark Corp. | 86,847 | 9,771,156 |
Medifast, Inc. | 3,500 | 218,400 |
Nu Skin Enterprises, Inc., Class A | 14,700 | 935,067 |
Oil-Dri Corp. of America | 1,600 | 67,216 |
Orchids Paper Products Co. (b) | 2,500 | 30,700 |
Revlon, Inc., Class A *(b) | 5,400 | 121,500 |
Spectrum Brands Holdings, Inc. | 6,500 | 714,480 |
The Clorox Co. | 32,300 | 4,086,919 |
The Estee Lauder Cos., Inc., Class A | 55,715 | 6,229,494 |
The Procter & Gamble Co. | 634,051 | 54,743,963 |
USANA Health Sciences, Inc. * | 5,364 | 352,415 |
WD-40 Co. | 4,600 | 509,910 |
102,154,640 | ||
Insurance 2.9% | ||
Aflac, Inc. | 98,194 | 8,237,495 |
Alleghany Corp. * | 3,940 | 2,230,907 |
Ambac Financial Group, Inc. * | 13,400 | 218,152 |
American Equity Investment Life Holding Co. | 23,100 | 681,681 |
American Financial Group, Inc. | 18,750 | 1,977,937 |
American International Group, Inc. | 221,649 | 14,320,742 |
American National Insurance Co. | 2,300 | 279,979 |
AMERISAFE, Inc. | 4,000 | 258,800 |
AmTrust Financial Services, Inc. | 25,628 | 321,888 |
Aon plc | 63,696 | 9,135,917 |
Arch Capital Group Ltd. * | 33,368 | 3,324,787 |
Argo Group International Holdings Ltd. | 6,063 | 381,666 |
Arthur J. Gallagher & Co. | 45,900 | 2,906,847 |
Aspen Insurance Holdings Ltd. | 15,200 | 652,080 |
Assurant, Inc. | 14,800 | 1,489,620 |
Assured Guaranty Ltd. | 31,900 | 1,183,490 |
Athene Holding Ltd., Class A * | 17,000 | 886,210 |
Axis Capital Holdings Ltd. | 21,600 | 1,174,824 |
Baldwin & Lyons, Inc., Class B | 1,950 | 44,752 |
Brighthouse Financial, Inc. * | 23,863 | 1,483,801 |
Brown & Brown, Inc. | 31,900 | 1,589,896 |
Chubb Ltd. | 116,649 | 17,593,002 |
Cincinnati Financial Corp. | 40,174 | 2,819,010 |
Citizens, Inc. *(b) | 16,000 | 121,280 |
CNA Financial Corp. | 6,900 | 373,497 |
CNO Financial Group, Inc. | 39,000 | 934,830 |
Crawford & Co., Class B | 5,800 | 68,324 |
EMC Insurance Group, Inc. | 1,800 | 53,028 |
Employers Holdings, Inc. | 7,500 | 357,750 |
Enstar Group Ltd. * | 3,300 | 751,740 |
Erie Indemnity Co., Class A | 6,300 | 761,040 |
Everest Re Group Ltd. | 9,900 | 2,350,755 |
FBL Financial Group, Inc., Class A | 5,190 | 401,446 |
Federated National Holding Co. | 1,500 | 23,010 |
First American Financial Corp. | 28,600 | 1,556,412 |
FNF Group | 72,906 | 2,728,142 |
Genworth Financial, Inc., Class A * | 120,000 | 397,200 |
Greenlight Capital Re Ltd., Class A * | 7,400 | 163,170 |
Horace Mann Educators Corp. | 8,300 | 363,540 |
Independence Holding Co. | 2,970 | 80,635 |
Security | Number of Shares | Value ($) |
Infinity Property & Casualty Corp. | 2,500 | 235,875 |
James River Group Holdings Ltd. | 10,000 | 423,200 |
Kemper Corp. | 15,500 | 993,550 |
Kinsale Capital Group, Inc. | 4,770 | 206,923 |
Lincoln National Corp. | 56,726 | 4,298,696 |
Loews Corp. | 66,574 | 3,296,079 |
Maiden Holdings Ltd. | 18,900 | 155,925 |
Markel Corp. * | 3,503 | 3,798,303 |
Marsh & McLennan Cos., Inc. | 128,687 | 10,414,639 |
MBIA, Inc. *(b) | 30,772 | 223,097 |
Mercury General Corp. | 11,600 | 649,252 |
MetLife, Inc. | 262,503 | 14,064,911 |
National General Holdings Corp. | 10,400 | 209,872 |
National Western Life Group, Inc., Class A | 500 | 178,790 |
Old Republic International Corp. | 57,622 | 1,169,150 |
Primerica, Inc. | 10,700 | 946,950 |
Principal Financial Group, Inc. | 65,973 | 4,344,322 |
ProAssurance Corp. | 12,940 | 725,287 |
Prudential Financial, Inc. | 104,572 | 11,551,023 |
Reinsurance Group of America, Inc. | 15,400 | 2,300,452 |
RenaissanceRe Holdings Ltd. | 10,432 | 1,443,372 |
RLI Corp. | 10,300 | 608,627 |
Safety Insurance Group, Inc. | 3,400 | 279,480 |
Selective Insurance Group, Inc. | 19,300 | 1,150,280 |
State Auto Financial Corp. | 5,500 | 141,020 |
Stewart Information Services Corp. | 3,600 | 136,584 |
The Allstate Corp. | 88,267 | 8,284,741 |
The Hanover Insurance Group, Inc. | 9,400 | 924,772 |
The Hartford Financial Services Group, Inc. | 89,262 | 4,913,873 |
The Navigators Group, Inc. | 8,400 | 487,200 |
The Progressive Corp. | 147,436 | 7,172,761 |
The Travelers Cos., Inc. | 68,315 | 9,048,322 |
Third Point Reinsurance Ltd. * | 20,100 | 335,670 |
Torchmark Corp. | 27,300 | 2,296,749 |
United Fire Group, Inc. | 5,000 | 230,450 |
Universal Insurance Holdings, Inc. | 8,700 | 207,495 |
Unum Group | 52,114 | 2,712,013 |
Validus Holdings Ltd. | 23,494 | 1,223,568 |
W. R. Berkley Corp. | 23,850 | 1,635,633 |
White Mountains Insurance Group Ltd. | 1,300 | 1,155,895 |
Willis Towers Watson plc | 33,124 | 5,335,614 |
WMIH Corp. * | 165,100 | 137,033 |
XL Group Ltd. | 64,900 | 2,626,503 |
197,353,233 | ||
Materials 3.5% | ||
A. Schulman, Inc. | 5,300 | 208,290 |
AdvanSix, Inc. * | 6,431 | 297,562 |
Air Products & Chemicals, Inc. | 54,400 | 8,672,992 |
AK Steel Holding Corp. * | 76,627 | 351,718 |
Albemarle Corp. | 26,503 | 3,734,008 |
Alcoa Corp. * | 41,199 | 1,968,488 |
Allegheny Technologies, Inc. * | 20,092 | 505,917 |
American Vanguard Corp. | 3,000 | 67,500 |
Ampco-Pittsburgh Corp. | 4,500 | 74,475 |
AptarGroup, Inc. | 13,800 | 1,201,566 |
Ashland Global Holdings, Inc. | 16,523 | 1,123,234 |
Avery Dennison Corp. | 20,000 | 2,123,400 |
Axalta Coating Systems Ltd. * | 58,900 | 1,958,425 |
Balchem Corp. | 9,800 | 826,042 |
Ball Corp. | 90,000 | 3,863,700 |
Bemis Co., Inc. | 21,600 | 972,432 |
Berry Global Group, Inc. * | 35,396 | 2,104,292 |
Boise Cascade Co. * | 5,500 | 194,975 |
Cabot Corp. | 16,400 | 999,744 |
Calgon Carbon Corp. | 12,500 | 271,250 |
Carpenter Technology Corp. | 8,300 | 413,257 |
Security | Number of Shares | Value ($) |
Celanese Corp., Series A | 35,500 | 3,703,005 |
Century Aluminum Co. * | 11,600 | 162,400 |
CF Industries Holdings, Inc. | 58,500 | 2,221,830 |
Chase Corp. | 5,200 | 617,500 |
Clearwater Paper Corp. * | 5,472 | 252,533 |
Cleveland-Cliffs, Inc. * | 81,400 | 485,144 |
Codexis, Inc. * | 1,870 | 11,500 |
Coeur Mining, Inc. * | 44,000 | 333,960 |
Commercial Metals Co. | 22,800 | 444,144 |
Compass Minerals International, Inc. | 7,300 | 478,880 |
Crown Holdings, Inc. * | 33,100 | 1,991,627 |
Deltic Timber Corp. | 1,500 | 138,915 |
Domtar Corp. | 16,900 | 799,708 |
DowDuPont, Inc. | 581,128 | 42,021,366 |
Eagle Materials, Inc. | 11,543 | 1,218,594 |
Eastman Chemical Co. | 35,480 | 3,221,939 |
Ecolab, Inc. | 65,869 | 8,606,444 |
Ferro Corp. * | 21,000 | 500,220 |
Flotek Industries, Inc. * | 13,300 | 65,436 |
FMC Corp. | 32,000 | 2,971,520 |
Freeport-McMoRan, Inc. * | 323,518 | 4,522,782 |
FutureFuel Corp. | 8,300 | 125,994 |
GCP Applied Technologies, Inc. * | 13,600 | 397,800 |
Gold Resource Corp. | 95,700 | 347,391 |
Graphic Packaging Holding Co. | 74,400 | 1,152,456 |
Greif, Inc., Class A | 11,300 | 627,489 |
H.B. Fuller Co. | 14,776 | 840,311 |
Hawkins, Inc. | 2,700 | 102,870 |
Haynes International, Inc. | 2,500 | 89,200 |
Hecla Mining Co. | 114,500 | 540,440 |
Huntsman Corp. | 52,800 | 1,690,656 |
Ingevity Corp. * | 8,661 | 616,923 |
Innophos Holdings, Inc. | 5,300 | 259,329 |
Innospec, Inc. | 4,200 | 259,770 |
International Flavors & Fragrances, Inc. | 21,500 | 3,169,530 |
International Paper Co. | 97,573 | 5,588,006 |
Kaiser Aluminum Corp. | 3,600 | 357,048 |
KapStone Paper & Packaging Corp. | 15,800 | 354,868 |
KMG Chemicals, Inc. | 1,600 | 88,208 |
Koppers Holdings, Inc. * | 4,800 | 233,040 |
Kraton Corp. * | 11,900 | 583,457 |
Kronos Worldwide, Inc. | 11,720 | 308,353 |
Louisiana-Pacific Corp. * | 32,900 | 894,222 |
LyondellBasell Industries N.V., Class A | 81,432 | 8,430,655 |
Martin Marietta Materials, Inc. | 15,300 | 3,317,805 |
Materion Corp. | 4,000 | 205,400 |
McEwen Mining, Inc. * | 31,130 | 60,392 |
Mercer International, Inc. | 28,200 | 414,540 |
Minerals Technologies, Inc. | 10,738 | 772,062 |
Monsanto Co. | 109,369 | 13,244,586 |
Myers Industries, Inc. | 8,080 | 174,528 |
Neenah Paper, Inc. | 4,231 | 367,251 |
NewMarket Corp. | 1,900 | 760,741 |
Newmont Mining Corp. | 136,174 | 4,924,052 |
Northern Technologies International Corp. * | 14,276 | 236,268 |
Nucor Corp. | 81,845 | 4,733,096 |
Olin Corp. | 41,920 | 1,531,338 |
Olympic Steel, Inc. | 1,400 | 26,432 |
OMNOVA Solutions, Inc. * | 10,400 | 114,920 |
Owens-Illinois, Inc. * | 46,581 | 1,112,820 |
P.H. Glatfelter Co. | 7,000 | 146,720 |
Packaging Corp. of America | 23,400 | 2,720,718 |
Platform Specialty Products Corp. * | 54,000 | 577,800 |
PolyOne Corp. | 24,210 | 1,115,355 |
PPG Industries, Inc. | 63,100 | 7,334,744 |
Praxair, Inc. | 71,427 | 10,436,913 |
Quaker Chemical Corp. | 3,200 | 497,024 |
Rayonier Advanced Materials, Inc. | 6,960 | 100,015 |
Security | Number of Shares | Value ($) |
Reliance Steel & Aluminum Co. | 16,700 | 1,283,228 |
Resolute Forest Products, Inc. * | 28,000 | 166,600 |
Royal Gold, Inc. | 16,100 | 1,354,171 |
RPM International, Inc. | 35,300 | 1,882,549 |
Schnitzer Steel Industries, Inc., Class A | 3,450 | 101,602 |
Schweitzer-Mauduit International, Inc. | 10,500 | 443,415 |
Sealed Air Corp. | 51,000 | 2,255,730 |
Sensient Technologies Corp. | 13,700 | 1,041,885 |
Silgan Holdings, Inc. | 23,200 | 678,600 |
Sonoco Products Co. | 22,600 | 1,170,454 |
Steel Dynamics, Inc. | 64,100 | 2,385,161 |
Stepan Co. | 7,500 | 598,950 |
Summit Materials, Inc., Class A * | 24,591 | 772,157 |
SunCoke Energy, Inc. * | 15,217 | 168,757 |
The Chemours Co. | 45,361 | 2,567,886 |
The Mosaic Co. | 82,612 | 1,845,552 |
The Scotts Miracle-Gro Co. | 12,500 | 1,245,250 |
The Sherwin-Williams Co. | 20,101 | 7,942,910 |
TimkenSteel Corp. * | 6,550 | 91,700 |
Tredegar Corp. | 5,100 | 98,685 |
Trinseo S.A. | 12,500 | 887,500 |
Tronox Ltd., Class A | 27,600 | 730,572 |
United States Steel Corp. | 46,000 | 1,164,720 |
Universal Stainless & Alloy Products, Inc. * | 1,800 | 36,900 |
US Concrete, Inc. * | 3,680 | 287,776 |
Valhi, Inc. | 13,600 | 59,160 |
Valvoline, Inc. | 59,095 | 1,419,462 |
Venator Materials plc * | 18,800 | 470,000 |
Vulcan Materials Co. | 33,895 | 4,126,716 |
W.R. Grace & Co. | 17,400 | 1,330,926 |
Westlake Chemical Corp. | 7,500 | 636,825 |
WestRock Co. | 60,669 | 3,720,830 |
Worthington Industries, Inc. | 11,800 | 536,900 |
232,189,779 | ||
Media 2.7% | ||
A. H. Belo Corp., Class A | 13,980 | 67,803 |
Altice USA, Inc., Class A * | 14,700 | 348,096 |
AMC Entertainment Holdings, Inc., Class A (b) | 21,900 | 304,410 |
AMC Networks, Inc., Class A * | 15,100 | 768,288 |
Cable One, Inc. | 1,300 | 922,753 |
CBS Corp., Class B - Non Voting Shares | 91,190 | 5,117,583 |
Central European Media Enterprises Ltd., Class A * | 9,900 | 45,540 |
Charter Communications, Inc., Class A * | 50,522 | 16,882,937 |
Cinemark Holdings, Inc. | 25,600 | 930,304 |
Comcast Corp., Class A | 1,177,598 | 42,428,856 |
Discovery Communications, Inc., Class A * | 38,561 | 728,032 |
Discovery Communications, Inc., Class C * | 57,261 | 1,019,818 |
DISH Network Corp., Class A * | 57,800 | 2,805,612 |
Emerald Expositions Events, Inc. | 7,000 | 163,030 |
Entercom Communications Corp., Class A (b) | 11,000 | 121,550 |
Gannett Co., Inc. | 19,500 | 169,650 |
Global Eagle Entertainment, Inc. * | 17,114 | 41,587 |
Gray Television, Inc. * | 25,500 | 397,035 |
John Wiley & Sons, Inc., Class A | 9,000 | 491,850 |
Liberty Broadband Corp., Class A * | 10,673 | 920,119 |
Liberty Broadband Corp., Class C * | 36,496 | 3,185,736 |
Liberty Global plc LiLAC., Class A * | 10,518 | 228,451 |
Liberty Global plc LiLAC., Class C * | 38,896 | 855,712 |
Liberty Global plc, Class A * | 59,475 | 1,834,804 |
Liberty Global plc, Series C * | 155,675 | 4,653,126 |
Liberty Media Corp. - Liberty Braves, Class A * | 1,749 | 41,067 |
Liberty Media Corp. - Liberty Braves, Class C * | 7,098 | 167,584 |
Liberty Media Corp. - Liberty Formula One, Class A * | 4,373 | 159,177 |
Liberty Media Corp. - Liberty Formula One, Class C * | 46,972 | 1,791,512 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 25,395 | 1,059,225 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 42,690 | 1,778,038 |
Security | Number of Shares | Value ($) |
Lions Gate Entertainment Corp., Class A * | 10,300 | 298,906 |
Lions Gate Entertainment Corp., Class B * | 31,486 | 870,903 |
Live Nation Entertainment, Inc. * | 35,657 | 1,561,063 |
Loral Space & Communications, Inc. * | 2,800 | 132,020 |
Meredith Corp. | 9,400 | 498,200 |
MSG Networks, Inc., Class A * | 10,175 | 176,536 |
National CineMedia, Inc. | 13,200 | 88,836 |
New Media Investment Group, Inc. | 11,500 | 183,655 |
News Corp., Class A | 97,287 | 1,328,940 |
News Corp., Class B | 25,000 | 347,500 |
Nexstar Media Group, Inc., Class A | 11,898 | 759,092 |
Omnicom Group, Inc. | 56,200 | 3,776,078 |
Regal Entertainment Group, Class A | 22,794 | 372,682 |
Salem Media Group, Inc. | 5,700 | 36,480 |
Scholastic Corp. | 7,300 | 269,662 |
Scripps Networks Interactive, Inc., Class A | 22,800 | 1,898,784 |
Sinclair Broadcast Group, Inc., Class A | 18,400 | 583,280 |
Sirius XM Holdings, Inc. (b) | 375,300 | 2,041,632 |
TEGNA, Inc. | 46,100 | 563,803 |
The E.W. Scripps Co., Class A * | 18,547 | 321,605 |
The Interpublic Group of Cos., Inc. | 95,337 | 1,835,237 |
The Madison Square Garden Co., Class A * | 3,791 | 844,218 |
The New York Times Co., Class A | 40,200 | 767,820 |
The Walt Disney Co. | 387,068 | 37,859,121 |
Time Warner, Inc. | 195,038 | 19,170,285 |
Time, Inc. | 19,122 | 221,815 |
Tribune Media Co., Class A | 18,500 | 757,205 |
Twenty-First Century Fox, Inc., Class A | 253,178 | 6,620,605 |
Twenty-First Century Fox, Inc., Class B | 117,715 | 2,995,847 |
Viacom, Inc., Class B | 84,322 | 2,026,258 |
World Wrestling Entertainment, Inc., Class A | 5,700 | 151,221 |
179,788,574 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.0% | ||
AbbVie, Inc. | 397,487 | 35,873,202 |
ACADIA Pharmaceuticals, Inc. * | 24,600 | 856,818 |
Accelerate Diagnostics, Inc. *(b) | 10,300 | 204,455 |
Acceleron Pharma, Inc. * | 12,500 | 487,500 |
Achillion Pharmaceuticals, Inc. * | 19,800 | 79,596 |
Acorda Therapeutics, Inc. * | 8,400 | 223,230 |
Aerie Pharmaceuticals, Inc. * | 8,500 | 524,875 |
Agilent Technologies, Inc. | 78,817 | 5,361,920 |
Agios Pharmaceuticals, Inc. * | 13,600 | 874,072 |
Akebia Therapeutics, Inc. * | 10,826 | 196,492 |
Akorn, Inc. * | 26,000 | 846,820 |
Alder Biopharmaceuticals, Inc. * | 14,600 | 164,250 |
Alexion Pharmaceuticals, Inc. * | 55,500 | 6,641,130 |
Alkermes plc * | 38,241 | 1,864,631 |
Allergan plc | 84,165 | 14,916,563 |
Alnylam Pharmaceuticals, Inc. * | 21,600 | 2,631,744 |
AMAG Pharmaceuticals, Inc. * | 6,600 | 103,620 |
Amgen, Inc. | 182,408 | 31,961,530 |
Amicus Therapeutics, Inc. * | 49,200 | 700,608 |
AnaptysBio, Inc. * | 5,000 | 330,150 |
Aptevo Therapeutics, Inc. * | 5,200 | 14,846 |
AquaBounty Technologies, Inc. * | 237 | 1,493 |
Aratana Therapeutics, Inc. * | 10,100 | 57,873 |
Arena Pharmaceuticals, Inc. * | 9,592 | 268,864 |
ArQule, Inc. * | 21,000 | 21,210 |
Array BioPharma, Inc. * | 62,184 | 649,823 |
Avexis, Inc. * | 8,600 | 898,786 |
Bellicum Pharmaceuticals, Inc. * | 37,800 | 356,076 |
Bio-Rad Laboratories, Inc., Class A * | 4,900 | 1,076,971 |
Bio-Techne Corp. | 10,500 | 1,375,710 |
BioCryst Pharmaceuticals, Inc. * | 23,900 | 107,550 |
Biogen, Inc. * | 52,412 | 16,334,724 |
BioMarin Pharmaceutical, Inc. * | 44,205 | 3,628,788 |
Security | Number of Shares | Value ($) |
Bioverativ, Inc. * | 30,006 | 1,695,339 |
Bluebird Bio, Inc. * | 13,600 | 1,891,760 |
Blueprint Medicines Corp. * | 14,300 | 949,806 |
Bristol-Myers Squibb Co. | 409,053 | 25,222,208 |
Bruker Corp. | 29,700 | 932,580 |
Calithera Biosciences, Inc. * | 20,500 | 330,050 |
Cambrex Corp. * | 7,200 | 311,400 |
Catalent, Inc. * | 36,900 | 1,571,571 |
Celgene Corp. * | 196,883 | 19,879,276 |
Celldex Therapeutics, Inc. * | 25,800 | 62,952 |
Charles River Laboratories International, Inc. * | 14,016 | 1,629,921 |
Clovis Oncology, Inc. * | 13,800 | 1,040,106 |
Coherus Biosciences, Inc. * | 13,200 | 148,500 |
Collegium Pharmaceutical, Inc. *(b) | 14,300 | 147,719 |
Corcept Therapeutics, Inc. * | 30,000 | 590,700 |
Cytokinetics, Inc. * | 25,000 | 341,250 |
CytomX Therapeutics, Inc. * | 19,500 | 390,000 |
Depomed, Inc. * | 14,500 | 70,180 |
Dermira, Inc. * | 9,400 | 251,638 |
Dynavax Technologies Corp. * | 13,007 | 286,154 |
Eagle Pharmaceuticals, Inc. * | 2,500 | 134,375 |
Eli Lilly & Co. | 243,057 | 19,916,091 |
Emergent BioSolutions, Inc. * | 10,400 | 426,296 |
Endo International plc * | 55,000 | 350,900 |
Endocyte, Inc. * | 11,300 | 50,850 |
Enzo Biochem, Inc. * | 43,981 | 433,213 |
Epizyme, Inc. * | 12,224 | 204,141 |
Esperion Therapeutics, Inc. * | 4,839 | 221,336 |
Exact Sciences Corp. * | 29,800 | 1,638,702 |
Exelixis, Inc. * | 75,600 | 1,874,124 |
FibroGen, Inc. * | 21,400 | 1,195,190 |
Five Prime Therapeutics, Inc. * | 9,200 | 412,712 |
Flexion Therapeutics, Inc. *(b) | 11,400 | 250,914 |
Fluidigm Corp. * | 6,000 | 34,800 |
Foundation Medicine, Inc. * | 6,500 | 292,500 |
Galectin Therapeutics, Inc. * | 21,400 | 52,430 |
Genomic Health, Inc. * | 8,400 | 275,436 |
Geron Corp. *(b) | 46,200 | 103,950 |
Gilead Sciences, Inc. | 325,689 | 24,413,647 |
Global Blood Therapeutics, Inc. * | 8,100 | 322,380 |
Halozyme Therapeutics, Inc. * | 28,000 | 496,440 |
Harvard Bioscience, Inc. * | 19,300 | 64,655 |
Heron Therapeutics, Inc. * | 8,200 | 125,870 |
Horizon Pharma plc * | 49,000 | 664,440 |
Idera Pharmaceuticals, Inc. * | 156,400 | 243,984 |
Ignyta, Inc. * | 33,900 | 522,060 |
Illumina, Inc. * | 36,100 | 7,407,359 |
ImmunoGen, Inc. * | 36,100 | 209,380 |
Immunomedics, Inc. * | 19,848 | 212,771 |
Impax Laboratories, Inc. * | 13,800 | 250,470 |
INC Research Holdings, Inc., Class A * | 14,000 | 800,100 |
Incyte Corp. * | 44,188 | 5,004,291 |
Innoviva, Inc. * | 13,700 | 167,688 |
Inovio Pharmaceuticals, Inc. * | 20,194 | 117,731 |
Insmed, Inc. * | 15,000 | 405,150 |
Intercept Pharmaceuticals, Inc. *(b) | 4,000 | 246,520 |
Intersect ENT, Inc. * | 14,000 | 415,100 |
Intra-Cellular Therapies, Inc. * | 15,000 | 233,850 |
Intrexon Corp. *(b) | 15,900 | 259,965 |
Ionis Pharmaceuticals, Inc. * | 29,400 | 1,679,034 |
Ironwood Pharmaceuticals, Inc. * | 36,600 | 562,908 |
Jazz Pharmaceuticals plc * | 16,600 | 2,349,398 |
Johnson & Johnson | 670,923 | 93,533,375 |
Juno Therapeutics, Inc. * | 18,800 | 844,308 |
Keryx Biopharmaceuticals, Inc. * | 24,800 | 160,704 |
Lannett Co., Inc. *(b) | 8,800 | 175,120 |
Lexicon Pharmaceuticals, Inc. *(b) | 18,214 | 185,601 |
Ligand Pharmaceuticals, Inc. * | 4,948 | 719,192 |
Security | Number of Shares | Value ($) |
Loxo Oncology, Inc. * | 9,300 | 801,288 |
Luminex Corp. | 12,900 | 275,415 |
MacroGenics, Inc. * | 7,500 | 148,425 |
Mallinckrodt plc * | 25,602 | 810,815 |
Merck & Co., Inc. | 681,916 | 37,566,752 |
Merrimack Pharmaceuticals, Inc. (b) | 3,859 | 45,305 |
Mettler-Toledo International, Inc. * | 6,400 | 4,368,832 |
MiMedx Group, Inc. *(b) | 26,820 | 340,078 |
Momenta Pharmaceuticals, Inc. * | 13,500 | 190,350 |
Mylan N.V. * | 132,500 | 4,731,575 |
MyoKardia, Inc. * | 4,873 | 187,367 |
Myriad Genetics, Inc. * | 16,600 | 569,048 |
Nektar Therapeutics * | 43,600 | 1,050,324 |
Neurocrine Biosciences, Inc. * | 22,700 | 1,409,897 |
Novavax, Inc. *(b) | 52,500 | 57,225 |
Omeros Corp. *(b) | 8,800 | 138,688 |
OPKO Health, Inc. *(b) | 77,300 | 520,229 |
Pacific Biosciences of California, Inc. * | 17,500 | 74,025 |
Pacira Pharmaceuticals, Inc. * | 13,200 | 423,060 |
PerkinElmer, Inc. | 29,677 | 2,146,241 |
Perrigo Co., plc | 34,000 | 2,753,660 |
Pfizer, Inc. | 1,498,374 | 52,532,992 |
Portola Pharmaceuticals, Inc. * | 13,300 | 657,153 |
PRA Health Sciences, Inc. * | 12,200 | 993,446 |
Prestige Brands Holdings, Inc. * | 16,300 | 764,470 |
Progenics Pharmaceuticals, Inc. * | 39,500 | 244,505 |
Proteostasis Therapeutics, Inc. *(b) | 18,300 | 34,404 |
Prothena Corp. plc * | 8,919 | 517,748 |
PTC Therapeutics, Inc. * | 5,885 | 110,285 |
Puma Biotechnology, Inc. * | 9,700 | 1,234,810 |
Quintiles IMS Holdings, Inc. * | 35,243 | 3,809,768 |
Radius Health, Inc. *(b) | 8,000 | 256,880 |
Reata Pharmaceuticals, Inc., Class A *(b) | 9,700 | 293,716 |
Regeneron Pharmaceuticals, Inc. * | 19,421 | 7,819,283 |
REGENXBIO, Inc. * | 6,348 | 190,123 |
Repligen Corp. * | 9,886 | 367,759 |
Retrophin, Inc. * | 9,400 | 233,778 |
Revance Therapeutics, Inc. * | 16,500 | 429,000 |
Rigel Pharmaceuticals, Inc. * | 48,200 | 180,750 |
Sage Therapeutics, Inc. * | 8,400 | 531,552 |
Sangamo Therapeutics, Inc. * | 14,600 | 181,040 |
Sarepta Therapeutics, Inc. * | 18,100 | 892,511 |
Seattle Genetics, Inc. * | 23,400 | 1,434,654 |
Seres Therapeutics, Inc. * | 20,000 | 200,800 |
Spark Therapeutics, Inc. * | 5,900 | 477,310 |
Spectrum Pharmaceuticals, Inc. * | 24,200 | 474,078 |
Spring Bank Pharmaceuticals, Inc. * | 3,900 | 59,631 |
Sucampo Pharmaceuticals, Inc., Class A * | 4,300 | 43,000 |
Supernus Pharmaceuticals, Inc. * | 10,797 | 449,155 |
Synergy Pharmaceuticals, Inc. *(b) | 47,900 | 130,767 |
TESARO, Inc. * | 11,095 | 1,284,468 |
TG Therapeutics, Inc. *(b) | 13,000 | 105,950 |
The Medicines Co. * | 17,700 | 508,698 |
TherapeuticsMD, Inc. *(b) | 35,777 | 168,867 |
Theravance Biopharma, Inc. *(b) | 13,214 | 381,356 |
Thermo Fisher Scientific, Inc. | 100,102 | 19,402,771 |
Trevena, Inc. * | 56,700 | 85,050 |
Ultragenyx Pharmaceutical, Inc. * | 12,000 | 553,080 |
United Therapeutics Corp. * | 11,200 | 1,328,208 |
Vanda Pharmaceuticals, Inc. * | 13,953 | 219,062 |
Vertex Pharmaceuticals, Inc. * | 63,444 | 9,277,416 |
VWR Corp. * | 19,000 | 628,900 |
Waters Corp. * | 19,772 | 3,876,301 |
Xencor, Inc. * | 19,900 | 393,622 |
ZIOPHARM Oncology, Inc. *(b) | 33,811 | 157,559 |
Security | Number of Shares | Value ($) |
Zoetis, Inc. | 124,382 | 7,938,059 |
Zogenix, Inc. * | 27,800 | 1,042,500 |
539,546,315 | ||
Real Estate 3.9% | ||
Acadia Realty Trust | 23,300 | 655,895 |
Agree Realty Corp. | 5,000 | 236,450 |
Alexander & Baldwin, Inc. | 17,800 | 805,272 |
Alexander's, Inc. | 1,400 | 575,400 |
Alexandria Real Estate Equities, Inc. | 23,400 | 2,900,664 |
Altisource Residential Corp. | 10,789 | 115,119 |
American Assets Trust, Inc. | 8,000 | 310,320 |
American Campus Communities, Inc. | 36,200 | 1,505,196 |
American Homes 4 Rent, Class A | 58,600 | 1,247,008 |
American Realty Investors, Inc. * | 1,537 | 14,586 |
American Tower Corp. | 105,844 | 15,206,608 |
Apartment Investment & Management Co., Class A | 39,211 | 1,724,500 |
Apple Hospitality REIT, Inc. | 55,800 | 1,056,852 |
Armada Hoffler Properties, Inc. | 20,000 | 285,400 |
Ashford Hospitality Prime, Inc. | 2,168 | 21,073 |
Ashford Hospitality Trust, Inc. | 9,000 | 63,270 |
AvalonBay Communities, Inc. | 34,961 | 6,339,478 |
Boston Properties, Inc. | 38,979 | 4,723,475 |
Brandywine Realty Trust | 45,663 | 798,646 |
Brixmor Property Group, Inc. | 81,985 | 1,432,278 |
Camden Property Trust | 23,800 | 2,171,512 |
CareTrust REIT, Inc. | 24,631 | 465,526 |
CBL & Associates Properties, Inc. | 54,085 | 424,026 |
CBRE Group, Inc., Class A * | 74,330 | 2,922,656 |
Cedar Realty Trust, Inc. | 33,200 | 180,608 |
Chatham Lodging Trust | 8,234 | 179,090 |
Chesapeake Lodging Trust | 18,500 | 516,150 |
CIM Commercial Trust Corp. | 9,700 | 162,475 |
Colony NorthStar, Inc., Class A | 138,552 | 1,701,419 |
Columbia Property Trust, Inc. | 30,300 | 669,024 |
Consolidated-Tomoka Land Co. | 2,000 | 117,040 |
CoreCivic, Inc. | 30,985 | 764,090 |
CorEnergy Infrastructure Trust, Inc. | 8,700 | 313,896 |
CoreSite Realty Corp. | 7,300 | 808,475 |
Corporate Office Properties Trust | 27,600 | 881,268 |
Cousins Properties, Inc. | 117,997 | 1,064,333 |
Crown Castle International Corp. | 100,723 | 10,785,419 |
CubeSmart | 41,400 | 1,126,908 |
CyrusOne, Inc. | 24,500 | 1,504,055 |
DCT Industrial Trust, Inc. | 21,900 | 1,270,638 |
DDR Corp. | 82,784 | 634,953 |
DiamondRock Hospitality Co. | 59,386 | 644,932 |
Digital Realty Trust, Inc. | 49,919 | 5,912,406 |
Douglas Emmett, Inc. | 40,048 | 1,593,510 |
Duke Realty Corp. | 89,590 | 2,551,523 |
Easterly Government Properties, Inc. | 9,522 | 191,583 |
EastGroup Properties, Inc. | 10,000 | 905,900 |
Education Realty Trust, Inc. | 14,966 | 522,313 |
Empire State Realty Trust, Inc., Class A | 22,502 | 451,165 |
EPR Properties | 13,600 | 940,848 |
Equinix, Inc. | 19,676 | 9,119,826 |
Equity Commonwealth * | 33,150 | 996,158 |
Equity LifeStyle Properties, Inc. | 20,700 | 1,831,536 |
Equity Residential | 93,911 | 6,316,454 |
Essex Property Trust, Inc. | 16,189 | 4,248,479 |
Extra Space Storage, Inc. | 29,800 | 2,431,382 |
Federal Realty Investment Trust | 17,100 | 2,060,892 |
First Industrial Realty Trust, Inc. | 33,800 | 1,043,744 |
Forest City Realty Trust, Inc., Class A | 58,100 | 1,431,003 |
Forestar Group, Inc. *(b) | 4,933 | 87,807 |
Four Corners Property Trust, Inc. | 11,616 | 286,683 |
Franklin Street Properties Corp. | 22,500 | 225,000 |
Security | Number of Shares | Value ($) |
FRP Holdings, Inc. * | 8,500 | 376,975 |
Gaming & Leisure Properties, Inc. | 50,948 | 1,861,640 |
Getty Realty Corp. | 9,552 | 271,372 |
GGP, Inc. | 143,409 | 2,790,739 |
Gladstone Commercial Corp. | 10,000 | 216,600 |
Global Net Lease, Inc. | 13,333 | 287,993 |
Government Properties Income Trust | 22,900 | 416,093 |
Gramercy Property Trust | 36,304 | 1,078,229 |
Griffin Industrial Realty, Inc. | 300 | 11,130 |
HCP, Inc. | 113,248 | 2,926,328 |
Healthcare Realty Trust, Inc. | 34,849 | 1,123,532 |
Healthcare Trust of America, Inc., Class A | 50,700 | 1,523,535 |
Hersha Hospitality Trust | 10,000 | 176,900 |
HFF, Inc., Class A | 9,800 | 429,828 |
Highwoods Properties, Inc. | 28,854 | 1,472,997 |
Hospitality Properties Trust | 39,500 | 1,128,910 |
Host Hotels & Resorts, Inc. | 183,063 | 3,580,712 |
Hudson Pacific Properties, Inc. | 39,100 | 1,322,362 |
Independence Realty Trust, Inc. | 19,967 | 202,665 |
InfraREIT, Inc. | 18,000 | 403,200 |
Investors Real Estate Trust | 28,600 | 167,310 |
Invitation Homes, Inc. | 31,500 | 710,955 |
Iron Mountain, Inc. | 60,173 | 2,406,920 |
iStar, Inc. * | 36,990 | 432,783 |
JBG SMITH Properties * | 21,246 | 663,088 |
Jones Lang LaSalle, Inc. | 12,400 | 1,605,676 |
Kennedy-Wilson Holdings, Inc. | 29,759 | 578,813 |
Kilroy Realty Corp. | 24,800 | 1,766,504 |
Kimco Realty Corp. | 93,295 | 1,694,237 |
Kite Realty Group Trust | 15,825 | 295,769 |
Lamar Advertising Co., Class A | 20,200 | 1,422,888 |
LaSalle Hotel Properties | 30,453 | 859,079 |
Lexington Realty Trust | 71,667 | 725,270 |
Liberty Property Trust | 33,100 | 1,419,328 |
Life Storage, Inc. | 11,826 | 955,777 |
LTC Properties, Inc. | 8,700 | 404,637 |
Mack-Cali Realty Corp. | 18,500 | 421,245 |
Maui Land & Pineapple Co., Inc. * | 800 | 12,760 |
Medical Properties Trust, Inc. | 87,500 | 1,157,625 |
Mid-America Apartment Communities, Inc. | 29,066 | 2,974,905 |
Monmouth Real Estate Investment Corp. | 18,100 | 308,424 |
National Health Investors, Inc. | 9,500 | 723,805 |
National Retail Properties, Inc. | 35,520 | 1,427,194 |
National Storage Affiliates Trust | 22,300 | 552,817 |
New Century Financial Corp. *(e) | 3,600 | — |
New Senior Investment Group, Inc. | 20,583 | 184,012 |
NorthStar Realty Europe Corp. | 10,512 | 141,597 |
Omega Healthcare Investors, Inc. (b) | 50,194 | 1,448,599 |
One Liberty Properties, Inc. | 1,400 | 33,922 |
Outfront Media, Inc. | 36,703 | 860,685 |
Paramount Group, Inc. | 45,900 | 730,728 |
Park Hotels & Resorts, Inc. | 41,621 | 1,198,269 |
Pebblebrook Hotel Trust | 21,700 | 773,822 |
Pennsylvania Real Estate Investment Trust | 13,900 | 135,108 |
Physicians Realty Trust | 46,000 | 799,480 |
Piedmont Office Realty Trust, Inc., Class A | 40,600 | 785,204 |
Potlatch Corp. | 12,353 | 639,885 |
Preferred Apartment Communities, Inc., Class A | 3,700 | 73,445 |
Prologis, Inc. | 132,426 | 8,552,071 |
PS Business Parks, Inc. | 6,800 | 899,844 |
Public Storage | 36,797 | 7,626,178 |
QTS Realty Trust, Inc., Class A | 15,600 | 902,460 |
Quality Care Properties, Inc. * | 19,109 | 302,495 |
RAIT Financial Trust | 16,199 | 8,666 |
Ramco-Gershenson Properties Trust | 22,500 | 284,175 |
Rayonier, Inc. | 32,182 | 964,816 |
RE/MAX Holdings, Inc., Class A | 9,200 | 611,800 |
Realogy Holdings Corp. | 29,400 | 950,502 |
Security | Number of Shares | Value ($) |
Realty Income Corp. | 69,235 | 3,715,842 |
Regency Centers Corp. | 34,168 | 2,103,040 |
Retail Opportunity Investments Corp. | 29,100 | 523,218 |
Retail Properties of America, Inc., Class A | 60,000 | 733,200 |
Rexford Industrial Realty, Inc. | 25,902 | 769,030 |
RLJ Lodging Trust | 40,536 | 878,010 |
Ryman Hospitality Properties, Inc. | 15,237 | 1,007,623 |
Sabra Health Care REIT, Inc. | 48,050 | 957,156 |
Saul Centers, Inc. | 4,700 | 287,264 |
SBA Communications Corp. * | 28,900 | 4,542,502 |
Select Income REIT | 14,600 | 352,736 |
Senior Housing Properties Trust | 57,819 | 1,063,870 |
Seritage Growth Properties, Class A (b) | 5,300 | 217,989 |
Simon Property Group, Inc. | 77,357 | 12,015,863 |
SL Green Realty Corp. | 25,866 | 2,474,859 |
Spirit Realty Capital, Inc. | 128,648 | 1,069,065 |
STAG Industrial, Inc. | 11,900 | 324,870 |
Starwood Waypoint Homes | 23,740 | 861,999 |
STORE Capital Corp. | 40,100 | 990,069 |
Summit Hotel Properties, Inc. | 27,700 | 437,937 |
Sun Communities, Inc. | 18,992 | 1,714,218 |
Sunstone Hotel Investors, Inc. | 62,013 | 1,012,052 |
Tanger Factory Outlet Centers, Inc. | 31,200 | 709,800 |
Taubman Centers, Inc. | 15,400 | 727,188 |
Tejon Ranch Co. * | 3,674 | 69,255 |
Terreno Realty Corp. | 10,000 | 367,200 |
The GEO Group, Inc. | 29,848 | 774,556 |
The Howard Hughes Corp. * | 10,000 | 1,276,300 |
The Macerich Co. | 27,405 | 1,496,313 |
The RMR Group, Inc., Class A | 1,889 | 99,078 |
The St. Joe Co. * | 18,800 | 334,640 |
Tier REIT, Inc. | 20,000 | 391,400 |
UDR, Inc. | 63,261 | 2,453,894 |
UMH Properties, Inc. | 7,900 | 118,026 |
Uniti Group, Inc. | 42,753 | 748,178 |
Universal Health Realty Income Trust | 4,700 | 344,087 |
Urban Edge Properties | 30,146 | 707,225 |
Urstadt Biddle Properties, Inc., Class A | 4,500 | 97,785 |
Ventas, Inc. | 87,466 | 5,488,492 |
VEREIT, Inc. | 256,000 | 2,019,840 |
Vornado Realty Trust | 42,492 | 3,180,951 |
Washington Prime Group, Inc. | 66,404 | 519,943 |
Washington Real Estate Investment Trust | 23,100 | 743,589 |
Weingarten Realty Investors | 34,375 | 1,046,719 |
Welltower, Inc. | 91,558 | 6,130,724 |
Weyerhaeuser Co. | 183,007 | 6,571,781 |
Whitestone REIT (b) | 2,100 | 28,056 |
WP Carey, Inc. | 27,400 | 1,867,310 |
Xenia Hotels & Resorts, Inc. | 35,200 | 765,952 |
263,802,201 | ||
Retailing 4.9% | ||
Aaron's, Inc. | 14,675 | 540,040 |
Abercrombie & Fitch Co., Class A | 11,800 | 158,474 |
Advance Auto Parts, Inc. | 17,040 | 1,392,850 |
Amazon.com, Inc. * | 99,597 | 110,082,572 |
America's Car-Mart, Inc. * | 6,850 | 293,523 |
American Eagle Outfitters, Inc. | 40,750 | 530,565 |
Asbury Automotive Group, Inc. * | 6,500 | 399,100 |
Ascena Retail Group, Inc. * | 34,141 | 66,234 |
AutoNation, Inc. *(b) | 13,800 | 654,120 |
AutoZone, Inc. * | 6,800 | 4,008,600 |
Barnes & Noble Education, Inc. * | 4,676 | 25,484 |
Barnes & Noble, Inc. | 7,400 | 51,800 |
Bed Bath & Beyond, Inc. | 35,500 | 706,450 |
Best Buy Co., Inc. | 69,413 | 3,885,740 |
Big Lots, Inc. | 9,200 | 472,052 |
Security | Number of Shares | Value ($) |
Burlington Stores, Inc. * | 17,000 | 1,596,130 |
Caleres, Inc. | 6,675 | 182,428 |
Camping World Holdings, Inc., Class A | 5,396 | 226,740 |
CarMax, Inc. * | 44,746 | 3,360,425 |
Chico's FAS, Inc. | 26,200 | 209,338 |
Core-Mark Holding Co., Inc. | 8,000 | 272,480 |
Dick's Sporting Goods, Inc. | 24,700 | 604,409 |
Dillard's, Inc., Class A | 4,300 | 218,440 |
Dollar General Corp. | 63,642 | 5,144,819 |
Dollar Tree, Inc. * | 57,144 | 5,214,390 |
DSW, Inc., Class A | 29,960 | 573,734 |
Expedia, Inc. | 31,282 | 3,899,614 |
Express, Inc. * | 12,600 | 85,302 |
Five Below, Inc. * | 15,800 | 872,950 |
Floor & Decor Holdings, Inc., Class A * | 4,847 | 182,732 |
Foot Locker, Inc. | 29,900 | 899,392 |
Francesca's Holdings Corp. * | 13,300 | 86,051 |
Fred's, Inc., Class A (b) | 6,700 | 29,547 |
FTD Cos., Inc. * | 8,070 | 87,156 |
GameStop Corp., Class A | 19,348 | 361,614 |
Genesco, Inc. * | 8,500 | 208,250 |
Genuine Parts Co. | 36,300 | 3,202,749 |
Group 1 Automotive, Inc. | 7,900 | 620,703 |
Groupon, Inc. * | 95,000 | 453,150 |
Guess?, Inc. | 16,800 | 272,328 |
Hibbett Sports, Inc. * | 12,443 | 159,270 |
HSN, Inc. | 6,269 | 236,341 |
J.C. Penney Co., Inc. *(b) | 75,000 | 210,000 |
Kirkland's, Inc. * | 8,700 | 101,790 |
Kohl's Corp. | 45,900 | 1,916,784 |
L Brands, Inc. | 63,632 | 2,738,721 |
Lands' End, Inc. * | 7,747 | 84,442 |
Liberty Expedia Holdings, Inc., Class A * | 15,838 | 730,132 |
Liberty Interactive Corp., QVC Group, Class A * | 104,609 | 2,376,716 |
Liberty TripAdvisor Holdings, Inc., Class A * | 13,830 | 149,364 |
Liberty Ventures, Series A * | 21,708 | 1,236,488 |
Lithia Motors, Inc., Class A | 7,100 | 803,578 |
LKQ Corp. * | 78,500 | 2,958,665 |
Lowe's Cos., Inc. | 212,130 | 16,959,793 |
Lumber Liquidators Holdings, Inc. * | 4,600 | 141,588 |
Macy's, Inc. | 80,173 | 1,504,045 |
MarineMax, Inc. * | 16,300 | 302,365 |
Monro, Inc. | 10,162 | 501,495 |
Murphy USA, Inc. * | 6,875 | 511,225 |
Netflix, Inc. * | 107,630 | 21,141,761 |
Nordstrom, Inc. | 26,300 | 1,042,795 |
Nutrisystem, Inc. | 13,300 | 664,335 |
O'Reilly Automotive, Inc. * | 22,899 | 4,830,544 |
Office Depot, Inc. | 156,456 | 485,014 |
Ollie's Bargain Outlet Holdings, Inc. * | 10,377 | 463,333 |
Penske Automotive Group, Inc. | 9,100 | 424,242 |
PetMed Express, Inc. | 9,000 | 318,240 |
Pier 1 Imports, Inc. | 15,800 | 65,728 |
Pool Corp. | 9,962 | 1,203,210 |
Rent-A-Center, Inc. (b) | 33,550 | 333,487 |
RH *(b) | 6,300 | 566,496 |
Ross Stores, Inc. | 97,300 | 6,177,577 |
Sally Beauty Holdings, Inc. * | 31,150 | 539,207 |
Sears Holdings Corp. *(b) | 26,785 | 147,585 |
Shoe Carnival, Inc. | 6,300 | 118,251 |
Shutterfly, Inc. * | 6,300 | 269,010 |
Signet Jewelers Ltd. | 16,800 | 1,101,576 |
Sleep Number Corp. * | 12,200 | 396,500 |
Sonic Automotive, Inc., Class A | 11,200 | 222,320 |
Tailored Brands, Inc. | 21,100 | 325,995 |
Target Corp. | 136,278 | 8,045,853 |
The Buckle, Inc. | 3,875 | 63,744 |
The Cato Corp., Class A | 7,100 | 91,306 |
Security | Number of Shares | Value ($) |
The Children's Place, Inc. | 3,600 | 391,680 |
The Finish Line, Inc., Class A | 7,161 | 66,382 |
The Gap, Inc. | 51,800 | 1,346,282 |
The Home Depot, Inc. | 294,147 | 48,763,690 |
The Michaels Cos., Inc. * | 26,400 | 512,688 |
The Priceline Group, Inc. * | 12,154 | 23,237,962 |
The TJX Cos., Inc. | 158,047 | 11,031,681 |
Tiffany & Co. | 25,600 | 2,396,672 |
Tile Shop Holdings, Inc. | 13,900 | 118,845 |
Tractor Supply Co. | 30,100 | 1,813,826 |
Trans World Entertainment Corp. * | 9,700 | 17,460 |
TripAdvisor, Inc. * | 27,672 | 1,037,700 |
Tuesday Morning Corp. * | 10,800 | 33,480 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 13,800 | 2,784,702 |
Urban Outfitters, Inc. * | 18,000 | 441,360 |
Vitamin Shoppe, Inc. * | 4,200 | 19,320 |
Wayfair, Inc., Class A * | 12,400 | 866,760 |
Williams-Sonoma, Inc. (b) | 22,900 | 1,181,640 |
Winmark Corp. | 1,700 | 222,275 |
Zumiez, Inc. * | 10,500 | 185,325 |
331,263,116 | ||
Semiconductors & Semiconductor Equipment 3.8% | ||
Advanced Energy Industries, Inc. * | 12,500 | 1,059,000 |
Advanced Micro Devices, Inc. * | 185,800 | 2,041,013 |
Amkor Technology, Inc. * | 35,700 | 413,049 |
Analog Devices, Inc. | 92,951 | 8,486,426 |
Applied Materials, Inc. | 263,498 | 14,869,192 |
Axcelis Technologies, Inc. * | 15,000 | 493,500 |
AXT, Inc. * | 3,500 | 32,550 |
Broadcom Ltd. | 100,566 | 26,540,373 |
Brooks Automation, Inc. | 25,085 | 862,673 |
Cabot Microelectronics Corp. | 5,660 | 547,152 |
Cavium, Inc. * | 17,370 | 1,198,356 |
CEVA, Inc. * | 7,233 | 349,354 |
Cirrus Logic, Inc. * | 19,100 | 1,069,600 |
Cohu, Inc. | 7,500 | 193,500 |
Cree, Inc. * | 20,900 | 746,130 |
Cypress Semiconductor Corp. | 69,226 | 1,097,924 |
Diodes, Inc. * | 11,012 | 378,152 |
DSP Group, Inc. * | 6,300 | 84,420 |
Entegris, Inc. | 35,399 | 1,159,317 |
First Solar, Inc. * | 20,779 | 1,139,105 |
FormFactor, Inc. * | 14,600 | 265,720 |
GSI Technology, Inc. * | 8,500 | 58,820 |
Impinj, Inc. *(b) | 4,438 | 151,513 |
Inphi Corp. * | 14,400 | 590,112 |
Integrated Device Technology, Inc. * | 38,920 | 1,209,245 |
Intel Corp. | 1,177,951 | 53,584,991 |
IXYS Corp. * | 6,900 | 170,430 |
KLA-Tencor Corp. | 38,000 | 4,137,820 |
Kopin Corp. * | 19,600 | 68,796 |
Kulicke & Soffa Industries, Inc. * | 18,500 | 419,025 |
Lam Research Corp. | 39,267 | 8,189,918 |
Lattice Semiconductor Corp. * | 25,100 | 146,835 |
MACOM Technology Solutions Holdings, Inc. * | 8,619 | 352,345 |
Marvell Technology Group Ltd. | 111,400 | 2,057,558 |
Maxim Integrated Products, Inc. | 68,100 | 3,577,974 |
MaxLinear, Inc. * | 14,822 | 362,694 |
Microchip Technology, Inc. | 57,380 | 5,439,626 |
Micron Technology, Inc. * | 276,456 | 12,249,765 |
Microsemi Corp. * | 26,738 | 1,427,007 |
MKS Instruments, Inc. | 14,000 | 1,521,100 |
Monolithic Power Systems, Inc. | 9,600 | 1,168,032 |
Nanometrics, Inc. * | 5,300 | 149,831 |
NVIDIA Corp. | 148,800 | 30,773,328 |
ON Semiconductor Corp. * | 101,065 | 2,154,706 |
Security | Number of Shares | Value ($) |
PDF Solutions, Inc. * | 9,699 | 142,090 |
Photronics, Inc. * | 18,000 | 174,600 |
Power Integrations, Inc. | 8,900 | 715,115 |
Qorvo, Inc. * | 30,074 | 2,279,910 |
QUALCOMM, Inc. | 367,152 | 18,728,424 |
Rambus, Inc. * | 19,600 | 288,316 |
Rudolph Technologies, Inc. * | 16,418 | 455,600 |
Semtech Corp. * | 21,700 | 890,785 |
Silicon Laboratories, Inc. * | 9,200 | 873,080 |
Skyworks Solutions, Inc. | 46,632 | 5,309,520 |
SolarEdge Technologies, Inc. * | 18,000 | 591,300 |
SunPower Corp. *(b) | 15,500 | 110,360 |
Synaptics, Inc. * | 8,450 | 313,664 |
Teradyne, Inc. | 54,559 | 2,340,036 |
Texas Instruments, Inc. | 249,573 | 24,131,214 |
Ultra Clean Holdings, Inc. * | 14,000 | 357,280 |
Veeco Instruments, Inc. * | 10,084 | 182,016 |
Versum Materials, Inc. | 24,700 | 1,039,376 |
Xcerra Corp. * | 19,192 | 189,041 |
Xilinx, Inc. | 63,409 | 4,672,609 |
Xperi Corp. | 11,100 | 255,300 |
257,027,613 | ||
Software & Services 13.8% | ||
2U, Inc. * | 13,300 | 846,279 |
8x8, Inc. * | 25,000 | 333,750 |
Accenture plc, Class A | 154,050 | 21,930,558 |
ACI Worldwide, Inc. * | 33,100 | 797,048 |
Activision Blizzard, Inc. | 187,803 | 12,299,218 |
Actua Corp. * | 8,050 | 124,373 |
Acxiom Corp. * | 23,700 | 596,292 |
Adobe Systems, Inc. * | 121,710 | 21,318,724 |
Agilysys, Inc. * | 8,460 | 103,804 |
Akamai Technologies, Inc. * | 41,438 | 2,165,136 |
Alarm.com Holdings, Inc. * | 6,054 | 282,601 |
Alliance Data Systems Corp. | 13,044 | 2,918,334 |
Alphabet, Inc., Class A * | 74,261 | 76,714,583 |
Alphabet, Inc., Class C * | 75,323 | 76,576,375 |
ANGI Homeservices, Inc., Class A *(b) | 22,248 | 278,100 |
ANSYS, Inc. * | 22,186 | 3,033,048 |
Aspen Technology, Inc. * | 20,475 | 1,321,047 |
Autodesk, Inc. * | 52,300 | 6,535,408 |
Automatic Data Processing, Inc. | 111,202 | 12,928,345 |
Bankrate, Inc. * | 14,600 | 202,940 |
Barracuda Networks, Inc. * | 9,847 | 229,534 |
Bazaarvoice, Inc. * | 15,200 | 73,340 |
Benefitfocus, Inc. * | 12,000 | 328,800 |
Black Knight, Inc. * | 29,391 | 1,332,882 |
Blackbaud, Inc. | 13,400 | 1,357,420 |
Blackhawk Network Holdings, Inc. * | 19,203 | 651,942 |
Blucora, Inc. * | 11,572 | 251,112 |
Booz Allen Hamilton Holding Corp. | 41,312 | 1,561,180 |
Bottomline Technologies de, Inc. * | 8,800 | 286,528 |
Box, Inc., Class A * | 20,000 | 439,000 |
Broadridge Financial Solutions, Inc. | 30,725 | 2,639,892 |
BroadSoft, Inc. * | 12,900 | 707,565 |
CA, Inc. | 78,408 | 2,538,851 |
CACI International, Inc., Class A * | 6,700 | 963,125 |
Cadence Design Systems, Inc. * | 72,500 | 3,129,100 |
Callidus Software, Inc. * | 16,546 | 419,441 |
Carbonite, Inc. * | 14,300 | 324,610 |
Cardtronics plc, Class A * | 8,800 | 201,520 |
Cars.com, Inc. * | 15,366 | 366,018 |
CDK Global, Inc. | 32,620 | 2,073,327 |
Citrix Systems, Inc. * | 37,700 | 3,114,397 |
Cloudera, Inc. * | 20,000 | 302,600 |
Cognizant Technology Solutions Corp., Class A | 146,956 | 11,120,161 |
Security | Number of Shares | Value ($) |
CommerceHub, Inc., Series A * | 2,534 | 56,584 |
CommerceHub, Inc., Series C * | 5,069 | 108,122 |
CommVault Systems, Inc. * | 13,100 | 681,855 |
Conduent, Inc. * | 38,811 | 600,794 |
Convergys Corp. | 26,600 | 684,418 |
CoreLogic, Inc. * | 23,100 | 1,083,390 |
Cornerstone OnDemand, Inc. * | 12,500 | 479,500 |
CoStar Group, Inc. * | 9,022 | 2,668,257 |
Coupa Software, Inc. * | 6,350 | 220,663 |
CSG Systems International, Inc. | 8,900 | 376,826 |
CSRA, Inc. | 44,138 | 1,411,975 |
Dell Technologies, Inc., Class V * | 52,141 | 4,315,711 |
Digimarc Corp. *(b) | 3,542 | 126,449 |
DST Systems, Inc. | 16,400 | 961,368 |
DXC Technology Co. | 68,704 | 6,287,790 |
eBay, Inc. * | 246,844 | 9,291,208 |
Ebix, Inc. | 8,303 | 564,189 |
Edgewater Technology, Inc. * | 767 | 4,993 |
Electronic Arts, Inc. * | 75,700 | 9,053,720 |
Ellie Mae, Inc. * | 8,393 | 754,950 |
Endurance International Group Holdings, Inc. * | 42,300 | 346,860 |
Envestnet, Inc. * | 15,300 | 817,020 |
EPAM Systems, Inc. * | 12,000 | 1,093,800 |
Etsy, Inc. * | 31,300 | 522,710 |
Euronet Worldwide, Inc. * | 11,900 | 1,150,016 |
Everi Holdings, Inc. * | 28,300 | 234,607 |
EVERTEC, Inc. | 14,000 | 210,000 |
ExlService Holdings, Inc. * | 7,200 | 449,424 |
Facebook, Inc., Class A * | 591,989 | 106,593,539 |
Fair Isaac Corp. | 8,544 | 1,240,247 |
Fidelity National Information Services, Inc. | 82,291 | 7,633,313 |
FireEye, Inc. * | 56,800 | 961,056 |
First Data Corp., Class A * | 113,800 | 2,026,778 |
Fiserv, Inc. * | 51,800 | 6,704,474 |
Five9, Inc. * | 12,806 | 323,095 |
FleetCor Technologies, Inc. * | 23,800 | 3,933,426 |
Fortinet, Inc. * | 34,800 | 1,371,468 |
Gartner, Inc. * | 21,956 | 2,751,306 |
Genpact Ltd. | 28,274 | 860,943 |
Gigamon, Inc. * | 9,700 | 373,450 |
Global Payments, Inc. | 38,028 | 3,953,011 |
Glu Mobile, Inc. * | 38,900 | 155,989 |
GoDaddy, Inc., Class A * | 23,100 | 1,078,770 |
Gogo, Inc. *(b) | 16,000 | 159,040 |
GrubHub, Inc. * | 20,400 | 1,244,808 |
GSE Systems, Inc. * | 2,424 | 8,484 |
GTT Communications, Inc. * | 7,591 | 276,692 |
Guidewire Software, Inc. * | 19,500 | 1,559,610 |
Hortonworks, Inc. * | 26,900 | 444,119 |
HubSpot, Inc. * | 11,300 | 978,015 |
IAC/InterActiveCorp * | 18,072 | 2,332,192 |
Imperva, Inc. * | 8,262 | 352,787 |
Information Services Group, Inc. * | 7,500 | 30,600 |
International Business Machines Corp. | 215,782 | 33,243,375 |
Intuit, Inc. | 59,030 | 8,914,711 |
j2 Global, Inc. | 13,300 | 986,062 |
Jack Henry & Associates, Inc. | 19,400 | 2,136,522 |
Leaf Group Ltd. * | 5,920 | 41,736 |
Leidos Holdings, Inc. | 37,900 | 2,369,508 |
Liquidity Services, Inc. * | 15,481 | 88,242 |
LivePerson, Inc. * | 19,700 | 276,785 |
LogMeIn, Inc. | 13,477 | 1,631,391 |
Manhattan Associates, Inc. * | 16,300 | 682,318 |
ManTech International Corp., Class A | 8,600 | 399,126 |
MasterCard, Inc., Class A | 232,767 | 34,628,747 |
Match Group, Inc. *(b) | 12,023 | 321,495 |
MAXIMUS, Inc. | 16,300 | 1,082,809 |
Microsoft Corp. | 1,926,996 | 160,287,527 |
Security | Number of Shares | Value ($) |
MicroStrategy, Inc., Class A * | 2,256 | 298,379 |
MINDBODY, Inc., Class A * | 12,000 | 387,000 |
Mitek Systems, Inc. * | 34,300 | 305,270 |
MoneyGram International, Inc. * | 9,037 | 140,525 |
Monotype Imaging Holdings, Inc. | 6,500 | 149,825 |
New Relic, Inc. * | 14,600 | 749,418 |
NIC, Inc. | 26,000 | 442,000 |
Nuance Communications, Inc. * | 59,974 | 884,017 |
Nutanix, Inc., Class A * | 16,000 | 456,000 |
Oracle Corp. | 753,631 | 38,359,818 |
Pandora Media, Inc. * | 72,500 | 529,975 |
Paychex, Inc. | 79,864 | 5,094,525 |
Paycom Software, Inc. * | 10,700 | 879,540 |
Paylocity Holding Corp. * | 8,900 | 475,349 |
PayPal Holdings, Inc. * | 283,138 | 20,544,493 |
Pegasystems, Inc. | 12,800 | 746,240 |
Perficient, Inc. * | 7,800 | 151,710 |
PRGX Global, Inc. * | 11,000 | 83,050 |
Progress Software Corp. | 9,300 | 393,669 |
Proofpoint, Inc. * | 13,000 | 1,201,330 |
PROS Holdings, Inc. * | 7,826 | 176,789 |
PTC, Inc. * | 29,380 | 1,952,301 |
Q2 Holdings, Inc. * | 7,600 | 323,380 |
Qualys, Inc. * | 5,600 | 296,240 |
Quotient Technology, Inc. * | 18,100 | 283,265 |
RealPage, Inc. * | 12,600 | 545,580 |
Red Hat, Inc. * | 43,564 | 5,263,838 |
Reis, Inc. | 1,400 | 25,550 |
RingCentral, Inc., Class A * | 24,600 | 1,036,890 |
Sabre Corp. | 61,540 | 1,203,722 |
salesforce.com, Inc. * | 167,822 | 17,174,903 |
Science Applications International Corp. | 11,785 | 864,312 |
ServiceNow, Inc. * | 42,400 | 5,358,088 |
ServiceSource International, Inc. * | 14,400 | 50,112 |
Shutterstock, Inc. * | 4,000 | 155,960 |
Silver Spring Networks, Inc. * | 19,000 | 306,280 |
Snap, Inc., Class A *(b) | 56,100 | 860,574 |
Splunk, Inc. * | 32,500 | 2,187,250 |
SPS Commerce, Inc. * | 4,300 | 211,388 |
Square, Inc., Class A * | 67,400 | 2,506,606 |
SS&C Technologies Holdings, Inc. | 42,400 | 1,704,480 |
Stamps.com, Inc. * | 5,827 | 1,307,579 |
StarTek, Inc. * | 3,900 | 46,566 |
Sykes Enterprises, Inc. * | 11,026 | 319,092 |
Symantec Corp. | 149,673 | 4,864,372 |
Synchronoss Technologies, Inc. * | 8,100 | 91,773 |
Synopsys, Inc. * | 37,884 | 3,277,724 |
Syntel, Inc. * | 8,600 | 200,896 |
Tableau Software, Inc., Class A * | 17,742 | 1,438,699 |
Take-Two Interactive Software, Inc. * | 27,500 | 3,042,875 |
TeleTech Holdings, Inc. | 9,100 | 379,015 |
Teradata Corp. * | 36,000 | 1,204,200 |
The Hackett Group, Inc. | 7,200 | 111,168 |
The Trade Desk, Inc., Class A * | 4,722 | 311,274 |
The Ultimate Software Group, Inc. * | 6,600 | 1,337,094 |
The Western Union Co. | 117,232 | 2,328,228 |
TiVo Corp. | 36,770 | 667,376 |
Total System Services, Inc. | 42,904 | 3,091,233 |
Travelport Worldwide Ltd. | 42,100 | 660,549 |
TrueCar, Inc. * | 30,000 | 485,400 |
Twilio, Inc., Class A * | 10,500 | 335,475 |
Twitter, Inc. * | 157,400 | 3,245,588 |
Tyler Technologies, Inc. * | 8,600 | 1,524,694 |
Unisys Corp. * | 18,200 | 159,250 |
Vantiv, Inc., Class A * | 39,300 | 2,751,000 |
Varonis Systems, Inc. * | 4,776 | 208,234 |
VASCO Data Security International, Inc. * | 9,200 | 125,120 |
Verint Systems, Inc. * | 16,210 | 684,062 |
Security | Number of Shares | Value ($) |
VeriSign, Inc. * | 22,275 | 2,395,008 |
Virtusa Corp. * | 4,700 | 179,352 |
Visa, Inc., Class A | 455,677 | 50,115,356 |
VMware, Inc., Class A * | 17,100 | 2,046,699 |
Web.com Group, Inc. * | 18,523 | 446,404 |
WEX, Inc. * | 8,900 | 1,099,951 |
Workday, Inc., Class A * | 33,004 | 3,663,114 |
Yelp, Inc. * | 21,300 | 995,136 |
Zendesk, Inc. * | 27,000 | 837,000 |
Zillow Group, Inc., Class A * | 8,797 | 363,404 |
Zillow Group, Inc., Class C * | 26,594 | 1,097,800 |
Zynga, Inc., Class A * | 212,600 | 829,140 |
927,739,614 | ||
Technology Hardware & Equipment 5.8% | ||
3D Systems Corp. *(b) | 36,100 | 446,918 |
Acacia Communications, Inc. *(b) | 3,100 | 131,161 |
ADTRAN, Inc. | 22,200 | 468,420 |
Amphenol Corp., Class A | 73,700 | 6,411,900 |
Anixter International, Inc. * | 8,200 | 563,340 |
Apple, Inc. | 1,292,094 | 218,415,570 |
Applied Optoelectronics, Inc. *(b) | 6,000 | 244,440 |
Arista Networks, Inc. * | 10,700 | 2,138,823 |
ARRIS International plc * | 43,075 | 1,227,637 |
Arrow Electronics, Inc. * | 22,493 | 1,880,190 |
Avnet, Inc. | 26,588 | 1,058,202 |
AVX Corp. | 14,000 | 263,760 |
Badger Meter, Inc. | 8,000 | 350,400 |
Belden, Inc. | 11,600 | 926,956 |
Benchmark Electronics, Inc. * | 7,830 | 242,339 |
Brocade Communications Systems, Inc. | 112,637 | 1,312,221 |
CalAmp Corp. * | 4,000 | 90,920 |
CDW Corp. | 40,900 | 2,863,000 |
Ciena Corp. * | 34,970 | 743,812 |
Cisco Systems, Inc. | 1,255,485 | 42,874,813 |
Cognex Corp. | 21,500 | 2,647,725 |
Coherent, Inc. * | 5,500 | 1,444,905 |
CommScope Holding Co., Inc. * | 47,382 | 1,522,857 |
Communications Systems, Inc. | 53,328 | 230,910 |
Comtech Telecommunications Corp. | 4,175 | 89,804 |
Control4 Corp. * | 15,000 | 441,750 |
Corning, Inc. | 228,107 | 7,142,030 |
Cray, Inc. * | 7,600 | 156,940 |
CTS Corp. | 8,800 | 239,360 |
CUI Global, Inc. *(b) | 56,600 | 176,026 |
Daktronics, Inc. | 8,700 | 89,349 |
Diebold Nixdorf, Inc. | 23,500 | 453,550 |
Digi International, Inc. * | 9,100 | 94,640 |
Dolby Laboratories, Inc., Class A | 18,600 | 1,077,684 |
EchoStar Corp., Class A * | 11,940 | 668,043 |
Electro Scientific Industries, Inc. * | 9,900 | 177,111 |
Electronics For Imaging, Inc. * | 15,500 | 478,330 |
ePlus, Inc. * | 5,800 | 554,480 |
Extreme Networks, Inc. * | 27,500 | 330,000 |
F5 Networks, Inc. * | 15,100 | 1,831,177 |
Fabrinet * | 11,108 | 412,995 |
FARO Technologies, Inc. * | 3,000 | 155,400 |
Finisar Corp. * | 25,800 | 607,332 |
Fitbit, Inc., Class A * | 40,832 | 250,708 |
FLIR Systems, Inc. | 38,000 | 1,779,160 |
Harmonic, Inc. * | 20,042 | 74,155 |
Harris Corp. | 31,071 | 4,328,812 |
Hewlett Packard Enterprise Co. | 410,436 | 5,713,269 |
HP, Inc. | 420,318 | 9,057,853 |
I.D. Systems, Inc. * | 5,500 | 40,975 |
II-VI, Inc. * | 13,000 | 587,600 |
Immersion Corp. * | 4,300 | 34,744 |
Security | Number of Shares | Value ($) |
Infinera Corp. * | 27,300 | 228,501 |
Insight Enterprises, Inc. * | 8,950 | 403,198 |
InterDigital, Inc. | 10,000 | 733,500 |
IPG Photonics Corp. * | 9,800 | 2,086,518 |
Itron, Inc. * | 10,200 | 797,130 |
Jabil, Inc. | 45,400 | 1,283,912 |
Juniper Networks, Inc. | 85,665 | 2,127,062 |
KEMET Corp. * | 11,973 | 307,586 |
Keysight Technologies, Inc. * | 44,058 | 1,968,071 |
Kimball Electronics, Inc. * | 6,825 | 150,150 |
Knowles Corp. * | 30,500 | 505,080 |
Littelfuse, Inc. | 5,300 | 1,107,700 |
Lumentum Holdings, Inc. * | 13,510 | 853,157 |
Maxwell Technologies, Inc. * | 7,700 | 37,114 |
Methode Electronics, Inc. | 9,500 | 445,550 |
Motorola Solutions, Inc. | 37,933 | 3,434,454 |
MTS Systems Corp. | 3,781 | 196,801 |
National Instruments Corp. | 26,112 | 1,175,040 |
NCR Corp. * | 35,100 | 1,126,359 |
Neonode, Inc. *(b) | 31,951 | 36,424 |
NetApp, Inc. | 64,900 | 2,882,858 |
NETGEAR, Inc. * | 6,000 | 279,900 |
NetScout Systems, Inc. * | 26,000 | 738,400 |
Novanta, Inc. * | 7,866 | 372,062 |
Oclaro, Inc. * | 37,600 | 310,952 |
OSI Systems, Inc. * | 7,500 | 662,850 |
Palo Alto Networks, Inc. * | 22,000 | 3,238,400 |
Park Electrochemical Corp. | 3,600 | 67,968 |
PC Connection, Inc. | 7,000 | 189,000 |
PC-Tel, Inc. | 8,900 | 59,185 |
Plantronics, Inc. | 6,000 | 272,160 |
Plexus Corp. * | 6,500 | 399,295 |
Pure Storage, Inc., Class A * | 23,900 | 392,677 |
Quantum Corp. * | 15,625 | 82,813 |
Radisys Corp. * | 3,500 | 4,620 |
Richardson Electronics Ltd. | 7,300 | 48,326 |
Rogers Corp. * | 4,200 | 638,736 |
Sanmina Corp. * | 20,900 | 683,953 |
ScanSource, Inc. * | 6,300 | 270,585 |
Seagate Technology plc | 72,766 | 2,690,159 |
Sonus Networks, Inc. * | 10,860 | 84,708 |
Super Micro Computer, Inc. * | 8,200 | 163,180 |
SYNNEX Corp. | 8,400 | 1,132,992 |
Systemax, Inc. | 8,000 | 228,400 |
TE Connectivity Ltd. | 84,600 | 7,696,062 |
Tech Data Corp. * | 8,300 | 769,991 |
TESSCO Technologies, Inc. | 4,025 | 64,400 |
Trimble, Inc. * | 62,084 | 2,537,994 |
TTM Technologies, Inc. * | 11,000 | 173,580 |
Ubiquiti Networks, Inc. *(b) | 7,700 | 478,786 |
Universal Display Corp. | 10,100 | 1,479,650 |
VeriFone Systems, Inc. * | 33,100 | 631,548 |
ViaSat, Inc. * | 15,200 | 989,520 |
Viavi Solutions, Inc. * | 66,453 | 616,684 |
Vishay Intertechnology, Inc. | 36,488 | 811,858 |
Vishay Precision Group, Inc. * | 5,620 | 137,971 |
Western Digital Corp. | 71,998 | 6,427,261 |
Xerox Corp. | 58,606 | 1,776,348 |
Zebra Technologies Corp., Class A * | 13,275 | 1,539,767 |
386,573,402 | ||
Telecommunication Services 1.8% | ||
AT&T, Inc. | 1,536,151 | 51,691,481 |
ATN International, Inc. | 3,250 | 176,443 |
Boingo Wireless, Inc. * | 9,810 | 229,358 |
CenturyLink, Inc. (b) | 246,091 | 4,673,268 |
Cincinnati Bell, Inc. * | 12,293 | 234,796 |
Security | Number of Shares | Value ($) |
Cogent Communications Holdings, Inc. | 9,900 | 533,610 |
Consolidated Communications Holdings, Inc. | 16,757 | 321,232 |
Frontier Communications Corp. (b) | 19,211 | 232,645 |
General Communication, Inc., Class A * | 10,500 | 429,345 |
Iridium Communications, Inc. * | 17,544 | 210,528 |
Lumos Networks Corp. * | 1,500 | 26,940 |
ORBCOMM, Inc. * | 30,000 | 339,300 |
Shenandoah Telecommunications Co. | 14,200 | 539,600 |
Spok Holdings, Inc. | 5,500 | 93,225 |
Sprint Corp. * | 179,505 | 1,173,963 |
Straight Path Communications, Inc., Class B * | 1,900 | 344,869 |
T-Mobile US, Inc. * | 72,795 | 4,350,957 |
Telephone & Data Systems, Inc. | 22,222 | 647,771 |
United States Cellular Corp. * | 5,400 | 197,586 |
Verizon Communications, Inc. | 1,022,005 | 48,923,379 |
Vonage Holdings Corp. * | 36,400 | 295,932 |
Windstream Holdings, Inc. | 173,600 | 326,368 |
Zayo Group Holdings, Inc. * | 42,507 | 1,532,803 |
117,525,399 | ||
Transportation 2.0% | ||
Air Transport Services Group, Inc. * | 15,000 | 363,000 |
Alaska Air Group, Inc. | 29,681 | 1,959,836 |
Allegiant Travel Co. | 3,200 | 436,480 |
AMERCO | 1,800 | 706,752 |
American Airlines Group, Inc. | 105,397 | 4,934,688 |
ArcBest Corp. | 4,800 | 156,480 |
Atlas Air Worldwide Holdings, Inc. * | 6,500 | 398,775 |
Avis Budget Group, Inc. * | 20,600 | 849,750 |
C.H. Robinson Worldwide, Inc. | 33,200 | 2,607,196 |
Celadon Group, Inc. (b) | 8,890 | 65,342 |
Covenant Transport Group, Inc., Class A * | 3,000 | 89,100 |
CSX Corp. | 224,100 | 11,301,363 |
Daseke, Inc. * | 15,000 | 207,450 |
Delta Air Lines, Inc. | 168,527 | 8,431,406 |
Echo Global Logistics, Inc. * | 15,000 | 360,750 |
Expeditors International of Washington, Inc. | 46,900 | 2,738,022 |
FedEx Corp. | 60,763 | 13,720,893 |
Forward Air Corp. | 10,400 | 597,376 |
Genesee & Wyoming, Inc., Class A * | 14,800 | 1,062,344 |
Hawaiian Holdings, Inc. * | 10,700 | 358,450 |
Heartland Express, Inc. | 16,241 | 346,421 |
Hertz Global Holdings, Inc. * | 20,000 | 497,400 |
Hub Group, Inc., Class A * | 7,100 | 307,430 |
JB Hunt Transport Services, Inc. | 19,600 | 2,085,244 |
JetBlue Airways Corp. * | 84,399 | 1,616,241 |
Kansas City Southern | 26,555 | 2,767,562 |
Kirby Corp. * | 15,000 | 1,062,750 |
Knight-Swift Transportation Holdings, Inc. * | 28,330 | 1,174,278 |
Landstar System, Inc. | 9,700 | 957,875 |
Macquarie Infrastructure Corp. | 18,600 | 1,293,630 |
Marten Transport Ltd. | 15,793 | 310,332 |
Matson, Inc. | 10,500 | 285,915 |
Norfolk Southern Corp. | 72,931 | 9,584,592 |
Old Dominion Freight Line, Inc. | 18,119 | 2,194,754 |
Roadrunner Transportation Systems, Inc. * | 4,900 | 43,120 |
Ryder System, Inc. | 15,560 | 1,261,605 |
Saia, Inc. * | 4,450 | 288,360 |
Schneider National, Inc., Class B | 15,000 | 392,850 |
SkyWest, Inc. | 14,300 | 673,530 |
Southwest Airlines Co. | 133,915 | 7,212,662 |
Spirit Airlines, Inc. * | 14,000 | 519,260 |
Union Pacific Corp. | 198,970 | 23,038,736 |
United Continental Holdings, Inc. * | 66,766 | 3,904,476 |
United Parcel Service, Inc., Class B | 174,006 | 20,450,925 |
Universal Logistics Holdings, Inc. | 3,300 | 71,280 |
Werner Enterprises, Inc. | 10,032 | 357,641 |
Security | Number of Shares | Value ($) |
XPO Logistics, Inc. * | 22,010 | 1,526,393 |
YRC Worldwide, Inc. * | 8,600 | 115,842 |
135,686,557 | ||
Utilities 3.2% | ||
AES Corp. | 166,896 | 1,774,104 |
ALLETE, Inc. | 14,633 | 1,146,496 |
Alliant Energy Corp. | 60,900 | 2,634,534 |
Ameren Corp. | 60,476 | 3,748,907 |
American Electric Power Co., Inc. | 124,857 | 9,290,609 |
American States Water Co. | 9,600 | 516,000 |
American Water Works Co., Inc. | 46,279 | 4,061,445 |
Aqua America, Inc. | 45,967 | 1,630,909 |
Artesian Resources Corp., Class A | 4,000 | 162,480 |
Atmos Energy Corp. | 27,672 | 2,414,105 |
Avangrid, Inc. | 16,400 | 848,372 |
Avista Corp. | 15,800 | 825,392 |
Black Hills Corp. | 13,400 | 874,484 |
Cadiz, Inc. *(b) | 6,356 | 84,217 |
California Water Service Group | 11,300 | 474,600 |
Calpine Corp. * | 89,100 | 1,331,154 |
CenterPoint Energy, Inc. | 104,900 | 3,102,942 |
Chesapeake Utilities Corp. | 2,770 | 223,124 |
CMS Energy Corp. | 70,959 | 3,432,287 |
Connecticut Water Service, Inc. | 5,100 | 316,302 |
Consolidated Edison, Inc. | 75,210 | 6,471,820 |
Dominion Energy, Inc. | 162,201 | 13,160,989 |
DTE Energy Co. | 43,148 | 4,766,128 |
Duke Energy Corp. | 176,199 | 15,560,134 |
Dynegy, Inc. * | 32,116 | 399,844 |
Edison International | 78,210 | 6,252,889 |
El Paso Electric Co. | 11,300 | 649,750 |
Entergy Corp. | 43,693 | 3,768,958 |
Eversource Energy | 79,036 | 4,950,815 |
Exelon Corp. | 237,958 | 9,568,291 |
FirstEnergy Corp. | 115,656 | 3,810,865 |
Genie Energy Ltd., Class B | 12,800 | 73,216 |
Great Plains Energy, Inc. | 51,541 | 1,692,091 |
Hawaiian Electric Industries, Inc. | 27,100 | 988,066 |
IDACORP, Inc. | 13,300 | 1,223,999 |
MDU Resources Group, Inc. | 45,325 | 1,239,639 |
MGE Energy, Inc. | 9,950 | 657,198 |
Middlesex Water Co. | 9,400 | 408,712 |
National Fuel Gas Co. | 20,700 | 1,201,635 |
New Jersey Resources Corp. | 20,150 | 895,668 |
NextEra Energy, Inc. | 117,653 | 18,244,451 |
NiSource, Inc. | 78,064 | 2,058,548 |
Northwest Natural Gas Co. | 6,300 | 418,005 |
NorthWestern Corp. | 10,900 | 646,152 |
NRG Energy, Inc. | 82,756 | 2,068,900 |
NRG Yield, Inc., Class A | 8,300 | 152,305 |
NRG Yield, Inc., Class C | 30,600 | 569,160 |
OGE Energy Corp. | 50,200 | 1,849,368 |
ONE Gas, Inc. | 12,825 | 987,268 |
Ormat Technologies, Inc. | 8,600 | 558,398 |
Otter Tail Corp. | 7,800 | 358,410 |
Pattern Energy Group, Inc. | 14,497 | 334,446 |
PG&E Corp. | 122,000 | 7,047,940 |
Pinnacle West Capital Corp. | 28,000 | 2,455,880 |
PNM Resources, Inc. | 21,200 | 920,080 |
Portland General Electric Co. | 24,800 | 1,183,952 |
PPL Corp. | 167,100 | 6,276,276 |
Public Service Enterprise Group, Inc. | 121,300 | 5,967,960 |
Pure Cycle Corp. * | 8,000 | 60,800 |
SCANA Corp. | 36,305 | 1,566,198 |
Sempra Energy | 61,796 | 7,261,030 |
SJW Group. | 4,470 | 265,116 |
Security | Number of Shares | Value ($) |
South Jersey Industries, Inc. | 19,400 | 659,018 |
Southwest Gas Holdings, Inc. | 13,400 | 1,104,026 |
Spire, Inc. | 10,800 | 852,660 |
The Southern Co. | 250,067 | 13,053,497 |
The York Water Co. | 6,100 | 214,720 |
UGI Corp. | 44,400 | 2,124,984 |
Unitil Corp. | 7,200 | 374,400 |
Vectren Corp. | 23,366 | 1,592,159 |
Vistra Energy Corp. | 82,900 | 1,611,576 |
WEC Energy Group, Inc. | 74,077 | 4,992,049 |
Westar Energy, Inc. | 39,293 | 2,101,390 |
WGL Holdings, Inc. | 14,600 | 1,251,220 |
Xcel Energy, Inc. | 123,508 | 6,116,116 |
213,931,628 | ||
Total Common Stock | ||
(Cost $3,877,020,389) | 6,700,528,362 | |
Rights 0.0% of net assets | ||
Media 0.0% | ||
Media General, Inc. CVR *(e) | 18,400 | 1,527 |
Pharmaceuticals, Biotechnology & Life Sciences* 0.0% | ||
Dyax Corp. CVR *(e) | 31,000 | 34,410 |
FRD Acquisition Co. CVR *(e) | 8,700 | — |
34,410 | ||
Technology Hardware & Equipment 0.0% | ||
Gerber Scientific, Inc. CVR *(e) | 8,900 | — |
Total Rights | ||
(Cost $34,632) | 35,937 | |
Other Investment Company 0.5% of net assets | ||
Securities Lending Collateral 0.5% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 31,253,822 | 31,253,822 |
Total Other Investment Company | ||
(Cost $31,253,822) | 31,253,822 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 0.6% of net assets | ||
Time Deposits 0.6% | ||
Barclays Capital, Inc. | ||
0.60%, 11/01/17 (d) | 33,317,646 | 33,317,646 |
Sumitomo Mitsui Banking Corp. | ||
0.60%, 11/01/17 (d) | 9,810,091 | 9,810,091 |
Total Short-Term Investments | ||
(Cost $43,127,737) | 43,127,737 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 36 | 2,704,860 | 14,544 | |
S&P 500 Index, e-mini, expires 12/15/17 | 119 | 15,307,565 | 64,529 | |
Net Unrealized Appreciation | 79,073 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $30,004,117. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
(e) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 98.4% of net assets | ||
Australia 6.7% | ||
AGL Energy Ltd. | 186,892 | 3,618,486 |
Alumina Ltd. | 765,466 | 1,373,641 |
Amcor Ltd. | 328,545 | 3,987,387 |
AMP Ltd. | 815,172 | 3,106,624 |
APA Group | 316,770 | 2,078,857 |
Aristocrat Leisure Ltd. | 151,427 | 2,737,537 |
ASX Ltd. | 51,877 | 2,146,416 |
Aurizon Holdings Ltd. | 541,071 | 2,147,350 |
AusNet Services | 540,546 | 733,003 |
Australia & New Zealand Banking Group Ltd. | 816,735 | 18,742,881 |
Bank of Queensland Ltd. | 109,164 | 1,117,538 |
Bendigo & Adelaide Bank Ltd. | 146,452 | 1,277,384 |
BHP Billiton Ltd. | 887,695 | 18,276,571 |
BlueScope Steel Ltd. | 175,438 | 1,727,190 |
Boral Ltd. | 323,453 | 1,774,896 |
Brambles Ltd. | 447,996 | 3,248,538 |
Caltex Australia Ltd. | 72,637 | 1,907,187 |
Challenger Ltd. | 173,116 | 1,765,891 |
CIMIC Group Ltd. | 31,359 | 1,163,384 |
Coca-Cola Amatil Ltd. | 149,082 | 930,743 |
Cochlear Ltd. | 15,371 | 2,070,540 |
Commonwealth Bank of Australia | 481,921 | 28,667,181 |
Computershare Ltd. | 132,619 | 1,585,398 |
Crown Resorts Ltd. | 128,649 | 1,143,964 |
CSL Ltd. | 126,279 | 13,443,795 |
Dexus | 292,599 | 2,190,978 |
Domino's Pizza Enterprises Ltd. | 14,586 | 521,491 |
Flight Centre Travel Group Ltd. | 17,631 | 632,095 |
Fortescue Metals Group Ltd. | 430,023 | 1,528,992 |
Goodman Group | 488,612 | 3,132,857 |
Harvey Norman Holdings Ltd. (a) | 132,814 | 384,718 |
Healthscope Ltd. | 509,967 | 766,039 |
Incitec Pivot Ltd. | 440,834 | 1,293,072 |
Insurance Australia Group Ltd. | 676,813 | 3,403,400 |
James Hardie Industries plc CDI | 120,847 | 1,845,115 |
LendLease Group | 150,401 | 1,867,681 |
Macquarie Group Ltd. | 90,576 | 6,833,041 |
Medibank Pvt Ltd. | 791,002 | 1,861,839 |
Mirvac Group | 1,024,781 | 1,894,151 |
National Australia Bank Ltd. | 742,139 | 18,595,159 |
Newcrest Mining Ltd. | 205,986 | 3,521,866 |
Oil Search Ltd. | 385,702 | 2,186,305 |
Orica Ltd. | 114,696 | 1,837,102 |
Origin Energy Ltd. * | 483,567 | 2,945,157 |
Qantas Airways Ltd. | 140,843 | 664,727 |
QBE Insurance Group Ltd. | 380,823 | 3,122,675 |
Ramsay Health Care Ltd. | 42,143 | 2,160,656 |
REA Group Ltd. | 15,509 | 859,891 |
Rio Tinto Ltd. | 116,886 | 6,228,419 |
Santos Ltd. * | 514,769 | 1,778,787 |
Scentre Group | 1,456,073 | 4,489,710 |
SEEK Ltd. | 87,652 | 1,234,260 |
Sonic Healthcare Ltd. | 108,981 | 1,820,172 |
South32 Ltd. | 1,447,464 | 3,780,854 |
Stockland | 669,968 | 2,322,071 |
Security | Number of Shares | Value ($) |
Suncorp Group Ltd. | 346,399 | 3,605,588 |
Sydney Airport | 318,751 | 1,736,645 |
Tabcorp Holdings Ltd. | 197,467 | 679,433 |
Tatts Group Ltd. | 359,783 | 1,150,098 |
Telstra Corp., Ltd. | 1,180,936 | 3,205,042 |
The GPT Group | 483,720 | 1,888,840 |
TPG Telecom Ltd. | 138,064 | 571,451 |
Transurban Group | 557,975 | 5,186,834 |
Treasury Wine Estates Ltd. | 215,036 | 2,581,278 |
Vicinity Centres | 890,245 | 1,809,532 |
Wesfarmers Ltd. | 311,455 | 9,976,157 |
Westfield Corp. | 539,287 | 3,214,285 |
Westpac Banking Corp. | 928,843 | 23,527,069 |
Woodside Petroleum Ltd. | 208,183 | 4,907,501 |
Woolworths Ltd. | 367,620 | 7,287,943 |
277,803,358 | ||
Austria 0.3% | ||
ANDRITZ AG | 19,563 | 1,106,127 |
Erste Group Bank AG * | 82,047 | 3,521,862 |
OMV AG | 41,465 | 2,488,454 |
Raiffeisen Bank International AG * | 38,386 | 1,334,916 |
voestalpine AG | 32,803 | 1,803,454 |
10,254,813 | ||
Belgium 1.2% | ||
Ageas | 52,462 | 2,544,148 |
Anheuser-Busch InBev S.A./N.V. | 211,955 | 25,990,157 |
Colruyt S.A. | 17,161 | 877,687 |
Groupe Bruxelles Lambert S.A. | 21,293 | 2,287,010 |
KBC Group N.V. | 71,471 | 5,937,018 |
Proximus | 39,640 | 1,316,302 |
Solvay S.A. | 20,870 | 3,100,411 |
Telenet Group Holding N.V. * | 14,963 | 1,034,838 |
UCB S.A. | 36,227 | 2,637,176 |
Umicore S.A. | 55,000 | 2,457,960 |
48,182,707 | ||
Denmark 1.8% | ||
AP Moeller - Maersk A/S, Series A | 1,021 | 1,892,453 |
AP Moeller - Maersk A/S, Series B | 1,815 | 3,479,329 |
Carlsberg A/S, Class B | 29,022 | 3,315,518 |
Chr. Hansen Holding A/S | 28,356 | 2,481,429 |
Coloplast A/S, Class B | 33,452 | 2,944,375 |
Danske Bank A/S | 207,810 | 7,930,749 |
DSV A/S | 54,811 | 4,238,311 |
Genmab A/S * | 16,204 | 3,272,162 |
H. Lundbeck A/S | 21,843 | 1,298,518 |
ISS A/S | 45,366 | 1,921,168 |
Novo Nordisk A/S, Class B | 517,440 | 25,762,729 |
Novozymes A/S, B Shares | 63,304 | 3,497,723 |
Orsted A/S | 52,775 | 2,957,342 |
Pandora A/S | 29,414 | 2,777,467 |
TDC A/S | 207,416 | 1,226,285 |
Tryg A/S | 37,042 | 882,422 |
Vestas Wind Systems A/S | 58,832 | 5,193,969 |
William Demant Holding A/S * | 32,260 | 930,997 |
76,002,946 | ||
Finland 0.9% | ||
Elisa Oyj | 37,714 | 1,518,634 |
Fortum Oyj | 122,138 | 2,592,311 |
Kone Oyj, Class B | 94,514 | 5,115,476 |
Metso Oyj | 36,403 | 1,322,094 |
Security | Number of Shares | Value ($) |
Neste Oyj | 35,089 | 1,953,450 |
Nokia Oyj | 1,626,323 | 7,998,127 |
Nokian Renkaat Oyj | 30,079 | 1,379,036 |
Orion Oyj, Class B | 26,910 | 1,102,903 |
Sampo Oyj, A Shares | 122,556 | 6,413,338 |
Stora Enso Oyj, R Shares | 155,982 | 2,437,716 |
UPM-Kymmene Oyj | 149,336 | 4,484,897 |
Wartsila Oyj Abp | 42,260 | 2,722,228 |
39,040,210 | ||
France 10.6% | ||
Accor S.A. | 48,627 | 2,425,896 |
Aeroports de Paris | 7,956 | 1,339,513 |
Air Liquide S.A. | 119,278 | 15,186,941 |
Airbus SE | 163,499 | 16,777,450 |
Alstom S.A. | 42,876 | 1,734,603 |
ArcelorMittal * | 186,661 | 5,345,141 |
Arkema S.A. | 18,584 | 2,347,742 |
Atos SE | 26,176 | 4,065,544 |
AXA S.A. | 537,776 | 16,234,590 |
BNP Paribas S.A. | 311,934 | 24,346,267 |
Bollore S.A. | 243,424 | 1,175,882 |
Bollore S.A. * | 1,185 | 5,618 |
Bouygues S.A. | 56,530 | 2,713,082 |
Bureau Veritas S.A. | 74,850 | 2,004,353 |
Capgemini SE | 44,038 | 5,349,911 |
Carrefour S.A. | 154,321 | 3,105,772 |
Casino Guichard Perrachon S.A. | 17,163 | 979,997 |
CNP Assurances | 54,336 | 1,263,991 |
Compagnie de Saint-Gobain | 140,535 | 8,239,975 |
Compagnie Generale des Etablissements Michelin | 47,796 | 6,918,297 |
Credit Agricole S.A. | 318,897 | 5,565,777 |
Danone S.A. | 164,052 | 13,408,157 |
Dassault Aviation S.A. | 607 | 946,450 |
Dassault Systemes S.A. | 35,214 | 3,738,189 |
Edenred | 62,982 | 1,815,685 |
Eiffage S.A. | 20,923 | 2,185,525 |
Electricite de France S.A. | 157,977 | 2,067,576 |
Engie S.A. (a) | 509,461 | 8,610,893 |
Essilor International S.A. | 57,493 | 7,278,768 |
Eurazeo S.A. | 12,324 | 1,145,743 |
Eurofins Scientific SE | 3,023 | 1,891,056 |
Eutelsat Communications S.A. | 49,489 | 1,239,599 |
Fonciere Des Regions | 8,593 | 875,016 |
Gecina S.A. | 13,523 | 2,194,290 |
Groupe Eurotunnel SE | 130,081 | 1,634,952 |
Hermes International | 8,785 | 4,560,361 |
ICADE | 9,509 | 830,742 |
Iliad S.A. | 7,842 | 1,957,511 |
Imerys S.A. | 10,729 | 976,937 |
Ingenico Group S.A. | 17,241 | 1,674,245 |
Ipsen S.A. | 9,869 | 1,193,236 |
JCDecaux S.A. | 26,032 | 995,833 |
Kering | 20,724 | 9,504,135 |
Klepierre S.A. | 62,772 | 2,498,835 |
L'Oreal S.A. | 69,856 | 15,547,390 |
Lagardere S.C.A. | 32,494 | 1,070,067 |
Legrand S.A. | 75,235 | 5,583,225 |
LVMH Moet Hennessy Louis Vuitton SE | 77,689 | 23,171,759 |
Natixis S.A. | 256,340 | 2,010,255 |
Orange S.A. | 551,603 | 9,061,555 |
Pernod-Ricard S.A. | 59,561 | 8,930,810 |
Peugeot S.A. | 143,305 | 3,399,990 |
Publicis Groupe S.A. | 55,367 | 3,603,993 |
Remy Cointreau S.A. | 6,739 | 875,268 |
Renault S.A. | 50,030 | 4,961,740 |
Rexel S.A. | 89,056 | 1,588,048 |
Security | Number of Shares | Value ($) |
Safran S.A. | 87,192 | 9,183,260 |
Sanofi | 317,470 | 30,060,137 |
Schneider Electric SE * | 156,629 | 13,761,608 |
SCOR SE | 48,007 | 1,992,935 |
SEB S.A. | 6,090 | 1,134,904 |
SES S.A. | 107,560 | 1,749,354 |
Societe BIC S.A. | 8,402 | 887,173 |
Societe Generale S.A. | 212,825 | 11,844,663 |
Sodexo S.A. | 24,879 | 3,165,175 |
STMicroelectronics N.V. | 172,081 | 4,051,015 |
Suez | 110,352 | 1,940,705 |
Thales S.A. | 28,894 | 3,011,143 |
TOTAL S.A. | 655,110 | 36,514,582 |
Unibail-Rodamco SE | 27,602 | 6,908,973 |
Valeo S.A. | 67,314 | 4,557,437 |
Veolia Environnement S.A. | 127,715 | 3,025,645 |
Vinci S.A. | 140,328 | 13,748,995 |
Vivendi S.A. | 283,162 | 7,031,414 |
Wendel S.A. | 7,561 | 1,275,240 |
Zodiac Aerospace | 59,688 | 1,706,049 |
437,704,583 | ||
Germany 9.1% | ||
adidas AG | 52,098 | 11,596,129 |
Allianz SE | 127,248 | 29,707,166 |
Axel Springer SE | 12,126 | 816,444 |
BASF SE | 254,349 | 27,813,909 |
Bayer AG | 229,755 | 29,886,259 |
Bayerische Motoren Werke AG | 91,148 | 9,348,160 |
Beiersdorf AG | 28,840 | 3,244,224 |
Brenntag AG | 45,693 | 2,592,423 |
Commerzbank AG * | 290,014 | 4,019,041 |
Continental AG | 30,116 | 7,664,344 |
Covestro AG | 32,166 | 3,092,103 |
Daimler AG | 268,121 | 22,384,389 |
Deutsche Bank AG | 571,156 | 9,360,782 |
Deutsche Boerse AG | 54,165 | 5,609,590 |
Deutsche Lufthansa AG | 63,390 | 2,036,584 |
Deutsche Post AG | 270,129 | 12,382,735 |
Deutsche Telekom AG | 907,555 | 16,433,384 |
Deutsche Wohnen SE | 98,273 | 4,206,116 |
E.ON SE | 626,788 | 7,423,949 |
Evonik Industries AG | 45,458 | 1,653,576 |
Fraport AG Frankfurt Airport Services Worldwide | 11,908 | 1,131,542 |
Fresenius Medical Care AG & Co. KGaA | 61,569 | 5,961,231 |
Fresenius SE & Co. KGaA | 113,955 | 9,539,881 |
GEA Group AG | 50,633 | 2,445,955 |
Hannover Rueck SE | 16,506 | 2,077,129 |
HeidelbergCement AG | 40,172 | 4,110,783 |
Henkel AG & Co. KGaA | 29,388 | 3,706,508 |
HOCHTIEF AG | 5,934 | 1,048,203 |
Hugo Boss AG | 17,602 | 1,574,312 |
Infineon Technologies AG | 318,555 | 8,810,601 |
Innogy SE | 41,722 | 1,940,321 |
K&S AG | 58,005 | 1,410,205 |
KION Group AG | 19,877 | 1,592,697 |
LANXESS AG | 25,225 | 1,977,857 |
Linde AG | 51,637 | 11,152,367 |
MAN SE | 11,071 | 1,225,901 |
Merck KGaA | 35,807 | 3,841,836 |
METRO AG * | 49,423 | 936,876 |
Muenchener Rueckversicherungs-Gesellschaft AG | 43,067 | 9,668,635 |
OSRAM Licht AG | 27,359 | 2,094,872 |
ProSiebenSat.1 Media SE | 69,476 | 2,447,200 |
QIAGEN N.V. * | 59,147 | 2,006,662 |
RTL Group S.A. | 8,951 | 665,065 |
RWE AG * | 146,153 | 3,674,850 |
Security | Number of Shares | Value ($) |
SAP SE | 273,316 | 31,229,762 |
Siemens AG | 212,635 | 30,541,340 |
Symrise AG | 34,758 | 2,708,568 |
Telefonica Deutschland Holding AG | 186,815 | 952,917 |
ThyssenKrupp AG | 121,121 | 3,249,204 |
United Internet AG | 33,555 | 2,128,071 |
Volkswagen AG | 9,106 | 1,700,524 |
Vonovia SE | 128,899 | 5,693,914 |
Zalando SE * | 29,373 | 1,478,671 |
375,995,767 | ||
Hong Kong 3.4% | ||
AIA Group Ltd. | 3,357,400 | 25,299,617 |
ASM Pacific Technology Ltd. | 82,700 | 1,206,631 |
BOC Hong Kong (Holdings) Ltd. | 1,025,500 | 4,886,673 |
CK Asset Holdings Ltd. | 723,025 | 5,950,374 |
CK Hutchison Holdings Ltd. | 741,025 | 9,412,283 |
CK Infrastructure Holdings Ltd. | 189,000 | 1,645,637 |
CLP Holdings Ltd. | 456,580 | 4,647,041 |
First Pacific Co., Ltd. | 493,250 | 375,561 |
Galaxy Entertainment Group Ltd. | 658,000 | 4,487,149 |
Hang Lung Group Ltd. | 279,000 | 980,315 |
Hang Lung Properties Ltd. | 550,000 | 1,262,951 |
Hang Seng Bank Ltd. | 210,936 | 4,999,808 |
Henderson Land Development Co., Ltd. | 330,749 | 2,158,433 |
HK Electric Investments & HK Electric Investments Ltd. | 644,000 | 592,742 |
HKT Trust & HKT Ltd. | 1,082,000 | 1,321,745 |
Hong Kong & China Gas Co., Ltd. | 2,387,753 | 4,526,279 |
Hong Kong Exchanges & Clearing Ltd. | 319,818 | 8,911,484 |
Hongkong Land Holdings Ltd. | 336,900 | 2,443,495 |
Hysan Development Co., Ltd. | 208,000 | 1,004,973 |
I-CABLE Communications Ltd. * | 58,187 | 1,823 |
Jardine Matheson Holdings Ltd. | 61,200 | 3,920,566 |
Jardine Strategic Holdings Ltd. | 59,200 | 2,483,151 |
Kerry Properties Ltd. | 226,000 | 1,017,068 |
Li & Fung Ltd. | 1,762,000 | 888,031 |
Link REIT | 600,000 | 5,044,382 |
Melco Resorts & Entertainment Ltd. ADR | 75,663 | 1,912,761 |
MGM China Holdings Ltd. | 254,000 | 573,000 |
MTR Corp., Ltd. | 399,000 | 2,313,195 |
New World Development Co., Ltd. | 1,583,666 | 2,361,118 |
NWS Holdings Ltd. | 516,000 | 1,044,381 |
PCCW Ltd. | 1,308,000 | 721,183 |
Power Assets Holdings Ltd. | 381,000 | 3,302,933 |
Sands China Ltd. | 670,400 | 3,162,703 |
Shangri-La Asia Ltd. | 370,000 | 736,687 |
Sino Land Co., Ltd. | 800,000 | 1,378,833 |
SJM Holdings Ltd. | 572,000 | 491,749 |
Sun Hung Kai Properties Ltd. | 404,604 | 6,619,075 |
Swire Pacific Ltd., Class A | 148,590 | 1,468,377 |
Swire Properties Ltd. | 351,600 | 1,188,134 |
Techtronic Industries Co., Ltd. | 369,000 | 2,166,109 |
The Bank of East Asia Ltd. | 305,000 | 1,338,333 |
The Wharf Holdings Ltd. | 337,100 | 3,070,356 |
WH Group Ltd. | 2,117,500 | 2,145,834 |
Wheelock & Co., Ltd. | 229,000 | 1,595,315 |
Wynn Macau Ltd. | 425,200 | 1,091,619 |
Yue Yuen Industrial Holdings Ltd. | 199,000 | 762,269 |
138,912,176 | ||
Ireland 0.4% | ||
Bank of Ireland Group plc * | 262,557 | 2,057,687 |
CRH plc | 229,155 | 8,623,546 |
Kerry Group plc, Class A | 42,847 | 4,314,746 |
Security | Number of Shares | Value ($) |
Paddy Power Betfair plc | 23,155 | 2,368,150 |
Ryanair Holdings plc * | 43,580 | 857,893 |
18,222,022 | ||
Israel 0.5% | ||
Azrieli Group Ltd. | 11,367 | 642,182 |
Bank Hapoalim B.M. | 291,922 | 2,066,869 |
Bank Leumi Le-Israel B.M. | 420,576 | 2,324,841 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 580,013 | 866,087 |
Check Point Software Technologies Ltd. * | 36,103 | 4,249,684 |
Elbit Systems Ltd. | 6,178 | 916,906 |
Frutarom Industries Ltd. | 10,285 | 847,004 |
Israel Chemicals Ltd. | 154,545 | 644,471 |
Mizrahi Tefahot Bank Ltd. | 41,062 | 741,306 |
Mobileye N.V. * | 54,411 | 3,410,481 |
Nice Ltd. | 15,579 | 1,296,612 |
Taro Pharmaceutical Industries Ltd. * | 3,544 | 398,416 |
Teva Pharmaceutical Industries Ltd. ADR | 265,197 | 3,659,719 |
22,064,578 | ||
Italy 2.3% | ||
Assicurazioni Generali S.p.A. | 342,561 | 6,234,526 |
Atlantia S.p.A. | 123,587 | 4,029,009 |
CNH Industrial N.V. | 275,710 | 3,517,685 |
Enel S.p.A. | 2,243,863 | 13,915,696 |
Eni S.p.A. | 710,624 | 11,617,289 |
EXOR N.V. | 30,979 | 1,985,943 |
Ferrari N.V. | 34,037 | 4,075,518 |
Fiat Chrysler Automobiles N.V. * | 291,461 | 5,039,732 |
Intesa Sanpaolo S.p.A. | 3,718,057 | 12,499,745 |
Leonardo S.p.A. | 121,486 | 2,097,092 |
Luxottica Group S.p.A. | 48,998 | 2,810,388 |
Mediobanca S.p.A. | 158,352 | 1,734,641 |
Poste Italiane S.p.A | 150,533 | 1,100,310 |
Prysmian S.p.A. | 58,446 | 2,011,093 |
Recordati S.p.A. | 27,091 | 1,259,437 |
Saipem S.p.A. * | 197,987 | 832,252 |
Snam S.p.A. | 666,164 | 3,401,328 |
Telecom Italia S.p.A. * | 3,312,272 | 2,866,044 |
Tenaris S.A. | 128,990 | 1,760,885 |
Terna - Rete Elettrica Nationale S.p.A. | 372,277 | 2,246,290 |
UniCredit S.p.A. * | 554,209 | 10,591,283 |
UnipolSai Assicurazioni S.p.A. | 326,864 | 743,761 |
96,369,947 | ||
Japan 23.7% | ||
ABC-Mart, Inc. | 8,180 | 412,623 |
Acom Co., Ltd. * | 88,800 | 369,167 |
Aeon Co., Ltd. | 161,200 | 2,493,352 |
AEON Financial Service Co., Ltd. | 33,100 | 710,871 |
Aeon Mall Co., Ltd. | 27,400 | 489,961 |
Air Water, Inc. | 44,100 | 846,346 |
Aisin Seiki Co., Ltd. | 49,100 | 2,543,499 |
Ajinomoto Co., Inc. | 147,300 | 2,963,173 |
Alfresa Holdings Corp. | 51,900 | 991,659 |
Alps Electric Co., Ltd. | 54,200 | 1,658,739 |
Amada Holdings Co., Ltd. | 102,800 | 1,277,394 |
ANA Holdings, Inc. | 29,300 | 1,126,145 |
Aozora Bank Ltd. | 29,600 | 1,158,597 |
Asahi Glass Co., Ltd. | 53,000 | 2,077,079 |
Asahi Group Holdings Ltd. | 107,300 | 4,899,142 |
Asahi Kasei Corp. | 341,000 | 4,129,416 |
Asics Corp. | 47,000 | 718,506 |
Astellas Pharma, Inc. | 588,350 | 7,830,265 |
Bandai Namco Holdings, Inc. | 52,900 | 1,812,780 |
Security | Number of Shares | Value ($) |
Benesse Holdings, Inc. | 19,400 | 657,663 |
Bridgestone Corp. | 180,057 | 8,601,389 |
Brother Industries Ltd. | 61,700 | 1,501,352 |
Calbee, Inc. | 26,300 | 887,592 |
Canon, Inc. | 296,995 | 11,157,232 |
Casio Computer Co., Ltd. | 49,300 | 727,499 |
Central Japan Railway Co. | 40,400 | 7,338,524 |
Chubu Electric Power Co., Inc. | 176,200 | 2,272,361 |
Chugai Pharmaceutical Co., Ltd. | 62,600 | 2,984,563 |
Coca-Cola Bottlers Japan, Inc. | 33,000 | 1,154,648 |
Concordia Financial Group Ltd. | 351,300 | 1,860,516 |
Credit Saison Co., Ltd. | 43,500 | 875,886 |
CYBERDYNE, Inc. *(a) | 20,425 | 270,596 |
Dai Nippon Printing Co., Ltd. | 74,600 | 1,788,159 |
Dai-ichi Life Holdings, Inc. | 294,600 | 5,626,247 |
Daicel Corp. | 87,700 | 1,094,988 |
Daiichi Sankyo Co., Ltd. | 157,400 | 3,615,269 |
Daikin Industries Ltd. | 69,300 | 7,658,400 |
Daito Trust Construction Co., Ltd. | 19,400 | 3,391,785 |
Daiwa House Industry Co., Ltd. | 157,800 | 5,783,828 |
Daiwa House REIT Investment Corp. | 352 | 822,556 |
Daiwa Securities Group, Inc. | 434,000 | 2,721,041 |
Dena Co., Ltd. | 35,700 | 839,569 |
Denso Corp. | 130,400 | 7,181,646 |
Dentsu, Inc. | 61,800 | 2,643,429 |
Disco Corp. | 7,500 | 1,737,949 |
Don Quijote Holdings Co., Ltd. | 32,800 | 1,375,796 |
East Japan Railway Co. | 92,560 | 8,976,432 |
Eisai Co., Ltd. | 73,700 | 4,101,892 |
Electric Power Development Co., Ltd. | 40,700 | 1,025,683 |
FamilyMart UNY Holdings Co., Ltd. | 24,800 | 1,409,568 |
FANUC Corp. | 53,700 | 12,556,343 |
Fast Retailing Co., Ltd. | 15,100 | 5,052,083 |
Fuji Electric Co., Ltd. | 140,000 | 1,014,317 |
FUJIFILM Holdings Corp. | 114,811 | 4,696,664 |
Fujitsu Ltd. | 545,000 | 4,246,910 |
Fukuoka Financial Group, Inc. | 218,000 | 1,125,143 |
Hakuhodo DY Holdings, Inc. | 66,500 | 919,894 |
Hamamatsu Photonics K.K. | 39,100 | 1,265,973 |
Hankyu Hanshin Holdings, Inc. | 68,900 | 2,686,228 |
Hikari Tsushin, Inc. | 6,700 | 867,388 |
Hino Motors Ltd. | 80,000 | 1,029,680 |
Hirose Electric Co., Ltd. | 9,585 | 1,441,928 |
Hisamitsu Pharmaceutical Co., Inc. | 18,400 | 1,013,074 |
Hitachi Chemical Co., Ltd. | 28,300 | 806,997 |
Hitachi Construction Machinery Co., Ltd. | 30,000 | 1,029,130 |
Hitachi High-Technologies Corp. | 20,500 | 857,902 |
Hitachi Ltd. | 1,352,079 | 10,767,072 |
Hitachi Metals Ltd. | 55,800 | 722,874 |
Honda Motor Co., Ltd. | 480,439 | 15,055,543 |
Hoshizaki Corp. | 16,100 | 1,523,603 |
Hoya Corp. | 106,207 | 5,770,304 |
Hulic Co., Ltd. | 82,600 | 852,100 |
Idemitsu Kosan Co., Ltd. | 43,800 | 1,280,266 |
IHI Corp. | 40,400 | 1,455,165 |
Iida Group Holdings Co., Ltd. | 37,800 | 725,129 |
Inpex Corp. | 258,100 | 2,763,524 |
Isetan Mitsukoshi Holdings Ltd. | 105,300 | 1,147,852 |
Isuzu Motors Ltd. | 160,200 | 2,339,785 |
ITOCHU Corp. | 420,800 | 7,371,001 |
J. Front Retailing Co., Ltd. | 59,500 | 883,100 |
Japan Airlines Co., Ltd. | 33,100 | 1,132,924 |
Japan Airport Terminal Co., Ltd. | 12,900 | 458,536 |
Japan Exchange Group, Inc. | 140,600 | 2,534,800 |
Japan Post Bank Co., Ltd. | 127,000 | 1,608,431 |
Japan Post Holdings Co., Ltd. | 432,300 | 5,001,029 |
Japan Prime Realty Investment Corp. | 246 | 790,757 |
Japan Real Estate Investment Corp. | 340 | 1,593,970 |
Security | Number of Shares | Value ($) |
Japan Retail Fund Investment Corp. | 720 | 1,277,754 |
Japan Tobacco, Inc. | 304,100 | 10,065,763 |
JFE Holdings, Inc. | 145,900 | 3,135,577 |
JGC Corp. | 57,300 | 961,062 |
JSR Corp. | 49,900 | 967,305 |
JTEKT Corp. | 68,100 | 1,128,382 |
JXTG Holdings, Inc. | 865,900 | 4,471,331 |
Kajima Corp. | 238,000 | 2,468,413 |
Kakaku.com, Inc. | 38,400 | 527,271 |
Kamigumi Co., Ltd. | 34,000 | 813,925 |
Kaneka Corp. | 99,000 | 817,535 |
Kansai Paint Co., Ltd. | 55,200 | 1,418,802 |
Kao Corp. | 135,519 | 8,190,104 |
Kawasaki Heavy Industries Ltd. | 42,900 | 1,496,702 |
KDDI Corp. | 505,000 | 13,454,531 |
Keihan Holdings Co., Ltd. | 29,600 | 904,447 |
Keikyu Corp. | 63,000 | 1,303,190 |
Keio Corp. | 36,200 | 1,579,353 |
Keisei Electric Railway Co., Ltd. | 38,300 | 1,156,948 |
Keyence Corp. | 26,900 | 14,935,547 |
Kikkoman Corp. | 41,000 | 1,407,141 |
Kintetsu Group Holdings Co., Ltd. | 48,600 | 1,868,812 |
Kirin Holdings Co., Ltd. | 237,100 | 5,691,317 |
Kobe Steel Ltd. *(a) | 83,900 | 708,354 |
Koito Manufacturing Co., Ltd. | 31,900 | 2,139,028 |
Komatsu Ltd. | 254,509 | 8,316,273 |
Konami Holdings Corp. | 24,600 | 1,198,148 |
Konica Minolta, Inc. | 154,300 | 1,353,631 |
Kose Corp. | 8,000 | 972,902 |
Kubota Corp. | 295,900 | 5,567,500 |
Kuraray Co., Ltd. | 97,900 | 1,928,098 |
Kurita Water Industries Ltd. | 25,000 | 794,406 |
Kyocera Corp. | 87,300 | 5,839,289 |
Kyowa Hakko Kirin Co., Ltd. | 72,000 | 1,329,047 |
Kyushu Electric Power Co., Inc. | 118,900 | 1,356,185 |
Kyushu Financial Group, Inc. | 99,400 | 631,802 |
Kyushu Railway Co. | 49,700 | 1,588,491 |
Lawson, Inc. | 14,600 | 953,362 |
LINE Corp. *(a) | 16,300 | 675,148 |
Lion Corp. | 58,000 | 1,116,066 |
LIXIL Group Corp. | 72,200 | 1,988,462 |
M3, Inc. | 62,600 | 1,867,141 |
Mabuchi Motor Co., Ltd. | 14,500 | 760,888 |
Makita Corp. | 63,700 | 2,669,579 |
Marubeni Corp. | 464,000 | 3,111,138 |
Marui Group Co., Ltd. | 52,300 | 800,432 |
Maruichi Steel Tube Ltd. | 13,300 | 406,332 |
Mazda Motor Corp. | 165,500 | 2,389,112 |
McDonald's Holdings Co., Ltd. | 19,800 | 850,063 |
Mebuki Financial Group, Inc. | 270,880 | 1,130,085 |
Medipal Holdings Corp. | 43,300 | 804,136 |
MEIJI Holdings Co., Ltd. | 36,000 | 2,942,997 |
Minebea Mitsumi, Inc. | 112,300 | 2,058,808 |
Miraca Holdings, Inc. | 19,400 | 902,624 |
MISUMI Group, Inc. | 76,100 | 2,084,952 |
Mitsubishi Chemical Holdings Corp. | 397,400 | 4,150,967 |
Mitsubishi Corp. | 421,100 | 9,861,290 |
Mitsubishi Electric Corp. | 528,700 | 9,047,904 |
Mitsubishi Estate Co., Ltd. | 349,502 | 6,338,054 |
Mitsubishi Gas Chemical Co., Inc. | 51,500 | 1,259,827 |
Mitsubishi Heavy Industries Ltd. | 90,300 | 3,533,160 |
Mitsubishi Materials Corp. | 34,800 | 1,323,241 |
Mitsubishi Motors Corp. | 203,200 | 1,627,189 |
Mitsubishi Tanabe Pharma Corp. | 59,000 | 1,298,554 |
Mitsubishi UFJ Financial Group, Inc. | 3,367,409 | 22,841,613 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 123,600 | 652,105 |
Mitsui & Co., Ltd. | 467,600 | 6,983,303 |
Mitsui Chemicals, Inc. | 51,200 | 1,578,799 |
Security | Number of Shares | Value ($) |
Mitsui Fudosan Co., Ltd. | 249,777 | 5,830,038 |
Mitsui O.S.K. Lines Ltd. | 33,500 | 1,025,816 |
Mixi, Inc. | 13,100 | 638,650 |
Mizuho Financial Group, Inc. | 6,654,634 | 12,090,673 |
MS&AD Insurance Group Holdings, Inc. | 134,562 | 4,571,384 |
Murata Manufacturing Co., Ltd. | 52,474 | 8,246,917 |
Nabtesco Corp. | 28,000 | 1,112,348 |
Nagoya Railroad Co., Ltd. | 54,200 | 1,217,651 |
NEC Corp. | 74,600 | 2,046,996 |
Nexon Co., Ltd. * | 59,600 | 1,603,188 |
NGK Insulators Ltd. | 71,400 | 1,413,818 |
NGK Spark Plug Co., Ltd. | 46,900 | 1,070,310 |
NH Foods Ltd. | 52,000 | 1,495,778 |
Nidec Corp. | 65,300 | 8,683,785 |
Nikon Corp. | 93,200 | 1,769,957 |
Nintendo Co., Ltd. | 31,239 | 12,119,531 |
Nippon Building Fund, Inc. | 385 | 1,855,503 |
Nippon Electric Glass Co., Ltd. | 22,800 | 930,892 |
Nippon Express Co., Ltd. | 21,300 | 1,351,538 |
Nippon Paint Holdings Co., Ltd. | 45,200 | 1,594,596 |
Nippon Prologis REIT, Inc. | 588 | 1,236,336 |
Nippon Steel & Sumitomo Metal Corp. | 212,941 | 5,105,359 |
Nippon Telegraph & Telephone Corp. | 190,456 | 9,208,075 |
Nippon Yusen K.K. * | 48,100 | 1,017,294 |
Nissan Chemical Industries Ltd. | 30,700 | 1,145,093 |
Nissan Motor Co., Ltd. | 631,896 | 6,145,425 |
Nisshin Seifun Group, Inc. | 49,400 | 868,177 |
Nissin Foods Holdings Co., Ltd. | 19,100 | 1,202,671 |
Nitori Holdings Co., Ltd. | 22,000 | 3,197,290 |
Nitto Denko Corp. | 46,700 | 4,342,526 |
NOK Corp. | 27,900 | 685,305 |
Nomura Holdings, Inc. | 1,016,100 | 5,814,906 |
Nomura Real Estate Holdings, Inc. | 31,300 | 688,931 |
Nomura Real Estate Master Fund, Inc. | 1,097 | 1,370,949 |
Nomura Research Institute Ltd. | 36,900 | 1,564,379 |
NSK Ltd. | 98,500 | 1,418,249 |
NTT Data Corp. | 171,500 | 1,997,421 |
NTT DOCOMO, Inc. | 379,900 | 9,200,701 |
Obayashi Corp. | 189,700 | 2,483,796 |
Obic Co., Ltd. | 18,400 | 1,217,917 |
Odakyu Electric Railway Co., Ltd. | 78,300 | 1,531,724 |
Oji Holdings Corp. | 242,000 | 1,418,363 |
Olympus Corp. | 81,100 | 3,018,109 |
Omron Corp. | 54,600 | 3,059,537 |
Ono Pharmaceutical Co., Ltd. | 116,500 | 2,670,076 |
Oracle Corp., Japan | 12,300 | 1,040,771 |
Oriental Land Co., Ltd. | 59,900 | 4,790,998 |
ORIX Corp. | 368,000 | 6,327,246 |
Osaka Gas Co., Ltd. | 97,000 | 1,878,798 |
Otsuka Corp. | 16,300 | 1,111,146 |
Otsuka Holdings Co., Ltd. | 106,700 | 4,457,350 |
Panasonic Corp. | 623,612 | 9,416,140 |
Park24 Co., Ltd. | 31,400 | 725,820 |
Pola Orbis Holdings, Inc. | 28,200 | 898,861 |
Rakuten, Inc. | 268,820 | 2,876,591 |
Recruit Holdings Co., Ltd. | 305,200 | 7,482,785 |
Renesas Electronics Corp. * | 137,700 | 1,780,335 |
Resona Holdings, Inc. | 619,100 | 3,346,439 |
Ricoh Co., Ltd. | 194,500 | 1,804,927 |
Rinnai Corp. | 11,500 | 985,347 |
Rohm Co., Ltd. | 26,900 | 2,504,047 |
Ryohin Keikaku Co., Ltd. | 6,400 | 1,887,980 |
Sankyo Co., Ltd. | 16,700 | 539,035 |
Santen Pharmaceutical Co., Ltd. | 104,000 | 1,652,586 |
SBI Holdings, Inc. | 61,990 | 978,306 |
Secom Co., Ltd. | 59,600 | 4,538,068 |
Sega Sammy Holdings, Inc. | 49,800 | 701,051 |
Seibu Holdings, Inc. | 50,100 | 895,675 |
Security | Number of Shares | Value ($) |
Seiko Epson Corp. | 77,900 | 1,858,949 |
Sekisui Chemical Co., Ltd. | 119,600 | 2,414,043 |
Sekisui House Ltd. | 167,300 | 3,128,252 |
Seven & i Holdings Co., Ltd. | 206,703 | 8,331,050 |
Seven Bank Ltd. | 149,400 | 552,525 |
Sharp Corp. *(a) | 40,100 | 1,275,663 |
Shimadzu Corp. | 64,000 | 1,330,695 |
Shimamura Co., Ltd. | 5,400 | 601,604 |
Shimano, Inc. | 21,400 | 2,928,404 |
Shimizu Corp. | 157,000 | 1,847,953 |
Shin-Etsu Chemical Co., Ltd. | 107,060 | 11,290,675 |
Shinsei Bank Ltd. | 39,700 | 669,968 |
Shionogi & Co., Ltd. | 82,900 | 4,463,093 |
Shiseido Co., Ltd. | 106,100 | 4,376,364 |
Showa Shell Sekiyu K.K. | 49,300 | 581,604 |
SMC Corp. | 16,000 | 6,120,963 |
SoftBank Group Corp. | 231,800 | 20,542,608 |
Sohgo Security Services Co., Ltd. | 21,400 | 1,031,007 |
Sompo Holdings, Inc. | 99,200 | 3,987,365 |
Sony Corp. | 351,600 | 14,709,074 |
Sony Financial Holdings, Inc. | 51,100 | 848,949 |
Stanley Electric Co., Ltd. | 43,800 | 1,616,851 |
Start Today Co., Ltd. | 54,500 | 1,492,734 |
Subaru Corp. | 170,300 | 5,883,710 |
Sumitomo Chemical Co., Ltd. | 443,000 | 3,113,337 |
Sumitomo Corp. | 336,000 | 4,859,938 |
Sumitomo Dainippon Pharma Co., Ltd. | 57,600 | 822,083 |
Sumitomo Electric Industries Ltd. | 202,200 | 3,442,522 |
Sumitomo Heavy Industries Ltd. | 29,200 | 1,226,823 |
Sumitomo Metal Mining Co., Ltd. | 66,500 | 2,623,530 |
Sumitomo Mitsui Financial Group, Inc. | 374,846 | 15,017,349 |
Sumitomo Mitsui Trust Holdings, Inc. | 93,600 | 3,694,376 |
Sumitomo Realty & Development Co., Ltd. | 99,000 | 3,315,727 |
Sumitomo Rubber Industries Ltd. | 51,000 | 968,373 |
Sundrug Co., Ltd. | 22,100 | 961,759 |
Suntory Beverage & Food Ltd. | 38,200 | 1,757,673 |
Suruga Bank Ltd. | 56,100 | 1,277,318 |
Suzuken Co., Ltd. | 19,500 | 702,933 |
Suzuki Motor Corp. | 93,900 | 5,143,209 |
Sysmex Corp. | 43,600 | 2,983,972 |
T&D Holdings, Inc. | 147,800 | 2,305,777 |
Taiheiyo Cement Corp. | 33,700 | 1,346,954 |
Taisei Corp. | 59,000 | 3,269,013 |
Taisho Pharmaceutical Holdings Co., Ltd. | 8,600 | 654,944 |
Taiyo Nippon Sanso Corp. | 27,900 | 334,999 |
Takashimaya Co., Ltd. | 81,000 | 745,273 |
Takeda Pharmaceutical Co., Ltd. | 197,500 | 11,136,015 |
TDK Corp. | 35,100 | 2,697,059 |
Teijin Ltd. | 48,200 | 1,020,165 |
Terumo Corp. | 90,200 | 3,758,659 |
The Bank of Kyoto Ltd. | 19,200 | 1,008,328 |
The Chiba Bank Ltd. | 195,000 | 1,494,791 |
The Chugoku Bank Ltd. | 43,400 | 622,106 |
The Chugoku Electric Power Co., Inc. | 70,100 | 781,625 |
The Hachijuni Bank Ltd. | 95,000 | 594,934 |
The Hiroshima Bank Ltd. | 58,000 | 491,072 |
The Kansai Electric Power Co., Inc. | 188,700 | 2,584,075 |
The Shizuoka Bank Ltd. | 162,000 | 1,576,521 |
The Yokohama Rubber Co., Ltd. | 33,400 | 750,901 |
THK Co., Ltd. | 33,000 | 1,203,714 |
Tobu Railway Co., Ltd. | 50,800 | 1,490,312 |
Toho Co., Ltd. | 29,100 | 964,121 |
Toho Gas Co., Ltd. | 26,000 | 726,924 |
Tohoku Electric Power Co., Inc. | 124,400 | 1,631,982 |
Tokio Marine Holdings, Inc. | 187,499 | 8,082,560 |
Tokyo Electric Power Co. Holdings, Inc. * | 388,290 | 1,593,783 |
Tokyo Electron Ltd. | 42,800 | 7,536,210 |
Tokyo Gas Co., Ltd. | 110,740 | 2,762,480 |
Security | Number of Shares | Value ($) |
Tokyo Tatemono Co., Ltd. | 64,500 | 904,827 |
Tokyu Corp. | 148,000 | 2,238,805 |
Tokyu Fudosan Holdings Corp. | 132,900 | 871,306 |
Toppan Printing Co., Ltd. | 142,000 | 1,444,668 |
Toray Industries, Inc. | 397,000 | 4,018,292 |
Toshiba Corp. * | 1,135,178 | 3,284,583 |
Tosoh Corp. | 86,500 | 1,866,733 |
TOTO Ltd. | 41,300 | 2,022,628 |
Toyo Seikan Group Holdings Ltd. | 52,000 | 919,772 |
Toyo Suisan Kaisha Ltd. | 22,800 | 877,117 |
Toyoda Gosei Co., Ltd. | 26,000 | 635,752 |
Toyota Industries Corp. | 43,200 | 2,659,024 |
Toyota Motor Corp. | 726,003 | 45,031,100 |
Toyota Tsusho Corp. | 64,100 | 2,331,350 |
Trend Micro, Inc. | 32,400 | 1,737,406 |
Tsuruha Holdings, Inc. | 10,100 | 1,252,224 |
Unicharm Corp. | 118,100 | 2,687,453 |
United Urban Investment Corp. | 783 | 1,126,436 |
USS Co., Ltd. | 60,600 | 1,225,017 |
West Japan Railway Co. | 46,200 | 3,257,837 |
Yahoo Japan Corp. | 394,300 | 1,762,859 |
Yakult Honsha Co., Ltd. | 23,100 | 1,909,863 |
Yamada Denki Co., Ltd. | 173,800 | 924,477 |
Yamaguchi Financial Group, Inc. | 67,000 | 811,584 |
Yamaha Corp. | 45,700 | 1,795,632 |
Yamaha Motor Co., Ltd. | 76,300 | 2,289,962 |
Yamato Holdings Co., Ltd. | 100,800 | 2,060,934 |
Yamazaki Baking Co., Ltd. | 32,000 | 575,998 |
Yaskawa Electric Corp. | 70,500 | 2,526,069 |
Yokogawa Electric Corp. | 60,900 | 1,156,869 |
976,817,067 | ||
Netherlands 3.6% | ||
ABN AMRO Group N.V. CVA | 113,613 | 3,508,863 |
Aegon N.V. | 495,968 | 2,928,122 |
AerCap Holdings N.V. * | 40,380 | 2,125,603 |
Akzo Nobel N.V. | 70,773 | 6,389,446 |
Altice N.V., Class A * | 135,343 | 2,552,378 |
Altice N.V., Class B * | 20,970 | 395,371 |
ASML Holding N.V. | 104,048 | 18,773,301 |
Boskalis Westminster N.V. | 22,260 | 795,717 |
Coca-Cola European Partners plc | 60,717 | 2,490,622 |
Gemalto N.V. | 23,007 | 910,511 |
Heineken Holding N.V. | 31,379 | 2,912,667 |
Heineken N.V. | 72,457 | 7,059,688 |
ING Groep N.V. | 1,083,040 | 20,013,998 |
Koninklijke Ahold Delhaize N.V. | 356,115 | 6,701,423 |
Koninklijke DSM N.V. | 50,397 | 4,299,755 |
Koninklijke KPN N.V. | 942,341 | 3,242,474 |
Koninklijke Philips N.V. | 259,892 | 10,591,353 |
Koninklijke Vopak N.V. | 16,676 | 721,789 |
NN Group N.V. | 89,064 | 3,729,779 |
NXP Semiconductors N.V. * | 96,296 | 11,271,447 |
Randstad Holding N.V. | 32,943 | 2,026,723 |
RELX N.V. | 276,466 | 6,241,714 |
Unilever N.V. CVA | 456,625 | 26,525,301 |
Wolters Kluwer N.V. | 81,834 | 4,010,893 |
150,218,938 | ||
New Zealand 0.2% | ||
Auckland International Airport Ltd. | 246,438 | 1,050,359 |
Contact Energy Ltd. | 213,532 | 840,403 |
Fletcher Building Ltd. | 204,452 | 1,031,302 |
Mercury NZ Ltd. | 208,238 | 468,789 |
Meridian Energy Ltd. | 316,280 | 617,033 |
Security | Number of Shares | Value ($) |
Ryman Healthcare Ltd. | 97,507 | 620,534 |
Spark New Zealand Ltd. | 556,130 | 1,401,178 |
6,029,598 | ||
Norway 0.7% | ||
DNB A.S.A. | 273,527 | 5,278,902 |
Gjensidige Forsikring A.S.A. | 60,359 | 1,135,880 |
Marine Harvest A.S.A. * | 119,065 | 2,325,033 |
Norsk Hydro A.S.A. | 391,392 | 3,028,728 |
Orkla A.S.A. | 234,587 | 2,297,823 |
Schibsted A.S.A., B Shares | 20,539 | 481,992 |
Schibsted A.S.A., Class A | 23,037 | 593,975 |
Statoil A.S.A. (a) | 308,132 | 6,260,475 |
Telenor A.S.A. | 210,393 | 4,467,430 |
Yara International A.S.A. | 49,786 | 2,364,471 |
28,234,709 | ||
Portugal 0.2% | ||
Banco Espirito Santo S.A. *(d) | 470,491 | — |
EDP - Energias de Portugal S.A. | 664,513 | 2,369,798 |
Galp Energia, SGPS, S.A. | 140,604 | 2,614,118 |
Jeronimo Martins, SGPS, S.A. | 68,968 | 1,253,089 |
6,237,005 | ||
Singapore 1.3% | ||
Ascendas Real Estate Investment Trust | 646,500 | 1,299,888 |
CapitaLand Commercial Trust | 786,000 | 1,001,182 |
CapitaLand Ltd. | 703,300 | 1,893,982 |
CapitaLand Mall Trust | 797,800 | 1,182,713 |
City Developments Ltd. | 113,500 | 1,077,895 |
ComfortDelGro Corp., Ltd. | 537,600 | 796,969 |
DBS Group Holdings Ltd. | 498,146 | 8,318,318 |
Genting Singapore plc | 1,564,900 | 1,400,699 |
Global Logistic Properties Ltd. | 768,200 | 1,871,237 |
Golden Agri-Resources Ltd. | 1,652,500 | 478,947 |
Hutchison Port Holdings Trust, Class U | 1,611,200 | 692,824 |
Jardine Cycle & Carriage Ltd. | 27,000 | 780,745 |
Keppel Corp., Ltd. | 391,300 | 2,153,819 |
Oversea-Chinese Banking Corp., Ltd. | 870,571 | 7,603,235 |
SATS Ltd. | 177,500 | 612,265 |
Sembcorp Industries Ltd. | 260,600 | 631,160 |
Singapore Airlines Ltd. | 153,300 | 1,155,323 |
Singapore Exchange Ltd. | 226,900 | 1,276,920 |
Singapore Press Holdings Ltd. | 451,000 | 893,112 |
Singapore Technologies Engineering Ltd. | 442,400 | 1,129,432 |
Singapore Telecommunications Ltd. | 2,254,737 | 6,204,956 |
StarHub Ltd. | 129,000 | 248,974 |
Suntec Real Estate Investment Trust | 714,800 | 1,023,293 |
United Overseas Bank Ltd. | 368,433 | 6,655,996 |
UOL Group Ltd. | 131,167 | 869,855 |
Wilmar International Ltd. | 456,200 | 1,135,231 |
Yangzijiang Shipbuilding Holdings Ltd. | 625,000 | 722,038 |
53,111,008 | ||
Spain 3.4% | ||
Abertis Infraestructuras S.A. | 188,711 | 4,081,594 |
ACS Actividades de Construccion y Servicios S.A. | 63,920 | 2,519,666 |
Aena SME S.A. | 18,947 | 3,476,273 |
Amadeus IT Group S.A. | 120,424 | 8,170,634 |
Banco Bilbao Vizcaya Argentaria S.A. | 1,872,711 | 16,375,864 |
Banco De Sabadell S.A. | 1,542,374 | 3,088,160 |
Banco Santander S.A. | 4,459,469 | 30,232,123 |
Bankia S.A. | 293,473 | 1,400,525 |
Bankinter S.A. | 187,312 | 1,767,614 |
Security | Number of Shares | Value ($) |
CaixaBank S.A. | 1,011,733 | 4,733,281 |
Distribuidora Internacional de Alimentacion S.A. | 162,710 | 795,812 |
Enagas S.A. | 66,459 | 1,914,267 |
Endesa S.A. | 91,958 | 2,104,757 |
Ferrovial S.A. | 131,843 | 2,863,182 |
Gas Natural SDG S.A. | 102,397 | 2,191,041 |
Grifols S.A. | 83,458 | 2,611,810 |
Iberdrola S.A. | 1,587,071 | 12,825,130 |
Industria de Diseno Textil S.A. | 304,112 | 11,367,108 |
International Consolidated Airlines Group S.A. | 192,071 | 1,621,215 |
Mapfre S.A. | 291,986 | 954,940 |
Red Electrica Corp. S.A. | 121,725 | 2,695,296 |
Repsol S.A. | 343,004 | 6,427,687 |
Siemens Gamesa Renewable Energy S.A. | 60,218 | 873,149 |
Telefonica S.A. | 1,254,858 | 13,157,767 |
138,248,895 | ||
Sweden 2.8% | ||
Alfa Laval AB | 80,689 | 2,043,440 |
Assa Abloy AB, Class B | 275,507 | 5,808,472 |
Atlas Copco AB, A Shares | 184,381 | 8,085,373 |
Atlas Copco AB, B Shares | 110,747 | 4,396,456 |
Boliden AB | 75,622 | 2,646,147 |
Electrolux AB, B Shares | 68,141 | 2,408,551 |
Essity AB, Class B * | 171,418 | 5,123,587 |
Getinge AB, B Shares | 64,316 | 1,265,970 |
Hennes & Mauritz AB, B Shares | 262,340 | 6,583,447 |
Hexagon AB, B Shares | 71,900 | 3,686,679 |
Husqvarna AB, B Shares | 114,980 | 1,123,263 |
ICA Gruppen AB | 24,300 | 896,165 |
Industrivarden AB, C Shares | 41,251 | 1,060,008 |
Investor AB, B Shares | 128,484 | 6,365,951 |
Kinnevik AB, Class B | 61,627 | 2,021,481 |
LE Lundbergfortagen AB, B Shares | 10,512 | 820,534 |
Lundin Petroleum AB * | 49,233 | 1,158,215 |
Millicom International Cellular S.A. SDR | 17,764 | 1,136,006 |
Nordea Bank AB | 836,430 | 10,108,011 |
Sandvik AB | 322,983 | 5,895,565 |
Securitas AB, B Shares | 85,001 | 1,491,422 |
Skandinaviska Enskilda Banken AB, A Shares | 424,273 | 5,228,574 |
Skanska AB, B Shares | 96,800 | 2,122,686 |
SKF AB, B Shares | 111,173 | 2,583,530 |
Svenska Handelsbanken AB, A Shares | 424,125 | 6,078,699 |
Swedbank AB, A Shares | 250,015 | 6,204,809 |
Swedish Match AB | 50,944 | 1,919,110 |
Tele2 AB, B Shares | 111,029 | 1,412,260 |
Telefonaktiebolaget LM Ericsson, B Shares | 873,182 | 5,495,003 |
Telia Co. AB (a) | 730,027 | 3,378,903 |
Volvo AB, B Shares | 425,296 | 8,423,515 |
116,971,832 | ||
Switzerland 7.9% | ||
ABB Ltd. | 556,553 | 14,534,398 |
Adecco Group AG | 43,591 | 3,458,393 |
Baloise Holding AG | 14,724 | 2,321,346 |
Barry Callebaut AG * | 731 | 1,142,199 |
Chocoladefabriken Lindt & Spruengli AG | 297 | 3,628,208 |
Cie Financiere Richemont S.A. | 144,266 | 13,299,345 |
Credit Suisse Group AG * | 670,137 | 10,560,569 |
Dufry AG * | 10,021 | 1,491,609 |
EMS-Chemie Holding AG | 2,363 | 1,549,115 |
Geberit AG | 10,107 | 4,575,978 |
Givaudan S.A. | 2,578 | 5,757,417 |
Julius Baer Group Ltd. * | 63,156 | 3,735,523 |
Kuehne & Nagel International AG | 14,309 | 2,500,008 |
LafargeHolcim Ltd. * | 126,038 | 7,116,721 |
Security | Number of Shares | Value ($) |
Lonza Group AG * | 20,788 | 5,522,564 |
Nestle S.A. | 868,777 | 73,097,594 |
Novartis AG | 621,455 | 51,257,131 |
Pargesa Holding S.A. | 11,548 | 967,048 |
Partners Group Holding AG | 4,946 | 3,326,620 |
Roche Holding AG | 195,281 | 45,135,488 |
Schindler Holding AG | 16,356 | 3,675,381 |
SGS S.A. | 1,512 | 3,733,948 |
Sika AG | 599 | 4,433,481 |
Sonova Holding AG | 13,942 | 2,516,977 |
Straumann Holding AG | 2,898 | 2,023,383 |
Swiss Life Holding AG * | 8,880 | 3,086,415 |
Swiss Prime Site AG * | 18,543 | 1,582,656 |
Swiss Re AG | 89,587 | 8,431,059 |
Swisscom AG | 7,537 | 3,807,878 |
The Swatch Group AG | 16,240 | 1,224,116 |
The Swatch Group AG - Bearer Shares | 8,667 | 3,396,976 |
UBS Group AG * | 1,017,399 | 17,309,115 |
Vifor Pharma AG | 12,709 | 1,634,643 |
Zurich Insurance Group AG | 42,680 | 13,024,445 |
324,857,747 | ||
United Kingdom 17.4% | ||
3i Group plc | 261,491 | 3,337,186 |
Admiral Group plc | 55,664 | 1,421,981 |
Anglo American plc | 369,917 | 6,977,748 |
Antofagasta plc | 106,452 | 1,349,132 |
Ashtead Group plc | 141,228 | 3,637,965 |
Associated British Foods plc | 100,097 | 4,430,211 |
AstraZeneca plc | 351,198 | 23,762,395 |
Auto Trader Group plc | 307,544 | 1,398,499 |
Aviva plc | 1,136,161 | 7,621,850 |
Babcock International Group plc | 74,455 | 802,820 |
BAE Systems plc | 879,454 | 6,927,755 |
Barclays plc | 4,807,158 | 11,862,675 |
Barratt Developments plc | 293,038 | 2,547,912 |
BHP Billiton plc | 597,205 | 10,812,775 |
BP plc | 5,460,868 | 37,039,198 |
British American Tobacco plc | 643,188 | 41,556,264 |
BT Group plc | 2,326,722 | 8,016,792 |
Bunzl plc | 93,336 | 2,907,463 |
Burberry Group plc | 126,033 | 3,183,268 |
Capita plc | 203,780 | 1,419,128 |
Carnival plc | 51,118 | 3,370,121 |
Centrica plc | 1,516,652 | 3,420,305 |
Cobham plc * | 654,953 | 1,209,127 |
Coca-Cola HBC AG CDI * | 54,186 | 1,831,333 |
Compass Group plc | 441,962 | 9,702,984 |
ConvaTec Group plc | 385,949 | 1,004,168 |
Croda International plc | 35,749 | 1,986,739 |
DCC plc | 24,390 | 2,312,985 |
Diageo plc | 700,102 | 23,907,652 |
Direct Line Insurance Group plc | 367,947 | 1,816,013 |
Dixons Carphone plc | 239,157 | 550,855 |
easyJet plc | 57,117 | 1,015,817 |
Experian plc | 263,215 | 5,545,491 |
Ferguson plc | 71,911 | 5,028,734 |
Fresnillo plc | 63,457 | 1,097,442 |
G4S plc | 428,557 | 1,599,127 |
GKN plc | 486,916 | 2,052,280 |
GlaxoSmithKline plc | 1,366,035 | 24,516,682 |
Glencore plc * | 3,383,035 | 16,317,052 |
Hammerson plc | 208,256 | 1,449,717 |
Hargreaves Lansdown plc | 81,707 | 1,716,356 |
Hikma Pharmaceuticals plc | 33,976 | 525,167 |
HSBC Holdings plc | 5,586,620 | 54,554,004 |
IMI plc | 87,056 | 1,412,534 |
Security | Number of Shares | Value ($) |
Imperial Brands plc | 267,226 | 10,895,218 |
Inmarsat plc | 119,483 | 985,557 |
InterContinental Hotels Group plc | 52,648 | 2,916,769 |
Intertek Group plc | 44,349 | 3,194,948 |
Intu Properties plc | 261,219 | 749,911 |
Investec plc | 176,717 | 1,209,206 |
ITV plc | 993,869 | 2,172,507 |
J. Sainsbury plc | 439,851 | 1,416,418 |
John Wood Group plc | 185,000 | 1,749,324 |
Johnson Matthey plc | 53,319 | 2,393,793 |
Kingfisher plc | 633,788 | 2,635,056 |
Land Securities Group plc | 204,549 | 2,627,178 |
Legal & General Group plc | 1,638,392 | 5,809,035 |
Lloyds Banking Group plc | 20,167,527 | 18,280,462 |
London Stock Exchange Group plc | 87,546 | 4,371,954 |
Marks & Spencer Group plc | 476,114 | 2,176,025 |
Mediclinic International plc | 100,138 | 774,050 |
Meggitt plc | 207,353 | 1,427,423 |
Merlin Entertainments plc | 207,624 | 1,044,410 |
Micro Focus International plc | 122,808 | 4,313,571 |
Mondi plc | 102,645 | 2,482,388 |
National Grid plc | 949,045 | 11,424,087 |
Next plc | 40,950 | 2,676,763 |
Old Mutual plc | 1,360,651 | 3,451,601 |
Pearson plc | 229,305 | 2,141,167 |
Persimmon plc | 84,575 | 3,147,439 |
Provident Financial plc (a) | 58,138 | 719,267 |
Prudential plc | 719,770 | 17,667,016 |
Randgold Resources Ltd. | 25,936 | 2,548,673 |
Reckitt Benckiser Group plc | 184,964 | 16,548,109 |
RELX plc | 292,588 | 6,732,713 |
Rio Tinto plc | 341,266 | 16,128,440 |
Rolls-Royce Holdings plc * | 457,104 | 5,907,144 |
Rolls-Royce Holdings plc, C Shares *(d) | 21,026,784 | 27,927 |
Royal Bank of Scotland Group plc * | 967,843 | 3,635,767 |
Royal Dutch Shell plc, A Shares | 1,251,725 | 39,404,030 |
Royal Dutch Shell plc, B Shares | 1,046,164 | 33,683,624 |
Royal Mail plc | 243,512 | 1,210,886 |
RSA Insurance Group plc | 271,498 | 2,267,095 |
Schroders plc | 35,264 | 1,636,138 |
Segro plc | 263,613 | 1,903,049 |
Severn Trent plc | 63,466 | 1,779,549 |
Shire plc | 256,194 | 12,618,988 |
Sky plc * | 277,679 | 3,477,722 |
Smith & Nephew plc | 244,744 | 4,616,257 |
Smiths Group plc | 108,800 | 2,270,208 |
SSE plc | 281,891 | 5,177,182 |
St. James's Place plc | 155,863 | 2,436,123 |
Standard Chartered plc * | 903,330 | 8,997,048 |
Standard Life Aberdeen plc | 760,711 | 4,340,788 |
Tate & Lyle plc | 123,305 | 1,059,224 |
Taylor Wimpey plc | 879,957 | 2,331,954 |
Tesco plc | 2,293,803 | 5,527,118 |
The Berkeley Group Holdings plc | 35,591 | 1,768,378 |
The British Land Co., plc | 277,502 | 2,215,632 |
The Sage Group plc | 317,953 | 3,147,291 |
The Weir Group plc | 55,366 | 1,435,345 |
Travis Perkins plc | 78,260 | 1,579,903 |
TUI AG | 114,159 | 2,061,842 |
Unilever plc | 356,056 | 20,179,099 |
United Utilities Group plc | 180,841 | 2,000,752 |
Vodafone Group plc | 7,389,349 | 21,136,039 |
Whitbread plc | 50,582 | 2,480,869 |
WM Morrison Supermarkets plc | 629,343 | 1,874,002 |
Security | Number of Shares | Value ($) |
Worldpay Group plc | 561,569 | 3,027,200 |
WPP plc | 352,104 | 6,224,922 |
719,205,275 | ||
Total Common Stock | ||
(Cost $3,137,345,040) | 4,060,485,181 | |
Preferred Stock 0.6% of net assets | ||
Germany 0.5% | ||
Bayerische Motoren Werke AG | 16,769 | 1,471,354 |
Fuchs Petrolub SE | 20,460 | 1,152,152 |
Henkel AG & Co. KGaA | 48,840 | 6,857,932 |
Porsche Automobil Holding SE | 45,046 | 3,296,260 |
Schaeffler AG | 56,445 | 899,961 |
Volkswagen AG | 52,574 | 9,626,464 |
23,304,123 | ||
Italy 0.1% | ||
Intesa Sanpaolo S.p.A. - RSP | 275,066 | 866,926 |
Telecom Italia S.p.A. - RSP | 1,719,130 | 1,221,394 |
2,088,320 | ||
Total Preferred Stock | ||
(Cost $21,356,947) | 25,392,443 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/17 * | 4,459,469 | 212,979 |
Ferrovial S.A. expires 11/13/17 * | 131,843 | 63,427 |
Total Rights | ||
(Cost $271,849) | 276,406 | |
Other Investment Company 0.5% of net assets | ||
United States 0.5% | ||
Securities Lending Collateral 0.5% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 21,252,836 | 21,252,836 |
Total Other Investment Company | ||
(Cost $21,252,836) | 21,252,836 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.4% of net assets | ||
Time Deposits 0.4% | ||
BNP Paribas | ||
Hong Kong Dollar | ||
0.01%, 11/01/17 (c) | 338,863 | 43,436 |
Brown Brothers Harriman | ||
Danish Krone | ||
(0.65%), 11/01/17 (c) | 938 | 147 |
Euro | ||
(0.57%), 11/01/17 (c) | 10,861 | 12,651 |
New Zealand Dollar | ||
0.95%, 11/01/17 (c) | 15,848 | 10,845 |
Norwegian Krone | ||
0.05%, 11/01/17 (c) | 45,594 | 5,582 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Singapore Dollar | ||
0.01%, 11/01/17 (c) | 1,231 | 903 |
Swiss Franc | ||
(1.45%), 11/01/17 (c) | 38,968 | 39,060 |
National Australia Bank | ||
Australian Dollar | ||
0.49%, 11/01/17 (c) | 56,068 | 42,912 |
Skandinaviska Enskilda Banken | ||
Swedish Krone | ||
(0.89%), 11/01/17 (c) | 677,198 | 80,892 |
Sumitomo Mitsui Banking Corp. | ||
Great British Pound | ||
0.05%, 11/01/17 (c) | 125,224 | 166,316 |
Japanese Yen | ||
(0.24%), 11/01/17 (c) | 4,207,716 | 37,006 |
U.S. Dollar | ||
0.60%, 11/01/17 (c) | 17,116,052 | 17,116,052 |
Total Short-Term Investments | ||
(Cost $17,555,802) | 17,555,802 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 388 | 38,943,560 | 123,114 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $20,335,458. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Table of Contents
Security | Number of Shares | Value ($) |
Common Stock 99.5% of net assets | ||
Automobiles & Components 1.7% | ||
Adient plc | 51,885 | 4,377,019 |
BorgWarner, Inc. | 75,467 | 3,978,620 |
Cooper Tire & Rubber Co. | 29,100 | 954,480 |
Dana, Inc. | 65,100 | 1,984,899 |
Delphi Automotive plc | 64,200 | 6,380,196 |
Ford Motor Co. | 2,019,831 | 24,783,326 |
General Motors Co. | 709,068 | 30,475,743 |
Harley-Davidson, Inc. | 68,054 | 3,221,676 |
Lear Corp. | 26,200 | 4,600,458 |
Tenneco, Inc. | 17,600 | 1,022,736 |
The Goodyear Tire & Rubber Co. | 111,490 | 3,410,479 |
Thor Industries, Inc. | 12,200 | 1,661,884 |
Visteon Corp. * | 18,900 | 2,382,156 |
89,233,672 | ||
Banks 5.0% | ||
Bank of America Corp. | 1,178,794 | 32,287,168 |
BB&T Corp. | 139,675 | 6,877,597 |
CIT Group, Inc. | 45,400 | 2,116,548 |
Citigroup, Inc. | 600,952 | 44,169,972 |
Citizens Financial Group, Inc. | 79,000 | 3,002,790 |
Comerica, Inc. | 26,700 | 2,097,819 |
Fifth Third Bancorp | 174,490 | 5,042,761 |
Huntington Bancshares, Inc. | 167,827 | 2,316,012 |
JPMorgan Chase & Co. | 681,443 | 68,559,980 |
KeyCorp | 162,657 | 2,968,490 |
M&T Bank Corp. | 19,519 | 3,255,184 |
New York Community Bancorp, Inc. | 117,530 | 1,476,177 |
People's United Financial, Inc. | 89,577 | 1,671,507 |
PHH Corp. * | 95,458 | 1,261,000 |
Regions Financial Corp. | 228,525 | 3,537,567 |
SunTrust Banks, Inc. | 90,760 | 5,464,659 |
The PNC Financial Services Group, Inc. | 85,915 | 11,752,313 |
U.S. Bancorp | 304,200 | 16,542,396 |
Wells Fargo & Co. | 1,002,513 | 56,281,080 |
270,681,020 | ||
Capital Goods 8.3% | ||
3M Co. | 126,781 | 29,183,718 |
AECOM * | 55,854 | 1,958,241 |
AGCO Corp. | 43,240 | 2,964,967 |
Allison Transmission Holdings, Inc. | 31,100 | 1,321,439 |
AMETEK, Inc. | 36,200 | 2,443,138 |
Arconic, Inc. | 108,210 | 2,718,235 |
Carlisle Cos., Inc. | 13,700 | 1,504,671 |
Caterpillar, Inc. | 204,477 | 27,767,977 |
Chicago Bridge & Iron Co., N.V. (a) | 82,500 | 1,150,050 |
Cummins, Inc. | 53,694 | 9,497,395 |
Deere & Co. | 138,593 | 18,416,238 |
Donaldson Co., Inc. | 26,500 | 1,251,065 |
Dover Corp. | 53,375 | 5,096,779 |
Eaton Corp. plc | 119,016 | 9,523,660 |
EMCOR Group, Inc. | 21,940 | 1,766,389 |
Security | Number of Shares | Value ($) |
Emerson Electric Co. | 243,000 | 15,663,780 |
Fastenal Co. | 58,640 | 2,754,321 |
Flowserve Corp. | 60,175 | 2,651,912 |
Fluor Corp. | 147,250 | 6,345,003 |
Fortive Corp. | 38,878 | 2,809,324 |
Fortune Brands Home & Security, Inc. | 23,600 | 1,559,016 |
General Dynamics Corp. | 62,316 | 12,648,902 |
General Electric Co. | 2,135,278 | 43,047,204 |
Honeywell International, Inc. | 130,545 | 18,819,367 |
Hubbell, Inc. | 15,484 | 1,948,197 |
Huntington Ingalls Industries, Inc. | 8,100 | 1,885,923 |
IDEX Corp. | 12,800 | 1,641,088 |
Illinois Tool Works, Inc. | 88,484 | 13,849,516 |
Ingersoll-Rand plc | 56,182 | 4,977,725 |
Jacobs Engineering Group, Inc. | 60,540 | 3,524,033 |
Johnson Controls International plc | 207,098 | 8,571,786 |
KBR, Inc. | 81,600 | 1,601,808 |
Lincoln Electric Holdings, Inc. | 17,200 | 1,576,724 |
Lockheed Martin Corp. | 50,334 | 15,510,925 |
Masco Corp. | 35,400 | 1,409,628 |
MSC Industrial Direct Co., Inc., Class A | 13,200 | 1,094,280 |
Nordson Corp. | 8,800 | 1,114,872 |
Northrop Grumman Corp. | 50,733 | 14,993,124 |
Oshkosh Corp. | 35,620 | 3,261,367 |
Owens Corning | 32,950 | 2,724,636 |
PACCAR, Inc. | 102,621 | 7,361,004 |
Parker-Hannifin Corp. | 39,497 | 7,212,547 |
Pentair plc | 41,937 | 2,954,881 |
Quanta Services, Inc. * | 80,800 | 3,048,584 |
Raytheon Co. | 72,465 | 13,058,193 |
Regal Beloit Corp. | 16,500 | 1,338,975 |
Rockwell Automation, Inc. | 24,050 | 4,829,721 |
Rockwell Collins, Inc. | 29,730 | 4,031,388 |
Roper Technologies, Inc. | 9,000 | 2,323,530 |
Snap-on, Inc. | 10,900 | 1,719,802 |
Spirit AeroSystems Holdings, Inc., Class A | 22,500 | 1,802,250 |
Stanley Black & Decker, Inc. | 33,103 | 5,347,790 |
Terex Corp. | 43,800 | 2,063,418 |
Textron, Inc. | 73,820 | 3,893,267 |
The Boeing Co. | 110,492 | 28,504,726 |
The Timken Co. | 33,365 | 1,573,160 |
TransDigm Group, Inc. | 8,600 | 2,386,500 |
Trinity Industries, Inc. | 63,300 | 2,058,516 |
United Rentals, Inc. * | 25,300 | 3,579,444 |
United Technologies Corp. | 243,342 | 29,142,638 |
Valmont Industries, Inc. | 9,000 | 1,430,100 |
W.W. Grainger, Inc. | 23,738 | 4,693,003 |
WABCO Holdings, Inc. * | 10,700 | 1,578,999 |
Wabtec Corp. | 13,600 | 1,040,400 |
Watsco, Inc. | 6,900 | 1,149,333 |
WESCO International, Inc. * | 28,900 | 1,825,035 |
Xylem, Inc. | 28,655 | 1,906,417 |
444,402,044 | ||
Commercial & Professional Services 0.6% | ||
ABM Industries, Inc. | 25,100 | 1,053,447 |
Cintas Corp. | 17,550 | 2,615,652 |
Equifax, Inc. | 12,230 | 1,327,322 |
LSC Communications, Inc. | 32,317 | 522,889 |
ManpowerGroup, Inc. | 45,390 | 5,595,679 |
Nielsen Holdings plc | 70,700 | 2,620,849 |
Pitney Bowes, Inc. | 115,819 | 1,591,353 |
Republic Services, Inc. | 56,293 | 3,662,986 |
Robert Half International, Inc. | 46,310 | 2,397,469 |
Security | Number of Shares | Value ($) |
The Dun & Bradstreet Corp. | 13,040 | 1,523,463 |
Waste Management, Inc. | 104,014 | 8,546,830 |
31,457,939 | ||
Consumer Durables & Apparel 1.2% | ||
Carter's, Inc. | 11,600 | 1,122,068 |
D.R. Horton, Inc. | 58,700 | 2,595,127 |
Fossil Group, Inc. * | 133,700 | 1,053,556 |
Garmin Ltd. | 31,870 | 1,804,161 |
Hanesbrands, Inc. | 61,000 | 1,372,500 |
Hasbro, Inc. | 22,741 | 2,105,589 |
Leggett & Platt, Inc. | 34,017 | 1,607,643 |
Lennar Corp., Class A | 28,400 | 1,581,028 |
Mattel, Inc. (a) | 180,135 | 2,543,506 |
Michael Kors Holdings Ltd. * | 54,300 | 2,650,383 |
Mohawk Industries, Inc. * | 8,835 | 2,312,650 |
Newell Brands, Inc. | 37,703 | 1,537,528 |
NIKE, Inc., Class B | 259,654 | 14,278,373 |
NVR, Inc. * | 1,029 | 3,376,530 |
Polaris Industries, Inc. | 19,900 | 2,356,757 |
PulteGroup, Inc. | 80,700 | 2,439,561 |
PVH Corp. | 19,680 | 2,495,621 |
Ralph Lauren Corp. | 38,320 | 3,426,958 |
Tapestry, Inc. | 112,675 | 4,614,041 |
Tupperware Brands Corp. | 21,158 | 1,243,033 |
VF Corp. | 87,780 | 6,113,877 |
Whirlpool Corp. | 25,955 | 4,254,803 |
66,885,293 | ||
Consumer Services 1.8% | ||
Adtalem Global Education, Inc. | 29,100 | 1,075,245 |
Aramark | 56,000 | 2,446,640 |
Brinker International, Inc. | 30,855 | 947,866 |
Carnival Corp. | 99,610 | 6,613,108 |
Chipotle Mexican Grill, Inc. * | 4,987 | 1,355,965 |
Darden Restaurants, Inc. | 27,162 | 2,234,618 |
H&R Block, Inc. | 78,965 | 1,953,594 |
International Game Technology plc | 53,600 | 1,259,600 |
Las Vegas Sands Corp. | 80,100 | 5,076,738 |
Marriott International, Inc., Class A | 56,725 | 6,777,503 |
McDonald's Corp. | 217,148 | 36,244,173 |
MGM Resorts International | 84,015 | 2,633,870 |
Royal Caribbean Cruises Ltd. | 27,629 | 3,419,641 |
Service Corp. International | 33,000 | 1,170,180 |
Starbucks Corp. | 136,180 | 7,468,111 |
The Wendy's Co. | 78,000 | 1,186,380 |
Wyndham Worldwide Corp. | 39,440 | 4,214,164 |
Wynn Resorts Ltd. | 24,804 | 3,658,342 |
Yum China Holdings, Inc. * | 73,930 | 2,983,076 |
Yum! Brands, Inc. | 74,730 | 5,563,648 |
98,282,462 | ||
Diversified Financials 4.8% | ||
Affiliated Managers Group, Inc. | 7,100 | 1,324,150 |
AGNC Investment Corp. | 79,300 | 1,596,309 |
Ally Financial, Inc. | 336,400 | 8,790,132 |
American Express Co. | 242,407 | 23,154,717 |
Ameriprise Financial, Inc. | 51,934 | 8,129,748 |
Annaly Capital Management, Inc. | 245,761 | 2,816,421 |
Berkshire Hathaway, Inc., Class B * | 322,486 | 60,285,532 |
BlackRock, Inc. | 17,700 | 8,333,691 |
Capital One Financial Corp. | 172,332 | 15,885,564 |
CME Group, Inc. | 37,500 | 5,143,875 |
Discover Financial Services | 139,422 | 9,275,746 |
Franklin Resources, Inc. | 121,909 | 5,136,026 |
Security | Number of Shares | Value ($) |
Intercontinental Exchange, Inc. | 28,100 | 1,857,410 |
Invesco Ltd. | 105,800 | 3,786,582 |
Legg Mason, Inc. | 54,120 | 2,066,302 |
Leucadia National Corp. | 66,500 | 1,682,450 |
LPL Financial Holdings, Inc. | 30,600 | 1,518,066 |
Moody's Corp. | 24,070 | 3,427,809 |
Morgan Stanley | 152,283 | 7,614,150 |
MSCI, Inc. | 10,300 | 1,208,808 |
Nasdaq, Inc. | 16,883 | 1,226,550 |
Navient Corp. | 247,100 | 3,078,866 |
Northern Trust Corp. | 27,910 | 2,610,143 |
Raymond James Financial, Inc. | 15,400 | 1,305,612 |
S&P Global, Inc. | 30,768 | 4,814,269 |
Santander Consumer USA Holdings, Inc. * | 88,200 | 1,467,648 |
SEI Investments Co. | 21,100 | 1,361,161 |
SLM Corp. * | 203,500 | 2,155,065 |
State Street Corp. | 77,066 | 7,090,072 |
Synchrony Financial | 228,500 | 7,453,670 |
T. Rowe Price Group, Inc. | 64,845 | 6,024,100 |
TD Ameritrade Holding Corp. | 33,100 | 1,654,669 |
The Bank of New York Mellon Corp. | 175,849 | 9,047,431 |
The Charles Schwab Corp. (b) | 65,715 | 2,946,661 |
The Goldman Sachs Group, Inc. | 110,709 | 26,844,718 |
Voya Financial, Inc. | 66,600 | 2,674,656 |
Waddell & Reed Financial, Inc., Class A | 62,100 | 1,160,649 |
255,949,428 | ||
Energy 13.2% | ||
Anadarko Petroleum Corp. | 154,679 | 7,636,502 |
Andeavor | 88,784 | 9,432,412 |
Apache Corp. | 188,768 | 7,809,332 |
Baker Hughes, a GE Co. | 204,886 | 6,439,567 |
Cabot Oil & Gas Corp. | 46,500 | 1,288,050 |
Chesapeake Energy Corp. *(a) | 710,626 | 2,771,441 |
Chevron Corp. | 1,128,722 | 130,807,593 |
Concho Resources, Inc. * | 11,000 | 1,476,310 |
ConocoPhillips | 981,482 | 50,202,804 |
CONSOL Energy, Inc. * | 114,235 | 1,842,611 |
Delek US Holdings, Inc. | 90,600 | 2,360,130 |
Devon Energy Corp. | 162,627 | 6,000,936 |
Diamond Offshore Drilling, Inc. *(a) | 108,420 | 1,813,867 |
Ensco plc, Class A | 546,400 | 2,945,096 |
EOG Resources, Inc. | 87,401 | 8,728,738 |
EQT Corp. | 25,900 | 1,619,786 |
Exxon Mobil Corp. | 2,531,391 | 210,991,440 |
Halliburton Co. | 293,170 | 12,530,086 |
Helmerich & Payne, Inc. (a) | 43,795 | 2,378,506 |
Hess Corp. | 276,204 | 12,197,169 |
HollyFrontier Corp. | 259,702 | 9,595,989 |
Kinder Morgan, Inc. | 477,300 | 8,643,903 |
Marathon Oil Corp. | 717,419 | 10,201,698 |
Marathon Petroleum Corp. | 415,752 | 24,837,024 |
Murphy Oil Corp. | 198,850 | 5,319,238 |
Nabors Industries Ltd. | 264,300 | 1,488,009 |
National Oilwell Varco, Inc. | 281,101 | 9,610,843 |
Noble Corp. plc * | 551,200 | 2,292,992 |
Noble Energy, Inc. | 114,070 | 3,179,131 |
Occidental Petroleum Corp. | 344,030 | 22,214,017 |
Oceaneering International, Inc. | 66,000 | 1,334,520 |
ONEOK, Inc. | 44,620 | 2,421,527 |
Patterson-UTI Energy, Inc. | 64,900 | 1,283,722 |
PBF Energy, Inc., Class A | 92,800 | 2,688,416 |
Peabody Energy Corp. * | 26,700 | 824,763 |
Phillips 66 | 390,008 | 35,521,929 |
Pioneer Natural Resources Co. | 15,000 | 2,245,050 |
QEP Resources, Inc. * | 161,442 | 1,444,906 |
Schlumberger Ltd. | 407,460 | 26,077,440 |
Security | Number of Shares | Value ($) |
SM Energy Co. | 64,300 | 1,371,519 |
Superior Energy Services, Inc. * | 134,200 | 1,183,644 |
Targa Resources Corp. | 25,200 | 1,045,800 |
The Williams Cos., Inc. | 182,409 | 5,198,657 |
Transocean Ltd. * | 387,500 | 4,068,750 |
Valero Energy Corp. | 470,946 | 37,152,930 |
Weatherford International plc * | 734,100 | 2,547,327 |
Whiting Petroleum Corp. * | 183,500 | 1,102,835 |
World Fuel Services Corp. | 166,400 | 4,625,920 |
710,794,875 | ||
Food & Staples Retailing 3.6% | ||
Casey's General Stores, Inc. | 12,712 | 1,456,414 |
Costco Wholesale Corp. | 145,063 | 23,366,748 |
CVS Health Corp. | 596,356 | 40,868,277 |
Rite Aid Corp. * | 346,300 | 571,395 |
Sysco Corp. | 183,939 | 10,230,687 |
The Kroger Co. | 571,468 | 11,829,387 |
U.S. Foods Holding Corp. * | 27,100 | 739,288 |
United Natural Foods, Inc. * | 38,800 | 1,504,276 |
Wal-Mart Stores, Inc. | 970,962 | 84,774,692 |
Walgreens Boots Alliance, Inc. | 262,092 | 17,368,837 |
192,710,001 | ||
Food, Beverage & Tobacco 4.3% | ||
Altria Group, Inc. | 304,416 | 19,549,595 |
Archer-Daniels-Midland Co. | 472,884 | 19,326,769 |
Brown-Forman Corp., Class B | 41,954 | 2,392,217 |
Bunge Ltd. | 145,816 | 10,029,224 |
Campbell Soup Co. | 34,330 | 1,626,212 |
ConAgra Brands, Inc. | 88,020 | 3,006,763 |
Constellation Brands, Inc., Class A | 12,220 | 2,677,280 |
Dr Pepper Snapple Group, Inc. | 46,141 | 3,952,438 |
General Mills, Inc. | 167,418 | 8,692,343 |
Hormel Foods Corp. | 59,678 | 1,859,566 |
Ingredion, Inc. | 19,900 | 2,494,465 |
Kellogg Co. | 58,037 | 3,629,054 |
Lamb Weston Holdings, Inc. | 28,873 | 1,472,234 |
McCormick & Co., Inc. - Non Voting Shares | 19,978 | 1,988,410 |
Molson Coors Brewing Co., Class B | 23,180 | 1,874,567 |
Mondelez International, Inc., Class A | 389,695 | 16,145,064 |
Monster Beverage Corp. * | 23,600 | 1,367,148 |
PepsiCo, Inc. | 323,033 | 35,607,928 |
Philip Morris International, Inc. | 368,338 | 38,542,888 |
The Coca-Cola Co. | 832,173 | 38,263,315 |
The Hershey Co. | 24,912 | 2,645,156 |
The JM Smucker Co. | 31,525 | 3,343,226 |
The Kraft Heinz Co. | 54,744 | 4,233,354 |
Tyson Foods, Inc., Class A | 117,115 | 8,538,855 |
233,258,071 | ||
Health Care Equipment & Services 5.4% | ||
Abbott Laboratories | 338,567 | 18,360,488 |
Aetna, Inc. | 96,531 | 16,413,166 |
AmerisourceBergen Corp. | 49,567 | 3,814,181 |
Anthem, Inc. | 144,000 | 30,126,240 |
Baxter International, Inc. | 91,253 | 5,883,081 |
Becton, Dickinson & Co. | 34,562 | 7,212,053 |
Boston Scientific Corp. * | 90,165 | 2,537,243 |
C.R. Bard, Inc. | 11,300 | 3,695,891 |
Cardinal Health, Inc. | 186,167 | 11,523,737 |
Centene Corp. * | 23,220 | 2,175,017 |
Cerner Corp. * | 29,100 | 1,964,832 |
Cigna Corp. | 36,409 | 7,180,583 |
Community Health Systems, Inc. * | 308,362 | 1,819,336 |
Security | Number of Shares | Value ($) |
Danaher Corp. | 72,856 | 6,722,423 |
DaVita, Inc. * | 41,920 | 2,546,221 |
DENTSPLY SIRONA, Inc. | 23,335 | 1,425,068 |
Edwards Lifesciences Corp. * | 15,300 | 1,564,119 |
Express Scripts Holding Co. * | 381,647 | 23,391,145 |
HCA Healthcare, Inc. * | 113,674 | 8,599,438 |
Henry Schein, Inc. * | 38,304 | 3,010,694 |
Humana, Inc. | 50,970 | 13,015,189 |
Intuitive Surgical, Inc. * | 8,937 | 3,354,592 |
Laboratory Corp. of America Holdings * | 16,399 | 2,520,690 |
LifePoint Health, Inc. * | 22,130 | 1,065,559 |
Magellan Health, Inc. * | 20,700 | 1,765,710 |
McKesson Corp. | 100,417 | 13,845,496 |
MEDNAX, Inc. * | 22,800 | 998,412 |
Medtronic plc | 209,836 | 16,895,995 |
Owens & Minor, Inc. | 58,802 | 1,444,765 |
Patterson Cos., Inc. | 35,075 | 1,297,775 |
Quest Diagnostics, Inc. | 46,052 | 4,318,757 |
ResMed, Inc. | 19,600 | 1,649,928 |
Stryker Corp. | 41,718 | 6,460,867 |
Tenet Healthcare Corp. *(a) | 101,693 | 1,452,176 |
UnitedHealth Group, Inc. | 221,186 | 46,497,721 |
Universal Health Services, Inc., Class B | 19,948 | 2,048,660 |
Varian Medical Systems, Inc. * | 22,503 | 2,344,588 |
WellCare Health Plans, Inc. * | 10,900 | 2,155,366 |
Zimmer Biomet Holdings, Inc. | 34,824 | 4,235,295 |
287,332,497 | ||
Household & Personal Products 1.7% | ||
Church & Dwight Co., Inc. | 46,900 | 2,118,473 |
Colgate-Palmolive Co. | 163,068 | 11,488,141 |
Herbalife Ltd. *(a) | 29,300 | 2,127,766 |
Kimberly-Clark Corp. | 63,201 | 7,110,744 |
Nu Skin Enterprises, Inc., Class A | 25,340 | 1,611,877 |
The Clorox Co. | 19,820 | 2,507,825 |
The Estee Lauder Cos., Inc., Class A | 36,034 | 4,028,962 |
The Procter & Gamble Co. | 696,445 | 60,131,061 |
91,124,849 | ||
Insurance 3.8% | ||
Aflac, Inc. | 123,498 | 10,360,247 |
Alleghany Corp. * | 2,900 | 1,642,038 |
American Financial Group, Inc. | 18,140 | 1,913,589 |
American International Group, Inc. | 523,092 | 33,796,974 |
Aon plc | 53,936 | 7,736,041 |
Arch Capital Group Ltd. * | 20,075 | 2,000,273 |
Arthur J. Gallagher & Co. | 25,800 | 1,633,914 |
Assurant, Inc. | 29,455 | 2,964,646 |
Assured Guaranty Ltd. | 49,200 | 1,825,320 |
Axis Capital Holdings Ltd. | 38,150 | 2,074,979 |
Brighthouse Financial, Inc. * | 5,274 | 327,937 |
Chubb Ltd. | 62,638 | 9,447,063 |
Cincinnati Financial Corp. | 27,280 | 1,914,238 |
CNO Financial Group, Inc. | 73,700 | 1,766,589 |
Everest Re Group Ltd. | 12,925 | 3,069,041 |
First American Financial Corp. | 27,900 | 1,518,318 |
FNF Group | 61,784 | 2,311,957 |
Genworth Financial, Inc., Class A * | 537,000 | 1,777,470 |
Lincoln National Corp. | 58,880 | 4,461,926 |
Loews Corp. | 115,089 | 5,698,056 |
Markel Corp. * | 1,200 | 1,301,160 |
Marsh & McLennan Cos., Inc. | 85,820 | 6,945,413 |
MetLife, Inc. | 219,918 | 11,783,207 |
Old Republic International Corp. | 62,000 | 1,257,980 |
Principal Financial Group, Inc. | 49,291 | 3,245,812 |
Prudential Financial, Inc. | 84,637 | 9,349,003 |
Security | Number of Shares | Value ($) |
Reinsurance Group of America, Inc. | 17,300 | 2,584,274 |
RenaissanceRe Holdings Ltd. | 14,325 | 1,982,007 |
The Allstate Corp. | 126,033 | 11,829,457 |
The Hartford Financial Services Group, Inc. | 135,127 | 7,438,741 |
The Progressive Corp. | 170,005 | 8,270,743 |
The Travelers Cos., Inc. | 176,632 | 23,394,908 |
Torchmark Corp. | 26,765 | 2,251,740 |
Unum Group | 58,025 | 3,019,621 |
Validus Holdings Ltd. | 21,900 | 1,140,552 |
W. R. Berkley Corp. | 27,663 | 1,897,129 |
White Mountains Insurance Group Ltd. | 1,429 | 1,270,595 |
Willis Towers Watson plc | 9,300 | 1,498,044 |
XL Group Ltd. | 72,785 | 2,945,609 |
201,646,611 | ||
Materials 4.0% | ||
Air Products & Chemicals, Inc. | 34,885 | 5,561,716 |
Albemarle Corp. | 16,585 | 2,336,661 |
Alcoa Corp. * | 105,770 | 5,053,691 |
Allegheny Technologies, Inc. * | 69,611 | 1,752,805 |
Ashland Global Holdings, Inc. | 33,635 | 2,286,507 |
Avery Dennison Corp. | 24,800 | 2,633,016 |
Ball Corp. | 109,360 | 4,694,825 |
Bemis Co., Inc. | 43,238 | 1,946,575 |
Celanese Corp., Series A | 25,400 | 2,649,474 |
CF Industries Holdings, Inc. | 137,855 | 5,235,733 |
Cleveland-Cliffs, Inc. * | 152,500 | 908,900 |
Commercial Metals Co. | 80,345 | 1,565,121 |
Crown Holdings, Inc. * | 21,700 | 1,305,689 |
Domtar Corp. | 66,982 | 3,169,588 |
DowDuPont, Inc. | 515,838 | 37,300,246 |
Eastman Chemical Co. | 43,520 | 3,952,051 |
Ecolab, Inc. | 34,891 | 4,558,858 |
FMC Corp. | 24,780 | 2,301,071 |
Freeport-McMoRan, Inc. * | 887,130 | 12,402,077 |
Graphic Packaging Holding Co. | 88,600 | 1,372,414 |
Huntsman Corp. | 82,015 | 2,626,120 |
International Flavors & Fragrances, Inc. | 11,535 | 1,700,490 |
International Paper Co. | 143,193 | 8,200,663 |
LyondellBasell Industries N.V., Class A | 206,650 | 21,394,475 |
Martin Marietta Materials, Inc. | 5,900 | 1,279,415 |
Monsanto Co. | 112,919 | 13,674,491 |
Newmont Mining Corp. | 150,521 | 5,442,839 |
Nucor Corp. | 120,516 | 6,969,440 |
Owens-Illinois, Inc. * | 88,205 | 2,107,217 |
Packaging Corp. of America | 15,621 | 1,816,254 |
PPG Industries, Inc. | 64,800 | 7,532,352 |
Praxair, Inc. | 68,595 | 10,023,101 |
Reliance Steel & Aluminum Co. | 37,320 | 2,867,669 |
RPM International, Inc. | 25,765 | 1,374,047 |
Sealed Air Corp. | 32,900 | 1,455,167 |
Sonoco Products Co. | 31,055 | 1,608,338 |
Steel Dynamics, Inc. | 60,450 | 2,249,345 |
The Chemours Co. | 80,800 | 4,574,088 |
The Mosaic Co. | 332,031 | 7,417,573 |
The Sherwin-Williams Co. | 7,465 | 2,949,795 |
United States Steel Corp. | 91,004 | 2,304,221 |
Vulcan Materials Co. | 11,623 | 1,415,100 |
WestRock Co. | 52,607 | 3,226,387 |
217,195,605 | ||
Media 2.7% | ||
CBS Corp., Class B - Non Voting Shares | 139,971 | 7,855,173 |
Charter Communications, Inc., Class A * | 7,806 | 2,608,531 |
Comcast Corp., Class A | 944,694 | 34,037,325 |
Discovery Communications, Inc., Class A * | 80,041 | 1,511,174 |
Security | Number of Shares | Value ($) |
Discovery Communications, Inc., Class C * | 132,867 | 2,366,361 |
DISH Network Corp., Class A * | 35,035 | 1,700,599 |
News Corp., Class A | 146,600 | 2,002,556 |
News Corp., Class B | 56,300 | 782,570 |
Omnicom Group, Inc. | 70,313 | 4,724,331 |
Scripps Networks Interactive, Inc., Class A | 26,000 | 2,165,280 |
TEGNA, Inc. | 81,330 | 994,666 |
The Interpublic Group of Cos., Inc. | 82,605 | 1,590,146 |
The Walt Disney Co. | 342,262 | 33,476,646 |
Time Warner, Inc. | 253,383 | 24,905,015 |
Tribune Media Co., Class A | 23,400 | 957,762 |
Twenty-First Century Fox, Inc., Class A | 338,721 | 8,857,554 |
Twenty-First Century Fox, Inc., Class B | 162,200 | 4,127,990 |
Viacom, Inc., Class B | 353,298 | 8,489,751 |
143,153,430 | ||
Pharmaceuticals, Biotechnology & Life Sciences 5.8% | ||
AbbVie, Inc. | 200,752 | 18,117,868 |
Agilent Technologies, Inc. | 47,636 | 3,240,677 |
Allergan plc | 13,440 | 2,381,971 |
Amgen, Inc. | 135,143 | 23,679,757 |
Biogen, Inc. * | 20,250 | 6,311,115 |
Bristol-Myers Squibb Co. | 249,761 | 15,400,263 |
Celgene Corp. * | 63,856 | 6,447,540 |
Eli Lilly & Co. | 186,381 | 15,272,059 |
Gilead Sciences, Inc. | 251,687 | 18,866,458 |
Johnson & Johnson | 470,617 | 65,608,716 |
Merck & Co., Inc. | 721,192 | 39,730,467 |
Mettler-Toledo International, Inc. * | 3,200 | 2,184,416 |
Mylan N.V. * | 95,975 | 3,427,267 |
Perrigo Co., plc | 22,800 | 1,846,572 |
Pfizer, Inc. | 2,126,264 | 74,546,816 |
Thermo Fisher Scientific, Inc. | 38,545 | 7,471,178 |
United Therapeutics Corp. * | 6,900 | 818,271 |
Waters Corp. * | 10,700 | 2,097,735 |
Zoetis, Inc. | 30,600 | 1,952,892 |
309,402,038 | ||
Real Estate 1.3% | ||
American Tower Corp. | 23,965 | 3,443,052 |
AvalonBay Communities, Inc. | 12,099 | 2,193,912 |
Boston Properties, Inc. | 23,490 | 2,846,518 |
Brixmor Property Group, Inc. | 55,500 | 969,585 |
CBRE Group, Inc., Class A * | 36,100 | 1,419,452 |
CoreCivic, Inc. | 44,400 | 1,094,904 |
Crown Castle International Corp. | 26,280 | 2,814,062 |
Digital Realty Trust, Inc. | 20,400 | 2,416,176 |
Duke Realty Corp. | 41,700 | 1,187,616 |
Equinix, Inc. | 3,200 | 1,483,200 |
Equity Residential | 49,145 | 3,305,493 |
Essex Property Trust, Inc. | 4,400 | 1,154,692 |
GGP, Inc. | 96,200 | 1,872,052 |
HCP, Inc. | 95,365 | 2,464,232 |
Hospitality Properties Trust | 50,161 | 1,433,601 |
Host Hotels & Resorts, Inc. | 186,878 | 3,655,334 |
Iron Mountain, Inc. | 83,979 | 3,359,160 |
JBG SMITH Properties * | 5,420 | 169,158 |
Jones Lang LaSalle, Inc. | 12,700 | 1,644,523 |
Kimco Realty Corp. | 59,260 | 1,076,162 |
Prologis, Inc. | 49,100 | 3,170,878 |
Public Storage | 12,530 | 2,596,842 |
Realogy Holdings Corp. | 44,600 | 1,441,918 |
Simon Property Group, Inc. | 36,311 | 5,640,188 |
SL Green Realty Corp. | 13,200 | 1,262,976 |
The Macerich Co. | 23,897 | 1,304,776 |
Ventas, Inc. | 53,978 | 3,387,119 |
Security | Number of Shares | Value ($) |
Vornado Realty Trust | 26,441 | 1,979,373 |
Welltower, Inc. | 53,600 | 3,589,056 |
Weyerhaeuser Co. | 143,674 | 5,159,333 |
69,535,343 | ||
Retailing 4.4% | ||
Abercrombie & Fitch Co., Class A | 153,878 | 2,066,582 |
Advance Auto Parts, Inc. | 14,645 | 1,197,082 |
Amazon.com, Inc. * | 9,750 | 10,776,480 |
American Eagle Outfitters, Inc. | 122,035 | 1,588,896 |
Ascena Retail Group, Inc. * | 366,700 | 711,398 |
AutoNation, Inc. *(a) | 40,700 | 1,929,180 |
AutoZone, Inc. * | 3,221 | 1,898,780 |
Bed Bath & Beyond, Inc. | 196,805 | 3,916,420 |
Best Buy Co., Inc. | 169,376 | 9,481,668 |
Big Lots, Inc. | 36,765 | 1,886,412 |
CarMax, Inc. * | 50,007 | 3,755,526 |
Chico's FAS, Inc. | 130,700 | 1,044,293 |
Core-Mark Holding Co., Inc. | 59,130 | 2,013,968 |
Dick's Sporting Goods, Inc. | 48,800 | 1,194,136 |
Dillard's, Inc., Class A (a) | 31,175 | 1,583,690 |
Dollar General Corp. | 100,800 | 8,148,672 |
Dollar Tree, Inc. * | 43,881 | 4,004,141 |
Expedia, Inc. | 12,665 | 1,578,819 |
Foot Locker, Inc. | 59,195 | 1,780,586 |
GameStop Corp., Class A | 165,390 | 3,091,139 |
Genuine Parts Co. | 51,700 | 4,561,491 |
GNC Holdings, Inc., Class A (a) | 172,800 | 1,181,952 |
Group 1 Automotive, Inc. | 15,700 | 1,233,549 |
Kohl's Corp. | 231,045 | 9,648,439 |
L Brands, Inc. | 90,720 | 3,904,589 |
Liberty Interactive Corp., QVC Group, Class A * | 190,725 | 4,333,272 |
LKQ Corp. * | 49,300 | 1,858,117 |
Lowe's Cos., Inc. | 310,895 | 24,856,055 |
Macy's, Inc. | 282,836 | 5,306,003 |
Murphy USA, Inc. * | 47,600 | 3,539,536 |
Nordstrom, Inc. | 84,655 | 3,356,571 |
O'Reilly Automotive, Inc. * | 18,330 | 3,866,714 |
Office Depot, Inc. | 310,000 | 961,000 |
Ross Stores, Inc. | 62,080 | 3,941,459 |
Sally Beauty Holdings, Inc. * | 60,300 | 1,043,793 |
Signet Jewelers Ltd. | 28,100 | 1,842,517 |
Target Corp. | 413,333 | 24,403,180 |
The Gap, Inc. | 217,575 | 5,654,774 |
The Home Depot, Inc. | 261,423 | 43,338,705 |
The Priceline Group, Inc. * | 3,364 | 6,431,833 |
The TJX Cos., Inc. | 164,288 | 11,467,302 |
Tiffany & Co. | 21,935 | 2,053,555 |
Tractor Supply Co. | 36,300 | 2,187,438 |
Urban Outfitters, Inc. * | 68,454 | 1,678,492 |
Williams-Sonoma, Inc. | 38,845 | 2,004,402 |
238,302,606 | ||
Semiconductors & Semiconductor Equipment 3.4% | ||
Analog Devices, Inc. | 44,865 | 4,096,175 |
Applied Materials, Inc. | 160,826 | 9,075,411 |
Broadcom Ltd. | 9,388 | 2,477,587 |
First Solar, Inc. * | 33,800 | 1,852,916 |
Intel Corp. | 1,831,296 | 83,305,655 |
KLA-Tencor Corp. | 33,480 | 3,645,637 |
Lam Research Corp. | 21,590 | 4,503,026 |
Marvell Technology Group Ltd. | 168,530 | 3,112,749 |
Maxim Integrated Products, Inc. | 60,400 | 3,173,416 |
Microchip Technology, Inc. | 21,380 | 2,026,824 |
Micron Technology, Inc. * | 236,612 | 10,484,278 |
NVIDIA Corp. | 24,137 | 4,991,773 |
Security | Number of Shares | Value ($) |
NXP Semiconductors N.V. * | 19,200 | 2,247,360 |
ON Semiconductor Corp. * | 84,600 | 1,803,672 |
Qorvo, Inc. * | 24,300 | 1,842,183 |
QUALCOMM, Inc. | 423,735 | 21,614,722 |
Skyworks Solutions, Inc. | 15,100 | 1,719,286 |
Texas Instruments, Inc. | 184,909 | 17,878,851 |
Xilinx, Inc. | 42,920 | 3,162,775 |
183,014,296 | ||
Software & Services 7.4% | ||
Accenture plc, Class A | 121,665 | 17,320,229 |
Activision Blizzard, Inc. | 113,970 | 7,463,895 |
Adobe Systems, Inc. * | 22,807 | 3,994,874 |
Akamai Technologies, Inc. * | 27,800 | 1,452,550 |
Alliance Data Systems Corp. | 8,380 | 1,874,857 |
Alphabet, Inc., Class A * | 18,409 | 19,017,233 |
Alphabet, Inc., Class C * | 18,774 | 19,086,399 |
Amdocs Ltd. | 41,600 | 2,708,160 |
Autodesk, Inc. * | 13,400 | 1,674,464 |
Automatic Data Processing, Inc. | 57,719 | 6,710,411 |
Booz Allen Hamilton Holding Corp. | 36,300 | 1,371,777 |
Broadridge Financial Solutions, Inc. | 19,500 | 1,675,440 |
CA, Inc. | 108,605 | 3,516,630 |
CACI International, Inc., Class A * | 9,124 | 1,311,575 |
Cars.com, Inc. * | 16,110 | 383,740 |
Citrix Systems, Inc. * | 26,863 | 2,219,152 |
Cognizant Technology Solutions Corp., Class A | 74,200 | 5,614,714 |
eBay, Inc. * | 142,627 | 5,368,480 |
Electronic Arts, Inc. * | 19,508 | 2,333,157 |
Facebook, Inc., Class A * | 38,650 | 6,959,319 |
Fidelity National Information Services, Inc. | 58,023 | 5,382,214 |
First Data Corp., Class A * | 72,100 | 1,284,101 |
Fiserv, Inc. * | 35,938 | 4,651,455 |
Global Payments, Inc. | 17,300 | 1,798,335 |
IAC/InterActiveCorp * | 18,062 | 2,330,901 |
International Business Machines Corp. | 420,411 | 64,768,519 |
Intuit, Inc. | 35,422 | 5,349,431 |
Leidos Holdings, Inc. | 37,300 | 2,331,996 |
MasterCard, Inc., Class A | 88,138 | 13,112,290 |
Microsoft Corp. | 1,252,218 | 104,159,493 |
Oracle Corp. | 746,904 | 38,017,414 |
Paychex, Inc. | 44,859 | 2,861,556 |
PayPal Holdings, Inc. * | 58,600 | 4,252,016 |
Symantec Corp. | 208,945 | 6,790,713 |
Teradata Corp. * | 70,300 | 2,351,535 |
The Western Union Co. | 210,710 | 4,184,701 |
Total System Services, Inc. | 22,970 | 1,654,989 |
Visa, Inc., Class A | 162,312 | 17,851,074 |
395,189,789 | ||
Technology Hardware & Equipment 5.9% | ||
Amphenol Corp., Class A | 40,100 | 3,488,700 |
Anixter International, Inc. * | 17,320 | 1,189,884 |
Apple, Inc. | 1,001,497 | 169,293,053 |
Arrow Electronics, Inc. * | 61,925 | 5,176,311 |
Avnet, Inc. | 141,900 | 5,647,620 |
Brocade Communications Systems, Inc. | 107,700 | 1,254,705 |
CDW Corp. | 24,500 | 1,715,000 |
Cisco Systems, Inc. | 1,241,561 | 42,399,308 |
CommScope Holding Co., Inc. * | 26,900 | 864,566 |
Corning, Inc. | 345,971 | 10,832,352 |
F5 Networks, Inc. * | 12,000 | 1,455,240 |
FLIR Systems, Inc. | 32,900 | 1,540,378 |
Harris Corp. | 27,868 | 3,882,570 |
Hewlett Packard Enterprise Co. | 671,400 | 9,345,888 |
HP, Inc. | 864,711 | 18,634,522 |
Security | Number of Shares | Value ($) |
Jabil, Inc. | 116,995 | 3,308,619 |
Juniper Networks, Inc. | 141,170 | 3,505,251 |
Keysight Technologies, Inc. * | 31,000 | 1,384,770 |
Motorola Solutions, Inc. | 89,072 | 8,064,579 |
NCR Corp. * | 30,300 | 972,327 |
NetApp, Inc. | 94,030 | 4,176,812 |
Sanmina Corp. * | 34,600 | 1,132,285 |
SYNNEX Corp. | 13,595 | 1,833,694 |
Tech Data Corp. * | 42,140 | 3,909,328 |
Western Digital Corp. | 92,205 | 8,231,140 |
Xerox Corp. | 159,581 | 4,836,900 |
318,075,802 | ||
Telecommunication Services 3.0% | ||
AT&T, Inc. | 2,315,194 | 77,906,278 |
CenturyLink, Inc. (a) | 650,507 | 12,353,128 |
Frontier Communications Corp. (a) | 180,019 | 2,180,030 |
Sprint Corp. * | 93,200 | 609,528 |
T-Mobile US, Inc. * | 33,000 | 1,972,410 |
Telephone & Data Systems, Inc. | 66,127 | 1,927,602 |
Verizon Communications, Inc. | 1,296,139 | 62,046,174 |
Windstream Holdings, Inc. | 390,500 | 734,140 |
159,729,290 | ||
Transportation 2.2% | ||
Alaska Air Group, Inc. | 24,100 | 1,591,323 |
American Airlines Group, Inc. | 113,100 | 5,295,342 |
Avis Budget Group, Inc. * | 80,590 | 3,324,338 |
C.H. Robinson Worldwide, Inc. | 52,244 | 4,102,721 |
CSX Corp. | 226,233 | 11,408,930 |
Delta Air Lines, Inc. | 42,600 | 2,131,278 |
Expeditors International of Washington, Inc. | 60,925 | 3,556,801 |
FedEx Corp. | 86,553 | 19,544,533 |
Hertz Global Holdings, Inc. * | 178,560 | 4,440,787 |
JB Hunt Transport Services, Inc. | 18,945 | 2,015,559 |
JetBlue Airways Corp. * | 72,800 | 1,394,120 |
Kansas City Southern | 19,087 | 1,989,247 |
Kirby Corp. * | 16,000 | 1,133,600 |
Norfolk Southern Corp. | 73,479 | 9,656,610 |
Old Dominion Freight Line, Inc. | 10,700 | 1,296,091 |
Ryder System, Inc. | 30,120 | 2,442,130 |
Southwest Airlines Co. | 29,900 | 1,610,414 |
Union Pacific Corp. | 210,235 | 24,343,111 |
United Continental Holdings, Inc. * | 19,200 | 1,122,816 |
United Parcel Service, Inc., Class B | 113,361 | 13,323,318 |
115,723,069 | ||
Utilities 4.0% | ||
AES Corp. | 571,240 | 6,072,281 |
Alliant Energy Corp. | 47,950 | 2,074,317 |
Ameren Corp. | 71,510 | 4,432,905 |
American Electric Power Co., Inc. | 146,401 | 10,893,698 |
American Water Works Co., Inc. | 31,750 | 2,786,380 |
Atmos Energy Corp. | 23,160 | 2,020,478 |
Calpine Corp. * | 231,090 | 3,452,485 |
CenterPoint Energy, Inc. | 144,570 | 4,276,381 |
CMS Energy Corp. | 71,005 | 3,434,512 |
Consolidated Edison, Inc. | 89,502 | 7,701,647 |
Dominion Energy, Inc. | 122,650 | 9,951,821 |
DTE Energy Co. | 48,230 | 5,327,486 |
Duke Energy Corp. | 192,777 | 17,024,137 |
Edison International | 81,976 | 6,553,981 |
Entergy Corp. | 90,370 | 7,795,316 |
Eversource Energy | 71,515 | 4,479,700 |
Exelon Corp. | 401,123 | 16,129,156 |
Security | Number of Shares | Value ($) |
FirstEnergy Corp. | 242,265 | 7,982,632 |
Great Plains Energy, Inc. | 59,770 | 1,962,249 |
MDU Resources Group, Inc. | 69,358 | 1,896,941 |
National Fuel Gas Co. | 23,245 | 1,349,372 |
NextEra Energy, Inc. | 84,259 | 13,066,043 |
NiSource, Inc. | 58,035 | 1,530,383 |
NRG Energy, Inc. | 219,882 | 5,497,050 |
OGE Energy Corp. | 55,784 | 2,055,083 |
PG&E Corp. | 128,521 | 7,424,658 |
Pinnacle West Capital Corp. | 30,085 | 2,638,755 |
PPL Corp. | 202,475 | 7,604,961 |
Public Service Enterprise Group, Inc. | 176,822 | 8,699,642 |
SCANA Corp. | 40,359 | 1,741,087 |
Sempra Energy | 55,445 | 6,514,788 |
The Southern Co. | 274,406 | 14,323,993 |
UGI Corp. | 44,780 | 2,143,171 |
Vectren Corp. | 23,900 | 1,628,546 |
WEC Energy Group, Inc. | 53,186 | 3,584,205 |
Westar Energy, Inc. | 31,870 | 1,704,408 |
Xcel Energy, Inc. | 137,445 | 6,806,276 |
214,560,924 | ||
Total Common Stock | ||
(Cost $3,747,825,331) | 5,337,640,954 | |
Other Investment Company 0.5% of net assets | ||
Securities Lending Collateral 0.5% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 29,273,546 | 29,273,546 |
Total Other Investment Company | ||
(Cost $29,273,546) | 29,273,546 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/15/17 | 234 | 30,100,590 | 54,704 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $28,388,424. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
Security | Number of Shares | Value ($) |
Common Stock 99.5% of net assets | ||
Automobiles & Components 0.9% | ||
American Axle & Manufacturing Holdings, Inc. * | 108,800 | 1,935,552 |
Cooper-Standard Holding, Inc. * | 21,400 | 2,385,672 |
Dorman Products, Inc. * | 15,900 | 1,098,849 |
Gentex Corp. | 178,700 | 3,468,567 |
Gentherm, Inc. * | 13,700 | 458,950 |
LCI Industries | 16,795 | 2,079,221 |
Modine Manufacturing Co. * | 42,300 | 890,415 |
Standard Motor Products, Inc. | 24,000 | 1,048,080 |
Superior Industries International, Inc. | 67,200 | 1,044,960 |
Tower International, Inc. | 32,500 | 988,000 |
Winnebago Industries, Inc. | 14,900 | 732,335 |
16,130,601 | ||
Banks 5.5% | ||
Associated Banc-Corp. | 83,000 | 2,099,900 |
BancorpSouth, Inc. | 35,800 | 1,131,280 |
Bank of Hawaii Corp. | 29,300 | 2,391,173 |
Bank of the Ozarks, Inc. | 18,300 | 853,146 |
BankUnited, Inc. | 61,500 | 2,143,275 |
BOK Financial Corp. | 17,200 | 1,487,284 |
Capitol Federal Financial, Inc. | 95,186 | 1,312,615 |
Cathay General Bancorp | 24,800 | 1,036,640 |
Chemical Financial Corp. | 7,300 | 384,637 |
Columbia Banking System, Inc. | 22,600 | 983,326 |
Commerce Bancshares, Inc. | 49,246 | 2,864,147 |
Community Bank System, Inc. | 19,300 | 1,067,097 |
Cullen/Frost Bankers, Inc. | 27,800 | 2,738,300 |
CVB Financial Corp. | 42,080 | 1,004,029 |
East West Bancorp, Inc. | 64,500 | 3,859,680 |
F.N.B. Corp. | 117,400 | 1,583,726 |
First Citizens BancShares, Inc., Class A | 4,000 | 1,620,000 |
First Commonwealth Financial Corp. | 28,000 | 407,680 |
First Financial Bancorp | 41,600 | 1,135,680 |
First Financial Bankshares, Inc. | 19,700 | 899,305 |
First Horizon National Corp. | 135,300 | 2,539,581 |
First Midwest Bancorp, Inc. | 12,000 | 277,080 |
First Republic Bank | 36,300 | 3,535,620 |
Fulton Financial Corp. | 115,900 | 2,109,380 |
Glacier Bancorp, Inc. | 33,980 | 1,289,881 |
Great Western Bancorp, Inc. | 23,600 | 957,924 |
Hancock Holding Co. | 43,200 | 2,106,000 |
Home BancShares, Inc. | 15,600 | 350,688 |
IBERIABANK Corp. | 12,300 | 907,125 |
International Bancshares Corp. | 36,000 | 1,461,600 |
Investors Bancorp, Inc. | 83,600 | 1,149,500 |
MB Financial, Inc. | 27,145 | 1,247,041 |
National Bank Holdings Corp., Class A | 28,200 | 925,524 |
NBT Bancorp, Inc. | 24,855 | 947,970 |
Northwest Bancshares, Inc. | 96,492 | 1,627,820 |
Ocwen Financial Corp. * | 372,000 | 1,298,280 |
OFG Bancorp | 34,500 | 307,050 |
Old National Bancorp | 67,525 | 1,228,955 |
PacWest Bancorp | 30,400 | 1,468,928 |
Park National Corp. | 9,300 | 1,021,047 |
Security | Number of Shares | Value ($) |
Popular, Inc. | 87,300 | 3,202,164 |
Prosperity Bancshares, Inc. | 25,800 | 1,697,124 |
Provident Financial Services, Inc. | 31,800 | 864,960 |
Radian Group, Inc. | 45,900 | 962,064 |
Signature Bank * | 11,110 | 1,444,411 |
SVB Financial Group * | 13,700 | 3,004,136 |
Synovus Financial Corp. | 55,400 | 2,595,490 |
TCF Financial Corp. | 116,700 | 2,126,274 |
Texas Capital Bancshares, Inc. * | 11,400 | 980,970 |
The Bank of N.T. Butterfield & Son Ltd. | 10,900 | 407,115 |
Trustmark Corp. | 49,400 | 1,627,236 |
UMB Financial Corp. | 18,101 | 1,330,967 |
Umpqua Holdings Corp. | 95,200 | 1,947,792 |
Union Bankshares Corp. | 11,400 | 393,414 |
United Bankshares, Inc. | 31,295 | 1,125,055 |
Valley National Bancorp | 178,900 | 2,057,350 |
Washington Federal, Inc. | 72,200 | 2,512,560 |
Webster Financial Corp. | 39,400 | 2,166,606 |
Westamerica Bancorp (a) | 20,170 | 1,174,499 |
Western Alliance Bancorp * | 6,600 | 368,280 |
Wintrust Financial Corp. | 19,240 | 1,564,020 |
Zions Bancorp | 77,700 | 3,609,942 |
94,922,343 | ||
Capital Goods 12.6% | ||
A.O. Smith Corp. | 57,200 | 3,386,240 |
AAR Corp. | 67,980 | 2,643,742 |
Actuant Corp., Class A | 102,300 | 2,608,650 |
Acuity Brands, Inc. | 15,200 | 2,541,440 |
Aegion Corp. * | 60,615 | 1,411,723 |
Air Lease Corp. | 43,200 | 1,877,040 |
Aircastle Ltd. | 60,200 | 1,400,252 |
Alamo Group, Inc. | 3,800 | 400,900 |
Albany International Corp., Class A | 22,200 | 1,339,770 |
Allegion plc | 22,000 | 1,834,580 |
Altra Industrial Motion Corp. | 22,100 | 1,058,590 |
American Woodmark Corp. * | 3,900 | 376,740 |
Apogee Enterprises, Inc. | 21,495 | 1,025,956 |
Applied Industrial Technologies, Inc. | 54,520 | 3,470,198 |
Armstrong Flooring, Inc. * | 45,500 | 673,400 |
Armstrong World Industries, Inc. * | 88,900 | 4,542,790 |
Astec Industries, Inc. | 20,850 | 1,083,158 |
Atkore International Group, Inc. * | 23,400 | 451,854 |
AZZ, Inc. | 18,900 | 903,420 |
Babcock & Wilcox Enterprises, Inc. *(a) | 280,500 | 1,228,590 |
Barnes Group, Inc. | 35,965 | 2,340,962 |
Beacon Roofing Supply, Inc. * | 50,080 | 2,774,933 |
BMC Stock Holdings, Inc. * | 21,700 | 465,465 |
Briggs & Stratton Corp. | 91,100 | 2,295,720 |
BWX Technologies, Inc. | 55,500 | 3,325,560 |
Chart Industries, Inc. * | 39,810 | 1,731,735 |
CIRCOR International, Inc. | 19,190 | 843,401 |
Colfax Corp. * | 70,100 | 2,923,871 |
Comfort Systems USA, Inc. | 35,000 | 1,550,500 |
Crane Co. | 39,000 | 3,241,680 |
Cubic Corp. | 35,190 | 1,919,614 |
Curtiss-Wright Corp. | 32,300 | 3,819,475 |
Dycom Industries, Inc. * | 17,970 | 1,578,305 |
Encore Wire Corp. | 43,140 | 1,947,771 |
EnerSys | 47,800 | 3,315,886 |
EnPro Industries, Inc. | 17,970 | 1,504,808 |
ESCO Technologies, Inc. | 18,000 | 1,043,100 |
Esterline Technologies Corp. * | 32,200 | 3,054,170 |
Federal Signal Corp. | 59,300 | 1,266,055 |
Franklin Electric Co., Inc. | 34,360 | 1,563,380 |
GATX Corp. | 59,500 | 3,534,895 |
Generac Holdings, Inc. * | 75,000 | 3,906,750 |
Security | Number of Shares | Value ($) |
General Cable Corp. | 144,900 | 3,035,655 |
Gibraltar Industries, Inc. * | 12,400 | 412,300 |
Global Brass & Copper Holdings, Inc. | 13,200 | 462,000 |
Graco, Inc. | 29,040 | 3,827,182 |
Granite Construction, Inc. | 42,900 | 2,732,301 |
Griffon Corp. | 51,900 | 1,170,345 |
H&E Equipment Services, Inc. | 61,220 | 2,016,587 |
Harsco Corp. * | 155,800 | 3,310,750 |
HD Supply Holdings, Inc. * | 64,600 | 2,286,194 |
HEICO Corp. | 4,740 | 429,823 |
HEICO Corp., Class A | 7,825 | 595,483 |
Herc Holdings, Inc. * | 52,100 | 2,524,766 |
Hexcel Corp. | 62,185 | 3,774,008 |
Hillenbrand, Inc. | 48,500 | 1,918,175 |
Hyster-Yale Materials Handling, Inc. | 21,200 | 1,663,988 |
ITT, Inc. | 33,100 | 1,543,784 |
Kaman Corp. | 34,680 | 1,939,999 |
Kennametal, Inc. | 110,600 | 4,827,690 |
KLX, Inc. * | 45,100 | 2,474,186 |
Lennox International, Inc. | 20,800 | 3,975,504 |
Lindsay Corp. | 13,300 | 1,217,748 |
Masonite International Corp. * | 20,600 | 1,382,260 |
MasTec, Inc. * | 63,610 | 2,770,215 |
Meritor, Inc. * | 50,900 | 1,323,909 |
Moog, Inc., Class A * | 45,900 | 4,028,184 |
MRC Global, Inc. * | 209,900 | 3,599,785 |
Mueller Industries, Inc. | 109,000 | 3,787,750 |
Mueller Water Products, Inc., Class A | 87,300 | 1,042,362 |
MYR Group, Inc. * | 31,000 | 988,590 |
National Presto Industries, Inc. | 9,400 | 1,098,860 |
NOW, Inc. * | 270,000 | 3,380,400 |
Orbital ATK, Inc. | 26,700 | 3,549,231 |
Primoris Services Corp. | 52,100 | 1,472,867 |
Quanex Building Products Corp. | 57,650 | 1,265,417 |
Raven Industries, Inc. | 34,930 | 1,175,394 |
RBC Bearings, Inc. * | 10,600 | 1,312,492 |
Rexnord Corp. * | 73,900 | 1,885,928 |
Rush Enterprises, Inc., Class A * | 55,160 | 2,801,025 |
Sensata Technologies Holding N.V. * | 77,500 | 3,790,525 |
Simpson Manufacturing Co., Inc. | 31,385 | 1,749,400 |
SPX Corp. * | 54,700 | 1,602,163 |
SPX FLOW, Inc. * | 80,900 | 3,335,507 |
Standex International Corp. | 10,600 | 1,097,630 |
Teledyne Technologies, Inc. * | 23,800 | 4,045,048 |
Tennant Co. | 17,380 | 1,205,303 |
Textainer Group Holdings Ltd. * | 66,700 | 1,303,985 |
The Greenbrier Cos., Inc. | 37,720 | 1,968,984 |
The Middleby Corp. * | 14,424 | 1,671,742 |
The Toro Co. | 54,440 | 3,421,554 |
Titan International, Inc. | 115,075 | 1,120,830 |
TriMas Corp. * | 47,000 | 1,247,850 |
Triton International Ltd. * | 17,400 | 694,260 |
Triumph Group, Inc. | 158,600 | 4,924,530 |
Tutor Perini Corp. * | 82,200 | 2,318,040 |
Univar, Inc. * | 35,100 | 1,044,225 |
Universal Forest Products, Inc. | 28,970 | 3,270,713 |
USG Corp. * | 34,200 | 1,174,086 |
Veritiv Corp. * | 27,600 | 887,340 |
Wabash National Corp. | 73,600 | 1,656,000 |
Watts Water Technologies, Inc., Class A | 26,555 | 1,789,807 |
Welbilt, Inc. * | 54,300 | 1,197,858 |
Woodward, Inc. | 40,600 | 3,139,598 |
216,867,184 | ||
Commercial & Professional Services 5.2% | ||
ACCO Brands Corp. * | 126,700 | 1,653,435 |
Brady Corp., Class A | 45,900 | 1,746,495 |
Security | Number of Shares | Value ($) |
CBIZ, Inc. * | 62,200 | 1,054,290 |
Clean Harbors, Inc. * | 49,530 | 2,650,350 |
Copart, Inc. * | 121,600 | 4,412,864 |
Covanta Holding Corp. | 187,500 | 3,018,750 |
Deluxe Corp. | 45,000 | 3,134,250 |
Ennis, Inc. | 52,300 | 1,053,845 |
Essendant, Inc. | 245,500 | 2,376,440 |
Exponent, Inc. | 6,300 | 465,255 |
FTI Consulting, Inc. * | 64,200 | 2,744,550 |
Healthcare Services Group, Inc. | 37,455 | 1,980,995 |
Herman Miller, Inc. | 59,610 | 2,002,896 |
HNI Corp. | 50,800 | 1,738,376 |
Huron Consulting Group, Inc. * | 26,361 | 964,813 |
ICF International, Inc. * | 22,400 | 1,202,880 |
IHS Markit Ltd. * | 94,900 | 4,043,689 |
Insperity, Inc. | 15,260 | 1,448,174 |
Interface, Inc. | 59,785 | 1,363,098 |
KAR Auction Services, Inc. | 81,500 | 3,857,395 |
Kelly Services, Inc., Class A | 149,800 | 3,941,238 |
Kforce, Inc. | 63,800 | 1,336,610 |
Kimball International, Inc., Class B | 20,300 | 389,151 |
Knoll, Inc. | 40,000 | 848,800 |
Korn/Ferry International | 40,430 | 1,691,187 |
Matthews International Corp., Class A | 17,915 | 1,125,958 |
McGrath RentCorp | 28,825 | 1,288,478 |
Mobile Mini, Inc. | 28,800 | 953,280 |
MSA Safety, Inc. | 21,725 | 1,727,137 |
Navigant Consulting, Inc. * | 56,825 | 983,641 |
On Assignment, Inc. * | 32,100 | 1,965,162 |
Quad Graphics, Inc. | 101,900 | 2,322,301 |
Resources Connection, Inc. | 81,560 | 1,284,570 |
Rollins, Inc. | 31,833 | 1,397,787 |
RR Donnelley & Sons Co. | 288,000 | 2,649,600 |
Steelcase, Inc., Class A | 147,600 | 2,147,580 |
Stericycle, Inc. * | 47,000 | 3,329,950 |
Team, Inc. * | 44,600 | 548,580 |
Tetra Tech, Inc. | 56,595 | 2,787,304 |
The Brink's Co. | 41,200 | 3,135,320 |
TransUnion * | 13,600 | 713,864 |
TrueBlue, Inc. * | 66,830 | 1,811,093 |
UniFirst Corp. | 13,105 | 2,064,037 |
Verisk Analytics, Inc. * | 56,100 | 4,771,305 |
Viad Corp. | 25,365 | 1,472,438 |
89,599,211 | ||
Consumer Durables & Apparel 3.2% | ||
American Outdoor Brands Corp. * | 56,600 | 811,078 |
Brunswick Corp. | 66,800 | 3,383,420 |
CalAtlantic Group, Inc. | 32,900 | 1,623,286 |
Callaway Golf Co. | 26,500 | 382,395 |
Columbia Sportswear Co. | 22,260 | 1,388,579 |
Crocs, Inc. * | 185,860 | 1,895,772 |
Deckers Outdoor Corp. * | 57,350 | 3,913,564 |
Ethan Allen Interiors, Inc. | 30,200 | 898,450 |
G-III Apparel Group Ltd. * | 84,000 | 2,128,560 |
GoPro, Inc., Class A *(a) | 65,100 | 678,993 |
Helen of Troy Ltd. * | 25,330 | 2,353,157 |
Iconix Brand Group, Inc. * | 246,800 | 404,752 |
iRobot Corp. * | 4,000 | 268,760 |
KB Home | 56,900 | 1,560,767 |
La-Z-Boy, Inc. | 72,220 | 1,946,329 |
lululemon Athletica, Inc. * | 46,100 | 2,835,611 |
M.D.C. Holdings, Inc. | 48,475 | 1,795,514 |
M/I Homes, Inc. * | 14,200 | 474,280 |
Meritage Homes Corp. * | 38,200 | 1,860,340 |
Movado Group, Inc. | 15,300 | 423,810 |
Oxford Industries, Inc. | 18,100 | 1,169,260 |
Security | Number of Shares | Value ($) |
Skechers U.S.A., Inc., Class A * | 79,235 | 2,529,181 |
Steven Madden Ltd. * | 65,422 | 2,551,458 |
Sturm, Ruger & Co., Inc. (a) | 25,900 | 1,283,345 |
Taylor Morrison Home Corp., Class A * | 30,400 | 734,160 |
Tempur Sealy International, Inc. * | 42,115 | 2,753,057 |
Toll Brothers, Inc. | 63,400 | 2,918,936 |
TopBuild Corp. * | 15,700 | 1,036,043 |
TRI Pointe Group, Inc. * | 47,700 | 843,813 |
Under Armour, Inc., Class A *(a) | 73,460 | 919,719 |
Under Armour, Inc., Class C *(a) | 66,388 | 765,454 |
Unifi, Inc. * | 28,000 | 1,065,400 |
Universal Electronics, Inc. * | 6,600 | 396,000 |
Vista Outdoor, Inc. * | 96,200 | 2,011,542 |
Wolverine World Wide, Inc. | 86,680 | 2,366,364 |
54,371,149 | ||
Consumer Services 5.0% | ||
American Public Education, Inc. * | 18,300 | 366,000 |
Ascent Capital Group, Inc., Class A * | 47,800 | 537,750 |
BJ's Restaurants, Inc. * | 29,400 | 931,980 |
Bloomin' Brands, Inc. | 127,100 | 2,259,838 |
Boyd Gaming Corp. | 47,900 | 1,400,117 |
Bright Horizons Family Solutions, Inc. * | 18,000 | 1,553,400 |
Buffalo Wild Wings, Inc. * | 13,100 | 1,548,420 |
Caesars Entertainment Corp. * | 96,000 | 1,243,200 |
Capella Education Co. | 16,500 | 1,343,925 |
Career Education Corp. * | 147,200 | 1,572,096 |
Choice Hotels International, Inc. | 26,640 | 1,858,140 |
Churchill Downs, Inc. | 6,600 | 1,376,430 |
Cracker Barrel Old Country Store, Inc. (a) | 14,720 | 2,298,234 |
Dave & Buster's Entertainment, Inc. * | 5,900 | 284,380 |
DineEquity, Inc. | 29,930 | 1,424,967 |
Domino's Pizza, Inc. | 16,600 | 3,037,800 |
Dunkin' Brands Group, Inc. | 45,900 | 2,711,313 |
Extended Stay America, Inc. | 94,200 | 1,867,044 |
Fiesta Restaurant Group, Inc. * | 18,500 | 306,175 |
Graham Holdings Co., Class B | 6,400 | 3,561,280 |
Grand Canyon Education, Inc. * | 15,500 | 1,387,405 |
Hilton Grand Vacations, Inc. * | 12,600 | 516,096 |
Hilton Worldwide Holdings, Inc. | 61,100 | 4,416,308 |
Houghton Mifflin Harcourt Co. * | 132,200 | 1,308,780 |
Hyatt Hotels Corp., Class A * | 25,600 | 1,604,096 |
ILG, Inc. | 43,800 | 1,299,546 |
International Speedway Corp., Class A | 25,650 | 996,503 |
Jack in the Box, Inc. | 28,400 | 2,939,684 |
K12, Inc. * | 56,000 | 908,320 |
La Quinta Holdings, Inc. * | 77,200 | 1,360,264 |
Marriott Vacations Worldwide Corp. | 17,800 | 2,342,836 |
Norwegian Cruise Line Holdings Ltd. * | 58,200 | 3,244,650 |
Penn National Gaming, Inc. * | 105,600 | 2,755,104 |
Pinnacle Entertainment, Inc. * | 55,400 | 1,433,198 |
Red Robin Gourmet Burgers, Inc. * | 24,680 | 1,688,112 |
Red Rock Resorts, Inc., Class A | 20,000 | 492,600 |
Regis Corp. * | 153,500 | 2,291,755 |
SeaWorld Entertainment, Inc. (a) | 143,100 | 1,642,788 |
ServiceMaster Global Holdings, Inc. * | 33,700 | 1,587,607 |
Six Flags Entertainment Corp. | 50,000 | 3,139,500 |
Sonic Corp. (a) | 17,700 | 449,580 |
Sotheby's * | 41,720 | 2,161,930 |
Strayer Education, Inc. | 18,900 | 1,771,497 |
Texas Roadhouse, Inc. | 48,410 | 2,420,984 |
The Cheesecake Factory, Inc. (a) | 55,735 | 2,493,584 |
Vail Resorts, Inc. | 10,060 | 2,303,941 |
Weight Watchers International, Inc. * | 125,992 | 5,659,561 |
86,098,718 | ||
Security | Number of Shares | Value ($) |
Diversified Financials 4.3% | ||
BGC Partners, Inc., Class A | 109,800 | 1,665,666 |
Capstead Mortgage Corp. | 104,750 | 923,895 |
Cboe Global Markets, Inc. | 35,300 | 3,991,018 |
Chimera Investment Corp. | 154,100 | 2,820,030 |
Credit Acceptance Corp. * | 7,600 | 2,179,148 |
CYS Investments, Inc. | 137,400 | 1,099,200 |
Donnelley Financial Solutions, Inc. * | 73,000 | 1,569,500 |
E*TRADE Financial Corp. * | 96,600 | 4,210,794 |
Eaton Vance Corp. | 76,600 | 3,866,002 |
Encore Capital Group, Inc. * | 8,900 | 413,405 |
Enova International, Inc. * | 36,200 | 537,570 |
Evercore, Inc., Class A | 22,000 | 1,762,200 |
EZCORP, Inc., Class A * | 139,300 | 1,427,825 |
FactSet Research Systems, Inc. | 15,965 | 3,031,275 |
Federated Investors, Inc., Class B | 110,300 | 3,427,021 |
FirstCash, Inc. | 40,190 | 2,566,131 |
FNFV Group * | 351,700 | 6,066,825 |
Greenhill & Co., Inc. | 58,135 | 1,063,870 |
Invesco Mortgage Capital, Inc. | 118,800 | 2,045,736 |
Lazard Ltd., Class A | 70,900 | 3,370,586 |
MarketAxess Holdings, Inc. | 5,300 | 922,200 |
MFA Financial, Inc. | 309,000 | 2,546,160 |
Morningstar, Inc. | 14,000 | 1,192,940 |
Nelnet, Inc., Class A | 29,040 | 1,700,002 |
New Residential Investment Corp. | 166,000 | 2,926,580 |
New York Mortgage Trust, Inc. | 60,300 | 363,609 |
OneMain Holdings, Inc. * | 56,600 | 1,798,182 |
PennyMac Mortgage Investment Trust | 95,400 | 1,532,124 |
PRA Group, Inc. * | 46,400 | 1,294,560 |
Redwood Trust, Inc. | 90,200 | 1,417,042 |
Resource Capital Corp. | 34,800 | 357,048 |
Starwood Property Trust, Inc. | 120,500 | 2,591,955 |
Stifel Financial Corp. | 31,560 | 1,673,627 |
Two Harbors Investment Corp. | 220,900 | 2,164,820 |
Western Asset Mortgage Capital Corp. | 86,700 | 873,069 |
World Acceptance Corp. * | 28,160 | 2,464,000 |
73,855,615 | ||
Energy 4.7% | ||
Antero Resources Corp. * | 90,000 | 1,746,000 |
Archrock, Inc. | 154,300 | 1,851,600 |
Basic Energy Services, Inc. * | 25,400 | 479,044 |
Bill Barrett Corp. * | 272,600 | 1,343,918 |
Bristow Group, Inc. | 206,900 | 1,953,136 |
California Resources Corp. *(a) | 326,900 | 3,605,707 |
CARBO Ceramics, Inc. *(a) | 158,980 | 1,316,354 |
Cimarex Energy Co. | 39,800 | 4,653,814 |
Cloud Peak Energy, Inc. * | 281,000 | 1,194,250 |
Continental Resources, Inc. * | 36,700 | 1,494,057 |
CVR Energy, Inc. (a) | 85,000 | 2,333,250 |
Denbury Resources, Inc. * | 2,114,800 | 2,601,204 |
Dril-Quip, Inc. * | 45,985 | 1,935,969 |
Energen Corp. * | 70,000 | 3,619,000 |
Exterran Corp. * | 33,600 | 1,084,272 |
Forum Energy Technologies, Inc. * | 89,300 | 1,285,920 |
Golar LNG Ltd. | 46,800 | 988,884 |
Green Plains, Inc. | 110,900 | 2,040,560 |
Helix Energy Solutions Group, Inc. * | 196,800 | 1,342,176 |
Kosmos Energy Ltd. * | 63,700 | 489,216 |
Matrix Service Co. * | 65,700 | 926,370 |
McDermott International, Inc. * | 425,400 | 2,816,148 |
Newfield Exploration Co. * | 97,800 | 3,011,262 |
Newpark Resources, Inc. * | 195,240 | 1,708,350 |
Nordic American Tankers Ltd. (a) | 157,085 | 697,457 |
Oasis Petroleum, Inc. * | 182,400 | 1,723,680 |
Security | Number of Shares | Value ($) |
Oil States International, Inc. * | 120,400 | 2,775,220 |
Pacific Ethanol, Inc. * | 95,100 | 456,480 |
PDC Energy, Inc. * | 18,255 | 929,727 |
Pioneer Energy Services Corp. * | 394,100 | 748,790 |
Range Resources Corp. | 155,200 | 2,810,672 |
Renewable Energy Group, Inc. * | 111,700 | 1,351,570 |
REX American Resources Corp. * | 9,000 | 793,620 |
Rowan Cos. plc, Class A * | 228,300 | 3,271,539 |
RPC, Inc. (a) | 68,900 | 1,674,959 |
Scorpio Tankers, Inc. | 120,400 | 428,624 |
SEACOR Holdings, Inc. * | 41,800 | 1,972,960 |
SEACOR Marine Holdings, Inc. * | 21,657 | 306,447 |
SemGroup Corp., Class A | 49,100 | 1,279,055 |
Ship Finance International Ltd. | 80,200 | 1,194,980 |
Southwestern Energy Co. * | 533,900 | 2,963,145 |
Stone Energy Corp. * | 19,900 | 585,458 |
Teekay Corp. (a) | 247,300 | 2,003,130 |
Tesco Corp. * | 164,100 | 631,785 |
Unit Corp. * | 114,900 | 2,150,928 |
US Silica Holdings, Inc. | 26,400 | 805,464 |
W&T Offshore, Inc. * | 557,800 | 1,745,914 |
WPX Energy, Inc. * | 215,800 | 2,434,224 |
81,556,289 | ||
Food & Staples Retailing 0.8% | ||
Ingles Markets, Inc., Class A | 51,200 | 1,192,960 |
Performance Food Group Co. * | 84,800 | 2,399,840 |
PriceSmart, Inc. | 20,240 | 1,696,112 |
SpartanNash, Co. | 97,500 | 2,393,625 |
Sprouts Farmers Market, Inc. * | 96,300 | 1,780,587 |
SUPERVALU, Inc. * | 86,671 | 1,411,870 |
The Andersons, Inc. | 83,137 | 3,113,481 |
Weis Markets, Inc. | 14,100 | 547,503 |
14,535,978 | ||
Food, Beverage & Tobacco 2.7% | ||
B&G Foods, Inc. (a) | 35,900 | 1,141,620 |
Blue Buffalo Pet Products, Inc. * | 13,500 | 390,555 |
Bob Evans Farms, Inc. | 40,455 | 3,122,722 |
Cal-Maine Foods, Inc. *(a) | 45,800 | 2,061,000 |
Calavo Growers, Inc. | 5,400 | 397,980 |
Darling Ingredients, Inc. * | 185,520 | 3,385,740 |
Dean Foods Co. | 167,600 | 1,634,100 |
Flowers Foods, Inc. | 216,950 | 4,128,559 |
Fresh Del Monte Produce, Inc. | 59,300 | 2,639,443 |
J&J Snack Foods Corp. | 10,135 | 1,349,678 |
Lancaster Colony Corp. | 14,465 | 1,811,307 |
Pilgrim's Pride Corp. * | 92,900 | 2,952,362 |
Pinnacle Foods, Inc. | 59,100 | 3,216,222 |
Post Holdings, Inc. * | 6,200 | 514,166 |
Sanderson Farms, Inc. | 34,300 | 5,130,251 |
Snyder's-Lance, Inc. | 55,988 | 2,106,828 |
The Boston Beer Co., Inc., Class A * | 7,100 | 1,264,155 |
The Hain Celestial Group, Inc. * | 55,640 | 2,004,153 |
TreeHouse Foods, Inc. * | 37,585 | 2,494,892 |
Universal Corp. | 54,100 | 3,102,635 |
Vector Group Ltd. | 75,241 | 1,563,508 |
46,411,876 | ||
Health Care Equipment & Services 4.1% | ||
Acadia Healthcare Co., Inc. * | 12,200 | 382,592 |
Align Technology, Inc. * | 10,600 | 2,533,188 |
Allscripts Healthcare Solutions, Inc. * | 152,900 | 2,061,092 |
Amedisys, Inc. * | 20,170 | 970,379 |
AMN Healthcare Services, Inc. * | 14,300 | 627,770 |
Security | Number of Shares | Value ($) |
Analogic Corp. | 13,165 | 1,057,150 |
athenahealth, Inc. * | 2,900 | 370,852 |
Brookdale Senior Living, Inc. * | 224,000 | 2,246,720 |
Chemed Corp. | 15,295 | 3,417,362 |
CONMED Corp. | 25,195 | 1,315,683 |
Diplomat Pharmacy, Inc. * | 33,400 | 703,070 |
Envision Healthcare Corp. * | 60,899 | 2,594,297 |
Globus Medical, Inc., Class A * | 11,700 | 372,879 |
Haemonetics Corp. * | 32,600 | 1,550,456 |
Halyard Health, Inc. * | 61,100 | 2,575,365 |
HealthSouth Corp. | 65,700 | 3,031,398 |
Hill-Rom Holdings, Inc. | 41,700 | 3,365,607 |
HMS Holdings Corp. * | 45,300 | 871,572 |
Hologic, Inc. * | 61,700 | 2,335,345 |
IDEXX Laboratories, Inc. * | 20,700 | 3,439,719 |
Integra LifeSciences Holdings Corp. * | 6,100 | 285,358 |
Invacare Corp. | 105,365 | 1,633,157 |
Kindred Healthcare, Inc. | 370,822 | 2,243,473 |
LHC Group, Inc. * | 14,500 | 968,745 |
LivaNova plc * | 18,400 | 1,359,760 |
Masimo Corp. * | 16,800 | 1,474,368 |
Meridian Bioscience, Inc. | 25,100 | 375,245 |
Molina Healthcare, Inc. * | 47,757 | 3,239,357 |
NuVasive, Inc. * | 6,000 | 340,380 |
PharMerica Corp. * | 65,640 | 1,923,252 |
Premier, Inc., Class A * | 8,600 | 280,962 |
Quality Systems, Inc. * | 65,000 | 914,550 |
Select Medical Holdings Corp. * | 212,700 | 4,073,205 |
STERIS plc | 39,900 | 3,723,867 |
Teleflex, Inc. | 15,200 | 3,602,096 |
The Cooper Cos., Inc. | 15,900 | 3,820,134 |
The Ensign Group, Inc. | 21,500 | 496,220 |
Triple-S Management Corp., Class B * | 92,100 | 2,211,321 |
West Pharmaceutical Services, Inc. | 25,480 | 2,583,672 |
71,371,618 | ||
Household & Personal Products 0.7% | ||
Central Garden & Pet Co. * | 2,500 | 95,450 |
Central Garden & Pet Co., Class A * | 39,700 | 1,465,327 |
Coty, Inc., Class A | 47,300 | 728,420 |
Edgewell Personal Care Co. * | 51,900 | 3,369,867 |
Energizer Holdings, Inc. | 50,200 | 2,158,098 |
HRG Group, Inc. * | 93,500 | 1,516,570 |
Spectrum Brands Holdings, Inc. | 10,900 | 1,198,128 |
USANA Health Sciences, Inc. * | 6,200 | 407,340 |
WD-40 Co. | 8,415 | 932,803 |
11,872,003 | ||
Insurance 2.9% | ||
Ambac Financial Group, Inc. * | 81,000 | 1,318,680 |
American Equity Investment Life Holding Co. | 104,215 | 3,075,385 |
American National Insurance Co. | 8,800 | 1,071,224 |
AmTrust Financial Services, Inc. | 83,600 | 1,050,016 |
Argo Group International Holdings Ltd. | 27,570 | 1,735,531 |
Aspen Insurance Holdings Ltd. | 72,700 | 3,118,830 |
Athene Holding Ltd., Class A * | 8,900 | 463,957 |
Brown & Brown, Inc. | 63,900 | 3,184,776 |
CNA Financial Corp. | 23,900 | 1,293,707 |
Employers Holdings, Inc. | 23,300 | 1,111,410 |
Erie Indemnity Co., Class A | 30,200 | 3,648,160 |
Horace Mann Educators Corp. | 28,890 | 1,265,382 |
Infinity Property & Casualty Corp. | 13,565 | 1,279,858 |
James River Group Holdings Ltd. | 23,300 | 986,056 |
Kemper Corp. | 61,000 | 3,910,100 |
Maiden Holdings Ltd. | 90,600 | 747,450 |
MBIA, Inc. *(a) | 209,500 | 1,518,875 |
Security | Number of Shares | Value ($) |
Mercury General Corp. | 34,300 | 1,919,771 |
Primerica, Inc. | 47,400 | 4,194,900 |
ProAssurance Corp. | 57,400 | 3,217,270 |
RLI Corp. | 34,000 | 2,009,060 |
Safety Insurance Group, Inc. | 15,405 | 1,266,291 |
Selective Insurance Group, Inc. | 31,800 | 1,895,280 |
Stewart Information Services Corp. | 38,400 | 1,456,896 |
The Hanover Insurance Group, Inc. | 38,400 | 3,777,792 |
Universal Insurance Holdings, Inc. | 15,900 | 379,215 |
50,895,872 | ||
Materials 6.8% | ||
A. Schulman, Inc. | 53,533 | 2,103,847 |
AdvanSix, Inc. * | 39,000 | 1,804,530 |
AK Steel Holding Corp. * | 132,000 | 605,880 |
AptarGroup, Inc. | 57,300 | 4,989,111 |
Axalta Coating Systems Ltd. * | 86,000 | 2,859,500 |
Balchem Corp. | 3,800 | 320,302 |
Berry Global Group, Inc. * | 46,600 | 2,770,370 |
Boise Cascade Co. * | 97,100 | 3,442,195 |
Cabot Corp. | 78,300 | 4,773,168 |
Calgon Carbon Corp. | 75,100 | 1,629,670 |
Carpenter Technology Corp. | 73,200 | 3,644,628 |
Century Aluminum Co. * | 79,600 | 1,114,400 |
Clearwater Paper Corp. * | 40,460 | 1,867,229 |
Compass Minerals International, Inc. (a) | 33,930 | 2,225,808 |
Eagle Materials, Inc. | 16,070 | 1,696,510 |
Ferro Corp. * | 53,930 | 1,284,613 |
GCP Applied Technologies, Inc. * | 34,700 | 1,014,975 |
Greif, Inc., Class A | 53,600 | 2,976,408 |
H.B. Fuller Co. | 43,880 | 2,495,456 |
Haynes International, Inc. | 10,400 | 371,072 |
Hecla Mining Co. | 178,100 | 840,632 |
Ingevity Corp. * | 10,100 | 719,423 |
Innophos Holdings, Inc. | 36,950 | 1,807,963 |
Innospec, Inc. | 19,780 | 1,223,393 |
Kaiser Aluminum Corp. | 24,580 | 2,437,844 |
KapStone Paper & Packaging Corp. | 78,600 | 1,765,356 |
Kraton Corp. * | 39,400 | 1,931,782 |
Louisiana-Pacific Corp. * | 71,600 | 1,946,088 |
Materion Corp. | 43,460 | 2,231,671 |
Minerals Technologies, Inc. | 22,620 | 1,626,378 |
Neenah Paper, Inc. | 13,000 | 1,128,400 |
NewMarket Corp. | 7,095 | 2,840,767 |
Olin Corp. | 105,700 | 3,861,221 |
Olympic Steel, Inc. | 27,900 | 526,752 |
P.H. Glatfelter Co. | 94,845 | 1,987,951 |
Platform Specialty Products Corp. * | 88,800 | 950,160 |
PolyOne Corp. | 98,400 | 4,533,288 |
Quaker Chemical Corp. | 7,600 | 1,180,432 |
Rayonier Advanced Materials, Inc. | 44,200 | 635,154 |
Royal Gold, Inc. | 14,900 | 1,253,239 |
Schnitzer Steel Industries, Inc., Class A | 115,610 | 3,404,714 |
Schweitzer-Mauduit International, Inc. | 36,472 | 1,540,213 |
Sensient Technologies Corp. | 38,300 | 2,912,715 |
Silgan Holdings, Inc. | 105,400 | 3,082,950 |
Southern Copper Corp. | 99,800 | 4,286,410 |
Stepan Co. | 22,930 | 1,831,190 |
Summit Materials, Inc., Class A * | 18,000 | 565,200 |
SunCoke Energy, Inc. * | 131,700 | 1,460,553 |
The Scotts Miracle-Gro Co. | 33,800 | 3,367,156 |
TimkenSteel Corp. * | 124,100 | 1,737,400 |
Trinseo S.A. | 27,700 | 1,966,700 |
Tronox Ltd., Class A | 113,500 | 3,004,345 |
W.R. Grace & Co. | 36,500 | 2,791,885 |
Security | Number of Shares | Value ($) |
Westlake Chemical Corp. | 34,600 | 2,937,886 |
Worthington Industries, Inc. | 49,500 | 2,252,250 |
116,559,133 | ||
Media 2.2% | ||
AMC Entertainment Holdings, Inc., Class A (a) | 36,300 | 504,570 |
AMC Networks, Inc., Class A * | 31,800 | 1,617,984 |
Cable One, Inc. | 2,330 | 1,653,857 |
Cinemark Holdings, Inc. | 94,100 | 3,419,594 |
Gannett Co., Inc. | 448,200 | 3,899,340 |
John Wiley & Sons, Inc., Class A | 46,600 | 2,546,690 |
Liberty Broadband Corp., Class C * | 3,900 | 340,431 |
Lions Gate Entertainment Corp., Class A * | 21,000 | 609,420 |
Lions Gate Entertainment Corp., Class B * | 37,255 | 1,030,473 |
Live Nation Entertainment, Inc. * | 75,300 | 3,296,634 |
Meredith Corp. | 39,200 | 2,077,600 |
National CineMedia, Inc. | 149,300 | 1,004,789 |
New Media Investment Group, Inc. | 34,700 | 554,159 |
Nexstar Media Group, Inc., Class A | 7,100 | 452,980 |
Regal Entertainment Group, Class A | 132,600 | 2,168,010 |
Scholastic Corp. | 49,800 | 1,839,612 |
Sinclair Broadcast Group, Inc., Class A | 57,819 | 1,832,863 |
Sirius XM Holdings, Inc. (a) | 616,200 | 3,352,128 |
The Madison Square Garden Co., Class A * | 2,200 | 489,918 |
The New York Times Co., Class A | 91,400 | 1,745,740 |
Time, Inc. | 291,200 | 3,377,920 |
37,814,712 | ||
Pharmaceuticals, Biotechnology & Life Sciences 2.8% | ||
Alexion Pharmaceuticals, Inc. * | 27,400 | 3,278,684 |
Bio-Rad Laboratories, Inc., Class A * | 12,200 | 2,681,438 |
Bio-Techne Corp. | 13,865 | 1,816,592 |
Bruker Corp. | 51,500 | 1,617,100 |
Catalent, Inc. * | 34,500 | 1,469,355 |
Charles River Laboratories International, Inc. * | 30,800 | 3,581,732 |
Endo International plc * | 129,800 | 828,124 |
Illumina, Inc. * | 19,060 | 3,910,922 |
Impax Laboratories, Inc. * | 90,700 | 1,646,205 |
INC Research Holdings, Inc., Class A * | 6,200 | 354,330 |
Mallinckrodt plc * | 58,121 | 1,840,692 |
Myriad Genetics, Inc. * | 120,200 | 4,120,456 |
PDL BioPharma, Inc. * | 861,250 | 2,549,300 |
PerkinElmer, Inc. | 59,200 | 4,281,344 |
PRA Health Sciences, Inc. * | 4,100 | 333,863 |
Prestige Brands Holdings, Inc. * | 18,100 | 848,890 |
QIAGEN N.V. * | 86,055 | 2,913,822 |
Quintiles IMS Holdings, Inc. * | 45,326 | 4,899,741 |
Regeneron Pharmaceuticals, Inc. * | 6,600 | 2,657,292 |
Vertex Pharmaceuticals, Inc. * | 7,300 | 1,067,479 |
VWR Corp. * | 62,300 | 2,062,130 |
48,759,491 | ||
Real Estate 10.2% | ||
Acadia Realty Trust | 25,100 | 706,565 |
Alexandria Real Estate Equities, Inc. | 27,000 | 3,346,920 |
Altisource Portfolio Solutions S.A. *(a) | 40,900 | 1,056,856 |
Altisource Residential Corp. | 92,000 | 981,640 |
American Campus Communities, Inc. | 55,960 | 2,326,817 |
American Homes 4 Rent, Class A | 14,200 | 302,176 |
Apartment Investment & Management Co., Class A | 74,300 | 3,267,714 |
Apple Hospitality REIT, Inc. | 145,700 | 2,759,558 |
Ashford Hospitality Trust, Inc. | 170,700 | 1,200,021 |
Brandywine Realty Trust | 145,300 | 2,541,297 |
Camden Property Trust | 46,600 | 4,251,784 |
CBL & Associates Properties, Inc. | 354,300 | 2,777,712 |
Security | Number of Shares | Value ($) |
Chesapeake Lodging Trust | 39,700 | 1,107,630 |
Columbia Property Trust, Inc. | 141,400 | 3,122,112 |
Corporate Office Properties Trust | 70,200 | 2,241,486 |
CubeSmart | 54,300 | 1,478,046 |
CyrusOne, Inc. | 7,100 | 435,869 |
DCT Industrial Trust, Inc. | 30,050 | 1,743,501 |
DDR Corp. | 264,700 | 2,030,249 |
DiamondRock Hospitality Co. | 182,200 | 1,978,692 |
Douglas Emmett, Inc. | 58,700 | 2,335,673 |
EastGroup Properties, Inc. | 14,550 | 1,318,085 |
Education Realty Trust, Inc. | 9,900 | 345,510 |
EPR Properties | 23,900 | 1,653,402 |
Equity Commonwealth * | 91,100 | 2,737,555 |
Equity LifeStyle Properties, Inc. | 27,140 | 2,401,347 |
Extra Space Storage, Inc. | 32,265 | 2,632,501 |
Federal Realty Investment Trust | 25,600 | 3,085,312 |
First Industrial Realty Trust, Inc. | 37,800 | 1,167,264 |
Forest City Realty Trust, Inc., Class A | 23,600 | 581,268 |
Franklin Street Properties Corp. | 85,100 | 851,000 |
Gaming & Leisure Properties, Inc. | 63,300 | 2,312,982 |
Government Properties Income Trust | 54,800 | 995,716 |
Gramercy Property Trust | 38,400 | 1,140,480 |
Healthcare Realty Trust, Inc. | 55,500 | 1,789,320 |
Healthcare Trust of America, Inc., Class A | 54,500 | 1,637,725 |
Hersha Hospitality Trust | 50,125 | 886,711 |
Highwoods Properties, Inc. | 52,900 | 2,700,545 |
HomeBanc Corp. *(c) | 6,875 | — |
Hudson Pacific Properties, Inc. | 10,900 | 368,638 |
Investors Real Estate Trust | 168,000 | 982,800 |
Kilroy Realty Corp. | 30,100 | 2,144,023 |
Kite Realty Group Trust | 22,100 | 413,049 |
Lamar Advertising Co., Class A | 39,400 | 2,775,336 |
LaSalle Hotel Properties | 87,440 | 2,466,682 |
Lexington Realty Trust | 184,900 | 1,871,188 |
Liberty Property Trust | 92,500 | 3,966,400 |
Life Storage, Inc. | 17,370 | 1,403,843 |
Mack-Cali Realty Corp. | 103,600 | 2,358,972 |
Medical Properties Trust, Inc. | 92,900 | 1,229,067 |
Mid-America Apartment Communities, Inc. | 39,676 | 4,060,839 |
National Health Investors, Inc. | 5,600 | 426,664 |
National Retail Properties, Inc. | 48,800 | 1,960,784 |
New Senior Investment Group, Inc. | 51,400 | 459,516 |
Omega Healthcare Investors, Inc. (a) | 68,990 | 1,991,051 |
Outfront Media, Inc. | 162,700 | 3,815,315 |
Paramount Group, Inc. | 88,500 | 1,408,920 |
Park Hotels & Resorts, Inc. | 51,000 | 1,468,290 |
Pebblebrook Hotel Trust | 34,400 | 1,226,704 |
Pennsylvania Real Estate Investment Trust | 101,600 | 987,552 |
Piedmont Office Realty Trust, Inc., Class A | 148,400 | 2,870,056 |
Potlatch Corp. | 29,200 | 1,512,560 |
PS Business Parks, Inc. | 9,250 | 1,224,053 |
Quality Care Properties, Inc. * | 102,200 | 1,617,826 |
Ramco-Gershenson Properties Trust | 32,400 | 409,212 |
Rayonier, Inc. | 130,400 | 3,909,392 |
Realty Income Corp. | 66,700 | 3,579,789 |
Regency Centers Corp. | 48,965 | 3,013,796 |
Retail Properties of America, Inc., Class A | 210,400 | 2,571,088 |
RLJ Lodging Trust | 126,200 | 2,733,492 |
Ryman Hospitality Properties, Inc. | 30,600 | 2,023,578 |
Sabra Health Care REIT, Inc. | 88,972 | 1,772,322 |
SBA Communications Corp. * | 26,205 | 4,118,902 |
Select Income REIT | 15,000 | 362,400 |
Senior Housing Properties Trust | 183,700 | 3,380,080 |
Spirit Realty Capital, Inc. | 239,700 | 1,991,907 |
STORE Capital Corp. | 22,100 | 545,649 |
Summit Hotel Properties, Inc. | 22,300 | 352,563 |
Sun Communities, Inc. | 20,155 | 1,819,190 |
Sunstone Hotel Investors, Inc. | 146,443 | 2,389,950 |
Security | Number of Shares | Value ($) |
Tanger Factory Outlet Centers, Inc. | 56,380 | 1,282,645 |
Taubman Centers, Inc. | 49,900 | 2,356,278 |
The GEO Group, Inc. | 100,804 | 2,615,864 |
Tier REIT, Inc. | 52,200 | 1,021,554 |
UDR, Inc. | 108,300 | 4,200,957 |
Urban Edge Properties | 15,100 | 354,246 |
VEREIT, Inc. | 323,200 | 2,550,048 |
Washington Prime Group, Inc. | 363,200 | 2,843,856 |
Washington Real Estate Investment Trust | 46,400 | 1,493,616 |
Weingarten Realty Investors | 72,700 | 2,213,715 |
WP Carey, Inc. | 44,900 | 3,059,935 |
Xenia Hotels & Resorts, Inc. | 126,600 | 2,754,816 |
176,960,009 | ||
Retailing 4.5% | ||
Aaron's, Inc. | 83,700 | 3,080,160 |
Asbury Automotive Group, Inc. * | 49,500 | 3,039,300 |
Barnes & Noble Education, Inc. * | 218,600 | 1,191,370 |
Barnes & Noble, Inc. | 231,200 | 1,618,400 |
Big 5 Sporting Goods Corp. (a) | 44,400 | 281,940 |
Burlington Stores, Inc. * | 20,600 | 1,934,134 |
Caleres, Inc. | 83,042 | 2,269,538 |
Citi Trends, Inc. | 24,200 | 526,592 |
DSW, Inc., Class A | 175,436 | 3,359,599 |
Express, Inc. * | 336,200 | 2,276,074 |
Five Below, Inc. * | 23,400 | 1,292,850 |
Fred's, Inc., Class A (a) | 208,370 | 918,912 |
Genesco, Inc. * | 80,400 | 1,969,800 |
Groupon, Inc. * | 110,000 | 524,700 |
Guess?, Inc. | 321,500 | 5,211,515 |
Haverty Furniture Cos., Inc. | 18,500 | 441,225 |
Hibbett Sports, Inc. * | 81,985 | 1,049,408 |
HSN, Inc. | 74,800 | 2,819,960 |
J.C. Penney Co., Inc. *(a) | 878,500 | 2,459,800 |
Liberty TripAdvisor Holdings, Inc., Class A * | 63,700 | 687,960 |
Lithia Motors, Inc., Class A | 23,635 | 2,675,009 |
Lumber Liquidators Holdings, Inc. * | 57,100 | 1,757,538 |
Monro, Inc. | 22,840 | 1,127,154 |
Netflix, Inc. * | 18,190 | 3,573,062 |
Penske Automotive Group, Inc. | 68,100 | 3,174,822 |
Pier 1 Imports, Inc. | 475,785 | 1,979,266 |
Pool Corp. | 22,180 | 2,678,900 |
Rent-A-Center, Inc. (a) | 290,900 | 2,891,546 |
RH *(a) | 29,000 | 2,607,680 |
Shoe Carnival, Inc. | 35,700 | 670,089 |
Shutterfly, Inc. * | 24,000 | 1,024,800 |
Sleep Number Corp. * | 54,570 | 1,773,525 |
Sonic Automotive, Inc., Class A | 128,500 | 2,550,725 |
Tailored Brands, Inc. | 51,900 | 801,855 |
The Buckle, Inc. (a) | 119,822 | 1,971,072 |
The Cato Corp., Class A | 83,095 | 1,068,602 |
The Children's Place, Inc. | 20,960 | 2,280,448 |
The Finish Line, Inc., Class A | 197,352 | 1,829,453 |
The Michaels Cos., Inc. * | 66,000 | 1,281,720 |
TripAdvisor, Inc. * | 37,200 | 1,395,000 |
Vitamin Shoppe, Inc. * | 134,800 | 620,080 |
Zumiez, Inc. * | 54,800 | 967,220 |
77,652,803 | ||
Semiconductors & Semiconductor Equipment 2.3% | ||
Advanced Energy Industries, Inc. * | 13,500 | 1,143,720 |
Amkor Technology, Inc. * | 166,000 | 1,920,620 |
Brooks Automation, Inc. | 45,190 | 1,554,084 |
Cabot Microelectronics Corp. | 21,430 | 2,071,638 |
Cirrus Logic, Inc. * | 29,735 | 1,665,160 |
Cree, Inc. * | 119,700 | 4,273,290 |
Security | Number of Shares | Value ($) |
Cypress Semiconductor Corp. | 195,803 | 3,105,436 |
Diodes, Inc. * | 36,700 | 1,260,278 |
Entegris, Inc. | 54,345 | 1,779,799 |
Integrated Device Technology, Inc. * | 64,180 | 1,994,073 |
Microsemi Corp. * | 29,612 | 1,580,392 |
MKS Instruments, Inc. | 26,150 | 2,841,197 |
Photronics, Inc. * | 102,325 | 992,552 |
Power Integrations, Inc. | 12,500 | 1,004,375 |
Rambus, Inc. * | 27,600 | 405,996 |
Semtech Corp. * | 11,900 | 488,495 |
Silicon Laboratories, Inc. * | 22,190 | 2,105,831 |
Synaptics, Inc. * | 26,905 | 998,714 |
Teradyne, Inc. | 116,400 | 4,992,396 |
Veeco Instruments, Inc. * | 47,060 | 849,433 |
Versum Materials, Inc. | 53,400 | 2,247,072 |
Xperi Corp. | 28,800 | 662,400 |
39,936,951 | ||
Software & Services 6.6% | ||
ACI Worldwide, Inc. * | 55,800 | 1,343,664 |
Acxiom Corp. * | 62,815 | 1,580,425 |
ANSYS, Inc. * | 27,100 | 3,704,841 |
Aspen Technology, Inc. * | 10,800 | 696,816 |
Blackhawk Network Holdings, Inc. * | 10,300 | 349,685 |
Cadence Design Systems, Inc. * | 63,100 | 2,723,396 |
Cardtronics plc, Class A * | 28,000 | 641,200 |
CDK Global, Inc. | 52,900 | 3,362,324 |
Cimpress N.V. * | 14,820 | 1,617,455 |
CommVault Systems, Inc. * | 15,400 | 801,570 |
Convergys Corp. | 152,300 | 3,918,679 |
CoreLogic, Inc. * | 76,300 | 3,578,470 |
CoStar Group, Inc. * | 1,700 | 502,775 |
CSG Systems International, Inc. | 30,245 | 1,280,573 |
CSRA, Inc. | 146,000 | 4,670,540 |
DST Systems, Inc. | 63,800 | 3,739,956 |
EPAM Systems, Inc. * | 12,200 | 1,112,030 |
Euronet Worldwide, Inc. * | 18,995 | 1,835,677 |
EVERTEC, Inc. | 22,900 | 343,500 |
ExlService Holdings, Inc. * | 8,100 | 505,602 |
Fair Isaac Corp. | 16,905 | 2,453,930 |
FleetCor Technologies, Inc. * | 14,600 | 2,412,942 |
Gartner, Inc. * | 30,647 | 3,840,376 |
Genpact Ltd. | 121,050 | 3,685,973 |
j2 Global, Inc. | 17,785 | 1,318,580 |
Jack Henry & Associates, Inc. | 36,080 | 3,973,490 |
Manhattan Associates, Inc. * | 29,380 | 1,229,847 |
ManTech International Corp., Class A | 61,200 | 2,840,292 |
MAXIMUS, Inc. | 40,380 | 2,682,443 |
Nuance Communications, Inc. * | 111,400 | 1,642,036 |
Progress Software Corp. | 60,125 | 2,545,091 |
PTC, Inc. * | 43,340 | 2,879,943 |
Red Hat, Inc. * | 42,100 | 5,086,943 |
Sabre Corp. | 59,400 | 1,161,864 |
salesforce.com, Inc. * | 37,933 | 3,882,063 |
Science Applications International Corp. | 39,400 | 2,889,596 |
SS&C Technologies Holdings, Inc. | 34,400 | 1,382,880 |
Sykes Enterprises, Inc. * | 52,855 | 1,529,624 |
Synopsys, Inc. * | 46,900 | 4,057,788 |
Syntel, Inc. * | 23,100 | 539,616 |
Take-Two Interactive Software, Inc. * | 31,455 | 3,480,496 |
TiVo Corp. | 147,007 | 2,668,177 |
Travelport Worldwide Ltd. | 133,100 | 2,088,339 |
Twitter, Inc. * | 23,700 | 488,694 |
Unisys Corp. * | 139,800 | 1,223,250 |
Vantiv, Inc., Class A * | 31,800 | 2,226,000 |
Verint Systems, Inc. * | 30,000 | 1,266,000 |
VeriSign, Inc. * | 43,000 | 4,623,360 |
Security | Number of Shares | Value ($) |
VMware, Inc., Class A * | 23,600 | 2,824,684 |
WEX, Inc. * | 14,200 | 1,754,978 |
Zynga, Inc., Class A * | 322,300 | 1,256,970 |
114,245,443 | ||
Technology Hardware & Equipment 4.8% | ||
ADTRAN, Inc. | 85,245 | 1,798,669 |
ARRIS International plc * | 52,500 | 1,496,250 |
AVX Corp. | 57,100 | 1,075,764 |
Belden, Inc. | 30,640 | 2,448,442 |
Benchmark Electronics, Inc. * | 109,000 | 3,373,550 |
Ciena Corp. * | 21,800 | 463,686 |
Cognex Corp. | 13,630 | 1,678,535 |
Coherent, Inc. * | 8,140 | 2,138,459 |
Comtech Telecommunications Corp. | 126,970 | 2,731,125 |
Cray, Inc. * | 19,700 | 406,805 |
Diebold Nixdorf, Inc. | 94,800 | 1,829,640 |
Dolby Laboratories, Inc., Class A | 42,200 | 2,445,068 |
EchoStar Corp., Class A * | 41,900 | 2,344,305 |
Electronics For Imaging, Inc. * | 23,302 | 719,100 |
ePlus, Inc. * | 14,900 | 1,424,440 |
Fabrinet * | 24,000 | 892,320 |
Finisar Corp. * | 61,330 | 1,443,708 |
Harmonic, Inc. * | 250,400 | 926,480 |
II-VI, Inc. * | 30,600 | 1,383,120 |
Insight Enterprises, Inc. * | 97,700 | 4,401,385 |
InterDigital, Inc. | 25,800 | 1,892,430 |
IPG Photonics Corp. * | 9,400 | 2,001,354 |
Itron, Inc. * | 23,200 | 1,813,080 |
Knowles Corp. * | 108,600 | 1,798,416 |
Littelfuse, Inc. | 9,145 | 1,911,305 |
Lumentum Holdings, Inc. * | 19,300 | 1,218,795 |
Methode Electronics, Inc. | 27,400 | 1,285,060 |
MTS Systems Corp. | 19,580 | 1,019,139 |
National Instruments Corp. | 62,342 | 2,805,390 |
NETGEAR, Inc. * | 38,950 | 1,817,017 |
NetScout Systems, Inc. * | 35,400 | 1,005,360 |
OSI Systems, Inc. * | 12,200 | 1,078,236 |
Plantronics, Inc. | 44,010 | 1,996,294 |
Plexus Corp. * | 51,880 | 3,186,988 |
Rogers Corp. * | 9,000 | 1,368,720 |
ScanSource, Inc. * | 74,240 | 3,188,608 |
Super Micro Computer, Inc. * | 40,600 | 807,940 |
Trimble, Inc. * | 98,600 | 4,030,768 |
TTM Technologies, Inc. * | 75,300 | 1,188,234 |
VeriFone Systems, Inc. * | 99,300 | 1,894,644 |
ViaSat, Inc. * | 22,215 | 1,446,197 |
Viavi Solutions, Inc. * | 115,100 | 1,068,128 |
Vishay Intertechnology, Inc. | 259,100 | 5,764,975 |
Zebra Technologies Corp., Class A * | 18,220 | 2,113,338 |
83,121,267 | ||
Telecommunication Services 0.5% | ||
ATN International, Inc. | 11,200 | 608,048 |
Cincinnati Bell, Inc. * | 85,420 | 1,631,522 |
Cogent Communications Holdings, Inc. | 9,400 | 506,660 |
Consolidated Communications Holdings, Inc. | 64,614 | 1,238,650 |
General Communication, Inc., Class A * | 33,200 | 1,357,548 |
Iridium Communications, Inc. * | 80,500 | 966,000 |
United States Cellular Corp. * | 14,400 | 526,896 |
Vonage Holdings Corp. * | 173,600 | 1,411,368 |
Zayo Group Holdings, Inc. * | 32,900 | 1,186,374 |
9,433,066 | ||
Security | Number of Shares | Value ($) |
Transportation 2.9% | ||
Air Transport Services Group, Inc. * | 17,100 | 413,820 |
Allegiant Travel Co. | 11,500 | 1,568,600 |
AMERCO | 4,000 | 1,570,560 |
ArcBest Corp. | 81,940 | 2,671,244 |
Atlas Air Worldwide Holdings, Inc. * | 37,300 | 2,288,355 |
Copa Holdings S.A., Class A | 33,300 | 4,102,227 |
Echo Global Logistics, Inc. * | 43,500 | 1,046,175 |
Forward Air Corp. | 26,925 | 1,546,572 |
Genesee & Wyoming, Inc., Class A * | 33,565 | 2,409,296 |
Hawaiian Holdings, Inc. * | 29,440 | 986,240 |
Heartland Express, Inc. | 47,265 | 1,008,162 |
Hub Group, Inc., Class A * | 68,810 | 2,979,473 |
Knight-Swift Transportation Holdings, Inc. * | 106,873 | 4,429,886 |
Landstar System, Inc. | 43,270 | 4,272,912 |
Macquarie Infrastructure Corp. | 33,800 | 2,350,790 |
Marten Transport Ltd. | 53,200 | 1,045,380 |
Matson, Inc. | 48,000 | 1,307,040 |
Roadrunner Transportation Systems, Inc. * | 128,000 | 1,126,400 |
Saia, Inc. * | 28,550 | 1,850,040 |
SkyWest, Inc. | 91,400 | 4,304,940 |
Spirit Airlines, Inc. * | 51,200 | 1,899,008 |
Werner Enterprises, Inc. | 82,400 | 2,937,560 |
XPO Logistics, Inc. * | 9,700 | 672,695 |
YRC Worldwide, Inc. * | 43,100 | 580,557 |
49,367,932 | ||
Utilities 3.3% | ||
ALLETE, Inc. | 34,500 | 2,703,075 |
American States Water Co. | 24,930 | 1,339,987 |
Aqua America, Inc. | 86,775 | 3,078,777 |
Avangrid, Inc. | 27,100 | 1,401,883 |
Avista Corp. | 65,100 | 3,400,824 |
Black Hills Corp. | 40,100 | 2,616,926 |
California Water Service Group | 29,680 | 1,246,560 |
Dynegy, Inc. * | 209,900 | 2,613,255 |
El Paso Electric Co. | 41,690 | 2,397,175 |
Hawaiian Electric Industries, Inc. | 116,000 | 4,229,360 |
IDACORP, Inc. | 33,200 | 3,055,396 |
MGE Energy, Inc. | 21,750 | 1,436,587 |
New Jersey Resources Corp. | 71,800 | 3,191,510 |
Northwest Natural Gas Co. | 26,805 | 1,778,512 |
NorthWestern Corp. | 38,400 | 2,276,352 |
ONE Gas, Inc. | 37,900 | 2,917,542 |
Ormat Technologies, Inc. | 7,100 | 461,003 |
Otter Tail Corp. | 35,580 | 1,634,901 |
PNM Resources, Inc. | 93,600 | 4,062,240 |
Portland General Electric Co. | 85,200 | 4,067,448 |
South Jersey Industries, Inc. | 46,980 | 1,595,911 |
Spire, Inc. | 27,040 | 2,134,808 |
WGL Holdings, Inc. | 40,500 | 3,470,850 |
57,110,882 | ||
Total Common Stock | ||
(Cost $1,281,960,180) | 1,719,450,146 | |
Rights 0.0% of net assets | ||
Technology Hardware & Equipment 0.0% | ||
Gerber Scientific, Inc. CVR *(c) | 19,700 | — |
Total Rights | ||
(Cost $493) | — | |
Security | Number of Shares | Value ($) |
Other Investment Companies 2.9% of net assets | ||
Money Market Fund 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.96% (b) | 7,789,512 | 7,789,512 |
Securities Lending Collateral 2.5% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 42,380,512 | 42,380,512 |
Total Other Investment Companies | ||
(Cost $50,170,024) | 50,170,024 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, mini, expires 12/15/17 | 123 | 9,241,605 | (45,059) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $40,627,569. |
(b) | The rate shown is the 7-day yield. |
(c) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 98.5% of net assets | ||
Australia 5.8% | ||
A.C.N. 004 410 833 Ltd. *(d) | 11,838,630 | — |
AGL Energy Ltd. | 49,354 | 955,561 |
Amcor Ltd. | 72,183 | 876,049 |
AMP Ltd. | 375,192 | 1,429,858 |
APA Group | 50,360 | 330,496 |
Aurizon Holdings Ltd. | 183,140 | 726,828 |
Australia & New Zealand Banking Group Ltd. | 249,189 | 5,718,525 |
Bendigo & Adelaide Bank Ltd. | 33,879 | 295,500 |
BGP Holdings plc *(d) | 453,854 | 7,190 |
BHP Billiton Ltd. | 478,140 | 9,844,327 |
BlueScope Steel Ltd. | 59,672 | 587,472 |
Boral Ltd. | 94,088 | 516,293 |
Brambles Ltd. | 104,027 | 754,327 |
Caltex Australia Ltd. | 55,685 | 1,462,089 |
CIMIC Group Ltd. | 10,830 | 401,781 |
Coca-Cola Amatil Ltd. | 66,004 | 412,074 |
Commonwealth Bank of Australia | 117,057 | 6,963,162 |
CSL Ltd. | 17,629 | 1,876,802 |
Downer EDI Ltd. | 107,157 | 574,993 |
Fortescue Metals Group Ltd. | 156,877 | 557,793 |
Goodman Group | 50,029 | 320,773 |
Iluka Resources Ltd. | 54,457 | 392,413 |
Incitec Pivot Ltd. | 182,156 | 534,307 |
Insurance Australia Group Ltd. | 195,914 | 985,167 |
LendLease Group | 53,485 | 664,177 |
Macquarie Group Ltd. | 16,680 | 1,258,337 |
Medibank Pvt Ltd. | 185,803 | 437,338 |
Metcash Ltd. | 356,380 | 736,209 |
Mirvac Group | 195,529 | 361,406 |
National Australia Bank Ltd. | 224,350 | 5,621,351 |
Newcrest Mining Ltd. | 29,356 | 501,917 |
Orica Ltd. | 53,334 | 854,258 |
Origin Energy Ltd. * | 234,748 | 1,429,729 |
QBE Insurance Group Ltd. | 130,212 | 1,067,713 |
Rio Tinto Ltd. | 49,350 | 2,629,678 |
Santos Ltd. * | 172,187 | 594,993 |
Scentre Group | 235,198 | 725,218 |
Sonic Healthcare Ltd. | 29,574 | 493,937 |
Stockland | 191,092 | 662,314 |
Suncorp Group Ltd. | 166,222 | 1,730,167 |
Tabcorp Holdings Ltd. | 109,524 | 376,844 |
Tatts Group Ltd. | 143,251 | 457,922 |
Telstra Corp., Ltd. | 619,354 | 1,680,918 |
Transurban Group | 44,412 | 412,846 |
Wesfarmers Ltd. | 186,603 | 5,977,046 |
Westfield Corp. | 76,403 | 455,381 |
Westpac Banking Corp. | 270,855 | 6,860,604 |
Woodside Petroleum Ltd. | 76,684 | 1,807,673 |
Woolworths Ltd. | 241,205 | 4,781,808 |
WorleyParsons Ltd. * | 68,342 | 735,059 |
79,838,623 | ||
Security | Number of Shares | Value ($) |
Austria 0.4% | ||
Erste Group Bank AG * | 33,540 | 1,439,702 |
OMV AG | 36,177 | 2,171,103 |
Raiffeisen Bank International AG * | 21,061 | 732,420 |
voestalpine AG | 18,592 | 1,022,157 |
5,365,382 | ||
Belgium 0.9% | ||
Ageas | 25,450 | 1,234,200 |
Anheuser-Busch InBev S.A./N.V. | 38,411 | 4,710,000 |
Colruyt S.A. | 8,644 | 442,091 |
Groupe Bruxelles Lambert S.A. | 7,860 | 844,216 |
KBC Group N.V. | 16,590 | 1,378,113 |
Proximus | 22,089 | 733,496 |
Solvay S.A. | 6,585 | 978,256 |
UCB S.A. | 5,482 | 399,067 |
Umicore S.A. | 24,258 | 1,084,095 |
11,803,534 | ||
Canada 6.9% | ||
Agnico-Eagle Mines Ltd. | 6,700 | 299,140 |
Agrium, Inc. | 16,653 | 1,812,971 |
Alimentation Couche-Tard, Inc., Class B | 26,040 | 1,220,959 |
ARC Resources Ltd. | 34,872 | 425,189 |
Atco Ltd., Class I | 9,589 | 347,704 |
Bank of Montreal | 42,761 | 3,275,769 |
Barrick Gold Corp. | 57,151 | 825,746 |
Baytex Energy Corp. *(a) | 110,192 | 303,218 |
BCE, Inc. | 37,812 | 1,745,958 |
BlackBerry Ltd. * | 75,988 | 831,680 |
Brookfield Asset Management, Inc., Class A | 47,432 | 1,989,784 |
Cameco Corp. | 38,267 | 310,858 |
Canadian Imperial Bank of Commerce | 34,761 | 3,059,809 |
Canadian National Railway Co. | 38,517 | 3,099,333 |
Canadian Natural Resources Ltd. | 95,845 | 3,344,657 |
Canadian Pacific Railway Ltd. | 7,450 | 1,291,695 |
Canadian Tire Corp., Ltd., Class A | 6,776 | 831,440 |
Celestica, Inc. * | 25,766 | 258,639 |
Cenovus Energy, Inc. | 188,895 | 1,833,164 |
CGI Group, Inc., Class A * | 10,092 | 536,243 |
CI Financial Corp. | 22,815 | 507,197 |
Crescent Point Energy Corp. | 96,971 | 797,506 |
Dollarama, Inc. | 3,800 | 423,004 |
Emera, Inc. | 10,898 | 410,544 |
Empire Co., Ltd., Class A | 49,500 | 856,782 |
Enbridge, Inc. | 64,967 | 2,496,755 |
Encana Corp. | 92,197 | 1,078,407 |
Enerplus Corp. | 42,147 | 386,481 |
Fairfax Financial Holdings Ltd. | 1,450 | 763,619 |
Finning International, Inc. | 24,617 | 600,303 |
First Quantum Minerals Ltd. | 53,370 | 596,953 |
Fortis, Inc. | 22,626 | 833,239 |
George Weston Ltd. | 6,811 | 571,868 |
Gibson Energy, Inc. | 25,253 | 343,336 |
Gildan Activewear, Inc. | 10,300 | 315,203 |
Goldcorp, Inc. | 52,495 | 685,637 |
Great-West Lifeco, Inc. | 18,654 | 519,090 |
Husky Energy, Inc. * | 84,521 | 1,095,412 |
Imperial Oil Ltd. | 30,841 | 999,984 |
Intact Financial Corp. | 7,206 | 589,003 |
Inter Pipeline Ltd. | 20,974 | 426,601 |
Keyera Corp. | 10,100 | 297,340 |
Loblaw Cos., Ltd. | 20,043 | 1,034,387 |
Magna International, Inc. | 63,427 | 3,460,191 |
Manulife Financial Corp. | 95,100 | 1,912,173 |
Security | Number of Shares | Value ($) |
Methanex Corp. | 7,700 | 375,241 |
Metro, Inc. | 28,994 | 912,678 |
National Bank of Canada | 21,733 | 1,054,727 |
Obsidian Energy Ltd. *(a) | 400,911 | 425,741 |
Onex Corp. | 7,415 | 563,554 |
Parkland Fuel Corp. | 12,500 | 253,856 |
Pembina Pipeline Corp. | 23,878 | 789,394 |
Potash Corp. of Saskatchewan, Inc. | 126,164 | 2,455,607 |
Power Corp. of Canada | 52,544 | 1,347,303 |
Power Financial Corp. | 22,814 | 638,566 |
Rogers Communications, Inc., Class B | 24,141 | 1,252,615 |
Royal Bank of Canada | 83,244 | 6,508,660 |
Saputo, Inc. | 15,275 | 551,515 |
Shaw Communications, Inc., Class B | 42,537 | 971,351 |
SNC-Lavalin Group, Inc. | 13,640 | 614,493 |
Sun Life Financial, Inc. | 34,275 | 1,335,027 |
Suncor Energy, Inc. | 190,237 | 6,458,709 |
Teck Resources Ltd., Class B | 62,368 | 1,274,336 |
TELUS Corp. | 30,571 | 1,107,106 |
The Bank of Nova Scotia | 76,215 | 4,919,917 |
The Toronto-Dominion Bank | 97,352 | 5,534,296 |
Thomson Reuters Corp. | 22,300 | 1,042,660 |
TransAlta Corp. | 78,821 | 466,169 |
TransCanada Corp. | 44,672 | 2,120,890 |
Trisura Group Ltd. * | 269 | 6,016 |
Valeant Pharmaceuticals International, Inc. * | 46,109 | 538,611 |
Vermilion Energy, Inc. | 7,654 | 261,224 |
West Fraser Timber Co., Ltd. | 7,100 | 431,856 |
WestJet Airlines Ltd. | 16,200 | 338,541 |
94,195,630 | ||
Denmark 0.9% | ||
AP Moeller - Maersk A/S, Series A | 918 | 1,701,539 |
AP Moeller - Maersk A/S, Series B | 825 | 1,581,513 |
Carlsberg A/S, Class B | 8,534 | 974,937 |
Coloplast A/S, Class B | 4,475 | 393,880 |
Danske Bank A/S | 28,637 | 1,092,887 |
DSV A/S | 7,476 | 578,089 |
ISS A/S | 15,765 | 667,619 |
Novo Nordisk A/S, Class B | 68,822 | 3,426,567 |
Novozymes A/S, B Shares | 8,822 | 487,440 |
Pandora A/S | 3,479 | 328,511 |
TDC A/S | 153,841 | 909,539 |
Vestas Wind Systems A/S | 6,599 | 582,591 |
12,725,112 | ||
Finland 0.9% | ||
Elisa Oyj | 10,874 | 437,865 |
Fortum Oyj | 65,413 | 1,388,354 |
Kesko Oyj, B Shares | 16,701 | 852,897 |
Kone Oyj, Class B | 18,131 | 981,322 |
Metso Oyj | 12,105 | 439,633 |
Neste Oyj | 15,763 | 877,547 |
Nokia Oyj | 418,989 | 2,060,554 |
Nokian Renkaat Oyj | 9,579 | 439,170 |
Orion Oyj, Class B | 6,091 | 249,639 |
Sampo Oyj, A Shares | 23,407 | 1,224,885 |
Stora Enso Oyj, R Shares | 73,238 | 1,144,577 |
UPM-Kymmene Oyj | 59,040 | 1,773,105 |
Wartsila Oyj Abp | 9,155 | 589,730 |
12,459,278 | ||
France 10.0% | ||
Accor S.A. | 16,295 | 812,922 |
Air France-KLM * | 61,289 | 959,643 |
Security | Number of Shares | Value ($) |
Air Liquide S.A. | 28,109 | 3,578,948 |
Airbus SE | 24,786 | 2,543,415 |
Alstom S.A. | 21,203 | 857,794 |
Arkema S.A. | 7,983 | 1,008,503 |
Atos SE | 4,858 | 754,524 |
AXA S.A. | 160,375 | 4,841,463 |
BNP Paribas S.A. | 85,770 | 6,694,299 |
Bollore S.A. | 87,968 | 424,937 |
Bollore S.A. * | 428 | 2,029 |
Bouygues S.A. | 37,011 | 1,776,294 |
Bureau Veritas S.A. | 16,288 | 436,164 |
Capgemini SE | 10,841 | 1,317,008 |
Carrefour S.A. | 123,780 | 2,491,122 |
Casino Guichard Perrachon S.A. | 20,644 | 1,178,761 |
CGG S.A. *(a) | 58,381 | 278,821 |
Christian Dior SE | 3,710 | 1,273,407 |
CNP Assurances | 16,345 | 380,225 |
Compagnie de Saint-Gobain | 69,439 | 4,071,410 |
Credit Agricole S.A. | 91,105 | 1,590,075 |
Danone S.A. | 40,128 | 3,279,707 |
Eiffage S.A. | 7,107 | 742,366 |
Electricite de France S.A. | 135,515 | 1,773,597 |
Engie S.A. (a) | 479,704 | 8,107,941 |
Essilor International S.A. | 7,435 | 941,291 |
Eurazeo S.A. | 5,582 | 518,950 |
Eutelsat Communications S.A. | 16,474 | 412,640 |
Faurecia | 10,390 | 755,305 |
Kering | 3,474 | 1,593,195 |
Klepierre S.A. | 9,071 | 361,099 |
L'Oreal S.A. | 10,581 | 2,354,943 |
Legrand S.A. | 13,496 | 1,001,545 |
LVMH Moet Hennessy Louis Vuitton SE | 11,160 | 3,328,616 |
Natixis S.A. | 62,440 | 489,663 |
Orange S.A. | 368,017 | 6,045,664 |
Pernod-Ricard S.A. | 10,542 | 1,580,709 |
Peugeot S.A. | 49,817 | 1,181,936 |
Publicis Groupe S.A. | 12,816 | 834,229 |
Rallye S.A. | 27,177 | 464,726 |
Renault S.A. | 23,919 | 2,372,174 |
Rexel S.A. | 68,801 | 1,226,861 |
Safran S.A. | 13,427 | 1,414,162 |
Sanofi | 92,602 | 8,768,163 |
Schneider Electric SE * | 48,690 | 4,277,961 |
SCOR SE | 15,194 | 630,755 |
Societe Generale S.A. | 100,968 | 5,619,321 |
Sodexo S.A. | 6,703 | 852,774 |
Suez | 50,798 | 893,359 |
Teleperformance | 2,887 | 421,629 |
Thales S.A. | 4,727 | 492,617 |
TOTAL S.A. | 415,677 | 23,169,043 |
Unibail-Rodamco SE | 4,169 | 1,043,530 |
Valeo S.A. | 16,449 | 1,113,666 |
Vallourec S.A. *(a) | 86,893 | 475,253 |
Veolia Environnement S.A. | 95,214 | 2,255,677 |
Vinci S.A. | 44,596 | 4,369,407 |
Vivendi S.A. | 177,630 | 4,410,867 |
Wendel S.A. | 2,775 | 468,032 |
Zodiac Aerospace | 15,822 | 452,237 |
137,767,374 | ||
Germany 9.5% | ||
adidas AG | 9,093 | 2,023,947 |
Allianz SE | 37,472 | 8,748,168 |
Aurubis AG | 11,204 | 918,127 |
BASF SE | 106,570 | 11,653,784 |
Bayer AG | 52,174 | 6,786,732 |
Bayerische Motoren Werke AG | 57,681 | 5,915,777 |
Security | Number of Shares | Value ($) |
Beiersdorf AG | 4,194 | 471,785 |
Bilfinger SE | 9,950 | 401,427 |
Brenntag AG | 15,710 | 891,318 |
CECONOMY AG | 49,840 | 650,558 |
Commerzbank AG * | 156,935 | 2,174,820 |
Continental AG | 9,590 | 2,440,598 |
Covestro AG | 4,191 | 402,879 |
Daimler AG | 132,574 | 11,068,092 |
Deutsche Bank AG | 219,772 | 3,601,884 |
Deutsche Boerse AG | 7,831 | 811,016 |
Deutsche Lufthansa AG | 53,225 | 1,710,005 |
Deutsche Post AG | 95,235 | 4,365,580 |
Deutsche Telekom AG | 414,664 | 7,508,452 |
E.ON SE | 824,822 | 9,769,550 |
Evonik Industries AG | 16,912 | 615,189 |
Freenet AG | 15,731 | 526,798 |
Fresenius Medical Care AG & Co. KGaA | 11,912 | 1,153,343 |
Fresenius SE & Co. KGaA | 18,579 | 1,555,364 |
GEA Group AG | 12,748 | 615,824 |
Hannover Rueck SE | 4,439 | 558,607 |
HeidelbergCement AG | 14,370 | 1,470,476 |
Henkel AG & Co. KGaA | 5,597 | 705,911 |
HOCHTIEF AG | 1,979 | 349,578 |
Hugo Boss AG | 7,661 | 685,195 |
Infineon Technologies AG | 42,651 | 1,179,642 |
Innogy SE | 9,316 | 433,250 |
K&S AG | 35,648 | 866,666 |
KION Group AG | 4,122 | 330,286 |
Kloeckner & Co. SE | 25,309 | 298,471 |
LANXESS AG | 10,250 | 803,688 |
Leoni AG | 7,445 | 495,338 |
Linde AG | 14,713 | 3,177,659 |
MAN SE | 3,664 | 405,718 |
Merck KGaA | 4,783 | 513,182 |
METRO AG * | 12,081 | 229,011 |
MTU Aero Engines AG | 2,508 | 424,408 |
Muenchener Rueckversicherungs-Gesellschaft AG | 15,115 | 3,393,350 |
OSRAM Licht AG | 7,199 | 551,226 |
ProSiebenSat.1 Media SE | 20,378 | 717,788 |
Rheinmetall AG | 4,114 | 488,613 |
RWE AG * | 221,075 | 5,558,678 |
Salzgitter AG | 11,119 | 537,965 |
SAP SE | 31,935 | 3,648,972 |
Siemens AG | 62,966 | 9,043,977 |
Suedzucker AG | 14,930 | 295,866 |
Symrise AG | 4,717 | 367,579 |
Telefonica Deutschland Holding AG | 61,430 | 313,346 |
ThyssenKrupp AG | 35,722 | 958,282 |
Uniper SE | 97,491 | 2,739,359 |
Volkswagen AG | 6,593 | 1,231,227 |
Vonovia SE | 13,368 | 590,511 |
130,144,842 | ||
Hong Kong 1.4% | ||
AIA Group Ltd. | 276,200 | 2,081,299 |
BOC Hong Kong (Holdings) Ltd. | 160,000 | 762,426 |
China Mengniu Dairy Co., Ltd. * | 165,000 | 457,248 |
CK Asset Holdings Ltd. | 65,000 | 534,939 |
CK Hutchison Holdings Ltd. | 62,500 | 793,857 |
CLP Holdings Ltd. | 108,000 | 1,099,217 |
Esprit Holdings Ltd. * | 493,884 | 298,841 |
Galaxy Entertainment Group Ltd. | 90,000 | 613,744 |
Hang Seng Bank Ltd. | 31,000 | 734,792 |
Hong Kong & China Gas Co., Ltd. | 295,561 | 560,272 |
Hong Kong Exchanges & Clearing Ltd. | 13,900 | 387,313 |
Hongkong Land Holdings Ltd. | 42,900 | 311,148 |
Jardine Matheson Holdings Ltd. | 16,900 | 1,082,640 |
Security | Number of Shares | Value ($) |
Jardine Strategic Holdings Ltd. | 15,200 | 637,566 |
Li & Fung Ltd. | 1,568,000 | 790,257 |
Link REIT | 49,500 | 416,162 |
MTR Corp., Ltd. | 67,000 | 388,431 |
New World Development Co., Ltd. | 492,000 | 733,532 |
Noble Group Ltd. * | 2,715,393 | 578,031 |
PCCW Ltd. | 420,000 | 231,573 |
Sands China Ltd. | 139,200 | 656,695 |
SJM Holdings Ltd. | 437,000 | 375,689 |
Sun Hung Kai Properties Ltd. | 92,000 | 1,505,064 |
Swire Pacific Ltd., Class A | 85,000 | 839,976 |
Swire Pacific Ltd., Class B | 126,051 | 217,886 |
The Wharf Holdings Ltd. | 60,000 | 546,489 |
Want Want China Holdings Ltd. | 510,000 | 417,549 |
WH Group Ltd. | 253,000 | 256,385 |
Wheelock & Co., Ltd. | 51,000 | 355,289 |
Yue Yuen Industrial Holdings Ltd. | 86,000 | 329,423 |
18,993,733 | ||
Ireland 0.6% | ||
AerCap Holdings N.V. * | 8,028 | 422,594 |
Bank of Ireland Group plc * | 51,309 | 402,114 |
CRH plc | 61,242 | 2,304,655 |
Experian plc | 44,543 | 938,445 |
Kerry Group plc, Class A | 5,325 | 536,234 |
Seagate Technology plc | 58,882 | 2,176,867 |
Shire plc | 18,674 | 919,799 |
Smurfit Kappa Group plc | 25,550 | 762,054 |
8,462,762 | ||
Israel 0.3% | ||
Bank Hapoalim B.M. | 61,737 | 437,111 |
Bank Leumi Le-Israel B.M. | 97,238 | 537,508 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 349,955 | 522,560 |
Check Point Software Technologies Ltd. * | 4,493 | 528,871 |
Israel Chemicals Ltd. | 116,497 | 485,806 |
Teva Pharmaceutical Industries Ltd. | 119,024 | 1,641,454 |
4,153,310 | ||
Italy 3.3% | ||
Assicurazioni Generali S.p.A. | 124,009 | 2,256,933 |
Atlantia S.p.A. | 31,375 | 1,022,843 |
BPER Banca | 75,658 | 368,286 |
Enel S.p.A. | 1,467,616 | 9,101,669 |
Eni S.p.A. | 715,933 | 11,704,080 |
EXOR N.V. | 35,619 | 2,283,395 |
Intesa Sanpaolo S.p.A. | 1,308,336 | 4,398,498 |
Luxottica Group S.p.A. | 8,009 | 459,374 |
Mediaset S.p.A. *(a) | 139,242 | 511,264 |
Mediobanca S.p.A. | 34,654 | 379,612 |
Poste Italiane S.p.A | 61,106 | 446,650 |
Prysmian S.p.A. | 13,306 | 457,852 |
Saipem S.p.A. * | 170,169 | 715,317 |
Snam S.p.A. | 212,497 | 1,084,976 |
Telecom Italia S.p.A. * | 2,659,408 | 2,301,134 |
Terna - Rete Elettrica Nationale S.p.A. | 101,614 | 613,131 |
UniCredit S.p.A. * | 312,778 | 5,977,385 |
Unione di Banche Italiane S.p.A. | 242,768 | 1,139,415 |
45,221,814 | ||
Japan 22.2% | ||
Aeon Co., Ltd. | 114,900 | 1,777,209 |
Air Water, Inc. | 17,300 | 332,013 |
Aisin Seiki Co., Ltd. | 26,200 | 1,357,224 |
Security | Number of Shares | Value ($) |
Ajinomoto Co., Inc. | 41,000 | 824,780 |
Alfresa Holdings Corp. | 39,300 | 750,910 |
Alps Electric Co., Ltd. | 11,400 | 348,886 |
ANA Holdings, Inc. | 15,400 | 591,899 |
Arcs Co., Ltd. | 12,500 | 279,664 |
Asahi Glass Co., Ltd. | 36,000 | 1,410,846 |
Asahi Group Holdings Ltd. | 29,700 | 1,356,053 |
Asahi Kasei Corp. | 144,000 | 1,743,800 |
Astellas Pharma, Inc. | 135,200 | 1,799,357 |
Bandai Namco Holdings, Inc. | 19,200 | 657,946 |
Bridgestone Corp. | 79,200 | 3,783,413 |
Brother Industries Ltd. | 25,600 | 622,927 |
Canon, Inc. | 135,600 | 5,094,095 |
Central Japan Railway Co. | 14,100 | 2,561,218 |
Chubu Electric Power Co., Inc. | 115,800 | 1,493,413 |
Chugai Pharmaceutical Co., Ltd. | 9,100 | 433,858 |
Coca-Cola Bottlers Japan, Inc. | 13,100 | 458,360 |
Dai Nippon Printing Co., Ltd. | 52,000 | 1,246,438 |
Dai-ichi Life Holdings, Inc. | 70,300 | 1,342,584 |
Daicel Corp. | 29,800 | 372,071 |
Daiichi Sankyo Co., Ltd. | 53,100 | 1,219,637 |
Daikin Industries Ltd. | 11,900 | 1,315,079 |
Daito Trust Construction Co., Ltd. | 5,500 | 961,588 |
Daiwa House Industry Co., Ltd. | 44,900 | 1,645,715 |
Daiwa Securities Group, Inc. | 103,000 | 645,777 |
Denka Co., Ltd. | 12,600 | 420,971 |
Denso Corp. | 50,300 | 2,770,221 |
Dentsu, Inc. | 15,201 | 650,207 |
DIC Corp. | 11,500 | 426,877 |
Don Quijote Holdings Co., Ltd. | 9,600 | 402,672 |
Dowa Holdings Co., Ltd. | 7,200 | 303,121 |
East Japan Railway Co. | 29,018 | 2,814,154 |
Ebara Corp. | 10,400 | 374,263 |
Eisai Co., Ltd. | 15,700 | 873,809 |
Electric Power Development Co., Ltd. | 21,500 | 541,823 |
FANUC Corp. | 7,900 | 1,847,209 |
Fast Retailing Co., Ltd. | 2,300 | 769,523 |
Fuji Electric Co., Ltd. | 57,000 | 412,972 |
FUJIFILM Holdings Corp. | 51,600 | 2,110,842 |
Fujitsu Ltd. | 301,000 | 2,345,541 |
Furukawa Electric Co., Ltd. | 10,000 | 608,807 |
Hakuhodo DY Holdings, Inc. | 39,500 | 546,403 |
Hankyu Hanshin Holdings, Inc. | 18,900 | 736,861 |
Hanwa Co., Ltd. | 10,000 | 379,548 |
Haseko Corp. | 22,700 | 329,636 |
Hino Motors Ltd. | 39,600 | 509,692 |
Hitachi Construction Machinery Co., Ltd. | 15,100 | 517,995 |
Hitachi Ltd. | 924,000 | 7,358,131 |
Hitachi Metals Ltd. | 20,700 | 268,163 |
Hokuriku Electric Power Co. | 38,700 | 341,955 |
Honda Motor Co., Ltd. | 253,600 | 7,947,077 |
Hoya Corp. | 21,400 | 1,162,678 |
Ibiden Co., Ltd. | 23,000 | 385,123 |
Idemitsu Kosan Co., Ltd. | 32,000 | 935,354 |
IHI Corp. | 16,700 | 601,516 |
Iida Group Holdings Co., Ltd. | 28,200 | 540,969 |
Inpex Corp. | 186,600 | 1,997,961 |
Isetan Mitsukoshi Holdings Ltd. | 61,700 | 672,578 |
Isuzu Motors Ltd. | 68,900 | 1,006,312 |
ITOCHU Corp. | 155,200 | 2,718,582 |
J. Front Retailing Co., Ltd. | 34,600 | 513,534 |
Japan Post Bank Co., Ltd. | 35,100 | 444,535 |
Japan Post Holdings Co., Ltd. | 46,000 | 532,147 |
Japan Tobacco, Inc. | 70,300 | 2,326,942 |
JFE Holdings, Inc. | 110,700 | 2,379,084 |
JGC Corp. | 33,700 | 565,232 |
JSR Corp. | 22,700 | 440,036 |
JTEKT Corp. | 33,300 | 551,764 |
Security | Number of Shares | Value ($) |
JXTG Holdings, Inc. | 923,550 | 4,769,024 |
K's Holdings Corp. | 16,800 | 385,568 |
Kajima Corp. | 67,000 | 694,889 |
Kaneka Corp. | 37,000 | 305,543 |
Kao Corp. | 28,200 | 1,704,270 |
Kawasaki Heavy Industries Ltd. | 19,700 | 687,297 |
Kawasaki Kisen Kaisha Ltd. * | 23,300 | 608,381 |
KDDI Corp. | 156,900 | 4,180,229 |
Keio Corp. | 7,400 | 322,851 |
Kewpie Corp. | 12,600 | 314,311 |
Keyence Corp. | 1,146 | 636,288 |
Kikkoman Corp. | 10,000 | 343,205 |
Kintetsu Group Holdings Co., Ltd. | 11,600 | 446,054 |
Kirin Holdings Co., Ltd. | 88,700 | 2,129,143 |
Kobe Steel Ltd. *(a) | 96,300 | 813,045 |
Koito Manufacturing Co., Ltd. | 5,700 | 382,209 |
Komatsu Ltd. | 84,600 | 2,764,369 |
Konica Minolta, Inc. | 85,100 | 746,559 |
Kubota Corp. | 67,500 | 1,270,045 |
Kuraray Co., Ltd. | 34,800 | 685,371 |
Kyocera Corp. | 29,300 | 1,959,807 |
Kyowa Hakko Kirin Co., Ltd. | 17,900 | 330,416 |
Kyushu Electric Power Co., Inc. | 36,400 | 415,182 |
Kyushu Railway Co. | 5,400 | 172,593 |
Lawson, Inc. | 4,800 | 313,434 |
LIXIL Group Corp. | 28,300 | 779,411 |
Makita Corp. | 12,500 | 523,858 |
Marubeni Corp. | 286,300 | 1,919,653 |
Matsumotokiyoshi Holdings Co., Ltd. | 5,400 | 388,331 |
Mazda Motor Corp. | 87,000 | 1,255,908 |
Medipal Holdings Corp. | 39,800 | 739,136 |
MEIJI Holdings Co., Ltd. | 7,000 | 572,249 |
Minebea Mitsumi, Inc. | 27,000 | 494,994 |
Mitsubishi Chemical Holdings Corp. | 193,100 | 2,016,990 |
Mitsubishi Corp. | 161,300 | 3,777,312 |
Mitsubishi Electric Corp. | 186,300 | 3,188,244 |
Mitsubishi Estate Co., Ltd. | 48,800 | 884,965 |
Mitsubishi Gas Chemical Co., Inc. | 12,900 | 315,568 |
Mitsubishi Heavy Industries Ltd. | 48,800 | 1,909,393 |
Mitsubishi Materials Corp. | 21,200 | 806,113 |
Mitsubishi Motors Corp. | 169,900 | 1,360,528 |
Mitsubishi Tanabe Pharma Corp. | 13,100 | 288,323 |
Mitsubishi UFJ Financial Group, Inc. | 982,534 | 6,664,667 |
Mitsui & Co., Ltd. | 245,200 | 3,661,903 |
Mitsui Chemicals, Inc. | 24,000 | 740,062 |
Mitsui Fudosan Co., Ltd. | 53,000 | 1,237,072 |
Mitsui Mining & Smelting Co., Ltd. | 9,200 | 478,724 |
Mitsui O.S.K. Lines Ltd. | 23,400 | 716,540 |
Mizuho Financial Group, Inc. | 2,064,216 | 3,750,433 |
MS&AD Insurance Group Holdings, Inc. | 33,990 | 1,154,719 |
Murata Manufacturing Co., Ltd. | 7,900 | 1,241,580 |
Nagase & Co., Ltd. | 23,000 | 390,676 |
Nagoya Railroad Co., Ltd. | 17,200 | 386,413 |
NEC Corp. | 61,600 | 1,690,281 |
NGK Insulators Ltd. | 17,000 | 336,623 |
NGK Spark Plug Co., Ltd. | 16,300 | 371,984 |
NH Foods Ltd. | 23,000 | 661,594 |
NHK Spring Co., Ltd. | 41,900 | 479,509 |
Nidec Corp. | 6,100 | 811,196 |
Nikon Corp. | 48,700 | 924,859 |
Nintendo Co., Ltd. | 2,630 | 1,020,339 |
Nippon Electric Glass Co., Ltd. | 15,400 | 628,760 |
Nippon Express Co., Ltd. | 13,700 | 869,299 |
Nippon Paper Industries Co., Ltd. | 25,100 | 499,349 |
Nippon Steel & Sumitomo Metal Corp. | 126,300 | 3,028,101 |
Nippon Telegraph & Telephone Corp. | 142,608 | 6,894,743 |
Nippon Yusen K.K. * | 55,600 | 1,175,916 |
Nissan Motor Co., Ltd. | 374,800 | 3,645,070 |
Security | Number of Shares | Value ($) |
Nisshin Seifun Group, Inc. | 22,330 | 392,437 |
Nitori Holdings Co., Ltd. | 3,200 | 465,060 |
Nitto Denko Corp. | 11,500 | 1,069,359 |
NOK Corp. | 12,000 | 294,755 |
Nomura Holdings, Inc. | 214,300 | 1,226,389 |
Nomura Real Estate Holdings, Inc. | 15,700 | 345,566 |
NSK Ltd. | 38,000 | 547,142 |
NTT Data Corp. | 62,000 | 722,100 |
NTT DOCOMO, Inc. | 134,500 | 3,257,421 |
Obayashi Corp. | 52,500 | 687,397 |
Odakyu Electric Railway Co., Ltd. | 17,500 | 342,339 |
Oji Holdings Corp. | 140,000 | 820,541 |
Olympus Corp. | 13,000 | 483,791 |
Omron Corp. | 16,200 | 907,775 |
Oriental Land Co., Ltd. | 6,500 | 519,891 |
ORIX Corp. | 75,500 | 1,298,117 |
Osaka Gas Co., Ltd. | 59,400 | 1,150,521 |
Otsuka Holdings Co., Ltd. | 29,400 | 1,228,173 |
Panasonic Corp. | 318,850 | 4,814,430 |
Recruit Holdings Co., Ltd. | 47,000 | 1,152,329 |
Resona Holdings, Inc. | 174,158 | 941,381 |
Ricoh Co., Ltd. | 149,500 | 1,387,334 |
Rohm Co., Ltd. | 7,200 | 670,228 |
Secom Co., Ltd. | 12,800 | 974,619 |
Sega Sammy Holdings, Inc. | 20,800 | 292,809 |
Seibu Holdings, Inc. | 16,200 | 289,620 |
Seiko Epson Corp. | 29,700 | 708,739 |
Seino Holdings Co., Ltd. | 32,500 | 474,156 |
Sekisui Chemical Co., Ltd. | 44,000 | 888,110 |
Sekisui House Ltd. | 77,200 | 1,443,521 |
Seven & i Holdings Co., Ltd. | 88,000 | 3,546,792 |
Shimamura Co., Ltd. | 4,000 | 445,633 |
Shimano, Inc. | 3,100 | 424,208 |
Shimizu Corp. | 55,000 | 647,372 |
Shin-Etsu Chemical Co., Ltd. | 20,700 | 2,183,047 |
Shionogi & Co., Ltd. | 8,800 | 473,766 |
Shiseido Co., Ltd. | 20,600 | 849,699 |
Showa Denko K.K. | 25,900 | 867,829 |
Showa Shell Sekiyu K.K. | 52,200 | 615,816 |
SMC Corp. | 2,200 | 841,632 |
SoftBank Group Corp. | 57,100 | 5,060,323 |
Sojitz Corp. | 287,800 | 868,585 |
Sompo Holdings, Inc. | 24,600 | 988,802 |
Sony Corp. | 81,600 | 3,413,710 |
Stanley Electric Co., Ltd. | 10,000 | 369,144 |
Subaru Corp. | 41,300 | 1,426,877 |
Sumitomo Chemical Co., Ltd. | 209,000 | 1,468,820 |
Sumitomo Corp. | 141,300 | 2,043,777 |
Sumitomo Electric Industries Ltd. | 114,800 | 1,954,508 |
Sumitomo Forestry Co., Ltd. | 22,800 | 383,954 |
Sumitomo Heavy Industries Ltd. | 13,000 | 546,188 |
Sumitomo Metal Mining Co., Ltd. | 29,500 | 1,163,822 |
Sumitomo Mitsui Financial Group, Inc. | 122,210 | 4,896,065 |
Sumitomo Mitsui Trust Holdings, Inc. | 29,000 | 1,144,625 |
Sumitomo Realty & Development Co., Ltd. | 24,500 | 820,559 |
Sumitomo Rubber Industries Ltd. | 26,600 | 505,073 |
Suntory Beverage & Food Ltd. | 8,700 | 400,308 |
Suzuken Co., Ltd. | 18,030 | 649,943 |
Suzuki Motor Corp. | 35,400 | 1,938,974 |
T&D Holdings, Inc. | 47,350 | 738,691 |
Taiheiyo Cement Corp. | 15,100 | 603,531 |
Taisei Corp. | 15,400 | 853,268 |
Takashimaya Co., Ltd. | 44,000 | 404,840 |
Takeda Pharmaceutical Co., Ltd. | 56,200 | 3,168,831 |
TDK Corp. | 13,200 | 1,014,279 |
Teijin Ltd. | 25,800 | 546,063 |
Terumo Corp. | 13,300 | 554,215 |
The Chugoku Electric Power Co., Inc. | 51,000 | 568,657 |
Security | Number of Shares | Value ($) |
The Kansai Electric Power Co., Inc. | 88,700 | 1,214,666 |
The Yokohama Rubber Co., Ltd. | 15,800 | 355,216 |
Tobu Railway Co., Ltd. | 15,800 | 463,522 |
Toho Gas Co., Ltd. | 8,800 | 246,036 |
Tohoku Electric Power Co., Inc. | 74,000 | 970,793 |
Tokio Marine Holdings, Inc. | 40,200 | 1,732,910 |
Tokyo Electric Power Co. Holdings, Inc. * | 579,300 | 2,377,806 |
Tokyo Electron Ltd. | 6,900 | 1,214,950 |
Tokyo Gas Co., Ltd. | 69,200 | 1,726,238 |
Tokyu Corp. | 40,000 | 605,082 |
Tokyu Fudosan Holdings Corp. | 51,200 | 335,673 |
Toppan Printing Co., Ltd. | 81,000 | 824,071 |
Toray Industries, Inc. | 140,000 | 1,417,030 |
Toshiba Corp. * | 752,000 | 2,175,876 |
Tosoh Corp. | 26,100 | 563,257 |
TOTO Ltd. | 9,700 | 475,048 |
Toyo Seikan Group Holdings Ltd. | 31,000 | 548,326 |
Toyo Suisan Kaisha Ltd. | 10,300 | 396,241 |
Toyoda Gosei Co., Ltd. | 11,700 | 286,088 |
Toyota Industries Corp. | 16,600 | 1,021,755 |
Toyota Motor Corp. | 250,818 | 15,557,251 |
Toyota Tsusho Corp. | 49,400 | 1,796,704 |
Ube Industries Ltd. | 18,800 | 577,537 |
Unicharm Corp. | 15,200 | 345,887 |
West Japan Railway Co. | 17,863 | 1,259,626 |
Yamada Denki Co., Ltd. | 152,700 | 812,242 |
Yamaha Corp. | 9,000 | 353,626 |
Yamaha Motor Co., Ltd. | 26,900 | 807,339 |
Yamato Holdings Co., Ltd. | 40,900 | 836,232 |
Yamazaki Baking Co., Ltd. | 20,300 | 365,399 |
Yokogawa Electric Corp. | 16,200 | 307,739 |
304,029,493 | ||
Luxembourg 0.4% | ||
ArcelorMittal * | 142,178 | 4,071,345 |
Millicom International Cellular S.A. SDR | 10,796 | 690,403 |
RTL Group S.A. | 4,870 | 361,844 |
SES S.A. | 22,482 | 365,647 |
Tenaris S.A. | 47,905 | 653,967 |
6,143,206 | ||
Netherlands 5.0% | ||
ABN AMRO Group N.V. CVA | 11,485 | 354,707 |
Aegon N.V. | 296,548 | 1,750,776 |
Akzo Nobel N.V. | 18,969 | 1,712,537 |
ASML Holding N.V. | 7,291 | 1,315,510 |
Boskalis Westminster N.V. | 10,615 | 379,449 |
Gemalto N.V. | 5,432 | 214,973 |
Heineken Holding N.V. | 10,063 | 934,069 |
Heineken N.V. | 12,332 | 1,201,541 |
ING Groep N.V. | 211,380 | 3,906,189 |
Koninklijke Ahold Delhaize N.V. | 224,631 | 4,227,138 |
Koninklijke DSM N.V. | 17,471 | 1,490,585 |
Koninklijke KPN N.V. | 506,582 | 1,743,083 |
Koninklijke Philips N.V. | 78,895 | 3,215,200 |
NN Group N.V. | 17,034 | 713,342 |
Randstad Holding N.V. | 15,198 | 935,013 |
RELX N.V. | 32,316 | 729,591 |
Royal Dutch Shell plc, A Shares | 462,701 | 14,569,413 |
Royal Dutch Shell plc, B Shares | 707,348 | 22,774,674 |
SNS Reaal N.V. *(a)(d) | 124,822 | — |
Unilever N.V. CVA | 87,350 | 5,074,153 |
Wolters Kluwer N.V. | 14,962 | 733,326 |
X5 Retail Group N.V. GDR * | 8,305 | 341,336 |
68,316,605 | ||
Security | Number of Shares | Value ($) |
New Zealand 0.1% | ||
Contact Energy Ltd. | 77,550 | 305,216 |
Fletcher Building Ltd. | 101,920 | 514,107 |
Spark New Zealand Ltd. | 225,199 | 567,392 |
1,386,715 | ||
Norway 0.9% | ||
DNB A.S.A. | 72,677 | 1,402,621 |
Marine Harvest A.S.A. * | 29,324 | 572,622 |
Norsk Hydro A.S.A. | 151,530 | 1,172,592 |
Orkla A.S.A. | 65,811 | 644,631 |
Statoil A.S.A. (a) | 284,976 | 5,790,003 |
Telenor A.S.A. | 88,832 | 1,886,236 |
Yara International A.S.A. | 31,288 | 1,485,951 |
12,954,656 | ||
Portugal 0.2% | ||
EDP - Energias de Portugal S.A. | 447,598 | 1,596,232 |
Galp Energia, SGPS, S.A. | 60,353 | 1,122,086 |
Jeronimo Martins, SGPS, S.A. | 16,366 | 297,356 |
3,015,674 | ||
Singapore 0.8% | ||
CapitaLand Ltd. | 134,100 | 361,130 |
ComfortDelGro Corp., Ltd. | 211,400 | 313,392 |
DBS Group Holdings Ltd. | 98,356 | 1,642,403 |
Flex Ltd. * | 53,124 | 945,607 |
Hutchison Port Holdings Trust, Class U | 622,600 | 267,721 |
Jardine Cycle & Carriage Ltd. | 13,500 | 390,372 |
Keppel Corp., Ltd. | 226,600 | 1,247,267 |
Oversea-Chinese Banking Corp., Ltd. | 177,397 | 1,549,318 |
Sembcorp Industries Ltd. | 174,100 | 421,661 |
Singapore Airlines Ltd. | 79,970 | 602,682 |
Singapore Press Holdings Ltd. | 144,300 | 285,756 |
Singapore Telecommunications Ltd. | 606,786 | 1,669,854 |
United Overseas Bank Ltd. | 68,552 | 1,238,439 |
Wilmar International Ltd. | 244,966 | 609,586 |
11,545,188 | ||
Spain 4.0% | ||
Abertis Infraestructuras S.A. | 43,976 | 951,148 |
Acciona S.A. | 4,668 | 386,530 |
ACS Actividades de Construccion y Servicios S.A. | 26,284 | 1,036,091 |
Aena SME S.A. | 2,057 | 377,405 |
Amadeus IT Group S.A. | 11,326 | 768,456 |
Banco Bilbao Vizcaya Argentaria S.A. | 456,785 | 3,994,342 |
Banco De Sabadell S.A. | 397,037 | 794,952 |
Banco Santander S.A. | 2,506,517 | 16,992,456 |
CaixaBank S.A. | 180,022 | 842,213 |
Distribuidora Internacional de Alimentacion S.A. | 86,338 | 422,278 |
Enagas S.A. | 16,779 | 483,298 |
Endesa S.A. | 81,180 | 1,858,067 |
Ferrovial S.A. | 38,943 | 845,710 |
Gas Natural SDG S.A. | 50,089 | 1,071,780 |
Grifols S.A. | 10,434 | 326,531 |
Iberdrola S.A. | 562,554 | 4,546,002 |
Industria de Diseno Textil S.A. | 37,479 | 1,400,891 |
Mapfre S.A. | 132,862 | 434,525 |
Red Electrica Corp. S.A. | 28,672 | 634,870 |
Repsol S.A. | 315,103 | 5,904,840 |
Telefonica S.A. | 985,966 | 10,338,310 |
54,410,695 | ||
Security | Number of Shares | Value ($) |
Sweden 2.5% | ||
Alfa Laval AB | 21,242 | 537,951 |
Assa Abloy AB, Class B | 36,940 | 778,800 |
Atlas Copco AB, A Shares | 45,025 | 1,974,411 |
Atlas Copco AB, B Shares | 22,540 | 894,797 |
Autoliv, Inc. | 8,337 | 1,040,958 |
Boliden AB | 23,541 | 823,741 |
Electrolux AB, B Shares | 20,883 | 738,143 |
Essity AB, Class B * | 18,292 | 546,738 |
Getinge AB, B Shares | 22,403 | 440,972 |
Hennes & Mauritz AB, B Shares | 92,847 | 2,330,004 |
Hexagon AB, B Shares | 8,846 | 453,579 |
Husqvarna AB, B Shares | 32,140 | 313,982 |
Nordea Bank AB | 220,057 | 2,659,324 |
Sandvik AB | 87,398 | 1,595,318 |
Securitas AB, B Shares | 34,016 | 596,842 |
Skandinaviska Enskilda Banken AB, A Shares | 85,769 | 1,056,984 |
Skanska AB, B Shares | 39,900 | 874,950 |
SKF AB, B Shares | 38,577 | 896,484 |
SSAB AB, A Shares * | 16,713 | 82,052 |
SSAB AB, B Shares * | 74,435 | 300,057 |
Svenska Cellulosa AB, S.C.A., B Shares | 42,201 | 396,266 |
Svenska Handelsbanken AB, A Shares | 91,285 | 1,308,327 |
Swedbank AB, A Shares | 67,168 | 1,666,959 |
Swedish Match AB | 14,253 | 536,924 |
Tele2 AB, B Shares | 89,272 | 1,135,517 |
Telefonaktiebolaget LM Ericsson, B Shares | 599,925 | 3,775,375 |
Telia Co. AB (a) | 484,134 | 2,240,796 |
Trelleborg AB, B Shares | 16,809 | 416,252 |
Volvo AB, A Shares | 19,822 | 392,590 |
Volvo AB, B Shares | 148,122 | 2,933,740 |
33,738,833 | ||
Switzerland 6.1% | ||
ABB Ltd. | 163,129 | 4,260,119 |
Adecco Group AG | 22,852 | 1,813,016 |
Aryzta AG * | 11,916 | 378,335 |
Baloise Holding AG | 2,931 | 462,094 |
Chocoladefabriken Lindt & Spruengli AG | 35 | 393,500 |
Cie Financiere Richemont S.A. | 30,133 | 2,777,849 |
Clariant AG * | 21,288 | 535,604 |
Coca-Cola HBC AG CDI * | 15,986 | 540,281 |
Credit Suisse Group AG * | 159,987 | 2,521,207 |
Ferguson plc | 26,768 | 1,871,885 |
Geberit AG | 1,017 | 460,450 |
Georg Fischer AG | 319 | 393,030 |
Givaudan S.A. | 396 | 884,382 |
Glencore plc * | 1,959,817 | 9,452,588 |
Idorsia Ltd. * | 1,447 | 28,517 |
Julius Baer Group Ltd. * | 5,901 | 349,030 |
Kuehne & Nagel International AG | 3,814 | 666,366 |
LafargeHolcim Ltd. * | 33,557 | 1,894,792 |
Lonza Group AG * | 1,979 | 525,743 |
Nestle S.A. | 182,227 | 15,332,307 |
Novartis AG | 137,701 | 11,357,473 |
Roche Holding AG | 35,957 | 8,310,777 |
Roche Holding AG - Bearer Shares | 1,369 | 318,131 |
Schindler Holding AG | 1,974 | 446,459 |
SGS S.A. | 262 | 647,020 |
Sika AG | 88 | 651,329 |
STMicroelectronics N.V. | 44,266 | 1,042,652 |
Swiss Life Holding AG * | 1,840 | 639,528 |
Swiss Prime Site AG * | 2,965 | 253,064 |
Swiss Re AG | 40,278 | 3,790,574 |
Swisscom AG | 2,252 | 1,137,766 |
TE Connectivity Ltd. | 20,621 | 1,875,892 |
Security | Number of Shares | Value ($) |
The Swatch Group AG | 3,510 | 264,572 |
The Swatch Group AG - Bearer Shares | 2,427 | 951,248 |
UBS Group AG * | 115,620 | 1,967,055 |
Zurich Insurance Group AG | 15,196 | 4,637,288 |
83,831,923 | ||
United Kingdom 15.4% | ||
3i Group plc | 36,892 | 470,821 |
Admiral Group plc | 13,360 | 341,292 |
Aggreko plc | 37,926 | 471,981 |
Anglo American plc | 190,577 | 3,594,856 |
Antofagasta plc | 50,209 | 636,330 |
Ashtead Group plc | 20,891 | 538,142 |
Associated British Foods plc | 25,865 | 1,144,764 |
AstraZeneca plc | 124,011 | 8,390,704 |
Aviva plc | 265,000 | 1,777,733 |
Babcock International Group plc | 44,863 | 483,740 |
BAE Systems plc | 254,587 | 2,005,467 |
Balfour Beatty plc | 124,990 | 454,699 |
Barclays plc | 1,893,117 | 4,671,665 |
Barratt Developments plc | 59,223 | 514,933 |
Bellway plc | 6,809 | 330,140 |
BHP Billiton plc | 319,597 | 5,786,506 |
Booker Group plc | 174,494 | 466,289 |
BP plc | 4,625,837 | 31,375,468 |
British American Tobacco plc | 119,400 | 7,714,413 |
BT Group plc | 762,401 | 2,626,876 |
Bunzl plc | 19,866 | 618,836 |
Burberry Group plc | 30,915 | 780,833 |
Capita plc | 69,513 | 484,090 |
Carillion plc (a) | 245,168 | 148,052 |
Carnival plc | 9,956 | 656,382 |
Centrica plc | 1,045,793 | 2,358,439 |
CNH Industrial N.V. | 73,623 | 939,330 |
Cobham plc * | 204,175 | 376,933 |
Coca-Cola European Partners plc | 23,225 | 948,974 |
Compass Group plc | 83,864 | 1,841,179 |
Croda International plc | 6,072 | 337,449 |
DCC plc | 6,602 | 626,090 |
Debenhams plc | 488,917 | 284,060 |
Diageo plc | 111,157 | 3,795,880 |
Direct Line Insurance Group plc | 183,613 | 906,227 |
Dixons Carphone plc | 94,909 | 218,606 |
Drax Group plc | 93,605 | 345,341 |
DS Smith plc | 71,256 | 492,803 |
easyJet plc | 34,379 | 611,425 |
Fiat Chrysler Automobiles N.V. * | 195,879 | 3,386,998 |
FirstGroup plc * | 420,975 | 614,984 |
G4S plc | 143,552 | 535,653 |
GKN plc | 163,070 | 687,316 |
GlaxoSmithKline plc | 401,942 | 7,213,786 |
Greene King plc | 28,689 | 206,146 |
Hiscox Ltd. | 19,548 | 370,685 |
HSBC Holdings plc | 1,675,522 | 16,361,670 |
IMI plc | 24,114 | 391,264 |
Imperial Brands plc | 73,058 | 2,978,688 |
Inchcape plc | 64,158 | 665,951 |
Informa plc | 35,462 | 328,243 |
Inmarsat plc | 33,916 | 279,757 |
InterContinental Hotels Group plc | 12,287 | 680,716 |
International Consolidated Airlines Group S.A. | 63,123 | 533,128 |
Intertek Group plc | 6,805 | 490,239 |
Investec plc | 44,175 | 302,272 |
ITV plc | 291,190 | 636,515 |
J. Sainsbury plc | 643,651 | 2,072,699 |
John Wood Group plc | 113,706 | 1,075,182 |
Johnson Matthey plc | 31,390 | 1,409,275 |
Security | Number of Shares | Value ($) |
Kingfisher plc | 422,122 | 1,755,027 |
Land Securities Group plc | 36,431 | 467,911 |
Legal & General Group plc | 367,349 | 1,302,462 |
Liberty Global plc, Class A * | 18,594 | 573,625 |
Liberty Global plc, Series C * | 38,473 | 1,149,958 |
Lloyds Banking Group plc | 4,498,497 | 4,077,575 |
Man Group plc | 241,435 | 620,868 |
Marks & Spencer Group plc | 345,569 | 1,579,384 |
Meggitt plc | 68,225 | 469,663 |
Mondi plc | 27,415 | 663,010 |
National Grid plc | 342,238 | 4,119,675 |
Next plc | 17,446 | 1,140,386 |
Old Mutual plc | 428,584 | 1,087,201 |
Pearson plc | 140,243 | 1,309,538 |
Pennon Group plc | 31,552 | 332,766 |
Persimmon plc | 15,697 | 584,160 |
Petrofac Ltd. | 40,504 | 225,649 |
Phoenix Group Holdings | 39,745 | 399,494 |
Provident Financial plc | 13,620 | 168,503 |
Prudential plc | 98,891 | 2,427,316 |
Reckitt Benckiser Group plc | 28,027 | 2,507,482 |
RELX plc | 35,907 | 826,252 |
Rio Tinto plc | 142,637 | 6,741,112 |
Rolls-Royce Holdings plc * | 198,037 | 2,559,228 |
Rolls-Royce Holdings plc, C Shares *(d) | 9,109,702 | 12,099 |
Royal Bank of Scotland Group plc * | 254,048 | 954,348 |
Royal Mail plc | 207,745 | 1,033,031 |
RSA Insurance Group plc | 74,554 | 622,550 |
Severn Trent plc | 20,334 | 570,153 |
Sky plc * | 89,074 | 1,115,585 |
Smith & Nephew plc | 45,555 | 859,239 |
Smiths Group plc | 31,321 | 653,540 |
Spectris plc | 8,651 | 294,121 |
SSE plc | 145,662 | 2,675,214 |
Standard Chartered plc * | 326,465 | 3,251,549 |
Standard Life Aberdeen plc | 237,816 | 1,357,032 |
Subsea 7 S.A. | 37,273 | 628,324 |
Tate & Lyle plc | 53,418 | 458,875 |
Taylor Wimpey plc | 171,156 | 453,577 |
Tesco plc | 1,744,120 | 4,202,609 |
The Berkeley Group Holdings plc | 9,037 | 449,013 |
The British Land Co., plc | 31,728 | 253,323 |
The Sage Group plc | 65,551 | 648,863 |
The Weir Group plc | 18,834 | 488,265 |
Travis Perkins plc | 38,856 | 784,420 |
Unilever plc | 60,905 | 3,451,727 |
United Utilities Group plc | 55,992 | 619,473 |
Vodafone Group plc | 4,147,071 | 11,862,026 |
Whitbread plc | 12,190 | 597,876 |
William Hill plc | 102,888 | 353,062 |
WM Morrison Supermarkets plc | 608,523 | 1,812,006 |
WPP plc | 85,749 | 1,515,975 |
210,855,035 | ||
Total Common Stock | ||
(Cost $1,237,498,521) | 1,351,359,417 | |
Preferred Stock 0.8% of net assets | ||
Germany 0.7% | ||
Automobiles & Components 0.6% | ||
Volkswagen AG | 41,057 | 7,517,666 |
Household & Personal Products 0.1% | ||
Henkel AG & Co. KGaA | 9,243 | 1,297,868 |
Security | Number of Shares | Value ($) |
Materials 0.0% | ||
Fuchs Petrolub SE | 4,564 | 257,010 |
9,072,544 | ||
Italy 0.1% | ||
Banks 0.0% | ||
Intesa Sanpaolo S.p.A. - RSP | 91,352 | 287,914 |
Telecommunication Services 0.1% | ||
Telecom Italia S.p.A. - RSP | 1,716,871 | 1,219,789 |
1,507,703 | ||
Spain 0.0% | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Grifols S.A., Class B | 6,295 | 147,855 |
Total Preferred Stock | ||
(Cost $9,848,864) | 10,728,102 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/17 * | 2,479,472 | 118,416 |
Ferrovial S.A. expires 11/13/17 * | 38,943 | 18,735 |
Total Rights | ||
(Cost $135,047) | 137,151 | |
Other Investment Company 1.3% of net assets | ||
United States 1.3% | ||
Securities Lending Collateral 1.3% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (b) | 17,604,440 | 17,604,440 |
Total Other Investment Company | ||
(Cost $17,604,440) | 17,604,440 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.8% of net assets | ||
Time Deposits 0.8% | ||
Australia & New Zealand Banking Group Ltd. | ||
New Zealand Dollar | ||
0.95%, 11/01/17 (c) | 62,914 | 43,052 |
BNP Paribas | ||
Hong Kong Dollar | ||
0.01%, 11/01/17 (c) | 671,974 | 86,135 |
Singapore Dollar | ||
0.01%, 11/01/17 (c) | 100,054 | 73,402 |
Brown Brothers Harriman | ||
Norwegian Krone | ||
0.05%, 11/01/17 (c) | 23,889 | 2,925 |
Swiss Franc | ||
(1.45%), 11/01/17 (c) | 350,369 | 351,194 |
Citibank | ||
Euro | ||
(0.57%), 11/01/17 (c) | 270,640 | 315,255 |
National Australia Bank | ||
Australian Dollar | ||
0.49%, 11/01/17 (c) | 52,237 | 39,980 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Skandinaviska Enskilda Banken | ||
Swedish Krone | ||
(0.89%), 11/01/17 (c) | 457,095 | 54,600 |
Sumitomo Mitsui Banking Corp. | ||
Great British Pound | ||
0.05%, 11/01/17 (c) | 75,754 | 100,613 |
Japanese Yen | ||
(0.24%), 11/01/17 (c) | 3,999,040 | 35,170 |
U.S. Dollar | ||
0.60%, 11/01/17 (c) | 9,791,480 | 9,791,480 |
Wells Fargo | ||
Canadian Dollar | ||
0.15%, 11/01/17 (c) | 192,280 | 149,043 |
Total Short-Term Investments | ||
(Cost $11,042,849) | 11,042,849 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 86 | 8,631,820 | 48,896 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $16,804,058. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
CVA — | Dutch Certificate |
GDR — | Global Depositary Receipt |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Security | Number of Shares | Value ($) |
Common Stock 98.9% of net assets | ||
Australia 5.7% | ||
Adelaide Brighton Ltd. | 122,334 | 582,393 |
ALS Ltd. | 157,406 | 945,041 |
Ansell Ltd. | 30,508 | 561,563 |
Ardent Leisure Group | 200,997 | 288,538 |
Aristocrat Leisure Ltd. | 39,193 | 708,541 |
ASX Ltd. | 21,946 | 908,018 |
AusNet Services | 510,270 | 691,947 |
Austal Ltd. | 71,556 | 96,582 |
Australian Pharmaceutical Industries Ltd. | 308,950 | 356,629 |
Automotive Holdings Group Ltd. | 206,099 | 511,356 |
Bank of Queensland Ltd. | 93,127 | 953,364 |
Beach Energy Ltd. | 777,372 | 581,548 |
Bega Cheese Ltd. | 56,460 | 318,091 |
carsales.com Ltd. | 27,779 | 291,718 |
Challenger Ltd. | 68,496 | 698,702 |
Charter Hall Retail REIT | 62,564 | 194,618 |
Cleanaway Waste Management Ltd. | 620,579 | 714,179 |
Cochlear Ltd. | 6,147 | 828,027 |
Computershare Ltd. | 92,643 | 1,107,504 |
Cromwell Property Group | 289,429 | 221,547 |
Crown Resorts Ltd. | 109,516 | 973,831 |
CSR Ltd. | 276,306 | 1,005,013 |
Dexus | 129,138 | 966,984 |
DuluxGroup Ltd. | 83,592 | 472,098 |
Event Hospitality & Entertainment Ltd. | 29,639 | 303,235 |
Fairfax Media Ltd. | 1,311,892 | 1,105,137 |
Flight Centre Travel Group Ltd. | 18,468 | 662,103 |
G.U.D. Holdings Ltd. | 33,641 | 307,684 |
G8 Education Ltd. | 35,640 | 124,502 |
Genworth Mortgage Insurance Australia Ltd. | 137,681 | 299,654 |
GrainCorp Ltd., Class A | 146,204 | 952,254 |
GWA Group Ltd. | 124,588 | 243,246 |
Harvey Norman Holdings Ltd. (a) | 151,208 | 438,000 |
Healthscope Ltd. | 174,537 | 262,178 |
Inghams Group Ltd. (a) | 115,910 | 315,344 |
Investa Office Fund | 67,331 | 231,236 |
InvoCare Ltd. | 18,989 | 246,884 |
IOOF Holdings Ltd. | 75,044 | 618,990 |
IRESS Ltd. | 25,046 | 225,799 |
JB Hi-Fi Ltd. | 46,886 | 823,110 |
McMillan Shakespeare Ltd. | 22,379 | 270,120 |
Mineral Resources Ltd. | 56,875 | 758,982 |
Monadelphous Group Ltd. | 75,165 | 977,256 |
Myer Holdings Ltd. | 1,353,122 | 792,780 |
Navitas Ltd. | 93,338 | 341,367 |
nib Holdings Ltd. | 115,158 | 556,216 |
Nine Entertainment Co. Holdings Ltd. | 288,148 | 331,078 |
Nufarm Ltd. | 58,392 | 406,458 |
OceanaGold Corp. | 103,772 | 278,313 |
Orora Ltd. | 323,506 | 843,576 |
OZ Minerals Ltd. | 154,177 | 952,054 |
Pact Group Holdings Ltd. | 26,285 | 116,683 |
Perpetual Ltd. | 7,719 | 286,876 |
Premier Investments Ltd. | 31,088 | 315,478 |
Primary Health Care Ltd. | 258,311 | 677,039 |
Security | Number of Shares | Value ($) |
Qantas Airways Ltd. | 323,828 | 1,528,348 |
Qube Holdings Ltd. | 151,747 | 299,009 |
Ramsay Health Care Ltd. | 16,677 | 855,024 |
Regis Resources Ltd. | 34,169 | 101,504 |
Resolute Mining Ltd. | 204,150 | 160,107 |
Sandfire Resources NL | 20,680 | 91,055 |
SEEK Ltd. | 35,358 | 497,889 |
Seven Group Holdings Ltd. | 38,847 | 395,283 |
Seven West Media Ltd. | 1,025,569 | 530,941 |
Sigma Healthcare Ltd. | 874,035 | 505,415 |
South32 Ltd. | 195,344 | 510,249 |
Southern Cross Media Group Ltd. | 322,661 | 277,252 |
Spotless Group Holdings Ltd. | 701,373 | 590,908 |
Super Retail Group Ltd. | 63,884 | 380,322 |
Sydney Airport | 130,479 | 710,886 |
The GPT Group | 242,841 | 948,250 |
The Star Entertainment Grp Ltd. | 201,574 | 888,861 |
TPG Telecom Ltd. | 47,576 | 196,918 |
Treasury Wine Estates Ltd. | 77,815 | 934,086 |
Vicinity Centres | 240,070 | 487,972 |
Village Roadshow Ltd. * | 70,720 | 203,092 |
Virgin Australia International Holdings *(d) | 176,214 | — |
Washington H Soul Pattinson & Co., Ltd. | 25,886 | 331,153 |
Western Areas Ltd. (a) | 121,077 | 258,308 |
Whitehaven Coal Ltd. * | 187,050 | 534,630 |
42,258,926 | ||
Austria 1.1% | ||
ams AG * | 5,886 | 537,019 |
ANDRITZ AG | 16,793 | 949,506 |
Austria Technologie & Systemtechnik AG | 18,022 | 385,846 |
BUWOG AG * | 12,272 | 353,945 |
CA Immobilien Anlagen AG | 10,118 | 288,756 |
IMMOFINANZ AG * | 219,721 | 555,289 |
Lenzing AG | 1,681 | 227,533 |
Oesterreichische Post AG | 15,205 | 675,196 |
Rhi Magnesita N.V. * | 12,748 | 565,631 |
S IMMO AG | 7,171 | 126,341 |
Schoeller-Bleckmann Oilfield Equipment AG * | 3,334 | 311,232 |
Semperit AG Holding | 3,496 | 102,215 |
Telekom Austria AG * | 49,731 | 465,590 |
UNIQA Insurance Group AG | 35,796 | 366,762 |
Verbund AG | 14,332 | 348,040 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 19,483 | 570,353 |
Wienerberger AG | 44,881 | 1,151,532 |
Zumtobel Group AG | 12,659 | 216,430 |
8,197,216 | ||
Belgium 1.2% | ||
Ackermans & van Haaren N.V. | 2,718 | 465,496 |
AGFA-Gevaert N.V. * | 93,821 | 440,807 |
Barco N.V. | 4,407 | 451,511 |
Befimmo S.A. | 4,055 | 251,950 |
Bekaert N.V. | 15,694 | 742,353 |
bpost S.A. | 35,761 | 1,008,247 |
Cie d'Entreprises CFE | 1,581 | 231,188 |
Cofinimmo S.A. | 4,261 | 540,587 |
D'ieteren S.A./N.V. | 18,135 | 829,389 |
Elia System Operator S.A./N.V. | 9,649 | 559,694 |
Euronav N.V. | 38,584 | 319,754 |
Gimv N.V. | 6,503 | 391,922 |
Nyrstar N.V. *(a) | 71,346 | 569,604 |
Ontex Group N.V. | 13,752 | 483,694 |
Orange Belgium S.A. | 19,948 | 462,063 |
Sofina S.A. | 666 | 100,154 |
Security | Number of Shares | Value ($) |
Telenet Group Holding N.V. * | 12,571 | 869,407 |
Tessenderlo Group S.A. * | 10,666 | 511,848 |
9,229,668 | ||
Canada 8.6% | ||
Aecon Group, Inc. | 45,472 | 684,847 |
AGF Management Ltd., Class B | 88,546 | 570,357 |
Aimia, Inc. | 192,999 | 378,488 |
Air Canada * | 13,636 | 270,162 |
Algonquin Power & Utilities Corp. | 34,800 | 372,520 |
Allied Properties Real Estate Investment Trust | 3,300 | 105,745 |
AltaGas Ltd. | 36,049 | 821,798 |
Artis Real Estate Investment Trust | 32,073 | 345,815 |
AutoCanada, Inc. | 15,400 | 278,253 |
Bird Construction, Inc. | 35,819 | 271,537 |
Boardwalk Real Estate Investment Trust (a) | 6,677 | 206,039 |
Bombardier, Inc., Class B * | 631,500 | 1,336,327 |
Bonavista Energy Corp. | 365,700 | 776,698 |
Bonterra Energy Corp. | 12,222 | 143,905 |
CAE, Inc. | 51,019 | 904,034 |
Canadian Apartment Properties REIT | 10,399 | 274,625 |
Canadian Real Estate Investment Trust | 6,751 | 243,854 |
Canadian Solar, Inc. * | 20,419 | 359,579 |
Canadian Utilities Ltd., Class A | 45,300 | 1,368,024 |
Canadian Western Bank | 20,839 | 587,000 |
Canfor Corp. * | 38,195 | 759,696 |
Capital Power Corp. | 41,199 | 780,166 |
Cascades, Inc. | 41,619 | 501,325 |
CCL Industries, Inc., Class B | 12,490 | 601,991 |
Centerra Gold, Inc. * | 89,677 | 608,922 |
CES Energy Solutions Corp. | 52,642 | 283,592 |
Chartwell Retirement Residences | 21,200 | 252,244 |
Chemtrade Logistics Income Fund | 26,881 | 407,559 |
Cineplex, Inc. | 16,160 | 488,771 |
Cogeco Communications, Inc. | 7,631 | 548,620 |
Cogeco, Inc. | 3,500 | 238,578 |
Colliers International Group, Inc. | 4,434 | 259,867 |
Cominar Real Estate Investment Trust | 33,513 | 359,522 |
Constellation Software, Inc. | 888 | 505,212 |
Corus Entertainment, Inc., Class B | 34,543 | 320,502 |
Cott Corp. | 35,600 | 533,683 |
Crew Energy, Inc. * | 48,916 | 165,695 |
Dominion Diamond Corp. | 33,687 | 479,415 |
Dorel Industries, Inc., Class B | 24,136 | 629,358 |
Dream Global Real Estate Investment Trust | 31,580 | 272,938 |
Dream Office Real Estate Investment Trust | 23,317 | 395,274 |
Eldorado Gold Corp. | 232,808 | 292,341 |
EnerCare, Inc. | 17,640 | 274,971 |
Enerflex Ltd. | 34,249 | 465,910 |
Ensign Energy Services, Inc. (a) | 147,589 | 759,624 |
Entertainment One Ltd. | 135,756 | 509,540 |
Exchange Income Corp. (a) | 10,930 | 293,986 |
Extendicare, Inc. | 41,100 | 298,509 |
First Capital Realty, Inc. | 27,178 | 431,022 |
FirstService Corp. | 1,700 | 118,345 |
Franco-Nevada Corp. | 8,028 | 637,959 |
Genworth MI Canada, Inc. (a) | 18,005 | 559,507 |
Gran Tierra Energy, Inc. * | 167,451 | 364,729 |
Granite Real Estate Investment Trust | 7,204 | 278,310 |
Great Canadian Gaming Corp. * | 12,527 | 297,712 |
H&R Real Estate Investment Trust | 33,704 | 559,600 |
Home Capital Group, Inc. (a) | 37,070 | 401,130 |
Hudbay Minerals, Inc. | 42,656 | 317,085 |
Hudson's Bay Co. (a) | 73,700 | 643,825 |
Hydro One Ltd. | 23,300 | 411,963 |
IAMGOLD Corp. * | 156,568 | 859,237 |
IGM Financial, Inc. | 35,700 | 1,258,258 |
Security | Number of Shares | Value ($) |
Industrial Alliance Insurance & Financial Services, Inc. | 21,024 | 952,688 |
Innergex Renewable Energy, Inc. | 20,000 | 218,433 |
Interfor Corp. * | 21,895 | 356,403 |
Intertape Polymer Group, Inc. | 12,485 | 184,260 |
Just Energy Group, Inc. | 51,514 | 286,699 |
Kinross Gold Corp. * | 283,100 | 1,119,146 |
Laurentian Bank of Canada | 9,311 | 433,036 |
Linamar Corp. | 18,632 | 1,130,543 |
Lundin Mining Corp. | 76,525 | 583,680 |
Maple Leaf Foods, Inc. | 32,463 | 841,959 |
Martinrea International, Inc. | 66,171 | 648,836 |
Maxar Technologies Ltd. | 13,699 | 866,580 |
Medical Facilities Corp. | 15,286 | 166,711 |
MEG Energy Corp. * | 106,462 | 472,853 |
Morneau Shepell, Inc. | 14,512 | 241,735 |
Mullen Group Ltd. | 56,192 | 737,408 |
Nevsun Resources Ltd. | 142,981 | 336,921 |
New Flyer Industries, Inc. | 7,292 | 309,406 |
New Gold, Inc. * | 102,292 | 338,568 |
Norbord, Inc. | 8,600 | 309,976 |
Northland Power, Inc. | 21,246 | 406,278 |
Open Text Corp. | 19,350 | 676,598 |
Pan American Silver Corp. | 23,130 | 377,940 |
Parex Resources, Inc. * | 23,100 | 307,260 |
Pason Systems, Inc. | 26,296 | 381,772 |
Pengrowth Energy Corp. *(a) | 1,065,800 | 1,197,899 |
Peyto Exploration & Development Corp. | 30,502 | 416,119 |
PrairieSky Royalty Ltd. | 4,800 | 127,767 |
Precision Drilling Corp. * | 237,700 | 713,045 |
Premium Brands Holdings Corp. | 2,300 | 186,125 |
Quebecor, Inc., Class B | 34,200 | 1,290,486 |
Restaurant Brands International, Inc. | 8,200 | 529,781 |
Richelieu Hardware Ltd. | 14,414 | 377,528 |
RioCan Real Estate Investment Trust | 36,720 | 696,487 |
Ritchie Bros. Auctioneers, Inc. | 13,255 | 371,728 |
Rogers Sugar, Inc. | 21,383 | 105,249 |
Russel Metals, Inc. | 46,517 | 1,039,881 |
Secure Energy Services, Inc. | 49,831 | 324,842 |
SEMAFO, Inc. * | 90,100 | 226,280 |
ShawCor Ltd. | 33,096 | 717,281 |
SmartCentres Real Estate Investment Trust | 14,325 | 321,788 |
Stantec, Inc. | 22,748 | 649,943 |
Stella-Jones, Inc. | 5,600 | 218,774 |
Student Transportation, Inc. (a) | 36,095 | 211,237 |
SunOpta, Inc. * | 12,600 | 117,200 |
Superior Plus Corp. | 82,243 | 828,104 |
TFI International, Inc. | 35,770 | 863,404 |
The Jean Coutu Group (PJC), Inc., Class A | 34,214 | 649,220 |
The North West Co., Inc. | 24,815 | 605,516 |
TMX Group Ltd. | 9,000 | 491,753 |
Toromont Industries Ltd. | 16,781 | 739,738 |
Tourmaline Oil Corp. * | 20,477 | 374,748 |
Transcontinental, Inc., Class A | 38,520 | 855,137 |
Trinidad Drilling Ltd. * | 237,496 | 312,955 |
Uni-Select, Inc. | 16,220 | 350,526 |
Waste Connections, Inc. | 24,851 | 1,755,809 |
Western Forest Products, Inc. | 203,895 | 414,080 |
Westshore Terminals Investment Corp. | 15,656 | 298,654 |
Wheaton Precious Metals Corp. | 38,062 | 789,799 |
Whitecap Resources, Inc. | 51,600 | 370,371 |
Winpak Ltd. | 3,400 | 131,246 |
WSP Global, Inc. | 16,523 | 740,532 |
Yamana Gold, Inc. | 408,900 | 1,061,790 |
Yellow Pages Ltd. *(a) | 95,555 | 613,282 |
64,497,893 | ||
Security | Number of Shares | Value ($) |
Denmark 1.4% | ||
Chr. Hansen Holding A/S | 6,378 | 558,138 |
D/S Norden A/S * | 19,805 | 411,431 |
Dfds A/S | 7,955 | 461,326 |
FLSmidth & Co. A/S | 18,267 | 1,252,235 |
GN Store Nord A/S | 24,246 | 802,386 |
H. Lundbeck A/S | 6,806 | 404,602 |
Jyske Bank A/S | 9,675 | 546,716 |
Matas A/S | 17,192 | 192,513 |
Nets A/S * | 5,943 | 151,732 |
Nilfisk Holding A/S * | 8,929 | 429,101 |
NKT A/S * | 8,929 | 382,797 |
Orsted A/S | 8,093 | 453,506 |
Per Aarsleff Holding A/S | 10,843 | 300,428 |
Rockwool International A/S, B Shares | 3,909 | 1,061,245 |
Royal Unibrew A/S | 7,635 | 439,581 |
Scandinavian Tobacco Group A/S | 8,581 | 145,071 |
Schouw & Co. | 3,706 | 385,659 |
SimCorp A/S | 3,487 | 212,959 |
Sydbank A/S | 13,244 | 517,025 |
Topdanmark A/S * | 9,875 | 405,949 |
Tryg A/S | 27,113 | 645,891 |
William Demant Holding A/S * | 15,326 | 442,296 |
10,602,587 | ||
Finland 1.4% | ||
Amer Sports Oyj * | 29,871 | 743,210 |
Cargotec Oyj, B Shares | 13,029 | 769,145 |
Caverion Oyj * | 51,919 | 393,106 |
Cramo Oyj | 14,458 | 320,997 |
Finnair Oyj | 13,373 | 174,468 |
Huhtamaki Oyj | 20,081 | 855,346 |
Kemira Oyj | 47,550 | 669,968 |
Konecranes Oyj | 14,144 | 651,242 |
Metsa Board Oyj | 73,186 | 542,901 |
Outokumpu Oyj | 76,043 | 718,831 |
Outotec Oyj * | 61,478 | 489,038 |
Pkc Group Oyj *(a)(d) | 9,747 | 267,382 |
Raisio Oyj, V Shares | 26,229 | 108,463 |
Ramirent Oyj | 32,566 | 299,683 |
Sanoma Oyj | 61,914 | 734,953 |
Tieto Oyj | 30,274 | 926,886 |
Tikkurila Oyj | 14,586 | 288,329 |
Uponor Oyj | 17,777 | 358,033 |
Valmet Oyj | 36,905 | 715,544 |
Yit Oyj | 87,099 | 661,935 |
10,689,460 | ||
France 4.0% | ||
Aeroports de Paris | 5,845 | 984,094 |
Alten S.A. | 6,501 | 568,944 |
Altran Technologies S.A. | 23,819 | 440,527 |
Amundi S.A. | 5,063 | 429,095 |
BioMerieux | 6,155 | 482,779 |
Coface S.A. * | 40,065 | 437,761 |
Dassault Aviation S.A. | 242 | 377,332 |
Dassault Systemes S.A. | 9,772 | 1,037,359 |
Derichebourg S.A. | 20,618 | 219,847 |
Edenred | 39,785 | 1,146,947 |
Elior Group S.A. | 23,897 | 678,633 |
Elis S.A. | 51,416 | 1,333,648 |
Euler Hermes Group | 5,061 | 587,134 |
Europcar Groupe S.A. | 17,354 | 248,190 |
Fnac Darty S.A. * | 7,453 | 704,427 |
Fonciere Des Regions | 6,333 | 644,883 |
Security | Number of Shares | Value ($) |
Gecina S.A. | 6,183 | 1,003,275 |
Groupe Eurotunnel SE | 83,514 | 1,049,665 |
Havas S.A. | 35,704 | 383,957 |
ICADE | 9,556 | 834,848 |
Iliad S.A. | 3,880 | 968,521 |
Imerys S.A. | 11,173 | 1,017,366 |
Ingenico Group S.A. | 7,121 | 691,509 |
Ipsen S.A. | 3,915 | 473,353 |
IPSOS | 15,997 | 591,260 |
JCDecaux S.A. | 20,219 | 773,461 |
Korian S.A. | 10,916 | 354,750 |
Mercialys S.A. | 16,110 | 313,857 |
Mersen S.A. | 2,731 | 119,772 |
Metropole Television S.A. | 26,678 | 616,760 |
Neopost S.A. | 26,757 | 986,280 |
Nexans S.A. | 15,671 | 1,025,626 |
Nexity S.A. * | 14,387 | 884,256 |
Orpea | 5,036 | 603,357 |
Plastic Omnium S.A. | 14,499 | 604,572 |
Remy Cointreau S.A. | 3,593 | 466,662 |
SEB S.A. | 5,795 | 1,079,930 |
Societe BIC S.A. | 8,372 | 884,005 |
Sopra Steria Group | 2,986 | 560,171 |
SPIE S.A. | 12,155 | 319,815 |
Tarkett S.A. | 6,065 | 257,997 |
Technicolor S.A. | 142,687 | 505,625 |
Television Francaise | 62,647 | 890,689 |
UBISOFT Entertainment * | 14,365 | 1,096,044 |
Vicat S.A. | 7,204 | 557,285 |
30,236,268 | ||
Germany 2.7% | ||
Aareal Bank AG | 13,887 | 577,385 |
Axel Springer SE | 15,120 | 1,018,031 |
Bechtle AG | 9,739 | 779,470 |
CANCOM SE | 3,707 | 273,852 |
Deutsche Pfandbriefbank AG | 26,651 | 383,593 |
Deutsche Wohnen SE | 22,362 | 957,101 |
Drillisch AG | 6,310 | 447,639 |
Duerr AG | 4,814 | 666,208 |
ElringKlinger AG (a) | 18,705 | 327,138 |
Fielmann AG | 4,531 | 398,130 |
Fraport AG Frankfurt Airport Services Worldwide | 9,793 | 930,567 |
Gerresheimer AG | 7,116 | 569,182 |
Grammer AG | 4,556 | 264,708 |
Heidelberger Druckmaschinen AG * | 83,778 | 334,920 |
Hella GmbH & Co. KGaA | 12,686 | 766,282 |
Jenoptik AG | 11,675 | 393,498 |
Krones AG | 4,425 | 559,845 |
LEG Immobilien AG | 7,870 | 801,673 |
Nordex SE *(a) | 7,461 | 77,485 |
Norma Group SE | 6,989 | 476,326 |
Pfeiffer Vacuum Technology AG | 2,048 | 328,857 |
Rhoen-Klinikum AG | 21,884 | 764,278 |
SAF-Holland S.A. | 18,560 | 367,641 |
Scout24 AG | 4,603 | 184,519 |
Siltronic AG * | 7,771 | 1,159,804 |
SMA Solar Technology AG (a) | 12,212 | 568,414 |
Software AG | 13,316 | 677,992 |
STADA Arzneimittel AG | 12,291 | 1,181,882 |
TAG Immobilien AG | 19,257 | 331,988 |
Talanx AG * | 13,998 | 549,742 |
TLG Immobilien AG | 5,310 | 123,170 |
United Internet AG | 15,151 | 960,882 |
Wacker Chemie AG | 6,380 | 996,427 |
Security | Number of Shares | Value ($) |
Wirecard AG | 5,162 | 512,845 |
Zalando SE * | 2,341 | 117,849 |
19,829,323 | ||
Greece 0.0% | ||
TT Hellenic Postbank S.A. *(d) | 24,275 | — |
Hong Kong 4.5% | ||
AAC Technologies Holdings, Inc. | 48,000 | 880,182 |
ASM Pacific Technology Ltd. | 40,200 | 586,536 |
BOC Aviation Ltd. | 29,500 | 158,646 |
Brightoil Petroleum Holdings Ltd. *(d) | 1,150,000 | 221,114 |
Cafe De Coral Holdings Ltd. | 96,000 | 295,394 |
Cathay Pacific Airways Ltd. * | 647,000 | 1,106,845 |
China Travel International Investment Hong Kong Ltd. | 438,000 | 162,394 |
Chow Sang Sang Holdings International Ltd. | 106,000 | 231,177 |
Chow Tai Fook Jewellery Group Ltd. | 436,400 | 456,152 |
CK Infrastructure Holdings Ltd. | 11,000 | 95,778 |
Dairy Farm International Holdings Ltd. | 68,800 | 562,694 |
Far East Consortium International Ltd. | 183,000 | 99,958 |
FIH Mobile Ltd. | 1,824,000 | 572,765 |
First Pacific Co., Ltd. | 1,178,000 | 896,931 |
Giordano International Ltd. | 610,000 | 344,873 |
Global Brands Group Holding Ltd. * | 4,700,000 | 548,405 |
Great Eagle Holdings Ltd. | 55,000 | 302,798 |
Hang Lung Group Ltd. | 200,000 | 702,735 |
Hang Lung Properties Ltd. | 389,000 | 893,251 |
Henderson Land Development Co., Ltd. | 132,643 | 865,614 |
HK Electric Investments & HK Electric Investments Ltd. | 268,500 | 247,129 |
HKBN Ltd. | 85,000 | 86,307 |
Hopewell Holdings Ltd. | 56,500 | 216,951 |
Huabao International Holdings Ltd. | 682,000 | 442,516 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 738,000 | 264,966 |
Hysan Development Co., Ltd. | 68,000 | 328,549 |
Johnson Electric Holdings Ltd. | 52,000 | 209,799 |
Ju Teng International Holdings Ltd. | 830,000 | 295,941 |
K Wah International Holdings Ltd. | 158,000 | 90,768 |
Kerry Logistics Network Ltd. | 188,500 | 259,903 |
Kerry Properties Ltd. | 210,000 | 945,063 |
Luk Fook Holdings International Ltd. | 192,000 | 812,162 |
Man Wah Holdings Ltd. | 106,400 | 96,127 |
Melco Resorts & Entertainment Ltd. ADR | 23,903 | 604,268 |
MGM China Holdings Ltd. | 224,000 | 505,323 |
Minth Group Ltd. | 83,000 | 448,403 |
MMG Ltd. * | 688,000 | 311,794 |
NewOcean Energy Holdings Ltd. * | 414,000 | 105,656 |
NWS Holdings Ltd. | 336,000 | 680,062 |
Orient Overseas International Ltd. | 135,000 | 1,299,574 |
Pacific Basin Shipping Ltd. * | 2,064,000 | 471,312 |
Pacific Textile Holdings Ltd. | 369,000 | 388,359 |
Pou Sheng International Holdings Ltd. | 897,000 | 164,450 |
Power Assets Holdings Ltd. | 113,643 | 985,184 |
Sa Sa International Holdings Ltd. | 524,000 | 190,155 |
Seaspan Corp. | 15,090 | 105,630 |
Semiconductor Manufacturing International Corp. *(a) | 587,100 | 900,866 |
Shangri-La Asia Ltd. | 344,000 | 684,920 |
Shougang Fushan Resources Group Ltd. | 1,678,000 | 361,772 |
Shui On Land Ltd. | 1,196,500 | 296,320 |
Sino Land Co., Ltd. | 504,000 | 868,665 |
SITC International Holdings Co., Ltd. | 317,000 | 305,767 |
SmarTone Telecommunications Holdings Ltd. | 199,500 | 248,391 |
Stella International Holdings Ltd. | 323,500 | 527,026 |
Sun Art Retail Group Ltd. | 818,000 | 826,819 |
Swire Properties Ltd. | 170,400 | 575,819 |
Techtronic Industries Co., Ltd. | 202,500 | 1,188,718 |
Television Broadcasts Ltd. | 106,400 | 402,338 |
Security | Number of Shares | Value ($) |
Texwinca Holdings Ltd. | 548,000 | 330,908 |
The Bank of East Asia Ltd. | 179,600 | 788,080 |
The Hongkong & Shanghai Hotels Ltd. | 115,500 | 188,190 |
Tingyi (Cayman Islands) Holding Corp. | 744,000 | 1,173,181 |
Truly International Holdings Ltd. | 1,126,000 | 436,189 |
Uni-President China Holdings Ltd. | 358,000 | 299,443 |
Vitasoy International Holdings Ltd. | 92,000 | 212,725 |
VTech Holdings Ltd. | 55,800 | 793,291 |
Wynn Macau Ltd. | 455,600 | 1,169,666 |
Xinyi Glass Holdings Ltd. * | 456,000 | 441,874 |
33,561,561 | ||
Ireland 0.8% | ||
C&C Group plc | 105,581 | 362,317 |
Glanbia plc | 27,945 | 540,033 |
ICON plc * | 6,166 | 732,891 |
Irish Continental Group plc | 37,004 | 246,489 |
James Hardie Industries plc CDI | 41,322 | 630,912 |
Jazz Pharmaceuticals plc * | 3,416 | 483,466 |
Kingspan Group plc | 19,228 | 804,078 |
Origin Enterprises plc | 44,079 | 349,149 |
Paddy Power Betfair plc | 5,586 | 571,301 |
Total Produce plc | 188,313 | 508,687 |
UDG Healthcare plc | 50,659 | 622,029 |
5,851,352 | ||
Israel 0.8% | ||
Azrieli Group Ltd. | 4,144 | 234,117 |
Cellcom Israel Ltd. * | 49,910 | 482,295 |
Delek Group Ltd. | 2,052 | 336,731 |
Elbit Systems Ltd. | 3,623 | 537,706 |
First International Bank of Israel Ltd. | 15,255 | 289,569 |
Gazit-Globe Ltd. | 24,119 | 229,556 |
Israel Discount Bank Ltd., Class A * | 323,073 | 858,207 |
Mizrahi Tefahot Bank Ltd. | 20,836 | 376,159 |
Nice Ltd. | 8,057 | 670,569 |
Partner Communications Co., Ltd. * | 66,552 | 354,597 |
Paz Oil Co., Ltd. | 4,130 | 674,434 |
Taro Pharmaceutical Industries Ltd. * | 1,030 | 115,793 |
The Israel Corp., Ltd. * | 3,987 | 744,427 |
Tower Semiconductor Ltd. * | 3,726 | 123,413 |
6,027,573 | ||
Italy 3.1% | ||
A2A S.p.A | 725,759 | 1,246,361 |
ACEA S.p.A. | 20,950 | 341,162 |
Alitalia S.p.A. *(d) | 14,782 | — |
Anima Holding S.p.A. | 35,930 | 273,200 |
Ansaldo STS S.p.A. * | 18,577 | 256,427 |
Astaldi S.p.A. | 44,271 | 306,529 |
ASTM S.p.A. | 24,949 | 692,063 |
Autogrill S.p.A. | 41,788 | 546,640 |
Azimut Holding S.p.A. | 23,090 | 455,783 |
Banca Carige S.p.A. *(a) | 1,654,386 | 402,855 |
Banca Generali S.p.A. | 11,006 | 362,109 |
Banca Mediolanum S.p.A. | 21,125 | 179,995 |
Banca Popolare Di Sondrio Scarl | 229,386 | 907,412 |
Beni Stabili S.p.A | 300,014 | 265,598 |
Brembo S.p.A. | 18,240 | 301,104 |
Buzzi Unicem S.p.A. | 17,411 | 484,718 |
C.I.R. S.p.A. - Compagnie Industriali Riunite | 214,635 | 322,523 |
Cerved Information Solutions S.p.A | 29,251 | 376,190 |
Danieli & C Officine Meccaniche S.p.A. | 5,865 | 140,394 |
Davide Campari-Milano S.p.A. | 69,765 | 558,591 |
De'Longhi S.p.A. | 12,806 | 419,915 |
Security | Number of Shares | Value ($) |
DiaSorin S.p.A. | 3,006 | 273,441 |
Enav S.p.A. | 41,749 | 198,738 |
ERG S.p.A. | 41,143 | 687,730 |
Esprinet S.p.A. | 32,005 | 153,449 |
Ferrari N.V. | 11,902 | 1,425,120 |
Hera S.p.A. | 347,791 | 1,118,869 |
Interpump Group S.p.A. | 12,195 | 410,470 |
Iren S.p.A. | 286,803 | 789,102 |
Italgas S.p.A. | 156,161 | 912,249 |
Italmobiliare S.p.A. | 22,096 | 594,611 |
Leonardo S.p.A. | 67,862 | 1,171,434 |
MARR S.p.A. | 9,086 | 232,103 |
Moncler S.p.A. | 3,933 | 111,652 |
OVS S.p.A. | 18,431 | 137,824 |
Parmalat S.p.A. | 94,716 | 358,572 |
Piaggio & C. S.p.A. | 114,590 | 374,812 |
Prada S.p.A. | 145,600 | 502,183 |
Recordati S.p.A. | 10,305 | 479,071 |
Safilo Group S.p.A. *(a) | 37,026 | 233,979 |
Salini Impregilo S.p.A. | 87,076 | 368,192 |
Saras S.p.A. | 209,377 | 558,731 |
Societa Cattolica di Assicurazioni SC | 62,831 | 681,021 |
Societa Iniziative Autostradali e Servizi S.p.A. | 37,675 | 641,170 |
Tod's S.p.A. | 6,242 | 415,174 |
Trevi Finanziaria Industriale S.p.A. *(a) | 261,520 | 172,596 |
Unipol Gruppo S.p.A. | 218,494 | 985,325 |
UnipolSai Assicurazioni S.p.A. | 270,489 | 615,483 |
23,442,670 | ||
Japan 37.9% | ||
ABC-Mart, Inc. | 6,900 | 348,056 |
Acom Co., Ltd. * | 65,500 | 272,302 |
Activia Properties, Inc. | 43 | 168,286 |
Adastria Co., Ltd. | 12,880 | 280,738 |
ADEKA Corp. | 40,000 | 690,912 |
Advance Residence Investment Corp. | 141 | 331,466 |
Advantest Corp. | 18,400 | 420,312 |
Aeon Delight Co., Ltd. | 9,400 | 351,861 |
AEON Financial Service Co., Ltd. | 32,000 | 687,247 |
Aeon Mall Co., Ltd. | 31,030 | 554,872 |
Aica Kogyo Co., Ltd. | 13,800 | 482,661 |
Aichi Steel Corp. | 10,200 | 413,607 |
Ain Holdings, Inc. | 4,600 | 314,706 |
Aisan Industry Co., Ltd. | 29,100 | 333,228 |
Akebono Brake Industry Co., Ltd. * | 93,600 | 319,423 |
Alpen Co., Ltd. | 13,700 | 272,496 |
Alpine Electronics, Inc. | 32,700 | 725,554 |
Amada Holdings Co., Ltd. | 89,900 | 1,117,099 |
Amano Corp. | 17,300 | 425,692 |
Anritsu Corp. | 61,600 | 580,031 |
AOKI Holdings, Inc. | 23,600 | 329,200 |
Aoyama Trading Co., Ltd. | 21,600 | 800,387 |
Aozora Bank Ltd. | 27,100 | 1,060,742 |
Arata Corp. | 7,000 | 297,451 |
Arcland Sakamoto Co., Ltd. | 21,600 | 353,046 |
Asahi Diamond Industrial Co., Ltd. | 31,500 | 305,592 |
Asahi Holdings, Inc. | 17,700 | 384,204 |
Asatsu-DK, Inc. | 30,200 | 1,000,967 |
Asics Corp. | 41,500 | 634,426 |
ASKUL Corp. | 7,500 | 201,903 |
Autobacs Seven Co., Ltd. | 53,200 | 914,509 |
Avex Group Holdings, Inc. | 29,300 | 405,025 |
Axial Retailing, Inc. | 7,200 | 294,501 |
Azbil Corp. | 21,500 | 938,836 |
Belc Co., Ltd. | 5,100 | 284,575 |
Benesse Holdings, Inc. | 32,900 | 1,115,315 |
Bic Camera, Inc. | 48,900 | 602,346 |
Security | Number of Shares | Value ($) |
BML, Inc. | 8,800 | 194,812 |
Bunka Shutter Co., Ltd. | 30,400 | 259,065 |
Calbee, Inc. | 14,300 | 482,607 |
Canon Electronics, Inc. | 13,900 | 312,787 |
Canon Marketing Japan, Inc. | 29,800 | 749,594 |
Capcom Co., Ltd. | 15,000 | 381,636 |
Casio Computer Co., Ltd. | 61,700 | 910,481 |
Cawachi Ltd. | 16,700 | 409,761 |
Central Glass Co., Ltd. | 27,200 | 608,206 |
Chiyoda Co., Ltd. | 17,700 | 453,215 |
Chiyoda Corp. (a) | 92,000 | 544,459 |
Chudenko Corp. | 9,800 | 298,910 |
Chugoku Marine Paints Ltd. | 30,300 | 257,441 |
Citizen Watch Co., Ltd. | 135,500 | 996,190 |
CKD Corp. | 16,000 | 315,076 |
Cocokara fine, Inc. | 16,100 | 897,639 |
COMSYS Holdings Corp. | 48,700 | 1,233,299 |
Cosmo Energy Holdings Co., Ltd. | 12,200 | 280,257 |
Cosmos Pharmaceutical Corp. | 1,600 | 333,125 |
Create SD Holdings Co., Ltd. | 10,700 | 269,340 |
Credit Saison Co., Ltd. | 49,500 | 996,698 |
CyberAgent, Inc. | 18,100 | 560,552 |
Daido Steel Co., Ltd. | 14,300 | 906,042 |
Daifuku Co., Ltd. | 14,700 | 716,748 |
Daihen Corp. | 31,000 | 279,338 |
Daiichikosho Co., Ltd. | 12,600 | 593,745 |
Daikyo, Inc. | 14,900 | 286,929 |
Daikyonishikawa Corp. | 7,000 | 118,955 |
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 2,600 | 119,061 |
Daio Paper Corp. (a) | 44,200 | 530,655 |
Daiseki Co., Ltd. | 8,700 | 215,115 |
Daiwabo Holdings Co., Ltd. | 15,700 | 623,920 |
DCM Holdings Co., Ltd. | 81,400 | 747,795 |
Dena Co., Ltd. | 40,086 | 942,716 |
Descente Ltd. | 7,800 | 108,333 |
Dexerials Corp. | 11,700 | 131,836 |
Disco Corp. | 3,600 | 834,216 |
DMG Mori Co., Ltd. | 29,600 | 596,901 |
Doshisha Co., Ltd. | 14,200 | 312,044 |
Doutor Nichires Holdings Co., Ltd. | 15,300 | 363,258 |
DTS Corp. | 8,700 | 261,080 |
Duskin Co., Ltd. | 22,000 | 603,450 |
DyDo Group Holdings, Inc. | 6,300 | 308,872 |
Dynam Japan Holdings Co., Ltd. | 236,800 | 370,960 |
Eagle Industry Co., Ltd. | 14,700 | 285,574 |
Earth Chemical Co., Ltd. | 5,100 | 239,419 |
EDION Corp. | 93,900 | 948,647 |
Eizo Corp. | 6,650 | 275,681 |
Exedy Corp. | 19,800 | 593,713 |
Ezaki Glico Co., Ltd. | 14,700 | 815,301 |
F.C.C. Co., Ltd. | 23,100 | 557,707 |
FamilyMart UNY Holdings Co., Ltd. | 21,600 | 1,227,689 |
Fancl Corp. | 15,600 | 411,575 |
Foster Electric Co., Ltd. | 22,600 | 530,451 |
FP Corp. | 5,900 | 310,050 |
Frontier Real Estate Investment Corp. | 51 | 199,820 |
Fuji Co., Ltd. | 11,700 | 277,096 |
Fuji Machine Manufacturing Co., Ltd. | 25,138 | 479,472 |
Fuji Oil Co., Ltd. | 104,000 | 403,922 |
Fuji Oil Holdings, Inc. | 24,600 | 663,248 |
Fuji Seal International, Inc. | 13,600 | 446,331 |
Fuji Soft, Inc. | 11,500 | 349,734 |
Fujikura Ltd. | 141,300 | 1,233,228 |
Fujimori Kogyo Co., Ltd. | 9,200 | 318,235 |
Fujitec Co., Ltd. | 21,600 | 321,538 |
Fujitsu General Ltd. | 16,900 | 323,212 |
Fukuda Corp. | 2,000 | 122,426 |
Fukuoka Financial Group, Inc. | 201,000 | 1,037,402 |
Security | Number of Shares | Value ($) |
Fukuoka REIT Corp. | 94 | 133,347 |
Fukuyama Transporting Co., Ltd. | 16,100 | 522,377 |
Funai Electric Co., Ltd. (a) | 42,800 | 347,425 |
Furukawa Co., Ltd. | 11,500 | 208,752 |
Futaba Corp. | 13,900 | 275,550 |
Futaba Industrial Co., Ltd. | 57,500 | 558,891 |
Fuyo General Lease Co., Ltd. | 4,900 | 320,422 |
G-Tekt Corp. | 16,300 | 349,020 |
Geo Holdings Corp. | 55,900 | 909,971 |
Glory Ltd. | 19,800 | 740,482 |
GLP J-REIT | 102 | 102,247 |
Godo Steel Ltd. | 12,100 | 243,650 |
Gree, Inc. | 63,200 | 429,036 |
GS Yuasa Corp. | 162,000 | 814,576 |
GungHo Online Entertainment, Inc. | 141,400 | 380,517 |
Gunze Ltd. | 9,900 | 450,341 |
H.I.S. Co., Ltd. | 17,400 | 582,642 |
H2O Retailing Corp. | 53,600 | 991,488 |
Hamakyorex Co., Ltd. | 4,000 | 112,246 |
Hamamatsu Photonics K.K. | 21,200 | 686,410 |
Hazama Ando Corp. | 45,600 | 371,788 |
Heiwa Corp. | 22,700 | 418,581 |
Heiwado Co., Ltd. | 29,200 | 637,456 |
Hikari Tsushin, Inc. | 5,500 | 712,035 |
Hirose Electric Co., Ltd. | 5,895 | 886,819 |
Hisamitsu Pharmaceutical Co., Inc. | 11,700 | 644,183 |
Hitachi Capital Corp. | 11,000 | 268,914 |
Hitachi Chemical Co., Ltd. | 36,800 | 1,049,381 |
Hitachi High-Technologies Corp. | 25,000 | 1,046,222 |
Hitachi Kokusai Electric, Inc. | 14,300 | 396,127 |
Hitachi Transport System Ltd. | 25,700 | 635,974 |
Hitachi Zosen Corp. | 105,100 | 553,786 |
Hogy Medical Co., Ltd. | 3,000 | 205,455 |
Hokkaido Electric Power Co., Inc. | 114,300 | 900,727 |
Hokuetsu Kishu Paper Co., Ltd. | 76,200 | 489,049 |
Hokuhoku Financial Group, Inc. | 36,700 | 604,934 |
Hokuto Corp. | 11,800 | 206,030 |
Horiba Ltd. | 9,500 | 566,051 |
Hoshizaki Corp. | 7,800 | 738,143 |
Hosiden Corp. | 41,300 | 713,042 |
House Foods Group, Inc. | 22,400 | 665,560 |
Hulic Co., Ltd. | 27,200 | 280,595 |
IDOM, Inc. | 49,100 | 358,065 |
Inaba Denki Sangyo Co., Ltd. | 16,400 | 719,895 |
Inabata & Co., Ltd. | 51,500 | 746,577 |
Internet Initiative Japan, Inc. | 12,700 | 266,205 |
Iseki & Co., Ltd. | 10,700 | 238,407 |
Ishihara Sangyo Kaisha Ltd. * | 19,300 | 290,420 |
Ito En Ltd. | 20,100 | 703,775 |
Itochu Enex Co., Ltd. | 65,100 | 663,545 |
Itochu Techno-Solutions Corp. | 16,300 | 634,920 |
Iwatani Corp. | 29,200 | 880,576 |
Izumi Co., Ltd. | 11,000 | 570,437 |
J-Oil Mills, Inc. | 3,600 | 129,297 |
Jafco Co., Ltd. | 2,100 | 103,790 |
Japan Airport Terminal Co., Ltd. | 9,400 | 334,127 |
Japan Aviation Electronics Industry Ltd. | 35,500 | 649,389 |
Japan Display, Inc. *(a) | 506,797 | 1,093,254 |
Japan Excellent, Inc. | 208 | 244,211 |
Japan Exchange Group, Inc. | 33,500 | 603,953 |
Japan Petroleum Exploration Co., Ltd. | 23,000 | 474,611 |
Japan Post Insurance Co., Ltd. | 22,600 | 489,742 |
Japan Prime Realty Investment Corp. | 92 | 295,730 |
Japan Real Estate Investment Corp. | 139 | 651,652 |
Japan Retail Fund Investment Corp. | 202 | 358,481 |
Joyful Honda Co., Ltd. | 11,400 | 307,769 |
JVC Kenwood Corp. | 190,000 | 595,671 |
Kadokawa Dwango * | 14,500 | 167,296 |
Security | Number of Shares | Value ($) |
Kaga Electronics Co., Ltd. | 7,900 | 236,701 |
Kagome Co., Ltd. | 17,400 | 579,456 |
Kakaku.com, Inc. | 7,700 | 105,729 |
Kaken Pharmaceutical Co., Ltd. | 7,600 | 385,152 |
Kamigumi Co., Ltd. | 51,500 | 1,232,858 |
Kanamoto Co., Ltd. | 10,300 | 338,622 |
Kandenko Co., Ltd. | 53,000 | 521,305 |
Kanematsu Corp. | 93,000 | 1,223,462 |
Kansai Paint Co., Ltd. | 36,500 | 938,157 |
Kasai Kogyo Co., Ltd. | 18,800 | 282,869 |
Kato Sangyo Co., Ltd. | 28,100 | 876,630 |
Keihan Holdings Co., Ltd. | 21,200 | 647,779 |
Keihin Corp. | 38,200 | 704,264 |
Keikyu Corp. | 33,500 | 692,966 |
Keisei Electric Railway Co., Ltd. | 27,000 | 815,603 |
Kenedix Office Investment Corp. | 73 | 391,085 |
KH Neochem Co., Ltd. | 4,700 | 117,627 |
Kinden Corp. | 71,600 | 1,209,172 |
Kintetsu World Express, Inc. | 29,200 | 502,575 |
Kissei Pharmaceutical Co., Ltd. | 10,000 | 274,910 |
Kitz Corp. | 45,200 | 387,290 |
Kobayashi Pharmaceutical Co., Ltd. | 9,900 | 572,428 |
Kohnan Shoji Co., Ltd. | 22,800 | 487,292 |
Kokuyo Co., Ltd. | 44,600 | 799,762 |
Komeri Co., Ltd. | 20,400 | 611,200 |
Komori Corp. | 17,800 | 250,680 |
Konami Holdings Corp. | 23,400 | 1,139,702 |
Konishi Co., Ltd. | 7,000 | 121,811 |
Konoike Transport Co., Ltd. | 23,400 | 360,067 |
Kose Corp. | 4,200 | 510,774 |
Kumagai Gumi Co., Ltd. | 11,200 | 356,032 |
Kurabo Industries Ltd. | 143,000 | 414,818 |
Kureha Corp. | 8,600 | 505,860 |
Kurita Water Industries Ltd. | 36,500 | 1,159,833 |
Kuroda Electric Co., Ltd. | 26,300 | 469,509 |
KYB Corp. | 13,200 | 857,049 |
Kyoei Steel Ltd. | 12,600 | 221,231 |
Kyokuto Kaihatsu Kogyo Co., Ltd. | 5,700 | 102,075 |
Kyokuyo Co., Ltd. | 3,200 | 103,305 |
KYORIN Holdings, Inc. | 16,800 | 345,034 |
Kyoritsu Maintenance Co., Ltd. | 7,700 | 243,188 |
Kyowa Exeo Corp. | 46,900 | 1,021,635 |
Kyudenko Corp. | 10,300 | 454,773 |
Kyushu Financial Group, Inc. | 23,100 | 146,827 |
Leopalace21 Corp. | 155,500 | 1,161,156 |
Life Corp. | 8,000 | 212,795 |
Lintec Corp. | 24,700 | 686,458 |
Lion Corp. | 36,000 | 692,731 |
Mabuchi Motor Co., Ltd. | 9,300 | 488,018 |
Macnica Fuji Electronics Holdings, Inc. | 8,500 | 178,076 |
Maeda Corp. | 41,000 | 514,034 |
Maeda Road Construction Co., Ltd. | 33,000 | 710,649 |
Makino Milling Machine Co., Ltd. | 40,000 | 377,412 |
Mandom Corp. | 11,800 | 351,599 |
Marudai Food Co., Ltd. | 72,000 | 336,814 |
Maruha Nichiro Corp. | 14,700 | 454,079 |
Marui Group Co., Ltd. | 64,500 | 987,149 |
Maruichi Steel Tube Ltd. | 16,200 | 494,930 |
Maxell Holdings Ltd. | 22,200 | 504,517 |
McDonald's Holdings Co., Ltd. | 18,533 | 795,668 |
Mebuki Financial Group, Inc. | 142,500 | 594,496 |
Megmilk Snow Brand Co., Ltd. | 24,800 | 694,205 |
Meidensha Corp. | 77,000 | 304,664 |
Meitec Corp. | 6,500 | 317,508 |
Ministop Co., Ltd. | 10,800 | 219,174 |
Miraca Holdings, Inc. | 20,400 | 949,151 |
Mirait Holdings Corp. | 50,500 | 659,915 |
Misawa Homes Co., Ltd. | 32,100 | 284,506 |
Security | Number of Shares | Value ($) |
MISUMI Group, Inc. | 38,100 | 1,043,846 |
Mitsuba Corp. | 19,000 | 317,526 |
Mitsubishi Logistics Corp. | 18,500 | 479,161 |
Mitsubishi Shokuhin Co., Ltd. | 19,600 | 581,563 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 84,700 | 446,871 |
Mitsui Engineering & Shipbuilding Co., Ltd. | 64,900 | 849,118 |
Mitsui-Soko Holdings Co., Ltd. * | 84,000 | 261,389 |
Miura Co., Ltd. | 16,200 | 381,044 |
Mixi, Inc. | 2,400 | 117,005 |
Mizuno Corp. | 13,600 | 386,820 |
Mochida Pharmaceutical Co., Ltd. | 5,000 | 366,046 |
Mori Trust Sogo REIT, Inc. | 137 | 195,417 |
Morinaga & Co., Ltd. | 5,400 | 306,773 |
Morinaga Milk Industry Co., Ltd. | 22,200 | 852,273 |
MOS Food Services, Inc. | 6,300 | 192,693 |
Musashi Seimitsu Industry Co., Ltd. | 12,600 | 401,625 |
Nabtesco Corp. | 27,900 | 1,108,375 |
Nachi-Fujikoshi Corp. | 70,000 | 431,482 |
Namura Shipbuilding Co., Ltd. | 52,900 | 328,279 |
Nankai Electric Railway Co., Ltd. | 26,100 | 674,758 |
NEC Networks & System Integration Corp. | 20,100 | 500,899 |
NET One Systems Co., Ltd. | 59,700 | 740,577 |
Nexon Co., Ltd. * | 25,461 | 684,879 |
Nichi-iko Pharmaceutical Co., Ltd. | 17,800 | 276,431 |
Nichias Corp. | 36,000 | 468,754 |
Nichicon Corp. | 22,800 | 287,670 |
Nichiha Corp. | 9,700 | 390,129 |
NichiiGakkan Co., Ltd. | 30,000 | 309,272 |
Nichirei Corp. | 40,600 | 1,045,138 |
Nifco, Inc. | 9,500 | 620,171 |
Nihon Kohden Corp. | 24,600 | 547,627 |
Nihon Parkerizing Co., Ltd. | 30,900 | 506,551 |
Nihon Unisys Ltd. | 26,000 | 430,671 |
Nikkiso Co., Ltd. | 23,600 | 221,697 |
Nikkon Holdings Co., Ltd. | 24,200 | 619,789 |
Nippo Corp. | 28,000 | 584,657 |
Nippon Accommodations Fund, Inc. | 63 | 242,958 |
Nippon Building Fund, Inc. | 179 | 862,689 |
Nippon Densetsu Kogyo Co., Ltd. | 14,600 | 316,868 |
Nippon Flour Mills Co., Ltd. | 39,600 | 607,553 |
Nippon Gas Co., Ltd. | 7,500 | 238,606 |
Nippon Kayaku Co., Ltd. | 46,000 | 730,325 |
Nippon Light Metal Holdings Co., Ltd. | 272,800 | 802,950 |
Nippon Paint Holdings Co., Ltd. | 13,300 | 469,206 |
Nippon Prologis REIT, Inc. | 130 | 273,340 |
Nippon Seiki Co., Ltd. | 25,000 | 579,326 |
Nippon Sheet Glass Co., Ltd. * | 117,700 | 943,671 |
Nippon Shinyaku Co., Ltd. | 4,100 | 290,560 |
Nippon Shokubai Co., Ltd. | 12,900 | 973,058 |
Nippon Signal Co., Ltd. | 27,600 | 304,618 |
Nippon Soda Co., Ltd. | 63,000 | 394,149 |
Nippon Steel & Sumikin Bussan Corp. | 15,900 | 877,860 |
Nippon Suisan Kaisha Ltd. | 128,600 | 786,846 |
Nipro Corp. | 49,400 | 720,205 |
Nishi-Nippon Railroad Co., Ltd. | 26,800 | 716,431 |
Nishimatsu Construction Co., Ltd. | 21,600 | 652,108 |
Nishio Rent All Co., Ltd. | 8,600 | 300,297 |
Nissan Chemical Industries Ltd. | 21,800 | 813,128 |
Nissan Shatai Co., Ltd. | 83,000 | 888,153 |
Nissha Co., Ltd. (a) | 9,500 | 305,586 |
Nisshin Steel Co., Ltd. | 62,000 | 901,061 |
Nisshinbo Holdings, Inc. | 88,200 | 1,059,070 |
Nissin Foods Holdings Co., Ltd. | 18,000 | 1,133,407 |
Nissin Kogyo Co., Ltd. | 28,500 | 528,090 |
Nitta Corp. | 6,900 | 284,606 |
Nittetsu Mining Co., Ltd. | 4,700 | 348,540 |
Nitto Kogyo Corp. | 16,700 | 286,237 |
NOF Corp. | 25,000 | 722,508 |
Security | Number of Shares | Value ($) |
Nojima Corp. | 15,900 | 370,772 |
Nomura Co., Ltd. | 12,300 | 256,691 |
Nomura Real Estate Master Fund, Inc. | 88 | 109,976 |
Nomura Research Institute Ltd. | 26,760 | 1,134,493 |
Noritz Corp. | 19,800 | 363,802 |
North Pacific Bank Ltd. | 236,700 | 796,696 |
NS Solutions Corp. | 11,100 | 269,834 |
NTN Corp. | 215,000 | 1,044,317 |
NTT Urban Development Corp. | 27,000 | 279,470 |
Obic Co., Ltd. | 7,200 | 476,576 |
Ohsho Food Service Corp. | 5,600 | 234,136 |
Oiles Corp. | 11,280 | 222,048 |
Okamura Corp. | 31,500 | 353,379 |
Okasan Securities Group, Inc. | 41,000 | 252,913 |
Oki Electric Industry Co., Ltd. | 49,200 | 687,306 |
OKUMA Corp. | 8,200 | 504,035 |
Okumura Corp. | 10,200 | 390,455 |
Ono Pharmaceutical Co., Ltd. | 43,500 | 996,981 |
Onward Holdings Co., Ltd. | 83,000 | 699,778 |
Oracle Corp., Japan | 5,200 | 440,001 |
OSG Corp. | 19,400 | 419,909 |
Otsuka Corp. | 16,300 | 1,111,146 |
Pacific Industrial Co., Ltd. | 17,000 | 221,048 |
PALTAC Corp. | 21,000 | 834,037 |
Paramount Bed Holdings Co., Ltd. | 6,500 | 286,644 |
Park24 Co., Ltd. | 20,000 | 462,306 |
Penta-Ocean Construction Co., Ltd. | 88,200 | 583,494 |
Persol Holdings Co., Ltd. | 29,700 | 736,431 |
Pigeon Corp. | 11,600 | 411,659 |
Pilot Corp. | 2,200 | 111,231 |
Piolax, Inc. | 8,400 | 232,386 |
Pioneer Corp. * | 371,900 | 720,148 |
Plenus Co., Ltd. | 12,400 | 252,600 |
Pola Orbis Holdings, Inc. | 16,300 | 519,554 |
Press Kogyo Co., Ltd. | 81,800 | 460,103 |
Prima Meat Packers Ltd. | 76,000 | 496,625 |
Raito Kogyo Co., Ltd. | 9,600 | 98,086 |
Rakuten, Inc. | 87,360 | 934,822 |
Relia, Inc. | 24,300 | 285,869 |
Relo Group, Inc. | 14,800 | 366,411 |
Renesas Electronics Corp. * | 30,100 | 389,165 |
Rengo Co., Ltd. | 143,500 | 939,779 |
Resorttrust, Inc. | 14,700 | 289,437 |
Riken Corp. | 2,300 | 119,645 |
Rinnai Corp. | 9,200 | 788,278 |
Riso Kagaku Corp. | 10,800 | 207,001 |
Rohto Pharmaceutical Co., Ltd. | 26,900 | 620,923 |
Round One Corp. | 47,100 | 608,659 |
Royal Holdings Co., Ltd. | 11,900 | 307,667 |
Ryobi Ltd. | 15,800 | 406,909 |
Ryohin Keikaku Co., Ltd. | 3,700 | 1,091,488 |
Ryosan Co., Ltd. | 17,800 | 722,475 |
Ryoyo Electro Corp. | 15,700 | 294,790 |
Saint Marc Holdings Co., Ltd. | 7,100 | 214,545 |
Saizeriya Co., Ltd. | 13,800 | 425,702 |
Sakai Chemical Industry Co., Ltd. | 11,400 | 285,089 |
Sakata INX Corp. | 17,400 | 335,561 |
San-A Co., Ltd. | 7,900 | 363,544 |
Sanden Holdings Corp. * | 21,100 | 428,976 |
Sangetsu Corp. | 29,300 | 539,239 |
Sanken Electric Co., Ltd. | 65,000 | 408,728 |
Sanki Engineering Co., Ltd. | 26,200 | 301,529 |
Sankyo Co., Ltd. | 19,800 | 639,096 |
Sankyo Tateyama, Inc. | 25,000 | 365,225 |
Sankyu, Inc. | 25,200 | 1,041,849 |
Sanrio Co., Ltd. (a) | 19,100 | 316,320 |
Santen Pharmaceutical Co., Ltd. | 64,800 | 1,029,688 |
Sanwa Holdings Corp. | 57,500 | 721,067 |
Security | Number of Shares | Value ($) |
Sanyo Chemical Industries Ltd. | 6,100 | 320,373 |
Sanyo Shokai Ltd. | 19,400 | 357,535 |
Sanyo Special Steel Co., Ltd. | 16,100 | 413,234 |
Sapporo Holdings Ltd. | 28,700 | 909,463 |
Sato Holdings Corp. | 10,900 | 265,216 |
Sawai Pharmaceutical Co., Ltd. | 8,500 | 482,122 |
SBI Holdings, Inc. | 45,000 | 710,176 |
SCREEN Holdings Co., Ltd. | 7,100 | 556,488 |
SCSK Corp. | 9,176 | 395,704 |
Seiko Holdings Corp. | 17,400 | 434,399 |
Seiren Co., Ltd. | 16,400 | 286,239 |
Senko Co., Ltd. | 60,700 | 440,234 |
Senshu Ikeda Holdings, Inc. | 48,900 | 188,803 |
Seria Co., Ltd. | 4,568 | 259,937 |
Seven Bank Ltd. | 113,000 | 417,907 |
Sharp Corp. *(a) | 49,000 | 1,558,791 |
Shikoku Electric Power Co., Inc. | 97,000 | 1,269,252 |
Shimachu Co., Ltd. | 28,700 | 808,286 |
Shimadzu Corp. | 48,000 | 998,021 |
Shindengen Electric Manufacturing Co., Ltd. | 4,200 | 286,700 |
Shinko Electric Industries Co., Ltd. | 50,100 | 386,077 |
Shinko Plantech Co., Ltd. | 30,100 | 259,892 |
Shinmaywa Industries Ltd. | 50,000 | 491,941 |
Shinsei Bank Ltd. | 27,400 | 462,396 |
Ship Healthcare Holdings, Inc. | 17,300 | 541,003 |
Shizuoka Gas Co., Ltd. | 53,900 | 421,144 |
SHO-BOND Holdings Co., Ltd. | 1,800 | 110,769 |
Showa Corp. | 56,700 | 743,211 |
Showa Sangyo Co., Ltd. | 6,200 | 161,690 |
Siix Corp. | 7,200 | 306,530 |
Sintokogio Ltd. | 29,800 | 346,812 |
SKY Perfect JSAT Holdings, Inc. | 97,400 | 451,619 |
Skylark Co., Ltd. | 36,800 | 550,422 |
Sohgo Security Services Co., Ltd. | 15,700 | 756,393 |
Sony Financial Holdings, Inc. | 39,399 | 654,554 |
Sotetsu Holdings, Inc. | 20,800 | 536,636 |
Square Enix Holdings Co., Ltd. | 15,000 | 604,882 |
Starts Corp., Inc. | 4,100 | 111,196 |
Starzen Co., Ltd. | 3,400 | 166,317 |
Sugi Holdings Co., Ltd. | 13,400 | 680,076 |
Sumco Corp. | 44,300 | 975,777 |
Sumitomo Bakelite Co., Ltd. | 82,000 | 666,839 |
Sumitomo Dainippon Pharma Co., Ltd. | 43,700 | 623,699 |
Sumitomo Mitsui Construction Co., Ltd. | 51,580 | 317,763 |
Sumitomo Osaka Cement Co., Ltd. | 187,000 | 856,414 |
Sumitomo Riko Co., Ltd. | 34,700 | 337,019 |
Sundrug Co., Ltd. | 20,000 | 870,370 |
Suruga Bank Ltd. | 18,500 | 421,219 |
Sysmex Corp. | 15,500 | 1,060,816 |
T-Gaia Corp. | 16,400 | 333,746 |
Tachi-S Co., Ltd. | 25,200 | 473,348 |
Tadano Ltd. | 30,200 | 460,264 |
Taihei Dengyo Kaisha Ltd. | 8,500 | 217,034 |
Taikisha Ltd. | 12,800 | 372,787 |
Taisho Pharmaceutical Holdings Co., Ltd. | 10,900 | 830,104 |
Taiyo Nippon Sanso Corp. | 41,000 | 492,293 |
Taiyo Yuden Co., Ltd. | 49,900 | 871,219 |
Takara Holdings, Inc. | 49,600 | 485,187 |
Takara Standard Co., Ltd. | 19,100 | 326,560 |
Takasago International Corp. | 3,300 | 114,796 |
Takasago Thermal Engineering Co., Ltd. | 18,300 | 322,214 |
Takuma Co., Ltd. | 21,900 | 269,412 |
Tamron Co., Ltd. | 12,400 | 258,886 |
The 77 Bank Ltd. | 10,800 | 274,473 |
The Awa Bank Ltd. | 27,000 | 183,157 |
The Bank of Kyoto Ltd. | 8,200 | 430,640 |
The Chiba Bank Ltd. | 150,000 | 1,149,839 |
The Chugoku Bank Ltd. | 27,500 | 394,191 |
Security | Number of Shares | Value ($) |
The Daishi Bank Ltd. | 5,400 | 264,435 |
The Gunma Bank Ltd. | 74,200 | 477,687 |
The Hachijuni Bank Ltd. | 73,100 | 457,786 |
The Hiroshima Bank Ltd. | 50,000 | 423,338 |
The Hokkoku Bank Ltd. | 6,200 | 283,836 |
The Hyakugo Bank Ltd. | 48,000 | 225,359 |
The Hyakujushi Bank Ltd. | 26,000 | 94,531 |
The Iyo Bank Ltd. | 51,000 | 440,265 |
The Japan Steel Works Ltd. | 36,000 | 912,467 |
The Japan Wool Textile Co., Ltd. | 28,500 | 255,985 |
The Juroku Bank Ltd. | 8,500 | 287,159 |
The Keiyo Bank Ltd. | 56,000 | 274,437 |
The Kiyo Bank Ltd. | 25,000 | 429,991 |
The Musashino Bank Ltd. | 8,300 | 269,711 |
The Nippon Road Co., Ltd. | 5,600 | 322,658 |
The Nisshin Oillio Group Ltd. | 20,500 | 672,945 |
The Ogaki Kyoritsu Bank Ltd. | 6,800 | 194,125 |
The Okinawa Electric Power Co., Inc. | 22,765 | 520,122 |
The San-in Godo Bank Ltd. | 26,100 | 240,032 |
The Shiga Bank Ltd. | 43,000 | 246,848 |
The Shizuoka Bank Ltd. | 103,000 | 1,002,356 |
The Sumitomo Warehouse Co., Ltd. | 51,000 | 350,065 |
THK Co., Ltd. | 31,100 | 1,134,410 |
TIS, Inc. | 41,500 | 1,291,468 |
TKC Corp. | 7,000 | 220,330 |
Toa Corp. * | 11,700 | 254,272 |
Toagosei Co., Ltd. | 52,000 | 674,400 |
Toda Corp. | 71,000 | 578,451 |
Toei Co., Ltd. | 2,300 | 249,534 |
Toho Co., Ltd. | 21,500 | 712,323 |
Toho Holdings Co., Ltd. | 44,800 | 880,632 |
Toho Zinc Co., Ltd. | 8,300 | 404,251 |
Tokai Carbon Co., Ltd. | 83,000 | 829,407 |
TOKAI Holdings Corp. | 37,600 | 300,632 |
Tokai Rika Co., Ltd. | 39,300 | 827,190 |
Tokai Tokyo Financial Holdings, Inc. | 55,500 | 363,332 |
Token Corp. | 3,350 | 403,952 |
Tokuyama Corp. | 28,200 | 800,229 |
Tokyo Broadcasting System Holdings, Inc. | 16,500 | 335,979 |
Tokyo Century Corp. | 10,000 | 436,195 |
Tokyo Dome Corp. | 29,100 | 273,248 |
Tokyo Ohka Kogyo Co., Ltd. | 10,500 | 383,985 |
Tokyo Seimitsu Co., Ltd. | 10,100 | 401,517 |
Tokyo Steel Manufacturing Co., Ltd. | 40,700 | 351,528 |
Tokyo Tatemono Co., Ltd. | 41,800 | 586,384 |
Tokyu Construction Co., Ltd. | 12,700 | 111,845 |
Tomy Co., Ltd. | 25,900 | 419,043 |
Topcon Corp. | 21,400 | 452,472 |
Toppan Forms Co., Ltd. | 43,100 | 445,991 |
Topre Corp. | 9,900 | 291,526 |
Topy Industries Ltd. | 11,400 | 389,491 |
Toshiba Machine Co., Ltd. | 60,000 | 372,547 |
Toshiba Plant Systems & Services Corp. | 12,800 | 220,792 |
Toshiba TEC Corp. | 86,000 | 501,565 |
Totetsu Kogyo Co., Ltd. | 7,700 | 257,849 |
Toyo Ink SC Holdings Co., Ltd. | 116,000 | 683,148 |
Toyo Kohan Co., Ltd. | 52,700 | 225,333 |
Toyo Tire & Rubber Co., Ltd. | 47,000 | 1,063,448 |
Toyobo Co., Ltd. | 48,200 | 928,449 |
Toyota Boshoku Corp. | 40,100 | 807,522 |
TPR Co., Ltd. | 8,600 | 304,031 |
Trancom Co., Ltd. | 4,800 | 291,653 |
Transcosmos, Inc. | 15,500 | 361,475 |
Trend Micro, Inc. | 19,200 | 1,029,574 |
Trusco Nakayama Corp. | 19,700 | 504,027 |
TS Tech Co., Ltd. | 30,100 | 1,077,997 |
TSI Holdings Co., Ltd. | 52,600 | 440,855 |
Tsubakimoto Chain Co. | 50,000 | 430,892 |
Security | Number of Shares | Value ($) |
Tsumura & Co. | 17,800 | 661,562 |
Tsuruha Holdings, Inc. | 9,300 | 1,153,038 |
TV Asahi Holdings Corp. | 12,000 | 241,656 |
UACJ Corp. | 13,830 | 407,813 |
UKC Holdings Corp. | 28,200 | 485,379 |
Ulvac, Inc. | 6,000 | 425,064 |
Unipres Corp. | 33,000 | 890,993 |
United Arrows Ltd. | 13,400 | 502,228 |
United Super Markets Holdings, Inc. | 24,200 | 225,919 |
United Urban Investment Corp. | 331 | 476,182 |
Ushio, Inc. | 46,700 | 648,232 |
USS Co., Ltd. | 36,700 | 741,884 |
Valor Holdings Co., Ltd. | 31,900 | 725,502 |
Vital KSK Holdings, Inc. | 62,600 | 508,281 |
VT Holdings Co., Ltd. | 18,200 | 99,074 |
Wacoal Holdings Corp. | 24,000 | 685,987 |
Wacom Co., Ltd. | 74,600 | 364,676 |
Wakita & Co., Ltd. | 19,100 | 234,961 |
Warabeya Nichiyo Holdings Co., Ltd. | 14,600 | 361,473 |
Welcia Holdings Co., Ltd. | 13,300 | 504,764 |
Xebio Holdings Co., Ltd. | 29,200 | 558,985 |
Yahoo Japan Corp. | 197,600 | 883,441 |
Yakult Honsha Co., Ltd. | 14,900 | 1,231,903 |
Yamabiko Corp. | 8,100 | 110,222 |
Yamaguchi Financial Group, Inc. | 43,000 | 520,868 |
Yamato Kogyo Co., Ltd. | 16,200 | 433,334 |
Yamazen Corp. | 40,900 | 467,615 |
Yaoko Co., Ltd. | 7,700 | 377,940 |
Yaskawa Electric Corp. | 43,900 | 1,572,971 |
Yellow Hat Ltd. | 10,100 | 309,896 |
Yodogawa Steel Works Ltd. | 12,000 | 351,477 |
Yokohama Reito Co., Ltd. | 36,900 | 350,948 |
Yorozu Corp. | 22,200 | 451,663 |
Yoshinoya Holdings Co., Ltd. | 35,100 | 583,804 |
Yuasa Trading Co., Ltd. | 13,000 | 479,286 |
Yurtec Corp. | 26,000 | 227,195 |
Yusen Logistics Co., Ltd. | 22,000 | 256,508 |
Zensho Holdings Co., Ltd. | 24,200 | 448,544 |
Zeon Corp. | 70,000 | 931,960 |
283,791,576 | ||
Luxembourg 0.4% | ||
APERAM S.A. | 18,965 | 1,019,797 |
Espirito Santo Financial Group S.A. *(d) | 69,773 | — |
Eurofins Scientific SE | 510 | 319,034 |
IWG plc | 129,165 | 369,550 |
L'Occitane International S.A. | 114,250 | 217,080 |
Samsonite International S.A. | 231,100 | 964,849 |
Ternium S.A. ADR | 6,343 | 196,696 |
3,087,006 | ||
Netherlands 2.5% | ||
Aalberts Industries N.V. | 25,994 | 1,281,784 |
Accell Group | 4,026 | 122,964 |
Altice N.V., Class A * | 24,782 | 467,353 |
Altice N.V., Class B * | 4,845 | 91,348 |
Arcadis N.V. | 42,997 | 993,903 |
ASM International N.V. | 10,225 | 685,218 |
ASR Nederland N.V. | 7,912 | 324,349 |
BE Semiconductor Industries N.V. | 4,989 | 392,047 |
Beter Bed Holding N.V. | 11,848 | 242,438 |
Brunel International N.V. (a) | 16,139 | 274,349 |
Corbion N.V. | 26,484 | 884,909 |
Core Laboratories N.V. | 4,848 | 484,315 |
Eurocommercial Properties N.V. CVA | 9,812 | 408,605 |
Euronext N.V. | 7,005 | 416,032 |
Security | Number of Shares | Value ($) |
ForFarmers N.V. | 10,122 | 123,742 |
Fugro N.V. CVA * | 65,287 | 841,600 |
GrandVision N.V. | 3,889 | 97,062 |
HAL Trust (a) | 4,784 | 887,053 |
IMCD Group N.V. | 6,868 | 431,957 |
InterXion Holding N.V. * | 5,083 | 271,381 |
Koninklijke BAM Groep N.V | 139,573 | 788,413 |
Koninklijke Vopak N.V. | 17,133 | 741,569 |
Nostrum Oil & Gas plc * | 39,454 | 197,237 |
NSI N.V. | 7,269 | 275,653 |
OCI N.V. * | 18,152 | 430,617 |
Philips Lighting N.V. | 14,437 | 547,176 |
PostNL N.V. | 165,573 | 705,670 |
Refresco Group N.V. | 13,588 | 314,185 |
SBM Offshore N.V. | 45,778 | 816,960 |
Sligro Food Group N.V. | 7,432 | 334,296 |
TKH Group N.V. | 11,556 | 778,175 |
TomTom N.V. * | 24,080 | 274,337 |
Vastned Retail N.V. | 5,390 | 235,947 |
VEON Ltd. ADR | 270,881 | 1,059,145 |
Wereldhave N.V. | 6,489 | 294,990 |
Wessanen | 5,367 | 101,935 |
Yandex N.V., Class A * | 23,072 | 780,526 |
18,399,240 | ||
New Zealand 0.9% | ||
Air New Zealand Ltd. | 307,272 | 694,171 |
Auckland International Airport Ltd. | 82,502 | 351,637 |
Chorus Ltd. | 208,833 | 573,898 |
EBOS Group Ltd. | 13,418 | 161,620 |
Fisher & Paykel Healthcare Corp., Ltd. | 51,214 | 464,519 |
Fonterra Co-operative Group Ltd. | 65,122 | 283,828 |
Genesis Energy Ltd. | 198,059 | 332,016 |
Infratil Ltd. | 353,046 | 776,800 |
Kiwi Property Group Ltd. | 241,784 | 219,225 |
Mainfreight Ltd. | 21,625 | 361,986 |
Mercury NZ Ltd. | 175,605 | 395,325 |
Meridian Energy Ltd. | 270,938 | 528,574 |
SKY Network Television Ltd. | 256,182 | 438,464 |
SKYCITY Entertainment Group Ltd. | 192,196 | 511,612 |
Trade Me Group Ltd. | 27,554 | 85,092 |
Z Energy Ltd. | 115,331 | 581,698 |
6,760,465 | ||
Norway 1.5% | ||
Aker A.S.A., A Shares | 8,689 | 393,675 |
Aker Solutions A.S.A. * | 97,909 | 538,365 |
Atea A.S.A. * | 51,023 | 643,409 |
Austevoll Seafood A.S.A. | 35,101 | 351,338 |
Bakkafrost P/F | 5,182 | 231,552 |
Borregaard A.S.A. | 25,208 | 242,949 |
BW LPG Ltd. * | 60,056 | 225,771 |
Fred Olsen Energy A.S.A. *(a) | 299,205 | 823,948 |
Gjensidige Forsikring A.S.A. | 57,908 | 1,089,755 |
Kongsberg Automotive A.S.A. * | 319,921 | 376,401 |
Kongsberg Gruppen A.S.A. | 11,504 | 209,986 |
Leroy Seafood Group A.S.A. | 59,520 | 357,445 |
Petroleum Geo-Services A.S.A. *(a) | 383,603 | 631,003 |
REC Silicon A.S.A. *(a) | 3,772,688 | 493,387 |
Salmar A.S.A. | 8,897 | 265,264 |
Schibsted A.S.A., B Shares | 16,759 | 393,286 |
Schibsted A.S.A., Class A | 14,339 | 369,710 |
Sparebank 1 Nord Norge | 16,989 | 134,178 |
SpareBank 1 SMN | 40,420 | 419,822 |
SpareBank 1 SR Bank A.S.A. | 13,718 | 151,993 |
Storebrand A.S.A. | 92,632 | 793,392 |
Security | Number of Shares | Value ($) |
TGS Nopec Geophysical Co. A.S.A. | 41,583 | 956,002 |
Tomra Systems A.S.A. | 21,479 | 299,780 |
Veidekke A.S.A. | 27,868 | 312,184 |
XXL A.S.A. | 17,708 | 190,965 |
10,895,560 | ||
Portugal 0.6% | ||
Banco Comercial Portugues S.A., Class R * | 3,475,130 | 1,038,471 |
Banco Espirito Santo S.A. *(d) | 320,558 | — |
CTT-Correios de Portugal S.A. | 66,437 | 391,159 |
Mota-Engil SGPS, S.A. | 100,597 | 404,038 |
NOS SGPS, S.A. | 66,743 | 399,923 |
Redes Energeticas Nacionais SGPS, S.A. | 110,666 | 351,425 |
Semapa-Sociedade de Investimento e Gestao | 16,760 | 335,110 |
Sonae SGPS, S.A. | 511,723 | 612,628 |
The Navigator Co., S.A. | 110,672 | 564,426 |
4,097,180 | ||
Singapore 2.0% | ||
Ascendas Real Estate Investment Trust | 307,900 | 619,080 |
Ascott Residence Trust | 117,100 | 102,659 |
Asian Pay Television Trust | 230,800 | 98,232 |
CapitaLand Commercial Trust | 230,002 | 292,969 |
CapitaLand Mall Trust | 382,200 | 566,600 |
China Aviation Oil Singapore Corp., Ltd. | 301,200 | 391,303 |
City Developments Ltd. | 139,100 | 1,321,015 |
Fortune Real Estate Investment Trust | 95,500 | 115,314 |
Genting Singapore plc | 1,211,500 | 1,084,380 |
Global Logistic Properties Ltd. | 259,900 | 633,083 |
Kulicke & Soffa Industries, Inc. * | 19,827 | 449,082 |
M1 Ltd. (a) | 144,500 | 190,820 |
Mapletree Greater China Commercial Trust | 242,400 | 208,968 |
Mapletree Industrial Trust | 223,700 | 318,376 |
Mapletree Logistics Trust | 260,260 | 242,537 |
Sakari Resources Ltd. *(d) | 18,000 | — |
SATS Ltd. | 143,649 | 495,500 |
Sembcorp Marine Ltd. (a) | 490,896 | 695,999 |
Singapore Exchange Ltd. | 111,200 | 625,798 |
Singapore Post Ltd. (a) | 401,000 | 378,018 |
Singapore Technologies Engineering Ltd. | 372,200 | 950,214 |
StarHub Ltd. | 209,500 | 404,341 |
Suntec Real Estate Investment Trust | 220,000 | 314,947 |
United Engineers Ltd. | 172,800 | 334,757 |
UOL Group Ltd. | 101,001 | 669,805 |
Venture Corp., Ltd. | 101,700 | 1,453,770 |
Wing Tai Holdings Ltd. | 215,100 | 378,692 |
Yangzijiang Shipbuilding Holdings Ltd. | 954,600 | 1,102,811 |
Yanlord Land Group Ltd. | 210,400 | 276,477 |
14,715,547 | ||
Spain 1.6% | ||
Acerinox S.A. | 67,230 | 965,886 |
Almirall S.A. (a) | 12,446 | 120,476 |
Applus Services S.A. | 21,732 | 303,893 |
Bankia S.A. | 166,743 | 795,738 |
Bankinter S.A. | 113,732 | 1,073,259 |
Bolsas y Mercados Espanoles, SHMSF, S.A. | 13,269 | 455,886 |
Caja de Ahorros del Mediterraneo *(d) | 5,382 | — |
Cellnex Telecom S.A.U. | 12,404 | 307,892 |
Cia de Distribucion Integral Logista Holdings S.A. | 4,757 | 111,444 |
Construcciones y Auxiliar de Ferrocarriles S.A. | 6,413 | 264,071 |
Ebro Foods S.A. | 24,952 | 600,182 |
EDP Renovaveis S.A. | 30,121 | 249,114 |
Ence Energia y Celulosa S.A. | 65,272 | 378,638 |
Fomento de Construcciones y Contratas S.A. * | 31,002 | 328,740 |
Security | Number of Shares | Value ($) |
Grupo Catalana Occidente S.A. | 9,185 | 386,560 |
Indra Sistemas S.A. * | 26,955 | 387,342 |
Mediaset Espana Comunicacion S.A. | 40,326 | 438,302 |
Melia Hotels International S.A. | 18,464 | 252,567 |
NH Hotel Group S.A. | 41,685 | 263,551 |
Obrascon Huarte Lain S.A. *(a) | 201,575 | 1,130,379 |
Prosegur Cia de Seguridad S.A. | 83,470 | 636,995 |
Sacyr S.A. * | 169,400 | 435,242 |
Siemens Gamesa Renewable Energy S.A. | 32,129 | 465,864 |
Talgo S.A. | 21,425 | 105,051 |
Tecnicas Reunidas S.A. (a) | 10,133 | 326,254 |
Vidrala S.A. | 4,280 | 386,993 |
Viscofan S.A. | 11,455 | 693,396 |
Zardoya Otis S.A. | 35,636 | 386,048 |
12,249,763 | ||
Sweden 2.2% | ||
AAK AB | 5,507 | 445,062 |
AddTech AB, B Shares | 6,219 | 137,801 |
AF AB, B Shares | 18,080 | 372,543 |
Axfood AB | 34,890 | 630,877 |
Bergman & Beving AB | 14,744 | 167,753 |
Betsson AB * | 44,575 | 349,821 |
Bilia AB | 39,216 | 351,329 |
BillerudKorsnas AB | 42,656 | 734,153 |
Bonava AB, B Shares | 23,343 | 339,943 |
Capio AB | 69,262 | 352,501 |
Castellum AB | 34,624 | 555,585 |
Clas Ohlson AB, B Shares | 15,370 | 265,755 |
Com Hem Holding AB | 20,935 | 314,276 |
Elekta AB, B Shares | 51,764 | 497,769 |
Eltel AB * | 34,716 | 98,695 |
Fabege AB | 18,070 | 381,553 |
Haldex AB * | 7,213 | 80,150 |
Hemfosa Fastigheter AB | 9,527 | 115,750 |
Hexpol AB | 38,078 | 385,134 |
Holmen AB, B Shares | 9,457 | 464,804 |
ICA Gruppen AB | 17,502 | 645,460 |
Indutrade AB | 16,931 | 469,502 |
Intrum Justitia AB | 14,320 | 501,871 |
Inwido AB | 18,182 | 200,354 |
JM AB | 24,400 | 643,817 |
Kindred Group plc SDR | 9,214 | 117,666 |
LE Lundbergfortagen AB, B Shares | 10,075 | 786,423 |
Lindab International AB | 21,274 | 175,348 |
Loomis AB, Class B | 17,005 | 682,300 |
Mekonomen AB | 9,757 | 196,966 |
Modern Times Group MTG AB, B Shares | 15,232 | 581,053 |
Momentum Group AB, Class B * | 2,986 | 36,738 |
NCC AB, B Shares | 34,415 | 742,534 |
Nibe Industrier AB, B Shares | 45,064 | 450,629 |
Nobia AB | 38,445 | 315,370 |
Nolato AB, Class B | 6,671 | 369,860 |
Peab AB | 85,231 | 827,085 |
Ratos AB, B Shares | 152,323 | 731,135 |
Saab AB, Class B | 12,356 | 631,247 |
SAS AB *(a) | 80,577 | 249,278 |
Sweco AB, B Shares | 7,508 | 160,552 |
Wihlborgs Fastigheter AB | 9,756 | 231,629 |
16,788,071 | ||
Switzerland 3.0% | ||
Allreal Holding AG * | 2,909 | 486,208 |
ALSO Holding AG * | 1,096 | 148,361 |
Arbonia AG * | 14,386 | 251,627 |
Autoneum Holding AG | 717 | 193,691 |
Security | Number of Shares | Value ($) |
Banque Cantonale Vaudoise | 476 | 342,334 |
Barry Callebaut AG * | 359 | 560,943 |
Belimo Holding AG | 75 | 321,606 |
Bell Food Group AG | 299 | 129,098 |
BKW AG | 4,133 | 241,583 |
Bucher Industries AG | 1,880 | 735,590 |
Burckhardt Compression Holding AG | 704 | 209,730 |
Cembra Money Bank AG * | 4,804 | 430,363 |
Conzzeta AG | 389 | 382,121 |
Daetwyler Holding AG | 1,970 | 330,356 |
DKSH Holding AG | 8,798 | 738,074 |
dormakaba Holding AG, Series B * | 452 | 447,377 |
Dufry AG * | 5,400 | 803,781 |
Emmi AG * | 584 | 364,595 |
EMS-Chemie Holding AG | 768 | 503,479 |
Flughafen Zuerich AG | 2,598 | 565,002 |
Forbo Holding AG | 233 | 352,286 |
GAM Holding AG * | 64,903 | 1,011,658 |
Helvetia Holding AG | 1,509 | 811,214 |
Huber & Suhner AG | 2,229 | 120,698 |
Implenia AG | 4,773 | 301,487 |
Inficon Holding AG * | 415 | 257,759 |
Kudelski S.A. - BR | 13,806 | 169,519 |
Logitech International S.A. | 19,516 | 697,880 |
Metall Zug AG, B Shares | 39 | 149,818 |
Mobimo Holding AG * | 1,095 | 276,590 |
OC Oerlikon Corp. AG * | 55,174 | 885,158 |
Oriflame Holding AG | 9,233 | 332,637 |
Panalpina Welttransport Holding AG | 3,966 | 545,021 |
Partners Group Holding AG | 1,195 | 803,743 |
PSP Swiss Property AG | 3,079 | 271,008 |
Rieter Holding AG * | 776 | 181,467 |
Schmolz & Bickenbach AG * | 500,296 | 461,356 |
Schweiter Technologies AG | 228 | 279,709 |
SFS Group AG * | 2,910 | 344,772 |
Sonova Holding AG | 6,750 | 1,218,591 |
Straumann Holding AG | 508 | 354,686 |
Sulzer AG | 4,841 | 620,168 |
Sunrise Communications Group AG * | 8,387 | 697,713 |
Tecan Group AG | 511 | 108,080 |
Temenos Group AG * | 3,237 | 373,781 |
Valiant Holding AG | 2,940 | 302,649 |
Valora Holding AG | 1,501 | 481,075 |
Vifor Pharma AG | 7,059 | 907,935 |
Wizz Air Holdings plc * | 11,830 | 514,601 |
Zehnder Group AG | 7,218 | 264,801 |
22,283,779 | ||
United Kingdom 11.0% | ||
AA plc | 230,361 | 523,975 |
Ashmore Group plc | 90,575 | 463,100 |
ASOS plc * | 1,289 | 97,509 |
Atlantica Yield plc | 6,536 | 146,276 |
Auto Trader Group plc | 29,774 | 135,392 |
AVEVA Group plc | 13,611 | 456,003 |
Avon Products, Inc. * | 408,351 | 931,040 |
B&M European Value Retail S.A. | 84,898 | 447,972 |
BBA Aviation plc | 223,452 | 944,005 |
BCA Marketplace plc | 63,779 | 176,405 |
Beazley plc | 53,806 | 360,941 |
Bodycote plc | 62,947 | 782,927 |
Bovis Homes Group plc | 37,012 | 578,092 |
Brewin Dolphin Holdings plc | 44,844 | 210,514 |
Britvic plc | 55,746 | 560,330 |
BTG plc * | 13,511 | 135,253 |
Cape plc (d) | 17,049 | 60,006 |
Card Factory plc | 78,132 | 325,737 |
Security | Number of Shares | Value ($) |
Centamin plc | 211,349 | 391,155 |
Chemring Group plc | 146,813 | 336,357 |
Cineworld Group plc | 30,697 | 270,837 |
Close Brothers Group plc | 30,055 | 554,311 |
Coats Group plc | 526,022 | 597,683 |
Computacenter plc | 53,355 | 705,091 |
Conviviality plc | 77,443 | 437,395 |
Costain Group plc | 15,921 | 91,295 |
Countrywide plc * | 109,147 | 180,842 |
Cranswick plc | 17,160 | 701,964 |
Crest Nicholson Holdings plc | 48,384 | 364,083 |
Daily Mail & General Trust plc | 77,691 | 715,590 |
Dairy Crest Group plc | 65,868 | 531,457 |
Dart Group plc | 20,182 | 160,828 |
De La Rue plc | 33,791 | 314,157 |
Dechra Pharmaceuticals plc | 3,977 | 108,604 |
Derwent London plc | 8,520 | 302,822 |
Dialog Semiconductor plc * | 7,611 | 380,256 |
Diploma plc | 18,766 | 268,931 |
Domino's Pizza Group plc | 60,190 | 268,336 |
Dunelm Group plc | 32,501 | 315,977 |
EI Group plc * | 374,752 | 669,443 |
Electrocomponents plc | 115,909 | 1,069,031 |
Elementis plc | 156,615 | 591,422 |
EnQuest plc * | 868,356 | 297,227 |
Essentra plc | 86,082 | 608,589 |
esure Group plc | 75,602 | 269,603 |
Evraz plc | 230,917 | 885,040 |
Fenner plc | 105,084 | 481,158 |
Ferrexpo plc | 32,278 | 108,976 |
Fidessa Group plc | 10,626 | 321,210 |
Galliford Try plc | 32,341 | 524,035 |
Genus plc | 10,152 | 316,994 |
Go-Ahead Group plc | 18,118 | 425,923 |
Grafton Group plc | 93,369 | 1,020,108 |
Grainger plc | 73,640 | 272,343 |
Greencore Group plc | 136,566 | 349,653 |
Greggs plc | 39,175 | 662,866 |
Halfords Group plc | 142,118 | 623,832 |
Halma plc | 48,712 | 764,334 |
Hammerson plc | 112,375 | 782,268 |
Hargreaves Lansdown plc | 18,140 | 381,053 |
Hays plc | 445,633 | 1,103,135 |
Headlam Group plc | 35,705 | 279,787 |
Hill & Smith Holdings plc | 16,877 | 296,329 |
HomeServe plc | 53,535 | 608,637 |
Howden Joinery Group plc | 118,129 | 643,322 |
Hunting plc * | 73,664 | 512,849 |
IG Group Holdings plc | 111,482 | 967,604 |
Indivior plc * | 145,591 | 718,446 |
Intermediate Capital Group plc | 87,551 | 1,130,490 |
International Personal Finance plc | 205,799 | 552,814 |
Interserve plc (a) | 241,108 | 233,766 |
Intu Properties plc | 212,304 | 609,485 |
J.D. Wetherspoon plc | 29,350 | 485,316 |
James Fisher & Sons plc | 4,625 | 95,580 |
Janus Henderson Group plc | 44,956 | 1,562,221 |
Jardine Lloyd Thompson Group plc | 12,226 | 211,581 |
JD Sports Fashion plc | 43,670 | 207,409 |
John Laing Group plc | 35,206 | 133,543 |
John Menzies plc | 44,215 | 411,069 |
Jupiter Fund Management plc | 100,082 | 789,695 |
KAZ Minerals plc * | 99,474 | 1,074,067 |
KCOM Group plc | 224,539 | 320,588 |
Keller Group plc | 41,093 | 511,120 |
Kier Group plc | 28,673 | 395,815 |
Ladbrokes Coral Group plc | 462,035 | 781,792 |
Laird plc | 223,086 | 482,955 |
Security | Number of Shares | Value ($) |
Lancashire Holdings Ltd. | 99,655 | 994,661 |
London Stock Exchange Group plc | 21,404 | 1,068,893 |
Lookers plc | 249,361 | 347,402 |
Mapeley Ltd. *(d) | 2,199 | — |
Marshalls plc | 45,690 | 289,277 |
Marston's plc | 334,202 | 473,166 |
McCarthy & Stone plc | 52,598 | 111,773 |
Mears Group plc | 23,015 | 138,547 |
Melrose Industries plc | 322,852 | 943,003 |
Merlin Entertainments plc | 101,460 | 510,374 |
Micro Focus International plc | 26,988 | 947,940 |
Mitchells & Butlers plc | 147,137 | 499,298 |
Mitie Group plc | 267,057 | 840,353 |
Moneysupermarket.com Group plc | 92,944 | 401,068 |
Morgan Advanced Materials plc | 121,086 | 504,976 |
Morgan Sindall Group plc | 10,585 | 203,004 |
N Brown Group plc | 101,958 | 407,872 |
National Express Group plc | 197,712 | 965,023 |
NEX Group plc | 94,010 | 791,159 |
Nomad Foods Ltd. * | 14,213 | 214,616 |
Northgate plc | 112,729 | 670,750 |
Ocado Group plc * | 26,043 | 99,499 |
Pagegroup plc | 114,693 | 712,426 |
Paragon Banking Group plc | 52,033 | 328,378 |
PayPoint plc | 16,913 | 206,323 |
Pendragon plc | 1,616,381 | 542,066 |
Petra Diamonds Ltd. * | 66,455 | 67,962 |
Pets at Home Group plc | 131,126 | 306,687 |
Playtech plc | 36,535 | 477,392 |
Polypipe Group plc | 17,875 | 97,930 |
Premier Foods plc * | 289,516 | 150,924 |
Premier Oil plc *(a) | 1,149,656 | 1,039,639 |
PZ Cussons plc | 71,141 | 312,276 |
QinetiQ Group plc | 227,670 | 737,999 |
Randgold Resources Ltd. | 10,320 | 1,014,123 |
Rathbone Brothers plc | 2,796 | 95,103 |
Redrow plc | 24,336 | 210,415 |
Renewi plc | 71,982 | 99,236 |
Renishaw plc | 2,544 | 167,364 |
Rentokil Initial plc | 248,183 | 1,106,734 |
Rightmove plc | 3,908 | 215,610 |
Rotork plc | 200,692 | 700,327 |
RPC Group plc | 44,155 | 552,580 |
RPS Group plc | 120,828 | 472,206 |
Saga plc | 244,677 | 621,013 |
Savills plc | 41,978 | 520,176 |
Schroders plc | 20,000 | 927,937 |
Schroders plc, Non-Voting Shares | 3,522 | 117,779 |
Segro plc | 111,292 | 803,428 |
Senior plc | 178,288 | 682,831 |
Serco Group plc * | 342,564 | 530,580 |
Shaftesbury plc | 15,785 | 207,552 |
SIG plc | 656,241 | 1,503,020 |
Soco International plc | 120,395 | 186,309 |
Spirax-Sarco Engineering plc | 12,526 | 939,903 |
Spire Healthcare Group plc | 70,850 | 279,550 |
Spirent Communications plc | 262,689 | 344,529 |
Sports Direct International plc * | 139,394 | 732,117 |
SSP Group plc | 54,729 | 425,030 |
St. James's Place plc | 52,914 | 827,041 |
St. Modwen Properties plc | 22,368 | 113,099 |
Stagecoach Group plc | 214,017 | 474,061 |
Stolt-Nielsen Ltd. | 9,652 | 135,894 |
SuperGroup plc | 4,857 | 119,598 |
Synthomer plc | 59,432 | 386,464 |
TalkTalk Telecom Group plc (a) | 266,847 | 756,671 |
Telecom Plus plc | 15,714 | 254,621 |
The Restaurant Group plc | 114,185 | 460,576 |
Security | Number of Shares | Value ($) |
The Unite Group plc | 13,544 | 126,459 |
Thomas Cook Group plc | 544,998 | 867,125 |
TP ICAP plc | 65,490 | 473,609 |
Tullow Oil plc * | 446,279 | 1,079,838 |
Tyman plc | 21,114 | 95,906 |
UBM plc | 80,523 | 752,254 |
Ultra Electronics Holdings plc | 17,444 | 422,402 |
Vedanta Resources plc | 76,513 | 902,282 |
Vertu Motors plc | 457,437 | 273,173 |
Vesuvius plc | 96,517 | 752,984 |
Victrex plc | 18,253 | 581,192 |
WH Smith plc | 32,651 | 887,690 |
Worldpay Group plc | 26,450 | 142,582 |
82,621,600 | ||
Total Common Stock | ||
(Cost $580,792,205) | 740,114,284 | |
Preferred Stock 0.2% of net assets | ||
Germany 0.1% | ||
Sartorius AG | 1,028 | 95,990 |
Schaeffler AG | 25,014 | 398,824 |
494,814 | ||
Italy 0.1% | ||
Buzzi Unicem S.p.A. | 2,000 | 31,680 |
Danieli & C Officine Meccaniche S.p.A - RSP | 16,702 | 277,822 |
309,502 | ||
Sweden 0.0% | ||
SAS AB | 3,575 | 231,881 |
Total Preferred Stock | ||
(Cost $1,004,578) | 1,036,197 | |
Rights 0.0% of net assets | ||
Australia 0.0% | ||
Nufarm *(d) | 12,976 | 90,324 |
Total Rights | ||
(Cost $74,669) | 90,324 | |
Other Investment Company 2.4% of net assets | ||
United States 2.4% | ||
Securities Lending Collateral 2.4% | ||
Wells Fargo Government Money Market Fund,Select Class 0.96% (b) | 18,125,487 | 18,125,487 |
Total Other Investment Company | ||
(Cost $18,125,487) | 18,125,487 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.5% of net assets | ||
Time Deposits 0.5% | ||
Barclays Capital, Inc. | ||
U.S. Dollar | ||
0.60%, 11/01/17 (c) | 3,342,999 | 3,342,999 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
BNP Paribas | ||
Singapore Dollar | ||
0.01%, 11/01/17 (c) | 171,290 | 125,662 |
Brown Brothers Harriman | ||
Danish Krone | ||
(0.65%), 11/01/17 (c) | 3,623 | 567 |
Hong Kong Dolla | ||
0.01%, 11/01/17 (c) | 26,148 | 3,352 |
New Zealand Dollar | ||
0.95%, 11/01/17 (c) | 13,669 | 9,354 |
Norwegian Krone | ||
0.05%, 11/01/17 (c) | 3,836 | 469 |
Swedish Krone | ||
(0.89%), 11/01/17 (c) | 34,199 | 4,085 |
Swiss Franc | ||
(1.45%), 11/01/17 (c) | 14,610 | 14,644 |
National Australia Bank | ||
Australian Dollar | ||
0.49%, 11/01/17 (c) | 378,246 | 289,491 |
Sumitomo Mitsui Banking Corp. | ||
Euro | ||
(0.57%), 11/01/17 (c) | 37,905 | 44,154 |
Great British Pound | ||
0.05%, 11/01/17 (c) | 52,052 | 69,133 |
Japanese Yen | ||
(0.24%), 11/01/17 (c) | 2,810,932 | 24,721 |
Wells Fargo | ||
Canadian Dollar | ||
0.15%, 11/01/17 (c) | 74,889 | 58,049 |
Total Short-Term Investments | ||
(Cost $3,986,680) | 3,986,680 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, e-mini, expires 12/15/17 | 75 | 7,527,750 | 26,797 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $17,278,281. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
(d) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Security | Number of Shares | Value ($) |
Common Stock 90.7% of net assets | ||
Brazil 5.5% | ||
Ambev S.A. | 507,650 | 3,243,324 |
B3 SA - Brasil Bolsa Balcao | 115,533 | 844,080 |
Banco Bradesco S.A. | 124,342 | 1,245,967 |
Banco do Brasil S.A. | 331,115 | 3,485,954 |
BRF S.A. * | 101,818 | 1,377,265 |
CCR S.A. | 118,300 | 658,166 |
Centrais Eletricas Brasileiras S.A. * | 66,616 | 449,021 |
Cielo S.A. | 86,734 | 593,375 |
Companhia de Saneamento Basico do Estado de Sao Paulo | 73,910 | 673,285 |
Companhia Siderurgica Nacional S.A. * | 234,316 | 603,822 |
CPFL Energia S.A. | 71,261 | 599,052 |
Embraer S.A. | 148,751 | 712,539 |
Gerdau S.A. | 24,300 | 80,522 |
Itau Unibanco Holding S.A. | 26,102 | 306,557 |
JBS S.A. | 301,500 | 694,925 |
Petroleo Brasileiro S.A. * | 1,234,358 | 6,573,080 |
Tim Participacoes S.A. | 229,647 | 851,532 |
Ultrapar Participacoes S.A. | 81,314 | 1,941,315 |
Vale S.A. | 547,876 | 5,376,095 |
30,309,876 | ||
Chile 0.7% | ||
Cencosud S.A. | 298,275 | 892,360 |
Empresas Copec S.A. | 84,280 | 1,298,396 |
Enel Americas S.A. | 3,415,764 | 734,715 |
Latam Airlines Group S.A. | 50,040 | 689,763 |
3,615,234 | ||
China 18.2% | ||
Agricultural Bank of China Ltd., Class H | 4,310,600 | 2,030,262 |
Alibaba Group Holding Ltd. ADR * | 6,864 | 1,269,085 |
Anhui Conch Cement Co., Ltd., Class H | 165,500 | 708,951 |
Baidu, Inc. ADR * | 5,548 | 1,353,379 |
Bank of China Ltd., Class H | 13,912,234 | 6,952,816 |
Bank of Communications Co., Ltd., Class H | 1,271,000 | 959,520 |
China CITIC Bank Corp., Ltd., Class H | 1,253,000 | 807,366 |
China Communications Construction Co., Ltd., Class H | 592,322 | 719,432 |
China Construction Bank Corp., Class H | 16,705,960 | 14,930,367 |
China Evergrande Group * | 556,000 | 2,144,689 |
China Life Insurance Co., Ltd., Class H | 351,000 | 1,163,670 |
China Merchants Bank Co., Ltd., Class H | 382,150 | 1,459,300 |
China Minsheng Banking Corp., Ltd., Class H | 784,500 | 759,960 |
China Mobile Ltd. | 928,055 | 9,334,716 |
China National Building Material Co., Ltd., Class H (b) | 1,844,000 | 1,556,387 |
China Overseas Land & Investment Ltd. | 364,000 | 1,181,914 |
China Pacific Insurance Group Co., Ltd., Class H | 170,000 | 839,428 |
China Petroleum & Chemical Corp., Class H | 11,723,400 | 8,608,706 |
China Railway Construction Corp., Ltd., Class H | 381,500 | 479,101 |
China Railway Group Ltd., Class H | 558,000 | 448,522 |
China Resources Beer Holdings Co., Ltd. | 331,000 | 955,280 |
China Resources Land Ltd. | 262,000 | 781,936 |
China Resources Power Holdings Co., Ltd. | 434,000 | 834,615 |
China Shenhua Energy Co., Ltd., Class H | 755,000 | 1,806,162 |
Security | Number of Shares | Value ($) |
China Telecom Corp., Ltd., Class H | 3,903,000 | 1,957,348 |
China Unicom (Hong Kong) Ltd. * | 1,543,056 | 2,189,379 |
CITIC Ltd. | 490,000 | 717,818 |
CNOOC Ltd. | 4,641,075 | 6,336,891 |
Dongfeng Motor Group Co., Ltd., Class H | 506,000 | 694,581 |
Haier Electronics Group Co., Ltd. * | 213,000 | 561,632 |
Hengan International Group Co., Ltd. | 53,500 | 527,583 |
Huaneng Power International, Inc., Class H | 1,044,000 | 698,216 |
Industrial & Commercial Bank of China Ltd., Class H | 12,248,172 | 9,745,442 |
JD.com, Inc. ADR * | 15,985 | 599,757 |
Jiangxi Copper Co., Ltd., Class H | 448,000 | 715,347 |
Kingboard Chemical Holdings Ltd. | 134,000 | 795,163 |
Kunlun Energy Co., Ltd. | 624,000 | 578,687 |
Lenovo Group Ltd. | 1,684,000 | 976,847 |
People's Insurance Co., Group of China Ltd., Class H | 939,000 | 446,923 |
PetroChina Co., Ltd., Class H | 6,386,000 | 4,174,517 |
PICC Property & Casualty Co., Ltd., Class H | 488,000 | 968,431 |
Ping An Insurance Group Co. of China Ltd., Class H | 252,500 | 2,218,954 |
Postal Savings Bank of China Co., Ltd., Class H | 449,000 | 271,151 |
Shimao Property Holdings Ltd. | 284,500 | 596,362 |
Sinopharm Group Co., Ltd., Class H | 130,400 | 583,867 |
Tencent Holdings Ltd. | 49,100 | 2,206,804 |
100,647,264 | ||
Colombia 0.5% | ||
Bancolombia S.A. | 35,226 | 326,547 |
Ecopetrol S.A. | 3,329,965 | 1,822,584 |
Grupo Argos S.A. | 57,840 | 377,228 |
2,526,359 | ||
Czech Republic 0.2% | ||
CEZ A/S | 63,407 | 1,390,344 |
Greece 0.7% | ||
Alpha Bank AE * | 470,793 | 938,725 |
Hellenic Telecommunications Organization S.A. | 51,735 | 614,688 |
HOLDING Co., ADMIE IPTO S.A. * | 52,665 | 112,878 |
National Bank of Greece S.A. * | 3,828,742 | 1,266,355 |
Piraeus Bank S.A. * | 196,589 | 565,529 |
Public Power Corp. S.A. * | 143,609 | 311,300 |
3,809,475 | ||
Hungary 0.5% | ||
MOL Hungarian Oil & Gas plc | 120,132 | 1,438,662 |
OTP Bank plc | 32,280 | 1,301,391 |
2,740,053 | ||
India 4.9% | ||
Bharat Petroleum Corp., Ltd. | 89,991 | 752,935 |
Bharti Airtel Ltd. | 184,900 | 1,420,462 |
Coal India Ltd. | 208,835 | 924,112 |
HCL Technologies Ltd. | 32,774 | 433,119 |
Hero MotoCorp Ltd. | 8,198 | 487,895 |
Hindalco Industries Ltd. | 198,916 | 821,951 |
Housing Development Finance Corp., Ltd. | 54,286 | 1,431,674 |
ICICI Bank Ltd. | 298,315 | 1,398,449 |
Indian Oil Corp., Ltd. | 197,240 | 1,266,438 |
Infosys Ltd. | 168,332 | 2,396,721 |
ITC Ltd. | 143,050 | 587,334 |
Mahindra & Mahindra Ltd. | 30,319 | 629,894 |
NTPC Ltd. | 298,739 | 836,571 |
Oil & Natural Gas Corp., Ltd. | 586,990 | 1,734,455 |
Reliance Industries Ltd. | 436,142 | 6,340,902 |
Security | Number of Shares | Value ($) |
State Bank of India | 268,076 | 1,266,065 |
Tata Consultancy Services Ltd. | 30,364 | 1,230,803 |
Tata Motors Ltd. * | 197,939 | 1,310,732 |
Tata Motors Ltd., Class A * | 75,589 | 281,326 |
Tata Steel Ltd. | 66,046 | 718,282 |
Vedanta Ltd. | 179,885 | 923,475 |
27,193,595 | ||
Indonesia 1.3% | ||
Golden Agri-Resources Ltd. | 2,059,963 | 597,043 |
PT Astra International Tbk | 2,640,000 | 1,557,247 |
PT Bank Central Asia Tbk | 520,300 | 801,491 |
PT Bank Mandiri (Persero) Tbk | 1,582,200 | 821,798 |
PT Bank Rakyat Indonesia (Persero) Tbk | 874,000 | 1,005,537 |
PT Perusahaan Gas Negara (Persero) Tbk | 3,082,900 | 418,298 |
PT Telekomunikasi Indonesia (Persero) Tbk | 4,797,800 | 1,431,504 |
PT United Tractors Tbk | 262,600 | 671,385 |
7,304,303 | ||
Malaysia 2.0% | ||
Axiata Group Berhad | 1,138,500 | 1,449,815 |
CIMB Group Holdings Berhad | 511,000 | 741,122 |
DiGi.com Berhad | 415,800 | 491,083 |
Genting Berhad | 410,000 | 876,409 |
Malayan Banking Berhad | 780,100 | 1,704,520 |
Maxis Berhad | 422,854 | 594,303 |
Petronas Chemicals Group Berhad | 363,800 | 633,331 |
Public Bank Berhad | 248,565 | 1,201,198 |
Sime Darby Berhad | 415,400 | 902,791 |
Telekom Malaysia Berhad | 347,700 | 521,743 |
Tenaga Nasional Berhad | 563,600 | 1,996,895 |
11,113,210 | ||
Mexico 3.1% | ||
Alfa S.A.B. de C.V., Class A | 680,800 | 711,277 |
America Movil S.A.B. de C.V., Series L | 6,925,619 | 5,974,923 |
Cemex S.A.B. de C.V., Series CPO * | 2,023,956 | 1,644,776 |
Coca-Cola Femsa S.A.B. de C.V., Series L | 72,300 | 488,405 |
Fomento Economico Mexicano S.A.B. de C.V. | 201,315 | 1,757,486 |
Grupo Bimbo S.A.B. de C.V., Series A | 277,900 | 642,431 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 169,900 | 1,008,318 |
Grupo Financiero Santander Mexico S.A.B. de C.V., Class B | 302,100 | 508,812 |
Grupo Mexico S.A.B. de C.V., Series B | 453,536 | 1,474,745 |
Grupo Televisa S.A.B., Series CPO | 246,717 | 1,080,077 |
Wal-Mart de Mexico S.A.B. de C.V. | 764,437 | 1,708,163 |
16,999,413 | ||
Peru 0.1% | ||
Credicorp Ltd. | 3,730 | 781,211 |
Philippines 0.2% | ||
PLDT, Inc. | 25,895 | 858,770 |
Poland 2.3% | ||
Bank Pekao S.A. | 20,915 | 683,417 |
KGHM Polska Miedz S.A. | 61,729 | 2,086,496 |
Orange Polska S.A. * | 583,691 | 899,433 |
PGE S.A. * | 390,804 | 1,401,241 |
Polski Koncern Naftowy Orlen S.A. | 92,940 | 3,287,242 |
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 365,978 | 672,547 |
Powszechna Kasa Oszczednosci Bank Polski S.A. * | 122,807 | 1,307,073 |
Security | Number of Shares | Value ($) |
Powszechny Zaklad Ubezpieczen S.A. | 108,999 | 1,406,701 |
Tauron Polska Energia S.A. * | 861,088 | 832,712 |
12,576,862 | ||
Republic of Korea 19.3% | ||
CJ Corp. | 3,698 | 616,516 |
Daelim Industrial Co., Ltd. | 7,578 | 564,783 |
Dongbu Insurance Co., Ltd. | 7,411 | 466,575 |
E-Mart, Inc. | 4,878 | 976,474 |
GS Holdings Corp. | 10,321 | 611,109 |
Hana Financial Group, Inc. | 34,372 | 1,471,081 |
Hankook Tire Co., Ltd. | 13,282 | 641,064 |
Hyosung Corp. | 3,918 | 470,872 |
Hyundai Engineering & Construction Co., Ltd. | 19,382 | 655,676 |
Hyundai Glovis Co., Ltd. | 4,438 | 598,965 |
Hyundai Heavy Industries Co., Ltd. * | 9,853 | 1,378,106 |
Hyundai Marine & Fire Insurance Co., Ltd. | 13,363 | 541,426 |
Hyundai Mobis Co., Ltd. | 14,183 | 3,373,740 |
Hyundai Motor Co. | 40,131 | 5,773,511 |
Hyundai Steel Co. | 23,882 | 1,227,420 |
Hyundai Wia Corp. | 7,018 | 404,428 |
Industrial Bank Of Korea | 52,311 | 716,726 |
KB Financial Group, Inc. | 44,134 | 2,307,515 |
Kia Motors Corp. | 113,103 | 3,580,007 |
Korea Electric Power Corp. | 72,197 | 2,531,196 |
Korea Gas Corp. * | 15,727 | 574,388 |
Korea Zinc Co., Ltd. | 1,163 | 531,986 |
Korean Air Lines Co., Ltd. * | 17,398 | 492,511 |
KT&G Corp. | 13,065 | 1,236,123 |
LG Chem Ltd. | 9,288 | 3,348,849 |
LG Corp. | 15,793 | 1,214,320 |
LG Display Co., Ltd. | 98,075 | 2,565,698 |
LG Electronics, Inc. | 46,054 | 3,749,090 |
LG Uplus Corp. | 56,169 | 644,969 |
Lotte Chemical Corp. | 2,760 | 911,626 |
Lotte Corp. | 3,501 | 233,107 |
Lotte Shopping Co., Ltd. | 2,731 | 548,873 |
NAVER Corp. | 651 | 520,326 |
POSCO | 25,022 | 7,293,548 |
S-Oil Corp. | 11,246 | 1,292,946 |
Samsung Electro-Mechanics Co., Ltd. | 13,757 | 1,280,057 |
Samsung Electronics Co., Ltd. | 13,626 | 33,589,517 |
Samsung Fire & Marine Insurance Co., Ltd. | 3,956 | 965,312 |
Samsung Heavy Industries Co., Ltd. * | 79,866 | 841,740 |
Samsung Life Insurance Co., Ltd. | 8,387 | 1,011,173 |
Samsung SDI Co., Ltd. | 5,964 | 1,098,858 |
Samsung SDS Co., Ltd. | 3,487 | 645,670 |
Shinhan Financial Group Co., Ltd. | 59,743 | 2,683,547 |
SK Hynix, Inc. | 64,537 | 4,758,485 |
SK Innovation Co., Ltd. | 24,815 | 4,552,082 |
SK Networks Co., Ltd. | 125,691 | 746,841 |
Woori Bank | 45,197 | 661,422 |
106,900,254 | ||
Russia 10.7% | ||
Bashneft PJSC * | 5,365 | 201,738 |
Gazprom PJSC | 8,106,730 | 17,452,760 |
Gazprom PJSC ADR | 719,000 | 3,088,403 |
Lukoil PJSC | 260,826 | 13,808,435 |
Magnit PJSC | 7,564 | 995,038 |
MMC Norilsk Nickel PJSC | 13,031 | 2,360,197 |
Mobile TeleSystems PJSC | 405,122 | 1,950,100 |
NovaTek PJSC | 195,160 | 2,172,523 |
Rosneft PJSC | 268,270 | 1,461,998 |
Rostelecom PJSC | 650,850 | 760,141 |
Sberbank of Russia PJSC | 1,132,740 | 3,753,847 |
Security | Number of Shares | Value ($) |
Severstal PJSC | 34,300 | 526,876 |
Sistema PJSC FC | 4,642,000 | 1,045,402 |
Surgutneftegas OJSC | 12,759,505 | 6,365,577 |
Tatneft PJSC | 388,030 | 2,892,973 |
VTB Bank PJSC | 309,450,000 | 317,496 |
59,153,504 | ||
South Africa 5.3% | ||
AngloGold Ashanti Ltd. | 101,889 | 940,080 |
Barclays Africa Group Ltd. | 75,180 | 744,738 |
Barloworld Ltd. | 83,334 | 785,790 |
Bid Corp., Ltd. | 39,361 | 865,796 |
FirstRand Ltd. | 368,381 | 1,337,161 |
Gold Fields Ltd. | 322,538 | 1,283,890 |
Impala Platinum Holdings Ltd. * | 286,741 | 795,639 |
Imperial Holdings Ltd. | 69,036 | 990,115 |
MMI Holdings Ltd. | 238,245 | 316,789 |
MTN Group Ltd. | 604,558 | 5,249,442 |
Naspers Ltd., N Shares | 5,529 | 1,347,044 |
Nedbank Group Ltd. | 37,311 | 546,784 |
Remgro Ltd. | 28,703 | 434,452 |
Sanlam Ltd. | 173,989 | 870,878 |
Sappi Ltd. | 73,815 | 494,303 |
Sasol Ltd. | 187,568 | 5,480,320 |
Shoprite Holdings Ltd. | 62,170 | 889,804 |
Standard Bank Group Ltd. | 205,366 | 2,384,788 |
Steinhoff International Holdings N.V. | 217,975 | 946,249 |
Telkom SA SOC Ltd. | 96,823 | 362,673 |
The Bidvest Group Ltd. | 54,665 | 663,699 |
Tiger Brands Ltd. | 19,742 | 539,187 |
Vodacom Group Ltd. | 48,953 | 532,018 |
Woolworths Holdings Ltd. | 122,740 | 489,542 |
29,291,181 | ||
Taiwan 12.1% | ||
Acer, Inc. * | 1,612,496 | 834,429 |
Advanced Semiconductor Engineering, Inc. | 988,117 | 1,194,607 |
Asustek Computer, Inc. | 224,041 | 1,940,215 |
AU Optronics Corp. | 4,130,800 | 1,692,668 |
Catcher Technology Co., Ltd. | 61,000 | 649,218 |
Cathay Financial Holding Co., Ltd. | 569,599 | 941,216 |
Cheng Shin Rubber Industry Co., Ltd. | 257,000 | 507,267 |
China Steel Corp. | 1,920,198 | 1,563,625 |
Chunghwa Telecom Co., Ltd. | 560,906 | 1,915,604 |
Compal Electronics, Inc. | 2,436,305 | 1,793,778 |
CTBC Financial Holding Co., Ltd. | 1,283,201 | 821,585 |
Delta Electronics, Inc. | 204,590 | 984,417 |
Far Eastern New Century Corp. | 1,070,817 | 918,376 |
Far EasTone Telecommunications Co., Ltd. | 210,622 | 494,543 |
Formosa Chemicals & Fibre Corp. | 485,442 | 1,474,780 |
Formosa Petrochemical Corp. | 214,330 | 750,277 |
Formosa Plastics Corp. | 485,732 | 1,480,738 |
Foxconn Technology Co., Ltd. | 169,317 | 540,029 |
Fubon Financial Holding Co., Ltd. | 573,674 | 914,270 |
Hon Hai Precision Industry Co., Ltd. | 3,218,466 | 11,962,854 |
Hotai Motor Co., Ltd. | 45,000 | 522,458 |
HTC Corp. * | 480,473 | 1,078,285 |
Innolux Corp. | 5,336,357 | 2,338,957 |
Inventec Corp. | 1,009,639 | 784,599 |
Lite-On Technology Corp. | 515,167 | 727,509 |
MediaTek, Inc. | 213,138 | 2,425,407 |
Mega Financial Holding Co., Ltd. | 999,340 | 785,578 |
Nan Ya Plastics Corp. | 628,622 | 1,551,321 |
Pegatron Corp. | 546,264 | 1,415,506 |
Pou Chen Corp. | 475,267 | 598,965 |
Quanta Computer, Inc. | 720,500 | 1,697,376 |
Security | Number of Shares | Value ($) |
Siliconware Precision Industries Co., Ltd. | 288,000 | 456,758 |
Synnex Technology International Corp. | 614,850 | 779,398 |
Taiwan Cement Corp. | 717,299 | 797,279 |
Taiwan Mobile Co., Ltd. | 163,334 | 582,322 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,443,803 | 11,672,136 |
Uni-President Enterprises Corp. | 552,678 | 1,154,767 |
United Microelectronics Corp. | 3,361,965 | 1,735,127 |
Walsin Lihwa Corp. | 1,136,000 | 580,646 |
Wistron Corp. | 1,367,209 | 1,142,003 |
WPG Holdings Ltd. | 603,000 | 826,088 |
67,026,981 | ||
Thailand 1.6% | ||
Advanced Info Service PCL | 170,375 | 997,530 |
Kasikornbank PCL | 122,600 | 841,524 |
PTT Exploration & Production PCL | 365,100 | 947,919 |
PTT Global Chemical PCL | 479,600 | 1,154,967 |
PTT PCL | 252,187 | 3,188,397 |
Thai Oil PCL | 245,400 | 753,486 |
The Siam Cement PCL | 31,300 | 459,701 |
The Siam Commercial Bank PCL | 170,900 | 753,668 |
9,097,192 | ||
Turkey 1.4% | ||
Akbank T.A.S. | 352,473 | 932,425 |
Eregli Demir ve Celik Fabrikalari TAS | 280,289 | 658,716 |
Haci Omer Sabanci Holding A/S | 222,852 | 620,356 |
KOC Holding A/S | 172,397 | 771,973 |
Tupras-Turkiye Petrol Rafinerileri A/S | 35,255 | 1,270,219 |
Turk Hava Yollari AO * | 269,750 | 740,287 |
Turkcell Iletisim Hizmetleri A/S | 205,682 | 770,741 |
Turkiye Garanti Bankasi A/S | 384,154 | 1,058,383 |
Turkiye Halk Bankasi A/S | 196,301 | 573,449 |
Turkiye Is Bankasi, Class C | 332,648 | 627,831 |
8,024,380 | ||
United Arab Emirates 0.1% | ||
Emirates Telecommunications Group Co. PJSC | 128,793 | 625,204 |
Total Common Stock | ||
(Cost $412,602,255) | 501,984,665 | |
Preferred Stock 9.1% of net assets | ||
Brazil 6.3% | ||
Banco Bradesco S.A. | 474,487 | 5,030,174 |
Centrais Eletricas Brasileiras S.A., Class B | 61,320 | 474,994 |
Companhia Energetica de Minas Gerais | 592,108 | 1,399,137 |
Companhia Paranaense de Energia-Copel | 58,444 | 446,463 |
Compania Brasileira de Distribuicao Grupo Pao de Acucar * | 52,515 | 1,223,258 |
Gerdau S.A. | 443,706 | 1,485,214 |
Itau Unibanco Holding S.A. | 579,985 | 7,455,253 |
Itausa - Investimentos Itau S.A. | 251,403 | 805,400 |
Metalurgica Gerdau S.A. * | 636,177 | 993,753 |
Petroleo Brasileiro S.A. * | 1,532,554 | 7,856,489 |
Telefonica Brasil S.A. | 93,072 | 1,436,779 |
Vale S.A. | 671,828 | 6,107,714 |
34,714,628 | ||
Security | Number of Shares | Value ($) |
Colombia 0.1% | ||
Bancolombia S.A. | 62,090 | 591,907 |
Grupo Argos S.A. | 14,300 | 86,494 |
678,401 | ||
Republic of Korea 1.2% | ||
Hyundai Motor Co., Ltd. | 6,012 | 552,986 |
Hyundai Motor Co., Ltd. 2nd | 10,748 | 1,084,854 |
LG Chem Ltd. | 1,565 | 362,682 |
Samsung Electronics Co., Ltd. | 2,282 | 4,570,490 |
6,571,012 | ||
Russia 1.5% | ||
Sberbank of Russia PJSC | 82,000 | 222,275 |
Surgutneftegas | 2,995,200 | 1,485,308 |
Transneft PJSC | 2,105 | 6,659,114 |
8,366,697 | ||
Total Preferred Stock | ||
(Cost $32,379,525) | 50,330,738 | |
Rights 0.0% of net assets | ||
Brazil 0.0% | ||
Cia Energetica de Minas Gerais expires 11/29/17 * | 94,071 | 33,357 |
Total Rights | ||
(Cost $—) | 33,357 | |
Other Investment Company 0.2% of net assets | ||
United States 0.2% | ||
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 0.96% (c) | 1,403,969 | 1,403,969 |
Total Other Investment Company | ||
(Cost $1,403,969) | 1,403,969 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.1% of net assets | ||
Time Deposits 0.1% | ||
BNP Paribas | ||
Hong Kong Dollar | ||
0.01%, 11/01/17 (a) | 851,903 | 109,199 |
U.S. Dollar | ||
0.60%, 11/01/17 (a) | 552,199 | 552,199 |
Brown Brothers Harriman | ||
Euro | ||
(0.57%), 11/01/17 (a) | 4,385 | 5,108 |
Singapore Dollar | ||
0.01%, 11/01/17 (a) | 3,239 | 2,376 |
South African Rand | ||
7.00%, 11/01/17 (a) | 101,056 | 7,148 |
Total Short-Term Investments | ||
(Cost $676,030) | 676,030 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index expires 12/15/17 | 54 | 3,035,340 | (3,606) |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $1,331,448. |
(c) | The rate shown is the 7-day yield. |
ADR — | American Depositary Receipt |
Table of Contents
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: | Submission of Matters to a Vote of Security Holders. |
Not applicable.
Item 11: | Controls and Procedures. |
(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, Marie Chandoha and Registrant’s Chief Financial Officer, Mark Fischer, 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. |
Table of Contents
Item 12: | Exhibits. |
(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. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Schwab Capital Trust
By: | /s/ Marie Chandoha | |
Marie Chandoha Chief Executive Officer | ||
Date: | December 15, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Marie Chandoha | |
Marie Chandoha Chief Executive Officer | ||
Date: | December 15, 2017 |
By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | December 15, 2017 |