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, 2018
Item 1: Report(s) to Shareholders.
Table of Contents
Total Return for the 12 Months Ended October 31, 2018 | |
Laudus Small-Cap MarketMasters Fund | |
Investor Shares (Ticker Symbol: SWOSX) | -1.99% |
Select Shares® (Ticker Symbol: SWMSX) | -1.79% |
Russell 2000® Index | 1.85% |
Fund Category: Morningstar Small Blend1 | -0.07% |
Performance Details | pages 8-11 |
Laudus International MarketMasters Fund | |
Investor Shares2 (Ticker Symbol: SWOIX) | -11.21% 3 |
Select Shares®2 (Ticker Symbol: SWMIX) | -11.09% |
MSCI EAFE® Index (Net)4 | -6.85% |
Fund Category: Morningstar Foreign Large Growth1 | -7.67% |
Performance Details | pages 12-15 |
Minimum Initial Investment5 | |
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 | Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports. |
4 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
5 | Please see the funds’ prospectus for further detail and eligibility requirements. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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. |
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) | -1.99% | 4.79% | 9.54% |
Select Shares® (6/9/04) | -1.79% | 4.94% | 9.71% |
Russell 2000® Index | 1.85% | 8.01% | 12.44% |
Fund Category: Morningstar Small Blend2 | -0.07% | 6.75% | 12.10% |
Fund Expense Ratios3: Investor Shares: Net 1.39%; Gross 1.60% / Select Shares: Net 1.24%; Gross 1.55% |
Investment Managers | Investment Style | % of Net Assets |
Wellington Management Company, LLP | Small-Cap Value | 35.8% |
Voya Investment Management Co. LLC | Small-Cap Growth | 34.5% |
BNY Mellon Asset Management North America Corp. | Small-/Mid-Cap Core | 24.3% |
BNY Mellon Asset Management North America Corp. | Small-Cap Blend | 0.0% 5 |
Cash & other assets | 5.4% |
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 0.04% 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. |
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 | 277 |
Weighted Average Market Cap (millions) | $3,136 |
Price/Earnings Ratio (P/E) | 16.6 |
Price/Book Ratio (P/B) | 2.1 |
Portfolio Turnover Rate | 75% |
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 | 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) | -11.21% 2 | 2.34% | 9.57% |
Select Shares® (4/2/04) | -11.09% | 2.49% | 9.73% |
MSCI EAFE® Index (Net)3 | -6.85% | 2.02% | 6.89% |
Fund Category: Morningstar Foreign Large Growth4 | -7.67% | 3.03% | 7.94% |
Fund Expense Ratios5: Investor Shares: Net 1.40%; Gross 1.61% / Select Shares: Net 1.25%; Gross 1.53% |
Investment Managers | Investment Style | % of Net Assets |
American Century Investment Management, Inc. | International Small-Cap Growth | 24.4% |
Mondrian Investment Partners Limited | International Small-Cap Value | 24.3% |
Harris Associates L.P. | International Large-Cap Value | 21.1% |
William Blair Investment Management, LLC | International Multi-Cap Growth | 20.7% |
BNY Mellon Asset Management North America Corp. | International Blend | 5.5% |
Cash & other assets | 4.0% |
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 | Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports. |
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. |
6 | For more information about each of the investment manager’s investment styles, refer to the fund’s prospectus. |
Number of Holdings | 1,201 |
Weighted Average Market Cap (millions) | $25,644 |
Price/Earnings Ratio (P/E) | 16.2 |
Price/Book Ratio (P/B) | 2.2 |
Portfolio Turnover Rate | 69% |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182 | |
Laudus Small-Cap MarketMasters Fund | ||||
Investor Shares | ||||
Actual Return | 1.35% | $1,000.00 | $ 957.70 | $6.66 |
Hypothetical 5% Return | 1.35% | $1,000.00 | $1,018.39 | $6.87 |
Select Shares | ||||
Actual Return | 1.20% | $1,000.00 | $ 958.20 | $5.92 |
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 | $ 857.40 | $6.55 |
Hypothetical 5% Return | 1.40% | $1,000.00 | $1,018.14 | $7.12 |
Select Shares | ||||
Actual Return | 1.25% | $1,000.00 | $ 858.30 | $5.85 |
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 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $20.19 | $16.22 | $17.42 | $18.02 | $17.28 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | (0.04) | 0.00 2 | 0.01 | (0.05) | (0.05) | |
Net realized and unrealized gains (losses) | (0.24) | 4.19 | (0.15) | (0.17) 3 | 0.79 | |
Total from investment operations | (0.28) | 4.19 | (0.14) | (0.22) | 0.74 | |
Less distributions: | ||||||
Distributions from net investment income | — | (0.03) | — | (0.03) | — | |
Distributions from net realized gains | (2.47) | (0.19) | (1.06) | (0.35) | — | |
Total distributions | (2.47) | (0.22) | (1.06) | (0.38) | — | |
Net asset value at end of period | $17.44 | $20.19 | $16.22 | $17.42 | $18.02 | |
Total return | (1.99%) | 25.89% | (0.64%) | (1.18%) | 4.28% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | |
Gross operating expenses | 1.51% | 1.56% | 1.56% | 1.55% | 1.56% | |
Net investment income (loss) | (0.22%) | 0.01% | 0.04% | (0.26%) | (0.26%) | |
Portfolio turnover rate | 75% | 106% | 85% | 51% | 79% | |
Net assets, end of period (x 1,000,000) | $57 | $65 | $55 | $62 | $70 | |
Select Shares | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $20.60 | $16.55 | $17.73 | $18.33 | $17.56 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | (0.02) | 0.03 | 0.03 | (0.02) | (0.02) | |
Net realized and unrealized gains (losses) | (0.23) | 4.26 | (0.15) | (0.17) 3 | 0.79 | |
Total from investment operations | (0.25) | 4.29 | (0.12) | (0.19) | 0.77 | |
Less distributions: | ||||||
Distributions from net investment income | — | (0.05) | — | (0.06) | — | |
Distributions from net realized gains | (2.47) | (0.19) | (1.06) | (0.35) | — | |
Total distributions | (2.47) | (0.24) | (1.06) | (0.41) | — | |
Net asset value at end of period | $17.88 | $20.60 | $16.55 | $17.73 | $18.33 | |
Total return | (1.79%) | 26.02% | (0.50%) | (0.99%) | 4.39% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | |
Gross operating expenses | 1.47% | 1.51% | 1.52% | 1.51% | 1.51% | |
Net investment income (loss) | (0.08%) | 0.15% | 0.19% | (0.09%) | (0.13%) | |
Portfolio turnover rate | 75% | 106% | 85% | 51% | 79% | |
Net assets, end of period (x 1,000,000) | $121 | $122 | $98 | $107 | $122 |
Security | Number of Shares | Value ($) |
Common Stock 91.2% of net assets | ||
Automobiles & Components 1.6% | ||
Cooper Tire & Rubber Co. | 16,520 | 510,303 |
Dana, Inc. | 32,649 | 508,345 |
Delphi Technologies plc | 21,976 | 471,165 |
Gentherm, Inc. * | 18,550 | 809,522 |
Visteon Corp. * | 6,825 | 539,448 |
2,838,783 | ||
Banks 9.2% | ||
1st Source Corp. | 14,210 | 662,044 |
Banc of California, Inc. | 59,140 | 943,283 |
East West Bancorp, Inc. | 10,140 | 531,742 |
FCB Financial Holdings, Inc., Class A * | 8,250 | 322,822 |
First BanCorp * | 14,348 | 132,432 |
First Busey Corp. | 36,268 | 1,012,602 |
First Interstate BancSystem, Inc., Class A | 11,502 | 476,873 |
First Midwest Bancorp, Inc. | 75,299 | 1,728,865 |
Flushing Financial Corp. | 38,535 | 874,359 |
Great Western Bancorp, Inc. | 48,496 | 1,777,378 |
Home BancShares, Inc. | 28,967 | 551,532 |
International Bancshares Corp. | 27,828 | 1,076,944 |
MB Financial, Inc. | 45,595 | 2,023,962 |
MGIC Investment Corp. * | 37,927 | 463,089 |
Northwest Bancshares, Inc. | 101,149 | 1,632,545 |
SVB Financial Group * | 2,222 | 527,125 |
The Bank of N.T. Butterfield & Son Ltd. | 7,597 | 306,083 |
Union Bankshares Corp. | 25,620 | 874,667 |
United Community Banks, Inc. | 19,391 | 482,254 |
16,400,601 | ||
Capital Goods 10.9% | ||
Actuant Corp., Class A | 13,587 | 324,050 |
Albany International Corp., Class A | 17,812 | 1,246,484 |
American Woodmark Corp. * | 11,200 | 676,928 |
Astronics Corp. * | 12,098 | 352,778 |
Beacon Roofing Supply, Inc. * | 12,909 | 360,290 |
CIRCOR International, Inc. | 24,665 | 801,859 |
Cubic Corp. | 9,974 | 654,394 |
Curtiss-Wright Corp. | 4,424 | 484,251 |
EMCOR Group, Inc. | 9,604 | 681,692 |
EnPro Industries, Inc. | 6,874 | 427,563 |
ESCO Technologies, Inc. | 23,694 | 1,450,547 |
Fluor Corp. | 5,951 | 261,011 |
GATX Corp. | 10,931 | 819,060 |
Granite Construction, Inc. | 14,551 | 665,272 |
John Bean Technologies Corp. | 5,508 | 572,667 |
Lindsay Corp. | 5,502 | 526,101 |
Luxfer Holdings plc | 54,151 | 1,249,805 |
Mueller Industries, Inc. | 56,272 | 1,370,223 |
Primoris Services Corp. | 25,825 | 546,715 |
Regal Beloit Corp. | 6,380 | 457,446 |
Simpson Manufacturing Co., Inc. | 10,170 | 580,503 |
Tennant Co. | 3,266 | 199,618 |
Thermon Group Holdings, Inc. * | 49,152 | 1,060,700 |
Security | Number of Shares | Value ($) |
TriMas Corp. * | 67,262 | 1,980,866 |
Watts Water Technologies, Inc., Class A | 8,533 | 597,737 |
Wesco Aircraft Holdings, Inc. * | 36,478 | 371,346 |
Woodward, Inc. | 10,019 | 737,799 |
19,457,705 | ||
Commercial & Professional Services 6.5% | ||
ACCO Brands Corp. | 89,312 | 720,748 |
ASGN, Inc. * | 11,664 | 782,421 |
Forrester Research, Inc. | 28,747 | 1,157,929 |
FTI Consulting, Inc. * | 7,204 | 497,868 |
Healthcare Services Group, Inc. | 16,161 | 655,975 |
Huron Consulting Group, Inc. * | 20,436 | 1,113,558 |
ICF International, Inc. | 8,850 | 651,714 |
Knoll, Inc. | 13,150 | 261,028 |
Korn/Ferry International | 7,594 | 342,793 |
Matthews International Corp., Class A | 24,335 | 1,012,823 |
Mistras Group, Inc. * | 39,650 | 789,035 |
Navigant Consulting, Inc. | 31,570 | 681,912 |
Nielsen Holdings plc | 24,828 | 645,031 |
SP Plus Corp. * | 23,610 | 754,576 |
Steelcase, Inc., Class A | 42,305 | 702,263 |
The Brink's Co. | 11,607 | 769,776 |
11,539,450 | ||
Consumer Durables & Apparel 2.1% | ||
Helen of Troy Ltd. * | 4,050 | 502,686 |
iRobot Corp. * | 4,012 | 353,738 |
Newell Brands, Inc. | 33,738 | 535,759 |
Skechers U.S.A., Inc., Class A * | 44,424 | 1,269,194 |
TopBuild Corp. * | 8,313 | 379,239 |
TRI Pointe Group, Inc. * | 59,280 | 705,432 |
3,746,048 | ||
Consumer Services 4.0% | ||
Adtalem Global Education, Inc. * | 8,866 | 448,886 |
Bloomin' Brands, Inc. | 28,307 | 564,725 |
Boyd Gaming Corp. | 17,378 | 461,560 |
Dave & Buster's Entertainment, Inc. | 12,350 | 735,442 |
Del Taco Restaurants, Inc. * | 20,419 | 222,567 |
Eldorado Resorts, Inc. * | 11,198 | 408,727 |
Extended Stay America, Inc. | 20,628 | 335,824 |
Jack in the Box, Inc. | 2,615 | 206,402 |
Marriott Vacations Worldwide Corp. | 7,573 | 670,135 |
Norwegian Cruise Line Holdings Ltd. * | 20,478 | 902,465 |
Penn National Gaming, Inc. * | 22,576 | 548,145 |
Planet Fitness, Inc., Class A * | 7,266 | 356,688 |
Sotheby's * | 8,851 | 371,742 |
The Cheesecake Factory, Inc. | 8,777 | 424,280 |
Weight Watchers International, Inc. * | 6,628 | 438,111 |
7,095,699 | ||
Diversified Financials 3.7% | ||
Ally Financial, Inc. | 6,261 | 159,092 |
BrightSphere Investment Group plc | 22,103 | 251,974 |
Security | Number of Shares | Value ($) |
E*TRADE Financial Corp. | 8,713 | 430,597 |
Eaton Vance Corp. | 10,661 | 480,278 |
FirstCash, Inc. | 4,026 | 323,690 |
Green Dot Corp., Class A * | 7,987 | 604,935 |
Houlihan Lokey, Inc. | 13,319 | 548,477 |
Jefferies Financial Group, Inc. | 46,114 | 990,068 |
Ladder Capital Corp. | 1 | 17 |
Moelis & Co., Class A | 11,103 | 448,117 |
OneMain Holdings, Inc. * | 41,683 | 1,188,799 |
SLM Corp. * | 56,915 | 577,118 |
Solar Capital Ltd. | 27,590 | 568,354 |
6,571,516 | ||
Energy 4.7% | ||
Arch Coal, Inc., Class A | 3,139 | 301,030 |
Cabot Oil & Gas Corp. | 48,628 | 1,178,256 |
Carrizo Oil & Gas, Inc. * | 25,175 | 458,437 |
Cheniere Energy, Inc. * | 6,340 | 382,999 |
Delek US Holdings, Inc. | 14,539 | 533,872 |
Dorian LPG Ltd. * | 53,589 | 426,033 |
Dril-Quip, Inc. * | 3,949 | 168,069 |
Era Group, Inc. * | 32,786 | 371,138 |
Euronav N.V. * | 13,655 | 125,626 |
Parsley Energy, Inc., Class A * | 26,331 | 616,672 |
PBF Energy, Inc., Class A | 16,112 | 674,287 |
Resolute Energy Corp. * | 26,650 | 741,670 |
Scorpio Tankers, Inc. | 374,066 | 669,578 |
SEACOR Holdings, Inc. * | 15,654 | 751,235 |
SEACOR Marine Holdings, Inc. * | 23,134 | 422,890 |
Unit Corp. * | 11,519 | 266,435 |
US Silica Holdings, Inc. | 14,597 | 204,358 |
8,292,585 | ||
Food & Staples Retailing 0.1% | ||
U.S. Foods Holding Corp. * | 7,195 | 209,878 |
Food, Beverage & Tobacco 0.4% | ||
Darling Ingredients, Inc. * | 5,319 | 109,890 |
Ingredion, Inc. | 6,659 | 673,758 |
783,648 | ||
Health Care Equipment & Services 6.0% | ||
Allscripts Healthcare Solutions, Inc. * | 106,915 | 1,273,358 |
Amedisys, Inc. * | 6,613 | 727,430 |
AMN Healthcare Services, Inc. * | 21,204 | 1,073,346 |
CorVel Corp. * | 11,506 | 666,888 |
Evolent Health, Inc., Class A * | 43,027 | 955,199 |
HealthEquity, Inc. * | 8,885 | 815,643 |
Hill-Rom Holdings, Inc. | 4,392 | 369,279 |
LivaNova plc * | 3,121 | 349,521 |
Medidata Solutions, Inc. * | 10,027 | 704,898 |
Merit Medical Systems, Inc. * | 11,440 | 653,453 |
Natus Medical, Inc. * | 13,220 | 395,014 |
Omnicell, Inc. * | 7,915 | 559,590 |
PetIQ, Inc. * | 5,237 | 165,803 |
Select Medical Holdings Corp. * | 28,048 | 465,036 |
Teladoc Health, Inc. * | 10,890 | 755,113 |
Wright Medical Group N.V. * | 26,390 | 712,002 |
10,641,573 | ||
Security | Number of Shares | Value ($) |
Insurance 1.1% | ||
AMERISAFE, Inc. | 6,192 | 403,037 |
Kemper Corp. | 16,000 | 1,203,040 |
Primerica, Inc. | 3,908 | 428,864 |
2,034,941 | ||
Materials 7.2% | ||
Boise Cascade Co. | 13,355 | 411,200 |
Cabot Corp. | 9,425 | 458,809 |
Commercial Metals Co. | 22,013 | 419,568 |
Compass Minerals International, Inc. | 6,972 | 338,212 |
Eagle Materials, Inc. | 10,163 | 750,436 |
Ferroglobe Representation & Warranty Insurance *(a) | 1,153 | — |
Goldcorp, Inc. | 36,903 | 332,865 |
Greif, Inc., Class A | 36,438 | 1,723,517 |
Huntsman Corp. | 34,799 | 761,402 |
Kinross Gold Corp. * | 192,952 | 499,746 |
Methanex Corp. | 3,225 | 208,754 |
Minerals Technologies, Inc. | 7,301 | 399,730 |
Neenah, Inc. | 12,030 | 967,934 |
Orion Engineered Carbons S.A. | 49,790 | 1,285,080 |
PolyOne Corp. | 15,192 | 490,853 |
Sensient Technologies Corp. | 22,216 | 1,440,930 |
Stepan Co. | 6,030 | 498,018 |
Tahoe Resources, Inc. * | 140,245 | 332,381 |
US Concrete, Inc. * | 19,490 | 636,153 |
Westlake Chemical Corp. | 3,494 | 249,122 |
Worthington Industries, Inc. | 12,419 | 520,108 |
12,724,818 | ||
Media & Entertainment 1.1% | ||
Altice USA, Inc., Class A | 27,863 | 454,446 |
Cardlytics, Inc. * | 9,337 | 197,571 |
Criteo S.A. ADR * | 27,921 | 628,781 |
Nexstar Media Group, Inc., Class A | 4,114 | 308,097 |
Sinclair Broadcast Group, Inc., Class A | 14,882 | 426,220 |
2,015,115 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.1% | ||
Aerie Pharmaceuticals, Inc. * | 8,772 | 466,495 |
Amicus Therapeutics, Inc. * | 26,283 | 293,844 |
Arena Pharmaceuticals, Inc. * | 6,709 | 239,243 |
Array BioPharma, Inc. * | 23,565 | 381,753 |
Blueprint Medicines Corp. * | 5,038 | 306,159 |
Catalent, Inc. * | 11,044 | 445,515 |
Clovis Oncology, Inc. * | 11,753 | 136,688 |
Cymabay Therapeutics, Inc. * | 19,654 | 207,350 |
Dermira, Inc. * | 10,285 | 129,077 |
Epizyme, Inc. * | 22,625 | 182,131 |
FibroGen, Inc. * | 5,613 | 240,629 |
G1 Therapeutics, Inc. * | 17,740 | 709,778 |
Global Blood Therapeutics, Inc. * | 7,967 | 279,562 |
ImmunoGen, Inc. * | 29,288 | 159,034 |
Immunomedics, Inc. * | 15,759 | 355,050 |
Insmed, Inc. * | 14,672 | 214,211 |
Intercept Pharmaceuticals, Inc. * | 1,607 | 154,288 |
Jazz Pharmaceuticals plc * | 5,087 | 807,917 |
Ligand Pharmaceuticals, Inc. * | 1,969 | 324,511 |
Loxo Oncology, Inc. * | 2,046 | 312,342 |
MacroGenics, Inc. * | 9,372 | 154,263 |
Medpace Holdings, Inc. * | 5,750 | 299,575 |
Mylan N.V. * | 13,955 | 436,094 |
Portola Pharmaceuticals, Inc. * | 9,902 | 194,970 |
Security | Number of Shares | Value ($) |
PRA Health Sciences, Inc. * | 8,107 | 785,325 |
Puma Biotechnology, Inc. * | 5,462 | 202,367 |
REGENXBIO, Inc. * | 4,397 | 293,148 |
Sage Therapeutics, Inc. * | 5,388 | 693,328 |
Spectrum Pharmaceuticals, Inc. * | 18,318 | 217,984 |
Supernus Pharmaceuticals, Inc. * | 6,770 | 321,981 |
TherapeuticsMD, Inc. * | 277,791 | 1,358,398 |
Ultragenyx Pharmaceutical, Inc. * | 4,392 | 212,793 |
Zogenix, Inc. * | 28,721 | 1,199,389 |
12,715,192 | ||
Real Estate 4.7% | ||
Alexander & Baldwin, Inc. | 46,290 | 904,507 |
Americold Realty Trust | 30,440 | 753,390 |
Corporate Office Properties Trust | 38,637 | 998,380 |
DiamondRock Hospitality Co. | 70,316 | 734,802 |
EastGroup Properties, Inc. | 5,860 | 561,329 |
Physicians Realty Trust | 63,110 | 1,046,364 |
PotlatchDeltic Corp. | 29,937 | 1,085,216 |
Ramco-Gershenson Properties Trust | 84,270 | 1,119,106 |
Summit Hotel Properties, Inc. | 63,724 | 734,101 |
Urban Edge Properties | 16,952 | 347,346 |
8,284,541 | ||
Retailing 3.9% | ||
American Eagle Outfitters, Inc. | 29,705 | 684,997 |
At Home Group, Inc. * | 21,706 | 593,442 |
Big Lots, Inc. | 10,417 | 432,514 |
Etsy, Inc. * | 11,833 | 503,139 |
Five Below, Inc. * | 4,363 | 496,597 |
Hudson Ltd., Class A * | 11,098 | 234,612 |
National Vision Holdings, Inc. * | 13,866 | 574,468 |
Nutrisystem, Inc. | 13,300 | 472,948 |
Ollie's Bargain Outlet Holdings, Inc. * | 7,670 | 712,543 |
Stamps.com, Inc. * | 2,396 | 484,399 |
The Cato Corp., Class A | 18,130 | 349,546 |
The Children's Place, Inc. | 4,800 | 717,120 |
The Gap, Inc. | 22,875 | 624,488 |
6,880,813 | ||
Semiconductors & Semiconductor Equipment 1.0% | ||
Entegris, Inc. | 24,732 | 656,387 |
Integrated Device Technology, Inc. * | 10,417 | 487,620 |
Maxim Integrated Products, Inc. | 2,171 | 108,594 |
Teradyne, Inc. | 14,065 | 484,539 |
1,737,140 | ||
Software & Services 6.8% | ||
ACI Worldwide, Inc. * | 19,563 | 490,836 |
Blackline, Inc. * | 7,792 | 361,393 |
CACI International, Inc., Class A * | 2,258 | 402,963 |
Ebix, Inc. | 2,744 | 157,259 |
Envestnet, Inc. * | 12,231 | 636,257 |
Everbridge, Inc. * | 8,401 | 427,023 |
Evo Payments, Inc., Class A * | 19,009 | 451,274 |
ExlService Holdings, Inc. * | 6,367 | 408,125 |
First Data Corp., Class A * | 32,999 | 618,401 |
Five9, Inc. * | 9,223 | 363,017 |
HubSpot, Inc. * | 4,727 | 641,217 |
Instructure, Inc. * | 5,773 | 215,564 |
j2 Global, Inc. | 11,455 | 834,382 |
LiveRamp Holdings, Inc. * | 4,833 | 220,771 |
MINDBODY, Inc., Class A * | 12,156 | 387,047 |
Nuance Communications, Inc. * | 49,829 | 866,526 |
Security | Number of Shares | Value ($) |
Paylocity Holding Corp. * | 5,538 | 364,345 |
Q2 Holdings, Inc. * | 6,191 | 329,547 |
Rapid7, Inc. * | 13,397 | 485,507 |
Talend S.A., ADR * | 21,867 | 1,354,661 |
The Trade Desk, Inc., Class A * | 3,642 | 449,969 |
WNS Holdings Ltd. ADR * | 31,670 | 1,589,517 |
12,055,601 | ||
Technology Hardware & Equipment 4.2% | ||
Belden, Inc. | 27,550 | 1,489,077 |
CalAmp Corp. * | 15,721 | 313,477 |
Ciena Corp. * | 44,051 | 1,377,034 |
Cray, Inc. * | 19,642 | 445,677 |
CTS Corp. | 26,266 | 701,040 |
Finisar Corp. * | 57,529 | 960,159 |
Infinera Corp. * | 33,837 | 187,457 |
Keysight Technologies, Inc. * | 7,200 | 410,976 |
Lumentum Holdings, Inc. * | 8,519 | 465,563 |
ScanSource, Inc. * | 12,864 | 500,152 |
Viavi Solutions, Inc. * | 12,809 | 147,688 |
Xerox Corp. | 14,617 | 407,376 |
7,405,676 | ||
Telecommunication Services 0.5% | ||
Boingo Wireless, Inc. * | 11,431 | 358,133 |
Vonage Holdings Corp. * | 43,121 | 571,785 |
929,918 | ||
Transportation 3.6% | ||
Avis Budget Group, Inc. * | 32,565 | 915,728 |
Forward Air Corp. | 16,549 | 992,774 |
Hub Group, Inc., Class A * | 11,517 | 527,709 |
JB Hunt Transport Services, Inc. | 4,588 | 507,479 |
Knight-Swift Transportation Holdings, Inc. | 29,103 | 931,296 |
Saia, Inc. * | 8,446 | 530,915 |
SkyWest, Inc. | 17,497 | 1,002,403 |
US Xpress Enterprises, Inc., Class A * | 14,457 | 139,221 |
Werner Enterprises, Inc. | 25,256 | 812,991 |
6,360,516 | ||
Utilities 0.8% | ||
New Jersey Resources Corp. | 11,863 | 535,021 |
PPL Corp. | 12,886 | 391,734 |
Spire, Inc. | 7,494 | 543,915 |
1,470,670 | ||
Total Common Stock | ||
(Cost $159,134,192) | 162,192,427 | |
Other Investment Companies 8.8% of net assets | ||
Equity Fund 0.5% | ||
iShares Russell 2000 Growth ETF | 5,042 | 947,342 |
Money Market Fund 8.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (b) | 14,635,966 | 14,635,966 |
Total Other Investment Companies | ||
(Cost $15,436,460) | 15,583,308 | |
Security | Number of Shares | Value ($) |
Rights 0.0% of net assets | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Tobira Therapeutics, Inc. *(a) | 77 | 872 |
Total Rights | ||
(Cost $5) | 872 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 131 | 9,902,945 | (1,099,122) |
* | Non-income producing security. |
(a) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(b) | The rate shown is the 7-day yield. |
ADR — | American Depositary Receipt |
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 | $149,467,609 | $— | $— | $149,467,609 | |
Materials | 12,724,818 | — | — * | 12,724,818 | |
Other Investment Companies1 | 15,583,308 | — | — | 15,583,308 | |
Rights 1 | |||||
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 872 | 872 | |
Liabilities | |||||
Futures Contracts2 | (1,099,122) | — | — | (1,099,122) | |
Total | $176,676,613 | $— | $872 | $176,677,485 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $174,570,657) | $177,776,607 | |
Cash | 19,877 | |
Deposit with broker for futures contracts | 483,800 | |
Receivables: | ||
Investments sold | 865,851 | |
Dividends | 170,119 | |
Fund shares sold | 103,800 | |
Foreign tax reclaims | 936 | |
Prepaid expenses | + | 16,300 |
Total assets | 179,437,290 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,421,608 | |
Investment adviser and administrator fees | 159,088 | |
Shareholder service fees | 21,379 | |
Fund shares redeemed | 34,280 | |
Variation margin on futures contracts | 695 | |
Accrued expenses | + | 83,436 |
Total liabilities | 1,720,486 | |
Net Assets | ||
Total assets | 179,437,290 | |
Total liabilities | – | 1,720,486 |
Net assets | $177,716,804 | |
Net Assets by Source | ||
Capital received from investors | 158,746,637 | |
Total distributable earnings1 | 18,970,167 |
Net Asset Value (NAV) by Shares Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $57,131,064 | 3,275,846 | $17.44 | ||
Select Shares | $120,585,740 | 6,744,837 | $17.88 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $6,835) | $2,127,196 | |
Expenses | ||
Investment adviser and administrator fees | 2,220,507 | |
Shareholder service fees: | ||
Investor Shares | 154,736 | |
Select Shares | 248,882 | |
Custodian fees | 54,175 | |
Professional fees | 42,165 | |
Registration fees | 35,184 | |
Portfolio accounting fees | 35,134 | |
Shareholder reports | 12,699 | |
Independent trustees’ fees | 8,353 | |
Transfer agent fees | 5,058 | |
Other expenses | + | 6,270 |
Total expenses | 2,823,163 | |
Expense reduction by CSIM and its affiliates | – | 449,476 |
Net expenses | – | 2,373,687 |
Net investment loss | (246,491) | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 17,004,507 | |
Net realized gains on futures contracts | + | 908,724 |
Net realized gains | 17,913,231 | |
Net change in unrealized appreciation (depreciation) on investments | (19,317,680) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,293,923) |
Net change in unrealized appreciation (depreciation) | + | (20,611,603) |
Net realized and unrealized losses | (2,698,372) | |
Decrease in net assets resulting from operations | ($2,944,863) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income (loss) | ($246,491) | $169,982 | ||
Net realized gains | 17,913,231 | 21,845,686 | ||
Net change in unrealized appreciation (depreciation) | + | (20,611,603) | 17,086,998 | |
Increase (decrease) in net assets from operations | (2,944,863) | 39,102,666 | ||
Distributions to Shareholders1 | ||||
Investor Shares | (7,861,627) | (713,174) | ||
Select Shares | + | (14,498,285) | (1,341,567) | |
Total distributions | ($22,359,912) | ($2,054,741) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares Sold | ||||||||
Investor Shares | 36,231 | $688,587 | 150,756 | $2,838,923 | ||||
Select Shares | + | 546,203 | 10,406,537 | 470,039 | 9,097,237 | |||
Total shares sold | 582,434 | $11,095,124 | 620,795 | $11,936,160 | ||||
Shares Reinvested | ||||||||
Investor Shares | 376,142 | $6,887,162 | 33,695 | $630,426 | ||||
Select Shares | + | 759,889 | 14,247,923 | 68,980 | 1,315,446 | |||
Total shares reinvested | 1,136,031 | $21,135,085 | 102,675 | $1,945,872 | ||||
Shares Redeemed | ||||||||
Investor Shares | (347,084) | ($6,573,059) | (361,547) | ($6,831,172) | ||||
Select Shares | + | (469,174) | (9,169,161) | (552,290) | (10,492,211) | |||
Total shares redeemed | (816,258) | ($15,742,220) | (913,837) | ($17,323,383) | ||||
Net transactions in fund shares | 902,207 | $16,487,989 | (190,367) | ($3,441,351) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 9,118,476 | $186,533,590 | 9,308,843 | $152,927,016 | ||||
Total increase or decrease | + | 902,207 | (8,816,786) | (190,367) | 33,606,574 | |||
End of period2 | 10,020,683 | $177,716,804 | 9,118,476 | $186,533,590 |
1 | For the period ended October 31, 2017, the Investor Share class of the fund distributed to shareholders $88,307 from net investment income and $624,867 from net realized gains, respectively. The Select Share class of the fund distributed to shareholders $286,345 from net investment income and $1,055,222 from net realized gains, respectively. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets of the fund had no undistributed net investment income at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
Investor Shares | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $26.98 | $21.17 | $22.71 | $22.95 | $23.68 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.20 1 | 0.18 1 | 0.17 1 | 0.18 1 | 0.25 | |
Net realized and unrealized gains (losses) | (3.10) | 5.78 | (0.24) | (0.10) | (0.66) | |
Total from investment operations | (2.90) | 5.96 | (0.07) | 0.08 | (0.41) | |
Less distributions: | ||||||
Distributions from net investment income | (0.32) | (0.15) | (0.27) | (0.32) | (0.32) | |
Distributions from net realized gains | (0.86) | — | (1.20) | — | — | |
Total distributions | (1.18) | (0.15) | (1.47) | (0.32) | (0.32) | |
Net asset value at end of period | $22.90 | $26.98 | $21.17 | $22.71 | $22.95 | |
Total return | (11.25%) | 28.35% | (0.14%) | 0.39% | (1.73%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% | |
Gross operating expenses | 1.59% | 1.61% | 1.61% | 1.59% | 1.59% | |
Net investment income (loss) | 0.77% | 0.76% | 0.81% | 0.76% | 1.06% | |
Portfolio turnover rate | 69% | 71% | 69% | 72% | 74% | |
Net assets, end of period (x 1,000,000) | $403 | $512 | $447 | $536 | $631 | |
Select Shares | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $26.96 | $21.16 | $22.71 | $22.95 | $23.68 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.24 1 | 0.22 1 | 0.19 1 | 0.21 1 | 0.28 | |
Net realized and unrealized gains (losses) | (3.09) | 5.76 | (0.23) | (0.10) | (0.65) | |
Total from investment operations | (2.85) | 5.98 | (0.04) | 0.11 | (0.37) | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.18) | (0.31) | (0.35) | (0.36) | |
Distributions from net realized gains | (0.86) | — | (1.20) | — | — | |
Total distributions | (1.22) | (0.18) | (1.51) | (0.35) | (0.36) | |
Net asset value at end of period | $22.89 | $26.96 | $21.16 | $22.71 | $22.95 | |
Total return | (11.09%) | 28.52% | 0.00% 2 | 0.56% | (1.57%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |
Gross operating expenses | 1.51% | 1.53% | 1.54% | 1.50% | 1.47% | |
Net investment income (loss) | 0.92% | 0.92% | 0.93% | 0.91% | 1.20% | |
Portfolio turnover rate | 69% | 71% | 69% | 72% | 74% | |
Net assets, end of period (x 1,000,000) | $1,127 | $1,229 | $1,063 | $1,395 | $1,592 |
Security | Number of Shares | Value ($) |
Common Stock 93.8% of net assets | ||
Argentina 0.3% | ||
Globant S.A. * | 86,460 | 4,450,961 |
Australia 4.9% | ||
Afterpay Touch Group Ltd. * | 172,369 | 1,536,402 |
AGL Energy Ltd. | 4,065 | 51,912 |
ALS Ltd. | 674,637 | 3,912,369 |
Altium Ltd. | 264,912 | 4,129,814 |
Alumina Ltd. | 15,839 | 28,745 |
Amcor Ltd. | 7,179 | 67,743 |
AMP Ltd. | 1,926,465 | 3,378,114 |
APA Group | 7,395 | 50,360 |
Aristocrat Leisure Ltd. | 73,953 | 1,393,565 |
ASX Ltd. | 1,200 | 50,401 |
Aurizon Holdings Ltd. | 12,602 | 37,546 |
AusNet Services | 8,703 | 10,556 |
Australia & New Zealand Banking Group Ltd. | 18,291 | 336,676 |
Bank of Queensland Ltd. | 2,609 | 17,884 |
Bendigo & Adelaide Bank Ltd. | 3,165 | 22,999 |
BHP Billiton Ltd. | 230,126 | 5,309,846 |
Bingo Industries Ltd. | 499,239 | 847,484 |
BlueScope Steel Ltd. | 3,488 | 35,754 |
Boral Ltd. | 7,551 | 30,081 |
Brambles Ltd. | 96,563 | 727,404 |
Caltex Australia Ltd. | 1,678 | 33,575 |
Challenger Ltd. | 3,544 | 25,810 |
Charter Hall Retail REIT | 1,703,006 | 5,132,781 |
CIMIC Group Ltd. | 621 | 20,850 |
Cleanaway Waste Management Ltd. | 1,516,216 | 1,938,235 |
Coca-Cola Amatil Ltd. | 3,342 | 23,520 |
Cochlear Ltd. | 361 | 45,491 |
Commonwealth Bank of Australia | 10,965 | 539,158 |
Computershare Ltd. | 2,902 | 40,752 |
Costa Group Holdings Ltd. | 799,076 | 3,462,267 |
Crown Resorts Ltd. | 2,402 | 21,373 |
CSL Ltd. | 20,043 | 2,675,683 |
Dexus | 6,378 | 46,083 |
Domino's Pizza Enterprises Ltd. | 335 | 12,839 |
Flight Centre Travel Group Ltd. | 276 | 9,104 |
Fortescue Metals Group Ltd. | 9,650 | 27,467 |
Goodman Group | 153,664 | 1,129,345 |
Harvey Norman Holdings Ltd. | 2,689 | 6,087 |
Healthscope Ltd. | 11,532 | 17,302 |
Incitec Pivot Ltd. | 10,881 | 30,150 |
Inghams Group Ltd. | 2,259,605 | 6,247,452 |
Insurance Australia Group * | 14,323 | 69,275 |
InvoCare Ltd. | 617,742 | 5,316,660 |
James Hardie Industries plc | 2,769 | 36,988 |
LendLease Group | 3,658 | 45,683 |
Macquarie Group Ltd. | 35,400 | 2,952,082 |
Medibank Pvt Ltd. | 17,679 | 35,053 |
Mirvac Group | 23,311 | 35,858 |
National Australia Bank Ltd. | 17,004 | 304,533 |
Newcrest Mining Ltd. | 4,757 | 69,634 |
Security | Number of Shares | Value ($) |
NEXTDC Ltd. * | 567,137 | 2,370,785 |
Northern Star Resources Ltd. | 787,854 | 4,921,899 |
Orica Ltd. | 393,347 | 4,792,481 |
Origin Energy Ltd. * | 10,900 | 56,487 |
Pact Group Holdings Ltd. | 935,094 | 2,311,580 |
QBE Insurance Group Ltd. | 8,427 | 67,709 |
Ramsay Health Care Ltd. | 877 | 35,006 |
REA Group Ltd. | 335 | 17,049 |
Rio Tinto Ltd. | 2,556 | 139,078 |
Santos Ltd. | 10,975 | 51,512 |
Scentre Group | 33,002 | 92,975 |
SEEK Ltd. | 2,153 | 27,354 |
Seven Group Holdings Ltd. | 151,995 | 1,920,209 |
Shopping Centres Australasia Property Group | 2,627,222 | 4,778,345 |
Sonic Healthcare Ltd. | 2,519 | 40,316 |
South32 Ltd. | 32,113 | 82,824 |
Stockland | 15,262 | 39,042 |
Suncorp Group Ltd. | 8,033 | 79,873 |
Sydney Airport | 6,843 | 31,276 |
Tabcorp Holdings Ltd. | 12,001 | 39,384 |
Telstra Corp., Ltd. | 25,802 | 56,440 |
The GPT Group | 11,324 | 41,414 |
TPG Telecom Ltd. | 1,746 | 8,890 |
Transurban Group | 15,927 | 128,106 |
Treasury Wine Estates Ltd. | 4,455 | 47,952 |
Unibail-Rodamco-Westfield *(a) | 3,020 | 27,326 |
Unibail-Rodamco-Westfield (a) | 704 | 127,395 |
Vicinity Centres | 20,665 | 38,765 |
Wesfarmers Ltd. | 7,094 | 234,937 |
Westpac Banking Corp. | 21,410 | 406,699 |
Woodside Petroleum Ltd. | 5,832 | 143,585 |
Woolworths Group Ltd. | 8,171 | 164,919 |
75,648,357 | ||
Austria 0.3% | ||
ANDRITZ AG | 478 | 24,775 |
Erste Group Bank AG * | 1,865 | 75,919 |
FACC AG | 98,461 | 1,731,953 |
OMV AG | 913 | 50,701 |
Raiffeisen Bank International AG | 918 | 25,019 |
voestalpine AG | 710 | 25,198 |
Wienerberger AG | 120,387 | 2,769,021 |
4,702,586 | ||
Belgium 0.9% | ||
Ageas | 1,168 | 58,441 |
Anheuser-Busch InBev S.A./N.V. | 4,768 | 352,647 |
Colruyt S.A. | 383 | 22,269 |
Galapagos N.V. * | 36,451 | 3,744,913 |
Groupe Bruxelles Lambert S.A. | 500 | 46,502 |
KBC Group N.V. | 57,904 | 3,990,515 |
Proximus | 943 | 24,026 |
Shurgard Self Storage Europe Sarl * | 166,358 | 4,670,125 |
Solvay S.A. | 459 | 52,283 |
Telenet Group Holding N.V. | 355 | 17,199 |
Security | Number of Shares | Value ($) |
UCB S.A. | 784 | 65,840 |
Umicore S.A. | 1,298 | 61,101 |
13,105,861 | ||
Bermuda 0.0% | ||
The Bank of N.T. Butterfield & Son Ltd. | 7,638 | 307,735 |
Brazil 0.6% | ||
Azul S.A. * | 169,529 | 4,133,117 |
M Dias Branco S.A. | 58,500 | 699,044 |
Magazine Luiza S.A. | 101,294 | 4,594,499 |
Via Varejo S.A. | 76,900 | 348,597 |
9,775,257 | ||
Canada 7.1% | ||
Alimentation Couche-Tard, Inc., Class B | 86,840 | 4,147,238 |
Altus Group Ltd. | 47,018 | 1,028,971 |
Boralex, Inc., Class A | 493,206 | 6,369,024 |
Brookfield Asset Management, Inc., Class A | 64,783 | 2,639,907 |
BRP, Inc. | 143,485 | 5,772,316 |
CAE, Inc. | 306,530 | 5,406,682 |
Canada Goose Holdings, Inc. * | 77,530 | 4,230,812 |
Canadian National Railway Co. | 38,287 | 3,273,059 |
Cenovus Energy, Inc. | 451,425 | 3,820,027 |
Cineplex, Inc. | 294,537 | 8,119,372 |
Dollarama, Inc. | 44,501 | 1,230,796 |
Finning International, Inc. | 19,924 | 413,781 |
FirstService Corp. | 35,491 | 2,603,761 |
Innergex Renewable Energy, Inc. | 779,889 | 7,233,427 |
Kelt Exploration Ltd. * | 374,811 | 1,731,058 |
Kirkland Lake Gold Ltd. | 227,425 | 4,462,295 |
Largo Resources Ltd. * | 887,668 | 2,690,414 |
lululemon Athletica, Inc. * | 13,514 | 1,901,825 |
Northview Apartment Real Estate Investment Trust | 172,894 | 3,324,051 |
Parex Resources, Inc. * | 233,724 | 3,403,463 |
Ritchie Bros. Auctioneers, Inc. | 159,352 | 5,359,950 |
Rogers Communications, Inc., Class B | 89,300 | 4,598,463 |
Shopify, Inc., Class A * | 10,171 | 1,405,124 |
Suncor Energy, Inc. | 135,355 | 4,540,451 |
The Descartes Systems Group, Inc. * | 82,785 | 2,533,009 |
The Toronto-Dominion Bank | 104,162 | 5,778,382 |
TransAlta Renewables, Inc. | 430,447 | 3,547,685 |
WSP Global, Inc. | 149,748 | 7,475,741 |
109,041,084 | ||
China 2.2% | ||
Alibaba Group Holding Ltd. ADR * | 28,086 | 3,996,076 |
Baidu, Inc. ADR * | 11,225 | 2,133,424 |
Baozun, Inc. ADR * | 58,884 | 2,344,172 |
China Mengniu Dairy Co., Ltd. * | 314,000 | 929,089 |
China Resources Cement Holdings Ltd. | 2,538,000 | 2,252,927 |
CSPC Pharmaceutical Group Ltd. | 568,000 | 1,210,298 |
GDS Holdings Ltd. ADR * | 110,393 | 2,590,924 |
Huazhu Group Ltd. ADR | 26,688 | 698,158 |
Li Ning Co., Ltd. * | 2,792,000 | 2,626,413 |
Microport Scientific Corp. | 3,314,000 | 3,956,408 |
Nexteer Automotive Group Ltd. | 2,409,288 | 3,397,281 |
Ping An Insurance Group Co. of China Ltd., Class H | 333,500 | 3,152,918 |
Shenzhou International Group Holdings Ltd. | 73,000 | 809,321 |
Security | Number of Shares | Value ($) |
Tencent Holdings Ltd. | 88,900 | 3,045,648 |
Weibo Corp., ADR * | 8,703 | 513,564 |
33,656,621 | ||
Denmark 0.8% | ||
Ambu A/S, Class B | 14,636 | 305,079 |
AP Moeller - Maersk A/S, Series A | 23 | 27,294 |
AP Moeller - Maersk A/S, Series B | 41 | 51,751 |
Carlsberg A/S, Class B | 663 | 73,140 |
Chr. Hansen Holding A/S | 613 | 61,877 |
Coloplast A/S, Class B | 21,481 | 2,004,468 |
Danske Bank A/S | 4,645 | 88,899 |
DSV A/S | 42,528 | 3,411,790 |
Genmab A/S * | 380 | 51,997 |
H. Lundbeck A/S | 432 | 20,149 |
ISS A/S | 1,052 | 34,549 |
Novo Nordisk A/S, Class B | 11,342 | 489,822 |
Novozymes A/S, B Shares | 1,402 | 69,238 |
Orsted A/S | 42,430 | 2,690,517 |
Pandora A/S | 697 | 43,607 |
Royal Unibrew A/S | 46,199 | 3,278,384 |
Tryg A/S | 772 | 18,610 |
Vestas Wind Systems A/S | 1,269 | 79,579 |
William Demant Holding A/S * | 657 | 21,597 |
12,822,347 | ||
Finland 0.4% | ||
Elisa Oyj | 894 | 35,569 |
Fortum Oyj | 2,753 | 57,952 |
Kone Oyj, Class B | 2,096 | 102,022 |
Metso Oyj | 691 | 21,816 |
Neste Oyj | 29,609 | 2,431,347 |
Nokia Oyj | 35,336 | 199,598 |
Nokian Renkaat Oyj | 758 | 24,111 |
Nordea Bank Abp | 19,019 | 165,292 |
Orion Oyj, Class B | 691 | 23,770 |
Sampo Oyj, A Shares | 2,748 | 126,372 |
Stora Enso Oyj, R Shares | 3,416 | 51,326 |
UPM-Kymmene Oyj | 3,308 | 106,348 |
Valmet Oyj | 83,268 | 1,895,918 |
Wartsila Oyj Abp | 2,751 | 46,810 |
5,288,251 | ||
France 8.4% | ||
Accor S.A. | 86,066 | 3,932,563 |
Aeroports de Paris | 184 | 38,484 |
Air Liquide S.A. | 2,683 | 324,338 |
Airbus SE | 49,105 | 5,426,801 |
Alstom S.A. | 964 | 42,100 |
Amundi S.A. | 375 | 22,277 |
Arkema S.A. | 29,003 | 3,042,809 |
Atos SE | 594 | 50,803 |
AXA S.A. | 12,171 | 304,600 |
BioMerieux | 257 | 19,598 |
BNP Paribas S.A. | 245,056 | 12,770,859 |
Bollore S.A. | 5,481 | 23,189 |
Bouygues S.A. | 1,357 | 49,436 |
Bureau Veritas S.A. | 125,537 | 2,832,125 |
Capgemini SE | 36,213 | 4,421,778 |
Carrefour S.A. | 3,601 | 69,837 |
Casino Guichard Perrachon S.A. | 375 | 16,539 |
CNP Assurances | 1,064 | 23,714 |
Compagnie de Saint-Gobain | 3,088 | 116,329 |
Compagnie Generale des Etablissements Michelin | 1,057 | 108,210 |
Security | Number of Shares | Value ($) |
Covivio | 237 | 23,781 |
Credit Agricole S.A. | 7,057 | 90,382 |
Danone S.A. | 31,059 | 2,199,392 |
Dassault Aviation S.A. | 15 | 24,890 |
Dassault Systemes S.A. | 19,724 | 2,469,140 |
Edenred | 1,475 | 55,951 |
Eiffage S.A. | 486 | 47,464 |
Electricite de France S.A. | 3,701 | 61,318 |
Engie S.A. | 11,439 | 151,992 |
EssilorLuxottica S.A. | 1,307 | 178,508 |
Eurazeo SE | 299 | 21,835 |
Eurofins Scientific SE | 3,815 | 1,922,541 |
Eutelsat Communications S.A. | 1,152 | 23,333 |
Faurecia S.A. | 471 | 22,833 |
Gaztransport Et Technigaz S.A. | 38,629 | 2,855,069 |
Gecina S.A. | 285 | 41,799 |
Getlink | 2,938 | 36,955 |
Hermes International | 2,174 | 1,241,140 |
ICADE | 213 | 18,070 |
Iliad S.A. | 164 | 18,956 |
Imerys S.A. | 228 | 14,055 |
Ingenico Group S.A. | 87,231 | 6,173,771 |
Ipsen S.A. | 6,240 | 865,197 |
JCDecaux S.A. | 477 | 15,659 |
Kering S.A. | 8,730 | 3,880,384 |
Klepierre S.A. | 1,267 | 42,935 |
Korian S.A. | 287,979 | 11,346,366 |
L'Oreal S.A. | 1,577 | 355,308 |
Legrand S.A. | 1,649 | 107,681 |
LISI | 111,978 | 3,261,477 |
LVMH Moet Hennessy Louis Vuitton SE | 1,745 | 529,443 |
Natixis S.A. | 5,834 | 34,058 |
Nexity S.A. | 10,803 | 516,609 |
Orange S.A. | 12,517 | 195,370 |
Orpea | 8,510 | 1,047,690 |
Pernod-Ricard S.A. | 5,232 | 797,810 |
Peugeot S.A. | 3,646 | 86,668 |
Publicis Groupe S.A. | 115,380 | 6,678,993 |
Remy Cointreau S.A. | 146 | 17,330 |
Renault S.A. | 1,191 | 88,937 |
Rexel S.A. | 1,972 | 25,138 |
Rubis SCA | 168,952 | 8,716,926 |
Safran S.A. | 33,575 | 4,338,825 |
Sanofi | 7,060 | 630,886 |
Schneider Electric SE | 3,414 | 246,870 |
SCOR SE | 1,034 | 47,782 |
SEB S.A. | 140 | 20,074 |
SES S.A. | 2,289 | 49,195 |
Societe BIC S.A. | 142 | 13,594 |
Societe Generale S.A. | 4,817 | 176,580 |
Sodexo S.A. | 561 | 57,265 |
SOITEC * | 31,246 | 2,226,418 |
Solutions 30 SE * | 83,996 | 3,653,846 |
STMicroelectronics N.V. | 4,233 | 64,348 |
Suez | 2,318 | 33,436 |
Teleperformance | 30,897 | 5,088,491 |
Thales S.A. | 23,989 | 3,063,828 |
TOTAL S.A. | 142,815 | 8,379,731 |
UbiSoft Entertainment S.A. * | 19,464 | 1,745,970 |
Valeo S.A. | 143,415 | 4,625,744 |
Veolia Environnement S.A. | 3,317 | 66,106 |
Vinci S.A. | 3,156 | 280,882 |
Vivendi S.A. | 6,494 | 156,624 |
Wendel S.A. | 182 | 23,583 |
Worldline S.A. * | 75,477 | 3,970,936 |
128,900,557 | ||
Security | Number of Shares | Value ($) |
Germany 8.1% | ||
1&1 Drillisch AG | 329 | 14,675 |
adidas AG | 1,180 | 277,493 |
Allianz SE | 49,489 | 10,309,541 |
Axel Springer SE | 308 | 20,453 |
BASF SE | 5,746 | 440,939 |
Bayer AG | 107,440 | 8,235,537 |
Bayerische Motoren Werke AG | 123,388 | 10,625,039 |
Beiersdorf AG | 625 | 64,623 |
Brenntag AG | 958 | 50,031 |
Carl Zeiss Meditec AG, Class B | 64,864 | 5,313,240 |
Commerzbank AG * | 6,210 | 58,473 |
Continental AG | 60,917 | 10,038,266 |
Covestro AG | 1,192 | 76,871 |
Daimler AG | 231,464 | 13,711,140 |
Delivery Hero SE * | 582 | 23,434 |
Deutsche Bank AG | 12,271 | 119,933 |
Deutsche Boerse AG | 1,209 | 152,784 |
Deutsche Lufthansa AG | 1,461 | 29,327 |
Deutsche Post AG | 6,168 | 194,756 |
Deutsche Telekom AG | 20,873 | 342,352 |
Deutsche Wohnen SE | 2,198 | 100,537 |
Duerr AG | 86,778 | 3,092,277 |
E.ON SE | 13,643 | 131,929 |
Evonik Industries AG | 1,011 | 31,276 |
Fielmann AG | 135,886 | 8,428,942 |
Fraport AG Frankfurt Airport Services Worldwide | 258 | 19,924 |
Fresenius Medical Care AG & Co. KGaA | 1,337 | 104,977 |
Fresenius SE & Co. KGaA | 2,610 | 165,881 |
GEA Group AG | 1,089 | 33,090 |
Gerresheimer AG | 48,716 | 3,433,290 |
Hannover Rueck SE | 374 | 50,296 |
HeidelbergCement AG | 922 | 62,571 |
Henkel AG & Co. KGaA | 644 | 63,085 |
HOCHTIEF AG | 120 | 17,783 |
Hugo Boss AG | 399 | 28,514 |
Infineon Technologies AG | 7,115 | 142,562 |
Innogy SE * | 861 | 35,907 |
Isra Vision AG | 21,165 | 907,883 |
JOST Werke AG | 102,228 | 3,562,890 |
K&S AG | 1,236 | 23,017 |
KION Group AG | 10,232 | 597,917 |
LANXESS AG | 546 | 33,796 |
MAN SE | 218 | 22,710 |
Merck KGaA | 801 | 85,710 |
METRO AG | 1,216 | 18,293 |
MorphoSys AG * | 35,339 | 3,272,281 |
MTU Aero Engines AG | 15,969 | 3,390,730 |
Muenchener Rueckversicherungs-Gesellschaft AG | 973 | 208,986 |
Nemetschek SE | 24,339 | 3,199,546 |
Norma Group SE | 83,597 | 4,513,558 |
OSRAM Licht AG | 639 | 25,890 |
ProSiebenSat.1 Media SE | 1,462 | 33,760 |
Puma SE | 1,704 | 876,229 |
QIAGEN N.V. *(a) | 1,430 | 51,907 |
QIAGEN N.V. *(a) | 50,470 | 1,832,061 |
Rational AG | 4,344 | 2,515,114 |
Rheinmetall AG | 4,879 | 422,247 |
RTL Group S.A. | 247 | 15,854 |
RWE AG | 3,212 | 62,487 |
SAP SE | 49,258 | 5,274,224 |
Scout24 AG | 24,456 | 1,013,540 |
Siemens AG | 4,786 | 550,135 |
Siemens Healthineers AG * | 930 | 38,490 |
Stabilus S.A. | 75,553 | 5,063,132 |
Security | Number of Shares | Value ($) |
Symrise AG | 764 | 63,998 |
Telefonica Deutschland Holding AG | 4,609 | 17,917 |
ThyssenKrupp AG | 195,301 | 4,093,735 |
TUI AG | 2,731 | 45,311 |
Uniper SE | 1,248 | 36,015 |
United Internet AG | 762 | 31,532 |
Volkswagen AG | 201 | 33,090 |
Vonovia SE | 72,667 | 3,320,626 |
Washtec AG | 2,960 | 228,102 |
Wirecard AG | 15,709 | 2,938,477 |
Zalando SE * | 690 | 26,672 |
124,489,610 | ||
Hong Kong 1.0% | ||
AIA Group Ltd. | 811,800 | 6,175,397 |
ASM Pacific Technology Ltd. | 158,700 | 1,376,367 |
BOC Hong Kong (Holdings) Ltd. | 23,000 | 86,105 |
China High Precision Automation Group Ltd. *(b) | 766,000 | — |
CK Asset Holdings Ltd. | 16,038 | 104,371 |
CK Hutchison Holdings Ltd. | 17,038 | 171,609 |
CK Infrastructure Holdings Ltd. | 4,074 | 29,816 |
CLP Holdings Ltd. | 10,500 | 117,657 |
Dairy Farm International Holdings Ltd. | 2,200 | 19,875 |
Galaxy Entertainment Group Ltd. | 214,000 | 1,161,834 |
Hang Lung Group Ltd. | 5,000 | 12,310 |
Hang Lung Properties Ltd. | 13,000 | 23,565 |
Hang Seng Bank Ltd. | 4,800 | 112,548 |
Henderson Land Development Co., Ltd. | 8,807 | 41,077 |
HK Electric Investments & HK Electric Investments Ltd. | 17,000 | 16,172 |
HKBN Ltd. | 2,803,983 | 4,209,558 |
HKT Trust & HKT Ltd. | 23,120 | 31,886 |
Hong Kong & China Gas Co., Ltd. | 57,438 | 109,715 |
Hong Kong Exchanges & Clearing Ltd. | 7,355 | 195,840 |
Hongkong Land Holdings Ltd. | 7,300 | 43,230 |
Hysan Development Co., Ltd. | 4,000 | 18,759 |
Kerry Properties Ltd. | 4,000 | 12,593 |
Li & Fung Ltd. | 28,000 | 5,557 |
Link REIT | 13,500 | 119,976 |
Melco International Development Ltd. | 551,000 | 945,672 |
Melco Resorts & Entertainment Ltd. ADR | 1,527 | 25,394 |
MGM China Holdings Ltd. | 6,000 | 8,516 |
Minth Group Ltd. | 4,000 | 12,997 |
MTR Corp., Ltd. | 9,559 | 46,382 |
New World Development Co., Ltd. | 37,113 | 47,214 |
NWS Holdings Ltd. | 9,572 | 18,999 |
PCCW Ltd. | 17,000 | 9,334 |
Power Assets Holdings Ltd. | 8,500 | 56,762 |
Sands China Ltd. | 15,200 | 60,108 |
Shangri-La Asia Ltd. | 8,000 | 10,928 |
Sino Land Co., Ltd. | 20,000 | 31,420 |
SJM Holdings Ltd. | 12,683 | 10,278 |
Sun Hung Kai Properties Ltd. | 10,202 | 132,587 |
Swire Pacific Ltd., Class A | 3,000 | 31,166 |
Swire Properties Ltd. | 7,200 | 24,605 |
Techtronic Industries Co., Ltd. | 8,500 | 40,025 |
The Bank of East Asia Ltd. | 7,800 | 25,290 |
The Wharf Holdings Ltd. | 7,349 | 18,371 |
WH Group Ltd. | 54,500 | 38,273 |
Wharf Real Estate Investment Co., Ltd. | 7,349 | 45,668 |
Wheelock & Co., Ltd. | 5,000 | 26,730 |
Wynn Macau Ltd. | 9,600 | 19,998 |
Yue Yuen Industrial Holdings Ltd. | 4,000 | 10,983 |
15,893,517 | ||
Security | Number of Shares | Value ($) |
India 1.1% | ||
Axis Bank Ltd. * | 470,524 | 3,704,212 |
Bata India Ltd. | 70,263 | 926,076 |
Graphite India Ltd. | 162,347 | 2,090,264 |
HDFC Bank Ltd. | 52,301 | 1,358,023 |
Hexaware Technologies Ltd. | 90,689 | 411,768 |
Maruti Suzuki India Ltd. | 11,163 | 998,852 |
Motherson Sumi Systems Ltd. *(b)(c) | 64,286 | 141,986 |
Motherson Sumi Systems Ltd. | 128,572 | 283,972 |
Pidilite Industries Ltd. | 34,498 | 447,405 |
Satin Creditcare Network Ltd. * | 150,536 | 465,112 |
Titan Co., Ltd. | 48,713 | 557,330 |
WNS Holdings Ltd. ADR * | 113,571 | 5,700,128 |
17,085,128 | ||
Indonesia 0.6% | ||
PT Bank Central Asia Tbk | 1,905,500 | 2,966,979 |
PT Bank Mandiri (Persero) Tbk | 13,580,100 | 6,101,828 |
9,068,807 | ||
Ireland 1.4% | ||
AIB Group plc | 5,047 | 24,333 |
Bank of Ireland Group plc | 5,995 | 42,358 |
CRH plc | 5,266 | 157,075 |
Dalata Hotel Group plc | 414,801 | 2,563,723 |
DCC plc | 553 | 47,398 |
Glanbia plc | 443,310 | 7,837,887 |
ICON plc * | 13,710 | 1,893,077 |
Kerry Group plc, Class A | 983 | 100,762 |
Kingspan Group plc | 25,787 | 1,121,574 |
Paddy Power Betfair plc | 524 | 45,226 |
Ryanair Holdings plc ADR * | 72,700 | 6,019,560 |
Shire plc | 5,692 | 343,517 |
Smurfit Kappa Group plc | 46,572 | 1,514,084 |
21,710,574 | ||
Israel 0.1% | ||
Azrieli Group Ltd. | 277 | 13,451 |
Bank Hapoalim B.M. | 6,610 | 44,718 |
Bank Leumi Le-Israel B.M. | 8,971 | 55,941 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 13,960 | 16,030 |
Check Point Software Technologies Ltd. * | 810 | 89,910 |
Elbit Systems Ltd. | 157 | 18,740 |
Israel Chemicals Ltd. | 4,649 | 26,778 |
Mizrahi Tefahot Bank Ltd. | 937 | 15,770 |
Nice Ltd. * | 383 | 40,639 |
Teva Pharmaceutical Industries Ltd. ADR | 5,988 | 119,640 |
Wix.com Ltd. * | 7,969 | 775,782 |
1,217,399 | ||
Italy 2.7% | ||
Amplifon S.p.A. | 239,332 | 4,239,598 |
Assicurazioni Generali S.p.A. | 7,261 | 117,170 |
Atlantia S.p.A. | 3,071 | 61,708 |
Banca Generali S.p.A. | 43,418 | 835,989 |
Davide Campari-Milano S.p.A. | 3,600 | 27,707 |
DiaSorin S.p.A. | 6,302 | 597,764 |
Enel S.p.A. | 50,960 | 249,860 |
Eni S.p.A. | 15,937 | 283,037 |
EXOR N.V. | 114,672 | 6,485,275 |
Ferrari N.V. | 12,558 | 1,470,564 |
Fiat Chrysler Automobiles N.V. * | 6,682 | 101,690 |
Security | Number of Shares | Value ($) |
FinecoBank Banca Fineco S.p.A. | 623,420 | 6,515,751 |
Interpump Group S.p.A. | 19,100 | 551,036 |
Intesa Sanpaolo S.p.A. | 5,556,746 | 12,308,606 |
Leonardo S.p.A. | 2,641 | 28,630 |
Luxottica Group S.p.A. | 1,052 | 66,069 |
Mediobanca S.p.A. | 3,892 | 34,085 |
Moncler S.p.A. | 93,451 | 3,245,347 |
Pirelli & C S.p.A. * | 2,479 | 18,218 |
Poste Italiane S.p.A | 3,238 | 23,234 |
Prysmian S.p.A. | 1,491 | 28,965 |
Recordati S.p.A. | 31,679 | 1,072,450 |
Snam S.p.A. | 14,104 | 58,314 |
Technogym S.p.A. | 45,028 | 491,720 |
Telecom Italia S.p.A. * | 70,677 | 41,569 |
Tenaris S.A. | 130,058 | 1,914,537 |
Terna - Rete Elettrica Nationale S.p.A. | 8,721 | 45,048 |
UniCredit S.p.A. | 12,594 | 161,016 |
41,074,957 | ||
Japan 14.2% | ||
ABC-Mart, Inc. | 200 | 11,693 |
Acom Co., Ltd. | 2,600 | 9,570 |
Adastria Co., Ltd. | 164,300 | 2,677,221 |
Aeon Co., Ltd. | 3,800 | 87,218 |
AEON Financial Service Co., Ltd. | 600 | 11,743 |
Aeon Mall Co., Ltd. | 400 | 7,387 |
AGC, Inc. | 1,200 | 39,305 |
Ain Holdings, Inc. | 36,500 | 2,862,613 |
Air Water, Inc. | 978 | 15,843 |
Aisin Seiki Co., Ltd. | 1,000 | 39,111 |
Ajinomoto Co., Inc. | 2,878 | 46,495 |
Alfresa Holdings Corp. | 1,200 | 32,006 |
Alps Electric Co., Ltd. | 1,200 | 28,287 |
Amada Holdings Co., Ltd. | 2,226 | 20,971 |
ANA Holdings, Inc. | 740 | 24,883 |
Anritsu Corp. | 331,200 | 5,020,285 |
Aozora Bank Ltd. | 800 | 27,605 |
Ariake Japan Co., Ltd. | 68,600 | 6,079,327 |
Asahi Group Holdings Ltd. | 2,300 | 101,074 |
Asahi Intecc Co., Ltd. | 63,800 | 2,612,887 |
Asahi Kasei Corp. | 7,863 | 94,344 |
Asics Corp. | 900 | 13,026 |
Astellas Pharma, Inc. | 12,300 | 190,037 |
Bandai Namco Holdings, Inc. | 1,300 | 46,247 |
Benesse Holdings, Inc. | 500 | 13,944 |
Bridgestone Corp. | 3,800 | 146,525 |
Brother Industries Ltd. | 1,400 | 25,622 |
Calbee, Inc. | 500 | 16,589 |
Canon, Inc. | 6,265 | 178,449 |
Casio Computer Co., Ltd. | 1,336 | 20,164 |
Central Japan Railway Co. | 900 | 172,718 |
Chubu Electric Power Co., Inc. | 3,731 | 53,804 |
Chugai Pharmaceutical Co., Ltd. | 1,400 | 81,965 |
Coca-Cola Bottlers Japan Holdings, Inc. | 800 | 20,937 |
Concordia Financial Group Ltd. | 6,900 | 31,580 |
Cosmos Pharmaceutical Corp. | 22,100 | 4,517,176 |
Credit Saison Co., Ltd. | 711 | 11,291 |
CyberAgent, Inc. | 600 | 25,532 |
CYBERDYNE, Inc. * | 500 | 3,522 |
Dai Nippon Printing Co., Ltd. | 1,500 | 33,656 |
Dai-ichi Life Holdings, Inc. | 6,700 | 125,728 |
Daicel Corp. | 1,700 | 17,984 |
Daifuku Co., Ltd. | 600 | 25,768 |
Daiichi Sankyo Co., Ltd. | 3,600 | 137,603 |
Daikin Industries Ltd. | 32,700 | 3,790,319 |
Daito Trust Construction Co., Ltd. | 500 | 65,919 |
Daiwa House Industry Co., Ltd. | 3,500 | 105,680 |
Security | Number of Shares | Value ($) |
Daiwa House REIT Investment Corp. | 12 | 26,297 |
Daiwa Securities Group, Inc. | 10,000 | 57,347 |
Dena Co., Ltd. | 500 | 8,317 |
Denso Corp. | 2,700 | 120,435 |
Dentsu, Inc. | 1,400 | 64,932 |
Digital Arts, Inc. | 62,200 | 2,844,745 |
Disco Corp. | 200 | 31,792 |
Don Quijote Holdings Co., Ltd. | 800 | 47,790 |
East Japan Railway Co. | 1,938 | 169,260 |
Eisai Co., Ltd. | 1,600 | 133,249 |
Electric Power Development Co., Ltd. | 1,000 | 27,225 |
en-Japan, Inc. | 153,300 | 6,114,685 |
F.C.C. Co., Ltd. | 123,500 | 3,058,596 |
FamilyMart UNY Holdings Co., Ltd. | 400 | 46,364 |
Fancl Corp. | 47,700 | 2,109,377 |
FANUC Corp. | 1,199 | 208,586 |
Fast Retailing Co., Ltd. | 330 | 166,157 |
Fuji Electric Co., Ltd. | 800 | 24,420 |
FUJIFILM Holdings Corp. | 2,400 | 103,801 |
Fujitsu Ltd. | 1,200 | 73,006 |
Fukuoka Financial Group, Inc. | 1,000 | 24,571 |
GMO Payment Gateway, Inc. | 59,000 | 2,858,317 |
Hakuhodo DY Holdings, Inc. | 1,500 | 25,018 |
Hamamatsu Photonics K.K. | 900 | 30,087 |
Hankyu Hanshin Holdings, Inc. | 1,400 | 46,243 |
Hikari Tsushin, Inc. | 100 | 17,465 |
Hino Motors Ltd. | 1,700 | 16,273 |
Hirose Electric Co., Ltd. | 205 | 19,538 |
Hisamitsu Pharmaceutical Co., Inc. | 400 | 22,539 |
Hitachi Chemical Co., Ltd. | 700 | 11,033 |
Hitachi Construction Machinery Co., Ltd. | 700 | 18,585 |
Hitachi High-Technologies Corp. | 400 | 15,012 |
Hitachi Ltd. | 6,064 | 185,378 |
Hitachi Metals Ltd. | 1,000 | 11,759 |
Hogy Medical Co., Ltd. | 46,700 | 1,379,523 |
Honda Motor Co., Ltd. | 10,207 | 291,364 |
Hoshizaki Corp. | 12,900 | 1,041,294 |
House Do Co., Ltd. | 81,700 | 1,194,438 |
Hoya Corp. | 2,400 | 135,782 |
Hulic Co., Ltd. | 1,900 | 17,386 |
Ichikoh Industries Ltd. | 135,300 | 939,376 |
Idemitsu Kosan Co., Ltd. | 900 | 40,772 |
IHI Corp. | 900 | 32,924 |
Iida Group Holdings Co., Ltd. | 1,013 | 18,439 |
Infomart Corp. | 435,900 | 4,523,991 |
Inpex Corp. | 6,300 | 71,736 |
Isetan Mitsukoshi Holdings Ltd. | 2,221 | 25,957 |
Isuzu Motors Ltd. | 3,400 | 44,576 |
ITOCHU Corp. | 8,829 | 163,742 |
J. Front Retailing Co., Ltd. | 1,500 | 19,656 |
Japan Airlines Co., Ltd. | 700 | 24,844 |
Japan Airport Terminal Co., Ltd. | 200 | 7,704 |
Japan Exchange Group, Inc. | 3,200 | 57,314 |
Japan Post Bank Co., Ltd. | 2,500 | 29,147 |
Japan Post Holdings Co., Ltd. | 9,800 | 116,213 |
Japan Prime Realty Investment Corp. | 5 | 17,841 |
Japan Real Estate Investment Corp. | 8 | 41,287 |
Japan Retail Fund Investment Corp. | 17 | 31,399 |
Japan Tobacco, Inc. | 6,900 | 177,298 |
JFE Holdings, Inc. | 3,100 | 58,254 |
JGC Corp. | 1,400 | 27,100 |
JSR Corp. | 1,300 | 19,374 |
JTEKT Corp. | 1,400 | 17,418 |
JXTG Holdings, Inc. | 20,185 | 136,390 |
Kajima Corp. | 3,000 | 38,630 |
Kakaku.com, Inc. | 900 | 16,301 |
Kamigumi Co., Ltd. | 500 | 10,317 |
Kaneka Corp. | 267 | 11,160 |
Security | Number of Shares | Value ($) |
Kansai Paint Co., Ltd. | 1,173 | 17,333 |
Kao Corp. | 3,100 | 206,219 |
Kawasaki Heavy Industries Ltd. | 900 | 21,329 |
KDDI Corp. | 11,300 | 273,458 |
Keihan Holdings Co., Ltd. | 625 | 23,716 |
Keikyu Corp. | 1,400 | 20,720 |
Keio Corp. | 700 | 38,020 |
Keisei Electric Railway Co., Ltd. | 833 | 25,671 |
Keyence Corp. | 8,400 | 4,103,564 |
KH Neochem Co., Ltd. | 136,700 | 3,882,390 |
Kikkoman Corp. | 914 | 50,076 |
Kintetsu Group Holdings Co., Ltd. | 1,100 | 42,255 |
Kirin Holdings Co., Ltd. | 5,100 | 121,699 |
Kobayashi Pharmaceutical Co., Ltd. | 300 | 19,567 |
Kobe Steel Ltd. | 1,700 | 13,669 |
Koito Manufacturing Co., Ltd. | 685 | 32,610 |
Komatsu Ltd. | 162,300 | 4,226,689 |
Konami Holdings Corp. | 600 | 22,890 |
Konica Minolta, Inc. | 3,000 | 29,695 |
Kose Corp. | 7,400 | 1,105,906 |
Kubota Corp. | 6,100 | 96,299 |
Kuraray Co., Ltd. | 2,100 | 28,845 |
Kurita Water Industries Ltd. | 700 | 17,241 |
Kyocera Corp. | 2,000 | 108,246 |
Kyowa Hakko Kirin Co., Ltd. | 1,600 | 30,987 |
Kyudenko Corp. | 101,200 | 3,682,015 |
Kyushu Electric Power Co., Inc. | 2,500 | 29,042 |
Kyushu Railway Co. | 1,083 | 33,259 |
Lasertec Corp. | 49,000 | 1,410,747 |
Lawson, Inc. | 329 | 20,884 |
LINE Corp. * | 500 | 15,941 |
Lion Corp. | 1,500 | 28,201 |
LIXIL Group Corp. | 1,700 | 26,725 |
M3, Inc. | 66,900 | 1,084,250 |
Mabuchi Motor Co., Ltd. | 300 | 10,671 |
Makita Corp. | 1,400 | 48,401 |
Marubeni Corp. | 9,745 | 79,019 |
Marui Group Co., Ltd. | 1,300 | 27,991 |
Maruichi Steel Tube Ltd. | 300 | 8,644 |
Mazda Motor Corp. | 3,600 | 38,344 |
McDonald's Holdings Co., Ltd. | 400 | 17,605 |
Mebuki Financial Group, Inc. | 5,510 | 16,780 |
Medipal Holdings Corp. | 1,100 | 23,547 |
MEIJI Holdings Co., Ltd. | 800 | 53,080 |
Minebea Mitsumi, Inc. | 2,387 | 36,516 |
MISUMI Group, Inc. | 218,730 | 4,383,522 |
Mitsubishi Chemical Holdings Corp. | 7,900 | 61,584 |
Mitsubishi Corp. | 8,449 | 237,800 |
Mitsubishi Electric Corp. | 11,400 | 144,318 |
Mitsubishi Estate Co., Ltd. | 7,387 | 118,058 |
Mitsubishi Gas Chemical Co., Inc. | 1,100 | 18,465 |
Mitsubishi Heavy Industries Ltd. | 1,900 | 66,978 |
Mitsubishi Materials Corp. | 704 | 19,490 |
Mitsubishi Motors Corp. | 4,200 | 26,381 |
Mitsubishi Tanabe Pharma Corp. | 1,600 | 23,633 |
Mitsubishi UFJ Financial Group, Inc. | 73,700 | 446,068 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 1,800 | 9,251 |
Mitsui & Co., Ltd. | 10,600 | 177,111 |
Mitsui Chemicals, Inc. | 1,200 | 26,909 |
Mitsui Fudosan Co., Ltd. | 5,600 | 126,124 |
Mitsui O.S.K. Lines Ltd. | 800 | 19,444 |
Mizuho Financial Group, Inc. | 151,000 | 259,322 |
Modec, Inc. | 116,700 | 3,498,352 |
Monotaro Co., Ltd. | 28,900 | 637,146 |
MS&AD Insurance Group Holdings, Inc. | 3,010 | 90,412 |
Murata Manufacturing Co., Ltd. | 1,124 | 174,934 |
Musashi Seimitsu Industry Co., Ltd. | 244,800 | 3,572,592 |
Nabtesco Corp. | 700 | 15,366 |
Security | Number of Shares | Value ($) |
Nagoya Railroad Co., Ltd. | 1,200 | 28,982 |
NEC Corp. | 1,600 | 45,928 |
Nexon Co., Ltd. * | 2,700 | 30,800 |
NGK Insulators Ltd. | 1,700 | 23,926 |
NGK Spark Plug Co., Ltd. | 1,000 | 20,235 |
NH Foods Ltd. | 604 | 20,829 |
Nichias Corp. | 21,000 | 457,594 |
Nidec Corp. | 1,400 | 179,823 |
Nifco, Inc. | 370,800 | 8,450,344 |
Nihon Kohden Corp. | 125,700 | 3,763,233 |
Nihon M&A Center, Inc. | 441,000 | 10,567,377 |
Nikon Corp. | 2,000 | 34,865 |
Nintendo Co., Ltd. | 10,700 | 3,340,570 |
Nippon Building Fund, Inc. | 8 | 45,717 |
Nippon Electric Glass Co., Ltd. | 400 | 10,078 |
Nippon Express Co., Ltd. | 500 | 31,554 |
Nippon Paint Holdings Co., Ltd. | 900 | 28,113 |
Nippon Prologis REIT, Inc. | 12 | 24,155 |
Nippon Steel & Sumitomo Metal Corp. | 4,700 | 86,697 |
Nippon Telegraph & Telephone Corp. | 4,300 | 177,326 |
Nippon Yusen K.K. | 1,000 | 16,126 |
Nissan Chemical Corp. | 800 | 37,721 |
Nissan Motor Co., Ltd. | 14,400 | 131,008 |
Nisshin Seifun Group, Inc. | 1,300 | 25,867 |
Nissin Foods Holdings Co., Ltd. | 400 | 25,792 |
Nitori Holdings Co., Ltd. | 7,705 | 1,006,068 |
Nitto Denko Corp. | 1,000 | 62,475 |
NOK Corp. | 300 | 4,317 |
Nomura Holdings, Inc. | 21,500 | 103,242 |
Nomura Real Estate Holdings, Inc. | 800 | 15,028 |
Nomura Real Estate Master Fund, Inc. | 25 | 32,382 |
Nomura Research Institute Ltd. | 21,460 | 951,398 |
NSK Ltd. | 2,300 | 22,724 |
NTT Data Corp. | 3,900 | 50,070 |
NTT DOCOMO, Inc. | 8,500 | 210,790 |
Obayashi Corp. | 4,100 | 36,196 |
Obic Co., Ltd. | 400 | 36,416 |
Odakyu Electric Railway Co., Ltd. | 1,900 | 40,167 |
Oji Holdings Corp. | 5,000 | 35,506 |
Olympus Corp. | 89,500 | 2,983,196 |
Omron Corp. | 25,500 | 1,032,355 |
Ono Pharmaceutical Co., Ltd. | 2,400 | 54,465 |
Oracle Corp., Japan | 200 | 13,538 |
Oriental Land Co., Ltd. | 1,300 | 122,296 |
ORIX Corp. | 175,500 | 2,859,069 |
Osaka Gas Co., Ltd. | 2,300 | 42,058 |
Otsuka Corp. | 700 | 23,218 |
Otsuka Holdings Co., Ltd. | 2,400 | 114,787 |
Outsourcing, Inc. | 221,800 | 2,811,249 |
Panasonic Corp. | 13,800 | 148,094 |
Park24 Co., Ltd. | 700 | 18,416 |
Persol Holdings Co., Ltd. | 1,200 | 22,766 |
Pigeon Corp. | 57,500 | 2,431,802 |
Pola Orbis Holdings, Inc. | 7,600 | 203,027 |
Pressance Corp. | 194,400 | 2,210,893 |
Rakuten, Inc. | 5,300 | 35,849 |
Recruit Holdings Co., Ltd. | 6,900 | 185,193 |
Renesas Electronics Corp. * | 5,200 | 27,393 |
Rengo Co., Ltd. | 396,000 | 3,451,905 |
Resona Holdings, Inc. | 13,000 | 68,380 |
Resorttrust, Inc. | 372,100 | 5,730,510 |
Ricoh Co., Ltd. | 4,200 | 41,926 |
Rinnai Corp. | 200 | 14,529 |
Rohm Co., Ltd. | 600 | 42,183 |
Rohto Pharmaceutical Co., Ltd. | 139,500 | 4,418,315 |
Ryohin Keikaku Co., Ltd. | 200 | 52,866 |
Sakata Seed Corp. | 74,700 | 2,363,125 |
Sankyo Co., Ltd. | 200 | 7,636 |
Security | Number of Shares | Value ($) |
Sankyu, Inc. | 82,180 | 3,873,521 |
Santen Pharmaceutical Co., Ltd. | 2,300 | 34,067 |
Sawai Pharmaceutical Co., Ltd. | 59,500 | 3,016,176 |
SBI Holdings, Inc. | 1,436 | 37,498 |
Secom Co., Ltd. | 1,300 | 106,433 |
Seed Co., Ltd/Tokyo | 130,800 | 2,020,682 |
Sega Sammy Holdings, Inc. | 1,100 | 14,124 |
Seibu Holdings, Inc. | 1,500 | 27,214 |
Seiko Epson Corp. | 1,800 | 29,000 |
Sekisui Chemical Co., Ltd. | 2,382 | 37,459 |
Sekisui House Ltd. | 3,855 | 56,580 |
Seven & i Holdings Co., Ltd. | 4,700 | 203,510 |
Seven Bank Ltd. | 2,900 | 9,063 |
SG Holdings Co., Ltd. | 600 | 15,105 |
Sharp Corp. | 1,100 | 16,885 |
Shimadzu Corp. | 66,400 | 1,678,127 |
Shimamura Co., Ltd. | 142 | 11,944 |
Shimano, Inc. | 445 | 60,776 |
Shimizu Corp. | 3,500 | 28,411 |
Shin-Etsu Chemical Co., Ltd. | 2,324 | 194,195 |
Shinsei Bank Ltd. | 900 | 13,710 |
Shionogi & Co., Ltd. | 34,500 | 2,206,057 |
Shiseido Co., Ltd. | 51,400 | 3,243,108 |
SHO-BOND Holdings Co., Ltd. | 51,800 | 3,685,568 |
Showa Denko K.K. | 800 | 34,835 |
Showa Shell Sekiyu K.K. | 1,200 | 22,903 |
SMC Corp. | 337 | 107,414 |
SoftBank Group Corp. | 5,131 | 406,061 |
Sohgo Security Services Co., Ltd. | 500 | 22,271 |
Solasto Corp. | 166,300 | 1,754,984 |
Sompo Holdings, Inc. | 2,100 | 86,616 |
Sony Corp. | 7,900 | 427,522 |
Sony Financial Holdings, Inc. | 1,100 | 25,376 |
Stanley Electric Co., Ltd. | 900 | 26,622 |
Subaru Corp. | 3,900 | 105,201 |
Sumco Corp. | 1,500 | 20,246 |
Sumitomo Chemical Co., Ltd. | 9,000 | 45,084 |
Sumitomo Corp. | 7,000 | 106,167 |
Sumitomo Dainippon Pharma Co., Ltd. | 1,000 | 20,894 |
Sumitomo Electric Industries Ltd. | 4,700 | 64,097 |
Sumitomo Heavy Industries Ltd. | 700 | 22,016 |
Sumitomo Metal Mining Co., Ltd. | 1,500 | 47,229 |
Sumitomo Mitsui Financial Group, Inc. | 8,400 | 327,055 |
Sumitomo Mitsui Trust Holdings, Inc. | 2,100 | 83,440 |
Sumitomo Realty & Development Co., Ltd. | 2,495 | 85,728 |
Sumitomo Rubber Industries Ltd. | 800 | 11,476 |
Sundrug Co., Ltd. | 500 | 18,169 |
Suntory Beverage & Food Ltd. | 900 | 36,679 |
Suzuken Co., Ltd. | 500 | 25,308 |
Suzuki Motor Corp. | 2,200 | 109,707 |
Sysmex Corp. | 1,000 | 70,139 |
Systena Corp. | 410,500 | 4,939,713 |
T&D Holdings, Inc. | 3,500 | 55,950 |
Taiheiyo Cement Corp. | 800 | 23,541 |
Taisei Corp. | 27,800 | 1,188,963 |
Taisho Pharmaceutical Holdings Co., Ltd. | 200 | 21,325 |
Taiyo Nippon Sanso Corp. | 829 | 13,324 |
Takashimaya Co., Ltd. | 1,000 | 15,738 |
Takeda Pharmaceutical Co., Ltd. | 4,500 | 186,568 |
TDK Corp. | 800 | 68,984 |
TechnoPro Holdings, Inc. | 23,700 | 1,234,694 |
Teijin Ltd. | 1,200 | 20,804 |
Terumo Corp. | 73,000 | 3,940,679 |
The Bank of Kyoto Ltd. | 400 | 17,961 |
The Chiba Bank Ltd. | 3,800 | 24,040 |
The Chugoku Electric Power Co., Inc. | 1,800 | 23,153 |
The Kansai Electric Power Co., Inc. | 4,400 | 67,344 |
The Shizuoka Bank Ltd. | 2,954 | 25,845 |
Security | Number of Shares | Value ($) |
The Yokohama Rubber Co., Ltd. | 600 | 11,623 |
THK Co., Ltd. | 800 | 17,668 |
TIS, Inc. | 25,300 | 1,130,078 |
Tobu Railway Co., Ltd. | 1,200 | 33,375 |
Toho Co., Ltd. | 700 | 22,838 |
Toho Gas Co., Ltd. | 466 | 16,045 |
Tohoku Electric Power Co., Inc. | 2,700 | 34,113 |
Tokio Marine Holdings, Inc. | 76,700 | 3,613,500 |
Tokyo Century Corp. | 300 | 16,102 |
Tokyo Electric Power Co. Holdings, Inc. * | 9,100 | 46,575 |
Tokyo Electron Ltd. | 1,000 | 134,949 |
Tokyo Gas Co., Ltd. | 2,400 | 59,023 |
Tokyo Tatemono Co., Ltd. | 1,300 | 13,982 |
Tokyu Corp. | 3,100 | 51,213 |
Tokyu Fudosan Holdings Corp. | 3,400 | 19,157 |
Topcon Corp. | 41,800 | 607,347 |
Toppan Printing Co., Ltd. | 1,630 | 23,044 |
Toray Industries, Inc. | 8,600 | 61,002 |
Toshiba Corp. * | 4,100 | 122,887 |
Tosoh Corp. | 1,700 | 22,382 |
TOTO Ltd. | 900 | 32,199 |
Toyo Seikan Group Holdings Ltd. | 700 | 14,281 |
Toyo Suisan Kaisha Ltd. | 565 | 19,422 |
Toyoda Gosei Co., Ltd. | 300 | 6,470 |
Toyota Industries Corp. | 914 | 44,898 |
Toyota Motor Corp. | 129,777 | 7,602,457 |
Toyota Tsusho Corp. | 1,300 | 46,915 |
Trend Micro, Inc. | 800 | 46,053 |
Trust Tech, Inc. | 114,000 | 3,470,691 |
Tsubakimoto Chain Co. | 60,200 | 2,311,463 |
Tsuruha Holdings, Inc. | 200 | 20,874 |
Unicharm Corp. | 2,500 | 67,822 |
United Urban Investment Corp. | 19 | 28,885 |
USS Co., Ltd. | 1,400 | 25,245 |
Welcia Holdings Co., Ltd. | 10,400 | 530,573 |
West Japan Railway Co. | 1,041 | 70,015 |
Yahoo Japan Corp. | 17,800 | 55,532 |
Yakult Honsha Co., Ltd. | 23,100 | 1,635,746 |
Yamada Denki Co., Ltd. | 4,200 | 19,804 |
Yamaguchi Financial Group, Inc. | 1,274 | 13,414 |
Yamaha Corp. | 900 | 39,550 |
Yamaha Motor Co., Ltd. | 1,700 | 40,205 |
Yamato Holdings Co., Ltd. | 1,900 | 51,943 |
Yamazaki Baking Co., Ltd. | 800 | 14,420 |
Yaskawa Electric Corp. | 1,521 | 43,962 |
Yokogawa Electric Corp. | 1,500 | 29,451 |
Zenkoku Hosho Co., Ltd. | 15,500 | 561,944 |
ZOZO, Inc. | 31,200 | 748,613 |
216,636,121 | ||
Luxembourg 0.0% | ||
Millicom International Cellular S.A. SDR | 419 | 23,645 |
Malaysia 0.1% | ||
My EG Services Bhd | 3,382,100 | 972,541 |
Mexico 0.6% | ||
Alpek SAB de C.V. * | 2,359,735 | 3,106,313 |
Gentera S.A.B. de C.V. | 2,662,018 | 2,157,056 |
Grupo Televisa S.A.B. ADR | 277,300 | 3,987,574 |
9,250,943 | ||
Security | Number of Shares | Value ($) |
Netherlands 3.2% | ||
ABN AMRO Group N.V. CVA | 2,622 | 64,311 |
Aegon N.V. | 11,534 | 70,734 |
AerCap Holdings N.V. * | 843 | 42,217 |
Akzo Nobel N.V. | 13,983 | 1,174,083 |
AMG Advanced Metallurgical Group N.V. | 64,488 | 3,068,259 |
ArcelorMittal | 4,117 | 102,731 |
ASML Holding N.V. | 34,762 | 5,987,547 |
ASR Nederland N.V. | 152,191 | 6,909,048 |
B&S Group Sarl * | 261,137 | 4,559,105 |
Boskalis Westminster N.V. | 141,699 | 4,074,245 |
Euronext N.V. | 65,548 | 4,033,329 |
Heineken Holding N.V. | 714 | 61,758 |
Heineken N.V. | 1,643 | 147,816 |
ING Groep N.V. | 24,334 | 287,895 |
InterXion Holding N.V. * | 64,029 | 3,769,387 |
Koninklijke Ahold Delhaize N.V. | 7,827 | 179,164 |
Koninklijke DSM N.V. | 1,134 | 99,008 |
Koninklijke KPN N.V. | 20,841 | 54,990 |
Koninklijke Philips N.V. | 131,126 | 4,890,454 |
Koninklijke Vopak N.V. | 447 | 20,215 |
NN Group N.V. | 1,971 | 84,631 |
NXP Semiconductors N.V. | 2,152 | 161,379 |
Randstad N.V. | 738 | 37,131 |
Royal Dutch Shell plc, A Shares | 162,253 | 5,153,389 |
Unilever N.V. CVA | 9,655 | 518,812 |
Wolters Kluwer N.V. | 47,650 | 2,703,401 |
48,255,039 | ||
New Zealand 1.1% | ||
a2 Milk Co., Ltd. * | 4,711 | 32,326 |
Auckland International Airport Ltd. | 1,476,366 | 6,751,523 |
Fisher & Paykel Healthcare Corp., Ltd. | 3,686 | 32,788 |
Fletcher Building Ltd. * | 5,581 | 22,106 |
Mercury NZ Ltd. | 3,214,534 | 7,146,508 |
Meridian Energy Ltd. | 8,588 | 17,618 |
Ryman Healthcare Ltd. | 2,648 | 20,981 |
SKYCITY Entertainment Group Ltd. | 1,124,809 | 2,816,962 |
Spark New Zealand Ltd. | 11,900 | 30,733 |
16,871,545 | ||
Norway 0.7% | ||
Aker BP A.S.A. | 115,912 | 3,801,305 |
DNB A.S.A. | 6,058 | 109,446 |
Elkem A.S.A. * | 1,870,550 | 5,556,237 |
Equinor A.S.A. | 7,283 | 188,384 |
Gjensidige Forsikring A.S.A. | 1,275 | 19,728 |
Marine Harvest A.S.A. | 2,582 | 62,511 |
Norsk Hydro A.S.A. | 8,336 | 43,229 |
Orkla A.S.A. | 5,053 | 43,604 |
Schibsted A.S.A., B Shares | 528 | 16,708 |
Telenor A.S.A. | 4,653 | 85,315 |
TGS Nopec Geophysical Co., A.S.A. | 31,354 | 1,047,370 |
Yara International A.S.A. | 1,101 | 47,281 |
11,021,118 | ||
Papua New Guinea 0.0% | ||
Oil Search Ltd. | 8,500 | 46,729 |
Peru 0.1% | ||
Credicorp Ltd. | 8,322 | 1,878,359 |
Security | Number of Shares | Value ($) |
Portugal 0.0% | ||
Banco Espirito Santo S.A. *(b) | 42,176 | — |
EDP - Energias de Portugal S.A. | 15,865 | 55,777 |
Galp Energia, SGPS, S.A. | 3,107 | 54,025 |
Jeronimo Martins, SGPS, S.A. | 1,560 | 19,148 |
128,950 | ||
Republic of Korea 1.2% | ||
Cafe24 Corp. * | 20,590 | 2,011,486 |
Dentium Co., Ltd. | 45,514 | 2,891,832 |
Doosan Bobcat, Inc. | 101,921 | 3,160,911 |
Fila Korea Ltd. | 99,262 | 3,676,116 |
Hotel Shilla Co., Ltd. | 6,737 | 424,590 |
NAVER Corp. | 16,200 | 1,631,410 |
Samsung Electronics Co., Ltd. | 98,400 | 3,683,682 |
Samsung SDI Co., Ltd. | 6,482 | 1,348,024 |
18,828,051 | ||
Russia 0.1% | ||
Globaltrans Investment plc GDR | 34,600 | 339,080 |
Yandex N.V., Class A * | 40,174 | 1,210,443 |
1,549,523 | ||
Singapore 1.9% | ||
Ascendas Real Estate Investment Trust | 3,436,133 | 6,256,823 |
CapitaLand Commercial Trust | 13,960 | 17,444 |
CapitaLand Ltd. | 15,900 | 36,117 |
CapitaLand Mall Trust | 4,983,800 | 7,590,883 |
City Developments Ltd. | 2,627 | 15,013 |
ComfortDelGro Corp., Ltd. | 14,100 | 22,958 |
DBS Group Holdings Ltd. | 11,216 | 190,307 |
Genting Singapore Ltd. | 37,500 | 23,864 |
Golden Agri-Resources Ltd. | 34,700 | 6,398 |
Jardine Cycle & Carriage Ltd. | 611 | 13,381 |
Jardine Matheson Holdings Ltd. | 1,409 | 81,360 |
Jardine Strategic Holdings Ltd. | 1,400 | 47,030 |
Keppel Corp., Ltd. | 9,000 | 40,324 |
Oversea-Chinese Banking Corp., Ltd. | 19,922 | 154,763 |
SATS Ltd. | 2,411,500 | 8,678,900 |
Sembcorp Industries Ltd. | 5,100 | 10,412 |
Sheng Siong Group Ltd. | 6,612,300 | 5,157,957 |
Singapore Airlines Ltd. | 3,331 | 22,834 |
Singapore Exchange Ltd. | 5,200 | 25,723 |
Singapore Press Holdings Ltd. | 10,600 | 20,314 |
Singapore Technologies Engineering Ltd. | 9,900 | 25,405 |
Singapore Telecommunications Ltd. | 50,600 | 115,581 |
Suntec Real Estate Investment Trust | 14,224 | 18,204 |
United Overseas Bank Ltd. | 8,341 | 147,473 |
UOL Group Ltd. | 3,400 | 14,809 |
Venture Corp., Ltd. | 1,800 | 19,926 |
Wilmar International Ltd. | 11,900 | 27,183 |
Yangzijiang Shipbuilding Holdings Ltd. | 10,500 | 9,415 |
28,790,801 | ||
South Africa 0.8% | ||
Bid Corp., Ltd. | 26,434 | 494,945 |
Mr. Price Group Ltd. | 54,989 | 860,974 |
Naspers Ltd., N Shares | 51,830 | 9,091,026 |
RMB Holdings Ltd. | 166,265 | 839,783 |
The Bidvest Group Ltd. | 26,434 | 329,887 |
11,616,615 | ||
Security | Number of Shares | Value ($) |
Spain 1.4% | ||
ACS Actividades de Construccion y Servicios S.A. | 51,270 | 1,919,623 |
Aena SME S.A. | 418 | 66,789 |
Amadeus IT Group S.A. | 37,543 | 3,023,134 |
Applus Services S.A. | 172,645 | 2,347,102 |
Banco Bilbao Vizcaya Argentaria S.A. | 41,773 | 230,549 |
Banco De Sabadell S.A. | 34,878 | 45,921 |
Banco Santander S.A. | 100,949 | 480,311 |
Bankia S.A. | 7,649 | 24,026 |
Bankinter S.A. | 219,428 | 1,797,773 |
CaixaBank S.A. | 22,245 | 90,019 |
Enagas S.A. | 1,426 | 37,808 |
Ence Energia y Celulosa S.A. | 551,245 | 4,630,368 |
Endesa S.A. | 1,969 | 41,170 |
Ferrovial S.A. | 3,039 | 60,844 |
Grifols S.A. | 1,849 | 52,678 |
Iberdrola S.A. | 37,342 | 264,225 |
Industria de Diseno Textil S.A. | 6,840 | 192,783 |
Inmobiliaria Colonial Socimi S.A. | 363,111 | 3,645,824 |
International Consolidated Airlines Group S.A. | 3,808 | 29,384 |
Mapfre S.A. | 6,681 | 19,964 |
Naturgy Energy Group S.A. | 2,171 | 53,358 |
Red Electrica Corp. S.A. | 2,683 | 55,555 |
Repsol S.A. | 8,530 | 152,421 |
Siemens Gamesa Renewable Energy S.A. * | 1,478 | 16,369 |
Telefonica S.A. | 29,292 | 240,284 |
Viscofan S.A. | 37,193 | 2,224,746 |
21,743,028 | ||
Sweden 4.2% | ||
AAK AB | 635,349 | 9,576,845 |
AF AB, B Shares | 371,134 | 7,959,757 |
Alfa Laval AB | 65,963 | 1,683,052 |
Assa Abloy AB, Class B | 6,213 | 123,581 |
Atlas Copco AB, A Shares | 81,005 | 2,002,585 |
Atlas Copco AB, B Shares | 2,419 | 55,403 |
Boliden AB | 57,820 | 1,320,419 |
Electrolux AB, B Shares | 1,513 | 31,440 |
Elekta AB, B Shares | 351,421 | 4,456,618 |
Epiroc AB, Class A * | 130,816 | 1,148,749 |
Epiroc AB, Class B * | 2,419 | 19,904 |
Essity AB, Class B | 3,758 | 85,763 |
Fabege AB | 196,860 | 2,513,780 |
Hennes & Mauritz AB, B Shares | 711,732 | 12,571,150 |
Hexagon AB, B Shares | 47,928 | 2,345,769 |
Husqvarna AB, B Shares | 2,726 | 20,569 |
ICA Gruppen AB | 543 | 19,211 |
Industrivarden AB, C Shares | 1,099 | 22,827 |
Investor AB, B Shares | 2,823 | 122,310 |
Kinnevik AB, Class B | 1,468 | 40,698 |
LE Lundbergfortagen AB, B Shares | 513 | 15,813 |
Lundin Petroleum AB | 1,160 | 35,292 |
Nolato AB, B Shares | 6,726 | 309,705 |
Paradox Interactive AB | 47,648 | 687,509 |
Saab AB, Class B | 96,341 | 3,777,157 |
Sandvik AB | 6,998 | 110,630 |
Securitas AB, B Shares | 2,025 | 34,706 |
Skandinaviska Enskilda Banken AB, A Shares | 10,088 | 104,395 |
Skanska AB, B Shares | 2,137 | 33,593 |
SKF AB, B Shares | 268,373 | 4,302,588 |
SSAB AB, A Shares | 231,865 | 925,669 |
Svenska Handelsbanken AB, A Shares | 9,466 | 102,894 |
Security | Number of Shares | Value ($) |
Swedbank AB, A Shares | 5,613 | 126,262 |
Swedish Match AB | 1,127 | 57,408 |
Swedish Orphan Biovitrum AB * | 41,105 | 839,065 |
Tele2 AB, B Shares | 2,352 | 26,708 |
Telefonaktiebolaget LM Ericsson, B Shares | 19,246 | 167,570 |
Telia Co. AB | 17,446 | 78,533 |
Thule Group AB | 111,415 | 2,206,084 |
Volvo AB, B Shares | 296,708 | 4,431,084 |
64,493,095 | ||
Switzerland 4.9% | ||
ABB Ltd. | 11,532 | 232,042 |
Adecco Group AG | 1,008 | 49,362 |
Baloise Holding AG | 306 | 43,738 |
Barry Callebaut AG | 14 | 27,364 |
Belimo Holding AG | 681 | 3,046,125 |
Burckhardt Compression Holding AG | 12,577 | 4,167,605 |
Chocoladefabriken Lindt & Spruengli AG | 1 | 79,829 |
Chocoladefabriken Lindt & Spruengli AG - Participation Certificates | 7 | 48,260 |
Cie Financiere Richemont S.A. | 66,565 | 4,865,275 |
Clariant AG * | 1,256 | 27,070 |
Credit Suisse Group AG * | 816,553 | 10,675,333 |
Daetwyler Holding AG | 15,018 | 2,279,979 |
Dufry AG * | 204 | 22,987 |
EMS-Chemie Holding AG | 51 | 28,100 |
Geberit AG | 230 | 90,054 |
Georg Fischer AG | 993 | 923,833 |
Givaudan S.A. | 58 | 140,587 |
Idorsia Ltd. * | 96,003 | 1,859,076 |
Julius Baer Group Ltd. * | 1,387 | 63,254 |
Kuehne & Nagel International AG | 23,725 | 3,297,411 |
LafargeHolcim Ltd. * | 165,970 | 7,686,143 |
Landis+Gyr Group AG * | 39,712 | 2,408,908 |
Logitech International S.A. | 29,063 | 1,076,037 |
Lonza Group AG * | 18,965 | 5,963,343 |
Nestle S.A. | 63,063 | 5,323,973 |
Novartis AG | 13,680 | 1,197,989 |
Pargesa Holding S.A. | 245 | 17,985 |
Partners Group Holding AG | 4,947 | 3,522,040 |
Roche Holding AG | 4,394 | 1,069,334 |
Schindler Holding AG | 377 | 79,095 |
SGS S.A. | 33 | 78,377 |
Siegfried Holding AG * | 9,031 | 3,622,488 |
Sika AG | 811 | 103,988 |
Sonova Holding AG | 344 | 56,101 |
Straumann Holding AG | 2,588 | 1,766,585 |
Swiss Life Holding AG * | 212 | 79,970 |
Swiss Prime Site AG * | 449 | 36,433 |
Swiss Re AG | 1,970 | 177,758 |
Swisscom AG | 161 | 73,719 |
Tecan Group AG | 15,011 | 3,386,297 |
Temenos AG * | 373 | 51,264 |
The Swatch Group AG | 346 | 23,096 |
The Swatch Group AG - Bearer Shares | 191 | 64,515 |
U-Blox Holding AG * | 29,998 | 3,758,909 |
UBS Group AG * | 24,126 | 337,212 |
Vifor Pharma AG | 282 | 40,757 |
Zurich Insurance Group AG | 947 | 294,026 |
74,263,626 | ||
Taiwan 1.4% | ||
Chailease Holding Co., Ltd. | 955,940 | 2,741,789 |
Chroma ATE, Inc. | 460,000 | 1,620,490 |
Eclat Textile Co., Ltd. | 372,000 | 4,429,293 |
Security | Number of Shares | Value ($) |
Taiwan Semiconductor Manufacturing Co., Ltd. | 620,000 | 4,654,577 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 127,260 | 4,848,606 |
TCI Co., Ltd. | 239,700 | 3,357,924 |
21,652,679 | ||
United Arab Emirates 0.1% | ||
First Abu Dhabi Bank PJSC | 126,595 | 476,585 |
NMC Health plc | 15,344 | 691,854 |
1,168,439 | ||
United Kingdom 16.5% | ||
3i Group plc | 178,990 | 2,004,205 |
Abcam plc | 218,258 | 3,345,771 |
Admiral Group plc | 1,267 | 32,569 |
Anglo American plc | 6,530 | 139,372 |
Antofagasta plc | 2,444 | 24,464 |
Ashtead Group plc | 244,148 | 6,027,244 |
Associated British Foods plc | 2,208 | 67,315 |
AstraZeneca plc | 80,709 | 6,173,401 |
Auto Trader Group plc | 6,193 | 32,361 |
Avast plc * | 597,073 | 2,108,239 |
AVEVA Group plc | 204,034 | 6,824,964 |
Aviva plc | 25,137 | 137,371 |
Babcock International Group plc | 1,689 | 13,171 |
BAE Systems plc | 19,961 | 133,844 |
Barclays plc | 106,760 | 235,225 |
Barratt Developments plc | 6,350 | 41,649 |
Beazley plc | 629,621 | 4,227,499 |
BHP Billiton plc | 13,211 | 263,542 |
Big Yellow Group plc | 57,353 | 631,453 |
BP plc | 124,588 | 899,989 |
British American Tobacco plc | 14,347 | 621,946 |
BT Group plc | 52,823 | 161,744 |
Bunzl plc | 2,082 | 61,419 |
Burberry Group plc | 2,593 | 60,000 |
Burford Capital Ltd. | 258,481 | 5,479,019 |
Carnival plc | 50,838 | 2,770,950 |
Centrica plc | 34,714 | 65,203 |
Cineworld Group plc | 2,247,907 | 8,450,398 |
Close Brothers Group plc | 22,942 | 430,900 |
CNH Industrial N.V. | 945,756 | 9,831,424 |
Coca-Cola European Partners plc | 1,351 | 61,457 |
Coca-Cola HBC AG * | 1,252 | 36,982 |
Compass Group plc | 210,708 | 4,144,372 |
ContourGlobal plc | 2,587,164 | 6,150,860 |
ConvaTec Group plc | 8,907 | 18,411 |
Croda International plc | 25,155 | 1,549,437 |
Dechra Pharmaceuticals plc | 64,107 | 1,873,083 |
Diageo plc | 90,490 | 3,128,377 |
Diploma plc | 287,237 | 4,816,663 |
Direct Line Insurance Group plc | 8,637 | 36,295 |
easyJet plc | 985 | 15,090 |
Electrocomponents plc | 451,371 | 3,573,705 |
Elementis plc | 1,393,192 | 3,640,041 |
Equiniti Group plc | 1,839,914 | 5,061,270 |
Experian plc | 175,487 | 4,036,060 |
Ferguson plc | 18,195 | 1,226,699 |
Fevertree Drinks plc | 109,330 | 3,881,297 |
Fresnillo plc | 1,370 | 14,856 |
G4S plc | 998,893 | 2,741,316 |
GlaxoSmithKline plc | 31,016 | 600,710 |
Glencore plc * | 2,536,557 | 10,322,923 |
Greene King plc | 152,554 | 938,877 |
Greggs plc | 48,448 | 718,450 |
Security | Number of Shares | Value ($) |
GVC Holdings plc | 3,419 | 40,954 |
Halma plc | 371,026 | 6,296,450 |
Hammerson plc | 5,108 | 28,518 |
Hargreaves Lansdown plc | 1,764 | 42,053 |
Hikma Pharmaceuticals plc | 253,828 | 6,156,588 |
Hiscox Ltd. | 70,800 | 1,470,685 |
HomeServe plc | 258,512 | 3,138,138 |
HSBC Holdings plc | 125,158 | 1,030,001 |
IG Group Holdings plc | 231,671 | 1,790,057 |
Imperial Brands plc | 5,971 | 202,253 |
Informa plc | 7,864 | 71,764 |
InterContinental Hotels Group plc | 1,119 | 58,714 |
Intermediate Capital Group plc | 394,370 | 4,789,866 |
Intertek Group plc | 16,602 | 994,731 |
Investec plc | 4,335 | 26,801 |
ITV plc | 22,456 | 42,628 |
J. Sainsbury plc | 10,861 | 43,151 |
JD Sports Fashion plc | 382,362 | 1,992,788 |
John Wood Group plc | 4,352 | 39,665 |
Johnson Matthey plc | 1,200 | 45,496 |
Kindred Group plc SDR | 66,949 | 713,756 |
Kingfisher plc | 13,393 | 43,489 |
Land Securities Group plc | 4,596 | 49,996 |
Legal & General Group plc | 36,934 | 118,517 |
Liberty Global plc, Class A * | 105,600 | 2,706,528 |
Liberty Global plc, Class C * | 241,200 | 6,039,648 |
Lloyds Banking Group plc | 17,768,004 | 12,965,998 |
London Stock Exchange Group plc | 40,720 | 2,243,581 |
Marks & Spencer Group plc | 10,428 | 39,441 |
Mediclinic International plc | 2,451 | 11,779 |
Meggitt plc | 148,254 | 1,003,028 |
Melrose Industries plc | 629,467 | 1,354,989 |
Merlin Entertainments plc | 4,701 | 19,414 |
Metro Bank plc * | 8,089 | 229,550 |
Micro Focus International plc | 2,732 | 42,352 |
Mondi plc | 2,276 | 53,597 |
National Grid plc | 21,085 | 222,743 |
Next plc | 889 | 59,059 |
Pearson plc | 4,839 | 55,590 |
Persimmon plc | 1,915 | 56,046 |
Prudential plc | 16,186 | 324,102 |
Randgold Resources Ltd. | 592 | 46,563 |
Reckitt Benckiser Group plc | 20,981 | 1,696,609 |
RELX plc | 143,823 | 2,844,339 |
Renishaw plc | 9,971 | 535,798 |
Rentokil Initial plc | 1,085,414 | 4,377,074 |
Rio Tinto plc | 7,493 | 363,791 |
Rolls-Royce Holdings plc * | 10,322 | 110,695 |
Rotork plc | 1,458,391 | 5,584,354 |
Royal Bank of Scotland Group plc | 2,253,762 | 6,784,943 |
Royal Dutch Shell plc, A Shares | 28,754 | 916,048 |
Royal Dutch Shell plc, B Shares | 23,428 | 764,056 |
Royal Mail plc | 5,659 | 25,980 |
RSA Insurance Group plc | 6,340 | 45,598 |
Schroders plc | 201,171 | 6,884,576 |
Schroders plc, Non-Voting Shares | 1,100 | 31,399 |
Seadrill Ltd * | 44,816 | 912,454 |
Segro plc | 214,820 | 1,684,161 |
Severn Trent plc | 1,484 | 35,266 |
Smith & Nephew plc | 5,423 | 88,150 |
Smiths Group plc | 168,753 | 3,008,109 |
Spectris plc | 93,293 | 2,552,471 |
Spirax-Sarco Engineering plc | 109,352 | 9,032,465 |
SSE plc | 6,288 | 91,650 |
SSP Group plc | 514,332 | 4,385,108 |
St. James's Place plc | 3,313 | 42,815 |
Standard Chartered plc | 17,552 | 123,017 |
Standard Life Aberdeen plc | 14,542 | 50,224 |
Security | Number of Shares | Value ($) |
Synthomer plc | 71,714 | 406,786 |
Taylor Wimpey plc | 20,520 | 42,251 |
Tesco plc | 60,916 | 165,900 |
The Berkeley Group Holdings plc | 805 | 35,978 |
The British Land Co., plc | 5,786 | 43,698 |
The Sage Group plc | 6,715 | 46,689 |
The Unite Group plc | 274,591 | 2,989,796 |
The Weir Group plc | 44,113 | 892,694 |
Travis Perkins plc | 1,638 | 23,135 |
Ultra Electronics Holdings plc | 178,825 | 3,286,897 |
Unilever plc | 7,680 | 406,807 |
United Utilities Group plc | 4,279 | 39,652 |
Victrex plc | 231,664 | 7,836,315 |
Vodafone Group plc | 166,321 | 312,773 |
WH Smith plc | 30,857 | 767,023 |
Whitbread plc | 1,137 | 63,931 |
WM Morrison Supermarkets plc | 14,037 | 44,472 |
WPP plc | 522,772 | 5,915,549 |
252,876,445 | ||
United States 0.4% | ||
Willis Towers Watson plc | 39,636 | 5,674,290 |
Total Common Stock | ||
(Cost $1,341,245,007) | 1,435,981,191 | |
Preferred Stock 0.3% of net assets | ||
Brazil 0.2% | ||
Itau Unibanco Holding S.A. | 235,500 | 3,116,586 |
Germany 0.1% | ||
Bayerische Motoren Werke AG | 357 | 26,888 |
Fuchs Petrolub SE | 27,677 | 1,281,160 |
Henkel AG & Co. KGaA | 1,104 | 120,617 |
Porsche Automobil Holding SE | 949 | 60,352 |
Sartorius AG | 229 | 33,123 |
Schaeffler AG | 1,119 | 11,791 |
Volkswagen AG | 1,164 | 195,556 |
1,729,487 | ||
Italy 0.0% | ||
Telecom Italia S.p.A. - RSP | 25,361 | 12,812 |
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc, C Shares *(b) | 474,812 | 607 |
Total Preferred Stock | ||
(Cost $4,891,283) | 4,859,492 |
Security | Number of Shares | Value ($) |
Other Investment Companies 4.3% of net assets | ||
Equity Fund 0.0% | ||
iShares MSCI EAFE ETF | 2,064 | 128,918 |
Money Market Fund 4.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (d) | 64,651,902 | 64,651,902 |
Total Other Investment Companies | ||
(Cost $64,788,678) | 64,780,820 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/18 * | 100,949 | 3,922 |
Total Rights | ||
(Cost $4,065) | 3,922 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 0.0% of net assets | ||
U.S. Treasury Obligations 0.0% | ||
United States Treasury Bills | ||
2.09%, 12/06/18 (e)(f) | 25,000 | 24,949 |
2.12%, 12/06/18 (e)(f) | 10,000 | 9,980 |
2.13%, 12/06/18 (e)(f) | 25,000 | 24,948 |
Total Short-Term Investments | ||
(Cost $59,877) | 59,877 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 717 | 64,978,125 | (3,542,224) |
Expiration Date | Counterparty | Currency to be Received | Amount of Currency to be Received | Currency to be Delivered | Amount of Currency to be Delivered | Unrealized Appreciation ($) | ||||||
Forward Foreign Currency Exchange Contract | ||||||||||||
06/19/2019 | State Street Bank & Trust Co. | USD | 6,368,611 | CHF | 6,017,000 | 252,374 |
* | Non-income producing security. |
(a) | Securities are traded on separate exchanges for the same entity. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | Security received as a result of a corporate action. |
(d) | The rate shown is the 7-day yield. |
(e) | All or a portion of this security is held as collateral for open futures contracts. |
(f) | The rate shown is the purchase yield. |
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 |
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 | $— | $383,150,648 | $— | $383,150,648 | |
Argentina | 4,450,961 | — | — | 4,450,961 | |
Australia | 69,275 | 75,579,082 | — | 75,648,357 | |
Austria | 24,775 | 4,677,811 | — | 4,702,586 | |
Belgium | 4,670,125 | 8,435,736 | — | 13,105,861 | |
Bermuda | 307,735 | — | — | 307,735 | |
Brazil | 9,775,257 | — | — | 9,775,257 | |
Canada | 109,041,084 | — | — | 109,041,084 | |
China | 12,276,318 | 21,380,303 | — | 33,656,621 | |
Denmark | 348,686 | 12,473,661 | — | 12,822,347 | |
France | 92,155 | 128,808,402 | — | 128,900,557 | |
Germany | 1,867,968 | 122,621,642 | — | 124,489,610 | |
Hong Kong | 41,566 | 15,851,951 | — * | 15,893,517 | |
India | 5,700,128 | 11,243,014 | 141,986 | 17,085,128 | |
Ireland | 9,180,199 | 12,530,375 | — | 21,710,574 | |
Israel | 985,332 | 232,067 | — | 1,217,399 | |
Mexico | 9,250,943 | — | — | 9,250,943 | |
Netherlands | 8,532,088 | 39,722,951 | — | 48,255,039 | |
Peru | 1,878,359 | — | — | 1,878,359 | |
Portugal | 55,777 | 73,173 | — * | 128,950 | |
Russia | 1,549,523 | — | — | 1,549,523 | |
Sweden | 1,987,814 | 62,505,281 | — | 64,493,095 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Switzerland | $3,125,954 | $71,137,672 | $— | $74,263,626 | |
Taiwan | 4,848,606 | 16,804,073 | — | 21,652,679 | |
United Kingdom | 20,947,901 | 231,928,544 | — | 252,876,445 | |
United States | 5,674,290 | — | — | 5,674,290 | |
Preferred Stock1 | — | 1,742,299 | — | 1,742,299 | |
Brazil | 3,116,586 | — | — | 3,116,586 | |
United Kingdom | — | — | 607 | 607 | |
Other Investment Companies1 | 64,780,820 | — | — | 64,780,820 | |
Rights 1 | 3,922 | — | — | 3,922 | |
Short-Term Investments1 | — | 59,877 | — | 59,877 | |
Forward Foreign Currency Exchange Contracts2 | — | 252,374 | — | 252,374 | |
Liabilities | |||||
Futures Contracts2 | (3,542,224) | — | — | (3,542,224) | |
Total | $281,041,923 | $1,221,210,936 | $142,593 | $1,502,395,452 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $1,410,988,910) | $1,505,685,302 | |
Foreign currency, at value (cost $5,400,930) | 5,396,710 | |
Deposit with broker for futures contracts | 4,135,500 | |
Receivables: | ||
Investments sold | 14,555,249 | |
Fund shares sold | 18,855,221 | |
Dividends | 1,782,101 | |
Foreign tax reclaims | 1,659,382 | |
Variation margin on futures contracts | 371,971 | |
Unrealized appreciation on forward foreign currency exchange contracts | 252,374 | |
Prepaid expenses | + | 31,635 |
Total assets | 1,552,725,445 | |
Liabilities | ||
Payables: | ||
Investments bought | 19,311,746 | |
Investment adviser and administrator fees | 1,438,834 | |
Shareholder service fees | 171,363 | |
Fund shares redeemed | 572,609 | |
Accrued expenses | + | 630,538 |
Total liabilities | 22,125,090 | |
Net Assets | ||
Total assets | 1,552,725,445 | |
Total liabilities | – | 22,125,090 |
Net assets | $1,530,600,355 | |
Net Assets by Source | ||
Capital received from investors | 1,326,557,470 | |
Total distributable earnings1 | 204,042,885 |
Net Asset Value (NAV) by Shares Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $403,321,482 | 17,608,942 | $22.90 | ||
Select Shares | $1,127,278,873 | 49,241,213 | $22.89 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $3,947,390) | $37,972,695 | |
Expenses | ||
Investment adviser and administrator fees | 22,220,191 | |
Shareholder service fees: | ||
Investor Shares | 1,144,883 | |
Select Shares | 2,001,650 | |
Custodian fees | 962,535 | |
Portfolio accounting fees | 170,428 | |
Shareholder reports | 90,478 | |
Professional fees | 70,408 | |
Registration fees | 59,067 | |
Transfer agent fees | 48,494 | |
Independent trustees’ fees | 16,385 | |
Interest expense | 3,179 | |
Other expenses | + | 82,477 |
Total expenses | 26,870,175 | |
Expense reduction by CSIM and its affiliates | – | 4,282,821 |
Net expenses | – | 22,587,354 |
Net investment income | 15,385,341 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments (net of foreign capital gain tax paid of $76,727) | 125,930,149 | |
Net realized losses on futures contracts | (2,072,723) | |
Net realized losses on foreign currency transactions | (215,809) | |
Net realized gains on forward foreign currency exchange contracts | + | 958,731 |
Net realized gains | 124,600,348 | |
Net change in unrealized appreciation (depreciation) on investments (net of change in foreign capital gains tax of ($528,648)) | (326,864,836) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (3,887,892) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | (82,785) | |
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | + | (193,188) |
Net change in unrealized appreciation (depreciation) | + | (331,028,701) |
Net realized and unrealized losses | (206,428,353) | |
Decrease in net assets resulting from operations | ($191,043,012) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $15,385,341 | $13,867,445 | ||
Net realized gains | 124,600,348 | 72,381,795 | ||
Net change in unrealized appreciation (depreciation) | + | (331,028,701) | 314,005,056 | |
Increase (decrease) in net assets from operations | (191,043,012) | 400,254,296 | ||
Distributions to Shareholders1 | ||||
Investor Shares | (22,191,896) | (3,023,945) | ||
Select Shares | + | (55,540,940) | (9,031,598) | |
Total distributions | ($77,732,836) | ($12,055,543) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares Sold | ||||||||
Investor Shares | 768,475 | $20,559,616 | 1,073,343 | $26,268,397 | ||||
Select Shares | + | 6,716,472 | 175,934,966 | 3,940,536 | 93,709,180 | |||
Total shares sold | 7,484,947 | $196,494,582 | 5,013,879 | $119,977,577 | ||||
Shares Reinvested | ||||||||
Investor Shares | 766,583 | $19,831,502 | 128,906 | $2,663,205 | ||||
Select Shares | + | 1,345,695 | 34,745,855 | 260,814 | 5,377,990 | |||
Total shares reinvested | 2,112,278 | $54,577,357 | 389,720 | $8,041,195 | ||||
Shares Redeemed | ||||||||
Investor Shares | (2,912,352) | ($76,864,136) | (3,345,200) | ($76,914,481) | ||||
Select Shares | + | (4,410,948) | (116,250,573) | (8,849,251) | (208,212,630) | |||
Total shares redeemed | (7,323,300) | ($193,114,709) | (12,194,451) | ($285,127,111) | ||||
Net transactions in fund shares | 2,273,925 | $57,957,230 | (6,790,852) | ($157,108,339) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 64,576,230 | $1,741,418,973 | 71,367,082 | $1,510,328,559 | ||||
Total increase or decrease | + | 2,273,925 | (210,818,618) | (6,790,852) | 231,090,414 | |||
End of period2 | 66,850,155 | $1,530,600,355 | 64,576,230 | $1,741,418,973 |
1 | For the period ended October 31, 2017, the Investor Share class of the fund distributed to shareholders $3,023,945 from net investment income, and the Select Share class of the fund distributed to shareholders $9,031,598 from net investment income, respectively. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $12,569,530 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Laudus Small-Cap MarketMasters Fund | Schwab Target 2035 Fund |
Laudus International MarketMasters 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 U.S. Large-Cap Growth Index Fund | Schwab Target 2060 Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental US Large Company Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental US Small Company Index Fund |
Schwab International Index Fund® | Schwab Fundamental International Large Company Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Small Company Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2010 Index Fund |
Schwab Balanced Fund | Schwab Target 2015 Index Fund |
Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
Schwab Hedged Equity Fund | Schwab Target 2040 Index Fund |
Schwab Health Care Fund | Schwab Target 2045 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2050 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2020 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2030 Fund | Schwab ® Monthly Income Fund - Maximum Payout |
2. Significant Accounting Policies:
3. Risk Factors:
% 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 | 25.1% | —% | |
Schwab Monthly Income Fund - Enhanced Payout | —% | 0.4% | |
Schwab Monthly Income Fund - Maximum Payout | —% | 0.1% | |
Schwab Monthly Income Fund - Moderate Payout | —% | 0.4% | |
Schwab Target 2010 Fund | 0.2% | 0.2% | |
Schwab Target 2015 Fund | 0.4% | 0.4% | |
Schwab Target 2020 Fund | 2.7% | 2.8% | |
Schwab Target 2025 Fund | 3.9% | 3.5% | |
Schwab Target 2030 Fund | 9.2% | 7.2% | |
Schwab Target 2035 Fund | 4.9% | 3.7% | |
Schwab Target 2040 Fund | 12.4% | 8.8% | |
Schwab Target 2045 Fund | 1.9% | 1.3% | |
Schwab Target 2050 Fund | 1.8% | 1.2% | |
Schwab Target 2055 Fund | 1.0% | 0.8% | |
Schwab Target 2060 Fund | 0.2% | 0.1% |
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Laudus Small-Cap MarketMasters Fund | $133,513,558 | $145,076,866 |
Laudus International MarketMasters Fund | 1,147,654,701 | 1,197,650,934 |
8. Derivatives:
Notional Amounts | Number of Contracts | |
Laudus Small-Cap MarketMasters Fund | $6,856,573 | 86 |
Laudus International MarketMasters Fund | 62,144,700 | 622 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |||
Asset Derivatives | Fair Value | |||
Equity Index Futures Contracts1 | $— | $— | ||
Forward Foreign Currency Exchange Contracts2 | — | 252,374 | ||
Liability Derivatives | Fair Value | |||
Equity Index Futures Contracts3 | ($1,099,122) | ($3,542,224) | ||
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 | $908,724 | ($2,072,723) |
Change in Unrealized Appreciation (Depreciation)2 | (1,293,923) | (3,887,892) |
Forward Foreign Currency Exchange Contracts | ||
Realized Gains (Losses)1 | $— | $958,731 |
Change in Unrealized Appreciation (Depreciation)2 | — | (193,188) |
1 | Statement of Operations location: Net realized gains (losses) on futures contracts and net realized gains (losses) on forward foreign currency exchange contracts. |
2 | Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
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. | $252,374 | $— | $— | $252,374 | |||
Total | $252,374 | $— | $— | $252,374 |
a | Represents the net amount due from the counterparty in the event of default. |
Prior Period (11/1/16-10/31/17) | |
Laudus Small-Cap MarketMasters Fund | $202 |
Laudus International MarketMasters Fund | 2,865 |
10. Federal Income Taxes:
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | ||
Tax cost | $174,774,875 | $1,432,260,548 | |
Gross unrealized appreciation | $19,573,870 | $184,599,757 | |
Gross unrealized depreciation | (17,671,260) | (114,464,853) | |
Net unrealized appreciation (depreciation) | $1,902,610 | $70,134,904 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | ||
Undistributed ordinary income | $6,703,751 | $18,337,109 | |
Undistributed long-term capital gains | 10,363,806 | 115,632,896 | |
Net unrealized appreciation (depreciation) on investments | 1,902,610 | 70,134,904 | |
Net other unrealized appreciation (depreciation) | — | (62,024) | |
Total | $18,970,167 | $204,042,885 |
Laudus Small-Cap MarketMasters Fund | Laudus International MarketMasters Fund | |
Current period distributions | ||
Ordinary income | $10,689,690 | $35,462,454 |
Long-term capital gains | 11,670,222 | 42,270,382 |
Prior period distributions | ||
Ordinary income | $374,652 | $12,055,543 |
Long-term capital gains | 1,680,089 | — |
11. Subsequent Events:
San Francisco, California
December 14, 2018
Percentage | |
Laudus Small-Cap MarketMasters Fund | 17.22 |
Laudus International MarketMasters Fund | — |
Laudus Small-Cap MarketMasters Fund | $1,938,091 |
Laudus International MarketMasters Fund | 33,619,489 |
Laudus Small-Cap MarketMasters Fund | $11,670,222 |
Laudus International MarketMasters Fund | 42,270,382 |
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 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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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®
00218110
Table of Contents
Equity Fund
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab Core Equity Fund (Ticker Symbol: SWANX) | 2.71% |
S&P 500® Index | 7.35% |
Fund Category: Morningstar Large Blend1 | 5.28% |
Performance Details | pages 8-10 |
Schwab Dividend Equity Fund (Ticker Symbol: SWDSX) | -0.63% |
Russell 1000® Value Index | 3.03% |
Fund Category: Morningstar Large Value1 | 3.34% |
Performance Details | pages 11-13 |
Schwab Large-Cap Growth Fund (Ticker Symbol: SWLSX) | 4.46% |
Russell 1000® Growth Index | 10.71% |
Fund Category: Morningstar Large Growth1 | 8.70% |
Performance Details | pages 14-16 |
Schwab Small-Cap Equity Fund (Ticker Symbol: SWSCX) | 1.37% |
Russell 2000® Index | 1.85% |
Fund Category: Morningstar Small Blend1 | -0.07% |
Performance Details | pages 17-19 |
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab Hedged Equity Fund (Ticker Symbol: SWHEX) | 1.75% |
S&P 500® Index | 7.35% |
Fund Category: Morningstar Long-Short Equity1 | 0.15% |
Performance Details | pages 20-22 |
Schwab Health Care Fund2 (Ticker Symbol: SWHFX) | 9.13% |
Dow Jones Global Health Care Index | 9.43% |
Fund Category: Morningstar Health1 | 9.71% |
Performance Details | pages 23-25 |
Schwab International Core Equity Fund2 (Ticker Symbol: SICNX) | -12.18% |
MSCI EAFE® Index (Net)3 | -6.85% |
Fund Category: Morningstar Foreign Large Blend1 | -8.26% |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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. |
Holly Emerson (formerly known as 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. Emerson 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Core Equity Fund (7/1/96) | 2.71% | 9.90% | 11.58% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Large Blend3 | 5.28% | 9.44% | 12.14% |
Fund Expense Ratio4: 0.74% |
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 | 140 |
Weighted Average Market Cap (millions) | $219,917 |
Price/Earnings Ratio (P/E) | 15.6 |
Price/Book Ratio (P/B) | 2.8 |
Portfolio Turnover Rate | 101% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Dividend Equity Fund (9/2/03) | -0.63% | 6.67% | 10.10% |
Russell 1000® Value Index | 3.03% | 8.61% | 11.30% |
Dividend Equity Spliced Index | 3.03% | 9.12% | 12.10% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Large Value3 | 3.34% | 8.03% | 11.13% |
Fund Expense Ratio4: 0.88% |
30-Day SEC Yield | 1.52% |
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 | 122 |
Weighted Average Market Cap (millions) | $104,116 |
Price/Earnings Ratio (P/E) | 13.2 |
Price/Book Ratio (P/B) | 2.1 |
Portfolio Turnover Rate | 79% |
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 | Less than 0.05%. |
3 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Large-Cap Growth Fund (10/3/05) | 4.46% | 11.19% | 12.83% |
Russell 1000® Growth Index | 10.71% | 13.43% | 15.45% |
Fund Category: Morningstar Large Growth3 | 8.70% | 11.05% | 13.73% |
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 | 115 |
Weighted Average Market Cap (millions) | $287,225 |
Price/Earnings Ratio (P/E) | 20.3 |
Price/Book Ratio (P/B) | 5.0 |
Portfolio Turnover Rate | 88% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Equity Fund (7/1/03) | 1.37% | 8.29% | 13.45% |
Russell 2000® Index | 1.85% | 8.01% | 12.44% |
Fund Category: Morningstar Small Blend3 | -0.07% | 6.75% | 12.10% |
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 | 293 |
Weighted Average Market Cap (millions) | $1,859 |
Price/Earnings Ratio (P/E) | 12.5 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 111% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Hedged Equity Fund (9/3/02) | 1.75% | 6.51% | 7.37% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Long-Short Equity3 | 0.15% | 3.07% | 5.82% |
Fund Expense Ratios4: Net 1.64%; Gross 1.65% |
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 | 190 |
Short Holdings | 111 |
Weighted Average Market Cap (millions) | |
Long Holdings | $110,112 |
Short Holdings | $5,357 |
Price/Earnings Ratio (P/E) | |
Long Holdings | 15.0 |
Short Holdings | 16.2 |
Price/Book Ratio (P/B) | |
Long Holdings | 2.2 |
Short Holdings | 2.1 |
Portfolio Turnover Rate including short sales | 180% |
Portfolio Turnover Rate excluding short sales | 111% |
1 | Excludes derivatives. |
2 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Health Care Fund (7/3/00) | 9.13% | 11.16% | 14.61% |
Dow Jones Global Health Care Index | 9.43% | 10.15% | 13.02% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Health2 | 9.71% | 11.89% | 15.65% |
Fund Expense Ratio3: 0.81% |
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 | 115 |
Weighted Average Market Cap (millions) | $121,938 |
Price/Earnings Ratio (P/E) | 28.4 |
Price/Book Ratio (P/B) | 3.9 |
Portfolio Turnover Rate | 45% |
1 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Core Equity Fund (5/30/08) | -12.18% | 2.34% | 7.82% |
MSCI EAFE® Index (Net)3 | -6.85% | 2.02% | 6.89% |
Fund Category: Morningstar Foreign Large Blend4 | -8.26% | 1.62% | 6.50% |
Fund Expense Ratios5: Net 0.86%; Gross 0.90% |
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 | 189 |
Weighted Average Market Cap (millions) | $50,560 |
Price/Earnings Ratio (P/E) | 12.0 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate | 98% |
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. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182 | |
Schwab Core Equity Fund | ||||
Actual Return | 0.73% | $1,000.00 | $ 998.70 | $3.68 |
Hypothetical 5% Return | 0.73% | $1,000.00 | $1,021.52 | $3.72 |
Schwab Dividend Equity Fund | ||||
Actual Return | 0.88% | $1,000.00 | $ 982.10 | $4.40 |
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 | $1,008.90 | $5.01 |
Hypothetical 5% Return | 0.99% | $1,000.00 | $1,020.21 | $5.04 |
Schwab Small-Cap Equity Fund | ||||
Actual Return | 1.08% | $1,000.00 | $ 985.80 | $5.41 |
Hypothetical 5% Return | 1.08% | $1,000.00 | $1,019.76 | $5.50 |
Schwab Hedged Equity Fund3 | ||||
Actual Return | 1.69% | $1,000.00 | $ 987.70 | $8.47 |
Hypothetical 5% Return | 1.69% | $1,000.00 | $1,016.68 | $8.59 |
Schwab Health Care Fund | ||||
Actual Return | 0.80% | $1,000.00 | $1,070.80 | $4.18 |
Hypothetical 5% Return | 0.80% | $1,000.00 | $1,021.17 | $4.08 |
Schwab International Core Equity Fund | ||||
Actual Return | 0.86% | $1,000.00 | $ 867.70 | $4.05 |
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. |
3 | Schwab Hedged Equity Fund’s expense ratio includes dividend expenses and stock loan fees paid on securities sold short. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $24.36 | $19.65 | $23.10 | $25.48 | $23.46 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.26 1 | 0.34 1 | 0.38 1 | 0.30 1 | 0.30 | |
Net realized and unrealized gains (losses) | 0.41 | 4.71 | (0.52) | 1.05 | 3.60 | |
Total from investment operations | 0.67 | 5.05 | (0.14) | 1.35 | 3.90 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.34) | (0.36) | (0.33) | (0.22) | |
Distributions from net realized gains | (2.29) | — | (2.95) | (3.40) | (1.66) | |
Total distributions | (2.63) | (0.34) | (3.31) | (3.73) | (1.88) | |
Net asset value at end of period | $22.40 | $24.36 | $19.65 | $23.10 | $25.48 | |
Total return | 2.71% | 26.00% | (0.50%) | 5.61% | 17.88% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.73% | 0.73% | 0.73% | 0.74% | 0.72% | |
Gross operating expenses | 0.73% | 0.74% | 0.73% | 0.74% | 0.72% | |
Net investment income (loss) | 1.12% | 1.53% | 1.93% | 1.29% | 1.19% | |
Portfolio turnover rate | 101% | 86% | 80% | 81% | 63% | |
Net assets, end of period (x 1,000,000) | $2,138 | $2,353 | $2,075 | $2,363 | $2,317 | |
Security | Number of Shares | Value ($) |
Common Stock 99.4% of net assets | ||
Banks 5.0% | ||
Bank of America Corp. | 392,992 | 10,807,280 |
CIT Group, Inc. | 156,940 | 7,435,817 |
Citigroup, Inc. | 640,428 | 41,922,417 |
Fifth Third Bancorp | 249,506 | 6,734,167 |
JPMorgan Chase & Co. | 205,380 | 22,390,528 |
Regions Financial Corp. | 325,861 | 5,529,861 |
The PNC Financial Services Group, Inc. | 87,121 | 11,194,177 |
106,014,247 | ||
Capital Goods 6.9% | ||
Allison Transmission Holdings, Inc. | 784,478 | 34,579,790 |
EMCOR Group, Inc. | 28,101 | 1,994,609 |
Honeywell International, Inc. | 104,114 | 15,077,790 |
Illinois Tool Works, Inc. | 167,419 | 21,357,642 |
Masco Corp. | 844,500 | 25,335,000 |
Oshkosh Corp. | 63,303 | 3,553,830 |
Owens Corning | 60,840 | 2,875,907 |
PACCAR, Inc. | 185,088 | 10,588,884 |
Raytheon Co. | 16,820 | 2,944,173 |
Resideo Technologies, Inc. * | 17,352 | 365,267 |
The Boeing Co. | 82,780 | 29,375,311 |
148,048,203 | ||
Commercial & Professional Services 1.2% | ||
ManpowerGroup, Inc. | 89,547 | 6,831,541 |
Robert Half International, Inc. | 314,284 | 19,023,610 |
25,855,151 | ||
Consumer Durables & Apparel 1.8% | ||
Deckers Outdoor Corp. * | 43,305 | 5,507,097 |
Michael Kors Holdings Ltd. * | 388,714 | 21,538,643 |
Polaris Industries, Inc. | 43,530 | 3,873,299 |
Whirlpool Corp. | 60,265 | 6,614,686 |
37,533,725 | ||
Consumer Services 1.3% | ||
Darden Restaurants, Inc. | 84,407 | 8,993,566 |
Las Vegas Sands Corp. | 195,411 | 9,971,823 |
Penn National Gaming, Inc. * | 132,865 | 3,225,962 |
Wyndham Destinations, Inc. | 146,197 | 5,245,549 |
27,436,900 | ||
Diversified Financials 5.7% | ||
Affiliated Managers Group, Inc. | 173,489 | 19,718,760 |
Ameriprise Financial, Inc. | 62,809 | 7,991,817 |
Capital One Financial Corp. | 310,461 | 27,724,167 |
Discover Financial Services | 170,885 | 11,905,558 |
Evercore, Inc., Class A | 137,289 | 11,215,138 |
Lazard Ltd., Class A | 69,449 | 2,759,903 |
Morgan Stanley | 424,029 | 19,361,164 |
Security | Number of Shares | Value ($) |
Santander Consumer USA Holdings, Inc. | 213,378 | 4,000,838 |
Synchrony Financial | 418,214 | 12,078,020 |
The Goldman Sachs Group, Inc. | 23,458 | 5,286,730 |
122,042,095 | ||
Energy 5.7% | ||
Chevron Corp. | 321,458 | 35,890,786 |
ConocoPhillips | 632,262 | 44,195,114 |
Exxon Mobil Corp. | 213,008 | 16,972,477 |
Marathon Oil Corp. | 595,727 | 11,312,856 |
National Oilwell Varco, Inc. | 48,414 | 1,781,635 |
PBF Energy, Inc., Class A | 71,203 | 2,979,845 |
Valero Energy Corp. | 107,486 | 9,790,900 |
122,923,613 | ||
Food & Staples Retailing 1.1% | ||
The Kroger Co. | 332,918 | 9,907,640 |
Walmart, Inc. | 139,898 | 14,028,971 |
23,936,611 | ||
Food, Beverage & Tobacco 4.3% | ||
Flowers Foods, Inc. | 631,873 | 12,201,468 |
Ingredion, Inc. | 235,003 | 23,777,603 |
Molson Coors Brewing Co., Class B | 277,524 | 17,761,536 |
PepsiCo, Inc. | 140,253 | 15,761,632 |
Pilgrim's Pride Corp. * | 415,350 | 7,335,081 |
Tyson Foods, Inc., Class A | 233,964 | 14,019,123 |
90,856,443 | ||
Health Care Equipment & Services 5.9% | ||
Anthem, Inc. | 35,464 | 9,772,814 |
Cerner Corp. * | 157,449 | 9,018,679 |
Danaher Corp. | 59,795 | 5,943,623 |
Hill-Rom Holdings, Inc. | 54,740 | 4,602,539 |
Hologic, Inc. * | 299,164 | 11,664,404 |
McKesson Corp. | 26,351 | 3,287,551 |
Molina Healthcare, Inc. * | 58,946 | 7,472,584 |
UnitedHealth Group, Inc. | 140,816 | 36,802,262 |
Varian Medical Systems, Inc. * | 320,796 | 38,293,419 |
126,857,875 | ||
Household & Personal Products 1.1% | ||
Energizer Holdings, Inc. | 48,516 | 2,851,285 |
Herbalife Nutrition Ltd. * | 187,758 | 9,999,991 |
Kimberly-Clark Corp. | 38,648 | 4,030,987 |
The Procter & Gamble Co. | 83,125 | 7,371,525 |
24,253,788 | ||
Insurance 2.8% | ||
Aflac, Inc. | 296,535 | 12,771,763 |
Prudential Financial, Inc. | 48,488 | 4,547,205 |
Security | Number of Shares | Value ($) |
The Allstate Corp. | 373,381 | 35,740,029 |
The Travelers Cos., Inc. | 59,703 | 7,470,636 |
60,529,633 | ||
Materials 3.3% | ||
Celanese Corp. | 174,277 | 16,894,412 |
Domtar Corp. | 262,020 | 12,134,146 |
Huntsman Corp. | 688,760 | 15,070,069 |
LyondellBasell Industries N.V., Class A | 166,675 | 14,879,077 |
PolyOne Corp. | 151,711 | 4,901,783 |
Westlake Chemical Corp. | 103,072 | 7,349,034 |
71,228,521 | ||
Media & Entertainment 7.4% | ||
Alphabet, Inc., Class A * | 48,068 | 52,421,999 |
Alphabet, Inc., Class C * | 10,791 | 11,619,425 |
Comcast Corp., Class A | 769,761 | 29,358,685 |
Facebook, Inc., Class A * | 157,542 | 23,913,300 |
The Walt Disney Co. | 140,978 | 16,188,504 |
Viacom, Inc., Class B | 804,159 | 25,717,005 |
159,218,918 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.6% | ||
AbbVie, Inc. | 139,928 | 10,893,395 |
Agilent Technologies, Inc. | 48,100 | 3,116,399 |
Amgen, Inc. | 213,503 | 41,161,243 |
Biogen, Inc. * | 35,644 | 10,845,400 |
Bruker Corp. | 101,061 | 3,166,241 |
Celgene Corp. * | 61,780 | 4,423,448 |
Charles River Laboratories International, Inc. * | 50,237 | 6,119,871 |
Eli Lilly & Co. | 76,300 | 8,273,972 |
Gilead Sciences, Inc. | 181,079 | 12,345,966 |
Jazz Pharmaceuticals plc * | 46,387 | 7,367,183 |
Johnson & Johnson | 363,560 | 50,894,765 |
Pfizer, Inc. | 407,204 | 17,534,204 |
Waters Corp. * | 37,489 | 7,111,289 |
183,253,376 | ||
Real Estate 2.2% | ||
American Tower Corp. | 51,870 | 8,081,864 |
Host Hotels & Resorts, Inc. | 205,934 | 3,935,399 |
Senior Housing Properties Trust | 780,054 | 12,535,468 |
Spirit Realty Capital, Inc. | 376,240 | 2,942,197 |
Weyerhaeuser Co. | 717,473 | 19,106,306 |
46,601,234 | ||
Retailing 6.5% | ||
Amazon.com, Inc. * | 43,491 | 69,499,053 |
Best Buy Co., Inc. | 244,479 | 17,152,647 |
Booking Holdings, Inc. * | 7,323 | 13,727,549 |
Foot Locker, Inc. | 143,844 | 6,780,806 |
Kohl's Corp. | 87,859 | 6,653,562 |
Qurate Retail, Inc. * | 684,586 | 15,019,817 |
The Home Depot, Inc. | 58,214 | 10,238,678 |
139,072,112 | ||
Semiconductors & Semiconductor Equipment 2.9% | ||
Intel Corp. | 697,450 | 32,696,456 |
Lam Research Corp. | 44,695 | 6,334,622 |
Security | Number of Shares | Value ($) |
Micron Technology, Inc. * | 451,829 | 17,042,990 |
NVIDIA Corp. | 23,082 | 4,866,378 |
60,940,446 | ||
Software & Services 11.6% | ||
Accenture plc, Class A | 110,069 | 17,349,076 |
Adobe Systems, Inc. * | 26,534 | 6,520,996 |
Cadence Design Systems, Inc. * | 193,120 | 8,607,358 |
Citrix Systems, Inc. * | 198,747 | 20,365,605 |
Cognizant Technology Solutions Corp., Class A | 183,237 | 12,648,850 |
International Business Machines Corp. | 206,651 | 23,853,725 |
Intuit, Inc. | 98,054 | 20,689,394 |
Jack Henry & Associates, Inc. | 30,401 | 4,554,982 |
Mastercard, Inc., Class A | 30,530 | 6,034,865 |
Microsoft Corp. | 885,450 | 94,574,914 |
Oracle Corp. | 247,046 | 12,065,727 |
Visa, Inc., Class A | 149,959 | 20,671,848 |
247,937,340 | ||
Technology Hardware & Equipment 7.5% | ||
Apple, Inc. | 519,705 | 113,742,636 |
Cisco Systems, Inc. | 390,233 | 17,853,160 |
F5 Networks, Inc. * | 31,432 | 5,509,401 |
HP, Inc. | 472,819 | 11,413,851 |
NetApp, Inc. | 89,220 | 7,002,878 |
Western Digital Corp. | 96,221 | 4,144,238 |
159,666,164 | ||
Telecommunication Services 1.2% | ||
Telephone & Data Systems, Inc. | 128,557 | 3,963,412 |
Verizon Communications, Inc. | 388,737 | 22,192,996 |
26,156,408 | ||
Transportation 1.4% | ||
Delta Air Lines, Inc. | 299,179 | 16,374,067 |
Landstar System, Inc. | 60,480 | 6,053,443 |
United Continental Holdings, Inc. * | 83,628 | 7,151,030 |
29,578,540 | ||
Utilities 4.0% | ||
CenterPoint Energy, Inc. | 524,731 | 14,172,984 |
Exelon Corp. | 811,484 | 35,551,114 |
NRG Energy, Inc. | 495,058 | 17,916,149 |
Portland General Electric Co. | 247,810 | 11,171,275 |
UGI Corp. | 135,794 | 7,205,230 |
86,016,752 | ||
Total Common Stock | ||
(Cost $1,833,022,768) | 2,125,958,095 | |
Other Investment Company 0.4% of net assets | ||
Money Market Fund 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (a) | 7,202,935 | 7,202,935 |
Total Other Investment Company | ||
(Cost $7,202,935) | 7,202,935 |
* | 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 | $2,125,958,095 | $— | $— | $2,125,958,095 | |
Other Investment Company1 | 7,202,935 | — | — | 7,202,935 | |
Total | $2,133,161,030 | $— | $— | $2,133,161,030 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,840,225,703) | $2,133,161,030 | |
Deposit with broker for futures contracts | 1,155,000 | |
Receivables: | ||
Investments sold | 35,809,086 | |
Fund shares sold | 3,388,264 | |
Dividends | 1,633,574 | |
Income from securities on loan | 82 | |
Prepaid expenses | + | 20,689 |
Total assets | 2,175,167,725 | |
Liabilities | ||
Payables: | ||
Investments bought | 34,651,325 | |
Investment adviser and administrator fees | 881,246 | |
Shareholder service fees | 458,307 | |
Fund shares redeemed | 535,564 | |
Accrued expenses | + | 149,411 |
Total liabilities | 36,675,853 | |
Net Assets | ||
Total assets | 2,175,167,725 | |
Total liabilities | – | 36,675,853 |
Net assets | $2,138,491,872 | |
Net Assets by Source | ||
Capital received from investors | 1,595,522,163 | |
Total distributable earnings1 | 542,969,709 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,138,491,872 | 95,476,088 | $22.40 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends | $42,962,475 | |
Securities on loan, net | + | 1,445 |
Total investment income | 42,963,920 | |
Expenses | ||
Investment adviser and administrator fees | 10,900,443 | |
Shareholder service fees | 5,666,837 | |
Portfolio accounting fees | 64,350 | |
Shareholder reports | 63,541 | |
Custodian fees | 52,133 | |
Transfer agent fees | 45,991 | |
Professional fees | 45,056 | |
Registration fees | 35,702 | |
Independent trustees’ fees | 19,200 | |
Interest expense | 366 | |
Other expenses | + | 27,245 |
Total expenses | 16,920,864 | |
Expense reduction by CSIM and its affiliates | – | 45,991 |
Net expenses | – | 16,874,873 |
Net investment income | 26,089,047 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 232,116,487 | |
Net realized gains on futures contracts | + | 207,360 |
Net realized gains | 232,323,847 | |
Net change in unrealized appreciation (depreciation) on investments | (184,576,611) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (195,509) |
Net change in unrealized appreciation (depreciation) | + | (184,772,120) |
Net realized and unrealized gains | 47,551,727 | |
Increase in net assets resulting from operations | $73,640,774 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $26,089,047 | $33,683,880 | ||
Net realized gains | 232,323,847 | 220,321,188 | ||
Net change in unrealized appreciation (depreciation) | + | (184,772,120) | 252,770,154 | |
Increase in net assets from operations | 73,640,774 | 506,775,222 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($252,002,689) | ($35,084,460) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,037,106 | $115,966,940 | 4,988,532 | $112,792,936 | ||||
Shares reinvested | 8,268,646 | 186,127,214 | 1,218,622 | 25,249,831 | ||||
Shares redeemed | + | (14,419,212) | (338,357,426) | (15,242,604) | (331,861,293) | |||
Net transactions in fund shares | (1,113,460) | ($36,263,272) | (9,035,450) | ($193,818,526) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 96,589,548 | $2,353,117,059 | 105,624,998 | $2,075,244,823 | ||||
Total increase or decrease | + | (1,113,460) | (214,625,187) | (9,035,450) | 277,872,236 | |||
End of period2 | 95,476,088 | $2,138,491,872 | 96,589,548 | $2,353,117,059 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $35,084,460 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $26,704,798 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.21 | $14.39 | $16.43 | $19.17 | $18.22 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.29 1 | 0.31 1 | 0.29 1 | 0.27 | |
Net realized and unrealized gains (losses) | (0.27) | 2.75 | (0.29) | (0.21) | 2.16 | |
Total from investment operations | (0.05) | 3.04 | 0.02 | 0.08 | 2.43 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.22) | (0.32) | (0.27) | (0.29) | |
Distributions from net realized gains | (1.43) | — | (1.74) | (2.55) | (1.19) | |
Total distributions | (1.73) | (0.22) | (2.06) | (2.82) | (1.48) | |
Net asset value at end of period | $15.43 | $17.21 | $14.39 | $16.43 | $19.17 | |
Total return | (0.63%) | 21.19% | 0.26% | 0.12% | 14.26% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.88% | 0.88% | 0.88% | 0.88% | 0.89% | |
Gross operating expenses | 0.88% | 0.88% | 0.89% | 0.88% | 0.89% | |
Net investment income (loss) | 1.36% | 1.78% | 2.18% | 1.71% | 1.47% | |
Portfolio turnover rate | 79% | 70% | 74% | 73% | 72% | |
Net assets, end of period (x 1,000,000) | $1,249 | $1,469 | $1,560 | $1,872 | $2,053 | |
Security | Number of Shares | Value ($) |
Common Stock 99.8% of net assets | ||
Automobiles & Components 0.4% | ||
Dana, Inc. | 212,395 | 3,306,990 |
Lear Corp. | 16,417 | 2,181,819 |
5,488,809 | ||
Banks 11.1% | ||
Bank of America Corp. | 371,324 | 10,211,410 |
CIT Group, Inc. | 272,094 | 12,891,814 |
Citigroup, Inc. | 571,129 | 37,386,105 |
Citizens Financial Group, Inc. | 377,732 | 14,108,290 |
JPMorgan Chase & Co. | 245,952 | 26,813,687 |
MGIC Investment Corp. * | 209,410 | 2,556,896 |
Regions Financial Corp. | 1,321,490 | 22,425,685 |
The PNC Financial Services Group, Inc. | 85,343 | 10,965,722 |
Wells Fargo & Co. | 17,160 | 913,427 |
138,273,036 | ||
Capital Goods 7.5% | ||
Allison Transmission Holdings, Inc. | 452,265 | 19,935,841 |
EMCOR Group, Inc. | 140,831 | 9,996,184 |
General Electric Co. | 230,995 | 2,333,050 |
Illinois Tool Works, Inc. | 146,863 | 18,735,313 |
Masco Corp. | 636,851 | 19,105,530 |
The Boeing Co. | 67,151 | 23,829,204 |
93,935,122 | ||
Commercial & Professional Services 0.9% | ||
ASGN, Inc. * | 34,668 | 2,325,529 |
ManpowerGroup, Inc. | 63,679 | 4,858,071 |
Robert Half International, Inc. | 75,586 | 4,575,221 |
11,758,821 | ||
Consumer Durables & Apparel 1.0% | ||
Michael Kors Holdings Ltd. * | 222,013 | 12,301,740 |
Whirlpool Corp. | 6,752 | 741,100 |
13,042,840 | ||
Consumer Services 1.3% | ||
Las Vegas Sands Corp. | 140,747 | 7,182,319 |
Wyndham Destinations, Inc. | 245,060 | 8,792,753 |
15,975,072 | ||
Diversified Financials 8.9% | ||
Affiliated Managers Group, Inc. | 131,970 | 14,999,710 |
Ameriprise Financial, Inc. | 47,425 | 6,034,357 |
Berkshire Hathaway, Inc., Class B * | 44,563 | 9,147,893 |
Capital One Financial Corp. | 290,326 | 25,926,112 |
Discover Financial Services | 164,432 | 11,455,977 |
Evercore, Inc., Class A | 12,853 | 1,049,962 |
Lazard Ltd., Class A | 214,035 | 8,505,751 |
Security | Number of Shares | Value ($) |
Morgan Stanley | 479,829 | 21,908,992 |
Santander Consumer USA Holdings, Inc. | 220,170 | 4,128,187 |
SEI Investments Co. | 30,719 | 1,641,930 |
Synchrony Financial | 207,060 | 5,979,893 |
110,778,764 | ||
Energy 9.8% | ||
Chevron Corp. | 326,203 | 36,420,565 |
ConocoPhillips | 451,477 | 31,558,243 |
Exxon Mobil Corp. | 334,946 | 26,688,497 |
Halliburton Co. | 193,548 | 6,712,245 |
Marathon Oil Corp. | 166,477 | 3,161,398 |
Valero Energy Corp. | 195,625 | 17,819,481 |
122,360,429 | ||
Food & Staples Retailing 0.2% | ||
Walmart, Inc. | 26,666 | 2,674,066 |
Food, Beverage & Tobacco 4.3% | ||
Flowers Foods, Inc. | 587,248 | 11,339,759 |
Ingredion, Inc. | 170,554 | 17,256,654 |
PepsiCo, Inc. | 50,189 | 5,640,240 |
Pilgrim's Pride Corp. * | 208,840 | 3,688,114 |
TreeHouse Foods, Inc. * | 35,855 | 1,633,554 |
Tyson Foods, Inc., Class A | 227,550 | 13,634,796 |
53,193,117 | ||
Health Care Equipment & Services 6.9% | ||
Abbott Laboratories | 55,675 | 3,838,234 |
athenahealth, Inc. * | 20,586 | 2,625,538 |
Cardinal Health, Inc. | 24,248 | 1,226,949 |
Cerner Corp. * | 44,189 | 2,531,146 |
Express Scripts Holding Co. * | 262,099 | 25,415,740 |
Hill-Rom Holdings, Inc. | 33,983 | 2,857,291 |
Hologic, Inc. * | 208,476 | 8,128,479 |
McKesson Corp. | 10,787 | 1,345,786 |
ResMed, Inc. | 40,879 | 4,329,904 |
UnitedHealth Group, Inc. | 30,917 | 8,080,158 |
Varian Medical Systems, Inc. * | 212,888 | 25,412,441 |
85,791,666 | ||
Household & Personal Products 2.1% | ||
Energizer Holdings, Inc. | 91,339 | 5,367,993 |
Herbalife Nutrition Ltd. * | 140,465 | 7,481,166 |
The Procter & Gamble Co. | 148,022 | 13,126,591 |
25,975,750 | ||
Insurance 4.0% | ||
Aflac, Inc. | 176,185 | 7,588,288 |
American National Insurance Co. | 11,805 | 1,454,848 |
CNA Financial Corp. | 36,872 | 1,599,139 |
CNO Financial Group, Inc. | 154,274 | 2,915,779 |
Prudential Financial, Inc. | 11,599 | 1,087,754 |
Security | Number of Shares | Value ($) |
The Allstate Corp. | 292,828 | 28,029,496 |
The Travelers Cos., Inc. | 59,043 | 7,388,050 |
50,063,354 | ||
Materials 4.7% | ||
Berry Global Group, Inc. * | 221,302 | 9,653,193 |
Celanese Corp. | 177,522 | 17,208,983 |
Domtar Corp. | 181,208 | 8,391,742 |
Huntsman Corp. | 267,770 | 5,858,808 |
LyondellBasell Industries N.V., Class A | 95,597 | 8,533,944 |
PolyOne Corp. | 158,034 | 5,106,079 |
Trinseo S.A. | 35,760 | 1,926,749 |
Westlake Chemical Corp. | 36,135 | 2,576,425 |
59,255,923 | ||
Media & Entertainment 3.1% | ||
Alphabet, Inc., Class A * | 12,157 | 13,258,181 |
Comcast Corp., Class A | 368,551 | 14,056,535 |
IAC/InterActiveCorp * | 19,462 | 3,826,035 |
News Corp., Class A | 93,575 | 1,234,254 |
Viacom, Inc., Class B | 199,614 | 6,383,656 |
38,758,661 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||
Amgen, Inc. | 113,364 | 21,855,446 |
Gilead Sciences, Inc. | 6,174 | 420,943 |
Jazz Pharmaceuticals plc * | 54,677 | 8,683,801 |
Johnson & Johnson | 250,605 | 35,082,194 |
Pfizer, Inc. | 610,234 | 26,276,676 |
Waters Corp. * | 16,396 | 3,110,157 |
95,429,217 | ||
Real Estate 4.7% | ||
American Tower Corp. | 46,977 | 7,319,486 |
Equity LifeStyle Properties, Inc. | 114,477 | 10,839,827 |
Prologis, Inc. | 39,445 | 2,543,019 |
Retail Properties of America, Inc., Class A | 769,163 | 9,437,630 |
Ryman Hospitality Properties, Inc. | 9,560 | 741,761 |
Senior Housing Properties Trust | 1,117,898 | 17,964,621 |
Weyerhaeuser Co. | 376,732 | 10,032,373 |
58,878,717 | ||
Retailing 1.9% | ||
Best Buy Co., Inc. | 267,345 | 18,756,925 |
Dick's Sporting Goods, Inc. | 73,189 | 2,588,695 |
Kohl's Corp. | 27,660 | 2,094,692 |
23,440,312 | ||
Semiconductors & Semiconductor Equipment 2.3% | ||
Intel Corp. | 446,008 | 20,908,855 |
Micron Technology, Inc. * | 192,147 | 7,247,785 |
28,156,640 | ||
Security | Number of Shares | Value ($) |
Software & Services 3.4% | ||
Accenture plc, Class A | 27,670 | 4,361,345 |
Citrix Systems, Inc. * | 202,443 | 20,744,334 |
International Business Machines Corp. | 93,971 | 10,847,073 |
Microsoft Corp. | 54,898 | 5,863,655 |
41,816,407 | ||
Technology Hardware & Equipment 2.7% | ||
Apple, Inc. | 13,927 | 3,048,063 |
Cisco Systems, Inc. | 127,600 | 5,837,700 |
F5 Networks, Inc. * | 19,184 | 3,362,572 |
HP, Inc. | 849,343 | 20,503,140 |
Western Digital Corp. | 21,387 | 921,138 |
33,672,613 | ||
Telecommunication Services 2.8% | ||
AT&T, Inc. | 598,324 | 18,356,580 |
T-Mobile US, Inc. * | 36,888 | 2,528,673 |
Telephone & Data Systems, Inc. | 41,254 | 1,271,861 |
Verizon Communications, Inc. | 230,645 | 13,167,523 |
35,324,637 | ||
Transportation 0.6% | ||
Delta Air Lines, Inc. | 141,122 | 7,723,607 |
Utilities 7.6% | ||
CenterPoint Energy, Inc. | 849,386 | 22,941,916 |
CMS Energy Corp. | 36,701 | 1,817,433 |
Exelon Corp. | 666,001 | 29,177,504 |
FirstEnergy Corp. | 239,371 | 8,923,751 |
NRG Energy, Inc. | 271,736 | 9,834,126 |
Portland General Electric Co. | 305,184 | 13,757,695 |
UGI Corp. | 160,885 | 8,536,558 |
94,988,983 | ||
Total Common Stock | ||
(Cost $1,131,419,316) | 1,246,756,563 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.0% of net assets | ||
Time Deposit 0.0% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (a) | 346,028 | 346,028 |
Total Short-Term Investment | ||
(Cost $346,028) | 346,028 |
* | 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 | $1,246,756,563 | $— | $— | $1,246,756,563 | |
Short-Term Investment1 | — | 346,028 | — | 346,028 | |
Total | $1,246,756,563 | $346,028 | $— | $1,247,102,591 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,131,765,344) | $1,247,102,591 | |
Deposit with broker for futures contracts | 562,500 | |
Receivables: | ||
Investments sold | 13,902,060 | |
Dividends | 1,653,883 | |
Fund shares sold | 208,239 | |
Foreign tax reclaims | 1,378 | |
Interest | 15 | |
Prepaid expenses | + | 21,367 |
Total assets | 1,263,452,033 | |
Liabilities | ||
Payables: | ||
Investments bought | 12,401,772 | |
Investment adviser and administrator fees | 679,696 | |
Shareholder service fees | 265,329 | |
Fund shares redeemed | 872,743 | |
Accrued expenses | + | 108,683 |
Total liabilities | 14,328,223 | |
Net Assets | ||
Total assets | 1,263,452,033 | |
Total liabilities | – | 14,328,223 |
Net assets | $1,249,123,810 | |
Net Assets by Source | ||
Capital received from investors | 1,031,860,867 | |
Total distributable earnings1 | 217,262,943 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,249,123,810 | 80,944,483 | $15.43 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $612) | $31,297,297 | |
Interest | + | 35,766 |
Total investment income | 31,333,063 | |
Expenses | ||
Investment adviser and administrator fees | 8,672,841 | |
Shareholder service fees | 3,395,807 | |
Portfolio accounting fees | 55,856 | |
Shareholder reports | 49,394 | |
Professional fees | 42,539 | |
Custodian fees | 34,706 | |
Transfer agent fees | 31,706 | |
Registration fees | 28,742 | |
Independent trustees’ fees | 14,562 | |
Interest expense | 2,546 | |
Other expenses | + | 16,955 |
Total expenses | 12,345,654 | |
Expense reduction by CSIM and its affiliates | – | 31,706 |
Net expenses | – | 12,313,948 |
Net investment income | 19,019,115 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 100,201,714 | |
Net realized gains on futures contracts | + | 578,110 |
Net realized gains | 100,779,824 | |
Net change in unrealized appreciation (depreciation) on investments | (119,021,337) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (223,438) |
Net change in unrealized appreciation (depreciation) | + | (119,244,775) |
Net realized and unrealized losses | (18,464,951) | |
Increase in net assets resulting from operations | $554,164 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $19,019,115 | $26,835,784 | ||
Net realized gains | 100,779,824 | 129,829,514 | ||
Net change in unrealized appreciation (depreciation) | + | (119,244,775) | 139,540,069 | |
Increase in net assets from operations | 554,164 | 296,205,367 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($146,370,393) | ($20,423,777) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,465,871 | $72,752,175 | 4,020,638 | $64,372,892 | ||||
Shares reinvested | 5,882,999 | 95,048,975 | 811,045 | 13,160,752 | ||||
Shares redeemed | + | (14,759,098) | (242,239,003) | (27,826,825) | (443,615,673) | |||
Net transactions in fund shares | (4,410,228) | ($74,437,853) | (22,995,142) | ($366,082,029) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 85,354,711 | $1,469,377,892 | 108,349,853 | $1,559,678,331 | ||||
Total decrease | + | (4,410,228) | (220,254,082) | (22,995,142) | (90,300,439) | |||
End of period2 | 80,944,483 | $1,249,123,810 | 85,354,711 | $1,469,377,892 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $20,423,777 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $8,029,021 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.65 | $15.20 | $17.68 | $18.38 | $15.66 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.06 1 | 0.08 1 | 0.20 1 | 0.13 1 | 0.11 | |
Net realized and unrealized gains (losses) | 0.75 | 4.04 | (0.12) | 1.08 | 2.70 | |
Total from investment operations | 0.81 | 4.12 | 0.08 | 1.21 | 2.81 | |
Less distributions: | ||||||
Distributions from net investment income | (0.07) | (0.17) | (0.20) | (0.09) | (0.09) | |
Distributions from net realized gains | (1.35) | (0.50) | (2.36) | (1.82) | — | |
Total distributions | (1.42) | (0.67) | (2.56) | (1.91) | (0.09) | |
Net asset value at end of period | $18.04 | $18.65 | $15.20 | $17.68 | $18.38 | |
Total return | 4.46% | 28.10% | 0.54% | 7.00% | 18.06% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.99% | 0.99% | 1.00% 2 | 0.99% | 0.99% | |
Gross operating expenses | 1.02% | 1.04% | 1.04% | 1.03% | 1.04% | |
Net investment income (loss) | 0.30% | 0.48% | 1.32% | 0.75% | 0.60% | |
Portfolio turnover rate | 88% | 81% | 84% | 90% | 82% | |
Net assets, end of period (x 1,000,000) | $243 | $257 | $219 | $251 | $256 | |
Security | Number of Shares | Value ($) |
Common Stock 99.2% of net assets | ||
Automobiles & Components 0.3% | ||
Dana, Inc. | 22,778 | 354,653 |
Lear Corp. | 2,401 | 319,093 |
673,746 | ||
Banks 0.4% | ||
Citigroup, Inc. | 4,131 | 270,415 |
MGIC Investment Corp. * | 24,964 | 304,810 |
TCF Financial Corp. | 15,652 | 326,814 |
902,039 | ||
Capital Goods 7.8% | ||
Allison Transmission Holdings, Inc. | 90,713 | 3,998,629 |
Illinois Tool Works, Inc. | 13,806 | 1,761,231 |
Masco Corp. | 70,757 | 2,122,710 |
Oshkosh Corp. | 11,890 | 667,505 |
Raytheon Co. | 7,669 | 1,342,382 |
The Boeing Co. | 22,149 | 7,859,794 |
United Rentals, Inc. * | 8,981 | 1,078,349 |
18,830,600 | ||
Commercial & Professional Services 2.5% | ||
ASGN, Inc. * | 14,963 | 1,003,718 |
Deluxe Corp. | 22,040 | 1,040,509 |
Insperity, Inc. | 19,486 | 2,140,537 |
Korn/Ferry International | 13,974 | 630,786 |
Robert Half International, Inc. | 9,702 | 587,262 |
Waste Management, Inc. | 7,460 | 667,446 |
6,070,258 | ||
Consumer Durables & Apparel 1.8% | ||
Deckers Outdoor Corp. * | 14,737 | 1,874,104 |
Michael Kors Holdings Ltd. * | 19,105 | 1,058,608 |
NIKE, Inc., Class B | 20,770 | 1,558,581 |
4,491,293 | ||
Consumer Services 0.4% | ||
Darden Restaurants, Inc. | 2,214 | 235,902 |
Hilton Worldwide Holdings, Inc. | 2,871 | 204,329 |
Penn National Gaming, Inc. * | 25,033 | 607,801 |
1,048,032 | ||
Diversified Financials 3.3% | ||
Affiliated Managers Group, Inc. | 17,483 | 1,987,118 |
Ameriprise Financial, Inc. | 3,855 | 490,510 |
Capital One Financial Corp. | 13,164 | 1,175,545 |
Evercore, Inc., Class A | 11,880 | 970,477 |
SEI Investments Co. | 13,106 | 700,516 |
Security | Number of Shares | Value ($) |
Synchrony Financial | 25,653 | 740,859 |
T. Rowe Price Group, Inc. | 19,749 | 1,915,455 |
7,980,480 | ||
Energy 0.3% | ||
ConocoPhillips | 7,567 | 528,933 |
Valero Energy Corp. | 2,263 | 206,137 |
735,070 | ||
Food, Beverage & Tobacco 4.1% | ||
Flowers Foods, Inc. | 85,620 | 1,653,322 |
Ingredion, Inc. | 20,271 | 2,051,020 |
Molson Coors Brewing Co., Class B | 19,495 | 1,247,680 |
PepsiCo, Inc. | 39,936 | 4,488,008 |
TreeHouse Foods, Inc. * | 12,179 | 554,875 |
9,994,905 | ||
Health Care Equipment & Services 5.8% | ||
Align Technology, Inc. * | 3,513 | 777,076 |
athenahealth, Inc. * | 9,518 | 1,213,926 |
Cerner Corp. * | 38,797 | 2,222,292 |
Hill-Rom Holdings, Inc. | 1,474 | 123,934 |
IDEXX Laboratories, Inc. * | 6,933 | 1,470,628 |
ResMed, Inc. | 20,560 | 2,177,715 |
UnitedHealth Group, Inc. | 11,905 | 3,111,372 |
Varian Medical Systems, Inc. * | 11,858 | 1,415,489 |
Veeva Systems, Inc., Class A * | 4,200 | 383,670 |
WellCare Health Plans, Inc. * | 4,487 | 1,238,367 |
14,134,469 | ||
Household & Personal Products 0.7% | ||
Herbalife Nutrition Ltd. * | 24,652 | 1,312,966 |
Kimberly-Clark Corp. | 3,207 | 334,490 |
1,647,456 | ||
Insurance 1.2% | ||
Aflac, Inc. | 12,748 | 549,056 |
First American Financial Corp. | 12,518 | 554,923 |
The Allstate Corp. | 20,063 | 1,920,431 |
3,024,410 | ||
Materials 2.2% | ||
Celanese Corp. | 20,599 | 1,996,867 |
Huntsman Corp. | 71,837 | 1,571,794 |
PolyOne Corp. | 38,430 | 1,241,673 |
Westlake Chemical Corp. | 8,303 | 592,004 |
5,402,338 | ||
Media & Entertainment 11.3% | ||
Alphabet, Inc., Class A * | 11,711 | 12,771,782 |
AMC Networks, Inc., Class A * | 20,141 | 1,179,860 |
Comcast Corp., Class A | 5,569 | 212,402 |
Security | Number of Shares | Value ($) |
Facebook, Inc., Class A * | 51,383 | 7,799,426 |
Netflix, Inc. * | 2,537 | 765,616 |
The Walt Disney Co. | 28,092 | 3,225,804 |
Viacom, Inc., Class B | 19,644 | 628,215 |
World Wrestling Entertainment, Inc., Class A | 10,395 | 754,573 |
27,337,678 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.9% | ||
AbbVie, Inc. | 36,558 | 2,846,040 |
Amgen, Inc. | 33,259 | 6,412,003 |
Biogen, Inc. * | 12,415 | 3,777,512 |
Charles River Laboratories International, Inc. * | 6,725 | 819,239 |
Gilead Sciences, Inc. | 28,661 | 1,954,107 |
Jazz Pharmaceuticals plc * | 14,398 | 2,286,690 |
Thermo Fisher Scientific, Inc. | 1,995 | 466,132 |
United Therapeutics Corp. * | 2,208 | 244,779 |
Waters Corp. * | 2,213 | 419,784 |
19,226,286 | ||
Real Estate 2.5% | ||
American Tower Corp. | 15,202 | 2,368,624 |
Lamar Advertising Co., Class A | 10,816 | 793,029 |
Senior Housing Properties Trust | 60,645 | 974,565 |
Sun Communities, Inc. | 5,211 | 523,549 |
Weyerhaeuser Co. | 48,942 | 1,303,326 |
5,963,093 | ||
Retailing 12.1% | ||
Amazon.com, Inc. * | 9,734 | 15,555,029 |
Best Buy Co., Inc. | 26,450 | 1,855,732 |
Booking Holdings, Inc. * | 1,127 | 2,112,652 |
Burlington Stores, Inc. * | 11,736 | 2,012,607 |
Kohl's Corp. | 3,400 | 257,482 |
Qurate Retail, Inc. * | 39,845 | 874,199 |
Ross Stores, Inc. | 13,122 | 1,299,078 |
The Home Depot, Inc. | 26,385 | 4,640,594 |
The TJX Cos., Inc. | 6,062 | 666,092 |
29,273,465 | ||
Semiconductors & Semiconductor Equipment 3.9% | ||
Lam Research Corp. | 12,543 | 1,777,720 |
Micron Technology, Inc. * | 69,139 | 2,607,923 |
NVIDIA Corp. | 15,778 | 3,326,476 |
Texas Instruments, Inc. | 18,216 | 1,690,991 |
9,403,110 | ||
Software & Services 19.1% | ||
Accenture plc, Class A | 24,282 | 3,827,329 |
Adobe Systems, Inc. * | 16,875 | 4,147,200 |
Automatic Data Processing, Inc. | 14,686 | 2,115,959 |
Cadence Design Systems, Inc. * | 47,366 | 2,111,102 |
Citrix Systems, Inc. * | 24,015 | 2,460,817 |
Security | Number of Shares | Value ($) |
Cognizant Technology Solutions Corp., Class A | 23,665 | 1,633,595 |
Dell Technologies, Inc., Class V * | 15,135 | 1,368,053 |
DXC Technology Co. | 45,107 | 3,285,143 |
Fortinet, Inc. * | 9,671 | 794,763 |
Intuit, Inc. | 14,580 | 3,076,380 |
j2 Global, Inc. | 19,492 | 1,419,797 |
Mastercard, Inc., Class A | 12,914 | 2,552,710 |
Microsoft Corp. | 128,761 | 13,752,962 |
Visa, Inc., Class A | 27,409 | 3,778,331 |
46,324,141 | ||
Technology Hardware & Equipment 10.0% | ||
Apple, Inc. | 90,708 | 19,852,353 |
F5 Networks, Inc. * | 8,024 | 1,406,447 |
NetApp, Inc. | 12,433 | 975,866 |
Palo Alto Networks, Inc. * | 1,884 | 344,847 |
Zebra Technologies Corp., Class A * | 10,681 | 1,776,250 |
24,355,763 | ||
Transportation 1.4% | ||
Landstar System, Inc. | 20,246 | 2,026,422 |
United Continental Holdings, Inc. * | 16,992 | 1,452,986 |
3,479,408 | ||
Utilities 0.2% | ||
Exelon Corp. | 10,062 | 440,815 |
Total Common Stock | ||
(Cost $192,492,493) | 240,738,855 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (a) | 780,573 | 780,573 |
Total Short-Term Investment | ||
(Cost $780,573) | 780,573 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/21/18 | 9 | 1,219,995 | (90,126) |
* | 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 | $240,738,855 | $— | $— | $240,738,855 | |
Short-Term Investment1 | — | 780,573 | — | 780,573 | |
Liabilities | |||||
Futures Contracts2 | (90,126) | — | — | (90,126) | |
Total | $240,648,729 | $780,573 | $— | $241,429,302 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $193,273,066) | $241,519,428 | |
Deposit with broker for futures contracts | 198,000 | |
Receivables: | ||
Investments sold | 4,794,126 | |
Fund shares sold | 174,672 | |
Dividends | 145,431 | |
Variation margin on futures contracts | 11,610 | |
Interest | 33 | |
Prepaid expenses | + | 17,900 |
Total assets | 246,861,200 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,652,310 | |
Investment adviser and administrator fees | 149,446 | |
Shareholder service fees | 52,578 | |
Fund shares redeemed | 170,990 | |
Accrued expenses | + | 65,540 |
Total liabilities | 4,090,864 | |
Net Assets | ||
Total assets | 246,861,200 | |
Total liabilities | – | 4,090,864 |
Net assets | $242,770,336 | |
Net Assets by Source | ||
Capital received from investors | 170,811,946 | |
Total distributable earnings1 | 71,958,390 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$242,770,336 | 13,458,644 | $18.04 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends | $3,356,718 | |
Interest | + | 22,496 |
Total investment income | 3,379,214 | |
Expenses | ||
Investment adviser and administrator fees | 1,884,708 | |
Shareholder service fees | 634,697 | |
Portfolio accounting fees | 38,643 | |
Professional fees | 30,698 | |
Registration fees | 25,523 | |
Shareholder reports | 23,486 | |
Custodian fees | 14,267 | |
Transfer agent fees | 11,893 | |
Independent trustees’ fees | 8,723 | |
Other expenses | + | 5,708 |
Total expenses | 2,678,346 | |
Expense reduction by CSIM and its affiliates | – | 86,872 |
Net expenses | – | 2,591,474 |
Net investment income | 787,740 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 23,078,349 | |
Net realized gains on futures contracts | + | 308,474 |
Net realized gains | 23,386,823 | |
Net change in unrealized appreciation (depreciation) on investments | (12,033,855) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (168,329) |
Net change in unrealized appreciation (depreciation) | + | (12,202,184) |
Net realized and unrealized gains | 11,184,639 | |
Increase in net assets resulting from operations | $11,972,379 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $787,740 | $1,138,549 | ||
Net realized gains | 23,386,823 | 18,360,856 | ||
Net change in unrealized appreciation (depreciation) | + | (12,202,184) | 38,535,029 | |
Increase in net assets from operations | 11,972,379 | 58,034,434 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($19,458,886) | ($9,485,235) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,778,882 | $33,172,055 | 1,572,508 | $26,376,506 | ||||
Shares reinvested | 679,342 | 12,058,316 | 371,671 | 5,649,403 | ||||
Shares redeemed | + | (2,772,143) | (51,802,580) | (2,577,225) | (42,665,864) | |||
Net transactions in fund shares | (313,919) | ($6,572,209) | (633,046) | ($10,639,955) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 13,772,563 | $256,829,052 | 14,405,609 | $218,919,808 | ||||
Total increase or decrease | + | (313,919) | (14,058,716) | (633,046) | 37,909,244 | |||
End of period2 | 13,458,644 | $242,770,336 | 13,772,563 | $256,829,052 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $2,362,093 from net investment income and $7,123,142 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $706,094 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $23.58 | $18.81 | $21.19 | $25.11 | $24.87 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.01 1 | (0.00) 1,2 | 0.07 1 | 0.05 1 | (0.02) | |
Net realized and unrealized gains (losses) | 0.32 | 4.86 | 0.12 | 0.63 | 2.71 | |
Total from investment operations | 0.33 | 4.86 | 0.19 | 0.68 | 2.69 | |
Less distributions: | ||||||
Distributions from net investment income | — | (0.09) | (0.04) | (0.02) | (0.07) | |
Distributions from net realized gains | (3.04) | — | (2.53) | (4.58) | (2.38) | |
Total distributions | (3.04) | (0.09) | (2.57) | (4.60) | (2.45) | |
Net asset value at end of period | $20.87 | $23.58 | $18.81 | $21.19 | $25.11 | |
Total return | 1.37% | 25.87% | 1.47% | 3.01% | 11.67% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.09% | 1.10% | 1.09% | 1.09% | 1.10% | |
Gross operating expenses | 1.09% | 1.10% | 1.10% | 1.09% | 1.10% | |
Net investment income (loss) | 0.06% | (0.01%) | 0.37% | 0.22% | (0.10%) | |
Portfolio turnover rate | 111% | 99% | 85% | 95% | 103% | |
Net assets, end of period (x 1,000,000) | $573 | $645 | $571 | $630 | $666 | |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 2.4% | ||
American Axle & Manufacturing Holdings, Inc. * | 43,828 | 664,871 |
Cooper-Standard Holding, Inc. * | 15,383 | 1,425,235 |
Dana, Inc. | 316,373 | 4,925,928 |
Modine Manufacturing Co. * | 54,788 | 712,792 |
Tenneco, Inc., Class A | 90,358 | 3,111,026 |
Tower International, Inc. | 97,647 | 2,899,139 |
13,738,991 | ||
Banks 11.2% | ||
1st Source Corp. | 56,913 | 2,651,577 |
BancFirst Corp. | 27,531 | 1,579,729 |
Bar Harbor Bankshares | 6,380 | 163,137 |
BCB Bancorp, Inc. | 18,421 | 229,157 |
Cadence BanCorp | 91,744 | 2,023,873 |
Central Pacific Financial Corp. | 73,083 | 1,976,164 |
Century Bancorp, Inc., Class A | 10,642 | 799,427 |
Customers Bancorp, Inc. * | 251,231 | 5,147,723 |
Eagle Bancorp, Inc. * | 33,336 | 1,639,131 |
Essent Group Ltd. * | 52,640 | 2,075,069 |
Federal Agricultural Mortgage Corp., Class C | 33,738 | 2,356,262 |
Financial Institutions, Inc. | 105,687 | 3,017,364 |
First BanCorp * | 740,526 | 6,835,055 |
First Financial Corp. | 28,362 | 1,300,681 |
Great Southern Bancorp, Inc. | 12,741 | 689,925 |
Hancock Whitney Corp. | 20,089 | 842,934 |
International Bancshares Corp. | 207,223 | 8,019,530 |
Mercantile Bank Corp. | 20,773 | 659,750 |
MGIC Investment Corp. * | 522,924 | 6,384,902 |
OFG Bancorp | 134,329 | 2,295,683 |
Peapack-Gladstone Financial Corp. | 50,000 | 1,349,500 |
Radian Group, Inc. | 280,821 | 5,388,955 |
RBB Bancorp | 45,669 | 985,537 |
Republic Bancorp, Inc., Class A | 25,091 | 1,125,833 |
Shore Bancshares, Inc. | 22,623 | 364,683 |
TCF Financial Corp. | 125,429 | 2,618,958 |
Timberland Bancorp, Inc. | 7,071 | 205,200 |
United Community Banks, Inc. | 62,811 | 1,562,110 |
64,287,849 | ||
Capital Goods 8.5% | ||
Advanced Drainage Systems, Inc. | 64,762 | 1,799,736 |
Argan, Inc. | 19,978 | 879,432 |
Atkore International Group, Inc. * | 227,815 | 4,387,717 |
BMC Stock Holdings, Inc. * | 66,711 | 1,116,742 |
Builders FirstSource, Inc. * | 195,533 | 2,420,698 |
Columbus McKinnon Corp. | 23,231 | 853,275 |
Comfort Systems USA, Inc. | 26,681 | 1,426,900 |
Commercial Vehicle Group, Inc. * | 107,841 | 721,456 |
EnerSys | 11,789 | 938,051 |
Foundation Building Materials, Inc. * | 50,801 | 484,133 |
Generac Holdings, Inc. * | 42,170 | 2,139,284 |
Security | Number of Shares | Value ($) |
General Finance Corp. * | 57,805 | 751,465 |
Global Brass & Copper Holdings, Inc. | 137,663 | 4,352,904 |
Hillenbrand, Inc. | 63,435 | 3,038,536 |
JELD-WEN Holding, Inc. * | 79,222 | 1,288,150 |
Kaman Corp. | 46,966 | 2,983,280 |
Meritor, Inc. * | 343,391 | 5,834,213 |
MYR Group, Inc. * | 25,349 | 846,403 |
NCI Building Systems, Inc. * | 193,013 | 2,364,409 |
Park-Ohio Holdings Corp. | 17,095 | 565,503 |
Patrick Industries, Inc. * | 25,721 | 1,119,121 |
PGT Innovations, Inc. * | 77,956 | 1,579,389 |
Regal Beloit Corp. | 13,187 | 945,508 |
Vectrus, Inc. * | 73,669 | 1,974,329 |
Wabash National Corp. | 77,731 | 1,173,738 |
Wesco Aircraft Holdings, Inc. * | 88,989 | 905,908 |
WESCO International, Inc. * | 35,044 | 1,758,508 |
48,648,788 | ||
Commercial & Professional Services 4.4% | ||
ACCO Brands Corp. | 311,304 | 2,512,223 |
ASGN, Inc. * | 22,194 | 1,488,774 |
Barrett Business Services, Inc. | 71,620 | 4,506,330 |
Deluxe Corp. | 51,476 | 2,430,182 |
Heidrick & Struggles International, Inc. | 75,249 | 2,596,843 |
Insperity, Inc. | 22,366 | 2,456,905 |
Interface, Inc. | 122,597 | 1,997,105 |
Kelly Services, Inc., Class A | 82,902 | 1,947,368 |
Korn/Ferry International | 32,263 | 1,456,352 |
LSC Communications, Inc. | 129,469 | 1,220,893 |
Quad Graphics, Inc. | 68,591 | 1,058,359 |
TrueBlue, Inc. * | 67,024 | 1,563,670 |
25,235,004 | ||
Consumer Durables & Apparel 2.6% | ||
Deckers Outdoor Corp. * | 15,360 | 1,953,331 |
Helen of Troy Ltd. * | 9,251 | 1,148,234 |
KB Home | 123,653 | 2,469,350 |
Malibu Boats, Inc., Class A * | 23,173 | 931,555 |
MCBC Holdings, Inc. * | 37,539 | 1,114,158 |
Meritage Homes Corp. * | 66,156 | 2,464,311 |
Taylor Morrison Home Corp., Class A * | 49,601 | 820,401 |
Turtle Beach Corp. *(a) | 28,503 | 505,928 |
Vera Bradley, Inc. * | 85,816 | 1,131,913 |
William Lyon Homes, Class A * | 51,600 | 699,696 |
ZAGG, Inc. * | 126,236 | 1,528,718 |
14,767,595 | ||
Consumer Services 3.5% | ||
American Public Education, Inc. * | 35,291 | 1,155,075 |
BJ's Restaurants, Inc. | 59,584 | 3,645,349 |
Bloomin' Brands, Inc. | 297,657 | 5,938,257 |
Carrols Restaurant Group, Inc. * | 139,389 | 1,834,359 |
J Alexander's Holdings, Inc. * | 32,568 | 343,592 |
K12, Inc. * | 137,723 | 2,948,650 |
Penn National Gaming, Inc. * | 80,354 | 1,950,995 |
Red Robin Gourmet Burgers, Inc. * | 35,104 | 1,060,141 |
Security | Number of Shares | Value ($) |
Town Sports International Holdings, Inc. * | 29,096 | 223,457 |
Weight Watchers International, Inc. * | 17,364 | 1,147,760 |
20,247,635 | ||
Diversified Financials 1.3% | ||
Enova International, Inc. * | 99,321 | 2,348,941 |
Evercore, Inc., Class A | 22,672 | 1,852,076 |
Nelnet, Inc., Class A | 14,189 | 798,699 |
Regional Management Corp. * | 77,266 | 2,229,897 |
7,229,613 | ||
Energy 6.0% | ||
Abraxas Petroleum Corp. * | 359,697 | 661,842 |
Basic Energy Services, Inc. * | 55,989 | 435,035 |
Cactus, Inc., Class A * | 128,205 | 4,289,739 |
California Resources Corp. * | 21,072 | 660,396 |
CONSOL Energy, Inc. * | 74,764 | 2,978,598 |
CVR Energy, Inc. | 83,125 | 3,574,375 |
Delek US Holdings, Inc. | 115,629 | 4,245,897 |
Exterran Corp. * | 27,202 | 568,250 |
FTS International, Inc. * | 244,510 | 3,132,173 |
ION Geophysical Corp. * | 33,885 | 400,182 |
Keane Group, Inc. * | 214,346 | 2,694,329 |
Liberty Oilfield Services, Inc., Class A (a) | 40,226 | 763,490 |
Mammoth Energy Services, Inc. | 72,511 | 1,809,875 |
Matrix Service Co. * | 73,686 | 1,498,036 |
Par Pacific Holdings, Inc. * | 56,649 | 1,001,554 |
Penn Virginia Corp. * | 11,594 | 797,435 |
ProPetro Holding Corp. * | 35,041 | 618,474 |
Renewable Energy Group, Inc. * | 65,849 | 2,046,587 |
TETRA Technologies, Inc. * | 226,690 | 673,269 |
World Fuel Services Corp. | 43,254 | 1,384,128 |
34,233,664 | ||
Food, Beverage & Tobacco 1.9% | ||
Cal-Maine Foods, Inc. | 63,797 | 3,105,000 |
Coca-Cola Bottling Co. Consolidated | 21,438 | 3,700,842 |
Dean Foods Co. | 546,467 | 4,366,271 |
11,172,113 | ||
Health Care Equipment & Services 4.2% | ||
Accuray, Inc. * | 292,507 | 1,313,356 |
Allscripts Healthcare Solutions, Inc. * | 114,602 | 1,364,910 |
AngioDynamics, Inc. * | 39,320 | 803,308 |
Computer Programs & Systems, Inc. | 88,615 | 2,215,375 |
Encompass Health Corp. | 10,214 | 687,402 |
Globus Medical, Inc., Class A * | 19,476 | 1,029,306 |
Haemonetics Corp. * | 38,319 | 4,003,186 |
ICU Medical, Inc. * | 5,940 | 1,513,096 |
Integer Holdings Corp. * | 26,229 | 1,953,274 |
NextGen Healthcare, Inc. * | 57,487 | 849,083 |
Orthofix Medical, Inc. * | 58,476 | 3,556,510 |
Quidel Corp. * | 29,115 | 1,873,841 |
RadNet, Inc. * | 18,992 | 281,082 |
STAAR Surgical Co. * | 6,962 | 279,246 |
Surmodics, Inc. * | 18,067 | 1,145,990 |
The Ensign Group, Inc. | 41,252 | 1,527,974 |
24,396,939 | ||
Security | Number of Shares | Value ($) |
Household & Personal Products 0.4% | ||
USANA Health Sciences, Inc. * | 22,067 | 2,582,280 |
Insurance 4.0% | ||
Ambac Financial Group, Inc. * | 125,530 | 2,583,407 |
American Equity Investment Life Holding Co. | 81,771 | 2,552,891 |
CNO Financial Group, Inc. | 204,148 | 3,858,397 |
Crawford & Co., Class B | 38,882 | 358,103 |
Employers Holdings, Inc. | 106,665 | 4,902,324 |
Health Insurance Innovations, Inc., Class A * | 13,532 | 661,715 |
Heritage Insurance Holdings, Inc. | 77,885 | 1,087,275 |
National Western Life Group, Inc., Class A | 14,512 | 3,907,791 |
Universal Insurance Holdings, Inc. | 67,337 | 2,826,807 |
22,738,710 | ||
Materials 3.9% | ||
Boise Cascade Co. | 111,388 | 3,429,637 |
Century Aluminum Co. * | 72,638 | 576,746 |
Kraton Corp. * | 36,675 | 1,010,030 |
Louisiana-Pacific Corp. | 112,048 | 2,439,285 |
OMNOVA Solutions, Inc. * | 238,973 | 1,766,010 |
PolyOne Corp. | 55,632 | 1,797,470 |
Ryerson Holding Corp. * | 218,044 | 2,001,644 |
Schnitzer Steel Industries, Inc., Class A | 71,412 | 1,920,983 |
SunCoke Energy, Inc. * | 62,887 | 704,334 |
Tredegar Corp. | 99,100 | 1,843,260 |
Trinseo S.A. | 55,505 | 2,990,609 |
Verso Corp., Class A * | 62,385 | 1,753,642 |
22,233,650 | ||
Media & Entertainment 3.1% | ||
AMC Networks, Inc., Class A * | 92,475 | 5,417,185 |
Entravision Communications Corp., Class A | 329,034 | 1,625,428 |
Gannett Co., Inc. | 188,635 | 1,829,760 |
New Media Investment Group, Inc. | 57,354 | 805,824 |
QuinStreet, Inc. * | 34,409 | 547,103 |
Sinclair Broadcast Group, Inc., Class A | 196,803 | 5,636,438 |
Travelzoo * | 96,998 | 743,975 |
Tribune Publishing Co. * | 69,625 | 1,050,641 |
17,656,354 | ||
Pharmaceuticals, Biotechnology & Life Sciences 13.6% | ||
Acorda Therapeutics, Inc. * | 86,360 | 1,650,340 |
Akebia Therapeutics, Inc. * | 105,917 | 793,318 |
AMAG Pharmaceuticals, Inc. * | 74,356 | 1,598,654 |
ANI Pharmaceuticals, Inc. * | 75,331 | 3,655,813 |
Ardelyx, Inc. * | 152,793 | 420,181 |
ArQule, Inc. * | 75,305 | 291,430 |
Array BioPharma, Inc. * | 53,743 | 870,637 |
Assertio Therapeutics, Inc. * | 124,919 | 606,482 |
BioSpecifics Technologies Corp. * | 33,812 | 2,071,661 |
Cambrex Corp. * | 6,603 | 351,874 |
CareDx, Inc. * | 17,934 | 468,257 |
Catalent, Inc. * | 70,796 | 2,855,911 |
Collegium Pharmaceutical, Inc. * | 141,506 | 2,271,171 |
Concert Pharmaceuticals, Inc. * | 51,066 | 761,905 |
CytomX Therapeutics, Inc. * | 63,698 | 908,333 |
Durect Corp. * | 133,403 | 133,403 |
Eagle Pharmaceuticals, Inc. * | 16,530 | 813,937 |
Security | Number of Shares | Value ($) |
Emergent BioSolutions, Inc. * | 76,648 | 4,690,091 |
Enanta Pharmaceuticals, Inc. * | 15,514 | 1,197,060 |
Genomic Health, Inc. * | 39,971 | 2,866,320 |
Halozyme Therapeutics, Inc. * | 159,041 | 2,469,907 |
Horizon Pharma plc * | 245,225 | 4,465,547 |
ImmunoGen, Inc. * | 65,487 | 355,594 |
Innoviva, Inc. * | 194,632 | 2,717,063 |
Intersect ENT, Inc. * | 20,143 | 565,213 |
Ironwood Pharmaceuticals, Inc. * | 21,867 | 286,458 |
Lannett Co., Inc. *(a) | 72,970 | 267,070 |
Ligand Pharmaceuticals, Inc. * | 22,925 | 3,778,269 |
Loxo Oncology, Inc. * | 8,282 | 1,264,330 |
Luminex Corp. | 51,989 | 1,495,724 |
MacroGenics, Inc. * | 35,425 | 583,096 |
Medpace Holdings, Inc. * | 66,372 | 3,457,981 |
MiMedx Group, Inc. *(a) | 113,552 | 660,873 |
Myriad Genetics, Inc. * | 61,462 | 2,767,634 |
Nektar Therapeutics * | 48,149 | 1,862,403 |
OPKO Health, Inc. *(a) | 184,697 | 624,276 |
Pacira Pharmaceuticals, Inc. * | 16,419 | 802,725 |
PDL BioPharma, Inc. * | 603,961 | 1,503,863 |
Phibro Animal Health Corp., Class A | 67,593 | 2,901,092 |
Pieris Pharmaceuticals, Inc. * | 117,357 | 483,511 |
PRA Health Sciences, Inc. * | 20,279 | 1,964,427 |
Prestige Consumer Healthcare, Inc. * | 52,178 | 1,886,757 |
PTC Therapeutics, Inc. * | 55,289 | 2,129,732 |
Recro Pharma, Inc. * | 127,166 | 821,492 |
REGENXBIO, Inc. * | 24,983 | 1,665,617 |
Retrophin, Inc. * | 47,934 | 1,229,986 |
Spectrum Pharmaceuticals, Inc. * | 49,279 | 586,420 |
Supernus Pharmaceuticals, Inc. * | 30,538 | 1,452,387 |
Vanda Pharmaceuticals, Inc. * | 96,085 | 1,822,732 |
Veracyte, Inc. * | 65,975 | 979,729 |
Vericel Corp. * | 37,389 | 416,887 |
XOMA Corp. * | 28,646 | 352,632 |
77,898,205 | ||
Real Estate 7.0% | ||
Ashford Hospitality Trust, Inc. | 177,598 | 914,630 |
Braemar Hotels & Resorts, Inc. | 302,846 | 3,222,281 |
Cedar Realty Trust, Inc. | 745,873 | 2,811,941 |
Columbia Property Trust, Inc. | 80,501 | 1,807,247 |
CoreCivic, Inc. | 26,949 | 605,275 |
Gladstone Commercial Corp. | 69,059 | 1,311,430 |
Marcus & Millichap, Inc. * | 126,934 | 4,407,149 |
MedEquities Realty Trust, Inc. | 291,516 | 2,410,837 |
National Health Investors, Inc. | 61,282 | 4,501,776 |
Pennsylvania Real Estate Investment Trust | 149,333 | 1,336,530 |
RE/MAX Holdings, Inc., Class A | 30,099 | 1,125,402 |
Retail Properties of America, Inc., Class A | 156,328 | 1,918,145 |
Ryman Hospitality Properties, Inc. | 20,765 | 1,611,156 |
The GEO Group, Inc. | 85,698 | 1,894,783 |
Tier REIT, Inc. | 331,475 | 7,183,063 |
Xenia Hotels & Resorts, Inc. | 141,917 | 2,916,394 |
39,978,039 | ||
Retailing 3.0% | ||
Abercrombie & Fitch Co., Class A | 37,103 | 730,929 |
American Eagle Outfitters, Inc. | 87,859 | 2,026,029 |
Barnes & Noble Education, Inc. * | 77,181 | 440,704 |
Citi Trends, Inc. | 48,451 | 1,227,264 |
DSW, Inc., Class A | 21,941 | 582,534 |
Groupon, Inc. * | 240,199 | 785,451 |
Security | Number of Shares | Value ($) |
Liberty Expedia Holdings, Inc., Class A * | 55,539 | 2,411,503 |
New York & Co., Inc. * | 175,464 | 694,837 |
Stamps.com, Inc. * | 3,601 | 728,014 |
Tailored Brands, Inc. | 164,202 | 3,449,884 |
Tilly's, Inc., Class A | 225,506 | 4,000,476 |
17,077,625 | ||
Semiconductors & Semiconductor Equipment 3.0% | ||
Advanced Energy Industries, Inc. * | 98,010 | 4,217,370 |
Cirrus Logic, Inc. * | 51,675 | 1,934,712 |
Diodes, Inc. * | 104,837 | 3,165,029 |
Entegris, Inc. | 95,683 | 2,539,427 |
MKS Instruments, Inc. | 27,887 | 2,054,993 |
Nanometrics, Inc. * | 32,987 | 1,057,563 |
SMART Global Holdings, Inc. * | 46,021 | 1,289,048 |
Ultra Clean Holdings, Inc. * | 104,326 | 1,097,510 |
17,355,652 | ||
Software & Services 8.3% | ||
Amber Road, Inc. * | 155,218 | 1,381,440 |
Appfolio, Inc., Class A * | 15,455 | 882,481 |
Box, Inc., Class A * | 45,945 | 827,010 |
Cision Ltd. * | 120,786 | 1,786,425 |
CommVault Systems, Inc. * | 111,778 | 6,507,715 |
CSG Systems International, Inc. | 7,691 | 269,954 |
Endurance International Group Holdings, Inc. * | 257,614 | 2,542,650 |
EVERTEC, Inc. | 45,047 | 1,174,826 |
j2 Global, Inc. | 68,029 | 4,955,232 |
Model N, Inc. * | 248,110 | 3,810,970 |
Progress Software Corp. | 215,320 | 6,920,385 |
Qualys, Inc. * | 42,687 | 3,041,022 |
Travelport Worldwide Ltd. | 274,868 | 4,112,025 |
Verint Systems, Inc. * | 158,631 | 7,244,678 |
Zix Corp. * | 358,957 | 2,419,370 |
47,876,183 | ||
Technology Hardware & Equipment 3.4% | ||
CalAmp Corp. * | 73,427 | 1,464,134 |
Ciena Corp. * | 175,419 | 5,483,598 |
Extreme Networks, Inc. * | 299,907 | 1,664,484 |
Immersion Corp. * | 209,663 | 2,098,727 |
Insight Enterprises, Inc. * | 42,930 | 2,219,052 |
Plantronics, Inc. | 62,990 | 3,714,520 |
Tech Data Corp. * | 24,776 | 1,750,672 |
Vishay Intertechnology, Inc. | 47,576 | 870,641 |
19,265,828 | ||
Telecommunication Services 1.3% | ||
Telephone & Data Systems, Inc. | 77,836 | 2,399,684 |
United States Cellular Corp. * | 55,921 | 2,671,346 |
Vonage Holdings Corp. * | 193,903 | 2,571,154 |
7,642,184 | ||
Transportation 1.1% | ||
ArcBest Corp. | 62,154 | 2,307,157 |
Covenant Transportation Group, Inc., Class A * | 30,593 | 765,743 |
Security | Number of Shares | Value ($) |
Echo Global Logistics, Inc. * | 67,892 | 1,745,503 |
USA Truck, Inc. * | 71,812 | 1,412,542 |
6,230,945 | ||
Utilities 1.6% | ||
AquaVenture Holdings Ltd. * | 57,260 | 959,105 |
Atlantic Power Corp. * | 647,465 | 1,424,423 |
Clearway Energy, Inc., Class A | 38,363 | 745,009 |
Consolidated Water Co., Ltd. | 35,326 | 434,510 |
NorthWestern Corp. | 40,703 | 2,391,708 |
Spark Energy, Inc., Class A (a) | 462,295 | 3,448,721 |
9,403,476 | ||
Total Common Stock | ||
(Cost $582,733,484) | 571,897,322 | |
Other Investment Company 1.1% of net assets | ||
Securities Lending Collateral 1.1% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (b) | 5,984,825 | 5,984,825 |
Total Other Investment Company | ||
(Cost $5,984,825) | 5,984,825 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.0% of net assets | ||
Time Deposits 0.0% | ||
Brown Brothers Harriman | ||
Canadian Dollar | ||
0.80%, 11/01/18 (c) | 477 | 362 |
Sumitomo Mitsui Banking Corp. | ||
U.S. Dollar | ||
1.54%, 11/01/18 (c) | 64,712 | 64,712 |
Total Short-Term Investments | ||
(Cost $65,074) | 65,074 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $5,844,050. |
(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 | $571,897,322 | $— | $— | $571,897,322 | |
Other Investment Company1 | 5,984,825 | — | — | 5,984,825 | |
Short-Term Investments1 | — | 65,074 | — | 65,074 | |
Total | $577,882,147 | $65,074 | $— | $577,947,221 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $582,798,558) including securities on loan of $5,844,050 | $571,962,396 | |
Collateral invested for securities on loan, at value (cost $5,984,825) | 5,984,825 | |
Deposit with broker for futures contracts | 442,500 | |
Receivables: | ||
Investments sold | 1,533,360 | |
Fund shares sold | 145,981 | |
Dividends | 127,417 | |
Income from securities on loan | 30,631 | |
Prepaid expenses | + | 14,056 |
Total assets | 580,241,166 | |
Liabilities | ||
Collateral held for securities on loan | 5,984,825 | |
Payables: | ||
Investment adviser and administrator fees | 409,029 | |
Shareholder service fees | 122,594 | |
Fund shares redeemed | 237,165 | |
Accrued expenses | + | 81,358 |
Total liabilities | 6,834,971 | |
Net Assets | ||
Total assets | 580,241,166 | |
Total liabilities | – | 6,834,971 |
Net assets | $573,406,195 | |
Net Assets by Source | ||
Capital received from investors | 480,350,059 | |
Total distributable earnings1 | 93,056,136 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$573,406,195 | 27,475,160 | $20.87 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $6,926) | $6,536,726 | |
Interest | 41,946 | |
Securities on loan, net | + | 651,228 |
Total investment income | 7,229,900 | |
Expenses | ||
Investment adviser and administrator fees | 5,102,373 | |
Shareholder service fees | 1,537,265 | |
Portfolio accounting fees | 50,501 | |
Custodian fees | 40,064 | |
Shareholder reports | 33,857 | |
Professional fees | 31,884 | |
Registration fees | 24,012 | |
Transfer agent fees | 17,284 | |
Independent trustees’ fees | 10,584 | |
Other expenses | + | 10,145 |
Total expenses | 6,857,969 | |
Expense reduction by CSIM and its affiliates | – | 17,284 |
Net expenses | – | 6,840,685 |
Net investment income | 389,215 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 104,321,316 | |
Net realized losses on futures contracts | (175,255) | |
Net realized losses on foreign currency transactions | + | (37) |
Net realized gains | 104,146,024 | |
Net change in unrealized appreciation (depreciation) on investments | + | (92,914,743) |
Net realized and unrealized gains | 11,231,281 | |
Increase in net assets resulting from operations | $11,620,496 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income (loss) | $389,215 | ($70,340) | ||
Net realized gains | 104,146,024 | 89,523,739 | ||
Net change in unrealized appreciation (depreciation) | + | (92,914,743) | 52,242,477 | |
Increase in net assets from operations | 11,620,496 | 141,695,876 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($82,566,358) | ($2,651,266) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,529,047 | $55,468,967 | 2,656,779 | $58,042,781 | ||||
Shares reinvested | 2,938,036 | 61,434,349 | 87,796 | 1,920,104 | ||||
Shares redeemed | + | (5,346,501) | (117,486,079) | (5,773,585) | (125,530,925) | |||
Net transactions in fund shares | 120,582 | ($582,763) | (3,029,010) | ($65,568,040) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 27,354,578 | $644,934,820 | 30,383,588 | $571,458,250 | ||||
Total increase or decrease | + | 120,582 | (71,528,625) | (3,029,010) | 73,476,570 | |||
End of period2 | 27,475,160 | $573,406,195 | 27,354,578 | $644,934,820 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $2,651,266 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets of the fund had no undistributed net investment income at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.65 | $16.25 | $17.46 | $19.02 | $18.62 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.08 1 | 0.03 1 | 0.03 1 | (0.01) 1 | (0.08) | |
Net realized and unrealized gains (losses) | 0.24 | 1.85 | 0.49 | 0.89 | 1.99 | |
Total from investment operations | 0.32 | 1.88 | 0.52 | 0.88 | 1.91 | |
Less distributions: | ||||||
Distributions from net investment income | (0.01) | — | (0.12) | — | — | |
Distributions from net realized gains | (1.07) | (0.48) | (1.61) | (2.44) | (1.51) | |
Total distributions | (1.08) | (0.48) | (1.73) | (2.44) | (1.51) | |
Net asset value at end of period | $16.89 | $17.65 | $16.25 | $17.46 | $19.02 | |
Total return | 1.75% | 11.71% | 3.55% | 4.84% | 11.07% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses (including dividend expense on short sales) | 1.66% | 1.64% | 1.85% | 1.82% | 1.99% | |
Net operating expenses (excluding dividend expense on short sales) | 1.33% | 1.33% | 1.57% 2 | 1.54% 2 | 1.52% 2 | |
Gross operating expenses | 1.67% | 1.65% | 1.87% | 1.84% | 2.02% | |
Net investment income (loss) | 0.43% | 0.16% | 0.22% | (0.06%) | (0.46%) | |
Portfolio turnover rate | 180% | 163% | 142% | 146% | 142% | |
Net assets, end of period (x 1,000,000) | $300 | $252 | $204 | $212 | $200 | |
Security | Number of Shares | Value ($) |
Common Stock 98.2% of net assets | ||
Automobiles & Components 1.5% | ||
BorgWarner, Inc. | 46,018 | 1,813,569 |
Dana, Inc. | 98,152 | 1,528,227 |
General Motors Co. | 1,638 | 59,934 |
Modine Manufacturing Co. * | 11,636 | 151,384 |
Tenneco, Inc., Class A | 28,734 | 989,312 |
4,542,426 | ||
Banks 4.0% | ||
Bank of America Corp. (a) | 45,018 | 1,237,995 |
BankUnited, Inc. | 25,998 | 860,534 |
Citigroup, Inc. (a) | 96,792 | 6,336,004 |
Citizens Financial Group, Inc. | 70,617 | 2,637,545 |
MGIC Investment Corp. * | 45,154 | 551,330 |
Popular, Inc. | 6,301 | 327,715 |
11,951,123 | ||
Capital Goods 8.4% | ||
AAR Corp. | 6,821 | 324,543 |
Advanced Drainage Systems, Inc. | 43,476 | 1,208,198 |
Allison Transmission Holdings, Inc. (a) | 78,503 | 3,460,412 |
Argan, Inc. | 2,613 | 115,024 |
Atkore International Group, Inc. * | 57,632 | 1,109,992 |
BMC Stock Holdings, Inc. * | 30,558 | 511,541 |
General Electric Co. | 57,502 | 580,770 |
HD Supply Holdings, Inc. * | 20,208 | 759,215 |
Hillenbrand, Inc. (a) | 67,761 | 3,245,752 |
Kaman Corp. | 18,902 | 1,200,655 |
Masco Corp. | 41,011 | 1,230,330 |
Masonite International Corp. * | 8,905 | 493,248 |
Meritor, Inc. *(a) | 119,167 | 2,024,647 |
NCI Building Systems, Inc. * | 59,449 | 728,250 |
Owens Corning | 14,769 | 698,131 |
Patrick Industries, Inc. * | 6,091 | 265,020 |
Raytheon Co. (a) | 16,003 | 2,801,165 |
Textron, Inc. | 52,339 | 2,806,941 |
The Boeing Co. (a) | 4,981 | 1,767,558 |
25,331,392 | ||
Commercial & Professional Services 0.9% | ||
ACCO Brands Corp. | 29,257 | 236,104 |
Insperity, Inc. | 2,160 | 237,276 |
Korn/Ferry International | 20,811 | 939,409 |
Navigant Consulting, Inc. | 47,702 | 1,030,363 |
TrueBlue, Inc. * | 8,673 | 202,341 |
2,645,493 | ||
Consumer Durables & Apparel 2.6% | ||
Deckers Outdoor Corp. * | 14,359 | 1,826,034 |
KB Home (a) | 25,920 | 517,622 |
Michael Kors Holdings Ltd. * | 17,175 | 951,667 |
PulteGroup, Inc. | 54,643 | 1,342,578 |
Security | Number of Shares | Value ($) |
Skechers U.S.A., Inc., Class A * | 27,760 | 793,103 |
Tapestry, Inc. | 23,506 | 994,539 |
Toll Brothers, Inc. | 30,924 | 1,040,902 |
TRI Pointe Group, Inc. * | 32,012 | 380,943 |
7,847,388 | ||
Consumer Services 1.4% | ||
BJ's Restaurants, Inc. | 16,177 | 989,709 |
Bloomin' Brands, Inc. (a) | 6,702 | 133,705 |
Las Vegas Sands Corp. (a) | 57,266 | 2,922,284 |
Penn National Gaming, Inc. * | 4,584 | 111,299 |
4,156,997 | ||
Diversified Financials 3.8% | ||
Affiliated Managers Group, Inc. (a) | 11,165 | 1,269,014 |
Capital One Financial Corp. (a) | 62,492 | 5,580,535 |
Synchrony Financial (a) | 153,569 | 4,435,073 |
Waddell & Reed Financial, Inc., Class A | 5,912 | 112,742 |
11,397,364 | ||
Energy 6.7% | ||
Anadarko Petroleum Corp. | 5,395 | 287,014 |
Chevron Corp. | 4,527 | 505,439 |
ConocoPhillips (a) | 60,669 | 4,240,763 |
CONSOL Energy, Inc. * | 16,740 | 666,922 |
Continental Resources, Inc. * | 34,978 | 1,842,641 |
Halliburton Co. (a) | 114,448 | 3,969,057 |
Mammoth Energy Services, Inc. | 53,086 | 1,325,027 |
Marathon Petroleum Corp. (a) | 47,831 | 3,369,694 |
Occidental Petroleum Corp. | 6,492 | 435,418 |
PBF Energy, Inc., Class A | 29,568 | 1,237,421 |
Valero Energy Corp. (a) | 3,708 | 337,762 |
Whiting Petroleum Corp. * | 50,898 | 1,898,495 |
20,115,653 | ||
Food & Staples Retailing 0.6% | ||
Walmart, Inc. (a) | 18,057 | 1,810,756 |
Food, Beverage & Tobacco 4.6% | ||
Bunge Ltd. | 5,865 | 362,457 |
Cal-Maine Foods, Inc. (a) | 84,439 | 4,109,646 |
Coca-Cola Bottling Co. Consolidated | 6,663 | 1,150,234 |
Dean Foods Co. (a) | 51,862 | 414,377 |
Flowers Foods, Inc. | 63,766 | 1,231,321 |
Fresh Del Monte Produce, Inc. (a) | 11,456 | 378,392 |
Molson Coors Brewing Co., Class B | 38,420 | 2,458,880 |
Mondelez International, Inc., Class A | 9,714 | 407,794 |
PepsiCo, Inc. | 2,359 | 265,104 |
Philip Morris International, Inc. | 8,099 | 713,279 |
Pilgrim's Pride Corp. * | 42,538 | 751,221 |
Tyson Foods, Inc., Class A | 24,553 | 1,471,216 |
13,713,921 | ||
Security | Number of Shares | Value ($) |
Health Care Equipment & Services 5.6% | ||
Abbott Laboratories (a) | 66,065 | 4,554,521 |
AmerisourceBergen Corp. | 15,955 | 1,404,040 |
athenahealth, Inc. * | 8,276 | 1,055,521 |
Cardinal Health, Inc. | 3,989 | 201,844 |
Haemonetics Corp. * | 14,719 | 1,537,694 |
Hologic, Inc. * | 54,692 | 2,132,441 |
Magellan Health, Inc. * | 8,870 | 577,082 |
McKesson Corp. | 6,078 | 758,291 |
Quidel Corp. * | 27,795 | 1,788,886 |
Varian Medical Systems, Inc. * | 22,613 | 2,699,314 |
16,709,634 | ||
Household & Personal Products 0.6% | ||
Herbalife Nutrition Ltd. * | 19,836 | 1,056,465 |
USANA Health Sciences, Inc. * | 7,733 | 904,916 |
1,961,381 | ||
Insurance 4.1% | ||
American National Insurance Co. (a) | 22,054 | 2,717,935 |
CNA Financial Corp. (a) | 8,527 | 369,816 |
CNO Financial Group, Inc. | 38,023 | 718,635 |
First American Financial Corp. | 18,271 | 809,953 |
Lincoln National Corp. | 10,994 | 661,729 |
National Western Life Group, Inc., Class A | 499 | 134,371 |
The Allstate Corp. (a) | 58,546 | 5,604,023 |
Universal Insurance Holdings, Inc. | 6,423 | 269,638 |
Unum Group | 28,813 | 1,044,759 |
12,330,859 | ||
Materials 4.2% | ||
Alcoa Corp. *(a) | 65,681 | 2,298,178 |
Berry Global Group, Inc. *(a) | 87,303 | 3,808,157 |
Boise Cascade Co. | 55,879 | 1,720,514 |
Celanese Corp. | 912 | 88,409 |
Freeport-McMoRan, Inc. | 36,463 | 424,794 |
Huntsman Corp. | 38,844 | 849,907 |
Kraton Corp. * | 67,081 | 1,847,411 |
PolyOne Corp. | 4,942 | 159,676 |
Trinseo S.A. | 3,531 | 190,250 |
Verso Corp., Class A * | 41,114 | 1,155,715 |
12,543,011 | ||
Media & Entertainment 6.9% | ||
Alphabet, Inc., Class A *(a) | 5,645 | 6,156,324 |
AMC Networks, Inc., Class A * | 33,191 | 1,944,329 |
Comcast Corp., Class A | 43,666 | 1,665,421 |
Facebook, Inc., Class A *(a) | 32,959 | 5,002,847 |
News Corp., Class A (a) | 302,170 | 3,985,622 |
Viacom, Inc., Class B | 62,468 | 1,997,727 |
20,752,270 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
AbbVie, Inc. (a) | 37,980 | 2,956,743 |
Acorda Therapeutics, Inc. * | 5,171 | 98,818 |
Amgen, Inc. (a) | 23,897 | 4,607,103 |
Biogen, Inc. *(a) | 6,829 | 2,077,860 |
Bristol-Myers Squibb Co. | 13,170 | 665,612 |
Celgene Corp. *(a) | 37,317 | 2,671,897 |
Eli Lilly & Co. | 54,578 | 5,918,438 |
Emergent BioSolutions, Inc. * | 10,357 | 633,745 |
Gilead Sciences, Inc. | 7,746 | 528,122 |
Security | Number of Shares | Value ($) |
Innoviva, Inc. * | 20,412 | 284,952 |
Johnson & Johnson (a) | 23,862 | 3,340,441 |
Ligand Pharmaceuticals, Inc. * | 1,762 | 290,395 |
Nektar Therapeutics * | 3,996 | 154,565 |
PTC Therapeutics, Inc. * | 2,114 | 81,431 |
Zoetis, Inc. | 6,311 | 568,937 |
24,879,059 | ||
Real Estate 5.8% | ||
Douglas Emmett, Inc. | 7,845 | 283,911 |
Marcus & Millichap, Inc. * | 44,198 | 1,534,555 |
Paramount Group, Inc. | 1,752 | 25,036 |
Retail Properties of America, Inc., Class A (a) | 315,339 | 3,869,209 |
Ryman Hospitality Properties, Inc. | 25,386 | 1,969,700 |
Senior Housing Properties Trust (a) | 155,617 | 2,500,765 |
SL Green Realty Corp. (a) | 15,311 | 1,397,282 |
The RMR Group, Inc., Class A | 1,116 | 84,682 |
Weyerhaeuser Co. (a) | 180,520 | 4,807,248 |
Xenia Hotels & Resorts, Inc. | 43,261 | 889,013 |
17,361,401 | ||
Retailing 5.3% | ||
Abercrombie & Fitch Co., Class A | 44,546 | 877,556 |
Amazon.com, Inc. *(a) | 2,561 | 4,092,504 |
American Eagle Outfitters, Inc. | 49,124 | 1,132,799 |
Best Buy Co., Inc. | 44,643 | 3,132,153 |
Kohl's Corp. | 39,023 | 2,955,212 |
Qurate Retail, Inc. *(a) | 69,620 | 1,527,463 |
Signet Jewelers Ltd. | 10,819 | 606,405 |
Tailored Brands, Inc. | 56,761 | 1,192,549 |
Urban Outfitters, Inc. * | 10,401 | 410,423 |
15,927,064 | ||
Semiconductors & Semiconductor Equipment 2.4% | ||
Cypress Semiconductor Corp. | 65,347 | 845,590 |
Diodes, Inc. * | 26,773 | 808,277 |
Intel Corp. | 39,283 | 1,841,587 |
Micron Technology, Inc. *(a) | 57,964 | 2,186,402 |
SMART Global Holdings, Inc. * | 5,560 | 155,736 |
Texas Instruments, Inc. | 16,029 | 1,487,972 |
7,325,564 | ||
Software & Services 7.4% | ||
Accenture plc, Class A (a) | 28,183 | 4,442,204 |
Cadence Design Systems, Inc. * | 26,238 | 1,169,428 |
CDK Global, Inc. | 5,426 | 310,584 |
Citrix Systems, Inc. * | 3,061 | 313,661 |
Cognizant Technology Solutions Corp., Class A | 3,610 | 249,198 |
Dell Technologies, Inc., Class V * | 8,917 | 806,008 |
DXC Technology Co. | 28,863 | 2,102,092 |
Endurance International Group Holdings, Inc. * | 110,374 | 1,089,391 |
International Business Machines Corp. (a) | 40,865 | 4,717,047 |
Intuit, Inc. | 5,105 | 1,077,155 |
Microsoft Corp. | 27,204 | 2,905,659 |
Progress Software Corp. (a) | 92,947 | 2,987,317 |
22,169,744 | ||
Technology Hardware & Equipment 7.7% | ||
Apple, Inc. (a) | 35,785 | 7,831,905 |
Cisco Systems, Inc. (a) | 73,265 | 3,351,874 |
F5 Networks, Inc. * | 11,572 | 2,028,340 |
Security | Number of Shares | Value ($) |
Insight Enterprises, Inc. * | 11,520 | 595,469 |
Jabil, Inc. | 56,457 | 1,396,182 |
Lumentum Holdings, Inc. * | 12,710 | 694,601 |
OSI Systems, Inc. * | 1,025 | 70,889 |
Plantronics, Inc. | 11,498 | 678,037 |
Seagate Technology plc | 7,009 | 281,972 |
SYNNEX Corp. (a) | 12,916 | 1,002,411 |
Tech Data Corp. *(a) | 33,188 | 2,345,064 |
Western Digital Corp. | 35,604 | 1,533,464 |
Zebra Technologies Corp., Class A * | 7,641 | 1,270,698 |
23,080,906 | ||
Telecommunication Services 0.8% | ||
Telephone & Data Systems, Inc. | 51,659 | 1,592,647 |
Vonage Holdings Corp. * | 68,529 | 908,694 |
2,501,341 | ||
Transportation 2.8% | ||
Delta Air Lines, Inc. (a) | 110,955 | 6,072,567 |
United Continental Holdings, Inc. * | 29,057 | 2,484,664 |
8,557,231 | ||
Utilities 1.8% | ||
CenterPoint Energy, Inc. | 23,020 | 621,770 |
CMS Energy Corp. | 3,081 | 152,571 |
Exelon Corp. | 16,321 | 715,023 |
IDACORP, Inc. | 920 | 85,799 |
MDU Resources Group, Inc. | 35,033 | 874,424 |
OGE Energy Corp. | 40,204 | 1,453,375 |
PG&E Corp. * | 30,522 | 1,428,735 |
5,331,697 | ||
Total Common Stock | ||
(Cost $296,202,725) | 294,943,675 | |
Other Investment Company 2.0% of net assets | ||
Money Market Fund 2.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (b) | 5,861,865 | 5,861,865 |
Total Other Investment Company | ||
(Cost $5,861,865) | 5,861,865 |
Security | Number of Shares | Value ($) |
Short Sales (41.7%) of net assets | ||
Automobiles & Components (2.2%) | ||
Dorman Products, Inc. * | 36,010 | (2,845,150) |
Fox Factory Holding Corp. * | 4,675 | (251,188) |
Standard Motor Products, Inc. | 6,425 | (347,657) |
Tesla, Inc. * | 9,405 | (3,172,494) |
(6,616,489) | ||
Capital Goods (4.7%) | ||
AAON, Inc. | 97,286 | (3,355,394) |
GATX Corp. | 26,539 | (1,988,567) |
Kratos Defense & Security Solutions, Inc. * | 29,410 | (368,507) |
Mercury Systems, Inc. * | 20,192 | (946,197) |
NOW, Inc. * | 45,392 | (582,833) |
SiteOne Landscape Supply, Inc. * | 13,542 | (921,398) |
Sunrun, Inc. * | 90,110 | (1,104,749) |
Triton International Ltd. | 20,030 | (644,365) |
Vicor Corp. * | 4,360 | (174,836) |
Welbilt, Inc. * | 218,263 | (4,085,884) |
(14,172,730) | ||
Commercial & Professional Services (0.9%) | ||
CoStar Group, Inc. * | 2,500 | (903,550) |
Equifax, Inc. | 4,402 | (446,539) |
TriNet Group, Inc. * | 30,269 | (1,422,340) |
(2,772,429) | ||
Consumer Durables & Apparel (2.2%) | ||
Cavco Industries, Inc. * | 1,379 | (276,641) |
iRobot Corp. * | 6,480 | (571,342) |
Mattel, Inc. * | 97,119 | (1,318,876) |
Newell Brands, Inc. | 133,707 | (2,123,267) |
Roku, Inc. * | 6,441 | (358,120) |
Tempur Sealy International, Inc. * | 12,055 | (557,062) |
Under Armour, Inc., Class A * | 63,185 | (1,397,020) |
(6,602,328) | ||
Consumer Services (0.7%) | ||
Caesars Entertainment Corp. * | 231,027 | (1,984,522) |
Diversified Financials (3.0%) | ||
Cannae Holdings, Inc. * | 17,440 | (322,117) |
Credit Acceptance Corp. * | 5,296 | (2,247,728) |
FirstCash, Inc. | 18,831 | (1,514,013) |
LendingClub Corp. * | 379,091 | (1,224,464) |
PJT Partners, Inc., Class A | 9,645 | (437,304) |
PRA Group, Inc. * | 94,317 | (2,908,736) |
WisdomTree Investments, Inc. | 59,332 | (461,010) |
(9,115,372) | ||
Energy (3.8%) | ||
Callon Petroleum Co. * | 33,067 | (329,678) |
Ensco plc, Class A | 473,199 | (3,378,641) |
GasLog Ltd. | 85,536 | (1,750,067) |
Golar LNG Ltd. | 40,307 | (1,079,421) |
Oceaneering International, Inc. * | 43,497 | (823,833) |
QEP Resources, Inc. * | 52,397 | (466,857) |
Security | Number of Shares | Value ($) |
SemGroup Corp., Class A | 96,609 | (1,786,300) |
Ship Finance International Ltd. | 133,387 | (1,667,338) |
Tellurian, Inc. * | 25,000 | (200,000) |
(11,482,135) | ||
Food & Staples Retailing (0.2%) | ||
The Chefs' Warehouse, Inc. * | 13,636 | (458,579) |
Food, Beverage & Tobacco (0.6%) | ||
Hostess Brands, Inc. * | 67,887 | (706,025) |
Sanderson Farms, Inc. | 10,441 | (1,027,290) |
Tootsie Roll Industries, Inc. | 5,000 | (157,850) |
(1,891,165) | ||
Health Care Equipment & Services (2.9%) | ||
AxoGen, Inc. * | 52,944 | (1,974,282) |
Insulet Corp. * | 9,029 | (796,448) |
iRhythm Technologies, Inc. * | 7,497 | (579,218) |
LHC Group, Inc. * | 34,487 | (3,153,147) |
Medidata Solutions, Inc. * | 3,508 | (246,612) |
Tactile Systems Technology, Inc. * | 10,655 | (697,689) |
Wright Medical Group N.V. * | 43,529 | (1,174,413) |
(8,621,809) | ||
Household & Personal Products (0.2%) | ||
Coty, Inc., Class A | 52,020 | (548,811) |
Insurance (1.3%) | ||
Alleghany Corp. | 468 | (281,118) |
RenaissanceRe Holdings Ltd. | 27,020 | (3,300,763) |
State Auto Financial Corp. | 13,200 | (419,628) |
(4,001,509) | ||
Materials (3.7%) | ||
AptarGroup, Inc. | 5,649 | (575,972) |
Cleveland-Cliffs, Inc. * | 137,831 | (1,483,062) |
Crown Holdings, Inc. * | 62,800 | (2,655,812) |
Graphic Packaging Holding Co. | 42,698 | (470,105) |
Martin Marietta Materials, Inc. | 13,277 | (2,274,085) |
Sealed Air Corp. | 31,853 | (1,030,763) |
Sensient Technologies Corp. | 9,939 | (644,643) |
The Scotts Miracle-Gro Co. | 10,156 | (677,811) |
Valvoline, Inc. | 60,835 | (1,211,833) |
(11,024,086) | ||
Media & Entertainment (1.2%) | ||
Cargurus, Inc. * | 13,001 | (577,505) |
Liberty Broadband Corp., Class A * | 26,537 | (2,196,998) |
TripAdvisor, Inc. * | 13,643 | (711,346) |
(3,485,849) | ||
Pharmaceuticals, Biotechnology & Life Sciences (2.0%) | ||
Accelerate Diagnostics, Inc. * | 5,952 | (88,923) |
Aerie Pharmaceuticals, Inc. * | 5,368 | (285,470) |
Alnylam Pharmaceuticals, Inc. * | 7,874 | (633,306) |
Amneal Pharmaceuticals, Inc. * | 19,303 | (356,140) |
Atara Biotherapeutics, Inc. * | 7,466 | (255,113) |
Bluebird Bio, Inc. * | 12,944 | (1,484,677) |
Immunomedics, Inc. * | 22,050 | (496,787) |
Madrigal Pharmaceuticals, Inc. * | 2,913 | (555,975) |
Security | Number of Shares | Value ($) |
MyoKardia, Inc. * | 4,765 | (252,259) |
Syneos Health, Inc. * | 9,609 | (438,459) |
The Medicines Co. * | 33,032 | (768,324) |
Ultragenyx Pharmaceutical, Inc. * | 10,151 | (491,816) |
(6,107,249) | ||
Real Estate (2.6%) | ||
Acadia Realty Trust | 154,294 | (4,295,545) |
Retail Opportunity Investments Corp. | 124,951 | (2,197,888) |
Rexford Industrial Realty, Inc. | 9,836 | (311,506) |
Seritage Growth Properties, Class A | 13,231 | (503,043) |
Urban Edge Properties | 30,639 | (627,793) |
(7,935,775) | ||
Retailing (0.6%) | ||
At Home Group, Inc. * | 4,229 | (115,621) |
CarMax, Inc. * | 8,503 | (577,438) |
Floor & Decor Holdings, Inc., Class A * | 9,110 | (233,034) |
Pool Corp. | 6,957 | (1,013,983) |
(1,940,076) | ||
Semiconductors & Semiconductor Equipment (1.0%) | ||
Ambarella, Inc. * | 17,266 | (600,512) |
Brooks Automation, Inc. | 14,465 | (448,849) |
Cree, Inc. * | 10,643 | (413,161) |
MACOM Technology Solutions Holdings, Inc. * | 27,625 | (388,684) |
NXP Semiconductors N.V. | 6,106 | (457,889) |
Universal Display Corp. | 4,835 | (594,753) |
(2,903,848) | ||
Software & Services (1.5%) | ||
2U, Inc. * | 11,167 | (702,516) |
ExlService Holdings, Inc. * | 5,091 | (326,333) |
FireEye, Inc. * | 33,551 | (620,358) |
MINDBODY, Inc., Class A * | 34,904 | (1,111,343) |
Rapid7, Inc. * | 21,172 | (767,273) |
Tableau Software, Inc., Class A * | 8,179 | (872,536) |
(4,400,359) | ||
Security | Number of Shares | Value ($) |
Technology Hardware & Equipment (4.8%) | ||
Acacia Communications, Inc. * | 34,879 | (1,202,279) |
Badger Meter, Inc. | 38,124 | (1,872,270) |
Cognex Corp. | 74,920 | (3,209,573) |
Finisar Corp. * | 106,199 | (1,772,461) |
Rogers Corp. * | 15,096 | (1,857,714) |
ViaSat, Inc. * | 68,152 | (4,345,371) |
(14,259,668) | ||
Telecommunication Services (0.5%) | ||
Iridium Communications, Inc. * | 70,572 | (1,398,031) |
Transportation (1.1%) | ||
Heartland Express, Inc. | 15,979 | (311,111) |
Spirit Airlines, Inc. * | 55,917 | (2,902,092) |
(3,213,203) | ||
Utilities 0.0% | ||
Ormat Technologies, Inc. | 2,718 | (139,080) |
Total Short Sales | ||
(Proceeds $135,590,886) | (125,075,102) |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/21/18 | 27 | 3,659,985 | (27,930) |
* | 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 | $294,943,675 | $— | $— | $294,943,675 | |
Other Investment Company1 | 5,861,865 | — | — | 5,861,865 | |
Liabilities | |||||
Short Sales1 | (125,075,102) | — | — | (125,075,102) | |
Futures Contracts2 | (27,930) | — | — | (27,930) | |
Total | $175,702,508 | $— | $— | $175,702,508 |
1 | As categorized in Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $302,064,590) | $300,805,540 | |
Deposit with broker for futures contracts | 342,000 | |
Deposit with broker for short sales | 123,800,152 | |
Receivables: | ||
Fund shares sold | 627,070 | |
Dividends | 280,252 | |
Variation margin on futures contracts | 34,830 | |
Prepaid expenses | + | 19,962 |
Total assets | 425,909,806 | |
Liabilities | ||
Securities sold short, at value (proceeds $135,590,886) | 125,075,102 | |
Payables: | ||
Investment adviser and administrator fees | 269,505 | |
Shareholder service fees | 55,687 | |
Fund shares redeemed | 155,932 | |
Dividends on short sales | 1,921 | |
Accrued expenses | + | 61,490 |
Total liabilities | 125,619,637 | |
Net Assets | ||
Total assets | 425,909,806 | |
Total liabilities | – | 125,619,637 |
Net assets | $300,290,169 | |
Net Assets by Source | ||
Capital received from investors | 272,127,935 | |
Total distributable earnings1 | 28,162,234 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$300,290,169 | 17,781,909 | $16.89 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $315) | $4,612,443 | |
Rebates on short sales, net of fees | + | 1,070,202 |
Total investment income | 5,682,645 | |
Expenses | ||
Investment adviser and administrator fees | 2,846,280 | |
Shareholder service fees | 582,051 | |
Dividends on short sales | 913,814 | |
Portfolio accounting fees | 37,224 | |
Custodian fees | 34,442 | |
Registration fees | 34,399 | |
Professional fees | 27,492 | |
Transfer agent fees | 16,206 | |
Shareholder reports | 13,318 | |
Independent trustees’ fees | 8,748 | |
Interest expense | 2,168 | |
Other expenses | + | 5,816 |
Total expenses | 4,521,958 | |
Expense reduction by CSIM and its affiliates | – | 16,206 |
Net expenses | – | 4,505,752 |
Net investment income | 1,176,893 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 35,658,023 | |
Net realized gains on futures contracts | 13,949 | |
Net realized losses on short sales | + | (17,557,491) |
Net realized gains | 18,114,481 | |
Net change in unrealized appreciation (depreciation) on investments | (32,367,950) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (27,930) | |
Net change in unrealized appreciation (depreciation) on short sales | + | 15,821,651 |
Net change in unrealized appreciation (depreciation) | + | (16,574,229) |
Net realized and unrealized gains | 1,540,252 | |
Increase in net assets resulting from operations | $2,717,145 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $1,176,893 | $388,179 | ||
Net realized gains | 18,114,481 | 15,228,535 | ||
Net change in unrealized appreciation (depreciation) | + | (16,574,229) | 9,797,381 | |
Increase in net assets from operations | 2,717,145 | 25,414,095 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($15,243,329) | ($6,371,171) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,194,796 | $107,567,531 | 5,562,308 | $94,777,684 | ||||
Shares reinvested | 728,755 | 12,461,727 | 311,206 | 5,290,506 | ||||
Shares redeemed | + | (3,400,784) | (58,925,303) | (4,198,129) | (71,890,789) | |||
Net transactions in fund shares | 3,522,767 | $61,103,955 | 1,675,385 | $28,177,401 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 14,259,142 | $251,712,398 | 12,583,757 | $204,492,073 | ||||
Total increase | + | 3,522,767 | 48,577,771 | 1,675,385 | 47,220,325 | |||
End of period2 | 17,781,909 | $300,290,169 | 14,259,142 | $251,712,398 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $6,371,171 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $124,921 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $25.44 | $21.56 | $26.68 | $28.19 | $24.57 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.23 1 | 0.21 1 | 0.19 1 | 0.14 1 | 0.23 | |
Net realized and unrealized gains (losses) | 1.96 | 4.24 | (1.52) | 1.78 | 5.84 | |
Total from investment operations | 2.19 | 4.45 | (1.33) | 1.92 | 6.07 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.20) | (0.16) | (0.21) | (0.19) | |
Distributions from net realized gains | (1.54) | (0.37) | (3.63) | (3.22) | (2.26) | |
Total distributions | (1.78) | (0.57) | (3.79) | (3.43) | (2.45) | |
Net asset value at end of period | $25.85 | $25.44 | $21.56 | $26.68 | $28.19 | |
Total return | 9.13% | 21.10% | (5.78%) | 7.26% | 27.06% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.80% | 0.81% | 0.80% | 0.79% | 0.80% | |
Gross operating expenses | 0.80% | 0.81% | 0.80% | 0.80% | 0.81% | |
Net investment income (loss) | 0.91% | 0.89% | 0.82% | 0.52% | 0.93% | |
Portfolio turnover rate | 45% | 42% | 54% | 75% | 57% | |
Net assets, end of period (x 1,000,000) | $826 | $853 | $853 | $1,118 | $1,064 | |
Security | Number of Shares | Value ($) |
Common Stock 99.6% of net assets | ||
Australia 2.3% | ||
Ansell Ltd. | 307,435 | 5,068,468 |
Australian Pharmmaceutical Industries Ltd. | 300,000 | 325,858 |
Cochlear Ltd. | 28,083 | 3,538,826 |
CSL Ltd. | 71,497 | 9,544,644 |
18,477,796 | ||
Denmark 3.0% | ||
Coloplast A/S, Class B | 48,000 | 4,479,050 |
GN Store Nord A/S | 52,000 | 2,205,770 |
H. Lundbeck A/S | 85,009 | 3,964,959 |
Novo Nordisk A/S, Class B | 287,493 | 12,415,833 |
William Demant Holding A/S * | 35,359 | 1,162,311 |
24,227,923 | ||
France 1.0% | ||
Ipsen S.A. | 22,091 | 3,062,992 |
Sanofi | 59,706 | 5,335,362 |
8,398,354 | ||
Germany 0.1% | ||
Evotec AG * | 43,738 | 862,152 |
Hong Kong 0.8% | ||
China Medical System Holdings Ltd. | 1,448,000 | 1,729,555 |
Consun Pharmaceutical Group Ltd. | 774,000 | 538,738 |
Sino Biopharmaceutical Ltd. | 5,028,000 | 4,538,230 |
6,806,523 | ||
Ireland 4.4% | ||
Allergan plc | 75,561 | 11,939,394 |
Mallinckrodt plc * | 16,543 | 414,568 |
Medtronic plc | 220,665 | 19,820,130 |
Perrigo Co., plc | 62,388 | 4,385,876 |
36,559,968 | ||
Japan 2.7% | ||
Astellas Pharma, Inc. | 423,900 | 6,549,337 |
Eisai Co., Ltd. | 5,400 | 449,714 |
EPS Holdings, Inc. | 69,943 | 1,365,738 |
Hoya Corp. | 160,800 | 9,097,382 |
Paramount Bed Holdings Co., Ltd. | 8,700 | 366,052 |
Shionogi & Co., Ltd. | 34,800 | 2,225,240 |
Takara Bio, Inc. | 105,700 | 2,492,904 |
22,546,367 | ||
Security | Number of Shares | Value ($) |
Republic of Korea 0.6% | ||
Celltrion, Inc. * | 7,966 | 1,524,023 |
Hugel, Inc. * | 4,039 | 975,588 |
Huons Co., Ltd. | 17,560 | 1,046,476 |
Medy-Tox, Inc. | 3,180 | 1,302,743 |
Samjin Pharmaceutical Co., Ltd. | 7,800 | 254,226 |
5,103,056 | ||
Sweden 0.9% | ||
Swedish Orphan Biovitrum AB * | 329,727 | 6,730,630 |
Vitrolife AB | 58,000 | 859,106 |
7,589,736 | ||
Switzerland 6.9% | ||
Lonza Group AG * | 45,485 | 14,302,277 |
Novartis AG | 215,320 | 18,856,067 |
Roche Holding AG | 90,696 | 22,071,997 |
Siegfried Holding AG * | 1,130 | 453,262 |
Sonova Holding AG | 7,490 | 1,221,500 |
56,905,103 | ||
United Kingdom 1.5% | ||
AstraZeneca plc | 38,243 | 2,925,193 |
GlaxoSmithKline plc | 434,176 | 8,409,015 |
Smith & Nephew plc | 80,736 | 1,312,351 |
12,646,559 | ||
United States 75.4% | ||
Abbott Laboratories | 280,200 | 19,316,988 |
AbbVie, Inc. | 319,096 | 24,841,624 |
Agilent Technologies, Inc. | 157,800 | 10,223,862 |
Alexion Pharmaceuticals, Inc. * | 54,000 | 6,051,780 |
Align Technology, Inc. * | 6,300 | 1,393,560 |
AMAG Pharmaceuticals, Inc. * | 162,622 | 3,496,373 |
Amedisys, Inc. * | 3,600 | 396,000 |
Amgen, Inc. | 164,011 | 31,619,681 |
AngioDynamics, Inc. * | 25,100 | 512,793 |
Anthem, Inc. | 25,000 | 6,889,250 |
Baxter International, Inc. | 70,001 | 4,375,762 |
Becton, Dickinson & Co. | 21,537 | 4,964,278 |
Bio-Rad Laboratories, Inc., Class A * | 1,400 | 381,990 |
Bio-Techne Corp. | 28,100 | 4,712,932 |
Biogen, Inc. * | 61,914 | 18,838,573 |
Boston Scientific Corp. * | 180,700 | 6,530,498 |
Bristol-Myers Squibb Co. | 314,434 | 15,891,494 |
Bruker Corp. | 13,300 | 416,689 |
CareDx, Inc. * | 17,200 | 449,092 |
Catalent, Inc. * | 55,007 | 2,218,982 |
Celgene Corp. * | 193,187 | 13,832,189 |
Charles River Laboratories International, Inc. * | 3,400 | 414,188 |
Chemed Corp. | 1,300 | 395,629 |
Cigna Corp. | 24,200 | 5,174,202 |
CVS Health Corp. | 147,896 | 10,706,191 |
Security | Number of Shares | Value ($) |
Danaher Corp. | 101,800 | 10,118,920 |
DaVita, Inc. * | 4,084 | 275,017 |
Eagle Pharmaceuticals, Inc. * | 6,400 | 315,136 |
Edwards Lifesciences Corp. * | 21,400 | 3,158,640 |
Eli Lilly & Co. | 213,429 | 23,144,241 |
Emergent BioSolutions, Inc. * | 123,687 | 7,568,408 |
Encompass Health Corp. | 2,914 | 196,112 |
Express Scripts Holding Co. * | 160,239 | 15,538,376 |
Genomic Health, Inc. * | 91,684 | 6,574,660 |
Gilead Sciences, Inc. | 314,185 | 21,421,133 |
Haemonetics Corp. * | 44,581 | 4,657,377 |
Halozyme Therapeutics, Inc. * | 89,900 | 1,396,147 |
HCA Healthcare, Inc. | 32,407 | 4,327,307 |
Hill-Rom Holdings, Inc. | 35,957 | 3,023,265 |
Hologic, Inc. * | 85,700 | 3,341,443 |
Humana, Inc. | 16,000 | 5,126,560 |
IDEXX Laboratories, Inc. * | 22,100 | 4,687,852 |
Illumina, Inc. * | 23,840 | 7,417,816 |
ImmunoGen, Inc. * | 47,600 | 258,468 |
Innoviva, Inc. * | 145,800 | 2,035,368 |
Intuitive Surgical, Inc. * | 14,600 | 7,609,228 |
Jazz Pharmaceuticals plc * | 37,300 | 5,923,986 |
Johnson & Johnson | 507,102 | 70,989,209 |
Ligand Pharmaceuticals, Inc. * | 3,450 | 568,594 |
Luminex Corp. | 49,300 | 1,418,361 |
McKesson Corp. | 19,100 | 2,382,916 |
Merck & Co., Inc. | 534,910 | 39,374,725 |
Meridian Bioscience, Inc. | 101,500 | 1,645,315 |
Merit Medical Systems, Inc. * | 7,000 | 399,840 |
Mylan N.V. * | 243,400 | 7,606,250 |
Myriad Genetics, Inc. * | 109,018 | 4,909,081 |
Pfizer, Inc. | 1,148,300 | 49,445,798 |
PTC Therapeutics, Inc. * | 9,700 | 373,644 |
Quest Diagnostics, Inc. | 8,417 | 792,124 |
ResMed, Inc. | 55,900 | 5,920,928 |
Security | Number of Shares | Value ($) |
Select Medical Holdings Corp. * | 47,000 | 779,260 |
Stryker Corp. | 34,100 | 5,531,702 |
Tenet Healthcare Corp. * | 153,200 | 3,941,836 |
Thermo Fisher Scientific, Inc. | 68,850 | 16,086,802 |
Triple-S Management Corp., Class B * | 90,100 | 1,546,116 |
UnitedHealth Group, Inc. | 174,491 | 45,603,223 |
Vanda Pharmaceuticals, Inc. * | 19,800 | 375,606 |
Varian Medical Systems, Inc. * | 62,600 | 7,472,562 |
Vertex Pharmaceuticals, Inc. * | 14,700 | 2,491,062 |
Waters Corp. * | 18,919 | 3,588,745 |
Zimmer Biomet Holdings, Inc. | 7,000 | 795,130 |
Zoetis, Inc. | 182,600 | 16,461,390 |
622,660,279 | ||
Total Common Stock | ||
(Cost $595,694,437) | 822,783,816 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.2% of net assets | ||
Time Deposits 0.2% | ||
Barclays Capital, Inc. | ||
U.S.Dollar | ||
1.54%, 11/01/18 (a) | 1,285,251 | 1,285,251 |
Brown Brothers Harriman | ||
New Zealand Dollar | ||
0.85%, 11/01/18 (a) | 12 | 8 |
Total Short-Term Investments | ||
(Cost $1,285,259) | 1,285,259 |
* | 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 | $659,220,247 | $— | $— | $659,220,247 | |
Australia | — | 18,477,796 | — | 18,477,796 | |
Denmark | — | 24,227,923 | — | 24,227,923 | |
France | — | 8,398,354 | — | 8,398,354 | |
Germany | — | 862,152 | — | 862,152 | |
Hong Kong | — | 6,806,523 | — | 6,806,523 | |
Japan | — | 22,546,367 | — | 22,546,367 | |
Republic of Korea | — | 5,103,056 | — | 5,103,056 | |
Sweden | 6,730,630 | 859,106 | — | 7,589,736 | |
Switzerland | — | 56,905,103 | — | 56,905,103 | |
United Kingdom | — | 12,646,559 | — | 12,646,559 | |
Short-Term Investments1 | — | 1,285,259 | — | 1,285,259 | |
Total | $665,950,877 | $158,118,198 | $— | $824,069,075 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $596,979,696) | $824,069,075 | |
Foreign currency, at value (cost $1,293) | 1,293 | |
Deposit with broker for futures contracts | 462,000 | |
Receivables: | ||
Foreign tax reclaims | 917,454 | |
Dividends | 718,462 | |
Fund shares sold | 350,996 | |
Interest | 54 | |
Prepaid expenses | + | 15,059 |
Total assets | 826,534,393 | |
Liabilities | ||
Payables: | ||
Investment adviser and administrator fees | 383,726 | |
Shareholder service fees | 169,611 | |
Fund shares redeemed | 113,264 | |
Accrued expenses | + | 98,983 |
Total liabilities | 765,584 | |
Net Assets | ||
Total assets | 826,534,393 | |
Total liabilities | – | 765,584 |
Net assets | $825,768,809 | |
Net Assets by Source | ||
Capital received from investors | 526,230,095 | |
Total distributable earnings1 | 299,538,714 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$825,768,809 | 31,941,167 | $25.85 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $402,659) | $14,401,645 | |
Interest | 21,775 | |
Securities on loan, net | + | 24,820 |
Total investment income | 14,448,240 | |
Expenses | ||
Investment adviser and administrator fees | 4,472,743 | |
Shareholder service fees | 1,995,377 | |
Portfolio accounting fees | 63,595 | |
Shareholder reports | 60,060 | |
Custodian fees | 54,320 | |
Transfer agent fees | 36,601 | |
Registration fees | 29,646 | |
Professional fees | 29,040 | |
Independent trustees’ fees | 11,667 | |
Interest expense | 2,544 | |
Other expenses | + | 23,253 |
Total expenses | 6,778,846 | |
Expense reduction by CSIM and its affiliates | – | 36,602 |
Net expenses | – | 6,742,244 |
Net investment income | 7,705,996 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 66,824,957 | |
Net realized gains on futures contracts | 42,636 | |
Net realized losses on foreign currency transactions | + | (20,294) |
Net realized gains | 66,847,299 | |
Net change in unrealized appreciation (depreciation) on investments | (1,196,236) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (27,600) |
Net change in unrealized appreciation (depreciation) | + | (1,223,836) |
Net realized and unrealized gains | 65,623,463 | |
Increase in net assets resulting from operations | $73,329,459 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $7,705,996 | $7,623,515 | ||
Net realized gains | 66,847,299 | 50,803,289 | ||
Net change in unrealized appreciation (depreciation) | + | (1,223,836) | 103,078,127 | |
Increase in net assets from operations | 73,329,459 | 161,504,931 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($58,703,388) | ($21,703,758) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,353,386 | $60,438,285 | 2,602,137 | $61,859,539 | ||||
Shares reinvested | 2,159,882 | 51,772,373 | 885,124 | 19,145,216 | ||||
Shares redeemed | + | (6,109,931) | (154,310,987) | (9,509,826) | (220,486,601) | |||
Net transactions in fund shares | (1,596,663) | ($42,100,329) | (6,022,565) | ($139,481,846) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 33,537,830 | $853,243,067 | 39,560,395 | $852,923,740 | ||||
Total increase or decrease | + | (1,596,663) | (27,474,258) | (6,022,565) | 319,327 | |||
End of period2 | 31,941,167 | $825,768,809 | 33,537,830 | $853,243,067 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $7,795,978 from net investment income and $13,907,780 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $6,387,444 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $11.27 | $9.20 | $9.62 | $9.77 | $9.82 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.24 | 0.22 | 0.22 | 0.19 | 0.29 | |
Net realized and unrealized gains (losses) | (1.58) | 2.08 | (0.45) | (0.01) | (0.08) | |
Total from investment operations | (1.34) | 2.30 | (0.23) | 0.18 | 0.21 | |
Less distributions: | ||||||
Distributions from net investment income | (0.26) | (0.23) | (0.19) | (0.15) | (0.26) | |
Distributions from net realized gains | (0.03) | — | — | (0.18) | — | |
Total distributions | (0.29) | (0.23) | (0.19) | (0.33) | (0.26) | |
Net asset value at end of period | $9.64 | $11.27 | $9.20 | $9.62 | $9.77 | |
Total return | (12.18%) | 25.58% | (2.41%) | 2.05% | 2.20% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |
Gross operating expenses | 0.89% | 0.90% | 0.91% | 0.92% | 0.98% | |
Net investment income (loss) | 2.22% | 2.15% | 2.40% | 2.02% | 2.95% | |
Portfolio turnover rate | 98% | 85% | 90% | 87% | 90% | |
Net assets, end of period (x 1,000,000) | $1,166 | $1,227 | $772 | $679 | $423 | |
Security | Number of Shares | Value ($) |
Common Stock 99.4% of net assets | ||
Australia 6.0% | ||
AGL Energy Ltd. | 91,464 | 1,168,036 |
Aristocrat Leisure Ltd. | 515,799 | 9,719,681 |
Computershare Ltd. | 97,600 | 1,370,565 |
CSL Ltd. | 13,658 | 1,823,304 |
Inghams Group Ltd. | 1,767,535 | 4,886,956 |
Macquarie Group Ltd. | 96,429 | 8,041,422 |
McMillan Shakespeare Ltd. | 64,850 | 760,575 |
National Australia Bank Ltd. | 1,164,932 | 20,863,373 |
Qantas Airways Ltd. | 1,405,620 | 5,456,271 |
REA Group Ltd. | 7,640 | 388,825 |
Sandfire Resources NL | 1,141,188 | 5,395,947 |
Telstra Corp., Ltd. | 2,688,187 | 5,880,243 |
Whitehaven Coal Ltd. | 1,088,144 | 3,758,746 |
69,513,944 | ||
Austria 0.6% | ||
Erste Group Bank AG * | 28,944 | 1,178,236 |
OMV AG | 95,419 | 5,298,864 |
6,477,100 | ||
Belgium 0.3% | ||
UCB S.A. | 48,067 | 4,036,667 |
Canada 0.6% | ||
Constellation Software, Inc. | 1,831 | 1,260,135 |
Parex Resources, Inc. * | 368,700 | 5,368,969 |
6,629,104 | ||
Denmark 2.4% | ||
Coloplast A/S, Class B | 40,904 | 3,816,898 |
H. Lundbeck A/S | 41,145 | 1,919,070 |
Novo Nordisk A/S, Class B | 378,610 | 16,350,862 |
Topdanmark A/S | 136,871 | 6,505,966 |
28,592,796 | ||
Finland 1.8% | ||
Fortum Oyj | 622,899 | 13,112,461 |
UPM-Kymmene Oyj | 228,559 | 7,347,883 |
20,460,344 | ||
France 11.6% | ||
Arkema S.A. | 15,000 | 1,573,704 |
BNP Paribas S.A. | 283,603 | 14,779,699 |
Christian Dior SE | 4,829 | 1,868,184 |
Dassault Aviation S.A. | 3,474 | 5,764,522 |
Electricite de France S.A. | 264,555 | 4,383,160 |
Engie S.A. | 603,280 | 8,015,900 |
Faurecia S.A. | 58,656 | 2,843,545 |
Gaztransport Et Technigaz S.A. | 100,328 | 7,415,242 |
Security | Number of Shares | Value ($) |
Ipsen S.A. | 114,582 | 15,887,183 |
Kering S.A. | 8,261 | 3,671,919 |
L'Oreal S.A. | 38,952 | 8,776,128 |
LVMH Moet Hennessy Louis Vuitton SE | 17,500 | 5,309,595 |
Neopost S.A. | 129,559 | 4,167,559 |
Peugeot S.A. | 389,326 | 9,254,584 |
Sanofi | 76,366 | 6,824,110 |
TOTAL S.A. | 583,003 | 34,207,948 |
134,742,982 | ||
Germany 8.8% | ||
adidas AG | 33,903 | 7,972,762 |
Allianz SE | 150,345 | 31,319,846 |
BASF SE | 268,217 | 20,582,573 |
Covestro AG | 235,912 | 15,213,680 |
Deutsche Lufthansa AG | 187,268 | 3,759,054 |
Deutsche Pfandbriefbank AG | 825,455 | 10,960,791 |
Deutsche Wohnen SE | 32,726 | 1,496,893 |
HOCHTIEF AG | 5,449 | 807,478 |
Hugo Boss AG | 17,499 | 1,250,539 |
MTU Aero Engines AG | 11,730 | 2,490,655 |
Siltronic AG | 71,400 | 6,539,152 |
102,393,423 | ||
Greece 0.0% | ||
Motor Oil (Hellas) Corinth Refineries S.A. | 17,969 | 425,369 |
Hong Kong 2.4% | ||
Anhui Conch Cement Co., Ltd., Class H (a) | 428,000 | 2,218,384 |
China Petroleum & Chemical Corp., Class H (a) | 1,458,000 | 1,187,651 |
CITIC Ltd. | 1,655,000 | 2,486,653 |
CK Asset Holdings Ltd. | 549,000 | 3,572,752 |
CNOOC Ltd. | 657,000 | 1,118,857 |
Ping An Insurance Group Co. of China Ltd., Class H (a) | 788,000 | 7,449,774 |
Tencent Holdings Ltd. | 176,200 | 6,036,481 |
Weichai Power Co., Ltd., Class H (a) | 2,657,000 | 2,626,712 |
Wynn Macau Ltd. | 885,800 | 1,845,251 |
28,542,515 | ||
Italy 1.2% | ||
Eni S.p.A. | 66,836 | 1,186,991 |
Fiat Chrysler Automobiles N.V. * | 548,607 | 8,348,943 |
Moncler S.p.A. | 136,797 | 4,750,657 |
14,286,591 | ||
Japan 23.8% | ||
AEON REIT Investment Corp. | 2,469 | 2,719,423 |
Arcs Co., Ltd. | 23,000 | 555,778 |
Astellas Pharma, Inc. | 1,024,700 | 15,831,813 |
Capcom Co., Ltd. | 48,700 | 1,015,149 |
Cocokara fine, Inc. | 7,800 | 429,343 |
Daikyonishikawa Corp. | 190,402 | 1,818,769 |
Security | Number of Shares | Value ($) |
DyDo Group Holdings, Inc. | 22,400 | 1,137,037 |
Eisai Co., Ltd. | 15,000 | 1,249,206 |
en-Japan, Inc. | 76,398 | 3,047,291 |
Fancl Corp. | 28,000 | 1,238,209 |
Fuji Electric Co., Ltd. | 154,400 | 4,713,131 |
Fukuoka Financial Group, Inc. | 47,000 | 1,154,824 |
Haseko Corp. | 605,100 | 7,667,590 |
Hazama Ando Corp. | 768,500 | 5,306,774 |
Hitachi Ltd. | 435,000 | 13,298,035 |
Hoya Corp. | 315,000 | 17,821,365 |
Idemitsu Kosan Co., Ltd. | 24,000 | 1,087,264 |
Invincible Investment Corp. | 8,698 | 3,602,699 |
Japan Airlines Co., Ltd. | 290,400 | 10,306,629 |
Japan Aviation Electronics Industry Ltd. | 76,000 | 1,006,388 |
Japan Post Holdings Co., Ltd. | 507,100 | 6,013,435 |
Japan Securities Finance Co., Ltd. | 512,000 | 2,867,428 |
Kanamoto Co., Ltd. | 156,800 | 5,239,581 |
Kenedix Office Investment Corp. | 1,097 | 6,798,040 |
Kirin Holdings Co., Ltd. | 445,300 | 10,625,983 |
Matsumotokiyoshi Holdings Co., Ltd. | 146,800 | 5,307,383 |
Mitsubishi UFJ Financial Group, Inc. | 1,830,800 | 11,080,896 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 744,300 | 3,825,114 |
Mitsui & Co., Ltd. | 151,000 | 2,522,999 |
Mixi, Inc. | 194,300 | 4,245,443 |
Nexon Co., Ltd. * | 146,600 | 1,672,303 |
Nihon Unisys Ltd. | 205,452 | 4,502,325 |
NTT DOCOMO, Inc. | 94,000 | 2,331,091 |
ORIX Corp. | 909,000 | 14,808,514 |
Pola Orbis Holdings, Inc. | 29,200 | 780,050 |
Sankyu, Inc. | 122,380 | 5,768,331 |
Seino Holdings Co., Ltd. | 465,000 | 6,439,488 |
Shionogi & Co., Ltd. | 202,119 | 12,924,231 |
Shiseido Co., Ltd. | 33,700 | 2,126,318 |
Sinfonia Technology Co., Ltd. | 43,000 | 562,328 |
SoftBank Group Corp. | 13,000 | 1,028,804 |
Sony Corp. | 504,598 | 27,307,191 |
Sumitomo Mitsui Construction Co., Ltd. | 1,410,200 | 8,846,733 |
Sumitomo Mitsui Financial Group, Inc. | 147,400 | 5,739,032 |
T-Gaia Corp. | 99,800 | 2,259,525 |
Taisei Corp. | 48,195 | 2,061,226 |
TOKAI Holdings Corp. | 111,300 | 929,945 |
Tokuyama Corp. | 569,800 | 12,741,709 |
Toshiba Corp. * | 7,700 | 230,789 |
Toshiba TEC Corp. | 208,600 | 6,222,645 |
Tosoh Corp. | 109,900 | 1,446,920 |
Tsubakimoto Chain Co. | 25,000 | 959,910 |
United Arrows Ltd. | 52,600 | 1,977,879 |
277,200,306 | ||
Netherlands 5.7% | ||
Airbus SE | 36,839 | 4,071,233 |
ASR Nederland N.V. | 13,329 | 605,100 |
Heineken Holding N.V. | 236,824 | 20,484,398 |
Koninklijke Ahold Delhaize N.V. | 946,910 | 21,675,254 |
Koninklijke Philips N.V. | 59,835 | 2,231,596 |
SBM Offshore N.V. | 726,410 | 12,516,335 |
Unilever N.V. CVA | 69,678 | 3,744,148 |
Wolters Kluwer N.V. | 21,539 | 1,222,005 |
66,550,069 | ||
New Zealand 0.1% | ||
Spark New Zealand Ltd. | 500,460 | 1,292,496 |
Security | Number of Shares | Value ($) |
Norway 1.1% | ||
Aker A.S.A., A Shares | 17,254 | 1,310,749 |
DNB A.S.A. | 31,816 | 574,801 |
DNO A.S.A. | 530,592 | 1,014,254 |
Telenor A.S.A. | 547,566 | 10,039,818 |
12,939,622 | ||
Portugal 0.1% | ||
The Navigator Co., S.A. | 164,389 | 818,178 |
Republic of Korea 1.3% | ||
Samsung Electronics Co., Ltd. | 323,780 | 12,120,960 |
SK Holdings Co., Ltd. | 5,357 | 1,233,482 |
SK Hynix, Inc. | 28,610 | 1,723,047 |
15,077,489 | ||
Singapore 0.9% | ||
CapitaLand Ltd. | 4,065,000 | 9,233,591 |
DBS Group Holdings Ltd. | 82,000 | 1,391,328 |
10,624,919 | ||
Spain 3.4% | ||
ACS Actividades de Construccion y Servicios S.A. | 536,281 | 20,079,138 |
Amadeus IT Group S.A. | 95,159 | 7,662,638 |
Banco Santander S.A. | 383,440 | 1,824,390 |
Cia de Distribucion Integral Logista Holdings S.A. | 100,490 | 2,426,187 |
Ence Energia y Celulosa S.A. | 507,094 | 4,259,507 |
Telefonica S.A. | 415,915 | 3,411,775 |
39,663,635 | ||
Sweden 2.0% | ||
Boliden AB | 315,828 | 7,212,476 |
Hemfosa Fastigheter AB | 144,970 | 1,791,006 |
Hexagon AB, B Shares | 45,571 | 2,230,409 |
Kindred Group plc SDR | 695,521 | 7,415,086 |
Swedish Orphan Biovitrum AB * | 213,213 | 4,352,260 |
23,001,237 | ||
Switzerland 8.6% | ||
Adecco Group AG | 59,672 | 2,922,140 |
Barry Callebaut AG | 350 | 684,101 |
Cembra Money Bank AG | 79,734 | 6,687,103 |
Georg Fischer AG | 1,159 | 1,078,270 |
Kardex AG * | 9,950 | 1,293,401 |
Nestle S.A. | 156,050 | 13,174,222 |
Novartis AG | 160,298 | 14,037,664 |
OC Oerlikon Corp. AG * | 180,000 | 2,142,214 |
Pargesa Holding S.A. | 111,523 | 8,186,907 |
Partners Group Holding AG | 15,118 | 10,763,330 |
Roche Holding AG | 160,536 | 39,068,428 |
UBS Group AG * | 40,537 | 566,590 |
100,604,370 | ||
Taiwan 0.3% | ||
Ruentex Industries Ltd. | 1,456,800 | 3,660,523 |
Security | Number of Shares | Value ($) |
United Kingdom 16.4% | ||
Ashtead Group plc | 646,669 | 15,964,218 |
Auto Trader Group plc | 468,083 | 2,445,903 |
Barclays plc | 1,701,639 | 3,749,230 |
BHP Billiton plc | 60,212 | 1,201,151 |
BP plc | 360,000 | 2,600,539 |
Carnival plc | 159,104 | 8,672,040 |
Direct Line Insurance Group plc | 3,475,667 | 14,605,718 |
Ferguson plc | 107,536 | 7,250,028 |
Great Portland Estates plc | 377,930 | 3,362,683 |
Imperial Brands plc | 322,667 | 10,929,572 |
International Consolidated Airlines Group S.A. | 1,221,384 | 9,416,248 |
Lloyds Banking Group plc | 32,711,431 | 23,870,794 |
Man Group plc | 2,766,824 | 5,489,674 |
Mondi plc | 74,407 | 1,752,199 |
Next plc | 131,032 | 8,704,823 |
Pagegroup plc | 15,489 | 99,284 |
Paragon Banking Group plc | 116,720 | 634,312 |
Pearson plc | 439,572 | 5,049,777 |
Persimmon plc | 32,091 | 939,211 |
Phoenix Group Holdings | 204,282 | 1,570,140 |
RELX plc | 24,069 | 476,004 |
Rightmove plc | 2,723,400 | 15,721,027 |
Royal Dutch Shell plc, A Shares | 178,342 | 5,681,637 |
Tesco plc | 5,750,176 | 15,660,162 |
The British Land Co., plc | 399,778 | 3,019,254 |
Security | Number of Shares | Value ($) |
Unilever plc | 298,669 | 15,820,384 |
Victrex plc | 136,474 | 4,616,398 |
WH Smith plc | 83,956 | 2,086,923 |
191,389,333 | ||
Total Common Stock | ||
(Cost $1,224,259,529) | 1,158,923,012 | |
Other Investment Company 0.3% of net assets | ||
Money Market Fund 0.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (b) | 4,081,393 | 4,081,393 |
Total Other Investment Company | ||
(Cost $4,081,393) | 4,081,393 |
* | Non-income producing security. |
(a) | Represents a China based company which is listed on the Hong Kong exchange and traded in Hong Kong dollars. |
(b) | The rate shown is the 7-day yield. |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
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 | $— | $994,124,320 | $— | $994,124,320 | |
Canada | 6,629,104 | — | — | 6,629,104 | |
France | 9,932,081 | 124,810,901 | — | 134,742,982 | |
Greece | 425,369 | — | — | 425,369 | |
Sweden | 4,352,260 | 18,648,977 | — | 23,001,237 | |
Other Investment Company1 | 4,081,393 | — | — | 4,081,393 | |
Total | $25,420,207 | $1,137,584,198 | $— | $1,163,004,405 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,228,340,922) | $1,163,004,405 | |
Receivables: | ||
Investments sold | 5,646,316 | |
Fund shares sold | 5,720,450 | |
Dividends | 3,357,209 | |
Foreign tax reclaims | 2,163,567 | |
Prepaid expenses | + | 33,952 |
Total assets | 1,179,925,899 | |
Liabilities | ||
Payables: | ||
Investments bought | 5,094,073 | |
Investment adviser and administrator fees | 566,410 | |
Shareholder service fees | 241,282 | |
Due to custodian | 4,442,346 | |
Fund shares redeemed | 2,921,302 | |
Accrued expenses | + | 380,712 |
Total liabilities | 13,646,125 | |
Net Assets | ||
Total assets | 1,179,925,899 | |
Total liabilities | – | 13,646,125 |
Net assets | $1,166,279,774 | |
Net Assets by Source | ||
Capital received from investors | 1,217,397,522 | |
Total distributable loss1 | (51,117,748) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,166,279,774 | 121,012,484 | $9.64 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $4,483,570) | $42,027,326 | |
Expenses | ||
Investment adviser and administrator fees | 7,918,060 | |
Shareholder service fees | 3,268,124 | |
Custodian fees | 571,721 | |
Registration fees | 98,397 | |
Portfolio accounting fees | 81,712 | |
Shareholder reports | 75,472 | |
Transfer agent fees | 50,871 | |
Professional fees | 48,659 | |
Independent trustees’ fees | 14,327 | |
Other expenses | + | 29,965 |
Total expenses | 12,157,308 | |
Expense reduction by CSIM and its affiliates | – | 416,737 |
Net expenses | – | 11,740,571 |
Net investment income | 30,286,755 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (5,359,273) | |
Net realized gains on futures contracts | 426,997 | |
Net realized losses on foreign currency transactions | + | (323,484) |
Net realized losses | (5,255,760) | |
Net change in unrealized appreciation (depreciation) on investments | (202,295,844) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (203,804) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (82,684) |
Net change in unrealized appreciation (depreciation) | + | (202,582,332) |
Net realized and unrealized losses | (207,838,092) | |
Decrease in net assets resulting from operations | ($177,551,337) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $30,286,755 | $20,043,289 | ||
Net realized gains (losses) | (5,255,760) | 62,524,779 | ||
Net change in unrealized appreciation (depreciation) | + | (202,582,332) | 122,354,781 | |
Increase (decrease) in net assets from operations | (177,551,337) | 204,922,849 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($32,281,172) | ($18,825,782) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 43,839,389 | $487,710,481 | 45,026,202 | $469,685,880 | ||||
Shares reinvested | 2,423,051 | 26,411,257 | 1,739,337 | 15,723,609 | ||||
Shares redeemed | + | (34,071,759) | (364,936,798) | (21,803,712) | (216,356,541) | |||
Net transactions in fund shares | 12,190,681 | $149,184,940 | 24,961,827 | $269,052,948 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 108,821,803 | $1,226,927,343 | 83,859,976 | $771,777,328 | ||||
Total increase or decrease | + | 12,190,681 | (60,647,569) | 24,961,827 | 455,150,015 | |||
End of period2 | 121,012,484 | $1,166,279,774 | 108,821,803 | $1,226,927,343 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $18,825,782 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $20,102,206 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Core Equity Fund | Schwab Target 2035 Fund |
Schwab Dividend Equity Fund | Schwab Target 2040 Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2045 Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2050 Fund |
Schwab Hedged Equity Fund | Schwab Target 2055 Fund |
Schwab Health Care Fund | Schwab Target 2060 Fund |
Schwab International Core Equity Fund | Schwab Fundamental US Large Company Index Fund |
Schwab S&P 500 Index Fund | Schwab Fundamental US Small Company Index Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental International Large Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental International Small Company Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2010 Index Fund |
Schwab International Index Fund® | Schwab Target 2015 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2040 Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2045 Index Fund |
Schwab Balanced Fund | Schwab Target 2050 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2020 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2030 Fund | Schwab ® Monthly Income Fund - Maximum Payout |
2. Significant Accounting Policies:
3. Risk Factors:
% 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 dividend expenses 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 | 7.3% | —% | —% | —% | |||
Schwab Monthly Income Fund - Enhanced Payout | —% | 1.3% | —% | —% | |||
Schwab Monthly Income Fund - Maximum Payout | —% | 0.4% | —% | —% | |||
Schwab Monthly Income Fund - Moderate Payout | —% | 1.1% | —% | —% | |||
Schwab Target 2010 Fund | 0.1% | 0.0%* | 0.1% | 0.2% | |||
Schwab Target 2015 Fund | 0.2% | 0.0%* | 0.2% | 0.3% | |||
Schwab Target 2020 Fund | 1.8% | 0.1% | 1.6% | 2.5% | |||
Schwab Target 2025 Fund | 2.3% | 0.2% | 2.4% | 3.0% | |||
Schwab Target 2030 Fund | 4.7% | 0.9% | 5.3% | 6.4% | |||
Schwab Target 2035 Fund | 2.4% | 0.6% | 2.9% | 3.3% | |||
Schwab Target 2040 Fund | 5.6% | 1.9% | 7.1% | 7.6% | |||
Schwab Target 2045 Fund | 0.8% | 0.3% | 1.1% | 1.2% | |||
Schwab Target 2050 Fund | 0.8% | 0.3% | 1.0% | 1.0% | |||
Schwab Target 2055 Fund | 0.5% | 0.2% | 0.7% | 0.7% | |||
Schwab Target 2060 Fund | 0.1% | 0.0%* | 0.1% | 0.1% |
* | Less than 0.05% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab Core Equity Fund | $2,313,186,669 | $2,571,359,788 |
Schwab Dividend Equity Fund | 1,090,276,797 | 1,284,019,396 |
Schwab Large-Cap Growth Fund | 227,578,068 | 251,083,790 |
Schwab Small-Cap Equity Fund | 690,824,521 | 767,737,103 |
Schwab Hedged Equity Fund* | 501,032,192 | 480,429,293 |
Schwab Health Care Fund | 373,882,422 | 466,816,526 |
Schwab International Core Equity Fund | 1,475,037,083 | 1,306,749,488 |
* | Including securities sold short. |
8. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab Core Equity Fund | $3,045,542 | 23 |
Schwab Dividend Equity Fund | 1,568,608 | 12 |
Schwab Large-Cap Growth Fund | 1,634,880 | 12 |
Schwab Small-Cap Equity Fund | 2,260,350 | 28 |
Schwab Hedged Equity Fund | 1,286,281 | 9 |
Schwab Health Care Fund | 259,062 | 2 |
Schwab International Core Equity Fund | 10,974,763 | 108 |
Prior Period (11/1/16-10/31/17) | |
Schwab Core Equity Fund | $1,679 |
Schwab Dividend Equity Fund | 11,570 |
Schwab Large-Cap Growth Fund | 2,514 |
Schwab Small-Cap Equity Fund | 4,073 |
Schwab Hedged Equity Fund | 9,890 |
Schwab Health Care Fund | 8,956 |
Schwab International Core Equity Fund | 3,125 |
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 | $1,842,792,528 | $1,131,627,556 | $193,196,113 | $589,951,564 | $166,598,801 | $596,952,569 | $1,233,878,839 | ||||||
Gross unrealized appreciation | $394,734,283 | $190,319,031 | $61,188,392 | $58,615,326 | $42,259,610 | $246,576,803 | $51,950,568 | ||||||
Gross unrealized depreciation | (104,365,781) | (74,843,996) | (12,955,203) | (70,619,669) | (33,155,903) | (19,460,297) | (122,825,002) | ||||||
Net unrealized appreciation (depreciation) | $290,368,502 | $115,475,035 | $48,233,189 | ($12,004,343) | $9,103,707 | $227,116,506 | ($70,874,434) |
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 | $43,894,258 | $2,868,644 | $6,333,001 | $47,741,718 | $1,871,059 | ||||
Undistributed long-term capital gains | 208,706,949 | 98,919,264 | 17,392,200 | 57,318,761 | 17,187,468 | ||||
Net unrealized appreciation (depreciation) on investments | 290,368,502 | 115,475,035 | 48,233,189 | (12,004,343) | 9,103,707 | ||||
Total | $542,969,709 | $217,262,943 | $71,958,390 | $93,056,136 | $28,162,234 |
Schwab Health Care Fund | Schwab International Core Equity Fund | ||
Undistributed ordinary income | $12,319,442 | $28,327,482 | |
Undistributed long-term capital gains | 60,135,400 | — | |
Net unrealized appreciation (depreciation) on investments | 227,116,506 | (70,874,434) | |
Net other unrealized appreciation (depreciation) | (32,634) | (89,310) | |
Total | $299,538,714 | ($42,636,262) |
Expiration Date | Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund |
No expiration | $— | $— | $— | $— | $— |
Expiration Date | Schwab Health Care Fund | Schwab International Core Equity Fund | |
No expiration | $— | $8,481,486 | |
Total | $— | $8,481,486 |
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 | $106,313,933 | $66,835,738 | $8,808,544 | $20,943,065 | $125,442 |
Long-term capital gains | 145,688,756 | 79,534,655 | 10,650,342 | 61,623,293 | 15,117,887 |
Prior 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 |
Schwab Health Care Fund | Schwab International Core Equity Fund | |
Current period distributions | ||
Ordinary income | $14,878,678 | $28,754,784 |
Long-term capital gains | 43,824,710 | 3,526,388 |
Prior period distributions | ||
Ordinary income | $7,795,978 | $18,825,782 |
Long-term capital gains | 13,907,780 | — |
11. Subsequent Events:
San Francisco, California
December 14, 2018
Percentage | |
Schwab Core Equity Fund | 45.03 |
Schwab Dividend Equity Fund | 65.22 |
Schwab Large-Cap Growth Fund | 34.56 |
Schwab Small-Cap Equity Fund | 16.66 |
Schwab Hedged Equity Fund | 100.00 |
Schwab Health Care Fund | 66.92 |
Schwab International Core Equity Fund | — |
Schwab Core Equity Fund | $48,848,828 |
Schwab Dividend Equity Fund | 44,209,685 |
Schwab Large-Cap Growth Fund | 3,158,376 |
Schwab Small-Cap Equity Fund | 4,236,754 |
Schwab Hedged Equity Fund | 125,442 |
Schwab Health Care Fund | 14,878,678 |
Schwab International Core Equity Fund | 29,953,545 |
Schwab Core Equity Fund | $145,688,756 |
Schwab Dividend Equity Fund | 79,534,655 |
Schwab Large-Cap Growth Fund | 10,650,342 |
Schwab Small-Cap Equity Fund | 61,623,293 |
Schwab Hedged Equity Fund | 15,117,887 |
Schwab Health Care Fund | 43,824,710 |
Schwab International Core Equity Fund | 3,526,388 |
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
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Table of Contents
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab Balanced Fund (Ticker Symbol: SWOBX) | 1.94% |
Balanced Blended Index | 3.36% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 0.34% |
Performance Details | pages 8-10 |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the fund covered
in this report.
* | 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Balanced Fund (11/18/96) | 1.94% | 6.60% | 8.69% |
Balanced Blended Index | 3.36% | 7.22% | 9.51% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 0.34% | 5.03% | 8.56% |
Fund Expense Ratios3: Net 0.56%; Gross 0.62% |
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 0.56% of acquired fund fees and expenses, which are based on estimated amounts for the current fiscal year and 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 | 6% |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182,5 | Effective Expenses Paid During Period 5/1/18-10/31/184,5 | |
Schwab Balanced Fund | ||||||
Actual Return | 0.00% | 0.55% | $1,000.00 | $ 996.80 | $0.00 | $2.77 |
Hypothetical 5% Return | 0.00% | 0.55% | $1,000.00 | $1,025.20 | $0.00 | $2.80 |
1 | Based on the most recent six-month expense ratio. |
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. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.60 | $14.51 | $15.40 | $15.56 | $14.28 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.23 | 0.21 | 0.19 | 0.18 | 0.16 | |
Net realized and unrealized gains (losses) | 0.08 2 | 1.96 | 0.00 3 | 0.42 | 1.33 | |
Total from investment operations | 0.31 | 2.17 | 0.19 | 0.60 | 1.49 | |
Less distributions: | ||||||
Distributions from net investment income | (0.48) | (0.22) | (0.32) | (0.34) | (0.21) | |
Distributions from net realized gains | (0.02) | (0.86) | (0.76) | (0.42) | — | |
Total distributions | (0.50) | (1.08) | (1.08) | (0.76) | (0.21) | |
Net asset value at end of period | $15.41 | $15.60 | $14.51 | $15.40 | $15.56 | |
Total return | 1.94% | 15.90% | 1.41% | 3.95% | 10.52% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | 0.00% | 0.00% | 0.00% 5 | 0.00% 5 | 0.00% 5 | |
Gross operating expenses4 | 0.04% | 0.06% | 0.06% | 0.07% | 0.09% | |
Net investment income (loss) | 1.44% | 1.39% | 1.34% | 1.18% | 1.09% | |
Portfolio turnover rate | 6% | 28% 6 | 19% | 5% | 27% | |
Net assets, end of period (x 1,000,000) | $447 | $386 | $282 | $305 | $202 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.7% of net assets | ||
Equity Funds 60.2% | ||
Large-Cap 50.1% | ||
Laudus U.S. Large Cap Growth Fund * | 3,177,052 | 66,622,785 |
Schwab Core Equity Fund | 7,016,940 | 157,179,451 |
223,802,236 | ||
Small-Cap 10.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 2,511,917 | 44,913,075 |
268,715,311 | ||
Fixed-Income Funds 37.2% | ||
Intermediate-Term Bond 37.2% | ||
Schwab Intermediate-Term Bond Fund | 5,260,417 | 50,815,631 |
Schwab U.S. Aggregate Bond Index Fund | 12,021,232 | 115,403,823 |
166,219,454 | ||
Security | Number of Shares | Value ($) |
Money Market Fund 2.3% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 10,362,908 | 10,364,980 |
Total Affiliated Underlying Funds | ||
(Cost $418,727,594) | 445,299,745 | |
Unaffiliated Underlying Fund 0.6% of net assets | ||
Money Market Fund 0.6% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (a) | 2,632,130 | 2,632,130 |
Total Unaffiliated Underlying Fund | ||
(Cost $2,632,130) | 2,632,130 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,897,385 | 717,099 | (102,567) | 2,511,917 | ($5,728,523) | $68,006 | $4,587,452 |
Laudus U.S. Large Cap Growth Fund | 2,755,633 | 603,554 | (182,135) | 3,177,052 | (1,110,704) | 290,584 | 7,044,874 |
Schwab Core Equity Fund | 5,525,048 | 1,712,194 | (220,302) | 7,016,940 | (11,414,793) | 106,264 | 14,357,821 |
Schwab Intermediate-Term Bond Fund | 4,160,907 | 1,202,923 | (103,413) | 5,260,417 | (1,722,862) | (75,490) | 1,007,135 |
Schwab U.S. Aggregate Bond Index Fund | 9,820,402 | 3,409,271 | (1,208,441) | 12,021,232 | (4,893,145) | (390,327) | 2,968,663 |
Schwab Variable Share Price Money Fund, Ultra Shares | 5,224,167 | 5,138,741 | — | 10,362,908 | (780) | — | 147,992 |
Total | ($24,870,807) | ($963) | $30,113,937 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $418,727,594) | $445,299,745 | |
Investments in unaffiliated issuers, at value (cost $2,632,130) | 2,632,130 | |
Receivables: | ||
Fund shares sold | 1,251,822 | |
Dividends | 415,132 | |
Due from investment adviser | 15,107 | |
Prepaid expenses | + | 26,712 |
Total assets | 449,640,648 | |
Liabilities | ||
Payables: | ||
Investments bought | 396,970 | |
Fund shares redeemed | 2,561,491 | |
Accrued expenses | + | 55,762 |
Total liabilities | 3,014,223 | |
Net Assets | ||
Total assets | 449,640,648 | |
Total liabilities | – | 3,014,223 |
Net assets | $446,626,425 | |
Net Assets by Source | ||
Capital received from investors | 401,906,534 | |
Total distributable earnings1 | 44,719,891 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$446,626,425 | 28,977,188 | $15.41 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $6,001,256 | |
Dividends received from unaffiliated underlying funds | + | 69,413 |
Total investment income | 6,070,669 | |
Expenses | ||
Registration fees | 48,998 | |
Shareholder reports | 33,783 | |
Professional fees | 22,029 | |
Transfer agent fees | 20,891 | |
Portfolio accounting fees | 18,478 | |
Independent trustees’ fees | 9,492 | |
Custodian fees | 1,449 | |
Other expenses | + | 7,004 |
Total expenses | 162,124 | |
Expense reduction by CSIM and its affiliates | – | 162,124 |
Net expenses | – | — |
Net investment income | 6,070,669 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 24,112,681 | |
Net realized losses on sales of affiliated underlying funds | + | (963) |
Net realized gains | 24,111,718 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | (24,870,807) |
Net realized and unrealized losses | (759,089) | |
Increase in net assets resulting from operations | $5,311,580 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $6,070,669 | $4,489,134 | ||
Net realized gains | 24,111,718 | 833,195 | ||
Net change in unrealized appreciation (depreciation) | + | (24,870,807) | 41,957,733 | |
Increase in net assets from operations | 5,311,580 | 47,280,062 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($12,185,118) | ($21,130,582) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 10,224,123 | $162,133,182 | 8,260,904 | $122,413,364 | ||||
Shares reinvested | 690,392 | 10,707,988 | 1,382,977 | 19,168,062 | ||||
Shares redeemed | + | (6,642,949) | (104,866,438) | (4,360,274) | (64,024,141) | |||
Net transactions in fund shares | 4,271,566 | $67,974,732 | 5,283,607 | $77,557,285 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 24,705,622 | $385,525,231 | 19,422,015 | $281,818,466 | ||||
Total increase | + | 4,271,566 | 61,101,194 | 5,283,607 | 103,706,765 | |||
End of period2 | 28,977,188 | $446,626,425 | 24,705,622 | $385,525,231 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $4,244,870 from net investment income and $16,885,712 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $2,261,130 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Balanced Fund | Schwab Target 2035 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2040 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2045 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2050 Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2055 Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2060 Fund |
Schwab U.S. Mid-Cap 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 |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2010 Index Fund |
Laudus International MarketMasters Fund™ | Schwab Target 2015 Index Fund |
Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
Schwab Hedged Equity Fund | Schwab Target 2040 Index Fund |
Schwab Health Care Fund | Schwab Target 2045 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2050 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2020 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2030 Fund | Schwab ® Monthly Income Fund - Maximum Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Laudus Small-Cap MarketMasters Fund, Select Shares | 25.1% |
Laudus U.S. Large Cap Growth Fund | 3.1% |
Schwab Core Equity Fund | 7.3% |
Schwab Intermediate-Term Bond Fund | 16.8% |
Schwab U.S. Aggregate Bond Index Fund | 5.7% |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.3% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities |
$115,364,683 | $24,010,000 |
9. Federal Income Taxes:
Tax cost | $424,273,520 |
Gross unrealized appreciation | $30,920,134 |
Gross unrealized depreciation | (7,261,779) |
Net unrealized appreciation (depreciation) | $23,658,355 |
Undistributed ordinary income | $3,540,823 |
Undistributed long-term capital gains | 17,520,713 |
Net unrealized appreciation (depreciation) on investments | 23,658,355 |
Total | $44,719,891 |
Current period distributions | |
Ordinary income | $11,740,011 |
Long-term capital gains | 445,107 |
Prior period distributions | |
Ordinary income | $6,186,610 |
Long-term capital gains | 14,943,972 |
10. Subsequent Events:
San Francisco, California
December 14, 2018
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
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Table of Contents
Index Fund®
Growth Index Fund
Value Index Fund
Index Fund
Index Fund®
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab S&P 500 Index Fund (Ticker Symbol: SWPPX) | 7.29% |
S&P 500® Index | 7.35% |
Fund Category: Morningstar Large Blend1 | 5.28% |
Performance Details | pages 8-10 |
Schwab 1000 Index Fund (Ticker Symbol: SNXFX) | 6.84% |
Schwab 1000 Index® | 6.84% |
Fund Category: Morningstar Large Blend1 | 5.28% |
Performance Details | pages 11-13 |
Schwab Small-Cap Index Fund (Ticker Symbol: SWSSX) | 1.93% |
Russell 2000® Index | 1.85% |
Fund Category: Morningstar Small Blend1 | -0.07% |
Performance Details | pages 14-16 |
Schwab Total Stock Market Index Fund (Ticker Symbol: SWTSX) | 6.51% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% |
Fund Category: Morningstar Large Blend1 | 5.28% |
Performance Details | pages 17-19 |
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab U.S. Large-Cap Growth Index Fund (Ticker Symbol: SWLGX) | 5.93% * |
Russell 1000® Growth Index | 5.97% * |
Fund Category: Morningstar Large Growth1 | N/A |
Performance Details | pages 20-22 |
Schwab U.S. Large-Cap Value Index Fund (Ticker Symbol: SWLVX) | -1.23% * |
Russell 1000® Value Index | -1.18% * |
Fund Category: Morningstar Large Value1 | N/A |
Performance Details | pages 23-25 |
Schwab U.S. Mid-Cap Index Fund (Ticker Symbol: SWMCX) | -1.13% * |
Russell Midcap® Index | -1.08% * |
Fund Category: Morningstar Mid-Cap Blend1 | N/A |
Performance Details | pages 26-28 |
Schwab International Index Fund2 (Ticker Symbol: SWISX) | -7.11% |
MSCI EAFE® Index (Net)3 | -6.85% |
Fund Category: Morningstar Foreign Large Blend1 | -8.26% |
Performance Details | pages 29-31 |
* | Total returns shown are since the fund’s inception date of December 20, 2017. |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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 mutual 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 the funds, except for the Schwab International 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 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 the funds, except for the Schwab International 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab S&P 500 Index Fund (5/19/97) | 7.29% | 11.25% | 13.16% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Large Blend3 | 5.28% | 9.44% | 12.14% |
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 | 509 |
Weighted Average Market Cap (millions) | $227,283 |
Price/Earnings Ratio (P/E) | 18.8 |
Price/Book Ratio (P/B) | 3.1 |
Portfolio Turnover Rate | 2% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab 1000 Index Fund (4/2/91) | 6.84% | 10.79% | 13.08% |
Schwab 1000 Index® | 6.84% | 10.98% | 13.34% |
Russell 1000® Index3 | 6.98% | 11.05% | 13.42% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Large Blend4 | 5.28% | 9.44% | 12.14% |
Fund Expense Ratio5: 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 | Effective February 28, 2018, the fund changed its secondary benchmark index from the S&P 500® Index to the Russell 1000® Index. CSIM believes that the foregoing benchmark index change provides a more appropriate comparison for evaluating the fund’s performance. |
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 | 984 2 |
Weighted Average Market Cap (millions) | $204,238 |
Price/Earnings Ratio (P/E) | 18.5 |
Price/Book Ratio (P/B) | 3.0 |
Portfolio Turnover Rate | 4% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Index Fund (5/19/97) | 1.93% | 8.04% | 13.29% |
Russell 2000® Index | 1.85% | 8.01% | 12.44% |
Small-Cap Spliced Index | 1.85% | 8.01% | 13.34% |
Fund Category: Morningstar Small Blend3 | -0.07% | 6.75% | 12.10% |
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. |
Number of Holdings | 2,032 |
Weighted Average Market Cap (millions) | $2,190 |
Price/Earnings Ratio (P/E) | 16.0 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 17% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Total Stock Market Index Fund (6/1/99) | 6.51% | 10.71% | 13.32% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Fund Category: Morningstar Large Blend3 | 5.28% | 9.44% | 12.14% |
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 | 2,901 |
Weighted Average Market Cap (millions) | $189,432 |
Price/Earnings Ratio (P/E) | 18.3 |
Price/Book Ratio (P/B) | 2.9 |
Portfolio Turnover Rate | 4% |
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. |
Fund and Inception Date | Since Inception |
Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) | 5.93% |
Russell 1000® Growth Index | 5.97% |
Fund Category: Morningstar Large Growth2 | N/A |
Fund Expense Ratio3: 0.04% |
1 | Performance does 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. |
Number of Holdings | 546 |
Weighted Average Market Cap (millions) | $291,428 |
Price/Earnings Ratio (P/E) | 24.8 |
Price/Book Ratio (P/B) | 6.6 |
Portfolio Turnover Rate | 23% 2 |
1 | Excludes derivatives. |
2 | Not annualized. |
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. |
Fund and Inception Date | Since Inception |
Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) | -1.23% |
Russell 1000® Value Index | -1.18% |
Fund Category: Morningstar Large Value2 | N/A |
Fund Expense Ratio3: 0.04% |
1 | Performance does 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. |
Number of Holdings | 728 |
Weighted Average Market Cap (millions) | $123,563 |
Price/Earnings Ratio (P/E) | 14.6 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 22% 2 |
1 | Excludes derivatives. |
2 | Not annualized. |
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. |
Fund and Inception Date | Since Inception |
Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) | -1.13% |
Russell Midcap® Index | -1.08% |
Fund Category: Morningstar Mid-Cap Blend2 | N/A |
Fund Expense Ratio3: 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 | 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. |
Number of Holdings | 790 |
Weighted Average Market Cap (millions) | $14,548 |
Price/Earnings Ratio (P/E) | 16.9 |
Price/Book Ratio (P/B) | 2.5 |
Portfolio Turnover Rate | 15% 2 |
1 | Excludes derivatives. |
2 | Not annualized. |
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. |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Index Fund (5/19/97) | -7.11% | 1.98% | 6.55% |
MSCI EAFE® Index (Net)3 | -6.85% | 2.02% | 6.89% |
International Spliced Index | -6.85% | 2.02% | 6.79% |
Fund Category: Morningstar Foreign Large Blend4 | -8.26% | 1.62% | 6.50% |
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. |
Number of Holdings | 936 |
Weighted Average Market Cap (millions) | $59,078 |
Price/Earnings Ratio (P/E) | 13.2 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 5% |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182 | |
Schwab S&P 500 Index Fund | ||||
Actual Return | 0.03% | $1,000.00 | $1,033.60 | $0.15 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab 1000 Index Fund | ||||
Actual Return | 0.05% | $1,000.00 | $1,028.90 | $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 | $ 986.40 | $0.25 |
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 | $1,026.50 | $0.15 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab U.S. Large-Cap Growth Index Fund3 | ||||
Actual Return | 0.03% | $1,000.00 | $1,047.20 | $0.15 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab U.S. Large-Cap Value Index Fund3 | ||||
Actual Return | 0.03% | $1,000.00 | $1,010.20 | $0.15 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab U.S. Mid-Cap Index Fund3 | ||||
Actual Return | 0.04% | $1,000.00 | $ 991.00 | $0.20 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,025.00 | $0.20 |
Schwab International Index Fund | ||||
Actual Return | 0.06% | $1,000.00 | $ 903.00 | $0.29 |
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. |
3 | For the period beginning with each fund’s commencement of operations through June 30, 2018, the investment adviser has voluntarily agreed to waive each fund’s management fees to 0.00%. If the investment adviser had not voluntarily agreed to waive each fund’s management fees the expense ratios would have been 0.04%, 0.04% and 0.05% for the Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, and Schwab U.S. Mid-Cap Index Fund, respectively. If the voluntary waiver had not been in place since commencement of operations throughout the entire most recent fiscal half-year the Expenses Paid During the period under the actual return and hypothetical 5% return example would have been the following; Schwab U.S. Large-Cap Growth Index Fund, $0.21 and $0.20, respectively, Schwab U.S. Large-Cap Value Index Fund, $0.20 and $0.20, respectively, and for Schwab U.S. Mid-Cap Index Fund, $0.25 and $0.26, respectively (see financial note 4). |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $40.23 | $33.38 | $33.00 | $31.99 | $27.78 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.80 1 | 0.74 1 | 0.69 1 | 0.67 1 | 0.56 | |
Net realized and unrealized gains (losses) | 2.12 | 6.99 | 0.69 | 0.92 | 4.13 | |
Total from investment operations | 2.92 | 7.73 | 1.38 | 1.59 | 4.69 | |
Less distributions: | ||||||
Distributions from net investment income | (0.72) | (0.69) | (0.68) | (0.58) | (0.48) | |
Distributions from net realized gains | (0.02) | (0.19) | (0.32) | — | — | |
Total distributions | (0.74) | (0.88) | (1.00) | (0.58) | (0.48) | |
Net asset value at end of period | $42.41 | $40.23 | $33.38 | $33.00 | $31.99 | |
Total return | 7.29% | 23.57% | 4.40% | 5.10% | 17.16% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.03% | 0.05% 2 | 0.09% | 0.09% | 0.09% | |
Net operating expenses | N/A 3 | 0.05% 2 | 0.09% | 0.09% | 0.09% | |
Net investment income (loss) | 1.88% | 2.01% | 2.12% | 2.07% | 1.89% | |
Portfolio turnover rate | 2% | 2% | 2% | 2% | 2% | |
Net assets, end of period (x 1,000,000) | $34,410 | $29,999 | $22,675 | $21,587 | $20,473 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.5% of net assets | ||||
Automobiles & Components 0.5% | ||||
Other Securities | 0.5 | 187,377,075 | ||
Banks 6.0% | ||||
Bank of America Corp. | 13,874,551 | 1.1 | 381,550,152 | |
Citigroup, Inc. | 3,759,597 | 0.7 | 246,103,220 | |
JPMorgan Chase & Co. | 5,018,898 | 1.6 | 547,160,260 | |
Wells Fargo & Co. | 6,474,192 | 1.0 | 344,621,240 | |
Other Securities | 1.6 | 539,799,234 | ||
6.0 | 2,059,234,106 | |||
Capital Goods 6.5% | ||||
3M Co. | 877,459 | 0.5 | 166,945,349 | |
Honeywell International, Inc. | 1,110,785 | 0.5 | 160,863,884 | |
The Boeing Co. | 798,238 | 0.8 | 283,262,737 | |
Other Securities | 4.7 | 1,611,939,105 | ||
6.5 | 2,223,011,075 | |||
Commercial & Professional Services 0.7% | ||||
Other Securities | 0.7 | 230,388,466 | ||
Consumer Durables & Apparel 1.1% | ||||
Other Securities | 1.1 | 381,410,056 | ||
Consumer Services 1.7% | ||||
McDonald's Corp. | 1,159,897 | 0.6 | 205,185,779 | |
Other Securities | 1.1 | 395,590,859 | ||
1.7 | 600,776,638 | |||
Diversified Financials 5.2% | ||||
Berkshire Hathaway, Inc., Class B * | 2,912,136 | 1.7 | 597,803,278 | |
The Charles Schwab Corp. (a) | 1,787,189 | 0.2 | 82,639,619 | |
Other Securities | 3.3 | 1,116,465,211 | ||
5.2 | 1,796,908,108 | |||
Energy 5.7% | ||||
Chevron Corp. | 2,861,949 | 0.9 | 319,536,606 | |
Exxon Mobil Corp. | 6,323,254 | 1.5 | 503,836,879 | |
Other Securities | 3.3 | 1,124,586,530 | ||
5.7 | 1,947,960,015 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.6% | ||||
Walmart, Inc. | 2,143,676 | 0.6 | 214,967,829 | |
Other Securities | 1.0 | 336,795,966 | ||
1.6 | 551,763,795 | |||
Food, Beverage & Tobacco 4.1% | ||||
Altria Group, Inc. | 2,816,400 | 0.5 | 183,178,656 | |
PepsiCo, Inc. | 2,113,296 | 0.7 | 237,492,204 | |
Philip Morris International, Inc. | 2,323,205 | 0.6 | 204,604,664 | |
The Coca-Cola Co. | 5,719,616 | 0.8 | 273,855,214 | |
Other Securities | 1.5 | 503,538,496 | ||
4.1 | 1,402,669,234 | |||
Health Care Equipment & Services 6.7% | ||||
Abbott Laboratories | 2,622,672 | 0.5 | 180,807,008 | |
Medtronic plc | 2,019,861 | 0.5 | 181,423,915 | |
UnitedHealth Group, Inc. | 1,437,759 | 1.1 | 375,758,315 | |
Other Securities | 4.6 | 1,562,745,206 | ||
6.7 | 2,300,734,444 | |||
Household & Personal Products 1.6% | ||||
The Procter & Gamble Co. | 3,715,479 | 1.0 | 329,488,678 | |
Other Securities | 0.6 | 234,887,565 | ||
1.6 | 564,376,243 | |||
Insurance 2.3% | ||||
Other Securities | 2.3 | 791,708,044 | ||
Materials 2.5% | ||||
DowDuPont, Inc. | 3,451,538 | 0.5 | 186,106,929 | |
Other Securities | 2.0 | 689,847,198 | ||
2.5 | 875,954,127 | |||
Media & Entertainment 8.0% | ||||
Alphabet, Inc., Class A * | 446,461 | 1.4 | 486,901,437 | |
Alphabet, Inc., Class C * | 459,916 | 1.4 | 495,223,751 | |
Comcast Corp., Class A | 6,835,957 | 0.8 | 260,723,400 | |
Facebook, Inc., Class A * | 3,602,960 | 1.6 | 546,893,299 | |
Netflix, Inc. * | 650,783 | 0.6 | 196,393,294 | |
The Walt Disney Co. | 2,221,624 | 0.7 | 255,109,084 | |
Other Securities | 1.5 | 504,622,209 | ||
8.0 | 2,745,866,474 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||||
AbbVie, Inc. | 2,262,506 | 0.5 | 176,136,092 | |
Amgen, Inc. | 967,553 | 0.5 | 186,534,543 | |
Eli Lilly & Co. | 1,429,821 | 0.5 | 155,049,789 | |
Johnson & Johnson | 4,007,255 | 1.6 | 560,975,627 | |
Merck & Co., Inc. | 3,973,236 | 0.8 | 292,469,902 | |
Pfizer, Inc. | 8,756,446 | 1.1 | 377,052,565 | |
Other Securities | 3.3 | 1,093,744,249 | ||
8.3 | 2,841,962,767 | |||
Real Estate 2.8% | ||||
Other Securities | 2.8 | 957,450,389 | ||
Retailing 6.3% | ||||
Amazon.com, Inc. * | 611,796 | 2.8 | 977,656,126 | |
The Home Depot, Inc. | 1,708,116 | 0.9 | 300,423,442 | |
Other Securities | 2.6 | 904,776,456 | ||
6.3 | 2,182,856,024 | |||
Semiconductors & Semiconductor Equipment 3.6% | ||||
Intel Corp. | 6,890,052 | 0.9 | 323,005,638 | |
NVIDIA Corp. | 908,893 | 0.6 | 191,621,911 | |
Other Securities | 2.1 | 741,048,308 | ||
3.6 | 1,255,675,857 | |||
Software & Services 10.6% | ||||
Accenture plc, Class A | 957,149 | 0.4 | 150,865,825 | |
Adobe Systems, Inc. * | 732,375 | 0.5 | 179,988,480 | |
International Business Machines Corp. | 1,364,190 | 0.5 | 157,468,452 | |
Mastercard, Inc., Class A | 1,362,997 | 0.8 | 269,423,617 | |
Microsoft Corp. | 11,454,945 | 3.6 | 1,223,502,675 | |
Oracle Corp. | 4,224,014 | 0.6 | 206,300,844 | |
salesforce.com, Inc. * | 1,130,164 | 0.5 | 155,103,707 | |
Visa, Inc., Class A | 2,654,066 | 1.1 | 365,862,998 | |
Other Securities | 2.6 | 949,378,440 | ||
10.6 | 3,657,895,038 | |||
Technology Hardware & Equipment 6.4% | ||||
Apple, Inc. | 6,853,256 | 4.4 | 1,499,903,608 | |
Cisco Systems, Inc. | 6,833,864 | 0.9 | 312,649,278 | |
Other Securities | 1.1 | 377,578,705 | ||
6.4 | 2,190,131,591 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Telecommunication Services 2.1% | ||||
AT&T, Inc. | 10,850,840 | 1.0 | 332,903,771 | |
Verizon Communications, Inc. | 6,173,654 | 1.0 | 352,453,907 | |
Other Securities | 0.1 | 29,223,000 | ||
2.1 | 714,580,678 | |||
Transportation 2.1% | ||||
Union Pacific Corp. | 1,105,758 | 0.5 | 161,683,935 | |
Other Securities | 1.6 | 561,715,024 | ||
2.1 | 723,398,959 | |||
Utilities 3.1% | ||||
Other Securities | 3.1 | 1,059,687,391 | ||
Total Common Stock | ||||
(Cost $18,256,237,629) | 34,243,776,594 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.4% of net assets | ||||
Time Deposits 0.4% | ||||
Other Securities | 0.4 | 139,670,756 | ||
Total Short-Term Investments | ||||
(Cost $139,670,756) | 139,670,756 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/21/18 | 1,250 | 169,443,750 | (2,947,583) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | The rate shown is the current daily overnight rate. |
Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 1,598,881 | 223,308 | (35,000) | 1,787,189 | $815,358 | $6,609 | $691,956 |
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 | $34,243,776,594 | $— | $— | $34,243,776,594 | |
Short-Term Investments1 | — | 139,670,756 | — | 139,670,756 | |
Liabilities | |||||
Futures Contracts2 | (2,947,583) | — | — | (2,947,583) | |
Total | $34,240,829,011 | $139,670,756 | $— | $34,380,499,767 |
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 $37,574,589) | $82,639,619 | |
Investments in unaffiliated issuers, at value (cost $18,358,333,796) | 34,300,807,731 | |
Deposit with broker for futures contracts | 13,260,000 | |
Receivables: | ||
Investments sold | 4,079,595 | |
Fund shares sold | 73,852,021 | |
Dividends | 30,712,919 | |
Variation margin on futures contracts | 1,359,706 | |
Income from securities on loan | 7,537 | |
Interest | + | 5,975 |
Total assets | 34,506,725,103 | |
Liabilities | ||
Payables: | ||
Investments bought | 64,464,260 | |
Investment adviser fees | 898,907 | |
Fund shares redeemed | + | 31,634,450 |
Total liabilities | 96,997,617 | |
Net Assets | ||
Total assets | 34,506,725,103 | |
Total liabilities | – | 96,997,617 |
Net assets | $34,409,727,486 | |
Net Assets by Source | ||
Capital received from investors | 17,871,253,613 | |
Total distributable earnings1 | 16,538,473,873 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$34,409,727,486 | 811,308,441 | $42.41 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $691,956 | |
Dividends received from unaffiliated issuers | 637,197,254 | |
Interest | 1,272,822 | |
Securities on loan, net | + | 458,450 |
Total investment income | 639,620,482 | |
Expenses | ||
Investment adviser fees | 10,065,164 | |
Total expenses | – | 10,065,164 |
Net investment income | 629,555,318 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on affiliated issuer | 6,609 | |
Net realized gains on unaffiliated issuers | 66,120,560 | |
Net realized gains on futures contracts | + | 15,844,561 |
Net realized gains | 81,971,730 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 815,358 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 1,496,778,563 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (4,055,289) |
Net change in unrealized appreciation (depreciation) | + | 1,493,538,632 |
Net realized and unrealized gains | 1,575,510,362 | |
Increase in net assets resulting from operations | $2,205,065,680 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $629,555,318 | $531,949,288 | ||
Net realized gains (losses) | 81,971,730 | (9,643,477) | ||
Net change in unrealized appreciation (depreciation) | + | 1,493,538,632 | 4,977,368,643 | |
Increase in net assets from operations | 2,205,065,680 | 5,499,674,454 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($554,866,625) | ($598,223,809) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 185,822,593 | $7,893,283,318 | 179,562,912 | $6,615,177,231 | ||||
Shares reinvested | 11,333,723 | 469,442,817 | 14,654,966 | 509,406,624 | ||||
Shares redeemed | + | (131,541,240) | (5,601,858,204) | (127,842,782) | (4,701,911,186) | |||
Net transactions in fund shares | 65,615,076 | $2,760,867,931 | 66,375,096 | $2,422,672,669 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 745,693,365 | $29,998,660,500 | 679,318,269 | $22,674,537,186 | ||||
Total increase | + | 65,615,076 | 4,411,066,986 | 66,375,096 | 7,324,123,314 | |||
End of period2 | 811,308,441 | $34,409,727,486 | 745,693,365 | $29,998,660,500 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $467,541,204 from net investment income and $130,682,605 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $428,200,409 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $62.61 | $52.40 | $53.67 | $53.63 | $48.31 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 1.18 | 1.08 | 0.95 | 0.94 | 0.83 | |
Net realized and unrealized gains (losses) | 3.05 | 10.96 | 0.92 | 1.40 | 6.74 | |
Total from investment operations | 4.23 | 12.04 | 1.87 | 2.34 | 7.57 | |
Less distributions: | ||||||
Distributions from net investment income | (1.10) | (0.97) | (0.96) | (0.86) | (0.75) | |
Distributions from net realized gains | (1.55) | (0.86) | (2.18) | (1.44) | (1.50) | |
Total distributions | (2.65) | (1.83) | (3.14) | (2.30) | (2.25) | |
Net asset value at end of period | $64.19 | $62.61 | $52.40 | $53.67 | $53.63 | |
Total return | 6.84% | 23.52% | 3.87% | 4.66% | 16.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% | 0.14% 2 | 0.33% | 0.33% | 0.33% | |
Net operating expenses | N/A 3 | 0.12% 2 | 0.29% | 0.29% | 0.29% | |
Net investment income (loss) | 1.82% | 1.87% | 1.86% | 1.77% | 1.64% | |
Portfolio turnover rate | 4% | 5% | 3% | 4% | 4% | |
Net assets, end of period (x 1,000,000) | $7,909 | $7,681 | $6,432 | $6,550 | $6,586 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.8% of net assets | ||||
Automobiles & Components 0.8% | ||||
Other Securities | 0.8 | 64,321,197 | ||
Banks 6.1% | ||||
Bank of America Corp. | 2,856,261 | 1.0 | 78,547,178 | |
Citigroup, Inc. | 773,828 | 0.6 | 50,654,781 | |
JPMorgan Chase & Co. | 1,033,878 | 1.4 | 112,713,380 | |
Wells Fargo & Co. | 1,333,034 | 0.9 | 70,957,400 | |
Other Securities | 2.2 | 166,807,204 | ||
6.1 | 479,679,943 | |||
Capital Goods 6.7% | ||||
3M Co. | 180,854 | 0.4 | 34,409,282 | |
Honeywell International, Inc. | 228,017 | 0.4 | 33,021,422 | |
The Boeing Co. | 164,298 | 0.7 | 58,302,788 | |
Other Securities | 5.2 | 404,356,159 | ||
6.7 | 530,089,651 | |||
Commercial & Professional Services 0.8% | ||||
Other Securities | 0.8 | 63,396,007 | ||
Consumer Durables & Apparel 1.2% | ||||
Other Securities | 1.2 | 90,965,268 | ||
Consumer Services 2.1% | ||||
McDonald's Corp. | 238,489 | 0.5 | 42,188,704 | |
Other Securities | 1.6 | 122,460,235 | ||
2.1 | 164,648,939 | |||
Diversified Financials 5.2% | ||||
Berkshire Hathaway, Inc., Class B * | 599,756 | 1.6 | 123,117,912 | |
The Charles Schwab Corp. (b) | 368,065 | 0.2 | 17,019,325 | |
Other Securities | 3.4 | 274,202,839 | ||
5.2 | 414,340,076 | |||
Energy 5.5% | ||||
Chevron Corp. | 589,437 | 0.8 | 65,810,641 | |
Exxon Mobil Corp. | 1,302,741 | 1.3 | 103,802,403 | |
Other Securities | 3.4 | 264,541,841 | ||
5.5 | 434,154,885 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.5% | ||||
Walmart, Inc. | 442,206 | 0.6 | 44,344,418 | |
Other Securities | 0.9 | 72,607,081 | ||
1.5 | 116,951,499 | |||
Food, Beverage & Tobacco 3.8% | ||||
Altria Group, Inc. | 579,205 | 0.5 | 37,671,493 | |
PepsiCo, Inc. | 435,746 | 0.6 | 48,969,136 | |
Philip Morris International, Inc. | 478,165 | 0.5 | 42,111,992 | |
The Coca-Cola Co. | 1,176,942 | 0.7 | 56,351,983 | |
Other Securities | 1.5 | 118,245,665 | ||
3.8 | 303,350,269 | |||
Health Care Equipment & Services 6.5% | ||||
Abbott Laboratories | 539,301 | 0.5 | 37,179,411 | |
Medtronic plc | 415,222 | 0.5 | 37,295,240 | |
UnitedHealth Group, Inc. | 296,026 | 1.0 | 77,366,395 | |
Other Securities | 4.5 | 358,507,939 | ||
6.5 | 510,348,985 | |||
Household & Personal Products 1.5% | ||||
The Procter & Gamble Co. | 766,263 | 0.9 | 67,952,203 | |
Other Securities | 0.6 | 53,188,178 | ||
1.5 | 121,140,381 | |||
Insurance 2.5% | ||||
Other Securities | 2.5 | 200,602,527 | ||
Materials 2.8% | ||||
DowDuPont, Inc. | 710,941 | 0.5 | 38,333,939 | |
Other Securities | 2.3 | 184,014,963 | ||
2.8 | 222,348,902 | |||
Media & Entertainment 7.6% | ||||
Alphabet, Inc., Class A * | 91,981 | 1.3 | 100,312,639 | |
Alphabet, Inc., Class C * | 94,742 | 1.3 | 102,015,343 | |
Comcast Corp., Class A | 1,405,955 | 0.7 | 53,623,124 | |
Facebook, Inc., Class A * | 742,452 | 1.4 | 112,696,789 | |
Netflix, Inc. * | 134,000 | 0.5 | 40,438,520 | |
The Walt Disney Co. | 457,540 | 0.7 | 52,539,318 | |
Other Securities | 1.7 | 140,841,056 | ||
7.6 | 602,466,789 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences 7.9% | ||||
AbbVie, Inc. | 465,775 | 0.5 | 36,260,584 | |
Amgen, Inc. | 198,794 | 0.5 | 38,325,495 | |
Eli Lilly & Co. | 293,904 | 0.4 | 31,870,950 | |
Johnson & Johnson | 825,525 | 1.5 | 115,565,245 | |
Merck & Co., Inc. | 819,518 | 0.8 | 60,324,720 | |
Pfizer, Inc. | 1,803,607 | 1.0 | 77,663,317 | |
Other Securities | 3.2 | 268,158,493 | ||
7.9 | 628,168,804 | |||
Real Estate 3.4% | ||||
Other Securities | 3.4 | 272,220,452 | ||
Retailing 5.9% | ||||
Amazon.com, Inc. * | 126,086 | 2.5 | 201,486,689 | |
The Home Depot, Inc. | 352,135 | 0.8 | 61,933,504 | |
Other Securities | 2.6 | 205,797,004 | ||
5.9 | 469,217,197 | |||
Semiconductors & Semiconductor Equipment 3.6% | ||||
Intel Corp. | 1,419,212 | 0.8 | 66,532,659 | |
NVIDIA Corp. | 186,999 | 0.5 | 39,424,999 | |
Other Securities | 2.3 | 176,042,145 | ||
3.6 | 281,999,803 | |||
Software & Services 11.0% | ||||
Accenture plc, Class A | 197,480 | 0.4 | 31,126,798 | |
Adobe Systems, Inc. * | 150,522 | 0.5 | 36,992,287 | |
International Business Machines Corp. | 280,688 | 0.4 | 32,399,816 | |
Mastercard, Inc., Class A | 280,529 | 0.7 | 55,452,167 | |
Microsoft Corp. | 2,359,444 | 3.2 | 252,012,214 | |
Oracle Corp. | 869,459 | 0.5 | 42,464,378 | |
salesforce.com, Inc. * | 232,240 | 0.4 | 31,872,618 | |
Visa, Inc., Class A | 546,200 | 1.0 | 75,293,670 | |
Other Securities | 3.9 | 310,918,852 | ||
11.0 | 868,532,800 | |||
Technology Hardware & Equipment 6.2% | ||||
Apple, Inc. | 1,411,816 | 3.9 | 308,990,050 | |
Cisco Systems, Inc. | 1,404,915 | 0.8 | 64,274,861 | |
Other Securities | 1.5 | 115,660,937 | ||
6.2 | 488,925,848 | |||
Telecommunication Services 2.0% | ||||
AT&T, Inc. | 2,233,602 | 0.9 | 68,526,909 | |
Verizon Communications, Inc. | 1,271,395 | 0.9 | 72,583,941 | |
Other Securities | 0.2 | 15,633,698 | ||
2.0 | 156,744,548 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 2.1% | ||||
Union Pacific Corp. | 227,824 | 0.4 | 33,312,425 | |
Other Securities | 1.7 | 131,084,233 | ||
2.1 | 164,396,658 | |||
Utilities 3.1% | ||||
Other Securities | 3.1 | 244,239,183 | ||
Total Common Stock | ||||
(Cost $2,167,214,529) | 7,893,250,611 | |||
Other Investment Companies 0.2% of net assets | ||||
Money Market Fund 0.1% | ||||
Other Securities | 0.1 | 9,919,797 | ||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 8,913,700 | ||
Total Other Investment Companies | ||||
(Cost $18,833,497) | 18,833,497 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/21/18 | 117 | 15,859,935 | (492,861) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $8,703,941. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 375,265 | 12,300 | (19,500) | 368,065 | $97,737 | $427,305 | $149,149 |
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 | $7,893,250,611 | $— | $— | $7,893,250,611 | |
Other Investment Companies1 | 18,833,497 | — | — | 18,833,497 | |
Liabilities | |||||
Futures Contracts2 | (492,861) | — | — | (492,861) | |
Total | $7,911,591,247 | $— | $— | $7,911,591,247 |
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 $2,304,057) | $17,019,325 | |
Investments in unaffiliated issuers, at value (cost $2,174,830,269) including securities on loan of $8,703,941 | 7,886,151,083 | |
Collateral invested for securities on loan, at value (cost $8,913,700) | 8,913,700 | |
Deposit with broker for futures contracts | 1,092,000 | |
Receivables: | ||
Investments sold | 10,635,248 | |
Dividends | 6,765,937 | |
Fund shares sold | 3,043,973 | |
Variation margin on futures contracts | 150,930 | |
Income from securities on loan | 13,698 | |
Foreign tax reclaims | + | 1,682 |
Total assets | 7,933,787,576 | |
Liabilities | ||
Collateral held for securities on loan | 8,913,700 | |
Payables: | ||
Investments bought | 13,291,600 | |
Investment adviser fees | 345,947 | |
Fund shares redeemed | + | 2,086,095 |
Total liabilities | 24,637,342 | |
Net Assets | ||
Total assets | 7,933,787,576 | |
Total liabilities | – | 24,637,342 |
Net assets | $7,909,150,234 | |
Net Assets by Source | ||
Capital received from investors | 1,753,878,281 | |
Total distributable earnings1 | 6,155,271,953 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$7,909,150,234 | 123,223,355 | $64.19 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $149,149 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $8,850) | 150,545,991 | |
Securities on loan, net | + | 371,848 |
Total investment income | 151,066,988 | |
Expenses | ||
Investment adviser fees | 4,038,702 | |
Total expenses | – | 4,038,702 |
Net investment income | 147,028,286 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on affiliated issuer | 427,305 | |
Net realized gains on unaffiliated issuers | 282,064,000 | |
Net realized gains on futures contracts | + | 5,709,721 |
Net realized gains | 288,201,026 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 97,737 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 91,516,528 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,117,778) |
Net change in unrealized appreciation (depreciation) | + | 90,496,487 |
Net realized and unrealized gains | 378,697,513 | |
Increase in net assets resulting from operations | $525,725,799 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $147,028,286 | $133,035,258 | ||
Net realized gains | 288,201,026 | 190,829,677 | ||
Net change in unrealized appreciation (depreciation) | + | 90,496,487 | 1,158,864,872 | |
Increase in net assets from operations | 525,725,799 | 1,482,729,807 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($324,267,848) | ($222,794,384) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 8,381,000 | $542,615,615 | 8,174,082 | $469,813,117 | ||||
Shares reinvested | 4,263,951 | 268,287,801 | 3,447,950 | 186,706,519 | ||||
Shares redeemed | + | (12,091,730) | (783,914,000) | (11,718,276) | (668,209,704) | |||
Net transactions in fund shares | 553,221 | $26,989,416 | (96,244) | ($11,690,068) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 122,670,134 | $7,680,702,867 | 122,766,378 | $6,432,457,512 | ||||
Total increase or decrease | + | 553,221 | 228,447,367 | (96,244) | 1,248,245,355 | |||
End of period2 | 123,223,355 | $7,909,150,234 | 122,670,134 | $7,680,702,867 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $118,201,282 from net investment income and $104,593,102 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $106,037,341 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $31.45 | $25.60 | $26.29 | $28.13 | $27.62 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.43 | 0.38 | 0.39 | 0.38 | 0.35 | |
Net realized and unrealized gains (losses) | 0.20 | 6.62 | 0.59 | (0.34) | 1.76 | |
Total from investment operations | 0.63 | 7.00 | 0.98 | 0.04 | 2.11 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.39) | (0.36) | (0.34) | (0.31) | |
Distributions from net realized gains | (1.21) | (0.76) | (1.31) | (1.54) | (1.29) | |
Total distributions | (1.60) | (1.15) | (1.67) | (1.88) | (1.60) | |
Net asset value at end of period | $30.48 | $31.45 | $25.60 | $26.29 | $28.13 | |
Total return | 1.93% | 27.84% | 4.17% | 0.36% | 8.08% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% | 0.10% 2 | 0.20% | 0.20% | 0.21% | |
Net operating expenses | N/A 3 | 0.09% 2 | 0.17% | 0.17% | 0.17% | |
Net investment income (loss) | 1.33% | 1.31% | 1.60% | 1.37% | 1.27% | |
Portfolio turnover rate | 17% | 11% | 17% | 17% | 12% | |
Net assets, end of period (x 1,000,000) | $3,874 | $3,531 | $2,619 | $2,607 | $2,567 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.5% of net assets | ||||
Automobiles & Components 1.0% | ||||
Other Securities | 1.0 | 40,216,966 | ||
Banks 11.8% | ||||
Essent Group Ltd. * | 183,967 | 0.2 | 7,251,979 | |
First Financial Bankshares, Inc. | 124,565 | 0.2 | 7,348,089 | |
IBERIABANK Corp. | 106,814 | 0.2 | 7,956,575 | |
MB Financial, Inc. | 158,949 | 0.2 | 7,055,746 | |
MGIC Investment Corp. * | 693,069 | 0.2 | 8,462,372 | |
Radian Group, Inc. | 413,839 | 0.2 | 7,941,570 | |
Other Securities | 10.6 | 412,464,603 | ||
11.8 | 458,480,934 | |||
Capital Goods 9.3% | ||||
EMCOR Group, Inc. | 110,980 | 0.2 | 7,877,360 | |
Woodward, Inc. | 102,425 | 0.2 | 7,542,577 | |
Other Securities | 8.9 | 343,401,471 | ||
9.3 | 358,821,408 | |||
Commercial & Professional Services 4.1% | ||||
Insperity, Inc. | 73,029 | 0.2 | 8,022,236 | |
Tetra Tech, Inc. | 106,235 | 0.2 | 7,015,759 | |
Other Securities | 3.7 | 142,369,053 | ||
4.1 | 157,407,048 | |||
Consumer Durables & Apparel 2.8% | ||||
Deckers Outdoor Corp. * | 57,903 | 0.2 | 7,363,525 | |
Other Securities | 2.6 | 99,710,099 | ||
2.8 | 107,073,624 | |||
Consumer Services 3.9% | ||||
Planet Fitness, Inc., Class A * | 169,543 | 0.2 | 8,322,866 | |
Texas Roadhouse, Inc. | 129,797 | 0.2 | 7,847,527 | |
Other Securities | 3.5 | 133,385,292 | ||
3.9 | 149,555,685 | |||
Diversified Financials 3.2% | ||||
Blackstone Mortgage Trust, Inc., Class A | 213,794 | 0.2 | 7,213,410 | |
Green Dot Corp., Class A * | 92,761 | 0.2 | 7,025,718 | |
Other Securities | 2.8 | 109,905,034 | ||
3.2 | 124,144,162 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 4.6% | ||||
Other Securities | 4.6 | 176,269,225 | ||
Food & Staples Retailing 0.6% | ||||
Other Securities | 0.6 | 23,360,025 | ||
Food, Beverage & Tobacco 1.6% | ||||
Other Securities | 1.6 | 63,682,920 | ||
Health Care Equipment & Services 6.9% | ||||
Globus Medical, Inc., Class A * | 139,309 | 0.2 | 7,362,481 | |
Haemonetics Corp. * | 99,569 | 0.3 | 10,401,973 | |
HealthEquity, Inc. * | 103,730 | 0.2 | 9,522,414 | |
LivaNova plc * | 93,246 | 0.3 | 10,442,620 | |
Medidata Solutions, Inc. * | 110,831 | 0.2 | 7,791,419 | |
Teladoc Health, Inc. * | 128,635 | 0.2 | 8,919,551 | |
Other Securities | 5.5 | 212,495,421 | ||
6.9 | 266,935,879 | |||
Household & Personal Products 0.6% | ||||
Other Securities | 0.6 | 23,368,226 | ||
Insurance 2.8% | ||||
Kemper Corp. | 101,049 | 0.2 | 7,597,874 | |
Primerica, Inc. | 82,647 | 0.2 | 9,069,682 | |
Selective Insurance Group, Inc. | 111,165 | 0.2 | 7,209,050 | |
Other Securities | 2.2 | 84,893,585 | ||
2.8 | 108,770,191 | |||
Materials 4.0% | ||||
Ingevity Corp. * | 81,335 | 0.2 | 7,407,992 | |
Other Securities | 3.8 | 146,223,055 | ||
4.0 | 153,631,047 | |||
Media & Entertainment 2.5% | ||||
Other Securities | 2.5 | 98,330,764 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.8% | ||||
Endo International plc * | 430,737 | 0.2 | 7,296,685 | |
Loxo Oncology, Inc. * | 51,776 | 0.2 | 7,904,124 | |
Other Securities | 8.4 | 327,370,603 | ||
8.8 | 342,571,412 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Real Estate 7.1% | ||||
First Industrial Realty Trust, Inc. | 238,437 | 0.2 | 7,320,016 | |
Sabra Health Care REIT, Inc. | 341,361 | 0.2 | 7,390,466 | |
Other Securities | 6.7 | 258,980,560 | ||
7.1 | 273,691,042 | |||
Retailing 4.6% | ||||
American Eagle Outfitters, Inc. | 309,828 | 0.2 | 7,144,634 | |
Etsy, Inc. * | 229,167 | 0.3 | 9,744,181 | |
Five Below, Inc. * | 104,694 | 0.3 | 11,916,271 | |
Ollie's Bargain Outlet Holdings, Inc. * | 95,441 | 0.2 | 8,866,469 | |
Other Securities | 3.6 | 140,863,437 | ||
4.6 | 178,534,992 | |||
Semiconductors & Semiconductor Equipment 2.4% | ||||
Cree, Inc. * | 193,113 | 0.2 | 7,496,647 | |
Entegris, Inc. | 272,819 | 0.2 | 7,240,616 | |
Integrated Device Technology, Inc. * | 248,131 | 0.3 | 11,615,012 | |
Other Securities | 1.7 | 68,120,578 | ||
2.4 | 94,472,853 | |||
Software & Services 7.0% | ||||
CACI International, Inc., Class A * | 46,935 | 0.2 | 8,376,020 | |
HubSpot, Inc. * | 69,525 | 0.2 | 9,431,066 | |
MAXIMUS, Inc. | 122,059 | 0.2 | 7,930,173 | |
New Relic, Inc. * | 85,086 | 0.2 | 7,593,925 | |
The Trade Desk, Inc., Class A * | 62,467 | 0.2 | 7,717,798 | |
Other Securities | 6.0 | 229,255,323 | ||
7.0 | 270,304,305 | |||
Technology Hardware & Equipment 4.3% | ||||
Ciena Corp. * | 274,502 | 0.2 | 8,580,933 | |
Other Securities | 4.1 | 157,187,425 | ||
4.3 | 165,768,358 | |||
Telecommunication Services 0.8% | ||||
Other Securities | 0.8 | 32,211,936 | ||
Transportation 1.4% | ||||
Other Securities | 1.4 | 55,433,421 | ||
Utilities 3.4% | ||||
ALLETE, Inc. | 98,634 | 0.2 | 7,298,916 | |
IDACORP, Inc. | 96,498 | 0.2 | 8,999,403 | |
New Jersey Resources Corp. | 166,962 | 0.2 | 7,529,986 | |
ONE Gas, Inc. | 99,658 | 0.2 | 7,864,013 | |
Portland General Electric Co. | 170,988 | 0.2 | 7,708,139 | |
Southwest Gas Holdings, Inc. | 94,044 | 0.2 | 7,266,780 | |
Other Securities | 2.2 | 84,498,184 | ||
3.4 | 131,165,421 | |||
Total Common Stock | ||||
(Cost $2,978,324,544) | 3,854,201,844 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Materials 0.0% | ||||
Other Securities | 0.0 | 97,183 | ||
Media & Entertainment 0.0% | ||||
Other Securities | 0.0 | 14,883 | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||||
Other Securities | 0.0 | 158,825 | ||
Total Rights | ||||
(Cost $98,025) | 270,891 | |||
Other Investment Company 2.0% of net assets | ||||
Securities Lending Collateral 2.0% | ||||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 78,767,055 | 2.0 | 78,767,055 | |
Total Other Investment Company | ||||
(Cost $78,767,055) | 78,767,055 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.3% of net assets | ||||
Time Deposits 0.3% | ||||
Sumitomo Mitsui Banking Corp. 1.54%, 11/01/18 (d) | 8,862,175 | 0.2 | 8,862,175 | |
Other Securities | 0.1 | 2,753,291 | ||
0.3 | 11,615,466 | |||
Total Short-Term Investments | ||||
(Cost $11,615,466) | 11,615,466 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 242 | 18,293,990 | (264,426) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $76,500,514. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
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 | $3,700,570,797 | $— | $— | $3,700,570,797 | |
Materials | 153,631,047 | — | — * | 153,631,047 | |
Rights 1 | |||||
Materials | — | — | 97,183 | 97,183 | |
Media & Entertainment | — | — | 14,883 | 14,883 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 158,825 * | 158,825 | |
Other Investment Company1 | 78,767,055 | — | — | 78,767,055 | |
Short-Term Investments1 | — | 11,615,466 | — | 11,615,466 | |
Liabilities | |||||
Futures Contracts2 | (264,426) | — | — | (264,426) | |
Total | $3,932,704,473 | $11,615,466 | $270,891 | $3,944,590,830 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $2,990,038,035) including securities on loan of $76,500,514 | $3,866,088,201 | |
Collateral invested for securities on loan, at value (cost $78,767,055) | 78,767,055 | |
Deposit with broker for futures contracts | 2,404,650 | |
Receivables: | ||
Fund shares sold | 6,860,421 | |
Dividends | 1,663,804 | |
Income from securities on loan | 301,179 | |
Foreign tax reclaims | 1,110 | |
Interest | + | 465 |
Total assets | 3,956,086,885 | |
Liabilities | ||
Collateral held for securities on loan | 78,767,055 | |
Payables: | ||
Investments bought | 757,749 | |
Investment adviser fees | 170,794 | |
Fund shares redeemed | 2,579,740 | |
Variation margin on futures contracts | + | 1,934 |
Total liabilities | 82,277,272 | |
Net Assets | ||
Total assets | 3,956,086,885 | |
Total liabilities | – | 82,277,272 |
Net assets | $3,873,809,613 | |
Net Assets by Source | ||
Capital received from investors | 2,707,685,810 | |
Total distributable earnings1 | 1,166,123,803 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$3,873,809,613 | 127,083,163 | $30.48 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $10,200) | $48,529,691 | |
Interest | 203,165 | |
Securities on loan, net | + | 5,662,634 |
Total investment income | 54,395,490 | |
Expenses | ||
Investment adviser fees | 1,963,962 | |
Total expenses | – | 1,963,962 |
Net investment income | 52,431,528 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 265,293,599 | |
Net realized losses on futures contracts | (1,142,214) | |
Net realized gains on foreign currency transactions | + | 134 |
Net realized gains | 264,151,519 | |
Net change in unrealized appreciation (depreciation) on investments | (263,799,760) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (282,471) |
Net change in unrealized appreciation (depreciation) | + | (264,082,231) |
Net realized and unrealized gains | 69,288 | |
Increase in net assets resulting from operations | $52,500,816 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $52,431,528 | $41,398,028 | ||
Net realized gains | 264,151,519 | 137,045,478 | ||
Net change in unrealized appreciation (depreciation) | + | (264,082,231) | 563,299,358 | |
Increase in net assets from operations | 52,500,816 | 741,742,864 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($181,272,871) | ($117,896,583) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 31,415,062 | $1,012,294,913 | 27,293,118 | $793,122,741 | ||||
Shares reinvested | 5,063,226 | 156,403,042 | 3,628,372 | 102,973,212 | ||||
Shares redeemed | + | (21,668,855) | (697,115,758) | (20,947,140) | (607,654,132) | |||
Net transactions in fund shares | 14,809,433 | $471,582,197 | 9,974,350 | $288,441,821 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 112,273,730 | $3,530,999,471 | 102,299,380 | $2,618,711,369 | ||||
Total increase | + | 14,809,433 | 342,810,142 | 9,974,350 | 912,288,102 | |||
End of period2 | 127,083,163 | $3,873,809,613 | 112,273,730 | $3,530,999,471 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $39,963,730 from net investment income and $77,932,853 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $29,935,898 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $46.25 | $38.19 | $37.69 | $36.96 | $32.53 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.88 1 | 0.80 1 | 0.75 1 | 0.72 1 | 0.60 | |
Net realized and unrealized gains (losses) | 2.12 | 8.19 | 0.75 | 0.83 | 4.49 | |
Total from investment operations | 3.00 | 8.99 | 1.50 | 1.55 | 5.09 | |
Less distributions: | ||||||
Distributions from net investment income | (0.76) | (0.74) | (0.70) | (0.61) | (0.51) | |
Distributions from net realized gains | (0.11) | (0.19) | (0.30) | (0.21) | (0.15) | |
Total distributions | (0.87) | (0.93) | (1.00) | (0.82) | (0.66) | |
Net asset value at end of period | $48.38 | $46.25 | $38.19 | $37.69 | $36.96 | |
Total return | 6.51% | 23.89% | 4.19% | 4.36% | 15.93% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.03% | 0.05% 2 | 0.10% | 0.11% | 0.10% | |
Net operating expenses | N/A 3 | 0.05% 2 | 0.09% | 0.09% | 0.09% | |
Net investment income (loss) | 1.80% | 1.89% | 2.03% | 1.92% | 1.79% | |
Portfolio turnover rate | 4% | 2% | 1% | 2% | 1% | |
Net assets, end of period (x 1,000,000) | $8,410 | $6,720 | $4,850 | $4,477 | $4,049 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 0.8% | ||||
Other Securities | 0.8 | 69,302,999 | ||
Banks 6.3% | ||||
Bank of America Corp. | 2,810,688 | 0.9 | 77,293,920 | |
Citigroup, Inc. | 761,031 | 0.6 | 49,817,089 | |
JPMorgan Chase & Co. | 1,017,335 | 1.3 | 110,909,862 | |
Wells Fargo & Co. | 1,311,461 | 0.8 | 69,809,069 | |
Other Securities | 2.7 | 224,495,885 | ||
6.3 | 532,325,825 | |||
Capital Goods 6.9% | ||||
3M Co. | 177,365 | 0.4 | 33,745,465 | |
Honeywell International, Inc. | 224,632 | 0.4 | 32,531,206 | |
The Boeing Co. | 161,631 | 0.7 | 57,356,377 | |
Other Securities | 5.4 | 453,708,563 | ||
6.9 | 577,341,611 | |||
Commercial & Professional Services 1.0% | ||||
Other Securities | 1.0 | 85,784,156 | ||
Consumer Durables & Apparel 1.3% | ||||
Other Securities | 1.3 | 110,006,917 | ||
Consumer Services 2.2% | ||||
McDonald's Corp. | 234,862 | 0.5 | 41,547,088 | |
Other Securities | 1.7 | 140,645,017 | ||
2.2 | 182,192,105 | |||
Diversified Financials 5.2% | ||||
Berkshire Hathaway, Inc., Class B * | 590,098 | 1.4 | 121,135,317 | |
The Charles Schwab Corp. (b) | 360,895 | 0.2 | 16,687,785 | |
Other Securities | 3.6 | 297,024,957 | ||
5.2 | 434,848,059 | |||
Energy 5.5% | ||||
Chevron Corp. | 579,876 | 0.8 | 64,743,155 | |
Exxon Mobil Corp. | 1,281,454 | 1.2 | 102,106,255 | |
Other Securities | 3.5 | 290,855,397 | ||
5.5 | 457,704,807 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.4% | ||||
Walmart, Inc. | 434,789 | 0.5 | 43,600,641 | |
Other Securities | 0.9 | 76,345,462 | ||
1.4 | 119,946,103 | |||
Food, Beverage & Tobacco 3.7% | ||||
Altria Group, Inc. | 569,775 | 0.4 | 37,058,166 | |
PepsiCo, Inc. | 428,435 | 0.6 | 48,147,525 | |
Philip Morris International, Inc. | 470,448 | 0.5 | 41,432,355 | |
The Coca-Cola Co. | 1,157,699 | 0.7 | 55,430,628 | |
Other Securities | 1.5 | 127,945,915 | ||
3.7 | 310,014,589 | |||
Health Care Equipment & Services 6.5% | ||||
Abbott Laboratories | 531,287 | 0.4 | 36,626,926 | |
Medtronic plc | 408,190 | 0.4 | 36,663,626 | |
UnitedHealth Group, Inc. | 291,236 | 0.9 | 76,114,529 | |
Other Securities | 4.8 | 395,107,011 | ||
6.5 | 544,512,092 | |||
Household & Personal Products 1.5% | ||||
The Procter & Gamble Co. | 753,064 | 0.8 | 66,781,715 | |
Other Securities | 0.7 | 56,515,672 | ||
1.5 | 123,297,387 | |||
Insurance 2.6% | ||||
Other Securities | 2.6 | 215,127,205 | ||
Materials 2.9% | ||||
DowDuPont, Inc. | 699,372 | 0.4 | 37,710,138 | |
Other Securities | 2.5 | 207,508,685 | ||
2.9 | 245,218,823 | |||
Media & Entertainment 7.3% | ||||
Alphabet, Inc., Class A * | 90,520 | 1.2 | 98,719,302 | |
Alphabet, Inc., Class C * | 93,218 | 1.2 | 100,374,346 | |
Comcast Corp., Class A | 1,385,784 | 0.6 | 52,853,802 | |
Facebook, Inc., Class A * | 730,552 | 1.3 | 110,890,488 | |
Netflix, Inc. * | 131,986 | 0.5 | 39,830,735 | |
The Walt Disney Co. | 449,764 | 0.6 | 51,646,400 | |
Other Securities | 1.9 | 158,246,117 | ||
7.3 | 612,561,190 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences 8.0% | ||||
AbbVie, Inc. | 459,645 | 0.4 | 35,783,363 | |
Amgen, Inc. | 196,529 | 0.5 | 37,888,826 | |
Eli Lilly & Co. | 290,157 | 0.4 | 31,464,625 | |
Johnson & Johnson | 812,739 | 1.4 | 113,775,333 | |
Merck & Co., Inc. | 805,842 | 0.7 | 59,318,030 | |
Pfizer, Inc. | 1,773,807 | 0.9 | 76,380,129 | |
Other Securities | 3.7 | 320,595,642 | ||
8.0 | 675,205,948 | |||
Real Estate 3.7% | ||||
Other Securities | 3.7 | 312,434,061 | ||
Retailing 5.8% | ||||
Amazon.com, Inc. * | 124,027 | 2.4 | 198,196,386 | |
The Home Depot, Inc. | 346,139 | 0.7 | 60,878,927 | |
Other Securities | 2.7 | 230,436,538 | ||
5.8 | 489,511,851 | |||
Semiconductors & Semiconductor Equipment 3.5% | ||||
Intel Corp. | 1,396,395 | 0.8 | 65,462,998 | |
NVIDIA Corp. | 184,190 | 0.5 | 38,832,778 | |
Other Securities | 2.2 | 185,430,633 | ||
3.5 | 289,726,409 | |||
Software & Services 10.7% | ||||
Adobe Systems, Inc. * | 148,365 | 0.4 | 36,462,182 | |
International Business Machines Corp. | 275,971 | 0.4 | 31,855,333 | |
Mastercard, Inc., Class A | 275,904 | 0.6 | 54,537,944 | |
Microsoft Corp. | 2,322,119 | 2.9 | 248,025,530 | |
Oracle Corp. | 854,509 | 0.5 | 41,734,220 | |
salesforce.com, Inc. * | 229,155 | 0.4 | 31,449,232 | |
Visa, Inc., Class A | 537,553 | 0.9 | 74,101,681 | |
Other Securities | 4.6 | 382,606,417 | ||
10.7 | 900,772,539 | |||
Technology Hardware & Equipment 6.0% | ||||
Apple, Inc. | 1,389,523 | 3.6 | 304,111,004 | |
Cisco Systems, Inc. | 1,382,925 | 0.8 | 63,268,819 | |
Other Securities | 1.6 | 139,716,170 | ||
6.0 | 507,095,993 | |||
Telecommunication Services 1.9% | ||||
AT&T, Inc. | 2,199,044 | 0.8 | 67,466,670 | |
Verizon Communications, Inc. | 1,250,249 | 0.8 | 71,376,715 | |
Other Securities | 0.3 | 21,483,106 | ||
1.9 | 160,326,491 | |||
Transportation 2.0% | ||||
Union Pacific Corp. | 223,393 | 0.4 | 32,664,524 | |
Other Securities | 1.6 | 137,894,220 | ||
2.0 | 170,558,744 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Utilities 3.0% | ||||
Other Securities | 3.0 | 255,071,767 | ||
Total Common Stock | ||||
(Cost $5,288,783,063) | 8,380,887,671 | |||
Rights 0.0% of net assets | ||||
Materials 0.0% | ||||
Other Securities | 0.0 | 15,620 | ||
Media & Entertainment 0.0% | ||||
Other Securities | 0.0 | 1,566 | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||||
Other Securities | 0.0 | — | ||
Total Rights | ||||
(Cost $15,620) | 17,186 | |||
Other Investment Company 0.2% of net assets | ||||
Securities Lending Collateral 0.2% | ||||
Other Securities | 0.2 | 16,590,873 | ||
Total Other Investment Company | ||||
(Cost $16,590,873) | 16,590,873 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment 0.6% of net assets | ||||
Time Deposit 0.6% | ||||
Sumitomo Mitsui Banking Corp. 1.54%, 11/01/18 (e) | 50,926,933 | 0.6 | 50,926,933 | |
Total Short-Term Investment | ||||
(Cost $50,926,933) | 50,926,933 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 58 | 4,384,510 | 65,564 | |
S&P 500 Index, e-mini, expires 12/21/18 | 187 | 25,348,785 | 316,155 | |
Net Unrealized Appreciation | 381,719 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $16,242,587. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(d) | The rate shown is the 7-day yield. |
(e) | The rate shown is the current daily overnight rate. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 292,470 | 68,425 | — | 360,895 | $2,107 | $— | $134,097 |
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 | $8,068,453,610 | $— | $— | $8,068,453,610 | |
Real Estate | 312,434,061 | — | — * | 312,434,061 | |
Rights 1 | |||||
Materials | — | — | 15,620 | 15,620 | |
Media & Entertainment | — | — | 1,566 | 1,566 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | — * | — | |
Other Investment Company1 | 16,590,873 | — | — | 16,590,873 | |
Short-Term Investment1 | — | 50,926,933 | — | 50,926,933 | |
Futures Contracts2 | 381,719 | — | — | 381,719 | |
Total | $8,397,860,263 | $50,926,933 | $17,186 | $8,448,804,382 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $10,612,684) | $16,687,785 | |
Investments in unaffiliated issuers, at value (cost $5,329,112,932) including securities on loan of $16,242,587 | 8,415,144,005 | |
Collateral invested for securities on loan, at value (cost $16,590,873) | 16,590,873 | |
Deposit with broker for futures contracts | 3,066,300 | |
Receivables: | ||
Fund shares sold | 13,374,668 | |
Dividends | 6,855,920 | |
Variation margin on futures contracts | 184,765 | |
Income from securities on loan | 51,399 | |
Interest | 2,179 | |
Foreign tax reclaims | + | 1,891 |
Total assets | 8,471,959,785 | |
Liabilities | ||
Collateral held for securities on loan | 16,590,873 | |
Payables: | ||
Investments bought | 40,111,554 | |
Investment adviser fees | 219,468 | |
Fund shares redeemed | + | 5,487,753 |
Total liabilities | 62,409,648 | |
Net Assets | ||
Total assets | 8,471,959,785 | |
Total liabilities | – | 62,409,648 |
Net assets | $8,409,550,137 | |
Net Assets by Source | ||
Capital received from investors | 5,202,715,177 | |
Total distributable earnings1 | 3,206,834,960 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$8,409,550,137 | 173,831,665 | $48.38 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $134,097 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $9,434) | 143,792,252 | |
Interest | 333,961 | |
Securities on loan, net | + | 1,142,962 |
Total investment income | 145,403,272 | |
Expenses | ||
Investment adviser fees | 2,385,983 | |
Total expenses | – | 2,385,983 |
Net investment income | 143,017,289 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on unaffiliated issuers | 22,394,880 | |
Net realized gains on futures contracts | + | 4,021,251 |
Net realized gains | 26,416,131 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 2,107 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 268,594,789 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 302,646 |
Net change in unrealized appreciation (depreciation) | + | 268,899,542 |
Net realized and unrealized gains | 295,315,673 | |
Increase in net assets resulting from operations | $438,332,962 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $143,017,289 | $110,463,299 | ||
Net realized gains | 26,416,131 | 14,786,674 | ||
Net change in unrealized appreciation (depreciation) | + | 268,899,542 | 1,093,607,653 | |
Increase in net assets from operations | 438,332,962 | 1,218,857,626 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($129,534,008) | ($119,038,332) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 47,531,781 | $2,314,728,323 | 34,191,936 | $1,448,154,476 | ||||
Shares reinvested | 2,083,482 | 98,965,373 | 2,290,335 | 91,911,175 | ||||
Shares redeemed | + | (21,085,111) | (1,033,026,077) | (18,204,725) | (770,224,655) | |||
Net transactions in fund shares | 28,530,152 | $1,380,667,619 | 18,277,546 | $769,840,996 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 145,301,513 | $6,720,083,564 | 127,023,967 | $4,850,423,274 | ||||
Total increase | + | 28,530,152 | 1,689,466,573 | 18,277,546 | 1,869,660,290 | |||
End of period2 | 173,831,665 | $8,409,550,137 | 145,301,513 | $6,720,083,564 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $94,787,157 from net investment income and $24,251,175 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $88,171,320 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
12/20/17 1– 10/31/18 | ||||||
Per-Share Data | ||||||
Net asset value at beginning of period | $40.00 | |||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.46 | |||||
Net realized and unrealized gains (losses) | 1.91 3 | |||||
Total from investment operations | 2.37 | |||||
Net asset value at end of period | $42.37 | |||||
Total return | 5.93% 4 | |||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04% 5,6 | |||||
Net operating expenses | 0.02% 5,6 | |||||
Net investment income (loss) | 1.23% 5 | |||||
Portfolio turnover rate | 23% 4 | |||||
Net assets, end of period (x 1,000,000) | $93 | |||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 0.6% | ||||
Other Securities | 0.6 | 534,822 | ||
Banks 0.2% | ||||
Other Securities | 0.2 | 162,009 | ||
Capital Goods 8.0% | ||||
3M Co. | 3,488 | 0.7 | 663,627 | |
Caterpillar, Inc. | 3,908 | 0.5 | 474,119 | |
Honeywell International, Inc. | 3,393 | 0.5 | 491,374 | |
Lockheed Martin Corp. | 1,660 | 0.5 | 487,791 | |
The Boeing Co. | 3,968 | 1.5 | 1,408,084 | |
Other Securities | 4.3 | 3,864,649 | ||
8.0 | 7,389,644 | |||
Commercial & Professional Services 1.0% | ||||
Other Securities | 1.0 | 949,099 | ||
Consumer Durables & Apparel 1.5% | ||||
NIKE, Inc., Class B | 9,187 | 0.7 | 689,392 | |
Other Securities | 0.8 | 749,999 | ||
1.5 | 1,439,391 | |||
Consumer Services 2.2% | ||||
Starbucks Corp. | 9,618 | 0.6 | 560,441 | |
Other Securities | 1.6 | 1,493,593 | ||
2.2 | 2,054,034 | |||
Diversified Financials 3.2% | ||||
The Charles Schwab Corp. (a) | 8,764 | 0.4 | 405,247 | |
Other Securities | 2.8 | 2,559,034 | ||
3.2 | 2,964,281 | |||
Energy 0.8% | ||||
Other Securities | 0.8 | 787,127 | ||
Food & Staples Retailing 1.1% | ||||
Costco Wholesale Corp. | 3,200 | 0.8 | 731,616 | |
Other Securities | 0.3 | 276,007 | ||
1.1 | 1,007,623 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food, Beverage & Tobacco 4.0% | ||||
Altria Group, Inc. | 13,872 | 1.0 | 902,235 | |
PepsiCo, Inc. | 9,205 | 1.1 | 1,034,458 | |
The Coca-Cola Co. | 21,752 | 1.1 | 1,041,486 | |
Other Securities | 0.8 | 764,659 | ||
4.0 | 3,742,838 | |||
Health Care Equipment & Services 6.2% | ||||
Intuitive Surgical, Inc. * | 822 | 0.5 | 428,410 | |
Stryker Corp. | 2,499 | 0.4 | 405,388 | |
UnitedHealth Group, Inc. | 7,002 | 2.0 | 1,829,973 | |
Other Securities | 3.3 | 3,067,820 | ||
6.2 | 5,731,591 | |||
Household & Personal Products 0.8% | ||||
Other Securities | 0.8 | 770,746 | ||
Insurance 1.0% | ||||
Other Securities | 1.0 | 891,714 | ||
Materials 1.8% | ||||
Linde plc | 2,471 | 0.4 | 408,876 | |
Other Securities | 1.4 | 1,234,804 | ||
1.8 | 1,643,680 | |||
Media & Entertainment 11.8% | ||||
Activision Blizzard, Inc. | 5,513 | 0.4 | 380,673 | |
Alphabet, Inc., Class A * | 2,189 | 2.6 | 2,387,280 | |
Alphabet, Inc., Class C * | 2,230 | 2.6 | 2,401,197 | |
Facebook, Inc., Class A * | 17,420 | 2.9 | 2,644,182 | |
Netflix, Inc. * | 3,052 | 1.0 | 921,033 | |
The Walt Disney Co. | 7,818 | 1.0 | 897,741 | |
Other Securities | 1.3 | 1,324,163 | ||
11.8 | 10,956,269 | |||
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||||
AbbVie, Inc. | 11,099 | 0.9 | 864,057 | |
Amgen, Inc. | 4,462 | 0.9 | 860,229 | |
Biogen, Inc. * | 1,397 | 0.5 | 425,065 | |
Eli Lilly & Co. | 4,300 | 0.5 | 466,292 | |
Gilead Sciences, Inc. | 7,060 | 0.5 | 481,351 | |
Johnson & Johnson | 3,539 | 0.5 | 495,425 | |
Other Securities | 3.6 | 3,293,025 | ||
7.4 | 6,885,444 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Real Estate 2.2% | ||||
American Tower Corp. | 3,211 | 0.5 | 500,306 | |
Simon Property Group, Inc. | 2,070 | 0.4 | 379,886 | |
Other Securities | 1.3 | 1,138,506 | ||
2.2 | 2,018,698 | |||
Retailing 10.4% | ||||
Amazon.com, Inc. * | 2,978 | 5.1 | 4,758,874 | |
Booking Holdings, Inc. * | 347 | 0.7 | 650,479 | |
Lowe's Cos., Inc. | 5,978 | 0.6 | 569,225 | |
The Home Depot, Inc. | 8,442 | 1.6 | 1,484,779 | |
The TJX Cos., Inc. | 4,590 | 0.5 | 504,349 | |
Other Securities | 1.9 | 1,654,599 | ||
10.4 | 9,622,305 | |||
Semiconductors & Semiconductor Equipment 3.9% | ||||
Broadcom, Inc. | 1,892 | 0.5 | 422,843 | |
NVIDIA Corp. | 4,264 | 1.0 | 898,979 | |
Texas Instruments, Inc. | 7,181 | 0.7 | 666,612 | |
Other Securities | 1.7 | 1,606,825 | ||
3.9 | 3,595,259 | |||
Software & Services 19.3% | ||||
Accenture plc, Class A | 4,713 | 0.8 | 742,863 | |
Adobe Systems, Inc. * | 3,601 | 1.0 | 884,982 | |
Automatic Data Processing, Inc. | 3,229 | 0.5 | 465,234 | |
International Business Machines Corp. | 4,840 | 0.6 | 558,681 | |
Mastercard, Inc., Class A | 6,731 | 1.4 | 1,330,517 | |
Microsoft Corp. | 52,581 | 6.1 | 5,616,177 | |
PayPal Holdings, Inc. * | 8,702 | 0.8 | 732,621 | |
salesforce.com, Inc. * | 5,168 | 0.8 | 709,256 | |
Visa, Inc., Class A | 13,099 | 1.9 | 1,805,697 | |
Other Securities | 5.4 | 5,027,557 | ||
19.3 | 17,873,585 | |||
Technology Hardware & Equipment 9.5% | ||||
Apple, Inc. | 35,410 | 8.4 | 7,749,833 | |
Other Securities | 1.1 | 1,039,424 | ||
9.5 | 8,789,257 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Telecommunication Services 0.1% | ||||
Other Securities | 0.1 | 143,855 | ||
Transportation 2.7% | ||||
FedEx Corp. | 1,812 | 0.4 | 399,256 | |
Union Pacific Corp. | 4,979 | 0.8 | 728,029 | |
United Parcel Service, Inc., Class B | 5,059 | 0.6 | 538,986 | |
Other Securities | 0.9 | 821,305 | ||
2.7 | 2,487,576 | |||
Total Common Stock | ||||
(Cost $91,993,901) | 92,440,847 | |||
Other Investment Company 0.3% of net assets | ||||
Money Market Fund 0.3% | ||||
Other Securities | 0.3 | 272,816 | ||
Total Other Investment Company | ||||
(Cost $272,816) | 272,816 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
Russell 1000 Growth Index, e-mini, expires 12/21/18 | 5 | 356,975 | 6,930 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | The rate shown is the 7-day yield. |
Balance of Shares Held at 12/20/17(a) | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | — | 9,126 | (362) | 8,764 | ($58,164) | ($2,777) | $1,595 |
(a) | Commencement of operations. |
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 | $92,440,847 | $— | $— | $92,440,847 | |
Other Investment Company1 | 272,816 | — | — | 272,816 | |
Futures Contracts2 | 6,930 | — | — | 6,930 | |
Total | $92,720,593 | $— | $— | $92,720,593 |
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 $463,411) | $405,247 | |
Investments in unaffiliated issuers, at value (cost $91,803,306) | 92,308,416 | |
Deposit with broker for futures contracts | 37,700 | |
Receivables: | ||
Investments sold | 111,577 | |
Fund shares sold | 227,504 | |
Dividends | 47,176 | |
Variation margin on futures contracts | + | 11,167 |
Total assets | 93,148,787 | |
Liabilities | ||
Payables: | ||
Investments bought | 313,015 | |
Investment adviser fees | 3,199 | |
Fund shares redeemed | + | 80,664 |
Total liabilities | 396,878 | |
Net Assets | ||
Total assets | 93,148,787 | |
Total liabilities | – | 396,878 |
Net assets | $92,751,909 | |
Net Assets by Source | ||
Capital received from investors | 92,163,204 | |
Total distributable earnings1 | 588,705 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$92,751,909 | 2,188,946 | $42.37 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $1,595 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $13) | + | 664,044 |
Total investment income | 665,639 | |
Expenses | ||
Investment adviser fees | 21,284 | |
Total expenses | 21,284 | |
Expense reduction by CSIM and its affiliates | – | 9,664 |
Net expenses | – | 11,620 |
Net investment income | 654,019 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (2,777) | |
Net realized losses on unaffiliated issuers | (518,133) | |
Net realized gains on futures contracts | + | 1,538 |
Net realized losses | (519,372) | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (58,164) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 505,110 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 6,930 |
Net change in unrealized appreciation (depreciation) | + | 453,876 |
Net realized and unrealized losses | (65,496) | |
Increase in net assets resulting from operations | $588,523 |
* | Commencement of operations. |
Operations | ||
12/20/17*-10/31/18 | ||
Net investment income | $654,019 | |
Net realized losses | (519,372) | |
Net change in unrealized appreciation (depreciation) | + | 453,876 |
Increase in net assets from operations | 588,523 |
Transactions in Fund Shares | ||||
12/20/17*-10/31/18 | ||||
SHARES | VALUE | |||
Shares sold | 2,550,923 | $107,925,443 | ||
Shares redeemed | + | (361,977) | (15,762,057) | |
Net transactions in fund shares | 2,188,946 | $92,163,386 | ||
Shares Outstanding and Net Assets | ||||
12/20/17*-10/31/18 | ||||
SHARES | NET ASSETS | |||
Beginning of period | — | $— | ||
Total increase | + | 2,188,946 | 92,751,909 | |
End of period | 2,188,946 | $92,751,909 |
* | Commencement of operations. |
12/20/17 1– 10/31/18 | ||||||
Per-Share Data | ||||||
Net asset value at beginning of period | $40.00 | |||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.82 | |||||
Net realized and unrealized gains (losses) | (1.31) | |||||
Total from investment operations | (0.49) | |||||
Net asset value at end of period | $39.51 | |||||
Total return | (1.23%) 3 | |||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04% 4,5 | |||||
Net operating expenses | 0.02% 4,5 | |||||
Net investment income (loss) | 2.36% 4 | |||||
Portfolio turnover rate | 22% 3 | |||||
Net assets, end of period (x 1,000,000) | $70 | |||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.6% of net assets | ||||
Automobiles & Components 0.9% | ||||
General Motors Co. | 7,047 | 0.4 | 257,850 | |
Other Securities | 0.5 | 396,426 | ||
0.9 | 654,276 | |||
Banks 11.5% | ||||
Bank of America Corp. | 50,074 | 2.0 | 1,377,035 | |
Citigroup, Inc. | 13,542 | 1.3 | 886,459 | |
JPMorgan Chase & Co. | 17,990 | 2.8 | 1,961,270 | |
The PNC Financial Services Group, Inc. | 2,491 | 0.5 | 320,069 | |
U.S. Bancorp | 8,267 | 0.6 | 432,116 | |
Wells Fargo & Co. | 23,342 | 1.8 | 1,242,495 | |
Other Securities | 2.5 | 1,794,952 | ||
11.5 | 8,014,396 | |||
Capital Goods 5.4% | ||||
General Electric Co. | 46,354 | 0.7 | 468,175 | |
United Technologies Corp. | 4,023 | 0.7 | 499,697 | |
Other Securities | 4.0 | 2,775,330 | ||
5.4 | 3,743,202 | |||
Commercial & Professional Services 0.6% | ||||
Other Securities | 0.6 | 407,068 | ||
Consumer Durables & Apparel 0.8% | ||||
Other Securities | 0.8 | 557,845 | ||
Consumer Services 1.9% | ||||
McDonald's Corp. | 3,370 | 0.9 | 596,153 | |
Other Securities | 1.0 | 747,764 | ||
1.9 | 1,343,917 | |||
Diversified Financials 7.2% | ||||
Berkshire Hathaway, Inc., Class B * | 9,106 | 2.7 | 1,869,280 | |
BlackRock, Inc. | 659 | 0.4 | 271,126 | |
CME Group, Inc. | 1,664 | 0.4 | 304,911 | |
Morgan Stanley | 6,613 | 0.4 | 301,950 | |
The Goldman Sachs Group, Inc. | 1,903 | 0.6 | 428,879 | |
Other Securities | 2.7 | 1,875,443 | ||
7.2 | 5,051,589 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 10.0% | ||||
Chevron Corp. | 10,242 | 1.6 | 1,143,519 | |
ConocoPhillips | 6,298 | 0.6 | 440,230 | |
EOG Resources, Inc. | 2,757 | 0.4 | 290,422 | |
Exxon Mobil Corp. | 22,786 | 2.6 | 1,815,589 | |
Occidental Petroleum Corp. | 4,115 | 0.4 | 275,993 | |
Schlumberger Ltd. | 7,452 | 0.5 | 382,362 | |
Other Securities | 3.9 | 2,624,845 | ||
10.0 | 6,972,960 | |||
Food & Staples Retailing 1.9% | ||||
Walgreens Boots Alliance, Inc. | 4,550 | 0.5 | 362,954 | |
Walmart, Inc. | 7,668 | 1.1 | 768,947 | |
Other Securities | 0.3 | 183,255 | ||
1.9 | 1,315,156 | |||
Food, Beverage & Tobacco 3.7% | ||||
Mondelez International, Inc., Class A | 7,784 | 0.5 | 326,772 | |
Philip Morris International, Inc. | 8,352 | 1.1 | 735,561 | |
Other Securities | 2.1 | 1,504,512 | ||
3.7 | 2,566,845 | |||
Health Care Equipment & Services 6.7% | ||||
Abbott Laboratories | 9,202 | 0.9 | 634,386 | |
Anthem, Inc. | 1,403 | 0.6 | 386,625 | |
Becton, Dickinson & Co. | 1,291 | 0.4 | 297,575 | |
CVS Health Corp. | 5,465 | 0.6 | 395,611 | |
Danaher Corp. | 3,328 | 0.5 | 330,803 | |
Express Scripts Holding Co. * | 2,771 | 0.4 | 268,704 | |
Medtronic plc | 7,278 | 0.9 | 653,710 | |
Other Securities | 2.4 | 1,700,262 | ||
6.7 | 4,667,676 | |||
Household & Personal Products 2.2% | ||||
The Procter & Gamble Co. | 13,398 | 1.7 | 1,188,135 | |
Other Securities | 0.5 | 353,996 | ||
2.2 | 1,542,131 | |||
Insurance 4.1% | ||||
Chubb Ltd. | 2,494 | 0.4 | 311,525 | |
Other Securities | 3.7 | 2,511,969 | ||
4.1 | 2,823,494 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Materials 3.9% | ||||
DowDuPont, Inc. | 12,490 | 1.0 | 673,461 | |
Other Securities | 2.9 | 2,059,896 | ||
3.9 | 2,733,357 | |||
Media & Entertainment 3.3% | ||||
Comcast Corp., Class A | 24,570 | 1.3 | 937,100 | |
The Walt Disney Co. | 2,279 | 0.4 | 261,698 | |
Other Securities | 1.6 | 1,079,178 | ||
3.3 | 2,277,976 | |||
Pharmaceuticals, Biotechnology & Life Sciences 8.5% | ||||
Allergan plc | 1,822 | 0.4 | 287,894 | |
Johnson & Johnson | 11,841 | 2.4 | 1,657,622 | |
Merck & Co., Inc. | 13,361 | 1.4 | 983,503 | |
Pfizer, Inc. | 31,203 | 1.9 | 1,343,601 | |
Thermo Fisher Scientific, Inc. | 2,027 | 0.7 | 473,609 | |
Other Securities | 1.7 | 1,194,421 | ||
8.5 | 5,940,650 | |||
Real Estate 4.7% | ||||
Other Securities | 4.7 | 3,284,070 | ||
Retailing 1.6% | ||||
Other Securities | 1.6 | 1,095,405 | ||
Semiconductors & Semiconductor Equipment 3.4% | ||||
Intel Corp. | 24,820 | 1.7 | 1,163,562 | |
QUALCOMM, Inc. | 7,968 | 0.7 | 501,108 | |
Other Securities | 1.0 | 694,663 | ||
3.4 | 2,359,333 | |||
Software & Services 2.9% | ||||
Oracle Corp. | 13,602 | 1.0 | 664,322 | |
Other Securities | 1.9 | 1,391,056 | ||
2.9 | 2,055,378 | |||
Technology Hardware & Equipment 3.1% | ||||
Cisco Systems, Inc. | 25,310 | 1.7 | 1,157,933 | |
Other Securities | 1.4 | 1,035,912 | ||
3.1 | 2,193,845 | |||
Telecommunication Services 3.8% | ||||
AT&T, Inc. | 39,100 | 1.7 | 1,199,588 | |
Verizon Communications, Inc. | 22,247 | 1.8 | 1,270,081 | |
Other Securities | 0.3 | 185,875 | ||
3.8 | 2,655,544 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 1.6% | ||||
Other Securities | 1.6 | 1,083,941 | ||
Utilities 5.9% | ||||
Duke Energy Corp. | 3,831 | 0.5 | 316,556 | |
NextEra Energy, Inc. | 2,535 | 0.6 | 437,287 | |
Other Securities | 4.8 | 3,392,626 | ||
5.9 | 4,146,469 | |||
Total Common Stock | ||||
(Cost $71,130,258) | 69,486,523 | |||
Other Investment Companies 0.3% of net assets | ||||
Equity Fund 0.0% | ||||
Other Securities | 0.0 | 23,890 | ||
Money Market Fund 0.3% | ||||
Other Securities | 0.3 | 194,280 | ||
Total Other Investment Companies | ||||
(Cost $218,300) | 218,170 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
Russell 1000 Value Index, e-mini, expires 12/21/18 | 4 | 235,840 | 880 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Balance of Shares Held at 12/20/17(a) | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | — | 1,144 | (1,144) | — | $— | $1,887 | $149 |
(a) | Commencement of operations. |
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 | $69,486,523 | $— | $— | $69,486,523 | |
Other Investment Companies1 | 218,170 | — | — | 218,170 | |
Futures Contracts2 | 880 | — | — | 880 | |
Total | $69,705,573 | $— | $— | $69,705,573 |
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 $71,348,558) | $69,704,693 | |
Deposit with broker for futures contracts | 26,400 | |
Receivables: | ||
Investments sold | 41,804 | |
Fund shares sold | 356,180 | |
Dividends | 80,079 | |
Variation margin on futures contracts | 900 | |
Foreign tax reclaims | + | 29 |
Total assets | 70,210,085 | |
Liabilities | ||
Payables: | ||
Investments bought | 410,115 | |
Investment adviser fees | 2,336 | |
Fund shares redeemed | + | 48,742 |
Total liabilities | 461,193 | |
Net Assets | ||
Total assets | 70,210,085 | |
Total liabilities | – | 461,193 |
Net assets | $69,748,892 | |
Net Assets by Source | ||
Capital received from investors | 70,733,861 | |
Total distributable loss1 | (984,969) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$69,748,892 | 1,765,159 | $39.51 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $149 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $114) | + | 1,010,975 |
Total investment income | 1,011,124 | |
Expenses | ||
Investment adviser fees | 16,983 | |
Total expenses | 16,983 | |
Expense reduction by CSIM and its affiliates | – | 8,219 |
Net expenses | – | 8,764 |
Net investment income | 1,002,360 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on affiliated issuer | 1,887 | |
Net realized losses on unaffiliated issuers | (312,786) | |
Net realized losses on futures contracts | + | (34,006) |
Net realized losses | (344,905) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | (1,643,865) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 880 |
Net change in unrealized appreciation (depreciation) | + | (1,642,985) |
Net realized and unrealized losses | (1,987,890) | |
Decrease in net assets resulting from operations | ($985,530) |
* | Commencement of operations. |
Operations | ||
12/20/17*-10/31/18 | ||
Net investment income | $1,002,360 | |
Net realized losses | (344,905) | |
Net change in unrealized appreciation (depreciation) | + | (1,642,985) |
Decrease in net assets from operations | (985,530) |
Transactions in Fund Shares | ||||
12/20/17*-10/31/18 | ||||
SHARES | VALUE | |||
Shares sold | 1,995,233 | $80,009,188 | ||
Shares redeemed | + | (230,074) | (9,274,766) | |
Net transactions in fund shares | 1,765,159 | $70,734,422 | ||
Shares Outstanding and Net Assets | ||||
12/20/17*-10/31/18 | ||||
SHARES | NET ASSETS | |||
Beginning of period | — | $— | ||
Total increase | + | 1,765,159 | 69,748,892 | |
End of period | 1,765,159 | $69,748,892 |
* | Commencement of operations. |
12/20/17 1– 10/31/18 | ||||||
Per-Share Data | ||||||
Net asset value at beginning of period | $40.00 | |||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.59 | |||||
Net realized and unrealized gains (losses) | (1.04) | |||||
Total from investment operations | (0.45) | |||||
Net asset value at end of period | $39.55 | |||||
Total return | (1.13%) 3 | |||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% 4,5 | |||||
Net operating expenses | 0.03% 4,5 | |||||
Net investment income (loss) | 1.65% 4 | |||||
Portfolio turnover rate | 15% 3 | |||||
Net assets, end of period (x 1,000,000) | $171 | |||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 0.9% | ||||
Other Securities | 0.9 | 1,539,305 | ||
Banks 4.5% | ||||
M&T Bank Corp. | 3,543 | 0.3 | 586,048 | |
SunTrust Banks, Inc. | 11,369 | 0.4 | 712,382 | |
Other Securities | 3.8 | 6,482,057 | ||
4.5 | 7,780,487 | |||
Capital Goods 9.2% | ||||
Fortive Corp. | 7,183 | 0.3 | 533,338 | |
Ingersoll-Rand plc | 5,998 | 0.3 | 575,448 | |
Rockwell Collins, Inc. | 4,005 | 0.3 | 512,720 | |
Roper Technologies, Inc. | 2,476 | 0.4 | 700,460 | |
Other Securities | 7.9 | 13,439,748 | ||
9.2 | 15,761,714 | |||
Commercial & Professional Services 2.4% | ||||
Other Securities | 2.4 | 4,080,065 | ||
Consumer Durables & Apparel 2.9% | ||||
VF Corp. | 7,922 | 0.4 | 656,575 | |
Other Securities | 2.5 | 4,394,987 | ||
2.9 | 5,051,562 | |||
Consumer Services 3.0% | ||||
Other Securities | 3.0 | 5,211,485 | ||
Diversified Financials 5.0% | ||||
Discover Financial Services | 8,377 | 0.3 | 583,626 | |
Moody's Corp. | 4,073 | 0.3 | 592,540 | |
Synchrony Financial | 18,164 | 0.3 | 524,576 | |
T. Rowe Price Group, Inc. | 5,776 | 0.3 | 560,214 | |
Other Securities | 3.8 | 6,385,952 | ||
5.0 | 8,646,908 | |||
Energy 4.8% | ||||
Concho Resources, Inc. * | 4,761 | 0.4 | 662,207 | |
ONEOK, Inc. | 10,033 | 0.4 | 658,165 | |
The Williams Cos., Inc. | 29,755 | 0.4 | 723,939 | |
Other Securities | 3.6 | 6,113,921 | ||
4.8 | 8,158,232 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 0.5% | ||||
The Kroger Co. | 19,414 | 0.3 | 577,761 | |
Other Securities | 0.2 | 348,503 | ||
0.5 | 926,264 | |||
Food, Beverage & Tobacco 3.1% | ||||
Archer-Daniels-Midland Co. | 13,654 | 0.4 | 645,152 | |
Other Securities | 2.7 | 4,595,377 | ||
3.1 | 5,240,529 | |||
Health Care Equipment & Services 6.1% | ||||
Centene Corp. * | 4,961 | 0.4 | 646,517 | |
Edwards Lifesciences Corp. * | 5,139 | 0.4 | 758,516 | |
Zimmer Biomet Holdings, Inc. | 4,986 | 0.3 | 566,360 | |
Other Securities | 5.0 | 8,419,210 | ||
6.1 | 10,390,603 | |||
Household & Personal Products 0.8% | ||||
Other Securities | 0.8 | 1,325,197 | ||
Insurance 3.7% | ||||
Other Securities | 3.7 | 6,284,414 | ||
Materials 5.0% | ||||
Other Securities | 5.0 | 8,559,765 | ||
Media & Entertainment 3.3% | ||||
Twitter, Inc. * | 17,311 | 0.4 | 601,557 | |
Other Securities | 2.9 | 4,993,320 | ||
3.3 | 5,594,877 | |||
Pharmaceuticals, Biotechnology & Life Sciences 3.8% | ||||
Agilent Technologies, Inc. | 7,890 | 0.3 | 511,193 | |
Other Securities | 3.5 | 5,949,094 | ||
3.8 | 6,460,287 | |||
Real Estate 8.8% | ||||
AvalonBay Communities, Inc. | 3,377 | 0.3 | 592,258 | |
Digital Realty Trust, Inc. | 5,034 | 0.3 | 519,811 | |
Equity Residential | 8,776 | 0.3 | 570,089 | |
Welltower, Inc. | 9,106 | 0.4 | 601,633 | |
Other Securities | 7.5 | 12,786,966 | ||
8.8 | 15,070,757 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Retailing 5.1% | ||||
Dollar General Corp. | 6,580 | 0.4 | 732,880 | |
O'Reilly Automotive, Inc. * | 1,932 | 0.4 | 619,689 | |
Ross Stores, Inc. | 9,071 | 0.5 | 898,029 | |
Other Securities | 3.8 | 6,506,095 | ||
5.1 | 8,756,693 | |||
Semiconductors & Semiconductor Equipment 3.0% | ||||
Analog Devices, Inc. | 9,038 | 0.4 | 756,571 | |
Lam Research Corp. | 3,853 | 0.3 | 546,086 | |
Xilinx, Inc. | 6,231 | 0.3 | 531,940 | |
Other Securities | 2.0 | 3,246,180 | ||
3.0 | 5,080,777 | |||
Software & Services 10.8% | ||||
Autodesk, Inc. * | 5,364 | 0.4 | 693,297 | |
Fidelity National Information Services, Inc. | 8,067 | 0.5 | 839,775 | |
Fiserv, Inc. * | 9,901 | 0.5 | 785,149 | |
Paychex, Inc. | 7,847 | 0.3 | 513,900 | |
Red Hat, Inc. * | 4,332 | 0.4 | 743,545 | |
ServiceNow, Inc. * | 4,286 | 0.5 | 775,937 | |
Square, Inc., Class A * | 7,001 | 0.3 | 514,223 | |
Worldpay, Inc., Class A * | 7,319 | 0.4 | 672,177 | |
Other Securities | 7.5 | 13,022,813 | ||
10.8 | 18,560,816 | |||
Technology Hardware & Equipment 3.9% | ||||
Amphenol Corp., Class A | 7,217 | 0.4 | 645,921 | |
Corning, Inc. | 19,524 | 0.4 | 623,792 | |
Other Securities | 3.1 | 5,395,928 | ||
3.9 | 6,665,641 | |||
Telecommunication Services 0.5% | ||||
Other Securities | 0.5 | 815,031 | ||
Transportation 2.0% | ||||
Other Securities | 2.0 | 3,435,770 | ||
Utilities 6.6% | ||||
Consolidated Edison, Inc. | 7,615 | 0.3 | 578,740 | |
Edison International | 7,771 | 0.3 | 539,230 |
Security | Number of Shares | % of Net Assets | Value ($) | |
PG&E Corp. * | 12,655 | 0.3 | 592,381 | |
PPL Corp. | 17,146 | 0.3 | 521,238 | |
Public Service Enterprise Group, Inc. | 12,335 | 0.4 | 659,059 | |
Sempra Energy | 6,697 | 0.4 | 737,474 | |
WEC Energy Group, Inc. | 7,711 | 0.3 | 527,432 | |
Xcel Energy, Inc. | 12,434 | 0.4 | 609,390 | |
Other Securities | 3.9 | 6,505,550 | ||
6.6 | 11,270,494 | |||
Total Common Stock | ||||
(Cost $179,956,531) | 170,667,673 | |||
Other Investment Companies 0.4% of net assets | ||||
Equity Fund 0.0% | ||||
Other Securities | 0.0 | 25,280 | ||
Money Market Fund 0.4% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (a) | 676,974 | 0.4 | 676,974 | |
Total Other Investment Companies | ||||
(Cost $701,543) | 702,254 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P MidCap 400, e-mini, expires 12/21/18 | 3 | 547,440 | 6,354 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
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 | $170,667,673 | $— | $— | $170,667,673 | |
Other Investment Companies1 | 702,254 | — | — | 702,254 | |
Futures Contracts2 | 6,354 | — | — | 6,354 | |
Total | $171,376,281 | $— | $— | $171,376,281 |
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 $180,658,074) | $171,369,927 | |
Deposit with broker for futures contracts | 73,800 | |
Receivables: | ||
Investments sold | 60,662 | |
Fund shares sold | 1,894,370 | |
Dividends | 78,269 | |
Variation margin on futures contracts | 1,274 | |
Foreign tax reclaims | + | 135 |
Total assets | 173,478,437 | |
Liabilities | ||
Payables: | ||
Investments bought | 2,156,346 | |
Investment adviser fees | 7,255 | |
Fund shares redeemed | + | 36,772 |
Total liabilities | 2,200,373 | |
Net Assets | ||
Total assets | 173,478,437 | |
Total liabilities | – | 2,200,373 |
Net assets | $171,278,064 | |
Net Assets by Source | ||
Capital received from investors | 178,983,597 | |
Total distributable loss1 | (7,705,533) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$171,278,064 | 4,330,860 | $39.55 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $251) | $1,661,400 | |
Expenses | ||
Investment adviser fees | 49,579 | |
Total expenses | 49,579 | |
Expense reduction by CSIM and its affiliates | – | 22,649 |
Net expenses | – | 26,930 |
Net investment income | 1,634,470 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 35,898 | |
Net realized losses on futures contracts | + | (94,530) |
Net realized losses | (58,632) | |
Net change in unrealized appreciation (depreciation) on investments | (9,288,147) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 6,354 |
Net change in unrealized appreciation (depreciation) | + | (9,281,793) |
Net realized and unrealized losses | (9,340,425) | |
Decrease in net assets resulting from operations | ($7,705,955) |
* | Commencement of operations. |
Operations | ||
12/20/17*-10/31/18 | ||
Net investment income | $1,634,470 | |
Net realized losses | (58,632) | |
Net change in unrealized appreciation (depreciation) | + | (9,281,793) |
Decrease in net assets from operations | (7,705,955) |
Transactions in Fund Shares | ||||
12/20/17*-10/31/18 | ||||
SHARES | VALUE | |||
Shares sold | 4,668,513 | $192,981,527 | ||
Shares redeemed | + | (337,653) | (13,997,508) | |
Net transactions in fund shares | 4,330,860 | $178,984,019 | ||
Shares Outstanding and Net Assets | ||||
12/20/17*-10/31/18 | ||||
SHARES | NET ASSETS | |||
Beginning of period | — | $— | ||
Total increase | + | 4,330,860 | 171,278,064 | |
End of period | 4,330,860 | $171,278,064 |
* | Commencement of operations. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $21.01 | $17.52 | $18.49 | $19.42 | $19.92 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.62 1 | 0.55 1 | 0.53 1 | 0.54 1 | 0.64 | |
Net realized and unrealized gains (losses) | (2.06) | 3.49 | (1.03) | (0.86) | (0.63) | |
Total from investment operations | (1.44) | 4.04 | (0.50) | (0.32) | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.57) | (0.55) | (0.47) | (0.61) | (0.51) | |
Net asset value at end of period | $19.00 | $21.01 | $17.52 | $18.49 | $19.42 | |
Total return | (7.11%) | 23.76% | (2.64%) | (1.53%) | 0.09% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.06% | 0.11% 2 | 0.23% | 0.23% | 0.23% | |
Net operating expenses | N/A 3 | 0.10% 2 | 0.19% | 0.19% | 0.19% | |
Net investment income (loss) | 2.99% | 2.88% | 3.06% | 2.82% | 3.42% | |
Portfolio turnover rate | 5% | 3% | 4% | 7% | 2% | |
Net assets, end of period (x 1,000,000) | $4,314 | $4,128 | $2,900 | $2,844 | $2,699 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 98.1% of net assets | ||||
Australia 6.8% | ||||
Australia & New Zealand Banking Group Ltd. | 933,021 | 0.4 | 17,173,799 | |
BHP Billiton Ltd. | 1,033,451 | 0.6 | 23,845,485 | |
Commonwealth Bank of Australia | 566,335 | 0.6 | 27,847,166 | |
CSL Ltd. | 146,154 | 0.5 | 19,511,140 | |
Westpac Banking Corp. | 1,105,134 | 0.5 | 20,992,825 | |
Other Securities | 4.2 | 182,676,482 | ||
6.8 | 292,046,897 | |||
Austria 0.2% | ||||
Other Securities | 0.2 | 10,250,424 | ||
Belgium 1.0% | ||||
Anheuser-Busch InBev S.A./N.V. | 246,330 | 0.4 | 18,218,890 | |
Other Securities | 0.6 | 23,684,635 | ||
1.0 | 41,903,525 | |||
Denmark 1.6% | ||||
Novo Nordisk A/S, Class B | 587,027 | 0.6 | 25,351,675 | |
Other Securities | 1.0 | 45,035,102 | ||
1.6 | 70,386,777 | |||
Finland 1.0% | ||||
Other Securities | 1.0 | 44,497,899 | ||
France 11.0% | ||||
Air Liquide S.A. | 138,553 | 0.4 | 16,749,151 | |
Airbus SE | 188,030 | 0.5 | 20,779,989 | |
BNP Paribas S.A. | 363,734 | 0.4 | 18,955,649 | |
L'Oreal S.A. | 81,819 | 0.4 | 18,434,330 | |
LVMH Moet Hennessy Louis Vuitton SE | 89,845 | 0.6 | 27,259,461 | |
Sanofi | 363,513 | 0.8 | 32,483,730 | |
TOTAL S.A. | 772,911 | 1.1 | 45,350,881 | |
Other Securities | 6.8 | 292,688,446 | ||
11.0 | 472,701,637 | |||
Germany 8.4% | ||||
Allianz SE | 142,142 | 0.7 | 29,610,998 | |
BASF SE | 296,871 | 0.5 | 22,781,439 | |
Bayer AG | 300,743 | 0.5 | 23,052,681 | |
Daimler AG | 292,122 | 0.4 | 17,304,314 | |
Deutsche Telekom AG | 1,073,080 | 0.4 | 17,600,311 |
Security | Number of Shares | % of Net Assets | Value ($) | |
SAP SE | 316,784 | 0.8 | 33,919,153 | |
Siemens AG | 247,038 | 0.7 | 28,396,232 | |
Other Securities | 4.4 | 188,540,946 | ||
8.4 | 361,206,074 | |||
Hong Kong 3.4% | ||||
AIA Group Ltd. | 3,902,800 | 0.7 | 29,688,767 | |
Other Securities | 2.7 | 116,727,474 | ||
3.4 | 146,416,241 | |||
Ireland 0.5% | ||||
Other Securities | 0.5 | 22,139,269 | ||
Israel 0.5% | ||||
Other Securities | 0.5 | 22,499,589 | ||
Italy 2.2% | ||||
Other Securities | 2.2 | 96,564,655 | ||
Japan 24.2% | ||||
Mitsubishi UFJ Financial Group, Inc. | 3,818,709 | 0.5 | 23,112,693 | |
SoftBank Group Corp. | 266,200 | 0.5 | 21,066,745 | |
Sony Corp. | 409,600 | 0.5 | 22,166,211 | |
Sumitomo Mitsui Financial Group, Inc. | 435,046 | 0.4 | 16,938,555 | |
Toyota Motor Corp. | 738,003 | 1.0 | 43,232,902 | |
Other Securities | 21.3 | 918,929,135 | ||
24.2 | 1,045,446,241 | |||
Netherlands 3.3% | ||||
ASML Holding N.V. | 132,492 | 0.5 | 22,820,956 | |
Unilever N.V. CVA | 498,533 | 0.6 | 26,788,674 | |
Other Securities | 2.2 | 94,147,879 | ||
3.3 | 143,757,509 | |||
New Zealand 0.2% | ||||
Other Securities | 0.2 | 9,207,112 | ||
Norway 0.8% | ||||
Other Securities | 0.8 | 33,333,003 | ||
Portugal 0.2% | ||||
Other Securities | 0.2 | 6,825,722 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Singapore 1.3% | ||||
Other Securities | 1.3 | 54,091,559 | ||
Spain 3.0% | ||||
Banco Santander S.A. | 5,214,269 | 0.6 | 24,809,251 | |
Other Securities | 2.4 | 102,694,178 | ||
3.0 | 127,503,429 | |||
Sweden 2.6% | ||||
Other Securities | 2.6 | 114,167,109 | ||
Switzerland 8.5% | ||||
Nestle S.A. | 1,005,567 | 2.0 | 84,893,066 | |
Novartis AG | 700,836 | 1.4 | 61,373,818 | |
Roche Holding AG | 227,127 | 1.3 | 55,274,174 | |
UBS Group AG * | 1,247,818 | 0.4 | 17,440,895 | |
Other Securities | 3.4 | 150,032,701 | ||
8.5 | 369,014,654 | |||
United Kingdom 17.4% | ||||
AstraZeneca plc | 409,653 | 0.7 | 31,334,204 | |
BP plc | 6,433,354 | 1.1 | 46,472,737 | |
British American Tobacco plc | 741,004 | 0.7 | 32,122,720 | |
Diageo plc | 794,731 | 0.6 | 27,475,056 | |
GlaxoSmithKline plc | 1,597,438 | 0.7 | 30,938,790 | |
HSBC Holdings plc | 6,488,531 | 1.2 | 53,398,035 | |
Lloyds Banking Group plc | 23,344,985 | 0.4 | 17,035,737 | |
Prudential plc | 839,228 | 0.4 | 16,804,390 | |
Reckitt Benckiser Group plc | 216,507 | 0.4 | 17,507,639 | |
Rio Tinto plc | 381,450 | 0.4 | 18,519,689 | |
Royal Dutch Shell plc, A Shares | 1,487,007 | 1.1 | 47,373,215 | |
Royal Dutch Shell plc, B Shares | 1,208,246 | 0.9 | 39,404,435 | |
Shire plc | 294,947 | 0.4 | 17,800,317 | |
Unilever plc | 394,893 | 0.5 | 20,917,333 | |
Vodafone Group plc | 8,625,971 | 0.4 | 16,221,467 | |
Other Securities | 7.5 | 317,015,323 | ||
17.4 | 750,341,087 | |||
Total Common Stock | ||||
(Cost $3,746,775,214) | 4,234,300,412 | |||
Preferred Stock 0.6% of net assets | ||||
Germany 0.6% | ||||
Other Securities | 0.6 | 24,036,657 | ||
United Kingdom 0.0% | ||||
Other Securities | 0.0 | 31,346 | ||
Total Preferred Stock | ||||
(Cost $23,676,364) | 24,068,003 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Spain 0.0% | ||||
Other Securities | 0.0 | 200,710 | ||
Total Rights | ||||
(Cost $208,052) | 200,710 | |||
Other Investment Company 0.4% of net assets | ||||
United States 0.4% | ||||
Securities Lending Collateral 0.4% | ||||
Other Securities | 0.4 | 15,421,062 | ||
Total Other Investment Company | ||||
(Cost $15,421,062) | 15,421,062 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.4% of net assets | ||||
Time Deposits 0.4% | ||||
Sumitomo Mitsui Banking Corp. 1.54%, 11/01/18 (d) | 17,097,580 | 0.4 | 17,097,580 | |
Other Securities | 0.0 | 1,209,637 | ||
0.4 | 18,307,217 | |||
Total Short-Term Investments | ||||
(Cost $18,307,217) | 18,307,217 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 533 | 48,303,125 | 473,681 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $14,894,013. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
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 | $— | $2,564,094,584 | $— | $2,564,094,584 | |
Australia | 3,548,860 | 288,498,037 | — | 292,046,897 | |
Austria | 1,214,327 | 9,036,097 | — | 10,250,424 | |
Denmark | 2,172,708 | 68,214,069 | — | 70,386,777 | |
France | 4,616,992 | 468,084,645 | — | 472,701,637 | |
Hong Kong | 2,146,501 | 144,269,740 | — | 146,416,241 | |
Ireland | 7,574,323 | 14,564,946 | — | 22,139,269 | |
Israel | 10,892,570 | 11,607,019 | — | 22,499,589 | |
Netherlands | 13,527,854 | 130,229,655 | — | 143,757,509 | |
Portugal | 2,935,223 | 3,890,499 | — * | 6,825,722 | |
Sweden | 1,955,734 | 112,211,375 | — | 114,167,109 | |
Switzerland | 2,634,364 | 366,380,290 | — | 369,014,654 | |
Preferred Stock1 | — | 24,036,657 | — | 24,036,657 | |
United Kingdom | — | — | 31,346 | 31,346 | |
Rights 1 | 200,710 | — | — | 200,710 | |
Other Investment Company1 | 15,421,062 | — | — | 15,421,062 | |
Short-Term Investments1 | — | 18,307,217 | — | 18,307,217 | |
Futures Contracts2 | 473,681 | — | — | 473,681 | |
Total | $69,314,909 | $4,223,424,830 | $31,346 | $4,292,771,085 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $3,788,966,847) including securities on loan of $14,894,013 | $4,276,876,342 | |
Collateral invested for securities on loan, at value (cost $15,421,062) | 15,421,062 | |
Deposit with broker for futures contracts | 2,668,500 | |
Receivables: | ||
Investments sold | 354,203 | |
Fund shares sold | 19,919,212 | |
Dividends | 11,223,341 | |
Foreign tax reclaims | 5,434,979 | |
Variation margin on futures contracts | 333,266 | |
Income from securities on loan | 116,351 | |
Interest | + | 730 |
Total assets | 4,332,347,986 | |
Liabilities | ||
Collateral held for securities on loan | 15,421,062 | |
Payables: | ||
Investments bought | 201,525 | |
Investment adviser fees | 223,224 | |
Fund shares redeemed | 2,170,021 | |
Due to custodian | + | 351,766 |
Total liabilities | 18,367,598 | |
Net Assets | ||
Total assets | 4,332,347,986 | |
Total liabilities | – | 18,367,598 |
Net assets | $4,313,980,388 | |
Net Assets by Source | ||
Capital received from investors | 3,885,804,838 | |
Total distributable earnings1 | 428,175,550 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$4,313,980,388 | 226,996,665 | $19.00 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $13,524,087) | $133,968,277 | |
Interest | 167,543 | |
Securities on loan, net | + | 1,557,333 |
Total investment income | 135,693,153 | |
Expenses | ||
Investment adviser fees | 2,667,493 | |
Total expenses | – | 2,667,493 |
Net investment income | 133,025,660 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments (net of foreign capital gain tax paid of $66) | (25,650,097) | |
Net realized losses on futures contracts | (2,804,316) | |
Net realized losses on foreign currency transactions | + | (953,578) |
Net realized losses | (29,407,991) | |
Net change in unrealized appreciation (depreciation) on investments | (439,270,699) | |
Net change in unrealized appreciation (depreciation) on futures contracts | 350,567 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (180,433) |
Net change in unrealized appreciation (depreciation) | + | (439,100,565) |
Net realized and unrealized losses | (468,508,556) | |
Decrease in net assets resulting from operations | ($335,482,896) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $133,025,660 | $99,012,739 | ||
Net realized losses | (29,407,991) | (7,708,097) | ||
Net change in unrealized appreciation (depreciation) | + | (439,100,565) | 643,741,968 | |
Increase (decrease) in net assets from operations | (335,482,896) | 735,046,610 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($112,933,005) | ($92,318,949) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 68,078,593 | $1,412,881,267 | 67,629,186 | $1,284,202,843 | ||||
Shares reinvested | 4,270,674 | 88,744,607 | 4,417,331 | 75,315,502 | ||||
Shares redeemed | + | (41,807,131) | (866,997,348) | (41,099,900) | (774,927,371) | |||
Net transactions in fund shares | 30,542,136 | $634,628,526 | 30,946,617 | $584,590,974 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 196,454,529 | $4,127,767,763 | 165,507,912 | $2,900,449,128 | ||||
Total increase | + | 30,542,136 | 186,212,625 | 30,946,617 | 1,227,318,635 | |||
End of period2 | 226,996,665 | $4,313,980,388 | 196,454,529 | $4,127,767,763 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $92,318,949 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $71,292,514 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab S&P 500 Index Fund | Schwab Target 2035 Fund |
Schwab Small-Cap Index Fund | Schwab Target 2040 Fund |
Schwab Total Stock Market Index Fund | Schwab Target 2045 Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2050 Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2055 Fund |
Schwab U.S. Mid-Cap 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 Balanced Fund | Schwab Target 2015 Index Fund |
Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
Schwab Hedged Equity Fund | Schwab Target 2040 Index Fund |
Schwab Health Care Fund | Schwab Target 2045 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2050 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2020 Fund | Schwab® Monthly Income Fund – Moderate Payout |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund – Enhanced Payout |
Schwab Target 2030 Fund | Schwab® Monthly Income Fund – Maximum Payout |
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 U.S. Large-Cap Growth Index Fund* | Schwab U.S. Large-Cap Value Index Fund* | Schwab U.S. Mid-Cap Index Fund* | Schwab International Index Fund |
0.03% | 0.05% | 0.05% | 0.03% | 0.04% | 0.04% | 0.05% | 0.06% |
Underlying Funds | |||||
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |
Schwab Balanced Fund | —% | —% | —% | —% | —% |
Schwab MarketTrack All Equity Portfolio | 0.6% | —% | 2.9% | —% | 2.1% |
Schwab MarketTrack Balanced Portfolio | 0.3% | —% | 1.4% | —% | 0.8% |
Schwab MarketTrack Conservative Portfolio | 0.1% | —% | 0.4% | —% | 0.3% |
Schwab MarketTrack Growth Portfolio | 0.6% | —% | 2.7% | —% | 1.7% |
Schwab MarketTrack Growth Portfolio II | 0.0%* | 0.0%* | 0.1% | —% | 0.1% |
Schwab Target 2010 Fund | 0.0%* | —% | —% | 0.2% | —% |
Schwab Target 2015 Fund | 0.0%* | —% | —% | 0.4% | —% |
Schwab Target 2020 Fund | 0.2% | —% | —% | 3.0% | —% |
Schwab Target 2025 Fund | 0.2% | —% | —% | 3.6% | —% |
Schwab Target 2030 Fund | 0.4% | —% | —% | 7.6% | —% |
Schwab Target 2035 Fund | 0.2% | —% | —% | 3.8% | —% |
Schwab Target 2040 Fund | 0.4% | —% | —% | 8.7% | —% |
Schwab Target 2045 Fund | 0.1% | —% | —% | 1.2% | —% |
Schwab Target 2050 Fund | 0.1% | —% | —% | 1.2% | —% |
Schwab Target 2055 Fund | 0.0%* | —% | —% | 0.7% | —% |
Schwab Target 2060 Fund | 0.0%* | —% | —% | 0.1% | —% |
* | Less than 0.05% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab S&P 500 Index Fund | $289,213,331 | ($41,880,392) |
Schwab 1000 Index Fund | 92,351,902 | 11,962,844 |
Schwab Small-Cap Index Fund | 94,639,599 | (645,411) |
Schwab Total Stock Market Index Fund | 108,031,792 | (9,945,116) |
Schwab U.S. Large-Cap Growth Index Fund* | 11,985,684 | (335,155) |
Schwab U.S. Large-Cap Value Index Fund* | 7,862,900 | (194,439) |
Schwab U.S. Mid-Cap Index Fund* | 8,940,037 | (324,804) |
Schwab International Index Fund | 112,101 | (6,987) |
5. Board of Trustees:
6. Borrowing from Banks:
7. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab S&P 500 Index Fund | $159,837,460 | 1,176 |
Schwab 1000 Index Fund | 33,421,300 | 244 |
Schwab Small-Cap Index Fund | 21,718,901 | 274 |
Schwab Total Stock Market Index Fund | 35,237,788 | 284 |
Schwab U.S. Large-Cap Growth Index Fund* | 254,745 | 3 |
Schwab U.S. Large-Cap Value Index Fund* | 198,417 | 3 |
Schwab U.S. Mid-Cap Index Fund* | 406,506 | 2 |
Schwab International Index Fund | 33,423,340 | 335 |
8. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab S&P 500 Index Fund | $3,874,299,298 | $808,123,648 |
Schwab 1000 Index Fund | 353,910,443 | 410,734,553 |
Schwab Small-Cap Index Fund | 1,154,594,824 | 649,675,049 |
Schwab Total Stock Market Index Fund | 1,799,180,681 | 316,693,464 |
Schwab U.S. Large-Cap Growth Index Fund* | 107,075,047 | 14,010,880 |
Schwab U.S. Large-Cap Value Index Fund* | 82,796,524 | 10,875,541 |
Schwab U.S. Mid-Cap Index Fund* | 200,014,416 | 18,116,231 |
Schwab International Index Fund | 856,347,824 | 219,771,798 |
9. Redemption Fee:
Prior Period (11/1/16-10/31/17) | |
Schwab S&P 500 Index Fund | $110,332 |
Schwab 1000 Index Fund | 8,551 |
Schwab Small-Cap Index Fund | 13,135 |
Schwab Total Stock Market Index Fund | 35,265 |
Schwab International Index Fund | 13,908 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab U.S. Large-Cap Growth Index Fund | |||||
Tax cost | $18,496,582,433 | $2,160,806,327 | $3,094,809,159 | $5,397,997,546 | $92,589,944 | ||||
Gross unrealized appreciation | $16,525,580,037 | $5,808,350,993 | $1,152,173,049 | $3,236,798,866 | $4,789,664 | ||||
Gross unrealized depreciation | (641,662,703) | (57,566,073) | (302,391,378) | (185,992,030) | (4,659,015) | ||||
Net unrealized appreciation (depreciation) | $15,883,917,334 | $5,750,784,920 | $849,781,671 | $3,050,806,836 | $130,649 |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |||
Tax cost | $71,825,563 | $181,203,504 | $3,884,253,225 | ||
Gross unrealized appreciation | $2,702,503 | $6,245,947 | $714,362,094 | ||
Gross unrealized depreciation | (4,822,493) | (16,073,170) | (305,844,234) | ||
Net unrealized appreciation (depreciation) | ($2,119,990) | ($9,827,223) | $408,517,860 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab U.S. Large-Cap Growth Index Fund | |||||
Undistributed ordinary income | $516,142,336 | $116,695,215 | $60,075,476 | $120,095,618 | $653,491 | ||||
Undistributed long-term capital gains | 138,414,203 | 287,791,818 | 256,266,656 | 35,932,506 | — | ||||
Net unrealized appreciation (depreciation) on investments | 15,883,917,334 | 5,750,784,920 | 849,781,671 | 3,050,806,836 | 130,649 | ||||
Net other unrealized appreciation (depreciation) | — | — | — | — | — | ||||
Total | $16,538,473,873 | $6,155,271,953 | $1,166,123,803 | $3,206,834,960 | $784,140 |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |||
Undistributed ordinary income | $1,135,021 | $2,108,388 | $119,090,278 | ||
Undistributed long-term capital gains | — | 13,302 | — | ||
Net unrealized appreciation (depreciation) on investments | (2,119,990) | (9,827,223) | 408,517,860 | ||
Net other unrealized appreciation (depreciation) | — | — | (224,655) | ||
Total | ($984,969) | ($7,705,533) | $527,383,483 |
Expiration Date | Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab U.S. Large-Cap Growth Index Fund | ||||
No expiration | $— | $— | $— | $— | $195,435 | ||||
Total | $— | $— | $— | $— | $195,435 |
Expiration Date | Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | ||
No expiration | $— | $— | $99,207,933 | ||
Total | $— | $— | $99,207,933 |
Schwab S&P 500 Index Fund | Schwab 1000 Index Fund | Schwab Small-Cap Index Fund | Schwab Total Stock Market Index Fund | Schwab U.S. Large-Cap Growth Index Fund | |
Current period distributions | |||||
Ordinary income | $554,866,625 | $134,342,862 | $61,629,828 | $118,432,377 | $— |
Long-term capital gains | — | 189,924,986 | 119,643,043 | 11,101,631 | — |
Prior period distributions | |||||
Ordinary income | $475,283,514 | $118,201,282 | $39,963,730 | $95,406,007 | $— |
Long-term capital gains | 122,940,295 | 104,593,102 | 77,932,853 | 23,632,325 | — |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |
Current period distributions | |||
Ordinary income | $— | $— | $112,933,005 |
Long-term capital gains | — | — | — |
Prior period distributions | |||
Ordinary income | $— | $— | $92,318,949 |
Long-term capital gains | — | — | — |
Schwab 1000 Index Fund, Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund and Schwab International Index Fund: statements of operations for the year ended October 31, 2018 and statements of changes in net assets for each of the two years in the period ended October 31, 2018. |
Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund and Schwab U.S. Mid-Cap Index Fund: statements of operations and changes in net assets for the period December 20, 2017 (commencement of operations) through October 31, 2018. |
San Francisco, California
December 14, 2018
Percentage | |
Schwab S&P 500 Index Fund | 92.29 |
Schwab 1000 Index Fund | 95.97 |
Schwab Small-Cap Index Fund | 46.76 |
Schwab Total Stock Market Index Fund | 86.78 |
Schwab U.S. Large-Cap Growth Index Fund | — |
Schwab U.S. Large-Cap Value Index Fund | — |
Schwab U.S. Mid-Cap Index Fund | — |
Schwab International Index Fund | — |
Schwab S&P 500 Index Fund | $537,055,209 |
Schwab 1000 Index Fund | 133,427,745 |
Schwab Small-Cap Index Fund | 29,890,856 |
Schwab Total Stock Market Index Fund | 108,473,140 |
Schwab U.S. Large-Cap Growth Index Fund | — |
Schwab U.S. Large-Cap Value Index Fund | — |
Schwab U.S. Mid-Cap Index Fund | — |
Schwab International Index Fund | 103,112,583 |
Schwab S&P 500 Index Fund | $— |
Schwab 1000 Index Fund | 189,924,986 |
Schwab Small-Cap Index Fund | 119,643,043 |
Schwab Total Stock Market Index Fund | 11,101,631 |
Schwab U.S. Large-Cap Growth Index Fund | — |
Schwab U.S. Large-Cap Value Index Fund | — |
Schwab U.S. Mid-Cap Index Fund | — |
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
00218113
Table of Contents
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, 2018 | |
Schwab Fundamental US Large Company Index Fund (Ticker Symbol: SFLNX) | 6.83% |
Russell RAFITM US Large Company Index | 7.09% |
Russell 1000® Index | 6.98% |
Fund Category: Morningstar Large Value1 | 3.34% |
Performance Details | pages 8-10 |
Schwab Fundamental US Small Company Index Fund (Ticker Symbol: SFSNX) | 2.40% |
Russell RAFITM US Small Company Index | 2.62% |
Russell 2000® Index | 1.85% |
Fund Category: Morningstar Small Blend1 | -0.07% |
Performance Details | pages 11-13 |
Schwab Fundamental International Large Company Index Fund2 (Ticker Symbol: SFNNX) | -6.53% |
Russell RAFITM Developed ex US Large Company Index (Net)3 | -6.01% |
MSCI EAFE® Index (Net)3 | -6.85% |
Fund Category: Morningstar Foreign Large Value1 | -8.45% |
Performance Details | pages 14-16 |
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab Fundamental International Small Company Index Fund2 (Ticker Symbol: SFILX) | -9.79% |
Russell RAFITM Developed ex US Small Company Index (Net)3 | -9.30% |
S&P Developed ex-U.S. Small Cap Index (Net)3 | -8.06% |
Fund Category: Morningstar Foreign Small/Mid Blend1 | -10.24% |
Performance Details | pages 17-19 |
Schwab Fundamental Emerging Markets Large Company Index Fund2 (Ticker Symbol: SFENX) | -6.09% |
Russell RAFITM Emerging Markets Large Company Index (Net)3 | -5.66% |
MSCI Emerging Markets Index (Net)3 | -12.52% |
Fund Category: Morningstar Diversified Emerging Markets1 | -13.34% |
Performance Details | pages 20-22 |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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 mutual 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 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Large Company Index Fund (4/2/07) | 6.83% | 9.66% | 13.99% |
Russell RAFITM US Large Company Index3 | 7.09% | 10.00% | N/A |
Fundamental U.S. Large Company Spliced Index | 7.09% | 10.00% | 14.30% |
Russell 1000® Index | 6.98% | 11.05% | 13.42% |
Fund Category: Morningstar Large Value4 | 3.34% | 8.03% | 11.13% |
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 | 676 |
Weighted Average Market Cap (millions) | $171,379 |
Price/Earnings Ratio (P/E) | 15.3 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 10% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Small Company Index Fund (4/2/07) | 2.40% | 8.26% | 14.67% |
Russell RAFITM US Small Company Index3 | 2.62% | 8.56% | N/A |
Fundamental U.S. Small Company Spliced Index | 2.62% | 8.56% | 15.02% |
Russell 2000® Index | 1.85% | 8.01% | 12.44% |
Fund Category: Morningstar Small Blend4 | -0.07% | 6.75% | 12.10% |
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 | 888 |
Weighted Average Market Cap (millions) | $4,495 |
Price/Earnings Ratio (P/E) | 15.3 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 30% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental International Large Company Index Fund (4/2/07) | -6.53% | 2.21% | 7.16% |
Russell RAFITM Developed ex US Large Company Index (Net)3,4 | -6.01% | 2.43% | N/A |
Fundamental Developed ex-U.S. Large Company Spliced Index | -6.01% | 2.43% | 7.79% |
MSCI EAFE® Index (Net)4 | -6.85% | 2.02% | 6.89% |
Fund Category: Morningstar Foreign Large Value5 | -8.45% | 0.66% | 6.17% |
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 | 887 |
Weighted Average Market Cap (millions) | $58,680 |
Price/Earnings Ratio (P/E) | 12.1 |
Price/Book Ratio (P/B) | 1.3 |
Portfolio Turnover Rate | 13% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental International Small Company Index Fund (1/31/08) | -9.79% | 4.74% | 11.09% |
Russell RAFITM Developed ex US Small Company Index (Net)3,4 | -9.30% | 5.15% | N/A |
Fundamental Developed ex-U.S. Small Company Spliced Index | -9.30% | 5.15% | 12.22% |
S&P Developed ex-U.S. Small Cap Index (Net)4 | -8.06% | 4.49% | 10.64% |
Fund Category: Morningstar Foreign Small/Mid Blend5 | -10.24% | 3.29% | 10.31% |
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 | 1,531 |
Weighted Average Market Cap (millions) | $3,402 |
Price/Earnings Ratio (P/E) | 14.0 |
Price/Book Ratio (P/B) | 1.2 |
Portfolio Turnover Rate | 26% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental Emerging Markets Large Company Index Fund (1/31/08) | -6.09% | 1.07% | 7.10% |
Russell RAFITM Emerging Markets Large Company Index (Net)3,4 | -5.66% | 1.68% | N/A |
Fundamental Emerging Markets Large Company Spliced Index | -5.66% | 1.68% | 8.61% |
MSCI Emerging Markets Index (Net)4 | -12.52% | 0.78% | 7.84% |
Fund Category: Morningstar Diversified Emerging Markets5 | -13.34% | 0.01% | 7.39% |
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 | 335 |
Weighted Average Market Cap (millions) | $67,503 |
Price/Earnings Ratio (P/E) | 9.2 |
Price/Book Ratio (P/B) | 1.0 |
Portfolio Turnover Rate | 19% |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182 | |
Schwab Fundamental US Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,027.00 | $1.28 |
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 | $ 988.60 | $1.25 |
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 | $ 902.40 | $1.20 |
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 | $ 869.00 | $1.84 |
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 | $ 879.30 | $1.85 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.23 | $1.99 |
1 | Based on the most recent six-month expense ratio. |
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. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.89 | $15.12 | $15.14 | $15.56 | $13.65 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.38 1 | 0.35 1 | 0.34 1 | 0.33 1 | 0.26 | |
Net realized and unrealized gains (losses) | 0.76 | 2.52 | 0.44 | (0.10) | 1.87 | |
Total from investment operations | 1.14 | 2.87 | 0.78 | 0.23 | 2.13 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.34) | (0.34) | (0.26) | (0.22) | |
Distributions from net realized gains | (0.20) | (0.76) | (0.46) | (0.39) | — | |
Total distributions | (0.56) | (1.10) | (0.80) | (0.65) | (0.22) | |
Net asset value at end of period | $17.47 | $16.89 | $15.12 | $15.14 | $15.56 | |
Total return | 6.83% | 19.69% | 5.61% | 1.44% | 15.74% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.31% 2 | 0.39% | 0.39% | 0.39% | |
Net operating expenses | N/A 3 | 0.30% 2 | 0.35% | 0.35% | 0.35% | |
Net investment income (loss) | 2.17% | 2.19% | 2.33% | 2.16% | 1.95% | |
Portfolio turnover rate | 10% | 15% | 11% | 12% | 14% | |
Net assets, end of period (x 1,000,000) | $4,887 | $5,367 | $4,569 | $4,886 | $4,465 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.8% of net assets | ||||
Automobiles & Components 1.5% | ||||
General Motors Co. | 716,828 | 0.5 | 26,228,737 | |
Other Securities | 1.0 | 46,016,622 | ||
1.5 | 72,245,359 | |||
Banks 4.7% | ||||
Bank of America Corp. | 917,434 | 0.5 | 25,229,435 | |
Citigroup, Inc. | 495,822 | 0.7 | 32,456,508 | |
JPMorgan Chase & Co. | 534,433 | 1.2 | 58,263,886 | |
Wells Fargo & Co. | 1,017,413 | 1.1 | 54,156,894 | |
Other Securities | 1.2 | 59,644,372 | ||
4.7 | 229,751,095 | |||
Capital Goods 7.2% | ||||
General Electric Co. | 4,132,758 | 0.9 | 41,740,856 | |
The Boeing Co. | 67,702 | 0.5 | 24,024,732 | |
United Technologies Corp. | 214,952 | 0.5 | 26,699,188 | |
Other Securities | 5.3 | 261,685,398 | ||
7.2 | 354,150,174 | |||
Commercial & Professional Services 0.6% | ||||
Other Securities | 0.6 | 29,602,611 | ||
Consumer Durables & Apparel 1.3% | ||||
Other Securities | 1.3 | 61,933,302 | ||
Consumer Services 1.8% | ||||
McDonald's Corp. | 175,568 | 0.6 | 31,057,979 | |
Other Securities | 1.2 | 55,095,447 | ||
1.8 | 86,153,426 | |||
Diversified Financials 4.6% | ||||
Berkshire Hathaway, Inc., Class B * | 295,886 | 1.2 | 60,739,478 | |
The Charles Schwab Corp. (b) | 53,515 | 0.1 | 2,474,534 | |
Other Securities | 3.3 | 159,637,043 | ||
4.6 | 222,851,055 | |||
Energy 12.0% | ||||
Chevron Corp. | 919,002 | 2.1 | 102,606,573 | |
ConocoPhillips | 585,472 | 0.8 | 40,924,493 | |
Exxon Mobil Corp. | 2,276,741 | 3.7 | 181,410,723 | |
Marathon Petroleum Corp. | 388,699 | 0.6 | 27,383,845 | |
Phillips 66 | 292,918 | 0.6 | 30,117,829 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Valero Energy Corp. | 320,406 | 0.6 | 29,185,782 | |
Other Securities | 3.6 | 177,190,808 | ||
12.0 | 588,820,053 | |||
Food & Staples Retailing 3.3% | ||||
Costco Wholesale Corp. | 119,503 | 0.6 | 27,321,971 | |
Walgreens Boots Alliance, Inc. | 306,182 | 0.5 | 24,424,138 | |
Walmart, Inc. | 756,442 | 1.6 | 75,856,004 | |
Other Securities | 0.6 | 36,153,490 | ||
3.3 | 163,755,603 | |||
Food, Beverage & Tobacco 4.6% | ||||
Altria Group, Inc. | 338,416 | 0.5 | 22,010,577 | |
Archer-Daniels-Midland Co. | 464,514 | 0.4 | 21,948,287 | |
PepsiCo, Inc. | 299,793 | 0.7 | 33,690,737 | |
Philip Morris International, Inc. | 384,218 | 0.7 | 33,838,079 | |
The Coca-Cola Co. | 749,573 | 0.7 | 35,889,555 | |
Other Securities | 1.6 | 79,728,302 | ||
4.6 | 227,105,537 | |||
Health Care Equipment & Services 6.7% | ||||
Anthem, Inc. | 94,100 | 0.5 | 25,931,137 | |
CVS Health Corp. | 655,076 | 1.0 | 47,420,952 | |
Express Scripts Holding Co. * | 351,597 | 0.7 | 34,094,361 | |
UnitedHealth Group, Inc. | 159,676 | 0.9 | 41,731,323 | |
Other Securities | 3.6 | 178,305,859 | ||
6.7 | 327,483,632 | |||
Household & Personal Products 1.8% | ||||
The Procter & Gamble Co. | 676,835 | 1.2 | 60,021,728 | |
Other Securities | 0.6 | 27,040,352 | ||
1.8 | 87,062,080 | |||
Insurance 3.4% | ||||
American International Group, Inc. | 616,412 | 0.5 | 25,451,651 | |
Other Securities | 2.9 | 142,489,594 | ||
3.4 | 167,941,245 | |||
Materials 3.2% | ||||
Other Securities | 3.2 | 156,269,044 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Media & Entertainment 4.2% | ||||
Comcast Corp., Class A | 1,058,864 | 0.8 | 40,385,073 | |
The Walt Disney Co. | 364,382 | 0.9 | 41,841,985 | |
Other Securities | 2.5 | 122,625,172 | ||
4.2 | 204,852,230 | |||
Pharmaceuticals, Biotechnology & Life Sciences 6.5% | ||||
Amgen, Inc. | 116,713 | 0.5 | 22,501,099 | |
Gilead Sciences, Inc. | 336,147 | 0.5 | 22,918,502 | |
Johnson & Johnson | 440,827 | 1.3 | 61,711,372 | |
Merck & Co., Inc. | 717,472 | 1.1 | 52,813,114 | |
Pfizer, Inc. | 1,696,644 | 1.5 | 73,057,491 | |
Other Securities | 1.6 | 83,081,508 | ||
6.5 | 316,083,086 | |||
Real Estate 1.6% | ||||
Other Securities | 1.6 | 76,857,319 | ||
Retailing 5.2% | ||||
Lowe's Cos., Inc. | 250,025 | 0.5 | 23,807,380 | |
Target Corp. | 330,733 | 0.6 | 27,659,201 | |
The Home Depot, Inc. | 199,253 | 0.7 | 35,044,618 | |
Other Securities | 3.4 | 169,629,065 | ||
5.2 | 256,140,264 | |||
Semiconductors & Semiconductor Equipment 2.8% | ||||
Intel Corp. | 1,225,256 | 1.2 | 57,440,001 | |
QUALCOMM, Inc. | 426,555 | 0.5 | 26,826,044 | |
Other Securities | 1.1 | 51,570,343 | ||
2.8 | 135,836,388 | |||
Software & Services 5.9% | ||||
International Business Machines Corp. | 395,151 | 0.9 | 45,612,280 | |
Microsoft Corp. | 864,958 | 1.9 | 92,386,164 | |
Oracle Corp. | 660,614 | 0.7 | 32,264,388 | |
Other Securities | 2.4 | 119,335,620 | ||
5.9 | 289,598,452 | |||
Technology Hardware & Equipment 6.7% | ||||
Apple, Inc. | 901,557 | 4.0 | 197,314,765 | |
Cisco Systems, Inc. | 899,251 | 0.8 | 41,140,733 | |
Other Securities | 1.9 | 88,701,797 | ||
6.7 | 327,157,295 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Telecommunication Services 3.9% | ||||
AT&T, Inc. | 2,869,321 | 1.8 | 88,030,768 | |
Verizon Communications, Inc. | 1,291,139 | 1.5 | 73,711,126 | |
Other Securities | 0.6 | 27,111,255 | ||
3.9 | 188,853,149 | |||
Transportation 2.2% | ||||
Union Pacific Corp. | 167,255 | 0.5 | 24,456,026 | |
Other Securities | 1.7 | 81,989,320 | ||
2.2 | 106,445,346 | |||
Utilities 4.1% | ||||
Other Securities | 4.1 | 198,703,728 | ||
Total Common Stock | ||||
(Cost $3,285,095,989) | 4,875,651,473 | |||
Other Investment Companies 0.2% of net assets | ||||
Money Market Fund 0.1% | ||||
Other Securities | 0.1 | 3,544,864 | ||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 8,424,450 | ||
Total Other Investment Companies | ||||
(Cost $11,969,314) | 11,969,314 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/21/18 | 78 | 10,573,290 | (434,183) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $8,048,691. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | The rate shown is the 7-day yield. |
Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Dividends Received | |
The Charles Schwab Corp. | 65,715 | 600 | (12,800) | 53,515 | ($246,317) | $408,031 | $24,280 |
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 | $4,875,651,473 | $— | $— | $4,875,651,473 | |
Other Investment Companies1 | 11,969,314 | — | — | 11,969,314 | |
Liabilities | |||||
Futures Contracts2 | (434,183) | — | — | (434,183) | |
Total | $4,887,186,604 | $— | $— | $4,887,186,604 |
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 $915,006) | $2,474,534 | |
Investments in unaffiliated issuers, at value (cost $3,287,725,847) including securities on loan of $8,048,691 | 4,876,721,803 | |
Collateral invested for securities on loan, at value (cost $8,424,450) | 8,424,450 | |
Deposit with broker for futures contracts | 960,000 | |
Receivables: | ||
Dividends | 5,926,857 | |
Fund shares sold | 5,460,803 | |
Variation margin on futures contracts | 119,070 | |
Income from securities on loan | + | 12,252 |
Total assets | 4,900,099,769 | |
Liabilities | ||
Collateral held for securities on loan | 8,424,450 | |
Payables: | ||
Investment adviser fees | 1,070,756 | |
Fund shares redeemed | + | 3,869,536 |
Total liabilities | 13,364,742 | |
Net Assets | ||
Total assets | 4,900,099,769 | |
Total liabilities | – | 13,364,742 |
Net assets | $4,886,735,027 | |
Net Assets by Source | ||
Capital received from investors | 2,969,380,968 | |
Total distributable earnings1 | 1,917,354,059 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$4,886,735,027 | 279,700,303 | $17.47 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends received from affiliated issuer | $24,280 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $1,027) | 127,804,328 | |
Securities on loan, net | + | 589,681 |
Total investment income | 128,418,289 | |
Expenses | ||
Investment adviser fees | 13,265,693 | |
Total expenses | – | 13,265,693 |
Net investment income | 115,152,596 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on affiliated issuer | 408,031 | |
Net realized gains on unaffiliated issuers | 249,096,151 | |
Net realized gains on futures contracts | + | 2,227,020 |
Net realized gains | 251,731,202 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (246,317) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 986,178 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (488,887) |
Net change in unrealized appreciation (depreciation) | + | 250,974 |
Net realized and unrealized gains | 251,982,176 | |
Increase in net assets resulting from operations | $367,134,772 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $115,152,596 | $113,877,752 | ||
Net realized gains | 251,731,202 | 56,381,221 | ||
Net change in unrealized appreciation (depreciation) | + | 250,974 | 741,362,515 | |
Increase in net assets from operations | 367,134,772 | 911,621,488 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($177,108,409) | ($342,415,428) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 39,154,381 | $686,476,408 | 69,847,473 | $1,104,160,813 | ||||
Shares reinvested | 6,432,720 | 110,964,408 | 14,226,127 | 219,082,355 | ||||
Shares redeemed | + | (83,654,201) | (1,467,928,658) | (68,569,481) | (1,094,190,189) | |||
Net transactions in fund shares | (38,067,100) | ($670,487,842) | 15,504,119 | $229,052,979 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 317,767,403 | $5,367,196,506 | 302,263,284 | $4,568,937,467 | ||||
Total increase or decrease | + | (38,067,100) | (480,461,479) | 15,504,119 | 798,259,039 | |||
End of period2 | 279,700,303 | $4,886,735,027 | 317,767,403 | $5,367,196,506 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $106,432,914 from net investment income and $235,982,514 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $90,506,807 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.32 | $12.69 | $12.82 | $13.51 | $12.78 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.22 1 | 0.21 1 | 0.18 1 | 0.18 1 | 0.14 | |
Net realized and unrealized gains (losses) | 0.17 | 2.68 | 0.43 | (0.03) | 1.23 | |
Total from investment operations | 0.39 | 2.89 | 0.61 | 0.15 | 1.37 | |
Less distributions: | ||||||
Distributions from net investment income | (0.21) | (0.17) | (0.18) | (0.16) | (0.12) | |
Distributions from net realized gains | (0.82) | (0.09) | (0.56) | (0.68) | (0.52) | |
Total distributions | (1.03) | (0.26) | (0.74) | (0.84) | (0.64) | |
Net asset value at end of period | $14.68 | $15.32 | $12.69 | $12.82 | $13.51 | |
Total return | 2.40% | 22.94% | 5.37% | 1.01% | 10.99% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.33% 2 | 0.43% | 0.43% | 0.44% | |
Net operating expenses | N/A 3 | 0.30% 2 | 0.35% | 0.35% | 0.35% | |
Net investment income (loss) | 1.42% | 1.43% | 1.50% | 1.37% | 1.14% | |
Portfolio turnover rate | 30% | 27% | 30% | 31% | 29% | |
Net assets, end of period (x 1,000,000) | $1,782 | $1,727 | $1,361 | $1,416 | $1,208 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.7% of net assets | ||||
Automobiles & Components 0.9% | ||||
Other Securities | 0.9 | 15,758,557 | ||
Banks 5.8% | ||||
Popular, Inc. | 85,498 | 0.2 | 4,446,751 | |
Other Securities | 5.6 | 98,839,634 | ||
5.8 | 103,286,385 | |||
Capital Goods 12.0% | ||||
EnerSys | 58,310 | 0.3 | 4,639,727 | |
Esterline Technologies Corp. * | 43,830 | 0.3 | 5,143,889 | |
KBR, Inc. | 260,630 | 0.3 | 5,155,261 | |
Nordson Corp. | 34,160 | 0.2 | 4,190,407 | |
NOW, Inc. * | 371,980 | 0.3 | 4,776,223 | |
Teledyne Technologies, Inc. * | 20,397 | 0.3 | 4,513,448 | |
Other Securities | 10.3 | 184,584,233 | ||
12.0 | 213,003,188 | |||
Commercial & Professional Services 5.2% | ||||
Clean Harbors, Inc. * | 58,756 | 0.2 | 3,997,758 | |
Essendant, Inc. | 439,510 | 0.3 | 5,599,357 | |
Other Securities | 4.7 | 83,506,160 | ||
5.2 | 93,103,275 | |||
Consumer Durables & Apparel 4.1% | ||||
Deckers Outdoor Corp. * | 44,227 | 0.3 | 5,624,348 | |
lululemon Athletica, Inc. * | 40,102 | 0.3 | 5,643,554 | |
Other Securities | 3.5 | 61,266,303 | ||
4.1 | 72,534,205 | |||
Consumer Services 5.1% | ||||
Adtalem Global Education, Inc. * | 105,990 | 0.3 | 5,366,274 | |
Other Securities | 4.8 | 86,295,717 | ||
5.1 | 91,661,991 | |||
Diversified Financials 4.1% | ||||
Other Securities | 4.1 | 73,091,256 | ||
Energy 6.0% | ||||
Cabot Oil & Gas Corp. | 199,530 | 0.3 | 4,834,612 | |
Chesapeake Energy Corp. *(a) | 1,520,792 | 0.3 | 5,337,980 | |
Delek US Holdings, Inc. | 151,324 | 0.3 | 5,556,617 | |
Diamond Offshore Drilling, Inc. * | 308,780 | 0.2 | 4,378,500 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Range Resources Corp. | 283,780 | 0.3 | 4,497,913 | |
Superior Energy Services, Inc. * | 578,880 | 0.3 | 4,532,630 | |
Whiting Petroleum Corp. * | 142,494 | 0.3 | 5,315,026 | |
Other Securities | 4.0 | 73,358,981 | ||
6.0 | 107,812,259 | |||
Food & Staples Retailing 0.7% | ||||
Other Securities | 0.7 | 13,315,247 | ||
Food, Beverage & Tobacco 2.3% | ||||
Darling Ingredients, Inc. * | 196,418 | 0.2 | 4,057,996 | |
Lamb Weston Holdings, Inc. | 72,480 | 0.3 | 5,665,037 | |
Universal Corp. | 77,990 | 0.3 | 5,292,401 | |
Other Securities | 1.5 | 25,677,668 | ||
2.3 | 40,693,102 | |||
Health Care Equipment & Services 4.0% | ||||
Encompass Health Corp. | 63,226 | 0.2 | 4,255,110 | |
STERIS plc | 39,400 | 0.2 | 4,306,814 | |
The Cooper Cos., Inc. | 16,860 | 0.2 | 4,355,107 | |
Other Securities | 3.4 | 58,476,906 | ||
4.0 | 71,393,937 | |||
Household & Personal Products 0.8% | ||||
Other Securities | 0.8 | 14,017,578 | ||
Insurance 3.6% | ||||
Erie Indemnity Co., Class A | 33,100 | 0.2 | 4,292,739 | |
Kemper Corp. | 53,462 | 0.2 | 4,019,808 | |
Primerica, Inc. | 41,809 | 0.3 | 4,588,120 | |
The Hanover Insurance Group, Inc. | 38,487 | 0.2 | 4,286,682 | |
Other Securities | 2.7 | 47,326,072 | ||
3.6 | 64,513,421 | |||
Materials 6.4% | ||||
Allegheny Technologies, Inc. * | 157,533 | 0.2 | 4,078,529 | |
Cleveland-Cliffs, Inc. * | 601,994 | 0.4 | 6,477,455 | |
The Chemours Co. | 129,780 | 0.2 | 4,284,038 | |
Other Securities | 5.6 | 99,241,778 | ||
6.4 | 114,081,800 | |||
Media & Entertainment 2.9% | ||||
Other Securities | 2.9 | 51,978,879 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences 2.3% | ||||
Illumina, Inc. * | 16,340 | 0.3 | 5,084,191 | |
PerkinElmer, Inc. | 53,662 | 0.3 | 4,640,690 | |
Other Securities | 1.7 | 30,529,700 | ||
2.3 | 40,254,581 | |||
Real Estate 10.5% | ||||
Apartment Investment & Management Co., Class A | 97,570 | 0.2 | 4,199,413 | |
LaSalle Hotel Properties | 121,430 | 0.2 | 4,008,404 | |
Liberty Property Trust | 99,347 | 0.2 | 4,159,659 | |
WP Carey, Inc. | 60,847 | 0.2 | 4,016,510 | |
Other Securities | 9.7 | 170,580,837 | ||
10.5 | 186,964,823 | |||
Retailing 4.8% | ||||
Aaron's, Inc. | 85,428 | 0.2 | 4,026,222 | |
Ascena Retail Group, Inc. * | 1,676,197 | 0.4 | 6,453,359 | |
Genesco, Inc. * | 107,438 | 0.3 | 4,597,272 | |
Guess?, Inc. | 209,605 | 0.2 | 4,452,010 | |
Other Securities | 3.7 | 66,009,678 | ||
4.8 | 85,538,541 | |||
Semiconductors & Semiconductor Equipment 1.9% | ||||
Other Securities | 1.9 | 33,038,616 | ||
Software & Services 5.4% | ||||
Gartner, Inc. * | 29,347 | 0.2 | 4,329,269 | |
Synopsys, Inc. * | 45,338 | 0.2 | 4,059,111 | |
VeriSign, Inc. * | 35,299 | 0.3 | 5,031,519 | |
Other Securities | 4.7 | 82,363,451 | ||
5.4 | 95,783,350 | |||
Technology Hardware & Equipment 4.1% | ||||
Insight Enterprises, Inc. * | 105,808 | 0.3 | 5,469,216 | |
Other Securities | 3.8 | 68,481,909 | ||
4.1 | 73,951,125 | |||
Telecommunication Services 0.7% | ||||
Other Securities | 0.7 | 12,308,199 | ||
Transportation 2.8% | ||||
Spirit Airlines, Inc. * | 82,590 | 0.2 | 4,286,421 | |
Other Securities | 2.6 | 45,005,076 | ||
2.8 | 49,291,497 | |||
Utilities 3.3% | ||||
Hawaiian Electric Industries, Inc. | 125,915 | 0.3 | 4,696,630 | |
National Fuel Gas Co. | 80,550 | 0.2 | 4,373,060 | |
Other Securities | 2.8 | 49,765,342 | ||
3.3 | 58,835,032 | |||
Total Common Stock | ||||
(Cost $1,452,465,413) | 1,776,210,844 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights 0.0% of net assets | ||||
Materials 0.0% | ||||
Other Securities | 0.0 | 73,598 | ||
Total Rights | ||||
(Cost $73,598) | 73,598 | |||
Other Investment Companies 1.7% of net assets | ||||
Money Market Fund 0.2% | ||||
Other Securities | 0.2 | 2,903,393 | ||
Securities Lending Collateral 1.5% | ||||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 27,771,371 | 1.5 | 27,771,371 | |
Total Other Investment Companies | ||||
(Cost $30,674,764) | 30,674,764 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 97 | 7,332,715 | (132,442) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $26,395,633. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
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 | $1,589,246,021 | $— | $— | $1,589,246,021 | |
Real Estate | 186,964,823 | — | — * | 186,964,823 | |
Rights 1 | |||||
Materials | — | — | 73,598 | 73,598 | |
Other Investment Companies1 | 30,674,764 | — | — | 30,674,764 | |
Liabilities | |||||
Futures Contracts2 | (132,442) | — | — | (132,442) | |
Total | $1,806,753,166 | $— | $73,598 | $1,806,826,764 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $1,455,442,404) including securities on loan of $26,395,633 | $1,779,187,835 | |
Collateral invested for securities on loan, at value (cost $27,771,371) | 27,771,371 | |
Foreign currency, at value (cost $34) | 26 | |
Deposit with broker for futures contracts | 865,950 | |
Receivables: | ||
Fund shares sold | 4,182,828 | |
Dividends | 847,832 | |
Income from securities on loan | 54,549 | |
Variation margin on futures contracts | + | 21,524 |
Total assets | 1,812,931,915 | |
Liabilities | ||
Collateral held for securities on loan | 27,771,371 | |
Payables: | ||
Investment adviser fees | 395,312 | |
Fund shares redeemed | + | 3,174,205 |
Total liabilities | 31,340,888 | |
Net Assets | ||
Total assets | 1,812,931,915 | |
Total liabilities | – | 31,340,888 |
Net assets | $1,781,591,027 | |
Net Assets by Source | ||
Capital received from investors | 1,320,988,202 | |
Total distributable earnings1 | 460,602,825 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,781,591,027 | 121,344,056 | $14.68 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $13,744) | $29,493,644 | |
Securities on loan, net | + | 1,238,938 |
Total investment income | 30,732,582 | |
Expenses | ||
Investment adviser fees | 4,600,984 | |
Total expenses | – | 4,600,984 |
Net investment income | 26,131,598 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 122,751,807 | |
Net realized gains on futures contracts | 320,358 | |
Net realized gains on foreign currency transactions | + | 83 |
Net realized gains | 123,072,248 | |
Net change in unrealized appreciation (depreciation) on investments | (113,744,043) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (87,383) |
Net change in unrealized appreciation (depreciation) | + | (113,831,426) |
Net realized and unrealized gains | 9,240,822 | |
Increase in net assets resulting from operations | $35,372,420 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $26,131,598 | $23,637,757 | ||
Net realized gains | 123,072,248 | 88,679,626 | ||
Net change in unrealized appreciation (depreciation) | + | (113,831,426) | 206,556,217 | |
Increase in net assets from operations | 35,372,420 | 318,873,600 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($115,282,747) | ($29,358,416) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 26,248,657 | $407,763,547 | 29,918,575 | $427,349,828 | ||||
Shares reinvested | 5,106,460 | 76,494,776 | 1,290,347 | 18,451,962 | ||||
Shares redeemed | + | (22,738,643) | (350,131,276) | (25,684,515) | (368,759,520) | |||
Net transactions in fund shares | 8,616,474 | $134,127,047 | 5,524,407 | $77,042,270 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 112,727,582 | $1,727,374,307 | 107,203,175 | $1,360,816,853 | ||||
Total increase | + | 8,616,474 | 54,216,720 | 5,524,407 | 366,557,454 | |||
End of period2 | 121,344,056 | $1,781,591,027 | 112,727,582 | $1,727,374,307 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $19,300,337 from net investment income and $10,058,079 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $17,059,787 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $9.55 | $7.96 | $8.19 | $8.84 | $9.05 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.29 1 | 0.25 1 | 0.24 1 | 0.25 1 | 0.30 | |
Net realized and unrealized gains (losses) | (0.89) | 1.59 | (0.25) | (0.60) | (0.26) | |
Total from investment operations | (0.60) | 1.84 | (0.01) | (0.35) | 0.04 | |
Less distributions: | ||||||
Distributions from net investment income | (0.26) | (0.25) | (0.22) | (0.30) | (0.25) | |
Net asset value at end of period | $8.69 | $9.55 | $7.96 | $8.19 | $8.84 | |
Total return | (6.53%) | 23.83% | 0.07% | (4.07%) | 0.39% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.34% 2 | 0.46% | 0.46% | 0.48% | |
Net operating expenses | N/A 3 | 0.29% 2 | 0.35% | 0.35% | 0.35% | |
Net investment income (loss) | 3.10% | 2.92% | 3.20% | 2.96% | 3.52% | |
Portfolio turnover rate | 13% | 11% | 18% | 11% | 8% | |
Net assets, end of period (x 1,000,000) | $1,349 | $1,372 | $971 | $1,173 | $908 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 98.3% of net assets | ||||
Australia 6.2% | ||||
Australia & New Zealand Banking Group Ltd. | 310,762 | 0.4 | 5,720,090 | |
BHP Billiton Ltd. | 434,924 | 0.7 | 10,035,283 | |
Commonwealth Bank of Australia | 155,468 | 0.6 | 7,644,492 | |
National Australia Bank Ltd. | 287,503 | 0.4 | 5,149,041 | |
Wesfarmers Ltd. | 213,929 | 0.5 | 7,084,834 | |
Westpac Banking Corp. | 352,557 | 0.5 | 6,697,077 | |
Woolworths Group Ltd. | 256,623 | 0.4 | 5,179,525 | |
Other Securities | 2.7 | 35,633,232 | ||
6.2 | 83,143,574 | |||
Austria 0.3% | ||||
Other Securities | 0.3 | 4,071,159 | ||
Belgium 0.8% | ||||
Other Securities | 0.8 | 10,749,151 | ||
Canada 6.9% | ||||
Royal Bank of Canada | 89,744 | 0.5 | 6,538,983 | |
Suncor Energy, Inc. | 186,237 | 0.5 | 6,247,276 | |
The Toronto-Dominion Bank | 99,552 | 0.4 | 5,522,642 | |
Other Securities | 5.5 | 74,604,116 | ||
6.9 | 92,913,017 | |||
Denmark 0.9% | ||||
Other Securities | 0.9 | 11,734,657 | ||
Finland 0.9% | ||||
Other Securities | 0.9 | 12,536,453 | ||
France 9.4% | ||||
BNP Paribas S.A. | 106,209 | 0.4 | 5,534,980 | |
Engie S.A. (b) | 427,329 | 0.4 | 5,678,005 | |
Orange S.A. | 378,018 | 0.4 | 5,900,237 | |
Sanofi | 116,720 | 0.8 | 10,430,166 | |
TOTAL S.A. | 395,508 | 1.7 | 23,206,600 | |
Other Securities | 5.7 | 75,442,268 | ||
9.4 | 126,192,256 | |||
Germany 7.8% | ||||
Allianz SE | 38,670 | 0.6 | 8,055,728 | |
BASF SE | 116,670 | 0.7 | 8,953,082 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Bayer AG | 68,792 | 0.4 | 5,273,074 | |
Bayerische Motoren Werke AG | 63,359 | 0.4 | 5,455,894 | |
Daimler AG | 161,502 | 0.7 | 9,566,829 | |
Deutsche Telekom AG | 512,466 | 0.6 | 8,405,302 | |
Siemens AG | 72,330 | 0.6 | 8,314,104 | |
Other Securities | 3.8 | 51,630,363 | ||
7.8 | 105,654,376 | |||
Hong Kong 1.5% | ||||
Other Securities | 1.5 | 20,579,501 | ||
Ireland 0.7% | ||||
Other Securities | 0.7 | 9,336,717 | ||
Israel 0.5% | ||||
Other Securities | 0.5 | 6,303,942 | ||
Italy 2.8% | ||||
Enel S.p.A. | 1,391,439 | 0.5 | 6,822,315 | |
Eni S.p.A. | 675,114 | 0.9 | 11,989,857 | |
Other Securities | 1.4 | 19,265,850 | ||
2.8 | 38,078,022 | |||
Japan 24.5% | ||||
Hitachi Ltd. | 174,800 | 0.4 | 5,343,670 | |
Honda Motor Co., Ltd. | 314,100 | 0.7 | 8,966,151 | |
Mitsubishi UFJ Financial Group, Inc. | 1,221,334 | 0.5 | 7,392,110 | |
Nippon Telegraph & Telephone Corp. | 129,408 | 0.4 | 5,336,604 | |
SoftBank Group Corp. | 70,900 | 0.4 | 5,610,940 | |
Sumitomo Mitsui Financial Group, Inc. | 138,410 | 0.4 | 5,389,006 | |
Toyota Motor Corp. | 325,618 | 1.4 | 19,075,005 | |
Other Securities | 20.3 | 272,897,079 | ||
24.5 | 330,010,565 | |||
Luxembourg 0.4% | ||||
Other Securities | 0.4 | 5,561,946 | ||
Netherlands 5.3% | ||||
Royal Dutch Shell plc, A Shares | 591,133 | 1.4 | 18,775,235 | |
Royal Dutch Shell plc, B Shares | 657,507 | 1.6 | 21,443,226 | |
Other Securities | 2.3 | 31,275,767 | ||
5.3 | 71,494,228 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
New Zealand 0.1% | ||||
Other Securities | 0.1 | 1,773,950 | ||
Norway 0.9% | ||||
Equinor A.S.A. | 231,282 | 0.4 | 5,982,405 | |
Other Securities | 0.5 | 6,562,003 | ||
0.9 | 12,544,408 | |||
Portugal 0.2% | ||||
Other Securities | 0.2 | 3,060,145 | ||
Singapore 0.8% | ||||
Other Securities | 0.8 | 10,922,949 | ||
South Africa 0.0% | ||||
Other Securities | 0.0 | 228,186 | ||
Spain 3.4% | ||||
Banco Santander S.A. | 2,527,520 | 0.9 | 12,025,823 | |
Telefonica S.A. | 1,103,924 | 0.7 | 9,055,553 | |
Other Securities | 1.8 | 24,493,948 | ||
3.4 | 45,575,324 | |||
Sweden 2.5% | ||||
Other Securities | 2.5 | 33,520,754 | ||
Switzerland 6.6% | ||||
Glencore plc * | 2,126,137 | 0.6 | 8,652,653 | |
Nestle S.A. | 207,343 | 1.3 | 17,504,535 | |
Novartis AG | 157,336 | 1.0 | 13,778,275 | |
Roche Holding AG | 45,813 | 0.8 | 11,149,162 | |
Other Securities | 2.9 | 38,149,561 | ||
6.6 | 89,234,186 | |||
United Kingdom 14.9% | ||||
AstraZeneca plc | 106,427 | 0.6 | 8,140,561 | |
BHP Billiton plc | 290,073 | 0.4 | 5,786,577 | |
BP plc | 4,186,542 | 2.2 | 30,242,400 | |
British American Tobacco plc | 147,378 | 0.5 | 6,388,875 | |
GlaxoSmithKline plc | 502,467 | 0.7 | 9,731,658 | |
HSBC Holdings plc | 1,718,124 | 1.0 | 14,139,479 | |
Rio Tinto plc | 127,646 | 0.5 | 6,197,311 | |
Vodafone Group plc | 4,366,206 | 0.6 | 8,210,817 | |
Other Securities | 8.4 | 112,376,921 | ||
14.9 | 201,214,599 | |||
Total Common Stock | ||||
(Cost $1,341,419,359) | 1,326,434,065 | |||
Preferred Stock 0.7% of net assets | ||||
Germany 0.6% | ||||
Volkswagen AG | 37,326 | 0.5 | 6,270,877 | |
Other Securities | 0.1 | 1,876,258 | ||
0.6 | 8,147,135 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Italy 0.1% | ||||
Other Securities | 0.1 | 811,858 | ||
Spain 0.0% | ||||
Other Securities | 0.0 | 192,084 | ||
United Kingdom 0.0% | ||||
Other Securities | 0.0 | 11,503 | ||
Total Preferred Stock | ||||
(Cost $9,541,718) | 9,162,580 | |||
Rights 0.0% of net assets | ||||
Spain 0.0% | ||||
Other Securities | 0.0 | 95,949 | ||
Total Rights | ||||
(Cost $99,459) | 95,949 | |||
Other Investment Company 0.9% of net assets | ||||
United States 0.9% | ||||
Securities Lending Collateral 0.9% | ||||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 11,686,398 | 0.9 | 11,686,398 | |
Total Other Investment Company | ||||
(Cost $11,686,398) | 11,686,398 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.2% of net assets | ||||
Time Deposits 0.2% | ||||
Other Securities | 0.2 | 3,446,220 | ||
Total Short-Term Investments | ||||
(Cost $3,446,220) | 3,446,220 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 120 | 10,875,000 | (82,785) |
* | Non-income producing security. |
(a) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $11,189,838. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
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 | $— | $703,922,192 | $— | $703,922,192 | |
Australia | 987,296 | 82,156,278 | — * | 83,143,574 | |
Austria | 297,297 | 3,773,862 | — | 4,071,159 | |
Canada | 92,913,017 | — | — | 92,913,017 | |
Denmark | 376,007 | 11,358,650 | — | 11,734,657 | |
Ireland | 3,434,660 | 5,902,057 | — | 9,336,717 | |
Israel | 565,323 | 5,738,619 | — | 6,303,942 | |
Luxembourg | 929,531 | 4,632,415 | — | 5,561,946 | |
Netherlands | 924,079 | 70,570,149 | — * | 71,494,228 | |
Portugal | 1,704,634 | 1,355,511 | — | 3,060,145 | |
Singapore | 504,423 | 10,418,526 | — | 10,922,949 | |
Sweden | 1,269,409 | 32,251,345 | — | 33,520,754 | |
Switzerland | 1,857,583 | 87,376,603 | — | 89,234,186 | |
United Kingdom | 4,217,989 | 196,996,610 | — | 201,214,599 | |
Preferred Stock1 | — | 9,151,077 | — | 9,151,077 | |
United Kingdom | — | — | 11,503 | 11,503 | |
Rights 1 | 95,949 | — | — | 95,949 | |
Other Investment Company1 | 11,686,398 | — | — | 11,686,398 | |
Short-Term Investments1 | — | 3,446,220 | — | 3,446,220 | |
Liabilities | |||||
Futures Contracts2 | (82,785) | — | — | (82,785) | |
Total | $121,680,810 | $1,229,050,114 | $11,503 | $1,350,742,427 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $1,354,506,756) including securities on loan of $11,189,838 | $1,339,138,814 | |
Collateral invested for securities on loan, at value (cost $11,686,398) | 11,686,398 | |
Foreign currency, at value (cost $7,622) | 7,578 | |
Deposit with broker for futures contracts | 508,500 | |
Receivables: | ||
Fund shares sold | 4,505,005 | |
Dividends | 3,907,845 | |
Foreign tax reclaims | 1,819,219 | |
Variation margin on futures contracts | 80,821 | |
Income from securities on loan | 79,556 | |
Interest | + | 121 |
Total assets | 1,361,733,857 | |
Liabilities | ||
Collateral held for securities on loan | 11,686,398 | |
Payables: | ||
Investments bought | 11,504 | |
Investment adviser fees | 290,625 | |
Fund shares redeemed | + | 662,935 |
Total liabilities | 12,651,462 | |
Net Assets | ||
Total assets | 1,361,733,857 | |
Total liabilities | – | 12,651,462 |
Net assets | $1,349,082,395 | |
Net Assets by Source | ||
Capital received from investors | 1,350,655,299 | |
Total distributable loss1 | (1,572,904) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,349,082,395 | 155,193,897 | $8.69 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $4,793,580) | $46,497,909 | |
Interest | 42,185 | |
Securities on loan, net | + | 693,626 |
Total investment income | 47,233,720 | |
Expenses | ||
Investment adviser fees | 3,524,900 | |
Total expenses | – | 3,524,900 |
Net investment income | 43,708,820 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments (net of foreign capital gain tax paid of $32) | (5,955,985) | |
Net realized losses on futures contracts | (388,234) | |
Net realized losses on foreign currency transactions | + | (267,906) |
Net realized losses | (6,612,125) | |
Net change in unrealized appreciation (depreciation) on investments | (130,110,180) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (131,681) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (78,797) |
Net change in unrealized appreciation (depreciation) | + | (130,320,658) |
Net realized and unrealized losses | (136,932,783) | |
Decrease in net assets resulting from operations | ($93,223,963) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $43,708,820 | $34,119,655 | ||
Net realized gains (losses) | (6,612,125) | 15,949,709 | ||
Net change in unrealized appreciation (depreciation) | + | (130,320,658) | 198,940,838 | |
Increase (decrease) in net assets from operations | (93,223,963) | 249,010,202 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($37,237,239) | ($31,144,306) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 38,677,793 | $365,243,827 | 47,237,656 | $406,561,858 | ||||
Shares reinvested | 2,286,304 | 21,605,579 | 2,127,749 | 16,766,662 | ||||
Shares redeemed | + | (29,432,622) | (279,199,335) | (27,724,391) | (240,708,374) | |||
Net transactions in fund shares | 11,531,475 | $107,650,071 | 21,641,014 | $182,620,146 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 143,662,422 | $1,371,893,526 | 122,021,408 | $971,407,484 | ||||
Total increase or decrease | + | 11,531,475 | (22,811,131) | 21,641,014 | 400,486,042 | |||
End of period2 | 155,193,897 | $1,349,082,395 | 143,662,422 | $1,371,893,526 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $31,144,306 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $29,964,925 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.58 | $11.93 | $11.25 | $11.15 | $11.47 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.33 | 0.27 | 0.25 | 0.22 | 0.22 | |
Net realized and unrealized gains (losses) | (1.70) | 2.67 | 0.66 | 0.12 | (0.23) | |
Total from investment operations | (1.37) | 2.94 | 0.91 | 0.34 | (0.01) | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.29) | (0.23) | (0.19) | (0.31) | |
Distributions from net realized gains | (0.20) | — | — | (0.05) | — | |
Total distributions | (0.54) | (0.29) | (0.23) | (0.24) | (0.31) | |
Net asset value at end of period | $12.67 | $14.58 | $11.93 | $11.25 | $11.15 | |
Total return | (9.79%) | 25.23% | 8.29% | 3.09% | (0.07%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.39% | 0.48% 2 | 0.68% | 0.71% | 0.80% | |
Net operating expenses | N/A 3 | 0.43% 2 | 0.49% | 0.49% | 0.49% | |
Net investment income (loss) | 2.30% | 2.04% | 2.24% | 1.98% | 1.87% | |
Portfolio turnover rate | 26% | 21% | 40% | 37% | 41% | |
Net assets, end of period (x 1,000,000) | $763 | $749 | $476 | $427 | $275 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 99.1% of net assets | ||||
Australia 5.5% | ||||
Computershare Ltd. | 93,276 | 0.2 | 1,309,844 | |
Dexus | 163,563 | 0.2 | 1,181,795 | |
Other Securities | 5.1 | 39,260,619 | ||
5.5 | 41,752,258 | |||
Austria 0.9% | ||||
Wienerberger AG | 49,524 | 0.1 | 1,139,102 | |
Other Securities | 0.8 | 5,626,153 | ||
0.9 | 6,765,255 | |||
Belgium 1.1% | ||||
Other Securities | 1.1 | 8,732,668 | ||
Canada 8.9% | ||||
Canadian Utilities Ltd., Class A | 49,500 | 0.2 | 1,174,283 | |
MEG Energy Corp. * | 146,262 | 0.2 | 1,169,918 | |
Quebecor, Inc., Class B | 65,800 | 0.2 | 1,290,559 | |
TFI International, Inc. | 41,670 | 0.2 | 1,386,732 | |
WSP Global, Inc. | 23,023 | 0.2 | 1,149,357 | |
Other Securities | 7.9 | 61,644,542 | ||
8.9 | 67,815,391 | |||
Denmark 1.3% | ||||
Other Securities | 1.3 | 10,141,708 | ||
Finland 1.5% | ||||
Amer Sports Oyj * | 35,502 | 0.2 | 1,319,673 | |
Other Securities | 1.3 | 9,964,862 | ||
1.5 | 11,284,535 | |||
France 4.1% | ||||
Dassault Systemes S.A. | 9,522 | 0.2 | 1,192,007 | |
Edenred | 37,045 | 0.2 | 1,405,233 | |
Neopost S.A. | 41,776 | 0.2 | 1,343,820 | |
Societe BIC S.A. | 12,500 | 0.2 | 1,196,664 | |
Vallourec S.A. *(a) | 293,229 | 0.2 | 1,386,138 | |
Other Securities | 3.1 | 25,050,813 | ||
4.1 | 31,574,675 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Germany 3.0% | ||||
Deutsche Wohnen SE | 26,970 | 0.2 | 1,233,612 | |
HOCHTIEF AG | 8,194 | 0.2 | 1,214,255 | |
Other Securities | 2.6 | 20,643,852 | ||
3.0 | 23,091,719 | |||
Greece 0.0% | ||||
Other Securities | 0.0 | — | ||
Hong Kong 4.5% | ||||
Sino Land Co., Ltd. | 732,000 | 0.2 | 1,149,974 | |
Wharf Real Estate Investment Co., Ltd. | 202,629 | 0.2 | 1,259,163 | |
Other Securities | 4.1 | 31,754,955 | ||
4.5 | 34,164,092 | |||
Ireland 0.8% | ||||
Other Securities | 0.8 | 6,285,749 | ||
Israel 0.9% | ||||
Israel Discount Bank Ltd., Class A | 358,023 | 0.2 | 1,170,005 | |
The Israel Corp., Ltd. | 4,502 | 0.2 | 1,314,839 | |
Other Securities | 0.5 | 4,192,916 | ||
0.9 | 6,677,760 | |||
Italy 2.7% | ||||
Mediaset S.p.A. * | 399,128 | 0.2 | 1,201,010 | |
Other Securities | 2.5 | 19,221,823 | ||
2.7 | 20,422,833 | |||
Japan 36.7% | ||||
Arcs Co., Ltd. | 49,800 | 0.2 | 1,203,380 | |
FamilyMart UNY Holdings Co., Ltd. | 10,900 | 0.2 | 1,263,418 | |
Iwatani Corp. | 34,200 | 0.2 | 1,208,084 | |
Keihan Holdings Co., Ltd. | 31,100 | 0.2 | 1,180,126 | |
Kyowa Exeo Corp. | 43,400 | 0.2 | 1,169,874 | |
Lawson, Inc. | 20,300 | 0.2 | 1,288,593 | |
Marui Group Co., Ltd. | 56,400 | 0.2 | 1,214,392 | |
Mitsui E&S Holdings Co., Ltd. * | 74,000 | 0.2 | 1,242,618 | |
Nippon Building Fund, Inc. | 205 | 0.2 | 1,171,500 | |
Nomura Research Institute Ltd. | 26,260 | 0.2 | 1,164,199 | |
Santen Pharmaceutical Co., Ltd. | 78,100 | 0.2 | 1,156,803 | |
Shikoku Electric Power Co., Inc. | 100,200 | 0.2 | 1,257,660 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Taisho Pharmaceutical Holdings Co., Ltd. | 12,700 | 0.2 | 1,354,156 | |
Other Securities | 34.1 | 264,378,310 | ||
36.7 | 280,253,113 | |||
Luxembourg 0.6% | ||||
Other Securities | 0.6 | 4,372,972 | ||
Netherlands 1.9% | ||||
Other Securities | 1.9 | 14,171,502 | ||
New Zealand 1.2% | ||||
Other Securities | 1.2 | 9,147,443 | ||
Norway 1.8% | ||||
Petroleum Geo-Services A.S.A. * | 385,615 | 0.2 | 1,198,520 | |
TGS Nopec Geophysical Co., A.S.A. | 40,435 | 0.2 | 1,350,718 | |
Other Securities | 1.4 | 11,416,582 | ||
1.8 | 13,965,820 | |||
Portugal 0.4% | ||||
Other Securities | 0.4 | 3,442,960 | ||
Singapore 1.8% | ||||
Singapore Technologies Engineering Ltd. | 504,300 | 0.2 | 1,294,101 | |
Other Securities | 1.6 | 12,421,462 | ||
1.8 | 13,715,563 | |||
Spain 1.4% | ||||
Other Securities | 1.4 | 10,342,083 | ||
Sweden 3.2% | ||||
ICA Gruppen AB (a) | 34,254 | 0.2 | 1,211,886 | |
Peab AB | 135,335 | 0.2 | 1,191,295 | |
Other Securities | 2.8 | 21,723,510 | ||
3.2 | 24,126,691 | |||
Switzerland 3.1% | ||||
Helvetia Holding AG | 1,874 | 0.2 | 1,147,873 | |
Sonova Holding AG | 7,800 | 0.2 | 1,272,056 | |
Other Securities | 2.7 | 21,487,827 | ||
3.1 | 23,907,756 | |||
United Kingdom 11.8% | ||||
Avon Products, Inc. * | 609,370 | 0.2 | 1,194,365 | |
Cobham plc * | 842,582 | 0.2 | 1,156,570 | |
Melrose Industries plc | 945,798 | 0.3 | 2,035,922 | |
National Express Group plc | 223,091 | 0.1 | 1,139,922 | |
NEX Group plc | 94,235 | 0.2 | 1,366,643 | |
Premier Oil plc * | 961,846 | 0.2 | 1,319,515 | |
Randgold Resources Ltd. | 16,965 | 0.2 | 1,334,361 | |
Rentokil Initial plc | 292,180 | 0.2 | 1,178,254 | |
Other Securities | 10.2 | 79,006,762 | ||
11.8 | 89,732,314 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
United States 0.0% | ||||
Other Securities | 0.0 | 131 | ||
Total Common Stock | ||||
(Cost $721,299,324) | 755,886,991 | |||
Preferred Stock 0.3% of net assets | ||||
Germany 0.3% | ||||
Other Securities | 0.3 | 1,847,585 | ||
Italy 0.0% | ||||
Other Securities | 0.0 | 293,807 | ||
Sweden 0.0% | ||||
Other Securities | 0.0 | 126,383 | ||
Total Preferred Stock | ||||
(Cost $2,627,119) | 2,267,775 | |||
Rights 0.0% of net assets | ||||
Italy 0.0% | ||||
Other Securities | 0.0 | 1 | ||
Spain 0.0% | ||||
Other Securities | 0.0 | 12,167 | ||
Total Rights | ||||
(Cost $6,032) | 12,168 | |||
Other Investment Company 3.1% of net assets | ||||
United States 3.1% | ||||
Securities Lending Collateral 3.1% | ||||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 23,533,377 | 3.1 | 23,533,377 | |
Total Other Investment Company | ||||
(Cost $23,533,377) | 23,533,377 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.1% of net assets | ||||
Time Deposits 0.1% | ||||
Other Securities | 0.1 | 888,084 | ||
Total Short-Term Investments | ||||
(Cost $888,084) | 888,084 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 54 | 4,893,750 | (98,501) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $22,282,499. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
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 | $— | $13,965,820 | $— | $13,965,820 | |
Australia | 537,420 | 41,214,838 | — * | 41,752,258 | |
Austria | 1,055,801 | 5,709,454 | — | 6,765,255 | |
Belgium | 713,881 | 8,018,787 | — | 8,732,668 | |
Canada | 67,002,031 | 813,360 | — | 67,815,391 | |
Denmark | 636,158 | 9,505,550 | — | 10,141,708 | |
Finland | 795,518 | 10,489,017 | — | 11,284,535 | |
France | 3,568,278 | 28,006,397 | — | 31,574,675 | |
Germany | 612,431 | 22,479,288 | — | 23,091,719 | |
Greece | — | — | — * | — | |
Hong Kong | 1,910,747 | 32,253,345 | — * | 34,164,092 | |
Ireland | 4,311,730 | 1,974,019 | — | 6,285,749 | |
Israel | 567,787 | 6,109,973 | — | 6,677,760 | |
Italy | 2,137,459 | 18,285,374 | — * | 20,422,833 | |
Japan | 305,845 | 279,947,268 | — | 280,253,113 | |
Luxembourg | 2,422,265 | 1,950,707 | — * | 4,372,972 | |
Netherlands | 2,272,581 | 11,898,921 | — | 14,171,502 | |
New Zealand | 419,879 | 8,727,564 | — | 9,147,443 | |
Portugal | 805,863 | 2,637,097 | — * | 3,442,960 | |
Singapore | 527,569 | 13,187,994 | — | 13,715,563 | |
Spain | 728,381 | 9,613,702 | — * | 10,342,083 | |
Sweden | 509,046 | 23,501,780 | 115,865 | 24,126,691 | |
Switzerland | 1,184,347 | 22,723,409 | — | 23,907,756 | |
United Kingdom | 21,401,163 | 68,331,151 | — * | 89,732,314 | |
United States | 131 | — | — | 131 | |
Preferred Stock1 | — | 1,847,585 | — | 1,847,585 | |
Italy | 293,807 | — | — | 293,807 | |
Sweden | 126,383 | — | — | 126,383 | |
Rights | |||||
Italy | — | — | 1 | 1 | |
Spain | 12,167 | — | — | 12,167 | |
Other Investment Company1 | 23,533,377 | — | — | 23,533,377 | |
Short-Term Investments1 | — | 888,084 | — | 888,084 | |
Liabilities | |||||
Futures Contracts2 | (98,501) | — | — | (98,501) | |
Total | $138,293,544 | $644,080,484 | $115,866 | $782,489,894 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2018. |
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 $724,820,559) including securities on loan of $22,282,499 | $759,055,018 | |
Collateral invested for securities on loan, at value (cost $23,533,377) | 23,533,377 | |
Foreign currency, at value (cost $13,092) | 12,756 | |
Deposit with broker for futures contracts | 319,500 | |
Receivables: | ||
Investments sold | 36,865 | |
Dividends | 2,338,441 | |
Fund shares sold | 1,554,784 | |
Foreign tax reclaims | 395,738 | |
Income from securities on loan | 72,209 | |
Variation margin on futures contracts | 33,831 | |
Interest | + | 18 |
Total assets | 787,352,537 | |
Liabilities | ||
Collateral held for securities on loan | 23,533,377 | |
Payables: | ||
Investment adviser fees | 262,768 | |
Fund shares redeemed | + | 926,111 |
Total liabilities | 24,722,256 | |
Net Assets | ||
Total assets | 787,352,537 | |
Total liabilities | – | 24,722,256 |
Net assets | $762,630,281 | |
Net Assets by Source | ||
Capital received from investors | 703,913,448 | |
Total distributable earnings1 | 58,716,833 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$762,630,281 | 60,196,148 | $12.67 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $2,386,290) | $21,182,585 | |
Interest | 26,652 | |
Securities on loan, net | + | 1,084,899 |
Total investment income | 22,294,136 | |
Expenses | ||
Investment adviser fees | 3,229,199 | |
Total expenses | – | 3,229,199 |
Net investment income | 19,064,937 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 21,298,978 | |
Net realized losses on futures contracts | (737,210) | |
Net realized losses on foreign currency transactions | + | (104,985) |
Net realized gains | 20,456,783 | |
Net change in unrealized appreciation (depreciation) on investments | (125,134,894) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (125,298) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (7,237) |
Net change in unrealized appreciation (depreciation) | + | (125,267,429) |
Net realized and unrealized losses | (104,810,646) | |
Decrease in net assets resulting from operations | ($85,745,709) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $19,064,937 | $12,125,718 | ||
Net realized gains | 20,456,783 | 12,939,457 | ||
Net change in unrealized appreciation (depreciation) | + | (125,267,429) | 110,860,769 | |
Increase (decrease) in net assets from operations | (85,745,709) | 135,925,944 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($29,102,652) | ($11,632,113) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 19,163,379 | $275,152,791 | 19,026,529 | $247,977,626 | ||||
Shares reinvested | 1,584,447 | 22,641,756 | 784,700 | 9,086,829 | ||||
Shares redeemed | + | (11,914,220) | (169,038,740) | (8,321,425) | (108,260,435) | |||
Net transactions in fund shares | 8,833,606 | $128,755,807 | 11,489,804 | $148,804,020 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 51,362,542 | $748,722,835 | 39,872,738 | $475,624,984 | ||||
Total increase | + | 8,833,606 | 13,907,446 | 11,489,804 | 273,097,851 | |||
End of period2 | 60,196,148 | $762,630,281 | 51,362,542 | $748,722,835 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $11,632,113 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $8,089,791 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $9.38 | $7.86 | $6.67 | $8.60 | $9.24 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.27 1 | 0.22 1 | 0.16 1 | 0.20 1 | 0.20 | |
Net realized and unrealized gains (losses) | (0.83) | 1.47 | 1.22 | (1.92) | (0.66) | |
Total from investment operations | (0.56) | 1.69 | 1.38 | (1.72) | (0.46) | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.17) | (0.19) | (0.21) | (0.18) | |
Net asset value at end of period | $8.60 | $9.38 | $7.86 | $6.67 | $8.60 | |
Total return | (6.09%) | 21.96% | 21.64% | (20.28%) | (5.03%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.39% | 0.57% 2 | 0.88% | 0.85% | 0.85% | |
Net operating expenses | N/A 3 | 0.43% 2 | 0.49% | 0.49% | 0.49% | |
Net investment income (loss) | 2.92% | 2.62% | 2.41% | 2.61% | 2.35% | |
Portfolio turnover rate | 19% | 18% | 20% | 27% | 19% | |
Net assets, end of period (x 1,000,000) | $548 | $554 | $336 | $304 | $346 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock 91.1% of net assets | ||||
Brazil 6.5% | ||||
Ambev S.A. | 536,850 | 0.4 | 2,357,150 | |
Banco do Brasil S.A. | 348,415 | 0.7 | 4,002,349 | |
Petroleo Brasileiro S.A. | 818,458 | 1.2 | 6,668,184 | |
Vale S.A. | 691,097 | 1.9 | 10,531,267 | |
Other Securities | 2.3 | 11,849,972 | ||
6.5 | 35,408,922 | |||
Chile 0.6% | ||||
Other Securities | 0.6 | 3,077,143 | ||
China 19.5% | ||||
Agricultural Bank of China Ltd., Class H | 5,225,600 | 0.4 | 2,300,204 | |
Bank of China Ltd., Class H | 17,019,234 | 1.3 | 7,250,898 | |
China Construction Bank Corp., Class H | 17,872,960 | 2.6 | 14,183,029 | |
China Mobile Ltd. | 1,203,055 | 2.1 | 11,270,073 | |
China Petroleum & Chemical Corp., Class H | 12,775,400 | 1.9 | 10,406,532 | |
China Telecom Corp., Ltd., Class H | 4,940,000 | 0.4 | 2,337,272 | |
China Unicom (Hong Kong) Ltd. | 1,985,056 | 0.4 | 2,076,267 | |
CNOOC Ltd. | 4,081,075 | 1.3 | 6,949,984 | |
Industrial & Commercial Bank of China Ltd., Class H | 13,369,172 | 1.7 | 9,070,617 | |
PetroChina Co., Ltd., Class H | 6,990,000 | 0.9 | 5,025,973 | |
Ping An Insurance Group Co. of China Ltd., Class H | 230,000 | 0.4 | 2,174,426 | |
Other Securities | 6.1 | 34,079,797 | ||
19.5 | 107,125,072 | |||
Colombia 0.5% | ||||
Ecopetrol S.A. | 1,787,342 | 0.4 | 2,076,300 | |
Other Securities | 0.1 | 719,527 | ||
0.5 | 2,795,827 | |||
Czech Republic 0.2% | ||||
Other Securities | 0.2 | 1,140,141 | ||
Greece 0.4% | ||||
Other Securities | 0.4 | 2,329,398 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Hungary 0.4% | ||||
Other Securities | 0.4 | 2,451,584 | ||
India 4.4% | ||||
Infosys Ltd. | 346,793 | 0.6 | 3,204,733 | |
Reliance Industries Ltd. | 293,340 | 0.8 | 4,211,270 | |
Other Securities | 3.0 | 16,639,515 | ||
4.4 | 24,055,518 | |||
Indonesia 1.3% | ||||
Other Securities | 1.3 | 7,393,149 | ||
Malaysia 1.5% | ||||
Other Securities | 1.5 | 8,400,876 | ||
Mexico 3.6% | ||||
America Movil S.A.B. de C.V., Series L | 10,577,319 | 1.4 | 7,659,649 | |
Fomento Economico Mexicano S.A.B. de C.V. | 335,515 | 0.5 | 2,852,330 | |
Other Securities | 1.7 | 9,351,188 | ||
3.6 | 19,863,167 | |||
Peru 0.2% | ||||
Other Securities | 0.2 | 943,242 | ||
Philippines 0.2% | ||||
Other Securities | 0.2 | 840,149 | ||
Poland 1.7% | ||||
Polski Koncern Naftowy Orlen S.A. | 96,827 | 0.4 | 2,328,438 | |
Other Securities | 1.3 | 6,796,430 | ||
1.7 | 9,124,868 | |||
Republic of Korea 17.6% | ||||
Hyundai Mobis Co., Ltd. | 18,738 | 0.6 | 3,130,029 | |
Hyundai Motor Co. | 47,422 | 0.8 | 4,441,682 | |
Kia Motors Corp. | 144,649 | 0.7 | 3,615,605 | |
Korea Electric Power Corp. | 132,505 | 0.6 | 3,165,075 | |
LG Chem Ltd. | 8,105 | 0.5 | 2,476,690 | |
LG Electronics, Inc. | 37,576 | 0.4 | 2,100,679 | |
POSCO | 24,900 | 1.0 | 5,699,433 | |
Samsung Electronics Co., Ltd. | 782,837 | 5.3 | 29,306,122 | |
Shinhan Financial Group Co., Ltd. | 79,528 | 0.5 | 2,962,084 | |
SK Hynix, Inc. | 55,613 | 0.6 | 3,349,312 |
Security | Number of Shares | % of Net Assets | Value ($) | |
SK Innovation Co., Ltd. | 24,468 | 0.8 | 4,591,909 | |
Other Securities | 5.8 | 31,528,998 | ||
17.6 | 96,367,618 | |||
Russia 12.1% | ||||
Gazprom PJSC | 9,438,340 | 4.1 | 22,275,625 | |
Lukoil PJSC | 222,043 | 3.0 | 16,668,288 | |
NovaTek PJSC | 160,900 | 0.5 | 2,564,190 | |
Rosneft Oil Co. PJSC | 461,020 | 0.6 | 3,222,477 | |
Sberbank of Russia PJSC | 1,488,480 | 0.8 | 4,288,711 | |
Surgutneftegas PJSC | 9,074,405 | 0.7 | 3,660,134 | |
Tatneft PJSC | 293,720 | 0.6 | 3,497,508 | |
Other Securities | 1.8 | 10,051,867 | ||
12.1 | 66,228,800 | |||
South Africa 4.8% | ||||
MTN Group Ltd. | 760,695 | 0.8 | 4,417,302 | |
Sasol Ltd. | 162,093 | 1.0 | 5,297,191 | |
Other Securities | 3.0 | 16,850,908 | ||
4.8 | 26,565,401 | |||
Taiwan 11.8% | ||||
Hon Hai Precision Industry Co., Ltd. | 3,887,572 | 1.8 | 9,896,003 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,539,803 | 2.1 | 11,559,890 | |
Other Securities | 7.9 | 43,014,648 | ||
11.8 | 64,470,541 | |||
Thailand 2.6% | ||||
PTT PCL NVDR | 2,585,270 | 0.7 | 3,975,541 | |
Other Securities | 1.9 | 10,142,493 | ||
2.6 | 14,118,034 | |||
Turkey 1.1% | ||||
Other Securities | 1.1 | 6,034,925 | ||
United Arab Emirates 0.1% | ||||
Other Securities | 0.1 | 745,752 | ||
Total Common Stock | ||||
(Cost $467,565,595) | 499,480,127 | |||
Preferred Stock 8.6% of net assets | ||||
Brazil 5.8% | ||||
Banco Bradesco S.A. | 563,795 | 0.9 | 5,196,337 | |
Companhia Energetica de Minas Gerais | 744,008 | 0.4 | 2,205,135 | |
Itau Unibanco Holding S.A. | 567,086 | 1.4 | 7,504,766 | |
Petroleo Brasileiro S.A. | 1,076,354 | 1.5 | 7,988,418 | |
Other Securities | 1.6 | 9,058,399 | ||
5.8 | 31,953,055 | |||
Chile 0.1% | ||||
Other Securities | 0.1 | 479,876 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Colombia 0.1% | ||||
Other Securities | 0.1 | 723,605 | ||
Republic of Korea 1.0% | ||||
Samsung Electronics Co., Ltd. | 123,381 | 0.7 | 3,892,760 | |
Other Securities | 0.3 | 1,569,621 | ||
1.0 | 5,462,381 | |||
Russia 1.6% | ||||
Transneft PJSC | 2,310 | 1.1 | 5,992,964 | |
Other Securities | 0.5 | 2,435,683 | ||
1.6 | 8,428,647 | |||
Total Preferred Stock | ||||
(Cost $33,022,327) | 47,047,564 | |||
Other Investment Company 0.1% of net assets | ||||
United States 0.1% | ||||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 470,942 | ||
Total Other Investment Company | ||||
(Cost $470,942) | 470,942 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments 0.3% of net assets | ||||
Time Deposits 0.3% | ||||
Other Securities | 0.3 | 1,741,850 | ||
Total Short-Term Investments | ||||
(Cost $1,741,850) | 1,741,850 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index expires 12/21/18 | 28 | 1,339,380 | 20,745 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $442,067. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
NVDR — | Non-Voting Depositary Receipt |
Reg’d — | Registered |
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 | $— | $126,986,901 | $— | $126,986,901 | |
Brazil | 35,408,922 | — | — | 35,408,922 | |
Chile | 2,024,217 | 1,052,926 | — | 3,077,143 | |
China | 2,211,427 | 104,913,645 | — | 107,125,072 | |
Colombia | 2,795,827 | — | — | 2,795,827 | |
Mexico | 19,863,167 | — | — | 19,863,167 | |
Peru | 943,242 | — | — | 943,242 | |
Republic of Korea | 2,709,293 | 93,658,325 | — | 96,367,618 | |
Russia | 64,108,209 | 2,120,591 | — | 66,228,800 | |
South Africa | 739,393 | 25,826,008 | — | 26,565,401 | |
Thailand | 961,834 | 13,156,200 | — | 14,118,034 | |
Preferred Stock1 | — | 5,942,257 | — | 5,942,257 | |
Brazil | 31,953,055 | — | — | 31,953,055 | |
Colombia | 723,605 | — | — | 723,605 | |
Russia | 8,089,852 | 338,795 | — | 8,428,647 | |
Other Investment Company1 | 470,942 | — | — | 470,942 | |
Short-Term Investments1 | — | 1,741,850 | — | 1,741,850 | |
Futures Contracts2 | 20,745 | — | — | 20,745 | |
Total | $173,023,730 | $375,737,498 | $— | $548,761,228 |
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 $502,329,772) including securities on loan of $442,067 | $548,269,541 | |
Collateral invested for securities on loan, at value (cost $470,942) | 470,942 | |
Foreign currency, at value (cost $572,645) | 574,228 | |
Deposit with broker for futures contracts | 213,200 | |
Receivables: | ||
Fund shares sold | 1,646,303 | |
Dividends | 727,786 | |
Variation margin on futures contracts | 35,250 | |
Foreign tax reclaims | 864 | |
Income from securities on loan | 694 | |
Interest | + | 64 |
Total assets | 551,938,872 | |
Liabilities | ||
Collateral held for securities on loan | 470,942 | |
Payables: | ||
Investments bought | 2,445,319 | |
Investment adviser fees | 183,978 | |
Fund shares redeemed | 541,614 | |
Foreign capital gains tax | + | 311,888 |
Total liabilities | 3,953,741 | |
Net Assets | ||
Total assets | 551,938,872 | |
Total liabilities | – | 3,953,741 |
Net assets | $547,985,131 | |
Net Assets by Source | ||
Capital received from investors | 571,864,793 | |
Total distributable loss1 | (23,879,662) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$547,985,131 | 63,718,020 | $8.60 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 10 for additional information). |
Investment Income | ||
Dividends (net of foreign withholding tax of $2,951,539) | $19,133,130 | |
Interest | 12,826 | |
Securities on loan, net | + | 12,850 |
Total investment income | 19,158,806 | |
Expenses | ||
Investment adviser fees | 2,260,778 | |
Total expenses | – | 2,260,778 |
Net investment income | 16,898,028 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments (net of foreign capital gain tax paid of $93,008) | 8,337,494 | |
Net realized losses on futures contracts | (293,990) | |
Net realized losses on foreign currency transactions | + | (249,127) |
Net realized gains | 7,794,377 | |
Net change in unrealized appreciation (depreciation) on investments (net of change in foreign capital gains tax of ($450,411)) | (60,976,800) | |
Net change in unrealized appreciation (depreciation) on futures contracts | 24,351 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 1,546 |
Net change in unrealized appreciation (depreciation) | + | (60,950,903) |
Net realized and unrealized losses | (53,156,526) | |
Decrease in net assets resulting from operations | ($36,258,498) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $16,898,028 | $11,355,338 | ||
Net realized gains (losses) | 7,794,377 | (5,078,956) | ||
Net change in unrealized appreciation (depreciation) | + | (60,950,903) | 81,527,660 | |
Increase (decrease) in net assets from operations | (36,258,498) | 87,804,042 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($13,342,949) | ($7,176,164) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 19,332,450 | $181,411,913 | 29,666,825 | $251,074,987 | ||||
Shares reinvested | 981,934 | 9,059,227 | 660,956 | 4,970,387 | ||||
Shares redeemed | + | (15,602,021) | (146,545,728) | (14,015,317) | (118,606,299) | |||
Net transactions in fund shares | 4,712,363 | $43,925,412 | 16,312,464 | $137,439,075 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 59,005,657 | $553,661,166 | 42,693,193 | $335,594,213 | ||||
Total increase or decrease | + | 4,712,363 | (5,676,035) | 16,312,464 | 218,066,953 | |||
End of period2 | 63,718,020 | $547,985,131 | 59,005,657 | $553,661,166 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $7,176,164 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 10 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $10,613,135 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Fundamental US Large Company Index Fund | Schwab International Core Equity Fund |
Schwab Fundamental US Small Company Index Fund | Schwab Target 2010 Fund |
Schwab Fundamental International Large Company Index Fund | Schwab Target 2015 Fund |
Schwab Fundamental International Small Company Index Fund | Schwab Target 2020 Fund |
Schwab Fundamental Emerging Markets Large Company Index Fund | Schwab Target 2025 Fund |
Schwab Fundamental Global Real Estate Index Fund | Schwab Target 2030 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2035 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2040 Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2045 Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2050 Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2055 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2060 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 Core Equity Fund | Schwab Target 2050 Index Fund |
Schwab Dividend Equity Fund | Schwab Target 2055 Index Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2060 Index Fund |
Schwab Small-Cap Equity Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Hedged Equity Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Health Care Fund | Schwab ® Monthly Income Fund - Maximum Payout |
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% |
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 | 1.8% | 2.7% | 3.0% | 4.2% | 6.1% |
Schwab MarketTrack Balanced Portfolio | 0.9% | 1.3% | 1.1% | 1.6% | 2.3% |
Schwab MarketTrack Conservative Portfolio | 0.3% | 0.4% | 0.3% | 0.5% | 0.7% |
Schwab MarketTrack Growth Portfolio | 2.0% | 2.6% | 2.3% | 3.3% | 4.7% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab Fundamental US Large Company Index Fund | $260,788,382 | $29,393,140 |
Schwab Fundamental US Small Company Index Fund | 228,007,736 | 33,359,851 |
Schwab Fundamental International Large Company Index Fund | 29,723,083 | (1,619,824) |
Schwab Fundamental International Small Company Index Fund | 85,403,347 | 10,472,307 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 16,603,244 | 242,052 |
6. Borrowing from Banks:
7. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab Fundamental US Large Company Index Fund | $18,309,281 | 135 |
Schwab Fundamental US Small Company Index Fund | 8,832,719 | 111 |
Schwab Fundamental International Large Company Index Fund | 10,588,426 | 106 |
Schwab Fundamental International Small Company Index Fund | 7,053,690 | 70 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,681,854 | 48 |
8. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab Fundamental US Large Company Index Fund | $549,452,465 | $1,218,369,559 |
Schwab Fundamental US Small Company Index Fund | 682,407,421 | 549,941,595 |
Schwab Fundamental International Large Company Index Fund | 293,320,940 | 185,929,819 |
Schwab Fundamental International Small Company Index Fund | 331,261,445 | 209,248,364 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 155,468,834 | 108,351,804 |
Prior Period (11/1/16-10/31/17) | |
Schwab Fundamental US Large Company Index Fund | $31,673 |
Schwab Fundamental US Small Company Index Fund | 7,915 |
Schwab Fundamental International Large Company Index Fund | 3,741 |
Schwab Fundamental International Small Company Index Fund | 2,570 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 9,496 |
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 | $3,332,407,507 | $1,496,139,774 | $1,391,161,493 | $762,111,566 | $526,238,079 | ||||
Gross unrealized appreciation | $1,715,677,622 | $434,764,749 | $125,636,716 | $98,884,402 | $73,006,044 | ||||
Gross unrealized depreciation | (160,898,525) | (124,077,759) | (166,055,782) | (78,506,074) | (50,482,895) | ||||
Net unrealized appreciation (depreciation) | $1,554,779,097 | $310,686,990 | ($40,419,066) | $20,378,328 | $22,523,149 |
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 | $93,635,591 | $41,923,362 | $38,930,447 | $16,974,730 | $15,035,242 | ||||
Undistributed long-term capital gains | 268,939,371 | 107,992,481 | — | 21,383,318 | — | ||||
Net unrealized appreciation (depreciation) on investments | 1,554,779,097 | 310,686,990 | (40,419,066) | 20,378,328 | 22,523,149 | ||||
Net other unrealized appreciation (depreciation) | — | (8) | (84,285) | (19,543) | (318,869) | ||||
Total | $1,917,354,059 | $460,602,825 | ($1,572,904) | $58,716,833 | $37,239,522 |
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 | ||||
No expiration | $— | $— | $— | $— | $61,119,184 | ||||
Total | $— | $— | $— | $— | $61,119,184 |
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 | $— | $— | $571,307 | $— | $5,141,749 |
Capital losses expired | — | — | 20,377,170 | — | — |
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 | $121,146,529 | $35,855,525 | $37,237,239 | $22,939,959 | $13,342,949 |
Long-term capital gains | 55,961,880 | 79,427,222 | — | 6,162,693 | — |
Prior 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 | — | — | — |
11. Subsequent Events:
San Francisco, California
December 14, 2018
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 | 4,169,906 | 51,265,775 |
Schwab Fundamental International Small Company Index Fund | 2,088,164 | 23,557,706 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,944,956 | 22,082,090 |
Percentage | |
Schwab Fundamental US Large Company Index Fund | 100.00 |
Schwab Fundamental US Small Company Index Fund | 47.55 |
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 | $121,146,529 |
Schwab Fundamental US Small Company Index Fund | 18,201,011 |
Schwab Fundamental International Large Company Index Fund | 38,280,711 |
Schwab Fundamental International Small Company Index Fund | 14,271,595 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 11,309,486 |
Schwab Fundamental US Large Company Index Fund | $55,961,880 |
Schwab Fundamental US Small Company Index Fund | 79,427,222 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | 6,162,693 |
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
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Table of Contents
All Equity Portfolio™
Growth Portfolio™
Balanced Portfolio™
Conservative Portfolio™
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab MarketTrack All Equity Portfolio (Ticker Symbol: SWEGX) | 1.10% |
All Equity Composite Index | 1.72% |
Fund Category: Morningstar Allocation—85%+ Equity1 | 0.21% |
Performance Details | pages 8-10 |
Schwab MarketTrack Growth Portfolio (Ticker Symbol: SWHGX) | 1.28% |
Growth Composite Index | 1.80% |
Fund Category: Morningstar Allocation—70% to 85% Equity1 | 0.04% |
Performance Details | pages 11-13 |
Schwab MarketTrack Balanced Portfolio (Ticker Symbol: SWBGX) | 0.44% |
Balanced Composite Index | 0.94% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 0.34% |
Performance Details | pages 14-16 |
Schwab MarketTrack Conservative Portfolio (Ticker Symbol: SWCGX) | -0.49% |
Conservative Composite Index | 0.05% |
Fund Category: Morningstar Allocation—30% to 50% Equity1 | -1.08% |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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. |
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack All Equity Portfolio (5/19/98) | 1.10% | 7.26% | 10.77% |
All Equity Composite Index | 1.72% | 7.90% | 11.34% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Fund Category: Morningstar Allocation—85%+ Equity2 | 0.21% | 6.25% | 10.33% |
Fund Expense Ratio3: 0.53% |
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 0.13% of acquired fund fees and expenses, which are based on estimated amounts for the current fiscal year and are indirect expenses incurred by the fund 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. |
Number of Holdings | 9 |
Portfolio Turnover Rate | 5% |
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. |
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Growth Portfolio (11/20/95) | 1.28% | 6.44% | 9.56% |
Growth Composite Index | 1.80% | 7.03% | 10.07% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Allocation—70% to 85% Equity2 | 0.04% | 5.48% | 9.23% |
Fund Expense Ratio3: 0.52% |
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 0.12% of acquired fund fees and expenses, which are based on estimated amounts for the current fiscal year and are indirect expenses incurred by the fund 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. |
Number of Holdings | 11 |
Portfolio Turnover Rate | 7% |
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. |
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Balanced Portfolio (11/20/95) | 0.44% | 5.18% | 7.98% |
Balanced Composite Index | 0.94% | 5.77% | 8.60% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 0.34% | 5.03% | 8.56% |
Fund Expense Ratio3: 0.50% |
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 0.10% of acquired fund fees and expenses, which are based on estimated amounts for the current fiscal year and are indirect expenses incurred by the fund 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. |
Number of Holdings | 11 |
Portfolio Turnover Rate | 8% |
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. |
Portfolio and Inception Date | 1 Year | 5 Years | 10 Years |
Portfolio: Schwab MarketTrack Conservative Portfolio (11/20/95) | -0.49% | 3.84% | 6.30% |
Conservative Composite Index | 0.05% | 4.47% | 7.05% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Allocation—30% to 50% Equity2 | -1.08% | 3.37% | 6.87% |
Fund Expense Ratio3: 0.50% |
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 0.08% of acquired fund fees and expenses, which are based on estimated amounts for the current fiscal year and are indirect expenses incurred by the fund 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. |
Number of Holdings | 11 |
Portfolio Turnover Rate | 9% |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182,5 | Effective Expenses Paid During Period 5/1/18-10/31/184,5 | |
Schwab MarketTrack All Equity Portfolio | ||||||
Actual Return | 0.39% | 0.52% | $1,000.00 | $ 976.60 | $1.94 | $2.59 |
Hypothetical 5% Return | 0.39% | 0.52% | $1,000.00 | $1,023.23 | $1.99 | $2.65 |
Schwab MarketTrack Growth Portfolio | ||||||
Actual Return | 0.39% | 0.51% | $1,000.00 | $ 986.90 | $1.95 | $2.55 |
Hypothetical 5% Return | 0.39% | 0.51% | $1,000.00 | $1,023.23 | $1.99 | $2.60 |
Schwab MarketTrack Balanced Portfolio | ||||||
Actual Return | 0.39% | 0.49% | $1,000.00 | $ 989.70 | $1.96 | $2.46 |
Hypothetical 5% Return | 0.39% | 0.49% | $1,000.00 | $1,023.23 | $1.99 | $2.50 |
Schwab MarketTrack Conservative Portfolio | ||||||
Actual Return | 0.41% | 0.49% | $1,000.00 | $ 992.00 | $2.06 | $2.46 |
Hypothetical 5% Return | 0.41% | 0.49% | $1,000.00 | $1,023.13 | $2.09 | $2.50 |
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. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.76 | $15.90 | $17.00 | $17.17 | $15.99 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.28 1 | 0.27 1 | 0.27 1 | 0.29 1 | 0.21 | |
Net realized and unrealized gains (losses) | (0.05) | 3.33 | 0.31 | (0.23) | 1.24 | |
Total from investment operations | 0.23 | 3.60 | 0.58 | 0.06 | 1.45 | |
Less distributions: | ||||||
Distributions from net investment income | (0.33) | (0.30) | (0.53) | (0.23) | (0.27) | |
Distributions from net realized gains | (0.33) | (0.44) | (1.15) | — | — | |
Total distributions | (0.66) | (0.74) | (1.68) | (0.23) | (0.27) | |
Net asset value at end of period | $18.33 | $18.76 | $15.90 | $17.00 | $17.17 | |
Total return | 1.10% | 23.33% | 3.99% | 0.36% | 9.12% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.39% | 0.40% | 0.41% | 0.42% 3 | 0.50% | |
Gross operating expenses2 | 0.39% | 0.40% | 0.42% | 0.43% 3 | 0.51% | |
Net investment income (loss) | 1.46% | 1.56% | 1.73% | 1.67% | 1.24% | |
Portfolio turnover rate | 5% | 5% | 6% | 42% 4 | 9% | |
Net assets, end of period (x 1,000,000) | $660 | $662 | $553 | $578 | $621 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.5% of net assets | ||
Equity Funds 99.5% | ||
International 29.9% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,903,786 | 33,572,556 |
Schwab Fundamental International Large Company Index Fund | 4,582,326 | 39,820,414 |
Schwab Fundamental International Small Company Index Fund | 2,544,462 | 32,238,329 |
Schwab International Index Fund | 4,820,686 | 91,593,031 |
197,224,330 | ||
Large-Cap 45.2% | ||
Schwab Fundamental US Large Company Index Fund | 5,163,140 | 90,200,058 |
Schwab S&P 500 Index Fund | 4,912,826 | 208,352,966 |
298,553,024 | ||
Small-Cap 24.4% | ||
Schwab Fundamental US Small Company Index Fund | 3,328,879 | 48,867,947 |
Schwab Small-Cap Index Fund | 3,679,859 | 112,162,092 |
161,030,039 | ||
Total Affiliated Underlying Funds | ||
(Cost $422,871,007) | 656,807,393 |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.5% of net assets | ||
Time Deposit 0.5% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (a) | 2,886,510 | 2,886,510 |
Total Short-Term Investment | ||
(Cost $2,886,510) | 2,886,510 |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Balance of Shares Held at 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,564,913 | 338,873 | ��� | 3,903,786 | ($2,913,570) | $— | $797,246 |
Schwab Fundamental International Large Company Index Fund | 4,208,898 | 404,580 | (31,152) | 4,582,326 | (3,852,697) | 5,607 | 1,082,529 |
Schwab Fundamental International Small Company Index Fund | 2,300,700 | 243,762 | — | 2,544,462 | (4,739,299) | — | 1,253,421 |
Schwab Fundamental US Large Company Index Fund | 5,188,750 | 170,402 | (196,012) | 5,163,140 | 2,956,463 | 146,181 | 2,939,427 |
Schwab Fundamental US Small Company Index Fund | 3,215,044 | 220,611 | (106,776) | 3,328,879 | (2,126,740) | 155,465 | 3,304,744 |
Schwab International Index Fund | 4,325,353 | 495,333 | — | 4,820,686 | (9,497,747) | — | 2,445,122 |
Schwab S&P 500 Index Fund | 5,208,977 | 91,603 | (387,754) | 4,912,826 | 5,103,724 | 6,738,016 | 3,794,176 |
Schwab Small-Cap Index Fund | 3,666,070 | 294,919 | (281,130) | 3,679,859 | (3,751,827) | 894,327 | 5,861,770 |
Total | ($18,821,693) | $7,939,596 | $21,478,435 |
* | 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 | $656,807,393 | $— | $— | $656,807,393 | |
Short-Term Investment1 | — | 2,886,510 | — | 2,886,510 | |
Total | $656,807,393 | $2,886,510 | $— | $659,693,903 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $422,871,007) | $656,807,393 | |
Investments in unaffiliated issuers, at value (cost $2,886,510) | 2,886,510 | |
Receivables: | ||
Investments sold | 2,600,000 | |
Fund shares sold | 752,671 | |
Interest | 123 | |
Prepaid expenses | + | 14,511 |
Total assets | 663,061,208 | |
Liabilities | ||
Payables: | ||
Investments bought | 2,420,000 | |
Investment adviser and administrator fees | 75,214 | |
Shareholder service fees | 139,241 | |
Fund shares redeemed | 485,376 | |
Accrued expenses | + | 57,909 |
Total liabilities | 3,177,740 | |
Net Assets | ||
Total assets | 663,061,208 | |
Total liabilities | – | 3,177,740 |
Net assets | $659,883,468 | |
Net Assets by Source | ||
Capital received from investors | 418,674,263 | |
Total distributable earnings1 | 241,209,205 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$659,883,468 | 35,998,143 | $18.33 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $12,796,451 | |
Interest | + | 28,972 |
Total investment income | 12,825,423 | |
Expenses | ||
Investment adviser and administrator fees | 903,023 | |
Shareholder service fees | 1,666,948 | |
Shareholder reports | 53,030 | |
Registration fees | 29,291 | |
Transfer agent fees | 22,551 | |
Professional fees | 22,356 | |
Portfolio accounting fees | 21,967 | |
Independent trustees’ fees | 10,900 | |
Custodian fees | 339 | |
Other expenses | + | 10,378 |
Total expenses | 2,740,783 | |
Expense reduction by CSIM and its affiliates | – | 22,551 |
Net expenses | – | 2,718,232 |
Net investment income | 10,107,191 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 8,681,984 | |
Net realized gains on sales of affiliated underlying funds | + | 7,939,596 |
Net realized gains | 16,621,580 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | (18,821,693) |
Net realized and unrealized losses | (2,200,113) | |
Increase in net assets resulting from operations | $7,907,078 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $10,107,191 | $9,548,422 | ||
Net realized gains | 16,621,580 | 12,100,218 | ||
Net change in unrealized appreciation (depreciation) | + | (18,821,693) | 105,338,336 | |
Increase in net assets from operations | 7,907,078 | 126,986,976 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($23,113,418) | ($25,385,866) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,946,287 | $75,536,801 | 3,389,094 | $58,388,000 | ||||
Shares reinvested | 1,116,238 | 21,029,930 | 1,434,727 | 23,299,953 | ||||
Shares redeemed | + | (4,340,184) | (83,234,422) | (4,337,281) | (74,592,117) | |||
Net transactions in fund shares | 722,341 | $13,332,309 | 486,540 | $7,095,836 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 35,275,802 | $661,757,499 | 34,789,262 | $553,060,553 | ||||
Total increase or decrease | + | 722,341 | (1,874,031) | 486,540 | 108,696,946 | |||
End of period2 | 35,998,143 | $659,883,468 | 35,275,802 | $661,757,499 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $10,329,088 from net investment income and $15,056,778 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $3,597,922 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $23.47 | $20.54 | $22.68 | $23.20 | $21.67 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.37 1 | 0.34 1 | 0.32 1 | 0.34 1 | 0.27 | |
Net realized and unrealized gains (losses) | (0.04) | 3.37 | 0.41 | (0.12) | 1.57 | |
Total from investment operations | 0.33 | 3.71 | 0.73 | 0.22 | 1.84 | |
Less distributions: | ||||||
Distributions from net investment income | (0.40) | (0.36) | (0.39) | (0.35) | (0.31) | |
Distributions from net realized gains | (0.73) | (0.42) | (2.48) | (0.39) | — | |
Total distributions | (1.13) | (0.78) | (2.87) | (0.74) | (0.31) | |
Net asset value at end of period | $22.67 | $23.47 | $20.54 | $22.68 | $23.20 | |
Total return | 1.28% | 18.52% | 3.88% | 0.95% | 8.55% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.39% | 0.40% | 0.41% | 0.42% 3 | 0.50% | |
Gross operating expenses2 | 0.39% | 0.40% | 0.41% | 0.42% 3 | 0.51% | |
Net investment income (loss) | 1.59% | 1.57% | 1.61% | 1.50% | 1.20% | |
Portfolio turnover rate | 7% | 20% 4 | 12% | 36% 5 | 7% | |
Net assets, end of period (x 1,000,000) | $783 | $804 | $707 | $716 | $734 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.8% of net assets | ||
Equity Funds 79.6% | ||
International 19.7% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,995,953 | 25,765,192 |
Schwab Fundamental International Large Company Index Fund | 3,540,993 | 30,771,226 |
Schwab Fundamental International Small Company Index Fund | 1,963,467 | 24,877,126 |
Schwab International Index Fund | 3,819,729 | 72,574,847 |
153,988,391 | ||
Large-Cap 40.3% | ||
Schwab Fundamental US Large Company Index Fund | 5,471,532 | 95,587,664 |
Schwab S&P 500 Index Fund | 5,192,195 | 220,200,992 |
315,788,656 | ||
Small-Cap 19.6% | ||
Schwab Fundamental US Small Company Index Fund | 3,194,165 | 46,890,348 |
Schwab Small-Cap Index Fund | 3,489,463 | 106,358,837 |
153,249,185 | ||
623,026,232 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Fund 15.5% | ||
Intermediate-Term Bond 15.5% | ||
Schwab U.S. Aggregate Bond Index Fund | 12,664,480 | 121,579,007 |
Money Market Fund 4.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 36,847,571 | 36,854,941 |
Total Affiliated Underlying Funds | ||
(Cost $506,509,811) | 781,460,180 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
BNP Paribas | ||
1.54%, 11/01/18 (b) | 1,990,491 | 1,990,491 |
Total Short-Term Investment | ||
(Cost $1,990,491) | 1,990,491 |
(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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 2,992,419 | 228,269 | (224,735) | 2,995,953 | ($2,541,414) | $468,499 | $669,215 |
Schwab Fundamental International Large Company Index Fund | 3,456,821 | 191,172 | (107,000) | 3,540,993 | (3,038,348) | 77,836 | 889,094 |
Schwab Fundamental International Small Company Index Fund | 1,895,943 | 100,997 | (33,473) | 1,963,467 | (3,720,302) | 1,674 | 1,032,910 |
Schwab Fundamental US Large Company Index Fund | 5,707,679 | 185,229 | (421,376) | 5,471,532 | 2,788,589 | 731,170 | 3,195,202 |
Schwab Fundamental US Small Company Index Fund | 3,163,808 | 217,095 | (186,738) | 3,194,165 | (2,033,944) | (7,321) | 3,252,078 |
Schwab International Index Fund | 3,627,507 | 390,705 | (198,483) | 3,819,729 | (8,183,766) | 774,050 | 2,050,630 |
Schwab S&P 500 Index Fund | 5,592,380 | 98,555 | (498,740) | 5,192,195 | (513,846) | 13,451,704 | 4,082,128 |
Schwab Small-Cap Index Fund | 3,576,510 | 237,891 | (324,938) | 3,489,463 | (4,518,137) | 1,653,378 | 5,642,367 |
Schwab U.S. Aggregate Bond Index Fund | 11,592,820 | 1,395,930 | (324,270) | 12,664,480 | (5,806,802) | (86,931) | 3,267,344 |
Schwab Variable Share Price Money Fund, Ultra Shares | 23,322,991 | 13,524,580 | — | 36,847,571 | (2,258) | — | 553,177 |
Total | ($27,570,228) | $17,064,059 | $24,634,145 |
* | 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 | $781,460,180 | $— | $— | $781,460,180 | |
Short-Term Investment1 | — | 1,990,491 | — | 1,990,491 | |
Total | $781,460,180 | $1,990,491 | $— | $783,450,671 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $506,509,811) | $781,460,180 | |
Investments in unaffiliated issuers, at value (cost $1,990,491) | 1,990,491 | |
Receivables: | ||
Dividends | 337,062 | |
Fund shares sold | 246,828 | |
Interest | 85 | |
Prepaid expenses | + | 21,055 |
Total assets | 784,055,701 | |
Liabilities | ||
Payables: | ||
Investments bought | 299,550 | |
Investment adviser and administrator fees | 88,674 | |
Shareholder service fees | 166,186 | |
Fund shares redeemed | 599,422 | |
Accrued expenses | + | 58,468 |
Total liabilities | 1,212,300 | |
Net Assets | ||
Total assets | 784,055,701 | |
Total liabilities | – | 1,212,300 |
Net assets | $782,843,401 | |
Net Assets by Source | ||
Capital received from investors | 483,103,225 | |
Total distributable earnings1 | 299,740,176 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$782,843,401 | 34,534,501 | $22.67 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $16,144,230 | |
Interest | + | 78,636 |
Total investment income | 16,222,866 | |
Expenses | ||
Investment adviser and administrator fees | 1,066,730 | |
Shareholder service fees | 1,991,141 | |
Shareholder reports | 50,266 | |
Registration fees | 32,243 | |
Professional fees | 28,575 | |
Portfolio accounting fees | 23,525 | |
Transfer agent fees | 21,019 | |
Independent trustees’ fees | 11,554 | |
Custodian fees | 540 | |
Other expenses | + | 11,901 |
Total expenses | 3,237,494 | |
Expense reduction by CSIM and its affiliates | – | 21,019 |
Net expenses | – | 3,216,475 |
Net investment income | 13,006,391 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 8,489,915 | |
Net realized gains on sales of affiliated underlying funds | + | 17,064,059 |
Net realized gains | 25,553,974 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | (27,570,228) |
Net realized and unrealized losses | (2,016,254) | |
Increase in net assets resulting from operations | $10,990,137 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $13,006,391 | $11,979,615 | ||
Net realized gains | 25,553,974 | 28,333,644 | ||
Net change in unrealized appreciation (depreciation) | + | (27,570,228) | 88,438,706 | |
Increase in net assets from operations | 10,990,137 | 128,751,965 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($38,389,944) | ($26,557,548) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,428,769 | $80,690,535 | 3,602,336 | $78,603,931 | ||||
Shares reinvested | 1,546,820 | 35,762,481 | 1,199,044 | 25,000,064 | ||||
Shares redeemed | + | (4,688,229) | (110,009,491) | (4,968,874) | (108,818,326) | |||
Net transactions in fund shares | 287,360 | $6,443,525 | (167,494) | ($5,214,331) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 34,247,141 | $803,799,683 | 34,414,635 | $706,819,597 | ||||
Total increase or decrease | + | 287,360 | (20,956,282) | (167,494) | 96,980,086 | |||
End of period2 | 34,534,501 | $782,843,401 | 34,247,141 | $803,799,683 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $12,313,667 from net investment income and $14,243,881 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $245,714 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $19.12 | $17.35 | $19.07 | $19.50 | $18.55 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.34 1 | 0.30 1 | 0.27 1 | 0.29 1 | 0.26 | |
Net realized and unrealized gains (losses) | (0.24) | 2.02 | 0.35 | (0.08) | 1.08 | |
Total from investment operations | 0.10 | 2.32 | 0.62 | 0.21 | 1.34 | |
Less distributions: | ||||||
Distributions from net investment income | (0.33) | (0.30) | (0.33) | (0.30) | (0.27) | |
Distributions from net realized gains | (0.65) | (0.25) | (2.01) | (0.34) | (0.12) | |
Total distributions | (0.98) | (0.55) | (2.34) | (0.64) | (0.39) | |
Net asset value at end of period | $18.24 | $19.12 | $17.35 | $19.07 | $19.50 | |
Total return | 0.44% | 13.71% | 3.92% | 1.10% | 7.28% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.40% | 0.41% | 0.42% 3 | 0.50% | |
Gross operating expenses2 | 0.40% | 0.40% | 0.41% | 0.42% 3 | 0.51% | |
Net investment income (loss) | 1.79% | 1.67% | 1.60% | 1.51% | 1.30% | |
Portfolio turnover rate | 8% | 46% 4 | 15% | 36% 5 | 16% | |
Net assets, end of period (x 1,000,000) | $515 | $551 | $516 | $512 | $522 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.7% of net assets | ||
Equity Funds 59.4% | ||
International 14.7% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 1,459,879 | 12,554,961 |
Schwab Fundamental International Large Company Index Fund | 1,758,929 | 15,285,089 |
Schwab Fundamental International Small Company Index Fund | 993,051 | 12,581,961 |
Schwab International Index Fund | 1,854,204 | 35,229,878 |
75,651,889 | ||
Large-Cap 29.8% | ||
Schwab Fundamental US Large Company Index Fund | 2,620,796 | 45,785,310 |
Schwab S&P 500 Index Fund | 2,541,650 | 107,791,367 |
153,576,677 | ||
Small-Cap 14.9% | ||
Schwab Fundamental US Small Company Index Fund | 1,563,003 | 22,944,882 |
Schwab Small-Cap Index Fund | 1,754,114 | 53,465,395 |
76,410,277 | ||
305,638,843 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Fund 35.6% | ||
Intermediate-Term Bond 35.6% | ||
Schwab U.S. Aggregate Bond Index Fund | 19,104,719 | 183,405,301 |
Money Market Fund 4.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 24,004,500 | 24,009,301 |
Total Affiliated Underlying Funds | ||
(Cost $381,980,331) | 513,053,445 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 1,421,395 | 1,421,395 |
Total Short-Term Investment | ||
(Cost $1,421,395) | 1,421,395 |
(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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 1,578,352 | 95,162 | (213,635) | 1,459,879 | ($1,389,594) | $393,737 | $345,878 |
Schwab Fundamental International Large Company Index Fund | 1,788,391 | 114,035 | (143,497) | 1,758,929 | (1,637,366) | 153,347 | 459,974 |
Schwab Fundamental International Small Company Index Fund | 994,140 | 81,333 | (82,422) | 993,051 | (1,879,253) | 36,234 | 530,421 |
Schwab Fundamental US Large Company Index Fund | 2,931,715 | 93,971 | (404,890) | 2,620,796 | 974,096 | 933,543 | 1,621,000 |
Schwab Fundamental US Small Company Index Fund | 1,622,017 | 111,300 | (170,314) | 1,563,003 | (1,151,398) | 209,707 | 1,667,271 |
Schwab International Index Fund | 1,861,986 | 127,206 | (134,988) | 1,854,204 | (4,409,256) | 816,219 | 1,052,581 |
Schwab S&P 500 Index Fund | 2,874,606 | 117,645 | (450,601) | 2,541,650 | (5,791,357) | 12,487,879 | 2,069,776 |
Schwab Small-Cap Index Fund | 1,844,746 | 177,307 | (267,939) | 1,754,114 | (4,658,315) | 3,288,482 | 2,847,981 |
Schwab U.S. Aggregate Bond Index Fund | 18,904,130 | 1,612,821 | (1,412,232) | 19,104,719 | (8,845,363) | (364,686) | 5,081,304 |
Schwab Variable Share Price Money Fund, Ultra Shares | 15,958,138 | 8,046,362 | — | 24,004,500 | (1,583) | — | 364,495 |
Total | ($28,789,389) | $17,954,462 | $16,040,681 |
* | 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 | $513,053,445 | $— | $— | $513,053,445 | |
Short-Term Investment1 | — | 1,421,395 | — | 1,421,395 | |
Total | $513,053,445 | $1,421,395 | $— | $514,474,840 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $381,980,331) | $513,053,445 | |
Investments in unaffiliated issuers, at value (cost $1,421,395) | 1,421,395 | |
Receivables: | ||
Investments sold | 380,000 | |
Dividends | 482,762 | |
Fund shares sold | 132,202 | |
Interest | 61 | |
Prepaid expenses | + | 19,711 |
Total assets | 515,489,576 | |
Liabilities | ||
Payables: | ||
Investments bought | 498,354 | |
Investment adviser and administrator fees | 57,844 | |
Shareholder service fees | 108,409 | |
Fund shares redeemed | 79,766 | |
Accrued expenses | + | 44,171 |
Total liabilities | 788,544 | |
Net Assets | ||
Total assets | 515,489,576 | |
Total liabilities | – | 788,544 |
Net assets | $514,701,032 | |
Net Assets by Source | ||
Capital received from investors | 362,139,650 | |
Total distributable earnings1 | 152,561,382 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$514,701,032 | 28,224,863 | $18.24 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $11,728,376 | |
Interest | + | 51,593 |
Total investment income | 11,779,969 | |
Expenses | ||
Investment adviser and administrator fees | 701,437 | |
Shareholder service fees | 1,304,500 | |
Registration fees | 33,621 | |
Shareholder reports | 29,419 | |
Professional fees | 21,925 | |
Portfolio accounting fees | 20,104 | |
Transfer agent fees | 12,483 | |
Independent trustees’ fees | 10,147 | |
Custodian fees | 1,334 | |
Other expenses | + | 8,853 |
Total expenses | 2,143,823 | |
Expense reduction by CSIM and its affiliates | – | 12,483 |
Net expenses | – | 2,131,340 |
Net investment income | 9,648,629 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 4,312,305 | |
Net realized gains on sales of affiliated underlying funds | + | 17,954,462 |
Net realized gains | 22,266,767 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | (28,789,389) |
Net realized and unrealized losses | (6,522,622) | |
Increase in net assets resulting from operations | $3,126,007 |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $9,648,629 | $8,856,252 | ||
Net realized gains | 22,266,767 | 24,295,633 | ||
Net change in unrealized appreciation (depreciation) | + | (28,789,389) | 34,890,699 | |
Increase in net assets from operations | 3,126,007 | 68,042,584 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($28,242,157) | ($16,045,845) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,005,169 | $75,494,664 | 5,303,698 | $95,646,704 | ||||
Shares reinvested | 1,397,751 | 26,012,148 | 851,062 | 14,782,939 | ||||
Shares redeemed | + | (6,003,515) | (112,809,619) | (7,062,344) | (127,155,645) | |||
Net transactions in fund shares | (600,595) | ($11,302,807) | (907,584) | ($16,726,002) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 28,825,458 | $551,119,989 | 29,733,042 | $515,849,252 | ||||
Total increase or decrease | + | (600,595) | (36,418,957) | (907,584) | 35,270,737 | |||
End of period2 | 28,224,863 | $514,701,032 | 28,825,458 | $551,119,989 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $8,666,441 from net investment income and $7,379,404 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $2,162,663 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.27 | $15.31 | $15.94 | $16.00 | $15.34 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.31 1 | 0.27 1 | 0.24 1 | 0.25 1 | 0.23 | |
Net realized and unrealized gains (losses) | (0.38) | 1.09 | 0.30 | (0.05) | 0.67 | |
Total from investment operations | (0.07) | 1.36 | 0.54 | 0.20 | 0.90 | |
Less distributions: | ||||||
Distributions from net investment income | (0.32) | (0.28) | (0.27) | (0.26) | (0.24) | |
Distributions from net realized gains | (0.25) | (0.12) | (0.90) | — | — | |
Total distributions | (0.57) | (0.40) | (1.17) | (0.26) | (0.24) | |
Net asset value at end of period | $15.63 | $16.27 | $15.31 | $15.94 | $16.00 | |
Total return | (0.49%) | 9.07% | 3.68% | 1.23% | 5.95% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.41% | 0.42% | 0.43% | 0.43% 3 | 0.50% | |
Gross operating expenses2 | 0.41% | 0.42% | 0.44% | 0.44% 3 | 0.54% | |
Net investment income (loss) | 1.93% | 1.71% | 1.61% | 1.54% | 1.43% | |
Portfolio turnover rate | 9% | 74% 4 | 10% | 24% 5 | 9% | |
Net assets, end of period (x 1,000,000) | $239 | $251 | $238 | $228 | $223 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 99.7% of net assets | ||
Equity Funds 39.8% | ||
International 9.9% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 477,378 | 4,105,451 |
Schwab Fundamental International Large Company Index Fund | 522,044 | 4,536,567 |
Schwab Fundamental International Small Company Index Fund | 299,478 | 3,794,384 |
Schwab International Index Fund | 588,443 | 11,180,413 |
23,616,815 | ||
Large-Cap 20.1% | ||
Schwab Fundamental US Large Company Index Fund | 813,992 | 14,220,447 |
Schwab S&P 500 Index Fund | 796,841 | 33,794,023 |
48,014,470 | ||
Small-Cap 9.8% | ||
Schwab Fundamental US Small Company Index Fund | 487,427 | 7,155,427 |
Schwab Small-Cap Index Fund | 539,230 | 16,435,724 |
23,591,151 | ||
95,222,436 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Fund 55.2% | ||
Intermediate-Term Bond 55.2% | ||
Schwab U.S. Aggregate Bond Index Fund | 13,747,625 | 131,977,198 |
Money Market Fund 4.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 11,126,324 | 11,128,550 |
Total Affiliated Underlying Funds | ||
(Cost $200,367,164) | 238,328,184 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Citibank | ||
1.54%, 11/01/18 (b) | 623,691 | 623,691 |
Total Short-Term Investment | ||
(Cost $623,691) | 623,691 |
(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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | 497,404 | 61,462 | (81,488) | 477,378 | ($450,343) | $114,171 | $110,974 |
Schwab Fundamental International Large Company Index Fund | 553,720 | 15,071 | (46,747) | 522,044 | (498,689) | 74,814 | 142,417 |
Schwab Fundamental International Small Company Index Fund | 310,725 | 11,846 | (23,093) | 299,478 | (662,074) | 86,810 | 169,283 |
Schwab Fundamental US Large Company Index Fund | 882,928 | 45,855 | (114,791) | 813,992 | 366,719 | 198,340 | 492,733 |
Schwab Fundamental US Small Company Index Fund | 488,990 | 66,273 | (67,836) | 487,427 | (378,449) | 129,922 | 502,633 |
Schwab International Index Fund | 573,435 | 47,481 | (32,473) | 588,443 | (1,251,353) | 159,734 | 324,163 |
Schwab S&P 500 Index Fund | 871,251 | 44,743 | (119,153) | 796,841 | (1,164,242) | 3,186,521 | 629,898 |
Schwab Small-Cap Index Fund | 558,240 | 72,342 | (91,352) | 539,230 | (1,455,025) | 1,135,754 | 868,351 |
Schwab U.S. Aggregate Bond Index Fund | 13,618,908 | 1,213,567 | (1,084,850) | 13,747,625 | (6,354,865) | (302,319) | 3,710,307 |
Schwab Variable Share Price Money Fund, Ultra Shares | 7,863,007 | 3,263,317 | — | 11,126,324 | (804) | — | 171,421 |
Total | ($11,849,125) | $4,783,747 | $7,122,180 |
* | 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 | $238,328,184 | $— | $— | $238,328,184 | |
Short-Term Investment1 | — | 623,691 | — | 623,691 | |
Total | $238,328,184 | $623,691 | $— | $238,951,875 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $200,367,164) | $238,328,184 | |
Investments in unaffiliated issuers, at value (cost $623,691) | 623,691 | |
Receivables: | ||
Fund shares sold | 661,269 | |
Dividends | 343,127 | |
Interest | 27 | |
Prepaid expenses | + | 15,236 |
Total assets | 239,971,534 | |
Liabilities | ||
Payables: | ||
Investments bought | 331,827 | |
Investment adviser and administrator fees | 26,740 | |
Shareholder service fees | 50,433 | |
Fund shares redeemed | 460,404 | |
Accrued expenses | + | 33,886 |
Total liabilities | 903,290 | |
Net Assets | ||
Total assets | 239,971,534 | |
Total liabilities | – | 903,290 |
Net assets | $239,068,244 | |
Net Assets by Source | ||
Capital received from investors | 196,343,743 | |
Total distributable earnings1 | 42,724,501 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$239,068,244 | 15,296,936 | $15.63 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $5,809,636 | |
Interest | + | 22,879 |
Total investment income | 5,832,515 | |
Expenses | ||
Investment adviser and administrator fees | 323,842 | |
Shareholder service fees | 610,177 | |
Registration fees | 26,594 | |
Professional fees | 19,961 | |
Portfolio accounting fees | 16,533 | |
Shareholder reports | 14,160 | |
Independent trustees’ fees | 8,666 | |
Transfer agent fees | 6,058 | |
Custodian fees | 1,784 | |
Other expenses | + | 5,649 |
Total expenses | 1,033,424 | |
Expense reduction by CSIM and its affiliates | – | 6,058 |
Net expenses | – | 1,027,366 |
Net investment income | 4,805,149 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,312,544 | |
Net realized gains on sales of affiliated underlying funds | + | 4,783,747 |
Net realized gains | 6,096,291 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | (11,849,125) |
Net realized and unrealized losses | (5,752,834) | |
Decrease in net assets resulting from operations | ($947,685) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $4,805,149 | $4,265,923 | ||
Net realized gains | 6,096,291 | 9,439,934 | ||
Net change in unrealized appreciation (depreciation) | + | (11,849,125) | 7,979,457 | |
Increase (decrease) in net assets from operations | (947,685) | 21,685,314 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($8,820,697) | ($6,233,505) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,934,247 | $47,195,181 | 4,595,789 | $72,046,804 | ||||
Shares reinvested | 488,168 | 7,849,293 | 364,367 | 5,611,415 | ||||
Shares redeemed | + | (3,570,193) | (57,467,990) | (5,057,806) | (79,839,038) | |||
Net transactions in fund shares | (147,778) | ($2,423,516) | (97,650) | ($2,180,819) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 15,444,714 | $251,260,142 | 15,542,364 | $237,989,152 | ||||
Total increase or decrease | + | (147,778) | (12,191,898) | (97,650) | 13,270,990 | |||
End of period2 | 15,296,936 | $239,068,244 | 15,444,714 | $251,260,142 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $4,357,981 from net investment income and $1,875,524 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $208,749 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab MarketTrack All Equity Portfolio | Schwab Target 2035 Fund |
Schwab MarketTrack Growth Portfolio | Schwab Target 2040 Fund |
Schwab MarketTrack Balanced Portfolio | Schwab Target 2045 Fund |
Schwab MarketTrack Conservative Portfolio | 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 U.S. Large-Cap Growth Index Fund | Schwab Fundamental US Small Company Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental International Large Company Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental International Small Company Index Fund |
Schwab International Index Fund® | 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 Balanced Fund | Schwab Target 2015 Index Fund |
Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
Schwab Hedged Equity Fund | Schwab Target 2040 Index Fund |
Schwab Health Care Fund | Schwab Target 2045 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2050 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2020 Fund | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Target 2025 Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Target 2030 Fund | Schwab ® Monthly Income Fund - Maximum Payout |
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 | 6.1% | 4.7% | 2.3% | 0.7% |
Schwab Fundamental International Large Company Index Fund | 3.0% | 2.3% | 1.1% | 0.3% |
Schwab Fundamental International Small Company Index Fund | 4.2% | 3.3% | 1.6% | 0.5% |
Schwab Fundamental US Large Company Index Fund | 1.8% | 2.0% | 0.9% | 0.3% |
Schwab Fundamental US Small Company Index Fund | 2.7% | 2.6% | 1.3% | 0.4% |
Schwab International Index Fund | 2.1% | 1.7% | 0.8% | 0.3% |
Schwab S&P 500 Index Fund | 0.6% | 0.6% | 0.3% | 0.1% |
Schwab Small-Cap Index Fund | 2.9% | 2.7% | 1.4% | 0.4% |
Schwab U.S. Aggregate Bond Index Fund | —% | 6.0% | 9.0% | 6.5% |
Schwab Variable Share Price Money Fund, Ultra Shares | —% | 1.1% | 0.7% | 0.3% |
5. Board of Trustees:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab MarketTrack All Equity Portfolio | $39,598,345 | $31,710,000 |
Schwab MarketTrack Growth Portfolio | 58,457,951 | 53,950,000 |
Schwab MarketTrack Balanced Portfolio | 43,224,562 | 59,380,000 |
Schwab MarketTrack Conservative Portfolio | 22,855,232 | 24,148,000 |
8. Redemption Fee:
Prior Period (11/1/16-10/31/17) | |
Schwab MarketTrack All Equity Portfolio | $2,773 |
Schwab MarketTrack Growth Portfolio | 2,553 |
Schwab MarketTrack Balanced Portfolio | 9,511 |
Schwab MarketTrack Conservative Portfolio | 4,202 |
9. Federal Income Taxes:
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Tax cost | $437,090,824 | $509,001,978 | $386,631,353 | $202,617,280 | |||
Gross unrealized appreciation | $222,603,079 | $280,123,229 | $136,416,225 | $42,434,725 | |||
Gross unrealized depreciation | — | (5,674,536) | (8,572,738) | (6,100,130) | |||
Net unrealized appreciation (depreciation) | $222,603,079 | $274,448,693 | $127,843,487 | $36,334,595 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Undistributed ordinary income | $4,246,278 | $1,586,426 | $2,946,858 | $396,333 | |||
Undistributed long-term capital gains | 14,359,848 | 23,705,057 | 21,771,037 | 5,993,573 | |||
Net unrealized appreciation (depreciation) on investments | 222,603,079 | 274,448,693 | 127,843,487 | 36,334,595 | |||
Total | $241,209,205 | $299,740,176 | $152,561,382 | $42,724,501 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | |
Current period distributions | ||||
Ordinary income | $12,462,529 | $14,646,230 | $10,354,405 | $5,603,095 |
Long-term capital gains | 10,650,889 | 23,743,714 | 17,887,752 | 3,217,602 |
Prior 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 |
10. Subsequent Events:
San Francisco, California
December 14, 2018
Foreign Tax Credit | Foreign Source Income | |
Schwab MarketTrack All Equity Portfolio | $651,441 | $5,223,861 |
Schwab MarketTrack Growth Portfolio | 543,118 | 4,349,464 |
Schwab MarketTrack Balanced Portfolio | 278,610 | 2,238,647 |
Schwab MarketTrack Conservative Portfolio | 86,755 | 699,079 |
Percentage | |
Schwab MarketTrack All Equity Portfolio | 55.29 |
Schwab MarketTrack Growth Portfolio | 47.79 |
Schwab MarketTrack Balanced Portfolio | 35.77 |
Schwab MarketTrack Conservative Portfolio | 21.95 |
Schwab MarketTrack All Equity Portfolio | $11,938,252 |
Schwab MarketTrack Growth Portfolio | 10,935,023 |
Schwab MarketTrack Balanced Portfolio | 5,773,407 |
Schwab MarketTrack Conservative Portfolio | 1,904,939 |
Schwab MarketTrack All Equity Portfolio | $10,650,889 |
Schwab MarketTrack Growth Portfolio | 23,743,714 |
Schwab MarketTrack Balanced Portfolio | 17,887,752 |
Schwab MarketTrack Conservative Portfolio | 3,217,602 |
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
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Table of Contents
Total Return for the 12 Months Ended October 31, 2018 | |
Schwab Target 2010 Fund (Ticker Symbol: SWBRX) | -0.52% |
Target 2010 Composite Index | 0.36% |
Fund Category: Morningstar Target-Date 2000-20101 | -0.63% |
Performance Details | pages 9-11 |
Schwab Target 2015 Fund (Ticker Symbol: SWGRX) | -0.57% |
Target 2015 Composite Index | 0.39% |
Fund Category: Morningstar Target-Date 20151 | -0.46% |
Performance Details | pages 12-14 |
Schwab Target 2020 Fund (Ticker Symbol: SWCRX) | -0.32% |
Target 2020 Composite Index | 0.78% |
Fund Category: Morningstar Target-Date 20201 | -0.60% |
Performance Details | pages 15-17 |
Schwab Target 2025 Fund (Ticker Symbol: SWHRX) | -0.53% |
Target 2025 Composite Index | 0.97% |
Fund Category: Morningstar Target-Date 20251 | -0.49% |
Performance Details | pages 18-20 |
Schwab Target 2030 Fund (Ticker Symbol: SWDRX) | -0.75% |
Target 2030 Composite Index | 1.06% |
Fund Category: Morningstar Target-Date 20301 | -0.44% |
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, 2018 | |
Schwab Target 2035 Fund (Ticker Symbol: SWIRX) | -0.88% |
Target 2035 Composite Index | 1.11% |
Fund Category: Morningstar Target-Date 20351 | -0.23% |
Performance Details | pages 24-26 |
Schwab Target 2040 Fund (Ticker Symbol: SWERX) | -1.17% |
Target 2040 Composite Index | 1.13% |
Fund Category: Morningstar Target-Date 20401 | -0.34% |
Performance Details | pages 27-29 |
Schwab Target 2045 Fund (Ticker Symbol: SWMRX) | -1.43% |
Target 2045 Composite Index | 1.08% |
Fund Category: Morningstar Target-Date 20451 | -0.19% |
Performance Details | pages 30-32 |
Schwab Target 2050 Fund (Ticker Symbol: SWNRX) | -1.50% |
Target 2050 Composite Index | 1.05% |
Fund Category: Morningstar Target-Date 20501 | -0.40% |
Performance Details | pages 33-35 |
Schwab Target 2055 Fund (Ticker Symbol: SWORX) | -1.49% |
Target 2055 Composite Index | 1.02% |
Fund Category: Morningstar Target-Date 20551 | -0.20% |
Performance Details | pages 36-38 |
Schwab Target 2060 Fund (Ticker Symbol: SWPRX) | -1.64% |
Target 2060 Composite Index | 0.97% |
Fund Category: Morningstar Target-Date 2060+1 | -0.16% |
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. |
CEO of Charles Schwab
Investment Management, Inc.
and the funds covered
in this report.
* | 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 co-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. |
Patrick Kwok, CFA, Portfolio Manager, is responsible for the co-management of the funds. He has served as portfolio manager of the funds since July 2018. Prior to joining CSIM in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also previously worked for one year at State Street Bank & Trust as a portfolio accountant and pricing specialist. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2010 Fund (7/1/05) | -0.52% | 3.82% | 6.48% |
Target 2010 Composite Index | 0.36% | 4.17% | 6.90% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 2000-20102 | -0.63% | 3.78% | 6.98% |
Fund Expense Ratios3: Net 0.33%; 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 0.33% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.45% and 0.33%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 21 |
Portfolio Turnover Rate | 16% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2015 Fund (3/12/08) | -0.57% | 3.99% | 7.21% |
Target 2015 Composite Index | 0.39% | 4.38% | 7.54% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20152 | -0.46% | 4.08% | 7.56% |
Fund Expense Ratios3: Net 0.35%; Gross 0.42% |
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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.42% and 0.35%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 21 |
Portfolio Turnover Rate | 14% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2020 Fund (7/1/05) | -0.32% | 4.70% | 8.32% |
Target 2020 Composite Index | 0.78% | 5.14% | 8.49% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20202 | -0.60% | 4.22% | 7.78% |
Fund Expense Ratios3: Net 0.41%; 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 0.41% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.43% and 0.41%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 24 |
Portfolio Turnover Rate | 18% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2025 Fund (3/12/08) | -0.53% | 5.34% | 9.25% |
Target 2025 Composite Index | 0.97% | 5.85% | 9.23% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20252 | -0.49% | 4.79% | 8.63% |
Fund Expense Ratios3: Net 0.50%; Gross 0.52% |
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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.52% and 0.50%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 24 |
Portfolio Turnover Rate | 13% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2030 Fund (7/1/05) | -0.75% | 5.80% | 9.73% |
Target 2030 Composite Index | 1.06% | 6.35% | 9.76% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20302 | -0.44% | 5.25% | 8.92% |
Fund Expense Ratios3: Net 0.57%; Gross 0.59% |
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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.59% and 0.57%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 14% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2035 Fund (3/12/08) | -0.88% | 6.16% | 10.29% |
Target 2035 Composite Index | 1.11% | 6.77% | 10.25% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20352 | -0.23% | 5.71% | 9.57% |
Fund Expense Ratios3: Net 0.62%; Gross 0.65% |
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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.65% and 0.62%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 14% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2040 Fund (7/1/05) | -1.17% | 6.47% | 10.59% |
Target 2040 Composite Index | 1.13% | 7.12% | 10.64% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 13.36% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 3.94% |
Fund Category: Morningstar Target-Date 20402 | -0.34% | 5.92% | 9.60% |
Fund Expense Ratios3: Net 0.67%; 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 0.67% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.69% and 0.67%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 17% |
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 | Less than 0.05%. |
4 | This list is not a recommendation of any security by the investment adviser. |
5 | The holdings listed exclude any temporary liquidity investments. |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2045 Fund (1/23/13) | -1.43% | 6.62% | 8.56% |
Target 2045 Composite Index | 1.08% | 7.32% | 9.17% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 12.82% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 1.42% |
Fund Category: Morningstar Target-Date 20452 | -0.19% | 6.15% | N/A |
Fund Expense Ratios3: Net 0.71%; Gross 0.77% |
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 0.71% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.77% and 0.71%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 12% |
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. |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2050 Fund (1/23/13) | -1.50% | 6.74% | 8.77% |
Target 2050 Composite Index | 1.05% | 7.45% | 9.37% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 12.82% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 1.42% |
Fund Category: Morningstar Target-Date 20502 | -0.40% | 6.16% | N/A |
Fund Expense Ratios3: Net 0.73%; Gross 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. Includes 0.73% 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 December 13, 2018, the gross expense ratio and the net expense ratio were 0.80% and 0.73%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 10% |
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. |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2055 Fund (1/23/13) | -1.49% | 6.85% | 8.89% |
Target 2055 Composite Index | 1.02% | 7.56% | 9.51% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 10.76% | 12.82% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | 1.83% | 1.42% |
Fund Category: Morningstar Target-Date 20552 | -0.20% | 6.36% | N/A |
Fund Expense Ratios3: Net 0.74%; Gross 0.85% |
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 0.74% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 0.85% and 0.74%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 10% |
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. |
Fund and Inception Date | 1 Year | Since Inception |
Fund: Schwab Target 2060 Fund (8/25/16) | -1.64% | 8.52% |
Target 2060 Composite Index | 0.97% | 9.08% |
Dow Jones U.S. Total Stock Market IndexSM | 6.56% | 12.54% |
Bloomberg Barclays US Aggregate Bond Index | -2.05% | -0.89% |
Fund Category: Morningstar Target-Date 2060+2 | -0.16% | N/A |
Fund Expense Ratios3: Net 0.75%; Gross 1.48% |
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 0.75% 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 December 13, 2018, the gross expense ratio and the net expense ratio of the fund were 1.48% and 0.75%, respectively. For more information, refer to the prospectus supplement dated December 13, 2018. |
Number of Holdings | 23 |
Portfolio Turnover Rate | 22% |
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 | Less than 0.05%. |
4 | This list is not a recommendation of any security by the investment adviser. |
5 | The holdings listed exclude any temporary liquidity investments. |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182,5 | Effective Expenses Paid During Period 5/1/18-10/31/183,5 | |
Schwab Target 2010 Fund | ||||||
Actual Return | 0.00% | 0.33% | $1,000.00 | $ 988.60 | $0.00 | $1.65 |
Hypothetical 5% Return | 0.00% | 0.33% | $1,000.00 | $1,025.20 | $0.00 | $1.68 |
Schwab Target 2015 Fund | ||||||
Actual Return | 0.00% | 0.35% | $1,000.00 | $ 986.30 | $0.00 | $1.75 |
Hypothetical 5% Return | 0.00% | 0.35% | $1,000.00 | $1,025.20 | $0.00 | $1.79 |
Schwab Target 2020 Fund | ||||||
Actual Return | 0.00% | 0.40% | $1,000.00 | $ 983.00 | $0.00 | $2.00 |
Hypothetical 5% Return | 0.00% | 0.40% | $1,000.00 | $1,025.20 | $0.00 | $2.04 |
Schwab Target 2025 Fund | ||||||
Actual Return | 0.00% | 0.50% | $1,000.00 | $ 976.50 | $0.00 | $2.49 |
Hypothetical 5% Return | 0.00% | 0.50% | $1,000.00 | $1,025.20 | $0.00 | $2.55 |
Schwab Target 2030 Fund | ||||||
Actual Return | 0.00% | 0.57% | $1,000.00 | $ 970.10 | $0.00 | $2.83 |
Hypothetical 5% Return | 0.00% | 0.57% | $1,000.00 | $1,025.20 | $0.00 | $2.91 |
Schwab Target 2035 Fund | ||||||
Actual Return | 0.00% | 0.62% | $1,000.00 | $ 965.10 | $0.00 | $3.07 |
Hypothetical 5% Return | 0.00% | 0.62% | $1,000.00 | $1,025.20 | $0.00 | $3.16 |
Schwab Target 2040 Fund | ||||||
Actual Return | 0.00% | 0.67% | $1,000.00 | $ 959.90 | $0.00 | $3.31 |
Hypothetical 5% Return | 0.00% | 0.67% | $1,000.00 | $1,025.20 | $0.00 | $3.41 |
Schwab Target 2045 Fund | ||||||
Actual Return | 0.00% | 0.71% | $1,000.00 | $ 956.30 | $0.00 | $3.50 |
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 | $ 953.40 | $0.00 | $3.59 |
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 | $ 952.40 | $0.00 | $3.69 |
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 5/1/18 | Ending Account Value (Net of Expenses) at 10/31/18 | Expenses Paid During Period 5/1/18-10/31/182,5 | Effective Expenses Paid During Period 5/1/18-10/31/183,5 | |
Schwab Target 2060 Fund | ||||||
Actual Return | 0.00% | 0.76% | $1,000.00 | $ 950.50 | $0.00 | $3.74 |
Hypothetical 5% Return | 0.00% | 0.76% | $1,000.00 | $1,025.20 | $0.00 | $3.87 |
1 | Based on the most recent six-month expense ratio. |
2 | Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
4 | 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. |
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. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.42 | $12.52 | $12.42 | $12.42 | $11.91 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.29 1 | 0.22 1 | 0.20 1 | 0.17 1 | 0.19 | |
Net realized and unrealized gains (losses) | (0.35) | 0.90 | 0.12 | 0.08 | 0.52 | |
Total from investment operations | (0.06) | 1.12 | 0.32 | 0.25 | 0.71 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.22) | (0.22) | (0.25) | (0.20) | |
Net asset value at end of period | $13.06 | $13.42 | $12.52 | $12.42 | $12.42 | |
Total return | (0.52%) | 9.11% | 2.68% | 2.03% | 6.08% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% 3 | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.12% | 0.14% | 0.14% | 0.14% | 0.17% | |
Net investment income (loss) | 2.15% | 1.75% | 1.60% | 1.40% | 1.53% | |
Portfolio turnover rate | 16% | 51% 4 | 14% | 33% | 29% | |
Net assets, end of period (x 1,000,000) | $52 | $59 | $59 | $65 | $64 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 77.0% of net assets | ||
Equity Funds 30.4% | ||
Global Real Estate 1.5% | ||
Schwab Global Real Estate Fund | 110,168 | 778,890 |
International 9.7% | ||
Laudus International MarketMasters Fund, Select Shares | 134,975 | 3,089,589 |
Schwab International Core Equity Fund | 204,395 | 1,970,369 |
5,059,958 | ||
Large-Cap 16.3% | ||
Schwab Core Equity Fund | 118,933 | 2,664,098 |
Schwab Dividend Equity Fund | 5,224 | 80,613 |
Schwab S&P 500 Index Fund | 134,703 | 5,712,773 |
8,457,484 | ||
Mid-Cap 0.8% | ||
Schwab U.S. Mid-Cap Index Fund * | 10,559 | 417,614 |
Small-Cap 2.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 22,454 | 401,473 |
Schwab Small-Cap Equity Fund * | 32,436 | 676,932 |
1,078,405 | ||
15,792,351 | ||
Fixed-Income Funds 40.6% | ||
Inflation-Protected Bond 6.4% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 312,456 | 3,321,405 |
Intermediate-Term Bond 24.1% | ||
Schwab U.S. Aggregate Bond Index Fund | 1,303,589 | 12,514,454 |
Short-Term Bond 10.1% | ||
Schwab Short-Term Bond Index Fund | 539,859 | 5,263,621 |
21,099,480 | ||
Money Market Fund 6.0% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 3,147,988 | 3,148,618 |
Total Affiliated Underlying Funds | ||
(Cost $37,394,059) | 40,040,449 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 22.3% of net assets | ||
Equity Funds 5.9% | ||
Large-Cap 5.9% | ||
ClearBridge Large Cap Growth Fund, Class IS | 32,827 | 1,574,067 |
Dodge & Cox Stock Fund | 3,827 | 772,206 |
TCW Relative Value Large Cap Fund, Class I | 35,540 | 704,397 |
3,050,670 | ||
Fixed-Income Funds 16.4% | ||
Intermediate-Term Bond 15.6% | ||
Baird Aggregate Bond Fund, Institutional Class | 257,732 | 2,670,100 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 52,865 | 572,526 |
Metropolitan West Total Return Bond Fund, Class I | 476,752 | 4,867,642 |
8,110,268 | ||
International Bond 0.8% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 41,447 | 445,561 |
8,555,829 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $11,589,469) | 11,606,499 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 155,235 | 155,235 |
Total Short-Term Investment | ||
(Cost $155,235) | 155,235 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 117,629 | 29,755 | (12,409) | 134,975 | ($529,025) | $16,975 | $143,355 |
Laudus Mondrian International Government Fixed Income Fund | 44,863 | 7 | (44,870) | — | 17,394 | (13,675) | 67 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 21,215 | 2,789 | (1,550) | 22,454 | (58,783) | 930 | 52,297 |
Schwab Core Equity Fund | 136,802 | 15,581 | (33,450) | 118,933 | (323,172) | 104,045 | 350,732 |
Schwab Dividend Equity Fund | 4,714 | 510 | — | 5,224 | (8,762) | — | 8,250 |
Schwab Global Real Estate Fund | 131,052 | 5,926 | (26,810) | 110,168 | (126,253) | 52,577 | 44,777 |
Schwab International Core Equity Fund | 192,635 | 17,966 | (6,206) | 204,395 | (334,047) | (2,544) | 55,961 |
Schwab S&P 500 Index Fund | 179,542 | 12,453 | (57,292) | 134,703 | (395,353) | 813,130 | 129,020 |
Schwab Short-Term Bond Index Fund | 569,447 | 21,457 | (51,045) | 539,859 | (118,412) | (11,321) | 110,268 |
Schwab Small-Cap Equity Fund | 35,716 | 5,193 | (8,473) | 32,436 | (123,312) | 29,493 | 108,576 |
Schwab Treasury Inflation Protected Securities Index Fund | 321,807 | 31,101 | (40,452) | 312,456 | (148,221) | 307 | 103,695 |
Schwab U.S. Aggregate Bond Index Fund | 1,382,883 | 104,937 | (184,231) | 1,303,589 | (611,302) | (43,628) | 362,857 |
Schwab U.S. Mid-Cap Index Fund | — | 10,559 | — | 10,559 | (22,386) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 2,498,657 | 649,331 | — | 3,147,988 | (252) | — | 51,430 |
Total | ($2,781,886) | $946,289 | $1,521,285 |
* | 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 | $40,040,449 | $— | $— | $40,040,449 | |
Unaffiliated Underlying Funds1 | 11,606,499 | — | — | 11,606,499 | |
Short-Term Investment1 | — | 155,235 | — | 155,235 | |
Total | $51,646,948 | $155,235 | $— | $51,802,183 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $37,394,059) | $40,040,449 | |
Investments in unaffiliated issuers, at value (cost $11,744,704) | 11,761,734 | |
Receivables: | ||
Investments sold | 333,000 | |
Dividends | 58,387 | |
Due from investment adviser | 5,597 | |
Fund shares sold | 4,354 | |
Prepaid expenses | + | 10,470 |
Total assets | 52,213,991 | |
Liabilities | ||
Payables: | ||
Investments bought | 164,065 | |
Fund shares redeemed | 30,901 | |
Accrued expenses | + | 22,836 |
Total liabilities | 217,802 | |
Net Assets | ||
Total assets | 52,213,991 | |
Total liabilities | – | 217,802 |
Net assets | $51,996,189 | |
Net Assets by Source | ||
Capital received from investors | 47,164,290 | |
Total distributable earnings1 | 4,831,899 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$51,996,189 | 3,982,673 | $13.06 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $938,418 | |
Dividends received from unaffiliated underlying funds | 262,252 | |
Interest | + | 7,157 |
Total investment income | 1,207,827 | |
Expenses | ||
Registration fees | 20,410 | |
Professional fees | 18,537 | |
Independent trustees’ fees | 7,683 | |
Portfolio accounting fees | 5,319 | |
Shareholder reports | 5,270 | |
Transfer agent fees | 2,047 | |
Custodian fees | 1,954 | |
Interest expense | 37 | |
Other expenses | + | 3,603 |
Total expenses | 64,860 | |
Expense reduction by CSIM and its affiliates | – | 64,823 |
Net expenses | – | 37 |
Net investment income | 1,207,790 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 582,867 | |
Realized capital gain distributions received from unaffiliated underlying funds | 236,732 | |
Net realized gains on sales of affiliated underlying funds | 946,289 | |
Net realized gains on sales of unaffiliated underlying funds | + | 68,068 |
Net realized gains | 1,833,956 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (2,781,886) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (457,883) |
Net change in unrealized appreciation (depreciation) | + | (3,239,769) |
Net realized and unrealized losses | (1,405,813) | |
Decrease in net assets resulting from operations | ($198,023) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $1,207,790 | $1,033,292 | ||
Net realized gains | 1,833,956 | 4,005,500 | ||
Net change in unrealized appreciation (depreciation) | + | (3,239,769) | 111,044 | |
Increase (decrease) in net assets from operations | (198,023) | 5,149,836 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($1,288,370) | ($1,060,087) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 618,399 | $8,258,666 | 708,162 | $9,067,566 | ||||
Shares reinvested | 86,123 | 1,148,871 | 78,082 | 964,310 | ||||
Shares redeemed | + | (1,101,598) | (14,684,690) | (1,156,863) | (14,832,092) | |||
Net transactions in fund shares | (397,076) | ($5,277,153) | (370,619) | ($4,800,216) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 4,379,749 | $58,759,735 | 4,750,368 | $59,470,202 | ||||
Total decrease | + | (397,076) | (6,763,546) | (370,619) | (710,467) | |||
End of period2 | 3,982,673 | $51,996,189 | 4,379,749 | $58,759,735 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $1,060,087 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $623,092 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.21 | $11.72 | $12.23 | $12.81 | $12.22 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.25 1 | 0.20 1 | 0.18 1 | 0.17 1 | 0.19 | |
Net realized and unrealized gains (losses) | (0.30) | 0.88 | 0.11 | 0.08 | 0.60 | |
Total from investment operations | (0.05) | 1.08 | 0.29 | 0.25 | 0.79 | |
Less distributions: | ||||||
Distributions from net investment income | (0.27) | (0.22) | (0.21) | (0.27) | (0.20) | |
Distributions from net realized gains | (0.40) | (0.37) | (0.59) | (0.56) | — | |
Total distributions | (0.67) | (0.59) | (0.80) | (0.83) | (0.20) | |
Net asset value at end of period | $11.49 | $12.21 | $11.72 | $12.23 | $12.81 | |
Total return | (0.57%) | 9.67% | 2.59% | 1.99% | 6.56% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% 3 | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.07% | 0.09% | 0.08% | 0.09% | 0.11% | |
Net investment income (loss) | 2.12% | 1.74% | 1.59% | 1.42% | 1.52% | |
Portfolio turnover rate | 14% | 52% 4 | 14% | 33% | 32% | |
Net assets, end of period (x 1,000,000) | $90 | $103 | $104 | $116 | $111 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 76.8% of net assets | ||
Equity Funds 32.4% | ||
Global Real Estate 1.7% | ||
Schwab Global Real Estate Fund | 218,072 | 1,541,766 |
International 10.8% | ||
Laudus International MarketMasters Fund, Select Shares | 256,474 | 5,870,698 |
Schwab International Core Equity Fund | 404,779 | 3,902,070 |
9,772,768 | ||
Large-Cap 17.0% | ||
Schwab Core Equity Fund | 222,914 | 4,993,273 |
Schwab Dividend Equity Fund | 14,178 | 218,771 |
Schwab S&P 500 Index Fund | 238,080 | 10,096,954 |
15,308,998 | ||
Mid-Cap 0.8% | ||
Schwab U.S. Mid-Cap Index Fund * | 18,719 | 740,317 |
Small-Cap 2.1% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 38,167 | 682,429 |
Schwab Small-Cap Equity Fund * | 57,772 | 1,205,702 |
1,888,131 | ||
29,251,980 | ||
Fixed-Income Funds 38.7% | ||
Inflation-Protected Bond 6.1% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 517,988 | 5,506,210 |
Intermediate-Term Bond 22.9% | ||
Schwab U.S. Aggregate Bond Index Fund | 2,156,030 | 20,697,889 |
Short-Term Bond 9.7% | ||
Schwab Short-Term Bond Index Fund | 894,123 | 8,717,703 |
34,921,802 | ||
Money Market Fund 5.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 5,123,056 | 5,124,081 |
Total Affiliated Underlying Funds | ||
(Cost $62,579,463) | 69,297,863 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 22.5% of net assets | ||
Equity Funds 6.2% | ||
Large-Cap 6.2% | ||
ClearBridge Large Cap Growth Fund, Class IS | 60,533 | 2,902,578 |
Dodge & Cox Stock Fund | 6,748 | 1,361,478 |
TCW Relative Value Large Cap Fund, Class I | 69,055 | 1,368,676 |
5,632,732 | ||
Fixed-Income Funds 16.3% | ||
Intermediate-Term Bond 15.4% | ||
Baird Aggregate Bond Fund, Institutional Class | 405,062 | 4,196,440 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 109,621 | 1,187,194 |
Metropolitan West Total Return Bond Fund, Class I | 833,113 | 8,506,080 |
13,889,714 | ||
International Bond 0.9% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 76,096 | 818,030 |
14,707,744 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $20,189,312) | 20,340,476 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.8% of net assets | ||
Time Deposit 0.8% | ||
JPMorgan Chase Bank | ||
1.54%, 11/01/18 (b) | 735,892 | 735,892 |
Total Short-Term Investment | ||
(Cost $735,892) | 735,892 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 221,402 | 47,692 | (12,620) | 256,474 | ($975,227) | ($4,366) | $261,297 |
Laudus Mondrian International Government Fixed Income Fund | 92,594 | 12 | (92,606) | — | 76,436 | (69,602) | 124 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 38,514 | 10,656 | (11,003) | 38,167 | (133,506) | 47,607 | 94,941 |
Schwab Core Equity Fund | 254,416 | 34,896 | (66,398) | 222,914 | (524,622) | 125,557 | 634,777 |
Schwab Dividend Equity Fund | 10,000 | 13,380 | (9,202) | 14,178 | (21,364) | (388) | 18,429 |
Schwab Global Real Estate Fund | 220,574 | 10,903 | (13,405) | 218,072 | (140,494) | 3,746 | 82,301 |
Schwab International Core Equity Fund | 346,863 | 71,261 | (13,345) | 404,779 | (631,831) | (6,005) | 100,764 |
Schwab S&P 500 Index Fund | 333,205 | 16,300 | (111,425) | 238,080 | 98,569 | 682,140 | 231,413 |
Schwab Short-Term Bond Index Fund | 942,868 | 18,482 | (67,227) | 894,123 | (200,217) | (13,359) | 181,447 |
Schwab Small-Cap Equity Fund | 68,089 | 18,914 | (29,231) | 57,772 | (182,016) | 15,472 | 196,718 |
Schwab Treasury Inflation Protected Securities Index Fund | 553,854 | 15,679 | (51,545) | 517,988 | (195,016) | (46,985) | 171,507 |
Schwab U.S. Aggregate Bond Index Fund | 2,292,299 | 82,324 | (218,593) | 2,156,030 | (1,018,107) | (63,412) | 599,929 |
Schwab U.S. Mid-Cap Index Fund | — | 18,719 | — | 18,719 | (39,683) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 4,241,918 | 881,138 | — | 5,123,056 | (428) | — | 84,433 |
Total | ($3,887,506) | $670,405 | $2,658,080 |
* | 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 | $69,297,863 | $— | $— | $69,297,863 | |
Unaffiliated Underlying Funds1 | 20,340,476 | — | — | 20,340,476 | |
Short-Term Investment1 | — | 735,892 | — | 735,892 | |
Total | $89,638,339 | $735,892 | $— | $90,374,231 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $62,579,463) | $69,297,863 | |
Investments in unaffiliated issuers, at value (cost $20,925,204) | 21,076,368 | |
Receivables: | ||
Investments sold | 897,000 | |
Dividends | 95,888 | |
Fund shares sold | 15,497 | |
Due from investment adviser | 5,858 | |
Interest | 31 | |
Prepaid expenses | + | 6,478 |
Total assets | 91,394,983 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,060,489 | |
Fund shares redeemed | 19,045 | |
Accrued expenses | + | 23,650 |
Total liabilities | 1,103,184 | |
Net Assets | ||
Total assets | 91,394,983 | |
Total liabilities | – | 1,103,184 |
Net assets | $90,291,799 | |
Net Assets by Source | ||
Capital received from investors | 80,582,362 | |
Total distributable earnings1 | 9,709,437 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$90,291,799 | 7,860,079 | $11.49 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $1,599,370 | |
Dividends received from unaffiliated underlying funds | 447,991 | |
Interest | + | 11,500 |
Total investment income | 2,058,861 | |
Expenses | ||
Registration fees | 20,451 | |
Professional fees | 19,103 | |
Independent trustees’ fees | 7,893 | |
Shareholder reports | 5,984 | |
Portfolio accounting fees | 5,830 | |
Transfer agent fees | 3,470 | |
Custodian fees | 2,077 | |
Interest expense | 112 | |
Other expenses | + | 4,002 |
Total expenses | 68,922 | |
Expense reduction by CSIM and its affiliates | – | 68,810 |
Net expenses | – | 112 |
Net investment income | 2,058,749 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,058,710 | |
Realized capital gain distributions received from unaffiliated underlying funds | 446,411 | |
Net realized gains on sales of affiliated underlying funds | 670,405 | |
Net realized gains on sales of unaffiliated underlying funds | + | 92,057 |
Net realized gains | 2,267,583 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (3,887,506) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (736,102) |
Net change in unrealized appreciation (depreciation) | + | (4,623,608) |
Net realized and unrealized losses | (2,356,025) | |
Decrease in net assets resulting from operations | ($297,276) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $2,058,749 | $1,708,488 | ||
Net realized gains | 2,267,583 | 3,437,411 | ||
Net change in unrealized appreciation (depreciation) | + | (4,623,608) | 3,854,243 | |
Increase (decrease) in net assets from operations | (297,276) | 9,000,142 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($5,446,311) | ($5,039,053) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,041,859 | $12,323,515 | 1,604,791 | $19,099,768 | ||||
Shares reinvested | 423,003 | 4,970,289 | 417,430 | 4,675,208 | ||||
Shares redeemed | + | (2,003,385) | (23,776,931) | (2,508,878) | (29,396,775) | |||
Net transactions in fund shares | (538,523) | ($6,483,127) | (486,657) | ($5,621,799) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 8,398,602 | $102,518,513 | 8,885,259 | $104,179,223 | ||||
Total decrease | + | (538,523) | (12,226,714) | (486,657) | (1,660,710) | |||
End of period2 | 7,860,079 | $90,291,799 | 8,398,602 | $102,518,513 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $1,851,464 from net investment income and $3,187,589 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $996,827 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.71 | $13.84 | $14.33 | $14.32 | $13.52 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.30 1 | 0.23 1 | 0.22 1 | 0.20 1 | 0.21 | |
Net realized and unrealized gains (losses) | (0.33) | 1.39 | 0.06 | 0.12 | 0.82 | |
Total from investment operations | (0.03) | 1.62 | 0.28 | 0.32 | 1.03 | |
Less distributions: | ||||||
Distributions from net investment income | (0.33) | (0.24) | (0.27) | (0.31) | (0.23) | |
Distributions from net realized gains | (0.48) | (0.51) | (0.50) | — | — | |
Total distributions | (0.81) | (0.75) | (0.77) | (0.31) | (0.23) | |
Net asset value at end of period | $13.87 | $14.71 | $13.84 | $14.33 | $14.32 | |
Total return | (0.32%) | 12.28% | 2.05% | 2.25% | 7.71% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.02% | 0.03% | 0.03% | 0.03% | 0.04% | |
Net investment income (loss) | 2.07% | 1.67% | 1.59% | 1.42% | 1.48% | |
Portfolio turnover rate | 18% | 47% 4 | 9% | 25% | 26% | |
Net assets, end of period (x 1,000,000) | $542 | $579 | $530 | $536 | $499 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 76.1% of net assets | ||
Equity Funds 38.9% | ||
Global Real Estate 2.2% | ||
Schwab Global Real Estate Fund | 1,697,301 | 11,999,919 |
International 13.1% | ||
Laudus International MarketMasters Fund, Select Shares | 1,847,854 | 42,297,374 |
Schwab International Core Equity Fund | 2,967,257 | 28,604,362 |
�� | 70,901,736 | |
Large-Cap 20.1% | ||
Laudus U.S. Large Cap Growth Fund * | 96,072 | 2,014,639 |
Schwab Core Equity Fund | 1,678,974 | 37,609,025 |
Schwab Dividend Equity Fund | 81,127 | 1,251,781 |
Schwab S&P 500 Index Fund | 1,600,427 | 67,874,109 |
108,749,554 | ||
Mid-Cap 0.9% | ||
Schwab U.S. Mid-Cap Index Fund * | 130,790 | 5,172,726 |
Small-Cap 2.6% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 266,386 | 4,762,986 |
Schwab Small-Cap Equity Fund * | 442,947 | 9,244,311 |
14,007,297 | ||
210,831,232 | ||
Fixed-Income Funds 32.4% | ||
Inflation-Protected Bond 4.2% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 2,146,415 | 22,816,392 |
Intermediate-Term Bond 20.5% | ||
Schwab Intermediate-Term Bond Fund | 224,874 | 2,172,285 |
Schwab U.S. Aggregate Bond Index Fund | 11,342,480 | 108,887,806 |
111,060,091 | ||
Short-Term Bond 7.7% | ||
Schwab Short-Term Bond Index Fund | 4,286,532 | 41,793,685 |
175,670,168 | ||
Money Market Fund 4.8% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 26,042,284 | 26,047,493 |
Total Affiliated Underlying Funds | ||
(Cost $362,851,434) | 412,548,893 | |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 23.3% of net assets | ||
Equity Funds 7.1% | ||
International 0.2% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 144,713 | 1,300,970 |
Large-Cap 6.9% | ||
ClearBridge Large Cap Growth Fund, Class IS | 376,042 | 18,031,231 |
Dodge & Cox Stock Fund | 53,737 | 10,842,046 |
TCW Relative Value Large Cap Fund, Class I | 420,976 | 8,343,733 |
37,217,010 | ||
38,517,980 | ||
Fixed-Income Funds 16.2% | ||
Intermediate-Term Bond 14.9% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,897,505 | 19,658,143 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,018,585 | 11,031,276 |
Metropolitan West Total Return Bond Fund, Class I | 4,912,978 | 50,161,506 |
80,850,925 | ||
International Bond 1.3% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 662,322 | 7,119,960 |
87,970,885 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $125,434,058) | 126,488,865 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 1,357,222 | 1,357,222 |
Total Short-Term Investment | ||
(Cost $1,357,222) | 1,357,222 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,588,804 | 325,227 | (66,177) | 1,847,854 | ($6,872,090) | ($50,956) | $1,936,275 |
Laudus Mondrian Emerging Markets Fund | 190,425 | 5,353 | (195,778) | — | (203,680) | 187,606 | 43,893 |
Laudus Mondrian International Government Fixed Income Fund | 717,722 | 109 | (717,831) | — | 219,896 | (160,368) | 1,077 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 291,799 | 38,363 | (63,776) | 266,386 | (941,337) | 203,961 | 719,313 |
Laudus U.S. Large Cap Growth Fund | 157,247 | 21,652 | (82,827) | 96,072 | (827,924) | 824,549 | 415,069 |
Schwab Core Equity Fund | 1,939,729 | 270,172 | (530,927) | 1,678,974 | (3,814,913) | 775,828 | 5,006,320 |
Schwab Dividend Equity Fund | 106,865 | 11,322 | (37,060) | 81,127 | (257,565) | 87,306 | 182,897 |
Schwab Emerging Markets Equity ETF | — | 21,739 | (21,739) | — | — | (32,684) | — |
Schwab Global Real Estate Fund | 1,740,703 | 86,235 | (129,637) | 1,697,301 | (1,044,109) | 7,108 | 650,910 |
Schwab Intermediate-Term Bond Fund | 405,610 | 6,605 | (187,341) | 224,874 | (22,583) | (106,401) | 64,881 |
Schwab International Core Equity Fund | 2,586,379 | 380,878 | — | 2,967,257 | (4,725,475) | — | 751,343 |
Schwab S&P 500 Index Fund | 2,154,391 | 71,307 | (625,271) | 1,600,427 | 457,001 | 4,831,147 | 1,544,785 |
Schwab Short-Term Bond Index Fund | 3,803,599 | 482,933 | — | 4,286,532 | (924,181) | — | 817,929 |
Schwab Small-Cap Equity Fund | 487,322 | 70,849 | (115,224) | 442,947 | (1,360,486) | 142,281 | 1,481,459 |
Schwab Treasury Inflation Protected Securities Index Fund | 1,771,233 | 501,240 | (126,058) | 2,146,415 | (796,698) | (177,930) | 655,753 |
Schwab U.S. Aggregate Bond Index Fund | 10,845,819 | 1,367,154 | (870,493) | 11,342,480 | (5,254,456) | (323,720) | 3,109,619 |
Schwab U.S. Mid-Cap Index Fund | — | 130,790 | — | 130,790 | (277,274) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 15,148,854 | 12,892,830 | (1,999,400) | 26,042,284 | (1,633) | (2) | 414,743 |
Total | ($26,647,507) | $6,207,725 | $17,796,266 |
* | 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 | $412,548,893 | $— | $— | $412,548,893 | |
Unaffiliated Underlying Funds1 | 126,488,865 | — | — | 126,488,865 | |
Short-Term Investment1 | — | 1,357,222 | — | 1,357,222 | |
Total | $539,037,758 | $1,357,222 | $— | $540,394,980 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $362,851,434) | $412,548,893 | |
Investments in unaffiliated issuers, at value (cost $126,791,280) | 127,846,087 | |
Receivables: | ||
Investments sold | 8,070,000 | |
Dividends | 527,986 | |
Fund shares sold | 161,935 | |
Due from investment adviser | 8,620 | |
Interest | 58 | |
Prepaid expenses | + | 22,167 |
Total assets | 549,185,746 | |
Liabilities | ||
Payables: | ||
Investments bought | 6,660,323 | |
Fund shares redeemed | 631,187 | |
Accrued expenses | + | 38,088 |
Total liabilities | 7,329,598 | |
Net Assets | ||
Total assets | 549,185,746 | |
Total liabilities | – | 7,329,598 |
Net assets | $541,856,148 | |
Net Assets by Source | ||
Capital received from investors | 469,330,891 | |
Total distributable earnings1 | 72,525,257 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$541,856,148 | 39,076,056 | $13.87 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $9,189,966 | |
Dividends received from unaffiliated underlying funds | 2,669,443 | |
Interest | + | 51,394 |
Total investment income | 11,910,803 | |
Expenses | ||
Registration fees | 35,219 | |
Professional fees | 24,093 | |
Shareholder reports | 23,556 | |
Portfolio accounting fees | 20,774 | |
Transfer agent fees | 11,672 | |
Independent trustees’ fees | 10,330 | |
Custodian fees | 1,901 | |
Other expenses | + | 9,160 |
Total expenses | 136,705 | |
Expense reduction by CSIM and its affiliates | – | 136,705 |
Net expenses | – | — |
Net investment income | 11,910,803 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 8,606,300 | |
Realized capital gain distributions received from unaffiliated underlying funds | 3,039,406 | |
Net realized gains on sales of affiliated underlying funds | 6,207,725 | |
Net realized gains on sales of unaffiliated underlying funds | + | 1,079,984 |
Net realized gains | 18,933,415 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (26,647,507) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (5,307,703) |
Net change in unrealized appreciation (depreciation) | + | (31,955,210) |
Net realized and unrealized losses | (13,021,795) | |
Decrease in net assets resulting from operations | ($1,110,992) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $11,910,803 | $9,152,705 | ||
Net realized gains | 18,933,415 | 20,215,988 | ||
Net change in unrealized appreciation (depreciation) | + | (31,955,210) | 34,052,647 | |
Increase (decrease) in net assets from operations | (1,110,992) | 63,421,340 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($31,941,953) | ($28,173,577) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,171,493 | $88,636,849 | 6,864,813 | $96,253,742 | ||||
Shares reinvested | 2,123,917 | 30,180,858 | 2,009,738 | 26,689,317 | ||||
Shares redeemed | + | (8,590,128) | (123,172,064) | (7,785,496) | (108,877,340) | |||
Net transactions in fund shares | (294,718) | ($4,354,357) | 1,089,055 | $14,065,719 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 39,370,774 | $579,263,450 | 38,281,719 | $529,949,968 | ||||
Total increase or decrease | + | (294,718) | (37,407,302) | 1,089,055 | 49,313,482 | |||
End of period2 | 39,076,056 | $541,856,148 | 39,370,774 | $579,263,450 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $9,169,294 from net investment income and $19,004,283 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $4,928,832 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.71 | $13.45 | $14.11 | $14.54 | $13.63 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.28 1 | 0.22 1 | 0.20 1 | 0.19 1 | 0.21 | |
Net realized and unrealized gains (losses) | (0.34) | 1.73 | 0.06 | 0.15 | 0.93 | |
Total from investment operations | (0.06) | 1.95 | 0.26 | 0.34 | 1.14 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.23) | (0.26) | (0.32) | (0.23) | |
Distributions from net realized gains | (0.21) | (0.46) | (0.66) | (0.45) | — | |
Total distributions | (0.55) | (0.69) | (0.92) | (0.77) | (0.23) | |
Net asset value at end of period | $14.10 | $14.71 | $13.45 | $14.11 | $14.54 | |
Total return | (0.53%) | 15.17% | 2.01% | 2.36% | 8.44% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.02% | 0.03% | 0.04% | 0.04% | 0.06% | |
Net investment income (loss) | 1.88% | 1.59% | 1.53% | 1.37% | 1.39% | |
Portfolio turnover rate | 13% | 36% 4 | 5% | 21% | 27% | |
Net assets, end of period (x 1,000,000) | $531 | $521 | $443 | $409 | $344 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 76.0% of net assets | ||
Equity Funds 49.9% | ||
Global Real Estate 2.7% | ||
Schwab Global Real Estate Fund | 2,029,983 | 14,351,983 |
International 16.7% | ||
Laudus International MarketMasters Fund, Select Shares | 2,329,062 | 53,312,231 |
Schwab International Core Equity Fund | 3,690,398 | 35,575,439 |
88,887,670 | ||
Large-Cap 25.4% | ||
Laudus U.S. Large Cap Growth Fund * | 324,983 | 6,814,896 |
Schwab Core Equity Fund | 2,237,334 | 50,116,280 |
Schwab Dividend Equity Fund | 198,181 | 3,057,934 |
Schwab S&P 500 Index Fund | 1,757,557 | 74,538,000 |
134,527,110 | ||
Mid-Cap 1.2% | ||
Schwab U.S. Mid-Cap Index Fund * | 156,228 | 6,178,798 |
Small-Cap 3.9% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 395,400 | 7,069,753 |
Schwab Small-Cap Equity Fund * | 652,463 | 13,616,896 |
20,686,649 | ||
264,632,210 | ||
Fixed-Income Funds 22.7% | ||
Inflation-Protected Bond 1.4% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 718,821 | 7,641,063 |
Intermediate-Term Bond 16.4% | ||
Schwab Intermediate-Term Bond Fund | 555,804 | 5,369,067 |
Schwab U.S. Aggregate Bond Index Fund | 8,479,705 | 81,405,169 |
86,774,236 | ||
Short-Term Bond 4.9% | ||
Schwab Short-Term Bond Index Fund | 2,680,215 | 26,132,096 |
120,547,395 | ||
Money Market Fund 3.4% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 17,807,434 | 17,810,996 |
Total Affiliated Underlying Funds | ||
(Cost $363,398,243) | 402,990,601 | |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Funds 23.5% of net assets | ||
Equity Funds 8.9% | ||
International 1.1% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 615,554 | 5,533,834 |
Large-Cap 7.8% | ||
ClearBridge Large Cap Growth Fund, Class IS | 389,053 | 18,655,068 |
Dodge & Cox Stock Fund | 58,372 | 11,777,081 |
TCW Relative Value Large Cap Fund, Class I | 562,202 | 11,142,852 |
41,575,001 | ||
47,108,835 | ||
Fixed-Income Funds 14.6% | ||
Intermediate-Term Bond 13.5% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,115,285 | 11,554,351 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,421,852 | 15,398,657 |
Metropolitan West Total Return Bond Fund, Class I | 4,371,686 | 44,634,915 |
71,587,923 | ||
International Bond 1.1% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 579,054 | 6,224,834 |
77,812,757 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $123,228,013) | 124,921,592 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.2% of net assets | ||
Time Deposit 0.2% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 1,004,031 | 1,004,031 |
Total Short-Term Investment | ||
(Cost $1,004,031) | 1,004,031 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,808,604 | 520,458 | — | 2,329,062 | ($8,961,887) | $— | $2,204,146 |
Laudus Mondrian Emerging Markets Fund | 498,196 | 14,004 | (512,200) | — | (213,525) | (26,157) | 114,834 |
Laudus Mondrian International Government Fixed Income Fund | 627,519 | 95 | (627,614) | — | 341,829 | (289,779) | 941 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 349,456 | 45,944 | — | 395,400 | (990,492) | — | 861,445 |
Laudus U.S. Large Cap Growth Fund | 414,198 | 57,033 | (146,248) | 324,983 | (1,050,647) | 1,077,678 | 1,093,317 |
Schwab Core Equity Fund | 2,247,060 | 347,058 | (356,784) | 2,237,334 | (4,268,402) | 411,800 | 5,864,493 |
Schwab Dividend Equity Fund | 222,970 | 23,674 | (48,463) | 198,181 | (456,442) | 114,542 | 382,518 |
Schwab Emerging Markets Equity ETF | — | 81,027 | (81,027) | — | — | (121,822) | — |
Schwab Global Real Estate Fund | 1,931,100 | 98,883 | — | 2,029,983 | (1,244,366) | — | 746,192 |
Schwab Intermediate-Term Bond Fund | 543,818 | 11,986 | — | 555,804 | (213,858) | — | 117,553 |
Schwab International Core Equity Fund | 2,758,784 | 931,614 | — | 3,690,398 | (5,822,190) | — | 826,133 |
Schwab S&P 500 Index Fund | 2,161,008 | 58,385 | (461,836) | 1,757,557 | 1,743,826 | 3,669,680 | 1,577,144 |
Schwab Short-Term Bond Index Fund | 2,050,617 | 629,598 | — | 2,680,215 | (542,238) | — | 489,170 |
Schwab Small-Cap Equity Fund | 610,514 | 88,760 | (46,811) | 652,463 | (1,512,664) | (102,312) | 1,855,961 |
Schwab Treasury Inflation Protected Securities Index Fund | 510,217 | 249,996 | (41,392) | 718,821 | (299,135) | (18,626) | 205,623 |
Schwab U.S. Aggregate Bond Index Fund | 7,351,362 | 1,509,593 | (381,250) | 8,479,705 | (3,893,593) | (175,594) | 2,262,282 |
Schwab U.S. Mid-Cap Index Fund | — | 156,228 | — | 156,228 | (331,202) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 6,068,086 | 12,739,048 | (999,700) | 17,807,434 | (840) | (1) | 257,062 |
Total | ($27,715,826) | $4,539,409 | $18,858,814 |
* | 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 | $402,990,601 | $— | $— | $402,990,601 | |
Unaffiliated Underlying Funds1 | 124,921,592 | — | — | 124,921,592 | |
Short-Term Investment1 | — | 1,004,031 | — | 1,004,031 | |
Total | $527,912,193 | $1,004,031 | $— | $528,916,224 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $363,398,243) | $402,990,601 | |
Investments in unaffiliated issuers, at value (cost $124,232,044) | 125,925,623 | |
Receivables: | ||
Investments sold | 7,510,000 | |
Dividends | 409,544 | |
Fund shares sold | 271,448 | |
Due from investment adviser | 9,537 | |
Interest | 43 | |
Prepaid expenses | + | 12,115 |
Total assets | 537,128,911 | |
Liabilities | ||
Payables: | ||
Investments bought | 6,220,385 | |
Fund shares redeemed | 272,767 | |
Accrued expenses | + | 39,667 |
Total liabilities | 6,532,819 | |
Net Assets | ||
Total assets | 537,128,911 | |
Total liabilities | – | 6,532,819 |
Net assets | $530,596,092 | |
Net Assets by Source | ||
Capital received from investors | 469,899,483 | |
Total distributable earnings1 | 60,696,609 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$530,596,092 | 37,643,966 | $14.10 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $7,947,417 | |
Dividends received from unaffiliated underlying funds | 2,374,690 | |
Interest | + | 60,929 |
Total investment income | 10,383,036 | |
Expenses | ||
Registration fees | 36,096 | |
Professional fees | 23,662 | |
Shareholder reports | 22,198 | |
Portfolio accounting fees | 20,434 | |
Transfer agent fees | 12,217 | |
Independent trustees’ fees | 10,179 | |
Custodian fees | 1,901 | |
Other expenses | + | 8,398 |
Total expenses | 135,085 | |
Expense reduction by CSIM and its affiliates | – | 135,085 |
Net expenses | – | — |
Net investment income | 10,383,036 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 10,911,397 | |
Realized capital gain distributions received from unaffiliated underlying funds | 3,290,780 | |
Net realized gains on sales of affiliated underlying funds | 4,539,409 | |
Net realized gains on sales of unaffiliated underlying funds | + | 275,446 |
Net realized gains | 19,017,032 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (27,715,826) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (5,133,978) |
Net change in unrealized appreciation (depreciation) | + | (32,849,804) |
Net realized and unrealized losses | (13,832,772) | |
Decrease in net assets resulting from operations | ($3,449,736) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $10,383,036 | $7,556,496 | ||
Net realized gains | 19,017,032 | 7,879,293 | ||
Net change in unrealized appreciation (depreciation) | + | (32,849,804) | 51,589,237 | |
Increase (decrease) in net assets from operations | (3,449,736) | 67,025,026 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($19,662,842) | ($22,666,294) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 7,076,563 | $103,937,522 | 7,272,083 | $101,088,617 | ||||
Shares reinvested | 1,306,745 | 18,987,000 | 1,686,255 | 21,971,905 | ||||
Shares redeemed | + | (6,125,912) | (89,717,661) | (6,532,103) | (90,094,385) | |||
Net transactions in fund shares | 2,257,396 | $33,206,861 | 2,426,235 | $32,966,137 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 35,386,570 | $520,501,809 | 32,960,335 | $443,176,940 | ||||
Total increase | + | 2,257,396 | 10,094,283 | 2,426,235 | 77,324,869 | |||
End of period2 | 37,643,966 | $530,596,092 | 35,386,570 | $520,501,809 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $7,453,730 from net investment income and $15,212,564 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $3,572,726 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.10 | $14.51 | $15.59 | $15.77 | $14.70 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.29 1 | 0.23 1 | 0.22 1 | 0.21 1 | 0.22 | |
Net realized and unrealized gains (losses) | (0.38) | 2.18 | 0.01 | 0.17 | 1.10 | |
Total from investment operations | (0.09) | 2.41 | 0.23 | 0.38 | 1.32 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.24) | (0.30) | (0.36) | (0.25) | |
Distributions from net realized gains | (0.38) | (0.58) | (1.01) | (0.20) | — | |
Total distributions | (0.77) | (0.82) | (1.31) | (0.56) | (0.25) | |
Net asset value at end of period | $15.24 | $16.10 | $14.51 | $15.59 | $15.77 | |
Total return | (0.75%) | 17.47% | 1.72% | 2.44% | 9.11% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.02% | 0.02% | 0.03% | 0.03% | 0.03% | |
Net investment income (loss) | 1.79% | 1.53% | 1.51% | 1.36% | 1.38% | |
Portfolio turnover rate | 14% | 30% | 5% | 19% | 26% | |
Net assets, end of period (x 1,000,000) | $958 | $966 | $814 | $789 | $727 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 76.4% of net assets | ||
Equity Funds 57.9% | ||
Global Real Estate 3.1% | ||
Schwab Global Real Estate Fund | 4,210,195 | 29,766,078 |
International 19.3% | ||
Laudus International MarketMasters Fund, Select Shares | 4,827,033 | 110,490,799 |
Schwab International Core Equity Fund | 7,706,789 | 74,293,443 |
184,784,242 | ||
Large-Cap 29.2% | ||
Laudus U.S. Large Cap Growth Fund * | 1,111,629 | 23,310,863 |
Schwab Core Equity Fund | 4,512,270 | 101,074,859 |
Schwab Dividend Equity Fund | 765,257 | 11,807,908 |
Schwab S&P 500 Index Fund | 3,376,489 | 143,196,912 |
279,390,542 | ||
Mid-Cap 1.4% | ||
Schwab U.S. Mid-Cap Index Fund * | 329,494 | 13,031,474 |
Small-Cap 4.9% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 920,358 | 16,455,997 |
Schwab Small-Cap Equity Fund * | 1,468,466 | 30,646,887 |
47,102,884 | ||
554,075,220 | ||
Fixed-Income Funds 15.8% | ||
Intermediate-Term Bond 12.7% | ||
Schwab Intermediate-Term Bond Fund | 1,138,021 | 10,993,288 |
Schwab U.S. Aggregate Bond Index Fund | 11,533,315 | 110,719,822 |
121,713,110 | ||
Short-Term Bond 3.1% | ||
Schwab Short-Term Bond Index Fund | 3,071,386 | 29,946,008 |
151,659,118 | ||
Money Market Fund 2.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 25,539,744 | 25,544,851 |
Total Affiliated Underlying Funds | ||
(Cost $606,161,553) | 731,279,189 | |
Unaffiliated Underlying Funds 23.3% of net assets | ||
Equity Funds 10.3% | ||
International 2.0% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 2,124,230 | 19,096,828 |
Security | Number of Shares | Value ($) |
Large-Cap 8.3% | ||
ClearBridge Large Cap Growth Fund, Class IS | 703,397 | 33,727,898 |
Dodge & Cox Stock Fund | 103,091 | 20,799,617 |
TCW Relative Value Large Cap Fund, Class I | 1,277,722 | 25,324,442 |
79,851,957 | ||
98,948,785 | ||
Fixed-Income Funds 13.0% | ||
Intermediate-Term Bond 11.7% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,247,593 | 12,925,063 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 2,925,325 | 31,681,273 |
Metropolitan West Total Return Bond Fund, Class I | 6,637,573 | 67,769,624 |
112,375,960 | ||
International Bond 1.3% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 1,139,093 | 12,245,248 |
124,621,208 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $219,065,891) | 223,569,993 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.2% of net assets | ||
Time Deposit 0.2% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 1,877,749 | 1,877,749 |
Total Short-Term Investment | ||
(Cost $1,877,749) | 1,877,749 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 3,869,158 | 1,031,702 | (73,827) | 4,827,033 | ($18,512,077) | ($64,969) | $4,715,343 |
Laudus Mondrian Emerging Markets Fund | 1,542,701 | 43,365 | (1,586,066) | — | (443,904) | (423,082) | 355,593 |
Laudus Mondrian International Government Fixed Income Fund | 1,080,882 | 163 | (1,081,045) | — | 512,648 | (422,995) | 1,621 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 849,500 | 111,685 | (40,827) | 920,358 | (2,372,285) | 24,496 | 2,094,101 |
Laudus U.S. Large Cap Growth Fund | 1,424,368 | 185,560 | (498,299) | 1,111,629 | (4,506,007) | 4,496,990 | 3,557,180 |
Schwab Core Equity Fund | 4,705,517 | 550,405 | (743,652) | 4,512,270 | (9,043,297) | 752,128 | 12,389,627 |
Schwab Dividend Equity Fund | 786,317 | 84,141 | (105,201) | 765,257 | (1,433,737) | 129,648 | 1,359,479 |
Schwab Emerging Markets Equity ETF | — | 265,810 | (265,810) | — | — | (399,638) | — |
Schwab Global Real Estate Fund | 4,005,110 | 205,085 | — | 4,210,195 | (2,580,821) | — | 1,547,606 |
Schwab Intermediate-Term Bond Fund | 1,113,481 | 24,540 | — | 1,138,021 | (437,880) | — | 240,692 |
Schwab International Core Equity Fund | 5,840,200 | 1,866,589 | — | 7,706,789 | (12,292,189) | — | 1,696,578 |
Schwab S&P 500 Index Fund | 4,234,731 | 74,865 | (933,107) | 3,376,489 | 3,008,954 | 7,513,819 | 3,100,918 |
Schwab Short-Term Bond Index Fund | 2,237,888 | 833,498 | — | 3,071,386 | (591,594) | — | 543,465 |
Schwab Small-Cap Equity Fund | 1,403,512 | 204,050 | (139,096) | 1,468,466 | (3,774,315) | 129,705 | 4,266,677 |
Schwab U.S. Aggregate Bond Index Fund | 10,273,819 | 2,022,950 | (763,454) | 11,533,315 | (5,304,886) | (309,759) | 3,113,890 |
Schwab U.S. Mid-Cap Index Fund | — | 329,494 | — | 329,494 | (698,526) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 12,596,054 | 12,943,690 | — | 25,539,744 | (1,778) | — | 366,567 |
Total | ($58,471,694) | $11,426,343 | $39,349,337 |
* | 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 | $731,279,189 | $— | $— | $731,279,189 | |
Unaffiliated Underlying Funds1 | 223,569,993 | — | — | 223,569,993 | |
Short-Term Investment1 | — | 1,877,749 | — | 1,877,749 | |
Total | $954,849,182 | $1,877,749 | $— | $956,726,931 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $606,161,553) | $731,279,189 | |
Investments in unaffiliated issuers, at value (cost $220,943,640) | 225,447,742 | |
Receivables: | ||
Investments sold | 10,490,000 | |
Dividends | 576,019 | |
Fund shares sold | 343,756 | |
Due from investment adviser | 10,435 | |
Interest | 80 | |
Prepaid expenses | + | 20,968 |
Total assets | 968,168,189 | |
Liabilities | ||
Payables: | ||
Investments bought | 9,058,416 | |
Fund shares redeemed | 1,304,151 | |
Accrued expenses | + | 49,595 |
Total liabilities | 10,412,162 | |
Net Assets | ||
Total assets | 968,168,189 | |
Total liabilities | – | 10,412,162 |
Net assets | $957,756,027 | |
Net Assets by Source | ||
Capital received from investors | 787,661,406 | |
Total distributable earnings1 | 170,094,621 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$957,756,027 | 62,845,887 | $15.24 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $13,948,519 | |
Dividends received from unaffiliated underlying funds | 3,987,265 | |
Interest | + | 81,233 |
Total investment income | 18,017,017 | |
Expenses | ||
Registration fees | 41,614 | |
Shareholder reports | 38,320 | |
Professional fees | 28,545 | |
Portfolio accounting fees | 26,033 | |
Transfer agent fees | 15,832 | |
Independent trustees’ fees | 12,491 | |
Custodian fees | 1,496 | |
Other expenses | + | 13,661 |
Total expenses | 177,992 | |
Expense reduction by CSIM and its affiliates | – | 177,992 |
Net expenses | – | — |
Net investment income | 18,017,017 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 25,400,818 | |
Realized capital gain distributions received from unaffiliated underlying funds | 6,818,713 | |
Net realized gains on sales of affiliated underlying funds | 11,426,343 | |
Net realized gains on sales of unaffiliated underlying funds | + | 501,849 |
Net realized gains | 44,147,723 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (58,471,694) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (10,884,018) |
Net change in unrealized appreciation (depreciation) | + | (69,355,712) |
Net realized and unrealized losses | (25,207,989) | |
Decrease in net assets resulting from operations | ($7,190,972) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $18,017,017 | $13,568,617 | ||
Net realized gains | 44,147,723 | 24,121,693 | ||
Net change in unrealized appreciation (depreciation) | + | (69,355,712) | 103,885,184 | |
Increase (decrease) in net assets from operations | (7,190,972) | 141,575,494 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($46,459,999) | ($46,224,689) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 9,135,640 | $146,351,661 | 9,681,587 | $145,980,348 | ||||
Shares reinvested | 2,837,651 | 44,778,141 | 3,168,835 | 44,553,824 | ||||
Shares redeemed | + | (9,152,781) | (145,893,558) | (8,932,547) | (133,954,943) | |||
Net transactions in fund shares | 2,820,510 | $45,236,244 | 3,917,875 | $56,579,229 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 60,025,377 | $966,170,754 | 56,107,502 | $814,240,720 | ||||
Total increase or decrease | + | 2,820,510 | (8,414,727) | 3,917,875 | 151,930,034 | |||
End of period2 | 62,845,887 | $957,756,027 | 60,025,377 | $966,170,754 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $13,474,267 from net investment income and $32,750,422 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $5,557,877 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.58 | $13.82 | $14.70 | $15.23 | $14.12 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.27 1 | 0.21 1 | 0.20 1 | 0.19 1 | 0.20 | |
Net realized and unrealized gains (losses) | (0.38) | 2.32 | 0.01 | 0.17 | 1.15 | |
Total from investment operations | (0.11) | 2.53 | 0.21 | 0.36 | 1.35 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.22) | (0.28) | (0.35) | (0.24) | |
Distributions from net realized gains | (0.14) | (0.55) | (0.81) | (0.54) | — | |
Total distributions | (0.53) | (0.77) | (1.09) | (0.89) | (0.24) | |
Net asset value at end of period | $14.94 | $15.58 | $13.82 | $14.70 | $15.23 | |
Total return | (0.88%) | 19.19% | 1.63% | 2.43% | 9.62% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% 3 | 0.00% | 0.00% 3 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.03% | 0.04% | 0.04% | 0.05% | 0.07% | |
Net investment income (loss) | 1.70% | 1.48% | 1.46% | 1.28% | 1.28% | |
Portfolio turnover rate | 14% | 24% | 3% | 14% | 24% | |
Net assets, end of period (x 1,000,000) | $447 | $440 | $361 | $337 | $282 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 77.7% of net assets | ||
Equity Funds 64.3% | ||
Global Real Estate 3.5% | ||
Schwab Global Real Estate Fund | 2,201,108 | 15,561,834 |
International 21.3% | ||
Laudus International MarketMasters Fund, Select Shares | 2,482,513 | 56,824,717 |
Schwab International Core Equity Fund | 3,975,332 | 38,322,205 |
95,146,922 | ||
Large-Cap 32.3% | ||
Laudus U.S. Large Cap Growth Fund * | 770,955 | 16,166,919 |
Schwab Core Equity Fund | 2,294,987 | 51,407,707 |
Schwab Dividend Equity Fund | 523,990 | 8,085,170 |
Schwab S&P 500 Index Fund | 1,620,139 | 68,710,085 |
144,369,881 | ||
Mid-Cap 1.5% | ||
Schwab U.S. Mid-Cap Index Fund * | 165,587 | 6,548,956 |
Small-Cap 5.7% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 492,855 | 8,812,243 |
Schwab Small-Cap Equity Fund * | 804,347 | 16,786,714 |
25,598,957 | ||
287,226,550 | ||
Fixed-Income Funds 11.3% | ||
Intermediate-Term Bond 9.2% | ||
Schwab Intermediate-Term Bond Fund | 467,175 | 4,512,914 |
Schwab U.S. Aggregate Bond Index Fund | 3,816,929 | 36,642,517 |
41,155,431 | ||
Short-Term Bond 2.1% | ||
Schwab Short-Term Bond Index Fund | 952,494 | 9,286,817 |
50,442,248 | ||
Money Market Fund 2.1% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 9,550,951 | 9,552,861 |
Total Affiliated Underlying Funds | ||
(Cost $303,661,092) | 347,221,659 | |
Unaffiliated Underlying Funds 21.8% of net assets | ||
Equity Funds 11.4% | ||
International 2.9% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 1,427,480 | 12,833,050 |
Security | Number of Shares | Value ($) |
Large-Cap 8.5% | ||
ClearBridge Large Cap Growth Fund, Class IS | 311,951 | 14,958,036 |
Dodge & Cox Stock Fund | 52,897 | 10,672,574 |
TCW Relative Value Large Cap Fund, Class I | 628,012 | 12,447,207 |
38,077,817 | ||
50,910,867 | ||
Fixed-Income Funds 10.4% | ||
Intermediate-Term Bond 9.3% | ||
Baird Aggregate Bond Fund, Institutional Class | 360,790 | 3,737,787 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 1,295,657 | 14,031,965 |
Metropolitan West Total Return Bond Fund, Class I | 2,335,678 | 23,847,270 |
41,617,022 | ||
International Bond 1.1% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 448,650 | 4,822,989 |
46,440,011 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $95,336,601) | 97,350,878 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.5% of net assets | ||
Time Deposit 0.5% | ||
JPMorgan Chase Bank | ||
1.54%, 11/01/18 (b) | 1,998,588 | 1,998,588 |
Total Short-Term Investment | ||
(Cost $1,998,588) | 1,998,588 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 1,926,709 | 555,804 | — | 2,482,513 | ($9,687,424) | $— | $2,348,080 |
Laudus Mondrian Emerging Markets Fund | 1,013,481 | 28,489 | (1,041,970) | — | (276,766) | (302,115) | 233,607 |
Laudus Mondrian International Government Fixed Income Fund | 409,383 | 62 | (409,445) | — | 65,368 | (31,411) | 614 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 472,127 | 62,071 | (41,343) | 492,855 | (1,262,388) | (15,025) | 1,163,840 |
Laudus U.S. Large Cap Growth Fund | 949,422 | 123,370 | (301,837) | 770,955 | (1,671,907) | 1,698,716 | 2,365,010 |
Schwab Core Equity Fund | 2,309,142 | 270,101 | (284,256) | 2,294,987 | (4,350,241) | 167,284 | 6,079,970 |
Schwab Dividend Equity Fund | 511,548 | 54,995 | (42,553) | 523,990 | (917,997) | 30,855 | 888,566 |
Schwab Emerging Markets Equity ETF | — | 175,230 | (175,230) | — | — | (263,453) | — |
Schwab Global Real Estate Fund | 2,026,641 | 174,467 | — | 2,201,108 | (1,321,162) | — | 798,127 |
Schwab Intermediate-Term Bond Fund | 457,101 | 10,074 | — | 467,175 | (179,757) | — | 98,808 |
Schwab International Core Equity Fund | 2,940,472 | 1,034,860 | — | 3,975,332 | (6,341,124) | — | 854,207 |
Schwab S&P 500 Index Fund | 1,981,817 | 69,028 | (430,706) | 1,620,139 | 1,780,104 | 3,104,054 | 1,457,428 |
Schwab Short-Term Bond Index Fund | 578,765 | 373,729 | — | 952,494 | (160,643) | — | 151,382 |
Schwab Small-Cap Equity Fund | 749,129 | 108,912 | (53,694) | 804,347 | (1,872,145) | (112,952) | 2,277,352 |
Schwab U.S. Aggregate Bond Index Fund | 3,264,571 | 752,358 | (200,000) | 3,816,929 | (1,751,366) | (89,471) | 1,026,324 |
Schwab U.S. Mid-Cap Index Fund | — | 165,587 | — | 165,587 | (351,044) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 4,027,779 | 5,523,172 | — | 9,550,951 | (650) | — | 132,256 |
Total | ($28,299,142) | $4,186,482 | $19,875,571 |
* | 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 | $347,221,659 | $— | $— | $347,221,659 | |
Unaffiliated Underlying Funds1 | 97,350,878 | — | — | 97,350,878 | |
Short-Term Investment1 | — | 1,998,588 | — | 1,998,588 | |
Total | $444,572,537 | $1,998,588 | $— | $446,571,125 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $303,661,092) | $347,221,659 | |
Investments in unaffiliated issuers, at value (cost $97,335,189) | 99,349,466 | |
Receivables: | ||
Investments sold | 3,300,000 | |
Fund shares sold | 883,210 | |
Dividends | 197,848 | |
Due from investment adviser | 10,810 | |
Interest | 85 | |
Prepaid expenses | + | 10,207 |
Total assets | 450,973,285 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,997,549 | |
Fund shares redeemed | 225,284 | |
Accrued expenses | + | 39,209 |
Total liabilities | 4,262,042 | |
Net Assets | ||
Total assets | 450,973,285 | |
Total liabilities | – | 4,262,042 |
Net assets | $446,711,243 | |
Net Assets by Source | ||
Capital received from investors | 382,086,634 | |
Total distributable earnings1 | 64,624,609 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$446,711,243 | 29,902,089 | $14.94 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $6,266,772 | |
Dividends received from unaffiliated underlying funds | 1,565,570 | |
Interest | + | 42,133 |
Total investment income | 7,874,475 | |
Expenses | ||
Registration fees | 31,588 | |
Professional fees | 22,463 | |
Shareholder reports | 22,197 | |
Portfolio accounting fees | 19,347 | |
Transfer agent fees | 13,114 | |
Independent trustees’ fees | 9,741 | |
Custodian fees | 1,865 | |
Interest expense | 23 | |
Other expenses | + | 7,555 |
Total expenses | 127,893 | |
Expense reduction by CSIM and its affiliates | – | 127,870 |
Net expenses | – | 23 |
Net investment income | 7,874,452 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 13,608,799 | |
Realized capital gain distributions received from unaffiliated underlying funds | 3,247,425 | |
Net realized gains on sales of affiliated underlying funds | 4,186,482 | |
Net realized gains on sales of unaffiliated underlying funds | + | 204,362 |
Net realized gains | 21,247,068 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (28,299,142) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (5,410,211) |
Net change in unrealized appreciation (depreciation) | + | (33,709,353) |
Net realized and unrealized losses | (12,462,285) | |
Decrease in net assets resulting from operations | ($4,587,833) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $7,874,452 | $5,889,591 | ||
Net realized gains | 21,247,068 | 3,953,590 | ||
Net change in unrealized appreciation (depreciation) | + | (33,709,353) | 59,960,588 | |
Increase (decrease) in net assets from operations | (4,587,833) | 69,803,769 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($14,879,119) | ($20,218,859) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,706,172 | $73,978,844 | 5,223,969 | $75,702,508 | ||||
Shares reinvested | 927,015 | 14,405,805 | 1,463,205 | 19,709,361 | ||||
Shares redeemed | + | (3,969,741) | (62,287,162) | (4,564,479) | (65,787,434) | |||
Net transactions in fund shares | 1,663,446 | $26,097,487 | 2,122,695 | $29,624,435 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 28,238,643 | $440,080,708 | 26,115,948 | $360,871,363 | ||||
Total increase | + | 1,663,446 | 6,630,535 | 2,122,695 | 79,209,345 | |||
End of period2 | 29,902,089 | $446,711,243 | 28,238,643 | $440,080,708 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $5,834,076 from net investment income and $14,384,783 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $2,070,853 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.14 | $15.12 | $16.42 | $16.77 | $15.49 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.28 1 | 0.23 1 | 0.22 1 | 0.21 1 | 0.21 | |
Net realized and unrealized gains (losses) | (0.45) | 2.78 | (0.03) 2 | 0.20 | 1.33 | |
Total from investment operations | (0.17) | 3.01 | 0.19 | 0.41 | 1.54 | |
Less distributions: | ||||||
Distributions from net investment income | (0.44) | (0.24) | (0.32) | (0.39) | (0.26) | |
Distributions from net realized gains | (0.26) | (0.75) | (1.17) | (0.37) | — | |
Total distributions | (0.70) | (0.99) | (1.49) | (0.76) | (0.26) | |
Net asset value at end of period | $16.27 | $17.14 | $15.12 | $16.42 | $16.77 | |
Total return | (1.17%) | 21.02% | 1.38% | 2.48% | 10.07% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% 4 | 0.00% | 0.00% 4 | 0.00% 4 | 0.00% | |
Gross operating expenses3 | 0.02% | 0.02% | 0.03% | 0.03% | 0.04% | |
Net investment income (loss) | 1.65% | 1.44% | 1.45% | 1.27% | 1.26% | |
Portfolio turnover rate | 17% | 21% | 4% | 13% | 23% | |
Net assets, end of period (x 1,000,000) | $962 | $998 | $841 | $834 | $768 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 79.4% of net assets | ||
Equity Funds 70.4% | ||
Global Real Estate 4.0% | ||
Schwab Global Real Estate Fund | 5,422,234 | 38,335,191 |
International 23.3% | ||
Laudus International MarketMasters Fund, Select Shares | 5,888,109 | 134,778,808 |
Schwab International Core Equity Fund | 9,226,476 | 88,943,233 |
223,722,041 | ||
Large-Cap 35.0% | ||
Laudus U.S. Large Cap Growth Fund * | 2,285,362 | 47,924,048 |
Schwab Core Equity Fund | 5,358,425 | 120,028,711 |
Schwab Dividend Equity Fund | 1,576,784 | 24,329,779 |
Schwab S&P 500 Index Fund | 3,406,417 | 144,466,135 |
336,748,673 | ||
Mid-Cap 1.5% | ||
Schwab U.S. Mid-Cap Index Fund * | 375,070 | 14,834,037 |
Small-Cap 6.6% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 1,241,007 | 22,189,201 |
Schwab Small-Cap Equity Fund * | 1,959,404 | 40,892,761 |
63,081,962 | ||
676,721,904 | ||
Fixed-Income Funds 7.3% | ||
Intermediate-Term Bond 6.3% | ||
Schwab Intermediate-Term Bond Fund | 940,578 | 9,085,987 |
Schwab U.S. Aggregate Bond Index Fund | 5,348,163 | 51,342,363 |
60,428,350 | ||
Short-Term Bond 1.0% | ||
Schwab Short-Term Bond Index Fund | 987,151 | 9,624,727 |
70,053,077 | ||
Money Market Fund 1.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 16,760,722 | 16,764,074 |
Total Affiliated Underlying Funds | ||
(Cost $612,904,938) | 763,539,055 | |
Unaffiliated Underlying Funds 20.1% of net assets | ||
Equity Funds 12.5% | ||
International 3.7% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 3,998,927 | 35,950,354 |
Security | Number of Shares | Value ($) |
Large-Cap 8.8% | ||
ClearBridge Large Cap Growth Fund, Class IS | 609,882 | 29,243,860 |
Dodge & Cox Stock Fund | 113,928 | 22,986,119 |
TCW Relative Value Large Cap Fund, Class I | 1,605,702 | 31,825,019 |
84,054,998 | ||
120,005,352 | ||
Fixed-Income Funds 7.6% | ||
Intermediate-Term Bond 7.1% | ||
Baird Aggregate Bond Fund, Institutional Class | 427,427 | 4,428,144 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 2,504,834 | 27,127,348 |
Metropolitan West Total Return Bond Fund, Class I | 3,590,381 | 36,657,786 |
68,213,278 | ||
International Bond 0.5% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 488,699 | 5,253,514 |
73,466,792 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $186,753,634) | 193,472,144 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.0% of net assets | ||
Time Deposit 0.0% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 113,084 | 113,084 |
Total Short-Term Investment | ||
(Cost $113,084) | 113,084 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 4,746,119 | 1,171,674 | (29,684) | 5,888,109 | ($23,145,636) | ($35,028) | $5,784,096 |
Laudus Mondrian Emerging Markets Fund | 2,990,467 | 84,061 | (3,074,528) | — | (782,041) | (994,552) | 689,303 |
Laudus Mondrian International Government Fixed Income Fund | 537,701 | 81 | (537,782) | — | (10,413) | 55,014 | 806 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,216,736 | 159,967 | (135,696) | 1,241,007 | (3,330,638) | 95,699 | 2,999,376 |
Laudus U.S. Large Cap Growth Fund | 2,733,424 | 376,376 | (824,438) | 2,285,362 | (5,008,549) | 5,025,517 | 7,215,145 |
Schwab Core Equity Fund | 5,639,832 | 659,692 | (941,099) | 5,358,425 | (10,852,129) | 924,851 | 14,849,678 |
Schwab Dividend Equity Fund | 1,556,759 | 167,188 | (147,163) | 1,576,784 | (2,780,660) | 107,324 | 2,701,286 |
Schwab Emerging Markets Equity ETF | — | 526,350 | (526,350) | — | — | (791,353) | — |
Schwab Global Real Estate Fund | 5,158,108 | 264,126 | — | 5,422,234 | (3,323,792) | — | 1,993,134 |
Schwab Intermediate-Term Bond Fund | 920,295 | 20,283 | — | 940,578 | (361,909) | — | 198,933 |
Schwab International Core Equity Fund | 7,383,553 | 1,941,287 | (98,364) | 9,226,476 | (15,204,453) | (59,880) | 2,144,922 |
Schwab S&P 500 Index Fund | 4,553,125 | 80,090 | (1,226,798) | 3,406,417 | 1,489,238 | 9,777,335 | 3,317,328 |
Schwab Short-Term Bond Index Fund | 586,580 | 400,571 | — | 987,151 | (169,881) | — | 160,540 |
Schwab Small-Cap Equity Fund | 2,009,039 | 292,084 | (341,719) | 1,959,404 | (5,359,594) | 261,738 | 6,107,478 |
Schwab U.S. Aggregate Bond Index Fund | 4,603,548 | 1,214,949 | (470,334) | 5,348,163 | (2,416,196) | (182,574) | 1,457,159 |
Schwab U.S. Mid-Cap Index Fund | — | 401,728 | (26,658) | 375,070 | (795,149) | 39,186 | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 5,832,001 | 12,428,271 | (1,499,550) | 16,760,722 | (847) | — | 245,352 |
Total | ($72,052,649) | $14,223,277 | $49,864,536 |
* | 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 | $763,539,055 | $— | $— | $763,539,055 | |
Unaffiliated Underlying Funds1 | 193,472,144 | — | — | 193,472,144 | |
Short-Term Investment1 | — | 113,084 | — | 113,084 | |
Total | $957,011,199 | $113,084 | $— | $957,124,283 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $612,904,938) | $763,539,055 | |
Investments in unaffiliated issuers, at value (cost $186,866,718) | 193,585,228 | |
Receivables: | ||
Investments sold | 10,410,000 | |
Fund shares sold | 452,330 | |
Dividends | 286,862 | |
Due from investment adviser | 10,641 | |
Prepaid expenses | + | 19,287 |
Total assets | 968,303,403 | |
Liabilities | ||
Payables: | ||
Investments bought | 5,858,909 | |
Fund shares redeemed | 489,586 | |
Accrued expenses | + | 56,218 |
Total liabilities | 6,404,713 | |
Net Assets | ||
Total assets | 968,303,403 | |
Total liabilities | – | 6,404,713 |
Net assets | $961,898,690 | |
Net Assets by Source | ||
Capital received from investors | 755,140,084 | |
Total distributable earnings1 | 206,758,606 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$961,898,690 | 59,128,296 | $16.27 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $14,010,486 | |
Dividends received from unaffiliated underlying funds | 2,902,571 | |
Interest | + | 69,443 |
Total investment income | 16,982,500 | |
Expenses | ||
Shareholder reports | 56,074 | |
Registration fees | 36,785 | |
Professional fees | 28,442 | |
Portfolio accounting fees | 26,387 | |
Transfer agent fees | 22,055 | |
Independent trustees’ fees | 12,628 | |
Custodian fees | 1,161 | |
Interest expense | 359 | |
Other expenses | + | 13,956 |
Total expenses | 197,847 | |
Expense reduction by CSIM and its affiliates | – | 197,488 |
Net expenses | – | 359 |
Net investment income | 16,982,141 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 35,854,050 | |
Realized capital gain distributions received from unaffiliated underlying funds | 7,603,103 | |
Net realized gains on sales of affiliated underlying funds | 14,223,277 | |
Net realized gains on sales of unaffiliated underlying funds | + | 796,470 |
Net realized gains | 58,476,900 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (72,052,649) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (13,706,528) |
Net change in unrealized appreciation (depreciation) | + | (85,759,177) |
Net realized and unrealized losses | (27,282,277) | |
Decrease in net assets resulting from operations | ($10,300,136) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $16,982,141 | $13,266,752 | ||
Net realized gains | 58,476,900 | 15,764,642 | ||
Net change in unrealized appreciation (depreciation) | + | (85,759,177) | 145,329,592 | |
Increase (decrease) in net assets from operations | (10,300,136) | 174,360,986 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($40,865,355) | ($54,703,495) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,706,755 | $115,547,716 | 7,851,862 | $124,294,415 | ||||
Shares reinvested | 2,349,847 | 39,947,404 | 3,644,656 | 53,467,109 | ||||
Shares redeemed | + | (8,162,708) | (140,666,145) | (8,921,765) | (140,664,847) | |||
Net transactions in fund shares | 893,894 | $14,828,975 | 2,574,753 | $37,096,677 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 58,234,402 | $998,235,206 | 55,659,649 | $841,481,038 | ||||
Total increase or decrease | + | 893,894 | (36,336,516) | 2,574,753 | 156,754,168 | |||
End of period2 | 59,128,296 | $961,898,690 | 58,234,402 | $998,235,206 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $13,243,888 from net investment income and $41,459,607 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $3,822,072 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.92 | $12.00 | $12.51 | $12.67 | $11.66 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 1 | 0.17 1 | 0.16 1 | 0.14 1 | 0.16 | |
Net realized and unrealized gains (losses) | (0.39) | 2.37 | 0.00 2 | 0.15 | 1.03 | |
Total from investment operations | (0.18) | 2.54 | 0.16 | 0.29 | 1.19 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.18) | (0.23) | (0.29) | (0.18) | |
Distributions from net realized gains | (0.03) | (0.44) | (0.44) | (0.16) | — | |
Total distributions | (0.39) | (0.62) | (0.67) | (0.45) | (0.18) | |
Net asset value at end of period | $13.35 | $13.92 | $12.00 | $12.51 | $12.67 | |
Total return | (1.43%) | 22.11% | 1.40% | 2.37% | 10.30% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% 4 | 0.00% | 0.00% 4 | 0.00% 4 | 0.00% | |
Gross operating expenses3 | 0.06% | 0.10% | 0.13% | 0.20% | 0.32% | |
Net investment income (loss) | 1.52% | 1.31% | 1.34% | 1.09% | 1.03% | |
Portfolio turnover rate | 12% | 11% | 1% | 10% | 23% | |
Net assets, end of period (x 1,000,000) | $139 | $121 | $82 | $66 | $41 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 81.2% of net assets | ||
Equity Funds 74.8% | ||
Global Real Estate 4.2% | ||
Schwab Global Real Estate Fund | 827,016 | 5,847,007 |
International 24.8% | ||
Laudus International MarketMasters Fund, Select Shares | 897,774 | 20,550,044 |
Schwab International Core Equity Fund | 1,436,919 | 13,851,897 |
34,401,941 | ||
Large-Cap 37.3% | ||
Laudus U.S. Large Cap Growth Fund * | 412,073 | 8,641,161 |
Schwab Core Equity Fund | 801,055 | 17,943,628 |
Schwab Dividend Equity Fund | 265,235 | 4,092,578 |
Schwab S&P 500 Index Fund | 497,004 | 21,077,950 |
51,755,317 | ||
Mid-Cap 1.5% | ||
Schwab U.S. Mid-Cap Index Fund * | 53,756 | 2,126,038 |
Small-Cap 7.0% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 186,527 | 3,335,103 |
Schwab Small-Cap Equity Fund * | 302,845 | 6,320,366 |
9,655,469 | ||
103,785,772 | ||
Fixed-Income Funds 4.8% | ||
Intermediate-Term Bond 4.3% | ||
Schwab Intermediate-Term Bond Fund | 89,257 | 862,227 |
Schwab U.S. Aggregate Bond Index Fund | 524,099 | 5,031,351 |
5,893,578 | ||
Short-Term Bond 0.5% | ||
Schwab Short-Term Bond Index Fund | 77,513 | 755,748 |
6,649,326 | ||
Money Market Fund 1.6% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 2,269,068 | 2,269,522 |
Total Affiliated Underlying Funds | ||
(Cost $106,933,834) | 112,704,620 | |
Unaffiliated Underlying Funds 18.3% of net assets | ||
Equity Funds 13.0% | ||
International 4.6% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 708,504 | 6,369,456 |
Security | Number of Shares | Value ($) |
Large-Cap 8.4% | ||
ClearBridge Large Cap Growth Fund, Class IS | 76,568 | 3,671,452 |
Dodge & Cox Stock Fund | 21,013 | 4,239,475 |
TCW Relative Value Large Cap Fund, Class I | 193,765 | 3,840,427 |
11,751,354 | ||
18,120,810 | ||
Fixed-Income Funds 5.3% | ||
Intermediate-Term Bond 4.9% | ||
Baird Aggregate Bond Fund, Institutional Class | 43,004 | 445,526 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 264,278 | 2,862,129 |
Metropolitan West Total Return Bond Fund, Class I | 345,827 | 3,530,890 |
6,838,545 | ||
International Bond 0.4% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 47,502 | 510,643 |
7,349,188 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $26,093,283) | 25,469,998 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.8% of net assets | ||
Time Deposit 0.8% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 1,066,959 | 1,066,959 |
Total Short-Term Investment | ||
(Cost $1,066,959) | 1,066,959 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 598,666 | 311,179 | (12,071) | 897,774 | ($3,452,206) | ($17,623) | $749,844 |
Laudus Mondrian Emerging Markets Fund | 431,102 | 12,118 | (443,220) | — | (180,069) | (113,585) | 99,369 |
Laudus Mondrian International Government Fixed Income Fund | 51,469 | 8 | (51,477) | — | (12,361) | 16,631 | 77 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 164,019 | 38,012 | (15,504) | 186,527 | (449,192) | (10,924) | 416,425 |
Laudus U.S. Large Cap Growth Fund | 391,181 | 76,577 | (55,685) | 412,073 | (184,373) | 93,628 | 1,051,064 |
Schwab Core Equity Fund | 716,762 | 127,202 | (42,909) | 801,055 | (1,343,059) | (30,861) | 1,887,234 |
Schwab Dividend Equity Fund | 233,840 | 59,285 | (27,890) | 265,235 | (416,062) | (5,266) | 409,526 |
Schwab Emerging Markets Equity ETF | — | 81,027 | (81,027) | — | — | (121,822) | — |
Schwab Global Real Estate Fund | 635,930 | 191,086 | — | 827,016 | (487,389) | — | 284,091 |
Schwab Intermediate-Term Bond Fund | 87,333 | 1,924 | — | 89,257 | (34,344) | — | 18,878 |
Schwab International Core Equity Fund | 953,926 | 482,993 | — | 1,436,919 | (2,255,274) | — | 296,418 |
Schwab S&P 500 Index Fund | 539,805 | 64,033 | (106,834) | 497,004 | 719,895 | 673,631 | 403,071 |
Schwab Short-Term Bond Index Fund | 33,572 | 43,941 | — | 77,513 | (10,905) | — | 11,604 |
Schwab Small-Cap Equity Fund | 277,434 | 63,044 | (37,633) | 302,845 | (708,689) | (36,226) | 843,398 |
Schwab U.S. Aggregate Bond Index Fund | 346,074 | 178,025 | — | 524,099 | (223,271) | — | 126,181 |
Schwab U.S. Mid-Cap Index Fund | — | 53,756 | — | 53,756 | (113,962) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | 542,324 | 1,726,744 | — | 2,269,068 | (126) | — | 29,204 |
Total | ($9,151,387) | $447,583 | $6,626,384 |
* | 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 | $112,704,620 | $— | $— | $112,704,620 | |
Unaffiliated Underlying Funds1 | 25,469,998 | — | — | 25,469,998 | |
Short-Term Investment1 | — | 1,066,959 | — | 1,066,959 | |
Total | $138,174,618 | $1,066,959 | $— | $139,241,577 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $106,933,834) | $112,704,620 | |
Investments in unaffiliated issuers, at value (cost $27,160,242) | 26,536,957 | |
Receivables: | ||
Fund shares sold | 96,699 | |
Dividends | 27,074 | |
Due from investment adviser | 7,423 | |
Interest | 46 | |
Prepaid expenses | + | 5,934 |
Total assets | 139,378,753 | |
Liabilities | ||
Payables: | ||
Investments bought | 524,682 | |
Fund shares redeemed | 12,541 | |
Accrued expenses | + | 28,053 |
Total liabilities | 565,276 | |
Net Assets | ||
Total assets | 139,378,753 | |
Total liabilities | – | 565,276 |
Net assets | $138,813,477 | |
Net Assets by Source | ||
Capital received from investors | 128,542,348 | |
Total distributable earnings1 | 10,271,129 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$138,813,477 | 10,398,113 | $13.35 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $1,769,121 | |
Dividends received from unaffiliated underlying funds | 310,220 | |
Interest | + | 13,209 |
Total investment income | 2,092,550 | |
Expenses | ||
Registration fees | 24,424 | |
Professional fees | 19,422 | |
Shareholder reports | 12,952 | |
Independent trustees’ fees | 8,083 | |
Portfolio accounting fees | 6,339 | |
Transfer agent fees | 4,260 | |
Custodian fees | 2,293 | |
Interest expense | 75 | |
Other expenses | + | 4,313 |
Total expenses | 82,161 | |
Expense reduction by CSIM and its affiliates | – | 82,086 |
Net expenses | – | 75 |
Net investment income | 2,092,475 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 4,857,263 | |
Realized capital gain distributions received from unaffiliated underlying funds | 929,461 | |
Net realized gains on sales of affiliated underlying funds | 447,583 | |
Net realized gains on sales of unaffiliated underlying funds | + | 27,679 |
Net realized gains | 6,261,986 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (9,151,387) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (1,913,031) |
Net change in unrealized appreciation (depreciation) | + | (11,064,418) |
Net realized and unrealized losses | (4,802,432) | |
Decrease in net assets resulting from operations | ($2,709,957) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $2,092,475 | $1,331,729 | ||
Net realized gains | 6,261,986 | 294,651 | ||
Net change in unrealized appreciation (depreciation) | + | (11,064,418) | 18,340,150 | |
Increase (decrease) in net assets from operations | (2,709,957) | 19,966,530 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($3,508,200) | ($4,416,709) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,900,247 | $41,054,579 | 2,762,281 | $35,257,289 | ||||
Shares reinvested | 244,001 | 3,416,012 | 363,903 | 4,308,619 | ||||
Shares redeemed | + | (1,449,612) | (20,558,109) | (1,244,586) | (15,883,333) | |||
Net transactions in fund shares | 1,694,636 | $23,912,482 | 1,881,598 | $23,682,575 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 8,703,477 | $121,119,152 | 6,821,879 | $81,886,756 | ||||
Total increase | + | 1,694,636 | 17,694,325 | 1,881,598 | 39,232,396 | |||
End of period2 | 10,398,113 | $138,813,477 | 8,703,477 | $121,119,152 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $1,270,308 from net investment income and $3,146,401 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $361,950 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.07 | $12.08 | $12.60 | $12.75 | $11.72 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 1 | 0.16 1 | 0.15 1 | 0.13 1 | 0.17 | |
Net realized and unrealized gains (losses) | (0.41) | 2.47 | 0.01 | 0.18 | 1.04 | |
Total from investment operations | (0.20) | 2.63 | 0.16 | 0.31 | 1.21 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.18) | (0.23) | (0.30) | (0.18) | |
Distributions from net realized gains | (0.02) | (0.46) | (0.45) | (0.16) | — | |
Total distributions | (0.38) | (0.64) | (0.68) | (0.46) | (0.18) | |
Net asset value at end of period | $13.49 | $14.07 | $12.08 | $12.60 | $12.75 | |
Total return | (1.50%) | 22.68% | 1.39% | 2.44% | 10.43% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% 3 | 0.00% | 0.01% 4 | 0.00% 3 | 0.00% | |
Gross operating expenses2 | 0.07% | 0.11% | 0.16% | 0.25% | 0.39% | |
Net investment income (loss) | 1.45% | 1.27% | 1.31% | 1.05% | 0.99% | |
Portfolio turnover rate | 10% | 10% | 1% | 8% | 23% | |
Net assets, end of period (x 1,000,000) | $122 | $104 | $68 | $53 | $33 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 82.2% of net assets | ||
Equity Funds 77.3% | ||
Global Real Estate 4.4% | ||
Schwab Global Real Estate Fund | 772,964 | 5,464,854 |
International 25.4% | ||
Laudus International MarketMasters Fund, Select Shares | 824,810 | 18,879,895 |
Schwab International Core Equity Fund | 1,268,597 | 12,229,280 |
31,109,175 | ||
Large-Cap 38.6% | ||
Laudus U.S. Large Cap Growth Fund * | 393,317 | 8,247,861 |
Schwab Core Equity Fund | 733,490 | 16,430,186 |
Schwab Dividend Equity Fund | 253,177 | 3,906,516 |
Schwab S&P 500 Index Fund | 439,773 | 18,650,781 |
47,235,344 | ||
Mid-Cap 1.6% | ||
Schwab U.S. Mid-Cap Index Fund * | 50,489 | 1,996,844 |
Small-Cap 7.3% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 175,499 | 3,137,924 |
Schwab Small-Cap Equity Fund * | 277,825 | 5,798,217 |
8,936,141 | ||
94,742,358 | ||
Fixed-Income Funds 3.3% | ||
Intermediate-Term Bond 2.8% | ||
Schwab Intermediate-Term Bond Fund | 48,418 | 467,715 |
Schwab U.S. Aggregate Bond Index Fund | 302,815 | 2,907,025 |
3,374,740 | ||
Short-Term Bond 0.5% | ||
Schwab Short-Term Bond Index Fund | 69,051 | 673,246 |
4,047,986 | ||
Money Market Fund 1.6% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 1,919,980 | 1,920,364 |
Total Affiliated Underlying Funds | ||
(Cost $95,995,481) | 100,710,708 | |
Unaffiliated Underlying Funds 17.4% of net assets | ||
Equity Funds 13.4% | ||
International 5.1% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 690,389 | 6,206,598 |
Security | Number of Shares | Value ($) |
Large-Cap 8.3% | ||
ClearBridge Large Cap Growth Fund, Class IS | 60,678 | 2,909,504 |
Dodge & Cox Stock Fund | 19,838 | 4,002,590 |
TCW Relative Value Large Cap Fund, Class I | 164,981 | 3,269,932 |
10,182,026 | ||
16,388,624 | ||
Fixed-Income Funds 4.0% | ||
Intermediate-Term Bond 3.5% | ||
Baird Aggregate Bond Fund, Institutional Class | 21,038 | 217,955 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 182,759 | 1,979,279 |
Metropolitan West Total Return Bond Fund, Class I | 202,951 | 2,072,126 |
4,269,360 | ||
International Bond 0.5% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 54,602 | 586,973 |
4,856,333 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $21,833,502) | 21,244,957 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 402,314 | 402,314 |
Total Short-Term Investment | ||
(Cost $402,314) | 402,314 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 530,596 | 294,214 | — | 824,810 | ($3,174,085) | $— | $660,118 |
Laudus Mondrian Emerging Markets Fund | 410,023 | 11,526 | (421,549) | — | (213,474) | (66,329) | 94,510 |
Laudus Mondrian International Government Fixed Income Fund | 41,974 | 7 | (41,981) | — | (19,578) | 23,058 | 63 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 155,786 | 37,129 | (17,416) | 175,499 | (439,281) | (9,012) | 384,028 |
Laudus U.S. Large Cap Growth Fund | 372,185 | 63,949 | (42,817) | 393,317 | (144,604) | 81,679 | 982,419 |
Schwab Core Equity Fund | 622,617 | 128,132 | (17,259) | 733,490 | (1,206,157) | (17,971) | 1,639,352 |
Schwab Dividend Equity Fund | 213,507 | 49,067 | (9,397) | 253,177 | (405,630) | (2,725) | 374,411 |
Schwab Emerging Markets Equity ETF | — | 77,536 | (77,536) | — | — | (116,573) | — |
Schwab Global Real Estate Fund | 578,379 | 194,585 | — | 772,964 | (433,217) | — | 250,336 |
Schwab Intermediate-Term Bond Fund | 47,374 | 1,044 | — | 48,418 | (18,630) | — | 10,240 |
Schwab International Core Equity Fund | 844,296 | 444,247 | (19,946) | 1,268,597 | (2,013,891) | (15,971) | 250,929 |
Schwab S&P 500 Index Fund | 463,950 | 48,538 | (72,715) | 439,773 | 611,163 | 510,636 | 345,275 |
Schwab Short-Term Bond Index Fund | 7,260 | 61,791 | — | 69,051 | (6,763) | — | 7,551 |
Schwab Small-Cap Equity Fund | 255,145 | 54,943 | (32,263) | 277,825 | (642,439) | (48,294) | 775,640 |
Schwab U.S. Aggregate Bond Index Fund | 208,754 | 94,061 | — | 302,815 | (128,171) | — | 70,949 |
Schwab U.S. Mid-Cap Index Fund | — | 50,489 | — | 50,489 | (112,156) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | — | 1,919,980 | — | 1,919,980 | (71) | — | 22,392 |
Total | ($8,346,984) | $338,498 | $5,868,213 |
* | 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 | $100,710,708 | $— | $— | $100,710,708 | |
Unaffiliated Underlying Funds1 | 21,244,957 | — | — | 21,244,957 | |
Short-Term Investment1 | — | 402,314 | — | 402,314 | |
Total | $121,955,665 | $402,314 | $— | $122,357,979 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $95,995,481) | $100,710,708 | |
Investments in unaffiliated issuers, at value (cost $22,235,816) | 21,647,271 | |
Receivables: | ||
Fund shares sold | 183,663 | |
Dividends | 17,188 | |
Due from investment adviser | 7,602 | |
Interest | 17 | |
Prepaid expenses | + | 5,682 |
Total assets | 122,572,131 | |
Liabilities | ||
Payables: | ||
Investments bought | 15,181 | |
Fund shares redeemed | 70,076 | |
Accrued expenses | + | 28,229 |
Total liabilities | 113,486 | |
Net Assets | ||
Total assets | 122,572,131 | |
Total liabilities | – | 113,486 |
Net assets | $122,458,645 | |
Net Assets by Source | ||
Capital received from investors | 113,869,335 | |
Total distributable earnings1 | 8,589,310 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$122,458,645 | 9,074,734 | $13.49 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $1,494,000 | |
Dividends received from unaffiliated underlying funds | 230,871 | |
Interest | + | 12,539 |
Total investment income | 1,737,410 | |
Expenses | ||
Registration fees | 23,803 | |
Professional fees | 19,266 | |
Shareholder reports | 14,642 | |
Independent trustees’ fees | 7,991 | |
Portfolio accounting fees | 6,109 | |
Transfer agent fees | 5,037 | |
Custodian fees | 2,177 | |
Interest expense | 57 | |
Other expenses | + | 4,085 |
Total expenses | 83,167 | |
Expense reduction by CSIM and its affiliates | – | 83,110 |
Net expenses | – | 57 |
Net investment income | 1,737,353 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 4,374,213 | |
Realized capital gain distributions received from unaffiliated underlying funds | 777,661 | |
Net realized gains on sales of affiliated underlying funds | 338,498 | |
Net realized gains on sales of unaffiliated underlying funds | + | 8,529 |
Net realized gains | 5,498,901 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (8,346,984) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (1,694,348) |
Net change in unrealized appreciation (depreciation) | + | (10,041,332) |
Net realized and unrealized losses | (4,542,431) | |
Decrease in net assets resulting from operations | ($2,805,078) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $1,737,353 | $1,076,611 | ||
Net realized gains | 5,498,901 | 146,280 | ||
Net change in unrealized appreciation (depreciation) | + | (10,041,332) | 15,875,172 | |
Increase (decrease) in net assets from operations | (2,805,078) | 17,098,063 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($2,923,022) | ($3,657,818) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,657,737 | $38,112,073 | 2,650,700 | $34,292,743 | ||||
Shares reinvested | 199,234 | 2,825,139 | 296,528 | 3,537,587 | ||||
Shares redeemed | + | (1,184,406) | (16,913,367) | (1,179,968) | (15,171,475) | |||
Net transactions in fund shares | 1,672,565 | $24,023,845 | 1,767,260 | $22,658,855 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 7,402,169 | $104,162,900 | 5,634,909 | $68,063,800 | ||||
Total increase | + | 1,672,565 | 18,295,745 | 1,767,260 | 36,099,100 | |||
End of period2 | 9,074,734 | $122,458,645 | 7,402,169 | $104,162,900 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $1,025,271 from net investment income and $2,632,547 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $266,815 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | 11/1/13– 10/31/14 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.18 | $12.09 | $12.63 | $12.79 | $11.74 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.20 1 | 0.16 1 | 0.15 1 | 0.13 1 | 0.16 | |
Net realized and unrealized gains (losses) | (0.39) | 2.55 | 0.00 2 | 0.17 | 1.07 | |
Total from investment operations | (0.19) | 2.71 | 0.15 | 0.30 | 1.23 | |
Less distributions: | ||||||
Distributions from net investment income | (0.37) | (0.17) | (0.23) | (0.30) | (0.18) | |
Distributions from net realized gains | (0.02) | (0.45) | (0.46) | (0.16) | — | |
Total distributions | (0.39) | (0.62) | (0.69) | (0.46) | (0.18) | |
Net asset value at end of period | $13.60 | $14.18 | $12.09 | $12.63 | $12.79 | |
Total return | (1.49%) | 23.35% | 1.28% | 2.36% | 10.59% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% 4 | 0.00% | 0.01% 5 | 0.00% 4 | 0.00% | |
Gross operating expenses3 | 0.11% | 0.19% | 0.27% | 0.44% | 0.68% | |
Net investment income (loss) | 1.41% | 1.24% | 1.26% | 1.03% | 0.94% | |
Portfolio turnover rate | 10% | 9% | 1% | 8% | 29% | |
Net assets, end of period (x 1,000,000) | $73 | $60 | $38 | $29 | $18 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 83.4% of net assets | ||
Equity Funds 79.7% | ||
Global Real Estate 4.5% | ||
Schwab Global Real Estate Fund | 466,782 | 3,300,147 |
International 26.2% | ||
Laudus International MarketMasters Fund, Select Shares | 502,191 | 11,495,156 |
Schwab International Core Equity Fund | 801,443 | 7,725,913 |
19,221,069 | ||
Large-Cap 39.6% | ||
Laudus U.S. Large Cap Growth Fund * | 262,570 | 5,506,094 |
Schwab Core Equity Fund | 441,792 | 9,896,131 |
Schwab Dividend Equity Fund | 164,481 | 2,537,938 |
Schwab S&P 500 Index Fund | 260,258 | 11,037,543 |
28,977,706 | ||
Mid-Cap 1.7% | ||
Schwab U.S. Mid-Cap Index Fund * | 31,088 | 1,229,534 |
Small-Cap 7.7% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 103,082 | 1,843,099 |
Schwab Small-Cap Equity Fund * | 181,470 | 3,787,284 |
5,630,383 | ||
58,358,839 | ||
Fixed-Income Funds 2.2% | ||
Intermediate-Term Bond 1.7% | ||
Schwab Intermediate-Term Bond Fund | 18,111 | 174,949 |
Schwab U.S. Aggregate Bond Index Fund | 108,173 | 1,038,462 |
1,213,411 | ||
Short-Term Bond 0.5% | ||
Schwab Short-Term Bond Index Fund | 38,783 | 378,138 |
1,591,549 | ||
Money Market Fund 1.5% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 1,111,588 | 1,111,810 |
Total Affiliated Underlying Funds | ||
(Cost $58,316,491) | 61,062,198 | |
Unaffiliated Underlying Funds 16.2% of net assets | ||
Equity Funds 13.7% | ||
International 5.5% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 450,048 | 4,045,931 |
Security | Number of Shares | Value ($) |
Large-Cap 8.2% | ||
ClearBridge Large Cap Growth Fund, Class IS | 32,559 | 1,561,226 |
Dodge & Cox Stock Fund | 12,588 | 2,539,721 |
TCW Relative Value Large Cap Fund, Class I | 97,139 | 1,925,303 |
6,026,250 | ||
10,072,181 | ||
Fixed-Income Funds 2.5% | ||
Intermediate-Term Bond 2.3% | ||
Baird Aggregate Bond Fund, Institutional Class | 5,141 | 53,256 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 65,684 | 711,359 |
Metropolitan West Total Return Bond Fund, Class I | 91,708 | 936,342 |
1,700,957 | ||
International Bond 0.2% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 11,736 | 126,159 |
1,827,116 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $12,286,754) | 11,899,297 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.3% of net assets | ||
Time Deposit 0.3% | ||
BNP Paribas | ||
1.54%, 11/01/18 (b) | 216,966 | 216,966 |
Total Short-Term Investment | ||
(Cost $216,966) | 216,966 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 310,559 | 192,009 | (377) | 502,191 | ($1,928,027) | ($551) | $401,051 |
Laudus Mondrian Emerging Markets Fund | 250,686 | 7,047 | (257,733) | — | (134,320) | (52,956) | 57,783 |
Laudus Mondrian International Government Fixed Income Fund | 12,704 | 2 | (12,706) | — | (6,039) | 7,090 | 19 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 97,330 | 18,155 | (12,403) | 103,082 | (254,586) | (7,231) | 239,927 |
Laudus U.S. Large Cap Growth Fund | 231,721 | 58,083 | (27,234) | 262,570 | (58,423) | 39,446 | 611,651 |
Schwab Core Equity Fund | 367,417 | 91,133 | (16,758) | 441,792 | (695,118) | (16,433) | 967,409 |
Schwab Dividend Equity Fund | 130,069 | 40,913 | (6,501) | 164,481 | (256,322) | (1,260) | 237,026 |
Schwab Emerging Markets Equity ETF | — | 49,967 | (49,967) | — | — | (75,124) | — |
Schwab Global Real Estate Fund | 334,404 | 132,378 | — | 466,782 | (273,544) | — | 152,120 |
Schwab Intermediate-Term Bond Fund | 17,720 | 391 | — | 18,111 | (6,968) | — | 3,830 |
Schwab International Core Equity Fund | 503,958 | 297,485 | — | 801,443 | (1,243,470) | — | 155,781 |
Schwab S&P 500 Index Fund | 263,320 | 36,901 | (39,963) | 260,258 | 418,747 | 221,347 | 199,074 |
Schwab Short-Term Bond Index Fund | 707 | 38,076 | — | 38,783 | (2,056) | — | 3,134 |
Schwab Small-Cap Equity Fund | 153,323 | 49,763 | (21,616) | 181,470 | (389,527) | (39,490) | 481,946 |
Schwab U.S. Aggregate Bond Index Fund | 61,548 | 46,625 | — | 108,173 | (48,671) | — | 26,722 |
Schwab U.S. Mid-Cap Index Fund | — | 31,088 | — | 31,088 | (67,466) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | — | 1,111,588 | — | 1,111,588 | (41) | — | 12,984 |
Total | ($4,945,831) | $74,838 | $3,550,457 |
* | 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 | $61,062,198 | $— | $— | $61,062,198 | |
Unaffiliated Underlying Funds1 | 11,899,297 | — | — | 11,899,297 | |
Short-Term Investment1 | — | 216,966 | — | 216,966 | |
Total | $72,961,495 | $216,966 | $— | $73,178,461 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $58,316,491) | $61,062,198 | |
Investments in unaffiliated issuers, at value (cost $12,503,720) | 12,116,263 | |
Receivables: | ||
Fund shares sold | 105,955 | |
Dividends | 7,201 | |
Due from investment adviser | 7,191 | |
Prepaid expenses | + | 5,050 |
Total assets | 73,303,858 | |
Liabilities | ||
Payables: | ||
Investments bought | 6,039 | |
Fund shares redeemed | 11,683 | |
Accrued expenses | + | 27,034 |
Total liabilities | 44,756 | |
Net Assets | ||
Total assets | 73,303,858 | |
Total liabilities | – | 44,756 |
Net assets | $73,259,102 | |
Net Assets by Source | ||
Capital received from investors | 68,329,540 | |
Total distributable earnings1 | 4,929,562 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$73,259,102 | 5,387,514 | $13.60 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $878,354 | |
Dividends received from unaffiliated underlying funds | 115,712 | |
Interest | + | 7,519 |
Total investment income | 1,001,585 | |
Expenses | ||
Registration fees | 21,287 | |
Professional fees | 18,846 | |
Shareholder reports | 13,912 | |
Independent trustees’ fees | 7,749 | |
Portfolio accounting fees | 5,519 | |
Transfer agent fees | 4,634 | |
Custodian fees | 2,311 | |
Interest expense | 41 | |
Other expenses | + | 3,667 |
Total expenses | 77,966 | |
Expense reduction by CSIM and its affiliates | – | 77,925 |
Net expenses | – | 41 |
Net investment income | 1,001,544 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 2,672,103 | |
Realized capital gain distributions received from unaffiliated underlying funds | 455,826 | |
Net realized gains on sales of affiliated underlying funds | 74,838 | |
Net realized losses on sales of unaffiliated underlying funds | + | (2,862) |
Net realized gains | 3,199,905 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (4,945,831) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (1,032,325) |
Net change in unrealized appreciation (depreciation) | + | (5,978,156) |
Net realized and unrealized losses | (2,778,251) | |
Decrease in net assets resulting from operations | ($1,776,707) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $1,001,544 | $599,097 | ||
Net realized gains | 3,199,905 | 81,269 | ||
Net change in unrealized appreciation (depreciation) | + | (5,978,156) | 9,300,647 | |
Increase (decrease) in net assets from operations | (1,776,707) | 9,981,013 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($1,708,287) | ($2,031,938) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,756,977 | $25,445,073 | 1,552,727 | $20,199,527 | ||||
Shares reinvested | 115,085 | 1,645,717 | 163,811 | 1,964,096 | ||||
Shares redeemed | + | (691,784) | (10,025,434) | (673,145) | (8,694,815) | |||
Net transactions in fund shares | 1,180,278 | $17,065,356 | 1,043,393 | $13,468,808 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 4,207,236 | $59,678,740 | 3,163,843 | $38,260,857 | ||||
Total increase | + | 1,180,278 | 13,580,362 | 1,043,393 | 21,417,883 | |||
End of period2 | 5,387,514 | $73,259,102 | 4,207,236 | $59,678,740 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $570,725 from net investment income and $1,461,213 from net realized gains. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $133,244 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 8/25/16 1– 10/31/16 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.02 | $9.83 | $10.00 | |||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.14 | 0.08 | 0.01 | |||
Net realized and unrealized gains (losses) | (0.32) | 2.22 | (0.18) | |||
Total from investment operations | (0.18) | 2.30 | (0.17) | |||
Less distributions: | ||||||
Distributions from net investment income | (0.29) | (0.11) | — | |||
Distributions from net realized gains | (0.02) | — | — | |||
Total distributions | (0.31) | (0.11) | — | |||
Net asset value at end of period | $11.53 | $12.02 | $9.83 | |||
Total return | (1.64%) | 23.63% | (1.70%) 3 | |||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | 0.00% | 0.00% | 0.00% 5 | |||
Gross operating expenses4 | 0.73% | 1.89% | 7.87% 5 | |||
Net investment income (loss) | 1.18% | 0.75% | 0.43% 5 | |||
Portfolio turnover rate | 22% | 7% | 0% 3 | |||
Net assets, end of period (x 1,000,000) | $10 | $6 | $1 | |||
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds 83.4% of net assets | ||
Equity Funds 80.5% | ||
Global Real Estate 4.6% | ||
Schwab Global Real Estate Fund | 68,067 | 481,230 |
International 26.6% | ||
Laudus International MarketMasters Fund, Select Shares | 72,870 | 1,667,986 |
Schwab International Core Equity Fund | 115,910 | 1,117,371 |
2,785,357 | ||
Large-Cap 39.8% | ||
Laudus U.S. Large Cap Growth Fund * | 39,087 | 819,665 |
Schwab Core Equity Fund | 64,401 | 1,442,577 |
Schwab Dividend Equity Fund | 23,967 | 369,814 |
Schwab S&P 500 Index Fund | 36,315 | 1,540,113 |
4,172,169 | ||
Mid-Cap 1.6% | ||
Schwab U.S. Mid-Cap Index Fund * | 4,436 | 175,441 |
Small-Cap 7.9% | ||
Laudus Small-Cap MarketMasters Fund, Select Shares * | 15,798 | 282,473 |
Schwab Small-Cap Equity Fund * | 26,021 | 543,059 |
825,532 | ||
8,439,729 | ||
Fixed-Income Funds 1.4% | ||
Intermediate-Term Bond 1.3% | ||
Schwab Intermediate-Term Bond Fund | 1,093 | 10,562 |
Schwab U.S. Aggregate Bond Index Fund | 12,658 | 121,520 |
132,082 | ||
Short-Term Bond 0.1% | ||
Schwab Short-Term Bond Index Fund | 1,536 | 14,975 |
147,057 | ||
Money Market Fund 1.5% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 2.20% (a) | 151,598 | 151,628 |
Total Affiliated Underlying Funds | ||
(Cost $8,902,364) | 8,738,414 | |
Unaffiliated Underlying Funds 15.9% of net assets | ||
Equity Funds 14.3% | ||
International 5.9% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 68,531 | 616,094 |
Security | Number of Shares | Value ($) |
Large-Cap 8.4% | ||
ClearBridge Large Cap Growth Fund, Class IS | 4,501 | 215,844 |
Dodge & Cox Stock Fund | 2,096 | 422,941 |
TCW Relative Value Large Cap Fund, Class I | 12,197 | 241,739 |
880,524 | ||
1,496,618 | ||
Fixed-Income Funds 1.6% | ||
Intermediate-Term Bond 1.6% | ||
Baird Aggregate Bond Fund, Institutional Class | 381 | 3,945 |
Loomis Sayles Investment Grade Bond Fund, Class Y Shares | 7,791 | 84,371 |
Metropolitan West Total Return Bond Fund, Class I | 7,354 | 75,086 |
163,402 | ||
International Bond 0.0% | ||
PIMCO International Bond Fund U.S. Dollar-Hedged | 354 | 3,805 |
167,207 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $1,765,746) | 1,663,825 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.6% of net assets | ||
Time Deposit 0.6% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (b) | 64,073 | 64,073 |
Total Short-Term Investment | ||
(Cost $64,073) | 64,073 |
* | 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 10/31/17 | Gross Purchases | Gross Sales | Balance of Shares Held at 10/31/18 | Net Change in Unrealized Appreciation (depreciation) | Realized Gains (Losses) | Distributions Received* |
Laudus International MarketMasters Fund, Select Shares | 30,159 | 51,490 | (8,779) | 72,870 | ($267,953) | ($11,840) | $43,684 |
Laudus Mondrian Emerging Markets Fund | 25,316 | 9,929 | (35,245) | — | (16,759) | (11,028) | 6,106 |
Laudus Mondrian International Government Fixed Income Fund | 374 | — | (374) | — | (170) | 200 | 1 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 9,739 | 6,059 | — | 15,798 | (36,188) | — | 26,035 |
Laudus U.S. Large Cap Growth Fund | 22,846 | 21,975 | (5,734) | 39,087 | (4,674) | 812 | 69,475 |
Schwab Core Equity Fund | 34,798 | 36,576 | (6,973) | 64,401 | (84,940) | (8,671) | 104,503 |
Schwab Dividend Equity Fund | 13,236 | 13,199 | (2,468) | 23,967 | (34,818) | (2,512) | 27,348 |
Schwab Emerging Markets Equity ETF | — | 7,575 | (7,575) | — | — | (11,389) | — |
Schwab Global Real Estate Fund | 33,699 | 34,368 | — | 68,067 | (39,747) | — | 19,829 |
Schwab Intermediate-Term Bond Fund | 1,070 | 23 | — | 1,093 | (421) | — | 231 |
Schwab International Core Equity Fund | 48,282 | 75,060 | (7,432) | 115,910 | (174,098) | (6,566) | 16,901 |
Schwab S&P 500 Index Fund | 25,370 | 26,803 | (15,858) | 36,315 | 67,440 | 10,603 | 21,447 |
Schwab Short-Term Bond Index Fund | — | 1,536 | — | 1,536 | (77) | — | 51 |
Schwab Small-Cap Equity Fund | 14,643 | 13,284 | (1,906) | 26,021 | (45,186) | (4,940) | 51,905 |
Schwab U.S. Aggregate Bond Index Fund | 5,433 | 10,720 | (3,495) | 12,658 | (3,682) | (1,270) | 2,709 |
Schwab U.S. Mid-Cap Index Fund | — | 4,436 | — | 4,436 | (8,559) | — | — |
Schwab Variable Share Price Money Fund, Ultra Shares | — | 151,598 | — | 151,598 | (5) | — | 1,788 |
Total | ($649,837) | ($46,601) | $392,013 |
* | 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 | $8,738,414 | $— | $— | $8,738,414 | |
Unaffiliated Underlying Funds1 | 1,663,825 | — | — | 1,663,825 | |
Short-Term Investment1 | — | 64,073 | — | 64,073 | |
Total | $10,402,239 | $64,073 | $— | $10,466,312 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $8,902,364) | $8,738,414 | |
Investments in unaffiliated issuers, at value (cost $1,829,819) | 1,727,898 | |
Receivables: | ||
Fund shares sold | 32,934 | |
Due from investment adviser | 6,954 | |
Dividends | 691 | |
Prepaid expenses | + | 12,512 |
Total assets | 10,519,403 | |
Liabilities | ||
Payables: | ||
Investments bought | 532 | |
Fund shares redeemed | 16,555 | |
Accrued expenses | + | 23,047 |
Total liabilities | 40,134 | |
Net Assets | ||
Total assets | 10,519,403 | |
Total liabilities | – | 40,134 |
Net assets | $10,479,269 | |
Net Assets by Source | ||
Capital received from investors | 10,506,970 | |
Total distributable loss1 | (27,701) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$10,479,269 | 908,593 | $11.53 | ||
1 | The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions (see financial note 9 for additional information). |
Investment Income | ||
Dividends received from affiliated underlying funds | $98,967 | |
Dividends received from unaffiliated underlying funds | 11,006 | |
Interest | + | 791 |
Total investment income | 110,764 | |
Expenses | ||
Professional fees | 25,834 | |
Registration fees | 20,488 | |
Independent trustees’ fees | 7,442 | |
Portfolio accounting fees | 4,759 | |
Shareholder reports | 3,253 | |
Custodian fees | 3,184 | |
Transfer agent fees | 569 | |
Other expenses | + | 3,088 |
Total expenses | 68,617 | |
Expense reduction by CSIM and its affiliates | – | 68,617 |
Net expenses | – | — |
Net investment income | 110,764 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 293,046 | |
Realized capital gain distributions received from unaffiliated underlying funds | 38,379 | |
Net realized losses on sales of affiliated underlying funds | (46,601) | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,147 |
Net realized gains | 286,971 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | (649,837) | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | (132,740) |
Net change in unrealized appreciation (depreciation) | + | (782,577) |
Net realized and unrealized losses | (495,606) | |
Decrease in net assets resulting from operations | ($384,842) |
Operations | ||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||
Net investment income | $110,764 | $21,159 | ||
Net realized gains | 286,971 | 8,946 | ||
Net change in unrealized appreciation (depreciation) | + | (782,577) | 527,335 | |
Increase (decrease) in net assets from operations | (384,842) | 557,440 | ||
Distributions to Shareholders1 | ||||
Total distributions | ($176,152) | ($13,894) |
Transactions in Fund Shares | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 717,620 | $8,830,977 | 438,825 | $4,856,011 | ||||
Shares reinvested | 13,723 | 166,592 | 1,367 | 13,863 | ||||
Shares redeemed | + | (299,186) | (3,681,826) | (26,595) | (306,598) | |||
Net transactions in fund shares | 432,157 | $5,315,743 | 413,597 | $4,563,276 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/17-10/31/18 | 11/1/16-10/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 476,436 | $5,724,520 | 62,839 | $617,698 | ||||
Total increase | + | 432,157 | 4,754,749 | 413,597 | 5,106,822 | |||
End of period2 | 908,593 | $10,479,269 | 476,436 | $5,724,520 |
1 | For the period ended October 31, 2017, the fund distributed to shareholders $13,894 from net investment income. The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in 2018 (see financial note 9 for additional information). |
2 | End of period - Net assets include net investment income not yet distributed of $7,886 at October 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Target 2010 Fund | Schwab Dividend Equity Fund |
Schwab Target 2015 Fund | Schwab Large-Cap Growth Fund |
Schwab Target 2020 Fund | Schwab Small-Cap Equity Fund |
Schwab Target 2025 Fund | Schwab Hedged Equity Fund |
Schwab Target 2030 Fund | Schwab Health Care Fund |
Schwab Target 2035 Fund | Schwab International Core Equity Fund |
Schwab Target 2040 Fund | Schwab Fundamental US Large Company Index Fund |
Schwab Target 2045 Fund | Schwab Fundamental US Small Company Index Fund |
Schwab Target 2050 Fund | Schwab Fundamental International Large Company Index Fund |
Schwab Target 2055 Fund | Schwab Fundamental International Small Company Index Fund |
Schwab Target 2060 Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab S&P 500 Index Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2010 Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2015 Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2020 Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2025 Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2030 Index Fund |
Schwab International Index Fund® | Schwab Target 2035 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2040 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2045 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2050 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2055 Index Fund |
Laudus Small-Cap MarketMasters Fund™ | Schwab Target 2060 Index Fund |
Laudus International MarketMasters Fund™ | Schwab® Monthly Income Fund - Moderate Payout |
Schwab Balanced Fund | Schwab® Monthly Income Fund - Enhanced Payout |
Schwab Core Equity Fund | Schwab ® Monthly Income Fund - Maximum Payout |
2. Significant Accounting Policies:
3. Risk Factors:
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% | 0.4% | 2.8% | 3.5% | 7.2% | 3.7% | 8.8% | 1.3% | 1.2% | 0.8% | 0.1% |
Laudus Small-Cap MarketMasters Fund, Select Shares | 0.2% | 0.4% | 2.7% | 3.9% | 9.2% | 4.9% | 12.4% | 1.9% | 1.8% | 1.0% | 0.2% |
Laudus U.S. Large Cap Growth Fund | —% | —% | 0.1% | 0.3% | 1.1% | 0.8% | 2.2% | 0.4% | 0.4% | 0.3% | 0.0%* |
Schwab Core Equity Fund | 0.1% | 0.2% | 1.8% | 2.3% | 4.7% | 2.4% | 5.6% | 0.8% | 0.8% | 0.5% | 0.1% |
Schwab Dividend Equity Fund | 0.0%* | 0.0%* | 0.1% | 0.2% | 0.9% | 0.6% | 1.9% | 0.3% | 0.3% | 0.2% | 0.0%* |
Schwab Global Real Estate Fund | 0.3% | 0.6% | 4.4% | 5.3% | 10.9% | 5.7% | 14.0% | 2.1% | 2.0% | 1.2% | 0.2% |
Schwab Intermediate-Term Bond Fund | —% | —% | 0.7% | 1.8% | 3.6% | 1.5% | 3.0% | 0.3% | 0.2% | 0.1% | 0.0%* |
Schwab International Core Equity Fund | 0.2% | 0.3% | 2.5% | 3.0% | 6.4% | 3.3% | 7.6% | 1.2% | 1.0% | 0.7% | 0.1% |
Schwab S&P 500 Index Fund | 0.0%* | 0.0%* | 0.2% | 0.2% | 0.4% | 0.2% | 0.4% | 0.1% | 0.1% | 0.0%* | 0.0%* |
Schwab Short-Term Bond Index Fund | 1.0% | 1.6% | 7.6% | 4.8% | 5.5% | 1.7% | 1.8% | 0.1% | 0.1% | 0.1% | 0.0%* |
Schwab Small-Cap Equity Fund | 0.1% | 0.2% | 1.6% | 2.4% | 5.3% | 2.9% | 7.1% | 1.1% | 1.0% | 0.7% | 0.1% |
Schwab Treasury Inflation Protected Securities Index Fund | 0.4% | 0.7% | 3.0% | 1.0% | —% | —% | —% | —% | —% | —% | —% |
Schwab U.S. Aggregate Bond Index Fund | 0.6% | 1.0% | 5.4% | 4.0% | 5.5% | 1.8% | 2.5% | 0.2% | 0.1% | 0.1% | 0.0%* |
Schwab U.S. Mid Cap Index Fund | 0.2% | 0.4% | 3.0% | 3.6% | 7.6% | 3.8% | 8.7% | 1.2% | 1.2% | 0.7% | 0.1% |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.1% | 0.2% | 0.8% | 0.5% | 0.8% | 0.3% | 0.5% | 0.1% | 0.1% | 0.0%* | 0.0%* |
* | Less than 0.05% |
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab Target 2010 Fund | $8,675,143 | $12,263,091 |
Schwab Target 2015 Fund | 13,570,769 | 20,303,946 |
Schwab Target 2020 Fund | 105,122,501 | 106,867,041 |
Schwab Target 2025 Fund | 121,993,112 | 72,012,812 |
Schwab Target 2030 Fund | 205,034,115 | 143,598,236 |
Schwab Target 2035 Fund | 102,737,924 | 62,290,024 |
Schwab Target 2040 Fund | 220,111,046 | 174,480,714 |
Schwab Target 2045 Fund | 45,531,118 | 15,789,663 |
Schwab Target 2050 Fund | 41,679,480 | 12,104,809 |
Schwab Target 2055 Fund | 27,611,367 | 7,212,357 |
Schwab Target 2060 Fund | 7,666,715 | 2,044,032 |
Prior Period (11/1/16-10/31/17) | |
Schwab Target 2010 Fund | $998 |
Schwab Target 2015 Fund | 107 |
Schwab Target 2020 Fund | 3,521 |
Schwab Target 2025 Fund | 858 |
Schwab Target 2030 Fund | 3,488 |
Schwab Target 2035 Fund | 557 |
Schwab Target 2040 Fund | 3,012 |
Schwab Target 2045 Fund | 3,277 |
Schwab Target 2050 Fund | 758 |
Schwab Target 2055 Fund | 324 |
Schwab Target 2060 Fund | 105 |
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 | $49,302,386 | $83,826,736 | $490,793,865 | $489,004,212 | $830,841,576 | $402,092,587 | $803,782,779 | ||||||
Gross unrealized appreciation | $4,014,544 | $8,959,574 | $63,217,180 | $52,059,562 | $146,437,562 | $53,048,723 | $170,681,686 | ||||||
Gross unrealized depreciation | (1,514,747) | (2,412,079) | (13,616,065) | (12,147,550) | (20,552,207) | (8,570,185) | (17,340,182) | ||||||
Net unrealized appreciation (depreciation) | $2,499,797 | $6,547,495 | $49,601,115 | $39,912,012 | $125,885,355 | $44,478,538 | $153,341,504 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Tax cost | $134,470,749 | $118,502,044 | $70,964,706 | $10,770,404 | |||
Gross unrealized appreciation | $8,062,540 | $6,928,615 | $4,132,950 | $252,073 | |||
Gross unrealized depreciation | (3,291,712) | (3,072,680) | (1,919,195) | (556,165) | |||
Net unrealized appreciation (depreciation) | $4,770,828 | $3,855,935 | $2,213,755 | ($304,092) |
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 | $925,743 | $1,449,106 | $7,523,343 | $5,316,629 | $8,015,371 | $3,116,251 | $5,740,976 | ||||||
Undistributed long-term capital gains | 1,406,359 | 1,712,836 | 15,400,799 | 15,467,968 | 36,193,895 | 17,029,820 | 47,676,126 | ||||||
Net unrealized appreciation (depreciation) on investments | 2,499,797 | 6,547,495 | 49,601,115 | 39,912,012 | 125,885,355 | 44,478,538 | 153,341,504 | ||||||
Total | $4,831,899 | $9,709,437 | $72,525,257 | $60,696,609 | $170,094,621 | $64,624,609 | $206,758,606 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Undistributed ordinary income | $633,025 | $438,312 | $237,340 | $33,119 | |||
Undistributed long-term capital gains | 4,867,276 | 4,295,063 | 2,478,467 | 243,272 | |||
Net unrealized appreciation (depreciation) on investments | 4,770,828 | 3,855,935 | 2,213,755 | (304,092) | |||
Total | $10,271,129 | $8,589,310 | $4,929,562 | ($27,701) |
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 | $1,288,370 | $2,404,301 | $13,437,649 | $12,438,291 | $24,231,554 | $11,010,719 | $26,208,462 |
Long-term capital gains | — | 3,042,010 | 18,504,304 | 7,224,551 | 22,228,445 | 3,868,400 | 14,656,893 |
Prior 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 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | |
Current period distributions | ||||
Ordinary income | $3,207,884 | $2,753,123 | $1,624,107 | $169,124 |
Long-term capital gains | 300,316 | 169,899 | 84,180 | 7,028 |
Prior 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 | — |
10. Subsequent Events:
San Francisco, California
December 14, 2018
Foreign Tax Credit | Foreign Source Income | |
Schwab Target 2010 Fund | $19,499 | $125,944 |
Schwab Target 2015 Fund | 35,158 | 226,954 |
Schwab Target 2020 Fund | 268,584 | 1,738,473 |
Schwab Target 2025 Fund | 311,512 | 2,013,678 |
Schwab Target 2030 Fund | 673,832 | 4,344,372 |
Schwab Target 2035 Fund | 344,584 | 2,230,709 |
Schwab Target 2040 Fund | 870,362 | 5,658,343 |
Schwab Target 2045 Fund | 116,014 | 761,448 |
Schwab Target 2050 Fund | 101,853 | 666,157 |
Schwab Target 2055 Fund | 62,237 | 408,226 |
Schwab Target 2060 Fund | 6,753 | 44,245 |
Percentage | |
Schwab Target 2010 Fund | 15.41 |
Schwab Target 2015 Fund | 15.58 |
Schwab Target 2020 Fund | 19.70 |
Schwab Target 2025 Fund | 24.52 |
Schwab Target 2030 Fund | 27.70 |
Schwab Target 2035 Fund | 30.08 |
Schwab Target 2040 Fund | 31.75 |
Schwab Target 2045 Fund | 32.55 |
Schwab Target 2050 Fund | 33.64 |
Schwab Target 2055 Fund | 33.77 |
Schwab Target 2060 Fund | 32.27 |
Schwab Target 2010 Fund | $300,450 |
Schwab Target 2015 Fund | 571,039 |
Schwab Target 2020 Fund | 4,149,601 |
Schwab Target 2025 Fund | 4,838,176 |
Schwab Target 2030 Fund | 10,721,559 |
Schwab Target 2035 Fund | 5,346,790 |
Schwab Target 2040 Fund | 13,601,205 |
Schwab Target 2045 Fund | 1,729,712 |
Schwab Target 2050 Fund | 1,536,605 |
Schwab Target 2055 Fund | 920,584 |
Schwab Target 2060 Fund | 92,014 |
Schwab Target 2010 Fund | $— |
Schwab Target 2015 Fund | 3,042,010 |
Schwab Target 2020 Fund | 18,504,304 |
Schwab Target 2025 Fund | 7,224,551 |
Schwab Target 2030 Fund | 22,228,445 |
Schwab Target 2035 Fund | 3,868,400 |
Schwab Target 2040 Fund | 14,656,893 |
Schwab Target 2045 Fund | 300,316 |
Schwab Target 2050 Fund | 169,899 |
Schwab Target 2055 Fund | 84,180 |
Schwab Target 2060 Fund | 7,028 |
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. | 101 | Director (2005 – 2012), PS Business Parks, Inc. |
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 (Oct. 1979 – present), The Hoover Institution at Stanford University (public policy think tank); Senior Fellow (2000 – present), Stanford Institute for Economic Policy Research; Professor of Public Policy (1994 – 2015), Stanford University. | 101 | Director (2005 – present), Gilead Sciences, Inc. |
Nancy F. Heller 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 2018) | President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 101 | None |
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 (May 2012 – present), Kochis Global (wealth management consulting); Chairman and CEO (Jan. 2008 – Apr. 2012), Aspiriant, LLC (wealth management). | 101 | None |
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 |
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. | 101 | Director (2003 – present), Symantec Corporation Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – present), Adamas Pharmaceuticals, Inc. |
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 (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 101 | Director (2008 – present), KLA-Tencor Corporation |
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 (2008 – present), Patmore Management Consulting (management consulting). | 101 | 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 (Mar. 1990 – present), Smith Graham & Co. (investment advisors). | 101 | Director (2012 – present), Eaton Director and Chairman of the Audit Committee (2003 – 2013), Oneok Partners LP Director (2009 – 2013), Oneok, Inc. Lead Independent Director (2002 – 2012), Board of Cooper Industries |
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 (Jan. 2008 – present), Goldman Sachs & Co., Inc. (investment banking and securities firm); Co-CEO (Feb. 1998 – present), Colgin Cellars, LLC (vineyards). | 101 | Board Member and Chairman of the Audit Committee (1994 – present), Ionis Pharmaceuticals Lead Independent Director and Chair of Audit Committee (2014 – present), OUTFRONT Media Inc. |
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 (Oct. 2008 – present), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – present) and Director (May 2008 – present), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (July 2016 – present), Charles Schwab Investment Management, Inc. | 101 | Director (2008 – present), The Charles Schwab Corporation |
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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). | 101 | 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 101 | 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 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 and Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), Chief Executive Officer (Dec. 2010 – present), President (Dec. 2010 – Oct. 2018), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Jan. 2011 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Global Head of Fixed Income Business Division (Mar. 2007 – Aug. 2010), BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm). |
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President (Oct. 2018 – present), Charles Schwab Investment Management, Inc.; Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – present) and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc.; President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs. |
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 (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Funds; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Treasurer and Chief Financial Officer (June 2006 – Dec. 2015), Laudus Funds; Treasurer and Principal Financial Officer (Nov. 2004 – Dec. 2015), Schwab Funds; Treasurer and Principal Financial Officer (Oct. 2009 – Dec. 2015), Schwab ETFs; Director (Apr. 2005 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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 (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Investment Officer – Fixed Income (June 2011 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Senior Managing Director, Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) and Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present) and 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 (Apr. 2011 – present), Laudus Funds; Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
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 |
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 (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (Dec. 2005 – present) and 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 (Oct. 2009 – present), Schwab ETFs. |
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 CSIM. 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 | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
2 | You could lose money by investing in the Schwab Money Funds. 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. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. 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 the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
00218116
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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 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 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.
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Item 4: Principal Accountant Fees and Services.
Registrant is composed of fifty-two series. Thirty-seven 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 fifty-two series, based on their 2018 fiscal year, and to the forty-nine operational series based on their 2017 fiscal year, as applicable.
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 2018 | Fiscal Year 2017 | Fiscal Year 2018 | Fiscal Year 2017 | Fiscal Year 2018 | Fiscal Year 2017 | Fiscal Year 2018 | Fiscal Year 2017 | |||||||||||||||||||||
$1,473,405 | $ | 1,404,027 | $ | 84,840 | $ | 75,000 | $ | 184,792 | $ | 166,000 | $ | 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.
2018: $269,632 2017: $241,000
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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, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap 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 U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap 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
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the condensed portfolio holdings, of Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap 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 (twelve of the funds constituting Schwab Capital Trust, hereafter referred to as the “Funds”) as of October 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2018 (hereafter collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
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: statements of operations for the year ended October 31, 2018 and statements of changes in net assets for each of the two years in the period ended October 31, 2018. |
Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund and Schwab U.S. Mid-Cap Index Fund: statements of operations and changes in net assets for the period December 20, 2017 (commencement of operations) through October 31, 2018. |
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Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
San Francisco, California
December 14, 2018
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 1989.
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Security | Number of Shares | Value ($) |
Common Stock 99.5% of net assets | ||
Automobiles & Components 0.5% | ||
Aptiv plc | 395,514 | 30,375,475 |
BorgWarner, Inc. | 318,883 | 12,567,179 |
Ford Motor Co. | 5,828,197 | 55,659,281 |
General Motors Co. | 1,955,800 | 71,562,722 |
Harley-Davidson, Inc. | 255,270 | 9,756,420 |
The Goodyear Tire & Rubber Co. | 354,036 | 7,455,998 |
187,377,075 | ||
Banks 6.0% | ||
Bank of America Corp. | 13,874,551 | 381,550,152 |
BB&T Corp. | 1,156,870 | 56,871,729 |
Citigroup, Inc. | 3,759,597 | 246,103,220 |
Citizens Financial Group, Inc. | 714,100 | 26,671,635 |
Comerica, Inc. | 253,570 | 20,681,169 |
Fifth Third Bancorp | 999,347 | 26,972,376 |
Huntington Bancshares, Inc. | 1,660,613 | 23,796,584 |
JPMorgan Chase & Co. | 5,018,898 | 547,160,260 |
KeyCorp | 1,571,372 | 28,536,115 |
M&T Bank Corp. | 214,823 | 35,533,872 |
People's United Financial, Inc. | 551,300 | 8,633,358 |
Regions Financial Corp. | 1,636,945 | 27,778,957 |
SunTrust Banks, Inc. | 687,716 | 43,092,285 |
SVB Financial Group * | 80,000 | 18,978,400 |
The PNC Financial Services Group, Inc. | 693,523 | 89,110,770 |
U.S. Bancorp | 2,286,880 | 119,535,218 |
Wells Fargo & Co. | 6,474,192 | 344,621,240 |
Zions Bancorp NA | 289,198 | 13,606,766 |
2,059,234,106 | ||
Capital Goods 6.5% | ||
3M Co. | 877,459 | 166,945,349 |
A.O. Smith Corp. | 211,614 | 9,634,785 |
Allegion plc | 141,333 | 12,116,478 |
AMETEK, Inc. | 348,400 | 23,370,672 |
Arconic, Inc. | 648,854 | 13,191,202 |
Caterpillar, Inc. | 889,914 | 107,964,367 |
Cummins, Inc. | 223,762 | 30,586,028 |
Deere & Co. | 479,529 | 64,947,408 |
Dover Corp. | 220,170 | 18,238,883 |
Eaton Corp. plc | 645,138 | 46,237,040 |
Emerson Electric Co. | 943,072 | 64,015,727 |
Fastenal Co. | 422,774 | 21,734,811 |
Flowserve Corp. | 193,500 | 8,881,650 |
Fluor Corp. | 208,282 | 9,135,249 |
Fortive Corp. | 457,987 | 34,005,535 |
Fortune Brands Home & Security, Inc. | 217,200 | 9,737,076 |
General Dynamics Corp. | 415,431 | 71,695,082 |
General Electric Co. | 12,998,764 | 131,287,516 |
Harris Corp. | 175,476 | 26,095,036 |
Honeywell International, Inc. | 1,110,785 | 160,863,884 |
Huntington Ingalls Industries, Inc. | 64,800 | 14,157,504 |
Illinois Tool Works, Inc. | 459,362 | 58,600,810 |
Ingersoll-Rand plc | 369,500 | 35,449,830 |
Security | Number of Shares | Value ($) |
Jacobs Engineering Group, Inc. | 174,334 | 13,090,740 |
Johnson Controls International plc | 1,377,718 | 44,045,644 |
L3 Technologies, Inc. | 118,485 | 22,449,353 |
Lockheed Martin Corp. | 369,597 | 108,606,078 |
Masco Corp. | 456,188 | 13,685,640 |
Northrop Grumman Corp. | 260,496 | 68,236,927 |
PACCAR, Inc. | 526,308 | 30,110,081 |
Parker-Hannifin Corp. | 198,936 | 30,164,666 |
Pentair plc | 240,982 | 9,675,427 |
Quanta Services, Inc. * | 225,500 | 7,035,600 |
Raytheon Co. | 425,487 | 74,477,245 |
Resideo Technologies, Inc. * | 1 | 18 |
Rockwell Automation, Inc. | 184,839 | 30,448,528 |
Rockwell Collins, Inc. | 243,105 | 31,122,302 |
Roper Technologies, Inc. | 154,084 | 43,590,364 |
Snap-on, Inc. | 83,989 | 12,929,267 |
Stanley Black & Decker, Inc. | 230,181 | 26,820,690 |
Textron, Inc. | 367,996 | 19,735,625 |
The Boeing Co. | 798,238 | 283,262,737 |
TransDigm Group, Inc. * | 73,200 | 24,174,300 |
United Rentals, Inc. * | 121,495 | 14,587,905 |
United Technologies Corp. | 1,121,292 | 139,275,679 |
W.W. Grainger, Inc. | 67,781 | 19,247,771 |
Xylem, Inc. | 264,510 | 17,346,566 |
2,223,011,075 | ||
Commercial & Professional Services 0.7% | ||
Cintas Corp. | 128,776 | 23,420,491 |
Copart, Inc. * | 307,800 | 15,054,498 |
Equifax, Inc. | 179,041 | 18,161,919 |
IHS Markit Ltd. * | 534,200 | 28,061,526 |
Nielsen Holdings plc | 530,700 | 13,787,586 |
Republic Services, Inc. | 324,170 | 23,560,676 |
Robert Half International, Inc. | 185,042 | 11,200,592 |
Rollins, Inc. | 146,100 | 8,649,120 |
Stericycle, Inc. * | 127,100 | 6,351,187 |
Verisk Analytics, Inc. * | 245,525 | 29,423,716 |
Waste Management, Inc. | 589,216 | 52,717,155 |
230,388,466 | ||
Consumer Durables & Apparel 1.1% | ||
D.R. Horton, Inc. | 516,416 | 18,570,319 |
Garmin Ltd. | 180,500 | 11,941,880 |
Hanesbrands, Inc. | 541,000 | 9,283,560 |
Hasbro, Inc. | 175,617 | 16,105,835 |
Leggett & Platt, Inc. | 189,877 | 6,894,434 |
Lennar Corp., Class A | 435,118 | 18,701,372 |
Mattel, Inc. * | 511,794 | 6,950,163 |
Michael Kors Holdings Ltd. * | 220,800 | 12,234,528 |
Mohawk Industries, Inc. * | 94,703 | 11,812,305 |
Newell Brands, Inc. | 647,850 | 10,287,858 |
NIKE, Inc., Class B | 1,910,154 | 143,337,956 |
PulteGroup, Inc. | 391,486 | 9,618,811 |
PVH Corp. | 116,800 | 14,108,272 |
Ralph Lauren Corp. | 83,426 | 10,812,844 |
Tapestry, Inc. | 432,928 | 18,317,184 |
Under Armour, Inc., Class A * | 288,800 | 6,385,368 |
Security | Number of Shares | Value ($) |
Under Armour, Inc., Class C * | 273,692 | 5,427,312 |
VF Corp. | 482,317 | 39,974,433 |
Whirlpool Corp. | 96,990 | 10,645,622 |
381,410,056 | ||
Consumer Services 1.7% | ||
Carnival Corp. | 608,321 | 34,090,309 |
Chipotle Mexican Grill, Inc. * | 35,880 | 16,516,640 |
Darden Restaurants, Inc. | 182,785 | 19,475,742 |
H&R Block, Inc. | 308,705 | 8,193,031 |
Hilton Worldwide Holdings, Inc. | 444,944 | 31,666,665 |
Marriott International, Inc., Class A | 429,400 | 50,192,566 |
McDonald's Corp. | 1,159,897 | 205,185,779 |
MGM Resorts International | 764,728 | 20,402,943 |
Norwegian Cruise Line Holdings Ltd. * | 303,600 | 13,379,652 |
Royal Caribbean Cruises Ltd. | 255,500 | 26,758,515 |
Starbucks Corp. | 2,009,486 | 117,092,749 |
Wynn Resorts Ltd. | 145,700 | 14,657,420 |
Yum! Brands, Inc. | 477,432 | 43,164,627 |
600,776,638 | ||
Diversified Financials 5.2% | ||
Affiliated Managers Group, Inc. | 80,700 | 9,172,362 |
American Express Co. | 1,054,519 | 108,330,737 |
Ameriprise Financial, Inc. | 211,098 | 26,860,110 |
Berkshire Hathaway, Inc., Class B * | 2,912,136 | 597,803,278 |
BlackRock, Inc. | 183,047 | 75,309,197 |
Capital One Financial Corp. | 712,472 | 63,623,750 |
Cboe Global Markets, Inc. | 169,800 | 19,161,930 |
CME Group, Inc. | 508,938 | 93,257,799 |
Discover Financial Services | 511,594 | 35,642,754 |
E*TRADE Financial Corp. | 387,919 | 19,170,957 |
Franklin Resources, Inc. | 456,106 | 13,911,233 |
Intercontinental Exchange, Inc. | 860,507 | 66,293,459 |
Invesco Ltd. | 613,847 | 13,326,618 |
Jefferies Financial Group, Inc. | 432,451 | 9,284,723 |
Moody's Corp. | 250,529 | 36,446,959 |
Morgan Stanley | 1,982,023 | 90,499,170 |
MSCI, Inc. | 132,182 | 19,877,529 |
Nasdaq, Inc. | 173,400 | 15,035,514 |
Northern Trust Corp. | 332,306 | 31,260,025 |
Raymond James Financial, Inc. | 197,500 | 15,146,275 |
S&P Global, Inc. | 376,927 | 68,721,331 |
State Street Corp. | 564,626 | 38,818,038 |
Synchrony Financial | 1,015,499 | 29,327,611 |
T. Rowe Price Group, Inc. | 362,483 | 35,157,226 |
The Bank of New York Mellon Corp. | 1,369,473 | 64,817,157 |
The Charles Schwab Corp. (a) | 1,787,189 | 82,639,619 |
The Goldman Sachs Group, Inc. | 523,640 | 118,012,747 |
1,796,908,108 | ||
Energy 5.7% | ||
Anadarko Petroleum Corp. | 766,009 | 40,751,679 |
Apache Corp. | 567,722 | 21,476,923 |
Baker Hughes, a GE Co. | 617,858 | 16,490,630 |
Cabot Oil & Gas Corp. | 666,200 | 16,142,026 |
Chevron Corp. | 2,861,949 | 319,536,606 |
Cimarex Energy Co. | 146,330 | 11,628,845 |
Concho Resources, Inc. * | 297,898 | 41,434,633 |
ConocoPhillips | 1,735,927 | 121,341,297 |
Devon Energy Corp. | 761,958 | 24,687,439 |
EOG Resources, Inc. | 865,038 | 91,123,103 |
EQT Corp. | 392,700 | 13,340,019 |
Exxon Mobil Corp. | 6,323,254 | 503,836,879 |
Halliburton Co. | 1,312,168 | 45,505,986 |
Security | Number of Shares | Value ($) |
Helmerich & Payne, Inc. | 162,800 | 10,140,812 |
Hess Corp. | 372,177 | 21,362,960 |
HollyFrontier Corp. | 241,100 | 16,259,784 |
Kinder Morgan, Inc. | 2,839,544 | 48,329,039 |
Marathon Oil Corp. | 1,269,109 | 24,100,380 |
Marathon Petroleum Corp. | 1,010,730 | 71,205,928 |
National Oilwell Varco, Inc. | 574,824 | 21,153,523 |
Newfield Exploration Co. * | 294,175 | 5,942,335 |
Noble Energy, Inc. | 717,067 | 17,819,115 |
Occidental Petroleum Corp. | 1,145,936 | 76,857,927 |
ONEOK, Inc. | 617,626 | 40,516,266 |
Phillips 66 | 635,495 | 65,341,596 |
Pioneer Natural Resources Co. | 253,739 | 37,368,143 |
Schlumberger Ltd. | 2,063,213 | 105,863,459 |
TechnipFMC plc | 636,000 | 16,726,800 |
The Williams Cos., Inc. | 1,799,061 | 43,771,154 |
Valero Energy Corp. | 635,687 | 57,904,729 |
1,947,960,015 | ||
Food & Staples Retailing 1.6% | ||
Costco Wholesale Corp. | 655,722 | 149,917,721 |
Sysco Corp. | 715,378 | 51,027,913 |
The Kroger Co. | 1,185,797 | 35,289,319 |
Walgreens Boots Alliance, Inc. | 1,260,637 | 100,561,013 |
Walmart, Inc. | 2,143,676 | 214,967,829 |
551,763,795 | ||
Food, Beverage & Tobacco 4.1% | ||
Altria Group, Inc. | 2,816,400 | 183,178,656 |
Archer-Daniels-Midland Co. | 840,651 | 39,720,760 |
Brown-Forman Corp., Class B | 251,705 | 11,664,010 |
Campbell Soup Co. | 282,211 | 10,557,513 |
ConAgra Brands, Inc. | 700,349 | 24,932,424 |
Constellation Brands, Inc., Class A | 249,264 | 49,660,867 |
General Mills, Inc. | 889,252 | 38,949,238 |
Hormel Foods Corp. | 410,699 | 17,922,904 |
Kellogg Co. | 376,296 | 24,639,862 |
McCormick & Co., Inc. - Non Voting Shares | 179,802 | 25,891,488 |
Molson Coors Brewing Co., Class B | 285,210 | 18,253,440 |
Mondelez International, Inc., Class A | 2,183,471 | 91,662,113 |
Monster Beverage Corp. * | 592,740 | 31,326,309 |
PepsiCo, Inc. | 2,113,296 | 237,492,204 |
Philip Morris International, Inc. | 2,323,205 | 204,604,664 |
The Coca-Cola Co. | 5,719,616 | 273,855,214 |
The Hershey Co. | 211,728 | 22,686,655 |
The JM Smucker Co. | 168,013 | 18,199,168 |
The Kraft Heinz Co. | 925,375 | 50,867,864 |
Tyson Foods, Inc., Class A | 443,990 | 26,603,881 |
1,402,669,234 | ||
Health Care Equipment & Services 6.7% | ||
Abbott Laboratories | 2,622,672 | 180,807,008 |
ABIOMED, Inc. * | 66,800 | 22,792,160 |
Aetna, Inc. | 489,749 | 97,166,202 |
Align Technology, Inc. * | 109,500 | 24,221,400 |
AmerisourceBergen Corp. | 236,046 | 20,772,048 |
Anthem, Inc. | 388,412 | 107,034,695 |
Baxter International, Inc. | 739,634 | 46,234,521 |
Becton, Dickinson & Co. | 399,655 | 92,120,477 |
Boston Scientific Corp. * | 2,059,663 | 74,436,221 |
Cardinal Health, Inc. | 466,033 | 23,581,270 |
Centene Corp. * | 304,900 | 39,734,568 |
Cerner Corp. * | 489,690 | 28,049,443 |
Cigna Corp. | 363,371 | 77,692,353 |
Security | Number of Shares | Value ($) |
CVS Health Corp. | 1,525,085 | 110,400,903 |
Danaher Corp. | 922,891 | 91,735,365 |
DaVita, Inc. * | 188,800 | 12,713,792 |
DENTSPLY SIRONA, Inc. | 339,734 | 11,764,988 |
Edwards Lifesciences Corp. * | 311,827 | 46,025,665 |
Express Scripts Holding Co. * | 838,808 | 81,339,212 |
HCA Healthcare, Inc. | 401,822 | 53,655,292 |
Henry Schein, Inc. * | 227,646 | 18,894,618 |
Hologic, Inc. * | 403,400 | 15,728,566 |
Humana, Inc. | 206,393 | 66,130,381 |
IDEXX Laboratories, Inc. * | 128,027 | 27,157,087 |
Intuitive Surgical, Inc. * | 170,243 | 88,727,247 |
Laboratory Corp. of America Holdings * | 153,471 | 24,639,769 |
McKesson Corp. | 298,344 | 37,221,397 |
Medtronic plc | 2,019,861 | 181,423,915 |
Quest Diagnostics, Inc. | 204,380 | 19,234,202 |
ResMed, Inc. | 212,978 | 22,558,630 |
Stryker Corp. | 461,990 | 74,944,018 |
The Cooper Cos., Inc. | 72,700 | 18,779,137 |
UnitedHealth Group, Inc. | 1,437,759 | 375,758,315 |
Universal Health Services, Inc., Class B | 127,800 | 15,535,368 |
Varian Medical Systems, Inc. * | 137,606 | 16,426,028 |
WellCare Health Plans, Inc. * | 75,400 | 20,809,646 |
Zimmer Biomet Holdings, Inc. | 303,623 | 34,488,537 |
2,300,734,444 | ||
Household & Personal Products 1.6% | ||
Church & Dwight Co., Inc. | 367,124 | 21,796,152 |
Colgate-Palmolive Co. | 1,298,708 | 77,338,061 |
Coty, Inc., Class A | 671,800 | 7,087,490 |
Kimberly-Clark Corp. | 517,893 | 54,016,240 |
The Clorox Co. | 193,057 | 28,659,312 |
The Estee Lauder Cos., Inc., Class A | 334,621 | 45,990,310 |
The Procter & Gamble Co. | 3,715,479 | 329,488,678 |
564,376,243 | ||
Insurance 2.3% | ||
Aflac, Inc. | 1,142,040 | 49,187,663 |
American International Group, Inc. | 1,323,116 | 54,631,460 |
Aon plc | 362,521 | 56,618,530 |
Arthur J. Gallagher & Co. | 273,800 | 20,263,938 |
Assurant, Inc. | 79,449 | 7,723,237 |
Brighthouse Financial, Inc. * | 174,697 | 6,923,242 |
Chubb Ltd. | 692,096 | 86,449,711 |
Cincinnati Financial Corp. | 226,962 | 17,848,292 |
Everest Re Group Ltd. | 60,767 | 13,238,699 |
Lincoln National Corp. | 325,371 | 19,584,080 |
Loews Corp. | 415,616 | 19,351,081 |
Marsh & McLennan Cos., Inc. | 754,296 | 63,926,586 |
MetLife, Inc. | 1,481,770 | 61,034,106 |
Principal Financial Group, Inc. | 395,467 | 18,614,632 |
Prudential Financial, Inc. | 623,695 | 58,490,117 |
The Allstate Corp. | 517,482 | 49,533,377 |
The Hartford Financial Services Group, Inc. | 540,621 | 24,555,006 |
The Progressive Corp. | 871,657 | 60,754,493 |
The Travelers Cos., Inc. | 399,782 | 50,024,722 |
Torchmark Corp. | 153,466 | 12,992,431 |
Unum Group | 326,740 | 11,847,592 |
Willis Towers Watson plc | 196,389 | 28,115,049 |
791,708,044 | ||
Materials 2.5% | ||
Air Products & Chemicals, Inc. | 327,401 | 50,534,344 |
Albemarle Corp. | 161,446 | 16,018,672 |
Security | Number of Shares | Value ($) |
Avery Dennison Corp. | 130,176 | 11,809,567 |
Ball Corp. | 510,228 | 22,858,215 |
CF Industries Holdings, Inc. | 351,018 | 16,859,395 |
DowDuPont, Inc. | 3,451,538 | 186,106,929 |
Eastman Chemical Co. | 210,292 | 16,476,378 |
Ecolab, Inc. | 378,825 | 58,017,049 |
FMC Corp. | 204,400 | 15,959,552 |
Freeport-McMoRan, Inc. | 2,162,740 | 25,195,921 |
International Flavors & Fragrances, Inc. | 150,743 | 21,806,482 |
International Paper Co. | 609,189 | 27,632,813 |
Linde plc | 820,980 | 135,847,561 |
LyondellBasell Industries N.V., Class A | 475,100 | 42,412,177 |
Martin Marietta Materials, Inc. | 93,900 | 16,083,192 |
Newmont Mining Corp. | 799,097 | 24,708,079 |
Nucor Corp. | 473,903 | 28,017,145 |
Packaging Corp. of America | 142,320 | 13,066,399 |
PPG Industries, Inc. | 360,837 | 37,920,360 |
Sealed Air Corp. | 238,868 | 7,729,769 |
The Mosaic Co. | 529,700 | 16,388,918 |
The Sherwin-Williams Co. | 122,205 | 48,084,001 |
Vulcan Materials Co. | 198,751 | 20,101,676 |
WestRock Co. | 379,789 | 16,319,533 |
875,954,127 | ||
Media & Entertainment 8.0% | ||
Activision Blizzard, Inc. | 1,136,926 | 78,504,740 |
Alphabet, Inc., Class A * | 446,461 | 486,901,437 |
Alphabet, Inc., Class C * | 459,916 | 495,223,751 |
CBS Corp., Class B - Non Voting Shares | 501,836 | 28,780,295 |
Charter Communications, Inc., Class A * | 266,700 | 85,442,679 |
Comcast Corp., Class A | 6,835,957 | 260,723,400 |
Discovery, Inc., Class A * | 233,359 | 7,558,498 |
Discovery, Inc., Class C * | 546,665 | 16,022,751 |
DISH Network Corp., Class A * | 342,200 | 10,519,228 |
Electronic Arts, Inc. * | 454,711 | 41,369,607 |
Facebook, Inc., Class A * | 3,602,960 | 546,893,299 |
Netflix, Inc. * | 650,783 | 196,393,294 |
News Corp., Class A | 545,800 | 7,199,102 |
News Corp., Class B | 205,200 | 2,737,368 |
Omnicom Group, Inc. | 335,088 | 24,903,740 |
Take-Two Interactive Software, Inc. * | 168,200 | 21,675,934 |
The Interpublic Group of Cos., Inc. | 574,465 | 13,304,609 |
The Walt Disney Co. | 2,221,624 | 255,109,084 |
TripAdvisor, Inc. * | 153,013 | 7,978,098 |
Twenty-First Century Fox, Inc., Class A | 1,572,601 | 71,584,798 |
Twenty-First Century Fox, Inc., Class B | 721,483 | 32,596,602 |
Twitter, Inc. * | 1,072,000 | 37,252,000 |
Viacom, Inc., Class B | 537,591 | 17,192,160 |
2,745,866,474 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
AbbVie, Inc. | 2,262,506 | 176,136,092 |
Agilent Technologies, Inc. | 477,934 | 30,965,344 |
Alexion Pharmaceuticals, Inc. * | 331,230 | 37,120,946 |
Allergan plc | 475,160 | 75,080,032 |
Amgen, Inc. | 967,553 | 186,534,543 |
Biogen, Inc. * | 300,023 | 91,287,998 |
Bristol-Myers Squibb Co. | 2,442,188 | 123,428,181 |
Celgene Corp. * | 1,054,251 | 75,484,372 |
Eli Lilly & Co. | 1,429,821 | 155,049,789 |
Gilead Sciences, Inc. | 1,937,356 | 132,088,932 |
Illumina, Inc. * | 219,700 | 68,359,655 |
Incyte Corp. * | 266,100 | 17,248,602 |
IQVIA Holdings, Inc. * | 242,871 | 29,856,132 |
Johnson & Johnson | 4,007,255 | 560,975,627 |
Merck & Co., Inc. | 3,973,236 | 292,469,902 |
Security | Number of Shares | Value ($) |
Mettler-Toledo International, Inc. * | 37,400 | 20,451,068 |
Mylan N.V. * | 760,472 | 23,764,750 |
Nektar Therapeutics * | 256,800 | 9,933,024 |
PerkinElmer, Inc. | 162,960 | 14,092,781 |
Perrigo Co., plc | 186,100 | 13,082,830 |
Pfizer, Inc. | 8,756,446 | 377,052,565 |
Regeneron Pharmaceuticals, Inc. * | 116,400 | 39,487,536 |
Thermo Fisher Scientific, Inc. | 602,052 | 140,669,450 |
Vertex Pharmaceuticals, Inc. * | 381,641 | 64,672,884 |
Waters Corp. * | 115,752 | 21,956,997 |
Zoetis, Inc. | 717,834 | 64,712,735 |
2,841,962,767 | ||
Real Estate 2.8% | ||
Alexandria Real Estate Equities, Inc. | 156,100 | 19,080,103 |
American Tower Corp. | 659,698 | 102,787,545 |
Apartment Investment & Management Co., Class A | 230,014 | 9,899,803 |
AvalonBay Communities, Inc. | 206,799 | 36,268,409 |
Boston Properties, Inc. | 231,880 | 28,001,829 |
CBRE Group, Inc., Class A * | 471,240 | 18,986,260 |
Crown Castle International Corp. | 621,323 | 67,562,663 |
Digital Realty Trust, Inc. | 307,600 | 31,762,776 |
Duke Realty Corp. | 543,817 | 14,993,035 |
Equinix, Inc. | 118,809 | 44,997,721 |
Equity Residential | 551,221 | 35,807,316 |
Essex Property Trust, Inc. | 99,800 | 25,027,844 |
Extra Space Storage, Inc. | 191,300 | 17,228,478 |
Federal Realty Investment Trust | 108,900 | 13,509,045 |
HCP, Inc. | 712,500 | 19,629,375 |
Host Hotels & Resorts, Inc. | 1,117,511 | 21,355,635 |
Iron Mountain, Inc. | 430,702 | 13,183,788 |
Kimco Realty Corp. | 607,559 | 9,775,624 |
Mid-America Apartment Communities, Inc. | 171,500 | 16,757,265 |
Prologis, Inc. | 939,220 | 60,551,513 |
Public Storage | 222,313 | 45,678,652 |
Realty Income Corp. | 430,225 | 25,929,661 |
Regency Centers Corp. | 253,700 | 16,074,432 |
SBA Communications Corp. * | 170,268 | 27,612,361 |
Simon Property Group, Inc. | 463,339 | 85,031,973 |
SL Green Realty Corp. | 127,600 | 11,644,776 |
The Macerich Co. | 155,779 | 8,041,312 |
UDR, Inc. | 397,100 | 15,562,349 |
Ventas, Inc. | 526,867 | 30,579,361 |
Vornado Realty Trust | 254,956 | 17,357,404 |
Welltower, Inc. | 555,317 | 36,689,794 |
Weyerhaeuser Co. | 1,129,639 | 30,082,287 |
957,450,389 | ||
Retailing 6.3% | ||
Advance Auto Parts, Inc. | 108,700 | 17,365,912 |
Amazon.com, Inc. * | 611,796 | 977,656,126 |
AutoZone, Inc. * | 39,898 | 29,263,986 |
Best Buy Co., Inc. | 362,774 | 25,452,224 |
Booking Holdings, Inc. * | 70,756 | 132,637,782 |
CarMax, Inc. * | 262,898 | 17,853,403 |
Dollar General Corp. | 395,611 | 44,063,153 |
Dollar Tree, Inc. * | 357,530 | 30,139,779 |
eBay, Inc. * | 1,385,764 | 40,228,729 |
Expedia Group, Inc. | 177,513 | 22,265,455 |
Foot Locker, Inc. | 176,800 | 8,334,352 |
Genuine Parts Co. | 216,338 | 21,183,817 |
Kohl's Corp. | 246,068 | 18,634,730 |
L Brands, Inc. | 340,435 | 11,036,903 |
LKQ Corp. * | 474,500 | 12,939,615 |
Security | Number of Shares | Value ($) |
Lowe's Cos., Inc. | 1,214,217 | 115,617,743 |
Macy's, Inc. | 463,802 | 15,903,771 |
Nordstrom, Inc. | 176,901 | 11,634,779 |
O'Reilly Automotive, Inc. * | 120,783 | 38,741,147 |
Ross Stores, Inc. | 566,079 | 56,041,821 |
Target Corp. | 786,433 | 65,769,392 |
The Gap, Inc. | 321,762 | 8,784,103 |
The Home Depot, Inc. | 1,708,116 | 300,423,442 |
The TJX Cos., Inc. | 935,416 | 102,783,510 |
Tiffany & Co. | 162,428 | 18,078,236 |
Tractor Supply Co. | 183,400 | 16,852,626 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 84,400 | 23,169,488 |
2,182,856,024 | ||
Semiconductors & Semiconductor Equipment 3.6% | ||
Advanced Micro Devices, Inc. * | 1,276,854 | 23,251,511 |
Analog Devices, Inc. | 555,083 | 46,465,998 |
Applied Materials, Inc. | 1,462,211 | 48,077,498 |
Broadcom, Inc. | 645,597 | 144,284,474 |
Intel Corp. | 6,890,052 | 323,005,638 |
KLA-Tencor Corp. | 233,981 | 21,418,621 |
Lam Research Corp. | 234,374 | 33,217,827 |
Microchip Technology, Inc. | 353,142 | 23,229,681 |
Micron Technology, Inc. * | 1,733,243 | 65,377,926 |
NVIDIA Corp. | 908,893 | 191,621,911 |
Qorvo, Inc. * | 188,900 | 13,886,039 |
QUALCOMM, Inc. | 2,104,184 | 132,332,132 |
Skyworks Solutions, Inc. | 264,700 | 22,965,372 |
Texas Instruments, Inc. | 1,449,697 | 134,575,372 |
Xilinx, Inc. | 374,439 | 31,965,857 |
1,255,675,857 | ||
Software & Services 10.6% | ||
Accenture plc, Class A | 957,149 | 150,865,825 |
Adobe Systems, Inc. * | 732,375 | 179,988,480 |
Akamai Technologies, Inc. * | 250,255 | 18,080,924 |
Alliance Data Systems Corp. | 71,700 | 14,783,106 |
ANSYS, Inc. * | 127,000 | 18,992,850 |
Autodesk, Inc. * | 325,131 | 42,023,182 |
Automatic Data Processing, Inc. | 654,873 | 94,354,102 |
Broadridge Financial Solutions, Inc. | 171,200 | 20,020,128 |
CA, Inc. | 461,625 | 20,477,685 |
Cadence Design Systems, Inc. * | 428,300 | 19,089,331 |
Citrix Systems, Inc. * | 193,508 | 19,828,765 |
Cognizant Technology Solutions Corp., Class A | 866,180 | 59,792,405 |
DXC Technology Co. | 417,567 | 30,411,405 |
Fidelity National Information Services, Inc. | 488,768 | 50,880,749 |
Fiserv, Inc. * | 604,108 | 47,905,764 |
FleetCor Technologies, Inc. * | 132,517 | 26,507,376 |
Fortinet, Inc. * | 214,000 | 17,586,520 |
Gartner, Inc. * | 133,900 | 19,752,928 |
Global Payments, Inc. | 239,100 | 27,312,393 |
International Business Machines Corp. | 1,364,190 | 157,468,452 |
Intuit, Inc. | 384,833 | 81,199,763 |
Mastercard, Inc., Class A | 1,362,997 | 269,423,617 |
Microsoft Corp. | 11,454,945 | 1,223,502,675 |
Oracle Corp. | 4,224,014 | 206,300,844 |
Paychex, Inc. | 483,065 | 31,635,927 |
PayPal Holdings, Inc. * | 1,771,127 | 149,111,182 |
Red Hat, Inc. * | 264,100 | 45,330,124 |
salesforce.com, Inc. * | 1,130,164 | 155,103,707 |
Symantec Corp. | 936,650 | 17,000,198 |
Synopsys, Inc. * | 218,100 | 19,526,493 |
Security | Number of Shares | Value ($) |
The Western Union Co. | 668,625 | 12,061,995 |
Total System Services, Inc. | 250,800 | 22,860,420 |
VeriSign, Inc. * | 160,325 | 22,852,725 |
Visa, Inc., Class A | 2,654,066 | 365,862,998 |
3,657,895,038 | ||
Technology Hardware & Equipment 6.4% | ||
Amphenol Corp., Class A | 446,200 | 39,934,900 |
Apple, Inc. | 6,853,256 | 1,499,903,608 |
Arista Networks, Inc. * | 76,800 | 17,690,880 |
Cisco Systems, Inc. | 6,833,864 | 312,649,278 |
Corning, Inc. | 1,205,340 | 38,510,613 |
F5 Networks, Inc. * | 92,100 | 16,143,288 |
FLIR Systems, Inc. | 203,000 | 9,400,930 |
Hewlett Packard Enterprise Co. | 2,192,217 | 33,431,309 |
HP, Inc. | 2,356,608 | 56,888,517 |
IPG Photonics Corp. * | 55,800 | 7,452,090 |
Juniper Networks, Inc. | 513,065 | 15,017,413 |
Motorola Solutions, Inc. | 243,122 | 29,797,032 |
NetApp, Inc. | 386,082 | 30,303,576 |
Seagate Technology plc | 389,164 | 15,656,068 |
TE Connectivity Ltd. | 516,435 | 38,949,528 |
Western Digital Corp. | 440,936 | 18,991,113 |
Xerox Corp. | 337,691 | 9,411,448 |
2,190,131,591 | ||
Telecommunication Services 2.1% | ||
AT&T, Inc. | 10,850,840 | 332,903,771 |
CenturyLink, Inc. | 1,415,843 | 29,223,000 |
Verizon Communications, Inc. | 6,173,654 | 352,453,907 |
714,580,678 | ||
Transportation 2.1% | ||
Alaska Air Group, Inc. | 180,700 | 11,098,594 |
American Airlines Group, Inc. | 604,405 | 21,202,527 |
C.H. Robinson Worldwide, Inc. | 209,595 | 18,660,243 |
CSX Corp. | 1,213,674 | 83,573,592 |
Delta Air Lines, Inc. | 937,980 | 51,335,645 |
Expeditors International of Washington, Inc. | 261,900 | 17,594,442 |
FedEx Corp. | 364,748 | 80,368,574 |
JB Hunt Transport Services, Inc. | 133,196 | 14,732,810 |
Kansas City Southern | 149,900 | 15,283,804 |
Norfolk Southern Corp. | 418,161 | 70,179,961 |
Southwest Airlines Co. | 768,245 | 37,720,829 |
Union Pacific Corp. | 1,105,758 | 161,683,935 |
United Continental Holdings, Inc. * | 343,600 | 29,381,236 |
United Parcel Service, Inc., Class B | 1,037,946 | 110,582,767 |
723,398,959 | ||
Utilities 3.1% | ||
AES Corp. | 1,008,249 | 14,700,270 |
Alliant Energy Corp. | 349,269 | 15,011,582 |
Ameren Corp. | 359,820 | 23,237,176 |
American Electric Power Co., Inc. | 737,944 | 54,135,572 |
American Water Works Co., Inc. | 268,533 | 23,773,226 |
CenterPoint Energy, Inc. | 732,666 | 19,789,309 |
CMS Energy Corp. | 418,284 | 20,713,424 |
Consolidated Edison, Inc. | 464,665 | 35,314,540 |
Dominion Energy, Inc. | 980,237 | 70,008,527 |
DTE Energy Co. | 272,312 | 30,607,869 |
Duke Energy Corp. | 1,068,227 | 88,267,597 |
Edison International | 488,893 | 33,924,285 |
Entergy Corp. | 269,039 | 22,585,824 |
Security | Number of Shares | Value ($) |
Evergy, Inc. | 408,100 | 22,849,519 |
Eversource Energy | 475,395 | 30,073,488 |
Exelon Corp. | 1,438,049 | 63,000,927 |
FirstEnergy Corp. | 722,013 | 26,916,645 |
NextEra Energy, Inc. | 703,401 | 121,336,672 |
NiSource, Inc. | 538,262 | 13,650,324 |
NRG Energy, Inc. | 459,527 | 16,630,282 |
PG&E Corp. * | 767,847 | 35,942,918 |
Pinnacle West Capital Corp. | 166,761 | 13,716,092 |
PPL Corp. | 1,046,850 | 31,824,240 |
Public Service Enterprise Group, Inc. | 752,602 | 40,211,525 |
SCANA Corp. | 214,700 | 8,598,735 |
Sempra Energy | 406,569 | 44,771,378 |
The Southern Co. | 1,518,335 | 68,370,625 |
WEC Energy Group, Inc. | 474,533 | 32,458,057 |
Xcel Energy, Inc. | 760,391 | 37,266,763 |
1,059,687,391 | ||
Total Common Stock | ||
(Cost $18,256,237,629) | 34,243,776,594 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 0.4% of net assets | ||
Time Deposits 0.4% | ||
Australia & New Zealand Banking Group Ltd. | ||
1.54%, 11/01/18 (b) | 85,202,808 | 85,202,808 |
Barclays Capital, Inc. | ||
1.54%, 11/01/18 (b) | 23,105,885 | 23,105,885 |
BNP Paribas | ||
1.54%, 11/01/18 (b) | 31,362,063 | 31,362,063 |
Total Short-Term Investments | ||
(Cost $139,670,756) | 139,670,756 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/21/18 | 1,250 | 169,443,750 | (2,947,583) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | The rate shown is the current daily overnight rate. |
Security | Number of Shares | Value ($) |
Common Stock 99.8% of net assets | ||
Automobiles & Components 0.8% | ||
Adient plc | 25,818 | 785,384 |
Aptiv plc | 80,800 | 6,205,440 |
Autoliv, Inc. | 26,600 | 2,216,844 |
BorgWarner, Inc. | 66,092 | 2,604,686 |
Dana, Inc. | 45,700 | 711,549 |
Delphi Technologies plc | 27,466 | 588,871 |
Ford Motor Co. | 1,200,987 | 11,469,426 |
Garrett Motion, Inc. *(a) | 22,901 | 347,408 |
General Motors Co. | 404,612 | 14,804,753 |
Gentex Corp. | 80,644 | 1,697,556 |
Harley-Davidson, Inc. | 50,210 | 1,919,026 |
Lear Corp. | 20,190 | 2,683,251 |
Tesla, Inc. * | 41,513 | 14,003,165 |
The Goodyear Tire & Rubber Co. | 72,900 | 1,535,274 |
Thor Industries, Inc. | 16,200 | 1,128,168 |
Veoneer, Inc. * | 26,600 | 893,228 |
Visteon Corp. * | 9,200 | 727,168 |
64,321,197 | ||
Banks 6.1% | ||
Associated Banc-Corp. | 51,800 | 1,200,724 |
Bank of America Corp. | 2,856,261 | 78,547,178 |
Bank of Hawaii Corp. | 12,970 | 1,017,367 |
Bank OZK | 38,000 | 1,039,680 |
BankUnited, Inc. | 31,300 | 1,036,030 |
BB&T Corp. | 238,339 | 11,716,745 |
BOK Financial Corp. | 9,900 | 848,727 |
Chemical Financial Corp. | 22,600 | 1,059,036 |
CIT Group, Inc. | 33,888 | 1,605,613 |
Citigroup, Inc. | 773,828 | 50,654,781 |
Citizens Financial Group, Inc. | 148,650 | 5,552,078 |
Comerica, Inc. | 52,828 | 4,308,652 |
Commerce Bancshares, Inc. | 28,350 | 1,803,060 |
Cullen/Frost Bankers, Inc. | 20,000 | 1,958,400 |
East West Bancorp, Inc. | 45,800 | 2,401,752 |
Essent Group Ltd. * | 30,500 | 1,202,310 |
F.N.B. Corp. | 100,483 | 1,188,714 |
Fifth Third Bancorp | 204,415 | 5,517,161 |
First Citizens BancShares, Inc., Class A | 2,900 | 1,237,227 |
First Hawaiian, Inc. | 27,700 | 686,406 |
First Horizon National Corp. | 99,933 | 1,612,919 |
First Republic Bank | 49,400 | 4,494,906 |
Hancock Whitney Corp. | 25,238 | 1,058,986 |
Home BancShares, Inc. | 50,100 | 953,904 |
Huntington Bancshares, Inc. | 339,406 | 4,863,688 |
IBERIABANK Corp. | 17,454 | 1,300,148 |
Investors Bancorp, Inc. | 77,217 | 863,286 |
JPMorgan Chase & Co. | 1,033,878 | 112,713,380 |
KeyCorp | 325,318 | 5,907,775 |
LendingTree, Inc. * | 2,300 | 463,887 |
M&T Bank Corp. | 44,551 | 7,369,181 |
MB Financial, Inc. | 25,900 | 1,149,701 |
MGIC Investment Corp. * | 111,600 | 1,362,636 |
New York Community Bancorp, Inc. | 152,736 | 1,463,211 |
Security | Number of Shares | Value ($) |
PacWest Bancorp | 38,344 | 1,557,533 |
People's United Financial, Inc. | 114,993 | 1,800,790 |
Pinnacle Financial Partners, Inc. | 22,700 | 1,187,210 |
Popular, Inc. | 31,529 | 1,639,823 |
Prosperity Bancshares, Inc. | 20,900 | 1,359,127 |
Radian Group, Inc. | 65,144 | 1,250,113 |
Regions Financial Corp. | 342,943 | 5,819,743 |
Signature Bank | 16,900 | 1,857,310 |
Sterling Bancorp | 69,400 | 1,247,812 |
SunTrust Banks, Inc. | 142,603 | 8,935,504 |
SVB Financial Group * | 16,200 | 3,843,126 |
Synovus Financial Corp. | 36,857 | 1,384,349 |
TCF Financial Corp. | 51,200 | 1,069,056 |
Texas Capital Bancshares, Inc. * | 15,990 | 1,043,028 |
TFS Financial Corp. | 13,900 | 204,469 |
The PNC Financial Services Group, Inc. | 143,013 | 18,375,740 |
U.S. Bancorp | 470,305 | 24,582,842 |
UMB Financial Corp. | 13,000 | 830,050 |
Umpqua Holdings Corp. | 67,400 | 1,294,080 |
United Bankshares, Inc. | 32,600 | 1,081,342 |
Valley National Bancorp | 102,900 | 1,026,942 |
Webster Financial Corp. | 27,500 | 1,618,100 |
Wells Fargo & Co. | 1,333,034 | 70,957,400 |
Western Alliance Bancorp * | 30,400 | 1,466,496 |
Wintrust Financial Corp. | 17,428 | 1,326,968 |
Zions Bancorp NA | 58,698 | 2,761,741 |
479,679,943 | ||
Capital Goods 6.7% | ||
3M Co. | 180,854 | 34,409,282 |
A.O. Smith Corp. | 44,100 | 2,007,873 |
Acuity Brands, Inc. | 11,900 | 1,495,116 |
AECOM * | 47,300 | 1,378,322 |
AGCO Corp. | 20,730 | 1,161,709 |
Air Lease Corp. | 29,000 | 1,104,900 |
Allegion plc | 28,700 | 2,460,451 |
Allison Transmission Holdings, Inc. | 38,000 | 1,675,040 |
AMETEK, Inc. | 70,605 | 4,736,183 |
Arconic, Inc. | 134,740 | 2,739,264 |
Barnes Group, Inc. | 13,800 | 781,080 |
Beacon Roofing Supply, Inc. * | 20,100 | 560,991 |
BWX Technologies, Inc. | 30,500 | 1,783,030 |
Carlisle Cos., Inc. | 18,936 | 1,829,028 |
Caterpillar, Inc. | 183,296 | 22,237,471 |
Colfax Corp. * | 31,600 | 885,748 |
Crane Co. | 16,384 | 1,426,063 |
Cummins, Inc. | 45,892 | 6,272,978 |
Curtiss-Wright Corp. | 13,100 | 1,433,926 |
Deere & Co. | 99,446 | 13,468,966 |
Donaldson Co., Inc. | 40,500 | 2,076,840 |
Dover Corp. | 45,037 | 3,730,865 |
Dycom Industries, Inc. * | 9,100 | 617,708 |
Eaton Corp. plc | 132,821 | 9,519,281 |
EMCOR Group, Inc. | 18,700 | 1,327,326 |
Emerson Electric Co. | 194,028 | 13,170,621 |
Fastenal Co. | 87,500 | 4,498,375 |
Flowserve Corp. | 39,123 | 1,795,746 |
Fluor Corp. | 44,158 | 1,936,770 |
Security | Number of Shares | Value ($) |
Fortive Corp. | 94,620 | 7,025,535 |
Fortune Brands Home & Security, Inc. | 44,800 | 2,008,384 |
Gardner Denver Holdings, Inc. * | 33,700 | 911,922 |
General Dynamics Corp. | 85,974 | 14,837,393 |
General Electric Co. | 2,677,202 | 27,039,740 |
Graco, Inc. | 52,082 | 2,116,092 |
Harris Corp. | 36,407 | 5,414,085 |
HD Supply Holdings, Inc. * | 55,600 | 2,088,892 |
HEICO Corp., Class A | 22,625 | 1,508,183 |
Hexcel Corp. | 26,300 | 1,539,076 |
Honeywell International, Inc. | 228,017 | 33,021,422 |
Hubbell, Inc. | 16,932 | 1,721,984 |
Huntington Ingalls Industries, Inc. | 13,200 | 2,883,936 |
IDEX Corp. | 23,231 | 2,946,155 |
Illinois Tool Works, Inc. | 94,347 | 12,035,847 |
Ingersoll-Rand plc | 75,321 | 7,226,297 |
ITT, Inc. | 27,300 | 1,378,650 |
Jacobs Engineering Group, Inc. | 36,356 | 2,729,972 |
JELD-WEN Holding, Inc. * | 19,300 | 313,818 |
Johnson Controls International plc | 286,286 | 9,152,563 |
Kennametal, Inc. | 23,400 | 829,530 |
L3 Technologies, Inc. | 24,174 | 4,580,248 |
Lennox International, Inc. | 10,900 | 2,298,701 |
Lincoln Electric Holdings, Inc. | 20,100 | 1,626,291 |
Lockheed Martin Corp. | 76,379 | 22,443,969 |
Masco Corp. | 95,028 | 2,850,840 |
MasTec, Inc. * | 19,292 | 839,395 |
MSC Industrial Direct Co., Inc., Class A | 14,258 | 1,155,754 |
Navistar International Corp. * | 18,700 | 626,263 |
Nordson Corp. | 16,600 | 2,036,322 |
Northrop Grumman Corp. | 53,832 | 14,101,292 |
nVent Electric plc | 48,054 | 1,173,479 |
Oshkosh Corp. | 23,600 | 1,324,904 |
Owens Corning | 34,000 | 1,607,180 |
PACCAR, Inc. | 107,289 | 6,138,004 |
Parker-Hannifin Corp. | 41,253 | 6,255,192 |
Pentair plc | 50,354 | 2,021,713 |
Quanta Services, Inc. * | 44,000 | 1,372,800 |
Raytheon Co. | 87,757 | 15,360,985 |
Resideo Technologies, Inc. * | 38,170 | 803,468 |
Rockwell Automation, Inc. | 37,749 | 6,218,393 |
Rockwell Collins, Inc. | 50,483 | 6,462,834 |
Roper Technologies, Inc. | 31,691 | 8,965,384 |
Sensata Technologies Holding plc * | 53,100 | 2,490,390 |
Snap-on, Inc. | 17,250 | 2,655,465 |
Spirit AeroSystems Holdings, Inc., Class A | 32,300 | 2,713,523 |
Stanley Black & Decker, Inc. | 46,641 | 5,434,609 |
Teledyne Technologies, Inc. * | 11,400 | 2,522,592 |
Terex Corp. | 20,800 | 694,512 |
Textron, Inc. | 76,506 | 4,103,017 |
The Boeing Co. | 164,298 | 58,302,788 |
The Middleby Corp. * | 17,400 | 1,954,020 |
The Timken Co. | 23,044 | 911,390 |
The Toro Co. | 33,100 | 1,864,523 |
TransDigm Group, Inc. * | 14,900 | 4,920,725 |
Trinity Industries, Inc. | 44,200 | 1,261,910 |
United Rentals, Inc. * | 25,767 | 3,093,844 |
United Technologies Corp. | 230,757 | 28,662,327 |
Univar, Inc. * | 33,042 | 813,494 |
USG Corp. | 26,300 | 1,110,386 |
Valmont Industries, Inc. | 6,682 | 830,639 |
W.W. Grainger, Inc. | 14,041 | 3,987,223 |
WABCO Holdings, Inc. * | 15,900 | 1,708,455 |
Wabtec Corp. | 26,200 | 2,148,924 |
Watsco, Inc. | 9,926 | 1,470,835 |
Security | Number of Shares | Value ($) |
Woodward, Inc. | 17,300 | 1,273,972 |
Xylem, Inc. | 55,600 | 3,646,248 |
530,089,651 | ||
Commercial & Professional Services 0.8% | ||
Cintas Corp. | 26,610 | 4,839,561 |
Copart, Inc. * | 62,665 | 3,064,945 |
CoStar Group, Inc. * | 11,300 | 4,084,046 |
Deluxe Corp. | 14,500 | 684,545 |
Equifax, Inc. | 37,300 | 3,783,712 |
Healthcare Services Group, Inc. | 22,700 | 921,393 |
IHS Markit Ltd. * | 110,707 | 5,815,439 |
KAR Auction Services, Inc. | 41,500 | 2,363,010 |
ManpowerGroup, Inc. | 19,791 | 1,509,855 |
Nielsen Holdings plc | 110,500 | 2,870,790 |
Republic Services, Inc. | 67,101 | 4,876,901 |
Robert Half International, Inc. | 37,791 | 2,287,489 |
Rollins, Inc. | 29,450 | 1,743,440 |
Stericycle, Inc. * | 26,398 | 1,319,108 |
The Brink's Co. | 15,600 | 1,034,592 |
The Dun & Bradstreet Corp. | 10,925 | 1,554,409 |
TransUnion | 56,692 | 3,727,499 |
Verisk Analytics, Inc. * | 50,600 | 6,063,904 |
Waste Management, Inc. | 121,285 | 10,851,369 |
63,396,007 | ||
Consumer Durables & Apparel 1.2% | ||
Brunswick Corp. | 26,300 | 1,367,337 |
Carter's, Inc. | 14,300 | 1,372,514 |
Columbia Sportswear Co. | 8,900 | 803,492 |
D.R. Horton, Inc. | 105,597 | 3,797,268 |
Garmin Ltd. | 37,648 | 2,490,792 |
Hanesbrands, Inc. | 108,800 | 1,867,008 |
Hasbro, Inc. | 36,025 | 3,303,853 |
Leggett & Platt, Inc. | 39,744 | 1,443,105 |
Lennar Corp., Class A | 90,110 | 3,872,928 |
lululemon Athletica, Inc. * | 33,600 | 4,728,528 |
Mattel, Inc. * | 102,797 | 1,395,983 |
Michael Kors Holdings Ltd. * | 45,447 | 2,518,218 |
Mohawk Industries, Inc. * | 19,439 | 2,424,627 |
Newell Brands, Inc. | 134,713 | 2,139,242 |
NIKE, Inc., Class B | 394,912 | 29,634,197 |
NVR, Inc. * | 1,033 | 2,312,918 |
Polaris Industries, Inc. | 18,400 | 1,637,232 |
PulteGroup, Inc. | 80,669 | 1,982,037 |
PVH Corp. | 23,614 | 2,852,335 |
Ralph Lauren Corp. | 16,795 | 2,176,800 |
Skechers U.S.A., Inc., Class A * | 40,162 | 1,147,428 |
Tapestry, Inc. | 89,430 | 3,783,783 |
Toll Brothers, Inc. | 41,800 | 1,406,988 |
VF Corp. | 100,528 | 8,331,761 |
Whirlpool Corp. | 19,815 | 2,174,894 |
90,965,268 | ||
Consumer Services 2.1% | ||
Aramark | 76,496 | 2,747,736 |
Boyd Gaming Corp. | 27,000 | 717,120 |
Bright Horizons Family Solutions, Inc. * | 17,800 | 2,045,398 |
Caesars Entertainment Corp. *(a) | 187,200 | 1,608,048 |
Carnival Corp. | 124,060 | 6,952,322 |
Chipotle Mexican Grill, Inc. * | 7,550 | 3,475,492 |
Choice Hotels International, Inc. | 9,700 | 711,980 |
Churchill Downs, Inc. | 3,600 | 898,596 |
Cracker Barrel Old Country Store, Inc. (a) | 7,100 | 1,126,628 |
Darden Restaurants, Inc. | 38,365 | 4,087,791 |
Security | Number of Shares | Value ($) |
Domino's Pizza, Inc. | 12,892 | 3,465,241 |
Dunkin' Brands Group, Inc. | 26,000 | 1,886,560 |
Extended Stay America, Inc. | 56,900 | 926,332 |
frontdoor, Inc. * | 20,850 | 709,943 |
Grand Canyon Education, Inc. * | 14,400 | 1,795,680 |
H&R Block, Inc. | 65,228 | 1,731,151 |
Hilton Grand Vacations, Inc. * | 30,193 | 811,286 |
Hilton Worldwide Holdings, Inc. | 92,200 | 6,561,874 |
Las Vegas Sands Corp. | 114,405 | 5,838,087 |
Marriott International, Inc., Class A | 88,921 | 10,393,976 |
Marriott Vacations Worldwide Corp. | 12,880 | 1,139,751 |
McDonald's Corp. | 238,489 | 42,188,704 |
MGM Resorts International | 159,087 | 4,244,441 |
Norwegian Cruise Line Holdings Ltd. * | 61,600 | 2,714,712 |
Royal Caribbean Cruises Ltd. | 52,391 | 5,486,909 |
Scientific Games Corp., Class A * | 15,800 | 351,708 |
Service Corp. International | 55,600 | 2,305,732 |
ServiceMaster Global Holdings, Inc. * | 41,700 | 1,788,096 |
Six Flags Entertainment Corp. | 21,900 | 1,179,534 |
Starbucks Corp. | 414,350 | 24,144,175 |
Texas Roadhouse, Inc. | 19,700 | 1,191,062 |
The Wendy's Co. | 61,400 | 1,058,536 |
Vail Resorts, Inc. | 12,400 | 3,116,368 |
Weight Watchers International, Inc. * | 11,400 | 753,540 |
Wyndham Destinations, Inc. | 31,465 | 1,128,964 |
Wyndham Hotels & Resorts, Inc. | 31,465 | 1,550,910 |
Wynn Resorts Ltd. | 30,242 | 3,042,345 |
Yum! Brands, Inc. | 97,027 | 8,772,211 |
164,648,939 | ||
Diversified Financials 5.2% | ||
Affiliated Managers Group, Inc. | 16,259 | 1,847,998 |
AGNC Investment Corp. | 144,139 | 2,571,440 |
Ally Financial, Inc. | 127,600 | 3,242,316 |
American Express Co. | 217,677 | 22,361,958 |
Ameriprise Financial, Inc. | 43,628 | 5,551,227 |
Annaly Capital Management, Inc. | 398,400 | 3,932,208 |
Berkshire Hathaway, Inc., Class B * | 599,756 | 123,117,912 |
BGC Partners, Inc., Class A | 81,800 | 866,262 |
BlackRock, Inc. | 37,902 | 15,593,641 |
Capital One Financial Corp. | 146,953 | 13,122,903 |
Cboe Global Markets, Inc. | 34,990 | 3,948,621 |
CME Group, Inc. | 104,574 | 19,162,140 |
Credit Acceptance Corp. * | 3,700 | 1,570,354 |
Discover Financial Services | 105,104 | 7,322,596 |
E*TRADE Financial Corp. | 80,790 | 3,992,642 |
Eaton Vance Corp. | 36,184 | 1,630,089 |
Evercore, Inc., Class A | 12,700 | 1,037,463 |
FactSet Research Systems, Inc. | 11,600 | 2,595,616 |
Franklin Resources, Inc. | 92,377 | 2,817,498 |
Interactive Brokers Group, Inc., Class A | 22,100 | 1,091,961 |
Intercontinental Exchange, Inc. | 175,450 | 13,516,668 |
Invesco Ltd. | 126,477 | 2,745,816 |
Janus Henderson Group plc | 49,800 | 1,223,586 |
Jefferies Financial Group, Inc. | 86,378 | 1,854,536 |
Lazard Ltd., Class A | 39,699 | 1,577,638 |
Legg Mason, Inc. | 28,214 | 796,199 |
LPL Financial Holdings, Inc. | 28,300 | 1,743,280 |
MarketAxess Holdings, Inc. | 11,500 | 2,411,205 |
Moody's Corp. | 51,326 | 7,466,906 |
Morgan Stanley | 409,721 | 18,707,861 |
Morningstar, Inc. | 6,100 | 761,280 |
MSCI, Inc. | 27,050 | 4,067,779 |
Nasdaq, Inc. | 36,337 | 3,150,781 |
Navient Corp. | 77,500 | 897,450 |
New Residential Investment Corp. | 104,800 | 1,873,824 |
Northern Trust Corp. | 69,176 | 6,507,386 |
Security | Number of Shares | Value ($) |
OneMain Holdings, Inc. * | 21,400 | 610,328 |
Raymond James Financial, Inc. | 39,649 | 3,040,682 |
S&P Global, Inc. | 77,652 | 14,157,513 |
Santander Consumer USA Holdings, Inc. | 36,900 | 691,875 |
SEI Investments Co. | 39,748 | 2,124,531 |
SLM Corp. * | 138,900 | 1,408,446 |
Starwood Property Trust, Inc. | 80,000 | 1,737,600 |
State Street Corp. | 117,550 | 8,081,562 |
Stifel Financial Corp. | 22,382 | 1,023,305 |
Synchrony Financial | 211,550 | 6,109,564 |
T. Rowe Price Group, Inc. | 74,650 | 7,240,303 |
TD Ameritrade Holding Corp. | 84,631 | 4,377,115 |
The Bank of New York Mellon Corp. | 284,302 | 13,456,014 |
The Charles Schwab Corp. (b) | 368,065 | 17,019,325 |
The Goldman Sachs Group, Inc. | 108,432 | 24,437,320 |
Voya Financial, Inc. | 49,030 | 2,145,553 |
414,340,076 | ||
Energy 5.5% | ||
Anadarko Petroleum Corp. | 157,948 | 8,402,834 |
Antero Resources Corp. * | 66,200 | 1,051,918 |
Apache Corp. | 118,700 | 4,490,421 |
Apergy Corp. * | 24,518 | 955,957 |
Baker Hughes, a GE Co. | 126,406 | 3,373,776 |
Cabot Oil & Gas Corp. | 135,896 | 3,292,760 |
Centennial Resource Development, Inc., Class A * | 59,100 | 1,132,356 |
Cheniere Energy, Inc. * | 67,900 | 4,101,839 |
Chesapeake Energy Corp. *(a) | 285,259 | 1,001,259 |
Chevron Corp. | 589,437 | 65,810,641 |
Cimarex Energy Co. | 29,115 | 2,313,769 |
Concho Resources, Inc. * | 61,882 | 8,607,167 |
ConocoPhillips | 358,327 | 25,047,057 |
Continental Resources, Inc. * | 25,800 | 1,359,144 |
Core Laboratories N.V. | 13,300 | 1,133,692 |
Devon Energy Corp. | 157,482 | 5,102,417 |
Diamondback Energy, Inc. | 30,300 | 3,404,508 |
Energen Corp. * | 25,400 | 1,828,038 |
EOG Resources, Inc. | 178,104 | 18,761,475 |
EQT Corp. | 81,819 | 2,779,391 |
Exxon Mobil Corp. | 1,302,741 | 103,802,403 |
Halliburton Co. | 269,288 | 9,338,908 |
Helmerich & Payne, Inc. | 33,892 | 2,111,133 |
Hess Corp. | 77,923 | 4,472,780 |
HollyFrontier Corp. | 50,100 | 3,378,744 |
Kinder Morgan, Inc. | 581,217 | 9,892,313 |
KLX Energy Services Holdings, Inc. * | 6,360 | 183,740 |
Marathon Oil Corp. | 259,896 | 4,935,425 |
Marathon Petroleum Corp. | 206,593 | 14,554,477 |
Murphy Oil Corp. | 49,944 | 1,591,216 |
National Oilwell Varco, Inc. | 117,826 | 4,335,997 |
Newfield Exploration Co. * | 61,566 | 1,243,633 |
Noble Energy, Inc. | 147,622 | 3,668,407 |
Occidental Petroleum Corp. | 234,916 | 15,755,816 |
ONEOK, Inc. | 126,145 | 8,275,112 |
Parsley Energy, Inc., Class A * | 79,100 | 1,852,522 |
Patterson-UTI Energy, Inc. | 68,523 | 1,140,223 |
PBF Energy, Inc., Class A | 37,600 | 1,573,560 |
PDC Energy, Inc. * | 20,659 | 876,975 |
Peabody Energy Corp. | 25,500 | 903,975 |
Phillips 66 | 131,900 | 13,561,958 |
Pioneer Natural Resources Co. | 52,711 | 7,762,749 |
Range Resources Corp. | 62,828 | 995,824 |
RPC, Inc. | 17,600 | 261,888 |
Schlumberger Ltd. | 425,405 | 21,827,530 |
Targa Resources Corp. | 70,000 | 3,616,900 |
TechnipFMC plc | 131,368 | 3,454,978 |
Security | Number of Shares | Value ($) |
The Williams Cos., Inc. | 373,621 | 9,090,199 |
Transocean Ltd. * | 129,100 | 1,421,391 |
Valero Energy Corp. | 131,962 | 12,020,419 |
Weatherford International plc * | 305,300 | 412,155 |
WPX Energy, Inc. * | 117,900 | 1,891,116 |
434,154,885 | ||
Food & Staples Retailing 1.5% | ||
Casey's General Stores, Inc. | 10,600 | 1,336,766 |
Costco Wholesale Corp. | 134,759 | 30,809,950 |
Sysco Corp. | 147,730 | 10,537,581 |
The Kroger Co. | 243,326 | 7,241,382 |
U.S. Foods Holding Corp. * | 68,000 | 1,983,560 |
Walgreens Boots Alliance, Inc. | 259,469 | 20,697,842 |
Walmart, Inc. | 442,206 | 44,344,418 |
116,951,499 | ||
Food, Beverage & Tobacco 3.8% | ||
Altria Group, Inc. | 579,205 | 37,671,493 |
Archer-Daniels-Midland Co. | 171,805 | 8,117,786 |
Brown-Forman Corp., Class B | 52,250 | 2,421,265 |
Bunge Ltd. | 42,592 | 2,632,186 |
Campbell Soup Co. | 60,758 | 2,272,957 |
ConAgra Brands, Inc. | 145,849 | 5,192,224 |
Constellation Brands, Inc., Class A | 51,532 | 10,266,720 |
Flowers Foods, Inc. | 56,925 | 1,099,222 |
General Mills, Inc. | 182,002 | 7,971,688 |
Hormel Foods Corp. | 82,288 | 3,591,048 |
Ingredion, Inc. | 21,800 | 2,205,724 |
Kellogg Co. | 78,231 | 5,122,566 |
Keurig Dr Pepper, Inc. | 55,420 | 1,440,920 |
Lamb Weston Holdings, Inc. | 45,365 | 3,545,728 |
McCormick & Co., Inc. - Non Voting Shares | 37,654 | 5,422,176 |
Molson Coors Brewing Co., Class B | 58,272 | 3,729,408 |
Mondelez International, Inc., Class A | 451,735 | 18,963,835 |
Monster Beverage Corp. * | 123,100 | 6,505,835 |
National Beverage Corp. * | 3,200 | 295,840 |
PepsiCo, Inc. | 435,746 | 48,969,136 |
Philip Morris International, Inc. | 478,165 | 42,111,992 |
Pilgrim's Pride Corp. * | 15,000 | 264,900 |
Post Holdings, Inc. * | 20,500 | 1,812,610 |
Seaboard Corp. | 90 | 347,850 |
The Coca-Cola Co. | 1,176,942 | 56,351,983 |
The Hain Celestial Group, Inc. * | 24,600 | 612,048 |
The Hershey Co. | 42,564 | 4,560,733 |
The JM Smucker Co. | 34,901 | 3,780,476 |
The Kraft Heinz Co. | 192,100 | 10,559,737 |
Tyson Foods, Inc., Class A | 91,959 | 5,510,183 |
303,350,269 | ||
Health Care Equipment & Services 6.5% | ||
Abbott Laboratories | 539,301 | 37,179,411 |
ABIOMED, Inc. * | 13,800 | 4,708,560 |
Aetna, Inc. | 100,434 | 19,926,106 |
Align Technology, Inc. * | 22,628 | 5,005,314 |
AmerisourceBergen Corp. | 49,820 | 4,384,160 |
Anthem, Inc. | 80,157 | 22,088,864 |
athenahealth, Inc. * | 12,000 | 1,530,480 |
Baxter International, Inc. | 153,525 | 9,596,848 |
Becton, Dickinson & Co. | 82,528 | 19,022,704 |
Boston Scientific Corp. * | 423,607 | 15,309,157 |
Cantel Medical Corp. | 11,700 | 926,055 |
Cardinal Health, Inc. | 94,910 | 4,802,446 |
Centene Corp. * | 62,967 | 8,205,859 |
Cerner Corp. * | 101,704 | 5,825,605 |
Security | Number of Shares | Value ($) |
Chemed Corp. | 5,000 | 1,521,650 |
Cigna Corp. | 75,015 | 16,038,957 |
CVS Health Corp. | 312,507 | 22,622,382 |
Danaher Corp. | 190,170 | 18,902,898 |
DaVita, Inc. * | 39,150 | 2,636,361 |
DENTSPLY SIRONA, Inc. | 68,990 | 2,389,124 |
DexCom, Inc. * | 27,600 | 3,664,452 |
Edwards Lifesciences Corp. * | 64,284 | 9,488,318 |
Encompass Health Corp. | 30,562 | 2,056,823 |
Express Scripts Holding Co. * | 172,450 | 16,722,477 |
HCA Healthcare, Inc. | 83,158 | 11,104,088 |
Henry Schein, Inc. * | 47,338 | 3,929,054 |
Hill-Rom Holdings, Inc. | 20,900 | 1,757,272 |
Hologic, Inc. * | 82,070 | 3,199,909 |
Humana, Inc. | 42,495 | 13,615,823 |
ICU Medical, Inc. * | 5,100 | 1,299,123 |
IDEXX Laboratories, Inc. * | 26,472 | 5,615,241 |
Insulet Corp. * | 18,600 | 1,640,706 |
Integra LifeSciences Holdings Corp. * | 21,700 | 1,162,469 |
Intuitive Surgical, Inc. * | 35,082 | 18,284,037 |
Laboratory Corp. of America Holdings * | 31,468 | 5,052,187 |
LivaNova plc * | 15,000 | 1,679,850 |
Masimo Corp. * | 15,300 | 1,768,680 |
McKesson Corp. | 61,470 | 7,668,997 |
Medidata Solutions, Inc. * | 18,500 | 1,300,550 |
MEDNAX, Inc. * | 28,208 | 1,164,708 |
Medtronic plc | 415,222 | 37,295,240 |
Molina Healthcare, Inc. * | 19,000 | 2,408,630 |
Patterson Cos., Inc. | 22,600 | 510,308 |
Quest Diagnostics, Inc. | 41,847 | 3,938,221 |
ResMed, Inc. | 43,716 | 4,630,399 |
STERIS plc | 26,100 | 2,852,991 |
Stryker Corp. | 95,754 | 15,533,214 |
Teleflex, Inc. | 13,846 | 3,333,286 |
The Cooper Cos., Inc. | 15,100 | 3,900,481 |
UnitedHealth Group, Inc. | 296,026 | 77,366,395 |
Universal Health Services, Inc., Class B | 26,874 | 3,266,803 |
Varian Medical Systems, Inc. * | 28,171 | 3,362,772 |
Veeva Systems, Inc., Class A * | 37,000 | 3,379,950 |
WellCare Health Plans, Inc. * | 15,498 | 4,277,293 |
West Pharmaceutical Services, Inc. | 22,500 | 2,383,200 |
Zimmer Biomet Holdings, Inc. | 62,612 | 7,112,097 |
510,348,985 | ||
Household & Personal Products 1.5% | ||
Church & Dwight Co., Inc. | 74,488 | 4,422,353 |
Colgate-Palmolive Co. | 267,342 | 15,920,216 |
Coty, Inc., Class A | 142,141 | 1,499,588 |
Energizer Holdings, Inc. | 18,100 | 1,063,737 |
Herbalife Nutrition Ltd. * | 31,700 | 1,688,342 |
Kimberly-Clark Corp. | 106,208 | 11,077,494 |
Nu Skin Enterprises, Inc., Class A | 17,200 | 1,207,784 |
Spectrum Brands Holdings, Inc. | 15,056 | 977,887 |
The Clorox Co. | 39,325 | 5,837,796 |
The Estee Lauder Cos., Inc., Class A | 69,070 | 9,492,981 |
The Procter & Gamble Co. | 766,263 | 67,952,203 |
121,140,381 | ||
Insurance 2.5% | ||
Aflac, Inc. | 236,460 | 10,184,332 |
Alleghany Corp. | 4,586 | 2,754,718 |
American Financial Group, Inc. | 21,805 | 2,181,154 |
American International Group, Inc. | 273,423 | 11,289,636 |
Aon plc | 74,629 | 11,655,557 |
Arch Capital Group Ltd. * | 124,200 | 3,523,554 |
Arthur J. Gallagher & Co. | 56,220 | 4,160,842 |
Security | Number of Shares | Value ($) |
Assurant, Inc. | 15,992 | 1,554,582 |
Assured Guaranty Ltd. | 32,300 | 1,291,354 |
Athene Holding Ltd., Class A * | 38,400 | 1,755,648 |
Axis Capital Holdings Ltd. | 25,662 | 1,431,683 |
Brighthouse Financial, Inc. * | 36,676 | 1,453,470 |
Brown & Brown, Inc. | 71,352 | 2,010,699 |
Chubb Ltd. | 142,626 | 17,815,414 |
Cincinnati Financial Corp. | 45,717 | 3,595,185 |
CNA Financial Corp. | 9,150 | 396,836 |
CNO Financial Group, Inc. | 51,200 | 967,680 |
Erie Indemnity Co., Class A | 6,285 | 815,102 |
Everest Re Group Ltd. | 12,720 | 2,771,179 |
Fidelity National Financial, Inc. | 84,969 | 2,842,213 |
First American Financial Corp. | 33,794 | 1,498,088 |
Lincoln National Corp. | 66,159 | 3,982,110 |
Loews Corp. | 85,858 | 3,997,548 |
Markel Corp. * | 4,247 | 4,642,990 |
Marsh & McLennan Cos., Inc. | 155,420 | 13,171,845 |
MetLife, Inc. | 307,280 | 12,656,863 |
Old Republic International Corp. | 88,409 | 1,949,418 |
Primerica, Inc. | 13,600 | 1,492,464 |
Principal Financial Group, Inc. | 81,230 | 3,823,496 |
Prudential Financial, Inc. | 128,538 | 12,054,294 |
Reinsurance Group of America, Inc. | 19,510 | 2,777,639 |
RenaissanceRe Holdings Ltd. | 12,107 | 1,478,991 |
The Allstate Corp. | 106,498 | 10,193,989 |
The Hanover Insurance Group, Inc. | 12,700 | 1,414,526 |
The Hartford Financial Services Group, Inc. | 110,941 | 5,038,940 |
The Progressive Corp. | 179,663 | 12,522,511 |
The Travelers Cos., Inc. | 82,538 | 10,327,980 |
Torchmark Corp. | 31,597 | 2,675,002 |
Unum Group | 69,546 | 2,521,738 |
W. R. Berkley Corp. | 28,925 | 2,195,408 |
Willis Towers Watson plc | 40,066 | 5,735,849 |
200,602,527 | ||
Materials 2.8% | ||
Air Products & Chemicals, Inc. | 67,664 | 10,443,938 |
Albemarle Corp. | 34,103 | 3,383,700 |
Alcoa Corp. * | 57,980 | 2,028,720 |
AptarGroup, Inc. | 19,700 | 2,008,612 |
Ashland Global Holdings, Inc. | 20,300 | 1,501,794 |
Avery Dennison Corp. | 26,560 | 2,409,523 |
Axalta Coating Systems Ltd. * | 65,300 | 1,611,604 |
Ball Corp. | 104,352 | 4,674,970 |
Bemis Co., Inc. | 28,149 | 1,288,380 |
Berry Global Group, Inc. * | 40,400 | 1,762,248 |
Cabot Corp. | 17,839 | 868,402 |
Celanese Corp. | 42,243 | 4,095,036 |
CF Industries Holdings, Inc. | 70,560 | 3,388,997 |
Crown Holdings, Inc. * | 42,675 | 1,804,726 |
DowDuPont, Inc. | 710,941 | 38,333,939 |
Eagle Materials, Inc. | 14,650 | 1,081,756 |
Eastman Chemical Co. | 43,062 | 3,373,908 |
Ecolab, Inc. | 77,792 | 11,913,845 |
FMC Corp. | 41,104 | 3,209,400 |
Freeport-McMoRan, Inc. | 449,057 | 5,231,514 |
Graphic Packaging Holding Co. | 93,400 | 1,028,334 |
Huntsman Corp. | 67,800 | 1,483,464 |
International Flavors & Fragrances, Inc. | 31,208 | 4,514,549 |
International Paper Co. | 126,807 | 5,751,965 |
Linde plc | 169,128 | 27,985,610 |
Louisiana-Pacific Corp. | 45,300 | 986,181 |
LyondellBasell Industries N.V., Class A | 97,863 | 8,736,230 |
Martin Marietta Materials, Inc. | 19,524 | 3,344,071 |
NewMarket Corp. | 2,800 | 1,080,688 |
Newmont Mining Corp. | 162,928 | 5,037,734 |
Security | Number of Shares | Value ($) |
Nucor Corp. | 96,876 | 5,727,309 |
Olin Corp. | 48,800 | 985,760 |
Owens-Illinois, Inc. * | 45,000 | 705,150 |
Packaging Corp. of America | 29,030 | 2,665,244 |
PPG Industries, Inc. | 73,912 | 7,767,412 |
Reliance Steel & Aluminum Co. | 23,022 | 1,816,896 |
Royal Gold, Inc. | 20,400 | 1,563,252 |
RPM International, Inc. | 41,400 | 2,532,438 |
Sealed Air Corp. | 50,002 | 1,618,065 |
Sonoco Products Co. | 30,870 | 1,684,885 |
Steel Dynamics, Inc. | 71,200 | 2,819,520 |
The Chemours Co. | 55,300 | 1,825,453 |
The Mosaic Co. | 110,266 | 3,411,630 |
The Scotts Miracle-Gro Co. | 11,368 | 758,700 |
The Sherwin-Williams Co. | 25,265 | 9,941,020 |
United States Steel Corp. | 54,100 | 1,435,273 |
Valvoline, Inc. | 55,730 | 1,110,142 |
Vulcan Materials Co. | 40,825 | 4,129,040 |
W.R. Grace & Co. | 21,500 | 1,392,985 |
Westlake Chemical Corp. | 10,700 | 762,910 |
WestRock Co. | 77,542 | 3,331,980 |
222,348,902 | ||
Media & Entertainment 7.6% | ||
Activision Blizzard, Inc. | 235,338 | 16,250,089 |
Alphabet, Inc., Class A * | 91,981 | 100,312,639 |
Alphabet, Inc., Class C * | 94,742 | 102,015,343 |
Altice USA, Inc., Class A | 35,800 | 583,898 |
Cable One, Inc. | 1,550 | 1,388,397 |
CBS Corp., Class B - Non Voting Shares | 104,468 | 5,991,240 |
Charter Communications, Inc., Class A * | 55,088 | 17,648,543 |
Cinemark Holdings, Inc. | 32,800 | 1,363,496 |
Comcast Corp., Class A | 1,405,955 | 53,623,124 |
Discovery, Inc., Class A * | 46,200 | 1,496,418 |
Discovery, Inc., Class C * | 110,604 | 3,241,803 |
DISH Network Corp., Class A * | 70,572 | 2,169,383 |
Electronic Arts, Inc. * | 94,231 | 8,573,136 |
Facebook, Inc., Class A * | 742,452 | 112,696,789 |
GCI Liberty, Inc., Class A * | 30,808 | 1,458,143 |
IAC/InterActiveCorp * | 24,130 | 4,743,717 |
Liberty Broadband Corp., Class C * | 47,000 | 3,897,710 |
Liberty Global plc, Class A * | 63,741 | 1,633,682 |
Liberty Global plc, Class C * | 183,672 | 4,599,147 |
Liberty Media Corp. - Liberty Formula One, Class C * | 61,800 | 2,044,344 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 24,146 | 995,781 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 52,300 | 2,158,421 |
Lions Gate Entertainment Corp., Class B | 32,300 | 574,617 |
Live Nation Entertainment, Inc. * | 42,800 | 2,238,440 |
Netflix, Inc. * | 134,000 | 40,438,520 |
News Corp., Class A | 118,782 | 1,566,735 |
Nexstar Media Group, Inc., Class A | 13,600 | 1,018,504 |
Omnicom Group, Inc. | 69,688 | 5,179,212 |
Sirius XM Holdings, Inc. (a) | 399,100 | 2,402,582 |
Snap, Inc., Class A *(a) | 211,400 | 1,397,354 |
Take-Two Interactive Software, Inc. * | 34,900 | 4,497,563 |
The Interpublic Group of Cos., Inc. | 118,364 | 2,741,310 |
The Madison Square Garden Co., Class A * | 5,041 | 1,394,441 |
The Walt Disney Co. | 457,540 | 52,539,318 |
Tribune Media Co., Class A | 24,000 | 912,240 |
TripAdvisor, Inc. * | 30,000 | 1,564,200 |
Twenty-First Century Fox, Inc., Class A | 325,366 | 14,810,660 |
Twenty-First Century Fox, Inc., Class B | 149,572 | 6,757,663 |
Twitter, Inc. * | 222,200 | 7,721,450 |
Viacom, Inc., Class B | 106,546 | 3,407,341 |
Security | Number of Shares | Value ($) |
Yelp, Inc. * | 23,500 | 1,006,270 |
Zillow Group, Inc., Class C * | 35,100 | 1,413,126 |
602,466,789 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.9% | ||
AbbVie, Inc. | 465,775 | 36,260,584 |
Agilent Technologies, Inc. | 99,131 | 6,422,697 |
Akorn, Inc. * | 24,100 | 160,747 |
Alexion Pharmaceuticals, Inc. * | 68,104 | 7,632,415 |
Alkermes plc * | 47,300 | 1,931,259 |
Allergan plc | 98,577 | 15,576,152 |
Alnylam Pharmaceuticals, Inc. * | 28,200 | 2,268,126 |
Amgen, Inc. | 198,794 | 38,325,495 |
Bio-Rad Laboratories, Inc., Class A * | 6,100 | 1,664,385 |
Bio-Techne Corp. | 11,463 | 1,922,574 |
Biogen, Inc. * | 62,199 | 18,925,290 |
BioMarin Pharmaceutical, Inc. * | 54,400 | 5,014,048 |
Bluebird Bio, Inc. * | 16,400 | 1,881,080 |
Bristol-Myers Squibb Co. | 501,839 | 25,362,943 |
Bruker Corp. | 30,900 | 968,097 |
Catalent, Inc. * | 43,900 | 1,770,926 |
Celgene Corp. * | 216,740 | 15,518,584 |
Charles River Laboratories International, Inc. * | 14,400 | 1,754,208 |
Eli Lilly & Co. | 293,904 | 31,870,950 |
Exact Sciences Corp. * | 38,800 | 2,756,740 |
Exelixis, Inc. * | 96,500 | 1,338,455 |
FibroGen, Inc. * | 22,900 | 981,723 |
Gilead Sciences, Inc. | 398,964 | 27,201,365 |
Illumina, Inc. * | 45,100 | 14,032,865 |
Incyte Corp. * | 53,300 | 3,454,906 |
Ionis Pharmaceuticals, Inc. * | 42,000 | 2,081,100 |
IQVIA Holdings, Inc. * | 49,546 | 6,090,690 |
Jazz Pharmaceuticals plc * | 18,300 | 2,906,406 |
Johnson & Johnson | 825,525 | 115,565,245 |
Merck & Co., Inc. | 819,518 | 60,324,720 |
Mettler-Toledo International, Inc. * | 7,653 | 4,184,813 |
Mylan N.V. * | 158,300 | 4,946,875 |
Nektar Therapeutics * | 53,300 | 2,061,644 |
Neurocrine Biosciences, Inc. * | 28,300 | 3,032,345 |
PerkinElmer, Inc. | 34,400 | 2,974,912 |
Perrigo Co., plc | 39,000 | 2,741,700 |
Pfizer, Inc. | 1,803,607 | 77,663,317 |
PRA Health Sciences, Inc. * | 17,800 | 1,724,286 |
Regeneron Pharmaceuticals, Inc. * | 23,900 | 8,107,836 |
Sage Therapeutics, Inc. * | 13,900 | 1,788,652 |
Sarepta Therapeutics, Inc. * | 19,300 | 2,581,568 |
Seattle Genetics, Inc. * | 32,100 | 1,801,773 |
Syneos Health, Inc. * | 18,700 | 853,281 |
Thermo Fisher Scientific, Inc. | 123,998 | 28,972,133 |
United Therapeutics Corp. * | 13,000 | 1,441,180 |
Vertex Pharmaceuticals, Inc. * | 79,012 | 13,389,374 |
Waters Corp. * | 24,100 | 4,571,529 |
Zoetis, Inc. | 148,273 | 13,366,811 |
628,168,804 | ||
Real Estate 3.4% | ||
Alexandria Real Estate Equities, Inc. | 33,000 | 4,033,590 |
American Campus Communities, Inc. | 40,600 | 1,604,106 |
American Homes 4 Rent, Class A | 81,200 | 1,710,884 |
American Tower Corp. | 135,289 | 21,079,379 |
Apartment Investment & Management Co., Class A | 49,418 | 2,126,951 |
Apple Hospitality REIT, Inc. | 64,300 | 1,039,731 |
AvalonBay Communities, Inc. | 42,749 | 7,497,320 |
Boston Properties, Inc. | 47,905 | 5,785,008 |
Security | Number of Shares | Value ($) |
Brixmor Property Group, Inc. | 91,600 | 1,483,920 |
Camden Property Trust | 28,764 | 2,596,526 |
CBRE Group, Inc., Class A * | 98,911 | 3,985,124 |
Colony Capital, Inc. | 142,200 | 834,714 |
CoreSite Realty Corp. | 11,800 | 1,107,548 |
Cousins Properties, Inc. | 132,400 | 1,100,244 |
Crown Castle International Corp. | 127,427 | 13,856,412 |
CubeSmart | 54,500 | 1,579,410 |
CyrusOne, Inc. | 32,300 | 1,719,329 |
Digital Realty Trust, Inc. | 63,907 | 6,599,037 |
Douglas Emmett, Inc. | 47,600 | 1,722,644 |
Duke Realty Corp. | 110,237 | 3,039,234 |
EPR Properties | 23,100 | 1,587,894 |
Equinix, Inc. | 24,562 | 9,302,612 |
Equity Commonwealth | 37,400 | 1,113,772 |
Equity LifeStyle Properties, Inc. | 26,900 | 2,547,161 |
Equity Residential | 113,872 | 7,397,125 |
Essex Property Trust, Inc. | 20,229 | 5,073,029 |
Extra Space Storage, Inc. | 38,900 | 3,503,334 |
Federal Realty Investment Trust | 22,896 | 2,840,249 |
First Industrial Realty Trust, Inc. | 37,400 | 1,148,180 |
Forest City Realty Trust, Inc., Class A | 80,300 | 2,020,348 |
Gaming & Leisure Properties, Inc. | 59,200 | 1,994,448 |
HCP, Inc. | 144,480 | 3,980,424 |
Healthcare Realty Trust, Inc. | 37,600 | 1,047,536 |
Healthcare Trust of America, Inc., Class A | 64,500 | 1,693,770 |
Highwoods Properties, Inc. | 31,600 | 1,347,424 |
Hospitality Properties Trust | 52,081 | 1,334,315 |
Host Hotels & Resorts, Inc. | 226,239 | 4,323,427 |
Hudson Pacific Properties, Inc. | 49,012 | 1,485,064 |
Invitation Homes, Inc. | 90,900 | 1,988,892 |
Iron Mountain, Inc. | 89,166 | 2,729,371 |
JBG SMITH Properties | 33,667 | 1,261,839 |
Jones Lang LaSalle, Inc. | 13,500 | 1,785,510 |
Kilroy Realty Corp. | 30,700 | 2,114,616 |
Kimco Realty Corp. | 126,531 | 2,035,884 |
Lamar Advertising Co., Class A | 26,170 | 1,918,784 |
Liberty Property Trust | 46,304 | 1,938,749 |
Life Storage, Inc. | 14,900 | 1,402,984 |
Medical Properties Trust, Inc. | 116,000 | 1,723,760 |
Mid-America Apartment Communities, Inc. | 34,970 | 3,416,919 |
National Retail Properties, Inc. | 47,900 | 2,239,325 |
Omega Healthcare Investors, Inc. | 63,500 | 2,117,725 |
Paramount Group, Inc. | 65,000 | 928,850 |
Park Hotels & Resorts, Inc. | 61,318 | 1,782,514 |
Prologis, Inc. | 192,832 | 12,431,879 |
Public Storage | 45,909 | 9,432,922 |
Rayonier, Inc. | 37,700 | 1,138,540 |
Realogy Holdings Corp. (a) | 40,200 | 766,614 |
Realty Income Corp. | 89,400 | 5,388,138 |
Regency Centers Corp. | 52,242 | 3,310,053 |
RLJ Lodging Trust | 51,500 | 1,001,160 |
Ryman Hospitality Properties, Inc. | 15,500 | 1,202,645 |
SBA Communications Corp. * | 34,800 | 5,643,516 |
Senior Housing Properties Trust | 72,168 | 1,159,740 |
Simon Property Group, Inc. | 95,250 | 17,480,280 |
SL Green Realty Corp. | 25,951 | 2,368,288 |
Spirit MTA REIT | 15,700 | 168,147 |
Spirit Realty Capital, Inc. | 136,200 | 1,065,084 |
STORE Capital Corp. | 56,800 | 1,648,904 |
Sun Communities, Inc. | 26,600 | 2,672,502 |
Sunstone Hotel Investors, Inc. | 71,700 | 1,037,499 |
Taubman Centers, Inc. | 19,800 | 1,089,198 |
The Howard Hughes Corp. * | 11,500 | 1,282,480 |
The Macerich Co. | 33,315 | 1,719,720 |
UDR, Inc. | 82,662 | 3,239,524 |
Ventas, Inc. | 110,029 | 6,386,083 |
VEREIT, Inc. | 298,200 | 2,185,806 |
Security | Number of Shares | Value ($) |
Vornado Realty Trust | 54,334 | 3,699,059 |
Weingarten Realty Investors | 38,102 | 1,071,428 |
Welltower, Inc. | 114,521 | 7,566,403 |
Weyerhaeuser Co. | 232,826 | 6,200,156 |
WP Carey, Inc. | 33,900 | 2,237,739 |
272,220,452 | ||
Retailing 5.9% | ||
Advance Auto Parts, Inc. | 22,622 | 3,614,091 |
Amazon.com, Inc. * | 126,086 | 201,486,689 |
AutoNation, Inc. * | 17,606 | 712,691 |
AutoZone, Inc. * | 8,147 | 5,975,580 |
Best Buy Co., Inc. | 74,981 | 5,260,667 |
Booking Holdings, Inc. * | 14,611 | 27,389,488 |
Burlington Stores, Inc. * | 20,853 | 3,576,081 |
CarMax, Inc. * | 54,293 | 3,687,038 |
Dollar General Corp. | 82,190 | 9,154,322 |
Dollar Tree, Inc. * | 73,418 | 6,189,137 |
eBay, Inc. * | 288,187 | 8,366,069 |
Expedia Group, Inc. | 36,404 | 4,566,154 |
Five Below, Inc. * | 17,000 | 1,934,940 |
Floor & Decor Holdings, Inc., Class A * | 17,700 | 452,766 |
Foot Locker, Inc. | 34,809 | 1,640,896 |
Genuine Parts Co. | 45,030 | 4,409,338 |
GrubHub, Inc. * | 27,800 | 2,578,172 |
Kohl's Corp. | 51,165 | 3,874,725 |
L Brands, Inc. | 68,723 | 2,228,000 |
LKQ Corp. * | 97,900 | 2,669,733 |
Lowe's Cos., Inc. | 249,536 | 23,760,818 |
Macy's, Inc. | 93,676 | 3,212,150 |
Nordstrom, Inc. | 35,597 | 2,341,215 |
O'Reilly Automotive, Inc. * | 24,654 | 7,907,770 |
Penske Automotive Group, Inc. | 10,700 | 474,866 |
Pool Corp. | 12,500 | 1,821,875 |
Qurate Retail, Inc. * | 140,257 | 3,077,239 |
Ross Stores, Inc. | 116,430 | 11,526,570 |
Target Corp. | 162,023 | 13,549,983 |
The Gap, Inc. | 66,955 | 1,827,871 |
The Home Depot, Inc. | 352,135 | 61,933,504 |
The Michaels Cos., Inc. * | 27,194 | 431,025 |
The TJX Cos., Inc. | 192,708 | 21,174,755 |
Tiffany & Co. | 33,698 | 3,750,587 |
Tractor Supply Co. | 37,300 | 3,427,497 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 17,232 | 4,730,529 |
Urban Outfitters, Inc. * | 24,600 | 970,716 |
Wayfair, Inc., Class A * | 18,400 | 2,029,336 |
Williams-Sonoma, Inc. | 25,300 | 1,502,314 |
469,217,197 | ||
Semiconductors & Semiconductor Equipment 3.6% | ||
Advanced Micro Devices, Inc. * | 264,700 | 4,820,187 |
Analog Devices, Inc. | 113,953 | 9,539,006 |
Applied Materials, Inc. | 303,049 | 9,964,251 |
Broadcom, Inc. | 132,770 | 29,672,767 |
Cypress Semiconductor Corp. | 113,500 | 1,468,690 |
Entegris, Inc. | 43,200 | 1,146,528 |
First Solar, Inc. * | 22,700 | 948,860 |
Integrated Device Technology, Inc. * | 40,600 | 1,900,486 |
Intel Corp. | 1,419,212 | 66,532,659 |
KLA-Tencor Corp. | 47,638 | 4,360,783 |
Lam Research Corp. | 48,619 | 6,890,771 |
Marvell Technology Group Ltd. | 181,074 | 2,971,424 |
Maxim Integrated Products, Inc. | 85,200 | 4,261,704 |
Microchip Technology, Inc. | 72,448 | 4,765,629 |
Micron Technology, Inc. * | 357,059 | 13,468,265 |
MKS Instruments, Inc. | 16,800 | 1,237,992 |
Security | Number of Shares | Value ($) |
Monolithic Power Systems, Inc. | 11,934 | 1,409,644 |
NVIDIA Corp. | 186,999 | 39,424,999 |
ON Semiconductor Corp. * | 133,300 | 2,266,100 |
Qorvo, Inc. * | 38,200 | 2,808,082 |
QUALCOMM, Inc. | 433,698 | 27,275,267 |
Silicon Laboratories, Inc. * | 13,400 | 1,092,502 |
Skyworks Solutions, Inc. | 55,200 | 4,789,152 |
Teradyne, Inc. | 57,300 | 1,973,985 |
Texas Instruments, Inc. | 299,497 | 27,802,307 |
Universal Display Corp. | 12,500 | 1,537,625 |
Versum Materials, Inc. | 32,300 | 1,019,388 |
Xilinx, Inc. | 77,905 | 6,650,750 |
281,999,803 | ||
Software & Services 11.0% | ||
2U, Inc. * | 17,400 | 1,094,634 |
Accenture plc, Class A | 197,480 | 31,126,798 |
Adobe Systems, Inc. * | 150,522 | 36,992,287 |
Akamai Technologies, Inc. * | 53,209 | 3,844,350 |
Alliance Data Systems Corp. | 14,471 | 2,983,631 |
Amdocs Ltd. | 43,600 | 2,758,572 |
ANSYS, Inc. * | 25,800 | 3,858,390 |
Aspen Technology, Inc. * | 21,900 | 1,859,091 |
Autodesk, Inc. * | 67,172 | 8,681,981 |
Automatic Data Processing, Inc. | 134,805 | 19,422,704 |
Black Knight, Inc. * | 43,026 | 2,098,378 |
Blackbaud, Inc. | 14,300 | 1,025,596 |
Booz Allen Hamilton Holding Corp. | 43,900 | 2,174,806 |
Broadridge Financial Solutions, Inc. | 35,700 | 4,174,758 |
CA, Inc. | 95,681 | 4,244,409 |
Cadence Design Systems, Inc. * | 85,787 | 3,823,527 |
CDK Global, Inc. | 40,200 | 2,301,048 |
Citrix Systems, Inc. * | 39,500 | 4,047,565 |
Cognizant Technology Solutions Corp., Class A | 177,832 | 12,275,743 |
CoreLogic, Inc. * | 25,100 | 1,019,562 |
Dell Technologies, Inc., Class V * | 61,500 | 5,558,985 |
DXC Technology Co. | 86,704 | 6,314,652 |
EPAM Systems, Inc. * | 15,500 | 1,851,785 |
Euronet Worldwide, Inc. * | 15,685 | 1,743,858 |
Fair Isaac Corp. * | 9,000 | 1,734,390 |
Fidelity National Information Services, Inc. | 101,022 | 10,516,390 |
First Data Corp., Class A * | 175,918 | 3,296,703 |
Fiserv, Inc. * | 125,120 | 9,922,016 |
FleetCor Technologies, Inc. * | 27,249 | 5,450,617 |
Fortinet, Inc. * | 44,600 | 3,665,228 |
Gartner, Inc. * | 28,000 | 4,130,560 |
Genpact Ltd. | 44,550 | 1,221,116 |
Global Payments, Inc. | 48,699 | 5,562,887 |
GoDaddy, Inc., Class A * | 50,717 | 3,710,963 |
Guidewire Software, Inc. * | 24,400 | 2,170,868 |
International Business Machines Corp. | 280,688 | 32,399,816 |
Intuit, Inc. | 79,782 | 16,834,002 |
j2 Global, Inc. | 13,800 | 1,005,192 |
Jack Henry & Associates, Inc. | 24,200 | 3,625,886 |
Leidos Holdings, Inc. | 46,381 | 3,004,561 |
LogMeIn, Inc. | 16,000 | 1,377,920 |
Manhattan Associates, Inc. * | 19,200 | 916,608 |
Mastercard, Inc., Class A | 280,529 | 55,452,167 |
MAXIMUS, Inc. | 20,400 | 1,325,388 |
Microsoft Corp. | 2,359,444 | 252,012,214 |
Nuance Communications, Inc. * | 89,900 | 1,563,361 |
Nutanix, Inc., Class A * | 22,000 | 913,220 |
Oracle Corp. | 869,459 | 42,464,378 |
Paychex, Inc. | 98,328 | 6,439,501 |
Paycom Software, Inc. * | 14,900 | 1,865,480 |
PayPal Holdings, Inc. * | 363,770 | 30,625,796 |
Security | Number of Shares | Value ($) |
Pegasystems, Inc. | 12,300 | 658,296 |
Perspecta, Inc. | 44,302 | 1,084,956 |
Proofpoint, Inc. * | 16,000 | 1,455,200 |
PTC, Inc. * | 32,800 | 2,703,048 |
RealPage, Inc. * | 22,000 | 1,166,000 |
Red Hat, Inc. * | 54,383 | 9,334,298 |
Sabre Corp. | 77,500 | 1,910,375 |
salesforce.com, Inc. * | 232,240 | 31,872,618 |
ServiceNow, Inc. * | 54,900 | 9,939,096 |
Splunk, Inc. * | 44,400 | 4,432,896 |
Square, Inc., Class A * | 93,000 | 6,830,850 |
SS&C Technologies Holdings, Inc. | 62,600 | 3,202,616 |
Symantec Corp. | 189,489 | 3,439,225 |
Synopsys, Inc. * | 45,500 | 4,073,615 |
Tableau Software, Inc., Class A * | 21,800 | 2,325,624 |
Teradata Corp. * | 35,844 | 1,304,722 |
The Ultimate Software Group, Inc. * | 9,700 | 2,586,311 |
The Western Union Co. | 141,559 | 2,553,724 |
Total System Services, Inc. | 51,700 | 4,712,455 |
Tyler Technologies, Inc. * | 12,000 | 2,539,920 |
VeriSign, Inc. * | 33,005 | 4,704,533 |
Visa, Inc., Class A | 546,200 | 75,293,670 |
VMware, Inc., Class A * | 22,800 | 3,223,692 |
WEX, Inc. * | 13,300 | 2,340,268 |
Workday, Inc., Class A * | 45,270 | 6,021,815 |
Worldpay, Inc., Class A * | 93,000 | 8,541,120 |
Zendesk, Inc. * | 32,700 | 1,797,519 |
868,532,800 | ||
Technology Hardware & Equipment 6.2% | ||
Amphenol Corp., Class A | 92,240 | 8,255,480 |
Apple, Inc. | 1,411,816 | 308,990,050 |
Arista Networks, Inc. * | 15,900 | 3,662,565 |
ARRIS International plc * | 55,100 | 1,370,337 |
Arrow Electronics, Inc. * | 26,800 | 1,814,628 |
Avnet, Inc. | 34,946 | 1,400,286 |
CDW Corp. | 47,000 | 4,230,470 |
Cisco Systems, Inc. | 1,404,915 | 64,274,861 |
Cognex Corp. | 53,400 | 2,287,656 |
Coherent, Inc. * | 7,300 | 898,922 |
CommScope Holding Co., Inc. * | 59,700 | 1,436,382 |
Corning, Inc. | 250,763 | 8,011,878 |
Dolby Laboratories, Inc., Class A | 19,800 | 1,362,438 |
F5 Networks, Inc. * | 18,873 | 3,308,059 |
FLIR Systems, Inc. | 43,300 | 2,005,223 |
Hewlett Packard Enterprise Co. | 454,831 | 6,936,173 |
HP, Inc. | 488,668 | 11,796,446 |
IPG Photonics Corp. * | 10,800 | 1,442,340 |
Jabil, Inc. | 44,900 | 1,110,377 |
Juniper Networks, Inc. | 106,394 | 3,114,152 |
Keysight Technologies, Inc. * | 58,300 | 3,327,764 |
Littelfuse, Inc. | 7,700 | 1,394,932 |
Motorola Solutions, Inc. | 49,912 | 6,117,215 |
National Instruments Corp. | 35,300 | 1,728,641 |
NCR Corp. * | 35,344 | 948,986 |
NetApp, Inc. | 80,000 | 6,279,200 |
Palo Alto Networks, Inc. * | 28,900 | 5,289,856 |
Seagate Technology plc | 80,737 | 3,248,050 |
SYNNEX Corp. | 12,700 | 985,647 |
TE Connectivity Ltd. | 106,900 | 8,062,398 |
Tech Data Corp. * | 11,000 | 777,260 |
Trimble, Inc. * | 77,900 | 2,911,902 |
Ubiquiti Networks, Inc. (a) | 5,700 | 530,613 |
ViaSat, Inc. * | 17,000 | 1,083,920 |
Western Digital Corp. | 91,093 | 3,923,375 |
Security | Number of Shares | Value ($) |
Xerox Corp. | 66,861 | 1,863,416 |
Zebra Technologies Corp., Class A * | 16,500 | 2,743,950 |
488,925,848 | ||
Telecommunication Services 2.0% | ||
AT&T, Inc. | 2,233,602 | 68,526,909 |
CenturyLink, Inc. | 290,111 | 5,987,891 |
Sprint Corp. * | 176,400 | 1,079,568 |
T-Mobile US, Inc. * | 96,500 | 6,615,075 |
Verizon Communications, Inc. | 1,271,395 | 72,583,941 |
Zayo Group Holdings, Inc. * | 65,300 | 1,951,164 |
156,744,548 | ||
Transportation 2.1% | ||
Alaska Air Group, Inc. | 38,800 | 2,383,096 |
AMERCO | 2,500 | 816,200 |
American Airlines Group, Inc. | 126,360 | 4,432,709 |
C.H. Robinson Worldwide, Inc. | 43,348 | 3,859,272 |
CSX Corp. | 250,181 | 17,227,464 |
Delta Air Lines, Inc. | 193,730 | 10,602,843 |
Expeditors International of Washington, Inc. | 52,998 | 3,560,406 |
FedEx Corp. | 75,263 | 16,583,449 |
Genesee & Wyoming, Inc., Class A * | 18,600 | 1,473,678 |
JB Hunt Transport Services, Inc. | 26,491 | 2,930,170 |
JetBlue Airways Corp. * | 95,500 | 1,597,715 |
Kansas City Southern | 31,600 | 3,221,936 |
Kirby Corp. * | 15,900 | 1,143,846 |
Knight-Swift Transportation Holdings, Inc. | 37,400 | 1,196,800 |
Landstar System, Inc. | 12,240 | 1,225,102 |
Macquarie Infrastructure Corp. | 23,100 | 853,545 |
Norfolk Southern Corp. | 85,886 | 14,414,247 |
Old Dominion Freight Line, Inc. | 20,200 | 2,634,484 |
Ryder System, Inc. | 16,964 | 938,279 |
Southwest Airlines Co. | 158,917 | 7,802,825 |
Union Pacific Corp. | 227,824 | 33,312,425 |
United Continental Holdings, Inc. * | 69,948 | 5,981,253 |
United Parcel Service, Inc., Class B | 213,035 | 22,696,749 |
XPO Logistics, Inc. * | 39,250 | 3,508,165 |
164,396,658 | ||
Utilities 3.1% | ||
AES Corp. | 204,102 | 2,975,807 |
ALLETE, Inc. | 14,900 | 1,102,600 |
Alliant Energy Corp. | 72,300 | 3,107,454 |
Ameren Corp. | 75,685 | 4,887,737 |
American Electric Power Co., Inc. | 152,271 | 11,170,601 |
American Water Works Co., Inc. | 56,400 | 4,993,092 |
Aqua America, Inc. | 54,117 | 1,760,426 |
Atmos Energy Corp. | 33,918 | 3,157,087 |
Avangrid, Inc. | 15,500 | 728,655 |
CenterPoint Energy, Inc. | 151,711 | 4,097,714 |
CMS Energy Corp. | 85,733 | 4,245,498 |
Consolidated Edison, Inc. | 95,223 | 7,236,948 |
Dominion Energy, Inc. | 202,117 | 14,435,196 |
DTE Energy Co. | 55,897 | 6,282,823 |
Duke Energy Corp. | 219,695 | 18,153,398 |
Edison International | 99,454 | 6,901,113 |
Entergy Corp. | 55,262 | 4,639,245 |
Evergy, Inc. | 84,077 | 4,707,471 |
Eversource Energy | 97,812 | 6,187,587 |
Exelon Corp. | 298,019 | 13,056,212 |
FirstEnergy Corp. | 149,991 | 5,591,664 |
Hawaiian Electric Industries, Inc. | 33,800 | 1,260,740 |
IDACORP, Inc. | 15,210 | 1,418,485 |
MDU Resources Group, Inc. | 58,317 | 1,455,592 |
Security | Number of Shares | Value ($) |
National Fuel Gas Co. | 26,747 | 1,452,095 |
NextEra Energy, Inc. | 145,208 | 25,048,380 |
NiSource, Inc. | 112,880 | 2,862,637 |
NRG Energy, Inc. | 94,700 | 3,427,193 |
OGE Energy Corp. | 61,960 | 2,239,854 |
ONE Gas, Inc. | 16,000 | 1,262,560 |
PG&E Corp. * | 158,237 | 7,407,074 |
Pinnacle West Capital Corp. | 34,887 | 2,869,456 |
Portland General Electric Co. | 27,200 | 1,226,176 |
PPL Corp. | 217,361 | 6,607,774 |
Public Service Enterprise Group, Inc. | 155,572 | 8,312,212 |
SCANA Corp. | 44,531 | 1,783,467 |
Sempra Energy | 84,514 | 9,306,682 |
Southwest Gas Holdings, Inc. | 15,400 | 1,189,958 |
The Southern Co. | 310,518 | 13,982,626 |
UGI Corp. | 53,472 | 2,837,224 |
Vectren Corp. | 25,200 | 1,802,556 |
Vistra Energy Corp. * | 124,100 | 2,808,383 |
WEC Energy Group, Inc. | 96,477 | 6,599,027 |
Xcel Energy, Inc. | 156,309 | 7,660,704 |
244,239,183 | ||
Total Common Stock | ||
(Cost $2,167,214,529) | 7,893,250,611 | |
Other Investment Companies 0.2% of net assets | ||
Money Market Fund 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (c) | 9,919,797 | 9,919,797 |
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 8,913,700 | 8,913,700 |
Total Other Investment Companies | ||
(Cost $18,833,497) | 18,833,497 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/21/18 | 117 | 15,859,935 | (492,861) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $8,703,941. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.5% of net assets | ||
Automobiles & Components 1.0% | ||
American Axle & Manufacturing Holdings, Inc. * | 214,866 | 3,259,517 |
Cooper Tire & Rubber Co. | 96,964 | 2,995,218 |
Cooper-Standard Holding, Inc. * | 33,779 | 3,129,624 |
Dana, Inc. | 281,057 | 4,376,058 |
Dorman Products, Inc. * | 51,653 | 4,081,104 |
Fox Factory Holding Corp. * | 69,389 | 3,728,271 |
Gentherm, Inc. * | 70,194 | 3,063,266 |
LCI Industries | 46,606 | 3,232,126 |
Modine Manufacturing Co. * | 94,000 | 1,222,940 |
Motorcar Parts of America, Inc. * | 36,572 | 774,595 |
Shiloh Industries, Inc. * | 28,902 | 262,719 |
Standard Motor Products, Inc. | 40,477 | 2,190,210 |
Stoneridge, Inc. * | 51,871 | 1,318,042 |
Superior Industries International, Inc. | 47,511 | 467,033 |
Tenneco, Inc., Class A | 97,842 | 3,368,700 |
Tower International, Inc. | 37,900 | 1,125,251 |
Winnebago Industries, Inc. | 58,864 | 1,622,292 |
40,216,966 | ||
Banks 11.8% | ||
1st Constitution Bancorp | 14,000 | 283,080 |
1st Source Corp. | 30,413 | 1,416,942 |
Access National Corp. | 29,524 | 766,738 |
ACNB Corp. | 12,650 | 507,265 |
Allegiance Bancshares, Inc. * | 22,000 | 851,620 |
Amalgamated Bank, Class A * | 18,600 | 360,840 |
American National Bankshares, Inc. | 15,700 | 566,613 |
Ameris Bancorp | 80,922 | 3,470,745 |
Ames National Corp. | 16,940 | 465,681 |
Arrow Financial Corp. | 23,367 | 821,116 |
Atlantic Capital Bancshares, Inc. * | 47,800 | 720,346 |
Auburn National Bancorp, Inc. | 4,400 | 177,232 |
Axos Financial, Inc. * | 112,817 | 3,425,124 |
Banc of California, Inc. | 82,772 | 1,320,213 |
BancFirst Corp. | 34,332 | 1,969,970 |
BancorpSouth Bank | 180,641 | 5,184,397 |
Bank of Commerce Holdings | 30,228 | 360,922 |
Bank of Marin Bancorp | 13,000 | 1,104,870 |
BankFinancial Corp. | 25,700 | 362,884 |
Bankwell Financial Group, Inc. | 11,900 | 360,808 |
Banner Corp. | 61,157 | 3,536,098 |
Bar Harbor Bankshares | 29,357 | 750,658 |
Baycom Corp. * | 19,200 | 464,448 |
BCB Bancorp, Inc. | 26,700 | 332,148 |
Beneficial Bancorp, Inc. | 130,111 | 2,033,635 |
Berkshire Hills Bancorp, Inc. | 77,964 | 2,601,659 |
Blue Hills Bancorp, Inc. | 43,900 | 1,018,919 |
Boston Private Financial Holdings, Inc. | 158,500 | 2,139,750 |
Bridge Bancorp, Inc. | 31,100 | 923,670 |
Bridgewater Bancshares, Inc. * | 9,700 | 107,670 |
Brookline Bancorp, Inc. | 151,371 | 2,346,250 |
Bryn Mawr Bank Corp. | 38,559 | 1,540,046 |
BSB Bancorp, Inc. * | 16,847 | 485,194 |
Security | Number of Shares | Value ($) |
Business First Bancshares, Inc. | 20,230 | 533,465 |
Byline Bancorp, Inc. * | 31,436 | 691,592 |
C&F Financial Corp. | 6,601 | 320,479 |
Cadence BanCorp | 138,148 | 3,047,545 |
Cambridge Bancorp | 6,900 | 589,950 |
Camden National Corp. | 28,950 | 1,173,922 |
Capital City Bank Group, Inc. | 21,982 | 520,973 |
Capitol Federal Financial, Inc. | 246,399 | 3,057,812 |
Capstar Financial Holdings, Inc. | 15,100 | 223,178 |
Carolina Financial Corp. | 39,774 | 1,316,122 |
Cathay General Bancorp | 148,171 | 5,581,602 |
CB Financial Services, Inc. (a) | 8,900 | 246,797 |
CBTX, Inc. | 35,867 | 1,191,860 |
CenterState Bank Corp. | 176,298 | 4,333,405 |
Central Pacific Financial Corp. | 55,900 | 1,511,536 |
Central Valley Community Bancorp | 22,500 | 455,400 |
Century Bancorp, Inc., Class A | 5,660 | 425,179 |
Chemical Financial Corp. | 136,834 | 6,412,041 |
Chemung Financial Corp. | 6,100 | 265,167 |
Citizens & Northern Corp. | 22,100 | 556,478 |
City Holding Co. | 28,992 | 2,139,030 |
Civista Bancshares, Inc. | 26,300 | 609,108 |
CNB Financial Corp. | 27,600 | 706,560 |
Coastal Financial Corp. * | 12,110 | 197,756 |
Codorus Valley Bancorp, Inc. | 17,919 | 470,382 |
Columbia Banking System, Inc. | 140,455 | 5,209,476 |
Columbia Financial, Inc. * | 95,275 | 1,436,747 |
Community Bank System, Inc. | 96,494 | 5,634,285 |
Community Bankers Trust Corp. * | 39,600 | 337,392 |
Community Trust Bancorp, Inc. | 30,080 | 1,368,941 |
ConnectOne Bancorp, Inc. | 57,240 | 1,186,585 |
County Bancorp, Inc. | 10,600 | 220,639 |
Customers Bancorp, Inc. * | 57,583 | 1,179,876 |
CVB Financial Corp. | 215,025 | 4,698,296 |
Dime Community Bancshares, Inc. | 62,100 | 1,001,052 |
Eagle Bancorp, Inc. * | 61,052 | 3,001,927 |
Entegra Financial Corp. * | 13,300 | 301,777 |
Enterprise Bancorp, Inc. | 18,031 | 583,844 |
Enterprise Financial Services Corp. | 43,995 | 1,911,583 |
Equity Bancshares, Inc., Class A * | 25,813 | 931,591 |
Esquire Financial Holdings, Inc. * | 11,200 | 268,576 |
ESSA Bancorp, Inc. | 18,600 | 300,390 |
Essent Group Ltd. * | 183,967 | 7,251,979 |
Evans Bancorp, Inc. | 9,330 | 410,520 |
Farmers & Merchants Bancorp, Inc. | 17,200 | 699,180 |
Farmers National Banc Corp. | 47,500 | 622,250 |
FB Financial Corp. | 30,903 | 1,127,341 |
FCB Financial Holdings, Inc., Class A * | 80,971 | 3,168,395 |
Federal Agricultural Mortgage Corp., Class C | 17,176 | 1,199,572 |
Fidelity D&D Bancorp, Inc. | 5,200 | 341,484 |
Fidelity Southern Corp. | 41,648 | 967,067 |
Financial Institutions, Inc. | 28,800 | 822,240 |
First BanCorp * | 408,066 | 3,766,449 |
First Bancorp (North Carolina) | 56,157 | 2,071,632 |
First Bancorp, Inc. | 19,776 | 564,803 |
First Bank/Hamilton NJ | 31,000 | 368,280 |
First Busey Corp. | 84,152 | 2,349,524 |
First Business Financial Services, Inc. | 16,640 | 348,275 |
Security | Number of Shares | Value ($) |
First Choice Bancorp (a) | 17,030 | 383,175 |
First Commonwealth Financial Corp. | 191,013 | 2,578,675 |
First Community Bankshares, Inc. | 30,500 | 1,053,165 |
First Community Corp. | 13,600 | 297,160 |
First Defiance Financial Corp. | 37,900 | 1,031,638 |
First Financial Bancorp | 183,609 | 4,805,048 |
First Financial Bankshares, Inc. | 124,565 | 7,348,089 |
First Financial Corp. | 22,600 | 1,036,436 |
First Financial Northwest, Inc. | 15,100 | 228,161 |
First Foundation, Inc. * | 72,130 | 1,169,227 |
First Guaranty Bancshares, Inc. | 9,650 | 220,502 |
First Internet Bancorp | 18,490 | 476,487 |
First Interstate BancSystem, Inc., Class A | 62,954 | 2,610,073 |
First Merchants Corp. | 94,341 | 3,925,529 |
First Mid-Illinois Bancshares, Inc. | 24,020 | 895,466 |
First Midwest Bancorp, Inc. | 197,060 | 4,524,498 |
First Northwest Bancorp * | 17,410 | 254,186 |
First Savings Financial Group, Inc. | 3,500 | 226,170 |
First United Corp. | 12,800 | 230,400 |
Flagstar Bancorp, Inc. * | 57,002 | 1,755,092 |
Flushing Financial Corp. | 52,170 | 1,183,737 |
Franklin Financial Network, Inc. * | 24,597 | 833,838 |
FS Bancorp, Inc. | 6,000 | 270,840 |
Fulton Financial Corp. | 330,461 | 5,290,681 |
German American Bancorp, Inc. | 40,790 | 1,293,451 |
Glacier Bancorp, Inc. | 162,707 | 6,898,777 |
Great Southern Bancorp, Inc. | 21,000 | 1,137,150 |
Great Western Bancorp, Inc. | 114,000 | 4,178,100 |
Green Bancorp, Inc. | 50,110 | 927,035 |
Greene County Bancorp, Inc. | 5,450 | 174,781 |
Guaranty Bancorp | 50,320 | 1,309,326 |
Guaranty Bancshares, Inc. | 14,190 | 423,146 |
Hancock Whitney Corp. | 163,084 | 6,843,005 |
Hanmi Financial Corp. | 60,600 | 1,271,388 |
HarborOne Bancorp, Inc. * | 28,500 | 518,700 |
Heartland Financial USA, Inc. | 56,043 | 2,978,125 |
Heritage Commerce Corp. | 78,100 | 1,133,231 |
Heritage Financial Corp. | 70,517 | 2,307,316 |
Hilltop Holdings, Inc. | 137,673 | 2,739,693 |
Hingham Institution for Savings | 2,496 | 508,186 |
Home Bancorp, Inc. | 14,700 | 584,178 |
Home BancShares, Inc. | 305,670 | 5,819,957 |
HomeStreet, Inc. * | 47,482 | 1,233,582 |
HomeTrust Bancshares, Inc. * | 33,000 | 899,580 |
Hope Bancorp, Inc. | 237,613 | 3,440,636 |
Horizon Bancorp, Inc. | 69,775 | 1,169,429 |
Howard Bancorp, Inc. * | 24,400 | 388,204 |
IBERIABANK Corp. | 106,814 | 7,956,575 |
Impac Mortgage Holdings, Inc. * | 17,322 | 89,901 |
Independent Bank Corp., Massachusetts | 52,418 | 4,112,192 |
Independent Bank Corp., Michigan | 43,400 | 960,442 |
Independent Bank Group, Inc. | 40,466 | 2,343,386 |
International Bancshares Corp. | 106,466 | 4,120,234 |
Investar Holding Corp. | 16,900 | 440,921 |
Investors Bancorp, Inc. | 474,837 | 5,308,678 |
Kearny Financial Corp. | 185,466 | 2,399,930 |
Lakeland Bancorp, Inc. | 87,067 | 1,433,993 |
Lakeland Financial Corp. | 46,490 | 2,000,465 |
LCNB Corp. | 16,620 | 282,374 |
LegacyTexas Financial Group, Inc. | 90,765 | 3,497,175 |
LendingTree, Inc. * | 15,217 | 3,069,117 |
Level One Bancorp, Inc. | 3,100 | 84,227 |
Live Oak Bancshares, Inc. | 48,800 | 897,920 |
Luther Burbank Corp. | 38,520 | 372,488 |
Macatawa Bank Corp. | 49,800 | 540,330 |
Malvern Bancorp, Inc. * | 11,350 | 230,518 |
MB Financial, Inc. | 158,949 | 7,055,746 |
MBT Financial Corp. | 36,730 | 419,089 |
Security | Number of Shares | Value ($) |
Mercantile Bank Corp. | 30,700 | 975,032 |
Merchants Bancorp | 31,800 | 731,400 |
Meridian Bancorp, Inc. | 92,496 | 1,465,137 |
Meta Financial Group, Inc. | 53,598 | 1,352,814 |
Metropolitan Bank Holding Corp. * | 12,100 | 446,006 |
MGIC Investment Corp. * | 693,069 | 8,462,372 |
Mid Penn Bancorp, Inc. | 8,900 | 238,164 |
Middlefield Banc Corp. | 5,390 | 250,204 |
Midland States Bancorp, Inc. | 39,879 | 1,075,537 |
MidSouth Bancorp, Inc. | 29,170 | 387,378 |
MidWestOne Financial Group, Inc. | 21,300 | 613,653 |
Mr Cooper Group, Inc. * | 49,038 | 710,561 |
MutualFirst Financial, Inc. | 11,680 | 414,757 |
MVB Financial Corp. | 15,900 | 291,288 |
National Bank Holdings Corp., Class A | 54,899 | 1,853,390 |
National Bankshares, Inc. | 12,900 | 557,022 |
National Commerce Corp. * | 33,782 | 1,253,312 |
NBT Bancorp, Inc. | 82,023 | 2,993,019 |
Nicolet Bankshares, Inc. * | 16,000 | 854,400 |
NMI Holdings, Inc., Class A * | 120,458 | 2,546,482 |
Northeast Bancorp | 15,064 | 283,354 |
Northfield Bancorp, Inc. | 82,086 | 1,081,073 |
Northrim BanCorp, Inc. | 12,900 | 490,587 |
Northwest Bancshares, Inc. | 182,794 | 2,950,295 |
Norwood Financial Corp. | 10,870 | 413,060 |
Oak Valley Bancorp (a) | 13,100 | 237,765 |
OceanFirst Financial Corp. | 91,327 | 2,312,400 |
Oconee Federal Financial Corp. | 1,600 | 39,376 |
Ocwen Financial Corp. * | 227,722 | 797,027 |
OFG Bancorp | 83,073 | 1,419,718 |
Ohio Valley Banc Corp. | 7,400 | 258,556 |
Old Line Bancshares, Inc. | 29,400 | 880,236 |
Old National Bancorp | 290,001 | 5,176,518 |
Old Second Bancorp, Inc. | 55,740 | 792,623 |
OP Bancorp * | 22,800 | 236,664 |
Opus Bank | 37,342 | 709,125 |
Origin Bancorp, Inc. | 33,064 | 1,234,940 |
Oritani Financial Corp. | 76,550 | 1,118,395 |
Orrstown Financial Services, Inc. | 14,000 | 283,640 |
Pacific City Financial Corp. | 22,430 | 367,179 |
Pacific Mercantile Bancorp * | 27,350 | 226,184 |
Pacific Premier Bancorp, Inc. * | 87,108 | 2,546,167 |
Park National Corp. | 26,483 | 2,420,546 |
Parke Bancorp, Inc. | 13,940 | 275,176 |
PCSB Financial Corp. | 32,100 | 600,912 |
Peapack-Gladstone Financial Corp. | 35,450 | 956,795 |
Penns Woods Bancorp, Inc. | 8,900 | 360,450 |
PennyMac Financial Services, Inc. | 38,423 | 768,076 |
People's Utah Bancorp | 30,100 | 1,008,651 |
Peoples Bancorp of North Carolina, Inc. | 8,250 | 229,680 |
Peoples Bancorp, Inc. | 33,497 | 1,146,602 |
Peoples Financial Services Corp. | 12,900 | 549,669 |
Ponce de Leon Federal Bank * | 16,900 | 231,699 |
Preferred Bank | 26,720 | 1,373,675 |
Premier Financial Bancorp, Inc. | 22,033 | 390,865 |
Provident Bancorp, Inc. * | 8,700 | 217,761 |
Provident Financial Services, Inc. | 119,247 | 2,909,627 |
Prudential Bancorp, Inc. | 17,200 | 309,084 |
QCR Holdings, Inc. | 24,462 | 891,151 |
Radian Group, Inc. | 413,839 | 7,941,570 |
RBB Bancorp | 26,940 | 581,365 |
Reliant Bancorp, Inc. | 19,000 | 456,000 |
Renasant Corp. | 92,120 | 3,213,146 |
Republic Bancorp, Inc., Class A | 18,000 | 807,660 |
Republic First Bancorp, Inc. * | 81,400 | 549,450 |
Riverview Bancorp, Inc. | 41,890 | 354,808 |
S&T Bancorp, Inc. | 65,634 | 2,632,580 |
Sandy Spring Bancorp, Inc. | 66,038 | 2,347,651 |
Security | Number of Shares | Value ($) |
SB One Bancorp | 13,500 | 325,755 |
Seacoast Banking Corp. of Florida * | 88,044 | 2,316,438 |
Select Bancorp, Inc. * | 21,700 | 267,344 |
ServisFirst Bancshares, Inc. | 89,007 | 3,202,472 |
Shore Bancshares, Inc. | 23,800 | 383,656 |
SI Financial Group, Inc. | 20,830 | 275,789 |
Sierra Bancorp | 26,400 | 718,872 |
Simmons First National Corp., Class A | 174,128 | 4,663,148 |
SmartFinancial, Inc. * | 21,400 | 435,276 |
South State Corp. | 70,228 | 4,752,329 |
Southern First Bancshares, Inc. * | 13,000 | 466,830 |
Southern Missouri Bancorp, Inc. | 13,180 | 443,771 |
Southern National Bancorp of Virginia, Inc. | 36,370 | 549,551 |
Southside Bancshares, Inc. | 63,722 | 2,018,713 |
Spirit of Texas Bancshares, Inc. * | 4,100 | 85,567 |
State Bank Financial Corp. | 72,350 | 1,849,989 |
Sterling Bancorp, Inc. | 41,391 | 428,397 |
Stock Yards Bancorp, Inc. | 41,760 | 1,324,210 |
Summit Financial Group, Inc. | 20,290 | 428,119 |
Territorial Bancorp, Inc. | 14,300 | 389,532 |
The Bancorp, Inc. * | 95,100 | 998,550 |
The Bank of N.T. Butterfield & Son Ltd. | 105,075 | 4,233,472 |
The Bank of Princeton * | 11,000 | 310,750 |
The Community Financial Corp. | 9,300 | 280,395 |
The First Bancshares, Inc. | 23,200 | 836,128 |
The First of Long Island Corp. | 47,150 | 952,901 |
Timberland Bancorp, Inc. | 12,900 | 374,358 |
Tompkins Financial Corp. | 28,485 | 2,083,108 |
Towne Bank | 126,256 | 3,551,581 |
TriCo Bancshares | 49,070 | 1,767,501 |
TriState Capital Holdings, Inc. * | 46,458 | 1,171,671 |
Triumph Bancorp, Inc. * | 45,863 | 1,644,647 |
TrustCo Bank Corp. | 183,255 | 1,372,580 |
Trustmark Corp. | 129,890 | 4,000,612 |
UMB Financial Corp. | 86,863 | 5,546,203 |
Union Bankshares Corp. | 126,018 | 4,302,255 |
Union Bankshares, Inc. | 7,500 | 355,875 |
United Bankshares, Inc. | 191,537 | 6,353,282 |
United Community Banks, Inc. | 149,637 | 3,721,472 |
United Community Financial Corp. | 93,600 | 856,440 |
United Financial Bancorp, Inc. | 97,007 | 1,498,758 |
United Security Bancshares | 23,200 | 248,704 |
Unity Bancorp, Inc. | 13,800 | 292,146 |
Univest Corp. of Pennsylvania | 55,275 | 1,379,664 |
Valley National Bancorp | 618,160 | 6,169,237 |
Veritex Holdings, Inc. * | 44,702 | 1,053,179 |
Walker & Dunlop, Inc. | 52,788 | 2,214,984 |
Washington Federal, Inc. | 160,357 | 4,515,653 |
Washington Trust Bancorp, Inc. | 28,500 | 1,463,475 |
Waterstone Financial, Inc. | 49,257 | 804,859 |
WesBanco, Inc. | 99,779 | 4,001,138 |
West Bancorp, Inc. | 30,250 | 665,197 |
Westamerica Bancorp | 49,700 | 2,893,037 |
Western New England Bancorp, Inc. | 51,880 | 520,875 |
WSFS Financial Corp. | 57,400 | 2,441,222 |
458,480,934 | ||
Capital Goods 9.3% | ||
AAON, Inc. | 78,568 | 2,709,810 |
AAR Corp. | 62,494 | 2,973,465 |
Actuant Corp., Class A | 116,458 | 2,777,523 |
Advanced Drainage Systems, Inc. | 69,859 | 1,941,382 |
Aegion Corp. * | 61,227 | 1,185,355 |
Aerojet Rocketdyne Holdings, Inc. * | 134,308 | 4,743,759 |
Aerovironment, Inc. * | 40,426 | 3,637,127 |
Aircastle Ltd. | 107,910 | 2,096,691 |
Security | Number of Shares | Value ($) |
Alamo Group, Inc. | 18,300 | 1,568,676 |
Albany International Corp., Class A | 54,700 | 3,827,906 |
Allied Motion Technologies, Inc. | 13,474 | 588,275 |
Altra Industrial Motion Corp. | 114,372 | 3,690,784 |
Ameresco, Inc., Class A * | 34,800 | 569,676 |
American Railcar Industries, Inc. | 13,971 | 976,713 |
American Woodmark Corp. * | 26,936 | 1,628,012 |
Apogee Enterprises, Inc. | 52,719 | 1,903,156 |
Applied Industrial Technologies, Inc. | 73,310 | 4,818,666 |
Argan, Inc. | 28,110 | 1,237,402 |
Armstrong Flooring, Inc. * | 41,127 | 639,525 |
Astec Industries, Inc. | 43,595 | 1,639,608 |
Astronics Corp. * | 40,276 | 1,174,448 |
Atkore International Group, Inc. * | 74,800 | 1,440,648 |
Axon Enterprise, Inc. * | 110,175 | 6,800,001 |
AZZ, Inc. | 49,478 | 2,194,349 |
Babcock & Wilcox Enterprises, Inc. * | 60,000 | 58,656 |
Barnes Group, Inc. | 91,583 | 5,183,598 |
Beacon Roofing Supply, Inc. * | 129,908 | 3,625,732 |
Blue Bird Corp. * | 38,260 | 712,019 |
BlueLinx Holdings, Inc. * | 17,481 | 411,678 |
BMC Stock Holdings, Inc. * | 128,400 | 2,149,416 |
Briggs & Stratton Corp. | 78,593 | 1,141,956 |
Builders FirstSource, Inc. * | 216,187 | 2,676,395 |
Caesarstone Ltd. | 44,492 | 702,529 |
CAI International, Inc. * | 32,490 | 809,326 |
Chart Industries, Inc. * | 59,301 | 4,035,433 |
CIRCOR International, Inc. | 31,111 | 1,011,419 |
Columbus McKinnon Corp. | 43,280 | 1,589,674 |
Comfort Systems USA, Inc. | 69,864 | 3,736,327 |
Commercial Vehicle Group, Inc. * | 59,270 | 396,516 |
Continental Building Products, Inc. * | 70,733 | 1,967,085 |
CSW Industrials, Inc. * | 29,347 | 1,350,842 |
Cubic Corp. | 48,298 | 3,168,832 |
DMC Global, Inc. | 27,300 | 1,052,415 |
Douglas Dynamics, Inc. | 42,601 | 1,848,457 |
Ducommun, Inc. * | 20,600 | 765,496 |
DXP Enterprises, Inc. * | 30,550 | 970,879 |
Dycom Industries, Inc. * | 58,216 | 3,951,702 |
EMCOR Group, Inc. | 110,980 | 7,877,360 |
Encore Wire Corp. | 38,975 | 1,722,695 |
Energous Corp. *(a) | 43,400 | 348,936 |
Energy Recovery, Inc. *(a) | 67,170 | 503,775 |
EnerSys | 80,536 | 6,408,250 |
Engility Holdings, Inc. * | 34,534 | 1,071,590 |
Enphase Energy, Inc. *(a) | 168,193 | 763,596 |
EnPro Industries, Inc. | 39,555 | 2,460,321 |
EnviroStar, Inc. (a) | 7,496 | 311,459 |
ESCO Technologies, Inc. | 48,610 | 2,975,904 |
Esterline Technologies Corp. * | 50,091 | 5,878,680 |
Evoqua Water Technologies Corp. * | 144,100 | 1,383,360 |
Federal Signal Corp. | 113,578 | 2,497,580 |
Foundation Building Materials, Inc. * | 29,100 | 277,323 |
Franklin Electric Co., Inc. | 88,307 | 3,745,983 |
FreightCar America, Inc. * | 23,510 | 336,193 |
FuelCell Energy, Inc. *(a) | 151,500 | 128,063 |
GATX Corp. | 72,179 | 5,408,372 |
Gencor Industries, Inc. * | 17,250 | 196,305 |
Generac Holdings, Inc. * | 116,040 | 5,886,709 |
General Finance Corp. * | 18,000 | 234,000 |
Gibraltar Industries, Inc. * | 60,803 | 2,167,019 |
Global Brass & Copper Holdings, Inc. | 41,300 | 1,305,906 |
GMS, Inc. * | 62,200 | 1,022,568 |
Graham Corp. | 18,500 | 455,285 |
Granite Construction, Inc. | 83,825 | 3,832,479 |
Great Lakes Dredge & Dock Corp. * | 111,369 | 647,054 |
Griffon Corp. | 65,405 | 792,709 |
H&E Equipment Services, Inc. | 60,627 | 1,460,504 |
Security | Number of Shares | Value ($) |
Harsco Corp. * | 153,363 | 4,212,882 |
HC2 Holdings, Inc. * | 83,090 | 432,068 |
Herc Holdings, Inc. * | 45,754 | 1,466,873 |
Hillenbrand, Inc. | 120,121 | 5,753,796 |
Hurco Cos., Inc. | 12,079 | 492,098 |
Hyster-Yale Materials Handling, Inc. | 20,280 | 1,225,926 |
IES Holdings, Inc. * | 17,000 | 301,580 |
Infrastructure and Energy Alternatives, Inc. * | 36,600 | 366,000 |
Insteel Industries, Inc. | 34,500 | 901,140 |
JELD-WEN Holding, Inc. * | 132,195 | 2,149,491 |
John Bean Technologies Corp. | 60,106 | 6,249,221 |
Kadant, Inc. | 20,854 | 2,058,290 |
Kaman Corp. | 52,582 | 3,340,009 |
KBR, Inc. | 270,351 | 5,347,543 |
Kennametal, Inc. | 156,644 | 5,553,030 |
Kratos Defense & Security Solutions, Inc. * | 168,205 | 2,107,609 |
L.B. Foster Co., Class A * | 18,200 | 330,876 |
Lawson Products, Inc. * | 12,800 | 423,168 |
Lindsay Corp. | 20,435 | 1,953,995 |
Lydall, Inc. * | 32,436 | 968,863 |
Manitex International, Inc. * | 26,520 | 226,481 |
Masonite International Corp. * | 52,335 | 2,898,836 |
MasTec, Inc. * | 124,620 | 5,422,216 |
Maxar Technologies Ltd. | 108,169 | 1,612,800 |
Mercury Systems, Inc. * | 90,270 | 4,230,052 |
Meritor, Inc. * | 158,427 | 2,691,675 |
Milacron Holdings Corp. * | 131,881 | 1,846,334 |
Miller Industries, Inc. | 21,319 | 515,280 |
Moog, Inc., Class A | 61,520 | 4,401,756 |
MRC Global, Inc. * | 162,504 | 2,572,438 |
Mueller Industries, Inc. | 108,250 | 2,635,887 |
Mueller Water Products, Inc., Class A | 295,150 | 3,028,239 |
MYR Group, Inc. * | 31,600 | 1,055,124 |
National Presto Industries, Inc. | 9,500 | 1,184,365 |
Navistar International Corp. * | 93,889 | 3,144,343 |
NCI Building Systems, Inc. * | 80,600 | 987,350 |
Nexeo Solutions, Inc. * | 63,480 | 663,366 |
NN, Inc. | 53,447 | 619,985 |
Northwest Pipe Co. * | 19,300 | 343,733 |
NOW, Inc. * | 205,796 | 2,642,421 |
NV5 Global, Inc. * | 17,717 | 1,383,166 |
Omega Flex, Inc. | 5,672 | 343,156 |
Orion Group Holdings, Inc. * | 56,110 | 264,839 |
Park-Ohio Holdings Corp. | 17,186 | 568,513 |
Patrick Industries, Inc. * | 45,446 | 1,977,355 |
PGT Innovations, Inc. * | 95,796 | 1,940,827 |
Plug Power, Inc. *(a) | 414,449 | 766,731 |
Powell Industries, Inc. | 17,100 | 498,636 |
Preformed Line Products Co. | 5,640 | 356,448 |
Primoris Services Corp. | 79,904 | 1,691,568 |
Proto Labs, Inc. * | 52,012 | 6,212,833 |
Quanex Building Products Corp. | 67,140 | 995,015 |
Raven Industries, Inc. | 68,444 | 2,975,945 |
RBC Bearings, Inc. * | 45,780 | 6,760,790 |
REV Group, Inc. | 57,800 | 630,598 |
Rexnord Corp. * | 200,274 | 5,369,346 |
Rush Enterprises, Inc., Class A | 56,887 | 2,013,231 |
Rush Enterprises, Inc., Class B | 8,930 | 322,016 |
Simpson Manufacturing Co., Inc. | 79,545 | 4,540,429 |
SiteOne Landscape Supply, Inc. * | 76,804 | 5,225,744 |
Spartan Motors, Inc. | 65,000 | 437,450 |
Sparton Corp. * | 18,600 | 230,268 |
SPX Corp. * | 81,900 | 2,401,308 |
SPX FLOW, Inc. * | 80,337 | 2,749,935 |
Standex International Corp. | 24,220 | 1,964,726 |
Sterling Construction Co., Inc. * | 50,600 | 574,816 |
Sun Hydraulics Corp. | 55,108 | 2,557,011 |
Security | Number of Shares | Value ($) |
Sunrun, Inc. * | 183,973 | 2,255,509 |
Systemax, Inc. | 23,613 | 762,936 |
Tennant Co. | 33,948 | 2,074,902 |
Textainer Group Holdings Ltd. * | 52,831 | 619,708 |
The Eastern Co. | 9,910 | 280,453 |
The Gorman-Rupp Co. | 33,331 | 1,149,919 |
The Greenbrier Cos., Inc. | 60,263 | 2,859,479 |
The KeyW Holding Corp. * | 93,300 | 730,539 |
The Manitowoc Co., Inc. * | 67,392 | 1,231,926 |
Thermon Group Holdings, Inc. * | 61,990 | 1,337,744 |
Titan International, Inc. | 96,900 | 684,114 |
Titan Machinery, Inc. * | 36,710 | 523,117 |
TPI Composites, Inc. * | 28,220 | 712,837 |
Trex Co., Inc. * | 113,510 | 6,958,163 |
TriMas Corp. * | 87,240 | 2,569,218 |
Triton International Ltd. | 99,849 | 3,212,142 |
Triumph Group, Inc. | 94,674 | 1,727,800 |
Tutor Perini Corp. * | 72,886 | 1,129,733 |
Twin Disc, Inc. * | 15,540 | 297,280 |
Universal Forest Products, Inc. | 114,296 | 3,231,148 |
Vectrus, Inc. * | 21,027 | 563,524 |
Veritiv Corp. * | 21,776 | 726,012 |
Vicor Corp. * | 33,258 | 1,333,646 |
Vivint Solar, Inc. * | 63,800 | 331,122 |
Wabash National Corp. | 109,776 | 1,657,618 |
Watts Water Technologies, Inc., Class A | 53,381 | 3,739,339 |
Wesco Aircraft Holdings, Inc. * | 104,320 | 1,061,978 |
Willis Lease Finance Corp. * | 6,500 | 225,030 |
Willscot Corp. * | 67,570 | 1,002,739 |
Woodward, Inc. | 102,425 | 7,542,577 |
358,821,408 | ||
Commercial & Professional Services 4.1% | ||
ABM Industries, Inc. | 127,320 | 3,915,090 |
Acacia Research Corp. * | 95,890 | 314,519 |
ACCO Brands Corp. | 199,820 | 1,612,547 |
Advanced Disposal Services, Inc. * | 138,367 | 3,748,362 |
ASGN, Inc. * | 97,227 | 6,521,987 |
Barrett Business Services, Inc. | 13,600 | 855,712 |
BG Staffing, Inc. | 15,900 | 410,856 |
Brady Corp., Class A | 89,536 | 3,607,405 |
BrightView Holdings, Inc. * | 46,730 | 687,866 |
Casella Waste Systems, Inc., Class A * | 76,380 | 2,486,933 |
CBIZ, Inc. * | 98,455 | 2,183,732 |
CECO Environmental Corp. * | 55,872 | 415,688 |
Charah Solutions, Inc. * | 13,950 | 104,765 |
Cimpress N.V. * | 42,270 | 5,283,327 |
CompX International, Inc. | 2,900 | 37,816 |
Covanta Holding Corp. | 224,398 | 3,296,407 |
CRA International, Inc. | 15,144 | 638,320 |
Deluxe Corp. | 91,854 | 4,336,427 |
Ennis, Inc. | 49,040 | 949,414 |
Essendant, Inc. | 71,498 | 910,885 |
Exponent, Inc. | 99,167 | 5,003,967 |
Forrester Research, Inc. | 19,505 | 785,661 |
Franklin Covey Co. * | 17,900 | 399,886 |
FTI Consulting, Inc. * | 72,848 | 5,034,525 |
GP Strategies Corp. * | 24,376 | 356,133 |
Healthcare Services Group, Inc. | 142,081 | 5,767,068 |
Heidrick & Struggles International, Inc. | 35,765 | 1,234,250 |
Heritage-Crystal Clean, Inc. * | 28,960 | 665,790 |
Herman Miller, Inc. | 113,421 | 3,737,222 |
HNI Corp. | 83,589 | 3,167,187 |
Huron Consulting Group, Inc. * | 42,266 | 2,303,074 |
ICF International, Inc. | 34,471 | 2,538,444 |
InnerWorkings, Inc. * | 81,380 | 585,122 |
Insperity, Inc. | 73,029 | 8,022,236 |
Security | Number of Shares | Value ($) |
Interface, Inc. | 112,828 | 1,837,968 |
Kelly Services, Inc., Class A | 59,423 | 1,395,846 |
Kforce, Inc. | 43,704 | 1,346,957 |
Kimball International, Inc., Class B | 69,499 | 1,143,954 |
Knoll, Inc. | 93,803 | 1,861,990 |
Korn/Ferry International | 110,425 | 4,984,585 |
LSC Communications, Inc. | 62,010 | 584,754 |
Matthews International Corp., Class A | 59,359 | 2,470,522 |
McGrath RentCorp | 46,558 | 2,485,732 |
Mistras Group, Inc. * | 32,754 | 651,805 |
Mobile Mini, Inc. | 84,823 | 3,487,922 |
MSA Safety, Inc. | 65,397 | 6,830,063 |
Multi-Color Corp. | 26,622 | 1,415,226 |
Navigant Consulting, Inc. | 85,728 | 1,851,725 |
NL Industries, Inc. * | 14,900 | 78,970 |
PICO Holdings, Inc. * | 39,800 | 454,516 |
Pitney Bowes, Inc. | 363,684 | 2,407,588 |
Quad Graphics, Inc. | 59,070 | 911,450 |
Resources Connection, Inc. | 57,250 | 934,320 |
RR Donnelley & Sons Co. | 133,600 | 784,232 |
SP Plus Corp. * | 43,944 | 1,404,450 |
Steelcase, Inc., Class A | 161,923 | 2,687,922 |
Team, Inc. * | 56,561 | 1,125,564 |
Tetra Tech, Inc. | 106,235 | 7,015,759 |
The Brink's Co. | 96,494 | 6,399,482 |
TriNet Group, Inc. * | 83,894 | 3,942,179 |
TrueBlue, Inc. * | 77,889 | 1,817,150 |
UniFirst Corp. | 29,379 | 4,386,285 |
US Ecology, Inc. | 42,266 | 2,955,661 |
Viad Corp. | 38,956 | 1,865,603 |
VSE Corp. | 16,400 | 514,304 |
WageWorks, Inc. * | 75,814 | 3,018,155 |
Willdan Group, Inc. * | 14,430 | 435,786 |
157,407,048 | ||
Consumer Durables & Apparel 2.8% | ||
Acushnet Holdings Corp. | 65,924 | 1,610,523 |
American Outdoor Brands Corp. * | 102,100 | 1,396,728 |
Bassett Furniture Industries, Inc. | 20,009 | 395,178 |
Beazer Homes USA, Inc. * | 59,940 | 528,071 |
Callaway Golf Co. | 181,001 | 3,873,421 |
Cavco Industries, Inc. * | 16,334 | 3,276,764 |
Century Communities, Inc. * | 49,630 | 1,053,149 |
Clarus Corp. | 38,810 | 380,338 |
Crocs, Inc. * | 129,156 | 2,652,864 |
Culp, Inc. | 20,950 | 484,993 |
Deckers Outdoor Corp. * | 57,903 | 7,363,525 |
Escalade, Inc. | 20,400 | 238,680 |
Ethan Allen Interiors, Inc. | 46,179 | 883,866 |
Flexsteel Industries, Inc. | 13,700 | 348,254 |
Fossil Group, Inc. * | 87,158 | 1,892,200 |
G-III Apparel Group Ltd. * | 83,131 | 3,313,602 |
GoPro, Inc., Class A * | 215,101 | 1,413,214 |
Green Brick Partners, Inc. * | 45,980 | 432,212 |
Hamilton Beach Brands Holding Co., Class A | 11,954 | 277,572 |
Helen of Troy Ltd. * | 50,769 | 6,301,448 |
Hooker Furniture Corp. | 22,034 | 644,935 |
Hovnanian Enterprises, Inc., Class A * | 239,379 | 349,493 |
Installed Building Products, Inc. * | 41,740 | 1,271,400 |
iRobot Corp. * | 51,361 | 4,528,499 |
Johnson Outdoors, Inc., Class A | 9,300 | 700,383 |
KB Home | 163,875 | 3,272,584 |
La-Z-Boy, Inc. | 89,353 | 2,484,013 |
LGI Homes, Inc. * | 35,170 | 1,504,924 |
Lifetime Brands, Inc. | 21,120 | 218,592 |
M.D.C. Holdings, Inc. | 86,751 | 2,437,703 |
Security | Number of Shares | Value ($) |
M/I Homes, Inc. * | 54,566 | 1,318,860 |
Malibu Boats, Inc., Class A * | 39,178 | 1,574,956 |
Marine Products Corp. | 13,700 | 279,069 |
MCBC Holdings, Inc. * | 34,715 | 1,030,341 |
Meritage Homes Corp. * | 74,985 | 2,793,191 |
Movado Group, Inc. | 30,700 | 1,182,257 |
Nautilus, Inc. * | 56,900 | 695,887 |
Oxford Industries, Inc. | 32,004 | 2,847,716 |
Purple Innovation, Inc. *(a) | 10,300 | 71,585 |
Rocky Brands, Inc. | 12,600 | 361,872 |
Roku, Inc. * | 83,259 | 4,629,200 |
Skyline Champion Corp. | 56,150 | 1,338,055 |
Sonos, Inc. *(a) | 30,260 | 384,605 |
Steven Madden Ltd. | 167,559 | 5,239,570 |
Sturm, Ruger & Co., Inc. | 32,495 | 1,929,878 |
Superior Group of Cos., Inc. | 16,327 | 283,927 |
Taylor Morrison Home Corp., Class A * | 223,378 | 3,694,672 |
The Lovesac Co. * | 6,630 | 126,235 |
The New Home Co., Inc. * | 23,849 | 170,043 |
TopBuild Corp. * | 67,655 | 3,086,421 |
TRI Pointe Group, Inc. * | 288,807 | 3,436,803 |
Tupperware Brands Corp. | 95,986 | 3,369,109 |
Turtle Beach Corp. *(a) | 14,600 | 259,150 |
Unifi, Inc. * | 30,500 | 698,145 |
Universal Electronics, Inc. * | 26,380 | 824,903 |
Vera Bradley, Inc. * | 44,049 | 581,006 |
Vista Outdoor, Inc. * | 109,577 | 1,369,713 |
Vuzix Corp. *(a) | 44,000 | 267,520 |
William Lyon Homes, Class A * | 61,002 | 827,187 |
Wolverine World Wide, Inc. | 177,327 | 6,236,591 |
ZAGG, Inc. * | 52,521 | 636,029 |
107,073,624 | ||
Consumer Services 3.9% | ||
Adtalem Global Education, Inc. * | 114,787 | 5,811,666 |
American Public Education, Inc. * | 30,400 | 994,992 |
BBX Capital Corp. | 127,237 | 744,336 |
Belmond Ltd., Class A * | 171,013 | 2,927,743 |
Biglari Holdings, Inc., Class A * | 191 | 143,250 |
Biglari Holdings, Inc., Class B * | 1,810 | 257,925 |
BJ's Restaurants, Inc. | 39,530 | 2,418,445 |
Bloomin' Brands, Inc. | 159,960 | 3,191,202 |
Bluegreen Vacations Corp. | 15,000 | 196,500 |
Bojangles', Inc. * | 33,725 | 533,192 |
Boyd Gaming Corp. | 158,275 | 4,203,784 |
Brinker International, Inc. | 83,673 | 3,627,225 |
Cambium Learning Group, Inc. * | 27,600 | 396,888 |
Career Education Corp. * | 129,671 | 1,864,669 |
Carriage Services, Inc. | 33,310 | 634,889 |
Carrols Restaurant Group, Inc. * | 66,900 | 880,404 |
Century Casinos, Inc. * | 53,700 | 335,088 |
Chegg, Inc. * | 208,179 | 5,679,123 |
Churchill Downs, Inc. | 22,626 | 5,647,676 |
Chuy's Holdings, Inc. * | 32,800 | 799,336 |
Cracker Barrel Old Country Store, Inc. (a) | 36,807 | 5,840,535 |
Dave & Buster's Entertainment, Inc. | 76,586 | 4,560,696 |
Del Frisco's Restaurant Group, Inc. * | 62,508 | 421,929 |
Del Taco Restaurants, Inc. * | 58,200 | 634,380 |
Denny's Corp. * | 117,400 | 2,036,890 |
Dine Brands Global, Inc. | 31,934 | 2,587,931 |
Drive Shack, Inc. * | 113,000 | 603,420 |
El Pollo Loco Holdings, Inc. * | 42,000 | 525,420 |
Eldorado Resorts, Inc. * | 126,421 | 4,614,366 |
Empire Resorts, Inc. * | 8,021 | 51,495 |
Fiesta Restaurant Group, Inc. * | 45,000 | 1,161,450 |
Golden Entertainment, Inc. * | 34,600 | 628,682 |
Houghton Mifflin Harcourt Co. * | 195,594 | 1,310,480 |
Security | Number of Shares | Value ($) |
International Speedway Corp., Class A | 46,274 | 1,735,738 |
J Alexander's Holdings, Inc. * | 25,627 | 270,365 |
Jack in the Box, Inc. | 52,281 | 4,126,539 |
K12, Inc. * | 71,229 | 1,525,013 |
Laureate Education, Inc., Class A * | 160,470 | 2,389,398 |
Lindblad Expeditions Holdings, Inc. * | 40,945 | 553,167 |
Marriott Vacations Worldwide Corp. | 74,667 | 6,607,283 |
Monarch Casino & Resort, Inc. * | 21,700 | 841,309 |
Nathan's Famous, Inc. | 5,600 | 419,384 |
Noodles & Co. * | 25,859 | 243,850 |
Papa John's International, Inc. (a) | 42,866 | 2,337,912 |
Penn National Gaming, Inc. * | 206,809 | 5,021,322 |
Planet Fitness, Inc., Class A * | 169,543 | 8,322,866 |
PlayAGS, Inc. * | 41,520 | 1,006,860 |
Potbelly Corp. * | 43,800 | 511,584 |
RCI Hospitality Holdings, Inc. | 17,482 | 457,679 |
Red Lion Hotels Corp. * | 28,790 | 314,675 |
Red Robin Gourmet Burgers, Inc. * | 24,700 | 745,940 |
Red Rock Resorts, Inc., Class A | 132,374 | 3,063,134 |
Regis Corp. * | 67,672 | 1,139,596 |
Ruth's Hospitality Group, Inc. | 55,362 | 1,496,435 |
Scientific Games Corp., Class A * | 104,926 | 2,335,653 |
SeaWorld Entertainment, Inc. * | 104,732 | 2,735,600 |
Shake Shack, Inc., Class A * | 47,119 | 2,492,124 |
Sonic Corp. | 66,136 | 2,862,366 |
Sotheby's * | 71,229 | 2,991,618 |
Speedway Motorsports, Inc. | 21,884 | 339,859 |
Strategic Education, Inc. | 40,108 | 5,046,389 |
Texas Roadhouse, Inc. | 129,797 | 7,847,527 |
The Cheesecake Factory, Inc. | 82,181 | 3,972,630 |
The Habit Restaurants, Inc., Class A * | 39,583 | 502,704 |
Town Sports International Holdings, Inc. * | 26,900 | 206,592 |
Weight Watchers International, Inc. * | 73,995 | 4,891,069 |
Wingstop, Inc. | 55,312 | 3,463,637 |
Zoe's Kitchen, Inc. * | 37,096 | 471,861 |
149,555,685 | ||
Diversified Financials 3.2% | ||
AG Mortgage Investment Trust, Inc. | 54,000 | 934,200 |
Anworth Mortgage Asset Corp. | 183,200 | 798,752 |
Apollo Commercial Real Estate Finance, Inc. | 237,475 | 4,443,157 |
Arbor Realty Trust, Inc. | 123,219 | 1,488,486 |
Ares Commercial Real Estate Corp. | 52,300 | 756,781 |
Arlington Asset Investment Corp., Class A (a) | 53,900 | 453,299 |
ARMOUR Residential REIT, Inc. | 80,644 | 1,756,426 |
Artisan Partners Asset Management, Inc., Class A | 91,865 | 2,518,020 |
Ashford, Inc. * | 910 | 57,366 |
Associated Capital Group, Inc., Class A | 4,800 | 186,048 |
B. Riley Financial, Inc. | 40,402 | 777,739 |
Banco Latinoamericano de Comercio Exterior, S.A., Class E | 58,603 | 1,005,627 |
Blackstone Mortgage Trust, Inc., Class A | 213,794 | 7,213,410 |
Blucora, Inc. * | 90,839 | 2,627,064 |
BrightSphere Investment Group plc | 155,611 | 1,773,965 |
Cannae Holdings, Inc. * | 133,278 | 2,461,645 |
Capstead Mortgage Corp. | 175,315 | 1,202,661 |
Cherry Hill Mortgage Investment Corp. | 30,150 | 539,987 |
Cohen & Steers, Inc. | 42,649 | 1,637,295 |
Colony Credit Real Estate, Inc. | 160,370 | 3,422,296 |
Cowen, Inc. * | 53,975 | 798,830 |
Curo Group Holdings Corp. * | 22,165 | 311,862 |
Diamond Hill Investment Group, Inc. | 6,233 | 1,073,198 |
Donnelley Financial Solutions, Inc. * | 63,500 | 987,425 |
Dynex Capital, Inc. | 103,300 | 598,107 |
Security | Number of Shares | Value ($) |
Elevate Credit, Inc. * | 45,307 | 193,008 |
Encore Capital Group, Inc. * | 49,752 | 1,264,198 |
Enova International, Inc. * | 63,614 | 1,504,471 |
Exantas Capital Corp. | 57,437 | 651,336 |
EZCORP, Inc., Class A * | 95,382 | 948,097 |
Federated Investors, Inc., Class B | 186,039 | 4,589,582 |
FGL Holdings * | 269,797 | 2,131,396 |
FirstCash, Inc. | 83,319 | 6,698,848 |
Focus Financial Partners, Inc., Class A * | 36,530 | 1,395,446 |
GAIN Capital Holdings, Inc. | 50,100 | 382,764 |
GAMCO Investors, Inc., Class A | 7,870 | 161,492 |
Granite Point Mortgage Trust, Inc. | 82,227 | 1,530,244 |
Great Ajax Corp. | 31,800 | 414,672 |
Green Dot Corp., Class A * | 92,761 | 7,025,718 |
Greenhill & Co., Inc. | 36,772 | 810,823 |
Hamilton Lane, Inc., Class A | 28,300 | 1,086,154 |
Houlihan Lokey, Inc. | 63,854 | 2,629,508 |
INTL. FCStone, Inc. * | 29,378 | 1,330,236 |
Invesco Mortgage Capital, Inc. | 214,656 | 3,237,012 |
Investment Technology Group, Inc. | 62,031 | 1,704,612 |
KKR Real Estate Finance Trust, Inc. | 33,080 | 664,246 |
Ladder Capital Corp. | 165,905 | 2,793,840 |
Ladenburg Thalmann Financial Services, Inc. | 193,500 | 535,995 |
LendingClub Corp. * | 602,595 | 1,946,382 |
Marlin Business Services Corp. | 17,000 | 451,860 |
Moelis & Co., Class A | 85,145 | 3,436,452 |
Nelnet, Inc., Class A | 35,500 | 1,998,295 |
New York Mortgage Trust, Inc. | 269,596 | 1,655,319 |
On Deck Capital, Inc. * | 98,100 | 676,890 |
Oppenheimer Holdings, Inc., Class A | 18,300 | 562,908 |
Orchid Island Capital, Inc. | 99,019 | 647,584 |
PennyMac Mortgage Investment Trust | 115,484 | 2,229,996 |
Piper Jaffray Cos. | 28,073 | 1,947,705 |
PJT Partners, Inc., Class A | 38,096 | 1,727,273 |
PRA Group, Inc. * | 84,929 | 2,619,210 |
Pzena Investment Management, Inc., Class A | 34,400 | 346,064 |
Ready Capital Corp. | 34,870 | 534,208 |
Redwood Trust, Inc. | 157,937 | 2,593,326 |
Regional Management Corp. * | 18,310 | 528,427 |
Safeguard Scientifics, Inc. * | 36,500 | 312,075 |
Siebert Financial Corp. *(a) | 13,700 | 188,375 |
Silvercrest Asset Management Group, Inc., Class A | 15,600 | 224,328 |
Stifel Financial Corp. | 133,112 | 6,085,881 |
TPG RE Finance Trust, Inc. | 66,641 | 1,320,825 |
Value Line, Inc. | 1,900 | 47,975 |
Virtus Investment Partners, Inc. | 13,200 | 1,311,288 |
Waddell & Reed Financial, Inc., Class A | 148,605 | 2,833,897 |
Western Asset Mortgage Capital Corp. | 78,296 | 780,611 |
Westwood Holdings Group, Inc. | 15,967 | 676,202 |
WisdomTree Investments, Inc. | 223,030 | 1,732,943 |
World Acceptance Corp. * | 12,026 | 1,220,519 |
124,144,162 | ||
Energy 4.6% | ||
Abraxas Petroleum Corp. * | 304,200 | 559,728 |
Adams Resources & Energy, Inc. | 3,684 | 149,386 |
Alta Mesa Resources, Inc., Class A * | 192,120 | 605,178 |
Amyris, Inc. * | 59,020 | 439,699 |
Approach Resources, Inc. *(a) | 96,530 | 161,205 |
Arch Coal, Inc., Class A | 34,857 | 3,342,786 |
Archrock, Inc. | 242,110 | 2,484,049 |
Ardmore Shipping Corp. * | 65,290 | 421,773 |
Basic Energy Services, Inc. * | 36,000 | 279,720 |
Berry Petroleum Corp. | 24,950 | 349,300 |
Security | Number of Shares | Value ($) |
Bonanza Creek Energy, Inc. * | 36,000 | 927,000 |
Bristow Group, Inc. * | 63,782 | 702,240 |
C&J Energy Services, Inc. * | 122,586 | 2,302,165 |
Cactus, Inc., Class A * | 73,355 | 2,454,458 |
California Resources Corp. * | 86,209 | 2,701,790 |
Callon Petroleum Co. * | 440,443 | 4,391,217 |
CARBO Ceramics, Inc. *(a) | 40,705 | 196,605 |
Carrizo Oil & Gas, Inc. * | 166,747 | 3,036,463 |
Clean Energy Fuels Corp. * | 261,338 | 577,557 |
Cloud Peak Energy, Inc. * | 147,300 | 251,883 |
CONSOL Energy, Inc. * | 53,584 | 2,134,787 |
Covia Holdings Corp. * | 59,310 | 342,812 |
CVR Energy, Inc. | 30,137 | 1,295,891 |
Dawson Geophysical Co. * | 39,500 | 221,595 |
Delek US Holdings, Inc. | 160,470 | 5,892,458 |
Denbury Resources, Inc. * | 884,328 | 3,050,932 |
DHT Holdings, Inc. | 173,600 | 873,208 |
Diamond Offshore Drilling, Inc. * | 123,168 | 1,746,522 |
Dorian LPG Ltd. * | 51,996 | 413,368 |
Dril-Quip, Inc. * | 72,254 | 3,075,130 |
Earthstone Energy, Inc., Class A * | 34,790 | 286,322 |
Eclipse Resources Corp. * | 156,100 | 177,954 |
Energy Fuels, Inc. *(a) | 155,950 | 525,552 |
EP Energy Corp., Class A *(a) | 88,300 | 158,940 |
Era Group, Inc. * | 39,630 | 448,612 |
Evolution Petroleum Corp. | 49,480 | 509,644 |
Exterran Corp. * | 61,834 | 1,291,712 |
Forum Energy Technologies, Inc. * | 159,561 | 1,429,667 |
Frank's International N.V. * | 138,331 | 982,150 |
Frontline Ltd. *(a) | 147,423 | 1,054,074 |
FTS International, Inc. * | 61,810 | 791,786 |
GasLog Ltd. | 77,800 | 1,591,788 |
Golar LNG Ltd. | 181,991 | 4,873,719 |
Goodrich Petroleum Corp. * | 16,500 | 248,655 |
Green Plains, Inc. | 75,190 | 1,281,238 |
Gulfmark Offshore, Inc. * | 7,770 | 261,771 |
Gulfport Energy Corp. * | 333,358 | 3,036,891 |
Halcon Resources Corp. * | 255,339 | 847,725 |
Hallador Energy Co. | 33,360 | 218,842 |
Helix Energy Solutions Group, Inc. * | 267,587 | 2,279,841 |
HighPoint Resources Corp. * | 208,954 | 777,309 |
Independence Contract Drilling, Inc. * | 68,000 | 272,680 |
International Seaways, Inc. * | 40,898 | 879,716 |
ION Geophysical Corp. * | 19,800 | 233,838 |
Isramco, Inc. * | 1,400 | 152,390 |
Jagged Peak Energy, Inc. *(a) | 121,639 | 1,498,592 |
Keane Group, Inc. * | 103,590 | 1,302,126 |
Key Energy Services, Inc. * | 20,930 | 189,417 |
KLX Energy Services Holdings, Inc. * | 38,645 | 1,116,454 |
Laredo Petroleum, Inc. * | 296,521 | 1,553,770 |
Liberty Oilfield Services, Inc., Class A (a) | 83,870 | 1,591,853 |
Lilis Energy, Inc. * | 85,300 | 230,310 |
Mammoth Energy Services, Inc. | 23,670 | 590,803 |
Matador Resources Co. * | 202,936 | 5,852,674 |
Matrix Service Co. * | 50,830 | 1,033,374 |
McDermott International, Inc. * | 344,405 | 2,662,251 |
Midstates Petroleum Co., Inc. * | 28,600 | 206,206 |
NACCO Industries, Inc., Class A | 6,737 | 232,696 |
Natural Gas Services Group, Inc. * | 24,300 | 468,990 |
NCS Multistage Holdings, Inc. * | 18,000 | 203,400 |
Newpark Resources, Inc. * | 168,110 | 1,380,183 |
NextDecade Corp. * | 14,700 | 76,293 |
Nine Energy Service, Inc. * | 28,180 | 1,043,505 |
Noble Corp. plc * | 469,254 | 2,355,655 |
Nordic American Tankers Ltd. | 270,871 | 701,556 |
Northern Oil & Gas, Inc. * | 367,760 | 1,081,214 |
Nuverra Environmental Solutions, Inc. * | 2,300 | 25,852 |
Oasis Petroleum, Inc. * | 518,404 | 5,215,144 |
Security | Number of Shares | Value ($) |
Ocean Rig UDW, Inc., Class A * | 105,083 | 3,182,964 |
Oceaneering International, Inc. * | 188,425 | 3,568,770 |
Oil States International, Inc. * | 115,226 | 2,566,083 |
Overseas Shipholding Group, Inc., Class A * | 107,500 | 337,550 |
Panhandle Oil & Gas, Inc., Class A | 30,730 | 546,687 |
Par Pacific Holdings, Inc. * | 59,438 | 1,050,864 |
PDC Energy, Inc. * | 127,567 | 5,415,219 |
Peabody Energy Corp. | 150,252 | 5,326,433 |
Penn Virginia Corp. * | 23,710 | 1,630,774 |
PHI, Inc. - Non Voting Shares * | 24,752 | 192,818 |
Pioneer Energy Services Corp. * | 142,900 | 424,413 |
Profire Energy, Inc. * | 44,000 | 100,320 |
ProPetro Holding Corp. * | 135,234 | 2,386,880 |
Quintana Energy Services, Inc. * | 10,200 | 65,178 |
Renewable Energy Group, Inc. * | 70,689 | 2,197,014 |
Resolute Energy Corp. *(a) | 41,500 | 1,154,945 |
REX American Resources Corp. * | 11,060 | 820,320 |
RigNet, Inc. * | 26,200 | 448,020 |
Ring Energy, Inc. * | 107,199 | 764,329 |
Rosehill Resources, Inc. * | 2,300 | 12,098 |
Rowan Cos. plc, Class A * | 245,292 | 3,902,596 |
Sanchez Energy Corp. *(a) | 144,853 | 240,456 |
SandRidge Energy, Inc. * | 57,000 | 510,150 |
Scorpio Tankers, Inc. | 585,732 | 1,048,460 |
SEACOR Holdings, Inc. * | 32,806 | 1,574,360 |
SEACOR Marine Holdings, Inc. * | 31,039 | 567,393 |
Select Energy Services, Inc., Class A * | 90,207 | 862,379 |
SemGroup Corp., Class A | 152,955 | 2,828,138 |
Ship Finance International Ltd. | 158,470 | 1,980,875 |
SilverBow Resources, Inc. * | 14,100 | 370,266 |
Smart Sand, Inc. *(a) | 38,800 | 107,476 |
Solaris Oilfield Infrastructure, Inc., Class A * | 50,350 | 664,620 |
Southwestern Energy Co. * | 1,132,825 | 6,049,286 |
SRC Energy, Inc. * | 461,344 | 3,266,316 |
Superior Energy Services, Inc. * | 291,712 | 2,284,105 |
Talos Energy, Inc. * | 38,633 | 1,006,776 |
Teekay Corp. | 135,000 | 895,050 |
Teekay Tankers Ltd., Class A | 349,000 | 387,390 |
Tellurian, Inc. *(a) | 162,476 | 1,299,808 |
TETRA Technologies, Inc. * | 235,274 | 698,764 |
Tidewater, Inc. * | 46,014 | 1,235,476 |
Ultra Petroleum Corp. * | 303,100 | 363,720 |
Unit Corp. * | 100,119 | 2,315,752 |
Uranium Energy Corp. *(a) | 292,000 | 388,360 |
US Silica Holdings, Inc. | 149,866 | 2,098,124 |
W&T Offshore, Inc. * | 175,731 | 1,184,427 |
WildHorse Resource Development Corp. * | 52,263 | 1,108,498 |
World Fuel Services Corp. | 127,983 | 4,095,456 |
Zion Oil & Gas, Inc. *(a) | 122,348 | 137,030 |
176,269,225 | ||
Food & Staples Retailing 0.6% | ||
BJ's Wholesale Club Holdings, Inc. * | 135,400 | 2,999,110 |
Ingles Markets, Inc., Class A | 27,231 | 896,989 |
Natural Grocers by Vitamin Cottage, Inc. * | 17,200 | 311,664 |
Performance Food Group Co. * | 195,633 | 5,735,960 |
PriceSmart, Inc. | 42,530 | 2,983,480 |
Rite Aid Corp. *(a) | 2,014,847 | 2,417,816 |
Smart & Final Stores, Inc. * | 44,995 | 227,225 |
SpartanNash, Co. | 67,333 | 1,201,894 |
The Andersons, Inc. | 52,056 | 1,874,016 |
The Chefs' Warehouse, Inc. * | 41,500 | 1,395,645 |
United Natural Foods, Inc. * | 96,254 | 2,091,599 |
Security | Number of Shares | Value ($) |
Village Super Market, Inc., Class A | 15,800 | 389,312 |
Weis Markets, Inc. | 18,100 | 835,315 |
23,360,025 | ||
Food, Beverage & Tobacco 1.6% | ||
22nd Century Group, Inc. *(a) | 216,700 | 524,414 |
Alico, Inc. | 6,900 | 228,390 |
B&G Foods, Inc. (a) | 125,480 | 3,267,499 |
Cal-Maine Foods, Inc. | 60,157 | 2,927,841 |
Calavo Growers, Inc. | 30,574 | 2,965,678 |
Castle Brands, Inc. *(a) | 158,150 | 150,037 |
Celsius Holdings, Inc. *(a) | 43,000 | 171,570 |
Coca-Cola Bottling Co. Consolidated | 9,170 | 1,583,017 |
Craft Brew Alliance, Inc. * | 25,482 | 467,340 |
Darling Ingredients, Inc. * | 314,434 | 6,496,206 |
Dean Foods Co. | 174,845 | 1,397,012 |
Farmer Brothers Co. * | 19,000 | 458,090 |
Fresh Del Monte Produce, Inc. | 57,777 | 1,908,374 |
Freshpet, Inc. * | 50,119 | 1,909,534 |
Hostess Brands, Inc. * | 188,000 | 1,955,200 |
J&J Snack Foods Corp. | 28,690 | 4,480,230 |
John B. Sanfilippo & Son, Inc. | 16,300 | 1,027,878 |
Lancaster Colony Corp. | 36,240 | 6,210,811 |
Landec Corp. * | 53,354 | 730,416 |
Limoneira Co. | 28,060 | 691,679 |
MGP Ingredients, Inc. | 25,299 | 1,800,530 |
National Beverage Corp. * | 22,453 | 2,075,780 |
Primo Water Corp. * | 62,080 | 1,034,874 |
Pyxus International, Inc. *(a) | 15,600 | 370,344 |
Sanderson Farms, Inc. | 39,334 | 3,870,072 |
Seneca Foods Corp., Class A * | 13,290 | 420,363 |
The Boston Beer Co., Inc., Class A * | 16,019 | 4,922,479 |
The Simply Good Foods Co. * | 114,521 | 2,171,318 |
Tootsie Roll Industries, Inc. (a) | 30,833 | 973,398 |
Turning Point Brands, Inc. | 15,460 | 635,406 |
Universal Corp. | 47,081 | 3,194,917 |
Vector Group Ltd. | 196,910 | 2,662,223 |
63,682,920 | ||
Health Care Equipment & Services 6.9% | ||
AAC Holdings, Inc. * | 26,363 | 145,260 |
Accuray, Inc. * | 159,300 | 715,257 |
Addus HomeCare Corp. * | 17,911 | 1,173,170 |
Allscripts Healthcare Solutions, Inc. * | 335,412 | 3,994,757 |
Amedisys, Inc. * | 51,331 | 5,646,410 |
American Renal Associates Holdings, Inc. * | 24,500 | 472,605 |
AMN Healthcare Services, Inc. * | 90,751 | 4,593,816 |
AngioDynamics, Inc. * | 70,940 | 1,449,304 |
Anika Therapeutics, Inc. * | 27,300 | 976,248 |
Antares Pharma, Inc. * | 281,890 | 842,851 |
Apollo Medical Holdings, Inc. * | 6,306 | 128,958 |
AtriCure, Inc. * | 63,894 | 2,032,468 |
Atrion Corp. | 2,800 | 1,910,104 |
Avanos Medical, Inc. * | 89,994 | 5,093,660 |
AxoGen, Inc. * | 64,966 | 2,422,582 |
BioScrip, Inc. * | 236,600 | 634,088 |
BioTelemetry, Inc. * | 61,864 | 3,594,298 |
Brookdale Senior Living, Inc. * | 357,163 | 3,189,466 |
Capital Senior Living Corp. * | 44,800 | 403,200 |
Cardiovascular Systems, Inc. * | 62,130 | 1,742,746 |
Castlight Health, Inc., Class B * | 144,073 | 355,860 |
Cerus Corp. * | 253,444 | 1,698,075 |
Civitas Solutions, Inc. * | 31,500 | 455,490 |
Community Health Systems, Inc. * | 164,900 | 521,084 |
Computer Programs & Systems, Inc. | 22,367 | 559,175 |
Security | Number of Shares | Value ($) |
CONMED Corp. | 48,069 | 3,241,293 |
CorVel Corp. * | 17,400 | 1,008,504 |
Cross Country Healthcare, Inc. * | 68,715 | 606,753 |
CryoLife, Inc. * | 68,000 | 2,106,640 |
CryoPort, Inc. *(a) | 50,130 | 556,443 |
Cutera, Inc. * | 25,954 | 526,866 |
CytoSorbents Corp. * | 55,427 | 554,270 |
Diplomat Pharmacy, Inc. * | 108,390 | 2,150,458 |
ElectroCore, Inc. * | 11,430 | 114,643 |
Endologix, Inc. * | 155,037 | 189,145 |
Evolent Health, Inc., Class A * | 129,858 | 2,882,848 |
FONAR Corp. * | 11,270 | 278,820 |
Genesis Healthcare, Inc. * | 101,000 | 155,540 |
GenMark Diagnostics, Inc. * | 99,500 | 530,335 |
Glaukos Corp. * | 62,983 | 3,649,235 |
Globus Medical, Inc., Class A * | 139,309 | 7,362,481 |
Haemonetics Corp. * | 99,569 | 10,401,973 |
HealthEquity, Inc. * | 103,730 | 9,522,414 |
HealthStream, Inc. | 49,744 | 1,308,765 |
Helius Medical Technologies, Inc. *(a) | 30,500 | 312,320 |
Heska Corp. * | 12,691 | 1,271,892 |
HMS Holdings Corp. * | 159,054 | 4,583,936 |
Inogen, Inc. * | 33,797 | 6,406,897 |
Inovalon Holdings, Inc., Class A * | 132,334 | 1,245,263 |
Inspire Medical Systems, Inc. * | 15,242 | 610,899 |
Integer Holdings Corp. * | 59,791 | 4,452,636 |
IntriCon Corp. * | 13,634 | 570,992 |
Invacare Corp. | 62,911 | 812,810 |
iRadimed Corp. * | 6,500 | 162,240 |
iRhythm Technologies, Inc. * | 45,972 | 3,551,797 |
K2M Group Holdings, Inc. * | 79,500 | 2,176,710 |
Lantheus Holdings, Inc. * | 71,326 | 996,424 |
LeMaitre Vascular, Inc. | 30,269 | 808,182 |
LHC Group, Inc. * | 56,548 | 5,170,184 |
LifePoint Health, Inc. * | 68,348 | 4,433,051 |
LivaNova plc * | 93,246 | 10,442,620 |
Magellan Health, Inc. * | 47,028 | 3,059,642 |
Medidata Solutions, Inc. * | 110,831 | 7,791,419 |
Meridian Bioscience, Inc. | 79,830 | 1,294,044 |
Merit Medical Systems, Inc. * | 102,257 | 5,840,920 |
NantHealth, Inc. * | 30,500 | 47,275 |
National HealthCare Corp. | 23,429 | 1,863,308 |
National Research Corp., Class A | 21,600 | 821,880 |
Natus Medical, Inc. * | 61,394 | 1,834,453 |
Neogen Corp. * | 96,513 | 5,860,269 |
Neuronetics, Inc. * | 12,090 | 308,053 |
Nevro Corp. * | 55,685 | 2,715,201 |
NextGen Healthcare, Inc. * | 103,162 | 1,523,703 |
Novocure Ltd. * | 141,405 | 4,686,162 |
NuVasive, Inc. * | 98,630 | 5,540,047 |
Nuvectra Corp. * | 25,900 | 518,259 |
NxStage Medical, Inc. * | 123,974 | 3,518,382 |
Omnicell, Inc. * | 73,974 | 5,229,962 |
OraSure Technologies, Inc. * | 114,737 | 1,594,844 |
Orthofix Medical, Inc. * | 33,794 | 2,055,351 |
OrthoPediatrics Corp. * | 12,900 | 448,017 |
Owens & Minor, Inc. | 116,769 | 922,475 |
Oxford Immunotec Global plc * | 47,700 | 735,057 |
Patterson Cos., Inc. | 156,501 | 3,533,793 |
PetIQ, Inc. * | 21,090 | 667,709 |
Pulse Biosciences, Inc. *(a) | 19,900 | 254,919 |
Quidel Corp. * | 65,759 | 4,232,249 |
Quorum Health Corp. * | 53,300 | 212,134 |
R1 RCM, Inc. * | 196,721 | 1,666,227 |
RadNet, Inc. * | 76,206 | 1,127,849 |
Rockwell Medical, Inc. *(a) | 93,610 | 381,929 |
RTI Surgical, Inc. * | 107,800 | 493,724 |
SeaSpine Holdings Corp. * | 21,800 | 374,306 |
Security | Number of Shares | Value ($) |
Select Medical Holdings Corp. * | 206,888 | 3,430,203 |
Senseonics Holdings, Inc. *(a) | 161,200 | 598,052 |
Sientra, Inc. * | 44,766 | 921,732 |
Simulations Plus, Inc. | 22,405 | 452,805 |
STAAR Surgical Co. * | 83,905 | 3,365,430 |
Surgery Partners, Inc. * | 35,400 | 481,086 |
Surmodics, Inc. * | 24,918 | 1,580,549 |
Tabula Rasa HealthCare, Inc. * | 33,462 | 2,472,173 |
Tactile Systems Technology, Inc. * | 33,567 | 2,197,967 |
Tandem Diabetes Care, Inc. * | 97,350 | 3,661,333 |
Teladoc Health, Inc. * | 128,635 | 8,919,551 |
Tenet Healthcare Corp. * | 160,960 | 4,141,501 |
The Ensign Group, Inc. | 93,938 | 3,479,464 |
The Providence Service Corp. * | 21,680 | 1,432,831 |
Tivity Health, Inc. * | 76,183 | 2,621,457 |
TransEnterix, Inc. *(a) | 306,133 | 1,001,055 |
Triple-S Management Corp., Class B * | 41,400 | 710,424 |
U.S. Physical Therapy, Inc. | 23,866 | 2,566,072 |
Utah Medical Products, Inc. | 6,386 | 556,731 |
Varex Imaging Corp. * | 72,800 | 1,889,888 |
ViewRay, Inc. * | 113,972 | 985,858 |
Vocera Communications, Inc. * | 56,774 | 1,970,626 |
Wright Medical Group N.V. * | 238,633 | 6,438,318 |
266,935,879 | ||
Household & Personal Products 0.6% | ||
Central Garden & Pet Co. * | 20,354 | 661,098 |
Central Garden & Pet Co., Class A * | 76,860 | 2,278,899 |
Edgewell Personal Care Co. * | 103,606 | 4,971,016 |
elf Beauty, Inc. * | 42,000 | 445,620 |
Inter Parfums, Inc. | 33,327 | 1,965,960 |
Medifast, Inc. | 22,474 | 4,757,296 |
Natural Health Trends Corp. (a) | 13,270 | 301,760 |
Nature's Sunshine Products, Inc. * | 15,180 | 134,343 |
Oil-Dri Corp. of America | 9,987 | 308,898 |
Revlon, Inc., Class A *(a) | 15,402 | 323,442 |
USANA Health Sciences, Inc. * | 24,277 | 2,840,894 |
WD-40 Co. | 26,209 | 4,379,000 |
23,368,226 | ||
Insurance 2.8% | ||
Ambac Financial Group, Inc. * | 87,634 | 1,803,508 |
American Equity Investment Life Holding Co. | 171,959 | 5,368,560 |
AMERISAFE, Inc. | 36,519 | 2,377,022 |
AmTrust Financial Services, Inc. | 211,694 | 3,035,692 |
Argo Group International Holdings Ltd. | 61,841 | 3,810,024 |
Citizens, Inc. *(a) | 93,300 | 733,338 |
CNO Financial Group, Inc. | 315,456 | 5,962,118 |
Crawford & Co., Class B | 20,800 | 191,568 |
Donegal Group, Inc., Class A | 18,452 | 247,810 |
eHealth, Inc. * | 35,940 | 1,234,898 |
EMC Insurance Group, Inc. | 17,800 | 426,666 |
Employers Holdings, Inc. | 62,093 | 2,853,794 |
Enstar Group Ltd. * | 23,131 | 4,200,590 |
FBL Financial Group, Inc., Class A | 18,768 | 1,294,617 |
FedNat Holding Co. | 22,366 | 481,540 |
Genworth Financial, Inc., Class A * | 961,290 | 4,114,321 |
Global Indemnity Ltd. | 16,555 | 592,669 |
Goosehead Insurance, Inc., Class A * | 18,300 | 627,324 |
Greenlight Capital Re Ltd., Class A * | 57,699 | 668,731 |
Hallmark Financial Services, Inc. * | 23,300 | 259,562 |
HCI Group, Inc. | 13,800 | 602,646 |
Health Insurance Innovations, Inc., Class A * | 24,160 | 1,181,424 |
Heritage Insurance Holdings, Inc. | 38,562 | 538,326 |
Security | Number of Shares | Value ($) |
Horace Mann Educators Corp. | 78,566 | 3,086,073 |
Independence Holding Co. | 8,748 | 316,765 |
Investors Title Co. | 2,700 | 491,400 |
James River Group Holdings Ltd. | 49,456 | 1,904,056 |
Kemper Corp. | 101,049 | 7,597,874 |
Kingstone Cos., Inc. | 18,310 | 311,270 |
Kinsale Capital Group, Inc. | 37,225 | 2,222,705 |
Maiden Holdings Ltd. | 131,188 | 460,470 |
MBIA, Inc. * | 168,797 | 1,671,090 |
National General Holdings Corp. | 117,832 | 3,282,800 |
National Western Life Group, Inc., Class A | 4,394 | 1,183,216 |
NI Holdings, Inc. * | 17,920 | 280,269 |
Primerica, Inc. | 82,647 | 9,069,682 |
ProAssurance Corp. | 102,300 | 4,493,016 |
Protective Insurance Corp., Class B | 18,870 | 434,954 |
RLI Corp. | 75,225 | 5,561,384 |
Safety Insurance Group, Inc. | 28,074 | 2,338,003 |
Selective Insurance Group, Inc. | 111,165 | 7,209,050 |
State Auto Financial Corp. | 31,953 | 1,015,786 |
Stewart Information Services Corp. | 44,653 | 1,843,276 |
The Navigators Group, Inc. | 39,476 | 2,729,765 |
Third Point Reinsurance Ltd. * | 152,674 | 1,688,574 |
Tiptree, Inc. | 50,010 | 294,559 |
Trupanion, Inc. *(a) | 47,655 | 1,203,765 |
United Fire Group, Inc. | 40,227 | 2,165,419 |
United Insurance Holdings Corp. | 38,833 | 765,787 |
Universal Insurance Holdings, Inc. | 60,563 | 2,542,435 |
108,770,191 | ||
Materials 4.0% | ||
Advanced Emissions Solutions, Inc. | 35,400 | 350,460 |
AdvanSix, Inc. * | 58,436 | 1,621,015 |
AgroFresh Solutions, Inc. * | 59,500 | 339,745 |
AK Steel Holding Corp. * | 599,989 | 2,219,959 |
Allegheny Technologies, Inc. * | 241,090 | 6,241,820 |
American Vanguard Corp. | 55,860 | 899,346 |
Balchem Corp. | 61,450 | 5,754,792 |
Boise Cascade Co. | 74,161 | 2,283,417 |
Carpenter Technology Corp. | 89,752 | 3,914,085 |
Century Aluminum Co. * | 94,700 | 751,918 |
Chase Corp. | 13,844 | 1,492,937 |
Clearwater Paper Corp. * | 30,917 | 746,336 |
Cleveland-Cliffs, Inc. * | 571,437 | 6,148,662 |
Coeur Mining, Inc. * | 354,445 | 1,694,247 |
Commercial Metals Co. | 224,356 | 4,276,225 |
Compass Minerals International, Inc. | 64,962 | 3,151,307 |
Ferro Corp. * | 160,919 | 2,725,968 |
Ferroglobe Representation & Warranty Insurance *(b) | 108,500 | — |
Flotek Industries, Inc. * | 110,660 | 200,295 |
Forterra, Inc. * | 37,450 | 168,899 |
FutureFuel Corp. | 48,750 | 799,500 |
GCP Applied Technologies, Inc. * | 138,605 | 3,599,572 |
Gold Resource Corp. | 103,205 | 446,878 |
Greif, Inc., Class A | 48,916 | 2,313,727 |
Greif, Inc., Class B | 10,600 | 544,416 |
H.B. Fuller Co. | 97,311 | 4,326,447 |
Hawkins, Inc. | 18,400 | 619,344 |
Haynes International, Inc. | 23,225 | 672,596 |
Hecla Mining Co. | 862,766 | 2,070,638 |
Ingevity Corp. * | 81,335 | 7,407,992 |
Innophos Holdings, Inc. | 37,286 | 1,092,480 |
Innospec, Inc. | 46,247 | 3,094,849 |
Intrepid Potash, Inc. * | 185,500 | 732,725 |
Kaiser Aluminum Corp. | 31,170 | 2,972,683 |
KapStone Paper & Packaging Corp. | 168,313 | 5,890,955 |
KMG Chemicals, Inc. | 28,288 | 2,122,166 |
Security | Number of Shares | Value ($) |
Koppers Holdings, Inc. * | 39,244 | 1,049,777 |
Kraton Corp. * | 58,916 | 1,622,547 |
Kronos Worldwide, Inc. | 42,800 | 600,484 |
Louisiana-Pacific Corp. | 275,880 | 6,005,908 |
LSB Industries, Inc. * | 40,500 | 307,800 |
Marrone Bio Innovations, Inc. * | 101,700 | 152,550 |
Materion Corp. | 38,493 | 2,187,557 |
Minerals Technologies, Inc. | 68,098 | 3,728,365 |
Myers Industries, Inc. | 66,537 | 1,055,277 |
Neenah, Inc. | 31,985 | 2,573,513 |
Olympic Steel, Inc. | 19,460 | 367,016 |
OMNOVA Solutions, Inc. * | 83,000 | 613,370 |
P.H. Glatfelter Co. | 83,208 | 1,489,423 |
PolyOne Corp. | 153,086 | 4,946,209 |
PQ Group Holdings, Inc. * | 70,421 | 1,130,257 |
Quaker Chemical Corp. | 25,063 | 4,508,834 |
Ramaco Resources, Inc. * | 10,400 | 77,480 |
Rayonier Advanced Materials, Inc. | 95,811 | 1,186,140 |
Ryerson Holding Corp. * | 31,700 | 291,006 |
Schnitzer Steel Industries, Inc., Class A | 49,508 | 1,331,765 |
Schweitzer-Mauduit International, Inc. | 58,535 | 1,868,437 |
Sensient Technologies Corp. | 81,483 | 5,284,987 |
Stepan Co. | 38,692 | 3,195,572 |
Summit Materials, Inc., Class A * | 213,808 | 2,886,408 |
SunCoke Energy, Inc. * | 125,905 | 1,410,136 |
Synalloy Corp. * | 15,300 | 282,897 |
Tahoe Resources, Inc. * | 591,089 | 1,400,881 |
TimkenSteel Corp. * | 75,744 | 880,903 |
Trecora Resources * | 40,200 | 434,160 |
Tredegar Corp. | 49,786 | 926,020 |
Trinseo S.A. | 82,373 | 4,438,257 |
Tronox Ltd., Class A | 178,100 | 2,039,245 |
UFP Technologies, Inc. * | 12,490 | 431,155 |
United States Lime & Minerals, Inc. | 3,900 | 292,539 |
Universal Stainless & Alloy Products, Inc. * | 15,850 | 311,294 |
US Concrete, Inc. * | 30,782 | 1,004,724 |
Valhi, Inc. | 49,094 | 102,115 |
Verso Corp., Class A * | 65,924 | 1,853,124 |
Warrior Met Coal, Inc. | 82,850 | 2,319,800 |
Worthington Industries, Inc. | 80,103 | 3,354,714 |
153,631,047 | ||
Media & Entertainment 2.5% | ||
AMC Entertainment Holdings, Inc., Class A | 99,542 | 1,917,179 |
Beasley Broadcasting Group, Inc., Class A | 15,050 | 100,383 |
Boston Omaha Corp., Class A *(a) | 9,400 | 260,192 |
Cardlytics, Inc. * | 11,166 | 236,273 |
Care.com, Inc. * | 38,070 | 670,032 |
Cargurus, Inc. * | 95,503 | 4,242,243 |
Cars.com, Inc. * | 134,316 | 3,506,991 |
Central European Media Enterprises Ltd., Class A * | 165,600 | 559,728 |
Clear Channel Outdoor Holdings, Inc., Class A | 68,300 | 397,506 |
Daily Journal Corp. * | 2,110 | 500,154 |
Emerald Expositions Events, Inc. | 48,900 | 714,918 |
Entercom Communications Corp., Class A | 244,137 | 1,584,449 |
Entravision Communications Corp., Class A | 121,900 | 602,186 |
Eros International plc *(a) | 67,650 | 675,147 |
Fluent, Inc. * | 71,700 | 173,514 |
Gannett Co., Inc. | 215,904 | 2,094,269 |
Glu Mobile, Inc. * | 211,335 | 1,489,912 |
Gray Television, Inc. * | 151,955 | 2,630,341 |
Hemisphere Media Group, Inc. * | 35,700 | 480,879 |
IMAX Corp. * | 103,399 | 2,001,805 |
Security | Number of Shares | Value ($) |
Liberty Latin America Ltd., Class A * | 83,608 | 1,503,272 |
Liberty Latin America Ltd., Class C * | 218,660 | 3,938,067 |
Liberty Media Corp. - Liberty Braves, Class A * | 18,544 | 478,435 |
Liberty Media Corp. - Liberty Braves, Class C * | 68,580 | 1,776,222 |
Liberty TripAdvisor Holdings, Inc., Class A * | 138,220 | 1,993,132 |
LiveXLive Media, Inc. * | 9,000 | 26,640 |
Loral Space & Communications, Inc. * | 24,560 | 1,096,850 |
MDC Partners, Inc., Class A * | 102,140 | 252,286 |
Meredith Corp. | 75,966 | 3,916,807 |
MSG Networks, Inc., Class A * | 113,180 | 2,891,749 |
National CineMedia, Inc. | 148,249 | 1,326,829 |
New Media Investment Group, Inc. | 113,882 | 1,600,042 |
Nexstar Media Group, Inc., Class A | 85,876 | 6,431,254 |
Pandora Media, Inc. * | 492,859 | 4,189,301 |
QuinStreet, Inc. * | 71,500 | 1,136,850 |
Reading International, Inc., Class A * | 31,200 | 453,024 |
Rosetta Stone, Inc. * | 37,100 | 771,309 |
Saga Communications, Inc., Class A | 6,790 | 237,922 |
Scholastic Corp. | 53,522 | 2,321,784 |
Sinclair Broadcast Group, Inc., Class A | 138,697 | 3,972,282 |
TechTarget, Inc. * | 38,851 | 789,452 |
TEGNA, Inc. | 417,300 | 4,815,642 |
The E.W. Scripps Co., Class A | 87,469 | 1,471,229 |
The Marcus Corp. | 36,940 | 1,441,399 |
The Meet Group, Inc. * | 133,580 | 589,088 |
The New York Times Co., Class A | 251,896 | 6,650,054 |
Travelzoo * | 9,000 | 69,030 |
Tribune Publishing Co. * | 32,267 | 486,909 |
TrueCar, Inc. * | 178,367 | 2,029,816 |
WideOpenWest, Inc. * | 57,000 | 555,180 |
World Wrestling Entertainment, Inc., Class A | 82,443 | 5,984,537 |
XO Group, Inc. * | 47,000 | 1,626,670 |
Yelp, Inc. * | 155,759 | 6,669,600 |
98,330,764 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.8% | ||
Abeona Therapeutics, Inc. * | 59,000 | 507,400 |
ACADIA Pharmaceuticals, Inc. * | 187,649 | 3,655,403 |
Accelerate Diagnostics, Inc. *(a) | 50,338 | 752,050 |
Acceleron Pharma, Inc. * | 73,907 | 3,752,258 |
Achaogen, Inc. *(a) | 58,600 | 225,610 |
Achillion Pharmaceuticals, Inc. * | 262,489 | 750,719 |
Aclaris Therapeutics, Inc. * | 50,000 | 594,500 |
Acorda Therapeutics, Inc. * | 85,531 | 1,634,497 |
Adamas Pharmaceuticals, Inc. * | 42,547 | 704,153 |
ADMA Biologics, Inc. * | 35,400 | 190,098 |
Aduro Biotech, Inc. * | 123,157 | 522,186 |
Adverum Biotechnologies, Inc. * | 101,500 | 426,300 |
Aeglea BioTherapeutics, Inc. * | 30,300 | 261,489 |
Aerie Pharmaceuticals, Inc. * | 67,925 | 3,612,251 |
Agenus, Inc. * | 169,144 | 268,939 |
Aimmune Therapeutics, Inc. * | 82,779 | 2,200,266 |
Akcea Therapeutics, Inc. *(a) | 23,800 | 531,216 |
Akebia Therapeutics, Inc. * | 101,247 | 758,340 |
Akorn, Inc. * | 178,072 | 1,187,740 |
Albireo Pharma, Inc. * | 17,000 | 454,070 |
Alder Biopharmaceuticals, Inc. * | 110,746 | 1,406,474 |
Aldeyra Therapeutics, Inc. * | 36,080 | 388,582 |
Allakos, Inc. * | 15,680 | 758,128 |
Allena Pharmaceuticals, Inc. * | 21,600 | 177,768 |
AMAG Pharmaceuticals, Inc. * | 64,931 | 1,396,016 |
Amicus Therapeutics, Inc. * | 361,161 | 4,037,780 |
Amneal Pharmaceuticals, Inc. * | 166,091 | 3,064,379 |
Security | Number of Shares | Value ($) |
Amphastar Pharmaceuticals, Inc. * | 68,026 | 1,221,067 |
Ampio Pharmaceuticals, Inc. * | 211,320 | 97,207 |
AnaptysBio, Inc. * | 36,303 | 2,712,560 |
ANI Pharmaceuticals, Inc. * | 15,500 | 752,215 |
Apellis Pharmaceuticals, Inc. * | 69,444 | 971,522 |
Aptinyx, Inc. * | 25,190 | 655,948 |
Aquestive Therapeutics, Inc. * | 9,910 | 149,938 |
Aratana Therapeutics, Inc. * | 85,210 | 506,147 |
Arbutus Biopharma Corp. * | 65,900 | 279,416 |
Arcus Biosciences, Inc. * | 17,550 | 176,378 |
Ardelyx, Inc. * | 82,700 | 227,425 |
Arena Pharmaceuticals, Inc. * | 94,731 | 3,378,107 |
ArQule, Inc. * | 205,117 | 793,803 |
Array BioPharma, Inc. * | 393,007 | 6,366,713 |
Arrowhead Pharmaceuticals, Inc. * | 166,006 | 2,111,596 |
Arsanis, Inc. * | 8,700 | 11,658 |
Assembly Biosciences, Inc. * | 39,742 | 909,297 |
Assertio Therapeutics, Inc. * | 111,600 | 541,818 |
Atara Biotherapeutics, Inc. * | 80,200 | 2,740,434 |
Athenex, Inc. * | 83,926 | 1,012,987 |
Athersys, Inc. * | 211,500 | 395,505 |
Audentes Therapeutics, Inc. * | 62,096 | 1,751,107 |
AVEO Pharmaceuticals, Inc. *(a) | 201,030 | 492,524 |
Avid Bioservices, Inc. * | 94,500 | 495,180 |
Avrobio, Inc. * | 11,530 | 346,592 |
Bellicum Pharmaceuticals, Inc. * | 74,300 | 302,401 |
BioCryst Pharmaceuticals, Inc. * | 214,032 | 1,566,714 |
Biohaven Pharmaceutical Holding Co., Ltd. * | 55,339 | 1,994,971 |
BioSpecifics Technologies Corp. * | 10,918 | 668,946 |
BioTime, Inc. *(a) | 174,800 | 340,860 |
Blueprint Medicines Corp. * | 79,748 | 4,846,286 |
Calithera Biosciences, Inc. * | 61,680 | 291,130 |
Calyxt, Inc. * | 14,520 | 174,821 |
Cambrex Corp. * | 62,849 | 3,349,223 |
Cara Therapeutics, Inc. * | 61,627 | 1,154,890 |
CareDx, Inc. * | 63,788 | 1,665,505 |
CASI Pharmaceuticals, Inc. * | 93,000 | 305,040 |
Catalyst Biosciences, Inc. * | 22,100 | 196,690 |
Catalyst Pharmaceuticals, Inc. * | 180,200 | 536,996 |
Celcuity, Inc. * | 10,900 | 305,745 |
Cellular Biomedicine Group, Inc. * | 21,600 | 274,752 |
ChemoCentryx, Inc. * | 43,100 | 466,342 |
Chimerix, Inc. * | 80,346 | 280,408 |
ChromaDex Corp. *(a) | 71,800 | 249,864 |
Clearside Biomedical, Inc. * | 52,100 | 282,382 |
Clovis Oncology, Inc. * | 91,168 | 1,060,284 |
Codexis, Inc. * | 99,086 | 1,542,769 |
Cohbar, Inc. * | 41,500 | 158,945 |
Coherus Biosciences, Inc. * | 98,135 | 1,147,198 |
Collegium Pharmaceutical, Inc. * | 56,974 | 914,433 |
Concert Pharmaceuticals, Inc. * | 39,622 | 591,160 |
Constellation Pharmaceuticals, Inc. * | 7,730 | 47,771 |
Corbus Pharmaceuticals Holdings, Inc. *(a) | 94,500 | 629,370 |
Corcept Therapeutics, Inc. * | 186,085 | 2,186,499 |
Corium International, Inc. * | 50,000 | 632,500 |
Corvus Pharmaceuticals, Inc. * | 25,900 | 196,581 |
Crinetics Pharmaceuticals, Inc. *(a) | 13,190 | 328,563 |
CTI BioPharma Corp. * | 95,500 | 164,260 |
Cue Biopharma, Inc. * | 33,100 | 209,854 |
Cymabay Therapeutics, Inc. * | 113,289 | 1,195,199 |
Cytokinetics, Inc. * | 88,700 | 593,403 |
CytomX Therapeutics, Inc. * | 84,225 | 1,201,048 |
Deciphera Pharmaceuticals, Inc. * | 16,630 | 335,760 |
Denali Therapeutics, Inc. *(a) | 86,180 | 1,247,025 |
Dermira, Inc. * | 66,500 | 834,575 |
Dicerna Pharmaceuticals, Inc. * | 88,331 | 1,162,436 |
Security | Number of Shares | Value ($) |
Dova Pharmaceuticals, Inc. *(a) | 22,000 | 408,320 |
Durect Corp. * | 301,576 | 301,576 |
Dynavax Technologies Corp. * | 119,862 | 1,185,435 |
Eagle Pharmaceuticals, Inc. * | 20,178 | 993,565 |
Editas Medicine, Inc. * | 86,900 | 2,201,177 |
Eidos Therapeutics, Inc. * | 13,780 | 168,529 |
Eloxx Pharmaceuticals, Inc. * | 43,150 | 519,095 |
Emergent BioSolutions, Inc. * | 84,949 | 5,198,029 |
Enanta Pharmaceuticals, Inc. * | 32,100 | 2,476,836 |
Endo International plc * | 430,737 | 7,296,685 |
Endocyte, Inc. * | 124,130 | 2,935,674 |
Enzo Biochem, Inc. * | 80,600 | 267,592 |
Epizyme, Inc. * | 100,800 | 811,440 |
Esperion Therapeutics, Inc. * | 43,614 | 1,981,384 |
Evelo Biosciences, Inc. *(a) | 10,100 | 92,011 |
Evolus, Inc. *(a) | 17,210 | 255,052 |
Fate Therapeutics, Inc. * | 96,260 | 1,199,400 |
Fennec Pharmaceuticals, Inc. * | 21,100 | 153,608 |
FibroGen, Inc. * | 143,911 | 6,169,465 |
Five Prime Therapeutics, Inc. * | 62,800 | 762,392 |
Flexion Therapeutics, Inc. * | 66,782 | 904,228 |
Fluidigm Corp. * | 48,700 | 350,640 |
Fortress Biotech, Inc. * | 56,900 | 47,420 |
Forty Seven, Inc. * | 15,500 | 191,270 |
G1 Therapeutics, Inc. * | 39,726 | 1,589,437 |
Genomic Health, Inc. * | 40,673 | 2,916,661 |
Geron Corp. *(a) | 319,579 | 488,956 |
Global Blood Therapeutics, Inc. * | 95,411 | 3,347,972 |
GlycoMimetics, Inc. * | 64,963 | 817,235 |
GTx, Inc. *(a) | 10,550 | 16,775 |
Halozyme Therapeutics, Inc. * | 238,353 | 3,701,622 |
Harvard Bioscience, Inc. * | 65,500 | 259,380 |
Heron Therapeutics, Inc. * | 131,506 | 3,650,607 |
Homology Medicines, Inc. * | 19,500 | 366,990 |
Horizon Pharma plc * | 318,782 | 5,805,020 |
Idera Pharmaceuticals, Inc. * | 35,991 | 240,060 |
Immune Design, Corp. * | 62,943 | 90,638 |
ImmunoGen, Inc. * | 279,864 | 1,519,662 |
Immunomedics, Inc. * | 273,357 | 6,158,733 |
Innovate Biopharmaceuticals, Inc. *(a) | 34,500 | 145,245 |
Innoviva, Inc. * | 132,097 | 1,844,074 |
Inovio Pharmaceuticals, Inc. * | 161,062 | 794,036 |
Insmed, Inc. * | 146,129 | 2,133,483 |
Insys Therapeutics, Inc. *(a) | 53,079 | 452,764 |
Intellia Therapeutics, Inc. * | 63,409 | 1,076,685 |
Intercept Pharmaceuticals, Inc. * | 41,781 | 4,011,394 |
Intersect ENT, Inc. * | 56,987 | 1,599,055 |
Intra-Cellular Therapies, Inc. * | 85,433 | 1,450,652 |
Intrexon Corp. *(a) | 143,438 | 1,658,143 |
Invitae Corp. * | 125,373 | 1,779,043 |
Iovance Biotherapeutics, Inc. * | 157,066 | 1,426,159 |
Ironwood Pharmaceuticals, Inc. * | 264,470 | 3,464,557 |
Jounce Therapeutics, Inc. * | 31,400 | 126,856 |
Kadmon Holdings, Inc. * | 188,850 | 447,575 |
Kala Pharmaceuticals, Inc. * | 23,464 | 170,114 |
Karyopharm Therapeutics, Inc. * | 91,707 | 966,592 |
Keryx Biopharmaceuticals, Inc. * | 182,334 | 506,889 |
Kezar Life Sciences, Inc. *(a) | 9,770 | 241,612 |
Kindred Biosciences, Inc. * | 58,750 | 854,225 |
Kiniksa Pharmaceuticals Ltd., Class A * | 12,300 | 234,192 |
Kura Oncology, Inc. * | 53,535 | 581,925 |
La Jolla Pharmaceutical Co. *(a) | 41,455 | 675,717 |
Lannett Co., Inc. *(a) | 54,200 | 198,372 |
Lexicon Pharmaceuticals, Inc. * | 80,800 | 632,664 |
Ligand Pharmaceuticals, Inc. * | 40,299 | 6,641,678 |
Liquidia Technologies, Inc. * | 9,260 | 151,679 |
Loxo Oncology, Inc. * | 51,776 | 7,904,124 |
Luminex Corp. | 80,732 | 2,322,660 |
Security | Number of Shares | Value ($) |
MacroGenics, Inc. * | 75,411 | 1,241,265 |
Madrigal Pharmaceuticals, Inc. * | 13,284 | 2,535,384 |
Magenta Therapeutics, Inc. *(a) | 7,670 | 67,266 |
Mallinckrodt plc * | 156,915 | 3,932,290 |
MannKind Corp. *(a) | 261,100 | 477,813 |
Marinus Pharmaceuticals, Inc. * | 67,800 | 317,304 |
MediciNova, Inc. *(a) | 75,800 | 739,808 |
Medpace Holdings, Inc. * | 42,381 | 2,208,050 |
MeiraGTx Holdings plc *(a) | 7,040 | 94,054 |
Melinta Therapeutics, Inc. * | 65,540 | 172,370 |
Menlo Therapeutics, Inc. * | 18,240 | 111,264 |
Mersana Therapeutics, Inc. * | 24,500 | 153,125 |
MiMedx Group, Inc. *(a) | 197,350 | 1,148,577 |
Minerva Neurosciences, Inc. * | 57,100 | 626,387 |
Miragen Therapeutics, Inc. * | 48,000 | 207,360 |
Mirati Therapeutics, Inc. * | 38,150 | 1,425,665 |
Molecular Templates, Inc. * | 16,900 | 72,332 |
Momenta Pharmaceuticals, Inc. * | 146,699 | 1,835,204 |
Mustang Bio, Inc. * | 31,300 | 124,574 |
MyoKardia, Inc. * | 64,978 | 3,439,935 |
Myriad Genetics, Inc. * | 128,193 | 5,772,531 |
NanoString Technologies, Inc. * | 47,550 | 732,745 |
NantKwest, Inc. * | 57,600 | 125,568 |
Natera, Inc. * | 62,270 | 1,367,449 |
NeoGenomics, Inc. * | 123,207 | 2,271,937 |
Neon Therapeutics, Inc. * | 11,980 | 70,203 |
Neos Therapeutics, Inc. * | 56,200 | 175,906 |
NewLink Genetics Corp. * | 48,700 | 92,043 |
Novavax, Inc. * | 735,592 | 1,294,642 |
Nymox Pharmaceutical Corp. *(a) | 60,400 | 105,700 |
Ocular Therapeutix, Inc. * | 63,770 | 316,299 |
Odonate Therapeutics, Inc. * | 12,100 | 175,450 |
Omeros Corp. *(a) | 88,772 | 1,355,548 |
OPKO Health, Inc. *(a) | 623,000 | 2,105,740 |
Optinose, Inc. *(a) | 36,340 | 384,477 |
Organovo Holdings, Inc. *(a) | 230,021 | 232,321 |
Ovid therapeutics, Inc. * | 22,600 | 115,938 |
Pacific Biosciences of California, Inc. * | 234,500 | 1,043,525 |
Pacira Pharmaceuticals, Inc. * | 76,164 | 3,723,658 |
Palatin Technologies, Inc. * | 365,200 | 328,607 |
Paratek Pharmaceuticals, Inc. *(a) | 58,908 | 438,865 |
PDL BioPharma, Inc. * | 271,480 | 675,985 |
Pfenex, Inc. * | 53,960 | 214,221 |
Phibro Animal Health Corp., Class A | 38,000 | 1,630,960 |
Pieris Pharmaceuticals, Inc. * | 96,900 | 399,228 |
PolarityTE, Inc. *(a) | 18,920 | 288,341 |
Portola Pharmaceuticals, Inc. * | 124,473 | 2,450,873 |
Prestige Consumer Healthcare, Inc. * | 99,375 | 3,593,400 |
Progenics Pharmaceuticals, Inc. * | 159,579 | 799,491 |
Proteostasis Therapeutics, Inc. *(a) | 46,900 | 291,249 |
Prothena Corp. plc * | 77,633 | 962,649 |
PTC Therapeutics, Inc. * | 86,462 | 3,330,516 |
Puma Biotechnology, Inc. * | 55,585 | 2,059,424 |
Quanterix Corp. * | 15,960 | 279,460 |
Ra Pharmaceuticals, Inc. * | 28,170 | 403,394 |
Radius Health, Inc. * | 77,334 | 1,224,197 |
Reata Pharmaceuticals, Inc., Class A * | 36,255 | 2,136,507 |
Recro Pharma, Inc. * | 32,600 | 210,596 |
REGENXBIO, Inc. * | 60,405 | 4,027,201 |
Repligen Corp. * | 74,746 | 4,052,728 |
Replimune Group, Inc. * | 14,160 | 182,381 |
resTORbio, Inc. *(a) | 14,800 | 163,688 |
Retrophin, Inc. * | 78,988 | 2,026,832 |
Revance Therapeutics, Inc. * | 64,571 | 1,405,711 |
Rhythm Pharmaceuticals, Inc. * | 28,780 | 806,128 |
Rigel Pharmaceuticals, Inc. * | 319,031 | 915,619 |
Rocket Pharmaceuticals, Inc. * | 40,344 | 639,049 |
Rubius Therapeutics, Inc. * | 23,040 | 378,547 |
Security | Number of Shares | Value ($) |
Sangamo Therapeutics, Inc. * | 193,486 | 2,451,468 |
Savara, Inc. * | 54,240 | 488,160 |
Scholar Rock Holding Corp. * | 11,780 | 276,712 |
scPharmaceuticals, Inc. * | 13,400 | 57,352 |
Selecta Biosciences, Inc. * | 33,700 | 173,218 |
Seres Therapeutics, Inc. * | 41,037 | 281,924 |
Sienna Biopharmaceuticals, Inc. * | 30,497 | 281,487 |
SIGA Technologies, Inc. * | 96,800 | 467,544 |
Solid Biosciences, Inc. * | 23,050 | 737,600 |
Sorrento Therapeutics, Inc. *(a) | 206,736 | 659,488 |
Spark Therapeutics, Inc. * | 60,168 | 2,706,958 |
Spectrum Pharmaceuticals, Inc. * | 195,314 | 2,324,237 |
Spero Therapeutics, Inc. * | 14,527 | 116,507 |
Spring Bank Pharmaceuticals, Inc. *(a) | 26,580 | 267,129 |
Stemline Therapeutics, Inc. * | 54,730 | 819,855 |
Supernus Pharmaceuticals, Inc. * | 93,416 | 4,442,865 |
Surface Oncology, Inc. * | 13,500 | 105,435 |
Syndax Pharmaceuticals, Inc. * | 28,882 | 138,922 |
Syneos Health, Inc. * | 119,365 | 5,446,625 |
Synergy Pharmaceuticals, Inc. *(a) | 466,800 | 194,516 |
Synlogic, Inc. * | 28,800 | 227,808 |
Syros Pharmaceuticals, Inc. * | 49,100 | 323,078 |
T2 Biosystems, Inc. * | 58,780 | 308,595 |
Teligent, Inc. *(a) | 74,300 | 238,503 |
Tetraphase Pharmaceuticals, Inc. * | 100,653 | 206,339 |
TG Therapeutics, Inc. * | 118,841 | 540,727 |
The Medicines Co. * | 131,376 | 3,055,806 |
TherapeuticsMD, Inc. *(a) | 356,803 | 1,744,767 |
Theravance Biopharma, Inc. * | 81,666 | 1,982,034 |
Tocagen, Inc. * | 33,400 | 349,364 |
Translate Bio, Inc. * | 18,590 | 104,662 |
Tricida, Inc. * | 22,070 | 595,890 |
Tyme Technologies, Inc. * | 78,400 | 175,616 |
Ultragenyx Pharmaceutical, Inc. * | 90,770 | 4,397,806 |
UNITY Biotechnology, Inc. *(a) | 9,500 | 105,830 |
Unum Therapeutics, Inc. * | 6,700 | 50,116 |
Vanda Pharmaceuticals, Inc. * | 98,014 | 1,859,326 |
Veracyte, Inc. * | 53,560 | 795,366 |
Verastem, Inc. *(a) | 129,955 | 658,872 |
Vericel Corp. * | 81,243 | 905,859 |
Verrica Pharmaceuticals, Inc. * | 10,970 | 144,804 |
Viking Therapeutics, Inc. *(a) | 98,082 | 1,333,915 |
Vital Therapies, Inc. * | 56,600 | 17,376 |
Voyager Therapeutics, Inc. * | 41,430 | 562,205 |
WaVe Life Sciences Ltd. * | 34,203 | 1,596,938 |
Xencor, Inc. * | 88,346 | 2,890,681 |
Xeris Pharmaceuticals, Inc. * | 12,510 | 274,219 |
XOMA Corp. * | 10,600 | 130,486 |
Zafgen, Inc. * | 57,770 | 560,947 |
ZIOPHARM Oncology, Inc. *(a) | 269,548 | 533,705 |
Zogenix, Inc. * | 80,101 | 3,345,018 |
Zomedica Pharmaceuticals Corp. * | 73,900 | 127,108 |
342,571,412 | ||
Real Estate 7.1% | ||
Acadia Realty Trust | 153,729 | 4,279,815 |
Agree Realty Corp. | 58,100 | 3,327,387 |
Alexander & Baldwin, Inc. | 130,661 | 2,553,116 |
Alexander's, Inc. | 4,111 | 1,295,006 |
Altisource Portfolio Solutions S.A. *(a) | 18,487 | 466,427 |
American Assets Trust, Inc. | 74,284 | 2,849,534 |
American Realty Investors, Inc. *(a) | 3,390 | 51,426 |
Americold Realty Trust | 164,651 | 4,075,112 |
Armada Hoffler Properties, Inc. | 91,915 | 1,376,887 |
Ashford Hospitality Trust, Inc. | 168,182 | 866,137 |
Bluerock Residential Growth REIT, Inc. | 45,408 | 430,014 |
Braemar Hotels & Resorts, Inc. | 56,364 | 599,713 |
Security | Number of Shares | Value ($) |
BRT Apartments Corp. | 18,860 | 219,342 |
CareTrust REIT, Inc. | 155,159 | 2,740,108 |
CatchMark Timber Trust, Inc., Class A | 92,109 | 815,165 |
CBL & Associates Properties, Inc. | 322,300 | 1,063,590 |
Cedar Realty Trust, Inc. | 168,700 | 635,999 |
Chatham Lodging Trust | 87,936 | 1,714,752 |
Chesapeake Lodging Trust | 113,385 | 3,332,385 |
City Office REIT, Inc. | 68,000 | 749,360 |
Clipper Realty, Inc. | 29,212 | 392,609 |
Community Healthcare Trust, Inc. | 32,600 | 968,872 |
Consolidated-Tomoka Land Co. | 7,600 | 440,192 |
CoreCivic, Inc. | 228,129 | 5,123,777 |
CorEnergy Infrastructure Trust, Inc. | 22,260 | 804,254 |
CorePoint Lodging, Inc. | 79,351 | 1,298,976 |
Cousins Properties, Inc. | 804,816 | 6,688,021 |
Cushman & Wakefield plc * | 86,090 | 1,399,823 |
DiamondRock Hospitality Co. | 398,791 | 4,167,366 |
Easterly Government Properties, Inc. | 117,094 | 2,127,598 |
EastGroup Properties, Inc. | 67,475 | 6,463,430 |
Essential Properties Realty Trust, Inc. | 67,370 | 916,232 |
Farmland Partners, Inc. (a) | 59,300 | 406,205 |
First Industrial Realty Trust, Inc. | 238,437 | 7,320,016 |
Forestar Group, Inc. * | 19,770 | 355,860 |
Four Corners Property Trust, Inc. | 129,571 | 3,379,212 |
Franklin Street Properties Corp. | 198,296 | 1,380,140 |
Front Yard Residential Corp. | 94,878 | 879,519 |
FRP Holdings, Inc. * | 13,516 | 655,121 |
Getty Realty Corp. | 62,049 | 1,664,775 |
Gladstone Commercial Corp. | 53,500 | 1,015,965 |
Gladstone Land Corp. | 24,800 | 310,248 |
Global Medical REIT, Inc. | 37,600 | 344,416 |
Global Net Lease, Inc. | 138,715 | 2,808,979 |
Government Properties Income Trust (a) | 187,746 | 1,657,797 |
Griffin Industrial Realty, Inc. | 1,200 | 42,144 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 98,779 | 2,049,664 |
Healthcare Realty Trust, Inc. | 237,588 | 6,619,202 |
Hersha Hospitality Trust | 68,247 | 1,198,417 |
HFF, Inc., Class A | 71,849 | 2,640,451 |
Independence Realty Trust, Inc. | 164,968 | 1,634,833 |
Industrial Logistics Properties Trust (a) | 38,400 | 829,056 |
InfraREIT, Inc. | 84,789 | 1,782,265 |
Innovative Industrial Properties, Inc. | 12,800 | 524,672 |
Investors Real Estate Trust | 226,702 | 1,230,992 |
iStar, Inc. | 124,425 | 1,306,463 |
Jernigan Capital, Inc. | 33,960 | 664,597 |
Kennedy-Wilson Holdings, Inc. | 240,811 | 4,570,593 |
Kite Realty Group Trust | 160,903 | 2,548,704 |
LaSalle Hotel Properties | 210,973 | 6,964,219 |
Lexington Realty Trust | 411,493 | 3,197,301 |
LTC Properties, Inc. | 74,904 | 3,203,644 |
Mack-Cali Realty Corp. | 172,729 | 3,506,399 |
Marcus & Millichap, Inc. * | 37,237 | 1,292,869 |
Maui Land & Pineapple Co., Inc. * | 14,430 | 162,626 |
MedEquities Realty Trust, Inc. | 55,400 | 458,158 |
Monmouth Real Estate Investment Corp. | 148,224 | 2,217,431 |
National Health Investors, Inc. | 78,511 | 5,767,418 |
National Storage Affiliates Trust | 109,427 | 2,914,041 |
New Senior Investment Group, Inc. | 143,516 | 820,912 |
Newmark Group, Inc., Class A | 44,700 | 435,378 |
NexPoint Residential Trust, Inc. | 32,056 | 1,142,476 |
NorthStar Realty Europe Corp. | 84,631 | 1,135,748 |
One Liberty Properties, Inc. | 28,880 | 748,858 |
Pebblebrook Hotel Trust | 131,075 | 4,418,538 |
Pennsylvania Real Estate Investment Trust | 130,957 | 1,172,065 |
Physicians Realty Trust | 350,773 | 5,815,816 |
Piedmont Office Realty Trust, Inc., Class A | 244,608 | 4,407,836 |
PotlatchDeltic Corp. | 117,470 | 4,258,288 |
Security | Number of Shares | Value ($) |
Preferred Apartment Communities, Inc., Class A | 76,337 | 1,286,278 |
PS Business Parks, Inc. | 38,051 | 4,969,461 |
QTS Realty Trust, Inc., Class A | 98,149 | 3,761,070 |
Ramco-Gershenson Properties Trust | 150,421 | 1,997,591 |
RE/MAX Holdings, Inc., Class A | 34,158 | 1,277,168 |
Redfin Corp. *(a) | 152,374 | 2,354,178 |
Retail Opportunity Investments Corp. | 212,061 | 3,730,153 |
Rexford Industrial Realty, Inc. | 174,456 | 5,525,022 |
RLJ Lodging Trust | 333,316 | 6,479,663 |
Ryman Hospitality Properties, Inc. | 85,753 | 6,653,575 |
Sabra Health Care REIT, Inc. | 341,361 | 7,390,466 |
Safety Income & Growth, Inc. | 14,700 | 264,306 |
Saul Centers, Inc. | 22,840 | 1,090,838 |
Select Income REIT | 168,818 | 3,192,348 |
Seritage Growth Properties, Class A (a) | 63,121 | 2,399,860 |
Spirit MTA REIT | 83,203 | 891,104 |
STAG Industrial, Inc. | 202,047 | 5,346,164 |
Stratus Properties, Inc. * | 11,800 | 340,430 |
Summit Hotel Properties, Inc. | 198,016 | 2,281,144 |
Sunstone Hotel Investors, Inc. | 437,536 | 6,331,146 |
Tanger Factory Outlet Centers, Inc. | 175,403 | 3,904,471 |
Tejon Ranch Co. * | 41,092 | 780,748 |
Terreno Realty Corp. | 109,629 | 4,103,413 |
The GEO Group, Inc. | 230,700 | 5,100,777 |
The RMR Group, Inc., Class A | 13,505 | 1,024,759 |
The St. Joe Co. * | 66,563 | 1,011,092 |
Tier REIT, Inc. | 97,519 | 2,113,237 |
Transcontinental Realty Investors, Inc. * | 2,800 | 95,452 |
Trinity Place Holdings, Inc. * | 32,544 | 173,785 |
UMH Properties, Inc. | 63,107 | 904,323 |
Universal Health Realty Income Trust | 24,694 | 1,582,885 |
Urban Edge Properties | 208,804 | 4,278,394 |
Urstadt Biddle Properties, Inc., Class A | 55,674 | 1,108,469 |
Washington Prime Group, Inc. | 355,878 | 2,277,619 |
Washington Real Estate Investment Trust | 150,560 | 4,196,107 |
Whitestone REIT | 71,600 | 963,736 |
Xenia Hotels & Resorts, Inc. | 214,942 | 4,417,058 |
273,691,042 | ||
Retailing 4.6% | ||
1-800-FLOWERS.COM, Inc., Class A * | 51,800 | 541,310 |
Aaron's, Inc. | 132,948 | 6,265,839 |
Abercrombie & Fitch Co., Class A | 131,214 | 2,584,916 |
America's Car-Mart, Inc. * | 11,414 | 854,909 |
American Eagle Outfitters, Inc. | 309,828 | 7,144,634 |
Asbury Automotive Group, Inc. * | 38,911 | 2,533,106 |
Ascena Retail Group, Inc. * | 335,663 | 1,292,303 |
At Home Group, Inc. * | 85,347 | 2,333,387 |
Barnes & Noble Education, Inc. * | 71,495 | 408,236 |
Barnes & Noble, Inc. | 113,990 | 721,557 |
Bed Bath & Beyond, Inc. | 256,786 | 3,528,240 |
Big 5 Sporting Goods Corp. (a) | 40,484 | 142,099 |
Big Lots, Inc. | 76,813 | 3,189,276 |
Boot Barn Holdings, Inc. * | 52,351 | 1,292,023 |
Caleres, Inc. | 81,375 | 2,783,025 |
Camping World Holdings, Inc., Class A (a) | 61,800 | 1,059,870 |
Carvana Co. * | 61,875 | 2,397,656 |
Chico's FAS, Inc. | 244,122 | 1,872,416 |
Citi Trends, Inc. | 24,846 | 629,349 |
Conn's, Inc. * | 37,400 | 1,038,972 |
Core-Mark Holding Co., Inc. | 87,023 | 3,342,553 |
Dillard's, Inc., Class A (a) | 22,047 | 1,552,550 |
DSW, Inc., Class A | 130,920 | 3,475,926 |
Duluth Holdings, Inc., Class B * | 15,320 | 470,784 |
Etsy, Inc. * | 229,167 | 9,744,181 |
Express, Inc. * | 141,866 | 1,249,839 |
Security | Number of Shares | Value ($) |
Five Below, Inc. * | 104,694 | 11,916,271 |
Francesca's Holdings Corp. * | 64,500 | 196,080 |
Funko, Inc., Class A * | 19,400 | 365,690 |
Gaia, Inc. * | 22,400 | 327,264 |
GameStop Corp., Class A (a) | 191,897 | 2,801,696 |
Genesco, Inc. * | 37,366 | 1,598,891 |
GNC Holdings, Inc., Class A * | 153,100 | 563,408 |
Group 1 Automotive, Inc. | 37,155 | 2,145,330 |
Groupon, Inc. * | 840,580 | 2,748,697 |
Guess?, Inc. | 109,863 | 2,333,490 |
Haverty Furniture Cos., Inc. | 36,520 | 740,626 |
Hibbett Sports, Inc. * | 35,775 | 624,989 |
Hudson Ltd., Class A * | 77,080 | 1,629,471 |
J. Jill, Inc. * | 30,400 | 153,520 |
J.C. Penney Co., Inc. *(a) | 602,888 | 886,245 |
Kirkland's, Inc. * | 28,510 | 288,236 |
Lands' End, Inc. * | 19,600 | 319,676 |
Leaf Group Ltd. * | 32,500 | 284,375 |
Liberty Expedia Holdings, Inc., Class A * | 104,656 | 4,544,163 |
Liquidity Services, Inc. * | 47,500 | 282,150 |
Lithia Motors, Inc., Class A | 43,843 | 3,905,534 |
Lumber Liquidators Holdings, Inc. * | 54,198 | 648,208 |
MarineMax, Inc. * | 49,257 | 1,121,089 |
Monro, Inc. | 60,718 | 4,517,419 |
Murphy USA, Inc. * | 57,841 | 4,663,720 |
National Vision Holdings, Inc. * | 92,709 | 3,840,934 |
New York & Co., Inc. * | 53,300 | 211,068 |
Nutrisystem, Inc. | 56,450 | 2,007,362 |
Office Depot, Inc. | 1,061,452 | 2,717,317 |
Ollie's Bargain Outlet Holdings, Inc. * | 95,441 | 8,866,469 |
Overstock.com, Inc. *(a) | 39,707 | 798,905 |
Party City Holdco, Inc. * | 107,326 | 1,123,703 |
PetMed Express, Inc. | 38,340 | 1,071,220 |
Pier 1 Imports, Inc. | 144,900 | 230,391 |
Quotient Technology, Inc. * | 152,211 | 1,958,956 |
Remark Holdings, Inc. *(a) | 50,900 | 115,543 |
Rent-A-Center, Inc. * | 85,180 | 1,213,815 |
RH *(a) | 36,764 | 4,253,962 |
Sally Beauty Holdings, Inc. * | 229,911 | 4,094,715 |
Shoe Carnival, Inc. | 20,605 | 839,242 |
Shutterfly, Inc. * | 63,018 | 3,150,900 |
Shutterstock, Inc. | 35,946 | 1,469,472 |
Signet Jewelers Ltd. | 113,360 | 6,353,828 |
Sleep Number Corp. * | 66,441 | 2,416,459 |
Sonic Automotive, Inc., Class A | 46,274 | 838,485 |
Sportsman's Warehouse Holdings, Inc. * | 69,910 | 351,647 |
Stamps.com, Inc. * | 33,776 | 6,828,494 |
Tailored Brands, Inc. | 96,172 | 2,020,574 |
The Buckle, Inc. (a) | 55,233 | 1,126,753 |
The Cato Corp., Class A | 43,100 | 830,968 |
The Children's Place, Inc. | 31,086 | 4,644,248 |
The Container Store Group, Inc. * | 29,700 | 175,527 |
Tile Shop Holdings, Inc. | 77,415 | 503,197 |
Tilly's, Inc., Class A | 28,490 | 505,413 |
Weyco Group, Inc. | 11,200 | 354,368 |
Winmark Corp. | 4,810 | 739,249 |
Zumiez, Inc. * | 35,538 | 826,614 |
178,534,992 | ||
Semiconductors & Semiconductor Equipment 2.4% | ||
ACM Research, Inc., Class A * | 15,000 | 143,250 |
Adesto Technologies Corp. * | 46,890 | 187,091 |
Advanced Energy Industries, Inc. * | 74,868 | 3,221,570 |
Alpha & Omega Semiconductor Ltd. * | 37,700 | 349,479 |
Ambarella, Inc. * | 61,950 | 2,154,621 |
Amkor Technology, Inc. * | 195,002 | 1,394,264 |
Aquantia Corp. * | 42,090 | 402,381 |
Security | Number of Shares | Value ($) |
Axcelis Technologies, Inc. * | 61,684 | 1,064,666 |
AXT, Inc. * | 74,320 | 489,769 |
Brooks Automation, Inc. | 133,783 | 4,151,287 |
Cabot Microelectronics Corp. | 48,941 | 4,777,621 |
CEVA, Inc. * | 42,498 | 1,047,151 |
Cirrus Logic, Inc. * | 117,937 | 4,415,561 |
Cohu, Inc. | 77,086 | 1,603,389 |
Cree, Inc. * | 193,113 | 7,496,647 |
Diodes, Inc. * | 76,847 | 2,320,011 |
Entegris, Inc. | 272,819 | 7,240,616 |
FormFactor, Inc. * | 143,451 | 1,755,840 |
Ichor Holdings Ltd. *(a) | 45,436 | 806,489 |
Impinj, Inc. *(a) | 30,872 | 605,091 |
Inphi Corp. * | 83,577 | 2,674,464 |
Integrated Device Technology, Inc. * | 248,131 | 11,615,012 |
Kopin Corp. * | 118,000 | 263,140 |
Lattice Semiconductor Corp. * | 223,368 | 1,342,442 |
MACOM Technology Solutions Holdings, Inc. * | 86,369 | 1,215,212 |
MaxLinear, Inc. * | 118,835 | 2,306,587 |
Nanometrics, Inc. * | 43,304 | 1,388,326 |
NeoPhotonics Corp. * | 68,473 | 547,784 |
NVE Corp. | 9,000 | 762,300 |
PDF Solutions, Inc. * | 54,400 | 435,200 |
Photronics, Inc. * | 129,937 | 1,265,586 |
Power Integrations, Inc. | 54,752 | 3,083,633 |
Rambus, Inc. * | 203,203 | 1,769,898 |
Rudolph Technologies, Inc. * | 60,037 | 1,248,169 |
Semtech Corp. * | 124,861 | 5,611,253 |
Silicon Laboratories, Inc. * | 82,302 | 6,710,082 |
SMART Global Holdings, Inc. * | 18,700 | 523,787 |
SunPower Corp. *(a) | 118,400 | 711,584 |
Synaptics, Inc. * | 67,339 | 2,527,906 |
Ultra Clean Holdings, Inc. * | 72,200 | 759,544 |
Veeco Instruments, Inc. * | 91,055 | 865,933 |
Xperi Corp. | 93,709 | 1,218,217 |
94,472,853 | ||
Software & Services 7.0% | ||
8x8, Inc. * | 177,412 | 3,049,712 |
A10 Networks, Inc. * | 99,019 | 575,300 |
ACI Worldwide, Inc. * | 219,833 | 5,515,610 |
Agilysys, Inc. * | 30,900 | 502,743 |
Alarm.com Holdings, Inc. * | 58,969 | 2,622,941 |
Altair Engineering, Inc., Class A * | 57,997 | 2,212,006 |
Alteryx, Inc., Class A * | 55,960 | 2,965,320 |
Amber Road, Inc. * | 44,100 | 392,490 |
American Software, Inc., Class A | 55,860 | 642,949 |
Appfolio, Inc., Class A * | 29,366 | 1,676,799 |
Apptio, Inc., Class A * | 65,868 | 1,705,981 |
Asure Software, Inc. * | 23,660 | 263,572 |
Avalara, Inc. *(a) | 16,430 | 550,734 |
Avaya Holdings Corp. * | 199,611 | 3,277,613 |
Benefitfocus, Inc. * | 43,595 | 1,548,930 |
Blackbaud, Inc. | 92,564 | 6,638,690 |
Blackline, Inc. * | 68,687 | 3,185,703 |
Bottomline Technologies de, Inc. * | 77,146 | 5,141,009 |
Box, Inc., Class A * | 237,702 | 4,278,636 |
Brightcove, Inc. * | 67,610 | 542,232 |
CACI International, Inc., Class A * | 46,935 | 8,376,020 |
Carbon Black, Inc. * | 15,100 | 248,697 |
Carbonite, Inc. * | 60,529 | 2,070,697 |
Cardtronics plc, Class A * | 75,710 | 2,056,284 |
Cass Information Systems, Inc. | 22,885 | 1,512,698 |
ChannelAdvisor Corp. * | 49,700 | 575,526 |
Cision Ltd. * | 104,564 | 1,546,502 |
Cloudera, Inc. * | 196,836 | 2,708,463 |
Security | Number of Shares | Value ($) |
CommVault Systems, Inc. * | 75,517 | 4,396,600 |
ConvergeOne Holdings, Inc. | 51,200 | 477,184 |
Cornerstone OnDemand, Inc. * | 103,795 | 5,111,904 |
Coupa Software, Inc. * | 102,061 | 6,616,615 |
CSG Systems International, Inc. | 63,390 | 2,224,989 |
Digimarc Corp. *(a) | 21,742 | 546,376 |
Domo, Inc., Class B * | 15,160 | 246,047 |
Ebix, Inc. | 46,004 | 2,636,489 |
eGain Corp. * | 32,900 | 245,763 |
Ellie Mae, Inc. * | 65,611 | 4,348,697 |
Endurance International Group Holdings, Inc. * | 134,694 | 1,329,430 |
Envestnet, Inc. * | 84,926 | 4,417,851 |
Everbridge, Inc. * | 51,115 | 2,598,175 |
Everi Holdings, Inc. * | 125,770 | 905,544 |
EVERTEC, Inc. | 116,010 | 3,025,541 |
Evo Payments, Inc., Class A * | 30,700 | 728,818 |
Exela Technologies, Inc. * | 88,800 | 541,680 |
ExlService Holdings, Inc. * | 64,194 | 4,114,835 |
Five9, Inc. * | 109,367 | 4,304,685 |
ForeScout Technologies, Inc. * | 58,175 | 1,602,139 |
Fusion Connect, Inc. * | 38,900 | 96,861 |
GTT Communications, Inc. *(a) | 81,066 | 2,910,269 |
Hortonworks, Inc. * | 135,039 | 2,411,797 |
HubSpot, Inc. * | 69,525 | 9,431,066 |
I3 Verticals, Inc., Class A * | 14,610 | 313,969 |
Imperva, Inc. * | 66,620 | 3,687,417 |
Information Services Group, Inc. * | 61,760 | 253,834 |
Instructure, Inc. * | 60,819 | 2,270,981 |
Internap Corp. * | 36,985 | 316,961 |
j2 Global, Inc. | 89,575 | 6,524,643 |
Limelight Networks, Inc. * | 207,836 | 837,579 |
LivePerson, Inc. * | 111,551 | 2,521,053 |
LiveRamp Holdings, Inc. * | 147,285 | 6,727,979 |
Majesco * | 9,500 | 70,110 |
ManTech International Corp., Class A | 50,595 | 2,898,082 |
MAXIMUS, Inc. | 122,059 | 7,930,173 |
MicroStrategy, Inc., Class A * | 18,166 | 2,288,371 |
MINDBODY, Inc., Class A * | 83,261 | 2,651,030 |
Mitek Systems, Inc. * | 60,900 | 558,453 |
MobileIron, Inc. * | 140,816 | 680,845 |
Model N, Inc. * | 50,040 | 768,614 |
MoneyGram International, Inc. * | 61,251 | 259,704 |
Monotype Imaging Holdings, Inc. | 79,400 | 1,391,882 |
New Relic, Inc. * | 85,086 | 7,593,925 |
NIC, Inc. | 122,838 | 1,634,974 |
OneSpan, Inc. * | 60,856 | 893,062 |
Park City Group, Inc. *(a) | 25,000 | 215,750 |
Paylocity Holding Corp. * | 55,201 | 3,631,674 |
Perficient, Inc. * | 65,344 | 1,634,907 |
Perspecta, Inc. | 275,961 | 6,758,285 |
PFSweb, Inc. * | 28,700 | 203,483 |
Presidio, Inc. | 61,300 | 821,420 |
PRGX Global, Inc. * | 38,800 | 332,904 |
Progress Software Corp. | 86,583 | 2,782,778 |
PROS Holdings, Inc. * | 59,936 | 1,973,093 |
Q2 Holdings, Inc. * | 69,927 | 3,722,214 |
QAD, Inc., Class A | 19,821 | 841,005 |
Qualys, Inc. * | 64,817 | 4,617,563 |
Rapid7, Inc. * | 69,409 | 2,515,382 |
Rimini Street, Inc. * | 18,800 | 134,420 |
SailPoint Technologies Holding, Inc. * | 100,294 | 2,611,656 |
Science Applications International Corp. | 81,259 | 5,648,313 |
SecureWorks Corp., Class A * | 17,800 | 293,522 |
SendGrid, Inc. * | 55,880 | 2,029,562 |
ServiceSource International, Inc. * | 144,500 | 192,185 |
ShotSpotter, Inc. * | 14,067 | 544,112 |
SPS Commerce, Inc. * | 32,163 | 2,994,054 |
Security | Number of Shares | Value ($) |
Sykes Enterprises, Inc. * | 75,403 | 2,312,610 |
Telaria, Inc. * | 82,400 | 241,432 |
Telenav, Inc. * | 62,009 | 264,158 |
Tenable Holdings, Inc. * | 23,770 | 676,970 |
The Hackett Group, Inc. | 45,600 | 933,432 |
The Trade Desk, Inc., Class A * | 62,467 | 7,717,798 |
TiVo Corp. | 229,954 | 2,529,494 |
Travelport Worldwide Ltd. | 239,610 | 3,584,566 |
TTEC Holdings, Inc. | 26,900 | 670,348 |
Tucows, Inc., Class A *(a) | 18,247 | 915,634 |
Unisys Corp. * | 96,495 | 1,776,473 |
Upland Software, Inc. * | 30,139 | 950,584 |
Varonis Systems, Inc. * | 53,805 | 3,285,871 |
Verint Systems, Inc. * | 121,949 | 5,569,411 |
Veritone, Inc. * | 15,300 | 105,570 |
VirnetX Holding Corp. *(a) | 108,500 | 358,050 |
Virtusa Corp. * | 54,230 | 2,689,266 |
Workiva, Inc. * | 54,439 | 1,855,826 |
Yext, Inc. * | 155,195 | 2,982,848 |
Zix Corp. * | 101,840 | 686,402 |
Zscaler, Inc. * | 26,796 | 972,427 |
270,304,305 | ||
Technology Hardware & Equipment 4.3% | ||
3D Systems Corp. * | 208,304 | 2,516,312 |
Acacia Communications, Inc. * | 52,127 | 1,796,818 |
ADTRAN, Inc. | 91,986 | 1,236,292 |
Aerohive Networks, Inc. * | 58,800 | 225,204 |
Anixter International, Inc. * | 56,251 | 3,695,128 |
Applied Optoelectronics, Inc. *(a) | 35,500 | 696,865 |
Arlo Technologies, Inc. *(a) | 22,480 | 305,503 |
Avid Technology, Inc. * | 53,873 | 285,527 |
AVX Corp. | 90,462 | 1,508,906 |
Badger Meter, Inc. | 54,656 | 2,684,156 |
Bel Fuse, Inc., Class B | 18,978 | 417,516 |
Belden, Inc. | 77,790 | 4,204,549 |
Benchmark Electronics, Inc. | 90,369 | 1,972,755 |
CalAmp Corp. * | 64,997 | 1,296,040 |
Calix, Inc. * | 86,015 | 627,909 |
Casa Systems, Inc. * | 51,240 | 737,856 |
Ciena Corp. * | 274,502 | 8,580,933 |
Clearfield, Inc. * | 21,200 | 254,824 |
Comtech Telecommunications Corp. | 44,800 | 1,250,816 |
Control4 Corp. * | 50,603 | 1,412,836 |
Cray, Inc. * | 76,500 | 1,735,785 |
CTS Corp. | 62,369 | 1,664,629 |
Daktronics, Inc. | 69,000 | 504,390 |
DASAN Zhone Solutions, Inc. * | 11,000 | 143,000 |
Diebold Nixdorf, Inc. | 144,233 | 562,509 |
Digi International, Inc. * | 50,390 | 584,524 |
Eastman Kodak Co. *(a) | 33,200 | 81,008 |
Electro Scientific Industries, Inc. * | 61,264 | 1,776,656 |
Electronics For Imaging, Inc. * | 85,061 | 2,590,107 |
ePlus, Inc. * | 25,818 | 2,191,432 |
Extreme Networks, Inc. * | 218,873 | 1,214,745 |
Fabrinet * | 68,956 | 2,987,174 |
FARO Technologies, Inc. * | 32,109 | 1,622,789 |
Finisar Corp. * | 223,863 | 3,736,273 |
Fitbit, Inc., Class A * | 401,720 | 1,900,136 |
Harmonic, Inc. * | 159,800 | 880,498 |
II-VI, Inc. * | 118,789 | 4,422,514 |
Immersion Corp. * | 48,979 | 490,280 |
Infinera Corp. * | 285,231 | 1,580,180 |
Insight Enterprises, Inc. * | 67,101 | 3,468,451 |
InterDigital, Inc. | 66,422 | 4,712,641 |
Iteris, Inc. * | 45,970 | 198,590 |
Itron, Inc. * | 65,377 | 3,408,757 |
Security | Number of Shares | Value ($) |
KEMET Corp. * | 107,611 | 2,343,768 |
Kimball Electronics, Inc. * | 50,300 | 925,520 |
Knowles Corp. * | 166,545 | 2,694,698 |
KVH Industries, Inc. * | 30,800 | 380,380 |
Lumentum Holdings, Inc. * | 120,237 | 6,570,952 |
Maxwell Technologies, Inc. * | 77,690 | 228,409 |
Mesa Laboratories, Inc. | 6,490 | 1,185,658 |
Methode Electronics, Inc. | 68,879 | 2,038,818 |
MTS Systems Corp. | 33,875 | 1,603,981 |
Napco Security Technologies, Inc. * | 21,900 | 308,133 |
NETGEAR, Inc. * | 59,542 | 3,303,390 |
NetScout Systems, Inc. * | 148,561 | 3,752,651 |
nLight, Inc. * | 13,000 | 231,920 |
Novanta, Inc. * | 62,436 | 3,634,400 |
Oclaro, Inc. * | 320,919 | 2,637,954 |
OSI Systems, Inc. * | 32,130 | 2,222,111 |
PAR Technology Corp. * | 21,200 | 375,240 |
Park Electrochemical Corp. | 39,046 | 689,552 |
PC Connection, Inc. | 21,700 | 719,138 |
Plantronics, Inc. | 63,894 | 3,767,829 |
Plexus Corp. * | 61,087 | 3,567,481 |
Quantenna Communications, Inc. * | 65,012 | 1,167,616 |
Ribbon Communications, Inc. * | 98,311 | 668,515 |
Rogers Corp. * | 35,379 | 4,353,740 |
Sanmina Corp. * | 129,562 | 3,277,919 |
ScanSource, Inc. * | 48,832 | 1,898,588 |
Stratasys Ltd. * | 96,333 | 1,836,107 |
SYNNEX Corp. | 79,872 | 6,198,866 |
Tech Data Corp. * | 73,415 | 5,187,504 |
TTM Technologies, Inc. * | 178,875 | 2,092,837 |
USA Technologies, Inc. * | 107,733 | 624,851 |
ViaSat, Inc. * | 106,341 | 6,780,302 |
Viavi Solutions, Inc. * | 436,649 | 5,034,563 |
Vishay Intertechnology, Inc. | 255,280 | 4,671,624 |
Vishay Precision Group, Inc. * | 19,400 | 629,530 |
165,768,358 | ||
Telecommunication Services 0.8% | ||
ATN International, Inc. | 20,081 | 1,696,644 |
Boingo Wireless, Inc. * | 78,251 | 2,451,604 |
Cincinnati Bell, Inc. * | 87,865 | 1,246,804 |
Cogent Communications Holdings, Inc. | 80,462 | 4,182,415 |
Consolidated Communications Holdings, Inc. | 133,953 | 1,677,092 |
Frontier Communications Corp. (a) | 197,359 | 949,297 |
Gogo, Inc. *(a) | 113,166 | 647,309 |
Intelsat S.A. * | 87,339 | 2,276,054 |
Iridium Communications, Inc. * | 183,237 | 3,629,925 |
NII Holdings, Inc. * | 169,268 | 1,052,847 |
Ooma, Inc. * | 34,480 | 518,579 |
ORBCOMM, Inc. * | 142,537 | 1,358,378 |
pdvWireless, Inc. * | 17,505 | 708,952 |
Shenandoah Telecommunications Co. | 88,906 | 3,380,206 |
Spok Holdings, Inc. | 36,000 | 504,720 |
Vonage Holdings Corp. * | 424,240 | 5,625,422 |
Windstream Holdings, Inc. * | 74,196 | 305,688 |
32,211,936 | ||
Transportation 1.4% | ||
Air Transport Services Group, Inc. * | 111,476 | 2,184,930 |
Allegiant Travel Co. | 24,666 | 2,815,377 |
ArcBest Corp. | 49,893 | 1,852,028 |
Atlas Air Worldwide Holdings, Inc. * | 45,333 | 2,340,089 |
Avis Budget Group, Inc. * | 127,265 | 3,578,692 |
Costamare, Inc. | 94,649 | 501,640 |
Security | Number of Shares | Value ($) |
Covenant Transportation Group, Inc., Class A * | 23,794 | 595,564 |
Daseke, Inc. * | 76,700 | 466,336 |
Eagle Bulk Shipping, Inc. * | 93,048 | 464,310 |
Echo Global Logistics, Inc. * | 53,476 | 1,374,868 |
Forward Air Corp. | 56,496 | 3,389,195 |
Genco Shipping & Trading Ltd. * | 19,270 | 212,355 |
Hawaiian Holdings, Inc. | 96,242 | 3,330,936 |
Heartland Express, Inc. | 90,248 | 1,757,129 |
Hertz Global Holdings, Inc. * | 104,400 | 1,435,500 |
Hub Group, Inc., Class A * | 62,987 | 2,886,064 |
Marten Transport Ltd. | 74,608 | 1,436,950 |
Matson, Inc. | 80,431 | 2,821,520 |
Mesa Air Group, Inc. * | 18,360 | 265,302 |
P.A.M. Transportation Services, Inc. * | 4,100 | 240,342 |
Radiant Logistics, Inc. * | 76,687 | 417,177 |
Safe Bulkers, Inc. * | 112,200 | 283,866 |
Saia, Inc. * | 48,951 | 3,077,060 |
Scorpio Bulkers, Inc. | 113,298 | 720,575 |
SkyWest, Inc. | 97,869 | 5,606,915 |
Spirit Airlines, Inc. * | 131,578 | 6,828,898 |
Universal Logistics Holdings, Inc. | 15,847 | 430,563 |
US Xpress Enterprises, Inc., Class A * | 39,610 | 381,444 |
USA Truck, Inc. * | 14,700 | 289,149 |
Werner Enterprises, Inc. | 91,348 | 2,940,492 |
YRC Worldwide, Inc. * | 61,520 | 508,155 |
55,433,421 | ||
Utilities 3.4% | ||
ALLETE, Inc. | 98,634 | 7,298,916 |
American States Water Co. | 70,360 | 4,307,439 |
AquaVenture Holdings Ltd. * | 20,900 | 350,075 |
Artesian Resources Corp., Class A | 16,100 | 589,099 |
Atlantic Power Corp. * | 214,100 | 471,020 |
Avista Corp. | 125,368 | 6,446,423 |
Black Hills Corp. | 102,563 | 6,102,498 |
Cadiz, Inc. *(a) | 42,600 | 473,712 |
California Water Service Group | 91,580 | 3,846,360 |
Chesapeake Utilities Corp. | 30,221 | 2,401,058 |
Clearway Energy, Inc., Class A | 67,733 | 1,315,375 |
Clearway Energy, Inc., Class C | 131,654 | 2,581,735 |
Connecticut Water Service, Inc. | 22,900 | 1,582,848 |
Consolidated Water Co., Ltd. | 27,876 | 342,875 |
El Paso Electric Co. | 77,883 | 4,443,225 |
Global Water Resources, Inc. | 21,700 | 241,738 |
IDACORP, Inc. | 96,498 | 8,999,403 |
MGE Energy, Inc. | 66,760 | 4,171,165 |
Middlesex Water Co. | 30,555 | 1,374,975 |
New Jersey Resources Corp. | 166,962 | 7,529,986 |
Northwest Natural Holding Co. | 54,578 | 3,536,109 |
NorthWestern Corp. | 96,858 | 5,691,376 |
ONE Gas, Inc. | 99,658 | 7,864,013 |
Ormat Technologies, Inc. | 75,930 | 3,885,338 |
Otter Tail Corp. | 75,443 | 3,400,216 |
Pattern Energy Group, Inc., Class A | 156,242 | 2,799,857 |
PNM Resources, Inc. | 152,881 | 5,872,159 |
Portland General Electric Co. | 170,988 | 7,708,139 |
Pure Cycle Corp. * | 34,440 | 347,500 |
RGC Resources, Inc. | 14,400 | 408,672 |
SJW Group. | 32,930 | 1,999,839 |
South Jersey Industries, Inc. | 165,014 | 4,874,514 |
Southwest Gas Holdings, Inc. | 94,044 | 7,266,780 |
Spark Energy, Inc., Class A | 20,700 | 154,422 |
Spire, Inc. | 94,299 | 6,844,221 |
TerraForm Power, Inc., Class A | 139,523 | 1,572,424 |
Security | Number of Shares | Value ($) |
The York Water Co. | 23,900 | 744,246 |
Unitil Corp. | 27,903 | 1,325,671 |
131,165,421 | ||
Total Common Stock | ||
(Cost $2,978,324,544) | 3,854,201,844 | |
Rights 0.0% of net assets | ||
Materials 0.0% | ||
A. Schulman, Inc. CVR *(b) | 50,881 | 97,183 |
Media & Entertainment 0.0% | ||
Media General, Inc. CVR *(b) | 174,886 | 14,883 |
Pharmaceuticals, Biotechnology & Life Sciences* 0.0% | ||
Omthera Pharmaceutical CVR *(b) | 8,400 | — |
Tobira Therapeutics, Inc. *(b) | 14,029 | 158,825 |
158,825 | ||
Total Rights | ||
(Cost $98,025) | 270,891 | |
Other Investment Company 2.0% of net assets | ||
Securities Lending Collateral 2.0% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 78,767,055 | 78,767,055 |
Total Other Investment Company | ||
(Cost $78,767,055) | 78,767,055 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investments 0.3% of net assets | ||
Time Deposits 0.3% | ||
BNP Paribas | ||
1.54%, 11/01/18 (d) | 2,753,291 | 2,753,291 |
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (d) | 8,862,175 | 8,862,175 |
Total Short-Term Investments | ||
(Cost $11,615,466) | 11,615,466 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 242 | 18,293,990 | (264,426) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $76,500,514. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 0.8% | ||
Adient plc | 26,996 | 821,218 |
American Axle & Manufacturing Holdings, Inc. * | 32,208 | 488,595 |
Aptiv plc | 79,896 | 6,136,013 |
Autoliv, Inc. | 27,094 | 2,258,014 |
BorgWarner, Inc. | 64,669 | 2,548,605 |
Cooper Tire & Rubber Co. | 16,286 | 503,075 |
Cooper-Standard Holding, Inc. * | 4,777 | 442,589 |
Dana, Inc. | 42,583 | 663,017 |
Delphi Technologies plc | 26,547 | 569,168 |
Dorman Products, Inc. * | 9,233 | 729,499 |
Ford Motor Co. | 1,179,665 | 11,265,801 |
Fox Factory Holding Corp. * | 11,216 | 602,636 |
Garrett Motion, Inc. * | 22,129 | 335,697 |
General Motors Co. | 396,904 | 14,522,717 |
Gentex Corp. | 81,500 | 1,715,575 |
Gentherm, Inc. * | 11,532 | 503,256 |
Harley-Davidson, Inc. | 50,079 | 1,914,019 |
Horizon Global Corp. * | 7,128 | 39,988 |
LCI Industries | 8,433 | 584,829 |
Lear Corp. | 19,474 | 2,588,095 |
Modine Manufacturing Co. * | 17,500 | 227,675 |
Motorcar Parts of America, Inc. * | 5,552 | 117,591 |
Shiloh Industries, Inc. * | 4,387 | 39,878 |
Standard Motor Products, Inc. | 7,318 | 395,977 |
Stoneridge, Inc. * | 7,541 | 191,617 |
Strattec Security Corp. | 1,500 | 50,550 |
Superior Industries International, Inc. | 7,091 | 69,705 |
Tenneco, Inc., Class A | 15,201 | 523,370 |
Tesla, Inc. * | 40,822 | 13,770,077 |
The Goodyear Tire & Rubber Co. | 71,522 | 1,506,253 |
Thor Industries, Inc. | 15,580 | 1,084,991 |
Tower International, Inc. | 6,203 | 184,167 |
Veoneer, Inc. * | 27,094 | 909,817 |
Visteon Corp. * | 8,764 | 692,707 |
VOXX International Corp. * | 9,100 | 46,410 |
Winnebago Industries, Inc. | 9,427 | 259,808 |
69,302,999 | ||
Banks 6.3% | ||
1st Source Corp. | 5,295 | 246,694 |
Access National Corp. | 5,827 | 151,327 |
ACNB Corp. | 1,900 | 76,190 |
Allegiance Bancshares, Inc. * | 4,113 | 159,214 |
American National Bankshares, Inc. | 4,840 | 174,676 |
Ameris Bancorp | 11,839 | 507,775 |
Ames National Corp. | 4,016 | 110,400 |
Arrow Financial Corp. | 4,336 | 152,367 |
Associated Banc-Corp. | 51,177 | 1,186,283 |
Atlantic Capital Bancshares, Inc. * | 7,985 | 120,334 |
Axos Financial, Inc. * | 16,578 | 503,308 |
Banc of California, Inc. | 10,980 | 175,131 |
BancFirst Corp. | 5,588 | 320,639 |
BancorpSouth Bank | 26,909 | 772,288 |
Security | Number of Shares | Value ($) |
Bank of America Corp. | 2,810,688 | 77,293,920 |
Bank of Commerce Holdings | 5,000 | 59,700 |
Bank of Hawaii Corp. | 12,593 | 987,795 |
Bank of Marin Bancorp | 1,871 | 159,016 |
Bank OZK | 35,280 | 965,261 |
BankFinancial Corp. | 4,321 | 61,013 |
BankUnited, Inc. | 30,596 | 1,012,728 |
Bankwell Financial Group, Inc. | 2,000 | 60,640 |
Banner Corp. | 10,170 | 588,029 |
Bar Harbor Bankshares | 5,502 | 140,686 |
BB&T Corp. | 233,899 | 11,498,475 |
BCB Bancorp, Inc. | 4,200 | 52,248 |
Beneficial Bancorp, Inc. | 22,259 | 347,908 |
Berkshire Hills Bancorp, Inc. | 14,788 | 493,476 |
Blue Hills Bancorp, Inc. | 10,353 | 240,293 |
BOK Financial Corp. | 9,534 | 817,350 |
Boston Private Financial Holdings, Inc. | 28,203 | 380,741 |
Bridge Bancorp, Inc. | 5,500 | 163,350 |
Brookline Bancorp, Inc. | 26,142 | 405,201 |
Bryn Mawr Bank Corp. | 6,152 | 245,711 |
BSB Bancorp, Inc. * | 2,391 | 68,861 |
Business First Bancshares, Inc. | 3,200 | 84,384 |
Byline Bancorp, Inc. * | 4,600 | 101,200 |
C&F Financial Corp. | 1,200 | 58,260 |
Cadence BanCorp | 22,207 | 489,886 |
Cambridge Bancorp | 1,017 | 86,954 |
Camden National Corp. | 5,941 | 240,908 |
Capital City Bank Group, Inc. | 5,225 | 123,833 |
Capitol Federal Financial, Inc. | 48,563 | 602,667 |
Carolina Financial Corp. | 7,600 | 251,484 |
Cathay General Bancorp | 25,355 | 955,123 |
CB Financial Services, Inc. (a) | 1,482 | 41,096 |
CBTX, Inc. | 5,200 | 172,796 |
CenterState Bank Corp. | 24,569 | 603,906 |
Central Pacific Financial Corp. | 8,622 | 233,139 |
Central Valley Community Bancorp | 2,967 | 60,052 |
Century Bancorp, Inc., Class A | 1,223 | 91,872 |
Chemical Financial Corp. | 20,770 | 973,282 |
CIT Group, Inc. | 33,651 | 1,594,384 |
Citigroup, Inc. | 761,031 | 49,817,089 |
Citizens & Northern Corp. | 7,439 | 187,314 |
Citizens Financial Group, Inc. | 143,869 | 5,373,507 |
City Holding Co. | 4,597 | 339,167 |
Civista Bancshares, Inc. | 8,296 | 192,135 |
CNB Financial Corp. | 5,361 | 137,242 |
Codorus Valley Bancorp, Inc. | 2,694 | 70,725 |
Columbia Banking System, Inc. | 22,172 | 822,359 |
Columbia Financial, Inc. * | 14,328 | 216,066 |
Comerica, Inc. | 51,159 | 4,172,528 |
Commerce Bancshares, Inc. | 28,890 | 1,837,404 |
Community Bank System, Inc. | 15,067 | 879,762 |
Community Bankers Trust Corp. * | 7,000 | 59,640 |
Community Trust Bancorp, Inc. | 5,256 | 239,201 |
ConnectOne Bancorp, Inc. | 8,775 | 181,906 |
Cullen/Frost Bankers, Inc. | 19,012 | 1,861,655 |
Customers Bancorp, Inc. * | 10,510 | 215,350 |
CVB Financial Corp. | 31,452 | 687,226 |
Dime Community Bancshares, Inc. | 9,580 | 154,430 |
Eagle Bancorp, Inc. * | 9,183 | 451,528 |
Security | Number of Shares | Value ($) |
East West Bancorp, Inc. | 43,447 | 2,278,361 |
Entegra Financial Corp. * | 2,050 | 46,515 |
Enterprise Bancorp, Inc. | 4,671 | 151,247 |
Enterprise Financial Services Corp. | 6,416 | 278,775 |
Equity Bancshares, Inc., Class A * | 5,288 | 190,844 |
Esquire Financial Holdings, Inc. * | 1,750 | 41,965 |
ESSA Bancorp, Inc. | 2,841 | 45,882 |
Essent Group Ltd. * | 29,214 | 1,151,616 |
Evans Bancorp, Inc. | 1,382 | 60,808 |
F.N.B. Corp. | 94,859 | 1,122,182 |
Farmers & Merchants Bancorp, Inc. (a) | 2,641 | 107,357 |
Farmers National Banc Corp. | 7,093 | 92,918 |
FB Financial Corp. | 5,492 | 200,348 |
FCB Financial Holdings, Inc., Class A * | 13,382 | 523,638 |
Federal Agricultural Mortgage Corp., Class C | 2,839 | 198,276 |
Fidelity D&D Bancorp, Inc. | 800 | 52,536 |
Fidelity Southern Corp. | 6,757 | 156,898 |
Fifth Third Bancorp | 201,540 | 5,439,565 |
Financial Institutions, Inc. | 4,649 | 132,729 |
First BanCorp * | 65,649 | 605,940 |
First Bancorp (North Carolina) | 10,445 | 385,316 |
First Bancorp, Inc. | 6,955 | 198,635 |
First Bank/Hamilton NJ | 3,900 | 46,332 |
First Busey Corp. | 16,144 | 450,740 |
First Business Financial Services, Inc. | 2,369 | 49,583 |
First Choice Bancorp | 2,370 | 53,325 |
First Citizens BancShares, Inc., Class A | 2,673 | 1,140,382 |
First Commonwealth Financial Corp. | 29,418 | 397,143 |
First Community Bankshares, Inc. | 5,897 | 203,623 |
First Community Corp. | 2,104 | 45,972 |
First Defiance Financial Corp. | 7,044 | 191,738 |
First Financial Bancorp | 28,754 | 752,492 |
First Financial Bankshares, Inc. | 20,900 | 1,232,891 |
First Financial Corp. | 2,991 | 137,167 |
First Financial Northwest, Inc. | 2,467 | 37,276 |
First Foundation, Inc. * | 17,285 | 280,190 |
First Hawaiian, Inc. | 26,246 | 650,376 |
First Horizon National Corp. | 96,920 | 1,564,289 |
First Internet Bancorp | 2,567 | 66,152 |
First Interstate BancSystem, Inc., Class A | 9,772 | 405,147 |
First Merchants Corp. | 15,662 | 651,696 |
First Mid-Illinois Bancshares, Inc. | 3,252 | 121,235 |
First Midwest Bancorp, Inc. | 30,410 | 698,214 |
First Northwest Bancorp * | 3,416 | 49,874 |
First Republic Bank | 49,048 | 4,462,878 |
First United Corp. | 2,475 | 44,550 |
Flagstar Bancorp, Inc. * | 7,900 | 243,241 |
Flushing Financial Corp. | 8,253 | 187,261 |
FNCB Bancorp, Inc. (a) | 4,152 | 36,994 |
Franklin Financial Network, Inc. * | 3,791 | 128,515 |
FS Bancorp, Inc. | 938 | 42,341 |
Fulton Financial Corp. | 53,140 | 850,771 |
German American Bancorp, Inc. | 6,328 | 200,661 |
Glacier Bancorp, Inc. | 25,592 | 1,085,101 |
Great Southern Bancorp, Inc. | 3,639 | 197,052 |
Great Western Bancorp, Inc. | 17,159 | 628,877 |
Green Bancorp, Inc. | 9,900 | 183,150 |
Guaranty Bancorp | 7,390 | 192,288 |
Guaranty Bancshares, Inc. | 2,780 | 82,900 |
Hancock Whitney Corp. | 24,598 | 1,032,132 |
Hanmi Financial Corp. | 10,129 | 212,506 |
HarborOne Bancorp, Inc. * | 11,107 | 202,147 |
Heartland Financial USA, Inc. | 9,104 | 483,787 |
Heritage Commerce Corp. | 11,571 | 167,895 |
Heritage Financial Corp. | 9,356 | 306,128 |
Hilltop Holdings, Inc. | 20,937 | 416,646 |
Hingham Institution for Savings | 534 | 108,722 |
Security | Number of Shares | Value ($) |
Home Bancorp, Inc. | 1,946 | 77,334 |
Home BancShares, Inc. | 48,375 | 921,060 |
HomeStreet, Inc. * | 7,462 | 193,863 |
HomeTrust Bancshares, Inc. * | 6,004 | 163,669 |
Hope Bancorp, Inc. | 42,153 | 610,375 |
Horizon Bancorp, Inc. | 12,027 | 201,573 |
Howard Bancorp, Inc. * | 4,800 | 76,368 |
Huntington Bancshares, Inc. | 330,103 | 4,730,376 |
IBERIABANK Corp. | 16,686 | 1,242,940 |
Impac Mortgage Holdings, Inc. * | 6,236 | 32,365 |
Independent Bank Corp., Massachusetts | 8,191 | 642,584 |
Independent Bank Corp., Michigan | 7,335 | 162,324 |
Independent Bank Group, Inc. | 7,588 | 439,421 |
International Bancshares Corp. | 16,745 | 648,032 |
Investar Holding Corp. | 4,459 | 116,335 |
Investors Bancorp, Inc. | 74,260 | 830,227 |
JPMorgan Chase & Co. | 1,017,335 | 110,909,862 |
Kearny Financial Corp. | 30,708 | 397,362 |
KeyCorp | 317,378 | 5,763,584 |
Lakeland Bancorp, Inc. | 15,000 | 247,050 |
Lakeland Financial Corp. | 7,505 | 322,940 |
LCNB Corp. | 3,300 | 56,067 |
LegacyTexas Financial Group, Inc. | 12,819 | 493,916 |
LendingTree, Inc. * | 2,279 | 459,652 |
Live Oak Bancshares, Inc. | 7,662 | 140,981 |
Luther Burbank Corp. | 4,878 | 47,170 |
M&T Bank Corp. | 43,270 | 7,157,291 |
Macatawa Bank Corp. | 15,758 | 170,974 |
Mackinac Financial Corp. | 2,963 | 46,223 |
Malvern Bancorp, Inc. * | 1,956 | 39,726 |
MB Financial, Inc. | 25,557 | 1,134,475 |
MBT Financial Corp. | 12,788 | 145,911 |
Mercantile Bank Corp. | 5,500 | 174,680 |
Merchants Bancorp | 4,500 | 103,500 |
Meridian Bancorp, Inc. | 15,771 | 249,813 |
Meta Financial Group, Inc. | 7,302 | 184,302 |
Metropolitan Bank Holding Corp. * | 1,800 | 66,348 |
MGIC Investment Corp. * | 108,164 | 1,320,682 |
Mid Penn Bancorp, Inc. | 2,100 | 56,196 |
Middlefield Banc Corp. | 904 | 41,964 |
Midland States Bancorp, Inc. | 7,038 | 189,815 |
MidSouth Bancorp, Inc. | 3,600 | 47,808 |
MidWestOne Financial Group, Inc. | 3,261 | 93,949 |
Mr Cooper Group, Inc. * | 8,189 | 118,659 |
MutualFirst Financial, Inc. | 4,600 | 163,346 |
MVB Financial Corp. | 2,664 | 48,804 |
National Bank Holdings Corp., Class A | 7,997 | 269,979 |
National Bankshares, Inc. | 2,688 | 116,068 |
National Commerce Corp. * | 5,684 | 210,876 |
NBT Bancorp, Inc. | 12,985 | 473,823 |
New York Community Bancorp, Inc. | 145,685 | 1,395,662 |
Nicolet Bankshares, Inc. * | 2,665 | 142,311 |
NMI Holdings, Inc., Class A * | 19,621 | 414,788 |
Northeast Bancorp | 1,965 | 36,962 |
Northfield Bancorp, Inc. | 15,765 | 207,625 |
Northrim BanCorp, Inc. | 2,596 | 98,726 |
Northwest Bancshares, Inc. | 31,646 | 510,766 |
Norwood Financial Corp. | 1,600 | 60,800 |
OceanFirst Financial Corp. | 12,138 | 307,334 |
Ocwen Financial Corp. * | 33,720 | 118,020 |
OFG Bancorp | 12,812 | 218,957 |
Ohio Valley Banc Corp. | 1,139 | 39,797 |
Old Line Bancshares, Inc. | 4,758 | 142,455 |
Old National Bancorp | 46,217 | 824,973 |
Old Second Bancorp, Inc. | 10,602 | 150,760 |
Opus Bank | 7,454 | 141,551 |
Origin Bancorp, Inc. | 1,600 | 59,760 |
Oritani Financial Corp. | 10,694 | 156,239 |
Security | Number of Shares | Value ($) |
Orrstown Financial Services, Inc. | 2,174 | 44,045 |
Pacific Mercantile Bancorp * | 4,589 | 37,951 |
Pacific Premier Bancorp, Inc. * | 15,952 | 466,277 |
PacWest Bancorp | 38,677 | 1,571,060 |
Park National Corp. | 4,258 | 389,181 |
Parke Bancorp, Inc. | 2,239 | 44,198 |
PCSB Financial Corp. | 6,385 | 119,527 |
Peapack-Gladstone Financial Corp. | 5,216 | 140,780 |
Penns Woods Bancorp, Inc. | 1,500 | 60,750 |
PennyMac Financial Services, Inc. | 8,375 | 167,416 |
People's United Financial, Inc. | 112,160 | 1,756,426 |
People's Utah Bancorp | 5,381 | 180,317 |
Peoples Bancorp of North Carolina, Inc. | 1,427 | 39,728 |
Peoples Bancorp, Inc. | 6,847 | 234,373 |
Peoples Financial Services Corp. | 4,358 | 185,694 |
Pinnacle Financial Partners, Inc. | 22,634 | 1,183,758 |
Popular, Inc. | 29,965 | 1,558,480 |
Preferred Bank | 5,001 | 257,101 |
Premier Financial Bancorp, Inc. | 7,868 | 139,578 |
Prosperity Bancshares, Inc. | 20,413 | 1,327,457 |
Provident Bancorp, Inc. * | 2,768 | 69,283 |
Provident Financial Services, Inc. | 18,306 | 446,666 |
QCR Holdings, Inc. | 3,960 | 144,263 |
Radian Group, Inc. | 66,517 | 1,276,461 |
RBB Bancorp | 2,500 | 53,950 |
Regions Financial Corp. | 328,568 | 5,575,799 |
Reliant Bancorp, Inc. | 2,700 | 64,800 |
Renasant Corp. | 17,275 | 602,552 |
Republic Bancorp, Inc., Class A | 4,020 | 180,377 |
Republic First Bancorp, Inc. * | 17,184 | 115,992 |
Riverview Bancorp, Inc. | 5,400 | 45,738 |
S&T Bancorp, Inc. | 10,413 | 417,665 |
Sandy Spring Bancorp, Inc. | 12,945 | 460,195 |
SB One Bancorp | 1,887 | 45,533 |
Seacoast Banking Corp. of Florida * | 13,333 | 350,791 |
Select Bancorp, Inc. * | 5,100 | 62,832 |
ServisFirst Bancshares, Inc. | 14,569 | 524,193 |
Shore Bancshares, Inc. | 4,629 | 74,619 |
SI Financial Group, Inc. | 3,257 | 43,123 |
Sierra Bancorp | 4,600 | 125,258 |
Signature Bank | 16,600 | 1,824,340 |
Simmons First National Corp., Class A | 27,440 | 734,843 |
SmartFinancial, Inc. * | 2,700 | 54,918 |
South State Corp. | 11,139 | 753,776 |
Southern First Bancshares, Inc. * | 1,875 | 67,331 |
Southern Missouri Bancorp, Inc. | 1,975 | 66,498 |
Southern National Bancorp of Virginia, Inc. | 6,730 | 101,690 |
Southside Bancshares, Inc. | 10,547 | 334,129 |
Standard AVB Financial Corp. | 1,280 | 38,195 |
State Bank Financial Corp. | 11,712 | 299,476 |
Sterling Bancorp | 71,928 | 1,293,265 |
Sterling Bancorp, Inc. | 15,508 | 160,508 |
Stock Yards Bancorp, Inc. | 7,278 | 230,785 |
Summit Financial Group, Inc. | 5,888 | 124,237 |
SunTrust Banks, Inc. | 138,979 | 8,708,424 |
SVB Financial Group * | 16,013 | 3,798,764 |
Synovus Financial Corp. | 37,240 | 1,398,734 |
TCF Financial Corp. | 48,835 | 1,019,675 |
Territorial Bancorp, Inc. | 2,571 | 70,034 |
Texas Capital Bancshares, Inc. * | 14,982 | 977,276 |
TFS Financial Corp. | 24,912 | 366,456 |
The Bancorp, Inc. * | 15,734 | 165,207 |
The Bank of Princeton * | 1,521 | 42,968 |
The Community Financial Corp. | 1,476 | 44,501 |
The First Bancshares, Inc. | 3,371 | 121,491 |
The First of Long Island Corp. | 9,000 | 181,890 |
The PNC Financial Services Group, Inc. | 140,347 | 18,033,186 |
Security | Number of Shares | Value ($) |
Timberland Bancorp, Inc. | 4,044 | 117,357 |
Tompkins Financial Corp. | 4,024 | 294,275 |
Towne Bank | 20,787 | 584,738 |
TriCo Bancshares | 8,733 | 314,563 |
TriState Capital Holdings, Inc. * | 7,935 | 200,121 |
Triumph Bancorp, Inc. * | 6,748 | 241,983 |
TrustCo Bank Corp. | 28,716 | 215,083 |
Trustmark Corp. | 22,989 | 708,061 |
U.S. Bancorp | 462,241 | 24,161,337 |
UMB Financial Corp. | 14,374 | 917,780 |
Umpqua Holdings Corp. | 63,695 | 1,222,944 |
Union Bankshares Corp. | 17,874 | 610,218 |
Union Bankshares, Inc. | 1,200 | 56,940 |
United Bankshares, Inc. | 29,927 | 992,679 |
United Community Banks, Inc. | 27,233 | 677,285 |
United Community Financial Corp. | 18,657 | 170,712 |
United Financial Bancorp, Inc. | 15,207 | 234,948 |
United Security Bancshares | 4,123 | 44,199 |
Unity Bancorp, Inc. | 2,299 | 48,670 |
Univest Corp. of Pennsylvania | 10,769 | 268,794 |
Valley National Bancorp | 98,799 | 986,014 |
Veritex Holdings, Inc. * | 10,454 | 246,296 |
Walker & Dunlop, Inc. | 8,850 | 371,346 |
Washington Federal, Inc. | 26,742 | 753,055 |
Washington Trust Bancorp, Inc. | 4,849 | 248,996 |
Waterstone Financial, Inc. | 9,659 | 157,828 |
Webster Financial Corp. | 27,755 | 1,633,104 |
Wells Fargo & Co. | 1,311,461 | 69,809,069 |
WesBanco, Inc. | 17,140 | 687,314 |
West Bancorp, Inc. | 6,740 | 148,213 |
Westamerica Bancorp | 8,429 | 490,652 |
Western Alliance Bancorp * | 28,385 | 1,369,292 |
Western New England Bancorp, Inc. | 10,349 | 103,904 |
Wintrust Financial Corp. | 16,747 | 1,275,117 |
WSFS Financial Corp. | 9,524 | 405,056 |
Zions Bancorp NA | 60,271 | 2,835,751 |
532,325,825 | ||
Capital Goods 6.9% | ||
3M Co. | 177,365 | 33,745,465 |
A.O. Smith Corp. | 45,240 | 2,059,777 |
AAON, Inc. | 13,579 | 468,340 |
AAR Corp. | 9,466 | 450,392 |
Actuant Corp., Class A | 19,666 | 469,034 |
Acuity Brands, Inc. | 12,798 | 1,607,941 |
Advanced Drainage Systems, Inc. | 11,226 | 311,971 |
AECOM * | 52,024 | 1,515,979 |
Aegion Corp. * | 12,259 | 237,334 |
Aerojet Rocketdyne Holdings, Inc. * | 20,697 | 731,018 |
Aerovironment, Inc. * | 6,804 | 612,156 |
AGCO Corp. | 21,204 | 1,188,272 |
Air Lease Corp. | 31,139 | 1,186,396 |
Aircastle Ltd. | 16,101 | 312,842 |
Alamo Group, Inc. | 3,373 | 289,134 |
Albany International Corp., Class A | 9,212 | 644,656 |
Allegion plc | 28,195 | 2,417,157 |
Allied Motion Technologies, Inc. | 1,959 | 85,530 |
Allison Transmission Holdings, Inc. | 35,668 | 1,572,245 |
Altra Industrial Motion Corp. | 21,554 | 695,548 |
Ameresco, Inc., Class A * | 5,440 | 89,053 |
American Railcar Industries, Inc. | 2,302 | 160,933 |
American Woodmark Corp. * | 5,741 | 346,986 |
AMETEK, Inc. | 69,451 | 4,658,773 |
Apogee Enterprises, Inc. | 9,481 | 342,264 |
Applied Industrial Technologies, Inc. | 11,568 | 760,365 |
Arconic, Inc. | 133,508 | 2,714,218 |
Argan, Inc. | 4,073 | 179,293 |
Security | Number of Shares | Value ($) |
Armstrong Flooring, Inc. * | 7,547 | 117,356 |
Armstrong World Industries, Inc. * | 14,917 | 921,125 |
Astec Industries, Inc. | 9,585 | 360,492 |
Astronics Corp. * | 6,310 | 184,000 |
Astronics Corp., Class B * | 946 | 27,529 |
Atkore International Group, Inc. * | 15,845 | 305,175 |
Axon Enterprise, Inc. * | 17,682 | 1,091,333 |
AZZ, Inc. | 9,021 | 400,081 |
Babcock & Wilcox Enterprises, Inc. * | 61,677 | 60,295 |
Barnes Group, Inc. | 14,308 | 809,833 |
Beacon Roofing Supply, Inc. * | 22,400 | 625,184 |
Bloom Energy Corp., Class A *(a) | 6,100 | 144,875 |
Blue Bird Corp. * | 6,024 | 112,107 |
BlueLinx Holdings, Inc. * | 2,241 | 52,776 |
BMC Stock Holdings, Inc. * | 18,769 | 314,193 |
Briggs & Stratton Corp. | 12,415 | 180,390 |
Builders FirstSource, Inc. * | 33,776 | 418,147 |
BWX Technologies, Inc. | 30,053 | 1,756,898 |
CAI International, Inc. * | 4,600 | 114,586 |
Carlisle Cos., Inc. | 18,099 | 1,748,182 |
Caterpillar, Inc. | 180,408 | 21,887,099 |
Chart Industries, Inc. * | 9,200 | 626,060 |
CIRCOR International, Inc. | 5,887 | 191,386 |
Colfax Corp. * | 28,713 | 804,825 |
Columbus McKinnon Corp. | 5,837 | 214,393 |
Comfort Systems USA, Inc. | 11,606 | 620,689 |
Commercial Vehicle Group, Inc. * | 7,300 | 48,837 |
Construction Partners, Inc., Class A * | 3,554 | 32,128 |
Continental Building Products, Inc. * | 10,633 | 295,704 |
Crane Co. | 15,778 | 1,373,317 |
CSW Industrials, Inc. * | 6,566 | 302,233 |
Cubic Corp. | 7,954 | 521,862 |
Cummins, Inc. | 45,429 | 6,209,690 |
Curtiss-Wright Corp. | 13,752 | 1,505,294 |
Deere & Co. | 97,166 | 13,160,163 |
DMC Global, Inc. | 4,394 | 169,389 |
Donaldson Co., Inc. | 37,795 | 1,938,128 |
Douglas Dynamics, Inc. | 6,511 | 282,512 |
Dover Corp. | 43,862 | 3,633,528 |
Ducommun, Inc. * | 3,200 | 118,912 |
DXP Enterprises, Inc. * | 4,731 | 150,351 |
Dycom Industries, Inc. * | 9,065 | 615,332 |
Eaton Corp. plc | 130,635 | 9,362,610 |
EMCOR Group, Inc. | 17,026 | 1,208,505 |
Emerson Electric Co. | 189,865 | 12,888,036 |
Encore Wire Corp. | 7,393 | 326,771 |
Energous Corp. *(a) | 5,300 | 42,612 |
Energy Recovery, Inc. * | 9,780 | 73,350 |
EnerSys | 12,647 | 1,006,322 |
Engility Holdings, Inc. * | 5,477 | 169,951 |
Enphase Energy, Inc. *(a) | 20,657 | 93,783 |
EnPro Industries, Inc. | 6,690 | 416,118 |
EnviroStar, Inc. (a) | 1,400 | 58,170 |
ESCO Technologies, Inc. | 8,457 | 517,738 |
Esterline Technologies Corp. * | 8,194 | 961,648 |
Evoqua Water Technologies Corp. * | 16,858 | 161,837 |
Fastenal Co. | 87,221 | 4,484,032 |
Federal Signal Corp. | 18,109 | 398,217 |
Flowserve Corp. | 39,594 | 1,817,365 |
Fluor Corp. | 41,878 | 1,836,769 |
Fortive Corp. | 92,213 | 6,846,815 |
Fortune Brands Home & Security, Inc. | 42,205 | 1,892,050 |
Foundation Building Materials, Inc. * | 5,200 | 49,556 |
Franklin Electric Co., Inc. | 12,105 | 513,494 |
FreightCar America, Inc. * | 3,100 | 44,330 |
Gardner Denver Holdings, Inc. * | 31,863 | 862,213 |
Gates Industrial Corp. plc * | 17,841 | 268,507 |
GATX Corp. | 11,054 | 828,276 |
Security | Number of Shares | Value ($) |
Generac Holdings, Inc. * | 19,509 | 989,692 |
General Dynamics Corp. | 84,574 | 14,595,781 |
General Electric Co. | 2,636,218 | 26,625,802 |
General Finance Corp. * | 3,300 | 42,900 |
Gibraltar Industries, Inc. * | 10,558 | 376,287 |
Global Brass & Copper Holdings, Inc. | 6,304 | 199,332 |
GMS, Inc. * | 10,209 | 167,836 |
Graco, Inc. | 51,643 | 2,098,255 |
GrafTech International Ltd. | 17,928 | 320,553 |
Graham Corp. | 2,809 | 69,129 |
Granite Construction, Inc. | 14,427 | 659,602 |
Great Lakes Dredge & Dock Corp. * | 19,016 | 110,483 |
Griffon Corp. | 9,621 | 116,607 |
H&E Equipment Services, Inc. | 9,632 | 232,035 |
Harris Corp. | 35,392 | 5,263,144 |
Harsco Corp. * | 23,810 | 654,061 |
HC2 Holdings, Inc. * | 11,019 | 57,299 |
HD Supply Holdings, Inc. * | 56,489 | 2,122,292 |
HEICO Corp. | 12,901 | 1,081,491 |
HEICO Corp., Class A | 20,365 | 1,357,531 |
Herc Holdings, Inc. * | 7,118 | 228,203 |
Hexcel Corp. | 25,836 | 1,511,923 |
Hillenbrand, Inc. | 18,595 | 890,700 |
Honeywell International, Inc. | 224,632 | 32,531,206 |
Hubbell, Inc. | 16,407 | 1,668,592 |
Huntington Ingalls Industries, Inc. | 13,445 | 2,937,464 |
Hurco Cos., Inc. | 2,000 | 81,480 |
Hyster-Yale Materials Handling, Inc. | 3,600 | 217,620 |
IDEX Corp. | 22,561 | 2,861,186 |
IES Holdings, Inc. * | 2,503 | 44,403 |
Illinois Tool Works, Inc. | 93,308 | 11,903,302 |
Ingersoll-Rand plc | 74,351 | 7,133,235 |
Insteel Industries, Inc. | 5,095 | 133,081 |
ITT, Inc. | 25,227 | 1,273,963 |
Jacobs Engineering Group, Inc. | 35,205 | 2,643,543 |
JELD-WEN Holding, Inc. * | 20,479 | 332,989 |
John Bean Technologies Corp. | 9,383 | 975,551 |
Johnson Controls International plc | 281,009 | 8,983,858 |
Kadant, Inc. | 3,843 | 379,304 |
Kaman Corp. | 8,429 | 535,410 |
KBR, Inc. | 41,092 | 812,800 |
Kennametal, Inc. | 27,229 | 965,268 |
Kratos Defense & Security Solutions, Inc. * | 30,097 | 377,115 |
L.B. Foster Co., Class A * | 3,286 | 59,739 |
L3 Technologies, Inc. | 23,611 | 4,473,576 |
Lawson Products, Inc. * | 2,101 | 69,459 |
Lennox International, Inc. | 11,295 | 2,382,003 |
Lincoln Electric Holdings, Inc. | 20,369 | 1,648,056 |
Lindsay Corp. | 3,100 | 296,422 |
Lockheed Martin Corp. | 74,940 | 22,021,119 |
Lydall, Inc. * | 5,500 | 164,285 |
Manitex International, Inc. * | 4,549 | 38,848 |
Masco Corp. | 91,402 | 2,742,060 |
Masonite International Corp. * | 8,652 | 479,234 |
MasTec, Inc. * | 21,194 | 922,151 |
Mercury Systems, Inc. * | 15,234 | 713,865 |
Meritor, Inc. * | 27,700 | 470,623 |
Milacron Holdings Corp. * | 20,539 | 287,546 |
Miller Industries, Inc. | 3,410 | 82,420 |
Moog, Inc., Class A | 10,366 | 741,687 |
MRC Global, Inc. * | 25,370 | 401,607 |
MSC Industrial Direct Co., Inc., Class A | 14,699 | 1,191,501 |
Mueller Industries, Inc. | 19,369 | 471,635 |
Mueller Water Products, Inc., Class A | 45,978 | 471,734 |
MYR Group, Inc. * | 4,813 | 160,706 |
National Presto Industries, Inc. | 1,664 | 207,451 |
Navistar International Corp. * | 20,382 | 682,593 |
NCI Building Systems, Inc. * | 14,252 | 174,587 |
Security | Number of Shares | Value ($) |
Nexeo Solutions, Inc. * | 24,816 | 259,327 |
NN, Inc. | 15,065 | 174,754 |
Nordson Corp. | 15,942 | 1,955,605 |
Northrop Grumman Corp. | 52,784 | 13,826,769 |
Northwest Pipe Co. * | 2,896 | 51,578 |
NOW, Inc. * | 34,953 | 448,797 |
NV5 Global, Inc. * | 2,552 | 199,235 |
nVent Electric plc | 49,474 | 1,208,155 |
Omega Flex, Inc. | 832 | 50,336 |
Orion Group Holdings, Inc. * | 8,139 | 38,416 |
Oshkosh Corp. | 21,651 | 1,215,487 |
Owens Corning | 34,329 | 1,622,732 |
PACCAR, Inc. | 104,986 | 6,006,249 |
Park-Ohio Holdings Corp. | 3,600 | 119,088 |
Parker-Hannifin Corp. | 39,651 | 6,012,281 |
Patrick Industries, Inc. * | 7,425 | 323,062 |
Pentair plc | 48,276 | 1,938,281 |
PGT Innovations, Inc. * | 19,928 | 403,741 |
Plug Power, Inc. *(a) | 54,966 | 101,687 |
Powell Industries, Inc. | 2,862 | 83,456 |
Preformed Line Products Co. | 1,000 | 63,200 |
Primoris Services Corp. | 13,954 | 295,406 |
Proto Labs, Inc. * | 8,017 | 957,631 |
Quanex Building Products Corp. | 10,061 | 149,104 |
Quanta Services, Inc. * | 43,012 | 1,341,974 |
Raven Industries, Inc. | 11,752 | 510,977 |
Raytheon Co. | 86,479 | 15,137,284 |
RBC Bearings, Inc. * | 7,384 | 1,090,469 |
Regal Beloit Corp. | 12,670 | 908,439 |
Resideo Technologies, Inc. * | 37,339 | 785,979 |
REV Group, Inc. | 7,500 | 81,825 |
Rexnord Corp. * | 30,398 | 814,970 |
Rockwell Automation, Inc. | 37,080 | 6,108,188 |
Rockwell Collins, Inc. | 49,490 | 6,335,710 |
Roper Technologies, Inc. | 31,217 | 8,831,289 |
Rush Enterprises, Inc., Class A | 11,394 | 403,234 |
Rush Enterprises, Inc., Class B | 3,800 | 137,028 |
Sensata Technologies Holding plc * | 53,237 | 2,496,815 |
Simpson Manufacturing Co., Inc. | 13,875 | 791,985 |
SiteOne Landscape Supply, Inc. * | 11,949 | 813,010 |
Snap-on, Inc. | 16,712 | 2,572,645 |
Spartan Motors, Inc. | 9,445 | 63,565 |
Sparton Corp. * | 2,925 | 36,212 |
Spirit AeroSystems Holdings, Inc., Class A | 31,817 | 2,672,946 |
SPX Corp. * | 13,882 | 407,020 |
SPX FLOW, Inc. * | 13,487 | 461,660 |
Standex International Corp. | 4,408 | 357,577 |
Stanley Black & Decker, Inc. | 46,404 | 5,406,994 |
Sterling Construction Co., Inc. * | 7,334 | 83,314 |
Sun Hydraulics Corp. | 9,064 | 420,570 |
Sunrun, Inc. * | 19,194 | 235,318 |
Systemax, Inc. | 3,800 | 122,778 |
Teledyne Technologies, Inc. * | 10,957 | 2,424,565 |
Tennant Co. | 5,863 | 358,347 |
Terex Corp. | 20,670 | 690,171 |
Textron, Inc. | 74,500 | 3,995,435 |
The Boeing Co. | 161,631 | 57,356,377 |
The Eastern Co. | 1,864 | 52,751 |
The Gorman-Rupp Co. | 7,633 | 263,339 |
The Greenbrier Cos., Inc. | 9,176 | 435,401 |
The KeyW Holding Corp. * | 15,259 | 119,478 |
The Manitowoc Co., Inc. * | 12,331 | 225,411 |
The Middleby Corp. * | 16,754 | 1,881,474 |
The Timken Co. | 19,993 | 790,723 |
The Toro Co. | 33,325 | 1,877,197 |
Thermon Group Holdings, Inc. * | 9,540 | 205,873 |
Titan International, Inc. | 13,787 | 97,336 |
Titan Machinery, Inc. * | 5,599 | 79,786 |
Security | Number of Shares | Value ($) |
TPI Composites, Inc. * | 4,332 | 109,426 |
Transcat, Inc. * | 2,013 | 41,689 |
TransDigm Group, Inc. * | 14,506 | 4,790,606 |
Trex Co., Inc. * | 17,406 | 1,066,988 |
TriMas Corp. * | 15,539 | 457,624 |
Trinity Industries, Inc. | 44,180 | 1,261,339 |
Triton International Ltd. | 14,381 | 462,637 |
Triumph Group, Inc. | 16,938 | 309,118 |
Tutor Perini Corp. * | 11,769 | 182,420 |
Twin Disc, Inc. * | 3,405 | 65,138 |
United Rentals, Inc. * | 24,748 | 2,971,492 |
United Technologies Corp. | 227,233 | 28,224,611 |
Univar, Inc. * | 34,000 | 837,080 |
Universal Forest Products, Inc. | 18,062 | 510,613 |
USG Corp. | 25,360 | 1,070,699 |
Valmont Industries, Inc. | 6,716 | 834,866 |
Vectrus, Inc. * | 3,418 | 91,602 |
Veritiv Corp. * | 3,278 | 109,289 |
Vicor Corp. * | 4,790 | 192,079 |
Vivint Solar, Inc. * | 9,172 | 47,603 |
W.W. Grainger, Inc. | 13,588 | 3,858,584 |
Wabash National Corp. | 19,725 | 297,848 |
WABCO Holdings, Inc. * | 15,544 | 1,670,203 |
Wabtec Corp. | 26,295 | 2,156,716 |
Watsco, Inc. | 10,102 | 1,496,914 |
Watts Water Technologies, Inc., Class A | 8,225 | 576,161 |
Welbilt, Inc. * | 38,369 | 718,268 |
Wesco Aircraft Holdings, Inc. * | 20,800 | 211,744 |
WESCO International, Inc. * | 13,539 | 679,387 |
Willscot Corp. * | 12,500 | 185,500 |
Woodward, Inc. | 16,461 | 1,212,188 |
Xylem, Inc. | 53,486 | 3,507,612 |
577,341,611 | ||
Commercial & Professional Services 1.0% | ||
ABM Industries, Inc. | 19,391 | 596,273 |
Acacia Research Corp. * | 15,357 | 50,371 |
ACCO Brands Corp. | 34,735 | 280,311 |
ADT, Inc. (a) | 42,276 | 327,216 |
Advanced Disposal Services, Inc. * | 20,718 | 561,251 |
ARC Document Solutions, Inc. * | 17,626 | 40,187 |
ASGN, Inc. * | 15,600 | 1,046,448 |
Barrett Business Services, Inc. | 2,034 | 127,979 |
BG Staffing, Inc. | 2,500 | 64,600 |
Brady Corp., Class A | 14,597 | 588,113 |
BrightView Holdings, Inc. * | 6,100 | 89,792 |
Casella Waste Systems, Inc., Class A * | 11,513 | 374,863 |
CBIZ, Inc. * | 15,664 | 347,428 |
CECO Environmental Corp. * | 8,600 | 63,984 |
Cintas Corp. | 25,665 | 4,667,694 |
Clean Harbors, Inc. * | 15,064 | 1,024,955 |
Copart, Inc. * | 63,645 | 3,112,877 |
CoStar Group, Inc. * | 11,117 | 4,017,906 |
Covanta Holding Corp. | 39,133 | 574,864 |
CRA International, Inc. | 4,372 | 184,280 |
Deluxe Corp. | 14,100 | 665,661 |
Ennis, Inc. | 7,693 | 148,937 |
Equifax, Inc. | 36,416 | 3,694,039 |
Essendant, Inc. | 11,610 | 147,911 |
Exponent, Inc. | 15,952 | 804,938 |
Forrester Research, Inc. | 3,376 | 135,985 |
Franklin Covey Co. * | 3,246 | 72,516 |
FTI Consulting, Inc. * | 11,069 | 764,979 |
GP Strategies Corp. * | 5,086 | 74,306 |
Healthcare Services Group, Inc. | 21,965 | 891,559 |
Heidrick & Struggles International, Inc. | 5,759 | 198,743 |
Heritage-Crystal Clean, Inc. * | 3,533 | 81,224 |
Security | Number of Shares | Value ($) |
Herman Miller, Inc. | 18,448 | 607,862 |
HNI Corp. | 12,898 | 488,705 |
Huron Consulting Group, Inc. * | 8,180 | 445,728 |
ICF International, Inc. | 6,209 | 457,231 |
IHS Markit Ltd. * | 107,514 | 5,647,710 |
InnerWorkings, Inc. * | 14,385 | 103,428 |
Insperity, Inc. | 11,850 | 1,301,723 |
Interface, Inc. | 19,952 | 325,018 |
KAR Auction Services, Inc. | 39,731 | 2,262,283 |
Kelly Services, Inc., Class A | 8,553 | 200,910 |
Kforce, Inc. | 9,505 | 292,944 |
Kimball International, Inc., Class B | 11,882 | 195,578 |
Knoll, Inc. | 13,937 | 276,649 |
Korn/Ferry International | 16,507 | 745,126 |
LSC Communications, Inc. | 9,950 | 93,829 |
ManpowerGroup, Inc. | 19,925 | 1,520,078 |
Matthews International Corp., Class A | 10,170 | 423,275 |
McGrath RentCorp | 8,505 | 454,082 |
Mistras Group, Inc. * | 5,000 | 99,500 |
Mobile Mini, Inc. | 15,499 | 637,319 |
MSA Safety, Inc. | 11,744 | 1,226,543 |
Multi-Color Corp. | 3,869 | 205,676 |
Navigant Consulting, Inc. | 14,000 | 302,400 |
Nielsen Holdings plc | 109,304 | 2,839,718 |
PICO Holdings, Inc. * | 7,559 | 86,324 |
Pitney Bowes, Inc. | 56,836 | 376,254 |
Quad Graphics, Inc. | 9,800 | 151,214 |
Republic Services, Inc. | 65,089 | 4,730,669 |
Resources Connection, Inc. | 11,300 | 184,416 |
Robert Half International, Inc. | 36,083 | 2,184,104 |
Rollins, Inc. | 28,841 | 1,707,387 |
RR Donnelley & Sons Co. | 19,875 | 116,666 |
SP Plus Corp. * | 8,505 | 271,820 |
Steelcase, Inc., Class A | 29,265 | 485,799 |
Stericycle, Inc. * | 25,869 | 1,292,674 |
Team, Inc. * | 8,225 | 163,678 |
Tetra Tech, Inc. | 17,145 | 1,132,256 |
The Brink's Co. | 15,469 | 1,025,904 |
The Dun & Bradstreet Corp. | 10,990 | 1,563,657 |
TransUnion | 54,925 | 3,611,319 |
TriNet Group, Inc. * | 13,100 | 615,569 |
TrueBlue, Inc. * | 14,540 | 339,218 |
UniFirst Corp. | 4,632 | 691,558 |
US Ecology, Inc. | 7,422 | 519,020 |
Verisk Analytics, Inc. * | 49,569 | 5,940,349 |
Viad Corp. | 7,132 | 341,552 |
VSE Corp. | 2,601 | 81,567 |
WageWorks, Inc. * | 12,366 | 492,290 |
Waste Management, Inc. | 118,855 | 10,633,957 |
Willdan Group, Inc. * | 2,299 | 69,430 |
85,784,156 | ||
Consumer Durables & Apparel 1.3% | ||
Acushnet Holdings Corp. | 11,316 | 276,450 |
American Outdoor Brands Corp. * | 15,020 | 205,474 |
Bassett Furniture Industries, Inc. | 3,278 | 64,741 |
Beazer Homes USA, Inc. * | 18,935 | 166,817 |
Brunswick Corp. | 26,480 | 1,376,695 |
Callaway Golf Co. | 28,700 | 614,180 |
Carter's, Inc. | 14,254 | 1,368,099 |
Cavco Industries, Inc. * | 2,707 | 543,051 |
Century Communities, Inc. * | 7,618 | 161,654 |
Clarus Corp. | 6,000 | 58,800 |
Columbia Sportswear Co. | 9,354 | 844,479 |
Crocs, Inc. * | 19,188 | 394,122 |
CSS Industries, Inc. | 2,830 | 37,186 |
Culp, Inc. | 3,615 | 83,687 |
Security | Number of Shares | Value ($) |
D.R. Horton, Inc. | 103,522 | 3,722,651 |
Deckers Outdoor Corp. * | 8,848 | 1,125,200 |
Ethan Allen Interiors, Inc. | 7,327 | 140,239 |
Flexsteel Industries, Inc. | 1,900 | 48,298 |
Fossil Group, Inc. * | 12,996 | 282,143 |
G-III Apparel Group Ltd. * | 12,985 | 517,582 |
Garmin Ltd. | 35,917 | 2,376,269 |
GoPro, Inc., Class A * | 41,540 | 272,918 |
Green Brick Partners, Inc. * | 7,100 | 66,740 |
Hamilton Beach Brands Holding Co., Class A | 1,750 | 40,635 |
Hanesbrands, Inc. | 114,219 | 1,959,998 |
Hasbro, Inc. | 34,904 | 3,201,046 |
Helen of Troy Ltd. * | 7,722 | 958,455 |
Hooker Furniture Corp. | 3,341 | 97,791 |
Hovnanian Enterprises, Inc., Class A * | 50,500 | 73,730 |
Installed Building Products, Inc. * | 6,876 | 209,443 |
iRobot Corp. * | 8,084 | 712,766 |
Johnson Outdoors, Inc., Class A | 1,700 | 128,027 |
KB Home | 27,731 | 553,788 |
La-Z-Boy, Inc. | 16,047 | 446,107 |
Leggett & Platt, Inc. | 40,291 | 1,462,966 |
Lennar Corp., B Shares | 4,272 | 152,809 |
Lennar Corp., Class A | 87,072 | 3,742,355 |
LGI Homes, Inc. * | 5,899 | 252,418 |
Libbey, Inc. | 7,232 | 54,529 |
lululemon Athletica, Inc. * | 32,625 | 4,591,316 |
M.D.C. Holdings, Inc. | 16,667 | 468,343 |
M/I Homes, Inc. * | 9,900 | 239,283 |
Malibu Boats, Inc., Class A * | 6,152 | 247,310 |
Marine Products Corp. | 3,933 | 80,115 |
Mattel, Inc. * | 107,100 | 1,454,418 |
MCBC Holdings, Inc. * | 4,993 | 148,192 |
Meritage Homes Corp. * | 13,984 | 520,904 |
Michael Kors Holdings Ltd. * | 45,486 | 2,520,379 |
Mohawk Industries, Inc. * | 18,862 | 2,352,657 |
Movado Group, Inc. | 6,867 | 264,448 |
Nautilus, Inc. * | 9,825 | 120,160 |
Newell Brands, Inc. | 129,328 | 2,053,729 |
NIKE, Inc., Class B | 387,700 | 29,093,008 |
NVR, Inc. * | 1,052 | 2,355,460 |
Oxford Industries, Inc. | 5,331 | 474,352 |
Polaris Industries, Inc. | 17,951 | 1,597,280 |
PulteGroup, Inc. | 77,576 | 1,906,042 |
PVH Corp. | 22,862 | 2,761,501 |
Ralph Lauren Corp. | 16,769 | 2,173,430 |
Rocky Brands, Inc. | 1,800 | 51,696 |
Roku, Inc. * | 12,851 | 714,516 |
Skechers U.S.A., Inc., Class A * | 39,839 | 1,138,200 |
Skyline Champion Corp. | 10,002 | 238,348 |
Sonos, Inc. *(a) | 4,100 | 52,111 |
Steven Madden Ltd. | 25,647 | 801,982 |
Sturm, Ruger & Co., Inc. | 4,705 | 279,430 |
Superior Group of Cos., Inc. | 3,200 | 55,648 |
Tapestry, Inc. | 88,591 | 3,748,285 |
Taylor Morrison Home Corp., Class A * | 39,916 | 660,211 |
Tempur Sealy International, Inc. * | 14,141 | 653,456 |
Toll Brothers, Inc. | 39,739 | 1,337,615 |
TopBuild Corp. * | 10,230 | 466,693 |
TRI Pointe Group, Inc. * | 42,455 | 505,214 |
Tupperware Brands Corp. | 14,971 | 525,482 |
Under Armour, Inc., Class A * | 55,082 | 1,217,863 |
Under Armour, Inc., Class C * | 60,386 | 1,197,454 |
Unifi, Inc. * | 7,738 | 177,123 |
Universal Electronics, Inc. * | 4,081 | 127,613 |
Vera Bradley, Inc. * | 5,909 | 77,940 |
VF Corp. | 97,763 | 8,102,597 |
Vista Outdoor, Inc. * | 17,574 | 219,675 |
Security | Number of Shares | Value ($) |
Vuzix Corp. *(a) | 7,800 | 47,424 |
Whirlpool Corp. | 19,787 | 2,171,821 |
William Lyon Homes, Class A * | 9,666 | 131,071 |
Wolverine World Wide, Inc. | 28,260 | 993,904 |
ZAGG, Inc. * | 8,000 | 96,880 |
110,006,917 | ||
Consumer Services 2.2% | ||
Adtalem Global Education, Inc. * | 17,749 | 898,632 |
American Public Education, Inc. * | 5,600 | 183,288 |
Aramark | 73,868 | 2,653,339 |
BBX Capital Corp. | 20,416 | 119,434 |
Belmond Ltd., Class A * | 26,101 | 446,849 |
Biglari Holdings, Inc., Class B * | 376 | 53,580 |
BJ's Restaurants, Inc. | 6,241 | 381,824 |
Bloomin' Brands, Inc. | 28,060 | 559,797 |
Bluegreen Vacations Corp. | 2,223 | 29,121 |
Bojangles', Inc. * | 4,900 | 77,469 |
Boyd Gaming Corp. | 24,400 | 648,064 |
Bridgepoint Education, Inc. * | 8,000 | 76,800 |
Bright Horizons Family Solutions, Inc. * | 17,644 | 2,027,472 |
Brinker International, Inc. | 12,650 | 548,378 |
Caesars Entertainment Corp. * | 179,202 | 1,539,345 |
Cambium Learning Group, Inc. * | 4,400 | 63,272 |
Career Education Corp. * | 25,565 | 367,625 |
Carnival Corp. | 121,131 | 6,788,181 |
Carriage Services, Inc. | 8,771 | 167,175 |
Carrols Restaurant Group, Inc. * | 10,038 | 132,100 |
Century Casinos, Inc. * | 7,935 | 49,514 |
Chegg, Inc. * | 30,514 | 832,422 |
Chipotle Mexican Grill, Inc. * | 7,445 | 3,427,157 |
Choice Hotels International, Inc. | 10,905 | 800,427 |
Churchill Downs, Inc. | 3,847 | 960,250 |
Chuy's Holdings, Inc. * | 5,160 | 125,749 |
Cracker Barrel Old Country Store, Inc. (a) | 7,140 | 1,132,975 |
Darden Restaurants, Inc. | 37,854 | 4,033,344 |
Dave & Buster's Entertainment, Inc. | 11,742 | 699,236 |
Del Frisco's Restaurant Group, Inc. * | 6,885 | 46,474 |
Del Taco Restaurants, Inc. * | 10,395 | 113,306 |
Denny's Corp. * | 21,100 | 366,085 |
Dine Brands Global, Inc. | 5,087 | 412,250 |
Domino's Pizza, Inc. | 12,691 | 3,411,214 |
Drive Shack, Inc. * | 17,215 | 91,928 |
Dunkin' Brands Group, Inc. | 24,847 | 1,802,898 |
El Pollo Loco Holdings, Inc. * | 6,221 | 77,825 |
Eldorado Resorts, Inc. * | 19,323 | 705,290 |
Extended Stay America, Inc. | 55,942 | 910,736 |
Fiesta Restaurant Group, Inc. * | 7,980 | 205,964 |
frontdoor, Inc. * | 22,418 | 763,333 |
Golden Entertainment, Inc. * | 6,136 | 111,491 |
Graham Holdings Co., Class B | 1,341 | 779,188 |
Grand Canyon Education, Inc. * | 14,645 | 1,826,231 |
H&R Block, Inc. | 65,033 | 1,725,976 |
Hilton Grand Vacations, Inc. * | 31,058 | 834,528 |
Hilton Worldwide Holdings, Inc. | 89,982 | 6,404,019 |
Houghton Mifflin Harcourt Co. * | 27,761 | 185,999 |
Hyatt Hotels Corp., Class A | 13,375 | 925,550 |
International Speedway Corp., Class A | 7,430 | 278,699 |
J Alexander's Holdings, Inc. * | 6,429 | 67,826 |
Jack in the Box, Inc. | 8,809 | 695,294 |
K12, Inc. * | 12,100 | 259,061 |
Las Vegas Sands Corp. | 111,636 | 5,696,785 |
Laureate Education, Inc., Class A * | 16,237 | 241,769 |
Lindblad Expeditions Holdings, Inc. * | 7,500 | 101,325 |
Marriott International, Inc., Class A | 87,720 | 10,253,591 |
Marriott Vacations Worldwide Corp. | 12,059 | 1,067,101 |
McDonald's Corp. | 234,862 | 41,547,088 |
Security | Number of Shares | Value ($) |
MGM Resorts International | 157,229 | 4,194,870 |
Monarch Casino & Resort, Inc. * | 3,610 | 139,960 |
Nathan's Famous, Inc. | 842 | 63,057 |
Noodles & Co. * | 12,000 | 113,160 |
Norwegian Cruise Line Holdings Ltd. * | 61,212 | 2,697,613 |
Papa John's International, Inc. (a) | 7,000 | 381,780 |
Penn National Gaming, Inc. * | 31,604 | 767,345 |
Planet Fitness, Inc., Class A * | 28,365 | 1,392,438 |
Playa Hotels & Resorts N.V. * | 16,595 | 142,551 |
PlayAGS, Inc. * | 7,060 | 171,205 |
Potbelly Corp. * | 7,813 | 91,256 |
RCI Hospitality Holdings, Inc. | 2,500 | 65,450 |
Red Lion Hotels Corp. * | 7,000 | 76,510 |
Red Robin Gourmet Burgers, Inc. * | 3,624 | 109,445 |
Red Rock Resorts, Inc., Class A | 20,893 | 483,464 |
Regis Corp. * | 10,203 | 171,819 |
Royal Caribbean Cruises Ltd. | 51,751 | 5,419,882 |
Ruth's Hospitality Group, Inc. | 8,981 | 242,756 |
Scientific Games Corp., Class A * | 16,071 | 357,740 |
SeaWorld Entertainment, Inc. * | 20,116 | 525,430 |
Service Corp. International | 54,102 | 2,243,610 |
ServiceMaster Global Holdings, Inc. * | 39,637 | 1,699,635 |
Shake Shack, Inc., Class A * | 7,624 | 403,233 |
Six Flags Entertainment Corp. | 21,300 | 1,147,218 |
Sonic Corp. | 10,721 | 464,005 |
Sotheby's * | 10,870 | 456,540 |
Speedway Motorsports, Inc. | 4,350 | 67,556 |
Starbucks Corp. | 408,570 | 23,807,374 |
Strategic Education, Inc. | 6,759 | 850,417 |
Texas Roadhouse, Inc. | 20,839 | 1,259,926 |
The Cheesecake Factory, Inc. | 12,662 | 612,081 |
The Habit Restaurants, Inc., Class A * | 6,100 | 77,470 |
The Wendy's Co. | 55,689 | 960,078 |
Town Sports International Holdings, Inc. * | 7,275 | 55,872 |
Vail Resorts, Inc. | 12,129 | 3,048,260 |
Weight Watchers International, Inc. * | 11,312 | 747,723 |
Wingstop, Inc. | 9,358 | 585,998 |
Wyndham Destinations, Inc. | 29,572 | 1,061,043 |
Wyndham Hotels & Resorts, Inc. | 32,349 | 1,594,482 |
Wynn Resorts Ltd. | 29,825 | 3,000,395 |
Yum! Brands, Inc. | 95,538 | 8,637,591 |
Zoe's Kitchen, Inc. * | 5,678 | 72,224 |
182,192,105 | ||
Diversified Financials 5.2% | ||
Affiliated Managers Group, Inc. | 15,912 | 1,808,558 |
AG Mortgage Investment Trust, Inc. | 13,435 | 232,425 |
AGNC Investment Corp. | 144,600 | 2,579,664 |
Ally Financial, Inc. | 128,060 | 3,254,005 |
American Express Co. | 214,090 | 21,993,466 |
Ameriprise Financial, Inc. | 42,841 | 5,451,089 |
Annaly Capital Management, Inc. | 387,072 | 3,820,401 |
Anworth Mortgage Asset Corp. | 48,462 | 211,294 |
Apollo Commercial Real Estate Finance, Inc. | 37,142 | 694,927 |
Arbor Realty Trust, Inc. | 14,812 | 178,929 |
Ares Commercial Real Estate Corp. | 10,752 | 155,581 |
Arlington Asset Investment Corp., Class A (a) | 6,941 | 58,374 |
ARMOUR Residential REIT, Inc. | 10,820 | 235,660 |
Artisan Partners Asset Management, Inc., Class A | 15,052 | 412,575 |
Associated Capital Group, Inc., Class A | 1,241 | 48,101 |
AXA Equitable Holdings, Inc. | 39,800 | 807,542 |
B. Riley Financial, Inc. | 6,039 | 116,251 |
Berkshire Hathaway, Inc., Class B * | 590,098 | 121,135,317 |
BGC Partners, Inc., Class A | 78,571 | 832,067 |
Security | Number of Shares | Value ($) |
BlackRock, Inc. | 37,079 | 15,255,042 |
Blackstone Mortgage Trust, Inc., Class A | 35,802 | 1,207,959 |
Blucora, Inc. * | 15,753 | 455,577 |
Cannae Holdings, Inc. * | 23,093 | 426,528 |
Capital One Financial Corp. | 145,103 | 12,957,698 |
Capstead Mortgage Corp. | 28,021 | 192,224 |
Cboe Global Markets, Inc. | 34,150 | 3,853,827 |
Cherry Hill Mortgage Investment Corp. | 8,998 | 161,154 |
Chimera Investment Corp. | 54,935 | 1,021,791 |
CME Group, Inc. | 103,246 | 18,918,797 |
Cohen & Steers, Inc. | 6,489 | 249,113 |
Colony Credit Real Estate, Inc. | 24,800 | 529,232 |
Cowen, Inc. * | 8,211 | 121,523 |
Credit Acceptance Corp. * | 3,733 | 1,584,360 |
Curo Group Holdings Corp. * | 3,700 | 52,059 |
Diamond Hill Investment Group, Inc. | 1,017 | 175,107 |
Discover Financial Services | 102,854 | 7,165,838 |
Donnelley Financial Solutions, Inc. * | 9,665 | 150,291 |
Dynex Capital, Inc. | 32,055 | 185,598 |
E*TRADE Financial Corp. | 78,545 | 3,881,694 |
Eaton Vance Corp. | 34,000 | 1,531,700 |
Elevate Credit, Inc. * | 5,396 | 22,987 |
Encore Capital Group, Inc. * | 8,553 | 217,332 |
Enova International, Inc. * | 10,313 | 243,902 |
Evercore, Inc., Class A | 12,433 | 1,015,652 |
Exantas Capital Corp. | 9,433 | 106,970 |
EZCORP, Inc., Class A * | 14,614 | 145,263 |
FactSet Research Systems, Inc. | 11,591 | 2,593,602 |
Federated Investors, Inc., Class B | 28,276 | 697,569 |
FGL Holdings * | 56,622 | 447,314 |
FirstCash, Inc. | 13,446 | 1,081,058 |
Focus Financial Partners, Inc., Class A * | 5,800 | 221,560 |
Franklin Resources, Inc. | 94,951 | 2,896,005 |
GAIN Capital Holdings, Inc. | 6,506 | 49,706 |
Granite Point Mortgage Trust, Inc. | 14,601 | 271,725 |
Great Ajax Corp. | 5,000 | 65,200 |
Green Dot Corp., Class A * | 13,949 | 1,056,497 |
Greenhill & Co., Inc. | 6,539 | 144,185 |
Hamilton Lane, Inc., Class A | 4,759 | 182,650 |
Houlihan Lokey, Inc. | 9,766 | 402,164 |
Interactive Brokers Group, Inc., Class A | 23,113 | 1,142,013 |
Intercontinental Exchange, Inc. | 173,270 | 13,348,721 |
INTL. FCStone, Inc. * | 6,044 | 273,672 |
Invesco Ltd. | 122,440 | 2,658,172 |
Invesco Mortgage Capital, Inc. | 32,488 | 489,919 |
Investment Technology Group, Inc. | 10,065 | 276,586 |
Janus Henderson Group plc | 50,068 | 1,230,171 |
Jefferies Financial Group, Inc. | 86,033 | 1,847,128 |
KKR & Co., Inc., Class A | 159,300 | 3,767,445 |
KKR Real Estate Finance Trust, Inc. | 12,372 | 248,430 |
Ladder Capital Corp. | 29,867 | 502,960 |
Ladenburg Thalmann Financial Services, Inc. | 36,436 | 100,928 |
Lazard Ltd., Class A | 41,239 | 1,638,838 |
Legg Mason, Inc. | 27,907 | 787,536 |
LendingClub Corp. * | 121,585 | 392,720 |
LPL Financial Holdings, Inc. | 27,521 | 1,695,294 |
MarketAxess Holdings, Inc. | 11,662 | 2,445,171 |
Marlin Business Services Corp. | 4,000 | 106,320 |
MFA Financial, Inc. | 133,393 | 924,413 |
Moelis & Co., Class A | 13,891 | 560,641 |
Moody's Corp. | 50,597 | 7,360,852 |
Morgan Stanley | 400,638 | 18,293,131 |
Morningstar, Inc. | 5,600 | 698,880 |
MSCI, Inc. | 26,551 | 3,992,739 |
Nasdaq, Inc. | 34,407 | 2,983,431 |
Navient Corp. | 70,033 | 810,982 |
Nelnet, Inc., Class A | 6,877 | 387,106 |
Security | Number of Shares | Value ($) |
New Residential Investment Corp. | 101,695 | 1,818,307 |
New York Mortgage Trust, Inc. | 31,075 | 190,800 |
Northern Trust Corp. | 67,125 | 6,314,449 |
On Deck Capital, Inc. * | 20,000 | 138,000 |
OneMain Holdings, Inc. * | 22,487 | 641,329 |
Oppenheimer Holdings, Inc., Class A | 3,500 | 107,660 |
Orchid Island Capital, Inc. | 12,908 | 84,418 |
Owens Realty Mortgage, Inc. | 2,556 | 39,107 |
PennyMac Mortgage Investment Trust | 17,846 | 344,606 |
Piper Jaffray Cos. | 4,986 | 345,929 |
PJT Partners, Inc., Class A | 6,501 | 294,755 |
PRA Group, Inc. * | 14,276 | 440,272 |
Pzena Investment Management, Inc., Class A | 5,197 | 52,282 |
Raymond James Financial, Inc. | 40,068 | 3,072,815 |
Ready Capital Corp. | 5,000 | 76,600 |
Redwood Trust, Inc. | 22,281 | 365,854 |
Regional Management Corp. * | 3,000 | 86,580 |
S&P Global, Inc. | 76,178 | 13,888,773 |
Safeguard Scientifics, Inc. * | 7,000 | 59,850 |
Santander Consumer USA Holdings, Inc. | 35,217 | 660,319 |
SEI Investments Co. | 40,366 | 2,157,563 |
SLM Corp. * | 142,528 | 1,445,234 |
Starwood Property Trust, Inc. | 80,980 | 1,758,886 |
State Street Corp. | 115,178 | 7,918,487 |
Stifel Financial Corp. | 21,305 | 974,065 |
Synchrony Financial | 206,163 | 5,953,987 |
T. Rowe Price Group, Inc. | 73,138 | 7,093,655 |
TD Ameritrade Holding Corp. | 82,582 | 4,271,141 |
The Bank of New York Mellon Corp. | 277,351 | 13,127,023 |
The Charles Schwab Corp. (b) | 360,895 | 16,687,785 |
The Goldman Sachs Group, Inc. | 106,174 | 23,928,434 |
TPG RE Finance Trust, Inc. | 13,300 | 263,606 |
Two Harbors Investment Corp. | 74,106 | 1,088,617 |
Virtu Financial, Inc., Class A | 21,937 | 520,346 |
Virtus Investment Partners, Inc. | 2,646 | 262,854 |
Voya Financial, Inc. | 48,530 | 2,123,673 |
Waddell & Reed Financial, Inc., Class A | 25,984 | 495,515 |
Western Asset Mortgage Capital Corp. | 23,507 | 234,365 |
Westwood Holdings Group, Inc. | 2,653 | 112,355 |
WisdomTree Investments, Inc. | 38,043 | 295,594 |
World Acceptance Corp. * | 1,806 | 183,291 |
434,848,059 | ||
Energy 5.5% | ||
Abraxas Petroleum Corp. * | 53,135 | 97,768 |
Adams Resources & Energy, Inc. | 1,166 | 47,281 |
Alta Mesa Resources, Inc., Class A * | 30,000 | 94,500 |
Amyris, Inc. * | 11,100 | 82,695 |
Anadarko Petroleum Corp. | 154,779 | 8,234,243 |
Antero Resources Corp. * | 66,200 | 1,051,918 |
Apache Corp. | 116,641 | 4,412,529 |
Apergy Corp. * | 24,002 | 935,838 |
Arch Coal, Inc., Class A | 6,370 | 610,883 |
Archrock, Inc. | 37,700 | 386,802 |
Baker Hughes, a GE Co. | 128,962 | 3,441,996 |
Basic Energy Services, Inc. * | 6,128 | 47,615 |
Berry Petroleum Corp. | 5,500 | 77,000 |
Bonanza Creek Energy, Inc. * | 5,626 | 144,869 |
Bristow Group, Inc. * | 8,868 | 97,637 |
C&J Energy Services, Inc. * | 20,039 | 376,332 |
Cabot Oil & Gas Corp. | 132,362 | 3,207,131 |
Cactus, Inc., Class A * | 13,097 | 438,226 |
California Resources Corp. * | 14,379 | 450,638 |
Callon Petroleum Co. * | 67,969 | 677,651 |
CARBO Ceramics, Inc. * | 6,353 | 30,685 |
Carrizo Oil & Gas, Inc. * | 27,793 | 506,111 |
Security | Number of Shares | Value ($) |
Centennial Resource Development, Inc., Class A * | 56,622 | 1,084,877 |
Chaparral Energy, Inc., Class A * | 9,200 | 139,472 |
Cheniere Energy, Inc. * | 67,263 | 4,063,358 |
Chesapeake Energy Corp. * | 271,629 | 953,418 |
Chevron Corp. | 579,876 | 64,743,155 |
Cimarex Energy Co. | 28,859 | 2,293,425 |
Clean Energy Fuels Corp. * | 36,000 | 79,560 |
Cloud Peak Energy, Inc. * | 22,147 | 37,871 |
CNX Resources Corp. * | 63,420 | 992,523 |
Concho Resources, Inc. * | 60,474 | 8,411,329 |
ConocoPhillips | 353,263 | 24,693,084 |
CONSOL Energy, Inc. * | 8,270 | 329,477 |
Continental Resources, Inc. * | 25,700 | 1,353,876 |
Core Laboratories N.V. | 13,143 | 1,120,309 |
Covia Holdings Corp. * | 8,467 | 48,939 |
CVR Energy, Inc. | 8,752 | 376,336 |
Delek US Holdings, Inc. | 25,519 | 937,058 |
Denbury Resources, Inc. * | 137,039 | 472,785 |
Devon Energy Corp. | 153,530 | 4,974,372 |
Diamond Offshore Drilling, Inc. * | 21,182 | 300,361 |
Diamondback Energy, Inc. | 30,118 | 3,384,058 |
Dorian LPG Ltd. * | 13,074 | 103,938 |
Dril-Quip, Inc. * | 13,330 | 567,325 |
Earthstone Energy, Inc., Class A * | 5,613 | 46,195 |
Energen Corp. * | 24,493 | 1,762,761 |
Ensco plc, Class A | 137,209 | 979,672 |
EOG Resources, Inc. | 176,228 | 18,563,857 |
EQT Corp. | 79,711 | 2,707,783 |
Era Group, Inc. * | 6,921 | 78,346 |
Evolution Petroleum Corp. | 8,679 | 89,394 |
Exterran Corp. * | 9,906 | 206,936 |
Extraction Oil & Gas, Inc. * | 37,377 | 298,642 |
Exxon Mobil Corp. | 1,281,454 | 102,106,255 |
Forum Energy Technologies, Inc. * | 25,571 | 229,116 |
Frank's International N.V. * | 23,486 | 166,751 |
FTS International, Inc. * | 9,805 | 125,602 |
Geospace Technologies Corp. * | 4,643 | 59,105 |
Goodrich Petroleum Corp. * | 3,169 | 47,757 |
Green Plains, Inc. | 13,339 | 227,297 |
Gulfport Energy Corp. * | 53,493 | 487,321 |
Halcon Resources Corp. * | 40,012 | 132,840 |
Halliburton Co. | 268,912 | 9,325,868 |
Helix Energy Solutions Group, Inc. * | 39,464 | 336,233 |
Helmerich & Payne, Inc. | 33,069 | 2,059,868 |
Hess Corp. | 77,706 | 4,460,324 |
HighPoint Resources Corp. * | 33,805 | 125,755 |
HollyFrontier Corp. | 49,948 | 3,368,493 |
Hornbeck Offshore Services, Inc. * | 10,288 | 32,407 |
International Seaways, Inc. * | 8,633 | 185,696 |
ION Geophysical Corp. * | 2,790 | 32,950 |
Jagged Peak Energy, Inc. * | 18,587 | 228,992 |
Keane Group, Inc. * | 14,562 | 183,044 |
Key Energy Services, Inc. * | 3,071 | 27,793 |
Kinder Morgan, Inc. | 579,415 | 9,861,643 |
KLX Energy Services Holdings, Inc. * | 5,884 | 169,989 |
Kosmos Energy Ltd. * | 90,097 | 584,730 |
Laredo Petroleum, Inc. * | 45,079 | 236,214 |
Liberty Oilfield Services, Inc., Class A | 11,300 | 214,474 |
Lilis Energy, Inc. * | 10,300 | 27,810 |
Lonestar Resources US, Inc., Class A * | 6,800 | 52,292 |
Magnolia Oil & Gas Corp. * | 24,300 | 302,535 |
Mammoth Energy Services, Inc. | 4,000 | 99,840 |
Marathon Oil Corp. | 260,034 | 4,938,046 |
Marathon Petroleum Corp. | 202,669 | 14,278,031 |
Matador Resources Co. * | 33,967 | 979,608 |
Matrix Service Co. * | 8,000 | 162,640 |
McDermott International, Inc. * | 55,783 | 431,203 |
Security | Number of Shares | Value ($) |
Midstates Petroleum Co., Inc. * | 7,777 | 56,072 |
Murphy Oil Corp. | 48,399 | 1,541,992 |
Nabors Industries Ltd. | 103,794 | 515,856 |
NACCO Industries, Inc., Class A | 1,900 | 65,626 |
National Oilwell Varco, Inc. | 115,247 | 4,241,090 |
Natural Gas Services Group, Inc. * | 4,213 | 81,311 |
NCS Multistage Holdings, Inc. * | 4,000 | 45,200 |
Newfield Exploration Co. * | 63,105 | 1,274,721 |
Newpark Resources, Inc. * | 27,584 | 226,465 |
Nine Energy Service, Inc. * | 4,359 | 161,414 |
Noble Corp. plc * | 78,737 | 395,260 |
Noble Energy, Inc. | 144,875 | 3,600,144 |
Northern Oil & Gas, Inc. * | 53,558 | 157,461 |
Oasis Petroleum, Inc. * | 84,892 | 854,014 |
Occidental Petroleum Corp. | 231,630 | 15,535,424 |
Oceaneering International, Inc. * | 28,508 | 539,942 |
Oil States International, Inc. * | 17,218 | 383,445 |
ONEOK, Inc. | 124,249 | 8,150,734 |
Overseas Shipholding Group, Inc., Class A * | 18,500 | 58,090 |
Panhandle Oil & Gas, Inc., Class A | 6,200 | 110,298 |
Par Pacific Holdings, Inc. * | 13,184 | 233,093 |
Parsley Energy, Inc., Class A * | 81,227 | 1,902,336 |
Patterson-UTI Energy, Inc. | 65,569 | 1,091,068 |
PBF Energy, Inc., Class A | 35,761 | 1,496,598 |
PDC Energy, Inc. * | 19,571 | 830,789 |
Peabody Energy Corp. | 24,630 | 873,133 |
Penn Virginia Corp. * | 3,770 | 259,301 |
Phillips 66 | 129,586 | 13,324,032 |
Pioneer Energy Services Corp. * | 30,366 | 90,187 |
Pioneer Natural Resources Co. | 51,341 | 7,560,989 |
ProPetro Holding Corp. * | 21,687 | 382,776 |
QEP Resources, Inc. * | 70,358 | 626,890 |
Range Resources Corp. | 61,707 | 978,056 |
Renewable Energy Group, Inc. * | 11,517 | 357,948 |
Resolute Energy Corp. *(a) | 5,506 | 153,232 |
REX American Resources Corp. * | 1,646 | 122,084 |
RigNet, Inc. * | 4,141 | 70,811 |
Ring Energy, Inc. * | 20,681 | 147,456 |
Rowan Cos. plc, Class A * | 37,877 | 602,623 |
RPC, Inc. | 17,418 | 259,180 |
Sanchez Energy Corp. *(a) | 20,919 | 34,726 |
SandRidge Energy, Inc. * | 8,633 | 77,265 |
Schlumberger Ltd. | 418,775 | 21,487,345 |
SEACOR Holdings, Inc. * | 4,850 | 232,751 |
SEACOR Marine Holdings, Inc. * | 4,876 | 89,133 |
Select Energy Services, Inc., Class A * | 17,554 | 167,816 |
SemGroup Corp., Class A | 20,780 | 384,222 |
SilverBow Resources, Inc. * | 1,839 | 48,292 |
SM Energy Co. | 30,456 | 741,299 |
Solaris Oilfield Infrastructure, Inc., Class A * | 7,665 | 101,178 |
Southwestern Energy Co. * | 173,795 | 928,065 |
SRC Energy, Inc. * | 71,039 | 502,956 |
Superior Energy Services, Inc. * | 49,218 | 385,377 |
Talos Energy, Inc. * | 7,627 | 198,760 |
Targa Resources Corp. | 69,251 | 3,578,199 |
TechnipFMC plc | 129,204 | 3,398,065 |
Tellurian, Inc. *(a) | 28,096 | 224,768 |
TETRA Technologies, Inc. * | 33,023 | 98,078 |
The Williams Cos., Inc. | 362,987 | 8,831,474 |
Tidewater, Inc. * | 8,657 | 232,440 |
Transocean Ltd. * | 132,517 | 1,459,012 |
Ultra Petroleum Corp. * | 51,863 | 62,236 |
Unit Corp. * | 17,972 | 415,692 |
Uranium Energy Corp. *(a) | 39,550 | 52,601 |
US Silica Holdings, Inc. | 23,982 | 335,748 |
Valero Energy Corp. | 129,943 | 11,836,508 |
Security | Number of Shares | Value ($) |
W&T Offshore, Inc. * | 25,000 | 168,500 |
Weatherford International plc * | 301,607 | 407,169 |
Whiting Petroleum Corp. * | 29,221 | 1,089,943 |
WildHorse Resource Development Corp. * | 6,671 | 141,492 |
World Fuel Services Corp. | 22,400 | 716,800 |
WPX Energy, Inc. * | 123,840 | 1,986,394 |
457,704,807 | ||
Food & Staples Retailing 1.4% | ||
BJ's Wholesale Club Holdings, Inc. * | 19,800 | 438,570 |
Casey's General Stores, Inc. | 10,991 | 1,386,075 |
Costco Wholesale Corp. | 132,455 | 30,283,187 |
Ingles Markets, Inc., Class A | 4,200 | 138,348 |
Performance Food Group Co. * | 32,013 | 938,621 |
PriceSmart, Inc. | 7,280 | 510,692 |
Rite Aid Corp. * | 315,580 | 378,696 |
Smart & Final Stores, Inc. * | 7,800 | 39,390 |
SpartanNash, Co. | 10,256 | 183,070 |
Sprouts Farmers Market, Inc. * | 37,162 | 999,286 |
Sysco Corp. | 143,797 | 10,257,040 |
The Andersons, Inc. | 7,371 | 265,356 |
The Chefs' Warehouse, Inc. * | 8,690 | 292,245 |
The Kroger Co. | 242,978 | 7,231,025 |
U.S. Foods Holding Corp. * | 65,179 | 1,901,271 |
United Natural Foods, Inc. * | 18,511 | 402,244 |
Village Super Market, Inc., Class A | 5,089 | 125,393 |
Walgreens Boots Alliance, Inc. | 255,078 | 20,347,572 |
Walmart, Inc. | 434,789 | 43,600,641 |
Weis Markets, Inc. | 4,927 | 227,381 |
119,946,103 | ||
Food, Beverage & Tobacco 3.7% | ||
22nd Century Group, Inc. *(a) | 28,273 | 68,421 |
Alico, Inc. | 2,000 | 66,200 |
Altria Group, Inc. | 569,775 | 37,058,166 |
Archer-Daniels-Midland Co. | 168,305 | 7,952,411 |
B&G Foods, Inc. (a) | 23,053 | 600,300 |
Brown-Forman Corp., Class A | 20,600 | 955,222 |
Brown-Forman Corp., Class B | 51,090 | 2,367,511 |
Bunge Ltd. | 42,795 | 2,644,731 |
Cal-Maine Foods, Inc. | 9,759 | 474,971 |
Calavo Growers, Inc. | 5,260 | 510,220 |
Campbell Soup Co. | 57,935 | 2,167,348 |
Coca-Cola Bottling Co. Consolidated | 1,385 | 239,093 |
ConAgra Brands, Inc. | 143,827 | 5,120,241 |
Constellation Brands, Inc., Class A | 50,939 | 10,148,577 |
Craft Brew Alliance, Inc. * | 3,000 | 55,020 |
Darling Ingredients, Inc. * | 49,053 | 1,013,435 |
Dean Foods Co. | 26,756 | 213,780 |
Farmer Brothers Co. * | 4,500 | 108,495 |
Flowers Foods, Inc. | 54,834 | 1,058,845 |
Fresh Del Monte Produce, Inc. | 9,062 | 299,318 |
Freshpet, Inc. * | 6,900 | 262,890 |
General Mills, Inc. | 180,870 | 7,922,106 |
Hormel Foods Corp. | 82,799 | 3,613,348 |
Hostess Brands, Inc. * | 26,496 | 275,558 |
Ingredion, Inc. | 21,095 | 2,134,392 |
J&J Snack Foods Corp. | 4,866 | 759,875 |
John B. Sanfilippo & Son, Inc. | 2,559 | 161,371 |
Kellogg Co. | 76,325 | 4,997,761 |
Keurig Dr Pepper, Inc. | 55,424 | 1,441,024 |
Lamb Weston Holdings, Inc. | 45,060 | 3,521,890 |
Lancaster Colony Corp. | 5,718 | 979,951 |
Landec Corp. * | 9,100 | 124,579 |
Limoneira Co. | 4,500 | 110,925 |
Security | Number of Shares | Value ($) |
McCormick & Co., Inc. - Non Voting Shares | 36,179 | 5,209,776 |
MGP Ingredients, Inc. | 3,577 | 254,575 |
Molson Coors Brewing Co., Class B | 57,532 | 3,682,048 |
Mondelez International, Inc., Class A | 442,415 | 18,572,582 |
Monster Beverage Corp. * | 121,301 | 6,410,758 |
National Beverage Corp. * | 4,003 | 370,077 |
New Age Beverages Corp. *(a) | 11,300 | 51,189 |
PepsiCo, Inc. | 428,435 | 48,147,525 |
Philip Morris International, Inc. | 470,448 | 41,432,355 |
Pilgrim's Pride Corp. * | 17,681 | 312,246 |
Post Holdings, Inc. * | 19,857 | 1,755,756 |
Primo Water Corp. * | 10,121 | 168,717 |
Pyxus International, Inc. *(a) | 2,460 | 58,400 |
Sanderson Farms, Inc. | 6,041 | 594,374 |
Seaboard Corp. | 100 | 386,500 |
Seneca Foods Corp., Class A * | 2,000 | 63,260 |
The Boston Beer Co., Inc., Class A * | 2,611 | 802,334 |
The Coca-Cola Co. | 1,157,699 | 55,430,628 |
The Hain Celestial Group, Inc. * | 26,712 | 664,595 |
The Hershey Co. | 41,575 | 4,454,761 |
The JM Smucker Co. | 34,684 | 3,756,971 |
The Kraft Heinz Co. | 188,293 | 10,350,466 |
The Simply Good Foods Co. * | 13,000 | 246,480 |
Tootsie Roll Industries, Inc. (a) | 8,261 | 260,800 |
TreeHouse Foods, Inc. * | 16,430 | 748,551 |
Turning Point Brands, Inc. | 2,904 | 119,354 |
Tyson Foods, Inc., Class A | 89,093 | 5,338,453 |
Universal Corp. | 7,470 | 506,914 |
Vector Group Ltd. | 32,261 | 436,169 |
310,014,589 | ||
Health Care Equipment & Services 6.5% | ||
Abbott Laboratories | 531,287 | 36,626,926 |
ABIOMED, Inc. * | 13,750 | 4,691,500 |
Acadia Healthcare Co., Inc. * | 26,116 | 1,083,814 |
Accuray, Inc. * | 28,423 | 127,619 |
Addus HomeCare Corp. * | 3,011 | 197,220 |
Aetna, Inc. | 99,011 | 19,643,782 |
Align Technology, Inc. * | 22,367 | 4,947,580 |
Allscripts Healthcare Solutions, Inc. * | 53,720 | 639,805 |
Amedisys, Inc. * | 8,656 | 952,160 |
American Renal Associates Holdings, Inc. * | 4,023 | 77,604 |
AmerisourceBergen Corp. | 49,161 | 4,326,168 |
AMN Healthcare Services, Inc. * | 14,237 | 720,677 |
AngioDynamics, Inc. * | 11,557 | 236,109 |
Anika Therapeutics, Inc. * | 4,606 | 164,711 |
Antares Pharma, Inc. * | 48,097 | 143,810 |
Anthem, Inc. | 78,759 | 21,703,618 |
Apollo Medical Holdings, Inc. * | 6,700 | 137,015 |
athenahealth, Inc. * | 12,540 | 1,599,352 |
AtriCure, Inc. * | 9,515 | 302,672 |
Atrion Corp. | 475 | 324,035 |
Avanos Medical, Inc. * | 15,275 | 864,565 |
AxoGen, Inc. * | 9,093 | 339,078 |
Baxter International, Inc. | 150,453 | 9,404,817 |
Becton, Dickinson & Co. | 81,012 | 18,673,266 |
BioLife Solutions, Inc. * | 2,800 | 35,616 |
BioScrip, Inc. * | 36,021 | 96,536 |
BioTelemetry, Inc. * | 9,418 | 547,186 |
Boston Scientific Corp. * | 418,599 | 15,128,168 |
Bovie Medical Corp. * | 8,600 | 45,322 |
Brookdale Senior Living, Inc. * | 60,882 | 543,676 |
Cantel Medical Corp. | 11,887 | 940,856 |
Capital Senior Living Corp. * | 8,394 | 75,546 |
Cardinal Health, Inc. | 92,505 | 4,680,753 |
Security | Number of Shares | Value ($) |
Cardiovascular Systems, Inc. * | 9,899 | 277,667 |
Castlight Health, Inc., Class B * | 20,805 | 51,388 |
Centene Corp. * | 61,644 | 8,033,446 |
Cerner Corp. * | 98,049 | 5,616,247 |
Cerus Corp. * | 45,797 | 306,840 |
Chemed Corp. | 4,821 | 1,467,175 |
Cigna Corp. | 73,843 | 15,788,372 |
Civitas Solutions, Inc. * | 5,560 | 80,398 |
Community Health Systems, Inc. * | 34,809 | 109,996 |
Computer Programs & Systems, Inc. | 6,900 | 172,500 |
CONMED Corp. | 9,006 | 607,275 |
CorVel Corp. * | 5,002 | 289,916 |
Cross Country Healthcare, Inc. * | 12,500 | 110,375 |
CryoLife, Inc. * | 12,053 | 373,402 |
CryoPort, Inc. * | 8,100 | 89,910 |
Cutera, Inc. * | 4,219 | 85,646 |
CVS Health Corp. | 309,407 | 22,397,973 |
CytoSorbents Corp. * | 6,997 | 69,970 |
Danaher Corp. | 185,749 | 18,463,451 |
DaVita, Inc. * | 37,737 | 2,541,210 |
DENTSPLY SIRONA, Inc. | 69,517 | 2,407,374 |
DexCom, Inc. * | 26,976 | 3,581,603 |
Diplomat Pharmacy, Inc. * | 16,723 | 331,784 |
Edwards Lifesciences Corp. * | 63,554 | 9,380,570 |
Encompass Health Corp. | 29,684 | 1,997,733 |
Endologix, Inc. * | 22,949 | 27,998 |
Evolent Health, Inc., Class A * | 21,273 | 472,261 |
Express Scripts Holding Co. * | 170,430 | 16,526,597 |
FONAR Corp. * | 1,870 | 46,264 |
GenMark Diagnostics, Inc. * | 16,600 | 88,478 |
Glaukos Corp. * | 10,445 | 605,183 |
Globus Medical, Inc., Class A * | 21,429 | 1,132,523 |
Haemonetics Corp. * | 16,388 | 1,712,054 |
HCA Healthcare, Inc. | 81,629 | 10,899,920 |
HealthEquity, Inc. * | 16,138 | 1,481,468 |
HealthStream, Inc. | 10,858 | 285,674 |
Helius Medical Technologies, Inc. *(a) | 4,659 | 47,708 |
Henry Schein, Inc. * | 46,078 | 3,824,474 |
Heska Corp. * | 2,364 | 236,920 |
Hill-Rom Holdings, Inc. | 20,490 | 1,722,799 |
HMS Holdings Corp. * | 27,643 | 796,671 |
Hologic, Inc. * | 84,150 | 3,281,008 |
Humana, Inc. | 41,655 | 13,346,678 |
ICU Medical, Inc. * | 4,928 | 1,255,309 |
IDEXX Laboratories, Inc. * | 26,000 | 5,515,120 |
Inogen, Inc. * | 5,361 | 1,016,285 |
Inovalon Holdings, Inc., Class A * | 22,744 | 214,021 |
Inspire Medical Systems, Inc. * | 2,261 | 90,621 |
Insulet Corp. * | 17,604 | 1,552,849 |
Integer Holdings Corp. * | 8,929 | 664,943 |
Integra LifeSciences Holdings Corp. * | 21,026 | 1,126,363 |
IntriCon Corp. * | 1,742 | 72,955 |
Intuitive Surgical, Inc. * | 34,599 | 18,032,307 |
Invacare Corp. | 9,218 | 119,097 |
iRadimed Corp. * | 1,334 | 33,297 |
iRhythm Technologies, Inc. * | 6,510 | 502,963 |
K2M Group Holdings, Inc. * | 12,900 | 353,202 |
Laboratory Corp. of America Holdings * | 30,458 | 4,890,032 |
Lantheus Holdings, Inc. * | 11,198 | 156,436 |
LeMaitre Vascular, Inc. | 4,566 | 121,912 |
LHC Group, Inc. * | 8,883 | 812,173 |
LifePoint Health, Inc. * | 12,364 | 801,929 |
LivaNova plc * | 14,430 | 1,616,016 |
Magellan Health, Inc. * | 7,281 | 473,702 |
Masimo Corp. * | 15,046 | 1,739,318 |
McKesson Corp. | 60,373 | 7,532,135 |
Medidata Solutions, Inc. * | 19,317 | 1,357,985 |
MEDNAX, Inc. * | 29,295 | 1,209,591 |
Security | Number of Shares | Value ($) |
Medtronic plc | 408,190 | 36,663,626 |
Meridian Bioscience, Inc. | 18,007 | 291,893 |
Merit Medical Systems, Inc. * | 16,303 | 931,227 |
Molina Healthcare, Inc. * | 18,377 | 2,329,652 |
National HealthCare Corp. | 2,795 | 222,286 |
National Research Corp., Class A | 3,236 | 123,130 |
Natus Medical, Inc. * | 10,992 | 328,441 |
Neogen Corp. * | 15,676 | 951,847 |
Neuronetics, Inc. * | 1,800 | 45,864 |
Nevro Corp. * | 10,264 | 500,473 |
NextGen Healthcare, Inc. * | 14,156 | 209,084 |
NuVasive, Inc. * | 14,957 | 840,135 |
Nuvectra Corp. * | 4,133 | 82,701 |
NxStage Medical, Inc. * | 21,678 | 615,222 |
Omnicell, Inc. * | 11,751 | 830,796 |
OraSure Technologies, Inc. * | 16,500 | 229,350 |
Orthofix Medical, Inc. * | 6,531 | 397,215 |
OrthoPediatrics Corp. * | 2,000 | 69,460 |
Owens & Minor, Inc. | 18,500 | 146,150 |
Patterson Cos., Inc. | 24,734 | 558,494 |
Penumbra, Inc. * | 9,983 | 1,357,688 |
PetIQ, Inc. * | 6,200 | 196,292 |
Premier, Inc., Class A * | 18,773 | 844,785 |
Quest Diagnostics, Inc. | 40,824 | 3,841,947 |
Quidel Corp. * | 10,286 | 662,007 |
R1 RCM, Inc. * | 31,130 | 263,671 |
RadNet, Inc. * | 11,759 | 174,033 |
ResMed, Inc. | 42,729 | 4,525,856 |
Rockwell Medical, Inc. *(a) | 13,042 | 53,211 |
RTI Surgical, Inc. * | 18,100 | 82,898 |
SeaSpine Holdings Corp. * | 3,766 | 64,662 |
Select Medical Holdings Corp. * | 32,746 | 542,929 |
Senseonics Holdings, Inc. *(a) | 26,000 | 96,460 |
Sientra, Inc. * | 6,300 | 129,717 |
Simulations Plus, Inc. | 3,188 | 64,429 |
STAAR Surgical Co. * | 8,247 | 330,787 |
STERIS plc | 25,437 | 2,780,518 |
Stryker Corp. | 93,796 | 15,215,587 |
Surgery Partners, Inc. * | 5,591 | 75,982 |
Surmodics, Inc. * | 4,200 | 266,406 |
Tabula Rasa HealthCare, Inc. * | 5,100 | 376,788 |
Tactile Systems Technology, Inc. * | 4,907 | 321,310 |
Tandem Diabetes Care, Inc. * | 17,130 | 644,259 |
Teladoc Health, Inc. * | 21,626 | 1,499,547 |
Teleflex, Inc. | 13,787 | 3,319,082 |
Tenet Healthcare Corp. * | 24,399 | 627,786 |
The Cooper Cos., Inc. | 15,087 | 3,897,123 |
The Ensign Group, Inc. | 14,906 | 552,118 |
The Providence Service Corp. * | 3,302 | 218,229 |
Tivity Health, Inc. * | 14,653 | 504,210 |
TransEnterix, Inc. *(a) | 54,700 | 178,869 |
Triple-S Management Corp., Class B * | 6,648 | 114,080 |
U.S. Physical Therapy, Inc. | 4,600 | 494,592 |
UnitedHealth Group, Inc. | 291,236 | 76,114,529 |
Universal Health Services, Inc., Class B | 26,526 | 3,224,501 |
Utah Medical Products, Inc. | 1,365 | 119,001 |
Varex Imaging Corp. * | 12,489 | 324,214 |
Varian Medical Systems, Inc. * | 27,199 | 3,246,745 |
Veeva Systems, Inc., Class A * | 36,751 | 3,357,204 |
ViewRay, Inc. * | 19,429 | 168,061 |
Vocera Communications, Inc. * | 8,573 | 297,569 |
WellCare Health Plans, Inc. * | 15,225 | 4,201,948 |
West Pharmaceutical Services, Inc. | 22,361 | 2,368,477 |
Wright Medical Group N.V. * | 34,526 | 931,511 |
Zimmer Biomet Holdings, Inc. | 61,840 | 7,024,406 |
544,512,092 | ||
Security | Number of Shares | Value ($) |
Household & Personal Products 1.5% | ||
Avon Products, Inc. * | 123,017 | 241,113 |
Central Garden & Pet Co. * | 4,210 | 136,741 |
Central Garden & Pet Co., Class A * | 10,529 | 312,185 |
Church & Dwight Co., Inc. | 74,316 | 4,412,141 |
Colgate-Palmolive Co. | 262,684 | 15,642,832 |
Coty, Inc., Class A | 138,235 | 1,458,379 |
Edgewell Personal Care Co. * | 16,048 | 769,983 |
elf Beauty, Inc. * | 6,276 | 66,588 |
Energizer Holdings, Inc. | 17,686 | 1,039,406 |
Herbalife Nutrition Ltd. * | 31,363 | 1,670,393 |
Inter Parfums, Inc. | 5,613 | 331,111 |
Kimberly-Clark Corp. | 105,104 | 10,962,347 |
Lifevantage Corp. * | 3,800 | 41,838 |
Medifast, Inc. | 3,897 | 824,917 |
Natural Health Trends Corp. (a) | 2,166 | 49,255 |
Nu Skin Enterprises, Inc., Class A | 17,207 | 1,208,276 |
Oil-Dri Corp. of America | 1,600 | 49,488 |
Revlon, Inc., Class A *(a) | 3,255 | 68,355 |
Spectrum Brands Holdings, Inc. | 13,969 | 907,287 |
The Clorox Co. | 38,877 | 5,771,291 |
The Estee Lauder Cos., Inc., Class A | 67,863 | 9,327,091 |
The Procter & Gamble Co. | 753,064 | 66,781,715 |
USANA Health Sciences, Inc. * | 4,056 | 474,633 |
WD-40 Co. | 4,489 | 750,022 |
123,297,387 | ||
Insurance 2.6% | ||
Aflac, Inc. | 231,193 | 9,957,482 |
Alleghany Corp. | 4,440 | 2,667,019 |
Ambac Financial Group, Inc. * | 13,400 | 275,772 |
American Equity Investment Life Holding Co. | 26,357 | 822,866 |
American Financial Group, Inc. | 20,934 | 2,094,028 |
American International Group, Inc. | 270,701 | 11,177,244 |
American National Insurance Co. | 2,769 | 341,252 |
AMERISAFE, Inc. | 5,668 | 368,930 |
AmTrust Financial Services, Inc. | 31,795 | 455,940 |
Aon plc | 73,873 | 11,537,485 |
Arch Capital Group Ltd. * | 123,063 | 3,491,297 |
Argo Group International Holdings Ltd. | 10,503 | 647,090 |
Arthur J. Gallagher & Co. | 55,205 | 4,085,722 |
Aspen Insurance Holdings Ltd. | 18,300 | 766,404 |
Assurant, Inc. | 16,446 | 1,598,716 |
Assured Guaranty Ltd. | 33,320 | 1,332,134 |
Athene Holding Ltd., Class A * | 38,390 | 1,755,191 |
Axis Capital Holdings Ltd. | 25,200 | 1,405,908 |
Brighthouse Financial, Inc. * | 35,525 | 1,407,856 |
Brown & Brown, Inc. | 70,040 | 1,973,727 |
Chubb Ltd. | 140,107 | 17,500,765 |
Cincinnati Financial Corp. | 45,208 | 3,555,157 |
Citizens, Inc. *(a) | 16,000 | 125,760 |
CNA Financial Corp. | 9,550 | 414,183 |
CNO Financial Group, Inc. | 48,872 | 923,681 |
Crawford & Co., Class A | 4,938 | 44,640 |
Crawford & Co., Class B | 5,800 | 53,418 |
Donegal Group, Inc., Class A | 8,790 | 118,050 |
eHealth, Inc. * | 4,902 | 168,433 |
EMC Insurance Group, Inc. | 4,286 | 102,735 |
Employers Holdings, Inc. | 9,753 | 448,248 |
Enstar Group Ltd. * | 4,751 | 862,782 |
Erie Indemnity Co., Class A | 6,531 | 847,005 |
Everest Re Group Ltd. | 12,137 | 2,644,167 |
FBL Financial Group, Inc., Class A | 3,305 | 227,979 |
FedNat Holding Co. | 4,085 | 87,950 |
Fidelity National Financial, Inc. | 82,027 | 2,743,803 |
Security | Number of Shares | Value ($) |
First American Financial Corp. | 35,300 | 1,564,849 |
Genworth Financial, Inc., Class A * | 154,020 | 659,206 |
Global Indemnity Ltd. | 2,000 | 71,600 |
Goosehead Insurance, Inc., Class A * | 2,800 | 95,984 |
Greenlight Capital Re Ltd., Class A * | 7,361 | 85,314 |
HCI Group, Inc. | 2,926 | 127,778 |
Health Insurance Innovations, Inc., Class A * | 3,371 | 164,842 |
Heritage Insurance Holdings, Inc. | 6,081 | 84,891 |
Horace Mann Educators Corp. | 12,141 | 476,898 |
Independence Holding Co. | 1,482 | 53,663 |
Investors Title Co. | 866 | 157,612 |
James River Group Holdings Ltd. | 9,426 | 362,901 |
Kemper Corp. | 18,874 | 1,419,136 |
Kingstone Cos., Inc. | 2,696 | 45,832 |
Kinsale Capital Group, Inc. | 5,610 | 334,973 |
Lincoln National Corp. | 65,091 | 3,917,827 |
Loews Corp. | 82,826 | 3,856,379 |
Maiden Holdings Ltd. | 18,900 | 66,339 |
Markel Corp. * | 4,197 | 4,588,328 |
Marsh & McLennan Cos., Inc. | 152,544 | 12,928,104 |
MBIA, Inc. * | 25,042 | 247,916 |
Mercury General Corp. | 7,947 | 471,337 |
MetLife, Inc. | 300,529 | 12,378,789 |
National General Holdings Corp. | 18,249 | 508,417 |
National Western Life Group, Inc., Class A | 624 | 168,031 |
NI Holdings, Inc. * | 2,860 | 44,730 |
Old Republic International Corp. | 85,980 | 1,895,859 |
Primerica, Inc. | 13,498 | 1,481,271 |
Principal Financial Group, Inc. | 80,204 | 3,775,202 |
ProAssurance Corp. | 16,317 | 716,643 |
Protective Insurance Corp., Class B | 6,232 | 143,648 |
Prudential Financial, Inc. | 125,627 | 11,781,300 |
Reinsurance Group of America, Inc. | 19,271 | 2,743,612 |
RenaissanceRe Holdings Ltd. | 12,232 | 1,494,261 |
RLI Corp. | 11,508 | 850,786 |
Safety Insurance Group, Inc. | 4,111 | 342,364 |
Selective Insurance Group, Inc. | 17,834 | 1,156,535 |
State Auto Financial Corp. | 5,500 | 174,845 |
Stewart Information Services Corp. | 6,635 | 273,893 |
The Allstate Corp. | 104,314 | 9,984,936 |
The Hanover Insurance Group, Inc. | 12,832 | 1,429,228 |
The Hartford Financial Services Group, Inc. | 108,166 | 4,912,900 |
The Navigators Group, Inc. | 7,334 | 507,146 |
The Progressive Corp. | 176,704 | 12,316,269 |
The Travelers Cos., Inc. | 80,543 | 10,078,346 |
Third Point Reinsurance Ltd. * | 22,436 | 248,142 |
Tiptree, Inc. | 7,504 | 44,199 |
Torchmark Corp. | 31,100 | 2,632,926 |
Trupanion, Inc. *(a) | 7,474 | 188,793 |
United Fire Group, Inc. | 6,616 | 356,139 |
United Insurance Holdings Corp. | 6,439 | 126,977 |
Universal Insurance Holdings, Inc. | 9,563 | 401,455 |
Unum Group | 68,645 | 2,489,068 |
W. R. Berkley Corp. | 29,205 | 2,216,659 |
White Mountains Insurance Group Ltd. | 897 | 795,343 |
Willis Towers Watson plc | 39,508 | 5,655,965 |
215,127,205 | ||
Materials 2.9% | ||
Advanced Emissions Solutions, Inc. | 5,901 | 58,420 |
AdvanSix, Inc. * | 8,959 | 248,523 |
AgroFresh Solutions, Inc. * | 10,000 | 57,100 |
Air Products & Chemicals, Inc. | 66,322 | 10,236,801 |
AK Steel Holding Corp. * | 99,027 | 366,400 |
Albemarle Corp. | 32,784 | 3,252,828 |
Security | Number of Shares | Value ($) |
Alcoa Corp. * | 55,346 | 1,936,557 |
Allegheny Technologies, Inc. * | 40,422 | 1,046,526 |
American Vanguard Corp. | 7,917 | 127,464 |
AptarGroup, Inc. | 18,604 | 1,896,864 |
Ashland Global Holdings, Inc. | 18,556 | 1,372,773 |
Avery Dennison Corp. | 25,934 | 2,352,732 |
Axalta Coating Systems Ltd. * | 66,563 | 1,642,775 |
Balchem Corp. | 9,564 | 895,669 |
Ball Corp. | 104,914 | 4,700,147 |
Bemis Co., Inc. | 27,945 | 1,279,043 |
Berry Global Group, Inc. * | 39,043 | 1,703,056 |
Boise Cascade Co. | 11,827 | 364,153 |
Cabot Corp. | 17,957 | 874,147 |
Carpenter Technology Corp. | 13,501 | 588,779 |
Celanese Corp. | 40,548 | 3,930,723 |
Century Aluminum Co. * | 14,114 | 112,065 |
CF Industries Holdings, Inc. | 71,025 | 3,411,331 |
Chase Corp. | 2,117 | 228,297 |
Clearwater Paper Corp. * | 5,472 | 132,094 |
Cleveland-Cliffs, Inc. * | 91,140 | 980,666 |
Coeur Mining, Inc. * | 56,566 | 270,385 |
Commercial Metals Co. | 33,770 | 643,656 |
Compass Minerals International, Inc. | 9,812 | 475,980 |
Crown Holdings, Inc. * | 40,933 | 1,731,057 |
Domtar Corp. | 18,587 | 860,764 |
DowDuPont, Inc. | 699,372 | 37,710,138 |
Eagle Materials, Inc. | 13,675 | 1,009,762 |
Eastman Chemical Co. | 42,308 | 3,314,832 |
Ecolab, Inc. | 76,686 | 11,744,461 |
Ferro Corp. * | 25,700 | 435,358 |
FMC Corp. | 40,839 | 3,188,709 |
Forterra, Inc. * | 5,539 | 24,981 |
Freeport-McMoRan, Inc. | 437,236 | 5,093,799 |
FutureFuel Corp. | 8,300 | 136,120 |
GCP Applied Technologies, Inc. * | 22,792 | 591,908 |
Gold Resource Corp. | 19,195 | 83,114 |
Graphic Packaging Holding Co. | 93,020 | 1,024,150 |
Greif, Inc., Class A | 9,091 | 430,004 |
Greif, Inc., Class B | 2,000 | 102,720 |
H.B. Fuller Co. | 15,251 | 678,059 |
Hawkins, Inc. | 3,679 | 123,835 |
Haynes International, Inc. | 6,444 | 186,618 |
Hecla Mining Co. | 160,671 | 385,610 |
Huntsman Corp. | 64,034 | 1,401,064 |
Ingevity Corp. * | 12,467 | 1,135,494 |
Innophos Holdings, Inc. | 6,990 | 204,807 |
Innospec, Inc. | 7,393 | 494,740 |
International Flavors & Fragrances, Inc. | 30,493 | 4,411,117 |
International Paper Co. | 123,352 | 5,595,247 |
Intrepid Potash, Inc. * | 27,197 | 107,428 |
Kaiser Aluminum Corp. | 5,774 | 550,666 |
KapStone Paper & Packaging Corp. | 25,211 | 882,385 |
KMG Chemicals, Inc. | 3,341 | 250,642 |
Koppers Holdings, Inc. * | 5,651 | 151,164 |
Kraton Corp. * | 9,954 | 274,133 |
Kronos Worldwide, Inc. | 6,230 | 87,407 |
Linde plc | 166,823 | 27,604,202 |
Louisiana-Pacific Corp. | 42,085 | 916,190 |
LSB Industries, Inc. * | 5,600 | 42,560 |
LyondellBasell Industries N.V., Class A | 96,883 | 8,648,745 |
Martin Marietta Materials, Inc. | 18,841 | 3,227,086 |
Materion Corp. | 7,145 | 406,050 |
McEwen Mining, Inc. | 72,434 | 141,971 |
Mercer International, Inc. | 14,056 | 213,792 |
Minerals Technologies, Inc. | 10,623 | 581,609 |
Myers Industries, Inc. | 10,180 | 161,455 |
Neenah, Inc. | 5,035 | 405,116 |
NewMarket Corp. | 2,808 | 1,083,776 |
Security | Number of Shares | Value ($) |
Newmont Mining Corp. | 161,368 | 4,989,499 |
Northern Technologies International Corp. | 1,624 | 52,536 |
Nucor Corp. | 95,292 | 5,633,663 |
Olin Corp. | 48,790 | 985,558 |
Olympic Steel, Inc. | 7,310 | 137,867 |
OMNOVA Solutions, Inc. * | 14,068 | 103,963 |
Owens-Illinois, Inc. * | 50,995 | 799,092 |
P.H. Glatfelter Co. | 12,756 | 228,332 |
Packaging Corp. of America | 28,273 | 2,595,744 |
Platform Specialty Products Corp. * | 76,011 | 822,439 |
PolyOne Corp. | 23,918 | 772,791 |
PPG Industries, Inc. | 73,090 | 7,681,028 |
PQ Group Holdings, Inc. * | 16,472 | 264,376 |
Quaker Chemical Corp. | 4,376 | 787,242 |
Rayonier Advanced Materials, Inc. | 17,736 | 219,572 |
Reliance Steel & Aluminum Co. | 22,620 | 1,785,170 |
Resolute Forest Products, Inc. * | 28,000 | 315,560 |
Royal Gold, Inc. | 19,530 | 1,496,584 |
RPM International, Inc. | 39,518 | 2,417,316 |
Ryerson Holding Corp. * | 4,659 | 42,770 |
Schnitzer Steel Industries, Inc., Class A | 9,050 | 243,445 |
Schweitzer-Mauduit International, Inc. | 9,802 | 312,880 |
Sealed Air Corp. | 48,619 | 1,573,311 |
Sensient Technologies Corp. | 12,550 | 813,993 |
Silgan Holdings, Inc. | 22,545 | 541,756 |
Sonoco Products Co. | 29,936 | 1,633,907 |
Steel Dynamics, Inc. | 71,640 | 2,836,944 |
Stepan Co. | 6,704 | 553,683 |
Summit Materials, Inc., Class A * | 33,033 | 445,946 |
SunCoke Energy, Inc. * | 18,406 | 206,147 |
Synalloy Corp. * | 2,200 | 40,678 |
The Chemours Co. | 54,183 | 1,788,581 |
The Mosaic Co. | 107,993 | 3,341,303 |
The Scotts Miracle-Gro Co. | 11,525 | 769,179 |
The Sherwin-Williams Co. | 24,806 | 9,760,417 |
TimkenSteel Corp. * | 10,796 | 125,557 |
Trecora Resources * | 5,445 | 58,806 |
Tredegar Corp. | 8,263 | 153,692 |
Trinseo S.A. | 12,703 | 684,438 |
Tronox Ltd., Class A | 28,193 | 322,810 |
UFP Technologies, Inc. * | 1,700 | 58,684 |
United States Lime & Minerals, Inc. | 616 | 46,206 |
United States Steel Corp. | 54,379 | 1,442,675 |
Universal Stainless & Alloy Products, Inc. * | 1,800 | 35,352 |
US Concrete, Inc. * | 5,180 | 169,075 |
Valhi, Inc. | 13,600 | 28,288 |
Valvoline, Inc. | 56,325 | 1,121,994 |
Venator Materials plc * | 13,280 | 89,773 |
Verso Corp., Class A * | 11,750 | 330,293 |
Vulcan Materials Co. | 40,595 | 4,105,778 |
W.R. Grace & Co. | 21,389 | 1,385,793 |
Warrior Met Coal, Inc. | 14,218 | 398,104 |
Westlake Chemical Corp. | 11,394 | 812,392 |
WestRock Co. | 76,081 | 3,269,201 |
Worthington Industries, Inc. | 13,511 | 565,841 |
245,218,823 | ||
Media & Entertainment 7.3% | ||
Activision Blizzard, Inc. | 230,457 | 15,913,056 |
Alphabet, Inc., Class A * | 90,520 | 98,719,302 |
Alphabet, Inc., Class C * | 93,218 | 100,374,346 |
Altice USA, Inc., Class A | 35,278 | 575,384 |
AMC Entertainment Holdings, Inc., Class A | 14,040 | 270,410 |
AMC Networks, Inc., Class A * | 13,071 | 765,699 |
ANGI Homeservices, Inc., Class A * | 14,595 | 279,348 |
Boston Omaha Corp., Class A *(a) | 2,600 | 71,968 |
Security | Number of Shares | Value ($) |
Cable One, Inc. | 1,525 | 1,366,003 |
Cardlytics, Inc. * | 2,700 | 57,132 |
Care.com, Inc. * | 8,500 | 149,600 |
Cargurus, Inc. * | 9,842 | 437,182 |
Cars.com, Inc. * | 19,198 | 501,260 |
CBS Corp., Class A | 2,103 | 121,091 |
CBS Corp., Class B - Non Voting Shares | 101,814 | 5,839,033 |
Central European Media Enterprises Ltd., Class A * | 25,183 | 85,119 |
Charter Communications, Inc., Class A * | 53,929 | 17,277,234 |
Cinemark Holdings, Inc. | 34,309 | 1,426,225 |
Clear Channel Outdoor Holdings, Inc., Class A | 10,300 | 59,946 |
Comcast Corp., Class A | 1,385,784 | 52,853,802 |
comScore, Inc. * | 14,000 | 223,300 |
Daily Journal Corp. * | 588 | 139,380 |
Discovery, Inc., Class A * | 50,061 | 1,621,476 |
Discovery, Inc., Class C * | 106,969 | 3,135,261 |
DISH Network Corp., Class A * | 69,160 | 2,125,978 |
Electronic Arts, Inc. * | 92,695 | 8,433,391 |
Emerald Expositions Events, Inc. | 7,000 | 102,340 |
Entercom Communications Corp., Class A | 36,599 | 237,528 |
Entravision Communications Corp., Class A | 18,356 | 90,679 |
Facebook, Inc., Class A * | 730,552 | 110,890,488 |
Gannett Co., Inc. | 39,315 | 381,355 |
GCI Liberty, Inc., Class A * | 29,499 | 1,396,188 |
Glu Mobile, Inc. * | 32,800 | 231,240 |
Gray Television, Inc. * | 26,260 | 454,561 |
Hemisphere Media Group, Inc. * | 11,310 | 152,346 |
IAC/InterActiveCorp * | 23,316 | 4,583,692 |
John Wiley & Sons, Inc., Class A | 13,340 | 723,562 |
Lee Enterprises, Inc. * | 15,450 | 41,251 |
Liberty Broadband Corp., Class A * | 8,951 | 741,053 |
Liberty Broadband Corp., Class C * | 45,632 | 3,784,262 |
Liberty Global plc, Class A * | 65,195 | 1,670,948 |
Liberty Global plc, Class C * | 182,046 | 4,558,432 |
Liberty Latin America Ltd., Class A * | 13,577 | 244,114 |
Liberty Latin America Ltd., Class C * | 32,154 | 579,094 |
Liberty Media Corp. - Liberty Braves, Class A * | 5,853 | 151,007 |
Liberty Media Corp. - Liberty Braves, Class C * | 13,398 | 347,008 |
Liberty Media Corp. - Liberty Formula One, Class A * | 8,419 | 266,798 |
Liberty Media Corp. - Liberty Formula One, Class C * | 60,514 | 2,001,803 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 25,395 | 1,047,290 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 49,097 | 2,026,233 |
Liberty TripAdvisor Holdings, Inc., Class A * | 20,323 | 293,058 |
Lions Gate Entertainment Corp., Class A | 17,000 | 325,720 |
Lions Gate Entertainment Corp., Class B | 31,332 | 557,396 |
Live Nation Entertainment, Inc. * | 41,377 | 2,164,017 |
Loral Space & Communications, Inc. * | 3,815 | 170,378 |
Match Group, Inc. * | 15,472 | 800,212 |
Meredith Corp. | 13,718 | 707,300 |
MSG Networks, Inc., Class A * | 18,579 | 474,693 |
National CineMedia, Inc. | 18,547 | 165,996 |
Netflix, Inc. * | 131,986 | 39,830,735 |
New Media Investment Group, Inc. | 19,939 | 280,143 |
News Corp., Class A | 121,207 | 1,598,720 |
News Corp., Class B | 43,586 | 581,437 |
Nexstar Media Group, Inc., Class A | 13,298 | 995,887 |
Omnicom Group, Inc. | 67,829 | 5,041,051 |
Security | Number of Shares | Value ($) |
Pandora Media, Inc. * | 79,500 | 675,750 |
QuinStreet, Inc. * | 10,517 | 167,220 |
Reading International, Inc., Class A * | 4,446 | 64,556 |
Rosetta Stone, Inc. * | 10,520 | 218,711 |
Saga Communications, Inc., Class A | 1,496 | 52,420 |
Scholastic Corp. | 8,161 | 354,024 |
Sinclair Broadcast Group, Inc., Class A | 23,482 | 672,524 |
Sirius XM Holdings, Inc. (a) | 387,713 | 2,334,032 |
Snap, Inc., Class A *(a) | 203,472 | 1,344,950 |
Take-Two Interactive Software, Inc. * | 34,476 | 4,442,922 |
TechTarget, Inc. * | 5,500 | 111,760 |
TEGNA, Inc. | 64,135 | 740,118 |
The E.W. Scripps Co., Class A | 22,674 | 381,377 |
The Interpublic Group of Cos., Inc. | 114,279 | 2,646,702 |
The Madison Square Garden Co., Class A * | 5,129 | 1,418,784 |
The Marcus Corp. | 6,272 | 244,733 |
The Meet Group, Inc. * | 20,844 | 91,922 |
The New York Times Co., Class A | 41,772 | 1,102,781 |
The Walt Disney Co. | 449,764 | 51,646,400 |
Tribune Media Co., Class A | 23,600 | 897,036 |
Tribune Publishing Co. * | 7,731 | 116,661 |
TripAdvisor, Inc. * | 31,398 | 1,637,092 |
TrueCar, Inc. * | 24,896 | 283,316 |
Twenty-First Century Fox, Inc., Class A | 317,390 | 14,447,593 |
Twenty-First Century Fox, Inc., Class B | 148,969 | 6,730,419 |
Twitter, Inc. * | 218,389 | 7,589,018 |
Viacom, Inc., Class A | 2,300 | 81,351 |
Viacom, Inc., Class B | 108,150 | 3,458,637 |
WideOpenWest, Inc. * | 8,000 | 77,920 |
World Wrestling Entertainment, Inc., Class A | 12,962 | 940,912 |
XO Group, Inc. * | 8,056 | 278,818 |
Yelp, Inc. * | 22,959 | 983,104 |
Zillow Group, Inc., Class A * | 13,869 | 559,892 |
Zillow Group, Inc., Class C * | 35,104 | 1,413,287 |
Zynga, Inc., Class A * | 231,458 | 842,507 |
612,561,190 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.0% | ||
AbbVie, Inc. | 459,645 | 35,783,363 |
Abeona Therapeutics, Inc. * | 8,452 | 72,687 |
ACADIA Pharmaceuticals, Inc. * | 31,120 | 606,218 |
Accelerate Diagnostics, Inc. *(a) | 10,300 | 153,882 |
Acceleron Pharma, Inc. * | 12,467 | 632,950 |
AcelRx Pharmaceuticals, Inc. *(a) | 14,700 | 60,858 |
Acer Therapeutics, Inc. * | 1,495 | 33,757 |
Achillion Pharmaceuticals, Inc. * | 42,273 | 120,901 |
Aclaris Therapeutics, Inc. * | 17,276 | 205,412 |
Acorda Therapeutics, Inc. * | 15,538 | 296,931 |
Adamas Pharmaceuticals, Inc. * | 7,885 | 130,497 |
ADMA Biologics, Inc. * | 8,300 | 44,571 |
Aduro Biotech, Inc. * | 14,579 | 61,815 |
Adverum Biotechnologies, Inc. * | 12,177 | 51,143 |
Aerie Pharmaceuticals, Inc. * | 11,893 | 632,470 |
Agenus, Inc. * | 21,970 | 34,932 |
Agilent Technologies, Inc. | 97,151 | 6,294,413 |
Agios Pharmaceuticals, Inc. * | 15,576 | 982,223 |
Aimmune Therapeutics, Inc. * | 12,240 | 325,339 |
Akcea Therapeutics, Inc. *(a) | 4,993 | 111,444 |
Akebia Therapeutics, Inc. * | 13,440 | 100,666 |
Akorn, Inc. * | 31,657 | 211,152 |
Albireo Pharma, Inc. * | 2,099 | 56,064 |
Alder Biopharmaceuticals, Inc. * | 20,044 | 254,559 |
Aldeyra Therapeutics, Inc. * | 5,100 | 54,927 |
Alexion Pharmaceuticals, Inc. * | 67,689 | 7,585,906 |
Alkermes plc * | 49,078 | 2,003,855 |
Security | Number of Shares | Value ($) |
Allakos, Inc. * | 2,100 | 101,535 |
Allergan plc | 96,695 | 15,278,777 |
Alnylam Pharmaceuticals, Inc. * | 26,673 | 2,145,309 |
AMAG Pharmaceuticals, Inc. * | 14,051 | 302,097 |
Amgen, Inc. | 196,529 | 37,888,826 |
Amicus Therapeutics, Inc. * | 54,931 | 614,129 |
Amneal Pharmaceuticals, Inc. * | 22,808 | 420,808 |
Amphastar Pharmaceuticals, Inc. * | 10,000 | 179,500 |
AnaptysBio, Inc. * | 7,720 | 576,838 |
ANI Pharmaceuticals, Inc. * | 2,423 | 117,588 |
Apellis Pharmaceuticals, Inc. * | 13,300 | 186,067 |
Aptinyx, Inc. * | 1,900 | 49,476 |
Aratana Therapeutics, Inc. * | 10,100 | 59,994 |
Ardelyx, Inc. * | 12,366 | 34,007 |
Arena Pharmaceuticals, Inc. * | 14,694 | 523,988 |
ArQule, Inc. * | 34,889 | 135,020 |
Array BioPharma, Inc. * | 69,670 | 1,128,654 |
Arrowhead Pharmaceuticals, Inc. * | 27,600 | 351,072 |
Assembly Biosciences, Inc. * | 7,557 | 172,904 |
Assertio Therapeutics, Inc. * | 18,832 | 91,429 |
Atara Biotherapeutics, Inc. * | 13,618 | 465,327 |
Athenex, Inc. * | 15,009 | 181,159 |
Athersys, Inc. * | 39,400 | 73,678 |
Audentes Therapeutics, Inc. * | 9,960 | 280,872 |
AVEO Pharmaceuticals, Inc. *(a) | 28,629 | 70,141 |
Avid Bioservices, Inc. * | 15,000 | 78,600 |
Avrobio, Inc. * | 1,700 | 51,102 |
Bellicum Pharmaceuticals, Inc. * | 18,491 | 75,258 |
Bio-Rad Laboratories, Inc., Class A * | 6,345 | 1,731,233 |
Bio-Techne Corp. | 11,787 | 1,976,916 |
BioCryst Pharmaceuticals, Inc. * | 38,239 | 279,909 |
BioDelivery Sciences International, Inc. * | 16,652 | 61,779 |
Biogen, Inc. * | 61,122 | 18,597,591 |
Biohaven Pharmaceutical Holding Co., Ltd. * | 8,384 | 302,243 |
BioMarin Pharmaceutical, Inc. * | 54,351 | 5,009,532 |
BioSpecifics Technologies Corp. * | 1,514 | 92,763 |
BioTime, Inc. *(a) | 30,056 | 58,609 |
Bluebird Bio, Inc. * | 16,268 | 1,865,940 |
Blueprint Medicines Corp. * | 12,988 | 789,281 |
Bristol-Myers Squibb Co. | 494,274 | 24,980,608 |
Bruker Corp. | 32,654 | 1,023,050 |
Calithera Biosciences, Inc. * | 9,145 | 43,164 |
Calyxt, Inc. * | 2,501 | 30,112 |
Cambrex Corp. * | 9,705 | 517,179 |
Cara Therapeutics, Inc. * | 9,818 | 183,989 |
CareDx, Inc. * | 10,800 | 281,988 |
CASI Pharmaceuticals, Inc. * | 15,061 | 49,400 |
Catalent, Inc. * | 43,774 | 1,765,843 |
Catalyst Pharmaceuticals, Inc. * | 28,204 | 84,048 |
Celcuity, Inc. * | 2,500 | 70,125 |
Celgene Corp. * | 212,138 | 15,189,081 |
Cellular Biomedicine Group, Inc. * | 2,900 | 36,888 |
Charles River Laboratories International, Inc. * | 15,116 | 1,841,431 |
ChemoCentryx, Inc. * | 6,077 | 65,753 |
Chimerix, Inc. * | 15,000 | 52,350 |
Clearside Biomedical, Inc. * | 8,122 | 44,021 |
Clovis Oncology, Inc. * | 16,351 | 190,162 |
Codexis, Inc. * | 17,581 | 273,736 |
Coherus Biosciences, Inc. * | 17,100 | 199,899 |
Collegium Pharmaceutical, Inc. * | 8,383 | 134,547 |
Concert Pharmaceuticals, Inc. * | 4,499 | 67,125 |
Corbus Pharmaceuticals Holdings, Inc. *(a) | 26,373 | 175,644 |
Corcept Therapeutics, Inc. * | 30,000 | 352,500 |
Corium International, Inc. * | 8,309 | 105,109 |
CorMedix, Inc. * | 29,600 | 31,968 |
Security | Number of Shares | Value ($) |
Crinetics Pharmaceuticals, Inc. *(a) | 1,700 | 42,347 |
Cymabay Therapeutics, Inc. * | 20,365 | 214,851 |
Cytokinetics, Inc. * | 15,082 | 100,899 |
CytomX Therapeutics, Inc. * | 15,748 | 224,566 |
Deciphera Pharmaceuticals, Inc. * | 5,000 | 100,950 |
Denali Therapeutics, Inc. *(a) | 19,735 | 285,565 |
Dermira, Inc. * | 9,561 | 119,991 |
Dicerna Pharmaceuticals, Inc. * | 12,000 | 157,920 |
Dova Pharmaceuticals, Inc. *(a) | 3,704 | 68,746 |
Durect Corp. * | 41,585 | 41,585 |
Dynavax Technologies Corp. * | 18,807 | 186,001 |
Eagle Pharmaceuticals, Inc. * | 3,541 | 174,359 |
Editas Medicine, Inc. * | 12,965 | 328,403 |
Eli Lilly & Co. | 290,157 | 31,464,625 |
Eloxx Pharmaceuticals, Inc. * | 6,055 | 72,842 |
Emergent BioSolutions, Inc. * | 13,059 | 799,080 |
Enanta Pharmaceuticals, Inc. * | 4,706 | 363,115 |
Endo International plc * | 64,200 | 1,087,548 |
Endocyte, Inc. * | 22,642 | 535,483 |
Enzo Biochem, Inc. * | 13,471 | 44,724 |
Epizyme, Inc. * | 18,724 | 150,728 |
Esperion Therapeutics, Inc. * | 8,439 | 383,384 |
Evolus, Inc. * | 2,700 | 40,014 |
Exact Sciences Corp. * | 36,694 | 2,607,109 |
Exelixis, Inc. * | 88,611 | 1,229,035 |
EyePoint Pharmaceuticals, Inc. * | 14,600 | 31,244 |
Fate Therapeutics, Inc. * | 21,600 | 269,136 |
FibroGen, Inc. * | 23,092 | 989,954 |
Five Prime Therapeutics, Inc. * | 14,036 | 170,397 |
Flexion Therapeutics, Inc. * | 11,400 | 154,356 |
Fluidigm Corp. * | 11,100 | 79,920 |
G1 Therapeutics, Inc. * | 7,400 | 296,074 |
Galectin Therapeutics, Inc. *(a) | 8,013 | 34,536 |
Genomic Health, Inc. * | 6,761 | 484,831 |
Geron Corp. *(a) | 62,177 | 95,131 |
Gilead Sciences, Inc. | 393,881 | 26,854,807 |
Global Blood Therapeutics, Inc. * | 16,531 | 580,073 |
GlycoMimetics, Inc. * | 11,422 | 143,689 |
GTx, Inc. * | 3,100 | 4,929 |
Halozyme Therapeutics, Inc. * | 41,295 | 641,311 |
Harvard Bioscience, Inc. * | 19,392 | 76,792 |
Heron Therapeutics, Inc. * | 21,651 | 601,032 |
Homology Medicines, Inc. * | 2,700 | 50,814 |
Horizon Pharma plc * | 51,166 | 931,733 |
Idera Pharmaceuticals, Inc. * | 6,495 | 43,322 |
Illumina, Inc. * | 44,364 | 13,803,859 |
ImmunoGen, Inc. * | 46,115 | 250,404 |
Immunomedics, Inc. * | 49,960 | 1,125,599 |
Incyte Corp. * | 52,838 | 3,424,959 |
InflaRx N.V. * | 3,600 | 115,920 |
Innoviva, Inc. * | 21,393 | 298,646 |
Inovio Pharmaceuticals, Inc. * | 24,594 | 121,248 |
Insmed, Inc. * | 22,336 | 326,106 |
Insys Therapeutics, Inc. *(a) | 7,600 | 64,828 |
Intellia Therapeutics, Inc. * | 9,131 | 155,044 |
Intercept Pharmaceuticals, Inc. * | 6,774 | 650,372 |
Intersect ENT, Inc. * | 10,273 | 288,260 |
Intra-Cellular Therapies, Inc. * | 15,000 | 254,700 |
Intrexon Corp. * | 19,807 | 228,969 |
Invitae Corp. * | 22,743 | 322,723 |
Ionis Pharmaceuticals, Inc. * | 41,369 | 2,049,834 |
Iovance Biotherapeutics, Inc. * | 41,432 | 376,203 |
IQVIA Holdings, Inc. * | 48,885 | 6,009,433 |
Ironwood Pharmaceuticals, Inc. * | 41,183 | 539,497 |
Jazz Pharmaceuticals plc * | 18,389 | 2,920,541 |
Johnson & Johnson | 812,739 | 113,775,333 |
Kadmon Holdings, Inc. * | 44,130 | 104,588 |
Kala Pharmaceuticals, Inc. * | 6,000 | 43,500 |
Security | Number of Shares | Value ($) |
KalVista Pharmaceuticals, Inc. * | 3,000 | 56,700 |
Karyopharm Therapeutics, Inc. * | 22,733 | 239,606 |
Keryx Biopharmaceuticals, Inc. * | 40,932 | 113,791 |
Kindred Biosciences, Inc. * | 7,379 | 107,291 |
Kiniksa Pharmaceuticals Ltd., Class A * | 2,600 | 49,504 |
Kura Oncology, Inc. * | 10,835 | 117,776 |
La Jolla Pharmaceutical Co. *(a) | 8,067 | 131,492 |
Lannett Co., Inc. *(a) | 8,800 | 32,208 |
Lexicon Pharmaceuticals, Inc. * | 18,214 | 142,616 |
Ligand Pharmaceuticals, Inc. * | 6,860 | 1,130,597 |
Loxo Oncology, Inc. * | 8,372 | 1,278,070 |
Luminex Corp. | 12,900 | 371,133 |
MacroGenics, Inc. * | 13,343 | 219,626 |
Madrigal Pharmaceuticals, Inc. * | 2,520 | 480,967 |
Mallinckrodt plc * | 25,602 | 641,586 |
MannKind Corp. *(a) | 36,235 | 66,310 |
Marinus Pharmaceuticals, Inc. * | 9,600 | 44,928 |
MediciNova, Inc. *(a) | 10,435 | 101,846 |
Medpace Holdings, Inc. * | 8,500 | 442,850 |
Melinta Therapeutics, Inc. * | 11,816 | 31,076 |
Merck & Co., Inc. | 805,842 | 59,318,030 |
Mersana Therapeutics, Inc. * | 3,600 | 22,500 |
Mettler-Toledo International, Inc. * | 7,611 | 4,161,847 |
MiMedx Group, Inc. *(a) | 26,820 | 156,092 |
Minerva Neurosciences, Inc. * | 8,467 | 92,883 |
Mirati Therapeutics, Inc. * | 9,557 | 357,145 |
Momenta Pharmaceuticals, Inc. * | 24,855 | 310,936 |
Mylan N.V. * | 157,726 | 4,928,937 |
MyoKardia, Inc. * | 9,949 | 526,700 |
Myriad Genetics, Inc. * | 21,964 | 989,039 |
NanoString Technologies, Inc. * | 7,153 | 110,228 |
Natera, Inc. * | 11,323 | 248,653 |
Nektar Therapeutics * | 51,372 | 1,987,069 |
NeoGenomics, Inc. * | 24,585 | 453,347 |
Neurocrine Biosciences, Inc. * | 27,155 | 2,909,658 |
Novavax, Inc. * | 145,049 | 255,286 |
Ocular Therapeutix, Inc. * | 8,789 | 43,593 |
Odonate Therapeutics, Inc. * | 3,000 | 43,500 |
Omeros Corp. *(a) | 14,156 | 216,162 |
OPKO Health, Inc. *(a) | 102,014 | 344,807 |
Optinose, Inc. * | 3,900 | 41,262 |
Organovo Holdings, Inc. * | 33,744 | 34,081 |
Osiris Therapeutics, Inc. * | 7,000 | 68,460 |
Pacific Biosciences of California, Inc. * | 47,700 | 212,265 |
Pacira Pharmaceuticals, Inc. * | 13,130 | 641,926 |
Palatin Technologies, Inc. * | 56,900 | 51,199 |
Paratek Pharmaceuticals, Inc. *(a) | 6,458 | 48,112 |
PDL BioPharma, Inc. * | 77,011 | 191,757 |
PerkinElmer, Inc. | 33,812 | 2,924,062 |
Perrigo Co., plc | 37,373 | 2,627,322 |
Pfenex, Inc. * | 8,600 | 34,142 |
Pfizer, Inc. | 1,773,807 | 76,380,129 |
Phibro Animal Health Corp., Class A | 6,184 | 265,417 |
PolarityTE, Inc. *(a) | 4,800 | 73,152 |
Portola Pharmaceuticals, Inc. * | 19,694 | 387,775 |
PRA Health Sciences, Inc. * | 17,085 | 1,655,024 |
Prestige Consumer Healthcare, Inc. * | 16,455 | 595,013 |
Progenics Pharmaceuticals, Inc. * | 22,368 | 112,064 |
Proteostasis Therapeutics, Inc. * | 7,700 | 47,817 |
Prothena Corp. plc * | 10,508 | 130,299 |
PTC Therapeutics, Inc. * | 13,895 | 535,235 |
Puma Biotechnology, Inc. * | 9,637 | 357,051 |
Quanterix Corp. * | 2,695 | 47,189 |
Ra Pharmaceuticals, Inc. * | 5,300 | 75,896 |
Radius Health, Inc. * | 14,153 | 224,042 |
Reata Pharmaceuticals, Inc., Class A * | 5,354 | 315,511 |
Regeneron Pharmaceuticals, Inc. * | 23,576 | 7,997,922 |
REGENXBIO, Inc. * | 9,180 | 612,031 |
Security | Number of Shares | Value ($) |
Repligen Corp. * | 13,319 | 722,156 |
Retrophin, Inc. * | 12,048 | 309,152 |
Revance Therapeutics, Inc. * | 9,440 | 205,509 |
Rhythm Pharmaceuticals, Inc. * | 7,427 | 208,030 |
Rigel Pharmaceuticals, Inc. * | 48,200 | 138,334 |
Rocket Pharmaceuticals, Inc. * | 6,899 | 109,280 |
Rubius Therapeutics, Inc. * | 3,100 | 50,933 |
Sage Therapeutics, Inc. * | 14,820 | 1,907,038 |
Sangamo Therapeutics, Inc. * | 32,121 | 406,973 |
Sarepta Therapeutics, Inc. * | 19,152 | 2,561,772 |
Savara, Inc. * | 7,058 | 63,522 |
Scholar Rock Holding Corp. * | 1,652 | 38,805 |
Seattle Genetics, Inc. * | 33,414 | 1,875,528 |
Selecta Biosciences, Inc. * | 4,100 | 21,074 |
Seres Therapeutics, Inc. * | 8,036 | 55,207 |
Sienna Biopharmaceuticals, Inc. * | 5,000 | 46,150 |
SIGA Technologies, Inc. * | 12,274 | 59,283 |
Solid Biosciences, Inc. * | 4,300 | 137,600 |
Sorrento Therapeutics, Inc. *(a) | 30,339 | 96,781 |
Spark Therapeutics, Inc. * | 9,444 | 424,886 |
Spectrum Pharmaceuticals, Inc. * | 35,369 | 420,891 |
Spring Bank Pharmaceuticals, Inc. * | 3,900 | 39,195 |
Stemline Therapeutics, Inc. * | 9,825 | 147,179 |
Supernus Pharmaceuticals, Inc. * | 16,821 | 800,007 |
Syneos Health, Inc. * | 18,611 | 849,220 |
Synergy Pharmaceuticals, Inc. *(a) | 70,870 | 29,532 |
Synlogic, Inc. * | 4,700 | 37,177 |
Syros Pharmaceuticals, Inc. * | 5,676 | 37,348 |
T2 Biosystems, Inc. * | 9,688 | 50,862 |
Teligent, Inc. *(a) | 12,899 | 41,406 |
TESARO, Inc. * | 13,296 | 383,988 |
Tetraphase Pharmaceuticals, Inc. * | 15,558 | 31,894 |
TG Therapeutics, Inc. * | 20,100 | 91,455 |
The Medicines Co. * | 19,822 | 461,060 |
TherapeuticsMD, Inc. * | 66,164 | 323,542 |
Theravance Biopharma, Inc. * | 13,214 | 320,704 |
Thermo Fisher Scientific, Inc. | 121,771 | 28,451,794 |
Tocagen, Inc. * | 5,300 | 55,438 |
Tricida, Inc. * | 4,700 | 126,900 |
Ultragenyx Pharmaceutical, Inc. * | 14,142 | 685,180 |
United Therapeutics Corp. * | 12,938 | 1,434,307 |
Vanda Pharmaceuticals, Inc. * | 18,529 | 351,495 |
Veracyte, Inc. * | 9,000 | 133,650 |
Verastem, Inc. * | 25,230 | 127,916 |
Vericel Corp. * | 16,052 | 178,980 |
Vertex Pharmaceuticals, Inc. * | 77,886 | 13,198,562 |
Viking Therapeutics, Inc. * | 13,300 | 180,880 |
Voyager Therapeutics, Inc. * | 5,214 | 70,754 |
Waters Corp. * | 23,123 | 4,386,202 |
WaVe Life Sciences Ltd. * | 5,086 | 237,465 |
Xencor, Inc. * | 14,064 | 460,174 |
Xeris Pharmaceuticals, Inc. * | 1,981 | 43,424 |
Zafgen, Inc. * | 10,000 | 97,100 |
ZIOPHARM Oncology, Inc. *(a) | 53,154 | 105,245 |
Zoetis, Inc. | 146,089 | 13,169,923 |
Zogenix, Inc. * | 13,013 | 543,423 |
675,205,948 | ||
Real Estate 3.7% | ||
Acadia Realty Trust | 23,300 | 648,672 |
Agree Realty Corp. | 9,120 | 522,302 |
Alexander & Baldwin, Inc. | 18,788 | 367,118 |
Alexander's, Inc. | 1,396 | 439,754 |
Alexandria Real Estate Equities, Inc. | 31,761 | 3,882,147 |
Altisource Portfolio Solutions S.A. *(a) | 3,227 | 81,417 |
American Assets Trust, Inc. | 12,467 | 478,234 |
American Campus Communities, Inc. | 40,300 | 1,592,253 |
Security | Number of Shares | Value ($) |
American Finance Trust, Inc. | 16,100 | 215,257 |
American Homes 4 Rent, Class A | 73,536 | 1,549,404 |
American Tower Corp. | 133,823 | 20,850,962 |
Americold Realty Trust | 18,605 | 460,474 |
Apartment Investment & Management Co., Class A | 46,504 | 2,001,532 |
Apple Hospitality REIT, Inc. | 64,311 | 1,039,909 |
Armada Hoffler Properties, Inc. | 12,316 | 184,494 |
Ashford Hospitality Trust, Inc. | 26,337 | 135,636 |
AvalonBay Communities, Inc. | 42,263 | 7,412,085 |
Bluerock Residential Growth REIT, Inc. | 7,000 | 66,290 |
Boston Properties, Inc. | 46,632 | 5,631,280 |
Braemar Hotels & Resorts, Inc. | 9,906 | 105,400 |
Brandywine Realty Trust | 52,990 | 745,039 |
Brixmor Property Group, Inc. | 94,079 | 1,524,080 |
Camden Property Trust | 27,600 | 2,491,452 |
CareTrust REIT, Inc. | 25,181 | 444,696 |
CatchMark Timber Trust, Inc., Class A | 13,467 | 119,183 |
CBL & Associates Properties, Inc. | 58,797 | 194,030 |
CBRE Group, Inc., Class A * | 93,758 | 3,777,510 |
Cedar Realty Trust, Inc. | 47,813 | 180,255 |
Chatham Lodging Trust | 14,496 | 282,672 |
Chesapeake Lodging Trust | 18,078 | 531,312 |
CIM Commercial Trust Corp. | 4,212 | 72,868 |
City Office REIT, Inc. | 14,341 | 158,038 |
Clipper Realty, Inc. | 4,400 | 59,136 |
Colony Capital, Inc. | 149,352 | 876,696 |
Columbia Property Trust, Inc. | 32,857 | 737,640 |
Community Healthcare Trust, Inc. | 5,328 | 158,348 |
Consolidated-Tomoka Land Co. | 2,000 | 115,840 |
CoreCivic, Inc. | 34,616 | 777,475 |
CorEnergy Infrastructure Trust, Inc. | 3,577 | 129,237 |
CorePoint Lodging, Inc. | 10,845 | 177,533 |
CoreSite Realty Corp. | 10,911 | 1,024,106 |
Corporate Office Properties Trust | 33,772 | 872,668 |
Cousins Properties, Inc. | 137,143 | 1,139,658 |
Crown Castle International Corp. | 125,746 | 13,673,620 |
CubeSmart | 55,291 | 1,602,333 |
CyrusOne, Inc. | 31,726 | 1,688,775 |
DiamondRock Hospitality Co. | 65,967 | 689,355 |
Digital Realty Trust, Inc. | 62,343 | 6,437,538 |
Douglas Emmett, Inc. | 48,015 | 1,737,663 |
Duke Realty Corp. | 107,356 | 2,959,805 |
Easterly Government Properties, Inc. | 15,310 | 278,183 |
EastGroup Properties, Inc. | 11,067 | 1,060,108 |
Empire State Realty Trust, Inc., Class A | 44,686 | 708,720 |
EPR Properties | 22,282 | 1,531,665 |
Equinix, Inc. | 24,085 | 9,121,953 |
Equity Commonwealth | 35,010 | 1,042,598 |
Equity LifeStyle Properties, Inc. | 26,634 | 2,521,973 |
Equity Residential | 112,134 | 7,284,225 |
Essential Properties Realty Trust, Inc. | 9,100 | 123,760 |
Essex Property Trust, Inc. | 20,333 | 5,099,110 |
eXp World Holdings, Inc. *(a) | 10,600 | 110,240 |
Extra Space Storage, Inc. | 37,978 | 3,420,299 |
Farmland Partners, Inc. (a) | 11,264 | 77,158 |
Federal Realty Investment Trust | 21,882 | 2,714,462 |
First Industrial Realty Trust, Inc. | 37,440 | 1,149,408 |
Forest City Realty Trust, Inc., Class A | 79,247 | 1,993,855 |
Forestar Group, Inc. * | 2,213 | 39,834 |
Four Corners Property Trust, Inc. | 19,682 | 513,307 |
Franklin Street Properties Corp. | 44,230 | 307,841 |
Front Yard Residential Corp. | 16,297 | 151,073 |
FRP Holdings, Inc. * | 2,400 | 116,328 |
Gaming & Leisure Properties, Inc. | 59,942 | 2,019,446 |
Getty Realty Corp. | 10,767 | 288,879 |
Gladstone Commercial Corp. | 10,000 | 189,900 |
Gladstone Land Corp. | 4,200 | 52,542 |
Security | Number of Shares | Value ($) |
Global Medical REIT, Inc. | 6,100 | 55,876 |
Global Net Lease, Inc. | 25,740 | 521,235 |
Government Properties Income Trust (a) | 32,152 | 283,902 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 19,120 | 396,740 |
HCP, Inc. | 142,438 | 3,924,167 |
Healthcare Realty Trust, Inc. | 37,231 | 1,037,256 |
Healthcare Trust of America, Inc., Class A | 63,847 | 1,676,622 |
Hersha Hospitality Trust | 10,000 | 175,600 |
HFF, Inc., Class A | 12,184 | 447,762 |
Highwoods Properties, Inc. | 30,966 | 1,320,390 |
Hospitality Properties Trust | 49,894 | 1,278,284 |
Host Hotels & Resorts, Inc. | 226,840 | 4,334,912 |
Hudson Pacific Properties, Inc. | 46,600 | 1,411,980 |
Independence Realty Trust, Inc. | 28,267 | 280,126 |
Industrial Logistics Properties Trust (a) | 6,140 | 132,563 |
InfraREIT, Inc. | 14,958 | 314,417 |
Innovative Industrial Properties, Inc. | 3,735 | 153,098 |
Investors Real Estate Trust | 37,463 | 203,424 |
Invitation Homes, Inc. | 89,358 | 1,955,153 |
Iron Mountain, Inc. | 87,813 | 2,687,956 |
iStar, Inc. | 19,869 | 208,625 |
JBG SMITH Properties | 32,193 | 1,206,594 |
Jernigan Capital, Inc. | 3,937 | 77,047 |
Jones Lang LaSalle, Inc. | 13,375 | 1,768,978 |
Kennedy-Wilson Holdings, Inc. | 36,365 | 690,208 |
Kilroy Realty Corp. | 30,100 | 2,073,288 |
Kimco Realty Corp. | 129,976 | 2,091,314 |
Kite Realty Group Trust | 30,883 | 489,187 |
Lamar Advertising Co., Class A | 25,440 | 1,865,261 |
LaSalle Hotel Properties | 31,416 | 1,037,042 |
Lexington Realty Trust | 67,448 | 524,071 |
Liberty Property Trust | 43,915 | 1,838,721 |
Life Storage, Inc. | 13,940 | 1,312,590 |
LTC Properties, Inc. | 12,155 | 519,869 |
Mack-Cali Realty Corp. | 28,080 | 570,024 |
Marcus & Millichap, Inc. * | 8,470 | 294,078 |
Maui Land & Pineapple Co., Inc. * | 3,129 | 35,264 |
MedEquities Realty Trust, Inc. | 9,955 | 82,328 |
Medical Properties Trust, Inc. | 108,526 | 1,612,696 |
Mid-America Apartment Communities, Inc. | 34,106 | 3,332,497 |
Monmouth Real Estate Investment Corp. | 25,066 | 374,987 |
National Health Investors, Inc. | 12,560 | 922,658 |
National Retail Properties, Inc. | 48,117 | 2,249,470 |
National Storage Affiliates Trust | 16,811 | 447,677 |
New Century Financial Corp. *(c) | 3,600 | — |
New Senior Investment Group, Inc. | 31,775 | 181,753 |
Newmark Group, Inc., Class A | 6,400 | 62,336 |
NexPoint Residential Trust, Inc. | 6,034 | 215,052 |
NorthStar Realty Europe Corp. | 15,816 | 212,251 |
Omega Healthcare Investors, Inc. | 59,589 | 1,987,293 |
One Liberty Properties, Inc. | 6,071 | 157,421 |
Outfront Media, Inc. | 41,403 | 733,661 |
Paramount Group, Inc. | 57,038 | 815,073 |
Park Hotels & Resorts, Inc. | 60,535 | 1,759,752 |
Pebblebrook Hotel Trust | 19,844 | 668,941 |
Pennsylvania Real Estate Investment Trust | 18,917 | 169,307 |
Physicians Realty Trust | 57,100 | 946,718 |
Piedmont Office Realty Trust, Inc., Class A | 41,069 | 740,063 |
PotlatchDeltic Corp. | 19,658 | 712,603 |
Preferred Apartment Communities, Inc., Class A | 15,145 | 255,193 |
Prologis, Inc. | 190,891 | 12,306,743 |
PS Business Parks, Inc. | 6,633 | 866,270 |
Public Storage | 45,426 | 9,333,680 |
QTS Realty Trust, Inc., Class A | 15,589 | 597,370 |
Ramco-Gershenson Properties Trust | 22,500 | 298,800 |
Security | Number of Shares | Value ($) |
Rayonier, Inc. | 39,768 | 1,200,994 |
RE/MAX Holdings, Inc., Class A | 6,136 | 229,425 |
Realogy Holdings Corp. (a) | 39,454 | 752,388 |
Realty Income Corp. | 86,993 | 5,243,068 |
Redfin Corp. *(a) | 19,820 | 306,219 |
Regency Centers Corp. | 50,884 | 3,224,010 |
Retail Opportunity Investments Corp. | 38,973 | 685,535 |
Retail Properties of America, Inc., Class A | 66,408 | 814,826 |
Retail Value, Inc. * | 4,625 | 129,546 |
Rexford Industrial Realty, Inc. | 29,098 | 921,534 |
RLJ Lodging Trust | 54,567 | 1,060,782 |
Ryman Hospitality Properties, Inc. | 15,518 | 1,204,042 |
Sabra Health Care REIT, Inc. | 53,191 | 1,151,585 |
Safety Income & Growth, Inc. | 2,548 | 45,813 |
Saul Centers, Inc. | 4,700 | 224,472 |
SBA Communications Corp. * | 34,734 | 5,632,813 |
Select Income REIT | 26,950 | 509,625 |
Senior Housing Properties Trust | 72,748 | 1,169,060 |
Seritage Growth Properties, Class A (a) | 8,831 | 335,755 |
Simon Property Group, Inc. | 93,949 | 17,241,520 |
SITE Centers Corp. | 46,256 | 574,962 |
SL Green Realty Corp. | 26,111 | 2,382,890 |
Spirit MTA REIT | 14,101 | 151,022 |
Spirit Realty Capital, Inc. | 127,471 | 996,823 |
STAG Industrial, Inc. | 28,487 | 753,766 |
STORE Capital Corp. | 55,624 | 1,614,765 |
Stratus Properties, Inc. * | 4,296 | 123,940 |
Summit Hotel Properties, Inc. | 33,392 | 384,676 |
Sun Communities, Inc. | 25,869 | 2,599,058 |
Sunstone Hotel Investors, Inc. | 69,249 | 1,002,033 |
Tanger Factory Outlet Centers, Inc. | 28,674 | 638,283 |
Taubman Centers, Inc. | 18,717 | 1,029,622 |
Tejon Ranch Co. * | 6,903 | 131,157 |
Terreno Realty Corp. | 17,403 | 651,394 |
The GEO Group, Inc. | 36,192 | 800,205 |
The Howard Hughes Corp. * | 11,600 | 1,293,632 |
The Macerich Co. | 31,566 | 1,629,437 |
The RMR Group, Inc., Class A | 1,889 | 143,337 |
The St. Joe Co. * | 18,800 | 285,572 |
Tier REIT, Inc. | 13,943 | 302,145 |
UDR, Inc. | 80,012 | 3,135,670 |
UMH Properties, Inc. | 10,800 | 154,764 |
Uniti Group, Inc. | 52,251 | 1,000,084 |
Universal Health Realty Income Trust | 4,004 | 256,656 |
Urban Edge Properties | 33,842 | 693,423 |
Urstadt Biddle Properties, Inc., Class A | 9,781 | 194,740 |
Ventas, Inc. | 108,141 | 6,276,504 |
VEREIT, Inc. | 298,349 | 2,186,898 |
VICI Properties, Inc. | 20,000 | 431,800 |
Vornado Realty Trust | 52,352 | 3,564,124 |
Washington Prime Group, Inc. | 59,455 | 380,512 |
Washington Real Estate Investment Trust | 23,930 | 666,929 |
Weingarten Realty Investors | 38,578 | 1,084,813 |
Welltower, Inc. | 113,512 | 7,499,738 |
Weyerhaeuser Co. | 231,898 | 6,175,444 |
Whitestone REIT | 10,368 | 139,553 |
WP Carey, Inc. | 31,914 | 2,106,643 |
Xenia Hotels & Resorts, Inc. | 34,928 | 717,770 |
312,434,061 | ||
Retailing 5.8% | ||
1-800-FLOWERS.COM, Inc., Class A * | 7,004 | 73,192 |
Aaron's, Inc. | 20,363 | 959,708 |
Abercrombie & Fitch Co., Class A | 20,814 | 410,036 |
Advance Auto Parts, Inc. | 22,876 | 3,654,670 |
Amazon.com, Inc. * | 124,027 | 198,196,386 |
America's Car-Mart, Inc. * | 2,070 | 155,043 |
Security | Number of Shares | Value ($) |
American Eagle Outfitters, Inc. | 50,369 | 1,161,509 |
Asbury Automotive Group, Inc. * | 5,904 | 384,350 |
Ascena Retail Group, Inc. * | 50,000 | 192,500 |
At Home Group, Inc. * | 9,100 | 248,794 |
AutoNation, Inc. * | 17,377 | 703,421 |
AutoZone, Inc. * | 7,987 | 5,858,225 |
Barnes & Noble Education, Inc. * | 11,182 | 63,849 |
Barnes & Noble, Inc. | 16,068 | 101,710 |
Bed Bath & Beyond, Inc. | 44,734 | 614,645 |
Best Buy Co., Inc. | 73,776 | 5,176,124 |
Big Lots, Inc. | 12,600 | 523,152 |
Booking Holdings, Inc. * | 14,337 | 26,875,853 |
Boot Barn Holdings, Inc. * | 8,400 | 207,312 |
Burlington Stores, Inc. * | 20,270 | 3,476,102 |
Caleres, Inc. | 13,090 | 447,678 |
Camping World Holdings, Inc., Class A (a) | 12,348 | 211,768 |
CarMax, Inc. * | 54,692 | 3,714,134 |
Carvana Co. * | 9,838 | 381,223 |
Chico's FAS, Inc. | 43,544 | 333,982 |
Citi Trends, Inc. | 3,906 | 98,939 |
Conn's, Inc. * | 7,143 | 198,433 |
Core-Mark Holding Co., Inc. | 15,301 | 587,711 |
Dick's Sporting Goods, Inc. | 23,982 | 848,243 |
Dillard's, Inc., Class A (a) | 6,379 | 449,209 |
Dollar General Corp. | 80,059 | 8,916,971 |
Dollar Tree, Inc. * | 72,246 | 6,090,338 |
DSW, Inc., Class A | 21,162 | 561,851 |
Duluth Holdings, Inc., Class B * | 2,900 | 89,117 |
eBay, Inc. * | 283,457 | 8,228,757 |
Etsy, Inc. * | 35,757 | 1,520,388 |
Expedia Group, Inc. | 36,510 | 4,579,449 |
Express, Inc. * | 20,816 | 183,389 |
Five Below, Inc. * | 17,005 | 1,935,509 |
Floor & Decor Holdings, Inc., Class A * | 17,107 | 437,597 |
Foot Locker, Inc. | 34,591 | 1,630,620 |
Francesca's Holdings Corp. * | 9,978 | 30,333 |
Funko, Inc., Class A * | 2,900 | 54,665 |
Gaia, Inc. * | 3,400 | 49,674 |
GameStop Corp., Class A | 31,567 | 460,878 |
Genesco, Inc. * | 5,469 | 234,019 |
Genuine Parts Co. | 44,190 | 4,327,085 |
GNC Holdings, Inc., Class A * | 19,716 | 72,555 |
Group 1 Automotive, Inc. | 7,222 | 416,998 |
Groupon, Inc. * | 121,403 | 396,988 |
GrubHub, Inc. * | 27,881 | 2,585,684 |
Guess?, Inc. | 16,800 | 356,832 |
Haverty Furniture Cos., Inc. | 5,712 | 115,839 |
Hibbett Sports, Inc. * | 5,715 | 99,841 |
J.C. Penney Co., Inc. *(a) | 104,289 | 153,305 |
Kirkland's, Inc. * | 5,229 | 52,865 |
Kohl's Corp. | 51,196 | 3,877,073 |
L Brands, Inc. | 71,432 | 2,315,825 |
Lands' End, Inc. * | 5,100 | 83,181 |
Leaf Group Ltd. * | 5,920 | 51,800 |
Liberty Expedia Holdings, Inc., Class A * | 16,707 | 725,418 |
Liquidity Services, Inc. * | 7,644 | 45,405 |
Lithia Motors, Inc., Class A | 8,149 | 725,913 |
LKQ Corp. * | 94,217 | 2,569,298 |
Lowe's Cos., Inc. | 245,567 | 23,382,890 |
Lumber Liquidators Holdings, Inc. * | 7,601 | 90,908 |
Macy's, Inc. | 91,500 | 3,137,535 |
MarineMax, Inc. * | 6,661 | 151,604 |
Monro, Inc. | 10,101 | 751,514 |
Murphy USA, Inc. * | 9,482 | 764,534 |
National Vision Holdings, Inc. * | 14,179 | 587,436 |
Nordstrom, Inc. | 34,883 | 2,294,255 |
Nutrisystem, Inc. | 8,776 | 312,075 |
O'Reilly Automotive, Inc. * | 24,202 | 7,762,792 |
Security | Number of Shares | Value ($) |
Office Depot, Inc. | 162,879 | 416,970 |
Ollie's Bargain Outlet Holdings, Inc. * | 16,361 | 1,519,937 |
Overstock.com, Inc. *(a) | 6,591 | 132,611 |
Party City Holdco, Inc. * | 16,146 | 169,049 |
Penske Automotive Group, Inc. | 10,386 | 460,931 |
PetMed Express, Inc. | 5,544 | 154,899 |
Pool Corp. | 12,516 | 1,824,207 |
Quotient Technology, Inc. * | 29,476 | 379,356 |
Qurate Retail, Inc. * | 137,925 | 3,026,075 |
Rent-A-Center, Inc. * | 14,742 | 210,074 |
RH *(a) | 5,698 | 659,316 |
Ross Stores, Inc. | 114,318 | 11,317,482 |
Sally Beauty Holdings, Inc. * | 38,688 | 689,033 |
Shoe Carnival, Inc. | 3,214 | 130,906 |
Shutterfly, Inc. * | 9,939 | 496,950 |
Shutterstock, Inc. | 5,148 | 210,450 |
Signet Jewelers Ltd. | 15,365 | 861,208 |
Sleep Number Corp. * | 10,441 | 379,739 |
Sonic Automotive, Inc., Class A | 7,037 | 127,510 |
Sportsman's Warehouse Holdings, Inc. * | 10,300 | 51,809 |
Stamps.com, Inc. * | 5,076 | 1,026,215 |
Stitch Fix, Inc., Class A *(a) | 7,900 | 208,244 |
Tailored Brands, Inc. | 15,557 | 326,853 |
Target Corp. | 159,527 | 13,341,243 |
The Buckle, Inc. (a) | 7,969 | 162,568 |
The Cato Corp., Class A | 7,100 | 136,888 |
The Children's Place, Inc. | 4,850 | 724,590 |
The Container Store Group, Inc. * | 4,504 | 26,619 |
The Gap, Inc. | 68,721 | 1,876,083 |
The Home Depot, Inc. | 346,139 | 60,878,927 |
The Michaels Cos., Inc. * | 28,615 | 453,548 |
The TJX Cos., Inc. | 189,662 | 20,840,061 |
Tiffany & Co. | 33,138 | 3,688,259 |
Tile Shop Holdings, Inc. | 13,900 | 90,350 |
Tilly's, Inc., Class A | 8,425 | 149,460 |
Tractor Supply Co. | 36,574 | 3,360,785 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 17,263 | 4,739,039 |
Urban Outfitters, Inc. * | 23,531 | 928,533 |
Vitamin Shoppe, Inc. * | 7,200 | 55,944 |
Wayfair, Inc., Class A * | 18,608 | 2,052,276 |
Weyco Group, Inc. | 1,892 | 59,863 |
Williams-Sonoma, Inc. | 23,713 | 1,408,078 |
Winmark Corp. | 768 | 118,034 |
Zumiez, Inc. * | 5,244 | 121,975 |
489,511,851 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||
Adesto Technologies Corp. * | 7,400 | 29,526 |
Advanced Energy Industries, Inc. * | 13,710 | 589,941 |
Advanced Micro Devices, Inc. * | 258,247 | 4,702,678 |
Alpha & Omega Semiconductor Ltd. * | 6,543 | 60,654 |
Amkor Technology, Inc. * | 44,787 | 320,227 |
Analog Devices, Inc. | 111,897 | 9,366,898 |
Applied Materials, Inc. | 298,867 | 9,826,747 |
Aquantia Corp. * | 7,600 | 72,656 |
Axcelis Technologies, Inc. * | 8,582 | 148,125 |
AXT, Inc. * | 10,674 | 70,342 |
Broadcom, Inc. | 130,841 | 29,241,655 |
Brooks Automation, Inc. | 21,375 | 663,266 |
Cabot Microelectronics Corp. | 8,583 | 837,872 |
CEVA, Inc. * | 6,184 | 152,374 |
Cirrus Logic, Inc. * | 18,141 | 679,199 |
Cohu, Inc. | 12,667 | 263,474 |
Cree, Inc. * | 29,870 | 1,159,553 |
CyberOptics Corp. * | 2,095 | 44,288 |
Cypress Semiconductor Corp. | 108,481 | 1,403,744 |
Diodes, Inc. * | 15,221 | 459,522 |
Security | Number of Shares | Value ($) |
DSP Group, Inc. * | 6,300 | 77,049 |
Entegris, Inc. | 44,467 | 1,180,154 |
First Solar, Inc. * | 22,479 | 939,622 |
FormFactor, Inc. * | 28,020 | 342,965 |
GSI Technology, Inc. * | 8,500 | 50,235 |
Ichor Holdings Ltd. *(a) | 8,793 | 156,076 |
Impinj, Inc. *(a) | 5,438 | 106,585 |
Inphi Corp. * | 13,242 | 423,744 |
Integrated Device Technology, Inc. * | 38,603 | 1,807,006 |
Intel Corp. | 1,396,395 | 65,462,998 |
KLA-Tencor Corp. | 46,509 | 4,257,434 |
Kopin Corp. * | 19,600 | 43,708 |
Kulicke & Soffa Industries, Inc. | 19,505 | 396,537 |
Lam Research Corp. | 48,277 | 6,842,299 |
Lattice Semiconductor Corp. * | 35,433 | 212,952 |
MACOM Technology Solutions Holdings, Inc. * | 13,284 | 186,906 |
Marvell Technology Group Ltd. | 175,006 | 2,871,848 |
Maxim Integrated Products, Inc. | 85,401 | 4,271,758 |
MaxLinear, Inc. * | 20,732 | 402,408 |
Microchip Technology, Inc. | 71,366 | 4,694,457 |
Micron Technology, Inc. * | 350,134 | 13,207,054 |
MKS Instruments, Inc. | 17,568 | 1,294,586 |
Monolithic Power Systems, Inc. | 12,439 | 1,469,295 |
Nanometrics, Inc. * | 7,752 | 248,529 |
NeoPhotonics Corp. * | 9,737 | 77,896 |
NVE Corp. | 1,664 | 140,941 |
NVIDIA Corp. | 184,190 | 38,832,778 |
ON Semiconductor Corp. * | 126,777 | 2,155,209 |
PDF Solutions, Inc. * | 9,699 | 77,592 |
Photronics, Inc. * | 18,000 | 175,320 |
Pixelworks, Inc. * | 8,973 | 37,507 |
Power Integrations, Inc. | 10,349 | 582,856 |
Qorvo, Inc. * | 37,986 | 2,792,351 |
QUALCOMM, Inc. | 426,097 | 26,797,240 |
Rambus, Inc. * | 28,897 | 251,693 |
Rudolph Technologies, Inc. * | 9,279 | 192,910 |
Semtech Corp. * | 19,476 | 875,251 |
Silicon Laboratories, Inc. * | 12,798 | 1,043,421 |
Skyworks Solutions, Inc. | 53,617 | 4,651,811 |
SMART Global Holdings, Inc. * | 3,678 | 103,021 |
SolarEdge Technologies, Inc. *(a) | 12,768 | 494,505 |
SunPower Corp. *(a) | 15,500 | 93,155 |
Synaptics, Inc. * | 10,518 | 394,846 |
Teradyne, Inc. | 56,053 | 1,931,026 |
Texas Instruments, Inc. | 294,144 | 27,305,388 |
Ultra Clean Holdings, Inc. * | 13,767 | 144,829 |
Universal Display Corp. | 12,607 | 1,550,787 |
Veeco Instruments, Inc. * | 13,473 | 128,128 |
Versum Materials, Inc. | 34,410 | 1,085,980 |
Xilinx, Inc. | 77,266 | 6,596,198 |
Xperi Corp. | 13,448 | 174,824 |
289,726,409 | ||
Software & Services 10.7% | ||
2U, Inc. * | 18,536 | 1,166,100 |
8x8, Inc. * | 29,501 | 507,122 |
A10 Networks, Inc. * | 15,072 | 87,568 |
Accenture plc, Class A | 193,547 | 30,506,878 |
ACI Worldwide, Inc. * | 34,350 | 861,842 |
Adobe Systems, Inc. * | 148,365 | 36,462,182 |
Agilysys, Inc. * | 5,175 | 84,197 |
Akamai Technologies, Inc. * | 50,634 | 3,658,307 |
Alarm.com Holdings, Inc. * | 10,395 | 462,370 |
Alliance Data Systems Corp. | 14,274 | 2,943,013 |
Altair Engineering, Inc., Class A * | 9,060 | 345,548 |
Alteryx, Inc., Class A * | 9,010 | 477,440 |
Security | Number of Shares | Value ($) |
Amber Road, Inc. * | 7,500 | 66,750 |
American Software, Inc., Class A | 9,461 | 108,896 |
ANSYS, Inc. * | 25,166 | 3,763,575 |
Appfolio, Inc., Class A * | 3,289 | 187,802 |
Appian Corp. * | 7,930 | 203,880 |
Apptio, Inc., Class A * | 10,523 | 272,546 |
Aspen Technology, Inc. * | 22,076 | 1,874,032 |
Asure Software, Inc. * | 3,700 | 41,218 |
Autodesk, Inc. * | 66,333 | 8,573,540 |
Automatic Data Processing, Inc. | 132,563 | 19,099,677 |
Avalara, Inc. * | 2,200 | 73,744 |
Avaya Holdings Corp. * | 31,213 | 512,517 |
Benefitfocus, Inc. * | 6,772 | 240,609 |
Black Knight, Inc. * | 42,191 | 2,057,655 |
Blackbaud, Inc. | 15,208 | 1,090,718 |
Blackline, Inc. * | 11,746 | 544,779 |
Booz Allen Hamilton Holding Corp. | 41,758 | 2,068,691 |
Bottomline Technologies de, Inc. * | 10,637 | 708,850 |
Box, Inc., Class A * | 46,681 | 840,258 |
Brightcove, Inc. * | 8,000 | 64,160 |
Broadridge Financial Solutions, Inc. | 34,520 | 4,036,769 |
CA, Inc. | 93,712 | 4,157,064 |
CACI International, Inc., Class A * | 7,913 | 1,412,154 |
Cadence Design Systems, Inc. * | 87,200 | 3,886,504 |
Carbon Black, Inc. * | 2,460 | 40,516 |
Carbonite, Inc. * | 9,694 | 331,632 |
Cardtronics plc, Class A * | 11,156 | 302,997 |
Cass Information Systems, Inc. | 3,141 | 207,620 |
CDK Global, Inc. | 38,362 | 2,195,841 |
Ceridian HCM Holding, Inc. *(a) | 6,289 | 238,793 |
ChannelAdvisor Corp. * | 6,900 | 79,902 |
Cision Ltd. * | 25,097 | 371,185 |
Citrix Systems, Inc. * | 39,186 | 4,015,389 |
Cloudera, Inc. * | 35,100 | 482,976 |
Cognizant Technology Solutions Corp., Class A | 175,481 | 12,113,453 |
CommVault Systems, Inc. * | 12,491 | 727,226 |
Conduent, Inc. * | 57,352 | 1,095,423 |
ConvergeOne Holdings, Inc. | 7,369 | 68,679 |
CoreLogic, Inc. * | 23,819 | 967,528 |
Cornerstone OnDemand, Inc. * | 15,855 | 780,859 |
Coupa Software, Inc. * | 15,203 | 985,610 |
CSG Systems International, Inc. | 10,871 | 381,572 |
Dell Technologies, Inc., Class V * | 60,399 | 5,459,466 |
Digimarc Corp. * | 3,542 | 89,010 |
DocuSign, Inc. * | 6,123 | 256,799 |
Domo, Inc., Class B * | 2,700 | 43,821 |
Dropbox, Inc., Class A * | 13,367 | 313,723 |
DXC Technology Co. | 85,859 | 6,253,111 |
Ebix, Inc. | 6,724 | 385,352 |
Ellie Mae, Inc. * | 10,328 | 684,540 |
Endurance International Group Holdings, Inc. * | 22,190 | 219,015 |
Envestnet, Inc. * | 13,876 | 721,830 |
EPAM Systems, Inc. * | 15,352 | 1,834,103 |
Euronet Worldwide, Inc. * | 16,088 | 1,788,664 |
Everbridge, Inc. * | 7,799 | 396,423 |
Everi Holdings, Inc. * | 19,772 | 142,358 |
EVERTEC, Inc. | 18,404 | 479,976 |
Evo Payments, Inc., Class A * | 10,100 | 239,774 |
Exela Technologies, Inc. * | 13,300 | 81,130 |
ExlService Holdings, Inc. * | 11,709 | 750,547 |
Fair Isaac Corp. * | 9,202 | 1,773,317 |
Fidelity National Information Services, Inc. | 99,389 | 10,346,395 |
FireEye, Inc. * | 57,885 | 1,070,294 |
First Data Corp., Class A * | 171,481 | 3,213,554 |
Fiserv, Inc. * | 121,978 | 9,672,855 |
Five9, Inc. * | 16,946 | 666,995 |
Security | Number of Shares | Value ($) |
FleetCor Technologies, Inc. * | 26,931 | 5,387,008 |
ForeScout Technologies, Inc. * | 8,171 | 225,029 |
Fortinet, Inc. * | 43,145 | 3,545,656 |
Gartner, Inc. * | 27,926 | 4,119,644 |
Genpact Ltd. | 41,585 | 1,139,845 |
Global Payments, Inc. | 48,017 | 5,484,982 |
GoDaddy, Inc., Class A * | 50,985 | 3,730,572 |
GreenSky, Inc., Class A * | 12,400 | 163,432 |
GTT Communications, Inc. *(a) | 10,486 | 376,447 |
Guidewire Software, Inc. * | 23,874 | 2,124,070 |
Hortonworks, Inc. * | 25,206 | 450,179 |
HubSpot, Inc. * | 10,780 | 1,462,307 |
I3 Verticals, Inc., Class A * | 1,974 | 42,421 |
Imperva, Inc. * | 10,762 | 595,677 |
Information Services Group, Inc. * | 16,112 | 66,220 |
Instructure, Inc. * | 12,043 | 449,686 |
Internap Corp. * | 4,100 | 35,137 |
International Business Machines Corp. | 275,971 | 31,855,333 |
International Money Express, Inc. * | 3,982 | 48,142 |
Intuit, Inc. | 78,182 | 16,496,402 |
j2 Global, Inc. | 14,745 | 1,074,026 |
Jack Henry & Associates, Inc. | 23,381 | 3,503,175 |
Leidos Holdings, Inc. | 44,714 | 2,896,573 |
Limelight Networks, Inc. * | 37,860 | 152,576 |
LivePerson, Inc. * | 20,467 | 462,554 |
LiveRamp Holdings, Inc. * | 23,737 | 1,084,306 |
LogMeIn, Inc. | 16,690 | 1,437,343 |
Manhattan Associates, Inc. * | 20,160 | 962,438 |
ManTech International Corp., Class A | 8,531 | 488,656 |
Mastercard, Inc., Class A | 275,904 | 54,537,944 |
MAXIMUS, Inc. | 19,172 | 1,245,605 |
Microsoft Corp. | 2,322,119 | 248,025,530 |
MicroStrategy, Inc., Class A * | 3,504 | 441,399 |
MINDBODY, Inc., Class A * | 9,380 | 298,659 |
Mitek Systems, Inc. * | 10,165 | 93,213 |
MobileIron, Inc. * | 35,146 | 169,931 |
Model N, Inc. * | 7,661 | 117,673 |
MoneyGram International, Inc. * | 9,037 | 38,317 |
MongoDB, Inc. * | 7,623 | 621,275 |
Monotype Imaging Holdings, Inc. | 12,486 | 218,880 |
New Relic, Inc. * | 13,447 | 1,200,145 |
NIC, Inc. | 18,419 | 245,157 |
Nuance Communications, Inc. * | 84,163 | 1,463,595 |
Nutanix, Inc., Class A * | 21,730 | 902,012 |
Okta, Inc. * | 23,157 | 1,351,443 |
OneSpan, Inc. * | 9,000 | 132,075 |
Oracle Corp. | 854,509 | 41,734,220 |
Paychex, Inc. | 96,335 | 6,308,979 |
Paycom Software, Inc. * | 15,363 | 1,923,448 |
Paylocity Holding Corp. * | 10,750 | 707,243 |
PayPal Holdings, Inc. * | 359,206 | 30,241,553 |
Pegasystems, Inc. | 12,704 | 679,918 |
Perficient, Inc. * | 10,300 | 257,706 |
Perspecta, Inc. | 44,165 | 1,081,601 |
Pivotal Software, Inc., Class A * | 12,041 | 245,636 |
Pluralsight, Inc., Class A * | 5,847 | 131,031 |
Presidio, Inc. | 9,102 | 121,967 |
PRGX Global, Inc. * | 6,500 | 55,770 |
Progress Software Corp. | 13,446 | 432,154 |
Proofpoint, Inc. * | 15,251 | 1,387,078 |
PROS Holdings, Inc. * | 10,118 | 333,085 |
PTC, Inc. * | 31,578 | 2,602,343 |
Q2 Holdings, Inc. * | 10,596 | 564,025 |
QAD, Inc., Class A | 3,753 | 159,240 |
Qualys, Inc. * | 10,638 | 757,851 |
Rapid7, Inc. * | 14,865 | 538,708 |
RealPage, Inc. * | 21,740 | 1,152,220 |
Red Hat, Inc. * | 53,750 | 9,225,650 |
Security | Number of Shares | Value ($) |
RingCentral, Inc., Class A * | 20,750 | 1,612,898 |
Sabre Corp. | 76,952 | 1,896,867 |
SailPoint Technologies Holding, Inc. * | 18,974 | 494,083 |
salesforce.com, Inc. * | 229,155 | 31,449,232 |
Science Applications International Corp. | 13,156 | 914,474 |
SendGrid, Inc. * | 8,800 | 319,616 |
ServiceNow, Inc. * | 54,366 | 9,842,421 |
ServiceSource International, Inc. * | 26,733 | 35,555 |
ShotSpotter, Inc. * | 2,300 | 88,964 |
Smartsheet, Inc., Class A * | 3,345 | 79,143 |
Splunk, Inc. * | 44,803 | 4,473,132 |
SPS Commerce, Inc. * | 5,412 | 503,803 |
Square, Inc., Class A * | 91,726 | 6,737,275 |
SS&C Technologies Holdings, Inc. | 61,331 | 3,137,694 |
Switch, Inc., Class A | 9,655 | 85,640 |
Sykes Enterprises, Inc. * | 12,854 | 394,232 |
Symantec Corp. | 191,963 | 3,484,128 |
Synopsys, Inc. * | 44,127 | 3,950,690 |
Tableau Software, Inc., Class A * | 21,875 | 2,333,625 |
Telenav, Inc. * | 9,800 | 41,748 |
Tenable Holdings, Inc. * | 3,200 | 91,136 |
Teradata Corp. * | 35,492 | 1,291,909 |
The Hackett Group, Inc. | 13,598 | 278,351 |
The Rubicon Project, Inc. * | 13,000 | 44,330 |
The Trade Desk, Inc., Class A * | 10,604 | 1,310,124 |
The Ultimate Software Group, Inc. * | 9,281 | 2,474,593 |
The Western Union Co. | 133,362 | 2,405,850 |
TiVo Corp. | 38,279 | 421,069 |
Total System Services, Inc. | 51,129 | 4,660,408 |
Travelport Worldwide Ltd. | 38,062 | 569,408 |
TTEC Holdings, Inc. | 4,849 | 120,837 |
Twilio, Inc., Class A * | 23,396 | 1,759,847 |
Tyler Technologies, Inc. * | 12,072 | 2,555,160 |
Unisys Corp. * | 15,300 | 281,673 |
Upland Software, Inc. * | 4,500 | 141,930 |
Varonis Systems, Inc. * | 8,690 | 530,698 |
Verint Systems, Inc. * | 19,441 | 887,870 |
VeriSign, Inc. * | 32,048 | 4,568,122 |
VirnetX Holding Corp. *(a) | 16,000 | 52,800 |
Virtusa Corp. * | 8,862 | 439,467 |
Visa, Inc., Class A | 537,553 | 74,101,681 |
VMware, Inc., Class A * | 22,507 | 3,182,265 |
WEX, Inc. * | 12,778 | 2,248,417 |
Workday, Inc., Class A * | 44,668 | 5,941,737 |
Workiva, Inc. * | 8,050 | 274,425 |
Worldpay, Inc., Class A * | 91,911 | 8,441,106 |
Yext, Inc. * | 18,500 | 355,570 |
Zendesk, Inc. * | 33,057 | 1,817,143 |
Zix Corp. * | 17,000 | 114,580 |
Zscaler, Inc. * | 4,048 | 146,902 |
Zuora, Inc., Class A * | 3,163 | 64,588 |
900,772,539 | ||
Technology Hardware & Equipment 6.0% | ||
3D Systems Corp. * | 36,503 | 440,956 |
Acacia Communications, Inc. * | 9,855 | 339,702 |
ADTRAN, Inc. | 19,268 | 258,962 |
Aerohive Networks, Inc. * | 10,367 | 39,706 |
Amphenol Corp., Class A | 90,730 | 8,120,335 |
Anixter International, Inc. * | 8,709 | 572,094 |
Apple, Inc. | 1,389,523 | 304,111,004 |
Applied Optoelectronics, Inc. *(a) | 6,000 | 117,780 |
Arista Networks, Inc. * | 15,432 | 3,554,761 |
Arlo Technologies, Inc. *(a) | 2,900 | 39,411 |
ARRIS International plc * | 50,235 | 1,249,344 |
Arrow Electronics, Inc. * | 25,993 | 1,759,986 |
Avid Technology, Inc. * | 9,400 | 49,820 |
Security | Number of Shares | Value ($) |
Avnet, Inc. | 34,118 | 1,367,108 |
AVX Corp. | 19,251 | 321,107 |
Badger Meter, Inc. | 8,931 | 438,601 |
Bel Fuse, Inc., Class B | 3,500 | 77,000 |
Belden, Inc. | 12,455 | 673,193 |
Benchmark Electronics, Inc. | 13,708 | 299,246 |
CalAmp Corp. * | 10,260 | 204,584 |
Calix, Inc. * | 12,108 | 88,388 |
Casa Systems, Inc. * | 8,800 | 126,720 |
CDW Corp. | 46,366 | 4,173,404 |
Ciena Corp. * | 43,840 | 1,370,438 |
Cisco Systems, Inc. | 1,382,925 | 63,268,819 |
Clearfield, Inc. * | 3,291 | 39,558 |
Cognex Corp. | 52,971 | 2,269,278 |
Coherent, Inc. * | 7,289 | 897,567 |
CommScope Holding Co., Inc. * | 60,532 | 1,456,400 |
Comtech Telecommunications Corp. | 6,802 | 189,912 |
Control4 Corp. * | 7,683 | 214,509 |
Corning, Inc. | 243,572 | 7,782,125 |
Cray, Inc. * | 14,399 | 326,713 |
CTS Corp. | 10,207 | 272,425 |
Daktronics, Inc. | 14,170 | 103,583 |
Diebold Nixdorf, Inc. | 20,377 | 79,470 |
Digi International, Inc. * | 9,100 | 105,560 |
Dolby Laboratories, Inc., Class A | 20,574 | 1,415,697 |
EchoStar Corp., Class A * | 15,207 | 616,644 |
Electro Scientific Industries, Inc. * | 9,900 | 287,100 |
Electronics For Imaging, Inc. * | 15,455 | 470,605 |
ePlus, Inc. * | 3,969 | 336,889 |
Extreme Networks, Inc. * | 36,200 | 200,910 |
F5 Networks, Inc. * | 18,110 | 3,174,321 |
Fabrinet * | 11,108 | 481,199 |
FARO Technologies, Inc. * | 6,085 | 307,536 |
Finisar Corp. * | 34,402 | 574,169 |
Fitbit, Inc., Class A * | 59,085 | 279,472 |
FLIR Systems, Inc. | 41,150 | 1,905,656 |
Harmonic, Inc. * | 28,370 | 156,319 |
Hewlett Packard Enterprise Co. | 448,617 | 6,841,409 |
HP, Inc. | 480,089 | 11,589,348 |
II-VI, Inc. * | 17,499 | 651,488 |
Immersion Corp. * | 10,166 | 101,762 |
Infinera Corp. * | 49,462 | 274,019 |
Inseego Corp. * | 13,900 | 49,067 |
Insight Enterprises, Inc. * | 11,782 | 609,012 |
InterDigital, Inc. | 11,287 | 800,813 |
IPG Photonics Corp. * | 10,888 | 1,454,092 |
Iteris, Inc. * | 8,305 | 35,878 |
Itron, Inc. * | 10,420 | 543,299 |
Jabil, Inc. | 45,500 | 1,125,215 |
Juniper Networks, Inc. | 102,492 | 2,999,941 |
KEMET Corp. * | 15,604 | 339,855 |
Keysight Technologies, Inc. * | 56,562 | 3,228,559 |
Kimball Electronics, Inc. * | 11,150 | 205,160 |
Knowles Corp. * | 30,607 | 495,221 |
KVH Industries, Inc. * | 5,000 | 61,750 |
Littelfuse, Inc. | 7,649 | 1,385,693 |
Lumentum Holdings, Inc. * | 19,330 | 1,056,384 |
Maxwell Technologies, Inc. * | 14,267 | 41,945 |
Mesa Laboratories, Inc. | 1,023 | 186,892 |
Methode Electronics, Inc. | 11,479 | 339,778 |
Motorola Solutions, Inc. | 48,845 | 5,986,443 |
MTS Systems Corp. | 7,714 | 365,258 |
Napco Security Technologies, Inc. * | 3,300 | 46,431 |
National Instruments Corp. | 35,723 | 1,749,355 |
NCR Corp. * | 34,751 | 933,064 |
NetApp, Inc. | 79,169 | 6,213,975 |
NETGEAR, Inc. * | 11,132 | 617,603 |
NetScout Systems, Inc. * | 23,875 | 603,083 |
Security | Number of Shares | Value ($) |
nLight, Inc. * | 1,656 | 29,543 |
Novanta, Inc. * | 9,852 | 573,485 |
Oclaro, Inc. * | 53,376 | 438,751 |
OSI Systems, Inc. * | 4,732 | 327,265 |
Palo Alto Networks, Inc. * | 27,941 | 5,114,321 |
PAR Technology Corp. * | 3,100 | 54,870 |
Park Electrochemical Corp. | 6,594 | 116,450 |
PC Connection, Inc. | 4,382 | 145,219 |
PCM, Inc. * | 2,500 | 47,175 |
Plantronics, Inc. | 11,458 | 675,678 |
Plexus Corp. * | 10,389 | 606,718 |
Pure Storage, Inc., Class A * | 51,600 | 1,041,288 |
Quantenna Communications, Inc. * | 8,500 | 152,660 |
Ribbon Communications, Inc. * | 15,542 | 105,686 |
Rogers Corp. * | 5,520 | 679,291 |
Sanmina Corp. * | 22,139 | 560,117 |
ScanSource, Inc. * | 7,330 | 284,990 |
Seagate Technology plc | 80,033 | 3,219,728 |
SYNNEX Corp. | 13,580 | 1,053,944 |
TE Connectivity Ltd. | 104,998 | 7,918,949 |
Tech Data Corp. * | 11,557 | 816,618 |
TESSCO Technologies, Inc. | 4,025 | 48,642 |
Trimble, Inc. * | 77,886 | 2,911,379 |
TTM Technologies, Inc. * | 28,872 | 337,802 |
Ubiquiti Networks, Inc. (a) | 6,997 | 651,351 |
USA Technologies, Inc. * | 18,263 | 105,925 |
ViaSat, Inc. * | 18,056 | 1,151,251 |
Viavi Solutions, Inc. * | 71,700 | 826,701 |
Vishay Intertechnology, Inc. | 38,514 | 704,806 |
Vishay Precision Group, Inc. * | 4,093 | 132,818 |
Western Digital Corp. | 88,199 | 3,798,731 |
Xerox Corp. | 65,784 | 1,833,400 |
Zebra Technologies Corp., Class A * | 16,191 | 2,692,563 |
507,095,993 | ||
Telecommunication Services 1.9% | ||
AT&T, Inc. | 2,199,044 | 67,466,670 |
ATN International, Inc. | 3,250 | 274,593 |
Bandwidth, Inc., Class A * | 1,300 | 69,368 |
Boingo Wireless, Inc. * | 12,610 | 395,071 |
CenturyLink, Inc. | 287,811 | 5,940,419 |
Cincinnati Bell, Inc. * | 14,894 | 211,346 |
Cogent Communications Holdings, Inc. | 12,036 | 625,631 |
Consolidated Communications Holdings, Inc. | 23,577 | 295,184 |
Frontier Communications Corp. (a) | 31,111 | 149,644 |
Globalstar, Inc. * | 173,777 | 60,422 |
Gogo, Inc. *(a) | 16,000 | 91,520 |
Iridium Communications, Inc. * | 28,965 | 573,797 |
NII Holdings, Inc. * | 28,127 | 174,950 |
Ooma, Inc. * | 5,157 | 77,561 |
ORBCOMM, Inc. * | 28,696 | 273,473 |
Pareteum Corp. *(a) | 15,774 | 34,230 |
pdvWireless, Inc. * | 2,756 | 111,618 |
Shenandoah Telecommunications Co. | 13,220 | 502,624 |
Spok Holdings, Inc. | 11,300 | 158,426 |
Sprint Corp. * | 168,605 | 1,031,863 |
T-Mobile US, Inc. * | 95,219 | 6,527,262 |
Telephone & Data Systems, Inc. | 27,653 | 852,542 |
United States Cellular Corp. * | 5,400 | 257,958 |
Verizon Communications, Inc. | 1,250,249 | 71,376,715 |
Vonage Holdings Corp. * | 65,275 | 865,547 |
Windstream Holdings, Inc. * | 10,608 | 43,705 |
Zayo Group Holdings, Inc. * | 63,064 | 1,884,352 |
160,326,491 | ||
Security | Number of Shares | Value ($) |
Transportation 2.0% | ||
Air Transport Services Group, Inc. * | 17,427 | 341,569 |
Alaska Air Group, Inc. | 37,433 | 2,299,135 |
Allegiant Travel Co. | 4,000 | 456,560 |
AMERCO | 2,275 | 742,742 |
American Airlines Group, Inc. | 124,708 | 4,374,757 |
ArcBest Corp. | 9,560 | 354,867 |
Atlas Air Worldwide Holdings, Inc. * | 7,665 | 395,667 |
Avis Budget Group, Inc. * | 20,631 | 580,144 |
C.H. Robinson Worldwide, Inc. | 42,134 | 3,751,190 |
Covenant Transportation Group, Inc., Class A * | 3,000 | 75,090 |
CSX Corp. | 246,761 | 16,991,962 |
Daseke, Inc. * | 20,197 | 122,798 |
Delta Air Lines, Inc. | 189,875 | 10,391,859 |
Eagle Bulk Shipping, Inc. * | 21,200 | 105,788 |
Echo Global Logistics, Inc. * | 10,195 | 262,113 |
Expeditors International of Washington, Inc. | 52,909 | 3,554,427 |
FedEx Corp. | 73,634 | 16,224,516 |
Forward Air Corp. | 9,608 | 576,384 |
Genco Shipping & Trading Ltd. * | 3,574 | 39,385 |
Genesee & Wyoming, Inc., Class A * | 17,960 | 1,422,971 |
Hawaiian Holdings, Inc. | 15,015 | 519,669 |
Heartland Express, Inc. | 16,083 | 313,136 |
Hertz Global Holdings, Inc. * | 16,276 | 223,795 |
Hub Group, Inc., Class A * | 10,614 | 486,334 |
JB Hunt Transport Services, Inc. | 26,274 | 2,906,167 |
JetBlue Airways Corp. * | 93,303 | 1,560,959 |
Kansas City Southern | 30,812 | 3,141,592 |
Kirby Corp. * | 16,437 | 1,182,478 |
Knight-Swift Transportation Holdings, Inc. | 38,199 | 1,222,368 |
Landstar System, Inc. | 12,492 | 1,250,324 |
Macquarie Infrastructure Corp. | 22,861 | 844,714 |
Marten Transport Ltd. | 11,035 | 212,534 |
Matson, Inc. | 12,004 | 421,100 |
Mesa Air Group, Inc. * | 2,843 | 41,081 |
Norfolk Southern Corp. | 84,541 | 14,188,516 |
Old Dominion Freight Line, Inc. | 19,621 | 2,558,971 |
Radiant Logistics, Inc. * | 10,193 | 55,450 |
Ryder System, Inc. | 16,655 | 921,188 |
Saia, Inc. * | 7,487 | 470,633 |
Schneider National, Inc., Class B | 8,373 | 183,118 |
SkyWest, Inc. | 15,802 | 905,297 |
Southwest Airlines Co. | 156,533 | 7,685,770 |
Spirit Airlines, Inc. * | 20,360 | 1,056,684 |
Union Pacific Corp. | 223,393 | 32,664,524 |
United Continental Holdings, Inc. * | 69,129 | 5,911,221 |
United Parcel Service, Inc., Class B | 210,123 | 22,386,504 |
Universal Logistics Holdings, Inc. | 3,300 | 89,661 |
US Xpress Enterprises, Inc., Class A * | 5,200 | 50,076 |
USA Truck, Inc. * | 2,951 | 58,046 |
Werner Enterprises, Inc. | 13,355 | 429,897 |
XPO Logistics, Inc. * | 38,957 | 3,481,977 |
YRC Worldwide, Inc. * | 8,600 | 71,036 |
170,558,744 | ||
Utilities 3.0% | ||
AES Corp. | 199,059 | 2,902,280 |
ALLETE, Inc. | 15,875 | 1,174,750 |
Alliant Energy Corp. | 69,919 | 3,005,119 |
Ameren Corp. | 73,284 | 4,732,681 |
American Electric Power Co., Inc. | 148,964 | 10,927,999 |
American States Water Co. | 10,712 | 655,789 |
American Water Works Co., Inc. | 54,676 | 4,840,466 |
Aqua America, Inc. | 53,112 | 1,727,733 |
Security | Number of Shares | Value ($) |
AquaVenture Holdings Ltd. * | 3,900 | 65,325 |
Artesian Resources Corp., Class A | 6,006 | 219,760 |
Atmos Energy Corp. | 33,890 | 3,154,481 |
Avangrid, Inc. | 18,024 | 847,308 |
Avista Corp. | 19,029 | 978,471 |
Black Hills Corp. | 15,569 | 926,356 |
Cadiz, Inc. *(a) | 6,356 | 70,679 |
California Water Service Group | 15,402 | 646,884 |
CenterPoint Energy, Inc. | 147,478 | 3,983,381 |
Chesapeake Utilities Corp. | 5,602 | 445,079 |
Clearway Energy, Inc., Class A | 15,000 | 291,300 |
Clearway Energy, Inc., Class C | 21,212 | 415,967 |
CMS Energy Corp. | 86,305 | 4,273,824 |
Connecticut Water Service, Inc. | 3,873 | 267,702 |
Consolidated Edison, Inc. | 94,125 | 7,153,500 |
Dominion Energy, Inc. | 196,824 | 14,057,170 |
DTE Energy Co. | 54,768 | 6,155,923 |
Duke Energy Corp. | 215,376 | 17,796,519 |
Edison International | 98,370 | 6,825,894 |
El Paso Electric Co. | 12,777 | 728,928 |
Entergy Corp. | 55,509 | 4,659,981 |
Evergy, Inc. | 81,450 | 4,560,385 |
Eversource Energy | 95,557 | 6,044,936 |
Exelon Corp. | 290,864 | 12,742,752 |
FirstEnergy Corp. | 149,156 | 5,560,536 |
Hawaiian Electric Industries, Inc. | 33,618 | 1,253,951 |
IDACORP, Inc. | 15,700 | 1,464,182 |
MDU Resources Group, Inc. | 59,086 | 1,474,787 |
MGE Energy, Inc. | 10,683 | 667,474 |
Middlesex Water Co. | 5,055 | 227,475 |
National Fuel Gas Co. | 24,680 | 1,339,877 |
New Jersey Resources Corp. | 25,620 | 1,155,462 |
NextEra Energy, Inc. | 143,008 | 24,668,880 |
NiSource, Inc. | 108,591 | 2,753,868 |
Northwest Natural Holding Co. | 8,913 | 577,473 |
NorthWestern Corp. | 17,370 | 1,020,661 |
NRG Energy, Inc. | 90,779 | 3,285,292 |
OGE Energy Corp. | 59,474 | 2,149,985 |
ONE Gas, Inc. | 15,994 | 1,262,087 |
Ormat Technologies, Inc. | 14,969 | 765,964 |
Otter Tail Corp. | 12,255 | 552,333 |
Pattern Energy Group, Inc., Class A | 29,420 | 527,206 |
PG&E Corp. * | 157,803 | 7,386,758 |
Pinnacle West Capital Corp. | 33,403 | 2,747,397 |
PNM Resources, Inc. | 24,000 | 921,840 |
Portland General Electric Co. | 26,720 | 1,204,538 |
PPL Corp. | 213,611 | 6,493,774 |
Public Service Enterprise Group, Inc. | 152,854 | 8,166,989 |
Pure Cycle Corp. * | 8,000 | 80,720 |
RGC Resources, Inc. | 2,000 | 56,760 |
SCANA Corp. | 44,294 | 1,773,975 |
Sempra Energy | 83,267 | 9,169,362 |
SJW Group. | 4,895 | 297,273 |
South Jersey Industries, Inc. | 24,836 | 733,655 |
Southwest Gas Holdings, Inc. | 16,424 | 1,269,082 |
Spire, Inc. | 15,079 | 1,094,434 |
TerraForm Power, Inc., Class A | 22,688 | 255,694 |
The Southern Co. | 306,760 | 13,813,403 |
The York Water Co. | 4,611 | 143,586 |
UGI Corp. | 52,438 | 2,782,360 |
Unitil Corp. | 4,900 | 232,799 |
Vectren Corp. | 24,298 | 1,738,036 |
Vistra Energy Corp. * | 120,424 | 2,725,195 |
Security | Number of Shares | Value ($) |
WEC Energy Group, Inc. | 94,917 | 6,492,323 |
Xcel Energy, Inc. | 153,132 | 7,504,999 |
255,071,767 | ||
Total Common Stock | ||
(Cost $5,288,783,063) | 8,380,887,671 | |
Rights 0.0% of net assets | ||
Materials 0.0% | ||
A. Schulman, Inc. CVR *(c) | 8,178 | 15,620 |
Media & Entertainment 0.0% | ||
Media General, Inc. CVR *(c) | 18,400 | 1,566 |
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
FRD Acquisition Co. CVR *(c) | 8,700 | — |
Total Rights | ||
(Cost $15,620) | 17,186 | |
Other Investment Company 0.2% of net assets | ||
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (d) | 16,590,873 | 16,590,873 |
Total Other Investment Company | ||
(Cost $16,590,873) | 16,590,873 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment 0.6% of net assets | ||
Time Deposit 0.6% | ||
Sumitomo Mitsui Banking Corp. | ||
1.54%, 11/01/18 (e) | 50,926,933 | 50,926,933 |
Total Short-Term Investment | ||
(Cost $50,926,933) | 50,926,933 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 58 | 4,384,510 | 65,564 | |
S&P 500 Index, e-mini, expires 12/21/18 | 187 | 25,348,785 | 316,155 | |
Net Unrealized Appreciation | 381,719 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $16,242,587. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(d) | The rate shown is the 7-day yield. |
(e) | The rate shown is the current daily overnight rate. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 0.6% | ||
Aptiv plc | 1,678 | 128,870 |
Garrett Motion, Inc. * | 320 | 4,854 |
Gentex Corp. | 1,336 | 28,123 |
Lear Corp. | 54 | 7,177 |
Tesla, Inc. * | 992 | 334,622 |
Thor Industries, Inc. | 299 | 20,822 |
Visteon Corp. * | 131 | 10,354 |
534,822 | ||
Banks 0.2% | ||
BOK Financial Corp. | 43 | 3,686 |
Comerica, Inc. | 65 | 5,302 |
East West Bancorp, Inc. | 77 | 4,038 |
Pinnacle Financial Partners, Inc. | 250 | 13,075 |
Signature Bank | 243 | 26,706 |
SVB Financial Group * | 297 | 70,457 |
Synovus Financial Corp. | 72 | 2,704 |
Texas Capital Bancshares, Inc. * | 236 | 15,394 |
Western Alliance Bancorp * | 428 | 20,647 |
162,009 | ||
Capital Goods 8.0% | ||
3M Co. | 3,488 | 663,627 |
A.O. Smith Corp. | 1,054 | 47,989 |
Air Lease Corp. | 41 | 1,562 |
Allegion plc | 583 | 49,981 |
Allison Transmission Holdings, Inc. | 836 | 36,851 |
AMETEK, Inc. | 316 | 21,197 |
Armstrong World Industries, Inc. * | 322 | 19,883 |
BWX Technologies, Inc. | 724 | 42,325 |
Caterpillar, Inc. | 3,908 | 474,119 |
Cummins, Inc. | 407 | 55,633 |
Curtiss-Wright Corp. | 21 | 2,299 |
Deere & Co. | 2,370 | 320,993 |
Donaldson Co., Inc. | 890 | 45,639 |
Emerson Electric Co. | 3,266 | 221,696 |
Fastenal Co. | 2,103 | 108,115 |
Fortive Corp. | 1,975 | 146,644 |
Fortune Brands Home & Security, Inc. | 438 | 19,636 |
Gardner Denver Holdings, Inc. * | 239 | 6,467 |
General Dynamics Corp. | 855 | 147,556 |
Graco, Inc. | 1,214 | 49,325 |
Harris Corp. | 866 | 128,783 |
HD Supply Holdings, Inc. * | 420 | 15,779 |
HEICO Corp. | 282 | 23,640 |
HEICO Corp., Class A | 560 | 37,330 |
Hexcel Corp. | 133 | 7,783 |
Honeywell International, Inc. | 3,393 | 491,374 |
Hubbell, Inc. | 266 | 27,052 |
Huntington Ingalls Industries, Inc. | 266 | 58,116 |
IDEX Corp. | 529 | 67,088 |
Illinois Tool Works, Inc. | 2,449 | 312,419 |
Ingersoll-Rand plc | 972 | 93,254 |
Security | Number of Shares | Value ($) |
Lennox International, Inc. | 243 | 51,246 |
Lincoln Electric Holdings, Inc. | 453 | 36,652 |
Lockheed Martin Corp. | 1,660 | 487,791 |
Masco Corp. | 1,531 | 45,930 |
MSC Industrial Direct Co., Inc., Class A | 142 | 11,511 |
Nordson Corp. | 392 | 48,087 |
Northrop Grumman Corp. | 1,185 | 310,411 |
Parker-Hannifin Corp. | 171 | 25,929 |
Quanta Services, Inc. * | 307 | 9,578 |
Raytheon Co. | 2,104 | 368,284 |
Resideo Technologies, Inc. * | 563 | 11,855 |
Rockwell Automation, Inc. | 899 | 148,092 |
Rockwell Collins, Inc. | 164 | 20,995 |
Roper Technologies, Inc. | 136 | 38,474 |
Sensata Technologies Holding plc * | 682 | 31,986 |
Spirit AeroSystems Holdings, Inc., Class A | 769 | 64,604 |
Textron, Inc. | 302 | 16,196 |
The Boeing Co. | 3,968 | 1,408,084 |
The Middleby Corp. * | 232 | 26,054 |
The Toro Co. | 752 | 42,360 |
TransDigm Group, Inc. * | 354 | 116,908 |
United Rentals, Inc. * | 607 | 72,882 |
Univar, Inc. * | 147 | 3,619 |
W.W. Grainger, Inc. | 333 | 94,562 |
WABCO Holdings, Inc. * | 384 | 41,261 |
Wabtec Corp. | 221 | 18,126 |
Watsco, Inc. | 188 | 27,858 |
Welbilt, Inc. * | 938 | 17,559 |
Xylem, Inc. | 741 | 48,595 |
7,389,644 | ||
Commercial & Professional Services 1.0% | ||
Cintas Corp. | 636 | 115,669 |
Copart, Inc. * | 1,475 | 72,142 |
CoStar Group, Inc. * | 262 | 94,692 |
Equifax, Inc. | 239 | 24,244 |
KAR Auction Services, Inc. | 933 | 53,125 |
Republic Services, Inc. | 117 | 8,504 |
Robert Half International, Inc. | 883 | 53,448 |
Rollins, Inc. | 702 | 41,558 |
The Dun & Bradstreet Corp. | 115 | 16,362 |
TransUnion | 1,350 | 88,763 |
Verisk Analytics, Inc. * | 1,175 | 140,812 |
Waste Management, Inc. | 2,680 | 239,780 |
949,099 | ||
Consumer Durables & Apparel 1.5% | ||
Brunswick Corp. | 77 | 4,003 |
Carter's, Inc. | 340 | 32,633 |
Columbia Sportswear Co. | 29 | 2,618 |
D.R. Horton, Inc. | 1,465 | 52,681 |
Hanesbrands, Inc. | 2,637 | 45,251 |
Hasbro, Inc. | 665 | 60,987 |
Lennar Corp., B Shares | 47 | 1,681 |
Lennar Corp., Class A | 1,142 | 49,083 |
lululemon Athletica, Inc. * | 716 | 100,763 |
Mattel, Inc. * | 543 | 7,374 |
Security | Number of Shares | Value ($) |
Michael Kors Holdings Ltd. * | 554 | 30,697 |
NIKE, Inc., Class B | 9,187 | 689,392 |
NVR, Inc. * | 23 | 51,498 |
Polaris Industries, Inc. | 422 | 37,550 |
PulteGroup, Inc. | 601 | 14,767 |
Skechers U.S.A., Inc., Class A * | 461 | 13,171 |
Tapestry, Inc. | 409 | 17,305 |
Tempur Sealy International, Inc. * | 343 | 15,850 |
Toll Brothers, Inc. | 528 | 17,772 |
Under Armour, Inc., Class A * | 1,023 | 22,619 |
Under Armour, Inc., Class C * | 1,060 | 21,020 |
VF Corp. | 1,818 | 150,676 |
1,439,391 | ||
Consumer Services 2.2% | ||
Bright Horizons Family Solutions, Inc. * | 348 | 39,989 |
Chipotle Mexican Grill, Inc. * | 179 | 82,399 |
Choice Hotels International, Inc. | 251 | 18,423 |
Darden Restaurants, Inc. | 453 | 48,267 |
Domino's Pizza, Inc. | 308 | 82,787 |
Dunkin' Brands Group, Inc. | 614 | 44,552 |
Extended Stay America, Inc. | 801 | 13,040 |
frontdoor, Inc. * | 490 | 16,685 |
Grand Canyon Education, Inc. * | 347 | 43,271 |
H&R Block, Inc. | 285 | 7,564 |
Hilton Grand Vacations, Inc. * | 712 | 19,131 |
Hilton Worldwide Holdings, Inc. | 2,045 | 145,543 |
International Game Technology plc | 57 | 1,057 |
Las Vegas Sands Corp. | 1,601 | 81,699 |
Marriott International, Inc., Class A | 2,105 | 246,054 |
McDonald's Corp. | 1,102 | 194,944 |
MGM Resorts International | 353 | 9,418 |
Service Corp. International | 585 | 24,260 |
ServiceMaster Global Holdings, Inc. * | 994 | 42,623 |
Six Flags Entertainment Corp. | 513 | 27,630 |
Starbucks Corp. | 9,618 | 560,441 |
The Wendy's Co. | 1,375 | 23,705 |
Vail Resorts, Inc. | 294 | 73,888 |
Wyndham Destinations, Inc. | 732 | 26,264 |
Wyndham Hotels & Resorts, Inc. | 719 | 35,440 |
Wynn Resorts Ltd. | 754 | 75,852 |
Yum China Holdings, Inc. | 234 | 8,443 |
Yum! Brands, Inc. | 671 | 60,665 |
2,054,034 | ||
Diversified Financials 3.2% | ||
American Express Co. | 3,542 | 363,870 |
Ameriprise Financial, Inc. | 175 | 22,267 |
Berkshire Hathaway, Inc., Class B * | 1,791 | 367,657 |
Capital One Financial Corp. | 270 | 24,111 |
Cboe Global Markets, Inc. | 764 | 86,217 |
CME Group, Inc. | 223 | 40,863 |
Credit Acceptance Corp. * | 75 | 31,832 |
Discover Financial Services | 1,145 | 79,772 |
E*TRADE Financial Corp. | 427 | 21,102 |
Eaton Vance Corp. | 850 | 38,293 |
Evercore, Inc., Class A | 290 | 23,690 |
FactSet Research Systems, Inc. | 274 | 61,310 |
Interactive Brokers Group, Inc., Class A | 483 | 23,865 |
Intercontinental Exchange, Inc. | 2,157 | 166,175 |
Lazard Ltd., Class A | 764 | 30,361 |
LPL Financial Holdings, Inc. | 637 | 39,239 |
MarketAxess Holdings, Inc. | 271 | 56,821 |
Moody's Corp. | 1,221 | 177,631 |
Morningstar, Inc. | 129 | 16,099 |
MSCI, Inc. | 637 | 95,792 |
Security | Number of Shares | Value ($) |
Northern Trust Corp. | 432 | 40,638 |
OneMain Holdings, Inc. * | 41 | 1,169 |
Raymond James Financial, Inc. | 283 | 21,703 |
S&P Global, Inc. | 1,838 | 335,104 |
Santander Consumer USA Holdings, Inc. | 87 | 1,631 |
SEI Investments Co. | 966 | 51,633 |
State Street Corp. | 166 | 11,413 |
Synchrony Financial | 1,907 | 55,074 |
T. Rowe Price Group, Inc. | 1,609 | 156,057 |
TD Ameritrade Holding Corp. | 2,061 | 106,595 |
The Charles Schwab Corp. (a) | 8,764 | 405,247 |
Virtu Financial, Inc., Class A | 309 | 7,330 |
Voya Financial, Inc. | 85 | 3,720 |
2,964,281 | ||
Energy 0.8% | ||
Anadarko Petroleum Corp. | 1,269 | 67,511 |
Antero Resources Corp. * | 942 | 14,968 |
Apache Corp. | 166 | 6,280 |
Cabot Oil & Gas Corp. | 2,361 | 57,207 |
Cheniere Energy, Inc. * | 1,170 | 70,680 |
Cimarex Energy Co. | 86 | 6,834 |
Concho Resources, Inc. * | 182 | 25,314 |
Continental Resources, Inc. * | 305 | 16,067 |
Diamondback Energy, Inc. | 185 | 20,786 |
EOG Resources, Inc. | 484 | 50,984 |
Halliburton Co. | 6,397 | 221,848 |
Kosmos Energy Ltd. * | 316 | 2,051 |
Newfield Exploration Co. * | 513 | 10,363 |
ONEOK, Inc. | 1,243 | 81,541 |
Parsley Energy, Inc., Class A * | 1,342 | 31,430 |
Pioneer Natural Resources Co. | 684 | 100,733 |
RPC, Inc. | 170 | 2,530 |
787,127 | ||
Food & Staples Retailing 1.1% | ||
Costco Wholesale Corp. | 3,200 | 731,616 |
Sprouts Farmers Market, Inc. * | 906 | 24,362 |
Sysco Corp. | 3,487 | 248,728 |
U.S. Foods Holding Corp. * | 100 | 2,917 |
1,007,623 | ||
Food, Beverage & Tobacco 4.0% | ||
Altria Group, Inc. | 13,872 | 902,235 |
Brown-Forman Corp., Class A | 383 | 17,760 |
Brown-Forman Corp., Class B | 2,048 | 94,904 |
Campbell Soup Co. | 907 | 33,931 |
Constellation Brands, Inc., Class A | 1,149 | 228,915 |
General Mills, Inc. | 218 | 9,548 |
Kellogg Co. | 917 | 60,045 |
Keurig Dr Pepper, Inc. | 1,316 | 34,216 |
McCormick & Co., Inc. - Non Voting Shares | 56 | 8,064 |
Monster Beverage Corp. * | 2,914 | 154,005 |
PepsiCo, Inc. | 9,205 | 1,034,458 |
Post Holdings, Inc. * | 272 | 24,050 |
The Coca-Cola Co. | 21,752 | 1,041,486 |
The Hershey Co. | 926 | 99,221 |
3,742,838 | ||
Health Care Equipment & Services 6.2% | ||
ABIOMED, Inc. * | 312 | 106,454 |
Aetna, Inc. | 847 | 168,045 |
Align Technology, Inc. * | 580 | 128,296 |
AmerisourceBergen Corp. | 1,152 | 101,376 |
Security | Number of Shares | Value ($) |
athenahealth, Inc. * | 287 | 36,604 |
Baxter International, Inc. | 414 | 25,879 |
Becton, Dickinson & Co. | 176 | 40,568 |
Boston Scientific Corp. * | 7,755 | 280,266 |
Cantel Medical Corp. | 279 | 22,083 |
Centene Corp. * | 1,308 | 170,458 |
Cerner Corp. * | 1,035 | 59,285 |
Chemed Corp. | 113 | 34,389 |
Cigna Corp. | 685 | 146,460 |
DaVita, Inc. * | 496 | 33,401 |
DexCom, Inc. * | 644 | 85,504 |
Edwards Lifesciences Corp. * | 1,536 | 226,714 |
Encompass Health Corp. | 717 | 48,254 |
Express Scripts Holding Co. * | 340 | 32,970 |
HCA Healthcare, Inc. | 1,442 | 192,550 |
Henry Schein, Inc. * | 168 | 13,944 |
Hill-Rom Holdings, Inc. | 309 | 25,981 |
Humana, Inc. | 954 | 305,671 |
ICU Medical, Inc. * | 117 | 29,803 |
IDEXX Laboratories, Inc. * | 627 | 132,999 |
Insulet Corp. * | 434 | 38,283 |
Integra LifeSciences Holdings Corp. * | 395 | 21,160 |
Intuitive Surgical, Inc. * | 822 | 428,410 |
Laboratory Corp. of America Holdings * | 44 | 7,064 |
Masimo Corp. * | 330 | 38,148 |
McKesson Corp. | 188 | 23,455 |
Molina Healthcare, Inc. * | 382 | 48,426 |
Penumbra, Inc. * | 225 | 30,600 |
Premier, Inc., Class A * | 131 | 5,895 |
ResMed, Inc. | 1,027 | 108,780 |
Stryker Corp. | 2,499 | 405,388 |
Teleflex, Inc. | 66 | 15,889 |
The Cooper Cos., Inc. | 56 | 14,465 |
UnitedHealth Group, Inc. | 7,002 | 1,829,973 |
Varian Medical Systems, Inc. * | 671 | 80,097 |
Veeva Systems, Inc., Class A * | 885 | 80,845 |
WellCare Health Plans, Inc. * | 340 | 93,837 |
West Pharmaceutical Services, Inc. | 122 | 12,922 |
5,731,591 | ||
Household & Personal Products 0.8% | ||
Church & Dwight Co., Inc. | 1,520 | 90,242 |
Colgate-Palmolive Co. | 1,153 | 68,661 |
Energizer Holdings, Inc. | 240 | 14,105 |
Herbalife Nutrition Ltd. * | 159 | 8,468 |
Kimberly-Clark Corp. | 2,220 | 231,546 |
Nu Skin Enterprises, Inc., Class A | 136 | 9,550 |
Spectrum Brands Holdings, Inc. | 131 | 8,509 |
The Clorox Co. | 816 | 121,135 |
The Estee Lauder Cos., Inc., Class A | 1,590 | 218,530 |
770,746 | ||
Insurance 1.0% | ||
Alleghany Corp. | 13 | 7,809 |
American International Group, Inc. | 956 | 39,473 |
Aon plc | 1,788 | 279,250 |
Arch Capital Group Ltd. * | 436 | 12,369 |
Axis Capital Holdings Ltd. | 56 | 3,124 |
Brown & Brown, Inc. | 85 | 2,395 |
Erie Indemnity Co., Class A | 141 | 18,286 |
Everest Re Group Ltd. | 118 | 25,708 |
Markel Corp. * | 9 | 9,839 |
Marsh & McLennan Cos., Inc. | 1,729 | 146,533 |
RenaissanceRe Holdings Ltd. | 24 | 2,932 |
Security | Number of Shares | Value ($) |
The Progressive Corp. | 4,246 | 295,946 |
The Travelers Cos., Inc. | 384 | 48,050 |
891,714 | ||
Materials 1.8% | ||
Avery Dennison Corp. | 636 | 57,698 |
Axalta Coating Systems Ltd. * | 598 | 14,759 |
Berry Global Group, Inc. * | 478 | 20,850 |
Celanese Corp. | 622 | 60,297 |
Crown Holdings, Inc. * | 938 | 39,668 |
Eagle Materials, Inc. | 298 | 22,004 |
Ecolab, Inc. | 845 | 129,412 |
FMC Corp. | 392 | 30,607 |
Graphic Packaging Holding Co. | 469 | 5,164 |
International Flavors & Fragrances, Inc. | 351 | 50,776 |
International Paper Co. | 346 | 15,694 |
Linde plc | 2,471 | 408,876 |
LyondellBasell Industries N.V., Class A | 1,123 | 100,250 |
Martin Marietta Materials, Inc. | 420 | 71,938 |
NewMarket Corp. | 53 | 20,456 |
Packaging Corp. of America | 683 | 62,706 |
Platform Specialty Products Corp. * | 896 | 9,695 |
PPG Industries, Inc. | 123 | 12,926 |
Royal Gold, Inc. | 203 | 15,556 |
RPM International, Inc. | 201 | 12,295 |
Sealed Air Corp. | 620 | 20,063 |
Silgan Holdings, Inc. | 185 | 4,445 |
Southern Copper Corp. | 587 | 22,506 |
Steel Dynamics, Inc. | 256 | 10,138 |
The Chemours Co. | 1,290 | 42,583 |
The Scotts Miracle-Gro Co. | 149 | 9,944 |
The Sherwin-Williams Co. | 610 | 240,017 |
Vulcan Materials Co. | 905 | 91,532 |
W.R. Grace & Co. | 355 | 23,000 |
Westlake Chemical Corp. | 250 | 17,825 |
1,643,680 | ||
Media & Entertainment 11.8% | ||
Activision Blizzard, Inc. | 5,513 | 380,673 |
Alphabet, Inc., Class A * | 2,189 | 2,387,280 |
Alphabet, Inc., Class C * | 2,230 | 2,401,197 |
AMC Networks, Inc., Class A * | 318 | 18,628 |
Cable One, Inc. | 31 | 27,768 |
CBS Corp., Class B - Non Voting Shares | 2,406 | 137,984 |
Charter Communications, Inc., Class A * | 902 | 288,974 |
Electronic Arts, Inc. * | 2,207 | 200,793 |
Facebook, Inc., Class A * | 17,420 | 2,644,182 |
IAC/InterActiveCorp * | 544 | 106,945 |
Lions Gate Entertainment Corp., Class A | 42 | 805 |
Lions Gate Entertainment Corp., Class B | 89 | 1,583 |
Live Nation Entertainment, Inc. * | 1,007 | 52,666 |
Match Group, Inc. * | 374 | 19,343 |
Netflix, Inc. * | 3,052 | 921,033 |
Omnicom Group, Inc. | 1,079 | 80,191 |
Sirius XM Holdings, Inc. | 9,446 | 56,865 |
Take-Two Interactive Software, Inc. * | 496 | 63,919 |
The Interpublic Group of Cos., Inc. | 265 | 6,137 |
The Madison Square Garden Co., Class A * | 16 | 4,426 |
The Walt Disney Co. | 7,818 | 897,741 |
TripAdvisor, Inc. * | 751 | 39,157 |
Twitter, Inc. * | 5,177 | 179,901 |
Zillow Group, Inc., Class A * | 295 | 11,909 |
Zillow Group, Inc., Class C * | 650 | 26,169 |
10,956,269 | ||
Security | Number of Shares | Value ($) |
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||
AbbVie, Inc. | 11,099 | 864,057 |
Agios Pharmaceuticals, Inc. * | 342 | 21,567 |
Alexion Pharmaceuticals, Inc. * | 1,296 | 145,243 |
Alkermes plc * | 1,144 | 46,710 |
Alnylam Pharmaceuticals, Inc. * | 578 | 46,489 |
Amgen, Inc. | 4,462 | 860,229 |
Bio-Techne Corp. | 273 | 45,788 |
Biogen, Inc. * | 1,397 | 425,065 |
BioMarin Pharmaceutical, Inc. * | 1,287 | 118,623 |
Bluebird Bio, Inc. * | 267 | 30,625 |
Bristol-Myers Squibb Co. | 6,371 | 321,990 |
Bruker Corp. | 301 | 9,430 |
Catalent, Inc. * | 247 | 9,964 |
Celgene Corp. * | 5,137 | 367,809 |
Charles River Laboratories International, Inc. * | 250 | 30,455 |
Eli Lilly & Co. | 4,300 | 466,292 |
Exact Sciences Corp. * | 887 | 63,021 |
Exelixis, Inc. * | 2,167 | 30,056 |
Gilead Sciences, Inc. | 7,060 | 481,351 |
Illumina, Inc. * | 1,074 | 334,175 |
Incyte Corp. * | 1,288 | 83,488 |
Ionis Pharmaceuticals, Inc. * | 908 | 44,991 |
Jazz Pharmaceuticals plc * | 392 | 62,258 |
Johnson & Johnson | 3,539 | 495,425 |
Merck & Co., Inc. | 1,306 | 96,135 |
Mettler-Toledo International, Inc. * | 182 | 99,521 |
Nektar Therapeutics * | 1,150 | 44,482 |
Neurocrine Biosciences, Inc. * | 654 | 70,076 |
PRA Health Sciences, Inc. * | 415 | 40,201 |
Regeneron Pharmaceuticals, Inc. * | 584 | 198,116 |
Sage Therapeutics, Inc. * | 335 | 43,108 |
Sarepta Therapeutics, Inc. * | 465 | 62,198 |
Seattle Genetics, Inc. * | 787 | 44,174 |
TESARO, Inc. * | 272 | 7,855 |
Thermo Fisher Scientific, Inc. | 171 | 39,954 |
Vertex Pharmaceuticals, Inc. * | 1,866 | 316,212 |
Waters Corp. * | 520 | 98,639 |
Zoetis, Inc. | 3,546 | 319,672 |
6,885,444 | ||
Real Estate 2.2% | ||
Alexandria Real Estate Equities, Inc. | 60 | 7,334 |
American Tower Corp. | 3,211 | 500,306 |
CBRE Group, Inc., Class A * | 1,109 | 44,682 |
Colony Capital, Inc. | 229 | 1,344 |
CoreSite Realty Corp. | 270 | 25,342 |
Crown Castle International Corp. | 2,287 | 248,688 |
Equinix, Inc. | 580 | 219,669 |
Equity LifeStyle Properties, Inc. | 611 | 57,856 |
Extra Space Storage, Inc. | 774 | 69,707 |
Gaming & Leisure Properties, Inc. | 538 | 18,125 |
Hudson Pacific Properties, Inc. | 150 | 4,545 |
Lamar Advertising Co., Class A | 550 | 40,326 |
Life Storage, Inc. | 27 | 2,542 |
Omega Healthcare Investors, Inc. | 125 | 4,169 |
Public Storage | 1,085 | 222,935 |
SBA Communications Corp. * | 831 | 134,763 |
Simon Property Group, Inc. | 2,070 | 379,886 |
Taubman Centers, Inc. | 430 | 23,654 |
The Howard Hughes Corp. * | 115 | 12,825 |
2,018,698 | ||
Security | Number of Shares | Value ($) |
Retailing 10.4% | ||
Advance Auto Parts, Inc. | 160 | 25,562 |
Amazon.com, Inc. * | 2,978 | 4,758,874 |
AutoZone, Inc. * | 168 | 123,223 |
Best Buy Co., Inc. | 451 | 31,642 |
Booking Holdings, Inc. * | 347 | 650,479 |
Burlington Stores, Inc. * | 489 | 83,859 |
CarMax, Inc. * | 793 | 53,853 |
Dollar General Corp. | 1,969 | 219,307 |
Dollar Tree, Inc. * | 292 | 24,616 |
eBay, Inc. * | 1,495 | 43,400 |
Expedia Group, Inc. | 881 | 110,504 |
Floor & Decor Holdings, Inc., Class A * | 361 | 9,234 |
GrubHub, Inc. * | 656 | 60,838 |
L Brands, Inc. | 324 | 10,504 |
LKQ Corp. * | 408 | 11,126 |
Lowe's Cos., Inc. | 5,978 | 569,225 |
Nordstrom, Inc. | 860 | 56,562 |
O'Reilly Automotive, Inc. * | 579 | 185,714 |
Pool Corp. | 283 | 41,247 |
Ross Stores, Inc. | 2,703 | 267,597 |
The Gap, Inc. | 83 | 2,266 |
The Home Depot, Inc. | 8,442 | 1,484,779 |
The Michaels Cos., Inc. * | 147 | 2,330 |
The TJX Cos., Inc. | 4,590 | 504,349 |
Tiffany & Co. | 161 | 17,919 |
Tractor Supply Co. | 889 | 81,690 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 418 | 114,749 |
Urban Outfitters, Inc. * | 544 | 21,466 |
Wayfair, Inc., Class A * | 422 | 46,543 |
Williams-Sonoma, Inc. | 149 | 8,848 |
9,622,305 | ||
Semiconductors & Semiconductor Equipment 3.9% | ||
Advanced Micro Devices, Inc. * | 6,638 | 120,878 |
Analog Devices, Inc. | 432 | 36,163 |
Applied Materials, Inc. | 7,379 | 242,622 |
Broadcom, Inc. | 1,892 | 422,843 |
Cypress Semiconductor Corp. | 1,778 | 23,007 |
KLA-Tencor Corp. | 1,139 | 104,264 |
Lam Research Corp. | 1,151 | 163,131 |
Marvell Technology Group Ltd. | 1,097 | 18,002 |
Maxim Integrated Products, Inc. | 2,034 | 101,741 |
Microchip Technology, Inc. | 1,675 | 110,182 |
Micron Technology, Inc. * | 6,638 | 250,385 |
MKS Instruments, Inc. | 389 | 28,665 |
Monolithic Power Systems, Inc. | 300 | 35,436 |
NVIDIA Corp. | 4,264 | 898,979 |
NXP Semiconductors N.V. | 136 | 10,199 |
ON Semiconductor Corp. * | 3,100 | 52,700 |
Skyworks Solutions, Inc. | 929 | 80,600 |
Teradyne, Inc. | 202 | 6,959 |
Texas Instruments, Inc. | 7,181 | 666,612 |
Universal Display Corp. | 314 | 38,625 |
Versum Materials, Inc. | 781 | 24,648 |
Xilinx, Inc. | 1,858 | 158,618 |
3,595,259 | ||
Software & Services 19.3% | ||
2U, Inc. * | 393 | 24,724 |
Accenture plc, Class A | 4,713 | 742,863 |
Adobe Systems, Inc. * | 3,601 | 884,982 |
Akamai Technologies, Inc. * | 1,132 | 81,787 |
Alliance Data Systems Corp. | 351 | 72,369 |
ANSYS, Inc. * | 610 | 91,225 |
Security | Number of Shares | Value ($) |
Aspen Technology, Inc. * | 488 | 41,426 |
Atlassian Corp. plc, Class A * | 676 | 51,315 |
Autodesk, Inc. * | 1,348 | 174,229 |
Automatic Data Processing, Inc. | 3,229 | 465,234 |
Black Knight, Inc. * | 1,042 | 50,818 |
Booz Allen Hamilton Holding Corp. | 970 | 48,054 |
Broadridge Financial Solutions, Inc. | 848 | 99,165 |
Cadence Design Systems, Inc. * | 2,045 | 91,146 |
CDK Global, Inc. | 938 | 53,691 |
Ceridian HCM Holding, Inc. * | 163 | 6,189 |
Citrix Systems, Inc. * | 992 | 101,650 |
Cognizant Technology Solutions Corp., Class A | 3,856 | 266,180 |
CoreLogic, Inc. * | 374 | 15,192 |
Dell Technologies, Inc., Class V * | 107 | 9,672 |
DocuSign, Inc. * | 232 | 9,730 |
EPAM Systems, Inc. * | 373 | 44,562 |
Euronet Worldwide, Inc. * | 176 | 19,568 |
Fair Isaac Corp. * | 212 | 40,855 |
Fidelity National Information Services, Inc. | 206 | 21,445 |
FireEye, Inc. * | 916 | 16,937 |
First Data Corp., Class A * | 3,994 | 74,848 |
Fiserv, Inc. * | 2,972 | 235,680 |
FleetCor Technologies, Inc. * | 641 | 128,219 |
Fortinet, Inc. * | 1,013 | 83,248 |
Gartner, Inc. * | 648 | 95,593 |
Genpact Ltd. | 366 | 10,032 |
Global Payments, Inc. | 1,161 | 132,621 |
GoDaddy, Inc., Class A * | 1,172 | 85,755 |
Guidewire Software, Inc. * | 578 | 51,425 |
International Business Machines Corp. | 4,840 | 558,681 |
Intuit, Inc. | 1,786 | 376,846 |
Jack Henry & Associates, Inc. | 564 | 84,504 |
LogMeIn, Inc. | 250 | 21,530 |
Manhattan Associates, Inc. * | 480 | 22,915 |
Mastercard, Inc., Class A | 6,731 | 1,330,517 |
Microsoft Corp. | 52,581 | 5,616,177 |
Nutanix, Inc., Class A * | 785 | 32,585 |
Okta, Inc. * | 626 | 36,533 |
Oracle Corp. | 1,995 | 97,436 |
Paychex, Inc. | 2,344 | 153,509 |
Paycom Software, Inc. * | 359 | 44,947 |
PayPal Holdings, Inc. * | 8,702 | 732,621 |
Pegasystems, Inc. | 266 | 14,236 |
Pluralsight, Inc., Class A * | 179 | 4,011 |
Proofpoint, Inc. * | 372 | 33,833 |
PTC, Inc. * | 860 | 70,873 |
RealPage, Inc. * | 512 | 27,136 |
Red Hat, Inc. * | 1,294 | 222,102 |
RingCentral, Inc., Class A * | 494 | 38,399 |
Sabre Corp. | 1,490 | 36,729 |
salesforce.com, Inc. * | 5,168 | 709,256 |
ServiceNow, Inc. * | 1,281 | 231,912 |
Splunk, Inc. * | 1,059 | 105,731 |
Square, Inc., Class A * | 2,092 | 153,657 |
SS&C Technologies Holdings, Inc. | 1,412 | 72,238 |
Switch, Inc., Class A | 211 | 1,872 |
Synopsys, Inc. * | 103 | 9,222 |
Tableau Software, Inc., Class A * | 510 | 54,407 |
Teradata Corp. * | 610 | 22,204 |
The Ultimate Software Group, Inc. * | 222 | 59,192 |
The Western Union Co. | 930 | 16,777 |
Total System Services, Inc. | 1,310 | 119,406 |
Twilio, Inc., Class A * | 524 | 39,415 |
Tyler Technologies, Inc. * | 275 | 58,207 |
VeriSign, Inc. * | 767 | 109,328 |
Visa, Inc., Class A | 13,099 | 1,805,697 |
VMware, Inc., Class A * | 513 | 72,533 |
WEX, Inc. * | 304 | 53,492 |
Security | Number of Shares | Value ($) |
Workday, Inc., Class A * | 1,061 | 141,134 |
Worldpay, Inc., Class A * | 195 | 17,909 |
Zendesk, Inc. * | 754 | 41,447 |
17,873,585 | ||
Technology Hardware & Equipment 9.5% | ||
Amphenol Corp., Class A | 2,156 | 192,962 |
Apple, Inc. | 35,410 | 7,749,833 |
Arista Networks, Inc. * | 416 | 95,826 |
CDW Corp. | 1,085 | 97,661 |
Cognex Corp. | 1,204 | 51,579 |
Coherent, Inc. * | 125 | 15,392 |
F5 Networks, Inc. * | 451 | 79,051 |
FLIR Systems, Inc. | 87 | 4,029 |
IPG Photonics Corp. * | 264 | 35,257 |
Littelfuse, Inc. | 150 | 27,174 |
Motorola Solutions, Inc. | 129 | 15,810 |
National Instruments Corp. | 670 | 32,810 |
NCR Corp. * | 716 | 19,225 |
NetApp, Inc. | 1,916 | 150,387 |
Palo Alto Networks, Inc. * | 655 | 119,891 |
Pure Storage, Inc., Class A * | 1,223 | 24,680 |
Ubiquiti Networks, Inc. | 145 | 13,498 |
Zebra Technologies Corp., Class A * | 386 | 64,192 |
8,789,257 | ||
Telecommunication Services 0.1% | ||
T-Mobile US, Inc. * | 1,470 | 100,768 |
Zayo Group Holdings, Inc. * | 1,442 | 43,087 |
143,855 | ||
Transportation 2.7% | ||
C.H. Robinson Worldwide, Inc. | 1,011 | 90,009 |
CSX Corp. | 2,810 | 193,497 |
Delta Air Lines, Inc. | 1,170 | 64,034 |
Expeditors International of Washington, Inc. | 1,274 | 85,587 |
FedEx Corp. | 1,812 | 399,256 |
Genesee & Wyoming, Inc., Class A * | 94 | 7,448 |
JB Hunt Transport Services, Inc. | 642 | 71,012 |
Landstar System, Inc. | 302 | 30,227 |
Old Dominion Freight Line, Inc. | 476 | 62,080 |
Schneider National, Inc., Class B | 49 | 1,072 |
Southwest Airlines Co. | 2,735 | 134,288 |
Union Pacific Corp. | 4,979 | 728,029 |
United Parcel Service, Inc., Class B | 5,059 | 538,986 |
XPO Logistics, Inc. * | 918 | 82,051 |
2,487,576 | ||
Total Common Stock | ||
(Cost $91,993,901) | 92,440,847 | |
Other Investment Company 0.3% of net assets | ||
Money Market Fund 0.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (b) | 272,816 | 272,816 |
Total Other Investment Company | ||
(Cost $272,816) | 272,816 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 1000 Growth Index, e-mini, expires 12/21/18 | 5 | 356,975 | 6,930 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | The rate shown is the 7-day yield. |
Security | Number of Shares | Value ($) |
Common Stock 99.6% of net assets | ||
Automobiles & Components 0.9% | ||
Adient plc | 504 | 15,332 |
Aptiv plc | 186 | 14,285 |
BorgWarner, Inc. | 1,120 | 44,139 |
Ford Motor Co. | 21,006 | 200,607 |
Garrett Motion, Inc. * | 141 | 2,139 |
General Motors Co. | 7,047 | 257,850 |
Gentex Corp. | 471 | 9,914 |
Harley-Davidson, Inc. | 889 | 33,978 |
Lear Corp. | 313 | 41,598 |
The Goodyear Tire & Rubber Co. | 1,271 | 26,767 |
Thor Industries, Inc. | 42 | 2,925 |
Visteon Corp. * | 60 | 4,742 |
654,276 | ||
Banks 11.5% | ||
Associated Banc-Corp. | 913 | 21,163 |
Bank of America Corp. | 50,074 | 1,377,035 |
Bank of Hawaii Corp. | 229 | 17,963 |
Bank OZK | 644 | 17,620 |
BankUnited, Inc. | 565 | 18,701 |
BB&T Corp. | 4,192 | 206,079 |
BOK Financial Corp. | 137 | 11,745 |
CIT Group, Inc. | 614 | 29,091 |
Citigroup, Inc. | 13,542 | 886,459 |
Citizens Financial Group, Inc. | 2,563 | 95,728 |
Comerica, Inc. | 869 | 70,876 |
Commerce Bancshares, Inc. | 507 | 32,245 |
Cullen/Frost Bankers, Inc. | 303 | 29,670 |
East West Bancorp, Inc. | 714 | 37,442 |
F.N.B. Corp. | 1,743 | 20,620 |
Fifth Third Bancorp | 3,594 | 97,002 |
First Citizens BancShares, Inc., Class A | 42 | 17,918 |
First Hawaiian, Inc. | 564 | 13,976 |
First Horizon National Corp. | 1,740 | 28,084 |
First Republic Bank | 864 | 78,615 |
Huntington Bancshares, Inc. | 5,898 | 84,518 |
JPMorgan Chase & Co. | 17,990 | 1,961,270 |
KeyCorp | 5,682 | 103,185 |
M&T Bank Corp. | 778 | 128,689 |
New York Community Bancorp, Inc. | 2,520 | 24,142 |
PacWest Bancorp | 664 | 26,972 |
People's United Financial, Inc. | 1,990 | 31,163 |
Pinnacle Financial Partners, Inc. | 232 | 12,134 |
Popular, Inc. | 538 | 27,981 |
Prosperity Bancshares, Inc. | 352 | 22,891 |
Regions Financial Corp. | 5,926 | 100,564 |
Signature Bank | 106 | 11,649 |
Sterling Bancorp | 1,210 | 21,756 |
SunTrust Banks, Inc. | 2,502 | 156,775 |
SVB Financial Group * | 66 | 15,657 |
Synovus Financial Corp. | 571 | 21,447 |
TCF Financial Corp. | 866 | 18,082 |
Texas Capital Bancshares, Inc. * | 97 | 6,327 |
TFS Financial Corp. | 257 | 3,780 |
Security | Number of Shares | Value ($) |
The PNC Financial Services Group, Inc. | 2,491 | 320,069 |
U.S. Bancorp | 8,267 | 432,116 |
Umpqua Holdings Corp. | 1,193 | 22,906 |
Webster Financial Corp. | 489 | 28,773 |
Wells Fargo & Co. | 23,342 | 1,242,495 |
Western Alliance Bancorp * | 209 | 10,082 |
Wintrust Financial Corp. | 294 | 22,385 |
Zions Bancorp NA | 1,032 | 48,556 |
8,014,396 | ||
Capital Goods 5.4% | ||
3M Co. | 503 | 95,701 |
Acuity Brands, Inc. | 211 | 26,510 |
AECOM * | 854 | 24,886 |
AGCO Corp. | 356 | 19,950 |
Air Lease Corp. | 482 | 18,364 |
Allegion plc | 92 | 7,887 |
AMETEK, Inc. | 984 | 66,007 |
Arconic, Inc. | 2,315 | 47,064 |
Carlisle Cos., Inc. | 312 | 30,136 |
Caterpillar, Inc. | 257 | 31,179 |
Colfax Corp. * | 464 | 13,006 |
Crane Co. | 265 | 23,066 |
Cummins, Inc. | 530 | 72,446 |
Curtiss-Wright Corp. | 224 | 24,519 |
Donaldson Co., Inc. | 45 | 2,308 |
Dover Corp. | 776 | 64,284 |
Eaton Corp. plc | 2,349 | 168,353 |
Emerson Electric Co. | 982 | 66,658 |
Flowserve Corp. | 713 | 32,727 |
Fluor Corp. | 750 | 32,895 |
Fortive Corp. | 130 | 9,652 |
Fortune Brands Home & Security, Inc. | 436 | 19,546 |
Gardner Denver Holdings, Inc. * | 392 | 10,607 |
Gates Industrial Corp. plc * | 245 | 3,687 |
General Dynamics Corp. | 769 | 132,714 |
General Electric Co. | 46,354 | 468,175 |
GrafTech International Ltd. | 290 | 5,185 |
HD Supply Holdings, Inc. * | 698 | 26,224 |
Hexcel Corp. | 368 | 21,535 |
Honeywell International, Inc. | 1,523 | 220,561 |
Hubbell, Inc. | 94 | 9,560 |
Huntington Ingalls Industries, Inc. | 31 | 6,773 |
IDEX Corp. | 26 | 3,297 |
Ingersoll-Rand plc | 607 | 58,236 |
ITT, Inc. | 469 | 23,684 |
Jacobs Engineering Group, Inc. | 683 | 51,286 |
Johnson Controls International plc | 4,969 | 158,859 |
L3 Technologies, Inc. | 416 | 78,819 |
Lennox International, Inc. | 10 | 2,109 |
Lockheed Martin Corp. | 116 | 34,087 |
Masco Corp. | 518 | 15,540 |
MSC Industrial Direct Co., Inc., Class A | 132 | 10,700 |
Nordson Corp. | 23 | 2,821 |
nVent Electric plc | 863 | 21,074 |
Oshkosh Corp. | 384 | 21,558 |
Owens Corning | 588 | 27,795 |
PACCAR, Inc. | 1,847 | 105,667 |
Security | Number of Shares | Value ($) |
Parker-Hannifin Corp. | 581 | 88,097 |
Pentair plc | 847 | 34,007 |
Quanta Services, Inc. * | 574 | 17,909 |
Regal Beloit Corp. | 233 | 16,706 |
Resideo Technologies, Inc. * | 252 | 5,308 |
Rockwell Collins, Inc. | 761 | 97,423 |
Roper Technologies, Inc. | 439 | 124,193 |
Sensata Technologies Holding plc * | 415 | 19,463 |
Snap-on, Inc. | 306 | 47,106 |
Stanley Black & Decker, Inc. | 832 | 96,945 |
Teledyne Technologies, Inc. * | 188 | 41,601 |
Terex Corp. | 350 | 11,686 |
Textron, Inc. | 1,106 | 59,315 |
The Middleby Corp. * | 121 | 13,588 |
The Timken Co. | 375 | 14,831 |
Trinity Industries, Inc. | 772 | 22,041 |
United Technologies Corp. | 4,023 | 499,697 |
Univar, Inc. * | 530 | 13,049 |
USG Corp. | 444 | 18,746 |
Valmont Industries, Inc. | 116 | 14,420 |
Wabtec Corp. | 295 | 24,196 |
Watsco, Inc. | 32 | 4,742 |
WESCO International, Inc. * | 253 | 12,696 |
Xylem, Inc. | 423 | 27,740 |
3,743,202 | ||
Commercial & Professional Services 0.6% | ||
ADT, Inc. | 555 | 4,296 |
Clean Harbors, Inc. * | 278 | 18,915 |
Equifax, Inc. | 465 | 47,170 |
IHS Markit Ltd. * | 2,055 | 107,949 |
KAR Auction Services, Inc. | 46 | 2,619 |
ManpowerGroup, Inc. | 344 | 26,244 |
Nielsen Holdings plc | 1,923 | 49,959 |
Republic Services, Inc. | 1,106 | 80,384 |
Stericycle, Inc. * | 442 | 22,087 |
The Dun & Bradstreet Corp. | 114 | 16,220 |
Waste Management, Inc. | 349 | 31,225 |
407,068 | ||
Consumer Durables & Apparel 0.8% | ||
Brunswick Corp. | 413 | 21,472 |
Columbia Sportswear Co. | 145 | 13,091 |
D.R. Horton, Inc. | 767 | 27,581 |
Garmin Ltd. | 610 | 40,358 |
Hasbro, Inc. | 137 | 12,564 |
Leggett & Platt, Inc. | 711 | 25,816 |
Lennar Corp., B Shares | 44 | 1,574 |
Lennar Corp., Class A | 713 | 30,645 |
Mattel, Inc. * | 1,424 | 19,338 |
Michael Kors Holdings Ltd. * | 348 | 19,283 |
Mohawk Industries, Inc. * | 333 | 41,535 |
Newell Brands, Inc. | 2,362 | 37,509 |
PulteGroup, Inc. | 942 | 23,145 |
PVH Corp. | 408 | 49,282 |
Ralph Lauren Corp. | 298 | 38,624 |
Skechers U.S.A., Inc., Class A * | 383 | 10,942 |
Tapestry, Inc. | 1,238 | 52,380 |
Toll Brothers, Inc. | 363 | 12,219 |
Under Armour, Inc., Class A * | 214 | 4,731 |
Under Armour, Inc., Class C * | 286 | 5,671 |
VF Corp. | 398 | 32,986 |
Whirlpool Corp. | 338 | 37,099 |
557,845 | ||
Security | Number of Shares | Value ($) |
Consumer Services 1.9% | ||
Aramark | 1,307 | 46,947 |
Bright Horizons Family Solutions, Inc. * | 50 | 5,746 |
Caesars Entertainment Corp. * | 3,212 | 27,591 |
Carnival Corp. | 2,181 | 122,223 |
Darden Restaurants, Inc. | 335 | 35,694 |
Extended Stay America, Inc. | 422 | 6,870 |
Graham Holdings Co., Class B | 22 | 12,783 |
H&R Block, Inc. | 907 | 24,072 |
Hyatt Hotels Corp., Class A | 230 | 15,916 |
International Game Technology plc | 514 | 9,535 |
Las Vegas Sands Corp. | 748 | 38,170 |
McDonald's Corp. | 3,370 | 596,153 |
MGM Resorts International | 2,456 | 65,526 |
Norwegian Cruise Line Holdings Ltd. * | 1,078 | 47,508 |
Royal Caribbean Cruises Ltd. | 892 | 93,419 |
Service Corp. International | 504 | 20,901 |
Yum China Holdings, Inc. | 1,822 | 65,738 |
Yum! Brands, Inc. | 1,207 | 109,125 |
1,343,917 | ||
Diversified Financials 7.2% | ||
Affiliated Managers Group, Inc. | 292 | 33,189 |
AGNC Investment Corp. | 2,574 | 45,920 |
Ally Financial, Inc. | 2,271 | 57,706 |
American Express Co. | 1,212 | 124,509 |
Ameriprise Financial, Inc. | 642 | 81,688 |
Annaly Capital Management, Inc. | 6,805 | 67,165 |
AXA Equitable Holdings, Inc. | 742 | 15,055 |
Berkshire Hathaway, Inc., Class B * | 9,106 | 1,869,280 |
BGC Partners, Inc., Class A | 1,471 | 15,578 |
BlackRock, Inc. | 659 | 271,126 |
Capital One Financial Corp. | 2,360 | 210,748 |
Cboe Global Markets, Inc. | 50 | 5,643 |
Chimera Investment Corp. | 1,012 | 18,823 |
CME Group, Inc. | 1,664 | 304,911 |
Credit Acceptance Corp. * | 5 | 2,122 |
Discover Financial Services | 998 | 69,531 |
E*TRADE Financial Corp. | 1,074 | 53,077 |
Franklin Resources, Inc. | 1,652 | 50,386 |
Interactive Brokers Group, Inc., Class A | 29 | 1,433 |
Intercontinental Exchange, Inc. | 1,482 | 114,173 |
Invesco Ltd. | 2,185 | 47,436 |
Jefferies Financial Group, Inc. | 1,622 | 34,824 |
Lazard Ltd., Class A | 47 | 1,868 |
Legg Mason, Inc. | 450 | 12,699 |
MFA Financial, Inc. | 2,441 | 16,916 |
Morgan Stanley | 6,613 | 301,950 |
Nasdaq, Inc. | 618 | 53,587 |
Navient Corp. | 1,402 | 16,235 |
New Residential Investment Corp. | 1,796 | 32,112 |
Northern Trust Corp. | 813 | 76,479 |
OneMain Holdings, Inc. * | 388 | 11,066 |
Raymond James Financial, Inc. | 494 | 37,885 |
Santander Consumer USA Holdings, Inc. | 553 | 10,369 |
SLM Corp. * | 2,336 | 23,687 |
Starwood Property Trust, Inc. | 1,396 | 30,321 |
State Street Corp. | 1,894 | 130,212 |
Synchrony Financial | 2,586 | 74,684 |
T. Rowe Price Group, Inc. | 92 | 8,923 |
The Bank of New York Mellon Corp. | 4,970 | 235,230 |
The Goldman Sachs Group, Inc. | 1,903 | 428,879 |
Two Harbors Investment Corp. | 1,307 | 19,200 |
Voya Financial, Inc. | 799 | 34,964 |
5,051,589 | ||
Security | Number of Shares | Value ($) |
Energy 10.0% | ||
Anadarko Petroleum Corp. | 1,842 | 97,994 |
Antero Resources Corp. * | 605 | 9,614 |
Apache Corp. | 1,924 | 72,785 |
Apergy Corp. * | 420 | 16,376 |
Baker Hughes, a GE Co. | 2,223 | 59,332 |
Cabot Oil & Gas Corp. | 607 | 14,708 |
Centennial Resource Development, Inc., Class A * | 990 | 18,968 |
Cheniere Energy, Inc. * | 374 | 22,593 |
Chesapeake Energy Corp. * | 4,902 | 17,206 |
Chevron Corp. | 10,242 | 1,143,519 |
Cimarex Energy Co. | 443 | 35,205 |
CNX Resources Corp. * | 1,114 | 17,434 |
Concho Resources, Inc. * | 911 | 126,711 |
ConocoPhillips | 6,298 | 440,230 |
Continental Resources, Inc. * | 237 | 12,485 |
Devon Energy Corp. | 2,721 | 88,160 |
Diamondback Energy, Inc. | 389 | 43,708 |
Energen Corp. * | 470 | 33,826 |
EOG Resources, Inc. | 2,757 | 290,422 |
EQT Corp. | 1,423 | 48,339 |
Extraction Oil & Gas, Inc. * | 614 | 4,906 |
Exxon Mobil Corp. | 22,786 | 1,815,589 |
Helmerich & Payne, Inc. | 569 | 35,443 |
Hess Corp. | 1,423 | 81,680 |
HollyFrontier Corp. | 872 | 58,808 |
Kinder Morgan, Inc. | 10,196 | 173,536 |
Kosmos Energy Ltd. * | 1,026 | 6,659 |
Marathon Oil Corp. | 4,574 | 86,860 |
Marathon Petroleum Corp. | 3,604 | 253,902 |
Murphy Oil Corp. | 885 | 28,196 |
Nabors Industries Ltd. | 1,868 | 9,284 |
National Oilwell Varco, Inc. | 2,056 | 75,661 |
Newfield Exploration Co. * | 689 | 13,918 |
Noble Energy, Inc. | 2,585 | 64,237 |
Occidental Petroleum Corp. | 4,115 | 275,993 |
ONEOK, Inc. | 1,287 | 84,427 |
Parsley Energy, Inc., Class A * | 436 | 10,211 |
Patterson-UTI Energy, Inc. | 1,182 | 19,669 |
PBF Energy, Inc., Class A | 645 | 26,993 |
Phillips 66 | 2,265 | 232,887 |
Pioneer Natural Resources Co. | 404 | 59,497 |
QEP Resources, Inc. * | 1,266 | 11,280 |
Range Resources Corp. | 1,141 | 18,085 |
RPC, Inc. | 169 | 2,515 |
Schlumberger Ltd. | 7,452 | 382,362 |
SM Energy Co. | 591 | 14,385 |
Targa Resources Corp. | 1,195 | 61,746 |
The Williams Cos., Inc. | 6,532 | 158,924 |
Transocean Ltd. * | 2,305 | 25,378 |
Valero Energy Corp. | 2,319 | 211,238 |
Weatherford International plc * | 5,345 | 7,216 |
Whiting Petroleum Corp. * | 483 | 18,016 |
WPX Energy, Inc. * | 2,110 | 33,844 |
6,972,960 | ||
Food & Staples Retailing 1.9% | ||
Casey's General Stores, Inc. | 195 | 24,591 |
The Kroger Co. | 4,266 | 126,956 |
U.S. Foods Holding Corp. * | 1,087 | 31,708 |
Walgreens Boots Alliance, Inc. | 4,550 | 362,954 |
Walmart, Inc. | 7,668 | 768,947 |
1,315,156 | ||
Security | Number of Shares | Value ($) |
Food, Beverage & Tobacco 3.7% | ||
Archer-Daniels-Midland Co. | 3,003 | 141,892 |
Bunge Ltd. | 752 | 46,474 |
Campbell Soup Co. | 291 | 10,886 |
ConAgra Brands, Inc. | 2,510 | 89,356 |
Flowers Foods, Inc. | 960 | 18,538 |
General Mills, Inc. | 3,023 | 132,407 |
Hormel Foods Corp. | 1,453 | 63,409 |
Ingredion, Inc. | 386 | 39,055 |
Kellogg Co. | 670 | 43,872 |
Lamb Weston Holdings, Inc. | 790 | 61,746 |
McCormick & Co., Inc. - Non Voting Shares | 613 | 88,272 |
Molson Coors Brewing Co., Class B | 926 | 59,264 |
Mondelez International, Inc., Class A | 7,784 | 326,772 |
PepsiCo, Inc. | 865 | 97,209 |
Philip Morris International, Inc. | 8,352 | 735,561 |
Pilgrim's Pride Corp. * | 276 | 4,874 |
Post Holdings, Inc. * | 153 | 13,528 |
Seaboard Corp. | 1 | 3,865 |
The Coca-Cola Co. | 4,608 | 220,631 |
The Hain Celestial Group, Inc. * | 521 | 12,962 |
The Hershey Co. | 66 | 7,072 |
The JM Smucker Co. | 593 | 64,234 |
The Kraft Heinz Co. | 3,235 | 177,828 |
TreeHouse Foods, Inc. * | 292 | 13,303 |
Tyson Foods, Inc., Class A | 1,566 | 93,835 |
2,566,845 | ||
Health Care Equipment & Services 6.7% | ||
Abbott Laboratories | 9,202 | 634,386 |
Acadia Healthcare Co., Inc. * | 463 | 19,215 |
Aetna, Inc. | 1,094 | 217,050 |
Anthem, Inc. | 1,403 | 386,625 |
Baxter International, Inc. | 2,384 | 149,024 |
Becton, Dickinson & Co. | 1,291 | 297,575 |
Boston Scientific Corp. * | 1,708 | 61,727 |
Cardinal Health, Inc. | 1,672 | 84,603 |
Centene Corp. * | 127 | 16,551 |
Cerner Corp. * | 943 | 54,015 |
Cigna Corp. | 760 | 162,496 |
CVS Health Corp. | 5,465 | 395,611 |
Danaher Corp. | 3,328 | 330,803 |
DaVita, Inc. * | 334 | 22,492 |
DENTSPLY SIRONA, Inc. | 1,180 | 40,863 |
Express Scripts Holding Co. * | 2,771 | 268,704 |
HCA Healthcare, Inc. | 434 | 57,952 |
Henry Schein, Inc. * | 705 | 58,515 |
Hill-Rom Holdings, Inc. | 128 | 10,762 |
Hologic, Inc. * | 1,449 | 56,497 |
Humana, Inc. | 37 | 11,855 |
Integra LifeSciences Holdings Corp. * | 81 | 4,339 |
Laboratory Corp. of America Holdings * | 511 | 82,041 |
McKesson Corp. | 942 | 117,524 |
MEDNAX, Inc. * | 491 | 20,273 |
Medtronic plc | 7,278 | 653,710 |
Molina Healthcare, Inc. * | 58 | 7,353 |
Premier, Inc., Class A * | 180 | 8,100 |
Quest Diagnostics, Inc. | 729 | 68,606 |
STERIS plc | 452 | 49,408 |
Teleflex, Inc. | 194 | 46,704 |
The Cooper Cos., Inc. | 217 | 56,053 |
Universal Health Services, Inc., Class B | 446 | 54,216 |
WellCare Health Plans, Inc. * | 19 | 5,244 |
Security | Number of Shares | Value ($) |
West Pharmaceutical Services, Inc. | 307 | 32,517 |
Zimmer Biomet Holdings, Inc. | 1,094 | 124,267 |
4,667,676 | ||
Household & Personal Products 2.2% | ||
Church & Dwight Co., Inc. | 195 | 11,577 |
Colgate-Palmolive Co. | 3,727 | 221,943 |
Coty, Inc., Class A | 2,492 | 26,290 |
Energizer Holdings, Inc. | 135 | 7,934 |
Herbalife Nutrition Ltd. * | 472 | 25,139 |
Kimberly-Clark Corp. | 243 | 25,345 |
Nu Skin Enterprises, Inc., Class A | 206 | 14,465 |
Spectrum Brands Holdings, Inc. | 120 | 7,794 |
The Clorox Co. | 91 | 13,509 |
The Procter & Gamble Co. | 13,398 | 1,188,135 |
1,542,131 | ||
Insurance 4.1% | ||
Aflac, Inc. | 4,102 | 176,673 |
Alleghany Corp. | 67 | 40,246 |
American Financial Group, Inc. | 388 | 38,812 |
American International Group, Inc. | 4,089 | 168,835 |
American National Insurance Co. | 43 | 5,299 |
Arch Capital Group Ltd. * | 1,758 | 49,874 |
Arthur J. Gallagher & Co. | 963 | 71,272 |
Aspen Insurance Holdings Ltd. | 326 | 13,653 |
Assurant, Inc. | 285 | 27,705 |
Assured Guaranty Ltd. | 571 | 22,829 |
Athene Holding Ltd., Class A * | 847 | 38,725 |
Axis Capital Holdings Ltd. | 393 | 21,925 |
Brighthouse Financial, Inc. * | 653 | 25,878 |
Brown & Brown, Inc. | 1,176 | 33,140 |
Chubb Ltd. | 2,494 | 311,525 |
Cincinnati Financial Corp. | 827 | 65,035 |
CNA Financial Corp. | 143 | 6,202 |
Erie Indemnity Co., Class A | 34 | 4,409 |
Everest Re Group Ltd. | 129 | 28,104 |
Fidelity National Financial, Inc. | 1,413 | 47,265 |
First American Financial Corp. | 578 | 25,623 |
Lincoln National Corp. | 1,174 | 70,663 |
Loews Corp. | 1,499 | 69,793 |
Markel Corp. * | 66 | 72,154 |
Marsh & McLennan Cos., Inc. | 1,449 | 122,803 |
Mercury General Corp. | 141 | 8,363 |
MetLife, Inc. | 4,543 | 187,126 |
Old Republic International Corp. | 1,527 | 33,670 |
Principal Financial Group, Inc. | 1,529 | 71,970 |
Prudential Financial, Inc. | 2,253 | 211,286 |
Reinsurance Group of America, Inc. | 346 | 49,260 |
RenaissanceRe Holdings Ltd. | 196 | 23,943 |
The Allstate Corp. | 1,859 | 177,943 |
The Hanover Insurance Group, Inc. | 228 | 25,395 |
The Hartford Financial Services Group, Inc. | 1,926 | 87,479 |
The Travelers Cos., Inc. | 1,166 | 145,902 |
Torchmark Corp. | 567 | 48,002 |
Unum Group | 1,110 | 40,249 |
W. R. Berkley Corp. | 509 | 38,633 |
White Mountains Insurance Group Ltd. | 16 | 14,187 |
Willis Towers Watson plc | 710 | 101,644 |
2,823,494 | ||
Materials 3.9% | ||
Air Products & Chemicals, Inc. | 1,181 | 182,287 |
Albemarle Corp. | 585 | 58,044 |
Alcoa Corp. * | 995 | 34,815 |
Security | Number of Shares | Value ($) |
AptarGroup, Inc. | 331 | 33,749 |
Ardagh Group S.A. | 108 | 1,423 |
Ashland Global Holdings, Inc. | 338 | 25,005 |
Axalta Coating Systems Ltd. * | 676 | 16,684 |
Ball Corp. | 1,824 | 81,715 |
Bemis Co., Inc. | 484 | 22,153 |
Berry Global Group, Inc. * | 347 | 15,136 |
Cabot Corp. | 327 | 15,918 |
Celanese Corp. | 272 | 26,368 |
CF Industries Holdings, Inc. | 1,254 | 60,230 |
Domtar Corp. | 330 | 15,282 |
DowDuPont, Inc. | 12,490 | 673,461 |
Eagle Materials, Inc. | 29 | 2,141 |
Eastman Chemical Co. | 760 | 59,546 |
Ecolab, Inc. | 750 | 114,862 |
FMC Corp. | 423 | 33,028 |
Freeport-McMoRan, Inc. | 7,753 | 90,322 |
Graphic Packaging Holding Co. | 1,383 | 15,227 |
Huntsman Corp. | 1,177 | 25,753 |
International Flavors & Fragrances, Inc. | 278 | 40,215 |
International Paper Co. | 1,957 | 88,770 |
Linde plc | 1,261 | 208,658 |
LyondellBasell Industries N.V., Class A | 905 | 80,789 |
Martin Marietta Materials, Inc. | 29 | 4,967 |
NewMarket Corp. | 4 | 1,544 |
Newmont Mining Corp. | 2,872 | 88,802 |
Nucor Corp. | 1,714 | 101,332 |
Olin Corp. | 902 | 18,220 |
Owens-Illinois, Inc. * | 866 | 13,570 |
Platform Specialty Products Corp. * | 565 | 6,113 |
PPG Industries, Inc. | 1,216 | 127,789 |
Reliance Steel & Aluminum Co. | 376 | 29,674 |
Royal Gold, Inc. | 204 | 15,633 |
RPM International, Inc. | 560 | 34,255 |
Sealed Air Corp. | 391 | 12,653 |
Silgan Holdings, Inc. | 287 | 6,897 |
Sonoco Products Co. | 524 | 28,600 |
Steel Dynamics, Inc. | 1,028 | 40,709 |
The Mosaic Co. | 1,881 | 58,198 |
The Scotts Miracle-Gro Co. | 114 | 7,608 |
United States Steel Corp. | 960 | 25,469 |
Valvoline, Inc. | 1,006 | 20,040 |
Vulcan Materials Co. | 43 | 4,349 |
W.R. Grace & Co. | 88 | 5,702 |
Westlake Chemical Corp. | 14 | 998 |
WestRock Co. | 1,365 | 58,654 |
2,733,357 | ||
Media & Entertainment 3.3% | ||
Charter Communications, Inc., Class A * | 273 | 87,461 |
Cinemark Holdings, Inc. | 574 | 23,861 |
Comcast Corp., Class A | 24,570 | 937,100 |
Discovery, Inc., Class A * | 819 | 26,527 |
Discovery, Inc., Class C * | 1,862 | 54,575 |
DISH Network Corp., Class A * | 1,190 | 36,581 |
GCI Liberty, Inc., Class A * | 541 | 25,605 |
John Wiley & Sons, Inc., Class A | 239 | 12,963 |
Liberty Broadband Corp., Class A * | 135 | 11,177 |
Liberty Broadband Corp., Class C * | 560 | 46,441 |
Liberty Media Corp. - Liberty Formula One, Class A * | 128 | 4,056 |
Liberty Media Corp. - Liberty Formula One, Class C * | 1,072 | 35,462 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 461 | 19,012 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 901 | 37,184 |
Security | Number of Shares | Value ($) |
Lions Gate Entertainment Corp., Class A | 244 | 4,675 |
Lions Gate Entertainment Corp., Class B | 473 | 8,415 |
News Corp., Class A | 2,068 | 27,277 |
News Corp., Class B | 631 | 8,418 |
Omnicom Group, Inc. | 402 | 29,877 |
Take-Two Interactive Software, Inc. * | 252 | 32,475 |
The Interpublic Group of Cos., Inc. | 1,846 | 42,753 |
The Madison Square Garden Co., Class A * | 89 | 24,619 |
The Walt Disney Co. | 2,279 | 261,698 |
Tribune Media Co., Class A | 473 | 17,979 |
Twenty-First Century Fox, Inc., Class A | 5,613 | 255,504 |
Twenty-First Century Fox, Inc., Class B | 2,622 | 118,462 |
Viacom, Inc., Class A | 62 | 2,193 |
Viacom, Inc., Class B | 1,884 | 60,250 |
Zillow Group, Inc., Class A * | 84 | 3,391 |
Zillow Group, Inc., Class C * | 181 | 7,287 |
Zynga, Inc., Class A * | 4,038 | 14,698 |
2,277,976 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.5% | ||
Agilent Technologies, Inc. | 1,727 | 111,892 |
Agios Pharmaceuticals, Inc. * | 17 | 1,072 |
Alexion Pharmaceuticals, Inc. * | 196 | 21,966 |
Allergan plc | 1,822 | 287,894 |
Alnylam Pharmaceuticals, Inc. * | 51 | 4,102 |
Amgen, Inc. | 204 | 39,329 |
Bio-Rad Laboratories, Inc., Class A * | 113 | 30,832 |
Biogen, Inc. * | 57 | 17,343 |
Bluebird Bio, Inc. * | 89 | 10,208 |
Bristol-Myers Squibb Co. | 4,121 | 208,275 |
Bruker Corp. | 329 | 10,308 |
Catalent, Inc. * | 599 | 24,164 |
Charles River Laboratories International, Inc. * | 71 | 8,649 |
Eli Lilly & Co. | 1,967 | 213,302 |
Gilead Sciences, Inc. | 1,779 | 121,292 |
IQVIA Holdings, Inc. * | 876 | 107,687 |
Jazz Pharmaceuticals plc * | 27 | 4,288 |
Johnson & Johnson | 11,841 | 1,657,622 |
Merck & Co., Inc. | 13,361 | 983,503 |
Mylan N.V. * | 2,757 | 86,156 |
PerkinElmer, Inc. | 593 | 51,283 |
Perrigo Co., plc | 684 | 48,085 |
Pfizer, Inc. | 31,203 | 1,343,601 |
QIAGEN N.V. * | 1,195 | 43,379 |
Thermo Fisher Scientific, Inc. | 2,027 | 473,609 |
United Therapeutics Corp. * | 230 | 25,498 |
Waters Corp. * | 28 | 5,311 |
5,940,650 | ||
Real Estate 4.7% | ||
Alexandria Real Estate Equities, Inc. | 522 | 63,804 |
American Campus Communities, Inc. | 734 | 29,000 |
American Homes 4 Rent, Class A | 1,387 | 29,224 |
Apartment Investment & Management Co., Class A | 847 | 36,455 |
Apple Hospitality REIT, Inc. | 1,172 | 18,951 |
AvalonBay Communities, Inc. | 746 | 130,834 |
Boston Properties, Inc. | 829 | 100,110 |
Brandywine Realty Trust | 916 | 12,879 |
Brixmor Property Group, Inc. | 1,635 | 26,487 |
Brookfield Property REIT, Inc., Class A | 824 | 15,895 |
Camden Property Trust | 477 | 43,059 |
CBRE Group, Inc., Class A * | 876 | 35,294 |
Colony Capital, Inc. | 2,520 | 14,792 |
Columbia Property Trust, Inc. | 619 | 13,897 |
Corporate Office Properties Trust | 552 | 14,264 |
Security | Number of Shares | Value ($) |
Crown Castle International Corp. | 554 | 60,242 |
CubeSmart | 992 | 28,748 |
CyrusOne, Inc. | 554 | 29,489 |
Digital Realty Trust, Inc. | 1,104 | 113,999 |
Douglas Emmett, Inc. | 863 | 31,232 |
Duke Realty Corp. | 1,902 | 52,438 |
Empire State Realty Trust, Inc., Class A | 719 | 11,403 |
EPR Properties | 396 | 27,221 |
Equity Commonwealth | 635 | 18,910 |
Equity Residential | 1,933 | 125,568 |
Essex Property Trust, Inc. | 350 | 87,773 |
Extra Space Storage, Inc. | 92 | 8,286 |
Federal Realty Investment Trust | 397 | 49,248 |
Forest City Realty Trust, Inc., Class A | 1,150 | 28,934 |
Gaming & Leisure Properties, Inc. | 697 | 23,482 |
HCP, Inc. | 2,530 | 69,702 |
Healthcare Trust of America, Inc., Class A | 1,113 | 29,227 |
Highwoods Properties, Inc. | 544 | 23,196 |
Hospitality Properties Trust | 885 | 22,674 |
Host Hotels & Resorts, Inc. | 3,940 | 75,293 |
Hudson Pacific Properties, Inc. | 711 | 21,543 |
Invitation Homes, Inc. | 1,604 | 35,096 |
Iron Mountain, Inc. | 1,526 | 46,711 |
JBG SMITH Properties | 567 | 21,251 |
Jones Lang LaSalle, Inc. | 248 | 32,800 |
Kilroy Realty Corp. | 521 | 35,886 |
Kimco Realty Corp. | 2,180 | 35,076 |
Lamar Advertising Co., Class A | 45 | 3,299 |
Liberty Property Trust | 783 | 32,784 |
Life Storage, Inc. | 234 | 22,033 |
Medical Properties Trust, Inc. | 1,955 | 29,051 |
Mid-America Apartment Communities, Inc. | 606 | 59,212 |
National Retail Properties, Inc. | 837 | 39,130 |
Omega Healthcare Investors, Inc. | 960 | 32,016 |
Outfront Media, Inc. | 762 | 13,503 |
Paramount Group, Inc. | 1,132 | 16,176 |
Park Hotels & Resorts, Inc. | 1,070 | 31,105 |
Prologis, Inc. | 3,361 | 216,684 |
Rayonier, Inc. | 693 | 20,929 |
Realogy Holdings Corp. | 645 | 12,300 |
Realty Income Corp. | 1,558 | 93,901 |
Regency Centers Corp. | 812 | 51,448 |
Retail Properties of America, Inc., Class A | 1,176 | 14,430 |
Retail Value, Inc. * | 90 | 2,521 |
Senior Housing Properties Trust | 1,256 | 20,184 |
Simon Property Group, Inc. | 134 | 24,592 |
SITE Centers Corp. | 810 | 10,068 |
SL Green Realty Corp. | 446 | 40,702 |
Spirit Realty Capital, Inc. | 2,246 | 17,564 |
STORE Capital Corp. | 989 | 28,711 |
Sun Communities, Inc. | 452 | 45,412 |
The Howard Hughes Corp. * | 129 | 14,386 |
The Macerich Co. | 727 | 37,528 |
UDR, Inc. | 1,433 | 56,159 |
Uniti Group, Inc. | 873 | 16,709 |
Ventas, Inc. | 1,914 | 111,089 |
VEREIT, Inc. | 5,189 | 38,035 |
VICI Properties, Inc. | 1,995 | 43,072 |
Vornado Realty Trust | 927 | 63,110 |
Weingarten Realty Investors | 631 | 17,744 |
Welltower, Inc. | 2,002 | 132,272 |
Weyerhaeuser Co. | 4,066 | 108,278 |
WP Carey, Inc. | 569 | 37,560 |
3,284,070 | ||
Security | Number of Shares | Value ($) |
Retailing 1.6% | ||
Advance Auto Parts, Inc. | 261 | 41,697 |
AutoNation, Inc. * | 290 | 11,739 |
AutoZone, Inc. * | 18 | 13,202 |
Best Buy Co., Inc. | 964 | 67,634 |
CarMax, Inc. * | 373 | 25,330 |
Dick's Sporting Goods, Inc. | 402 | 14,219 |
Dollar Tree, Inc. * | 1,045 | 88,094 |
eBay, Inc. * | 3,934 | 114,204 |
Foot Locker, Inc. | 623 | 29,368 |
Genuine Parts Co. | 766 | 75,007 |
Kohl's Corp. | 898 | 68,006 |
L Brands, Inc. | 1,011 | 32,777 |
LKQ Corp. * | 1,415 | 38,587 |
Macy's, Inc. | 1,635 | 56,064 |
Penske Automotive Group, Inc. | 192 | 8,521 |
Qurate Retail, Inc. * | 2,274 | 49,892 |
Target Corp. | 2,882 | 241,022 |
The Gap, Inc. | 1,106 | 30,194 |
The Michaels Cos., Inc. * | 507 | 8,036 |
Tiffany & Co. | 551 | 61,326 |
Williams-Sonoma, Inc. | 345 | 20,486 |
1,095,405 | ||
Semiconductors & Semiconductor Equipment 3.4% | ||
Analog Devices, Inc. | 1,669 | 139,712 |
Broadcom, Inc. | 925 | 206,728 |
Cypress Semiconductor Corp. | 622 | 8,049 |
First Solar, Inc. * | 443 | 18,517 |
Intel Corp. | 24,820 | 1,163,562 |
Marvell Technology Group Ltd. | 2,135 | 35,035 |
Micron Technology, Inc. * | 1,358 | 51,224 |
NXP Semiconductors N.V. | 1,754 | 131,532 |
Qorvo, Inc. * | 682 | 50,134 |
QUALCOMM, Inc. | 7,968 | 501,108 |
Skyworks Solutions, Inc. | 283 | 24,553 |
Teradyne, Inc. | 847 | 29,179 |
2,359,333 | ||
Software & Services 2.9% | ||
Akamai Technologies, Inc. * | 61 | 4,407 |
Amdocs Ltd. | 764 | 48,338 |
Aspen Technology, Inc. * | 21 | 1,783 |
Autodesk, Inc. * | 188 | 24,299 |
Booz Allen Hamilton Holding Corp. | 44 | 2,180 |
CA, Inc. | 1,694 | 75,146 |
Cognizant Technology Solutions Corp., Class A | 311 | 21,468 |
Conduent, Inc. * | 1,004 | 19,176 |
CoreLogic, Inc. * | 173 | 7,027 |
Dell Technologies, Inc., Class V * | 1,001 | 90,480 |
DXC Technology Co. | 1,505 | 109,609 |
Euronet Worldwide, Inc. * | 132 | 14,676 |
Fidelity National Information Services, Inc. | 1,625 | 169,162 |
FireEye, Inc. * | 358 | 6,619 |
Genpact Ltd. | 500 | 13,705 |
International Business Machines Corp. | 1,390 | 160,448 |
Leidos Holdings, Inc. | 769 | 49,816 |
LogMeIn, Inc. | 89 | 7,665 |
Microsoft Corp. | 2,159 | 230,603 |
Nuance Communications, Inc. * | 1,545 | 26,868 |
Oracle Corp. | 13,602 | 664,322 |
Pluralsight, Inc., Class A * | 22 | 493 |
Sabre Corp. | 277 | 6,828 |
SS&C Technologies Holdings, Inc. | 76 | 3,888 |
Symantec Corp. | 3,326 | 60,367 |
Security | Number of Shares | Value ($) |
Synopsys, Inc. * | 717 | 64,193 |
Teradata Corp. * | 182 | 6,625 |
The Western Union Co. | 1,724 | 31,101 |
Worldpay, Inc., Class A * | 1,460 | 134,086 |
2,055,378 | ||
Technology Hardware & Equipment 3.1% | ||
ARRIS International plc * | 924 | 22,980 |
Arrow Electronics, Inc. * | 471 | 31,891 |
Avnet, Inc. | 624 | 25,004 |
Cisco Systems, Inc. | 25,310 | 1,157,933 |
Coherent, Inc. * | 35 | 4,310 |
CommScope Holding Co., Inc. * | 1,014 | 24,397 |
Corning, Inc. | 4,285 | 136,906 |
Dolby Laboratories, Inc., Class A | 335 | 23,051 |
EchoStar Corp., Class A * | 252 | 10,219 |
FLIR Systems, Inc. | 654 | 30,287 |
Hewlett Packard Enterprise Co. | 8,147 | 124,242 |
HP, Inc. | 8,652 | 208,859 |
Jabil, Inc. | 880 | 21,762 |
Juniper Networks, Inc. | 1,838 | 53,798 |
Keysight Technologies, Inc. * | 1,006 | 57,422 |
Littelfuse, Inc. | 22 | 3,986 |
Motorola Solutions, Inc. | 774 | 94,861 |
National Instruments Corp. | 115 | 5,632 |
NCR Corp. * | 125 | 3,356 |
Trimble, Inc. * | 1,336 | 49,940 |
Western Digital Corp. | 1,621 | 69,816 |
Xerox Corp. | 1,191 | 33,193 |
2,193,845 | ||
Telecommunication Services 3.8% | ||
AT&T, Inc. | 39,100 | 1,199,588 |
CenturyLink, Inc. | 5,137 | 106,028 |
Sprint Corp. * | 3,486 | 21,334 |
T-Mobile US, Inc. * | 569 | 39,005 |
Telephone & Data Systems, Inc. | 515 | 15,877 |
United States Cellular Corp. * | 76 | 3,631 |
Verizon Communications, Inc. | 22,247 | 1,270,081 |
2,655,544 | ||
Transportation 1.6% | ||
Alaska Air Group, Inc. | 646 | 39,677 |
AMERCO | 36 | 11,753 |
American Airlines Group, Inc. | 2,228 | 78,158 |
Copa Holdings S.A., Class A | 163 | 11,806 |
CSX Corp. | 2,328 | 160,306 |
Delta Air Lines, Inc. | 2,575 | 140,930 |
Genesee & Wyoming, Inc., Class A * | 250 | 19,808 |
JetBlue Airways Corp. * | 1,691 | 28,291 |
Kansas City Southern | 553 | 56,384 |
Kirby Corp. * | 313 | 22,517 |
Knight-Swift Transportation Holdings, Inc. | 698 | 22,336 |
Macquarie Infrastructure Corp. | 435 | 16,073 |
Norfolk Southern Corp. | 1,522 | 255,437 |
Ryder System, Inc. | 282 | 15,598 |
Schneider National, Inc., Class B | 215 | 4,702 |
Southwest Airlines Co. | 811 | 39,820 |
Union Pacific Corp. | 327 | 47,814 |
United Continental Holdings, Inc. * | 1,316 | 112,531 |
1,083,941 | ||
Security | Number of Shares | Value ($) |
Utilities 5.9% | ||
AES Corp. | 3,528 | 51,438 |
Alliant Energy Corp. | 1,247 | 53,596 |
Ameren Corp. | 1,306 | 84,341 |
American Electric Power Co., Inc. | 2,654 | 194,697 |
American Water Works Co., Inc. | 971 | 85,963 |
Aqua America, Inc. | 962 | 31,294 |
Atmos Energy Corp. | 582 | 54,173 |
Avangrid, Inc. | 305 | 14,338 |
CenterPoint Energy, Inc. | 2,653 | 71,658 |
CMS Energy Corp. | 1,513 | 74,924 |
Consolidated Edison, Inc. | 1,677 | 127,452 |
Dominion Energy, Inc. | 3,504 | 250,256 |
DTE Energy Co. | 969 | 108,916 |
Duke Energy Corp. | 3,831 | 316,556 |
Edison International | 1,703 | 118,171 |
Entergy Corp. | 967 | 81,180 |
Evergy, Inc. | 1,452 | 81,297 |
Eversource Energy | 1,695 | 107,226 |
Exelon Corp. | 5,191 | 227,418 |
FirstEnergy Corp. | 2,607 | 97,189 |
Hawaiian Electric Industries, Inc. | 573 | 21,373 |
MDU Resources Group, Inc. | 1,045 | 26,083 |
National Fuel Gas Co. | 435 | 23,616 |
NextEra Energy, Inc. | 2,535 | 437,287 |
NiSource, Inc. | 1,948 | 49,401 |
NRG Energy, Inc. | 1,632 | 59,062 |
OGE Energy Corp. | 1,070 | 38,680 |
PG&E Corp. * | 2,781 | 130,179 |
Pinnacle West Capital Corp. | 603 | 49,597 |
PPL Corp. | 3,769 | 114,578 |
Public Service Enterprise Group, Inc. | 2,715 | 145,062 |
SCANA Corp. | 773 | 30,959 |
Sempra Energy | 1,475 | 162,427 |
The Southern Co. | 5,444 | 245,143 |
UGI Corp. | 924 | 49,027 |
Vectren Corp. | 448 | 32,045 |
Vistra Energy Corp. * | 2,204 | 49,877 |
WEC Energy Group, Inc. | 1,693 | 115,801 |
Xcel Energy, Inc. | 2,738 | 134,189 |
4,146,469 | ||
Total Common Stock | ||
(Cost $71,130,258) | 69,486,523 | |
Other Investment Companies 0.3% of net assets | ||
Equity Fund 0.0% | ||
iShares Russell 1000 Value ETF | 200 | 23,890 |
Money Market Fund 0.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (a) | 194,280 | 194,280 |
Total Other Investment Companies | ||
(Cost $218,300) | 218,170 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 1000 Value Index, e-mini, expires 12/21/18 | 4 | 235,840 | 880 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 0.9% | ||
Adient plc | 2,264 | 68,872 |
Aptiv plc | 6,478 | 497,511 |
BorgWarner, Inc. | 5,142 | 202,646 |
Gentex Corp. | 6,561 | 138,109 |
Harley-Davidson, Inc. | 4,064 | 155,326 |
Lear Corp. | 1,609 | 213,836 |
The Goodyear Tire & Rubber Co. | 5,789 | 121,916 |
Thor Industries, Inc. | 1,219 | 84,891 |
Visteon Corp. * | 711 | 56,198 |
1,539,305 | ||
Banks 4.5% | ||
Associated Banc-Corp. | 4,173 | 96,730 |
Bank of Hawaii Corp. | 1,018 | 79,852 |
Bank OZK | 2,951 | 80,739 |
BankUnited, Inc. | 2,550 | 84,405 |
BOK Financial Corp. | 790 | 67,727 |
CIT Group, Inc. | 2,757 | 130,627 |
Citizens Financial Group, Inc. | 11,653 | 435,240 |
Comerica, Inc. | 4,197 | 342,307 |
Commerce Bancshares, Inc. | 2,309 | 146,852 |
Cullen/Frost Bankers, Inc. | 1,392 | 136,305 |
East West Bancorp, Inc. | 3,518 | 184,484 |
F.N.B. Corp. | 7,978 | 94,380 |
Fifth Third Bancorp | 16,360 | 441,556 |
First Citizens BancShares, Inc., Class A | 192 | 81,913 |
First Hawaiian, Inc. | 2,599 | 64,403 |
First Horizon National Corp. | 7,881 | 127,199 |
First Republic Bank | 3,925 | 357,136 |
Huntington Bancshares, Inc. | 26,811 | 384,202 |
KeyCorp | 25,864 | 469,690 |
M&T Bank Corp. | 3,543 | 586,048 |
New York Community Bancorp, Inc. | 11,744 | 112,507 |
PacWest Bancorp | 2,987 | 121,332 |
People's United Financial, Inc. | 9,014 | 141,159 |
Pinnacle Financial Partners, Inc. | 1,846 | 96,546 |
Popular, Inc. | 2,454 | 127,633 |
Prosperity Bancshares, Inc. | 1,642 | 106,779 |
Regions Financial Corp. | 26,974 | 457,749 |
Signature Bank | 1,316 | 144,628 |
Sterling Bancorp | 5,486 | 98,638 |
SunTrust Banks, Inc. | 11,369 | 712,382 |
SVB Financial Group * | 1,297 | 307,687 |
Synovus Financial Corp. | 2,829 | 106,257 |
TCF Financial Corp. | 4,068 | 84,940 |
Texas Capital Bancshares, Inc. * | 1,216 | 79,320 |
TFS Financial Corp. | 1,190 | 17,505 |
Umpqua Holdings Corp. | 5,371 | 103,123 |
Webster Financial Corp. | 2,241 | 131,860 |
Western Alliance Bancorp * | 2,387 | 115,149 |
Wintrust Financial Corp. | 1,358 | 103,398 |
Zions Bancorp NA | 4,678 | 220,100 |
7,780,487 | ||
Security | Number of Shares | Value ($) |
Capital Goods 9.2% | ||
A.O. Smith Corp. | 3,466 | 157,807 |
Acuity Brands, Inc. | 970 | 121,871 |
AECOM * | 3,878 | 113,005 |
AGCO Corp. | 1,624 | 91,009 |
Air Lease Corp. | 2,373 | 90,411 |
Allegion plc | 2,330 | 199,751 |
Allison Transmission Holdings, Inc. | 2,813 | 123,997 |
AMETEK, Inc. | 5,591 | 375,044 |
Arconic, Inc. | 10,559 | 214,664 |
Armstrong World Industries, Inc. * | 1,108 | 68,419 |
BWX Technologies, Inc. | 2,419 | 141,415 |
Carlisle Cos., Inc. | 1,420 | 137,158 |
Colfax Corp. * | 2,100 | 58,863 |
Crane Co. | 1,225 | 106,624 |
Cummins, Inc. | 3,738 | 510,947 |
Curtiss-Wright Corp. | 1,079 | 118,107 |
Donaldson Co., Inc. | 3,161 | 162,096 |
Dover Corp. | 3,551 | 294,165 |
Fastenal Co. | 7,034 | 361,618 |
Flowserve Corp. | 3,212 | 147,431 |
Fluor Corp. | 3,437 | 150,747 |
Fortive Corp. | 7,183 | 533,338 |
Fortune Brands Home & Security, Inc. | 3,483 | 156,143 |
Gardner Denver Holdings, Inc. * | 2,567 | 69,463 |
Gates Industrial Corp. plc * | 1,027 | 15,456 |
Graco, Inc. | 4,040 | 164,145 |
GrafTech International Ltd. | 1,394 | 24,925 |
Harris Corp. | 2,899 | 431,110 |
HD Supply Holdings, Inc. * | 4,521 | 169,854 |
HEICO Corp. | 952 | 79,806 |
HEICO Corp., Class A | 1,846 | 123,054 |
Hexcel Corp. | 2,131 | 124,706 |
Hubbell, Inc. | 1,328 | 135,058 |
Huntington Ingalls Industries, Inc. | 1,037 | 226,564 |
IDEX Corp. | 1,875 | 237,787 |
Ingersoll-Rand plc | 5,998 | 575,448 |
ITT, Inc. | 2,122 | 107,161 |
Jacobs Engineering Group, Inc. | 3,122 | 234,431 |
L3 Technologies, Inc. | 1,913 | 362,456 |
Lennox International, Inc. | 872 | 183,896 |
Lincoln Electric Holdings, Inc. | 1,539 | 124,520 |
Masco Corp. | 7,596 | 227,880 |
MSC Industrial Direct Co., Inc., Class A | 1,085 | 87,950 |
Nordson Corp. | 1,416 | 173,701 |
nVent Electric plc | 3,926 | 95,873 |
Oshkosh Corp. | 1,791 | 100,547 |
Owens Corning | 2,676 | 126,495 |
PACCAR, Inc. | 8,412 | 481,251 |
Parker-Hannifin Corp. | 3,247 | 492,343 |
Pentair plc | 3,880 | 155,782 |
Quanta Services, Inc. * | 3,677 | 114,722 |
Regal Beloit Corp. | 1,048 | 75,142 |
Rockwell Automation, Inc. | 3,001 | 494,355 |
Rockwell Collins, Inc. | 4,005 | 512,720 |
Roper Technologies, Inc. | 2,476 | 700,460 |
Sensata Technologies Holding plc * | 4,109 | 192,712 |
Snap-on, Inc. | 1,375 | 211,667 |
Security | Number of Shares | Value ($) |
Spirit AeroSystems Holdings, Inc., Class A | 2,595 | 218,006 |
Stanley Black & Decker, Inc. | 3,781 | 440,562 |
Teledyne Technologies, Inc. * | 869 | 192,292 |
Terex Corp. | 1,615 | 53,925 |
Textron, Inc. | 6,082 | 326,178 |
The Middleby Corp. * | 1,331 | 149,471 |
The Timken Co. | 1,658 | 65,574 |
The Toro Co. | 2,522 | 142,064 |
TransDigm Group, Inc. * | 1,191 | 393,328 |
Trinity Industries, Inc. | 3,567 | 101,838 |
United Rentals, Inc. * | 2,023 | 242,902 |
Univar, Inc. * | 2,844 | 70,019 |
USG Corp. | 2,004 | 84,609 |
Valmont Industries, Inc. | 540 | 67,127 |
W.W. Grainger, Inc. | 1,109 | 314,923 |
WABCO Holdings, Inc. * | 1,286 | 138,181 |
Wabtec Corp. | 2,097 | 171,996 |
Watsco, Inc. | 783 | 116,025 |
Welbilt, Inc. * | 3,178 | 59,492 |
WESCO International, Inc. * | 1,138 | 57,105 |
Xylem, Inc. | 4,392 | 288,027 |
15,761,714 | ||
Commercial & Professional Services 2.4% | ||
ADT, Inc. | 2,629 | 20,348 |
Cintas Corp. | 2,140 | 389,202 |
Clean Harbors, Inc. * | 1,270 | 86,411 |
Copart, Inc. * | 4,974 | 243,278 |
CoStar Group, Inc. * | 876 | 316,604 |
Equifax, Inc. | 2,931 | 297,321 |
IHS Markit Ltd. * | 9,349 | 491,103 |
KAR Auction Services, Inc. | 3,277 | 186,592 |
ManpowerGroup, Inc. | 1,577 | 120,309 |
Nielsen Holdings plc | 8,690 | 225,766 |
Republic Services, Inc. | 5,379 | 390,946 |
Robert Half International, Inc. | 2,937 | 177,777 |
Rollins, Inc. | 2,351 | 139,179 |
Stericycle, Inc. * | 2,018 | 100,839 |
The Dun & Bradstreet Corp. | 903 | 128,479 |
TransUnion | 4,504 | 296,138 |
Verisk Analytics, Inc. * | 3,920 | 469,773 |
4,080,065 | ||
Consumer Durables & Apparel 2.9% | ||
Brunswick Corp. | 2,122 | 110,323 |
Carter's, Inc. | 1,116 | 107,114 |
Columbia Sportswear Co. | 743 | 67,078 |
D.R. Horton, Inc. | 8,454 | 304,006 |
Garmin Ltd. | 2,776 | 183,660 |
Hanesbrands, Inc. | 8,806 | 151,111 |
Hasbro, Inc. | 2,842 | 260,640 |
Leggett & Platt, Inc. | 3,210 | 116,555 |
Lennar Corp., B Shares | 413 | 14,773 |
Lennar Corp., Class A | 6,995 | 300,645 |
lululemon Athletica, Inc. * | 2,399 | 337,611 |
Mattel, Inc. * | 8,404 | 114,126 |
Michael Kors Holdings Ltd. * | 3,419 | 189,447 |
Mohawk Industries, Inc. * | 1,520 | 189,590 |
Newell Brands, Inc. | 10,678 | 169,567 |
NVR, Inc. * | 77 | 172,405 |
Polaris Industries, Inc. | 1,437 | 127,864 |
PulteGroup, Inc. | 6,357 | 156,192 |
PVH Corp. | 1,884 | 227,568 |
Ralph Lauren Corp. | 1,340 | 173,677 |
Skechers U.S.A., Inc., Class A * | 3,261 | 93,167 |
Tapestry, Inc. | 7,061 | 298,751 |
Security | Number of Shares | Value ($) |
Tempur Sealy International, Inc. * | 1,109 | 51,247 |
Toll Brothers, Inc. | 3,426 | 115,319 |
Under Armour, Inc., Class A * | 4,557 | 100,755 |
Under Armour, Inc., Class C * | 4,595 | 91,119 |
VF Corp. | 7,922 | 656,575 |
Whirlpool Corp. | 1,555 | 170,677 |
5,051,562 | ||
Consumer Services 3.0% | ||
Aramark | 5,953 | 213,832 |
Bright Horizons Family Solutions, Inc. * | 1,409 | 161,908 |
Caesars Entertainment Corp. * | 14,442 | 124,057 |
Chipotle Mexican Grill, Inc. * | 593 | 272,976 |
Choice Hotels International, Inc. | 839 | 61,583 |
Darden Restaurants, Inc. | 3,037 | 323,592 |
Domino's Pizza, Inc. | 1,029 | 276,585 |
Dunkin' Brands Group, Inc. | 2,030 | 147,297 |
Extended Stay America, Inc. | 4,625 | 75,295 |
frontdoor, Inc. * | 1,643 | 55,944 |
Graham Holdings Co., Class B | 101 | 58,686 |
Grand Canyon Education, Inc. * | 1,149 | 143,280 |
H&R Block, Inc. | 5,043 | 133,841 |
Hilton Grand Vacations, Inc. * | 2,369 | 63,655 |
Hilton Worldwide Holdings, Inc. | 6,824 | 485,664 |
Hyatt Hotels Corp., Class A | 1,042 | 72,106 |
International Game Technology plc | 2,414 | 44,780 |
MGM Resorts International | 12,284 | 327,737 |
Norwegian Cruise Line Holdings Ltd. * | 4,960 | 218,587 |
Royal Caribbean Cruises Ltd. | 4,077 | 426,984 |
Service Corp. International | 4,238 | 175,750 |
ServiceMaster Global Holdings, Inc. * | 3,335 | 143,005 |
Six Flags Entertainment Corp. | 1,740 | 93,716 |
The Wendy's Co. | 4,566 | 78,718 |
Vail Resorts, Inc. | 985 | 247,550 |
Wyndham Destinations, Inc. | 2,409 | 86,435 |
Wyndham Hotels & Resorts, Inc. | 2,381 | 117,360 |
Wynn Resorts Ltd. | 2,522 | 253,713 |
Yum China Holdings, Inc. | 9,059 | 326,849 |
5,211,485 | ||
Diversified Financials 5.0% | ||
Affiliated Managers Group, Inc. | 1,314 | 149,349 |
AGNC Investment Corp. | 11,639 | 207,640 |
Ally Financial, Inc. | 10,367 | 263,425 |
Ameriprise Financial, Inc. | 3,465 | 440,887 |
Annaly Capital Management, Inc. | 31,171 | 307,658 |
AXA Equitable Holdings, Inc. | 3,372 | 68,418 |
BGC Partners, Inc., Class A | 6,627 | 70,180 |
Cboe Global Markets, Inc. | 2,737 | 308,870 |
Chimera Investment Corp. | 4,604 | 85,634 |
Credit Acceptance Corp. * | 274 | 116,291 |
Discover Financial Services | 8,377 | 583,626 |
E*TRADE Financial Corp. | 6,368 | 314,707 |
Eaton Vance Corp. | 2,826 | 127,311 |
Evercore, Inc., Class A | 989 | 80,791 |
FactSet Research Systems, Inc. | 911 | 203,845 |
Franklin Resources, Inc. | 7,575 | 231,038 |
Interactive Brokers Group, Inc., Class A | 1,795 | 88,691 |
Invesco Ltd. | 9,947 | 215,949 |
Jefferies Financial Group, Inc. | 7,353 | 157,869 |
Lazard Ltd., Class A | 2,824 | 112,226 |
Legg Mason, Inc. | 2,058 | 58,077 |
LPL Financial Holdings, Inc. | 2,131 | 131,270 |
MarketAxess Holdings, Inc. | 892 | 187,026 |
MFA Financial, Inc. | 10,824 | 75,010 |
Moody's Corp. | 4,073 | 592,540 |
Security | Number of Shares | Value ($) |
Morningstar, Inc. | 439 | 54,787 |
MSCI, Inc. | 2,125 | 319,558 |
Nasdaq, Inc. | 2,826 | 245,042 |
Navient Corp. | 6,371 | 73,776 |
New Residential Investment Corp. | 8,227 | 147,099 |
Northern Trust Corp. | 5,155 | 484,931 |
OneMain Holdings, Inc. * | 1,875 | 53,475 |
Raymond James Financial, Inc. | 3,216 | 246,635 |
Santander Consumer USA Holdings, Inc. | 2,781 | 52,144 |
SEI Investments Co. | 3,271 | 174,835 |
SLM Corp. * | 10,681 | 108,305 |
Starwood Property Trust, Inc. | 6,365 | 138,248 |
Synchrony Financial | 18,164 | 524,576 |
T. Rowe Price Group, Inc. | 5,776 | 560,214 |
Two Harbors Investment Corp. | 6,069 | 89,154 |
Virtu Financial, Inc., Class A | 1,021 | 24,218 |
Voya Financial, Inc. | 3,921 | 171,583 |
8,646,908 | ||
Energy 4.8% | ||
Antero Resources Corp. * | 5,851 | 92,972 |
Apache Corp. | 9,355 | 353,900 |
Apergy Corp. * | 1,877 | 73,184 |
Cabot Oil & Gas Corp. | 10,665 | 258,413 |
Centennial Resource Development, Inc., Class A * | 4,472 | 85,684 |
Cheniere Energy, Inc. * | 5,651 | 341,377 |
Chesapeake Energy Corp. * | 21,891 | 76,837 |
Cimarex Energy Co. | 2,293 | 182,225 |
CNX Resources Corp. * | 5,095 | 79,737 |
Concho Resources, Inc. * | 4,761 | 662,207 |
Continental Resources, Inc. * | 2,130 | 112,208 |
Devon Energy Corp. | 12,431 | 402,764 |
Diamondback Energy, Inc. | 2,415 | 271,349 |
Energen Corp. * | 2,144 | 154,304 |
EQT Corp. | 6,495 | 220,635 |
Extraction Oil & Gas, Inc. * | 2,632 | 21,030 |
Helmerich & Payne, Inc. | 2,615 | 162,888 |
Hess Corp. | 6,491 | 372,583 |
HollyFrontier Corp. | 3,969 | 267,669 |
Kosmos Energy Ltd. * | 5,818 | 37,759 |
Marathon Oil Corp. | 20,832 | 395,600 |
Murphy Oil Corp. | 4,010 | 127,759 |
Nabors Industries Ltd. | 8,293 | 41,216 |
National Oilwell Varco, Inc. | 9,356 | 344,301 |
Newfield Exploration Co. * | 4,879 | 98,556 |
Noble Energy, Inc. | 11,749 | 291,963 |
ONEOK, Inc. | 10,033 | 658,165 |
Parsley Energy, Inc., Class A * | 6,495 | 152,113 |
Patterson-UTI Energy, Inc. | 5,356 | 89,124 |
PBF Energy, Inc., Class A | 2,893 | 121,072 |
QEP Resources, Inc. * | 5,678 | 50,591 |
Range Resources Corp. | 5,173 | 81,992 |
RPC, Inc. | 1,370 | 20,386 |
SM Energy Co. | 2,688 | 65,426 |
Targa Resources Corp. | 5,444 | 281,291 |
The Williams Cos., Inc. | 29,755 | 723,939 |
Transocean Ltd. * | 10,449 | 115,043 |
Weatherford International plc * | 24,314 | 32,824 |
Whiting Petroleum Corp. * | 2,202 | 82,135 |
WPX Energy, Inc. * | 9,664 | 155,011 |
8,158,232 | ||
Food & Staples Retailing 0.5% | ||
Casey's General Stores, Inc. | 890 | 112,238 |
Sprouts Farmers Market, Inc. * | 3,063 | 82,364 |
Security | Number of Shares | Value ($) |
The Kroger Co. | 19,414 | 577,761 |
U.S. Foods Holding Corp. * | 5,276 | 153,901 |
926,264 | ||
Food, Beverage & Tobacco 3.1% | ||
Archer-Daniels-Midland Co. | 13,654 | 645,152 |
Brown-Forman Corp., Class A | 1,273 | 59,029 |
Brown-Forman Corp., Class B | 6,892 | 319,375 |
Bunge Ltd. | 3,440 | 212,592 |
Campbell Soup Co. | 4,321 | 161,649 |
ConAgra Brands, Inc. | 11,445 | 407,442 |
Flowers Foods, Inc. | 4,411 | 85,176 |
Hormel Foods Corp. | 6,641 | 289,813 |
Ingredion, Inc. | 1,736 | 175,648 |
Kellogg Co. | 6,075 | 397,791 |
Keurig Dr Pepper, Inc. | 4,380 | 113,880 |
Lamb Weston Holdings, Inc. | 3,586 | 280,282 |
McCormick & Co., Inc. - Non Voting Shares | 2,970 | 427,680 |
Molson Coors Brewing Co., Class B | 4,253 | 272,192 |
Pilgrim's Pride Corp. * | 1,303 | 23,011 |
Post Holdings, Inc. * | 1,598 | 141,295 |
Seaboard Corp. | 6 | 23,190 |
The Hain Celestial Group, Inc. * | 2,342 | 58,269 |
The Hershey Co. | 3,439 | 368,489 |
The JM Smucker Co. | 2,694 | 291,814 |
TreeHouse Foods, Inc. * | 1,329 | 60,549 |
Tyson Foods, Inc., Class A | 7,113 | 426,211 |
5,240,529 | ||
Health Care Equipment & Services 6.1% | ||
ABIOMED, Inc. * | 1,042 | 355,530 |
Acadia Healthcare Co., Inc. * | 2,108 | 87,482 |
Align Technology, Inc. * | 1,938 | 428,686 |
AmerisourceBergen Corp. | 3,854 | 339,152 |
athenahealth, Inc. * | 978 | 124,734 |
Cantel Medical Corp. | 890 | 70,443 |
Cardinal Health, Inc. | 7,603 | 384,712 |
Centene Corp. * | 4,961 | 646,517 |
Cerner Corp. * | 7,750 | 443,920 |
Chemed Corp. | 377 | 114,732 |
DaVita, Inc. * | 3,184 | 214,411 |
DENTSPLY SIRONA, Inc. | 5,368 | 185,894 |
DexCom, Inc. * | 2,140 | 284,128 |
Edwards Lifesciences Corp. * | 5,139 | 758,516 |
Encompass Health Corp. | 2,385 | 160,510 |
Henry Schein, Inc. * | 3,752 | 311,416 |
Hill-Rom Holdings, Inc. | 1,609 | 135,285 |
Hologic, Inc. * | 6,644 | 259,050 |
ICU Medical, Inc. * | 382 | 97,307 |
IDEXX Laboratories, Inc. * | 2,106 | 446,725 |
Insulet Corp. * | 1,430 | 126,140 |
Integra LifeSciences Holdings Corp. * | 1,729 | 92,623 |
Laboratory Corp. of America Holdings * | 2,494 | 400,412 |
Masimo Corp. * | 1,096 | 126,698 |
MEDNAX, Inc. * | 2,252 | 92,985 |
Molina Healthcare, Inc. * | 1,503 | 190,535 |
Penumbra, Inc. * | 747 | 101,592 |
Premier, Inc., Class A * | 1,271 | 57,195 |
Quest Diagnostics, Inc. | 3,320 | 312,445 |
ResMed, Inc. | 3,444 | 364,788 |
STERIS plc | 2,041 | 223,102 |
Teleflex, Inc. | 1,120 | 269,629 |
The Cooper Cos., Inc. | 1,188 | 306,872 |
Universal Health Services, Inc., Class B | 2,042 | 248,226 |
Varian Medical Systems, Inc. * | 2,231 | 266,314 |
Veeva Systems, Inc., Class A * | 2,944 | 268,934 |
Security | Number of Shares | Value ($) |
WellCare Health Plans, Inc. * | 1,223 | 337,536 |
West Pharmaceutical Services, Inc. | 1,785 | 189,067 |
Zimmer Biomet Holdings, Inc. | 4,986 | 566,360 |
10,390,603 | ||
Household & Personal Products 0.8% | ||
Church & Dwight Co., Inc. | 5,982 | 355,151 |
Coty, Inc., Class A | 11,365 | 119,901 |
Energizer Holdings, Inc. | 1,435 | 84,335 |
Herbalife Nutrition Ltd. * | 2,641 | 140,660 |
Nu Skin Enterprises, Inc., Class A | 1,333 | 93,603 |
Spectrum Brands Holdings, Inc. | 998 | 64,820 |
The Clorox Co. | 3,144 | 466,727 |
1,325,197 | ||
Insurance 3.7% | ||
Alleghany Corp. | 347 | 208,436 |
American Financial Group, Inc. | 1,752 | 175,253 |
American National Insurance Co. | 177 | 21,813 |
Arch Capital Group Ltd. * | 9,479 | 268,919 |
Arthur J. Gallagher & Co. | 4,412 | 326,532 |
Aspen Insurance Holdings Ltd. | 1,424 | 59,637 |
Assurant, Inc. | 1,279 | 124,332 |
Assured Guaranty Ltd. | 2,619 | 104,708 |
Athene Holding Ltd., Class A * | 3,867 | 176,799 |
Axis Capital Holdings Ltd. | 2,009 | 112,082 |
Brighthouse Financial, Inc. * | 2,926 | 115,957 |
Brown & Brown, Inc. | 5,678 | 160,006 |
Cincinnati Financial Corp. | 3,755 | 295,293 |
CNA Financial Corp. | 678 | 29,405 |
Erie Indemnity Co., Class A | 605 | 78,462 |
Everest Re Group Ltd. | 988 | 215,246 |
Fidelity National Financial, Inc. | 6,471 | 216,455 |
First American Financial Corp. | 2,669 | 118,317 |
Lincoln National Corp. | 5,347 | 321,836 |
Loews Corp. | 6,820 | 317,539 |
Markel Corp. * | 331 | 361,862 |
Mercury General Corp. | 672 | 39,856 |
Old Republic International Corp. | 6,892 | 151,969 |
Principal Financial Group, Inc. | 6,922 | 325,819 |
Reinsurance Group of America, Inc. | 1,552 | 220,958 |
RenaissanceRe Holdings Ltd. | 975 | 119,106 |
The Hanover Insurance Group, Inc. | 1,031 | 114,833 |
The Hartford Financial Services Group, Inc. | 8,742 | 397,062 |
Torchmark Corp. | 2,582 | 218,592 |
Unum Group | 5,089 | 184,527 |
W. R. Berkley Corp. | 2,316 | 175,784 |
White Mountains Insurance Group Ltd. | 74 | 65,614 |
Willis Towers Watson plc | 3,223 | 461,405 |
6,284,414 | ||
Materials 5.0% | ||
Albemarle Corp. | 2,643 | 262,238 |
Alcoa Corp. * | 4,573 | 160,009 |
AptarGroup, Inc. | 1,530 | 155,999 |
Ardagh Group S.A. | 470 | 6,195 |
Ashland Global Holdings, Inc. | 1,525 | 112,819 |
Avery Dennison Corp. | 2,138 | 193,959 |
Axalta Coating Systems Ltd. * | 5,141 | 126,880 |
Ball Corp. | 8,277 | 370,810 |
Bemis Co., Inc. | 2,199 | 100,648 |
Berry Global Group, Inc. * | 3,201 | 139,628 |
Cabot Corp. | 1,478 | 71,949 |
Celanese Corp. | 3,319 | 321,744 |
CF Industries Holdings, Inc. | 5,717 | 274,587 |
Security | Number of Shares | Value ($) |
Crown Holdings, Inc. * | 3,151 | 133,256 |
Domtar Corp. | 1,531 | 70,901 |
Eagle Materials, Inc. | 1,138 | 84,030 |
Eastman Chemical Co. | 3,451 | 270,386 |
FMC Corp. | 3,279 | 256,024 |
Freeport-McMoRan, Inc. | 35,414 | 412,573 |
Graphic Packaging Holding Co. | 7,547 | 83,092 |
Huntsman Corp. | 5,327 | 116,555 |
International Flavors & Fragrances, Inc. | 2,435 | 352,247 |
International Paper Co. | 10,009 | 454,008 |
Martin Marietta Materials, Inc. | 1,533 | 262,572 |
NewMarket Corp. | 187 | 72,174 |
Newmont Mining Corp. | 13,038 | 403,135 |
Nucor Corp. | 7,781 | 460,013 |
Olin Corp. | 4,119 | 83,204 |
Owens-Illinois, Inc. * | 3,901 | 61,129 |
Packaging Corp. of America | 2,283 | 209,602 |
Platform Specialty Products Corp. * | 5,412 | 58,558 |
Reliance Steel & Aluminum Co. | 1,703 | 134,401 |
Royal Gold, Inc. | 1,600 | 122,608 |
RPM International, Inc. | 3,198 | 195,622 |
Sealed Air Corp. | 3,876 | 125,427 |
Silgan Holdings, Inc. | 1,901 | 45,681 |
Sonoco Products Co. | 2,412 | 131,647 |
Steel Dynamics, Inc. | 5,543 | 219,503 |
The Chemours Co. | 4,360 | 143,924 |
The Mosaic Co. | 8,606 | 266,270 |
The Scotts Miracle-Gro Co. | 994 | 66,340 |
United States Steel Corp. | 4,322 | 114,663 |
Valvoline, Inc. | 4,645 | 92,528 |
Vulcan Materials Co. | 3,206 | 324,255 |
W.R. Grace & Co. | 1,627 | 105,413 |
Westlake Chemical Corp. | 887 | 63,243 |
WestRock Co. | 6,221 | 267,316 |
8,559,765 | ||
Media & Entertainment 3.3% | ||
AMC Networks, Inc., Class A * | 1,080 | 63,266 |
Cable One, Inc. | 103 | 92,261 |
CBS Corp., Class B - Non Voting Shares | 8,063 | 462,413 |
Cinemark Holdings, Inc. | 2,617 | 108,789 |
Discovery, Inc., Class A * | 3,782 | 122,499 |
Discovery, Inc., Class C * | 8,420 | 246,790 |
DISH Network Corp., Class A * | 5,403 | 166,088 |
GCI Liberty, Inc., Class A * | 2,452 | 116,053 |
IAC/InterActiveCorp * | 1,823 | 358,384 |
John Wiley & Sons, Inc., Class A | 1,092 | 59,230 |
Liberty Broadband Corp., Class A * | 628 | 51,992 |
Liberty Broadband Corp., Class C * | 2,544 | 210,974 |
Liberty Media Corp. - Liberty Formula One, Class A * | 610 | 19,331 |
Liberty Media Corp. - Liberty Formula One, Class C * | 4,810 | 159,115 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 2,077 | 85,655 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 4,089 | 168,753 |
Lions Gate Entertainment Corp., Class A | 1,229 | 23,548 |
Lions Gate Entertainment Corp., Class B | 2,410 | 42,874 |
Live Nation Entertainment, Inc. * | 3,362 | 175,833 |
Match Group, Inc. * | 1,252 | 64,753 |
News Corp., Class A | 9,326 | 123,010 |
News Corp., Class B | 3,010 | 40,153 |
Omnicom Group, Inc. | 5,449 | 404,970 |
Sirius XM Holdings, Inc. | 31,295 | 188,396 |
Take-Two Interactive Software, Inc. * | 2,764 | 356,197 |
The Interpublic Group of Cos., Inc. | 9,355 | 216,662 |
Security | Number of Shares | Value ($) |
The Madison Square Garden Co., Class A * | 451 | 124,756 |
Tribune Media Co., Class A | 2,123 | 80,695 |
TripAdvisor, Inc. * | 2,539 | 132,383 |
Twitter, Inc. * | 17,311 | 601,557 |
Viacom, Inc., Class A | 235 | 8,312 |
Viacom, Inc., Class B | 8,654 | 276,755 |
Zillow Group, Inc., Class A * | 1,376 | 55,549 |
Zillow Group, Inc., Class C * | 2,943 | 118,485 |
Zynga, Inc., Class A * | 18,790 | 68,396 |
5,594,877 | ||
Pharmaceuticals, Biotechnology & Life Sciences 3.8% | ||
Agilent Technologies, Inc. | 7,890 | 511,193 |
Agios Pharmaceuticals, Inc. * | 1,242 | 78,321 |
Alkermes plc * | 3,765 | 153,725 |
Alnylam Pharmaceuticals, Inc. * | 2,179 | 175,257 |
Bio-Rad Laboratories, Inc., Class A * | 518 | 141,336 |
Bio-Techne Corp. | 906 | 151,954 |
BioMarin Pharmaceutical, Inc. * | 4,315 | 397,714 |
Bluebird Bio, Inc. * | 1,321 | 151,519 |
Bruker Corp. | 2,428 | 76,069 |
Catalent, Inc. * | 3,510 | 141,593 |
Charles River Laboratories International, Inc. * | 1,167 | 142,164 |
Exact Sciences Corp. * | 2,915 | 207,111 |
Exelixis, Inc. * | 7,213 | 100,044 |
Incyte Corp. * | 4,299 | 278,661 |
Ionis Pharmaceuticals, Inc. * | 3,036 | 150,434 |
IQVIA Holdings, Inc. * | 3,986 | 489,999 |
Jazz Pharmaceuticals plc * | 1,436 | 228,065 |
Mettler-Toledo International, Inc. * | 605 | 330,826 |
Mylan N.V. * | 12,562 | 392,562 |
Nektar Therapeutics * | 3,839 | 148,493 |
Neurocrine Biosciences, Inc. * | 2,172 | 232,730 |
PerkinElmer, Inc. | 2,691 | 232,718 |
Perrigo Co., plc | 3,128 | 219,898 |
PRA Health Sciences, Inc. * | 1,396 | 135,231 |
QIAGEN N.V. * | 5,425 | 196,927 |
Sage Therapeutics, Inc. * | 1,113 | 143,221 |
Sarepta Therapeutics, Inc. * | 1,534 | 205,188 |
Seattle Genetics, Inc. * | 2,631 | 147,678 |
TESARO, Inc. * | 971 | 28,042 |
United Therapeutics Corp. * | 1,051 | 116,514 |
Waters Corp. * | 1,872 | 355,100 |
6,460,287 | ||
Real Estate 8.8% | ||
Alexandria Real Estate Equities, Inc. | 2,554 | 312,175 |
American Campus Communities, Inc. | 3,311 | 130,818 |
American Homes 4 Rent, Class A | 6,297 | 132,678 |
Apartment Investment & Management Co., Class A | 3,832 | 164,929 |
Apple Hospitality REIT, Inc. | 5,277 | 85,329 |
AvalonBay Communities, Inc. | 3,377 | 592,258 |
Boston Properties, Inc. | 3,780 | 456,473 |
Brandywine Realty Trust | 4,263 | 59,938 |
Brixmor Property Group, Inc. | 7,387 | 119,669 |
Brookfield Property REIT, Inc., Class A | 3,804 | 73,379 |
Camden Property Trust | 2,165 | 195,435 |
CBRE Group, Inc., Class A * | 7,772 | 313,134 |
Colony Capital, Inc. | 11,805 | 69,295 |
Columbia Property Trust, Inc. | 2,877 | 64,589 |
CoreSite Realty Corp. | 894 | 83,911 |
Corporate Office Properties Trust | 2,561 | 66,176 |
CubeSmart | 4,523 | 131,077 |
CyrusOne, Inc. | 2,539 | 135,151 |
Digital Realty Trust, Inc. | 5,034 | 519,811 |
Security | Number of Shares | Value ($) |
Douglas Emmett, Inc. | 3,909 | 141,467 |
Duke Realty Corp. | 8,731 | 240,714 |
Empire State Realty Trust, Inc., Class A | 3,369 | 53,432 |
EPR Properties | 1,819 | 125,038 |
Equity Commonwealth | 2,883 | 85,856 |
Equity LifeStyle Properties, Inc. | 2,074 | 196,387 |
Equity Residential | 8,776 | 570,089 |
Essex Property Trust, Inc. | 1,614 | 404,759 |
Extra Space Storage, Inc. | 2,992 | 269,460 |
Federal Realty Investment Trust | 1,784 | 221,305 |
Forest City Realty Trust, Inc., Class A | 5,186 | 130,480 |
Gaming & Leisure Properties, Inc. | 4,913 | 165,519 |
HCP, Inc. | 11,518 | 317,321 |
Healthcare Trust of America, Inc., Class A | 5,016 | 131,720 |
Highwoods Properties, Inc. | 2,497 | 106,472 |
Hospitality Properties Trust | 4,000 | 102,480 |
Host Hotels & Resorts, Inc. | 17,917 | 342,394 |
Hudson Pacific Properties, Inc. | 3,765 | 114,079 |
Invitation Homes, Inc. | 7,291 | 159,527 |
Iron Mountain, Inc. | 6,958 | 212,984 |
JBG SMITH Properties | 2,546 | 95,424 |
Jones Lang LaSalle, Inc. | 1,108 | 146,544 |
Kilroy Realty Corp. | 2,383 | 164,141 |
Kimco Realty Corp. | 9,962 | 160,289 |
Lamar Advertising Co., Class A | 2,045 | 149,939 |
Liberty Property Trust | 3,618 | 151,486 |
Life Storage, Inc. | 1,113 | 104,800 |
Medical Properties Trust, Inc. | 8,848 | 131,481 |
Mid-America Apartment Communities, Inc. | 2,775 | 271,145 |
National Retail Properties, Inc. | 3,809 | 178,071 |
Omega Healthcare Investors, Inc. | 4,766 | 158,946 |
Outfront Media, Inc. | 3,378 | 59,858 |
Paramount Group, Inc. | 5,079 | 72,579 |
Park Hotels & Resorts, Inc. | 4,916 | 142,908 |
Rayonier, Inc. | 3,132 | 94,586 |
Realogy Holdings Corp. | 3,026 | 57,706 |
Realty Income Corp. | 7,097 | 427,736 |
Regency Centers Corp. | 3,727 | 236,143 |
Retail Properties of America, Inc., Class A | 5,328 | 65,375 |
Retail Value, Inc. * | 392 | 10,980 |
SBA Communications Corp. * | 2,788 | 452,130 |
Senior Housing Properties Trust | 5,733 | 92,129 |
SITE Centers Corp. | 3,717 | 46,202 |
SL Green Realty Corp. | 2,046 | 186,718 |
Spirit Realty Capital, Inc. | 10,530 | 82,345 |
STORE Capital Corp. | 4,516 | 131,099 |
Sun Communities, Inc. | 2,033 | 204,255 |
Taubman Centers, Inc. | 1,456 | 80,095 |
The Howard Hughes Corp. * | 952 | 106,167 |
The Macerich Co. | 3,314 | 171,069 |
UDR, Inc. | 6,494 | 254,500 |
Uniti Group, Inc. | 4,008 | 76,713 |
Ventas, Inc. | 8,716 | 505,877 |
VEREIT, Inc. | 23,601 | 172,995 |
VICI Properties, Inc. | 9,075 | 195,929 |
Vornado Realty Trust | 4,220 | 287,298 |
Weingarten Realty Investors | 2,916 | 81,998 |
Welltower, Inc. | 9,106 | 601,633 |
Weyerhaeuser Co. | 18,530 | 493,454 |
WP Carey, Inc. | 2,580 | 170,306 |
15,070,757 | ||
Retailing 5.1% | ||
Advance Auto Parts, Inc. | 1,730 | 276,385 |
AutoNation, Inc. * | 1,326 | 53,677 |
AutoZone, Inc. * | 641 | 470,154 |
Best Buy Co., Inc. | 5,920 | 415,347 |
Security | Number of Shares | Value ($) |
Burlington Stores, Inc. * | 1,626 | 278,843 |
CarMax, Inc. * | 4,354 | 295,680 |
Dick's Sporting Goods, Inc. | 1,830 | 64,727 |
Dollar General Corp. | 6,580 | 732,880 |
Dollar Tree, Inc. * | 5,751 | 484,809 |
Expedia Group, Inc. | 2,945 | 369,391 |
Floor & Decor Holdings, Inc., Class A * | 1,173 | 30,005 |
Foot Locker, Inc. | 2,850 | 134,349 |
Genuine Parts Co. | 3,501 | 342,818 |
GrubHub, Inc. * | 2,210 | 204,955 |
Kohl's Corp. | 4,096 | 310,190 |
L Brands, Inc. | 5,663 | 183,595 |
LKQ Corp. * | 7,720 | 210,524 |
Macy's, Inc. | 7,493 | 256,935 |
Nordstrom, Inc. | 2,866 | 188,497 |
O'Reilly Automotive, Inc. * | 1,932 | 619,689 |
Penske Automotive Group, Inc. | 859 | 38,123 |
Pool Corp. | 963 | 140,357 |
Qurate Retail, Inc. * | 10,383 | 227,803 |
Ross Stores, Inc. | 9,071 | 898,029 |
The Gap, Inc. | 5,325 | 145,373 |
The Michaels Cos., Inc. * | 2,662 | 42,193 |
Tiffany & Co. | 3,031 | 337,350 |
Tractor Supply Co. | 2,990 | 274,751 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 1,401 | 384,603 |
Urban Outfitters, Inc. * | 1,797 | 70,910 |
Wayfair, Inc., Class A * | 1,394 | 153,744 |
Williams-Sonoma, Inc. | 2,021 | 120,007 |
8,756,693 | ||
Semiconductors & Semiconductor Equipment 3.0% | ||
Advanced Micro Devices, Inc. * | 22,217 | 404,572 |
Analog Devices, Inc. | 9,038 | 756,571 |
Cypress Semiconductor Corp. | 8,723 | 112,876 |
First Solar, Inc. * | 2,016 | 84,269 |
KLA-Tencor Corp. | 3,816 | 349,317 |
Lam Research Corp. | 3,853 | 546,086 |
Marvell Technology Group Ltd. | 13,407 | 220,009 |
Maxim Integrated Products, Inc. | 6,814 | 340,836 |
Microchip Technology, Inc. | 5,629 | 370,276 |
MKS Instruments, Inc. | 1,325 | 97,639 |
Monolithic Power Systems, Inc. | 994 | 117,411 |
ON Semiconductor Corp. * | 10,347 | 175,899 |
Qorvo, Inc. * | 3,095 | 227,513 |
Skyworks Solutions, Inc. | 4,368 | 378,968 |
Teradyne, Inc. | 4,538 | 156,334 |
Universal Display Corp. | 1,033 | 127,069 |
Versum Materials, Inc. | 2,636 | 83,192 |
Xilinx, Inc. | 6,231 | 531,940 |
5,080,777 | ||
Software & Services 10.8% | ||
2U, Inc. * | 1,331 | 83,733 |
Akamai Technologies, Inc. * | 4,061 | 293,407 |
Alliance Data Systems Corp. | 1,184 | 244,117 |
Amdocs Ltd. | 3,494 | 221,065 |
ANSYS, Inc. * | 2,036 | 304,484 |
Aspen Technology, Inc. * | 1,751 | 148,642 |
Atlassian Corp. plc, Class A * | 2,250 | 170,798 |
Autodesk, Inc. * | 5,364 | 693,297 |
Black Knight, Inc. * | 3,477 | 169,573 |
Booz Allen Hamilton Holding Corp. | 3,411 | 168,981 |
Broadridge Financial Solutions, Inc. | 2,842 | 332,343 |
CA, Inc. | 7,678 | 340,596 |
Cadence Design Systems, Inc. * | 6,830 | 304,413 |
CDK Global, Inc. | 3,177 | 181,851 |
Security | Number of Shares | Value ($) |
Ceridian HCM Holding, Inc. * | 565 | 21,453 |
Citrix Systems, Inc. * | 3,311 | 339,278 |
Conduent, Inc. * | 4,681 | 89,407 |
CoreLogic, Inc. * | 1,975 | 80,225 |
Dell Technologies, Inc., Class V * | 4,884 | 441,465 |
DocuSign, Inc. * | 819 | 34,349 |
DXC Technology Co. | 6,878 | 500,925 |
EPAM Systems, Inc. * | 1,234 | 147,426 |
Euronet Worldwide, Inc. * | 1,213 | 134,861 |
Fair Isaac Corp. * | 697 | 134,319 |
Fidelity National Information Services, Inc. | 8,067 | 839,775 |
FireEye, Inc. * | 4,725 | 87,365 |
First Data Corp., Class A * | 13,333 | 249,860 |
Fiserv, Inc. * | 9,901 | 785,149 |
FleetCor Technologies, Inc. * | 2,152 | 430,465 |
Fortinet, Inc. * | 3,402 | 279,576 |
Gartner, Inc. * | 2,170 | 320,118 |
Genpact Ltd. | 3,575 | 97,991 |
Global Payments, Inc. | 3,884 | 443,669 |
GoDaddy, Inc., Class A * | 3,914 | 286,387 |
Guidewire Software, Inc. * | 1,946 | 173,136 |
Jack Henry & Associates, Inc. | 1,884 | 282,280 |
Leidos Holdings, Inc. | 3,494 | 226,341 |
LogMeIn, Inc. | 1,264 | 108,856 |
Manhattan Associates, Inc. * | 1,598 | 76,289 |
Nuance Communications, Inc. * | 6,985 | 121,469 |
Nutanix, Inc., Class A * | 2,618 | 108,673 |
Okta, Inc. * | 2,081 | 121,447 |
Paychex, Inc. | 7,847 | 513,900 |
Paycom Software, Inc. * | 1,209 | 151,367 |
Pegasystems, Inc. | 928 | 49,667 |
Pluralsight, Inc., Class A * | 572 | 12,819 |
Proofpoint, Inc. * | 1,224 | 111,323 |
PTC, Inc. * | 2,857 | 235,445 |
RealPage, Inc. * | 1,740 | 92,220 |
Red Hat, Inc. * | 4,332 | 743,545 |
RingCentral, Inc., Class A * | 1,642 | 127,633 |
Sabre Corp. | 6,175 | 152,214 |
ServiceNow, Inc. * | 4,286 | 775,937 |
Splunk, Inc. * | 3,539 | 353,334 |
Square, Inc., Class A * | 7,001 | 514,223 |
SS&C Technologies Holdings, Inc. | 5,058 | 258,767 |
Switch, Inc., Class A | 861 | 7,637 |
Symantec Corp. | 15,167 | 275,281 |
Synopsys, Inc. * | 3,615 | 323,651 |
Tableau Software, Inc., Class A * | 1,707 | 182,103 |
Teradata Corp. * | 2,905 | 105,742 |
The Ultimate Software Group, Inc. * | 749 | 199,706 |
The Western Union Co. | 10,920 | 196,997 |
Total System Services, Inc. | 4,399 | 400,969 |
Twilio, Inc., Class A * | 1,753 | 131,861 |
Tyler Technologies, Inc. * | 922 | 195,151 |
VeriSign, Inc. * | 2,580 | 367,753 |
WEX, Inc. * | 1,007 | 177,192 |
Workday, Inc., Class A * | 3,548 | 471,955 |
Worldpay, Inc., Class A * | 7,319 | 672,177 |
Zendesk, Inc. * | 2,554 | 140,393 |
18,560,816 | ||
Technology Hardware & Equipment 3.9% | ||
Amphenol Corp., Class A | 7,217 | 645,921 |
Arista Networks, Inc. * | 1,392 | 320,647 |
ARRIS International plc * | 4,160 | 103,459 |
Arrow Electronics, Inc. * | 2,117 | 143,342 |
Avnet, Inc. | 2,852 | 114,280 |
CDW Corp. | 3,630 | 326,736 |
Cognex Corp. | 4,038 | 172,988 |
Security | Number of Shares | Value ($) |
Coherent, Inc. * | 586 | 72,160 |
CommScope Holding Co., Inc. * | 4,607 | 110,844 |
Corning, Inc. | 19,524 | 623,792 |
Dolby Laboratories, Inc., Class A | 1,520 | 104,591 |
EchoStar Corp., Class A * | 1,163 | 47,160 |
F5 Networks, Inc. * | 1,494 | 261,868 |
FLIR Systems, Inc. | 3,275 | 151,665 |
IPG Photonics Corp. * | 883 | 117,925 |
Jabil, Inc. | 4,042 | 99,959 |
Juniper Networks, Inc. | 8,369 | 244,961 |
Keysight Technologies, Inc. * | 4,582 | 261,540 |
Littelfuse, Inc. | 585 | 105,979 |
Motorola Solutions, Inc. | 3,962 | 485,583 |
National Instruments Corp. | 2,709 | 132,660 |
NCR Corp. * | 2,872 | 77,113 |
NetApp, Inc. | 6,405 | 502,728 |
Palo Alto Networks, Inc. * | 2,196 | 401,956 |
Pure Storage, Inc., Class A * | 4,050 | 81,729 |
Trimble, Inc. * | 6,120 | 228,766 |
Ubiquiti Networks, Inc. | 462 | 43,008 |
Western Digital Corp. | 7,337 | 316,005 |
Xerox Corp. | 5,427 | 151,250 |
Zebra Technologies Corp., Class A * | 1,293 | 215,026 |
6,665,641 | ||
Telecommunication Services 0.5% | ||
CenturyLink, Inc. | 23,403 | 483,038 |
Sprint Corp. * | 15,837 | 96,922 |
Telephone & Data Systems, Inc. | 2,408 | 74,239 |
United States Cellular Corp. * | 320 | 15,286 |
Zayo Group Holdings, Inc. * | 4,871 | 145,546 |
815,031 | ||
Transportation 2.0% | ||
Alaska Air Group, Inc. | 2,952 | 181,312 |
AMERCO | 178 | 58,113 |
American Airlines Group, Inc. | 10,109 | 354,624 |
C.H. Robinson Worldwide, Inc. | 3,390 | 301,812 |
Copa Holdings S.A., Class A | 769 | 55,699 |
Expeditors International of Washington, Inc. | 4,268 | 286,724 |
Genesee & Wyoming, Inc., Class A * | 1,441 | 114,170 |
JB Hunt Transport Services, Inc. | 2,125 | 235,046 |
JetBlue Airways Corp. * | 7,639 | 127,800 |
Kansas City Southern | 2,510 | 255,920 |
Kirby Corp. * | 1,434 | 103,162 |
Knight-Swift Transportation Holdings, Inc. | 3,125 | 100,000 |
Landstar System, Inc. | 996 | 99,690 |
Macquarie Infrastructure Corp. | 1,951 | 72,089 |
Old Dominion Freight Line, Inc. | 1,608 | 209,715 |
Ryder System, Inc. | 1,257 | 69,525 |
Schneider National, Inc., Class B | 1,150 | 25,151 |
United Continental Holdings, Inc. * | 5,978 | 511,179 |
XPO Logistics, Inc. * | 3,066 | 274,039 |
3,435,770 | ||
Utilities 6.6% | ||
AES Corp. | 16,202 | 236,225 |
Alliant Energy Corp. | 5,671 | 243,740 |
Ameren Corp. | 5,944 | 383,864 |
American Water Works Co., Inc. | 4,417 | 391,037 |
Aqua America, Inc. | 4,360 | 141,831 |
Atmos Energy Corp. | 2,668 | 248,337 |
Avangrid, Inc. | 1,359 | 63,887 |
CenterPoint Energy, Inc. | 12,047 | 325,389 |
CMS Energy Corp. | 6,885 | 340,945 |
Security | Number of Shares | Value ($) |
Consolidated Edison, Inc. | 7,615 | 578,740 |
DTE Energy Co. | 4,421 | 496,920 |
Edison International | 7,771 | 539,230 |
Entergy Corp. | 4,429 | 371,815 |
Evergy, Inc. | 6,628 | 371,102 |
Eversource Energy | 7,752 | 490,391 |
FirstEnergy Corp. | 11,894 | 443,408 |
Hawaiian Electric Industries, Inc. | 2,630 | 98,099 |
MDU Resources Group, Inc. | 4,734 | 118,161 |
National Fuel Gas Co. | 1,987 | 107,874 |
NiSource, Inc. | 8,888 | 225,400 |
NRG Energy, Inc. | 7,418 | 268,457 |
OGE Energy Corp. | 4,855 | 175,508 |
PG&E Corp. * | 12,655 | 592,381 |
Pinnacle West Capital Corp. | 2,734 | 224,871 |
PPL Corp. | 17,146 | 521,238 |
Public Service Enterprise Group, Inc. | 12,335 | 659,059 |
SCANA Corp. | 3,498 | 140,095 |
Sempra Energy | 6,697 | 737,474 |
UGI Corp. | 4,234 | 224,656 |
Vectren Corp. | 2,041 | 145,993 |
Vistra Energy Corp. * | 10,055 | 227,545 |
WEC Energy Group, Inc. | 7,711 | 527,432 |
Xcel Energy, Inc. | 12,434 | 609,390 |
11,270,494 | ||
Total Common Stock | ||
(Cost $179,956,531) | 170,667,673 | |
Other Investment Companies 0.4% of net assets | ||
Equity Fund 0.0% | ||
iShares Russell Mid-Cap ETF | 500 | 25,280 |
Money Market Fund 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (a) | 676,974 | 676,974 |
Total Other Investment Companies | ||
(Cost $701,543) | 702,254 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P MidCap 400, e-mini, expires 12/21/18 | 3 | 547,440 | 6,354 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 98.1% of net assets | ||
Australia 6.8% | ||
AGL Energy Ltd. | 216,005 | 2,758,481 |
Alumina Ltd. | 765,466 | 1,389,193 |
Amcor Ltd. | 368,021 | 3,472,722 |
AMP Ltd. | 969,941 | 1,700,820 |
APA Group | 371,850 | 2,532,297 |
Aristocrat Leisure Ltd. | 183,936 | 3,466,077 |
ASX Ltd. | 64,371 | 2,703,625 |
Aurizon Holdings Ltd. | 670,133 | 1,996,552 |
AusNet Services | 540,546 | 655,636 |
Australia & New Zealand Banking Group Ltd. | 933,021 | 17,173,799 |
Bank of Queensland Ltd. | 131,286 | 899,952 |
Bendigo & Adelaide Bank Ltd. | 146,452 | 1,064,198 |
BHP Billiton Ltd. | 1,033,451 | 23,845,485 |
BlueScope Steel Ltd. | 173,686 | 1,780,388 |
Boral Ltd. | 391,002 | 1,557,662 |
Brambles Ltd. | 510,462 | 3,845,283 |
Caltex Australia Ltd. | 85,846 | 1,717,677 |
Challenger Ltd. | 173,116 | 1,260,780 |
CIMIC Group Ltd. | 32,661 | 1,096,593 |
Coca-Cola Amatil Ltd. | 167,340 | 1,177,688 |
Cochlear Ltd. | 18,592 | 2,342,836 |
Commonwealth Bank of Australia | 566,335 | 27,847,166 |
Computershare Ltd. | 149,670 | 2,101,767 |
Crown Resorts Ltd. | 128,331 | 1,141,873 |
CSL Ltd. | 146,154 | 19,511,140 |
Dexus | 331,899 | 2,398,076 |
Domino's Pizza Enterprises Ltd. | 20,589 | 789,110 |
Flight Centre Travel Group Ltd. | 17,631 | 581,594 |
Fortescue Metals Group Ltd. | 537,482 | 1,529,851 |
Goodman Group | 530,187 | 3,896,580 |
Harvey Norman Holdings Ltd. (a) | 213,558 | 483,435 |
Healthscope Ltd. | 593,274 | 890,108 |
Incitec Pivot Ltd. | 512,490 | 1,420,038 |
Insurance Australia Group * | 733,741 | 3,548,860 |
James Hardie Industries plc | 147,669 | 1,972,540 |
LendLease Group | 187,252 | 2,338,507 |
Macquarie Group Ltd. | 104,514 | 8,715,648 |
Medibank Pvt Ltd. | 893,182 | 1,770,971 |
Mirvac Group | 1,179,471 | 1,814,305 |
National Australia Bank Ltd. | 879,086 | 15,744,009 |
Newcrest Mining Ltd. | 248,605 | 3,639,130 |
Oil Search Ltd. | 438,852 | 2,412,589 |
Orica Ltd. | 114,696 | 1,397,439 |
Origin Energy Ltd. * | 575,814 | 2,984,014 |
QBE Insurance Group Ltd. | 438,318 | 3,521,759 |
Ramsay Health Care Ltd. | 46,676 | 1,863,080 |
REA Group Ltd. | 18,040 | 918,115 |
Rio Tinto Ltd. | 132,947 | 7,233,952 |
Santos Ltd. | 569,432 | 2,672,671 |
Scentre Group | 1,741,665 | 4,906,721 |
SEEK Ltd. | 102,745 | 1,305,374 |
Sonic Healthcare Ltd. | 132,183 | 2,115,568 |
South32 Ltd. | 1,670,947 | 4,309,624 |
Stockland | 796,909 | 2,038,584 |
Security | Number of Shares | Value ($) |
Suncorp Group Ltd. | 411,161 | 4,088,210 |
Sydney Airport | 363,761 | 1,662,595 |
Tabcorp Holdings Ltd. | 617,813 | 2,027,469 |
Telstra Corp., Ltd. | 1,354,488 | 2,962,859 |
The GPT Group | 601,316 | 2,199,146 |
TPG Telecom Ltd. | 106,991 | 544,776 |
Transurban Group | 845,185 | 6,798,119 |
Treasury Wine Estates Ltd. | 232,635 | 2,503,981 |
Vicinity Centres | 1,008,320 | 1,891,482 |
Wesfarmers Ltd. | 365,702 | 12,111,204 |
Westpac Banking Corp. | 1,105,134 | 20,992,825 |
Woodside Petroleum Ltd. | 303,067 | 7,461,591 |
Woolworths Group Ltd. | 423,650 | 8,550,698 |
292,046,897 | ||
Austria 0.2% | ||
ANDRITZ AG | 23,429 | 1,214,327 |
Erste Group Bank AG * | 96,625 | 3,933,356 |
OMV AG | 48,226 | 2,678,115 |
Raiffeisen Bank International AG | 44,363 | 1,209,059 |
voestalpine AG | 34,251 | 1,215,567 |
10,250,424 | ||
Belgium 1.0% | ||
Ageas | 59,370 | 2,970,582 |
Anheuser-Busch InBev S.A./N.V. | 246,330 | 18,218,890 |
Colruyt S.A. | 20,680 | 1,202,422 |
Groupe Bruxelles Lambert S.A. | 26,000 | 2,418,081 |
KBC Group N.V. | 79,687 | 5,491,713 |
Proximus | 52,795 | 1,345,104 |
Solvay S.A. | 24,105 | 2,745,736 |
Telenet Group Holding N.V. | 18,167 | 880,162 |
UCB S.A. | 41,364 | 3,473,749 |
Umicore S.A. | 67,068 | 3,157,086 |
41,903,525 | ||
Denmark 1.6% | ||
AP Moeller - Maersk A/S, Series A | 1,259 | 1,494,062 |
AP Moeller - Maersk A/S, Series B | 2,094 | 2,643,067 |
Carlsberg A/S, Class B | 34,392 | 3,794,008 |
Chr. Hansen Holding A/S | 32,801 | 3,311,000 |
Coloplast A/S, Class B | 38,199 | 3,564,484 |
Danske Bank A/S | 234,124 | 4,480,811 |
DSV A/S | 60,720 | 4,871,235 |
Genmab A/S * | 20,068 | 2,745,984 |
H. Lundbeck A/S | 21,843 | 1,018,793 |
ISS A/S | 51,329 | 1,685,704 |
Novo Nordisk A/S, Class B | 587,027 | 25,351,675 |
Novozymes A/S, B Shares | 70,469 | 3,480,111 |
Orsted A/S | 61,639 | 3,908,574 |
Pandora A/S | 34,728 | 2,172,708 |
Tryg A/S | 37,042 | 892,933 |
Vestas Wind Systems A/S | 62,032 | 3,890,050 |
William Demant Holding A/S * | 32,903 | 1,081,578 |
70,386,777 | ||
Security | Number of Shares | Value ($) |
Finland 1.0% | ||
Elisa Oyj | 47,853 | 1,903,881 |
Fortum Oyj | 142,501 | 2,999,746 |
Kone Oyj, Class B | 108,106 | 5,262,003 |
Metso Oyj | 31,592 | 997,419 |
Neste Oyj | 40,606 | 3,334,367 |
Nokia Oyj | 1,827,073 | 10,320,375 |
Nokian Renkaat Oyj | 39,792 | 1,265,718 |
Orion Oyj, Class B | 31,972 | 1,099,815 |
Sampo Oyj, A Shares | 144,182 | 6,630,506 |
Stora Enso Oyj, R Shares | 178,686 | 2,684,793 |
UPM-Kymmene Oyj | 173,546 | 5,579,284 |
Wartsila Oyj Abp | 142,222 | 2,419,992 |
44,497,899 | ||
France 11.0% | ||
Accor S.A. | 61,871 | 2,827,035 |
Aeroports de Paris | 9,698 | 2,028,365 |
Air Liquide S.A. | 138,553 | 16,749,151 |
Airbus SE | 188,030 | 20,779,989 |
Alstom S.A. | 48,031 | 2,097,641 |
Amundi S.A. | 20,862 | 1,239,324 |
ArcelorMittal | 214,139 | 5,343,406 |
Arkema S.A. | 22,117 | 2,320,374 |
Atos SE | 30,895 | 2,642,360 |
AXA S.A. | 628,844 | 15,737,874 |
BioMerieux | 12,818 | 977,480 |
BNP Paribas S.A. | 363,734 | 18,955,649 |
Bollore S.A. | 298,236 | 1,261,774 |
Bouygues S.A. | 69,553 | 2,533,864 |
Bureau Veritas S.A. | 83,783 | 1,890,151 |
Capgemini SE | 50,982 | 6,225,142 |
Carrefour S.A. | 188,025 | 3,646,515 |
Casino Guichard Perrachon S.A. (a) | 17,163 | 756,935 |
CNP Assurances | 53,221 | 1,186,162 |
Compagnie de Saint-Gobain | 158,788 | 5,981,772 |
Compagnie Generale des Etablissements Michelin | 54,854 | 5,615,652 |
Covivio | 12,764 | 1,280,753 |
Credit Agricole S.A. | 363,941 | 4,661,157 |
Danone S.A. | 197,416 | 13,979,689 |
Dassault Aviation S.A. | 742 | 1,231,225 |
Dassault Systemes S.A. | 42,238 | 5,287,544 |
Edenred | 75,803 | 2,875,446 |
Eiffage S.A. | 24,854 | 2,427,290 |
Electricite de France S.A. | 189,713 | 3,143,174 |
Engie S.A. (a) | 583,239 | 7,749,612 |
EssilorLuxottica S.A. | 67,274 | 9,188,183 |
Eurazeo SE | 16,045 | 1,171,726 |
Eurofins Scientific SE | 3,848 | 1,939,171 |
Eutelsat Communications S.A. | 59,024 | 1,195,507 |
Faurecia S.A. | 23,802 | 1,153,881 |
Gecina S.A. | 15,003 | 2,200,382 |
Getlink | 158,776 | 1,997,133 |
Hermes International | 10,308 | 5,884,854 |
ICADE | 9,509 | 806,701 |
Iliad S.A. | 9,225 | 1,066,274 |
Imerys S.A. | 10,729 | 661,369 |
Ingenico Group S.A. | 19,751 | 1,397,876 |
Ipsen S.A. | 11,639 | 1,613,787 |
JCDecaux S.A. | 26,452 | 868,360 |
Kering S.A. | 24,612 | 10,939,750 |
Klepierre S.A. | 67,724 | 2,294,992 |
L'Oreal S.A. | 81,819 | 18,434,330 |
Legrand S.A. | 84,710 | 5,531,642 |
Security | Number of Shares | Value ($) |
LVMH Moet Hennessy Louis Vuitton SE | 89,845 | 27,259,461 |
Natixis S.A. | 310,686 | 1,813,754 |
Orange S.A. | 643,844 | 10,049,342 |
Pernod-Ricard S.A. | 68,691 | 10,474,457 |
Peugeot S.A. | 185,609 | 4,412,071 |
Publicis Groupe S.A. | 66,429 | 3,845,370 |
Remy Cointreau S.A. | 6,739 | 799,895 |
Renault S.A. | 62,420 | 4,661,146 |
Rexel S.A. | 102,701 | 1,309,162 |
Safran S.A. | 107,959 | 13,951,310 |
Sanofi | 363,513 | 32,483,730 |
Schneider Electric SE | 177,097 | 12,806,077 |
SCOR SE | 52,990 | 2,448,709 |
SEB S.A. | 7,749 | 1,111,100 |
SES S.A. | 120,001 | 2,579,066 |
Societe BIC S.A. | 8,402 | 804,350 |
Societe Generale S.A. | 246,224 | 9,026,015 |
Sodexo S.A. | 28,779 | 2,937,671 |
STMicroelectronics N.V. | 224,739 | 3,416,354 |
Suez | 123,221 | 1,777,376 |
Teleperformance | 18,924 | 3,116,633 |
Thales S.A. | 34,259 | 4,375,492 |
TOTAL S.A. | 772,911 | 45,350,881 |
UbiSoft Entertainment S.A. * | 25,496 | 2,287,056 |
Unibail-Rodamco-Westfield | 44,291 | 8,014,855 |
Valeo S.A. | 78,886 | 2,544,409 |
Veolia Environnement S.A. | 173,666 | 3,461,076 |
Vinci S.A. | 164,303 | 14,622,868 |
Vivendi S.A. | 332,514 | 8,019,675 |
Wendel S.A. | 8,982 | 1,163,853 |
472,701,637 | ||
Germany 8.4% | ||
1&1 Drillisch AG | 17,966 | 801,397 |
adidas AG | 60,888 | 14,318,660 |
Allianz SE | 142,142 | 29,610,998 |
Axel Springer SE | 15,064 | 1,000,355 |
BASF SE | 296,871 | 22,781,439 |
Bayer AG | 300,743 | 23,052,681 |
Bayerische Motoren Werke AG | 107,778 | 9,280,850 |
Beiersdorf AG | 33,001 | 3,412,215 |
Brenntag AG | 50,182 | 2,620,735 |
Commerzbank AG * | 329,802 | 3,105,386 |
Continental AG | 35,746 | 5,890,439 |
Covestro AG | 62,764 | 4,047,574 |
Daimler AG | 292,122 | 17,304,314 |
Delivery Hero SE * | 29,182 | 1,175,017 |
Deutsche Bank AG | 637,757 | 6,233,264 |
Deutsche Boerse AG | 62,721 | 7,926,210 |
Deutsche Lufthansa AG | 78,010 | 1,565,904 |
Deutsche Post AG | 316,031 | 9,978,763 |
Deutsche Telekom AG | 1,073,080 | 17,600,311 |
Deutsche Wohnen SE | 112,630 | 5,151,714 |
E.ON SE | 713,824 | 6,902,723 |
Evonik Industries AG | 51,698 | 1,599,318 |
Fraport AG Frankfurt Airport Services Worldwide | 12,196 | 941,843 |
Fresenius Medical Care AG & Co. KGaA | 69,276 | 5,439,309 |
Fresenius SE & Co. KGaA | 133,381 | 8,477,135 |
GEA Group AG | 55,327 | 1,681,166 |
Hannover Rueck SE | 19,444 | 2,614,846 |
HeidelbergCement AG | 47,223 | 3,204,762 |
Henkel AG & Co. KGaA | 33,612 | 3,292,559 |
HOCHTIEF AG | 5,934 | 879,349 |
Hugo Boss AG | 21,183 | 1,513,810 |
Security | Number of Shares | Value ($) |
Infineon Technologies AG | 367,895 | 7,371,472 |
Innogy SE | 45,856 | 2,025,194 |
K&S AG | 58,005 | 1,080,168 |
KION Group AG | 22,820 | 1,333,509 |
LANXESS AG | 28,383 | 1,756,843 |
MAN SE | 12,279 | 1,279,131 |
Merck KGaA | 41,521 | 4,442,881 |
METRO AG | 65,086 | 979,108 |
MTU Aero Engines AG | 16,802 | 3,567,603 |
Muenchener Rueckversicherungs-Gesellschaft AG | 47,795 | 10,265,672 |
OSRAM Licht AG | 33,149 | 1,343,086 |
ProSiebenSat.1 Media SE | 76,779 | 1,772,941 |
Puma SE | 2,781 | 1,430,043 |
QIAGEN N.V. * | 74,957 | 2,720,842 |
RTL Group S.A. | 11,632 | 746,592 |
RWE AG | 165,634 | 3,222,279 |
SAP SE | 316,784 | 33,919,153 |
Siemens AG | 247,038 | 28,396,232 |
Siemens Healthineers AG * | 49,500 | 2,048,641 |
Symrise AG | 39,513 | 3,309,890 |
Telefonica Deutschland Holding AG | 228,802 | 889,450 |
ThyssenKrupp AG | 142,831 | 2,993,903 |
Uniper SE | 65,298 | 1,884,394 |
United Internet AG | 37,622 | 1,556,830 |
Volkswagen AG | 10,286 | 1,693,374 |
Vonovia SE | 157,714 | 7,206,975 |
Wirecard AG | 38,165 | 7,139,027 |
Zalando SE * | 36,885 | 1,425,795 |
361,206,074 | ||
Hong Kong 3.4% | ||
AIA Group Ltd. | 3,902,800 | 29,688,767 |
ASM Pacific Technology Ltd. | 98,000 | 849,931 |
BOC Hong Kong (Holdings) Ltd. | 1,205,000 | 4,511,166 |
CK Asset Holdings Ltd. | 833,525 | 5,424,368 |
CK Hutchison Holdings Ltd. | 871,525 | 8,778,103 |
CK Infrastructure Holdings Ltd. | 223,000 | 1,632,054 |
CLP Holdings Ltd. | 532,080 | 5,962,184 |
Dairy Farm International Holdings Ltd. | 104,000 | 939,560 |
Galaxy Entertainment Group Ltd. | 768,000 | 4,169,574 |
Hang Lung Group Ltd. | 279,000 | 686,881 |
Hang Lung Properties Ltd. | 660,000 | 1,196,363 |
Hang Seng Bank Ltd. | 246,436 | 5,778,325 |
Henderson Land Development Co., Ltd. | 436,123 | 2,034,113 |
HK Electric Investments & HK Electric Investments Ltd. | 931,500 | 886,130 |
HKT Trust & HKT Ltd. | 1,286,000 | 1,773,610 |
Hong Kong & China Gas Co., Ltd. | 2,990,328 | 5,711,940 |
Hong Kong Exchanges & Clearing Ltd. | 379,312 | 10,099,853 |
Hongkong Land Holdings Ltd. | 368,100 | 2,179,873 |
Hysan Development Co., Ltd. | 208,000 | 975,456 |
Jardine Matheson Holdings Ltd. | 71,700 | 4,140,203 |
Jardine Strategic Holdings Ltd. | 70,000 | 2,351,477 |
Kerry Properties Ltd. | 217,500 | 684,756 |
Li & Fung Ltd. | 1,762,000 | 349,690 |
Link REIT | 684,500 | 6,083,212 |
Melco Resorts & Entertainment Ltd. ADR | 75,789 | 1,260,371 |
MGM China Holdings Ltd. | 331,600 | 470,632 |
Minth Group Ltd. | 262,000 | 851,272 |
MTR Corp., Ltd. | 494,342 | 2,398,662 |
Security | Number of Shares | Value ($) |
New World Development Co., Ltd. | 1,961,113 | 2,494,858 |
NWS Holdings Ltd. | 533,000 | 1,057,908 |
PCCW Ltd. | 1,308,000 | 718,183 |
Power Assets Holdings Ltd. | 439,000 | 2,931,603 |
Sands China Ltd. | 788,000 | 3,116,149 |
Shangri-La Asia Ltd. | 370,000 | 505,418 |
Sino Land Co., Ltd. | 1,042,000 | 1,636,985 |
SJM Holdings Ltd. | 572,000 | 463,516 |
Sun Hung Kai Properties Ltd. | 516,604 | 6,713,878 |
Swire Pacific Ltd., Class A | 164,590 | 1,709,874 |
Swire Properties Ltd. | 399,600 | 1,365,563 |
Techtronic Industries Co., Ltd. | 440,000 | 2,071,858 |
The Bank of East Asia Ltd. | 387,669 | 1,256,939 |
The Wharf Holdings Ltd. | 357,100 | 892,679 |
WH Group Ltd. | 2,913,000 | 2,045,696 |
Wharf Real Estate Investment Co., Ltd. | 399,100 | 2,480,059 |
Wheelock & Co., Ltd. | 258,000 | 1,379,272 |
Wynn Macau Ltd. | 494,000 | 1,029,074 |
Yue Yuen Industrial Holdings Ltd. | 247,000 | 678,203 |
146,416,241 | ||
Ireland 0.5% | ||
AIB Group plc | 269,767 | 1,300,635 |
Bank of Ireland Group plc | 314,089 | 2,219,229 |
CRH plc | 270,216 | 8,060,051 |
Kerry Group plc, Class A | 50,821 | 5,209,399 |
Paddy Power Betfair plc | 27,401 | 2,364,924 |
Ryanair Holdings plc * | 43,580 | 589,584 |
Smurfit Kappa Group plc | 73,682 | 2,395,447 |
22,139,269 | ||
Israel 0.5% | ||
Azrieli Group Ltd. | 11,367 | 551,958 |
Bank Hapoalim B.M. | 353,444 | 2,391,100 |
Bank Leumi Le-Israel B.M. | 487,710 | 3,041,214 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 580,013 | 666,021 |
Check Point Software Technologies Ltd. * | 41,547 | 4,611,717 |
Elbit Systems Ltd. | 7,736 | 923,414 |
Israel Chemicals Ltd. | 214,946 | 1,238,092 |
Mizrahi Tefahot Bank Ltd. | 40,439 | 680,610 |
Nice Ltd. * | 19,929 | 2,114,610 |
Teva Pharmaceutical Industries Ltd. ADR | 314,357 | 6,280,853 |
22,499,589 | ||
Italy 2.2% | ||
Assicurazioni Generali S.p.A. | 374,990 | 6,051,152 |
Atlantia S.p.A. | 161,176 | 3,238,652 |
CNH Industrial N.V. | 326,874 | 3,397,956 |
Davide Campari-Milano S.p.A. | 191,739 | 1,475,670 |
Enel S.p.A. | 2,609,771 | 12,795,875 |
Eni S.p.A. | 826,100 | 14,671,330 |
EXOR N.V. | 34,003 | 1,923,040 |
Ferrari N.V. | 39,298 | 4,601,865 |
Fiat Chrysler Automobiles N.V. * | 347,568 | 5,289,443 |
Intesa Sanpaolo S.p.A. | 4,772,446 | 10,571,323 |
Leonardo S.p.A. | 137,608 | 1,491,766 |
Luxottica Group S.p.A. | 55,521 | 3,486,899 |
Mediobanca S.p.A. | 197,585 | 1,730,405 |
Moncler S.p.A. | 55,619 | 1,931,525 |
Pirelli & C S.p.A. * | 125,684 | 923,633 |
Poste Italiane S.p.A | 176,756 | 1,268,295 |
Security | Number of Shares | Value ($) |
Prysmian S.p.A. | 73,759 | 1,432,894 |
Recordati S.p.A. | 33,041 | 1,118,559 |
Snam S.p.A. | 721,572 | 2,983,380 |
Telecom Italia S.p.A. * | 3,539,034 | 2,081,496 |
Telecom Italia S.p.A. - RSP | 2,155,177 | 1,088,792 |
Tenaris S.A. | 157,341 | 2,316,161 |
Terna - Rete Elettrica Nationale S.p.A. | 452,515 | 2,337,462 |
UniCredit S.p.A. | 653,655 | 8,357,082 |
96,564,655 | ||
Japan 24.2% | ||
ABC-Mart, Inc. | 11,880 | 694,564 |
Acom Co., Ltd. | 141,800 | 521,951 |
Aeon Co., Ltd. | 199,700 | 4,583,544 |
AEON Financial Service Co., Ltd. | 33,100 | 647,825 |
Aeon Mall Co., Ltd. | 27,700 | 511,580 |
AGC, Inc. | 62,000 | 2,030,775 |
Air Water, Inc. | 44,100 | 714,377 |
Aisin Seiki Co., Ltd. | 53,200 | 2,080,718 |
Ajinomoto Co., Inc. | 149,100 | 2,408,777 |
Alfresa Holdings Corp. | 63,700 | 1,698,985 |
Alps Electric Co., Ltd. | 61,500 | 1,449,727 |
Amada Holdings Co., Ltd. | 120,700 | 1,137,095 |
ANA Holdings, Inc. | 35,800 | 1,203,796 |
Aozora Bank Ltd. | 38,000 | 1,311,243 |
Asahi Group Holdings Ltd. | 116,100 | 5,102,022 |
Asahi Kasei Corp. | 414,000 | 4,967,358 |
Asics Corp. | 47,000 | 680,256 |
Astellas Pharma, Inc. | 603,150 | 9,318,784 |
Bandai Namco Holdings, Inc. | 63,200 | 2,248,324 |
Benesse Holdings, Inc. | 24,000 | 669,327 |
Bridgestone Corp. | 196,457 | 7,575,240 |
Brother Industries Ltd. | 70,200 | 1,284,771 |
Calbee, Inc. | 26,800 | 889,149 |
Canon, Inc. | 321,195 | 9,148,729 |
Casio Computer Co., Ltd. | 65,000 | 981,055 |
Central Japan Railway Co. | 46,700 | 8,962,131 |
Chubu Electric Power Co., Inc. | 200,900 | 2,897,116 |
Chugai Pharmaceutical Co., Ltd. | 71,400 | 4,180,240 |
Coca-Cola Bottlers Japan Holdings, Inc. | 44,300 | 1,159,384 |
Concordia Financial Group Ltd. | 334,800 | 1,532,299 |
Credit Saison Co., Ltd. | 56,400 | 895,634 |
CyberAgent, Inc. | 32,200 | 1,370,212 |
CYBERDYNE, Inc. *(a) | 40,352 | 284,232 |
Dai Nippon Printing Co., Ltd. | 74,600 | 1,673,837 |
Dai-ichi Life Holdings, Inc. | 349,600 | 6,560,355 |
Daicel Corp. | 87,700 | 927,780 |
Daifuku Co., Ltd. | 31,000 | 1,331,333 |
Daiichi Sankyo Co., Ltd. | 181,400 | 6,933,685 |
Daikin Industries Ltd. | 80,000 | 9,272,951 |
Daito Trust Construction Co., Ltd. | 22,500 | 2,966,363 |
Daiwa House Industry Co., Ltd. | 179,800 | 5,428,937 |
Daiwa House REIT Investment Corp. | 561 | 1,229,386 |
Daiwa Securities Group, Inc. | 520,000 | 2,982,049 |
Dena Co., Ltd. | 39,500 | 657,036 |
Denso Corp. | 142,800 | 6,369,698 |
Dentsu, Inc. | 70,800 | 3,283,691 |
Disco Corp. | 9,700 | 1,541,911 |
Don Quijote Holdings Co., Ltd. | 37,200 | 2,222,225 |
East Japan Railway Co. | 100,360 | 8,765,209 |
Eisai Co., Ltd. | 81,800 | 6,812,334 |
Electric Power Development Co., Ltd. | 49,900 | 1,358,546 |
FamilyMart UNY Holdings Co., Ltd. | 20,900 | 2,422,518 |
Fanuc Corp. | 62,800 | 10,925,122 |
Fast Retailing Co., Ltd. | 18,700 | 9,415,548 |
Security | Number of Shares | Value ($) |
Fuji Electric Co., Ltd. | 39,800 | 1,214,913 |
FUJIFILM Holdings Corp. | 123,511 | 5,341,897 |
Fujitsu Ltd. | 64,300 | 3,911,907 |
Fukuoka Financial Group, Inc. | 43,600 | 1,071,284 |
Hakuhodo DY Holdings, Inc. | 80,200 | 1,337,623 |
Hamamatsu Photonics K.K. | 44,900 | 1,500,989 |
Hankyu Hanshin Holdings, Inc. | 74,800 | 2,470,692 |
Hikari Tsushin, Inc. | 6,700 | 1,170,184 |
Hino Motors Ltd. | 80,000 | 765,782 |
Hirose Electric Co., Ltd. | 10,564 | 1,006,832 |
Hisamitsu Pharmaceutical Co., Inc. | 18,400 | 1,036,792 |
Hitachi Chemical Co., Ltd. | 28,300 | 446,065 |
Hitachi Construction Machinery Co., Ltd. | 32,700 | 868,199 |
Hitachi High-Technologies Corp. | 20,500 | 769,353 |
Hitachi Ltd. | 310,015 | 9,477,219 |
Hitachi Metals Ltd. | 70,900 | 833,707 |
Honda Motor Co., Ltd. | 525,939 | 15,013,208 |
Hoshizaki Corp. | 18,400 | 1,485,257 |
Hoya Corp. | 121,807 | 6,891,324 |
Hulic Co., Ltd. | 103,700 | 948,919 |
Idemitsu Kosan Co., Ltd. | 44,000 | 1,993,317 |
IHI Corp. | 46,800 | 1,712,059 |
Iida Group Holdings Co., Ltd. | 48,900 | 890,118 |
Inpex Corp. | 332,200 | 3,782,631 |
Isetan Mitsukoshi Holdings Ltd. | 105,300 | 1,230,672 |
Isuzu Motors Ltd. | 177,400 | 2,325,810 |
ITOCHU Corp. | 455,100 | 8,440,263 |
J. Front Retailing Co., Ltd. | 72,600 | 951,373 |
Japan Airlines Co., Ltd. | 39,400 | 1,398,351 |
Japan Airport Terminal Co., Ltd. | 12,900 | 496,880 |
Japan Exchange Group, Inc. | 164,400 | 2,944,521 |
Japan Post Bank Co., Ltd. | 127,000 | 1,480,661 |
Japan Post Holdings Co., Ltd. | 511,800 | 6,069,170 |
Japan Prime Realty Investment Corp. | 246 | 877,766 |
Japan Real Estate Investment Corp. | 433 | 2,234,645 |
Japan Retail Fund Investment Corp. | 889 | 1,641,976 |
Japan Tobacco, Inc. | 354,700 | 9,114,124 |
JFE Holdings, Inc. | 155,300 | 2,918,331 |
JGC Corp. | 67,900 | 1,314,329 |
JSR Corp. | 59,600 | 888,229 |
JTEKT Corp. | 68,100 | 847,275 |
JXTG Holdings, Inc. | 1,049,400 | 7,090,777 |
Kajima Corp. | 142,000 | 1,828,468 |
Kakaku.com, Inc. | 40,500 | 733,540 |
Kamigumi Co., Ltd. | 34,000 | 701,578 |
Kaneka Corp. | 14,600 | 610,220 |
Kansai Paint Co., Ltd. | 52,400 | 774,277 |
Kao Corp. | 160,019 | 10,644,819 |
Kawasaki Heavy Industries Ltd. | 42,900 | 1,016,662 |
KDDI Corp. | 572,200 | 13,847,146 |
Keihan Holdings Co., Ltd. | 29,600 | 1,123,207 |
Keikyu Corp. | 73,300 | 1,084,833 |
Keio Corp. | 31,400 | 1,705,462 |
Keisei Electric Railway Co., Ltd. | 39,900 | 1,229,641 |
Keyence Corp. | 31,500 | 15,388,365 |
Kikkoman Corp. | 46,000 | 2,520,216 |
Kintetsu Group Holdings Co., Ltd. | 55,600 | 2,135,820 |
Kirin Holdings Co., Ltd. | 262,500 | 6,263,913 |
Kobayashi Pharmaceutical Co., Ltd. | 15,100 | 984,853 |
Kobe Steel Ltd. | 108,500 | 872,373 |
Koito Manufacturing Co., Ltd. | 32,000 | 1,523,395 |
Komatsu Ltd. | 301,109 | 7,841,614 |
Konami Holdings Corp. | 28,500 | 1,087,281 |
Konica Minolta, Inc. | 151,700 | 1,501,586 |
Kose Corp. | 9,300 | 1,389,855 |
Kubota Corp. | 316,700 | 4,999,674 |
Kuraray Co., Ltd. | 110,400 | 1,516,401 |
Security | Number of Shares | Value ($) |
Kurita Water Industries Ltd. | 31,600 | 778,312 |
Kyocera Corp. | 102,300 | 5,536,770 |
Kyowa Hakko Kirin Co., Ltd. | 82,900 | 1,605,512 |
Kyushu Electric Power Co., Inc. | 115,400 | 1,340,597 |
Kyushu Railway Co. | 49,700 | 1,526,287 |
Lawson, Inc. | 14,700 | 933,119 |
LINE Corp. * | 22,700 | 723,719 |
Lion Corp. | 69,000 | 1,297,259 |
LIXIL Group Corp. | 88,200 | 1,386,567 |
M3, Inc. | 135,800 | 2,200,913 |
Mabuchi Motor Co., Ltd. | 14,500 | 515,784 |
Makita Corp. | 72,500 | 2,506,495 |
Marubeni Corp. | 500,900 | 4,061,642 |
Marui Group Co., Ltd. | 63,900 | 1,375,881 |
Maruichi Steel Tube Ltd. | 20,600 | 593,571 |
Mazda Motor Corp. | 183,900 | 1,958,734 |
McDonald's Holdings Co., Ltd. | 23,600 | 1,038,690 |
Mebuki Financial Group, Inc. | 250,980 | 764,325 |
Medipal Holdings Corp. | 54,900 | 1,175,194 |
MEIJI Holdings Co., Ltd. | 38,800 | 2,574,368 |
Minebea Mitsumi, Inc. | 127,400 | 1,948,968 |
MISUMI Group, Inc. | 94,600 | 1,895,859 |
Mitsubishi Chemical Holdings Corp. | 412,600 | 3,216,380 |
Mitsubishi Corp. | 438,400 | 12,338,895 |
Mitsubishi Electric Corp. | 595,800 | 7,542,489 |
Mitsubishi Estate Co., Ltd. | 377,502 | 6,033,161 |
Mitsubishi Gas Chemical Co., Inc. | 51,500 | 864,488 |
Mitsubishi Heavy Industries Ltd. | 96,500 | 3,401,791 |
Mitsubishi Materials Corp. | 34,800 | 963,434 |
Mitsubishi Motors Corp. | 230,900 | 1,450,345 |
Mitsubishi Tanabe Pharma Corp. | 81,800 | 1,208,262 |
Mitsubishi UFJ Financial Group, Inc. | 3,818,709 | 23,112,693 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 123,600 | 635,206 |
Mitsui & Co., Ltd. | 538,700 | 9,000,924 |
Mitsui Chemicals, Inc. | 59,600 | 1,336,479 |
Mitsui Fudosan Co., Ltd. | 283,777 | 6,391,291 |
Mitsui O.S.K. Lines Ltd. | 40,000 | 972,183 |
Mizuho Financial Group, Inc. | 7,799,634 | 13,394,802 |
MS&AD Insurance Group Holdings, Inc. | 154,162 | 4,630,597 |
Murata Manufacturing Co., Ltd. | 58,474 | 9,100,614 |
Nabtesco Corp. | 40,600 | 891,204 |
Nagoya Railroad Co., Ltd. | 54,800 | 1,323,491 |
NEC Corp. | 82,900 | 2,379,663 |
Nexon Co., Ltd. * | 146,800 | 1,674,584 |
NGK Insulators Ltd. | 83,400 | 1,173,777 |
NGK Spark Plug Co., Ltd. | 52,100 | 1,054,257 |
NH Foods Ltd. | 32,000 | 1,103,547 |
Nidec Corp. | 71,600 | 9,196,649 |
Nikon Corp. | 104,200 | 1,816,481 |
Nintendo Co., Ltd. | 36,439 | 11,376,357 |
Nippon Building Fund, Inc. | 424 | 2,423,006 |
Nippon Electric Glass Co., Ltd. | 29,800 | 750,825 |
Nippon Express Co., Ltd. | 24,500 | 1,546,159 |
Nippon Paint Holdings Co., Ltd. | 46,900 | 1,465,007 |
Nippon Prologis REIT, Inc. | 588 | 1,183,589 |
Nippon Steel & Sumitomo Metal Corp. | 244,841 | 4,516,378 |
Nippon Telegraph & Telephone Corp. | 223,556 | 9,219,136 |
Nippon Yusen K.K. | 51,500 | 830,484 |
Nissan Chemical Corp. | 40,900 | 1,928,486 |
Nissan Motor Co., Ltd. | 750,796 | 6,830,560 |
Nisshin Seifun Group, Inc. | 60,800 | 1,209,798 |
Nissin Foods Holdings Co., Ltd. | 20,700 | 1,334,724 |
Nitori Holdings Co., Ltd. | 26,400 | 3,447,137 |
Nitto Denko Corp. | 52,600 | 3,286,190 |
NOK Corp. | 27,900 | 401,449 |
Security | Number of Shares | Value ($) |
Nomura Holdings, Inc. | 1,104,200 | 5,302,323 |
Nomura Real Estate Holdings, Inc. | 40,700 | 764,547 |
Nomura Real Estate Master Fund, Inc. | 1,256 | 1,626,867 |
Nomura Research Institute Ltd. | 37,700 | 1,671,374 |
NSK Ltd. | 116,800 | 1,153,976 |
NTT Data Corp. | 206,800 | 2,655,000 |
NTT DOCOMO, Inc. | 430,000 | 10,663,502 |
Obayashi Corp. | 211,800 | 1,869,816 |
Obic Co., Ltd. | 21,200 | 1,930,047 |
Odakyu Electric Railway Co., Ltd. | 96,800 | 2,046,420 |
Oji Holdings Corp. | 285,000 | 2,023,820 |
Olympus Corp. | 93,200 | 3,106,524 |
Omron Corp. | 63,600 | 2,574,815 |
Ono Pharmaceutical Co., Ltd. | 124,100 | 2,816,278 |
Oracle Corp., Japan | 13,000 | 879,957 |
Oriental Land Co., Ltd. | 63,600 | 5,983,077 |
ORIX Corp. | 421,900 | 6,873,170 |
Osaka Gas Co., Ltd. | 124,500 | 2,276,606 |
Otsuka Corp. | 32,600 | 1,081,305 |
Otsuka Holdings Co., Ltd. | 127,800 | 6,112,410 |
Panasonic Corp. | 714,112 | 7,663,456 |
Park24 Co., Ltd. | 39,000 | 1,026,018 |
Persol Holdings Co., Ltd. | 60,500 | 1,147,783 |
Pola Orbis Holdings, Inc. | 28,200 | 753,336 |
Rakuten, Inc. | 268,820 | 1,818,293 |
Recruit Holdings Co., Ltd. | 355,100 | 9,530,737 |
Renesas Electronics Corp. * | 277,200 | 1,460,284 |
Resona Holdings, Inc. | 657,000 | 3,455,843 |
Ricoh Co., Ltd. | 214,500 | 2,141,198 |
Rinnai Corp. | 12,200 | 886,260 |
Rohm Co., Ltd. | 29,600 | 2,081,006 |
Ryohin Keikaku Co., Ltd. | 7,700 | 2,035,339 |
Sankyo Co., Ltd. | 16,700 | 637,618 |
Santen Pharmaceutical Co., Ltd. | 117,000 | 1,732,983 |
SBI Holdings, Inc. | 70,190 | 1,832,872 |
Secom Co., Ltd. | 66,900 | 5,477,206 |
Sega Sammy Holdings, Inc. | 49,800 | 639,447 |
Seibu Holdings, Inc. | 76,700 | 1,391,536 |
Seiko Epson Corp. | 90,400 | 1,456,456 |
Sekisui Chemical Co., Ltd. | 119,600 | 1,880,818 |
Sekisui House Ltd. | 201,700 | 2,960,355 |
Seven & i Holdings Co., Ltd. | 242,503 | 10,500,376 |
Seven Bank Ltd. | 211,400 | 660,678 |
SG Holdings Co., Ltd. | 29,600 | 745,161 |
Sharp Corp. (a) | 57,400 | 881,103 |
Shimadzu Corp. | 72,000 | 1,819,656 |
Shimamura Co., Ltd. | 7,700 | 647,682 |
Shimano, Inc. | 23,400 | 3,195,860 |
Shimizu Corp. | 184,000 | 1,493,592 |
Shin-Etsu Chemical Co., Ltd. | 117,360 | 9,806,660 |
Shinsei Bank Ltd. | 52,100 | 793,639 |
Shionogi & Co., Ltd. | 89,600 | 5,729,353 |
Shiseido Co., Ltd. | 123,700 | 7,804,911 |
Showa Denko K.K. | 44,500 | 1,937,691 |
Showa Shell Sekiyu K.K. | 60,600 | 1,156,621 |
SMC Corp. | 18,500 | 5,896,588 |
SoftBank Group Corp. | 266,200 | 21,066,745 |
Sohgo Security Services Co., Ltd. | 25,300 | 1,126,890 |
Sompo Holdings, Inc. | 107,700 | 4,442,141 |
Sony Corp. | 409,600 | 22,166,211 |
Sony Financial Holdings, Inc. | 56,800 | 1,310,345 |
Stanley Electric Co., Ltd. | 43,800 | 1,295,618 |
Subaru Corp. | 198,300 | 5,349,080 |
Sumco Corp. | 78,100 | 1,054,118 |
Sumitomo Chemical Co., Ltd. | 478,000 | 2,394,487 |
Sumitomo Corp. | 356,500 | 5,406,916 |
Security | Number of Shares | Value ($) |
Sumitomo Dainippon Pharma Co., Ltd. | 53,400 | 1,115,725 |
Sumitomo Electric Industries Ltd. | 250,300 | 3,413,488 |
Sumitomo Heavy Industries Ltd. | 33,800 | 1,063,036 |
Sumitomo Metal Mining Co., Ltd. | 73,600 | 2,317,372 |
Sumitomo Mitsui Financial Group, Inc. | 435,046 | 16,938,555 |
Sumitomo Mitsui Trust Holdings, Inc. | 105,200 | 4,179,962 |
Sumitomo Realty & Development Co., Ltd. | 115,000 | 3,951,406 |
Sumitomo Rubber Industries Ltd. | 51,000 | 731,579 |
Sundrug Co., Ltd. | 22,100 | 803,089 |
Suntory Beverage & Food Ltd. | 42,900 | 1,748,384 |
Suzuken Co., Ltd. | 25,300 | 1,280,569 |
Suzuki Motor Corp. | 111,600 | 5,565,125 |
Sysmex Corp. | 53,200 | 3,731,421 |
T&D Holdings, Inc. | 177,700 | 2,840,661 |
Taiheiyo Cement Corp. | 39,600 | 1,165,296 |
Taisei Corp. | 70,600 | 3,019,454 |
Taisho Pharmaceutical Holdings Co., Ltd. | 10,900 | 1,162,229 |
Taiyo Nippon Sanso Corp. | 44,900 | 721,645 |
Takashimaya Co., Ltd. | 46,800 | 736,524 |
Takeda Pharmaceutical Co., Ltd. | 228,900 | 9,490,084 |
TDK Corp. | 42,100 | 3,630,285 |
Teijin Ltd. | 59,400 | 1,029,800 |
Terumo Corp. | 97,000 | 5,236,244 |
The Bank of Kyoto Ltd. | 18,800 | 844,159 |
The Chiba Bank Ltd. | 185,000 | 1,170,377 |
The Chugoku Electric Power Co., Inc. | 91,700 | 1,179,508 |
The Kansai Electric Power Co., Inc. | 228,400 | 3,495,775 |
The Shizuoka Bank Ltd. | 146,000 | 1,277,355 |
The Yokohama Rubber Co., Ltd. | 43,000 | 832,970 |
THK Co., Ltd. | 38,200 | 843,660 |
Tobu Railway Co., Ltd. | 62,400 | 1,735,508 |
Toho Co., Ltd. | 36,000 | 1,174,514 |
Toho Gas Co., Ltd. | 25,400 | 874,577 |
Tohoku Electric Power Co., Inc. | 142,300 | 1,797,902 |
Tokio Marine Holdings, Inc. | 218,799 | 10,308,086 |
Tokyo Century Corp. | 13,000 | 697,755 |
Tokyo Electric Power Co. Holdings, Inc. * | 464,190 | 2,375,806 |
Tokyo Electron Ltd. | 50,800 | 6,855,393 |
Tokyo Gas Co., Ltd. | 124,440 | 3,060,341 |
Tokyo Tatemono Co., Ltd. | 64,500 | 693,707 |
Tokyu Corp. | 164,000 | 2,709,355 |
Tokyu Fudosan Holdings Corp. | 176,000 | 991,644 |
Toppan Printing Co., Ltd. | 84,000 | 1,187,543 |
Toray Industries, Inc. | 437,000 | 3,099,768 |
Toshiba Corp. * | 211,217 | 6,330,714 |
Tosoh Corp. | 86,500 | 1,138,841 |
TOTO Ltd. | 45,800 | 1,638,552 |
Toyo Seikan Group Holdings Ltd. | 52,000 | 1,060,894 |
Toyo Suisan Kaisha Ltd. | 30,800 | 1,058,736 |
Toyoda Gosei Co., Ltd. | 18,000 | 388,218 |
Toyota Industries Corp. | 48,000 | 2,357,863 |
Toyota Motor Corp. | 738,003 | 43,232,902 |
Toyota Tsusho Corp. | 65,800 | 2,374,631 |
Trend Micro, Inc. | 39,300 | 2,262,334 |
Tsuruha Holdings, Inc. | 12,000 | 1,252,442 |
Unicharm Corp. | 131,900 | 3,578,279 |
United Urban Investment Corp. | 928 | 1,410,801 |
USS Co., Ltd. | 73,800 | 1,330,749 |
West Japan Railway Co. | 53,000 | 3,564,656 |
Yahoo Japan Corp. | 928,400 | 2,896,419 |
Yakult Honsha Co., Ltd. | 36,500 | 2,584,620 |
Yamada Denki Co., Ltd. | 219,600 | 1,035,491 |
Security | Number of Shares | Value ($) |
Yamaguchi Financial Group, Inc. | 67,000 | 705,454 |
Yamaha Corp. | 42,500 | 1,867,636 |
Yamaha Motor Co., Ltd. | 91,500 | 2,163,957 |
Yamato Holdings Co., Ltd. | 100,900 | 2,758,445 |
Yamazaki Baking Co., Ltd. | 35,600 | 641,695 |
Yaskawa Electric Corp. | 78,600 | 2,271,829 |
Yokogawa Electric Corp. | 71,800 | 1,409,726 |
ZOZO, Inc. | 62,600 | 1,502,026 |
1,045,446,241 | ||
Netherlands 3.3% | ||
ABN AMRO Group N.V. CVA | 133,963 | 3,285,789 |
Aegon N.V. | 590,561 | 3,621,700 |
AerCap Holdings N.V. * | 40,380 | 2,022,230 |
Akzo Nobel N.V. | 82,563 | 6,932,402 |
ASML Holding N.V. | 132,492 | 22,820,956 |
Coca-Cola European Partners plc | 71,569 | 3,255,674 |
Heineken Holding N.V. | 37,447 | 3,239,027 |
Heineken N.V. | 84,047 | 7,561,481 |
ING Groep N.V. | 1,258,343 | 14,887,445 |
Koninklijke Ahold Delhaize N.V. | 403,529 | 9,236,985 |
Koninklijke DSM N.V. | 58,380 | 5,097,088 |
Koninklijke KPN N.V. | 1,087,360 | 2,869,028 |
Koninklijke Philips N.V. | 304,640 | 11,361,803 |
Koninklijke Vopak N.V. | 22,676 | 1,025,478 |
NN Group N.V. | 97,790 | 4,198,921 |
NXP Semiconductors N.V. | 110,014 | 8,249,950 |
Randstad N.V. | 38,968 | 1,960,583 |
Unilever N.V. CVA | 498,533 | 26,788,674 |
Wolters Kluwer N.V. | 94,163 | 5,342,295 |
143,757,509 | ||
New Zealand 0.2% | ||
a2 Milk Co., Ltd. * | 225,530 | 1,547,514 |
Auckland International Airport Ltd. | 297,559 | 1,360,758 |
Fisher & Paykel Healthcare Corp., Ltd. | 183,780 | 1,634,787 |
Fletcher Building Ltd. * | 296,856 | 1,175,825 |
Meridian Energy Ltd. | 422,027 | 865,742 |
Ryman Healthcare Ltd. | 126,203 | 999,963 |
Spark New Zealand Ltd. | 628,248 | 1,622,523 |
9,207,112 | ||
Norway 0.8% | ||
Aker BP A.S.A. | 36,170 | 1,186,186 |
DNB A.S.A. | 320,012 | 5,781,465 |
Equinor A.S.A. | 374,412 | 9,684,646 |
Gjensidige Forsikring A.S.A. | 60,359 | 933,942 |
Marine Harvest A.S.A. | 136,486 | 3,304,366 |
Norsk Hydro A.S.A. | 427,020 | 2,214,432 |
Orkla A.S.A. | 259,017 | 2,235,138 |
Schibsted A.S.A., B Shares | 33,945 | 1,074,149 |
Telenor A.S.A. | 240,939 | 4,417,703 |
Yara International A.S.A. | 58,239 | 2,500,976 |
33,333,003 | ||
Portugal 0.2% | ||
Banco Espirito Santo S.A. *(b) | 470,491 | — |
EDP - Energias de Portugal S.A. | 834,879 | 2,935,223 |
Galp Energia, SGPS, S.A. | 162,979 | 2,833,918 |
Jeronimo Martins, SGPS, S.A. | 86,083 | 1,056,581 |
6,825,722 | ||
Security | Number of Shares | Value ($) |
Singapore 1.3% | ||
Ascendas Real Estate Investment Trust | 800,600 | 1,457,805 |
CapitaLand Commercial Trust | 786,000 | 982,146 |
CapitaLand Ltd. | 784,500 | 1,781,981 |
CapitaLand Mall Trust | 797,800 | 1,215,138 |
City Developments Ltd. | 139,100 | 794,943 |
ComfortDelGro Corp., Ltd. | 680,500 | 1,108,032 |
DBS Group Holdings Ltd. | 581,446 | 9,865,636 |
Genting Singapore Ltd. | 1,869,700 | 1,189,812 |
Golden Agri-Resources Ltd. | 2,252,500 | 415,293 |
Jardine Cycle & Carriage Ltd. | 35,600 | 779,660 |
Keppel Corp., Ltd. | 471,200 | 2,111,188 |
Oversea-Chinese Banking Corp., Ltd. | 1,028,006 | 7,986,014 |
SATS Ltd. | 190,900 | 687,042 |
Sembcorp Industries Ltd. | 278,900 | 569,396 |
Singapore Airlines Ltd. | 178,800 | 1,225,688 |
Singapore Exchange Ltd. | 268,800 | 1,329,696 |
Singapore Press Holdings Ltd. | 542,400 | 1,039,485 |
Singapore Technologies Engineering Ltd. | 536,500 | 1,376,731 |
Singapore Telecommunications Ltd. | 2,631,537 | 6,010,956 |
Suntec Real Estate Investment Trust | 658,200 | 842,358 |
United Overseas Bank Ltd. | 428,633 | 7,578,439 |
UOL Group Ltd. | 166,967 | 727,248 |
Venture Corp., Ltd. | 84,900 | 939,859 |
Wilmar International Ltd. | 578,500 | 1,321,474 |
Yangzijiang Shipbuilding Holdings Ltd. | 842,600 | 755,539 |
54,091,559 | ||
Spain 3.0% | ||
ACS Actividades de Construccion y Servicios S.A. | 83,112 | 3,111,834 |
Aena SME S.A. | 21,355 | 3,412,141 |
Amadeus IT Group S.A. | 141,108 | 11,362,662 |
Banco Bilbao Vizcaya Argentaria S.A. | 2,158,290 | 11,911,800 |
Banco De Sabadell S.A. | 1,890,503 | 2,489,048 |
Banco Santander S.A. | 5,214,269 | 24,809,251 |
Bankia S.A. | 410,127 | 1,288,232 |
Bankinter S.A. | 207,372 | 1,698,998 |
CaixaBank S.A. | 1,149,224 | 4,650,578 |
Enagas S.A. | 74,515 | 1,975,650 |
Endesa S.A. | 102,105 | 2,134,922 |
Ferrovial S.A. | 155,296 | 3,109,185 |
Grifols S.A. | 97,194 | 2,769,077 |
Iberdrola S.A. | 1,930,467 | 13,659,636 |
Industria de Diseno Textil S.A. | 350,280 | 9,872,539 |
International Consolidated Airlines Group S.A. | 194,714 | 1,502,467 |
Mapfre S.A. | 369,050 | 1,102,792 |
Naturgy Energy Group S.A. | 111,799 | 2,747,756 |
Red Electrica Corp. S.A. | 140,944 | 2,918,452 |
Repsol S.A. | 437,153 | 7,811,418 |
Siemens Gamesa Renewable Energy S.A. * | 74,915 | 829,683 |
Telefonica S.A. | 1,503,745 | 12,335,308 |
127,503,429 | ||
Sweden 2.6% | ||
Alfa Laval AB | 95,435 | 2,435,033 |
Assa Abloy AB, Class B | 324,425 | 6,453,059 |
Atlas Copco AB, A Shares | 220,581 | 5,453,149 |
Atlas Copco AB, B Shares | 123,884 | 2,837,354 |
Boliden AB | 90,997 | 2,078,073 |
Security | Number of Shares | Value ($) |
Electrolux AB, B Shares | 75,101 | 1,560,583 |
Epiroc AB, Class A * | 222,713 | 1,955,734 |
Epiroc AB, Class B * | 123,884 | 1,019,363 |
Essity AB, Class B | 195,511 | 4,461,845 |
Hennes & Mauritz AB, B Shares (a) | 282,184 | 4,984,148 |
Hexagon AB, B Shares | 85,352 | 4,177,435 |
Husqvarna AB, B Shares | 137,067 | 1,034,232 |
ICA Gruppen AB (a) | 24,300 | 859,720 |
Industrivarden AB, C Shares | 50,071 | 1,040,028 |
Investor AB, B Shares | 148,071 | 6,415,374 |
Kinnevik AB, Class B | 78,322 | 2,171,367 |
LE Lundbergfortagen AB, B Shares | 21,024 | 648,062 |
Lundin Petroleum AB | 62,529 | 1,902,392 |
Millicom International Cellular S.A. SDR | 20,909 | 1,179,941 |
Nordea Bank Abp | 987,444 | 8,581,752 |
Sandvik AB | 362,844 | 5,736,124 |
Securitas AB, B Shares | 99,691 | 1,708,561 |
Skandinaviska Enskilda Banken AB, A Shares | 521,540 | 5,397,103 |
Skanska AB, B Shares | 113,849 | 1,789,660 |
SKF AB, B Shares | 123,658 | 1,982,500 |
Svenska Handelsbanken AB, A Shares | 494,841 | 5,378,841 |
Swedbank AB, A Shares | 290,998 | 6,545,863 |
Swedish Match AB | 56,106 | 2,857,966 |
Tele2 AB, B Shares | 111,029 | 1,260,761 |
Telefonaktiebolaget LM Ericsson, B Shares | 984,844 | 8,574,798 |
Telia Co. AB | 922,336 | 4,151,887 |
Volvo AB, B Shares | 504,508 | 7,534,401 |
114,167,109 | ||
Switzerland 8.5% | ||
ABB Ltd. | 593,475 | 11,941,630 |
Adecco Group AG | 53,059 | 2,598,301 |
Baloise Holding AG | 16,224 | 2,318,946 |
Barry Callebaut AG | 736 | 1,438,568 |
Chocoladefabriken Lindt & Spruengli AG | 33 | 2,634,364 |
Chocoladefabriken Lindt & Spruengli AG - Participation Certificates | 338 | 2,330,268 |
Cie Financiere Richemont S.A. | 168,826 | 12,339,591 |
Clariant AG * | 65,142 | 1,403,998 |
Credit Suisse Group AG * | 819,249 | 10,710,580 |
Dufry AG * | 10,143 | 1,142,912 |
EMS-Chemie Holding AG | 2,720 | 1,498,640 |
Geberit AG | 12,057 | 4,720,769 |
Givaudan S.A. | 3,017 | 7,312,958 |
Julius Baer Group Ltd. * | 70,610 | 3,220,152 |
Kuehne & Nagel International AG | 17,307 | 2,405,407 |
LafargeHolcim Ltd. * | 157,218 | 7,280,834 |
Lonza Group AG * | 24,215 | 7,614,150 |
Nestle S.A. | 1,005,567 | 84,893,066 |
Novartis AG | 700,836 | 61,373,818 |
Pargesa Holding S.A. | 11,548 | 847,739 |
Partners Group Holding AG | 5,604 | 3,989,794 |
Roche Holding AG | 227,127 | 55,274,174 |
Schindler Holding AG | 19,291 | 4,047,415 |
SGS S.A. | 1,766 | 4,194,337 |
Sika AG | 41,598 | 5,333,799 |
Sonova Holding AG | 18,208 | 2,969,436 |
Straumann Holding AG | 3,207 | 2,189,118 |
Swiss Life Holding AG * | 10,824 | 4,082,972 |
Swiss Prime Site AG * | 25,392 | 2,060,392 |
Swiss Re AG | 100,677 | 9,084,358 |
Security | Number of Shares | Value ($) |
Swisscom AG | 8,408 | 3,849,869 |
Temenos AG * | 20,017 | 2,751,076 |
The Swatch Group AG | 18,742 | 1,251,042 |
The Swatch Group AG - Bearer Shares | 9,786 | 3,305,452 |
UBS Group AG * | 1,247,818 | 17,440,895 |
Vifor Pharma AG | 14,394 | 2,080,350 |
Zurich Insurance Group AG | 48,581 | 15,083,484 |
369,014,654 | ||
United Kingdom 17.4% | ||
3i Group plc | 305,340 | 3,418,985 |
Admiral Group plc | 64,014 | 1,645,545 |
Anglo American plc | 342,492 | 7,309,936 |
Antofagasta plc | 124,623 | 1,247,479 |
Ashtead Group plc | 156,858 | 3,872,329 |
Associated British Foods plc | 115,274 | 3,514,334 |
AstraZeneca plc | 409,653 | 31,334,204 |
Auto Trader Group plc | 318,519 | 1,664,377 |
Aviva plc | 1,306,896 | 7,142,037 |
Babcock International Group plc | 74,455 | 580,616 |
BAE Systems plc | 1,035,673 | 6,944,483 |
Barclays plc | 5,537,201 | 12,200,145 |
Barratt Developments plc | 326,354 | 2,140,546 |
BHP Billiton plc | 679,587 | 13,556,872 |
BP plc | 6,433,354 | 46,472,737 |
British American Tobacco plc | 741,004 | 32,122,720 |
BT Group plc | 2,717,855 | 8,322,087 |
Bunzl plc | 107,465 | 3,170,209 |
Burberry Group plc | 134,388 | 3,109,653 |
Carnival plc | 58,239 | 3,174,345 |
Centrica plc | 1,826,767 | 3,431,186 |
Coca-Cola HBC AG * | 64,058 | 1,892,183 |
Compass Group plc | 514,516 | 10,119,909 |
ConvaTec Group plc | 459,155 | 949,063 |
Croda International plc | 42,911 | 2,643,128 |
DCC plc | 32,044 | 2,746,515 |
Diageo plc | 794,731 | 27,475,056 |
Direct Line Insurance Group plc | 457,084 | 1,920,794 |
easyJet plc | 47,046 | 720,734 |
Experian plc | 298,721 | 6,870,342 |
Ferguson plc | 74,159 | 4,999,766 |
Fresnillo plc | 73,923 | 801,626 |
G4S plc | 491,411 | 1,348,605 |
GlaxoSmithKline plc | 1,597,438 | 30,938,790 |
Glencore plc * | 3,726,685 | 15,166,338 |
GVC Holdings plc | 179,236 | 2,146,954 |
Hammerson plc | 274,751 | 1,533,931 |
Hargreaves Lansdown plc | 92,229 | 2,198,720 |
HSBC Holdings plc | 6,488,531 | 53,398,035 |
Imperial Brands plc | 307,512 | 10,416,233 |
Informa plc | 398,576 | 3,637,236 |
InterContinental Hotels Group plc | 57,180 | 3,000,222 |
Intertek Group plc | 50,840 | 3,046,147 |
Investec plc | 206,987 | 1,279,711 |
ITV plc | 1,179,245 | 2,238,528 |
J. Sainsbury plc | 556,697 | 2,211,795 |
John Wood Group plc | 210,153 | 1,915,386 |
Johnson Matthey plc | 63,705 | 2,415,294 |
Kingfisher plc | 693,004 | 2,250,297 |
Land Securities Group plc | 243,924 | 2,653,430 |
Legal & General Group plc | 1,896,444 | 6,085,456 |
Lloyds Banking Group plc | 23,344,985 | 17,035,737 |
London Stock Exchange Group plc | 102,695 | 5,658,264 |
Marks & Spencer Group plc | 534,533 | 2,021,705 |
Mediclinic International plc | 106,745 | 513,008 |
Meggitt plc | 241,376 | 1,633,055 |
Security | Number of Shares | Value ($) |
Melrose Industries plc | 1,549,124 | 3,334,639 |
Merlin Entertainments plc | 247,676 | 1,022,852 |
Micro Focus International plc | 143,356 | 2,222,335 |
Mondi plc | 117,716 | 2,772,076 |
National Grid plc | 1,075,947 | 11,366,348 |
Next plc | 44,210 | 2,936,994 |
NMC Health plc | 32,992 | 1,487,595 |
Pearson plc | 249,978 | 2,871,732 |
Persimmon plc | 103,883 | 3,040,355 |
Prudential plc | 839,228 | 16,804,390 |
Randgold Resources Ltd. | 31,439 | 2,472,795 |
Reckitt Benckiser Group plc | 216,507 | 17,507,639 |
RELX plc | 635,926 | 12,576,492 |
Rio Tinto plc | 381,450 | 18,519,689 |
Rolls-Royce Holdings plc * | 544,813 | 5,842,676 |
Royal Bank of Scotland Group plc | 1,535,871 | 4,623,734 |
Royal Dutch Shell plc, A Shares | 1,487,007 | 47,373,215 |
Royal Dutch Shell plc, B Shares | 1,208,246 | 39,404,435 |
Royal Mail plc | 300,009 | 1,377,319 |
RSA Insurance Group plc | 331,110 | 2,381,360 |
Schroders plc | 41,448 | 1,418,454 |
Segro plc | 334,427 | 2,621,864 |
Severn Trent plc | 73,807 | 1,753,976 |
Shire plc | 294,947 | 17,800,317 |
Smith & Nephew plc | 282,974 | 4,599,699 |
Smiths Group plc | 128,441 | 2,289,527 |
SSE plc | 328,481 | 4,787,749 |
St. James's Place plc | 171,819 | 2,220,460 |
Standard Chartered plc | 918,846 | 6,439,922 |
Standard Life Aberdeen plc | 741,538 | 2,561,150 |
Taylor Wimpey plc | 1,053,127 | 2,168,417 |
Tesco plc | 3,156,647 | 8,596,885 |
The Berkeley Group Holdings plc | 39,738 | 1,776,021 |
The British Land Co., plc | 305,171 | 2,304,751 |
The Sage Group plc | 343,440 | 2,387,906 |
The Weir Group plc | 75,079 | 1,519,339 |
Travis Perkins plc | 80,634 | 1,138,850 |
TUI AG | 144,240 | 2,393,125 |
Unilever plc | 394,893 | 20,917,333 |
United Utilities Group plc | 224,174 | 2,077,354 |
Vodafone Group plc | 8,625,971 | 16,221,467 |
Whitbread plc | 59,066 | 3,321,136 |
WM Morrison Supermarkets plc | 699,671 | 2,216,690 |
WPP plc | 407,676 | 4,613,207 |
750,341,087 | ||
Total Common Stock | ||
(Cost $3,746,775,214) | 4,234,300,412 | |
Preferred Stock 0.6% of net assets | ||
Germany 0.6% | ||
Bayerische Motoren Werke AG | 16,863 | 1,270,063 |
Fuchs Petrolub SE | 23,960 | 1,109,101 |
Henkel AG & Co. KGaA | 57,713 | 6,305,419 |
Porsche Automobil Holding SE | 50,639 | 3,220,387 |
Sartorius AG | 11,055 | 1,599,030 |
Schaeffler AG | 46,816 | 493,307 |
Volkswagen AG | 59,757 | 10,039,350 |
24,036,657 | ||
Security | Number of Shares | Value ($) |
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc, C Shares *(b) | 24,523,750 | 31,346 |
Total Preferred Stock | ||
(Cost $23,676,364) | 24,068,003 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/18 * | 5,166,295 | 200,710 |
Total Rights | ||
(Cost $208,052) | 200,710 | |
Other Investment Company 0.4% of net assets | ||
United States 0.4% | ||
Securities Lending Collateral 0.4% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 15,421,062 | 15,421,062 |
Total Other Investment Company | ||
(Cost $15,421,062) | 15,421,062 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.4% of net assets | ||
Time Deposits 0.4% | ||
BNP Paribas | ||
Euro | ||
(0.57%), 11/01/18 (d) | 209,740 | 237,562 |
Hong Kong Dollar | ||
0.37%, 11/01/18 (d) | 201,487 | 25,694 |
Brown Brothers Harriman | ||
Australian Dollar | ||
0.77%, 11/01/18 (d) | 141,578 | 100,258 |
Danish Krone | ||
(0.80%), 11/01/18 (d) | 67,229 | 10,207 |
Norwegian Krone | ||
0.30%, 11/01/18 (d) | 1,575,774 | 186,929 |
Singapore Dollar | ||
0.62%, 11/01/18 (d) | 15,340 | 11,075 |
Swiss Franc | ||
(1.44%), 11/01/18 (d) | 20,086 | 19,943 |
Citibank | ||
Pound Sterling | ||
0.36%, 11/01/18 (d) | 82,992 | 106,081 |
Skandinaviska Enskilda Banken | ||
Swedish Krona | ||
(0.80%), 11/01/18 (d) | 1,056,002 | 115,395 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.30%), 11/01/18 (d) | 44,738,237 | 396,493 |
U.S. Dollar | ||
1.54%, 11/01/18 (d) | 17,097,580 | 17,097,580 |
Total Short-Term Investments | ||
(Cost $18,307,217) | 18,307,217 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 533 | 48,303,125 | 473,681 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $14,894,013. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Table of Contents
Security | Number of Shares | Value ($) |
Common Stock 99.8% of net assets | ||
Automobiles & Components 1.5% | ||
Adient plc | 83,235 | 2,532,009 |
Aptiv plc | 53,620 | 4,118,016 |
BorgWarner, Inc. | 61,297 | 2,415,715 |
Cooper Tire & Rubber Co. | 37,850 | 1,169,186 |
Dana, Inc. | 55,800 | 868,806 |
Ford Motor Co. | 2,257,461 | 21,558,753 |
Garrett Motion, Inc. *(a) | 11,744 | 178,156 |
General Motors Co. | 716,828 | 26,228,737 |
Gentex Corp. | 47,810 | 1,006,400 |
Harley-Davidson, Inc. | 70,904 | 2,709,951 |
Lear Corp. | 22,550 | 2,996,895 |
Tenneco, Inc., Class A | 23,720 | 816,680 |
The Goodyear Tire & Rubber Co. | 159,490 | 3,358,859 |
Thor Industries, Inc. | 12,300 | 856,572 |
Visteon Corp. * | 18,100 | 1,430,624 |
72,245,359 | ||
Banks 4.7% | ||
Bank of America Corp. | 917,434 | 25,229,435 |
BB&T Corp. | 121,625 | 5,979,085 |
CIT Group, Inc. | 37,320 | 1,768,222 |
Citigroup, Inc. | 495,822 | 32,456,508 |
Citizens Financial Group, Inc. | 73,000 | 2,726,550 |
Comerica, Inc. | 20,100 | 1,639,356 |
Fifth Third Bancorp | 154,470 | 4,169,145 |
First Republic Bank | 10,400 | 946,296 |
Huntington Bancshares, Inc. | 122,567 | 1,756,385 |
JPMorgan Chase & Co. | 534,433 | 58,263,886 |
KeyCorp | 124,537 | 2,261,592 |
M&T Bank Corp. | 17,579 | 2,907,742 |
New York Community Bancorp, Inc. | 143,730 | 1,376,933 |
People's United Financial, Inc. | 64,977 | 1,017,540 |
Regions Financial Corp. | 177,935 | 3,019,557 |
SunTrust Banks, Inc. | 76,720 | 4,807,275 |
The PNC Financial Services Group, Inc. | 71,795 | 9,224,940 |
U.S. Bancorp | 306,940 | 16,043,754 |
Wells Fargo & Co. | 1,017,413 | 54,156,894 |
229,751,095 | ||
Capital Goods 7.2% | ||
3M Co. | 106,971 | 20,352,302 |
AECOM * | 56,154 | 1,636,328 |
AGCO Corp. | 39,640 | 2,221,426 |
Allison Transmission Holdings, Inc. | 28,400 | 1,251,872 |
AMETEK, Inc. | 29,430 | 1,974,164 |
Carlisle Cos., Inc. | 13,260 | 1,280,783 |
Caterpillar, Inc. | 133,257 | 16,166,739 |
Cummins, Inc. | 54,824 | 7,493,893 |
Deere & Co. | 95,513 | 12,936,281 |
Donaldson Co., Inc. | 23,360 | 1,197,901 |
Dover Corp. | 40,935 | 3,391,055 |
Eaton Corp. plc | 119,476 | 8,562,845 |
EMCOR Group, Inc. | 19,040 | 1,351,459 |
Security | Number of Shares | Value ($) |
Emerson Electric Co. | 192,680 | 13,079,118 |
Fastenal Co. | 52,260 | 2,686,687 |
Flowserve Corp. | 55,735 | 2,558,236 |
Fluor Corp. | 118,360 | 5,191,270 |
Fortive Corp. | 34,358 | 2,551,081 |
Fortune Brands Home & Security, Inc. | 28,400 | 1,273,172 |
GATX Corp. | 14,520 | 1,087,984 |
General Dynamics Corp. | 59,676 | 10,298,884 |
General Electric Co. | 4,132,758 | 41,740,856 |
Harris Corp. | 18,138 | 2,697,302 |
HD Supply Holdings, Inc. * | 24,510 | 920,841 |
Honeywell International, Inc. | 116,335 | 16,847,635 |
Hubbell, Inc. | 14,484 | 1,473,023 |
Huntington Ingalls Industries, Inc. | 7,400 | 1,616,752 |
IDEX Corp. | 9,640 | 1,222,545 |
Illinois Tool Works, Inc. | 81,634 | 10,414,049 |
Ingersoll-Rand plc | 51,752 | 4,965,087 |
Jacobs Engineering Group, Inc. | 51,950 | 3,900,925 |
Johnson Controls International plc | 132,658 | 4,241,076 |
L3 Technologies, Inc. | 12,100 | 2,292,587 |
Lincoln Electric Holdings, Inc. | 17,200 | 1,391,652 |
Lockheed Martin Corp. | 40,474 | 11,893,285 |
Masco Corp. | 37,500 | 1,125,000 |
MSC Industrial Direct Co., Inc., Class A | 13,600 | 1,102,416 |
Northrop Grumman Corp. | 37,463 | 9,813,433 |
Oshkosh Corp. | 28,720 | 1,612,341 |
Owens Corning | 29,180 | 1,379,339 |
PACCAR, Inc. | 100,741 | 5,763,393 |
Parker-Hannifin Corp. | 33,397 | 5,063,987 |
Pentair plc | 35,777 | 1,436,446 |
Quanta Services, Inc. * | 76,570 | 2,388,984 |
Raytheon Co. | 54,815 | 9,594,818 |
Regal Beloit Corp. | 14,600 | 1,046,820 |
Resideo Technologies, Inc. * | 19,389 | 408,142 |
Rockwell Automation, Inc. | 19,870 | 3,273,185 |
Rockwell Collins, Inc. | 18,510 | 2,369,650 |
Roper Technologies, Inc. | 7,220 | 2,042,538 |
Snap-on, Inc. | 11,300 | 1,739,522 |
Spirit AeroSystems Holdings, Inc., Class A | 20,600 | 1,730,606 |
Stanley Black & Decker, Inc. | 31,303 | 3,647,426 |
Terex Corp. | 34,160 | 1,140,602 |
Textron, Inc. | 60,750 | 3,258,022 |
The Boeing Co. | 67,702 | 24,024,732 |
The Timken Co. | 28,365 | 1,121,836 |
TransDigm Group, Inc. * | 7,350 | 2,427,337 |
Trinity Industries, Inc. | 62,880 | 1,795,224 |
United Rentals, Inc. * | 21,200 | 2,545,484 |
United Technologies Corp. | 214,952 | 26,699,188 |
Valmont Industries, Inc. | 8,100 | 1,006,911 |
W.W. Grainger, Inc. | 15,858 | 4,503,196 |
WABCO Holdings, Inc. * | 9,400 | 1,010,030 |
Wabtec Corp. | 13,170 | 1,080,203 |
Watsco, Inc. | 6,510 | 964,652 |
WESCO International, Inc. * | 28,900 | 1,450,202 |
Xylem, Inc. | 21,705 | 1,423,414 |
354,150,174 | ||
Security | Number of Shares | Value ($) |
Commercial & Professional Services 0.6% | ||
ABM Industries, Inc. | 32,900 | 1,011,675 |
Cintas Corp. | 12,910 | 2,347,942 |
Equifax, Inc. | 14,720 | 1,493,197 |
IHS Markit Ltd. * | 21,300 | 1,118,889 |
KAR Auction Services, Inc. | 20,100 | 1,144,494 |
ManpowerGroup, Inc. | 40,730 | 3,107,292 |
Nielsen Holdings plc | 105,190 | 2,732,836 |
Pitney Bowes, Inc. | 156,319 | 1,034,832 |
Republic Services, Inc. | 47,633 | 3,461,966 |
Robert Half International, Inc. | 35,150 | 2,127,629 |
The Dun & Bradstreet Corp. | 9,170 | 1,304,707 |
Verisk Analytics, Inc. * | 10,420 | 1,248,733 |
Waste Management, Inc. | 83,474 | 7,468,419 |
29,602,611 | ||
Consumer Durables & Apparel 1.3% | ||
Brunswick Corp. | 18,850 | 980,011 |
Carter's, Inc. | 11,600 | 1,113,368 |
D.R. Horton, Inc. | 53,700 | 1,931,052 |
Fossil Group, Inc. * | 133,970 | 2,908,489 |
Garmin Ltd. | 26,100 | 1,726,776 |
Hanesbrands, Inc. | 84,200 | 1,444,872 |
Hasbro, Inc. | 22,041 | 2,021,380 |
Leggett & Platt, Inc. | 38,857 | 1,410,898 |
Lennar Corp., Class A | 36,900 | 1,585,962 |
Mattel, Inc. * | 213,755 | 2,902,793 |
Michael Kors Holdings Ltd. * | 44,730 | 2,478,489 |
Mohawk Industries, Inc. * | 9,705 | 1,210,505 |
Newell Brands, Inc. | 78,123 | 1,240,593 |
NIKE, Inc., Class B | 209,954 | 15,754,948 |
NVR, Inc. * | 652 | 1,459,848 |
Polaris Industries, Inc. | 17,190 | 1,529,566 |
PulteGroup, Inc. | 76,900 | 1,889,433 |
PVH Corp. | 16,570 | 2,001,490 |
Ralph Lauren Corp. | 27,610 | 3,578,532 |
Tapestry, Inc. | 86,315 | 3,651,988 |
VF Corp. | 69,640 | 5,771,763 |
Whirlpool Corp. | 30,435 | 3,340,546 |
61,933,302 | ||
Consumer Services 1.8% | ||
Aramark | 58,000 | 2,083,360 |
Brinker International, Inc. | 28,425 | 1,232,224 |
Carnival Corp. | 94,270 | 5,282,891 |
Chipotle Mexican Grill, Inc. * | 5,487 | 2,525,831 |
Darden Restaurants, Inc. | 25,242 | 2,689,535 |
Domino's Pizza, Inc. | 4,630 | 1,244,498 |
H&R Block, Inc. | 61,235 | 1,625,177 |
Hilton Worldwide Holdings, Inc. | 18,200 | 1,295,294 |
Las Vegas Sands Corp. | 72,890 | 3,719,577 |
Marriott International, Inc., Class A | 22,275 | 2,603,725 |
McDonald's Corp. | 175,568 | 31,057,979 |
MGM Resorts International | 82,325 | 2,196,431 |
Norwegian Cruise Line Holdings Ltd. * | 21,300 | 938,691 |
Royal Caribbean Cruises Ltd. | 24,719 | 2,588,821 |
Service Corp. International | 28,930 | 1,199,727 |
Starbucks Corp. | 163,880 | 9,549,287 |
The Wendy's Co. | 68,590 | 1,182,492 |
Wyndham Destinations, Inc. | 28,370 | 1,017,916 |
Wyndham Hotels & Resorts, Inc. | 29,840 | 1,470,813 |
Wynn Resorts Ltd. | 16,204 | 1,630,122 |
Security | Number of Shares | Value ($) |
Yum China Holdings, Inc. | 59,130 | 2,133,410 |
Yum! Brands, Inc. | 76,160 | 6,885,625 |
86,153,426 | ||
Diversified Financials 4.6% | ||
Affiliated Managers Group, Inc. | 7,400 | 841,084 |
AGNC Investment Corp. | 81,700 | 1,457,528 |
Ally Financial, Inc. | 259,190 | 6,586,018 |
American Express Co. | 187,717 | 19,284,167 |
Ameriprise Financial, Inc. | 45,614 | 5,803,925 |
Annaly Capital Management, Inc. | 245,431 | 2,422,404 |
Berkshire Hathaway, Inc., Class B * | 295,886 | 60,739,478 |
BlackRock, Inc. | 14,330 | 5,895,649 |
Capital One Financial Corp. | 161,792 | 14,448,026 |
CME Group, Inc. | 26,210 | 4,802,720 |
Discover Financial Services | 125,182 | 8,721,430 |
Franklin Resources, Inc. | 144,809 | 4,416,674 |
Intercontinental Exchange, Inc. | 28,830 | 2,221,063 |
Invesco Ltd. | 118,520 | 2,573,069 |
Jefferies Financial Group, Inc. | 70,100 | 1,505,047 |
Lazard Ltd., Class A | 18,800 | 747,112 |
Legg Mason, Inc. | 51,010 | 1,439,502 |
LPL Financial Holdings, Inc. | 23,750 | 1,463,000 |
Moody's Corp. | 17,290 | 2,515,349 |
Morgan Stanley | 139,013 | 6,347,334 |
MSCI, Inc. | 8,340 | 1,254,169 |
Nasdaq, Inc. | 13,983 | 1,212,466 |
Navient Corp. | 285,560 | 3,306,785 |
Northern Trust Corp. | 23,120 | 2,174,898 |
Raymond James Financial, Inc. | 12,900 | 989,301 |
S&P Global, Inc. | 21,018 | 3,832,002 |
Santander Consumer USA Holdings, Inc. | 71,140 | 1,333,875 |
SEI Investments Co. | 15,810 | 845,045 |
SLM Corp. * | 150,930 | 1,530,430 |
State Street Corp. | 67,596 | 4,647,225 |
Synchrony Financial | 219,450 | 6,337,716 |
T. Rowe Price Group, Inc. | 47,735 | 4,629,818 |
TD Ameritrade Holding Corp. | 25,390 | 1,313,171 |
The Bank of New York Mellon Corp. | 162,389 | 7,685,871 |
The Charles Schwab Corp. (b) | 53,515 | 2,474,534 |
The Goldman Sachs Group, Inc. | 94,949 | 21,398,656 |
Voya Financial, Inc. | 58,760 | 2,571,338 |
Waddell & Reed Financial, Inc., Class A | 56,800 | 1,083,176 |
222,851,055 | ||
Energy 12.0% | ||
Anadarko Petroleum Corp. | 122,379 | 6,510,563 |
Apache Corp. | 176,468 | 6,675,784 |
Baker Hughes, a GE Co. | 207,976 | 5,550,879 |
Chevron Corp. | 919,002 | 102,606,573 |
CNX Resources Corp. * | 75,535 | 1,182,123 |
Concho Resources, Inc. * | 11,630 | 1,617,617 |
ConocoPhillips | 585,472 | 40,924,493 |
Devon Energy Corp. | 90,847 | 2,943,443 |
EOG Resources, Inc. | 70,381 | 7,413,935 |
EQT Corp. | 27,160 | 922,625 |
Exxon Mobil Corp. | 2,276,741 | 181,410,723 |
Halliburton Co. | 261,730 | 9,076,796 |
Helmerich & Payne, Inc. | 39,875 | 2,483,814 |
Hess Corp. | 187,614 | 10,769,044 |
HollyFrontier Corp. | 139,532 | 9,410,038 |
Kinder Morgan, Inc. | 615,270 | 10,471,895 |
Marathon Oil Corp. | 501,929 | 9,531,632 |
Marathon Petroleum Corp. | 388,699 | 27,383,845 |
Murphy Oil Corp. | 142,110 | 4,527,625 |
Nabors Industries Ltd. | 371,530 | 1,846,504 |
Security | Number of Shares | Value ($) |
National Oilwell Varco, Inc. | 243,101 | 8,946,117 |
Noble Corp. plc * | 504,690 | 2,533,544 |
Noble Energy, Inc. | 115,340 | 2,866,199 |
Occidental Petroleum Corp. | 246,530 | 16,534,767 |
Oceaneering International, Inc. * | 83,480 | 1,581,111 |
ONEOK, Inc. | 39,970 | 2,622,032 |
Patterson-UTI Energy, Inc. | 80,810 | 1,344,678 |
PBF Energy, Inc., Class A | 67,600 | 2,829,060 |
Phillips 66 | 292,918 | 30,117,829 |
Pioneer Natural Resources Co. | 14,520 | 2,138,360 |
QEP Resources, Inc. * | 135,942 | 1,211,243 |
Rowan Cos. plc, Class A * | 68,500 | 1,089,835 |
Schlumberger Ltd. | 408,410 | 20,955,517 |
SM Energy Co. | 51,170 | 1,245,478 |
Targa Resources Corp. | 32,330 | 1,670,491 |
The Williams Cos., Inc. | 202,829 | 4,934,830 |
Transocean Ltd. * | 402,890 | 4,435,819 |
Valero Energy Corp. | 320,406 | 29,185,782 |
Weatherford International plc * | 897,400 | 1,211,490 |
World Fuel Services Corp. | 253,310 | 8,105,920 |
588,820,053 | ||
Food & Staples Retailing 3.3% | ||
Casey's General Stores, Inc. | 15,512 | 1,956,218 |
Costco Wholesale Corp. | 119,503 | 27,321,971 |
Performance Food Group Co. * | 34,700 | 1,017,404 |
Rite Aid Corp. * | 1,044,800 | 1,253,760 |
SpartanNash, Co. | 54,000 | 963,900 |
Sysco Corp. | 142,589 | 10,170,874 |
The Kroger Co. | 598,288 | 17,805,051 |
U.S. Foods Holding Corp. * | 71,460 | 2,084,488 |
United Natural Foods, Inc. * | 41,500 | 901,795 |
Walgreens Boots Alliance, Inc. | 306,182 | 24,424,138 |
Walmart, Inc. | 756,442 | 75,856,004 |
163,755,603 | ||
Food, Beverage & Tobacco 4.6% | ||
Altria Group, Inc. | 338,416 | 22,010,577 |
Archer-Daniels-Midland Co. | 464,514 | 21,948,287 |
Brown-Forman Corp., Class B | 44,742 | 2,073,344 |
Bunge Ltd. | 144,126 | 8,906,987 |
Campbell Soup Co. | 40,740 | 1,524,083 |
ConAgra Brands, Inc. | 96,720 | 3,443,232 |
Constellation Brands, Inc., Class A | 11,330 | 2,257,276 |
Dean Foods Co. | 101,600 | 811,784 |
Flowers Foods, Inc. | 52,100 | 1,006,051 |
General Mills, Inc. | 191,458 | 8,385,861 |
Hormel Foods Corp. | 57,408 | 2,505,285 |
Ingredion, Inc. | 20,600 | 2,084,308 |
Kellogg Co. | 54,097 | 3,542,272 |
McCormick & Co., Inc. - Non Voting Shares | 17,448 | 2,512,512 |
Molson Coors Brewing Co., Class B | 34,120 | 2,183,680 |
Mondelez International, Inc., Class A | 421,395 | 17,690,162 |
Monster Beverage Corp. * | 27,100 | 1,432,235 |
PepsiCo, Inc. | 299,793 | 33,690,737 |
Philip Morris International, Inc. | 384,218 | 33,838,079 |
Sanderson Farms, Inc. | 9,500 | 934,705 |
The Coca-Cola Co. | 749,573 | 35,889,555 |
The Hershey Co. | 25,142 | 2,693,965 |
The JM Smucker Co. | 32,315 | 3,500,361 |
The Kraft Heinz Co. | 107,654 | 5,917,740 |
Tyson Foods, Inc., Class A | 105,515 | 6,322,459 |
227,105,537 | ||
Security | Number of Shares | Value ($) |
Health Care Equipment & Services 6.7% | ||
Abbott Laboratories | 210,547 | 14,515,110 |
Aetna, Inc. | 74,081 | 14,697,670 |
AmerisourceBergen Corp. | 31,007 | 2,728,616 |
Anthem, Inc. | 94,100 | 25,931,137 |
Baxter International, Inc. | 63,853 | 3,991,451 |
Becton, Dickinson & Co. | 27,557 | 6,351,889 |
Boston Scientific Corp. * | 64,115 | 2,317,116 |
Cardinal Health, Inc. | 227,167 | 11,494,650 |
Centene Corp. * | 22,220 | 2,895,710 |
Cerner Corp. * | 33,540 | 1,921,171 |
Cigna Corp. | 32,729 | 6,997,787 |
Community Health Systems, Inc. * | 466,262 | 1,473,388 |
CVS Health Corp. | 655,076 | 47,420,952 |
Danaher Corp. | 59,216 | 5,886,070 |
DaVita, Inc. * | 44,020 | 2,964,307 |
DENTSPLY SIRONA, Inc. | 33,435 | 1,157,854 |
Edwards Lifesciences Corp. * | 14,150 | 2,088,540 |
Express Scripts Holding Co. * | 351,597 | 34,094,361 |
HCA Healthcare, Inc. | 87,354 | 11,664,380 |
Henry Schein, Inc. * | 45,914 | 3,810,862 |
Humana, Inc. | 42,260 | 13,540,527 |
Intuitive Surgical, Inc. * | 4,837 | 2,520,948 |
Laboratory Corp. of America Holdings * | 14,489 | 2,326,209 |
LifePoint Health, Inc. * | 26,270 | 1,703,872 |
Magellan Health, Inc. * | 14,600 | 949,876 |
McKesson Corp. | 107,817 | 13,451,249 |
MEDNAX, Inc. * | 27,300 | 1,127,217 |
Medtronic plc | 213,746 | 19,198,666 |
Molina Healthcare, Inc. * | 11,690 | 1,481,941 |
Owens & Minor, Inc. | 99,442 | 785,592 |
Patterson Cos., Inc. | 52,535 | 1,186,240 |
Quest Diagnostics, Inc. | 40,672 | 3,827,642 |
ResMed, Inc. | 14,710 | 1,558,083 |
Stryker Corp. | 32,448 | 5,263,715 |
Tenet Healthcare Corp. * | 78,023 | 2,007,532 |
UnitedHealth Group, Inc. | 159,676 | 41,731,323 |
Universal Health Services, Inc., Class B | 24,648 | 2,996,211 |
Varian Medical Systems, Inc. * | 16,103 | 1,922,215 |
WellCare Health Plans, Inc. * | 8,330 | 2,298,997 |
Zimmer Biomet Holdings, Inc. | 28,194 | 3,202,556 |
327,483,632 | ||
Household & Personal Products 1.8% | ||
Church & Dwight Co., Inc. | 45,000 | 2,671,650 |
Colgate-Palmolive Co. | 149,338 | 8,893,078 |
Herbalife Nutrition Ltd. * | 30,700 | 1,635,082 |
Kimberly-Clark Corp. | 60,201 | 6,278,964 |
Nu Skin Enterprises, Inc., Class A | 18,390 | 1,291,346 |
The Clorox Co. | 18,570 | 2,756,716 |
The Estee Lauder Cos., Inc., Class A | 25,564 | 3,513,516 |
The Procter & Gamble Co. | 676,835 | 60,021,728 |
87,062,080 | ||
Insurance 3.4% | ||
Aflac, Inc. | 213,166 | 9,181,060 |
Alleghany Corp. | 3,320 | 1,994,258 |
American Financial Group, Inc. | 13,480 | 1,348,404 |
American International Group, Inc. | 616,412 | 25,451,651 |
Aon plc | 51,376 | 8,023,904 |
Arch Capital Group Ltd. * | 53,325 | 1,512,830 |
Arthur J. Gallagher & Co. | 23,500 | 1,739,235 |
Assurant, Inc. | 27,575 | 2,680,566 |
Assured Guaranty Ltd. | 54,720 | 2,187,705 |
Axis Capital Holdings Ltd. | 39,250 | 2,189,757 |
Security | Number of Shares | Value ($) |
Chubb Ltd. | 64,028 | 7,997,737 |
Cincinnati Financial Corp. | 28,180 | 2,216,075 |
CNO Financial Group, Inc. | 73,210 | 1,383,669 |
Everest Re Group Ltd. | 14,445 | 3,146,988 |
Fidelity National Financial, Inc. | 58,484 | 1,956,290 |
First American Financial Corp. | 23,700 | 1,050,621 |
Genworth Financial, Inc., Class A * | 548,150 | 2,346,082 |
Lincoln National Corp. | 56,410 | 3,395,318 |
Loews Corp. | 99,889 | 4,650,832 |
Markel Corp. * | 1,140 | 1,246,294 |
Marsh & McLennan Cos., Inc. | 79,660 | 6,751,185 |
MetLife, Inc. | 208,078 | 8,570,733 |
Old Republic International Corp. | 62,000 | 1,367,100 |
Principal Financial Group, Inc. | 53,941 | 2,539,003 |
Prudential Financial, Inc. | 92,517 | 8,676,244 |
Reinsurance Group of America, Inc. | 14,900 | 2,121,313 |
RenaissanceRe Holdings Ltd. | 15,025 | 1,835,454 |
The Allstate Corp. | 112,613 | 10,779,316 |
The Hartford Financial Services Group, Inc. | 115,297 | 5,236,790 |
The Progressive Corp. | 101,965 | 7,106,960 |
The Travelers Cos., Inc. | 148,632 | 18,598,322 |
Torchmark Corp. | 21,865 | 1,851,091 |
Unum Group | 57,295 | 2,077,517 |
W. R. Berkley Corp. | 24,493 | 1,859,019 |
White Mountains Insurance Group Ltd. | 1,689 | 1,497,586 |
Willis Towers Watson plc | 9,600 | 1,374,336 |
167,941,245 | ||
Materials 3.2% | ||
Air Products & Chemicals, Inc. | 31,215 | 4,818,035 |
Albemarle Corp. | 15,885 | 1,576,110 |
Alcoa Corp. * | 111,190 | 3,890,538 |
AptarGroup, Inc. | 11,660 | 1,188,854 |
Ashland Global Holdings, Inc. | 26,305 | 1,946,044 |
Avery Dennison Corp. | 17,760 | 1,611,187 |
Ball Corp. | 54,050 | 2,421,440 |
Bemis Co., Inc. | 38,088 | 1,743,288 |
Celanese Corp. | 21,340 | 2,068,700 |
CF Industries Holdings, Inc. | 91,545 | 4,396,906 |
Commercial Metals Co. | 73,145 | 1,394,144 |
Crown Holdings, Inc. * | 25,700 | 1,086,853 |
Domtar Corp. | 47,882 | 2,217,415 |
DowDuPont, Inc. | 363,998 | 19,626,772 |
Eastman Chemical Co. | 36,760 | 2,880,146 |
Ecolab, Inc. | 34,791 | 5,328,242 |
FMC Corp. | 16,280 | 1,271,142 |
Freeport-McMoRan, Inc. | 455,900 | 5,311,235 |
Graphic Packaging Holding Co. | 97,000 | 1,067,970 |
Huntsman Corp. | 58,415 | 1,278,120 |
International Flavors & Fragrances, Inc. | 12,155 | 1,758,342 |
International Paper Co. | 123,563 | 5,604,818 |
Linde plc | 122,815 | 20,322,198 |
LyondellBasell Industries N.V., Class A | 167,710 | 14,971,472 |
Martin Marietta Materials, Inc. | 8,130 | 1,392,506 |
Newmont Mining Corp. | 115,121 | 3,559,541 |
Nucor Corp. | 110,766 | 6,548,486 |
Owens-Illinois, Inc. * | 71,105 | 1,114,215 |
Packaging Corp. of America | 16,721 | 1,535,155 |
PPG Industries, Inc. | 59,170 | 6,218,175 |
Reliance Steel & Aluminum Co. | 35,840 | 2,828,493 |
RPM International, Inc. | 26,835 | 1,641,497 |
Sealed Air Corp. | 34,500 | 1,116,420 |
Sonoco Products Co. | 31,755 | 1,733,188 |
Steel Dynamics, Inc. | 48,040 | 1,902,384 |
The Mosaic Co. | 270,291 | 8,362,804 |
The Sherwin-Williams Co. | 7,765 | 3,055,295 |
United States Steel Corp. | 59,934 | 1,590,049 |
Security | Number of Shares | Value ($) |
Vulcan Materials Co. | 12,143 | 1,228,143 |
WestRock Co. | 61,967 | 2,662,722 |
156,269,044 | ||
Media & Entertainment 4.2% | ||
Activision Blizzard, Inc. | 86,500 | 5,972,825 |
Alphabet, Inc., Class A * | 17,529 | 19,116,777 |
Alphabet, Inc., Class C * | 17,794 | 19,160,045 |
CBS Corp., Class B - Non Voting Shares | 162,761 | 9,334,343 |
Charter Communications, Inc., Class A * | 11,496 | 3,682,974 |
Cinemark Holdings, Inc. | 27,620 | 1,148,163 |
Comcast Corp., Class A | 1,058,864 | 40,385,073 |
Discovery, Inc., Class A * | 82,741 | 2,679,981 |
Discovery, Inc., Class C * | 171,121 | 5,015,557 |
DISH Network Corp., Class A * | 51,035 | 1,568,816 |
Electronic Arts, Inc. * | 19,538 | 1,777,567 |
Facebook, Inc., Class A * | 48,920 | 7,425,567 |
IAC/InterActiveCorp * | 8,802 | 1,730,385 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 16,700 | 688,708 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 33,700 | 1,390,799 |
News Corp., Class A | 122,720 | 1,618,677 |
News Corp., Class B | 37,600 | 501,584 |
Omnicom Group, Inc. | 64,523 | 4,795,349 |
TEGNA, Inc. | 94,430 | 1,089,722 |
The Interpublic Group of Cos., Inc. | 80,765 | 1,870,517 |
The Walt Disney Co. | 364,382 | 41,841,985 |
Tribune Media Co., Class A | 32,900 | 1,250,529 |
Twenty-First Century Fox, Inc., Class A | 290,051 | 13,203,122 |
Twenty-First Century Fox, Inc., Class B | 130,500 | 5,895,990 |
Viacom, Inc., Class B | 366,078 | 11,707,175 |
204,852,230 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.5% | ||
AbbVie, Inc. | 171,102 | 13,320,291 |
Agilent Technologies, Inc. | 36,836 | 2,386,604 |
Alexion Pharmaceuticals, Inc. * | 10,400 | 1,165,528 |
Allergan plc | 28,670 | 4,530,147 |
Amgen, Inc. | 116,713 | 22,501,099 |
Biogen, Inc. * | 20,560 | 6,255,791 |
Bristol-Myers Squibb Co. | 213,911 | 10,811,062 |
Celgene Corp. * | 90,306 | 6,465,910 |
Eli Lilly & Co. | 148,771 | 16,132,727 |
Gilead Sciences, Inc. | 336,147 | 22,918,502 |
IQVIA Holdings, Inc. * | 10,800 | 1,327,644 |
Johnson & Johnson | 440,827 | 61,711,372 |
Mallinckrodt plc * | 56,500 | 1,415,890 |
Merck & Co., Inc. | 717,472 | 52,813,114 |
Mettler-Toledo International, Inc. * | 2,600 | 1,421,732 |
Mylan N.V. * | 81,545 | 2,548,281 |
Perrigo Co., plc | 19,080 | 1,341,324 |
Pfizer, Inc. | 1,696,644 | 73,057,491 |
Regeneron Pharmaceuticals, Inc. * | 3,400 | 1,153,416 |
Thermo Fisher Scientific, Inc. | 33,135 | 7,741,993 |
United Therapeutics Corp. * | 12,100 | 1,341,406 |
Waters Corp. * | 8,200 | 1,555,458 |
Zoetis, Inc. | 24,030 | 2,166,304 |
316,083,086 | ||
Real Estate 1.6% | ||
American Tower Corp. | 25,215 | 3,928,749 |
AvalonBay Communities, Inc. | 13,129 | 2,302,564 |
Boston Properties, Inc. | 23,720 | 2,864,427 |
Brixmor Property Group, Inc. | 79,900 | 1,294,380 |
Security | Number of Shares | Value ($) |
Camden Property Trust | 12,400 | 1,119,348 |
CBRE Group, Inc., Class A * | 39,400 | 1,587,426 |
CoreCivic, Inc. | 70,200 | 1,576,692 |
Crown Castle International Corp. | 29,220 | 3,177,383 |
Digital Realty Trust, Inc. | 19,700 | 2,034,222 |
Duke Realty Corp. | 43,300 | 1,193,781 |
Equinix, Inc. | 4,000 | 1,514,960 |
Equity Residential | 50,755 | 3,297,045 |
Essex Property Trust, Inc. | 4,990 | 1,251,392 |
HCP, Inc. | 110,475 | 3,043,586 |
Hospitality Properties Trust | 56,931 | 1,458,572 |
Host Hotels & Resorts, Inc. | 183,908 | 3,514,482 |
Iron Mountain, Inc. | 75,559 | 2,312,861 |
Jones Lang LaSalle, Inc. | 9,460 | 1,251,180 |
Kimco Realty Corp. | 83,060 | 1,336,435 |
Mid-America Apartment Communities, Inc. | 10,600 | 1,035,726 |
Outfront Media, Inc. | 51,000 | 903,720 |
Park Hotels & Resorts, Inc. | 28,900 | 840,123 |
Prologis, Inc. | 49,830 | 3,212,540 |
Public Storage | 12,770 | 2,623,852 |
Realogy Holdings Corp. (a) | 53,160 | 1,013,761 |
Realty Income Corp. | 20,900 | 1,259,643 |
Senior Housing Properties Trust | 66,200 | 1,063,834 |
Simon Property Group, Inc. | 37,601 | 6,900,536 |
SL Green Realty Corp. | 13,550 | 1,236,573 |
The Macerich Co. | 24,297 | 1,254,211 |
UDR, Inc. | 28,620 | 1,121,618 |
Ventas, Inc. | 65,008 | 3,773,064 |
VEREIT, Inc. | 151,920 | 1,113,574 |
Vornado Realty Trust | 27,951 | 1,902,904 |
Welltower, Inc. | 70,070 | 4,629,525 |
Weyerhaeuser Co. | 109,374 | 2,912,630 |
76,857,319 | ||
Retailing 5.2% | ||
Abercrombie & Fitch Co., Class A | 83,168 | 1,638,410 |
Advance Auto Parts, Inc. | 16,505 | 2,636,839 |
Amazon.com, Inc. * | 7,310 | 11,681,453 |
American Eagle Outfitters, Inc. | 81,485 | 1,879,044 |
AutoNation, Inc. * | 36,180 | 1,464,566 |
AutoZone, Inc. * | 3,231 | 2,369,842 |
Bed Bath & Beyond, Inc. | 326,965 | 4,492,499 |
Best Buy Co., Inc. | 110,466 | 7,750,295 |
Big Lots, Inc. | 36,865 | 1,530,635 |
Booking Holdings, Inc. * | 3,624 | 6,793,478 |
CarMax, Inc. * | 48,877 | 3,319,237 |
Chico's FAS, Inc. | 137,370 | 1,053,628 |
Core-Mark Holding Co., Inc. | 75,780 | 2,910,710 |
Dick's Sporting Goods, Inc. | 62,480 | 2,209,918 |
Dillard's, Inc., Class A (a) | 19,625 | 1,381,993 |
Dollar General Corp. | 82,090 | 9,143,184 |
Dollar Tree, Inc. * | 37,581 | 3,168,078 |
DSW, Inc., Class A | 44,210 | 1,173,776 |
eBay, Inc. * | 145,967 | 4,237,422 |
Expedia Group, Inc. | 15,685 | 1,967,370 |
Foot Locker, Inc. | 78,185 | 3,685,641 |
GameStop Corp., Class A (a) | 210,180 | 3,068,628 |
Genuine Parts Co. | 48,450 | 4,744,224 |
GNC Holdings, Inc., Class A *(a) | 361,500 | 1,330,320 |
Group 1 Automotive, Inc. | 16,000 | 923,840 |
Kohl's Corp. | 144,205 | 10,920,645 |
L Brands, Inc. | 117,920 | 3,822,966 |
LKQ Corp. * | 53,310 | 1,453,764 |
Lowe's Cos., Inc. | 250,025 | 23,807,380 |
Macy's, Inc. | 243,436 | 8,347,420 |
Murphy USA, Inc. * | 39,490 | 3,184,079 |
Nordstrom, Inc. | 67,745 | 4,455,589 |
Security | Number of Shares | Value ($) |
O'Reilly Automotive, Inc. * | 17,390 | 5,577,842 |
Office Depot, Inc. | 575,100 | 1,472,256 |
Qurate Retail, Inc. * | 202,659 | 4,446,338 |
Ross Stores, Inc. | 53,330 | 5,279,670 |
Sally Beauty Holdings, Inc. * | 71,900 | 1,280,539 |
Signet Jewelers Ltd. | 43,460 | 2,435,933 |
Target Corp. | 330,733 | 27,659,201 |
The Gap, Inc. | 145,325 | 3,967,372 |
The Home Depot, Inc. | 199,253 | 35,044,618 |
The TJX Cos., Inc. | 148,238 | 16,288,391 |
Tiffany & Co. | 21,335 | 2,374,585 |
Tractor Supply Co. | 36,800 | 3,381,552 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 2,700 | 741,204 |
Urban Outfitters, Inc. * | 38,464 | 1,517,789 |
Williams-Sonoma, Inc. | 35,805 | 2,126,101 |
256,140,264 | ||
Semiconductors & Semiconductor Equipment 2.8% | ||
Analog Devices, Inc. | 31,955 | 2,674,953 |
Applied Materials, Inc. | 128,776 | 4,234,155 |
Broadcom, Inc. | 11,828 | 2,643,440 |
First Solar, Inc. * | 20,200 | 844,360 |
Intel Corp. | 1,225,256 | 57,440,001 |
KLA-Tencor Corp. | 31,610 | 2,893,579 |
Lam Research Corp. | 16,280 | 2,307,364 |
Marvell Technology Group Ltd. | 99,970 | 1,640,508 |
Maxim Integrated Products, Inc. | 40,690 | 2,035,314 |
Microchip Technology, Inc. | 18,180 | 1,195,880 |
Micron Technology, Inc. * | 139,382 | 5,257,489 |
NVIDIA Corp. | 14,237 | 3,001,587 |
NXP Semiconductors N.V. | 27,390 | 2,053,976 |
ON Semiconductor Corp. * | 53,940 | 916,980 |
Qorvo, Inc. * | 29,200 | 2,146,492 |
QUALCOMM, Inc. | 426,555 | 26,826,044 |
Skyworks Solutions, Inc. | 20,700 | 1,795,932 |
Texas Instruments, Inc. | 138,709 | 12,876,356 |
Xilinx, Inc. | 35,750 | 3,051,978 |
135,836,388 | ||
Software & Services 5.9% | ||
Accenture plc, Class A | 89,185 | 14,057,340 |
Adobe Systems, Inc. * | 13,287 | 3,265,413 |
Akamai Technologies, Inc. * | 22,370 | 1,616,232 |
Alliance Data Systems Corp. | 10,040 | 2,070,047 |
Amdocs Ltd. | 38,400 | 2,429,568 |
Autodesk, Inc. * | 9,240 | 1,194,270 |
Automatic Data Processing, Inc. | 49,009 | 7,061,217 |
Booz Allen Hamilton Holding Corp. | 38,770 | 1,920,666 |
Broadridge Financial Solutions, Inc. | 12,690 | 1,483,969 |
CA, Inc. | 94,205 | 4,178,934 |
CACI International, Inc., Class A * | 7,444 | 1,328,456 |
Citrix Systems, Inc. * | 19,573 | 2,005,645 |
Cognizant Technology Solutions Corp., Class A | 72,800 | 5,025,384 |
Conduent, Inc. * | 39,400 | 752,540 |
DXC Technology Co. | 32,900 | 2,396,107 |
Fidelity National Information Services, Inc. | 40,373 | 4,202,829 |
First Data Corp., Class A * | 74,580 | 1,397,629 |
Fiserv, Inc. * | 58,736 | 4,657,765 |
Genpact Ltd. | 29,800 | 816,818 |
Global Payments, Inc. | 11,860 | 1,354,768 |
International Business Machines Corp. | 395,151 | 45,612,280 |
Intuit, Inc. | 25,312 | 5,340,832 |
Jack Henry & Associates, Inc. | 7,790 | 1,167,176 |
Leidos Holdings, Inc. | 32,790 | 2,124,136 |
Mastercard, Inc., Class A | 59,768 | 11,814,341 |
Security | Number of Shares | Value ($) |
Microsoft Corp. | 864,958 | 92,386,164 |
Oracle Corp. | 660,614 | 32,264,388 |
Paychex, Inc. | 40,249 | 2,635,907 |
PayPal Holdings, Inc. * | 41,700 | 3,510,723 |
Red Hat, Inc. * | 7,780 | 1,335,359 |
salesforce.com, Inc. * | 8,450 | 1,159,678 |
Symantec Corp. | 246,675 | 4,477,151 |
Teradata Corp. * | 47,970 | 1,746,108 |
The Western Union Co. | 188,010 | 3,391,700 |
Total System Services, Inc. | 17,490 | 1,594,213 |
Visa, Inc., Class A | 114,782 | 15,822,699 |
289,598,452 | ||
Technology Hardware & Equipment 6.7% | ||
Amphenol Corp., Class A | 32,880 | 2,942,760 |
Anixter International, Inc. * | 16,720 | 1,098,337 |
Apple, Inc. | 901,557 | 197,314,765 |
ARRIS International plc * | 36,700 | 912,729 |
Arrow Electronics, Inc. * | 56,695 | 3,838,818 |
Avnet, Inc. | 130,920 | 5,245,964 |
CDW Corp. | 22,290 | 2,006,323 |
Cisco Systems, Inc. | 899,251 | 41,140,733 |
CommScope Holding Co., Inc. * | 37,900 | 911,874 |
Corning, Inc. | 335,251 | 10,711,270 |
F5 Networks, Inc. * | 11,410 | 1,999,945 |
FLIR Systems, Inc. | 22,410 | 1,037,807 |
Hewlett Packard Enterprise Co. | 621,670 | 9,480,468 |
HP, Inc. | 480,721 | 11,604,605 |
Jabil, Inc. | 112,795 | 2,789,420 |
Juniper Networks, Inc. | 153,370 | 4,489,140 |
Keysight Technologies, Inc. * | 21,200 | 1,210,096 |
Motorola Solutions, Inc. | 66,892 | 8,198,284 |
NCR Corp. * | 38,300 | 1,028,355 |
NetApp, Inc. | 58,580 | 4,597,944 |
Sanmina Corp. * | 47,900 | 1,211,870 |
SYNNEX Corp. | 21,041 | 1,632,992 |
Tech Data Corp. * | 42,940 | 3,034,140 |
Trimble, Inc. * | 25,700 | 960,666 |
Western Digital Corp. | 94,515 | 4,070,761 |
Xerox Corp. | 132,301 | 3,687,229 |
327,157,295 | ||
Telecommunication Services 3.9% | ||
AT&T, Inc. | 2,869,321 | 88,030,768 |
CenturyLink, Inc. | 806,407 | 16,644,241 |
Frontier Communications Corp. (a) | 522,909 | 2,515,192 |
Sprint Corp. * | 270,160 | 1,653,379 |
T-Mobile US, Inc. * | 45,420 | 3,113,541 |
Telephone & Data Systems, Inc. | 69,327 | 2,137,351 |
Verizon Communications, Inc. | 1,291,139 | 73,711,126 |
Windstream Holdings, Inc. * | 254,260 | 1,047,551 |
188,853,149 | ||
Transportation 2.2% | ||
Alaska Air Group, Inc. | 35,240 | 2,164,441 |
American Airlines Group, Inc. | 190,040 | 6,666,603 |
Avis Budget Group, Inc. * | 66,520 | 1,870,542 |
C.H. Robinson Worldwide, Inc. | 42,054 | 3,744,068 |
CSX Corp. | 154,103 | 10,611,533 |
Delta Air Lines, Inc. | 46,100 | 2,523,053 |
Expeditors International of Washington, Inc. | 49,465 | 3,323,059 |
FedEx Corp. | 65,333 | 14,395,473 |
Hertz Global Holdings, Inc. * | 154,170 | 2,119,837 |
JB Hunt Transport Services, Inc. | 15,605 | 1,726,069 |
JetBlue Airways Corp. * | 104,380 | 1,746,277 |
Security | Number of Shares | Value ($) |
Kansas City Southern | 16,887 | 1,721,799 |
Kirby Corp. * | 15,700 | 1,129,458 |
Landstar System, Inc. | 9,440 | 944,850 |
Norfolk Southern Corp. | 58,049 | 9,742,364 |
Old Dominion Freight Line, Inc. | 7,510 | 979,454 |
Ryder System, Inc. | 31,420 | 1,737,840 |
Southwest Airlines Co. | 32,580 | 1,599,678 |
Union Pacific Corp. | 167,255 | 24,456,026 |
United Continental Holdings, Inc. * | 27,210 | 2,326,727 |
United Parcel Service, Inc., Class B | 102,461 | 10,916,195 |
106,445,346 | ||
Utilities 4.1% | ||
AES Corp. | 537,870 | 7,842,145 |
Alliant Energy Corp. | 46,740 | 2,008,885 |
Ameren Corp. | 64,930 | 4,193,179 |
American Electric Power Co., Inc. | 133,671 | 9,806,105 |
American Water Works Co., Inc. | 27,550 | 2,439,001 |
Atmos Energy Corp. | 19,560 | 1,820,645 |
CenterPoint Energy, Inc. | 129,520 | 3,498,335 |
CMS Energy Corp. | 65,835 | 3,260,149 |
Consolidated Edison, Inc. | 85,902 | 6,528,552 |
Dominion Energy, Inc. | 124,750 | 8,909,645 |
DTE Energy Co. | 45,770 | 5,144,548 |
Duke Energy Corp. | 205,977 | 17,019,880 |
Edison International | 95,406 | 6,620,222 |
Entergy Corp. | 68,830 | 5,778,278 |
Evergy, Inc. | 62,915 | 3,522,611 |
Eversource Energy | 72,575 | 4,591,094 |
Exelon Corp. | 340,373 | 14,911,741 |
FirstEnergy Corp. | 172,125 | 6,416,820 |
MDU Resources Group, Inc. | 57,758 | 1,441,640 |
NextEra Energy, Inc. | 72,849 | 12,566,452 |
NiSource, Inc. | 62,135 | 1,575,744 |
NRG Energy, Inc. | 79,582 | 2,880,073 |
OGE Energy Corp. | 52,784 | 1,908,142 |
PG&E Corp. * | 184,251 | 8,624,789 |
Pinnacle West Capital Corp. | 30,715 | 2,526,309 |
Portland General Electric Co. | 23,900 | 1,077,412 |
PPL Corp. | 239,225 | 7,272,440 |
Public Service Enterprise Group, Inc. | 143,442 | 7,664,106 |
SCANA Corp. | 70,059 | 2,805,863 |
Sempra Energy | 52,495 | 5,780,749 |
The Southern Co. | 284,626 | 12,816,709 |
UGI Corp. | 45,780 | 2,429,087 |
Vectren Corp. | 18,600 | 1,330,458 |
Vistra Energy Corp. * | 77,800 | 1,760,614 |
WEC Energy Group, Inc. | 54,286 | 3,713,162 |
Xcel Energy, Inc. | 126,875 | 6,218,144 |
198,703,728 | ||
Total Common Stock | ||
(Cost $3,285,095,989) | 4,875,651,473 | |
Other Investment Companies 0.2% of net assets | ||
Money Market Fund 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (c) | 3,544,864 | 3,544,864 |
Security | Number of Shares | Value ($) |
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 8,424,450 | 8,424,450 |
Total Other Investment Companies | ||
(Cost $11,969,314) | 11,969,314 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/21/18 | 78 | 10,573,290 | (434,183) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $8,048,691. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | The rate shown is the 7-day yield. |
Security | Number of Shares | Value ($) |
Common Stock 99.7% of net assets | ||
Automobiles & Components 0.9% | ||
American Axle & Manufacturing Holdings, Inc. * | 164,554 | 2,496,284 |
Cooper-Standard Holding, Inc. * | 25,698 | 2,380,920 |
Dorman Products, Inc. * | 22,579 | 1,783,967 |
Gentherm, Inc. * | 32,170 | 1,403,899 |
LCI Industries | 23,112 | 1,602,817 |
Modine Manufacturing Co. * | 67,325 | 875,898 |
Standard Motor Products, Inc. | 31,831 | 1,722,375 |
Superior Industries International, Inc. | 94,097 | 924,974 |
Tesla, Inc. * | 1,600 | 539,712 |
Tower International, Inc. | 40,634 | 1,206,423 |
Winnebago Industries, Inc. | 29,800 | 821,288 |
15,758,557 | ||
Banks 5.8% | ||
Associated Banc-Corp. | 96,394 | 2,234,413 |
BancorpSouth Bank | 35,070 | 1,006,509 |
Bank of Hawaii Corp. | 29,808 | 2,338,140 |
Bank OZK | 28,060 | 767,722 |
BankUnited, Inc. | 66,627 | 2,205,354 |
Banner Corp. | 7,400 | 427,868 |
BOK Financial Corp. | 17,213 | 1,475,670 |
Capitol Federal Financial, Inc. | 116,566 | 1,446,584 |
Cathay General Bancorp | 31,750 | 1,196,023 |
Central Pacific Financial Corp. | 14,750 | 398,840 |
Chemical Financial Corp. | 16,620 | 778,813 |
Columbia Banking System, Inc. | 29,670 | 1,100,460 |
Commerce Bancshares, Inc. | 48,691 | 3,096,748 |
Community Bank System, Inc. | 20,700 | 1,208,673 |
Cullen/Frost Bankers, Inc. | 26,382 | 2,583,325 |
CVB Financial Corp. | 44,580 | 974,073 |
East West Bancorp, Inc. | 65,123 | 3,415,050 |
Essent Group Ltd. * | 11,000 | 433,620 |
F.N.B. Corp. | 154,070 | 1,822,648 |
First BanCorp * | 66,970 | 618,133 |
First Citizens BancShares, Inc., Class A | 3,548 | 1,513,683 |
First Commonwealth Financial Corp. | 60,404 | 815,454 |
First Financial Bancorp | 39,100 | 1,023,247 |
First Financial Bankshares, Inc. | 18,693 | 1,102,700 |
First Hawaiian, Inc. | 18,070 | 447,775 |
First Horizon National Corp. | 108,852 | 1,756,871 |
First Midwest Bancorp, Inc. | 36,400 | 835,744 |
Fulton Financial Corp. | 143,999 | 2,305,424 |
Glacier Bancorp, Inc. | 35,360 | 1,499,264 |
Great Western Bancorp, Inc. | 29,800 | 1,092,170 |
Hancock Whitney Corp. | 45,869 | 1,924,663 |
Home BancShares, Inc. | 43,620 | 830,525 |
Hope Bancorp, Inc. | 28,460 | 412,101 |
IBERIABANK Corp. | 16,764 | 1,248,750 |
International Bancshares Corp. | 35,548 | 1,375,708 |
Investors Bancorp, Inc. | 112,470 | 1,257,415 |
MB Financial, Inc. | 35,555 | 1,578,286 |
MGIC Investment Corp. * | 73,260 | 894,505 |
National Bank Holdings Corp., Class A | 27,015 | 912,026 |
Security | Number of Shares | Value ($) |
NBT Bancorp, Inc. | 28,375 | 1,035,404 |
Northwest Bancshares, Inc. | 86,722 | 1,399,693 |
Ocwen Financial Corp. * | 429,806 | 1,504,321 |
Old National Bancorp | 89,835 | 1,603,555 |
PacWest Bancorp | 53,367 | 2,167,768 |
Park National Corp. | 10,125 | 925,425 |
Popular, Inc. | 85,498 | 4,446,751 |
Prosperity Bancshares, Inc. | 30,836 | 2,005,265 |
Provident Financial Services, Inc. | 36,790 | 897,676 |
Radian Group, Inc. | 110,401 | 2,118,595 |
Signature Bank | 16,830 | 1,849,617 |
South State Corp. | 6,090 | 412,110 |
SVB Financial Group * | 11,842 | 2,809,278 |
Synovus Financial Corp. | 65,381 | 2,455,710 |
TCF Financial Corp. | 105,390 | 2,200,543 |
Texas Capital Bancshares, Inc. * | 13,050 | 851,252 |
The Bank of N.T. Butterfield & Son Ltd. | 19,800 | 797,742 |
Trustmark Corp. | 49,130 | 1,513,204 |
UMB Financial Corp. | 19,640 | 1,254,014 |
Umpqua Holdings Corp. | 114,107 | 2,190,854 |
Union Bankshares Corp. | 23,880 | 815,263 |
United Bankshares, Inc. | 45,685 | 1,515,371 |
United Community Banks, Inc. | 14,100 | 350,667 |
Valley National Bancorp | 179,070 | 1,787,119 |
Walker & Dunlop, Inc. | 8,400 | 352,464 |
Washington Federal, Inc. | 77,017 | 2,168,799 |
Webster Financial Corp. | 40,910 | 2,407,144 |
WesBanco, Inc. | 9,260 | 371,326 |
Westamerica Bancorp | 18,670 | 1,086,781 |
Western Alliance Bancorp * | 16,930 | 816,703 |
Wintrust Financial Corp. | 19,440 | 1,480,162 |
Zions Bancorp NA | 71,006 | 3,340,832 |
103,286,385 | ||
Capital Goods 12.0% | ||
A.O. Smith Corp. | 67,384 | 3,067,994 |
AAON, Inc. | 12,700 | 438,023 |
AAR Corp. | 64,736 | 3,080,139 |
Actuant Corp., Class A | 117,886 | 2,811,581 |
Acuity Brands, Inc. | 28,448 | 3,574,207 |
Aegion Corp. * | 62,605 | 1,212,033 |
Air Lease Corp. | 57,626 | 2,195,551 |
Aircastle Ltd. | 75,636 | 1,469,607 |
Alamo Group, Inc. | 9,400 | 805,768 |
Albany International Corp., Class A | 17,759 | 1,242,775 |
Allegion plc | 27,130 | 2,325,855 |
Altra Industrial Motion Corp. | 25,150 | 811,591 |
American Woodmark Corp. * | 10,300 | 622,532 |
Apogee Enterprises, Inc. | 32,761 | 1,182,672 |
Applied Industrial Technologies, Inc. | 54,850 | 3,605,290 |
Armstrong Flooring, Inc. * | 101,035 | 1,571,094 |
Armstrong World Industries, Inc. * | 46,504 | 2,871,622 |
Astec Industries, Inc. | 31,670 | 1,191,109 |
Atkore International Group, Inc. * | 49,414 | 951,714 |
AZZ, Inc. | 31,270 | 1,386,824 |
Barnes Group, Inc. | 37,684 | 2,132,914 |
Beacon Roofing Supply, Inc. * | 63,443 | 1,770,694 |
BMC Stock Holdings, Inc. * | 59,280 | 992,347 |
Security | Number of Shares | Value ($) |
Briggs & Stratton Corp. | 101,124 | 1,469,332 |
Builders FirstSource, Inc. * | 27,300 | 337,974 |
BWX Technologies, Inc. | 47,958 | 2,803,625 |
Chart Industries, Inc. * | 26,057 | 1,773,179 |
CIRCOR International, Inc. | 26,092 | 848,251 |
Colfax Corp. * | 110,505 | 3,097,455 |
Comfort Systems USA, Inc. | 36,135 | 1,932,500 |
Crane Co. | 38,347 | 3,337,723 |
Cubic Corp. | 27,352 | 1,794,565 |
Curtiss-Wright Corp. | 29,850 | 3,267,381 |
DXP Enterprises, Inc. * | 11,200 | 355,936 |
Dycom Industries, Inc. * | 22,710 | 1,541,555 |
Encore Wire Corp. | 42,865 | 1,894,633 |
EnerSys | 58,310 | 4,639,727 |
EnPro Industries, Inc. | 15,919 | 990,162 |
ESCO Technologies, Inc. | 18,610 | 1,139,304 |
Esterline Technologies Corp. * | 43,830 | 5,143,889 |
Federal Signal Corp. | 57,500 | 1,264,425 |
Franklin Electric Co., Inc. | 40,861 | 1,733,324 |
Generac Holdings, Inc. * | 72,665 | 3,686,295 |
Gibraltar Industries, Inc. * | 25,910 | 923,432 |
Global Brass & Copper Holdings, Inc. | 32,350 | 1,022,907 |
GMS, Inc. * | 19,300 | 317,292 |
Graco, Inc. | 82,244 | 3,341,574 |
Granite Construction, Inc. | 52,350 | 2,393,442 |
Griffon Corp. | 63,460 | 769,135 |
H&E Equipment Services, Inc. | 49,783 | 1,199,272 |
Harsco Corp. * | 96,181 | 2,642,092 |
HEICO Corp. | 5,813 | 487,304 |
HEICO Corp., Class A | 11,676 | 778,322 |
Herc Holdings, Inc. * | 34,774 | 1,114,854 |
Hexcel Corp. | 64,850 | 3,795,022 |
Hillenbrand, Inc. | 49,432 | 2,367,793 |
Hyster-Yale Materials Handling, Inc. | 24,800 | 1,499,160 |
ITT, Inc. | 68,052 | 3,436,626 |
John Bean Technologies Corp. | 4,200 | 436,674 |
Kaman Corp. | 28,010 | 1,779,195 |
KBR, Inc. | 260,630 | 5,155,261 |
Kennametal, Inc. | 98,390 | 3,487,925 |
Lennox International, Inc. | 17,249 | 3,637,642 |
Lindsay Corp. | 14,710 | 1,406,570 |
Masonite International Corp. * | 28,830 | 1,596,894 |
MasTec, Inc. * | 71,992 | 3,132,372 |
Maxar Technologies Ltd. | 70,383 | 1,049,411 |
Meritor, Inc. * | 49,121 | 834,566 |
Milacron Holdings Corp. * | 26,700 | 373,800 |
Moog, Inc., Class A | 46,844 | 3,351,688 |
MRC Global, Inc. * | 231,850 | 3,670,185 |
Mueller Industries, Inc. | 139,308 | 3,392,150 |
Mueller Water Products, Inc., Class A | 116,180 | 1,192,007 |
MYR Group, Inc. * | 42,938 | 1,433,700 |
National Presto Industries, Inc. | 9,350 | 1,165,664 |
Nordson Corp. | 34,160 | 4,190,407 |
NOW, Inc. * | 371,980 | 4,776,223 |
Primoris Services Corp. | 65,464 | 1,385,873 |
Quanex Building Products Corp. | 63,380 | 939,292 |
Raven Industries, Inc. | 26,930 | 1,170,916 |
RBC Bearings, Inc. * | 8,380 | 1,237,558 |
Rexnord Corp. * | 83,157 | 2,229,439 |
Rush Enterprises, Inc., Class A | 63,482 | 2,246,628 |
Simpson Manufacturing Co., Inc. | 29,231 | 1,668,505 |
SPX FLOW, Inc. * | 59,319 | 2,030,489 |
Standex International Corp. | 11,100 | 900,432 |
Teledyne Technologies, Inc. * | 20,397 | 4,513,448 |
Tennant Co. | 21,550 | 1,317,136 |
Textainer Group Holdings Ltd. * | 63,580 | 745,793 |
The Greenbrier Cos., Inc. | 54,959 | 2,607,805 |
The Middleby Corp. * | 22,710 | 2,550,333 |
Security | Number of Shares | Value ($) |
The Toro Co. | 63,906 | 3,599,825 |
Titan International, Inc. | 111,959 | 790,431 |
Titan Machinery, Inc. * | 31,600 | 450,300 |
Trex Co., Inc. * | 7,755 | 475,382 |
TriMas Corp. * | 41,670 | 1,227,181 |
Triton International Ltd. | 43,916 | 1,412,778 |
Triumph Group, Inc. | 128,434 | 2,343,920 |
Tutor Perini Corp. * | 125,334 | 1,942,677 |
Univar, Inc. * | 109,696 | 2,700,716 |
Universal Forest Products, Inc. | 99,930 | 2,825,021 |
USG Corp. | 50,970 | 2,151,953 |
Veritiv Corp. * | 66,740 | 2,225,112 |
Wabash National Corp. | 114,607 | 1,730,566 |
Watts Water Technologies, Inc., Class A | 23,210 | 1,625,860 |
Welbilt, Inc. * | 109,505 | 2,049,934 |
Woodward, Inc. | 46,064 | 3,392,153 |
213,003,188 | ||
Commercial & Professional Services 5.2% | ||
ACCO Brands Corp. | 150,543 | 1,214,882 |
Advanced Disposal Services, Inc. * | 28,540 | 773,149 |
ASGN, Inc. * | 27,428 | 1,839,870 |
Brady Corp., Class A | 48,510 | 1,954,468 |
CBIZ, Inc. * | 50,020 | 1,109,444 |
Cimpress N.V. * | 10,362 | 1,295,146 |
Clean Harbors, Inc. * | 58,756 | 3,997,758 |
Copart, Inc. * | 80,012 | 3,913,387 |
CoStar Group, Inc. * | 3,150 | 1,138,473 |
Covanta Holding Corp. | 183,551 | 2,696,364 |
Deluxe Corp. | 59,055 | 2,787,986 |
Essendant, Inc. | 439,510 | 5,599,357 |
Exponent, Inc. | 22,350 | 1,127,781 |
FTI Consulting, Inc. * | 50,869 | 3,515,557 |
Healthcare Services Group, Inc. | 49,652 | 2,015,375 |
Herman Miller, Inc. | 72,868 | 2,401,001 |
HNI Corp. | 74,543 | 2,824,434 |
Huron Consulting Group, Inc. * | 35,076 | 1,911,291 |
ICF International, Inc. | 19,410 | 1,429,352 |
Insperity, Inc. | 19,513 | 2,143,503 |
Interface, Inc. | 58,085 | 946,205 |
Kelly Services, Inc., Class A | 147,639 | 3,468,040 |
Kforce, Inc. | 50,500 | 1,556,410 |
Kimball International, Inc., Class B | 55,460 | 912,872 |
Knoll, Inc. | 57,680 | 1,144,948 |
Korn/Ferry International | 33,530 | 1,513,544 |
LSC Communications, Inc. | 340,520 | 3,211,104 |
Matthews International Corp., Class A | 26,815 | 1,116,040 |
McGrath RentCorp | 23,725 | 1,266,678 |
Mobile Mini, Inc. | 28,850 | 1,186,312 |
MSA Safety, Inc. | 20,845 | 2,177,052 |
Navigant Consulting, Inc. | 65,606 | 1,417,090 |
Quad Graphics, Inc. | 96,128 | 1,483,255 |
Rollins, Inc. | 29,918 | 1,771,146 |
RR Donnelley & Sons Co. | 545,254 | 3,200,641 |
SP Plus Corp. * | 15,340 | 490,266 |
Steelcase, Inc., Class A | 198,658 | 3,297,723 |
Stericycle, Inc. * | 63,750 | 3,185,587 |
Team, Inc. * | 60,836 | 1,210,636 |
Tetra Tech, Inc. | 54,567 | 3,603,605 |
The Brink's Co. | 31,524 | 2,090,672 |
TransUnion | 32,284 | 2,122,673 |
TrueBlue, Inc. * | 73,505 | 1,714,872 |
UniFirst Corp. | 14,397 | 2,149,472 |
Viad Corp. | 24,595 | 1,177,854 |
93,103,275 | ||
Security | Number of Shares | Value ($) |
Consumer Durables & Apparel 4.1% | ||
American Outdoor Brands Corp. * | 130,380 | 1,783,598 |
Callaway Golf Co. | 58,415 | 1,250,081 |
Cavco Industries, Inc. * | 2,062 | 413,658 |
Columbia Sportswear Co. | 21,952 | 1,981,827 |
Crocs, Inc. * | 91,976 | 1,889,187 |
Deckers Outdoor Corp. * | 44,227 | 5,624,348 |
Ethan Allen Interiors, Inc. | 50,400 | 964,656 |
G-III Apparel Group Ltd. * | 71,775 | 2,860,951 |
GoPro, Inc., Class A * | 192,650 | 1,265,710 |
Helen of Troy Ltd. * | 29,649 | 3,680,034 |
iRobot Corp. * | 14,441 | 1,273,263 |
KB Home | 60,790 | 1,213,976 |
La-Z-Boy, Inc. | 81,440 | 2,264,032 |
lululemon Athletica, Inc. * | 40,102 | 5,643,554 |
M.D.C. Holdings, Inc. | 61,560 | 1,729,836 |
M/I Homes, Inc. * | 36,540 | 883,172 |
Meritage Homes Corp. * | 50,550 | 1,882,987 |
Movado Group, Inc. | 26,358 | 1,015,047 |
Oxford Industries, Inc. | 19,343 | 1,721,140 |
Skechers U.S.A., Inc., Class A * | 93,815 | 2,680,295 |
Steven Madden Ltd. | 103,062 | 3,222,749 |
Sturm, Ruger & Co., Inc. | 30,732 | 1,825,173 |
Taylor Morrison Home Corp., Class A * | 111,640 | 1,846,526 |
Tempur Sealy International, Inc. * | 49,408 | 2,283,144 |
Toll Brothers, Inc. | 89,907 | 3,026,270 |
TopBuild Corp. * | 29,371 | 1,339,905 |
TRI Pointe Group, Inc. * | 101,762 | 1,210,968 |
Tupperware Brands Corp. | 108,880 | 3,821,688 |
Under Armour, Inc., Class A * | 116,650 | 2,579,131 |
Under Armour, Inc., Class C * | 119,678 | 2,373,215 |
Unifi, Inc. * | 27,700 | 634,053 |
Universal Electronics, Inc. * | 22,840 | 714,207 |
Vista Outdoor, Inc. * | 200,298 | 2,503,725 |
Wolverine World Wide, Inc. | 89,056 | 3,132,099 |
72,534,205 | ||
Consumer Services 5.1% | ||
Adtalem Global Education, Inc. * | 105,990 | 5,366,274 |
American Public Education, Inc. * | 28,340 | 927,568 |
BJ's Restaurants, Inc. | 29,816 | 1,824,143 |
Bloomin' Brands, Inc. | 131,033 | 2,614,108 |
Boyd Gaming Corp. | 40,428 | 1,073,768 |
Bright Horizons Family Solutions, Inc. * | 21,411 | 2,460,338 |
Caesars Entertainment Corp. *(a) | 77,080 | 662,117 |
Career Education Corp. * | 99,029 | 1,424,037 |
Choice Hotels International, Inc. | 22,540 | 1,654,436 |
Churchill Downs, Inc. | 6,370 | 1,590,016 |
Cracker Barrel Old Country Store, Inc. (a) | 19,499 | 3,094,101 |
Dave & Buster's Entertainment, Inc. | 23,200 | 1,381,560 |
Dine Brands Global, Inc. | 28,485 | 2,308,424 |
Dunkin' Brands Group, Inc. | 50,100 | 3,635,256 |
Extended Stay America, Inc. | 181,230 | 2,950,424 |
Fiesta Restaurant Group, Inc. * | 39,070 | 1,008,397 |
frontdoor, Inc. * | 18,517 | 630,504 |
Graham Holdings Co., Class B | 6,280 | 3,648,994 |
Grand Canyon Education, Inc. * | 15,720 | 1,960,284 |
Hilton Grand Vacations, Inc. * | 31,870 | 856,347 |
Houghton Mifflin Harcourt Co. * | 295,179 | 1,977,699 |
Hyatt Hotels Corp., Class A | 36,548 | 2,529,122 |
International Game Technology plc | 181,030 | 3,358,107 |
International Speedway Corp., Class A | 23,798 | 892,663 |
Jack in the Box, Inc. | 34,382 | 2,713,771 |
K12, Inc. * | 89,220 | 1,910,200 |
Laureate Education, Inc., Class A * | 30,600 | 455,634 |
Marriott Vacations Worldwide Corp. | 27,308 | 2,416,485 |
Security | Number of Shares | Value ($) |
Penn National Gaming, Inc. * | 102,812 | 2,496,275 |
Red Robin Gourmet Burgers, Inc. * | 31,170 | 941,334 |
Red Rock Resorts, Inc., Class A | 43,550 | 1,007,747 |
Regis Corp. * | 113,046 | 1,903,695 |
SeaWorld Entertainment, Inc. * | 151,611 | 3,960,079 |
ServiceMaster Global Holdings, Inc. * | 37,035 | 1,588,061 |
Six Flags Entertainment Corp. | 65,939 | 3,551,475 |
Sonic Corp. | 44,969 | 1,946,258 |
Sotheby's * | 40,322 | 1,693,524 |
Strategic Education, Inc. | 26,612 | 3,348,322 |
Texas Roadhouse, Inc. | 48,881 | 2,955,345 |
The Cheesecake Factory, Inc. | 71,743 | 3,468,057 |
Vail Resorts, Inc. | 10,830 | 2,721,796 |
Weight Watchers International, Inc. * | 41,683 | 2,755,246 |
91,661,991 | ||
Diversified Financials 4.1% | ||
Artisan Partners Asset Management, Inc., Class A | 12,800 | 350,848 |
BGC Partners, Inc., Class A | 135,470 | 1,434,627 |
Cannae Holdings, Inc. * | 203,633 | 3,761,101 |
Capstead Mortgage Corp. | 140,870 | 966,368 |
Cboe Global Markets, Inc. | 33,100 | 3,735,335 |
Chimera Investment Corp. | 190,424 | 3,541,886 |
Cohen & Steers, Inc. | 10,100 | 387,739 |
Credit Acceptance Corp. * | 6,583 | 2,793,957 |
Donnelley Financial Solutions, Inc. * | 80,124 | 1,245,928 |
E*TRADE Financial Corp. | 71,287 | 3,523,004 |
Eaton Vance Corp. | 72,818 | 3,280,451 |
Encore Capital Group, Inc. * | 21,900 | 556,479 |
Enova International, Inc. * | 42,544 | 1,006,166 |
Evercore, Inc., Class A | 23,586 | 1,926,740 |
EZCORP, Inc., Class A * | 109,160 | 1,085,050 |
FactSet Research Systems, Inc. | 15,615 | 3,494,012 |
Federated Investors, Inc., Class B | 125,334 | 3,091,990 |
FirstCash, Inc. | 20,410 | 1,640,964 |
Green Dot Corp., Class A * | 5,941 | 449,971 |
Greenhill & Co., Inc. | 63,811 | 1,407,033 |
Invesco Mortgage Capital, Inc. | 126,507 | 1,907,726 |
Ladder Capital Corp. | 32,600 | 548,984 |
MarketAxess Holdings, Inc. | 6,795 | 1,424,708 |
MFA Financial, Inc. | 360,205 | 2,496,221 |
Morningstar, Inc. | 13,004 | 1,622,899 |
Nelnet, Inc., Class A | 26,639 | 1,499,509 |
New Residential Investment Corp. | 206,517 | 3,692,524 |
New York Mortgage Trust, Inc. | 189,110 | 1,161,135 |
OneMain Holdings, Inc. * | 65,781 | 1,876,074 |
PennyMac Mortgage Investment Trust | 109,974 | 2,123,598 |
Piper Jaffray Cos. | 6,600 | 457,908 |
PRA Group, Inc. * | 55,220 | 1,702,985 |
Redwood Trust, Inc. | 98,080 | 1,610,474 |
Starwood Property Trust, Inc. | 177,486 | 3,854,996 |
Stifel Financial Corp. | 30,460 | 1,392,631 |
Two Harbors Investment Corp. | 256,058 | 3,761,492 |
Virtus Investment Partners, Inc. | 4,200 | 417,228 |
World Acceptance Corp. * | 18,332 | 1,860,515 |
73,091,256 | ||
Energy 6.0% | ||
Antero Resources Corp. * | 197,180 | 3,133,190 |
Archrock, Inc. | 172,304 | 1,767,839 |
Bristow Group, Inc. * | 186,235 | 2,050,447 |
Cabot Oil & Gas Corp. | 199,530 | 4,834,612 |
CARBO Ceramics, Inc. *(a) | 131,380 | 634,565 |
Chesapeake Energy Corp. *(a) | 1,520,792 | 5,337,980 |
Cimarex Energy Co. | 38,110 | 3,028,602 |
Security | Number of Shares | Value ($) |
Cloud Peak Energy, Inc. * | 641,609 | 1,097,151 |
Continental Resources, Inc. * | 36,910 | 1,944,419 |
CVR Energy, Inc. | 55,448 | 2,384,264 |
Delek US Holdings, Inc. | 151,324 | 5,556,617 |
Denbury Resources, Inc. * | 656,875 | 2,266,219 |
Diamond Offshore Drilling, Inc. * | 308,780 | 4,378,500 |
Dril-Quip, Inc. * | 61,168 | 2,603,310 |
Energen Corp. * | 54,973 | 3,956,407 |
Exterran Corp. * | 70,376 | 1,470,155 |
Forum Energy Technologies, Inc. * | 138,163 | 1,237,941 |
Frank's International N.V. * | 65,200 | 462,920 |
Golar LNG Ltd. | 39,120 | 1,047,634 |
Green Plains, Inc. | 169,235 | 2,883,764 |
Helix Energy Solutions Group, Inc. * | 183,622 | 1,564,459 |
International Seaways, Inc. * | 25,700 | 552,807 |
KLX Energy Services Holdings, Inc. * | 12,131 | 350,465 |
Kosmos Energy Ltd. * | 149,904 | 972,877 |
Matrix Service Co. * | 66,980 | 1,361,703 |
McDermott International, Inc. * | 316,415 | 2,445,888 |
Newfield Exploration Co. * | 51,223 | 1,034,705 |
Newpark Resources, Inc. * | 169,980 | 1,395,536 |
Nordic American Tankers Ltd. (a) | 597,055 | 1,546,373 |
Oasis Petroleum, Inc. * | 252,363 | 2,538,772 |
Oil States International, Inc. * | 141,018 | 3,140,471 |
Parsley Energy, Inc., Class A * | 14,546 | 340,667 |
PDC Energy, Inc. * | 27,972 | 1,187,411 |
Peabody Energy Corp. | 98,683 | 3,498,312 |
Range Resources Corp. | 283,780 | 4,497,913 |
Renewable Energy Group, Inc. * | 105,672 | 3,284,286 |
REX American Resources Corp. * | 13,720 | 1,017,612 |
RPC, Inc. | 74,570 | 1,109,602 |
Scorpio Tankers, Inc. | 503,600 | 901,444 |
SEACOR Holdings, Inc. * | 31,020 | 1,488,650 |
SemGroup Corp., Class A | 86,512 | 1,599,607 |
Ship Finance International Ltd. | 101,482 | 1,268,525 |
Superior Energy Services, Inc. * | 578,880 | 4,532,630 |
Teekay Corp. (a) | 359,673 | 2,384,632 |
Tidewater, Inc. * | 32,023 | 859,818 |
Unit Corp. * | 76,800 | 1,776,384 |
US Silica Holdings, Inc. | 47,300 | 662,200 |
Whiting Petroleum Corp. * | 142,494 | 5,315,026 |
WPX Energy, Inc. * | 193,700 | 3,106,948 |
107,812,259 | ||
Food & Staples Retailing 0.7% | ||
Ingles Markets, Inc., Class A | 69,702 | 2,295,984 |
PriceSmart, Inc. | 29,273 | 2,053,501 |
Sprouts Farmers Market, Inc. * | 136,902 | 3,681,295 |
The Andersons, Inc. | 98,564 | 3,548,304 |
Weis Markets, Inc. | 37,620 | 1,736,163 |
13,315,247 | ||
Food, Beverage & Tobacco 2.3% | ||
B&G Foods, Inc. (a) | 57,888 | 1,507,404 |
Cal-Maine Foods, Inc. | 47,617 | 2,317,519 |
Calavo Growers, Inc. | 10,530 | 1,021,410 |
Darling Ingredients, Inc. * | 196,418 | 4,057,996 |
Fresh Del Monte Produce, Inc. | 85,887 | 2,836,848 |
J&J Snack Foods Corp. | 11,955 | 1,866,893 |
John B. Sanfilippo & Son, Inc. | 7,000 | 441,420 |
Lamb Weston Holdings, Inc. | 72,480 | 5,665,037 |
Lancaster Colony Corp. | 16,885 | 2,893,751 |
Pilgrim's Pride Corp. * | 95,234 | 1,681,832 |
Post Holdings, Inc. * | 24,739 | 2,187,422 |
The Boston Beer Co., Inc., Class A * | 6,778 | 2,082,812 |
The Hain Celestial Group, Inc. * | 79,752 | 1,984,230 |
Security | Number of Shares | Value ($) |
TreeHouse Foods, Inc. * | 78,005 | 3,553,908 |
Universal Corp. | 77,990 | 5,292,401 |
Vector Group Ltd. | 96,318 | 1,302,219 |
40,693,102 | ||
Health Care Equipment & Services 4.0% | ||
Acadia Healthcare Co., Inc. * | 38,887 | 1,613,810 |
Align Technology, Inc. * | 6,750 | 1,493,100 |
Allscripts Healthcare Solutions, Inc. * | 140,870 | 1,677,762 |
Amedisys, Inc. * | 17,164 | 1,888,040 |
AMN Healthcare Services, Inc. * | 22,960 | 1,162,235 |
athenahealth, Inc. * | 7,100 | 905,534 |
Avanos Medical, Inc. * | 41,261 | 2,335,373 |
Brookdale Senior Living, Inc. * | 425,124 | 3,796,357 |
Cantel Medical Corp. | 4,300 | 340,345 |
Chemed Corp. | 11,315 | 3,443,494 |
CONMED Corp. | 19,603 | 1,321,830 |
Diplomat Pharmacy, Inc. * | 75,660 | 1,501,094 |
Encompass Health Corp. | 63,226 | 4,255,110 |
Globus Medical, Inc., Class A * | 22,110 | 1,168,513 |
Haemonetics Corp. * | 19,545 | 2,041,866 |
Hill-Rom Holdings, Inc. | 33,500 | 2,816,680 |
HMS Holdings Corp. * | 53,762 | 1,549,421 |
Hologic, Inc. * | 93,398 | 3,641,588 |
IDEXX Laboratories, Inc. * | 8,790 | 1,864,535 |
Integer Holdings Corp. * | 5,800 | 431,926 |
Integra LifeSciences Holdings Corp. * | 16,300 | 873,191 |
Invacare Corp. | 75,189 | 971,442 |
LHC Group, Inc. * | 14,000 | 1,280,020 |
LivaNova plc * | 11,040 | 1,236,370 |
Masimo Corp. * | 17,095 | 1,976,182 |
NextGen Healthcare, Inc. * | 64,700 | 955,619 |
NuVasive, Inc. * | 21,170 | 1,189,119 |
Premier, Inc., Class A * | 28,930 | 1,301,850 |
Select Medical Holdings Corp. * | 177,508 | 2,943,083 |
STERIS plc | 39,400 | 4,306,814 |
Teleflex, Inc. | 13,867 | 3,338,342 |
The Cooper Cos., Inc. | 16,860 | 4,355,107 |
The Ensign Group, Inc. | 40,080 | 1,484,563 |
The Providence Service Corp. * | 6,430 | 424,959 |
Tivity Health, Inc. * | 11,500 | 395,715 |
Triple-S Management Corp., Class B * | 83,516 | 1,433,134 |
Varex Imaging Corp. * | 21,500 | 558,140 |
West Pharmaceutical Services, Inc. | 29,472 | 3,121,674 |
71,393,937 | ||
Household & Personal Products 0.8% | ||
Central Garden & Pet Co. * | 8,200 | 266,336 |
Central Garden & Pet Co., Class A * | 27,700 | 821,305 |
Coty, Inc., Class A | 160,354 | 1,691,735 |
Edgewell Personal Care Co. * | 78,975 | 3,789,220 |
Energizer Holdings, Inc. | 33,230 | 1,952,927 |
Spectrum Brands Holdings, Inc. | 44,345 | 2,880,208 |
USANA Health Sciences, Inc. * | 11,110 | 1,300,092 |
WD-40 Co. | 7,875 | 1,315,755 |
14,017,578 | ||
Insurance 3.6% | ||
Ambac Financial Group, Inc. * | 101,302 | 2,084,795 |
American Equity Investment Life Holding Co. | 112,145 | 3,501,167 |
American National Insurance Co. | 9,000 | 1,109,160 |
AMERISAFE, Inc. | 7,340 | 477,761 |
AmTrust Financial Services, Inc. | 144,441 | 2,071,284 |
Argo Group International Holdings Ltd. | 36,091 | 2,223,567 |
Security | Number of Shares | Value ($) |
Aspen Insurance Holdings Ltd. | 94,981 | 3,977,804 |
Athene Holding Ltd., Class A * | 49,320 | 2,254,910 |
Brighthouse Financial, Inc. * | 76,438 | 3,029,238 |
Brown & Brown, Inc. | 128,982 | 3,634,713 |
CNA Financial Corp. | 28,920 | 1,254,260 |
Employers Holdings, Inc. | 22,250 | 1,022,610 |
Enstar Group Ltd. * | 2,390 | 434,024 |
Erie Indemnity Co., Class A | 33,100 | 4,292,739 |
Horace Mann Educators Corp. | 30,430 | 1,195,290 |
James River Group Holdings Ltd. | 37,070 | 1,427,195 |
Kemper Corp. | 53,462 | 4,019,808 |
Maiden Holdings Ltd. | 258,230 | 906,387 |
MBIA, Inc. * | 313,297 | 3,101,640 |
Mercury General Corp. | 41,950 | 2,488,055 |
National General Holdings Corp. | 17,690 | 492,843 |
Primerica, Inc. | 41,809 | 4,588,120 |
ProAssurance Corp. | 83,411 | 3,663,411 |
Safety Insurance Group, Inc. | 14,495 | 1,207,144 |
Selective Insurance Group, Inc. | 33,000 | 2,140,050 |
Stewart Information Services Corp. | 47,520 | 1,961,626 |
The Hanover Insurance Group, Inc. | 38,487 | 4,286,682 |
United Fire Group, Inc. | 8,200 | 441,406 |
Universal Insurance Holdings, Inc. | 29,198 | 1,225,732 |
64,513,421 | ||
Materials 6.4% | ||
AdvanSix, Inc. * | 53,303 | 1,478,625 |
AK Steel Holding Corp. * | 276,790 | 1,024,123 |
Allegheny Technologies, Inc. * | 157,533 | 4,078,529 |
Axalta Coating Systems Ltd. * | 120,691 | 2,978,654 |
Balchem Corp. | 10,192 | 954,481 |
Berry Global Group, Inc. * | 65,780 | 2,869,324 |
Boise Cascade Co. | 77,439 | 2,384,347 |
Cabot Corp. | 72,640 | 3,536,115 |
Carpenter Technology Corp. | 61,289 | 2,672,813 |
Century Aluminum Co. * | 74,500 | 591,530 |
Clearwater Paper Corp. * | 78,185 | 1,887,386 |
Cleveland-Cliffs, Inc. * | 601,994 | 6,477,455 |
Compass Minerals International, Inc. | 43,220 | 2,096,602 |
Eagle Materials, Inc. | 21,110 | 1,558,762 |
GCP Applied Technologies, Inc. * | 64,703 | 1,680,337 |
Greif, Inc., Class A | 59,613 | 2,819,695 |
H.B. Fuller Co. | 51,800 | 2,303,028 |
Hecla Mining Co. | 306,450 | 735,480 |
Ingevity Corp. * | 19,069 | 1,736,805 |
Innophos Holdings, Inc. | 45,480 | 1,332,564 |
Innospec, Inc. | 23,637 | 1,581,788 |
Kaiser Aluminum Corp. | 22,717 | 2,166,520 |
KapStone Paper & Packaging Corp. | 80,433 | 2,815,155 |
Kraton Corp. * | 26,621 | 733,142 |
Louisiana-Pacific Corp. | 81,190 | 1,767,506 |
Materion Corp. | 34,017 | 1,933,186 |
Minerals Technologies, Inc. | 28,640 | 1,568,040 |
Neenah, Inc. | 15,384 | 1,237,797 |
NewMarket Corp. | 9,146 | 3,529,990 |
Olin Corp. | 123,999 | 2,504,780 |
Olympic Steel, Inc. | 46,030 | 868,126 |
P.H. Glatfelter Co. | 115,992 | 2,076,257 |
Platform Specialty Products Corp. * | 157,878 | 1,708,240 |
PolyOne Corp. | 98,040 | 3,167,672 |
Quaker Chemical Corp. | 7,720 | 1,388,828 |
Rayonier Advanced Materials, Inc. | 67,298 | 833,149 |
Royal Gold, Inc. | 17,885 | 1,370,528 |
Schnitzer Steel Industries, Inc., Class A | 93,884 | 2,525,480 |
Schweitzer-Mauduit International, Inc. | 39,622 | 1,264,734 |
Sensient Technologies Corp. | 48,009 | 3,113,864 |
Silgan Holdings, Inc. | 128,292 | 3,082,857 |
Security | Number of Shares | Value ($) |
Southern Copper Corp. | 77,261 | 2,962,187 |
Stepan Co. | 27,271 | 2,252,312 |
Summit Materials, Inc., Class A * | 48,152 | 650,052 |
SunCoke Energy, Inc. * | 112,950 | 1,265,040 |
Tahoe Resources, Inc. * | 148,300 | 351,471 |
The Chemours Co. | 129,780 | 4,284,038 |
The Scotts Miracle-Gro Co. | 38,006 | 2,536,520 |
TimkenSteel Corp. * | 112,665 | 1,310,294 |
Trinseo S.A. | 40,525 | 2,183,487 |
Tronox Ltd., Class A | 125,561 | 1,437,673 |
Valvoline, Inc. | 46,620 | 928,670 |
W.R. Grace & Co. | 45,333 | 2,937,125 |
Westlake Chemical Corp. | 26,045 | 1,857,009 |
Worthington Industries, Inc. | 64,270 | 2,691,628 |
114,081,800 | ||
Media & Entertainment 2.9% | ||
AMC Entertainment Holdings, Inc., Class A | 92,661 | 1,784,651 |
AMC Networks, Inc., Class A * | 43,480 | 2,547,058 |
Cable One, Inc. | 2,311 | 2,070,055 |
Cars.com, Inc. * | 98,330 | 2,567,396 |
Gannett Co., Inc. | 380,652 | 3,692,324 |
GCI Liberty, Inc., Class A * | 13,310 | 629,962 |
Gray Television, Inc. * | 35,700 | 617,967 |
John Wiley & Sons, Inc., Class A | 46,818 | 2,539,408 |
Liberty TripAdvisor Holdings, Inc., Class A * | 102,642 | 1,480,098 |
Lions Gate Entertainment Corp., Class A | 14,641 | 280,522 |
Lions Gate Entertainment Corp., Class B | 28,015 | 498,387 |
Live Nation Entertainment, Inc. * | 64,870 | 3,392,701 |
Meredith Corp. | 45,510 | 2,346,496 |
National CineMedia, Inc. | 201,080 | 1,799,666 |
Netflix, Inc. * | 12,382 | 3,736,640 |
New Media Investment Group, Inc. | 76,069 | 1,068,769 |
Nexstar Media Group, Inc., Class A | 16,900 | 1,265,641 |
Scholastic Corp. | 60,210 | 2,611,910 |
Sinclair Broadcast Group, Inc., Class A | 83,203 | 2,382,934 |
Sirius XM Holdings, Inc. (a) | 481,779 | 2,900,310 |
Take-Two Interactive Software, Inc. * | 20,247 | 2,609,231 |
The Madison Square Garden Co., Class A * | 5,684 | 1,572,308 |
The New York Times Co., Class A | 73,980 | 1,953,072 |
TripAdvisor, Inc. * | 50,897 | 2,653,770 |
Twitter, Inc. * | 45,196 | 1,570,561 |
Zynga, Inc., Class A * | 386,550 | 1,407,042 |
51,978,879 | ||
Pharmaceuticals, Biotechnology & Life Sciences 2.3% | ||
Akorn, Inc. * | 36,800 | 245,456 |
Bio-Rad Laboratories, Inc., Class A * | 10,040 | 2,739,414 |
Bio-Techne Corp. | 11,765 | 1,973,226 |
BioMarin Pharmaceutical, Inc. * | 4,808 | 443,153 |
Bruker Corp. | 49,215 | 1,541,906 |
Cambrex Corp. * | 7,700 | 410,333 |
Catalent, Inc. * | 48,551 | 1,958,547 |
Charles River Laboratories International, Inc. * | 25,403 | 3,094,593 |
Endo International plc * | 213,431 | 3,615,521 |
Illumina, Inc. * | 16,340 | 5,084,191 |
Jazz Pharmaceuticals plc * | 18,830 | 2,990,581 |
Myriad Genetics, Inc. * | 83,325 | 3,752,125 |
PDL BioPharma, Inc. * | 880,328 | 2,192,017 |
PerkinElmer, Inc. | 53,662 | 4,640,690 |
PRA Health Sciences, Inc. * | 11,980 | 1,160,503 |
Security | Number of Shares | Value ($) |
Prestige Brands Holdings, Inc. * | 33,790 | 1,221,846 |
QIAGEN N.V. * | 87,892 | 3,190,479 |
40,254,581 | ||
Real Estate 10.5% | ||
Acadia Realty Trust | 37,470 | 1,043,165 |
Alexander & Baldwin, Inc. | 20,600 | 402,524 |
Alexandria Real Estate Equities, Inc. | 31,154 | 3,807,953 |
Altisource Portfolio Solutions S.A. *(a) | 34,850 | 879,265 |
American Campus Communities, Inc. | 87,270 | 3,448,038 |
American Homes 4 Rent, Class A | 50,470 | 1,063,403 |
Apartment Investment & Management Co., Class A | 97,570 | 4,199,413 |
Apple Hospitality REIT, Inc. | 195,107 | 3,154,880 |
Ashford Hospitality Trust, Inc. | 231,400 | 1,191,710 |
Brandywine Realty Trust | 162,851 | 2,289,685 |
CBL & Associates Properties, Inc. | 747,945 | 2,468,218 |
Chesapeake Lodging Trust | 51,417 | 1,511,146 |
Colony Capital, Inc. | 94,400 | 554,128 |
Columbia Property Trust, Inc. | 149,856 | 3,364,267 |
CorePoint Lodging, Inc. | 27,350 | 447,720 |
Corporate Office Properties Trust | 86,373 | 2,231,878 |
Cousins Properties, Inc. | 52,400 | 435,444 |
CubeSmart | 66,170 | 1,917,607 |
CyrusOne, Inc. | 22,600 | 1,202,998 |
DiamondRock Hospitality Co. | 221,931 | 2,319,179 |
Douglas Emmett, Inc. | 69,441 | 2,513,070 |
EastGroup Properties, Inc. | 13,470 | 1,290,291 |
EPR Properties | 33,376 | 2,294,266 |
Equity Commonwealth | 91,110 | 2,713,256 |
Equity LifeStyle Properties, Inc. | 31,800 | 3,011,142 |
Extra Space Storage, Inc. | 38,656 | 3,481,359 |
Federal Realty Investment Trust | 32,067 | 3,977,911 |
First Industrial Realty Trust, Inc. | 44,561 | 1,368,023 |
Forest City Realty Trust, Inc., Class A | 61,340 | 1,543,314 |
Franklin Street Properties Corp. | 146,560 | 1,020,058 |
Front Yard Residential Corp. | 100,700 | 933,489 |
Gaming & Leisure Properties, Inc. | 77,892 | 2,624,181 |
Government Properties Income Trust (a) | 88,565 | 782,029 |
Healthcare Realty Trust, Inc. | 72,250 | 2,012,885 |
Healthcare Trust of America, Inc., Class A | 78,506 | 2,061,568 |
Hersha Hospitality Trust | 57,355 | 1,007,154 |
HFF, Inc., Class A | 12,700 | 466,725 |
Highwoods Properties, Inc. | 67,250 | 2,867,540 |
HomeBanc Corp. *(b) | 6,875 | — |
Hudson Pacific Properties, Inc. | 36,420 | 1,103,526 |
Investors Real Estate Trust | 192,690 | 1,046,307 |
Invitation Homes, Inc. | 23,600 | 516,368 |
Kennedy-Wilson Holdings, Inc. | 25,400 | 482,092 |
Kilroy Realty Corp. | 36,495 | 2,513,776 |
Kite Realty Group Trust | 68,600 | 1,086,624 |
Lamar Advertising Co., Class A | 53,880 | 3,950,482 |
LaSalle Hotel Properties | 121,430 | 4,008,404 |
Lexington Realty Trust | 244,115 | 1,896,774 |
Liberty Property Trust | 99,347 | 4,159,659 |
Life Storage, Inc. | 20,458 | 1,926,325 |
Mack-Cali Realty Corp. | 135,842 | 2,757,593 |
Medical Properties Trust, Inc. | 134,900 | 2,004,614 |
National Health Investors, Inc. | 12,920 | 949,103 |
National Retail Properties, Inc. | 62,515 | 2,922,576 |
New Senior Investment Group, Inc. | 162,580 | 929,958 |
Omega Healthcare Investors, Inc. | 109,525 | 3,652,659 |
Paramount Group, Inc. | 128,777 | 1,840,223 |
Pebblebrook Hotel Trust (a) | 45,460 | 1,532,457 |
Pennsylvania Real Estate Investment Trust | 137,956 | 1,234,706 |
Piedmont Office Realty Trust, Inc., Class A | 180,840 | 3,258,737 |
PotlatchDeltic Corp. | 26,300 | 953,375 |
Security | Number of Shares | Value ($) |
PS Business Parks, Inc. | 10,300 | 1,345,180 |
QTS Realty Trust, Inc., Class A | 12,300 | 471,336 |
Ramco-Gershenson Properties Trust | 80,520 | 1,069,306 |
Rayonier, Inc. | 114,150 | 3,447,330 |
Regency Centers Corp. | 45,524 | 2,884,401 |
Retail Opportunity Investments Corp. | 24,600 | 432,714 |
Retail Properties of America, Inc., Class A | 265,771 | 3,261,010 |
Retail Value, Inc. * | 24,296 | 680,531 |
RLJ Lodging Trust | 165,650 | 3,220,236 |
Ryman Hospitality Properties, Inc. | 31,945 | 2,478,613 |
Sabra Health Care REIT, Inc. | 85,852 | 1,858,696 |
SBA Communications Corp. * | 21,930 | 3,556,388 |
Select Income REIT | 51,710 | 977,836 |
Seritage Growth Properties, Class A (a) | 10,300 | 391,606 |
SITE Centers Corp. | 239,694 | 2,979,396 |
Spirit MTA REIT | 35,790 | 383,311 |
Spirit Realty Capital, Inc. | 346,643 | 2,710,748 |
STAG Industrial, Inc. | 18,000 | 476,280 |
STORE Capital Corp. | 40,190 | 1,166,716 |
Summit Hotel Properties, Inc. | 69,300 | 798,336 |
Sun Communities, Inc. | 24,975 | 2,509,238 |
Sunstone Hotel Investors, Inc. | 205,143 | 2,968,419 |
Tanger Factory Outlet Centers, Inc. | 86,908 | 1,934,572 |
Taubman Centers, Inc. | 57,468 | 3,161,315 |
The GEO Group, Inc. | 150,184 | 3,320,568 |
The Howard Hughes Corp. * | 4,600 | 512,992 |
Tier REIT, Inc. | 54,100 | 1,172,347 |
Uniti Group, Inc. | 95,230 | 1,822,702 |
Urban Edge Properties | 48,260 | 988,847 |
Washington Prime Group, Inc. | 602,230 | 3,854,272 |
Washington Real Estate Investment Trust | 58,120 | 1,619,804 |
Weingarten Realty Investors | 94,143 | 2,647,301 |
WP Carey, Inc. | 60,847 | 4,016,510 |
Xenia Hotels & Resorts, Inc. | 156,630 | 3,218,746 |
186,964,823 | ||
Retailing 4.8% | ||
Aaron's, Inc. | 85,428 | 4,026,222 |
Asbury Automotive Group, Inc. * | 54,219 | 3,529,657 |
Ascena Retail Group, Inc. * | 1,676,197 | 6,453,359 |
Barnes & Noble Education, Inc. * | 317,729 | 1,814,233 |
Barnes & Noble, Inc. | 452,112 | 2,861,869 |
Big 5 Sporting Goods Corp. (a) | 156,520 | 549,385 |
Burlington Stores, Inc. * | 16,890 | 2,896,466 |
Caleres, Inc. | 87,210 | 2,982,582 |
Citi Trends, Inc. | 33,140 | 839,436 |
Conn's, Inc. * | 14,700 | 408,366 |
Express, Inc. * | 392,965 | 3,462,022 |
Five Below, Inc. * | 15,302 | 1,741,674 |
Francesca's Holdings Corp. * | 88,000 | 267,520 |
Genesco, Inc. * | 107,438 | 4,597,272 |
Groupon, Inc. * | 352,410 | 1,152,381 |
Guess?, Inc. | 209,605 | 4,452,010 |
Haverty Furniture Cos., Inc. | 53,720 | 1,089,442 |
Hibbett Sports, Inc. * | 97,581 | 1,704,740 |
J.C. Penney Co., Inc. *(a) | 1,452,335 | 2,134,932 |
Lithia Motors, Inc., Class A | 36,445 | 3,246,521 |
Lumber Liquidators Holdings, Inc. * | 62,190 | 743,792 |
Monro, Inc. | 27,063 | 2,013,487 |
Ollie's Bargain Outlet Holdings, Inc. * | 5,900 | 548,110 |
Party City Holdco, Inc. * | 28,600 | 299,442 |
Penske Automotive Group, Inc. | 82,803 | 3,674,797 |
Pier 1 Imports, Inc. | 1,117,921 | 1,777,494 |
Pool Corp. | 20,692 | 3,015,859 |
Rent-A-Center, Inc. * | 249,538 | 3,555,917 |
RH *(a) | 16,606 | 1,921,480 |
Shoe Carnival, Inc. | 37,985 | 1,547,129 |
Security | Number of Shares | Value ($) |
Shutterfly, Inc. * | 24,910 | 1,245,500 |
Sleep Number Corp. * | 56,852 | 2,067,707 |
Sonic Automotive, Inc., Class A | 142,242 | 2,577,425 |
The Buckle, Inc. (a) | 108,656 | 2,216,582 |
The Cato Corp., Class A | 122,722 | 2,366,080 |
The Children's Place, Inc. | 19,050 | 2,846,070 |
The Michaels Cos., Inc. * | 106,960 | 1,695,316 |
Zumiez, Inc. * | 52,290 | 1,216,265 |
85,538,541 | ||
Semiconductors & Semiconductor Equipment 1.9% | ||
Advanced Energy Industries, Inc. * | 16,410 | 706,122 |
Amkor Technology, Inc. * | 229,780 | 1,642,927 |
Brooks Automation, Inc. | 38,764 | 1,202,847 |
Cabot Microelectronics Corp. | 15,840 | 1,546,301 |
Cirrus Logic, Inc. * | 57,811 | 2,164,444 |
Cree, Inc. * | 100,043 | 3,883,669 |
Cypress Semiconductor Corp. | 213,659 | 2,764,748 |
Diodes, Inc. * | 33,964 | 1,025,373 |
Entegris, Inc. | 46,395 | 1,231,323 |
Integrated Device Technology, Inc. * | 62,406 | 2,921,225 |
MKS Instruments, Inc. | 21,375 | 1,575,124 |
Monolithic Power Systems, Inc. | 3,086 | 364,518 |
Photronics, Inc. * | 134,025 | 1,305,404 |
Power Integrations, Inc. | 14,570 | 820,582 |
Semtech Corp. * | 23,570 | 1,059,236 |
Silicon Laboratories, Inc. * | 17,590 | 1,434,113 |
Synaptics, Inc. * | 45,769 | 1,718,168 |
Teradyne, Inc. | 100,798 | 3,472,491 |
Versum Materials, Inc. | 42,930 | 1,354,871 |
Xperi Corp. | 65,010 | 845,130 |
33,038,616 | ||
Software & Services 5.4% | ||
ACI Worldwide, Inc. * | 66,621 | 1,671,521 |
ANSYS, Inc. * | 25,257 | 3,777,184 |
Aspen Technology, Inc. * | 17,980 | 1,526,322 |
Avaya Holdings Corp. * | 40,340 | 662,383 |
Black Knight, Inc. * | 18,690 | 911,511 |
Cadence Design Systems, Inc. * | 83,227 | 3,709,427 |
Cardtronics plc, Class A * | 54,160 | 1,470,986 |
CDK Global, Inc. | 60,240 | 3,448,138 |
CommVault Systems, Inc. * | 17,190 | 1,000,802 |
CoreLogic, Inc. * | 77,830 | 3,161,455 |
CSG Systems International, Inc. | 37,055 | 1,300,630 |
EPAM Systems, Inc. * | 11,200 | 1,338,064 |
Euronet Worldwide, Inc. * | 23,663 | 2,630,852 |
EVERTEC, Inc. | 60,230 | 1,570,798 |
ExlService Holdings, Inc. * | 17,420 | 1,116,622 |
Fair Isaac Corp. * | 12,839 | 2,474,204 |
FleetCor Technologies, Inc. * | 17,067 | 3,413,912 |
Gartner, Inc. * | 29,347 | 4,329,269 |
j2 Global, Inc. | 25,295 | 1,842,488 |
LiveRamp Holdings, Inc. * | 58,541 | 2,674,153 |
Manhattan Associates, Inc. * | 40,238 | 1,920,962 |
ManTech International Corp., Class A | 45,407 | 2,600,913 |
MAXIMUS, Inc. | 48,505 | 3,151,370 |
MicroStrategy, Inc., Class A * | 3,300 | 415,701 |
Nuance Communications, Inc. * | 166,010 | 2,886,914 |
Perficient, Inc. * | 15,400 | 385,308 |
Progress Software Corp. | 45,135 | 1,450,639 |
PTC, Inc. * | 30,916 | 2,547,788 |
Sabre Corp. | 104,217 | 2,568,949 |
Science Applications International Corp. | 44,280 | 3,077,903 |
SS&C Technologies Holdings, Inc. | 36,312 | 1,857,722 |
Sykes Enterprises, Inc. * | 65,875 | 2,020,386 |
Security | Number of Shares | Value ($) |
Synopsys, Inc. * | 45,338 | 4,059,111 |
TiVo Corp. | 141,143 | 1,552,573 |
Travelport Worldwide Ltd. | 150,250 | 2,247,740 |
Tyler Technologies, Inc. * | 2,310 | 488,935 |
Unisys Corp. * | 144,250 | 2,655,642 |
Verint Systems, Inc. * | 34,788 | 1,588,768 |
VeriSign, Inc. * | 35,299 | 5,031,519 |
VMware, Inc., Class A * | 22,942 | 3,243,769 |
WEX, Inc. * | 11,680 | 2,055,213 |
Worldpay, Inc., Class A * | 42,953 | 3,944,804 |
95,783,350 | ||
Technology Hardware & Equipment 4.1% | ||
ADTRAN, Inc. | 117,833 | 1,583,676 |
Arista Networks, Inc. * | 1,990 | 458,397 |
AVX Corp. | 55,640 | 928,075 |
Belden, Inc. | 36,848 | 1,991,634 |
Benchmark Electronics, Inc. | 141,570 | 3,090,473 |
Ciena Corp. * | 53,210 | 1,663,345 |
Cognex Corp. | 28,599 | 1,225,181 |
Coherent, Inc. * | 9,339 | 1,150,004 |
Comtech Telecommunications Corp. | 71,301 | 1,990,724 |
Cray, Inc. * | 41,600 | 943,904 |
Diebold Nixdorf, Inc. (a) | 195,030 | 760,617 |
Dolby Laboratories, Inc., Class A | 36,010 | 2,477,848 |
EchoStar Corp., Class A * | 55,700 | 2,258,635 |
Electronics For Imaging, Inc. * | 41,357 | 1,259,321 |
ePlus, Inc. * | 16,400 | 1,392,032 |
Fabrinet * | 31,322 | 1,356,869 |
Finisar Corp. * | 110,380 | 1,842,242 |
Fitbit, Inc., Class A * | 112,000 | 529,760 |
II-VI, Inc. * | 30,281 | 1,127,362 |
Infinera Corp. * | 50,500 | 279,770 |
Insight Enterprises, Inc. * | 105,808 | 5,469,216 |
InterDigital, Inc. | 32,760 | 2,324,322 |
IPG Photonics Corp. * | 8,170 | 1,091,103 |
Itron, Inc. * | 25,806 | 1,345,525 |
Knowles Corp. * | 126,558 | 2,047,708 |
Littelfuse, Inc. | 8,643 | 1,565,766 |
Lumentum Holdings, Inc. * | 19,830 | 1,083,710 |
Methode Electronics, Inc. | 35,870 | 1,061,752 |
MTS Systems Corp. | 21,320 | 1,009,502 |
National Instruments Corp. | 58,165 | 2,848,340 |
NETGEAR, Inc. * | 43,150 | 2,393,962 |
NetScout Systems, Inc. * | 75,650 | 1,910,919 |
OSI Systems, Inc. * | 19,431 | 1,343,848 |
Plantronics, Inc. | 39,198 | 2,311,506 |
Plexus Corp. * | 51,649 | 3,016,302 |
Rogers Corp. * | 7,900 | 972,174 |
ScanSource, Inc. * | 94,640 | 3,679,603 |
TTM Technologies, Inc. * | 90,960 | 1,064,232 |
ViaSat, Inc. * | 30,755 | 1,960,939 |
Viavi Solutions, Inc. * | 108,840 | 1,254,925 |
Vishay Intertechnology, Inc. | 198,881 | 3,639,522 |
Zebra Technologies Corp., Class A * | 13,508 | 2,246,380 |
73,951,125 | ||
Telecommunication Services 0.7% | ||
Cincinnati Bell, Inc. * | 106,400 | 1,509,816 |
Cogent Communications Holdings, Inc. | 21,400 | 1,112,372 |
Consolidated Communications Holdings, Inc. | 146,901 | 1,839,200 |
Intelsat S.A. * | 46,160 | 1,202,930 |
Iridium Communications, Inc. * | 69,475 | 1,376,300 |
Shenandoah Telecommunications Co. | 12,400 | 471,448 |
United States Cellular Corp. * | 33,520 | 1,601,250 |
Security | Number of Shares | Value ($) |
Vonage Holdings Corp. * | 123,810 | 1,641,721 |
Zayo Group Holdings, Inc. * | 51,980 | 1,553,162 |
12,308,199 | ||
Transportation 2.8% | ||
Air Transport Services Group, Inc. * | 49,260 | 965,496 |
Allegiant Travel Co. | 15,410 | 1,758,897 |
AMERCO | 5,780 | 1,887,054 |
ArcBest Corp. | 64,871 | 2,408,012 |
Atlas Air Worldwide Holdings, Inc. * | 38,570 | 1,990,983 |
Copa Holdings S.A., Class A | 40,590 | 2,939,934 |
Costamare, Inc. | 66,700 | 353,510 |
Echo Global Logistics, Inc. * | 39,120 | 1,005,775 |
Forward Air Corp. | 27,305 | 1,638,027 |
Genesee & Wyoming, Inc., Class A * | 39,855 | 3,157,712 |
Hawaiian Holdings, Inc. | 59,738 | 2,067,532 |
Heartland Express, Inc. | 58,345 | 1,135,977 |
Hub Group, Inc., Class A * | 75,365 | 3,453,224 |
Knight-Swift Transportation Holdings, Inc. | 95,403 | 3,052,896 |
Macquarie Infrastructure Corp. | 86,942 | 3,212,507 |
Marten Transport Ltd. | 46,870 | 902,716 |
Matson, Inc. | 61,430 | 2,154,965 |
Saia, Inc. * | 24,699 | 1,552,579 |
Schneider National, Inc., Class B | 23,500 | 513,945 |
SkyWest, Inc. | 63,825 | 3,656,534 |
Spirit Airlines, Inc. * | 82,590 | 4,286,421 |
Werner Enterprises, Inc. | 72,559 | 2,335,674 |
XPO Logistics, Inc. * | 23,383 | 2,089,973 |
YRC Worldwide, Inc. * | 93,360 | 771,154 |
49,291,497 | ||
Utilities 3.3% | ||
ALLETE, Inc. | 40,228 | 2,976,872 |
American States Water Co. | 25,350 | 1,551,927 |
Aqua America, Inc. | 93,149 | 3,030,137 |
Avangrid, Inc. | 31,420 | 1,477,054 |
Avista Corp. | 65,117 | 3,348,316 |
Black Hills Corp. | 53,200 | 3,165,400 |
California Water Service Group | 32,640 | 1,370,880 |
Chesapeake Utilities Corp. | 5,400 | 429,030 |
El Paso Electric Co. | 41,639 | 2,375,505 |
Hawaiian Electric Industries, Inc. | 125,915 | 4,696,630 |
IDACORP, Inc. | 36,726 | 3,425,067 |
MGE Energy, Inc. | 25,770 | 1,610,110 |
National Fuel Gas Co. | 80,550 | 4,373,060 |
New Jersey Resources Corp. | 78,356 | 3,533,856 |
Northwest Natural Holding Co. | 29,655 | 1,921,347 |
NorthWestern Corp. | 49,720 | 2,921,547 |
ONE Gas, Inc. | 43,630 | 3,442,843 |
Ormat Technologies, Inc. | 18,120 | 927,200 |
Otter Tail Corp. | 36,280 | 1,635,140 |
Pattern Energy Group, Inc., Class A | 30,900 | 553,728 |
PNM Resources, Inc. | 94,140 | 3,615,917 |
South Jersey Industries, Inc. | 63,219 | 1,867,489 |
Southwest Gas Holdings, Inc. | 28,183 | 2,177,700 |
Spire, Inc. | 33,181 | 2,408,277 |
58,835,032 | ||
Total Common Stock | ||
(Cost $1,452,465,413) | 1,776,210,844 | |
Security | Number of Shares | Value ($) |
Rights 0.0% of net assets | ||
Materials 0.0% | ||
A. Schulman, Inc. CVR *(b) | 38,533 | 73,598 |
Total Rights | ||
(Cost $73,598) | 73,598 | |
Other Investment Companies 1.7% of net assets | ||
Money Market Fund 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.09% (c) | 2,903,393 | 2,903,393 |
Securities Lending Collateral 1.5% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 27,771,371 | 27,771,371 |
Total Other Investment Companies | ||
(Cost $30,674,764) | 30,674,764 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini expires 12/21/18 | 97 | 7,332,715 | (132,442) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $26,395,633. |
(b) | Fair-valued by management in accordance with procedures approved by the Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock 98.3% of net assets | ||
Australia 6.2% | ||
AGL Energy Ltd. | 70,586 | 901,415 |
Amcor Ltd. | 87,895 | 829,395 |
AMP Ltd. | 562,067 | 985,601 |
APA Group | 74,134 | 504,852 |
Aurizon Holdings Ltd. | 294,748 | 878,154 |
Australia & New Zealand Banking Group Ltd. | 310,762 | 5,720,090 |
Bendigo & Adelaide Bank Ltd. | 51,631 | 375,178 |
BGP Holdings plc *(a) | 453,854 | — |
BHP Billiton Ltd. | 434,924 | 10,035,283 |
BlueScope Steel Ltd. | 47,001 | 481,789 |
Boral Ltd. | 94,088 | 374,825 |
Brambles Ltd. | 127,022 | 956,850 |
Caltex Australia Ltd. | 71,097 | 1,422,567 |
CIMIC Group Ltd. | 10,830 | 363,617 |
Coca-Cola Amatil Ltd. | 74,610 | 525,083 |
Commonwealth Bank of Australia | 155,468 | 7,644,492 |
Crown Resorts Ltd. | 32,698 | 290,943 |
CSL Ltd. | 14,487 | 1,933,973 |
Downer EDI Ltd. | 114,749 | 564,950 |
Fortescue Metals Group Ltd. | 275,161 | 783,199 |
Goodman Group | 53,010 | 389,594 |
GrainCorp Ltd., Class A | 61,555 | 359,834 |
Incitec Pivot Ltd. | 183,750 | 509,146 |
Insurance Australia Group * | 203,669 | 985,078 |
LendLease Group | 59,617 | 744,530 |
Macquarie Group Ltd. | 18,305 | 1,526,493 |
Medibank Pvt Ltd. | 251,056 | 497,785 |
Metcash Ltd. | 345,549 | 675,360 |
Mirvac Group | 277,751 | 427,247 |
National Australia Bank Ltd. | 287,503 | 5,149,041 |
Newcrest Mining Ltd. | 32,873 | 481,202 |
OneMarket Ltd. * | 3,820 | 2,218 |
Orica Ltd. | 56,960 | 693,992 |
Origin Energy Ltd. * | 217,800 | 1,128,695 |
Qantas Airways Ltd. | 69,427 | 269,499 |
QBE Insurance Group Ltd. | 178,473 | 1,433,979 |
Rio Tinto Ltd. | 45,678 | 2,485,445 |
Santos Ltd. | 102,994 | 483,410 |
Scentre Group | 292,920 | 825,231 |
Sonic Healthcare Ltd. | 33,954 | 543,428 |
South32 Ltd. | 126,231 | 325,569 |
Stockland | 217,510 | 556,415 |
Suncorp Group Ltd. | 190,614 | 1,895,292 |
Tabcorp Holdings Ltd. | 180,657 | 592,860 |
Telstra Corp., Ltd. | 1,000,138 | 2,187,740 |
Transurban Group | 58,874 | 473,544 |
Wesfarmers Ltd. | 213,929 | 7,084,834 |
Westpac Banking Corp. | 352,557 | 6,697,077 |
Woodside Petroleum Ltd. | 97,032 | 2,388,954 |
Woolworths Group Ltd. | 256,623 | 5,179,525 |
WorleyParsons Ltd. | 55,911 | 578,301 |
83,143,574 | ||
Security | Number of Shares | Value ($) |
Austria 0.3% | ||
ANDRITZ AG | 5,736 | 297,297 |
Erste Group Bank AG * | 28,516 | 1,160,813 |
OMV AG | 27,897 | 1,549,193 |
Raiffeisen Bank International AG | 16,369 | 446,117 |
voestalpine AG | 17,406 | 617,739 |
4,071,159 | ||
Belgium 0.8% | ||
Ageas | 25,685 | 1,285,151 |
Anheuser-Busch InBev S.A./N.V. | 53,554 | 3,960,924 |
Colruyt S.A. | 9,880 | 574,465 |
Groupe Bruxelles Lambert S.A. | 8,137 | 756,766 |
KBC Group N.V. | 19,302 | 1,330,218 |
Proximus | 24,397 | 621,584 |
Solvay S.A. | 8,596 | 979,147 |
UCB S.A. | 5,880 | 493,802 |
Umicore S.A. | 15,871 | 747,094 |
10,749,151 | ||
Canada 6.9% | ||
Agnico-Eagle Mines Ltd. | 10,893 | 384,765 |
Alimentation Couche-Tard, Inc., Class B | 37,740 | 1,802,358 |
ARC Resources Ltd. | 51,672 | 481,217 |
Atco Ltd., Class I | 13,089 | 381,599 |
Bank of Montreal | 47,261 | 3,533,670 |
Barrick Gold Corp. | 68,032 | 852,176 |
Bausch Health Cos., Inc. * | 51,709 | 1,183,087 |
BCE, Inc. | 47,212 | 1,827,226 |
BlackBerry Ltd. * | 41,188 | 380,139 |
Brookfield Asset Management, Inc., Class A | 52,232 | 2,131,416 |
Cameco Corp. | 45,267 | 484,838 |
Canadian Imperial Bank of Commerce | 34,938 | 3,017,017 |
Canadian National Railway Co. | 46,417 | 3,968,073 |
Canadian Natural Resources Ltd. | 104,245 | 2,860,215 |
Canadian Pacific Railway Ltd. | 9,050 | 1,855,922 |
Canadian Tire Corp., Ltd., Class A | 7,476 | 841,274 |
Celestica, Inc. * | 33,466 | 347,256 |
Cenovus Energy, Inc. | 254,395 | 2,152,729 |
CGI Group, Inc., Class A * | 14,192 | 876,455 |
CI Financial Corp. | 31,415 | 464,621 |
Crescent Point Energy Corp. | 162,971 | 770,010 |
Dollarama, Inc. | 11,400 | 315,298 |
Empire Co., Ltd., Class A | 42,100 | 765,920 |
Enbridge, Inc. | 72,886 | 2,271,096 |
Encana Corp. | 57,609 | 588,146 |
Fairfax Financial Holdings Ltd. | 1,450 | 704,596 |
Finning International, Inc. | 22,217 | 461,402 |
First Quantum Minerals Ltd. | 49,170 | 490,785 |
Fortis, Inc. | 25,333 | 837,089 |
George Weston Ltd. | 8,211 | 597,215 |
Gibson Energy, Inc. | 31,853 | 504,247 |
Gildan Activewear, Inc. | 13,200 | 394,561 |
Security | Number of Shares | Value ($) |
Goldcorp, Inc. | 58,955 | 532,474 |
Great-West Lifeco, Inc. | 21,854 | 501,507 |
H&R Real Estate Investment Trust | 20,500 | 310,042 |
Husky Energy, Inc. | 73,221 | 1,035,089 |
Hydro One Ltd. | 21,500 | 312,754 |
Imperial Oil Ltd. | 36,641 | 1,144,501 |
Intact Financial Corp. | 8,106 | 640,438 |
Inter Pipeline Ltd. | 32,474 | 526,659 |
Keyera Corp. | 13,400 | 333,868 |
Linamar Corp. | 7,100 | 293,988 |
Loblaw Cos., Ltd. | 25,443 | 1,272,488 |
Magna International, Inc. | 64,227 | 3,161,952 |
Manulife Financial Corp. | 119,400 | 1,880,179 |
Methanex Corp. | 6,300 | 407,972 |
Metro, Inc. | 33,994 | 1,066,727 |
National Bank of Canada | 21,933 | 995,644 |
Obsidian Energy Ltd. * | 443,811 | 323,642 |
Onex Corp. | 9,465 | 622,276 |
Parkland Fuel Corp. | 14,800 | 497,025 |
Pembina Pipeline Corp. | 28,078 | 908,171 |
Power Corp. of Canada | 63,244 | 1,305,763 |
Power Financial Corp. | 30,414 | 654,971 |
RioCan Real Estate Investment Trust | 18,300 | 333,625 |
Rogers Communications, Inc., Class B | 23,741 | 1,222,532 |
Royal Bank of Canada | 89,744 | 6,538,983 |
Saputo, Inc. | 21,275 | 648,213 |
Shaw Communications, Inc., Class B | 53,129 | 989,169 |
SNC-Lavalin Group, Inc. | 16,940 | 604,793 |
Sun Life Financial, Inc. | 37,275 | 1,365,056 |
Suncor Energy, Inc. | 186,237 | 6,247,276 |
Teck Resources Ltd., Class B | 56,568 | 1,169,217 |
TELUS Corp. | 30,571 | 1,046,861 |
The Bank of Nova Scotia | 88,115 | 4,728,873 |
The Toronto-Dominion Bank | 99,552 | 5,522,642 |
Thomson Reuters Corp. | 31,300 | 1,456,759 |
TransAlta Corp. | 91,321 | 482,116 |
TransCanada Corp. | 53,881 | 2,031,716 |
Vermilion Energy, Inc. | 10,054 | 266,615 |
Waste Connections, Inc. | 4,500 | 344,016 |
West Fraser Timber Co., Ltd. | 5,800 | 291,399 |
WestJet Airlines Ltd. | 25,300 | 368,608 |
92,913,017 | ||
Denmark 0.9% | ||
AP Moeller - Maersk A/S, Series A | 1,047 | 1,242,480 |
AP Moeller - Maersk A/S, Series B | 1,230 | 1,552,518 |
Carlsberg A/S, Class B | 9,124 | 1,006,528 |
Coloplast A/S, Class B | 4,493 | 419,258 |
Danske Bank A/S | 37,466 | 717,048 |
DSV A/S | 6,874 | 551,464 |
ISS A/S | 25,084 | 823,788 |
Novo Nordisk A/S, Class B | 79,007 | 3,412,040 |
Novozymes A/S, B Shares | 9,812 | 484,565 |
Orsted A/S | 5,973 | 378,752 |
Pandora A/S | 6,010 | 376,007 |
Vestas Wind Systems A/S | 12,282 | 770,209 |
11,734,657 | ||
Finland 0.9% | ||
Elisa Oyj | 10,280 | 409,000 |
Fortum Oyj | 47,654 | 1,003,150 |
Kesko Oyj, B Shares | 17,816 | 1,040,500 |
Kone Oyj, Class B | 23,884 | 1,162,541 |
Metso Oyj | 12,105 | 382,178 |
Neste Oyj | 10,756 | 883,230 |
Security | Number of Shares | Value ($) |
Nokia Oyj | 438,640 | 2,477,695 |
Nokian Renkaat Oyj | 11,604 | 369,104 |
Orion Oyj, Class B | 11,381 | 391,499 |
Sampo Oyj, A Shares | 27,163 | 1,249,147 |
Stora Enso Oyj, R Shares | 63,987 | 961,417 |
UPM-Kymmene Oyj | 54,053 | 1,737,736 |
Wartsila Oyj Abp | 27,578 | 469,256 |
12,536,453 | ||
France 9.4% | ||
Accor S.A. | 13,022 | 595,007 |
Air France-KLM * | 46,512 | 449,687 |
Air Liquide S.A. | 28,245 | 3,414,432 |
Airbus SE | 19,564 | 2,162,100 |
Alstom S.A. | 19,955 | 871,488 |
Arkema S.A. | 8,499 | 891,661 |
Atos SE | 6,513 | 557,038 |
AXA S.A. | 186,022 | 4,655,512 |
BNP Paribas S.A. | 106,209 | 5,534,980 |
Bollore S.A. | 85,752 | 362,799 |
Bouygues S.A. | 35,311 | 1,286,404 |
Bureau Veritas S.A. | 14,187 | 320,060 |
Capgemini SE | 10,119 | 1,235,577 |
Carrefour S.A. | 168,625 | 3,270,275 |
Casino Guichard Perrachon S.A. (b) | 26,751 | 1,179,792 |
CGG S.A. * | 205,619 | 497,396 |
CNP Assurances | 18,470 | 411,650 |
Compagnie de Saint-Gobain | 84,113 | 3,168,657 |
Credit Agricole S.A. | 93,600 | 1,198,777 |
Danone S.A. | 41,233 | 2,919,847 |
Eiffage S.A. | 7,112 | 694,572 |
Electricite de France S.A. | 115,646 | 1,916,028 |
Engie S.A. (b) | 427,329 | 5,678,005 |
EssilorLuxottica S.A. | 8,211 | 1,121,446 |
Eurazeo SE | 5,861 | 428,014 |
Eutelsat Communications S.A. | 18,712 | 379,004 |
Faurecia S.A. | 9,213 | 446,631 |
Kering S.A. | 2,317 | 1,029,880 |
Klepierre S.A. | 9,071 | 307,393 |
L'Oreal S.A. | 11,319 | 2,550,241 |
Legrand S.A. | 13,624 | 889,660 |
LVMH Moet Hennessy Louis Vuitton SE | 10,214 | 3,098,983 |
Natixis S.A. | 62,440 | 364,519 |
Orange S.A. | 378,018 | 5,900,237 |
Pernod-Ricard S.A. | 9,894 | 1,508,702 |
Peugeot S.A. | 57,838 | 1,374,854 |
Publicis Groupe S.A. | 16,256 | 941,010 |
Rallye S.A. (b) | 43,517 | 483,034 |
Renault S.A. | 27,858 | 2,080,266 |
Rexel S.A. | 82,989 | 1,057,887 |
Safran S.A. | 12,099 | 1,563,528 |
Sanofi | 116,720 | 10,430,166 |
Schneider Electric SE | 52,782 | 3,816,724 |
SCOR SE | 17,419 | 804,946 |
Societe Generale S.A. | 123,124 | 4,513,447 |
Sodexo S.A. | 8,766 | 894,806 |
Suez | 64,660 | 932,675 |
TechnipFMC plc | 13,859 | 367,641 |
Teleperformance | 2,587 | 426,058 |
Thales S.A. | 5,102 | 651,617 |
TOTAL S.A. | 395,508 | 23,206,600 |
Unibail-Rodamco-Westfield | 6,779 | 1,226,721 |
Valeo S.A. | 24,509 | 790,519 |
Veolia Environnement S.A. | 86,115 | 1,716,229 |
Vinci S.A. | 43,405 | 3,863,019 |
Security | Number of Shares | Value ($) |
Vivendi S.A. | 141,350 | 3,409,123 |
Wendel S.A. | 2,662 | 344,932 |
126,192,256 | ||
Germany 7.8% | ||
adidas AG | 9,561 | 2,248,402 |
Allianz SE | 38,670 | 8,055,728 |
Aurubis AG | 11,011 | 668,362 |
BASF SE | 116,670 | 8,953,082 |
Bayer AG | 68,792 | 5,273,074 |
Bayerische Motoren Werke AG | 63,359 | 5,455,894 |
Beiersdorf AG | 5,135 | 530,945 |
Bilfinger SE | 9,711 | 423,023 |
Brenntag AG | 17,083 | 892,153 |
Commerzbank AG * | 135,097 | 1,272,061 |
Continental AG | 11,583 | 1,908,716 |
Covestro AG | 8,433 | 543,834 |
Daimler AG | 161,502 | 9,566,829 |
Deutsche Bank AG | 233,879 | 2,285,870 |
Deutsche Boerse AG | 6,282 | 793,872 |
Deutsche Lufthansa AG | 37,134 | 745,395 |
Deutsche Post AG | 102,027 | 3,221,530 |
Deutsche Telekom AG | 512,466 | 8,405,302 |
E.ON SE | 513,155 | 4,962,241 |
Evonik Industries AG | 17,968 | 555,854 |
Freenet AG | 17,959 | 403,949 |
Fresenius Medical Care AG & Co. KGaA | 13,562 | 1,064,841 |
Fresenius SE & Co. KGaA | 27,474 | 1,746,132 |
Fuchs Petrolub SE | 600 | 25,979 |
GEA Group AG | 13,777 | 418,628 |
Hannover Rueck SE | 5,042 | 678,053 |
HeidelbergCement AG | 18,319 | 1,243,208 |
Henkel AG & Co. KGaA | 7,591 | 743,598 |
Hugo Boss AG | 7,742 | 553,270 |
Infineon Technologies AG | 39,134 | 784,124 |
Innogy SE | 21,217 | 937,032 |
K&S AG | 35,076 | 653,184 |
KION Group AG | 4,122 | 240,873 |
LANXESS AG | 10,361 | 641,322 |
Leoni AG | 6,174 | 225,379 |
MAN SE | 4,006 | 417,314 |
Merck KGaA | 6,463 | 691,562 |
METRO AG | 55,591 | 836,272 |
MTU Aero Engines AG | 2,389 | 507,261 |
Muenchener Rueckversicherungs-Gesellschaft AG | 16,414 | 3,525,489 |
OSRAM Licht AG | 10,321 | 418,172 |
ProSiebenSat.1 Media SE | 28,117 | 649,263 |
Rheinmetall AG | 3,447 | 298,316 |
RWE AG | 153,100 | 2,978,440 |
Salzgitter AG | 9,534 | 381,054 |
SAP SE | 35,568 | 3,808,388 |
Siemens AG | 72,330 | 8,314,104 |
Suedzucker AG | 22,879 | 354,304 |
Symrise AG | 4,120 | 345,121 |
Telefonica Deutschland Holding AG | 88,937 | 345,736 |
ThyssenKrupp AG | 40,835 | 855,949 |
Uniper SE | 74,058 | 2,137,193 |
Volkswagen AG | 6,093 | 1,003,084 |
Vonovia SE | 14,566 | 665,615 |
105,654,376 | ||
Security | Number of Shares | Value ($) |
Hong Kong 1.5% | ||
AIA Group Ltd. | 313,000 | 2,381,004 |
BOC Hong Kong (Holdings) Ltd. | 172,000 | 643,917 |
China Mengniu Dairy Co., Ltd. * | 139,000 | 411,284 |
CK Asset Holdings Ltd. | 113,500 | 738,629 |
CK Hutchison Holdings Ltd. | 127,500 | 1,284,195 |
CLP Holdings Ltd. | 136,000 | 1,523,938 |
Galaxy Entertainment Group Ltd. | 80,000 | 434,331 |
Hang Seng Bank Ltd. | 30,800 | 722,185 |
Hong Kong & China Gas Co., Ltd. | 278,917 | 532,770 |
Hong Kong Exchanges & Clearing Ltd. | 14,216 | 378,526 |
Hongkong Land Holdings Ltd. | 54,700 | 323,931 |
Jardine Matheson Holdings Ltd. | 19,100 | 1,102,899 |
Jardine Strategic Holdings Ltd. | 16,800 | 564,354 |
Li & Fung Ltd. | 2,326,000 | 461,623 |
Link REIT | 51,500 | 457,685 |
MTR Corp., Ltd. | 98,610 | 478,479 |
New World Development Co., Ltd. | 606,689 | 771,808 |
Noble Group Ltd. * | 18,617,693 | 1,101,390 |
PCCW Ltd. | 662,000 | 363,484 |
Sands China Ltd. | 155,600 | 615,321 |
SJM Holdings Ltd. | 463,000 | 375,189 |
Sun Hung Kai Properties Ltd. | 111,000 | 1,442,576 |
Swire Pacific Ltd., Class A | 101,500 | 1,054,452 |
Swire Pacific Ltd., Class B | 181,051 | 292,228 |
Techtronic Industries Co., Ltd. | 54,500 | 256,628 |
The Wharf Holdings Ltd. | 137,000 | 342,473 |
Want Want China Holdings Ltd. | 443,000 | 316,931 |
WH Group Ltd. | 672,500 | 472,273 |
Wheelock & Co., Ltd. | 72,000 | 384,913 |
Yue Yuen Industrial Holdings Ltd. | 127,500 | 350,085 |
20,579,501 | ||
Ireland 0.7% | ||
AerCap Holdings N.V. * | 11,071 | 554,436 |
Bank of Ireland Group plc | 51,765 | 365,751 |
CRH plc | 75,761 | 2,259,813 |
Experian plc | 49,613 | 1,141,059 |
Kerry Group plc, Class A | 5,325 | 545,838 |
Seagate Technology plc | 58,026 | 2,334,386 |
Shire plc | 22,810 | 1,376,604 |
Smurfit Kappa Group plc | 23,341 | 758,830 |
9,336,717 | ||
Israel 0.5% | ||
Bank Hapoalim B.M. | 72,783 | 492,388 |
Bank Leumi Le-Israel B.M. | 65,160 | 406,318 |
Bezeq The Israeli Telecommunication Corp., Ltd. | 520,181 | 597,316 |
Check Point Software Technologies Ltd. * | 5,093 | 565,323 |
Israel Chemicals Ltd. | 125,302 | 721,741 |
Teva Pharmaceutical Industries Ltd. | 176,278 | 3,520,856 |
6,303,942 | ||
Italy 2.8% | ||
Assicurazioni Generali S.p.A. | 135,056 | 2,179,376 |
Atlantia S.p.A. | 39,442 | 792,543 |
BPER Banca | 80,739 | 306,404 |
Enel S.p.A. | 1,391,439 | 6,822,315 |
Eni S.p.A. | 675,114 | 11,989,857 |
EXOR N.V. | 39,772 | 2,249,306 |
Intesa Sanpaolo S.p.A. | 1,407,740 | 3,118,249 |
Security | Number of Shares | Value ($) |
Leonardo S.p.A. | 35,185 | 381,430 |
Luxottica Group S.p.A. | 9,996 | 627,781 |
Mediobanca S.p.A. | 32,742 | 286,747 |
Poste Italiane S.p.A | 54,229 | 389,115 |
Prysmian S.p.A. | 17,229 | 334,703 |
Saipem S.p.A. * | 143,040 | 782,247 |
Snam S.p.A. | 214,026 | 884,903 |
Telecom Italia S.p.A. * | 2,944,106 | 1,731,587 |
Terna - Rete Elettrica Nationale S.p.A. | 101,614 | 524,886 |
UniCredit S.p.A. | 298,406 | 3,815,167 |
Unione di Banche Italiane S.p.A. | 165,502 | 505,138 |
Unipol Gruppo S.p.A. | 88,525 | 356,268 |
38,078,022 | ||
Japan 24.5% | ||
Aeon Co., Ltd. | 109,300 | 2,508,670 |
AGC, Inc. | 38,000 | 1,244,668 |
Air Water, Inc. | 21,600 | 349,899 |
Aisin Seiki Co., Ltd. | 32,900 | 1,286,760 |
Ajinomoto Co., Inc. | 57,300 | 925,707 |
Alfresa Holdings Corp. | 39,400 | 1,050,864 |
Alps Electric Co., Ltd. | 18,200 | 429,025 |
Amada Holdings Co., Ltd. | 29,500 | 277,915 |
ANA Holdings, Inc. | 15,000 | 504,384 |
Asahi Group Holdings Ltd. | 28,500 | 1,252,434 |
Asahi Kasei Corp. | 140,000 | 1,679,783 |
Asics Corp. | 20,900 | 302,497 |
Astellas Pharma, Inc. | 159,500 | 2,464,306 |
Bandai Namco Holdings, Inc. | 21,200 | 754,185 |
Bridgestone Corp. | 102,900 | 3,967,750 |
Brother Industries Ltd. | 30,000 | 549,047 |
Canon, Inc. | 153,900 | 4,383,597 |
Casio Computer Co., Ltd. | 21,300 | 321,484 |
Central Japan Railway Co. | 16,200 | 3,108,919 |
Chubu Electric Power Co., Inc. | 142,600 | 2,056,390 |
Chugai Pharmaceutical Co., Ltd. | 6,900 | 403,973 |
Coca-Cola Bottlers Japan Holdings, Inc. | 11,400 | 298,352 |
COMSYS Holdings Corp. | 12,400 | 345,096 |
Concordia Financial Group Ltd. | 47,600 | 217,854 |
Cosmo Energy Holdings Co., Ltd. | 7,000 | 257,450 |
Credit Saison Co., Ltd. | 21,000 | 333,481 |
Dai Nippon Printing Co., Ltd. | 67,900 | 1,523,506 |
Dai-ichi Life Holdings, Inc. | 92,300 | 1,732,039 |
Daicel Corp. | 42,300 | 447,492 |
Daido Steel Co., Ltd. | 5,700 | 234,672 |
Daiichi Sankyo Co., Ltd. | 47,600 | 1,819,424 |
Daikin Industries Ltd. | 14,200 | 1,645,949 |
Daito Trust Construction Co., Ltd. | 6,600 | 870,133 |
Daiwa House Industry Co., Ltd. | 60,100 | 1,814,678 |
Daiwa Securities Group, Inc. | 142,000 | 814,329 |
Denka Co., Ltd. | 12,000 | 390,273 |
Denso Corp. | 58,900 | 2,627,278 |
Dentsu, Inc. | 20,001 | 927,643 |
DIC Corp. | 16,000 | 472,162 |
Don Quijote Holdings Co., Ltd. | 8,500 | 507,766 |
Dowa Holdings Co., Ltd. | 11,700 | 340,508 |
East Japan Railway Co. | 37,218 | 3,250,534 |
Ebara Corp. | 11,400 | 332,039 |
EDION Corp. | 27,100 | 284,975 |
Eisai Co., Ltd. | 15,100 | 1,257,534 |
Electric Power Development Co., Ltd. | 27,000 | 735,085 |
Fanuc Corp. | 8,400 | 1,461,322 |
Fast Retailing Co., Ltd. | 2,100 | 1,057,361 |
Fuji Electric Co., Ltd. | 11,200 | 341,885 |
FUJIFILM Holdings Corp. | 64,100 | 2,772,349 |
Security | Number of Shares | Value ($) |
Fujikura Ltd. | 55,400 | 238,986 |
Fujitsu Ltd. | 38,200 | 2,324,026 |
Furukawa Electric Co., Ltd. | 10,200 | 275,269 |
H2O Retailing Corp. | 20,000 | 310,744 |
Hakuhodo DY Holdings, Inc. | 36,100 | 602,097 |
Hankyu Hanshin Holdings, Inc. | 21,700 | 716,765 |
Hanwa Co., Ltd. | 13,700 | 448,661 |
Haseko Corp. | 27,700 | 351,004 |
Hino Motors Ltd. | 52,500 | 502,545 |
Hitachi Construction Machinery Co., Ltd. | 10,800 | 286,745 |
Hitachi Ltd. | 174,800 | 5,343,670 |
Hitachi Metals Ltd. | 32,300 | 379,813 |
Hokuriku Electric Power Co. * | 49,900 | 464,848 |
Honda Motor Co., Ltd. | 314,100 | 8,966,151 |
Hoya Corp. | 21,300 | 1,205,064 |
Ibiden Co., Ltd. | 23,000 | 284,008 |
Idemitsu Kosan Co., Ltd. | 27,900 | 1,263,944 |
IHI Corp. | 18,700 | 684,092 |
Iida Group Holdings Co., Ltd. | 28,500 | 518,781 |
Inpex Corp. | 176,500 | 2,009,736 |
Isetan Mitsukoshi Holdings Ltd. | 73,100 | 854,341 |
Isuzu Motors Ltd. | 80,800 | 1,059,332 |
ITOCHU Corp. | 165,800 | 3,074,919 |
J. Front Retailing Co., Ltd. | 43,400 | 568,727 |
Japan Display, Inc. * | 256,200 | 247,633 |
Japan Post Bank Co., Ltd. | 34,900 | 406,890 |
Japan Post Holdings Co., Ltd. | 121,000 | 1,434,876 |
Japan Tobacco, Inc. | 117,900 | 3,029,476 |
JFE Holdings, Inc. | 112,600 | 2,115,931 |
JGC Corp. | 33,500 | 648,454 |
JSR Corp. | 22,700 | 338,302 |
JTEKT Corp. | 44,100 | 548,676 |
JXTG Holdings, Inc. | 649,350 | 4,387,647 |
K's Holdings Corp. | 31,800 | 401,727 |
Kajima Corp. | 38,500 | 495,747 |
Kamigumi Co., Ltd. | 14,800 | 305,393 |
Kaneka Corp. | 9,000 | 376,163 |
Kao Corp. | 25,700 | 1,709,621 |
Kawasaki Heavy Industries Ltd. | 25,000 | 592,461 |
Kawasaki Kisen Kaisha Ltd. *(b) | 27,300 | 363,786 |
KDDI Corp. | 207,900 | 5,031,146 |
Keio Corp. | 8,800 | 477,964 |
Kewpie Corp. | 15,300 | 351,695 |
Keyence Corp. | 1,146 | 559,843 |
Kikkoman Corp. | 9,000 | 493,086 |
Kinden Corp. | 20,000 | 320,676 |
Kintetsu Group Holdings Co., Ltd. | 15,600 | 599,259 |
Kirin Holdings Co., Ltd. | 73,900 | 1,763,441 |
Kobe Steel Ltd. | 111,600 | 897,298 |
Koito Manufacturing Co., Ltd. | 6,900 | 328,482 |
Komatsu Ltd. | 84,700 | 2,205,795 |
Konica Minolta, Inc. | 104,200 | 1,031,412 |
Kubota Corp. | 84,900 | 1,340,298 |
Kuraray Co., Ltd. | 46,400 | 637,328 |
Kyocera Corp. | 29,700 | 1,607,449 |
Kyowa Hakko Kirin Co., Ltd. | 19,600 | 379,590 |
Kyushu Electric Power Co., Inc. | 48,900 | 568,069 |
Kyushu Railway Co. | 12,600 | 386,946 |
Leopalace21 Corp. | 49,600 | 206,607 |
LIXIL Group Corp. | 37,300 | 586,383 |
Makita Corp. | 13,700 | 473,641 |
Marubeni Corp. | 288,100 | 2,336,113 |
Matsumotokiyoshi Holdings Co., Ltd. | 8,500 | 307,308 |
Mazda Motor Corp. | 149,000 | 1,587,011 |
Medipal Holdings Corp. | 43,200 | 924,743 |
MEIJI Holdings Co., Ltd. | 11,800 | 782,926 |
Minebea Mitsumi, Inc. | 22,300 | 341,146 |
Security | Number of Shares | Value ($) |
Mitsubishi Chemical Holdings Corp. | 200,200 | 1,560,638 |
Mitsubishi Corp. | 139,700 | 3,931,897 |
Mitsubishi Electric Corp. | 234,700 | 2,971,168 |
Mitsubishi Estate Co., Ltd. | 61,800 | 987,675 |
Mitsubishi Gas Chemical Co., Inc. | 19,500 | 327,331 |
Mitsubishi Heavy Industries Ltd. | 67,200 | 2,368,915 |
Mitsubishi Materials Corp. | 29,700 | 822,241 |
Mitsubishi Motors Corp. | 146,500 | 920,206 |
Mitsubishi Tanabe Pharma Corp. | 21,400 | 316,098 |
Mitsubishi UFJ Financial Group, Inc. | 1,221,334 | 7,392,110 |
Mitsui & Co., Ltd. | 240,900 | 4,025,102 |
Mitsui Chemicals, Inc. | 27,500 | 616,664 |
Mitsui Fudosan Co., Ltd. | 67,000 | 1,508,989 |
Mitsui Mining & Smelting Co., Ltd. | 9,500 | 269,160 |
Mitsui O.S.K. Lines Ltd. | 28,400 | 690,250 |
Mizuho Financial Group, Inc. | 2,603,516 | 4,471,182 |
MS&AD Insurance Group Holdings, Inc. | 52,590 | 1,579,657 |
Murata Manufacturing Co., Ltd. | 11,500 | 1,789,805 |
Nagase & Co., Ltd. | 28,000 | 439,798 |
Nagoya Railroad Co., Ltd. | 19,600 | 473,365 |
NEC Corp. | 68,500 | 1,966,308 |
NGK Insulators Ltd. | 24,800 | 349,037 |
NGK Spark Plug Co., Ltd. | 18,300 | 370,305 |
NH Foods Ltd. | 22,000 | 758,688 |
NHK Spring Co., Ltd. | 42,000 | 359,632 |
Nichirei Corp. | 14,100 | 338,654 |
Nidec Corp. | 6,400 | 822,047 |
Nikon Corp. | 47,800 | 833,280 |
Nintendo Co., Ltd. | 1,830 | 571,331 |
Nippon Electric Glass Co., Ltd. | 17,400 | 438,401 |
Nippon Express Co., Ltd. | 13,700 | 864,587 |
Nippon Paper Industries Co., Ltd. | 29,100 | 527,229 |
Nippon Shokubai Co., Ltd. | 4,900 | 316,135 |
Nippon Steel & Sumitomo Metal Corp. | 169,900 | 3,134,004 |
Nippon Telegraph & Telephone Corp. | 129,408 | 5,336,604 |
Nippon Yusen K.K. | 59,700 | 962,717 |
Nissan Motor Co., Ltd. | 454,600 | 4,135,841 |
Nisshin Seifun Group, Inc. | 23,730 | 472,179 |
Nissin Foods Holdings Co., Ltd. | 4,700 | 303,053 |
Nitori Holdings Co., Ltd. | 3,100 | 404,777 |
Nitto Denko Corp. | 15,400 | 962,116 |
NOK Corp. | 20,300 | 292,093 |
Nomura Holdings, Inc. | 311,500 | 1,495,810 |
Nomura Real Estate Holdings, Inc. | 14,600 | 274,260 |
NSK Ltd. | 55,200 | 545,372 |
NTN Corp. | 78,000 | 285,296 |
NTT Data Corp. | 64,000 | 821,663 |
NTT DOCOMO, Inc. | 146,400 | 3,630,550 |
Obayashi Corp. | 69,900 | 617,092 |
Odakyu Electric Railway Co., Ltd. | 19,800 | 418,586 |
Oji Holdings Corp. | 135,000 | 958,652 |
Olympus Corp. | 16,700 | 556,641 |
Omron Corp. | 18,000 | 728,721 |
Ono Pharmaceutical Co., Ltd. | 12,900 | 292,748 |
Oriental Land Co., Ltd. | 5,500 | 517,404 |
ORIX Corp. | 89,600 | 1,459,673 |
Osaka Gas Co., Ltd. | 75,500 | 1,380,592 |
Otsuka Holdings Co., Ltd. | 34,700 | 1,659,629 |
Panasonic Corp. | 313,950 | 3,369,138 |
Recruit Holdings Co., Ltd. | 41,300 | 1,108,475 |
Renesas Electronics Corp. * | 24,400 | 128,539 |
Rengo Co., Ltd. | 36,800 | 320,783 |
Resona Holdings, Inc. | 203,858 | 1,072,300 |
Ricoh Co., Ltd. | 169,600 | 1,692,994 |
Rohm Co., Ltd. | 5,200 | 365,582 |
Ryohin Keikaku Co., Ltd. | 900 | 237,897 |
Security | Number of Shares | Value ($) |
San-Ai Oil Co., Ltd. | 14,300 | 153,764 |
Secom Co., Ltd. | 15,100 | 1,236,260 |
Sega Sammy Holdings, Inc. | 27,500 | 353,108 |
Seibu Holdings, Inc. | 20,600 | 373,737 |
Seiko Epson Corp. | 42,900 | 691,172 |
Seino Holdings Co., Ltd. | 27,800 | 384,984 |
Sekisui Chemical Co., Ltd. | 52,500 | 825,610 |
Sekisui House Ltd. | 93,600 | 1,373,769 |
Seven & i Holdings Co., Ltd. | 101,500 | 4,394,948 |
Shimadzu Corp. | 12,000 | 303,276 |
Shimamura Co., Ltd. | 4,700 | 395,338 |
Shimano, Inc. | 3,700 | 505,328 |
Shimizu Corp. | 65,000 | 527,628 |
Shin-Etsu Chemical Co., Ltd. | 22,300 | 1,863,399 |
Shionogi & Co., Ltd. | 11,200 | 716,169 |
Shiseido Co., Ltd. | 12,500 | 788,694 |
Showa Denko K.K. | 13,400 | 583,484 |
Showa Shell Sekiyu K.K. | 37,600 | 717,640 |
Skylark Holdings Co., Ltd. | 18,500 | 288,022 |
SMC Corp. | 2,200 | 701,216 |
SoftBank Group Corp. | 70,900 | 5,610,940 |
Sojitz Corp. | 249,300 | 838,386 |
Sompo Holdings, Inc. | 32,700 | 1,348,728 |
Sony Corp. | 68,700 | 3,717,819 |
Stanley Electric Co., Ltd. | 11,700 | 346,090 |
Subaru Corp. | 79,500 | 2,144,487 |
Sumitomo Chemical Co., Ltd. | 236,000 | 1,182,215 |
Sumitomo Corp. | 135,100 | 2,049,017 |
Sumitomo Electric Industries Ltd. | 153,300 | 2,090,642 |
Sumitomo Forestry Co., Ltd. | 26,100 | 387,293 |
Sumitomo Heavy Industries Ltd. | 15,100 | 474,907 |
Sumitomo Metal Mining Co., Ltd. | 25,600 | 806,043 |
Sumitomo Mitsui Financial Group, Inc. | 138,410 | 5,389,006 |
Sumitomo Mitsui Trust Holdings, Inc. | 33,500 | 1,331,071 |
Sumitomo Realty & Development Co., Ltd. | 25,700 | 883,053 |
Sumitomo Rubber Industries Ltd. | 35,900 | 514,974 |
Suntory Beverage & Food Ltd. | 12,900 | 525,738 |
Suzuken Co., Ltd. | 19,230 | 973,334 |
Suzuki Motor Corp. | 38,200 | 1,904,909 |
T&D Holdings, Inc. | 56,450 | 902,393 |
Taiheiyo Cement Corp. | 19,300 | 567,935 |
Taisei Corp. | 16,800 | 718,510 |
Takashimaya Co., Ltd. | 30,000 | 472,131 |
Takeda Pharmaceutical Co., Ltd. | 64,300 | 2,665,847 |
TDK Corp. | 12,600 | 1,086,499 |
Teijin Ltd. | 30,200 | 523,568 |
Terumo Corp. | 13,300 | 717,959 |
The Chiba Bank Ltd. | 44,000 | 278,360 |
The Chugoku Electric Power Co., Inc. | 58,600 | 753,753 |
The Kansai Electric Power Co., Inc. | 102,200 | 1,564,222 |
The Yokohama Rubber Co., Ltd. | 19,400 | 375,805 |
TIS, Inc. | 8,900 | 397,537 |
Tobu Railway Co., Ltd. | 18,300 | 508,971 |
Toho Gas Co., Ltd. | 14,200 | 488,937 |
Toho Holdings Co., Ltd. | 14,600 | 382,477 |
Tohoku Electric Power Co., Inc. | 101,000 | 1,276,093 |
Tokio Marine Holdings, Inc. | 51,300 | 2,416,852 |
Tokyo Electric Power Co. Holdings, Inc. * | 689,300 | 3,527,958 |
Tokyo Electron Ltd. | 5,700 | 769,208 |
Tokyo Gas Co., Ltd. | 87,000 | 2,139,583 |
Tokyu Corp. | 45,000 | 743,421 |
Tokyu Fudosan Holdings Corp. | 60,500 | 340,878 |
Toppan Printing Co., Ltd. | 61,000 | 862,383 |
Toray Industries, Inc. | 192,000 | 1,361,912 |
Toshiba Corp. * | 48,400 | 1,450,672 |
Security | Number of Shares | Value ($) |
Tosoh Corp. | 34,500 | 454,220 |
TOTO Ltd. | 9,700 | 347,030 |
Toyo Seikan Group Holdings Ltd. | 41,000 | 836,474 |
Toyo Suisan Kaisha Ltd. | 11,800 | 405,620 |
Toyoda Gosei Co., Ltd. | 14,900 | 321,358 |
Toyota Industries Corp. | 17,400 | 854,725 |
Toyota Motor Corp. | 325,618 | 19,075,005 |
Toyota Tsusho Corp. | 51,700 | 1,865,781 |
TS Tech Co., Ltd. | 7,600 | 218,729 |
Tsuruha Holdings, Inc. | 2,200 | 229,614 |
Ube Industries Ltd. | 18,800 | 409,514 |
Unicharm Corp. | 16,500 | 447,624 |
West Japan Railway Co. | 22,163 | 1,490,631 |
Yakult Honsha Co., Ltd. | 4,700 | 332,814 |
Yamada Denki Co., Ltd. | 185,600 | 875,169 |
Yamaha Corp. | 9,000 | 395,499 |
Yamaha Motor Co., Ltd. | 29,500 | 697,669 |
Yamato Holdings Co., Ltd. | 43,600 | 1,191,954 |
Yamazaki Baking Co., Ltd. | 23,300 | 419,986 |
Yaskawa Electric Corp. | 8,800 | 254,352 |
Yokogawa Electric Corp. | 19,300 | 378,937 |
330,010,565 | ||
Luxembourg 0.4% | ||
ArcelorMittal | 111,866 | 2,791,390 |
Millicom International Cellular S.A. SDR | 14,786 | 834,406 |
RTL Group S.A. | 4,888 | 313,733 |
SES S.A. | 43,250 | 929,531 |
Tenaris S.A. | 47,069 | 692,886 |
5,561,946 | ||
Netherlands 5.3% | ||
ABN AMRO Group N.V. CVA | 16,182 | 396,905 |
Aegon N.V. | 266,947 | 1,637,091 |
Akzo Nobel N.V. | 20,810 | 1,747,312 |
Altice Europe N.V. * | 111,251 | 264,671 |
Altice Europe N.V., Class B * | 18,000 | 42,952 |
ASML Holding N.V. | 6,987 | 1,203,469 |
ASR Nederland N.V. | 8,123 | 368,762 |
Boskalis Westminster N.V. | 15,591 | 448,285 |
Gemalto N.V. * | 7,139 | 407,210 |
HAL Trust (b) | 4,403 | 707,070 |
Heineken Holding N.V. | 10,063 | 870,412 |
Heineken N.V. | 13,054 | 1,174,433 |
ING Groep N.V. | 273,167 | 3,231,836 |
Koninklijke Ahold Delhaize N.V. | 193,768 | 4,435,448 |
Koninklijke DSM N.V. | 13,994 | 1,221,799 |
Koninklijke KPN N.V. | 521,645 | 1,376,374 |
Koninklijke Philips N.V. | 76,008 | 2,834,782 |
NN Group N.V. | 19,791 | 849,789 |
Randstad N.V. | 17,973 | 904,269 |
Royal Dutch Shell plc, A Shares | 591,133 | 18,775,235 |
Royal Dutch Shell plc, B Shares | 657,507 | 21,443,226 |
Signify N.V. | 20,251 | 498,874 |
SNS Reaal N.V. *(a)(b) | 124,822 | — |
Unilever N.V. CVA | 93,863 | 5,043,729 |
VEON Ltd. ADR | 183,939 | 516,869 |
Wolters Kluwer N.V. | 14,689 | 833,374 |
X5 Retail Group N.V. GDR | 11,077 | 260,052 |
71,494,228 | ||
Security | Number of Shares | Value ($) |
New Zealand 0.1% | ||
Contact Energy Ltd. | 100,526 | 367,555 |
Fletcher Building Ltd. * | 169,178 | 670,102 |
Spark New Zealand Ltd. | 285,096 | 736,293 |
1,773,950 | ||
Norway 0.9% | ||
DNB A.S.A. | 75,447 | 1,363,056 |
Equinor A.S.A. | 231,282 | 5,982,405 |
Marine Harvest A.S.A. | 32,344 | 783,058 |
Norsk Hydro A.S.A. | 163,226 | 846,454 |
Orkla A.S.A. | 72,518 | 625,780 |
Telenor A.S.A. | 79,040 | 1,449,227 |
Yara International A.S.A. | 34,800 | 1,494,428 |
12,544,408 | ||
Portugal 0.2% | ||
EDP - Energias de Portugal S.A. | 484,857 | 1,704,634 |
Galp Energia, SGPS, S.A. | 60,747 | 1,056,284 |
Jeronimo Martins, SGPS, S.A. | 24,379 | 299,227 |
3,060,145 | ||
Singapore 0.8% | ||
CapitaLand Ltd. | 163,100 | 370,479 |
ComfortDelGro Corp., Ltd. | 302,100 | 491,898 |
DBS Group Holdings Ltd. | 86,856 | 1,473,722 |
Flex Ltd. * | 64,176 | 504,423 |
Hutchison Port Holdings Trust, Class U | 1,098,800 | 270,294 |
Jardine Cycle & Carriage Ltd. | 18,000 | 394,210 |
Keppel Corp., Ltd. | 214,900 | 962,849 |
Oversea-Chinese Banking Corp., Ltd. | 178,717 | 1,388,354 |
Sembcorp Industries Ltd. | 174,100 | 355,439 |
Singapore Airlines Ltd. | 89,170 | 611,267 |
Singapore Press Holdings Ltd. | 187,900 | 360,102 |
Singapore Telecommunications Ltd. | 720,786 | 1,646,419 |
United Overseas Bank Ltd. | 70,052 | 1,238,553 |
Wilmar International Ltd. | 374,266 | 854,940 |
10,922,949 | ||
South Africa 0.0% | ||
Nedbank Group Ltd. | 13,498 | 228,186 |
Spain 3.4% | ||
Acciona S.A. | 5,298 | 446,893 |
ACS Actividades de Construccion y Servicios S.A. | 34,667 | 1,297,983 |
Aena SME S.A. | 2,467 | 394,182 |
Amadeus IT Group S.A. | 11,850 | 954,216 |
Banco Bilbao Vizcaya Argentaria S.A. | 513,489 | 2,833,993 |
Banco De Sabadell S.A. | 544,879 | 717,391 |
Banco Santander S.A. | 2,527,520 | 12,025,823 |
Bankinter S.A. | 35,625 | 291,875 |
CaixaBank S.A. | 180,208 | 729,250 |
Distribuidora Internacional de Alimentacion S.A. (b) | 136,897 | 103,228 |
Enagas S.A. | 18,006 | 477,401 |
Endesa S.A. | 83,695 | 1,749,986 |
Ferrovial S.A. | 42,332 | 847,530 |
Grifols S.A. | 12,942 | 368,720 |
Iberdrola S.A. | 645,554 | 4,567,824 |
Industria de Diseno Textil S.A. | 54,449 | 1,534,629 |
Security | Number of Shares | Value ($) |
Mapfre S.A. | 153,584 | 458,938 |
Naturgy Energy Group S.A. | 51,540 | 1,266,732 |
Red Electrica Corp. S.A. | 31,303 | 648,174 |
Repsol S.A. | 268,904 | 4,805,003 |
Telefonica S.A. | 1,103,924 | 9,055,553 |
45,575,324 | ||
Sweden 2.5% | ||
Alfa Laval AB | 19,115 | 487,721 |
Assa Abloy AB, Class B | 47,630 | 947,397 |
Atlas Copco AB, A Shares | 43,490 | 1,075,149 |
Atlas Copco AB, B Shares | 21,338 | 488,711 |
Autoliv, Inc. | 7,884 | 657,053 |
Boliden AB | 26,158 | 597,363 |
Electrolux AB, B Shares | 25,852 | 537,199 |
Epiroc AB, Class A * | 39,497 | 346,839 |
Epiroc AB, Class B * | 20,207 | 166,271 |
Essity AB, Class B | 41,222 | 940,746 |
Getinge AB, B Shares | 31,185 | 305,904 |
Hennes & Mauritz AB, B Shares (b) | 185,477 | 3,276,035 |
Hexagon AB, B Shares | 8,687 | 425,173 |
Husqvarna AB, B Shares | 41,150 | 310,495 |
Nordea Bank Abp | 294,193 | 2,556,795 |
Sandvik AB | 85,828 | 1,356,837 |
Securitas AB, B Shares | 40,150 | 688,114 |
Skandinaviska Enskilda Banken AB, A Shares | 117,646 | 1,217,447 |
Skanska AB, B Shares | 56,423 | 886,947 |
SKF AB, B Shares | 45,567 | 730,535 |
SSAB AB, A Shares | 16,713 | 66,723 |
SSAB AB, B Shares | 92,363 | 299,538 |
Svenska Cellulosa AB, S.C.A., B Shares | 34,386 | 325,066 |
Svenska Handelsbanken AB, A Shares | 124,994 | 1,358,664 |
Swedbank AB, A Shares | 88,648 | 1,994,095 |
Swedish Match AB | 12,046 | 613,607 |
Tele2 AB, B Shares | 67,968 | 771,793 |
Telefonaktiebolaget LM Ericsson, B Shares | 576,844 | 5,022,441 |
Telia Co. AB | 464,574 | 2,091,276 |
Trelleborg AB, B Shares | 19,874 | 358,575 |
Veoneer, Inc. * | 7,907 | 265,517 |
Volvo AB, A Shares | 20,067 | 300,490 |
Volvo AB, B Shares | 137,553 | 2,054,238 |
33,520,754 | ||
Switzerland 6.6% | ||
ABB Ltd. | 187,932 | 3,781,481 |
Adecco Group AG | 28,052 | 1,373,707 |
Aryzta AG *(b) | 25,046 | 233,602 |
Baloise Holding AG | 3,201 | 457,529 |
Chocoladefabriken Lindt & Spruengli AG | 4 | 319,317 |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 32 | 220,617 |
Cie Financiere Richemont S.A. | 34,597 | 2,528,715 |
Clariant AG * | 17,854 | 384,805 |
Coca-Cola HBC AG * | 12,825 | 378,832 |
Credit Suisse Group AG * | 133,954 | 1,751,269 |
Ferguson plc | 25,775 | 1,737,739 |
Geberit AG | 1,442 | 564,597 |
Georg Fischer AG | 271 | 252,124 |
Givaudan S.A. | 409 | 991,382 |
Glencore plc * | 2,126,137 | 8,652,653 |
Security | Number of Shares | Value ($) |
Julius Baer Group Ltd. * | 5,901 | 269,114 |
Kuehne & Nagel International AG | 4,218 | 586,237 |
LafargeHolcim Ltd. * | 47,787 | 2,213,037 |
Lonza Group AG * | 1,793 | 563,790 |
Nestle S.A. | 207,343 | 17,504,535 |
Novartis AG | 157,336 | 13,778,275 |
Roche Holding AG | 45,813 | 11,149,162 |
Roche Holding AG - Bearer Shares | 1,853 | 451,126 |
Schindler Holding AG | 2,522 | 529,755 |
SGS S.A. | 275 | 653,139 |
Sika AG | 5,380 | 689,837 |
STMicroelectronics N.V. | 30,782 | 467,710 |
Swiss Life Holding AG * | 2,078 | 783,852 |
Swiss Prime Site AG * | 3,854 | 312,726 |
Swiss Re AG | 48,965 | 4,418,244 |
Swisscom AG | 2,462 | 1,127,304 |
TE Connectivity Ltd. | 20,396 | 1,538,266 |
The Swatch Group AG | 4,230 | 282,356 |
The Swatch Group AG - Bearer Shares | 2,641 | 892,060 |
UBS Group AG * | 155,455 | 2,172,812 |
Vifor Pharma AG | 2,113 | 305,390 |
Zurich Insurance Group AG | 15,837 | 4,917,090 |
89,234,186 | ||
United Kingdom 14.9% | ||
3i Group plc | 42,848 | 479,782 |
Admiral Group plc | 13,360 | 343,432 |
Aggreko plc | 50,879 | 557,608 |
Anglo American plc | 111,154 | 2,372,402 |
Antofagasta plc | 47,582 | 476,297 |
Ashtead Group plc | 23,818 | 587,991 |
Associated British Foods plc | 34,807 | 1,061,154 |
AstraZeneca plc | 106,427 | 8,140,561 |
Aviva plc | 298,916 | 1,633,542 |
Babcock International Group plc | 49,594 | 386,745 |
BAE Systems plc | 289,777 | 1,943,037 |
Balfour Beatty plc | 107,084 | 359,749 |
Barclays plc | 1,882,343 | 4,147,377 |
Barratt Developments plc | 90,313 | 592,360 |
Bellway plc | 8,637 | 316,784 |
BHP Billiton plc | 290,073 | 5,786,577 |
BP plc | 4,186,542 | 30,242,400 |
British American Tobacco plc | 147,378 | 6,388,875 |
BT Group plc | 1,360,614 | 4,166,208 |
Bunzl plc | 23,051 | 680,003 |
Burberry Group plc | 33,868 | 783,684 |
Capita plc * | 291,882 | 478,030 |
Carnival plc | 11,964 | 652,104 |
Centrica plc | 1,404,133 | 2,637,360 |
CNH Industrial N.V. | 88,854 | 923,665 |
Coca-Cola European Partners plc | 13,967 | 635,359 |
Compass Group plc | 99,697 | 1,960,920 |
Croda International plc | 6,199 | 381,831 |
DCC plc | 8,376 | 717,913 |
Delphi Technologies plc | 7,901 | 169,397 |
Diageo plc | 112,773 | 3,898,734 |
Direct Line Insurance Group plc | 240,805 | 1,011,929 |
Dixons Carphone plc | 231,393 | 500,277 |
Drax Group plc | 107,573 | 551,012 |
DS Smith plc | 80,059 | 401,703 |
easyJet plc | 30,770 | 471,390 |
Ensco plc, Class A | 157,691 | 1,125,914 |
Fiat Chrysler Automobiles N.V. * | 155,782 | 2,370,759 |
FirstGroup plc * | 566,307 | 615,704 |
G4S plc | 185,330 | 508,611 |
GlaxoSmithKline plc | 502,467 | 9,731,658 |
Security | Number of Shares | Value ($) |
Greene King plc | 49,324 | 303,559 |
Hays plc | 124,632 | 260,996 |
Hiscox Ltd. | 19,551 | 406,121 |
HSBC Holdings plc | 1,718,124 | 14,139,479 |
IMI plc | 26,673 | 338,173 |
Imperial Brands plc | 104,533 | 3,540,805 |
Inchcape plc | 81,632 | 563,806 |
Informa plc | 65,171 | 594,723 |
Inmarsat plc | 71,533 | 415,995 |
InterContinental Hotels Group plc | 11,360 | 596,057 |
International Consolidated Airlines Group S.A. | 80,803 | 622,950 |
Intertek Group plc | 6,064 | 363,333 |
Investec plc | 52,407 | 324,010 |
ITV plc | 408,861 | 776,129 |
J. Sainsbury plc | 531,798 | 2,112,870 |
John Wood Group plc | 94,476 | 861,077 |
Johnson Matthey plc | 36,141 | 1,370,240 |
Kingfisher plc | 530,763 | 1,723,474 |
Land Securities Group plc | 52,749 | 573,809 |
Legal & General Group plc | 446,636 | 1,433,200 |
Liberty Global plc, Class A * | 22,870 | 586,158 |
Liberty Global plc, Class C * | 57,655 | 1,443,681 |
Lloyds Banking Group plc | 4,535,604 | 3,309,805 |
London Stock Exchange Group plc | 5,991 | 330,091 |
Marks & Spencer Group plc | 444,692 | 1,681,909 |
Meggitt plc | 79,877 | 540,416 |
Mondi plc | 33,178 | 781,303 |
National Grid plc | 484,576 | 5,119,080 |
Next plc | 16,741 | 1,112,151 |
Old Mutual Ltd. | 420,280 | 633,621 |
Pearson plc | 122,631 | 1,408,778 |
Pennon Group plc | 39,588 | 377,137 |
Persimmon plc | 19,686 | 576,152 |
Petrofac Ltd. | 51,736 | 380,442 |
Phoenix Group Holdings | 44,992 | 345,815 |
Provident Financial plc * | 39,467 | 257,480 |
Prudential plc | 115,648 | 2,315,693 |
Quilter plc | 147,532 | 218,286 |
Reckitt Benckiser Group plc | 39,454 | 3,190,411 |
RELX plc | 79,924 | 1,580,630 |
Rio Tinto plc | 127,646 | 6,197,311 |
Rolls-Royce Holdings plc * | 195,647 | 2,098,155 |
Royal Mail plc | 221,386 | 1,016,367 |
RSA Insurance Group plc | 74,554 | 536,196 |
Severn Trent plc | 26,513 | 630,065 |
Smith & Nephew plc | 50,564 | 821,910 |
Smiths Group plc | 35,783 | 637,850 |
SSE plc | 167,714 | 2,444,502 |
Standard Chartered plc | 343,828 | 2,409,790 |
Standard Life Aberdeen plc | 198,317 | 684,954 |
Subsea 7 S.A. | 46,637 | 585,354 |
Tate & Lyle plc | 63,169 | 543,132 |
Taylor Wimpey plc | 268,447 | 552,740 |
Tesco plc | 1,411,470 | 3,844,030 |
The Berkeley Group Holdings plc | 10,632 | 475,179 |
The British Land Co., plc | 41,138 | 310,688 |
The Sage Group plc | 74,111 | 515,287 |
The Weir Group plc | 19,086 | 386,235 |
Travis Perkins plc | 51,100 | 721,721 |
Unilever plc | 64,963 | 3,441,066 |
United Utilities Group plc | 80,844 | 749,157 |
Vodafone Group plc | 4,366,206 | 8,210,817 |
Whitbread plc | 14,042 | 789,547 |
William Hill plc | 123,124 | 330,980 |
Security | Number of Shares | Value ($) |
WM Morrison Supermarkets plc | 649,947 | 2,059,155 |
WPP plc | 134,479 | 1,521,728 |
201,214,599 | ||
Total Common Stock | ||
(Cost $1,341,419,359) | 1,326,434,065 | |
Preferred Stock 0.7% of net assets | ||
Germany 0.6% | ||
Bayerische Motoren Werke AG | 5,095 | 383,738 |
Fuchs Petrolub SE | 5,891 | 272,693 |
Henkel AG & Co. KGaA | 10,556 | 1,153,293 |
RWE AG, Non Voting Shares | 4,002 | 66,534 |
Volkswagen AG | 37,326 | 6,270,877 |
8,147,135 | ||
Italy 0.1% | ||
Telecom Italia S.p.A. - RSP | 1,607,008 | 811,858 |
Spain 0.0% | ||
Grifols S.A., Class B | 9,243 | 192,084 |
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc, C Shares *(a) | 8,999,762 | 11,503 |
Total Preferred Stock | ||
(Cost $9,541,718) | 9,162,580 | |
Rights 0.0% of net assets | ||
Spain 0.0% | ||
Banco Santander S.A. expires 11/01/18 * | 2,469,738 | 95,949 |
Total Rights | ||
(Cost $99,459) | 95,949 | |
Other Investment Company 0.9% of net assets | ||
United States 0.9% | ||
Securities Lending Collateral 0.9% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 11,686,398 | 11,686,398 |
Total Other Investment Company | ||
(Cost $11,686,398) | 11,686,398 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.2% of net assets | ||
Time Deposits 0.2% | ||
BNP Paribas | ||
Euro | ||
(0.57%), 11/01/18 (d) | 216,416 | 245,124 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Brown Brothers Harriman | ||
Australian Dollar | ||
0.77%, 11/01/18 (d) | 25,544 | 18,089 |
Canadian Dollar | ||
0.80%, 11/01/18 (d) | 178,475 | 135,573 |
Danish Krone | ||
(0.80%), 11/01/18 (d) | 60,339 | 9,160 |
Hong Kong Dollar | ||
0.37%, 11/01/18 (d) | 117,243 | 14,951 |
Norwegian Krone | ||
0.30%, 11/01/18 (d) | 22,004 | 2,610 |
Pound Sterling | ||
0.36%, 11/01/18 (d) | 13,749 | 17,574 |
Singapore Dollar | ||
0.62%, 11/01/18 (d) | 13,216 | 9,541 |
Swiss Franc | ||
(1.44%), 11/01/18 (d) | 11,997 | 11,912 |
Skandinaviska Enskilda Banken | ||
Swedish Krona | ||
(0.80%), 11/01/18 (d) | 499,311 | 54,563 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.30%), 11/01/18 (d) | 11,710,163 | 103,781 |
U.S. Dollar | ||
1.54%, 11/01/18 (d) | 2,823,342 | 2,823,342 |
Total Short-Term Investments | ||
(Cost $3,446,220) | 3,446,220 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 120 | 10,875,000 | (82,785) |
* | Non-income producing security. |
(a) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $11,189,838. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
GDR — | Global Depositary Receipt |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Security | Number of Shares | Value ($) |
Common Stock 99.1% of net assets | ||
Australia 5.5% | ||
Adelaide Brighton Ltd. | 150,794 | 606,514 |
ALS Ltd. | 156,600 | 908,158 |
Ansell Ltd. | 40,527 | 668,141 |
Ardent Leisure Group | 269,254 | 306,284 |
Aristocrat Leisure Ltd. | 41,239 | 777,105 |
ASX Ltd. | 23,980 | 1,007,176 |
AusNet Services | 670,768 | 813,584 |
Australian Pharmmaceutical Industries Ltd. | 465,201 | 505,298 |
Automotive Holdings Group Ltd. | 338,806 | 434,480 |
Bank of Queensland Ltd. | 130,036 | 891,383 |
Beach Energy Ltd. | 337,350 | 420,202 |
Bega Cheese Ltd. (a) | 65,355 | 276,817 |
Breville Group Ltd. | 18,397 | 160,257 |
carsales.com Ltd. | 31,918 | 276,651 |
Challenger Ltd. | 95,043 | 692,185 |
Charter Hall Retail REIT | 79,231 | 238,799 |
Cleanaway Waste Management Ltd. | 525,673 | 671,987 |
Cochlear Ltd. | 5,300 | 667,869 |
Computershare Ltd. | 93,276 | 1,309,844 |
Cromwell Property Group | 339,134 | 247,540 |
CSR Ltd. | 252,094 | 632,384 |
Dexus | 163,563 | 1,181,795 |
DuluxGroup Ltd. | 102,816 | 540,447 |
Evolution Mining Ltd. | 66,272 | 140,271 |
Fairfax Media Ltd. | 1,370,123 | 623,538 |
Flight Centre Travel Group Ltd. | 17,513 | 577,701 |
G.U.D. Holdings Ltd. | 35,687 | 312,883 |
G8 Education Ltd. (a) | 157,327 | 228,925 |
Genworth Mortgage Insurance Australia Ltd. | 207,364 | 331,186 |
GWA Group Ltd. | 146,334 | 286,172 |
Harvey Norman Holdings Ltd. (a) | 240,172 | 543,682 |
Healthscope Ltd. | 452,407 | 678,760 |
Highland Gold Mining Ltd. | 68,708 | 126,649 |
Iluka Resources Ltd. | 144,903 | 832,208 |
Inghams Group Ltd. (a) | 216,072 | 597,405 |
Investa Office Fund | 89,386 | 351,676 |
InvoCare Ltd. (a) | 24,629 | 211,972 |
IOOF Holdings Ltd. | 98,242 | 475,168 |
IRESS Ltd. | 31,637 | 243,728 |
JB Hi-Fi Ltd. (a) | 62,855 | 1,024,237 |
Link Administration Holdings Ltd. | 24,391 | 129,982 |
McMillan Shakespeare Ltd. | 21,602 | 253,353 |
Mineral Resources Ltd. | 53,895 | 546,867 |
Monadelphous Group Ltd. | 79,796 | 816,565 |
Myer Holdings Ltd. *(a) | 3,444,860 | 1,112,077 |
Navitas Ltd. | 110,835 | 399,526 |
nib Holdings Ltd. | 134,541 | 529,606 |
Nine Entertainment Co. Holdings Ltd. | 197,446 | 237,127 |
Northern Star Resources Ltd. | 32,067 | 200,330 |
Nufarm Ltd. | 112,007 | 452,942 |
OceanaGold Corp. | 186,672 | 537,420 |
Orora Ltd. | 395,978 | 943,684 |
OZ Minerals Ltd. | 140,440 | 900,915 |
Security | Number of Shares | Value ($) |
Pact Group Holdings Ltd. | 75,541 | 186,740 |
Pendal Group Ltd. | 29,362 | 169,770 |
Perpetual Ltd. | 12,117 | 298,036 |
Premier Investments Ltd. | 31,775 | 370,458 |
Primary Health Care Ltd. | 371,400 | 699,190 |
Qube Holdings Ltd. | 246,368 | 428,419 |
Ramsay Health Care Ltd. | 26,527 | 1,058,829 |
Regis Resources Ltd. | 92,476 | 277,403 |
Resolute Mining Ltd. | 361,866 | 267,517 |
Sandfire Resources NL | 53,082 | 250,991 |
SEEK Ltd. | 46,228 | 587,326 |
Seven Group Holdings Ltd. | 29,393 | 371,333 |
Seven West Media Ltd. * | 1,162,944 | 644,531 |
Sigma Healthcare Ltd. | 1,657,582 | 612,208 |
Southern Cross Media Group Ltd. | 432,536 | 350,447 |
Super Retail Group Ltd. | 106,155 | 544,386 |
Sydney Airport | 149,848 | 684,891 |
The GPT Group | 300,551 | 1,099,182 |
The Star Entertainment Grp Ltd. | 271,065 | 914,074 |
TPG Telecom Ltd. | 72,040 | 366,813 |
Treasury Wine Estates Ltd. | 77,157 | 830,484 |
Vicinity Centres | 483,362 | 906,727 |
Virgin Australia International Holdings *(b) | 176,214 | — |
Washington H Soul Pattinson & Co., Ltd. | 20,916 | 428,821 |
Whitehaven Coal Ltd. | 151,183 | 522,227 |
41,752,258 | ||
Austria 0.9% | ||
ams AG * | 4,243 | 165,296 |
Austria Technologie & Systemtechnik AG | 10,780 | 255,349 |
BAWAG Group AG | 4,671 | 201,502 |
CA Immobilien Anlagen AG | 10,349 | 336,884 |
IMMOFINANZ AG * | 24,112 | 574,003 |
Lenzing AG | 4,347 | 394,313 |
Oesterreichische Post AG | 17,176 | 697,231 |
Rhi Magnesita N.V. | 5,709 | 276,420 |
S IMMO AG | 14,720 | 251,671 |
Schoeller-Bleckmann Oilfield Equipment AG | 2,808 | 250,660 |
Telekom Austria AG * | 59,554 | 442,497 |
UNIQA Insurance Group AG | 41,121 | 384,043 |
Verbund AG | 15,453 | 622,018 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 19,587 | 520,164 |
Wienerberger AG | 49,524 | 1,139,102 |
Zumtobel Group AG * | 28,022 | 254,102 |
6,765,255 | ||
Belgium 1.1% | ||
Ackermans & van Haaren N.V. | 4,332 | 682,019 |
AGFA-Gevaert N.V. * | 113,937 | 508,690 |
Barco N.V. | 3,995 | 454,897 |
Befimmo S.A. | 4,829 | 265,001 |
Bekaert S.A. (a) | 26,197 | 565,791 |
Security | Number of Shares | Value ($) |
bpost S.A. | 53,420 | 810,733 |
Cie d'Entreprises CFE | 2,297 | 243,555 |
Cofinimmo S.A. | 4,840 | 578,790 |
D'ieteren S.A./N.V. | 24,293 | 960,817 |
Elia System Operator S.A./N.V. | 9,965 | 622,995 |
Euronav N.V. | 55,696 | 518,624 |
Nyrstar N.V. *(a) | 70,654 | 127,616 |
Ontex Group N.V. | 25,391 | 486,656 |
Orange Belgium S.A. | 24,988 | 448,880 |
Sofina S.A. | 1,546 | 295,698 |
Telenet Group Holding N.V. | 15,553 | 753,518 |
Tessenderlo Group S.A. * | 11,601 | 408,388 |
8,732,668 | ||
Canada 8.9% | ||
Aecon Group, Inc. | 52,972 | 761,715 |
AGF Management Ltd., Class B | 90,146 | 369,089 |
Aimia, Inc. * | 338,199 | 1,014,764 |
Air Canada * | 24,736 | 469,372 |
Algonquin Power & Utilities Corp. | 53,979 | 538,785 |
Allied Properties Real Estate Investment Trust | 11,200 | 359,877 |
AltaGas Ltd. | 62,849 | 790,118 |
Artis Real Estate Investment Trust | 51,973 | 442,172 |
AutoCanada, Inc. | 23,200 | 176,055 |
Baytex Energy Corp. * | 448,800 | 917,066 |
Boardwalk Real Estate Investment Trust (a) | 11,877 | 442,168 |
Bombardier, Inc., Class B * | 153,400 | 371,716 |
Bonavista Energy Corp. (a) | 815,900 | 774,716 |
Bonterra Energy Corp. | 21,022 | 236,497 |
CAE, Inc. | 59,419 | 1,048,053 |
Canadian Apartment Properties REIT | 17,099 | 608,002 |
Canadian Solar, Inc. * | 25,119 | 359,202 |
Canadian Utilities Ltd., Class A | 49,500 | 1,174,283 |
Canadian Western Bank | 20,839 | 484,705 |
Canfor Corp. * | 28,995 | 416,495 |
Capital Power Corp. (a) | 52,799 | 1,095,726 |
Cascades, Inc. | 56,419 | 438,855 |
CCL Industries, Inc., Class B | 16,690 | 702,110 |
Centerra Gold, Inc. * | 115,877 | 452,435 |
CES Energy Solutions Corp. | 90,742 | 240,563 |
Chartwell Retirement Residences | 36,200 | 388,550 |
Chemtrade Logistics Income Fund (a) | 38,081 | 361,588 |
Choice Properties Real Estate Investment Trust | 16,900 | 153,280 |
Cineplex, Inc. (a) | 30,360 | 836,921 |
Cogeco Communications, Inc. | 7,331 | 359,464 |
Cogeco, Inc. | 10,100 | 474,139 |
Colliers International Group, Inc. | 4,034 | 273,949 |
Cominar Real Estate Investment Trust | 75,013 | 622,805 |
Constellation Software, Inc. | 1,128 | 776,315 |
Corus Entertainment, Inc., Class B | 87,343 | 329,083 |
Cott Corp. | 38,000 | 572,114 |
Crombie Real Estate Investment Trust | 23,600 | 236,099 |
Detour Gold Corp. * | 15,900 | 117,277 |
Dorel Industries, Inc., Class B | 34,336 | 561,290 |
Dream Global Real Estate Investment Trust | 28,680 | 292,366 |
Dream Office Real Estate Investment Trust | 41,117 | 727,735 |
Eldorado Gold Corp. * | 532,008 | 355,628 |
Emera, Inc. | 30,500 | 941,099 |
Enerflex Ltd. | 50,449 | 608,553 |
Enerplus Corp. | 118,700 | 1,104,543 |
Ensign Energy Services, Inc. | 201,189 | 784,002 |
Security | Number of Shares | Value ($) |
Entertainment One Ltd. | 155,601 | 813,360 |
Exchange Income Corp. (a) | 13,830 | 317,477 |
Extendicare, Inc. (a) | 57,900 | 323,707 |
First Capital Realty, Inc. | 37,278 | 556,147 |
FirstService Corp. | 4,400 | 322,801 |
Franco-Nevada Corp. | 11,414 | 712,871 |
Genworth MI Canada, Inc. | 16,805 | 551,593 |
Gran Tierra Energy, Inc. * | 157,051 | 480,774 |
Granite Real Estate Investment Trust | 8,404 | 347,025 |
Great Canadian Gaming Corp. * | 12,627 | 406,688 |
Home Capital Group, Inc. *(a) | 50,070 | 496,345 |
Hudbay Minerals, Inc. | 52,356 | 205,614 |
Hudson's Bay Co. (a) | 111,000 | 714,171 |
IAMGOLD Corp. * | 124,268 | 426,671 |
IGM Financial, Inc. | 40,300 | 989,706 |
Industrial Alliance Insurance & Financial Services, Inc. | 28,724 | 1,015,470 |
Innergex Renewable Energy, Inc. | 22,500 | 208,686 |
Interfor Corp. * | 24,595 | 272,022 |
Intertape Polymer Group, Inc. | 22,285 | 294,380 |
Just Energy Group, Inc. | 83,614 | 271,208 |
Kinder Morgan Canada Ltd. (a) | 16,500 | 198,910 |
Kinross Gold Corp. * | 353,900 | 919,395 |
Laurentian Bank of Canada (a) | 13,011 | 410,754 |
Lucara Diamond Corp. | 77,600 | 128,503 |
Lundin Mining Corp. | 109,725 | 450,919 |
Maple Leaf Foods, Inc. | 41,663 | 947,541 |
Martinrea International, Inc. | 62,571 | 541,368 |
Medical Facilities Corp. | 25,486 | 271,422 |
MEG Energy Corp. * | 146,262 | 1,169,918 |
Morneau Shepell, Inc. | 16,212 | 335,952 |
Mullen Group Ltd. | 72,292 | 752,327 |
Nevsun Resources Ltd. | 168,919 | 750,637 |
New Gold, Inc. * | 245,392 | 195,725 |
NFI Group, Inc. | 9,492 | 320,209 |
Norbord, Inc. | 11,100 | 283,054 |
Northland Power, Inc. | 29,546 | 454,485 |
Northview Apartment Real Estate Investment Trust | 7,000 | 134,582 |
Open Text Corp. | 28,650 | 967,151 |
Pan American Silver Corp. | 33,430 | 492,391 |
Parex Resources, Inc. * | 28,700 | 417,926 |
Pason Systems, Inc. | 27,396 | 413,505 |
Pengrowth Energy Corp. * | 1,197,200 | 827,568 |
Peyto Exploration & Development Corp. (a) | 95,702 | 780,766 |
PrairieSky Royalty Ltd. (a) | 13,700 | 208,136 |
Precision Drilling Corp. * | 331,900 | 801,733 |
Premium Brands Holdings Corp. | 4,200 | 282,446 |
Quebecor, Inc., Class B | 65,800 | 1,290,559 |
Restaurant Brands International, Inc. | 13,400 | 734,102 |
Richelieu Hardware Ltd. | 16,614 | 318,789 |
Ritchie Bros. Auctioneers, Inc. | 17,155 | 577,024 |
Rogers Sugar, Inc. | 64,370 | 259,641 |
Russel Metals, Inc. | 52,917 | 978,389 |
Secure Energy Services, Inc. | 86,131 | 561,361 |
SEMAFO, Inc. * | 106,100 | 232,115 |
Seven Generations Energy Ltd., Class A * | 14,800 | 158,630 |
ShawCor Ltd. | 48,496 | 879,703 |
SmartCentres Real Estate Investment Trust | 27,325 | 624,358 |
Stantec, Inc. | 33,548 | 873,071 |
Stella-Jones, Inc. | 8,700 | 278,622 |
Superior Plus Corp. | 105,343 | 946,643 |
TFI International, Inc. | 41,670 | 1,386,732 |
The North West Co., Inc. | 26,915 | 586,775 |
Security | Number of Shares | Value ($) |
The Stars Group, Inc. * | 5,300 | 110,231 |
TMX Group Ltd. | 9,600 | 603,733 |
Toromont Industries Ltd. | 18,581 | 874,815 |
Tourmaline Oil Corp. | 45,277 | 660,351 |
Transcontinental, Inc., Class A | 37,020 | 609,384 |
Trican Well Service Ltd. * | 111,266 | 152,136 |
Trinidad Drilling Ltd. * | 328,696 | 414,475 |
Turquoise Hill Resources Ltd. * | 57,900 | 97,640 |
Uni-Select, Inc. | 27,820 | 457,943 |
Western Forest Products, Inc. | 257,295 | 343,985 |
Westshore Terminals Investment Corp. | 19,056 | 347,407 |
Wheaton Precious Metals Corp. | 56,760 | 933,029 |
Whitecap Resources, Inc. | 94,300 | 461,310 |
Winpak Ltd. | 8,100 | 281,003 |
WSP Global, Inc. | 23,023 | 1,149,357 |
Yamana Gold, Inc. | 390,400 | 886,700 |
67,815,391 | ||
Denmark 1.3% | ||
Chr. Hansen Holding A/S | 6,663 | 672,577 |
D/S Norden A/S * | 22,122 | 305,538 |
Dfds A/S | 9,586 | 410,285 |
FLSmidth & Co. A/S | 19,933 | 1,045,895 |
GN Store Nord A/S | 20,778 | 881,375 |
H. Lundbeck A/S | 5,567 | 259,654 |
Jyske Bank A/S | 14,333 | 585,230 |
Matas A/S | 28,973 | 279,750 |
Nilfisk Holding A/S * | 10,316 | 404,926 |
NKT A/S * | 13,447 | 252,937 |
Per Aarsleff Holding A/S | 11,159 | 364,967 |
Rockwool International A/S, B Shares | 3,050 | 1,042,058 |
Royal Unibrew A/S | 7,607 | 539,810 |
Scandinavian Tobacco Group A/S | 23,488 | 356,408 |
Schouw & Co. A/S | 5,279 | 431,070 |
SimCorp A/S | 4,329 | 333,312 |
Sydbank A/S | 20,350 | 470,030 |
Topdanmark A/S | 6,136 | 291,666 |
Tryg A/S | 32,017 | 771,800 |
William Demant Holding A/S * | 13,459 | 442,420 |
10,141,708 | ||
Finland 1.5% | ||
Amer Sports Oyj * | 35,502 | 1,319,673 |
Cargotec Oyj, B Shares | 19,384 | 805,640 |
Caverion Oyj * | 66,160 | 414,079 |
Cramo Oyj | 23,848 | 454,602 |
DNA Oyj | 6,807 | 133,397 |
Finnair Oyj | 25,711 | 193,139 |
Huhtamaki Oyj | 28,198 | 790,600 |
Kemira Oyj | 53,315 | 653,902 |
Konecranes Oyj | 17,726 | 634,785 |
Metsa Board Oyj | 67,281 | 588,408 |
Oriola Oyj, B Shares | 56,792 | 173,357 |
Outokumpu Oyj | 171,687 | 719,659 |
Outotec Oyj * | 52,266 | 202,155 |
Raisio Oyj, V Shares | 79,502 | 243,859 |
Ramirent Oyj | 41,793 | 305,115 |
Sanoma Oyj | 55,178 | 622,161 |
Tieto Oyj | 33,061 | 1,064,205 |
Tikkurila Oyj | 24,243 | 330,141 |
Uponor Oyj | 20,998 | 227,412 |
Valmet Oyj | 39,873 | 907,863 |
Yit Oyj | 87,856 | 500,383 |
11,284,535 | ||
Security | Number of Shares | Value ($) |
France 4.1% | ||
Aeroports de Paris | 4,746 | 992,640 |
Albioma S.A. | 6,173 | 119,945 |
ALD S.A. | 28,389 | 422,689 |
Alten S.A. | 7,438 | 717,359 |
Altran Technologies S.A. | 45,547 | 451,444 |
Amundi S.A. | 7,492 | 445,068 |
BioMerieux | 5,528 | 421,557 |
Coface S.A. | 34,395 | 343,714 |
Covivio | 8,008 | 803,531 |
Criteo S.A. ADR * | 6,872 | 154,757 |
Dassault Aviation S.A. | 248 | 411,515 |
Dassault Systemes S.A. | 9,522 | 1,192,007 |
Derichebourg S.A. | 50,319 | 242,074 |
Edenred | 37,045 | 1,405,233 |
Elior Group S.A. | 59,243 | 852,170 |
Elis S.A. | 54,643 | 1,101,831 |
Eramet | 1,097 | 100,986 |
Europcar Mobility Group | 28,728 | 271,840 |
Fnac Darty S.A. * | 5,681 | 403,884 |
Gaztransport Et Technigaz S.A. | 2,082 | 153,881 |
Gecina S.A. | 5,877 | 861,937 |
Getlink | 86,195 | 1,084,187 |
ICADE | 9,847 | 835,375 |
Iliad S.A. | 6,758 | 781,125 |
Imerys S.A. | 13,156 | 810,976 |
Ingenico Group S.A. | 11,987 | 848,380 |
Ipsen S.A. | 3,432 | 475,858 |
IPSOS | 17,220 | 458,543 |
JCDecaux S.A. | 22,011 | 722,572 |
Kaufman & Broad S.A. | 3,615 | 148,263 |
Korian S.A. | 15,351 | 604,829 |
LISI | 3,311 | 96,436 |
Maisons du Monde S.A. | 3,691 | 92,529 |
Mercialys S.A. | 19,661 | 288,250 |
Metropole Television S.A. | 29,056 | 562,402 |
Neopost S.A. | 41,776 | 1,343,820 |
Nexans S.A. | 20,714 | 597,770 |
Nexity S.A. | 15,643 | 748,062 |
Orpea | 5,714 | 703,467 |
Plastic Omnium S.A. | 17,798 | 494,824 |
Remy Cointreau S.A. | 3,593 | 426,476 |
SEB S.A. | 5,716 | 819,596 |
Societe BIC S.A. | 12,500 | 1,196,664 |
Societe Industrielle D'Aviations Latecoere S.A. * | 23,220 | 89,521 |
Sopra Steria Group | 3,091 | 342,352 |
SPIE S.A. | 34,303 | 537,068 |
Tarkett S.A. | 14,532 | 319,252 |
Technicolor S.A. *(a) | 555,615 | 708,326 |
Television Francaise | 68,114 | 692,798 |
UbiSoft Entertainment S.A. * | 10,503 | 942,146 |
Vallourec S.A. *(a) | 293,229 | 1,386,138 |
Vicat S.A. | 8,209 | 441,156 |
Vilmorin & Cie S.A. | 1,770 | 105,452 |
31,574,675 | ||
Germany 3.0% | ||
Aareal Bank AG | 17,824 | 663,075 |
Axel Springer SE | 12,205 | 810,497 |
Bauer AG | 5,796 | 96,712 |
BayWa AG | 10,350 | 301,405 |
Bechtle AG | 8,401 | 746,071 |
Bertrandt AG | 1,235 | 102,202 |
CANCOM SE | 6,456 | 263,235 |
CECONOMY AG | 140,395 | 717,374 |
Security | Number of Shares | Value ($) |
CTS Eventim AG & Co. KGaA | 3,496 | 131,065 |
Deutsche Euroshop AG | 5,227 | 162,199 |
Deutsche Pfandbriefbank AG | 74,045 | 983,205 |
Deutsche Wohnen SE | 26,970 | 1,233,612 |
Deutz AG | 35,105 | 261,102 |
DMG Mori AG | 2,615 | 126,467 |
Duerr AG | 13,866 | 494,106 |
ElringKlinger AG | 24,532 | 207,826 |
Fielmann AG | 5,156 | 319,824 |
Fraport AG Frankfurt Airport Services Worldwide | 9,931 | 766,927 |
Gerresheimer AG | 9,184 | 647,248 |
Gerry Weber International AG * | 23,182 | 76,277 |
Grammer AG | 5,562 | 200,402 |
Hapag-Lloyd AG | 6,722 | 248,551 |
Heidelberger Druckmaschinen AG * | 98,637 | 228,502 |
Hella GmbH & Co. KGaA | 16,121 | 754,081 |
HOCHTIEF AG | 8,194 | 1,214,255 |
Hornbach Holding AG & Co. KGaA | 5,227 | 345,438 |
Indus Holding AG | 4,057 | 221,509 |
Jenoptik AG | 10,146 | 307,109 |
Kloeckner & Co. SE | 111,802 | 940,192 |
Krones AG | 5,211 | 465,879 |
LEG Immobilien AG | 8,709 | 951,972 |
Nordex SE * | 32,260 | 299,708 |
Norma Group SE | 6,989 | 377,349 |
Pfeiffer Vacuum Technology AG | 1,638 | 203,673 |
Puma SE | 849 | 436,572 |
Rhoen-Klinikum AG | 21,208 | 536,154 |
SAF-Holland S.A. | 20,813 | 303,337 |
Scout24 AG | 10,785 | 446,967 |
Siltronic AG | 2,549 | 233,450 |
Sixt SE | 1,672 | 169,967 |
Software AG | 12,274 | 549,503 |
STADA Arzneimittel AG | 7,434 | 687,373 |
TAG Immobilien AG | 23,925 | 545,780 |
Takkt AG | 9,045 | 153,648 |
Talanx AG * | 18,421 | 658,206 |
TLG Immobilien AG | 10,249 | 260,216 |
United Internet AG | 17,626 | 729,379 |
Wacker Chemie AG | 5,418 | 483,959 |
Wacker Neuson SE | 5,674 | 126,005 |
Wirecard AG | 3,372 | 630,756 |
Zalando SE * | 7,021 | 271,398 |
23,091,719 | ||
Greece 0.0% | ||
TT Hellenic Postbank S.A. *(b) | 24,275 | — |
Hong Kong 4.5% | ||
AAC Technologies Holdings, Inc. | 60,000 | 457,035 |
ASM Pacific Technology Ltd. | 55,400 | 480,471 |
BOC Aviation Ltd. | 51,800 | 371,305 |
Brightoil Petroleum Holdings Ltd. *(b) | 1,150,000 | — |
Cafe De Coral Holdings Ltd. | 158,000 | 342,426 |
Cathay Pacific Airways Ltd. | 563,000 | 717,304 |
China Harmony New Energy Auto Holding Ltd. (a) | 339,500 | 135,179 |
China Travel International Investment Hong Kong Ltd. | 786,000 | 211,287 |
Chow Sang Sang Holdings International Ltd. | 260,000 | 421,069 |
Chow Tai Fook Jewellery Group Ltd. | 519,000 | 455,394 |
CITIC Telecom International Holdings Ltd. | 397,000 | 124,663 |
CK Infrastructure Holdings Ltd. | 35,000 | 256,152 |
Security | Number of Shares | Value ($) |
Dah Sing Financial Holdings Ltd. | 19,600 | 105,212 |
Dairy Farm International Holdings Ltd. | 89,800 | 811,274 |
Esprit Holdings Ltd. * | 3,701,876 | 842,772 |
FIH Mobile Ltd. * | 4,497,000 | 419,406 |
First Pacific Co., Ltd. | 2,090,000 | 935,289 |
Giordano International Ltd. | 808,000 | 359,058 |
Global Brands Group Holding Ltd. *(a) | 14,926,000 | 829,182 |
Great Eagle Holdings Ltd. | 76,857 | 350,983 |
Hang Lung Group Ltd. | 329,000 | 809,978 |
Hang Lung Properties Ltd. | 533,000 | 966,154 |
Henderson Land Development Co., Ltd. | 214,907 | 1,002,343 |
HK Electric Investments & HK Electric Investments Ltd. | 531,000 | 505,137 |
Hopewell Holdings Ltd. | 91,500 | 282,717 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 956,000 | 352,899 |
Hysan Development Co., Ltd. | 85,000 | 398,624 |
Johnson Electric Holdings Ltd. | 144,000 | 322,997 |
Ju Teng International Holdings Ltd. | 1,804,000 | 456,864 |
K Wah International Holdings Ltd. | 520,000 | 235,582 |
Kerry Logistics Network Ltd. | 284,000 | 450,397 |
Kerry Properties Ltd. | 253,500 | 798,094 |
Lifestyle International Holdings Ltd. | 63,000 | 108,942 |
Luk Fook Holdings International Ltd. | 202,000 | 666,531 |
Man Wah Holdings Ltd. | 385,200 | 177,749 |
Melco International Development Ltd. | 57,000 | 97,828 |
Melco Resorts & Entertainment Ltd. ADR | 35,484 | 590,099 |
MGM China Holdings Ltd. | 218,400 | 309,970 |
Minth Group Ltd. | 109,500 | 355,780 |
MMG Ltd. * | 536,000 | 202,015 |
NWS Holdings Ltd. | 464,000 | 920,955 |
Pacific Basin Shipping Ltd. | 1,662,000 | 364,163 |
Pacific Textile Holdings Ltd. | 443,000 | 447,358 |
Pou Sheng International Holdings Ltd. | 1,604,000 | 304,968 |
Power Assets Holdings Ltd. | 124,143 | 829,016 |
Road King Infrastructure Ltd. | 80,000 | 123,833 |
Sa Sa International Holdings Ltd. | 612,518 | 235,997 |
Seaspan Corp. (a) | 44,121 | 394,442 |
Semiconductor Manufacturing International Corp. *(a) | 720,400 | 595,077 |
Shangri-La Asia Ltd. | 268,000 | 366,086 |
Shougang Fushan Resources Group Ltd. | 1,582,000 | 320,229 |
Shui On Land Ltd. | 1,372,000 | 277,285 |
Shun Tak Holdings Ltd. | 392,000 | 125,437 |
Sino Land Co., Ltd. | 732,000 | 1,149,974 |
SITC International Holdings Co., Ltd. | 375,000 | 275,521 |
SmarTone Telecommunications Holdings Ltd. | 303,000 | 421,180 |
Stella International Holdings Ltd. | 490,000 | 491,424 |
Sun Art Retail Group Ltd. | 903,500 | 990,607 |
Swire Properties Ltd. | 188,000 | 642,457 |
Television Broadcasts Ltd. | 182,700 | 385,772 |
Texwinca Holdings Ltd. | 756,000 | 257,497 |
The Bank of East Asia Ltd. | 255,322 | 827,831 |
The Hongkong & Shanghai Hotels Ltd. | 200,738 | 277,011 |
Tingyi (Cayman Islands) Holding Corp. | 666,000 | 986,778 |
Truly International Holdings Ltd. *(a) | 1,862,000 | 271,854 |
Uni-President China Holdings Ltd. | 440,000 | 428,049 |
Vitasoy International Holdings Ltd. | 110,000 | 350,670 |
VSTECS Holdings Ltd. | 362,000 | 171,834 |
VTech Holdings Ltd. | 70,500 | 828,264 |
Wharf Real Estate Investment Co., Ltd. | 202,629 | 1,259,163 |
Security | Number of Shares | Value ($) |
Wynn Macau Ltd. | 335,200 | 698,270 |
Xinyi Glass Holdings Ltd. | 432,000 | 428,929 |
34,164,092 | ||
Ireland 0.8% | ||
C&C Group plc | 128,329 | 476,754 |
Glanbia plc | 44,944 | 794,627 |
ICON plc * | 7,770 | 1,072,882 |
Irish Continental Group plc | 46,068 | 271,330 |
James Hardie Industries plc | 52,436 | 700,432 |
Kingspan Group plc | 20,742 | 902,148 |
Origin Enterprises plc | 64,103 | 411,678 |
Paddy Power Betfair plc | 8,788 | 758,474 |
Total Produce plc | 195,479 | 418,464 |
UDG Healthcare plc | 59,387 | 478,960 |
6,285,749 | ||
Israel 0.9% | ||
Azrieli Group Ltd. | 6,044 | 293,484 |
Elbit Systems Ltd. | 4,842 | 577,969 |
First International Bank of Israel Ltd. | 13,806 | 297,306 |
Gazit-Globe Ltd. | 37,148 | 310,593 |
Israel Discount Bank Ltd., Class A | 358,023 | 1,170,005 |
Mellanox Technologies Ltd. * | 1,738 | 147,191 |
Mizrahi Tefahot Bank Ltd. | 27,573 | 464,068 |
Nice Ltd. * | 7,790 | 826,575 |
Orbotech Ltd. * | 2,239 | 125,250 |
Partner Communications Co., Ltd. * | 67,442 | 340,887 |
Plus500 Ltd. | 6,994 | 120,643 |
SodaStream International Ltd. * | 1,100 | 157,540 |
Taro Pharmaceutical Industries Ltd. * | 2,968 | 295,346 |
The Israel Corp., Ltd. | 4,502 | 1,314,839 |
Tower Semiconductor Ltd. * | 15,232 | 236,064 |
6,677,760 | ||
Italy 2.7% | ||
A2A S.p.A. | 704,996 | 1,135,999 |
ACEA S.p.A. | 21,425 | 281,260 |
Alitalia S.p.A. *(b) | 14,782 | — |
Amplifon S.p.A. | 6,591 | 116,755 |
Anima Holding S.p.A. | 68,739 | 287,438 |
Ansaldo STS S.p.A. * | 19,658 | 282,774 |
Astaldi S.p.A. * | 146,986 | 93,231 |
ASTM S.p.A. | 20,120 | 398,651 |
Autogrill S.p.A. | 46,667 | 458,809 |
Azimut Holding S.p.A. | 34,808 | 428,577 |
Banca Carige S.p.A. *(a) | 38,970,620 | 216,021 |
Banca Generali S.p.A. | 12,506 | 240,796 |
Banca Mediolanum S.p.A. | 68,286 | 395,649 |
Banca Popolare Di Sondrio Scarl | 276,552 | 871,823 |
Banco BPM S.p.A. * | 200,448 | 375,772 |
Beni Stabili S.p.A | 294,379 | 252,061 |
Brembo S.p.A. | 32,233 | 356,848 |
Buzzi Unicem S.p.A. | 23,628 | 453,710 |
Cerved Group S.p.A. | 39,130 | 312,055 |
Danieli & C Officine Meccaniche S.p.A. | 5,865 | 109,609 |
Davide Campari-Milano S.p.A. | 71,554 | 550,697 |
De'Longhi S.p.A. | 16,519 | 437,163 |
DiaSorin S.p.A. | 3,006 | 285,128 |
Enav S.p.A. | 81,176 | 365,892 |
ERG S.p.A. | 28,449 | 530,690 |
Esprinet S.p.A. (a) | 53,302 | 234,245 |
Ferrari N.V. | 7,536 | 882,479 |
FinecoBank Banca Fineco S.p.A. | 20,151 | 210,611 |
Hera S.p.A. | 367,164 | 1,013,327 |
Security | Number of Shares | Value ($) |
Interpump Group S.p.A. | 11,049 | 318,764 |
Iren S.p.A. | 260,300 | 564,008 |
Italgas S.p.A. | 173,577 | 895,579 |
MARR S.p.A. | 10,101 | 244,422 |
Mediaset S.p.A. * | 399,128 | 1,201,010 |
Moncler S.p.A. | 10,895 | 378,359 |
OVS S.p.A. * | 95,052 | 167,847 |
Pirelli & C S.p.A. * | 66,098 | 485,745 |
Prada S.p.A. | 185,200 | 657,925 |
Recordati S.p.A. | 14,205 | 480,891 |
Safilo Group S.p.A. *(a) | 63,841 | 119,311 |
Salini Impregilo S.p.A. | 159,310 | 351,168 |
Salvatore Ferragamo S.p.A. | 5,575 | 131,876 |
Saras S.p.A. | 376,254 | 734,281 |
Societa Cattolica di Assicurazioni SC | 68,263 | 551,480 |
Societa Iniziative Autostradali e Servizi S.p.A. | 27,732 | 390,711 |
Tod's S.p.A. | 6,702 | 409,749 |
UnipolSai Assicurazioni S.p.A. | 348,855 | 761,637 |
20,422,833 | ||
Japan 36.7% | ||
ABC-Mart, Inc. | 8,900 | 520,338 |
Activia Properties, Inc. | 66 | 273,918 |
Adastria Co., Ltd. | 27,480 | 447,779 |
ADEKA Corp. | 51,100 | 757,084 |
Advance Residence Investment Corp. | 168 | 429,202 |
Advantest Corp. | 19,700 | 363,672 |
Aeon Delight Co., Ltd. | 11,000 | 367,264 |
AEON Financial Service Co., Ltd. | 32,200 | 630,211 |
Aeon Mall Co., Ltd. | 38,930 | 718,983 |
Aica Kogyo Co., Ltd. | 16,300 | 485,234 |
Aichi Steel Corp. | 12,900 | 456,021 |
Aida Engineering Ltd. | 18,500 | 152,230 |
Ain Holdings, Inc. | 6,700 | 525,466 |
Aisan Industry Co., Ltd. | 37,700 | 282,275 |
Alpen Co., Ltd. | 16,100 | 270,551 |
Alpine Electronics, Inc. | 31,600 | 536,364 |
Amano Corp. | 22,300 | 474,175 |
Anritsu Corp. | 46,700 | 707,872 |
AOKI Holdings, Inc. | 28,100 | 370,107 |
Aoyama Trading Co., Ltd. | 29,100 | 880,376 |
Aozora Bank Ltd. | 30,900 | 1,066,247 |
Arata Corp. | 12,600 | 572,191 |
Arcland Sakamoto Co., Ltd. | 21,600 | 282,852 |
Arcs Co., Ltd. | 49,800 | 1,203,380 |
Asahi Diamond Industrial Co., Ltd. | 28,100 | 177,718 |
Asahi Holdings, Inc. | 22,800 | 488,239 |
ASKUL Corp. | 9,200 | 254,161 |
Autobacs Seven Co., Ltd. | 51,000 | 820,802 |
Avex, Inc. | 29,400 | 395,603 |
Axial Retailing, Inc. | 9,900 | 324,373 |
Azbil Corp. | 47,000 | 875,489 |
Belc Co., Ltd. | 5,100 | 260,437 |
Benesse Holdings, Inc. | 36,700 | 1,023,512 |
Bic Camera, Inc. | 68,200 | 900,397 |
BML, Inc. | 10,500 | 289,352 |
Bunka Shutter Co., Ltd. | 36,000 | 252,251 |
Calbee, Inc. | 20,300 | 673,497 |
Canon Electronics, Inc. | 13,300 | 243,059 |
Canon Marketing Japan, Inc. | 35,600 | 673,660 |
Capcom Co., Ltd. | 22,600 | 471,096 |
Cawachi Ltd. | 18,800 | 348,916 |
Central Glass Co., Ltd. | 36,200 | 782,640 |
Chiyoda Co., Ltd. | 22,200 | 427,964 |
Chiyoda Corp. | 96,000 | 477,691 |
Chudenko Corp. | 11,700 | 246,373 |
Security | Number of Shares | Value ($) |
Chugoku Marine Paints Ltd. | 35,400 | 284,342 |
Citizen Watch Co., Ltd. | 173,300 | 997,508 |
CKD Corp. | 19,000 | 218,616 |
Cocokara fine, Inc. | 14,100 | 776,120 |
Cosmos Pharmaceutical Corp. | 2,300 | 470,113 |
Create SD Holdings Co., Ltd. | 10,900 | 276,120 |
CyberAgent, Inc. | 16,400 | 697,872 |
Daido Metal Co., Ltd. | 14,300 | 109,398 |
Daifuku Co., Ltd. | 11,800 | 506,765 |
Daihen Corp. | 9,400 | 220,337 |
Daiho Corp. | 5,400 | 148,644 |
Daiichi Jitsugyo Co., Ltd. | 4,500 | 148,774 |
Daiichikosho Co., Ltd. | 13,700 | 632,334 |
Daikyo, Inc. | 22,000 | 577,422 |
Daikyonishikawa Corp. | 23,700 | 226,389 |
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 9,300 | 274,822 |
Daio Paper Corp. | 48,700 | 631,389 |
Daiseki Co., Ltd. | 10,500 | 248,160 |
Daishi Hokuetsu Financial Group, Inc. | 8,500 | 305,845 |
Daiwa House REIT Investment Corp. | 55 | 120,528 |
Daiwabo Holdings Co., Ltd. | 16,900 | 997,078 |
DCM Holdings Co., Ltd. | 99,900 | 971,428 |
Dena Co., Ltd. | 58,386 | 971,182 |
Descente Ltd. | 17,700 | 463,457 |
Dexerials Corp. | 24,400 | 209,455 |
Disco Corp. | 3,900 | 619,943 |
DMG Mori Co., Ltd. | 29,300 | 422,745 |
Doshisha Co., Ltd. | 16,000 | 329,458 |
Doutor Nichires Holdings Co., Ltd. | 17,800 | 316,323 |
DTS Corp. | 8,500 | 295,315 |
Duskin Co., Ltd. | 28,000 | 636,869 |
DyDo Group Holdings, Inc. | 7,200 | 365,476 |
Eagle Industry Co., Ltd. | 17,600 | 205,072 |
Earth Corp. | 6,000 | 272,935 |
Eizo Corp. | 7,450 | 303,227 |
Enplas Corp. | 4,600 | 124,962 |
Exedy Corp. | 24,600 | 605,916 |
Ezaki Glico Co., Ltd. | 20,100 | 1,001,989 |
F.C.C. Co., Ltd. | 20,600 | 510,179 |
FamilyMart UNY Holdings Co., Ltd. | 10,900 | 1,263,418 |
Fancl Corp. | 8,400 | 371,463 |
Foster Electric Co., Ltd. | 31,700 | 463,232 |
FP Corp. | 6,700 | 343,358 |
Frontier Real Estate Investment Corp. | 68 | 260,622 |
Fuji Co., Ltd. | 18,700 | 351,154 |
Fuji Corp. | 24,438 | 340,614 |
Fuji Oil Co., Ltd. | 101,800 | 389,745 |
Fuji Oil Holdings, Inc. | 21,700 | 625,883 |
Fuji Seal International, Inc. | 12,600 | 382,213 |
Fuji Soft, Inc. | 11,400 | 522,318 |
Fujicco Co., Ltd. | 5,700 | 130,822 |
Fujimori Kogyo Co., Ltd. | 10,200 | 296,737 |
Fujitec Co., Ltd. | 40,100 | 436,897 |
Fujitsu General Ltd. | 28,900 | 432,920 |
Fukuda Corp. | 4,000 | 164,660 |
Fukuoka Financial Group, Inc. | 43,800 | 1,076,198 |
Fukuyama Transporting Co., Ltd. | 15,300 | 592,868 |
Funai Electric Co., Ltd. *(a) | 46,000 | 224,093 |
Furukawa Co., Ltd. | 20,000 | 247,282 |
Futaba Corp. | 13,900 | 217,301 |
Futaba Industrial Co., Ltd. | 63,000 | 344,230 |
Fuyo General Lease Co., Ltd. | 4,300 | 238,874 |
G-Tekt Corp. | 21,300 | 300,615 |
Geo Holdings Corp. | 46,300 | 705,341 |
Glory Ltd. | 29,900 | 696,262 |
GLP J-REIT | 278 | 275,094 |
Godo Steel Ltd. | 12,700 | 243,752 |
Security | Number of Shares | Value ($) |
Gree, Inc. | 98,800 | 413,474 |
GS Yuasa Corp. | 42,400 | 870,353 |
GungHo Online Entertainment, Inc. (a) | 299,200 | 540,913 |
Gunze Ltd. | 9,400 | 416,873 |
H.I.S. Co., Ltd. | 17,300 | 526,896 |
Hamakyorex Co., Ltd. | 8,200 | 264,769 |
Hamamatsu Photonics K.K. | 22,100 | 738,794 |
Hazama Ando Corp. | 81,700 | 564,168 |
Heiwa Corp. | 29,700 | 679,240 |
Heiwado Co., Ltd. | 33,800 | 866,375 |
Hikari Tsushin, Inc. | 4,800 | 838,341 |
Hirose Electric Co., Ltd. | 8,339 | 794,772 |
Hisamitsu Pharmaceutical Co., Inc. | 13,400 | 755,055 |
Hitachi Capital Corp. | 13,800 | 338,364 |
Hitachi Chemical Co., Ltd. | 57,700 | 909,469 |
Hitachi High-Technologies Corp. | 29,300 | 1,099,612 |
Hitachi Transport System Ltd. | 27,800 | 713,867 |
Hitachi Zosen Corp. | 163,200 | 620,227 |
Hogy Medical Co., Ltd. | 6,400 | 189,057 |
Hokkaido Electric Power Co., Inc. | 140,300 | 818,832 |
Hokuetsu Corp. | 112,000 | 534,997 |
Hokuhoku Financial Group, Inc. | 53,200 | 659,076 |
Horiba Ltd. | 10,100 | 472,680 |
Hoshizaki Corp. | 9,800 | 791,061 |
Hosiden Corp. | 47,000 | 432,091 |
House Foods Group, Inc. | 22,200 | 638,505 |
Hulic Co., Ltd. | 43,100 | 394,392 |
IDOM, Inc. | 48,000 | 161,594 |
Iino Kaiun Kaisha Ltd. | 29,700 | 130,336 |
Inaba Denki Sangyo Co., Ltd. | 18,700 | 752,917 |
Inabata & Co., Ltd. | 61,700 | 824,413 |
Internet Initiative Japan, Inc. | 15,600 | 301,925 |
Iseki & Co., Ltd. | 14,700 | 252,621 |
Ishihara Sangyo Kaisha Ltd. * | 20,800 | 248,311 |
Ito En Ltd. | 22,800 | 970,515 |
Itochu Enex Co., Ltd. | 72,300 | 680,758 |
Itochu Techno-Solutions Corp. | 33,300 | 631,502 |
Itoham Yonekyu Holdings, Inc. | 73,000 | 459,713 |
Itoki Corp. | 26,900 | 139,752 |
Iwatani Corp. | 34,200 | 1,208,084 |
Izumi Co., Ltd. | 13,200 | 716,684 |
J-Oil Mills, Inc. | 10,400 | 358,466 |
Jaccs Co., Ltd. | 7,200 | 134,985 |
Jafco Co., Ltd. | 7,300 | 281,271 |
Japan Airport Terminal Co., Ltd. | 11,500 | 442,955 |
Japan Aviation Electronics Industry Ltd. | 35,500 | 470,089 |
Japan Excellent, Inc. | 238 | 308,586 |
Japan Exchange Group, Inc. | 54,600 | 977,925 |
Japan Hotel REIT Investment Corp. | 182 | 129,475 |
Japan Petroleum Exploration Co., Ltd. | 30,100 | 629,183 |
Japan Post Insurance Co., Ltd. | 26,700 | 635,908 |
Japan Prime Realty Investment Corp. | 122 | 435,315 |
Japan Pulp & Paper Co., Ltd. | 8,000 | 294,057 |
Japan Real Estate Investment Corp. | 183 | 944,434 |
Japan Retail Fund Investment Corp. | 547 | 1,010,305 |
Joshin Denki Co., Ltd. | 10,100 | 258,099 |
Joyful Honda Co., Ltd. | 41,200 | 593,537 |
JVC Kenwood Corp. | 184,900 | 457,158 |
Kadokawa Dwango * | 41,100 | 410,333 |
Kaga Electronics Co., Ltd. | 18,600 | 416,561 |
Kagome Co., Ltd. | 22,100 | 588,377 |
Kakaku.com, Inc. | 16,000 | 289,793 |
Kaken Pharmaceutical Co., Ltd. | 11,400 | 571,607 |
Kameda Seika Co. Ltd | 2,600 | 123,111 |
Kamei Corp. | 31,200 | 359,501 |
Kanamoto Co., Ltd. | 13,300 | 444,429 |
Kandenko Co., Ltd. | 65,000 | 662,096 |
Security | Number of Shares | Value ($) |
Kanematsu Corp. | 84,900 | 1,090,110 |
Kansai Paint Co., Ltd. | 49,900 | 737,337 |
Kasai Kogyo Co., Ltd. | 28,400 | 261,838 |
Kato Sangyo Co., Ltd. | 28,100 | 865,890 |
Keihan Holdings Co., Ltd. | 31,100 | 1,180,126 |
Keihin Corp. | 42,000 | 826,977 |
Keikyu Corp. | 57,600 | 852,474 |
Keisei Electric Railway Co., Ltd. | 27,100 | 835,169 |
Keiyo Co., Ltd. | 25,500 | 126,201 |
Kenedix Office Investment Corp. | 70 | 433,786 |
KH Neochem Co., Ltd. | 8,800 | 249,927 |
Kintetsu World Express, Inc. | 23,700 | 368,734 |
Kissei Pharmaceutical Co., Ltd. | 11,800 | 339,059 |
Kitz Corp. | 54,200 | 431,879 |
Kobayashi Pharmaceutical Co., Ltd. | 9,900 | 645,698 |
Kohnan Shoji Co., Ltd. | 24,900 | 622,971 |
Kokuyo Co., Ltd. | 45,300 | 715,135 |
Komeri Co., Ltd. | 25,100 | 650,457 |
Komori Corp. | 26,400 | 285,697 |
Konami Holdings Corp. | 23,900 | 911,790 |
Konishi Co., Ltd. | 19,000 | 266,230 |
Konoike Transport Co., Ltd. | 24,000 | 362,936 |
Kose Corp. | 3,200 | 478,230 |
Kumagai Gumi Co., Ltd. | 16,600 | 433,565 |
Kurabo Industries Ltd. | 15,200 | 366,916 |
Kureha Corp. | 8,000 | 514,118 |
Kurita Water Industries Ltd. | 41,500 | 1,022,150 |
KYB Corp. (a) | 18,000 | 431,759 |
Kyoei Steel Ltd. | 18,700 | 338,747 |
Kyokuto Kaihatsu Kogyo Co., Ltd. | 17,700 | 252,684 |
Kyokuyo Co., Ltd. | 8,200 | 225,168 |
KYORIN Holdings, Inc. | 25,400 | 554,723 |
Kyoritsu Maintenance Co., Ltd. | 6,400 | 284,331 |
Kyowa Exeo Corp. | 43,400 | 1,169,874 |
Kyudenko Corp. | 11,100 | 403,857 |
Kyushu Financial Group, Inc. | 83,800 | 369,811 |
Lawson, Inc. | 20,300 | 1,288,593 |
Life Corp. | 15,300 | 378,576 |
Lintec Corp. | 27,200 | 643,740 |
Lion Corp. | 51,000 | 958,844 |
M3, Inc. | 6,800 | 110,208 |
Mabuchi Motor Co., Ltd. | 15,000 | 533,570 |
Macnica Fuji Electronics Holdings, Inc. | 25,400 | 367,202 |
Maeda Corp. | 46,000 | 519,784 |
Maeda Road Construction Co., Ltd. | 39,000 | 710,343 |
Makino Milling Machine Co., Ltd. | 9,800 | 372,969 |
Mandom Corp. | 10,700 | 296,932 |
Marudai Food Co., Ltd. | 27,200 | 442,937 |
Maruha Nichiro Corp. | 19,000 | 687,838 |
Marui Group Co., Ltd. | 56,400 | 1,214,392 |
Maruichi Steel Tube Ltd. | 22,700 | 654,081 |
Max Co., Ltd. | 11,000 | 148,092 |
Maxell Holdings Ltd. | 29,300 | 373,360 |
McDonald's Holdings Co., Ltd. | 13,533 | 595,618 |
Mebuki Financial Group, Inc. | 169,000 | 514,666 |
Megmilk Snow Brand Co., Ltd. | 35,400 | 828,094 |
Meidensha Corp. | 24,600 | 348,505 |
Meitec Corp. | 7,300 | 305,816 |
Miraca Holdings, Inc. | 36,600 | 890,991 |
Mirait Holdings Corp. | 48,500 | 783,119 |
Misawa Homes Co., Ltd. | 37,300 | 280,280 |
MISUMI Group, Inc. | 40,400 | 809,648 |
Mitsuba Corp. | 45,700 | 359,842 |
Mitsubishi Logistics Corp. | 30,300 | 694,641 |
Mitsubishi Pencil Co., Ltd. | 8,000 | 139,444 |
Mitsubishi Shokuhin Co., Ltd. | 28,700 | 739,651 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 97,300 | 500,045 |
Security | Number of Shares | Value ($) |
Mitsuboshi Belting Ltd. | 5,500 | 135,117 |
Mitsui E&S Holdings Co., Ltd. * | 74,000 | 1,242,618 |
Mitsui Sugar Co., Ltd. | 4,000 | 107,599 |
Mitsui-Soko Holdings Co., Ltd. * | 20,200 | 311,878 |
Miura Co., Ltd. | 15,900 | 388,308 |
Mixi, Inc. | 25,400 | 554,988 |
Mizuno Corp. | 16,300 | 381,389 |
Mochida Pharmaceutical Co., Ltd. | 6,400 | 505,979 |
Morinaga & Co., Ltd. | 9,600 | 385,179 |
Morinaga Milk Industry Co., Ltd. | 32,400 | 863,642 |
Morita Holdings Corp. | 7,000 | 133,284 |
MOS Food Services, Inc. (a) | 9,500 | 251,577 |
Musashi Seimitsu Industry Co., Ltd. | 25,000 | 364,848 |
Nabtesco Corp. | 33,900 | 744,134 |
Nachi-Fujikoshi Corp. | 9,800 | 399,133 |
Namura Shipbuilding Co., Ltd. | 79,200 | 351,960 |
Nankai Electric Railway Co., Ltd. | 34,000 | 832,659 |
NEC Networks & System Integration Corp. | 18,600 | 405,406 |
NET One Systems Co., Ltd. | 35,700 | 747,425 |
Nexon Co., Ltd. * | 50,022 | 570,613 |
Nichi-iko Pharmaceutical Co., Ltd. | 22,700 | 309,224 |
Nichias Corp. | 20,500 | 446,699 |
Nichicon Corp. | 31,900 | 265,386 |
Nichiha Corp. | 11,000 | 242,925 |
NichiiGakkan Co., Ltd. | 27,700 | 258,009 |
Nifco, Inc. | 24,100 | 549,227 |
Nihon Kohden Corp. | 27,600 | 826,295 |
Nihon Parkerizing Co., Ltd. | 29,500 | 356,263 |
Nihon Unisys Ltd. | 25,400 | 556,622 |
Nikkiso Co., Ltd. | 32,700 | 379,681 |
Nikkon Holdings Co., Ltd. | 27,500 | 664,524 |
Nippo Corp. | 33,000 | 541,042 |
Nippon Accommodations Fund, Inc. | 66 | 302,530 |
Nippon Building Fund, Inc. | 205 | 1,171,500 |
Nippon Densetsu Kogyo Co., Ltd. | 19,500 | 394,294 |
Nippon Flour Mills Co., Ltd. | 43,900 | 727,089 |
Nippon Gas Co., Ltd. | 9,200 | 278,291 |
Nippon Kayaku Co., Ltd. | 78,000 | 928,292 |
Nippon Koei Co., Ltd. | 5,000 | 112,549 |
Nippon Light Metal Holdings Co., Ltd. | 414,700 | 874,434 |
Nippon Paint Holdings Co., Ltd. | 18,600 | 581,005 |
Nippon Prologis REIT, Inc. | 177 | 356,285 |
Nippon Seiki Co., Ltd. | 36,000 | 633,524 |
Nippon Sheet Glass Co., Ltd. | 112,100 | 948,405 |
Nippon Shinyaku Co., Ltd. | 5,400 | 310,237 |
Nippon Signal Co., Ltd. | 36,700 | 336,030 |
Nippon Soda Co., Ltd. | 17,000 | 441,784 |
Nippon Steel & Sumikin Bussan Corp. | 20,900 | 910,345 |
Nippon Suisan Kaisha Ltd. | 171,300 | 1,094,209 |
Nipro Corp. | 62,100 | 790,795 |
Nishi-Nippon Financial Holdings, Inc. | 29,100 | 276,539 |
Nishi-Nippon Railroad Co., Ltd. | 35,400 | 875,841 |
Nishimatsu Construction Co., Ltd. | 29,700 | 692,319 |
Nishimatsuya Chain Co., Ltd. | 15,800 | 140,638 |
Nishio Rent All Co., Ltd. | 11,200 | 360,883 |
Nissan Chemical Corp. | 24,000 | 1,131,630 |
Nissan Shatai Co., Ltd. | 99,500 | 801,459 |
Nissha Co., Ltd. (a) | 12,000 | 195,285 |
Nisshin Steel Co., Ltd. | 57,600 | 751,830 |
Nisshinbo Holdings, Inc. | 96,300 | 1,060,131 |
Nissin Corp. | 6,800 | 130,688 |
Nissin Kogyo Co., Ltd. | 30,900 | 449,569 |
Nittetsu Mining Co., Ltd. | 6,300 | 267,770 |
Nitto Boseki Co., Ltd. | 7,100 | 140,285 |
Nitto Kogyo Corp. | 22,100 | 384,900 |
NOF Corp. | 24,200 | 685,308 |
Nojima Corp. | 13,500 | 318,853 |
Security | Number of Shares | Value ($) |
Nomura Co., Ltd. | 12,600 | 286,157 |
Nomura Real Estate Master Fund, Inc. | 343 | 444,280 |
Nomura Research Institute Ltd. | 26,260 | 1,164,199 |
Noritake Co., Ltd. | 3,300 | 164,765 |
Noritz Corp. | 30,000 | 435,625 |
North Pacific Bank Ltd. | 285,300 | 855,533 |
NS Solutions Corp. | 11,700 | 349,154 |
NSD Co., Ltd. | 6,800 | 143,968 |
NTT Urban Development Corp. | 31,900 | 474,089 |
Obic Co., Ltd. | 6,400 | 582,656 |
Ohsho Food Service Corp. | 5,200 | 358,518 |
Oiles Corp. | 13,780 | 253,034 |
Okabe Co., Ltd. | 14,400 | 128,016 |
Okamoto Industries, Inc. | 2,600 | 117,173 |
Okamura Corp. | 34,800 | 474,364 |
Okasan Securities Group, Inc. | 78,000 | 373,447 |
Oki Electric Industry Co., Ltd. | 82,900 | 1,134,687 |
OKUMA Corp. | 11,300 | 564,215 |
Okumura Corp. | 14,600 | 460,779 |
Onward Holdings Co., Ltd. | 108,000 | 651,092 |
Open House Co., Ltd. | 2,400 | 94,862 |
Oracle Corp., Japan | 5,900 | 399,365 |
Orient Corp. | 115,500 | 180,672 |
Orix JREIT, Inc. | 159 | 243,239 |
Osaka Soda Co., Ltd. | 5,600 | 131,688 |
OSG Corp. | 25,200 | 519,979 |
Otsuka Corp. | 31,700 | 1,051,453 |
Pacific Industrial Co., Ltd. | 24,600 | 359,411 |
PALTAC Corp. | 20,000 | 1,018,990 |
Paramount Bed Holdings Co., Ltd. | 7,900 | 332,392 |
Park24 Co., Ltd. | 27,700 | 728,736 |
Penta-Ocean Construction Co., Ltd. | 101,100 | 604,847 |
Persol Holdings Co., Ltd. | 40,000 | 758,865 |
Pigeon Corp. | 11,300 | 477,902 |
Pilot Corp. | 5,700 | 314,858 |
Piolax, Inc. | 10,100 | 220,069 |
Pioneer Corp. * | 589,900 | 528,204 |
Plenus Co., Ltd. (a) | 22,500 | 360,092 |
Pola Orbis Holdings, Inc. | 11,700 | 312,554 |
Press Kogyo Co., Ltd. | 98,100 | 448,507 |
Prima Meat Packers Ltd. | 17,000 | 321,073 |
Raito Kogyo Co., Ltd. | 25,600 | 345,795 |
Rakuten, Inc. | 152,460 | 1,031,237 |
Relia, Inc. | 24,500 | 270,571 |
Relo Group, Inc. | 12,300 | 289,867 |
Resorttrust, Inc. | 18,700 | 287,989 |
Riken Corp. | 6,000 | 287,155 |
Rinnai Corp. | 12,700 | 922,583 |
Riso Kagaku Corp. | 14,700 | 310,037 |
Rohto Pharmaceutical Co., Ltd. | 23,900 | 756,973 |
Round One Corp. | 26,100 | 309,567 |
Royal Holdings Co., Ltd. | 11,900 | 294,438 |
Ryobi Ltd. | 18,700 | 542,792 |
Ryosan Co., Ltd. | 23,500 | 676,157 |
Ryoyo Electro Corp. | 21,400 | 306,886 |
S Foods, Inc. | 4,300 | 173,235 |
Saint Marc Holdings Co., Ltd. | 10,600 | 251,746 |
Saizeriya Co., Ltd. | 15,700 | 297,957 |
Sakai Chemical Industry Co., Ltd. | 12,500 | 288,012 |
Sakata INX Corp. | 24,400 | 241,585 |
Sakata Seed Corp. | 3,400 | 107,559 |
San-A Co., Ltd. | 9,200 | 388,130 |
Sanden Holdings Corp. * | 28,200 | 308,135 |
Sangetsu Corp. | 32,500 | 625,082 |
Sanken Electric Co., Ltd. | 13,000 | 286,793 |
Sanki Engineering Co., Ltd. | 29,800 | 292,056 |
Sankyo Co., Ltd. | 20,500 | 782,705 |
Sankyo Tateyama, Inc. | 39,100 | 439,945 |
Security | Number of Shares | Value ($) |
Sankyu, Inc. | 23,900 | 1,126,517 |
Sanrio Co., Ltd. | 24,600 | 494,919 |
Santen Pharmaceutical Co., Ltd. | 78,100 | 1,156,803 |
Sanwa Holdings Corp. | 73,200 | 858,982 |
Sanyo Chemical Industries Ltd. | 7,850 | 359,706 |
Sanyo Denki Co., Ltd. | 2,000 | 81,792 |
Sanyo Shokai Ltd. | 17,400 | 293,374 |
Sanyo Special Steel Co., Ltd. (a) | 21,000 | 482,881 |
Sapporo Holdings Ltd. | 41,300 | 766,138 |
Sato Holdings Corp. | 10,700 | 316,193 |
Sawai Pharmaceutical Co., Ltd. | 13,800 | 699,550 |
SBI Holdings, Inc. | 40,400 | 1,054,966 |
SCREEN Holdings Co., Ltd. | 7,700 | 418,592 |
SCSK Corp. | 10,976 | 465,114 |
Seiko Holdings Corp. | 17,900 | 429,444 |
Seiren Co., Ltd. | 18,900 | 268,893 |
Sekisui Jushi Corp. | 6,700 | 121,588 |
Senko Group Holdings Co., Ltd. | 80,800 | 627,951 |
Senshu Ikeda Holdings, Inc. | 84,300 | 259,056 |
Senshukai Co., Ltd. * | 29,600 | 76,171 |
Seria Co., Ltd. | 6,268 | 210,285 |
Seven Bank Ltd. | 163,100 | 509,729 |
SG Holdings Co., Ltd. | 15,600 | 392,720 |
Sharp Corp. | 11,700 | 179,598 |
Shikoku Electric Power Co., Inc. | 100,200 | 1,257,660 |
Shima Seiki Manufacturing Ltd. | 2,500 | 67,410 |
Shimachu Co., Ltd. | 29,800 | 781,169 |
Shindengen Electric Manufacturing Co., Ltd. | 4,000 | 173,965 |
Shinko Electric Industries Co., Ltd. | 54,700 | 380,831 |
Shinko Plantech Co., Ltd. | 30,100 | 280,473 |
Shinmaywa Industries Ltd. | 65,000 | 800,237 |
Shinsei Bank Ltd. | 36,000 | 548,388 |
Ship Healthcare Holdings, Inc. | 20,100 | 726,732 |
Shizuoka Gas Co., Ltd. | 63,700 | 551,031 |
SHO-BOND Holdings Co., Ltd. | 3,900 | 277,485 |
Shochiku Co., Ltd. | 1,000 | 97,480 |
Showa Corp. | 39,900 | 549,079 |
Showa Sangyo Co., Ltd. | 20,300 | 508,412 |
Siix Corp. | 19,900 | 270,186 |
Sintokogio Ltd. | 29,100 | 250,708 |
SKY Perfect JSAT Holdings, Inc. | 121,900 | 541,288 |
Sohgo Security Services Co., Ltd. | 19,800 | 881,914 |
Sony Financial Holdings, Inc. | 46,799 | 1,079,627 |
Sotetsu Holdings, Inc. | 23,900 | 730,871 |
Square Enix Holdings Co., Ltd. | 15,200 | 544,790 |
Star Micronics Co., Ltd. | 7,700 | 109,382 |
Starts Corp., Inc. | 12,500 | 259,565 |
Starzen Co., Ltd. | 9,400 | 381,619 |
Sugi Holdings Co., Ltd. | 17,200 | 787,514 |
Sumco Corp. | 42,400 | 572,274 |
Sumitomo Bakelite Co., Ltd. | 15,400 | 556,052 |
Sumitomo Dainippon Pharma Co., Ltd. | 51,200 | 1,069,758 |
Sumitomo Mitsui Construction Co., Ltd. | 79,380 | 497,982 |
Sumitomo Osaka Cement Co., Ltd. | 24,200 | 899,101 |
Sumitomo Riko Co., Ltd. | 44,400 | 366,810 |
Sumitomo Seika Chemicals Co., Ltd. | 2,800 | 139,751 |
Sundrug Co., Ltd. | 25,300 | 919,373 |
Suruga Bank Ltd. (a) | 58,200 | 274,397 |
Sushiro Global Holdings Ltd. | 3,800 | 200,158 |
Sysmex Corp. | 14,400 | 1,010,009 |
T-Gaia Corp. | 21,100 | 477,715 |
Tachi-S Co., Ltd. | 34,100 | 480,623 |
Tachibana Eletech Co., Ltd. | 9,900 | 150,291 |
Tadano Ltd. | 53,700 | 575,266 |
Taihei Dengyo Kaisha Ltd. | 10,500 | 247,407 |
Taikisha Ltd. | 15,400 | 434,567 |
Security | Number of Shares | Value ($) |
Taisho Pharmaceutical Holdings Co., Ltd. | 12,700 | 1,354,156 |
Taiyo Nippon Sanso Corp. | 47,000 | 755,397 |
Taiyo Yuden Co., Ltd. | 48,400 | 974,644 |
Takamatsu Construction Group Co., Ltd. | 5,100 | 130,400 |
Takara Holdings, Inc. | 56,500 | 792,617 |
Takara Standard Co., Ltd. | 30,600 | 472,483 |
Takasago International Corp. | 10,500 | 334,734 |
Takasago Thermal Engineering Co., Ltd. | 28,800 | 492,123 |
Takeuchi Manufacturing Co., Ltd. | 5,800 | 119,956 |
Takuma Co., Ltd. | 25,600 | 326,307 |
Tamron Co., Ltd. | 12,800 | 228,417 |
TechnoPro Holdings, Inc. | 2,200 | 114,613 |
The 77 Bank Ltd. | 13,500 | 278,850 |
The Awa Bank Ltd. | 8,800 | 239,479 |
The Bank of Kyoto Ltd. | 9,200 | 413,099 |
The Chugoku Bank Ltd. | 48,500 | 435,525 |
The Gunma Bank Ltd. | 117,300 | 531,059 |
The Hachijuni Bank Ltd. | 126,800 | 535,585 |
The Hiroshima Bank Ltd. | 92,500 | 570,549 |
The Hokkoku Bank Ltd. | 8,000 | 293,550 |
The Hyakugo Bank Ltd. | 60,000 | 220,450 |
The Hyakujushi Bank Ltd. | 8,200 | 209,580 |
The Iyo Bank Ltd. | 75,000 | 444,838 |
The Japan Steel Works Ltd. | 23,500 | 496,610 |
The Japan Wool Textile Co., Ltd. | 37,800 | 298,449 |
The Juroku Bank Ltd. | 12,300 | 277,752 |
The Keiyo Bank Ltd. | 41,000 | 298,978 |
The Kiyo Bank Ltd. | 29,500 | 437,179 |
The Musashino Bank Ltd. | 10,000 | 269,862 |
The Nanto Bank Ltd. | 6,200 | 141,784 |
The Nippon Road Co., Ltd. | 6,600 | 364,796 |
The Nisshin Oillio Group Ltd. | 24,900 | 747,200 |
The Ogaki Kyoritsu Bank Ltd. | 12,300 | 272,957 |
The Okinawa Electric Power Co., Inc. | 30,131 | 561,371 |
The San-in Godo Bank Ltd. | 38,900 | 295,148 |
The Shiga Bank Ltd. | 12,400 | 287,623 |
The Shizuoka Bank Ltd. | 117,000 | 1,023,634 |
The Sumitomo Warehouse Co., Ltd. | 34,000 | 398,622 |
THK Co., Ltd. | 32,100 | 708,939 |
Toa Corp. | 13,600 | 227,687 |
Toagosei Co., Ltd. | 72,600 | 745,475 |
Toda Corp. | 83,000 | 558,522 |
Toei Co., Ltd. | 2,700 | 294,804 |
Toho Co., Ltd. | 29,000 | 946,136 |
Toho Zinc Co., Ltd. | 8,600 | 274,869 |
Tokai Carbon Co., Ltd. (a) | 34,000 | 532,333 |
TOKAI Holdings Corp. | 49,000 | 409,410 |
Tokai Rika Co., Ltd. | 50,600 | 922,645 |
Tokai Tokyo Financial Holdings, Inc. | 69,800 | 360,329 |
Token Corp. | 4,450 | 288,263 |
Tokuyama Corp. | 24,800 | 554,571 |
Tokyo Broadcasting System Holdings, Inc. | 16,500 | 305,524 |
Tokyo Century Corp. | 8,900 | 477,694 |
Tokyo Dome Corp. | 39,300 | 345,920 |
Tokyo Ohka Kogyo Co., Ltd. | 13,700 | 366,924 |
Tokyo Seimitsu Co., Ltd. | 11,600 | 278,946 |
Tokyo Steel Manufacturing Co., Ltd. | 56,200 | 443,114 |
Tokyo Tatemono Co., Ltd. | 59,100 | 635,629 |
Tokyu Construction Co., Ltd. | 31,200 | 282,226 |
Tomy Co., Ltd. | 34,300 | 399,005 |
Topcon Corp. | 22,500 | 326,921 |
Toppan Forms Co., Ltd. | 43,400 | 394,520 |
Topre Corp. | 16,300 | 339,199 |
Topy Industries Ltd. | 17,200 | 463,553 |
Security | Number of Shares | Value ($) |
Toshiba Machine Co., Ltd. | 14,800 | 280,273 |
Toshiba Plant Systems & Services Corp. | 15,800 | 322,958 |
Toshiba TEC Corp. | 16,200 | 483,254 |
Totetsu Kogyo Co., Ltd. | 11,100 | 273,963 |
Toyo Construction Co., Ltd. | 28,200 | 115,483 |
Toyo Ink SC Holdings Co., Ltd. | 27,400 | 635,823 |
Toyo Tire & Rubber Co., Ltd. | 66,300 | 1,105,985 |
Toyobo Co., Ltd. | 60,300 | 857,070 |
Toyota Boshoku Corp. | 55,200 | 920,612 |
TPR Co., Ltd. | 16,200 | 394,573 |
Trancom Co., Ltd. | 3,900 | 223,307 |
Transcosmos, Inc. | 18,900 | 428,720 |
Trend Micro, Inc. | 17,700 | 1,018,914 |
Trusco Nakayama Corp. | 21,800 | 550,053 |
TSI Holdings Co., Ltd. | 78,900 | 537,984 |
Tsubaki Nakashima Co., Ltd. | 6,200 | 114,023 |
Tsubakimoto Chain Co. | 16,400 | 629,701 |
Tsukishima Kikai Co., Ltd. | 9,100 | 107,432 |
Tsumura & Co. | 20,900 | 650,053 |
TV Asahi Holdings Corp. | 14,500 | 270,699 |
UACJ Corp. | 24,330 | 530,352 |
UKC Holdings Corp. | 30,700 | 598,403 |
Ulvac, Inc. | 8,600 | 280,079 |
Unipres Corp. | 44,000 | 787,072 |
United Arrows Ltd. | 12,800 | 481,309 |
United Super Markets Holdings, Inc. | 65,500 | 717,903 |
United Urban Investment Corp. | 402 | 611,144 |
Ushio, Inc. | 56,700 | 684,114 |
USS Co., Ltd. | 40,900 | 737,502 |
Valor Holdings Co., Ltd. | 40,500 | 869,236 |
VT Holdings Co., Ltd. | 63,500 | 264,954 |
Wacoal Holdings Corp. | 29,800 | 821,612 |
Wacom Co., Ltd. | 62,700 | 291,606 |
Wakita & Co., Ltd. | 26,600 | 286,682 |
Warabeya Nichiyo Holdings Co., Ltd. | 18,300 | 297,488 |
Welcia Holdings Co., Ltd. | 12,700 | 647,911 |
Xebio Holdings Co., Ltd. | 30,600 | 424,123 |
Yahoo Japan Corp. | 303,800 | 947,794 |
Yamabiko Corp. | 21,600 | 232,086 |
Yamaguchi Financial Group, Inc. | 63,000 | 663,338 |
Yamato Kogyo Co., Ltd. | 19,500 | 513,899 |
Yamazen Corp. | 50,600 | 553,813 |
Yaoko Co., Ltd. | 8,400 | 459,419 |
Yellow Hat Ltd. | 11,900 | 292,603 |
Yodogawa Steel Works Ltd. | 20,800 | 451,506 |
Yokogawa Bridge Holdings Corp. | 6,500 | 105,448 |
Yokohama Reito Co., Ltd. | 36,900 | 292,658 |
Yorozu Corp. | 24,700 | 348,236 |
Yoshinoya Holdings Co., Ltd. | 34,000 | 558,845 |
Yuasa Trading Co., Ltd. | 16,000 | 524,872 |
Yurtec Corp. | 36,000 | 271,228 |
Zensho Holdings Co., Ltd. | 29,300 | 568,270 |
Zeon Corp. | 78,000 | 753,311 |
ZERIA Pharmaceutical Co., Ltd. | 5,800 | 108,526 |
Zojirushi Corp. | 8,900 | 97,212 |
ZOZO, Inc. | 4,400 | 105,574 |
280,253,113 | ||
Luxembourg 0.6% | ||
Adecoagro S.A. * | 21,941 | 175,528 |
APERAM S.A. | 25,462 | 869,472 |
Espirito Santo Financial Group S.A. *(b) | 69,773 | — |
Eurofins Scientific SE | 629 | 316,980 |
IWG plc | 231,103 | 679,411 |
L'Occitane International S.A. | 181,750 | 340,696 |
Security | Number of Shares | Value ($) |
Nexa Resources S.A. * | 9,700 | 108,155 |
Samsonite International S.A. * | 265,000 | 764,255 |
Ternium S.A. ADR | 35,128 | 1,118,475 |
4,372,972 | ||
Netherlands 1.9% | ||
Aalberts Industries N.V. | 26,904 | 986,249 |
Accell Group N.V. | 13,604 | 236,387 |
Arcadis N.V. | 46,017 | 620,362 |
ASM International N.V. | 10,035 | 430,787 |
BE Semiconductor Industries N.V. | 10,556 | 225,666 |
Brunel International N.V. | 18,814 | 232,689 |
Constellium N.V., Class A * | 11,248 | 101,907 |
Corbion N.V. | 25,372 | 770,406 |
Core Laboratories N.V. | 5,674 | 483,652 |
Eurocommercial Properties N.V. CVA | 11,434 | 422,737 |
Euronext N.V. | 8,780 | 540,255 |
ForFarmers N.V. | 32,318 | 363,967 |
Fugro N.V. CVA *(a) | 78,943 | 1,014,265 |
GrandVision N.V. | 11,408 | 287,682 |
InterXion Holding N.V. * | 5,083 | 299,236 |
Koninklijke BAM Groep N.V | 194,087 | 666,766 |
Koninklijke Volkerwessels N.V. | 8,756 | 155,704 |
Koninklijke Vopak N.V. | 20,652 | 933,947 |
Nostrum Oil & Gas plc * | 77,606 | 204,344 |
NSI N.V. | 6,576 | 259,574 |
OCI N.V. * | 16,225 | 460,999 |
PostNL N.V. | 225,216 | 665,383 |
SBM Offshore N.V. | 57,687 | 993,970 |
Sligro Food Group N.V. | 20,648 | 915,194 |
TKH Group N.V. | 11,017 | 556,488 |
TomTom N.V. * | 29,311 | 244,795 |
Wereldhave N.V. (a) | 9,616 | 329,927 |
Yandex N.V., Class A * | 25,495 | 768,164 |
14,171,502 | ||
New Zealand 1.2% | ||
Air New Zealand Ltd. | 364,036 | 665,585 |
Auckland International Airport Ltd. | 110,754 | 506,486 |
Chorus Ltd. | 262,230 | 813,681 |
EBOS Group Ltd. | 37,646 | 513,130 |
Fisher & Paykel Healthcare Corp., Ltd. | 53,233 | 473,526 |
Fonterra Co-operative Group Ltd. (a) | 109,462 | 348,294 |
Genesis Energy Ltd. | 274,976 | 419,879 |
Infratil Ltd. | 358,213 | 800,789 |
Kiwi Property Group Ltd. | 339,499 | 291,398 |
Mainfreight Ltd. | 26,884 | 499,018 |
Mercury NZ Ltd. | 241,435 | 536,755 |
Meridian Energy Ltd. | 396,669 | 813,723 |
SKY Network Television Ltd. | 544,236 | 798,034 |
SKYCITY Entertainment Group Ltd. | 262,882 | 658,359 |
Trade Me Group Ltd. | 83,261 | 263,955 |
Vector Ltd. | 63,567 | 141,333 |
Z Energy Ltd. | 151,317 | 603,498 |
9,147,443 | ||
Norway 1.8% | ||
Aker A.S.A., A Shares | 8,055 | 611,921 |
Aker Solutions A.S.A. * | 100,179 | 659,162 |
Atea A.S.A. * | 48,602 | 640,612 |
Austevoll Seafood A.S.A. | 42,460 | 682,378 |
Bakkafrost P/F | 7,361 | 413,540 |
Borregaard A.S.A. | 39,060 | 351,772 |
BW LPG Ltd. * | 88,785 | 418,904 |
Entra A.S.A. | 9,391 | 127,073 |
Security | Number of Shares | Value ($) |
Europris A.S.A. * | 56,283 | 149,778 |
Fred Olsen Energy A.S.A. *(a) | 420,468 | 102,276 |
Gjensidige Forsikring A.S.A. | 64,620 | 999,873 |
Kongsberg Automotive A.S.A. * | 272,431 | 255,285 |
Kongsberg Gruppen A.S.A. | 25,007 | 410,599 |
Leroy Seafood Group A.S.A. | 71,993 | 663,662 |
Petroleum Geo-Services A.S.A. * | 385,615 | 1,198,520 |
REC Silicon A.S.A. *(a) | 3,375,247 | 240,875 |
Salmar A.S.A. | 9,802 | 517,406 |
Schibsted A.S.A., B Shares | 16,756 | 530,223 |
Schibsted A.S.A., Class A | 14,264 | 493,678 |
Sparebank 1 Nord Norge | 49,306 | 393,954 |
SpareBank 1 SMN | 43,204 | 440,305 |
SpareBank 1 SR Bank A.S.A. | 36,014 | 400,358 |
Storebrand A.S.A. | 79,075 | 657,181 |
TGS Nopec Geophysical Co., A.S.A. | 40,435 | 1,350,718 |
Tomra Systems A.S.A. | 20,850 | 516,490 |
Veidekke A.S.A. | 53,125 | 554,324 |
XXL A.S.A. | 35,945 | 184,953 |
13,965,820 | ||
Portugal 0.4% | ||
Banco Comercial Portugues S.A., Class R * | 1,534,503 | 412,760 |
Banco Espirito Santo S.A. *(b) | 320,558 | — |
CTT-Correios de Portugal S.A. | 134,515 | 516,495 |
Mota-Engil SGPS, S.A. * | 79,363 | 157,171 |
NOS SGPS, S.A. | 83,411 | 467,845 |
Redes Energeticas Nacionais SGPS, S.A. | 151,937 | 404,544 |
Semapa-Sociedade de Investimento e Gestao | 15,135 | 289,368 |
Sonae SGPS, S.A. | 594,131 | 593,630 |
The Navigator Co., S.A. | 120,783 | 601,147 |
3,442,960 | ||
Singapore 1.8% | ||
Accordia Golf Trust | 356,200 | 127,292 |
Ascendas Real Estate Investment Trust | 386,500 | 703,774 |
Asian Pay Television Trust | 895,100 | 203,776 |
CapitaLand Commercial Trust | 230,002 | 287,399 |
CapitaLand Mall Trust | 419,800 | 639,402 |
China Aviation Oil Singapore Corp., Ltd. (a) | 912,400 | 909,267 |
City Developments Ltd. | 139,300 | 796,086 |
Fortune Real Estate Investment Trust | 201,300 | 222,374 |
Genting Singapore Ltd. | 1,250,200 | 795,584 |
Kulicke & Soffa Industries, Inc. | 19,689 | 400,277 |
M1 Ltd. | 255,200 | 388,719 |
Mapletree Commercial Trust | 106,700 | 124,069 |
Mapletree Industrial Trust | 213,200 | 284,537 |
Mapletree Logistics Trust | 317,160 | 277,172 |
Mapletree North Asia Commercial Trust | 330,600 | 270,055 |
Olam International Ltd. | 198,300 | 257,894 |
SATS Ltd. | 167,049 | 601,203 |
Sembcorp Marine Ltd. (a) | 441,996 | 509,131 |
Singapore Exchange Ltd. | 132,700 | 656,438 |
Singapore Post Ltd. | 525,300 | 395,468 |
Singapore Technologies Engineering Ltd. | 504,300 | 1,294,101 |
StarHub Ltd. | 326,600 | 443,797 |
Suntec Real Estate Investment Trust | 235,100 | 300,879 |
United Engineers Ltd. | 212,100 | 402,994 |
UOL Group Ltd. | 103,701 | 451,684 |
Security | Number of Shares | Value ($) |
Venture Corp., Ltd. | 71,800 | 794,840 |
Yangzijiang Shipbuilding Holdings Ltd. | 973,200 | 872,645 |
Yanlord Land Group Ltd. | 334,100 | 304,706 |
13,715,563 | ||
Spain 1.4% | ||
Acerinox S.A. | 85,279 | 952,901 |
Almirall S.A. | 21,188 | 383,882 |
Applus Services S.A. | 33,917 | 461,100 |
Bankia S.A. | 229,547 | 721,020 |
Bolsas y Mercados Espanoles, SHMSF, S.A. | 16,885 | 499,475 |
Caja de Ahorros del Mediterraneo *(b) | 5,382 | — |
Cellnex Telecom S.A. | 11,037 | 274,560 |
Cia de Distribucion Integral Logista Holdings S.A. | 15,013 | 362,467 |
Cie Automotive S.A. | 4,409 | 116,691 |
Construcciones y Auxiliar de Ferrocarriles S.A. | 6,422 | 241,081 |
Ebro Foods S.A. | 30,055 | 589,964 |
EDP Renovaveis S.A. | 33,473 | 301,031 |
FAES FARMA S.A. | 31,278 | 131,526 |
Gestamp Automocion S.A. | 38,061 | 241,325 |
Grupo Catalana Occidente S.A. | 10,337 | 427,350 |
Liberbank S.A. * | 221,287 | 103,546 |
Mediaset Espana Comunicacion S.A. | 73,588 | 500,386 |
Melia Hotels International S.A. | 28,846 | 296,428 |
Neinor Homes S.A. * | 7,111 | 114,449 |
NH Hotel Group S.A. | 39,080 | 243,280 |
Obrascon Huarte Lain S.A. (a) | 219,790 | 250,891 |
Prosegur Cia de Seguridad S.A. | 91,217 | 506,592 |
Sacyr S.A. | 165,767 | 400,134 |
Siemens Gamesa Renewable Energy S.A. * | 48,537 | 537,547 |
Tecnicas Reunidas S.A. (a) | 13,709 | 368,602 |
Unicaja Banco S.A. | 136,202 | 174,350 |
Vidrala S.A. | 3,026 | 251,292 |
Viscofan S.A. | 11,134 | 665,994 |
Zardoya Otis S.A. | 32,753 | 224,219 |
10,342,083 | ||
Sweden 3.2% | ||
AAK AB | 38,757 | 584,198 |
AddTech AB, B Shares | 14,893 | 304,575 |
AF AB, B Shares | 23,745 | 509,262 |
Ahlsell AB | 38,356 | 194,137 |
Ahlstrom-Munksjo Oyj | 11,399 | 177,693 |
Attendo AB | 18,012 | 162,880 |
Axfood AB | 44,329 | 790,786 |
Bergman & Beving AB | 30,489 | 286,194 |
Betsson AB * | 71,338 | 619,429 |
Bilia AB, A Shares | 57,813 | 541,508 |
BillerudKorsnas AB | 78,850 | 934,015 |
Bonava AB, B Shares | 25,973 | 293,358 |
Bravida Holding AB | 32,671 | 240,021 |
Capio AB | 109,785 | 694,186 |
Castellum AB | 41,165 | 709,590 |
Clas Ohlson AB, B Shares (a) | 33,267 | 279,582 |
Com Hem Holding AB | 27,680 | 431,850 |
Coor Service Management Holding AB | 17,016 | 119,893 |
Dometic Group AB | 42,907 | 299,657 |
Elekta AB, B Shares | 64,987 | 824,146 |
Eltel AB * | 102,738 | 222,852 |
Fabege AB | 33,831 | 432,001 |
Granges AB | 13,684 | 144,669 |
Hemfosa Fastigheter AB | 26,540 | 327,884 |
Security | Number of Shares | Value ($) |
Hexpol AB | 64,102 | 593,202 |
Holmen AB, B Shares | 33,917 | 776,480 |
ICA Gruppen AB (a) | 34,254 | 1,211,886 |
Indutrade AB | 18,962 | 455,155 |
Intrum AB (a) | 18,273 | 466,077 |
Inwido AB | 29,349 | 195,591 |
JM AB | 49,628 | 941,376 |
Kindred Group plc SDR | 27,892 | 297,362 |
Kungsleden AB | 18,431 | 128,835 |
LE Lundbergfortagen AB, B Shares | 30,118 | 928,384 |
Lifco AB, B Shares | 3,125 | 132,691 |
Lindab International AB | 37,778 | 263,954 |
Loomis AB, Class B | 24,766 | 765,756 |
Mekonomen AB | 17,311 | 202,765 |
Mekonomen AB BTA *(b) | 9,892 | 115,865 |
Modern Times Group MTG AB, B Shares | 16,966 | 626,277 |
NCC AB, B Shares (a) | 64,057 | 954,542 |
Nibe Industrier AB, B Shares | 57,274 | 597,767 |
Nobia AB | 64,396 | 409,621 |
Nolato AB, B Shares | 4,153 | 191,229 |
Pandox AB | 12,143 | 207,449 |
Peab AB | 135,335 | 1,191,295 |
Ratos AB, B Shares | 262,813 | 709,799 |
Saab AB, Class B | 13,393 | 525,088 |
SAS AB * | 69,237 | 156,335 |
Scandic Hotels Group AB | 21,350 | 195,157 |
Sweco AB, B Shares | 14,433 | 325,422 |
Thule Group AB | 8,525 | 168,800 |
Wihlborgs Fastigheter AB | 23,769 | 268,165 |
24,126,691 | ||
Switzerland 3.1% | ||
Allreal Holding AG * | 3,795 | 582,160 |
ALSO Holding AG * | 2,527 | 286,399 |
Autoneum Holding AG | 1,302 | 251,654 |
Banque Cantonale Vaudoise | 552 | 412,573 |
Barry Callebaut AG | 372 | 727,102 |
Belimo Holding AG | 85 | 380,207 |
Bell Food Group AG | 927 | 290,683 |
BKW AG | 4,166 | 264,232 |
Bucher Industries AG | 2,071 | 571,162 |
Burckhardt Compression Holding AG | 891 | 295,248 |
Cembra Money Bank AG | 6,409 | 537,508 |
Conzzeta AG | 370 | 330,855 |
Daetwyler Holding AG | 2,304 | 349,785 |
DKSH Holding AG | 12,609 | 850,100 |
dormakaba Holding AG, Series B * | 568 | 409,779 |
Dufry AG * | 7,740 | 872,142 |
Emmi AG | 689 | 500,792 |
EMS-Chemie Holding AG | 1,000 | 550,971 |
Flughafen Zuerich AG | 3,401 | 672,149 |
Forbo Holding AG | 309 | 453,547 |
Galenica AG * | 4,115 | 220,600 |
GAM Holding AG * | 79,637 | 462,464 |
Helvetia Holding AG | 1,874 | 1,147,873 |
Huber & Suhner AG | 6,150 | 420,966 |
Implenia AG | 6,878 | 382,351 |
Kudelski S.A. - BR *(a) | 24,238 | 170,622 |
Landis+Gyr Group AG *(a) | 4,885 | 296,321 |
Logitech International S.A. | 20,828 | 771,142 |
Luxoft Holding, Inc. * | 3,477 | 143,357 |
Metall Zug AG, B Shares | 124 | 366,281 |
Mobimo Holding AG | 1,590 | 354,065 |
OC Oerlikon Corp. AG * | 50,049 | 595,643 |
Oriflame Holding AG | 10,180 | 240,317 |
Panalpina Welttransport Holding AG | 5,255 | 642,163 |
Security | Number of Shares | Value ($) |
Partners Group Holding AG | 1,208 | 860,041 |
PSP Swiss Property AG | 4,886 | 471,435 |
Rieter Holding AG | 1,331 | 179,679 |
Schmolz & Bickenbach AG * | 568,265 | 417,136 |
Schweiter Technologies AG | 309 | 350,885 |
SFS Group AG * | 3,801 | 372,860 |
Sonova Holding AG | 7,800 | 1,272,056 |
Straumann Holding AG | 556 | 379,529 |
Sulzer AG | 5,980 | 600,231 |
Sunrise Communications Group AG * | 9,830 | 865,255 |
Tecan Group AG | 1,215 | 274,089 |
Temenos AG * | 2,405 | 330,536 |
Valiant Holding AG | 3,352 | 378,504 |
Valora Holding AG * | 1,926 | 481,819 |
VAT Group AG * | 1,007 | 101,045 |
Vontobel Holding AG | 2,046 | 126,944 |
Wizz Air Holdings plc * | 10,610 | 347,997 |
Zehnder Group AG | 7,360 | 294,502 |
23,907,756 | ||
United Kingdom 11.8% | ||
888 Holdings plc | 37,057 | 87,649 |
AA plc | 566,946 | 725,395 |
Ashmore Group plc | 98,529 | 442,814 |
ASOS plc * | 3,446 | 240,067 |
Auto Trader Group plc | 57,189 | 298,833 |
Avon Products, Inc. * | 609,370 | 1,194,365 |
B&M European Value Retail S.A. | 138,497 | 736,977 |
BBA Aviation plc | 266,393 | 816,935 |
BCA Marketplace plc | 174,669 | 449,873 |
Beazley plc | 129,670 | 870,651 |
Bodycote plc | 69,670 | 707,513 |
Bovis Homes Group plc | 47,640 | 588,829 |
Brewin Dolphin Holdings plc | 60,963 | 256,151 |
Britvic plc | 71,510 | 721,941 |
BTG plc * | 38,391 | 270,439 |
Card Factory plc | 184,712 | 435,130 |
Centamin plc | 343,603 | 436,340 |
Chemring Group plc | 144,236 | 336,277 |
Cineworld Group plc | 115,908 | 435,725 |
Close Brothers Group plc | 42,468 | 797,641 |
Coats Group plc | 358,176 | 367,606 |
Cobham plc * | 842,582 | 1,156,570 |
Computacenter plc | 45,709 | 641,509 |
ConvaTec Group plc | 100,392 | 207,508 |
Costain Group plc | 45,635 | 219,032 |
Cranswick plc | 18,448 | 681,091 |
Crest Nicholson Holdings plc | 97,813 | 426,084 |
Daily Mail & General Trust plc | 97,263 | 869,630 |
Dairy Crest Group plc | 65,868 | 401,909 |
Dart Group plc | 24,368 | 264,352 |
De La Rue plc | 43,122 | 263,742 |
Debenhams plc (a) | 4,346,542 | 495,573 |
Derwent London plc | 11,109 | 415,406 |
DFS Furniture plc | 70,481 | 187,385 |
Dialog Semiconductor plc * | 25,459 | 671,384 |
Diploma plc | 23,033 | 386,239 |
Domino's Pizza Group plc | 81,349 | 294,305 |
Dunelm Group plc | 46,785 | 356,711 |
EI Group plc * | 441,106 | 937,072 |
Electrocomponents plc | 99,541 | 788,110 |
Elementis plc | 183,997 | 480,735 |
EnQuest plc * | 734,481 | 254,696 |
Essentra plc | 116,648 | 568,591 |
esure Group plc | 113,651 | 404,342 |
Etalon Group plc | 67,785 | 156,244 |
Euromoney Institutional Investor plc | 8,090 | 131,326 |
Security | Number of Shares | Value ($) |
Evraz plc | 131,200 | 909,047 |
Ferrexpo plc | 110,554 | 294,310 |
Galliford Try plc | 65,170 | 726,134 |
Genus plc | 9,984 | 282,077 |
Grafton Group plc | 105,558 | 975,147 |
Grainger plc | 85,640 | 295,870 |
Great Portland Estates plc | 15,058 | 133,981 |
Greencore Group plc | 224,881 | 544,272 |
Greggs plc | 46,549 | 690,289 |
GVC Holdings plc | 11,351 | 135,966 |
Halfords Group plc | 169,827 | 667,527 |
Halma plc | 50,802 | 862,129 |
Hammerson plc | 144,992 | 809,489 |
Hansteen Holdings plc | 89,096 | 109,555 |
Hargreaves Lansdown plc | 17,904 | 426,828 |
Headlam Group plc | 53,212 | 306,410 |
Hill & Smith Holdings plc | 21,580 | 272,854 |
Hilton Food Group plc | 11,973 | 141,102 |
HomeServe plc | 50,695 | 615,399 |
Howden Joinery Group plc | 157,908 | 945,506 |
Hunting plc | 60,361 | 517,920 |
Ibstock plc | 56,454 | 161,853 |
IG Group Holdings plc | 109,294 | 844,484 |
Indivior plc * | 183,383 | 441,350 |
Intermediate Capital Group plc | 78,235 | 950,212 |
International Personal Finance plc | 239,904 | 546,744 |
Interserve plc *(a) | 1,039,321 | 643,241 |
Intu Properties plc | 393,733 | 984,863 |
J.D. Wetherspoon plc | 29,350 | 463,312 |
Janus Henderson Group plc | 43,234 | 1,062,259 |
Jardine Lloyd Thompson Group plc | 27,358 | 659,515 |
JD Sports Fashion plc | 61,734 | 321,744 |
John Laing Group plc | 99,998 | 397,918 |
Jupiter Fund Management plc | 134,025 | 576,845 |
Just Group plc | 213,656 | 242,161 |
KAZ Minerals plc | 44,549 | 294,144 |
KCOM Group plc | 286,816 | 337,646 |
Keller Group plc | 49,106 | 406,732 |
Kier Group plc (a) | 54,972 | 615,320 |
Lancashire Holdings Ltd. | 122,772 | 925,557 |
Lookers plc | 408,884 | 499,565 |
Man Group plc | 565,987 | 1,122,979 |
Mapeley Ltd. *(b) | 2,199 | — |
Marshalls plc | 51,492 | 283,382 |
Marston's plc | 426,323 | 541,657 |
McCarthy & Stone plc | 196,874 | 339,923 |
Melrose Industries plc | 945,798 | 2,035,922 |
Merlin Entertainments plc | 181,754 | 750,608 |
Micro Focus International plc | 37,378 | 579,442 |
Millennium & Copthorne Hotels plc | 27,092 | 164,117 |
Mitchells & Butlers plc | 176,277 | 584,455 |
Mitie Group plc | 368,544 | 684,600 |
Moneysupermarket.com Group plc | 143,221 | 536,930 |
Morgan Advanced Materials plc | 123,729 | 436,495 |
Morgan Sindall Group plc | 25,438 | 385,626 |
N Brown Group plc | 152,979 | 264,954 |
National Express Group plc | 223,091 | 1,139,922 |
NEX Group plc | 94,235 | 1,366,643 |
Nomad Foods Ltd. * | 36,481 | 696,787 |
Northgate plc | 161,513 | 777,888 |
Ocado Group plc * | 40,252 | 439,339 |
Pagegroup plc | 121,259 | 777,267 |
Paragon Banking Group plc | 60,939 | 331,172 |
PayPoint plc | 22,064 | 222,736 |
Pendragon plc | 2,624,186 | 902,289 |
Petra Diamonds Ltd. *(a) | 401,844 | 201,337 |
Pets at Home Group plc | 284,556 | 399,610 |
Playtech plc | 84,951 | 519,464 |
Security | Number of Shares | Value ($) |
Polypipe Group plc | 49,404 | 233,839 |
Premier Oil plc * | 961,846 | 1,319,515 |
PZ Cussons plc | 86,370 | 241,017 |
QinetiQ Group plc | 273,968 | 970,430 |
Randgold Resources Ltd. | 16,965 | 1,334,361 |
Rathbone Brothers plc | 7,604 | 223,708 |
Redrow plc | 48,450 | 327,134 |
Renishaw plc | 4,478 | 240,628 |
Rentokil Initial plc | 292,180 | 1,178,254 |
Rightmove plc | 54,290 | 313,393 |
Rotork plc | 191,835 | 734,559 |
Royal Bank of Scotland Group plc | 282,340 | 849,984 |
RPC Group plc | 81,161 | 791,090 |
RPS Group plc | 136,880 | 274,337 |
Saga plc | 500,982 | 762,663 |
Savills plc | 46,600 | 431,290 |
Schroders plc | 19,805 | 677,777 |
Schroders plc, Non-Voting Shares | 8,646 | 246,798 |
Segro plc | 104,134 | 816,397 |
Senior plc | 172,385 | 600,412 |
Serco Group plc * | 415,547 | 509,954 |
SIG plc | 600,040 | 859,389 |
Spectris plc | 38,505 | 1,053,486 |
Speedy Hire plc | 161,823 | 115,832 |
Spirax-Sarco Engineering plc | 12,955 | 1,070,082 |
Spire Healthcare Group plc | 176,428 | 264,749 |
Spirent Communications plc | 263,830 | 398,603 |
Sports Direct International plc * | 157,909 | 658,215 |
SSP Group plc | 75,934 | 647,401 |
St. James's Place plc | 72,971 | 943,022 |
St. Modwen Properties plc | 52,159 | 248,989 |
Stagecoach Group plc | 364,137 | 711,192 |
Stock Spirits Group plc | 41,639 | 106,446 |
Stolt-Nielsen Ltd. | 29,972 | 402,453 |
Superdry plc | 15,665 | 161,625 |
Synthomer plc | 72,547 | 411,511 |
TalkTalk Telecom Group plc | 410,710 | 628,088 |
Telecom Plus plc | 25,128 | 391,847 |
The Go-Ahead Group plc | 29,064 | 571,403 |
The Restaurant Group plc | 165,719 | 509,002 |
The Unite Group plc | 28,931 | 315,006 |
Thomas Cook Group plc | 578,024 | 332,465 |
TP ICAP plc | 75,511 | 279,749 |
Tullow Oil plc * | 343,561 | 985,698 |
Tyman plc | 61,024 | 216,453 |
Ultra Electronics Holdings plc | 28,442 | 522,779 |
Vertu Motors plc | 628,513 | 294,032 |
Vesuvius plc | 104,049 | 721,901 |
Victrex plc | 17,127 | 579,342 |
WH Smith plc | 34,376 | 854,496 |
89,732,314 | ||
United States 0.0% | ||
International Flavors & Fragrances, Inc. * | 1 | 131 |
Total Common Stock | ||
(Cost $721,299,324) | 755,886,991 | |
Preferred Stock 0.3% of net assets | ||
Germany 0.3% | ||
Draegerwerk AG & Co. KGaA | 4,783 | 256,760 |
Jungheinrich AG | 17,256 | 571,723 |
Sartorius AG | 3,224 | 466,329 |
Security | Number of Shares | Value ($) |
Schaeffler AG | 37,720 | 397,461 |
Sixt SE | 2,260 | 155,312 |
1,847,585 | ||
Italy 0.0% | ||
Danieli & C Officine Meccaniche S.p.A. - RSP | 19,923 | 293,807 |
Sweden 0.0% | ||
SAS AB | 2,099 | 126,383 |
Total Preferred Stock | ||
(Cost $2,627,119) | 2,267,775 | |
Rights 0.0% of net assets | ||
Italy 0.0% | ||
Beni Stabili S.p.A. expires 11/10/18 *(b) | 294,379 | 1 |
Spain 0.0% | ||
Vidrala S.A. expires 11/12/18 * | 3,026 | 12,167 |
Total Rights | ||
(Cost $6,032) | 12,168 | |
Other Investment Company 3.1% of net assets | ||
United States 3.1% | ||
Securities Lending Collateral 3.1% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (c) | 23,533,377 | 23,533,377 |
Total Other Investment Company | ||
(Cost $23,533,377) | 23,533,377 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.1% of net assets | ||
Time Deposits 0.1% | ||
BNP Paribas | ||
Euro | ||
(0.57%), 11/01/18 (d) | 20,832 | 23,595 |
Hong Kong Dollar | ||
0.37%, 11/01/18 (d) | 538,884 | 68,718 |
Brown Brothers Harriman | ||
Australian Dollar | ||
0.77%, 11/01/18 (d) | 57,502 | 40,720 |
Canadian Dollar | ||
0.80%, 11/01/18 (d) | 50,188 | 38,124 |
New Zealand Dollar | ||
0.85%, 11/01/18 (d) | 35,122 | 22,919 |
Norwegian Krone | ||
0.30%, 11/01/18 (d) | 15,508 | 1,840 |
Singapore Dollar | ||
0.62%, 11/01/18 (d) | 11,341 | 8,187 |
Swedish Krona | ||
(0.80%), 11/01/18 (d) | 57,401 | 6,273 |
Swiss Franc | ||
(1.44%), 11/01/18 (d) | 14,035 | 13,936 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Citibank | ||
Pound Sterling | ||
0.36%, 11/01/18 (d) | 167,136 | 213,633 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.30%), 11/01/18 (d) | 2,866,012 | 25,400 |
U.S. Dollar | ||
1.54%, 11/01/18 (d) | 424,739 | 424,739 |
Total Short-Term Investments | ||
(Cost $888,084) | 888,084 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/21/18 | 54 | 4,893,750 | (98,501) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $22,282,499. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Security | Number of Shares | Value ($) |
Common Stock 91.1% of net assets | ||
Brazil 6.5% | ||
Ambev S.A. | 536,850 | 2,357,150 |
B3 SA - Brasil Bolsa Balcao | 97,733 | 696,986 |
Banco Bradesco S.A. | 155,626 | 1,264,997 |
Banco do Brasil S.A. | 348,415 | 4,002,349 |
BRF S.A. * | 195,518 | 1,150,570 |
CCR S.A. | 205,000 | 604,286 |
Centrais Eletricas Brasileiras S.A. * | 64,916 | 409,922 |
Cia Energetica de Minas Gerais | 25,000 | 74,433 |
Cielo S.A. | 134,934 | 478,605 |
Companhia de Saneamento Basico do Estado de Sao Paulo | 85,010 | 638,460 |
Embraer S.A. | 165,851 | 932,759 |
Itau Unibanco Holding S.A. | 66,716 | 759,933 |
JBS S.A. | 557,700 | 1,536,054 |
Kroton Educacional S.A. | 139,600 | 428,384 |
Petrobras Distribuidora S.A. | 67,400 | 434,301 |
Petroleo Brasileiro S.A. | 818,458 | 6,668,184 |
Tim Participacoes S.A. | 195,547 | 608,999 |
Ultrapar Participacoes S.A. | 154,014 | 1,831,283 |
Vale S.A. | 691,097 | 10,531,267 |
35,408,922 | ||
Chile 0.6% | ||
Cencosud S.A. | 400,980 | 834,620 |
Empresas Copec S.A. | 75,290 | 1,052,926 |
Enel Americas S.A. | 4,639,087 | 731,117 |
Latam Airlines Group S.A. | 50,413 | 458,480 |
3,077,143 | ||
China 19.5% | ||
Agricultural Bank of China Ltd., Class H | 5,225,600 | 2,300,204 |
Alibaba Group Holding Ltd. ADR * | 7,051 | 1,003,216 |
Anhui Conch Cement Co., Ltd., Class H | 131,000 | 678,991 |
Baidu, Inc. ADR * | 6,357 | 1,208,211 |
Bank of China Ltd., Class H | 17,019,234 | 7,250,898 |
Bank of Communications Co., Ltd., Class H | 1,663,000 | 1,249,339 |
China Cinda Asset Management Co., Ltd., Class H | 1,577,000 | 387,126 |
China CITIC Bank Corp., Ltd., Class H | 1,644,000 | 1,019,007 |
China Communications Construction Co., Ltd., Class H | 869,322 | 797,086 |
China Communications Services Corp., Ltd., Class H | 761,000 | 616,692 |
China Construction Bank Corp., Class H | 17,872,960 | 14,183,029 |
China Evergrande Group | 249,000 | 597,046 |
China Huarong Asset Management Co., Ltd., Class H | 1,780,000 | 323,185 |
China Life Insurance Co., Ltd., Class H | 480,000 | 961,822 |
Security | Number of Shares | Value ($) |
China Merchants Bank Co., Ltd., Class H | 418,650 | 1,616,564 |
China Minsheng Banking Corp., Ltd., Class H | 1,363,800 | 1,007,026 |
China Mobile Ltd. | 1,203,055 | 11,270,073 |
China National Building Material Co., Ltd., Class H | 1,184,000 | 851,254 |
China Overseas Land & Investment Ltd. | 488,000 | 1,534,193 |
China Pacific Insurance Group Co., Ltd., Class H | 209,400 | 781,774 |
China Petroleum & Chemical Corp., Class H | 12,775,400 | 10,406,532 |
China Railway Construction Corp., Ltd., Class H | 562,000 | 713,744 |
China Railway Group Ltd., Class H | 841,000 | 751,611 |
China Resources Beer Holdings Co., Ltd. | 275,000 | 958,272 |
China Resources Land Ltd. | 326,000 | 1,108,791 |
China Resources Power Holdings Co., Ltd. | 580,000 | 1,020,479 |
China Shenhua Energy Co., Ltd., Class H | 820,000 | 1,855,208 |
China Telecom Corp., Ltd., Class H | 4,940,000 | 2,337,272 |
China Unicom (Hong Kong) Ltd. | 1,985,056 | 2,076,267 |
CITIC Ltd. | 858,000 | 1,289,153 |
CNOOC Ltd. | 4,081,075 | 6,949,984 |
Country Garden Holdings Co., Ltd. | 387,000 | 416,473 |
Dongfeng Motor Group Co., Ltd., Class H | 514,000 | 507,889 |
Great Wall Motor Co., Ltd., Class H (a) | 600,300 | 356,591 |
Guangzhou R&F Properties Co., Ltd., Class H | 231,600 | 365,685 |
Haier Electronics Group Co., Ltd. * | 205,000 | 430,496 |
Hengan International Group Co., Ltd. | 63,500 | 504,785 |
Huaneng Power International, Inc., Class H | 1,548,000 | 862,865 |
Industrial & Commercial Bank of China Ltd., Class H | 13,369,172 | 9,070,617 |
Jiangxi Copper Co., Ltd., Class H | 641,000 | 708,028 |
Kingboard Holdings Ltd. | 145,000 | 389,503 |
Kunlun Energy Co., Ltd. | 698,000 | 794,174 |
Lenovo Group Ltd. | 2,238,000 | 1,427,377 |
PetroChina Co., Ltd., Class H | 6,990,000 | 5,025,973 |
PICC Property & Casualty Co., Ltd., Class H | 1,004,000 | 975,928 |
Ping An Insurance Group Co. of China Ltd., Class H | 230,000 | 2,174,426 |
Shimao Property Holdings Ltd. | 257,000 | 506,403 |
Sinopec Shanghai Petrochemical Co., Ltd., Class H | 940,000 | 413,077 |
Sinopharm Group Co., Ltd., Class H | 187,600 | 908,800 |
Tencent Holdings Ltd. | 51,800 | 1,774,630 |
Weichai Power Co., Ltd., Class H | 412,000 | 407,303 |
107,125,072 | ||
Security | Number of Shares | Value ($) |
Colombia 0.5% | ||
Bancolombia S.A. | 38,819 | 365,100 |
Ecopetrol S.A. | 1,787,342 | 2,076,300 |
Grupo Argos S.A. | 76,072 | 354,427 |
2,795,827 | ||
Czech Republic 0.2% | ||
CEZ A/S | 47,918 | 1,140,141 |
Greece 0.4% | ||
Alpha Bank AE * | 558,949 | 843,521 |
Hellenic Telecommunications Organization S.A. | 48,409 | 539,489 |
National Bank of Greece S.A. * | 300,250 | 519,663 |
Piraeus Bank S.A. * | 290,568 | 426,725 |
2,329,398 | ||
Hungary 0.4% | ||
MOL Hungarian Oil & Gas plc | 137,839 | 1,445,277 |
OTP Bank plc | 28,011 | 1,006,307 |
2,451,584 | ||
India 4.4% | ||
Bharat Petroleum Corp., Ltd. | 208,947 | 779,230 |
Bharti Airtel Ltd. | 196,840 | 779,100 |
Coal India Ltd. | 232,568 | 838,193 |
HCL Technologies Ltd. | 46,755 | 668,412 |
Hero MotoCorp Ltd. | 10,679 | 398,688 |
Hindalco Industries Ltd. | 193,459 | 576,812 |
Hindustan Petroleum Corp., Ltd. | 152,289 | 463,437 |
Housing Development Finance Corp., Ltd. | 55,853 | 1,336,201 |
Indian Oil Corp., Ltd. | 604,248 | 1,133,726 |
Infosys Ltd. | 346,793 | 3,204,733 |
ITC Ltd. | 175,546 | 665,237 |
JSW Steel Ltd. | 107,817 | 495,001 |
NTPC Ltd. | 315,625 | 681,462 |
Oil & Natural Gas Corp., Ltd. | 722,344 | 1,496,300 |
Reliance Industries Ltd. | 293,340 | 4,211,270 |
State Bank of India * | 392,169 | 1,492,447 |
Sun Pharmaceutical Industries Ltd. | 65,563 | 514,708 |
Tata Consultancy Services Ltd. | 60,161 | 1,577,147 |
Tata Motors Ltd. * | 419,061 | 1,015,386 |
Tata Motors Ltd., Class A * | 134,427 | 177,474 |
Tata Steel Ltd. | 56,407 | 422,967 |
Vedanta Ltd. | 208,538 | 596,661 |
Wipro Ltd. | 118,597 | 530,926 |
24,055,518 | ||
Indonesia 1.3% | ||
Golden Agri-Resources Ltd. | 2,427,763 | 447,606 |
PT Astra International Tbk | 3,374,900 | 1,755,504 |
PT Bank Central Asia Tbk | 452,700 | 704,881 |
PT Bank Mandiri (Persero) Tbk | 1,653,600 | 742,998 |
PT Bank Rakyat Indonesia (Persero) Tbk | 4,480,800 | 929,981 |
PT Perusahaan Gas Negara (Persero) Tbk | 4,090,100 | 599,010 |
Security | Number of Shares | Value ($) |
PT Telekomunikasi Indonesia (Persero) Tbk | 6,678,800 | 1,691,901 |
PT United Tractors Tbk | 236,100 | 521,268 |
7,393,149 | ||
Malaysia 1.5% | ||
Axiata Group Berhad | 999,294 | 814,979 |
CIMB Group Holdings Berhad | 598,089 | 818,357 |
Genting Berhad | 431,600 | 757,431 |
Malayan Banking Berhad | 595,000 | 1,350,496 |
Maxis Berhad | 403,054 | 503,951 |
Petronas Chemicals Group Berhad | 341,200 | 762,905 |
Public Bank Berhad | 232,265 | 1,366,281 |
Tenaga Nasional Berhad | 576,500 | 2,026,476 |
8,400,876 | ||
Mexico 3.6% | ||
Alfa S.A.B. de C.V., Class A | 986,300 | 1,039,552 |
America Movil S.A.B. de C.V., Series L | 10,577,319 | 7,659,649 |
Cemex S.A.B. de C.V., Series CPO * | 3,102,056 | 1,548,489 |
Coca-Cola Femsa S.A.B. de C.V., Series L | 96,100 | 548,122 |
Fomento Economico Mexicano S.A.B. de C.V. | 335,515 | 2,852,330 |
Grupo Bimbo S.A.B. de C.V., Series A | 350,100 | 655,794 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 231,400 | 1,273,123 |
Grupo Mexico S.A.B. de C.V., Series B | 523,936 | 1,208,909 |
Grupo Televisa S.A.B., Series CPO | 355,717 | 1,025,478 |
Wal-Mart de Mexico S.A.B. de C.V. | 803,337 | 2,051,721 |
19,863,167 | ||
Peru 0.2% | ||
Credicorp Ltd. | 4,179 | 943,242 |
Philippines 0.2% | ||
PLDT, Inc. | 32,555 | 840,149 |
Poland 1.7% | ||
Bank Pekao S.A. | 24,837 | 677,113 |
Energa S.A. * | 173,569 | 352,384 |
KGHM Polska Miedz S.A. * | 55,424 | 1,253,027 |
Orange Polska S.A. * | 459,668 | 519,506 |
PGE S.A. * | 368,655 | 1,008,721 |
Polski Koncern Naftowy Orlen S.A. | 96,827 | 2,328,438 |
Polskie Gornictwo Naftowe i Gazownictwo S.A. * | 433,690 | 707,469 |
Powszechna Kasa Oszczednosci Bank Polski S.A. | 81,107 | 842,329 |
Powszechny Zaklad Ubezpieczen S.A. | 92,894 | 946,681 |
Tauron Polska Energia S.A. * | 1,054,674 | 489,200 |
9,124,868 | ||
Republic of Korea 17.6% | ||
CJ CheilJedang Corp. | 1,661 | 473,800 |
CJ Corp. | 5,122 | 492,532 |
Daelim Industrial Co., Ltd. | 8,532 | 571,199 |
DB Insurance Co., Ltd. | 10,579 | 666,555 |
Doosan Heavy Industries & Construction Co., Ltd. * | 35,851 | 346,428 |
E-Mart, Inc. | 5,027 | 904,345 |
GS Holdings Corp. | 13,738 | 586,313 |
Security | Number of Shares | Value ($) |
Hana Financial Group, Inc. | 38,959 | 1,312,358 |
Hankook Tire Co., Ltd. | 17,708 | 643,334 |
Hanwha Corp. | 16,486 | 408,325 |
Hyosung Advanced Materials Corp. * | 899 | 82,923 |
Hyosung Chemical Corp. * | 629 | 72,532 |
Hyosung Corp. | 2,678 | 121,022 |
Hyosung Heavy Industries Corp. * | 1,827 | 68,052 |
Hyosung TNC Co., Ltd. * | 851 | 131,016 |
Hyundai Engineering & Construction Co., Ltd. | 21,533 | 870,196 |
Hyundai Glovis Co., Ltd. | 5,633 | 565,639 |
Hyundai Heavy Industries Co., Ltd. * | 11,791 | 1,297,047 |
Hyundai Marine & Fire Insurance Co., Ltd. | 16,748 | 616,190 |
Hyundai Mobis Co., Ltd. | 18,738 | 3,130,029 |
Hyundai Motor Co. | 47,422 | 4,441,682 |
Hyundai Steel Co. | 28,195 | 1,034,650 |
Hyundai Wia Corp. | 11,261 | 293,331 |
Industrial Bank Of Korea | 54,723 | 714,600 |
KB Financial Group, Inc. | 47,603 | 1,982,389 |
Kia Motors Corp. | 144,649 | 3,615,605 |
Korea Electric Power Corp. | 132,505 | 3,165,075 |
Korea Gas Corp. * | 16,495 | 756,695 |
Korea Zinc Co., Ltd. | 1,588 | 529,628 |
Korean Air Lines Co., Ltd. | 20,683 | 500,694 |
KT&G Corp. | 14,763 | 1,316,435 |
LG Chem Ltd. | 8,105 | 2,476,690 |
LG Corp. | 12,873 | 750,012 |
LG Display Co., Ltd. | 136,404 | 1,990,339 |
LG Electronics, Inc. | 37,576 | 2,100,679 |
LG Uplus Corp. | 66,043 | 938,619 |
Lotte Chemical Corp. | 3,129 | 722,932 |
Lotte Shopping Co., Ltd. | 4,543 | 775,583 |
NAVER Corp. | 4,572 | 460,420 |
POSCO | 24,900 | 5,699,433 |
S-Oil Corp. | 10,465 | 1,141,965 |
Samsung Electro-Mechanics Co., Ltd. | 8,986 | 937,996 |
Samsung Electronics Co., Ltd. | 782,837 | 29,306,122 |
Samsung Fire & Marine Insurance Co., Ltd. | 5,726 | 1,399,404 |
Samsung Heavy Industries Co., Ltd. * | 92,553 | 567,835 |
Samsung Life Insurance Co., Ltd. | 9,723 | 786,644 |
Samsung SDI Co., Ltd. | 4,339 | 902,356 |
Samsung SDS Co., Ltd. | 2,885 | 490,748 |
Shinhan Financial Group Co., Ltd. | 79,528 | 2,962,084 |
SK Holdings Co., Ltd. | 2,608 | 600,508 |
SK Hynix, Inc. | 55,613 | 3,349,312 |
SK Innovation Co., Ltd. | 24,468 | 4,591,909 |
SK Networks Co., Ltd. | 174,549 | 654,461 |
Woori Bank | 75,848 | 1,050,948 |
96,367,618 | ||
Russia 12.1% | ||
Alrosa PJSC | 366,400 | 555,646 |
Gazprom PJSC | 9,438,340 | 22,275,625 |
Gazprom PJSC ADR | 169,100 | 799,587 |
Inter RAO UES PJSC | 12,650,000 | 765,358 |
Lukoil PJSC | 222,043 | 16,668,288 |
Magnit PJSC | 24,060 | 1,311,226 |
MMC Norilsk Nickel PJSC | 10,236 | 1,709,270 |
Mobile TeleSystems PJSC | 444,902 | 1,739,794 |
NovaTek PJSC | 160,900 | 2,564,190 |
Rosneft Oil Co. PJSC | 461,020 | 3,222,477 |
Rostelecom PJSC | 858,430 | 912,201 |
Sberbank of Russia PJSC | 1,488,480 | 4,288,711 |
Severstal PJSC | 39,810 | 622,468 |
Sistema PJSC FC | 7,169,700 | 848,950 |
Security | Number of Shares | Value ($) |
Surgutneftegas PJSC | 9,074,405 | 3,660,134 |
Tatneft PJSC | 293,720 | 3,497,508 |
VTB Bank PJSC | 1,418,680,000 | 787,367 |
66,228,800 | ||
South Africa 4.8% | ||
Absa Group Ltd. | 112,215 | 1,133,853 |
AngloGold Ashanti Ltd. | 107,415 | 1,045,478 |
Aspen Pharmacare Holdings Ltd. | 22,274 | 235,547 |
Barloworld Ltd. | 74,390 | 606,342 |
Bid Corp., Ltd. | 43,489 | 814,280 |
FirstRand Ltd. | 341,560 | 1,491,818 |
Gold Fields Ltd. | 332,471 | 878,970 |
Impala Platinum Holdings Ltd. * | 388,346 | 713,616 |
Imperial Holdings Ltd. | 60,514 | 671,439 |
MTN Group Ltd. | 760,695 | 4,417,302 |
Naspers Ltd., N Shares | 4,616 | 809,650 |
Nedbank Group Ltd. | 55,155 | 932,403 |
Remgro Ltd. | 38,840 | 500,713 |
Sanlam Ltd. | 165,418 | 832,932 |
Sappi Ltd. | 92,841 | 521,631 |
Sasol Ltd. | 162,093 | 5,297,191 |
Shoprite Holdings Ltd. | 63,344 | 773,315 |
Standard Bank Group Ltd. | 184,718 | 2,046,531 |
Steinhoff International Holdings N.V. * | 6,059,941 | 739,393 |
The Bidvest Group Ltd. | 39,324 | 490,750 |
Tiger Brands Ltd. | 22,671 | 406,078 |
Vodacom Group Ltd. | 78,454 | 661,583 |
Woolworths Holdings Ltd. | 157,691 | 544,586 |
26,565,401 | ||
Taiwan 11.8% | ||
Acer, Inc. * | 1,030,496 | 725,121 |
Asustek Computer, Inc. | 266,041 | 1,972,758 |
AU Optronics Corp. | 4,554,800 | 1,779,586 |
Catcher Technology Co., Ltd. | 72,000 | 728,005 |
Cathay Financial Holding Co., Ltd. | 653,599 | 1,037,701 |
Cheng Shin Rubber Industry Co., Ltd. | 421,000 | 593,966 |
China Steel Corp. | 2,178,198 | 1,720,331 |
Chunghwa Telecom Co., Ltd. | 568,906 | 2,009,462 |
Compal Electronics, Inc. | 2,794,305 | 1,543,511 |
CTBC Financial Holding Co., Ltd. | 1,547,201 | 1,036,053 |
Delta Electronics, Inc. | 327,590 | 1,378,898 |
Far Eastern New Century Corp. | 1,041,817 | 1,047,877 |
Far EasTone Telecommunications Co., Ltd. | 235,622 | 561,483 |
First Financial Holding Co., Ltd. | 772,650 | 488,811 |
Formosa Chemicals & Fibre Corp. | 455,442 | 1,652,825 |
Formosa Petrochemical Corp. | 211,330 | 834,284 |
Formosa Plastics Corp. | 418,732 | 1,369,288 |
Foxconn Technology Co., Ltd. | 231,317 | 491,195 |
Fubon Financial Holding Co., Ltd. | 842,674 | 1,322,075 |
Hon Hai Precision Industry Co., Ltd. | 3,887,572 | 9,896,003 |
Hotai Motor Co., Ltd. | 63,000 | 435,923 |
HTC Corp. * | 446,473 | 485,997 |
Innolux Corp. | 6,683,357 | 2,029,363 |
Inventec Corp. | 1,276,639 | 1,031,781 |
Largan Precision Co., Ltd. | 3,500 | 382,422 |
Lite-On Technology Corp. | 721,167 | 829,153 |
MediaTek, Inc. | 194,338 | 1,435,504 |
Mega Financial Holding Co., Ltd. | 1,139,340 | 964,785 |
Nan Ya Plastics Corp. | 641,622 | 1,598,285 |
Pegatron Corp. | 1,029,264 | 1,880,718 |
Pou Chen Corp. | 669,267 | 679,137 |
Quanta Computer, Inc. | 920,500 | 1,455,951 |
Synnex Technology International Corp. | 572,850 | 618,183 |
Security | Number of Shares | Value ($) |
Taiwan Cement Corp. | 710,228 | 798,356 |
Taiwan Mobile Co., Ltd. | 183,334 | 655,109 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,539,803 | 11,559,890 |
Uni-President Enterprises Corp. | 581,678 | 1,409,902 |
United Microelectronics Corp. | 3,021,965 | 1,151,614 |
Walsin Lihwa Corp. | 966,000 | 480,452 |
Wistron Corp. | 1,730,682 | 1,060,984 |
WPG Holdings Ltd. | 681,880 | 812,110 |
Yuanta Financial Holding Co., Ltd. | 1,081,000 | 525,689 |
64,470,541 | ||
Thailand 2.6% | ||
Advanced Info Service PCL NVDR | 159,075 | 941,296 |
Bangkok Bank PCL - Reg'd | 150,400 | 961,834 |
Charoen Pokphand Foods PCL NVDR | 827,300 | 630,537 |
CP ALL PCL NVDR | 202,700 | 411,825 |
Kasikornbank PCL NVDR | 190,400 | 1,146,144 |
Krung Thai Bnk Ltd. NVDR | 772,000 | 468,668 |
PTT Exploration & Production Public Co., Ltd. NVDR | 293,300 | 1,228,458 |
PTT Global Chemical PCL NVDR | 489,900 | 1,144,475 |
PTT PCL NVDR | 2,585,270 | 3,975,541 |
Thai Beverage PCL (a) | 955,705 | 431,665 |
Thai Oil PCL NVDR | 258,200 | 660,347 |
The Siam Cement Public Co., Ltd. NVDR | 87,900 | 1,110,465 |
The Siam Commercial Bank PCL NVDR | 242,600 | 1,006,779 |
14,118,034 | ||
Turkey 1.1% | ||
Akbank T.A.S. | 613,165 | 725,120 |
BIM Birlesik Magazalar A/S | 37,270 | 529,809 |
Eregli Demir ve Celik Fabrikalari TAS | 251,643 | 408,368 |
Haci Omer Sabanci Holding A/S | 355,502 | 453,463 |
KOC Holding A/S | 295,974 | 826,804 |
Tupras-Turkiye Petrol Rafinerileri A/S | 38,170 | 900,570 |
Turkcell Iletisim Hizmetleri A/S | 296,040 | 602,425 |
Turkiye Garanti Bankasi A/S | 566,288 | 712,344 |
Turkiye Halk Bankasi A/S | 422,086 | 466,776 |
Turkiye Is Bankasi A/S, Class C | 571,813 | 409,246 |
6,034,925 | ||
United Arab Emirates 0.1% | ||
Emirates Telecommunications Group Co. PJSC | 157,269 | 745,752 |
Total Common Stock | ||
(Cost $467,565,595) | 499,480,127 | |
Preferred Stock 8.6% of net assets | ||
Brazil 5.8% | ||
Banco Bradesco S.A. | 563,795 | 5,196,337 |
Braskem S.A., Class A | 50,700 | 710,468 |
Centrais Eletricas Brasileiras S.A., Class B * | 51,920 | 371,106 |
Cia Energetica de Sao Paulo, Class B | 121,700 | 649,132 |
Companhia Energetica de Minas Gerais | 744,008 | 2,205,135 |
Companhia Paranaense de Energia-Copel | 84,444 | 595,181 |
Security | Number of Shares | Value ($) |
Compania Brasileira de Distribuicao Grupo Pao de Acucar | 62,315 | 1,309,762 |
Gerdau S.A. | 350,406 | 1,530,996 |
Itau Unibanco Holding S.A. | 567,086 | 7,504,766 |
Itausa - Investimentos Itau S.A. | 324,507 | 980,104 |
Metalurgica Gerdau S.A. | 589,177 | 1,257,038 |
Petroleo Brasileiro S.A. | 1,076,354 | 7,988,418 |
Telefonica Brasil S.A. | 142,472 | 1,654,612 |
31,953,055 | ||
Chile 0.1% | ||
Sociedad Quimica y Minera de Chile S.A., Class B | 11,121 | 479,876 |
Colombia 0.1% | ||
Bancolombia S.A. | 77,397 | 723,605 |
Republic of Korea 1.0% | ||
Hyundai Motor Co., Ltd. | 7,451 | 436,409 |
Hyundai Motor Co., Ltd. 2nd | 12,224 | 760,851 |
LG Chem Ltd. | 1,551 | 272,554 |
LG Electronics, Inc. | 4,397 | 99,807 |
Samsung Electronics Co., Ltd. | 123,381 | 3,892,760 |
5,462,381 | ||
Russia 1.6% | ||
Bashneft PJSC | 12,300 | 338,795 |
Sberbank of Russia PJSC | 103,600 | 256,823 |
Surgutneftegas PJSC | 3,178,500 | 1,840,065 |
Transneft PJSC | 2,310 | 5,992,964 |
8,428,647 | ||
Total Preferred Stock | ||
(Cost $33,022,327) | 47,047,564 | |
Other Investment Company 0.1% of net assets | ||
United States 0.1% | ||
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 2.07% (b) | 470,942 | 470,942 |
Total Other Investment Company | ||
(Cost $470,942) | 470,942 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments 0.3% of net assets | ||
Time Deposits 0.3% | ||
BNP Paribas | ||
Hong Kong Dollar | ||
0.37%, 11/01/18 (c) | 1,845,834 | 235,379 |
Brown Brothers Harriman | ||
Euro | ||
(0.57%), 11/01/18 (c) | 11,289 | 12,786 |
SIingapore Dollar | ||
0.62%, 11/01/18 (c) | 642 | 464 |
South African Rand | ||
4.94%, 11/01/18 (c) | 56 | 4 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
JPMorgan Chase Bank | ||
U.S. Dollar | ||
1.54%, 11/01/18 (c) | 1,493,217 | 1,493,217 |
Total Short-Term Investments | ||
(Cost $1,741,850) | 1,741,850 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index expires 12/21/18 | 28 | 1,339,380 | 20,745 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $442,067. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
NVDR — | Non-Voting Depositary Receipt |
Reg’d — | Registered |
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 14, 2018 |
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 14, 2018 | |
By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | December 14, 2018 |