Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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)
Jonathan de St. Paer
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, 2019
Item 1: Report(s) to Shareholders.
Table of Contents
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/laudusfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Laudus International MarketMasters Fund1,2 (Ticker Symbol: SWMIX) | 10.50% |
MSCI EAFE® Index (Net)3 | 11.04% |
Fund Category: Morningstar Foreign Large Growth4 | 14.78% |
Performance Details | pages 7-9 |
1 | On February 26, 2019, the Investor Share class and Select Share class of the fund were consolidated into a single class of shares of the fund. The performance and financial history of the fund is that of the fund’s former Select Shares. Accordingly, the past performance shown is that of the fund’s former Select Shares. |
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 | 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. |
President 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. |
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 fund. 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 fund. 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Laudus International MarketMasters Fund (4/2/04) | 10.50% | 4.88% | 7.65% |
MSCI EAFE® Index (Net)3 | 11.04% | 4.31% | 5.41% |
Fund Category: Morningstar Foreign Large Growth4 | 14.78% | 5.56% | 6.84% |
Fund Expense Ratios5: Net 1.25%; Gross 1.51% |
Investment Managers | Investment Style | % of Net Assets |
William Blair Investment Management, LLC | International Multi-Cap Growth | 26.2% |
American Century Investment Management, Inc. | International Small-Cap Growth | 22.4% |
Mondrian Investment Partners Limited | International Small-Cap Value | 22.2% |
Harris Associates L.P. | International Large-Cap Value | 19.9% |
Mellon Investment Corporation | International Blend | 6.6% |
Cash & other assets | 2.7% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On February 26, 2019, the Investor Share class and Select Share class of the fund were consolidated into a single class of shares of the fund. The performance and financial history of the fund is that of the fund’s former Select Shares. Accordingly, the past performance shown 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. 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 expense 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 | 1,222 |
Weighted Average Market Cap (millions) | $31,954 |
Price/Earnings Ratio (P/E) | 20.1 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 54% |
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 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192 | |
Laudus International MarketMasters Fund | ||||
Actual Return | 1.25% | $1,000.00 | $1,015.50 | $6.35 |
Hypothetical 5% Return | 1.25% | $1,000.00 | $1,018.90 | $6.36 |
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. |
11/1/18– 10/31/191 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $22.89 | $26.96 | $21.16 | $22.71 | $22.95 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.31 | 0.24 | 0.22 | 0.19 | 0.21 | |
Net realized and unrealized gains (losses) | 1.74 | (3.09) | 5.76 | (0.23) | (0.10) | |
Total from investment operations | 2.05 | (2.85) | 5.98 | (0.04) | 0.11 | |
Less distributions: | ||||||
Distributions from net investment income | (0.29) | (0.36) | (0.18) | (0.31) | (0.35) | |
Distributions from net realized gains | (1.76) | (0.86) | — | (1.20) | — | |
Total distributions | (2.05) | (1.22) | (0.18) | (1.51) | (0.35) | |
Net asset value at end of period | $22.89 | $22.89 | $26.96 | $21.16 | $22.71 | |
Total return | 10.50% | (11.09%) | 28.52% | 0.00%3 | 0.56% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |
Gross operating expenses | 1.50% | 1.51% | 1.53% | 1.54% | 1.50% | |
Net investment income (loss) | 1.43% | 0.92% | 0.92% | 0.93% | 0.91% | |
Portfolio turnover rate | 54% | 69% | 71% | 69% | 72% | |
Net assets, end of period (x 1,000,000) | $1,413 | $1,127 | $1,229 | $1,063 | $1,395 | |
Security | Number of Shares | Value ($) |
Common Stock95.4% of net assets | ||
Argentina 0.2% | ||
Globant S.A. * | 26,981 | 2,516,248 |
Australia 4.1% | ||
Afterpay Touch Group Ltd. * | 108,738 | 2,158,669 |
AGL Energy Ltd. | 4,261 | 58,165 |
Altium Ltd. | 148,007 | 3,276,458 |
Alumina Ltd. | 15,839 | 24,726 |
AMP Ltd. | 1,701,165 | 2,149,490 |
APA Group | 7,395 | 59,399 |
Aristocrat Leisure Ltd. | 74,124 | 1,616,276 |
ASX Ltd. | 1,258 | 71,406 |
Aurizon Holdings Ltd. | 12,602 | 51,268 |
AusNet Services | 12,875 | 16,446 |
Australia & New Zealand Banking Group Ltd. | 18,435 | 338,782 |
Bank of Queensland Ltd. | 2,609 | 16,283 |
Bendigo & Adelaide Bank Ltd. | 3,165 | 23,228 |
BHP Group Ltd. | 19,113 | 468,506 |
BHP Group plc | 13,723 | 291,072 |
BlueScope Steel Ltd. | 3,488 | 31,930 |
Boral Ltd. | 7,551 | 26,216 |
Brambles Ltd. | 200,683 | 1,659,056 |
Breville Group Ltd. | 80,743 | 855,116 |
Caltex Australia Ltd. | 1,678 | 31,544 |
Challenger Ltd. | 3,544 | 19,438 |
Charter Hall Retail REIT | 1,534,530 | 4,662,316 |
CIMIC Group Ltd. | 621 | 14,152 |
Cleanaway Waste Management Ltd. | 609,757 | 774,997 |
Coca-Cola Amatil Ltd. | 3,342 | 23,453 |
Cochlear Ltd. | 361 | 52,666 |
Coles Group Ltd. | 7,158 | 74,077 |
Commonwealth Bank of Australia | 11,481 | 622,501 |
Computershare Ltd. | 3,120 | 34,056 |
Costa Group Holdings Ltd. | 867,548 | 1,706,202 |
Crown Resorts Ltd. | 2,402 | 20,635 |
CSL Ltd. | 25,987 | 4,582,970 |
Dexus | 7,099 | 58,542 |
Flight Centre Travel Group Ltd. | 408 | 11,986 |
Fortescue Metals Group Ltd. | 8,954 | 54,804 |
Goodman Group | 154,136 | 1,530,456 |
Harvey Norman Holdings Ltd. | 4,438 | 12,522 |
Incitec Pivot Ltd. | 10,881 | 25,891 |
Inghams Group Ltd. | 1,305,797 | 2,795,599 |
Insurance Australia Group Ltd. | 14,962 | 81,978 |
InvoCare Ltd. | 262,325 | 2,370,969 |
James Hardie Industries plc | 2,769 | 47,555 |
LendLease Group | 3,658 | 47,282 |
Macquarie Group Ltd. | 35,483 | 3,276,408 |
Magellan Financial Group Ltd. | 559 | 18,541 |
Medibank Pvt Ltd. | 17,679 | 41,205 |
Mirvac Group | 25,906 | 57,405 |
National Australia Bank Ltd. | 18,049 | 354,286 |
Newcrest Mining Ltd. | 4,954 | 108,138 |
Northern Star Resources Ltd. | 250,478 | 1,697,819 |
Security | Number of Shares | Value ($) |
Orica Ltd. | 168,079 | 2,656,270 |
Origin Energy Ltd. | 11,450 | 62,076 |
Pact Group Holdings Ltd. * | 888,151 | 1,482,753 |
QBE Insurance Group Ltd. | 8,427 | 73,318 |
Ramsay Health Care Ltd. | 877 | 41,439 |
REA Group Ltd. | 335 | 25,142 |
Rio Tinto Ltd. | 2,393 | 149,641 |
Santos Ltd. | 11,532 | 64,504 |
Saracen Mineral Holdings Ltd. * | 1,569,479 | 4,060,893 |
Scentre Group | 33,702 | 89,046 |
SEEK Ltd. | 2,153 | 33,695 |
Seven Group Holdings Ltd. | 350,150 | 4,525,780 |
Shopping Centres Australasia Property Group | 2,102,971 | 3,900,848 |
Sonic Healthcare Ltd. | 2,841 | 55,953 |
South32 Ltd. | 32,113 | 56,196 |
Stockland | 15,262 | 51,524 |
Suncorp Group Ltd. | 7,985 | 74,137 |
Sydney Airport | 6,843 | 41,444 |
Tabcorp Holdings Ltd. | 12,868 | 42,640 |
Telstra Corp., Ltd. | 27,061 | 65,175 |
The GPT Group | 12,852 | 52,754 |
TPG Telecom Ltd. | 2,733 | 12,318 |
Transurban Group | 17,171 | 175,864 |
Treasury Wine Estates Ltd. | 4,455 | 54,009 |
Unibail-Rodamco-Westfield | 887 | 137,162 |
Vicinity Centres | 20,665 | 38,039 |
Washington H Soul Pattinson & Co., Ltd. | 769 | 11,495 |
Wesfarmers Ltd. | 7,305 | 200,704 |
Westpac Banking Corp. | 22,382 | 434,557 |
WiseTech Global Ltd. | 62,228 | 1,117,537 |
Woodside Petroleum Ltd. | 6,038 | 133,823 |
Woolworths Group Ltd. | 8,456 | 218,047 |
Worley Ltd. | 2,205 | 20,697 |
58,562,365 | ||
Austria 0.0% | ||
ANDRITZ AG | 478 | 21,494 |
Erste Group Bank AG * | 1,952 | 69,038 |
OMV AG | 913 | 53,375 |
Raiffeisen Bank International AG | 918 | 22,619 |
Verbund AG | 468 | 25,354 |
voestalpine AG | 710 | 17,816 |
209,696 | ||
Belgium 1.1% | ||
Ageas | 1,168 | 67,359 |
Anheuser-Busch InBev S.A./N.V. | 4,947 | 399,309 |
Argenx SE * | 20,446 | 2,489,690 |
Barco N.V. | 6,648 | 1,447,831 |
Colruyt S.A. | 383 | 21,290 |
Galapagos N.V. * | 12,586 | 2,317,294 |
Groupe Bruxelles Lambert S.A. | 500 | 50,228 |
KBC Group N.V. | 1,589 | 111,729 |
Melexis N.V. | 49,243 | 3,455,373 |
Proximus | 943 | 28,979 |
Shurgard Self Storage S.A. | 128,163 | 4,338,234 |
Security | Number of Shares | Value ($) |
Solvay S.A. | 459 | 49,905 |
Telenet Group Holding N.V. * | 355 | 17,442 |
UCB S.A. | 822 | 66,252 |
Umicore S.A. | 1,298 | 53,582 |
Warehouses De Pauw CVA | 4,174 | 773,704 |
15,688,201 | ||
Brazil 1.1% | ||
Azul S.A. * | 65,914 | 2,569,328 |
B3 S.A. - Brasil Bolsa Balcao | 151,400 | 1,826,389 |
Cia de Locacao das Americas | 707,800 | 3,046,161 |
CVC Brasil Operadora e Agencia de Viagens S.A. | 43,700 | 558,222 |
IRB Brasil Resseguros S.A. | 116,100 | 1,093,983 |
Localiza Rent a Car S.A. | 73,900 | 795,662 |
Lojas Renner S.A. | 60,830 | 769,760 |
Magazine Luiza S.A. | 104,800 | 1,166,506 |
Notre Dame Intermedica Participacoes S.A. | 291,300 | 4,358,060 |
16,184,071 | ||
Canada 6.1% | ||
Alimentation Couche-Tard, Inc., Class B | 89,436 | 2,682,197 |
ATS Automation Tooling Systems, Inc. * | 94,575 | 1,283,882 |
Badger Daylighting Ltd. | 55,095 | 1,632,228 |
Boralex, Inc., Class A | 374,439 | 6,197,533 |
Brookfield Asset Management, Inc., Class A | 91,873 | 5,075,983 |
BRP, Inc. | 54,304 | 2,436,279 |
CAE, Inc. | 173,546 | 4,352,156 |
Canada Goose Holdings, Inc. * | 67,418 | 2,820,095 |
Canadian National Railway Co. | 46,445 | 4,153,991 |
Canadian Pacific Railway Ltd. | 12,883 | 2,928,435 |
Cenovus Energy, Inc. | 445,825 | 3,797,856 |
Cineplex, Inc. | 287,695 | 4,903,768 |
ECN Capital Corp. | 436,433 | 1,441,412 |
FirstService Corp. | 27,270 | 2,380,198 |
Gibson Energy, Inc. | 168,910 | 2,944,479 |
Innergex Renewable Energy, Inc. | 547,767 | 6,837,210 |
Kirkland Lake Gold Ltd. | 60,585 | 2,845,025 |
lululemon Athletica, Inc. * | 8,200 | 1,675,014 |
Northview Apartment Real Estate Investment Trust | 173,458 | 3,800,773 |
Open Text Corp. | 37,200 | 1,503,139 |
Parkland Fuel Corp. | 15,578 | 517,453 |
Ritchie Bros. Auctioneers, Inc. | 94,375 | 3,882,910 |
TFI International, Inc. | 64,504 | 2,055,450 |
The Descartes Systems Group, Inc. * | 63,971 | 2,489,191 |
The Toronto-Dominion Bank | 59,074 | 3,373,286 |
Toromont Industries Ltd. | 10,986 | 567,275 |
WSP Global, Inc. | 114,686 | 7,155,793 |
85,733,011 | ||
China 4.8% | ||
A-Living Services Co., Ltd., H Shares | 1,548,500 | 4,686,052 |
Aier Eye Hospital Group Co. Ltd | 169,000 | 947,451 |
Alibaba Group Holding Ltd. ADR * | 39,890 | 7,047,366 |
Baidu, Inc. ADR * | 33,190 | 3,380,402 |
Baozun, Inc. ADR * | 23,664 | 1,029,857 |
Bosideng International Holdings Ltd. | 3,684,000 | 1,905,032 |
Centre Testing International Group Co., Ltd., Class A | 480,000 | 952,877 |
China Mengniu Dairy Co., Ltd. * | 316,000 | 1,259,811 |
China Merchants Bank Co., Ltd., H Shares | 806,500 | 3,846,384 |
Security | Number of Shares | Value ($) |
Country Garden Services Holdings Co., Ltd. | 282,000 | 955,521 |
GDS Holdings Ltd. ADR * | 107,905 | 4,497,480 |
GSX Techedu, Inc. * | 126,230 | 2,163,582 |
Huazhu Group Ltd. ADR | 21,037 | 796,461 |
Kweichow Moutai Co., Ltd., Class A | 11,600 | 1,939,200 |
Li Ning Co., Ltd. | 2,072,500 | 7,027,473 |
Microport Scientific Corp. | 1,829,513 | 1,878,737 |
NetEase, Inc. ADR | 9,819 | 2,806,859 |
Nexteer Automotive Group Ltd. | 1,877,288 | 1,749,669 |
Ping An Insurance Group Co. of China Ltd., H Shares | 441,000 | 5,089,925 |
Shenzhou International Group Holdings Ltd. | 100,000 | 1,381,865 |
Tencent Holdings Ltd. | 164,100 | 6,656,374 |
Tencent Music Entertainment Group ADR * | 35,809 | 495,597 |
Trip.Com Group Ltd. * | 19,684 | 649,375 |
Vitasoy International Holdings Ltd. | 106,000 | 431,029 |
Zhongsheng Group Holdings Ltd. | 1,269,500 | 4,208,667 |
67,783,046 | ||
Denmark 1.3% | ||
AP Moeller - Maersk A/S, Series A | 23 | 27,629 |
AP Moeller - Maersk A/S, Series B | 41 | 52,300 |
Carlsberg A/S, Class B | 691 | 97,309 |
Chr. Hansen Holding A/S | 17,143 | 1,316,165 |
Coloplast A/S, Class B | 21,515 | 2,590,318 |
Danske Bank A/S | 4,339 | 62,007 |
Demant A/S * | 724 | 19,125 |
DSV PANALPINA A/S | 35,526 | 3,452,740 |
Genmab A/S * | 10,681 | 2,333,740 |
H. Lundbeck A/S | 432 | 14,762 |
ISS A/S | 1,052 | 27,543 |
Novo Nordisk A/S, Class B | 65,685 | 3,611,932 |
Novozymes A/S, B Shares | 1,402 | 66,090 |
Orsted A/S | 33,659 | 2,954,307 |
Pandora A/S | 697 | 34,297 |
Royal Unibrew A/S | 9,506 | 779,864 |
Tryg A/S | 18,847 | 526,793 |
Vestas Wind Systems A/S | 1,269 | 103,383 |
18,070,304 | ||
Faeroe Islands 0.3% | ||
Bakkafrost P/F | 60,739 | 3,803,534 |
Finland 0.7% | ||
Elisa Oyj | 894 | 48,827 |
Fortum Oyj | 2,890 | 70,625 |
Kone Oyj, Class B | 2,217 | 141,169 |
Metso Oyj | 691 | 26,159 |
Neste Oyj | 89,141 | 3,220,883 |
Nokia Oyj | 36,750 | 134,910 |
Nokian Renkaat Oyj | 758 | 21,663 |
Nordea Bank Abp | 19,705 | 144,227 |
Orion Oyj, Class B | 691 | 30,656 |
Sampo Oyj, A Shares | 2,863 | 117,325 |
Stora Enso Oyj, R Shares | 3,711 | 48,212 |
UPM-Kymmene Oyj | 74,176 | 2,415,871 |
Valmet Oyj | 143,372 | 3,208,739 |
Wartsila Oyj Abp | 2,751 | 29,064 |
9,658,330 | ||
Security | Number of Shares | Value ($) |
France 8.7% | ||
Accor S.A. | 125,563 | 5,400,915 |
Aeroports de Paris | 184 | 34,995 |
Air Liquide S.A. | 3,067 | 407,792 |
Airbus SE | 50,589 | 7,257,409 |
Alstom S.A. | 1,258 | 54,425 |
Alten S.A. | 27,314 | 3,004,594 |
Amundi S.A. | 375 | 26,800 |
Arkema S.A. | 423 | 43,289 |
Atos SE | 610 | 47,340 |
AXA S.A. | 12,608 | 333,749 |
BioMerieux | 257 | 21,045 |
BNP Paribas S.A. | 207,012 | 10,818,352 |
Bollore S.A. | 5,540 | 24,001 |
Bollore S.A. New * | 32 | 136 |
Bouygues S.A. | 1,435 | 60,870 |
Bureau Veritas S.A. | 98,679 | 2,522,883 |
Capgemini SE | 31,509 | 3,552,014 |
Carrefour S.A. | 3,950 | 67,251 |
Casino Guichard Perrachon S.A. | 375 | 20,230 |
Cie Plastic Omnium S.A. | 67,602 | 1,846,649 |
CNP Assurances | 1,064 | 21,120 |
Coface S.A. * | 261,103 | 2,853,839 |
Compagnie de Saint-Gobain | 3,150 | 128,293 |
Compagnie Generale des Etablissements Michelin | 1,102 | 134,176 |
Covivio | 322 | 36,466 |
Credit Agricole S.A. | 7,533 | 98,293 |
Danone S.A. | 4,006 | 331,862 |
Dassault Aviation S.A. | 15 | 20,837 |
Dassault Systemes SE | 19,764 | 3,001,692 |
Edenred | 1,588 | 83,700 |
Eiffage S.A. | 508 | 54,562 |
Electricite de France S.A. | 3,980 | 41,117 |
Engie S.A. | 11,911 | 199,447 |
EssilorLuxottica S.A. | 17,636 | 2,692,917 |
Eurazeo SE | 263 | 18,352 |
Eurofins Scientific SE | 71 | 35,997 |
Eutelsat Communications S.A. | 1,152 | 21,853 |
Faurecia SE | 471 | 21,981 |
Gaztransport Et Technigaz S.A. | 54,922 | 5,010,997 |
Gecina S.A. | 285 | 48,926 |
Getlink SE | 2,938 | 49,214 |
Hermes International | 2,185 | 1,573,970 |
ICADE | 213 | 20,858 |
Iliad S.A. | 164 | 16,996 |
Imerys S.A. | 228 | 8,807 |
Ingenico Group S.A. | 29,592 | 3,164,304 |
Ipsen S.A. | 6,240 | 665,107 |
JCDecaux S.A. | 477 | 13,039 |
Kering S.A. | 6,391 | 3,636,455 |
Klepierre S.A. | 1,267 | 47,228 |
Korian S.A. | 173,020 | 7,337,249 |
L'Oreal S.A. | 14,631 | 4,273,154 |
Legrand S.A. | 1,746 | 136,405 |
LISI | 82,862 | 2,912,602 |
LVMH Moet Hennessy Louis Vuitton SE | 13,971 | 5,966,394 |
Natixis S.A. | 5,834 | 26,803 |
Orange S.A. | 12,999 | 209,212 |
Orpea | 8,510 | 1,024,971 |
Pernod-Ricard S.A. | 1,381 | 255,116 |
Peugeot S.A. | 3,724 | 94,315 |
Publicis Groupe S.A. | 127,918 | 5,505,402 |
Remy Cointreau S.A. | 146 | 19,538 |
Renault S.A. | 1,217 | 62,139 |
Rubis SCA | 136,740 | 7,929,227 |
Safran S.A. | 33,611 | 5,323,642 |
Security | Number of Shares | Value ($) |
Sanofi | 7,282 | 671,306 |
Sartorius Stedim Biotech | 190 | 28,464 |
Schneider Electric SE | 3,538 | 328,823 |
SCOR SE | 1,034 | 43,613 |
SEB S.A. | 140 | 21,273 |
SES S.A. | 2,289 | 44,372 |
Societe BIC S.A. | 181 | 12,566 |
Societe Generale S.A. | 4,933 | 140,289 |
Sodexo S.A. | 561 | 61,692 |
SOITEC * | 42,997 | 4,742,613 |
STMicroelectronics N.V. | 4,431 | 100,567 |
Suez | 2,318 | 36,155 |
Teleperformance | 8,828 | 2,002,927 |
Thales S.A. | 24,003 | 2,346,524 |
TOTAL S.A. | 15,413 | 814,858 |
UbiSoft Entertainment S.A. * | 545 | 32,209 |
Valeo S.A. | 167,856 | 6,251,072 |
Veolia Environnement S.A. | 3,483 | 91,686 |
Verallia SASU * | 105,956 | 3,072,490 |
Vinci S.A. | 3,304 | 370,696 |
Vivendi S.A. | 5,942 | 165,470 |
Wendel S.A. | 182 | 25,807 |
Worldline S.A. * | 14,197 | 863,849 |
122,942,634 | ||
Germany 8.6% | ||
1&1 Drillisch AG | 329 | 8,812 |
adidas AG | 1,171 | 361,570 |
Allianz SE | 25,498 | 6,227,186 |
Axel Springer SE * | 308 | 21,470 |
BASF SE | 5,964 | 453,378 |
Bayer AG | 108,579 | 8,423,143 |
Bayerische Motoren Werke AG | 120,034 | 9,191,566 |
Beiersdorf AG | 654 | 77,426 |
Brenntag AG | 958 | 48,015 |
Carl Zeiss Meditec AG, Class B | 9,381 | 1,022,567 |
Commerzbank AG | 6,528 | 39,062 |
Continental AG | 70,156 | 9,396,750 |
Covestro AG | 1,124 | 53,977 |
Daimler AG | 177,805 | 10,393,210 |
Delivery Hero SE * | 714 | 33,503 |
Deutsche Bank AG | 12,653 | 91,756 |
Deutsche Boerse AG | 1,239 | 191,871 |
Deutsche Lufthansa AG | 1,461 | 25,309 |
Deutsche Post AG | 6,345 | 224,772 |
Deutsche Telekom AG | 21,651 | 380,961 |
Deutsche Wohnen SE | 2,367 | 89,242 |
Duerr AG | 70,225 | 2,071,888 |
E.ON SE | 14,197 | 143,169 |
Evonik Industries AG | 1,185 | 31,229 |
Evotec SE * | 81,747 | 1,872,470 |
Fielmann AG | 113,567 | 8,758,480 |
Fraport AG Frankfurt Airport Services Worldwide | 258 | 21,564 |
Fresenius Medical Care AG & Co. KGaA | 1,398 | 100,907 |
Fresenius SE & Co. KGaA | 2,682 | 141,221 |
GEA Group AG | 1,089 | 33,291 |
Gerresheimer AG | 48,804 | 3,935,804 |
GRENKE AG | 6,655 | 629,784 |
Hannover Rueck SE | 393 | 69,641 |
HeidelbergCement AG | 965 | 71,543 |
HelloFresh SE * | 202,608 | 3,529,630 |
Henkel AG & Co. KGaA | 6,275 | 603,767 |
HOCHTIEF AG | 166 | 20,740 |
Hugo Boss AG | 399 | 16,823 |
Infineon Technologies AG | 7,993 | 154,815 |
Isra Vision AG | 35,052 | 1,657,918 |
Security | Number of Shares | Value ($) |
JOST Werke AG | 75,313 | 2,116,713 |
KION Group AG | 10,232 | 680,814 |
Knorr-Bremse AG | 294 | 29,671 |
LANXESS AG | 546 | 35,479 |
Merck KGaA | 818 | 97,560 |
METRO AG | 1,216 | 19,857 |
MorphoSys AG * | 20,460 | 2,233,319 |
MTU Aero Engines AG | 15,984 | 4,274,617 |
Muenchener Rueckversicherungs-Gesellschaft AG | 973 | 270,338 |
Nemetschek SE | 84,003 | 4,286,034 |
Norma Group SE | 72,633 | 2,666,365 |
Puma SE | 17,040 | 1,281,867 |
QIAGEN N.V. *(a) | 1,504 | 45,239 |
QIAGEN N.V. *(a) | 50,470 | 1,504,511 |
Rheinmetall AG | 20,009 | 2,413,217 |
RTL Group S.A. | 247 | 12,551 |
RWE AG | 3,496 | 106,539 |
SAP SE | 36,054 | 4,777,207 |
Siemens AG | 4,962 | 572,615 |
Siemens Healthineers AG | 930 | 39,513 |
Sixt SE | 22,966 | 2,245,875 |
Stabilus S.A. | 56,742 | 3,185,591 |
Stroeer SE & Co. KGaA | 38,176 | 3,075,778 |
Symrise AG | 823 | 79,096 |
Teamviewer AG * | 25,491 | 672,656 |
Telefonica Deutschland Holding AG | 5,662 | 17,966 |
ThyssenKrupp AG | 400,901 | 5,717,082 |
TUI AG | 2,731 | 35,728 |
Uniper SE | 1,248 | 38,896 |
United Internet AG | 762 | 23,004 |
Varta AG * | 30,112 | 3,403,857 |
Volkswagen AG | 201 | 37,997 |
Vonovia SE | 80,790 | 4,302,459 |
Wirecard AG | 768 | 97,164 |
Zalando SE * | 797 | 34,556 |
121,051,961 | ||
Hong Kong 1.6% | ||
AIA Group Ltd. | 736,600 | 7,335,223 |
ASM Pacific Technology Ltd. | 217,500 | 3,036,915 |
Ausnutria Dairy Corp., Ltd. * | 985,000 | 1,469,135 |
BeiGene Ltd. ADR * | 218 | 30,158 |
BOC Hong Kong (Holdings) Ltd. | 24,000 | 82,455 |
Budweiser Brewing Co. APAC Ltd. * | 6,600 | 24,131 |
CK Asset Holdings Ltd. | 16,538 | 115,067 |
CK Hutchison Holdings Ltd. | 17,538 | 161,930 |
CK Infrastructure Holdings Ltd. | 4,074 | 29,319 |
CLP Holdings Ltd. | 10,500 | 109,047 |
Dairy Farm International Holdings Ltd. | 2,200 | 13,266 |
Fortune REIT | 1,156,000 | 1,356,116 |
Galaxy Entertainment Group Ltd. | 291,000 | 2,003,720 |
Hang Lung Properties Ltd. | 13,000 | 28,577 |
Hang Seng Bank Ltd. | 4,900 | 102,239 |
Henderson Land Development Co., Ltd. | 9,687 | 48,382 |
HK Electric Investments & HK Electric Investments Ltd. | 17,000 | 16,965 |
HKBN Ltd. | 2,128,983 | 3,799,586 |
HKT Trust & HKT Ltd. | 25,120 | 39,078 |
Hong Kong & China Gas Co., Ltd. | 65,381 | 126,898 |
Hong Kong Exchanges & Clearing Ltd. | 7,745 | 241,288 |
Hongkong Land Holdings Ltd. | 7,300 | 40,102 |
Hysan Development Co., Ltd. | 4,000 | 15,765 |
Kerry Properties Ltd. | 4,000 | 12,935 |
Link REIT | 13,500 | 147,034 |
Melco International Development Ltd. | 319,000 | 845,460 |
Melco Resorts & Entertainment Ltd. ADR | 1,346 | 28,993 |
Security | Number of Shares | Value ($) |
MGM China Holdings Ltd. | 6,000 | 9,501 |
MTR Corp., Ltd. | 10,249 | 58,766 |
New World Development Co., Ltd. | 39,113 | 55,949 |
NWS Holdings Ltd. | 9,572 | 14,246 |
PCCW Ltd. | 27,000 | 16,036 |
Power Assets Holdings Ltd. | 9,000 | 64,225 |
Sands China Ltd. | 15,600 | 76,840 |
Shangri-La Asia Ltd. | 8,000 | 8,211 |
Sino Land Co., Ltd. | 22,000 | 32,887 |
SJM Holdings Ltd. | 12,683 | 13,548 |
Sun Hung Kai Properties Ltd. | 10,202 | 154,594 |
Swire Pacific Ltd., Class A | 3,500 | 33,363 |
Swire Properties Ltd. | 7,200 | 22,644 |
Techtronic Industries Co., Ltd. | 9,000 | 70,335 |
The Bank of East Asia Ltd. | 8,057 | 19,408 |
The Wharf Holdings Ltd. | 7,349 | 16,677 |
WH Group Ltd. | 61,000 | 64,388 |
Wharf Real Estate Investment Co., Ltd. | 8,349 | 49,107 |
Wheelock & Co., Ltd. | 5,000 | 30,923 |
Wynn Macau Ltd. | 9,600 | 20,833 |
Yue Yuen Industrial Holdings Ltd. | 5,000 | 14,091 |
22,106,356 | ||
India 1.1% | ||
Axis Bank Ltd. | 173,724 | 1,799,980 |
Bata India Ltd. | 106,298 | 2,705,517 |
HDFC Bank Ltd. | 104,602 | 1,812,364 |
Hexaware Technologies Ltd. | 90,689 | 425,452 |
Hindustan Unilever Ltd. | 46,297 | 1,419,013 |
Maruti Suzuki India Ltd. | 11,163 | 1,189,403 |
Pidilite Industries Ltd. | 34,498 | 681,209 |
Titan Co., Ltd. | 48,713 | 913,918 |
WNS Holdings Ltd. ADR * | 76,497 | 4,730,574 |
15,677,430 | ||
Indonesia 0.6% | ||
Bank Tabungan Pensiunan Nasional Syariah Tbk PT * | 8,607,800 | 2,354,100 |
PT Bank Central Asia Tbk | 1,905,500 | 4,265,133 |
PT Bank Mandiri (Persero) Tbk | 4,035,500 | 2,017,221 |
8,636,454 | ||
Ireland 1.5% | ||
AIB Group plc | 5,047 | 16,166 |
Bank of Ireland Group plc | 5,995 | 28,896 |
CRH plc | 5,266 | 191,734 |
DCC plc | 624 | 58,518 |
Flutter Entertainment plc | 524 | 54,129 |
Glanbia plc | 375,289 | 4,181,412 |
Grafton Group plc | 279,719 | 2,832,503 |
ICON plc * | 13,710 | 2,013,999 |
Kerry Group plc, Class A | 19,315 | 2,335,154 |
Kingspan Group plc | 37,980 | 1,968,003 |
Ryanair Holdings plc ADR * | 105,021 | 7,838,768 |
Smurfit Kappa Group plc | 1,397 | 46,656 |
21,565,938 | ||
Israel 0.6% | ||
Azrieli Group Ltd. | 277 | 21,351 |
Bank Hapoalim B.M. | 7,230 | 57,866 |
Bank Leumi Le-Israel B.M. | 9,560 | 69,637 |
Check Point Software Technologies Ltd. * | 23,402 | 2,630,619 |
CyberArk Software Ltd. * | 4,418 | 448,780 |
Elbit Systems Ltd. | 157 | 25,741 |
Security | Number of Shares | Value ($) |
Israel Chemicals Ltd. | 4,649 | 20,665 |
Israel Discount Bank Ltd., Class A | 7,084 | 32,373 |
Kornit Digital Ltd. * | 108,549 | 3,689,581 |
Mizrahi Tefahot Bank Ltd. | 937 | 23,248 |
Nice Ltd. * | 403 | 63,569 |
Teva Pharmaceutical Industries Ltd. ADR * | 6,938 | 56,545 |
Wix.com Ltd. * | 8,260 | 1,008,298 |
8,148,273 | ||
Italy 2.0% | ||
Amplifon S.p.A. | 129,060 | 3,245,642 |
Assicurazioni Generali S.p.A. | 7,074 | 143,443 |
Atlantia S.p.A. | 3,210 | 79,306 |
Autogrill S.p.A. | 192,493 | 1,903,135 |
Banca Generali S.p.A. | 27,546 | 899,279 |
Davide Campari-Milano S.p.A. | 3,600 | 33,020 |
Enel S.p.A. | 311,690 | 2,415,709 |
Eni S.p.A. | 16,547 | 251,034 |
Ferrari N.V. | 12,574 | 2,013,813 |
Fiat Chrysler Automobiles N.V. | 7,019 | 108,926 |
FinecoBank Banca Fineco S.p.A. | 144,288 | 1,626,607 |
Interpump Group S.p.A. | 136,170 | 3,732,868 |
Intesa Sanpaolo S.p.A. | 4,129,962 | 10,348,959 |
Leonardo S.p.A. | 2,641 | 30,682 |
Mediobanca Banca di Credito Finanziario S.p.A. | 3,892 | 46,281 |
Moncler S.p.A. | 17,631 | 680,358 |
Pirelli & C S.p.A. | 2,479 | 14,331 |
Poste Italiane S.p.A | 3,238 | 39,330 |
Prysmian S.p.A. | 1,491 | 34,490 |
Recordati S.p.A. | 663 | 27,862 |
Snam S.p.A. | 13,465 | 69,128 |
Technogym S.p.A. | 45,028 | 496,781 |
Telecom Italia S.p.A. * | 59,665 | 34,922 |
Terna - Rete Elettrica Nationale S.p.A. | 9,165 | 60,575 |
UniCredit S.p.A. | 12,886 | 163,485 |
28,499,966 | ||
Japan 13.5% | ||
ABC-Mart, Inc. | 200 | 13,713 |
Acom Co., Ltd. | 2,600 | 10,446 |
Advantest Corp. | 1,300 | 59,161 |
Aeon Co., Ltd. | 4,200 | 84,505 |
AEON Financial Service Co., Ltd. | 600 | 9,144 |
Aeon Mall Co., Ltd. | 800 | 12,799 |
AGC, Inc. | 1,200 | 42,192 |
Air Water, Inc. | 978 | 18,309 |
Aisin Seiki Co., Ltd. | 1,000 | 39,910 |
Ajinomoto Co., Inc. | 2,878 | 54,717 |
Alfresa Holdings Corp. | 1,200 | 26,795 |
Alps Alpine Co., Ltd. | 1,400 | 30,014 |
Amada Holdings Co., Ltd. | 2,226 | 25,350 |
ANA Holdings, Inc. | 740 | 25,410 |
Anritsu Corp. | 196,100 | 3,739,678 |
Aozora Bank Ltd. | 800 | 20,527 |
Ariake Japan Co., Ltd. | 87,100 | 6,761,383 |
Aruhi Corp. | 110,300 | 2,479,757 |
Asahi Group Holdings Ltd. | 2,300 | 115,178 |
Asahi Intecc Co., Ltd. | 61,800 | 1,700,451 |
Asahi Kasei Corp. | 8,163 | 90,620 |
Astellas Pharma, Inc. | 12,300 | 211,101 |
Bandai Namco Holdings, Inc. | 1,300 | 79,936 |
Benefit One, Inc. | 42,100 | 852,208 |
Benesse Holdings, Inc. | 500 | 13,385 |
Bridgestone Corp. | 3,700 | 153,735 |
Brother Industries Ltd. | 1,400 | 26,312 |
Security | Number of Shares | Value ($) |
Calbee, Inc. | 500 | 16,713 |
Canon, Inc. | 6,465 | 177,398 |
Casio Computer Co., Ltd. | 1,336 | 21,688 |
Central Japan Railway Co. | 900 | 184,621 |
Chubu Electric Power Co., Inc. | 4,131 | 61,974 |
Chugai Pharmaceutical Co., Ltd. | 1,500 | 126,234 |
Coca-Cola Bottlers Japan Holdings, Inc. | 800 | 18,163 |
Concordia Financial Group Ltd. | 6,900 | 28,138 |
Cosmos Pharmaceutical Corp. | 13,400 | 2,767,245 |
Credit Saison Co., Ltd. | 1,111 | 16,088 |
CyberAgent, Inc. | 600 | 19,501 |
Dai Nippon Printing Co., Ltd. | 1,600 | 42,734 |
Dai-ichi Life Holdings, Inc. | 7,100 | 115,726 |
Daicel Corp. | 1,700 | 15,197 |
Daifuku Co., Ltd. | 700 | 37,143 |
Daiichi Sankyo Co., Ltd. | 3,700 | 243,289 |
Daikin Industries Ltd. | 28,700 | 4,016,840 |
Daito Trust Construction Co., Ltd. | 500 | 66,260 |
Daiwa House Industry Co., Ltd. | 3,600 | 123,930 |
Daiwa House REIT Investment Corp. | 12 | 34,942 |
Daiwa Securities Group, Inc. | 10,000 | 44,948 |
Denso Corp. | 2,800 | 130,004 |
Dentsu, Inc. | 1,400 | 50,050 |
Digital Arts, Inc. | 28,200 | 1,655,838 |
Disco Corp. | 200 | 43,647 |
East Japan Railway Co. | 2,038 | 185,012 |
Eisai Co., Ltd. | 1,600 | 115,822 |
Electric Power Development Co., Ltd. | 1,000 | 24,280 |
en-Japan, Inc. | 176,700 | 7,478,962 |
F.C.C. Co., Ltd. | 118,200 | 2,445,598 |
FamilyMart Co., Ltd. | 1,600 | 39,690 |
Fancl Corp. | 68,500 | 1,935,743 |
FANUC Corp. | 1,299 | 256,227 |
Fast Retailing Co., Ltd. | 330 | 203,508 |
Fuji Electric Co., Ltd. | 800 | 25,425 |
Fuji Soft, Inc. | 48,900 | 2,130,130 |
FUJIFILM Holdings Corp. | 2,300 | 100,975 |
Fujitsu Ltd. | 1,300 | 115,218 |
Fukuoka Financial Group, Inc. | 1,000 | 19,277 |
GMO Payment Gateway, Inc. | 45,600 | 3,360,680 |
Hakuhodo DY Holdings, Inc. | 1,500 | 22,384 |
Hamamatsu Photonics K.K. | 900 | 34,946 |
Hankyu Hanshin Holdings, Inc. | 1,500 | 60,025 |
Harmonic Drive Systems, Inc. | 51,100 | 2,369,850 |
Hikari Tsushin, Inc. | 100 | 21,920 |
Hino Motors Ltd. | 1,700 | 16,072 |
Hirose Electric Co., Ltd. | 205 | 25,824 |
Hisamitsu Pharmaceutical Co., Inc. | 300 | 13,962 |
Hitachi Chemical Co., Ltd. | 700 | 23,044 |
Hitachi Construction Machinery Co., Ltd. | 700 | 18,069 |
Hitachi High-Technologies Corp. | 500 | 31,108 |
Hitachi Ltd. | 6,264 | 233,788 |
Hitachi Metals Ltd. | 1,200 | 15,060 |
Honda Motor Co., Ltd. | 10,607 | 286,962 |
Hoshizaki Corp. | 400 | 34,001 |
Hoya Corp. | 52,700 | 4,657,479 |
Hulic Co., Ltd. | 1,900 | 20,628 |
Idemitsu Kosan Co., Ltd. | 1,392 | 40,918 |
IHI Corp. | 900 | 22,179 |
Iida Group Holdings Co., Ltd. | 1,013 | 16,874 |
Infomart Corp. | 310,400 | 4,673,275 |
Inpex Corp. | 6,500 | 60,089 |
Isetan Mitsukoshi Holdings Ltd. | 2,221 | 17,713 |
Isuzu Motors Ltd. | 3,600 | 41,832 |
ITOCHU Corp. | 8,629 | 180,414 |
Itochu Techno-Solutions Corp. | 600 | 16,158 |
J. Front Retailing Co., Ltd. | 1,500 | 19,074 |
Japan Airlines Co., Ltd. | 700 | 21,813 |
Security | Number of Shares | Value ($) |
Japan Airport Terminal Co., Ltd. | 300 | 14,819 |
Japan Exchange Group, Inc. | 3,200 | 52,827 |
Japan Post Bank Co., Ltd. | 2,500 | 24,869 |
Japan Post Holdings Co., Ltd. | 10,000 | 91,792 |
Japan Prime Realty Investment Corp. | 5 | 24,030 |
Japan Real Estate Investment Corp. | 9 | 61,432 |
Japan Retail Fund Investment Corp. | 17 | 39,670 |
Japan Tobacco, Inc. | 7,700 | 174,041 |
JFE Holdings, Inc. | 3,100 | 38,774 |
JGC Holdings Corp. | 1,400 | 20,249 |
JSR Corp. | 1,300 | 24,406 |
JTEKT Corp. | 1,400 | 17,856 |
JXTG Holdings, Inc. | 20,585 | 96,219 |
Kajima Corp. | 3,000 | 41,228 |
Kakaku.com, Inc. | 900 | 20,898 |
Kamigumi Co., Ltd. | 700 | 15,828 |
Kaneka Corp. | 267 | 8,888 |
Kansai Paint Co., Ltd. | 1,173 | 28,252 |
Kao Corp. | 3,200 | 257,276 |
Kawasaki Heavy Industries Ltd. | 900 | 21,598 |
KDDI Corp. | 11,400 | 315,451 |
Keihan Holdings Co., Ltd. | 625 | 29,511 |
Keikyu Corp. | 1,400 | 27,868 |
Keio Corp. | 700 | 43,304 |
Keisei Electric Railway Co., Ltd. | 833 | 34,058 |
Keyence Corp. | 9,700 | 6,133,275 |
KH Neochem Co., Ltd. | 63,700 | 1,551,218 |
Kikkoman Corp. | 914 | 43,966 |
Kintetsu Group Holdings Co., Ltd. | 1,100 | 59,957 |
Kirin Holdings Co., Ltd. | 5,400 | 114,557 |
Kobayashi Pharmaceutical Co., Ltd. | 300 | 23,988 |
Kobe Bussan Co., Ltd. | 101,800 | 3,012,340 |
Kobe Steel Ltd. | 1,700 | 9,140 |
Koito Manufacturing Co., Ltd. | 685 | 35,835 |
Komatsu Ltd. | 209,900 | 4,914,789 |
Konami Holdings Corp. | 600 | 26,339 |
Konica Minolta, Inc. | 3,000 | 22,019 |
Kose Corp. | 200 | 35,459 |
Kubota Corp. | 6,700 | 106,418 |
Kuraray Co., Ltd. | 2,100 | 24,984 |
Kurita Water Industries Ltd. | 700 | 20,151 |
Kyocera Corp. | 2,100 | 137,774 |
Kyowa Kirin Co., Ltd. | 1,600 | 29,440 |
Kyudenko Corp. | 138,600 | 4,528,980 |
Kyushu Electric Power Co., Inc. | 2,500 | 24,984 |
Kyushu Railway Co. | 1,083 | 35,780 |
Lasertec Corp. | 47,900 | 3,443,341 |
Lawson, Inc. | 329 | 18,150 |
LINE Corp. * | 500 | 18,393 |
Lion Corp. | 1,500 | 31,391 |
LIXIL Group Corp. | 1,700 | 31,616 |
M3, Inc. | 2,700 | 64,701 |
Makita Corp. | 1,400 | 47,083 |
Marubeni Corp. | 10,145 | 71,401 |
Marui Group Co., Ltd. | 1,300 | 28,899 |
Maruichi Steel Tube Ltd. | 400 | 10,923 |
Matsumotokiyoshi Holdings Co., Ltd. | 91,700 | 3,230,061 |
Mazda Motor Corp. | 3,600 | 33,049 |
McDonald's Holdings Co., Ltd. | 400 | 20,077 |
Mebuki Financial Group, Inc. | 5,510 | 13,999 |
Medipal Holdings Corp. | 1,100 | 25,132 |
MEIJI Holdings Co., Ltd. | 800 | 57,662 |
Meitec Corp. | 8,000 | 417,042 |
Mercari, Inc. * | 500 | 11,273 |
Minebea Mitsumi, Inc. | 2,387 | 45,333 |
MISUMI Group, Inc. | 185,730 | 4,669,018 |
Mitsubishi Chemical Holdings Corp. | 8,100 | 61,732 |
Mitsubishi Corp. | 8,749 | 222,526 |
Security | Number of Shares | Value ($) |
Mitsubishi Electric Corp. | 11,800 | 168,592 |
Mitsubishi Estate Co., Ltd. | 7,587 | 147,304 |
Mitsubishi Gas Chemical Co., Inc. | 1,100 | 15,518 |
Mitsubishi Heavy Industries Ltd. | 2,100 | 84,986 |
Mitsubishi Materials Corp. | 704 | 20,244 |
Mitsubishi Motors Corp. | 4,200 | 19,176 |
Mitsubishi Tanabe Pharma Corp. | 1,600 | 19,149 |
Mitsubishi UFJ Financial Group, Inc. | 79,900 | 414,225 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,600 | 15,961 |
Mitsui & Co., Ltd. | 10,600 | 182,044 |
Mitsui Chemicals, Inc. | 1,200 | 28,538 |
Mitsui Fudosan Co., Ltd. | 5,800 | 148,380 |
Mitsui O.S.K. Lines Ltd. | 800 | 21,791 |
Mizuho Financial Group, Inc. | 157,100 | 243,894 |
MonotaRO Co., Ltd. | 29,700 | 897,254 |
MS&AD Insurance Group Holdings, Inc. | 3,010 | 97,197 |
Murata Manufacturing Co., Ltd. | 3,672 | 199,934 |
Musashi Seimitsu Industry Co., Ltd. | 200,800 | 2,789,404 |
Nabtesco Corp. | 214,500 | 6,828,565 |
Nagoya Railroad Co., Ltd. | 1,200 | 38,145 |
NEC Corp. | 1,600 | 63,409 |
Nexon Co., Ltd. * | 3,100 | 35,924 |
NGK Insulators Ltd. | 1,700 | 26,117 |
NGK Spark Plug Co., Ltd. | 1,000 | 20,274 |
NH Foods Ltd. | 604 | 25,378 |
Nidec Corp. | 1,500 | 220,839 |
Nifco, Inc. | 312,600 | 8,251,353 |
Nihon Kohden Corp. | 99,500 | 2,976,809 |
Nihon M&A Center, Inc. | 343,000 | 10,428,940 |
Nikon Corp. | 2,000 | 25,501 |
Nintendo Co., Ltd. | 700 | 256,751 |
Nippon Building Fund, Inc. | 9 | 68,279 |
Nippon Electric Glass Co., Ltd. | 500 | 11,263 |
Nippon Express Co., Ltd. | 500 | 28,528 |
Nippon Gas Co., Ltd. | 63,500 | 1,797,399 |
Nippon Paint Holdings Co., Ltd. | 900 | 49,014 |
Nippon Prologis REIT, Inc. | 12 | 33,519 |
Nippon Steel Corp. | 5,100 | 74,437 |
Nippon Telegraph & Telephone Corp. | 4,200 | 208,500 |
Nippon Yusen K.K. | 1,000 | 17,965 |
Nissan Chemical Corp. | 800 | 32,846 |
Nissan Motor Co., Ltd. | 15,200 | 95,921 |
Nisshin Seifun Group, Inc. | 1,300 | 25,771 |
Nissin Foods Holdings Co., Ltd. | 400 | 30,215 |
Nitori Holdings Co., Ltd. | 7,705 | 1,172,786 |
Nitto Denko Corp. | 1,000 | 55,326 |
Nomura Holdings, Inc. | 21,900 | 99,535 |
Nomura Real Estate Holdings, Inc. | 800 | 18,959 |
Nomura Real Estate Master Fund, Inc. | 25 | 47,789 |
Nomura Research Institute Ltd. | 83,080 | 1,763,847 |
NS Solutions Corp. | 16,400 | 557,569 |
NSK Ltd. | 2,300 | 21,386 |
NTT Data Corp. | 4,200 | 55,150 |
NTT DOCOMO, Inc. | 8,700 | 238,511 |
Obayashi Corp. | 4,100 | 42,195 |
Obic Co., Ltd. | 400 | 50,082 |
Odakyu Electric Railway Co., Ltd. | 1,900 | 46,250 |
Oji Holdings Corp. | 5,500 | 28,436 |
Olympus Corp. | 121,500 | 1,653,175 |
Omron Corp. | 10,100 | 590,868 |
Ono Pharmaceutical Co., Ltd. | 2,400 | 45,208 |
Oracle Corp., Japan | 300 | 26,369 |
Oriental Land Co., Ltd. | 1,300 | 190,581 |
ORIX Corp. | 8,700 | 136,720 |
Orix JREIT, Inc. | 1,403 | 3,172,348 |
Osaka Gas Co., Ltd. | 2,500 | 48,887 |
Otsuka Corp. | 700 | 28,223 |
Otsuka Holdings Co., Ltd. | 2,500 | 104,226 |
Security | Number of Shares | Value ($) |
Pan Pacific International Holdings Corp. | 2,800 | 44,076 |
Panasonic Corp. | 14,200 | 119,342 |
Park24 Co., Ltd. | 700 | 16,532 |
PeptiDream, Inc. * | 600 | 30,116 |
Persol Holdings Co., Ltd. | 40,700 | 781,766 |
Pigeon Corp. | 700 | 34,173 |
Pola Orbis Holdings, Inc. | 600 | 13,539 |
Pressance Corp. | 154,000 | 2,516,566 |
Rakuten, Inc. | 5,600 | 53,387 |
Recruit Holdings Co., Ltd. | 8,600 | 285,813 |
Renesas Electronics Corp. * | 5,200 | 35,202 |
Resona Holdings, Inc. | 13,900 | 60,445 |
Resorttrust, Inc. | 278,700 | 4,447,531 |
Ricoh Co., Ltd. | 4,200 | 37,404 |
Rinnai Corp. | 200 | 14,701 |
Rohm Co., Ltd. | 600 | 47,537 |
Ryohin Keikaku Co., Ltd. | 2,000 | 44,525 |
Sankyo Co., Ltd. | 300 | 10,499 |
Santen Pharmaceutical Co., Ltd. | 2,300 | 40,741 |
SBI Holdings, Inc. | 1,536 | 33,405 |
SCSK Corp. | 53,500 | 2,723,382 |
Secom Co., Ltd. | 1,400 | 129,729 |
Sega Sammy Holdings, Inc. | 1,100 | 15,480 |
Seibu Holdings, Inc. | 1,500 | 26,475 |
Seiko Epson Corp. | 1,800 | 25,454 |
Sekisui Chemical Co., Ltd. | 2,382 | 41,532 |
Sekisui House Ltd. | 4,055 | 87,444 |
Seven & i Holdings Co., Ltd. | 4,900 | 185,123 |
Seven Bank Ltd. | 3,800 | 11,017 |
SG Holdings Co., Ltd. | 900 | 22,287 |
Sharp Corp. | 1,300 | 14,913 |
SHIFT, Inc. * | 27,500 | 1,568,630 |
Shimadzu Corp. | 37,500 | 1,001,478 |
Shimamura Co., Ltd. | 142 | 12,028 |
Shimano, Inc. | 445 | 74,071 |
Shimizu Corp. | 3,800 | 35,424 |
Shin-Etsu Chemical Co., Ltd. | 2,324 | 259,129 |
Shinsei Bank Ltd. | 900 | 14,031 |
Shionogi & Co., Ltd. | 1,800 | 108,041 |
Shiseido Co., Ltd. | 51,600 | 4,254,311 |
SHO-BOND Holdings Co., Ltd. | 65,900 | 2,557,608 |
Showa Denko K.K. | 900 | 25,251 |
SMC Corp. | 8,537 | 3,688,333 |
Softbank Corp. | 10,800 | 148,147 |
SoftBank Group Corp. | 10,662 | 410,129 |
Sohgo Security Services Co., Ltd. | 500 | 27,159 |
Sompo Holdings, Inc. | 2,200 | 86,473 |
Sony Corp. | 8,300 | 505,214 |
Sony Financial Holdings, Inc. | 1,100 | 23,665 |
Stanley Electric Co., Ltd. | 900 | 24,906 |
Subaru Corp. | 3,900 | 111,764 |
Sumco Corp. | 1,500 | 24,916 |
Sumitomo Chemical Co., Ltd. | 9,500 | 43,457 |
Sumitomo Corp. | 7,600 | 123,442 |
Sumitomo Dainippon Pharma Co., Ltd. | 1,000 | 17,453 |
Sumitomo Electric Industries Ltd. | 5,000 | 68,569 |
Sumitomo Heavy Industries Ltd. | 700 | 21,743 |
Sumitomo Metal Mining Co., Ltd. | 1,500 | 50,175 |
Sumitomo Mitsui Financial Group, Inc. | 8,600 | 305,327 |
Sumitomo Mitsui Trust Holdings, Inc. | 2,100 | 76,535 |
Sumitomo Realty & Development Co., Ltd. | 2,195 | 79,675 |
Sumitomo Rubber Industries Ltd. | 1,100 | 14,579 |
Sundrug Co., Ltd. | 500 | 16,545 |
Suntory Beverage & Food Ltd. | 900 | 38,476 |
Sushiro Global Holdings Ltd. | 7,900 | 543,148 |
Suzuken Co., Ltd. | 500 | 26,697 |
Suzuki Motor Corp. | 2,400 | 113,314 |
Sysmex Corp. | 1,100 | 71,773 |
Security | Number of Shares | Value ($) |
T&D Holdings, Inc. | 3,500 | 38,982 |
Taiheiyo Cement Corp. | 800 | 22,631 |
Taisei Corp. | 1,300 | 51,263 |
Taisho Pharmaceutical Holdings Co., Ltd. | 300 | 21,352 |
Taiyo Nippon Sanso Corp. | 829 | 19,407 |
Takeda Pharmaceutical Co., Ltd. | 9,637 | 348,214 |
TDK Corp. | 900 | 88,806 |
TechnoPro Holdings, Inc. | 15,700 | 965,642 |
Teijin Ltd. | 1,200 | 24,046 |
Terumo Corp. | 116,400 | 3,798,915 |
The Bank of Kyoto Ltd. | 300 | 11,874 |
The Chiba Bank Ltd. | 3,800 | 20,654 |
The Chugoku Electric Power Co., Inc. | 1,800 | 23,979 |
The Kansai Electric Power Co., Inc. | 4,400 | 51,331 |
The Shizuoka Bank Ltd. | 2,954 | 22,447 |
The Yokohama Rubber Co., Ltd. | 800 | 17,868 |
THK Co., Ltd. | 800 | 23,004 |
TIS, Inc. | 25,300 | 1,534,028 |
Tobu Railway Co., Ltd. | 1,200 | 40,044 |
Toho Co., Ltd. | 700 | 28,270 |
Toho Gas Co., Ltd. | 466 | 18,150 |
Tohoku Electric Power Co., Inc. | 2,700 | 27,750 |
Tokio Marine Holdings, Inc. | 4,200 | 227,075 |
Tokyo Century Corp. | 300 | 13,853 |
Tokyo Electric Power Co. Holdings, Inc. * | 9,700 | 44,922 |
Tokyo Electron Ltd. | 1,000 | 202,599 |
Tokyo Gas Co., Ltd. | 2,500 | 61,028 |
Tokyu Corp. | 3,300 | 62,415 |
Tokyu Fudosan Holdings Corp. | 3,900 | 25,868 |
Toppan Printing Co., Ltd. | 1,630 | 30,147 |
Toray Industries, Inc. | 9,000 | 63,604 |
Toshiba Corp. | 3,600 | 123,106 |
Tosoh Corp. | 1,700 | 23,277 |
TOTO Ltd. | 900 | 36,743 |
Toyo Seikan Group Holdings Ltd. | 900 | 14,223 |
Toyo Suisan Kaisha Ltd. | 565 | 23,789 |
Toyoda Gosei Co., Ltd. | 400 | 9,358 |
Toyota Industries Corp. | 914 | 54,842 |
Toyota Motor Corp. | 79,577 | 5,521,123 |
Toyota Tsusho Corp. | 1,400 | 48,298 |
Trend Micro, Inc. | 800 | 40,379 |
Trust Tech, Inc. | 183,400 | 2,324,553 |
Tsuruha Holdings, Inc. | 300 | 33,747 |
Unicharm Corp. | 2,600 | 88,116 |
United Urban Investment Corp. | 19 | 38,331 |
USS Co., Ltd. | 1,400 | 27,115 |
UT Group Co., Ltd. | 155,500 | 3,862,555 |
Welcia Holdings Co., Ltd. | 300 | 17,238 |
West Japan Railway Co. | 1,041 | 90,453 |
Yakult Honsha Co., Ltd. | 800 | 45,848 |
Yamada Denki Co., Ltd. | 4,200 | 20,301 |
Yamaha Corp. | 900 | 41,912 |
Yamaha Motor Co., Ltd. | 1,700 | 33,274 |
Yamato Holdings Co., Ltd. | 1,900 | 31,868 |
Yamazaki Baking Co., Ltd. | 800 | 13,639 |
Yaskawa Electric Corp. | 1,521 | 57,855 |
Yokogawa Electric Corp. | 1,500 | 27,484 |
Z Holdings Corp. | 17,800 | 54,801 |
Zenkoku Hosho Co., Ltd. | 15,500 | 647,109 |
ZOZO, Inc. | 1,300 | 30,281 |
190,389,611 | ||
Security | Number of Shares | Value ($) |
Luxembourg 0.1% | ||
Aroundtown S.A. | 5,251 | 44,385 |
Millicom International Cellular S.A. SDR | 419 | 19,101 |
Tenaris S.A. | 76,255 | 773,598 |
837,084 | ||
Mexico 0.3% | ||
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR | 4,168 | 682,510 |
Grupo Televisa S.A.B. ADR | 277,300 | 3,064,165 |
3,746,675 | ||
Netherlands 4.0% | ||
ABN AMRO Group N.V. CVA | 2,752 | 51,297 |
Adyen N.V. * | 2,652 | 1,867,048 |
Aegon N.V. | 12,422 | 53,891 |
AerCap Holdings N.V. * | 843 | 48,793 |
Akzo Nobel N.V. | 7,926 | 730,725 |
ArcelorMittal | 4,202 | 62,479 |
ASML Holding N.V. | 35,318 | 9,257,353 |
B&S Group Sarl | 360,038 | 4,384,929 |
Boskalis Westminster N.V. | 178,005 | 3,918,079 |
Euronext N.V. | 55,550 | 4,481,335 |
EXOR N.V. | 81,372 | 6,238,304 |
Heineken Holding N.V. | 748 | 71,371 |
Heineken N.V. | 1,670 | 170,539 |
IMCD N.V. | 4,521 | 353,018 |
ING Groep N.V. | 25,306 | 286,552 |
InterXion Holding N.V. * | 48,275 | 4,258,820 |
Koninklijke Ahold Delhaize N.V. | 7,608 | 189,592 |
Koninklijke DSM N.V. | 1,193 | 141,595 |
Koninklijke KPN N.V. | 22,835 | 70,888 |
Koninklijke Philips N.V. | 89,281 | 3,917,121 |
Koninklijke Vopak N.V. | 447 | 24,556 |
Marel Hf * | 677,764 | 3,144,585 |
NN Group N.V. | 2,091 | 79,786 |
NXP Semiconductors N.V. | 1,923 | 218,607 |
Prosus N.V. * | 32,234 | 2,222,824 |
Randstad N.V. | 738 | 40,957 |
Royal Dutch Shell plc, A Shares | 141,827 | 4,119,660 |
Takeaway.com N.V. * | 33,264 | 2,713,291 |
Unilever N.V. | 9,455 | 558,854 |
Wolters Kluwer N.V. | 42,033 | 3,095,856 |
56,772,705 | ||
New Zealand 0.7% | ||
a2 Milk Co., Ltd. * | 4,711 | 39,112 |
Auckland International Airport Ltd. | 915,119 | 5,453,947 |
Fisher & Paykel Healthcare Corp., Ltd. | 3,686 | 45,209 |
Fletcher Building Ltd. | 5,581 | 16,398 |
Mercury NZ Ltd. | 1,597,190 | 5,079,038 |
Meridian Energy Ltd. | 8,588 | 25,315 |
Ryman Healthcare Ltd. | 2,648 | 21,886 |
Spark New Zealand Ltd. | 11,900 | 34,137 |
10,715,042 | ||
Norway 0.5% | ||
Aker BP A.S.A. | 670 | 18,584 |
DNB A.S.A. | 6,180 | 112,521 |
Elkem A.S.A. | 913,207 | 2,170,449 |
Equinor A.S.A. | 6,529 | 121,215 |
Gjensidige Forsikring A.S.A. | 1,275 | 23,836 |
Mowi A.S.A. | 2,853 | 69,647 |
Security | Number of Shares | Value ($) |
Norsk Hydro A.S.A. | 8,336 | 29,456 |
Orkla A.S.A. | 5,053 | 48,569 |
Schibsted A.S.A., B Shares | 669 | 18,666 |
Subsea 7 S.A. | 153,220 | 1,439,458 |
Telenor A.S.A. | 4,753 | 88,956 |
TGS NOPEC Geophysical Co., A.S.A. | 102,026 | 2,649,748 |
Yara International A.S.A. | 1,178 | 45,890 |
6,836,995 | ||
Papua New Guinea 0.0% | ||
Oil Search Ltd. | 8,500 | 41,950 |
Peru 0.1% | ||
Credicorp Ltd. | 10,316 | 2,208,037 |
Poland 0.2% | ||
Dino Polska S.A. * | 68,781 | 2,680,394 |
Portugal 0.1% | ||
Banco Espirito Santo S.A. *(b) | 42,176 | — |
EDP - Energias de Portugal S.A. | 16,652 | 68,593 |
Galp Energia, SGPS, S.A. | 3,107 | 49,696 |
Jeronimo Martins, SGPS, S.A. | 1,560 | 26,214 |
NOS SGPS, S.A. | 267,120 | 1,588,094 |
1,732,597 | ||
Republic of Korea 1.1% | ||
Douzone Bizon Co., Ltd. | 42,524 | 2,682,750 |
Fila Korea Ltd. | 15,736 | 776,459 |
Kakao Corp. | 6,454 | 783,208 |
NAVER Corp. | 42,200 | 5,950,050 |
Samsung Electronics Co., Ltd. | 90,600 | 3,915,718 |
Samsung SDI Co., Ltd. | 6,482 | 1,264,934 |
Studio Dragon Corp. * | 12,505 | 838,360 |
16,211,479 | ||
Russia 0.1% | ||
Yandex N.V., Class A * | 40,174 | 1,341,410 |
Singapore 1.3% | ||
Ascendas Real Estate Investment Trust | 1,359,033 | 3,165,257 |
CapitaLand Commercial Trust | 17,860 | 26,897 |
CapitaLand Ltd. | 15,900 | 42,027 |
CapitaLand Mall Trust | 1,631,600 | 3,044,311 |
City Developments Ltd. | 3,127 | 24,763 |
ComfortDelGro Corp., Ltd. | 14,100 | 23,810 |
DBS Group Holdings Ltd. | 11,516 | 219,505 |
Genting Singapore Ltd. | 37,500 | 25,872 |
Golden Agri-Resources Ltd. | 34,700 | 5,209 |
Jardine Cycle & Carriage Ltd. | 611 | 14,690 |
Jardine Matheson Holdings Ltd. | 1,409 | 80,329 |
Jardine Strategic Holdings Ltd. | 1,400 | 45,209 |
Keppel Corp., Ltd. | 9,000 | 45,318 |
Oversea-Chinese Banking Corp., Ltd. | 21,516 | 172,972 |
SATS Ltd. | 1,857,000 | 6,886,627 |
Sembcorp Industries Ltd. | 7,100 | 11,920 |
Sheng Siong Group Ltd. | 5,481,700 | 4,711,828 |
Singapore Airlines Ltd. | 3,331 | 23,023 |
Singapore Exchange Ltd. | 5,200 | 34,141 |
Singapore Press Holdings Ltd. | 10,600 | 17,250 |
Singapore Technologies Engineering Ltd. | 9,900 | 29,001 |
Singapore Telecommunications Ltd. | 53,400 | 129,308 |
Security | Number of Shares | Value ($) |
Suntec Real Estate Investment Trust | 14,224 | 19,432 |
United Overseas Bank Ltd. | 8,141 | 160,275 |
UOL Group Ltd. | 3,400 | 19,468 |
Venture Corp., Ltd. | 1,800 | 20,879 |
Wilmar International Ltd. | 11,900 | 32,719 |
Yangzijiang Shipbuilding Holdings Ltd. | 16,800 | 11,761 |
19,043,801 | ||
South Africa 0.4% | ||
Bid Corp., Ltd. | 26,434 | 616,684 |
Mr. Price Group Ltd. | 35,798 | 378,522 |
Naspers Ltd., N Shares | 26,145 | 3,699,740 |
RMB Holdings Ltd. | 166,265 | 875,244 |
The Bidvest Group Ltd. | 26,434 | 360,846 |
5,931,036 | ||
Spain 0.8% | ||
ACS Actividades de Construccion y Servicios S.A. | 54,021 | 2,192,071 |
Aena SME S.A. | 437 | 80,217 |
Amadeus IT Group S.A. | 61,727 | 4,566,455 |
Applus Services S.A. | 133,604 | 1,614,525 |
Banco Bilbao Vizcaya Argentaria S.A. | 43,398 | 228,570 |
Banco De Sabadell S.A. | 34,878 | 38,339 |
Banco Santander S.A. | 108,809 | 436,900 |
Bankia S.A. | 7,649 | 14,593 |
Bankinter S.A. | 4,179 | 28,943 |
CaixaBank S.A. | 22,717 | 65,143 |
Cellnex Telecom S.A. * | 1,294 | 55,835 |
Cellnex Telecom S.A., Interim Shares *(b) | 369 | 15,922 |
Enagas S.A. | 1,426 | 35,286 |
Endesa S.A. | 2,109 | 57,438 |
Ferrovial S.A. | 3,153 | 93,023 |
Grifols S.A. | 1,977 | 63,779 |
Iberdrola S.A. | 38,710 | 397,900 |
Industria de Diseno Textil S.A. | 7,106 | 221,429 |
Mapfre S.A. | 6,681 | 18,647 |
Naturgy Energy Group S.A. | 1,958 | 53,346 |
Red Electrica Corp. S.A. | 2,817 | 56,615 |
Repsol S.A. | 9,490 | 156,392 |
Siemens Gamesa Renewable Energy S.A. | 1,478 | 20,347 |
Telefonica S.A. | 30,410 | 233,527 |
10,745,242 | ||
Sweden 4.3% | ||
AAK AB | 414,218 | 7,347,832 |
AF POYRY AB | 179,260 | 3,816,097 |
Alfa Laval AB | 2,005 | 46,406 |
Assa Abloy AB, Class B | 6,469 | 153,628 |
Atlas Copco AB, A Shares | 143,361 | 5,060,142 |
Atlas Copco AB, B Shares | 2,535 | 78,657 |
Boliden AB | 1,695 | 45,710 |
Bravida Holding AB | 241,224 | 2,222,780 |
Electrolux AB, B Shares | 1,513 | 39,779 |
Elekta AB, B Shares | 149,472 | 2,082,268 |
Embracer Group AB * | 198,670 | 1,351,801 |
Epiroc AB, Class A | 4,162 | 46,894 |
Epiroc AB, Class B | 2,419 | 26,346 |
Essity AB, Class B | 3,969 | 123,994 |
Evolution Gaming Group AB | 38,458 | 919,827 |
Fabege AB | 272,406 | 4,068,235 |
Fastighets AB Balder, B Shares * | 82,819 | 3,212,087 |
Hennes & Mauritz AB, B Shares | 293,187 | 6,145,053 |
Hexagon AB, B Shares | 48,035 | 2,459,291 |
Husqvarna AB, B Shares | 2,726 | 20,884 |
Security | Number of Shares | Value ($) |
ICA Gruppen AB | 543 | 24,029 |
Industrivarden AB, C Shares | 1,099 | 23,812 |
Indutrade AB | 22,841 | 704,252 |
Investor AB, B Shares | 2,941 | 150,886 |
Kinnevik AB, Class B | 1,583 | 43,323 |
LE Lundbergfortagen AB, B Shares | 513 | 19,335 |
Lifco AB, B Shares | 13,541 | 675,389 |
Lindab International AB | 176,588 | 1,975,200 |
Loomis AB, Class B | 128,597 | 4,979,201 |
Lundin Petroleum AB | 1,160 | 38,417 |
Nibe Industrier AB, B Shares | 42,061 | 575,917 |
Nolato AB, B Shares | 11,968 | 670,564 |
Sandvik AB | 7,380 | 130,385 |
Securitas AB, B Shares | 2,025 | 32,425 |
Skandinaviska Enskilda Banken AB, A Shares | 10,296 | 98,752 |
Skanska AB, B Shares | 2,137 | 45,533 |
SKF AB, B Shares | 265,573 | 4,808,504 |
Svenska Handelsbanken AB, A Shares | 9,661 | 96,956 |
Swedbank AB, A Shares | 5,726 | 80,240 |
Swedish Match AB | 1,127 | 52,945 |
Tele2 AB, B Shares | 3,118 | 44,635 |
Telefonaktiebolaget LM Ericsson, B Shares | 20,029 | 175,029 |
Telia Co. AB | 17,826 | 78,415 |
Vitrolife AB | 22,229 | 346,829 |
Volvo AB, B Shares | 345,572 | 5,178,660 |
60,317,344 | ||
Switzerland 5.6% | ||
ABB Ltd. | 11,995 | 251,895 |
Adecco Group AG | 1,008 | 59,922 |
Alcon, Inc. * | 30,658 | 1,813,057 |
Baloise Holding AG | 306 | 56,596 |
Barry Callebaut AG | 14 | 29,586 |
Belimo Holding AG | 325 | 2,038,567 |
Burckhardt Compression Holding AG | 17,580 | 4,187,836 |
Chocoladefabriken Lindt & Spruengli AG | 1 | 81,906 |
Chocoladefabriken Lindt & Spruengli AG - Participation Certificates | 7 | 52,012 |
Cie Financiere Richemont S.A. | 47,094 | 3,700,701 |
Clariant AG * | 1,256 | 25,764 |
Credit Suisse Group AG * | 756,015 | 9,357,850 |
Daetwyler Holding AG | 10,880 | 1,875,063 |
Dufry AG * | 272 | 23,657 |
EMS-Chemie Holding AG | 51 | 31,951 |
Geberit AG | 238 | 120,925 |
Georg Fischer AG | 2,304 | 2,200,438 |
Givaudan S.A. | 60 | 176,276 |
Glencore plc * | 3,662,235 | 11,054,011 |
Julius Baer Group Ltd. * | 1,454 | 64,388 |
Kuehne & Nagel International AG | 12,625 | 2,039,659 |
LafargeHolcim Ltd. * | 78,732 | 4,064,025 |
Landis+Gyr Group AG * | 26,355 | 2,447,147 |
Logitech International S.A. | 29,063 | 1,192,951 |
Lonza Group AG * | 16,856 | 6,075,449 |
Nestle S.A. | 21,137 | 2,261,264 |
Novartis AG | 14,006 | 1,223,777 |
Pargesa Holding S.A. | 245 | 19,367 |
Partners Group Holding AG | 3,933 | 3,073,487 |
Roche Holding AG | 4,552 | 1,369,951 |
Schindler Holding AG | 125 | 29,602 |
Schindler Holding AG - Participation Certificates | 265 | 64,924 |
SGS S.A. | 34 | 88,676 |
SIG Combibloc Group AG * | 55,707 | 772,359 |
Sika AG | 25,635 | 4,406,823 |
Sonova Holding AG | 360 | 82,612 |
Security | Number of Shares | Value ($) |
Straumann Holding AG | 67 | 59,863 |
Swiss Life Holding AG | 217 | 108,677 |
Swiss Prime Site AG * | 484 | 49,887 |
Swiss Re AG | 1,970 | 206,631 |
Swisscom AG | 168 | 85,931 |
Tecan Group AG | 14,722 | 3,482,919 |
Temenos AG * | 15,332 | 2,193,563 |
The Swatch Group AG | 346 | 18,575 |
The Swatch Group AG - Bearer Shares | 9,516 | 2,638,578 |
u-blox Holding AG * | 22,875 | 1,854,190 |
UBS Group AG * | 25,072 | 296,731 |
VAT Group AG * | 5,759 | 846,755 |
Vifor Pharma AG | 282 | 44,409 |
Zurich Insurance Group AG | 984 | 385,433 |
78,686,616 | ||
Taiwan 1.9% | ||
Accton Technology Corp. | 250,000 | 1,487,169 |
Airtac International Group | 143,000 | 1,943,465 |
Chailease Holding Co., Ltd. | 765,918 | 3,451,241 |
Eclat Textile Co., Ltd. | 45,000 | 603,388 |
Globalwafers Co. Ltd. | 57,000 | 680,082 |
Macronix International Co., Ltd. | 1,993,000 | 2,023,184 |
MediaTek, Inc. | 178,000 | 2,377,163 |
Merida Industry Co., Ltd. | 585,000 | 3,385,275 |
Nien Made Enterprise Co., Ltd. | 175,000 | 1,587,450 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 258,000 | 2,528,348 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 141,717 | 7,316,849 |
27,383,614 | ||
Thailand 0.1% | ||
Airports of Thailand PCL | 309,700 | 805,148 |
Tisco Financial Group PCL | 240,800 | 777,546 |
1,582,694 | ||
Turkey 0.1% | ||
Ulker Biskuvi Sanayi AS * | 441,867 | 1,421,513 |
United Arab Emirates 0.1% | ||
First Abu Dhabi Bank PJSC | 210,636 | 871,775 |
NMC Health plc | 645 | 18,284 |
890,059 | ||
United Kingdom 15.6% | ||
3i Group plc | 122,952 | 1,796,683 |
Abcam plc | 132,511 | 1,997,984 |
Admiral Group plc | 1,267 | 33,160 |
Anglo American plc | 6,792 | 174,806 |
Antofagasta plc | 2,444 | 27,526 |
Ashtead Group plc | 173,296 | 5,276,138 |
Associated British Foods plc | 2,311 | 66,706 |
AstraZeneca plc | 8,397 | 818,852 |
Auto Trader Group plc | 6,193 | 45,124 |
Avast plc | 824,670 | 4,427,986 |
AVEVA Group plc | 76,346 | 4,136,786 |
Aviva plc | 25,137 | 135,490 |
BAE Systems plc | 20,568 | 153,637 |
Barclays plc | 109,758 | 238,073 |
Barratt Developments plc | 6,350 | 51,929 |
BBA Aviation plc | 868,978 | 3,418,676 |
Beazley plc | 117,677 | 894,383 |
Security | Number of Shares | Value ($) |
Bellway plc | 29,082 | 1,190,309 |
Big Yellow Group plc | 57,353 | 848,810 |
BP plc | 131,316 | 832,722 |
British American Tobacco plc | 14,884 | 520,581 |
BT Group plc | 53,948 | 143,170 |
Bunzl plc | 2,187 | 56,894 |
Burberry Group plc | 2,593 | 68,758 |
Burford Capital Ltd. | 21,601 | 245,931 |
Carnival plc | 1,127 | 45,099 |
Centrica plc | 37,101 | 34,915 |
Cineworld Group plc | 1,665,702 | 4,799,835 |
CNH Industrial N.V. | 855,321 | 9,312,436 |
Coats Group plc | 4,192,795 | 3,872,401 |
Coca-Cola European Partners plc | 1,513 | 80,961 |
Coca-Cola HBC AG * | 1,335 | 40,649 |
Compass Group plc | 204,498 | 5,444,573 |
ContourGlobal plc | 1,991,578 | 5,430,460 |
Croda International plc | 24,555 | 1,532,028 |
Dechra Pharmaceuticals plc | 71,806 | 2,449,417 |
Diageo plc | 122,467 | 5,012,694 |
Diploma plc | 195,388 | 4,047,003 |
Direct Line Insurance Group plc | 8,637 | 30,452 |
easyJet plc | 985 | 15,801 |
Electrocomponents plc | 421,134 | 3,715,713 |
Elementis plc | 1,781,726 | 3,428,739 |
Equiniti Group plc | 2,165,756 | 6,050,430 |
Evraz plc | 3,074 | 14,669 |
Experian plc | 143,368 | 4,519,146 |
Ferguson plc | 41,134 | 3,512,569 |
Fevertree Drinks plc | 53,749 | 1,295,140 |
Fresnillo plc | 1,370 | 12,657 |
G4S plc | 1,027,293 | 2,755,138 |
GlaxoSmithKline plc | 32,202 | 737,585 |
Greggs plc | 52,813 | 1,214,762 |
GVC Holdings plc | 3,713 | 42,836 |
Halma plc | 81,171 | 1,969,649 |
Hargreaves Lansdown plc | 1,854 | 42,574 |
Hikma Pharmaceuticals plc | 108,217 | 2,818,272 |
Hill & Smith Holdings plc | 208,080 | 3,530,928 |
Hiscox Ltd. | 70,800 | 1,367,211 |
HomeServe plc | 209,230 | 3,141,193 |
HSBC Holdings plc | 129,939 | 981,703 |
IMI plc | 108,175 | 1,406,725 |
Imperial Brands plc | 6,146 | 134,815 |
Informa plc | 8,232 | 82,742 |
InterContinental Hotels Group plc | 1,117 | 67,595 |
Intermediate Capital Group plc | 370,980 | 7,139,773 |
Intertek Group plc | 16,650 | 1,154,441 |
Investec plc | 4,335 | 24,577 |
ITV plc | 22,456 | 38,956 |
J. Sainsbury plc | 10,861 | 28,622 |
John Wood Group plc | 4,352 | 19,108 |
Johnson Matthey plc | 1,200 | 47,672 |
Kingfisher plc | 13,393 | 35,928 |
Land Securities Group plc | 4,828 | 58,808 |
Legal & General Group plc | 38,469 | 131,500 |
Liberty Global plc, Class A * | 112,100 | 2,819,315 |
Liberty Global plc, Class C * | 99,539 | 2,375,996 |
Lloyds Banking Group plc | 12,013,675 | 8,837,332 |
London Stock Exchange Group plc | 40,808 | 3,677,569 |
M&G plc * | 16,845 | 46,652 |
Marks & Spencer Group plc | 12,513 | 29,478 |
Meggitt plc | 108,254 | 875,919 |
Melrose Industries plc | 630,945 | 1,743,734 |
Merlin Entertainments plc | 4,701 | 27,696 |
Micro Focus International plc | 2,266 | 31,101 |
Mondi plc | 2,937 | 60,895 |
Moneysupermarket.com Group plc | 356,111 | 1,584,572 |
Security | Number of Shares | Value ($) |
National Grid plc | 23,057 | 269,589 |
Network International Holdings plc * | 247,913 | 1,737,336 |
Next plc | 889 | 75,820 |
Nomad Foods Ltd. * | 140,095 | 2,733,253 |
Ocado Group plc * | 3,031 | 52,243 |
Pearson plc | 5,092 | 44,970 |
Persimmon plc | 1,976 | 58,285 |
Prudential plc | 16,845 | 294,229 |
Reckitt Benckiser Group plc | 29,896 | 2,313,401 |
RELX plc | 134,741 | 3,243,937 |
Renishaw plc | 13,319 | 654,731 |
Rentokil Initial plc | 387,576 | 2,280,960 |
Rio Tinto plc | 7,400 | 385,257 |
Rolls-Royce Holdings plc * | 689,575 | 6,345,296 |
Rotork plc | 619,005 | 2,417,321 |
Royal Bank of Scotland Group plc | 1,728,726 | 4,778,611 |
Royal Dutch Shell plc, A Shares | 28,493 | 825,957 |
Royal Dutch Shell plc, B Shares | 24,283 | 699,345 |
RSA Insurance Group plc | 6,831 | 46,214 |
Schroders plc | 155,971 | 6,252,785 |
Schroders plc, Non-Voting Shares | 1,100 | 33,021 |
Segro plc | 234,994 | 2,570,671 |
Severn Trent plc | 1,484 | 43,348 |
Smith & Nephew plc | 5,726 | 122,917 |
Smiths Group plc | 114,853 | 2,400,845 |
Softcat plc | 45,655 | 556,416 |
Spectris plc | 123,627 | 3,832,639 |
Spirax-Sarco Engineering plc | 52,684 | 5,406,630 |
SSE plc | 6,643 | 110,513 |
SSP Group plc | 83,859 | 691,512 |
St. James's Place plc | 123,685 | 1,668,271 |
Standard Chartered plc | 17,990 | 163,240 |
Standard Life Aberdeen plc | 16,394 | 64,456 |
Taylor Wimpey plc | 20,520 | 44,009 |
Tesco plc | 63,078 | 192,549 |
The Berkeley Group Holdings plc | 805 | 45,885 |
The British Land Co., plc | 5,786 | 46,520 |
The Sage Group plc | 7,051 | 65,716 |
The Unite Group plc | 253,674 | 3,694,679 |
The Weir Group plc | 1,655 | 28,908 |
Trainline plc * | 390,712 | 2,107,943 |
Ultra Electronics Holdings plc | 199,866 | 5,048,183 |
Unilever plc | 7,207 | 431,548 |
United Utilities Group plc | 4,279 | 48,317 |
Victrex plc | 219,257 | 6,228,759 |
Vodafone Group plc | 173,783 | 354,642 |
WH Smith plc | 30,857 | 874,409 |
Whitbread plc | 941 | 49,531 |
WM Morrison Supermarkets plc | 15,116 | 39,050 |
WPP plc | 391,661 | 4,887,756 |
220,744,696 | ||
United States 0.1% | ||
Willis Towers Watson plc | 4,616 | 862,730 |
Total Common Stock | ||
(Cost $1,133,810,785) | 1,347,961,142 | |
Preferred Stock0.3% of net assets | ||
Brazil 0.2% | ||
Randon SA Implementos e Participacoes | 986,900 | 2,546,918 |
Security | Number of Shares | Value ($) |
Germany 0.1% | ||
Bayerische Motoren Werke AG | 357 | 21,975 |
Fuchs Petrolub SE | 457 | 19,470 |
Henkel AG & Co. KGaA | 9,167 | 952,201 |
Porsche Automobil Holding SE | 995 | 73,262 |
Sartorius AG | 229 | 44,500 |
Volkswagen AG | 1,209 | 229,837 |
1,341,245 | ||
Italy 0.0% | ||
Telecom Italia S.p.A. - RSP | 41,648 | 24,106 |
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc *(b) | 30,809,972 | 39,910 |
Total Preferred Stock | ||
(Cost $3,830,588) | 3,952,179 | |
Other Investment Companies4.0% of net assets | ||
Equity Funds 0.0% | ||
iShares MSCI EAFE ETF | 4,864 | 327,931 |
Money Market Fund 4.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(c) | 56,151,564 | 56,151,564 |
Total Other Investment Companies | ||
(Cost $56,461,106) | 56,479,495 | |
Rights0.0% of net assets | ||
Australia 0.0% | ||
Costa Group Holdings Ltd. * | 216,887 | 100,172 |
Total Rights | ||
(Cost $—) | 100,172 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.0% of net assets | ||
U.S. Treasury Obligation 0.0% | ||
United States Treasury Bill | ||
1.88%, 12/12/19(d)(e) | 35,000 | 34,926 |
Total Short-Term Investment | ||
(Cost $34,926) | 34,926 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index, expires 12/20/19 | 775 | 40,354,250 | 1,914,124 | |
MSCI EAFE Index, expires 12/20/19 | 5 | 489,300 | 12,511 | |
Net Unrealized Appreciation | 1,926,635 |
Expiration Date | Counterparty | Currency to be Received | Amount of Currency to be Received | Currency to be Delivered | Amount of Currency to be Delivered | Unrealized Appreciation ($) | ||||||
Forward Foreign Currency Exchange Contract | ||||||||||||
12/18/2019 | State Street Bank & Trust Co. | USD | 3,144,583 | CHF | 3,076,000 | 15,610 |
* | 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 fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | All or a portion of this security is held as collateral for open futures contracts. |
(e) | The rate shown is the purchase yield. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
ETF — | Exchange-traded fund |
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 | $— | $167,935,172 | $— | $167,935,172 | |
Argentina | 2,516,248 | — | — | 2,516,248 | |
Australia | 137,162 | 58,425,203 | — | 58,562,365 | |
Belgium | 5,133,228 | 10,554,973 | — | 15,688,201 | |
Brazil | 16,184,071 | — | — | 16,184,071 | |
Canada | 85,733,011 | — | — | 85,733,011 | |
China | 22,866,979 | 44,916,067 | — | 67,783,046 | |
Finland | 48,827 | 9,609,503 | — | 9,658,330 | |
France | 6,041,811 | 116,900,823 | — | 122,942,634 | |
Germany | 20,721,829 | 100,330,132 | — | 121,051,961 | |
Hong Kong | 113,513 | 21,992,843 | — | 22,106,356 | |
India | 5,156,026 | 10,521,404 | — | 15,677,430 | |
Ireland | 18,407,631 | 3,158,307 | — | 21,565,938 | |
Israel | 7,833,823 | 314,450 | — | 8,148,273 | |
Japan | 63,700 | 190,325,911 | — | 190,389,611 | |
Mexico | 3,746,675 | — | — | 3,746,675 | |
Netherlands | 14,278,558 | 42,494,147 | — | 56,772,705 | |
Peru | 2,208,037 | — | — | 2,208,037 | |
Portugal | — | 1,732,597 | —* | 1,732,597 | |
Republic of Korea | 838,360 | 15,373,119 | — | 16,211,479 | |
Russia | 1,341,410 | — | — | 1,341,410 | |
Spain | — | 10,729,320 | 15,922 | 10,745,242 | |
Switzerland | 4,321,754 | 74,364,862 | — | 78,686,616 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Taiwan | $7,316,849 | $20,066,765 | $— | $27,383,614 | |
Thailand | 1,582,694 | — | — | 1,582,694 | |
United Kingdom | 33,964,773 | 186,779,923 | — | 220,744,696 | |
United States | 862,730 | — | — | 862,730 | |
Preferred Stock1 | — | 1,365,351 | — | 1,365,351 | |
Brazil | 2,546,918 | — | — | 2,546,918 | |
United Kingdom | — | — | 39,910 | 39,910 | |
Other Investment Companies1 | 56,479,495 | — | — | 56,479,495 | |
Rights1 | 100,172 | — | — | 100,172 | |
Short-Term Investment1 | — | 34,926 | — | 34,926 | |
Futures Contracts2 | 1,926,635 | — | — | 1,926,635 | |
Forward Foreign Currency Exchange Contracts2 | — | 15,610 | — | 15,610 | |
Total | $322,472,919 | $1,087,941,408 | $55,832 | $1,410,470,159 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $1,194,137,405) | $1,408,527,914 | |
Foreign currency, at value (cost $833,712) | 836,668 | |
Deposit with broker for futures contracts | 478,871 | |
Receivables: | ||
Investments sold | 5,076,609 | |
Variation margin on futures contracts | 1,928,171 | |
Dividends | 1,808,421 | |
Foreign tax reclaims | 970,392 | |
Fund shares sold | 207,895 | |
Unrealized appreciation on forward foreign currency exchange contracts | 15,610 | |
Prepaid expenses | + | 18,012 |
Total assets | 1,419,868,563 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,342,760 | |
Investment adviser and administrator fees | 1,070,411 | |
Shareholder service fees | 197,308 | |
Independent trustees’ fees | 11 | |
Fund shares redeemed | 1,930,111 | |
Accrued expenses | + | 429,686 |
Total liabilities | 6,970,287 | |
Net Assets | ||
Total assets | 1,419,868,563 | |
Total liabilities | – | 6,970,287 |
Net assets | $1,412,898,276 | |
Net Assets by Source | ||
Capital received from investors | 1,204,989,773 | |
Total distributable earnings | 207,908,503 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,412,898,276 | 61,724,690 | $22.89 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,432,350) | $36,568,887 | |
Expenses | ||
Investment adviser and administrator fees | 18,225,664 | |
Shareholder service fees: | ||
Investor Shares1 | 290,453 | |
Select Shares1 | 2,123,549 | |
Custodian fees | 420,104 | |
Portfolio accounting fees | 175,127 | |
Professional fees | 87,253* | |
Registration fees | 77,852 | |
Transfer agent fees | 44,526 | |
Shareholder reports | 39,646 | |
Independent trustees’ fees | 15,311 | |
Other expenses | + | 77,029 |
Total expenses | 21,576,514 | |
Expense reduction by CSIM and its affiliates | – | 3,502,987 |
Net expenses | – | 18,073,527 |
Net investment income | 18,495,360 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 480,831 | |
Net realized losses on futures contracts | (6,078,253) | |
Net realized losses on foreign currency transactions | (248,516) | |
Net realized gains on forward foreign currency exchange contracts | + | 253,359 |
Net realized losses | (5,592,579) | |
Net change in unrealized appreciation (depreciation) on investments | 119,694,117 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 5,468,859 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | 73,818 | |
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | + | (236,764) |
Net change in unrealized appreciation (depreciation) | + | 125,000,030 |
Net realized and unrealized gains | 119,407,451 | |
Increase in net assets resulting from operations | $137,902,811 |
* | Includes professional fees of $27,425 associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2(d) and 4 for additional information. |
1 | Effective February 26, 2019, all outstanding Investor Shares were consolidated into the Select Shares, resulting in a single class of shares of the fund (see financial note 1). |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $18,495,360 | $15,385,341 | ||
Net realized gains (losses) | (5,592,579) | 124,600,348 | ||
Net change in unrealized appreciation (depreciation) | + | 125,000,030 | (331,028,701) | |
Increase (decrease) in net assets from operations | 137,902,811 | (191,043,012) | ||
Distributions to Shareholders1 | ||||
Investor Shares | (34,719,762) | (22,191,896) | ||
Select Shares | + | (99,317,431) | (55,540,940) | |
Total distributions | ($134,037,193) | ($77,732,836) |
Transactions in Fund Shares1 | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares Sold | ||||||||
Investor Shares | 103,775 | $2,181,854 | 768,475 | $20,559,616 | ||||
Select Shares | + | 21,106,679 | 454,485,861 | 6,716,472 | 175,934,966 | |||
Total shares sold | 21,210,454 | $456,667,715 | 7,484,947 | $196,494,582 | ||||
Shares Reinvested | ||||||||
Investor Shares | 1,583,820 | $30,947,842 | 766,583 | $19,831,502 | ||||
Select Shares | + | 3,532,129 | 68,841,189 | 1,345,695 | 34,745,855 | |||
Total shares reinvested | 5,115,949 | $99,789,031 | 2,112,278 | $54,577,357 | ||||
Shares Redeemed | ||||||||
Investor Shares | (19,296,537) | ($416,594,739) | (2,912,352) | ($76,864,136) | ||||
Select Shares | + | (12,155,331) | (261,429,704) | (4,410,948) | (116,250,573) | |||
Total shares redeemed | (31,451,868) | ($678,024,443) | (7,323,300) | ($193,114,709) | ||||
Net transactions in fund shares | (5,125,465) | ($121,567,697) | 2,273,925 | $57,957,230 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 66,850,155 | $1,530,600,355 | 64,576,230 | $1,741,418,973 | ||||
Total increase or decrease | + | (5,125,465) | (117,702,079) | 2,273,925 | (210,818,618) | |||
End of period | 61,724,690 | $1,412,898,276 | 66,850,155 | $1,530,600,355 |
1 | Effective February 26, 2019, all outstanding Investor Shares (17,685,944 shares valued at $382,997,961) were consolidated into the Select Shares, resulting in a single class of shares of the fund (see financial note 1). |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
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 |
Schwab Target 2035 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
First $500 million | 1.29% |
$500 million to $1 billion | 1.275% |
Over $1 billion | 1.25% |
Underlying Fund | |
Schwab Monthly Income Fund - Enhanced Payout | 0.5% |
Schwab Monthly Income Fund - Maximum Payout | 0.2% |
Schwab Monthly Income Fund - Moderate Payout | 0.4% |
Schwab Target 2010 Fund | 0.2% |
Schwab Target 2015 Fund | 0.4% |
Schwab Target 2020 Fund | 2.9% |
Schwab Target 2025 Fund | 4.0% |
Schwab Target 2030 Fund | 8.1% |
Schwab Target 2035 Fund | 4.3% |
Schwab Target 2040 Fund | 9.9% |
Schwab Target 2045 Fund | 1.7% |
Schwab Target 2050 Fund | 1.7% |
Schwab Target 2055 Fund | 1.0% |
Schwab Target 2060 Fund | 0.2% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
$744,250,176 | $955,833,523 |
8. Derivatives:
Notional Amounts | Number of Contracts | |
$34,384,308 | 550 |
Asset Derivatives | Fair Value |
Equity Index Futures Contracts1 | $1,926,635 |
Forward Foreign Currency Exchange Contracts2 | 15,610 |
Liability Derivatives | Fair Value |
Equity Index Futures Contracts3 | $— |
Forward Foreign Currency Exchange Contracts4 | — |
1 | Includes cumulative unrealized appreciation of futures contracts as reported in the Schedule of Portfolio Holdings. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
2 | Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
3 | Includes cumulative unrealized depreciation of futures contracts as reported in the Schedule of Portfolio Holdings. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
4 | Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
Equity Index Futures Contracts | |
Realized losses1 | ($6,078,253) |
Net change in unrealized appreciation (depreciation)2 | 5,468,859 |
Forward Foreign Currency Exchange Contracts | |
Realized gains1 | $253,359 |
Net change in unrealized appreciation (depreciation)2 | (236,764) |
1 | Statement of Operations location: Net realized losses on futures contracts and net realized gains 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. | $15,610 | $— | $— | $15,610 | |||
Total | $15,610 | $— | $— | $15,610 |
a | Represents the net amount due from the counterparty in the event of default. |
9. Federal Income Taxes:
Tax cost | $1,229,886,193 |
Gross unrealized appreciation | $247,779,184 |
Gross unrealized depreciation | (67,195,218) |
Net unrealized appreciation (depreciation) | $180,583,966 |
Undistributed ordinary income | $24,921,676 |
Undistributed long-term capital gains | 2,391,067 |
Net unrealized appreciation (depreciation) on investments | 180,583,966 |
Net other unrealized appreciation (depreciation) | 11,794 |
Total | $207,908,503 |
Current period distributions | |
Ordinary income | $18,404,188 |
Long-term capital gains | 115,633,005 |
Prior period distributions | |
Ordinary income | $35,462,454 |
Long-term capital gains | 42,270,382 |
10. Subsequent Events:
San Francisco, California
December 16, 2019
1. | the nature, extent and quality of the services provided to the Fund under the Agreements, including the resources of CSIM and its affiliates, and the Sub-Advisers, dedicated to the Fund; |
2. | the Fund’s investment performance and how it compared to that of certain other comparable mutual funds and benchmark data; |
3. | the Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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, as well as the profitability of the Sub-Advisers; and |
5. | the extent to which economies of scale would be realized as the Fund grows 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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Laudus Funds®
00237232
Table of Contents
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Core Equity Fund (Ticker Symbol: SWANX) | 12.02% |
S&P 500® Index | 14.33% |
Fund Category: Morningstar Large Blend1 | 12.66% |
Performance Details | pages 7-9 |
Schwab Dividend Equity Fund (Ticker Symbol: SWDSX) | 8.78% |
Russell 1000® Value Index | 11.21% |
Fund Category: Morningstar Large Value1 | 9.63% |
Performance Details | pages 10-12 |
Schwab Large-Cap Growth Fund (Ticker Symbol: SWLSX) | 12.18% |
Russell 1000® Growth Index | 17.10% |
Fund Category: Morningstar Large Growth1 | 14.51% |
Performance Details | pages 13-15 |
Schwab Small-Cap Equity Fund (Ticker Symbol: SWSCX) | 0.08% |
Russell 2000® Index | 4.90% |
Fund Category: Morningstar Small Blend1 | 4.42% |
Performance Details | pages 16-18 |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Hedged Equity Fund (Ticker Symbol: SWHEX) | -1.31% |
S&P 500® Index | 14.33% |
Fund Category: Morningstar Long-Short Equity1 | 3.57% |
Performance Details | pages 19-21 |
Schwab Health Care Fund2 (Ticker Symbol: SWHFX) | 6.51% |
Dow Jones Global Health Care Index | 9.73% |
Fund Category: Morningstar Health1 | 4.98% |
Performance Details | pages 22-24 |
Schwab International Core Equity Fund2 (Ticker Symbol: SICNX) | 7.08% |
MSCI EAFE® Index (Net)3 | 11.04% |
Fund Category: Morningstar Foreign Large Blend1 | 10.26% |
Performance Details | pages 25-27 |
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. |
President 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. |
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 Equities 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 (now known as Allianz Global Investors) 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 Barclays Global Investors (now known as BlackRock, Inc), 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 and assistant portfolio manager. He has also worked as a quantitative research analyst at RCM Capital Management. |
Holly Emerson, 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 ten years at Algert Coldiron Investors (now known as Algert Global), 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) | 12.02% | 8.78% | 11.97% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Large Blend3 | 12.66% | 8.94% | 12.22% |
Fund Expense Ratio4: 0.73% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | On September 7, 2012, the Schwab Premier Equity 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. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 136 |
Weighted Average Market Cap (millions) | $257,239 |
Price/Earnings Ratio (P/E) | 18.1 |
Price/Book Ratio (P/B) | 3.1 |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Dividend Equity Fund (9/2/03) | 8.78% | 5.63% | 10.43% |
Russell 1000® Value Index | 11.21% | 7.61% | 11.96% |
Dividend Equity Spliced Index | 11.21% | 7.97% | 12.25% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Large Value2 | 9.63% | 7.22% | 11.07% |
Fund Expense Ratio3: 0.88% |
30-Day SEC Yield | 1.67% |
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 expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 146 |
Weighted Average Market Cap (millions) | $107,095 |
Price/Earnings Ratio (P/E) | 14.5 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 70% |
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 Large-Cap Growth Fund (10/3/05) | 12.18% | 10.06% | 12.91% |
Russell 1000® Growth Index | 17.10% | 13.43% | 15.41% |
Fund Category: Morningstar Large Growth2 | 14.51% | 11.00% | 13.63% |
Fund Expense Ratios3: Net 0.99%; Gross 1.02% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as CSIM serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 112 |
Weighted Average Market Cap (millions) | $366,931 |
Price/Earnings Ratio (P/E) | 22.7 |
Price/Book Ratio (P/B) | 5.8 |
Portfolio Turnover Rate | 67% |
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 Small-Cap Equity Fund (7/1/03) | 0.08% | 5.95% | 12.84% |
Russell 2000® Index | 4.90% | 7.37% | 12.27% |
Fund Category: Morningstar Small Blend2 | 4.42% | 6.20% | 11.55% |
Fund Expense Ratio3: 1.09% |
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 expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 272 |
Weighted Average Market Cap (millions) | $2,218 |
Price/Earnings Ratio (P/E) | 15.7 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 117% |
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) | -1.31% | 4.02% | 6.47% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Long-Short Equity2 | 3.57% | 2.70% | 5.32% |
Fund Expense Ratio3: 1.67% |
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 expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | |
Long Holdings | 199 |
Short Holdings | 110 |
Weighted Average Market Cap (millions) | |
Long Holdings | $191,526 |
Short Holdings | $15,043 |
Price/Earnings Ratio (P/E) | |
Long Holdings | 16.9 |
Short Holdings | 17.5 |
Price/Book Ratio (P/B) | |
Long Holdings | 2.5 |
Short Holdings | 2.2 |
Portfolio Turnover Rate including short sales | 176% |
Portfolio Turnover Rate excluding short sales | 96% |
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 Health Care Fund (7/3/00) | 6.51% | 7.30% | 14.49% |
Dow Jones Global Health Care Index | 9.73% | 7.60% | 12.91% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Health2 | 4.98% | 6.99% | 14.93% |
Fund Expense Ratio3: 0.80% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 83 |
Weighted Average Market Cap (millions) | $127,676 |
Price/Earnings Ratio (P/E) | 22.1 |
Price/Book Ratio (P/B) | 4.9 |
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) | 7.08% | 3.30% | 6.09% |
MSCI EAFE® Index (Net)3 | 11.04% | 4.31% | 5.41% |
Fund Category: Morningstar Foreign Large Blend4 | 10.26% | 3.74% | 5.13% |
Fund Expense Ratios5: Net 0.86%; Gross 0.89% |
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 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 expense ratios during the period, refer to the financial highlights section of the financial statements. |
Number of Holdings | 178 |
Weighted Average Market Cap (millions) | $64,472 |
Price/Earnings Ratio (P/E) | 13.6 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 91% |
1 | This list is not a recommendation of any security by the investment adviser. |
2 | 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. |
Expense Ratio (Annualized)1 | Beginning Account Value at 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192 | |
Schwab Core Equity Fund | ||||
Actual Return | 0.73% | $1,000.00 | $1,029.20 | $3.73 |
Hypothetical 5% Return | 0.73% | $1,000.00 | $1,021.52 | $3.72 |
Schwab Dividend Equity Fund | ||||
Actual Return | 0.89% | $1,000.00 | $1,015.10 | $4.52 |
Hypothetical 5% Return | 0.89% | $1,000.00 | $1,020.71 | $4.53 |
Schwab Large-Cap Growth Fund | ||||
Actual Return | 0.99% | $1,000.00 | $1,021.50 | $5.04 |
Hypothetical 5% Return | 0.99% | $1,000.00 | $1,020.21 | $5.04 |
Schwab Small-Cap Equity Fund | ||||
Actual Return | 1.09% | $1,000.00 | $959.70 | $5.38 |
Hypothetical 5% Return | 1.09% | $1,000.00 | $1,019.71 | $5.55 |
Schwab Hedged Equity Fund3 | ||||
Actual Return | 2.01% | $1,000.00 | $985.40 | $10.06 |
Hypothetical 5% Return | 2.01% | $1,000.00 | $1,015.07 | $10.21 |
Schwab Health Care Fund | ||||
Actual Return | 0.80% | $1,000.00 | $1,052.50 | $4.14 |
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 | $1,008.00 | $4.35 |
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. |
2 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
3 | Schwab Hedged Equity Fund’s expense ratio includes non-recurring interest expense and dividend expenses paid on securities sold short. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $22.40 | $24.36 | $19.65 | $23.10 | $25.48 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.21 | 0.26 | 0.34 | 0.38 | 0.30 | |
Net realized and unrealized gains (losses) | 1.99 | 0.41 | 4.71 | (0.52) | 1.05 | |
Total from investment operations | 2.20 | 0.67 | 5.05 | (0.14) | 1.35 | |
Less distributions: | ||||||
Distributions from net investment income | (0.27) | (0.34) | (0.34) | (0.36) | (0.33) | |
Distributions from net realized gains | (2.46) | (2.29) | — | (2.95) | (3.40) | |
Total distributions | (2.73) | (2.63) | (0.34) | (3.31) | (3.73) | |
Net asset value at end of period | $21.87 | $22.40 | $24.36 | $19.65 | $23.10 | |
Total return | 12.02% | 2.71% | 26.00% | (0.50%) | 5.61% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.73% | 0.73% | 0.73% | 0.73% | 0.74% | |
Gross operating expenses | 0.73% | 0.73% | 0.74% | 0.73% | 0.74% | |
Net investment income (loss) | 1.01% | 1.12% | 1.53% | 1.93% | 1.29% | |
Portfolio turnover rate | 98% | 101% | 86% | 80% | 81% | |
Net assets, end of period (x 1,000,000) | $2,182 | $2,138 | $2,353 | $2,075 | $2,363 | |
Security | Number of Shares | Value ($) |
Common Stock99.8% of net assets | ||
Automobiles & Components 0.2% | ||
Lear Corp. | 39,169 | 4,612,933 |
Banks 4.2% | ||
Bank of America Corp. | 461,564 | 14,433,106 |
Citigroup, Inc. | 505,047 | 36,292,677 |
Fifth Third Bancorp | 95,621 | 2,780,659 |
JPMorgan Chase & Co. | 138,211 | 17,265,318 |
MGIC Investment Corp. | 240,001 | 3,290,414 |
Regions Financial Corp. | 667,615 | 10,748,602 |
The PNC Financial Services Group, Inc. | 19,566 | 2,870,332 |
Wells Fargo & Co. | 89,533 | 4,622,589 |
92,303,697 | ||
Capital Goods 7.1% | ||
Allison Transmission Holdings, Inc. | 695,390 | 30,325,958 |
AMETEK, Inc. | 173,614 | 15,911,723 |
Caterpillar, Inc. | 19,774 | 2,724,857 |
Dover Corp. | 184,818 | 19,200,742 |
Eaton Corp. plc | 91,851 | 8,001,141 |
HEICO Corp. | 66,591 | 8,213,334 |
Honeywell International, Inc. | 37,016 | 6,393,774 |
L3Harris Technologies, Inc. | 78,140 | 16,121,063 |
Lockheed Martin Corp. | 14,634 | 5,512,335 |
Masco Corp. | 322,190 | 14,901,287 |
Oshkosh Corp. | 197,499 | 16,862,465 |
Spirit AeroSystems Holdings, Inc., Class A | 52,407 | 4,287,941 |
Teledyne Technologies, Inc. * | 16,664 | 5,492,454 |
153,949,074 | ||
Commercial & Professional Services 0.8% | ||
Robert Half International, Inc. | 321,243 | 18,397,587 |
Consumer Durables & Apparel 1.4% | ||
LVMH Moet Hennessy Louis Vuitton SE ADR | 84,504 | 7,212,417 |
NIKE, Inc., Class B | 87,227 | 7,811,178 |
PulteGroup, Inc. | 391,089 | 15,346,332 |
30,369,927 | ||
Consumer Services 3.1% | ||
Darden Restaurants, Inc. | 94,898 | 10,654,199 |
Hilton Worldwide Holdings, Inc. | 141,129 | 13,683,868 |
Starbucks Corp. | 397,895 | 33,646,001 |
Wyndham Destinations, Inc. | 219,693 | 10,195,952 |
68,180,020 | ||
Diversified Financials 5.0% | ||
Ameriprise Financial, Inc. | 195,031 | 29,428,228 |
Capital One Financial Corp. | 269,781 | 25,157,078 |
Discover Financial Services | 143,175 | 11,491,225 |
E*TRADE Financial Corp. | 60,993 | 2,548,897 |
Security | Number of Shares | Value ($) |
LPL Financial Holdings, Inc. | 85,695 | 6,927,584 |
Morgan Stanley | 385,874 | 17,769,498 |
Synchrony Financial | 339,745 | 12,016,781 |
T. Rowe Price Group, Inc. | 39,138 | 4,532,180 |
109,871,471 | ||
Energy 3.9% | ||
Cabot Oil & Gas Corp. | 276,031 | 5,145,218 |
Chevron Corp. | 259,780 | 30,170,849 |
ConocoPhillips | 626,433 | 34,579,102 |
Valero Energy Corp. | 151,424 | 14,685,099 |
84,580,268 | ||
Food & Staples Retailing 2.0% | ||
Casey's General Stores, Inc. | 79,655 | 13,605,870 |
Sysco Corp. | 262,069 | 20,931,451 |
Walmart, Inc. | 71,514 | 8,385,732 |
42,923,053 | ||
Food, Beverage & Tobacco 4.1% | ||
Campbell Soup Co. | 372,165 | 17,234,961 |
General Mills, Inc. | 150,353 | 7,646,954 |
Nestle S.A. ADR | 136,034 | 14,577,403 |
PepsiCo, Inc. | 205,727 | 28,219,573 |
The JM Smucker Co. | 57,058 | 6,029,889 |
Tyson Foods, Inc., Class A | 201,086 | 16,647,910 |
90,356,690 | ||
Health Care Equipment & Services 6.8% | ||
Anthem, Inc. | 48,873 | 13,150,747 |
Cardinal Health, Inc. | 196,671 | 9,725,381 |
HCA Healthcare, Inc. | 126,581 | 16,903,627 |
Hill-Rom Holdings, Inc. | 282,113 | 29,534,410 |
Hologic, Inc. * | 434,420 | 20,986,830 |
McKesson Corp. | 172,939 | 23,000,887 |
Medtronic plc | 177,139 | 19,290,437 |
Molina Healthcare, Inc. * | 74,422 | 8,755,004 |
UnitedHealth Group, Inc. | 24,400 | 6,165,880 |
147,513,203 | ||
Household & Personal Products 0.7% | ||
Kimberly-Clark Corp. | 22,919 | 3,045,477 |
The Procter & Gamble Co. | 45,183 | 5,625,735 |
Unilever N.V. | 102,824 | 6,091,294 |
14,762,506 | ||
Insurance 3.1% | ||
Loews Corp. | 366,309 | 17,949,141 |
MetLife, Inc. | 634,341 | 29,680,815 |
The Allstate Corp. | 183,711 | 19,550,525 |
67,180,481 | ||
Security | Number of Shares | Value ($) |
Materials 3.2% | ||
Berry Global Group, Inc. * | 191,739 | 7,959,086 |
BHP Group plc ADR | 200,849 | 8,520,015 |
Celanese Corp. | 66,090 | 8,006,803 |
CF Industries Holdings, Inc. | 123,038 | 5,579,773 |
Reliance Steel & Aluminum Co. | 238,243 | 27,645,718 |
The Sherwin-Williams Co. | 22,448 | 12,847,439 |
70,558,834 | ||
Media & Entertainment 7.7% | ||
Activision Blizzard, Inc. | 177,420 | 9,940,843 |
Alphabet, Inc., Class A * | 61,329 | 77,200,945 |
Alphabet, Inc., Class C * | 9,569 | 12,057,993 |
Altice USA, Inc., Class A * | 207,516 | 6,422,620 |
Discovery, Inc., Class A * | 279,411 | 7,531,524 |
Facebook, Inc., Class A * | 161,776 | 31,004,370 |
Live Nation Entertainment, Inc. * | 190,061 | 13,399,300 |
Tencent Holdings Ltd. ADR | 134,940 | 5,465,070 |
Zynga, Inc., Class A * | 995,777 | 6,143,944 |
169,166,609 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.3% | ||
Agilent Technologies, Inc. | 71,961 | 5,451,046 |
Alexion Pharmaceuticals, Inc. * | 253,575 | 26,726,805 |
Amgen, Inc. | 43,428 | 9,261,021 |
Biogen, Inc. * | 62,801 | 18,759,287 |
Gilead Sciences, Inc. | 231,999 | 14,780,656 |
Jazz Pharmaceuticals plc * | 88,893 | 11,167,628 |
Johnson & Johnson | 147,135 | 19,427,705 |
Merck & Co., Inc. | 101,324 | 8,780,738 |
Novartis AG ADR | 425,360 | 37,193,478 |
Novo Nordisk A/S ADR | 48,612 | 2,684,355 |
Roche Holding AG ADR | 114,207 | 4,296,467 |
158,529,186 | ||
Real Estate 3.5% | ||
American Tower Corp. | 157,143 | 34,269,745 |
Boston Properties, Inc. | 222,818 | 30,570,630 |
Medical Properties Trust, Inc. | 252,385 | 5,231,941 |
PS Business Parks, Inc. | 29,221 | 5,275,852 |
75,348,168 | ||
Retailing 6.5% | ||
Amazon.com, Inc. * | 39,203 | 69,650,402 |
AutoZone, Inc. * | 23,552 | 26,952,438 |
Booking Holdings, Inc. * | 4,218 | 8,641,712 |
eBay, Inc. | 247,283 | 8,716,726 |
Expedia Group, Inc. | 94,790 | 12,954,001 |
Target Corp. | 55,109 | 5,891,703 |
The Home Depot, Inc. | 40,247 | 9,441,141 |
142,248,123 | ||
Semiconductors & Semiconductor Equipment 2.6% | ||
Intel Corp. | 500,189 | 28,275,684 |
Lam Research Corp. | 67,714 | 18,353,203 |
Qorvo, Inc. * | 86,416 | 6,987,598 |
Xilinx, Inc. | 35,072 | 3,182,433 |
56,798,918 | ||
Security | Number of Shares | Value ($) |
Software & Services 13.8% | ||
Accenture plc, Class A | 47,355 | 8,780,564 |
Akamai Technologies, Inc. * | 176,498 | 15,267,077 |
Amdocs Ltd. | 111,418 | 7,264,454 |
Automatic Data Processing, Inc. | 40,802 | 6,619,309 |
Booz Allen Hamilton Holding Corp. | 195,625 | 13,766,131 |
Cadence Design Systems, Inc. * | 167,141 | 10,922,664 |
Genpact Ltd. | 158,319 | 6,201,355 |
Mastercard, Inc., Class A | 55,148 | 15,265,518 |
MAXIMUS, Inc. | 174,789 | 13,413,308 |
Microsoft Corp. | 909,805 | 130,438,743 |
Oracle Corp. | 177,066 | 9,648,326 |
PayPal Holdings, Inc. * | 169,623 | 17,657,754 |
VeriSign, Inc. * | 142,258 | 27,031,865 |
Visa, Inc., Class A | 105,461 | 18,862,755 |
301,139,823 | ||
Technology Hardware & Equipment 6.6% | ||
Apple, Inc. | 450,694 | 112,114,640 |
CDW Corp. | 48,285 | 6,176,134 |
HP, Inc. | 230,008 | 3,995,239 |
Jabil, Inc. | 271,150 | 9,983,743 |
Keysight Technologies, Inc. * | 118,899 | 11,998,098 |
144,267,854 | ||
Telecommunication Services 0.9% | ||
AT&T, Inc. | 256,157 | 9,859,483 |
Verizon Communications, Inc. | 156,526 | 9,465,127 |
19,324,610 | ||
Transportation 0.5% | ||
Norfolk Southern Corp. | 15,832 | 2,881,424 |
United Airlines Holdings, Inc. * | 77,851 | 7,071,985 |
9,953,409 | ||
Utilities 4.8% | ||
Exelon Corp. | 827,830 | 37,657,987 |
IDACORP, Inc. | 114,857 | 12,360,910 |
NRG Energy, Inc. | 703,293 | 28,216,115 |
Portland General Electric Co. | 284,854 | 16,202,495 |
UGI Corp. | 207,331 | 9,883,469 |
104,320,976 | ||
Total Common Stock | ||
(Cost $1,703,725,390) | 2,176,657,420 | |
Other Investment Company0.0% of net assets | ||
Money Market Fund 0.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(a) | 879,481 | 879,481 |
Total Other Investment Company | ||
(Cost $879,481) | 879,481 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
ADR — | American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $2,176,657,420 | $— | $— | $2,176,657,420 | |
Other Investment Company1 | 879,481 | — | — | 879,481 | |
Total | $2,177,536,901 | $— | $— | $2,177,536,901 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $1,704,604,871) | $2,177,536,901 | |
Deposit with broker for futures contracts | 3,300,000 | |
Receivables: | ||
Investments sold | 4,340,436 | |
Dividends | 1,266,261 | |
Fund shares sold | 97,357 | |
Foreign tax reclaims | 6,638 | |
Prepaid expenses | + | 19,143 |
Total assets | 2,186,566,736 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,982,421 | |
Investment adviser and administrator fees | 853,143 | |
Shareholder service fees | 444,600 | |
Independent trustees’ fees | 14 | |
Fund shares redeemed | 1,095,405 | |
Accrued expenses | + | 147,040 |
Total liabilities | 4,522,623 | |
Net Assets | ||
Total assets | 2,186,566,736 | |
Total liabilities | – | 4,522,623 |
Net assets | $2,182,044,113 | |
Net Assets by Source | ||
Capital received from investors | 1,650,628,660 | |
Total distributable earnings | 531,415,453 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,182,044,113 | 99,795,452 | $21.87 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $22,335) | $37,171,483 | |
Securities on loan, net | + | 44,251 |
Total investment income | 37,215,734 | |
Expenses | ||
Investment adviser and administrator fees | 10,055,962 | |
Shareholder service fees | 5,221,155 | |
Portfolio accounting fees | 77,139 | |
Custodian fees | 52,913 | |
Shareholder reports | 45,572 | |
Transfer agent fees | 40,861 | |
Professional fees | 38,549 | |
Registration fees | 36,423 | |
Independent trustees’ fees | 18,842 | |
Other expenses | + | 35,339 |
Total expenses | 15,622,755 | |
Expense reduction by CSIM and its affiliates | – | 40,861 |
Net expenses | – | 15,581,894 |
Net investment income | 21,633,840 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 44,492,163 | |
Net realized gains on futures contracts | + | 1,136,930 |
Net realized gains | 45,629,093 | |
Net change in unrealized appreciation (depreciation) on investments | + | 179,996,703 |
Net realized and unrealized gains | 225,625,796 | |
Increase in net assets resulting from operations | $247,259,636 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $21,633,840 | $26,089,047 | ||
Net realized gains | 45,629,093 | 232,323,847 | ||
Net change in unrealized appreciation (depreciation) | + | 179,996,703 | (184,772,120) | |
Increase in net assets from operations | 247,259,636 | 73,640,774 | ||
Distributions to Shareholders | ||||
Total distributions | ($258,813,892) | ($252,002,689) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 11,415,378 | $217,630,660 | 5,037,106 | $115,966,940 | ||||
Shares reinvested | 10,439,291 | 193,753,240 | 8,268,646 | 186,127,214 | ||||
Shares redeemed | + | (17,535,305) | (356,277,403) | (14,419,212) | (338,357,426) | |||
Net transactions in fund shares | 4,319,364 | $55,106,497 | (1,113,460) | ($36,263,272) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 95,476,088 | $2,138,491,872 | 96,589,548 | $2,353,117,059 | ||||
Total increase or decrease | + | 4,319,364 | 43,552,241 | (1,113,460) | (214,625,187) | |||
End of period | 99,795,452 | $2,182,044,113 | 95,476,088 | $2,138,491,872 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.43 | $17.21 | $14.39 | $16.43 | $19.17 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.23 | 0.22 | 0.29 | 0.31 | 0.29 | |
Net realized and unrealized gains (losses) | 0.93 | (0.27) | 2.75 | (0.29) | (0.21) | |
Total from investment operations | 1.16 | (0.05) | 3.04 | 0.02 | 0.08 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.30) | (0.22) | (0.32) | (0.27) | |
Distributions from net realized gains | (1.28) | (1.43) | — | (1.74) | (2.55) | |
Total distributions | (1.52) | (1.73) | (0.22) | (2.06) | (2.82) | |
Net asset value at end of period | $15.07 | $15.43 | $17.21 | $14.39 | $16.43 | |
Total return | 8.78% | (0.63%) | 21.19% | 0.26% | 0.12% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.89% | 0.88% | 0.88% | 0.88% | 0.88% | |
Gross operating expenses | 0.89% | 0.88% | 0.88% | 0.89% | 0.88% | |
Net investment income (loss) | 1.58% | 1.36% | 1.78% | 2.18% | 1.71% | |
Portfolio turnover rate | 70% | 79% | 70% | 74% | 73% | |
Net assets, end of period (x 1,000,000) | $847 | $1,249 | $1,469 | $1,560 | $1,872 | |
Security | Number of Shares | Value ($) |
Common Stock99.8% of net assets | ||
Banks 10.8% | ||
Bank of America Corp. | 76,267 | 2,384,869 |
CIT Group, Inc. | 176,428 | 7,566,997 |
Citigroup, Inc. | 330,136 | 23,723,573 |
JPMorgan Chase & Co. | 206,173 | 25,755,131 |
MGIC Investment Corp. | 488,053 | 6,691,207 |
Popular, Inc. | 15,000 | 816,900 |
Regions Financial Corp. | 911,618 | 14,677,050 |
The PNC Financial Services Group, Inc. | 64,826 | 9,509,974 |
91,125,701 | ||
Capital Goods 6.7% | ||
Allison Transmission Holdings, Inc. | 321,049 | 14,000,947 |
Builders FirstSource, Inc. * | 232,890 | 5,265,643 |
Cummins, Inc. | 12,597 | 2,172,730 |
Dover Corp. | 80,358 | 8,348,392 |
Illinois Tool Works, Inc. | 5,715 | 963,435 |
L3Harris Technologies, Inc. | 7,870 | 1,623,660 |
Lockheed Martin Corp. | 9,138 | 3,442,102 |
Masco Corp. | 281,183 | 13,004,714 |
Parker-Hannifin Corp. | 13,385 | 2,456,014 |
Spirit AeroSystems Holdings, Inc., Class A | 25,424 | 2,080,192 |
W.W. Grainger, Inc. | 9,960 | 3,076,046 |
56,433,875 | ||
Commercial & Professional Services 1.4% | ||
ManpowerGroup, Inc. | 98,455 | 8,951,528 |
Nielsen Holdings plc | 60,000 | 1,209,600 |
Robert Half International, Inc. | 27,474 | 1,573,436 |
11,734,564 | ||
Consumer Durables & Apparel 0.9% | ||
Hanesbrands, Inc. | 112,318 | 1,708,357 |
PulteGroup, Inc. | 73,551 | 2,886,141 |
Whirlpool Corp. | 21,501 | 3,270,732 |
7,865,230 | ||
Consumer Services 3.0% | ||
Hilton Worldwide Holdings, Inc. | 38,410 | 3,724,233 |
International Game Technology plc | 343,004 | 4,541,373 |
Starbucks Corp. | 144,677 | 12,233,887 |
Wyndham Destinations, Inc. | 97,809 | 4,539,316 |
25,038,809 | ||
Diversified Financials 8.8% | ||
Affiliated Managers Group, Inc. | 57,973 | 4,630,883 |
Ameriprise Financial, Inc. | 69,650 | 10,509,489 |
Berkshire Hathaway, Inc., Class B * | 44,855 | 9,535,276 |
Capital One Financial Corp. | 171,838 | 16,023,893 |
Discover Financial Services | 37,254 | 2,990,006 |
Evercore, Inc., Class A | 42,004 | 3,093,175 |
Security | Number of Shares | Value ($) |
Legg Mason, Inc. | 41,777 | 1,556,611 |
Morgan Stanley | 226,119 | 10,412,780 |
MSCI, Inc. | 4,168 | 977,646 |
Navient Corp. | 274,260 | 3,776,560 |
Synchrony Financial | 253,852 | 8,978,745 |
T. Rowe Price Group, Inc. | 15,396 | 1,782,857 |
74,267,921 | ||
Energy 8.5% | ||
Chevron Corp. | 259,600 | 30,149,944 |
ConocoPhillips | 320,755 | 17,705,676 |
CVR Energy, Inc. | 57,086 | 2,707,018 |
Exxon Mobil Corp. | 268,269 | 18,126,936 |
Helmerich & Payne, Inc. | 10,995 | 412,313 |
Patterson-UTI Energy, Inc. | 13,402 | 111,505 |
Valero Energy Corp. | 32,396 | 3,141,764 |
72,355,156 | ||
Food & Staples Retailing 0.4% | ||
Koninklijke Ahold Delhaize N.V. ADR | 79,065 | 1,967,928 |
Walmart, Inc. | 14,480 | 1,697,925 |
3,665,853 | ||
Food, Beverage & Tobacco 5.1% | ||
Campbell Soup Co. | 153,815 | 7,123,173 |
Coca-Cola Consolidated, Inc. | 6,012 | 1,649,452 |
Flowers Foods, Inc. | 207,041 | 4,496,930 |
Ingredion, Inc. | 43,937 | 3,471,023 |
Nestle S.A. ADR | 41,817 | 4,481,110 |
PepsiCo, Inc. | 85,246 | 11,693,194 |
Philip Morris International, Inc. | 42,441 | 3,456,395 |
The JM Smucker Co. | 47,367 | 5,005,744 |
Tyson Foods, Inc., Class A | 22,243 | 1,841,498 |
43,218,519 | ||
Health Care Equipment & Services 4.9% | ||
Cardinal Health, Inc. | 99,501 | 4,920,325 |
HCA Healthcare, Inc. | 53,906 | 7,198,607 |
Hill-Rom Holdings, Inc. | 29,138 | 3,050,457 |
Hologic, Inc. * | 17,402 | 840,691 |
McKesson Corp. | 65,604 | 8,725,332 |
Medtronic plc | 156,129 | 17,002,448 |
41,737,860 | ||
Household & Personal Products 2.2% | ||
Kimberly-Clark Corp. | 57,201 | 7,600,869 |
The Procter & Gamble Co. | 85,905 | 10,696,031 |
18,296,900 | ||
Insurance 5.1% | ||
Allianz SE ADR | 79,896 | 1,950,261 |
First American Financial Corp. | 42,059 | 2,598,405 |
Loews Corp. | 96,409 | 4,724,041 |
Security | Number of Shares | Value ($) |
MetLife, Inc. | 358,458 | 16,772,250 |
The Allstate Corp. | 162,809 | 17,326,134 |
43,371,091 | ||
Materials 4.8% | ||
Axalta Coating Systems Ltd. * | 90,295 | 2,662,800 |
BHP Group plc ADR | 99,711 | 4,229,741 |
Celanese Corp. | 40,003 | 4,846,363 |
CF Industries Holdings, Inc. | 28,039 | 1,271,569 |
NewMarket Corp. | 23,311 | 11,317,257 |
PPG Industries, Inc. | 43,318 | 5,419,948 |
Reliance Steel & Aluminum Co. | 49,126 | 5,700,581 |
Steel Dynamics, Inc. | 109,032 | 3,310,211 |
The Sherwin-Williams Co. | 2,987 | 1,709,520 |
40,467,990 | ||
Media & Entertainment 4.1% | ||
Activision Blizzard, Inc. | 16,225 | 909,087 |
Alphabet, Inc., Class A * | 1,843 | 2,319,968 |
Altice USA, Inc., Class A * | 182,269 | 5,641,225 |
Cinemark Holdings, Inc. | 98,391 | 3,601,111 |
Comcast Corp., Class A | 56,035 | 2,511,489 |
Discovery, Inc., Class A * | 120,308 | 3,242,902 |
Live Nation Entertainment, Inc. * | 34,096 | 2,403,768 |
Meredith Corp. | 23,708 | 893,792 |
Sinclair Broadcast Group, Inc., Class A | 47,819 | 1,905,109 |
The Interpublic Group of Cos., Inc. | 286,905 | 6,240,184 |
Viacom, Inc., Class B | 231,015 | 4,980,683 |
34,649,318 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.9% | ||
Alexion Pharmaceuticals, Inc. * | 24,547 | 2,587,254 |
Amgen, Inc. | 13,108 | 2,795,281 |
Biogen, Inc. * | 11,028 | 3,294,174 |
Gilead Sciences, Inc. | 91,816 | 5,849,597 |
GlaxoSmithKline plc ADR | 9,841 | 450,718 |
Johnson & Johnson | 115,725 | 15,280,329 |
Novartis AG ADR | 24,356 | 2,129,689 |
Novo Nordisk A/S ADR | 50,771 | 2,803,574 |
Pfizer, Inc. | 183,778 | 7,051,562 |
Regeneron Pharmaceuticals, Inc. * | 9,204 | 2,819,001 |
Roche Holding AG ADR | 348,632 | 13,115,536 |
58,176,715 | ||
Real Estate 6.9% | ||
Alexander & Baldwin, Inc. | 144,845 | 3,405,306 |
American Tower Corp. | 69,667 | 15,192,979 |
Boston Properties, Inc. | 73,706 | 10,112,463 |
Brandywine Realty Trust | 324,769 | 4,962,470 |
Colony Capital, Inc. | 245,021 | 1,372,118 |
EPR Properties | 21,000 | 1,633,590 |
Equity LifeStyle Properties, Inc. | 39,974 | 2,795,782 |
First Industrial Realty Trust, Inc. | 46,784 | 1,970,074 |
Gaming & Leisure Properties, Inc. | 30,880 | 1,246,317 |
Outfront Media, Inc. | 21,422 | 563,613 |
Park Hotels & Resorts, Inc. | 85,641 | 1,991,153 |
PS Business Parks, Inc. | 60,970 | 11,008,134 |
Retail Properties of America, Inc., Class A | 36,696 | 504,937 |
VEREIT, Inc. | 173,547 | 1,707,702 |
58,466,638 | ||
Security | Number of Shares | Value ($) |
Retailing 0.5% | ||
Best Buy Co., Inc. | 34,440 | 2,473,825 |
Target Corp. | 15,026 | 1,606,430 |
4,080,255 | ||
Semiconductors & Semiconductor Equipment 2.1% | ||
Broadcom, Inc. | 11,549 | 3,382,125 |
Intel Corp. | 262,105 | 14,816,795 |
18,198,920 | ||
Software & Services 2.2% | ||
Amdocs Ltd. | 32,321 | 2,107,329 |
International Business Machines Corp. | 6,356 | 849,988 |
MAXIMUS, Inc. | 12,542 | 962,473 |
Microsoft Corp. | 25,988 | 3,725,900 |
VeriSign, Inc. * | 57,295 | 10,887,196 |
18,532,886 | ||
Technology Hardware & Equipment 3.3% | ||
Apple, Inc. | 15,331 | 3,813,739 |
Cisco Systems, Inc. | 258,919 | 12,301,242 |
HP, Inc. | 390,361 | 6,780,571 |
Jabil, Inc. | 47,671 | 1,755,246 |
Keysight Technologies, Inc. * | 26,997 | 2,724,267 |
Sanmina Corp. * | 23,667 | 727,287 |
28,102,352 | ||
Telecommunication Services 2.9% | ||
AT&T, Inc. | 243,366 | 9,367,157 |
BT Group plc | 190,720 | 506,143 |
CenturyLink, Inc. | 251,622 | 3,255,989 |
Telephone & Data Systems, Inc. | 28,040 | 731,564 |
Verizon Communications, Inc. | 174,248 | 10,536,777 |
24,397,630 | ||
Transportation 0.8% | ||
Delta Air Lines, Inc. | 65,717 | 3,619,692 |
Southwest Airlines Co. | 61,107 | 3,429,936 |
7,049,628 | ||
Utilities 7.5% | ||
AES Corp. | 106,354 | 1,813,336 |
Exelon Corp. | 394,296 | 17,936,525 |
IDACORP, Inc. | 48,280 | 5,195,894 |
NRG Energy, Inc. | 421,582 | 16,913,870 |
Portland General Electric Co. | 285,239 | 16,224,394 |
UGI Corp. | 115,893 | 5,524,619 |
63,608,638 | ||
Total Common Stock | ||
(Cost $721,563,424) | 844,842,449 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.3% of net assets | ||
Time Deposit 0.3% | ||
Citibank | ||
1.18%, 11/01/19(a) | 2,904,772 | 2,904,772 |
Total Short-Term Investment | ||
(Cost $2,904,772) | 2,904,772 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $820,444,819 | $— | $— | $820,444,819 | |
Telecommunication Services | 23,891,487 | 506,143 | — | 24,397,630 | |
Short-Term Investment1 | — | 2,904,772 | — | 2,904,772 | |
Total | $844,336,306 | $3,410,915 | $— | $847,747,221 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $724,468,196) | $847,747,221 | |
Receivables: | ||
Dividends | 733,313 | |
Fund shares sold | 556,887 | |
Foreign tax reclaims | 15,019 | |
Income from securities on loan | 94 | |
Interest | 83 | |
Prepaid expenses | + | 19,228 |
Total assets | 849,071,845 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,047,123 | |
Investment adviser and administrator fees | 441,458 | |
Shareholder service fees | 170,546 | |
Independent trustees’ fees | 9 | |
Fund shares redeemed | 353,834 | |
Accrued expenses | + | 104,170 |
Total liabilities | 2,117,140 | |
Net Assets | ||
Total assets | 849,071,845 | |
Total liabilities | – | 2,117,140 |
Net assets | $846,954,705 | |
Net Assets by Source | ||
Capital received from investors | 679,823,303 | |
Total distributable earnings | 167,131,402 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$846,954,705 | 56,193,727 | $15.07 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $19,668) | $23,246,124 | |
Interest | 55,187 | |
Securities on loan, net | + | 1,660 |
Total investment income | 23,302,971 | |
Expenses | ||
Investment adviser and administrator fees | 5,850,081 | |
Shareholder service fees | 2,268,274 | |
Portfolio accounting fees | 69,504 | |
Custodian fees | 40,060 | |
Professional fees | 37,156 | |
Registration fees | 30,364 | |
Transfer agent fees | 25,201 | |
Shareholder reports | 24,757 | |
Independent trustees’ fees | 12,924 | |
Other expenses | + | 25,445 |
Total expenses | 8,383,766 | |
Expense reduction by CSIM and its affiliates | – | 25,201 |
Net expenses | – | 8,358,565 |
Net investment income | 14,944,406 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 41,885,822 | |
Net realized gains on futures contracts | + | 1,770,698 |
Net realized gains | 43,656,520 | |
Net change in unrealized appreciation (depreciation) on investments | + | 7,941,778 |
Net realized and unrealized gains | 51,598,298 | |
Increase in net assets resulting from operations | $66,542,704 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $14,944,406 | $19,019,115 | ||
Net realized gains | 43,656,520 | 100,779,824 | ||
Net change in unrealized appreciation (depreciation) | + | 7,941,778 | (119,244,775) | |
Increase in net assets from operations | 66,542,704 | 554,164 | ||
Distributions to Shareholders | ||||
Total distributions | ($116,674,245) | ($146,370,393) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,035,151 | $55,294,907 | 4,465,871 | $72,752,175 | ||||
Shares reinvested | 5,687,633 | 76,661,106 | 5,882,999 | 95,048,975 | ||||
Shares redeemed | + | (34,473,540) | (483,993,577) | (14,759,098) | (242,239,003) | |||
Net transactions in fund shares | (24,750,756) | ($352,037,564) | (4,410,228) | ($74,437,853) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 80,944,483 | $1,249,123,810 | 85,354,711 | $1,469,377,892 | ||||
Total decrease | + | (24,750,756) | (402,169,105) | (4,410,228) | (220,254,082) | |||
End of period | 56,193,727 | $846,954,705 | 80,944,483 | $1,249,123,810 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.04 | $18.65 | $15.20 | $17.68 | $18.38 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.06 | 0.06 | 0.08 | 0.20 | 0.13 | |
Net realized and unrealized gains (losses) | 1.79 | 0.75 | 4.04 | (0.12) | 1.08 | |
Total from investment operations | 1.85 | 0.81 | 4.12 | 0.08 | 1.21 | |
Less distributions: | ||||||
Distributions from net investment income | (0.07) | (0.07) | (0.17) | (0.20) | (0.09) | |
Distributions from net realized gains | (1.75) | (1.35) | (0.50) | (2.36) | (1.82) | |
Total distributions | (1.82) | (1.42) | (0.67) | (2.56) | (1.91) | |
Net asset value at end of period | $18.07 | $18.04 | $18.65 | $15.20 | $17.68 | |
Total return | 12.18% | 4.46% | 28.10% | 0.54% | 7.00% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.99% | 0.99% | 0.99% | 1.00%2 | 0.99% | |
Gross operating expenses | 1.03% | 1.02% | 1.04% | 1.04% | 1.03% | |
Net investment income (loss) | 0.34% | 0.30% | 0.48% | 1.32% | 0.75% | |
Portfolio turnover rate | 67% | 88% | 81% | 84% | 90% | |
Net assets, end of period (x 1,000,000) | $181 | $243 | $257 | $219 | $251 | |
Security | Number of Shares | Value ($) |
Common Stock99.7% of net assets | ||
Banks 1.1% | ||
Essent Group Ltd. | 3,223 | 167,886 |
MGIC Investment Corp. | 107,752 | 1,477,280 |
Regions Financial Corp. | 24,104 | 388,075 |
2,033,241 | ||
Capital Goods 6.2% | ||
Allison Transmission Holdings, Inc. | 68,015 | 2,966,134 |
Dover Corp. | 11,198 | 1,163,360 |
Honeywell International, Inc. | 4,917 | 849,313 |
Lockheed Martin Corp. | 4,578 | 1,724,441 |
Masco Corp. | 25,611 | 1,184,509 |
MasTec, Inc. * | 20,533 | 1,292,347 |
Oshkosh Corp. | 15,639 | 1,335,258 |
Spirit AeroSystems Holdings, Inc., Class A | 8,307 | 679,679 |
11,195,041 | ||
Commercial & Professional Services 0.7% | ||
Robert Half International, Inc. | 13,890 | 795,480 |
Waste Management, Inc. | 4,159 | 466,682 |
1,262,162 | ||
Consumer Durables & Apparel 0.6% | ||
NIKE, Inc., Class B | 6,613 | 592,194 |
Sony Corp. ADR | 8,976 | 546,010 |
1,138,204 | ||
Consumer Services 2.5% | ||
Darden Restaurants, Inc. | 6,229 | 699,330 |
Hilton Worldwide Holdings, Inc. | 12,979 | 1,258,444 |
Starbucks Corp. | 31,103 | 2,630,069 |
4,587,843 | ||
Diversified Financials 2.4% | ||
Ameriprise Financial, Inc. | 5,266 | 794,587 |
E*TRADE Financial Corp. | 20,759 | 867,519 |
Evercore, Inc., Class A | 6,050 | 445,522 |
MSCI, Inc. | 2,842 | 666,619 |
Synchrony Financial | 5,248 | 185,622 |
T. Rowe Price Group, Inc. | 11,395 | 1,319,541 |
4,279,410 | ||
Energy 1.0% | ||
Chevron Corp. | 3,597 | 417,755 |
ConocoPhillips | 25,028 | 1,381,546 |
1,799,301 | ||
Security | Number of Shares | Value ($) |
Food, Beverage & Tobacco 3.8% | ||
Campbell Soup Co. | 20,481 | 948,475 |
Flowers Foods, Inc. | 56,207 | 1,220,816 |
Nestle S.A. ADR | 6,618 | 709,185 |
PepsiCo, Inc. | 28,588 | 3,921,416 |
6,799,892 | ||
Health Care Equipment & Services 7.2% | ||
Cardinal Health, Inc. | 8,800 | 435,160 |
Edwards Lifesciences Corp. * | 2,198 | 523,959 |
HCA Healthcare, Inc. | 4,666 | 623,098 |
Hill-Rom Holdings, Inc. | 18,000 | 1,884,420 |
Hologic, Inc. * | 51,114 | 2,469,317 |
McKesson Corp. | 5,742 | 763,686 |
Medtronic plc | 11,067 | 1,205,196 |
Omnicell, Inc. * | 5,483 | 385,948 |
Steris plc | 3,801 | 538,108 |
The Cooper Cos., Inc. | 2,229 | 648,639 |
UnitedHealth Group, Inc. | 12,186 | 3,079,402 |
Veeva Systems, Inc., Class A * | 3,397 | 481,797 |
13,038,730 | ||
Household & Personal Products 0.3% | ||
Unilever N.V. | 8,839 | 523,622 |
Materials 0.7% | ||
Berry Global Group, Inc. * | 19,491 | 809,071 |
CF Industries Holdings, Inc. | 9,313 | 422,345 |
1,231,416 | ||
Media & Entertainment 11.4% | ||
Alphabet, Inc., Class A * | 7,673 | 9,658,773 |
Altice USA, Inc., Class A * | 45,215 | 1,399,404 |
Comcast Corp., Class A | 19,328 | 866,281 |
Discovery, Inc., Class A * | 31,269 | 842,856 |
Facebook, Inc., Class A * | 26,851 | 5,145,994 |
Live Nation Entertainment, Inc. * | 14,548 | 1,025,634 |
Netflix, Inc. * | 2,213 | 636,038 |
Nintendo Co. Ltd | 7,275 | 338,433 |
Tencent Holdings Ltd. ADR | 17,936 | 726,408 |
20,639,821 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||
Agilent Technologies, Inc. | 8,760 | 663,570 |
Alexion Pharmaceuticals, Inc. * | 25,918 | 2,731,757 |
Amgen, Inc. | 5,305 | 1,131,291 |
Biogen, Inc. * | 5,303 | 1,584,059 |
Charles River Laboratories International, Inc. * | 2,478 | 322,091 |
Jazz Pharmaceuticals plc * | 3,368 | 423,122 |
Novartis AG ADR | 18,757 | 1,640,112 |
Novo Nordisk A/S ADR | 20,913 | 1,154,816 |
PRA Health Sciences, Inc. * | 7,932 | 775,036 |
Security | Number of Shares | Value ($) |
Regeneron Pharmaceuticals, Inc. * | 2,915 | 892,806 |
Roche Holding AG ADR | 53,720 | 2,020,946 |
13,339,606 | ||
Real Estate 3.1% | ||
American Tower Corp. | 10,290 | 2,244,043 |
Boston Properties, Inc. | 13,844 | 1,899,397 |
Equinix, Inc. | 655 | 371,241 |
PS Business Parks, Inc. | 6,199 | 1,119,229 |
5,633,910 | ||
Retailing 10.3% | ||
Amazon.com, Inc. * | 6,762 | 12,013,775 |
AutoZone, Inc. * | 1,198 | 1,370,967 |
Best Buy Co., Inc. | 14,403 | 1,034,568 |
Expedia Group, Inc. | 4,110 | 561,673 |
The Home Depot, Inc. | 15,328 | 3,595,642 |
18,576,625 | ||
Semiconductors & Semiconductor Equipment 3.7% | ||
Broadcom, Inc. | 2,686 | 786,595 |
Lam Research Corp. | 7,641 | 2,071,017 |
NVIDIA Corp. | 4,051 | 814,332 |
Teradyne, Inc. | 7,901 | 483,699 |
Texas Instruments, Inc. | 16,794 | 1,981,524 |
Xilinx, Inc. | 6,196 | 562,225 |
6,699,392 | ||
Software & Services 24.6% | ||
Accenture plc, Class A | 6,380 | 1,182,980 |
Adobe, Inc. * | 5,978 | 1,661,466 |
Akamai Technologies, Inc. * | 18,618 | 1,610,457 |
Amdocs Ltd. | 10,891 | 710,093 |
Autodesk, Inc. * | 5,852 | 862,351 |
Booz Allen Hamilton Holding Corp. | 25,574 | 1,799,642 |
Cadence Design Systems, Inc. * | 23,444 | 1,532,065 |
Citrix Systems, Inc. | 2,013 | 219,135 |
Genpact Ltd. | 14,987 | 587,041 |
Intuit, Inc. | 5,029 | 1,294,968 |
j2 Global, Inc. | 5,792 | 550,008 |
Mastercard, Inc., Class A | 11,525 | 3,190,235 |
MAXIMUS, Inc. | 15,763 | 1,209,653 |
Microsoft Corp. | 103,916 | 14,898,437 |
Nuance Communications, Inc. * | 32,123 | 524,247 |
Oracle Corp. | 17,656 | 962,075 |
Security | Number of Shares | Value ($) |
PayPal Holdings, Inc. * | 23,779 | 2,475,394 |
Proofpoint, Inc. * | 3,022 | 348,648 |
ServiceNow, Inc. * | 3,818 | 944,039 |
SS&C Technologies Holdings, Inc. | 22,872 | 1,189,573 |
Synopsys, Inc. * | 4,749 | 644,677 |
VeriSign, Inc. * | 14,565 | 2,767,641 |
Visa, Inc., Class A | 18,825 | 3,367,039 |
44,531,864 | ||
Technology Hardware & Equipment 10.8% | ||
Apple, Inc. | 62,503 | 15,548,247 |
Cisco Systems, Inc. | 43,969 | 2,088,967 |
Jabil, Inc. | 17,605 | 648,216 |
Keysight Technologies, Inc. * | 11,368 | 1,147,145 |
19,432,575 | ||
Transportation 1.3% | ||
Southwest Airlines Co. | 11,999 | 673,504 |
Union Pacific Corp. | 10,096 | 1,670,484 |
2,343,988 | ||
Utilities 0.6% | ||
Exelon Corp. | 13,746 | 625,306 |
NRG Energy, Inc. | 13,037 | 523,044 |
1,148,350 | ||
Total Common Stock | ||
(Cost $123,392,518) | 180,234,993 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposit 0.5% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(a) | 903,413 | 903,413 |
Total Short-Term Investment | ||
(Cost $903,413) | 903,413 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $180,234,993 | $— | $— | $180,234,993 | |
Short-Term Investment1 | — | 903,413 | — | 903,413 | |
Total | $180,234,993 | $903,413 | $— | $181,138,406 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $124,295,931) | $181,138,406 | |
Receivables: | ||
Investments sold | 90,702 | |
Fund shares sold | 300,725 | |
Dividends | 50,741 | |
Foreign tax reclaims | 1,432 | |
Interest | 30 | |
Prepaid expenses | + | 14,631 |
Total assets | 181,596,667 | |
Liabilities | ||
Payables: | ||
Investments bought | 498,212 | |
Investment adviser and administrator fees | 103,080 | |
Shareholder service fees | 36,164 | |
Independent trustees’ fees | 7 | |
Fund shares redeemed | 100,529 | |
Accrued expenses | + | 49,933 |
Total liabilities | 787,925 | |
Net Assets | ||
Total assets | 181,596,667 | |
Total liabilities | – | 787,925 |
Net assets | $180,808,742 | |
Net Assets by Source | ||
Capital received from investors | 114,495,291 | |
Total distributable earnings | 66,313,451 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$180,808,742 | 10,004,676 | $18.07 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $2,996) | $2,269,090 | |
Interest | 23,956 | |
Securities on loan, net | + | 256,462 |
Total investment income | 2,549,508 | |
Expenses | ||
Investment adviser and administrator fees | 1,374,929 | |
Shareholder service fees | 457,748 | |
Professional fees | 36,104 | |
Portfolio accounting fees | 27,245 | |
Registration fees | 27,228 | |
Custodian fees | 14,381 | |
Shareholder reports | 11,598 | |
Transfer agent fees | 9,543 | |
Independent trustees’ fees | 8,926 | |
Other expenses | + | 7,394 |
Total expenses | 1,975,096 | |
Expense reduction by CSIM and its affiliates | – | 84,017 |
Net expenses | – | 1,891,079 |
Net investment income | 658,429 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 9,087,973 | |
Net realized gains on futures contracts | + | 178,599 |
Net realized gains | 9,266,572 | |
Net change in unrealized appreciation (depreciation) on investments | 8,596,113 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 90,126 |
Net change in unrealized appreciation (depreciation) | + | 8,686,239 |
Net realized and unrealized gains | 17,952,811 | |
Increase in net assets resulting from operations | $18,611,240 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $658,429 | $787,740 | ||
Net realized gains | 9,266,572 | 23,386,823 | ||
Net change in unrealized appreciation (depreciation) | + | 8,686,239 | (12,202,184) | |
Increase in net assets from operations | 18,611,240 | 11,972,379 | ||
Distributions to Shareholders | ||||
Total distributions | ($24,256,179) | ($19,458,886) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,083,640 | $17,768,963 | 1,778,882 | $33,172,055 | ||||
Shares reinvested | 1,033,263 | 15,729,023 | 679,342 | 12,058,316 | ||||
Shares redeemed | + | (5,570,871) | (89,814,641) | (2,772,143) | (51,802,580) | |||
Net transactions in fund shares | (3,453,968) | ($56,316,655) | (313,919) | ($6,572,209) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 13,458,644 | $242,770,336 | 13,772,563 | $256,829,052 | ||||
Total decrease | + | (3,453,968) | (61,961,594) | (313,919) | (14,058,716) | |||
End of period | 10,004,676 | $180,808,742 | 13,458,644 | $242,770,336 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $20.87 | $23.58 | $18.81 | $21.19 | $25.11 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.02 | 0.01 | (0.00)2 | 0.07 | 0.05 | |
Net realized and unrealized gains (losses) | (0.35)3 | 0.32 | 4.86 | 0.12 | 0.63 | |
Total from investment operations | (0.33) | 0.33 | 4.86 | 0.19 | 0.68 | |
Less distributions: | ||||||
Distributions from net investment income | (0.01) | — | (0.09) | (0.04) | (0.02) | |
Distributions from net realized gains | (3.85) | (3.04) | — | (2.53) | (4.58) | |
Total distributions | (3.86) | (3.04) | (0.09) | (2.57) | (4.60) | |
Net asset value at end of period | $16.68 | $20.87 | $23.58 | $18.81 | $21.19 | |
Total return | 0.08% | 1.37% | 25.87% | 1.47% | 3.01% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 1.09% | 1.09% | 1.10% | 1.09% | 1.09% | |
Gross operating expenses | 1.09% | 1.09% | 1.10% | 1.10% | 1.09% | |
Net investment income (loss) | 0.09% | 0.06% | (0.01%) | 0.37% | 0.22% | |
Portfolio turnover rate | 117% | 111% | 99% | 85% | 95% | |
Net assets, end of period (x 1,000,000) | $579 | $573 | $645 | $571 | $630 | |
Security | Number of Shares | Value ($) |
Common Stock99.5% of net assets | ||
Automobiles & Components 2.3% | ||
American Axle & Manufacturing Holdings, Inc. * | 125,634 | 1,050,300 |
Cooper Tire & Rubber Co. | 94,887 | 2,679,609 |
Dana, Inc. | 343,800 | 5,579,874 |
Gentherm, Inc. * | 94,670 | 3,954,366 |
Superior Industries International, Inc. | 118,420 | 307,892 |
13,572,041 | ||
Banks 10.8% | ||
1st Source Corp. | 37,837 | 1,936,498 |
Amalgamated Bank, Class A | 49,487 | 901,158 |
BancFirst Corp. | 17,652 | 1,021,874 |
Banner Corp. | 43,681 | 2,357,900 |
Boston Private Financial Holdings, Inc. | 30,955 | 348,244 |
Century Bancorp, Inc., Class A | 1,365 | 118,769 |
Customers Bancorp, Inc. * | 96,559 | 2,276,861 |
Essent Group Ltd. | 83,194 | 4,333,575 |
Financial Institutions, Inc. | 113,439 | 3,565,388 |
First BanCorp | 763,062 | 8,027,412 |
First Defiance Financial Corp. | 49,862 | 1,541,733 |
First Financial Corp. | 68,377 | 2,999,699 |
First Foundation, Inc. | 49,449 | 791,678 |
Flagstar Bancorp, Inc. | 56,559 | 2,055,354 |
Great Southern Bancorp, Inc. | 12,741 | 769,811 |
Hilltop Holdings, Inc. | 182,670 | 4,267,171 |
International Bancshares Corp. | 148,697 | 6,090,629 |
MGIC Investment Corp. | 283,970 | 3,893,229 |
MMA Capital Holdings, Inc. * | 7,320 | 232,996 |
NMI Holdings, Inc., Class A * | 96,821 | 2,832,014 |
OFG Bancorp | 226,091 | 4,591,908 |
Peapack-Gladstone Financial Corp. | 7,023 | 205,072 |
Radian Group, Inc. | 225,579 | 5,662,033 |
Republic Bancorp, Inc., Class A | 36,826 | 1,637,652 |
Sierra Bancorp | 6,698 | 182,454 |
Timberland Bancorp, Inc. | 7,071 | 187,382 |
62,828,494 | ||
Capital Goods 11.6% | ||
Albany International Corp., Class A | 44,463 | 3,734,003 |
Astronics Corp. * | 43,296 | 1,252,986 |
Atkore International Group, Inc. * | 232,309 | 8,061,122 |
AZZ, Inc. | 22,522 | 873,628 |
Builders FirstSource, Inc. * | 116,550 | 2,635,196 |
Columbus McKinnon Corp. | 15,323 | 574,919 |
Commercial Vehicle Group, Inc. * | 145,429 | 1,060,177 |
EMCOR Group, Inc. | 94,297 | 8,270,790 |
Encore Wire Corp. | 54,000 | 3,034,800 |
EnerSys | 13,649 | 912,572 |
Federal Signal Corp. | 35,355 | 1,146,916 |
Foundation Building Materials, Inc. * | 67,977 | 1,263,692 |
Generac Holdings, Inc. * | 22,020 | 2,126,692 |
General Finance Corp. * | 14,423 | 141,057 |
GMS, Inc. * | 34,481 | 1,033,051 |
Security | Number of Shares | Value ($) |
Great Lakes Dredge & Dock Corp. * | 306,870 | 3,298,852 |
Hillenbrand, Inc. | 116,717 | 3,593,716 |
MasTec, Inc. * | 20,420 | 1,285,235 |
Moog, Inc., Class A | 57,967 | 4,852,418 |
Mueller Industries, Inc. | 85,560 | 2,632,681 |
Navistar International Corp. * | 24,702 | 772,679 |
Park-Ohio Holdings Corp. | 29,706 | 913,757 |
PGT Innovations, Inc. * | 68,383 | 1,207,644 |
Powell Industries, Inc. | 11,653 | 456,331 |
Regal Beloit Corp. | 13,430 | 994,492 |
Rexnord Corp. * | 130,551 | 3,693,288 |
SPX Corp. * | 45,192 | 2,058,044 |
Universal Forest Products, Inc. | 17,787 | 895,753 |
Vectrus, Inc. * | 5,624 | 257,073 |
Watts Water Technologies, Inc., Class A | 46,630 | 4,348,247 |
67,381,811 | ||
Commercial & Professional Services 4.0% | ||
Barrett Business Services, Inc. | 55,530 | 4,871,647 |
Heidrick & Struggles International, Inc. | 25,597 | 728,491 |
Herman Miller, Inc. | 32,904 | 1,530,036 |
Insperity, Inc. | 28,611 | 3,022,180 |
Kelly Services, Inc., Class A | 65,787 | 1,579,546 |
Kimball International, Inc., Class B | 114,701 | 2,335,312 |
Knoll, Inc. | 14,599 | 390,377 |
McGrath RentCorp | 29,071 | 2,218,408 |
Steelcase, Inc., Class A | 26,203 | 457,766 |
Tetra Tech, Inc. | 14,126 | 1,235,601 |
TriNet Group, Inc. * | 73,998 | 3,921,154 |
UniFirst Corp. | 4,876 | 979,296 |
23,269,814 | ||
Consumer Durables & Apparel 2.8% | ||
Crocs, Inc. * | 11,257 | 393,883 |
Deckers Outdoor Corp. * | 6,258 | 956,848 |
Installed Building Products, Inc. * | 71,682 | 4,675,100 |
M/I Homes, Inc. * | 43,247 | 1,910,653 |
Malibu Boats, Inc., Class A * | 114,402 | 3,731,793 |
Rocky Brands, Inc. | 19,595 | 544,937 |
Taylor Morrison Home Corp. * | 80,308 | 2,011,715 |
TopBuild Corp. * | 12,644 | 1,314,091 |
YETI Holdings, Inc. *(a) | 27,214 | 906,498 |
16,445,518 | ||
Consumer Services 2.4% | ||
Bloomin' Brands, Inc. | 65,442 | 1,296,406 |
Boyd Gaming Corp. | 78,720 | 2,145,120 |
Collectors Universe, Inc. | 79,572 | 2,280,534 |
Cracker Barrel Old Country Store, Inc. | 2,245 | 349,097 |
Everi Holdings, Inc. * | 65,843 | 662,381 |
International Game Technology plc | 39,637 | 524,794 |
K12, Inc. * | 172,134 | 3,406,532 |
Red Robin Gourmet Burgers, Inc. * | 26,855 | 819,077 |
Security | Number of Shares | Value ($) |
SeaWorld Entertainment, Inc. * | 64,722 | 1,709,955 |
The Habit Restaurants, Inc., Class A * | 52,901 | 555,990 |
13,749,886 | ||
Diversified Financials 3.0% | ||
Enova International, Inc. * | 195,223 | 4,585,788 |
Navient Corp. | 577,406 | 7,950,881 |
On Deck Capital, Inc. * | 486,112 | 2,168,059 |
Regional Management Corp. * | 92,218 | 2,667,867 |
17,372,595 | ||
Energy 2.2% | ||
Arch Coal, Inc., Class A | 7,564 | 596,724 |
Archrock, Inc. | 141,196 | 1,361,129 |
CONSOL Energy, Inc. * | 158,631 | 2,098,688 |
CVR Energy, Inc. | 31,175 | 1,478,318 |
Dorian LPG Ltd. * | 42,331 | 527,021 |
Evolution Petroleum Corp. | 103,627 | 582,384 |
Matrix Service Co. * | 219,935 | 4,125,981 |
World Fuel Services Corp. | 43,254 | 1,806,720 |
12,576,965 | ||
Food & Staples Retailing 0.1% | ||
Natural Grocers by Vitamin Cottage, Inc. * | 65,010 | 570,138 |
Food, Beverage & Tobacco 2.5% | ||
Coca-Cola Consolidated, Inc. | 13,403 | 3,677,247 |
Darling Ingredients, Inc. * | 25,216 | 486,669 |
John B. Sanfilippo & Son, Inc. | 22,424 | 2,379,635 |
Lancaster Colony Corp. | 2,970 | 413,365 |
The Boston Beer Co., Inc., Class A * | 3,962 | 1,483,610 |
The Simply Good Foods Co. * | 146,950 | 3,606,153 |
Universal Corp. | 41,166 | 2,255,897 |
14,302,576 | ||
Health Care Equipment & Services 5.0% | ||
Accuray, Inc. * | 336,951 | 876,073 |
CONMED Corp. | 11,452 | 1,259,949 |
Haemonetics Corp. * | 5,149 | 621,639 |
HMS Holdings Corp. * | 56,302 | 1,840,512 |
Integer Holdings Corp. * | 95,305 | 7,380,419 |
Invacare Corp. | 57,447 | 443,491 |
Lantheus Holdings, Inc. * | 95,277 | 1,986,525 |
Natus Medical, Inc. * | 134,929 | 4,544,409 |
NextGen Healthcare, Inc. * | 26,328 | 445,075 |
Novocure Ltd. * | 11,188 | 801,508 |
NuVasive, Inc. * | 14,354 | 1,012,531 |
Surmodics, Inc. * | 21,419 | 1,017,617 |
Tactile Systems Technology, Inc. * | 22,219 | 1,009,187 |
Tandem Diabetes Care, Inc. * | 49,094 | 3,023,209 |
Varex Imaging Corp. * | 82,694 | 2,481,647 |
28,743,791 | ||
Household & Personal Products 1.1% | ||
Inter Parfums, Inc. | 24,110 | 1,866,837 |
Lifevantage Corp. * | 38,360 | 520,162 |
Medifast, Inc. | 34,215 | 3,795,812 |
6,182,811 | ||
Security | Number of Shares | Value ($) |
Insurance 2.9% | ||
American Equity Investment Life Holding Co. | 80,749 | 1,992,885 |
Argo Group International Holdings Ltd. | 32,979 | 2,040,411 |
Crawford & Co., Class B | 15,928 | 148,130 |
Employers Holdings, Inc. | 30,735 | 1,301,320 |
MBIA, Inc. * | 92,064 | 855,275 |
National General Holdings Corp. | 122,573 | 2,613,256 |
National Western Life Group, Inc., Class A | 16,598 | 4,524,615 |
Selective Insurance Group, Inc. | 48,199 | 3,331,515 |
16,807,407 | ||
Materials 2.2% | ||
Cabot Corp. | 15,591 | 679,612 |
Domtar Corp. | 18,741 | 681,985 |
Hawkins, Inc. | 6,815 | 291,341 |
Innospec, Inc. | 20,481 | 1,871,144 |
Materion Corp. | 14,049 | 798,545 |
Minerals Technologies, Inc. | 16,360 | 809,002 |
Orion Engineered Carbons S.A. | 94,393 | 1,563,148 |
PolyOne Corp. | 34,579 | 1,108,257 |
Ryerson Holding Corp. * | 268,936 | 2,337,054 |
Trinseo S.A. | 8,936 | 379,780 |
Tronox Holdings plc, Class A * | 234,592 | 1,991,686 |
12,511,554 | ||
Media & Entertainment 2.0% | ||
AMC Networks, Inc., Class A * | 14,903 | 649,026 |
IMAX Corp. * | 28,798 | 614,837 |
Liberty Latin America Ltd., Class A * | 244,402 | 4,567,873 |
Meredith Corp. | 28,227 | 1,064,158 |
Sinclair Broadcast Group, Inc., Class A | 106,394 | 4,238,737 |
Yelp, Inc. * | 15,314 | 528,486 |
11,663,117 | ||
Pharmaceuticals, Biotechnology & Life Sciences 13.6% | ||
Affimed N.V. * | 180,950 | 531,993 |
Agenus, Inc. * | 110,381 | 285,887 |
Akcea Therapeutics, Inc. *(a) | 19,043 | 349,058 |
ANI Pharmaceuticals, Inc. * | 41,544 | 3,245,002 |
Anika Therapeutics, Inc. * | 35,165 | 2,475,264 |
Arena Pharmaceuticals, Inc. * | 43,551 | 2,121,587 |
Arrowhead Pharmaceuticals, Inc. * | 30,367 | 1,216,198 |
BioDelivery Sciences International, Inc. * | 306,861 | 1,773,657 |
BioSpecifics Technologies Corp. * | 27,843 | 1,348,437 |
CareDx, Inc. * | 29,892 | 783,469 |
Collegium Pharmaceutical, Inc. * | 142,530 | 1,710,360 |
Eagle Pharmaceuticals, Inc. * | 53,366 | 3,346,048 |
Emergent BioSolutions, Inc. * | 127,728 | 7,300,932 |
Enanta Pharmaceuticals, Inc. * | 9,525 | 579,882 |
Endo International plc * | 166,873 | 765,947 |
Esperion Therapeutics, Inc. * | 84,923 | 3,377,388 |
FibroGen, Inc. * | 64,321 | 2,518,167 |
Halozyme Therapeutics, Inc. * | 120,979 | 1,853,398 |
Harvard Bioscience, Inc. * | 13,450 | 37,660 |
Horizon Therapeutics plc * | 184,116 | 5,322,794 |
Lannett Co., Inc. * | 69,361 | 824,702 |
Ligand Pharmaceuticals, Inc. * | 26,764 | 2,912,191 |
Medpace Holdings, Inc. * | 63,635 | 4,685,445 |
Myriad Genetics, Inc. * | 24,011 | 808,450 |
Pacira BioSciences, Inc. * | 80,395 | 3,255,194 |
PDL BioPharma, Inc. * | 758,380 | 2,138,632 |
Prestige Consumer Healthcare, Inc. * | 57,330 | 2,032,922 |
Puma Biotechnology, Inc. * | 152,814 | 1,039,135 |
Radius Health, Inc. * | 81,099 | 2,306,456 |
Security | Number of Shares | Value ($) |
Repligen Corp. * | 57,756 | 4,591,024 |
Retrophin, Inc. * | 71,159 | 853,908 |
Seres Therapeutics, Inc. * | 100,245 | 350,858 |
Supernus Pharmaceuticals, Inc. * | 89,398 | 2,484,370 |
Syneos Health, Inc. * | 78,830 | 3,953,325 |
Vanda Pharmaceuticals, Inc. * | 180,359 | 2,436,650 |
Veracyte, Inc. * | 77,329 | 1,773,154 |
Vericel Corp. * | 45,406 | 720,593 |
Voyager Therapeutics, Inc. * | 54,418 | 837,493 |
78,947,630 | ||
Real Estate 9.3% | ||
Alexander & Baldwin, Inc. | 306,106 | 7,196,552 |
Brandywine Realty Trust | 399,498 | 6,104,329 |
CareTrust REIT, Inc. | 30,558 | 740,726 |
Cedar Realty Trust, Inc. | 361,978 | 1,209,007 |
Colony Capital, Inc. | 557,986 | 3,124,722 |
Columbia Property Trust, Inc. | 275,026 | 5,643,534 |
CoreCivic, Inc. | 203,418 | 3,104,159 |
CorEnergy Infrastructure Trust, Inc. | 50,691 | 2,441,785 |
Essential Properties Realty Trust, Inc. | 23,682 | 607,680 |
First Industrial Realty Trust, Inc. | 106,157 | 4,470,271 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 79,717 | 2,380,350 |
Lexington Realty Trust | 336,663 | 3,662,893 |
Marcus & Millichap, Inc. * | 21,823 | 779,518 |
Office Properties Income Trust | 14,473 | 461,399 |
Paramount Group, Inc. | 271,134 | 3,652,175 |
Piedmont Office Realty Trust, Inc., Class A | 183,642 | 4,120,926 |
PS Business Parks, Inc. | 11,179 | 2,018,368 |
RE/MAX Holdings, Inc., Class A | 48,596 | 1,625,536 |
The RMR Group, Inc., Class A | 13,832 | 669,469 |
54,013,399 | ||
Retailing 1.6% | ||
1-800-Flowers.com, Inc., Class A * | 119,511 | 1,704,227 |
America's Car-Mart, Inc. * | 20,218 | 1,839,636 |
Funko, Inc., Class A * | 48,089 | 865,602 |
Lithia Motors, Inc., Class A | 10,851 | 1,708,815 |
Sally Beauty Holdings, Inc. * | 98,614 | 1,528,517 |
Tailored Brands, Inc.(a) | 408,800 | 1,896,832 |
9,543,629 | ||
Semiconductors & Semiconductor Equipment 2.6% | ||
Diodes, Inc. * | 43,638 | 2,035,713 |
Enphase Energy, Inc. *(a) | 43,872 | 852,433 |
Inphi Corp. * | 29,258 | 2,103,065 |
NeoPhotonics Corp. * | 307,193 | 2,021,330 |
Synaptics, Inc. * | 16,760 | 705,764 |
Xperi Corp. | 347,122 | 7,048,312 |
14,766,617 | ||
Software & Services 9.9% | ||
ACI Worldwide, Inc. * | 12,892 | 404,680 |
Agilysys, Inc. * | 54,288 | 1,367,515 |
Alarm.com Holdings, Inc. * | 13,779 | 680,683 |
Box, Inc., Class A * | 89,294 | 1,510,855 |
CACI International, Inc., Class A * | 24,263 | 5,428,846 |
Cardtronics plc, Class A * | 37,921 | 1,299,173 |
ChannelAdvisor Corp. * | 76,481 | 719,686 |
CommVault Systems, Inc. * | 138,559 | 6,882,226 |
Cornerstone OnDemand, Inc. * | 106,455 | 6,235,069 |
Digital Turbine, Inc. * | 31,154 | 217,766 |
eGain Corp. * | 50,455 | 379,674 |
Security | Number of Shares | Value ($) |
EVERTEC, Inc. | 134,287 | 4,107,839 |
j2 Global, Inc. | 39,000 | 3,703,440 |
MAXIMUS, Inc. | 23,957 | 1,838,460 |
MobileIron, Inc. * | 435,546 | 2,726,518 |
Perspecta, Inc. | 32,519 | 863,054 |
Progress Software Corp. | 187,092 | 7,461,229 |
Qualys, Inc. * | 23,465 | 2,002,268 |
SPS Commerce, Inc. * | 14,006 | 739,097 |
Synchronoss Technologies, Inc. *(a) | 214,556 | 1,287,336 |
Telenav, Inc. * | 240,827 | 1,134,295 |
Verint Systems, Inc. * | 72,254 | 3,279,609 |
Workiva, Inc. * | 70,186 | 2,924,651 |
57,193,969 | ||
Technology Hardware & Equipment 2.5% | ||
AstroNova, Inc. | 11,736 | 186,133 |
Ciena Corp. * | 141,884 | 5,266,734 |
Extreme Networks, Inc. * | 334,150 | 2,151,926 |
KEMET Corp. | 5,912 | 128,527 |
Plantronics, Inc. | 32,669 | 1,287,812 |
Sanmina Corp. * | 109,634 | 3,369,053 |
Viavi Solutions, Inc. * | 96,705 | 1,543,412 |
Vishay Precision Group, Inc. * | 11,488 | 391,166 |
14,324,763 | ||
Telecommunication Services 1.1% | ||
Consolidated Communications Holdings, Inc. | 100,105 | 400,420 |
Shenandoah Telecommunications Co. | 52,866 | 1,700,170 |
Telephone & Data Systems, Inc. | 142,031 | 3,705,589 |
United States Cellular Corp. * | 20,226 | 752,812 |
6,558,991 | ||
Transportation 1.8% | ||
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR * | 140,726 | 1,525,470 |
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR | 103,038 | 5,739,217 |
Mesa Air Group, Inc. * | 96,033 | 731,771 |
Radiant Logistics, Inc. * | 402,319 | 2,168,499 |
SkyWest, Inc. | 5,329 | 317,342 |
10,482,299 | ||
Utilities 2.2% | ||
AquaVenture Holdings Ltd. * | 109,292 | 2,144,309 |
Atlantic Power Corp. * | 893,829 | 2,082,622 |
Avista Corp. | 27,616 | 1,326,396 |
Consolidated Water Co., Ltd. | 90,546 | 1,588,177 |
Spark Energy, Inc., Class A | 301,355 | 2,883,967 |
Unitil Corp. | 44,380 | 2,763,543 |
12,789,014 | ||
Total Common Stock | ||
(Cost $544,289,717) | 576,598,829 | |
Other Investment Company0.7% of net assets | ||
Securities Lending Collateral 0.7% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(b) | 4,026,334 | 4,026,334 |
Total Other Investment Company | ||
(Cost $4,026,334) | 4,026,334 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposits 0.5% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(c) | 2,717,728 | 2,717,728 |
Total Short-Term Investment | ||
(Cost $2,717,728) | 2,717,728 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $3,862,897. |
(b) | The rate shown is the 7-day yield. |
(c) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
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 | $576,598,829 | $— | $— | $576,598,829 | |
Other Investment Company1 | 4,026,334 | — | — | 4,026,334 | �� |
Short-Term Investment1 | — | 2,717,728 | — | 2,717,728 | |
Total | $580,625,163 | $2,717,728 | $— | $583,342,891 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $547,007,445) including securities on loan of $3,862,897 | $579,316,557 | |
Collateral invested for securities on loan, at value (cost $4,026,334) | 4,026,334 | |
Receivables: | ||
Investments sold | 237,472 | |
Fund shares sold | 300,062 | |
Dividends | 82,442 | |
Income from securities on loan | 8,527 | |
Interest | 91 | |
Prepaid expenses | + | 14,953 |
Total assets | 583,986,438 | |
Liabilities | ||
Collateral held for securities on loan | 4,026,334 | |
Payables: | ||
Investment adviser and administrator fees | 389,853 | |
Shareholder service fees | 117,208 | |
Independent trustees’ fees | 8 | |
Fund shares redeemed | 221,985 | |
Accrued expenses | + | 88,291 |
Total liabilities | 4,843,679 | |
Net Assets | ||
Total assets | 583,986,438 | |
Total liabilities | – | 4,843,679 |
Net assets | $579,142,759 | |
Net Assets by Source | ||
Capital received from investors | 588,393,213 | |
Total distributable loss | (9,250,454) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$579,142,759 | 34,716,667 | $16.68 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $21,064) | $6,546,820 | |
Interest | 58,887 | |
Securities on loan, net | + | 277,530 |
Total investment income | 6,883,237 | |
Expenses | ||
Investment adviser and administrator fees | 4,720,018 | |
Shareholder service fees | 1,418,126 | |
Portfolio accounting fees | 58,451 | |
Custodian fees | 47,318 | |
Professional fees | 35,713 | |
Registration fees | 32,952 | |
Shareholder reports | 24,861 | |
Transfer agent fees | 15,579 | |
Independent trustees’ fees | 10,938 | |
Other expenses | + | 13,003 |
Total expenses | 6,376,959 | |
Expense reduction by CSIM and its affiliates | – | 15,579 |
Net expenses | – | 6,361,380 |
Net investment income | 521,857 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (42,448,740) | |
Net realized gains on futures contracts | + | 1,536,744 |
Net realized losses | (40,911,996) | |
Net change in unrealized appreciation (depreciation) on investments | + | 43,145,274 |
Net realized and unrealized gains | 2,233,278 | |
Increase in net assets resulting from operations | $2,755,135 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $521,857 | $389,215 | ||
Net realized gains (losses) | (40,911,996) | 104,146,024 | ||
Net change in unrealized appreciation (depreciation) | + | 43,145,274 | (92,914,743) | |
Increase in net assets from operations | 2,755,135 | 11,620,496 | ||
Distributions to Shareholders | ||||
Total distributions | ($105,061,725) | ($82,566,358) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 8,709,089 | $139,266,609 | 2,529,047 | $55,468,967 | ||||
Shares reinvested | 5,236,122 | 80,112,670 | 2,938,036 | 61,434,349 | ||||
Shares redeemed | + | (6,703,704) | (111,336,125) | (5,346,501) | (117,486,079) | |||
Net transactions in fund shares | 7,241,507 | $108,043,154 | 120,582 | ($582,763) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 27,475,160 | $573,406,195 | 27,354,578 | $644,934,820 | ||||
Total increase or decrease | + | 7,241,507 | 5,736,564 | 120,582 | (71,528,625) | |||
End of period | 34,716,667 | $579,142,759 | 27,475,160 | $573,406,195 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.89 | $17.65 | $16.25 | $17.46 | $19.02 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.07 | 0.08 | 0.03 | 0.03 | (0.01) | |
Net realized and unrealized gains (losses) | (0.34) | 0.24 | 1.85 | 0.49 | 0.89 | |
Total from investment operations | (0.27) | 0.32 | 1.88 | 0.52 | 0.88 | |
Less distributions: | ||||||
Distributions from net investment income | (0.08) | (0.01) | — | (0.12) | — | |
Distributions from net realized gains | (1.05) | (1.07) | (0.48) | (1.61) | (2.44) | |
Total distributions | (1.13) | (1.08) | (0.48) | (1.73) | (2.44) | |
Net asset value at end of period | $15.49 | $16.89 | $17.65 | $16.25 | $17.46 | |
Total return | (1.31%) | 1.75% | 11.71% | 3.55% | 4.84% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses (including dividend expense on short sales) | 1.93% | 1.66% | 1.64% | 1.85% | 1.82% | |
Net operating expenses (excluding dividend expense on short sales) | 1.34%2 | 1.33% | 1.33% | 1.57%3 | 1.54%3 | |
Gross operating expenses | 1.95% | 1.67% | 1.65% | 1.87% | 1.84% | |
Net investment income (loss) | 0.46% | 0.43% | 0.16% | 0.22% | (0.06%) | |
Portfolio turnover rate | 176% | 180% | 163% | 142% | 146% | |
Net assets, end of period (x 1,000,000) | $182 | $300 | $252 | $204 | $212 | |
Security | Number of Shares | Value ($) |
Common Stock99.5% of net assets | ||
Automobiles & Components 0.9% | ||
Dana, Inc. | 82,787 | 1,343,633 |
Tenneco, Inc., Class A | 18,585 | 233,985 |
1,577,618 | ||
Banks 6.3% | ||
Bank of America Corp.(a) | 20,285 | 634,312 |
CIT Group, Inc. | 9,236 | 396,132 |
Citigroup, Inc.(a) | 55,689 | 4,001,812 |
First BanCorp(a) | 197,147 | 2,073,986 |
Flagstar Bancorp, Inc. | 9,065 | 329,422 |
MGIC Investment Corp. | 45,154 | 619,061 |
Popular, Inc. | 26,005 | 1,416,232 |
Radian Group, Inc. | 62,952 | 1,580,095 |
TCF Financial Corp. | 12,096 | 478,881 |
11,529,933 | ||
Capital Goods 9.1% | ||
Advanced Drainage Systems, Inc.(a) | 8,132 | 301,047 |
Allison Transmission Holdings, Inc.(a) | 72,161 | 3,146,941 |
BMC Stock Holdings, Inc. * | 9,756 | 263,314 |
Builders FirstSource, Inc. * | 36,837 | 832,885 |
Cummins, Inc. | 6,077 | 1,048,161 |
Dover Corp.(a) | 23,130 | 2,402,976 |
Eaton Corp. plc | 14,573 | 1,269,454 |
Gibraltar Industries, Inc. * | 14,570 | 775,561 |
HD Supply Holdings, Inc. * | 2,959 | 116,999 |
HEICO Corp. | 9,829 | 1,212,309 |
ITT, Inc. | 20,037 | 1,191,200 |
Lockheed Martin Corp. | 3,886 | 1,463,778 |
Masco Corp. | 6,714 | 310,522 |
Masonite International Corp. * | 5,889 | 361,643 |
Moog, Inc., Class A | 4,118 | 344,718 |
Oshkosh Corp. | 1,802 | 153,855 |
Parker-Hannifin Corp. | 2,113 | 387,714 |
Patrick Industries, Inc. * | 6,091 | 300,956 |
Spirit AeroSystems Holdings, Inc., Class A | 7,886 | 645,233 |
16,529,266 | ||
Commercial & Professional Services 1.9% | ||
ASGN, Inc. * | 12,815 | 814,906 |
Clean Harbors, Inc. * | 2,724 | 224,621 |
Korn Ferry | 20,811 | 763,556 |
McGrath RentCorp | 2,904 | 221,604 |
RELX plc ADR | 18,199 | 440,234 |
Robert Half International, Inc. | 13,508 | 773,603 |
TriNet Group, Inc. * | 6,096 | 323,027 |
3,561,551 | ||
Security | Number of Shares | Value ($) |
Consumer Durables & Apparel 0.8% | ||
Sony Corp. ADR | 2,115 | 128,655 |
Tempur Sealy International, Inc. * | 15,149 | 1,377,802 |
1,506,457 | ||
Consumer Services 2.5% | ||
Boyd Gaming Corp. | 38,010 | 1,035,773 |
Career Education Corp. * | 29,615 | 419,348 |
Darden Restaurants, Inc. | 5,746 | 645,104 |
K12, Inc. *(a) | 69,675 | 1,378,868 |
Starbucks Corp. | 12,611 | 1,066,386 |
4,545,479 | ||
Diversified Financials 5.7% | ||
Affiliated Managers Group, Inc.(a) | 5,921 | 472,970 |
Ameriprise Financial, Inc. | 8,488 | 1,280,754 |
Capital One Financial Corp.(a) | 27,321 | 2,547,683 |
E*TRADE Financial Corp. | 12,510 | 522,793 |
Evercore, Inc., Class A | 17,285 | 1,272,867 |
LPL Financial Holdings, Inc. | 5,566 | 449,955 |
Macquarie Group Ltd | 3,412 | 315,235 |
Morgan Stanley | 5,559 | 255,992 |
MSCI, Inc. | 1,398 | 327,915 |
Navient Corp. | 63,989 | 881,129 |
OneMain Holdings, Inc. | 6,877 | 275,080 |
Synchrony Financial(a) | 43,370 | 1,533,997 |
T. Rowe Price Group, Inc. | 1,673 | 193,733 |
10,330,103 | ||
Energy 6.1% | ||
Cabot Oil & Gas Corp. | 18,248 | 340,143 |
Chevron Corp. | 11,877 | 1,379,395 |
ConocoPhillips(a) | 56,045 | 3,093,684 |
Continental Resources, Inc. *(a) | 34,028 | 1,002,805 |
CVR Energy, Inc. | 27,477 | 1,302,959 |
Exxon Mobil Corp. | 14,025 | 947,669 |
Helmerich & Payne, Inc. | 12,595 | 472,313 |
HollyFrontier Corp. | 10,133 | 556,707 |
NexTier Oilfield Solutions, Inc. * | 47,974 | 207,248 |
Patterson-UTI Energy, Inc. | 34,335 | 285,667 |
Phillips 66(a) | 13,411 | 1,566,673 |
11,155,263 | ||
Food & Staples Retailing 1.3% | ||
Casey's General Stores, Inc. | 2,864 | 489,200 |
Koninklijke Ahold Delhaize N.V. ADR | 28,638 | 712,800 |
Performance Food Group Co. * | 6,344 | 270,318 |
Walmart, Inc.(a) | 7,499 | 879,332 |
2,351,650 | ||
Food, Beverage & Tobacco 2.3% | ||
Cia Cervecerias Unidas S.A. ADR(a) | 57,445 | 1,140,283 |
Coca-Cola Consolidated, Inc. | 2,073 | 568,748 |
Security | Number of Shares | Value ($) |
Darling Ingredients, Inc. * | 75,613 | 1,459,331 |
Flowers Foods, Inc. | 38,539 | 837,067 |
Philip Morris International, Inc. | 2,640 | 215,002 |
4,220,431 | ||
Health Care Equipment & Services 5.1% | ||
Anthem, Inc. | 3,009 | 809,662 |
CVS Health Corp.(a) | 25,460 | 1,690,289 |
HCA Healthcare, Inc. | 8,776 | 1,171,947 |
Hill-Rom Holdings, Inc. | 12,247 | 1,282,138 |
HMS Holdings Corp. * | 8,204 | 268,189 |
Hologic, Inc. *(a) | 28,335 | 1,368,864 |
Medtronic plc | 8,088 | 880,783 |
Natus Medical, Inc. * | 10,496 | 353,505 |
Steris plc | 4,418 | 625,456 |
Varian Medical Systems, Inc. * | 3,724 | 449,897 |
Veeva Systems, Inc., Class A * | 2,709 | 384,218 |
9,284,948 | ||
Household & Personal Products 1.3% | ||
Kimberly-Clark de Mexico SAB de CV | 5,816 | 57,985 |
Medifast, Inc.(a) | 13,884 | 1,540,291 |
The Procter & Gamble Co. | 2,903 | 361,453 |
Unilever N.V. | 8,190 | 485,176 |
2,444,905 | ||
Insurance 1.9% | ||
American National Insurance Co.(a) | 3,873 | 464,683 |
Loews Corp.(a) | 35,773 | 1,752,877 |
MetLife, Inc. | 15,775 | 738,112 |
The Allstate Corp.(a) | 4,021 | 427,915 |
3,383,587 | ||
Materials 2.3% | ||
Alcoa Corp. *(a) | 22,004 | 457,463 |
Axalta Coating Systems Ltd. * | 12,936 | 381,483 |
Domtar Corp. | 9,902 | 360,334 |
H.B. Fuller Co. | 11,279 | 550,415 |
Innospec, Inc. | 8,057 | 736,087 |
Kraton Corp. * | 4,593 | 102,975 |
NewMarket Corp. | 1,463 | 710,272 |
Reliance Steel & Aluminum Co. | 6,547 | 759,714 |
Tronox Holdings plc, Class A * | 19,561 | 166,073 |
4,224,816 | ||
Media & Entertainment 8.4% | ||
Alphabet, Inc., Class A *(a) | 5,645 | 7,105,926 |
Altice USA, Inc., Class A * | 4,502 | 139,337 |
AMC Networks, Inc., Class A *(a) | 13,634 | 593,761 |
Comcast Corp., Class A | 24,937 | 1,117,676 |
Discovery, Inc., Class A *(a) | 43,769 | 1,179,793 |
Facebook, Inc., Class A *(a) | 12,674 | 2,428,972 |
Live Nation Entertainment, Inc. * | 13,247 | 933,914 |
Sinclair Broadcast Group, Inc., Class A | 14,240 | 567,322 |
The Interpublic Group of Cos., Inc. | 18,439 | 401,048 |
Viacom, Inc., Class B | 38,243 | 824,519 |
15,292,268 | ||
Pharmaceuticals, Biotechnology & Life Sciences 5.5% | ||
AbbVie, Inc.(a) | 5,626 | 447,548 |
Alkermes plc * | 19,292 | 376,773 |
Astellas Pharma, Inc. | 10,507 | 181,351 |
Security | Number of Shares | Value ($) |
Biogen, Inc. *(a) | 5,244 | 1,566,435 |
Dicerna Pharmaceuticals, Inc. * | 12,749 | 210,231 |
Emergent BioSolutions, Inc. * | 22,166 | 1,267,009 |
Esperion Therapeutics, Inc. * | 5,125 | 203,821 |
FibroGen, Inc. * | 1,401 | 54,849 |
Incyte Corp. * | 14,917 | 1,251,835 |
Invitae Corp. * | 5,621 | 90,554 |
Jazz Pharmaceuticals plc * | 1,167 | 146,610 |
Johnson & Johnson(a) | 12,127 | 1,601,249 |
Novartis AG ADR | 16,935 | 1,480,796 |
Novo Nordisk A/S ADR | 9,692 | 535,192 |
Regeneron Pharmaceuticals, Inc. * | 466 | 142,727 |
Vertex Pharmaceuticals, Inc. * | 2,893 | 565,524 |
10,122,504 | ||
Real Estate 5.8% | ||
Alexander & Baldwin, Inc.(a) | 62,766 | 1,475,629 |
American Tower Corp.(a) | 9,584 | 2,090,079 |
Boston Properties, Inc.(a) | 26,722 | 3,666,258 |
Brandywine Realty Trust | 27,413 | 418,871 |
Colony Capital, Inc.(a) | 60,047 | 336,263 |
Columbia Property Trust, Inc. | 12,792 | 262,492 |
CoreCivic, Inc. | 34,648 | 528,728 |
Paramount Group, Inc. | 75,572 | 1,017,955 |
PS Business Parks, Inc. | 4,704 | 849,307 |
10,645,582 | ||
Retailing 7.4% | ||
Amazon.com, Inc. *(a) | 3,690 | 6,555,876 |
AutoZone, Inc. * | 493 | 564,179 |
Best Buy Co., Inc.(a) | 13,302 | 955,483 |
Expedia Group, Inc. | 8,909 | 1,217,504 |
LKQ Corp. * | 5,376 | 182,730 |
Lowe's Cos., Inc. | 6,066 | 677,026 |
O'Reilly Automotive, Inc. * | 2,370 | 1,032,159 |
Tailored Brands, Inc. | 56,761 | 263,371 |
Target Corp. | 1,242 | 132,782 |
The Home Depot, Inc. | 2,180 | 511,384 |
The TJX Cos., Inc.(a) | 23,649 | 1,363,365 |
13,455,859 | ||
Semiconductors & Semiconductor Equipment 2.8% | ||
Inphi Corp. * | 4,095 | 294,349 |
Intel Corp.(a) | 21,248 | 1,201,149 |
Lam Research Corp. | 2,937 | 796,044 |
NXP Semiconductors N.V. | 4,444 | 505,194 |
Qorvo, Inc. * | 13,810 | 1,116,676 |
Xilinx, Inc. | 7,066 | 641,169 |
Xperi Corp. | 28,448 | 577,637 |
5,132,218 | ||
Software & Services 11.4% | ||
Accenture plc, Class A(a) | 5,197 | 963,628 |
Akamai Technologies, Inc. *(a) | 16,216 | 1,402,684 |
Atlassian Corp. plc, Class A * | 885 | 106,899 |
Booz Allen Hamilton Holding Corp. | 5,011 | 352,624 |
Bottomline Technologies (de), Inc. * | 799 | 32,719 |
CACI International, Inc., Class A * | 6,324 | 1,414,995 |
Cadence Design Systems, Inc. *(a) | 18,866 | 1,232,893 |
Cerence, Inc. * | 8,152 | 126,356 |
CommVault Systems, Inc. * | 7,693 | 382,111 |
Cornerstone OnDemand, Inc. * | 11,079 | 648,897 |
Fortinet, Inc. * | 4,787 | 390,428 |
Intuit, Inc.(a) | 1,987 | 511,653 |
Security | Number of Shares | Value ($) |
Mastercard, Inc., Class A | 3,074 | 850,914 |
Microsoft Corp.(a) | 51,489 | 7,381,978 |
Nuance Communications, Inc. *(a) | 65,220 | 1,064,391 |
Oracle Corp.(a) | 12,419 | 676,711 |
PayPal Holdings, Inc. * | 9,971 | 1,037,981 |
Progress Software Corp.(a) | 13,299 | 530,364 |
Synopsys, Inc. * | 992 | 134,664 |
VeriSign, Inc. * | 1,745 | 331,585 |
Visa, Inc., Class A | 6,934 | 1,240,215 |
20,814,690 | ||
Technology Hardware & Equipment 5.7% | ||
Apple, Inc.(a) | 19,252 | 4,789,127 |
CDW Corp. | 4,622 | 591,200 |
Ciena Corp. * | 14,568 | 540,764 |
Cisco Systems, Inc.(a) | 57,839 | 2,747,931 |
Jabil, Inc. | 4,569 | 168,231 |
Keysight Technologies, Inc. * | 5,343 | 539,162 |
Plantronics, Inc. | 26,054 | 1,027,049 |
10,403,464 | ||
Telecommunication Services 1.4% | ||
CenturyLink, Inc. | 37,507 | 485,341 |
Telefonica S.A. ADR | 60,383 | 463,138 |
Telekomunikasi Indonesia Persero Tbk PT | 20,942 | 604,805 |
Verizon Communications, Inc. | 15,686 | 948,532 |
2,501,816 | ||
Transportation 0.5% | ||
United Airlines Holdings, Inc. *(a) | 10,597 | 962,631 |
Utilities 3.1% | ||
Ameren Corp. | 3,288 | 255,477 |
California Water Service Group | 5,867 | 328,376 |
CenterPoint Energy, Inc. | 5,458 | 158,664 |
DTE Energy Co. | 7,346 | 935,293 |
Exelon Corp. | 30,425 | 1,384,033 |
NextEra Energy, Inc. | 564 | 134,424 |
NRG Energy, Inc. | 38,109 | 1,528,933 |
Vistra Energy Corp.(a) | 31,594 | 853,986 |
5,579,186 | ||
Total Common Stock | ||
(Cost $166,065,663) | 181,556,225 |
Security | Number of Shares | Value ($) |
Short Sales (39.6%) of net assets | ||
Automobiles & Components (2.1%) | ||
Dorman Products, Inc. | 17,325 | (1,246,534) |
Tesla, Inc. | 4,746 | (1,494,610) |
Visteon Corp. | 11,226 | (1,044,243) |
(3,785,387) | ||
Banks (2.6%) | ||
BancorpSouth Bank | 21,739 | (666,735) |
Home BancShares, Inc. | 26,888 | (496,890) |
PennyMac Financial Services, Inc. | 12,330 | (383,833) |
Prosperity Bancshares, Inc. | 6,330 | (436,897) |
TFS Financial Corp. | 52,152 | (1,004,447) |
United Bankshares, Inc. | 44,528 | (1,760,637) |
(4,749,439) | ||
Capital Goods (5.5%) | ||
AAON, Inc. | 7,662 | (372,833) |
Air Lease Corp. | 14,263 | (627,287) |
Aircastle Ltd. | 46,701 | (1,271,201) |
Axon Enterprise, Inc. | 5,751 | (294,049) |
BWX Technologies, Inc. | 5,099 | (296,252) |
Cubic Corp. | 13,536 | (998,145) |
Generac Holdings, Inc. | 983 | (94,938) |
SiteOne Landscape Supply, Inc. | 7,595 | (668,816) |
Sunrun, Inc. | 15,568 | (241,927) |
Trex Co., Inc. | 8,056 | (708,042) |
Trinity Industries, Inc. | 62,962 | (1,245,388) |
Univar Solutions, Inc. | 39,809 | (854,301) |
Watsco, Inc. | 1,665 | (293,539) |
Welbilt, Inc. | 105,416 | (1,998,687) |
(9,965,405) | ||
Commercial & Professional Services (1.7%) | ||
Equifax, Inc. | 11,974 | (1,636,965) |
Stericycle, Inc. | 26,838 | (1,545,869) |
(3,182,834) | ||
Consumer Durables & Apparel (0.9%) | ||
Callaway Golf Co. | 37,398 | (756,187) |
Capri Holdings Ltd. | 20,467 | (635,910) |
LGI Homes, Inc. | 2,937 | (230,496) |
(1,622,593) | ||
Consumer Services (0.5%) | ||
Domino's Pizza, Inc. | 361 | (98,055) |
Papa John's International, Inc. | 2,871 | (168,097) |
Shake Shack, Inc., Class A | 7,623 | (627,220) |
(893,372) | ||
Diversified Financials (3.1%) | ||
Eaton Vance Corp. | 27,262 | (1,243,147) |
Federated Investors, Inc., Class B | 32,662 | (1,043,224) |
FirstCash, Inc. | 3,282 | (276,968) |
Invesco Ltd. | 65,509 | (1,101,862) |
Moelis & Co., Class A | 9,374 | (334,464) |
Security | Number of Shares | Value ($) |
Virtu Financial, Inc. | 76,922 | (1,304,597) |
WisdomTree Investments, Inc. | 59,332 | (303,187) |
(5,607,449) | ||
Energy (2.7%) | ||
Antero Midstream Corp. | 13,081 | (84,242) |
Callon Petroleum Co. | 48,028 | (182,506) |
Cimarex Energy Co. | 5,655 | (238,754) |
CNX Resources Corp. | 43,748 | (368,796) |
Concho Resources, Inc. | 2,836 | (191,487) |
Dril-Quip, Inc. | 12,778 | (524,154) |
Matador Resources Co. | 65,456 | (910,493) |
Murphy Oil Corp. | 8,169 | (168,526) |
Targa Resources Corp. | 57,799 | (2,247,225) |
(4,916,183) | ||
Food, Beverage & Tobacco (0.4%) | ||
Cal-Maine Foods, Inc. | 15,894 | (634,012) |
National Beverage Corp. | 1,976 | (86,865) |
(720,877) | ||
Health Care Equipment & Services (1.2%) | ||
Acadia Healthcare Co., Inc. | 26,667 | (799,743) |
Addus HomeCare Corp. | 2,148 | (180,883) |
Avanos Medical, Inc. | 10,582 | (466,031) |
Cantel Medical Corp. | 8,009 | (583,776) |
Nevro Corp. | 1,597 | (137,662) |
(2,168,095) | ||
Insurance (0.3%) | ||
Everest Re Group Ltd. | 1,199 | (308,251) |
WR Berkley Corp. | 3,574 | (249,822) |
(558,073) | ||
Materials (2.2%) | ||
Linde plc | 5,548 | (1,100,446) |
Louisiana-Pacific Corp. | 52,719 | (1,540,976) |
Owens-Illinois, Inc. | 49,063 | (417,036) |
Royal Gold, Inc. | 2,424 | (279,827) |
The Chemours Co. | 41,813 | (686,151) |
(4,024,436) | ||
Media & Entertainment (2.0%) | ||
Charter Communications, Inc. | 1,347 | (630,208) |
Netflix, Inc. | 3,418 | (982,367) |
The Walt Disney Co. | 9,867 | (1,281,921) |
Zillow Group, Inc., Class A | 20,911 | (677,307) |
(3,571,803) | ||
Pharmaceuticals, Biotechnology & Life Sciences (0.3%) | ||
Bluebird Bio, Inc. | 3,249 | (263,169) |
Sage Therapeutics, Inc. | 2,723 | (369,375) |
(632,544) | ||
Real Estate (2.6%) | ||
Agree Realty Corp. | 12,316 | (970,131) |
Pebblebrook Hotel Trust | 67,945 | (1,746,866) |
Redfin Corp. | 24,283 | (422,281) |
Security | Number of Shares | Value ($) |
Washington Real Estate Investment Trust | 22,579 | (700,401) |
WP Carey, Inc. | 9,448 | (869,783) |
(4,709,462) | ||
Retailing (2.4%) | ||
Five Below, Inc. | 4,348 | (543,978) |
GrubHub, Inc. | 9,149 | (311,615) |
Ollie's Bargain Outlet Holdings, Inc. | 4,409 | (281,647) |
The Gap, Inc. | 59,552 | (968,316) |
Tiffany & Co. | 4,414 | (549,587) |
Urban Outfitters, Inc. | 13,335 | (382,714) |
Wayfair, Inc., Class A | 16,105 | (1,324,314) |
(4,362,171) | ||
Semiconductors & Semiconductor Equipment (2.1%) | ||
Advanced Energy Industries, Inc. | 13,480 | (796,668) |
Brooks Automation, Inc. | 7,030 | (298,564) |
First Solar, Inc. | 19,335 | (1,001,360) |
Marvell Technology Group Ltd. | 17,036 | (415,508) |
NVIDIA Corp. | 2,257 | (453,702) |
Skyworks Solutions, Inc. | 10,115 | (921,072) |
(3,886,874) | ||
Software & Services (3.4%) | ||
8x8, Inc. | 22,013 | (425,291) |
Alliance Data Systems Corp. | 1,774 | (177,400) |
Appian Corp. | 7,852 | (350,513) |
Envestnet, Inc. | 11,946 | (746,506) |
Guidewire Software, Inc. | 11,452 | (1,291,099) |
LivePerson, Inc. | 15,559 | (638,697) |
LiveRamp Holdings, Inc. | 31,818 | (1,243,766) |
Nutanix, Inc. | 3,088 | (90,231) |
Rapid7, Inc. | 1,199 | (60,058) |
Twilio, Inc., Class A | 7,074 | (683,065) |
Varonis Systems, Inc. | 8,193 | (586,209) |
(6,292,835) | ||
Security | Number of Shares | Value ($) |
Technology Hardware & Equipment (2.0%) | ||
CommScope Holding Co., Inc. | 40,191 | (450,139) |
IPG Photonics Corp. | 13,258 | (1,780,284) |
Knowles Corp. | 4,458 | (96,204) |
Littelfuse, Inc. | 526 | (92,350) |
ViaSat, Inc. | 6,119 | (421,232) |
Western Digital Corp. | 15,579 | (804,655) |
(3,644,864) | ||
Telecommunication Services (0.5%) | ||
Bandwidth, Inc. | 4,287 | (240,715) |
Iridium Communications, Inc. | 7,000 | (171,290) |
Vonage Holdings Corp. | 53,696 | (524,610) |
(936,615) | ||
Transportation (0.6%) | ||
Copa Holdings S.A., Class A | 4,728 | (481,027) |
Knight-Swift Transportation Holdings, Inc. | 15,133 | (551,749) |
(1,032,776) | ||
Utilities (0.5%) | ||
Aqua America, Inc. | 4,125 | (186,986) |
Avangrid, Inc. | 5,046 | (252,552) |
Pattern Energy Group, Inc. | 17,529 | (491,338) |
(930,876) | ||
Total Short Sales | ||
(Proceeds $73,852,784) | (72,194,963) |
* | Non-income producing security. |
(a) | All or a portion of this security is held as collateral for short sales. |
ADR — | American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $181,556,225 | $— | $— | $181,556,225 | |
Liabilities | |||||
Short Sales1 | (72,194,963) | — | — | (72,194,963) | |
Total | $109,361,262 | $— | $— | $109,361,262 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $166,065,663) | $181,556,225 | |
Deposit with broker for short sales | 73,032,381 | |
Receivables: | ||
Investments sold | 2,654,165 | |
Fund shares sold | 122,688 | |
Dividends | 101,195 | |
Foreign tax reclaims | 1,169 | |
Prepaid expenses | + | 15,907 |
Total assets | 257,483,730 | |
Liabilities | ||
Securities sold short, at value (proceeds $73,852,784) | 72,194,963 | |
Payables: | ||
Investments bought | 2,161,716 | |
Investment adviser and administrator fees | 160,316 | |
Shareholder service fees | 33,151 | |
Independent trustees’ fees | 7 | |
Fund shares redeemed | 286,568 | |
Due to custodian | 181,263 | |
Dividends on short sales | 66,843 | |
Accrued expenses | + | 10,125 |
Total liabilities | 75,094,952 | |
Net Assets | ||
Total assets | 257,483,730 | |
Total liabilities | – | 75,094,952 |
Net assets | $182,388,778 | |
Net Assets by Source | ||
Capital received from investors | 180,360,193 | |
Total distributable earnings | 2,028,585 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$182,388,778 | 11,774,285 | $15.49 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $23,488) | $3,816,922 | |
Rebates on short sales, net of fees | + | 1,878,415 |
Total investment income | 5,695,337 | |
Expenses | ||
Investment adviser and administrator fees | 2,503,857 | |
Shareholder service fees | 498,186 | |
Dividends on short sales | 1,409,752 | |
Portfolio accounting fees | 58,112 | |
Custodian fees | 42,028 | |
Professional fees | 38,350 | |
Registration fees | 35,752 | |
Transfer agent fees | 15,061 | |
Interest expense | 13,097 | |
Shareholder reports | 11,775 | |
Independent trustees’ fees | 9,211 | |
Other expenses | + | 7,143 |
Total expenses | 4,642,324 | |
Expense reduction by CSIM and its affiliates | – | 47,922 |
Net expenses | – | 4,594,402 |
Net investment income | 1,100,935 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (9,942,343) | |
Net realized gains on futures contracts | 83,499 | |
Net realized losses on short sales | + | (5,953,841) |
Net realized losses | (15,812,685) | |
Net change in unrealized appreciation (depreciation) on investments | 16,749,612 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 27,930 | |
Net change in unrealized appreciation (depreciation) on short sales | + | (8,857,963) |
Net change in unrealized appreciation (depreciation) | + | 7,919,579 |
Net realized and unrealized losses | (7,893,106) | |
Decrease in net assets resulting from operations | ($6,792,171) |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $1,100,935 | $1,176,893 | ||
Net realized gains (losses) | (15,812,685) | 18,114,481 | ||
Net change in unrealized appreciation (depreciation) | + | 7,919,579 | (16,574,229) | |
Increase (decrease) in net assets from operations | (6,792,171) | 2,717,145 | ||
Distributions to Shareholders | ||||
Total distributions | ($19,341,478) | ($15,243,329) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,932,131 | $60,687,628 | 6,194,796 | $107,567,531 | ||||
Shares reinvested | 1,047,501 | 15,597,289 | 728,755 | 12,461,727 | ||||
Shares redeemed | + | (10,987,256) | (168,052,659) | (3,400,784) | (58,925,303) | |||
Net transactions in fund shares | (6,007,624) | ($91,767,742) | 3,522,767 | $61,103,955 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 17,781,909 | $300,290,169 | 14,259,142 | $251,712,398 | ||||
Total increase or decrease | + | (6,007,624) | (117,901,391) | 3,522,767 | 48,577,771 | |||
End of period | 11,774,285 | $182,388,778 | 17,781,909 | $300,290,169 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $25.85 | $25.44 | $21.56 | $26.68 | $28.19 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.26 | 0.23 | 0.21 | 0.19 | 0.14 | |
Net realized and unrealized gains (losses) | 1.27 | 1.96 | 4.24 | (1.52) | 1.78 | |
Total from investment operations | 1.53 | 2.19 | 4.45 | (1.33) | 1.92 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.24) | (0.20) | (0.16) | (0.21) | |
Distributions from net realized gains | (2.06) | (1.54) | (0.37) | (3.63) | (3.22) | |
Total distributions | (2.30) | (1.78) | (0.57) | (3.79) | (3.43) | |
Net asset value at end of period | $25.08 | $25.85 | $25.44 | $21.56 | $26.68 | |
Total return | 6.51% | 9.13% | 21.10% | (5.78%) | 7.26% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.80% | 0.80% | 0.81% | 0.80% | 0.79% | |
Gross operating expenses | 0.80% | 0.80% | 0.81% | 0.80% | 0.80% | |
Net investment income (loss) | 1.05% | 0.91% | 0.89% | 0.82% | 0.52% | |
Portfolio turnover rate | 45% | 45% | 42% | 54% | 75% | |
Net assets, end of period (x 1,000,000) | $779 | $826 | $853 | $853 | $1,118 | |
Security | Number of Shares | Value ($) |
Common Stock99.6% of net assets | ||
Australia 0.7% | ||
Cochlear Ltd. | 35,715 | 5,210,461 |
Denmark 3.0% | ||
Coloplast A/S, Class B | 29,012 | 3,492,926 |
Novo Nordisk A/S, Class B | 354,426 | 19,489,423 |
22,982,349 | ||
France 0.2% | ||
Sanofi | 17,110 | 1,577,321 |
Germany 0.3% | ||
Eckert & Ziegler AG | 6,977 | 1,222,887 |
Fresenius SE & Co. KGaA | 15,284 | 804,783 |
2,027,670 | ||
Hong Kong 0.6% | ||
China Medical System Holdings Ltd. | 2,476,000 | 3,357,762 |
Consun Pharmaceutical Group Ltd. | 774,000 | 463,301 |
Livzon Pharmaceutical Group, Inc., Class H | 254,000 | 741,765 |
4,562,828 | ||
Ireland 5.3% | ||
Horizon Therapeutics plc * | 216,927 | 6,271,359 |
ICON plc * | 7,390 | 1,085,591 |
Medtronic plc | 252,433 | 27,489,954 |
Steris plc | 48,135 | 6,814,472 |
41,661,376 | ||
Italy 0.0% | ||
DiaSorin S.p.A. | 3,424 | 386,059 |
Japan 4.2% | ||
Hoya Corp. | 191,600 | 16,933,074 |
Mani, Inc. | 53,100 | 1,401,868 |
Mochida Pharmaceutical Co., Ltd. | 13,700 | 546,738 |
NichiiGakkan Co., Ltd. | 199,800 | 3,387,502 |
PeptiDream, Inc. * | 14,400 | 722,789 |
Shionogi & Co., Ltd. | 114,800 | 6,890,626 |
Ship Healthcare Holdings, Inc. | 8,000 | 340,974 |
Takara Bio, Inc. | 98,000 | 1,998,539 |
Torii Pharmaceutical Co., Ltd. | 15,000 | 400,277 |
32,622,387 | ||
Sweden 0.3% | ||
Vitrolife AB | 167,777 | 2,617,748 |
Security | Number of Shares | Value ($) |
Switzerland 9.0% | ||
Lonza Group AG * | 26,108 | 9,410,170 |
Novartis AG | 275,104 | 24,037,266 |
Roche Holding AG | 107,777 | 32,436,113 |
Sonova Holding AG | 19,634 | 4,505,577 |
70,389,126 | ||
United Kingdom 1.5% | ||
GlaxoSmithKline plc | 360,307 | 8,252,809 |
Smith & Nephew plc | 167,055 | 3,586,071 |
11,838,880 | ||
United States 74.5% | ||
Abbott Laboratories | 287,700 | 24,054,597 |
AbbVie, Inc. | 309,631 | 24,631,146 |
Agilent Technologies, Inc. | 232,231 | 17,591,498 |
Alexion Pharmaceuticals, Inc. * | 112,440 | 11,851,176 |
Amedisys, Inc. * | 20,282 | 2,606,643 |
Amgen, Inc. | 159,852 | 34,088,439 |
AMN Healthcare Services, Inc. * | 13,344 | 784,093 |
Anthem, Inc. | 54,591 | 14,689,346 |
Baxter International, Inc. | 104,929 | 8,048,054 |
Bio-Techne Corp. | 34,013 | 7,080,486 |
Biogen, Inc. * | 73,662 | 22,003,576 |
Bristol-Myers Squibb Co. | 290,238 | 16,650,954 |
Celgene Corp. * | 72,423 | 7,823,857 |
Chemed Corp. | 3,243 | 1,277,450 |
Cigna Corp. * | 4,439 | 792,184 |
CVS Health Corp. | 41,046 | 2,725,044 |
Danaher Corp. | 89,857 | 12,384,092 |
DENTSPLY SIRONA, Inc. | 86,525 | 4,739,840 |
Edwards Lifesciences Corp. * | 20,836 | 4,966,886 |
Eli Lilly & Co. | 164,358 | 18,728,594 |
Exelixis, Inc. * | 117,105 | 1,809,272 |
Gilead Sciences, Inc. | 349,829 | 22,287,606 |
HCA Healthcare, Inc. | 78,904 | 10,536,840 |
Hill-Rom Holdings, Inc. | 80,506 | 8,428,173 |
Hologic, Inc. * | 274,754 | 13,273,366 |
IDEXX Laboratories, Inc. * | 10,008 | 2,852,380 |
Incyte Corp. * | 139,152 | 11,677,636 |
Integer Holdings Corp. * | 4,744 | 367,375 |
Jazz Pharmaceuticals plc * | 40,400 | 5,075,452 |
Johnson & Johnson | 480,164 | 63,400,855 |
Lantheus Holdings, Inc. * | 14,212 | 296,320 |
McKesson Corp. | 61,878 | 8,229,774 |
Merck & Co., Inc. | 584,714 | 50,671,315 |
Meridian Bioscience, Inc. | 11,131 | 108,973 |
Molina Healthcare, Inc. * | 66,320 | 7,801,885 |
Perrigo Co., plc | 6,993 | 370,769 |
Pfizer, Inc. | 1,045,481 | 40,115,106 |
Regeneron Pharmaceuticals, Inc. * | 2,576 | 788,977 |
Repligen Corp. * | 7,000 | 556,430 |
Stryker Corp. | 60,075 | 12,992,420 |
Teleflex, Inc. | 3,446 | 1,197,175 |
Tenet Healthcare Corp. * | 71,527 | 1,812,494 |
The Cooper Cos., Inc. | 5,293 | 1,540,263 |
Security | Number of Shares | Value ($) |
Thermo Fisher Scientific, Inc. | 87,504 | 26,424,458 |
UnitedHealth Group, Inc. | 107,731 | 27,223,624 |
Varex Imaging Corp. * | 13,307 | 399,343 |
Veeva Systems, Inc., Class A * | 8,564 | 1,214,632 |
Veracyte, Inc. * | 41,655 | 955,149 |
Vertex Pharmaceuticals, Inc. * | 35,715 | 6,981,568 |
Zoetis, Inc. | 101,824 | 13,025,326 |
579,932,911 | ||
Total Common Stock | ||
(Cost $534,266,449) | 775,809,116 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments0.1% of net assets | ||
Time Deposits 0.1% | ||
Brown Brothers Harriman | ||
New Zealand Dollar | ||
0.50%, 11/01/19(a) | 3 | 2 |
Hong Kong Dollar | ||
2.30%, 11/01/19(a) | 9 | 1 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Sumitomo Mitsui Banking Corp. | ||
U.S. Dollar | ||
1.18%, 11/01/19(a) | 864,791 | 864,791 |
Total Short-Term Investments | ||
(Cost $864,794) | 864,794 |
* | 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 | $621,594,287 | $— | $— | $621,594,287 | |
Australia | — | 5,210,461 | — | 5,210,461 | |
Denmark | — | 22,982,349 | — | 22,982,349 | |
France | — | 1,577,321 | — | 1,577,321 | |
Germany | — | 2,027,670 | — | 2,027,670 | |
Hong Kong | — | 4,562,828 | — | 4,562,828 | |
Italy | — | 386,059 | — | 386,059 | |
Japan | — | 32,622,387 | — | 32,622,387 | |
Sweden | — | 2,617,748 | — | 2,617,748 | |
Switzerland | — | 70,389,126 | — | 70,389,126 | |
United Kingdom | — | 11,838,880 | — | 11,838,880 | |
Short-Term Investments1 | — | 864,794 | — | 864,794 | |
Total | $621,594,287 | $155,079,623 | $— | $776,673,910 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $535,131,243) | $776,673,910 | |
Deposit with broker for futures contracts | 462,000 | |
Receivables: | ||
Investments sold | 7,303,360 | |
Foreign tax reclaims | 1,276,303 | |
Dividends | 706,999 | |
Fund shares sold | 394,498 | |
Interest | 29 | |
Prepaid expenses | + | 13,749 |
Total assets | 786,830,848 | |
Liabilities | ||
Payables: | ||
Investments bought | 7,175,078 | |
Investment adviser and administrator fees | 340,821 | |
Shareholder service fees | 151,170 | |
Independent trustees’ fees | 9 | |
Fund shares redeemed | 310,773 | |
Accrued expenses | + | 99,719 |
Total liabilities | 8,077,570 | |
Net Assets | ||
Total assets | 786,830,848 | |
Total liabilities | – | 8,077,570 |
Net assets | $778,753,278 | |
Net Assets by Source | ||
Capital received from investors | 504,062,828 | |
Total distributable earnings | 274,690,450 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$778,753,278 | 31,047,209 | $25.08 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $407,173) | $14,702,600 | |
Interest | 62,521 | |
Securities on loan, net | + | 48,503 |
Total investment income | 14,813,624 | |
Expenses | ||
Investment adviser and administrator fees | 4,246,107 | |
Shareholder service fees | 1,877,813 | |
Portfolio accounting fees | 88,423 | |
Custodian fees | 45,671 | |
Shareholder reports | 37,016 | |
Professional fees | 32,737 | |
Registration fees | 32,416 | |
Transfer agent fees | 32,292 | |
Independent trustees’ fees | 12,038 | |
Other expenses | + | 21,898 |
Total expenses | 6,426,411 | |
Expense reduction by CSIM and its affiliates | – | 32,292 |
Net expenses | – | 6,394,119 |
Net investment income | 8,419,505 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 25,743,292 | |
Net realized gains on futures contracts | 299,969 | |
Net realized losses on foreign currency transactions | + | (37,789) |
Net realized gains | 26,005,472 | |
Net change in unrealized appreciation (depreciation) on investments | 14,453,288 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 18,438 |
Net change in unrealized appreciation (depreciation) | + | 14,471,726 |
Net realized and unrealized gains | 40,477,198 | |
Increase in net assets resulting from operations | $48,896,703 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $8,419,505 | $7,705,996 | ||
Net realized gains | 26,005,472 | 66,847,299 | ||
Net change in unrealized appreciation (depreciation) | + | 14,471,726 | (1,223,836) | |
Increase in net assets from operations | 48,896,703 | 73,329,459 | ||
Distributions to Shareholders | ||||
Total distributions | ($73,744,967) | ($58,703,388) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,837,228 | $69,277,171 | 2,353,386 | $60,438,285 | ||||
Shares reinvested | 2,764,704 | 64,998,182 | 2,159,882 | 51,772,373 | ||||
Shares redeemed | + | (6,495,890) | (156,442,620) | (6,109,931) | (154,310,987) | |||
Net transactions in fund shares | (893,958) | ($22,167,267) | (1,596,663) | ($42,100,329) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 31,941,167 | $825,768,809 | 33,537,830 | $853,243,067 | ||||
Total decrease | + | (893,958) | (47,015,531) | (1,596,663) | (27,474,258) | |||
End of period | 31,047,209 | $778,753,278 | 31,941,167 | $825,768,809 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $9.64 | $11.27 | $9.20 | $9.62 | $9.77 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.24 | 0.24 | 0.22 | 0.22 | 0.19 | |
Net realized and unrealized gains (losses) | 0.41 | (1.58) | 2.08 | (0.45) | (0.01) | |
Total from investment operations | 0.65 | (1.34) | 2.30 | (0.23) | 0.18 | |
Less distributions: | ||||||
Distributions from net investment income | (0.25) | (0.26) | (0.23) | (0.19) | (0.15) | |
Distributions from net realized gains | — | (0.03) | — | — | (0.18) | |
Total distributions | (0.25) | (0.29) | (0.23) | (0.19) | (0.33) | |
Net asset value at end of period | $10.04 | $9.64 | $11.27 | $9.20 | $9.62 | |
Total return | 7.08% | (12.18%) | 25.58% | (2.41%) | 2.05% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |
Gross operating expenses | 0.87% | 0.89% | 0.90% | 0.91% | 0.92% | |
Net investment income (loss) | 2.44% | 2.22% | 2.15% | 2.40% | 2.02% | |
Portfolio turnover rate | 91% | 98% | 85% | 90% | 87% | |
Net assets, end of period (x 1,000,000) | $976 | $1,166 | $1,227 | $772 | $679 | |
Security | Number of Shares | Value ($) |
Common Stock99.5% of net assets | ||
Australia 7.8% | ||
Altium Ltd. | 47,725 | 1,056,497 |
ASX Ltd. | 48,345 | 2,744,150 |
Australia & New Zealand Banking Group Ltd. | 1,025,282 | 18,841,717 |
Beach Energy Ltd. | 3,918,861 | 6,164,285 |
Bravura Solutions Ltd. | 603,655 | 1,698,243 |
Coca-Cola Amatil Ltd. | 1,735,581 | 12,179,695 |
Cochlear Ltd. | 11,401 | 1,663,292 |
Jumbo Interactive Ltd | 63,641 | 972,937 |
Macquarie Group Ltd. | 105,073 | 9,702,169 |
Magellan Financial Group Ltd. | 95,984 | 3,183,591 |
QBE Insurance Group Ltd. | 741,103 | 6,447,880 |
Sandfire Resources NL | 438,881 | 1,752,852 |
Santos Ltd. | 532,667 | 2,979,480 |
Service Stream Ltd. | 1,012,938 | 1,800,305 |
Telstra Corp., Ltd. | 2,105,203 | 5,070,264 |
76,257,357 | ||
Austria 0.7% | ||
Erste Group Bank AG * | 89,644 | 3,170,516 |
Wienerberger AG | 146,810 | 3,976,434 |
7,146,950 | ||
Brazil 0.2% | ||
YDUQS Part * | 169,800 | 1,661,800 |
Canada 0.7% | ||
Air Canada * | 100,193 | 3,567,726 |
Kirkland Lake Gold Ltd. | 73,530 | 3,452,912 |
7,020,638 | ||
Denmark 3.0% | ||
Novo Nordisk A/S, Class B | 296,665 | 16,313,221 |
Pandora A/S | 43,775 | 2,153,994 |
SimCorp A/S | 103,999 | 9,305,597 |
Topdanmark A/S | 28,518 | 1,277,154 |
29,049,966 | ||
Finland 0.4% | ||
Fortum Oyj | 154,066 | 3,765,006 |
France 9.8% | ||
Air Liquide S.A. | 32,266 | 4,290,121 |
Arkema S.A. | 16,419 | 1,680,286 |
Christian Dior SE | 21,114 | 10,429,424 |
Credit Agricole S.A. | 114,232 | 1,490,539 |
Faurecia SE | 46,246 | 2,158,215 |
Gaztransport Et Technigaz S.A. | 70,219 | 6,406,671 |
Kering S.A. | 7,783 | 4,428,498 |
L'Oreal S.A. | 71,696 | 20,939,653 |
LVMH Moet Hennessy Louis Vuitton SE | 10,048 | 4,291,055 |
Security | Number of Shares | Value ($) |
Peugeot S.A. | 526,234 | 13,327,461 |
Sanofi | 24,446 | 2,253,605 |
Schneider Electric SE | 30,022 | 2,790,255 |
Societe Generale S.A. | 229,039 | 6,513,618 |
TOTAL S.A. | 217,287 | 11,487,571 |
Veolia Environnement S.A. | 104,591 | 2,753,228 |
95,240,200 | ||
Germany 7.0% | ||
adidas AG | 45,076 | 13,918,149 |
Allianz SE | 108,446 | 26,484,958 |
CompuGroup Medical SE | 18,705 | 1,197,461 |
Deutsche Boerse AG | 16,960 | 2,626,419 |
Deutsche Pfandbriefbank AG | 227,186 | 3,104,795 |
Deutsche Telekom AG | 373,641 | 6,574,422 |
HOCHTIEF AG | 25,424 | 3,176,548 |
Hugo Boss AG | 59,726 | 2,518,197 |
KION Group AG | 21,818 | 1,451,720 |
MTU Aero Engines AG | 25,401 | 6,793,015 |
67,845,684 | ||
Greece 0.4% | ||
Hellenic Telecommunications Organization S.A. | 277,984 | 4,216,014 |
Hong Kong 3.6% | ||
Anhui Conch Cement Co., Ltd., H Shares(a) | 205,000 | 1,225,229 |
CITIC Ltd. | 5,780,259 | 7,603,836 |
Lenovo Group Ltd. | 8,631,000 | 6,017,039 |
Longfor Group Holdings Ltd. | 2,039,500 | 8,464,228 |
Sunac China Holdings Ltd. | 645,000 | 2,925,583 |
Tencent Holdings Ltd. | 135,506 | 5,496,518 |
Weichai Power Co., Ltd., H Shares(a) | 822,000 | 1,293,844 |
Yuexiu Property Co., Ltd. | 9,504,000 | 2,093,374 |
35,119,651 | ||
Italy 2.2% | ||
Assicurazioni Generali S.p.A. | 148,167 | 3,004,454 |
Fiat Chrysler Automobiles N.V. | 62,882 | 975,851 |
Italgas S.p.A. | 1,699,030 | 10,937,844 |
Moncler S.p.A. | 33,219 | 1,281,880 |
Unipol Gruppo S.p.A. | 883,049 | 4,928,352 |
21,128,381 | ||
Japan 24.6% | ||
Advantest Corp. | 57,300 | 2,607,635 |
Akatsuki, Inc.(b) | 44,000 | 2,452,072 |
Astellas Pharma, Inc. | 281,200 | 4,826,147 |
Bandai Namco Holdings, Inc. | 66,300 | 4,076,731 |
Daiwabo Holdings Co., Ltd. | 162,900 | 7,118,094 |
DMG Mori Co., Ltd. | 136,000 | 2,201,863 |
Heiwa Real Estate REIT, Inc. | 392 | 518,359 |
Hitachi Ltd. | 214,500 | 8,005,663 |
Hosiden Corp. | 707,200 | 7,429,227 |
Security | Number of Shares | Value ($) |
Hoya Corp. | 211,263 | 18,670,835 |
Invincible Investment Corp. | 20,693 | 13,066,665 |
Japan Airlines Co., Ltd. | 142,700 | 4,446,830 |
Japan Aviation Electronics Industry Ltd. | 113,000 | 2,105,055 |
Kanamoto Co., Ltd. | 148,800 | 3,978,033 |
Kenedix Office Investment Corp. | 412 | 3,227,632 |
Kenedix, Inc. | 234,500 | 1,276,418 |
Makino Milling Machine Co., Ltd. | 72,000 | 3,579,779 |
MCUBS MidCity Investment Corp. | 1,699 | 1,970,436 |
Meitec Corp. | 49,000 | 2,554,384 |
Mitsubishi Electric Corp. | 67,000 | 957,259 |
Mitsubishi Heavy Industries Ltd. | 216,000 | 8,741,377 |
Mitsubishi UFJ Financial Group, Inc. | 3,144,400 | 16,301,476 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 960,800 | 5,898,336 |
Modec, Inc. | 32,000 | 877,769 |
Morinaga & Co., Ltd. | 92,900 | 4,589,213 |
Nihon Unisys Ltd. | 74,452 | 2,457,620 |
Nishi-Nippon Financial Holdings, Inc. | 85,800 | 635,797 |
Riso Kyoiku Co. Ltd | 107,400 | 412,328 |
Round One Corp. | 78,000 | 1,005,778 |
Sankyu, Inc. | 180,380 | 9,170,733 |
Seino Holdings Co., Ltd. | 420,000 | 5,400,355 |
Shin-Etsu Chemical Co., Ltd. | 61,400 | 6,846,174 |
Shionogi & Co., Ltd. | 166,419 | 9,988,947 |
Showa Corp. | 198,600 | 4,149,672 |
Showa Denko K.K. | 65,000 | 1,823,701 |
Softbank Corp. | 100,000 | 1,371,731 |
Sony Corp. | 264,298 | 16,087,593 |
Sumco Corp. | 98,200 | 1,631,187 |
Sumitomo Mitsui Financial Group, Inc. | 206,500 | 7,331,404 |
Sumitomo Mitsui Trust Holdings, Inc. | 87,000 | 3,170,750 |
Takuma Co., Ltd. | 462,000 | 5,497,759 |
TOKAI Holdings Corp. | 70,500 | 691,425 |
Tokuyama Corp. | 257,700 | 6,884,193 |
Tokyo Electron Ltd. | 46,500 | 9,420,834 |
Tokyo Gas Co., Ltd. | 37,000 | 903,208 |
Tokyo Steel Manufacturing Co., Ltd. | 624,153 | 5,024,877 |
Tomy Co., Ltd. | 307,000 | 3,329,193 |
Toyota Motor Corp. | 74,600 | 5,175,814 |
239,888,361 | ||
Mexico 0.2% | ||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 252,500 | 1,750,626 |
Netherlands 6.0% | ||
Airbus SE | 39,374 | 5,648,525 |
ASM International N.V. | 47,464 | 4,785,404 |
Heineken Holding N.V. | 148,783 | 14,196,199 |
Koninklijke Ahold Delhaize N.V. | 854,299 | 21,289,177 |
Koninklijke Philips N.V. | 39,680 | 1,740,923 |
Signify N.V. | 89,962 | 2,635,892 |
Unilever N.V. | 50,311 | 2,973,716 |
Wolters Kluwer N.V. | 75,209 | 5,539,368 |
58,809,204 | ||
New Zealand 0.6% | ||
Spark New Zealand Ltd. | 2,117,559 | 6,074,566 |
Norway 0.5% | ||
DNO A.S.A. | 2,189,781 | 2,661,072 |
TGS NOPEC Geophysical Co., A.S.A. | 93,161 | 2,419,513 |
5,080,585 | ||
Security | Number of Shares | Value ($) |
Portugal 0.2% | ||
Sonae SGPS, S.A. | 1,400,000 | 1,412,513 |
Republic of Korea 0.3% | ||
Samsung Electronics Co., Ltd. | 71,239 | 3,078,939 |
Singapore 0.7% | ||
Singapore Exchange Ltd. | 716,500 | 4,704,209 |
United Overseas Bank Ltd. | 100,000 | 1,968,743 |
6,672,952 | ||
Spain 2.6% | ||
ACS Actividades de Construccion y Servicios S.A. | 343,780 | 13,949,948 |
Banco Bilbao Vizcaya Argentaria S.A. | 532,634 | 2,805,291 |
Industria de Diseno Textil S.A. | 185,576 | 5,782,699 |
Telefonica S.A. | 415,915 | 3,193,927 |
25,731,865 | ||
Sweden 2.2% | ||
Bravida Holding AB | 156,273 | 1,439,992 |
Evolution Gaming Group AB | 131,277 | 3,139,843 |
Hemfosa Fastigheter AB | 534,865 | 5,508,904 |
Investor AB, B Shares | 67,251 | 3,450,274 |
Mycronic AB | 115,678 | 1,925,481 |
Sandvik AB | 182,339 | 3,221,442 |
Volvo AB, B Shares | 201,550 | 3,020,381 |
21,706,317 | ||
Switzerland 11.0% | ||
ABB Ltd. | 115,042 | 2,415,880 |
BKW AG | 30,377 | 2,242,094 |
Cembra Money Bank AG | 53,185 | 5,640,026 |
Forbo Holding AG | 2,723 | 4,339,074 |
Kardex AG | 4,922 | 715,261 |
Nestle S.A. | 258,834 | 27,690,401 |
Novartis AG | 270,840 | 23,664,698 |
Pargesa Holding S.A. | 36,775 | 2,907,014 |
Roche Holding AG | 120,388 | 36,231,467 |
UBS Group AG * | 131,740 | 1,559,164 |
107,405,079 | ||
Taiwan 0.7% | ||
Catcher Technology Co., Ltd. | 296,000 | 2,508,929 |
Chicony Electronics Co., Ltd. | 795,000 | 2,469,856 |
Radiant Opto-Electronics Corp. | 554,000 | 2,199,533 |
7,178,318 | ||
United Kingdom 14.1% | ||
Ashmore Group plc | 511,713 | 3,086,483 |
Ashtead Group plc | 210,574 | 6,411,097 |
Auto Trader Group plc | 904,916 | 6,593,480 |
Avast plc | 543,069 | 2,915,957 |
Aviva plc | 3,525,961 | 19,005,090 |
BHP Group plc | 767,528 | 16,279,685 |
Compass Group plc | 54,320 | 1,446,221 |
Diageo plc | 132,478 | 5,422,454 |
Direct Line Insurance Group plc | 664,181 | 2,341,736 |
Drax Group plc | 638,991 | 2,456,536 |
Dunelm Group plc | 345,643 | 3,534,818 |
Security | Number of Shares | Value ($) |
GlaxoSmithKline plc | 543,117 | 12,440,060 |
Halma plc | 67,102 | 1,628,259 |
HSBC Holdings plc | 725,391 | 5,480,407 |
Legal & General Group plc | 1,159,043 | 3,962,001 |
Man Group plc | 2,289,490 | 4,261,141 |
Paragon Banking Group plc | 215,165 | 1,402,590 |
Prudential plc | 138,461 | 2,418,476 |
RELX plc | 182,649 | 4,397,340 |
Rightmove plc | 323,997 | 2,514,925 |
Royal Dutch Shell plc, A Shares | 98,077 | 2,843,064 |
Segro plc | 197,136 | 2,156,531 |
Smith & Nephew plc | 158,503 | 3,402,490 |
Unilever plc | 282,089 | 16,891,191 |
Vodafone Group plc | 1,852,888 | 3,781,224 |
137,073,256 | ||
Total Common Stock | ||
(Cost $881,287,172) | 970,314,228 |
Security | Number of Shares | Value ($) |
Other Investment Company0.2% of net assets | ||
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 2,434,850 | 2,434,850 |
Total Other Investment Company | ||
(Cost $2,434,850) | 2,434,850 |
* | 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) | All or a portion of this security is on loan. Securities on loan were valued at $2,329,469. |
(c) | The rate shown is the 7-day yield. |
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 | $— | $464,317,580 | $— | $464,317,580 | |
Brazil | 1,661,800 | — | — | 1,661,800 | |
Canada | 7,020,638 | — | — | 7,020,638 | |
Denmark | 1,277,154 | 27,772,812 | — | 29,049,966 | |
Germany | 15,115,610 | 52,730,074 | — | 67,845,684 | |
Japan | 3,745,991 | 236,142,370 | — | 239,888,361 | |
Mexico | 1,750,626 | — | — | 1,750,626 | |
Sweden | 5,508,904 | 16,197,413 | — | 21,706,317 | |
United Kingdom | 3,534,818 | 133,538,438 | — | 137,073,256 | |
Other Investment Company1 | 2,434,850 | — | — | 2,434,850 | |
Total | $42,050,391 | $930,698,687 | $— | $972,749,078 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $881,287,172) including securities on loan of $2,329,469 | $970,314,228 | |
Collateral invested for securities on loan, at value (cost $2,434,850) | 2,434,850 | |
Foreign currency, at value (cost $15,715) | 15,719 | |
Deposit with broker for futures contracts | 315,000 | |
Receivables: | ||
Investments sold | 22,857,550 | |
Dividends | 2,705,508 | |
Foreign tax reclaims | 1,718,180 | |
Fund shares sold | 430,649 | |
Income from securities on loan | 14,282 | |
Prepaid expenses | + | 16,885 |
Total assets | 1,000,822,851 | |
Liabilities | ||
Collateral held for securities on loan | 2,434,850 | |
Payables: | ||
Investments bought | 18,745,647 | |
Investment adviser and administrator fees | 487,374 | |
Shareholder service fees | 189,776 | |
Independent trustees’ fees | 10 | |
Due to custodian | 2,325,635 | |
Fund shares redeemed | 880,542 | |
Accrued expenses | + | 247,965 |
Total liabilities | 25,311,799 | |
Net Assets | ||
Total assets | 1,000,822,851 | |
Total liabilities | – | 25,311,799 |
Net assets | $975,511,052 | |
Net Assets by Source | ||
Capital received from investors | 989,666,726 | |
Total distributable loss | (14,155,674) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$975,511,052 | 97,158,889 | $10.04 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,664,267) | $34,729,651 | |
Securities on loan, net | + | 64,311 |
Total investment income | 34,793,962 | |
Expenses | ||
Investment adviser and administrator fees | 6,108,800 | |
Shareholder service fees | 2,555,247 | |
Custodian fees | 166,541 | |
Portfolio accounting fees | 92,456 | |
Professional fees | 67,813* | |
Registration fees | 56,644 | |
Transfer agent fees | 42,838 | |
Shareholder reports | 33,981 | |
Independent trustees’ fees | 13,402 | |
Other expenses | + | 48,437 |
Total expenses | 9,186,159 | |
Expense reduction by CSIM and its affiliates | – | 108,836* |
Net expenses | – | 9,077,323 |
Net investment income | 25,716,639 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (113,139,631) | |
Net realized losses on futures contracts | (75,869) | |
Net realized losses on foreign currency transactions | + | (7,998) |
Net realized losses | (113,223,498) | |
Net change in unrealized appreciation (depreciation) on investments | 154,363,573 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 84,926 |
Net change in unrealized appreciation (depreciation) | + | 154,448,499 |
Net realized and unrealized gains | 41,225,001 | |
Increase in net assets resulting from operations | $66,941,640 |
* | Includes professional fees of $19,171 associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2(d) and 4 for additional information. |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $25,716,639 | $30,286,755 | ||
Net realized losses | (113,223,498) | (5,255,760) | ||
Net change in unrealized appreciation (depreciation) | + | 154,448,499 | (202,582,332) | |
Increase (decrease) in net assets from operations | 66,941,640 | (177,551,337) | ||
Distributions to Shareholders | ||||
Total distributions | ($29,979,566) | ($32,281,172) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 16,140,498 | $153,928,560 | 43,839,389 | $487,710,481 | ||||
Shares reinvested | 2,751,748 | 24,710,692 | 2,423,051 | 26,411,257 | ||||
Shares redeemed | + | (42,745,841) | (406,370,048) | (34,071,759) | (364,936,798) | |||
Net transactions in fund shares | (23,853,595) | ($227,730,796) | 12,190,681 | $149,184,940 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 121,012,484 | $1,166,279,774 | 108,821,803 | $1,226,927,343 | ||||
Total increase or decrease | + | (23,853,595) | (190,768,722) | 12,190,681 | (60,647,569) | |||
End of period | 97,158,889 | $975,511,052 | 121,012,484 | $1,166,279,774 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Core Equity Fund | Schwab Target 2040 Fund |
Schwab Dividend Equity Fund | Schwab Target 2045 Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2050 Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2055 Fund |
Schwab Hedged Equity Fund | Schwab Target 2060 Fund |
Schwab Health Care Fund | Schwab Fundamental US Large Company Index Fund |
Schwab International Core Equity Fund | Schwab Fundamental US Small Company Index Fund |
Schwab S&P 500 Index Fund | Schwab Fundamental International Large Company Index Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental International Small Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2010 Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2015 Index Fund |
Schwab International Index Fund® | Schwab Target 2020 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2025 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2030 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2035 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | 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 |
Schwab Target 2035 Fund |
2. Significant Accounting Policies:
4. Affiliates and Affiliated Transactions:
% of Average Daily Net Assets | Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | Schwab International Core Equity Fund |
Flat rate | 0.47% | 0.62% | 0.72% | 0.81% | 1.05% | 0.58% |
% of Average Daily Net Assets | Schwab Health Care Fund |
First $500 million | 0.54% |
$500 million to $1 billion | 0.515% |
Over $1 billion | 0.49% |
Schwab Core Equity Fund | Schwab Dividend Equity Fund | Schwab Large-Cap Growth Fund | Schwab Small-Cap Equity Fund | Schwab Hedged Equity Fund | Schwab Health Care Fund | Schwab International Core Equity Fund |
0.75% | 0.89% | 0.99% | 1.12% | 1.33%* | 0.82% | 0.86% |
* | Excludes 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 | 8.5% | —% | 9.2% | —% | |||
Schwab Monthly Income Fund - Enhanced Payout | —% | 1.9% | —% | —% | |||
Schwab Monthly Income Fund - Maximum Payout | —% | 0.7% | —% | —% | |||
Schwab Monthly Income Fund - Moderate Payout | —% | 1.5% | —% | —% | |||
Schwab Target 2010 Fund | 0.1% | 0.0%* | 0.1% | 0.2% | |||
Schwab Target 2015 Fund | 0.2% | 0.0%* | 0.2% | 0.4% | |||
Schwab Target 2020 Fund | 1.6% | 0.2% | 1.7% | 2.8% | |||
Schwab Target 2025 Fund | 2.5% | 0.2% | 2.7% | 3.8% | |||
Schwab Target 2030 Fund | 4.8% | 1.3% | 5.9% | 7.8% | |||
Schwab Target 2035 Fund | 2.5% | 1.0% | 3.4% | 4.2% | |||
Schwab Target 2040 Fund | 5.7% | 2.7% | 8.1% | 9.5% | |||
Schwab Target 2045 Fund | 1.0% | 0.5% | 1.4% | 1.6% | |||
Schwab Target 2050 Fund | 1.0% | 0.6% | 1.5% | 1.7% | |||
Schwab Target 2055 Fund | 0.6% | 0.4% | 0.9% | 1.0% | |||
Schwab Target 2060 Fund | 0.1% | 0.1% | 0.2% | 0.2% |
* | Less than 0.05% |
5. Board of Trustees:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab Core Equity Fund | $2,086,706,309 | $2,258,430,744 |
Schwab Dividend Equity Fund | 659,881,610 | 1,102,179,188 |
Schwab Large-Cap Growth Fund | 127,790,847 | 205,859,671 |
Schwab Small-Cap Equity Fund | 684,919,014 | 679,799,167 |
Schwab Hedged Equity Fund* | 417,325,733 | 470,531,713 |
Schwab Health Care Fund | 357,456,758 | 436,777,342 |
Schwab International Core Equity Fund | 953,919,162 | 1,184,561,141 |
* | Including securities sold short. |
8. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab Core Equity Fund | $2,226,510 | 17 |
Schwab Dividend Equity Fund | 19,621,615* | 150* |
Schwab Large-Cap Growth Fund | 543,710 | 4 |
Schwab Small-Cap Equity Fund | 4,188,787 | 56 |
Schwab Hedged Equity Fund | 281,537 | 2 |
Schwab Health Care Fund | 1,273,298 | 9 |
Schwab International Core Equity Fund | 287,785 | 3 |
* | During the period, the fund did not hold futures contracts at any month-end. The average notional amounts and number of contracts were calculated by aggregating the highest daily values held each month during the period. |
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 | $1,705,660,637 | $724,755,785 | $124,372,271 | $551,864,275 | $92,299,477 | $536,066,543 | $892,300,824 | ||||||
Gross unrealized appreciation | $498,772,486 | $144,452,799 | $59,887,181 | $75,870,698 | $32,339,419 | $247,150,721 | $99,913,468 | ||||||
Gross unrealized depreciation | (26,896,222) | (21,461,363) | (3,121,046) | (44,392,082) | (15,277,634) | (6,543,354) | (19,465,214) | ||||||
Net unrealized appreciation (depreciation) | $471,876,264 | $122,991,436 | $56,766,135 | $31,478,616 | $17,061,785 | $240,607,367 | $80,448,254 |
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 | $15,452,132 | $— | $128,168 | $520,604 | $841,356 | ||||
Undistributed long-term capital gains | 44,087,057 | 44,139,966 | 9,419,148 | — | — | ||||
Net unrealized appreciation (depreciation) on investments | 471,876,264 | 122,991,436 | 56,766,135 | 31,478,616 | 17,061,785 | ||||
Total | $531,415,453 | $167,131,402 | $66,313,451 | $31,999,220 | $17,903,141 |
Schwab Health Care Fund | Schwab International Core Equity Fund | ||
Undistributed ordinary income | $7,104,923 | $32,545,509 | |
Undistributed long-term capital gains | 26,992,356 | — | |
Net unrealized appreciation (depreciation) on investments | 240,607,367 | 80,448,254 | |
Net other unrealized appreciation (depreciation) | (14,196) | (4,384) | |
Total | $274,690,450 | $112,989,379 |
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 | $— | $— | $— | $41,249,674 | $15,795,438 | ||||
Total | $— | $— | $— | $41,249,674 | $15,795,438 |
Expiration Date | Schwab Health Care Fund | Schwab International Core Equity Fund | |
No expiration | $— | $127,145,053 | |
Total | $— | $127,145,053 |
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 | $50,106,445 | $17,703,109 | $6,863,262 | $47,742,964 | $2,154,010 |
Long-term capital gains | 208,707,447 | 98,971,136 | 17,392,917 | 57,318,761 | 17,187,468 |
Prior 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 |
Schwab Health Care Fund | Schwab International Core Equity Fund | |
Current period distributions | ||
Ordinary income | $13,608,829 | $29,979,566 |
Long-term capital gains | 60,136,138 | — |
Prior period distributions | ||
Ordinary income | $14,878,678 | $28,754,784 |
Long-term capital gains | 43,824,710 | 3,526,388 |
10. Subsequent Events:
San Francisco, California
December 16, 2019
Percentage | |
Schwab Core Equity Fund | 79.13 |
Schwab Dividend Equity Fund | 100.00 |
Schwab Large-Cap Growth Fund | 49.12 |
Schwab Small-Cap Equity Fund | 8.91 |
Schwab Hedged Equity Fund | 100.00 |
Schwab Health Care Fund | 76.57 |
Schwab International Core Equity Fund | — |
Schwab Core Equity Fund | $40,630,992 |
Schwab Dividend Equity Fund | 17,703,109 |
Schwab Large-Cap Growth Fund | 3,459,591 |
Schwab Small-Cap Equity Fund | 4,502,335 |
Schwab Hedged Equity Fund | 2,154,010 |
Schwab Health Care Fund | 13,608,829 |
Schwab International Core Equity Fund | 32,975,452 |
Schwab Core Equity Fund | $208,707,447 |
Schwab Dividend Equity Fund | 98,971,136 |
Schwab Large-Cap Growth Fund | 17,392,917 |
Schwab Small-Cap Equity Fund | 57,318,761 |
Schwab Hedged Equity Fund | 17,187,468 |
Schwab Health Care Fund | 60,136,138 |
Schwab International Core Equity Fund | — |
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable mutual funds and benchmark data; |
3. | each Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Balanced Fund (Ticker Symbol: SWOBX) | 11.19% |
Balanced Blended Index | 12.35% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 10.26% |
Performance Details | pages 7-9 |
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. |
President 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. |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the co-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. |
Patrick Kwok, CFA, Portfolio Manager, is responsible for the co-management of the fund. He has served as portfolio manager of the fund since February 2019. 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 Balanced Fund (11/18/96) | 11.19% | 6.73% | 8.86% |
Balanced Blended Index | 12.35% | 7.52% | 9.54% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 10.26% | 5.57% | 8.08% |
Fund Expense Ratios3: Net 0.50%; Gross 0.54% |
1 | Fund expenses may have been partially absorbed by CSIM and its affiliates. Without these reductions, the fund’s returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 6 |
Portfolio Turnover Rate | 32% |
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 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192,5 | Effective Expenses Paid During Period 5/1/19-10/31/194,5 | |
Schwab Balanced Fund | ||||||
Actual Return | 0.00% | 0.50% | $1,000.00 | $1,029.60 | $0.00 | $2.56 |
Hypothetical 5% Return | 0.00% | 0.50% | $1,000.00 | $1,025.20 | $0.00 | $2.55 |
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 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. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.41 | $15.60 | $14.51 | $15.40 | $15.56 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.24 | 0.23 | 0.21 | 0.19 | 0.18 | |
Net realized and unrealized gains (losses) | 1.32 | 0.082 | 1.96 | 0.003 | 0.42 | |
Total from investment operations | 1.56 | 0.31 | 2.17 | 0.19 | 0.60 | |
Less distributions: | ||||||
Distributions from net investment income | (0.37) | (0.48) | (0.22) | (0.32) | (0.34) | |
Distributions from net realized gains | (0.61) | (0.02) | (0.86) | (0.76) | (0.42) | |
Total distributions | (0.98) | (0.50) | (1.08) | (1.08) | (0.76) | |
Net asset value at end of period | $15.99 | $15.41 | $15.60 | $14.51 | $15.40 | |
Total return | 11.19% | 1.94% | 15.90% | 1.41% | 3.95% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | 0.00% | 0.00% | 0.00% | 0.00%5 | 0.00%5 | |
Gross operating expenses4 | 0.04% | 0.04% | 0.06% | 0.06% | 0.07% | |
Net investment income (loss) | 1.55% | 1.44% | 1.39% | 1.34% | 1.18% | |
Portfolio turnover rate | 32% | 6% | 28%6 | 19% | 5% | |
Net assets, end of period (x 1,000,000) | $526 | $447 | $386 | $282 | $305 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds99.3% of net assets | ||
Equity Funds 60.2% | ||
Large-Cap 50.0% | ||
Laudus U.S. Large Cap Growth Fund * | 3,461,758 | 77,612,608 |
Schwab Core Equity Fund | 8,488,742 | 185,648,795 |
263,261,403 | ||
Small-Cap 10.2% | ||
Schwab Small-Cap Equity Fund | 3,196,837 | 53,323,240 |
316,584,643 | ||
Fixed-Income Fund 36.8% | ||
Intermediate-Term Bond 36.8% | ||
Schwab U.S. Aggregate Bond Index Fund | 18,675,589 | 193,852,620 |
Money Market Fund 2.3% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 12,112,940 | 12,118,997 |
Total Affiliated Underlying Funds | ||
(Cost $475,454,387) | 522,556,260 |
Security | Number of Shares | Value ($) |
Unaffiliated Underlying Fund0.7% of net assets | ||
Money Market Fund 0.7% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(a) | 3,821,366 | 3,821,366 |
Total Unaffiliated Underlying Fund | ||
(Cost $3,821,366) | 3,821,366 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day yield. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus Small-Cap MarketMasters Fund, Select Shares | $44,913,075 | $2,370,000 | ($41,276,972) | ($362,506) | ($5,643,597) | $— | — | $4,489,301 |
Laudus U.S. Large Cap Growth Fund | 66,622,785 | 15,268,559 | (10,075,000) | (340,756) | 6,137,020 | 77,612,608 | 3,461,758 | 5,008,159 |
Schwab Core Equity Fund | 157,179,451 | 46,498,943 | (17,575,000) | (3,276,849) | 2,822,250 | 185,648,795 | 8,488,742 | 20,048,943 |
Schwab Intermediate-Term Bond Fund | 50,815,631 | 2,675,201 | (54,131,542) | (1,847,142) | 2,487,852 | — | — | 289,075 |
Schwab Small-Cap Equity Fund | — | 52,798,000 | (833,000) | (16,237) | 1,374,477 | 53,323,240 | 3,196,837 | — |
Schwab U.S. Aggregate Bond Index Fund | 115,403,823 | 94,523,143 | (28,913,000) | (509,608) | 13,348,262 | 193,852,620 | 18,675,589 | 4,861,893 |
Schwab Variable Share Price Money Fund, Ultra Shares | 10,364,980 | 1,750,559 | — | — | 3,458 | 12,118,997 | 12,112,940 | 250,654 |
Total | $445,299,745 | $215,884,405 | ($152,804,514) | ($6,353,098) | $20,529,722 | $522,556,260 | $34,948,025 |
* | 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 $475,454,387) | $522,556,260 | |
Investments in unaffiliated underlying funds, at value (cost $3,821,366) | 3,821,366 | |
Receivables: | ||
Fund shares sold | 1,255,808 | |
Dividends | 469,874 | |
Due from investment adviser | 19,915 | |
Prepaid expenses | + | 21,442 |
Total assets | 528,144,665 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,554,102 | |
Fund shares redeemed | 361,423 | |
Accrued expenses | + | 55,309 |
Total liabilities | 1,970,834 | |
Net Assets | ||
Total assets | 528,144,665 | |
Total liabilities | – | 1,970,834 |
Net assets | $526,173,831 | |
Net Assets by Source | ||
Capital received from investors | 460,308,724 | |
Total distributable earnings | 65,865,107 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$526,173,831 | 32,907,989 | $15.99 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $7,390,752 | |
Dividends received from unaffiliated underlying funds | + | 70,340 |
Total investment income | 7,461,092 | |
Expenses | ||
Registration fees | 51,420 | |
Shareholder reports | 44,293 | |
Professional fees | 31,136 | |
Portfolio accounting fees | 28,555 | |
Transfer agent fees | 21,861 | |
Independent trustees’ fees | 10,337 | |
Custodian fees | 1,790 | |
Other expenses | + | 9,253 |
Total expenses | 198,645 | |
Expense reduction by CSIM and its affiliates | – | 198,645 |
Net expenses | – | — |
Net investment income | 7,461,092 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 27,557,273 | |
Net realized losses on sales of affiliated underlying funds | + | (6,353,098) |
Net realized gains | 21,204,175 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 20,529,722 |
Net realized and unrealized gains | 41,733,897 | |
Increase in net assets resulting from operations | $49,194,989 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $7,461,092 | $6,070,669 | ||
Net realized gains | 21,204,175 | 24,111,718 | ||
Net change in unrealized appreciation (depreciation) | + | 20,529,722 | (24,870,807) | |
Increase in net assets from operations | 49,194,989 | 5,311,580 | ||
Distributions to Shareholders | ||||
Total distributions | ($28,049,773) | ($12,185,118) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 11,096,629 | $169,470,196 | 10,224,123 | $162,133,182 | ||||
Shares reinvested | 1,812,747 | 24,889,012 | 690,392 | 10,707,988 | ||||
Shares redeemed | + | (8,978,575) | (135,957,018) | (6,642,949) | (104,866,438) | |||
Net transactions in fund shares | 3,930,801 | $58,402,190 | 4,271,566 | $67,974,732 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 28,977,188 | $446,626,425 | 24,705,622 | $385,525,231 | ||||
Total increase | + | 3,930,801 | 79,547,406 | 4,271,566 | 61,101,194 | |||
End of period | 32,907,989 | $526,173,831 | 28,977,188 | $446,626,425 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Balanced 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 |
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 |
Schwab Target 2035 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Laudus U.S. Large Cap Growth Fund | 3.5% |
Schwab Core Equity Fund | 8.5% |
Schwab Small-Cap Equity Fund | 9.2% |
Schwab U.S. Aggregate Bond Index Fund | 6.2% |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.2% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities |
$215,884,405 | $152,804,514 |
Tax cost | $484,908,783 |
Gross unrealized appreciation | $43,932,821 |
Gross unrealized depreciation | (2,463,978) |
Net unrealized appreciation (depreciation) | $41,468,843 |
Undistributed ordinary income | $4,542,108 |
Undistributed long-term capital gains | 19,854,156 |
Net unrealized appreciation (depreciation) on investments | 41,468,843 |
Total | $65,865,107 |
Current period distributions | |
Ordinary income | $10,526,518 |
Long-term capital gains | 17,523,255 |
Prior period distributions | |
Ordinary income | $11,740,011 |
Long-term capital gains | 445,107 |
9. Subsequent Events:
San Francisco, California
December 16, 2019
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 and benchmark data; |
3. | the Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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
Index Fund
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab S&P 500 Index Fund (Ticker Symbol: SWPPX) | 14.30% |
S&P 500® Index | 14.33% |
Fund Category: Morningstar Large Blend1 | 12.66% |
Performance Details | pages 7-9 |
Schwab 1000 Index Fund (Ticker Symbol: SNXFX) | 14.20% |
Schwab 1000 Index® | 14.25% |
Russell 1000® Index | 14.15% |
Fund Category: Morningstar Large Blend1 | 12.66% |
Performance Details | pages 10-12 |
Schwab Small-Cap Index Fund (Ticker Symbol: SWSSX) | 4.95% |
Russell 2000® Index | 4.90% |
Fund Category: Morningstar Small Blend1 | 4.42% |
Performance Details | pages 13-15 |
Schwab Total Stock Market Index Fund (Ticker Symbol: SWTSX) | 13.37% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% |
Fund Category: Morningstar Large Blend1 | 12.66% |
Performance Details | pages 16-18 |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab U.S. Large-Cap Growth Index Fund (Ticker Symbol: SWLGX) | 17.04% |
Russell 1000® Growth Index | 17.10% |
Fund Category: Morningstar Large Growth1 | 14.51% |
Performance Details | pages 19-21 |
Schwab U.S. Large-Cap Value Index Fund (Ticker Symbol: SWLVX) | 11.08% |
Russell 1000® Value Index | 11.21% |
Fund Category: Morningstar Large Value1 | 9.63% |
Performance Details | pages 22-24 |
Schwab U.S. Mid-Cap Index Fund (Ticker Symbol: SWMCX) | 13.61% |
Russell Midcap® Index | 13.72% |
Fund Category: Morningstar Mid-Cap Blend1 | 9.59% |
Performance Details | pages 25-27 |
Schwab International Index Fund2 (Ticker Symbol: SWISX) | 11.27% |
MSCI EAFE® Index (Net)3 | 11.04% |
Fund Category: Morningstar Foreign Large Blend1 | 10.26% |
Performance Details | pages 28-30 |
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. |
President 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. |
Christopher Bliss, CFA, Vice President and Head of Passive Equity Strategies, 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 the 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. |
Jeremy Brown, 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 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis and sales and marketing support initiatives. |
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 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 the 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 operations 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) | 14.30% | 10.70% | 13.61% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Large Blend2 | 12.66% | 8.94% | 12.22% |
Fund Expense Ratio3: 0.02% |
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 | 507 |
Weighted Average Market Cap (millions) | $262,960 |
Price/Earnings Ratio (P/E) | 21.2 |
Price/Book Ratio (P/B) | 3.3 |
Portfolio Turnover Rate | 3% |
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) | 14.20% | 10.38% | 13.43% |
Schwab 1000 Index® | 14.25% | 10.52% | 13.67% |
Russell 1000® Index | 14.15% | 10.55% | 13.72% |
Fund Category: Morningstar Large Blend2 | 12.66% | 8.94% | 12.22% |
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 | 9882 |
Weighted Average Market Cap (millions) | $236,490 |
Price/Earnings Ratio (P/E) | 21.2 |
Price/Book Ratio (P/B) | 3.2 |
Portfolio Turnover Rate | 5% |
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) | 4.95% | 7.41% | 12.56% |
Russell 2000® Index | 4.90% | 7.37% | 12.27% |
Small-Cap Spliced Index | 4.90% | 7.37% | 12.55% |
Fund Category: Morningstar Small Blend2 | 4.42% | 6.20% | 11.55% |
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 | 2,000 |
Weighted Average Market Cap (millions) | $2,321 |
Price/Earnings Ratio (P/E) | 18.0 |
Price/Book Ratio (P/B) | 1.9 |
Portfolio Turnover Rate | 14% |
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) | 13.37% | 10.22% | 13.57% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Fund Category: Morningstar Large Blend2 | 12.66% | 8.94% | 12.22% |
Fund Expense Ratio3: 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 | 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 | 3,072 |
Weighted Average Market Cap (millions) | $221,048 |
Price/Earnings Ratio (P/E) | 21.0 |
Price/Book Ratio (P/B) | 3.0 |
Portfolio Turnover Rate | 3% |
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 | Since Inception |
Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) | 17.04% | 12.21% |
Russell 1000® Growth Index | 17.10% | 12.28% |
Fund Category: Morningstar Large Growth2 | 14.51% | N/A |
Fund Expense Ratio3: 0.035% |
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 | 532 |
Weighted Average Market Cap (millions) | $350,689 |
Price/Earnings Ratio (P/E) | 26.8 |
Price/Book Ratio (P/B) | 7.8 |
Portfolio Turnover Rate | 46% |
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 | Since Inception |
Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) | 11.08% | 5.10% |
Russell 1000® Value Index | 11.21% | 5.19% |
Fund Category: Morningstar Large Value2 | 9.63% | N/A |
Fund Expense Ratio3: 0.035% |
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 | 768 |
Weighted Average Market Cap (millions) | $123,474 |
Price/Earnings Ratio (P/E) | 17.3 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 22% |
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 | Since Inception |
Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) | 13.61% | 6.43% |
Russell Midcap® Index | 13.72% | 6.52% |
Fund Category: Morningstar Mid-Cap Blend2 | 9.59% | 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 | 807 |
Weighted Average Market Cap (millions) | $16,715 |
Price/Earnings Ratio (P/E) | 20.6 |
Price/Book Ratio (P/B) | 2.5 |
Portfolio Turnover Rate | 21% |
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 International Index Fund (5/19/97) | 11.27% | 4.17% | 5.52% |
MSCI EAFE® Index (Net)2 | 11.04% | 4.31% | 5.41% |
International Spliced Index | 11.04% | 4.31% | 5.46% |
Fund Category: Morningstar Foreign Large Blend3 | 10.26% | 3.74% | 5.13% |
Fund Expense Ratio4: 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 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
4 | As stated in the prospectus. |
Number of Holdings | 944 |
Weighted Average Market Cap (millions) | $64,361 |
Price/Earnings Ratio (P/E) | 16.1 |
Price/Book Ratio (P/B) | 1.6 |
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 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192 | |
Schwab S&P 500 Index Fund | ||||
Actual Return | 0.02% | $1,000.00 | $1,041.30 | $0.10 |
Hypothetical 5% Return | 0.02% | $1,000.00 | $1,025.10 | $0.10 |
Schwab 1000 Index Fund | ||||
Actual Return | 0.05% | $1,000.00 | $1,038.20 | $0.26 |
Hypothetical 5% Return | 0.05% | $1,000.00 | $1,024.95 | $0.26 |
Schwab Small-Cap Index Fund | ||||
Actual Return | 0.04% | $1,000.00 | $989.40 | $0.20 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,025.00 | $0.20 |
Schwab Total Stock Market Index Fund | ||||
Actual Return | 0.03% | $1,000.00 | $1,033.90 | $0.15 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,025.05 | $0.15 |
Schwab U.S. Large-Cap Growth Index Fund | ||||
Actual Return | 0.035% | $1,000.00 | $1,044.50 | $0.18 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,025.02 | $0.18 |
Schwab U.S. Large-Cap Value Index Fund | ||||
Actual Return | 0.035% | $1,000.00 | $1,030.40 | $0.18 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,025.02 | $0.18 |
Schwab U.S. Mid-Cap Index Fund | ||||
Actual Return | 0.04% | $1,000.00 | $1,018.20 | $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 | $1,030.20 | $0.31 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
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. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $42.41 | $40.23 | $33.38 | $33.00 | $31.99 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.92 | 0.80 | 0.74 | 0.69 | 0.67 | |
Net realized and unrealized gains (losses) | 4.86 | 2.12 | 6.99 | 0.69 | 0.92 | |
Total from investment operations | 5.78 | 2.92 | 7.73 | 1.38 | 1.59 | |
Less distributions: | ||||||
Distributions from net investment income | (0.84) | (0.72) | (0.69) | (0.68) | (0.58) | |
Distributions from net realized gains | (0.18) | (0.02) | (0.19) | (0.32) | — | |
Total distributions | (1.02) | (0.74) | (0.88) | (1.00) | (0.58) | |
Net asset value at end of period | $47.17 | $42.41 | $40.23 | $33.38 | $33.00 | |
Total return | 14.30% | 7.29% | 23.57% | 4.40% | 5.10% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.02%2 | 0.03% | 0.05%3 | 0.09% | 0.09% | |
Net operating expenses | N/A | N/A4 | 0.05%3 | 0.09% | 0.09% | |
Net investment income (loss) | 2.11% | 1.88% | 2.01% | 2.12% | 2.07% | |
Portfolio turnover rate | 3% | 2% | 2% | 2% | 2% | |
Net assets, end of period (x 1,000,000) | $40,232 | $34,410 | $29,999 | $22,675 | $21,587 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.7% of net assets | ||||
Automobiles & Components 0.5% | ||||
Other Securities | 0.5 | 187,568,957 | ||
Banks 5.6% | ||||
Bank of America Corp. | 13,318,080 | 1.0 | 416,456,362 | |
Citigroup, Inc. | 3,592,729 | 0.6 | 258,173,506 | |
JPMorgan Chase & Co. | 5,081,477 | 1.6 | 634,778,107 | |
Wells Fargo & Co. | 6,373,412 | 0.8 | 329,059,261 | |
Other Securities | 1.6 | 603,292,711 | ||
5.6 | 2,241,759,947 | |||
Capital Goods 6.6% | ||||
Honeywell International, Inc. | 1,143,259 | 0.5 | 197,475,127 | |
The Boeing Co. | 849,671 | 0.7 | 288,811,670 | |
Other Securities | 5.4 | 2,149,898,446 | ||
6.6 | 2,636,185,243 | |||
Commercial & Professional Services 0.7% | ||||
Other Securities | 0.7 | 299,987,306 | ||
Consumer Durables & Apparel 1.1% | ||||
Other Securities | 1.1 | 460,540,986 | ||
Consumer Services 1.9% | ||||
McDonald's Corp. | 1,206,994 | 0.6 | 237,415,720 | |
Other Securities | 1.3 | 520,524,393 | ||
1.9 | 757,940,113 | |||
Diversified Financials 5.0% | ||||
Berkshire Hathaway, Inc., Class B * | 3,116,389 | 1.6 | 662,481,974 | |
The Charles Schwab Corp.(a) | 1,841,508 | 0.2 | 74,967,791 | |
Other Securities | 3.2 | 1,282,942,507 | ||
5.0 | 2,020,392,272 | |||
Energy 4.3% | ||||
Chevron Corp. | 3,017,155 | 0.9 | 350,412,382 | |
Exxon Mobil Corp. | 6,724,390 | 1.1 | 454,367,032 | |
Other Securities | 2.3 | 929,267,758 | ||
4.3 | 1,734,047,172 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.6% | ||||
Costco Wholesale Corp. | 699,356 | 0.5 | 207,785,661 | |
Walmart, Inc. | 2,260,217 | 0.7 | 265,033,045 | |
Other Securities | 0.4 | 162,468,064 | ||
1.6 | 635,286,770 | |||
Food, Beverage & Tobacco 3.8% | ||||
PepsiCo, Inc. | 2,221,813 | 0.8 | 304,766,089 | |
Philip Morris International, Inc. | 2,473,205 | 0.5 | 201,417,815 | |
The Coca-Cola Co. | 6,115,520 | 0.8 | 332,867,754 | |
Other Securities | 1.7 | 709,433,156 | ||
3.8 | 1,548,484,814 | |||
Health Care Equipment & Services 6.3% | ||||
Abbott Laboratories | 2,809,275 | 0.6 | 234,883,483 | |
Medtronic plc | 2,132,179 | 0.6 | 232,194,293 | |
UnitedHealth Group, Inc. | 1,506,989 | 0.9 | 380,816,120 | |
Other Securities | 4.2 | 1,700,199,462 | ||
6.3 | 2,548,093,358 | |||
Household & Personal Products 2.0% | ||||
The Procter & Gamble Co. | 3,975,874 | 1.2 | 495,036,072 | |
Other Securities | 0.8 | 294,437,270 | ||
2.0 | 789,473,342 | |||
Insurance 2.3% | ||||
Other Securities | 2.3 | 933,470,259 | ||
Materials 2.7% | ||||
Other Securities | 2.7 | 1,070,785,772 | ||
Media & Entertainment 8.1% | ||||
Alphabet, Inc., Class A * | 476,068 | 1.5 | 599,274,398 | |
Alphabet, Inc., Class C * | 480,292 | 1.5 | 605,220,752 | |
Comcast Corp., Class A | 7,209,067 | 0.8 | 323,110,383 | |
Facebook, Inc., Class A * | 3,823,917 | 1.8 | 732,853,693 | |
Netflix, Inc. * | 696,229 | 0.5 | 200,103,177 | |
The Walt Disney Co. | 2,863,364 | 0.9 | 372,008,251 | |
Other Securities | 1.1 | 441,017,207 | ||
8.1 | 3,273,587,861 | |||
Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||||
AbbVie, Inc. | 2,350,568 | 0.5 | 186,987,684 | |
Amgen, Inc. | 953,396 | 0.5 | 203,311,697 | |
Johnson & Johnson | 4,194,205 | 1.4 | 553,802,828 | |
Merck & Co., Inc. | 4,069,139 | 0.9 | 352,631,586 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Pfizer, Inc. | 8,791,486 | 0.8 | 337,329,318 | |
Thermo Fisher Scientific, Inc. | 636,837 | 0.5 | 192,312,037 | |
Other Securities | 3.0 | 1,249,920,291 | ||
7.6 | 3,076,295,441 | |||
Real Estate 3.1% | ||||
Other Securities | 3.1 | 1,262,794,354 | ||
Retailing 6.5% | ||||
Amazon.com, Inc. * | 660,440 | 2.9 | 1,173,377,330 | |
The Home Depot, Inc. | 1,740,825 | 1.0 | 408,362,728 | |
Other Securities | 2.6 | 1,025,110,376 | ||
6.5 | 2,606,850,434 | |||
Semiconductors & Semiconductor Equipment 4.1% | ||||
Broadcom, Inc. | 632,887 | 0.5 | 185,340,958 | |
Intel Corp. | 7,041,581 | 1.0 | 398,060,574 | |
NVIDIA Corp. | 968,373 | 0.5 | 194,662,341 | |
Other Securities | 2.1 | 856,994,887 | ||
4.1 | 1,635,058,760 | |||
Software & Services 12.1% | ||||
Accenture plc, Class A | 1,012,374 | 0.5 | 187,714,387 | |
Adobe, Inc. * | 771,823 | 0.5 | 214,512,766 | |
International Business Machines Corp. | 1,408,106 | 0.5 | 188,306,015 | |
Mastercard, Inc., Class A | 1,418,805 | 1.0 | 392,739,412 | |
Microsoft Corp. | 12,134,708 | 4.3 | 1,739,753,086 | |
Oracle Corp. | 3,499,063 | 0.5 | 190,663,943 | |
PayPal Holdings, Inc. * | 1,870,718 | 0.5 | 194,741,744 | |
salesforce.com, Inc. * | 1,394,352 | 0.5 | 218,202,144 | |
Visa, Inc., Class A | 2,744,096 | 1.2 | 490,809,011 | |
Other Securities | 2.6 | 1,032,836,377 | ||
12.1 | 4,850,278,885 | |||
Technology Hardware & Equipment 6.1% | ||||
Apple, Inc. | 6,751,993 | 4.2 | 1,679,625,779 | |
Cisco Systems, Inc. | 6,749,583 | 0.8 | 320,672,688 | |
Other Securities | 1.1 | 454,716,643 | ||
6.1 | 2,455,015,110 | |||
Telecommunication Services 2.3% | ||||
AT&T, Inc. | 11,615,005 | 1.1 | 447,061,542 | |
Verizon Communications, Inc. | 6,573,990 | 1.0 | 397,529,175 | |
Other Securities | 0.2 | 61,632,135 | ||
2.3 | 906,222,852 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 1.9% | ||||
Union Pacific Corp. | 1,120,085 | 0.5 | 185,329,264 | |
Other Securities | 1.4 | 584,089,711 | ||
1.9 | 769,418,975 | |||
Utilities 3.5% | ||||
Other Securities | 3.5 | 1,398,207,875 | ||
Total Common Stock | ||||
(Cost $19,901,583,892) | 40,097,746,858 | |||
Other Investment Company0.0% of net assets | ||||
Securities Lending Collateral 0.0% | ||||
Other Securities | 0.0 | 1,405,885 | ||
Total Other Investment Company | ||||
(Cost $1,405,885) | 1,405,885 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment0.1% of net assets | ||||
Time Deposit 0.1% | ||||
Other Securities | 0.1 | 49,185,198 | ||
Total Short-Term Investment | ||||
(Cost $49,185,198) | 49,185,198 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/20/19 | 805 | 122,190,950 | 2,085,885 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $1,383,250. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $82,639,619 | $4,501,979 | ($2,161,453) | ($603,274) | ($9,409,080) | $74,967,791 | 1,841,508 | $1,176,223 |
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 | $40,097,746,858 | $— | $— | $40,097,746,858 | |
Other Investment Company1 | 1,405,885 | — | — | 1,405,885 | |
Short-Term Investment1 | — | 49,185,198 | — | 49,185,198 | |
Futures Contracts2 | 2,085,885 | — | — | 2,085,885 | |
Total | $40,101,238,628 | $49,185,198 | $— | $40,150,423,826 |
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 $39,311,841) | $74,967,791 | |
Investments in unaffiliated issuers, at value (cost $19,911,457,249) including securities on loan of $1,383,250 | 40,071,964,265 | |
Collateral invested for securities on loan, at value (cost $1,405,885) | 1,405,885 | |
Deposit with broker for futures contracts | 7,144,112 | |
Receivables: | ||
Fund shares sold | 62,567,598 | |
Dividends | 36,053,469 | |
Variation margin on futures contracts | 2,087,439 | |
Interest | 1,639 | |
Income from securities on loan | + | 439 |
Total assets | 40,256,192,637 | |
Liabilities | ||
Collateral held for securities on loan | 1,405,885 | |
Payables: | ||
Investments bought | 1,178,793 | |
Investment adviser fees | 668,369 | |
Fund shares redeemed | + | 21,158,839 |
Total liabilities | 24,411,886 | |
Net Assets | ||
Total assets | 40,256,192,637 | |
Total liabilities | – | 24,411,886 |
Net assets | $40,231,780,751 | |
Net Assets by Source | ||
Capital received from investors | 19,520,422,735 | |
Total distributable earnings | 20,711,358,016 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$40,231,780,751 | 852,849,692 | $47.17 | ||
Investment Income | ||
Dividends received from affiliated issuer | $1,176,223 | |
Dividends received from unaffiliated issuers | 782,493,103 | |
Interest | 1,440,642 | |
Securities on loan, net | + | 630,305 |
Total investment income | 785,740,273 | |
Expenses | ||
Investment adviser fees | 7,837,329 | |
Total expenses | – | 7,837,329 |
Net investment income | 777,902,944 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (603,274) | |
Net realized gains on unaffiliated issuers | 6,872,772 | |
Net realized gains on futures contracts | + | 10,183,707 |
Net realized gains | 16,453,205 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (9,409,080) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 4,218,033,081 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 5,033,468 |
Net change in unrealized appreciation (depreciation) | + | 4,213,657,469 |
Net realized and unrealized gains | 4,230,110,674 | |
Increase in net assets resulting from operations | $5,008,013,618 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $777,902,944 | $629,555,318 | ||
Net realized gains | 16,453,205 | 81,971,730 | ||
Net change in unrealized appreciation (depreciation) | + | 4,213,657,469 | 1,493,538,632 | |
Increase in net assets from operations | 5,008,013,618 | 2,205,065,680 | ||
Distributions to Shareholders | ||||
Total distributions | ($835,129,475) | ($554,866,625) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 185,382,757 | $8,015,175,116 | 185,822,593 | $7,893,283,318 | ||||
Shares reinvested | 18,929,002 | 700,551,667 | 11,333,723 | 469,442,817 | ||||
Shares redeemed | + | (162,770,508) | (7,066,557,661) | (131,541,240) | (5,601,858,204) | |||
Net transactions in fund shares | 41,541,251 | $1,649,169,122 | 65,615,076 | $2,760,867,931 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 811,308,441 | $34,409,727,486 | 745,693,365 | $29,998,660,500 | ||||
Total increase | + | 41,541,251 | 5,822,053,265 | 65,615,076 | 4,411,066,986 | |||
End of period | 852,849,692 | $40,231,780,751 | 811,308,441 | $34,409,727,486 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $64.19 | $62.61 | $52.40 | $53.67 | $53.63 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 1.38 | 1.18 | 1.08 | 0.95 | 0.94 | |
Net realized and unrealized gains (losses) | 6.73 | 3.05 | 10.96 | 0.92 | 1.40 | |
Total from investment operations | 8.11 | 4.23 | 12.04 | 1.87 | 2.34 | |
Less distributions: | ||||||
Distributions from net investment income | (1.28) | (1.10) | (0.97) | (0.96) | (0.86) | |
Distributions from net realized gains | (2.34) | (1.55) | (0.86) | (2.18) | (1.44) | |
Total distributions | (3.62) | (2.65) | (1.83) | (3.14) | (2.30) | |
Net asset value at end of period | $68.68 | $64.19 | $62.61 | $52.40 | $53.67 | |
Total return | 14.20% | 6.84% | 23.52% | 3.87% | 4.66% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% | 0.05% | 0.14%2 | 0.33% | 0.33% | |
Net operating expenses | N/A | N/A3 | 0.12%2 | 0.29% | 0.29% | |
Net investment income (loss) | 2.15% | 1.82% | 1.87% | 1.86% | 1.77% | |
Portfolio turnover rate | 5% | 4% | 5% | 3% | 4% | |
Net assets, end of period (x 1,000,000) | $9,346 | $7,909 | $7,681 | $6,432 | $6,550 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.8% of net assets | ||||
Automobiles & Components 0.7% | ||||
Other Securities | 0.7 | 62,688,732 | ||
Banks 5.5% | ||||
Bank of America Corp. | 2,771,201 | 0.9 | 86,655,455 | |
Citigroup, Inc. | 747,223 | 0.6 | 53,695,445 | |
JPMorgan Chase & Co. | 1,057,707 | 1.4 | 132,128,758 | |
Wells Fargo & Co. | 1,326,384 | 0.7 | 68,481,206 | |
Other Securities | 1.9 | 177,313,391 | ||
5.5 | 518,274,255 | |||
Capital Goods 6.7% | ||||
Honeywell International, Inc. | 238,076 | 0.4 | 41,122,868 | |
The Boeing Co. | 176,838 | 0.6 | 60,109,005 | |
Other Securities | 5.7 | 528,890,068 | ||
6.7 | 630,121,941 | |||
Commercial & Professional Services 0.9% | ||||
Other Securities | 0.9 | 85,009,212 | ||
Consumer Durables & Apparel 1.2% | ||||
Other Securities | 1.2 | 116,237,532 | ||
Consumer Services 2.1% | ||||
McDonald's Corp. | 251,327 | 0.5 | 49,436,021 | |
Other Securities | 1.6 | 147,710,201 | ||
2.1 | 197,146,222 | |||
Diversified Financials 5.1% | ||||
Berkshire Hathaway, Inc., Class B * | 648,730 | 1.5 | 137,907,023 | |
The Charles Schwab Corp.(b) | 383,080 | 0.2 | 15,595,187 | |
Other Securities | 3.4 | 320,367,180 | ||
5.1 | 473,869,390 | |||
Energy 4.1% | ||||
Chevron Corp. | 628,087 | 0.8 | 72,946,024 | |
Exxon Mobil Corp. | 1,399,877 | 1.0 | 94,589,689 | |
Other Securities | 2.3 | 210,833,680 | ||
4.1 | 378,369,393 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.5% | ||||
Costco Wholesale Corp. | 145,469 | 0.5 | 43,220,295 | |
Walmart, Inc. | 470,417 | 0.6 | 55,161,097 | |
Other Securities | 0.4 | 41,344,495 | ||
1.5 | 139,725,887 | |||
Food, Beverage & Tobacco 3.6% | ||||
PepsiCo, Inc. | 462,374 | 0.7 | 63,423,842 | |
Philip Morris International, Inc. | 514,612 | 0.4 | 41,910,001 | |
The Coca-Cola Co. | 1,272,943 | 0.7 | 69,286,287 | |
Other Securities | 1.8 | 162,261,337 | ||
3.6 | 336,881,467 | |||
Health Care Equipment & Services 6.2% | ||||
Abbott Laboratories | 584,871 | 0.5 | 48,901,064 | |
Medtronic plc | 443,982 | 0.5 | 48,349,640 | |
UnitedHealth Group, Inc. | 313,577 | 0.8 | 79,240,908 | |
Other Securities | 4.4 | 403,039,066 | ||
6.2 | 579,530,678 | |||
Household & Personal Products 1.8% | ||||
The Procter & Gamble Co. | 827,790 | 1.1 | 103,068,133 | |
Other Securities | 0.7 | 63,473,575 | ||
1.8 | 166,541,708 | |||
Insurance 2.6% | ||||
Other Securities | 2.6 | 246,918,872 | ||
Materials 2.8% | ||||
Other Securities | 2.8 | 262,379,204 | ||
Media & Entertainment 7.8% | ||||
Alphabet, Inc., Class A * | 99,084 | 1.3 | 124,726,939 | |
Alphabet, Inc., Class C * | 99,961 | 1.3 | 125,961,856 | |
Comcast Corp., Class A | 1,500,365 | 0.7 | 67,246,359 | |
Facebook, Inc., Class A * | 795,834 | 1.6 | 152,521,586 | |
Netflix, Inc. * | 144,836 | 0.4 | 41,627,315 | |
The Walt Disney Co. | 595,911 | 0.8 | 77,420,757 | |
Other Securities | 1.7 | 139,734,623 | ||
7.8 | 729,239,435 | |||
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||||
AbbVie, Inc. | 489,162 | 0.4 | 38,912,837 | |
Amgen, Inc. | 198,418 | 0.5 | 42,312,639 | |
Johnson & Johnson | 873,082 | 1.2 | 115,281,747 | |
Merck & Co., Inc. | 847,097 | 0.8 | 73,409,426 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Pfizer, Inc. | 1,829,840 | 0.8 | 70,210,961 | |
Thermo Fisher Scientific, Inc. | 132,516 | 0.4 | 40,017,182 | |
Other Securities | 3.3 | 313,357,904 | ||
7.4 | 693,502,696 | |||
Real Estate 4.0% | ||||
Other Securities | 4.0 | 373,563,859 | ||
Retailing 6.1% | ||||
Amazon.com, Inc. * | 137,450 | 2.6 | 244,201,917 | |
The Home Depot, Inc. | 362,267 | 0.9 | 84,980,593 | |
Other Securities | 2.6 | 235,889,364 | ||
6.1 | 565,071,874 | |||
Semiconductors & Semiconductor Equipment 4.0% | ||||
Broadcom, Inc. | 131,684 | 0.4 | 38,563,659 | |
Intel Corp. | 1,465,462 | 0.9 | 82,842,567 | |
NVIDIA Corp. | 201,449 | 0.4 | 40,495,278 | |
Other Securities | 2.3 | 207,314,318 | ||
4.0 | 369,215,822 | |||
Software & Services 12.4% | ||||
Accenture plc, Class A | 210,604 | 0.4 | 39,050,194 | |
Adobe, Inc. * | 160,601 | 0.5 | 44,635,836 | |
International Business Machines Corp. | 293,036 | 0.4 | 39,187,704 | |
Mastercard, Inc., Class A | 295,309 | 0.9 | 81,744,484 | |
Microsoft Corp. | 2,525,818 | 3.9 | 362,126,527 | |
Oracle Corp. | 728,349 | 0.4 | 39,687,737 | |
PayPal Holdings, Inc. * | 389,255 | 0.4 | 40,521,445 | |
salesforce.com, Inc. * | 290,128 | 0.5 | 45,402,131 | |
Visa, Inc., Class A | 571,272 | 1.1 | 102,177,710 | |
Other Securities | 3.9 | 362,779,026 | ||
12.4 | 1,157,312,794 | |||
Technology Hardware & Equipment 5.8% | ||||
Apple, Inc. | 1,405,217 | 3.7 | 349,561,781 | |
Cisco Systems, Inc. | 1,404,467 | 0.7 | 66,726,227 | |
Other Securities | 1.4 | 128,023,505 | ||
5.8 | 544,311,513 | |||
Telecommunication Services 2.1% | ||||
AT&T, Inc. | 2,416,969 | 1.0 | 93,029,137 | |
Verizon Communications, Inc. | 1,368,112 | 0.9 | 82,729,733 | |
Other Securities | 0.2 | 20,414,999 | ||
2.1 | 196,173,869 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 1.9% | ||||
Union Pacific Corp. | 233,055 | 0.4 | 38,561,280 | |
Other Securities | 1.5 | 139,323,416 | ||
1.9 | 177,884,696 | |||
Utilities 3.5% | ||||
Other Securities | 3.5 | 323,980,717 | ||
Total Common Stock | ||||
(Cost $2,767,059,144) | 9,323,951,768 | |||
Other Investment Companies0.1% of net assets | ||||
Money Market Fund 0.1% | ||||
Other Securities | 0.1 | 10,018,827 | ||
Securities Lending Collateral 0.0% | ||||
Other Securities | 0.0 | 1,635,700 | ||
Total Other Investment Companies | ||||
(Cost $11,654,527) | 11,654,527 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 500 Index, e-mini, expires 12/20/19 | 141 | 21,402,390 | 328,676 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $1,542,868. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $17,019,325 | $1,317,995 | ($710,041) | ($156,625) | ($1,875,467) | $15,595,187 | 383,080 | $239,514 |
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 | $9,323,951,768 | $— | $— | $9,323,951,768 | |
Other Investment Companies1 | 11,654,527 | — | — | 11,654,527 | |
Futures Contracts2 | 328,676 | — | — | 328,676 | |
Total | $9,335,934,971 | $— | $— | $9,335,934,971 |
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 $2,755,386) | $15,595,187 | |
Investments in unaffiliated issuers, at value (cost $2,774,322,585) including securities on loan of $1,542,868 | 9,318,375,408 | |
Collateral invested for securities on loan, at value (cost $1,635,700) | 1,635,700 | |
Deposit with broker for futures contracts | 1,502,467 | |
Receivables: | ||
Dividends | 7,936,083 | |
Fund shares sold | 5,116,414 | |
Variation margin on futures contracts | 328,941 | |
Income from securities on loan | + | 2,486 |
Total assets | 9,350,492,686 | |
Liabilities | ||
Collateral held for securities on loan | 1,635,700 | |
Payables: | ||
Investments bought | 839,190 | |
Investment adviser fees | 388,801 | |
Fund shares redeemed | + | 1,498,724 |
Total liabilities | 4,362,415 | |
Net Assets | ||
Total assets | 9,350,492,686 | |
Total liabilities | – | 4,362,415 |
Net assets | $9,346,130,271 | |
Net Assets by Source | ||
Capital received from investors | 2,511,851,012 | |
Total distributable earnings | 6,834,279,259 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$9,346,130,271 | 136,077,922 | $68.68 | ||
Investment Income | ||
Dividends received from affiliated issuer | $239,514 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $4,640) | 184,440,852 | |
Securities on loan, net | + | 1,236,293 |
Total investment income | 185,916,659 | |
Expenses | ||
Investment adviser fees | 4,224,325 | |
Total expenses | – | 4,224,325 |
Net investment income | 181,692,334 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (156,625) | |
Net realized gains on unaffiliated issuers | 109,236,448 | |
Net realized gains on futures contracts | + | 1,990,677 |
Net realized gains | 111,070,500 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (1,875,467) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 832,732,009 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 821,537 |
Net change in unrealized appreciation (depreciation) | + | 831,678,079 |
Net realized and unrealized gains | 942,748,579 | |
Increase in net assets resulting from operations | $1,124,440,913 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $181,692,334 | $147,028,286 | ||
Net realized gains | 111,070,500 | 288,201,026 | ||
Net change in unrealized appreciation (depreciation) | + | 831,678,079 | 90,496,487 | |
Increase in net assets from operations | 1,124,440,913 | 525,725,799 | ||
Distributions to Shareholders | ||||
Total distributions | ($445,433,607) | ($324,267,848) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 20,231,558 | $1,297,409,694 | 8,381,000 | $542,615,615 | ||||
Shares reinvested | 6,798,612 | 365,978,493 | 4,263,951 | 268,287,801 | ||||
Shares redeemed | + | (14,175,603) | (905,415,456) | (12,091,730) | (783,914,000) | |||
Net transactions in fund shares | 12,854,567 | $757,972,731 | 553,221 | $26,989,416 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 123,223,355 | $7,909,150,234 | 122,670,134 | $7,680,702,867 | ||||
Total increase | + | 12,854,567 | 1,436,980,037 | 553,221 | 228,447,367 | |||
End of period | 136,077,922 | $9,346,130,271 | 123,223,355 | $7,909,150,234 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $30.48 | $31.45 | $25.60 | $26.29 | $28.13 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.40 | 0.43 | 0.38 | 0.39 | 0.38 | |
Net realized and unrealized gains (losses) | 0.54 | 0.20 | 6.62 | 0.59 | (0.34) | |
Total from investment operations | 0.94 | 0.63 | 7.00 | 0.98 | 0.04 | |
Less distributions: | ||||||
Distributions from net investment income | (0.40) | (0.39) | (0.39) | (0.36) | (0.34) | |
Distributions from net realized gains | (2.18) | (1.21) | (0.76) | (1.31) | (1.54) | |
Total distributions | (2.58) | (1.60) | (1.15) | (1.67) | (1.88) | |
Net asset value at end of period | $28.84 | $30.48 | $31.45 | $25.60 | $26.29 | |
Total return | 4.95% | 1.93% | 27.84% | 4.17% | 0.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04%2 | 0.05% | 0.10%3 | 0.20% | 0.20% | |
Net operating expenses | N/A | N/A4 | 0.09%3 | 0.17% | 0.17% | |
Net investment income (loss) | 1.43% | 1.33% | 1.31% | 1.60% | 1.37% | |
Portfolio turnover rate | 14% | 17% | 11% | 17% | 17% | |
Net assets, end of period (x 1,000,000) | $4,187 | $3,874 | $3,531 | $2,619 | $2,607 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.6% of net assets | ||||
Automobiles & Components 1.2% | ||||
Other Securities | 1.2 | 48,030,497 | ||
Banks 12.1% | ||||
Essent Group Ltd. | 204,150 | 0.3 | 10,634,173 | |
First Financial Bankshares, Inc. | 275,945 | 0.2 | 9,183,450 | |
Radian Group, Inc. | 432,805 | 0.3 | 10,863,405 | |
Other Securities | 11.3 | 476,392,251 | ||
12.1 | 507,073,279 | |||
Capital Goods 10.3% | ||||
EMCOR Group, Inc. | 118,324 | 0.2 | 10,378,198 | |
Generac Holdings, Inc. * | 129,573 | 0.3 | 12,514,160 | |
Mercury Systems, Inc. * | 115,000 | 0.2 | 8,470,900 | |
Trex Co., Inc. * | 124,589 | 0.3 | 10,950,127 | |
Other Securities | 9.3 | 388,228,589 | ||
10.3 | 430,541,974 | |||
Commercial & Professional Services 4.4% | ||||
FTI Consulting, Inc. * | 78,772 | 0.2 | 8,575,908 | |
Insperity, Inc. | 82,068 | 0.2 | 8,668,843 | |
MSA Safety, Inc. | 74,747 | 0.2 | 8,974,872 | |
Tetra Tech, Inc. | 115,673 | 0.2 | 10,117,917 | |
The Brink's Co. | 105,777 | 0.2 | 8,986,814 | |
Other Securities | 3.4 | 140,285,591 | ||
4.4 | 185,609,945 | |||
Consumer Durables & Apparel 3.2% | ||||
Deckers Outdoor Corp. * | 61,990 | 0.2 | 9,478,271 | |
Other Securities | 3.0 | 122,915,037 | ||
3.2 | 132,393,308 | |||
Consumer Services 3.5% | ||||
Churchill Downs, Inc. | 74,487 | 0.2 | 9,682,565 | |
Marriott Vacations Worldwide Corp. | 90,940 | 0.2 | 9,997,034 | |
Other Securities | 3.1 | 126,389,097 | ||
3.5 | 146,068,696 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Diversified Financials 3.6% | ||||
Blackstone Mortgage Trust, Inc., Class A | 267,532 | 0.2 | 9,711,412 | |
Other Securities | 3.4 | 141,608,080 | ||
3.6 | 151,319,492 | |||
Energy 3.1% | ||||
Other Securities | 3.1 | 128,544,014 | ||
Food & Staples Retailing 0.7% | ||||
Performance Food Group Co. * | 218,079 | 0.2 | 9,292,346 | |
Other Securities | 0.5 | 18,563,958 | ||
0.7 | 27,856,304 | |||
Food, Beverage & Tobacco 1.7% | ||||
Other Securities | 1.7 | 71,812,191 | ||
Health Care Equipment & Services 6.8% | ||||
Amedisys, Inc. * | 66,493 | 0.2 | 8,545,680 | |
Globus Medical, Inc., Class A * | 161,243 | 0.2 | 8,444,296 | |
Haemonetics Corp. * | 108,619 | 0.3 | 13,113,572 | |
Novocure Ltd. * | 184,229 | 0.3 | 13,198,166 | |
Teladoc Health, Inc. * | 151,597 | 0.3 | 11,612,330 | |
Other Securities | 5.5 | 231,058,090 | ||
6.8 | 285,972,134 | |||
Household & Personal Products 0.5% | ||||
Other Securities | 0.5 | 22,586,252 | ||
Insurance 2.3% | ||||
Selective Insurance Group, Inc. | 124,058 | 0.2 | 8,574,889 | |
Other Securities | 2.1 | 88,676,922 | ||
2.3 | 97,251,811 | |||
Materials 3.8% | ||||
Other Securities | 3.8 | 159,752,434 | ||
Media & Entertainment 1.7% | ||||
Other Securities | 1.7 | 70,986,728 | ||
Pharmaceuticals, Biotechnology & Life Sciences 9.6% | ||||
ACADIA Pharmaceuticals, Inc. * | 223,542 | 0.2 | 9,480,416 | |
Reata Pharmaceuticals, Inc., Class A * | 42,638 | 0.2 | 8,786,839 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Repligen Corp. * | 109,489 | 0.2 | 8,703,281 | |
Other Securities | 9.0 | 375,650,345 | ||
9.6 | 402,620,881 | |||
Real Estate 8.3% | ||||
EastGroup Properties, Inc. | 78,518 | 0.3 | 10,517,486 | |
First Industrial Realty Trust, Inc. | 266,951 | 0.3 | 11,241,307 | |
Healthcare Realty Trust, Inc. | 271,102 | 0.2 | 9,426,217 | |
Rexford Industrial Realty, Inc. | 232,111 | 0.3 | 11,162,218 | |
Sabra Health Care REIT, Inc. | 400,831 | 0.2 | 9,860,443 | |
Other Securities | 7.0 | 294,496,822 | ||
8.3 | 346,704,493 | |||
Retailing 3.2% | ||||
Aaron's, Inc. | 143,234 | 0.3 | 10,732,524 | |
Other Securities | 2.9 | 120,846,351 | ||
3.2 | 131,578,875 | |||
Semiconductors & Semiconductor Equipment 2.7% | ||||
Cabot Microelectronics Corp. | 61,422 | 0.2 | 9,282,093 | |
Silicon Laboratories, Inc. * | 91,071 | 0.2 | 9,675,383 | |
Other Securities | 2.3 | 95,592,569 | ||
2.7 | 114,550,045 | |||
Software & Services 6.9% | ||||
Blackbaud, Inc. | 103,629 | 0.2 | 8,699,655 | |
j2 Global, Inc. | 98,717 | 0.2 | 9,374,166 | |
KBR, Inc. | 300,147 | 0.2 | 8,452,139 | |
MAXIMUS, Inc. | 134,640 | 0.2 | 10,332,274 | |
Science Applications International Corp. | 125,809 | 0.2 | 10,394,340 | |
Other Securities | 5.9 | 240,939,067 | ||
6.9 | 288,191,641 | |||
Technology Hardware & Equipment 3.9% | ||||
Lumentum Holdings, Inc. * | 162,258 | 0.2 | 10,167,086 | |
Tech Data Corp. * | 77,110 | 0.2 | 9,368,865 | |
Other Securities | 3.5 | 144,413,902 | ||
3.9 | 163,949,853 | |||
Telecommunication Services 0.7% | ||||
Other Securities | 0.7 | 30,941,256 | ||
Transportation 1.4% | ||||
Other Securities | 1.4 | 60,197,597 | ||
Utilities 4.0% | ||||
ALLETE, Inc. | 109,766 | 0.2 | 9,446,462 | |
Black Hills Corp. | 129,569 | 0.2 | 10,213,924 | |
ONE Gas, Inc. | 110,743 | 0.2 | 10,281,380 | |
PNM Resources, Inc. | 168,729 | 0.2 | 8,799,217 | |
Portland General Electric Co. | 190,318 | 0.3 | 10,825,288 | |
Southwest Gas Holdings, Inc. | 115,158 | 0.2 | 10,053,293 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Spire, Inc. | 105,325 | 0.2 | 8,853,619 | |
Other Securities | 2.5 | 98,296,502 | ||
4.0 | 166,769,685 | |||
Total Common Stock | ||||
(Cost $3,320,088,458) | 4,171,303,385 | |||
Rights0.0% of net assets | ||||
Materials 0.0% | ||||
Other Securities | 0.0 | 22,031 | ||
Media & Entertainment 0.0% | ||||
Other Securities | 0.0 | 14,883 | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||||
Other Securities | 0.0 | 176,683 | ||
Total Rights | ||||
(Cost $34,960) | 213,597 | |||
Other Investment Company2.1% of net assets | ||||
Securities Lending Collateral 2.1% | ||||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 85,855,056 | 2.1 | 85,855,056 | |
Total Other Investment Company | ||||
(Cost $85,855,056) | 85,855,056 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment0.4% of net assets | ||||
Time Deposit 0.4% | ||||
JPMorgan Chase Bank 1.18%, 11/01/19(d) | 16,137,531 | 0.4 | 16,137,531 | |
Total Short-Term Investment | ||||
(Cost $16,137,531) | 16,137,531 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 187 | 14,617,790 | 288,257 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $82,322,210. |
(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 | $4,011,550,951 | $— | $— | $4,011,550,951 | |
Materials | 159,752,434 | — | —* | 159,752,434 | |
Rights1 | |||||
Materials | — | — | 22,031 | 22,031 | |
Media & Entertainment | — | — | 14,883 | 14,883 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 176,683* | 176,683 | |
Other Investment Company1 | 85,855,056 | — | — | 85,855,056 | |
Short-Term Investment1 | — | 16,137,531 | — | 16,137,531 | |
Futures Contracts2 | 288,257 | — | — | 288,257 | |
Total | $4,257,446,698 | $16,137,531 | $213,597 | $4,273,797,826 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $3,336,260,949) including securities on loan of $82,322,210 | $4,187,654,513 | |
Collateral invested for securities on loan, at value (cost $85,855,056) | 85,855,056 | |
Deposit with broker for futures contracts | 1,585,540 | |
Receivables: | ||
Investments sold | 5,854,407 | |
Fund shares sold | 5,014,511 | |
Dividends | 1,518,951 | |
Income from securities on loan | 547,933 | |
Variation margin on futures contracts | 288,618 | |
Foreign tax reclaims | 888 | |
Interest | + | 538 |
Total assets | 4,288,320,955 | |
Liabilities | ||
Collateral held for securities on loan | 85,855,056 | |
Payables: | ||
Investments bought | 13,438,962 | |
Investment adviser fees | 138,390 | |
Fund shares redeemed | + | 2,031,442 |
Total liabilities | 101,463,850 | |
Net Assets | ||
Total assets | 4,288,320,955 | |
Total liabilities | – | 101,463,850 |
Net assets | $4,186,857,105 | |
Net Assets by Source | ||
Capital received from investors | 3,154,364,877 | |
Total distributable earnings | 1,032,492,228 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$4,186,857,105 | 145,150,594 | $28.84 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $17,418) | $54,340,843 | |
Interest | 276,682 | |
Securities on loan, net | + | 4,409,021 |
Total investment income | 59,026,546 | |
Expenses | ||
Investment adviser fees | 1,658,868 | |
Total expenses | – | 1,658,868 |
Net investment income | 57,367,678 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 165,914,560 | |
Net realized losses on futures contracts | (1,131,125) | |
Net realized losses on foreign currency transactions | + | (573) |
Net realized gains | 164,782,862 | |
Net change in unrealized appreciation (depreciation) on investments | (24,656,602) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 552,683 |
Net change in unrealized appreciation (depreciation) | + | (24,103,919) |
Net realized and unrealized gains | 140,678,943 | |
Increase in net assets resulting from operations | $198,046,621 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $57,367,678 | $52,431,528 | ||
Net realized gains | 164,782,862 | 264,151,519 | ||
Net change in unrealized appreciation (depreciation) | + | (24,103,919) | (264,082,231) | |
Increase in net assets from operations | 198,046,621 | 52,500,816 | ||
Distributions to Shareholders | ||||
Total distributions | ($331,678,196) | ($181,272,871) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 34,352,492 | $953,623,893 | 31,415,062 | $1,012,294,913 | ||||
Shares reinvested | 12,063,839 | 284,224,067 | 5,063,226 | 156,403,042 | ||||
Shares redeemed | + | (28,348,900) | (791,168,893) | (21,668,855) | (697,115,758) | |||
Net transactions in fund shares | 18,067,431 | $446,679,067 | 14,809,433 | $471,582,197 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 127,083,163 | $3,873,809,613 | 112,273,730 | $3,530,999,471 | ||||
Total increase | + | 18,067,431 | 313,047,492 | 14,809,433 | 342,810,142 | |||
End of period | 145,150,594 | $4,186,857,105 | 127,083,163 | $3,873,809,613 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $48.38 | $46.25 | $38.19 | $37.69 | $36.96 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.99 | 0.88 | 0.80 | 0.75 | 0.72 | |
Net realized and unrealized gains (losses) | 5.18 | 2.12 | 8.19 | 0.75 | 0.83 | |
Total from investment operations | 6.17 | 3.00 | 8.99 | 1.50 | 1.55 | |
Less distributions: | ||||||
Distributions from net investment income | (0.90) | (0.76) | (0.74) | (0.70) | (0.61) | |
Distributions from net realized gains | (0.23) | (0.11) | (0.19) | (0.30) | (0.21) | |
Total distributions | (1.13) | (0.87) | (0.93) | (1.00) | (0.82) | |
Net asset value at end of period | $53.42 | $48.38 | $46.25 | $38.19 | $37.69 | |
Total return | 13.37% | 6.51% | 23.89% | 4.19% | 4.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.03% | 0.03% | 0.05%2 | 0.10% | 0.11% | |
Net operating expenses | N/A | N/A3 | 0.05%2 | 0.09% | 0.09% | |
Net investment income (loss) | 1.99% | 1.80% | 1.89% | 2.03% | 1.92% | |
Portfolio turnover rate | 3% | 4% | 2% | 1% | 2% | |
Net assets, end of period (x 1,000,000) | $10,220 | $8,410 | $6,720 | $4,850 | $4,477 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.7% of net assets | ||||
Automobiles & Components 0.7% | ||||
Other Securities | 0.7 | 73,029,985 | ||
Banks 5.9% | ||||
Bank of America Corp. | 2,826,027 | 0.9 | 88,369,864 | |
Citigroup, Inc. | 761,523 | 0.5 | 54,723,043 | |
JPMorgan Chase & Co. | 1,079,035 | 1.3 | 134,793,052 | |
Wells Fargo & Co. | 1,352,423 | 0.7 | 69,825,600 | |
Other Securities | 2.5 | 255,078,498 | ||
5.9 | 602,790,057 | |||
Capital Goods 6.9% | ||||
Honeywell International, Inc. | 242,400 | 0.4 | 41,869,752 | |
The Boeing Co. | 180,566 | 0.6 | 61,376,189 | |
Other Securities | 5.9 | 606,906,236 | ||
6.9 | 710,152,177 | |||
Commercial & Professional Services 1.1% | ||||
Other Securities | 1.1 | 113,151,570 | ||
Consumer Durables & Apparel 1.4% | ||||
Other Securities | 1.4 | 139,538,330 | ||
Consumer Services 2.2% | ||||
McDonald's Corp. | 255,947 | 0.5 | 50,344,775 | |
Other Securities | 1.7 | 172,147,362 | ||
2.2 | 222,492,137 | |||
Diversified Financials 5.1% | ||||
Berkshire Hathaway, Inc., Class B * | 661,732 | 1.4 | 140,670,989 | |
The Charles Schwab Corp.(b) | 391,184 | 0.2 | 15,925,101 | |
Other Securities | 3.5 | 369,511,272 | ||
5.1 | 526,107,362 | |||
Energy 4.0% | ||||
Chevron Corp. | 640,939 | 0.7 | 74,438,655 | |
Exxon Mobil Corp. | 1,428,886 | 0.9 | 96,549,827 | |
Other Securities | 2.4 | 237,130,524 | ||
4.0 | 408,119,006 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food & Staples Retailing 1.4% | ||||
Costco Wholesale Corp. | 148,326 | 0.4 | 44,069,138 | |
Walmart, Inc. | 479,409 | 0.6 | 56,215,499 | |
Other Securities | 0.4 | 45,487,961 | ||
1.4 | 145,772,598 | |||
Food, Beverage & Tobacco 3.5% | ||||
PepsiCo, Inc. | 471,435 | 0.6 | 64,666,739 | |
Philip Morris International, Inc. | 525,352 | 0.4 | 42,784,667 | |
The Coca-Cola Co. | 1,298,326 | 0.7 | 70,667,884 | |
Other Securities | 1.8 | 177,317,727 | ||
3.5 | 355,437,017 | |||
Health Care Equipment & Services 6.1% | ||||
Abbott Laboratories | 597,438 | 0.5 | 49,951,791 | |
Medtronic plc | 452,799 | 0.5 | 49,309,811 | |
UnitedHealth Group, Inc. | 320,267 | 0.8 | 80,931,471 | |
Other Securities | 4.3 | 447,295,711 | ||
6.1 | 627,488,784 | |||
Household & Personal Products 1.7% | ||||
The Procter & Gamble Co. | 845,185 | 1.0 | 105,233,984 | |
Other Securities | 0.7 | 70,734,217 | ||
1.7 | 175,968,201 | |||
Insurance 2.6% | ||||
Other Securities | 2.6 | 268,029,722 | ||
Materials 2.9% | ||||
Other Securities | 2.9 | 294,748,391 | ||
Media & Entertainment 7.5% | ||||
Alphabet, Inc., Class A * | 101,172 | 1.2 | 127,355,314 | |
Alphabet, Inc., Class C * | 102,040 | 1.3 | 128,581,624 | |
Comcast Corp., Class A | 1,530,587 | 0.7 | 68,600,909 | |
Facebook, Inc., Class A * | 812,722 | 1.5 | 155,758,171 | |
Netflix, Inc. * | 148,108 | 0.4 | 42,567,720 | |
The Walt Disney Co. | 607,952 | 0.8 | 78,985,124 | |
Other Securities | 1.6 | 165,125,373 | ||
7.5 | 766,974,235 | |||
Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||||
AbbVie, Inc. | 499,867 | 0.4 | 39,764,420 | |
Amgen, Inc. | 202,635 | 0.4 | 43,211,914 | |
Johnson & Johnson | 891,019 | 1.2 | 117,650,149 | |
Merck & Co., Inc. | 864,827 | 0.7 | 74,945,908 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Pfizer, Inc. | 1,867,433 | 0.7 | 71,653,404 | |
Thermo Fisher Scientific, Inc. | 135,411 | 0.4 | 40,891,414 | |
Other Securities | 3.8 | 387,016,593 | ||
7.6 | 775,133,802 | |||
Real Estate 4.2% | ||||
Other Securities | 4.2 | 432,072,358 | ||
Retailing 5.9% | ||||
Amazon.com, Inc. * | 140,295 | 2.4 | 249,256,515 | |
The Home Depot, Inc. | 369,415 | 0.8 | 86,657,371 | |
Other Securities | 2.7 | 264,917,567 | ||
5.9 | 600,831,453 | |||
Semiconductors & Semiconductor Equipment 3.9% | ||||
Broadcom, Inc. | 134,617 | 0.4 | 39,422,588 | |
Intel Corp. | 1,495,417 | 0.8 | 84,535,923 | |
NVIDIA Corp. | 205,823 | 0.4 | 41,374,540 | |
Other Securities | 2.3 | 229,453,338 | ||
3.9 | 394,786,389 | |||
Software & Services 12.1% | ||||
Accenture plc, Class A | 214,620 | 0.4 | 39,794,840 | |
Adobe, Inc. * | 164,312 | 0.4 | 45,667,234 | |
International Business Machines Corp. | 298,866 | 0.4 | 39,967,350 | |
Mastercard, Inc., Class A | 301,186 | 0.8 | 83,371,297 | |
Microsoft Corp. | 2,577,886 | 3.6 | 369,591,516 | |
Oracle Corp. | 743,579 | 0.4 | 40,517,620 | |
PayPal Holdings, Inc. * | 397,921 | 0.4 | 41,423,576 | |
salesforce.com, Inc. * | 296,646 | 0.5 | 46,422,133 | |
Visa, Inc., Class A | 582,652 | 1.0 | 104,213,137 | |
Other Securities | 4.2 | 420,710,000 | ||
12.1 | 1,231,678,703 | |||
Technology Hardware & Equipment 5.7% | ||||
Apple, Inc. | 1,434,285 | 3.5 | 356,792,737 | |
Cisco Systems, Inc. | 1,435,213 | 0.7 | 68,186,970 | |
Other Securities | 1.5 | 157,348,187 | ||
5.7 | 582,327,894 | |||
Telecommunication Services 2.0% | ||||
AT&T, Inc. | 2,466,696 | 0.9 | 94,943,129 | |
Verizon Communications, Inc. | 1,395,897 | 0.8 | 84,409,892 | |
Other Securities | 0.3 | 25,080,462 | ||
2.0 | 204,433,483 | |||
Transportation 1.9% | ||||
Other Securities | 1.9 | 196,218,654 | ||
Utilities 3.4% | ||||
Other Securities | 3.4 | 345,348,279 | ||
Total Common Stock | ||||
(Cost $6,088,103,852) | 10,192,630,587 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Rights0.0% of net assets | ||||
Automobiles & Components 0.0% | ||||
Other Securities | 0.0 | — | ||
Materials 0.0% | ||||
Other Securities | 0.0 | 3,541 | ||
Media & Entertainment 0.0% | ||||
Other Securities | 0.0 | 1,566 | ||
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||||
Other Securities | 0.0 | 1,592 | ||
Total Rights | ||||
(Cost $5,439) | 6,699 | |||
Other Investment Company0.2% of net assets | ||||
Securities Lending Collateral 0.2% | ||||
Other Securities | 0.2 | 20,636,112 | ||
Total Other Investment Company | ||||
(Cost $20,636,112) | 20,636,112 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investment0.6% of net assets | ||||
Time Deposit 0.6% | ||||
Sumitomo Mitsui Trust Bank, Limited. 1.18%, 11/01/19(e) | 56,245,967 | 0.6 | 56,245,967 | |
Total Short-Term Investment | ||||
(Cost $56,245,967) | 56,245,967 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 51 | 3,986,670 | (15,973) | |
S&P 500 Index, e-mini, expires 12/20/19 | 149 | 22,616,710 | (64) | |
Net Unrealized Depreciation | (16,037) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $19,526,339. |
(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 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 |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $16,687,785 | $1,836,887 | ($526,687) | ($158,023) | ($1,914,861) | $15,925,101 | 391,184 | $245,916 |
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 | $9,760,558,229 | $— | $— | $9,760,558,229 | |
Real Estate | 432,072,358 | — | —* | 432,072,358 | |
Rights1 | |||||
Automobiles & Components | — | — | —* | — | |
Materials | — | — | 3,541 | 3,541 | |
Media & Entertainment | — | — | 1,566 | 1,566 | |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 1,592* | 1,592 | |
Other Investment Company1 | 20,636,112 | — | — | 20,636,112 | |
Short-Term Investment1 | — | 56,245,967 | — | 56,245,967 | |
Liabilities | |||||
Futures Contracts2 | (16,037) | — | — | (16,037) | |
Total | $10,213,250,662 | $56,245,967 | $6,699 | $10,269,503,328 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $11,764,861) | $15,925,101 | |
Investments in unaffiliated issuers, at value (cost $6,132,590,397) including securities on loan of $19,526,339 | 10,232,958,152 | |
Collateral invested for securities on loan, at value (cost $20,636,112) | 20,636,112 | |
Deposit with broker for futures contracts | 2,731,118 | |
Receivables: | ||
Fund shares sold | 13,924,457 | |
Dividends | 8,287,264 | |
Income from securities on loan | 158,902 | |
Interest | 1,875 | |
Foreign tax reclaims | + | 159 |
Total assets | 10,294,623,140 | |
Liabilities | ||
Collateral held for securities on loan | 20,636,112 | |
Payables: | ||
Investments bought | 50,947,292 | |
Investment adviser fees | 253,845 | |
Fund shares redeemed | 2,860,114 | |
Variation margin on futures contracts | + | 15,650 |
Total liabilities | 74,713,013 | |
Net Assets | ||
Total assets | 10,294,623,140 | |
Total liabilities | – | 74,713,013 |
Net assets | $10,219,910,127 | |
Net Assets by Source | ||
Capital received from investors | 6,014,887,764 | |
Total distributable earnings | 4,205,022,363 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$10,219,910,127 | 191,301,694 | $53.42 | ||
Investment Income | ||
Dividends received from affiliated issuer | $245,916 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $10,318) | 184,867,654 | |
Interest | 497,887 | |
Securities on loan, net | + | 2,174,426 |
Total investment income | 187,785,883 | |
Expenses | ||
Investment adviser fees | 2,787,342 | |
Total expenses | – | 2,787,342 |
Net investment income | 184,998,541 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (158,023) | |
Net realized gains on unaffiliated issuers | 1,470,510 | |
Net realized losses on futures contracts | + | (705,610) |
Net realized gains | 606,877 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (1,914,861) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 1,014,336,682 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (397,756) |
Net change in unrealized appreciation (depreciation) | + | 1,012,024,065 |
Net realized and unrealized gains | 1,012,630,942 | |
Increase in net assets resulting from operations | $1,197,629,483 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $184,998,541 | $143,017,289 | ||
Net realized gains | 606,877 | 26,416,131 | ||
Net change in unrealized appreciation (depreciation) | + | 1,012,024,065 | 268,899,542 | |
Increase in net assets from operations | 1,197,629,483 | 438,332,962 | ||
Distributions to Shareholders | ||||
Total distributions | ($199,442,079) | ($129,534,008) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 41,564,151 | $2,031,277,091 | 47,531,781 | $2,314,728,323 | ||||
Shares reinvested | 3,549,021 | 149,293,091 | 2,083,482 | 98,965,373 | ||||
Shares redeemed | + | (27,643,143) | (1,368,397,596) | (21,085,111) | (1,033,026,077) | |||
Net transactions in fund shares | 17,470,029 | $812,172,586 | 28,530,152 | $1,380,667,619 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 173,831,665 | $8,409,550,137 | 145,301,513 | $6,720,083,564 | ||||
Total increase | + | 17,470,029 | 1,810,359,990 | 28,530,152 | 1,689,466,573 | |||
End of period | 191,301,694 | $10,219,910,127 | 173,831,665 | $8,409,550,137 |
11/1/18– 10/31/19 | 12/20/171– 10/31/18 | |||||
Per-Share Data | ||||||
Net asset value at beginning of period | $42.37 | $40.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.57 | 0.46 | ||||
Net realized and unrealized gains (losses) | 6.52 | 1.913 | ||||
Total from investment operations | 7.09 | 2.37 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.40) | — | ||||
Net asset value at end of period | $49.06 | $42.37 | ||||
Total return | 17.04% | 5.93%4 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.035%5 | 0.040%6,7 | ||||
Net operating expenses | N/A | 0.02%6,7 | ||||
Net investment income (loss) | 1.27% | 1.23%6 | ||||
Portfolio turnover rate | 46% | 23%4 | ||||
Net assets, end of period (x 1,000,000) | $166 | $93 | ||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.8% of net assets | ||||
Automobiles & Components 0.3% | ||||
Other Securities | 0.3 | 528,263 | ||
Banks 0.1% | ||||
Other Securities | 0.1 | 144,341 | ||
Capital Goods 6.2% | ||||
3M Co. | 4,943 | 0.5 | 815,546 | |
Lockheed Martin Corp. | 2,852 | 0.6 | 1,074,291 | |
The Boeing Co. | 6,110 | 1.3 | 2,076,850 | |
Other Securities | 3.8 | 6,383,440 | ||
6.2 | 10,350,127 | |||
Commercial & Professional Services 1.3% | ||||
Other Securities | 1.3 | 2,162,493 | ||
Consumer Durables & Apparel 1.5% | ||||
NIKE, Inc., Class B | 14,245 | 0.8 | 1,275,640 | |
Other Securities | 0.7 | 1,245,697 | ||
1.5 | 2,521,337 | |||
Consumer Services 2.3% | ||||
Starbucks Corp. | 13,813 | 0.7 | 1,168,027 | |
Other Securities | 1.6 | 2,715,213 | ||
2.3 | 3,883,240 | |||
Diversified Financials 2.1% | ||||
S&P Global, Inc. | 2,839 | 0.4 | 732,434 | |
The Charles Schwab Corp.(a) | 8,073 | 0.2 | 328,652 | |
Other Securities | 1.5 | 2,405,430 | ||
2.1 | 3,466,516 | |||
Energy 0.3% | ||||
Other Securities | 0.3 | 421,646 | ||
Food & Staples Retailing 1.2% | ||||
Costco Wholesale Corp. | 5,072 | 0.9 | 1,506,942 | |
Other Securities | 0.3 | 471,359 | ||
1.2 | 1,978,301 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Food, Beverage & Tobacco 3.0% | ||||
PepsiCo, Inc. | 13,582 | 1.1 | 1,863,043 | |
The Coca-Cola Co. | 30,183 | 1.0 | 1,642,861 | |
Other Securities | 0.9 | 1,435,522 | ||
3.0 | 4,941,426 | |||
Health Care Equipment & Services 6.4% | ||||
Abbott Laboratories | 8,612 | 0.4 | 720,049 | |
Intuitive Surgical, Inc. * | 1,323 | 0.4 | 731,553 | |
Stryker Corp. | 3,959 | 0.5 | 856,213 | |
UnitedHealth Group, Inc. | 10,913 | 1.7 | 2,757,715 | |
Other Securities | 3.4 | 5,579,961 | ||
6.4 | 10,645,491 | |||
Household & Personal Products 0.6% | ||||
Other Securities | 0.6 | 1,048,293 | ||
Insurance 0.9% | ||||
Other Securities | 0.9 | 1,565,558 | ||
Materials 1.4% | ||||
Other Securities | 1.4 | 2,334,081 | ||
Media & Entertainment 11.5% | ||||
Alphabet, Inc., Class A * | 3,455 | 2.6 | 4,349,154 | |
Alphabet, Inc., Class C * | 3,507 | 2.7 | 4,419,206 | |
Comcast Corp., Class A | 24,458 | 0.7 | 1,096,208 | |
Facebook, Inc., Class A * | 27,580 | 3.2 | 5,285,707 | |
Netflix, Inc. * | 4,857 | 0.8 | 1,395,950 | |
Other Securities | 1.5 | 2,490,832 | ||
11.5 | 19,037,057 | |||
Pharmaceuticals, Biotechnology & Life Sciences 8.2% | ||||
AbbVie, Inc. | 17,074 | 0.8 | 1,358,237 | |
Amgen, Inc. | 6,369 | 0.8 | 1,358,189 | |
Celgene Corp. * | 8,111 | 0.5 | 876,231 | |
Eli Lilly & Co. | 9,929 | 0.7 | 1,131,410 | |
Merck & Co., Inc. | 28,190 | 1.5 | 2,442,945 | |
Thermo Fisher Scientific, Inc. | 3,136 | 0.6 | 947,009 | |
Zoetis, Inc. | 5,527 | 0.4 | 707,014 | |
Other Securities | 2.9 | 4,753,022 | ||
8.2 | 13,574,057 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Real Estate 2.5% | ||||
American Tower Corp. | 5,070 | 0.7 | 1,105,666 | |
Other Securities | 1.8 | 2,980,561 | ||
2.5 | 4,086,227 | |||
Retailing 9.9% | ||||
Amazon.com, Inc. * | 4,774 | 5.1 | 8,481,775 | |
Booking Holdings, Inc. * | 490 | 0.6 | 1,003,897 | |
Lowe's Cos., Inc. | 9,047 | 0.6 | 1,009,736 | |
The Home Depot, Inc. | 7,253 | 1.0 | 1,701,409 | |
The TJX Cos., Inc. | 14,018 | 0.5 | 808,138 | |
Other Securities | 2.1 | 3,418,462 | ||
9.9 | 16,423,417 | |||
Semiconductors & Semiconductor Equipment 4.4% | ||||
Broadcom, Inc. | 4,460 | 0.8 | 1,306,111 | |
NVIDIA Corp. | 6,737 | 0.8 | 1,354,272 | |
QUALCOMM, Inc. | 14,038 | 0.7 | 1,129,217 | |
Texas Instruments, Inc. | 10,824 | 0.8 | 1,277,124 | |
Other Securities | 1.3 | 2,257,779 | ||
4.4 | 7,324,503 | |||
Software & Services 23.0% | ||||
Accenture plc, Class A | 7,356 | 0.8 | 1,363,950 | |
Adobe, Inc. * | 5,621 | 0.9 | 1,562,245 | |
Automatic Data Processing, Inc. | 5,021 | 0.5 | 814,557 | |
International Business Machines Corp. | 6,194 | 0.5 | 828,324 | |
Intuit, Inc. | 2,871 | 0.4 | 739,282 | |
Mastercard, Inc., Class A | 10,361 | 1.7 | 2,868,028 | |
Microsoft Corp. | 87,305 | 7.5 | 12,516,918 | |
Oracle Corp. | 25,878 | 0.9 | 1,410,092 | |
PayPal Holdings, Inc. * | 13,563 | 0.9 | 1,411,908 | |
salesforce.com, Inc. * | 9,462 | 0.9 | 1,480,708 | |
Visa, Inc., Class A | 20,081 | 2.2 | 3,591,688 | |
Other Securities | 5.8 | 9,494,580 | ||
23.0 | 38,082,280 | |||
Technology Hardware & Equipment 10.5% | ||||
Apple, Inc. | 52,189 | 7.8 | 12,982,536 | |
Cisco Systems, Inc. | 49,468 | 1.4 | 2,350,225 | |
Other Securities | 1.3 | 1,992,100 | ||
10.5 | 17,324,861 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Telecommunication Services 0.2% | ||||
Other Securities | 0.2 | 244,724 | ||
Transportation 2.0% | ||||
Union Pacific Corp. | 8,177 | 0.8 | 1,352,966 | |
United Parcel Service, Inc., Class B | 8,064 | 0.6 | 928,731 | |
Other Securities | 0.6 | 1,074,005 | ||
2.0 | 3,355,702 | |||
Total Common Stock | ||||
(Cost $139,882,179) | 165,443,941 | |||
Other Investment Companies0.3% of net assets | ||||
Equity Funds 0.1% | ||||
Other Securities | 0.1 | 98,484 | ||
Money Market Fund 0.2% | ||||
Other Securities | 0.2 | 383,584 | ||
Total Other Investment Companies | ||||
(Cost $481,359) | 482,068 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
Russell 1000 Growth Index, e-mini, expires 12/20/19 | 3 | 247,515 | (571) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $405,247 | $335,030 | ($352,188) | ($89,475) | $30,038 | $328,652 | 8,073 | $6,379 |
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 | $165,443,941 | $— | $— | $165,443,941 | |
Other Investment Companies1 | 482,068 | — | — | 482,068 | |
Liabilities | |||||
Futures Contracts2 | (571) | — | — | (571) | |
Total | $165,925,438 | $— | $— | $165,925,438 |
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 $356,778) | $328,652 | |
Investments in unaffiliated issuers, at value (cost $140,006,760) | 165,597,357 | |
Deposit with broker for futures contracts | 44,355 | |
Receivables: | ||
Fund shares sold | 818,994 | |
Dividends | 72,165 | |
Income from securities on loan | + | 70 |
Total assets | 166,861,593 | |
Liabilities | ||
Payables: | ||
Investments bought | 989,253 | |
Investment adviser fees | 4,790 | |
Fund shares redeemed | 47,623 | |
Variation margin on futures contracts | + | 565 |
Total liabilities | 1,042,231 | |
Net Assets | ||
Total assets | 166,861,593 | |
Total liabilities | – | 1,042,231 |
Net assets | $165,819,362 | |
Net Assets by Source | ||
Capital received from investors | 143,251,421 | |
Total distributable earnings | 22,567,941 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$165,819,362 | 3,380,074 | $49.06 | ||
Investment Income | ||
Dividends received from affiliated issuer | $6,379 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $19) | 1,713,406 | |
Securities on loan, net | + | 278 |
Total investment income | 1,720,063 | |
Expenses | ||
Investment adviser fees | 46,735 | |
Total expenses | – | 46,735 |
Net investment income | 1,673,328 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (89,475) | |
Net realized losses on unaffiliated issuers | (3,864,811) | |
Net realized gains on futures contracts | + | 101,973 |
Net realized losses | (3,852,313) | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 30,038 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 25,085,487 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (7,501) |
Net change in unrealized appreciation (depreciation) | + | 25,108,024 |
Net realized and unrealized gains | 21,255,711 | |
Increase in net assets resulting from operations | $22,929,039 |
Operations | ||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||
Net investment income | $1,673,328 | $654,019 | ||
Net realized losses | (3,852,313) | (519,372) | ||
Net change in unrealized appreciation (depreciation) | + | 25,108,024 | 453,876 | |
Increase in net assets from operations | 22,929,039 | 588,523 | ||
Distributions to Shareholders | ||||
Total distributions | ($949,803) | $— |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,776,749 | $120,542,470 | 2,550,923 | $107,925,443 | ||||
Shares reinvested | 22,696 | 838,591 | — | — | ||||
Shares redeemed | + | (1,608,317) | (70,292,844) | (361,977) | (15,762,057) | |||
Net transactions in fund shares | 1,191,128 | $51,088,217 | 2,188,946 | $92,163,386 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 2,188,946 | $92,751,909 | — | $— | ||||
Total increase | + | 1,191,128 | 73,067,453 | 2,188,946 | 92,751,909 | |||
End of period | 3,380,074 | $165,819,362 | 2,188,946 | $92,751,909 |
* | Commencement of operations. |
11/1/18– 10/31/19 | 12/20/171– 10/31/18 | |||||
Per-Share Data | ||||||
Net asset value at beginning of period | $39.51 | $40.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 1.13 | 0.82 | ||||
Net realized and unrealized gains (losses) | 3.10 | (1.31) | ||||
Total from investment operations | 4.23 | (0.49) | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.62) | — | ||||
Distributions from net realized gains | (0.06) | — | ||||
Total distributions | (0.68) | — | ||||
Net asset value at end of period | $43.06 | $39.51 | ||||
Total return | 11.08% | (1.23%)3 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.035%4 | 0.040%5,6 | ||||
Net operating expenses | N/A | 0.02%5,6 | ||||
Net investment income (loss) | 2.79% | 2.36%5 | ||||
Portfolio turnover rate | 22% | 22%3 | ||||
Net assets, end of period (x 1,000,000) | $212 | $70 | ||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.6% of net assets | ||||
Automobiles & Components 1.0% | ||||
Other Securities | 1.0 | 2,116,112 | ||
Banks 11.1% | ||||
Bank of America Corp. | 129,894 | 1.9 | 4,061,785 | |
Citigroup, Inc. | 34,830 | 1.2 | 2,502,884 | |
JPMorgan Chase & Co. | 49,037 | 2.9 | 6,125,702 | |
The PNC Financial Services Group, Inc. | 6,860 | 0.5 | 1,006,362 | |
U.S. Bancorp | 22,068 | 0.6 | 1,258,317 | |
Wells Fargo & Co. | 61,239 | 1.5 | 3,161,770 | |
Other Securities | 2.5 | 5,350,891 | ||
11.1 | 23,467,711 | |||
Capital Goods 7.2% | ||||
Caterpillar, Inc. | 7,760 | 0.5 | 1,069,328 | |
General Electric Co. | 133,474 | 0.6 | 1,332,071 | |
Honeywell International, Inc. | 5,679 | 0.5 | 980,934 | |
United Technologies Corp. | 12,510 | 0.8 | 1,796,186 | |
Other Securities | 4.8 | 10,198,146 | ||
7.2 | 15,376,665 | |||
Commercial & Professional Services 0.5% | ||||
Other Securities | 0.5 | 975,664 | ||
Consumer Durables & Apparel 0.9% | ||||
Other Securities | 0.9 | 1,958,503 | ||
Consumer Services 2.0% | ||||
McDonald's Corp. | 9,930 | 0.9 | 1,953,231 | |
Other Securities | 1.1 | 2,198,916 | ||
2.0 | 4,152,147 | |||
Diversified Financials 8.1% | ||||
Berkshire Hathaway, Inc., Class B * | 30,170 | 3.0 | 6,413,538 | |
BlackRock, Inc. | 1,826 | 0.4 | 843,064 | |
CME Group, Inc. | 5,460 | 0.5 | 1,123,395 | |
Morgan Stanley | 18,324 | 0.4 | 843,820 | |
The Charles Schwab Corp.(a) | 7,215 | 0.1 | 293,723 | |
The Goldman Sachs Group, Inc. | 4,989 | 0.5 | 1,064,553 | |
Other Securities | 3.2 | 6,703,270 | ||
8.1 | 17,285,363 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 8.0% | ||||
Chevron Corp. | 29,405 | 1.6 | 3,415,097 | |
ConocoPhillips | 17,139 | 0.4 | 946,073 | |
Exxon Mobil Corp. | 65,292 | 2.1 | 4,411,780 | |
Phillips 66 | 6,917 | 0.4 | 808,044 | |
Other Securities | 3.5 | 7,500,223 | ||
8.0 | 17,081,217 | |||
Food & Staples Retailing 1.8% | ||||
Walmart, Inc. | 21,659 | 1.2 | 2,539,735 | |
Other Securities | 0.6 | 1,182,103 | ||
1.8 | 3,721,838 | |||
Food, Beverage & Tobacco 4.2% | ||||
Mondelez International, Inc., Class A | 21,920 | 0.5 | 1,149,704 | |
Philip Morris International, Inc. | 23,972 | 0.9 | 1,952,280 | |
The Coca-Cola Co. | 18,795 | 0.5 | 1,023,012 | |
Other Securities | 2.3 | 4,825,282 | ||
4.2 | 8,950,278 | |||
Health Care Equipment & Services 5.8% | ||||
Abbott Laboratories | 15,058 | 0.6 | 1,258,999 | |
Becton, Dickinson & Co. | 3,778 | 0.5 | 967,168 | |
CVS Health Corp. | 20,020 | 0.6 | 1,329,128 | |
Danaher Corp. | 9,296 | 0.6 | 1,281,175 | |
Medtronic plc | 20,697 | 1.1 | 2,253,903 | |
Other Securities | 2.4 | 5,246,870 | ||
5.8 | 12,337,243 | |||
Household & Personal Products 3.0% | ||||
Colgate-Palmolive Co. | 12,963 | 0.4 | 889,262 | |
The Procter & Gamble Co. | 35,913 | 2.1 | 4,471,528 | |
Other Securities | 0.5 | 975,767 | ||
3.0 | 6,336,557 | |||
Insurance 4.4% | ||||
Chubb Ltd. | 7,020 | 0.5 | 1,069,988 | |
Other Securities | 3.9 | 8,353,010 | ||
4.4 | 9,422,998 | |||
Materials 4.2% | ||||
Linde plc | 8,369 | 0.8 | 1,659,991 | |
Other Securities | 3.4 | 7,334,289 | ||
4.2 | 8,994,280 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Media & Entertainment 4.0% | ||||
Comcast Corp., Class A | 36,831 | 0.8 | 1,650,765 | |
The Walt Disney Co. | 26,932 | 1.6 | 3,499,005 | |
Other Securities | 1.6 | 3,355,285 | ||
4.0 | 8,505,055 | |||
Pharmaceuticals, Biotechnology & Life Sciences 6.8% | ||||
Allergan plc | 5,058 | 0.4 | 890,764 | |
Bristol-Myers Squibb Co. | 14,888 | 0.4 | 854,125 | |
Gilead Sciences, Inc. | 16,843 | 0.5 | 1,073,068 | |
Johnson & Johnson | 34,789 | 2.2 | 4,593,540 | |
Pfizer, Inc. | 85,817 | 1.6 | 3,292,798 | |
Other Securities | 1.7 | 3,680,050 | ||
6.8 | 14,384,345 | |||
Real Estate 5.5% | ||||
Prologis, Inc. | 9,678 | 0.4 | 849,341 | |
Other Securities | 5.1 | 10,848,176 | ||
5.5 | 11,697,517 | |||
Retailing 2.1% | ||||
The Home Depot, Inc. | 7,312 | 0.8 | 1,715,249 | |
Other Securities | 1.3 | 2,724,632 | ||
2.1 | 4,439,881 | |||
Semiconductors & Semiconductor Equipment 3.4% | ||||
Intel Corp. | 68,383 | 1.8 | 3,865,691 | |
Micron Technology, Inc. * | 17,055 | 0.4 | 810,965 | |
Other Securities | 1.2 | 2,465,191 | ||
3.4 | 7,141,847 | |||
Software & Services 1.5% | ||||
Other Securities | 1.5 | 3,162,298 | ||
Technology Hardware & Equipment 1.2% | ||||
Other Securities | 1.2 | 2,634,195 | ||
Telecommunication Services 4.2% | ||||
AT&T, Inc. | 112,599 | 2.0 | 4,333,935 | |
Verizon Communications, Inc. | 63,830 | 1.8 | 3,859,800 | |
Other Securities | 0.4 | 618,285 | ||
4.2 | 8,812,020 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 1.9% | ||||
Other Securities | 1.9 | 3,981,247 | ||
Utilities 6.8% | ||||
Dominion Energy, Inc. | 12,357 | 0.5 | 1,020,070 | |
Duke Energy Corp. | 11,227 | 0.5 | 1,058,257 | |
NextEra Energy, Inc. | 7,379 | 0.8 | 1,758,711 | |
The Southern Co. | 16,041 | 0.5 | 1,005,129 | |
Other Securities | 4.5 | 9,625,194 | ||
6.8 | 14,467,361 | |||
Total Common Stock | ||||
(Cost $196,691,653) | 211,402,342 | |||
Other Investment Companies0.1% of net assets | ||||
Equity Funds 0.1% | ||||
Other Securities | 0.1 | 143,077 | ||
Securities Lending Collateral 0.0% | ||||
Other Securities | 0.0 | 99,345 | ||
Total Other Investment Companies | ||||
(Cost $242,598) | 242,422 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
Russell 1000 Growth Index, e-mini, expires 12/20/19 | 10 | 638,450 | (34) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $90,270. |
(c) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $— | $296,544 | ($7,029) | ($177) | $4,385 | $293,723 | 7,215 | $1,138 |
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 | $211,402,342 | $— | $— | $211,402,342 | |
Other Investment Companies1 | 242,422 | — | — | 242,422 | |
Liabilities | |||||
Futures Contracts2 | (34) | — | — | (34) | |
Total | $211,644,730 | $— | $— | $211,644,730 |
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 $289,338) | $293,723 | |
Investments in unaffiliated issuers, at value (cost $196,545,568) including securities on loan of $90,270 | 211,251,696 | |
Collateral invested for securities on loan, at value (cost $99,345) | 99,345 | |
Deposit with broker for futures contracts | 42,514 | |
Receivables: | ||
Fund shares sold | 784,911 | |
Dividends | 268,505 | |
Income from securities on loan | + | 332 |
Total assets | 212,741,026 | |
Liabilities | ||
Collateral held for securities on loan | 99,345 | |
Payables: | ||
Investments bought | 170,855 | |
Investment adviser fees | 6,108 | |
Due to custodian | 157,402 | |
Fund shares redeemed | 93,985 | |
Variation margin on futures contracts | + | 15 |
Total liabilities | 527,710 | |
Net Assets | ||
Total assets | 212,741,026 | |
Total liabilities | – | 527,710 |
Net assets | $212,213,316 | |
Net Assets by Source | ||
Capital received from investors | 190,565,246 | |
Total distributable earnings | 21,648,070 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$212,213,316 | 4,927,964 | $43.06 | ||
Investment Income | ||
Dividends received from affiliated issuer | $1,138 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $579) | 4,615,666 | |
Securities on loan, net | + | 1,970 |
Total investment income | 4,618,774 | |
Expenses | ||
Investment adviser fees | 57,745 | |
Total expenses | – | 57,745 |
Net investment income | 4,561,029 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (177) | |
Net realized gains on unaffiliated issuers | 3,149,626 | |
Net realized gains on futures contracts | + | 105,612 |
Net realized gains | 3,255,061 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | 4,385 | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 16,349,993 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (914) |
Net change in unrealized appreciation (depreciation) | + | 16,353,464 |
Net realized and unrealized gains | 19,608,525 | |
Increase in net assets resulting from operations | $24,169,554 |
Operations | ||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||
Net investment income | $4,561,029 | $1,002,360 | ||
Net realized gains (losses) | 3,255,061 | (344,905) | ||
Net change in unrealized appreciation (depreciation) | + | 16,353,464 | (1,642,985) | |
Increase (decrease) in net assets from operations | 24,169,554 | (985,530) | ||
Distributions to Shareholders | ||||
Total distributions | ($1,536,515) | $— |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,104,466 | $157,914,398 | 1,995,233 | $80,009,188 | ||||
Shares reinvested | 38,320 | 1,344,745 | — | — | ||||
Shares redeemed | + | (979,981) | (39,427,758) | (230,074) | (9,274,766) | |||
Net transactions in fund shares | 3,162,805 | $119,831,385 | 1,765,159 | $70,734,422 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 1,765,159 | $69,748,892 | — | $— | ||||
Total increase | + | 3,162,805 | 142,464,424 | 1,765,159 | 69,748,892 | |||
End of period | 4,927,964 | $212,213,316 | 1,765,159 | $69,748,892 |
* | Commencement of operations. |
11/1/18– 10/31/19 | 12/20/171– 10/31/18 | |||||
Per-Share Data | ||||||
Net asset value at beginning of period | $39.55 | $40.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.70 | 0.59 | ||||
Net realized and unrealized gains (losses) | 4.54 | (1.04) | ||||
Total from investment operations | 5.24 | (0.45) | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.42) | — | ||||
Distributions from net realized gains | (0.08) | — | ||||
Total distributions | (0.50) | — | ||||
Net asset value at end of period | $44.29 | $39.55 | ||||
Total return | 13.61% | (1.13%)3 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04%4 | 0.05%5,6 | ||||
Net operating expenses | N/A | 0.03%5,6 | ||||
Net investment income (loss) | 1.67% | 1.65%5 | ||||
Portfolio turnover rate | 21% | 15%3 | ||||
Net assets, end of period (x 1,000,000) | $357 | $171 | ||||
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.6% of net assets | ||||
Automobiles & Components 0.8% | ||||
Other Securities | 0.8 | 2,751,807 | ||
Banks 4.2% | ||||
SunTrust Banks, Inc. | 20,634 | 0.4 | 1,410,128 | |
Other Securities | 3.8 | 13,457,214 | ||
4.2 | 14,867,342 | |||
Capital Goods 9.2% | ||||
Cummins, Inc. | 7,165 | 0.3 | 1,235,819 | |
Ingersoll-Rand plc | 11,216 | 0.4 | 1,423,198 | |
L3Harris Technologies, Inc. | 10,288 | 0.6 | 2,122,517 | |
PACCAR, Inc. | 15,800 | 0.3 | 1,201,748 | |
TransDigm Group, Inc. | 2,291 | 0.3 | 1,205,707 | |
Other Securities | 7.3 | 25,779,857 | ||
9.2 | 32,968,846 | |||
Commercial & Professional Services 2.6% | ||||
IHS Markit Ltd. * | 18,439 | 0.4 | 1,291,099 | |
Other Securities | 2.2 | 8,167,501 | ||
2.6 | 9,458,600 | |||
Consumer Durables & Apparel 2.7% | ||||
lululemon Athletica, Inc. * | 5,498 | 0.3 | 1,123,076 | |
Other Securities | 2.4 | 8,662,554 | ||
2.7 | 9,785,630 | |||
Consumer Services 3.3% | ||||
Hilton Worldwide Holdings, Inc. | 13,188 | 0.4 | 1,278,709 | |
Other Securities | 2.9 | 10,361,433 | ||
3.3 | 11,640,142 | |||
Diversified Financials 5.0% | ||||
Discover Financial Services | 14,808 | 0.3 | 1,188,490 | |
State Street Corp. | 17,353 | 0.3 | 1,146,513 | |
T. Rowe Price Group, Inc. | 10,741 | 0.3 | 1,243,808 | |
Other Securities | 4.1 | 14,159,239 | ||
5.0 | 17,738,050 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Energy 3.6% | ||||
ONEOK, Inc. | 19,145 | 0.4 | 1,336,895 | |
The Williams Cos., Inc. | 56,524 | 0.4 | 1,261,050 | |
Other Securities | 2.8 | 10,451,011 | ||
3.6 | 13,048,956 | |||
Food & Staples Retailing 0.5% | ||||
Other Securities | 0.5 | 1,755,889 | ||
Food, Beverage & Tobacco 2.8% | ||||
Other Securities | 2.8 | 9,998,709 | ||
Health Care Equipment & Services 6.0% | ||||
IDEXX Laboratories, Inc. * | 3,956 | 0.3 | 1,127,500 | |
McKesson Corp. | 8,615 | 0.3 | 1,145,795 | |
Zimmer Biomet Holdings, Inc. | 9,553 | 0.4 | 1,320,511 | |
Other Securities | 5.0 | 17,738,770 | ||
6.0 | 21,332,576 | |||
Household & Personal Products 0.7% | ||||
Other Securities | 0.7 | 2,374,106 | ||
Insurance 4.0% | ||||
Willis Towers Watson plc | 6,009 | 0.3 | 1,123,082 | |
Other Securities | 3.7 | 13,349,709 | ||
4.0 | 14,472,791 | |||
Materials 5.1% | ||||
Newmont Goldcorp Corp. | 38,084 | 0.4 | 1,513,077 | |
Other Securities | 4.7 | 16,738,406 | ||
5.1 | 18,251,483 | |||
Media & Entertainment 3.8% | ||||
Other Securities | 3.8 | 13,433,563 | ||
Pharmaceuticals, Biotechnology & Life Sciences 3.8% | ||||
IQVIA Holdings, Inc. * | 8,361 | 0.3 | 1,207,496 | |
Other Securities | 3.5 | 12,362,385 | ||
3.8 | 13,569,881 | |||
Real Estate 10.2% | ||||
AvalonBay Communities, Inc. | 6,484 | 0.4 | 1,411,307 | |
Digital Realty Trust, Inc. | 9,675 | 0.3 | 1,229,112 | |
Equity Residential | 17,027 | 0.4 | 1,509,614 | |
Realty Income Corp. | 14,821 | 0.3 | 1,212,210 |
Security | Number of Shares | % of Net Assets | Value ($) | |
SBA Communications Corp. | 5,222 | 0.4 | 1,256,674 | |
Ventas, Inc. | 17,339 | 0.3 | 1,128,769 | |
Welltower, Inc. | 18,870 | 0.5 | 1,711,320 | |
Other Securities | 7.6 | 26,780,924 | ||
10.2 | 36,239,930 | |||
Retailing 4.6% | ||||
AutoZone, Inc. * | 1,137 | 0.4 | 1,301,160 | |
Dollar General Corp. | 12,076 | 0.5 | 1,936,266 | |
Dollar Tree, Inc. * | 10,972 | 0.3 | 1,211,309 | |
O'Reilly Automotive, Inc. * | 3,509 | 0.4 | 1,528,205 | |
Other Securities | 3.0 | 10,442,274 | ||
4.6 | 16,419,214 | |||
Semiconductors & Semiconductor Equipment 3.5% | ||||
Advanced Micro Devices, Inc. * | 46,674 | 0.4 | 1,583,649 | |
KLA Corp. | 7,424 | 0.4 | 1,254,953 | |
Lam Research Corp. | 6,726 | 0.5 | 1,823,015 | |
Other Securities | 2.2 | 7,717,647 | ||
3.5 | 12,379,264 | |||
Software & Services 9.8% | ||||
Fiserv, Inc. * | 26,286 | 0.8 | 2,789,996 | |
FleetCor Technologies, Inc. * | 3,968 | 0.3 | 1,167,465 | |
Global Payments, Inc. | 13,884 | 0.7 | 2,348,895 | |
Paychex, Inc. | 14,947 | 0.4 | 1,250,167 | |
Other Securities | 7.6 | 27,411,785 | ||
9.8 | 34,968,308 | |||
Technology Hardware & Equipment 4.0% | ||||
Amphenol Corp., Class A | 13,589 | 0.4 | 1,363,384 | |
Motorola Solutions, Inc. | 7,669 | 0.4 | 1,275,508 | |
Other Securities | 3.2 | 11,784,410 | ||
4.0 | 14,423,302 | |||
Telecommunication Services 0.5% | ||||
Other Securities | 0.5 | 1,649,749 | ||
Transportation 1.9% | ||||
Other Securities | 1.9 | 6,888,797 | ||
Utilities 7.0% | ||||
Consolidated Edison, Inc. | 15,501 | 0.4 | 1,429,502 | |
Entergy Corp. | 9,256 | 0.3 | 1,124,419 | |
Eversource Energy | 15,088 | 0.4 | 1,263,469 |
Security | Number of Shares | % of Net Assets | Value ($) | |
FirstEnergy Corp. | 24,751 | 0.3 | 1,195,968 | |
PPL Corp. | 33,696 | 0.3 | 1,128,479 | |
Public Service Enterprise Group, Inc. | 23,514 | 0.4 | 1,488,671 | |
Sempra Energy | 12,790 | 0.5 | 1,848,283 | |
WEC Energy Group, Inc. | 14,680 | 0.4 | 1,385,792 | |
Xcel Energy, Inc. | 23,982 | 0.4 | 1,523,097 | |
Other Securities | 3.6 | 12,476,550 | ||
7.0 | 24,864,230 | |||
Total Common Stock | ||||
(Cost $329,134,730) | 355,281,165 | |||
Other Investment Companies0.7% of net assets | ||||
Equity Funds 0.1% | ||||
Other Securities | 0.1 | 237,510 | ||
Money Market Fund 0.4% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(b) | 1,576,417 | 0.4 | 1,576,417 | |
Securities Lending Collateral 0.2% | ||||
Other Securities | 0.2 | 543,270 | ||
Total Other Investment Companies | ||||
(Cost $2,354,574) | 2,357,197 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||||
Futures Contracts | ||||||
Long | ||||||
S&P 400 Mid-Cap Index, e-mini, expires 12/20/19 | 5 | 977,500 | (3,585) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $508,482. |
(b) | 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 | $355,281,165 | $— | $— | $355,281,165 | |
Other Investment Companies1 | 2,357,197 | — | — | 2,357,197 | |
Liabilities | |||||
Futures Contracts2 | (3,585) | — | — | (3,585) | |
Total | $357,634,777 | $— | $— | $357,634,777 |
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 $330,946,034) including securities on loan of $508,482 | $357,095,092 | |
Collateral invested for securities on loan, at value (cost $543,270) | 543,270 | |
Deposit with broker for futures contracts | 116,189 | |
Receivables: | ||
Investments sold | 50,887 | |
Fund shares sold | 1,060,764 | |
Dividends | 160,496 | |
Income from securities on loan | + | 5,172 |
Total assets | 359,031,870 | |
Liabilities | ||
Collateral held for securities on loan | 543,270 | |
Payables: | ||
Investments bought | 1,788,254 | |
Investment adviser fees | 11,842 | |
Fund shares redeemed | 89,132 | |
Variation margin on futures contracts | + | 3,575 |
Total liabilities | 2,436,073 | |
Net Assets | ||
Total assets | 359,031,870 | |
Total liabilities | – | 2,436,073 |
Net assets | $356,595,797 | |
Net Assets by Source | ||
Capital received from investors | 327,701,948 | |
Total distributable earnings | 28,893,849 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$356,595,797 | 8,051,761 | $44.29 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $552) | $4,885,941 | |
Securities on loan, net | + | 17,324 |
Total investment income | 4,903,265 | |
Expenses | ||
Investment adviser fees | 117,274 | |
Total expenses | – | 117,274 |
Net investment income | 4,785,991 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (833,813) | |
Net realized gains on futures contracts | + | 171,215 |
Net realized losses | (662,598) | |
Net change in unrealized appreciation (depreciation) on investments | 35,437,205 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (9,939) |
Net change in unrealized appreciation (depreciation) | + | 35,427,266 |
Net realized and unrealized gains | 34,764,668 | |
Increase in net assets resulting from operations | $39,550,659 |
Operations | ||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||
Net investment income | $4,785,991 | $1,634,470 | ||
Net realized losses | (662,598) | (58,632) | ||
Net change in unrealized appreciation (depreciation) | + | 35,427,266 | (9,281,793) | |
Increase (decrease) in net assets from operations | 39,550,659 | (7,705,955) | ||
Distributions to Shareholders | ||||
Total distributions | ($2,951,274) | $— |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,140,825 | $247,965,349 | 4,668,513 | $192,981,527 | ||||
Shares reinvested | 76,761 | 2,670,904 | — | — | ||||
Shares redeemed | + | (2,496,685) | (101,917,905) | (337,653) | (13,997,508) | |||
Net transactions in fund shares | 3,720,901 | $148,718,348 | 4,330,860 | $178,984,019 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 12/20/17*-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 4,330,860 | $171,278,064 | — | $— | ||||
Total increase | + | 3,720,901 | 185,317,733 | 4,330,860 | 171,278,064 | |||
End of period | 8,051,761 | $356,595,797 | 4,330,860 | $171,278,064 |
* | Commencement of operations. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $19.00 | $21.01 | $17.52 | $18.49 | $19.42 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.64 | 0.62 | 0.55 | 0.53 | 0.54 | |
Net realized and unrealized gains (losses) | 1.39 | (2.06) | 3.49 | (1.03) | (0.86) | |
Total from investment operations | 2.03 | (1.44) | 4.04 | (0.50) | (0.32) | |
Less distributions: | ||||||
Distributions from net investment income | (0.55) | (0.57) | (0.55) | (0.47) | (0.61) | |
Net asset value at end of period | $20.48 | $19.00 | $21.01 | $17.52 | $18.49 | |
Total return | 11.27% | (7.11%) | 23.76% | (2.64%) | (1.53%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.06% | 0.06% | 0.11%2 | 0.23% | 0.23% | |
Net operating expenses | N/A | N/A3 | 0.10%2 | 0.19% | 0.19% | |
Net investment income (loss) | 3.32% | 2.99% | 2.88% | 3.06% | 2.82% | |
Portfolio turnover rate | 5% | 5% | 3% | 4% | 7% | |
Net assets, end of period (x 1,000,000) | $5,443 | $4,314 | $4,128 | $2,900 | $2,844 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock98.8% of net assets | ||||
Australia 6.9% | ||||
BHP Group Ltd. | 1,115,697 | 0.5 | 27,348,469 | |
Commonwealth Bank of Australia | 669,438 | 0.7 | 36,296,990 | |
CSL Ltd. | 171,339 | 0.6 | 30,216,704 | |
National Australia Bank Ltd. | 1,067,056 | 0.4 | 20,945,385 | |
Westpac Banking Corp. | 1,301,398 | 0.5 | 25,267,275 | |
Other Securities | 4.2 | 233,526,561 | ||
6.9 | 373,601,384 | |||
Austria 0.2% | ||||
Other Securities | 0.2 | 12,524,358 | ||
Belgium 0.9% | ||||
Anheuser-Busch InBev S.A./N.V. | 288,086 | 0.4 | 23,253,549 | |
Other Securities | 0.5 | 27,442,467 | ||
0.9 | 50,696,016 | |||
Denmark 1.8% | ||||
Novo Nordisk A/S, Class B | 669,249 | 0.7 | 36,801,129 | |
Other Securities | 1.1 | 58,680,412 | ||
1.8 | 95,481,541 | |||
Finland 0.9% | ||||
Other Securities | 0.9 | 51,613,708 | ||
France 11.3% | ||||
Air Liquide S.A. | 178,786 | 0.4 | 23,771,572 | |
Airbus SE | 220,573 | 0.6 | 31,643,014 | |
BNP Paribas S.A. | 427,117 | 0.4 | 22,320,939 | |
L'Oreal S.A. | 95,425 | 0.5 | 27,869,984 | |
LVMH Moet Hennessy Louis Vuitton SE | 105,026 | 0.8 | 44,851,942 | |
Sanofi | 426,921 | 0.7 | 39,356,593 | |
TOTAL S.A. | 906,552 | 0.9 | 47,927,766 | |
Vinci S.A. | 193,107 | 0.4 | 21,665,877 | |
Other Securities | 6.6 | 355,911,716 | ||
11.3 | 615,319,403 | |||
Germany 8.2% | ||||
adidas AG | 68,493 | 0.4 | 21,148,633 | |
Allianz SE | 160,325 | 0.7 | 39,154,979 | |
BASF SE | 347,610 | 0.5 | 26,425,035 | |
Bayer AG | 352,192 | 0.5 | 27,321,705 | |
Deutsche Telekom AG | 1,260,647 | 0.4 | 22,181,789 | |
SAP SE | 371,644 | 0.9 | 49,243,367 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Siemens AG | 289,259 | 0.6 | 33,380,486 | |
Other Securities | 4.2 | 226,165,502 | ||
8.2 | 445,021,496 | |||
Hong Kong 3.6% | ||||
AIA Group Ltd. | 4,577,000 | 0.8 | 45,578,762 | |
Other Securities | 2.8 | 148,863,250 | ||
3.6 | 194,442,012 | |||
Ireland 0.6% | ||||
Other Securities | 0.6 | 30,088,367 | ||
Israel 0.6% | ||||
Other Securities | 0.6 | 30,802,619 | ||
Italy 2.3% | ||||
Enel S.p.A. | 3,074,359 | 0.4 | 23,827,383 | |
Other Securities | 1.9 | 104,167,600 | ||
2.3 | 127,994,983 | |||
Japan 24.6% | ||||
Keyence Corp. | 34,400 | 0.4 | 21,750,997 | |
Mitsubishi UFJ Financial Group, Inc. | 4,655,209 | 0.4 | 24,133,946 | |
SoftBank Group Corp. | 624,400 | 0.4 | 24,018,423 | |
Sony Corp. | 482,300 | 0.5 | 29,357,188 | |
Takeda Pharmaceutical Co., Ltd. | 561,090 | 0.4 | 20,273,895 | |
Toyota Motor Corp. | 863,503 | 1.1 | 59,910,600 | |
Other Securities | 21.4 | 1,157,218,864 | ||
24.6 | 1,336,663,913 | |||
Netherlands 3.9% | ||||
ASML Holding N.V. | 161,035 | 0.8 | 42,209,576 | |
Unilever N.V. | 551,641 | 0.6 | 32,605,664 | |
Other Securities | 2.5 | 135,212,408 | ||
3.9 | 210,027,648 | |||
New Zealand 0.2% | ||||
Other Securities | 0.2 | 12,928,238 | ||
Norway 0.6% | ||||
Other Securities | 0.6 | 33,821,357 | ||
Portugal 0.2% | ||||
Other Securities | 0.2 | 8,556,971 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Singapore 1.3% | ||||
Other Securities | 1.3 | 69,656,137 | ||
Spain 2.8% | ||||
Banco Santander S.A. | 6,359,506 | 0.5 | 25,535,308 | |
Iberdrola S.A. | 2,268,409 | 0.4 | 23,316,961 | |
Other Securities | 1.9 | 106,057,214 | ||
2.8 | 154,909,483 | |||
Sweden 2.6% | ||||
Other Securities | 2.6 | 142,642,192 | ||
Switzerland 9.2% | ||||
Nestle S.A. | 1,160,625 | 2.3 | 124,165,185 | |
Novartis AG | 812,898 | 1.3 | 71,027,123 | |
Roche Holding AG | 265,904 | 1.5 | 80,025,351 | |
Zurich Insurance Group AG | 57,412 | 0.4 | 22,488,283 | |
Other Securities | 3.7 | 203,823,349 | ||
9.2 | 501,529,291 | |||
United Kingdom 16.1% | ||||
AstraZeneca plc | 495,825 | 0.9 | 48,351,474 | |
BP plc | 7,704,296 | 0.9 | 48,855,723 | |
British American Tobacco plc | 871,028 | 0.6 | 30,464,955 | |
Diageo plc | 899,070 | 0.7 | 36,799,813 | |
GlaxoSmithKline plc | 1,892,006 | 0.8 | 43,336,275 | |
HSBC Holdings plc | 7,660,241 | 1.1 | 57,873,949 | |
Reckitt Benckiser Group plc | 268,592 | 0.4 | 20,784,083 | |
Rio Tinto plc | 428,305 | 0.4 | 22,298,332 | |
Royal Dutch Shell plc, A Shares | 1,647,039 | 0.9 | 47,744,501 | |
Royal Dutch Shell plc, B Shares | 1,418,805 | 0.8 | 40,861,248 | |
Unilever plc | 419,199 | 0.5 | 25,101,192 | |
Vodafone Group plc | 10,087,787 | 0.4 | 20,586,342 | |
Other Securities | 7.7 | 434,191,992 | ||
16.1 | 877,249,879 | |||
Total Common Stock | ||||
(Cost $4,441,053,703) | 5,375,570,996 | |||
Preferred Stock0.5% of net assets | ||||
Germany 0.5% | ||||
Other Securities | 0.5 | 29,942,308 | ||
United Kingdom 0.0% | ||||
Other Securities | 0.0 | 38,493 | ||
Total Preferred Stock | ||||
(Cost $26,636,648) | 29,980,801 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Other Investment Company0.1% of net assets | ||||
United States 0.1% | ||||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 3,797,238 | ||
Total Other Investment Company | ||||
(Cost $3,797,238) | 3,797,238 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments0.1% of net assets | ||||
Time Deposits 0.1% | ||||
Other Securities | 0.1 | 6,139,051 | ||
Total Short-Term Investments | ||||
(Cost $6,139,051) | 6,139,051 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 376 | 36,795,360 | 845,450 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $3,604,867. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | Securities are traded on separate exchanges for the same entity. |
(d) | The rate shown is the 7-day yield. |
(e) | 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 | $— | $868,650,190 | $— | $868,650,190 | |
Belgium | 1,161,425 | 49,534,591 | — | 50,696,016 | |
Finland | 2,912,301 | 48,701,407 | — | 51,613,708 | |
France | 14,738,601 | 600,580,802 | — | 615,319,403 | |
Germany | 57,277,823 | 387,743,673 | — | 445,021,496 | |
Hong Kong | 7,035,336 | 187,406,676 | — | 194,442,012 | |
Ireland | 14,337,258 | 15,751,109 | — | 30,088,367 | |
Israel | 12,157,662 | 18,644,957 | — | 30,802,619 | |
Japan | 3,751,875 | 1,332,912,038 | — | 1,336,663,913 | |
Netherlands | 32,417,996 | 177,609,652 | — | 210,027,648 | |
Portugal | — | 8,556,971 | —* | 8,556,971 | |
Spain | — | 153,994,944 | 914,539 | 154,909,483 | |
Switzerland | 6,188,738 | 495,340,553 | — | 501,529,291 | |
United Kingdom | 5,252,843 | 871,997,036 | — | 877,249,879 | |
Preferred Stock1 | — | 29,942,308 | — | 29,942,308 | |
United Kingdom | — | — | 38,493 | 38,493 | |
Other Investment Company1 | 3,797,238 | — | — | 3,797,238 | |
Short-Term Investments1 | — | 6,139,051 | — | 6,139,051 | |
Futures Contracts2 | 845,450 | — | — | 845,450 | |
Total | $161,874,546 | $5,253,505,958 | $953,032 | $5,416,333,536 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $4,473,829,402) including securities on loan of $3,604,867 | $5,411,690,848 | |
Collateral invested for securities on loan, at value (cost $3,797,238) | 3,797,238 | |
Foreign currency, at value (cost $72,285) | 72,327 | |
Deposit with broker for futures contracts | 2,020,001 | |
Receivables: | ||
Dividends | 15,085,513 | |
Fund shares sold | 10,864,700 | |
Foreign tax reclaims | 6,985,538 | |
Variation margin on futures contracts | 846,191 | |
Income from securities on loan | 22,360 | |
Interest | + | 169 |
Total assets | 5,451,384,885 | |
Liabilities | ||
Collateral held for securities on loan | 3,797,238 | |
Payables: | ||
Investments bought | 720,471 | |
Investment adviser fees | 269,169 | |
Fund shares redeemed | + | 3,352,301 |
Total liabilities | 8,139,179 | |
Net Assets | ||
Total assets | 5,451,384,885 | |
Total liabilities | – | 8,139,179 |
Net assets | $5,443,245,706 | |
Net Assets by Source | ||
Capital received from investors | 4,616,138,343 | |
Total distributable earnings | 827,107,363 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,443,245,706 | 265,794,580 | $20.48 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $16,316,458) | $163,480,665 | |
Interest | 224,703 | |
Securities on loan, net | + | 870,380 |
Total investment income | 164,575,748 | |
Expenses | ||
Investment adviser fees | 2,922,442 | |
Professional fees | + | 48,181* |
Total expenses | 2,970,623 | |
Expense reduction by CSIM | – | 48,181* |
Net expenses | – | 2,922,442 |
Net investment income | 161,653,306 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (83,545,365) | |
Net realized gains on futures contracts | 2,710,754 | |
Net realized losses on foreign currency transactions | + | (212,722) |
Net realized losses | (81,047,333) | |
Net change in unrealized appreciation (depreciation) on investments | 449,951,951 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 371,769 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 255,959 |
Net change in unrealized appreciation (depreciation) | + | 450,579,679 |
Net realized and unrealized gains | 369,532,346 | |
Increase in net assets resulting from operations | $531,185,652 |
* | Professional fees associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2(d) and 4 for additional information. |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $161,653,306 | $133,025,660 | ||
Net realized losses | (81,047,333) | (29,407,991) | ||
Net change in unrealized appreciation (depreciation) | + | 450,579,679 | (439,100,565) | |
Increase (decrease) in net assets from operations | 531,185,652 | (335,482,896) | ||
Distributions to Shareholders | ||||
Total distributions | ($132,253,839) | ($112,933,005) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 101,475,911 | $1,918,826,792 | 68,078,593 | $1,412,881,267 | ||||
Shares reinvested | 5,815,026 | 99,611,394 | 4,270,674 | 88,744,607 | ||||
Shares redeemed | + | (68,493,022) | (1,288,104,681) | (41,807,131) | (866,997,348) | |||
Net transactions in fund shares | 38,797,915 | $730,333,505 | 30,542,136 | $634,628,526 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 226,996,665 | $4,313,980,388 | 196,454,529 | $4,127,767,763 | ||||
Total increase | + | 38,797,915 | 1,129,265,318 | 30,542,136 | 186,212,625 | |||
End of period | 265,794,580 | $5,443,245,706 | 226,996,665 | $4,313,980,388 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
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 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 Target 2035 Fund | |
SCHWAB INVESTMENTS (ORGANIZED OCTOBER 26, 1990) | |
Schwab 1000 Index Fund | Schwab Tax-Free Bond Fund |
Schwab Treasury Inflation Protected Securities Index Fund | Schwab California Tax-Free Bond Fund |
Schwab U.S. Aggregate Bond Index Fund | Schwab Global Real Estate Fund |
Schwab Short-Term 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 |
0.02% | 0.05% | 0.04% | 0.03% | 0.035% | 0.035% | 0.04% | 0.06% |
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 Small-Cap Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | ||||
Schwab MarketTrack All Equity Portfolio | 0.5% | 2.9% | —% | 1.8% | |||
Schwab MarketTrack Balanced Portfolio | 0.3% | 1.4% | —% | 0.7% | |||
Schwab MarketTrack Conservative Portfolio | 0.1% | 0.4% | —% | 0.2% | |||
Schwab MarketTrack Growth Portfolio | 0.6% | 2.7% | —% | 1.4% | |||
Schwab Target 2010 Fund | 0.0%* | —% | 0.1% | —% | |||
Schwab Target 2015 Fund | 0.0%* | —% | 0.2% | —% | |||
Schwab Target 2020 Fund | 0.2% | —% | 1.4% | —% | |||
Schwab Target 2025 Fund | 0.2% | —% | 1.8% | —% | |||
Schwab Target 2030 Fund | 0.4% | —% | 3.5% | —% | |||
Schwab Target 2035 Fund | 0.2% | —% | 1.9% | —% | |||
Schwab Target 2040 Fund | 0.4% | —% | 4.2% | —% | |||
Schwab Target 2045 Fund | 0.1% | —% | 0.8% | —% | |||
Schwab Target 2050 Fund | 0.1% | —% | 0.8% | —% | |||
Schwab Target 2055 Fund | 0.0%* | —% | 0.4% | —% | |||
Schwab Target 2060 Fund | 0.0%* | —% | 0.1% | —% |
* | Less than 0.05% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab S&P 500 Index Fund | $274,889,332 | ($34,265,003) |
Schwab 1000 Index Fund | 64,602,722 | 2,680,017 |
Schwab Small-Cap Index Fund | 67,714,672 | (10,471,359) |
Schwab Total Stock Market Index Fund | 110,590,734 | (11,789,651) |
Schwab U.S. Large-Cap Growth Index Fund | 37,582,090 | (302,789) |
Schwab U.S. Large-Cap Value Index Fund | 37,360,388 | 3,238,372 |
Schwab U.S. Mid-Cap Index Fund | 13,695,328 | (770,586) |
Schwab International Index Fund | 6,466,093 | (4,066,591) |
5. Board of Trustees:
6. Borrowing from Banks:
7. Derivatives:
Notional Amounts | Number of Contracts | |
Schwab S&P 500 Index Fund | $155,022,024 | 1,112 |
Schwab 1000 Index Fund | 32,407,003 | 232 |
Schwab Small-Cap Index Fund | 21,477,898 | 285 |
Schwab Total Stock Market Index Fund | 44,913,148 | 359 |
Schwab U.S. Large-Cap Growth Index Fund | 416,972 | 5 |
Schwab U.S. Large-Cap Value Index Fund | 614,935 | 10 |
Schwab U.S. Mid-Cap Index Fund | 1,243,243 | 7 |
Schwab International Index Fund | 31,554,195 | 341 |
8. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab S&P 500 Index Fund | $2,891,320,853 | $1,029,744,231 |
Schwab 1000 Index Fund | 988,076,766 | 434,289,913 |
Schwab Small-Cap Index Fund | 930,483,181 | 570,333,819 |
Schwab Total Stock Market Index Fund | 1,211,591,183 | 313,019,150 |
Schwab U.S. Large-Cap Growth Index Fund | 113,242,865 | 60,438,497 |
Schwab U.S. Large-Cap Value Index Fund | 159,200,342 | 35,788,952 |
Schwab U.S. Mid-Cap Index Fund | 214,163,885 | 59,406,845 |
Schwab International Index Fund | 1,022,577,372 | 236,787,297 |
9. Federal Income Taxes:
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 | $20,113,179,483 | $2,758,100,305 | $3,482,611,878 | $6,232,488,004 | $144,133,385 | ||||
Gross unrealized appreciation | $21,313,500,385 | $6,684,919,766 | $1,331,156,626 | $4,443,967,375 | $23,521,541 | ||||
Gross unrealized depreciation | (1,276,256,042) | (107,085,100) | (539,970,678) | (406,952,051) | (1,729,488) | ||||
Net unrealized appreciation (depreciation) | $20,037,244,343 | $6,577,834,666 | $791,185,948 | $4,037,015,324 | $21,792,053 |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |||
Tax cost | $198,424,901 | $336,811,864 | $4,629,773,472 | ||
Gross unrealized appreciation | $22,084,097 | $43,362,876 | $1,234,145,926 | ||
Gross unrealized depreciation | (8,864,268) | (22,539,963) | (447,585,862) | ||
Net unrealized appreciation (depreciation) | $13,219,829 | $20,822,913 | $786,560,064 |
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 | $597,401,945 | $140,771,767 | $53,798,520 | $141,729,892 | $1,376,502 | ||||
Undistributed long-term capital gains | 76,711,728 | 115,672,826 | 187,507,760 | 26,277,147 | — | ||||
Net unrealized appreciation (depreciation) on investments | 20,037,244,343 | 6,577,834,666 | 791,185,948 | 4,037,015,324 | 21,792,053 | ||||
Total | $20,711,358,016 | $6,834,279,259 | $1,032,492,228 | $4,205,022,363 | $23,168,555 |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |||
Undistributed ordinary income | $6,409,136 | $5,910,400 | $157,581,810 | ||
Undistributed long-term capital gains | 2,019,105 | 2,160,536 | — | ||
Net unrealized appreciation (depreciation) on investments | 13,219,829 | 20,822,913 | 786,560,064 | ||
Net other unrealized appreciation (depreciation) | — | — | 31,304 | ||
Total | $21,648,070 | $28,893,849 | $944,173,178 |
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 | $— | $— | $— | $— | $600,614 | ||||
Total | $— | $— | $— | $— | $600,614 |
Expiration Date | Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | ||
No expiration | $— | $— | $117,065,815 | ||
Total | $— | $— | $117,065,815 |
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 | $696,643,335 | $157,630,133 | $75,407,201 | $163,508,663 | $949,803 |
Long-term capital gains | 138,486,140 | 287,803,474 | 256,270,995 | 35,933,416 | — |
Prior 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 | — |
Schwab U.S. Large-Cap Value Index Fund | Schwab U.S. Mid-Cap Index Fund | Schwab International Index Fund | |
Current period distributions | |||
Ordinary income | $1,536,515 | $2,937,860 | $132,253,839 |
Long-term capital gains | — | 13,414 | — |
Prior period distributions | |||
Ordinary income | $— | $— | $112,933,005 |
Long-term capital gains | — | — | — |
10. Subsequent Events:
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 changes in net assets for each of the two years in the period ended October 31, 2019. |
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 changes in net assets for the period December 20, 2017 (commencement of operations) through October 31, 2018 and for the year ended October 31, 2019. |
San Francisco, California
December 16, 2019
Percentage | |
Schwab S&P 500 Index Fund | 92.39 |
Schwab 1000 Index Fund | 92.37 |
Schwab Small-Cap Index Fund | 47.79 |
Schwab Total Stock Market Index Fund | 87.45 |
Schwab U.S. Large-Cap Growth Index Fund | 92.98 |
Schwab U.S. Large-Cap Value Index Fund | 73.00 |
Schwab U.S. Mid-Cap Index Fund | 58.51 |
Schwab International Index Fund | — |
Schwab S&P 500 Index Fund | $678,919,007 |
Schwab 1000 Index Fund | 151,721,523 |
Schwab Small-Cap Index Fund | 37,108,334 |
Schwab Total Stock Market Index Fund | 149,045,045 |
Schwab U.S. Large-Cap Growth Index Fund | 905,346 |
Schwab U.S. Large-Cap Value Index Fund | 1,176,354 |
Schwab U.S. Mid-Cap Index Fund | 1,791,670 |
Schwab International Index Fund | 130,102,357 |
Schwab S&P 500 Index Fund | $138,486,140 |
Schwab 1000 Index Fund | 287,803,474 |
Schwab Small-Cap Index Fund | 256,270,995 |
Schwab Total Stock Market Index Fund | 35,933,416 |
Schwab U.S. Large-Cap Growth Index Fund | — |
Schwab U.S. Large-Cap Value Index Fund | — |
Schwab U.S. Mid-Cap Index Fund | 13,414 |
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 and benchmark data; |
3. | each Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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
US Large Company Index Fund
US Small Company Index Fund
Large Company Index Fund
Small Company Index Fund
Large Company Index Fund
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
* | 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, 2019 | |
Schwab Fundamental US Large Company Index Fund (Ticker Symbol: SFLNX) | 10.56% |
Russell RAFITM US Large Company Index | 10.81% |
Russell 1000® Index | 14.15% |
Fund Category: Morningstar Large Value1 | 9.63% |
Performance Details | pages 7-9 |
Schwab Fundamental US Small Company Index Fund (Ticker Symbol: SFSNX) | 5.61% |
Russell RAFITM US Small Company Index | 5.85% |
Russell 2000® Index | 4.90% |
Fund Category: Morningstar Small Blend1 | 4.42% |
Performance Details | pages 10-12 |
Schwab Fundamental International Large Company Index Fund2 (Ticker Symbol: SFNNX) | 7.04% |
Russell RAFITM Developed ex US Large Company Index (Net)3 | 6.94% |
MSCI EAFE® Index (Net)3 | 11.04% |
Fund Category: Morningstar Foreign Large Value1 | 6.31% |
Performance Details | pages 13-15 |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Fundamental International Small Company Index Fund2 (Ticker Symbol: SFILX) | 5.13% |
Russell RAFITM Developed ex US Small Company Index (Net)3 | 5.51% |
S&P Developed ex-U.S. Small Cap Index (Net)3 | 7.40% |
Fund Category: Morningstar Foreign Small/Mid Blend1 | 7.02% |
Performance Details | pages 16-18 |
Schwab Fundamental Emerging Markets Large Company Index Fund2 (Ticker Symbol: SFENX) | 10.73% |
Russell RAFITM Emerging Markets Large Company Index (Net)3 | 11.54% |
MSCI Emerging Markets Index (Net)3 | 11.86% |
Fund Category: Morningstar Diversified Emerging Markets1 | 12.93% |
Performance Details | pages 19-21 |
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes. |
President 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. |
Christopher Bliss, CFA, Vice President and Head of Passive Equity Strategies, 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 the 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. |
Jeremy Brown, 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 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis and sales and marketing support initiatives. |
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 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 the 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 operations 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) | 10.56% | 8.66% | 12.87% |
Russell RAFITM US Large Company Index2 | 10.81% | 8.96% | N/A |
Fundamental U.S. Large Company Spliced Index | 10.81% | 8.96% | 13.18% |
Russell 1000® Index | 14.15% | 10.55% | 13.72% |
Fund Category: Morningstar Large Value3 | 9.63% | 7.22% | 11.07% |
Fund Expense Ratio4: 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 | 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. |
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 | 705 |
Weighted Average Market Cap (millions) | $194,639 |
Price/Earnings Ratio (P/E) | 17.7 |
Price/Book Ratio (P/B) | 2.3 |
Portfolio Turnover Rate | 20% |
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) | 5.61% | 7.19% | 12.61% |
Russell RAFITM US Small Company Index2 | 5.85% | 7.44% | N/A |
Fundamental U.S. Small Company Spliced Index | 5.85% | 7.44% | 12.82% |
Russell 2000® Index | 4.90% | 7.37% | 12.27% |
Fund Category: Morningstar Small Blend3 | 4.42% | 6.20% | 11.55% |
Fund Expense Ratio4: 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 | 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. |
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 | 916 |
Weighted Average Market Cap (millions) | $4,340 |
Price/Earnings Ratio (P/E) | 17.6 |
Price/Book Ratio (P/B) | 1.7 |
Portfolio Turnover Rate | 34% |
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) | 7.04% | 3.53% | 4.71% |
Russell RAFITM Developed ex US Large Company Index (Net)2,3 | 6.94% | 3.82% | N/A |
Fundamental Developed ex-U.S. Large Company Spliced Index | 6.94% | 3.82% | 4.92% |
MSCI EAFE® Index (Net)3 | 11.04% | 4.31% | 5.41% |
Fund Category: Morningstar Foreign Large Value4 | 6.31% | 2.00% | 4.18% |
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 | 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. |
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 | 965 |
Weighted Average Market Cap (millions) | $59,466 |
Price/Earnings Ratio (P/E) | 13.2 |
Price/Book Ratio (P/B) | 0.8 |
Portfolio Turnover Rate | 28% |
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) | 5.13% | 5.80% | 7.13% |
Russell RAFITM Developed ex US Small Company Index (Net)2,3 | 5.51% | 6.36% | N/A |
Fundamental Developed ex-U.S. Small Company Spliced Index | 5.51% | 6.36% | 7.55% |
S&P Developed ex-U.S. Small Cap Index (Net)3 | 7.40% | 6.16% | 7.47% |
Fund Category: Morningstar Foreign Small/Mid Blend4 | 7.02% | 5.15% | 7.12% |
Fund Expense Ratio5: 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 | 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. |
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 | 1,679 |
Weighted Average Market Cap (millions) | $3,379 |
Price/Earnings Ratio (P/E) | 14.0 |
Price/Book Ratio (P/B) | 1.1 |
Portfolio Turnover Rate | 38% |
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) | 10.73% | 4.22% | 3.26% |
Russell RAFITM Emerging Markets Large Company Index (Net)2,3 | 11.54% | 4.91% | N/A |
Fundamental Emerging Markets Large Company Spliced Index | 11.54% | 4.91% | 4.20% |
MSCI Emerging Markets Index (Net)3 | 11.86% | 2.93% | 3.78% |
Fund Category: Morningstar Diversified Emerging Markets4 | 12.93% | 2.23% | 3.93% |
Fund Expense Ratio5: 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 | 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. |
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 | 271 |
Weighted Average Market Cap (millions) | $67,412 |
Price/Earnings Ratio (P/E) | 10.7 |
Price/Book Ratio (P/B) | 1.3 |
Portfolio Turnover Rate | 38% |
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 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192 | |
Schwab Fundamental US Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,036.60 | $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 | $1,001.40 | $1.26 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.94 | $1.28 |
Schwab Fundamental International Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $1,012.40 | $1.27 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.94 | $1.28 |
Schwab Fundamental International Small Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $1,009.60 | $1.98 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.23 | $1.99 |
Schwab Fundamental Emerging Markets Large Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $1,018.70 | $1.98 |
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 184 days of the period, and divided by 365 days of the fiscal year. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.47 | $16.89 | $15.12 | $15.14 | $15.56 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.42 | 0.38 | 0.35 | 0.34 | 0.33 | |
Net realized and unrealized gains (losses) | 1.08 | 0.76 | 2.52 | 0.44 | (0.10) | |
Total from investment operations | 1.50 | 1.14 | 2.87 | 0.78 | 0.23 | |
Less distributions: | ||||||
Distributions from net investment income | (0.42) | (0.36) | (0.34) | (0.34) | (0.26) | |
Distributions from net realized gains | (0.99) | (0.20) | (0.76) | (0.46) | (0.39) | |
Total distributions | (1.41) | (0.56) | (1.10) | (0.80) | (0.65) | |
Net asset value at end of period | $17.56 | $17.47 | $16.89 | $15.12 | $15.14 | |
Total return | 10.56% | 6.83% | 19.69% | 5.61% | 1.44% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.25% | 0.31%2 | 0.39% | 0.39% | |
Net operating expenses | N/A | N/A3 | 0.30%2 | 0.35% | 0.35% | |
Net investment income (loss) | 2.53% | 2.17% | 2.19% | 2.33% | 2.16% | |
Portfolio turnover rate | 20% | 10% | 15% | 11% | 12% | |
Net assets, end of period (x 1,000,000) | $5,237 | $4,887 | $5,367 | $4,569 | $4,886 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.7% of net assets | ||||
Automobiles & Components 1.8% | ||||
Ford Motor Co. | 2,956,900 | 0.5 | 25,399,771 | |
General Motors Co. | 890,219 | 0.6 | 33,080,538 | |
Other Securities | 0.7 | 36,650,124 | ||
1.8 | 95,130,433 | |||
Banks 5.9% | ||||
Bank of America Corp. | 1,271,972 | 0.8 | 39,774,564 | |
Citigroup, Inc. | 681,431 | 0.9 | 48,967,632 | |
JPMorgan Chase & Co. | 611,093 | 1.5 | 76,337,738 | |
Wells Fargo & Co. | 1,242,348 | 1.2 | 64,142,427 | |
Other Securities | 1.5 | 76,928,009 | ||
5.9 | 306,150,370 | |||
Capital Goods 8.5% | ||||
General Electric Co. | 6,603,687 | 1.3 | 65,904,796 | |
The Boeing Co. | 66,650 | 0.4 | 22,655,001 | |
United Technologies Corp. | 212,387 | 0.6 | 30,494,525 | |
Other Securities | 6.2 | 325,766,646 | ||
8.5 | 444,820,968 | |||
Commercial & Professional Services 0.6% | ||||
Other Securities | 0.6 | 32,738,347 | ||
Consumer Durables & Apparel 1.5% | ||||
Other Securities | 1.5 | 78,034,955 | ||
Consumer Services 1.7% | ||||
McDonald's Corp. | 136,051 | 0.5 | 26,761,232 | |
Other Securities | 1.2 | 63,804,563 | ||
1.7 | 90,565,795 | |||
Diversified Financials 5.2% | ||||
Berkshire Hathaway, Inc., Class B * | 234,950 | 1.0 | 49,945,671 | |
The Charles Schwab Corp.(a) | 76,794 | 0.1 | 3,126,284 | |
The Goldman Sachs Group, Inc. | 120,902 | 0.5 | 25,798,069 | |
Other Securities | 3.6 | 191,405,505 | ||
5.2 | 270,275,529 | |||
Energy 8.7% | ||||
Chevron Corp. | 724,019 | 1.6 | 84,087,567 | |
ConocoPhillips | 387,994 | 0.4 | 21,417,269 | |
Exxon Mobil Corp. | 1,913,953 | 2.5 | 129,325,804 | |
Marathon Petroleum Corp. | 346,208 | 0.4 | 22,140,002 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Phillips 66 | 286,052 | 0.6 | 33,416,595 | |
Valero Energy Corp. | 371,850 | 0.7 | 36,062,013 | |
Other Securities | 2.5 | 130,996,800 | ||
8.7 | 457,446,050 | |||
Food & Staples Retailing 3.1% | ||||
Costco Wholesale Corp. | 103,572 | 0.6 | 30,772,277 | |
Walmart, Inc. | 641,278 | 1.4 | 75,196,258 | |
Other Securities | 1.1 | 55,446,273 | ||
3.1 | 161,414,808 | |||
Food, Beverage & Tobacco 4.3% | ||||
PepsiCo, Inc. | 243,907 | 0.6 | 33,456,723 | |
Philip Morris International, Inc. | 364,893 | 0.6 | 29,716,886 | |
The Coca-Cola Co. | 591,843 | 0.6 | 32,214,015 | |
Other Securities | 2.5 | 128,690,318 | ||
4.3 | 224,077,942 | |||
Health Care Equipment & Services 5.5% | ||||
CVS Health Corp. | 781,871 | 1.0 | 51,908,416 | |
Medtronic plc | 207,489 | 0.4 | 22,595,552 | |
UnitedHealth Group, Inc. | 160,954 | 0.8 | 40,673,076 | |
Other Securities | 3.3 | 175,089,731 | ||
5.5 | 290,266,775 | |||
Household & Personal Products 1.7% | ||||
The Procter & Gamble Co. | 474,865 | 1.1 | 59,125,441 | |
Other Securities | 0.6 | 27,991,922 | ||
1.7 | 87,117,363 | |||
Insurance 3.8% | ||||
American International Group, Inc. | 696,930 | 0.7 | 36,909,413 | |
Other Securities | 3.1 | 162,140,270 | ||
3.8 | 199,049,683 | |||
Materials 3.3% | ||||
Other Securities | 3.3 | 172,932,615 | ||
Media & Entertainment 4.3% | ||||
Alphabet, Inc., Class A * | 20,659 | 0.5 | 26,005,549 | |
Alphabet, Inc., Class C * | 21,007 | 0.5 | 26,471,131 | |
Comcast Corp., Class A | 990,970 | 0.8 | 44,415,275 | |
The Walt Disney Co. | 358,973 | 0.9 | 46,637,772 | |
Other Securities | 1.6 | 83,222,201 | ||
4.3 | 226,751,928 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences 5.8% | ||||
Amgen, Inc. | 113,534 | 0.5 | 24,211,126 | |
Gilead Sciences, Inc. | 429,775 | 0.5 | 27,380,965 | |
Johnson & Johnson | 431,048 | 1.1 | 56,915,578 | |
Merck & Co., Inc. | 470,401 | 0.8 | 40,764,951 | |
Pfizer, Inc. | 1,356,867 | 1.0 | 52,062,987 | |
Other Securities | 1.9 | 103,853,975 | ||
5.8 | 305,189,582 | |||
Real Estate 1.7% | ||||
Other Securities | 1.7 | 91,243,478 | ||
Retailing 5.2% | ||||
Lowe's Cos., Inc. | 211,645 | 0.5 | 23,621,698 | |
Target Corp. | 276,932 | 0.6 | 29,606,800 | |
The Home Depot, Inc. | 193,369 | 0.9 | 45,360,500 | |
Other Securities | 3.2 | 173,992,341 | ||
5.2 | 272,581,339 | |||
Semiconductors & Semiconductor Equipment 3.5% | ||||
Intel Corp. | 1,135,116 | 1.2 | 64,168,107 | |
QUALCOMM, Inc. | 441,144 | 0.7 | 35,485,623 | |
Other Securities | 1.6 | 82,293,274 | ||
3.5 | 181,947,004 | |||
Software & Services 6.2% | ||||
International Business Machines Corp. | 400,677 | 1.0 | 53,582,535 | |
Microsoft Corp. | 720,553 | 2.0 | 103,305,684 | |
Oracle Corp. | 559,568 | 0.6 | 30,490,860 | |
Other Securities | 2.6 | 135,218,084 | ||
6.2 | 322,597,163 | |||
Technology Hardware & Equipment 7.8% | ||||
Apple, Inc. | 1,036,086 | 4.9 | 257,736,753 | |
Cisco Systems, Inc. | 786,448 | 0.7 | 37,364,144 | |
Other Securities | 2.2 | 114,327,306 | ||
7.8 | 409,428,203 | |||
Telecommunication Services 3.9% | ||||
AT&T, Inc. | 2,855,003 | 2.1 | 109,889,065 | |
Verizon Communications, Inc. | 1,221,338 | 1.4 | 73,854,309 | |
Other Securities | 0.4 | 20,852,876 | ||
3.9 | 204,596,250 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Transportation 2.1% | ||||
Union Pacific Corp. | 144,919 | 0.5 | 23,978,298 | |
Other Securities | 1.6 | 85,291,332 | ||
2.1 | 109,269,630 | |||
Utilities 3.6% | ||||
Other Securities | 3.6 | 188,730,343 | ||
Total Common Stock | ||||
(Cost $3,386,667,826) | 5,222,356,553 | |||
Other Investment Companies0.4% of net assets | ||||
Money Market Fund 0.1% | ||||
Other Securities | 0.1 | 4,152,873 | ||
Securities Lending Collateral 0.3% | ||||
Other Securities | 0.3 | 14,746,015 | ||
Total Other Investment Companies | ||||
(Cost $18,898,888) | 18,898,888 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/20/19 | 93 | 14,116,470 | 328,686 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $13,611,262. |
(c) | The rate shown is the 7-day yield. |
Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received | |
The Charles Schwab Corp. | $2,474,534 | $1,086,670 | ($87,084) | ($799) | ($347,037) | $3,126,284 | 76,794 | $39,041 |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Common Stock1 | $5,222,356,553 | $— | $— | $5,222,356,553 | |
Other Investment Companies1 | 18,898,888 | — | — | 18,898,888 | |
Futures Contracts2 | 328,686 | — | — | 328,686 | |
Total | $5,241,584,127 | $— | $— | $5,241,584,127 |
1 | As categorized in the complete schedule of Portfolio Holdings. |
2 | Futures contracts are valued at unrealized appreciation or depreciation. |
Assets | ||
Investment in affiliated issuer, at value (cost $1,913,793) | $3,126,284 | |
Investments in unaffiliated issuers, at value (cost $3,388,906,906) including securities on loan of $13,611,262 | 5,223,383,142 | |
Collateral invested for securities on loan, at value (cost $14,746,015) | 14,746,015 | |
Deposit with broker for futures contracts | 785,909 | |
Receivables: | ||
Fund shares sold | 6,486,269 | |
Dividends | 6,450,829 | |
Variation margin on futures contracts | 328,866 | |
Income from securities on loan | + | 113,355 |
Total assets | 5,255,420,669 | |
Liabilities | ||
Collateral held for securities on loan | 14,746,015 | |
Payables: | ||
Investment adviser fees | 1,092,220 | |
Fund shares redeemed | + | 2,196,276 |
Total liabilities | 18,034,511 | |
Net Assets | ||
Total assets | 5,255,420,669 | |
Total liabilities | – | 18,034,511 |
Net assets | $5,237,386,158 | |
Net Assets by Source | ||
Capital received from investors | 3,208,206,838 | |
Total distributable earnings | 2,029,179,320 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,237,386,158 | 298,230,494 | $17.56 | ||
Investment Income | ||
Dividends received from affiliated issuer | $39,041 | |
Dividends received from unaffiliated issuers (net of foreign withholding tax of $5,929) | 136,103,315 | |
Securities on loan, net | + | 511,993 |
Total investment income | 136,654,349 | |
Expenses | ||
Investment adviser fees | 12,279,701 | |
Total expenses | – | 12,279,701 |
Net investment income | 124,374,648 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on affiliated issuer | (799) | |
Net realized gains on unaffiliated issuers | 121,533,494 | |
Net realized gains on futures contracts | + | 4,928,421 |
Net realized gains | 126,461,116 | |
Net change in unrealized appreciation (depreciation) on affiliated issuer | (347,037) | |
Net change in unrealized appreciation (depreciation) on unaffiliated issuers | 245,480,280 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 762,870 |
Net change in unrealized appreciation (depreciation) | + | 245,896,113 |
Net realized and unrealized gains | 372,357,229 | |
Increase in net assets resulting from operations | $496,731,877 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $124,374,648 | $115,152,596 | ||
Net realized gains | 126,461,116 | 251,731,202 | ||
Net change in unrealized appreciation (depreciation) | + | 245,896,113 | 250,974 | |
Increase in net assets from operations | 496,731,877 | 367,134,772 | ||
Distributions to Shareholders | ||||
Total distributions | ($384,906,616) | ($177,108,409) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 72,965,468 | $1,170,251,181 | 39,154,381 | $686,476,408 | ||||
Shares reinvested | 17,039,769 | 240,260,741 | 6,432,720 | 110,964,408 | ||||
Shares redeemed | + | (71,475,046) | (1,171,686,052) | (83,654,201) | (1,467,928,658) | |||
Net transactions in fund shares | 18,530,191 | $238,825,870 | (38,067,100) | ($670,487,842) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 279,700,303 | $4,886,735,027 | 317,767,403 | $5,367,196,506 | ||||
Total increase or decrease | + | 18,530,191 | 350,651,131 | (38,067,100) | (480,461,479) | |||
End of period | 298,230,494 | $5,237,386,158 | 279,700,303 | $4,886,735,027 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.68 | $15.32 | $12.69 | $12.82 | $13.51 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.20 | 0.22 | 0.21 | 0.18 | 0.18 | |
Net realized and unrealized gains (losses) | 0.32 | 0.17 | 2.68 | 0.43 | (0.03) | |
Total from investment operations | 0.52 | 0.39 | 2.89 | 0.61 | 0.15 | |
Less distributions: | ||||||
Distributions from net investment income | (0.22) | (0.21) | (0.17) | (0.18) | (0.16) | |
Distributions from net realized gains | (1.13) | (0.82) | (0.09) | (0.56) | (0.68) | |
Total distributions | (1.35) | (1.03) | (0.26) | (0.74) | (0.84) | |
Net asset value at end of period | $13.85 | $14.68 | $15.32 | $12.69 | $12.82 | |
Total return | 5.61% | 2.40% | 22.94% | 5.37% | 1.01% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.25% | 0.33%2 | 0.43% | 0.43% | |
Net operating expenses | N/A | N/A3 | 0.30%2 | 0.35% | 0.35% | |
Net investment income (loss) | 1.50% | 1.42% | 1.43% | 1.50% | 1.37% | |
Portfolio turnover rate | 34% | 30% | 27% | 30% | 31% | |
Net assets, end of period (x 1,000,000) | $1,908 | $1,782 | $1,727 | $1,361 | $1,416 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.7% of net assets | ||||
Automobiles & Components 1.5% | ||||
Other Securities | 1.5 | 29,189,780 | ||
Banks 7.3% | ||||
Zions Bancorp NA | 89,623 | 0.2 | 4,344,027 | |
Other Securities | 7.1 | 134,732,444 | ||
7.3 | 139,076,471 | |||
Capital Goods 12.5% | ||||
Arcosa, Inc. | 112,177 | 0.2 | 4,308,719 | |
Colfax Corp. * | 149,973 | 0.3 | 5,039,093 | |
Curtiss-Wright Corp. | 35,843 | 0.3 | 4,847,766 | |
Generac Holdings, Inc. * | 53,511 | 0.3 | 5,168,092 | |
ITT, Inc. | 76,846 | 0.2 | 4,568,495 | |
MasTec, Inc. * | 79,132 | 0.3 | 4,980,568 | |
Mueller Industries, Inc. | 144,446 | 0.2 | 4,444,603 | |
Teledyne Technologies, Inc. * | 16,879 | 0.3 | 5,563,318 | |
Universal Forest Products, Inc. | 124,976 | 0.3 | 6,293,791 | |
Other Securities | 10.1 | 192,849,041 | ||
12.5 | 238,063,486 | |||
Commercial & Professional Services 5.4% | ||||
Clean Harbors, Inc. * | 55,676 | 0.2 | 4,591,043 | |
Copart, Inc. * | 59,752 | 0.3 | 4,937,905 | |
Deluxe Corp. | 92,832 | 0.3 | 4,811,483 | |
Stericycle, Inc. * | 85,768 | 0.3 | 4,940,237 | |
Other Securities | 4.3 | 83,426,376 | ||
5.4 | 102,707,044 | |||
Consumer Durables & Apparel 4.0% | ||||
Deckers Outdoor Corp. * | 28,760 | 0.2 | 4,397,404 | |
Skechers U.S.A., Inc., Class A * | 136,487 | 0.3 | 5,100,519 | |
Steven Madden Ltd. | 111,610 | 0.2 | 4,596,100 | |
Taylor Morrison Home Corp. * | 193,112 | 0.3 | 4,837,456 | |
Other Securities | 3.0 | 57,384,501 | ||
4.0 | 76,315,980 | |||
Consumer Services 5.0% | ||||
Brinker International, Inc. | 102,172 | 0.2 | 4,541,545 | |
Other Securities | 4.8 | 90,158,089 | ||
5.0 | 94,699,634 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Diversified Financials 4.2% | ||||
Chimera Investment Corp. | 212,744 | 0.2 | 4,310,193 | |
Eaton Vance Corp. | 103,712 | 0.2 | 4,729,267 | |
Other Securities | 3.8 | 71,101,358 | ||
4.2 | 80,140,818 | |||
Energy 3.9% | ||||
Cosan Ltd., Class A * | 301,816 | 0.3 | 5,076,545 | |
Other Securities | 3.6 | 69,866,514 | ||
3.9 | 74,943,059 | |||
Food & Staples Retailing 0.7% | ||||
Other Securities | 0.7 | 13,983,114 | ||
Food, Beverage & Tobacco 2.6% | ||||
Fresh Del Monte Produce, Inc. | 135,203 | 0.2 | 4,312,976 | |
Other Securities | 2.4 | 45,306,739 | ||
2.6 | 49,619,715 | |||
Health Care Equipment & Services 3.7% | ||||
Community Health Systems, Inc. * | 1,384,721 | 0.3 | 4,901,912 | |
Teleflex, Inc. | 12,890 | 0.2 | 4,478,115 | |
Other Securities | 3.2 | 60,071,532 | ||
3.7 | 69,451,559 | |||
Household & Personal Products 0.9% | ||||
Avon Products, Inc. * | 1,100,846 | 0.2 | 4,722,629 | |
Other Securities | 0.7 | 11,518,844 | ||
0.9 | 16,241,473 | |||
Insurance 2.6% | ||||
Brown & Brown, Inc. | 126,639 | 0.3 | 4,771,758 | |
Primerica, Inc. | 35,968 | 0.2 | 4,538,442 | |
Other Securities | 2.1 | 40,133,284 | ||
2.6 | 49,443,484 | |||
Materials 6.8% | ||||
Axalta Coating Systems Ltd. * | 147,421 | 0.2 | 4,347,445 | |
Boise Cascade Co. | 125,848 | 0.2 | 4,501,583 | |
Cabot Corp. | 100,760 | 0.2 | 4,392,128 | |
PolyOne Corp. | 141,995 | 0.2 | 4,550,940 | |
Other Securities | 6.0 | 112,164,922 | ||
6.8 | 129,957,018 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Media & Entertainment 3.3% | ||||
TEGNA, Inc. | 319,756 | 0.3 | 4,805,933 | |
Other Securities | 3.0 | 57,604,642 | ||
3.3 | 62,410,575 | |||
Pharmaceuticals, Biotechnology & Life Sciences 2.1% | ||||
Other Securities | 2.1 | 39,782,167 | ||
Real Estate 10.8% | ||||
Apartment Investment & Management Co., Class A | 85,552 | 0.2 | 4,695,094 | |
Liberty Property Trust | 86,535 | 0.3 | 5,111,622 | |
Omega Healthcare Investors, Inc. | 99,465 | 0.2 | 4,380,439 | |
Other Securities | 10.1 | 191,840,230 | ||
10.8 | 206,027,385 | |||
Retailing 3.6% | ||||
Asbury Automotive Group, Inc. * | 54,369 | 0.3 | 5,607,075 | |
GNC Holdings, Inc., Class A *(a) | 1,937,302 | 0.3 | 5,114,477 | |
Other Securities | 3.0 | 58,199,375 | ||
3.6 | 68,920,927 | |||
Semiconductors & Semiconductor Equipment 2.7% | ||||
Cirrus Logic, Inc. * | 75,255 | 0.3 | 5,114,330 | |
Cypress Semiconductor Corp. | 197,765 | 0.2 | 4,601,991 | |
Teradyne, Inc. | 91,844 | 0.3 | 5,622,690 | |
Other Securities | 1.9 | 35,985,752 | ||
2.7 | 51,324,763 | |||
Software & Services 4.6% | ||||
Genpact Ltd. | 126,592 | 0.3 | 4,958,609 | |
KBR, Inc. | 178,676 | 0.3 | 5,031,516 | |
Other Securities | 4.0 | 78,335,537 | ||
4.6 | 88,325,662 | |||
Technology Hardware & Equipment 4.6% | ||||
Benchmark Electronics, Inc. | 150,997 | 0.3 | 5,118,798 | |
Insight Enterprises, Inc. * | 86,493 | 0.3 | 5,308,940 | |
Other Securities | 4.0 | 76,901,548 | ||
4.6 | 87,329,286 | |||
Telecommunication Services 0.7% | ||||
Other Securities | 0.7 | 13,973,773 | ||
Transportation 2.6% | ||||
Alaska Air Group, Inc. | 75,045 | 0.3 | 5,210,374 | |
Genesee & Wyoming, Inc., Class A * | 40,794 | 0.2 | 4,529,358 | |
JetBlue Airways Corp. * | 260,248 | 0.3 | 5,022,786 | |
Other Securities | 1.8 | 35,311,004 | ||
2.6 | 50,073,522 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Utilities 3.6% | ||||
Hawaiian Electric Industries, Inc. | 105,504 | 0.2 | 4,763,506 | |
Other Securities | 3.4 | 64,140,291 | ||
3.6 | 68,903,797 | |||
Total Common Stock | ||||
(Cost $1,533,827,819) | 1,900,904,492 | |||
Rights0.0% of net assets | ||||
Materials 0.0% | ||||
Other Securities | 0.0 | 16,685 | ||
Total Rights | ||||
(Cost $16,685) | 16,685 | |||
Other Investment Companies1.5% of net assets | ||||
Money Market Fund 0.2% | ||||
Other Securities | 0.2 | 4,074,391 | ||
Securities Lending Collateral 1.3% | ||||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 24,789,589 | 1.3 | 24,789,589 | |
Total Other Investment Companies | ||||
(Cost $28,863,980) | 28,863,980 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 92 | 7,191,640 | 198,320 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $22,993,967. |
(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 | $1,694,877,107 | $— | $— | $1,694,877,107 | |
Real Estate | 206,027,385 | — | —* | 206,027,385 | |
Rights1 | |||||
Materials | — | — | 16,685 | 16,685 | |
Other Investment Companies1 | 28,863,980 | — | — | 28,863,980 | |
Futures Contracts2 | 198,320 | — | — | 198,320 | |
Total | $1,929,966,792 | $— | $16,685 | $1,929,983,477 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $1,537,918,895) including securities on loan of $22,993,967 | $1,904,995,568 | |
Collateral invested for securities on loan, at value (cost $24,789,589) | 24,789,589 | |
Deposit with broker for futures contracts | 306,649 | |
Receivables: | ||
Fund shares sold | 2,627,181 | |
Dividends | 870,020 | |
Variation margin on futures contracts | 198,498 | |
Income from securities on loan | + | 42,557 |
Total assets | 1,933,830,062 | |
Liabilities | ||
Collateral held for securities on loan | 24,789,589 | |
Payables: | ||
Investment adviser fees | 396,764 | |
Fund shares redeemed | + | 971,819 |
Total liabilities | 26,158,172 | |
Net Assets | ||
Total assets | 1,933,830,062 | |
Total liabilities | – | 26,158,172 |
Net assets | $1,907,671,890 | |
Net Assets by Source | ||
Capital received from investors | 1,505,903,459 | |
Total distributable earnings | 401,768,431 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,907,671,890 | 137,733,711 | $13.85 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $23,827) | $29,778,435 | |
Securities on loan, net | + | 645,061 |
Total investment income | 30,423,496 | |
Expenses | ||
Investment adviser fees | 4,334,599 | |
Total expenses | – | 4,334,599 |
Net investment income | 26,088,897 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments | 26,977,487 | |
Net realized gains on futures contracts | + | 1,614,834 |
Net realized gains | 28,592,321 | |
Net change in unrealized appreciation (depreciation) on investments | 43,331,242 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | 330,762 |
Net change in unrealized appreciation (depreciation) | + | 43,662,004 |
Net realized and unrealized gains | 72,254,325 | |
Increase in net assets resulting from operations | $98,343,222 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $26,088,897 | $26,131,598 | ||
Net realized gains | 28,592,321 | 123,072,248 | ||
Net change in unrealized appreciation (depreciation) | + | 43,662,004 | (113,831,426) | |
Increase in net assets from operations | 98,343,222 | 35,372,420 | ||
Distributions to Shareholders | ||||
Total distributions | ($157,177,616) | ($115,282,747) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 41,667,076 | $538,341,603 | 26,248,657 | $407,763,547 | ||||
Shares reinvested | 9,687,290 | 109,950,745 | 5,106,460 | 76,494,776 | ||||
Shares redeemed | + | (34,964,711) | (463,377,091) | (22,738,643) | (350,131,276) | |||
Net transactions in fund shares | 16,389,655 | $184,915,257 | 8,616,474 | $134,127,047 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 121,344,056 | $1,781,591,027 | 112,727,582 | $1,727,374,307 | ||||
Total increase | + | 16,389,655 | 126,080,863 | 8,616,474 | 54,216,720 | |||
End of period | 137,733,711 | $1,907,671,890 | 121,344,056 | $1,781,591,027 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $8.69 | $9.55 | $7.96 | $8.19 | $8.84 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.30 | 0.29 | 0.25 | 0.24 | 0.25 | |
Net realized and unrealized gains (losses) | 0.27 | (0.89) | 1.59 | (0.25) | (0.60) | |
Total from investment operations | 0.57 | (0.60) | 1.84 | (0.01) | (0.35) | |
Less distributions: | ||||||
Distributions from net investment income | (0.28) | (0.26) | (0.25) | (0.22) | (0.30) | |
Net asset value at end of period | $8.98 | $8.69 | $9.55 | $7.96 | $8.19 | |
Total return | 7.04% | (6.53%) | 23.83% | 0.07% | (4.07%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.25% | 0.25% | 0.34%2 | 0.46% | 0.46% | |
Net operating expenses | N/A | N/A3 | 0.29%2 | 0.35% | 0.35% | |
Net investment income (loss) | 3.51% | 3.10% | 2.92% | 3.20% | 2.96% | |
Portfolio turnover rate | 28% | 13% | 11% | 18% | 11% | |
Net assets, end of period (x 1,000,000) | $1,327 | $1,349 | $1,372 | $971 | $1,173 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock98.4% of net assets | ||||
Australia 5.5% | ||||
Australia & New Zealand Banking Group Ltd. | 273,257 | 0.4 | 5,021,673 | |
BHP Group Ltd. | 272,663 | 0.5 | 6,683,639 | |
Commonwealth Bank of Australia | 130,350 | 0.5 | 7,067,589 | |
National Australia Bank Ltd. | 272,381 | 0.4 | 5,346,603 | |
Westpac Banking Corp. | 324,269 | 0.5 | 6,295,840 | |
Other Securities | 3.2 | 42,881,021 | ||
5.5 | 73,296,365 | |||
Austria 0.3% | ||||
Other Securities | 0.3 | 3,929,912 | ||
Belgium 0.8% | ||||
Other Securities | 0.8 | 10,609,997 | ||
Canada 6.4% | ||||
Royal Bank of Canada | 76,144 | 0.5 | 6,141,932 | |
The Bank of Nova Scotia | 83,615 | 0.4 | 4,795,594 | |
The Toronto-Dominion Bank | 87,752 | 0.4 | 5,010,878 | |
Other Securities | 5.1 | 69,335,025 | ||
6.4 | 85,283,429 | |||
Denmark 0.9% | ||||
Other Securities | 0.9 | 12,319,087 | ||
Finland 1.0% | ||||
Other Securities | 1.0 | 12,701,888 | ||
France 9.2% | ||||
AXA S.A. | 190,183 | 0.4 | 5,034,375 | |
BNP Paribas S.A. | 133,971 | 0.5 | 7,001,263 | |
Orange S.A. | 296,681 | 0.4 | 4,774,929 | |
Sanofi | 83,804 | 0.6 | 7,725,645 | |
Societe Generale S.A. | 175,541 | 0.4 | 4,992,193 | |
TOTAL S.A. | 321,513 | 1.3 | 16,997,811 | |
Other Securities | 5.6 | 75,023,318 | ||
9.2 | 121,549,534 | |||
Germany 8.1% | ||||
Allianz SE | 33,187 | 0.6 | 8,105,014 | |
BASF SE | 132,474 | 0.8 | 10,070,568 | |
Bayer AG | 90,017 | 0.5 | 6,983,174 | |
Bayerische Motoren Werke AG | 66,937 | 0.4 | 5,125,680 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Daimler AG | 186,459 | 0.8 | 10,899,061 | |
Deutsche Telekom AG | 406,294 | 0.5 | 7,148,970 | |
Siemens AG | 69,389 | 0.6 | 8,007,490 | |
Other Securities | 3.9 | 51,776,396 | ||
8.1 | 108,116,353 | |||
Hong Kong 1.6% | ||||
Other Securities | 1.6 | 21,408,341 | ||
Ireland 0.1% | ||||
Other Securities | 0.1 | 936,267 | ||
Israel 0.2% | ||||
Other Securities | 0.2 | 2,718,831 | ||
Italy 3.4% | ||||
Enel S.p.A. | 1,041,366 | 0.6 | 8,070,959 | |
Eni S.p.A. | 510,251 | 0.6 | 7,741,010 | |
Other Securities | 2.2 | 28,878,855 | ||
3.4 | 44,690,824 | |||
Japan 24.8% | ||||
Hitachi Ltd. | 173,300 | 0.5 | 6,467,979 | |
Honda Motor Co., Ltd. | 375,700 | 0.8 | 10,164,179 | |
Idemitsu Kosan Co., Ltd. | 160,069 | 0.4 | 4,705,272 | |
KDDI Corp. | 192,800 | 0.4 | 5,334,996 | |
Mitsubishi UFJ Financial Group, Inc. | 1,305,934 | 0.5 | 6,770,338 | |
Nippon Telegraph & Telephone Corp. | 106,808 | 0.4 | 5,302,259 | |
SoftBank Group Corp. | 127,800 | 0.4 | 4,916,006 | |
Toyota Motor Corp. | 303,318 | 1.6 | 21,044,471 | |
Other Securities | 19.8 | 264,328,642 | ||
24.8 | 329,034,142 | |||
Netherlands 2.4% | ||||
Other Securities | 2.4 | 32,385,543 | ||
New Zealand 0.1% | ||||
Other Securities | 0.1 | 1,416,101 | ||
Norway 0.7% | ||||
Other Securities | 0.7 | 9,117,611 | ||
Poland 0.3% | ||||
Other Securities | 0.3 | 4,366,980 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Portugal 0.2% | ||||
Other Securities | 0.2 | 2,862,153 | ||
Republic of Korea 5.2% | ||||
Samsung Electronics Co., Ltd. | 550,670 | 1.8 | 23,799,873 | |
Other Securities | 3.4 | 45,861,287 | ||
5.2 | 69,661,160 | |||
Singapore 0.8% | ||||
Other Securities | 0.8 | 9,988,058 | ||
Spain 3.1% | ||||
Banco Santander S.A. | 2,639,623 | 0.8 | 10,598,872 | |
Iberdrola S.A. | 485,808 | 0.4 | 4,993,617 | |
Telefonica S.A. | 874,825 | 0.5 | 6,718,025 | |
Other Securities | 1.4 | 18,767,975 | ||
3.1 | 41,078,489 | |||
Sweden 2.1% | ||||
Other Securities | 2.1 | 27,979,889 | ||
Switzerland 5.4% | ||||
Nestle S.A. | 141,908 | 1.1 | 15,181,504 | |
Novartis AG | 101,353 | 0.7 | 8,855,738 | |
Roche Holding AG | 34,016 | 0.8 | 10,237,313 | |
Other Securities | 2.8 | 36,757,215 | ||
5.4 | 71,031,770 | |||
United Kingdom 15.8% | ||||
AstraZeneca plc | 58,258 | 0.4 | 5,681,158 | |
BP plc | 3,070,750 | 1.5 | 19,472,734 | |
British American Tobacco plc | 163,172 | 0.4 | 5,707,081 | |
GlaxoSmithKline plc | 325,847 | 0.6 | 7,463,505 | |
Glencore plc * | 2,597,907 | 0.6 | 7,841,466 | |
HSBC Holdings plc | 1,493,939 | 0.9 | 11,286,871 | |
National Grid plc | 438,769 | 0.4 | 5,130,211 | |
Rio Tinto plc | 100,460 | 0.4 | 5,230,129 | |
Royal Dutch Shell plc, A Shares | 467,168 | 1.0 | 13,542,304 | |
Royal Dutch Shell plc, B Shares | 525,833 | 1.1 | 15,143,866 | |
Vodafone Group plc | 5,142,911 | 0.8 | 10,495,238 | |
Other Securities | 7.7 | 102,378,106 | ||
15.8 | 209,372,669 | |||
Total Common Stock | ||||
(Cost $1,207,269,003) | 1,305,855,393 | |||
Preferred Stock1.1% of net assets | ||||
Germany 0.7% | ||||
Volkswagen AG | 35,808 | 0.5 | 6,807,288 | |
Other Securities | 0.2 | 2,158,431 | ||
0.7 | 8,965,719 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Italy 0.1% | ||||
Other Securities | 0.1 | 1,069,619 | ||
Republic of Korea 0.3% | ||||
Other Securities | 0.3 | 4,441,477 | ||
United Kingdom 0.0% | ||||
Other Securities | 0.0 | 8,896 | ||
Total Preferred Stock | ||||
(Cost $13,101,728) | 14,485,711 | |||
Other Investment Company0.1% of net assets | ||||
United States 0.1% | ||||
Securities Lending Collateral 0.1% | ||||
Other Securities | 0.1 | 2,090,033 | ||
Total Other Investment Company | ||||
(Cost $2,090,033) | 2,090,033 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments0.0% of net assets | ||||
Time Deposits 0.0% | ||||
Other Securities | 0.0 | 153,025 | ||
Total Short-Term Investments | ||||
(Cost $153,025) | 153,025 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 67 | 6,556,620 | 98,243 |
* | 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 $1,746,171. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
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 | $— | $489,502,077 | $— | $489,502,077 | |
Australia | — | 73,295,739 | 626 | 73,296,365 | |
Belgium | 332,685 | 10,277,312 | — | 10,609,997 | |
Canada | 85,283,429 | — | — | 85,283,429 | |
Finland | 445,723 | 12,256,165 | — | 12,701,888 | |
France | 2,734,870 | 118,814,664 | — | 121,549,534 | |
Germany | 16,201,154 | 91,915,199 | — | 108,116,353 | |
Hong Kong | — | 21,203,067 | 205,274 | 21,408,341 | |
Ireland | 558,188 | 378,079 | — | 936,267 | |
Netherlands | 1,011,071 | 31,374,472 | —* | 32,385,543 | |
Republic of Korea | 303,620 | 69,357,540 | — | 69,661,160 | |
Switzerland | 468,626 | 70,563,144 | — | 71,031,770 | |
United Kingdom | 2,151,961 | 207,220,708 | — | 209,372,669 | |
Preferred Stock1 | — | 14,476,815 | — | 14,476,815 | |
United Kingdom | — | — | 8,896 | 8,896 | |
Other Investment Company1 | 2,090,033 | — | — | 2,090,033 | |
Short-Term Investments1 | — | 153,025 | — | 153,025 | |
Futures Contracts2 | 98,243 | — | — | 98,243 | |
Total | $111,679,603 | $1,210,788,006 | $214,796 | $1,322,682,405 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $1,220,523,756) including securities on loan of $1,746,171 | $1,320,494,129 | |
Collateral invested for securities on loan, at value (cost $2,090,033) | 2,090,033 | |
Foreign currency, at value (cost $26,164) | 26,254 | |
Deposit with broker for futures contracts | 191,584 | |
Receivables: | ||
Investments sold | 4,110,304 | |
Dividends | 4,686,263 | |
Foreign tax reclaims | 1,542,943 | |
Fund shares sold | 788,844 | |
Variation margin on futures contracts | 98,375 | |
Income from securities on loan | + | 41,437 |
Total assets | 1,334,070,166 | |
Liabilities | ||
Collateral held for securities on loan | 2,090,033 | |
Payables: | ||
Investments bought | 8,896 | |
Investment adviser fees | 276,255 | |
Fund shares redeemed | 2,582,215 | |
Due to custodian | + | 1,859,950 |
Total liabilities | 6,817,349 | |
Net Assets | ||
Total assets | 1,334,070,166 | |
Total liabilities | – | 6,817,349 |
Net assets | $1,327,252,817 | |
Net Assets by Source | ||
Capital received from investors | 1,283,885,568 | |
Total distributable earnings | 43,367,249 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,327,252,817 | 147,735,909 | $8.98 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $5,387,363) | $50,255,829 | |
Interest | 37,876 | |
Securities on loan, net | + | 567,329 |
Total investment income | 50,861,034 | |
Expenses | ||
Investment adviser fees | 3,383,513 | |
Professional fees | + | 8,198* |
Total expenses | 3,391,711 | |
Expense reduction by CSIM | – | 8,198* |
Net expenses | – | 3,383,513 |
Net investment income | 47,477,521 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (74,662,379) | |
Net realized gains on futures contracts | 443,327 | |
Net realized gains on foreign currency transactions | + | 38,105 |
Net realized losses | (74,180,947) | |
Net change in unrealized appreciation (depreciation) on investments | 115,338,315 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 181,028 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 104,473 |
Net change in unrealized appreciation (depreciation) | + | 115,623,816 |
Net realized and unrealized gains | 41,442,869 | |
Increase in net assets resulting from operations | $88,920,390 |
* | Professional fees associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2(d) and 4 for additional information. |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $47,477,521 | $43,708,820 | ||
Net realized losses | (74,180,947) | (6,612,125) | ||
Net change in unrealized appreciation (depreciation) | + | 115,623,816 | (130,320,658) | |
Increase (decrease) in net assets from operations | 88,920,390 | (93,223,963) | ||
Distributions to Shareholders | ||||
Total distributions | ($43,980,238) | ($37,237,239) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 48,492,601 | $406,679,894 | 38,677,793 | $365,243,827 | ||||
Shares reinvested | 3,195,805 | 24,767,484 | 2,286,304 | 21,605,579 | ||||
Shares redeemed | + | (59,146,394) | (498,217,108) | (29,432,622) | (279,199,335) | |||
Net transactions in fund shares | (7,457,988) | ($66,769,730) | 11,531,475 | $107,650,071 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 155,193,897 | $1,349,082,395 | 143,662,422 | $1,371,893,526 | ||||
Total increase or decrease | + | (7,457,988) | (21,829,578) | 11,531,475 | (22,811,131) | |||
End of period | 147,735,909 | $1,327,252,817 | 155,193,897 | $1,349,082,395 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.67 | $14.58 | $11.93 | $11.25 | $11.15 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.29 | 0.33 | 0.27 | 0.25 | 0.22 | |
Net realized and unrealized gains (losses) | 0.25 | (1.70) | 2.67 | 0.66 | 0.12 | |
Total from investment operations | 0.54 | (1.37) | 2.94 | 0.91 | 0.34 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.34) | (0.29) | (0.23) | (0.19) | |
Distributions from net realized gains | (0.34) | (0.20) | — | — | (0.05) | |
Total distributions | (0.64) | (0.54) | (0.29) | (0.23) | (0.24) | |
Net asset value at end of period | $12.57 | $12.67 | $14.58 | $11.93 | $11.25 | |
Total return | 5.13% | (9.79%) | 25.23% | 8.29% | 3.09% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.39% | 0.39% | 0.48%2 | 0.68% | 0.71% | |
Net operating expenses | N/A | N/A3 | 0.43%2 | 0.49% | 0.49% | |
Net investment income (loss) | 2.44% | 2.30% | 2.04% | 2.24% | 1.98% | |
Portfolio turnover rate | 38% | 26% | 21% | 40% | 37% | |
Net assets, end of period (x 1,000,000) | $775 | $763 | $749 | $476 | $427 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock99.3% of net assets | ||||
Australia 5.3% | ||||
JB Hi-Fi Ltd. | 47,765 | 0.2 | 1,220,666 | |
Qantas Airways Ltd. | 254,451 | 0.1 | 1,125,471 | |
Santos Ltd. | 221,494 | 0.2 | 1,238,930 | |
Other Securities | 4.8 | 37,202,204 | ||
5.3 | 40,787,271 | |||
Austria 0.6% | ||||
Other Securities | 0.6 | 4,848,958 | ||
Belgium 1.3% | ||||
bpost S.A. | 97,835 | 0.1 | 1,118,083 | |
Other Securities | 1.2 | 8,834,465 | ||
1.3 | 9,952,548 | |||
Canada 7.9% | ||||
Canadian Utilities Ltd., Class A | 38,600 | 0.1 | 1,125,675 | |
Kinross Gold Corp. * | 251,100 | 0.2 | 1,220,135 | |
Parkland Fuel Corp. | 34,800 | 0.1 | 1,155,949 | |
WestJet Airlines Ltd. | 50,800 | 0.2 | 1,181,386 | |
Wheaton Precious Metals Corp. | 42,216 | 0.2 | 1,183,369 | |
Other Securities | 7.1 | 55,117,208 | ||
7.9 | 60,983,722 | |||
Denmark 1.1% | ||||
Other Securities | 1.1 | 8,380,166 | ||
Finland 1.3% | ||||
Huhtamaki Oyj | 26,451 | 0.2 | 1,224,827 | |
Orion Oyj, Class B | 28,367 | 0.2 | 1,258,491 | |
Other Securities | 0.9 | 7,412,789 | ||
1.3 | 9,896,107 | |||
France 4.2% | ||||
Edenred | 23,749 | 0.2 | 1,251,756 | |
Getlink SE | 69,877 | 0.2 | 1,170,501 | |
SPIE S.A. | 53,647 | 0.1 | 1,132,244 | |
Other Securities | 3.7 | 28,776,235 | ||
4.2 | 32,330,736 | |||
Security | Number of Shares | % of Net Assets | Value ($) | |
Germany 3.7% | ||||
Bilfinger SE | 33,338 | 0.1 | 1,112,838 | |
Hella GmbH & Co. KGaA | 22,909 | 0.1 | 1,114,381 | |
Other Securities | 3.5 | 26,323,090 | ||
3.7 | 28,550,309 | |||
Greece 0.0% | ||||
Other Securities | 0.0 | — | ||
Hong Kong 3.8% | ||||
AAC Technologies Holdings, Inc. | 166,000 | 0.1 | 1,074,235 | |
Other Securities | 3.7 | 28,299,972 | ||
3.8 | 29,374,207 | |||
Ireland 0.3% | ||||
Other Securities | 0.3 | 2,555,273 | ||
Israel 1.1% | ||||
Israel Discount Bank Ltd., Class A | 240,066 | 0.1 | 1,097,059 | |
Other Securities | 1.0 | 7,449,544 | ||
1.1 | 8,546,603 | |||
Italy 2.4% | ||||
Other Securities | 2.4 | 18,719,648 | ||
Japan 35.2% | ||||
Azbil Corp. | 39,100 | 0.1 | 1,088,042 | |
Credit Saison Co., Ltd. | 84,300 | 0.2 | 1,220,726 | |
Hitachi Chemical Co., Ltd. | 48,700 | 0.2 | 1,603,194 | |
Hitachi High-Technologies Corp. | 24,700 | 0.2 | 1,536,728 | |
Kansai Paint Co., Ltd. | 47,200 | 0.1 | 1,136,804 | |
Keihin Corp. | 48,200 | 0.1 | 1,145,841 | |
Kurita Water Industries Ltd. | 39,900 | 0.1 | 1,148,625 | |
Morinaga Milk Industry Co., Ltd. | 29,000 | 0.1 | 1,127,468 | |
Nabtesco Corp. | 34,700 | 0.1 | 1,104,668 | |
Nomura Research Institute Ltd. | 60,080 | 0.2 | 1,275,541 | |
Rakuten, Inc. | 117,260 | 0.1 | 1,117,889 | |
Taiyo Yuden Co., Ltd. | 47,600 | 0.2 | 1,258,826 | |
Toyo Tire Corp. | 77,000 | 0.1 | 1,074,016 | |
Other Securities | 33.4 | 256,907,214 | ||
35.2 | 272,745,582 | |||
Luxembourg 0.0% | ||||
Other Securities | 0.0 | — | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Netherlands 1.7% | ||||
Altice Europe N.V. * | 231,906 | 0.2 | 1,326,921 | |
Other Securities | 1.5 | 11,789,052 | ||
1.7 | 13,115,973 | |||
New Zealand 0.9% | ||||
Other Securities | 0.9 | 7,358,666 | ||
Norway 1.4% | ||||
Other Securities | 1.4 | 11,174,805 | ||
Poland 1.1% | ||||
Grupa Lotos S.A. | 43,761 | 0.1 | 1,092,846 | |
Orange Polska S.A. * | 701,900 | 0.1 | 1,150,074 | |
Other Securities | 0.9 | 6,038,004 | ||
1.1 | 8,280,924 | |||
Portugal 0.4% | ||||
Other Securities | 0.4 | 3,222,369 | ||
Republic of Korea 5.2% | ||||
LG Innotek Co., Ltd. | 10,792 | 0.1 | 1,120,962 | |
Other Securities | 5.1 | 39,140,819 | ||
5.2 | 40,261,781 | |||
Singapore 1.5% | ||||
Other Securities | 1.5 | 11,649,244 | ||
Spain 1.4% | ||||
Acciona S.A. | 10,835 | 0.1 | 1,128,772 | |
Other Securities | 1.3 | 9,996,058 | ||
1.4 | 11,124,830 | |||
Sweden 3.2% | ||||
Getinge AB, B Shares | 86,186 | 0.2 | 1,473,483 | |
Holmen AB, B Shares | 37,061 | 0.1 | 1,093,695 | |
JM AB | 41,940 | 0.1 | 1,074,365 | |
Svenska Cellulosa AB, S.C.A., B Shares | 124,386 | 0.2 | 1,269,251 | |
Other Securities | 2.6 | 19,898,690 | ||
3.2 | 24,809,484 | |||
Switzerland 3.4% | ||||
Helvetia Holding AG | 7,611 | 0.1 | 1,069,096 | |
Vifor Pharma AG | 7,322 | 0.1 | 1,153,063 | |
Other Securities | 3.2 | 23,860,761 | ||
3.4 | 26,082,920 | |||
United Kingdom 10.9% | ||||
BBA Aviation plc | 289,136 | 0.1 | 1,137,500 | |
Cobham plc | 561,159 | 0.1 | 1,147,840 | |
Howden Joinery Group plc | 142,294 | 0.1 | 1,064,968 | |
IG Group Holdings plc | 132,204 | 0.1 | 1,088,126 | |
Intermediate Capital Group plc | 61,755 | 0.2 | 1,188,519 | |
Phoenix Group Holdings plc | 132,246 | 0.2 | 1,207,953 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Polymetal International plc | 66,311 | 0.1 | 1,090,650 | |
Other Securities | 10.0 | 76,832,785 | ||
10.9 | 84,758,341 | |||
Total Common Stock | ||||
(Cost $703,620,154) | 769,510,467 | |||
Preferred Stock0.3% of net assets | ||||
Germany 0.3% | ||||
Other Securities | 0.3 | 2,519,059 | ||
Total Preferred Stock | ||||
(Cost $2,699,209) | 2,519,059 | |||
Rights0.0% of net assets | ||||
Australia 0.0% | ||||
Other Securities | 0.0 | 6,179 | ||
Italy 0.0% | ||||
Other Securities | 0.0 | — | ||
Norway 0.0% | ||||
Other Securities | 0.0 | 4,923 | ||
Singapore 0.0% | ||||
Other Securities | 0.0 | 787 | ||
Spain 0.0% | ||||
Other Securities | 0.0 | 245,361 | ||
Total Rights | ||||
(Cost $553,874) | 257,250 | |||
Other Investment Company1.4% of net assets | ||||
United States 1.4% | ||||
Securities Lending Collateral 1.4% | ||||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 11,114,235 | 1.4 | 11,114,235 | |
Total Other Investment Company | ||||
(Cost $11,114,235) | 11,114,235 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments0.1% of net assets | ||||
Time Deposits 0.1% | ||||
Other Securities | 0.1 | 269,216 | ||
Total Short-Term Investments | ||||
(Cost $269,216) | 269,216 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 34 | 3,327,240 | 22,255 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $9,652,938. |
(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. |
CVA — | Dutch Certificate |
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 | $— | $291,753,492 | $— | $291,753,492 | |
Australia | — | 40,787,271 | —* | 40,787,271 | |
Austria | 940,424 | 3,908,534 | — | 4,848,958 | |
Belgium | 1,685,906 | 8,266,642 | — | 9,952,548 | |
Canada | 60,983,722 | — | — | 60,983,722 | |
Denmark | 1,414,900 | 6,965,266 | — | 8,380,166 | |
Finland | 2,611,988 | 7,284,119 | — | 9,896,107 | |
France | 2,183,733 | 30,147,003 | — | 32,330,736 | |
Germany | 6,053,726 | 22,496,583 | — | 28,550,309 | |
Greece | — | — | —* | — | |
Hong Kong | 633,037 | 28,741,170 | —* | 29,374,207 | |
Ireland | 2,555,273 | — | — | 2,555,273 | |
Israel | 252,532 | 8,294,071 | — | 8,546,603 | |
Italy | 3,155,681 | 15,497,039 | 66,928* | 18,719,648 | |
Luxembourg | — | — | —* | — | |
Netherlands | 1,251,647 | 11,864,326 | — | 13,115,973 | |
Norway | 1,154,747 | 10,020,058 | — | 11,174,805 | |
Poland | 791,973 | 7,488,951 | — | 8,280,924 | |
Portugal | 707,793 | 2,514,576 | —* | 3,222,369 | |
Republic of Korea | 1,465,857 | 38,795,924 | — | 40,261,781 | |
Spain | 1,098,255 | 10,026,575 | —* | 11,124,830 | |
Sweden | 1,898,764 | 22,910,720 | — | 24,809,484 | |
Switzerland | 2,954,703 | 23,128,217 | — | 26,082,920 | |
United Kingdom | 26,967,412 | 57,790,929 | —* | 84,758,341 | |
Preferred Stock | |||||
Germany | 611,350 | 1,907,709 | — | 2,519,059 | |
Rights | |||||
Australia | 6,179 | — | — | 6,179 | |
Italy | — | — | —* | — | |
Norway | 1,359 | — | 3,564 | 4,923 | |
Singapore | — | — | 787 | 787 | |
Spain | 245,361 | — | — | 245,361 | |
Other Investment Company1 | 11,114,235 | — | — | 11,114,235 | |
Short-Term Investments1 | — | 269,216 | — | 269,216 | |
Futures Contracts2 | 22,255 | — | — | 22,255 | |
Total | $132,762,812 | $650,858,391 | $71,279 | $783,692,482 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2019. |
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 $707,142,453) including securities on loan of $9,652,938 | $772,555,992 | |
Collateral invested for securities on loan, at value (cost $11,114,235) | 11,114,235 | |
Deposit with broker for futures contracts | 129,202 | |
Receivables: | ||
Investments sold | 319,717 | |
Dividends | 2,252,872 | |
Fund shares sold | 924,851 | |
Foreign tax reclaims | 448,892 | |
Income from securities on loan | 53,539 | |
Variation margin on futures contracts | + | 22,322 |
Total assets | 787,821,622 | |
Liabilities | ||
Collateral held for securities on loan | 11,114,235 | |
Payables: | ||
Investment adviser fees | 251,032 | |
Fund shares redeemed | 815,819 | |
Due to custodian | + | 382,550 |
Total liabilities | 12,563,636 | |
Net Assets | ||
Total assets | 787,821,622 | |
Total liabilities | – | 12,563,636 |
Net assets | $775,257,986 | |
Net Assets by Source | ||
Capital received from investors | 719,034,779 | |
Total distributable earnings | 56,223,207 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$775,257,986 | 61,656,238 | $12.57 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $2,418,027) | $21,126,453 | |
Interest | 16,919 | |
Securities on loan, net | + | 882,895 |
Total investment income | 22,026,267 | |
Expenses | ||
Investment adviser fees | 3,036,519 | |
Total expenses | – | 3,036,519 |
Net investment income | 18,989,748 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (13,359,757) | |
Net realized gains on futures contracts | 642,164 | |
Net realized gains on foreign currency transactions | + | 53,306 |
Net realized losses | (12,664,287) | |
Net change in unrealized appreciation (depreciation) on investments | 31,179,080 | |
Net change in unrealized appreciation (depreciation) on futures contracts | 120,756 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 26,278 |
Net change in unrealized appreciation (depreciation) | + | 31,326,114 |
Net realized and unrealized gains | 18,661,827 | |
Increase in net assets resulting from operations | $37,651,575 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $18,989,748 | $19,064,937 | ||
Net realized gains (losses) | (12,664,287) | 20,456,783 | ||
Net change in unrealized appreciation (depreciation) | + | 31,326,114 | (125,267,429) | |
Increase (decrease) in net assets from operations | 37,651,575 | (85,745,709) | ||
Distributions to Shareholders | ||||
Total distributions | ($40,145,201) | ($29,102,652) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 21,189,779 | $254,698,550 | 19,163,379 | $275,152,791 | ||||
Shares reinvested | 2,920,765 | 31,485,839 | 1,584,447 | 22,641,756 | ||||
Shares redeemed | + | (22,650,454) | (271,063,058) | (11,914,220) | (169,038,740) | |||
Net transactions in fund shares | 1,460,090 | $15,121,331 | 8,833,606 | $128,755,807 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 60,196,148 | $762,630,281 | 51,362,542 | $748,722,835 | ||||
Total increase | + | 1,460,090 | 12,627,705 | 8,833,606 | 13,907,446 | |||
End of period | 61,656,238 | $775,257,986 | 60,196,148 | $762,630,281 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $8.60 | $9.38 | $7.86 | $6.67 | $8.60 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.35 | 0.27 | 0.22 | 0.16 | 0.20 | |
Net realized and unrealized gains (losses) | 0.54 | (0.83) | 1.47 | 1.22 | (1.92) | |
Total from investment operations | 0.89 | (0.56) | 1.69 | 1.38 | (1.72) | |
Less distributions: | ||||||
Distributions from net investment income | (0.24) | (0.22) | (0.17) | (0.19) | (0.21) | |
Net asset value at end of period | $9.25 | $8.60 | $9.38 | $7.86 | $6.67 | |
Total return | 10.73% | (6.09%) | 21.96% | 21.64% | (20.28%) | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.39% | 0.39% | 0.57%2 | 0.88% | 0.85% | |
Net operating expenses | N/A | N/A3 | 0.43%2 | 0.49% | 0.49% | |
Net investment income (loss) | 3.93% | 2.92% | 2.62% | 2.41% | 2.61% | |
Portfolio turnover rate | 38% | 19% | 18% | 20% | 27% | |
Net assets, end of period (x 1,000,000) | $671 | $548 | $554 | $336 | $304 | |
Security | Number of Shares | % of Net Assets | Value ($) | |
Common Stock92.9% of net assets | ||||
Brazil 6.3% | ||||
Ambev S.A. | 757,350 | 0.5 | 3,282,070 | |
Banco do Brasil S.A. | 377,415 | 0.7 | 4,531,239 | |
JBS S.A. | 481,000 | 0.5 | 3,392,966 | |
Petroleo Brasileiro S.A. | 783,658 | 1.0 | 6,389,631 | |
Vale S.A. * | 810,797 | 1.4 | 9,542,356 | |
Other Securities | 2.2 | 15,006,257 | ||
6.3 | 42,144,519 | |||
Chile 0.8% | ||||
Other Securities | 0.8 | 5,338,014 | ||
China 24.9% | ||||
Agricultural Bank of China Ltd., H Shares | 9,032,600 | 0.6 | 3,716,947 | |
Alibaba Group Holding Ltd. ADR * | 20,931 | 0.6 | 3,697,880 | |
Bank of China Ltd., H Shares | 26,364,234 | 1.6 | 10,750,933 | |
China Construction Bank Corp., H Shares | 28,144,960 | 3.4 | 22,551,724 | |
China Merchants Bank Co., Ltd., H Shares | 629,150 | 0.4 | 3,000,561 | |
China Mobile Ltd. | 1,646,055 | 2.0 | 13,376,987 | |
China Petroleum & Chemical Corp., H Shares | 21,030,400 | 1.8 | 11,961,559 | |
China Shenhua Energy Co., Ltd., H Shares | 1,356,500 | 0.4 | 2,754,969 | |
China Telecom Corp., Ltd., H Shares | 6,690,000 | 0.4 | 2,845,983 | |
China Unicom (Hong Kong) Ltd. | 2,979,056 | 0.4 | 2,932,877 | |
CNOOC Ltd. | 4,933,075 | 1.1 | 7,341,648 | |
Industrial & Commercial Bank of China Ltd., H Shares | 21,832,172 | 2.3 | 15,640,419 | |
PetroChina Co., Ltd., H Shares | 10,460,000 | 0.8 | 5,100,938 | |
Ping An Insurance Group Co. of China Ltd., H Shares | 400,000 | 0.7 | 4,616,712 | |
Tencent Holdings Ltd. | 128,700 | 0.8 | 5,220,447 | |
Other Securities | 7.6 | 51,758,199 | ||
24.9 | 167,268,783 | |||
Colombia 0.3% | ||||
Other Securities | 0.3 | 2,142,250 | ||
Czech Republic 0.2% | ||||
Other Securities | 0.2 | 1,342,303 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Egypt 0.1% | ||||
Other Securities | 0.1 | 623,907 | ||
Greece 1.2% | ||||
Piraeus Bank S.A. * | 815,465 | 0.4 | 2,844,203 | |
Other Securities | 0.8 | 5,075,488 | ||
1.2 | 7,919,691 | |||
Hungary 0.5% | ||||
Other Securities | 0.5 | 3,334,995 | ||
India 7.3% | ||||
Bharat Petroleum Corp., Ltd. | 465,944 | 0.5 | 3,450,791 | |
Infosys Ltd. | 439,383 | 0.6 | 4,225,046 | |
Oil & Natural Gas Corp., Ltd. | 1,421,110 | 0.4 | 2,836,345 | |
Reliance Industries Ltd. | 326,234 | 1.0 | 6,724,107 | |
Tata Motors Ltd. * | 1,169,492 | 0.4 | 2,891,831 | |
Other Securities | 4.4 | 28,821,550 | ||
7.3 | 48,949,670 | |||
Indonesia 1.3% | ||||
Other Securities | 1.3 | 8,758,714 | ||
Kuwait 0.4% | ||||
Other Securities | 0.4 | 2,338,663 | ||
Malaysia 1.7% | ||||
Tenaga Nasional Berhad | 1,047,600 | 0.5 | 3,469,384 | |
Other Securities | 1.2 | 8,222,646 | ||
1.7 | 11,692,030 | |||
Mexico 4.3% | ||||
America Movil S.A.B. de C.V., Series L | 12,010,619 | 1.4 | 9,515,340 | |
Fomento Economico Mexicano S.A.B. de C.V. | 416,915 | 0.6 | 3,699,602 | |
Wal-Mart de Mexico S.A.B. de C.V. | 1,057,237 | 0.5 | 3,172,838 | |
Other Securities | 1.8 | 12,401,877 | ||
4.3 | 28,789,657 | |||
Philippines 0.3% | ||||
Other Securities | 0.3 | 1,968,776 | ||
Security | Number of Shares | % of Net Assets | Value ($) | |
Qatar 0.4% | ||||
Other Securities | 0.4 | 2,600,424 | ||
Russia 14.3% | ||||
Gazprom PJSC - USD | 8,687,630 | 5.3 | 35,226,072 | |
Lukoil PJSC | 250,510 | 3.4 | 23,125,953 | |
Mobile TeleSystems PJSC | 621,762 | 0.4 | 2,763,495 | |
Rosneft Oil Co. PJSC | 644,820 | 0.6 | 4,283,884 | |
Sberbank of Russia PJSC | 2,067,000 | 1.1 | 7,571,721 | |
Tatneft PJSC | 321,460 | 0.6 | 3,750,889 | |
Other Securities | 2.9 | 18,858,111 | ||
14.3 | 95,580,125 | |||
South Africa 5.7% | ||||
MTN Group Ltd. | 1,084,865 | 1.0 | 6,714,860 | |
Sasol Ltd. | 258,184 | 0.7 | 4,680,536 | |
Standard Bank Group Ltd. | 277,590 | 0.5 | 3,186,802 | |
Other Securities | 3.5 | 23,577,167 | ||
5.7 | 38,159,365 | |||
Taiwan 17.7% | ||||
Asustek Computer, Inc. | 475,041 | 0.5 | 3,222,644 | |
Hon Hai Precision Industry Co., Ltd. | 8,197,572 | 3.2 | 21,650,629 | |
Innolux Corp. | 13,262,357 | 0.4 | 2,939,820 | |
MediaTek, Inc. | 302,338 | 0.6 | 4,037,679 | |
Pegatron Corp. | 2,136,264 | 0.6 | 4,148,138 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,646,803 | 3.9 | 25,938,135 | |
Other Securities | 8.5 | 56,917,714 | ||
17.7 | 118,854,759 | |||
Thailand 3.1% | ||||
PTT PCL NVDR | 4,818,870 | 1.1 | 7,221,075 | |
Other Securities | 2.0 | 13,543,981 | ||
3.1 | 20,765,056 | |||
Turkey 1.6% | ||||
Other Securities | 1.6 | 10,932,463 | ||
United Arab Emirates 0.5% | ||||
Other Securities | 0.5 | 3,483,348 | ||
Total Common Stock | ||||
(Cost $559,587,702) | 622,987,512 | |||
Preferred Stock6.9% of net assets | ||||
Brazil 5.1% | ||||
Banco Bradesco S.A. | 793,994 | 1.0 | 6,962,915 | |
Itau Unibanco Holding S.A. | 1,128,079 | 1.5 | 10,190,825 |
Security | Number of Shares | % of Net Assets | Value ($) | |
Petroleo Brasileiro S.A. | 1,007,354 | 1.1 | 7,633,334 | |
Other Securities | 1.5 | 9,253,062 | ||
5.1 | 34,040,136 | |||
Colombia 0.2% | ||||
Other Securities | 0.2 | 1,289,100 | ||
Russia 1.6% | ||||
Transneft PJSC | 3,189 | 1.2 | 8,280,533 | |
Other Securities | 0.4 | 2,616,014 | ||
1.6 | 10,896,547 | |||
Total Preferred Stock | ||||
(Cost $32,389,168) | 46,225,783 | |||
Security Rate, Maturity Date | Face Amount ($) | % of Net Assets | Value ($) | |
Short-Term Investments0.0% of net assets | ||||
Time Deposits 0.0% | ||||
Other Securities | 0.0 | 177,314 | ||
Total Short-Term Investments | ||||
(Cost $177,314) | 177,314 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index, expires 12/20/19 | 31 | 1,614,170 | 14,105 |
* | 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 current daily overnight rate. |
ADR — | American Depositary Receipt |
GDR — | Global Depositary Receipt |
NVDR — | Non-Voting Depositary Receipt |
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 | $— | $177,236,748 | $— | $177,236,748 | |
Brazil | 42,144,519 | — | — | 42,144,519 | |
Chile | — | — | 5,338,014 | 5,338,014 | |
China | 8,194,565 | 159,074,218 | — | 167,268,783 | |
Colombia | 2,142,250 | — | — | 2,142,250 | |
Egypt | 623,907 | — | — | 623,907 | |
India | 7,604,034 | 41,345,636 | — | 48,949,670 | |
Kuwait | 734,293 | 1,604,370 | — | 2,338,663 | |
Mexico | 28,789,657 | — | — | 28,789,657 | |
Russia | 91,987,383 | 3,592,742 | — | 95,580,125 | |
South Africa | 1,039,093 | 37,120,272 | — | 38,159,365 | |
Turkey | 870,420 | 10,062,043 | — | 10,932,463 | |
United Arab Emirates | 1,354,775 | 2,128,573 | — | 3,483,348 | |
Preferred Stock | |||||
Brazil | 34,040,136 | — | — | 34,040,136 | |
Colombia | 1,289,100 | — | — | 1,289,100 | |
Russia | 10,681,510 | 215,037 | — | 10,896,547 | |
Short-Term Investments1 | — | 177,314 | — | 177,314 | |
Futures Contracts2 | 14,105 | — | — | 14,105 | |
Total | $231,509,747 | $432,556,953 | $5,338,014 | $669,404,714 |
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 $592,154,184) | $669,390,609 | |
Foreign currency, at value (cost $397,577) | 398,028 | |
Deposit with broker for futures contracts | 257,422 | |
Receivables: | ||
Dividends | 755,918 | |
Fund shares sold | 738,183 | |
Variation margin on futures contracts | 14,166 | |
Foreign tax reclaims | + | 2,463 |
Total assets | 671,556,789 | |
Liabilities | ||
Payables: | ||
Investment adviser fees | 215,476 | |
Foreign capital gains tax | 252,312 | |
Fund shares redeemed | + | 179,053 |
Total liabilities | 646,841 | |
Net Assets | ||
Total assets | 671,556,789 | |
Total liabilities | – | 646,841 |
Net assets | $670,909,948 | |
Net Assets by Source | ||
Capital received from investors | 648,699,912 | |
Total distributable earnings | 22,210,036 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$670,909,948 | 72,562,676 | $9.25 | ||
Investment Income | ||
Dividends (net of foreign withholding tax of $3,924,927) | $26,782,562 | |
Interest | 16,787 | |
Securities on loan, net | + | 4,831 |
Total investment income | 26,804,180 | |
Expenses | ||
Investment adviser fees | 2,419,692 | |
Total expenses | – | 2,419,692 |
Net investment income | 24,384,488 | |
Realized and Unrealized Gains (Losses) | ||
Net realized gains on investments (net of foreign capital gain tax paid of $8,599) | 6,857,228 | |
Net realized losses on futures contracts | (211,622) | |
Net realized losses on foreign currency transactions | + | (318,490) |
Net realized gains | 6,327,116 | |
Net change in unrealized appreciation (depreciation) on investments (net of change in foreign capital gains tax of ($59,575)) | 31,356,231 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (6,640) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 1,046 |
Net change in unrealized appreciation (depreciation) | + | 31,350,637 |
Net realized and unrealized gains | 37,677,753 | |
Increase in net assets resulting from operations | $62,062,241 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $24,384,488 | $16,898,028 | ||
Net realized gains | 6,327,116 | 7,794,377 | ||
Net change in unrealized appreciation (depreciation) | + | 31,350,637 | (60,950,903) | |
Increase (decrease) in net assets from operations | 62,062,241 | (36,258,498) | ||
Distributions to Shareholders | ||||
Total distributions | ($15,972,543) | ($13,342,949) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 25,021,407 | $219,417,177 | 19,332,450 | $181,411,913 | ||||
Shares reinvested | 1,405,982 | 11,419,761 | 981,934 | 9,059,227 | ||||
Shares redeemed | + | (17,582,733) | (154,001,819) | (15,602,021) | (146,545,728) | |||
Net transactions in fund shares | 8,844,656 | $76,835,119 | 4,712,363 | $43,925,412 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 63,718,020 | $547,985,131 | 59,005,657 | $553,661,166 | ||||
Total increase or decrease | + | 8,844,656 | 122,924,817 | 4,712,363 | (5,676,035) | |||
End of period | 72,562,676 | $670,909,948 | 63,718,020 | $547,985,131 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Fundamental US Large Company Index Fund | Schwab Target 2010 Fund |
Schwab Fundamental US Small Company Index Fund | Schwab Target 2015 Fund |
Schwab Fundamental International Large Company Index Fund | Schwab Target 2020 Fund |
Schwab Fundamental International Small Company Index Fund | Schwab Target 2025 Fund |
Schwab Fundamental Emerging Markets Large Company Index Fund | Schwab Target 2030 Fund |
Schwab Fundamental Global Real Estate Index 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 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 Total Stock Market 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 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 |
Schwab International Core Equity Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab Fundamental US Large Company Index Fund | Schwab Fundamental US Small Company Index Fund | Schwab Fundamental International Large Company Index Fund | Schwab Fundamental International Small Company Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
0.25% | 0.25% | 0.25% | 0.39% | 0.39% |
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% | 4.5% | 5.1% |
Schwab MarketTrack Balanced Portfolio | 1.0% | 1.3% | 1.2% | 1.8% | 2.1% |
Schwab MarketTrack Conservative Portfolio | 0.3% | 0.4% | 0.4% | 0.5% | 0.7% |
Schwab MarketTrack Growth Portfolio | 1.9% | 2.6% | 2.5% | 3.5% | 4.2% |
Total Aggregate Transactions | Realized Gains (Losses) | |
Schwab Fundamental US Large Company Index Fund | $505,987,175 | $39,950,222 |
Schwab Fundamental US Small Company Index Fund | 285,613,994 | 42,042,658 |
Schwab Fundamental International Large Company Index Fund | 149,724,060 | (2,249,116) |
Schwab Fundamental International Small Company Index Fund | 117,197,333 | 3,542,538 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 109,843,225 | 10,661,165 |
5. Board of Trustees:
6. Borrowing from Banks:
Notional Amounts | Number of Contracts | |
Schwab Fundamental US Large Company Index Fund | $18,117,625 | 130 |
Schwab Fundamental US Small Company Index Fund | 7,566,014 | 100 |
Schwab Fundamental International Large Company Index Fund | 8,601,443 | 93 |
Schwab Fundamental International Small Company Index Fund | 5,439,285 | 59 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,221,390 | 63 |
8. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab Fundamental US Large Company Index Fund | $983,440,204 | $964,567,515 |
Schwab Fundamental US Small Company Index Fund | 708,022,518 | 598,996,856 |
Schwab Fundamental International Large Company Index Fund | 376,263,638 | 432,175,737 |
Schwab Fundamental International Small Company Index Fund | 297,973,125 | 296,810,105 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 318,450,141 | 234,770,692 |
9. 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 | $3,469,100,528 | $1,591,299,035 | $1,285,172,485 | $741,621,702 | $617,339,769 | ||||
Gross unrealized appreciation | $1,989,525,591 | $485,003,612 | $157,778,307 | $132,896,627 | $106,511,647 | ||||
Gross unrealized depreciation | (217,041,992) | (146,319,170) | (120,268,387) | (90,825,847) | (54,446,702) | ||||
Net unrealized appreciation (depreciation) | $1,772,483,599 | $338,684,442 | $37,509,920 | $42,070,780 | $52,064,945 |
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 | $111,278,141 | $19,581,478 | $43,815,977 | $19,829,119 | $23,902,742 | ||||
Undistributed long-term capital gains | 145,417,580 | 43,502,511 | — | — | — | ||||
Net unrealized appreciation (depreciation) on investments | 1,772,483,599 | 338,684,442 | 37,509,920 | 42,070,780 | 52,064,945 | ||||
Net other unrealized appreciation (depreciation) | — | — | 20,188 | 6,735 | (258,248) | ||||
Total | $2,029,179,320 | $401,768,431 | $81,346,085 | $61,906,634 | $75,709,439 |
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 | $— | $— | $37,978,836 | $5,683,427 | $53,499,403 | ||||
Total | $— | $— | $37,978,836 | $5,683,427 | $53,499,403 |
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 | $— | $— | $— | $— | $7,619,781 |
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 | $115,941,650 | $49,180,336 | $43,980,238 | $18,761,883 | $15,972,543 |
Long-term capital gains | 268,964,966 | 107,997,280 | — | 21,383,318 | — |
Prior 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 | — |
10. Subsequent Events:
San Francisco, California
December 16, 2019
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 | 5,044,069 | 52,033,773 |
Schwab Fundamental International Small Company Index Fund | 2,288,667 | 20,782,862 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,892,757 | 30,696,531 |
Percentage | |
Schwab Fundamental US Large Company Index Fund | 99.12 |
Schwab Fundamental US Small Company Index Fund | 42.43 |
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 | $115,427,905 |
Schwab Fundamental US Small Company Index Fund | 21,811,734 |
Schwab Fundamental International Large Company Index Fund | 46,452,272 |
Schwab Fundamental International Small Company Index Fund | 17,722,134 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 15,151,128 |
Schwab Fundamental US Large Company Index Fund | $268,964,966 |
Schwab Fundamental US Small Company Index Fund | 107,997,280 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | 21,383,318 |
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 and benchmark data; |
3. | each Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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™
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab MarketTrack All Equity Portfolio (Ticker Symbol: SWEGX) | 9.58% |
All Equity Composite Index | 10.12% |
Fund Category: Morningstar Allocation—85%+ Equity1 | 10.47% |
Performance Details | pages 7-9 |
Schwab MarketTrack Growth Portfolio (Ticker Symbol: SWHGX) | 9.86% |
Growth Composite Index | 10.39% |
Fund Category: Morningstar Allocation—70% to 85% Equity1 | 9.88% |
Performance Details | pages 10-12 |
Schwab MarketTrack Balanced Portfolio (Ticker Symbol: SWBGX) | 10.14% |
Balanced Composite Index | 10.78% |
Fund Category: Morningstar Allocation—50% to 70% Equity1 | 10.26% |
Performance Details | pages 13-15 |
Schwab MarketTrack Conservative Portfolio (Ticker Symbol: SWCGX) | 10.31% |
Conservative Composite Index | 11.02% |
Fund Category: Morningstar Allocation—30% to 50% Equity1 | 9.38% |
Performance Details | pages 16-18 |
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. |
President 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. |
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. 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 February 2019. 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 MarketTrack All Equity Portfolio (5/19/98) | 9.58% | 7.35% | 10.37% |
All Equity Composite Index | 10.12% | 8.02% | 10.79% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Fund Category: Morningstar Allocation—85%+ Equity2 | 10.47% | 6.39% | 9.90% |
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 0.13% of acquired fund fees and expenses (AFFE), which 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 9 |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Growth Portfolio (11/20/95) | 9.86% | 6.70% | 9.25% |
Growth Composite Index | 10.39% | 7.30% | 9.67% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Allocation—70% to 85% Equity2 | 9.88% | 5.66% | 8.64% |
Fund Expense Ratio3: 0.51% |
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 (AFFE), which 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 expense ratios during the period, not including AFFE, 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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Balanced Portfolio (11/20/95) | 10.14% | 5.74% | 7.76% |
Balanced Composite Index | 10.78% | 6.35% | 8.24% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Allocation—50% to 70% Equity2 | 10.26% | 5.57% | 8.08% |
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 (AFFE), which 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 11 |
Portfolio Turnover Rate | 11% |
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. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Conservative Portfolio (11/20/95) | 10.31% | 4.68% | 6.16% |
Conservative Composite Index | 11.02% | 5.34% | 6.74% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Allocation—30% to 50% Equity2 | 9.38% | 4.15% | 6.34% |
Fund Expense Ratio3: 0.49% |
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 (AFFE), which 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 11 |
Portfolio Turnover Rate | 26% |
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 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/19 | Expenses Paid During Period 5/1/19-10/31/192,5 | Effective Expenses Paid During Period 5/1/19-10/31/194,5 | |
Schwab MarketTrack All Equity Portfolio | ||||||
Actual Return | 0.40% | 0.53% | $1,000.00 | $1,020.80 | $2.04 | $2.70 |
Hypothetical 5% Return | 0.40% | 0.53% | $1,000.00 | $1,023.18 | $2.04 | $2.70 |
Schwab MarketTrack Growth Portfolio | ||||||
Actual Return | 0.40% | 0.51% | $1,000.00 | $1,026.20 | $2.04 | $2.60 |
Hypothetical 5% Return | 0.40% | 0.51% | $1,000.00 | $1,023.18 | $2.04 | $2.60 |
Schwab MarketTrack Balanced Portfolio | ||||||
Actual Return | 0.40% | 0.50% | $1,000.00 | $1,033.10 | $2.05 | $2.56 |
Hypothetical 5% Return | 0.40% | 0.50% | $1,000.00 | $1,023.18 | $2.04 | $2.55 |
Schwab MarketTrack Conservative Portfolio | ||||||
Actual Return | 0.43% | 0.51% | $1,000.00 | $1,039.90 | $2.21 | $2.62 |
Hypothetical 5% Return | 0.43% | 0.51% | $1,000.00 | $1,023.03 | $2.19 | $2.60 |
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. |
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. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.33 | $18.76 | $15.90 | $17.00 | $17.17 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.31 | 0.28 | 0.27 | 0.27 | 0.29 | |
Net realized and unrealized gains (losses) | 1.30 | (0.05) | 3.33 | 0.31 | (0.23) | |
Total from investment operations | 1.61 | 0.23 | 3.60 | 0.58 | 0.06 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.33) | (0.30) | (0.53) | (0.23) | |
Distributions from net realized gains | (0.43) | (0.33) | (0.44) | (1.15) | — | |
Total distributions | (0.79) | (0.66) | (0.74) | (1.68) | (0.23) | |
Net asset value at end of period | $19.15 | $18.33 | $18.76 | $15.90 | $17.00 | |
Total return | 9.58% | 1.10% | 23.33% | 3.99% | 0.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.39% | 0.40% | 0.41% | 0.42%3 | |
Gross operating expenses2 | 0.40% | 0.39% | 0.40% | 0.42% | 0.43%3 | |
Net investment income (loss) | 1.72% | 1.46% | 1.56% | 1.73% | 1.67% | |
Portfolio turnover rate | 6% | 5% | 5% | 6% | 42%4 | |
Net assets, end of period (x 1,000,000) | $691 | $660 | $662 | $553 | $578 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds99.5% of net assets | ||
Equity Funds 99.5% | ||
International 29.9% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,734,400 | 34,543,201 |
Schwab Fundamental International Large Company Index Fund | 4,492,862 | 40,345,903 |
Schwab Fundamental International Small Company Index Fund | 2,797,329 | 35,162,430 |
Schwab International Index Fund | 4,710,117 | 96,463,199 |
206,514,733 | ||
Large-Cap 44.9% | ||
Schwab Fundamental US Large Company Index Fund | 5,309,192 | 93,229,404 |
Schwab S&P 500 Index Fund | 4,604,763 | 217,206,651 |
310,436,055 | ||
Small-Cap 24.7% | ||
Schwab Fundamental US Small Company Index Fund | 3,670,006 | 50,829,585 |
Schwab Small-Cap Index Fund | 4,156,831 | 119,883,006 |
170,712,591 | ||
Total Affiliated Underlying Funds | ||
(Cost $430,281,981) | 687,663,379 |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.2% of net assets | ||
Time Deposit 0.2% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(a) | 1,384,594 | 1,384,594 |
Total Short-Term Investment | ||
(Cost $1,384,594) | 1,384,594 |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | $33,572,556 | $896,449 | ($2,360,000) | ($165,234) | $2,599,430 | $34,543,201 | 3,734,400 | $896,449 |
Schwab Fundamental International Large Company Index Fund | 39,820,414 | 2,093,428 | (3,000,000) | (255,949) | 1,688,010 | 40,345,903 | 4,492,862 | 1,273,428 |
Schwab Fundamental International Small Company Index Fund | 32,238,329 | 3,925,261 | (950,000) | (243,107) | 191,947 | 35,162,430 | 2,797,329 | 1,695,261 |
Schwab Fundamental US Large Company Index Fund | 90,200,058 | 7,277,962 | (6,279,000) | 621,431 | 1,408,953 | 93,229,404 | 5,309,192 | 7,277,962 |
Schwab Fundamental US Small Company Index Fund | 48,867,947 | 4,511,963 | (784,000) | (60,915) | (1,705,410) | 50,829,585 | 3,670,006 | 4,511,963 |
Schwab International Index Fund | 91,593,031 | 3,180,692 | (5,385,000) | (666,431) | 7,740,907 | 96,463,199 | 4,710,117 | 2,610,692 |
Schwab S&P 500 Index Fund | 208,352,966 | 4,987,298 | (19,284,000) | 8,481,515 | 14,668,872 | 217,206,651 | 4,604,763 | 4,987,297 |
Schwab Small-Cap Index Fund | 112,162,092 | 13,913,861 | (2,720,000) | (325,250) | (3,147,697) | 119,883,006 | 4,156,831 | 9,463,861 |
Total | $656,807,393 | $40,786,914 | ($40,762,000) | $7,386,060 | $23,445,012 | $687,663,379 | $32,716,913 |
* | 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 | $687,663,379 | $— | $— | $687,663,379 | |
Short-Term Investment1 | — | 1,384,594 | — | 1,384,594 | |
Total | $687,663,379 | $1,384,594 | $— | $689,047,973 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $430,281,981) | $687,663,379 | |
Investments in unaffiliated issuers, at value (cost $1,384,594) | 1,384,594 | |
Receivables: | ||
Investments sold | 2,825,000 | |
Fund shares sold | 326,772 | |
Prepaid expenses | + | 14,138 |
Total assets | 692,213,883 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,000,000 | |
Investment adviser and administrator fees | 74,547 | |
Shareholder service fees | 136,775 | |
Independent trustees’ fees | 8 | |
Fund shares redeemed | 140,950 | |
Accrued expenses | + | 60,780 |
Total liabilities | 1,413,060 | |
Net Assets | ||
Total assets | 692,213,883 | |
Total liabilities | – | 1,413,060 |
Net assets | $690,800,823 | |
Net Assets by Source | ||
Capital received from investors | 416,645,305 | |
Total distributable earnings | 274,155,518 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$690,800,823 | 36,069,760 | $19.15 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $14,041,671 | |
Interest | + | 38,108 |
Total investment income | 14,079,779 | |
Expenses | ||
Investment adviser and administrator fees | 864,086 | |
Shareholder service fees | 1,584,995 | |
Shareholder reports | 64,017 | |
Registration fees | 31,489 | |
Portfolio accounting fees | 30,793 | |
Professional fees | 30,721 | |
Transfer agent fees | 21,137 | |
Independent trustees’ fees | 11,302 | |
Custodian fees | 3,829 | |
Other expenses | + | 11,995 |
Total expenses | 2,654,364 | |
Expense reduction by CSIM and its affiliates | – | 21,137 |
Net expenses | – | 2,633,227 |
Net investment income | 11,446,552 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 18,675,242 | |
Net realized gains on sales of affiliated underlying funds | + | 7,386,060 |
Net realized gains | 26,061,302 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 23,445,012 |
Net realized and unrealized gains | 49,506,314 | |
Increase in net assets resulting from operations | $60,952,866 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $11,446,552 | $10,107,191 | ||
Net realized gains | 26,061,302 | 16,621,580 | ||
Net change in unrealized appreciation (depreciation) | + | 23,445,012 | (18,821,693) | |
Increase in net assets from operations | 60,952,866 | 7,907,078 | ||
Distributions to Shareholders | ||||
Total distributions | ($28,006,553) | ($23,113,418) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,457,644 | $62,047,856 | 3,946,287 | $75,536,801 | ||||
Shares reinvested | 1,580,131 | 25,376,894 | 1,116,238 | 21,029,930 | ||||
Shares redeemed | + | (4,966,158) | (89,453,708) | (4,340,184) | (83,234,422) | |||
Net transactions in fund shares | 71,617 | ($2,028,958) | 722,341 | $13,332,309 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 35,998,143 | $659,883,468 | 35,275,802 | $661,757,499 | ||||
Total increase or decrease | + | 71,617 | 30,917,355 | 722,341 | (1,874,031) | |||
End of period | 36,069,760 | $690,800,823 | 35,998,143 | $659,883,468 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $22.67 | $23.47 | $20.54 | $22.68 | $23.20 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.41 | 0.37 | 0.34 | 0.32 | 0.34 | |
Net realized and unrealized gains (losses) | 1.62 | (0.04) | 3.37 | 0.41 | (0.12) | |
Total from investment operations | 2.03 | 0.33 | 3.71 | 0.73 | 0.22 | |
Less distributions: | ||||||
Distributions from net investment income | (0.45) | (0.40) | (0.36) | (0.39) | (0.35) | |
Distributions from net realized gains | (0.71) | (0.73) | (0.42) | (2.48) | (0.39) | |
Total distributions | (1.16) | (1.13) | (0.78) | (2.87) | (0.74) | |
Net asset value at end of period | $23.54 | $22.67 | $23.47 | $20.54 | $22.68 | |
Total return | 9.86% | 1.28% | 18.52% | 3.88% | 0.95% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.39% | 0.40% | 0.41% | 0.42%3 | |
Gross operating expenses2 | 0.40% | 0.39% | 0.40% | 0.41% | 0.42%3 | |
Net investment income (loss) | 1.82% | 1.59% | 1.57% | 1.61% | 1.50% | |
Portfolio turnover rate | 7% | 7% | 20%4 | 12% | 36%5 | |
Net assets, end of period (x 1,000,000) | $817 | $783 | $804 | $707 | $716 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds99.2% of net assets | ||
Equity Funds 80.3% | ||
International 20.1% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,071,731 | 28,413,513 |
Schwab Fundamental International Large Company Index Fund | 3,667,966 | 32,938,332 |
Schwab Fundamental International Small Company Index Fund | 2,144,841 | 26,960,646 |
Schwab International Index Fund | 3,682,149 | 75,410,421 |
163,722,912 | ||
Large-Cap 40.2% | ||
Schwab Fundamental US Large Company Index Fund | 5,626,503 | 98,801,392 |
Schwab S&P 500 Index Fund | 4,865,714 | 229,515,716 |
328,317,108 | ||
Small-Cap 20.0% | ||
Schwab Fundamental US Small Company Index Fund | 3,514,849 | 48,680,656 |
Schwab Small-Cap Index Fund | 3,976,028 | 114,668,640 |
163,349,296 | ||
655,389,316 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Funds 14.8% | ||
Intermediate-Term Bond 14.8% | ||
Schwab U.S. Aggregate Bond Index Fund | 11,634,795 | 120,769,170 |
Money Market Fund 4.1% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 33,634,189 | 33,651,006 |
Total Affiliated Underlying Funds | ||
(Cost $506,245,604) | 809,809,492 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.7% of net assets | ||
Time Deposit 0.7% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(b) | 5,890,360 | 5,890,360 |
Total Short-Term Investment | ||
(Cost $5,890,360) | 5,890,360 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | $25,765,192 | $1,427,990 | ($780,000) | ($73,066) | $2,073,397 | $28,413,513 | 3,071,731 | $717,989 |
Schwab Fundamental International Large Company Index Fund | 30,771,226 | 984,042 | — | — | 1,183,064 | 32,938,332 | 3,667,966 | 984,042 |
Schwab Fundamental International Small Company Index Fund | 24,877,126 | 2,033,491 | — | — | 50,029 | 26,960,646 | 2,144,841 | 1,263,491 |
Schwab Fundamental US Large Company Index Fund | 95,587,664 | 8,823,641 | (7,999,000) | 945,166 | 1,443,921 | 98,801,392 | 5,626,503 | 7,603,642 |
Schwab Fundamental US Small Company Index Fund | 46,890,348 | 5,659,372 | (2,400,000) | 96,838 | (1,565,902) | 48,680,656 | 3,514,849 | 4,329,372 |
Schwab International Index Fund | 72,574,847 | 2,112,310 | (5,180,000) | (136,306) | 6,039,570 | 75,410,421 | 3,682,149 | 2,112,310 |
Schwab S&P 500 Index Fund | 220,200,992 | 7,065,981 | (22,925,000) | 12,378,211 | 12,795,532 | 229,515,716 | 4,865,714 | 5,315,981 |
Schwab Small-Cap Index Fund | 106,358,837 | 18,610,763 | (7,230,000) | 531 | (3,071,491) | 114,668,640 | 3,976,028 | 9,549,763 |
Schwab U.S. Aggregate Bond Index Fund | 121,579,007 | 11,187,570 | (21,330,000) | (322,393) | 9,654,986 | 120,769,170 | 11,634,795 | 3,497,720 |
Schwab Variable Share Price Money Fund, Ultra Shares | 36,854,941 | 786,056 | (4,000,000) | (404) | 10,413 | 33,651,006 | 33,634,189 | 778,093 |
Total | $781,460,180 | $58,691,216 | ($71,844,000) | $12,888,577 | $28,613,519 | $809,809,492 | $36,152,403 |
* | 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 | $809,809,492 | $— | $— | $809,809,492 | |
Short-Term Investment1 | — | 5,890,360 | — | 5,890,360 | |
Total | $809,809,492 | $5,890,360 | $— | $815,699,852 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $506,245,604) | $809,809,492 | |
Investments in unaffiliated issuers, at value (cost $5,890,360) | 5,890,360 | |
Receivables: | ||
Investments sold | 1,300,000 | |
Dividends | 315,611 | |
Fund shares sold | 223,870 | |
Prepaid expenses | + | 20,665 |
Total assets | 817,559,998 | |
Liabilities | ||
Payables: | ||
Investments bought | 285,914 | |
Investment adviser and administrator fees | 88,708 | |
Shareholder service fees | 164,409 | |
Independent trustees’ fees | 9 | |
Fund shares redeemed | 427,601 | |
Accrued expenses | + | 61,740 |
Total liabilities | 1,028,381 | |
Net Assets | ||
Total assets | 817,559,998 | |
Total liabilities | – | 1,028,381 |
Net assets | $816,531,617 | |
Net Assets by Source | ||
Capital received from investors | 482,122,884 | |
Total distributable earnings | 334,408,733 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$816,531,617 | 34,690,701 | $23.54 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $17,500,305 | |
Interest | + | 79,515 |
Total investment income | 17,579,820 | |
Expenses | ||
Investment adviser and administrator fees | 1,029,558 | |
Shareholder service fees | 1,905,579 | |
Shareholder reports | 74,271 | |
Registration fees | 34,392 | |
Portfolio accounting fees | 32,486 | |
Professional fees | 31,568 | |
Transfer agent fees | 19,806 | |
Independent trustees’ fees | 11,948 | |
Custodian fees | 4,508 | |
Other expenses | + | 13,971 |
Total expenses | 3,158,087 | |
Expense reduction by CSIM and its affiliates | – | 19,806 |
Net expenses | – | 3,138,281 |
Net investment income | 14,441,539 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 18,652,098 | |
Net realized gains on sales of affiliated underlying funds | + | 12,888,577 |
Net realized gains | 31,540,675 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 28,613,519 |
Net realized and unrealized gains | 60,154,194 | |
Increase in net assets resulting from operations | $74,595,733 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $14,441,539 | $13,006,391 | ||
Net realized gains | 31,540,675 | 25,553,974 | ||
Net change in unrealized appreciation (depreciation) | + | 28,613,519 | (27,570,228) | |
Increase in net assets from operations | 74,595,733 | 10,990,137 | ||
Distributions to Shareholders | ||||
Total distributions | ($39,927,176) | ($38,389,944) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,937,909 | $65,107,948 | 3,428,769 | $80,690,535 | ||||
Shares reinvested | 1,829,307 | 36,750,784 | 1,546,820 | 35,762,481 | ||||
Shares redeemed | + | (4,611,016) | (102,839,073) | (4,688,229) | (110,009,491) | |||
Net transactions in fund shares | 156,200 | ($980,341) | 287,360 | $6,443,525 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 34,534,501 | $782,843,401 | 34,247,141 | $803,799,683 | ||||
Total increase or decrease | + | 156,200 | 33,688,216 | 287,360 | (20,956,282) | |||
End of period | 34,690,701 | $816,531,617 | 34,534,501 | $782,843,401 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.24 | $19.12 | $17.35 | $19.07 | $19.50 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.36 | 0.34 | 0.30 | 0.27 | 0.29 | |
Net realized and unrealized gains (losses) | 1.32 | (0.24) | 2.02 | 0.35 | (0.08) | |
Total from investment operations | 1.68 | 0.10 | 2.32 | 0.62 | 0.21 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.33) | (0.30) | (0.33) | (0.30) | |
Distributions from net realized gains | (0.78) | (0.65) | (0.25) | (2.01) | (0.34) | |
Total distributions | (1.17) | (0.98) | (0.55) | (2.34) | (0.64) | |
Net asset value at end of period | $18.75 | $18.24 | $19.12 | $17.35 | $19.07 | |
Total return | 10.14% | 0.44% | 13.71% | 3.92% | 1.10% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.40% | 0.40% | 0.40% | 0.41% | 0.42%3 | |
Gross operating expenses2 | 0.40% | 0.40% | 0.40% | 0.41% | 0.42%3 | |
Net investment income (loss) | 1.99% | 1.79% | 1.67% | 1.60% | 1.51% | |
Portfolio turnover rate | 11% | 8% | 46%4 | 15% | 36%5 | |
Net assets, end of period (x 1,000,000) | $545 | $515 | $551 | $516 | $512 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds99.3% of net assets | ||
Equity Funds 60.3% | ||
International 15.1% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 1,511,999 | 13,985,994 |
Schwab Fundamental International Large Company Index Fund | 1,822,000 | 16,361,563 |
Schwab Fundamental International Small Company Index Fund | 1,109,190 | 13,942,514 |
Schwab International Index Fund | 1,856,005 | 38,010,985 |
82,301,056 | ||
Large-Cap 30.2% | ||
Schwab Fundamental US Large Company Index Fund | 2,841,188 | 49,891,262 |
Schwab S&P 500 Index Fund | 2,431,109 | 114,675,422 |
164,566,684 | ||
Small-Cap 15.0% | ||
Schwab Fundamental US Small Company Index Fund | 1,772,731 | 24,552,319 |
Schwab Small-Cap Index Fund | 1,969,077 | 56,788,172 |
81,340,491 | ||
328,208,231 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Fund 34.8% | ||
Intermediate-Term Bond 34.8% | ||
Schwab U.S. Aggregate Bond Index Fund | 18,251,685 | 189,452,490 |
Money Market Fund 4.2% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 23,033,946 | 23,045,463 |
Total Affiliated Underlying Funds | ||
(Cost $381,714,221) | 540,706,184 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposit 0.5% | ||
BNP Paribas | ||
1.18%, 11/01/19(b) | 2,980,325 | 2,980,325 |
Total Short-Term Investment | ||
(Cost $2,980,325) | 2,980,325 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | $12,554,961 | $1,049,864 | ($645,000) | $21,857 | $1,004,312 | $13,985,994 | 1,511,999 | $349,864 |
Schwab Fundamental International Large Company Index Fund | 15,285,089 | 488,807 | — | — | 587,667 | 16,361,563 | 1,822,000 | 488,806 |
Schwab Fundamental International Small Company Index Fund | 12,581,961 | 1,269,028 | — | — | 91,525 | 13,942,514 | 1,109,190 | 639,028 |
Schwab Fundamental US Large Company Index Fund | 45,785,310 | 5,575,561 | (2,659,000) | 157,891 | 1,031,500 | 49,891,262 | 2,841,188 | 3,845,561 |
Schwab Fundamental US Small Company Index Fund | 22,944,882 | 4,116,727 | (1,804,000) | 128,153 | (833,443) | 24,552,319 | 1,772,731 | 2,216,727 |
Schwab International Index Fund | 35,229,878 | 2,745,375 | (3,060,000) | 110,147 | 2,985,585 | 38,010,985 | 1,856,005 | 1,025,375 |
Schwab S&P 500 Index Fund | 107,791,367 | 9,359,978 | (15,550,000) | 3,524,308 | 9,549,769 | 114,675,422 | 2,431,109 | 2,679,978 |
Schwab Small-Cap Index Fund | 53,465,395 | 12,221,302 | (7,432,000) | (143,667) | (1,322,858) | 56,788,172 | 1,969,077 | 4,811,301 |
Schwab U.S. Aggregate Bond Index Fund | 183,405,301 | 22,814,995 | (31,222,000) | (363,590) | 14,817,784 | 189,452,490 | 18,251,685 | 5,425,226 |
Schwab Variable Share Price Money Fund, Ultra Shares | 24,009,301 | 529,306 | (1,500,000) | (152) | 7,008 | 23,045,463 | 23,033,946 | 525,108 |
Total | $513,053,445 | $60,170,943 | ($63,872,000) | $3,434,947 | $27,918,849 | $540,706,184 | $22,006,974 |
* | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Affiliated Underlying Funds1 | $540,706,184 | $— | $— | $540,706,184 | |
Short-Term Investment1 | — | 2,980,325 | — | 2,980,325 | |
Total | $540,706,184 | $2,980,325 | $— | $543,686,509 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $381,714,221) | $540,706,184 | |
Investments in unaffiliated issuers, at value (cost $2,980,325) | 2,980,325 | |
Receivables: | ||
Investments sold | 2,300,000 | |
Dividends | 465,215 | |
Fund shares sold | 137,926 | |
Prepaid expenses | + | 19,796 |
Total assets | 546,609,446 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,444,776 | |
Investment adviser and administrator fees | 59,302 | |
Shareholder service fees | 110,254 | |
Independent trustees’ fees | 8 | |
Fund shares redeemed | 393,151 | |
Accrued expenses | + | 48,273 |
Total liabilities | 2,055,764 | |
Net Assets | ||
Total assets | 546,609,446 | |
Total liabilities | – | 2,055,764 |
Net assets | $544,553,682 | |
Net Assets by Source | ||
Capital received from investors | 373,397,694 | |
Total distributable earnings | 171,155,988 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$544,553,682 | 29,044,353 | $18.75 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $12,568,536 | |
Interest | + | 48,680 |
Total investment income | 12,617,216 | |
Expenses | ||
Investment adviser and administrator fees | 684,737 | |
Shareholder service fees | 1,270,391 | |
Shareholder reports | 37,397 | |
Registration fees | 33,363 | |
Professional fees | 29,724 | |
Portfolio accounting fees | 29,297 | |
Transfer agent fees | 12,128 | |
Independent trustees’ fees | 10,598 | |
Custodian fees | 4,156 | |
Other expenses | + | 10,224 |
Total expenses | 2,122,015 | |
Expense reduction by CSIM and its affiliates | – | 12,128 |
Net expenses | – | 2,109,887 |
Net investment income | 10,507,329 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 9,438,438 | |
Net realized gains on sales of affiliated underlying funds | + | 3,434,947 |
Net realized gains | 12,873,385 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 27,918,849 |
Net realized and unrealized gains | 40,792,234 | |
Increase in net assets resulting from operations | $51,299,563 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $10,507,329 | $9,648,629 | ||
Net realized gains | 12,873,385 | 22,266,767 | ||
Net change in unrealized appreciation (depreciation) | + | 27,918,849 | (28,789,389) | |
Increase in net assets from operations | 51,299,563 | 3,126,007 | ||
Distributions to Shareholders | ||||
Total distributions | ($32,704,957) | ($28,242,157) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,645,103 | $82,462,045 | 4,005,169 | $75,494,664 | ||||
Shares reinvested | 1,824,301 | 29,754,346 | 1,397,751 | 26,012,148 | ||||
Shares redeemed | + | (5,649,914) | (100,958,347) | (6,003,515) | (112,809,619) | |||
Net transactions in fund shares | 819,490 | $11,258,044 | (600,595) | ($11,302,807) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 28,224,863 | $514,701,032 | 28,825,458 | $551,119,989 | ||||
Total increase or decrease | + | 819,490 | 29,852,650 | (600,595) | (36,418,957) | |||
End of period | 29,044,353 | $544,553,682 | 28,224,863 | $514,701,032 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.63 | $16.27 | $15.31 | $15.94 | $16.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.35 | 0.31 | 0.27 | 0.24 | 0.25 | |
Net realized and unrealized gains (losses) | 1.18 | (0.38) | 1.09 | 0.30 | (0.05) | |
Total from investment operations | 1.53 | (0.07) | 1.36 | 0.54 | 0.20 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.32) | (0.28) | (0.27) | (0.26) | |
Distributions from net realized gains | (0.37) | (0.25) | (0.12) | (0.90) | — | |
Total distributions | (0.73) | (0.57) | (0.40) | (1.17) | (0.26) | |
Net asset value at end of period | $16.43 | $15.63 | $16.27 | $15.31 | $15.94 | |
Total return | 10.31% | (0.49%) | 9.07% | 3.68% | 1.23% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.43% | 0.41% | 0.42% | 0.43% | 0.43%3 | |
Gross operating expenses2 | 0.43% | 0.41% | 0.42% | 0.44% | 0.44%3 | |
Net investment income (loss) | 2.19% | 1.93% | 1.71% | 1.61% | 1.54% | |
Portfolio turnover rate | 26% | 9% | 74%4 | 10% | 24%5 | |
Net assets, end of period (x 1,000,000) | $263 | $239 | $251 | $238 | $228 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds99.1% of net assets | ||
Equity Funds 40.3% | ||
International 10.0% | ||
Schwab Fundamental Emerging Markets Large Company Index Fund | 497,675 | 4,603,496 |
Schwab Fundamental International Large Company Index Fund | 590,215 | 5,300,132 |
Schwab Fundamental International Small Company Index Fund | 334,489 | 4,204,530 |
Schwab International Index Fund | 600,495 | 12,298,142 |
26,406,300 | ||
Large-Cap 20.3% | ||
Schwab Fundamental US Large Company Index Fund | 915,780 | 16,081,095 |
Schwab S&P 500 Index Fund | 788,720 | 37,203,924 |
53,285,019 | ||
Small-Cap 10.0% | ||
Schwab Fundamental US Small Company Index Fund | 587,760 | 8,140,482 |
Schwab Small-Cap Index Fund | 632,768 | 18,249,017 |
26,389,499 | ||
106,080,818 | ||
Security | Number of Shares | Value ($) |
Fixed-Income Fund 54.7% | ||
Intermediate-Term Bond 54.7% | ||
Schwab U.S. Aggregate Bond Index Fund | 13,897,940 | 144,260,615 |
Money Market Fund 4.1% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 10,775,450 | 10,780,838 |
Total Affiliated Underlying Funds | ||
(Cost $206,346,462) | 261,122,271 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.7% of net assets | ||
Time Deposit 0.7% | ||
Citibank | ||
1.18%, 11/01/19(b) | 1,781,276 | 1,781,276 |
Total Short-Term Investment | ||
(Cost $1,781,276) | 1,781,276 |
(a) | The rate shown is the 7-day yield. |
(b) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Schwab Fundamental Emerging Markets Large Company Index Fund | $4,105,451 | $804,360 | ($650,000) | $6,367 | $337,318 | $4,603,496 | 497,675 | $114,360 |
Schwab Fundamental International Large Company Index Fund | 4,536,567 | 1,361,816 | (796,000) | (28,129) | 225,878 | 5,300,132 | 590,215 | 161,816 |
Schwab Fundamental International Small Company Index Fund | 3,794,384 | 1,136,212 | (720,000) | (59,140) | 53,074 | 4,204,530 | 334,489 | 216,212 |
Schwab Fundamental US Large Company Index Fund | 14,220,447 | 4,070,828 | (2,524,000) | (93,231) | 407,051 | 16,081,095 | 915,780 | 1,280,828 |
Schwab Fundamental US Small Company Index Fund | 7,155,427 | 3,042,841 | (1,827,000) | (124,323) | (106,463) | 8,140,482 | 587,760 | 737,840 |
Schwab International Index Fund | 11,180,413 | 2,971,073 | (2,812,000) | 6,162 | 952,494 | 12,298,142 | 600,495 | 341,072 |
Schwab S&P 500 Index Fund | 33,794,023 | 12,225,875 | (12,913,000) | 356,265 | 3,740,761 | 37,203,924 | 788,720 | 906,876 |
Schwab Small-Cap Index Fund | 16,435,724 | 8,289,763 | (5,900,000) | (250,647) | (325,823) | 18,249,017 | 632,768 | 1,625,764 |
Schwab U.S. Aggregate Bond Index Fund | 131,977,198 | 27,346,403 | (25,893,000) | (698,033) | 11,528,047 | 144,260,615 | 13,897,940 | 4,078,575 |
Schwab Variable Share Price Money Fund, Ultra Shares | 11,128,550 | 11,149,081 | (11,500,000) | 755 | 2,452 | 10,780,838 | 10,775,450 | 247,222 |
Total | $238,328,184 | $72,398,252 | ($65,535,000) | ($883,954) | $16,814,789 | $261,122,271 | $9,710,565 |
* | 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 | $261,122,271 | $— | $— | $261,122,271 | |
Short-Term Investment1 | — | 1,781,276 | — | 1,781,276 | |
Total | $261,122,271 | $1,781,276 | $— | $262,903,547 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $206,346,462) | $261,122,271 | |
Investments in unaffiliated issuers, at value (cost $1,781,276) | 1,781,276 | |
Receivables: | ||
Investments sold | 1,327,000 | |
Dividends | 347,967 | |
Fund shares sold | 281,667 | |
Prepaid expenses | + | 16,578 |
Total assets | 264,876,759 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,238,353 | |
Investment adviser and administrator fees | 28,735 | |
Shareholder service fees | 54,304 | |
Independent trustees’ fees | 7 | |
Fund shares redeemed | 143,722 | |
Accrued expenses | + | 38,687 |
Total liabilities | 1,503,808 | |
Net Assets | ||
Total assets | 264,876,759 | |
Total liabilities | – | 1,503,808 |
Net assets | $263,372,951 | |
Net Assets by Source | ||
Capital received from investors | 207,924,901 | |
Total distributable earnings | 55,448,050 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$263,372,951 | 16,034,149 | $16.43 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $6,543,426 | |
Interest | + | 25,355 |
Total investment income | 6,568,781 | |
Expenses | ||
Investment adviser and administrator fees | 326,727 | |
Shareholder service fees | 615,129 | |
Professional fees | 27,824 | |
Registration fees | 26,718 | |
Portfolio accounting fees | 26,013 | |
Shareholder reports | 21,336 | |
Independent trustees’ fees | 9,193 | |
Transfer agent fees | 6,037 | |
Custodian fees | 4,638 | |
Other expenses | + | 7,666 |
Total expenses | 1,071,281 | |
Expense reduction by CSIM and its affiliates | – | 6,037 |
Net expenses | – | 1,065,244 |
Net investment income | 5,503,537 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 3,167,139 | |
Net realized losses on sales of affiliated underlying funds | + | (883,954) |
Net realized gains | 2,283,185 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | + | 16,814,789 |
Net realized and unrealized gains | 19,097,974 | |
Increase in net assets resulting from operations | $24,601,511 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $5,503,537 | $4,805,149 | ||
Net realized gains | 2,283,185 | 6,096,291 | ||
Net change in unrealized appreciation (depreciation) | + | 16,814,789 | (11,849,125) | |
Increase (decrease) in net assets from operations | 24,601,511 | (947,685) | ||
Distributions to Shareholders | ||||
Total distributions | ($11,877,962) | ($8,820,697) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,250,695 | $82,352,774 | 2,934,247 | $47,195,181 | ||||
Shares reinvested | 706,231 | 10,568,989 | 488,168 | 7,849,293 | ||||
Shares redeemed | + | (5,219,713) | (81,340,605) | (3,570,193) | (57,467,990) | |||
Net transactions in fund shares | 737,213 | $11,581,158 | (147,778) | ($2,423,516) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 15,296,936 | $239,068,244 | 15,444,714 | $251,260,142 | ||||
Total increase or decrease | + | 737,213 | 24,304,707 | (147,778) | (12,191,898) | |||
End of period | 16,034,149 | $263,372,951 | 15,296,936 | $239,068,244 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab MarketTrack All Equity Portfolio | Schwab Target 2040 Fund |
Schwab MarketTrack Growth Portfolio | Schwab Target 2045 Fund |
Schwab MarketTrack Balanced Portfolio | Schwab Target 2050 Fund |
Schwab MarketTrack Conservative Portfolio | Schwab Target 2055 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2060 Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental US Large Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental US Small Company Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental International Large Company Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental International Small Company Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab International Index 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 Target 2035 Fund |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio |
0.50% | 0.50% | 0.50% | 0.50% |
Underlying Funds | Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio |
Schwab Fundamental Emerging Markets Large Company Index Fund | 5.1% | 4.2% | 2.1% | 0.7% |
Schwab Fundamental International Large Company Index Fund | 3.0% | 2.5% | 1.2% | 0.4% |
Schwab Fundamental International Small Company Index Fund | 4.5% | 3.5% | 1.8% | 0.5% |
Schwab Fundamental US Large Company Index Fund | 1.8% | 1.9% | 1.0% | 0.3% |
Schwab Fundamental US Small Company Index Fund | 2.7% | 2.6% | 1.3% | 0.4% |
Schwab International Index Fund | 1.8% | 1.4% | 0.7% | 0.2% |
Schwab S&P 500 Index Fund | 0.5% | 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 | —% | 3.9% | 6.1% | 4.6% |
Schwab Variable Share Price Money Fund, Ultra Shares | —% | 0.7% | 0.4% | 0.2% |
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
Purchases of Securities | Sales of Securities | |
Schwab MarketTrack All Equity Portfolio | $40,786,914 | $40,762,000 |
Schwab MarketTrack Growth Portfolio | 58,691,216 | 71,844,000 |
Schwab MarketTrack Balanced Portfolio | 60,170,943 | 63,872,000 |
Schwab MarketTrack Conservative Portfolio | 72,398,252 | 65,535,000 |
8. Federal Income Taxes:
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Tax cost | $444,045,153 | $512,677,990 | $388,288,633 | $210,811,743 | |||
Gross unrealized appreciation | $245,002,820 | $303,155,822 | $155,467,394 | $52,091,804 | |||
Gross unrealized depreciation | — | (133,960) | (69,518) | — | |||
Net unrealized appreciation (depreciation) | $245,002,820 | $303,021,862 | $155,397,876 | $52,091,804 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | ||||
Undistributed ordinary income | $3,971,157 | $2,127,003 | $4,894,087 | $814,137 | |||
Undistributed long-term capital gains | 25,181,541 | 29,259,868 | 10,864,025 | 2,542,109 | |||
Net unrealized appreciation (depreciation) on investments | 245,002,820 | 303,021,862 | 155,397,876 | 52,091,804 | |||
Total | $274,155,518 | $334,408,733 | $171,155,988 | $55,448,050 |
Schwab MarketTrack All Equity Portfolio | Schwab MarketTrack Growth Portfolio | Schwab MarketTrack Balanced Portfolio | Schwab MarketTrack Conservative Portfolio | |
Current period distributions | ||||
Ordinary income | $13,644,585 | $16,219,023 | $10,931,597 | $5,884,258 |
Long-term capital gains | 14,361,968 | 23,708,153 | 21,773,360 | 5,993,704 |
Prior 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 |
9. Subsequent Events:
San Francisco, California
December 16, 2019
Foreign Tax Credit | Foreign Source Income | |
Schwab MarketTrack All Equity Portfolio | $610,566 | $5,486,754 |
Schwab MarketTrack Growth Portfolio | 482,644 | 4,338,165 |
Schwab MarketTrack Balanced Portfolio | 236,926 | 2,129,620 |
Schwab MarketTrack Conservative Portfolio | 78,554 | 707,229 |
Percentage | |
Schwab MarketTrack All Equity Portfolio | 53.79 |
Schwab MarketTrack Growth Portfolio | 45.80 |
Schwab MarketTrack Balanced Portfolio | 31.54 |
Schwab MarketTrack Conservative Portfolio | 21.02 |
Schwab MarketTrack All Equity Portfolio | $13,175,919 |
Schwab MarketTrack Growth Portfolio | 12,021,006 |
Schwab MarketTrack Balanced Portfolio | 5,454,334 |
Schwab MarketTrack Conservative Portfolio | 1,948,213 |
Schwab MarketTrack All Equity Portfolio | $14,361,968 |
Schwab MarketTrack Growth Portfolio | 23,708,153 |
Schwab MarketTrack Balanced Portfolio | 21,773,360 |
Schwab MarketTrack Conservative Portfolio | 5,993,704 |
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 and benchmark data; |
3. | each Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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
New Notice Regarding Shareholder Report Delivery Options |
Beginning on January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Instead, the reports will be made available on a fund’s websitewww.schwabfunds.com/schwabfunds_prospectus, and you will be notified by mail each time a report is posted and the mailing will provide a website link to access the report. You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically. |
If you would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: |
• If you invest through Charles Schwab & Co, Inc. (broker-dealer), by calling 1-866-345-5954 and using the unique identifier attached to this mailing; |
• If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly; or |
• If owned directly through a fund by calling 1-800-407-0256. |
If you already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Target 2010 Fund (Ticker Symbol: SWBRX) | 10.42% |
Target 2010 Composite Index | 11.10% |
Fund Category: Morningstar Target-Date 2000-20101 | 10.05% |
Performance Details | pages 8-10 |
Schwab Target 2015 Fund (Ticker Symbol: SWGRX) | 10.48% |
Target 2015 Composite Index | 11.23% |
Fund Category: Morningstar Target-Date 20151 | 10.50% |
Performance Details | pages 11-13 |
Schwab Target 2020 Fund (Ticker Symbol: SWCRX) | 10.58% |
Target 2020 Composite Index | 11.43% |
Fund Category: Morningstar Target-Date 20201 | 10.68% |
Performance Details | pages 14-16 |
Schwab Target 2025 Fund (Ticker Symbol: SWHRX) | 10.79% |
Target 2025 Composite Index | 11.99% |
Fund Category: Morningstar Target-Date 20251 | 11.25% |
Performance Details | pages 17-19 |
Schwab Target 2030 Fund (Ticker Symbol: SWDRX) | 10.94% |
Target 2030 Composite Index | 12.32% |
Fund Category: Morningstar Target-Date 20301 | 11.54% |
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. |
Total Return for the 12 Months Ended October 31, 2019 | |
Schwab Target 2035 Fund (Ticker Symbol: SWIRX) | 10.90% |
Target 2035 Composite Index | 12.49% |
Fund Category: Morningstar Target-Date 20351 | 11.80% |
Performance Details | pages 23-25 |
Schwab Target 2040 Fund (Ticker Symbol: SWERX) | 10.90% |
Target 2040 Composite Index | 12.61% |
Fund Category: Morningstar Target-Date 20401 | 11.86% |
Performance Details | pages 26-28 |
Schwab Target 2045 Fund (Ticker Symbol: SWMRX) | 10.91% |
Target 2045 Composite Index | 12.69% |
Fund Category: Morningstar Target-Date 20451 | 12.01% |
Performance Details | pages 29-31 |
Schwab Target 2050 Fund (Ticker Symbol: SWNRX) | 10.87% |
Target 2050 Composite Index | 12.72% |
Fund Category: Morningstar Target-Date 20501 | 12.05% |
Performance Details | pages 32-34 |
Schwab Target 2055 Fund (Ticker Symbol: SWORX) | 10.73% |
Target 2055 Composite Index | 12.74% |
Fund Category: Morningstar Target-Date 20551 | 12.07% |
Performance Details | pages 35-37 |
Schwab Target 2060 Fund (Ticker Symbol: SWPRX) | 10.85% |
Target 2060 Composite Index | 12.75% |
Fund Category: Morningstar Target-Date 2060+1 | 12.15% |
Performance Details | pages 38-40 |
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. |
President 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. |
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 2045 Fund, Schwab Target 2050 Fund and Schwab Target 2055 Fund, for which she has served as portfolio manager since January 2013, and the Schwab Target 2060 Fund, for which she has served as portfolio manager since 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) | 10.42% | 4.66% | 6.31% |
Target 2010 Composite Index | 11.10% | 5.08% | 6.49% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 2000-20102 | 10.05% | 4.61% | 6.40% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
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 2015 Fund (3/12/08) | 10.48% | 4.74% | 6.89% |
Target 2015 Composite Index | 11.23% | 5.22% | 7.05% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20152 | 10.50% | 4.90% | 7.06% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
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 | 10 Years |
Fund: Schwab Target 2020 Fund (7/1/05) | 10.58% | 5.25% | 7.82% |
Target 2020 Composite Index | 11.43% | 5.79% | 8.00% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20202 | 10.68% | 5.01% | 7.18% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 22 |
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 2025 Fund (3/12/08) | 10.79% | 5.79% | 8.60% |
Target 2025 Composite Index | 11.99% | 6.46% | 8.78% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20252 | 11.25% | 5.53% | 8.00% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 22 |
Portfolio Turnover Rate | 15% |
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) | 10.94% | 6.15% | 9.12% |
Target 2030 Composite Index | 12.32% | 6.91% | 9.33% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20302 | 11.54% | 5.99% | 8.38% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 21 |
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 | 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) | 10.90% | 6.40% | 9.58% |
Target 2035 Composite Index | 12.49% | 7.25% | 9.83% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20352 | 11.80% | 6.39% | 9.02% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 21 |
Portfolio Turnover Rate | 15% |
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) | 10.90% | 6.63% | 9.94% |
Target 2040 Composite Index | 12.61% | 7.55% | 10.21% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 13.62% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 3.73% |
Fund Category: Morningstar Target-Date 20402 | 11.86% | 6.60% | 9.11% |
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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 21 |
Portfolio Turnover Rate | 15% |
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 2045 Fund (1/23/13) | 10.91% | 6.74% | 8.91% |
Target 2045 Composite Index | 12.69% | 7.74% | 9.68% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 12.90% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 2.85% |
Fund Category: Morningstar Target-Date 20452 | 12.01% | 6.78% | 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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 21 |
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 | 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) | 10.87% | 6.83% | 9.07% |
Target 2050 Composite Index | 12.72% | 7.84% | 9.86% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 12.90% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 2.85% |
Fund Category: Morningstar Target-Date 20502 | 12.05% | 6.83% | 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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 21 |
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 | 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) | 10.73% | 6.88% | 9.16% |
Target 2055 Composite Index | 12.74% | 7.93% | 9.98% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 10.26% | 12.90% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.24% | 2.85% |
Fund Category: Morningstar Target-Date 20552 | 12.07% | 6.91% | 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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
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 | 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 | 3 Years | Since Inception |
Fund: Schwab Target 2060 Fund (8/25/16) | 10.85% | 10.47% | 9.24% |
Target 2060 Composite Index | 12.75% | 11.65% | 10.22% |
Dow Jones U.S. Total Stock Market IndexSM | 13.39% | 14.42% | 12.81% |
Bloomberg Barclays US Aggregate Bond Index | 11.51% | 3.29% | 2.85% |
Fund Category: Morningstar Target-Date 2060+2 | 12.15% | 10.73% | 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 (AFFE), 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 expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements. |
Number of Holdings | 20 |
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. |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/192 | Expenses Paid During Period 5/1/19-10/31/192,5 | Effective Expenses Paid During Period 5/1/19-10/31/194,5 | |
Schwab Target 2010 Fund | ||||||
Actual Return | 0.00% | 0.32% | $1,000.00 | $1,039.10 | $0.00 | $1.64 |
Hypothetical 5% Return | 0.00% | 0.32% | $1,000.00 | $1,025.20 | $0.00 | $1.63 |
Schwab Target 2015 Fund | ||||||
Actual Return | 0.00% | 0.34% | $1,000.00 | $1,037.80 | $0.00 | $1.75 |
Hypothetical 5% Return | 0.00% | 0.34% | $1,000.00 | $1,025.20 | $0.00 | $1.73 |
Schwab Target 2020 Fund | ||||||
Actual Return | 0.00% | 0.37% | $1,000.00 | $1,037.30 | $0.00 | $1.90 |
Hypothetical 5% Return | 0.00% | 0.37% | $1,000.00 | $1,025.20 | $0.00 | $1.89 |
Schwab Target 2025 Fund | ||||||
Actual Return | 0.00% | 0.47% | $1,000.00 | $1,032.90 | $0.00 | $2.41 |
Hypothetical 5% Return | 0.00% | 0.47% | $1,000.00 | $1,025.20 | $0.00 | $2.40 |
Schwab Target 2030 Fund | ||||||
Actual Return | 0.00% | 0.54% | $1,000.00 | $1,030.00 | $0.00 | $2.76 |
Hypothetical 5% Return | 0.00% | 0.54% | $1,000.00 | $1,025.20 | $0.00 | $2.75 |
Schwab Target 2035 Fund | ||||||
Actual Return | 0.00% | 0.60% | $1,000.00 | $1,026.60 | $0.00 | $3.06 |
Hypothetical 5% Return | 0.00% | 0.60% | $1,000.00 | $1,025.20 | $0.00 | $3.06 |
Schwab Target 2040 Fund | ||||||
Actual Return | 0.00% | 0.65% | $1,000.00 | $1,023.40 | $0.00 | $3.32 |
Hypothetical 5% Return | 0.00% | 0.65% | $1,000.00 | $1,025.20 | $0.00 | $3.31 |
Schwab Target 2045 Fund | ||||||
Actual Return | 0.00% | 0.68% | $1,000.00 | $1,021.30 | $0.00 | $3.46 |
Hypothetical 5% Return | 0.00% | 0.68% | $1,000.00 | $1,025.20 | $0.00 | $3.47 |
Schwab Target 2050 Fund | ||||||
Actual Return | 0.00% | 0.71% | $1,000.00 | $1,019.60 | $0.00 | $3.61 |
Hypothetical 5% Return | 0.00% | 0.71% | $1,000.00 | $1,025.20 | $0.00 | $3.62 |
Schwab Target 2055 Fund | ||||||
Actual Return | 0.00% | 0.72% | $1,000.00 | $1,018.00 | $0.00 | $3.66 |
Hypothetical 5% Return | 0.00% | 0.72% | $1,000.00 | $1,025.20 | $0.00 | $3.67 |
Expense Ratio (Annualized)1,2 | Effective Expense Ratio (Annualized)3,4 | Beginning Account Value at 5/1/19 | Ending Account Value (Net of Expenses) at 10/31/192 | Expenses Paid During Period 5/1/19-10/31/192,5 | Effective Expenses Paid During Period 5/1/19-10/31/194,5 | |
Schwab Target 2060 Fund | ||||||
Actual Return | 0.00% | 0.74% | $1,000.00 | $1,017.60 | $0.00 | $3.76 |
Hypothetical 5% Return | 0.00% | 0.74% | $1,000.00 | $1,025.20 | $0.00 | $3.77 |
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 expenses ratios in the prospectus. |
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 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. |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.06 | $13.42 | $12.52 | $12.42 | $12.42 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.30 | 0.29 | 0.22 | 0.20 | 0.17 | |
Net realized and unrealized gains (losses) | 0.97 | (0.35) | 0.90 | 0.12 | 0.08 | |
Total from investment operations | 1.27 | (0.06) | 1.12 | 0.32 | 0.25 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.30) | (0.22) | (0.22) | (0.25) | |
Distributions from net realized gains | (0.42) | — | — | — | — | |
Total distributions | (0.76) | (0.30) | (0.22) | (0.22) | (0.25) | |
Net asset value at end of period | $13.57 | $13.06 | $13.42 | $12.52 | $12.42 | |
Total return | 10.42% | (0.52%) | 9.11% | 2.68% | 2.03% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00%3 | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.17% | 0.12% | 0.14% | 0.14% | 0.14% | |
Net investment income (loss) | 2.33% | 2.15% | 1.75% | 1.60% | 1.40% | |
Portfolio turnover rate | 13% | 16% | 51%4 | 14% | 33% | |
Net assets, end of period (x 1,000,000) | $51 | $52 | $59 | $59 | $65 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds75.6% of net assets | ||
Equity Funds 29.8% | ||
Global Real Estate 1.9% | ||
Schwab Global Real Estate Fund | 115,058 | 961,884 |
International 9.5% | ||
Laudus International MarketMasters Fund | 126,488 | 2,895,314 |
Schwab International Core Equity Fund | 197,573 | 1,983,635 |
4,878,949 | ||
Large-Cap 16.2% | ||
Schwab Core Equity Fund | 124,304 | 2,718,520 |
Schwab Dividend Equity Fund | 5,819 | 87,695 |
Schwab S&P 500 Index Fund | 115,469 | 5,446,654 |
8,252,869 | ||
Mid-Cap 0.7% | ||
Schwab U.S. Mid-Cap Index Fund | 8,477 | 375,464 |
Small-Cap 1.5% | ||
Schwab Small-Cap Equity Fund | 44,558 | 743,230 |
15,212,396 | ||
Fixed-Income Funds 39.3% | ||
Inflation-Protected Bond 6.3% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 287,829 | 3,255,343 |
Intermediate-Term Bond 23.1% | ||
Schwab U.S. Aggregate Bond Index Fund | 1,136,433 | 11,796,171 |
Short-Term Bond 9.9% | ||
Schwab Short-Term Bond Index Fund | 499,774 | 5,052,710 |
20,104,224 | ||
Money Market Fund 6.5% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 3,305,817 | 3,307,470 |
Total Affiliated Underlying Funds | ||
(Cost $33,932,523) | 38,624,090 | |
Unaffiliated Underlying Funds23.6% of net assets | ||
Equity Funds 6.4% | ||
Large-Cap 5.9% | ||
ClearBridge Large Cap Growth Fund, Class IS | 28,979 | 1,555,023 |
Dodge & Cox Stock Fund | 7,725 | 1,475,616 |
3,030,639 |
Security | Number of Shares | Value ($) |
Small-Cap 0.5% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 7,370 | 280,352 |
3,310,991 | ||
Fixed-Income Funds 17.2% | ||
Intermediate-Term Bond 15.0% | ||
Baird Aggregate Bond Fund, Institutional Class | 224,671 | 2,532,041 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 50,515 | 575,870 |
Metropolitan West Total Return Bond Fund, Class I | 412,706 | 4,572,778 |
7,680,689 | ||
International Bond 2.2% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 98,530 | 1,107,476 |
8,788,165 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $11,451,793) | 12,099,156 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.4% of net assets | ||
Time Deposit 0.4% | ||
BNP Paribas | ||
1.18%, 11/01/19(b) | 197,701 | 197,701 |
Total Short-Term Investment | ||
(Cost $197,701) | 197,701 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $3,089,589 | $368,862 | ($595,000) | ($74,078) | $105,941 | $2,895,314 | 126,488 | $271,862 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 401,473 | — | (349,523) | 133,991 | (185,941) | — | — | 38,023 |
Schwab Core Equity Fund | 2,664,098 | 767,222 | (732,000) | (72,440) | 91,640 | 2,718,520 | 124,304 | 325,222 |
Schwab Dividend Equity Fund | 80,613 | 8,031 | — | — | (949) | 87,695 | 5,819 | 8,032 |
Schwab Global Real Estate Fund | 778,890 | 155,852 | (138,000) | 5,574 | 159,568 | 961,884 | 115,058 | 35,852 |
Schwab International Core Equity Fund | 1,970,369 | 177,611 | (263,000) | (19,344) | 117,999 | 1,983,635 | 197,573 | 51,610 |
Schwab S&P 500 Index Fund | 5,712,773 | 818,576 | (1,747,000) | 255,215 | 407,090 | 5,446,654 | 115,469 | 130,576 |
Schwab Short-Term Bond Index Fund | 5,263,621 | 177,938 | (576,000) | (5,395) | 192,546 | 5,052,710 | 499,774 | 124,944 |
Schwab Small-Cap Equity Fund | 676,932 | 185,159 | — | — | (118,861) | 743,230 | 44,558 | 125,159 |
Schwab Treasury Inflation Protected Securities Index Fund | 3,321,405 | 240,777 | (516,000) | (48,093) | 257,254 | 3,255,343 | 287,829 | 76,778 |
Schwab U.S. Aggregate Bond Index Fund | 12,514,454 | 766,873 | (2,426,000) | (31,497) | 972,341 | 11,796,171 | 1,136,433 | 354,887 |
Schwab U.S. Mid-Cap Index Fund | 417,614 | 5,342 | (99,000) | 5,856 | 45,652 | 375,464 | 8,477 | 5,341 |
Schwab Variable Share Price Money Fund, Ultra Shares | 3,148,618 | 537,961 | (380,000) | (6) | 897 | 3,307,470 | 3,305,817 | 73,661 |
Total | $40,040,449 | $4,210,204 | ($7,821,523) | $149,783 | $2,045,177 | $38,624,090 | $1,621,947 |
* | 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 | $38,624,090 | $— | $— | $38,624,090 | |
Unaffiliated Underlying Funds1 | 12,099,156 | — | — | 12,099,156 | |
Short-Term Investment1 | — | 197,701 | — | 197,701 | |
Total | $50,723,246 | $197,701 | $— | $50,920,947 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $33,932,523) | $38,624,090 | |
Investments in unaffiliated funds and issuers, at value (cost $11,649,494) | 12,296,857 | |
Receivables: | ||
Investments sold | 195,000 | |
Dividends | 52,159 | |
Due from investment adviser | 9,886 | |
Fund shares sold | 968 | |
Interest | 7 | |
Prepaid expenses | + | 10,733 |
Total assets | 51,189,700 | |
Liabilities | ||
Payables: | ||
Investments bought | 49,386 | |
Fund shares redeemed | 6,725 | |
Accrued expenses | + | 27,502 |
Total liabilities | 83,613 | |
Net Assets | ||
Total assets | 51,189,700 | |
Total liabilities | – | 83,613 |
Net assets | $51,106,087 | |
Net Assets by Source | ||
Capital received from investors | 44,030,902 | |
Total distributable earnings | 7,075,185 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$51,106,087 | 3,767,025 | $13.57 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $902,615 | |
Dividends received from unaffiliated underlying funds | 290,951 | |
Interest | + | 6,649 |
Total investment income | 1,200,215 | |
Expenses | ||
Professional fees | 26,433 | |
Registration fees | 20,686 | |
Portfolio accounting fees | 15,274 | |
Independent trustees’ fees | 8,188 | |
Shareholder reports | 7,170 | |
Custodian fees | 4,474 | |
Transfer agent fees | 2,051 | |
Other expenses | + | 5,082 |
Total expenses | 89,358 | |
Expense reduction by CSIM and its affiliates | – | 89,358 |
Net expenses | – | — |
Net investment income | 1,200,215 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 719,332 | |
Realized capital gain distributions received from unaffiliated underlying funds | 196,942 | |
Net realized gains on sales of affiliated underlying funds | 149,783 | |
Net realized gains on sales of unaffiliated underlying funds | + | 203,238 |
Net realized gains | 1,269,295 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 2,045,177 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 630,333 |
Net change in unrealized appreciation (depreciation) | + | 2,675,510 |
Net realized and unrealized gains | 3,944,805 | |
Increase in net assets resulting from operations | $5,145,020 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $1,200,215 | $1,207,790 | ||
Net realized gains | 1,269,295 | 1,833,956 | ||
Net change in unrealized appreciation (depreciation) | + | 2,675,510 | (3,239,769) | |
Increase (decrease) in net assets from operations | 5,145,020 | (198,023) | ||
Distributions to Shareholders | ||||
Total distributions | ($2,901,734) | ($1,288,370) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 451,805 | $5,747,022 | 618,399 | $8,258,666 | ||||
Shares reinvested | 218,767 | 2,638,341 | 86,123 | 1,148,871 | ||||
Shares redeemed | + | (886,220) | (11,518,751) | (1,101,598) | (14,684,690) | |||
Net transactions in fund shares | (215,648) | ($3,133,388) | (397,076) | ($5,277,153) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 3,982,673 | $51,996,189 | 4,379,749 | $58,759,735 | ||||
Total decrease | + | (215,648) | (890,102) | (397,076) | (6,763,546) | |||
End of period | 3,767,025 | $51,106,087 | 3,982,673 | $51,996,189 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $11.49 | $12.21 | $11.72 | $12.23 | $12.81 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.27 | 0.25 | 0.20 | 0.18 | 0.17 | |
Net realized and unrealized gains (losses) | 0.86 | (0.30) | 0.88 | 0.11 | 0.08 | |
Total from investment operations | 1.13 | (0.05) | 1.08 | 0.29 | 0.25 | |
Less distributions: | ||||||
Distributions from net investment income | (0.30) | (0.27) | (0.22) | (0.21) | (0.27) | |
Distributions from net realized gains | (0.25) | (0.40) | (0.37) | (0.59) | (0.56) | |
Total distributions | (0.55) | (0.67) | (0.59) | (0.80) | (0.83) | |
Net asset value at end of period | $12.07 | $11.49 | $12.21 | $11.72 | $12.23 | |
Total return | 10.48% | (0.57%) | 9.67% | 2.59% | 1.99% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00%3 | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.11% | 0.07% | 0.09% | 0.08% | 0.09% | |
Net investment income (loss) | 2.35% | 2.12% | 1.74% | 1.59% | 1.42% | |
Portfolio turnover rate | 10% | 14% | 52%4 | 14% | 33% | |
Net assets, end of period (x 1,000,000) | $81 | $90 | $103 | $104 | $116 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds75.4% of net assets | ||
Equity Funds 32.3% | ||
Global Real Estate 2.0% | ||
Schwab Global Real Estate Fund | 195,547 | 1,634,776 |
International 10.6% | ||
Laudus International MarketMasters Fund | 223,762 | 5,121,917 |
Schwab International Core Equity Fund | 342,322 | 3,436,913 |
8,558,830 | ||
Large-Cap 17.3% | ||
Schwab Core Equity Fund | 210,461 | 4,602,775 |
Schwab Dividend Equity Fund | 15,792 | 237,989 |
Schwab S&P 500 Index Fund | 195,184 | 9,206,847 |
14,047,611 | ||
Mid-Cap 0.7% | ||
Schwab U.S. Mid-Cap Index Fund | 13,167 | 583,167 |
Small-Cap 1.7% | ||
Schwab Small-Cap Equity Fund | 83,313 | 1,389,668 |
26,214,052 | ||
Fixed-Income Funds 37.2% | ||
Inflation-Protected Bond 6.1% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 435,782 | 4,928,698 |
Intermediate-Term Bond 21.8% | ||
Schwab U.S. Aggregate Bond Index Fund | 1,704,838 | 17,696,214 |
Short-Term Bond 9.3% | ||
Schwab Short-Term Bond Index Fund | 745,703 | 7,539,057 |
30,163,969 | ||
Money Market Fund 5.9% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 4,835,212 | 4,837,629 |
Total Affiliated Underlying Funds | ||
(Cost $51,426,468) | 61,215,650 | |
Unaffiliated Underlying Funds23.8% of net assets | ||
Equity Funds 6.6% | ||
Large-Cap 6.2% | ||
ClearBridge Large Cap Growth Fund, Class IS | 48,508 | 2,602,914 |
Dodge & Cox Stock Fund | 12,561 | 2,399,589 |
5,002,503 |
Security | Number of Shares | Value ($) |
Small-Cap 0.4% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 9,319 | 354,510 |
5,357,013 | ||
Fixed-Income Funds 17.2% | ||
Intermediate-Term Bond 14.9% | ||
Baird Aggregate Bond Fund, Institutional Class | 329,416 | 3,712,524 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 88,740 | 1,011,634 |
Metropolitan West Total Return Bond Fund, Class I | 664,662 | 7,364,457 |
12,088,615 | ||
International Bond 2.3% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 163,712 | 1,840,128 |
13,928,743 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $18,221,280) | 19,285,756 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.7% of net assets | ||
Time Deposit 0.7% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(b) | 528,191 | 528,191 |
Total Short-Term Investment | ||
(Cost $528,191) | 528,191 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $5,870,698 | $623,250 | ($1,363,000) | ($244,884) | $235,853 | $5,121,917 | 223,762 | $533,250 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 682,429 | — | (588,447) | 108,766 | (202,748) | — | — | 64,632 |
Schwab Core Equity Fund | 4,993,273 | 722,102 | (1,010,000) | 49,286 | (151,886) | 4,602,775 | 210,461 | 622,102 |
Schwab Dividend Equity Fund | 218,771 | 21,794 | — | — | (2,576) | 237,989 | 15,792 | 21,795 |
Schwab Global Real Estate Fund | 1,541,766 | 163,981 | (346,000) | 41,630 | 233,399 | 1,634,776 | 195,547 | 62,980 |
Schwab International Core Equity Fund | 3,902,070 | 102,207 | (706,000) | (86,427) | 225,063 | 3,436,913 | 342,322 | 102,207 |
Schwab S&P 500 Index Fund | 10,096,954 | 1,343,363 | (3,290,250) | 452,502 | 604,278 | 9,206,847 | 195,184 | 242,363 |
Schwab Short-Term Bond Index Fund | 8,717,703 | 285,773 | (1,752,000) | (23,624) | 311,205 | 7,539,057 | 745,703 | 191,781 |
Schwab Small-Cap Equity Fund | 1,205,702 | 432,925 | (61,000) | 2,189 | (190,148) | 1,389,668 | 83,313 | 222,925 |
Schwab Treasury Inflation Protected Securities Index Fund | 5,506,210 | 209,673 | (1,106,000) | (58,413) | 377,228 | 4,928,698 | 435,782 | 120,673 |
Schwab U.S. Aggregate Bond Index Fund | 20,697,889 | 1,081,048 | (5,542,786) | (93,551) | 1,553,614 | 17,696,214 | 1,704,838 | 548,071 |
Schwab U.S. Mid-Cap Index Fund | 740,317 | 9,469 | (248,000) | 5,330 | 76,051 | 583,167 | 13,167 | 9,468 |
Schwab Variable Share Price Money Fund, Ultra Shares | 5,124,081 | 112,109 | (400,000) | (10) | 1,449 | 4,837,629 | 4,835,212 | 111,142 |
Total | $69,297,863 | $5,107,694 | ($16,413,483) | $152,794 | $3,070,782 | $61,215,650 | $2,853,389 |
* | 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 | $61,215,650 | $— | $— | $61,215,650 | |
Unaffiliated Underlying Funds1 | 19,285,756 | — | — | 19,285,756 | |
Short-Term Investment1 | — | 528,191 | — | 528,191 | |
Total | $80,501,406 | $528,191 | $— | $81,029,597 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $51,426,468) | $61,215,650 | |
Investments in unaffiliated funds and issuers, at value (cost $18,749,471) | 19,813,947 | |
Receivables: | ||
Investments sold | 138,000 | |
Dividends | 79,241 | |
Due from investment adviser | 9,731 | |
Fund shares sold | 6,508 | |
Interest | 18 | |
Prepaid expenses | + | 4,861 |
Total assets | 81,267,956 | |
Liabilities | ||
Payables: | ||
Investments bought | 75,220 | |
Fund shares redeemed | 25,698 | |
Accrued expenses | + | 28,368 |
Total liabilities | 129,286 | |
Net Assets | ||
Total assets | 81,267,956 | |
Total liabilities | – | 129,286 |
Net assets | $81,138,670 | |
Net Assets by Source | ||
Capital received from investors | 67,405,212 | |
Total distributable earnings | 13,733,458 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$81,138,670 | 6,722,917 | $12.07 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $1,486,727 | |
Dividends received from unaffiliated underlying funds | 467,389 | |
Interest | + | 9,653 |
Total investment income | 1,963,769 | |
Expenses | ||
Professional fees | 26,618 | |
Registration fees | 21,119 | |
Portfolio accounting fees | 15,637 | |
Independent trustees’ fees | 8,355 | |
Shareholder reports | 8,102 | |
Custodian fees | 4,670 | |
Transfer agent fees | 3,007 | |
Other expenses | + | 5,452 |
Total expenses | 92,960 | |
Expense reduction by CSIM and its affiliates | – | 92,960 |
Net expenses | – | — |
Net investment income | 1,963,769 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 1,366,662 | |
Realized capital gain distributions received from unaffiliated underlying funds | 356,395 | |
Net realized gains on sales of affiliated underlying funds | 152,794 | |
Net realized gains on sales of unaffiliated underlying funds | + | 392,640 |
Net realized gains | 2,268,491 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 3,070,782 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 913,312 |
Net change in unrealized appreciation (depreciation) | + | 3,984,094 |
Net realized and unrealized gains | 6,252,585 | |
Increase in net assets resulting from operations | $8,216,354 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $1,963,769 | $2,058,749 | ||
Net realized gains | 2,268,491 | 2,267,583 | ||
Net change in unrealized appreciation (depreciation) | + | 3,984,094 | (4,623,608) | |
Increase (decrease) in net assets from operations | 8,216,354 | (297,276) | ||
Distributions to Shareholders | ||||
Total distributions | ($4,192,333) | ($5,446,311) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 663,357 | $7,656,603 | 1,041,859 | $12,323,515 | ||||
Shares reinvested | 364,172 | 3,892,994 | 423,003 | 4,970,289 | ||||
Shares redeemed | + | (2,164,691) | (24,726,747) | (2,003,385) | (23,776,931) | |||
Net transactions in fund shares | (1,137,162) | ($13,177,150) | (538,523) | ($6,483,127) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 7,860,079 | $90,291,799 | 8,398,602 | $102,518,513 | ||||
Total decrease | + | (1,137,162) | (9,153,129) | (538,523) | (12,226,714) | |||
End of period | 6,722,917 | $81,138,670 | 7,860,079 | $90,291,799 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.87 | $14.71 | $13.84 | $14.33 | $14.32 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.32 | 0.30 | 0.23 | 0.22 | 0.20 | |
Net realized and unrealized gains (losses) | 1.04 | (0.33) | 1.39 | 0.06 | 0.12 | |
Total from investment operations | 1.36 | (0.03) | 1.62 | 0.28 | 0.32 | |
Less distributions: | ||||||
Distributions from net investment income | (0.35) | (0.33) | (0.24) | (0.27) | (0.31) | |
Distributions from net realized gains | (0.42) | (0.48) | (0.51) | (0.50) | — | |
Total distributions | (0.77) | (0.81) | (0.75) | (0.77) | (0.31) | |
Net asset value at end of period | $14.46 | $13.87 | $14.71 | $13.84 | $14.33 | |
Total return | 10.58% | (0.32%) | 12.28% | 2.05% | 2.25% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.03% | 0.02% | 0.03% | 0.03% | 0.03% | |
Net investment income (loss) | 2.28% | 2.07% | 1.67% | 1.59% | 1.42% | |
Portfolio turnover rate | 14% | 18% | 47%4 | 9% | 25% | |
Net assets, end of period (x 1,000,000) | $549 | $542 | $579 | $530 | $536 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds74.7% of net assets | ||
Equity Funds 36.1% | ||
Global Real Estate 2.3% | ||
Schwab Global Real Estate Fund | 1,490,632 | 12,461,685 |
International 12.3% | ||
Laudus International MarketMasters Fund | 1,762,958 | 40,354,107 |
Schwab International Core Equity Fund | 2,693,659 | 27,044,335 |
67,398,442 | ||
Large-Cap 18.8% | ||
Laudus U.S. Large Cap Growth Fund * | 45,634 | 1,023,113 |
Schwab Core Equity Fund | 1,589,493 | 34,762,217 |
Schwab Dividend Equity Fund | 90,362 | 1,361,750 |
Schwab S&P 500 Index Fund | 1,403,263 | 66,191,930 |
103,339,010 | ||
Mid-Cap 0.9% | ||
Schwab U.S. Mid-Cap Index Fund | 116,129 | 5,143,346 |
Small-Cap 1.8% | ||
Schwab Small-Cap Equity Fund | 606,965 | 10,124,182 |
198,466,665 | ||
Fixed-Income Funds 33.2% | ||
Inflation-Protected Bond 5.0% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 2,435,963 | 27,550,743 |
Intermediate-Term Bond 19.9% | ||
Schwab U.S. Aggregate Bond Index Fund | 10,502,153 | 109,012,348 |
Short-Term Bond 8.3% | ||
Schwab Short-Term Bond Index Fund | 4,501,117 | 45,506,292 |
182,069,383 | ||
Money Market Fund 5.4% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 29,496,999 | 29,511,748 |
Total Affiliated Underlying Funds | ||
(Cost $342,423,057) | 410,047,796 | |
Unaffiliated Underlying Funds24.6% of net assets | ||
Equity Funds 7.5% | ||
International 0.1% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 56,411 | 526,313 |
Security | Number of Shares | Value ($) |
Large-Cap 6.8% | ||
ClearBridge Large Cap Growth Fund, Class IS | 348,491 | 18,700,044 |
Dodge & Cox Stock Fund | 98,320 | 18,781,955 |
37,481,999 | ||
Small-Cap 0.6% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 80,004 | 3,043,355 |
41,051,667 | ||
Fixed-Income Funds 17.1% | ||
Intermediate-Term Bond 14.3% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,876,538 | 21,148,578 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 804,733 | 9,173,961 |
Metropolitan West Total Return Bond Fund, Class I | 4,322,043 | 47,888,232 |
78,210,771 | ||
International Bond 2.8% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,370,172 | 15,400,735 |
93,611,506 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $127,148,972) | 134,663,173 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.6% of net assets | ||
Time Deposit 0.6% | ||
Citibank | ||
1.18%, 11/01/19(b) | 3,493,567 | 3,493,567 |
Total Short-Term Investment | ||
(Cost $3,493,567) | 3,493,567 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $42,297,374 | $5,092,187 | ($7,389,000) | ($920,669) | $1,274,215 | $40,354,107 | 1,762,958 | $3,782,187 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 4,762,986 | — | (4,146,773) | 1,571,480 | (2,187,693) | — | — | 451,098 |
Laudus U.S. Large Cap Growth Fund | 2,014,639 | 147,336 | (1,170,000) | 585,362 | (554,224) | 1,023,113 | 45,634 | 147,337 |
Schwab Core Equity Fund | 37,609,025 | 4,591,155 | (6,809,000) | 14,799 | (643,762) | 34,762,217 | 1,589,493 | 4,591,155 |
Schwab Dividend Equity Fund | 1,251,781 | 124,708 | — | — | (14,739) | 1,361,750 | 90,362 | 124,707 |
Schwab Global Real Estate Fund | 11,999,919 | 469,290 | (2,087,000) | 66,408 | 2,013,068 | 12,461,685 | 1,490,632 | 469,290 |
Schwab Intermediate-Term Bond Fund | 2,172,285 | 4,497 | (2,194,795) | (116,114) | 134,127 | — | — | 6,461 |
Schwab International Core Equity Fund | 28,604,362 | 1,105,233 | (3,780,000) | (575,200) | 1,689,940 | 27,044,335 | 2,693,659 | 749,233 |
Schwab S&P 500 Index Fund | 67,874,109 | 7,841,782 | (17,206,000) | 2,572,355 | 5,109,684 | 66,191,930 | 1,403,263 | 1,641,782 |
Schwab Short-Term Bond Index Fund | 41,793,685 | 4,597,463 | (2,515,000) | 10,189 | 1,619,955 | 45,506,292 | 4,501,117 | 1,097,513 |
Schwab Small-Cap Equity Fund | 9,244,311 | 2,469,200 | — | — | (1,589,329) | 10,124,182 | 606,965 | 1,709,201 |
Schwab Treasury Inflation Protected Securities Index Fund | 22,816,392 | 5,416,754 | (2,381,000) | (118,322) | 1,816,919 | 27,550,743 | 2,435,963 | 596,753 |
Schwab U.S. Aggregate Bond Index Fund | 108,887,806 | 8,512,662 | (16,952,000) | (92,517) | 8,656,397 | 109,012,348 | 10,502,153 | 3,229,880 |
Schwab U.S. Mid-Cap Index Fund | 5,172,726 | 66,159 | (660,000) | (30,143) | 594,604 | 5,143,346 | 116,129 | 66,158 |
Schwab Variable Share Price Money Fund, Ultra Shares | 26,047,493 | 6,456,437 | (3,000,000) | (300) | 8,118 | 29,511,748 | 29,496,999 | 647,846 |
Total | $412,548,893 | $46,894,863 | ($70,290,568) | $2,967,328 | $17,927,280 | $410,047,796 | $19,310,601 |
* | 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 | $410,047,796 | $— | $— | $410,047,796 | |
Unaffiliated Underlying Funds1 | 134,663,173 | — | — | 134,663,173 | |
Short-Term Investment1 | — | 3,493,567 | — | 3,493,567 | |
Total | $544,710,969 | $3,493,567 | $— | $548,204,536 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $342,423,057) | $410,047,796 | |
Investments in unaffiliated funds and issuers, at value (cost $130,642,539) | 138,156,740 | |
Receivables: | ||
Investments sold | 548,000 | |
Dividends | 494,473 | |
Fund shares sold | 95,675 | |
Due from investment adviser | 14,795 | |
Interest | 116 | |
Prepaid expenses | + | 15,047 |
Total assets | 549,372,642 | |
Liabilities | ||
Payables: | ||
Investments bought | 470,187 | |
Fund shares redeemed | 163,742 | |
Accrued expenses | + | 48,287 |
Total liabilities | 682,216 | |
Net Assets | ||
Total assets | 549,372,642 | |
Total liabilities | – | 682,216 |
Net assets | $548,690,426 | |
Net Assets by Source | ||
Capital received from investors | 451,218,328 | |
Total distributable earnings | 97,472,098 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$548,690,426 | 37,954,052 | $14.46 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $9,226,790 | |
Dividends received from unaffiliated underlying funds | 3,153,044 | |
Interest | + | 49,601 |
Total investment income | 12,429,435 | |
Expenses | ||
Registration fees | 35,239 | |
Shareholder reports | 34,445 | |
Portfolio accounting fees | 30,190 | |
Professional fees | 29,276 | |
Transfer agent fees | 11,046 | |
Independent trustees’ fees | 10,699 | |
Custodian fees | 4,441 | |
Other expenses | + | 10,613 |
Total expenses | 165,949 | |
Expense reduction by CSIM and its affiliates | – | 165,949 |
Net expenses | – | — |
Net investment income | 12,429,435 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 10,083,811 | |
Realized capital gain distributions received from unaffiliated underlying funds | 2,464,884 | |
Net realized gains on sales of affiliated underlying funds | 2,967,328 | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,348,037 |
Net realized gains | 17,864,060 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 17,927,280 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 6,459,394 |
Net change in unrealized appreciation (depreciation) | + | 24,386,674 |
Net realized and unrealized gains | 42,250,734 | |
Increase in net assets resulting from operations | $54,680,169 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $12,429,435 | $11,910,803 | ||
Net realized gains | 17,864,060 | 18,933,415 | ||
Net change in unrealized appreciation (depreciation) | + | 24,386,674 | (31,955,210) | |
Increase (decrease) in net assets from operations | 54,680,169 | (1,110,992) | ||
Distributions to Shareholders | ||||
Total distributions | ($29,733,328) | ($31,941,953) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 5,237,831 | $72,332,026 | 6,171,493 | $88,636,849 | ||||
Shares reinvested | 2,194,423 | 27,913,053 | 2,123,917 | 30,180,858 | ||||
Shares redeemed | + | (8,554,258) | (118,357,642) | (8,590,128) | (123,172,064) | |||
Net transactions in fund shares | (1,122,004) | ($18,112,563) | (294,718) | ($4,354,357) | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 39,076,056 | $541,856,148 | 39,370,774 | $579,263,450 | ||||
Total increase or decrease | + | (1,122,004) | 6,834,278 | (294,718) | (37,407,302) | |||
End of period | 37,954,052 | $548,690,426 | 39,076,056 | $541,856,148 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.10 | $14.71 | $13.45 | $14.11 | $14.54 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.30 | 0.28 | 0.22 | 0.20 | 0.19 | |
Net realized and unrealized gains (losses) | 1.10 | (0.34) | 1.73 | 0.06 | 0.15 | |
Total from investment operations | 1.40 | (0.06) | 1.95 | 0.26 | 0.34 | |
Less distributions: | ||||||
Distributions from net investment income | (0.34) | (0.34) | (0.23) | (0.26) | (0.32) | |
Distributions from net realized gains | (0.42) | (0.21) | (0.46) | (0.66) | (0.45) | |
Total distributions | (0.76) | (0.55) | (0.69) | (0.92) | (0.77) | |
Net asset value at end of period | $14.74 | $14.10 | $14.71 | $13.45 | $14.11 | |
Total return | 10.79% | (0.53%) | 15.17% | 2.01% | 2.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.03% | 0.02% | 0.03% | 0.04% | 0.04% | |
Net investment income (loss) | 2.10% | 1.88% | 1.59% | 1.53% | 1.37% | |
Portfolio turnover rate | 15% | 13% | 36%4 | 5% | 21% | |
Net assets, end of period (x 1,000,000) | $577 | $531 | $521 | $443 | $409 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds73.4% of net assets | ||
Equity Funds 47.9% | ||
Global Real Estate 2.9% | ||
Schwab Global Real Estate Fund | 2,028,554 | 16,958,713 |
International 16.2% | ||
Laudus International MarketMasters Fund | 2,470,866 | 56,558,130 |
Schwab International Core Equity Fund | 3,694,346 | 37,091,229 |
93,649,359 | ||
Large-Cap 24.9% | ||
Laudus U.S. Large Cap Growth Fund * | 300,107 | 6,728,398 |
Schwab Core Equity Fund | 2,447,540 | 53,527,691 |
Schwab Dividend Equity Fund | 137,137 | 2,066,652 |
Schwab S&P 500 Index Fund | 1,723,066 | 81,277,045 |
143,599,786 | ||
Mid-Cap 1.1% | ||
Schwab U.S. Mid-Cap Index Fund | 143,028 | 6,334,698 |
Small-Cap 2.8% | ||
Schwab Small-Cap Equity Fund | 954,032 | 15,913,251 |
276,455,807 | ||
Fixed-Income Funds 21.8% | ||
Inflation-Protected Bond 1.8% | ||
Schwab Treasury Inflation Protected Securities Index Fund | 922,138 | 10,429,385 |
Intermediate-Term Bond 14.2% | ||
Schwab U.S. Aggregate Bond Index Fund | 7,906,129 | 82,065,620 |
Short-Term Bond 5.8% | ||
Schwab Short-Term Bond Index Fund | 3,307,852 | 33,442,382 |
125,937,387 | ||
Money Market Fund 3.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 21,380,817 | 21,391,508 |
Total Affiliated Underlying Funds | ||
(Cost $364,414,953) | 423,784,702 | |
Unaffiliated Underlying Funds25.8% of net assets | ||
Equity Funds 9.4% | ||
International 0.9% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 578,339 | 5,395,898 |
Security | Number of Shares | Value ($) |
Large-Cap 7.6% | ||
ClearBridge Large Cap Growth Fund, Class IS | 372,445 | 19,985,410 |
Dodge & Cox Stock Fund | 124,291 | 23,743,229 |
43,728,639 | ||
Small-Cap 0.9% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 132,166 | 5,027,597 |
54,152,134 | ||
Fixed-Income Funds 16.4% | ||
Intermediate-Term Bond 12.1% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,084,266 | 12,219,678 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 1,232,021 | 14,045,043 |
Metropolitan West Total Return Bond Fund, Class I | 3,915,978 | 43,389,032 |
69,653,753 | ||
International Bond 4.3% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 2,224,271 | 25,000,805 |
94,654,558 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $140,999,140) | 148,806,692 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.7% of net assets | ||
Time Deposit 0.7% | ||
Sumitomo Mitsui Trust Bank, Limited | ||
1.18%, 11/01/19(b) | 3,884,390 | 3,884,390 |
Total Short-Term Investment | ||
(Cost $3,884,390) | 3,884,390 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $53,312,231 | $6,275,124 | ($3,700,000) | ($985,460) | $1,656,235 | $56,558,130 | 2,470,866 | $4,767,124 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 7,069,753 | — | (6,155,418) | 911,224 | (1,825,559) | — | — | 669,570 |
Laudus U.S. Large Cap Growth Fund | 6,814,896 | 498,394 | (1,040,000) | 267,833 | 187,275 | 6,728,398 | 300,107 | 498,394 |
Schwab Core Equity Fund | 50,116,280 | 7,447,990 | (3,850,000) | (530,738) | 344,159 | 53,527,691 | 2,447,540 | 6,117,990 |
Schwab Dividend Equity Fund | 3,057,934 | 290,127 | (1,160,000) | 143,533 | (264,942) | 2,066,652 | 137,137 | 290,127 |
Schwab Global Real Estate Fund | 14,351,983 | 603,149 | (610,000) | 4,683 | 2,608,898 | 16,958,713 | 2,028,554 | 603,149 |
Schwab Intermediate-Term Bond Fund | 5,369,067 | 11,115 | (5,451,526) | (308,077) | 379,421 | — | — | 24,425 |
Schwab International Core Equity Fund | 35,575,439 | 3,191,826 | (3,250,000) | (681,972) | 2,255,936 | 37,091,229 | 3,694,346 | 931,826 |
Schwab S&P 500 Index Fund | 74,538,000 | 6,333,890 | (8,520,000) | 1,077,834 | 7,847,321 | 81,277,045 | 1,723,066 | 1,803,889 |
Schwab Short-Term Bond Index Fund | 26,132,096 | 6,654,265 | (452,000) | (930) | 1,108,951 | 33,442,382 | 3,307,852 | 754,300 |
Schwab Small-Cap Equity Fund | 13,616,896 | 4,608,658 | — | — | (2,312,303) | 15,913,251 | 954,032 | 2,517,658 |
Schwab Treasury Inflation Protected Securities Index Fund | 7,641,063 | 2,193,717 | — | — | 594,605 | 10,429,385 | 922,138 | 213,717 |
Schwab U.S. Aggregate Bond Index Fund | 81,405,169 | 9,935,708 | (15,580,000) | (165,684) | 6,470,427 | 82,065,620 | 7,906,129 | 2,373,810 |
Schwab U.S. Mid-Cap Index Fund | 6,178,798 | 79,026 | (675,000) | 30,323 | 721,551 | 6,334,698 | 143,028 | 79,026 |
Schwab Variable Share Price Money Fund, Ultra Shares | 17,810,996 | 9,575,371 | (6,000,000) | (275) | 5,416 | 21,391,508 | 21,380,817 | 451,032 |
Total | $402,990,601 | $57,698,360 | ($56,443,944) | ($237,706) | $19,777,391 | $423,784,702 | $22,096,037 |
* | 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 | $423,784,702 | $— | $— | $423,784,702 | |
Unaffiliated Underlying Funds1 | 148,806,692 | — | — | 148,806,692 | |
Short-Term Investment1 | — | 3,884,390 | — | 3,884,390 | |
Total | $572,591,394 | $3,884,390 | $— | $576,475,784 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $364,414,953) | $423,784,702 | |
Investments in unaffiliated funds and issuers, at value (cost $144,883,530) | 152,691,082 | |
Receivables: | ||
Investments sold | 400,000 | |
Dividends | 402,067 | |
Fund shares sold | 376,450 | |
Due from investment adviser | 15,285 | |
Interest | 129 | |
Prepaid expenses | + | 9,649 |
Total assets | 577,679,364 | |
Liabilities | ||
Payables: | ||
Investments bought | 385,749 | |
Fund shares redeemed | 149,832 | |
Accrued expenses | + | 48,979 |
Total liabilities | 584,560 | |
Net Assets | ||
Total assets | 577,679,364 | |
Total liabilities | – | 584,560 |
Net assets | $577,094,804 | |
Net Assets by Source | ||
Capital received from investors | 488,566,410 | |
Total distributable earnings | 88,528,394 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$577,094,804 | 39,149,627 | $14.74 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $8,236,472 | |
Dividends received from unaffiliated underlying funds | 3,240,381 | |
Interest | + | 52,081 |
Total investment income | 11,528,934 | |
Expenses | ||
Shareholder reports | 33,978 | |
Registration fees | 33,673 | |
Portfolio accounting fees | 30,268 | |
Professional fees | 29,369 | |
Transfer agent fees | 12,003 | |
Independent trustees’ fees | 10,699 | |
Custodian fees | 4,567 | |
Other expenses | + | 10,586 |
Total expenses | 165,143 | |
Expense reduction by CSIM and its affiliates | – | 165,143 |
Net expenses | – | — |
Net investment income | 11,528,934 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 13,859,565 | |
Realized capital gain distributions received from unaffiliated underlying funds | 2,927,433 | |
Net realized losses on sales of affiliated underlying funds | (237,706) | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,449,221 |
Net realized gains | 18,998,513 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 19,777,391 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 6,113,973 |
Net change in unrealized appreciation (depreciation) | + | 25,891,364 |
Net realized and unrealized gains | 44,889,877 | |
Increase in net assets resulting from operations | $56,418,811 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $11,528,934 | $10,383,036 | ||
Net realized gains | 18,998,513 | 19,017,032 | ||
Net change in unrealized appreciation (depreciation) | + | 25,891,364 | (32,849,804) | |
Increase (decrease) in net assets from operations | 56,418,811 | (3,449,736) | ||
Distributions to Shareholders | ||||
Total distributions | ($28,587,026) | ($19,662,842) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,370,762 | $89,570,449 | 7,076,563 | $103,937,522 | ||||
Shares reinvested | 2,152,966 | 27,536,429 | 1,306,745 | 18,987,000 | ||||
Shares redeemed | + | (7,018,067) | (98,439,951) | (6,125,912) | (89,717,661) | |||
Net transactions in fund shares | 1,505,661 | $18,666,927 | 2,257,396 | $33,206,861 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 37,643,966 | $530,596,092 | 35,386,570 | $520,501,809 | ||||
Total increase | + | 1,505,661 | 46,498,712 | 2,257,396 | 10,094,283 | |||
End of period | 39,149,627 | $577,094,804 | 37,643,966 | $530,596,092 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.24 | $16.10 | $14.51 | $15.59 | $15.77 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.30 | 0.29 | 0.23 | 0.22 | 0.21 | |
Net realized and unrealized gains (losses) | 1.21 | (0.38) | 2.18 | 0.01 | 0.17 | |
Total from investment operations | 1.51 | (0.09) | 2.41 | 0.23 | 0.38 | |
Less distributions: | ||||||
Distributions from net investment income | (0.37) | (0.39) | (0.24) | (0.30) | (0.36) | |
Distributions from net realized gains | (0.59) | (0.38) | (0.58) | (1.01) | (0.20) | |
Total distributions | (0.96) | (0.77) | (0.82) | (1.31) | (0.56) | |
Net asset value at end of period | $15.79 | $15.24 | $16.10 | $14.51 | $15.59 | |
Total return | 10.94% | (0.75%) | 17.47% | 1.72% | 2.44% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00% | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | |
Net investment income (loss) | 2.00% | 1.79% | 1.53% | 1.51% | 1.36% | |
Portfolio turnover rate | 17% | 14% | 30% | 5% | 19% | |
Net assets, end of period (x 1,000,000) | $999 | $958 | $966 | $814 | $789 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds73.2% of net assets | ||
Equity Funds 55.8% | ||
Global Real Estate 3.5% | ||
Schwab Global Real Estate Fund | 4,153,009 | 34,719,157 |
International 19.0% | ||
Laudus International MarketMasters Fund | 4,982,986 | 114,060,550 |
Schwab International Core Equity Fund | 7,557,585 | 75,878,157 |
189,938,707 | ||
Large-Cap 28.6% | ||
Laudus U.S. Large Cap Growth Fund * | 1,007,071 | 22,578,525 |
Schwab Core Equity Fund | 4,788,058 | 104,714,833 |
Schwab Dividend Equity Fund | 755,793 | 11,389,803 |
Schwab S&P 500 Index Fund | 3,126,405 | 147,472,503 |
286,155,664 | ||
Mid-Cap 1.3% | ||
Schwab U.S. Mid-Cap Index Fund | 285,642 | 12,651,067 |
Small-Cap 3.4% | ||
Schwab Small-Cap Equity Fund | 2,039,597 | 34,020,480 |
557,485,075 | ||
Fixed-Income Funds 14.7% | ||
Intermediate-Term Bond 10.5% | ||
Schwab U.S. Aggregate Bond Index Fund | 10,107,673 | 104,917,645 |
Short-Term Bond 4.2% | ||
Schwab Short-Term Bond Index Fund | 4,139,252 | 41,847,840 |
146,765,485 | ||
Money Market Fund 2.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 26,478,322 | 26,491,561 |
Total Affiliated Underlying Funds | ||
(Cost $577,528,756) | 730,742,121 | |
Unaffiliated Underlying Funds26.1% of net assets | ||
Equity Funds 11.3% | ||
International 1.8% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 1,916,962 | 17,885,253 |
Security | Number of Shares | Value ($) |
Large-Cap 8.4% | ||
ClearBridge Large Cap Growth Fund, Class IS | 672,732 | 36,098,791 |
Dodge & Cox Stock Fund | 248,203 | 47,414,301 |
83,513,092 | ||
Small-Cap 1.1% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 301,610 | 11,473,233 |
112,871,578 | ||
Fixed-Income Funds 14.8% | ||
Intermediate-Term Bond 10.4% | ||
Baird Aggregate Bond Fund, Institutional Class | 1,192,567 | 13,440,232 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 2,459,033 | 28,032,971 |
Metropolitan West Total Return Bond Fund, Class I | 5,637,747 | 62,466,240 |
103,939,443 | ||
International Bond 4.4% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 3,950,196 | 44,400,207 |
148,339,650 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $248,333,384) | 261,211,228 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposit 0.5% | ||
Sumitomo Mitsui Trust Bank, Limited | ||
1.18%, 11/01/19(b) | 5,107,666 | 5,107,666 |
Total Short-Term Investment | ||
(Cost $5,107,666) | 5,107,666 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $110,490,799 | $11,199,972 | ($9,013,000) | ($2,150,222) | $3,533,001 | $114,060,550 | 4,982,986 | $9,879,972 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 16,455,997 | — | (14,294,256) | 3,969,076 | (6,130,817) | — | — | 1,558,534 |
Laudus U.S. Large Cap Growth Fund | 23,310,863 | 2,814,795 | (5,290,000) | 1,568,684 | 174,183 | 22,578,525 | 1,007,071 | 1,704,794 |
Schwab Core Equity Fund | 101,074,859 | 14,858,803 | (10,868,000) | (1,082,139) | 731,310 | 104,714,833 | 4,788,058 | 12,338,804 |
Schwab Dividend Equity Fund | 11,807,908 | 1,159,581 | (1,340,000) | 74,914 | (312,600) | 11,389,803 | 755,793 | 1,159,580 |
Schwab Global Real Estate Fund | 29,766,078 | 2,157,291 | (2,744,000) | 36,164 | 5,503,624 | 34,719,157 | 4,153,009 | 1,257,290 |
Schwab Intermediate-Term Bond Fund | 10,993,288 | 21,288 | (11,141,018) | (616,980) | 743,422 | — | — | 54,076 |
Schwab International Core Equity Fund | 74,293,443 | 3,629,963 | (5,210,000) | (1,079,361) | 4,244,112 | 75,878,157 | 7,557,585 | 1,945,964 |
Schwab S&P 500 Index Fund | 143,196,912 | 4,738,193 | (16,466,001) | 3,184,614 | 12,818,785 | 147,472,503 | 3,126,405 | 3,433,192 |
Schwab Short-Term Bond Index Fund | 29,946,008 | 11,063,872 | (540,000) | (599) | 1,378,559 | 41,847,840 | 4,139,252 | 933,916 |
Schwab Small-Cap Equity Fund | 30,646,887 | 10,746,389 | (2,380,000) | (353,399) | (4,639,397) | 34,020,480 | 2,039,597 | 5,481,389 |
Schwab U.S. Aggregate Bond Index Fund | 110,719,822 | 13,735,376 | (27,852,000) | (249,787) | 8,564,234 | 104,917,645 | 10,107,673 | 3,102,548 |
Schwab U.S. Mid-Cap Index Fund | 13,031,474 | 166,670 | (2,031,000) | 4,081 | 1,479,842 | 12,651,067 | 285,642 | 166,671 |
Schwab Variable Share Price Money Fund, Ultra Shares | 25,544,851 | 6,339,780 | (5,400,000) | (541) | 7,471 | 26,491,561 | 26,478,322 | 564,046 |
Total | $731,279,189 | $82,631,973 | ($114,569,275) | $3,304,505 | $28,095,729 | $730,742,121 | $43,580,776 |
* | 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 | $730,742,121 | $— | $— | $730,742,121 | |
Unaffiliated Underlying Funds1 | 261,211,228 | — | — | 261,211,228 | |
Short-Term Investment1 | — | 5,107,666 | — | 5,107,666 | |
Total | $991,953,349 | $5,107,666 | $— | $997,061,015 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $577,528,756) | $730,742,121 | |
Investments in unaffiliated funds and issuers, at value (cost $253,441,050) | 266,318,894 | |
Receivables: | ||
Investments sold | 856,000 | |
Fund shares sold | 916,379 | |
Dividends | 543,422 | |
Due from investment adviser | 18,523 | |
Interest | 170 | |
Prepaid expenses | + | 17,945 |
Total assets | 999,413,454 | |
Liabilities | ||
Payables: | ||
Investments bought | 524,288 | |
Fund shares redeemed | 144,389 | |
Accrued expenses | + | 63,860 |
Total liabilities | 732,537 | |
Net Assets | ||
Total assets | 999,413,454 | |
Total liabilities | – | 732,537 |
Net assets | $998,680,917 | |
Net Assets by Source | ||
Capital received from investors | 787,898,356 | |
Total distributable earnings | 210,782,561 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$998,680,917 | 63,252,383 | $15.79 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $13,657,164 | |
Dividends received from unaffiliated underlying funds | 5,624,104 | |
Interest | + | 93,915 |
Total investment income | 19,375,183 | |
Expenses | ||
Shareholder reports | 59,988 | |
Registration fees | 38,556 | |
Portfolio accounting fees | 35,158 | |
Professional fees | 31,837 | |
Transfer agent fees | 15,043 | |
Independent trustees’ fees | 12,846 | |
Custodian fees | 4,499 | |
Other expenses | + | 15,331 |
Total expenses | 213,258 | |
Expense reduction by CSIM and its affiliates | – | 213,258 |
Net expenses | – | — |
Net investment income | 19,375,183 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 29,923,612 | |
Realized capital gain distributions received from unaffiliated underlying funds | 5,782,934 | |
Net realized gains on sales of affiliated underlying funds | 3,304,505 | |
Net realized gains on sales of unaffiliated underlying funds | + | 5,505,327 |
Net realized gains | 44,516,378 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 28,095,729 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 8,373,742 |
Net change in unrealized appreciation (depreciation) | + | 36,469,471 |
Net realized and unrealized gains | 80,985,849 | |
Increase in net assets resulting from operations | $100,361,032 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $19,375,183 | $18,017,017 | ||
Net realized gains | 44,516,378 | 44,147,723 | ||
Net change in unrealized appreciation (depreciation) | + | 36,469,471 | (69,355,712) | |
Increase (decrease) in net assets from operations | 100,361,032 | (7,190,972) | ||
Distributions to Shareholders | ||||
Total distributions | ($59,673,092) | ($46,459,999) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,655,676 | $100,210,585 | 9,135,640 | $146,351,661 | ||||
Shares reinvested | 4,238,554 | 57,474,786 | 2,837,651 | 44,778,141 | ||||
Shares redeemed | + | (10,487,734) | (157,448,421) | (9,152,781) | (145,893,558) | |||
Net transactions in fund shares | 406,496 | $236,950 | 2,820,510 | $45,236,244 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 62,845,887 | $957,756,027 | 60,025,377 | $966,170,754 | ||||
Total increase or decrease | + | 406,496 | 40,924,890 | 2,820,510 | (8,414,727) | |||
End of period | 63,252,383 | $998,680,917 | 62,845,887 | $957,756,027 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.94 | $15.58 | $13.82 | $14.70 | $15.23 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.28 | 0.27 | 0.21 | 0.20 | 0.19 | |
Net realized and unrealized gains (losses) | 1.19 | (0.38) | 2.32 | 0.01 | 0.17 | |
Total from investment operations | 1.47 | (0.11) | 2.53 | 0.21 | 0.36 | |
Less distributions: | ||||||
Distributions from net investment income | (0.36) | (0.39) | (0.22) | (0.28) | (0.35) | |
Distributions from net realized gains | (0.59) | (0.14) | (0.55) | (0.81) | (0.54) | |
Total distributions | (0.95) | (0.53) | (0.77) | (1.09) | (0.89) | |
Net asset value at end of period | $15.46 | $14.94 | $15.58 | $13.82 | $14.70 | |
Total return | 10.90% | (0.88%) | 19.19% | 1.63% | 2.43% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00%3 | 0.00% | 0.00%3 | 0.00%3 | |
Gross operating expenses2 | 0.03% | 0.03% | 0.04% | 0.04% | 0.05% | |
Net investment income (loss) | 1.87% | 1.70% | 1.48% | 1.46% | 1.28% | |
Portfolio turnover rate | 15% | 14% | 24% | 3% | 14% | |
Net assets, end of period (x 1,000,000) | $483 | $447 | $440 | $361 | $337 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds74.9% of net assets | ||
Equity Funds 62.3% | ||
Global Real Estate 3.9% | ||
Schwab Global Real Estate Fund | 2,229,957 | 18,642,442 |
International 21.1% | ||
Laudus International MarketMasters Fund | 2,660,729 | 60,904,081 |
Schwab International Core Equity Fund | 4,085,406 | 41,017,479 |
101,921,560 | ||
Large-Cap 31.9% | ||
Laudus U.S. Large Cap Growth Fund * | 738,975 | 16,567,813 |
Schwab Core Equity Fund | 2,544,433 | 55,646,758 |
Schwab Dividend Equity Fund | 539,130 | 8,124,685 |
Schwab S&P 500 Index Fund | 1,565,786 | 73,858,143 |
154,197,399 | ||
Mid-Cap 1.4% | ||
Schwab U.S. Mid-Cap Index Fund | 154,484 | 6,842,087 |
Small-Cap 4.0% | ||
Schwab Small-Cap Equity Fund | 1,172,619 | 19,559,286 |
301,162,774 | ||
Fixed-Income Funds 10.7% | ||
Intermediate-Term Bond 7.7% | ||
Schwab U.S. Aggregate Bond Index Fund | 3,551,967 | 36,869,413 |
Short-Term Bond 3.0% | ||
Schwab Short-Term Bond Index Fund | 1,432,821 | 14,485,816 |
51,355,229 | ||
Money Market Fund 1.9% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 9,177,831 | 9,182,420 |
Total Affiliated Underlying Funds | ||
(Cost $303,571,547) | 361,700,423 | |
Unaffiliated Underlying Funds24.5% of net assets | ||
Equity Funds 12.6% | ||
International 2.7% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 1,393,465 | 13,001,028 |
Security | Number of Shares | Value ($) |
Large-Cap 8.6% | ||
ClearBridge Large Cap Growth Fund, Class IS | 306,151 | 16,428,063 |
Dodge & Cox Stock Fund | 131,687 | 25,156,251 |
41,584,314 | ||
Small-Cap 1.3% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 167,749 | 6,381,181 |
60,966,523 | ||
Fixed-Income Funds 11.9% | ||
Intermediate-Term Bond 8.4% | ||
Baird Aggregate Bond Fund, Institutional Class | 332,553 | 3,747,874 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 1,175,275 | 13,398,131 |
Metropolitan West Total Return Bond Fund, Class I | 2,125,180 | 23,546,992 |
40,692,997 | ||
International Bond 3.5% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,505,735 | 16,924,467 |
57,617,464 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $113,123,294) | 118,583,987 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.6% of net assets | ||
Time Deposit 0.6% | ||
Barclays Bank, plc | ||
1.18%, 11/01/19(b) | 2,691,003 | 2,691,003 |
Total Short-Term Investment | ||
(Cost $2,691,003) | 2,691,003 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $56,824,717 | $6,661,207 | ($3,450,000) | ($816,445) | $1,684,602 | $60,904,081 | 2,660,729 | $5,081,207 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 8,812,243 | — | (7,673,138) | 569,039 | (1,708,144) | — | — | 834,600 |
Laudus U.S. Large Cap Growth Fund | 16,166,919 | 1,182,336 | (2,035,000) | 422,326 | 831,232 | 16,567,813 | 738,975 | 1,182,336 |
Schwab Core Equity Fund | 51,407,707 | 7,645,642 | (3,311,000) | (309,802) | 214,211 | 55,646,758 | 2,544,433 | 6,275,642 |
Schwab Dividend Equity Fund | 8,085,170 | 797,747 | (640,000) | (24,001) | (94,231) | 8,124,685 | 539,130 | 797,747 |
Schwab Global Real Estate Fund | 15,561,834 | 1,598,957 | (1,433,000) | 21,747 | 2,892,904 | 18,642,442 | 2,229,957 | 668,957 |
Schwab Intermediate-Term Bond Fund | 4,512,914 | 9,343 | (4,571,504) | (245,433) | 294,680 | — | — | 21,493 |
Schwab International Core Equity Fund | 38,322,205 | 2,773,771 | (1,790,000) | (346,825) | 2,058,328 | 41,017,479 | 4,085,406 | 1,003,771 |
Schwab S&P 500 Index Fund | 68,710,085 | 3,398,054 | (6,099,000) | 892,145 | 6,956,859 | 73,858,143 | 1,565,786 | 1,658,054 |
Schwab Short-Term Bond Index Fund | 9,286,817 | 4,805,431 | (68,000) | (83) | 461,651 | 14,485,816 | 1,432,821 | 315,446 |
Schwab Small-Cap Equity Fund | 16,786,714 | 6,228,732 | (513,000) | (221,380) | (2,721,780) | 19,559,286 | 1,172,619 | 3,103,732 |
Schwab U.S. Aggregate Bond Index Fund | 36,642,517 | 5,265,603 | (7,881,000) | (81,302) | 2,923,595 | 36,869,413 | 3,551,967 | 1,067,649 |
Schwab U.S. Mid-Cap Index Fund | 6,548,956 | 83,760 | (560,000) | (2,972) | 772,343 | 6,842,087 | 154,484 | 83,760 |
Schwab Variable Share Price Money Fund, Ultra Shares | 9,552,861 | 6,597,408 | (6,970,000) | 92 | 2,059 | 9,182,420 | 9,177,831 | 195,749 |
Total | $347,221,659 | $47,047,991 | ($46,994,642) | ($142,894) | $14,568,309 | $361,700,423 | $22,290,143 |
* | 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 | $361,700,423 | $— | $— | $361,700,423 | |
Unaffiliated Underlying Funds1 | 118,583,987 | — | — | 118,583,987 | |
Short-Term Investment1 | — | 2,691,003 | — | 2,691,003 | |
Total | $480,284,410 | $2,691,003 | $— | $482,975,413 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $303,571,547) | $361,700,423 | |
Investments in unaffiliated funds and issuers, at value (cost $115,814,297) | 121,274,990 | |
Receivables: | ||
Fund shares sold | 852,657 | |
Dividends | 196,215 | |
Due from investment adviser | 16,803 | |
Prepaid expenses | + | 9,667 |
Total assets | 484,050,755 | |
Liabilities | ||
Payables: | ||
Investments bought | 189,763 | |
Fund shares redeemed | 620,335 | |
Accrued expenses | + | 49,801 |
Total liabilities | 859,899 | |
Net Assets | ||
Total assets | 484,050,755 | |
Total liabilities | – | 859,899 |
Net assets | $483,190,856 | |
Net Assets by Source | ||
Capital received from investors | 398,891,010 | |
Total distributable earnings | 84,299,846 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$483,190,856 | 31,259,584 | $15.46 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $6,193,810 | |
Dividends received from unaffiliated underlying funds | 2,410,670 | |
Interest | + | 43,418 |
Total investment income | 8,647,898 | |
Expenses | ||
Shareholder reports | 34,728 | |
Registration fees | 30,960 | |
Portfolio accounting fees | 29,167 | |
Professional fees | 28,860 | |
Transfer agent fees | 12,640 | |
Independent trustees’ fees | 10,257 | |
Custodian fees | 4,500 | |
Other expenses | + | 9,283 |
Total expenses | 160,395 | |
Expense reduction by CSIM and its affiliates | – | 160,395 |
Net expenses | – | — |
Net investment income | 8,647,898 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 16,096,333 | |
Realized capital gain distributions received from unaffiliated underlying funds | 2,835,321 | |
Net realized losses on sales of affiliated underlying funds | (142,894) | |
Net realized gains on sales of unaffiliated underlying funds | + | 2,183,871 |
Net realized gains | 20,972,631 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 14,568,309 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 3,446,416 |
Net change in unrealized appreciation (depreciation) | + | 18,014,725 |
Net realized and unrealized gains | 38,987,356 | |
Increase in net assets resulting from operations | $47,635,254 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $8,647,898 | $7,874,452 | ||
Net realized gains | 20,972,631 | 21,247,068 | ||
Net change in unrealized appreciation (depreciation) | + | 18,014,725 | (33,709,353) | |
Increase (decrease) in net assets from operations | 47,635,254 | (4,587,833) | ||
Distributions to Shareholders | ||||
Total distributions | ($27,960,017) | ($14,879,119) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 4,397,034 | $64,804,146 | 4,706,172 | $73,978,844 | ||||
Shares reinvested | 2,053,408 | 27,084,446 | 927,015 | 14,405,805 | ||||
Shares redeemed | + | (5,092,947) | (75,084,216) | (3,969,741) | (62,287,162) | |||
Net transactions in fund shares | 1,357,495 | $16,804,376 | 1,663,446 | $26,097,487 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 29,902,089 | $446,711,243 | 28,238,643 | $440,080,708 | ||||
Total increase | + | 1,357,495 | 36,479,613 | 1,663,446 | 6,630,535 | |||
End of period | 31,259,584 | $483,190,856 | 29,902,089 | $446,711,243 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.27 | $17.14 | $15.12 | $16.42 | $16.77 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.28 | 0.28 | 0.23 | 0.22 | 0.21 | |
Net realized and unrealized gains (losses) | 1.28 | (0.45) | 2.78 | (0.03)2 | 0.20 | |
Total from investment operations | 1.56 | (0.17) | 3.01 | 0.19 | 0.41 | |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.44) | (0.24) | (0.32) | (0.39) | |
Distributions from net realized gains | (0.83) | (0.26) | (0.75) | (1.17) | (0.37) | |
Total distributions | (1.22) | (0.70) | (0.99) | (1.49) | (0.76) | |
Net asset value at end of period | $16.61 | $16.27 | $17.14 | $15.12 | $16.42 | |
Total return | 10.90% | (1.17%) | 21.02% | 1.38% | 2.48% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% | 0.00%4 | 0.00% | 0.00%4 | 0.00%4 | |
Gross operating expenses3 | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | |
Net investment income (loss) | 1.78% | 1.65% | 1.44% | 1.45% | 1.27% | |
Portfolio turnover rate | 15% | 17% | 21% | 4% | 13% | |
Net assets, end of period (x 1,000,000) | $1,012 | $962 | $998 | $841 | $834 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds76.5% of net assets | ||
Equity Funds 68.0% | ||
Global Real Estate 4.2% | ||
Schwab Global Real Estate Fund | 5,085,418 | 42,514,092 |
International 23.1% | ||
Laudus International MarketMasters Fund | 6,136,016 | 140,453,404 |
Schwab International Core Equity Fund | 9,254,020 | 92,910,361 |
233,363,765 | ||
Large-Cap 34.6% | ||
Laudus U.S. Large Cap Growth Fund * | 2,168,544 | 48,618,750 |
Schwab Core Equity Fund | 5,737,267 | 125,474,027 |
Schwab Dividend Equity Fund | 1,534,339 | 23,122,489 |
Schwab S&P 500 Index Fund | 3,248,965 | 153,253,679 |
350,468,945 | ||
Mid-Cap 1.5% | ||
Schwab U.S. Mid-Cap Index Fund | 334,980 | 14,836,274 |
Small-Cap 4.6% | ||
Schwab Small-Cap Equity Fund | 2,801,267 | 46,725,134 |
687,908,210 | ||
Fixed-Income Funds 7.3% | ||
Intermediate-Term Bond 5.2% | ||
Schwab U.S. Aggregate Bond Index Fund | 5,052,904 | 52,449,147 |
Short-Term Bond 2.1% | ||
Schwab Short-Term Bond Index Fund | 2,057,967 | 20,806,043 |
73,255,190 | ||
Money Market Fund 1.2% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 12,547,436 | 12,553,710 |
Total Affiliated Underlying Funds | ||
(Cost $599,372,822) | 773,717,110 | |
Unaffiliated Underlying Funds23.0% of net assets | ||
Equity Funds 13.9% | ||
International 3.6% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 3,906,953 | 36,451,873 |
Security | Number of Shares | Value ($) |
Large-Cap 8.8% | ||
ClearBridge Large Cap Growth Fund, Class IS | 596,075 | 31,985,384 |
Dodge & Cox Stock Fund | 297,536 | 56,838,322 |
88,823,706 | ||
Small-Cap 1.5% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 414,290 | 15,759,582 |
141,035,161 | ||
Fixed-Income Funds 9.1% | ||
Intermediate-Term Bond 6.6% | ||
Baird Aggregate Bond Fund, Institutional Class | 439,838 | 4,956,979 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 2,221,940 | 25,330,113 |
Metropolitan West Total Return Bond Fund, Class I | 3,243,712 | 35,940,328 |
66,227,420 | ||
International Bond 2.5% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 2,256,842 | 25,366,904 |
91,594,324 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $223,633,949) | 232,629,485 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposit 0.5% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(b) | 5,052,385 | 5,052,385 |
Total Short-Term Investment | ||
(Cost $5,052,385) | 5,052,385 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $134,778,808 | $14,341,781 | ($10,559,000) | ($2,390,512) | $4,282,327 | $140,453,404 | 6,136,016 | $12,051,781 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 22,189,201 | — | (19,463,678) | 4,677,167 | (7,402,690) | — | — | 2,008,118 |
Laudus U.S. Large Cap Growth Fund | 47,924,048 | 3,504,831 | (6,480,000) | 1,489,235 | 2,180,636 | 48,618,750 | 2,168,544 | 3,504,832 |
Schwab Core Equity Fund | 120,028,711 | 14,652,612 | (8,666,000) | (578,210) | 36,914 | 125,474,027 | 5,737,267 | 14,652,611 |
Schwab Dividend Equity Fund | 24,329,779 | 2,268,599 | (3,227,000) | 257,767 | (506,656) | 23,122,489 | 1,534,339 | 2,268,598 |
Schwab Global Real Estate Fund | 38,335,191 | 2,474,850 | (5,166,000) | 106,196 | 6,763,855 | 42,514,092 | 5,085,418 | 1,584,850 |
Schwab Intermediate-Term Bond Fund | 9,085,987 | 18,522 | (9,206,769) | (404,379) | 506,639 | — | — | 49,025 |
Schwab International Core Equity Fund | 88,943,233 | 3,869,685 | (3,800,000) | (673,544) | 4,570,987 | 92,910,361 | 9,254,020 | 2,329,685 |
Schwab S&P 500 Index Fund | 144,466,135 | 3,486,136 | (11,573,500) | 2,793,506 | 14,081,402 | 153,253,679 | 3,248,965 | 3,486,136 |
Schwab Short-Term Bond Index Fund | 9,624,727 | 10,551,651 | — | — | 629,665 | 20,806,043 | 2,057,967 | 431,673 |
Schwab Small-Cap Equity Fund | 40,892,761 | 13,110,752 | — | — | (7,278,379) | 46,725,134 | 2,801,267 | 7,560,752 |
Schwab U.S. Aggregate Bond Index Fund | 51,342,363 | 5,061,196 | (8,040,000) | (45,407) | 4,130,995 | 52,449,147 | 5,052,904 | 1,542,458 |
Schwab U.S. Mid-Cap Index Fund | 14,834,037 | 189,725 | (2,013,000) | 115,224 | 1,710,288 | 14,836,274 | 334,980 | 189,725 |
Schwab Variable Share Price Money Fund, Ultra Shares | 16,764,074 | 2,785,548 | (7,000,000) | (100) | 4,188 | 12,553,710 | 12,547,436 | 279,507 |
Total | $763,539,055 | $76,315,888 | ($95,194,947) | $5,346,943 | $23,710,171 | $773,717,110 | $51,939,751 |
* | 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 | $773,717,110 | $— | $— | $773,717,110 | |
Unaffiliated Underlying Funds1 | 232,629,485 | — | — | 232,629,485 | |
Short-Term Investment1 | — | 5,052,385 | — | 5,052,385 | |
Total | $1,006,346,595 | $5,052,385 | $— | $1,011,398,980 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $599,372,822) | $773,717,110 | |
Investments in unaffiliated funds and issuers, at value (cost $228,686,334) | 237,681,870 | |
Receivables: | ||
Fund shares sold | 650,201 | |
Dividends | 286,957 | |
Due from investment adviser | 20,180 | |
Interest | 168 | |
Prepaid expenses | + | 17,487 |
Total assets | 1,012,373,973 | |
Liabilities | ||
Payables: | ||
Investments bought | 278,141 | |
Fund shares redeemed | 458,860 | |
Accrued expenses | + | 79,020 |
Total liabilities | 816,021 | |
Net Assets | ||
Total assets | 1,012,373,973 | |
Total liabilities | – | 816,021 |
Net assets | $1,011,557,952 | |
Net Assets by Source | ||
Capital received from investors | 773,944,834 | |
Total distributable earnings | 237,613,118 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,011,557,952 | 60,913,365 | $16.61 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $12,819,465 | |
Dividends received from unaffiliated underlying funds | 4,606,960 | |
Interest | + | 88,876 |
Total investment income | 17,515,301 | |
Expenses | ||
Shareholder reports | 86,031 | |
Registration fees | 35,601 | |
Portfolio accounting fees | 35,308 | |
Professional fees | 31,878 | |
Transfer agent fees | 20,395 | |
Independent trustees’ fees | 12,924 | |
Custodian fees | 3,965 | |
Other expenses | + | 15,508 |
Total expenses | 241,610 | |
Expense reduction by CSIM and its affiliates | – | 241,610 |
Net expenses | – | — |
Net investment income | 17,515,301 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 39,120,286 | |
Realized capital gain distributions received from unaffiliated underlying funds | 6,501,815 | |
Net realized gains on sales of affiliated underlying funds | 5,346,943 | |
Net realized gains on sales of unaffiliated underlying funds | + | 7,641,314 |
Net realized gains | 58,610,358 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 23,710,171 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 2,277,026 |
Net change in unrealized appreciation (depreciation) | + | 25,987,197 |
Net realized and unrealized gains | 84,597,555 | |
Increase in net assets resulting from operations | $102,112,856 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $17,515,301 | $16,982,141 | ||
Net realized gains | 58,610,358 | 58,476,900 | ||
Net change in unrealized appreciation (depreciation) | + | 25,987,197 | (85,759,177) | |
Increase (decrease) in net assets from operations | 102,112,856 | (10,300,136) | ||
Distributions to Shareholders | ||||
Total distributions | ($71,258,344) | ($40,865,355) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 6,025,941 | $95,176,212 | 6,706,755 | $115,547,716 | ||||
Shares reinvested | 4,962,246 | 69,868,426 | 2,349,847 | 39,947,404 | ||||
Shares redeemed | + | (9,203,118) | (146,239,888) | (8,162,708) | (140,666,145) | |||
Net transactions in fund shares | 1,785,069 | $18,804,750 | 893,894 | $14,828,975 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 59,128,296 | $961,898,690 | 58,234,402 | $998,235,206 | ||||
Total increase or decrease | + | 1,785,069 | 49,659,262 | 893,894 | (36,336,516) | |||
End of period | 60,913,365 | $1,011,557,952 | 59,128,296 | $961,898,690 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.35 | $13.92 | $12.00 | $12.51 | $12.67 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.22 | 0.21 | 0.17 | 0.16 | 0.14 | |
Net realized and unrealized gains (losses) | 1.09 | (0.39) | 2.37 | 0.002 | 0.15 | |
Total from investment operations | 1.31 | (0.18) | 2.54 | 0.16 | 0.29 | |
Less distributions: | ||||||
Distributions from net investment income | (0.31) | (0.36) | (0.18) | (0.23) | (0.29) | |
Distributions from net realized gains | (0.47) | (0.03) | (0.44) | (0.44) | (0.16) | |
Total distributions | (0.78) | (0.39) | (0.62) | (0.67) | (0.45) | |
Net asset value at end of period | $13.88 | $13.35 | $13.92 | $12.00 | $12.51 | |
Total return | 10.91% | (1.43%) | 22.11% | 1.40% | 2.37% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% | 0.00%4 | 0.00% | 0.00%4 | 0.00%4 | |
Gross operating expenses3 | 0.08% | 0.06% | 0.10% | 0.13% | 0.20% | |
Net investment income (loss) | 1.65% | 1.52% | 1.31% | 1.34% | 1.09% | |
Portfolio turnover rate | 8% | 12% | 11% | 1% | 10% | |
Net assets, end of period (x 1,000,000) | $162 | $139 | $121 | $82 | $66 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds78.1% of net assets | ||
Equity Funds 72.6% | ||
Global Real Estate 4.6% | ||
Schwab Global Real Estate Fund | 898,084 | 7,507,982 |
International 24.4% | ||
Laudus International MarketMasters Fund | 1,044,566 | 23,910,113 |
Schwab International Core Equity Fund | 1,561,340 | 15,675,852 |
39,585,965 | ||
Large-Cap 36.8% | ||
Laudus U.S. Large Cap Growth Fund * | 435,855 | 9,771,857 |
Schwab Core Equity Fund | 954,323 | 20,871,037 |
Schwab Dividend Equity Fund | 305,869 | 4,609,450 |
Schwab S&P 500 Index Fund | 516,116 | 24,345,193 |
59,597,537 | ||
Mid-Cap 1.6% | ||
Schwab U.S. Mid-Cap Index Fund | 60,391 | 2,674,726 |
Small-Cap 5.2% | ||
Schwab Small-Cap Equity Fund | 501,048 | 8,357,484 |
117,723,694 | ||
Fixed-Income Funds 4.8% | ||
Intermediate-Term Bond 3.5% | ||
Schwab U.S. Aggregate Bond Index Fund | 548,691 | 5,695,409 |
Short-Term Bond 1.3% | ||
Schwab Short-Term Bond Index Fund | 207,349 | 2,096,302 |
7,791,711 | ||
Money Market Fund 0.7% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 1,077,809 | 1,078,348 |
Total Affiliated Underlying Funds | ||
(Cost $115,936,470) | 126,593,753 | |
Unaffiliated Underlying Funds21.2% of net assets | ||
Equity Funds 14.7% | ||
International 4.4% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 766,355 | 7,150,093 |
Security | Number of Shares | Value ($) |
Large-Cap 8.6% | ||
ClearBridge Large Cap Growth Fund, Class IS | 79,502 | 4,266,050 |
Dodge & Cox Stock Fund | 50,956 | 9,734,185 |
14,000,235 | ||
Small-Cap 1.7% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 70,420 | 2,678,796 |
23,829,124 | ||
Fixed-Income Funds 6.5% | ||
Intermediate-Term Bond 4.7% | ||
Baird Aggregate Bond Fund, Institutional Class | 32,639 | 367,843 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 282,722 | 3,223,030 |
Metropolitan West Total Return Bond Fund, Class I | 360,494 | 3,994,270 |
7,585,143 | ||
International Bond 1.8% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 252,985 | 2,843,552 |
10,428,695 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $33,316,664) | 34,257,819 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.6% of net assets | ||
Time Deposit 0.6% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(b) | 934,126 | 934,126 |
Total Short-Term Investment | ||
(Cost $934,126) | 934,126 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $20,550,044 | $2,979,756 | $— | $— | $380,313 | $23,910,113 | 1,044,566 | $1,865,756 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 3,335,103 | — | (2,904,226) | (319,552) | (111,325) | — | — | 315,865 |
Laudus U.S. Large Cap Growth Fund | 8,641,161 | 1,256,982 | (941,000) | 125,900 | 688,814 | 9,771,857 | 435,855 | 654,982 |
Schwab Core Equity Fund | 17,943,628 | 2,884,387 | — | — | 43,022 | 20,871,037 | 954,323 | 2,234,387 |
Schwab Dividend Equity Fund | 4,092,578 | 561,718 | — | — | (44,846) | 4,609,450 | 305,869 | 407,718 |
Schwab Global Real Estate Fund | 5,847,007 | 558,920 | — | — | 1,102,055 | 7,507,982 | 898,084 | 258,921 |
Schwab Intermediate-Term Bond Fund | 862,227 | 1,785 | (875,097) | (36,901) | 47,986 | — | — | 5,249 |
Schwab International Core Equity Fund | 13,851,897 | 1,192,822 | — | — | 631,133 | 15,675,852 | 1,561,340 | 362,822 |
Schwab S&P 500 Index Fund | 21,077,950 | 1,088,635 | (392,000) | 41,870 | 2,528,738 | 24,345,193 | 516,116 | 508,635 |
Schwab Short-Term Bond Index Fund | 755,748 | 1,281,276 | — | — | 59,278 | 2,096,302 | 207,349 | 41,278 |
Schwab Small-Cap Equity Fund | 6,320,366 | 3,154,881 | — | — | (1,117,763) | 8,357,484 | 501,048 | 1,207,881 |
Schwab U.S. Aggregate Bond Index Fund | 5,031,351 | 1,054,790 | (810,000) | 7,080 | 412,188 | 5,695,409 | 548,691 | 156,796 |
Schwab U.S. Mid-Cap Index Fund | 2,126,038 | 282,192 | — | — | 266,496 | 2,674,726 | 60,391 | 27,192 |
Schwab Variable Share Price Money Fund, Ultra Shares | 2,269,522 | 428,383 | (1,620,000) | 35 | 408 | 1,078,348 | 1,077,809 | 27,019 |
Total | $112,704,620 | $16,726,527 | ($7,542,323) | ($181,568) | $4,886,497 | $126,593,753 | $8,074,501 |
* | 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 | $126,593,753 | $— | $— | $126,593,753 | |
Unaffiliated Underlying Funds1 | 34,257,819 | — | — | 34,257,819 | |
Short-Term Investment1 | — | 934,126 | — | 934,126 | |
Total | $160,851,572 | $934,126 | $— | $161,785,698 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $115,936,470) | $126,593,753 | |
Investments in unaffiliated funds and issuers, at value (cost $34,250,790) | 35,191,945 | |
Receivables: | ||
Fund shares sold | 300,042 | |
Dividends | 30,690 | |
Due from investment adviser | 12,209 | |
Prepaid expenses | + | 6,032 |
Total assets | 162,134,671 | |
Liabilities | ||
Payables: | ||
Investments bought | 30,015 | |
Fund shares redeemed | 52,719 | |
Accrued expenses | + | 35,179 |
Total liabilities | 117,913 | |
Net Assets | ||
Total assets | 162,134,671 | |
Total liabilities | – | 117,913 |
Net assets | $162,016,758 | |
Net Assets by Source | ||
Capital received from investors | 144,392,188 | |
Total distributable earnings | 17,624,570 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$162,016,758 | 11,676,524 | $13.88 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $1,854,013 | |
Dividends received from unaffiliated underlying funds | 608,103 | |
Interest | + | 16,312 |
Total investment income | 2,478,428 | |
Expenses | ||
Professional fees | 27,060 | |
Registration fees | 24,787 | |
Shareholder reports | 20,394 | |
Portfolio accounting fees | 16,529 | |
Independent trustees’ fees | 8,676 | |
Transfer agent fees | 4,562 | |
Custodian fees | 4,232 | |
Other expenses | + | 6,045 |
Total expenses | 112,285 | |
Expense reduction by CSIM and its affiliates | – | 112,285 |
Net expenses | – | — |
Net investment income | 2,478,428 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 6,220,488 | |
Realized capital gain distributions received from unaffiliated underlying funds | 949,012 | |
Net realized losses on sales of affiliated underlying funds | (181,568) | |
Net realized losses on sales of unaffiliated underlying funds | + | (360,696) |
Net realized gains | 6,627,236 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 4,886,497 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 1,564,440 |
Net change in unrealized appreciation (depreciation) | + | 6,450,937 |
Net realized and unrealized gains | 13,078,173 | |
Increase in net assets resulting from operations | $15,556,601 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $2,478,428 | $2,092,475 | ||
Net realized gains | 6,627,236 | 6,261,986 | ||
Net change in unrealized appreciation (depreciation) | + | 6,450,937 | (11,064,418) | |
Increase (decrease) in net assets from operations | 15,556,601 | (2,709,957) | ||
Distributions to Shareholders | ||||
Total distributions | ($8,203,160) | ($3,508,200) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 2,379,015 | $31,439,276 | 2,900,247 | $41,054,579 | ||||
Shares reinvested | 685,490 | 8,033,942 | 244,001 | 3,416,012 | ||||
Shares redeemed | + | (1,786,094) | (23,623,378) | (1,449,612) | (20,558,109) | |||
Net transactions in fund shares | 1,278,411 | $15,849,840 | 1,694,636 | $23,912,482 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 10,398,113 | $138,813,477 | 8,703,477 | $121,119,152 | ||||
Total increase | + | 1,278,411 | 23,203,281 | 1,694,636 | 17,694,325 | |||
End of period | 11,676,524 | $162,016,758 | 10,398,113 | $138,813,477 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.49 | $14.07 | $12.08 | $12.60 | $12.75 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.21 | 0.21 | 0.16 | 0.15 | 0.13 | |
Net realized and unrealized gains (losses) | 1.11 | (0.41) | 2.47 | 0.01 | 0.18 | |
Total from investment operations | 1.32 | (0.20) | 2.63 | 0.16 | 0.31 | |
Less distributions: | ||||||
Distributions from net investment income | (0.31) | (0.36) | (0.18) | (0.23) | (0.30) | |
Distributions from net realized gains | (0.47) | (0.02) | (0.46) | (0.45) | (0.16) | |
Total distributions | (0.78) | (0.38) | (0.64) | (0.68) | (0.46) | |
Net asset value at end of period | $14.03 | $13.49 | $14.07 | $12.08 | $12.60 | |
Total return | 10.87% | (1.50%) | 22.68% | 1.39% | 2.44% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00% | 0.00%3 | 0.00% | 0.01%4 | 0.00%3 | |
Gross operating expenses2 | 0.08% | 0.07% | 0.11% | 0.16% | 0.25% | |
Net investment income (loss) | 1.54% | 1.45% | 1.27% | 1.31% | 1.05% | |
Portfolio turnover rate | 7% | 10% | 10% | 1% | 8% | |
Net assets, end of period (x 1,000,000) | $161 | $122 | $104 | $68 | $53 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds79.4% of net assets | ||
Equity Funds 75.4% | ||
Global Real Estate 4.7% | ||
Schwab Global Real Estate Fund | 903,160 | 7,550,419 |
International 25.4% | ||
Laudus International MarketMasters Fund | 1,074,033 | 24,584,626 |
Schwab International Core Equity Fund | 1,625,390 | 16,318,911 |
40,903,537 | ||
Large-Cap 38.1% | ||
Laudus U.S. Large Cap Growth Fund * | 485,838 | 10,892,497 |
Schwab Core Equity Fund | 974,597 | 21,314,438 |
Schwab Dividend Equity Fund | 329,746 | 4,969,277 |
Schwab S&P 500 Index Fund | 512,833 | 24,190,315 |
61,366,527 | ||
Mid-Cap 1.7% | ||
Schwab U.S. Mid-Cap Index Fund | 60,447 | 2,677,178 |
Small-Cap 5.5% | ||
Schwab Small-Cap Equity Fund | 530,711 | 8,852,260 |
121,349,921 | ||
Fixed-Income Funds 3.6% | ||
Intermediate-Term Bond 2.6% | ||
Schwab U.S. Aggregate Bond Index Fund | 395,962 | 4,110,083 |
Short-Term Bond 1.0% | ||
Schwab Short-Term Bond Index Fund | 166,037 | 1,678,637 |
5,788,720 | ||
Money Market Fund 0.4% | ||
Schwab Variable Share Price Money Fund, Ultra Shares 1.85%(a) | 694,032 | 694,379 |
Total Affiliated Underlying Funds | ||
(Cost $117,646,073) | 127,833,020 | |
Unaffiliated Underlying Funds20.1% of net assets | ||
Equity Funds 15.3% | ||
International 4.9% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 852,691 | 7,955,607 |
Security | Number of Shares | Value ($) |
Large-Cap 8.6% | ||
ClearBridge Large Cap Growth Fund, Class IS | 71,582 | 3,841,115 |
Dodge & Cox Stock Fund | 52,072 | 9,947,403 |
13,788,518 | ||
Small-Cap 1.8% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 74,263 | 2,824,947 |
24,569,072 | ||
Fixed-Income Funds 4.8% | ||
Intermediate-Term Bond 3.6% | ||
Baird Aggregate Bond Fund, Institutional Class | 21,649 | 243,985 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 222,677 | 2,538,516 |
Metropolitan West Total Return Bond Fund, Class I | 274,292 | 3,039,158 |
5,821,659 | ||
International Bond 1.2% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 173,052 | 1,945,102 |
7,766,761 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $31,633,944) | 32,335,833 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.2% of net assets | ||
Time Deposit 0.2% | ||
Citibank | ||
1.18%, 11/01/19(b) | 400,135 | 400,135 |
Total Short-Term Investment | ||
(Cost $400,135) | 400,135 |
* | 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 | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $18,879,895 | $5,553,221 | ($416,000) | ($95,612) | $663,122 | $24,584,626 | 1,074,033 | $1,688,221 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 3,137,924 | — | (2,732,521) | (318,072) | (87,331) | — | — | 297,190 |
Laudus U.S. Large Cap Growth Fund | 8,247,861 | 1,998,625 | (133,000) | 374 | 778,637 | 10,892,497 | 485,838 | 617,625 |
Schwab Core Equity Fund | 16,430,186 | 4,723,538 | — | — | 160,714 | 21,314,438 | 974,597 | 2,036,538 |
Schwab Dividend Equity Fund | 3,906,516 | 1,594,782 | (521,000) | (61,752) | 50,731 | 4,969,277 | 329,746 | 395,782 |
Schwab Global Real Estate Fund | 5,464,854 | 1,019,803 | — | — | 1,065,762 | 7,550,419 | 903,160 | 253,804 |
Schwab Intermediate-Term Bond Fund | 467,715 | 968 | (474,697) | (21,080) | 27,094 | — | — | 2,848 |
Schwab International Core Equity Fund | 12,229,280 | 3,596,742 | (133,000) | (17,914) | 643,803 | 16,318,911 | 1,625,390 | 334,742 |
Schwab S&P 500 Index Fund | 18,650,781 | 2,998,478 | — | — | 2,541,056 | 24,190,315 | 512,833 | 450,478 |
Schwab Short-Term Bond Index Fund | 673,246 | 959,576 | — | — | 45,815 | 1,678,637 | 166,037 | 32,075 |
Schwab Small-Cap Equity Fund | 5,798,217 | 4,231,813 | (159,000) | (60,567) | (958,203) | 8,852,260 | 530,711 | 1,100,813 |
Schwab U.S. Aggregate Bond Index Fund | 2,907,025 | 1,267,206 | (340,000) | 5,355 | 270,497 | 4,110,083 | 395,962 | 106,227 |
Schwab U.S. Mid-Cap Index Fund | 1,996,844 | 410,540 | — | — | 269,794 | 2,677,178 | 60,447 | 25,539 |
Schwab Variable Share Price Money Fund, Ultra Shares | 1,920,364 | 518,683 | (1,745,000) | 103 | 229 | 694,379 | 694,032 | 17,337 |
Total | $100,710,708 | $28,873,975 | ($6,654,218) | ($569,165) | $5,471,720 | $127,833,020 | $7,359,219 |
* | 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 | $127,833,020 | $— | $— | $127,833,020 | |
Unaffiliated Underlying Funds1 | 32,335,833 | — | — | 32,335,833 | |
Short-Term Investment1 | — | 400,135 | — | 400,135 | |
Total | $160,168,853 | $400,135 | $— | $160,568,988 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $117,646,073) | $127,833,020 | |
Investments in unaffiliated funds and issuers, at value (cost $32,034,079) | 32,735,968 | |
Receivables: | ||
Investments sold | 416,000 | |
Fund shares sold | 92,348 | |
Dividends | 22,586 | |
Due from investment adviser | 13,292 | |
Prepaid expenses | + | 5,777 |
Total assets | 161,118,991 | |
Liabilities | ||
Payables: | ||
Investments bought | 22,151 | |
Fund shares redeemed | 54,711 | |
Accrued expenses | + | 39,195 |
Total liabilities | 116,057 | |
Net Assets | ||
Total assets | 161,118,991 | |
Total liabilities | – | 116,057 |
Net assets | $161,002,934 | |
Net Assets by Source | ||
Capital received from investors | 144,939,468 | |
Total distributable earnings | 16,063,466 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$161,002,934 | 11,477,753 | $14.03 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $1,657,957 | |
Dividends received from unaffiliated underlying funds | 526,505 | |
Interest | + | 15,438 |
Total investment income | 2,199,900 | |
Expenses | ||
Registration fees | 27,380 | |
Professional fees | 26,986 | |
Shareholder reports | 23,096 | |
Portfolio accounting fees | 16,433 | |
Independent trustees’ fees | 8,627 | |
Transfer agent fees | 5,735 | |
Custodian fees | 5,216 | |
Other expenses | + | 5,917 |
Total expenses | 119,390 | |
Expense reduction by CSIM and its affiliates | – | 119,390 |
Net expenses | – | — |
Net investment income | 2,199,900 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 5,701,262 | |
Realized capital gain distributions received from unaffiliated underlying funds | 848,632 | |
Net realized losses on sales of affiliated underlying funds | (569,165) | |
Net realized losses on sales of unaffiliated underlying funds | + | (293,403) |
Net realized gains | 5,687,326 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 5,471,720 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 1,290,434 |
Net change in unrealized appreciation (depreciation) | + | 6,762,154 |
Net realized and unrealized gains | 12,449,480 | |
Increase in net assets resulting from operations | $14,649,380 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $2,199,900 | $1,737,353 | ||
Net realized gains | 5,687,326 | 5,498,901 | ||
Net change in unrealized appreciation (depreciation) | + | 6,762,154 | (10,041,332) | |
Increase (decrease) in net assets from operations | 14,649,380 | (2,805,078) | ||
Distributions to Shareholders | ||||
Total distributions | ($7,175,224) | ($2,923,022) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 3,665,701 | $48,849,543 | 2,657,737 | $38,112,073 | ||||
Shares reinvested | 591,705 | 6,993,949 | 199,234 | 2,825,139 | ||||
Shares redeemed | + | (1,854,387) | (24,773,359) | (1,184,406) | (16,913,367) | |||
Net transactions in fund shares | 2,403,019 | $31,070,133 | 1,672,565 | $24,023,845 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 9,074,734 | $122,458,645 | 7,402,169 | $104,162,900 | ||||
Total increase | + | 2,403,019 | 38,544,289 | 1,672,565 | 18,295,745 | |||
End of period | 11,477,753 | $161,002,934 | 9,074,734 | $122,458,645 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 11/1/15– 10/31/16 | 11/1/14– 10/31/15 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.60 | $14.18 | $12.09 | $12.63 | $12.79 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.21 | 0.20 | 0.16 | 0.15 | 0.13 | |
Net realized and unrealized gains (losses) | 1.10 | (0.39) | 2.55 | 0.002 | 0.17 | |
Total from investment operations | 1.31 | (0.19) | 2.71 | 0.15 | 0.30 | |
Less distributions: | ||||||
Distributions from net investment income | (0.31) | (0.37) | (0.17) | (0.23) | (0.30) | |
Distributions from net realized gains | (0.45) | (0.02) | (0.45) | (0.46) | (0.16) | |
Total distributions | (0.76) | (0.39) | (0.62) | (0.69) | (0.46) | |
Net asset value at end of period | $14.15 | $13.60 | $14.18 | $12.09 | $12.63 | |
Total return | 10.73% | (1.49%) | 23.35% | 1.28% | 2.36% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses3 | 0.00% | 0.00%4 | 0.00% | 0.01%5 | 0.00%4 | |
Gross operating expenses3 | 0.13% | 0.11% | 0.19% | 0.27% | 0.44% | |
Net investment income (loss) | 1.53% | 1.41% | 1.24% | 1.26% | 1.03% | |
Portfolio turnover rate | 6% | 10% | 9% | 1% | 8% | |
Net assets, end of period (x 1,000,000) | $94 | $73 | $60 | $38 | $29 | |
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds79.8% of net assets | ||
Equity Funds 77.3% | ||
Global Real Estate 4.8% | ||
Schwab Global Real Estate Fund | 537,955 | 4,497,300 |
International 26.2% | ||
Laudus International MarketMasters Fund | 645,664 | 14,779,238 |
Schwab International Core Equity Fund | 971,635 | 9,755,219 |
24,534,457 | ||
Large-Cap 39.0% | ||
Laudus U.S. Large Cap Growth Fund * | 308,078 | 6,907,119 |
Schwab Core Equity Fund | 577,424 | 12,628,257 |
Schwab Dividend Equity Fund | 207,899 | 3,133,035 |
Schwab S&P 500 Index Fund | 295,569 | 13,941,998 |
36,610,409 | ||
Mid-Cap 1.7% | ||
Schwab U.S. Mid-Cap Index Fund | 35,664 | 1,579,537 |
Small-Cap 5.6% | ||
Schwab Small-Cap Equity Fund | 314,844 | 5,251,592 |
72,473,295 | ||
Fixed-Income Funds 2.5% | ||
Intermediate-Term Bond 1.7% | ||
Schwab U.S. Aggregate Bond Index Fund | 153,503 | 1,593,363 |
Short-Term Bond 0.8% | ||
Schwab Short-Term Bond Index Fund | 77,030 | 778,773 |
2,372,136 | ||
Total Affiliated Underlying Funds | ||
(Cost $69,171,251) | 74,845,431 | |
Unaffiliated Underlying Funds19.5% of net assets | ||
Equity Funds 15.8% | ||
International 5.4% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 543,970 | 5,075,245 |
Security | Number of Shares | Value ($) |
Large-Cap 8.5% | ||
ClearBridge Large Cap Growth Fund, Class IS | 37,532 | 2,013,994 |
Dodge & Cox Stock Fund | 31,365 | 5,991,714 |
8,005,708 | ||
Small-Cap 1.9% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 45,711 | 1,738,844 |
14,819,797 | ||
Fixed-Income Funds 3.7% | ||
Intermediate-Term Bond 2.8% | ||
Baird Aggregate Bond Fund, Institutional Class | 21,793 | 245,602 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 102,065 | 1,163,539 |
Metropolitan West Total Return Bond Fund, Class I | 106,642 | 1,181,592 |
2,590,733 | ||
International Bond 0.9% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 74,240 | 834,461 |
3,425,194 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $17,946,455) | 18,244,991 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.6% of net assets | ||
Time Deposit 0.6% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(a) | 594,485 | 594,485 |
Total Short-Term Investment | ||
(Cost $594,485) | 594,485 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund | $11,495,156 | $3,012,437 | $— | $— | $271,645 | $14,779,238 | 645,664 | $1,059,437 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 1,843,099 | 150,000 | (1,741,800) | (202,585) | (48,714) | — | — | 189,439 |
Laudus U.S. Large Cap Growth Fund | 5,506,094 | 899,565 | — | — | 501,460 | 6,907,119 | 308,078 | 419,564 |
Schwab Core Equity Fund | 9,896,131 | 2,669,212 | — | — | 62,914 | 12,628,257 | 577,424 | 1,241,211 |
Schwab Dividend Equity Fund | 2,537,938 | 620,262 | — | — | (25,165) | 3,133,035 | 207,899 | 255,262 |
Schwab Global Real Estate Fund | 3,300,147 | 559,720 | — | — | 637,433 | 4,497,300 | 537,955 | 150,720 |
Schwab Intermediate-Term Bond Fund | 174,949 | 363 | (177,561) | (7,287) | 9,536 | — | — | 1,065 |
Schwab International Core Equity Fund | 7,725,913 | 1,858,364 | (221,000) | (38,449) | 430,391 | 9,755,219 | 971,635 | 202,364 |
Schwab S&P 500 Index Fund | 11,037,543 | 1,454,570 | — | — | 1,449,885 | 13,941,998 | 295,569 | 269,569 |
Schwab Short-Term Bond Index Fund | 378,138 | 380,480 | — | — | 20,155 | 778,773 | 77,030 | 14,481 |
Schwab Small-Cap Equity Fund | 3,787,284 | 2,112,238 | — | — | (647,930) | 5,251,592 | 314,844 | 700,239 |
Schwab U.S. Aggregate Bond Index Fund | 1,038,462 | 451,356 | — | — | 103,545 | 1,593,363 | 153,503 | 40,359 |
Schwab U.S. Mid-Cap Index Fund | 1,229,534 | 186,726 | — | — | 163,277 | 1,579,537 | 35,664 | 15,726 |
Schwab Variable Share Price Money Fund, Ultra Shares | 1,111,810 | 6,462 | (1,118,384) | 71 | 41 | — | — | 6,312 |
Total | $61,062,198 | $14,361,755 | ($3,258,745) | ($248,250) | $2,928,473 | $74,845,431 | $4,565,748 |
* | 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 | $74,845,431 | $— | $— | $74,845,431 | |
Unaffiliated Underlying Funds1 | 18,244,991 | — | — | 18,244,991 | |
Short-Term Investment1 | — | 594,485 | — | 594,485 | |
Total | $93,090,422 | $594,485 | $— | $93,684,907 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $69,171,251) | $74,845,431 | |
Investments in unaffiliated funds and issuers, at value (cost $18,540,940) | 18,839,476 | |
Receivables: | ||
Fund shares sold | 102,611 | |
Due from investment adviser | 12,403 | |
Dividends | 8,881 | |
Prepaid expenses | + | 5,239 |
Total assets | 93,814,041 | |
Liabilities | ||
Payables: | ||
Investments bought | 8,961 | |
Fund shares redeemed | 27,334 | |
Accrued expenses | + | 35,236 |
Total liabilities | 71,531 | |
Net Assets | ||
Total assets | 93,814,041 | |
Total liabilities | – | 71,531 |
Net assets | $93,742,510 | |
Net Assets by Source | ||
Capital received from investors | 84,458,593 | |
Total distributable earnings | 9,283,917 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$93,742,510 | 6,625,591 | $14.15 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $971,933 | |
Dividends received from unaffiliated underlying funds | 285,461 | |
Interest | + | 9,854 |
Total investment income | 1,267,248 | |
Expenses | ||
Professional fees | 26,652 | |
Registration fees | 23,364 | |
Shareholder reports | 22,358 | |
Portfolio accounting fees | 15,674 | |
Independent trustees’ fees | 8,336 | |
Transfer agent fees | 4,606 | |
Custodian fees | 4,356 | |
Other expenses | + | 5,346 |
Total expenses | 110,692 | |
Expense reduction by CSIM and its affiliates | – | 110,692 |
Net expenses | – | — |
Net investment income | 1,267,248 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 3,593,815 | |
Realized capital gain distributions received from unaffiliated underlying funds | 501,606 | |
Net realized losses on sales of affiliated underlying funds | (248,250) | |
Net realized losses on sales of unaffiliated underlying funds | + | (158,629) |
Net realized gains | 3,688,542 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 2,928,473 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 685,993 |
Net change in unrealized appreciation (depreciation) | + | 3,614,466 |
Net realized and unrealized gains | 7,303,008 | |
Increase in net assets resulting from operations | $8,570,256 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $1,267,248 | $1,001,544 | ||
Net realized gains | 3,688,542 | 3,199,905 | ||
Net change in unrealized appreciation (depreciation) | + | 3,614,466 | (5,978,156) | |
Increase (decrease) in net assets from operations | 8,570,256 | (1,776,707) | ||
Distributions to Shareholders | ||||
Total distributions | ($4,215,901) | ($1,708,287) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 1,825,581 | $24,571,388 | 1,756,977 | $25,445,073 | ||||
Shares reinvested | 343,303 | 4,088,743 | 115,085 | 1,645,717 | ||||
Shares redeemed | + | (930,807) | (12,531,078) | (691,784) | (10,025,434) | |||
Net transactions in fund shares | 1,238,077 | $16,129,053 | 1,180,278 | $17,065,356 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 5,387,514 | $73,259,102 | 4,207,236 | $59,678,740 | ||||
Total increase | + | 1,238,077 | 20,483,408 | 1,180,278 | 13,580,362 | |||
End of period | 6,625,591 | $93,742,510 | 5,387,514 | $73,259,102 |
11/1/18– 10/31/19 | 11/1/17– 10/31/18 | 11/1/16– 10/31/17 | 8/25/161– 10/31/16 | |||
Per-Share Data | ||||||
Net asset value at beginning of period | $11.53 | $12.02 | $9.83 | $10.00 | ||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.16 | 0.14 | 0.08 | 0.01 | ||
Net realized and unrealized gains (losses) | 0.99 | (0.32) | 2.22 | (0.18) | ||
Total from investment operations | 1.15 | (0.18) | 2.30 | (0.17) | ||
Less distributions: | ||||||
Distributions from net investment income | (0.26) | (0.29) | (0.11) | — | ||
Distributions from net realized gains | (0.26) | (0.02) | — | — | ||
Total distributions | (0.52) | (0.31) | (0.11) | — | ||
Net asset value at end of period | $12.16 | $11.53 | $12.02 | $9.83 | ||
Total return | 10.85% | (1.64%) | 23.63% | (1.70%)3 | ||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | 0.00% | 0.00% | 0.00% | 0.00%5 | ||
Gross operating expenses4 | 0.67% | 0.73% | 1.89% | 7.87%5 | ||
Net investment income (loss) | 1.42% | 1.18% | 0.75% | 0.43%5 | ||
Portfolio turnover rate | 13% | 22% | 7% | 0%3 | ||
Net assets, end of period (x 1,000,000) | $16 | $10 | $6 | $1 | ||
Security | Number of Shares | Value ($) |
Affiliated Underlying Funds81.1% of net assets | ||
Equity Funds 79.3% | ||
Global Real Estate 4.9% | ||
Schwab Global Real Estate Fund | 92,062 | 769,641 |
International 26.7% | ||
Laudus International MarketMasters Fund | 110,556 | 2,530,622 |
Schwab International Core Equity Fund | 167,603 | 1,682,737 |
4,213,359 | ||
Large-Cap 40.1% | ||
Laudus U.S. Large Cap Growth Fund * | 55,526 | 1,244,898 |
Schwab Core Equity Fund | 98,858 | 2,162,028 |
Schwab Dividend Equity Fund | 35,992 | 542,402 |
Schwab S&P 500 Index Fund | 50,223 | 2,369,029 |
6,318,357 | ||
Mid-Cap 1.7% | ||
Schwab U.S. Mid-Cap Index Fund | 6,203 | 274,719 |
Small-Cap 5.9% | ||
Schwab Small-Cap Equity Fund | 55,465 | 925,151 |
12,501,227 | ||
Fixed-Income Funds 1.8% | ||
Intermediate-Term Bond 1.3% | ||
Schwab U.S. Aggregate Bond Index Fund | 19,354 | 200,897 |
Short-Term Bond 0.5% | ||
Schwab Short-Term Bond Index Fund | 7,420 | 75,020 |
275,917 | ||
Total Affiliated Underlying Funds | ||
(Cost $12,320,901) | 12,777,144 | |
Unaffiliated Underlying Funds18.5% of net assets | ||
Equity Funds 16.0% | ||
International 5.9% | ||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 100,204 | 934,902 |
Security | Number of Shares | Value ($) |
Large-Cap 8.2% | ||
ClearBridge Large Cap Growth Fund, Class IS | 5,817 | 312,160 |
Dodge & Cox Stock Fund | 5,127 | 979,502 |
1,291,662 | ||
Small-Cap 1.9% | ||
ClearBridge Small Cap Growth Fund, Class IS * | 7,954 | 302,554 |
2,529,118 | ||
Fixed-Income Funds 2.5% | ||
Intermediate-Term Bond 2.0% | ||
Baird Aggregate Bond Fund, Institutional Class | 392 | 4,416 |
Loomis Sayles Investment Grade Bond Fund, Class Y | 13,400 | 152,762 |
Metropolitan West Total Return Bond Fund, Class I | 13,845 | 153,404 |
310,582 | ||
International Bond 0.5% | ||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 7,173 | 80,630 |
391,212 | ||
Total Unaffiliated Underlying Funds | ||
(Cost $2,881,823) | 2,920,330 | |
Issuer Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.5% of net assets | ||
Time Deposit 0.5% | ||
Sumitomo Mitsui Trust Bank, Limited | ||
1.18%, 11/01/19(a) | 78,940 | 78,940 |
Total Short-Term Investment | ||
(Cost $78,940) | 78,940 |
* | Non-income producing security. |
(a) | The rate shown is the current daily overnight rate. |
Affiliated Underlying Funds | Market Value at 10/31/18 | Gross Purchases | Gross Sales | Realized Gains (Losses) | Net Change in Unrealized Appreciation (depreciation) | Market Value at 10/31/19 | Balance of Shares Held at 10/31/19 | Distributions Received* |
Laudus International MarketMasters Fund (formerly Laudus International MarketMasters Fund, Select Shares) | $1,667,986 | $930,013 | ($129,000) | ($25,207) | $86,830 | $2,530,622 | 110,556 | $159,012 |
Laudus Small-Cap MarketMasters Fund, Select Shares | 282,473 | 25,000 | (268,312) | (62,406) | 23,245 | — | — | 29,181 |
Laudus U.S. Large Cap Growth Fund | 819,665 | 369,938 | (28,000) | (892) | 84,187 | 1,244,898 | 55,526 | 65,938 |
Schwab Core Equity Fund | 1,442,577 | 814,192 | (125,000) | (13,877) | 44,136 | 2,162,028 | 98,858 | 186,193 |
Schwab Dividend Equity Fund | 369,814 | 275,985 | (104,000) | (13,152) | 13,755 | 542,402 | 35,992 | 40,985 |
Schwab Global Real Estate Fund | 481,230 | 209,241 | (22,000) | 109 | 101,061 | 769,641 | 92,062 | 24,241 |
Schwab Intermediate-Term Bond Fund | 10,562 | 22 | (10,719) | (303) | 438 | — | — | 64 |
Schwab International Core Equity Fund | 1,117,371 | 575,152 | (73,000) | (11,502) | 74,716 | 1,682,737 | 167,603 | 31,652 |
Schwab S&P 500 Index Fund | 1,540,113 | 805,934 | (210,000) | (876) | 233,858 | 2,369,029 | 50,223 | 39,434 |
Schwab Short-Term Bond Index Fund | 14,975 | 83,228 | (25,000) | 23 | 1,794 | 75,020 | 7,420 | 1,514 |
Schwab Small-Cap Equity Fund | 543,059 | 539,849 | (59,000) | (16,547) | (82,210) | 925,151 | 55,465 | 106,849 |
Schwab U.S. Aggregate Bond Index Fund | 121,520 | 66,844 | — | — | 12,533 | 200,897 | 19,354 | 4,844 |
Schwab U.S. Mid-Cap Index Fund | 175,441 | 73,433 | — | — | 25,845 | 274,719 | 6,203 | 2,433 |
Schwab Variable Share Price Money Fund, Ultra Shares | 151,628 | 882 | (152,525) | 10 | 5 | — | — | 861 |
Total | $8,738,414 | $4,769,713 | ($1,206,556) | ($144,620) | $620,193 | $12,777,144 | $693,201 |
* | 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 | $12,777,144 | $— | $— | $12,777,144 | |
Unaffiliated Underlying Funds1 | 2,920,330 | — | — | 2,920,330 | |
Short-Term Investment1 | — | 78,940 | — | 78,940 | |
Total | $15,697,474 | $78,940 | $— | $15,776,414 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in affiliated underlying funds, at value (cost $12,320,901) | $12,777,144 | |
Investments in unaffiliated funds and issuers, at value (cost $2,960,763) | 2,999,270 | |
Receivables: | ||
Due from investment adviser | 10,241 | |
Fund shares sold | 3,024 | |
Prepaid expenses | + | 12,033 |
Total assets | 15,801,712 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 7,906 | |
Accrued expenses | + | 28,638 |
Total liabilities | 36,544 | |
Net Assets | ||
Total assets | 15,801,712 | |
Total liabilities | – | 36,544 |
Net assets | $15,765,168 | |
Net Assets by Source | ||
Capital received from investors | 14,932,467 | |
Total distributable earnings | 832,701 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$15,765,168 | 1,296,906 | $12.16 | ||
Investment Income | ||
Dividends received from affiliated underlying funds | $147,010 | |
Dividends received from unaffiliated underlying funds | 40,697 | |
Interest | + | 1,065 |
Total investment income | 188,772 | |
Expenses | ||
Professional fees | 26,121 | |
Registration fees | 21,400 | |
Portfolio accounting fees | 14,829 | |
Shareholder reports | 8,089 | |
Independent trustees’ fees | 7,989 | |
Custodian fees | 4,810 | |
Transfer agent fees | 1,250 | |
Other expenses | + | 4,667 |
Total expenses | 89,155 | |
Expense reduction by CSIM and its affiliates | – | 89,155 |
Net expenses | – | — |
Net investment income | 188,772 | |
Realized and Unrealized Gains (Losses) | ||
Realized capital gain distributions received from affiliated underlying funds | 546,191 | |
Realized capital gain distributions received from unaffiliated underlying funds | 75,036 | |
Net realized losses on sales of affiliated underlying funds | (144,620) | |
Net realized losses on sales of unaffiliated underlying funds | + | (64,154) |
Net realized gains | 412,453 | |
Net change in unrealized appreciation (depreciation) on affiliated underlying funds | 620,193 | |
Net change in unrealized appreciation (depreciation) on unaffiliated underlying funds | + | 140,428 |
Net change in unrealized appreciation (depreciation) | + | 760,621 |
Net realized and unrealized gains | 1,173,074 | |
Increase in net assets resulting from operations | $1,361,846 |
Operations | ||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||
Net investment income | $188,772 | $110,764 | ||
Net realized gains | 412,453 | 286,971 | ||
Net change in unrealized appreciation (depreciation) | + | 760,621 | (782,577) | |
Increase (decrease) in net assets from operations | 1,361,846 | (384,842) | ||
Distributions to Shareholders | ||||
Total distributions | ($501,444) | ($176,152) |
Transactions in Fund Shares | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 663,372 | $7,706,262 | 717,620 | $8,830,977 | ||||
Shares reinvested | 46,852 | 478,361 | 13,723 | 166,592 | ||||
Shares redeemed | + | (321,911) | (3,759,126) | (299,186) | (3,681,826) | |||
Net transactions in fund shares | 388,313 | $4,425,497 | 432,157 | $5,315,743 | ||||
Shares Outstanding and Net Assets | ||||||||
11/1/18-10/31/19 | 11/1/17-10/31/18 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 908,593 | $10,479,269 | 476,436 | $5,724,520 | ||||
Total increase | + | 388,313 | 5,285,899 | 432,157 | 4,754,749 | |||
End of period | 1,296,906 | $15,765,168 | 908,593 | $10,479,269 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab Target 2010 Fund | Schwab Large-Cap Growth Fund |
Schwab Target 2015 Fund | Schwab Small-Cap Equity Fund |
Schwab Target 2020 Fund | Schwab Hedged Equity Fund |
Schwab Target 2025 Fund | Schwab Health Care Fund |
Schwab Target 2030 Fund | Schwab International Core Equity Fund |
Schwab Target 2035 Fund | Schwab Fundamental US Large Company Index Fund |
Schwab Target 2040 Fund | Schwab Fundamental US Small Company Index Fund |
Schwab Target 2045 Fund | Schwab Fundamental International Large Company Index Fund |
Schwab Target 2050 Fund | Schwab Fundamental International Small Company Index Fund |
Schwab Target 2055 Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab Target 2060 Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab S&P 500 Index Fund | Schwab Target 2010 Index Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2015 Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2020 Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2025 Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2030 Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2035 Index Fund |
Schwab International Index Fund® | Schwab Target 2040 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2045 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2050 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2055 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | 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 |
Schwab Dividend Equity Fund |
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 | 0.2% | 0.4% | 2.9% | 4.0% | 8.1% | 4.3% | 9.9% | 1.7% | 1.7% | 1.0% | 0.2% |
Laudus U.S. Large Cap Growth Fund | —% | —% | 0.0%* | 0.3% | 1.0% | 0.7% | 2.2% | 0.4% | 0.5% | 0.3% | 0.1% |
Schwab Core Equity Fund | 0.1% | 0.2% | 1.6% | 2.5% | 4.8% | 2.5% | 5.7% | 1.0% | 1.0% | 0.6% | 0.1% |
Schwab Dividend Equity Fund | 0.0%* | 0.0%* | 0.2% | 0.2% | 1.3% | 1.0% | 2.7% | 0.5% | 0.6% | 0.4% | 0.1% |
Schwab Global Real Estate Fund | 0.3% | 0.5% | 3.8% | 5.2% | 10.7% | 5.8% | 13.1% | 2.3% | 2.3% | 1.4% | 0.2% |
Schwab International Core Equity Fund | 0.2% | 0.4% | 2.8% | 3.8% | 7.8% | 4.2% | 9.5% | 1.6% | 1.7% | 1.0% | 0.2% |
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 | 0.5% | 0.8% | 4.9% | 3.6% | 4.5% | 1.6% | 2.2% | 0.2% | 0.2% | 0.1% | 0.0%* |
Schwab Small-Cap Equity Fund | 0.1% | 0.2% | 1.7% | 2.7% | 5.9% | 3.4% | 8.1% | 1.4% | 1.5% | 0.9% | 0.2% |
Schwab Treasury Inflation Protected Securities Index Fund | 0.3% | 0.5% | 2.8% | 1.1% | —% | —% | —% | —% | —% | —% | —% |
Schwab U.S. Aggregate Bond Index Fund | 0.4% | 0.6% | 3.5% | 2.6% | 3.4% | 1.2% | 1.7% | 0.2% | 0.1% | 0.1% | 0.0%* |
Schwab U.S. Mid Cap Index Fund | 0.1% | 0.2% | 1.4% | 1.8% | 3.5% | 1.9% | 4.2% | 0.8% | 0.8% | 0.4% | 0.1% |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.1% | 0.1% | 0.6% | 0.4% | 0.5% | 0.2% | 0.2% | 0.0%* | 0.0%* | —% | —% |
* | 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 Target 2010 Fund | $6,497,493 | $10,449,721 |
Schwab Target 2015 Fund | 8,328,876 | 21,995,328 |
Schwab Target 2020 Fund | 73,466,282 | 97,494,859 |
Schwab Target 2025 Fund | 101,208,574 | 84,631,961 |
Schwab Target 2030 Fund | 161,315,715 | 169,490,334 |
Schwab Target 2035 Fund | 86,074,779 | 70,418,355 |
Schwab Target 2040 Fund | 157,966,400 | 147,605,986 |
Schwab Target 2045 Fund | 28,617,738 | 11,849,403 |
Schwab Target 2050 Fund | 42,333,388 | 10,019,732 |
Schwab Target 2055 Fund | 22,000,203 | 5,078,836 |
Schwab Target 2060 Fund | 6,432,357 | 1,688,976 |
8. 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 | $45,813,423 | $70,616,840 | $474,287,670 | $511,220,488 | $836,149,428 | $421,517,820 | $834,068,985 | ||||||
Gross unrealized appreciation | $5,303,841 | $10,915,545 | $74,646,799 | $70,015,924 | $167,685,300 | $63,254,350 | $187,916,325 | ||||||
Gross unrealized depreciation | (196,317) | (502,788) | (729,933) | (4,760,628) | (6,773,713) | (1,796,757) | (10,586,330) | ||||||
Net unrealized appreciation (depreciation) | $5,107,524 | $10,412,757 | $73,916,866 | $65,255,296 | $160,911,587 | $61,457,593 | $177,329,995 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Tax cost | $150,623,890 | $150,126,948 | $87,888,756 | $15,406,893 | |||
Gross unrealized appreciation | $15,760,756 | $14,856,942 | $8,662,804 | $988,236 | |||
Gross unrealized depreciation | (4,598,948) | (4,414,902) | (2,866,653) | (618,715) | |||
Net unrealized appreciation (depreciation) | $11,161,808 | $10,442,040 | $5,796,151 | $369,521 |
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 | $763,787 | $1,150,528 | $7,226,192 | $5,967,779 | $8,722,458 | $3,448,592 | $5,944,812 | ||||||
Undistributed long-term capital gains | 1,203,874 | 2,170,173 | 16,329,040 | 17,305,319 | 41,148,516 | 19,393,661 | 54,338,311 | ||||||
Net unrealized appreciation (depreciation) on investments | 5,107,524 | 10,412,757 | 73,916,866 | 65,255,296 | 160,911,587 | 61,457,593 | 177,329,995 | ||||||
Total | $7,075,185 | $13,733,458 | $97,472,098 | $88,528,394 | $210,782,561 | $84,299,846 | $237,613,118 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | ||||
Undistributed ordinary income | $765,571 | $662,969 | $336,340 | $50,407 | |||
Undistributed long-term capital gains | 5,697,191 | 4,958,457 | 3,151,426 | 412,773 | |||
Net unrealized appreciation (depreciation) on investments | 11,161,808 | 10,442,040 | 5,796,151 | 369,521 | |||
Total | $17,624,570 | $16,063,466 | $9,283,917 | $832,701 |
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 | $1,495,169 | $2,479,149 | $14,329,454 | $13,118,422 | $23,478,753 | $10,929,045 | $23,580,844 |
Long-term capital gains | 1,406,565 | 1,713,184 | 15,403,874 | 15,468,604 | 36,194,339 | 17,030,972 | 47,677,500 |
Prior 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 |
Schwab Target 2045 Fund | Schwab Target 2050 Fund | Schwab Target 2055 Fund | Schwab Target 2060 Fund | |
Current period distributions | ||||
Ordinary income | $3,334,924 | $2,879,645 | $1,737,352 | $258,171 |
Long-term capital gains | 4,868,236 | 4,295,579 | 2,478,549 | 243,273 |
Prior 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 |
9. Subsequent Events:
San Francisco, California
December 16, 2019
Foreign Tax Credit | Foreign Source Income | |
Schwab Target 2010 Fund | $16,700 | $105,005 |
Schwab Target 2015 Fund | 32,927 | 203,600 |
Schwab Target 2020 Fund | 244,269 | 1,506,129 |
Schwab Target 2025 Fund | 320,067 | 1,973,802 |
Schwab Target 2030 Fund | 695,853 | 4,270,545 |
Schwab Target 2035 Fund | 370,740 | 2,273,319 |
Schwab Target 2040 Fund | 896,303 | 5,457,235 |
Schwab Target 2045 Fund | 142,108 | 870,211 |
Schwab Target 2050 Fund | 131,620 | 812,088 |
Schwab Target 2055 Fund | 82,328 | 503,992 |
Schwab Target 2060 Fund | 12,595 | 78,056 |
Percentage | |
Schwab Target 2010 Fund | 15.55 |
Schwab Target 2015 Fund | 17.42 |
Schwab Target 2020 Fund | 20.76 |
Schwab Target 2025 Fund | 24.33 |
Schwab Target 2030 Fund | 27.41 |
Schwab Target 2035 Fund | 29.15 |
Schwab Target 2040 Fund | 32.62 |
Schwab Target 2045 Fund | 28.11 |
Schwab Target 2050 Fund | 32.08 |
Schwab Target 2055 Fund | 35.26 |
Schwab Target 2060 Fund | 35.88 |
Schwab Target 2010 Fund | $358,845 |
Schwab Target 2015 Fund | 673,385 |
Schwab Target 2020 Fund | 4,725,771 |
Schwab Target 2025 Fund | 5,322,155 |
Schwab Target 2030 Fund | 11,098,596 |
Schwab Target 2035 Fund | 5,674,094 |
Schwab Target 2040 Fund | 13,938,022 |
Schwab Target 2045 Fund | 1,859,080 |
Schwab Target 2050 Fund | 1,795,280 |
Schwab Target 2055 Fund | 1,184,231 |
Schwab Target 2060 Fund | 180,201 |
Schwab Target 2010 Fund | $1,406,565 |
Schwab Target 2015 Fund | 1,713,184 |
Schwab Target 2020 Fund | 15,403,874 |
Schwab Target 2025 Fund | 15,468,604 |
Schwab Target 2030 Fund | 36,194,339 |
Schwab Target 2035 Fund | 17,030,972 |
Schwab Target 2040 Fund | 47,677,500 |
Schwab Target 2045 Fund | 4,868,236 |
Schwab Target 2050 Fund | 4,295,579 |
Schwab Target 2055 Fund | 2,478,549 |
Schwab Target 2060 Fund | 243,273 |
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 and benchmark data; |
3. | each Fund’s expenses and how those expenses compared to those of certain other similar mutual funds; |
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 | None |
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). | 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. |
Jane P. Moncreiff 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 2019) | Chief Investment Officer (2009-2017), CareGroup Healthcare System, Inc. (healthcare). | 101 | None |
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 Corporation plc |
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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. | 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 (Nov. 2017 – present), Charles Schwab Premier 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 |
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | Director (Apr. 2019 – present), President (Oct. 2018 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Trustee and Chief Executive Officer (Apr. 2019 – present) and President (Nov. 2018 – present), Schwab Funds, Laudus Funds and Schwab ETFs; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
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 |
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 (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 (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 and 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. |
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, Mr. de St. Paer 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, Schwab Annuity Portfolios and Laudus Trust, and is a director of CSIM. Mr. de St. Paer is an Interested Trustee because he 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.
Schwab Funds
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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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 FormN-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 FormN-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of FormN-CSR.
The designation of each of Mr. Patel and Ms. Patmore as an “audit committee financial expert” pursuant to Item 3 of FormN-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.
Item 4: Principal Accountant Fees and Services.
Registrant is composed offifty-one operational series.Thirty-six series have a fiscalyear-end of October 31, whose annual financial statements are reported in Item 1, three series have a
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fiscalyear-end of December 31, eleven series have a fiscalyear-end of March 31, and one series has a fiscalyear-end of February 28. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to the fifty-one operational series during 2018/2019 and the fifty-two operational series during 2017/2018, based on their respective 2018/2019 and 2017/2018 fiscal years, 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 Fees | |||||||||||||||||||||||||||
Fiscal Year 2018/2019 | Fiscal Year 2017/2018 | Fiscal Year 2018/2019 | Fiscal Year 2017/2018 | Fiscal Year 2018/2019 | Fiscal Year 2017/2018 | Fiscal Year 2018/2019 | Fiscal Year 2017/2018 | |||||||||||||||||||||||
$ | 1,517,001 | $ | 1,473,405 | $ | 87,870 | $ | 84,840 | $ | 177,307 | $ | 184,792 | $ | 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, tax advice and tax planning. |
(e) (1) | Registrant’s audit, compliance and valuation committee does not havepre-approval policies and procedures as described in paragraph (c)(7) of Rule2-01 of RegulationS-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 Rule2-01 of RegulationS-X) that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X. |
(f) Not applicable.
(g) Below are the aggregatenon-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.
2018/2019: $265,177 | 2017/2018: $269,632 |
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(h) | During the past fiscal year, allnon-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant werepre-approved. Included in the audit, compliance and valuation committee’spre-approval was the review and consideration as to whether the provision of thesenon-audit services is compatible with maintaining the principal accountant’s independence. |
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Schedule of Investments.
Except as noted below, the condensed schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for the Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, Schwab Fundamental Emerging Markets Large Company Index Fund, Schwab S&P 500 Index Fund, SchwabSmall-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S.Large-Cap Growth Index Fund, Schwab U.S.Large-Cap Value Index Fund, Schwab U.S.Mid-Cap Index Fund and Schwab International Index Fund are filed under this Item.
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Security | Number of Shares | Value ($) |
Common Stock99.7% of net assets | ||
Automobiles & Components 0.5% | ||
Aptiv plc | 407,343 | 36,477,566 |
BorgWarner, Inc. | 327,994 | 13,670,790 |
Ford Motor Co. | 6,216,648 | 53,401,006 |
General Motors Co. | 2,001,382 | 74,371,355 |
Harley-Davidson, Inc. | 247,963 | 9,648,240 |
187,568,957 | ||
Banks 5.6% | ||
Bank of America Corp. | 13,318,080 | 416,456,362 |
BB&T Corp. | 1,221,478 | 64,799,408 |
Citigroup, Inc. | 3,592,729 | 258,173,506 |
Citizens Financial Group, Inc. | 709,381 | 24,941,836 |
Comerica, Inc. | 236,900 | 15,497,998 |
Fifth Third Bancorp | 1,156,470 | 33,630,148 |
First Republic Bank | 266,781 | 28,374,827 |
Huntington Bancshares, Inc. | 1,656,000 | 23,399,280 |
JPMorgan Chase & Co. | 5,081,477 | 634,778,107 |
KeyCorp | 1,591,778 | 28,604,251 |
M&T Bank Corp. | 211,990 | 33,182,795 |
People's United Financial, Inc. | 704,862 | 11,397,618 |
Regions Financial Corp. | 1,583,556 | 25,495,252 |
SunTrust Banks, Inc. | 705,008 | 48,180,247 |
SVB Financial Group * | 82,434 | 18,257,482 |
The PNC Financial Services Group, Inc. | 708,643 | 103,957,928 |
U.S. Bancorp | 2,279,340 | 129,967,967 |
Wells Fargo & Co. | 6,373,412 | 329,059,261 |
Zions Bancorp NA | 280,703 | 13,605,674 |
2,241,759,947 | ||
Capital Goods 6.6% | ||
3M Co. | 914,771 | 150,928,067 |
A.O. Smith Corp. | 219,589 | 10,909,181 |
Allegion plc | 147,685 | 17,137,367 |
AMETEK, Inc. | 362,398 | 33,213,777 |
Arconic, Inc. | 614,659 | 16,884,683 |
Caterpillar, Inc. | 894,752 | 123,296,826 |
Cummins, Inc. | 250,285 | 43,169,157 |
Deere & Co. | 500,693 | 87,190,679 |
Dover Corp. | 229,949 | 23,889,402 |
Eaton Corp. plc | 669,052 | 58,281,120 |
Emerson Electric Co. | 976,769 | 68,520,345 |
Fastenal Co. | 913,181 | 32,819,725 |
Flowserve Corp. | 209,521 | 10,233,006 |
Fortive Corp. | 469,565 | 32,399,985 |
Fortune Brands Home & Security, Inc. | 220,509 | 13,241,565 |
General Dynamics Corp. | 371,217 | 65,631,166 |
General Electric Co. | 13,877,198 | 138,494,436 |
Honeywell International, Inc. | 1,143,259 | 197,475,127 |
Huntington Ingalls Industries, Inc. | 66,400 | 14,983,824 |
IDEX Corp. | 121,044 | 18,825,973 |
Illinois Tool Works, Inc. | 467,026 | 78,731,243 |
Ingersoll-Rand plc | 383,911 | 48,714,467 |
Jacobs Engineering Group, Inc. | 215,184 | 20,136,919 |
Security | Number of Shares | Value ($) |
Johnson Controls International plc | 1,264,099 | 54,773,410 |
L3Harris Technologies, Inc. | 355,508 | 73,344,855 |
Lockheed Martin Corp. | 394,895 | 148,749,049 |
Masco Corp. | 461,293 | 21,334,801 |
Northrop Grumman Corp. | 250,366 | 88,249,008 |
PACCAR, Inc. | 551,523 | 41,948,839 |
Parker-Hannifin Corp. | 204,258 | 37,479,300 |
Pentair plc | 266,811 | 11,064,652 |
Quanta Services, Inc. | 224,425 | 9,437,071 |
Raytheon Co. | 442,525 | 93,908,230 |
Rockwell Automation, Inc. | 185,720 | 31,941,983 |
Roper Technologies, Inc. | 165,059 | 55,618,281 |
Snap-on, Inc. | 88,402 | 14,380,353 |
Stanley Black & Decker, Inc. | 241,804 | 36,592,199 |
Textron, Inc. | 365,263 | 16,834,972 |
The Boeing Co. | 849,671 | 288,811,670 |
TransDigm Group, Inc. | 78,754 | 41,446,655 |
United Rentals, Inc. * | 121,990 | 16,294,204 |
United Technologies Corp. | 1,289,050 | 185,081,799 |
W.W. Grainger, Inc. | 70,612 | 21,807,810 |
Wabtec Corp. | 287,762 | 19,962,050 |
Xylem, Inc. | 287,078 | 22,016,012 |
2,636,185,243 | ||
Commercial & Professional Services 0.7% | ||
Cintas Corp. | 131,751 | 35,397,541 |
Copart, Inc. * | 319,764 | 26,425,297 |
Equifax, Inc. | 193,021 | 26,387,901 |
IHS Markit Ltd. * | 636,892 | 44,595,178 |
Nielsen Holdings plc | 559,325 | 11,275,992 |
Republic Services, Inc. | 335,870 | 29,391,984 |
Robert Half International, Inc. | 185,042 | 10,597,355 |
Rollins, Inc. | 221,854 | 8,454,856 |
Verisk Analytics, Inc. | 260,640 | 37,714,608 |
Waste Management, Inc. | 621,572 | 69,746,594 |
299,987,306 | ||
Consumer Durables & Apparel 1.1% | ||
Capri Holdings Ltd. * | 238,940 | 7,423,866 |
D.R. Horton, Inc. | 533,690 | 27,949,345 |
Garmin Ltd. | 229,130 | 21,480,938 |
Hanesbrands, Inc. | 577,947 | 8,790,574 |
Hasbro, Inc. | 186,096 | 18,109,002 |
Leggett & Platt, Inc. | 207,237 | 10,631,258 |
Lennar Corp., Class A | 452,799 | 26,986,820 |
Mohawk Industries, Inc. * | 95,032 | 13,625,688 |
Newell Brands, Inc. | 604,050 | 11,458,829 |
NIKE, Inc., Class B | 1,990,227 | 178,224,828 |
NVR, Inc. * | 5,451 | 19,823,052 |
PulteGroup, Inc. | 409,746 | 16,078,433 |
PVH Corp. | 118,314 | 10,312,248 |
Ralph Lauren Corp. | 81,999 | 7,876,824 |
Tapestry, Inc. | 453,028 | 11,715,304 |
Under Armour, Inc., Class A * | 294,876 | 6,089,189 |
Under Armour, Inc., Class C * | 313,942 | 5,807,927 |
Security | Number of Shares | Value ($) |
VF Corp. | 520,336 | 42,818,449 |
Whirlpool Corp. | 100,831 | 15,338,412 |
460,540,986 | ||
Consumer Services 1.9% | ||
Carnival Corp. | 637,942 | 27,361,332 |
Chipotle Mexican Grill, Inc. * | 40,452 | 31,478,128 |
Darden Restaurants, Inc. | 195,426 | 21,940,477 |
H&R Block, Inc. | 320,597 | 8,011,719 |
Hilton Worldwide Holdings, Inc. | 455,084 | 44,124,945 |
Las Vegas Sands Corp. | 538,300 | 33,288,472 |
Marriott International, Inc., Class A | 433,692 | 54,883,723 |
McDonald's Corp. | 1,206,994 | 237,415,720 |
MGM Resorts International | 827,447 | 23,582,240 |
Norwegian Cruise Line Holdings Ltd. * | 340,971 | 17,307,688 |
Royal Caribbean Cruises Ltd. | 272,040 | 29,606,113 |
Starbucks Corp. | 1,902,983 | 160,916,242 |
Wynn Resorts Ltd. | 154,206 | 18,711,356 |
Yum! Brands, Inc. | 484,829 | 49,311,958 |
757,940,113 | ||
Diversified Financials 5.0% | ||
Affiliated Managers Group, Inc. | 80,700 | 6,446,316 |
American Express Co. | 1,083,664 | 127,092,114 |
Ameriprise Financial, Inc. | 207,731 | 31,344,531 |
Berkshire Hathaway, Inc., Class B * | 3,116,389 | 662,481,974 |
BlackRock, Inc. | 187,237 | 86,447,323 |
Capital One Financial Corp. | 746,356 | 69,597,697 |
Cboe Global Markets, Inc. | 176,680 | 20,344,702 |
CME Group, Inc. | 569,409 | 117,155,902 |
Discover Financial Services | 504,927 | 40,525,441 |
E*TRADE Financial Corp. | 360,464 | 15,063,790 |
Franklin Resources, Inc. | 447,730 | 12,334,961 |
Intercontinental Exchange, Inc. | 891,774 | 84,112,124 |
Invesco Ltd. | 610,769 | 10,273,135 |
MarketAxess Holdings, Inc. | 59,780 | 22,034,310 |
Moody's Corp. | 258,185 | 56,978,848 |
Morgan Stanley | 1,993,390 | 91,795,609 |
MSCI, Inc. | 134,900 | 31,642,144 |
Nasdaq, Inc. | 182,034 | 18,161,532 |
Northern Trust Corp. | 341,052 | 33,996,063 |
Raymond James Financial, Inc. | 196,221 | 16,382,491 |
S&P Global, Inc. | 391,930 | 101,114,021 |
State Street Corp. | 590,075 | 38,986,255 |
Synchrony Financial | 968,194 | 34,245,022 |
T. Rowe Price Group, Inc. | 373,600 | 43,262,880 |
The Bank of New York Mellon Corp. | 1,361,099 | 63,631,378 |
The Charles Schwab Corp.(a) | 1,841,508 | 74,967,791 |
The Goldman Sachs Group, Inc. | 515,390 | 109,973,918 |
2,020,392,272 | ||
Energy 4.3% | ||
Apache Corp. | 597,629 | 12,944,644 |
Baker Hughes Co. | 1,029,696 | 22,035,494 |
Cabot Oil & Gas Corp. | 665,522 | 12,405,330 |
Chevron Corp. | 3,017,155 | 350,412,382 |
Cimarex Energy Co. | 161,415 | 6,814,941 |
Concho Resources, Inc. | 321,431 | 21,703,021 |
ConocoPhillips | 1,766,767 | 97,525,538 |
Devon Energy Corp. | 638,762 | 12,954,093 |
Diamondback Energy, Inc. | 259,022 | 22,213,727 |
EOG Resources, Inc. | 921,348 | 63,858,630 |
Exxon Mobil Corp. | 6,724,390 | 454,367,032 |
Halliburton Co. | 1,404,062 | 27,028,194 |
Helmerich & Payne, Inc. | 171,303 | 6,423,863 |
Security | Number of Shares | Value ($) |
Hess Corp. | 411,064 | 27,027,458 |
HollyFrontier Corp. | 240,558 | 13,216,257 |
Kinder Morgan, Inc. | 3,090,121 | 61,740,618 |
Marathon Oil Corp. | 1,278,325 | 14,739,087 |
Marathon Petroleum Corp. | 1,047,441 | 66,983,852 |
National Oilwell Varco, Inc. | 606,698 | 13,723,509 |
Noble Energy, Inc. | 766,473 | 14,762,270 |
Occidental Petroleum Corp. | 1,421,251 | 57,560,665 |
ONEOK, Inc. | 656,008 | 45,809,039 |
Phillips 66 | 711,859 | 83,159,368 |
Pioneer Natural Resources Co. | 266,832 | 32,825,673 |
Schlumberger Ltd. | 2,199,273 | 71,894,234 |
TechnipFMC plc | 666,241 | 13,144,935 |
The Williams Cos., Inc. | 1,924,333 | 42,931,869 |
Valero Energy Corp. | 658,295 | 63,841,449 |
1,734,047,172 | ||
Food & Staples Retailing 1.6% | ||
Costco Wholesale Corp. | 699,356 | 207,785,661 |
Sysco Corp. | 817,862 | 65,322,638 |
The Kroger Co. | 1,266,654 | 31,210,355 |
Walgreens Boots Alliance, Inc. | 1,203,634 | 65,935,071 |
Walmart, Inc. | 2,260,217 | 265,033,045 |
635,286,770 | ||
Food, Beverage & Tobacco 3.8% | ||
Altria Group, Inc. | 2,970,526 | 133,049,860 |
Archer-Daniels-Midland Co. | 886,159 | 37,254,124 |
Brown-Forman Corp., Class B | 288,952 | 18,932,135 |
Campbell Soup Co. | 267,534 | 12,389,500 |
ConAgra Brands, Inc. | 778,130 | 21,048,416 |
Constellation Brands, Inc., Class A | 265,523 | 50,536,993 |
General Mills, Inc. | 957,262 | 48,686,345 |
Hormel Foods Corp. | 440,362 | 18,006,402 |
Kellogg Co. | 396,507 | 25,190,090 |
Lamb Weston Holdings, Inc. | 229,955 | 17,945,688 |
McCormick & Co., Inc. - Non Voting Shares | 195,472 | 31,410,396 |
Molson Coors Brewing Co., Class B | 300,969 | 15,867,086 |
Mondelez International, Inc., Class A | 2,293,000 | 120,267,850 |
Monster Beverage Corp. * | 612,859 | 34,399,776 |
PepsiCo, Inc. | 2,221,813 | 304,766,089 |
Philip Morris International, Inc. | 2,473,205 | 201,417,815 |
The Coca-Cola Co. | 6,115,520 | 332,867,754 |
The Hershey Co. | 236,150 | 34,683,350 |
The JM Smucker Co. | 180,540 | 19,079,467 |
The Kraft Heinz Co. | 985,572 | 31,863,543 |
Tyson Foods, Inc., Class A | 468,923 | 38,822,135 |
1,548,484,814 | ||
Health Care Equipment & Services 6.3% | ||
Abbott Laboratories | 2,809,275 | 234,883,483 |
ABIOMED, Inc. * | 72,071 | 14,960,498 |
Align Technology, Inc. * | 115,091 | 29,036,308 |
AmerisourceBergen Corp. | 240,572 | 20,540,037 |
Anthem, Inc. | 406,415 | 109,358,148 |
Baxter International, Inc. | 809,828 | 62,113,808 |
Becton, Dickinson & Co. | 429,402 | 109,926,912 |
Boston Scientific Corp. * | 2,216,782 | 92,439,809 |
Cardinal Health, Inc. | 471,861 | 23,333,527 |
Centene Corp. * | 659,290 | 34,995,113 |
Cerner Corp. | 505,027 | 33,897,412 |
Cigna Corp. * | 599,566 | 106,998,548 |
CVS Health Corp. | 2,068,924 | 137,355,864 |
Danaher Corp. | 1,014,842 | 139,865,524 |
Security | Number of Shares | Value ($) |
DaVita, Inc. * | 153,316 | 8,984,318 |
DENTSPLY SIRONA, Inc. | 355,521 | 19,475,440 |
Edwards Lifesciences Corp. * | 330,818 | 78,860,395 |
HCA Healthcare, Inc. | 424,272 | 56,657,283 |
Henry Schein, Inc. * | 235,266 | 14,724,123 |
Hologic, Inc. * | 424,755 | 20,519,914 |
Humana, Inc. | 214,395 | 63,075,009 |
IDEXX Laboratories, Inc. * | 136,747 | 38,974,263 |
Intuitive Surgical, Inc. * | 182,990 | 101,184,321 |
Laboratory Corp. of America Holdings * | 155,841 | 25,677,922 |
McKesson Corp. | 293,099 | 38,982,167 |
Medtronic plc | 2,132,179 | 232,194,293 |
Quest Diagnostics, Inc. | 212,912 | 21,557,340 |
ResMed, Inc. | 228,688 | 33,827,529 |
Stryker Corp. | 510,281 | 110,358,472 |
Teleflex, Inc. | 73,862 | 25,660,397 |
The Cooper Cos., Inc. | 79,268 | 23,066,988 |
UnitedHealth Group, Inc. | 1,506,989 | 380,816,120 |
Universal Health Services, Inc., Class B | 128,539 | 17,668,971 |
Varian Medical Systems, Inc. * | 144,571 | 17,465,623 |
WellCare Health Plans, Inc. * | 79,672 | 23,630,715 |
Zimmer Biomet Holdings, Inc. | 325,738 | 45,026,764 |
2,548,093,358 | ||
Household & Personal Products 2.0% | ||
Church & Dwight Co., Inc. | 393,289 | 27,506,633 |
Colgate-Palmolive Co. | 1,365,079 | 93,644,419 |
Coty, Inc., Class A | 469,771 | 5,491,623 |
Kimberly-Clark Corp. | 547,894 | 72,804,155 |
The Clorox Co. | 200,595 | 29,625,876 |
The Estee Lauder Cos., Inc., Class A | 350,913 | 65,364,564 |
The Procter & Gamble Co. | 3,975,874 | 495,036,072 |
789,473,342 | ||
Insurance 2.3% | ||
Aflac, Inc. | 1,179,462 | 62,700,200 |
American International Group, Inc. | 1,380,303 | 73,100,847 |
Aon plc | 375,562 | 72,543,556 |
Arthur J. Gallagher & Co. | 295,635 | 26,967,825 |
Assurant, Inc. | 96,628 | 12,181,892 |
Chubb Ltd. | 723,870 | 110,332,265 |
Cincinnati Financial Corp. | 240,996 | 27,283,157 |
Everest Re Group Ltd. | 65,104 | 16,737,587 |
Globe Life, Inc. | 160,729 | 15,643,754 |
Lincoln National Corp. | 317,935 | 17,956,969 |
Loews Corp. | 412,908 | 20,232,492 |
Marsh & McLennan Cos., Inc. | 805,954 | 83,512,953 |
MetLife, Inc. | 1,262,843 | 59,088,424 |
Principal Financial Group, Inc. | 414,276 | 22,114,053 |
Prudential Financial, Inc. | 640,560 | 58,380,638 |
The Allstate Corp. | 522,123 | 55,564,330 |
The Hartford Financial Services Group, Inc. | 574,102 | 32,769,742 |
The Progressive Corp. | 927,451 | 64,643,335 |
The Travelers Cos., Inc. | 413,701 | 54,219,653 |
Unum Group | 328,041 | 9,034,249 |
Willis Towers Watson plc | 205,791 | 38,462,338 |
933,470,259 | ||
Materials 2.7% | ||
Air Products & Chemicals, Inc. | 349,632 | 74,562,520 |
Albemarle Corp. | 169,005 | 10,265,364 |
Amcor plc * | 2,573,825 | 24,502,814 |
Avery Dennison Corp. | 133,931 | 17,124,418 |
Ball Corp. | 527,325 | 36,896,930 |
Security | Number of Shares | Value ($) |
Celanese Corp. | 196,470 | 23,802,340 |
CF Industries Holdings, Inc. | 346,222 | 15,701,168 |
Corteva, Inc. * | 1,194,420 | 31,508,800 |
Dow, Inc. * | 1,183,144 | 59,736,941 |
DuPont de Nemours, Inc. | 1,185,746 | 78,152,519 |
Eastman Chemical Co. | 220,550 | 16,770,622 |
Ecolab, Inc. | 397,236 | 76,297,119 |
FMC Corp. | 207,111 | 18,950,656 |
Freeport-McMoRan, Inc. | 2,296,965 | 22,556,196 |
International Flavors & Fragrances, Inc. | 169,490 | 20,679,475 |
International Paper Co. | 627,203 | 27,396,227 |
Linde plc | 859,581 | 170,497,891 |
LyondellBasell Industries N.V., Class A | 409,693 | 36,749,462 |
Martin Marietta Materials, Inc. | 99,527 | 26,067,117 |
Newmont Goldcorp Corp. | 1,303,581 | 51,791,273 |
Nucor Corp. | 479,023 | 25,795,389 |
Packaging Corp. of America | 151,608 | 16,595,012 |
PPG Industries, Inc. | 375,100 | 46,932,512 |
Sealed Air Corp. | 242,598 | 10,133,318 |
The Mosaic Co. | 566,967 | 11,271,304 |
The Sherwin-Williams Co. | 130,289 | 74,567,000 |
Vulcan Materials Co. | 210,979 | 30,142,570 |
WestRock Co. | 410,458 | 15,338,815 |
1,070,785,772 | ||
Media & Entertainment 8.1% | ||
Activision Blizzard, Inc. | 1,217,052 | 68,191,424 |
Alphabet, Inc., Class A * | 476,068 | 599,274,398 |
Alphabet, Inc., Class C * | 480,292 | 605,220,752 |
CBS Corp., Class B - Non Voting Shares | 518,969 | 18,703,643 |
Charter Communications, Inc., Class A * | 257,137 | 120,304,117 |
Comcast Corp., Class A | 7,209,067 | 323,110,383 |
Discovery, Inc., Class A * | 250,778 | 6,759,721 |
Discovery, Inc., Class C * | 550,065 | 13,883,641 |
DISH Network Corp., Class A * | 381,101 | 13,102,252 |
Electronic Arts, Inc. * | 469,005 | 45,212,082 |
Facebook, Inc., Class A * | 3,823,917 | 732,853,693 |
Fox Corp., Class A | 562,292 | 18,015,836 |
Fox Corp., Class B * | 257,652 | 8,049,048 |
Netflix, Inc. * | 696,229 | 200,103,177 |
News Corp., Class A | 607,032 | 8,322,409 |
News Corp., Class B | 205,200 | 2,897,424 |
Omnicom Group, Inc. | 344,709 | 26,608,088 |
Take-Two Interactive Software, Inc. * | 180,938 | 21,775,888 |
The Interpublic Group of Cos., Inc. | 618,378 | 13,449,721 |
The Walt Disney Co. | 2,863,364 | 372,008,251 |
TripAdvisor, Inc. * | 167,462 | 6,765,465 |
Twitter, Inc. * | 1,226,451 | 36,756,736 |
Viacom, Inc., Class B | 566,777 | 12,219,712 |
3,273,587,861 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||
AbbVie, Inc. | 2,350,568 | 186,987,684 |
Agilent Technologies, Inc. | 490,664 | 37,167,798 |
Alexion Pharmaceuticals, Inc. * | 356,425 | 37,567,195 |
Allergan plc | 522,035 | 91,935,584 |
Amgen, Inc. | 953,396 | 203,311,697 |
Biogen, Inc. * | 292,604 | 87,403,741 |
Bristol-Myers Squibb Co. | 2,600,808 | 149,208,355 |
Celgene Corp. * | 1,127,072 | 121,757,588 |
Eli Lilly & Co. | 1,350,589 | 153,899,617 |
Gilead Sciences, Inc. | 2,014,266 | 128,328,887 |
Illumina, Inc. * | 233,507 | 69,005,989 |
Incyte Corp. * | 285,126 | 23,927,774 |
IQVIA Holdings, Inc. * | 288,876 | 41,719,472 |
Johnson & Johnson | 4,194,205 | 553,802,828 |
Security | Number of Shares | Value ($) |
Merck & Co., Inc. | 4,069,139 | 352,631,586 |
Mettler-Toledo International, Inc. * | 39,149 | 27,597,696 |
Mylan N.V. * | 819,793 | 15,699,036 |
PerkinElmer, Inc. | 176,716 | 15,190,507 |
Perrigo Co., plc | 215,899 | 11,446,965 |
Pfizer, Inc. | 8,791,486 | 337,329,318 |
Regeneron Pharmaceuticals, Inc. * | 126,784 | 38,831,403 |
Thermo Fisher Scientific, Inc. | 636,837 | 192,312,037 |
Vertex Pharmaceuticals, Inc. * | 407,788 | 79,714,398 |
Waters Corp. * | 105,826 | 22,394,898 |
Zoetis, Inc. | 759,251 | 97,123,388 |
3,076,295,441 | ||
Real Estate 3.1% | ||
Alexandria Real Estate Equities, Inc. | 181,504 | 28,813,760 |
American Tower Corp. | 703,512 | 153,421,897 |
Apartment Investment & Management Co., Class A | 234,561 | 12,872,708 |
AvalonBay Communities, Inc. | 221,579 | 48,228,885 |
Boston Properties, Inc. | 228,256 | 31,316,723 |
CBRE Group, Inc., Class A * | 533,749 | 28,582,259 |
Crown Castle International Corp. | 659,898 | 91,587,243 |
Digital Realty Trust, Inc. | 330,589 | 41,998,026 |
Duke Realty Corp. | 573,562 | 20,154,969 |
Equinix, Inc. | 135,044 | 76,540,238 |
Equity Residential | 553,076 | 49,035,718 |
Essex Property Trust, Inc. | 104,844 | 34,297,618 |
Extra Space Storage, Inc. | 204,415 | 22,949,672 |
Federal Realty Investment Trust | 110,665 | 15,051,547 |
HCP, Inc. | 779,170 | 29,312,375 |
Host Hotels & Resorts, Inc. | 1,158,688 | 18,990,896 |
Iron Mountain, Inc. | 453,512 | 14,875,194 |
Kimco Realty Corp. | 672,204 | 14,492,718 |
Mid-America Apartment Communities, Inc. | 181,581 | 25,237,943 |
Prologis, Inc. | 1,004,746 | 88,176,509 |
Public Storage | 239,244 | 53,317,918 |
Realty Income Corp. | 504,906 | 41,296,262 |
Regency Centers Corp. | 267,561 | 17,990,802 |
SBA Communications Corp. | 179,418 | 43,176,942 |
Simon Property Group, Inc. | 490,176 | 73,859,720 |
SL Green Realty Corp. | 131,590 | 11,000,924 |
The Macerich Co.(b) | 176,260 | 4,847,150 |
UDR, Inc. | 464,679 | 23,350,120 |
Ventas, Inc. | 591,112 | 38,481,391 |
Vornado Realty Trust | 251,105 | 16,480,021 |
Welltower, Inc. | 645,869 | 58,573,860 |
Weyerhaeuser Co. | 1,180,498 | 34,482,346 |
1,262,794,354 | ||
Retailing 6.5% | ||
Advance Auto Parts, Inc. | 112,678 | 18,307,921 |
Amazon.com, Inc. * | 660,440 | 1,173,377,330 |
AutoZone, Inc. * | 39,004 | 44,635,398 |
Best Buy Co., Inc. | 370,455 | 26,609,783 |
Booking Holdings, Inc. * | 67,625 | 138,548,071 |
CarMax, Inc. * | 261,974 | 24,408,118 |
Dollar General Corp. | 407,780 | 65,383,445 |
Dollar Tree, Inc. * | 375,934 | 41,503,114 |
eBay, Inc. | 1,250,816 | 44,091,264 |
Expedia Group, Inc. | 221,810 | 30,312,555 |
Genuine Parts Co. | 231,881 | 23,786,353 |
Kohl's Corp. | 252,246 | 12,930,130 |
L Brands, Inc. | 367,808 | 6,267,448 |
LKQ Corp. * | 488,037 | 16,588,378 |
Lowe's Cos., Inc. | 1,227,470 | 136,997,927 |
Security | Number of Shares | Value ($) |
Macy's, Inc. | 492,092 | 7,460,115 |
Nordstrom, Inc. | 167,165 | 6,001,224 |
O'Reilly Automotive, Inc. * | 121,330 | 52,840,428 |
Ross Stores, Inc. | 579,757 | 63,581,950 |
Target Corp. | 813,052 | 86,923,389 |
The Gap, Inc. | 347,386 | 5,648,496 |
The Home Depot, Inc. | 1,740,825 | 408,362,728 |
The TJX Cos., Inc. | 1,925,083 | 110,981,035 |
Tiffany & Co. | 174,048 | 21,670,716 |
Tractor Supply Co. | 188,134 | 17,876,493 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 93,316 | 21,756,625 |
2,606,850,434 | ||
Semiconductors & Semiconductor Equipment 4.1% | ||
Advanced Micro Devices, Inc. * | 1,722,298 | 58,437,571 |
Analog Devices, Inc. | 588,446 | 62,745,997 |
Applied Materials, Inc. | 1,465,591 | 79,522,968 |
Broadcom, Inc. | 632,887 | 185,340,958 |
Intel Corp. | 7,041,581 | 398,060,574 |
KLA Corp. | 252,647 | 42,707,449 |
Lam Research Corp. | 229,303 | 62,150,285 |
Maxim Integrated Products, Inc. | 436,087 | 25,580,863 |
Microchip Technology, Inc. | 378,214 | 35,661,798 |
Micron Technology, Inc. * | 1,752,258 | 83,319,868 |
NVIDIA Corp. | 968,373 | 194,662,341 |
Qorvo, Inc. * | 186,824 | 15,106,589 |
QUALCOMM, Inc. | 1,932,610 | 155,459,148 |
Skyworks Solutions, Inc. | 272,632 | 24,825,870 |
Texas Instruments, Inc. | 1,484,467 | 175,152,261 |
Xilinx, Inc. | 400,311 | 36,324,220 |
1,635,058,760 | ||
Software & Services 12.1% | ||
Accenture plc, Class A | 1,012,374 | 187,714,387 |
Adobe, Inc. * | 771,823 | 214,512,766 |
Akamai Technologies, Inc. * | 263,194 | 22,766,281 |
Alliance Data Systems Corp. | 65,077 | 6,507,700 |
ANSYS, Inc. * | 134,183 | 29,540,387 |
Autodesk, Inc. * | 348,809 | 51,400,494 |
Automatic Data Processing, Inc. | 690,064 | 111,949,083 |
Broadridge Financial Solutions, Inc. | 180,907 | 22,653,175 |
Cadence Design Systems, Inc. * | 444,991 | 29,080,162 |
Citrix Systems, Inc. | 195,246 | 21,254,480 |
Cognizant Technology Solutions Corp., Class A | 876,402 | 53,407,938 |
DXC Technology Co. | 411,997 | 11,399,957 |
Fidelity National Information Services, Inc. | 975,525 | 128,535,174 |
Fiserv, Inc. * | 908,329 | 96,410,040 |
FleetCor Technologies, Inc. * | 137,922 | 40,579,411 |
Fortinet, Inc. * | 225,352 | 18,379,709 |
Gartner, Inc. * | 143,092 | 22,047,615 |
Global Payments, Inc. | 476,147 | 80,554,549 |
International Business Machines Corp. | 1,408,106 | 188,306,015 |
Intuit, Inc. | 413,712 | 106,530,840 |
Jack Henry & Associates, Inc. | 122,457 | 17,335,013 |
Leidos Holdings, Inc. | 214,501 | 18,496,421 |
Mastercard, Inc., Class A | 1,418,805 | 392,739,412 |
Microsoft Corp. | 12,134,708 | 1,739,753,086 |
Oracle Corp. | 3,499,063 | 190,663,943 |
Paychex, Inc. | 509,313 | 42,598,939 |
PayPal Holdings, Inc. * | 1,870,718 | 194,741,744 |
salesforce.com, Inc. * | 1,394,352 | 218,202,144 |
Symantec Corp. | 902,445 | 20,647,942 |
Synopsys, Inc. * | 238,574 | 32,386,421 |
The Western Union Co. | 671,770 | 16,834,556 |
Security | Number of Shares | Value ($) |
VeriSign, Inc. * | 165,983 | 31,540,090 |
Visa, Inc., Class A | 2,744,096 | 490,809,011 |
4,850,278,885 | ||
Technology Hardware & Equipment 6.1% | ||
Amphenol Corp., Class A | 474,367 | 47,593,241 |
Apple, Inc. | 6,751,993 | 1,679,625,779 |
Arista Networks, Inc. * | 86,369 | 21,123,266 |
CDW Corp. | 229,624 | 29,371,206 |
Cisco Systems, Inc. | 6,749,583 | 320,672,688 |
Corning, Inc. | 1,242,453 | 36,813,882 |
F5 Networks, Inc. * | 95,974 | 13,827,934 |
FLIR Systems, Inc. | 217,819 | 11,230,748 |
Hewlett Packard Enterprise Co. | 2,073,062 | 34,018,947 |
HP, Inc. | 2,351,474 | 40,845,103 |
IPG Photonics Corp. * | 55,795 | 7,492,153 |
Juniper Networks, Inc. | 544,995 | 13,526,776 |
Keysight Technologies, Inc. * | 298,110 | 30,082,280 |
Motorola Solutions, Inc. | 262,652 | 43,684,280 |
NetApp, Inc. | 377,645 | 21,102,803 |
Seagate Technology plc | 375,726 | 21,803,380 |
TE Connectivity Ltd. | 533,582 | 47,755,589 |
Western Digital Corp. | 469,737 | 24,261,916 |
Xerox Holdings Corp. | 300,122 | 10,183,139 |
2,455,015,110 | ||
Telecommunication Services 2.3% | ||
AT&T, Inc. | 11,615,005 | 447,061,542 |
CenturyLink, Inc. | 1,558,736 | 20,170,044 |
T-Mobile US, Inc. * | 501,598 | 41,462,091 |
Verizon Communications, Inc. | 6,573,990 | 397,529,175 |
906,222,852 | ||
Transportation 1.9% | ||
Alaska Air Group, Inc. | 196,980 | 13,676,321 |
American Airlines Group, Inc. | 625,978 | 18,816,899 |
C.H. Robinson Worldwide, Inc. | 216,051 | 16,342,098 |
CSX Corp. | 1,270,181 | 89,255,619 |
Delta Air Lines, Inc. | 917,283 | 50,523,948 |
Expeditors International of Washington, Inc. | 271,811 | 19,825,894 |
FedEx Corp. | 380,750 | 58,125,295 |
JB Hunt Transport Services, Inc. | 134,458 | 15,806,882 |
Kansas City Southern | 160,133 | 22,543,524 |
Norfolk Southern Corp. | 419,395 | 76,329,890 |
Southwest Airlines Co. | 767,068 | 43,055,527 |
Union Pacific Corp. | 1,120,085 | 185,329,264 |
United Airlines Holdings, Inc. * | 350,744 | 31,861,585 |
United Parcel Service, Inc., Class B | 1,110,760 | 127,926,229 |
769,418,975 | ||
Utilities 3.5% | ||
AES Corp. | 1,057,993 | 18,038,781 |
Alliant Energy Corp. | 380,335 | 20,287,069 |
Ameren Corp. | 391,221 | 30,397,872 |
American Electric Power Co., Inc. | 785,845 | 74,175,909 |
American Water Works Co., Inc. | 287,602 | 35,452,698 |
Atmos Energy Corp. | 187,695 | 21,111,934 |
CenterPoint Energy, Inc. | 795,970 | 23,138,848 |
CMS Energy Corp. | 450,078 | 28,768,986 |
Consolidated Edison, Inc. | 529,154 | 48,798,582 |
Dominion Energy, Inc. | 1,306,955 | 107,889,135 |
DTE Energy Co. | 291,659 | 37,134,024 |
Duke Energy Corp. | 1,158,413 | 109,192,009 |
Security | Number of Shares | Value ($) |
Edison International | 568,174 | 35,738,145 |
Entergy Corp. | 315,084 | 38,276,404 |
Evergy, Inc. | 373,016 | 23,839,453 |
Eversource Energy | 512,976 | 42,956,610 |
Exelon Corp. | 1,546,901 | 70,368,526 |
FirstEnergy Corp. | 856,660 | 41,393,811 |
NextEra Energy, Inc. | 776,419 | 185,051,704 |
NiSource, Inc. | 590,897 | 16,568,752 |
NRG Energy, Inc. | 400,038 | 16,049,525 |
Pinnacle West Capital Corp. | 179,552 | 16,899,434 |
PPL Corp. | 1,148,803 | 38,473,412 |
Public Service Enterprise Group, Inc. | 801,922 | 50,769,682 |
Sempra Energy | 435,764 | 62,972,256 |
The Southern Co. | 1,662,027 | 104,142,612 |
WEC Energy Group, Inc. | 500,844 | 47,279,674 |
Xcel Energy, Inc. | 835,176 | 53,042,028 |
1,398,207,875 | ||
Total Common Stock | ||
(Cost $19,901,583,892) | 40,097,746,858 | |
Other Investment Company0.0% of net assets | ||
Securities Lending Collateral 0.0% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 1,405,885 | 1,405,885 |
Total Other Investment Company | ||
(Cost $1,405,885) | 1,405,885 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.1% of net assets | ||
Time Deposit 0.1% | ||
Sumitomo Mitsui Trust Bank, Limited. | ||
1.18%, 11/01/19(d) | 49,185,198 | 49,185,198 |
Total Short-Term Investment | ||
(Cost $49,185,198) | 49,185,198 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/20/19 | 805 | 122,190,950 | 2,085,885 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $1,383,250. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
Security | Number of Shares | Value ($) |
Common Stock99.8% of net assets | ||
Automobiles & Components 0.7% | ||
Aptiv plc | 84,410 | 7,558,915 |
Autoliv, Inc. | 25,928 | 2,018,235 |
BorgWarner, Inc. | 68,688 | 2,862,916 |
Ford Motor Co. | 1,293,386 | 11,110,186 |
General Motors Co. | 415,679 | 15,446,632 |
Gentex Corp. | 83,942 | 2,354,573 |
Harley-Davidson, Inc. | 51,547 | 2,005,694 |
Lear Corp. | 18,352 | 2,161,315 |
Tesla, Inc. * | 46,816 | 14,743,295 |
The Goodyear Tire & Rubber Co. | 78,523 | 1,246,160 |
Thor Industries, Inc. | 18,666 | 1,180,811 |
62,688,732 | ||
Banks 5.5% | ||
Associated Banc-Corp. | 52,421 | 1,054,186 |
Bank of America Corp. | 2,771,201 | 86,655,455 |
Bank OZK | 40,961 | 1,149,366 |
BankUnited, Inc. | 31,045 | 1,064,844 |
BB&T Corp. | 252,999 | 13,421,597 |
BOK Financial Corp. | 10,599 | 817,713 |
CIT Group, Inc. | 30,989 | 1,329,118 |
Citigroup, Inc. | 747,223 | 53,695,445 |
Citizens Financial Group, Inc. | 147,943 | 5,201,676 |
Comerica, Inc. | 49,298 | 3,225,075 |
Commerce Bancshares, Inc. | 32,860 | 2,114,870 |
Cullen/Frost Bankers, Inc. | 18,693 | 1,683,865 |
East West Bancorp, Inc. | 48,273 | 2,071,877 |
Essent Group Ltd. | 32,857 | 1,711,521 |
F.N.B. Corp. | 108,393 | 1,307,220 |
Fifth Third Bancorp | 242,147 | 7,041,635 |
First Citizens BancShares, Inc., Class A | 2,854 | 1,403,940 |
First Financial Bankshares, Inc. | 45,227 | 1,505,155 |
First Hawaiian, Inc. | 43,668 | 1,193,446 |
First Horizon National Corp. | 101,562 | 1,621,945 |
First Republic Bank | 55,662 | 5,920,210 |
Glacier Bancorp, Inc. | 28,293 | 1,197,360 |
Hancock Whitney Corp. | 30,679 | 1,196,481 |
Huntington Bancshares, Inc. | 343,748 | 4,857,159 |
IBERIABANK Corp. | 17,273 | 1,267,665 |
Investors Bancorp, Inc. | 75,440 | 909,052 |
JPMorgan Chase & Co. | 1,057,707 | 132,128,758 |
KeyCorp | 332,279 | 5,971,054 |
LendingTree, Inc. * | 2,535 | 912,220 |
M&T Bank Corp. | 44,226 | 6,922,696 |
MGIC Investment Corp. | 118,705 | 1,627,446 |
New York Community Bancorp, Inc. | 156,892 | 1,827,792 |
PacWest Bancorp | 39,758 | 1,470,648 |
People's United Financial, Inc. | 146,704 | 2,372,204 |
Pinnacle Financial Partners, Inc. | 24,309 | 1,429,855 |
Popular, Inc. | 32,233 | 1,755,409 |
Prosperity Bancshares, Inc. | 31,369 | 2,165,088 |
Radian Group, Inc. | 66,938 | 1,680,144 |
Regions Financial Corp. | 329,655 | 5,307,445 |
Signature Bank | 17,868 | 2,114,142 |
Security | Number of Shares | Value ($) |
Sterling Bancorp | 67,030 | 1,317,139 |
SunTrust Banks, Inc. | 146,570 | 10,016,594 |
SVB Financial Group * | 17,185 | 3,806,134 |
Synovus Financial Corp. | 50,957 | 1,725,914 |
TFS Financial Corp. | 16,400 | 315,864 |
The PNC Financial Services Group, Inc. | 147,283 | 21,606,416 |
U.S. Bancorp | 474,347 | 27,047,266 |
UMB Financial Corp. | 14,027 | 915,402 |
Umpqua Holdings Corp. | 73,204 | 1,158,087 |
United Bankshares, Inc. | 33,952 | 1,342,462 |
Valley National Bancorp | 111,634 | 1,292,722 |
Webster Financial Corp. | 30,730 | 1,355,193 |
Wells Fargo & Co. | 1,326,384 | 68,481,206 |
Western Alliance Bancorp | 32,143 | 1,585,614 |
Wintrust Financial Corp. | 18,766 | 1,197,646 |
Zions Bancorp NA | 57,929 | 2,807,819 |
518,274,255 | ||
Capital Goods 6.7% | ||
3M Co. | 190,299 | 31,397,432 |
A.O. Smith Corp. | 45,777 | 2,274,201 |
Acuity Brands, Inc. | 13,338 | 1,664,449 |
AECOM * | 52,049 | 2,082,481 |
AGCO Corp. | 20,635 | 1,582,498 |
Air Lease Corp. | 34,403 | 1,513,044 |
Allegion plc | 30,790 | 3,572,872 |
Allison Transmission Holdings, Inc. | 40,203 | 1,753,253 |
AMETEK, Inc. | 75,823 | 6,949,178 |
Arconic, Inc. | 127,972 | 3,515,391 |
BWX Technologies, Inc. | 31,743 | 1,844,268 |
Carlisle Cos., Inc. | 18,649 | 2,839,683 |
Caterpillar, Inc. | 186,152 | 25,651,746 |
Crane Co. | 16,966 | 1,298,238 |
Cummins, Inc. | 52,270 | 9,015,530 |
Curtiss-Wright Corp. | 14,280 | 1,931,370 |
Deere & Co. | 104,194 | 18,144,343 |
Donaldson Co., Inc. | 42,469 | 2,239,815 |
Dover Corp. | 48,323 | 5,020,276 |
Eaton Corp. plc | 138,851 | 12,095,311 |
EMCOR Group, Inc. | 18,661 | 1,636,756 |
Emerson Electric Co. | 203,754 | 14,293,343 |
EnerSys | 14,387 | 961,915 |
Fastenal Co. | 188,951 | 6,790,899 |
Flowserve Corp. | 43,779 | 2,138,166 |
Fluor Corp. | 46,510 | 749,276 |
Fortive Corp. | 97,279 | 6,712,251 |
Fortune Brands Home & Security, Inc. | 46,737 | 2,806,557 |
Gardner Denver Holdings, Inc. * | 44,603 | 1,419,714 |
Gates Industrial Corp. plc * | 14,417 | 144,170 |
Generac Holdings, Inc. * | 20,749 | 2,003,938 |
General Dynamics Corp. | 77,382 | 13,681,138 |
General Electric Co. | 2,887,009 | 28,812,350 |
Graco, Inc. | 55,281 | 2,498,701 |
GrafTech International Ltd. | 18,736 | 226,331 |
HD Supply Holdings, Inc. * | 57,074 | 2,256,706 |
HEICO Corp. | 13,213 | 1,629,691 |
HEICO Corp., Class A | 24,022 | 2,288,576 |
Hexcel Corp. | 28,336 | 2,114,432 |
Security | Number of Shares | Value ($) |
Honeywell International, Inc. | 238,076 | 41,122,868 |
Hubbell, Inc. | 18,131 | 2,569,163 |
Huntington Ingalls Industries, Inc. | 13,580 | 3,064,463 |
IDEX Corp. | 24,948 | 3,880,162 |
Illinois Tool Works, Inc. | 97,477 | 16,432,673 |
Ingersoll-Rand plc | 80,122 | 10,166,681 |
ITT, Inc. | 29,201 | 1,735,999 |
Jacobs Engineering Group, Inc. | 44,782 | 4,190,700 |
Johnson Controls International plc | 262,842 | 11,388,944 |
L3Harris Technologies, Inc. | 73,872 | 15,240,532 |
Lennox International, Inc. | 11,548 | 2,856,513 |
Lincoln Electric Holdings, Inc. | 20,215 | 1,810,658 |
Lockheed Martin Corp. | 82,195 | 30,961,213 |
Masco Corp. | 95,146 | 4,400,503 |
MasTec, Inc. * | 19,962 | 1,256,408 |
MSC Industrial Direct Co., Inc., Class A | 14,524 | 1,063,302 |
Nordson Corp. | 16,803 | 2,634,878 |
Northrop Grumman Corp. | 52,056 | 18,348,699 |
nVent Electric plc | 50,997 | 1,175,991 |
Oshkosh Corp. | 22,571 | 1,927,112 |
Owens Corning | 36,379 | 2,229,305 |
PACCAR, Inc. | 114,466 | 8,706,284 |
Parker-Hannifin Corp. | 42,608 | 7,818,142 |
Pentair plc | 55,620 | 2,306,561 |
Proto Labs, Inc. * | 8,590 | 832,972 |
Quanta Services, Inc. | 47,141 | 1,982,279 |
Raytheon Co. | 91,978 | 19,518,651 |
RBC Bearings, Inc. * | 8,292 | 1,330,369 |
Rockwell Automation, Inc. | 38,593 | 6,637,610 |
Roper Technologies, Inc. | 34,339 | 11,570,869 |
Sensata Technologies Holding plc * | 53,076 | 2,716,960 |
Snap-on, Inc. | 18,092 | 2,943,026 |
Spirit AeroSystems Holdings, Inc., Class A | 34,044 | 2,785,480 |
Stanley Black & Decker, Inc. | 50,007 | 7,567,559 |
Teledyne Technologies, Inc. * | 12,111 | 3,991,786 |
Textron, Inc. | 76,615 | 3,531,185 |
The Boeing Co. | 176,838 | 60,109,005 |
The Middleby Corp. * | 18,512 | 2,239,026 |
The Timken Co. | 22,955 | 1,124,795 |
The Toro Co. | 35,498 | 2,737,961 |
TransDigm Group, Inc. | 16,419 | 8,640,991 |
Trex Co., Inc. * | 19,670 | 1,728,796 |
United Rentals, Inc. * | 25,389 | 3,391,209 |
United Technologies Corp. | 268,353 | 38,530,124 |
W.W. Grainger, Inc. | 14,553 | 4,494,549 |
WABCO Holdings, Inc. * | 16,677 | 2,245,058 |
Wabtec Corp. | 59,936 | 4,157,760 |
Watsco, Inc. | 10,729 | 1,891,523 |
Woodward, Inc. | 18,687 | 1,993,155 |
Xylem, Inc. | 59,867 | 4,591,200 |
630,121,941 | ||
Commercial & Professional Services 0.9% | ||
ADT, Inc.(a) | 37,530 | 290,482 |
Cintas Corp. | 27,452 | 7,375,529 |
Copart, Inc. * | 66,455 | 5,491,841 |
CoStar Group, Inc. * | 12,061 | 6,627,761 |
Equifax, Inc. | 40,215 | 5,497,793 |
IAA, Inc. * | 44,407 | 1,694,127 |
IHS Markit Ltd. * | 132,527 | 9,279,540 |
Insperity, Inc. | 13,089 | 1,382,591 |
KAR Auction Services, Inc. | 44,407 | 1,103,958 |
ManpowerGroup, Inc. | 20,020 | 1,820,218 |
MSA Safety, Inc. | 11,702 | 1,405,059 |
Nielsen Holdings plc | 118,804 | 2,395,089 |
Republic Services, Inc. | 70,045 | 6,129,638 |
Robert Half International, Inc. | 38,499 | 2,204,838 |
Security | Number of Shares | Value ($) |
Rollins, Inc. | 46,334 | 1,765,789 |
Stericycle, Inc. * | 30,083 | 1,732,781 |
The Brink's Co. | 16,696 | 1,418,492 |
TransUnion | 61,735 | 5,100,546 |
Verisk Analytics, Inc. | 54,117 | 7,830,730 |
Waste Management, Inc. | 128,887 | 14,462,410 |
85,009,212 | ||
Consumer Durables & Apparel 1.2% | ||
Brunswick Corp. | 27,826 | 1,620,586 |
Capri Holdings Ltd. * | 51,002 | 1,584,632 |
Carter's, Inc. | 14,569 | 1,460,397 |
Columbia Sportswear Co. | 9,818 | 888,038 |
D.R. Horton, Inc. | 110,821 | 5,803,696 |
Deckers Outdoor Corp. * | 9,744 | 1,489,858 |
Garmin Ltd. | 47,771 | 4,478,531 |
Hanesbrands, Inc. | 120,823 | 1,837,718 |
Hasbro, Inc. | 38,828 | 3,778,353 |
Kontoor Brands, Inc. * | 16,175 | 614,650 |
Leggett & Platt, Inc. | 43,800 | 2,246,940 |
Lennar Corp., Class A | 94,199 | 5,614,260 |
lululemon Athletica, Inc. * | 37,372 | 7,633,978 |
Mattel, Inc. * | 115,930 | 1,384,204 |
Mohawk Industries, Inc. * | 19,786 | 2,836,917 |
Newell Brands, Inc. | 125,922 | 2,388,740 |
NIKE, Inc., Class B | 413,902 | 37,064,924 |
NVR, Inc. * | 1,137 | 4,134,803 |
Polaris, Inc. | 19,133 | 1,887,470 |
PulteGroup, Inc. | 85,198 | 3,343,170 |
PVH Corp. | 24,313 | 2,119,121 |
Ralph Lauren Corp. | 16,833 | 1,616,978 |
Skechers U.S.A., Inc., Class A * | 44,618 | 1,667,375 |
Tapestry, Inc. | 94,373 | 2,440,486 |
Toll Brothers, Inc. | 42,829 | 1,703,309 |
Under Armour, Inc., Class A * | 63,104 | 1,303,098 |
Under Armour, Inc., Class C * | 64,030 | 1,184,555 |
VF Corp. | 107,976 | 8,885,345 |
Whirlpool Corp. | 21,203 | 3,225,400 |
116,237,532 | ||
Consumer Services 2.1% | ||
Aramark | 82,012 | 3,588,845 |
Bright Horizons Family Solutions, Inc. * | 19,193 | 2,850,544 |
Caesars Entertainment Corp. * | 183,951 | 2,258,918 |
Carnival Corp. | 131,941 | 5,658,950 |
Chegg, Inc. * | 37,671 | 1,154,993 |
Chipotle Mexican Grill, Inc. * | 8,447 | 6,573,118 |
Choice Hotels International, Inc. | 10,274 | 909,044 |
Churchill Downs, Inc. | 11,834 | 1,538,302 |
Cracker Barrel Old Country Store, Inc. | 8,038 | 1,249,909 |
Darden Restaurants, Inc. | 40,487 | 4,545,476 |
Domino's Pizza, Inc. | 13,520 | 3,672,302 |
Dunkin' Brands Group, Inc. | 27,592 | 2,169,283 |
Eldorado Resorts, Inc. * | 21,730 | 972,852 |
Grand Canyon Education, Inc. * | 16,119 | 1,482,303 |
H&R Block, Inc. | 66,106 | 1,651,989 |
Hilton Worldwide Holdings, Inc. | 95,008 | 9,211,976 |
Las Vegas Sands Corp. | 112,179 | 6,937,149 |
Marriott International, Inc., Class A | 90,541 | 11,457,964 |
Marriott Vacations Worldwide Corp. | 12,537 | 1,378,192 |
McDonald's Corp. | 251,327 | 49,436,021 |
MGM Resorts International | 172,799 | 4,924,772 |
Norwegian Cruise Line Holdings Ltd. * | 70,837 | 3,595,686 |
Planet Fitness, Inc., Class A * | 27,952 | 1,779,424 |
Royal Caribbean Cruises Ltd. | 56,645 | 6,164,675 |
Service Corp. International | 60,607 | 2,756,406 |
Security | Number of Shares | Value ($) |
ServiceMaster Global Holdings, Inc. * | 45,364 | 1,831,798 |
Six Flags Entertainment Corp. | 25,990 | 1,096,518 |
Starbucks Corp. | 396,199 | 33,502,588 |
Texas Roadhouse, Inc. | 21,380 | 1,207,970 |
The Wendy's Co. | 61,568 | 1,304,010 |
Vail Resorts, Inc. | 13,183 | 3,063,334 |
Wyndham Destinations, Inc. | 30,227 | 1,402,835 |
Wyndham Hotels & Resorts, Inc. | 31,459 | 1,697,842 |
Wynn Resorts Ltd. | 32,230 | 3,910,788 |
Yum! Brands, Inc. | 100,378 | 10,209,446 |
197,146,222 | ||
Diversified Financials 5.1% | ||
Affiliated Managers Group, Inc. | 16,479 | 1,316,343 |
AGNC Investment Corp. | 180,010 | 3,069,170 |
Ally Financial, Inc. | 128,717 | 3,942,602 |
American Express Co. | 225,179 | 26,408,993 |
Ameriprise Financial, Inc. | 43,343 | 6,540,025 |
Annaly Capital Management, Inc. | 478,172 | 4,293,985 |
AXA Equitable Holdings, Inc. | 99,098 | 2,140,517 |
Berkshire Hathaway, Inc., Class B * | 648,730 | 137,907,023 |
BlackRock, Inc. | 38,889 | 17,955,051 |
Blackstone Mortgage Trust, Inc., Class A | 45,023 | 1,634,335 |
Capital One Financial Corp. | 155,708 | 14,519,771 |
Cboe Global Markets, Inc. | 36,829 | 4,240,859 |
Chimera Investment Corp. | 62,683 | 1,269,958 |
CME Group, Inc. | 118,527 | 24,386,930 |
Credit Acceptance Corp. * | 4,602 | 2,014,802 |
Discover Financial Services | 105,374 | 8,457,317 |
E*TRADE Financial Corp. | 75,025 | 3,135,295 |
Eaton Vance Corp. | 38,050 | 1,735,080 |
Evercore, Inc., Class A | 12,967 | 954,890 |
FactSet Research Systems, Inc. | 12,736 | 3,228,831 |
FirstCash, Inc. | 13,886 | 1,171,840 |
Franklin Resources, Inc. | 93,498 | 2,575,870 |
Green Dot Corp., Class A * | 16,392 | 472,745 |
Interactive Brokers Group, Inc., Class A | 25,103 | 1,194,150 |
Intercontinental Exchange, Inc. | 185,556 | 17,501,642 |
Invesco Ltd. | 127,458 | 2,143,844 |
Janus Henderson Group plc | 52,158 | 1,206,415 |
Jefferies Financial Group, Inc. | 81,909 | 1,529,241 |
Lazard Ltd., Class A | 43,357 | 1,618,517 |
LPL Financial Holdings, Inc. | 27,466 | 2,220,351 |
MarketAxess Holdings, Inc. | 12,407 | 4,573,096 |
Moody's Corp. | 53,833 | 11,880,405 |
Morgan Stanley | 415,779 | 19,146,623 |
Morningstar, Inc. | 6,799 | 1,100,350 |
MSCI, Inc. | 27,910 | 6,546,570 |
Nasdaq, Inc. | 38,043 | 3,795,550 |
New Residential Investment Corp. | 138,642 | 2,196,089 |
Northern Trust Corp. | 71,155 | 7,092,730 |
OneMain Holdings, Inc. | 25,087 | 1,003,480 |
Raymond James Financial, Inc. | 40,814 | 3,407,561 |
S&P Global, Inc. | 81,535 | 21,035,215 |
Santander Consumer USA Holdings, Inc. | 34,243 | 858,814 |
SEI Investments Co. | 41,874 | 2,509,090 |
SLM Corp. | 138,796 | 1,171,438 |
Starwood Property Trust, Inc. | 93,731 | 2,305,783 |
State Street Corp. | 123,148 | 8,136,388 |
Stifel Financial Corp. | 22,626 | 1,266,603 |
Synchrony Financial | 202,191 | 7,151,496 |
T. Rowe Price Group, Inc. | 78,127 | 9,047,107 |
TD Ameritrade Holding Corp. | 89,108 | 3,419,965 |
The Bank of New York Mellon Corp. | 283,946 | 13,274,475 |
The Charles Schwab Corp.(b) | 383,080 | 15,595,187 |
The Goldman Sachs Group, Inc. | 107,079 | 22,848,517 |
Security | Number of Shares | Value ($) |
Two Harbors Investment Corp. | 90,007 | 1,248,397 |
Voya Financial, Inc. | 45,813 | 2,472,069 |
473,869,390 | ||
Energy 4.1% | ||
Antero Resources Corp. * | 66,200 | 165,500 |
Apache Corp. | 125,516 | 2,718,677 |
Baker Hughes Co. | 214,698 | 4,594,537 |
Cabot Oil & Gas Corp. | 138,178 | 2,575,638 |
Centennial Resource Development, Inc., Class A * | 59,100 | 200,940 |
Cheniere Energy, Inc. * | 77,403 | 4,764,155 |
Chevron Corp. | 628,087 | 72,946,024 |
Cimarex Energy Co. | 33,916 | 1,431,934 |
Concho Resources, Inc. | 66,081 | 4,461,789 |
ConocoPhillips | 367,501 | 20,286,055 |
Continental Resources, Inc. * | 28,913 | 852,066 |
CVR Energy, Inc. | 8,925 | 423,223 |
Devon Energy Corp. | 133,046 | 2,698,173 |
Diamondback Energy, Inc. | 54,023 | 4,633,012 |
EOG Resources, Inc. | 192,328 | 13,330,254 |
EQT Corp. | 85,155 | 914,565 |
Equitrans Midstream Corp. | 68,050 | 947,256 |
Exxon Mobil Corp. | 1,399,877 | 94,589,689 |
Halliburton Co. | 290,788 | 5,597,669 |
Helmerich & Payne, Inc. | 36,540 | 1,370,250 |
Hess Corp. | 85,684 | 5,633,723 |
HollyFrontier Corp. | 50,124 | 2,753,813 |
Kinder Morgan, Inc. | 643,059 | 12,848,319 |
Marathon Oil Corp. | 267,709 | 3,086,685 |
Marathon Petroleum Corp. | 217,436 | 13,905,032 |
Murphy Oil Corp. | 51,132 | 1,054,853 |
National Oilwell Varco, Inc. | 128,053 | 2,896,559 |
Noble Energy, Inc. | 157,372 | 3,030,985 |
Occidental Petroleum Corp. | 295,495 | 11,967,547 |
ONEOK, Inc. | 136,287 | 9,516,921 |
Parsley Energy, Inc., Class A | 93,091 | 1,471,769 |
PBF Energy, Inc., Class A | 33,772 | 1,090,160 |
Peabody Energy Corp. | 23,624 | 248,761 |
Phillips 66 | 148,476 | 17,344,966 |
Pioneer Natural Resources Co. | 55,508 | 6,828,594 |
Schlumberger Ltd. | 457,318 | 14,949,725 |
Targa Resources Corp. | 77,514 | 3,013,744 |
TechnipFMC plc | 138,686 | 2,736,275 |
The Williams Cos., Inc. | 399,776 | 8,919,003 |
Transocean Ltd. * | 189,158 | 898,500 |
Valero Energy Corp. | 136,901 | 13,276,659 |
WPX Energy, Inc. * | 139,819 | 1,395,394 |
378,369,393 | ||
Food & Staples Retailing 1.5% | ||
BJ's Wholesale Club Holdings, Inc. * | 40,795 | 1,089,227 |
Casey's General Stores, Inc. | 12,222 | 2,087,640 |
Costco Wholesale Corp. | 145,469 | 43,220,295 |
Performance Food Group Co. * | 35,113 | 1,496,165 |
Sysco Corp. | 169,720 | 13,555,536 |
The Kroger Co. | 263,373 | 6,489,511 |
U.S. Foods Holding Corp. * | 72,655 | 2,882,224 |
Walgreens Boots Alliance, Inc. | 250,898 | 13,744,192 |
Walmart, Inc. | 470,417 | 55,161,097 |
139,725,887 | ||
Food, Beverage & Tobacco 3.6% | ||
Altria Group, Inc. | 617,441 | 27,655,182 |
Archer-Daniels-Midland Co. | 184,707 | 7,765,082 |
Security | Number of Shares | Value ($) |
Brown-Forman Corp., Class B | 60,157 | 3,941,487 |
Bunge Ltd. | 47,128 | 2,544,912 |
Campbell Soup Co. | 55,642 | 2,576,781 |
ConAgra Brands, Inc. | 161,997 | 4,382,019 |
Constellation Brands, Inc., Class A | 55,420 | 10,548,089 |
Darling Ingredients, Inc. * | 55,304 | 1,067,367 |
Flowers Foods, Inc. | 64,122 | 1,392,730 |
General Mills, Inc. | 199,478 | 10,145,451 |
Hormel Foods Corp. | 91,674 | 3,748,550 |
Ingredion, Inc. | 22,258 | 1,758,382 |
Kellogg Co. | 81,877 | 5,201,646 |
Keurig Dr Pepper, Inc. | 88,388 | 2,489,006 |
Lamb Weston Holdings, Inc. | 47,949 | 3,741,940 |
Lancaster Colony Corp. | 6,589 | 917,057 |
McCormick & Co., Inc. - Non Voting Shares | 40,804 | 6,556,795 |
Molson Coors Brewing Co., Class B | 62,447 | 3,292,206 |
Mondelez International, Inc., Class A | 476,837 | 25,010,101 |
Monster Beverage Corp. * | 127,954 | 7,182,058 |
National Beverage Corp.(a) | 4,100 | 180,236 |
PepsiCo, Inc. | 462,374 | 63,423,842 |
Philip Morris International, Inc. | 514,612 | 41,910,001 |
Pilgrim's Pride Corp. * | 18,242 | 553,827 |
Post Holdings, Inc. * | 22,899 | 2,356,307 |
Seaboard Corp. | 90 | 379,718 |
The Coca-Cola Co. | 1,272,943 | 69,286,287 |
The Hershey Co. | 49,212 | 7,227,766 |
The JM Smucker Co. | 37,424 | 3,954,968 |
The Kraft Heinz Co. | 204,691 | 6,617,660 |
TreeHouse Foods, Inc. * | 18,832 | 1,017,305 |
Tyson Foods, Inc., Class A | 97,315 | 8,056,709 |
336,881,467 | ||
Health Care Equipment & Services 6.2% | ||
Abbott Laboratories | 584,871 | 48,901,064 |
ABIOMED, Inc. * | 15,020 | 3,117,852 |
Align Technology, Inc. * | 23,937 | 6,039,066 |
Amedisys, Inc. * | 10,618 | 1,364,625 |
AmerisourceBergen Corp. | 50,302 | 4,294,785 |
Anthem, Inc. | 84,630 | 22,772,240 |
Baxter International, Inc. | 169,111 | 12,970,814 |
Becton, Dickinson & Co. | 89,348 | 22,873,088 |
Boston Scientific Corp. * | 461,142 | 19,229,621 |
Cantel Medical Corp. | 12,112 | 882,844 |
Cardinal Health, Inc. | 98,004 | 4,846,298 |
Centene Corp. * | 136,232 | 7,231,195 |
Cerner Corp. | 105,332 | 7,069,884 |
Chemed Corp. | 5,287 | 2,082,602 |
Cigna Corp. * | 124,778 | 22,267,882 |
Covetrus, Inc. * | 32,898 | 326,184 |
CVS Health Corp. | 430,186 | 28,560,049 |
Danaher Corp. | 211,315 | 29,123,433 |
DaVita, Inc. * | 31,988 | 1,874,497 |
DENTSPLY SIRONA, Inc. | 74,275 | 4,068,784 |
DexCom, Inc. * | 30,050 | 4,634,912 |
Edwards Lifesciences Corp. * | 68,858 | 16,414,370 |
Encompass Health Corp. | 32,963 | 2,110,291 |
Globus Medical, Inc., Class A * | 25,641 | 1,342,819 |
Haemonetics Corp. * | 16,531 | 1,995,788 |
HCA Healthcare, Inc. | 87,998 | 11,751,253 |
HealthEquity, Inc. * | 23,292 | 1,322,753 |
Henry Schein, Inc. * | 49,006 | 3,067,040 |
Hill-Rom Holdings, Inc. | 22,278 | 2,332,284 |
Hologic, Inc. * | 88,024 | 4,252,439 |
Humana, Inc. | 44,759 | 13,168,098 |
ICU Medical, Inc. * | 6,378 | 1,030,749 |
IDEXX Laboratories, Inc. * | 28,361 | 8,083,169 |
Security | Number of Shares | Value ($) |
Insulet Corp. * | 19,750 | 2,870,070 |
Integra LifeSciences Holdings Corp. * | 23,608 | 1,370,680 |
Intuitive Surgical, Inc. * | 38,136 | 21,087,301 |
Laboratory Corp. of America Holdings * | 32,458 | 5,348,105 |
LHC Group, Inc. * | 9,771 | 1,084,288 |
LivaNova plc * | 16,259 | 1,149,999 |
Masimo Corp. * | 16,355 | 2,384,395 |
McKesson Corp. | 61,157 | 8,133,881 |
MEDNAX, Inc. * | 27,268 | 598,805 |
Medtronic plc | 443,982 | 48,349,640 |
Molina Healthcare, Inc. * | 20,883 | 2,456,676 |
Penumbra, Inc. * | 10,379 | 1,618,813 |
Quest Diagnostics, Inc. | 44,790 | 4,534,987 |
ResMed, Inc. | 47,313 | 6,998,539 |
Steris plc | 27,785 | 3,933,522 |
Stryker Corp. | 106,229 | 22,974,146 |
Teladoc Health, Inc. * | 23,422 | 1,794,125 |
Teleflex, Inc. | 15,380 | 5,343,166 |
The Cooper Cos., Inc. | 16,298 | 4,742,718 |
UnitedHealth Group, Inc. | 313,577 | 79,240,908 |
Universal Health Services, Inc., Class B | 26,840 | 3,689,426 |
Varian Medical Systems, Inc. * | 30,201 | 3,648,583 |
Veeva Systems, Inc., Class A * | 43,029 | 6,102,803 |
WellCare Health Plans, Inc. * | 16,580 | 4,917,628 |
West Pharmaceutical Services, Inc. | 24,202 | 3,481,216 |
Wright Medical Group N.V. * | 42,065 | 874,952 |
Zimmer Biomet Holdings, Inc. | 67,992 | 9,398,534 |
579,530,678 | ||
Household & Personal Products 1.8% | ||
Church & Dwight Co., Inc. | 82,014 | 5,736,059 |
Colgate-Palmolive Co. | 284,160 | 19,493,376 |
Coty, Inc., Class A | 94,332 | 1,102,741 |
Herbalife Nutrition Ltd. * | 31,416 | 1,403,353 |
Kimberly-Clark Corp. | 113,864 | 15,130,248 |
Nu Skin Enterprises, Inc., Class A | 18,980 | 846,128 |
The Clorox Co. | 41,534 | 6,134,157 |
The Estee Lauder Cos., Inc., Class A | 73,160 | 13,627,513 |
The Procter & Gamble Co. | 827,790 | 103,068,133 |
166,541,708 | ||
Insurance 2.6% | ||
Aflac, Inc. | 244,955 | 13,021,808 |
Alleghany Corp. * | 4,737 | 3,686,760 |
American Financial Group, Inc. | 24,522 | 2,551,269 |
American International Group, Inc. | 288,038 | 15,254,492 |
American National Insurance Co. | 3,237 | 388,375 |
Aon plc | 78,001 | 15,066,673 |
Arch Capital Group Ltd. * | 134,419 | 5,613,337 |
Arthur J. Gallagher & Co. | 61,882 | 5,644,876 |
Assurant, Inc. | 20,009 | 2,522,535 |
Assured Guaranty Ltd. | 32,468 | 1,523,399 |
Athene Holding Ltd., Class A * | 39,502 | 1,712,412 |
Axis Capital Holdings Ltd. | 27,912 | 1,658,810 |
Brighthouse Financial, Inc. * | 36,771 | 1,388,473 |
Brown & Brown, Inc. | 77,637 | 2,925,362 |
Chubb Ltd. | 150,775 | 22,981,126 |
Cincinnati Financial Corp. | 50,113 | 5,673,293 |
CNA Financial Corp. | 9,511 | 426,473 |
Erie Indemnity Co., Class A | 6,101 | 1,124,231 |
Everest Re Group Ltd. | 13,550 | 3,483,570 |
Fidelity National Financial, Inc. | 90,454 | 4,146,411 |
First American Financial Corp. | 37,257 | 2,301,737 |
Globe Life, Inc. | 33,097 | 3,221,331 |
Kemper Corp. | 20,964 | 1,506,892 |
Lincoln National Corp. | 66,563 | 3,759,478 |
Security | Number of Shares | Value ($) |
Loews Corp. | 85,949 | 4,211,501 |
Markel Corp. * | 4,544 | 5,321,024 |
Marsh & McLennan Cos., Inc. | 167,446 | 17,350,755 |
MetLife, Inc. | 263,266 | 12,318,216 |
Old Republic International Corp. | 95,114 | 2,124,847 |
Primerica, Inc. | 13,705 | 1,729,297 |
Principal Financial Group, Inc. | 85,226 | 4,549,364 |
Prudential Financial, Inc. | 132,945 | 12,116,607 |
Reinsurance Group of America, Inc. | 20,901 | 3,395,785 |
RenaissanceRe Holdings Ltd. | 14,760 | 2,762,777 |
Selective Insurance Group, Inc. | 19,709 | 1,362,286 |
The Allstate Corp. | 108,930 | 11,592,331 |
The Hanover Insurance Group, Inc. | 13,008 | 1,713,284 |
The Hartford Financial Services Group, Inc. | 119,541 | 6,823,400 |
The Progressive Corp. | 193,628 | 13,495,872 |
The Travelers Cos., Inc. | 86,062 | 11,279,286 |
Unum Group | 68,986 | 1,899,874 |
W. R. Berkley Corp. | 47,387 | 3,312,351 |
Willis Towers Watson plc | 42,680 | 7,976,892 |
246,918,872 | ||
Materials 2.8% | ||
Air Products & Chemicals, Inc. | 72,946 | 15,556,464 |
Albemarle Corp. | 35,335 | 2,146,248 |
Alcoa Corp. * | 62,234 | 1,293,845 |
Amcor plc * | 535,396 | 5,096,970 |
AptarGroup, Inc. | 21,051 | 2,487,176 |
Ashland Global Holdings, Inc. | 19,967 | 1,544,847 |
Avery Dennison Corp. | 28,074 | 3,589,542 |
Axalta Coating Systems Ltd. * | 67,564 | 1,992,462 |
Ball Corp. | 109,573 | 7,666,823 |
Berry Global Group, Inc. * | 43,554 | 1,807,927 |
Celanese Corp. | 40,950 | 4,961,092 |
CF Industries Holdings, Inc. | 72,814 | 3,302,115 |
Corteva, Inc. * | 247,014 | 6,516,229 |
Crown Holdings, Inc. * | 45,123 | 3,286,759 |
Dow, Inc. * | 245,474 | 12,393,982 |
DuPont de Nemours, Inc. | 246,916 | 16,274,234 |
Eastman Chemical Co. | 45,376 | 3,450,391 |
Ecolab, Inc. | 82,841 | 15,911,271 |
Element Solutions, Inc. * | 74,692 | 811,155 |
FMC Corp. | 43,298 | 3,961,767 |
Freeport-McMoRan, Inc. | 482,385 | 4,737,021 |
Graphic Packaging Holding Co. | 99,149 | 1,552,673 |
Huntsman Corp. | 67,330 | 1,490,013 |
Ingevity Corp. * | 13,907 | 1,171,108 |
International Flavors & Fragrances, Inc. | 35,337 | 4,311,467 |
International Paper Co. | 129,373 | 5,651,013 |
Linde plc | 178,787 | 35,462,401 |
Livent Corp. * | 45,294 | 310,717 |
Louisiana-Pacific Corp. | 41,200 | 1,204,276 |
LyondellBasell Industries N.V., Class A | 85,407 | 7,661,008 |
Martin Marietta Materials, Inc. | 20,568 | 5,386,965 |
NewMarket Corp. | 2,440 | 1,184,596 |
Newmont Goldcorp Corp. | 270,908 | 10,763,175 |
Nucor Corp. | 100,496 | 5,411,710 |
Olin Corp. | 55,042 | 1,009,470 |
Packaging Corp. of America | 31,470 | 3,444,706 |
PPG Industries, Inc. | 78,328 | 9,800,399 |
Reliance Steel & Aluminum Co. | 21,731 | 2,521,665 |
Royal Gold, Inc. | 21,913 | 2,529,637 |
RPM International, Inc. | 42,904 | 3,107,537 |
Sealed Air Corp. | 50,489 | 2,108,926 |
Sonoco Products Co. | 33,411 | 1,927,815 |
Steel Dynamics, Inc. | 72,019 | 2,186,497 |
The Chemours Co. | 52,344 | 858,965 |
Security | Number of Shares | Value ($) |
The Mosaic Co. | 118,507 | 2,355,919 |
The Scotts Miracle-Gro Co. | 13,135 | 1,318,623 |
The Sherwin-Williams Co. | 27,164 | 15,546,500 |
United States Steel Corp.(a) | 54,372 | 625,822 |
Valvoline, Inc. | 62,822 | 1,340,621 |
Vulcan Materials Co. | 43,573 | 6,225,274 |
W.R. Grace & Co. | 18,495 | 1,228,993 |
Westlake Chemical Corp. | 11,139 | 703,873 |
WestRock Co. | 85,323 | 3,188,520 |
262,379,204 | ||
Media & Entertainment 7.8% | ||
Activision Blizzard, Inc. | 253,870 | 14,224,336 |
Alphabet, Inc., Class A * | 99,084 | 124,726,939 |
Alphabet, Inc., Class C * | 99,961 | 125,961,856 |
Altice USA, Inc., Class A * | 102,138 | 3,161,171 |
Cable One, Inc. | 1,659 | 2,198,789 |
Cargurus, Inc. * | 23,438 | 787,282 |
CBS Corp., Class B - Non Voting Shares | 108,243 | 3,901,078 |
Charter Communications, Inc., Class A * | 53,479 | 25,020,685 |
Cinemark Holdings, Inc. | 35,543 | 1,300,874 |
Comcast Corp., Class A | 1,500,365 | 67,246,359 |
Discovery, Inc., Class A * | 52,444 | 1,413,628 |
Discovery, Inc., Class C * | 114,577 | 2,891,923 |
DISH Network Corp., Class A * | 79,543 | 2,734,688 |
Electronic Arts, Inc. * | 97,186 | 9,368,730 |
Facebook, Inc., Class A * | 795,834 | 152,521,586 |
Fox Corp., Class A | 116,942 | 3,746,822 |
Fox Corp., Class B * | 54,188 | 1,692,833 |
IAC/InterActiveCorp * | 23,906 | 5,432,638 |
Liberty Broadband Corp., Class C * | 50,306 | 5,939,629 |
Liberty Global plc, Class A * | 53,391 | 1,342,784 |
Liberty Global plc, Class C * | 136,649 | 3,261,812 |
Liberty Media Corp. - Liberty Formula One, Class C * | 67,508 | 2,869,090 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 27,946 | 1,255,055 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 49,720 | 2,246,847 |
Live Nation Entertainment, Inc. * | 46,235 | 3,259,567 |
Netflix, Inc. * | 144,836 | 41,627,315 |
News Corp., Class A | 128,555 | 1,762,489 |
Nexstar Media Group, Inc., Class A | 15,282 | 1,486,786 |
Omnicom Group, Inc. | 71,793 | 5,541,702 |
Sirius XM Holdings, Inc. | 455,959 | 3,064,044 |
Snap, Inc., Class A * | 253,254 | 3,814,005 |
Take-Two Interactive Software, Inc. * | 37,654 | 4,531,659 |
The Interpublic Group of Cos., Inc. | 128,602 | 2,797,094 |
The Madison Square Garden Co., Class A * | 5,539 | 1,478,470 |
The New York Times Co., Class A | 47,452 | 1,466,267 |
The Walt Disney Co. | 595,911 | 77,420,757 |
TripAdvisor, Inc. * | 34,337 | 1,387,215 |
Twitter, Inc. * | 255,755 | 7,664,977 |
Viacom, Inc., Class B | 117,870 | 2,541,277 |
World Wrestling Entertainment, Inc., Class A | 15,714 | 880,613 |
Zillow Group, Inc., Class C * | 41,315 | 1,345,630 |
Zynga, Inc., Class A * | 311,529 | 1,922,134 |
729,239,435 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||
AbbVie, Inc. | 489,162 | 38,912,837 |
Agilent Technologies, Inc. | 102,477 | 7,762,633 |
Agios Pharmaceuticals, Inc. * | 17,506 | 526,580 |
Security | Number of Shares | Value ($) |
Alexion Pharmaceuticals, Inc. * | 73,936 | 7,792,854 |
Alkermes plc * | 52,026 | 1,016,068 |
Allergan plc | 108,529 | 19,113,042 |
Alnylam Pharmaceuticals, Inc. * | 36,806 | 3,192,552 |
Amgen, Inc. | 198,418 | 42,312,639 |
Bio-Rad Laboratories, Inc., Class A * | 7,114 | 2,359,145 |
Bio-Techne Corp. | 12,625 | 2,628,146 |
Biogen, Inc. * | 61,053 | 18,237,142 |
BioMarin Pharmaceutical, Inc. * | 58,983 | 4,318,145 |
Bluebird Bio, Inc. * | 18,348 | 1,486,188 |
Bristol-Myers Squibb Co. | 541,187 | 31,047,898 |
Bruker Corp. | 33,500 | 1,490,750 |
Catalent, Inc. * | 48,616 | 2,365,168 |
Celgene Corp. * | 234,510 | 25,334,115 |
Charles River Laboratories International, Inc. * | 16,112 | 2,094,238 |
Eli Lilly & Co. | 281,122 | 32,033,852 |
Emergent BioSolutions, Inc. * | 14,214 | 812,472 |
Exact Sciences Corp. * | 43,136 | 3,752,832 |
Exelixis, Inc. * | 100,262 | 1,549,048 |
FibroGen, Inc. * | 25,222 | 987,441 |
Gilead Sciences, Inc. | 418,672 | 26,673,593 |
Horizon Therapeutics plc * | 60,769 | 1,756,832 |
Illumina, Inc. * | 48,521 | 14,338,926 |
Immunomedics, Inc. * | 54,593 | 873,488 |
Incyte Corp. * | 59,322 | 4,978,302 |
Intercept Pharmaceuticals, Inc. * | 7,966 | 579,766 |
Ionis Pharmaceuticals, Inc. * | 42,331 | 2,358,683 |
IQVIA Holdings, Inc. * | 60,312 | 8,710,259 |
Jazz Pharmaceuticals plc * | 18,561 | 2,331,818 |
Johnson & Johnson | 873,082 | 115,281,747 |
Merck & Co., Inc. | 847,097 | 73,409,426 |
Mettler-Toledo International, Inc. * | 8,101 | 5,710,719 |
Mylan N.V. * | 171,450 | 3,283,268 |
Nektar Therapeutics * | 58,188 | 996,470 |
Neurocrine Biosciences, Inc. * | 30,339 | 3,018,427 |
PerkinElmer, Inc. | 36,877 | 3,169,947 |
Perrigo Co., plc | 44,989 | 2,385,317 |
Pfizer, Inc. | 1,829,840 | 70,210,961 |
PRA Health Sciences, Inc. * | 20,762 | 2,028,655 |
Regeneron Pharmaceuticals, Inc. * | 26,464 | 8,105,394 |
Sage Therapeutics, Inc. * | 17,167 | 2,328,704 |
Sarepta Therapeutics, Inc. * | 23,286 | 1,934,135 |
Seattle Genetics, Inc. * | 37,456 | 4,022,774 |
Syneos Health, Inc. * | 20,617 | 1,033,943 |
Thermo Fisher Scientific, Inc. | 132,516 | 40,017,182 |
United Therapeutics Corp. * | 14,658 | 1,316,875 |
Vertex Pharmaceuticals, Inc. * | 85,082 | 16,631,829 |
Waters Corp. * | 22,108 | 4,678,495 |
Zoetis, Inc. | 157,997 | 20,210,976 |
693,502,696 | ||
Real Estate 4.0% | ||
Alexandria Real Estate Equities, Inc. | 37,615 | 5,971,381 |
American Campus Communities, Inc. | 45,738 | 2,285,985 |
American Homes 4 Rent, Class A | 84,749 | 2,243,306 |
American Tower Corp. | 146,459 | 31,939,779 |
Americold Realty Trust | 62,843 | 2,519,376 |
Apartment Investment & Management Co., Class A | 49,009 | 2,689,614 |
Apple Hospitality REIT, Inc. | 71,106 | 1,171,827 |
AvalonBay Communities, Inc. | 46,130 | 10,040,656 |
Boston Properties, Inc. | 47,501 | 6,517,137 |
Brixmor Property Group, Inc. | 99,647 | 2,194,227 |
Camden Property Trust | 32,186 | 3,681,113 |
CBRE Group, Inc., Class A * | 111,394 | 5,965,149 |
CoreSite Realty Corp. | 12,262 | 1,440,785 |
Security | Number of Shares | Value ($) |
Cousins Properties, Inc. | 48,636 | 1,951,763 |
Crown Castle International Corp. | 137,764 | 19,120,266 |
CubeSmart | 63,449 | 2,011,333 |
CyrusOne, Inc. | 37,184 | 2,650,476 |
Digital Realty Trust, Inc. | 68,684 | 8,725,615 |
Douglas Emmett, Inc. | 53,967 | 2,337,850 |
Duke Realty Corp. | 119,886 | 4,212,794 |
EastGroup Properties, Inc. | 12,163 | 1,629,234 |
EPR Properties | 25,871 | 2,012,505 |
Equinix, Inc. | 28,059 | 15,903,280 |
Equity Commonwealth | 40,489 | 1,302,936 |
Equity LifeStyle Properties, Inc. | 60,124 | 4,205,073 |
Equity Residential | 115,329 | 10,225,069 |
Essex Property Trust, Inc. | 21,670 | 7,088,907 |
Extra Space Storage, Inc. | 42,557 | 4,777,874 |
Federal Realty Investment Trust | 22,920 | 3,117,349 |
First Industrial Realty Trust, Inc. | 42,574 | 1,792,791 |
Gaming & Leisure Properties, Inc. | 67,360 | 2,718,650 |
HCP, Inc. | 162,618 | 6,117,689 |
Healthcare Realty Trust, Inc. | 42,920 | 1,492,328 |
Healthcare Trust of America, Inc., Class A | 68,512 | 2,123,872 |
Highwoods Properties, Inc. | 34,481 | 1,613,711 |
Host Hotels & Resorts, Inc. | 242,977 | 3,982,393 |
Hudson Pacific Properties, Inc. | 51,484 | 1,849,305 |
Invitation Homes, Inc. | 158,288 | 4,873,688 |
Iron Mountain, Inc. | 95,695 | 3,138,796 |
JBG SMITH Properties | 38,146 | 1,535,758 |
Jones Lang LaSalle, Inc. | 16,836 | 2,466,811 |
Kilroy Realty Corp. | 30,564 | 2,565,237 |
Kimco Realty Corp. | 140,739 | 3,034,333 |
Lamar Advertising Co., Class A | 28,462 | 2,277,245 |
Liberty Property Trust | 51,964 | 3,069,513 |
Life Storage, Inc. | 15,551 | 1,693,815 |
Medical Properties Trust, Inc. | 147,361 | 3,054,794 |
Mid-America Apartment Communities, Inc. | 37,470 | 5,207,955 |
National Health Investors, Inc. | 14,234 | 1,221,135 |
National Retail Properties, Inc. | 56,634 | 3,336,309 |
Omega Healthcare Investors, Inc. | 71,868 | 3,165,067 |
Paramount Group, Inc. | 66,793 | 899,702 |
Park Hotels & Resorts, Inc. | 79,118 | 1,839,493 |
Pebblebrook Hotel Trust | 43,526 | 1,119,053 |
Prologis, Inc. | 209,012 | 18,342,893 |
PS Business Parks, Inc. | 6,686 | 1,207,157 |
Public Storage | 49,659 | 11,067,005 |
Rayonier, Inc. | 43,188 | 1,165,212 |
Realty Income Corp. | 105,378 | 8,618,867 |
Regency Centers Corp. | 55,830 | 3,754,009 |
Ryman Hospitality Properties, Inc. | 17,140 | 1,442,674 |
Sabra Health Care REIT, Inc. | 63,542 | 1,563,133 |
SBA Communications Corp. | 37,396 | 8,999,347 |
Service Properties Trust | 53,012 | 1,341,204 |
Simon Property Group, Inc. | 101,967 | 15,364,388 |
SL Green Realty Corp. | 27,403 | 2,290,891 |
Spirit Realty Capital, Inc. | 29,685 | 1,479,500 |
STORE Capital Corp. | 69,269 | 2,805,394 |
Sun Communities, Inc. | 29,787 | 4,844,856 |
Sunstone Hotel Investors, Inc. | 72,950 | 985,555 |
The Howard Hughes Corp. * | 14,258 | 1,594,330 |
The Macerich Co. | 37,236 | 1,023,990 |
UDR, Inc. | 96,817 | 4,865,054 |
Uniti Group, Inc. | 63,369 | 438,513 |
Ventas, Inc. | 123,341 | 8,029,499 |
VEREIT, Inc. | 349,108 | 3,435,223 |
VICI Properties, Inc. | 152,150 | 3,583,132 |
Vornado Realty Trust | 52,154 | 3,422,867 |
Weingarten Realty Investors | 40,495 | 1,284,906 |
Welltower, Inc. | 133,722 | 12,127,248 |
Security | Number of Shares | Value ($) |
Weyerhaeuser Co. | 245,532 | 7,171,990 |
WP Carey, Inc. | 56,408 | 5,192,920 |
373,563,859 | ||
Retailing 6.1% | ||
Advance Auto Parts, Inc. | 23,445 | 3,809,344 |
Amazon.com, Inc. * | 137,450 | 244,201,917 |
American Eagle Outfitters, Inc. | 52,754 | 811,356 |
AutoNation, Inc. * | 19,588 | 996,050 |
AutoZone, Inc. * | 8,131 | 9,304,954 |
Best Buy Co., Inc. | 76,637 | 5,504,836 |
Booking Holdings, Inc. * | 14,064 | 28,813,901 |
Burlington Stores, Inc. * | 21,928 | 4,213,904 |
CarMax, Inc. * | 54,771 | 5,103,014 |
Dollar General Corp. | 84,879 | 13,609,499 |
Dollar Tree, Inc. * | 78,370 | 8,652,048 |
eBay, Inc. | 260,853 | 9,195,068 |
Etsy, Inc. * | 40,119 | 1,784,894 |
Expedia Group, Inc. | 46,292 | 6,326,265 |
Five Below, Inc. * | 18,633 | 2,331,175 |
Foot Locker, Inc. | 36,091 | 1,570,319 |
Genuine Parts Co. | 47,966 | 4,920,352 |
GrubHub, Inc. * | 30,316 | 1,032,563 |
Kohl's Corp. | 52,138 | 2,672,594 |
L Brands, Inc. | 76,263 | 1,299,521 |
LKQ Corp. * | 102,286 | 3,476,701 |
Lowe's Cos., Inc. | 255,305 | 28,494,591 |
Macy's, Inc. | 102,675 | 1,556,553 |
Nordstrom, Inc. | 35,853 | 1,287,123 |
O'Reilly Automotive, Inc. * | 25,313 | 11,024,065 |
Ollie's Bargain Outlet Holdings, Inc. * | 18,244 | 1,165,427 |
Penske Automotive Group, Inc. | 10,978 | 534,848 |
Pool Corp. | 13,161 | 2,729,591 |
Qurate Retail, Inc. Class A * | 128,523 | 1,226,109 |
Ross Stores, Inc. | 120,649 | 13,231,576 |
Target Corp. | 169,114 | 18,079,978 |
The Gap, Inc. | 71,646 | 1,164,964 |
The Home Depot, Inc. | 362,267 | 84,980,593 |
The TJX Cos., Inc. | 400,352 | 23,080,293 |
Tiffany & Co. | 35,989 | 4,480,990 |
Tractor Supply Co. | 39,158 | 3,720,793 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 19,475 | 4,540,596 |
Urban Outfitters, Inc. * | 23,024 | 660,789 |
Wayfair, Inc., Class A * | 21,440 | 1,763,011 |
Williams-Sonoma, Inc. | 25,748 | 1,719,709 |
565,071,874 | ||
Semiconductors & Semiconductor Equipment 4.0% | ||
Advanced Micro Devices, Inc. * | 359,080 | 12,183,584 |
Analog Devices, Inc. | 121,955 | 13,004,062 |
Applied Materials, Inc. | 305,566 | 16,580,011 |
Broadcom, Inc. | 131,684 | 38,563,659 |
Cree, Inc. * | 35,308 | 1,685,251 |
Cypress Semiconductor Corp. | 121,636 | 2,830,470 |
Entegris, Inc. | 45,093 | 2,164,464 |
First Solar, Inc. * | 25,238 | 1,307,076 |
Intel Corp. | 1,465,462 | 82,842,567 |
KLA Corp. | 52,683 | 8,905,534 |
Lam Research Corp. | 47,809 | 12,958,151 |
Marvell Technology Group Ltd. | 218,668 | 5,333,313 |
Maxim Integrated Products, Inc. | 89,791 | 5,267,140 |
Microchip Technology, Inc. | 78,424 | 7,394,599 |
Micron Technology, Inc. * | 365,138 | 17,362,312 |
MKS Instruments, Inc. | 18,095 | 1,958,241 |
Monolithic Power Systems, Inc. | 13,189 | 1,977,295 |
NVIDIA Corp. | 201,449 | 40,495,278 |
Security | Number of Shares | Value ($) |
ON Semiconductor Corp. * | 136,894 | 2,792,638 |
Qorvo, Inc. * | 38,995 | 3,153,136 |
QUALCOMM, Inc. | 402,142 | 32,348,302 |
Semtech Corp. * | 22,287 | 1,124,602 |
Silicon Laboratories, Inc. * | 14,380 | 1,527,731 |
Skyworks Solutions, Inc. | 56,880 | 5,179,493 |
Teradyne, Inc. | 56,442 | 3,455,379 |
Texas Instruments, Inc. | 308,837 | 36,439,678 |
Universal Display Corp. | 13,879 | 2,778,298 |
Xilinx, Inc. | 83,795 | 7,603,558 |
369,215,822 | ||
Software & Services 12.4% | ||
Accenture plc, Class A | 210,604 | 39,050,194 |
ACI Worldwide, Inc. * | 39,115 | 1,227,820 |
Adobe, Inc. * | 160,601 | 44,635,836 |
Akamai Technologies, Inc. * | 54,565 | 4,719,872 |
Alliance Data Systems Corp. | 13,757 | 1,375,700 |
Amdocs Ltd. | 45,152 | 2,943,910 |
ANSYS, Inc. * | 27,713 | 6,101,017 |
Aspen Technology, Inc. * | 22,688 | 2,611,616 |
Autodesk, Inc. * | 72,806 | 10,728,692 |
Automatic Data Processing, Inc. | 143,623 | 23,299,959 |
Black Knight, Inc. * | 49,365 | 3,169,233 |
Blackbaud, Inc. | 16,222 | 1,361,837 |
Booz Allen Hamilton Holding Corp. | 46,785 | 3,292,260 |
Broadridge Financial Solutions, Inc. | 37,561 | 4,703,388 |
CACI International, Inc., Class A * | 8,308 | 1,858,915 |
Cadence Design Systems, Inc. * | 92,683 | 6,056,834 |
CDK Global, Inc. | 39,438 | 1,993,197 |
Cerence, Inc. * | 11,925 | 184,838 |
Ceridian HCM Holding, Inc. * | 29,466 | 1,421,735 |
Citrix Systems, Inc. | 41,039 | 4,467,506 |
Cognizant Technology Solutions Corp., Class A | 182,709 | 11,134,286 |
Coupa Software, Inc. * | 20,425 | 2,808,233 |
DocuSign, Inc. * | 40,819 | 2,701,810 |
Dropbox, Inc., Class A * | 70,731 | 1,401,888 |
DXC Technology Co. | 87,569 | 2,423,034 |
EPAM Systems, Inc. * | 18,109 | 3,186,460 |
Euronet Worldwide, Inc. * | 17,998 | 2,520,980 |
Fair Isaac Corp. * | 9,525 | 2,895,981 |
Fidelity National Information Services, Inc. | 202,946 | 26,740,165 |
FireEye, Inc. * | 71,497 | 1,132,512 |
Fiserv, Inc. * | 188,841 | 20,043,584 |
FleetCor Technologies, Inc. * | 28,640 | 8,426,461 |
Fortinet, Inc. * | 46,775 | 3,814,969 |
Gartner, Inc. * | 29,972 | 4,618,086 |
Genpact Ltd. | 50,665 | 1,984,548 |
Global Payments, Inc. | 99,253 | 16,791,623 |
GoDaddy, Inc., Class A * | 58,794 | 3,823,374 |
Guidewire Software, Inc. * | 27,099 | 3,055,141 |
HubSpot, Inc. * | 13,231 | 2,052,128 |
International Business Machines Corp. | 293,036 | 39,187,704 |
Intuit, Inc. | 86,045 | 22,156,587 |
j2 Global, Inc. | 15,475 | 1,469,506 |
Jack Henry & Associates, Inc. | 25,301 | 3,581,610 |
Leidos Holdings, Inc. | 44,670 | 3,851,894 |
LogMeIn, Inc. | 15,983 | 1,049,763 |
Mastercard, Inc., Class A | 295,309 | 81,744,484 |
MAXIMUS, Inc. | 21,323 | 1,636,327 |
Microsoft Corp. | 2,525,818 | 362,126,527 |
New Relic, Inc. * | 16,436 | 1,052,890 |
Nuance Communications, Inc. * | 95,404 | 1,556,993 |
Nutanix, Inc., Class A * | 47,363 | 1,383,947 |
Okta, Inc. * | 35,258 | 3,845,590 |
Oracle Corp. | 728,349 | 39,687,737 |
Security | Number of Shares | Value ($) |
Palo Alto Networks, Inc. * | 31,702 | 7,208,718 |
Paychex, Inc. | 105,513 | 8,825,107 |
Paycom Software, Inc. * | 16,190 | 3,424,671 |
Paylocity Holding Corp. * | 11,760 | 1,206,576 |
PayPal Holdings, Inc. * | 389,255 | 40,521,445 |
Pegasystems, Inc. | 12,324 | 926,888 |
Proofpoint, Inc. * | 18,498 | 2,134,114 |
PTC, Inc. * | 34,630 | 2,317,093 |
RealPage, Inc. * | 26,267 | 1,590,467 |
RingCentral, Inc., Class A * | 23,726 | 3,832,224 |
Sabre Corp. | 89,255 | 2,095,707 |
salesforce.com, Inc. * | 290,128 | 45,402,131 |
Science Applications International Corp. | 16,184 | 1,337,122 |
ServiceNow, Inc. * | 62,021 | 15,335,312 |
Splunk, Inc. * | 49,483 | 5,935,981 |
Square, Inc., Class A * | 113,315 | 6,960,940 |
SS&C Technologies Holdings, Inc. | 73,031 | 3,798,342 |
Symantec Corp. | 188,118 | 4,304,140 |
Synopsys, Inc. * | 49,941 | 6,779,491 |
Teradata Corp. * | 37,196 | 1,113,276 |
The Trade Desk, Inc., Class A * | 12,916 | 2,593,533 |
The Western Union Co. | 139,203 | 3,488,427 |
Twilio, Inc., Class A * | 40,198 | 3,881,519 |
Tyler Technologies, Inc. * | 12,765 | 3,427,658 |
VeriSign, Inc. * | 34,543 | 6,563,861 |
Visa, Inc., Class A | 571,272 | 102,177,710 |
VMware, Inc., Class A | 26,015 | 4,117,394 |
WEX, Inc. * | 14,404 | 2,724,949 |
Workday, Inc., Class A * | 53,456 | 8,668,425 |
Zendesk, Inc. * | 36,741 | 2,595,752 |
Zscaler, Inc. * | 21,206 | 932,640 |
1,157,312,794 | ||
Technology Hardware & Equipment 5.8% | ||
Amphenol Corp., Class A | 98,421 | 9,874,579 |
Apple, Inc. | 1,405,217 | 349,561,781 |
Arista Networks, Inc. * | 18,007 | 4,403,972 |
Arrow Electronics, Inc. * | 27,332 | 2,166,881 |
Avnet, Inc. | 34,443 | 1,362,565 |
CDW Corp. | 48,118 | 6,154,773 |
Ciena Corp. * | 51,322 | 1,905,073 |
Cisco Systems, Inc. | 1,404,467 | 66,726,227 |
Cognex Corp. | 55,794 | 2,872,833 |
CommScope Holding Co., Inc. * | 65,396 | 732,435 |
Corning, Inc. | 258,605 | 7,662,466 |
Dell Technologies, Inc., Class C * | 50,944 | 2,694,428 |
Dolby Laboratories, Inc., Class A | 21,477 | 1,381,615 |
F5 Networks, Inc. * | 19,824 | 2,856,242 |
FLIR Systems, Inc. | 45,228 | 2,331,956 |
Hewlett Packard Enterprise Co. | 431,421 | 7,079,619 |
HP, Inc. | 489,866 | 8,508,972 |
IPG Photonics Corp. * | 11,844 | 1,590,412 |
Jabil, Inc. | 46,736 | 1,720,820 |
Juniper Networks, Inc. | 112,954 | 2,803,518 |
Keysight Technologies, Inc. * | 61,965 | 6,252,888 |
Littelfuse, Inc. | 8,241 | 1,446,872 |
Lumentum Holdings, Inc. * | 24,961 | 1,564,056 |
Motorola Solutions, Inc. | 54,798 | 9,114,003 |
National Instruments Corp. | 39,038 | 1,615,783 |
NetApp, Inc. | 78,608 | 4,392,615 |
Pure Storage, Inc., Class A * | 73,397 | 1,428,306 |
Seagate Technology plc | 78,211 | 4,538,584 |
SYNNEX Corp. | 13,178 | 1,551,578 |
TE Connectivity Ltd. | 111,077 | 9,941,392 |
Tech Data Corp. * | 11,639 | 1,414,139 |
Trimble, Inc. * | 83,776 | 3,337,636 |
Ubiquiti, Inc.(a) | 4,302 | 544,590 |
Security | Number of Shares | Value ($) |
ViaSat, Inc. * | 19,102 | 1,314,982 |
Western Digital Corp. | 98,202 | 5,072,133 |
Xerox Holdings Corp. | 62,708 | 2,127,683 |
Zebra Technologies Corp., Class A * | 17,922 | 4,263,106 |
544,311,513 | ||
Telecommunication Services 2.1% | ||
AT&T, Inc. | 2,416,969 | 93,029,137 |
CenturyLink, Inc. | 324,464 | 4,198,564 |
GCI Liberty, Inc., Class A * | 31,562 | 2,208,709 |
Intelsat S.A. * | 23,121 | 587,042 |
Sprint Corp. * | 202,631 | 1,258,338 |
T-Mobile US, Inc. * | 104,948 | 8,675,002 |
Telephone & Data Systems, Inc. | 31,560 | 823,400 |
Verizon Communications, Inc. | 1,368,112 | 82,729,733 |
Zayo Group Holdings, Inc. * | 78,030 | 2,663,944 |
196,173,869 | ||
Transportation 1.9% | ||
Alaska Air Group, Inc. | 41,154 | 2,857,322 |
AMERCO | 2,722 | 1,102,519 |
American Airlines Group, Inc. | 130,298 | 3,916,758 |
C.H. Robinson Worldwide, Inc. | 44,858 | 3,393,059 |
CSX Corp. | 264,039 | 18,554,021 |
Delta Air Lines, Inc. | 191,380 | 10,541,210 |
Expeditors International of Washington, Inc. | 56,400 | 4,113,816 |
FedEx Corp. | 79,468 | 12,131,585 |
Genesee & Wyoming, Inc., Class A * | 18,800 | 2,087,364 |
JB Hunt Transport Services, Inc. | 28,354 | 3,333,296 |
JetBlue Airways Corp. * | 98,317 | 1,897,518 |
Kansas City Southern | 33,137 | 4,665,027 |
Kirby Corp. * | 19,773 | 1,565,231 |
Knight-Swift Transportation Holdings, Inc. | 39,957 | 1,456,832 |
Landstar System, Inc. | 12,814 | 1,449,904 |
Macquarie Infrastructure Corp. | 25,805 | 1,113,228 |
Norfolk Southern Corp. | 87,142 | 15,859,844 |
Old Dominion Freight Line, Inc. | 21,289 | 3,876,301 |
Southwest Airlines Co. | 159,939 | 8,977,376 |
Spirit Airlines, Inc. * | 22,837 | 857,758 |
Union Pacific Corp. | 233,055 | 38,561,280 |
United Airlines Holdings, Inc. * | 72,876 | 6,620,056 |
United Parcel Service, Inc., Class B | 230,954 | 26,598,972 |
XPO Logistics, Inc. * | 30,817 | 2,354,419 |
177,884,696 | ||
Utilities 3.5% | ||
AES Corp. | 220,896 | 3,766,277 |
ALLETE, Inc. | 17,168 | 1,477,478 |
Alliant Energy Corp. | 78,507 | 4,187,563 |
Ameren Corp. | 81,106 | 6,301,936 |
American Electric Power Co., Inc. | 163,653 | 15,447,207 |
American Water Works Co., Inc. | 59,720 | 7,361,684 |
Aqua America, Inc. | 70,790 | 3,208,911 |
Atmos Energy Corp. | 39,260 | 4,415,965 |
Avangrid, Inc. | 18,860 | 943,943 |
Black Hills Corp. | 20,082 | 1,583,064 |
CenterPoint Energy, Inc. | 167,101 | 4,857,626 |
CMS Energy Corp. | 93,536 | 5,978,821 |
Consolidated Edison, Inc. | 109,935 | 10,138,206 |
Dominion Energy, Inc. | 272,012 | 22,454,591 |
DTE Energy Co. | 60,569 | 7,711,645 |
Duke Energy Corp. | 241,049 | 22,721,279 |
Edison International | 118,417 | 7,448,429 |
Entergy Corp. | 65,655 | 7,975,769 |
Security | Number of Shares | Value ($) |
Evergy, Inc. | 77,831 | 4,974,179 |
Eversource Energy | 106,829 | 8,945,860 |
Exelon Corp. | 321,710 | 14,634,588 |
FirstEnergy Corp. | 178,363 | 8,618,500 |
Hawaiian Electric Industries, Inc. | 36,361 | 1,641,699 |
IDACORP, Inc. | 16,803 | 1,808,339 |
MDU Resources Group, Inc. | 66,777 | 1,929,188 |
National Fuel Gas Co. | 28,828 | 1,306,197 |
New Jersey Resources Corp. | 29,624 | 1,291,606 |
NextEra Energy, Inc. | 161,622 | 38,520,987 |
NiSource, Inc. | 124,360 | 3,487,054 |
NRG Energy, Inc. | 82,825 | 3,322,939 |
OGE Energy Corp. | 66,695 | 2,871,887 |
ONE Gas, Inc. | 17,559 | 1,630,178 |
Pinnacle West Capital Corp. | 37,462 | 3,525,923 |
PNM Resources, Inc. | 26,572 | 1,385,730 |
Portland General Electric Co. | 29,771 | 1,693,374 |
PPL Corp. | 237,920 | 7,967,941 |
Public Service Enterprise Group, Inc. | 166,921 | 10,567,769 |
Sempra Energy | 90,662 | 13,101,566 |
Southwest Gas Holdings, Inc. | 17,725 | 1,547,393 |
Spire, Inc. | 16,945 | 1,424,397 |
The Southern Co. | 345,606 | 21,655,672 |
UGI Corp. | 68,506 | 3,265,681 |
Vistra Energy Corp. | 149,478 | 4,040,390 |
WEC Energy Group, Inc. | 104,255 | 9,841,672 |
Xcel Energy, Inc. | 173,195 | 10,999,614 |
323,980,717 | ||
Total Common Stock | ||
(Cost $2,767,059,144) | 9,323,951,768 | |
Other Investment Companies0.1% of net assets | ||
Money Market Fund 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(c) | 10,018,827 | 10,018,827 |
Securities Lending Collateral 0.0% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 1,635,700 | 1,635,700 |
Total Other Investment Companies | ||
(Cost $11,654,527) | 11,654,527 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/20/19 | 141 | 21,402,390 | 328,676 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $1,542,868. |
(b) | Issuer is affiliated with the fund's investment adviser. |
(c) | The rate shown is the 7-day yield. |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock99.6% of net assets | ||
Automobiles & Components 1.2% | ||
Adient plc * | 186,138 | 3,944,264 |
American Axle & Manufacturing Holdings, Inc. * | 238,617 | 1,994,838 |
Cooper Tire & Rubber Co. | 106,827 | 3,016,795 |
Cooper-Standard Holding, Inc. * | 35,854 | 1,142,308 |
Dana, Inc. | 305,639 | 4,960,521 |
Dorman Products, Inc. * | 56,977 | 4,099,495 |
Fox Factory Holding Corp. * | 79,836 | 4,865,206 |
Gentherm, Inc. * | 69,767 | 2,914,168 |
LCI Industries | 51,834 | 5,034,118 |
Modine Manufacturing Co. * | 105,687 | 1,208,002 |
Motorcar Parts of America, Inc. * | 39,984 | 762,095 |
Standard Motor Products, Inc. | 44,607 | 2,335,623 |
Stoneridge, Inc. * | 56,192 | 1,735,209 |
Tenneco, Inc., Class A | 107,826 | 1,357,529 |
Visteon Corp. * | 59,152 | 5,502,319 |
Winnebago Industries, Inc. | 65,696 | 3,158,007 |
48,030,497 | ||
Banks 12.1% | ||
1st Constitution Bancorp | 16,177 | 307,201 |
1st Source Corp. | 29,955 | 1,533,097 |
ACNB Corp. | 14,432 | 510,748 |
Allegiance Bancshares, Inc. * | 41,392 | 1,376,698 |
Amalgamated Bank, Class A | 28,824 | 524,885 |
Amerant Bancorp, Inc. *(a) | 41,536 | 816,182 |
American National Bankshares, Inc. | 23,054 | 834,555 |
Ameris Bancorp | 129,279 | 5,539,605 |
Ames National Corp. | 18,414 | 510,068 |
Arrow Financial Corp. | 27,616 | 969,874 |
Atlantic Capital Bancshares, Inc. * | 46,972 | 876,028 |
Atlantic Union Bankshares Corp. | 171,955 | 6,338,261 |
Axos Financial, Inc. * | 122,984 | 3,572,685 |
Banc of California, Inc. | 96,167 | 1,324,220 |
BancFirst Corp. | 39,324 | 2,276,466 |
BancorpSouth Bank | 202,771 | 6,218,987 |
Bank First Corp.(a) | 12,389 | 867,230 |
Bank of Commerce Holdings | 35,924 | 403,067 |
Bank of Marin Bancorp | 28,360 | 1,244,153 |
Bank7 Corp. | 8,289 | 150,860 |
BankFinancial Corp. | 28,923 | 372,528 |
Bankwell Financial Group, Inc. | 13,790 | 394,670 |
Banner Corp. | 72,256 | 3,900,379 |
Bar Harbor Bankshares | 32,890 | 823,894 |
Baycom Corp. * | 23,139 | 489,158 |
BCB Bancorp, Inc. | 28,912 | 372,965 |
Berkshire Hills Bancorp, Inc. | 97,719 | 3,032,221 |
Boston Private Financial Holdings, Inc. | 175,648 | 1,976,040 |
Bridge Bancorp, Inc. | 34,201 | 1,108,112 |
Bridgewater Bancshares, Inc. * | 47,045 | 592,297 |
Brookline Bancorp, Inc. | 165,417 | 2,597,047 |
Bryn Mawr Bank Corp. | 42,287 | 1,611,558 |
Business First Bancshares, Inc. | 26,935 | 658,291 |
Byline Bancorp, Inc. * | 49,808 | 863,671 |
Security | Number of Shares | Value ($) |
C&F Financial Corp. | 7,144 | 363,344 |
Cadence BanCorp | 266,772 | 4,102,953 |
Cambridge Bancorp | 9,245 | 716,580 |
Camden National Corp. | 32,673 | 1,447,741 |
Capital Bancorp, Inc. * | 16,489 | 238,926 |
Capital City Bank Group, Inc. | 28,822 | 819,986 |
Capitol Federal Financial, Inc. | 279,765 | 3,992,247 |
Capstar Financial Holdings, Inc. | 30,343 | 513,100 |
Carolina Financial Corp. | 44,474 | 1,687,788 |
Carter Bank & Trust * | 48,600 | 954,990 |
Cathay General Bancorp | 162,620 | 5,784,393 |
CBTX, Inc. | 37,802 | 1,083,027 |
CenterState Bank Corp. | 263,997 | 6,694,964 |
Central Pacific Financial Corp. | 59,235 | 1,713,076 |
Central Valley Community Bancorp | 23,928 | 498,420 |
Century Bancorp, Inc., Class A | 5,970 | 519,450 |
Chemung Financial Corp. | 7,551 | 321,446 |
Citizens & Northern Corp. | 25,377 | 652,443 |
City Holding Co. | 33,974 | 2,695,497 |
Civista Bancshares, Inc. | 33,010 | 742,065 |
CNB Financial Corp. | 31,299 | 978,720 |
Coastal Financial Corp. * | 16,651 | 250,598 |
Codorus Valley Bancorp, Inc. | 20,003 | 433,054 |
Colony Bankcorp, Inc. | 15,437 | 239,891 |
Columbia Banking System, Inc. | 156,064 | 6,133,315 |
Columbia Financial, Inc. * | 112,055 | 1,847,787 |
Community Bank System, Inc. | 107,874 | 7,311,700 |
Community Bankers Trust Corp. | 46,562 | 403,227 |
Community Trust Bancorp, Inc. | 32,889 | 1,440,867 |
ConnectOne Bancorp, Inc. | 70,513 | 1,712,056 |
CrossFirst Bankshares, Inc. *(a) | 13,869 | 185,429 |
Customers Bancorp, Inc. * | 60,407 | 1,424,397 |
CVB Financial Corp. | 282,956 | 5,879,826 |
Dime Community Bancshares, Inc. | 67,355 | 1,299,278 |
DNB Financial Corp. | 7,225 | 328,593 |
Eagle Bancorp, Inc. | 71,492 | 3,227,149 |
Entegra Financial Corp. * | 14,115 | 424,861 |
Enterprise Bancorp, Inc. | 18,823 | 561,114 |
Enterprise Financial Services Corp. | 52,066 | 2,280,491 |
Equity Bancshares, Inc., Class A * | 31,417 | 872,136 |
Esquire Financial Holdings, Inc. * | 13,259 | 322,194 |
ESSA Bancorp, Inc. | 20,206 | 330,368 |
Essent Group Ltd. | 204,150 | 10,634,173 |
Evans Bancorp, Inc. | 10,030 | 381,040 |
Farmers & Merchants Bancorp, Inc. | 20,959 | 536,550 |
Farmers National Banc Corp. | 53,448 | 797,444 |
FB Financial Corp. | 36,263 | 1,366,027 |
Federal Agricultural Mortgage Corp., Class C | 19,242 | 1,629,605 |
Fidelity D&D Bancorp, Inc. | 5,770 | 380,531 |
Financial Institutions, Inc. | 33,069 | 1,039,359 |
First BanCorp | 453,955 | 4,775,607 |
First BanCorp (North Carolina) | 61,886 | 2,336,196 |
First BanCorp, Inc. | 21,254 | 600,851 |
First Bank/Hamilton NJ | 35,703 | 377,024 |
First Busey Corp. | 109,534 | 2,888,412 |
First Business Financial Services, Inc. | 17,671 | 429,759 |
First Capital, Inc. | 6,734 | 395,286 |
First Choice Bancorp | 20,928 | 467,950 |
Security | Number of Shares | Value ($) |
First Commonwealth Financial Corp. | 206,407 | 2,908,275 |
First Community Bankshares, Inc. | 32,761 | 1,042,783 |
First Defiance Financial Corp. | 41,525 | 1,283,953 |
First Financial Bancorp | 206,186 | 4,833,000 |
First Financial Bankshares, Inc. | 275,945 | 9,183,450 |
First Financial Corp. | 27,924 | 1,225,026 |
First Financial Northwest, Inc. | 17,493 | 247,526 |
First Foundation, Inc. | 83,326 | 1,334,049 |
First Guaranty Bancshares, Inc. | 9,650 | 202,650 |
First Internet Bancorp | 20,089 | 456,824 |
First Interstate BancSystem, Inc., Class A | 79,998 | 3,356,716 |
First Merchants Corp. | 116,008 | 4,588,116 |
First Mid Bancshares, Inc. | 31,133 | 1,086,542 |
First Midwest Bancorp, Inc. | 225,859 | 4,639,144 |
First Northwest Bancorp | 18,910 | 332,249 |
Flagstar Bancorp, Inc. | 60,454 | 2,196,898 |
Flushing Financial Corp. | 57,530 | 1,244,949 |
FNCB Bancorp, Inc. | 35,568 | 264,270 |
Franklin Financial Network, Inc. | 28,101 | 934,920 |
Franklin Financial Services Corp. | 8,719 | 312,053 |
FS Bancorp, Inc. | 8,496 | 486,396 |
Fulton Financial Corp. | 344,476 | 5,876,761 |
FVCBankcorp, Inc. * | 25,236 | 434,564 |
German American Bancorp, Inc. | 52,638 | 1,739,686 |
Glacier Bancorp, Inc. | 184,101 | 7,791,154 |
Great Southern Bancorp, Inc. | 23,601 | 1,425,972 |
Great Western Bancorp, Inc. | 121,480 | 4,236,008 |
Greene County Bancorp, Inc. | 6,562 | 182,555 |
Guaranty Bancshares, Inc. | 17,108 | 541,639 |
Hancock Whitney Corp. | 191,296 | 7,460,544 |
Hanmi Financial Corp. | 64,741 | 1,246,264 |
HarborOne Bancorp, Inc. * | 56,727 | 579,183 |
Hawthorn Bancshares, Inc. | 11,763 | 282,312 |
Heartland Financial USA, Inc. | 73,520 | 3,439,266 |
Heritage Commerce Corp. | 87,837 | 1,055,801 |
Heritage Financial Corp. | 77,502 | 2,133,630 |
Hilltop Holdings, Inc. | 151,767 | 3,545,277 |
Hingham Institution for Savings | 2,882 | 547,551 |
Home Bancorp, Inc. | 16,237 | 619,604 |
Home BancShares, Inc. | 329,391 | 6,087,146 |
HomeStreet, Inc. * | 47,854 | 1,436,099 |
HomeTrust Bancshares, Inc. | 33,235 | 887,374 |
Hope Bancorp, Inc. | 254,598 | 3,633,113 |
Horizon Bancorp, Inc. | 79,316 | 1,447,914 |
Howard Bancorp, Inc. * | 26,940 | 452,053 |
IBERIABANK Corp. | 110,524 | 8,111,356 |
Independent Bank Corp. | 70,531 | 5,789,184 |
Independent Bank Corp., Michigan | 45,447 | 1,023,012 |
Independent Bank Group, Inc. | 75,772 | 4,051,529 |
International Bancshares Corp. | 117,733 | 4,822,344 |
Investar Holding Corp. | 19,673 | 488,087 |
Investors Bancorp, Inc. | 488,805 | 5,890,100 |
Kearny Financial Corp. | 173,744 | 2,437,628 |
Lakeland Bancorp, Inc. | 103,522 | 1,713,289 |
Lakeland Financial Corp. | 52,118 | 2,426,093 |
LCNB Corp. | 25,937 | 468,941 |
Level One Bancorp, Inc. | 11,014 | 268,742 |
Live Oak Bancshares, Inc. | 54,390 | 987,178 |
Luther Burbank Corp. | 42,018 | 486,148 |
Macatawa Bank Corp. | 56,031 | 585,804 |
Mackinac Financial Corp. | 19,127 | 299,146 |
MainStreet Bancshares, Inc. * | 14,760 | 306,122 |
Malvern Bancorp, Inc. * | 15,895 | 355,730 |
Mercantile Bank Corp. | 34,281 | 1,207,034 |
Merchants Bancorp | 18,153 | 296,438 |
Meridian Bancorp, Inc. | 101,473 | 1,984,812 |
Meta Financial Group, Inc. | 74,722 | 2,365,699 |
Metropolitan Bank Holding Corp. * | 14,584 | 626,237 |
Security | Number of Shares | Value ($) |
Mid Penn Bancorp, Inc. | 14,307 | 364,828 |
Midland States Bancorp, Inc. | 46,142 | 1,236,606 |
MidWestOne Financial Group, Inc. | 25,562 | 833,193 |
MMA Capital Holdings, Inc. * | 10,183 | 324,125 |
Mr Cooper Group, Inc. * | 161,121 | 2,062,349 |
MutualFirst Financial, Inc. | 12,456 | 496,870 |
MVB Financial Corp. | 19,572 | 394,376 |
National Bank Holdings Corp., Class A | 62,370 | 2,145,528 |
National Bankshares, Inc. | 13,187 | 554,909 |
NBT Bancorp, Inc. | 90,605 | 3,601,549 |
Nicolet Bankshares, Inc. * | 17,562 | 1,211,427 |
NMI Holdings, Inc., Class A * | 138,452 | 4,049,721 |
Northeast Bank * | 15,360 | 328,858 |
Northfield Bancorp, Inc. | 91,587 | 1,557,895 |
Northrim BanCorp, Inc. | 13,896 | 541,249 |
Northwest Bancshares, Inc. | 213,004 | 3,593,377 |
Norwood Financial Corp. | 12,153 | 379,174 |
Oak Valley Bancorp | 14,367 | 239,929 |
OceanFirst Financial Corp. | 106,678 | 2,552,805 |
Ocwen Financial Corp. * | 280,054 | 473,291 |
OFG Bancorp | 106,899 | 2,171,119 |
Ohio Valley Banc Corp. | 8,584 | 315,376 |
Old Line Bancshares, Inc. | 31,930 | 934,910 |
Old National Bancorp | 362,541 | 6,523,925 |
Old Second Bancorp, Inc. | 60,747 | 733,216 |
OP Bancorp | 27,171 | 266,276 |
Opus Bank | 46,602 | 1,155,264 |
Origin Bancorp, Inc. | 40,723 | 1,433,042 |
Oritani Financial Corp. | 83,614 | 1,560,237 |
Orrstown Financial Services, Inc. | 21,296 | 461,910 |
Pacific Mercantile Bancorp * | 40,314 | 288,648 |
Pacific Premier Bancorp, Inc. | 125,687 | 4,242,565 |
Park National Corp. | 28,043 | 2,839,354 |
Parke Bancorp, Inc. | 18,716 | 449,933 |
PCB Bancorp | 26,244 | 439,062 |
PCSB Financial Corp. | 34,917 | 707,418 |
Peapack-Gladstone Financial Corp. | 40,410 | 1,179,972 |
Penns Woods Bancorp, Inc. | 14,238 | 435,256 |
PennyMac Financial Services, Inc. * | 53,251 | 1,657,704 |
People's Utah Bancorp | 33,709 | 980,932 |
Peoples Bancorp of North Carolina, Inc. | 10,021 | 298,025 |
Peoples Bancorp, Inc. | 38,471 | 1,258,386 |
Peoples Financial Services Corp. | 14,918 | 733,667 |
Pioneer Bancorp Inc/NY * | 23,117 | 312,079 |
Ponce de Leon Federal Bank * | 18,609 | 261,084 |
Preferred Bank | 29,886 | 1,593,223 |
Premier Financial Bancorp, Inc. | 27,058 | 480,279 |
Provident Bancorp, Inc. * | 17,584 | 200,458 |
Provident Financial Holdings, Inc. | 12,133 | 243,388 |
Provident Financial Services, Inc. | 131,128 | 3,271,644 |
Prudential Bancorp, Inc. | 18,550 | 323,697 |
QCR Holdings, Inc. | 31,582 | 1,281,598 |
Radian Group, Inc. | 432,805 | 10,863,405 |
RBB Bancorp | 35,145 | 707,820 |
Red River Bancshares, Inc. * | 1,443 | 63,492 |
Reliant Bancorp, Inc. | 21,239 | 483,400 |
Renasant Corp. | 121,028 | 4,199,672 |
Republic Bancorp, Inc., Class A | 20,750 | 922,752 |
Republic First Bancorp, Inc. * | 90,400 | 366,120 |
Richmond Mutual BanCorp., Inc. * | 28,530 | 397,993 |
Riverview Bancorp, Inc. | 44,975 | 323,370 |
S&T Bancorp, Inc. | 71,253 | 2,683,032 |
Sandy Spring Bancorp, Inc. | 74,188 | 2,559,486 |
SB One Bancorp | 16,982 | 374,963 |
Seacoast Banking Corp. of Florida * | 106,862 | 2,992,136 |
Select Bancorp, Inc. * | 33,934 | 383,454 |
ServisFirst Bancshares, Inc. | 100,787 | 3,527,545 |
Shore Bancshares, Inc. | 26,439 | 412,713 |
Security | Number of Shares | Value ($) |
Sierra Bancorp | 30,779 | 838,420 |
Simmons First National Corp., Class A | 192,876 | 4,613,594 |
SmartFinancial, Inc. * | 26,445 | 556,667 |
South Plains Financial, Inc. | 7,099 | 118,908 |
South State Corp. | 71,832 | 5,664,671 |
Southern First Bancshares, Inc. * | 14,932 | 601,909 |
Southern Missouri Bancorp, Inc. | 16,338 | 594,867 |
Southern National Bancorp of Virginia, Inc. | 41,139 | 651,642 |
Southside Bancshares, Inc. | 67,765 | 2,334,504 |
Spirit of Texas Bancshares, Inc. * | 28,142 | 588,168 |
Sterling Bancorp, Inc. | 35,705 | 345,981 |
Stock Yards Bancorp, Inc. | 43,230 | 1,726,606 |
Summit Financial Group, Inc. | 22,894 | 582,881 |
Territorial Bancorp, Inc. | 16,732 | 494,598 |
The Bancorp, Inc. * | 106,329 | 1,158,986 |
The Bank of N.T. Butterfield & Son Ltd. | 116,197 | 3,828,691 |
The Bank of Princeton | 11,896 | 342,129 |
The Community Financial Corp. | 10,202 | 339,931 |
The First Bancshares, Inc. | 35,402 | 1,166,850 |
The First of Long Island Corp. | 51,238 | 1,201,019 |
Timberland Bancorp, Inc. | 16,741 | 443,636 |
Tompkins Financial Corp. | 30,731 | 2,689,270 |
Towne Bank | 141,313 | 3,969,482 |
TriCo Bancshares | 56,572 | 2,128,804 |
TriState Capital Holdings, Inc. * | 52,595 | 1,215,996 |
Triumph Bancorp, Inc. * | 51,400 | 1,667,930 |
TrustCo Bank Corp. | 201,844 | 1,743,932 |
Trustmark Corp. | 136,007 | 4,667,760 |
UMB Financial Corp. | 93,879 | 6,126,544 |
Union Bankshares, Inc. | 8,199 | 272,535 |
United Bankshares, Inc. | 206,647 | 8,170,822 |
United Community Banks, Inc. | 166,892 | 5,041,807 |
United Community Financial Corp. | 98,796 | 1,125,286 |
United Security Bancshares | 28,174 | 286,530 |
Unity Bancorp, Inc. | 16,985 | 370,952 |
Univest Financial Corp. | 61,057 | 1,572,218 |
Valley National Bancorp | 688,034 | 7,967,434 |
Veritex Holdings, Inc. | 109,675 | 2,700,198 |
Walker & Dunlop, Inc. | 58,748 | 3,700,536 |
Washington Federal, Inc. | 167,548 | 6,108,800 |
Washington Trust Bancorp, Inc. | 32,118 | 1,640,909 |
Waterstone Financial, Inc. | 51,201 | 953,875 |
WesBanco, Inc. | 111,922 | 4,207,148 |
West Bancorp, Inc. | 34,487 | 809,755 |
Westamerica Bancorp | 55,377 | 3,655,990 |
Western New England Bancorp, Inc. | 49,327 | 471,566 |
WSFS Financial Corp. | 111,230 | 4,690,569 |
507,073,279 | ||
Capital Goods 10.3% | ||
AAON, Inc. | 87,248 | 4,245,488 |
AAR Corp. | 70,456 | 2,941,538 |
Actuant Corp., Class A | 118,417 | 2,933,189 |
Advanced Drainage Systems, Inc. | 76,838 | 2,844,543 |
Aegion Corp. * | 65,223 | 1,413,382 |
Aerojet Rocketdyne Holdings, Inc. * | 154,865 | 6,694,814 |
Aerovironment, Inc. * | 45,013 | 2,609,854 |
Aircastle Ltd. | 110,696 | 3,013,145 |
Alamo Group, Inc. | 20,621 | 2,207,684 |
Albany International Corp., Class A | 64,962 | 5,455,509 |
Allied Motion Technologies, Inc. | 15,271 | 578,160 |
Altra Industrial Motion Corp. | 136,638 | 4,208,450 |
Ameresco, Inc., Class A * | 47,304 | 697,261 |
American Superconductor Corp. * | 43,755 | 342,602 |
American Woodmark Corp. * | 35,580 | 3,528,113 |
Apogee Enterprises, Inc. | 55,409 | 2,080,054 |
Security | Number of Shares | Value ($) |
Applied Industrial Technologies, Inc. | 81,393 | 4,870,557 |
Arcosa, Inc. | 103,306 | 3,967,983 |
Argan, Inc. | 31,576 | 1,195,152 |
Armstrong Flooring, Inc. * | 37,614 | 230,950 |
Astec Industries, Inc. | 48,082 | 1,687,197 |
Astronics Corp. * | 52,075 | 1,507,051 |
Atkore International Group, Inc. * | 98,946 | 3,433,426 |
Axon Enterprise, Inc. * | 123,756 | 6,327,644 |
AZZ, Inc. | 54,911 | 2,129,998 |
Barnes Group, Inc. | 99,673 | 5,825,887 |
Beacon Roofing Supply, Inc. * | 143,609 | 4,457,623 |
Bloom Energy Corp., Class A *(a) | 114,756 | 351,153 |
Blue Bird Corp. * | 31,558 | 616,643 |
BlueLinx Holdings, Inc. *(a) | 18,787 | 587,282 |
BMC Stock Holdings, Inc. * | 141,275 | 3,813,012 |
Briggs & Stratton Corp. | 91,826 | 676,758 |
Builders FirstSource, Inc. * | 242,010 | 5,471,846 |
Caesarstone Ltd. | 48,426 | 817,915 |
CAI International, Inc. * | 34,393 | 817,522 |
Chart Industries, Inc. * | 76,475 | 4,483,729 |
CIRCOR International, Inc. * | 41,395 | 1,585,015 |
Columbus McKinnon Corp. | 48,889 | 1,834,315 |
Comfort Systems USA, Inc. | 76,835 | 3,873,252 |
Commercial Vehicle Group, Inc. * | 65,877 | 480,243 |
Concrete Pumping Holdings, Inc. * | 34,136 | 117,428 |
Construction Partners, Inc., Class A * | 26,562 | 454,741 |
Continental Building Products, Inc. * | 73,784 | 2,206,879 |
Cornerstone Building Brands, Inc. * | 95,548 | 597,175 |
CSW Industrials, Inc. | 31,404 | 2,173,785 |
Cubic Corp. | 66,115 | 4,875,320 |
Douglas Dynamics, Inc. | 47,493 | 2,224,097 |
Ducommun, Inc. * | 22,951 | 1,137,911 |
DXP Enterprises, Inc. * | 34,737 | 1,199,121 |
Dycom Industries, Inc. * | 64,255 | 2,929,385 |
EMCOR Group, Inc. | 118,324 | 10,378,198 |
Encore Wire Corp. | 43,034 | 2,418,511 |
Energous Corp. *(a) | 57,934 | 158,739 |
Energy Recovery, Inc. * | 80,065 | 745,405 |
EnerSys | 90,568 | 6,055,376 |
EnPro Industries, Inc. | 43,403 | 3,018,679 |
ESCO Technologies, Inc. | 54,081 | 4,569,304 |
EVI Industries, Inc.(a) | 9,435 | 324,470 |
Evoqua Water Technologies Corp. * | 158,164 | 2,747,309 |
Federal Signal Corp. | 126,560 | 4,105,606 |
Foundation Building Materials, Inc. * | 30,829 | 573,111 |
Franklin Electric Co., Inc. | 97,801 | 5,266,584 |
GATX Corp. | 75,346 | 5,993,774 |
Gencor Industries, Inc. * | 19,194 | 239,925 |
Generac Holdings, Inc. * | 129,573 | 12,514,160 |
General Finance Corp. * | 24,570 | 240,295 |
Gibraltar Industries, Inc. * | 68,472 | 3,644,765 |
GMS, Inc. * | 67,932 | 2,035,243 |
Graham Corp. | 20,928 | 474,228 |
Granite Construction, Inc. | 99,116 | 2,333,191 |
Great Lakes Dredge & Dock Corp. * | 129,926 | 1,396,705 |
Griffon Corp. | 77,609 | 1,653,848 |
H&E Equipment Services, Inc. | 67,974 | 2,307,038 |
Harsco Corp. * | 169,103 | 3,427,718 |
Helios Technologies, Inc. | 62,049 | 2,459,002 |
Herc Holdings, Inc. * | 51,006 | 2,257,526 |
Hillenbrand, Inc. | 130,921 | 4,031,058 |
Hurco Cos., Inc. | 13,045 | 453,836 |
Hyster-Yale Materials Handling, Inc. | 21,551 | 1,093,067 |
IES Holdings, Inc. * | 17,000 | 329,800 |
Insteel Industries, Inc. | 39,815 | 759,272 |
JELD-WEN Holding, Inc. * | 142,823 | 2,440,845 |
John Bean Technologies Corp. | 66,108 | 6,793,919 |
Kadant, Inc. | 23,270 | 2,112,916 |
Security | Number of Shares | Value ($) |
Kaman Corp. | 58,820 | 3,450,969 |
Kennametal, Inc. | 173,764 | 5,377,996 |
Kratos Defense & Security Solutions, Inc. * | 191,310 | 3,611,933 |
L.B. Foster Co., Class A * | 21,897 | 398,525 |
Lawson Products, Inc. * | 8,762 | 402,614 |
Lindsay Corp. | 22,853 | 2,157,552 |
Luxfer Holdings plc | 54,741 | 922,933 |
Lydall, Inc. * | 36,787 | 719,922 |
Masonite International Corp. * | 52,588 | 3,229,429 |
MasTec, Inc. * | 127,141 | 8,002,255 |
Maxar Technologies, Inc. *(a) | 127,729 | 1,084,419 |
Mercury Systems, Inc. * | 115,000 | 8,470,900 |
Meritor, Inc. * | 167,750 | 3,695,532 |
Milacron Holdings Corp. * | 144,864 | 2,422,126 |
Miller Industries, Inc. | 23,722 | 852,806 |
Moog, Inc., Class A | 68,216 | 5,710,361 |
MRC Global, Inc. * | 169,438 | 1,924,816 |
Mueller Industries, Inc. | 117,775 | 3,623,937 |
Mueller Water Products, Inc., Class A | 332,718 | 3,892,801 |
MYR Group, Inc. * | 33,805 | 1,163,230 |
National Presto Industries, Inc. | 10,665 | 918,150 |
Navistar International Corp. * | 104,787 | 3,277,737 |
NN, Inc. | 90,411 | 652,767 |
Northwest Pipe Co. * | 20,115 | 613,508 |
NOW, Inc. * | 229,123 | 2,414,956 |
NV5 Global, Inc. * | 21,981 | 1,592,084 |
Omega Flex, Inc. | 6,050 | 561,743 |
Park Aerospace Corp. | 39,203 | 666,059 |
Park-Ohio Holdings Corp. | 18,496 | 568,937 |
Parsons Corp. * | 40,362 | 1,436,887 |
Patrick Industries, Inc. * | 47,986 | 2,370,988 |
PGT Innovations, Inc. * | 120,086 | 2,120,719 |
Plug Power, Inc. *(a) | 503,391 | 1,333,986 |
Powell Industries, Inc. | 18,811 | 736,639 |
Preformed Line Products Co. | 6,934 | 378,596 |
Primoris Services Corp. | 93,792 | 1,917,108 |
Proto Labs, Inc. * | 57,253 | 5,551,823 |
Quanex Building Products Corp. | 70,205 | 1,354,254 |
Raven Industries, Inc. | 75,936 | 2,648,648 |
RBC Bearings, Inc. * | 51,378 | 8,243,086 |
REV Group, Inc. | 56,738 | 705,821 |
Rexnord Corp. * | 223,014 | 6,309,066 |
Rush Enterprises, Inc., Class A | 58,340 | 2,548,875 |
Rush Enterprises, Inc., Class B | 10,325 | 443,149 |
Simpson Manufacturing Co., Inc. | 94,891 | 7,841,792 |
SiteOne Landscape Supply, Inc. * | 86,702 | 7,634,978 |
Spartan Motors, Inc. | 72,917 | 1,273,860 |
SPX Corp. * | 92,651 | 4,219,327 |
SPX FLOW, Inc. * | 88,931 | 4,026,796 |
Standex International Corp. | 26,610 | 2,016,506 |
Sterling Construction Co., Inc. * | 55,757 | 905,772 |
Sunrun, Inc. * | 239,845 | 3,727,191 |
Systemax, Inc. | 25,994 | 562,510 |
Tennant Co. | 37,985 | 2,941,179 |
Terex Corp. | 134,072 | 3,693,684 |
Textainer Group Holdings Ltd. * | 58,950 | 610,133 |
The Eastern Co. | 11,372 | 313,753 |
The Gorman-Rupp Co. | 37,375 | 1,380,633 |
The Greenbrier Cos., Inc. | 68,095 | 1,994,503 |
The Manitowoc Co., Inc. * | 73,967 | 943,819 |
Thermon Group Holdings, Inc. * | 69,039 | 1,645,199 |
Titan International, Inc. | 104,346 | 278,604 |
Titan Machinery, Inc. * | 39,748 | 659,817 |
TPI Composites, Inc. * | 61,369 | 1,259,906 |
Transcat, Inc. * | 15,080 | 472,607 |
Trex Co., Inc. * | 124,589 | 10,950,127 |
TriMas Corp. * | 96,547 | 3,120,399 |
Triton International Ltd. | 117,354 | 4,306,892 |
Security | Number of Shares | Value ($) |
Triumph Group, Inc. | 105,003 | 2,180,912 |
Tutor Perini Corp. * | 85,813 | 1,327,527 |
Twin Disc, Inc. * | 20,839 | 224,228 |
Universal Forest Products, Inc. | 126,393 | 6,365,151 |
Vectrus, Inc. * | 24,066 | 1,100,057 |
Veritiv Corp. * | 26,921 | 367,202 |
Vicor Corp. * | 37,838 | 1,375,411 |
Vivint Solar, Inc. * | 90,791 | 636,445 |
Wabash National Corp. | 114,228 | 1,628,891 |
Watts Water Technologies, Inc., Class A | 58,532 | 5,458,109 |
Welbilt, Inc. * | 274,697 | 5,208,255 |
Wesco Aircraft Holdings, Inc. * | 113,324 | 1,248,830 |
Willis Lease Finance Corp. * | 5,995 | 326,787 |
WillScot Corp. * | 109,666 | 1,728,336 |
430,541,974 | ||
Commercial & Professional Services 4.4% | ||
ABM Industries, Inc. | 141,345 | 5,153,439 |
Acacia Research Corp. * | 104,359 | 265,072 |
ACCO Brands Corp. | 204,666 | 1,872,694 |
Advanced Disposal Services, Inc. * | 154,086 | 5,050,939 |
ASGN, Inc. * | 108,324 | 6,888,323 |
Barrett Business Services, Inc. | 15,257 | 1,338,497 |
BG Staffing, Inc. | 20,677 | 395,551 |
Brady Corp., Class A | 101,337 | 5,709,327 |
BrightView Holdings, Inc. * | 66,505 | 1,183,789 |
Casella Waste Systems, Inc., Class A * | 94,642 | 4,125,445 |
CBIZ, Inc. * | 108,262 | 2,963,131 |
CECO Environmental Corp. * | 64,133 | 439,952 |
Charah Solutions, Inc. * | 19,137 | 36,552 |
Cimpress N.V. * | 46,068 | 6,086,504 |
CompX International, Inc. | 2,900 | 42,514 |
Covanta Holding Corp. | 250,659 | 3,619,516 |
CRA International, Inc. | 16,204 | 798,047 |
Deluxe Corp. | 91,256 | 4,729,798 |
Ennis, Inc. | 54,529 | 1,068,223 |
Exponent, Inc. | 109,624 | 6,964,413 |
Forrester Research, Inc. | 22,880 | 788,902 |
Franklin Covey Co. * | 20,737 | 792,153 |
FTI Consulting, Inc. * | 78,772 | 8,575,908 |
GP Strategies Corp. * | 26,313 | 292,074 |
Healthcare Services Group, Inc. | 158,024 | 3,849,465 |
Heidrick & Struggles International, Inc. | 40,113 | 1,141,616 |
Heritage-Crystal Clean, Inc. * | 31,529 | 836,780 |
Herman Miller, Inc. | 124,952 | 5,810,268 |
HNI Corp. | 90,626 | 3,443,788 |
Huron Consulting Group, Inc. * | 47,690 | 3,154,217 |
ICF International, Inc. | 38,515 | 3,300,350 |
InnerWorkings, Inc. * | 95,599 | 463,655 |
Insperity, Inc. | 82,068 | 8,668,843 |
Interface, Inc. | 123,220 | 2,049,149 |
Kelly Services, Inc., Class A | 70,146 | 1,684,205 |
Kforce, Inc. | 45,845 | 1,875,519 |
Kimball International, Inc., Class B | 75,840 | 1,544,102 |
Knoll, Inc. | 103,904 | 2,778,393 |
Korn Ferry | 119,735 | 4,393,077 |
LSC Communications, Inc. | 67,322 | 65,639 |
Matthews International Corp., Class A | 65,406 | 2,418,714 |
McGrath RentCorp | 51,370 | 3,920,045 |
Mistras Group, Inc. * | 37,756 | 585,218 |
Mobile Mini, Inc. | 94,459 | 3,553,548 |
MSA Safety, Inc. | 74,747 | 8,974,872 |
NL Industries, Inc. * | 14,900 | 61,537 |
NRC Group Holdings Corp. *(a) | 23,384 | 286,220 |
PICO Holdings, Inc. * | 37,639 | 405,748 |
Pitney Bowes, Inc. | 364,650 | 1,604,460 |
Quad Graphics, Inc. | 67,519 | 305,861 |
Security | Number of Shares | Value ($) |
Resources Connection, Inc. | 65,451 | 958,857 |
RR Donnelley & Sons Co. | 148,636 | 648,053 |
SP Plus Corp. * | 48,426 | 2,138,976 |
Steelcase, Inc., Class A | 183,585 | 3,207,230 |
Team, Inc. * | 62,470 | 1,134,455 |
Tetra Tech, Inc. | 115,673 | 10,117,917 |
The Brink's Co. | 105,777 | 8,986,814 |
TriNet Group, Inc. * | 94,780 | 5,022,392 |
TrueBlue, Inc. * | 84,421 | 1,933,241 |
UniFirst Corp. | 32,062 | 6,439,332 |
Upwork, Inc. * | 120,468 | 1,811,839 |
US Ecology, Inc. | 46,650 | 2,903,029 |
Viad Corp. | 42,375 | 2,585,723 |
VSE Corp. | 18,731 | 719,645 |
Willdan Group, Inc. * | 21,333 | 646,390 |
185,609,945 | ||
Consumer Durables & Apparel 3.2% | ||
Acushnet Holdings Corp. | 74,752 | 2,126,694 |
American Outdoor Brands Corp. * | 115,584 | 818,335 |
Bassett Furniture Industries, Inc. | 20,616 | 314,394 |
Beazer Homes USA, Inc. * | 60,280 | 904,803 |
Callaway Golf Co. | 197,537 | 3,994,198 |
Cavco Industries, Inc. * | 18,321 | 3,511,220 |
Centric Brands, Inc. *(a) | 34,283 | 85,708 |
Century Communities, Inc. * | 55,805 | 1,683,637 |
Clarus Corp. | 48,787 | 622,034 |
Crocs, Inc. * | 131,597 | 4,604,579 |
Culp, Inc. | 23,369 | 361,518 |
Deckers Outdoor Corp. * | 61,990 | 9,478,271 |
Delta Apparel, Inc. * | 12,822 | 319,909 |
Escalade, Inc. | 22,596 | 258,950 |
Ethan Allen Interiors, Inc. | 51,252 | 1,010,177 |
Flexsteel Industries, Inc. | 15,246 | 252,626 |
Fossil Group, Inc. * | 99,605 | 1,083,702 |
G-III Apparel Group Ltd. * | 95,688 | 2,402,726 |
GoPro, Inc., Class A *(a) | 265,854 | 1,105,953 |
Green Brick Partners, Inc. * | 50,448 | 508,011 |
Hamilton Beach Brands Holding Co., Class A | 13,375 | 249,444 |
Helen of Troy Ltd. * | 53,236 | 7,972,623 |
Hooker Furniture Corp. | 24,626 | 582,897 |
Installed Building Products, Inc. * | 47,855 | 3,121,103 |
iRobot Corp. *(a) | 58,353 | 2,804,445 |
Johnson Outdoors, Inc., Class A | 10,287 | 602,304 |
KB Home | 181,981 | 6,494,902 |
Kontoor Brands, Inc. * | 93,962 | 3,570,556 |
La-Z-Boy, Inc. | 95,403 | 3,387,761 |
Legacy Housing Corp. * | 12,206 | 193,465 |
LGI Homes, Inc. * | 42,592 | 3,342,620 |
Lifetime Brands, Inc. | 25,133 | 200,813 |
M.D.C. Holdings, Inc. | 104,955 | 4,062,808 |
M/I Homes, Inc. * | 56,272 | 2,486,097 |
Malibu Boats, Inc., Class A * | 44,286 | 1,444,609 |
Marine Products Corp. | 15,402 | 206,695 |
MasterCraft Boat Holdings, Inc. * | 38,757 | 610,423 |
Meritage Homes Corp. * | 76,866 | 5,541,270 |
Movado Group, Inc. | 33,816 | 880,907 |
Oxford Industries, Inc. | 35,216 | 2,424,974 |
Purple Innovation, Inc. *(a) | 6,717 | 48,564 |
Rocky Brands, Inc. | 14,917 | 414,842 |
Skyline Champion Corp. * | 107,088 | 3,023,094 |
Sonos, Inc. * | 149,752 | 1,958,756 |
Steven Madden Ltd. | 177,724 | 7,318,674 |
Sturm, Ruger & Co., Inc. | 35,884 | 1,642,052 |
Superior Group of Cos., Inc. | 22,105 | 319,859 |
Taylor Morrison Home Corp. * | 222,510 | 5,573,876 |
Security | Number of Shares | Value ($) |
The Lovesac Co. * | 18,421 | 300,815 |
TopBuild Corp. * | 72,034 | 7,486,494 |
TRI Pointe Group, Inc. * | 299,856 | 4,719,734 |
Tupperware Brands Corp. | 103,682 | 998,458 |
Unifi, Inc. * | 30,273 | 826,453 |
Universal Electronics, Inc. * | 28,612 | 1,491,257 |
Vera Bradley, Inc. * | 44,209 | 475,689 |
Vince Holding Corp. * | 6,386 | 134,872 |
Vista Outdoor, Inc. * | 124,282 | 832,689 |
William Lyon Homes, Class A * | 67,634 | 1,308,718 |
Wolverine World Wide, Inc. | 178,018 | 5,283,574 |
YETI Holdings, Inc. *(a) | 65,342 | 2,176,542 |
ZAGG, Inc. * | 58,363 | 430,135 |
132,393,308 | ||
Consumer Services 3.5% | ||
Adtalem Global Education, Inc. * | 119,517 | 3,559,216 |
American Public Education, Inc. * | 32,874 | 714,023 |
BBX Capital Corp. | 138,011 | 616,909 |
Biglari Holdings, Inc., Class B * | 2,048 | 170,967 |
BJ's Restaurants, Inc. | 43,562 | 1,724,620 |
Bloomin' Brands, Inc. | 184,825 | 3,661,383 |
Bluegreen Vacations Corp. | 15,000 | 144,150 |
Boyd Gaming Corp. | 171,204 | 4,665,309 |
Brinker International, Inc. | 79,386 | 3,528,708 |
Career Education Corp. * | 145,640 | 2,062,262 |
Carriage Services, Inc. | 34,482 | 888,256 |
Carrols Restaurant Group, Inc. * | 74,545 | 531,506 |
Century Casinos, Inc. * | 56,687 | 418,917 |
Chegg, Inc. * | 246,243 | 7,549,810 |
Churchill Downs, Inc. | 74,487 | 9,682,565 |
Chuy's Holdings, Inc. * | 35,210 | 858,068 |
Collectors Universe, Inc. | 16,652 | 477,246 |
Cracker Barrel Old Country Store, Inc. | 40,893 | 6,358,862 |
Dave & Buster's Entertainment, Inc. | 76,917 | 3,059,758 |
Del Taco Restaurants, Inc. * | 60,359 | 460,841 |
Denny's Corp. * | 122,235 | 2,459,368 |
Dine Brands Global, Inc. | 34,542 | 2,526,747 |
Drive Shack, Inc. * | 126,888 | 506,283 |
El Pollo Loco Holdings, Inc. * | 43,034 | 500,055 |
Eldorado Resorts, Inc. * | 139,405 | 6,241,162 |
Empire Resorts, Inc. * | 8,021 | 77,884 |
Everi Holdings, Inc. * | 146,112 | 1,469,887 |
Fiesta Restaurant Group, Inc. * | 49,166 | 422,582 |
Golden Entertainment, Inc. * | 35,749 | 517,646 |
Houghton Mifflin Harcourt Co. * | 222,846 | 1,439,585 |
Inspired Entertainment, Inc. * | 18,366 | 134,990 |
J Alexander's Holdings, Inc. * | 27,760 | 267,884 |
Jack in the Box, Inc. | 54,815 | 4,605,556 |
K12, Inc. * | 81,724 | 1,617,318 |
Kura Sushi USA, Inc. Class A * | 7,069 | 130,423 |
Laureate Education, Inc., Class A * | 222,410 | 3,437,347 |
Lindblad Expeditions Holdings, Inc. * | 49,210 | 774,565 |
Marriott Vacations Worldwide Corp. | 90,940 | 9,997,034 |
Monarch Casino & Resort, Inc. * | 24,273 | 1,048,351 |
Nathan's Famous, Inc. | 6,532 | 497,085 |
Noodles & Co. * | 59,378 | 316,485 |
OneSpaWorld Holdings Ltd. * | 96,688 | 1,503,498 |
Papa John's International, Inc.(a) | 46,741 | 2,736,686 |
Penn National Gaming, Inc. * | 233,290 | 4,972,576 |
PlayAGS, Inc. * | 55,369 | 638,958 |
Potbelly Corp. * | 43,800 | 186,150 |
RCI Hospitality Holdings, Inc. | 18,724 | 351,075 |
Red Lion Hotels Corp. * | 49,311 | 295,866 |
Red Robin Gourmet Burgers, Inc. * | 27,808 | 848,144 |
Red Rock Resorts, Inc., Class A | 147,614 | 3,215,033 |
Regis Corp. * | 60,825 | 1,252,995 |
Security | Number of Shares | Value ($) |
Ruth's Hospitality Group, Inc. | 60,364 | 1,242,291 |
Scientific Games Corp., Class A * | 117,927 | 2,829,069 |
SeaWorld Entertainment, Inc. * | 99,655 | 2,632,885 |
Select Interior Concepts, Inc., Class A * | 44,804 | 513,454 |
Shake Shack, Inc., Class A * | 61,516 | 5,061,537 |
Strategic Education, Inc. | 45,223 | 5,563,786 |
Target Hospitality Corp. * | 68,698 | 380,587 |
Texas Roadhouse, Inc. | 140,086 | 7,914,859 |
The Cheesecake Factory, Inc. | 88,372 | 3,693,066 |
The Habit Restaurants, Inc., Class A * | 42,369 | 445,298 |
Twin River Worldwide Holdings, Inc. | 41,179 | 1,033,593 |
Wingstop, Inc. | 62,026 | 5,174,829 |
WW International, Inc. * | 99,250 | 3,460,848 |
146,068,696 | ||
Diversified Financials 3.6% | ||
AG Mortgage Investment Trust, Inc. | 68,041 | 1,064,161 |
Anworth Mortgage Asset Corp. | 217,867 | 745,105 |
Apollo Commercial Real Estate Finance, Inc. | 327,944 | 6,001,375 |
Ares Commercial Real Estate Corp. | 58,354 | 904,487 |
Ares Management Corp., Class A | 141,870 | 4,195,096 |
Arlington Asset Investment Corp., Class A | 74,900 | 432,922 |
ARMOUR Residential REIT, Inc. | 123,670 | 2,068,999 |
Artisan Partners Asset Management, Inc., Class A | 105,686 | 2,890,512 |
Ashford, Inc. * | 612 | 14,624 |
Assetmark Financial Holdings, Inc. * | 28,785 | 789,860 |
Associated Capital Group, Inc., Class A | 4,096 | 166,298 |
B. Riley Financial, Inc. | 43,173 | 1,215,320 |
Banco Latinoamericano de Comercio Exterior, S.A., Class E | 65,536 | 1,352,008 |
Blackstone Mortgage Trust, Inc., Class A | 267,532 | 9,711,412 |
Blucora, Inc. * | 101,659 | 2,198,884 |
BrightSphere Investment Group, Inc. * | 147,139 | 1,444,905 |
Cannae Holdings, Inc. * | 143,159 | 4,180,243 |
Capstead Mortgage Corp. | 201,597 | 1,558,345 |
Cherry Hill Mortgage Investment Corp. | 32,246 | 435,966 |
Cohen & Steers, Inc. | 48,413 | 3,168,147 |
Colony Credit Real Estate, Inc. | 172,281 | 2,468,787 |
Cowen, Inc. * | 61,515 | 920,880 |
Curo Group Holdings Corp. * | 36,163 | 505,920 |
Diamond Hill Investment Group, Inc. | 6,685 | 941,649 |
Donnelley Financial Solutions, Inc. * | 65,092 | 735,540 |
Dynex Capital, Inc. | 49,835 | 805,334 |
Elevate Credit, Inc. * | 49,529 | 202,574 |
Ellington Financial, Inc. | 66,073 | 1,217,065 |
Encore Capital Group, Inc. * | 65,331 | 2,168,336 |
Enova International, Inc. * | 70,008 | 1,644,488 |
Exantas Capital Corp. | 63,532 | 747,136 |
EZCORP, Inc., Class A * | 105,689 | 555,924 |
Federated Investors, Inc., Class B | 204,068 | 6,517,932 |
FGL Holdings | 310,221 | 2,801,296 |
FirstCash, Inc. | 89,896 | 7,586,323 |
Focus Financial Partners, Inc., Class A * | 64,271 | 1,406,249 |
GAIN Capital Holdings, Inc. | 40,142 | 169,399 |
GAMCO Investors, Inc., Class A | 11,397 | 179,617 |
Granite Point Mortgage Trust, Inc. | 114,947 | 2,138,014 |
Great Ajax Corp. | 35,247 | 551,616 |
Green Dot Corp., Class A * | 102,616 | 2,959,445 |
Greenhill & Co., Inc. | 33,885 | 548,937 |
GWG Holdings, Inc. *(a) | 3,801 | 38,960 |
Hamilton Lane, Inc., Class A | 46,053 | 2,745,680 |
Houlihan Lokey, Inc. | 87,381 | 4,129,626 |
INTL. FCStone, Inc. * | 33,881 | 1,355,240 |
Invesco Mortgage Capital, Inc. | 305,192 | 4,803,722 |
KKR Real Estate Finance Trust, Inc. | 53,820 | 1,079,091 |
Security | Number of Shares | Value ($) |
Ladder Capital Corp. | 218,120 | 3,766,932 |
Ladenburg Thalmann Financial Services, Inc. | 247,169 | 558,602 |
LendingClub Corp. * | 139,854 | 1,767,755 |
Marlin Business Services Corp. | 18,213 | 432,377 |
Medallion Financial Corp. * | 42,846 | 293,067 |
Moelis & Co., Class A | 100,977 | 3,602,859 |
Nelnet, Inc., Class A | 38,079 | 2,333,100 |
New York Mortgage Trust, Inc. | 497,714 | 3,115,690 |
On Deck Capital, Inc. * | 138,266 | 616,666 |
Oppenheimer Holdings, Inc., Class A | 19,926 | 541,987 |
Orchid Island Capital, Inc. | 133,369 | 742,865 |
PennyMac Mortgage Investment Trust | 183,225 | 4,194,020 |
Piper Jaffray Cos. | 29,053 | 2,281,823 |
PJT Partners, Inc., Class A | 48,058 | 1,995,849 |
PRA Group, Inc. * | 95,245 | 3,231,663 |
Pzena Investment Management, Inc., Class A | 37,290 | 309,507 |
Ready Capital Corp. | 66,579 | 1,053,946 |
Redwood Trust, Inc. | 203,581 | 3,326,513 |
Regional Management Corp. * | 18,750 | 542,437 |
Safeguard Scientifics, Inc. * | 40,517 | 458,247 |
Sculptor Capital Management, Inc. | 35,058 | 629,992 |
Siebert Financial Corp. *(a) | 16,650 | 149,350 |
Silvercrest Asset Management Group, Inc., Class A | 17,734 | 213,163 |
Stifel Financial Corp. | 143,422 | 8,028,764 |
TPG RE Finance Trust, Inc. | 104,492 | 2,113,873 |
Value Line, Inc. | 1,900 | 38,437 |
Virtus Investment Partners, Inc. | 14,155 | 1,535,534 |
Waddell & Reed Financial, Inc., Class A | 152,689 | 2,528,530 |
Western Asset Mortgage Capital Corp. | 109,462 | 1,098,998 |
Westwood Holdings Group, Inc. | 17,318 | 523,523 |
WisdomTree Investments, Inc. | 283,844 | 1,450,443 |
World Acceptance Corp. * | 13,289 | 1,379,531 |
151,319,492 | ||
Energy 3.1% | ||
Abraxas Petroleum Corp. * | 333,304 | 96,658 |
Altus Midstream Co., Class A * | 104,732 | 230,410 |
Amplify Energy Corp. | 27,233 | 197,439 |
Arch Coal, Inc., Class A | 34,494 | 2,721,232 |
Archrock, Inc. | 274,211 | 2,643,394 |
Ardmore Shipping Corp. * | 70,072 | 559,875 |
Berry Petroleum Corp. | 131,620 | 1,235,912 |
Bonanza Creek Energy, Inc. * | 40,721 | 725,648 |
Brigham Minerals, Inc., Class A | 33,461 | 638,770 |
Cactus, Inc., Class A * | 99,583 | 2,959,607 |
California Resources Corp. *(a) | 103,459 | 578,336 |
Callon Petroleum Co. * | 487,221 | 1,851,440 |
Carrizo Oil & Gas, Inc. * | 188,841 | 1,389,870 |
Chaparral Energy, Inc., Class A * | 64,581 | 60,532 |
Clean Energy Fuels Corp. * | 284,851 | 640,915 |
CNX Resources Corp. * | 394,385 | 3,324,666 |
Comstock Resources, Inc. *(a) | 31,231 | 213,620 |
CONSOL Energy, Inc. * | 57,114 | 755,618 |
Contura Energy, Inc. * | 40,655 | 932,626 |
Covia Holdings Corp. * | 86,510 | 119,384 |
CVR Energy, Inc. | 62,434 | 2,960,620 |
Delek US Holdings, Inc. | 159,357 | 6,366,312 |
Denbury Resources, Inc. * | 997,613 | 995,718 |
DHT Holdings, Inc. | 187,337 | 1,448,115 |
Diamond Offshore Drilling, Inc. * | 135,164 | 715,018 |
Diamond S Shipping, Inc. * | 48,812 | 712,655 |
DMC Global, Inc. | 30,132 | 1,348,106 |
Dorian LPG Ltd. * | 58,072 | 722,996 |
Dril-Quip, Inc. * | 76,629 | 3,143,322 |
Security | Number of Shares | Value ($) |
Earthstone Energy, Inc., Class A * | 41,977 | 162,871 |
Energy Fuels, Inc. *(a) | 196,779 | 395,526 |
Era Group, Inc. * | 40,183 | 388,570 |
Evolution Petroleum Corp. | 56,495 | 317,502 |
Exterran Corp. * | 64,215 | 813,604 |
Extraction Oil & Gas, Inc. *(a) | 177,936 | 302,491 |
Falcon Minerals Corp. | 80,229 | 494,211 |
Forum Energy Technologies, Inc. * | 172,262 | 199,824 |
Frank's International N.V. * | 228,678 | 1,120,522 |
FTS International, Inc. * | 70,517 | 107,186 |
GasLog Ltd. | 86,529 | 1,186,313 |
Geospace Technologies Corp. * | 27,555 | 402,027 |
Golar LNG Ltd. | 200,884 | 2,766,173 |
Goodrich Petroleum Corp. * | 18,729 | 180,360 |
Green Plains, Inc. | 79,349 | 978,373 |
Gulfport Energy Corp. * | 342,824 | 954,765 |
Hallador Energy Co. | 42,080 | 141,599 |
Helix Energy Solutions Group, Inc. * | 301,272 | 2,587,926 |
HighPoint Resources Corp. * | 233,382 | 247,385 |
Independence Contract Drilling, Inc. * | 96,360 | 85,760 |
International Seaways, Inc. * | 53,502 | 1,345,040 |
Jagged Peak Energy, Inc. * | 141,346 | 1,002,143 |
KLX Energy Services Holdings, Inc. * | 43,335 | 344,080 |
Laredo Petroleum, Inc. * | 386,265 | 911,585 |
Liberty Oilfield Services, Inc., Class A | 111,621 | 1,028,029 |
Magnolia Oil & Gas Corp., Class A * | 215,580 | 2,116,996 |
Mammoth Energy Services, Inc. | 25,335 | 40,536 |
Matador Resources Co. * | 235,087 | 3,270,060 |
Matrix Service Co. * | 56,655 | 1,062,848 |
McDermott International, Inc. *(a) | 382,393 | 623,301 |
Montage Resources Corp. * | 44,440 | 200,869 |
Nabors Industries Ltd. | 750,247 | 1,387,957 |
NACCO Industries, Inc., Class A | 7,792 | 393,496 |
National Energy Services Reunited Corp. * | 49,361 | 341,084 |
Natural Gas Services Group, Inc. * | 26,169 | 311,149 |
NCS Multistage Holdings, Inc. * | 24,476 | 55,071 |
Newpark Resources, Inc. * | 191,155 | 1,146,930 |
NextDecade Corp. *(a) | 23,710 | 140,363 |
NexTier Oilfield Solutions, Inc. * | 332,611 | 1,436,878 |
Nine Energy Service, Inc. * | 33,083 | 186,919 |
Noble Corp. plc * | 524,241 | 644,816 |
Nordic American Tankers Ltd. | 296,557 | 1,061,674 |
Northern Oil & Gas, Inc. * | 610,805 | 1,197,178 |
Oasis Petroleum, Inc. * | 675,700 | 1,763,577 |
Oceaneering International, Inc. * | 209,746 | 2,970,003 |
Oil States International, Inc. * | 128,033 | 1,827,031 |
Overseas Shipholding Group, Inc., Class A * | 134,333 | 218,963 |
Pacific Drilling S.A. *(a) | 62,142 | 155,355 |
Panhandle Oil & Gas, Inc., Class A | 32,554 | 461,941 |
Par Pacific Holdings, Inc. * | 75,401 | 1,707,833 |
Parker Drilling Co. * | 19,411 | 358,521 |
PDC Energy, Inc. * | 132,641 | 2,646,188 |
Peabody Energy Corp. | 145,236 | 1,529,335 |
Penn Virginia Corp. * | 28,193 | 670,993 |
PrimeEnergy Resources Corp. *(a) | 1,079 | 170,935 |
ProPetro Holding Corp. * | 168,197 | 1,303,527 |
QEP Resources, Inc. | 507,968 | 1,691,533 |
Renewable Energy Group, Inc. * | 78,270 | 1,278,932 |
REX American Resources Corp. * | 11,761 | 951,700 |
RigNet, Inc. * | 31,747 | 166,354 |
Ring Energy, Inc. * | 128,602 | 213,479 |
Roan Resources, Inc. * | 74,112 | 111,168 |
Rosehill Resources, Inc. * | 21,663 | 33,361 |
RPC, Inc.(a) | 120,998 | 500,932 |
SandRidge Energy, Inc. * | 63,258 | 277,070 |
Scorpio Tankers, Inc. | 91,534 | 2,911,697 |
SEACOR Holdings, Inc. * | 36,919 | 1,584,194 |
Security | Number of Shares | Value ($) |
SEACOR Marine Holdings, Inc. * | 41,879 | 544,846 |
Seadrill Ltd. *(a) | 122,010 | 214,738 |
Select Energy Services, Inc., Class A * | 124,463 | 945,919 |
SemGroup Corp., Class A | 168,792 | 2,717,551 |
Ship Finance International Ltd. | 171,690 | 2,484,354 |
SilverBow Resources, Inc. * | 14,100 | 111,390 |
SM Energy Co. | 237,539 | 1,862,306 |
Smart Sand, Inc. * | 48,150 | 112,189 |
Solaris Oilfield Infrastructure, Inc., Class A | 65,862 | 700,772 |
Southwestern Energy Co. * | 1,152,958 | 2,363,564 |
SRC Energy, Inc. * | 513,680 | 1,602,682 |
Talos Energy, Inc. * | 43,032 | 926,479 |
Teekay Corp.(a) | 147,560 | 754,032 |
Teekay Tankers Ltd., Class A * | 426,679 | 870,425 |
Tellurian, Inc. *(a) | 200,653 | 1,599,204 |
TETRA Technologies, Inc. * | 253,261 | 430,544 |
Tidewater, Inc. * | 83,272 | 1,351,505 |
U.S. Well Services, Inc. * | 41,722 | 79,689 |
Unit Corp. * | 110,436 | 225,289 |
Uranium Energy Corp. * | 366,940 | 347,529 |
US Silica Holdings, Inc. | 156,424 | 697,651 |
W&T Offshore, Inc. * | 202,197 | 814,854 |
Whiting Petroleum Corp. * | 191,684 | 1,215,277 |
World Fuel Services Corp. | 136,361 | 5,695,799 |
128,544,014 | ||
Food & Staples Retailing 0.7% | ||
BJ's Wholesale Club Holdings, Inc. * | 235,957 | 6,300,052 |
HF Foods Group, Inc. * | 15,641 | 303,905 |
Ingles Markets, Inc., Class A | 29,705 | 1,171,268 |
Natural Grocers by Vitamin Cottage, Inc. * | 19,294 | 169,209 |
Performance Food Group Co. * | 218,079 | 9,292,346 |
PriceSmart, Inc. | 47,532 | 3,522,121 |
Rite Aid Corp. *(a) | 115,380 | 1,061,496 |
SpartanNash, Co. | 76,786 | 1,005,513 |
The Andersons, Inc. | 67,291 | 1,239,500 |
The Chefs' Warehouse, Inc. * | 51,857 | 1,717,763 |
United Natural Foods, Inc. * | 110,450 | 828,375 |
Village Super Market, Inc., Class A | 17,018 | 450,977 |
Weis Markets, Inc. | 20,623 | 793,779 |
27,856,304 | ||
Food, Beverage & Tobacco 1.7% | ||
22nd Century Group, Inc. *(a) | 239,180 | 452,050 |
Alico, Inc. | 8,375 | 275,119 |
B&G Foods, Inc.(a) | 137,206 | 2,133,553 |
Bridgford Foods Corp. * | 3,608 | 89,009 |
Cal-Maine Foods, Inc. | 67,031 | 2,673,867 |
Calavo Growers, Inc. | 34,430 | 2,986,114 |
Celsius Holdings, Inc. *(a) | 55,986 | 197,071 |
Coca-Cola Consolidated, Inc. | 9,912 | 2,719,456 |
Craft Brew Alliance, Inc. * | 23,721 | 172,926 |
Darling Ingredients, Inc. * | 347,593 | 6,708,545 |
Dean Foods Co.(a) | 164,820 | 161,524 |
Farmer Brothers Co. * | 22,152 | 284,210 |
Fresh Del Monte Produce, Inc. | 65,680 | 2,095,192 |
Freshpet, Inc. * | 73,084 | 3,819,370 |
Hostess Brands, Inc. * | 253,892 | 3,244,740 |
J&J Snack Foods Corp. | 32,028 | 6,109,661 |
John B. Sanfilippo & Son, Inc. | 18,301 | 1,942,102 |
Lancaster Colony Corp. | 40,079 | 5,578,195 |
Landec Corp. * | 51,262 | 504,931 |
Limoneira Co. | 32,556 | 615,960 |
MGP Ingredients, Inc. | 27,378 | 1,174,242 |
National Beverage Corp.(a) | 25,170 | 1,106,473 |
New Age Beverages Corp. *(a) | 158,455 | 426,244 |
Security | Number of Shares | Value ($) |
Primo Water Corp. * | 75,144 | 908,867 |
Pyxus International, Inc. *(a) | 17,377 | 198,445 |
Sanderson Farms, Inc. | 42,206 | 6,533,911 |
Seneca Foods Corp., Class A * | 14,603 | 516,654 |
The Boston Beer Co., Inc., Class A * | 17,678 | 6,619,704 |
The Simply Good Foods Co. * | 174,667 | 4,286,328 |
Tootsie Roll Industries, Inc. | 34,957 | 1,198,326 |
Turning Point Brands, Inc. | 17,237 | 359,736 |
Universal Corp. | 52,204 | 2,860,779 |
Vector Group Ltd. | 234,335 | 2,858,887 |
71,812,191 | ||
Health Care Equipment & Services 6.8% | ||
Accuray, Inc. * | 182,312 | 474,011 |
Addus HomeCare Corp. * | 22,387 | 1,885,209 |
Allscripts Healthcare Solutions, Inc. * | 350,249 | 3,831,724 |
Alphatec Holdings, Inc. * | 79,985 | 550,297 |
Amedisys, Inc. * | 66,493 | 8,545,680 |
American Renal Associates Holdings, Inc. * | 38,180 | 317,658 |
AMN Healthcare Services, Inc. * | 97,765 | 5,744,671 |
AngioDynamics, Inc. * | 76,598 | 1,171,949 |
Antares Pharma, Inc. * | 344,869 | 1,158,760 |
Apollo Medical Holdings, Inc. *(a) | 13,284 | 198,861 |
Apyx Medical Corp. * | 69,304 | 457,406 |
AtriCure, Inc. * | 78,774 | 2,094,601 |
Atrion Corp. | 3,023 | 2,549,689 |
Avalon GloboCare Corp. *(a) | 44,971 | 65,658 |
Avanos Medical, Inc. * | 100,513 | 4,426,593 |
Avedro, Inc. * | 16,346 | 379,881 |
AxoGen, Inc. * | 72,550 | 902,159 |
Axonics Modulation Technologies, Inc. * | 33,220 | 821,198 |
BioLife Solutions, Inc. * | 14,196 | 241,474 |
BioSig Technologies, Inc. *(a) | 32,972 | 218,604 |
BioTelemetry, Inc. * | 69,961 | 2,753,665 |
Brookdale Senior Living, Inc. * | 392,637 | 2,885,882 |
Cardiovascular Systems, Inc. * | 72,597 | 3,232,018 |
Castlight Health, Inc., Class B * | 209,420 | 316,224 |
Catasys, Inc. *(a) | 14,702 | 229,498 |
Cerus Corp. * | 294,699 | 1,281,941 |
Community Health Systems, Inc. * | 181,990 | 644,245 |
Computer Programs & Systems, Inc. | 26,413 | 609,348 |
ConforMIS, Inc. * | 132,984 | 253,999 |
CONMED Corp. | 57,802 | 6,359,376 |
CorVel Corp. * | 19,160 | 1,515,939 |
Cross Country Healthcare, Inc. * | 77,572 | 838,553 |
CryoLife, Inc. * | 77,041 | 1,729,570 |
CryoPort, Inc. * | 65,955 | 925,349 |
Cutera, Inc. * | 29,537 | 930,415 |
CytoSorbents Corp. * | 71,062 | 337,544 |
Diplomat Pharmacy, Inc. * | 124,243 | 675,882 |
ElectroCore, Inc. *(a) | 24,895 | 39,334 |
Enzo Biochem, Inc. * | 92,538 | 292,420 |
Evolent Health, Inc., Class A * | 158,510 | 1,207,846 |
Genesis Healthcare, Inc. * | 169,619 | 217,112 |
GenMark Diagnostics, Inc. * | 113,296 | 635,591 |
Glaukos Corp. * | 76,583 | 4,888,293 |
Globus Medical, Inc., Class A * | 161,243 | 8,444,296 |
Haemonetics Corp. * | 108,619 | 13,113,572 |
Hanger, Inc. * | 77,141 | 1,744,158 |
Health Catalyst, Inc. * | 17,018 | 547,299 |
HealthEquity, Inc. * | 146,953 | 8,345,461 |
HealthStream, Inc. * | 55,349 | 1,553,093 |
Heska Corp. * | 14,834 | 1,201,851 |
HMS Holdings Corp. * | 184,241 | 6,022,838 |
Inogen, Inc. * | 38,789 | 2,111,479 |
Inovalon Holdings, Inc., Class A * | 150,146 | 2,346,782 |
Security | Number of Shares | Value ($) |
Inspire Medical Systems, Inc. * | 28,280 | 1,724,514 |
Integer Holdings Corp. * | 68,783 | 5,326,556 |
IntriCon Corp. * | 17,104 | 353,711 |
Invacare Corp. | 70,019 | 540,547 |
iRadimed Corp. * | 9,166 | 231,442 |
iRhythm Technologies, Inc. * | 52,221 | 3,489,407 |
Lantheus Holdings, Inc. * | 80,967 | 1,688,162 |
LeMaitre Vascular, Inc. | 34,681 | 1,199,963 |
LHC Group, Inc. * | 63,885 | 7,089,318 |
LivaNova plc * | 103,088 | 7,291,414 |
Livongo Health, Inc. *(a) | 30,356 | 655,386 |
Magellan Health, Inc. * | 46,394 | 3,010,971 |
Meridian Bioscience, Inc. | 90,045 | 881,541 |
Merit Medical Systems, Inc. * | 113,853 | 2,351,634 |
Mesa Laboratories, Inc. | 8,149 | 1,855,935 |
Misonix, Inc. * | 15,299 | 265,438 |
National HealthCare Corp. | 25,805 | 2,120,655 |
National Research Corp., Class A | 25,535 | 1,466,475 |
Natus Medical, Inc. * | 71,340 | 2,402,731 |
Neogen Corp. * | 108,827 | 7,080,285 |
Neuronetics, Inc. * | 28,082 | 250,211 |
Nevro Corp. * | 63,226 | 5,450,081 |
NextGen Healthcare, Inc. * | 116,512 | 1,969,635 |
Novocure Ltd. * | 184,229 | 13,198,166 |
NuVasive, Inc. * | 110,179 | 7,772,027 |
Omnicell, Inc. * | 87,689 | 6,172,429 |
OptimizeRx Corp. * | 28,965 | 376,545 |
Option Care Health, Inc. * | 263,816 | 933,909 |
OraSure Technologies, Inc. * | 131,567 | 1,123,582 |
Orthofix Medical, Inc. * | 38,274 | 1,608,656 |
OrthoPediatrics Corp. * | 18,930 | 732,212 |
Owens & Minor, Inc. | 131,780 | 886,879 |
Patterson Cos., Inc. | 176,655 | 3,026,100 |
Pennant Group, Inc. * | 52,893 | 951,545 |
PetIQ, Inc. * | 41,199 | 1,018,439 |
Phreesia, Inc. * | 21,460 | 635,860 |
Pulse Biosciences, Inc. *(a) | 23,993 | 337,821 |
Quidel Corp. * | 75,209 | 4,279,392 |
R1 RCM, Inc. * | 221,209 | 2,351,452 |
RadNet, Inc. * | 89,407 | 1,396,537 |
Rockwell Medical, Inc. *(a) | 129,859 | 286,988 |
RTI Surgical Holdings, Inc. * | 118,940 | 261,668 |
SeaSpine Holdings Corp. * | 32,977 | 456,402 |
Select Medical Holdings Corp. * | 233,639 | 4,256,903 |
Senseonics Holdings, Inc. *(a) | 257,655 | 301,456 |
Shockwave Medical, Inc. *(a) | 13,764 | 468,251 |
SI-BONE, Inc. * | 33,436 | 556,709 |
Sientra, Inc. * | 80,851 | 519,872 |
Silk Road Medical, Inc. * | 24,522 | 812,169 |
Simulations Plus, Inc. | 25,629 | 907,523 |
Soliton, Inc. *(a) | 11,097 | 123,399 |
STAAR Surgical Co. * | 93,864 | 3,076,862 |
Surgery Partners, Inc. * | 50,012 | 397,595 |
Surmodics, Inc. * | 27,903 | 1,325,672 |
Tabula Rasa HealthCare, Inc. * | 41,335 | 2,105,605 |
Tactile Systems Technology, Inc. * | 38,498 | 1,748,579 |
Tandem Diabetes Care, Inc. * | 118,942 | 7,324,448 |
Teladoc Health, Inc. * | 151,597 | 11,612,330 |
Tenet Healthcare Corp. * | 218,293 | 5,531,545 |
The Ensign Group, Inc. | 107,083 | 4,524,257 |
The Joint Corp. * | 27,194 | 518,590 |
The Providence Service Corp. * | 24,750 | 1,580,782 |
Tivity Health, Inc. * | 100,960 | 1,636,562 |
TransEnterix, Inc. * | 383,079 | 87,419 |
TransMedics Group, Inc. *(a) | 13,918 | 249,689 |
Triple-S Management Corp., Class B * | 48,175 | 728,888 |
U.S. Physical Therapy, Inc. | 26,676 | 3,773,854 |
Utah Medical Products, Inc. | 7,347 | 752,847 |
Security | Number of Shares | Value ($) |
Vapotherm, Inc. * | 30,839 | 317,642 |
Varex Imaging Corp. * | 79,855 | 2,396,449 |
ViewRay, Inc. * | 147,739 | 384,121 |
Vocera Communications, Inc. * | 66,621 | 1,327,090 |
Wright Medical Group N.V. * | 267,114 | 5,555,971 |
Zynex, Inc.(a) | 32,411 | 299,478 |
285,972,134 | ||
Household & Personal Products 0.5% | ||
Central Garden & Pet Co. * | 22,370 | 671,547 |
Central Garden & Pet Co., Class A * | 88,428 | 2,500,744 |
Edgewell Personal Care Co. * | 114,944 | 4,023,040 |
elf Beauty, Inc. * | 56,037 | 941,422 |
Inter Parfums, Inc. | 37,446 | 2,899,444 |
Lifevantage Corp. * | 29,117 | 394,826 |
Medifast, Inc. | 23,936 | 2,655,460 |
Nature's Sunshine Products, Inc. * | 18,214 | 171,940 |
Oil-Dri Corp. of America | 10,781 | 377,443 |
Revlon, Inc., Class A *(a) | 14,442 | 379,680 |
USANA Health Sciences, Inc. * | 27,356 | 2,027,353 |
WD-40 Co. | 29,152 | 5,463,085 |
Youngevity International, Inc. *(a) | 17,188 | 80,268 |
22,586,252 | ||
Insurance 2.3% | ||
Ambac Financial Group, Inc. * | 95,722 | 1,962,301 |
American Equity Investment Life Holding Co. | 191,446 | 4,724,887 |
AMERISAFE, Inc. | 40,695 | 2,585,353 |
Argo Group International Holdings Ltd. | 69,015 | 4,269,958 |
Citizens, Inc. * | 107,297 | 714,598 |
CNO Financial Group, Inc. | 329,642 | 5,158,897 |
Crawford & Co., Class A | 34,321 | 363,459 |
Donegal Group, Inc., Class A | 21,314 | 313,742 |
eHealth, Inc. * | 47,520 | 3,280,781 |
Employers Holdings, Inc. | 67,143 | 2,842,835 |
Enstar Group Ltd. * | 24,423 | 4,906,581 |
FBL Financial Group, Inc., Class A | 20,302 | 1,164,929 |
FedNat Holding Co. | 24,276 | 348,361 |
Genworth Financial, Inc., Class A * | 1,070,230 | 4,580,584 |
Global Indemnity Ltd. | 17,474 | 432,656 |
Goosehead Insurance, Inc., Class A | 24,414 | 1,249,509 |
Greenlight Capital Re Ltd., Class A * | 61,932 | 668,866 |
Hallmark Financial Services, Inc. * | 28,193 | 502,399 |
HCI Group, Inc. | 13,090 | 550,434 |
Health Insurance Innovations, Inc., Class A *(a) | 20,354 | 538,974 |
Heritage Insurance Holdings, Inc. | 57,235 | 762,370 |
Horace Mann Educators Corp. | 87,641 | 3,817,642 |
Independence Holding Co. | 10,284 | 402,104 |
Investors Title Co. | 3,028 | 459,348 |
James River Group Holdings Ltd. | 63,062 | 2,258,250 |
Kinsale Capital Group, Inc. | 43,229 | 4,570,170 |
MBIA, Inc. * | 169,152 | 1,571,422 |
National General Holdings Corp. | 143,907 | 3,068,097 |
National Western Life Group, Inc., Class A | 4,876 | 1,329,198 |
NI Holdings, Inc. * | 20,281 | 354,917 |
Palomar Holdings, Inc. * | 12,517 | 565,143 |
ProAssurance Corp. | 112,833 | 4,425,310 |
ProSight Global, Inc. * | 19,079 | 302,593 |
Protective Insurance Corp., Class B | 19,116 | 304,136 |
RLI Corp. | 84,555 | 8,228,893 |
Safety Insurance Group, Inc. | 31,409 | 3,052,955 |
Selective Insurance Group, Inc. | 124,058 | 8,574,889 |
State Auto Financial Corp. | 36,606 | 1,211,293 |
Stewart Information Services Corp. | 49,590 | 2,029,223 |
Security | Number of Shares | Value ($) |
Third Point Reinsurance Ltd. * | 157,941 | 1,498,860 |
Tiptree, Inc. | 53,210 | 391,093 |
Trupanion, Inc. *(a) | 60,386 | 1,431,148 |
United Fire Group, Inc. | 44,744 | 2,036,747 |
United Insurance Holdings Corp. | 42,821 | 524,985 |
Universal Insurance Holdings, Inc. | 64,847 | 1,758,002 |
Watford Holdings Ltd. * | 43,167 | 1,162,919 |
97,251,811 | ||
Materials 3.8% | ||
Advanced Emissions Solutions, Inc. | 34,544 | 477,744 |
AdvanSix, Inc. * | 59,527 | 1,354,835 |
AK Steel Holding Corp. * | 669,624 | 1,580,313 |
Allegheny Technologies, Inc. * | 266,289 | 5,594,732 |
American Vanguard Corp. | 62,012 | 866,928 |
Amyris, Inc. *(a) | 77,549 | 257,075 |
Balchem Corp. | 68,221 | 6,904,647 |
Boise Cascade Co. | 82,093 | 2,936,467 |
Carpenter Technology Corp. | 100,056 | 4,904,745 |
Century Aluminum Co. * | 104,464 | 609,025 |
Chase Corp. | 15,521 | 1,818,285 |
Clearwater Paper Corp. * | 33,680 | 624,427 |
Cleveland-Cliffs, Inc.(a) | 569,777 | 4,119,488 |
Coeur Mining, Inc. * | 465,707 | 2,570,703 |
Commercial Metals Co. | 250,425 | 4,840,715 |
Compass Minerals International, Inc. | 72,136 | 4,074,241 |
Ferro Corp. * | 173,546 | 1,931,567 |
Ferroglobe Representation & Warranty Insurance *(b) | 108,500 | — |
Flotek Industries, Inc. * | 110,660 | 211,361 |
Forterra, Inc. * | 40,593 | 333,269 |
FutureFuel Corp. | 55,522 | 684,586 |
GCP Applied Technologies, Inc. * | 114,465 | 2,364,847 |
Gold Resource Corp. | 127,527 | 558,568 |
Greif, Inc., Class A | 54,582 | 2,137,977 |
Greif, Inc., Class B | 12,762 | 600,197 |
H.B. Fuller Co. | 107,680 | 5,254,784 |
Hawkins, Inc. | 20,878 | 892,534 |
Haynes International, Inc. | 26,521 | 913,914 |
Hecla Mining Co. | 1,018,443 | 2,342,419 |
Ingevity Corp. * | 88,966 | 7,491,827 |
Innophos Holdings, Inc. | 41,804 | 1,363,646 |
Innospec, Inc. | 51,420 | 4,697,731 |
Intrepid Potash, Inc. * | 204,632 | 632,313 |
Kaiser Aluminum Corp. | 34,009 | 3,641,684 |
Koppers Holdings, Inc. * | 40,129 | 1,288,141 |
Kraton Corp. * | 66,239 | 1,485,078 |
Kronos Worldwide, Inc. | 48,778 | 618,505 |
Livent Corp. * | 310,728 | 2,131,594 |
Louisiana-Pacific Corp. | 263,286 | 7,695,850 |
LSB Industries, Inc. * | 49,037 | 207,427 |
Marrone Bio Innovations, Inc. * | 101,700 | 134,244 |
Materion Corp. | 42,831 | 2,434,514 |
Mayville Engineering Co., Inc. * | 13,093 | 111,945 |
Minerals Technologies, Inc. | 74,752 | 3,696,486 |
Myers Industries, Inc. | 75,411 | 1,276,708 |
Neenah, Inc. | 35,437 | 2,285,686 |
Novagold Resources, Inc. * | 492,195 | 3,583,180 |
Olympic Steel, Inc. | 19,559 | 292,994 |
OMNOVA Solutions, Inc. * | 92,449 | 934,659 |
Orion Engineered Carbons S.A. | 127,700 | 2,114,712 |
P.H. Glatfelter Co. | 92,671 | 1,668,078 |
PolyOne Corp. | 162,684 | 5,214,022 |
PQ Group Holdings, Inc. * | 80,531 | 1,326,346 |
Quaker Chemical Corp. | 27,823 | 4,253,580 |
Ramaco Resources, Inc. * | 16,927 | 60,091 |
Rayonier Advanced Materials, Inc. | 103,218 | 430,419 |
Security | Number of Shares | Value ($) |
Ryerson Holding Corp. * | 34,841 | 302,768 |
Schnitzer Steel Industries, Inc., Class A | 54,785 | 1,169,112 |
Schweitzer-Mauduit International, Inc. | 65,266 | 2,642,620 |
Sensient Technologies Corp. | 89,692 | 5,611,132 |
Stepan Co. | 43,353 | 4,236,455 |
Summit Materials, Inc., Class A * | 237,993 | 5,457,179 |
SunCoke Energy, Inc. * | 160,709 | 850,151 |
Synalloy Corp. | 18,134 | 283,978 |
TimkenSteel Corp. * | 83,916 | 471,608 |
Trecora Resources * | 46,660 | 409,208 |
Tredegar Corp. | 55,676 | 1,106,839 |
Trinseo S.A. | 85,584 | 3,637,320 |
Tronox Holdings plc, Class A * | 194,195 | 1,648,716 |
UFP Technologies, Inc. * | 14,282 | 594,274 |
United States Lime & Minerals, Inc. | 4,197 | 371,434 |
US Concrete, Inc. * | 33,957 | 1,774,593 |
Valhi, Inc. | 60,161 | 113,704 |
Verso Corp., Class A * | 75,141 | 1,100,064 |
Warrior Met Coal, Inc. | 109,159 | 2,126,417 |
Worthington Industries, Inc. | 81,853 | 3,013,009 |
159,752,434 | ||
Media & Entertainment 1.7% | ||
AMC Entertainment Holdings, Inc., Class A(a) | 110,314 | 1,033,642 |
Boston Omaha Corp., Class A * | 22,036 | 494,929 |
Cardlytics, Inc. * | 29,013 | 1,215,935 |
Care.com, Inc. * | 44,863 | 524,000 |
Cargurus, Inc. * | 157,157 | 5,278,904 |
Cars.com, Inc. * | 141,413 | 1,599,381 |
Central European Media Enterprises Ltd., Class A * | 185,189 | 830,573 |
Clear Channel Outdoor Holdings, Inc. * | 102,841 | 239,620 |
comScore, Inc. * | 101,829 | 235,225 |
Cumulus Media, Inc., Class A * | 31,328 | 428,880 |
Daily Journal Corp. *(a) | 2,347 | 659,530 |
DHI Group, Inc. * | 106,368 | 385,052 |
Emerald Expositions Events, Inc. | 51,158 | 497,256 |
Entercom Communications Corp., Class A | 269,157 | 936,666 |
Entravision Communications Corp., Class A | 133,374 | 378,782 |
Eros International plc *(a) | 153,042 | 342,814 |
Eventbrite, Inc., Class A * | 77,711 | 1,397,244 |
EverQuote, Inc., Class A * | 18,763 | 380,889 |
Fluent, Inc. * | 88,752 | 206,792 |
Gaia, Inc. *(a) | 22,400 | 155,232 |
Gannett Co., Inc. | 223,994 | 2,430,335 |
Glu Mobile, Inc. * | 245,578 | 1,456,278 |
Gray Television, Inc. * | 192,564 | 3,159,975 |
Hemisphere Media Group, Inc. * | 35,700 | 460,887 |
IMAX Corp. * | 111,022 | 2,370,320 |
Lee Enterprises, Inc. * | 111,206 | 201,283 |
Liberty Latin America Ltd., Class A * | 98,685 | 1,844,423 |
Liberty Latin America Ltd., Class C * | 240,461 | 4,426,887 |
Liberty Media Corp. - Liberty Braves, Class A * | 20,631 | 609,027 |
Liberty Media Corp. - Liberty Braves, Class C * | 76,852 | 2,260,217 |
Liberty TripAdvisor Holdings, Inc., Class A * | 155,657 | 1,502,090 |
LiveXLive Media, Inc. *(a) | 73,289 | 124,591 |
Loral Space & Communications, Inc. * | 27,486 | 1,099,165 |
Marchex, Inc., Class B * | 80,968 | 268,004 |
MDC Partners, Inc., Class A * | 115,975 | 363,002 |
Meredith Corp. | 84,255 | 3,176,413 |
MSG Networks, Inc., Class A * | 123,919 | 2,008,727 |
Security | Number of Shares | Value ($) |
National CineMedia, Inc. | 133,292 | 1,118,986 |
New Media Investment Group, Inc. | 128,175 | 1,129,222 |
QuinStreet, Inc. * | 96,494 | 1,238,018 |
Reading International, Inc., Class A * | 35,745 | 406,421 |
Rosetta Stone, Inc. * | 44,060 | 844,190 |
Saga Communications, Inc., Class A | 7,830 | 236,231 |
Scholastic Corp. | 62,538 | 2,407,713 |
TechTarget, Inc. * | 48,501 | 1,183,424 |
TEGNA, Inc. | 461,527 | 6,936,751 |
The E.W. Scripps Co., Class A | 116,561 | 1,565,997 |
The Marcus Corp. | 47,625 | 1,719,262 |
The Meet Group, Inc. * | 153,507 | 653,940 |
Travelzoo * | 11,052 | 111,846 |
Tribune Publishing Co. | 35,823 | 320,974 |
TrueCar, Inc. * | 223,986 | 734,674 |
WideOpenWest, Inc. * | 51,725 | 328,454 |
Yelp, Inc. * | 146,846 | 5,067,655 |
70,986,728 | ||
Pharmaceuticals, Biotechnology & Life Sciences 9.6% | ||
Abeona Therapeutics, Inc. * | 69,313 | 164,272 |
ACADIA Pharmaceuticals, Inc. * | 223,542 | 9,480,416 |
Accelerate Diagnostics, Inc. *(a) | 58,156 | 895,602 |
Acceleron Pharma, Inc. * | 95,494 | 4,284,816 |
AcelRx Pharmaceuticals, Inc. *(a) | 163,045 | 326,090 |
Acer Therapeutics, Inc. *(a) | 10,439 | 32,674 |
Achillion Pharmaceuticals, Inc. * | 290,363 | 1,861,227 |
Aclaris Therapeutics, Inc. *(a) | 64,197 | 112,345 |
Acorda Therapeutics, Inc. * | 93,321 | 153,980 |
Adamas Pharmaceuticals, Inc. * | 46,928 | 192,874 |
ADMA Biologics, Inc. * | 105,534 | 516,061 |
Aduro Biotech, Inc. * | 130,400 | 148,656 |
Adverum Biotechnologies, Inc. * | 116,013 | 843,415 |
Aeglea BioTherapeutics, Inc. * | 54,376 | 413,801 |
Aerie Pharmaceuticals, Inc. * | 89,800 | 1,992,662 |
Affimed N.V. * | 125,393 | 368,655 |
Agenus, Inc. * | 226,026 | 585,407 |
AgeX Therapeutics, Inc. * | 44,218 | 68,980 |
Aimmune Therapeutics, Inc. * | 94,080 | 2,617,306 |
Akcea Therapeutics, Inc. *(a) | 26,867 | 492,472 |
Akebia Therapeutics, Inc. * | 252,019 | 940,031 |
Akero Therapeutics, Inc. * | 10,101 | 234,444 |
Akorn, Inc. * | 199,632 | 996,164 |
Albireo Pharma, Inc. * | 22,884 | 420,379 |
Aldeyra Therapeutics, Inc. * | 46,894 | 262,137 |
Alector, Inc. * | 64,978 | 1,094,230 |
Allakos, Inc. * | 41,392 | 2,839,491 |
Allogene Therapeutics, Inc. *(a) | 81,986 | 2,361,197 |
AMAG Pharmaceuticals, Inc. *(a) | 70,329 | 682,543 |
Amicus Therapeutics, Inc. * | 541,376 | 4,563,800 |
Amneal Pharmaceuticals, Inc. * | 194,976 | 600,526 |
Amphastar Pharmaceuticals, Inc. * | 76,441 | 1,476,458 |
AnaptysBio, Inc. * | 52,159 | 1,967,437 |
Anavex Life Sciences Corp. *(a) | 90,347 | 245,744 |
ANI Pharmaceuticals, Inc. * | 19,422 | 1,517,052 |
Anika Therapeutics, Inc. * | 28,532 | 2,008,367 |
Apellis Pharmaceuticals, Inc. * | 102,166 | 3,002,659 |
Applied Therapeutics, Inc. * | 4,216 | 69,606 |
Arcus Biosciences, Inc. * | 68,138 | 534,883 |
Ardelyx, Inc. * | 100,424 | 502,120 |
Arena Pharmaceuticals, Inc. * | 106,146 | 5,170,902 |
ArQule, Inc. * | 237,796 | 2,404,118 |
Arrowhead Pharmaceuticals, Inc. * | 198,156 | 7,936,148 |
Arvinas Holding Co. LLC * | 38,428 | 793,922 |
Assembly Biosciences, Inc. * | 48,697 | 803,987 |
Assertio Therapeutics, Inc. * | 134,103 | 105,955 |
Atara Biotherapeutics, Inc. * | 110,642 | 1,208,211 |
Security | Number of Shares | Value ($) |
Athenex, Inc. * | 145,484 | 1,606,143 |
Athersys, Inc. * | 299,043 | 382,775 |
Atreca, Inc. Class A * | 13,743 | 154,609 |
Audentes Therapeutics, Inc. * | 95,285 | 2,563,166 |
Avid Bioservices, Inc. * | 116,553 | 623,559 |
Avrobio, Inc. * | 43,112 | 625,986 |
Axcella Health, Inc. * | 3,346 | 17,700 |
Axsome Therapeutics, Inc. * | 52,761 | 1,270,485 |
Beyondspring, Inc. *(a) | 25,149 | 297,513 |
BioCryst Pharmaceuticals, Inc. * | 229,124 | 458,248 |
BioDelivery Sciences International, Inc. * | 175,162 | 1,012,436 |
Biohaven Pharmaceutical Holding Co., Ltd. * | 83,131 | 3,817,376 |
BioSpecifics Technologies Corp. * | 12,760 | 617,967 |
Bioxcel Therapeutics, Inc. * | 12,536 | 52,150 |
Blueprint Medicines Corp. * | 103,380 | 7,116,679 |
Bridgebio Pharma, Inc. * | 47,295 | 1,069,340 |
Calithera Biosciences, Inc. * | 99,321 | 286,044 |
Calyxt, Inc. * | 19,347 | 88,609 |
Cambrex Corp. * | 71,364 | 4,262,572 |
Cara Therapeutics, Inc. * | 84,958 | 1,763,728 |
CareDx, Inc. * | 87,121 | 2,283,441 |
CASI Pharmaceuticals, Inc. *(a) | 105,221 | 345,125 |
Castle Biosciences, Inc. * | 7,797 | 183,541 |
Catalyst Pharmaceuticals, Inc. * | 205,684 | 972,885 |
cbdMD, Inc. *(a) | 19,647 | 69,157 |
CEL-SCI Corp. *(a) | 57,982 | 397,757 |
Celcuity, Inc. * | 12,209 | 192,292 |
Cellular Biomedicine Group, Inc. * | 25,626 | 468,700 |
Cerecor, Inc. *(a) | 44,615 | 153,476 |
Checkpoint Therapeutics, Inc. * | 47,968 | 93,538 |
ChemoCentryx, Inc. * | 88,249 | 758,941 |
Chiasma, Inc. * | 71,847 | 376,478 |
Chimerix, Inc. * | 99,789 | 142,698 |
ChromaDex Corp. *(a) | 84,574 | 244,419 |
Clovis Oncology, Inc. *(a) | 106,268 | 336,870 |
Codexis, Inc. * | 112,114 | 1,515,781 |
Coherus Biosciences, Inc. * | 130,806 | 2,272,100 |
Collegium Pharmaceutical, Inc. * | 69,076 | 828,912 |
Concert Pharmaceuticals, Inc. * | 44,328 | 276,163 |
Constellation Pharmaceuticals, Inc. * | 32,312 | 446,229 |
Corbus Pharmaceuticals Holdings, Inc. *(a) | 123,552 | 638,764 |
Corcept Therapeutics, Inc. * | 202,224 | 2,950,448 |
CorMedix, Inc. *(a) | 49,061 | 273,760 |
Cortexyme, Inc. *(a) | 6,003 | 124,682 |
Crinetics Pharmaceuticals, Inc. * | 22,965 | 404,414 |
Cue Biopharma, Inc. * | 41,735 | 358,086 |
Cyclerion Therapeutics, Inc. * | 49,126 | 117,411 |
Cymabay Therapeutics, Inc. * | 143,397 | 643,853 |
Cytokinetics, Inc. * | 118,701 | 1,382,867 |
CytomX Therapeutics, Inc. * | 93,818 | 575,104 |
Deciphera Pharmaceuticals, Inc. * | 40,379 | 1,790,405 |
Denali Therapeutics, Inc. * | 101,797 | 1,595,159 |
Dermira, Inc. * | 99,866 | 668,104 |
Dicerna Pharmaceuticals, Inc. * | 110,342 | 1,819,540 |
Dova Pharmaceuticals, Inc. * | 17,923 | 510,985 |
Dynavax Technologies Corp. *(a) | 174,665 | 889,045 |
Eagle Pharmaceuticals, Inc. * | 19,501 | 1,222,713 |
Editas Medicine, Inc. * | 105,325 | 2,194,973 |
Eidos Therapeutics, Inc. *(a) | 23,595 | 1,144,357 |
Eiger BioPharmaceuticals, Inc. * | 48,760 | 531,484 |
Eloxx Pharmaceuticals, Inc. * | 53,030 | 322,953 |
Emergent BioSolutions, Inc. * | 96,910 | 5,539,376 |
Enanta Pharmaceuticals, Inc. * | 36,352 | 2,213,110 |
Endo International plc * | 477,250 | 2,190,577 |
Enochian Biosciences, Inc. *(a) | 8,080 | 46,056 |
Epizyme, Inc. * | 164,416 | 1,892,428 |
Security | Number of Shares | Value ($) |
Esperion Therapeutics, Inc. * | 53,106 | 2,112,026 |
Evelo Biosciences, Inc. * | 29,924 | 195,404 |
Evofem Biosciences, Inc. * | 29,423 | 149,763 |
Evolus, Inc. *(a) | 31,665 | 505,057 |
EyePoint Pharmaceuticals, Inc. * | 128,809 | 291,108 |
Fate Therapeutics, Inc. * | 111,550 | 1,667,672 |
FibroGen, Inc. * | 165,062 | 6,462,177 |
Five Prime Therapeutics, Inc. * | 81,037 | 320,096 |
Flexion Therapeutics, Inc. * | 72,443 | 1,243,846 |
Fluidigm Corp. * | 146,403 | 720,303 |
Forty Seven, Inc. * | 46,680 | 322,559 |
Fulcrum Therapeutics, Inc. * | 9,718 | 60,932 |
G1 Therapeutics, Inc. * | 71,908 | 1,525,888 |
Galectin Therapeutics, Inc. * | 84,431 | 336,035 |
Genomic Health, Inc. * | 57,326 | 3,822,498 |
Geron Corp. *(a) | 364,657 | 521,460 |
Global Blood Therapeutics, Inc. * | 122,659 | 5,881,499 |
GlycoMimetics, Inc. * | 70,362 | 371,511 |
Gossamer Bio, Inc. * | 91,267 | 1,877,819 |
Gritstone Oncology, Inc. * | 51,856 | 420,552 |
Halozyme Therapeutics, Inc. * | 302,605 | 4,635,909 |
Harpoon Therapeutics, Inc. * | 15,304 | 203,543 |
Heron Therapeutics, Inc. * | 156,162 | 3,318,442 |
Homology Medicines, Inc. * | 51,903 | 681,486 |
Hookipa Pharma, Inc. * | 4,287 | 35,068 |
ImmunoGen, Inc. * | 304,232 | 724,072 |
Immunomedics, Inc. * | 371,902 | 5,950,432 |
Innoviva, Inc. * | 135,484 | 1,574,324 |
Inovio Pharmaceuticals, Inc. *(a) | 190,916 | 406,651 |
Insmed, Inc. * | 188,201 | 3,498,657 |
Intellia Therapeutics, Inc. * | 81,117 | 1,012,746 |
Intercept Pharmaceuticals, Inc. * | 53,182 | 3,870,586 |
Intersect ENT, Inc. * | 65,602 | 1,169,028 |
Intra-Cellular Therapies, Inc. * | 93,138 | 861,527 |
Intrexon Corp. *(a) | 151,066 | 767,415 |
Invitae Corp. * | 182,924 | 2,946,906 |
Iovance Biotherapeutics, Inc. * | 242,802 | 5,130,406 |
Ironwood Pharmaceuticals, Inc. * | 324,937 | 3,262,367 |
Jounce Therapeutics, Inc. * | 31,400 | 113,511 |
Kadmon Holdings, Inc. * | 280,835 | 811,613 |
Kala Pharmaceuticals, Inc. *(a) | 45,405 | 164,820 |
Kaleido Biosciences, Inc. *(a) | 10,461 | 61,301 |
KalVista Pharmaceuticals, Inc. * | 24,293 | 257,506 |
Karuna Therapeutics, Inc. * | 9,680 | 134,746 |
Karyopharm Therapeutics, Inc. * | 125,474 | 1,468,046 |
Kezar Life Sciences, Inc. * | 32,337 | 105,095 |
Kindred Biosciences, Inc. * | 80,781 | 659,981 |
Kiniksa Pharmaceuticals Ltd., Class A * | 29,404 | 207,298 |
Kodiak Sciences, Inc. * | 50,344 | 1,042,624 |
Krystal Biotech, Inc. * | 21,955 | 901,692 |
Kura Oncology, Inc. * | 71,957 | 1,077,916 |
La Jolla Pharmaceutical Co. * | 44,342 | 311,059 |
Lannett Co., Inc. * | 67,893 | 807,248 |
Lexicon Pharmaceuticals, Inc. *(a) | 85,580 | 317,502 |
Ligand Pharmaceuticals, Inc. * | 39,361 | 4,282,870 |
Lineage Cell Therapeutics, Inc. * | 233,687 | 182,276 |
Liquidia Technologies, Inc. * | 27,919 | 122,285 |
LogicBio Therapeutics, Inc. * | 18,169 | 180,782 |
Luminex Corp. | 89,071 | 1,825,510 |
MacroGenics, Inc. * | 99,854 | 848,759 |
Madrigal Pharmaceuticals, Inc. * | 16,708 | 1,544,320 |
Magenta Therapeutics, Inc. * | 40,522 | 421,834 |
Mallinckrodt plc *(a) | 174,898 | 552,678 |
MannKind Corp. *(a) | 390,146 | 509,141 |
Marinus Pharmaceuticals, Inc. * | 104,440 | 122,195 |
Marker Therapeutics, Inc. *(a) | 56,393 | 216,549 |
MediciNova, Inc. *(a) | 85,672 | 690,516 |
Medpace Holdings, Inc. * | 58,616 | 4,315,896 |
Security | Number of Shares | Value ($) |
MEI Pharma, Inc. * | 141,679 | 256,439 |
MeiraGTx Holdings plc * | 35,860 | 518,177 |
Menlo Therapeutics, Inc. * | 32,171 | 163,107 |
Mersana Therapeutics, Inc. * | 74,695 | 140,427 |
Millendo Therapeutics, Inc. * | 19,511 | 140,674 |
Minerva Neurosciences, Inc. * | 61,339 | 290,747 |
Mirati Therapeutics, Inc. * | 57,651 | 5,429,571 |
Mirum Pharmaceuticals, Inc. * | 5,831 | 41,867 |
Molecular Templates, Inc. * | 35,404 | 299,518 |
Momenta Pharmaceuticals, Inc. * | 208,569 | 3,228,648 |
Morphic Holding, Inc. * | 10,420 | 145,880 |
Mustang Bio, Inc. * | 57,935 | 153,528 |
MyoKardia, Inc. * | 94,463 | 5,415,564 |
Myriad Genetics, Inc. * | 148,910 | 5,013,800 |
NanoString Technologies, Inc. * | 71,020 | 1,605,052 |
Natera, Inc. * | 118,822 | 4,577,023 |
NeoGenomics, Inc. * | 202,403 | 4,641,101 |
Neon Therapeutics, Inc. * | 30,308 | 63,950 |
NextCure, Inc. * | 5,979 | 149,475 |
NGM Biopharmaceuticals, Inc. *(a) | 13,964 | 181,113 |
Novavax, Inc. *(a) | 48,825 | 203,600 |
Ocular Therapeutix, Inc. *(a) | 87,122 | 282,275 |
Odonate Therapeutics, Inc. * | 24,559 | 779,994 |
Omeros Corp. *(a) | 99,265 | 1,572,358 |
Oncocyte Corp. * | 44,686 | 75,966 |
OPKO Health, Inc. * | 746,726 | 1,060,351 |
Optinose, Inc. *(a) | 51,825 | 405,272 |
Organogenesis Holdings, Inc. * | 21,873 | 153,330 |
Osmotica Pharmaceuticals plc * | 19,680 | 87,182 |
Pacific Biosciences of California, Inc. * | 302,301 | 1,463,137 |
Pacira BioSciences, Inc. * | 85,643 | 3,467,685 |
Palatin Technologies, Inc. * | 414,510 | 334,924 |
Paratek Pharmaceuticals, Inc. *(a) | 66,998 | 206,689 |
PDL BioPharma, Inc. * | 237,639 | 670,142 |
Personalis, Inc. * | 18,697 | 193,701 |
Pfenex, Inc. * | 62,759 | 578,638 |
PhaseBio Pharmaceuticals, Inc. * | 28,558 | 117,373 |
Phibro Animal Health Corp., Class A | 44,198 | 1,058,984 |
Pieris Pharmaceuticals, Inc. * | 96,581 | 319,683 |
PolarityTE, Inc. *(a) | 29,159 | 79,021 |
Portola Pharmaceuticals, Inc. * | 159,062 | 4,598,482 |
Precision BioSciences, Inc. * | 19,025 | 123,472 |
Prestige Consumer Healthcare, Inc. * | 106,659 | 3,782,128 |
Prevail Therapeutics, Inc. * | 15,662 | 172,595 |
Principia Biopharma, Inc. * | 28,685 | 1,012,867 |
Progenics Pharmaceuticals, Inc. * | 182,254 | 967,769 |
Protagonist Therapeutics, Inc. * | 35,694 | 480,084 |
Prothena Corp. plc * | 83,804 | 762,616 |
PTC Therapeutics, Inc. * | 121,952 | 4,986,617 |
Puma Biotechnology, Inc. * | 63,996 | 435,173 |
Quanterix Corp. * | 27,233 | 567,808 |
Ra Pharmaceuticals, Inc. * | 73,652 | 3,466,800 |
Radius Health, Inc. * | 95,430 | 2,714,029 |
Reata Pharmaceuticals, Inc., Class A * | 42,638 | 8,786,839 |
Recro Pharma, Inc. * | 42,103 | 663,964 |
REGENXBIO, Inc. * | 70,620 | 2,520,428 |
Repligen Corp. * | 109,489 | 8,703,281 |
Replimune Group, Inc. * | 24,007 | 408,119 |
resTORbio, Inc. * | 31,120 | 225,620 |
Retrophin, Inc. * | 90,233 | 1,082,796 |
Revance Therapeutics, Inc. * | 94,073 | 1,473,183 |
Rhythm Pharmaceuticals, Inc. * | 49,281 | 1,050,671 |
Rigel Pharmaceuticals, Inc. * | 355,043 | 727,838 |
Rocket Pharmaceuticals, Inc. * | 64,405 | 936,449 |
Rubius Therapeutics, Inc. *(a) | 75,486 | 667,296 |
Sangamo Therapeutics, Inc. * | 243,158 | 2,200,580 |
Savara, Inc. * | 69,319 | 61,146 |
Scholar Rock Holding Corp. * | 36,840 | 340,770 |
Security | Number of Shares | Value ($) |
Seres Therapeutics, Inc. * | 76,688 | 268,408 |
SIGA Technologies, Inc. * | 114,561 | 635,814 |
Solid Biosciences, Inc. *(a) | 41,184 | 455,083 |
Sorrento Therapeutics, Inc. *(a) | 262,135 | 398,445 |
Spark Therapeutics, Inc. * | 72,955 | 7,964,497 |
Spectrum Pharmaceuticals, Inc. * | 237,587 | 1,843,675 |
Spero Therapeutics, Inc. * | 23,403 | 256,731 |
Stemline Therapeutics, Inc. * | 93,869 | 938,690 |
Stoke Therapeutics, Inc. *(a) | 19,215 | 544,553 |
Strongbridge Biopharma plc * | 75,231 | 159,490 |
Supernus Pharmaceuticals, Inc. * | 104,557 | 2,905,639 |
Sutro Biopharma, Inc. * | 22,592 | 226,598 |
Syndax Pharmaceuticals, Inc. * | 41,829 | 281,091 |
Syneos Health, Inc. * | 132,068 | 6,623,210 |
Synlogic, Inc. * | 32,508 | 69,567 |
Synthorx, Inc. *(a) | 20,110 | 276,311 |
Syros Pharmaceuticals, Inc. * | 72,087 | 373,050 |
TCR2 Therapeutics, Inc. * | 24,579 | 305,517 |
TG Therapeutics, Inc. * | 176,213 | 1,203,535 |
The Medicines Co. * | 160,336 | 8,416,037 |
TherapeuticsMD, Inc. *(a) | 417,680 | 1,111,029 |
Theravance Biopharma, Inc. * | 94,185 | 1,518,262 |
Tocagen, Inc. * | 45,640 | 28,776 |
Translate Bio, Inc. * | 61,656 | 563,844 |
Tricida, Inc. * | 46,474 | 1,738,592 |
Turning Point Therapeutics, Inc. * | 13,811 | 529,790 |
Twist Bioscience Corp. * | 46,291 | 1,102,652 |
Tyme Technologies, Inc. *(a) | 123,263 | 163,940 |
Ultragenyx Pharmaceutical, Inc. * | 115,525 | 4,637,173 |
UNITY Biotechnology, Inc. * | 55,498 | 346,308 |
UroGen Pharma Ltd. * | 39,185 | 886,757 |
Vanda Pharmaceuticals, Inc. * | 110,924 | 1,498,583 |
VBI Vaccines, Inc. * | 174,576 | 102,127 |
Veracyte, Inc. * | 99,518 | 2,281,948 |
Vericel Corp. * | 94,674 | 1,502,476 |
Verrica Pharmaceuticals, Inc. * | 26,813 | 362,512 |
Viking Therapeutics, Inc. *(a) | 140,573 | 909,507 |
Voyager Therapeutics, Inc. * | 51,929 | 799,187 |
WaVe Life Sciences Ltd. * | 48,149 | 1,217,688 |
X4 Pharmaceuticals, Inc. * | 24,886 | 304,854 |
XBiotech, Inc. *(a) | 39,765 | 432,246 |
Xencor, Inc. * | 99,908 | 3,417,853 |
Xeris Pharmaceuticals, Inc. * | 55,482 | 453,843 |
Y-mAbs Therapeutics, Inc. * | 43,400 | 1,351,910 |
ZIOPHARM Oncology, Inc. *(a) | 340,214 | 1,435,703 |
Zogenix, Inc. * | 90,128 | 4,024,215 |
Zynerba Pharmaceuticals, Inc. *(a) | 47,935 | 371,976 |
402,620,881 | ||
Real Estate 8.3% | ||
Acadia Realty Trust | 176,310 | 4,933,154 |
Agree Realty Corp. | 86,820 | 6,838,811 |
Alexander & Baldwin, Inc. | 145,020 | 3,409,420 |
Alexander's, Inc. | 4,522 | 1,561,899 |
Altisource Portfolio Solutions S.A. * | 13,938 | 248,096 |
American Assets Trust, Inc. | 102,570 | 5,021,827 |
American Finance Trust, Inc. | 226,373 | 3,350,320 |
American Realty Investors, Inc. * | 5,220 | 83,259 |
Armada Hoffler Properties, Inc. | 111,438 | 2,088,348 |
Ashford Hospitality Trust, Inc. | 189,530 | 517,417 |
Bluerock Residential Growth REIT, Inc. | 47,376 | 569,460 |
Braemar Hotels & Resorts, Inc. | 62,472 | 576,617 |
BRT Apartments Corp. | 20,757 | 346,642 |
CareTrust REIT, Inc. | 201,895 | 4,893,935 |
CatchMark Timber Trust, Inc., Class A | 107,133 | 1,228,815 |
CBL & Associates Properties, Inc.(a) | 362,360 | 521,798 |
Cedar Realty Trust, Inc. | 182,555 | 609,734 |
Security | Number of Shares | Value ($) |
Chatham Lodging Trust | 97,350 | 1,757,167 |
CIM Commercial Trust Corp. | 2,770 | 40,303 |
City Office REIT, Inc. | 81,281 | 1,100,545 |
Clipper Realty, Inc. | 31,412 | 302,812 |
Community Healthcare Trust, Inc. | 39,215 | 1,898,790 |
Consolidated-Tomoka Land Co. | 10,258 | 656,204 |
CoreCivic, Inc. | 251,734 | 3,841,461 |
CorEnergy Infrastructure Trust, Inc. | 27,380 | 1,318,895 |
CorePoint Lodging, Inc. | 83,497 | 822,445 |
Cushman & Wakefield plc * | 217,455 | 4,055,536 |
DiamondRock Hospitality Co. | 427,992 | 4,271,360 |
Easterly Government Properties, Inc. | 166,957 | 3,726,480 |
EastGroup Properties, Inc. | 78,518 | 10,517,486 |
Essential Properties Realty Trust, Inc. | 161,722 | 4,149,786 |
eXp World Holdings, Inc. *(a) | 33,315 | 298,836 |
Farmland Partners, Inc.(a) | 57,625 | 386,087 |
First Industrial Realty Trust, Inc. | 266,951 | 11,241,307 |
Forestar Group, Inc. * | 21,619 | 406,005 |
Four Corners Property Trust, Inc. | 144,977 | 4,153,591 |
Franklin Street Properties Corp. | 220,767 | 1,898,596 |
Front Yard Residential Corp. | 105,938 | 1,310,453 |
FRP Holdings, Inc. * | 15,230 | 788,609 |
Getty Realty Corp. | 70,640 | 2,369,266 |
Gladstone Commercial Corp. | 64,950 | 1,530,222 |
Gladstone Land Corp. | 38,787 | 463,893 |
Global Medical REIT, Inc. | 66,322 | 802,496 |
Global Net Lease, Inc. | 179,297 | 3,492,706 |
Griffin Industrial Realty, Inc. | 2,012 | 79,233 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 134,620 | 4,019,753 |
Healthcare Realty Trust, Inc. | 271,102 | 9,426,217 |
Hersha Hospitality Trust | 73,340 | 1,012,092 |
Independence Realty Trust, Inc. | 190,062 | 2,926,955 |
Industrial Logistics Properties Trust | 136,866 | 2,907,034 |
Innovative Industrial Properties, Inc.(a) | 22,907 | 1,740,932 |
Investors Real Estate Trust | 24,727 | 1,871,092 |
iStar, Inc. | 126,125 | 1,640,886 |
Jernigan Capital, Inc. | 44,761 | 850,011 |
Kennedy-Wilson Holdings, Inc. | 260,312 | 5,989,779 |
Kite Realty Group Trust | 176,055 | 3,137,300 |
Lexington Realty Trust | 486,085 | 5,288,605 |
LTC Properties, Inc. | 83,275 | 4,317,809 |
Mack-Cali Realty Corp. | 183,792 | 3,936,825 |
Marcus & Millichap, Inc. * | 48,825 | 1,744,029 |
Maui Land & Pineapple Co., Inc. * | 14,430 | 148,485 |
Monmouth Real Estate Investment Corp. | 196,078 | 2,956,856 |
National Health Investors, Inc. | 88,646 | 7,604,940 |
National Storage Affiliates Trust | 125,582 | 4,291,137 |
New Senior Investment Group, Inc. | 175,575 | 1,236,048 |
Newmark Group, Inc., Class A | 303,731 | 3,225,623 |
NexPoint Residential Trust, Inc. | 40,254 | 1,963,188 |
Office Properties Income Trust | 100,935 | 3,217,808 |
One Liberty Properties, Inc. | 32,901 | 934,717 |
Pebblebrook Hotel Trust | 275,254 | 7,076,780 |
Pennsylvania Real Estate Investment Trust(a) | 149,677 | 826,217 |
Physicians Realty Trust | 394,057 | 7,357,044 |
Piedmont Office Realty Trust, Inc., Class A | 265,374 | 5,954,993 |
PotlatchDeltic Corp. | 140,567 | 5,969,880 |
Preferred Apartment Communities, Inc., Class A | 95,751 | 1,371,154 |
PS Business Parks, Inc. | 42,420 | 7,658,931 |
QTS Realty Trust, Inc., Class A | 116,180 | 6,226,086 |
Rafael Holdings, Inc., Class B * | 21,967 | 381,567 |
RE/MAX Holdings, Inc., Class A | 38,191 | 1,277,489 |
Realogy Holdings Corp.(a) | 241,309 | 1,901,515 |
Redfin Corp. * | 186,610 | 3,245,148 |
Retail Opportunity Investments Corp. | 238,830 | 4,457,762 |
Security | Number of Shares | Value ($) |
Retail Value, Inc. | 31,863 | 1,166,504 |
Rexford Industrial Realty, Inc. | 232,111 | 11,162,218 |
RLJ Lodging Trust | 365,560 | 5,998,840 |
RPT Realty | 165,705 | 2,402,722 |
Ryman Hospitality Properties, Inc. | 97,354 | 8,194,286 |
Sabra Health Care REIT, Inc. | 400,831 | 9,860,443 |
Safehold, Inc. | 22,305 | 771,307 |
Saul Centers, Inc. | 25,380 | 1,358,845 |
Senior Housing Properties Trust | 503,050 | 4,992,771 |
Seritage Growth Properties, Class A | 71,476 | 3,108,491 |
STAG Industrial, Inc. | 271,121 | 8,415,596 |
Stratus Properties, Inc. * | 12,705 | 350,404 |
Summit Hotel Properties, Inc. | 218,960 | 2,684,450 |
Sunstone Hotel Investors, Inc. | 476,022 | 6,431,057 |
Tanger Factory Outlet Centers, Inc. | 193,430 | 3,118,092 |
Tejon Ranch Co. * | 44,214 | 710,961 |
Terreno Realty Corp. | 136,661 | 7,709,047 |
The GEO Group, Inc. | 251,400 | 3,826,308 |
The RMR Group, Inc., Class A | 32,292 | 1,562,933 |
The St. Joe Co. * | 70,880 | 1,314,824 |
Transcontinental Realty Investors, Inc. * | 2,037 | 64,247 |
UMH Properties, Inc. | 75,199 | 1,122,721 |
Uniti Group, Inc. | 390,748 | 2,703,976 |
Universal Health Realty Income Trust | 27,193 | 3,242,221 |
Urban Edge Properties | 243,582 | 5,142,016 |
Urstadt Biddle Properties, Inc., Class A | 62,851 | 1,529,165 |
Washington Prime Group, Inc.(a) | 398,803 | 1,682,949 |
Washington Real Estate Investment Trust | 169,583 | 5,260,465 |
Whitestone REIT | 82,374 | 1,173,006 |
Xenia Hotels & Resorts, Inc. | 240,894 | 5,070,819 |
346,704,493 | ||
Retailing 3.2% | ||
1-800-Flowers.com, Inc., Class A * | 51,849 | 739,367 |
Aaron's, Inc. | 143,234 | 10,732,524 |
Abercrombie & Fitch Co., Class A | 139,075 | 2,251,624 |
America's Car-Mart, Inc. * | 13,325 | 1,212,442 |
American Eagle Outfitters, Inc. | 343,534 | 5,283,553 |
Asbury Automotive Group, Inc. * | 40,981 | 4,226,370 |
Ascena Retail Group, Inc. * | 306,754 | 108,039 |
At Home Group, Inc. * | 101,705 | 866,527 |
Barnes & Noble Education, Inc. * | 86,330 | 354,816 |
Bed Bath & Beyond, Inc.(a) | 257,968 | 3,534,162 |
Big Lots, Inc. | 82,670 | 1,791,459 |
Boot Barn Holdings, Inc. * | 59,286 | 2,077,974 |
Caleres, Inc. | 87,007 | 1,872,391 |
Camping World Holdings, Inc., Class A(a) | 69,130 | 653,278 |
Chico's FAS, Inc. | 250,391 | 861,345 |
Citi Trends, Inc. | 23,629 | 421,778 |
Conn's, Inc. * | 42,453 | 1,026,938 |
Core-Mark Holding Co., Inc. | 95,779 | 2,923,175 |
Designer Brands, Inc. | 137,840 | 2,274,360 |
Dillard's, Inc., Class A(a) | 22,025 | 1,519,284 |
Duluth Holdings, Inc., Class B * | 22,340 | 206,422 |
Express, Inc. * | 142,357 | 458,389 |
Funko, Inc., Class A * | 37,403 | 673,254 |
GameStop Corp., Class A(a) | 188,723 | 1,026,653 |
Genesco, Inc. * | 34,094 | 1,324,552 |
GNC Holdings, Inc., Class A *(a) | 175,290 | 462,766 |
Greenlane Holdings, Inc., Class A *(a) | 12,915 | 50,756 |
Group 1 Automotive, Inc. | 37,309 | 3,710,007 |
Groupon, Inc. * | 955,951 | 2,657,544 |
Guess?, Inc. | 106,608 | 1,785,684 |
Haverty Furniture Cos., Inc. | 37,165 | 674,173 |
Hibbett Sports, Inc. * | 37,370 | 891,648 |
Hudson Ltd., Class A * | 84,905 | 1,054,520 |
J. Jill, Inc.(a) | 35,071 | 60,673 |
Security | Number of Shares | Value ($) |
J.C. Penney Co., Inc. * | 661,882 | 661,882 |
Lands' End, Inc. * | 21,745 | 262,462 |
Leaf Group Ltd. * | 35,960 | 106,801 |
Liquidity Services, Inc. * | 56,879 | 369,145 |
Lithia Motors, Inc., Class A | 46,926 | 7,389,906 |
Lumber Liquidators Holdings, Inc. *(a) | 59,669 | 550,745 |
MarineMax, Inc. * | 44,423 | 686,335 |
Monro, Inc. | 69,101 | 4,844,671 |
Murphy USA, Inc. * | 64,646 | 7,623,703 |
National Vision Holdings, Inc. * | 166,472 | 3,962,034 |
Office Depot, Inc. | 1,158,863 | 2,387,258 |
Overstock.com, Inc. * | 56,221 | 592,007 |
Party City Holdco, Inc. * | 114,128 | 641,399 |
PetMed Express, Inc. | 41,784 | 978,372 |
Quotient Technology, Inc. * | 161,027 | 1,386,442 |
Rent-A-Center, Inc. | 102,786 | 2,659,074 |
RH * | 35,114 | 6,380,214 |
RTW RetailWinds, Inc. * | 67,220 | 99,486 |
Sally Beauty Holdings, Inc. * | 256,329 | 3,973,099 |
Shoe Carnival, Inc. | 19,689 | 653,478 |
Shutterstock, Inc. * | 40,645 | 1,649,374 |
Signet Jewelers Ltd. | 109,898 | 1,762,764 |
Sleep Number Corp. * | 60,933 | 2,932,096 |
Sonic Automotive, Inc., Class A | 51,764 | 1,668,354 |
Sportsman's Warehouse Holdings, Inc. * | 91,630 | 624,000 |
Stamps.com, Inc. * | 35,418 | 2,990,342 |
Stitch Fix, Inc., Class A *(a) | 89,045 | 2,035,569 |
Tailored Brands, Inc.(a) | 103,982 | 482,476 |
The Buckle, Inc. | 61,536 | 1,287,333 |
The Cato Corp., Class A | 47,606 | 832,629 |
The Children's Place, Inc. | 32,615 | 2,671,495 |
The Container Store Group, Inc. * | 32,932 | 138,973 |
The Michaels Cos., Inc. * | 179,793 | 1,569,593 |
The RealReal Inc *(a) | 36,600 | 845,826 |
The Rubicon Project, Inc. * | 102,618 | 872,253 |
Tile Shop Holdings, Inc. | 75,340 | 126,571 |
Tilly's, Inc., Class A | 45,402 | 465,824 |
Waitr Holdings, Inc. *(a) | 124,017 | 53,923 |
Weyco Group, Inc. | 12,841 | 316,787 |
Winmark Corp. | 5,120 | 921,600 |
Zumiez, Inc. * | 42,436 | 1,354,133 |
131,578,875 | ||
Semiconductors & Semiconductor Equipment 2.7% | ||
Adesto Technologies Corp. * | 58,425 | 535,173 |
Advanced Energy Industries, Inc. * | 80,588 | 4,762,751 |
Alpha & Omega Semiconductor Ltd. * | 43,106 | 562,964 |
Ambarella, Inc. * | 67,029 | 3,527,736 |
Amkor Technology, Inc. * | 208,229 | 2,588,286 |
Axcelis Technologies, Inc. * | 69,098 | 1,324,609 |
AXT, Inc. * | 80,595 | 251,456 |
Brooks Automation, Inc. | 150,525 | 6,392,797 |
Cabot Microelectronics Corp. | 61,422 | 9,282,093 |
CEVA, Inc. * | 46,299 | 1,260,259 |
Cirrus Logic, Inc. * | 123,255 | 8,376,410 |
Cohu, Inc. | 85,551 | 1,421,858 |
Diodes, Inc. * | 87,044 | 4,060,603 |
DSP Group, Inc. * | 45,299 | 675,408 |
Enphase Energy, Inc. *(a) | 194,485 | 3,778,844 |
FormFactor, Inc. * | 157,855 | 3,445,975 |
GSI Technology, Inc. * | 34,625 | 270,767 |
Ichor Holdings Ltd. * | 46,918 | 1,365,783 |
Impinj, Inc. * | 31,607 | 1,039,712 |
Inphi Corp. * | 95,305 | 6,850,523 |
Lattice Semiconductor Corp. * | 264,004 | 5,171,838 |
MACOM Technology Solutions Holdings, Inc. * | 97,397 | 2,214,808 |
Security | Number of Shares | Value ($) |
MaxLinear, Inc. * | 138,680 | 2,629,373 |
NeoPhotonics Corp. * | 82,871 | 545,291 |
NVE Corp. | 9,925 | 617,831 |
Onto Innovation, Inc. * | 102,099 | 3,287,588 |
PDF Solutions, Inc. * | 60,654 | 980,169 |
Photronics, Inc. * | 138,709 | 1,636,766 |
Power Integrations, Inc. | 60,051 | 5,471,247 |
Rambus, Inc. * | 233,195 | 3,228,585 |
Semtech Corp. * | 139,740 | 7,051,280 |
Silicon Laboratories, Inc. * | 91,071 | 9,675,383 |
SMART Global Holdings, Inc. * | 27,351 | 812,325 |
SunPower Corp. * | 134,065 | 1,174,409 |
Synaptics, Inc. * | 71,096 | 2,993,853 |
Ultra Clean Holdings, Inc. * | 83,076 | 1,775,334 |
Veeco Instruments, Inc. * | 102,464 | 1,397,609 |
Xperi Corp. | 104,031 | 2,112,349 |
114,550,045 | ||
Software & Services 6.9% | ||
8x8, Inc. * | 199,271 | 3,849,916 |
A10 Networks, Inc. * | 119,406 | 887,187 |
ACI Worldwide, Inc. * | 244,197 | 7,665,344 |
Agilysys, Inc. * | 44,315 | 1,116,295 |
Alarm.com Holdings, Inc. * | 77,969 | 3,851,669 |
Altair Engineering, Inc., Class A * | 82,959 | 3,058,698 |
American Software, Inc., Class A | 61,613 | 998,747 |
Appfolio, Inc., Class A * | 33,155 | 3,223,661 |
Appian Corp. * | 66,331 | 2,961,016 |
Avaya Holdings Corp. * | 234,210 | 2,831,599 |
Benefitfocus, Inc. * | 63,018 | 1,432,714 |
Blackbaud, Inc. | 103,629 | 8,699,655 |
Blackline, Inc. * | 90,874 | 4,247,451 |
Bottomline Technologies (de), Inc. * | 90,974 | 3,725,385 |
Box, Inc., Class A * | 304,339 | 5,149,416 |
Brightcove, Inc. * | 81,074 | 771,014 |
Carbonite, Inc. * | 70,493 | 1,210,365 |
Cardtronics plc, Class A * | 79,015 | 2,707,054 |
Cass Information Systems, Inc. | 30,033 | 1,721,191 |
ChannelAdvisor Corp. * | 56,127 | 528,155 |
Cision Ltd. * | 196,392 | 1,977,667 |
Cloudera, Inc. * | 501,457 | 4,252,355 |
CommVault Systems, Inc. * | 85,659 | 4,254,683 |
Conduent, Inc. * | 366,864 | 2,267,220 |
Cornerstone OnDemand, Inc. * | 120,603 | 7,063,718 |
CSG Systems International, Inc. | 69,777 | 4,021,946 |
Digimarc Corp. * | 25,118 | 894,201 |
Digital Turbine, Inc. * | 164,905 | 1,152,686 |
Domo, Inc., Class B * | 37,689 | 606,039 |
Ebix, Inc. | 49,450 | 2,108,053 |
eGain Corp. * | 42,420 | 319,210 |
Endurance International Group Holdings, Inc. * | 151,289 | 593,053 |
Envestnet, Inc. * | 101,345 | 6,333,049 |
Everbridge, Inc. * | 70,356 | 4,890,446 |
EVERTEC, Inc. | 128,439 | 3,928,949 |
Evo Payments, Inc., Class A * | 75,197 | 2,137,851 |
Exela Technologies, Inc. * | 99,570 | 60,847 |
ExlService Holdings, Inc. * | 70,919 | 4,938,090 |
Five9, Inc. * | 126,541 | 7,024,291 |
ForeScout Technologies, Inc. * | 87,562 | 2,693,407 |
GTT Communications, Inc. *(a) | 69,318 | 521,965 |
GTY Technology Holdings, Inc. *(a) | 83,420 | 434,618 |
I3 Verticals, Inc., Class A * | 30,340 | 620,453 |
Ideanomics, Inc. *(a) | 106,432 | 122,397 |
Information Services Group, Inc. * | 71,976 | 155,468 |
Instructure, Inc. * | 72,315 | 3,379,280 |
Intelligent Systems Corp. *(a) | 14,196 | 641,233 |
Security | Number of Shares | Value ($) |
International Money Express, Inc. * | 28,691 | 439,546 |
j2 Global, Inc. | 98,717 | 9,374,166 |
KBR, Inc. | 300,147 | 8,452,139 |
Limelight Networks, Inc. * | 242,781 | 1,024,536 |
LivePerson, Inc. * | 130,122 | 5,341,508 |
LiveRamp Holdings, Inc. * | 141,890 | 5,546,480 |
Majesco * | 15,678 | 134,988 |
ManTech International Corp., Class A | 56,765 | 4,494,653 |
MAXIMUS, Inc. | 134,640 | 10,332,274 |
MicroStrategy, Inc., Class A * | 17,490 | 2,680,342 |
Mitek Systems, Inc. * | 79,238 | 763,854 |
MobileIron, Inc. * | 203,718 | 1,275,275 |
Model N, Inc. * | 68,863 | 2,051,429 |
NIC, Inc. | 139,874 | 3,289,836 |
OneSpan, Inc. * | 69,863 | 1,307,137 |
Paysign, Inc. *(a) | 61,990 | 668,252 |
Perficient, Inc. * | 68,100 | 2,669,520 |
Perspecta, Inc. | 299,798 | 7,956,639 |
Phunware, Inc. *(a) | 67,278 | 111,009 |
Presidio, Inc. | 97,872 | 1,624,675 |
PRGX Global, Inc. * | 42,456 | 212,280 |
Priority Technology Holdings, Inc. * | 13,581 | 46,990 |
Progress Software Corp. | 94,424 | 3,765,629 |
PROS Holdings, Inc. * | 69,644 | 3,568,559 |
Q2 Holdings, Inc. * | 91,334 | 6,529,468 |
QAD, Inc., Class A | 23,532 | 1,093,767 |
Qualys, Inc. * | 71,954 | 6,139,835 |
Rapid7, Inc. * | 103,528 | 5,185,717 |
Rimini Street, Inc. * | 40,989 | 160,267 |
SailPoint Technologies Holding, Inc. * | 182,262 | 3,528,592 |
Science Applications International Corp. | 125,809 | 10,394,340 |
SecureWorks Corp., Class A * | 17,646 | 214,575 |
SharpSpring, Inc. *(a) | 21,553 | 219,625 |
ShotSpotter, Inc. * | 16,703 | 337,401 |
SPS Commerce, Inc. * | 74,268 | 3,919,122 |
StarTek, Inc. * | 33,768 | 219,492 |
SVMK, Inc. * | 182,299 | 3,354,302 |
Sykes Enterprises, Inc. * | 80,809 | 2,496,594 |
Synchronoss Technologies, Inc. * | 79,616 | 477,696 |
Telaria, Inc. * | 92,961 | 703,715 |
Telenav, Inc. * | 71,551 | 337,005 |
Tenable Holdings, Inc. * | 78,524 | 1,978,805 |
The Hackett Group, Inc. | 51,053 | 863,306 |
TiVo Corp. | 259,748 | 2,114,349 |
TTEC Holdings, Inc. | 30,468 | 1,443,269 |
Tucows, Inc., Class A * | 20,191 | 1,121,408 |
Unisys Corp. * | 108,667 | 1,114,923 |
Upland Software, Inc. * | 48,650 | 1,823,402 |
Varonis Systems, Inc. * | 62,926 | 4,502,355 |
Verint Systems, Inc. * | 138,814 | 6,300,767 |
Verra Mobility Corp. * | 246,072 | 3,531,133 |
VirnetX Holding Corp. *(a) | 130,199 | 761,664 |
Virtusa Corp. * | 61,718 | 2,300,847 |
Workiva, Inc. * | 78,101 | 3,254,469 |
Yext, Inc. * | 196,366 | 3,232,184 |
Zix Corp. * | 114,804 | 758,854 |
Zuora, Inc., Class A * | 183,647 | 2,616,970 |
288,191,641 | ||
Technology Hardware & Equipment 3.9% | ||
3D Systems Corp. * | 243,441 | 2,310,255 |
Acacia Communications, Inc. * | 80,205 | 5,266,260 |
ADTRAN, Inc. | 102,176 | 900,171 |
Airgain, Inc. * | 19,261 | 218,998 |
Akoustis Technologies, Inc. *(a) | 52,252 | 426,899 |
Anixter International, Inc. * | 64,637 | 5,348,712 |
Applied Optoelectronics, Inc. *(a) | 39,941 | 373,848 |
Security | Number of Shares | Value ($) |
Arlo Technologies, Inc. * | 154,974 | 528,461 |
AstroNova, Inc. | 14,219 | 225,513 |
Avid Technology, Inc. * | 60,378 | 407,853 |
AVX Corp. | 99,692 | 1,527,281 |
Badger Meter, Inc. | 60,716 | 3,509,385 |
Bel Fuse, Inc., Class B | 20,511 | 301,717 |
Belden, Inc. | 82,818 | 4,246,907 |
Benchmark Electronics, Inc. | 79,620 | 2,699,118 |
CalAmp Corp. * | 68,843 | 772,418 |
Calix, Inc. * | 103,460 | 791,469 |
Cambium Networks Corp. * | 9,213 | 80,706 |
Casa Systems, Inc. * | 65,752 | 441,853 |
Clearfield, Inc. * | 23,802 | 293,479 |
Coda Octopus Group, Inc. * | 9,641 | 70,765 |
Comtech Telecommunications Corp. | 49,889 | 1,743,620 |
CTS Corp. | 68,789 | 1,835,290 |
Daktronics, Inc. | 78,100 | 535,766 |
DASAN Zhone Solutions, Inc. * | 16,622 | 125,247 |
Diebold Nixdorf, Inc. * | 162,852 | 1,139,964 |
Digi International, Inc. * | 58,265 | 840,181 |
ePlus, Inc. * | 28,266 | 2,208,423 |
Extreme Networks, Inc. * | 248,018 | 1,597,236 |
Fabrinet * | 77,396 | 4,351,977 |
FARO Technologies, Inc. * | 36,534 | 1,741,941 |
Fitbit, Inc., Class A * | 475,277 | 2,937,212 |
Harmonic, Inc. * | 183,418 | 1,426,992 |
II-VI, Inc. * | 189,094 | 6,268,466 |
Immersion Corp. * | 64,843 | 533,009 |
Infinera Corp. * | 372,247 | 2,080,861 |
Inseego Corp. *(a) | 97,047 | 556,079 |
Insight Enterprises, Inc. * | 75,099 | 4,609,577 |
InterDigital, Inc. | 65,985 | 3,538,775 |
Iteris, Inc. * | 84,271 | 451,693 |
Itron, Inc. * | 72,839 | 5,554,702 |
KEMET Corp. | 120,159 | 2,612,257 |
Kimball Electronics, Inc. * | 51,463 | 764,740 |
Knowles Corp. * | 172,650 | 3,725,787 |
KVH Industries, Inc. * | 34,626 | 353,878 |
Lumentum Holdings, Inc. * | 162,258 | 10,167,086 |
Methode Electronics, Inc. | 77,265 | 2,657,916 |
MTS Systems Corp. | 38,005 | 2,146,522 |
Napco Security Technologies, Inc. * | 24,151 | 733,224 |
NETGEAR, Inc. * | 65,152 | 1,770,180 |
NetScout Systems, Inc. * | 153,715 | 3,722,977 |
nLight, Inc. * | 69,271 | 925,461 |
Novanta, Inc. * | 71,477 | 6,365,027 |
OSI Systems, Inc. * | 35,303 | 3,503,470 |
PAR Technology Corp. *(a) | 24,078 | 603,395 |
PC Connection, Inc. | 23,675 | 1,156,287 |
Plantronics, Inc. | 70,840 | 2,792,513 |
Plexus Corp. * | 61,336 | 4,535,184 |
Ribbon Communications, Inc. * | 128,516 | 551,334 |
Rogers Corp. * | 39,147 | 5,303,636 |
Sanmina Corp. * | 143,438 | 4,407,850 |
ScanSource, Inc. * | 54,971 | 1,775,563 |
Sonim Technologies, Inc. * | 7,492 | 17,906 |
Stratasys Ltd. * | 108,629 | 2,246,448 |
Tech Data Corp. * | 77,110 | 9,368,865 |
TESSCO Technologies, Inc. | 15,031 | 199,762 |
TTM Technologies, Inc. * | 209,591 | 2,454,311 |
Viavi Solutions, Inc. * | 487,640 | 7,782,734 |
Vishay Intertechnology, Inc. | 281,445 | 5,671,117 |
Vishay Precision Group, Inc. * | 22,119 | 753,152 |
Wrap Technologies, Inc. *(a) | 15,825 | 62,192 |
163,949,853 | ||
Security | Number of Shares | Value ($) |
Telecommunication Services 0.7% | ||
Anterix, Inc. * | 22,494 | 912,357 |
ATN International, Inc. | 23,714 | 1,404,580 |
Bandwidth, Inc., Class A * | 33,998 | 1,908,988 |
Boingo Wireless, Inc. * | 93,176 | 882,377 |
Cincinnati Bell, Inc. * | 103,307 | 527,899 |
Cogent Communications Holdings, Inc. | 88,995 | 5,218,667 |
Consolidated Communications Holdings, Inc. | 150,299 | 601,196 |
Frontier Communications Corp. *(a) | 214,428 | 195,130 |
Gogo, Inc. *(a) | 116,789 | 718,252 |
IDT Corp., Class B * | 34,645 | 235,932 |
Intelsat S.A. * | 142,554 | 3,619,446 |
Iridium Communications, Inc. * | 210,390 | 5,148,243 |
Ooma, Inc. * | 40,371 | 458,211 |
ORBCOMM, Inc. * | 155,937 | 625,307 |
Pareteum Corp. * | 223,677 | 82,761 |
Shenandoah Telecommunications Co. | 101,602 | 3,267,520 |
Spok Holdings, Inc. | 37,787 | 449,665 |
Vonage Holdings Corp. * | 479,501 | 4,684,725 |
30,941,256 | ||
Transportation 1.4% | ||
Air Transport Services Group, Inc. * | 123,456 | 2,581,465 |
Allegiant Travel Co. | 27,513 | 4,603,750 |
ArcBest Corp. | 54,230 | 1,566,705 |
Atlas Air Worldwide Holdings, Inc. * | 49,008 | 1,074,745 |
Avis Budget Group, Inc. * | 125,519 | 3,729,169 |
Costamare, Inc. | 102,998 | 809,564 |
Covenant Transportation Group, Inc., Class A * | 27,545 | 423,367 |
Daseke, Inc. * | 95,044 | 255,668 |
Eagle Bulk Shipping, Inc. * | 92,453 | 401,246 |
Echo Global Logistics, Inc. * | 57,368 | 1,142,197 |
Forward Air Corp. | 59,741 | 4,132,285 |
Genco Shipping & Trading Ltd. * | 31,256 | 308,809 |
Hawaiian Holdings, Inc. | 99,223 | 2,838,770 |
Heartland Express, Inc. | 97,319 | 2,033,967 |
Hertz Global Holdings, Inc. * | 214,262 | 2,894,680 |
Hub Group, Inc., Class A * | 68,706 | 3,146,735 |
Marten Transport Ltd. | 83,410 | 1,806,661 |
Matson, Inc. | 90,360 | 3,449,945 |
Mesa Air Group, Inc. * | 43,289 | 329,862 |
P.A.M. Transportation Services, Inc. * | 4,100 | 234,930 |
Radiant Logistics, Inc. * | 80,976 | 436,461 |
Roadrunner Transportation Systems, Inc. * | 7,402 | 83,198 |
Safe Bulkers, Inc. * | 110,082 | 179,434 |
Saia, Inc. * | 55,104 | 4,915,277 |
Scorpio Bulkers, Inc. | 116,758 | 758,927 |
SkyWest, Inc. | 106,238 | 6,326,473 |
Spirit Airlines, Inc. * | 145,053 | 5,448,191 |
Universal Logistics Holdings, Inc. | 17,261 | 325,456 |
US Xpress Enterprises, Inc., Class A * | 46,159 | 239,565 |
Werner Enterprises, Inc. | 95,675 | 3,492,138 |
YRC Worldwide, Inc. * | 68,047 | 227,957 |
60,197,597 | ||
Utilities 4.0% | ||
ALLETE, Inc. | 109,766 | 9,446,462 |
American States Water Co. | 77,629 | 7,384,847 |
AquaVenture Holdings Ltd. * | 29,437 | 577,554 |
Artesian Resources Corp., Class A | 16,624 | 616,750 |
Atlantic Power Corp. * | 225,133 | 524,560 |
Avista Corp. | 139,367 | 6,693,797 |
Black Hills Corp. | 129,569 | 10,213,924 |
Security | Number of Shares | Value ($) |
Cadiz, Inc. *(a) | 27,127 | 321,184 |
California Water Service Group | 102,084 | 5,713,641 |
Chesapeake Utilities Corp. | 33,926 | 3,216,185 |
Clearway Energy, Inc., Class A | 74,223 | 1,274,409 |
Clearway Energy, Inc., Class C | 156,169 | 2,831,344 |
Consolidated Water Co., Ltd. | 30,469 | 534,426 |
El Paso Electric Co. | 86,027 | 5,738,861 |
Genie Energy Ltd., Class B | 29,973 | 223,299 |
Global Water Resources, Inc. | 24,457 | 299,598 |
MGE Energy, Inc. | 73,922 | 5,694,951 |
Middlesex Water Co. | 33,989 | 2,285,760 |
New Jersey Resources Corp. | 188,470 | 8,217,292 |
Northwest Natural Holding Co. | 64,178 | 4,451,386 |
NorthWestern Corp. | 107,267 | 7,779,003 |
ONE Gas, Inc. | 110,743 | 10,281,380 |
Ormat Technologies, Inc. | 84,014 | 6,432,112 |
Otter Tail Corp. | 83,496 | 4,732,553 |
Pattern Energy Group, Inc., Class A | 187,493 | 5,255,429 |
PNM Resources, Inc. | 168,729 | 8,799,217 |
Portland General Electric Co. | 190,318 | 10,825,288 |
Pure Cycle Corp. * | 36,687 | 410,161 |
RGC Resources, Inc. | 15,613 | 455,431 |
SJW Group. | 55,762 | 4,034,381 |
South Jersey Industries, Inc. | 196,016 | 6,303,875 |
Southwest Gas Holdings, Inc. | 115,158 | 10,053,293 |
Spark Energy, Inc., Class A | 24,312 | 232,666 |
Spire, Inc. | 105,325 | 8,853,619 |
Sunnova Energy International, Inc. * | 28,084 | 298,252 |
TerraForm Power, Inc., Class A | 154,117 | 2,616,907 |
The York Water Co. | 27,589 | 1,215,020 |
Unitil Corp. | 31,008 | 1,930,868 |
166,769,685 | ||
Total Common Stock | ||
(Cost $3,320,088,458) | 4,171,303,385 | |
Rights0.0% of net assets | ||
Materials 0.0% | ||
A. Schulman, Inc. CVR *(b) | 50,881 | 22,031 |
Media & Entertainment 0.0% | ||
Media General, Inc. CVR *(b) | 174,886 | 14,883 |
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Corium International, Inc. CVR *(b) | 50,000 | 9,000 |
Omthera Pharmaceuticals, Inc. CVR *(b) | 8,400 | — |
Oncternal Therapeutics, Inc. *(a)(b) | 1,506 | 3,088 |
Tobira Therapeutics, Inc. CVR *(b) | 14,029 | 164,595 |
176,683 | ||
Total Rights | ||
(Cost $34,960) | 213,597 | |
Other Investment Company2.1% of net assets | ||
Securities Lending Collateral 2.1% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 85,855,056 | 85,855,056 |
Total Other Investment Company | ||
(Cost $85,855,056) | 85,855,056 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.4% of net assets | ||
Time Deposit 0.4% | ||
JPMorgan Chase Bank | ||
1.18%, 11/01/19(d) | 16,137,531 | 16,137,531 |
Total Short-Term Investment | ||
(Cost $16,137,531) | 16,137,531 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 187 | 14,617,790 | 288,257 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $82,322,210. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock99.7% of net assets | ||
Automobiles & Components 0.7% | ||
Adient plc * | 30,290 | 641,845 |
American Axle & Manufacturing Holdings, Inc. * | 37,198 | 310,975 |
Aptiv plc | 85,982 | 7,699,688 |
Autoliv, Inc. | 26,463 | 2,059,880 |
BorgWarner, Inc. | 70,415 | 2,934,897 |
Cooper Tire & Rubber Co. | 16,286 | 459,917 |
Cooper-Standard Holding, Inc. * | 6,229 | 198,456 |
Dana, Inc. | 47,950 | 778,229 |
Delphi Technologies plc | 29,887 | 364,920 |
Dorman Products, Inc. * | 10,202 | 734,034 |
Ford Motor Co. | 1,320,487 | 11,342,983 |
Fox Factory Holding Corp. * | 12,576 | 766,381 |
Garrett Motion, Inc. * | 26,315 | 249,993 |
General Motors Co. | 426,448 | 15,846,808 |
Gentex Corp. | 85,280 | 2,392,104 |
Gentherm, Inc. * | 11,532 | 481,692 |
Harley-Davidson, Inc. | 52,399 | 2,038,845 |
LCI Industries | 8,433 | 819,013 |
Lear Corp. | 18,431 | 2,170,619 |
Modine Manufacturing Co. * | 17,500 | 200,025 |
Motorcar Parts of America, Inc. * | 5,552 | 105,821 |
Shiloh Industries, Inc. * | 4,387 | 15,881 |
Standard Motor Products, Inc. | 6,318 | 330,811 |
Stoneridge, Inc. * | 10,196 | 314,852 |
Strattec Security Corp. | 1,500 | 33,945 |
Tenneco, Inc., Class A | 22,341 | 281,273 |
Tesla, Inc. * | 47,684 | 15,016,645 |
The Goodyear Tire & Rubber Co. | 76,362 | 1,211,865 |
Thor Industries, Inc. | 18,074 | 1,143,361 |
Veoneer, Inc. * | 31,546 | 502,212 |
Visteon Corp. * | 9,724 | 904,527 |
Winnebago Industries, Inc. | 11,705 | 562,659 |
Workhorse Group, Inc. *(a) | 5,690 | 14,396 |
XPEL, Inc. * | 9,214 | 100,433 |
73,029,985 | ||
Banks 5.9% | ||
1st Constitution Bancorp | 2,000 | 37,980 |
1st Source Corp. | 5,295 | 270,998 |
ACNB Corp. | 2,261 | 80,017 |
Allegiance Bancshares, Inc. * | 7,867 | 261,656 |
Amalgamated Bank, Class A | 11,099 | 202,113 |
Amerant Bancorp, Inc. * | 8,788 | 172,684 |
American National Bankshares, Inc. | 4,310 | 156,022 |
American River Bankshares | 3,244 | 46,746 |
Ameris Bancorp | 22,504 | 964,296 |
AmeriServ Financial, Inc. | 10,799 | 44,924 |
Ames National Corp. | 2,389 | 66,175 |
Arrow Financial Corp. | 4,986 | 175,108 |
Associated Banc-Corp. | 54,272 | 1,091,410 |
Atlantic Capital Bancshares, Inc. * | 7,985 | 148,920 |
Atlantic Union Bankshares Corp. | 29,178 | 1,075,501 |
Auburn National Bancorp, Inc.(a) | 1,391 | 59,396 |
Security | Number of Shares | Value ($) |
Axos Financial, Inc. * | 19,991 | 580,739 |
Banc of California, Inc. | 17,916 | 246,703 |
BancFirst Corp. | 6,788 | 392,957 |
Bancorp of New Jersey, Inc. * | 3,401 | 61,694 |
BancorpSouth Bank | 29,709 | 911,175 |
Bank First Corp.(a) | 2,265 | 158,550 |
Bank of America Corp. | 2,826,027 | 88,369,864 |
Bank of Commerce Holdings | 5,000 | 56,100 |
Bank of Hawaii Corp. | 14,212 | 1,240,850 |
Bank of Marin Bancorp | 3,742 | 164,162 |
Bank OZK | 40,810 | 1,145,129 |
BankFinancial Corp. | 4,321 | 55,655 |
BankUnited, Inc. | 31,580 | 1,083,194 |
Bankwell Financial Group, Inc. | 2,000 | 57,240 |
Banner Corp. | 12,659 | 683,333 |
Bar Harbor Bankshares | 5,502 | 137,825 |
Baycom Corp. * | 8,199 | 173,327 |
BB&T Corp. | 258,365 | 13,706,263 |
BCB Bancorp, Inc. | 4,200 | 54,180 |
Berkshire Hills Bancorp, Inc. | 16,351 | 507,372 |
BOK Financial Corp. | 11,253 | 868,169 |
Boston Private Financial Holdings, Inc. | 28,203 | 317,284 |
Bridge Bancorp, Inc. | 5,500 | 178,200 |
Bridgewater Bancshares, Inc. * | 4,163 | 52,412 |
Brookline Bancorp, Inc. | 26,142 | 410,429 |
Bryn Mawr Bank Corp. | 6,152 | 234,453 |
Business First Bancshares, Inc. | 4,553 | 111,275 |
Byline Bancorp, Inc. * | 9,933 | 172,238 |
C&F Financial Corp. | 1,200 | 61,032 |
Cadence BanCorp | 41,959 | 645,329 |
Cambridge Bancorp | 1,228 | 95,182 |
Camden National Corp. | 4,903 | 217,252 |
Capital City Bank Group, Inc. | 5,225 | 148,651 |
Capitol Federal Financial, Inc. | 48,563 | 692,994 |
Capstar Financial Holdings, Inc. | 2,802 | 47,382 |
Carolina Financial Corp. | 9,797 | 371,796 |
Carter Bank & Trust * | 8,134 | 159,833 |
Cathay General Bancorp | 24,528 | 872,461 |
CB Financial Services, Inc. | 1,482 | 39,718 |
CBTX, Inc. | 6,037 | 172,960 |
CenterState Bank Corp. | 44,811 | 1,136,407 |
Central Pacific Financial Corp. | 8,622 | 249,348 |
Central Valley Community Bancorp | 3,755 | 78,217 |
Century Bancorp, Inc., Class A | 1,223 | 106,413 |
Chemung Financial Corp. | 968 | 41,208 |
CIT Group, Inc. | 31,516 | 1,351,721 |
Citigroup, Inc. | 761,523 | 54,723,043 |
Citizens & Northern Corp. | 4,229 | 108,728 |
Citizens Community Bancorp, Inc. | 3,744 | 41,633 |
Citizens Financial Group, Inc. | 149,192 | 5,245,591 |
City Holding Co. | 5,897 | 467,868 |
Civista Bancshares, Inc. | 3,796 | 85,334 |
CNB Financial Corp. | 5,361 | 167,639 |
Codorus Valley Bancorp, Inc. | 2,829 | 61,241 |
Colony Bankcorp, Inc. | 2,706 | 42,051 |
Columbia Banking System, Inc. | 26,491 | 1,041,096 |
Columbia Financial, Inc. * | 19,578 | 322,841 |
Comerica, Inc. | 49,260 | 3,222,589 |
Commerce Bancshares, Inc. | 33,212 | 2,137,524 |
Security | Number of Shares | Value ($) |
Community Bank System, Inc. | 18,906 | 1,281,449 |
Community Bankers Trust Corp. | 7,000 | 60,620 |
Community Trust Bancorp, Inc. | 5,256 | 230,265 |
ConnectOne Bancorp, Inc. | 8,775 | 213,057 |
County Bancorp, Inc. | 2,567 | 56,448 |
Cullen/Frost Bankers, Inc. | 19,072 | 1,718,006 |
Customers Bancorp, Inc. * | 10,510 | 247,826 |
CVB Financial Corp. | 49,745 | 1,033,701 |
Dime Community Bancshares, Inc. | 9,580 | 184,798 |
DNB Financial Corp. | 1,193 | 54,258 |
Eagle Bancorp Montana, Inc. | 2,558 | 48,653 |
Eagle Bancorp, Inc. | 12,070 | 544,840 |
East West Bancorp, Inc. | 48,737 | 2,091,792 |
Entegra Financial Corp. * | 2,050 | 61,705 |
Enterprise Bancorp, Inc. | 2,816 | 83,945 |
Enterprise Financial Services Corp. | 9,438 | 413,384 |
Equity Bancshares, Inc., Class A * | 5,288 | 146,795 |
Esquire Financial Holdings, Inc. * | 1,750 | 42,525 |
ESSA Bancorp, Inc. | 2,841 | 46,450 |
Essent Group Ltd. | 33,599 | 1,750,172 |
Evans Bancorp, Inc. | 1,382 | 52,502 |
F.N.B. Corp. | 112,278 | 1,354,073 |
Farmers & Merchants Bancorp, Inc. | 2,641 | 67,610 |
Farmers National Banc Corp. | 7,093 | 105,828 |
Fauquier Bankshares, Inc. | 2,085 | 41,075 |
FB Financial Corp. | 5,492 | 206,884 |
Federal Agricultural Mortgage Corp., Class A | 643 | 48,161 |
Federal Agricultural Mortgage Corp., Class C | 2,925 | 247,718 |
Fidelity D&D Bancorp, Inc. | 800 | 52,760 |
Fifth Third Bancorp | 249,194 | 7,246,562 |
Financial Institutions, Inc. | 4,637 | 145,741 |
First BanCorp | 75,196 | 791,062 |
First BanCorp (North Carolina) | 10,445 | 394,299 |
First BanCorp, Inc. | 3,885 | 109,829 |
First Bank/Hamilton NJ | 6,451 | 68,123 |
First Busey Corp. | 16,944 | 446,813 |
First Business Financial Services, Inc. | 2,369 | 57,614 |
First Capital, Inc. | 1,074 | 63,044 |
First Choice Bancorp | 2,370 | 52,993 |
First Citizens BancShares, Inc., Class A | 2,793 | 1,373,933 |
First Commonwealth Financial Corp. | 32,758 | 461,560 |
First Community Bankshares, Inc. | 4,583 | 145,877 |
First Community Corp. | 2,104 | 40,292 |
First Defiance Financial Corp. | 7,044 | 217,801 |
First Financial Bancorp | 32,014 | 750,408 |
First Financial Bankshares, Inc. | 44,912 | 1,494,671 |
First Financial Corp. | 3,997 | 175,348 |
First Financial Northwest, Inc. | 2,467 | 34,908 |
First Foundation, Inc. | 11,843 | 189,606 |
First Guaranty Bancshares, Inc. | 2,136 | 44,856 |
First Hawaiian, Inc. | 44,256 | 1,209,517 |
First Horizon National Corp. | 107,270 | 1,713,102 |
First Internet Bancorp | 4,592 | 104,422 |
First Interstate BancSystem, Inc., Class A | 14,267 | 598,643 |
First Merchants Corp. | 17,712 | 700,510 |
First Mid Bancshares, Inc. | 6,521 | 227,583 |
First Midwest Bancorp, Inc. | 39,319 | 807,612 |
First Northwest Bancorp | 3,416 | 60,019 |
First Republic Bank | 57,413 | 6,106,447 |
First Savings Financial Group, Inc. | 860 | 53,268 |
First United Corp. | 2,475 | 57,915 |
Flagstar Bancorp, Inc. | 11,375 | 413,368 |
Flushing Financial Corp. | 8,253 | 178,595 |
FNCB Bancorp, Inc. | 4,152 | 30,849 |
Franklin Financial Network, Inc. | 3,791 | 126,127 |
Franklin Financial Services Corp. | 1,600 | 57,264 |
Security | Number of Shares | Value ($) |
FS Bancorp, Inc. | 938 | 53,701 |
Fulton Financial Corp. | 53,140 | 906,568 |
FVCBankcorp, Inc. * | 5,555 | 95,657 |
German American Bancorp, Inc. | 9,856 | 325,741 |
Glacier Bancorp, Inc. | 29,832 | 1,262,490 |
Great Southern Bancorp, Inc. | 3,639 | 219,868 |
Great Western Bancorp, Inc. | 18,522 | 645,862 |
Greene County Bancorp, Inc. | 1,473 | 40,979 |
Guaranty Bancshares, Inc. | 2,780 | 88,015 |
Guaranty Federal Bancshares, Inc. | 1,961 | 47,594 |
Hancock Whitney Corp. | 28,840 | 1,124,760 |
Hanmi Financial Corp. | 10,693 | 205,840 |
HarborOne Bancorp, Inc. * | 19,941 | 203,598 |
Hawthorn Bancshares, Inc. | 1,665 | 39,960 |
Heartland Financial USA, Inc. | 11,104 | 519,445 |
Heritage Commerce Corp. | 11,571 | 139,083 |
Heritage Financial Corp. | 14,397 | 396,349 |
Hilltop Holdings, Inc. | 25,847 | 603,786 |
Hingham Institution for Savings | 534 | 101,455 |
Home Bancorp, Inc. | 1,946 | 74,259 |
Home BancShares, Inc. | 51,875 | 958,650 |
HomeStreet, Inc. * | 9,269 | 278,163 |
HomeTrust Bancshares, Inc. | 6,004 | 160,307 |
Hope Bancorp, Inc. | 47,307 | 675,071 |
Horizon Bancorp, Inc. | 12,027 | 219,553 |
Howard Bancorp, Inc. * | 4,800 | 80,544 |
Huntington Bancshares, Inc. | 348,093 | 4,918,554 |
IBERIABANK Corp. | 17,944 | 1,316,910 |
Independent Bank Corp. | 11,089 | 910,185 |
Independent Bank Corp., Michigan | 7,335 | 165,111 |
Independent Bank Group, Inc. | 12,943 | 692,062 |
International Bancshares Corp. | 19,695 | 806,707 |
Investar Holding Corp. | 2,523 | 62,596 |
Investors Bancorp, Inc. | 74,260 | 894,833 |
JPMorgan Chase & Co. | 1,079,035 | 134,793,052 |
Kearny Financial Corp. | 30,708 | 430,833 |
KeyCorp | 334,853 | 6,017,308 |
Lakeland Bancorp, Inc. | 15,000 | 248,250 |
Lakeland Financial Corp. | 10,005 | 465,733 |
LCNB Corp. | 4,536 | 82,011 |
LegacyTexas Financial Group, Inc. | 15,859 | 674,642 |
LendingTree, Inc. * | 2,539 | 913,659 |
Live Oak Bancshares, Inc. | 7,662 | 139,065 |
Luther Burbank Corp. | 6,821 | 78,919 |
M&T Bank Corp. | 45,457 | 7,115,384 |
Macatawa Bank Corp. | 7,248 | 75,778 |
Mackinac Financial Corp. | 2,963 | 46,341 |
MainStreet Bancshares, Inc. * | 3,000 | 62,220 |
Malvern Bancorp, Inc. * | 1,956 | 43,775 |
Mercantile Bank Corp. | 5,614 | 197,669 |
Merchants Bancorp | 5,609 | 91,595 |
Meridian Bancorp, Inc. | 18,271 | 357,381 |
Meridian Corp. * | 2,531 | 44,925 |
Meta Financial Group, Inc. | 11,373 | 360,069 |
Metropolitan Bank Holding Corp. * | 2,381 | 102,240 |
MGIC Investment Corp. | 117,944 | 1,617,012 |
Mid Penn Bancorp, Inc. | 1,996 | 50,898 |
Middlefield Banc Corp. | 904 | 41,584 |
Midland States Bancorp, Inc. | 7,038 | 188,618 |
MidWestOne Financial Group, Inc. | 3,261 | 106,292 |
MMA Capital Holdings, Inc. * | 1,499 | 47,713 |
Mr Cooper Group, Inc. * | 25,993 | 332,710 |
MSB Financial Corp. | 2,482 | 38,967 |
MutualFirst Financial, Inc. | 1,990 | 79,381 |
MVB Financial Corp. | 3,423 | 68,973 |
National Bank Holdings Corp., Class A | 9,231 | 317,546 |
National Bankshares, Inc. | 2,688 | 113,111 |
NBT Bancorp, Inc. | 16,748 | 665,733 |
Security | Number of Shares | Value ($) |
New York Community Bancorp, Inc. | 158,433 | 1,845,744 |
Nicolet Bankshares, Inc. * | 2,665 | 183,832 |
NMI Holdings, Inc., Class A * | 21,585 | 631,361 |
Northeast Bank * | 1,965 | 42,071 |
Northfield Bancorp, Inc. | 20,650 | 351,257 |
Northrim BanCorp, Inc. | 2,596 | 101,114 |
Northwest Bancshares, Inc. | 33,446 | 564,234 |
Norwood Financial Corp. | 1,600 | 49,920 |
Oak Valley Bancorp | 2,528 | 42,218 |
OceanFirst Financial Corp. | 15,478 | 370,389 |
Ocwen Financial Corp. * | 33,720 | 56,987 |
OFG Bancorp | 16,312 | 331,297 |
Ohio Valley Banc Corp. | 1,139 | 41,847 |
Old Line Bancshares, Inc. | 4,758 | 139,314 |
Old National Bancorp | 63,751 | 1,147,199 |
Old Second Bancorp, Inc. | 10,602 | 127,966 |
Opus Bank | 7,454 | 184,785 |
Origin Bancorp, Inc. | 7,700 | 270,963 |
Oritani Financial Corp. | 10,694 | 199,550 |
Orrstown Financial Services, Inc. | 2,174 | 47,154 |
Pacific Mercantile Bancorp * | 4,589 | 32,857 |
Pacific Premier Bancorp, Inc. | 21,337 | 720,230 |
PacWest Bancorp | 38,677 | 1,430,662 |
Park National Corp. | 4,958 | 501,998 |
Parke Bancorp, Inc. | 2,239 | 53,826 |
PB Bancorp, Inc. | 4,076 | 61,466 |
PCB Bancorp | 6,102 | 102,086 |
PCSB Financial Corp. | 6,385 | 129,360 |
Peapack-Gladstone Financial Corp. | 5,216 | 152,307 |
Penns Woods Bancorp, Inc. | 2,250 | 68,783 |
PennyMac Financial Services, Inc. * | 14,649 | 456,023 |
People's United Financial, Inc. | 130,139 | 2,104,348 |
People's Utah Bancorp | 5,381 | 156,587 |
Peoples Bancorp of North Carolina, Inc. | 1,427 | 42,439 |
Peoples Bancorp, Inc. | 6,847 | 223,965 |
Peoples Financial Services Corp. | 2,448 | 120,393 |
Pinnacle Financial Partners, Inc. | 25,044 | 1,473,088 |
Plumas Bancorp | 1,860 | 40,920 |
Ponce de Leon Federal Bank * | 3,464 | 48,600 |
Popular, Inc. | 32,043 | 1,745,062 |
Preferred Bank | 5,001 | 266,603 |
Premier Financial Bancorp, Inc. | 2,848 | 50,552 |
Prosperity Bancshares, Inc. | 22,843 | 1,576,624 |
Provident Bancorp, Inc. * | 1,515 | 17,271 |
Provident Financial Holdings, Inc. | 2,246 | 45,055 |
Provident Financial Services, Inc. | 21,746 | 542,563 |
Prudential Bancorp, Inc. | 2,109 | 36,802 |
QCR Holdings, Inc. | 6,599 | 267,787 |
Radian Group, Inc. | 66,430 | 1,667,393 |
RBB Bancorp | 4,010 | 80,761 |
Regions Financial Corp. | 343,156 | 5,524,812 |
Reliant Bancorp, Inc. | 2,700 | 61,452 |
Renasant Corp. | 21,291 | 738,798 |
Republic Bancorp, Inc., Class A | 2,950 | 131,187 |
Republic First Bancorp, Inc. * | 17,184 | 69,595 |
Richmond Mutual BanCorp., Inc. * | 7,448 | 103,900 |
Riverview Bancorp, Inc. | 5,400 | 38,826 |
S&T Bancorp, Inc. | 12,483 | 470,047 |
Salisbury Bancorp, Inc. | 1,041 | 39,620 |
Sandy Spring Bancorp, Inc. | 12,945 | 446,603 |
SB Financial Group, Inc. | 2,430 | 41,116 |
SB One Bancorp | 1,887 | 41,665 |
Seacoast Banking Corp. of Florida * | 17,503 | 490,084 |
Select Bancorp, Inc. * | 5,100 | 57,630 |
ServisFirst Bancshares, Inc. | 16,569 | 579,915 |
Severn Bancorp, Inc. | 5,134 | 42,612 |
Shore Bancshares, Inc. | 4,629 | 72,259 |
Sierra Bancorp | 4,155 | 113,182 |
Security | Number of Shares | Value ($) |
Signature Bank | 18,380 | 2,174,722 |
Simmons First National Corp., Class A | 31,070 | 743,194 |
SmartFinancial, Inc. * | 7,276 | 153,160 |
Sound Financial Bancorp, Inc. | 1,293 | 47,582 |
South State Corp. | 11,139 | 878,422 |
Southern First Bancshares, Inc. * | 1,875 | 75,581 |
Southern Missouri Bancorp, Inc. | 3,020 | 109,958 |
Southern National Bancorp of Virginia, Inc. | 6,730 | 106,603 |
Southside Bancshares, Inc. | 10,547 | 363,344 |
Spirit of Texas Bancshares, Inc. * | 3,720 | 77,748 |
Standard AVB Financial Corp. | 1,872 | 52,004 |
Sterling Bancorp | 67,222 | 1,320,912 |
Sterling Bancorp, Inc. | 7,691 | 74,526 |
Stock Yards Bancorp, Inc. | 7,278 | 290,683 |
Summit Financial Group, Inc. | 3,433 | 87,404 |
SunTrust Banks, Inc. | 149,881 | 10,242,868 |
SVB Financial Group * | 17,851 | 3,953,640 |
Synovus Financial Corp. | 51,358 | 1,739,496 |
TCF Financial Corp. | 51,099 | 2,023,009 |
Territorial Bancorp, Inc. | 2,571 | 75,999 |
Texas Capital Bancshares, Inc. * | 16,425 | 887,936 |
TFS Financial Corp. | 19,782 | 381,001 |
The Bancorp, Inc. * | 15,734 | 171,501 |
The Bank of Princeton | 1,521 | 43,744 |
The Community Financial Corp. | 1,476 | 49,180 |
The First Bancshares, Inc. | 6,742 | 222,216 |
The First of Long Island Corp. | 12,169 | 285,241 |
The PNC Financial Services Group, Inc. | 150,073 | 22,015,709 |
Timberland Bancorp, Inc. | 2,502 | 66,303 |
Tompkins Financial Corp. | 4,024 | 352,140 |
Towne Bank | 22,138 | 621,856 |
TriCo Bancshares | 11,657 | 438,653 |
TriState Capital Holdings, Inc. * | 7,935 | 183,457 |
Triumph Bancorp, Inc. * | 9,993 | 324,273 |
TrustCo Bank Corp. | 28,716 | 248,106 |
Trustmark Corp. | 22,989 | 788,983 |
Two River Bancorp | 2,741 | 57,479 |
U.S. Bancorp | 482,615 | 27,518,707 |
UMB Financial Corp. | 15,587 | 1,017,208 |
Umpqua Holdings Corp. | 80,096 | 1,267,119 |
Union Bankshares, Inc. | 1,200 | 39,888 |
United Bankshares, Inc. | 35,319 | 1,396,513 |
United Community Banks, Inc. | 27,233 | 822,709 |
United Community Financial Corp. | 18,657 | 212,503 |
United Financial Bancorp, Inc. | 15,207 | 214,723 |
United Security Bancshares | 4,123 | 41,931 |
Unity Bancorp, Inc. | 2,299 | 50,210 |
Univest Financial Corp. | 10,769 | 277,302 |
Valley National Bancorp | 107,799 | 1,248,312 |
Veritex Holdings, Inc. | 15,506 | 381,758 |
Walker & Dunlop, Inc. | 8,850 | 557,462 |
Washington Federal, Inc. | 26,742 | 975,013 |
Washington Trust Bancorp, Inc. | 4,849 | 247,735 |
Waterstone Financial, Inc. | 9,659 | 179,947 |
Webster Financial Corp. | 30,645 | 1,351,445 |
Wells Fargo & Co. | 1,352,423 | 69,825,600 |
WesBanco, Inc. | 17,140 | 644,293 |
West Bancorp, Inc. | 4,641 | 108,971 |
Westamerica Bancorp | 9,699 | 640,328 |
Western Alliance Bancorp | 31,301 | 1,544,078 |
Western New England Bancorp, Inc. | 10,349 | 98,936 |
Wintrust Financial Corp. | 18,783 | 1,198,731 |
WSFS Financial Corp. | 17,604 | 742,361 |
Zions Bancorp NA | 58,333 | 2,827,401 |
602,790,057 | ||
Security | Number of Shares | Value ($) |
Capital Goods 6.9% | ||
3M Co. | 194,221 | 32,044,523 |
A.O. Smith Corp. | 48,113 | 2,390,254 |
AAON, Inc. | 13,579 | 660,754 |
AAR Corp. | 12,256 | 511,688 |
Actuant Corp., Class A | 19,179 | 475,064 |
Acuity Brands, Inc. | 13,528 | 1,688,159 |
Advanced Drainage Systems, Inc. | 18,364 | 679,835 |
AECOM * | 52,814 | 2,113,088 |
Aegion Corp. * | 12,259 | 265,653 |
Aerojet Rocketdyne Holdings, Inc. * | 24,833 | 1,073,531 |
Aerovironment, Inc. * | 6,673 | 386,901 |
AGCO Corp. | 21,204 | 1,626,135 |
Air Lease Corp. | 33,619 | 1,478,564 |
Aircastle Ltd. | 16,101 | 438,269 |
Alamo Group, Inc. | 3,373 | 361,113 |
Albany International Corp., Class A | 10,638 | 893,379 |
Allegion plc | 31,359 | 3,638,898 |
Allied Motion Technologies, Inc. | 1,959 | 74,168 |
Allison Transmission Holdings, Inc. | 41,393 | 1,805,149 |
Altra Industrial Motion Corp. | 21,554 | 663,863 |
Ameresco, Inc., Class A * | 5,440 | 80,186 |
American Superconductor Corp. * | 5,600 | 43,848 |
American Woodmark Corp. * | 4,841 | 480,034 |
AMETEK, Inc. | 76,185 | 6,982,355 |
Apogee Enterprises, Inc. | 9,481 | 355,917 |
Applied Industrial Technologies, Inc. | 13,758 | 823,279 |
Arconic, Inc. | 132,012 | 3,626,370 |
Arcosa, Inc. | 17,207 | 660,921 |
Argan, Inc. | 4,405 | 166,729 |
Armstrong Flooring, Inc. * | 7,547 | 46,339 |
Armstrong World Industries, Inc. | 16,287 | 1,523,323 |
Arotech Corp. * | 11,503 | 34,164 |
Astec Industries, Inc. | 6,955 | 244,051 |
Astronics Corp. * | 9,681 | 280,168 |
Atkore International Group, Inc. * | 15,845 | 549,821 |
Axon Enterprise, Inc. * | 19,650 | 1,004,704 |
AZZ, Inc. | 9,021 | 349,925 |
Babcock & Wilcox Enterprises, Inc. * | 12,254 | 56,246 |
Barnes Group, Inc. | 16,937 | 989,968 |
Beacon Roofing Supply, Inc. * | 23,005 | 714,075 |
Bloom Energy Corp., Class A *(a) | 6,100 | 18,666 |
Blue Bird Corp. * | 6,024 | 117,709 |
BlueLinx Holdings, Inc. *(a) | 2,241 | 70,054 |
BMC Stock Holdings, Inc. * | 24,109 | 650,702 |
Briggs & Stratton Corp. | 12,415 | 91,499 |
Builders FirstSource, Inc. * | 38,094 | 861,305 |
BWX Technologies, Inc. | 32,683 | 1,898,882 |
CAI International, Inc. * | 4,600 | 109,342 |
Carlisle Cos., Inc. | 19,079 | 2,905,159 |
Caterpillar, Inc. | 189,588 | 26,125,226 |
Chart Industries, Inc. * | 11,869 | 695,879 |
CIRCOR International, Inc. * | 5,887 | 225,413 |
Colfax Corp. * | 28,587 | 960,523 |
Columbus McKinnon Corp. | 8,311 | 311,829 |
Comfort Systems USA, Inc. | 14,426 | 727,215 |
Commercial Vehicle Group, Inc. * | 7,300 | 53,217 |
Construction Partners, Inc., Class A * | 12,670 | 216,910 |
Continental Building Products, Inc. * | 10,633 | 318,033 |
Cornerstone Building Brands, Inc. * | 14,252 | 89,075 |
CPI Aerostructures, Inc. * | 6,418 | 49,996 |
Crane Co. | 17,455 | 1,335,657 |
CSW Industrials, Inc. | 4,946 | 342,362 |
Cubic Corp. | 10,678 | 787,396 |
Cummins, Inc. | 53,030 | 9,146,614 |
Curtiss-Wright Corp. | 14,611 | 1,976,138 |
Deere & Co. | 106,505 | 18,546,781 |
Security | Number of Shares | Value ($) |
Donaldson Co., Inc. | 41,916 | 2,210,650 |
Douglas Dynamics, Inc. | 6,985 | 327,108 |
Dover Corp. | 48,739 | 5,063,495 |
Ducommun, Inc. * | 3,200 | 158,656 |
DXP Enterprises, Inc. * | 4,731 | 163,314 |
Dycom Industries, Inc. * | 11,476 | 523,191 |
Eaton Corp. plc | 141,339 | 12,312,040 |
EMCOR Group, Inc. | 18,306 | 1,605,619 |
Emerson Electric Co. | 206,692 | 14,499,444 |
Encore Wire Corp. | 7,393 | 415,487 |
Energous Corp. *(a) | 5,300 | 14,522 |
Energy Recovery, Inc. * | 9,780 | 91,052 |
EnerSys | 14,027 | 937,845 |
EnPro Industries, Inc. | 7,727 | 537,413 |
ESCO Technologies, Inc. | 8,457 | 714,532 |
EVI Industries, Inc.(a) | 1,400 | 48,146 |
Evoqua Water Technologies Corp. * | 25,169 | 437,186 |
Fastenal Co. | 192,861 | 6,931,424 |
Federal Signal Corp. | 21,858 | 709,074 |
Flowserve Corp. | 44,328 | 2,164,980 |
Fluor Corp. | 46,688 | 752,144 |
Fortive Corp. | 100,355 | 6,924,495 |
Fortune Brands Home & Security, Inc. | 47,275 | 2,838,864 |
Foundation Building Materials, Inc. * | 5,200 | 96,668 |
Franklin Electric Co., Inc. | 14,084 | 758,423 |
FreightCar America, Inc. * | 3,100 | 10,354 |
Gardner Denver Holdings, Inc. * | 46,337 | 1,474,907 |
Gates Industrial Corp. plc * | 17,841 | 178,410 |
GATX Corp. | 12,164 | 967,646 |
Gencor Industries, Inc. * | 3,540 | 44,250 |
Generac Holdings, Inc. * | 21,680 | 2,093,854 |
General Dynamics Corp. | 78,743 | 13,921,762 |
General Electric Co. | 2,956,906 | 29,509,922 |
General Finance Corp. * | 3,300 | 32,274 |
Gibraltar Industries, Inc. * | 10,558 | 562,002 |
GMS, Inc. * | 14,254 | 427,050 |
Graco, Inc. | 57,002 | 2,576,490 |
GrafTech International Ltd. | 17,928 | 216,570 |
Graham Corp. | 2,809 | 63,652 |
Granite Construction, Inc. | 17,068 | 401,781 |
Great Lakes Dredge & Dock Corp. * | 19,016 | 204,422 |
Griffon Corp. | 14,664 | 312,490 |
H&E Equipment Services, Inc. | 9,632 | 326,910 |
Harsco Corp. * | 28,455 | 576,783 |
HD Supply Holdings, Inc. * | 56,799 | 2,245,832 |
HEICO Corp. | 13,718 | 1,691,978 |
HEICO Corp., Class A | 24,189 | 2,304,486 |
Helios Technologies, Inc. | 9,064 | 359,206 |
Herc Holdings, Inc. * | 8,885 | 393,250 |
Hexcel Corp. | 28,147 | 2,100,329 |
Hillenbrand, Inc. | 22,065 | 679,381 |
Honeywell International, Inc. | 242,400 | 41,869,752 |
Houston Wire & Cable Co. * | 8,228 | 34,969 |
Hubbell, Inc. | 17,977 | 2,547,341 |
Huntington Ingalls Industries, Inc. | 13,735 | 3,099,440 |
Hurco Cos., Inc. | 2,000 | 69,580 |
Hyster-Yale Materials Handling, Inc. | 3,600 | 182,592 |
IDEX Corp. | 25,255 | 3,927,910 |
IES Holdings, Inc. * | 4,126 | 80,044 |
Illinois Tool Works, Inc. | 99,238 | 16,729,542 |
Ingersoll-Rand plc | 81,133 | 10,294,966 |
Insteel Industries, Inc. | 5,095 | 97,162 |
ITT, Inc. | 29,658 | 1,763,168 |
Jacobs Engineering Group, Inc. | 45,203 | 4,230,097 |
JELD-WEN Holding, Inc. * | 24,661 | 421,456 |
John Bean Technologies Corp. | 10,923 | 1,122,557 |
Johnson Controls International plc | 268,875 | 11,650,354 |
Kadant, Inc. | 3,843 | 348,944 |
Security | Number of Shares | Value ($) |
Kaman Corp. | 10,367 | 608,232 |
Kennametal, Inc. | 26,199 | 810,859 |
Kratos Defense & Security Solutions, Inc. * | 30,097 | 568,231 |
L.B. Foster Co., Class A * | 3,200 | 58,240 |
L3Harris Technologies, Inc. | 75,249 | 15,524,621 |
Lawson Products, Inc. * | 4,509 | 207,189 |
Lennox International, Inc. | 12,011 | 2,971,041 |
Lincoln Electric Holdings, Inc. | 20,282 | 1,816,659 |
Lindsay Corp. | 4,281 | 404,169 |
LiqTech International, Inc. * | 5,399 | 39,089 |
Lockheed Martin Corp. | 83,651 | 31,509,659 |
LSI Industries, Inc. | 14,777 | 76,693 |
Lydall, Inc. * | 5,500 | 107,635 |
Manitex International, Inc. * | 4,549 | 25,292 |
Masco Corp. | 98,992 | 4,578,380 |
Masonite International Corp. * | 8,180 | 502,334 |
MasTec, Inc. * | 19,794 | 1,245,834 |
Maxar Technologies, Inc. * | 21,013 | 178,400 |
Mercury Systems, Inc. * | 19,567 | 1,441,305 |
Meritor, Inc. * | 27,700 | 610,231 |
Milacron Holdings Corp. * | 21,974 | 367,405 |
Miller Industries, Inc. | 3,410 | 122,590 |
Moog, Inc., Class A | 11,470 | 960,154 |
MRC Global, Inc. * | 31,160 | 353,978 |
MSC Industrial Direct Co., Inc., Class A | 14,699 | 1,076,114 |
Mueller Industries, Inc. | 19,369 | 595,984 |
Mueller Water Products, Inc., Class A | 49,694 | 581,420 |
MYR Group, Inc. * | 4,624 | 159,112 |
National Presto Industries, Inc. | 1,664 | 143,254 |
Navistar International Corp. * | 22,953 | 717,970 |
NN, Inc. | 15,065 | 108,769 |
Nordson Corp. | 17,611 | 2,761,581 |
Northrop Grumman Corp. | 53,228 | 18,761,805 |
Northwest Pipe Co. * | 2,896 | 88,328 |
NOW, Inc. * | 33,879 | 357,085 |
NV5 Global, Inc. * | 3,797 | 275,017 |
nVent Electric plc | 54,394 | 1,254,326 |
Omega Flex, Inc. | 832 | 77,251 |
Orion Group Holdings, Inc. * | 8,139 | 39,881 |
Oshkosh Corp. | 23,664 | 2,020,432 |
Owens Corning | 36,549 | 2,239,723 |
PACCAR, Inc. | 117,115 | 8,907,767 |
Park Aerospace Corp. | 6,594 | 112,032 |
Park-Ohio Holdings Corp. | 3,600 | 110,736 |
Parker-Hannifin Corp. | 42,916 | 7,874,657 |
Parsons Corp. * | 6,853 | 243,967 |
Patrick Industries, Inc. * | 8,643 | 427,051 |
Pentair plc | 56,707 | 2,351,639 |
PGT Innovations, Inc. * | 19,928 | 351,928 |
Plug Power, Inc. *(a) | 79,297 | 210,137 |
Powell Industries, Inc. | 2,862 | 112,076 |
Preformed Line Products Co. | 1,000 | 54,600 |
Primoris Services Corp. | 17,353 | 354,695 |
Proto Labs, Inc. * | 8,737 | 847,227 |
Quanex Building Products Corp. | 10,061 | 194,077 |
Quanta Services, Inc. | 46,954 | 1,974,416 |
Raven Industries, Inc. | 11,752 | 409,910 |
Raytheon Co. | 94,073 | 19,963,231 |
RBC Bearings, Inc. * | 8,636 | 1,385,560 |
Regal Beloit Corp. | 13,569 | 1,004,784 |
Resideo Technologies, Inc. * | 41,983 | 400,098 |
REV Group, Inc. | 7,500 | 93,300 |
Rexnord Corp. * | 33,311 | 942,368 |
Rockwell Automation, Inc. | 40,098 | 6,896,455 |
Roper Technologies, Inc. | 35,144 | 11,842,122 |
Rush Enterprises, Inc., Class A | 11,326 | 494,833 |
Rush Enterprises, Inc., Class B | 750 | 32,190 |
Security | Number of Shares | Value ($) |
Sensata Technologies Holding plc * | 55,015 | 2,816,218 |
Simpson Manufacturing Co., Inc. | 14,564 | 1,203,569 |
SiteOne Landscape Supply, Inc. * | 13,439 | 1,183,438 |
Snap-on, Inc. | 18,778 | 3,054,617 |
Spartan Motors, Inc. | 9,445 | 165,004 |
Spirit AeroSystems Holdings, Inc., Class A | 34,727 | 2,841,363 |
SPX Corp. * | 16,323 | 743,349 |
SPX FLOW, Inc. * | 13,487 | 610,691 |
Standex International Corp. | 4,408 | 334,038 |
Stanley Black & Decker, Inc. | 50,997 | 7,717,376 |
Sterling Construction Co., Inc. * | 7,334 | 119,141 |
Sunrun, Inc. * | 26,305 | 408,780 |
Systemax, Inc. | 3,800 | 82,232 |
Tecogen, Inc. * | 11,344 | 28,473 |
Teledyne Technologies, Inc. * | 12,206 | 4,023,098 |
Tennant Co. | 5,863 | 453,972 |
Terex Corp. | 21,913 | 603,703 |
Textron, Inc. | 77,543 | 3,573,957 |
The Boeing Co. | 180,566 | 61,376,189 |
The Eastern Co. | 1,864 | 51,428 |
The ExOne Co. *(a) | 4,754 | 31,947 |
The Gorman-Rupp Co. | 5,933 | 219,165 |
The Greenbrier Cos., Inc. | 11,186 | 327,638 |
The Manitowoc Co., Inc. * | 12,331 | 157,344 |
The Middleby Corp. * | 19,066 | 2,306,033 |
The Timken Co. | 22,054 | 1,080,646 |
The Toro Co. | 35,882 | 2,767,579 |
Thermon Group Holdings, Inc. * | 13,548 | 322,849 |
Titan International, Inc. | 13,787 | 36,811 |
Titan Machinery, Inc. * | 5,599 | 92,943 |
TPI Composites, Inc. * | 13,097 | 268,881 |
Transcat, Inc. * | 2,013 | 63,087 |
TransDigm Group, Inc. | 16,916 | 8,902,552 |
Trex Co., Inc. * | 19,919 | 1,750,681 |
TriMas Corp. * | 15,539 | 502,220 |
Trinity Industries, Inc. | 35,969 | 711,467 |
Triton International Ltd. | 17,182 | 630,579 |
Triumph Group, Inc. | 16,938 | 351,802 |
Tutor Perini Corp. * | 11,769 | 182,066 |
Twin Disc, Inc. * | 3,405 | 36,638 |
Ultralife Corp. * | 4,422 | 38,206 |
United Rentals, Inc. * | 26,664 | 3,561,510 |
United Technologies Corp. | 274,053 | 39,348,530 |
Univar Solutions, Inc. * | 51,058 | 1,095,705 |
Universal Forest Products, Inc. | 19,898 | 1,002,063 |
Valmont Industries, Inc. | 7,730 | 1,060,479 |
Vectrus, Inc. * | 3,418 | 156,237 |
Veritiv Corp. * | 3,278 | 44,712 |
Vicor Corp. * | 7,778 | 282,730 |
Vivint Solar, Inc. * | 17,131 | 120,088 |
W.W. Grainger, Inc. | 14,933 | 4,611,908 |
Wabash National Corp. | 19,725 | 281,279 |
WABCO Holdings, Inc. * | 17,440 | 2,347,773 |
Wabtec Corp. | 60,952 | 4,228,240 |
Watsco, Inc. | 11,181 | 1,971,210 |
Watts Water Technologies, Inc., Class A | 9,037 | 842,700 |
Welbilt, Inc. * | 46,762 | 886,608 |
Wesco Aircraft Holdings, Inc. * | 20,800 | 229,216 |
WESCO International, Inc. * | 13,771 | 690,616 |
Willis Lease Finance Corp. * | 1,177 | 64,158 |
WillScot Corp. * | 16,161 | 254,697 |
Woodward, Inc. | 18,544 | 1,977,903 |
Xylem, Inc. | 61,146 | 4,689,287 |
710,152,177 | ||
Security | Number of Shares | Value ($) |
Commercial & Professional Services 1.1% | ||
ABM Industries, Inc. | 23,031 | 839,710 |
Acacia Research Corp. * | 15,357 | 39,007 |
ACCO Brands Corp. | 34,735 | 317,825 |
ADT, Inc.(a) | 42,276 | 327,216 |
Advanced Disposal Services, Inc. * | 23,888 | 783,049 |
Aqua Metals, Inc. * | 12,685 | 20,296 |
ASGN, Inc. * | 18,496 | 1,176,161 |
Barrett Business Services, Inc. | 3,084 | 270,559 |
BG Staffing, Inc. | 2,500 | 47,825 |
Brady Corp., Class A | 17,257 | 972,259 |
BrightView Holdings, Inc. * | 11,485 | 204,433 |
Casella Waste Systems, Inc., Class A * | 15,213 | 663,135 |
CBIZ, Inc. * | 21,447 | 587,004 |
CECO Environmental Corp. * | 9,324 | 63,963 |
Cintas Corp. | 28,099 | 7,549,358 |
Clean Harbors, Inc. * | 17,394 | 1,434,309 |
Copart, Inc. * | 67,693 | 5,594,150 |
CoStar Group, Inc. * | 12,257 | 6,735,467 |
Covanta Holding Corp. | 37,612 | 543,117 |
CRA International, Inc. | 2,542 | 125,194 |
Deluxe Corp. | 14,100 | 730,803 |
Ennis, Inc. | 11,953 | 234,159 |
Equifax, Inc. | 40,316 | 5,511,600 |
Exponent, Inc. | 17,886 | 1,136,298 |
Forrester Research, Inc. | 3,376 | 116,404 |
Franklin Covey Co. * | 2,861 | 109,290 |
FTI Consulting, Inc. * | 12,563 | 1,367,734 |
GP Strategies Corp. * | 5,086 | 56,455 |
Healthcare Services Group, Inc. | 23,875 | 581,595 |
Heidrick & Struggles International, Inc. | 5,759 | 163,901 |
Heritage-Crystal Clean, Inc. * | 3,533 | 93,766 |
Herman Miller, Inc. | 20,697 | 962,410 |
Hill International, Inc. * | 13,292 | 37,882 |
HNI Corp. | 16,018 | 608,684 |
Hudson Technologies, Inc. * | 14,328 | 9,022 |
Huron Consulting Group, Inc. * | 8,402 | 555,708 |
IAA, Inc. * | 44,400 | 1,693,860 |
ICF International, Inc. | 6,209 | 532,049 |
IHS Markit Ltd. * | 134,369 | 9,408,517 |
InnerWorkings, Inc. * | 23,299 | 113,000 |
Insperity, Inc. | 13,333 | 1,408,365 |
Interface, Inc. | 19,952 | 331,802 |
KAR Auction Services, Inc. | 44,400 | 1,103,784 |
Kelly Services, Inc., Class A | 13,781 | 330,882 |
Kforce, Inc. | 6,775 | 277,165 |
Kimball International, Inc., Class B | 11,882 | 241,918 |
Knoll, Inc. | 15,973 | 427,118 |
Korn Ferry | 18,537 | 680,123 |
LSC Communications, Inc. | 9,950 | 9,701 |
ManpowerGroup, Inc. | 20,515 | 1,865,224 |
Matthews International Corp., Class A | 10,170 | 376,087 |
McGrath RentCorp | 8,505 | 649,017 |
Mistras Group, Inc. * | 5,000 | 77,500 |
Mobile Mini, Inc. | 15,499 | 583,072 |
MSA Safety, Inc. | 11,975 | 1,437,838 |
Nielsen Holdings plc | 119,697 | 2,413,092 |
NRC Group Holdings Corp. *(a) | 5,211 | 63,783 |
PICO Holdings, Inc. * | 7,559 | 81,486 |
Pitney Bowes, Inc. | 56,836 | 250,078 |
Quad Graphics, Inc. | 9,800 | 44,394 |
Republic Services, Inc. | 71,646 | 6,269,741 |
Resources Connection, Inc. | 11,300 | 165,545 |
Robert Half International, Inc. | 39,218 | 2,246,015 |
Rollins, Inc. | 46,359 | 1,766,741 |
RR Donnelley & Sons Co. | 19,875 | 86,655 |
SP Plus Corp. * | 10,305 | 455,172 |
Security | Number of Shares | Value ($) |
Steelcase, Inc., Class A | 29,265 | 511,260 |
Stericycle, Inc. * | 31,055 | 1,788,768 |
Team, Inc. * | 8,225 | 149,366 |
Tetra Tech, Inc. | 19,290 | 1,687,296 |
The Brink's Co. | 17,192 | 1,460,632 |
TransUnion | 63,659 | 5,259,507 |
TriNet Group, Inc. * | 14,460 | 766,235 |
TrueBlue, Inc. * | 14,540 | 332,966 |
UniFirst Corp. | 4,981 | 1,000,384 |
Upwork, Inc. * | 21,190 | 318,698 |
US Ecology, Inc. | 7,422 | 461,871 |
Verisk Analytics, Inc. | 55,156 | 7,981,073 |
Viad Corp. | 7,132 | 435,195 |
VSE Corp. | 2,601 | 99,930 |
Waste Management, Inc. | 131,970 | 14,808,354 |
Willdan Group, Inc. * | 4,309 | 130,563 |
113,151,570 | ||
Consumer Durables & Apparel 1.4% | ||
Acushnet Holdings Corp. | 11,316 | 321,940 |
American Outdoor Brands Corp. * | 22,871 | 161,927 |
Bassett Furniture Industries, Inc. | 388 | 5,917 |
Beazer Homes USA, Inc. * | 7,323 | 109,918 |
Brunswick Corp. | 28,630 | 1,667,411 |
Callaway Golf Co. | 33,432 | 675,995 |
Capri Holdings Ltd. * | 50,412 | 1,566,301 |
Carter's, Inc. | 14,934 | 1,496,984 |
Cavco Industries, Inc. * | 2,736 | 524,354 |
Century Communities, Inc. * | 11,045 | 333,228 |
Clarus Corp. | 6,000 | 76,500 |
Columbia Sportswear Co. | 10,217 | 924,128 |
Crocs, Inc. * | 20,701 | 724,328 |
CSS Industries, Inc. | 2,830 | 12,735 |
Culp, Inc. | 5,320 | 82,300 |
D.R. Horton, Inc. | 113,022 | 5,918,962 |
Deckers Outdoor Corp. * | 9,598 | 1,467,534 |
Delta Apparel, Inc. * | 1,907 | 47,580 |
Escalade, Inc. | 3,955 | 45,324 |
Ethan Allen Interiors, Inc. | 7,327 | 144,415 |
Flexsteel Industries, Inc. | 1,900 | 31,483 |
Fossil Group, Inc. * | 12,996 | 141,396 |
G-III Apparel Group Ltd. * | 12,985 | 326,053 |
Garmin Ltd. | 48,665 | 4,562,344 |
GoPro, Inc., Class A *(a) | 41,540 | 172,806 |
Green Brick Partners, Inc. * | 7,100 | 71,497 |
Hamilton Beach Brands Holding Co., Class A | 1,750 | 32,637 |
Hanesbrands, Inc. | 119,302 | 1,814,583 |
Hasbro, Inc. | 39,499 | 3,843,648 |
Helen of Troy Ltd. * | 8,312 | 1,244,805 |
Hooker Furniture Corp. | 5,161 | 122,161 |
Hovnanian Enterprises, Inc., Class A * | 2,020 | 50,662 |
Installed Building Products, Inc. * | 6,876 | 448,453 |
iRobot Corp. *(a) | 9,024 | 433,693 |
Johnson Outdoors, Inc., Class A | 1,700 | 99,535 |
KB Home | 29,731 | 1,061,099 |
Kontoor Brands, Inc. * | 15,411 | 585,618 |
La-Z-Boy, Inc. | 16,047 | 569,829 |
Lakeland Industries, Inc. * | 4,088 | 45,172 |
Leggett & Platt, Inc. | 43,690 | 2,241,297 |
Lennar Corp., B Shares | 5,605 | 263,547 |
Lennar Corp., Class A | 96,915 | 5,776,134 |
Levi Strauss & Co., Class A | 15,208 | 271,007 |
LGI Homes, Inc. * | 7,240 | 568,195 |
Libbey, Inc. * | 7,232 | 13,018 |
Lifetime Brands, Inc. | 5,000 | 39,950 |
lululemon Athletica, Inc. * | 38,405 | 7,844,989 |
Security | Number of Shares | Value ($) |
M.D.C. Holdings, Inc. | 18,241 | 706,109 |
M/I Homes, Inc. * | 9,900 | 437,382 |
Malibu Boats, Inc., Class A * | 6,152 | 200,678 |
Marine Products Corp. | 3,933 | 52,781 |
MasterCraft Boat Holdings, Inc. * | 4,993 | 78,640 |
Mattel, Inc. * | 117,802 | 1,406,556 |
Meritage Homes Corp. * | 12,324 | 888,437 |
Mohawk Industries, Inc. * | 20,577 | 2,950,330 |
Movado Group, Inc. | 5,167 | 134,600 |
Newell Brands, Inc. | 126,923 | 2,407,729 |
NIKE, Inc., Class B | 422,916 | 37,872,128 |
NVR, Inc. * | 1,165 | 4,236,627 |
Oxford Industries, Inc. | 5,331 | 367,093 |
Polaris, Inc. | 19,417 | 1,915,487 |
PulteGroup, Inc. | 88,003 | 3,453,238 |
PVH Corp. | 24,887 | 2,169,151 |
Ralph Lauren Corp. | 17,193 | 1,651,560 |
Rocky Brands, Inc. | 1,800 | 50,058 |
Skechers U.S.A., Inc., Class A * | 46,669 | 1,744,021 |
Skyline Champion Corp. * | 16,024 | 452,358 |
Sonos, Inc. * | 22,107 | 289,160 |
Steven Madden Ltd. | 27,804 | 1,144,969 |
Sturm, Ruger & Co., Inc. | 5,258 | 240,606 |
Superior Group of Cos., Inc. | 3,200 | 46,304 |
Tapestry, Inc. | 97,658 | 2,525,436 |
Taylor Morrison Home Corp. * | 36,816 | 922,241 |
Tempur Sealy International, Inc. * | 15,525 | 1,411,999 |
The Lovesac Co. * | 1,800 | 29,394 |
Toll Brothers, Inc. | 44,285 | 1,761,214 |
TopBuild Corp. * | 11,848 | 1,231,363 |
TRI Pointe Group, Inc. * | 51,826 | 815,741 |
Tupperware Brands Corp. | 14,971 | 144,171 |
Turtle Beach Corp. *(a) | 2,910 | 31,661 |
Under Armour, Inc., Class A * | 62,761 | 1,296,015 |
Under Armour, Inc., Class C * | 64,286 | 1,189,291 |
Unifi, Inc. * | 4,248 | 115,970 |
Universal Electronics, Inc. * | 4,081 | 212,702 |
Vera Bradley, Inc. * | 5,909 | 63,581 |
VF Corp. | 111,244 | 9,154,269 |
Vista Outdoor, Inc. * | 17,574 | 117,746 |
Vuzix Corp. *(a) | 7,800 | 18,720 |
Whirlpool Corp. | 21,400 | 3,255,368 |
William Lyon Homes, Class A * | 9,666 | 187,037 |
Wolverine World Wide, Inc. | 30,060 | 892,181 |
YETI Holdings, Inc. *(a) | 6,721 | 223,876 |
ZAGG, Inc. * | 8,000 | 58,960 |
139,538,330 | ||
Consumer Services 2.2% | ||
Adtalem Global Education, Inc. * | 18,133 | 540,001 |
American Public Education, Inc. * | 5,600 | 121,632 |
Aramark | 82,509 | 3,610,594 |
Aspen Group, Inc. * | 4,985 | 31,156 |
BBX Capital Corp. | 20,416 | 91,260 |
BJ's Restaurants, Inc. | 6,241 | 247,081 |
Bloomin' Brands, Inc. | 28,402 | 562,644 |
Bluegreen Vacations Corp. | 2,223 | 21,363 |
Boyd Gaming Corp. | 25,952 | 707,192 |
Bright Horizons Family Solutions, Inc. * | 19,474 | 2,892,278 |
Brinker International, Inc. | 12,650 | 562,293 |
Caesars Entertainment Corp. * | 185,580 | 2,278,922 |
Career Education Corp. * | 25,565 | 362,000 |
Carnival Corp. | 136,025 | 5,834,112 |
Carriage Services, Inc. | 6,911 | 178,027 |
Carrols Restaurant Group, Inc. * | 10,038 | 71,571 |
Century Casinos, Inc. * | 7,935 | 58,640 |
Chegg, Inc. * | 38,678 | 1,185,867 |
Security | Number of Shares | Value ($) |
Chipotle Mexican Grill, Inc. * | 8,659 | 6,738,087 |
Choice Hotels International, Inc. | 10,703 | 947,001 |
Churchill Downs, Inc. | 11,732 | 1,525,043 |
Chuy's Holdings, Inc. * | 5,160 | 125,749 |
Collectors Universe, Inc. | 2,500 | 71,650 |
Cracker Barrel Old Country Store, Inc. | 8,065 | 1,254,108 |
Darden Restaurants, Inc. | 41,397 | 4,647,641 |
Dave & Buster's Entertainment, Inc. | 11,742 | 467,097 |
Del Taco Restaurants, Inc. * | 10,395 | 79,366 |
Denny's Corp. * | 21,100 | 424,532 |
Dine Brands Global, Inc. | 5,538 | 405,105 |
Domino's Pizza, Inc. | 13,845 | 3,760,579 |
Drive Shack, Inc. * | 17,215 | 68,688 |
Dunkin' Brands Group, Inc. | 27,664 | 2,174,944 |
El Pollo Loco Holdings, Inc. * | 6,221 | 72,288 |
Eldorado Resorts, Inc. * | 21,543 | 964,480 |
Everi Holdings, Inc. * | 27,873 | 280,402 |
Extended Stay America, Inc. | 60,722 | 862,860 |
Fiesta Restaurant Group, Inc. * | 7,980 | 68,588 |
frontdoor, Inc. * | 29,034 | 1,400,310 |
Golden Entertainment, Inc. * | 6,136 | 88,849 |
Graham Holdings Co., Class B | 1,451 | 913,637 |
Grand Canyon Education, Inc. * | 16,295 | 1,498,488 |
H&R Block, Inc. | 67,923 | 1,697,396 |
Hilton Grand Vacations, Inc. * | 28,105 | 976,087 |
Hilton Worldwide Holdings, Inc. | 97,291 | 9,433,335 |
Houghton Mifflin Harcourt Co. * | 37,061 | 239,414 |
Hyatt Hotels Corp., Class A | 13,340 | 997,032 |
Inspired Entertainment, Inc. * | 6,626 | 48,701 |
J Alexander's Holdings, Inc. * | 6,429 | 62,040 |
Jack in the Box, Inc. | 8,383 | 704,340 |
K12, Inc. * | 12,100 | 239,459 |
Las Vegas Sands Corp. | 113,641 | 7,027,559 |
Laureate Education, Inc., Class A * | 35,961 | 555,777 |
Lindblad Expeditions Holdings, Inc. * | 7,500 | 118,050 |
Marriott International, Inc., Class A | 92,909 | 11,757,634 |
Marriott Vacations Worldwide Corp. | 13,189 | 1,449,867 |
McDonald's Corp. | 255,947 | 50,344,775 |
MGM Resorts International | 178,781 | 5,095,259 |
Monarch Casino & Resort, Inc. * | 5,782 | 249,725 |
Nathan's Famous, Inc. | 842 | 64,076 |
Noodles & Co. * | 12,000 | 63,960 |
Norwegian Cruise Line Holdings Ltd. * | 73,850 | 3,748,626 |
OneSpaWorld Holdings Ltd. * | 12,005 | 186,678 |
Papa John's International, Inc.(a) | 7,000 | 409,850 |
Penn National Gaming, Inc. * | 35,224 | 750,800 |
Planet Fitness, Inc., Class A * | 28,383 | 1,806,862 |
Playa Hotels & Resorts N.V. * | 16,595 | 138,402 |
PlayAGS, Inc. * | 10,460 | 120,708 |
Potbelly Corp. * | 7,813 | 33,205 |
RCI Hospitality Holdings, Inc. | 2,500 | 46,875 |
Red Lion Hotels Corp. * | 7,000 | 42,000 |
Red Robin Gourmet Burgers, Inc. * | 3,624 | 110,532 |
Red Rock Resorts, Inc., Class A | 25,517 | 555,760 |
Regis Corp. * | 10,203 | 210,182 |
Royal Caribbean Cruises Ltd. | 57,905 | 6,301,801 |
Ruth's Hospitality Group, Inc. | 8,878 | 182,709 |
Scientific Games Corp., Class A * | 17,505 | 419,945 |
SeaWorld Entertainment, Inc. * | 13,437 | 355,006 |
Select Interior Concepts, Inc., Class A * | 7,504 | 85,996 |
Service Corp. International | 62,071 | 2,822,989 |
ServiceMaster Global Holdings, Inc. * | 45,568 | 1,840,036 |
Shake Shack, Inc., Class A * | 10,298 | 847,319 |
Six Flags Entertainment Corp. | 26,328 | 1,110,778 |
Starbucks Corp. | 403,790 | 34,144,482 |
Strategic Education, Inc. | 7,306 | 898,857 |
Target Hospitality Corp. * | 12,493 | 69,211 |
Texas Roadhouse, Inc. | 22,890 | 1,293,285 |
Security | Number of Shares | Value ($) |
The Cheesecake Factory, Inc. | 14,852 | 620,665 |
The Habit Restaurants, Inc., Class A * | 6,100 | 64,111 |
The Wendy's Co. | 61,459 | 1,301,702 |
Twin River Worldwide Holdings, Inc. | 8,823 | 221,457 |
Universal Technical Institute, Inc. * | 13,059 | 77,309 |
Vail Resorts, Inc. | 13,820 | 3,211,353 |
Wingstop, Inc. | 9,652 | 805,266 |
WW International, Inc. * | 16,524 | 576,192 |
Wyndham Destinations, Inc. | 33,136 | 1,537,842 |
Wyndham Hotels & Resorts, Inc. | 33,142 | 1,788,674 |
Wynn Resorts Ltd. | 32,673 | 3,964,542 |
Yum! Brands, Inc. | 102,935 | 10,469,519 |
222,492,137 | ||
Diversified Financials 5.1% | ||
Affiliated Managers Group, Inc. | 17,171 | 1,371,619 |
AG Mortgage Investment Trust, Inc. | 14,385 | 224,981 |
AGNC Investment Corp. | 182,081 | 3,104,481 |
Ally Financial, Inc. | 130,183 | 3,987,505 |
American Express Co. | 229,474 | 26,912,711 |
Ameriprise Financial, Inc. | 43,752 | 6,601,739 |
Annaly Capital Management, Inc. | 494,222 | 4,438,114 |
Anworth Mortgage Asset Corp. | 30,522 | 104,385 |
Apollo Commercial Real Estate Finance, Inc. | 44,990 | 823,317 |
Arbor Realty Trust, Inc. | 31,801 | 434,402 |
Ares Commercial Real Estate Corp. | 10,752 | 166,656 |
Ares Management Corp., Class A | 24,343 | 719,822 |
Arlington Asset Investment Corp., Class A | 11,092 | 64,112 |
ARMOUR Residential REIT, Inc. | 21,030 | 351,832 |
Artisan Partners Asset Management, Inc., Class A | 18,701 | 511,472 |
Ashford, Inc. * | 869 | 20,786 |
Assetmark Financial Holdings, Inc. * | 4,688 | 128,639 |
Associated Capital Group, Inc., Class A | 1,241 | 50,385 |
AXA Equitable Holdings, Inc. | 99,784 | 2,155,334 |
B. Riley Financial, Inc. | 6,039 | 169,998 |
Berkshire Hathaway, Inc., Class B * | 661,732 | 140,670,989 |
BGC Partners, Inc., Class A | 93,111 | 484,177 |
BlackRock, Inc. | 39,538 | 18,254,695 |
Blackstone Mortgage Trust, Inc., Class A | 44,745 | 1,624,243 |
Blucora, Inc. * | 15,753 | 340,737 |
BrightSphere Investment Group, Inc. * | 24,528 | 240,865 |
Cannae Holdings, Inc. * | 23,093 | 674,316 |
Capital One Financial Corp. | 159,919 | 14,912,447 |
Capstead Mortgage Corp. | 28,021 | 216,602 |
Cboe Global Markets, Inc. | 37,818 | 4,354,743 |
Cherry Hill Mortgage Investment Corp. | 12,753 | 172,421 |
Chimera Investment Corp. | 62,935 | 1,275,063 |
CME Group, Inc. | 120,988 | 24,893,281 |
Cohen & Steers, Inc. | 8,356 | 546,817 |
Colony Credit Real Estate, Inc. | 30,690 | 439,788 |
Cowen, Inc. * | 8,211 | 122,919 |
Credit Acceptance Corp. * | 4,736 | 2,073,468 |
Curo Group Holdings Corp. * | 6,544 | 91,551 |
Diamond Hill Investment Group, Inc. | 1,017 | 143,255 |
Discover Financial Services | 108,626 | 8,718,323 |
Donnelley Financial Solutions, Inc. * | 9,665 | 109,214 |
Dynex Capital, Inc. | 12,368 | 199,867 |
E*TRADE Financial Corp. | 76,210 | 3,184,816 |
Eaton Vance Corp. | 38,920 | 1,774,752 |
Elevate Credit, Inc. * | 5,396 | 22,070 |
Ellington Financial, Inc. | 11,129 | 204,996 |
Ellington Residential Mortgage REIT | 2,688 | 29,219 |
Encore Capital Group, Inc. * | 8,553 | 283,874 |
Enova International, Inc. * | 10,313 | 242,252 |
Security | Number of Shares | Value ($) |
Evercore, Inc., Class A | 13,443 | 989,942 |
Exantas Capital Corp. | 9,433 | 110,932 |
EZCORP, Inc., Class A * | 14,614 | 76,870 |
FactSet Research Systems, Inc. | 13,026 | 3,302,351 |
Federated Investors, Inc., Class B | 31,576 | 1,008,537 |
FGL Holdings | 44,500 | 401,835 |
FirstCash, Inc. | 14,065 | 1,186,945 |
Focus Financial Partners, Inc., Class A * | 12,247 | 267,964 |
Franklin Resources, Inc. | 94,503 | 2,603,558 |
GAIN Capital Holdings, Inc. | 6,506 | 27,455 |
GAMCO Investors, Inc., Class A | 2,351 | 37,052 |
Granite Point Mortgage Trust, Inc. | 19,886 | 369,880 |
Great Ajax Corp. | 5,000 | 78,250 |
Great Elm Capital Group, Inc. * | 11,791 | 38,792 |
Green Dot Corp., Class A * | 15,760 | 454,518 |
Greenhill & Co., Inc. | 6,539 | 105,932 |
Hamilton Lane, Inc., Class A | 8,909 | 531,155 |
Houlihan Lokey, Inc. | 15,921 | 752,426 |
Hunt Cos. Finance Trust, Inc. | 13,059 | 43,486 |
Interactive Brokers Group, Inc., Class A | 25,219 | 1,199,668 |
Intercontinental Exchange, Inc. | 188,919 | 17,818,840 |
INTL. FCStone, Inc. * | 6,044 | 241,760 |
Invesco Ltd. | 134,423 | 2,260,995 |
Invesco Mortgage Capital, Inc. | 45,888 | 722,277 |
Janus Henderson Group plc | 55,258 | 1,278,118 |
Jefferies Financial Group, Inc. | 82,157 | 1,533,871 |
KKR & Co., Inc., Class A | 187,210 | 5,397,264 |
KKR Real Estate Finance Trust, Inc. | 8,629 | 173,011 |
Ladder Capital Corp. | 36,027 | 622,186 |
Ladenburg Thalmann Financial Services, Inc. | 36,436 | 82,345 |
Lazard Ltd., Class A | 43,222 | 1,613,477 |
Legg Mason, Inc. | 27,907 | 1,039,815 |
LendingClub Corp. * | 30,093 | 380,376 |
LPL Financial Holdings, Inc. | 27,937 | 2,258,427 |
MarketAxess Holdings, Inc. | 12,776 | 4,709,106 |
Marlin Business Services Corp. | 4,000 | 94,960 |
MFA Financial, Inc. | 152,167 | 1,154,948 |
Moelis & Co., Class A | 17,869 | 637,566 |
Moody's Corp. | 54,760 | 12,084,984 |
Morgan Stanley | 422,752 | 19,467,730 |
Morningstar, Inc. | 6,910 | 1,118,314 |
MSCI, Inc. | 28,413 | 6,664,553 |
Nasdaq, Inc. | 39,059 | 3,896,916 |
Navient Corp. | 69,259 | 953,696 |
Nelnet, Inc., Class A | 6,877 | 421,354 |
New Residential Investment Corp. | 139,113 | 2,203,550 |
New York Mortgage Trust, Inc. | 76,002 | 475,773 |
Northern Trust Corp. | 73,248 | 7,301,361 |
On Deck Capital, Inc. * | 20,000 | 89,200 |
OneMain Holdings, Inc. | 26,737 | 1,069,480 |
Oppenheimer Holdings, Inc., Class A | 3,500 | 95,200 |
Orchid Island Capital, Inc. | 30,714 | 171,077 |
PennyMac Mortgage Investment Trust | 29,083 | 665,710 |
Piper Jaffray Cos. | 4,986 | 391,600 |
PJT Partners, Inc., Class A | 6,501 | 269,987 |
PRA Group, Inc. * | 14,609 | 495,683 |
Pzena Investment Management, Inc., Class A | 8,430 | 69,969 |
Raymond James Financial, Inc. | 41,383 | 3,455,067 |
Ready Capital Corp. | 8,683 | 137,452 |
Redwood Trust, Inc. | 35,407 | 578,550 |
Regional Management Corp. * | 3,000 | 86,790 |
S&P Global, Inc. | 82,877 | 21,381,437 |
Safeguard Scientifics, Inc. * | 7,000 | 79,170 |
Santander Consumer USA Holdings, Inc. | 36,681 | 919,959 |
Sculptor Capital Management, Inc. | 5,600 | 100,632 |
SEI Investments Co. | 43,216 | 2,589,503 |
Security | Number of Shares | Value ($) |
Siebert Financial Corp. *(a) | 3,682 | 33,028 |
Silvercrest Asset Management Group, Inc., Class A | 3,213 | 38,620 |
SLM Corp. | 142,528 | 1,202,936 |
Starwood Property Trust, Inc. | 93,888 | 2,309,645 |
State Street Corp. | 126,199 | 8,337,968 |
Stifel Financial Corp. | 22,562 | 1,263,021 |
Synchrony Financial | 207,866 | 7,352,220 |
T. Rowe Price Group, Inc. | 79,857 | 9,247,441 |
TD Ameritrade Holding Corp. | 90,362 | 3,468,094 |
The Bank of New York Mellon Corp. | 289,093 | 13,515,098 |
The Blackstone Group Inc | 224,134 | 11,914,963 |
The Charles Schwab Corp.(b) | 391,184 | 15,925,101 |
The Goldman Sachs Group, Inc. | 109,116 | 23,283,172 |
TPG RE Finance Trust, Inc. | 16,170 | 327,119 |
Tradeweb Markets, Inc. | 15,506 | 647,375 |
Two Harbors Investment Corp. | 99,517 | 1,380,301 |
Victory Capital Holdings, Inc., Class A | 3,900 | 60,684 |
Virtu Financial, Inc., Class A | 26,912 | 456,428 |
Virtus Investment Partners, Inc. | 2,646 | 287,038 |
Voya Financial, Inc. | 46,304 | 2,498,564 |
Waddell & Reed Financial, Inc., Class A | 25,984 | 430,295 |
Western Asset Mortgage Capital Corp. | 15,107 | 151,674 |
Westwood Holdings Group, Inc. | 2,653 | 80,200 |
WisdomTree Investments, Inc. | 38,043 | 194,400 |
World Acceptance Corp. * | 2,084 | 216,340 |
526,107,362 | ||
Energy 4.0% | ||
Abraxas Petroleum Corp. * | 81,152 | 23,534 |
Adams Resources & Energy, Inc. | 1,166 | 34,980 |
Altus Midstream Co., Class A * | 17,889 | 39,356 |
Antero Midstream Corp.(a) | 91,995 | 592,448 |
Antero Resources Corp. * | 74,733 | 186,833 |
Apache Corp. | 127,078 | 2,752,509 |
Apergy Corp. * | 26,919 | 677,551 |
Arch Coal, Inc., Class A | 5,290 | 417,328 |
Archrock, Inc. | 39,936 | 384,983 |
Aspen Aerogels, Inc. * | 6,261 | 36,502 |
Baker Hughes Co. | 217,079 | 4,645,491 |
Basic Energy Services, Inc. * | 6,128 | 3,493 |
Berry Petroleum Corp. | 15,620 | 146,672 |
Bonanza Creek Energy, Inc. * | 5,626 | 100,255 |
Brigham Minerals, Inc., Class A | 5,000 | 95,450 |
Cabot Oil & Gas Corp. | 140,252 | 2,614,297 |
Cactus, Inc., Class A * | 15,987 | 475,134 |
California Resources Corp. *(a) | 16,680 | 93,241 |
Callon Petroleum Co. * | 83,244 | 316,327 |
CARBO Ceramics, Inc. * | 6,353 | 9,212 |
Carrizo Oil & Gas, Inc. * | 27,793 | 204,556 |
Centennial Resource Development, Inc., Class A * | 64,330 | 218,722 |
Cheniere Energy, Inc. * | 80,547 | 4,957,668 |
Chesapeake Energy Corp. *(a) | 394,199 | 528,227 |
Chevron Corp. | 640,939 | 74,438,655 |
Cimarex Energy Co. | 33,379 | 1,409,261 |
Clean Energy Fuels Corp. * | 36,000 | 81,000 |
CNX Resources Corp. * | 70,542 | 594,669 |
Comstock Resources, Inc. *(a) | 6,806 | 46,553 |
Concho Resources, Inc. | 67,676 | 4,569,484 |
ConocoPhillips | 374,871 | 20,692,879 |
CONSOL Energy, Inc. * | 8,270 | 109,412 |
Contango Oil & Gas Co. * | 14,038 | 34,955 |
Continental Resources, Inc. * | 28,202 | 831,113 |
Contura Energy, Inc. * | 6,988 | 160,305 |
Core Laboratories N.V. | 13,970 | 615,239 |
CVR Energy, Inc. | 10,411 | 493,690 |
Security | Number of Shares | Value ($) |
Dawson Geophysical Co. * | 14,633 | 35,119 |
Delek US Holdings, Inc. | 26,175 | 1,045,691 |
Denbury Resources, Inc. * | 137,039 | 136,779 |
Devon Energy Corp. | 135,553 | 2,749,015 |
Diamond Offshore Drilling, Inc. * | 27,749 | 146,792 |
Diamond S Shipping, Inc. * | 8,382 | 122,377 |
Diamondback Energy, Inc. | 54,798 | 4,699,476 |
DMC Global, Inc. | 4,394 | 196,588 |
Dorian LPG Ltd. * | 11,000 | 136,950 |
Dril-Quip, Inc. * | 13,403 | 549,791 |
Earthstone Energy, Inc., Class A * | 5,613 | 21,778 |
EOG Resources, Inc. | 196,406 | 13,612,900 |
EQT Corp. | 84,261 | 904,963 |
Equitrans Midstream Corp. | 66,172 | 921,114 |
Era Group, Inc. * | 6,921 | 66,926 |
Evolution Petroleum Corp. | 8,679 | 48,776 |
Exterran Corp. * | 9,906 | 125,509 |
Extraction Oil & Gas, Inc. *(a) | 30,147 | 51,250 |
Exxon Mobil Corp. | 1,428,886 | 96,549,827 |
Falcon Minerals Corp. | 13,000 | 80,080 |
Forum Energy Technologies, Inc. * | 33,550 | 38,918 |
Frank's International N.V. * | 42,473 | 208,118 |
FTS International, Inc. * | 9,805 | 14,904 |
Geospace Technologies Corp. * | 7,458 | 108,812 |
Goodrich Petroleum Corp. * | 3,169 | 30,517 |
Green Plains, Inc. | 13,339 | 164,470 |
Gulf Island Fabrication, Inc. * | 4,500 | 23,580 |
Gulfport Energy Corp. * | 53,493 | 148,978 |
Hallador Energy Co. | 8,706 | 29,296 |
Halliburton Co. | 300,824 | 5,790,862 |
Helix Energy Solutions Group, Inc. * | 52,600 | 451,834 |
Helmerich & Payne, Inc. | 36,341 | 1,362,787 |
Hess Corp. | 86,741 | 5,703,221 |
Hi-Crush, Inc. * | 48,197 | 57,354 |
HighPoint Resources Corp. * | 33,805 | 35,833 |
HollyFrontier Corp. | 50,627 | 2,781,447 |
Independence Contract Drilling, Inc. * | 11,500 | 10,235 |
International Seaways, Inc. * | 8,633 | 217,034 |
ION Geophysical Corp. * | 3,676 | 34,665 |
Jagged Peak Energy, Inc. * | 18,587 | 131,782 |
Kinder Morgan, Inc. | 656,262 | 13,112,115 |
KLX Energy Services Holdings, Inc. * | 8,644 | 68,633 |
Kosmos Energy Ltd. | 123,816 | 767,659 |
Laredo Petroleum, Inc. * | 45,079 | 106,386 |
Liberty Oilfield Services, Inc., Class A | 16,890 | 155,557 |
Lilis Energy, Inc. * | 28,432 | 6,255 |
Lonestar Resources US, Inc., Class A * | 6,800 | 16,320 |
Magnolia Oil & Gas Corp., Class A * | 34,040 | 334,273 |
Mammoth Energy Services, Inc. | 4,000 | 6,400 |
Marathon Oil Corp. | 269,099 | 3,102,711 |
Marathon Petroleum Corp. | 223,452 | 14,289,755 |
Matador Resources Co. * | 33,967 | 472,481 |
Matrix Service Co. * | 8,000 | 150,080 |
McDermott International, Inc. *(a) | 64,061 | 104,419 |
Montage Resources Corp. * | 2,898 | 13,099 |
Murphy Oil Corp. | 50,267 | 1,037,008 |
Nabors Industries Ltd. | 129,406 | 239,401 |
NACCO Industries, Inc., Class A | 1,900 | 95,950 |
National Oilwell Varco, Inc. | 129,302 | 2,924,811 |
Natural Gas Services Group, Inc. * | 4,213 | 50,093 |
NCS Multistage Holdings, Inc. * | 4,000 | 9,000 |
Newpark Resources, Inc. * | 27,584 | 165,504 |
NexTier Oilfield Solutions, Inc. * | 55,547 | 239,961 |
Nine Energy Service, Inc. * | 4,359 | 24,628 |
Noble Corp. plc * | 107,107 | 131,742 |
Noble Energy, Inc. | 159,510 | 3,072,163 |
Northern Oil & Gas, Inc. * | 84,525 | 165,669 |
Oasis Petroleum, Inc. * | 98,252 | 256,438 |
Security | Number of Shares | Value ($) |
Occidental Petroleum Corp. | 302,306 | 12,243,393 |
Oceaneering International, Inc. * | 31,277 | 442,882 |
Oil States International, Inc. * | 18,469 | 263,553 |
ONEOK, Inc. | 140,891 | 9,838,419 |
Overseas Shipholding Group, Inc., Class A * | 18,500 | 30,155 |
Pacific Ethanol, Inc. * | 22,969 | 12,702 |
Panhandle Oil & Gas, Inc., Class A | 6,200 | 87,978 |
Par Pacific Holdings, Inc. * | 12,907 | 292,344 |
Parsley Energy, Inc., Class A | 100,332 | 1,586,249 |
Patterson-UTI Energy, Inc. | 74,009 | 615,755 |
PBF Energy, Inc., Class A | 34,678 | 1,119,406 |
PDC Energy, Inc. * | 20,165 | 402,292 |
Peabody Energy Corp. | 27,434 | 288,880 |
Penn Virginia Corp. * | 3,770 | 89,726 |
Phillips 66 | 151,219 | 17,665,404 |
Pioneer Natural Resources Co. | 56,057 | 6,896,132 |
ProPetro Holding Corp. * | 24,021 | 186,163 |
QEP Resources, Inc. | 77,176 | 256,996 |
Range Resources Corp. | 66,553 | 268,209 |
Renewable Energy Group, Inc. * | 11,517 | 188,188 |
REX American Resources Corp. * | 1,646 | 133,194 |
Ring Energy, Inc. * | 20,681 | 34,330 |
Roan Resources, Inc. * | 11,000 | 16,500 |
RPC, Inc. | 17,418 | 72,111 |
SandRidge Energy, Inc. * | 8,633 | 37,813 |
Schlumberger Ltd. | 466,686 | 15,255,965 |
SEACOR Holdings, Inc. * | 7,085 | 304,017 |
SEACOR Marine Holdings, Inc. * | 4,876 | 63,437 |
Select Energy Services, Inc., Class A * | 17,554 | 133,410 |
SemGroup Corp., Class A | 26,100 | 420,210 |
SilverBow Resources, Inc. * | 1,839 | 14,528 |
SM Energy Co. | 35,926 | 281,660 |
Solaris Oilfield Infrastructure, Inc., Class A | 14,882 | 158,344 |
Southwestern Energy Co. * | 193,835 | 397,362 |
SRC Energy, Inc. * | 85,339 | 266,258 |
Talos Energy, Inc. * | 7,627 | 164,209 |
Targa Resources Corp. | 78,567 | 3,054,685 |
TechnipFMC plc | 141,297 | 2,787,790 |
Tellurian, Inc. *(a) | 28,096 | 223,925 |
TETRA Technologies, Inc. * | 33,023 | 56,139 |
The Williams Cos., Inc. | 413,713 | 9,229,937 |
Tidewater, Inc. * | 12,517 | 203,151 |
Torchlight Energy Resources, Inc. * | 33,032 | 28,408 |
Transocean Ltd. * | 195,370 | 928,008 |
U.S. Well Services, Inc. * | 10,920 | 20,857 |
Unit Corp. * | 17,972 | 36,663 |
Uranium Energy Corp. * | 39,550 | 37,458 |
US Silica Holdings, Inc. | 23,982 | 106,960 |
VAALCO Energy, Inc. * | 20,055 | 39,909 |
Valaris plc * | 68,457 | 281,358 |
Valero Energy Corp. | 140,175 | 13,594,171 |
W&T Offshore, Inc. * | 25,000 | 100,750 |
Whiting Petroleum Corp. * | 32,291 | 204,725 |
World Fuel Services Corp. | 22,400 | 935,648 |
WPX Energy, Inc. * | 142,630 | 1,423,447 |
408,119,006 | ||
Food & Staples Retailing 1.4% | ||
BJ's Wholesale Club Holdings, Inc. * | 40,545 | 1,082,551 |
Casey's General Stores, Inc. | 12,422 | 2,121,802 |
Costco Wholesale Corp. | 148,326 | 44,069,138 |
Grocery Outlet Holding Corp. * | 10,391 | 331,473 |
Ingles Markets, Inc., Class A | 4,200 | 165,606 |
Natural Grocers by Vitamin Cottage, Inc. * | 2,400 | 21,048 |
Security | Number of Shares | Value ($) |
Performance Food Group Co. * | 35,573 | 1,515,766 |
PriceSmart, Inc. | 7,280 | 539,448 |
Rite Aid Corp. *(a) | 19,024 | 175,021 |
SpartanNash, Co. | 10,256 | 134,302 |
Sprouts Farmers Market, Inc. * | 40,062 | 777,603 |
Sysco Corp. | 172,902 | 13,809,683 |
The Andersons, Inc. | 12,706 | 234,045 |
The Chefs' Warehouse, Inc. * | 9,323 | 308,824 |
The Kroger Co. | 270,968 | 6,676,652 |
U.S. Foods Holding Corp. * | 75,322 | 2,988,024 |
United Natural Foods, Inc. * | 18,511 | 138,832 |
Village Super Market, Inc., Class A | 3,931 | 104,171 |
Walgreens Boots Alliance, Inc. | 257,294 | 14,094,565 |
Walmart, Inc. | 479,409 | 56,215,499 |
Weis Markets, Inc. | 6,977 | 268,545 |
145,772,598 | ||
Food, Beverage & Tobacco 3.5% | ||
22nd Century Group, Inc. *(a) | 28,273 | 53,436 |
Alico, Inc. | 475 | 15,604 |
Altria Group, Inc. | 630,334 | 28,232,660 |
Archer-Daniels-Midland Co. | 188,650 | 7,930,846 |
B&G Foods, Inc.(a) | 20,423 | 317,578 |
Beyond Meat, Inc. *(a) | 3,416 | 288,481 |
Brown-Forman Corp., Class A | 18,730 | 1,164,069 |
Brown-Forman Corp., Class B | 60,831 | 3,985,647 |
Bunge Ltd. | 48,069 | 2,595,726 |
Cal-Maine Foods, Inc. | 10,307 | 411,146 |
Calavo Growers, Inc. | 5,260 | 456,200 |
Campbell Soup Co. | 56,521 | 2,617,488 |
Celsius Holdings, Inc. *(a) | 12,799 | 45,052 |
Coca-Cola Consolidated, Inc. | 1,426 | 391,237 |
ConAgra Brands, Inc. | 163,617 | 4,425,840 |
Constellation Brands, Inc., Class A | 56,943 | 10,837,961 |
Craft Brew Alliance, Inc. * | 3,000 | 21,870 |
Darling Ingredients, Inc. * | 54,643 | 1,054,610 |
Dean Foods Co. | 52,659 | 51,606 |
Farmer Brothers Co. * | 4,500 | 57,735 |
Flowers Foods, Inc. | 64,495 | 1,400,831 |
Fresh Del Monte Produce, Inc. | 11,734 | 374,315 |
Freshpet, Inc. * | 10,053 | 525,370 |
General Mills, Inc. | 204,149 | 10,383,018 |
Hormel Foods Corp. | 94,052 | 3,845,786 |
Hostess Brands, Inc. * | 38,002 | 485,666 |
Ingredion, Inc. | 22,212 | 1,754,748 |
J&J Snack Foods Corp. | 4,866 | 928,238 |
John B. Sanfilippo & Son, Inc. | 3,617 | 383,836 |
Kellogg Co. | 84,934 | 5,395,857 |
Keurig Dr Pepper, Inc. | 90,653 | 2,552,788 |
Lamb Weston Holdings, Inc. | 49,833 | 3,888,967 |
Lancaster Colony Corp. | 6,637 | 923,738 |
Landec Corp. * | 9,100 | 89,635 |
Limoneira Co. | 4,500 | 85,140 |
McCormick & Co., Inc. - Non Voting Shares | 41,555 | 6,677,473 |
MGP Ingredients, Inc. | 4,637 | 198,881 |
Molson Coors Brewing Co., Class B | 64,826 | 3,417,627 |
Mondelez International, Inc., Class A | 485,106 | 25,443,810 |
Monster Beverage Corp. * | 129,705 | 7,280,342 |
National Beverage Corp.(a) | 4,003 | 175,972 |
New Age Beverages Corp. *(a) | 25,010 | 67,277 |
PepsiCo, Inc. | 471,435 | 64,666,739 |
Philip Morris International, Inc. | 525,352 | 42,784,667 |
Pilgrim's Pride Corp. * | 17,681 | 536,795 |
Post Holdings, Inc. * | 22,968 | 2,363,407 |
Primo Water Corp. * | 10,121 | 122,413 |
Pyxus International, Inc. * | 5,438 | 62,102 |
Security | Number of Shares | Value ($) |
RiceBran Technologies * | 12,444 | 36,088 |
Sanderson Farms, Inc. | 6,501 | 1,006,420 |
Seaboard Corp. | 95 | 400,814 |
Seneca Foods Corp., Class A * | 2,000 | 70,760 |
The Alkaline Water Co., Inc. *(a) | 16,336 | 21,237 |
The Boston Beer Co., Inc., Class A * | 3,128 | 1,171,311 |
The Coca-Cola Co. | 1,298,326 | 70,667,884 |
The Hain Celestial Group, Inc. * | 29,151 | 689,130 |
The Hershey Co. | 50,058 | 7,352,018 |
The JM Smucker Co. | 38,909 | 4,111,903 |
The Kraft Heinz Co. | 212,718 | 6,877,173 |
The Simply Good Foods Co. * | 31,186 | 765,304 |
Tootsie Roll Industries, Inc. | 5,933 | 203,383 |
TreeHouse Foods, Inc. * | 18,275 | 987,215 |
Turning Point Brands, Inc. | 2,757 | 57,539 |
Tyson Foods, Inc., Class A | 99,647 | 8,249,775 |
Universal Corp. | 9,019 | 494,241 |
Vector Group Ltd. | 41,360 | 504,592 |
355,437,017 | ||
Health Care Equipment & Services 6.1% | ||
Abbott Laboratories | 597,438 | 49,951,791 |
ABIOMED, Inc. * | 15,238 | 3,163,104 |
Acadia Healthcare Co., Inc. * | 29,166 | 874,688 |
Accuray, Inc. * | 28,423 | 73,900 |
Addus HomeCare Corp. * | 4,546 | 382,819 |
Align Technology, Inc. * | 24,475 | 6,174,798 |
Allscripts Healthcare Solutions, Inc. * | 53,720 | 587,697 |
Alphatec Holdings, Inc. * | 17,902 | 123,166 |
Amedisys, Inc. * | 10,726 | 1,378,506 |
American Renal Associates Holdings, Inc. * | 4,023 | 33,471 |
AmerisourceBergen Corp. | 50,978 | 4,352,502 |
AMN Healthcare Services, Inc. * | 15,960 | 937,810 |
AngioDynamics, Inc. * | 11,450 | 175,185 |
Antares Pharma, Inc. * | 62,307 | 209,352 |
Anthem, Inc. | 86,667 | 23,320,356 |
Apollo Medical Holdings, Inc. *(a) | 6,700 | 100,299 |
Apyx Medical Corp. * | 8,600 | 56,760 |
AtriCure, Inc. * | 12,275 | 326,392 |
Atrion Corp. | 475 | 400,629 |
Avanos Medical, Inc. * | 17,115 | 753,745 |
AxoGen, Inc. * | 11,943 | 148,511 |
Axonics Modulation Technologies, Inc. * | 2,812 | 69,513 |
Baxter International, Inc. | 172,937 | 13,264,268 |
Becton, Dickinson & Co. | 91,491 | 23,421,696 |
BioLife Solutions, Inc. * | 2,800 | 47,628 |
BioSig Technologies, Inc. *(a) | 8,008 | 53,093 |
BioTelemetry, Inc. * | 10,678 | 420,286 |
Boston Scientific Corp. * | 470,477 | 19,618,891 |
Brookdale Senior Living, Inc. * | 69,175 | 508,436 |
Cantel Medical Corp. | 12,347 | 899,973 |
Capital Senior Living Corp. * | 22,888 | 94,070 |
Cardinal Health, Inc. | 100,592 | 4,974,274 |
Cardiovascular Systems, Inc. * | 13,266 | 590,602 |
Castlight Health, Inc., Class B * | 20,805 | 31,416 |
Catasys, Inc. *(a) | 2,607 | 40,695 |
Centene Corp. * | 138,598 | 7,356,782 |
Cerner Corp. | 107,463 | 7,212,917 |
Cerus Corp. * | 45,797 | 199,217 |
Change Healthcare, Inc. * | 16,492 | 218,024 |
Chembio Diagnostics, Inc. * | 7,487 | 40,055 |
Chemed Corp. | 5,525 | 2,176,353 |
Cigna Corp. * | 127,511 | 22,755,613 |
Community Health Systems, Inc. * | 34,809 | 123,224 |
Computer Programs & Systems, Inc. | 3,700 | 85,359 |
ConforMIS, Inc. * | 21,969 | 41,961 |
Security | Number of Shares | Value ($) |
CONMED Corp. | 9,398 | 1,033,968 |
CorVel Corp. * | 3,002 | 237,518 |
Covetrus, Inc. * | 30,651 | 303,905 |
Cross Country Healthcare, Inc. * | 14,856 | 160,593 |
CryoLife, Inc. * | 12,053 | 270,590 |
CryoPort, Inc. * | 14,093 | 197,725 |
Cutera, Inc. * | 4,219 | 132,899 |
CVS Health Corp. | 439,923 | 29,206,488 |
CytoSorbents Corp. * | 15,802 | 75,060 |
Danaher Corp. | 215,937 | 29,760,437 |
DaVita, Inc. * | 32,387 | 1,897,878 |
DENTSPLY SIRONA, Inc. | 74,929 | 4,104,611 |
DexCom, Inc. * | 30,636 | 4,725,297 |
Diplomat Pharmacy, Inc. * | 16,723 | 90,973 |
Edwards Lifesciences Corp. * | 70,561 | 16,820,331 |
Ekso Bionics Holdings, Inc. * | 21,090 | 13,709 |
Encompass Health Corp. | 32,917 | 2,107,346 |
Endologix, Inc. * | 7,640 | 18,718 |
Enzo Biochem, Inc. * | 13,471 | 42,568 |
Evolent Health, Inc., Class A * | 21,273 | 162,100 |
FONAR Corp. * | 1,870 | 38,017 |
Genesis Healthcare, Inc. * | 32,553 | 41,668 |
GenMark Diagnostics, Inc. * | 16,600 | 93,126 |
Glaukos Corp. * | 11,751 | 750,066 |
Globus Medical, Inc., Class A * | 25,743 | 1,348,161 |
Guardant Health, Inc. * | 13,977 | 971,402 |
Haemonetics Corp. * | 17,151 | 2,070,640 |
Hanger, Inc. * | 13,820 | 312,470 |
HCA Healthcare, Inc. | 90,356 | 12,066,140 |
Health Catalyst, Inc. * | 3,066 | 98,603 |
HealthEquity, Inc. * | 23,151 | 1,314,745 |
HealthStream, Inc. * | 7,648 | 214,603 |
Helius Medical Technologies, Inc. *(a) | 4,659 | 6,895 |
Henry Schein, Inc. * | 49,791 | 3,116,170 |
Heska Corp. * | 2,364 | 191,531 |
Hill-Rom Holdings, Inc. | 22,070 | 2,310,508 |
HMS Holdings Corp. * | 29,159 | 953,208 |
Hologic, Inc. * | 88,790 | 4,289,445 |
HTG Molecular Diagnostics, Inc. * | 18,640 | 17,730 |
Humana, Inc. | 45,694 | 13,443,175 |
ICU Medical, Inc. * | 6,547 | 1,058,061 |
IDEXX Laboratories, Inc. * | 28,923 | 8,243,344 |
Inogen, Inc. * | 5,839 | 317,846 |
Inovalon Holdings, Inc., Class A * | 22,744 | 355,489 |
Inspire Medical Systems, Inc. * | 4,371 | 266,544 |
Insulet Corp. * | 20,610 | 2,995,045 |
Integer Holdings Corp. * | 10,644 | 824,271 |
Integra LifeSciences Holdings Corp. * | 23,714 | 1,376,835 |
IntriCon Corp. * | 4,256 | 88,014 |
Intuitive Surgical, Inc. * | 38,885 | 21,501,461 |
Invacare Corp. | 9,218 | 71,163 |
iRadimed Corp. * | 1,334 | 33,684 |
iRhythm Technologies, Inc. * | 9,107 | 608,530 |
Laboratory Corp. of America Holdings * | 33,172 | 5,465,750 |
Lantheus Holdings, Inc. * | 15,270 | 318,380 |
LeMaitre Vascular, Inc. | 7,388 | 255,625 |
LHC Group, Inc. * | 9,623 | 1,067,864 |
LivaNova plc * | 16,277 | 1,151,272 |
Livongo Health, Inc. *(a) | 5,021 | 108,403 |
Magellan Health, Inc. * | 6,957 | 451,509 |
Masimo Corp. * | 16,585 | 2,417,927 |
McKesson Corp. | 62,370 | 8,295,210 |
MEDNAX, Inc. * | 29,765 | 653,639 |
Medtronic plc | 452,799 | 49,309,811 |
Meridian Bioscience, Inc. | 17,657 | 172,862 |
Merit Medical Systems, Inc. * | 17,753 | 366,688 |
Mesa Laboratories, Inc. | 1,318 | 300,175 |
Misonix, Inc. * | 2,200 | 38,170 |
Security | Number of Shares | Value ($) |
Molina Healthcare, Inc. * | 20,928 | 2,461,970 |
National HealthCare Corp. | 3,965 | 325,844 |
National Research Corp., Class A | 3,945 | 226,561 |
Natus Medical, Inc. * | 13,282 | 447,338 |
Neogen Corp. * | 18,220 | 1,185,393 |
Neuronetics, Inc. * | 8,872 | 79,050 |
Nevro Corp. * | 10,264 | 884,757 |
NextGen Healthcare, Inc. * | 16,383 | 276,955 |
NuVasive, Inc. * | 17,797 | 1,255,400 |
Nuvectra Corp. * | 2,913 | 3,845 |
Omnicell, Inc. * | 13,621 | 958,782 |
OptimizeRx Corp. * | 3,035 | 39,455 |
Option Care Health, Inc. * | 36,021 | 127,514 |
OraSure Technologies, Inc. * | 17,275 | 147,529 |
Orthofix Medical, Inc. * | 6,531 | 274,498 |
OrthoPediatrics Corp. * | 4,422 | 171,043 |
Owens & Minor, Inc. | 18,500 | 124,505 |
Patterson Cos., Inc. | 31,422 | 538,259 |
Pennant Group, Inc. * | 8,273 | 148,831 |
Penumbra, Inc. * | 10,621 | 1,656,557 |
PetIQ, Inc. * | 6,200 | 153,264 |
Phreesia, Inc. * | 3,932 | 116,505 |
Premier, Inc., Class A * | 21,426 | 698,059 |
Psychemedics Corp. | 2,969 | 28,591 |
Pulse Biosciences, Inc. *(a) | 3,000 | 42,240 |
Quest Diagnostics, Inc. | 46,197 | 4,677,446 |
Quidel Corp. * | 12,426 | 707,039 |
Quorum Health Corp. * | 11,722 | 13,011 |
R1 RCM, Inc. * | 30,270 | 321,770 |
RadNet, Inc. * | 11,938 | 186,472 |
ResMed, Inc. | 48,340 | 7,150,453 |
Rockwell Medical, Inc. *(a) | 13,042 | 28,823 |
RTI Surgical Holdings, Inc. * | 18,100 | 39,820 |
SeaSpine Holdings Corp. * | 3,910 | 54,114 |
Select Medical Holdings Corp. * | 39,462 | 718,998 |
Senseonics Holdings, Inc. *(a) | 26,000 | 30,420 |
Sensus Healthcare, Inc. * | 5,903 | 33,647 |
Shockwave Medical, Inc. * | 2,225 | 75,695 |
SI-BONE, Inc. * | 4,040 | 67,266 |
Sientra, Inc. * | 21,100 | 135,673 |
Silk Road Medical, Inc. * | 2,557 | 84,688 |
Simulations Plus, Inc. | 3,188 | 112,887 |
STAAR Surgical Co. * | 10,272 | 336,716 |
Steris plc | 29,034 | 4,110,343 |
Stryker Corp. | 108,487 | 23,462,484 |
Surgery Partners, Inc. * | 5,591 | 44,448 |
Surmodics, Inc. * | 4,200 | 199,542 |
Tabula Rasa HealthCare, Inc. * | 5,870 | 299,018 |
Tactile Systems Technology, Inc. * | 7,432 | 337,561 |
Tandem Diabetes Care, Inc. * | 19,235 | 1,184,491 |
Teladoc Health, Inc. * | 24,362 | 1,866,129 |
Teleflex, Inc. | 15,645 | 5,435,229 |
Tenet Healthcare Corp. * | 34,964 | 885,988 |
The Cooper Cos., Inc. | 16,737 | 4,870,467 |
The Ensign Group, Inc. | 16,546 | 699,069 |
The Joint Corp. * | 3,340 | 63,694 |
The Providence Service Corp. * | 3,302 | 210,899 |
Tivity Health, Inc. * | 16,969 | 275,068 |
TransEnterix, Inc. * | 54,700 | 12,483 |
TransMedics Group, Inc. * | 3,680 | 66,019 |
Triple-S Management Corp., Class B * | 6,987 | 105,713 |
U.S. Physical Therapy, Inc. | 4,069 | 575,641 |
UnitedHealth Group, Inc. | 320,267 | 80,931,471 |
Universal Health Services, Inc., Class B | 27,780 | 3,818,639 |
Utah Medical Products, Inc. | 1,365 | 139,872 |
Vapotherm, Inc. * | 2,247 | 23,144 |
Varex Imaging Corp. * | 11,819 | 354,688 |
Varian Medical Systems, Inc. * | 30,601 | 3,696,907 |
Security | Number of Shares | Value ($) |
Veeva Systems, Inc., Class A * | 43,764 | 6,207,048 |
ViewRay, Inc. * | 19,429 | 50,515 |
Vocera Communications, Inc. * | 10,583 | 210,813 |
VolitionRX Ltd. *(a) | 15,384 | 85,843 |
WellCare Health Plans, Inc. * | 16,854 | 4,998,896 |
West Pharmaceutical Services, Inc. | 24,652 | 3,545,944 |
Wright Medical Group N.V. * | 47,693 | 992,014 |
Zimmer Biomet Holdings, Inc. | 70,076 | 9,686,605 |
627,488,784 | ||
Household & Personal Products 1.7% | ||
Avon Products, Inc. * | 148,757 | 638,167 |
Central Garden & Pet Co. * | 4,210 | 126,384 |
Central Garden & Pet Co., Class A * | 13,239 | 374,399 |
Church & Dwight Co., Inc. | 82,918 | 5,799,285 |
Colgate-Palmolive Co. | 290,873 | 19,953,888 |
Coty, Inc., Class A | 100,228 | 1,171,665 |
Edgewell Personal Care Co. * | 18,438 | 645,330 |
elf Beauty, Inc. * | 7,500 | 126,000 |
Energizer Holdings, Inc. | 20,781 | 882,985 |
Herbalife Nutrition Ltd. * | 31,964 | 1,427,832 |
Inter Parfums, Inc. | 5,613 | 434,615 |
Kimberly-Clark Corp. | 115,964 | 15,409,296 |
Lifevantage Corp. * | 5,280 | 71,597 |
Medifast, Inc. | 3,897 | 432,333 |
Natural Health Trends Corp. | 2,166 | 14,664 |
Nature's Sunshine Products, Inc. * | 5,329 | 50,306 |
Nu Skin Enterprises, Inc., Class A | 18,865 | 841,002 |
Oil-Dri Corp. of America | 1,600 | 56,016 |
Revlon, Inc., Class A *(a) | 3,255 | 85,574 |
Spectrum Brands Holdings, Inc. | 15,073 | 756,815 |
The Clorox Co. | 42,517 | 6,279,336 |
The Estee Lauder Cos., Inc., Class A | 74,886 | 13,949,015 |
The Procter & Gamble Co. | 845,185 | 105,233,984 |
USANA Health Sciences, Inc. * | 4,945 | 366,474 |
WD-40 Co. | 4,489 | 841,239 |
175,968,201 | ||
Insurance 2.6% | ||
Aflac, Inc. | 249,894 | 13,284,365 |
Alleghany Corp. * | 4,909 | 3,820,626 |
Ambac Financial Group, Inc. * | 18,544 | 380,152 |
American Equity Investment Life Holding Co. | 29,147 | 719,348 |
American Financial Group, Inc. | 25,423 | 2,645,009 |
American International Group, Inc. | 292,888 | 15,511,348 |
American National Insurance Co. | 3,761 | 451,245 |
AMERISAFE, Inc. | 7,229 | 459,258 |
Aon plc | 79,498 | 15,355,834 |
Arch Capital Group Ltd. * | 135,456 | 5,656,643 |
Argo Group International Holdings Ltd. | 11,607 | 718,125 |
Arthur J. Gallagher & Co. | 62,283 | 5,681,455 |
Assurant, Inc. | 20,716 | 2,611,666 |
Assured Guaranty Ltd. | 32,878 | 1,542,636 |
Athene Holding Ltd., Class A * | 41,312 | 1,790,875 |
Axis Capital Holdings Ltd. | 28,405 | 1,688,109 |
Brighthouse Financial, Inc. * | 37,570 | 1,418,643 |
Brown & Brown, Inc. | 77,562 | 2,922,536 |
Chubb Ltd. | 153,227 | 23,354,859 |
Cincinnati Financial Corp. | 51,457 | 5,825,447 |
Citizens, Inc. * | 22,044 | 146,813 |
CNA Financial Corp. | 9,550 | 428,222 |
CNO Financial Group, Inc. | 57,112 | 893,803 |
Crawford & Co., Class A | 4,938 | 52,293 |
Crawford & Co., Class B | 5,800 | 53,940 |
Donegal Group, Inc., Class A | 5,782 | 85,111 |
Security | Number of Shares | Value ($) |
eHealth, Inc. * | 6,602 | 455,802 |
Employers Holdings, Inc. | 11,759 | 497,876 |
Enstar Group Ltd. * | 4,837 | 971,753 |
Erie Indemnity Co., Class A | 6,044 | 1,113,728 |
Everest Re Group Ltd. | 13,635 | 3,505,422 |
FBL Financial Group, Inc., Class A | 3,305 | 189,641 |
FedNat Holding Co. | 4,085 | 58,620 |
Fidelity National Financial, Inc. | 92,446 | 4,237,725 |
First American Financial Corp. | 37,060 | 2,289,567 |
Genworth Financial, Inc., Class A * | 174,782 | 748,067 |
Global Indemnity Ltd. | 2,000 | 49,520 |
Globe Life, Inc. | 33,417 | 3,252,477 |
Goosehead Insurance, Inc., Class A | 4,956 | 253,648 |
Greenlight Capital Re Ltd., Class A * | 12,115 | 130,842 |
Hallmark Financial Services, Inc. * | 3,228 | 57,523 |
HCI Group, Inc. | 2,926 | 123,038 |
Health Insurance Innovations, Inc., Class A *(a) | 3,371 | 89,264 |
Heritage Insurance Holdings, Inc. | 9,756 | 129,950 |
Horace Mann Educators Corp. | 13,092 | 570,288 |
Independence Holding Co. | 2,346 | 91,729 |
Investors Title Co. | 416 | 63,107 |
James River Group Holdings Ltd. | 9,426 | 337,545 |
Kemper Corp. | 20,537 | 1,476,200 |
Kingstone Cos., Inc. | 2,696 | 21,757 |
Kinsale Capital Group, Inc. | 7,030 | 743,212 |
Lincoln National Corp. | 68,460 | 3,866,621 |
Loews Corp. | 87,784 | 4,301,416 |
Maiden Holdings Ltd. * | 18,900 | 10,868 |
Markel Corp. * | 4,673 | 5,472,083 |
Marsh & McLennan Cos., Inc. | 171,035 | 17,722,647 |
MBIA, Inc. * | 23,883 | 221,873 |
Mercury General Corp. | 9,807 | 471,324 |
MetLife, Inc. | 267,372 | 12,510,336 |
National General Holdings Corp. | 21,670 | 462,004 |
National Western Life Group, Inc., Class A | 964 | 262,786 |
NI Holdings, Inc. * | 2,860 | 50,050 |
Old Republic International Corp. | 96,450 | 2,154,693 |
Palomar Holdings, Inc. * | 4,260 | 192,339 |
Primerica, Inc. | 14,322 | 1,807,150 |
Principal Financial Group, Inc. | 88,805 | 4,740,411 |
ProAssurance Corp. | 18,940 | 742,827 |
Protective Insurance Corp., Class B | 4,607 | 73,297 |
Prudential Financial, Inc. | 135,402 | 12,340,538 |
Reinsurance Group of America, Inc. | 21,112 | 3,430,067 |
RenaissanceRe Holdings Ltd. | 14,847 | 2,779,061 |
RLI Corp. | 13,764 | 1,339,512 |
Safety Insurance Group, Inc. | 5,451 | 529,837 |
Selective Insurance Group, Inc. | 20,690 | 1,430,093 |
State Auto Financial Corp. | 5,500 | 181,995 |
Stewart Information Services Corp. | 9,355 | 382,807 |
The Allstate Corp. | 110,729 | 11,783,780 |
The Hanover Insurance Group, Inc. | 13,250 | 1,745,157 |
The Hartford Financial Services Group, Inc. | 122,198 | 6,975,062 |
The Progressive Corp. | 197,779 | 13,785,196 |
The Travelers Cos., Inc. | 87,538 | 11,472,730 |
Third Point Reinsurance Ltd. * | 32,236 | 305,920 |
Tiptree, Inc. | 7,504 | 55,154 |
Trupanion, Inc. *(a) | 9,088 | 215,386 |
United Fire Group, Inc. | 8,730 | 397,390 |
United Insurance Holdings Corp. | 6,439 | 78,942 |
Universal Insurance Holdings, Inc. | 9,563 | 259,253 |
Unum Group | 71,355 | 1,965,117 |
W. R. Berkley Corp. | 48,136 | 3,364,706 |
Security | Number of Shares | Value ($) |
White Mountains Insurance Group Ltd. | 991 | 1,061,361 |
Willis Towers Watson plc | 43,506 | 8,131,271 |
268,029,722 | ||
Materials 2.9% | ||
Advanced Emissions Solutions, Inc. | 5,901 | 81,611 |
AdvanSix, Inc. * | 8,959 | 203,907 |
AgroFresh Solutions, Inc. * | 10,000 | 23,000 |
Air Products & Chemicals, Inc. | 74,411 | 15,868,890 |
AK Steel Holding Corp. * | 92,567 | 218,458 |
Albemarle Corp. | 36,521 | 2,218,286 |
Alcoa Corp. * | 64,376 | 1,338,377 |
Allegheny Technologies, Inc. * | 40,422 | 849,266 |
Amcor plc * | 549,011 | 5,226,585 |
American Vanguard Corp. | 7,917 | 110,680 |
Amyris, Inc. *(a) | 15,000 | 49,725 |
AptarGroup, Inc. | 21,486 | 2,538,571 |
Ashland Global Holdings, Inc. | 20,666 | 1,598,928 |
Avery Dennison Corp. | 28,424 | 3,634,293 |
Axalta Coating Systems Ltd. * | 70,138 | 2,068,370 |
Balchem Corp. | 10,584 | 1,071,207 |
Ball Corp. | 111,458 | 7,798,716 |
Berry Global Group, Inc. * | 44,386 | 1,842,463 |
Boise Cascade Co. | 14,993 | 536,300 |
Cabot Corp. | 18,903 | 823,982 |
Carpenter Technology Corp. | 15,701 | 769,663 |
Celanese Corp. | 41,432 | 5,019,487 |
Century Aluminum Co. * | 14,114 | 82,285 |
CF Industries Holdings, Inc. | 73,475 | 3,332,091 |
Chase Corp. | 2,182 | 255,621 |
Clearwater Paper Corp. * | 7,956 | 147,504 |
Cleveland-Cliffs, Inc.(a) | 85,860 | 620,768 |
Coeur Mining, Inc. * | 75,926 | 419,112 |
Commercial Metals Co. | 37,272 | 720,468 |
Compass Minerals International, Inc. | 11,822 | 667,707 |
Corteva, Inc. * | 254,884 | 6,723,840 |
Crown Holdings, Inc. * | 45,457 | 3,311,088 |
Domtar Corp. | 20,887 | 760,078 |
Dow, Inc. * | 251,386 | 12,692,479 |
DuPont de Nemours, Inc. | 252,480 | 16,640,957 |
Eagle Materials, Inc. | 14,491 | 1,323,608 |
Eastman Chemical Co. | 45,852 | 3,486,586 |
Ecolab, Inc. | 84,304 | 16,192,269 |
Element Solutions, Inc. * | 76,011 | 825,479 |
Ferro Corp. * | 25,700 | 286,041 |
Flotek Industries, Inc. * | 16,539 | 31,589 |
FMC Corp. | 44,207 | 4,044,940 |
Forterra, Inc. * | 5,539 | 45,475 |
Freeport-McMoRan, Inc. | 488,786 | 4,799,878 |
FutureFuel Corp. | 8,300 | 102,339 |
GCP Applied Technologies, Inc. * | 19,258 | 397,870 |
Gold Resource Corp. | 19,195 | 84,074 |
Graphic Packaging Holding Co. | 101,329 | 1,586,812 |
Greif, Inc., Class A | 9,091 | 356,094 |
Greif, Inc., Class B | 2,000 | 94,060 |
H.B. Fuller Co. | 17,701 | 863,809 |
Hawkins, Inc. | 3,679 | 157,277 |
Haynes International, Inc. | 3,574 | 123,160 |
Hecla Mining Co. | 160,671 | 369,543 |
Huntsman Corp. | 67,829 | 1,501,056 |
Ingevity Corp. * | 13,947 | 1,174,477 |
Innophos Holdings, Inc. | 6,990 | 228,014 |
Innospec, Inc. | 7,808 | 713,339 |
International Flavors & Fragrances, Inc. | 35,787 | 4,366,372 |
International Paper Co. | 132,389 | 5,782,751 |
Intrepid Potash, Inc. * | 27,197 | 84,039 |
Kaiser Aluminum Corp. | 6,075 | 650,511 |
Security | Number of Shares | Value ($) |
Koppers Holdings, Inc. * | 8,533 | 273,909 |
Kraton Corp. * | 9,654 | 216,443 |
Kronos Worldwide, Inc. | 6,230 | 78,996 |
Linde plc | 182,361 | 36,171,304 |
Livent Corp. * | 47,698 | 327,208 |
Loop Industries, Inc. *(a) | 4,729 | 47,054 |
Louisiana-Pacific Corp. | 40,157 | 1,173,789 |
LSB Industries, Inc. * | 5,600 | 23,688 |
LyondellBasell Industries N.V., Class A | 87,268 | 7,827,940 |
Marrone Bio Innovations, Inc. * | 27,730 | 36,604 |
Martin Marietta Materials, Inc. | 21,039 | 5,510,324 |
Materion Corp. | 7,145 | 406,122 |
McEwen Mining, Inc. * | 126,062 | 210,524 |
Mercer International, Inc. | 14,607 | 178,205 |
Minerals Technologies, Inc. | 12,903 | 638,053 |
Myers Industries, Inc. | 14,310 | 242,268 |
Neenah, Inc. | 6,513 | 420,088 |
NewMarket Corp. | 2,461 | 1,194,791 |
Newmont Goldcorp Corp. | 277,398 | 11,021,023 |
Northern Technologies International Corp. | 3,248 | 40,535 |
Nucor Corp. | 103,702 | 5,584,353 |
Olin Corp. | 56,546 | 1,037,054 |
Olympic Steel, Inc. | 2,550 | 38,199 |
OMNOVA Solutions, Inc. * | 14,068 | 142,227 |
Owens-Illinois, Inc. | 50,995 | 433,457 |
P.H. Glatfelter Co. | 17,901 | 322,218 |
Packaging Corp. of America | 32,043 | 3,507,427 |
PolyOne Corp. | 25,918 | 830,672 |
PPG Industries, Inc. | 79,558 | 9,954,297 |
PQ Group Holdings, Inc. * | 17,505 | 288,307 |
Quaker Chemical Corp. | 4,376 | 669,003 |
Rayonier Advanced Materials, Inc. | 17,736 | 73,959 |
Reliance Steel & Aluminum Co. | 22,340 | 2,592,334 |
Resolute Forest Products, Inc. | 28,000 | 101,360 |
Royal Gold, Inc. | 22,694 | 2,619,795 |
RPM International, Inc. | 43,835 | 3,174,969 |
Ryerson Holding Corp. * | 4,659 | 40,487 |
Schnitzer Steel Industries, Inc., Class A | 9,050 | 193,127 |
Schweitzer-Mauduit International, Inc. | 10,032 | 406,196 |
Sealed Air Corp. | 51,349 | 2,144,848 |
Sensient Technologies Corp. | 14,680 | 918,381 |
Silgan Holdings, Inc. | 26,115 | 803,559 |
Sonoco Products Co. | 33,867 | 1,954,126 |
Steel Dynamics, Inc. | 74,842 | 2,272,203 |
Stepan Co. | 6,704 | 655,115 |
Summit Materials, Inc., Class A * | 39,293 | 900,988 |
SunCoke Energy, Inc. * | 29,816 | 157,727 |
Synalloy Corp. | 2,200 | 34,452 |
Tecnoglass, Inc. | 4,997 | 42,225 |
The Chemours Co. | 54,183 | 889,143 |
The Mosaic Co. | 123,021 | 2,445,657 |
The Scotts Miracle-Gro Co. | 12,913 | 1,296,336 |
The Sherwin-Williams Co. | 27,721 | 15,865,283 |
TimkenSteel Corp. * | 10,796 | 60,674 |
Trecora Resources * | 10,224 | 89,664 |
Tredegar Corp. | 8,263 | 164,268 |
Trinseo S.A. | 12,840 | 545,700 |
Tronox Holdings plc, Class A * | 28,746 | 244,054 |
UFP Technologies, Inc. * | 3,202 | 133,235 |
United States Lime & Minerals, Inc. | 1,011 | 89,473 |
United States Steel Corp.(a) | 59,379 | 683,452 |
Universal Stainless & Alloy Products, Inc. * | 1,800 | 24,156 |
US Concrete, Inc. * | 6,497 | 339,533 |
Valvoline, Inc. | 63,880 | 1,363,199 |
Venator Materials plc * | 13,280 | 32,802 |
Verso Corp., Class A * | 11,750 | 172,020 |
Security | Number of Shares | Value ($) |
Vulcan Materials Co. | 44,465 | 6,352,715 |
W.R. Grace & Co. | 18,620 | 1,237,299 |
Warrior Met Coal, Inc. | 18,646 | 363,224 |
Westlake Chemical Corp. | 11,447 | 723,336 |
WestRock Co. | 87,441 | 3,267,670 |
Worthington Industries, Inc. | 13,511 | 497,340 |
294,748,391 | ||
Media & Entertainment 7.5% | ||
Activision Blizzard, Inc. | 258,554 | 14,486,781 |
Alphabet, Inc., Class A * | 101,172 | 127,355,314 |
Alphabet, Inc., Class C * | 102,040 | 128,581,624 |
Altice USA, Inc., Class A * | 103,123 | 3,191,657 |
AMC Entertainment Holdings, Inc., Class A(a) | 22,090 | 206,983 |
AMC Networks, Inc., Class A * | 14,615 | 636,483 |
ANGI Homeservices, Inc., Class A *(a) | 22,425 | 153,611 |
Boston Omaha Corp., Class A * | 2,600 | 58,396 |
Cable One, Inc. | 1,674 | 2,218,669 |
Cardlytics, Inc. * | 5,907 | 247,562 |
Care.com, Inc. * | 12,196 | 142,449 |
Cargurus, Inc. * | 24,433 | 820,705 |
Cars.com, Inc. * | 19,198 | 217,129 |
CBS Corp., Class A | 2,103 | 84,015 |
CBS Corp., Class B - Non Voting Shares | 108,750 | 3,919,350 |
Central European Media Enterprises Ltd., Class A * | 43,184 | 193,680 |
Charter Communications, Inc., Class A * | 54,602 | 25,546,092 |
Cinemark Holdings, Inc. | 37,192 | 1,361,227 |
Clear Channel Outdoor Holdings, Inc. * | 120,149 | 279,947 |
Comcast Corp., Class A | 1,530,587 | 68,600,909 |
comScore, Inc. * | 18,690 | 43,174 |
Cumulus Media, Inc., Class A * | 6,971 | 95,433 |
Daily Journal Corp. *(a) | 427 | 119,991 |
DHI Group, Inc. * | 17,016 | 61,598 |
Discovery, Inc., Class A * | 53,351 | 1,438,076 |
Discovery, Inc., Class C * | 115,914 | 2,925,669 |
DISH Network Corp., Class A * | 81,910 | 2,816,066 |
Electronic Arts, Inc. * | 99,438 | 9,585,823 |
Emerald Expositions Events, Inc. | 7,527 | 73,162 |
Entercom Communications Corp., Class A | 36,599 | 127,365 |
Entravision Communications Corp., Class A | 23,831 | 67,680 |
Eventbrite, Inc., Class A * | 12,976 | 233,309 |
EverQuote, Inc., Class A * | 4,483 | 91,005 |
Facebook, Inc., Class A * | 812,722 | 155,758,171 |
Fluent, Inc. * | 13,431 | 31,294 |
Fox Corp., Class A | 119,464 | 3,827,627 |
Fox Corp., Class B * | 53,914 | 1,684,273 |
Gaia, Inc. * | 3,400 | 23,562 |
Gannett Co., Inc. | 39,315 | 426,568 |
Global Eagle Entertainment, Inc. * | 17,279 | 10,903 |
Glu Mobile, Inc. * | 32,800 | 194,504 |
Gray Television, Inc. * | 32,171 | 527,926 |
Hemisphere Media Group, Inc. * | 4,890 | 63,130 |
IAC/InterActiveCorp * | 24,332 | 5,529,447 |
IHeartMedia, Inc. *(a) | 20,035 | 287,302 |
John Wiley & Sons, Inc., Class A | 15,690 | 722,838 |
Lee Enterprises, Inc. * | 15,450 | 27,965 |
Liberty Broadband Corp., Class A * | 8,502 | 1,003,151 |
Liberty Broadband Corp., Class C * | 51,737 | 6,108,588 |
Liberty Global plc, Class A * | 54,654 | 1,374,548 |
Liberty Global plc, Class C * | 143,281 | 3,420,118 |
Liberty Latin America Ltd., Class A * | 14,389 | 268,930 |
Liberty Latin America Ltd., Class C * | 38,968 | 717,401 |
Security | Number of Shares | Value ($) |
Liberty Media Corp. - Liberty Braves, Class A * | 2,953 | 87,173 |
Liberty Media Corp. - Liberty Braves, Class C * | 10,998 | 323,451 |
Liberty Media Corp. - Liberty Formula One, Class A * | 8,605 | 347,900 |
Liberty Media Corp. - Liberty Formula One, Class C * | 70,986 | 3,016,905 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 28,055 | 1,259,950 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 51,810 | 2,341,294 |
Liberty TripAdvisor Holdings, Inc., Class A * | 24,773 | 239,059 |
Lions Gate Entertainment Corp., Class A * | 19,000 | 151,810 |
Lions Gate Entertainment Corp., Class B * | 34,368 | 257,416 |
Live Nation Entertainment, Inc. * | 46,640 | 3,288,120 |
LiveXLive Media, Inc. *(a) | 8,492 | 14,436 |
Loral Space & Communications, Inc. * | 3,815 | 152,562 |
Marchex, Inc., Class B * | 10,570 | 34,987 |
Match Group, Inc.(a) | 17,962 | 1,311,046 |
MDC Partners, Inc., Class A * | 38,263 | 119,763 |
Meredith Corp. | 14,298 | 539,035 |
MSG Networks, Inc., Class A * | 21,079 | 341,691 |
National CineMedia, Inc. | 18,547 | 155,702 |
Netflix, Inc. * | 148,108 | 42,567,720 |
New Media Investment Group, Inc.(a) | 19,939 | 175,663 |
News Corp., Class A | 127,807 | 1,752,234 |
News Corp., Class B | 41,136 | 580,840 |
Nexstar Media Group, Inc., Class A | 15,258 | 1,484,451 |
Omnicom Group, Inc. | 72,884 | 5,625,916 |
Pinterest, Inc. * | 29,303 | 736,677 |
QuinStreet, Inc. * | 14,714 | 188,781 |
Reading International, Inc., Class A * | 4,446 | 50,551 |
Roku, Inc. * | 28,982 | 4,266,150 |
Rosetta Stone, Inc. * | 8,648 | 165,696 |
Saga Communications, Inc., Class A | 1,496 | 45,134 |
Scholastic Corp. | 10,758 | 414,183 |
Sciplay Corp. * | 8,602 | 83,181 |
Sinclair Broadcast Group, Inc., Class A | 22,351 | 890,464 |
Sirius XM Holdings, Inc. | 460,706 | 3,095,944 |
Snap, Inc., Class A * | 259,917 | 3,914,350 |
Take-Two Interactive Software, Inc. * | 38,567 | 4,641,539 |
TechTarget, Inc. * | 9,109 | 222,260 |
TEGNA, Inc. | 73,530 | 1,105,156 |
The E.W. Scripps Co., Class A | 18,724 | 251,557 |
The Interpublic Group of Cos., Inc. | 128,534 | 2,795,615 |
The Madison Square Garden Co., Class A * | 5,804 | 1,549,204 |
The Marcus Corp. | 7,772 | 280,569 |
The Meet Group, Inc. * | 20,844 | 88,795 |
The New York Times Co., Class A | 48,572 | 1,500,875 |
The Walt Disney Co. | 607,952 | 78,985,124 |
Travelzoo * | 3,496 | 35,380 |
Tribune Publishing Co. | 7,731 | 69,270 |
TripAdvisor, Inc. * | 35,109 | 1,418,404 |
TrueCar, Inc. * | 24,896 | 81,659 |
Twitter, Inc. * | 262,762 | 7,874,977 |
Viacom, Inc., Class A | 2,300 | 54,947 |
Viacom, Inc., Class B | 121,894 | 2,628,035 |
WideOpenWest, Inc. * | 13,374 | 84,925 |
World Wrestling Entertainment, Inc., Class A | 15,955 | 894,118 |
Yelp, Inc. * | 21,122 | 728,920 |
Zillow Group, Inc., Class A * | 13,429 | 434,965 |
Security | Number of Shares | Value ($) |
Zillow Group, Inc., Class C * | 39,415 | 1,283,747 |
Zynga, Inc., Class A * | 316,820 | 1,954,779 |
766,974,235 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||
AbbVie, Inc. | 499,867 | 39,764,420 |
Abeona Therapeutics, Inc. * | 8,452 | 20,031 |
ACADIA Pharmaceuticals, Inc. * | 35,771 | 1,517,048 |
Accelerate Diagnostics, Inc. *(a) | 10,300 | 158,620 |
Acceleron Pharma, Inc. * | 16,020 | 718,817 |
AcelRx Pharmaceuticals, Inc. *(a) | 28,438 | 56,876 |
Acer Therapeutics, Inc. *(a) | 1,495 | 4,679 |
Achillion Pharmaceuticals, Inc. * | 42,273 | 270,970 |
Aclaris Therapeutics, Inc. * | 20,505 | 35,884 |
Acorda Therapeutics, Inc. * | 15,538 | 25,638 |
Actinium Pharmaceuticals, Inc. * | 80,219 | 20,015 |
Adamis Pharmaceuticals Corp. * | 16,516 | 13,378 |
Adaptive Biotechnologies Corp. * | 5,299 | 138,118 |
ADMA Biologics, Inc. * | 8,300 | 40,587 |
Adverum Biotechnologies, Inc. * | 19,753 | 143,604 |
Aeglea BioTherapeutics, Inc. * | 5,245 | 39,914 |
Aerie Pharmaceuticals, Inc. * | 12,866 | 285,497 |
Aerpio Pharmaceuticals, Inc. * | 12,835 | 6,803 |
Agenus, Inc. * | 38,795 | 100,479 |
AgeX Therapeutics, Inc. * | 10,645 | 16,606 |
Agilent Technologies, Inc. | 103,763 | 7,860,047 |
Agios Pharmaceuticals, Inc. * | 17,426 | 524,174 |
Aimmune Therapeutics, Inc. * | 15,127 | 420,833 |
Akcea Therapeutics, Inc. *(a) | 4,993 | 91,522 |
Akebia Therapeutics, Inc. * | 35,152 | 131,117 |
Akorn, Inc. * | 41,431 | 206,741 |
Albireo Pharma, Inc. * | 2,099 | 38,559 |
Aldeyra Therapeutics, Inc. * | 6,642 | 37,129 |
Alector, Inc. * | 11,206 | 188,709 |
Alexion Pharmaceuticals, Inc. * | 76,208 | 8,032,323 |
Alimera Sciences, Inc. * | 39,406 | 11,822 |
Alkermes plc * | 51,588 | 1,007,514 |
Allakos, Inc. * | 7,990 | 548,114 |
Allena Pharmaceuticals, Inc. * | 6,539 | 34,461 |
Allergan plc | 110,560 | 19,470,722 |
Allogene Therapeutics, Inc. * | 18,038 | 519,494 |
Alnylam Pharmaceuticals, Inc. * | 37,663 | 3,266,889 |
AMAG Pharmaceuticals, Inc. *(a) | 9,201 | 89,296 |
Amgen, Inc. | 202,635 | 43,211,914 |
Amicus Therapeutics, Inc. * | 82,209 | 693,022 |
Amneal Pharmaceuticals, Inc. * | 27,858 | 85,803 |
Amphastar Pharmaceuticals, Inc. * | 14,831 | 286,461 |
Ampio Pharmaceuticals, Inc. * | 73,284 | 27,034 |
AnaptysBio, Inc. * | 7,720 | 291,198 |
Anavex Life Sciences Corp. *(a) | 15,874 | 43,177 |
ANI Pharmaceuticals, Inc. * | 3,733 | 291,585 |
Anika Therapeutics, Inc. * | 4,606 | 324,216 |
Anixa Biosciences, Inc. *(a) | 9,149 | 35,407 |
Apellis Pharmaceuticals, Inc. * | 13,300 | 390,887 |
Aptinyx, Inc. * | 1,900 | 6,308 |
Arcus Biosciences, Inc. * | 14,488 | 113,731 |
Ardelyx, Inc. * | 12,366 | 61,830 |
Arena Pharmaceuticals, Inc. * | 17,164 | 836,144 |
ArQule, Inc. * | 34,889 | 352,728 |
Arrowhead Pharmaceuticals, Inc. * | 31,590 | 1,265,179 |
Arvinas Holding Co. LLC * | 2,500 | 51,650 |
Assembly Biosciences, Inc. * | 7,557 | 124,766 |
Assertio Therapeutics, Inc. * | 18,832 | 14,879 |
Atara Biotherapeutics, Inc. * | 21,018 | 229,517 |
Athenex, Inc. * | 13,114 | 144,779 |
Athersys, Inc. * | 44,000 | 56,320 |
Audentes Therapeutics, Inc. * | 16,406 | 441,321 |
Security | Number of Shares | Value ($) |
Avantor, Inc. * | 74,275 | 1,055,448 |
AVEO Pharmaceuticals, Inc. * | 28,629 | 25,852 |
Avid Bioservices, Inc. * | 24,181 | 129,368 |
Avrobio, Inc. * | 7,131 | 103,542 |
Axsome Therapeutics, Inc. * | 9,735 | 234,419 |
Bio-Rad Laboratories, Inc., Class A * | 7,219 | 2,393,965 |
Bio-Techne Corp. | 12,695 | 2,642,718 |
BioCryst Pharmaceuticals, Inc. * | 38,239 | 76,478 |
BioDelivery Sciences International, Inc. * | 37,494 | 216,715 |
Biogen, Inc. * | 62,396 | 18,638,309 |
Biohaven Pharmaceutical Holding Co., Ltd. * | 14,436 | 662,901 |
BioMarin Pharmaceutical, Inc. * | 60,923 | 4,460,173 |
BioSpecifics Technologies Corp. * | 1,514 | 73,323 |
Bluebird Bio, Inc. * | 19,068 | 1,544,508 |
Blueprint Medicines Corp. * | 16,608 | 1,143,295 |
BrainStorm Cell Therapeutics, Inc. *(a) | 11,287 | 40,972 |
Bridgebio Pharma, Inc. * | 7,785 | 176,019 |
Bristol-Myers Squibb Co. | 552,987 | 31,724,864 |
Bruker Corp. | 34,962 | 1,555,809 |
Calithera Biosciences, Inc. * | 9,145 | 26,338 |
Calyxt, Inc. * | 2,501 | 11,455 |
Cambrex Corp. * | 11,666 | 696,810 |
Cara Therapeutics, Inc. * | 15,339 | 318,438 |
CareDx, Inc. * | 12,115 | 317,534 |
CASI Pharmaceuticals, Inc. * | 1,522 | 4,992 |
Catalent, Inc. * | 49,866 | 2,425,981 |
Catalyst Biosciences, Inc. * | 5,715 | 31,090 |
Catalyst Pharmaceuticals, Inc. * | 28,204 | 133,405 |
CEL-SCI Corp. *(a) | 15,653 | 107,380 |
Celcuity, Inc. * | 2,500 | 39,375 |
Celgene Corp. * | 238,886 | 25,806,855 |
Celldex Therapeutics, Inc. * | 8,808 | 19,730 |
Cellular Biomedicine Group, Inc. * | 2,900 | 53,041 |
Cerecor, Inc. * | 5,381 | 18,511 |
Charles River Laboratories International, Inc. * | 17,042 | 2,215,119 |
ChemoCentryx, Inc. * | 11,922 | 102,529 |
Chiasma, Inc. * | 7,614 | 39,897 |
Chimerix, Inc. * | 15,000 | 21,450 |
ChromaDex Corp. *(a) | 12,690 | 36,674 |
Clovis Oncology, Inc. *(a) | 17,986 | 57,016 |
Codexis, Inc. * | 17,581 | 237,695 |
Cohbar, Inc. * | 14,681 | 29,509 |
Coherus Biosciences, Inc. * | 19,857 | 344,916 |
Collegium Pharmaceutical, Inc. * | 8,383 | 100,596 |
Concert Pharmaceuticals, Inc. * | 4,499 | 28,029 |
ContraFect Corp. * | 39,150 | 12,724 |
Corbus Pharmaceuticals Holdings, Inc. *(a) | 13,863 | 71,672 |
Corcept Therapeutics, Inc. * | 35,050 | 511,379 |
CorMedix, Inc. *(a) | 5,920 | 33,034 |
Cortexyme, Inc. *(a) | 1,589 | 33,004 |
Crinetics Pharmaceuticals, Inc. * | 1,700 | 29,937 |
Cue Biopharma, Inc. * | 6,911 | 59,296 |
Cyclerion Therapeutics, Inc. * | 5,131 | 12,263 |
Cymabay Therapeutics, Inc. * | 20,365 | 91,439 |
Cytokinetics, Inc. * | 22,346 | 260,331 |
CytomX Therapeutics, Inc. * | 15,748 | 96,535 |
Deciphera Pharmaceuticals, Inc. * | 5,487 | 243,294 |
Denali Therapeutics, Inc. * | 23,955 | 375,375 |
Dermira, Inc. * | 16,451 | 110,057 |
Dicerna Pharmaceuticals, Inc. * | 18,700 | 308,363 |
Dova Pharmaceuticals, Inc. * | 3,704 | 105,601 |
Durect Corp. * | 84,487 | 155,456 |
Dynavax Technologies Corp. *(a) | 27,027 | 137,567 |
Eagle Pharmaceuticals, Inc. * | 4,489 | 281,460 |
Editas Medicine, Inc. * | 16,810 | 350,320 |
Security | Number of Shares | Value ($) |
Eidos Therapeutics, Inc. *(a) | 2,511 | 121,783 |
Eiger BioPharmaceuticals, Inc. * | 4,600 | 50,140 |
Elanco Animal Health, Inc. * | 124,449 | 3,362,612 |
Eli Lilly & Co. | 287,344 | 32,742,849 |
Eloxx Pharmaceuticals, Inc. * | 6,055 | 36,875 |
Emergent BioSolutions, Inc. * | 14,639 | 836,765 |
Enanta Pharmaceuticals, Inc. * | 5,853 | 356,331 |
Endo International plc * | 64,200 | 294,678 |
Enochian Biosciences, Inc. *(a) | 7,176 | 40,903 |
Epizyme, Inc. * | 24,693 | 284,216 |
Esperion Therapeutics, Inc. * | 8,439 | 335,619 |
Evolus, Inc. *(a) | 3,116 | 49,700 |
Exact Sciences Corp. * | 44,612 | 3,881,244 |
Exelixis, Inc. * | 102,669 | 1,586,236 |
Exicure, Inc. *(a) | 38,626 | 100,814 |
EyePoint Pharmaceuticals, Inc. * | 14,600 | 32,996 |
Fate Therapeutics, Inc. * | 25,733 | 384,708 |
FibroGen, Inc. * | 26,724 | 1,046,245 |
Five Prime Therapeutics, Inc. * | 14,036 | 55,442 |
Flexion Therapeutics, Inc. * | 11,400 | 195,738 |
Fluidigm Corp. * | 20,340 | 100,073 |
Forty Seven, Inc. * | 11,566 | 79,921 |
G1 Therapeutics, Inc. * | 10,022 | 212,667 |
Galectin Therapeutics, Inc. * | 8,013 | 31,892 |
Genomic Health, Inc. * | 7,854 | 523,705 |
Geron Corp. *(a) | 62,177 | 88,913 |
Gilead Sciences, Inc. | 426,558 | 27,176,010 |
Global Blood Therapeutics, Inc. * | 19,895 | 953,965 |
GlycoMimetics, Inc. * | 11,422 | 60,308 |
Gossamer Bio, Inc. * | 14,096 | 290,025 |
Gritstone Oncology, Inc. * | 3,670 | 29,764 |
Halozyme Therapeutics, Inc. * | 41,819 | 640,667 |
Harpoon Therapeutics, Inc. * | 3,414 | 45,406 |
Harrow Health, Inc. * | 6,848 | 34,240 |
Harvard Bioscience, Inc. * | 7,316 | 20,485 |
Heron Therapeutics, Inc. * | 24,691 | 524,684 |
Homology Medicines, Inc. * | 10,003 | 131,339 |
Horizon Therapeutics plc * | 65,177 | 1,884,267 |
Idera Pharmaceuticals, Inc. * | 6,495 | 17,147 |
Illumina, Inc. * | 49,520 | 14,634,150 |
ImmunoGen, Inc. * | 46,115 | 109,754 |
Immunomedics, Inc. * | 55,414 | 886,624 |
Incyte Corp. * | 60,368 | 5,066,083 |
Infinity Pharmaceuticals, Inc. * | 29,948 | 31,146 |
Innoviva, Inc. * | 25,683 | 298,436 |
Inovio Pharmaceuticals, Inc. *(a) | 24,594 | 52,385 |
Insmed, Inc. * | 30,518 | 567,330 |
Intellia Therapeutics, Inc. * | 16,250 | 202,881 |
Intercept Pharmaceuticals, Inc. * | 8,482 | 617,320 |
Intersect ENT, Inc. * | 10,273 | 183,065 |
Intra-Cellular Therapies, Inc. * | 15,000 | 138,750 |
Intrexon Corp. *(a) | 19,807 | 100,620 |
Invitae Corp. * | 27,863 | 448,873 |
Ionis Pharmaceuticals, Inc. * | 43,150 | 2,404,318 |
Iovance Biotherapeutics, Inc. * | 36,756 | 776,654 |
IQVIA Holdings, Inc. * | 62,003 | 8,954,473 |
Ironwood Pharmaceuticals, Inc. * | 51,313 | 515,182 |
IVERIC bio, Inc. *(a) | 9,361 | 30,704 |
Jazz Pharmaceuticals plc * | 19,247 | 2,418,001 |
Johnson & Johnson | 891,019 | 117,650,149 |
Jounce Therapeutics, Inc. * | 8,460 | 30,583 |
Kadmon Holdings, Inc. * | 44,130 | 127,536 |
Kala Pharmaceuticals, Inc. * | 6,000 | 21,780 |
KalVista Pharmaceuticals, Inc. * | 3,000 | 31,800 |
Karyopharm Therapeutics, Inc. * | 23,352 | 273,218 |
Kezar Life Sciences, Inc. * | 2,720 | 8,840 |
Kindred Biosciences, Inc. * | 9,941 | 81,218 |
Kiniksa Pharmaceuticals Ltd., Class A * | 7,000 | 49,350 |
Security | Number of Shares | Value ($) |
Kodiak Sciences, Inc. * | 5,428 | 112,414 |
Krystal Biotech, Inc. * | 4,398 | 180,626 |
Kura Oncology, Inc. * | 15,348 | 229,913 |
La Jolla Pharmaceutical Co. * | 9,862 | 69,182 |
Lannett Co., Inc. * | 8,800 | 104,632 |
Lexicon Pharmaceuticals, Inc. *(a) | 18,214 | 67,574 |
Ligand Pharmaceuticals, Inc. * | 6,860 | 746,437 |
Liquidia Technologies, Inc. * | 2,763 | 12,102 |
Luminex Corp. | 12,900 | 264,385 |
MacroGenics, Inc. * | 21,007 | 178,559 |
Madrigal Pharmaceuticals, Inc. * | 2,520 | 232,924 |
Magenta Therapeutics, Inc. * | 7,928 | 82,530 |
Mallinckrodt plc *(a) | 25,602 | 80,902 |
MannKind Corp. *(a) | 76,925 | 100,387 |
Marinus Pharmaceuticals, Inc. * | 22,321 | 26,116 |
Marker Therapeutics, Inc. *(a) | 8,200 | 31,488 |
Matinas BioPharma Holdings, Inc. * | 35,096 | 31,586 |
MediciNova, Inc. *(a) | 10,435 | 84,106 |
Medpace Holdings, Inc. * | 9,670 | 712,002 |
MEI Pharma, Inc. * | 15,228 | 27,563 |
Merck & Co., Inc. | 864,827 | 74,945,908 |
Merrimack Pharmaceuticals, Inc. | 7,188 | 28,393 |
Mersana Therapeutics, Inc. * | 10,350 | 19,458 |
Mettler-Toledo International, Inc. * | 8,340 | 5,879,200 |
Minerva Neurosciences, Inc. * | 8,467 | 40,134 |
Mirati Therapeutics, Inc. * | 11,949 | 1,125,357 |
Moderna, Inc. * | 70,203 | 1,175,900 |
Molecular Templates, Inc. * | 8,381 | 70,903 |
Momenta Pharmaceuticals, Inc. * | 32,005 | 495,437 |
Mustang Bio, Inc. * | 12,479 | 33,069 |
Mylan N.V. * | 178,037 | 3,409,409 |
MyoKardia, Inc. * | 16,139 | 925,249 |
Myriad Genetics, Inc. * | 24,574 | 827,407 |
NanoString Technologies, Inc. * | 11,523 | 260,420 |
Natera, Inc. * | 20,558 | 791,894 |
Nektar Therapeutics * | 58,495 | 1,001,727 |
NeoGenomics, Inc. * | 35,075 | 804,270 |
Neoleukin Therapeutics, Inc. * | 6,825 | 20,338 |
Neos Therapeutics, Inc. * | 21,090 | 31,213 |
Neurocrine Biosciences, Inc. * | 30,951 | 3,079,315 |
NextCure, Inc. * | 2,706 | 67,650 |
Ocular Therapeutix, Inc. *(a) | 21,913 | 70,998 |
Odonate Therapeutics, Inc. * | 4,197 | 133,297 |
Omeros Corp. *(a) | 14,156 | 224,231 |
Oncocyte Corp. * | 9,386 | 15,956 |
OPKO Health, Inc. * | 126,764 | 180,005 |
Optinose, Inc. *(a) | 13,962 | 109,183 |
Organogenesis Holdings, Inc. *(a) | 6,071 | 42,558 |
Organovo Holdings, Inc. * | 33,744 | 10,228 |
Otonomy, Inc. * | 8,686 | 19,804 |
Pacific Biosciences of California, Inc. * | 47,700 | 230,868 |
Pacira BioSciences, Inc. * | 13,130 | 531,634 |
Palatin Technologies, Inc. * | 56,900 | 45,975 |
Paratek Pharmaceuticals, Inc. *(a) | 17,405 | 53,694 |
PDL BioPharma, Inc. * | 83,810 | 236,344 |
PerkinElmer, Inc. | 36,957 | 3,176,824 |
Perrigo Co., plc | 45,945 | 2,436,004 |
Pfenex, Inc. * | 8,600 | 79,292 |
Pfizer, Inc. | 1,867,433 | 71,653,404 |
PhaseBio Pharmaceuticals, Inc. * | 8,241 | 33,870 |
Phibro Animal Health Corp., Class A | 6,184 | 148,169 |
Pieris Pharmaceuticals, Inc. * | 19,437 | 64,336 |
PolarityTE, Inc. *(a) | 4,800 | 13,008 |
Portola Pharmaceuticals, Inc. * | 22,854 | 660,709 |
PRA Health Sciences, Inc. * | 21,009 | 2,052,789 |
Prestige Consumer Healthcare, Inc. * | 16,079 | 570,161 |
Principia Biopharma, Inc. * | 7,815 | 275,948 |
Progenics Pharmaceuticals, Inc. * | 22,368 | 118,774 |
Security | Number of Shares | Value ($) |
Protagonist Therapeutics, Inc. * | 4,920 | 66,174 |
Proteostasis Therapeutics, Inc. * | 7,700 | 6,391 |
Prothena Corp. plc * | 14,018 | 127,564 |
Provention Bio, Inc. *(a) | 8,170 | 53,023 |
PTC Therapeutics, Inc. * | 20,805 | 850,716 |
Puma Biotechnology, Inc. * | 12,061 | 82,015 |
Quanterix Corp. * | 4,871 | 101,560 |
Ra Pharmaceuticals, Inc. * | 12,677 | 596,706 |
Radius Health, Inc. * | 14,153 | 402,511 |
Reata Pharmaceuticals, Inc., Class A * | 8,042 | 1,657,295 |
Recro Pharma, Inc. * | 5,876 | 92,664 |
Regeneron Pharmaceuticals, Inc. * | 26,937 | 8,250,264 |
REGENXBIO, Inc. * | 10,013 | 357,364 |
Repligen Corp. * | 15,368 | 1,221,602 |
Replimune Group, Inc. * | 3,655 | 62,135 |
resTORbio, Inc. * | 5,465 | 39,621 |
Retrophin, Inc. * | 17,035 | 204,420 |
Revance Therapeutics, Inc. * | 17,210 | 269,509 |
Rhythm Pharmaceuticals, Inc. * | 14,084 | 300,271 |
Rigel Pharmaceuticals, Inc. * | 48,200 | 98,810 |
Rocket Pharmaceuticals, Inc. * | 10,739 | 156,145 |
Rubius Therapeutics, Inc. *(a) | 14,159 | 125,166 |
Sage Therapeutics, Inc. * | 17,507 | 2,374,825 |
Sangamo Therapeutics, Inc. * | 39,121 | 354,045 |
Sarepta Therapeutics, Inc. * | 24,245 | 2,013,790 |
Savara, Inc. * | 8,700 | 7,674 |
Scholar Rock Holding Corp. * | 7,746 | 71,650 |
Seattle Genetics, Inc. * | 38,346 | 4,118,360 |
Selecta Biosciences, Inc. * | 14,661 | 21,552 |
Seres Therapeutics, Inc. * | 26,451 | 92,578 |
Sesen Bio, Inc. * | 11,000 | 13,420 |
SIGA Technologies, Inc. * | 12,274 | 68,121 |
Sorrento Therapeutics, Inc. *(a) | 31,000 | 47,120 |
Spark Therapeutics, Inc. * | 12,162 | 1,327,726 |
Spectrum Pharmaceuticals, Inc. * | 35,369 | 274,463 |
Spero Therapeutics, Inc. * | 3,823 | 41,938 |
Spring Bank Pharmaceuticals, Inc. * | 3,900 | 11,583 |
Stemline Therapeutics, Inc. * | 19,996 | 199,960 |
Stoke Therapeutics, Inc. * | 3,770 | 106,842 |
Supernus Pharmaceuticals, Inc. * | 16,821 | 467,456 |
Syndax Pharmaceuticals, Inc. * | 8,335 | 56,011 |
Syneos Health, Inc. * | 21,529 | 1,079,679 |
Synlogic, Inc. * | 4,700 | 10,058 |
Synthorx, Inc. * | 3,342 | 45,919 |
Syros Pharmaceuticals, Inc. * | 8,677 | 44,903 |
T2 Biosystems, Inc. *(a) | 9,688 | 23,736 |
TCR2 Therapeutics, Inc. * | 5,730 | 71,224 |
Teligent, Inc. * | 12,899 | 8,113 |
TG Therapeutics, Inc. * | 20,100 | 137,283 |
The Medicines Co. * | 25,258 | 1,325,792 |
TherapeuticsMD, Inc. *(a) | 66,164 | 175,996 |
Theravance Biopharma, Inc. * | 13,214 | 213,010 |
Thermo Fisher Scientific, Inc. | 135,411 | 40,891,414 |
Tocagen, Inc. * | 5,300 | 3,342 |
Translate Bio, Inc. * | 12,674 | 115,904 |
Trevena, Inc. * | 31,860 | 30,586 |
Tricida, Inc. * | 9,420 | 352,402 |
Turning Point Therapeutics, Inc. * | 6,021 | 230,966 |
Twist Bioscience Corp. * | 7,295 | 173,767 |
Tyme Technologies, Inc. *(a) | 21,100 | 28,063 |
Ultragenyx Pharmaceutical, Inc. * | 18,883 | 757,964 |
United Therapeutics Corp. * | 14,277 | 1,282,646 |
UNITY Biotechnology, Inc. * | 12,594 | 78,587 |
Urovant Sciences Ltd. *(a) | 3,443 | 32,846 |
Vanda Pharmaceuticals, Inc. * | 15,429 | 208,446 |
VBI Vaccines, Inc. * | 26,272 | 15,369 |
Veracyte, Inc. * | 16,005 | 366,995 |
Vericel Corp. * | 16,052 | 254,745 |
Security | Number of Shares | Value ($) |
Verrica Pharmaceuticals, Inc. * | 7,095 | 95,924 |
Vertex Pharmaceuticals, Inc. * | 87,320 | 17,069,314 |
Viking Therapeutics, Inc. *(a) | 27,321 | 176,767 |
Voyager Therapeutics, Inc. * | 7,809 | 120,180 |
Waters Corp. * | 22,391 | 4,738,383 |
WaVe Life Sciences Ltd. * | 6,065 | 153,384 |
X4 Pharmaceuticals, Inc. * | 6,559 | 80,348 |
XBiotech, Inc. *(a) | 6,000 | 65,220 |
Xencor, Inc. * | 16,064 | 549,549 |
Xeris Pharmaceuticals, Inc. * | 12,101 | 98,986 |
XOMA Corp. *(a) | 3,029 | 58,429 |
Y-mAbs Therapeutics, Inc. * | 3,055 | 95,163 |
ZIOPHARM Oncology, Inc. *(a) | 53,154 | 224,310 |
Zoetis, Inc. | 161,141 | 20,613,157 |
Zogenix, Inc. * | 13,052 | 582,772 |
Zynerba Pharmaceuticals, Inc. *(a) | 9,398 | 72,928 |
775,133,802 | ||
Real Estate 4.2% | ||
Acadia Realty Trust | 30,302 | 847,850 |
Agree Realty Corp. | 13,966 | 1,100,102 |
Alexander & Baldwin, Inc. | 25,298 | 594,756 |
Alexander's, Inc. | 799 | 275,975 |
Alexandria Real Estate Equities, Inc. | 37,887 | 6,014,561 |
Altisource Portfolio Solutions S.A. * | 3,227 | 57,441 |
American Assets Trust, Inc. | 15,636 | 765,539 |
American Campus Communities, Inc. | 46,902 | 2,344,162 |
American Finance Trust, Inc. | 38,891 | 575,587 |
American Homes 4 Rent, Class A | 84,262 | 2,230,415 |
American Tower Corp. | 149,522 | 32,607,758 |
Americold Realty Trust | 63,966 | 2,564,397 |
Apartment Investment & Management Co., Class A | 49,579 | 2,720,896 |
Apple Hospitality REIT, Inc. | 68,202 | 1,123,969 |
Armada Hoffler Properties, Inc. | 16,153 | 302,707 |
Ashford Hospitality Trust, Inc. | 26,337 | 71,900 |
AvalonBay Communities, Inc. | 47,022 | 10,234,809 |
Bluerock Residential Growth REIT, Inc. | 7,000 | 84,140 |
Boston Properties, Inc. | 48,291 | 6,625,525 |
Braemar Hotels & Resorts, Inc. | 9,906 | 91,432 |
Brandywine Realty Trust | 56,616 | 865,092 |
Brixmor Property Group, Inc. | 99,589 | 2,192,950 |
BRT Apartments Corp. | 3,343 | 55,828 |
Camden Property Trust | 32,638 | 3,732,808 |
CareTrust REIT, Inc. | 33,592 | 814,270 |
CatchMark Timber Trust, Inc., Class A | 18,210 | 208,869 |
CBL & Associates Properties, Inc. | 72,502 | 104,403 |
CBRE Group, Inc., Class A * | 112,839 | 6,042,528 |
Cedar Realty Trust, Inc. | 24,073 | 80,404 |
Chatham Lodging Trust | 15,396 | 277,898 |
City Office REIT, Inc. | 14,341 | 194,177 |
Clipper Realty, Inc. | 4,400 | 42,416 |
Colony Capital, Inc. | 172,207 | 964,359 |
Columbia Property Trust, Inc. | 41,944 | 860,691 |
Community Healthcare Trust, Inc. | 5,328 | 257,982 |
Consolidated-Tomoka Land Co. | 2,000 | 127,940 |
CoreCivic, Inc. | 39,234 | 598,711 |
CorEnergy Infrastructure Trust, Inc. | 3,676 | 177,073 |
CorePoint Lodging, Inc. | 11,164 | 109,965 |
CoreSite Realty Corp. | 12,735 | 1,496,363 |
Corporate Office Properties Trust | 36,405 | 1,079,044 |
Cousins Properties, Inc. | 49,980 | 2,005,697 |
Crown Castle International Corp. | 140,585 | 19,511,792 |
CubeSmart | 63,765 | 2,021,351 |
CyrusOne, Inc. | 38,670 | 2,756,398 |
DiamondRock Hospitality Co. | 64,994 | 648,640 |
Digital Realty Trust, Inc. | 70,680 | 8,979,187 |
Security | Number of Shares | Value ($) |
Douglas Emmett, Inc. | 54,925 | 2,379,351 |
Duke Realty Corp. | 122,583 | 4,307,567 |
Easterly Government Properties, Inc. | 26,264 | 586,212 |
EastGroup Properties, Inc. | 12,483 | 1,672,098 |
Empire State Realty Trust, Inc., Class A | 51,702 | 748,128 |
EPR Properties | 25,895 | 2,014,372 |
Equinix, Inc. | 28,697 | 16,264,886 |
Equity Commonwealth | 40,393 | 1,299,847 |
Equity LifeStyle Properties, Inc. | 61,318 | 4,288,581 |
Equity Residential | 117,002 | 10,373,397 |
Essential Properties Realty Trust, Inc. | 27,249 | 699,209 |
Essex Property Trust, Inc. | 22,209 | 7,265,230 |
eXp World Holdings, Inc. *(a) | 10,600 | 95,082 |
Extra Space Storage, Inc. | 43,087 | 4,837,377 |
Farmland Partners, Inc.(a) | 14,823 | 99,314 |
Federal Realty Investment Trust | 23,552 | 3,203,308 |
First Industrial Realty Trust, Inc. | 41,020 | 1,727,352 |
Forestar Group, Inc. * | 8,763 | 164,569 |
Four Corners Property Trust, Inc. | 23,222 | 665,310 |
Franklin Street Properties Corp. | 34,230 | 294,378 |
Front Yard Residential Corp. | 16,297 | 201,594 |
FRP Holdings, Inc. * | 2,400 | 124,272 |
Gaming & Leisure Properties, Inc. | 69,537 | 2,806,513 |
Getty Realty Corp. | 10,767 | 361,125 |
Gladstone Commercial Corp. | 10,000 | 235,600 |
Gladstone Land Corp. | 4,200 | 50,232 |
Global Medical REIT, Inc. | 15,239 | 184,392 |
Global Net Lease, Inc. | 25,740 | 501,415 |
Griffin Industrial Realty, Inc. | 1,332 | 52,454 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 22,350 | 667,371 |
HCP, Inc. | 165,464 | 6,224,756 |
Healthcare Realty Trust, Inc. | 44,672 | 1,553,245 |
Healthcare Trust of America, Inc., Class A | 70,224 | 2,176,944 |
Hersha Hospitality Trust | 12,806 | 176,723 |
Highwoods Properties, Inc. | 34,596 | 1,619,093 |
Host Hotels & Resorts, Inc. | 243,318 | 3,987,982 |
Hudson Pacific Properties, Inc. | 54,728 | 1,965,830 |
Independence Realty Trust, Inc. | 29,685 | 457,149 |
Industrial Logistics Properties Trust | 24,598 | 522,462 |
Innovative Industrial Properties, Inc.(a) | 3,735 | 283,860 |
Investors Real Estate Trust | 3,746 | 283,460 |
Invitation Homes, Inc. | 160,026 | 4,927,201 |
Iron Mountain, Inc. | 99,106 | 3,250,677 |
iStar, Inc. | 19,869 | 258,496 |
JBG SMITH Properties | 39,120 | 1,574,971 |
Jernigan Capital, Inc. | 8,486 | 161,149 |
Jones Lang LaSalle, Inc. | 16,913 | 2,478,093 |
Kennedy-Wilson Holdings, Inc. | 41,765 | 961,013 |
Kilroy Realty Corp. | 30,793 | 2,584,456 |
Kimco Realty Corp. | 143,218 | 3,087,780 |
Kite Realty Group Trust | 25,983 | 463,017 |
Lamar Advertising Co., Class A | 28,722 | 2,298,047 |
Lexington Realty Trust | 84,044 | 914,399 |
Liberty Property Trust | 52,143 | 3,080,087 |
Life Storage, Inc. | 15,690 | 1,708,955 |
LTC Properties, Inc. | 12,155 | 630,237 |
Mack-Cali Realty Corp. | 32,057 | 686,661 |
Marcus & Millichap, Inc. * | 8,253 | 294,797 |
Maui Land & Pineapple Co., Inc. * | 3,129 | 32,197 |
Medical Properties Trust, Inc. | 152,835 | 3,168,270 |
Mid-America Apartment Communities, Inc. | 38,619 | 5,367,655 |
Monmouth Real Estate Investment Corp. | 32,076 | 483,706 |
National Health Investors, Inc. | 15,304 | 1,312,930 |
National Retail Properties, Inc. | 58,608 | 3,452,597 |
National Storage Affiliates Trust | 19,731 | 674,208 |
Security | Number of Shares | Value ($) |
New Century Financial Corp. *(c) | 3,600 | — |
New Senior Investment Group, Inc. | 31,775 | 223,696 |
Newmark Group, Inc., Class A | 51,828 | 550,413 |
NexPoint Residential Trust, Inc. | 8,829 | 430,590 |
Office Properties Income Trust | 15,045 | 479,635 |
Omega Healthcare Investors, Inc. | 73,328 | 3,229,365 |
One Liberty Properties, Inc. | 6,071 | 172,477 |
Outfront Media, Inc. | 49,316 | 1,297,504 |
Paramount Group, Inc. | 68,880 | 927,814 |
Park Hotels & Resorts, Inc. | 80,018 | 1,860,419 |
Pebblebrook Hotel Trust | 43,324 | 1,113,860 |
Pennsylvania Real Estate Investment Trust(a) | 18,917 | 104,422 |
Physicians Realty Trust | 61,530 | 1,148,765 |
Piedmont Office Realty Trust, Inc., Class A | 45,430 | 1,019,449 |
Plymouth Industrial REIT, Inc. | 2,889 | 54,487 |
PotlatchDeltic Corp. | 24,056 | 1,021,658 |
Preferred Apartment Communities, Inc., Class A | 15,145 | 216,876 |
Prologis, Inc. | 213,332 | 18,722,016 |
PS Business Parks, Inc. | 6,633 | 1,197,588 |
Public Storage | 50,831 | 11,328,197 |
QTS Realty Trust, Inc., Class A | 20,188 | 1,081,875 |
Rafael Holdings, Inc., Class B * | 3,200 | 55,584 |
Rayonier, Inc. | 44,038 | 1,188,145 |
RE/MAX Holdings, Inc., Class A | 6,136 | 205,249 |
Realogy Holdings Corp.(a) | 39,454 | 310,898 |
Realty Income Corp. | 106,881 | 8,741,797 |
Redfin Corp. * | 29,547 | 513,822 |
Regency Centers Corp. | 56,115 | 3,773,173 |
Retail Opportunity Investments Corp. | 40,733 | 760,281 |
Retail Properties of America, Inc., Class A | 70,408 | 968,814 |
Retail Value, Inc. | 4,749 | 173,861 |
Rexford Industrial Realty, Inc. | 37,111 | 1,784,668 |
RLJ Lodging Trust | 59,027 | 968,633 |
RPT Realty | 25,122 | 364,269 |
Ryman Hospitality Properties, Inc. | 17,318 | 1,457,656 |
Sabra Health Care REIT, Inc. | 62,473 | 1,536,836 |
Safehold, Inc. | 2,548 | 88,110 |
Saul Centers, Inc. | 4,700 | 251,638 |
SBA Communications Corp. | 38,457 | 9,254,677 |
Senior Housing Properties Trust | 84,248 | 836,161 |
Seritage Growth Properties, Class A | 12,504 | 543,799 |
Service Properties Trust | 55,854 | 1,413,106 |
Simon Property Group, Inc. | 103,918 | 15,658,364 |
SITE Centers Corp. | 46,256 | 718,356 |
SL Green Realty Corp. | 28,083 | 2,347,739 |
Sotherly Hotels, Inc. | 6,858 | 44,166 |
Spirit Realty Capital, Inc. | 30,793 | 1,534,723 |
STAG Industrial, Inc. | 40,540 | 1,258,362 |
STORE Capital Corp. | 72,256 | 2,926,368 |
Stratus Properties, Inc. * | 3,398 | 93,717 |
Summit Hotel Properties, Inc. | 33,342 | 408,773 |
Sun Communities, Inc. | 30,410 | 4,946,186 |
Sunstone Hotel Investors, Inc. | 72,757 | 982,947 |
Tanger Factory Outlet Centers, Inc.(a) | 34,601 | 557,768 |
Taubman Centers, Inc. | 21,237 | 759,860 |
Tejon Ranch Co. * | 8,332 | 133,979 |
Terreno Realty Corp. | 22,206 | 1,252,640 |
The GEO Group, Inc. | 39,008 | 593,702 |
The Howard Hughes Corp. * | 14,321 | 1,601,374 |
The Macerich Co. | 38,110 | 1,048,025 |
The RMR Group, Inc., Class A | 5,078 | 245,775 |
The St. Joe Co. * | 12,244 | 227,126 |
Transcontinental Realty Investors, Inc. * | 1,319 | 41,601 |
Trinity Place Holdings, Inc. * | 12,207 | 48,584 |
Security | Number of Shares | Value ($) |
UDR, Inc. | 97,862 | 4,917,565 |
UMH Properties, Inc. | 10,800 | 161,244 |
Uniti Group, Inc. | 70,885 | 490,524 |
Universal Health Realty Income Trust | 4,004 | 477,397 |
Urban Edge Properties | 39,017 | 823,649 |
Urstadt Biddle Properties, Inc., Class A | 9,781 | 237,972 |
Ventas, Inc. | 125,224 | 8,152,082 |
VEREIT, Inc. | 354,631 | 3,489,569 |
VICI Properties, Inc. | 155,390 | 3,659,434 |
Vornado Realty Trust | 52,977 | 3,476,881 |
Washington Prime Group, Inc.(a) | 74,197 | 313,111 |
Washington Real Estate Investment Trust | 29,116 | 903,178 |
Weingarten Realty Investors | 39,698 | 1,259,618 |
Welltower, Inc. | 137,323 | 12,453,823 |
Weyerhaeuser Co. | 253,160 | 7,394,804 |
Whitestone REIT | 10,368 | 147,640 |
WP Carey, Inc. | 58,254 | 5,362,863 |
Xenia Hotels & Resorts, Inc. | 39,629 | 834,190 |
432,072,358 | ||
Retailing 5.9% | ||
1-800-Flowers.com, Inc., Class A * | 7,004 | 99,877 |
Aaron's, Inc. | 22,333 | 1,673,412 |
Abercrombie & Fitch Co., Class A | 21,254 | 344,102 |
Advance Auto Parts, Inc. | 24,287 | 3,946,152 |
Amazon.com, Inc. * | 140,295 | 249,256,515 |
America's Car-Mart, Inc. * | 2,683 | 244,126 |
American Eagle Outfitters, Inc. | 53,009 | 815,278 |
Asbury Automotive Group, Inc. * | 6,190 | 638,375 |
Ascena Retail Group, Inc. * | 50,000 | 17,610 |
At Home Group, Inc. * | 19,985 | 170,272 |
AutoNation, Inc. * | 20,397 | 1,037,187 |
AutoZone, Inc. * | 8,290 | 9,486,910 |
Barnes & Noble Education, Inc. * | 22,732 | 93,429 |
Bed Bath & Beyond, Inc.(a) | 44,734 | 612,856 |
Best Buy Co., Inc. | 78,908 | 5,667,962 |
Big 5 Sporting Goods Corp.(a) | 12,274 | 39,277 |
Big Lots, Inc. | 12,897 | 279,478 |
Blue Apron Holdings, Inc. *(a) | 3,119 | 22,332 |
Booking Holdings, Inc. * | 14,371 | 29,442,874 |
Boot Barn Holdings, Inc. * | 8,400 | 294,420 |
Build-A-Bear Workshop, Inc. * | 6,224 | 21,660 |
Burlington Stores, Inc. * | 22,357 | 4,296,345 |
Caleres, Inc. | 13,090 | 281,697 |
Camping World Holdings, Inc., Class A(a) | 12,348 | 116,689 |
CarMax, Inc. * | 55,280 | 5,150,438 |
Carvana Co. * | 16,728 | 1,356,306 |
Chewy, Inc. *(a) | 19,040 | 469,717 |
Chico's FAS, Inc. | 43,544 | 149,791 |
Citi Trends, Inc. | 3,906 | 69,722 |
Conn's, Inc. * | 7,143 | 172,789 |
Core-Mark Holding Co., Inc. | 15,301 | 466,987 |
Designer Brands, Inc. | 21,162 | 349,173 |
Destination XL Group, Inc. * | 18,114 | 26,265 |
Dick's Sporting Goods, Inc. | 21,411 | 833,530 |
Dillard's, Inc., Class A(a) | 3,769 | 259,986 |
Dollar General Corp. | 86,627 | 13,889,773 |
Dollar Tree, Inc. * | 80,164 | 8,850,106 |
Duluth Holdings, Inc., Class B * | 2,900 | 26,796 |
eBay, Inc. | 267,527 | 9,430,327 |
Etsy, Inc. * | 41,712 | 1,855,767 |
Expedia Group, Inc. | 47,483 | 6,489,027 |
Express, Inc. * | 20,816 | 67,028 |
Five Below, Inc. * | 18,549 | 2,320,665 |
Floor & Decor Holdings, Inc., Class A * | 23,257 | 1,065,868 |
Foot Locker, Inc. | 37,189 | 1,618,093 |
Security | Number of Shares | Value ($) |
Funko, Inc., Class A * | 7,067 | 127,206 |
GameStop Corp., Class A(a) | 31,567 | 171,724 |
Genesco, Inc. * | 5,704 | 221,600 |
Genuine Parts Co. | 49,303 | 5,057,502 |
GNC Holdings, Inc., Class A *(a) | 36,061 | 95,201 |
Group 1 Automotive, Inc. | 5,612 | 558,057 |
Groupon, Inc. * | 143,303 | 398,382 |
GrubHub, Inc. * | 30,435 | 1,036,616 |
Guess?, Inc. | 15,095 | 252,841 |
Haverty Furniture Cos., Inc. | 5,712 | 103,616 |
Hibbett Sports, Inc. * | 5,715 | 136,360 |
J. Jill, Inc.(a) | 6,408 | 11,086 |
J.C. Penney Co., Inc. * | 104,289 | 104,289 |
Kirkland's, Inc. * | 5,229 | 8,262 |
Kohl's Corp. | 52,824 | 2,707,758 |
L Brands, Inc. | 78,262 | 1,333,584 |
Lands' End, Inc. * | 5,100 | 61,557 |
Liquidity Services, Inc. * | 10,485 | 68,048 |
Lithia Motors, Inc., Class A | 7,756 | 1,221,415 |
LKQ Corp. * | 105,959 | 3,601,546 |
Lowe's Cos., Inc. | 260,702 | 29,096,950 |
Lumber Liquidators Holdings, Inc. * | 7,615 | 70,286 |
Macy's, Inc. | 103,028 | 1,561,904 |
MarineMax, Inc. * | 6,661 | 102,912 |
Monro, Inc. | 11,231 | 787,405 |
Murphy USA, Inc. * | 10,535 | 1,242,393 |
National Vision Holdings, Inc. * | 26,191 | 623,346 |
Nordstrom, Inc. | 37,424 | 1,343,522 |
O'Reilly Automotive, Inc. * | 25,826 | 11,247,481 |
Office Depot, Inc. | 201,581 | 415,257 |
Ollie's Bargain Outlet Holdings, Inc. * | 17,761 | 1,134,573 |
Overstock.com, Inc. * | 11,102 | 116,904 |
Party City Holdco, Inc. * | 16,146 | 90,741 |
Penske Automotive Group, Inc. | 12,486 | 608,318 |
PetMed Express, Inc.(a) | 5,544 | 129,813 |
Pier 1 Imports, Inc. * | 1,811 | 10,196 |
Pool Corp. | 13,486 | 2,796,996 |
Quotient Technology, Inc. * | 23,785 | 204,789 |
Qurate Retail, Inc. Class A * | 133,197 | 1,270,699 |
Remark Holdings, Inc. * | 14,578 | 10,496 |
Rent-A-Center, Inc. | 18,166 | 469,954 |
Revolve Group, Inc. *(a) | 5,247 | 108,928 |
RH * | 5,262 | 956,105 |
Ross Stores, Inc. | 123,378 | 13,530,865 |
RTW RetailWinds, Inc. * | 15,491 | 22,927 |
Sally Beauty Holdings, Inc. * | 38,688 | 599,664 |
Shoe Carnival, Inc. | 4,036 | 133,955 |
Shutterstock, Inc. * | 6,548 | 265,718 |
Signet Jewelers Ltd. | 17,080 | 273,963 |
Sleep Number Corp. * | 10,441 | 502,421 |
Sonic Automotive, Inc., Class A | 7,037 | 226,802 |
Sportsman's Warehouse Holdings, Inc. * | 10,300 | 70,143 |
Stamps.com, Inc. * | 5,751 | 485,557 |
Stitch Fix, Inc., Class A * | 7,900 | 180,594 |
Tailored Brands, Inc.(a) | 15,557 | 72,184 |
Target Corp. | 172,686 | 18,461,860 |
The Buckle, Inc. | 7,969 | 166,711 |
The Cato Corp., Class A | 7,100 | 124,179 |
The Children's Place, Inc. | 5,680 | 465,249 |
The Container Store Group, Inc. * | 6,755 | 28,506 |
The Gap, Inc. | 70,685 | 1,149,338 |
The Home Depot, Inc. | 369,415 | 86,657,371 |
The Michaels Cos., Inc. * | 23,490 | 205,068 |
The RealReal Inc *(a) | 6,281 | 145,154 |
The Rubicon Project, Inc. * | 13,000 | 110,500 |
The TJX Cos., Inc. | 408,209 | 23,533,249 |
Tiffany & Co. | 37,129 | 4,622,932 |
Tile Shop Holdings, Inc. | 13,900 | 23,352 |
Security | Number of Shares | Value ($) |
Tilly's, Inc., Class A | 8,425 | 86,440 |
Tractor Supply Co. | 40,833 | 3,879,952 |
Tuesday Morning Corp. * | 19,035 | 25,888 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 19,700 | 4,593,055 |
Urban Outfitters, Inc. * | 22,644 | 649,883 |
Waitr Holdings, Inc. *(a) | 19,879 | 8,643 |
Wayfair, Inc., Class A * | 21,468 | 1,765,314 |
Weyco Group, Inc. | 3,066 | 75,638 |
Williams-Sonoma, Inc. | 26,805 | 1,790,306 |
Winmark Corp. | 768 | 138,240 |
Zumiez, Inc. * | 8,343 | 266,225 |
600,831,453 | ||
Semiconductors & Semiconductor Equipment 3.9% | ||
ACM Research, Inc., Class A * | 3,856 | 48,547 |
Adesto Technologies Corp. * | 7,400 | 67,784 |
Advanced Energy Industries, Inc. * | 12,244 | 723,620 |
Advanced Micro Devices, Inc. * | 365,571 | 12,403,824 |
Alpha & Omega Semiconductor Ltd. * | 6,543 | 85,452 |
Ambarella, Inc. * | 10,609 | 558,352 |
Amkor Technology, Inc. * | 33,795 | 420,072 |
Analog Devices, Inc. | 125,698 | 13,403,178 |
Applied Materials, Inc. | 312,984 | 16,982,512 |
Axcelis Technologies, Inc. * | 11,082 | 212,442 |
AXT, Inc. * | 23,470 | 73,226 |
Broadcom, Inc. | 134,617 | 39,422,588 |
Brooks Automation, Inc. | 23,744 | 1,008,408 |
Cabot Microelectronics Corp. | 9,760 | 1,474,931 |
CEVA, Inc. * | 9,239 | 251,486 |
Cirrus Logic, Inc. * | 18,917 | 1,285,599 |
Cohu, Inc. | 12,667 | 210,526 |
Cree, Inc. * | 35,436 | 1,691,360 |
CyberOptics Corp. * | 2,095 | 38,506 |
Cypress Semiconductor Corp. | 124,915 | 2,906,772 |
Diodes, Inc. * | 15,037 | 701,476 |
DSP Group, Inc. * | 6,300 | 93,933 |
Enphase Energy, Inc. *(a) | 25,967 | 504,539 |
Entegris, Inc. | 47,011 | 2,256,528 |
Everspin Technologies, Inc. * | 5,399 | 31,584 |
First Solar, Inc. * | 25,270 | 1,308,733 |
FormFactor, Inc. * | 27,482 | 599,932 |
GSI Technology, Inc. * | 8,500 | 66,470 |
Ichor Holdings Ltd. * | 8,793 | 255,964 |
Impinj, Inc. * | 5,438 | 178,883 |
Inphi Corp. * | 15,346 | 1,103,071 |
Intel Corp. | 1,495,417 | 84,535,923 |
inTEST Corp. * | 4,258 | 20,438 |
KLA Corp. | 53,706 | 9,078,462 |
Kopin Corp. * | 19,600 | 10,917 |
Kulicke & Soffa Industries, Inc. | 20,470 | 486,060 |
Lam Research Corp. | 48,649 | 13,185,825 |
Lattice Semiconductor Corp. * | 43,433 | 850,853 |
MACOM Technology Solutions Holdings, Inc. * | 16,799 | 382,009 |
Marvell Technology Group Ltd. | 221,370 | 5,399,214 |
Maxim Integrated Products, Inc. | 90,591 | 5,314,068 |
MaxLinear, Inc. * | 20,732 | 393,079 |
Microchip Technology, Inc. | 80,647 | 7,604,208 |
Micron Technology, Inc. * | 373,603 | 17,764,823 |
MKS Instruments, Inc. | 18,138 | 1,962,894 |
Monolithic Power Systems, Inc. | 13,712 | 2,055,703 |
NeoPhotonics Corp. * | 20,928 | 137,706 |
NVE Corp. | 1,664 | 103,584 |
NVIDIA Corp. | 205,823 | 41,374,540 |
ON Semiconductor Corp. * | 136,526 | 2,785,130 |
Onto Innovation, Inc. * | 15,214 | 489,891 |
PDF Solutions, Inc. * | 9,699 | 156,736 |
Security | Number of Shares | Value ($) |
Photronics, Inc. * | 20,293 | 239,457 |
Pixelworks, Inc. * | 8,973 | 34,905 |
Power Integrations, Inc. | 9,512 | 866,638 |
Qorvo, Inc. * | 40,035 | 3,237,230 |
QUALCOMM, Inc. | 410,780 | 33,043,143 |
QuickLogic Corp. * | 61,286 | 22,167 |
Rambus, Inc. * | 42,063 | 582,362 |
Semtech Corp. * | 22,349 | 1,127,731 |
Silicon Laboratories, Inc. * | 14,888 | 1,581,701 |
Skyworks Solutions, Inc. | 57,501 | 5,236,041 |
SMART Global Holdings, Inc. * | 3,678 | 109,237 |
SolarEdge Technologies, Inc. * | 16,645 | 1,414,159 |
SunPower Corp. * | 22,805 | 199,772 |
Synaptics, Inc. * | 10,518 | 442,913 |
Teradyne, Inc. | 56,736 | 3,473,378 |
Texas Instruments, Inc. | 314,988 | 37,165,434 |
Ultra Clean Holdings, Inc. * | 13,767 | 294,201 |
Universal Display Corp. | 14,270 | 2,856,569 |
Veeco Instruments, Inc. * | 22,345 | 304,786 |
Xilinx, Inc. | 84,877 | 7,701,739 |
Xperi Corp. | 19,230 | 390,465 |
394,786,389 | ||
Software & Services 12.1% | ||
2U, Inc. * | 20,000 | 358,500 |
8x8, Inc. * | 35,704 | 689,801 |
A10 Networks, Inc. * | 15,072 | 111,985 |
Accenture plc, Class A | 214,620 | 39,794,840 |
ACI Worldwide, Inc. * | 40,243 | 1,263,228 |
Adobe, Inc. * | 164,312 | 45,667,234 |
Agilysys, Inc. * | 8,873 | 223,511 |
Akamai Technologies, Inc. * | 56,257 | 4,866,231 |
Alarm.com Holdings, Inc. * | 11,765 | 581,191 |
Alliance Data Systems Corp. | 14,005 | 1,400,500 |
Altair Engineering, Inc., Class A * | 13,212 | 487,126 |
Alteryx, Inc., Class A * | 15,488 | 1,417,152 |
American Software, Inc., Class A | 9,461 | 153,363 |
Anaplan, Inc. * | 28,220 | 1,331,984 |
ANSYS, Inc. * | 28,388 | 6,249,618 |
Appfolio, Inc., Class A * | 4,467 | 434,326 |
Appian Corp. * | 11,341 | 506,262 |
Aspen Technology, Inc. * | 22,986 | 2,645,918 |
Asure Software, Inc. * | 7,413 | 66,976 |
Autodesk, Inc. * | 74,466 | 10,973,310 |
Automatic Data Processing, Inc. | 146,522 | 23,770,264 |
Avalara, Inc. * | 22,098 | 1,568,958 |
Avaya Holdings Corp. * | 34,372 | 415,557 |
Benefitfocus, Inc. * | 12,031 | 273,525 |
Black Knight, Inc. * | 50,057 | 3,213,659 |
Blackbaud, Inc. | 17,002 | 1,427,318 |
Blackline, Inc. * | 13,693 | 640,011 |
Booz Allen Hamilton Holding Corp. | 47,050 | 3,310,909 |
Bottomline Technologies (de), Inc. * | 13,177 | 539,598 |
Box, Inc., Class A * | 46,681 | 789,843 |
Brightcove, Inc. * | 15,409 | 146,540 |
Broadridge Financial Solutions, Inc. | 38,342 | 4,801,185 |
CACI International, Inc., Class A * | 8,354 | 1,869,208 |
Cadence Design Systems, Inc. * | 93,754 | 6,126,824 |
Carbonite, Inc. * | 9,694 | 166,446 |
Cardtronics plc, Class A * | 12,687 | 434,657 |
Cass Information Systems, Inc. | 3,769 | 216,001 |
CDK Global, Inc. | 42,540 | 2,149,972 |
Cerence, Inc. * | 11,892 | 184,326 |
Ceridian HCM Holding, Inc. * | 30,122 | 1,453,387 |
ChannelAdvisor Corp. * | 6,900 | 64,929 |
Cision Ltd. * | 37,691 | 379,548 |
Citrix Systems, Inc. | 41,202 | 4,485,250 |
Security | Number of Shares | Value ($) |
Cloudera, Inc. * | 84,232 | 714,287 |
Cognizant Technology Solutions Corp., Class A | 186,730 | 11,379,326 |
CommVault Systems, Inc. * | 13,742 | 682,565 |
Conduent, Inc. * | 60,525 | 374,045 |
CoreLogic, Inc. * | 27,679 | 1,120,723 |
Cornerstone OnDemand, Inc. * | 18,618 | 1,090,456 |
Coupa Software, Inc. * | 20,649 | 2,839,031 |
Crowdstrike Holdings, Inc. *(a) | 7,185 | 358,603 |
CSG Systems International, Inc. | 10,871 | 626,604 |
Digimarc Corp. * | 4,511 | 160,592 |
Digital Turbine, Inc. * | 18,000 | 125,820 |
DocuSign, Inc. * | 41,517 | 2,748,010 |
Domo, Inc., Class B * | 8,618 | 138,577 |
Dropbox, Inc., Class A * | 72,513 | 1,437,208 |
DXC Technology Co. | 90,081 | 2,492,541 |
Dynatrace, Inc. * | 12,759 | 258,115 |
Ebix, Inc. | 6,724 | 286,644 |
eGain Corp. * | 7,634 | 57,446 |
Elastic N.V. * | 10,561 | 760,498 |
Endurance International Group Holdings, Inc. * | 22,190 | 86,985 |
Envestnet, Inc. * | 18,797 | 1,174,625 |
EPAM Systems, Inc. * | 18,312 | 3,222,180 |
Euronet Worldwide, Inc. * | 18,246 | 2,555,717 |
Everbridge, Inc. * | 11,385 | 791,371 |
EVERTEC, Inc. | 19,361 | 592,253 |
Evo Payments, Inc., Class A * | 11,170 | 317,563 |
ExlService Holdings, Inc. * | 11,709 | 815,298 |
Fair Isaac Corp. * | 9,776 | 2,972,295 |
Fastly, Inc. *(a) | 4,824 | 96,576 |
Fidelity National Information Services, Inc. | 207,566 | 27,348,896 |
Finjan Holdings, Inc. * | 6,437 | 12,359 |
FireEye, Inc. * | 74,806 | 1,184,927 |
Fiserv, Inc. * | 192,389 | 20,420,168 |
Five9, Inc. * | 20,826 | 1,156,051 |
FleetCor Technologies, Inc. * | 29,519 | 8,685,080 |
ForeScout Technologies, Inc. * | 13,060 | 401,726 |
Fortinet, Inc. * | 47,785 | 3,897,345 |
Gartner, Inc. * | 30,835 | 4,751,057 |
Genpact Ltd. | 51,414 | 2,013,886 |
Global Payments, Inc. | 101,953 | 17,248,409 |
GlobalSCAPE, Inc. | 3,901 | 37,840 |
GoDaddy, Inc., Class A * | 60,534 | 3,936,526 |
GreenSky, Inc., Class A *(a) | 12,400 | 94,860 |
GTT Communications, Inc. *(a) | 11,441 | 86,151 |
GTY Technology Holdings, Inc. * | 16,630 | 86,642 |
Guidewire Software, Inc. * | 27,443 | 3,093,924 |
HubSpot, Inc. * | 13,589 | 2,107,654 |
I3 Verticals, Inc., Class A * | 5,840 | 119,428 |
Information Services Group, Inc. * | 16,112 | 34,802 |
Instructure, Inc. * | 12,310 | 575,246 |
Intelligent Systems Corp. *(a) | 2,218 | 100,187 |
Internap Corp. *(a) | 9,578 | 22,796 |
International Business Machines Corp. | 298,866 | 39,967,350 |
International Money Express, Inc. * | 6,533 | 100,086 |
Intuit, Inc. | 87,647 | 22,569,102 |
j2 Global, Inc. | 15,865 | 1,506,540 |
Jack Henry & Associates, Inc. | 26,018 | 3,683,108 |
KBR, Inc. | 46,622 | 1,312,876 |
Leidos Holdings, Inc. | 45,067 | 3,886,127 |
Limelight Networks, Inc. * | 37,860 | 159,769 |
LivePerson, Inc. * | 20,467 | 840,170 |
LiveRamp Holdings, Inc. * | 23,402 | 914,784 |
LogMeIn, Inc. | 16,384 | 1,076,101 |
Manhattan Associates, Inc. * | 21,857 | 1,638,182 |
ManTech International Corp., Class A | 8,531 | 675,485 |
Security | Number of Shares | Value ($) |
Mastercard, Inc., Class A | 301,186 | 83,371,297 |
MAXIMUS, Inc. | 21,433 | 1,644,768 |
Medallia, Inc. * | 5,812 | 169,013 |
Microsoft Corp. | 2,577,886 | 369,591,516 |
MicroStrategy, Inc., Class A * | 2,864 | 438,908 |
Mitek Systems, Inc. * | 10,165 | 97,991 |
MobileIron, Inc. * | 31,619 | 197,935 |
Model N, Inc. * | 7,661 | 228,221 |
MoneyGram International, Inc. *(a) | 19,116 | 75,699 |
MongoDB, Inc. * | 11,655 | 1,489,159 |
NetSol Technologies, Inc. * | 5,701 | 29,702 |
New Relic, Inc. * | 18,228 | 1,167,686 |
NIC, Inc. | 21,419 | 503,775 |
Nuance Communications, Inc. * | 95,139 | 1,552,668 |
Nutanix, Inc., Class A * | 49,603 | 1,449,400 |
Okta, Inc. * | 35,704 | 3,894,235 |
OneSpan, Inc. * | 9,000 | 168,390 |
Oracle Corp. | 743,579 | 40,517,620 |
Pagerduty, Inc. * | 3,384 | 77,798 |
Palo Alto Networks, Inc. * | 32,579 | 7,408,139 |
Park City Group, Inc. *(a) | 5,812 | 31,675 |
Paychex, Inc. | 108,293 | 9,057,627 |
Paycom Software, Inc. * | 16,442 | 3,477,976 |
Paylocity Holding Corp. * | 12,076 | 1,238,998 |
PayPal Holdings, Inc. * | 397,921 | 41,423,576 |
Paysign, Inc. *(a) | 12,225 | 131,786 |
Pegasystems, Inc. | 13,316 | 1,001,496 |
Perficient, Inc. * | 10,300 | 403,760 |
Perspecta, Inc. | 47,635 | 1,264,233 |
PFSweb, Inc. * | 7,732 | 24,124 |
Pivotal Software, Inc., Class A * | 25,842 | 386,855 |
Pluralsight, Inc., Class A * | 28,161 | 509,151 |
Presidio, Inc. | 14,732 | 244,551 |
PRGX Global, Inc. * | 6,500 | 32,500 |
Progress Software Corp. | 15,976 | 637,123 |
Proofpoint, Inc. * | 18,969 | 2,188,454 |
PROS Holdings, Inc. * | 12,461 | 638,502 |
PTC, Inc. * | 36,344 | 2,431,777 |
Q2 Holdings, Inc. * | 14,102 | 1,008,152 |
QAD, Inc., Class A | 3,753 | 174,439 |
Qualys, Inc. * | 11,618 | 991,364 |
Rapid7, Inc. * | 14,555 | 729,060 |
RealNetworks, Inc. * | 13,613 | 22,053 |
RealPage, Inc. * | 27,075 | 1,639,391 |
Repay Holdings Corp. * | 11,120 | 149,342 |
RingCentral, Inc., Class A * | 24,909 | 4,023,302 |
Sabre Corp. | 94,261 | 2,213,248 |
SailPoint Technologies Holding, Inc. * | 29,216 | 565,622 |
salesforce.com, Inc. * | 296,646 | 46,422,133 |
Science Applications International Corp. | 17,418 | 1,439,075 |
SecureWorks Corp., Class A * | 2,900 | 35,264 |
ServiceNow, Inc. * | 63,386 | 15,672,822 |
ServiceSource International, Inc. * | 26,733 | 33,416 |
SharpSpring, Inc. * | 3,003 | 30,601 |
ShotSpotter, Inc. * | 2,300 | 46,460 |
Slack Technologies, Inc. Class A *(a) | 14,367 | 316,074 |
Smartsheet, Inc., Class A * | 28,529 | 1,124,043 |
SolarWinds Corp. * | 23,132 | 438,351 |
Splunk, Inc. * | 51,567 | 6,185,977 |
SPS Commerce, Inc. * | 11,316 | 597,145 |
Square, Inc., Class A * | 116,702 | 7,169,004 |
SS&C Technologies Holdings, Inc. | 73,755 | 3,835,998 |
StarTek, Inc. * | 5,834 | 37,921 |
Steel Connect, Inc. * | 18,290 | 28,532 |
SVMK, Inc. * | 30,524 | 561,642 |
Switch, Inc., Class A | 16,791 | 248,003 |
Sykes Enterprises, Inc. * | 12,854 | 397,124 |
Symantec Corp. | 190,564 | 4,360,104 |
Security | Number of Shares | Value ($) |
Synchronoss Technologies, Inc. * | 15,860 | 95,160 |
Synopsys, Inc. * | 50,430 | 6,845,872 |
Telaria, Inc. * | 8,914 | 67,479 |
Telenav, Inc. * | 9,800 | 46,158 |
Tenable Holdings, Inc. * | 14,600 | 367,920 |
Teradata Corp. * | 39,683 | 1,187,712 |
The Hackett Group, Inc. | 8,738 | 147,760 |
The Trade Desk, Inc., Class A * | 13,042 | 2,618,834 |
The Western Union Co. | 143,151 | 3,587,364 |
TiVo Corp. | 38,279 | 311,591 |
TTEC Holdings, Inc. | 4,849 | 229,697 |
Twilio, Inc., Class A * | 40,639 | 3,924,102 |
Tyler Technologies, Inc. * | 13,031 | 3,499,084 |
Unisys Corp. * | 15,300 | 156,978 |
Upland Software, Inc. * | 6,900 | 258,612 |
Varonis Systems, Inc. * | 9,890 | 707,630 |
Verint Systems, Inc. * | 22,552 | 1,023,635 |
VeriSign, Inc. * | 34,798 | 6,612,316 |
Verra Mobility Corp. * | 41,043 | 588,967 |
VirnetX Holding Corp. *(a) | 14,945 | 87,428 |
Virtusa Corp. * | 9,272 | 345,660 |
Visa, Inc., Class A | 582,652 | 104,213,137 |
VMware, Inc., Class A | 26,336 | 4,168,199 |
WEX, Inc. * | 14,750 | 2,790,405 |
Workday, Inc., Class A * | 54,434 | 8,827,017 |
Workiva, Inc. * | 11,965 | 498,582 |
Yext, Inc. * | 32,885 | 541,287 |
Zendesk, Inc. * | 36,756 | 2,596,811 |
Zix Corp. * | 17,000 | 112,370 |
Zoom Video Communications, Inc. * | 7,996 | 558,840 |
Zscaler, Inc. * | 21,610 | 950,408 |
Zuora, Inc., Class A * | 24,237 | 345,377 |
1,231,678,703 | ||
Technology Hardware & Equipment 5.7% | ||
3D Systems Corp. * | 36,503 | 346,413 |
Acacia Communications, Inc. * | 12,609 | 827,907 |
ADTRAN, Inc. | 15,268 | 134,511 |
Airgain, Inc. * | 3,401 | 38,669 |
Akoustis Technologies, Inc. *(a) | 7,703 | 62,934 |
Amphenol Corp., Class A | 100,402 | 10,073,333 |
Anixter International, Inc. * | 10,581 | 875,578 |
Apple, Inc. | 1,434,285 | 356,792,737 |
Applied Optoelectronics, Inc. *(a) | 6,000 | 56,160 |
Arista Networks, Inc. * | 18,220 | 4,456,065 |
Arlo Technologies, Inc. * | 21,716 | 74,052 |
Arrow Electronics, Inc. * | 28,196 | 2,235,379 |
AstroNova, Inc. | 1,900 | 30,134 |
Avid Technology, Inc. * | 9,400 | 63,497 |
Avnet, Inc. | 34,085 | 1,348,403 |
AVX Corp. | 14,751 | 225,985 |
Badger Meter, Inc. | 10,799 | 624,182 |
Bel Fuse, Inc., Class B | 3,500 | 51,485 |
Belden, Inc. | 12,455 | 638,692 |
Benchmark Electronics, Inc. | 13,708 | 464,701 |
CalAmp Corp. * | 9,892 | 110,988 |
Calix, Inc. * | 12,108 | 92,626 |
Casa Systems, Inc. * | 8,800 | 59,136 |
CDW Corp. | 48,610 | 6,217,705 |
Ciena Corp. * | 51,896 | 1,926,380 |
Cisco Systems, Inc. | 1,435,213 | 68,186,970 |
Clearfield, Inc. * | 3,291 | 40,578 |
Cognex Corp. | 58,857 | 3,030,547 |
Coherent, Inc. * | 8,069 | 1,201,635 |
CommScope Holding Co., Inc. * | 65,675 | 735,560 |
Comtech Telecommunications Corp. | 8,949 | 312,768 |
Corning, Inc. | 263,434 | 7,805,549 |
Security | Number of Shares | Value ($) |
CTS Corp. | 10,207 | 272,323 |
Daktronics, Inc. | 14,170 | 97,206 |
DASAN Zhone Solutions, Inc. * | 4,470 | 33,681 |
Dell Technologies, Inc., Class C * | 51,591 | 2,728,648 |
Diebold Nixdorf, Inc. * | 28,307 | 198,149 |
Digi International, Inc. * | 9,100 | 131,222 |
Dolby Laboratories, Inc., Class A | 21,771 | 1,400,528 |
Eastman Kodak Co. * | 13,330 | 35,591 |
EchoStar Corp., Class A * | 15,098 | 588,822 |
EMCORE Corp. * | 11,147 | 33,107 |
ePlus, Inc. * | 5,276 | 412,214 |
Extreme Networks, Inc. * | 36,200 | 233,128 |
F5 Networks, Inc. * | 20,959 | 3,019,773 |
Fabrinet * | 12,888 | 724,692 |
FARO Technologies, Inc. * | 6,085 | 290,133 |
Fitbit, Inc., Class A * | 84,474 | 522,049 |
FLIR Systems, Inc. | 45,312 | 2,336,287 |
Genasys, Inc. * | 16,638 | 56,569 |
Harmonic, Inc. * | 28,370 | 220,719 |
Hewlett Packard Enterprise Co. | 438,261 | 7,191,863 |
HP, Inc. | 500,259 | 8,689,499 |
Identiv, Inc. * | 8,288 | 40,445 |
II-VI, Inc. * | 29,479 | 977,229 |
Immersion Corp. * | 10,166 | 83,565 |
Infinera Corp. * | 49,462 | 276,493 |
Inseego Corp. *(a) | 13,900 | 79,647 |
Insight Enterprises, Inc. * | 11,782 | 723,179 |
InterDigital, Inc. | 11,287 | 605,322 |
Intevac, Inc. * | 6,954 | 40,194 |
IPG Photonics Corp. * | 11,818 | 1,586,921 |
Iteris, Inc. * | 7,250 | 38,860 |
Itron, Inc. * | 12,104 | 923,051 |
Jabil, Inc. | 46,334 | 1,706,018 |
Juniper Networks, Inc. | 115,864 | 2,875,744 |
KEMET Corp. | 20,294 | 441,192 |
Keysight Technologies, Inc. * | 64,225 | 6,480,945 |
Kimball Electronics, Inc. * | 11,150 | 165,689 |
Knowles Corp. * | 30,607 | 660,499 |
KVH Industries, Inc. * | 5,000 | 51,100 |
Littelfuse, Inc. | 8,379 | 1,471,101 |
Lumentum Holdings, Inc. * | 25,685 | 1,609,422 |
Luna Innovations, Inc. * | 11,699 | 70,545 |
Methode Electronics, Inc. | 11,479 | 394,878 |
MicroVision, Inc. * | 37,436 | 27,856 |
Motorola Solutions, Inc. | 56,385 | 9,377,953 |
MTS Systems Corp. | 5,904 | 333,458 |
Napco Security Technologies, Inc. * | 3,300 | 100,188 |
National Instruments Corp. | 40,292 | 1,667,686 |
NCR Corp. * | 45,182 | 1,319,766 |
NetApp, Inc. | 79,582 | 4,447,042 |
NETGEAR, Inc. * | 11,902 | 323,377 |
NetScout Systems, Inc. * | 21,875 | 529,812 |
nLight, Inc. * | 12,303 | 164,368 |
Novanta, Inc. * | 12,175 | 1,084,184 |
OSI Systems, Inc. * | 5,852 | 580,752 |
PAR Technology Corp. *(a) | 3,100 | 77,686 |
PC Connection, Inc. | 4,382 | 214,017 |
PC-Tel, Inc. * | 9,339 | 66,774 |
Plantronics, Inc. | 11,458 | 451,674 |
Plexus Corp. * | 10,389 | 768,163 |
Powerfleet, Inc. * | 7,153 | 42,346 |
Pure Storage, Inc., Class A * | 75,085 | 1,461,154 |
Ribbon Communications, Inc. * | 15,542 | 66,675 |
Richardson Electronics Ltd. | 6,205 | 35,803 |
Rogers Corp. * | 6,188 | 838,350 |
Sanmina Corp. * | 22,139 | 680,331 |
ScanSource, Inc. * | 9,015 | 291,185 |
Seagate Technology plc | 80,526 | 4,672,924 |
Security | Number of Shares | Value ($) |
SYNNEX Corp. | 13,580 | 1,598,909 |
TE Connectivity Ltd. | 113,329 | 10,142,945 |
Tech Data Corp. * | 12,810 | 1,556,415 |
TESSCO Technologies, Inc. | 1,269 | 16,865 |
TransAct Technologies, Inc. | 5,070 | 62,665 |
Trimble, Inc. * | 84,819 | 3,379,189 |
TTM Technologies, Inc. * | 37,069 | 434,078 |
Ubiquiti, Inc.(a) | 4,398 | 556,743 |
ViaSat, Inc. * | 19,196 | 1,321,453 |
Viavi Solutions, Inc. * | 80,514 | 1,285,003 |
Vishay Intertechnology, Inc. | 42,924 | 864,919 |
Vishay Precision Group, Inc. * | 4,093 | 139,367 |
Western Digital Corp. | 99,689 | 5,148,937 |
Xerox Holdings Corp. | 65,416 | 2,219,565 |
Zebra Technologies Corp., Class A * | 18,152 | 4,317,816 |
582,327,894 | ||
Telecommunication Services 2.0% | ||
Alaska Communications Systems Group, Inc. * | 26,271 | 43,084 |
Anterix, Inc. * | 5,831 | 236,505 |
AT&T, Inc. | 2,466,696 | 94,943,129 |
ATN International, Inc. | 3,277 | 194,097 |
Bandwidth, Inc., Class A * | 5,234 | 293,889 |
Boingo Wireless, Inc. * | 12,610 | 119,417 |
CenturyLink, Inc. | 331,707 | 4,292,289 |
Cincinnati Bell, Inc. * | 14,894 | 76,108 |
Cogent Communications Holdings, Inc. | 14,646 | 858,841 |
Consolidated Communications Holdings, Inc. | 30,887 | 123,548 |
Frontier Communications Corp. *(a) | 31,111 | 28,311 |
GCI Liberty, Inc., Class A * | 32,047 | 2,242,649 |
Globalstar, Inc. * | 173,777 | 66,383 |
Gogo, Inc. *(a) | 16,000 | 98,400 |
IDT Corp., Class B * | 6,600 | 44,946 |
Iridium Communications, Inc. * | 33,235 | 813,260 |
NII Holdings, Inc. * | 28,127 | 53,160 |
Ooma, Inc. * | 5,385 | 61,120 |
ORBCOMM, Inc. * | 28,696 | 115,071 |
Pareteum Corp. * | 56,410 | 20,872 |
Shenandoah Telecommunications Co. | 17,629 | 566,949 |
Spok Holdings, Inc. | 5,240 | 62,356 |
Sprint Corp. * | 212,955 | 1,322,450 |
T-Mobile US, Inc. * | 107,374 | 8,875,535 |
Telephone & Data Systems, Inc. | 31,867 | 831,410 |
United States Cellular Corp. * | 5,400 | 200,988 |
Verizon Communications, Inc. | 1,395,897 | 84,409,892 |
Vonage Holdings Corp. * | 76,936 | 751,665 |
Zayo Group Holdings, Inc. * | 78,710 | 2,687,159 |
204,433,483 | ||
Transportation 1.9% | ||
Air Transport Services Group, Inc. * | 21,611 | 451,886 |
Alaska Air Group, Inc. | 41,780 | 2,900,785 |
Allegiant Travel Co. | 4,527 | 757,503 |
AMERCO | 2,676 | 1,083,887 |
American Airlines Group, Inc. | 134,829 | 4,052,960 |
ArcBest Corp. | 9,560 | 276,188 |
Atlas Air Worldwide Holdings, Inc. * | 7,665 | 168,093 |
Avis Budget Group, Inc. * | 20,631 | 612,947 |
C.H. Robinson Worldwide, Inc. | 45,379 | 3,432,468 |
Covenant Transportation Group, Inc., Class A * | 3,000 | 46,110 |
CSX Corp. | 269,532 | 18,940,014 |
Daseke, Inc. * | 20,197 | 54,330 |
Delta Air Lines, Inc. | 196,124 | 10,802,510 |
Security | Number of Shares | Value ($) |
Eagle Bulk Shipping, Inc. * | 21,200 | 92,008 |
Echo Global Logistics, Inc. * | 10,195 | 202,982 |
Expeditors International of Washington, Inc. | 56,932 | 4,152,620 |
FedEx Corp. | 81,272 | 12,406,984 |
Forward Air Corp. | 9,608 | 664,585 |
Genco Shipping & Trading Ltd. * | 3,574 | 35,311 |
Genesee & Wyoming, Inc., Class A * | 19,285 | 2,141,214 |
Hawaiian Holdings, Inc. | 15,015 | 429,579 |
Heartland Express, Inc. | 14,643 | 306,039 |
Hertz Global Holdings, Inc. * | 33,097 | 447,141 |
Hub Group, Inc., Class A * | 10,614 | 486,121 |
JB Hunt Transport Services, Inc. | 28,578 | 3,359,630 |
JetBlue Airways Corp. * | 99,628 | 1,922,820 |
Kansas City Southern | 33,878 | 4,769,345 |
Kirby Corp. * | 20,313 | 1,607,977 |
Knight-Swift Transportation Holdings, Inc. | 41,398 | 1,509,371 |
Landstar System, Inc. | 13,558 | 1,534,088 |
Lyft, Inc., Class A * | 67,366 | 2,791,647 |
Macquarie Infrastructure Corp. | 25,201 | 1,087,171 |
Marten Transport Ltd. | 12,211 | 264,490 |
Matson, Inc. | 14,354 | 548,036 |
Mesa Air Group, Inc. * | 13,374 | 101,910 |
Norfolk Southern Corp. | 88,734 | 16,149,588 |
Old Dominion Freight Line, Inc. | 21,502 | 3,915,084 |
P.A.M. Transportation Services, Inc. * | 907 | 51,971 |
Radiant Logistics, Inc. * | 10,193 | 54,940 |
Ryder System, Inc. | 18,502 | 899,752 |
Saia, Inc. * | 9,047 | 806,992 |
Schneider National, Inc., Class B | 15,816 | 361,712 |
SkyWest, Inc. | 17,068 | 1,016,399 |
Southwest Airlines Co. | 163,083 | 9,153,849 |
Spirit Airlines, Inc. * | 23,183 | 870,754 |
Uber Technologies, Inc. *(a) | 70,037 | 2,206,166 |
Union Pacific Corp. | 237,733 | 39,335,302 |
United Airlines Holdings, Inc. * | 74,854 | 6,799,737 |
United Parcel Service, Inc., Class B | 235,424 | 27,113,782 |
Universal Logistics Holdings, Inc. | 3,300 | 62,222 |
Werner Enterprises, Inc. | 16,196 | 591,154 |
XPO Logistics, Inc. * | 30,886 | 2,359,690 |
YRC Worldwide, Inc. * | 8,600 | 28,810 |
196,218,654 | ||
Utilities 3.4% | ||
AES Corp. | 223,312 | 3,807,470 |
ALLETE, Inc. | 17,202 | 1,480,404 |
Alliant Energy Corp. | 79,498 | 4,240,423 |
Ameren Corp. | 82,508 | 6,410,872 |
American Electric Power Co., Inc. | 166,461 | 15,712,254 |
American States Water Co. | 11,892 | 1,131,286 |
American Water Works Co., Inc. | 61,028 | 7,522,922 |
Aqua America, Inc. | 73,640 | 3,338,101 |
AquaVenture Holdings Ltd. * | 6,516 | 127,844 |
Artesian Resources Corp., Class A | 3,837 | 142,353 |
Atmos Energy Corp. | 39,480 | 4,440,710 |
Avangrid, Inc. | 19,861 | 994,043 |
Avista Corp. | 21,423 | 1,028,947 |
Black Hills Corp. | 20,739 | 1,634,855 |
Cadiz, Inc. *(a) | 6,356 | 75,255 |
California Water Service Group | 17,255 | 965,762 |
CenterPoint Energy, Inc. | 172,971 | 5,028,267 |
Chesapeake Utilities Corp. | 5,602 | 531,070 |
Clearway Energy, Inc., Class A | 11,000 | 188,870 |
Clearway Energy, Inc., Class C | 26,372 | 478,124 |
CMS Energy Corp. | 96,018 | 6,137,471 |
Consolidated Edison, Inc. | 112,227 | 10,349,574 |
Security | Number of Shares | Value ($) |
Dominion Energy, Inc. | 277,403 | 22,899,618 |
DTE Energy Co. | 61,802 | 7,868,631 |
Duke Energy Corp. | 244,969 | 23,090,778 |
Edison International | 121,377 | 7,634,613 |
El Paso Electric Co. | 13,777 | 919,064 |
Entergy Corp. | 67,644 | 8,217,393 |
Evergy, Inc. | 78,327 | 5,005,879 |
Eversource Energy | 109,187 | 9,143,319 |
Exelon Corp. | 327,648 | 14,904,708 |
FirstEnergy Corp. | 180,234 | 8,708,907 |
Genie Energy Ltd., Class B | 5,585 | 41,608 |
Global Water Resources, Inc. | 4,694 | 57,501 |
Hawaiian Electric Industries, Inc. | 35,748 | 1,614,022 |
IDACORP, Inc. | 17,160 | 1,846,759 |
MDU Resources Group, Inc. | 66,666 | 1,925,981 |
MGE Energy, Inc. | 11,963 | 921,630 |
Middlesex Water Co. | 5,342 | 359,249 |
National Fuel Gas Co. | 31,306 | 1,418,475 |
New Jersey Resources Corp. | 30,820 | 1,343,752 |
NextEra Energy, Inc. | 164,620 | 39,235,531 |
NiSource, Inc. | 125,685 | 3,524,207 |
Northwest Natural Holding Co. | 9,868 | 684,444 |
NorthWestern Corp. | 17,760 | 1,287,955 |
NRG Energy, Inc. | 84,710 | 3,398,565 |
OGE Energy Corp. | 69,429 | 2,989,613 |
ONE Gas, Inc. | 17,642 | 1,637,883 |
Ormat Technologies, Inc. | 17,239 | 1,319,818 |
Otter Tail Corp. | 15,277 | 865,900 |
Pattern Energy Group, Inc., Class A | 32,644 | 915,011 |
Pinnacle West Capital Corp. | 38,076 | 3,583,713 |
PNM Resources, Inc. | 27,818 | 1,450,709 |
Portland General Electric Co. | 30,909 | 1,758,104 |
PPL Corp. | 244,724 | 8,195,807 |
Public Service Enterprise Group, Inc. | 170,852 | 10,816,640 |
Pure Cycle Corp. * | 8,000 | 89,440 |
RGC Resources, Inc. | 2,000 | 58,340 |
Sempra Energy | 92,424 | 13,356,192 |
SJW Group. | 8,905 | 644,277 |
South Jersey Industries, Inc. | 29,866 | 960,491 |
Southwest Gas Holdings, Inc. | 18,141 | 1,583,709 |
Spark Energy, Inc., Class A | 5,059 | 48,415 |
Spire, Inc. | 17,363 | 1,459,534 |
TerraForm Power, Inc., Class A | 27,688 | 470,142 |
The Southern Co. | 351,492 | 22,024,489 |
The York Water Co. | 4,611 | 203,068 |
UGI Corp. | 69,914 | 3,332,800 |
Unitil Corp. | 4,900 | 305,123 |
Vistra Energy Corp. | 153,568 | 4,150,943 |
WEC Energy Group, Inc. | 107,197 | 10,119,397 |
Xcel Energy, Inc. | 176,181 | 11,189,255 |
345,348,279 | ||
Total Common Stock | ||
(Cost $6,088,103,852) | 10,192,630,587 | |
Rights0.0% of net assets | ||
Automobiles & Components 0.0% | ||
Thestreet.Com, Inc. CVR *(c) | 2,023 | — |
Materials 0.0% | ||
A. Schulman, Inc. CVR *(c) | 8,178 | 3,541 |
Media & Entertainment 0.0% | ||
Media General, Inc. CVR *(c) | 18,400 | 1,566 |
Security | Number of Shares | Value ($) |
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Corium International, Inc. CVR *(c) | 8,309 | 1,495 |
Elanco Animal Health, Inc. CVR *(c) | 16,000 | 97 |
FRD Acquisition Co. CVR *(c) | 8,700 | — |
1,592 | ||
Total Rights | ||
(Cost $5,439) | 6,699 | |
Other Investment Company0.2% of net assets | ||
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(d) | 20,636,112 | 20,636,112 |
Total Other Investment Company | ||
(Cost $20,636,112) | 20,636,112 | |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Short-Term Investment0.6% of net assets | ||
Time Deposit 0.6% | ||
Sumitomo Mitsui Trust Bank, Limited. | ||
U.S. Dollar | ||
1.18%, 11/01/19(e) | 56,245,967 | 56,245,967 |
Total Short-Term Investment | ||
(Cost $56,245,967) | 56,245,967 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 51 | 3,986,670 | (15,973) | |
S&P 500 Index, e-mini, expires 12/20/19 | 149 | 22,616,710 | (64) | |
Net Unrealized Depreciation | (16,037) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $19,526,339. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(d) | The rate shown is the 7-day yield. |
(e) | The rate shown is the current daily overnight rate. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock99.8% of net assets | ||
Automobiles & Components 0.3% | ||
Aptiv plc | 195 | 17,463 |
Tesla, Inc. * | 1,622 | 510,800 |
528,263 | ||
Banks 0.1% | ||
CIT Group, Inc. | 83 | 3,560 |
Comerica, Inc. | 100 | 6,542 |
First Republic Bank | 351 | 37,332 |
LendingTree, Inc. * | 87 | 31,307 |
Prosperity Bancshares, Inc. | 115 | 7,937 |
Signature Bank | 312 | 36,916 |
SVB Financial Group * | 44 | 9,745 |
Synovus Financial Corp. | 118 | 3,997 |
Western Alliance Bancorp | 142 | 7,005 |
144,341 | ||
Capital Goods 6.2% | ||
3M Co. | 4,943 | 815,546 |
A.O. Smith Corp. | 240 | 11,923 |
Acuity Brands, Inc. | 115 | 14,351 |
Air Lease Corp. | 78 | 3,430 |
Allegion plc | 815 | 94,573 |
Allison Transmission Holdings, Inc. | 1,279 | 55,777 |
AMETEK, Inc. | 2,088 | 191,365 |
Armstrong World Industries, Inc. | 566 | 52,938 |
BWX Technologies, Inc. | 823 | 47,816 |
Carlisle Cos., Inc. | 560 | 85,271 |
Caterpillar, Inc. | 493 | 67,935 |
Deere & Co. | 407 | 70,875 |
Donaldson Co., Inc. | 1,476 | 77,844 |
Dover Corp. | 732 | 76,047 |
Emerson Electric Co. | 605 | 42,441 |
Fastenal Co. | 5,951 | 213,879 |
Flowserve Corp. | 328 | 16,020 |
Fortive Corp. | 772 | 53,268 |
Fortune Brands Home & Security, Inc. | 526 | 31,586 |
General Dynamics Corp. | 194 | 34,299 |
Graco, Inc. | 1,899 | 85,835 |
HEICO Corp. | 448 | 55,256 |
HEICO Corp., Class A | 874 | 83,266 |
Hexcel Corp. | 908 | 67,755 |
Honeywell International, Inc. | 4,051 | 699,729 |
Hubbell, Inc. | 340 | 48,178 |
Huntington Ingalls Industries, Inc. | 372 | 83,946 |
IDEX Corp. | 436 | 67,811 |
Illinois Tool Works, Inc. | 3,745 | 631,332 |
Ingersoll-Rand plc | 2,612 | 331,437 |
L3Harris Technologies, Inc. | 1,285 | 265,108 |
Lennox International, Inc. | 368 | 91,029 |
Lincoln Electric Holdings, Inc. | 647 | 57,952 |
Lockheed Martin Corp. | 2,852 | 1,074,291 |
Nordson Corp. | 598 | 93,772 |
Northrop Grumman Corp. | 1,826 | 643,629 |
Security | Number of Shares | Value ($) |
Quanta Services, Inc. | 375 | 15,769 |
Raytheon Co. | 2,001 | 424,632 |
Rockwell Automation, Inc. | 1,347 | 231,671 |
Roper Technologies, Inc. | 180 | 60,653 |
Sensata Technologies Holding plc * | 784 | 40,133 |
Spirit AeroSystems Holdings, Inc., Class A | 1,064 | 87,056 |
The Boeing Co. | 6,110 | 2,076,850 |
The Middleby Corp. * | 641 | 77,529 |
The Toro Co. | 1,217 | 93,867 |
TransDigm Group, Inc. | 462 | 243,141 |
United Rentals, Inc. * | 633 | 84,550 |
W.W. Grainger, Inc. | 506 | 156,273 |
WABCO Holdings, Inc. * | 498 | 67,041 |
Wabtec Corp. | 567 | 39,333 |
Woodward, Inc. | 522 | 55,677 |
Xylem, Inc. | 2,066 | 158,442 |
10,350,127 | ||
Commercial & Professional Services 1.3% | ||
Cintas Corp. | 965 | 259,267 |
Copart, Inc. * | 2,273 | 187,841 |
CoStar Group, Inc. * | 415 | 228,051 |
Equifax, Inc. | 1,176 | 160,771 |
IAA, Inc. * | 1,416 | 54,020 |
IHS Markit Ltd. * | 2,867 | 200,747 |
KAR Auction Services, Inc. | 1,384 | 34,406 |
Nielsen Holdings plc | 504 | 10,161 |
Republic Services, Inc. | 147 | 12,864 |
Robert Half International, Inc. | 1,343 | 76,914 |
Rollins, Inc. | 1,635 | 62,310 |
TransUnion | 2,158 | 178,294 |
Verisk Analytics, Inc. | 1,845 | 266,971 |
Waste Management, Inc. | 3,831 | 429,876 |
2,162,493 | ||
Consumer Durables & Apparel 1.5% | ||
Capri Holdings Ltd. * | 669 | 20,786 |
Carter's, Inc. | 227 | 22,754 |
Columbia Sportswear Co. | 221 | 19,989 |
Hanesbrands, Inc. | 3,241 | 49,296 |
Hasbro, Inc. | 1,337 | 130,103 |
Lennar Corp., B Shares | 80 | 3,762 |
Lennar Corp., Class A | 1,325 | 78,970 |
lululemon Athletica, Inc. * | 1,362 | 278,216 |
Mattel, Inc. * | 2,765 | 33,014 |
NIKE, Inc., Class B | 14,245 | 1,275,640 |
NVR, Inc. * | 37 | 134,554 |
Polaris, Inc. | 597 | 58,894 |
Skechers U.S.A., Inc., Class A * | 548 | 20,479 |
Tempur Sealy International, Inc. * | 522 | 47,476 |
Under Armour, Inc., Class A * | 1,411 | 29,137 |
Under Armour, Inc., Class C * | 1,444 | 26,714 |
VF Corp. | 3,543 | 291,553 |
2,521,337 | ||
Security | Number of Shares | Value ($) |
Consumer Services 2.3% | ||
Bright Horizons Family Solutions, Inc. * | 659 | 97,875 |
Chipotle Mexican Grill, Inc. * | 295 | 229,557 |
Choice Hotels International, Inc. | 171 | 15,130 |
Darden Restaurants, Inc. | 1,420 | 159,423 |
Domino's Pizza, Inc. | 469 | 127,390 |
Dunkin' Brands Group, Inc. | 885 | 69,579 |
Grand Canyon Education, Inc. * | 47 | 4,322 |
H&R Block, Inc. | 393 | 9,821 |
Hilton Grand Vacations, Inc. * | 126 | 4,376 |
Hilton Worldwide Holdings, Inc. | 3,266 | 316,671 |
Las Vegas Sands Corp. | 1,893 | 117,063 |
Marriott International, Inc., Class A | 3,170 | 401,164 |
McDonald's Corp. | 1,426 | 280,494 |
MGM Resorts International | 500 | 14,250 |
Norwegian Cruise Line Holdings Ltd. * | 525 | 26,649 |
Planet Fitness, Inc., Class A * | 963 | 61,305 |
Service Corp. International | 724 | 32,928 |
ServiceMaster Global Holdings, Inc. * | 244 | 9,853 |
Six Flags Entertainment Corp. | 77 | 3,249 |
Starbucks Corp. | 13,813 | 1,168,027 |
The Wendy's Co. | 2,095 | 44,372 |
Vail Resorts, Inc. | 411 | 95,504 |
Wyndham Hotels & Resorts, Inc. | 329 | 17,756 |
Wynn Resorts Ltd. | 939 | 113,938 |
Yum China Holdings, Inc. | 3,376 | 143,480 |
Yum! Brands, Inc. | 3,137 | 319,064 |
3,883,240 | ||
Diversified Financials 2.1% | ||
American Express Co. | 4,406 | 516,736 |
Ameriprise Financial, Inc. | 216 | 32,592 |
Cboe Global Markets, Inc. | 310 | 35,696 |
Credit Acceptance Corp. * | 108 | 47,283 |
Discover Financial Services | 1,287 | 103,295 |
E*TRADE Financial Corp. | 511 | 21,355 |
Evercore, Inc., Class A | 160 | 11,782 |
FactSet Research Systems, Inc. | 431 | 109,267 |
Interactive Brokers Group, Inc., Class A | 228 | 10,846 |
Intercontinental Exchange, Inc. | 2,547 | 240,233 |
Lazard Ltd., Class A | 438 | 16,351 |
LPL Financial Holdings, Inc. | 952 | 76,960 |
MarketAxess Holdings, Inc. | 426 | 157,019 |
Moody's Corp. | 1,896 | 418,428 |
Morningstar, Inc. | 223 | 36,090 |
MSCI, Inc. | 952 | 223,301 |
Raymond James Financial, Inc. | 333 | 27,802 |
S&P Global, Inc. | 2,839 | 732,434 |
SEI Investments Co. | 718 | 43,023 |
Synchrony Financial | 2,075 | 73,393 |
T. Rowe Price Group, Inc. | 769 | 89,050 |
TD Ameritrade Holding Corp. | 2,734 | 104,931 |
The Charles Schwab Corp.(a) | 8,073 | 328,652 |
Virtu Financial, Inc., Class A | 249 | 4,223 |
Voya Financial, Inc. | 107 | 5,774 |
3,466,516 | ||
Energy 0.3% | ||
Cabot Oil & Gas Corp. | 3,018 | 56,255 |
Cheniere Energy, Inc. * | 1,538 | 94,664 |
Diamondback Energy, Inc. | 392 | 33,618 |
Equitrans Midstream Corp. | 206 | 2,867 |
ONEOK, Inc. | 1,500 | 104,745 |
Security | Number of Shares | Value ($) |
Parsley Energy, Inc., Class A | 1,748 | 27,636 |
Pioneer Natural Resources Co. | 828 | 101,861 |
421,646 | ||
Food & Staples Retailing 1.2% | ||
Casey's General Stores, Inc. | 102 | 17,423 |
Costco Wholesale Corp. | 5,072 | 1,506,942 |
Grocery Outlet Holding Corp. * | 84 | 2,680 |
Sprouts Farmers Market, Inc. * | 625 | 12,131 |
Sysco Corp. | 5,498 | 439,125 |
1,978,301 | ||
Food, Beverage & Tobacco 3.0% | ||
Altria Group, Inc. | 10,541 | 472,131 |
Brown-Forman Corp., Class A | 491 | 30,516 |
Brown-Forman Corp., Class B | 1,842 | 120,688 |
Campbell Soup Co. | 1,078 | 49,922 |
Kellogg Co. | 1,084 | 68,867 |
Lamb Weston Holdings, Inc. | 446 | 34,806 |
McCormick & Co., Inc. - Non Voting Shares | 918 | 147,513 |
Monster Beverage Corp. * | 4,461 | 250,396 |
PepsiCo, Inc. | 13,582 | 1,863,043 |
Pilgrim's Pride Corp. * | 248 | 7,529 |
Post Holdings, Inc. * | 330 | 33,957 |
The Coca-Cola Co. | 30,183 | 1,642,861 |
The Hershey Co. | 1,452 | 213,255 |
TreeHouse Foods, Inc. * | 110 | 5,942 |
4,941,426 | ||
Health Care Equipment & Services 6.4% | ||
Abbott Laboratories | 8,612 | 720,049 |
ABIOMED, Inc. * | 509 | 105,658 |
Align Technology, Inc. * | 911 | 229,836 |
AmerisourceBergen Corp. | 1,753 | 149,671 |
Anthem, Inc. | 865 | 232,754 |
Baxter International, Inc. | 2,626 | 201,414 |
Becton, Dickinson & Co. | 266 | 68,096 |
Boston Scientific Corp. * | 16,030 | 668,451 |
Cantel Medical Corp. | 231 | 16,838 |
Centene Corp. * | 3,934 | 208,817 |
Cerner Corp. | 3,659 | 245,592 |
Change Healthcare, Inc. * | 282 | 3,728 |
Chemed Corp. | 180 | 70,904 |
Cigna Corp. * | 1,312 | 234,140 |
Danaher Corp. | 390 | 53,750 |
DexCom, Inc. * | 1,045 | 161,181 |
Edwards Lifesciences Corp. * | 2,395 | 570,920 |
Encompass Health Corp. | 561 | 35,915 |
Guardant Health, Inc. * | 413 | 28,703 |
HCA Healthcare, Inc. | 1,864 | 248,919 |
Henry Schein, Inc. * | 211 | 13,205 |
Hill-Rom Holdings, Inc. | 404 | 42,295 |
Hologic, Inc. * | 2,451 | 118,408 |
Humana, Inc. | 666 | 195,937 |
ICU Medical, Inc. * | 68 | 10,989 |
IDEXX Laboratories, Inc. * | 980 | 279,310 |
Insulet Corp. * | 683 | 99,254 |
Intuitive Surgical, Inc. * | 1,323 | 731,553 |
Laboratory Corp. of America Holdings * | 67 | 11,040 |
Masimo Corp. * | 543 | 79,164 |
McKesson Corp. | 239 | 31,787 |
Molina Healthcare, Inc. * | 558 | 65,643 |
Penumbra, Inc. * | 363 | 56,617 |
ResMed, Inc. | 1,640 | 242,589 |
Steris plc | 55 | 7,786 |
Security | Number of Shares | Value ($) |
Stryker Corp. | 3,959 | 856,213 |
Teleflex, Inc. | 533 | 185,170 |
The Cooper Cos., Inc. | 74 | 21,534 |
UnitedHealth Group, Inc. | 10,913 | 2,757,715 |
Varian Medical Systems, Inc. * | 1,043 | 126,005 |
Veeva Systems, Inc., Class A * | 1,489 | 211,185 |
WellCare Health Plans, Inc. * | 524 | 155,418 |
West Pharmaceutical Services, Inc. | 635 | 91,338 |
10,645,491 | ||
Household & Personal Products 0.6% | ||
Church & Dwight Co., Inc. | 2,839 | 198,560 |
Herbalife Nutrition Ltd. * | 182 | 8,130 |
The Clorox Co. | 1,180 | 174,274 |
The Estee Lauder Cos., Inc., Class A | 2,479 | 461,763 |
The Procter & Gamble Co. | 1,651 | 205,566 |
1,048,293 | ||
Insurance 0.9% | ||
Alleghany Corp. * | 17 | 13,231 |
Aon plc | 2,700 | 521,532 |
Arch Capital Group Ltd. * | 579 | 24,179 |
Arthur J. Gallagher & Co. | 457 | 41,688 |
Athene Holding Ltd., Class A * | 694 | 30,085 |
Axis Capital Holdings Ltd. | 88 | 5,230 |
Brown & Brown, Inc. | 174 | 6,556 |
Erie Indemnity Co., Class A | 192 | 35,380 |
Everest Re Group Ltd. | 138 | 35,478 |
Kemper Corp. | 132 | 9,488 |
Markel Corp. * | 13 | 15,223 |
Marsh & McLennan Cos., Inc. | 5,137 | 532,296 |
Primerica, Inc. | 339 | 42,775 |
RenaissanceRe Holdings Ltd. | 188 | 35,190 |
The Progressive Corp. | 2,199 | 153,270 |
The Travelers Cos., Inc. | 488 | 63,957 |
1,565,558 | ||
Materials 1.4% | ||
Air Products & Chemicals, Inc. | 361 | 76,987 |
AptarGroup, Inc. | 291 | 34,382 |
Avery Dennison Corp. | 906 | 115,841 |
Axalta Coating Systems Ltd. * | 725 | 21,380 |
Ball Corp. | 3,799 | 265,816 |
Berry Global Group, Inc. * | 604 | 25,072 |
CF Industries Holdings, Inc. | 248 | 11,247 |
Crown Holdings, Inc. * | 869 | 63,298 |
Eagle Materials, Inc. | 392 | 35,805 |
Ecolab, Inc. | 2,911 | 559,116 |
Element Solutions, Inc. * | 989 | 10,740 |
Martin Marietta Materials, Inc. | 222 | 58,144 |
NewMarket Corp. | 72 | 34,955 |
PPG Industries, Inc. | 879 | 109,980 |
Royal Gold, Inc. | 245 | 28,283 |
RPM International, Inc. | 243 | 17,600 |
Sealed Air Corp. | 119 | 4,971 |
Southern Copper Corp. | 676 | 24,052 |
The Scotts Miracle-Gro Co. | 463 | 46,481 |
The Sherwin-Williams Co. | 957 | 547,710 |
Vulcan Materials Co. | 1,394 | 199,161 |
W.R. Grace & Co. | 648 | 43,060 |
2,334,081 | ||
Security | Number of Shares | Value ($) |
Media & Entertainment 11.5% | ||
Activision Blizzard, Inc. | 465 | 26,054 |
Alphabet, Inc., Class A * | 3,455 | 4,349,154 |
Alphabet, Inc., Class C * | 3,507 | 4,419,206 |
Altice USA, Inc., Class A * | 3,596 | 111,296 |
AMC Networks, Inc., Class A * | 509 | 22,167 |
Cable One, Inc. | 50 | 66,269 |
CBS Corp., Class B - Non Voting Shares | 3,455 | 124,518 |
Charter Communications, Inc., Class A * | 1,084 | 507,160 |
Comcast Corp., Class A | 24,458 | 1,096,208 |
Electronic Arts, Inc. * | 3,025 | 291,610 |
Facebook, Inc., Class A * | 27,580 | 5,285,707 |
Fox Corp., Class A | 379 | 12,143 |
Fox Corp., Class B * | 190 | 5,936 |
IAC/InterActiveCorp * | 497 | 112,943 |
Live Nation Entertainment, Inc. * | 1,481 | 104,411 |
Match Group, Inc. | 644 | 47,006 |
Netflix, Inc. * | 4,857 | 1,395,950 |
Nexstar Media Group, Inc., Class A | 405 | 39,402 |
Omnicom Group, Inc. | 1,317 | 101,659 |
Roku, Inc. * | 979 | 144,109 |
Sinclair Broadcast Group, Inc., Class A | 649 | 25,856 |
Sirius XM Holdings, Inc. | 15,728 | 105,692 |
Spotify Technology S.A. * | 1,364 | 196,825 |
Take-Two Interactive Software, Inc. * | 603 | 72,571 |
The Interpublic Group of Cos., Inc. | 403 | 8,765 |
The Madison Square Garden Co., Class A * | 24 | 6,406 |
The New York Times Co., Class A | 348 | 10,753 |
TripAdvisor, Inc. * | 1,115 | 45,046 |
Twitter, Inc. * | 8,705 | 260,889 |
World Wrestling Entertainment, Inc., Class A | 498 | 27,908 |
Zynga, Inc., Class A * | 2,178 | 13,438 |
19,037,057 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.2% | ||
AbbVie, Inc. | 17,074 | 1,358,237 |
Adaptive Biotechnologies Corp. * | 132 | 3,441 |
Agilent Technologies, Inc. | 344 | 26,058 |
Agios Pharmaceuticals, Inc. * | 58 | 1,745 |
Alexion Pharmaceuticals, Inc. * | 1,880 | 198,152 |
Alnylam Pharmaceuticals, Inc. * | 1,022 | 88,648 |
Amgen, Inc. | 6,369 | 1,358,189 |
Avantor, Inc. * | 1,874 | 26,630 |
Bio-Techne Corp. | 431 | 89,721 |
Biogen, Inc. * | 728 | 217,461 |
BioMarin Pharmaceutical, Inc. * | 2,051 | 150,154 |
Bristol-Myers Squibb Co. | 7,744 | 444,273 |
Bruker Corp. | 1,196 | 53,222 |
Celgene Corp. * | 8,111 | 876,231 |
Charles River Laboratories International, Inc. * | 555 | 72,139 |
Eli Lilly & Co. | 9,929 | 1,131,410 |
Exact Sciences Corp. * | 1,478 | 128,586 |
Exelixis, Inc. * | 1,366 | 21,105 |
Gilead Sciences, Inc. | 2,130 | 135,702 |
Horizon Therapeutics plc * | 223 | 6,447 |
Illumina, Inc. * | 1,694 | 500,611 |
Incyte Corp. * | 2,051 | 172,120 |
Ionis Pharmaceuticals, Inc. * | 1,470 | 81,908 |
IQVIA Holdings, Inc. * | 888 | 128,245 |
Jazz Pharmaceuticals plc * | 569 | 71,483 |
Johnson & Johnson | 4,631 | 611,477 |
Merck & Co., Inc. | 28,190 | 2,442,945 |
Mettler-Toledo International, Inc. * | 281 | 198,088 |
Moderna, Inc. * | 2,080 | 34,840 |
Nektar Therapeutics * | 261 | 4,470 |
Neurocrine Biosciences, Inc. * | 1,037 | 103,171 |
Security | Number of Shares | Value ($) |
PerkinElmer, Inc. | 275 | 23,639 |
PRA Health Sciences, Inc. * | 716 | 69,960 |
Regeneron Pharmaceuticals, Inc. * | 195 | 59,725 |
Sage Therapeutics, Inc. * | 580 | 78,677 |
Sarepta Therapeutics, Inc. * | 821 | 68,192 |
Seattle Genetics, Inc. * | 1,332 | 143,057 |
Thermo Fisher Scientific, Inc. | 3,136 | 947,009 |
Vertex Pharmaceuticals, Inc. * | 2,960 | 578,621 |
Waters Corp. * | 762 | 161,254 |
Zoetis, Inc. | 5,527 | 707,014 |
13,574,057 | ||
Real Estate 2.5% | ||
American Homes 4 Rent, Class A | 1,307 | 34,596 |
American Tower Corp. | 5,070 | 1,105,666 |
Americold Realty Trust | 2,194 | 87,957 |
Brookfield Property REIT, Inc., Class A | 828 | 15,649 |
CBRE Group, Inc., Class A * | 1,426 | 76,362 |
Colony Capital, Inc. | 220 | 1,232 |
CoreSite Realty Corp. | 323 | 37,953 |
Crown Castle International Corp. | 4,786 | 664,249 |
Equinix, Inc. | 967 | 548,076 |
Equity LifeStyle Properties, Inc. | 2,006 | 140,300 |
Extra Space Storage, Inc. | 1,159 | 130,121 |
Iron Mountain, Inc. | 364 | 11,939 |
Jones Lang LaSalle, Inc. | 66 | 9,670 |
Lamar Advertising Co., Class A | 975 | 78,010 |
Outfront Media, Inc. | 257 | 6,762 |
Public Storage | 1,295 | 288,604 |
SBA Communications Corp. | 1,293 | 311,160 |
Simon Property Group, Inc. | 3,145 | 473,889 |
Sun Communities, Inc. | 240 | 39,036 |
The Howard Hughes Corp. * | 144 | 16,102 |
UDR, Inc. | 177 | 8,894 |
4,086,227 | ||
Retailing 9.9% | ||
Advance Auto Parts, Inc. | 184 | 29,896 |
Amazon.com, Inc. * | 4,774 | 8,481,775 |
AutoZone, Inc. * | 282 | 322,715 |
Best Buy Co., Inc. | 538 | 38,645 |
Booking Holdings, Inc. * | 490 | 1,003,897 |
Burlington Stores, Inc. * | 755 | 145,088 |
CarMax, Inc. * | 908 | 84,598 |
Carvana Co. * | 524 | 42,486 |
Dollar General Corp. | 2,812 | 450,876 |
Dollar Tree, Inc. * | 1,471 | 162,399 |
eBay, Inc. | 9,176 | 323,454 |
Etsy, Inc. * | 1,382 | 61,485 |
Expedia Group, Inc. | 1,386 | 189,411 |
Five Below, Inc. * | 632 | 79,070 |
Floor & Decor Holdings, Inc., Class A * | 763 | 34,968 |
GrubHub, Inc. * | 1,036 | 35,286 |
L Brands, Inc. | 408 | 6,952 |
LKQ Corp. * | 503 | 17,097 |
Lowe's Cos., Inc. | 9,047 | 1,009,736 |
Nordstrom, Inc. | 1,234 | 44,301 |
O'Reilly Automotive, Inc. * | 869 | 378,458 |
Ollie's Bargain Outlet Holdings, Inc. * | 617 | 39,414 |
Pool Corp. | 442 | 91,671 |
Ross Stores, Inc. | 4,151 | 455,240 |
Target Corp. | 312 | 33,356 |
The Home Depot, Inc. | 7,253 | 1,701,409 |
The TJX Cos., Inc. | 14,018 | 808,138 |
Tractor Supply Co. | 1,368 | 129,987 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 650 | 151,548 |
Security | Number of Shares | Value ($) |
Wayfair, Inc., Class A * | 718 | 59,041 |
Williams-Sonoma, Inc. | 165 | 11,020 |
16,423,417 | ||
Semiconductors & Semiconductor Equipment 4.4% | ||
Advanced Micro Devices, Inc. * | 11,558 | 392,163 |
Analog Devices, Inc. | 565 | 60,246 |
Applied Materials, Inc. | 5,787 | 314,003 |
Broadcom, Inc. | 4,460 | 1,306,111 |
Cree, Inc. * | 91 | 4,343 |
Entegris, Inc. | 1,558 | 74,784 |
KLA Corp. | 1,838 | 310,696 |
Lam Research Corp. | 1,462 | 396,260 |
Maxim Integrated Products, Inc. | 1,171 | 68,691 |
Microchip Technology, Inc. | 750 | 70,718 |
Monolithic Power Systems, Inc. | 484 | 72,561 |
NVIDIA Corp. | 6,737 | 1,354,272 |
QUALCOMM, Inc. | 14,038 | 1,129,217 |
Skyworks Solutions, Inc. | 91 | 8,286 |
Teradyne, Inc. | 1,975 | 120,909 |
Texas Instruments, Inc. | 10,824 | 1,277,124 |
Universal Display Corp. | 489 | 97,888 |
Xilinx, Inc. | 2,934 | 266,231 |
7,324,503 | ||
Software & Services 23.0% | ||
2U, Inc. * | 217 | 3,890 |
Accenture plc, Class A | 7,356 | 1,363,950 |
Adobe, Inc. * | 5,621 | 1,562,245 |
Akamai Technologies, Inc. * | 1,693 | 146,444 |
Alliance Data Systems Corp. | 49 | 4,900 |
Alteryx, Inc., Class A * | 516 | 47,214 |
Anaplan, Inc. * | 979 | 46,209 |
ANSYS, Inc. * | 960 | 211,344 |
Aspen Technology, Inc. * | 800 | 92,088 |
Atlassian Corp. plc, Class A * | 1,215 | 146,760 |
Autodesk, Inc. * | 1,963 | 289,268 |
Automatic Data Processing, Inc. | 5,021 | 814,557 |
Avalara, Inc. * | 541 | 38,411 |
Black Knight, Inc. * | 1,647 | 105,737 |
Booz Allen Hamilton Holding Corp. | 1,577 | 110,973 |
Broadridge Financial Solutions, Inc. | 1,310 | 164,038 |
Cadence Design Systems, Inc. * | 3,195 | 208,793 |
CDK Global, Inc. | 1,396 | 70,554 |
Ceridian HCM Holding, Inc. * | 770 | 37,152 |
Citrix Systems, Inc. | 1,294 | 140,865 |
Cognizant Technology Solutions Corp., Class A | 492 | 29,982 |
CoreLogic, Inc. * | 45 | 1,822 |
Coupa Software, Inc. * | 702 | 96,518 |
DocuSign, Inc. * | 1,756 | 116,230 |
Dropbox, Inc., Class A * | 2,452 | 48,599 |
Dynatrace, Inc. * | 337 | 6,817 |
Elastic N.V. * | 501 | 36,077 |
EPAM Systems, Inc. * | 595 | 104,696 |
Euronet Worldwide, Inc. * | 576 | 80,680 |
Fair Isaac Corp. * | 325 | 98,813 |
Fidelity National Information Services, Inc. | 4,308 | 567,622 |
FireEye, Inc. * | 2,266 | 35,893 |
Fiserv, Inc. * | 6,508 | 690,759 |
FleetCor Technologies, Inc. * | 984 | 289,512 |
Fortinet, Inc. * | 1,661 | 135,471 |
Gartner, Inc. * | 1,009 | 155,467 |
Genpact Ltd. | 2,002 | 78,418 |
Global Payments, Inc. | 3,439 | 581,810 |
GoDaddy, Inc., Class A * | 2,038 | 132,531 |
Security | Number of Shares | Value ($) |
Guidewire Software, Inc. * | 934 | 105,299 |
HubSpot, Inc. * | 460 | 71,346 |
International Business Machines Corp. | 6,194 | 828,324 |
Intuit, Inc. | 2,871 | 739,282 |
Jack Henry & Associates, Inc. | 785 | 111,125 |
Manhattan Associates, Inc. * | 741 | 55,538 |
Mastercard, Inc., Class A | 10,361 | 2,868,028 |
Medallia, Inc. * | 144 | 4,188 |
Microsoft Corp. | 87,305 | 12,516,918 |
MongoDB, Inc. * | 484 | 61,841 |
New Relic, Inc. * | 585 | 37,475 |
Nutanix, Inc., Class A * | 1,632 | 47,687 |
Okta, Inc. * | 1,172 | 127,830 |
Oracle Corp. | 25,878 | 1,410,092 |
Pagerduty, Inc. * | 104 | 2,391 |
Palo Alto Networks, Inc. * | 1,084 | 246,491 |
Paychex, Inc. | 3,698 | 309,301 |
Paycom Software, Inc. * | 571 | 120,784 |
Paylocity Holding Corp. * | 382 | 39,193 |
PayPal Holdings, Inc. * | 13,563 | 1,411,908 |
Pegasystems, Inc. | 435 | 32,716 |
Pluralsight, Inc., Class A * | 710 | 12,837 |
Proofpoint, Inc. * | 634 | 73,145 |
PTC, Inc. * | 1,197 | 80,091 |
RealPage, Inc. * | 917 | 55,524 |
RingCentral, Inc., Class A * | 819 | 132,285 |
Sabre Corp. | 546 | 12,820 |
salesforce.com, Inc. * | 9,462 | 1,480,708 |
ServiceNow, Inc. * | 2,150 | 531,609 |
Smartsheet, Inc., Class A * | 1,027 | 40,464 |
SolarWinds Corp. * | 129 | 2,445 |
Splunk, Inc. * | 1,728 | 207,291 |
Square, Inc., Class A * | 3,919 | 240,744 |
SS&C Technologies Holdings, Inc. | 2,315 | 120,403 |
Switch, Inc., Class A | 670 | 9,896 |
Synopsys, Inc. * | 1,712 | 232,404 |
Teradata Corp. * | 1,336 | 39,986 |
The Trade Desk, Inc., Class A * | 442 | 88,754 |
The Western Union Co. | 1,105 | 27,691 |
Twilio, Inc., Class A * | 1,380 | 133,253 |
Tyler Technologies, Inc. * | 436 | 117,075 |
VeriSign, Inc. * | 833 | 158,287 |
Visa, Inc., Class A | 20,081 | 3,591,688 |
VMware, Inc., Class A | 889 | 140,702 |
WEX, Inc. * | 492 | 93,077 |
Workday, Inc., Class A * | 1,841 | 298,537 |
Zendesk, Inc. * | 1,256 | 88,736 |
Zscaler, Inc. * | 704 | 30,962 |
38,082,280 | ||
Technology Hardware & Equipment 10.5% | ||
Amphenol Corp., Class A | 3,370 | 338,112 |
Apple, Inc. | 52,189 | 12,982,536 |
Arista Networks, Inc. * | 684 | 167,286 |
CDW Corp. | 1,665 | 212,970 |
Cisco Systems, Inc. | 49,468 | 2,350,225 |
Cognex Corp. | 1,882 | 96,904 |
Corning, Inc. | 2,808 | 83,201 |
Dell Technologies, Inc., Class C * | 1,278 | 67,593 |
Dolby Laboratories, Inc., Class A | 87 | 5,597 |
F5 Networks, Inc. * | 636 | 91,635 |
FLIR Systems, Inc. | 137 | 7,064 |
HP, Inc. | 903 | 15,685 |
IPG Photonics Corp. * | 27 | 3,626 |
Jabil, Inc. | 352 | 12,961 |
Keysight Technologies, Inc. * | 2,156 | 217,562 |
Motorola Solutions, Inc. | 1,407 | 234,012 |
Security | Number of Shares | Value ($) |
National Instruments Corp. | 76 | 3,146 |
NCR Corp. * | 1,366 | 39,901 |
NetApp, Inc. | 2,766 | 154,564 |
Pure Storage, Inc., Class A * | 2,668 | 51,919 |
Trimble, Inc. * | 492 | 19,601 |
Ubiquiti, Inc. | 170 | 21,520 |
Zebra Technologies Corp., Class A * | 619 | 147,241 |
17,324,861 | ||
Telecommunication Services 0.2% | ||
T-Mobile US, Inc. * | 1,888 | 156,062 |
Zayo Group Holdings, Inc. * | 2,597 | 88,662 |
244,724 | ||
Transportation 2.0% | ||
Alaska Air Group, Inc. | 627 | 43,533 |
American Airlines Group, Inc. | 470 | 14,128 |
C.H. Robinson Worldwide, Inc. | 1,177 | 89,028 |
CSX Corp. | 3,170 | 222,756 |
Delta Air Lines, Inc. | 1,357 | 74,744 |
Expeditors International of Washington, Inc. | 1,396 | 101,824 |
Genesee & Wyoming, Inc., Class A * | 110 | 12,213 |
JB Hunt Transport Services, Inc. | 296 | 34,798 |
JetBlue Airways Corp. * | 284 | 5,481 |
Landstar System, Inc. | 416 | 47,070 |
Lyft, Inc., Class A * | 34 | 1,409 |
Norfolk Southern Corp. | 410 | 74,620 |
Old Dominion Freight Line, Inc. | 312 | 56,809 |
Southwest Airlines Co. | 3,319 | 186,296 |
Uber Technologies, Inc. * | 229 | 7,214 |
Union Pacific Corp. | 8,177 | 1,352,966 |
United Airlines Holdings, Inc. * | 604 | 54,867 |
United Parcel Service, Inc., Class B | 8,064 | 928,731 |
XPO Logistics, Inc. * | 618 | 47,215 |
3,355,702 | ||
Total Common Stock | ||
(Cost $139,882,179) | 165,443,941 | |
Other Investment Companies0.3% of net assets | ||
Equity Funds 0.1% | ||
iShares Russell 1000 Growth ETF | 600 | 98,484 |
Money Market Fund 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(b) | 383,584 | 383,584 |
Total Other Investment Companies | ||
(Cost $481,359) | 482,068 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 1000 Growth Index, e-mini, expires 12/20/19 | 3 | 247,515 | (571) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund's investment adviser. |
(b) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock99.6% of net assets | ||
Automobiles & Components 1.0% | ||
Aptiv plc | 3,699 | 331,246 |
BorgWarner, Inc. | 3,179 | 132,501 |
Ford Motor Co. | 60,258 | 517,616 |
General Motors Co. | 19,118 | 710,425 |
Gentex Corp. | 3,936 | 110,405 |
Harley-Davidson, Inc. | 2,416 | 94,007 |
Lear Corp. | 942 | 110,939 |
The Goodyear Tire & Rubber Co. | 3,598 | 57,100 |
Thor Industries, Inc. | 820 | 51,873 |
2,116,112 | ||
Banks 11.1% | ||
Associated Banc-Corp. | 2,456 | 49,390 |
Bank of America Corp. | 129,894 | 4,061,785 |
Bank of Hawaii Corp. | 623 | 54,394 |
Bank OZK | 1,870 | 52,472 |
BankUnited, Inc. | 1,418 | 48,637 |
BB&T Corp. | 11,799 | 625,937 |
BOK Financial Corp. | 502 | 38,729 |
CIT Group, Inc. | 1,350 | 57,902 |
Citigroup, Inc. | 34,830 | 2,502,884 |
Citizens Financial Group, Inc. | 6,898 | 242,534 |
Comerica, Inc. | 2,151 | 140,719 |
Commerce Bancshares, Inc. | 1,520 | 97,827 |
Cullen/Frost Bankers, Inc. | 866 | 78,009 |
East West Bancorp, Inc. | 2,250 | 96,570 |
F.N.B. Corp. | 5,001 | 60,312 |
Fifth Third Bancorp | 11,316 | 329,069 |
First Citizens BancShares, Inc., Class A | 111 | 54,603 |
First Hawaiian, Inc. | 2,024 | 55,316 |
First Horizon National Corp. | 4,759 | 76,001 |
First Republic Bank | 2,101 | 223,462 |
Huntington Bancshares, Inc. | 16,100 | 227,493 |
JPMorgan Chase & Co. | 49,037 | 6,125,702 |
KeyCorp | 15,491 | 278,373 |
M&T Bank Corp. | 2,057 | 321,982 |
MGIC Investment Corp. | 5,434 | 74,500 |
New York Community Bancorp, Inc. | 7,010 | 81,667 |
PacWest Bancorp | 1,799 | 66,545 |
People's United Financial, Inc. | 6,783 | 109,681 |
Pinnacle Financial Partners, Inc. | 1,147 | 67,467 |
Popular, Inc. | 1,459 | 79,457 |
Prosperity Bancshares, Inc. | 1,249 | 86,206 |
Regions Financial Corp. | 15,414 | 248,165 |
Signature Bank | 420 | 49,694 |
Sterling Bancorp | 3,086 | 60,640 |
SunTrust Banks, Inc. | 6,839 | 467,377 |
SVB Financial Group * | 743 | 164,560 |
Synovus Financial Corp. | 2,102 | 71,195 |
TCF Financial Corp. | 2,333 | 92,364 |
Texas Capital Bancshares, Inc. * | 757 | 40,924 |
TFS Financial Corp. | 732 | 14,098 |
The PNC Financial Services Group, Inc. | 6,860 | 1,006,362 |
U.S. Bancorp | 22,068 | 1,258,317 |
Security | Number of Shares | Value ($) |
Umpqua Holdings Corp. | 3,397 | 53,741 |
Webster Financial Corp. | 1,396 | 61,564 |
Wells Fargo & Co. | 61,239 | 3,161,770 |
Western Alliance Bancorp | 1,318 | 65,017 |
Wintrust Financial Corp. | 867 | 55,332 |
Zions Bancorp NA | 2,702 | 130,966 |
23,467,711 | ||
Capital Goods 7.2% | ||
3M Co. | 2,029 | 334,765 |
A.O. Smith Corp. | 1,738 | 86,344 |
Acuity Brands, Inc. | 448 | 55,906 |
AECOM * | 2,379 | 95,184 |
AGCO Corp. | 973 | 74,619 |
Air Lease Corp. | 1,487 | 65,398 |
Allegion plc | 360 | 41,774 |
AMETEK, Inc. | 714 | 65,438 |
Arconic, Inc. | 6,005 | 164,957 |
BWX Technologies, Inc. | 365 | 21,206 |
Carlisle Cos., Inc. | 114 | 17,359 |
Caterpillar, Inc. | 7,760 | 1,069,328 |
Colfax Corp. * | 1,438 | 48,317 |
Crane Co. | 765 | 58,538 |
Cummins, Inc. | 2,371 | 408,950 |
Curtiss-Wright Corp. | 660 | 89,265 |
Deere & Co. | 4,367 | 760,469 |
Dover Corp. | 1,250 | 129,862 |
Eaton Corp. plc | 6,515 | 567,522 |
Emerson Electric Co. | 8,625 | 605,044 |
Fastenal Co. | 845 | 30,369 |
Flowserve Corp. | 1,578 | 77,070 |
Fluor Corp. | 2,165 | 34,878 |
Fortive Corp. | 3,535 | 243,915 |
Fortune Brands Home & Security, Inc. | 1,455 | 87,373 |
Gardner Denver Holdings, Inc. * | 2,030 | 64,615 |
Gates Industrial Corp. plc * | 800 | 8,000 |
General Dynamics Corp. | 3,667 | 648,326 |
General Electric Co. | 133,474 | 1,332,071 |
GrafTech International Ltd. | 947 | 11,440 |
HD Supply Holdings, Inc. * | 2,640 | 104,386 |
Hexcel Corp. | 96 | 7,164 |
Honeywell International, Inc. | 5,679 | 980,934 |
Hubbell, Inc. | 374 | 52,996 |
Huntington Ingalls Industries, Inc. | 129 | 29,110 |
IDEX Corp. | 577 | 89,741 |
Ingersoll-Rand plc | 219 | 27,789 |
ITT, Inc. | 1,336 | 79,425 |
Jacobs Engineering Group, Inc. | 2,040 | 190,903 |
Johnson Controls International plc | 12,275 | 531,876 |
L3Harris Technologies, Inc. | 1,692 | 349,077 |
Lennox International, Inc. | 49 | 12,121 |
Lincoln Electric Holdings, Inc. | 54 | 4,837 |
Masco Corp. | 4,424 | 204,610 |
MSC Industrial Direct Co., Inc., Class A | 674 | 49,344 |
Nordson Corp. | 79 | 12,388 |
nVent Electric plc | 2,358 | 54,375 |
Oshkosh Corp. | 1,043 | 89,051 |
Owens Corning | 1,655 | 101,418 |
Security | Number of Shares | Value ($) |
PACCAR, Inc. | 5,229 | 397,718 |
Parker-Hannifin Corp. | 1,976 | 362,576 |
Pentair plc | 2,559 | 106,122 |
Quanta Services, Inc. | 1,670 | 70,223 |
Raytheon Co. | 1,639 | 347,812 |
Regal Beloit Corp. | 650 | 48,132 |
Resideo Technologies, Inc. * | 1,926 | 18,355 |
Roper Technologies, Inc. | 1,335 | 449,842 |
Sensata Technologies Holding plc * | 1,408 | 72,076 |
Snap-on, Inc. | 841 | 136,805 |
Spirit AeroSystems Holdings, Inc., Class A | 161 | 13,173 |
Stanley Black & Decker, Inc. | 2,336 | 353,507 |
Teledyne Technologies, Inc. * | 552 | 181,939 |
Textron, Inc. | 3,535 | 162,928 |
The Timken Co. | 1,041 | 51,009 |
TransDigm Group, Inc. | 141 | 74,205 |
Trinity Industries, Inc. | 1,603 | 31,707 |
United Rentals, Inc. * | 350 | 46,749 |
United Technologies Corp. | 12,510 | 1,796,186 |
Univar Solutions, Inc. * | 2,434 | 52,234 |
Valmont Industries, Inc. | 321 | 44,038 |
WABCO Holdings, Inc. * | 125 | 16,828 |
Wabtec Corp. | 1,985 | 137,699 |
Watsco, Inc. | 495 | 87,268 |
WESCO International, Inc. * | 634 | 31,795 |
Woodward, Inc. | 149 | 15,892 |
15,376,665 | ||
Commercial & Professional Services 0.5% | ||
ADT, Inc. | 1,746 | 13,514 |
Clean Harbors, Inc. * | 785 | 64,731 |
Equifax, Inc. | 284 | 38,826 |
IAA, Inc. * | 170 | 6,485 |
IHS Markit Ltd. * | 2,267 | 158,735 |
KAR Auction Services, Inc. | 188 | 4,674 |
ManpowerGroup, Inc. | 911 | 82,828 |
Nielsen Holdings plc | 4,806 | 96,889 |
Republic Services, Inc. | 3,080 | 269,531 |
Stericycle, Inc. * | 1,385 | 79,776 |
Waste Management, Inc. | 1,423 | 159,675 |
975,664 | ||
Consumer Durables & Apparel 0.9% | ||
Brunswick Corp. | 1,307 | 76,120 |
Capri Holdings Ltd. * | 1,293 | 40,173 |
Carter's, Inc. | 368 | 36,888 |
Columbia Sportswear Co. | 157 | 14,201 |
D.R. Horton, Inc. | 5,245 | 274,681 |
Garmin Ltd. | 2,240 | 210,000 |
Hanesbrands, Inc. | 1,189 | 18,085 |
Leggett & Platt, Inc. | 2,027 | 103,985 |
Lennar Corp., B Shares | 134 | 6,301 |
Lennar Corp., Class A | 2,546 | 151,741 |
Mattel, Inc. * | 1,575 | 18,805 |
Mohawk Industries, Inc. * | 921 | 132,053 |
Newell Brands, Inc. | 5,812 | 110,254 |
Polaris, Inc. | 93 | 9,174 |
PulteGroup, Inc. | 3,911 | 153,468 |
PVH Corp. | 1,155 | 100,670 |
Ralph Lauren Corp. | 790 | 75,887 |
Skechers U.S.A., Inc., Class A * | 1,284 | 47,983 |
Tapestry, Inc. | 4,400 | 113,784 |
Toll Brothers, Inc. | 2,030 | 80,733 |
Under Armour, Inc., Class A * | 966 | 19,948 |
Security | Number of Shares | Value ($) |
Under Armour, Inc., Class C * | 1,030 | 19,055 |
Whirlpool Corp. | 950 | 144,514 |
1,958,503 | ||
Consumer Services 2.0% | ||
Aramark | 3,755 | 164,319 |
Caesars Entertainment Corp. * | 8,795 | 108,003 |
Carnival Corp. | 6,135 | 263,130 |
Choice Hotels International, Inc. | 294 | 26,013 |
Dunkin' Brands Group, Inc. | 90 | 7,076 |
Extended Stay America, Inc. | 2,879 | 40,911 |
frontdoor, Inc. * | 1,294 | 62,410 |
Graham Holdings Co., Class B | 65 | 40,928 |
Grand Canyon Education, Inc. * | 661 | 60,785 |
H&R Block, Inc. | 2,655 | 66,348 |
Hilton Grand Vacations, Inc. * | 1,155 | 40,113 |
Hyatt Hotels Corp., Class A | 574 | 42,901 |
International Game Technology plc | 1,501 | 19,873 |
Las Vegas Sands Corp. | 2,724 | 168,452 |
McDonald's Corp. | 9,930 | 1,953,231 |
MGM Resorts International | 7,129 | 203,176 |
Norwegian Cruise Line Holdings Ltd. * | 2,628 | 133,397 |
Royal Caribbean Cruises Ltd. | 2,643 | 287,638 |
Service Corp. International | 1,745 | 79,363 |
ServiceMaster Global Holdings, Inc. * | 1,752 | 70,746 |
Six Flags Entertainment Corp. | 1,108 | 46,746 |
Vail Resorts, Inc. | 66 | 15,336 |
Wyndham Destinations, Inc. | 1,393 | 64,649 |
Wyndham Hotels & Resorts, Inc. | 1,044 | 56,345 |
Wynn Resorts Ltd. | 255 | 30,942 |
Yum China Holdings, Inc. | 1,090 | 46,325 |
Yum! Brands, Inc. | 521 | 52,991 |
4,152,147 | ||
Diversified Financials 8.1% | ||
Affiliated Managers Group, Inc. | 777 | 62,067 |
AGNC Investment Corp. | 8,471 | 144,430 |
Ally Financial, Inc. | 6,030 | 184,699 |
American Express Co. | 4,665 | 547,111 |
Ameriprise Financial, Inc. | 1,738 | 262,247 |
Annaly Capital Management, Inc. | 22,359 | 200,784 |
AXA Equitable Holdings, Inc. | 4,542 | 98,107 |
Berkshire Hathaway, Inc., Class B * | 30,170 | 6,413,538 |
BGC Partners, Inc., Class A | 4,539 | 23,603 |
BlackRock, Inc. | 1,826 | 843,064 |
Capital One Financial Corp. | 7,206 | 671,959 |
Cboe Global Markets, Inc. | 1,279 | 147,277 |
Chimera Investment Corp. | 2,855 | 57,842 |
CME Group, Inc. | 5,460 | 1,123,395 |
Credit Acceptance Corp. * | 19 | 8,318 |
Discover Financial Services | 3,182 | 255,387 |
E*TRADE Financial Corp. | 3,010 | 125,788 |
Eaton Vance Corp. | 1,716 | 78,250 |
Evercore, Inc., Class A | 381 | 28,057 |
Franklin Resources, Inc. | 4,327 | 119,209 |
Interactive Brokers Group, Inc., Class A | 852 | 40,530 |
Intercontinental Exchange, Inc. | 5,164 | 487,068 |
Invesco Ltd. | 6,091 | 102,451 |
Janus Henderson Group plc | 2,477 | 57,293 |
Jefferies Financial Group, Inc. | 4,041 | 75,445 |
Lazard Ltd., Class A | 1,014 | 37,853 |
Legg Mason, Inc. | 1,330 | 49,556 |
MFA Financial, Inc. | 6,917 | 52,500 |
Morgan Stanley | 18,324 | 843,820 |
Nasdaq, Inc. | 1,778 | 177,391 |
Navient Corp. | 3,105 | 42,756 |
Security | Number of Shares | Value ($) |
New Residential Investment Corp. | 6,412 | 101,566 |
Northern Trust Corp. | 3,046 | 303,625 |
OneMain Holdings, Inc. | 1,011 | 40,440 |
Raymond James Financial, Inc. | 1,476 | 123,231 |
Santander Consumer USA Holdings, Inc. | 1,573 | 39,451 |
SEI Investments Co. | 1,041 | 62,377 |
SLM Corp. | 6,556 | 55,333 |
Starwood Property Trust, Inc. | 4,208 | 103,517 |
State Street Corp. | 5,741 | 379,308 |
Synchrony Financial | 7,449 | 263,471 |
T. Rowe Price Group, Inc. | 2,532 | 293,206 |
TD Ameritrade Holding Corp. | 556 | 21,339 |
The Bank of New York Mellon Corp. | 12,929 | 604,431 |
The Charles Schwab Corp.(a) | 7,215 | 293,723 |
The Goldman Sachs Group, Inc. | 4,989 | 1,064,553 |
Two Harbors Investment Corp. | 4,176 | 57,921 |
Virtu Financial, Inc., Class A | 465 | 7,886 |
Voya Financial, Inc. | 2,005 | 108,190 |
17,285,363 | ||
Energy 8.0% | ||
Antero Midstream Corp. | 3,535 | 22,765 |
Antero Resources Corp. * | 4,046 | 10,115 |
Apache Corp. | 5,776 | 125,108 |
Apergy Corp. * | 1,209 | 30,431 |
Baker Hughes Co. | 9,724 | 208,094 |
Cabot Oil & Gas Corp. | 2,373 | 44,233 |
Centennial Resource Development, Inc., Class A * | 2,829 | 9,619 |
Cheniere Energy, Inc. * | 1,513 | 93,125 |
Chesapeake Energy Corp. *(b) | 19,764 | 26,484 |
Chevron Corp. | 29,405 | 3,415,097 |
Cimarex Energy Co. | 1,531 | 64,639 |
Concho Resources, Inc. | 3,052 | 206,071 |
ConocoPhillips | 17,139 | 946,073 |
Continental Resources, Inc. * | 1,314 | 38,724 |
Devon Energy Corp. | 6,225 | 126,243 |
Diamondback Energy, Inc. | 2,007 | 172,120 |
EOG Resources, Inc. | 8,949 | 620,255 |
EQT Corp. | 3,926 | 42,165 |
Equitrans Midstream Corp. | 2,833 | 39,435 |
Exxon Mobil Corp. | 65,292 | 4,411,780 |
Halliburton Co. | 13,422 | 258,373 |
Helmerich & Payne, Inc. | 1,621 | 60,788 |
Hess Corp. | 4,142 | 272,336 |
HollyFrontier Corp. | 2,357 | 129,494 |
Kinder Morgan, Inc. | 30,078 | 600,958 |
Kosmos Energy Ltd. | 5,436 | 33,703 |
Marathon Oil Corp. | 12,328 | 142,142 |
Marathon Petroleum Corp. | 10,124 | 647,430 |
Murphy Oil Corp. | 2,388 | 49,264 |
National Oilwell Varco, Inc. | 5,928 | 134,091 |
Noble Energy, Inc. | 7,309 | 140,771 |
Occidental Petroleum Corp. | 13,806 | 559,143 |
ONEOK, Inc. | 4,317 | 301,456 |
Parsley Energy, Inc., Class A | 1,812 | 28,648 |
Patterson-UTI Energy, Inc. | 3,088 | 25,692 |
PBF Energy, Inc., Class A | 1,832 | 59,137 |
Phillips 66 | 6,917 | 808,044 |
Pioneer Natural Resources Co. | 1,476 | 181,578 |
Range Resources Corp. | 3,346 | 13,484 |
Schlumberger Ltd. | 21,362 | 698,324 |
Targa Resources Corp. | 3,513 | 136,585 |
The Williams Cos., Inc. | 18,704 | 417,286 |
Transocean Ltd. * | 8,941 | 42,470 |
Security | Number of Shares | Value ($) |
Valero Energy Corp. | 6,423 | 622,903 |
WPX Energy, Inc. * | 6,467 | 64,541 |
17,081,217 | ||
Food & Staples Retailing 1.8% | ||
Casey's General Stores, Inc. | 420 | 71,740 |
Grocery Outlet Holding Corp. * | 409 | 13,047 |
Sprouts Farmers Market, Inc. * | 952 | 18,478 |
The Kroger Co. | 12,251 | 301,865 |
U.S. Foods Holding Corp. * | 3,348 | 132,815 |
Walgreens Boots Alliance, Inc. | 11,759 | 644,158 |
Walmart, Inc. | 21,659 | 2,539,735 |
3,721,838 | ||
Food, Beverage & Tobacco 4.2% | ||
Altria Group, Inc. | 14,772 | 661,638 |
Archer-Daniels-Midland Co. | 8,584 | 360,871 |
Beyond Meat, Inc. * | 197 | 16,637 |
Brown-Forman Corp., Class A | 45 | 2,797 |
Brown-Forman Corp., Class B | 178 | 11,663 |
Bunge Ltd. | 2,123 | 114,642 |
Campbell Soup Co. | 1,114 | 51,589 |
ConAgra Brands, Inc. | 7,453 | 201,604 |
Constellation Brands, Inc., Class A | 2,443 | 464,976 |
Flowers Foods, Inc. | 2,983 | 64,791 |
General Mills, Inc. | 9,239 | 469,895 |
Hormel Foods Corp. | 4,292 | 175,500 |
Ingredion, Inc. | 1,023 | 80,817 |
Kellogg Co. | 2,328 | 147,898 |
Keurig Dr Pepper, Inc. | 3,161 | 89,014 |
Lamb Weston Holdings, Inc. | 1,665 | 129,937 |
McCormick & Co., Inc. - Non Voting Shares | 669 | 107,502 |
Molson Coors Brewing Co., Class B | 2,684 | 141,500 |
Mondelez International, Inc., Class A | 21,920 | 1,149,704 |
PepsiCo, Inc. | 3,453 | 473,648 |
Philip Morris International, Inc. | 23,972 | 1,952,280 |
Pilgrim's Pride Corp. * | 531 | 16,121 |
Post Holdings, Inc. * | 545 | 56,080 |
Seaboard Corp. | 4 | 16,876 |
The Coca-Cola Co. | 18,795 | 1,023,012 |
The Hain Celestial Group, Inc. * | 1,407 | 33,261 |
The Hershey Co. | 282 | 41,417 |
The JM Smucker Co. | 1,684 | 177,965 |
The Kraft Heinz Co. | 9,624 | 311,144 |
TreeHouse Foods, Inc. * | 711 | 38,408 |
Tyson Foods, Inc., Class A | 4,434 | 367,091 |
8,950,278 | ||
Health Care Equipment & Services 5.8% | ||
Abbott Laboratories | 15,058 | 1,258,999 |
Acadia Healthcare Co., Inc. * | 1,341 | 40,217 |
Anthem, Inc. | 2,810 | 756,115 |
Baxter International, Inc. | 3,941 | 302,275 |
Becton, Dickinson & Co. | 3,778 | 967,168 |
Cantel Medical Corp. | 253 | 18,441 |
Cardinal Health, Inc. | 4,603 | 227,618 |
Centene Corp. * | 1,027 | 54,513 |
Change Healthcare, Inc. * | 356 | 4,706 |
Cigna Corp. * | 3,985 | 711,163 |
Covetrus, Inc. * | 1,471 | 14,585 |
CVS Health Corp. | 20,020 | 1,329,128 |
Danaher Corp. | 9,296 | 1,281,175 |
DaVita, Inc. * | 1,884 | 110,402 |
DENTSPLY SIRONA, Inc. | 3,421 | 187,402 |
Encompass Health Corp. | 750 | 48,015 |
Security | Number of Shares | Value ($) |
HCA Healthcare, Inc. | 1,673 | 223,412 |
Henry Schein, Inc. * | 1,994 | 124,795 |
Hill-Rom Holdings, Inc. | 498 | 52,136 |
Hologic, Inc. * | 805 | 38,890 |
Humana, Inc. | 1,188 | 349,510 |
ICU Medical, Inc. * | 209 | 33,777 |
Integra LifeSciences Holdings Corp. * | 1,086 | 63,053 |
Laboratory Corp. of America Holdings * | 1,421 | 234,138 |
McKesson Corp. | 2,536 | 337,288 |
MEDNAX, Inc. * | 1,269 | 27,867 |
Medtronic plc | 20,697 | 2,253,903 |
Molina Healthcare, Inc. * | 209 | 24,587 |
Premier, Inc., Class A * | 786 | 25,608 |
Quest Diagnostics, Inc. | 2,073 | 209,891 |
Steris plc | 1,217 | 172,291 |
The Cooper Cos., Inc. | 648 | 188,568 |
Universal Health Services, Inc., Class B | 1,215 | 167,014 |
WellCare Health Plans, Inc. * | 74 | 21,948 |
West Pharmaceutical Services, Inc. | 276 | 39,700 |
Zimmer Biomet Holdings, Inc. | 3,161 | 436,945 |
12,337,243 | ||
Household & Personal Products 3.0% | ||
Colgate-Palmolive Co. | 12,963 | 889,262 |
Coty, Inc., Class A | 4,470 | 52,254 |
Energizer Holdings, Inc. | 951 | 40,408 |
Herbalife Nutrition Ltd. * | 1,338 | 59,769 |
Kimberly-Clark Corp. | 5,264 | 699,480 |
Nu Skin Enterprises, Inc., Class A | 857 | 38,205 |
Spectrum Brands Holdings, Inc. | 644 | 32,335 |
The Clorox Co. | 361 | 53,316 |
The Procter & Gamble Co. | 35,913 | 4,471,528 |
6,336,557 | ||
Insurance 4.4% | ||
Aflac, Inc. | 11,372 | 604,536 |
Alleghany Corp. * | 192 | 149,432 |
American Financial Group, Inc. | 1,142 | 118,814 |
American International Group, Inc. | 13,419 | 710,670 |
American National Insurance Co. | 110 | 13,198 |
Arch Capital Group Ltd. * | 5,081 | 212,183 |
Arthur J. Gallagher & Co. | 2,223 | 202,782 |
Assurant, Inc. | 944 | 119,010 |
Assured Guaranty Ltd. | 1,471 | 69,019 |
Athene Holding Ltd., Class A * | 1,357 | 58,826 |
Axis Capital Holdings Ltd. | 1,151 | 68,404 |
Brighthouse Financial, Inc. * | 1,709 | 64,532 |
Brown & Brown, Inc. | 3,417 | 128,753 |
Chubb Ltd. | 7,020 | 1,069,988 |
Cincinnati Financial Corp. | 2,348 | 265,817 |
CNA Financial Corp. | 416 | 18,654 |
Erie Indemnity Co., Class A | 131 | 24,139 |
Everest Re Group Ltd. | 432 | 111,063 |
Fidelity National Financial, Inc. | 4,075 | 186,798 |
First American Financial Corp. | 1,689 | 104,346 |
Globe Life, Inc. | 1,664 | 161,957 |
Kemper Corp. | 789 | 56,713 |
Lincoln National Corp. | 3,080 | 173,958 |
Loews Corp. | 4,024 | 197,176 |
Markel Corp. * | 192 | 224,832 |
Marsh & McLennan Cos., Inc. | 959 | 99,372 |
Mercury General Corp. | 419 | 20,137 |
MetLife, Inc. | 12,206 | 571,119 |
Old Republic International Corp. | 4,359 | 97,380 |
Primerica, Inc. | 176 | 22,208 |
Principal Financial Group, Inc. | 4,260 | 227,399 |
Security | Number of Shares | Value ($) |
Prudential Financial, Inc. | 6,253 | 569,898 |
Reinsurance Group of America, Inc. | 960 | 155,971 |
RenaissanceRe Holdings Ltd. | 411 | 76,931 |
The Allstate Corp. | 5,067 | 539,230 |
The Hanover Insurance Group, Inc. | 613 | 80,738 |
The Hartford Financial Services Group, Inc. | 5,554 | 317,022 |
The Progressive Corp. | 6,050 | 421,685 |
The Travelers Cos., Inc. | 3,381 | 443,114 |
Unum Group | 3,226 | 88,844 |
W. R. Berkley Corp. | 2,207 | 154,269 |
White Mountains Insurance Group Ltd. | 47 | 50,337 |
Willis Towers Watson plc | 1,989 | 371,744 |
9,422,998 | ||
Materials 4.2% | ||
Air Products & Chemicals, Inc. | 2,911 | 620,800 |
Albemarle Corp. | 1,623 | 98,581 |
Alcoa Corp. * | 2,833 | 58,898 |
AptarGroup, Inc. | 590 | 69,708 |
Ardagh Group S.A. | 313 | 5,844 |
Ashland Global Holdings, Inc. | 920 | 71,180 |
Avery Dennison Corp. | 87 | 11,124 |
Axalta Coating Systems Ltd. * | 2,195 | 64,731 |
Berry Global Group, Inc. * | 1,253 | 52,012 |
Cabot Corp. | 860 | 37,487 |
Celanese Corp. | 1,901 | 230,306 |
CF Industries Holdings, Inc. | 3,013 | 136,640 |
Corteva, Inc. * | 11,562 | 305,006 |
Crown Holdings, Inc. * | 855 | 62,278 |
Domtar Corp. | 962 | 35,007 |
Dow, Inc. * | 11,549 | 583,109 |
DuPont de Nemours, Inc. | 11,560 | 761,920 |
Eagle Materials, Inc. | 115 | 10,504 |
Eastman Chemical Co. | 2,098 | 159,532 |
Element Solutions, Inc. * | 2,185 | 23,729 |
FMC Corp. | 2,027 | 185,470 |
Freeport-McMoRan, Inc. | 22,241 | 218,407 |
Graphic Packaging Holding Co. | 4,516 | 70,721 |
Huntsman Corp. | 3,363 | 74,423 |
International Flavors & Fragrances, Inc. | 1,637 | 199,730 |
International Paper Co. | 6,036 | 263,652 |
Linde plc | 8,369 | 1,659,991 |
LyondellBasell Industries N.V., Class A | 4,099 | 367,680 |
Martin Marietta Materials, Inc. | 669 | 175,218 |
NewMarket Corp. | 10 | 4,855 |
Newmont Goldcorp Corp. | 12,600 | 500,598 |
Nucor Corp. | 4,700 | 253,095 |
Olin Corp. | 2,535 | 46,492 |
Owens-Illinois, Inc. | 2,438 | 20,723 |
Packaging Corp. of America | 1,436 | 157,185 |
PPG Industries, Inc. | 2,455 | 307,170 |
Reliance Steel & Aluminum Co. | 1,007 | 116,852 |
Royal Gold, Inc. | 691 | 79,769 |
RPM International, Inc. | 1,642 | 118,930 |
Sealed Air Corp. | 2,230 | 93,147 |
Silgan Holdings, Inc. | 1,213 | 37,324 |
Sonoco Products Co. | 1,536 | 88,627 |
Southern Copper Corp. | 353 | 12,560 |
Steel Dynamics, Inc. | 3,231 | 98,093 |
The Chemours Co. | 2,547 | 41,796 |
The Mosaic Co. | 5,427 | 107,889 |
United States Steel Corp. | 2,580 | 29,696 |
Valvoline, Inc. | 2,886 | 61,587 |
Vulcan Materials Co. | 164 | 23,431 |
Security | Number of Shares | Value ($) |
Westlake Chemical Corp. | 552 | 34,881 |
WestRock Co. | 3,904 | 145,892 |
8,994,280 | ||
Media & Entertainment 4.0% | ||
Activision Blizzard, Inc. | 11,049 | 619,075 |
CBS Corp., Class B - Non Voting Shares | 514 | 18,525 |
Charter Communications, Inc., Class A * | 1,015 | 474,878 |
Cinemark Holdings, Inc. | 1,638 | 59,951 |
Comcast Corp., Class A | 36,831 | 1,650,765 |
Discovery, Inc., Class A * | 2,381 | 64,180 |
Discovery, Inc., Class C * | 5,402 | 136,346 |
DISH Network Corp., Class A * | 3,597 | 123,665 |
Electronic Arts, Inc. * | 439 | 42,320 |
Fox Corp., Class A | 4,874 | 156,163 |
Fox Corp., Class B * | 2,273 | 71,009 |
IAC/InterActiveCorp * | 476 | 108,171 |
John Wiley & Sons, Inc., Class A | 659 | 30,360 |
Liberty Broadband Corp., Class A * | 378 | 44,600 |
Liberty Broadband Corp., Class C * | 1,625 | 191,864 |
Liberty Media Corp. - Liberty Formula One, Class A * | 362 | 14,636 |
Liberty Media Corp. - Liberty Formula One, Class C * | 3,059 | 130,007 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 1,298 | 58,293 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 2,366 | 106,920 |
Lions Gate Entertainment Corp., Class A * | 765 | 6,112 |
Lions Gate Entertainment Corp., Class B * | 1,689 | 12,651 |
News Corp., Class A | 5,918 | 81,136 |
News Corp., Class B | 1,866 | 26,348 |
Nexstar Media Group, Inc., Class A | 153 | 14,885 |
Omnicom Group, Inc. | 1,545 | 119,259 |
Sinclair Broadcast Group, Inc., Class A | 65 | 2,590 |
Take-Two Interactive Software, Inc. * | 930 | 111,925 |
The Interpublic Group of Cos., Inc. | 5,369 | 116,776 |
The Madison Square Garden Co., Class A * | 258 | 68,865 |
The New York Times Co., Class A | 2,025 | 62,572 |
The Walt Disney Co. | 26,932 | 3,499,005 |
TripAdvisor, Inc. * | 177 | 7,151 |
Viacom, Inc., Class A | 158 | 3,775 |
Viacom, Inc., Class B | 5,432 | 117,114 |
Zillow Group, Inc., Class A * | 896 | 29,021 |
Zillow Group, Inc., Class C * | 1,888 | 61,492 |
Zynga, Inc., Class A * | 10,154 | 62,650 |
8,505,055 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.8% | ||
Adaptive Biotechnologies Corp. * | 74 | 1,929 |
Agilent Technologies, Inc. | 4,322 | 327,391 |
Agios Pharmaceuticals, Inc. * | 700 | 21,056 |
Alexion Pharmaceuticals, Inc. * | 814 | 85,796 |
Alkermes plc * | 2,380 | 46,481 |
Allergan plc | 5,058 | 890,764 |
Alnylam Pharmaceuticals, Inc. * | 258 | 22,379 |
Amgen, Inc. | 737 | 157,165 |
Avantor, Inc. * | 1,018 | 14,466 |
Bio-Rad Laboratories, Inc., Class A * | 328 | 108,771 |
Biogen, Inc. * | 1,865 | 557,094 |
Bluebird Bio, Inc. * | 841 | 68,121 |
Bristol-Myers Squibb Co. | 14,888 | 854,125 |
Catalent, Inc. * | 2,227 | 108,344 |
Elanco Animal Health, Inc. * | 5,734 | 154,933 |
Exelixis, Inc. * | 2,738 | 42,302 |
Gilead Sciences, Inc. | 16,843 | 1,073,068 |
Security | Number of Shares | Value ($) |
Horizon Therapeutics plc * | 2,482 | 71,755 |
IQVIA Holdings, Inc. * | 1,587 | 229,195 |
Jazz Pharmaceuticals plc * | 94 | 11,809 |
Johnson & Johnson | 34,789 | 4,593,540 |
Merck & Co., Inc. | 2,068 | 179,213 |
Moderna, Inc. * | 310 | 5,192 |
Mylan N.V. * | 7,895 | 151,189 |
Nektar Therapeutics * | 2,211 | 37,863 |
PerkinElmer, Inc. | 1,330 | 114,327 |
Perrigo Co., plc | 1,947 | 103,230 |
Pfizer, Inc. | 85,817 | 3,292,798 |
QIAGEN N.V. * | 3,393 | 101,145 |
Regeneron Pharmaceuticals, Inc. * | 1,001 | 306,586 |
Thermo Fisher Scientific, Inc. | 1,962 | 592,485 |
United Therapeutics Corp. * | 666 | 59,833 |
14,384,345 | ||
Real Estate 5.5% | ||
Alexandria Real Estate Equities, Inc. | 1,720 | 273,050 |
American Campus Communities, Inc. | 2,113 | 105,608 |
American Homes 4 Rent, Class A | 2,254 | 59,663 |
Apartment Investment & Management Co., Class A | 2,286 | 125,456 |
Apple Hospitality REIT, Inc. | 3,229 | 53,214 |
AvalonBay Communities, Inc. | 2,144 | 466,663 |
Boston Properties, Inc. | 2,383 | 326,948 |
Brandywine Realty Trust | 2,706 | 41,348 |
Brixmor Property Group, Inc. | 4,589 | 101,050 |
Camden Property Trust | 1,443 | 165,036 |
CBRE Group, Inc., Class A * | 3,258 | 174,466 |
Colony Capital, Inc. | 7,022 | 39,323 |
Columbia Property Trust, Inc. | 1,814 | 37,223 |
CoreSite Realty Corp. | 122 | 14,335 |
Corporate Office Properties Trust | 1,726 | 51,159 |
Cousins Properties, Inc. | 2,229 | 89,450 |
CubeSmart | 2,970 | 94,149 |
CyrusOne, Inc. | 1,717 | 122,388 |
Digital Realty Trust, Inc. | 3,201 | 406,655 |
Douglas Emmett, Inc. | 2,538 | 109,946 |
Duke Realty Corp. | 5,554 | 195,168 |
Empire State Realty Trust, Inc., Class A | 2,219 | 32,109 |
EPR Properties | 1,176 | 91,481 |
Equity Commonwealth | 1,868 | 60,112 |
Equity Residential | 5,631 | 499,244 |
Essex Property Trust, Inc. | 1,008 | 329,747 |
Extra Space Storage, Inc. | 366 | 41,091 |
Federal Realty Investment Trust | 1,154 | 156,955 |
Gaming & Leisure Properties, Inc. | 3,110 | 125,520 |
HCP, Inc. | 7,577 | 285,047 |
Healthcare Trust of America, Inc., Class A | 3,153 | 97,743 |
Highwoods Properties, Inc. | 1,560 | 73,008 |
Host Hotels & Resorts, Inc. | 11,156 | 182,847 |
Hudson Pacific Properties, Inc. | 2,327 | 83,586 |
Invitation Homes, Inc. | 7,347 | 226,214 |
Iron Mountain, Inc. | 3,887 | 127,494 |
JBG SMITH Properties | 1,872 | 75,367 |
Jones Lang LaSalle, Inc. | 705 | 103,297 |
Kilroy Realty Corp. | 1,524 | 127,909 |
Kimco Realty Corp. | 6,228 | 134,276 |
Liberty Property Trust | 2,396 | 141,532 |
Life Storage, Inc. | 709 | 77,224 |
Medical Properties Trust, Inc. | 6,807 | 141,109 |
Mid-America Apartment Communities, Inc. | 1,749 | 243,093 |
National Retail Properties, Inc. | 2,492 | 146,804 |
Omega Healthcare Investors, Inc. | 3,280 | 144,451 |
Outfront Media, Inc. | 1,834 | 48,253 |
Paramount Group, Inc. | 3,094 | 41,676 |
Security | Number of Shares | Value ($) |
Park Hotels & Resorts, Inc. | 3,694 | 85,885 |
Prologis, Inc. | 9,678 | 849,341 |
Public Storage | 552 | 123,019 |
Rayonier, Inc. | 1,967 | 53,070 |
Realty Income Corp. | 4,905 | 401,180 |
Regency Centers Corp. | 2,566 | 172,538 |
Retail Properties of America, Inc., Class A | 3,300 | 45,408 |
Service Properties Trust | 2,490 | 62,997 |
Simon Property Group, Inc. | 536 | 80,764 |
SITE Centers Corp. | 2,097 | 32,566 |
SL Green Realty Corp. | 1,257 | 105,085 |
Spirit Realty Capital, Inc. | 1,374 | 68,480 |
STORE Capital Corp. | 3,223 | 130,531 |
Sun Communities, Inc. | 1,038 | 168,831 |
Taubman Centers, Inc. | 876 | 31,343 |
The Howard Hughes Corp. * | 421 | 47,076 |
The Macerich Co. | 2,187 | 60,142 |
UDR, Inc. | 4,238 | 212,959 |
Ventas, Inc. | 5,737 | 373,479 |
VEREIT, Inc. | 16,302 | 160,412 |
VICI Properties, Inc. | 7,117 | 167,605 |
Vornado Realty Trust | 2,664 | 174,838 |
Weingarten Realty Investors | 1,872 | 59,399 |
Welltower, Inc. | 6,243 | 566,178 |
Weyerhaeuser Co. | 11,478 | 335,272 |
WP Carey, Inc. | 2,603 | 239,632 |
11,697,517 | ||
Retailing 2.1% | ||
Advance Auto Parts, Inc. | 807 | 131,121 |
AutoNation, Inc. * | 822 | 41,799 |
Best Buy Co., Inc. | 2,795 | 200,765 |
CarMax, Inc. * | 1,347 | 125,500 |
Dick's Sporting Goods, Inc. | 1,020 | 39,709 |
Dollar General Corp. | 239 | 38,321 |
Dollar Tree, Inc. * | 1,658 | 183,043 |
Expedia Group, Inc. | 275 | 37,581 |
Foot Locker, Inc. | 1,685 | 73,314 |
Genuine Parts Co. | 2,172 | 222,804 |
Kohl's Corp. | 2,503 | 128,304 |
L Brands, Inc. | 2,922 | 49,791 |
LKQ Corp. * | 4,052 | 137,727 |
Macy's, Inc. | 4,785 | 72,541 |
Penske Automotive Group, Inc. | 516 | 25,140 |
Qurate Retail, Inc. Class A * | 5,916 | 56,439 |
Target Corp. | 7,281 | 778,412 |
The Gap, Inc. | 3,343 | 54,357 |
The Home Depot, Inc. | 7,312 | 1,715,249 |
Tiffany & Co. | 1,865 | 232,211 |
Urban Outfitters, Inc. * | 1,072 | 30,766 |
Williams-Sonoma, Inc. | 973 | 64,987 |
4,439,881 | ||
Semiconductors & Semiconductor Equipment 3.4% | ||
Analog Devices, Inc. | 4,903 | 522,807 |
Applied Materials, Inc. | 6,686 | 362,782 |
Cree, Inc. * | 1,508 | 71,977 |
Cypress Semiconductor Corp. | 5,655 | 131,592 |
First Solar, Inc. * | 1,258 | 65,152 |
Intel Corp. | 68,383 | 3,865,691 |
Lam Research Corp. | 273 | 73,994 |
Marvell Technology Group Ltd. | 10,121 | 246,851 |
Maxim Integrated Products, Inc. | 2,615 | 153,396 |
Microchip Technology, Inc. | 2,566 | 241,948 |
Micron Technology, Inc. * | 17,055 | 810,965 |
MKS Instruments, Inc. | 830 | 89,823 |
Security | Number of Shares | Value ($) |
ON Semiconductor Corp. * | 6,276 | 128,030 |
Qorvo, Inc. * | 1,818 | 147,004 |
Skyworks Solutions, Inc. | 2,524 | 229,835 |
7,141,847 | ||
Software & Services 1.5% | ||
2U, Inc. * | 543 | 9,733 |
Akamai Technologies, Inc. * | 219 | 18,943 |
Alliance Data Systems Corp. | 551 | 55,100 |
Amdocs Ltd. | 2,075 | 135,290 |
Autodesk, Inc. * | 774 | 114,057 |
CACI International, Inc., Class A * | 381 | 85,249 |
Cerence, Inc. * | 540 | 8,370 |
Ceridian HCM Holding, Inc. * | 236 | 11,387 |
Citrix Systems, Inc. | 218 | 23,731 |
Cognizant Technology Solutions Corp., Class A | 7,821 | 476,612 |
CoreLogic, Inc. * | 1,167 | 47,252 |
DXC Technology Co. | 4,017 | 111,150 |
Dynatrace, Inc. * | 104 | 2,104 |
Fidelity National Information Services, Inc. | 3,649 | 480,792 |
International Business Machines Corp. | 5,403 | 722,543 |
Jack Henry & Associates, Inc. | 142 | 20,102 |
Leidos Holdings, Inc. | 2,099 | 180,997 |
LogMeIn, Inc. | 757 | 49,720 |
Medallia, Inc. * | 65 | 1,890 |
Nuance Communications, Inc. * | 4,412 | 72,004 |
Sabre Corp. | 3,487 | 81,875 |
SolarWinds Corp. * | 504 | 9,551 |
SS&C Technologies Holdings, Inc. | 327 | 17,007 |
Symantec Corp. | 8,916 | 203,998 |
The Western Union Co. | 5,101 | 127,831 |
VeriSign, Inc. * | 500 | 95,010 |
3,162,298 | ||
Technology Hardware & Equipment 1.2% | ||
Arrow Electronics, Inc. * | 1,268 | 100,527 |
Avnet, Inc. | 1,562 | 61,793 |
Ciena Corp. * | 2,397 | 88,977 |
Coherent, Inc. * | 370 | 55,100 |
CommScope Holding Co., Inc. * | 2,875 | 32,200 |
Corning, Inc. | 8,158 | 241,722 |
Dell Technologies, Inc., Class C * | 656 | 34,696 |
Dolby Laboratories, Inc., Class A | 839 | 53,973 |
EchoStar Corp., Class A * | 715 | 27,885 |
F5 Networks, Inc. * | 70 | 10,086 |
FLIR Systems, Inc. | 1,898 | 97,861 |
Hewlett Packard Enterprise Co. | 20,659 | 339,014 |
HP, Inc. | 22,035 | 382,748 |
IPG Photonics Corp. * | 504 | 67,677 |
Jabil, Inc. | 1,793 | 66,018 |
Juniper Networks, Inc. | 5,250 | 130,305 |
Littelfuse, Inc. | 364 | 63,907 |
Motorola Solutions, Inc. | 662 | 110,104 |
National Instruments Corp. | 1,872 | 77,482 |
SYNNEX Corp. | 638 | 75,118 |
Trimble, Inc. * | 3,196 | 127,329 |
ViaSat, Inc. * | 866 | 59,615 |
Western Digital Corp. | 4,522 | 233,561 |
Xerox Holdings Corp. | 2,844 | 96,497 |
2,634,195 | ||
Telecommunication Services 4.2% | ||
AT&T, Inc. | 112,599 | 4,333,935 |
CenturyLink, Inc. | 16,787 | 217,224 |
Security | Number of Shares | Value ($) |
GCI Liberty, Inc., Class A * | 1,520 | 106,370 |
Sprint Corp. * | 8,799 | 54,642 |
T-Mobile US, Inc. * | 2,300 | 190,118 |
Telephone & Data Systems, Inc. | 1,560 | 40,700 |
United States Cellular Corp. * | 248 | 9,231 |
Verizon Communications, Inc. | 63,830 | 3,859,800 |
8,812,020 | ||
Transportation 1.9% | ||
Alaska Air Group, Inc. | 997 | 69,222 |
AMERCO | 136 | 55,085 |
American Airlines Group, Inc. | 5,498 | 165,270 |
C.H. Robinson Worldwide, Inc. | 493 | 37,291 |
Copa Holdings S.A., Class A | 483 | 49,140 |
CSX Corp. | 7,512 | 527,868 |
Delta Air Lines, Inc. | 7,185 | 395,750 |
Expeditors International of Washington, Inc. | 763 | 55,653 |
FedEx Corp. | 3,720 | 567,895 |
Genesee & Wyoming, Inc., Class A * | 714 | 79,275 |
JB Hunt Transport Services, Inc. | 908 | 106,745 |
JetBlue Airways Corp. * | 4,138 | 79,863 |
Kansas City Southern | 1,546 | 217,646 |
Kirby Corp. * | 909 | 71,956 |
Knight-Swift Transportation Holdings, Inc. | 1,908 | 69,566 |
Landstar System, Inc. | 50 | 5,658 |
Lyft, Inc., Class A * | 474 | 19,643 |
Macquarie Infrastructure Corp. | 1,130 | 48,748 |
Norfolk Southern Corp. | 3,553 | 646,646 |
Old Dominion Freight Line, Inc. | 572 | 104,150 |
Ryder System, Inc. | 802 | 39,001 |
Schneider National, Inc., Class B | 831 | 19,005 |
Southwest Airlines Co. | 3,010 | 168,951 |
Uber Technologies, Inc. *(b) | 2,497 | 78,656 |
United Airlines Holdings, Inc. * | 2,832 | 257,259 |
XPO Logistics, Inc. * | 593 | 45,305 |
3,981,247 | ||
Utilities 6.8% | ||
AES Corp. | 10,241 | 174,609 |
Alliant Energy Corp. | 3,678 | 196,185 |
Ameren Corp. | 3,778 | 293,551 |
American Electric Power Co., Inc. | 7,620 | 719,252 |
American Water Works Co., Inc. | 2,784 | 343,184 |
Aqua America, Inc. | 3,312 | 150,133 |
Atmos Energy Corp. | 1,805 | 203,026 |
Avangrid, Inc. | 868 | 43,443 |
CenterPoint Energy, Inc. | 7,746 | 225,176 |
CMS Energy Corp. | 4,342 | 277,541 |
Consolidated Edison, Inc. | 5,129 | 472,996 |
Dominion Energy, Inc. | 12,357 | 1,020,070 |
DTE Energy Co. | 2,818 | 358,788 |
Duke Energy Corp. | 11,227 | 1,058,257 |
Edison International | 5,396 | 339,408 |
Entergy Corp. | 3,066 | 372,458 |
Evergy, Inc. | 3,626 | 231,738 |
Eversource Energy | 4,996 | 418,365 |
Exelon Corp. | 14,954 | 680,257 |
FirstEnergy Corp. | 8,193 | 395,886 |
Hawaiian Electric Industries, Inc. | 1,646 | 74,317 |
IDACORP, Inc. | 766 | 82,437 |
MDU Resources Group, Inc. | 2,994 | 86,497 |
National Fuel Gas Co. | 1,249 | 56,592 |
NextEra Energy, Inc. | 7,379 | 1,758,711 |
NiSource, Inc. | 5,723 | 160,473 |
NRG Energy, Inc. | 3,873 | 155,385 |
OGE Energy Corp. | 3,072 | 132,280 |
Security | Number of Shares | Value ($) |
PG&E Corp. * | 8,077 | 49,835 |
Pinnacle West Capital Corp. | 1,723 | 162,169 |
PPL Corp. | 11,145 | 373,246 |
Public Service Enterprise Group, Inc. | 7,779 | 492,489 |
Sempra Energy | 4,232 | 611,566 |
The Southern Co. | 16,041 | 1,005,129 |
UGI Corp. | 3,200 | 152,544 |
Vistra Energy Corp. | 6,502 | 175,749 |
WEC Energy Group, Inc. | 4,866 | 459,350 |
Xcel Energy, Inc. | 7,940 | 504,269 |
14,467,361 | ||
Total Common Stock | ||
(Cost $196,691,653) | 211,402,342 | |
Other Investment Companies0.1% of net assets | ||
Equity Funds 0.1% | ||
iShares Russell 1000 Value ETF | 1,100 | 143,077 |
Securities Lending Collateral 0.0% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 99,345 | 99,345 |
Total Other Investment Companies | ||
(Cost $242,598) | 242,422 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 1000 Growth Index, e-mini, expires 12/20/19 | 10 | 638,450 | (34) |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $90,270. |
(c) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock99.6% of net assets | ||
Automobiles & Components 0.8% | ||
Aptiv plc | 11,993 | 1,073,973 |
BorgWarner, Inc. | 9,636 | 401,629 |
Gentex Corp. | 11,858 | 332,617 |
Harley-Davidson, Inc. | 7,265 | 282,681 |
Lear Corp. | 2,834 | 333,760 |
The Goodyear Tire & Rubber Co. | 10,888 | 172,793 |
Thor Industries, Inc. | 2,440 | 154,354 |
2,751,807 | ||
Banks 4.2% | ||
Associated Banc-Corp. | 7,509 | 151,006 |
Bank of Hawaii Corp. | 1,891 | 165,103 |
Bank OZK | 5,665 | 158,960 |
BankUnited, Inc. | 4,383 | 150,337 |
BOK Financial Corp. | 1,486 | 114,645 |
CIT Group, Inc. | 4,411 | 189,188 |
Citizens Financial Group, Inc. | 20,780 | 730,625 |
Comerica, Inc. | 6,939 | 453,949 |
Commerce Bancshares, Inc. | 4,627 | 297,794 |
Cullen/Frost Bankers, Inc. | 2,632 | 237,091 |
East West Bancorp, Inc. | 6,739 | 289,238 |
F.N.B. Corp. | 15,095 | 182,046 |
Fifth Third Bancorp | 34,158 | 993,315 |
First Citizens BancShares, Inc., Class A | 340 | 167,253 |
First Hawaiian, Inc. | 6,201 | 169,473 |
First Horizon National Corp. | 14,527 | 231,996 |
First Republic Bank | 7,748 | 824,077 |
Huntington Bancshares, Inc. | 48,441 | 684,471 |
KeyCorp | 46,785 | 840,726 |
LendingTree, Inc. * | 354 | 127,387 |
M&T Bank Corp. | 6,207 | 971,582 |
MGIC Investment Corp. | 16,508 | 226,325 |
New York Community Bancorp, Inc. | 21,038 | 245,093 |
PacWest Bancorp | 5,495 | 203,260 |
People's United Financial, Inc. | 20,499 | 331,469 |
Pinnacle Financial Partners, Inc. | 3,492 | 205,399 |
Popular, Inc. | 4,431 | 241,312 |
Prosperity Bancshares, Inc. | 4,241 | 292,714 |
Regions Financial Corp. | 46,523 | 749,020 |
Signature Bank | 2,505 | 296,392 |
Sterling Bancorp | 9,425 | 185,201 |
SunTrust Banks, Inc. | 20,634 | 1,410,128 |
SVB Financial Group * | 2,417 | 535,317 |
Synovus Financial Corp. | 6,842 | 231,738 |
TCF Financial Corp. | 7,090 | 280,693 |
Texas Capital Bancshares, Inc. * | 2,304 | 124,554 |
TFS Financial Corp. | 2,354 | 45,338 |
Umpqua Holdings Corp. | 10,340 | 163,579 |
Webster Financial Corp. | 4,264 | 188,042 |
Western Alliance Bancorp | 4,511 | 222,528 |
Wintrust Financial Corp. | 2,616 | 166,953 |
Zions Bancorp NA | 8,088 | 392,025 |
14,867,342 | ||
Security | Number of Shares | Value ($) |
Capital Goods 9.2% | ||
A.O. Smith Corp. | 6,284 | 312,189 |
Acuity Brands, Inc. | 1,843 | 229,988 |
AECOM * | 7,228 | 289,192 |
AGCO Corp. | 2,961 | 227,079 |
Air Lease Corp. | 4,858 | 213,655 |
Allegion plc | 4,374 | 507,559 |
Allison Transmission Holdings, Inc. | 5,153 | 224,722 |
AMETEK, Inc. | 10,587 | 970,299 |
Arconic, Inc. | 18,177 | 499,322 |
Armstrong World Industries, Inc. | 2,280 | 213,248 |
BWX Technologies, Inc. | 4,410 | 256,221 |
Carlisle Cos., Inc. | 2,623 | 399,404 |
Colfax Corp. * | 4,367 | 146,731 |
Crane Co. | 2,342 | 179,210 |
Cummins, Inc. | 7,165 | 1,235,819 |
Curtiss-Wright Corp. | 1,976 | 267,254 |
Donaldson Co., Inc. | 5,927 | 312,590 |
Dover Corp. | 6,730 | 699,180 |
Fastenal Co. | 26,623 | 956,831 |
Flowserve Corp. | 6,075 | 296,703 |
Fluor Corp. | 6,419 | 103,410 |
Fortive Corp. | 13,760 | 949,440 |
Fortune Brands Home & Security, Inc. | 6,458 | 387,803 |
Gardner Denver Holdings, Inc. * | 6,168 | 196,327 |
Gates Industrial Corp. plc * | 2,005 | 20,050 |
Graco, Inc. | 7,641 | 345,373 |
GrafTech International Ltd. | 2,866 | 34,621 |
HD Supply Holdings, Inc. * | 7,918 | 313,078 |
HEICO Corp. | 1,809 | 223,122 |
HEICO Corp., Class A | 3,559 | 339,066 |
Hexcel Corp. | 3,930 | 293,257 |
Hubbell, Inc. | 2,514 | 356,234 |
Huntington Ingalls Industries, Inc. | 1,886 | 425,595 |
IDEX Corp. | 3,522 | 547,777 |
Ingersoll-Rand plc | 11,216 | 1,423,198 |
ITT, Inc. | 4,082 | 242,675 |
Jacobs Engineering Group, Inc. | 6,146 | 575,143 |
L3Harris Technologies, Inc. | 10,288 | 2,122,517 |
Lennox International, Inc. | 1,634 | 404,186 |
Lincoln Electric Holdings, Inc. | 2,739 | 245,332 |
Masco Corp. | 13,439 | 621,554 |
MSC Industrial Direct Co., Inc., Class A | 2,045 | 149,714 |
Nordson Corp. | 2,672 | 418,996 |
nVent Electric plc | 7,084 | 163,357 |
Oshkosh Corp. | 3,162 | 269,972 |
Owens Corning | 5,003 | 306,584 |
PACCAR, Inc. | 15,800 | 1,201,748 |
Parker-Hannifin Corp. | 5,965 | 1,094,518 |
Pentair plc | 7,762 | 321,890 |
Quanta Services, Inc. | 6,573 | 276,395 |
Regal Beloit Corp. | 1,956 | 144,842 |
Resideo Technologies, Inc. * | 5,633 | 53,683 |
Rockwell Automation, Inc. | 5,431 | 934,078 |
Sensata Technologies Holding plc * | 7,362 | 376,861 |
Snap-on, Inc. | 2,558 | 416,110 |
Spirit AeroSystems Holdings, Inc., Class A | 4,807 | 393,309 |
Stanley Black & Decker, Inc. | 7,057 | 1,067,936 |
Security | Number of Shares | Value ($) |
Teledyne Technologies, Inc. * | 1,668 | 549,773 |
Textron, Inc. | 10,751 | 495,514 |
The Middleby Corp. * | 2,571 | 310,962 |
The Timken Co. | 3,142 | 153,958 |
The Toro Co. | 4,942 | 381,176 |
TransDigm Group, Inc. | 2,291 | 1,205,707 |
Trinity Industries, Inc. | 4,962 | 98,148 |
United Rentals, Inc. * | 3,584 | 478,715 |
Univar Solutions, Inc. * | 7,364 | 158,031 |
Valmont Industries, Inc. | 985 | 135,132 |
W.W. Grainger, Inc. | 2,039 | 629,725 |
WABCO Holdings, Inc. * | 2,371 | 319,184 |
Wabtec Corp. | 8,363 | 580,141 |
Watsco, Inc. | 1,509 | 266,037 |
WESCO International, Inc. * | 1,995 | 100,049 |
Woodward, Inc. | 2,547 | 271,663 |
Xylem, Inc. | 8,319 | 637,984 |
32,968,846 | ||
Commercial & Professional Services 2.6% | ||
ADT, Inc.(a) | 5,316 | 41,146 |
Cintas Corp. | 3,896 | 1,046,738 |
Clean Harbors, Inc. * | 2,406 | 198,399 |
Copart, Inc. * | 9,199 | 760,205 |
CoStar Group, Inc. * | 1,675 | 920,446 |
Equifax, Inc. | 5,604 | 766,123 |
IAA, Inc. * | 6,188 | 236,072 |
IHS Markit Ltd. * | 18,439 | 1,291,099 |
KAR Auction Services, Inc. | 6,110 | 151,895 |
ManpowerGroup, Inc. | 2,773 | 252,121 |
Nielsen Holdings plc | 16,459 | 331,813 |
Republic Services, Inc. | 9,926 | 868,624 |
Robert Half International, Inc. | 5,374 | 307,769 |
Rollins, Inc. | 6,587 | 251,031 |
Stericycle, Inc. * | 4,156 | 239,386 |
TransUnion | 8,715 | 720,033 |
Verisk Analytics, Inc. | 7,434 | 1,075,700 |
9,458,600 | ||
Consumer Durables & Apparel 2.7% | ||
Brunswick Corp. | 3,940 | 229,466 |
Capri Holdings Ltd. * | 6,636 | 206,181 |
Carter's, Inc. | 2,057 | 206,194 |
Columbia Sportswear Co. | 1,370 | 123,917 |
D.R. Horton, Inc. | 15,843 | 829,698 |
Garmin Ltd. | 6,735 | 631,406 |
Hanesbrands, Inc. | 16,692 | 253,885 |
Hasbro, Inc. | 5,405 | 525,961 |
Leggett & Platt, Inc. | 6,090 | 312,417 |
Lennar Corp., B Shares | 771 | 36,252 |
Lennar Corp., Class A | 13,049 | 777,720 |
lululemon Athletica, Inc. * | 5,498 | 1,123,076 |
Mattel, Inc. * | 16,024 | 191,327 |
Mohawk Industries, Inc. * | 2,758 | 395,442 |
Newell Brands, Inc. | 17,599 | 333,853 |
NVR, Inc. * | 151 | 549,125 |
Polaris, Inc. | 2,679 | 264,283 |
PulteGroup, Inc. | 11,876 | 466,014 |
PVH Corp. | 3,450 | 300,702 |
Ralph Lauren Corp. | 2,395 | 230,064 |
Skechers U.S.A., Inc., Class A * | 6,115 | 228,518 |
Tapestry, Inc. | 13,301 | 343,964 |
Tempur Sealy International, Inc. * | 2,153 | 195,815 |
Toll Brothers, Inc. | 6,208 | 246,892 |
Under Armour, Inc., Class A * | 8,716 | 179,985 |
Security | Number of Shares | Value ($) |
Under Armour, Inc., Class C * | 8,947 | 165,520 |
Whirlpool Corp. | 2,879 | 437,953 |
9,785,630 | ||
Consumer Services 3.3% | ||
Aramark | 11,389 | 498,383 |
Bright Horizons Family Solutions, Inc. * | 2,681 | 398,182 |
Caesars Entertainment Corp. * | 26,383 | 323,983 |
Chipotle Mexican Grill, Inc. * | 1,190 | 926,010 |
Choice Hotels International, Inc. | 1,567 | 138,648 |
Darden Restaurants, Inc. | 5,714 | 641,511 |
Domino's Pizza, Inc. | 1,912 | 519,338 |
Dunkin' Brands Group, Inc. | 3,831 | 301,193 |
Extended Stay America, Inc. | 8,616 | 122,433 |
frontdoor, Inc. * | 3,958 | 190,894 |
Graham Holdings Co., Class B | 193 | 121,524 |
Grand Canyon Education, Inc. * | 2,216 | 203,783 |
H&R Block, Inc. | 9,478 | 236,855 |
Hilton Grand Vacations, Inc. * | 4,016 | 139,476 |
Hilton Worldwide Holdings, Inc. | 13,188 | 1,278,709 |
Hyatt Hotels Corp., Class A | 1,741 | 130,122 |
International Game Technology plc | 4,484 | 59,368 |
MGM Resorts International | 23,426 | 667,641 |
Norwegian Cruise Line Holdings Ltd. * | 9,993 | 507,245 |
Planet Fitness, Inc., Class A * | 3,964 | 252,348 |
Royal Caribbean Cruises Ltd. | 7,988 | 869,334 |
Service Corp. International | 8,262 | 375,756 |
ServiceMaster Global Holdings, Inc. * | 6,311 | 254,838 |
Six Flags Entertainment Corp. | 3,713 | 156,652 |
The Wendy's Co. | 8,647 | 183,144 |
Vail Resorts, Inc. | 1,872 | 434,997 |
Wyndham Destinations, Inc. | 4,258 | 197,614 |
Wyndham Hotels & Resorts, Inc. | 4,459 | 240,652 |
Wynn Resorts Ltd. | 4,548 | 551,854 |
Yum China Holdings, Inc. | 16,886 | 717,655 |
11,640,142 | ||
Diversified Financials 5.0% | ||
Affiliated Managers Group, Inc. | 2,349 | 187,638 |
AGNC Investment Corp. | 25,550 | 435,628 |
Ally Financial, Inc. | 18,210 | 557,772 |
Ameriprise Financial, Inc. | 6,090 | 918,920 |
Annaly Capital Management, Inc. | 67,737 | 608,278 |
AXA Equitable Holdings, Inc. | 13,620 | 294,192 |
BGC Partners, Inc., Class A | 13,335 | 69,342 |
Cboe Global Markets, Inc. | 5,142 | 592,101 |
Chimera Investment Corp. | 8,743 | 177,133 |
Credit Acceptance Corp. * | 487 | 213,213 |
Discover Financial Services | 14,808 | 1,188,490 |
E*TRADE Financial Corp. | 11,184 | 467,379 |
Eaton Vance Corp. | 5,209 | 237,530 |
Evercore, Inc., Class A | 1,860 | 136,970 |
FactSet Research Systems, Inc. | 1,747 | 442,899 |
Franklin Resources, Inc. | 13,036 | 359,142 |
Interactive Brokers Group, Inc., Class A | 3,488 | 165,924 |
Invesco Ltd. | 18,302 | 307,840 |
Janus Henderson Group plc | 7,521 | 173,961 |
Jefferies Financial Group, Inc. | 12,344 | 230,463 |
Lazard Ltd., Class A | 4,836 | 180,528 |
Legg Mason, Inc. | 4,026 | 150,009 |
LPL Financial Holdings, Inc. | 3,801 | 307,273 |
MarketAxess Holdings, Inc. | 1,710 | 630,289 |
MFA Financial, Inc. | 20,900 | 158,631 |
Morningstar, Inc. | 922 | 149,217 |
MSCI, Inc. | 3,831 | 898,599 |
Nasdaq, Inc. | 5,385 | 537,261 |
Security | Number of Shares | Value ($) |
Navient Corp. | 9,324 | 128,392 |
New Residential Investment Corp. | 19,206 | 304,223 |
Northern Trust Corp. | 9,203 | 917,355 |
OneMain Holdings, Inc. | 2,984 | 119,360 |
Raymond James Financial, Inc. | 5,776 | 482,238 |
Santander Consumer USA Holdings, Inc. | 4,822 | 120,936 |
SEI Investments Co. | 5,980 | 358,322 |
SLM Corp. | 19,993 | 168,741 |
Starwood Property Trust, Inc. | 12,618 | 310,403 |
State Street Corp. | 17,353 | 1,146,513 |
Synchrony Financial | 30,878 | 1,092,155 |
T. Rowe Price Group, Inc. | 10,741 | 1,243,808 |
Two Harbors Investment Corp. | 12,725 | 176,496 |
Virtu Financial, Inc., Class A | 2,366 | 40,127 |
Voya Financial, Inc. | 6,530 | 352,359 |
17,738,050 | ||
Energy 3.6% | ||
Antero Midstream Corp.(a) | 10,353 | 66,673 |
Antero Resources Corp. * | 12,263 | 30,658 |
Apache Corp. | 17,495 | 378,942 |
Apergy Corp. * | 3,561 | 89,630 |
Baker Hughes Co. | 29,370 | 628,518 |
Cabot Oil & Gas Corp. | 19,135 | 356,676 |
Centennial Resource Development, Inc., Class A * | 8,318 | 28,281 |
Cheniere Energy, Inc. * | 10,816 | 665,725 |
Chesapeake Energy Corp. *(a) | 60,125 | 80,568 |
Cimarex Energy Co. | 4,661 | 196,787 |
Concho Resources, Inc. | 9,261 | 625,303 |
Continental Resources, Inc. * | 3,977 | 117,202 |
Devon Energy Corp. | 18,830 | 381,872 |
Diamondback Energy, Inc. | 7,646 | 655,721 |
EQT Corp. | 11,957 | 128,418 |
Equitrans Midstream Corp. | 9,575 | 133,284 |
Halliburton Co. | 40,503 | 779,683 |
Helmerich & Payne, Inc. | 4,986 | 186,975 |
Hess Corp. | 12,530 | 823,848 |
HollyFrontier Corp. | 7,105 | 390,349 |
Kosmos Energy Ltd. | 16,705 | 103,571 |
Marathon Oil Corp. | 37,439 | 431,672 |
Murphy Oil Corp. | 7,069 | 145,833 |
National Oilwell Varco, Inc. | 18,009 | 407,364 |
Noble Energy, Inc. | 22,087 | 425,396 |
ONEOK, Inc. | 19,145 | 1,336,895 |
Parsley Energy, Inc., Class A | 12,530 | 198,099 |
Patterson-UTI Energy, Inc. | 9,157 | 76,186 |
PBF Energy, Inc., Class A | 5,570 | 179,800 |
Pioneer Natural Resources Co. | 7,805 | 960,171 |
Range Resources Corp. | 9,523 | 38,378 |
Targa Resources Corp. | 10,673 | 414,966 |
The Williams Cos., Inc. | 56,524 | 1,261,050 |
Transocean Ltd. * | 27,228 | 129,333 |
WPX Energy, Inc. * | 19,552 | 195,129 |
13,048,956 | ||
Food & Staples Retailing 0.5% | ||
Casey's General Stores, Inc. | 1,699 | 290,206 |
Grocery Outlet Holding Corp. * | 1,477 | 47,116 |
Sprouts Farmers Market, Inc. * | 5,397 | 104,756 |
The Kroger Co. | 37,024 | 912,271 |
U.S. Foods Holding Corp. * | 10,122 | 401,540 |
1,755,889 | ||
Security | Number of Shares | Value ($) |
Food, Beverage & Tobacco 2.8% | ||
Archer-Daniels-Midland Co. | 25,954 | 1,091,106 |
Beyond Meat, Inc. * | 604 | 51,008 |
Brown-Forman Corp., Class A | 2,095 | 130,204 |
Brown-Forman Corp., Class B | 8,008 | 524,684 |
Bunge Ltd. | 6,435 | 347,490 |
Campbell Soup Co. | 7,818 | 362,052 |
ConAgra Brands, Inc. | 22,400 | 605,920 |
Flowers Foods, Inc. | 9,143 | 198,586 |
Hormel Foods Corp. | 12,906 | 527,726 |
Ingredion, Inc. | 3,103 | 245,137 |
Kellogg Co. | 11,434 | 726,402 |
Lamb Weston Holdings, Inc. | 6,807 | 531,218 |
McCormick & Co., Inc. - Non Voting Shares | 5,716 | 918,504 |
Molson Coors Brewing Co., Class B | 8,107 | 427,401 |
Pilgrim's Pride Corp. * | 2,437 | 73,987 |
Post Holdings, Inc. * | 3,008 | 309,523 |
Seaboard Corp. | 12 | 50,629 |
The Hain Celestial Group, Inc. * | 4,226 | 99,903 |
The Hershey Co. | 6,725 | 987,701 |
The JM Smucker Co. | 5,104 | 539,391 |
TreeHouse Foods, Inc. * | 2,604 | 140,668 |
Tyson Foods, Inc., Class A | 13,401 | 1,109,469 |
9,998,709 | ||
Health Care Equipment & Services 6.0% | ||
ABIOMED, Inc. * | 2,056 | 426,784 |
Acadia Healthcare Co., Inc. * | 3,982 | 119,420 |
Align Technology, Inc. * | 3,691 | 931,202 |
AmerisourceBergen Corp. | 7,046 | 601,587 |
Cantel Medical Corp. | 1,746 | 127,266 |
Cardinal Health, Inc. | 13,903 | 687,503 |
Centene Corp. * | 19,068 | 1,012,129 |
Cerner Corp. | 14,756 | 990,423 |
Change Healthcare, Inc. * | 2,152 | 28,449 |
Chemed Corp. | 722 | 284,403 |
Covetrus, Inc. * | 4,460 | 44,221 |
DaVita, Inc. * | 5,679 | 332,789 |
DENTSPLY SIRONA, Inc. | 10,354 | 567,192 |
DexCom, Inc. * | 4,225 | 651,664 |
Encompass Health Corp. | 4,535 | 290,331 |
Guardant Health, Inc. * | 1,719 | 119,471 |
Henry Schein, Inc. * | 6,935 | 434,027 |
Hill-Rom Holdings, Inc. | 3,100 | 324,539 |
Hologic, Inc. * | 12,430 | 600,493 |
ICU Medical, Inc. * | 903 | 145,934 |
IDEXX Laboratories, Inc. * | 3,956 | 1,127,500 |
Insulet Corp. * | 2,769 | 402,391 |
Integra LifeSciences Holdings Corp. * | 3,304 | 191,830 |
Laboratory Corp. of America Holdings * | 4,557 | 750,857 |
Masimo Corp. * | 2,183 | 318,260 |
McKesson Corp. | 8,615 | 1,145,795 |
MEDNAX, Inc. * | 3,811 | 83,690 |
Molina Healthcare, Inc. * | 2,912 | 342,568 |
Penumbra, Inc. * | 1,465 | 228,496 |
Premier, Inc., Class A * | 2,387 | 77,768 |
Quest Diagnostics, Inc. | 6,262 | 634,028 |
ResMed, Inc. | 6,609 | 977,603 |
Steris plc | 3,892 | 550,990 |
Teleflex, Inc. | 2,148 | 746,237 |
The Cooper Cos., Inc. | 2,266 | 659,406 |
Universal Health Services, Inc., Class B | 3,676 | 505,303 |
Varian Medical Systems, Inc. * | 4,234 | 511,510 |
Veeva Systems, Inc., Class A * | 6,033 | 855,660 |
WellCare Health Plans, Inc. * | 2,336 | 692,858 |
Security | Number of Shares | Value ($) |
West Pharmaceutical Services, Inc. | 3,403 | 489,488 |
Zimmer Biomet Holdings, Inc. | 9,553 | 1,320,511 |
21,332,576 | ||
Household & Personal Products 0.7% | ||
Church & Dwight Co., Inc. | 11,465 | 801,862 |
Coty, Inc., Class A | 13,286 | 155,313 |
Energizer Holdings, Inc. | 2,948 | 125,260 |
Herbalife Nutrition Ltd. * | 4,771 | 213,121 |
Nu Skin Enterprises, Inc., Class A | 2,540 | 113,233 |
Spectrum Brands Holdings, Inc. | 1,974 | 99,115 |
The Clorox Co. | 5,865 | 866,202 |
2,374,106 | ||
Insurance 4.0% | ||
Alleghany Corp. * | 651 | 506,667 |
American Financial Group, Inc. | 3,411 | 354,880 |
American National Insurance Co. | 348 | 41,753 |
Arch Capital Group Ltd. * | 17,864 | 746,001 |
Arthur J. Gallagher & Co. | 8,570 | 781,755 |
Assurant, Inc. | 2,841 | 358,165 |
Assured Guaranty Ltd. | 4,496 | 210,952 |
Athene Holding Ltd., Class A * | 6,786 | 294,173 |
Axis Capital Holdings Ltd. | 3,838 | 228,092 |
Brighthouse Financial, Inc. * | 5,215 | 196,918 |
Brown & Brown, Inc. | 10,946 | 412,445 |
Cincinnati Financial Corp. | 7,088 | 802,433 |
CNA Financial Corp. | 1,307 | 58,606 |
Erie Indemnity Co., Class A | 1,146 | 211,173 |
Everest Re Group Ltd. | 1,877 | 482,558 |
Fidelity National Financial, Inc. | 12,295 | 563,603 |
First American Financial Corp. | 5,063 | 312,792 |
Globe Life, Inc. | 5,027 | 489,278 |
Kemper Corp. | 2,919 | 209,818 |
Lincoln National Corp. | 9,303 | 525,434 |
Loews Corp. | 12,242 | 599,858 |
Markel Corp. * | 632 | 740,072 |
Mercury General Corp. | 1,252 | 60,171 |
Old Republic International Corp. | 13,081 | 292,230 |
Primerica, Inc. | 1,927 | 243,149 |
Principal Financial Group, Inc. | 12,829 | 684,812 |
Reinsurance Group of America, Inc. | 2,915 | 473,600 |
RenaissanceRe Holdings Ltd. | 2,033 | 380,537 |
The Hanover Insurance Group, Inc. | 1,836 | 241,820 |
The Hartford Financial Services Group, Inc. | 16,780 | 957,802 |
Unum Group | 9,647 | 265,678 |
W. R. Berkley Corp. | 6,699 | 468,260 |
White Mountains Insurance Group Ltd. | 144 | 154,224 |
Willis Towers Watson plc | 6,009 | 1,123,082 |
14,472,791 | ||
Materials 5.1% | ||
Albemarle Corp. | 4,875 | 296,107 |
Alcoa Corp. * | 8,707 | 181,019 |
AptarGroup, Inc. | 2,965 | 350,315 |
Ardagh Group S.A. | 799 | 14,917 |
Ashland Global Holdings, Inc. | 2,801 | 216,713 |
Avery Dennison Corp. | 3,925 | 501,850 |
Axalta Coating Systems Ltd. * | 9,645 | 284,431 |
Ball Corp. | 15,389 | 1,076,768 |
Berry Global Group, Inc. * | 6,125 | 254,249 |
Cabot Corp. | 2,678 | 116,734 |
Celanese Corp. | 5,728 | 693,947 |
CF Industries Holdings, Inc. | 10,153 | 460,439 |
Corteva, Inc. * | 34,949 | 921,955 |
Security | Number of Shares | Value ($) |
Crown Holdings, Inc. * | 6,050 | 440,682 |
Domtar Corp. | 2,962 | 107,787 |
Eagle Materials, Inc. | 1,950 | 178,113 |
Eastman Chemical Co. | 6,375 | 484,755 |
Element Solutions, Inc. * | 10,651 | 115,670 |
FMC Corp. | 6,119 | 559,888 |
Freeport-McMoRan, Inc. | 67,298 | 660,866 |
Graphic Packaging Holding Co. | 13,712 | 214,730 |
Huntsman Corp. | 10,147 | 224,553 |
International Flavors & Fragrances, Inc. | 4,961 | 605,292 |
International Paper Co. | 18,327 | 800,523 |
Martin Marietta Materials, Inc. | 2,909 | 761,896 |
NewMarket Corp. | 316 | 153,415 |
Newmont Goldcorp Corp. | 38,084 | 1,513,077 |
Nucor Corp. | 14,208 | 765,101 |
Olin Corp. | 7,629 | 139,916 |
Owens-Illinois, Inc. | 7,356 | 62,526 |
Packaging Corp. of America | 4,342 | 475,275 |
Reliance Steel & Aluminum Co. | 3,020 | 350,441 |
Royal Gold, Inc. | 3,046 | 351,630 |
RPM International, Inc. | 5,952 | 431,103 |
Sealed Air Corp. | 7,215 | 301,371 |
Silgan Holdings, Inc. | 3,566 | 109,726 |
Sonoco Products Co. | 4,604 | 265,651 |
Steel Dynamics, Inc. | 9,733 | 295,494 |
The Chemours Co. | 7,697 | 126,308 |
The Mosaic Co. | 16,304 | 324,124 |
The Scotts Miracle-Gro Co. | 1,843 | 185,019 |
United States Steel Corp.(a) | 7,918 | 91,136 |
Valvoline, Inc. | 8,792 | 187,621 |
Vulcan Materials Co. | 6,117 | 873,936 |
W.R. Grace & Co. | 2,677 | 177,887 |
Westlake Chemical Corp. | 1,625 | 102,684 |
WestRock Co. | 11,877 | 443,843 |
18,251,483 | ||
Media & Entertainment 3.8% | ||
Altice USA, Inc., Class A * | 14,596 | 451,746 |
AMC Networks, Inc., Class A * | 1,935 | 84,269 |
Cable One, Inc. | 203 | 269,050 |
CBS Corp., Class B - Non Voting Shares | 15,411 | 555,412 |
Cinemark Holdings, Inc. | 4,995 | 182,817 |
Discovery, Inc., Class A * | 7,255 | 195,559 |
Discovery, Inc., Class C * | 16,255 | 410,276 |
DISH Network Corp., Class A * | 10,847 | 372,920 |
Fox Corp., Class A | 16,377 | 524,719 |
Fox Corp., Class B * | 7,541 | 235,581 |
IAC/InterActiveCorp * | 3,464 | 787,194 |
John Wiley & Sons, Inc., Class A | 2,008 | 92,509 |
Liberty Broadband Corp., Class A * | 1,132 | 133,565 |
Liberty Broadband Corp., Class C * | 4,923 | 581,259 |
Liberty Media Corp. - Liberty Formula One, Class A * | 1,187 | 47,990 |
Liberty Media Corp. - Liberty Formula One, Class C * | 9,163 | 389,428 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 3,959 | 177,799 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 7,144 | 322,837 |
Lions Gate Entertainment Corp., Class A * | 2,252 | 17,994 |
Lions Gate Entertainment Corp., Class B * | 5,149 | 38,566 |
Live Nation Entertainment, Inc. * | 6,022 | 424,551 |
Match Group, Inc.(a) | 2,560 | 186,854 |
News Corp., Class A | 17,942 | 245,985 |
News Corp., Class B | 5,587 | 78,888 |
Nexstar Media Group, Inc., Class A | 2,086 | 202,947 |
Omnicom Group, Inc. | 10,053 | 775,991 |
Security | Number of Shares | Value ($) |
Roku, Inc. * | 3,972 | 584,678 |
Sinclair Broadcast Group, Inc., Class A | 2,807 | 111,831 |
Sirius XM Holdings, Inc. | 63,874 | 429,233 |
Spotify Technology S.A. * | 5,494 | 792,784 |
Take-Two Interactive Software, Inc. * | 5,224 | 628,708 |
The Interpublic Group of Cos., Inc. | 17,936 | 390,108 |
The Madison Square Garden Co., Class A * | 864 | 230,619 |
The New York Times Co., Class A | 7,555 | 233,450 |
TripAdvisor, Inc. * | 4,918 | 198,687 |
Twitter, Inc. * | 35,066 | 1,050,928 |
Viacom, Inc., Class A | 423 | 10,106 |
Viacom, Inc., Class B | 16,481 | 355,330 |
World Wrestling Entertainment, Inc., Class A | 2,071 | 116,059 |
Zillow Group, Inc., Class A * | 2,584 | 83,696 |
Zillow Group, Inc., Class C * | 5,753 | 187,375 |
Zynga, Inc., Class A * | 39,427 | 243,265 |
13,433,563 | ||
Pharmaceuticals, Biotechnology & Life Sciences 3.8% | ||
Adaptive Biotechnologies Corp. * | 733 | 19,106 |
Agilent Technologies, Inc. | 14,438 | 1,093,678 |
Agios Pharmaceuticals, Inc. * | 2,411 | 72,523 |
Alkermes plc * | 7,316 | 142,881 |
Alnylam Pharmaceuticals, Inc. * | 4,936 | 428,149 |
Avantor, Inc. * | 10,970 | 155,884 |
Bio-Rad Laboratories, Inc., Class A * | 984 | 326,314 |
Bio-Techne Corp. | 1,753 | 364,922 |
BioMarin Pharmaceutical, Inc. * | 8,341 | 610,645 |
Bluebird Bio, Inc. * | 2,565 | 207,765 |
Bruker Corp. | 4,772 | 212,354 |
Catalent, Inc. * | 6,718 | 326,831 |
Charles River Laboratories International, Inc. * | 2,237 | 290,765 |
Elanco Animal Health, Inc. * | 17,399 | 470,121 |
Exact Sciences Corp. * | 5,940 | 516,780 |
Exelixis, Inc. * | 13,913 | 214,956 |
Horizon Therapeutics plc * | 8,549 | 247,152 |
Incyte Corp. * | 8,257 | 692,927 |
Ionis Pharmaceuticals, Inc. * | 5,952 | 331,645 |
IQVIA Holdings, Inc. * | 8,361 | 1,207,496 |
Jazz Pharmaceuticals plc * | 2,565 | 322,241 |
Mettler-Toledo International, Inc. * | 1,140 | 803,632 |
Moderna, Inc. * | 9,578 | 160,431 |
Mylan N.V. * | 23,868 | 457,072 |
Nektar Therapeutics * | 7,895 | 135,202 |
Neurocrine Biosciences, Inc. * | 4,211 | 418,952 |
PerkinElmer, Inc. | 5,134 | 441,319 |
Perrigo Co., plc | 5,850 | 310,167 |
PRA Health Sciences, Inc. * | 2,883 | 281,698 |
QIAGEN N.V. * | 10,248 | 305,493 |
Sage Therapeutics, Inc. * | 2,358 | 319,863 |
Sarepta Therapeutics, Inc. * | 3,272 | 271,772 |
Seattle Genetics, Inc. * | 5,346 | 574,160 |
United Therapeutics Corp. * | 2,025 | 181,926 |
Waters Corp. * | 3,086 | 653,059 |
13,569,881 | ||
Real Estate 10.2% | ||
Alexandria Real Estate Equities, Inc. | 5,201 | 825,659 |
American Campus Communities, Inc. | 6,354 | 317,573 |
American Homes 4 Rent, Class A | 11,935 | 315,919 |
Americold Realty Trust | 8,870 | 355,598 |
Apartment Investment & Management Co., Class A | 6,841 | 375,434 |
Apple Hospitality REIT, Inc. | 9,768 | 160,977 |
AvalonBay Communities, Inc. | 6,484 | 1,411,307 |
Security | Number of Shares | Value ($) |
Boston Properties, Inc. | 7,206 | 988,663 |
Brandywine Realty Trust | 8,070 | 123,310 |
Brixmor Property Group, Inc. | 13,795 | 303,766 |
Brookfield Property REIT, Inc., Class A | 3,445 | 65,111 |
Camden Property Trust | 4,330 | 495,222 |
CBRE Group, Inc., Class A * | 15,605 | 835,648 |
Colony Capital, Inc. | 22,025 | 123,340 |
Columbia Property Trust, Inc. | 5,339 | 109,556 |
CoreSite Realty Corp. | 1,709 | 200,808 |
Corporate Office Properties Trust | 5,250 | 155,610 |
Cousins Properties, Inc. | 6,774 | 271,841 |
CubeSmart | 8,908 | 282,384 |
CyrusOne, Inc. | 5,221 | 372,153 |
Digital Realty Trust, Inc. | 9,675 | 1,229,112 |
Douglas Emmett, Inc. | 7,681 | 332,741 |
Duke Realty Corp. | 16,779 | 589,614 |
Empire State Realty Trust, Inc., Class A | 6,779 | 98,092 |
EPR Properties | 3,580 | 278,488 |
Equity Commonwealth | 5,630 | 181,173 |
Equity LifeStyle Properties, Inc. | 8,088 | 565,675 |
Equity Residential | 17,027 | 1,509,614 |
Essex Property Trust, Inc. | 3,045 | 996,111 |
Extra Space Storage, Inc. | 5,769 | 647,686 |
Federal Realty Investment Trust | 3,463 | 471,003 |
Gaming & Leisure Properties, Inc. | 9,451 | 381,442 |
HCP, Inc. | 22,922 | 862,326 |
Healthcare Trust of America, Inc., Class A | 9,478 | 293,818 |
Highwoods Properties, Inc. | 4,728 | 221,270 |
Host Hotels & Resorts, Inc. | 33,711 | 552,523 |
Hudson Pacific Properties, Inc. | 7,072 | 254,026 |
Invitation Homes, Inc. | 22,239 | 684,739 |
Iron Mountain, Inc. | 13,281 | 435,617 |
JBG SMITH Properties | 5,700 | 229,482 |
Jones Lang LaSalle, Inc. | 2,399 | 351,501 |
Kilroy Realty Corp. | 4,625 | 388,176 |
Kimco Realty Corp. | 18,836 | 406,104 |
Lamar Advertising Co., Class A | 3,940 | 315,239 |
Liberty Property Trust | 7,249 | 428,198 |
Life Storage, Inc. | 2,151 | 234,287 |
Medical Properties Trust, Inc. | 20,637 | 427,805 |
Mid-America Apartment Communities, Inc. | 5,274 | 733,033 |
National Retail Properties, Inc. | 7,525 | 443,298 |
Omega Healthcare Investors, Inc. | 9,943 | 437,890 |
Outfront Media, Inc. | 6,694 | 176,119 |
Paramount Group, Inc. | 9,326 | 125,621 |
Park Hotels & Resorts, Inc. | 11,076 | 257,517 |
Rayonier, Inc. | 6,073 | 163,850 |
Realty Income Corp. | 14,821 | 1,212,210 |
Regency Centers Corp. | 7,718 | 518,958 |
Retail Properties of America, Inc., Class A | 9,976 | 137,270 |
SBA Communications Corp. | 5,222 | 1,256,674 |
Service Properties Trust | 7,517 | 190,180 |
SITE Centers Corp. | 6,372 | 98,957 |
SL Green Realty Corp. | 3,806 | 318,182 |
Spirit Realty Capital, Inc. | 4,175 | 208,082 |
STORE Capital Corp. | 9,843 | 398,642 |
Sun Communities, Inc. | 4,116 | 669,467 |
Taubman Centers, Inc. | 2,691 | 96,284 |
The Howard Hughes Corp. * | 1,864 | 208,432 |
The Macerich Co. | 6,586 | 181,115 |
UDR, Inc. | 13,507 | 678,727 |
Ventas, Inc. | 17,339 | 1,128,769 |
VEREIT, Inc. | 49,167 | 483,803 |
VICI Properties, Inc. | 21,502 | 506,372 |
Vornado Realty Trust | 8,059 | 528,912 |
Weingarten Realty Investors | 5,630 | 178,640 |
Welltower, Inc. | 18,870 | 1,711,320 |
Security | Number of Shares | Value ($) |
Weyerhaeuser Co. | 34,696 | 1,013,470 |
WP Carey, Inc. | 7,847 | 722,395 |
36,239,930 | ||
Retailing 4.6% | ||
Advance Auto Parts, Inc. | 3,200 | 519,936 |
AutoNation, Inc. * | 2,535 | 128,905 |
AutoZone, Inc. * | 1,137 | 1,301,160 |
Best Buy Co., Inc. | 10,681 | 767,216 |
Burlington Stores, Inc. * | 3,041 | 584,389 |
CarMax, Inc. * | 7,709 | 718,247 |
Carvana Co. * | 2,057 | 166,782 |
Dick's Sporting Goods, Inc. | 3,067 | 119,398 |
Dollar General Corp. | 12,076 | 1,936,266 |
Dollar Tree, Inc. * | 10,972 | 1,211,309 |
Etsy, Inc. * | 5,532 | 246,119 |
Expedia Group, Inc. | 6,443 | 880,500 |
Five Below, Inc. * | 2,538 | 317,529 |
Floor & Decor Holdings, Inc., Class A * | 3,176 | 145,556 |
Foot Locker, Inc. | 5,105 | 222,119 |
Genuine Parts Co. | 6,540 | 670,873 |
GrubHub, Inc. * | 4,256 | 144,959 |
Kohl's Corp. | 7,596 | 389,371 |
L Brands, Inc. | 10,639 | 181,289 |
LKQ Corp. * | 14,260 | 484,697 |
Macy's, Inc. | 14,382 | 218,031 |
Nordstrom, Inc. | 5,047 | 181,187 |
O'Reilly Automotive, Inc. * | 3,509 | 1,528,205 |
Ollie's Bargain Outlet Holdings, Inc. * | 2,469 | 157,720 |
Penske Automotive Group, Inc. | 1,580 | 76,978 |
Pool Corp. | 1,800 | 373,320 |
Qurate Retail, Inc. Class A * | 17,838 | 170,174 |
The Gap, Inc. | 10,164 | 165,267 |
Tiffany & Co. | 5,631 | 701,116 |
Tractor Supply Co. | 5,543 | 526,696 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 2,619 | 610,620 |
Urban Outfitters, Inc. * | 3,245 | 93,131 |
Wayfair, Inc., Class A * | 2,885 | 237,234 |
Williams-Sonoma, Inc. | 3,637 | 242,915 |
16,419,214 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||
Advanced Micro Devices, Inc. * | 46,674 | 1,583,649 |
Cree, Inc. * | 4,906 | 234,163 |
Cypress Semiconductor Corp. | 17,203 | 400,314 |
Entegris, Inc. | 6,226 | 298,848 |
First Solar, Inc. * | 3,835 | 198,615 |
KLA Corp. | 7,424 | 1,254,953 |
Lam Research Corp. | 6,726 | 1,823,015 |
Marvell Technology Group Ltd. | 30,441 | 742,456 |
Maxim Integrated Products, Inc. | 12,662 | 742,753 |
Microchip Technology, Inc. | 10,834 | 1,021,538 |
MKS Instruments, Inc. | 2,512 | 271,849 |
Monolithic Power Systems, Inc. | 1,943 | 291,294 |
ON Semiconductor Corp. * | 18,887 | 385,295 |
Qorvo, Inc. * | 5,483 | 443,355 |
Skyworks Solutions, Inc. | 8,010 | 729,391 |
Teradyne, Inc. | 7,955 | 487,005 |
Universal Display Corp. | 1,978 | 395,956 |
Xilinx, Inc. | 11,845 | 1,074,815 |
12,379,264 | ||
Software & Services 9.8% | ||
2U, Inc. * | 2,609 | 46,766 |
Akamai Technologies, Inc. * | 7,480 | 647,020 |
Security | Number of Shares | Value ($) |
Alliance Data Systems Corp. | 1,870 | 187,000 |
Alteryx, Inc., Class A * | 2,095 | 191,693 |
Amdocs Ltd. | 6,319 | 411,999 |
Anaplan, Inc. * | 3,891 | 183,655 |
ANSYS, Inc. * | 3,895 | 857,484 |
Aspen Technology, Inc. * | 3,220 | 370,654 |
Atlassian Corp. plc, Class A * | 4,912 | 593,320 |
Avalara, Inc. * | 2,148 | 152,508 |
Black Knight, Inc. * | 6,701 | 430,204 |
Booz Allen Hamilton Holding Corp. | 6,352 | 446,990 |
Broadridge Financial Solutions, Inc. | 5,300 | 663,666 |
CACI International, Inc., Class A * | 1,140 | 255,075 |
Cadence Design Systems, Inc. * | 12,957 | 846,740 |
CDK Global, Inc. | 5,630 | 284,540 |
Cerence, Inc. * | 1,642 | 25,451 |
Ceridian HCM Holding, Inc. * | 3,780 | 182,385 |
Citrix Systems, Inc. | 5,840 | 635,742 |
CoreLogic, Inc. * | 3,763 | 152,364 |
Coupa Software, Inc. * | 2,840 | 390,472 |
DocuSign, Inc. * | 7,110 | 470,611 |
Dropbox, Inc., Class A * | 9,879 | 195,802 |
DXC Technology Co. | 12,140 | 335,914 |
Dynatrace, Inc. * | 1,638 | 33,137 |
Elastic N.V. * | 2,086 | 150,213 |
EPAM Systems, Inc. * | 2,416 | 425,119 |
Euronet Worldwide, Inc. * | 2,315 | 324,262 |
Fair Isaac Corp. * | 1,323 | 402,245 |
FireEye, Inc. * | 9,248 | 146,488 |
Fiserv, Inc. * | 26,286 | 2,789,996 |
FleetCor Technologies, Inc. * | 3,968 | 1,167,465 |
Fortinet, Inc. * | 6,654 | 542,700 |
Gartner, Inc. * | 4,054 | 624,640 |
Genpact Ltd. | 8,136 | 318,687 |
Global Payments, Inc. | 13,884 | 2,348,895 |
GoDaddy, Inc., Class A * | 8,206 | 533,636 |
Guidewire Software, Inc. * | 3,805 | 428,976 |
HubSpot, Inc. * | 1,845 | 286,159 |
Jack Henry & Associates, Inc. | 3,571 | 505,511 |
Leidos Holdings, Inc. | 6,352 | 547,733 |
LogMeIn, Inc. | 2,307 | 151,524 |
Manhattan Associates, Inc. * | 2,984 | 223,651 |
Medallia, Inc. * | 700 | 20,356 |
MongoDB, Inc. * | 1,946 | 248,640 |
New Relic, Inc. * | 2,330 | 149,260 |
Nuance Communications, Inc. * | 13,358 | 218,003 |
Nutanix, Inc., Class A * | 6,548 | 191,333 |
Okta, Inc. * | 4,742 | 517,210 |
Pagerduty, Inc. * | 476 | 10,943 |
Palo Alto Networks, Inc. * | 4,366 | 992,785 |
Paychex, Inc. | 14,947 | 1,250,167 |
Paycom Software, Inc. * | 2,291 | 484,615 |
Paylocity Holding Corp. * | 1,511 | 155,029 |
Pegasystems, Inc. | 1,760 | 132,370 |
Pluralsight, Inc., Class A * | 2,807 | 50,751 |
Proofpoint, Inc. * | 2,543 | 293,386 |
PTC, Inc. * | 4,819 | 322,439 |
RealPage, Inc. * | 3,692 | 223,551 |
RingCentral, Inc., Class A * | 3,313 | 535,116 |
Sabre Corp. | 12,760 | 299,605 |
Smartsheet, Inc., Class A * | 4,066 | 160,200 |
SolarWinds Corp. * | 2,048 | 38,810 |
Splunk, Inc. * | 6,991 | 838,640 |
Square, Inc., Class A * | 15,798 | 970,471 |
SS&C Technologies Holdings, Inc. | 10,288 | 535,079 |
Switch, Inc., Class A | 2,683 | 39,628 |
Symantec Corp. | 27,017 | 618,149 |
Synopsys, Inc. * | 6,935 | 941,426 |
Teradata Corp. * | 5,319 | 159,198 |
Security | Number of Shares | Value ($) |
The Trade Desk, Inc., Class A * | 1,797 | 360,838 |
The Western Union Co. | 19,717 | 494,108 |
Twilio, Inc., Class A * | 5,583 | 539,094 |
Tyler Technologies, Inc. * | 1,756 | 471,521 |
VeriSign, Inc. * | 4,893 | 929,768 |
WEX, Inc. * | 2,007 | 379,684 |
Zendesk, Inc. * | 5,114 | 361,304 |
Zscaler, Inc. * | 2,859 | 125,739 |
34,968,308 | ||
Technology Hardware & Equipment 4.0% | ||
Amphenol Corp., Class A | 13,589 | 1,363,384 |
Arista Networks, Inc. * | 2,768 | 676,970 |
Arrow Electronics, Inc. * | 3,834 | 303,959 |
Avnet, Inc. | 4,733 | 187,237 |
CDW Corp. | 6,746 | 862,881 |
Ciena Corp. * | 7,189 | 266,856 |
Cognex Corp. | 7,653 | 394,053 |
Coherent, Inc. * | 1,128 | 167,982 |
CommScope Holding Co., Inc. * | 8,743 | 97,922 |
Corning, Inc. | 35,993 | 1,066,473 |
Dolby Laboratories, Inc., Class A | 2,936 | 188,873 |
EchoStar Corp., Class A * | 2,200 | 85,800 |
F5 Networks, Inc. * | 2,786 | 401,407 |
FLIR Systems, Inc. | 6,249 | 322,198 |
Hewlett Packard Enterprise Co. | 62,491 | 1,025,477 |
IPG Photonics Corp. * | 1,651 | 221,696 |
Jabil, Inc. | 6,917 | 254,684 |
Juniper Networks, Inc. | 15,890 | 394,390 |
Keysight Technologies, Inc. * | 8,732 | 881,146 |
Littelfuse, Inc. | 1,116 | 195,936 |
Motorola Solutions, Inc. | 7,669 | 1,275,508 |
National Instruments Corp. | 6,033 | 249,706 |
NCR Corp. * | 5,623 | 164,248 |
NetApp, Inc. | 11,109 | 620,771 |
Pure Storage, Inc., Class A * | 10,567 | 205,634 |
SYNNEX Corp. | 1,928 | 227,003 |
Trimble, Inc. * | 11,716 | 466,765 |
Ubiquiti, Inc.(a) | 694 | 87,853 |
ViaSat, Inc. * | 2,632 | 181,187 |
Western Digital Corp. | 13,655 | 705,281 |
Xerox Holdings Corp. | 8,501 | 288,439 |
Zebra Technologies Corp., Class A * | 2,487 | 591,583 |
14,423,302 | ||
Telecommunication Services 0.5% | ||
CenturyLink, Inc. | 50,695 | 655,993 |
GCI Liberty, Inc., Class A * | 4,563 | 319,319 |
Sprint Corp. * | 26,511 | 164,633 |
Telephone & Data Systems, Inc. | 4,715 | 123,014 |
United States Cellular Corp. * | 704 | 26,203 |
Zayo Group Holdings, Inc. * | 10,562 | 360,587 |
1,649,749 | ||
Transportation 1.9% | ||
Alaska Air Group, Inc. | 5,639 | 391,516 |
AMERCO | 412 | 166,877 |
American Airlines Group, Inc. | 18,575 | 558,365 |
C.H. Robinson Worldwide, Inc. | 6,259 | 473,431 |
Copa Holdings S.A., Class A | 1,470 | 149,558 |
Expeditors International of Washington, Inc. | 7,965 | 580,967 |
Genesee & Wyoming, Inc., Class A * | 2,594 | 288,012 |
JB Hunt Transport Services, Inc. | 3,968 | 466,478 |
JetBlue Airways Corp. * | 13,672 | 263,870 |
Kansas City Southern | 4,672 | 657,724 |
Security | Number of Shares | Value ($) |
Kirby Corp. * | 2,763 | 218,719 |
Knight-Swift Transportation Holdings, Inc. | 5,692 | 207,530 |
Landstar System, Inc. | 1,839 | 208,083 |
Lyft, Inc., Class A * | 1,514 | 62,740 |
Macquarie Infrastructure Corp. | 3,445 | 148,617 |
Old Dominion Freight Line, Inc. | 3,023 | 550,428 |
Ryder System, Inc. | 2,388 | 116,128 |
Schneider National, Inc., Class B | 2,604 | 59,553 |
United Airlines Holdings, Inc. * | 10,958 | 995,425 |
XPO Logistics, Inc. * | 4,251 | 324,776 |
6,888,797 | ||
Utilities 7.0% | ||
AES Corp. | 30,912 | 527,050 |
Alliant Energy Corp. | 11,017 | 587,647 |
Ameren Corp. | 11,407 | 886,324 |
American Water Works Co., Inc. | 8,406 | 1,036,208 |
Aqua America, Inc. | 10,055 | 455,793 |
Atmos Energy Corp. | 5,443 | 612,229 |
Avangrid, Inc. | 2,641 | 132,182 |
CenterPoint Energy, Inc. | 23,329 | 678,174 |
CMS Energy Corp. | 13,191 | 843,169 |
Consolidated Edison, Inc. | 15,501 | 1,429,502 |
DTE Energy Co. | 8,510 | 1,083,493 |
Edison International | 16,308 | 1,025,773 |
Entergy Corp. | 9,256 | 1,124,419 |
Evergy, Inc. | 10,919 | 697,833 |
Eversource Energy | 15,088 | 1,263,469 |
FirstEnergy Corp. | 24,751 | 1,195,968 |
Hawaiian Electric Industries, Inc. | 5,011 | 226,247 |
IDACORP, Inc. | 2,335 | 251,293 |
MDU Resources Group, Inc. | 9,137 | 263,968 |
National Fuel Gas Co. | 3,825 | 173,311 |
NiSource, Inc. | 17,366 | 486,943 |
NRG Energy, Inc. | 11,754 | 471,570 |
OGE Energy Corp. | 9,316 | 401,147 |
PG&E Corp. * | 24,604 | 151,807 |
Pinnacle West Capital Corp. | 5,229 | 492,153 |
PPL Corp. | 33,696 | 1,128,479 |
Public Service Enterprise Group, Inc. | 23,514 | 1,488,671 |
Sempra Energy | 12,790 | 1,848,283 |
UGI Corp. | 9,671 | 461,016 |
Vistra Energy Corp. | 19,653 | 531,220 |
WEC Energy Group, Inc. | 14,680 | 1,385,792 |
Xcel Energy, Inc. | 23,982 | 1,523,097 |
24,864,230 | ||
Total Common Stock | ||
(Cost $329,134,730) | 355,281,165 | |
Other Investment Companies0.7% of net assets | ||
Equity Funds 0.1% | ||
iShares Russell Mid-Cap ETF | 4,200 | 237,510 |
Money Market Fund 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(b) | 1,576,417 | 1,576,417 |
Security | Number of Shares | Value ($) |
Securities Lending Collateral 0.2% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(b) | 543,270 | 543,270 |
Total Other Investment Companies | ||
(Cost $2,354,574) | 2,357,197 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Depreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 400 Mid-Cap Index, e-mini, expires 12/20/19 | 5 | 977,500 | (3,585) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $508,482. |
(b) | The rate shown is the 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock98.8% of net assets | ||
Australia 6.9% | ||
AGL Energy Ltd. | 249,147 | 3,401,009 |
Alumina Ltd. | 912,535 | 1,424,568 |
AMP Ltd. | 1,264,683 | 1,597,977 |
APA Group | 452,316 | 3,633,116 |
Aristocrat Leisure Ltd. | 216,483 | 4,720,418 |
ASX Ltd. | 73,663 | 4,181,246 |
Aurizon Holdings Ltd. | 743,126 | 3,023,213 |
AusNet Services | 712,405 | 910,004 |
Australia & New Zealand Banking Group Ltd. | 1,070,667 | 19,675,762 |
Bank of Queensland Ltd.(a) | 155,105 | 968,019 |
Bendigo & Adelaide Bank Ltd. | 181,580 | 1,332,634 |
BHP Group Ltd. | 1,115,697 | 27,348,469 |
BlueScope Steel Ltd. | 200,203 | 1,832,694 |
Boral Ltd. | 444,663 | 1,543,833 |
Brambles Ltd. | 613,001 | 5,067,709 |
Caltex Australia Ltd. | 92,735 | 1,743,289 |
Challenger Ltd. | 212,229 | 1,164,015 |
CIMIC Group Ltd. | 36,940 | 841,822 |
Coca-Cola Amatil Ltd. | 184,982 | 1,298,138 |
Cochlear Ltd. | 22,040 | 3,215,415 |
Coles Group Ltd. | 427,764 | 4,426,872 |
Commonwealth Bank of Australia | 669,438 | 36,296,990 |
Computershare Ltd. | 192,759 | 2,104,053 |
Crown Resorts Ltd. | 141,542 | 1,215,931 |
CSL Ltd. | 171,339 | 30,216,704 |
Dexus | 416,183 | 3,432,040 |
Flight Centre Travel Group Ltd. | 22,400 | 658,038 |
Fortescue Metals Group Ltd. | 530,529 | 3,247,168 |
Goodman Group | 618,231 | 6,138,576 |
Harvey Norman Holdings Ltd. | 213,558 | 602,557 |
Incitec Pivot Ltd. | 614,922 | 1,463,169 |
Insurance Australia Group Ltd. | 863,601 | 4,731,731 |
James Hardie Industries plc | 165,442 | 2,841,334 |
LendLease Group | 208,939 | 2,700,684 |
Macquarie Group Ltd. | 121,567 | 11,225,182 |
Magellan Financial Group Ltd. | 49,837 | 1,652,990 |
Medibank Pvt Ltd. | 1,060,373 | 2,471,435 |
Mirvac Group | 1,492,030 | 3,306,156 |
National Australia Bank Ltd. | 1,067,056 | 20,945,385 |
Newcrest Mining Ltd. | 290,053 | 6,331,371 |
Oil Search Ltd. | 518,821 | 2,560,530 |
Orica Ltd. | 142,948 | 2,259,107 |
Origin Energy Ltd. | 663,761 | 3,598,550 |
QBE Insurance Group Ltd. | 499,561 | 4,346,372 |
Ramsay Health Care Ltd. | 60,539 | 2,860,507 |
REA Group Ltd. | 21,389 | 1,605,230 |
Rio Tinto Ltd. | 142,302 | 8,898,568 |
Santos Ltd. | 674,765 | 3,774,307 |
Scentre Group | 2,008,296 | 5,306,210 |
SEEK Ltd. | 122,454 | 1,916,409 |
Sonic Healthcare Ltd. | 169,336 | 3,335,069 |
South32 Ltd. | 1,883,677 | 3,296,303 |
Stockland | 886,757 | 2,993,666 |
Suncorp Group Ltd. | 486,548 | 4,517,353 |
Security | Number of Shares | Value ($) |
Sydney Airport | 412,686 | 2,499,410 |
Tabcorp Holdings Ltd. | 752,613 | 2,493,892 |
Telstra Corp., Ltd. | 1,579,952 | 3,805,226 |
The GPT Group | 721,903 | 2,963,216 |
TPG Telecom Ltd. | 149,223 | 672,574 |
Transurban Group | 1,006,105 | 10,304,470 |
Treasury Wine Estates Ltd. | 275,041 | 3,334,361 |
Vicinity Centres | 1,203,306 | 2,214,952 |
Washington H Soul Pattinson & Co., Ltd. | 46,995 | 702,492 |
Wesfarmers Ltd. | 430,236 | 11,820,695 |
Westpac Banking Corp. | 1,301,398 | 25,267,275 |
Woodside Petroleum Ltd. | 354,351 | 7,853,645 |
Woolworths Group Ltd. | 477,309 | 12,307,949 |
Worley Ltd. | 123,727 | 1,161,330 |
373,601,384 | ||
Austria 0.2% | ||
ANDRITZ AG | 28,400 | 1,277,041 |
Erste Group Bank AG * | 113,695 | 4,021,147 |
OMV AG | 56,357 | 3,294,720 |
Raiffeisen Bank International AG | 56,738 | 1,397,984 |
Verbund AG | 26,003 | 1,408,713 |
voestalpine AG | 44,824 | 1,124,753 |
12,524,358 | ||
Belgium 0.9% | ||
Ageas | 68,017 | 3,922,586 |
Anheuser-Busch InBev S.A./N.V. | 288,086 | 23,253,549 |
Colruyt S.A. | 20,894 | 1,161,425 |
Groupe Bruxelles Lambert S.A. | 29,917 | 3,005,337 |
KBC Group N.V. | 94,255 | 6,627,472 |
Proximus | 57,207 | 1,758,015 |
Solvay S.A. | 27,660 | 3,007,360 |
Telenet Group Holding N.V. * | 18,167 | 892,563 |
UCB S.A. | 48,372 | 3,898,726 |
Umicore S.A. | 76,768 | 3,168,983 |
50,696,016 | ||
Denmark 1.8% | ||
AP Moeller - Maersk A/S, Series A | 1,471 | 1,767,033 |
AP Moeller - Maersk A/S, Series B | 2,420 | 3,086,956 |
Carlsberg A/S, Class B | 40,284 | 5,672,960 |
Chr. Hansen Holding A/S | 39,439 | 3,027,956 |
Coloplast A/S, Class B | 44,811 | 5,395,062 |
Danske Bank A/S | 250,345 | 3,577,562 |
Demant A/S * | 41,624 | 1,099,506 |
DSV PANALPINA A/S | 82,581 | 8,025,974 |
Genmab A/S * | 24,385 | 5,327,990 |
H. Lundbeck A/S | 25,941 | 886,419 |
ISS A/S | 58,405 | 1,529,114 |
Novo Nordisk A/S, Class B | 669,249 | 36,801,129 |
Novozymes A/S, B Shares | 82,942 | 3,909,849 |
Orsted A/S | 71,046 | 6,235,827 |
Pandora A/S | 40,264 | 1,981,232 |
Security | Number of Shares | Value ($) |
Tryg A/S | 49,078 | 1,371,781 |
Vestas Wind Systems A/S | 71,012 | 5,785,191 |
95,481,541 | ||
Finland 0.9% | ||
Elisa Oyj | 53,323 | 2,912,301 |
Fortum Oyj | 169,993 | 4,154,224 |
Kone Oyj, Class B | 127,870 | 8,142,224 |
Metso Oyj | 39,488 | 1,494,889 |
Neste Oyj | 160,728 | 5,807,498 |
Nokia Oyj | 2,135,285 | 7,838,650 |
Nokian Renkaat Oyj | 48,245 | 1,378,800 |
Orion Oyj, Class B | 39,607 | 1,757,149 |
Sampo Oyj, A Shares | 166,979 | 6,842,772 |
Stora Enso Oyj, R Shares | 216,376 | 2,811,096 |
UPM-Kymmene Oyj | 205,288 | 6,686,116 |
Wartsila Oyj Abp | 169,241 | 1,787,989 |
51,613,708 | ||
France 11.3% | ||
Accor S.A. | 68,539 | 2,948,108 |
Aeroports de Paris | 11,188 | 2,127,837 |
Air Liquide S.A. | 178,786 | 23,771,572 |
Airbus SE | 220,573 | 31,643,014 |
Alstom S.A. | 70,985 | 3,071,038 |
Amundi S.A. | 23,050 | 1,647,320 |
ArcelorMittal | 258,086 | 3,837,474 |
Arkema S.A. | 25,992 | 2,659,967 |
Atos SE | 37,062 | 2,876,256 |
AXA S.A. | 732,293 | 19,384,685 |
BioMerieux | 16,157 | 1,323,016 |
BNP Paribas S.A. | 427,117 | 22,320,939 |
Bollore S.A. | 355,615 | 1,540,656 |
Bollore S.A. New * | 1,920 | 8,180 |
Bouygues S.A. | 85,233 | 3,615,418 |
Bureau Veritas S.A. | 110,282 | 2,819,531 |
Capgemini SE | 59,709 | 6,731,003 |
Carrefour S.A. | 224,313 | 3,819,052 |
Casino Guichard Perrachon S.A.(a) | 19,672 | 1,061,246 |
CNP Assurances | 67,687 | 1,343,536 |
Compagnie de Saint-Gobain | 185,268 | 7,545,583 |
Compagnie Generale des Etablissements Michelin | 64,653 | 7,871,968 |
Covivio | 16,880 | 1,911,647 |
Credit Agricole S.A. | 440,771 | 5,751,332 |
Danone S.A. | 232,947 | 19,297,612 |
Dassault Aviation S.A. | 935 | 1,298,856 |
Dassault Systemes SE | 49,405 | 7,503,470 |
Edenred | 90,786 | 4,785,125 |
Eiffage S.A. | 30,552 | 3,281,472 |
Electricite de France S.A. | 223,737 | 2,311,386 |
Engie S.A. | 691,989 | 11,587,198 |
EssilorLuxottica S.A. | 107,136 | 16,359,056 |
Eurazeo SE | 14,796 | 1,032,442 |
Eurofins Scientific SE | 4,390 | 2,225,704 |
Eutelsat Communications S.A. | 66,475 | 1,261,025 |
Faurecia SE | 28,566 | 1,333,122 |
Gecina S.A. | 17,813 | 3,057,939 |
Getlink SE | 168,128 | 2,816,291 |
Hermes International | 11,888 | 8,563,549 |
ICADE | 11,528 | 1,128,860 |
Iliad S.A. | 9,951 | 1,031,276 |
Imerys S.A. | 15,287 | 590,516 |
Ingenico Group S.A. | 22,340 | 2,388,840 |
Ipsen S.A. | 15,158 | 1,615,655 |
JCDecaux S.A. | 26,452 | 723,079 |
Security | Number of Shares | Value ($) |
Kering S.A. | 28,666 | 16,310,848 |
Klepierre S.A. | 75,290 | 2,806,452 |
L'Oreal S.A. | 95,425 | 27,869,984 |
Legrand S.A. | 101,246 | 7,909,741 |
LVMH Moet Hennessy Louis Vuitton SE | 105,026 | 44,851,942 |
Natixis S.A. | 351,840 | 1,616,466 |
Orange S.A. | 756,384 | 12,173,615 |
Pernod-Ricard S.A. | 80,263 | 14,827,232 |
Peugeot S.A. | 223,600 | 5,662,919 |
Publicis Groupe S.A. | 79,819 | 3,435,292 |
Remy Cointreau S.A. | 8,794 | 1,176,837 |
Renault S.A. | 72,081 | 3,680,378 |
Safran S.A. | 123,494 | 19,560,200 |
Sanofi | 426,921 | 39,356,593 |
Sartorius Stedim Biotech | 10,428 | 1,562,233 |
Schneider Electric SE | 207,665 | 19,300,460 |
SCOR SE | 60,979 | 2,572,041 |
SEB S.A. | 8,571 | 1,302,389 |
SES S.A. | 140,810 | 2,729,588 |
Societe BIC S.A. | 9,957 | 691,289 |
Societe Generale S.A. | 293,216 | 8,338,741 |
Sodexo S.A. | 33,736 | 3,709,899 |
STMicroelectronics N.V. | 259,382 | 5,887,014 |
Suez | 130,676 | 2,038,224 |
Teleperformance | 21,888 | 4,966,024 |
Thales S.A. | 40,343 | 3,943,916 |
TOTAL S.A. | 906,552 | 47,927,766 |
UbiSoft Entertainment S.A. * | 31,273 | 1,848,210 |
Unibail-Rodamco-Westfield | 52,634 | 8,139,127 |
Valeo S.A. | 91,522 | 3,408,342 |
Veolia Environnement S.A. | 201,946 | 5,315,978 |
Vinci S.A. | 193,107 | 21,665,877 |
Vivendi S.A. | 344,499 | 9,593,469 |
Wendel S.A. | 9,974 | 1,414,285 |
Worldline S.A. * | 31,278 | 1,903,181 |
615,319,403 | ||
Germany 8.2% | ||
1&1 Drillisch AG | 19,078 | 510,962 |
adidas AG | 68,493 | 21,148,633 |
Allianz SE | 160,325 | 39,154,979 |
Aroundtown S.A. | 344,262 | 2,909,904 |
Axel Springer SE * | 18,420 | 1,283,989 |
BASF SE | 347,610 | 26,425,035 |
Bayer AG | 352,192 | 27,321,705 |
Bayerische Motoren Werke AG | 125,234 | 9,589,755 |
Beiersdorf AG | 38,750 | 4,587,576 |
Brenntag AG | 57,192 | 2,866,476 |
Carl Zeiss Meditec AG, Class B | 15,110 | 1,647,052 |
Commerzbank AG | 370,143 | 2,214,841 |
Continental AG | 42,216 | 5,654,444 |
Covestro AG | 65,704 | 3,155,232 |
Daimler AG | 342,705 | 20,032,086 |
Delivery Hero SE * | 42,696 | 2,003,411 |
Deutsche Bank AG | 739,904 | 5,365,584 |
Deutsche Boerse AG | 72,007 | 11,150,977 |
Deutsche Lufthansa AG | 90,361 | 1,565,340 |
Deutsche Post AG | 375,097 | 13,287,824 |
Deutsche Telekom AG | 1,260,647 | 22,181,789 |
Deutsche Wohnen SE | 136,269 | 5,137,670 |
E.ON SE | 831,417 | 8,384,397 |
Evonik Industries AG | 68,809 | 1,813,388 |
Fraport AG Frankfurt Airport Services Worldwide | 15,675 | 1,310,158 |
Fresenius Medical Care AG & Co. KGaA | 81,792 | 5,903,714 |
Security | Number of Shares | Value ($) |
Fresenius SE & Co. KGaA | 156,850 | 8,258,977 |
GEA Group AG | 58,433 | 1,786,318 |
Hannover Rueck SE | 22,370 | 3,964,049 |
HeidelbergCement AG | 57,086 | 4,232,243 |
Henkel AG & Co. KGaA | 40,070 | 3,855,452 |
HOCHTIEF AG | 9,822 | 1,227,189 |
Hugo Boss AG | 23,589 | 994,571 |
Infineon Technologies AG | 469,742 | 9,098,324 |
Innogy SE | 52,976 | 2,639,818 |
KION Group AG | 24,718 | 1,644,680 |
Knorr-Bremse AG | 19,045 | 1,922,087 |
LANXESS AG | 32,172 | 2,090,510 |
Merck KGaA | 48,826 | 5,823,303 |
METRO AG | 65,086 | 1,062,815 |
MTU Aero Engines AG | 20,073 | 5,368,143 |
Muenchener Rueckversicherungs-Gesellschaft AG | 54,582 | 15,165,040 |
Puma SE | 31,659 | 2,381,610 |
QIAGEN N.V. * | 85,692 | 2,577,533 |
RTL Group S.A. | 13,511 | 686,535 |
RWE AG | 207,921 | 6,336,281 |
SAP SE | 371,644 | 49,243,367 |
Siemens AG | 289,259 | 33,380,486 |
Siemens Healthineers AG | 56,236 | 2,389,318 |
Symrise AG | 48,383 | 4,649,936 |
Telefonica Deutschland Holding AG | 333,962 | 1,059,671 |
ThyssenKrupp AG | 148,752 | 2,121,290 |
Uniper SE | 76,117 | 2,372,304 |
United Internet AG | 46,746 | 1,411,185 |
Volkswagen AG | 12,698 | 2,400,432 |
Vonovia SE | 193,148 | 10,286,067 |
Wirecard AG | 45,202 | 5,718,771 |
Zalando SE * | 52,270 | 2,266,270 |
445,021,496 | ||
Hong Kong 3.6% | ||
AIA Group Ltd. | 4,577,000 | 45,578,762 |
ASM Pacific Technology Ltd. | 117,700 | 1,643,425 |
BeiGene Ltd. ADR * | 13,642 | 1,887,234 |
BOC Hong Kong (Holdings) Ltd. | 1,417,500 | 4,869,997 |
Budweiser Brewing Co. APAC Ltd. * | 450,000 | 1,645,302 |
CK Asset Holdings Ltd. | 973,525 | 6,773,503 |
CK Hutchison Holdings Ltd. | 1,015,525 | 9,376,420 |
CK Infrastructure Holdings Ltd. | 254,500 | 1,831,568 |
CLP Holdings Ltd. | 621,080 | 6,450,175 |
Dairy Farm International Holdings Ltd. | 131,200 | 791,136 |
Galaxy Entertainment Group Ltd. | 819,000 | 5,639,335 |
Hang Lung Properties Ltd. | 781,000 | 1,716,795 |
Hang Seng Bank Ltd. | 288,036 | 6,009,897 |
Henderson Land Development Co., Ltd. | 540,735 | 2,700,744 |
HK Electric Investments & HK Electric Investments Ltd. | 972,500 | 970,521 |
HKT Trust & HKT Ltd. | 1,450,000 | 2,255,706 |
Hong Kong & China Gas Co., Ltd. | 3,852,260 | 7,476,853 |
Hong Kong Exchanges & Clearing Ltd. | 460,765 | 14,354,687 |
Hongkong Land Holdings Ltd. | 443,000 | 2,433,574 |
Hysan Development Co., Ltd. | 236,000 | 930,134 |
Jardine Matheson Holdings Ltd. | 85,000 | 4,845,936 |
Jardine Strategic Holdings Ltd. | 82,341 | 2,658,941 |
Kerry Properties Ltd. | 248,500 | 803,565 |
Link REIT | 791,500 | 8,620,543 |
Security | Number of Shares | Value ($) |
Melco Resorts & Entertainment Ltd. ADR | 80,833 | 1,741,143 |
MGM China Holdings Ltd. | 331,600 | 525,083 |
MTR Corp., Ltd. | 593,091 | 3,400,654 |
New World Development Co., Ltd. | 2,312,113 | 3,307,328 |
NWS Holdings Ltd. | 603,000 | 897,432 |
PCCW Ltd. | 1,551,000 | 921,162 |
Power Assets Holdings Ltd. | 525,500 | 3,750,038 |
Sands China Ltd. | 922,800 | 4,545,361 |
Shangri-La Asia Ltd. | 474,000 | 486,519 |
Sino Land Co., Ltd. | 1,123,765 | 1,679,879 |
SJM Holdings Ltd. | 706,000 | 754,178 |
Sun Hung Kai Properties Ltd. | 598,604 | 9,070,830 |
Swire Pacific Ltd., Class A | 183,090 | 1,745,265 |
Swire Properties Ltd. | 471,400 | 1,482,576 |
Techtronic Industries Co., Ltd. | 519,000 | 4,055,989 |
The Bank of East Asia Ltd. | 519,569 | 1,251,589 |
The Wharf Holdings Ltd. | 459,100 | 1,041,814 |
Vitasoy International Holdings Ltd. | 270,000 | 1,097,903 |
WH Group Ltd. | 3,590,500 | 3,789,925 |
Wharf Real Estate Investment Co., Ltd. | 455,100 | 2,676,772 |
Wheelock & Co., Ltd. | 303,000 | 1,873,934 |
Wynn Macau Ltd. | 580,800 | 1,260,383 |
Yue Yuen Industrial Holdings Ltd. | 291,500 | 821,502 |
194,442,012 | ||
Ireland 0.6% | ||
AIB Group plc | 300,432 | 962,326 |
Bank of Ireland Group plc | 367,098 | 1,769,425 |
CRH plc | 305,137 | 11,109,965 |
Flutter Entertainment plc | 29,820 | 3,080,378 |
Kerry Group plc, Class A | 60,089 | 7,264,669 |
Kingspan Group plc | 58,473 | 3,029,885 |
Smurfit Kappa Group plc | 85,986 | 2,871,719 |
30,088,367 | ||
Israel 0.6% | ||
Azrieli Group Ltd. | 17,134 | 1,320,658 |
Bank Hapoalim B.M. | 431,585 | 3,454,259 |
Bank Leumi Le-Israel B.M. | 564,550 | 4,112,321 |
Check Point Software Technologies Ltd. * | 45,983 | 5,168,949 |
CyberArk Software Ltd. * | 14,356 | 1,458,282 |
Elbit Systems Ltd. | 9,450 | 1,549,392 |
Israel Chemicals Ltd. | 255,462 | 1,135,543 |
Israel Discount Bank Ltd., Class A | 438,449 | 2,003,635 |
Mizrahi Tefahot Bank Ltd. | 53,075 | 1,316,822 |
Nice Ltd. * | 23,788 | 3,752,327 |
Teva Pharmaceutical Industries Ltd. ADR * | 410,970 | 3,349,406 |
Wix.com Ltd. * | 17,867 | 2,181,025 |
30,802,619 | ||
Italy 2.3% | ||
Assicurazioni Generali S.p.A. | 416,749 | 8,450,621 |
Atlantia S.p.A. | 189,592 | 4,684,045 |
CNH Industrial N.V. | 392,807 | 4,276,745 |
Davide Campari-Milano S.p.A. | 229,272 | 2,102,952 |
Enel S.p.A. | 3,074,359 | 23,827,383 |
Eni S.p.A. | 958,144 | 14,535,988 |
EXOR N.V. | 41,832 | 3,207,009 |
Ferrari N.V. | 46,019 | 7,370,262 |
Fiat Chrysler Automobiles N.V. | 409,024 | 6,347,547 |
FinecoBank Banca Fineco S.p.A. | 234,069 | 2,638,738 |
Security | Number of Shares | Value ($) |
Intesa Sanpaolo S.p.A. | 5,603,757 | 14,042,029 |
Leonardo S.p.A. | 150,576 | 1,749,333 |
Mediobanca Banca di Credito Finanziario S.p.A. | 233,687 | 2,778,849 |
Moncler S.p.A. | 68,505 | 2,643,522 |
Pirelli & C S.p.A. | 144,810 | 837,130 |
Poste Italiane S.p.A | 201,047 | 2,442,000 |
Prysmian S.p.A. | 91,103 | 2,107,421 |
Recordati S.p.A. | 39,491 | 1,659,573 |
Snam S.p.A. | 777,714 | 3,992,708 |
Telecom Italia S.p.A. * | 3,491,434 | 2,043,514 |
Telecom Italia S.p.A. - RSP | 2,225,747 | 1,288,271 |
Tenaris S.A. | 186,480 | 1,891,819 |
Terna - Rete Elettrica Nationale S.p.A. | 522,154 | 3,451,125 |
UniCredit S.p.A. | 758,759 | 9,626,399 |
127,994,983 | ||
Japan 24.6% | ||
ABC-Mart, Inc. | 11,880 | 814,557 |
Acom Co., Ltd. | 157,000 | 630,770 |
Advantest Corp. | 75,000 | 3,413,135 |
Aeon Co., Ltd. | 247,900 | 4,987,835 |
AEON Financial Service Co., Ltd. | 42,400 | 646,193 |
Aeon Mall Co., Ltd. | 39,800 | 636,761 |
AGC, Inc. | 68,400 | 2,404,949 |
Air Water, Inc. | 55,500 | 1,039,014 |
Aisin Seiki Co., Ltd. | 60,400 | 2,410,552 |
Ajinomoto Co., Inc. | 164,000 | 3,117,998 |
Alfresa Holdings Corp. | 73,200 | 1,634,471 |
Alps Alpine Co., Ltd. | 77,500 | 1,661,492 |
Amada Holdings Co., Ltd. | 125,700 | 1,431,485 |
ANA Holdings, Inc. | 43,300 | 1,486,855 |
Aozora Bank Ltd. | 46,400 | 1,190,548 |
Asahi Group Holdings Ltd. | 136,900 | 6,855,600 |
Asahi Intecc Co., Ltd. | 73,600 | 2,025,133 |
Asahi Kasei Corp. | 485,100 | 5,385,260 |
Astellas Pharma, Inc. | 716,950 | 12,304,787 |
Bandai Namco Holdings, Inc. | 75,800 | 4,660,878 |
Benesse Holdings, Inc. | 25,800 | 690,660 |
Bridgestone Corp. | 214,957 | 8,931,443 |
Brother Industries Ltd. | 84,600 | 1,589,975 |
Calbee, Inc. | 31,800 | 1,062,938 |
Canon, Inc. | 376,095 | 10,319,938 |
Casio Computer Co., Ltd. | 72,400 | 1,175,311 |
Central Japan Railway Co. | 54,700 | 11,220,831 |
Chubu Electric Power Co., Inc. | 242,400 | 3,636,543 |
Chugai Pharmaceutical Co., Ltd. | 85,700 | 7,212,149 |
Coca-Cola Bottlers Japan Holdings, Inc. | 47,200 | 1,071,631 |
Concordia Financial Group Ltd. | 399,300 | 1,628,318 |
Credit Saison Co., Ltd. | 56,400 | 816,713 |
CyberAgent, Inc. | 38,100 | 1,238,310 |
Dai Nippon Printing Co., Ltd. | 91,400 | 2,441,156 |
Dai-ichi Life Holdings, Inc. | 406,700 | 6,628,968 |
Daicel Corp. | 89,200 | 797,397 |
Daifuku Co., Ltd. | 38,000 | 2,016,346 |
Daiichi Sankyo Co., Ltd. | 214,500 | 14,104,187 |
Daikin Industries Ltd. | 94,400 | 13,212,186 |
Daito Trust Construction Co., Ltd. | 27,300 | 3,617,808 |
Daiwa House Industry Co., Ltd. | 214,400 | 7,380,738 |
Daiwa House REIT Investment Corp. | 715 | 2,081,939 |
Daiwa Securities Group, Inc. | 579,400 | 2,604,288 |
Denso Corp. | 165,600 | 7,688,794 |
Dentsu, Inc. | 80,400 | 2,874,279 |
Disco Corp. | 10,200 | 2,226,022 |
East Japan Railway Co. | 114,860 | 10,427,104 |
Security | Number of Shares | Value ($) |
Eisai Co., Ltd. | 95,800 | 6,934,865 |
Electric Power Development Co., Ltd. | 55,600 | 1,349,991 |
FamilyMart Co., Ltd. | 97,100 | 2,408,682 |
Fanuc Corp. | 73,600 | 14,517,546 |
Fast Retailing Co., Ltd. | 22,100 | 13,628,887 |
Fuji Electric Co., Ltd. | 49,000 | 1,557,299 |
FUJIFILM Holdings Corp. | 138,511 | 6,080,939 |
Fujitsu Ltd. | 74,200 | 6,576,273 |
Fukuoka Financial Group, Inc. | 64,900 | 1,251,099 |
GMO Payment Gateway, Inc. | 15,400 | 1,134,966 |
Hakuhodo DY Holdings, Inc. | 87,600 | 1,307,229 |
Hamamatsu Photonics K.K. | 52,300 | 2,030,769 |
Hankyu Hanshin Holdings, Inc. | 84,900 | 3,397,442 |
Hikari Tsushin, Inc. | 7,800 | 1,709,734 |
Hino Motors Ltd. | 109,600 | 1,036,192 |
Hirose Electric Co., Ltd. | 11,964 | 1,507,106 |
Hisamitsu Pharmaceutical Co., Inc. | 20,200 | 940,093 |
Hitachi Chemical Co., Ltd. | 40,000 | 1,316,792 |
Hitachi Construction Machinery Co., Ltd. | 39,100 | 1,009,256 |
Hitachi High-Technologies Corp. | 26,100 | 1,623,830 |
Hitachi Ltd. | 366,215 | 13,668,037 |
Hitachi Metals Ltd. | 82,000 | 1,029,125 |
Honda Motor Co., Ltd. | 613,239 | 16,590,554 |
Hoshizaki Corp. | 20,400 | 1,734,046 |
Hoya Corp. | 144,407 | 12,762,288 |
Hulic Co., Ltd. | 118,100 | 1,282,182 |
Idemitsu Kosan Co., Ltd. | 72,603 | 2,134,185 |
IHI Corp. | 56,500 | 1,392,337 |
Iida Group Holdings Co., Ltd. | 57,000 | 949,455 |
Inpex Corp. | 381,200 | 3,523,995 |
Isetan Mitsukoshi Holdings Ltd. | 129,500 | 1,032,784 |
Isuzu Motors Ltd. | 215,600 | 2,505,252 |
ITOCHU Corp. | 506,900 | 10,598,204 |
Itochu Techno-Solutions Corp. | 35,000 | 942,578 |
J. Front Retailing Co., Ltd. | 91,900 | 1,168,590 |
Japan Airlines Co., Ltd. | 43,400 | 1,352,435 |
Japan Airport Terminal Co., Ltd. | 19,700 | 973,112 |
Japan Exchange Group, Inc. | 198,000 | 3,268,684 |
Japan Post Bank Co., Ltd. | 149,700 | 1,489,143 |
Japan Post Holdings Co., Ltd. | 592,200 | 5,435,940 |
Japan Prime Realty Investment Corp. | 299 | 1,436,994 |
Japan Real Estate Investment Corp. | 503 | 3,433,380 |
Japan Retail Fund Investment Corp. | 992 | 2,314,881 |
Japan Tobacco, Inc. | 456,800 | 10,324,916 |
JFE Holdings, Inc. | 186,600 | 2,333,925 |
JGC Holdings Corp. | 85,800 | 1,240,963 |
JSR Corp. | 73,000 | 1,370,482 |
JTEKT Corp. | 79,900 | 1,019,075 |
JXTG Holdings, Inc. | 1,228,200 | 5,740,900 |
Kajima Corp. | 169,400 | 2,327,992 |
Kakaku.com, Inc. | 51,300 | 1,191,179 |
Kamigumi Co., Ltd. | 40,300 | 911,229 |
Kaneka Corp. | 17,600 | 585,879 |
Kansai Paint Co., Ltd. | 67,500 | 1,625,726 |
Kao Corp. | 185,219 | 14,891,357 |
Kawasaki Heavy Industries Ltd. | 53,500 | 1,283,910 |
KDDI Corp. | 667,300 | 18,464,953 |
Keihan Holdings Co., Ltd. | 36,800 | 1,737,581 |
Keikyu Corp. | 86,500 | 1,721,836 |
Keio Corp. | 39,400 | 2,437,419 |
Keisei Electric Railway Co., Ltd. | 48,100 | 1,966,590 |
Keyence Corp. | 34,400 | 21,750,997 |
Kikkoman Corp. | 54,800 | 2,636,024 |
Kintetsu Group Holdings Co., Ltd. | 65,400 | 3,564,687 |
Kirin Holdings Co., Ltd. | 310,500 | 6,587,054 |
Kobayashi Pharmaceutical Co., Ltd. | 18,700 | 1,495,252 |
Kobe Steel Ltd. | 108,500 | 583,353 |
Security | Number of Shares | Value ($) |
Koito Manufacturing Co., Ltd. | 39,000 | 2,040,214 |
Komatsu Ltd. | 347,209 | 8,129,867 |
Konami Holdings Corp. | 36,200 | 1,589,136 |
Konica Minolta, Inc. | 181,500 | 1,332,173 |
Kose Corp. | 12,700 | 2,251,632 |
Kubota Corp. | 396,800 | 6,302,475 |
Kuraray Co., Ltd. | 121,500 | 1,445,523 |
Kurita Water Industries Ltd. | 37,700 | 1,085,292 |
Kyocera Corp. | 122,500 | 8,036,841 |
Kyowa Kirin Co., Ltd. | 93,900 | 1,727,762 |
Kyushu Electric Power Co., Inc. | 142,000 | 1,419,072 |
Kyushu Railway Co. | 60,400 | 1,995,468 |
Lawson, Inc. | 19,900 | 1,097,811 |
LINE Corp. * | 23,900 | 879,207 |
Lion Corp. | 86,700 | 1,814,410 |
LIXIL Group Corp. | 105,800 | 1,967,659 |
M3, Inc. | 165,800 | 3,973,125 |
Makita Corp. | 83,000 | 2,791,361 |
Marubeni Corp. | 604,300 | 4,253,110 |
Marui Group Co., Ltd. | 70,900 | 1,576,132 |
Maruichi Steel Tube Ltd. | 20,600 | 562,551 |
Mazda Motor Corp. | 217,900 | 2,000,391 |
McDonald's Holdings Co., Ltd. | 25,900 | 1,299,988 |
Mebuki Financial Group, Inc. | 343,780 | 873,412 |
Medipal Holdings Corp. | 67,100 | 1,533,069 |
MEIJI Holdings Co., Ltd. | 43,900 | 3,164,216 |
Mercari, Inc. * | 26,725 | 602,556 |
Minebea Mitsumi, Inc. | 138,800 | 2,636,026 |
MISUMI Group, Inc. | 105,700 | 2,657,165 |
Mitsubishi Chemical Holdings Corp. | 494,500 | 3,768,694 |
Mitsubishi Corp. | 507,900 | 12,918,134 |
Mitsubishi Electric Corp. | 691,800 | 9,884,052 |
Mitsubishi Estate Co., Ltd. | 450,902 | 8,754,427 |
Mitsubishi Gas Chemical Co., Inc. | 66,000 | 931,056 |
Mitsubishi Heavy Industries Ltd. | 119,700 | 4,844,180 |
Mitsubishi Materials Corp. | 41,600 | 1,196,209 |
Mitsubishi Motors Corp. | 249,600 | 1,139,624 |
Mitsubishi Tanabe Pharma Corp. | 80,500 | 963,447 |
Mitsubishi UFJ Financial Group, Inc. | 4,655,209 | 24,133,946 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 144,700 | 888,311 |
Mitsui & Co., Ltd. | 629,800 | 10,816,161 |
Mitsui Chemicals, Inc. | 69,900 | 1,662,322 |
Mitsui Fudosan Co., Ltd. | 340,677 | 8,715,482 |
Mitsui O.S.K. Lines Ltd. | 43,500 | 1,184,875 |
Mizuho Financial Group, Inc. | 9,128,434 | 14,171,670 |
MonotaRO Co., Ltd. | 47,900 | 1,447,087 |
MS&AD Insurance Group Holdings, Inc. | 178,362 | 5,759,526 |
Murata Manufacturing Co., Ltd. | 217,800 | 11,858,808 |
Nabtesco Corp. | 43,900 | 1,397,548 |
Nagoya Railroad Co., Ltd. | 70,900 | 2,253,759 |
NEC Corp. | 94,200 | 3,733,202 |
Nexon Co., Ltd. * | 189,300 | 2,193,655 |
NGK Insulators Ltd. | 99,300 | 1,525,522 |
NGK Spark Plug Co., Ltd. | 60,500 | 1,226,565 |
NH Foods Ltd. | 31,400 | 1,319,298 |
Nidec Corp. | 84,800 | 12,484,747 |
Nikon Corp. | 119,900 | 1,528,761 |
Nintendo Co., Ltd. | 42,239 | 15,492,731 |
Nippon Building Fund, Inc. | 505 | 3,831,236 |
Nippon Electric Glass Co., Ltd. | 29,800 | 671,291 |
Nippon Express Co., Ltd. | 29,600 | 1,688,845 |
Nippon Paint Holdings Co., Ltd. | 56,100 | 3,055,233 |
Nippon Prologis REIT, Inc. | 770 | 2,150,828 |
Nippon Steel Corp. | 305,541 | 4,459,531 |
Nippon Telegraph & Telephone Corp. | 243,856 | 12,105,718 |
Nippon Yusen K.K. | 58,300 | 1,047,364 |
Security | Number of Shares | Value ($) |
Nissan Chemical Corp. | 48,600 | 1,995,412 |
Nissan Motor Co., Ltd. | 878,196 | 5,541,926 |
Nisshin Seifun Group, Inc. | 72,700 | 1,441,219 |
Nissin Foods Holdings Co., Ltd. | 23,800 | 1,797,765 |
Nitori Holdings Co., Ltd. | 30,300 | 4,611,995 |
Nitto Denko Corp. | 59,900 | 3,314,010 |
Nomura Holdings, Inc. | 1,246,900 | 5,667,138 |
Nomura Real Estate Holdings, Inc. | 47,800 | 1,132,830 |
Nomura Real Estate Master Fund, Inc. | 1,601 | 3,060,405 |
Nomura Research Institute Ltd. | 127,400 | 2,704,792 |
NSK Ltd. | 135,100 | 1,256,215 |
NTT Data Corp. | 245,600 | 3,224,934 |
NTT DOCOMO, Inc. | 503,200 | 13,795,277 |
Obayashi Corp. | 239,400 | 2,463,758 |
Obic Co., Ltd. | 24,900 | 3,117,610 |
Odakyu Electric Railway Co., Ltd. | 111,200 | 2,706,850 |
Oji Holdings Corp. | 330,200 | 1,707,213 |
Olympus Corp. | 437,300 | 5,950,070 |
Omron Corp. | 73,300 | 4,288,180 |
Ono Pharmaceutical Co., Ltd. | 148,200 | 2,791,622 |
Oracle Corp., Japan | 14,800 | 1,300,863 |
Oriental Land Co., Ltd. | 75,800 | 11,112,351 |
ORIX Corp. | 503,200 | 7,907,733 |
Osaka Gas Co., Ltd. | 138,700 | 2,712,234 |
Otsuka Corp. | 39,500 | 1,592,559 |
Otsuka Holdings Co., Ltd. | 146,900 | 6,124,294 |
Pan Pacific International Holdings Corp. | 168,400 | 2,650,842 |
Panasonic Corp. | 831,712 | 6,990,023 |
Park24 Co., Ltd. | 44,500 | 1,050,932 |
PeptiDream, Inc. * | 35,400 | 1,776,856 |
Persol Holdings Co., Ltd. | 67,500 | 1,296,541 |
Pigeon Corp. | 43,500 | 2,123,597 |
Pola Orbis Holdings, Inc. | 34,100 | 769,494 |
Rakuten, Inc. | 329,920 | 3,145,267 |
Recruit Holdings Co., Ltd. | 512,800 | 17,042,416 |
Renesas Electronics Corp. * | 303,000 | 2,051,211 |
Resona Holdings, Inc. | 790,600 | 3,437,973 |
Ricoh Co., Ltd. | 250,100 | 2,227,294 |
Rinnai Corp. | 12,200 | 896,741 |
Rohm Co., Ltd. | 35,200 | 2,788,853 |
Ryohin Keikaku Co., Ltd. | 94,100 | 2,094,879 |
Sankyo Co., Ltd. | 16,700 | 584,461 |
Santen Pharmaceutical Co., Ltd. | 139,200 | 2,465,696 |
SBI Holdings, Inc. | 90,490 | 1,968,006 |
Secom Co., Ltd. | 79,300 | 7,348,210 |
Sega Sammy Holdings, Inc. | 67,800 | 954,156 |
Seibu Holdings, Inc. | 76,700 | 1,353,755 |
Seiko Epson Corp. | 104,500 | 1,477,739 |
Sekisui Chemical Co., Ltd. | 136,200 | 2,374,747 |
Sekisui House Ltd. | 235,900 | 5,087,037 |
Seven & i Holdings Co., Ltd. | 286,103 | 10,809,055 |
Seven Bank Ltd. | 211,400 | 612,883 |
SG Holdings Co., Ltd. | 53,200 | 1,317,437 |
Sharp Corp. | 83,400 | 956,695 |
Shimadzu Corp. | 82,700 | 2,208,594 |
Shimamura Co., Ltd. | 9,000 | 762,328 |
Shimano, Inc. | 27,900 | 4,643,972 |
Shimizu Corp. | 227,600 | 2,121,688 |
Shin-Etsu Chemical Co., Ltd. | 137,460 | 15,326,955 |
Shinsei Bank Ltd. | 73,700 | 1,148,964 |
Shionogi & Co., Ltd. | 102,200 | 6,134,338 |
Shiseido Co., Ltd. | 151,500 | 12,490,854 |
Showa Denko K.K. | 50,000 | 1,402,847 |
SMC Corp. | 21,500 | 9,288,878 |
Softbank Corp. | 631,200 | 8,658,365 |
SoftBank Group Corp. | 624,400 | 24,018,423 |
Security | Number of Shares | Value ($) |
Sohgo Security Services Co., Ltd. | 27,300 | 1,482,876 |
Sompo Holdings, Inc. | 129,600 | 5,094,068 |
Sony Corp. | 482,300 | 29,357,188 |
Sony Financial Holdings, Inc. | 59,500 | 1,280,049 |
Stanley Electric Co., Ltd. | 52,400 | 1,450,078 |
Subaru Corp. | 236,200 | 6,768,904 |
Sumco Corp. | 91,200 | 1,514,911 |
Sumitomo Chemical Co., Ltd. | 563,500 | 2,577,662 |
Sumitomo Corp. | 447,500 | 7,268,470 |
Sumitomo Dainippon Pharma Co., Ltd. | 59,800 | 1,043,699 |
Sumitomo Electric Industries Ltd. | 284,700 | 3,904,306 |
Sumitomo Heavy Industries Ltd. | 42,000 | 1,304,605 |
Sumitomo Metal Mining Co., Ltd. | 88,400 | 2,956,951 |
Sumitomo Mitsui Financial Group, Inc. | 502,946 | 17,856,176 |
Sumitomo Mitsui Trust Holdings, Inc. | 125,300 | 4,566,609 |
Sumitomo Realty & Development Co., Ltd. | 125,800 | 4,566,318 |
Sumitomo Rubber Industries Ltd. | 68,100 | 902,581 |
Sundrug Co., Ltd. | 28,400 | 939,776 |
Suntory Beverage & Food Ltd. | 53,900 | 2,304,269 |
Suzuken Co., Ltd. | 27,300 | 1,457,653 |
Suzuki Motor Corp. | 138,900 | 6,558,041 |
Sysmex Corp. | 64,800 | 4,228,073 |
T&D Holdings, Inc. | 205,000 | 2,283,235 |
Taiheiyo Cement Corp. | 46,900 | 1,326,753 |
Taisei Corp. | 76,000 | 2,996,940 |
Taisho Pharmaceutical Holdings Co., Ltd. | 13,900 | 989,325 |
Taiyo Nippon Sanso Corp. | 49,800 | 1,165,803 |
Takeda Pharmaceutical Co., Ltd. | 561,090 | 20,273,895 |
TDK Corp. | 49,000 | 4,835,014 |
Teijin Ltd. | 65,600 | 1,314,515 |
Terumo Corp. | 246,900 | 8,058,008 |
The Bank of Kyoto Ltd. | 18,800 | 744,114 |
The Chiba Bank Ltd. | 209,100 | 1,136,531 |
The Chugoku Electric Power Co., Inc. | 107,000 | 1,425,428 |
The Kansai Electric Power Co., Inc. | 267,200 | 3,117,189 |
The Shizuoka Bank Ltd. | 169,800 | 1,290,272 |
The Yokohama Rubber Co., Ltd. | 43,000 | 960,415 |
THK Co., Ltd. | 44,300 | 1,273,859 |
Tobu Railway Co., Ltd. | 72,500 | 2,419,318 |
Toho Co., Ltd. | 42,300 | 1,708,305 |
Toho Gas Co., Ltd. | 30,300 | 1,180,141 |
Tohoku Electric Power Co., Inc. | 165,700 | 1,703,028 |
Tokio Marine Holdings, Inc. | 241,799 | 13,073,005 |
Tokyo Century Corp. | 15,400 | 711,107 |
Tokyo Electric Power Co. Holdings, Inc. * | 580,290 | 2,687,405 |
Tokyo Electron Ltd. | 59,400 | 12,034,356 |
Tokyo Gas Co., Ltd. | 146,440 | 3,574,750 |
Tokyu Corp. | 188,600 | 3,567,106 |
Tokyu Fudosan Holdings Corp. | 230,200 | 1,526,893 |
Toppan Printing Co., Ltd. | 106,600 | 1,971,601 |
Toray Industries, Inc. | 521,200 | 3,683,393 |
Toshiba Corp. | 197,417 | 6,750,904 |
Tosoh Corp. | 98,500 | 1,348,711 |
TOTO Ltd. | 52,700 | 2,151,520 |
Toyo Seikan Group Holdings Ltd. | 51,900 | 820,195 |
Toyo Suisan Kaisha Ltd. | 33,600 | 1,414,726 |
Toyoda Gosei Co., Ltd. | 23,300 | 545,097 |
Toyota Industries Corp. | 55,400 | 3,324,137 |
Toyota Motor Corp. | 863,503 | 59,910,600 |
Toyota Tsusho Corp. | 80,000 | 2,759,882 |
Trend Micro, Inc. | 48,200 | 2,432,859 |
Tsuruha Holdings, Inc. | 14,100 | 1,586,088 |
Security | Number of Shares | Value ($) |
Unicharm Corp. | 152,800 | 5,178,525 |
United Urban Investment Corp. | 1,092 | 2,203,033 |
USS Co., Ltd. | 82,300 | 1,594,001 |
Welcia Holdings Co., Ltd. | 17,800 | 1,022,792 |
West Japan Railway Co. | 61,400 | 5,335,066 |
Yakult Honsha Co., Ltd. | 44,900 | 2,573,206 |
Yamada Denki Co., Ltd. | 237,600 | 1,148,435 |
Yamaha Corp. | 54,800 | 2,551,995 |
Yamaha Motor Co., Ltd. | 105,300 | 2,061,029 |
Yamato Holdings Co., Ltd. | 116,800 | 1,959,041 |
Yamazaki Baking Co., Ltd. | 46,700 | 796,174 |
Yaskawa Electric Corp. | 89,200 | 3,392,965 |
Yokogawa Electric Corp. | 84,100 | 1,540,957 |
Z Holdings Corp. | 1,002,900 | 3,087,645 |
ZOZO, Inc.(a) | 76,200 | 1,774,922 |
1,336,663,913 | ||
Netherlands 3.9% | ||
ABN AMRO Group N.V. CVA | 162,301 | 3,025,300 |
Adyen N.V. * | 3,966 | 2,792,124 |
Aegon N.V. | 686,899 | 2,979,997 |
AerCap Holdings N.V. * | 46,704 | 2,703,228 |
Akzo Nobel N.V. | 86,088 | 7,936,744 |
ASML Holding N.V. | 161,035 | 42,209,576 |
Coca-Cola European Partners plc | 88,182 | 4,718,619 |
Heineken Holding N.V. | 44,454 | 4,241,599 |
Heineken N.V. | 97,477 | 9,954,298 |
ING Groep N.V. | 1,480,604 | 16,765,599 |
Koninklijke Ahold Delhaize N.V. | 449,413 | 11,199,396 |
Koninklijke DSM N.V. | 68,894 | 8,176,887 |
Koninklijke KPN N.V. | 1,378,876 | 4,280,538 |
Koninklijke Philips N.V. | 349,861 | 15,349,826 |
Koninklijke Vopak N.V. | 26,427 | 1,451,785 |
NN Group N.V. | 116,171 | 4,432,724 |
NXP Semiconductors N.V. | 108,049 | 12,283,010 |
Prosus N.V. * | 184,358 | 12,713,139 |
Randstad N.V. | 44,005 | 2,442,139 |
Unilever N.V. | 551,641 | 32,605,664 |
Wolters Kluwer N.V. | 105,433 | 7,765,456 |
210,027,648 | ||
New Zealand 0.2% | ||
a2 Milk Co., Ltd. * | 283,997 | 2,357,844 |
Auckland International Airport Ltd. | 373,767 | 2,227,585 |
Fisher & Paykel Healthcare Corp., Ltd. | 213,767 | 2,621,894 |
Fletcher Building Ltd. | 330,886 | 972,188 |
Meridian Energy Ltd. | 473,317 | 1,395,191 |
Ryman Healthcare Ltd. | 154,764 | 1,279,116 |
Spark New Zealand Ltd. | 723,131 | 2,074,420 |
12,928,238 | ||
Norway 0.6% | ||
Aker BP A.S.A. | 41,407 | 1,148,521 |
DNB A.S.A. | 369,552 | 6,728,536 |
Equinor A.S.A. | 383,682 | 7,123,317 |
Gjensidige Forsikring A.S.A. | 75,317 | 1,408,061 |
Mowi A.S.A. | 163,847 | 3,999,825 |
Norsk Hydro A.S.A. | 516,771 | 1,826,041 |
Orkla A.S.A. | 284,975 | 2,739,132 |
Schibsted A.S.A., B Shares | 37,970 | 1,059,399 |
Telenor A.S.A. | 279,400 | 5,229,180 |
Yara International A.S.A. | 65,698 | 2,559,345 |
33,821,357 | ||
Security | Number of Shares | Value ($) |
Portugal 0.2% | ||
Banco Espirito Santo S.A. *(b) | 470,491 | — |
EDP - Energias de Portugal S.A. | 963,483 | 3,968,807 |
Galp Energia, SGPS, S.A. | 186,453 | 2,982,273 |
Jeronimo Martins, SGPS, S.A. | 95,568 | 1,605,891 |
8,556,971 | ||
Singapore 1.3% | ||
Ascendas Real Estate Investment Trust | 953,900 | 2,221,681 |
CapitaLand Commercial Trust | 981,200 | 1,477,671 |
CapitaLand Ltd. | 951,100 | 2,513,968 |
CapitaLand Mall Trust | 949,300 | 1,771,245 |
City Developments Ltd. | 168,300 | 1,332,800 |
ComfortDelGro Corp., Ltd. | 815,800 | 1,377,626 |
DBS Group Holdings Ltd. | 675,346 | 12,872,682 |
Genting Singapore Ltd. | 2,308,100 | 1,592,388 |
Golden Agri-Resources Ltd. | 2,252,500 | 338,103 |
Jardine Cycle & Carriage Ltd. | 35,600 | 855,900 |
Keppel Corp., Ltd. | 554,000 | 2,789,603 |
Oversea-Chinese Banking Corp., Ltd. | 1,232,487 | 9,908,219 |
SATS Ltd. | 251,300 | 931,938 |
Sembcorp Industries Ltd. | 439,900 | 738,544 |
Singapore Airlines Ltd. | 199,700 | 1,380,279 |
Singapore Exchange Ltd. | 310,100 | 2,035,974 |
Singapore Press Holdings Ltd. | 617,400 | 1,004,753 |
Singapore Technologies Engineering Ltd. | 587,200 | 1,720,111 |
Singapore Telecommunications Ltd. | 3,066,537 | 7,425,785 |
Suntec Real Estate Investment Trust | 759,700 | 1,037,832 |
United Overseas Bank Ltd. | 480,633 | 9,462,431 |
UOL Group Ltd. | 186,667 | 1,068,833 |
Venture Corp., Ltd. | 105,200 | 1,220,280 |
Wilmar International Ltd. | 722,900 | 1,987,597 |
Yangzijiang Shipbuilding Holdings Ltd. | 842,600 | 589,894 |
69,656,137 | ||
Spain 2.8% | ||
ACS Actividades de Construccion y Servicios S.A. | 99,634 | 4,042,961 |
Aena SME S.A. | 25,463 | 4,674,040 |
Amadeus IT Group S.A. | 165,764 | 12,262,931 |
Banco Bilbao Vizcaya Argentaria S.A. | 2,509,168 | 13,215,355 |
Banco De Sabadell S.A. | 2,111,732 | 2,321,278 |
Banco Santander S.A. | 6,359,506 | 25,535,308 |
Bankia S.A. | 479,606 | 915,002 |
Bankinter S.A. | 258,237 | 1,788,522 |
CaixaBank S.A. | 1,359,406 | 3,898,229 |
Cellnex Telecom S.A. * | 73,030 | 3,151,159 |
Cellnex Telecom S.A., Interim Shares *(b) | 21,195 | 914,539 |
Enagas S.A. | 89,296 | 2,209,593 |
Endesa S.A. | 121,436 | 3,307,290 |
Ferrovial S.A. | 180,853 | 5,335,740 |
Grifols S.A. | 116,504 | 3,758,483 |
Iberdrola S.A. | 2,268,409 | 23,316,961 |
Industria de Diseno Textil S.A. | 413,185 | 12,875,180 |
Mapfre S.A. | 412,392 | 1,150,984 |
Naturgy Energy Group S.A. | 113,127 | 3,082,153 |
Red Electrica Corp. S.A. | 163,853 | 3,293,039 |
Repsol S.A. | 547,079 | 9,015,697 |
Security | Number of Shares | Value ($) |
Siemens Gamesa Renewable Energy S.A. | 90,348 | 1,243,808 |
Telefonica S.A. | 1,771,160 | 13,601,231 |
154,909,483 | ||
Sweden 2.6% | ||
Alfa Laval AB | 117,311 | 2,715,194 |
Assa Abloy AB, Class B | 381,369 | 9,056,890 |
Atlas Copco AB, A Shares | 253,418 | 8,944,770 |
Atlas Copco AB, B Shares | 146,046 | 4,531,561 |
Boliden AB | 102,447 | 2,762,736 |
Electrolux AB, B Shares | 85,983 | 2,260,608 |
Epiroc AB, Class A | 259,199 | 2,920,460 |
Epiroc AB, Class B | 144,732 | 1,576,335 |
Essity AB, Class B | 227,723 | 7,114,230 |
Hennes & Mauritz AB, B Shares | 302,542 | 6,341,129 |
Hexagon AB, B Shares | 97,964 | 5,015,551 |
Husqvarna AB, B Shares | 154,895 | 1,186,636 |
ICA Gruppen AB | 34,351 | 1,520,091 |
Industrivarden AB, C Shares | 63,794 | 1,382,202 |
Investor AB, B Shares | 171,468 | 8,797,069 |
Kinnevik AB, Class B | 91,959 | 2,516,697 |
LE Lundbergfortagen AB, B Shares | 28,402 | 1,070,466 |
Lundin Petroleum AB | 70,819 | 2,345,388 |
Millicom International Cellular S.A. SDR | 25,286 | 1,152,741 |
Nordea Bank Abp(c) | 16,453 | 120,417 |
Nordea Bank Abp(c) | 1,205,640 | 8,824,482 |
Sandvik AB | 427,121 | 7,546,084 |
Securitas AB, B Shares | 124,443 | 1,992,597 |
Skandinaviska Enskilda Banken AB, A Shares | 623,515 | 5,980,340 |
Skanska AB, B Shares | 129,748 | 2,764,519 |
SKF AB, B Shares | 148,084 | 2,681,231 |
Svenska Handelsbanken AB, A Shares | 576,698 | 5,787,628 |
Swedbank AB, A Shares | 339,543 | 4,758,113 |
Swedish Match AB | 63,050 | 2,961,985 |
Tele2 AB, B Shares | 192,610 | 2,757,242 |
Telefonaktiebolaget LM Ericsson, B Shares | 1,167,355 | 10,201,262 |
Telia Co. AB | 1,056,619 | 4,647,970 |
Volvo AB, B Shares | 561,037 | 8,407,568 |
142,642,192 | ||
Switzerland 9.2% | ||
ABB Ltd. | 701,934 | 14,740,602 |
Adecco Group AG | 60,342 | 3,587,100 |
Alcon, Inc. * | 157,690 | 9,325,490 |
Baloise Holding AG | 18,611 | 3,442,168 |
Barry Callebaut AG | 830 | 1,754,038 |
Chocoladefabriken Lindt & Spruengli AG | 39 | 3,194,323 |
Chocoladefabriken Lindt & Spruengli AG - Participation Certificates | 403 | 2,994,415 |
Cie Financiere Richemont S.A. | 197,923 | 15,553,017 |
Clariant AG * | 76,271 | 1,564,512 |
Credit Suisse Group AG * | 960,853 | 11,893,307 |
Dufry AG * | 16,489 | 1,434,142 |
EMS-Chemie Holding AG | 3,217 | 2,015,446 |
Geberit AG | 14,149 | 7,188,965 |
Givaudan S.A. | 3,502 | 10,288,645 |
Julius Baer Group Ltd. * | 83,555 | 3,700,116 |
Kuehne & Nagel International AG | 20,383 | 3,293,019 |
LafargeHolcim Ltd. * | 184,401 | 9,518,497 |
Security | Number of Shares | Value ($) |
Lonza Group AG * | 28,007 | 10,094,631 |
Nestle S.A. | 1,160,625 | 124,165,185 |
Novartis AG | 812,898 | 71,027,123 |
Pargesa Holding S.A. | 14,867 | 1,175,216 |
Partners Group Holding AG | 7,048 | 5,507,739 |
Roche Holding AG | 265,904 | 80,025,351 |
Schindler Holding AG | 7,502 | 1,776,576 |
Schindler Holding AG - Participation Certificates | 15,573 | 3,815,328 |
SGS S.A. | 2,012 | 5,247,505 |
Sika AG | 48,068 | 8,263,202 |
Sonova Holding AG | 20,967 | 4,811,472 |
Straumann Holding AG | 3,958 | 3,536,401 |
Swiss Life Holding AG | 12,833 | 6,426,981 |
Swiss Prime Site AG * | 28,440 | 2,931,363 |
Swiss Re AG | 115,266 | 12,090,103 |
Swisscom AG | 9,755 | 4,989,627 |
Temenos AG * | 24,488 | 3,503,521 |
The Swatch Group AG | 20,575 | 1,104,597 |
The Swatch Group AG - Bearer Shares | 11,005 | 3,051,445 |
UBS Group AG * | 1,464,961 | 17,338,047 |
Vifor Pharma AG | 16,966 | 2,671,793 |
Zurich Insurance Group AG | 57,412 | 22,488,283 |
501,529,291 | ||
United Kingdom 16.1% | ||
3i Group plc | 373,611 | 5,459,532 |
Admiral Group plc | 72,995 | 1,910,408 |
Anglo American plc | 398,471 | 10,255,485 |
Antofagasta plc | 147,159 | 1,657,409 |
Ashtead Group plc | 175,313 | 5,337,547 |
Associated British Foods plc | 138,046 | 3,984,666 |
AstraZeneca plc | 495,825 | 48,351,474 |
Auto Trader Group plc | 346,045 | 2,521,384 |
Aviva plc | 1,476,249 | 7,957,049 |
BAE Systems plc | 1,206,050 | 9,008,845 |
Barclays plc | 6,486,790 | 14,070,313 |
Barratt Developments plc | 376,420 | 3,078,289 |
BHP Group plc | 797,866 | 16,923,171 |
BP plc | 7,704,296 | 48,855,723 |
British American Tobacco plc | 871,028 | 30,464,955 |
BT Group plc | 3,224,037 | 8,556,132 |
Bunzl plc | 128,907 | 3,353,482 |
Burberry Group plc | 156,290 | 4,144,336 |
Carnival plc | 62,407 | 2,497,327 |
Centrica plc | 2,166,866 | 2,039,166 |
Coca-Cola HBC AG * | 75,063 | 2,285,569 |
Compass Group plc | 600,212 | 15,980,099 |
Croda International plc | 48,103 | 3,001,227 |
DCC plc | 37,981 | 3,561,837 |
Diageo plc | 899,070 | 36,799,813 |
Direct Line Insurance Group plc | 543,098 | 1,914,828 |
easyJet plc | 62,548 | 1,003,395 |
Evraz plc | 184,834 | 882,019 |
Experian plc | 345,184 | 10,880,649 |
Ferguson plc | 88,467 | 7,554,491 |
Fresnillo plc | 85,522 | 790,119 |
G4S plc | 588,643 | 1,578,705 |
GlaxoSmithKline plc | 1,892,006 | 43,336,275 |
Glencore plc * | 4,132,925 | 12,474,732 |
GVC Holdings plc | 219,459 | 2,531,842 |
Halma plc | 147,560 | 3,580,606 |
Hargreaves Lansdown plc | 105,092 | 2,413,256 |
HSBC Holdings plc | 7,660,241 | 57,873,949 |
Imperial Brands plc | 363,067 | 7,964,043 |
Informa plc | 481,955 | 4,844,251 |
Security | Number of Shares | Value ($) |
InterContinental Hotels Group plc | 66,951 | 4,051,520 |
Intertek Group plc | 61,684 | 4,276,910 |
Investec plc | 260,850 | 1,478,877 |
ITV plc | 1,343,280 | 2,330,274 |
J. Sainsbury plc | 664,952 | 1,752,331 |
John Wood Group plc | 258,202 | 1,133,666 |
Johnson Matthey plc | 73,080 | 2,903,241 |
Kingfisher plc | 773,561 | 2,075,160 |
Land Securities Group plc | 265,560 | 3,234,658 |
Legal & General Group plc | 2,257,519 | 7,716,964 |
Lloyds Banking Group plc | 26,964,485 | 19,835,239 |
London Stock Exchange Group plc | 119,230 | 10,744,868 |
M&G plc * | 964,602 | 2,671,425 |
Marks & Spencer Group plc | 732,484 | 1,725,578 |
Meggitt plc | 293,141 | 2,371,900 |
Melrose Industries plc | 1,849,088 | 5,110,300 |
Merlin Entertainments plc | 273,561 | 1,611,673 |
Micro Focus International plc | 126,459 | 1,735,676 |
Mondi plc | 183,566 | 3,806,039 |
National Grid plc | 1,299,930 | 15,199,148 |
Next plc | 52,398 | 4,468,836 |
NMC Health plc | 38,499 | 1,091,318 |
Ocado Group plc * | 170,503 | 2,938,836 |
Pearson plc | 295,248 | 2,607,510 |
Persimmon plc | 120,443 | 3,552,620 |
Prudential plc | 964,602 | 16,848,545 |
Reckitt Benckiser Group plc | 268,592 | 20,784,083 |
RELX plc | 737,172 | 17,747,678 |
Rentokil Initial plc | 698,302 | 4,109,642 |
Rio Tinto plc | 428,305 | 22,298,332 |
Rolls-Royce Holdings plc * | 646,003 | 5,944,357 |
Royal Bank of Scotland Group plc | 1,854,094 | 5,125,158 |
Royal Dutch Shell plc, A Shares | 1,647,039 | 47,744,501 |
Royal Dutch Shell plc, B Shares | 1,418,805 | 40,861,248 |
RSA Insurance Group plc | 380,881 | 2,576,771 |
Schroders plc | 45,614 | 1,828,638 |
Segro plc | 411,238 | 4,498,658 |
Severn Trent plc | 88,374 | 2,581,418 |
Smith & Nephew plc | 328,615 | 7,054,184 |
Smiths Group plc | 150,224 | 3,140,227 |
Spirax-Sarco Engineering plc | 28,199 | 2,893,887 |
SSE plc | 387,064 | 6,439,214 |
St. James's Place plc | 202,239 | 2,727,812 |
Standard Chartered plc | 1,049,698 | 9,524,886 |
Standard Life Aberdeen plc | 926,946 | 3,644,439 |
Taylor Wimpey plc | 1,255,288 | 2,692,219 |
Tesco plc | 3,684,543 | 11,247,260 |
The Berkeley Group Holdings plc | 46,172 | 2,631,777 |
The British Land Co., plc | 338,078 | 2,718,192 |
The Sage Group plc | 411,522 | 3,835,425 |
The Weir Group plc | 101,001 | 1,764,187 |
TUI AG | 165,147 | 2,160,497 |
Unilever plc | 419,199 | 25,101,192 |
United Utilities Group plc | 262,699 | 2,966,296 |
Vodafone Group plc | 10,087,787 | 20,586,342 |
Whitbread plc | 51,891 | 2,731,367 |
WM Morrison Supermarkets plc | 933,410 | 2,411,328 |
WPP plc | 474,949 | 5,927,154 |
877,249,879 | ||
Total Common Stock | ||
(Cost $4,441,053,703) | 5,375,570,996 | |
Security | Number of Shares | Value ($) |
Preferred Stock0.5% of net assets | ||
Germany 0.5% | ||
Bayerische Motoren Werke AG | 22,418 | 1,379,898 |
Fuchs Petrolub SE | 26,831 | 1,143,113 |
Henkel AG & Co. KGaA | 67,322 | 6,992,918 |
Porsche Automobil Holding SE | 59,355 | 4,370,345 |
Sartorius AG | 13,916 | 2,704,184 |
Volkswagen AG | 70,234 | 13,351,850 |
29,942,308 | ||
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc *(b) | 29,716,138 | 38,493 |
Total Preferred Stock | ||
(Cost $26,636,648) | 29,980,801 | |
Other Investment Company0.1% of net assets | ||
United States 0.1% | ||
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(d) | 3,797,238 | 3,797,238 |
Total Other Investment Company | ||
(Cost $3,797,238) | 3,797,238 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments0.1% of net assets | ||
Time Deposits 0.1% | ||
Brown Brothers Harriman | ||
Australian Dollar | ||
0.35%, 11/01/19(e) | 374,293 | 258,019 |
Danish Krone | ||
(0.95%), 11/01/19(e) | 44,569 | 6,653 |
Hong Kong Dollar | ||
2.30%, 11/01/19(e) | 898,050 | 114,606 |
New Zealand Dollar | ||
0.50%, 11/01/19(e) | 31,502 | 20,198 |
Norwegian Krone | ||
0.60%, 11/01/19(e) | 838,201 | 91,147 |
Singapore Dollar | ||
0.55%, 11/01/19(e) | 24,389 | 17,927 |
Swedish Krona | ||
(0.37%), 11/01/19(e) | 2,257,748 | 233,825 |
Swiss Franc | ||
(1.57%), 11/01/19(e) | 13,359 | 13,542 |
Citibank | ||
Euro | ||
(0.67%), 11/01/19(e) | 133,553 | 148,952 |
Pound Sterling | ||
0.38%, 11/01/19(e) | 85,436 | 110,670 |
U.S. Dollar | ||
1.18%, 11/01/19(e) | 5,060,196 | 5,060,196 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.27%), 11/01/19(e) | 6,837,469 | 63,316 |
Total Short-Term Investments | ||
(Cost $6,139,051) | 6,139,051 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 376 | 36,795,360 | 845,450 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $3,604,867. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | Securities are traded on separate exchanges for the same entity. |
(d) | The rate shown is the 7-day yield. |
(e) | The rate shown is the current daily overnight rate. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
SDR — | Swedish Depositary Receipt |
Table of Contents
Security | Number of Shares | Value ($) |
Common Stock99.7% of net assets | ||
Automobiles & Components 1.8% | ||
Adient plc | 175,571 | 3,720,350 |
Aptiv plc | 65,785 | 5,891,047 |
Autoliv, Inc. | 34,867 | 2,714,047 |
BorgWarner, Inc. | 82,835 | 3,452,563 |
Cooper Tire & Rubber Co. | 42,326 | 1,195,286 |
Dana, Inc. | 88,448 | 1,435,511 |
Ford Motor Co. | 2,956,900 | 25,399,771 |
General Motors Co. | 890,219 | 33,080,538 |
Gentex Corp. | 59,139 | 1,658,849 |
Harley-Davidson, Inc. | 66,914 | 2,603,624 |
Lear Corp. | 32,733 | 3,854,965 |
The Goodyear Tire & Rubber Co. | 294,588 | 4,675,112 |
Thor Industries, Inc. | 26,936 | 1,703,971 |
Visteon Corp. * | 40,258 | 3,744,799 |
95,130,433 | ||
Banks 5.9% | ||
Bank of America Corp. | 1,271,972 | 39,774,564 |
BB&T Corp. | 141,887 | 7,527,105 |
CIT Group, Inc. | 56,294 | 2,414,450 |
Citigroup, Inc. | 681,431 | 48,967,632 |
Citizens Financial Group, Inc. | 100,612 | 3,537,518 |
Comerica, Inc. | 26,562 | 1,737,686 |
Fifth Third Bancorp | 224,324 | 6,523,342 |
First Republic Bank | 11,679 | 1,242,178 |
Huntington Bancshares, Inc. | 157,482 | 2,225,221 |
JPMorgan Chase & Co. | 611,093 | 76,337,738 |
KeyCorp | 159,772 | 2,871,103 |
M&T Bank Corp. | 22,860 | 3,578,276 |
New York Community Bancorp, Inc. | 141,928 | 1,653,461 |
People's United Financial, Inc. | 65,142 | 1,053,346 |
Regions Financial Corp. | 225,693 | 3,633,657 |
SunTrust Banks, Inc. | 90,464 | 6,182,310 |
The PNC Financial Services Group, Inc. | 95,595 | 14,023,786 |
U.S. Bancorp | 328,386 | 18,724,570 |
Wells Fargo & Co. | 1,242,348 | 64,142,427 |
306,150,370 | ||
Capital Goods 8.5% | ||
3M Co. | 125,310 | 20,674,897 |
A.O. Smith Corp. | 23,989 | 1,191,774 |
Acuity Brands, Inc. | 9,265 | 1,156,179 |
AECOM * | 69,426 | 2,777,734 |
AerCap Holdings N.V. * | 45,924 | 2,658,081 |
AGCO Corp. | 35,507 | 2,723,032 |
Allison Transmission Holdings, Inc. | 32,149 | 1,402,018 |
AMETEK, Inc. | 29,020 | 2,659,683 |
Arconic, Inc. | 98,278 | 2,699,697 |
Carlisle Cos., Inc. | 12,720 | 1,936,874 |
Caterpillar, Inc. | 132,632 | 18,276,690 |
Cummins, Inc. | 52,316 | 9,023,464 |
Deere & Co. | 81,419 | 14,178,305 |
Donaldson Co., Inc. | 25,180 | 1,327,993 |
Security | Number of Shares | Value ($) |
Dover Corp. | 33,108 | 3,439,590 |
Eaton Corp. plc | 134,943 | 11,754,885 |
EMCOR Group, Inc. | 20,640 | 1,810,334 |
Emerson Electric Co. | 183,924 | 12,902,269 |
EnerSys | 15,208 | 1,016,807 |
Fastenal Co. | 93,570 | 3,362,906 |
Flowserve Corp. | 42,354 | 2,068,569 |
Fluor Corp. | 183,686 | 2,959,181 |
Fortive Corp. | 29,780 | 2,054,820 |
Fortune Brands Home & Security, Inc. | 40,740 | 2,446,437 |
GATX Corp. | 14,249 | 1,133,508 |
General Dynamics Corp. | 70,225 | 12,415,780 |
General Electric Co. | 6,603,687 | 65,904,796 |
HD Supply Holdings, Inc. * | 32,347 | 1,279,000 |
Hexcel Corp. | 15,091 | 1,126,090 |
Honeywell International, Inc. | 116,161 | 20,064,490 |
Hubbell, Inc. | 14,492 | 2,053,516 |
Huntington Ingalls Industries, Inc. | 10,222 | 2,306,697 |
IDEX Corp. | 9,396 | 1,461,360 |
Illinois Tool Works, Inc. | 80,135 | 13,509,158 |
Ingersoll-Rand plc | 45,693 | 5,797,985 |
Jacobs Engineering Group, Inc. | 45,876 | 4,293,076 |
Johnson Controls International plc | 169,651 | 7,350,978 |
L3Harris Technologies, Inc. | 41,401 | 8,541,440 |
Lincoln Electric Holdings, Inc. | 17,322 | 1,551,532 |
Lockheed Martin Corp. | 38,346 | 14,444,171 |
Masco Corp. | 49,211 | 2,276,009 |
MSC Industrial Direct Co., Inc., Class A | 15,012 | 1,099,029 |
Nordson Corp. | 8,142 | 1,276,747 |
Northrop Grumman Corp. | 34,699 | 12,230,704 |
Oshkosh Corp. | 30,355 | 2,591,710 |
Owens Corning | 43,209 | 2,647,848 |
PACCAR, Inc. | 103,276 | 7,855,173 |
Parker-Hannifin Corp. | 31,679 | 5,812,780 |
Pentair plc | 43,834 | 1,817,796 |
Quanta Services, Inc. | 70,418 | 2,961,077 |
Raytheon Co. | 61,070 | 12,959,665 |
Regal Beloit Corp. | 15,239 | 1,128,448 |
Resideo Technologies, Inc. * | 61,967 | 590,545 |
Rockwell Automation, Inc. | 21,877 | 3,762,625 |
Roper Technologies, Inc. | 6,587 | 2,219,556 |
Sensata Technologies Holding plc * | 19,591 | 1,002,863 |
Snap-on, Inc. | 13,209 | 2,148,708 |
Spirit AeroSystems Holdings, Inc., Class A | 25,936 | 2,122,084 |
Stanley Black & Decker, Inc. | 33,383 | 5,051,849 |
Terex Corp. | 51,049 | 1,406,400 |
Textron, Inc. | 78,835 | 3,633,505 |
The Boeing Co. | 66,650 | 22,655,001 |
The Timken Co. | 27,813 | 1,362,837 |
The Toro Co. | 15,227 | 1,174,458 |
TransDigm Group, Inc. | 6,029 | 3,172,942 |
Trinity Industries, Inc. | 79,547 | 1,573,440 |
United Rentals, Inc. * | 33,381 | 4,458,700 |
United Technologies Corp. | 212,387 | 30,494,525 |
Valmont Industries, Inc. | 9,182 | 1,259,679 |
W.W. Grainger, Inc. | 13,447 | 4,152,971 |
WABCO Holdings, Inc. * | 10,062 | 1,354,546 |
Wabtec Corp. | 27,462 | 1,905,039 |
Watsco, Inc. | 8,296 | 1,462,585 |
Security | Number of Shares | Value ($) |
WESCO International, Inc. * | 36,923 | 1,851,688 |
Xylem, Inc. | 21,015 | 1,611,640 |
444,820,968 | ||
Commercial & Professional Services 0.6% | ||
ABM Industries, Inc. | 30,591 | 1,115,348 |
Cintas Corp. | 10,471 | 2,813,244 |
Equifax, Inc. | 15,528 | 2,122,833 |
IAA, Inc. * | 22,685 | 865,433 |
IHS Markit Ltd. * | 27,415 | 1,919,598 |
KAR Auction Services, Inc. | 22,685 | 563,949 |
ManpowerGroup, Inc. | 48,631 | 4,421,530 |
Nielsen Holdings plc | 152,484 | 3,074,077 |
Pitney Bowes, Inc. | 243,747 | 1,072,487 |
Republic Services, Inc. | 38,992 | 3,412,190 |
Robert Half International, Inc. | 38,324 | 2,194,815 |
Verisk Analytics, Inc. | 9,577 | 1,385,792 |
Waste Management, Inc. | 69,308 | 7,777,051 |
32,738,347 | ||
Consumer Durables & Apparel 1.5% | ||
Brunswick Corp. | 27,914 | 1,625,711 |
Capri Holdings Ltd. * | 84,253 | 2,617,741 |
Carter's, Inc. | 16,362 | 1,640,127 |
D.R. Horton, Inc. | 77,783 | 4,073,496 |
Fossil Group, Inc. * | 98,019 | 1,066,447 |
Garmin Ltd. | 20,756 | 1,945,875 |
Hanesbrands, Inc. | 111,554 | 1,696,736 |
Hasbro, Inc. | 21,707 | 2,112,308 |
Kontoor Brands, Inc. * | 9,421 | 357,998 |
Leggett & Platt, Inc. | 42,305 | 2,170,247 |
Lennar Corp., Class A | 49,750 | 2,965,100 |
lululemon Athletica, Inc. * | 6,487 | 1,325,099 |
Mattel, Inc. * | 225,324 | 2,690,369 |
Mohawk Industries, Inc. * | 20,309 | 2,911,904 |
Newell Brands, Inc. | 160,524 | 3,045,140 |
NIKE, Inc., Class B | 182,482 | 16,341,263 |
NVR, Inc. * | 737 | 2,680,167 |
Polaris, Inc. | 21,717 | 2,142,382 |
PulteGroup, Inc. | 95,746 | 3,757,073 |
PVH Corp. | 27,831 | 2,425,750 |
Ralph Lauren Corp. | 24,034 | 2,308,706 |
Tapestry, Inc. | 111,304 | 2,878,321 |
Toll Brothers, Inc. | 35,250 | 1,401,893 |
Under Armour, Inc., Class A * | 23,860 | 492,709 |
Under Armour, Inc., Class C * | 26,160 | 483,960 |
VF Corp. | 63,758 | 5,246,646 |
Whirlpool Corp. | 37,022 | 5,631,787 |
78,034,955 | ||
Consumer Services 1.7% | ||
Aramark | 71,832 | 3,143,368 |
Carnival Corp. | 121,293 | 5,202,257 |
Chipotle Mexican Grill, Inc. * | 3,372 | 2,623,956 |
Darden Restaurants, Inc. | 21,415 | 2,404,262 |
Domino's Pizza, Inc. | 5,376 | 1,460,229 |
H&R Block, Inc. | 54,067 | 1,351,134 |
Hilton Worldwide Holdings, Inc. | 23,439 | 2,272,645 |
Las Vegas Sands Corp. | 88,472 | 5,471,109 |
Marriott International, Inc., Class A | 25,808 | 3,266,002 |
McDonald's Corp. | 136,051 | 26,761,232 |
MGM Resorts International | 106,238 | 3,027,783 |
Norwegian Cruise Line Holdings Ltd. * | 33,302 | 1,690,410 |
Royal Caribbean Cruises Ltd. | 30,834 | 3,355,664 |
Service Corp. International | 23,284 | 1,058,956 |
Security | Number of Shares | Value ($) |
Six Flags Entertainment Corp. | 18,741 | 790,683 |
Starbucks Corp. | 141,620 | 11,975,387 |
The Wendy's Co. | 57,638 | 1,220,773 |
Wyndham Destinations, Inc. | 31,287 | 1,452,030 |
Wynn Resorts Ltd. | 20,501 | 2,487,591 |
Yum China Holdings, Inc. | 60,824 | 2,585,020 |
Yum! Brands, Inc. | 68,482 | 6,965,304 |
90,565,795 | ||
Diversified Financials 5.2% | ||
Affiliated Managers Group, Inc. | 14,500 | 1,158,260 |
AGNC Investment Corp. | 76,778 | 1,309,065 |
Ally Financial, Inc. | 264,427 | 8,099,399 |
American Express Co. | 157,471 | 18,468,199 |
Ameriprise Financial, Inc. | 50,931 | 7,684,979 |
Annaly Capital Management, Inc. | 266,108 | 2,389,650 |
Berkshire Hathaway, Inc., Class A * | 53 | 16,903,767 |
Berkshire Hathaway, Inc., Class B * | 234,950 | 49,945,671 |
BlackRock, Inc. | 18,164 | 8,386,319 |
Capital One Financial Corp. | 208,469 | 19,439,734 |
CME Group, Inc. | 22,609 | 4,651,802 |
Discover Financial Services | 137,002 | 10,995,781 |
FactSet Research Systems, Inc. | 4,059 | 1,029,038 |
Franklin Resources, Inc. | 154,688 | 4,261,654 |
Intercontinental Exchange, Inc. | 31,750 | 2,994,660 |
Invesco Ltd. | 187,838 | 3,159,435 |
Janus Henderson Group plc | 46,215 | 1,068,953 |
Jefferies Financial Group, Inc. | 89,581 | 1,672,477 |
Lazard Ltd., Class A | 32,244 | 1,203,669 |
Legg Mason, Inc. | 57,295 | 2,134,812 |
LPL Financial Holdings, Inc. | 18,308 | 1,480,019 |
Moody's Corp. | 16,625 | 3,668,971 |
Morgan Stanley | 237,174 | 10,921,863 |
MSCI, Inc. | 6,470 | 1,517,603 |
Nasdaq, Inc. | 12,294 | 1,226,572 |
Navient Corp. | 269,427 | 3,710,010 |
New Residential Investment Corp. | 71,647 | 1,134,888 |
Northern Trust Corp. | 28,135 | 2,804,497 |
Raymond James Financial, Inc. | 16,336 | 1,363,893 |
S&P Global, Inc. | 20,694 | 5,338,845 |
Santander Consumer USA Holdings, Inc. | 53,812 | 1,349,605 |
SEI Investments Co. | 20,985 | 1,257,421 |
Starwood Property Trust, Inc. | 45,979 | 1,131,083 |
State Street Corp. | 108,006 | 7,135,956 |
Synchrony Financial | 269,151 | 9,519,871 |
T. Rowe Price Group, Inc. | 51,873 | 6,006,893 |
TD Ameritrade Holding Corp. | 27,989 | 1,074,218 |
The Bank of New York Mellon Corp. | 201,810 | 9,434,617 |
The Charles Schwab Corp.(a) | 76,794 | 3,126,284 |
The Goldman Sachs Group, Inc. | 120,902 | 25,798,069 |
Voya Financial, Inc. | 61,044 | 3,293,934 |
Waddell & Reed Financial, Inc., Class A | 61,781 | 1,023,093 |
270,275,529 | ||
Energy 8.7% | ||
Antero Resources Corp. * | 195,384 | 488,460 |
Apache Corp. | 164,156 | 3,555,619 |
Baker Hughes Co. | 267,166 | 5,717,352 |
Cabot Oil & Gas Corp. | 46,586 | 868,363 |
Chevron Corp. | 724,019 | 84,087,567 |
Concho Resources, Inc. | 18,837 | 1,271,874 |
ConocoPhillips | 387,994 | 21,417,269 |
Devon Energy Corp. | 94,113 | 1,908,612 |
EOG Resources, Inc. | 80,956 | 5,611,060 |
Exxon Mobil Corp. | 1,913,953 | 129,325,804 |
Halliburton Co. | 337,977 | 6,506,057 |
Security | Number of Shares | Value ($) |
Helmerich & Payne, Inc. | 45,920 | 1,722,000 |
Hess Corp. | 102,176 | 6,718,072 |
HollyFrontier Corp. | 108,731 | 5,973,681 |
Kinder Morgan, Inc. | 556,663 | 11,122,127 |
Marathon Oil Corp. | 366,304 | 4,223,485 |
Marathon Petroleum Corp. | 346,208 | 22,140,002 |
Murphy Oil Corp. | 118,472 | 2,444,077 |
Nabors Industries Ltd. | 700,835 | 1,296,545 |
National Oilwell Varco, Inc. | 303,314 | 6,860,963 |
Noble Corp. plc * | 890,668 | 1,095,522 |
Noble Energy, Inc. | 131,553 | 2,533,711 |
Occidental Petroleum Corp. | 306,369 | 12,407,945 |
Oceaneering International, Inc. * | 107,705 | 1,525,103 |
ONEOK, Inc. | 46,321 | 3,234,595 |
Patterson-UTI Energy, Inc. | 118,896 | 989,215 |
PBF Energy, Inc., Class A | 94,028 | 3,035,224 |
Phillips 66 | 286,052 | 33,416,595 |
Pioneer Natural Resources Co. | 18,753 | 2,306,994 |
QEP Resources, Inc. | 177,680 | 591,674 |
Range Resources Corp. | 145,972 | 588,267 |
Schlumberger Ltd. | 539,525 | 17,637,072 |
SM Energy Co. | 76,241 | 597,729 |
Targa Resources Corp. | 59,313 | 2,306,089 |
The Williams Cos., Inc. | 217,664 | 4,856,084 |
Transocean Ltd. * | 491,035 | 2,332,416 |
Valaris plc * | 258,971 | 1,064,371 |
Valero Energy Corp. | 371,850 | 36,062,013 |
World Fuel Services Corp. | 182,103 | 7,606,442 |
457,446,050 | ||
Food & Staples Retailing 3.1% | ||
Casey's General Stores, Inc. | 13,003 | 2,221,043 |
Costco Wholesale Corp. | 103,572 | 30,772,277 |
Performance Food Group Co. * | 41,876 | 1,784,336 |
Rite Aid Corp. *(b) | 202,090 | 1,859,228 |
SpartanNash, Co. | 81,580 | 1,068,290 |
Sysco Corp. | 112,220 | 8,963,012 |
The Kroger Co. | 618,445 | 15,238,485 |
U.S. Foods Holding Corp. * | 91,881 | 3,644,919 |
Walgreens Boots Alliance, Inc. | 377,272 | 20,666,960 |
Walmart, Inc. | 641,278 | 75,196,258 |
161,414,808 | ||
Food, Beverage & Tobacco 4.3% | ||
Altria Group, Inc. | 437,412 | 19,591,683 |
Archer-Daniels-Midland Co. | 470,447 | 19,777,592 |
Brown-Forman Corp., Class B | 34,427 | 2,255,657 |
Bunge Ltd. | 168,272 | 9,086,688 |
Campbell Soup Co. | 46,422 | 2,149,803 |
Coca-Cola European Partners plc | 32,126 | 1,719,062 |
ConAgra Brands, Inc. | 137,181 | 3,710,746 |
Constellation Brands, Inc., Class A | 17,814 | 3,390,539 |
Flowers Foods, Inc. | 53,502 | 1,162,063 |
General Mills, Inc. | 184,005 | 9,358,494 |
Hormel Foods Corp. | 52,453 | 2,144,803 |
Ingredion, Inc. | 28,224 | 2,229,696 |
Kellogg Co. | 59,422 | 3,775,080 |
McCormick & Co., Inc. - Non Voting Shares | 11,489 | 1,846,167 |
Molson Coors Brewing Co., Class B | 46,275 | 2,439,618 |
Mondelez International, Inc., Class A | 348,008 | 18,253,020 |
Monster Beverage Corp. * | 31,175 | 1,749,853 |
PepsiCo, Inc. | 243,907 | 33,456,723 |
Philip Morris International, Inc. | 364,893 | 29,716,886 |
Sanderson Farms, Inc. | 10,121 | 1,566,832 |
The Coca-Cola Co. | 591,843 | 32,214,015 |
Security | Number of Shares | Value ($) |
The Hershey Co. | 19,893 | 2,921,685 |
The JM Smucker Co. | 34,151 | 3,609,078 |
The Kraft Heinz Co. | 203,457 | 6,577,765 |
Tyson Foods, Inc., Class A | 113,231 | 9,374,394 |
224,077,942 | ||
Health Care Equipment & Services 5.5% | ||
Abbott Laboratories | 163,120 | 13,638,463 |
AmerisourceBergen Corp. | 47,075 | 4,019,264 |
Anthem, Inc. | 78,015 | 20,992,276 |
Baxter International, Inc. | 53,030 | 4,067,401 |
Becton, Dickinson & Co. | 18,972 | 4,856,832 |
Boston Scientific Corp. * | 54,797 | 2,285,035 |
Cardinal Health, Inc. | 235,298 | 11,635,486 |
Centene Corp. * | 70,836 | 3,759,975 |
Cerner Corp. | 43,349 | 2,909,585 |
Cigna Corp. * | 57,040 | 10,179,358 |
Covetrus, Inc. * | 21,714 | 215,294 |
CVS Health Corp. | 781,871 | 51,908,416 |
Danaher Corp. | 49,419 | 6,810,927 |
DaVita, Inc. * | 60,808 | 3,563,349 |
DENTSPLY SIRONA, Inc. | 37,748 | 2,067,835 |
Edwards Lifesciences Corp. * | 9,052 | 2,157,816 |
Encompass Health Corp. | 16,674 | 1,067,469 |
HCA Healthcare, Inc. | 70,906 | 9,468,787 |
Henry Schein, Inc. * | 41,358 | 2,588,390 |
Hologic, Inc. * | 23,778 | 1,148,715 |
Humana, Inc. | 44,155 | 12,990,401 |
Intuitive Surgical, Inc. * | 5,313 | 2,937,823 |
Laboratory Corp. of America Holdings * | 17,640 | 2,906,543 |
Magellan Health, Inc. * | 18,158 | 1,178,454 |
McKesson Corp. | 127,856 | 17,004,848 |
MEDNAX, Inc. * | 48,931 | 1,074,525 |
Medtronic plc | 207,489 | 22,595,552 |
Molina Healthcare, Inc. * | 9,697 | 1,140,755 |
Patterson Cos., Inc. | 63,733 | 1,091,746 |
Quest Diagnostics, Inc. | 44,278 | 4,483,148 |
ResMed, Inc. | 11,952 | 1,767,940 |
Steris plc | 8,292 | 1,173,898 |
Stryker Corp. | 27,930 | 6,040,421 |
Tenet Healthcare Corp. * | 71,882 | 1,821,490 |
The Cooper Cos., Inc. | 3,753 | 1,092,123 |
UnitedHealth Group, Inc. | 160,954 | 40,673,076 |
Universal Health Services, Inc., Class B | 24,549 | 3,374,506 |
Varian Medical Systems, Inc. * | 13,386 | 1,617,163 |
WellCare Health Plans, Inc. * | 7,912 | 2,346,699 |
Zimmer Biomet Holdings, Inc. | 26,152 | 3,614,991 |
290,266,775 | ||
Household & Personal Products 1.7% | ||
Church & Dwight Co., Inc. | 32,044 | 2,241,157 |
Colgate-Palmolive Co. | 130,863 | 8,977,202 |
Coty, Inc., Class A | 88,187 | 1,030,906 |
Herbalife Nutrition Ltd. * | 24,455 | 1,092,405 |
Kimberly-Clark Corp. | 55,809 | 7,415,900 |
Nu Skin Enterprises, Inc., Class A | 23,749 | 1,058,730 |
The Clorox Co. | 15,517 | 2,291,706 |
The Estee Lauder Cos., Inc., Class A | 20,851 | 3,883,916 |
The Procter & Gamble Co. | 474,865 | 59,125,441 |
87,117,363 | ||
Insurance 3.8% | ||
Aflac, Inc. | 201,960 | 10,736,194 |
Alleghany Corp. * | 2,827 | 2,200,226 |
American Financial Group, Inc. | 15,346 | 1,596,598 |
Security | Number of Shares | Value ($) |
American International Group, Inc. | 696,930 | 36,909,413 |
Aon plc | 41,206 | 7,959,351 |
Arch Capital Group Ltd. * | 44,314 | 1,850,553 |
Arthur J. Gallagher & Co. | 22,215 | 2,026,452 |
Assurant, Inc. | 20,790 | 2,620,995 |
Assured Guaranty Ltd. | 53,859 | 2,527,064 |
Athene Holding Ltd., Class A * | 24,919 | 1,080,239 |
Axis Capital Holdings Ltd. | 30,370 | 1,804,889 |
Chubb Ltd. | 69,587 | 10,606,450 |
Cincinnati Financial Corp. | 23,729 | 2,686,360 |
CNO Financial Group, Inc. | 100,195 | 1,568,052 |
Everest Re Group Ltd. | 13,473 | 3,463,774 |
Fidelity National Financial, Inc. | 58,746 | 2,692,917 |
First American Financial Corp. | 27,519 | 1,700,124 |
Genworth Financial, Inc., Class A * | 405,995 | 1,737,659 |
Globe Life, Inc. | 20,977 | 2,041,691 |
Lincoln National Corp. | 67,407 | 3,807,147 |
Loews Corp. | 97,467 | 4,775,883 |
Markel Corp. * | 1,381 | 1,617,151 |
Marsh & McLennan Cos., Inc. | 76,281 | 7,904,237 |
MetLife, Inc. | 236,517 | 11,066,630 |
Old Republic International Corp. | 74,215 | 1,657,963 |
Principal Financial Group, Inc. | 69,910 | 3,731,796 |
Prudential Financial, Inc. | 120,122 | 10,947,919 |
Reinsurance Group of America, Inc. | 15,444 | 2,509,187 |
RenaissanceRe Holdings Ltd. | 9,983 | 1,868,618 |
The Allstate Corp. | 115,457 | 12,286,934 |
The Hanover Insurance Group, Inc. | 8,881 | 1,169,716 |
The Hartford Financial Services Group, Inc. | 107,866 | 6,156,991 |
The Progressive Corp. | 80,093 | 5,582,482 |
The Travelers Cos., Inc. | 137,849 | 18,066,490 |
Unum Group | 76,533 | 2,107,719 |
W. R. Berkley Corp. | 30,495 | 2,131,600 |
White Mountains Insurance Group Ltd. | 1,494 | 1,600,074 |
Willis Towers Watson plc | 12,050 | 2,252,145 |
199,049,683 | ||
Materials 3.3% | ||
Air Products & Chemicals, Inc. | 26,916 | 5,740,106 |
Albemarle Corp. | 24,096 | 1,463,591 |
Alcoa Corp. * | 136,134 | 2,830,226 |
AptarGroup, Inc. | 9,737 | 1,150,427 |
Ashland Global Holdings, Inc. | 16,588 | 1,283,414 |
Avery Dennison Corp. | 18,106 | 2,315,033 |
Ball Corp. | 33,972 | 2,377,021 |
Berry Global Group, Inc. * | 22,855 | 948,711 |
Celanese Corp. | 26,713 | 3,236,280 |
CF Industries Holdings, Inc. | 70,172 | 3,182,300 |
Commercial Metals Co. | 90,610 | 1,751,491 |
Corteva, Inc. * | 174,725 | 4,609,246 |
Crown Holdings, Inc. * | 23,311 | 1,697,973 |
Domtar Corp. | 45,898 | 1,670,228 |
Dow, Inc. * | 186,775 | 9,430,270 |
DuPont de Nemours, Inc. | 176,739 | 11,648,867 |
Eastman Chemical Co. | 57,394 | 4,364,240 |
Ecolab, Inc. | 32,077 | 6,161,029 |
FMC Corp. | 14,192 | 1,298,568 |
Freeport-McMoRan, Inc. | 463,403 | 4,550,617 |
Graphic Packaging Holding Co. | 114,157 | 1,787,699 |
Huntsman Corp. | 94,081 | 2,082,013 |
International Flavors & Fragrances, Inc. | 12,906 | 1,574,661 |
International Paper Co. | 150,281 | 6,564,274 |
Linde plc | 74,044 | 14,686,627 |
LyondellBasell Industries N.V., Class A | 211,282 | 18,951,995 |
Martin Marietta Materials, Inc. | 9,198 | 2,409,048 |
Newmont Goldcorp Corp. | 121,747 | 4,837,008 |
Security | Number of Shares | Value ($) |
Nucor Corp. | 128,106 | 6,898,508 |
Olin Corp. | 57,279 | 1,050,497 |
Owens-Illinois, Inc. | 88,774 | 754,579 |
Packaging Corp. of America | 23,202 | 2,539,691 |
PPG Industries, Inc. | 61,632 | 7,711,396 |
Reliance Steel & Aluminum Co. | 37,675 | 4,371,807 |
RPM International, Inc. | 24,583 | 1,780,547 |
Sealed Air Corp. | 51,171 | 2,137,413 |
Sonoco Products Co. | 27,612 | 1,593,212 |
Steel Dynamics, Inc. | 78,878 | 2,394,736 |
The Mosaic Co. | 218,269 | 4,339,188 |
The Sherwin-Williams Co. | 8,925 | 5,107,956 |
United States Steel Corp.(b) | 113,214 | 1,303,093 |
Vulcan Materials Co. | 13,965 | 1,995,180 |
WestRock Co. | 116,453 | 4,351,849 |
172,932,615 | ||
Media & Entertainment 4.3% | ||
Activision Blizzard, Inc. | 123,565 | 6,923,347 |
Alphabet, Inc., Class A * | 20,659 | 26,005,549 |
Alphabet, Inc., Class C * | 21,007 | 26,471,131 |
Altice USA, Inc., Class A * | 59,737 | 1,848,860 |
CBS Corp., Class B - Non Voting Shares | 168,044 | 6,056,306 |
Charter Communications, Inc., Class A * | 20,448 | 9,566,801 |
Cinemark Holdings, Inc. | 28,314 | 1,036,292 |
Comcast Corp., Class A | 990,970 | 44,415,275 |
Discovery, Inc., Class A * | 40,771 | 1,098,982 |
Discovery, Inc., Class C * | 90,650 | 2,288,006 |
DISH Network Corp., Class A * | 60,477 | 2,079,199 |
Electronic Arts, Inc. * | 29,250 | 2,819,700 |
Facebook, Inc., Class A * | 85,513 | 16,388,567 |
Fox Corp., Class A | 74,111 | 2,374,517 |
Fox Corp., Class B * | 35,424 | 1,106,646 |
IAC/InterActiveCorp * | 5,352 | 1,216,242 |
Liberty Global plc, Class A * | 87,184 | 2,192,678 |
Liberty Global plc, Class C * | 221,801 | 5,294,390 |
Liberty Media Corp. - Liberty SiriusXM, Class A * | 37,989 | 1,706,086 |
Liberty Media Corp. - Liberty SiriusXM, Class C * | 73,958 | 3,342,162 |
Netflix, Inc. * | 3,096 | 889,821 |
News Corp., Class A | 145,623 | 1,996,491 |
News Corp., Class B | 46,402 | 655,196 |
Omnicom Group, Inc. | 50,655 | 3,910,060 |
The Interpublic Group of Cos., Inc. | 87,460 | 1,902,255 |
The Walt Disney Co. | 358,973 | 46,637,772 |
Viacom, Inc., Class B | 302,857 | 6,529,597 |
226,751,928 | ||
Pharmaceuticals, Biotechnology & Life Sciences 5.8% | ||
AbbVie, Inc. | 258,765 | 20,584,756 |
Agilent Technologies, Inc. | 33,754 | 2,556,866 |
Alexion Pharmaceuticals, Inc. * | 14,546 | 1,533,148 |
Allergan plc | 46,765 | 8,235,784 |
Amgen, Inc. | 113,534 | 24,211,126 |
Biogen, Inc. * | 27,635 | 8,254,851 |
Bristol-Myers Squibb Co. | 243,060 | 13,944,352 |
Celgene Corp. * | 102,947 | 11,121,364 |
Eli Lilly & Co. | 93,851 | 10,694,322 |
Gilead Sciences, Inc. | 429,775 | 27,380,965 |
Illumina, Inc. * | 3,945 | 1,165,826 |
IQVIA Holdings, Inc. * | 17,584 | 2,539,481 |
Johnson & Johnson | 431,048 | 56,915,578 |
Mallinckrodt plc *(b) | 195,546 | 617,925 |
Merck & Co., Inc. | 470,401 | 40,764,951 |
Mettler-Toledo International, Inc. * | 2,365 | 1,667,183 |
Security | Number of Shares | Value ($) |
Mylan N.V. * | 152,836 | 2,926,809 |
Perrigo Co., plc | 26,138 | 1,385,837 |
Pfizer, Inc. | 1,356,867 | 52,062,987 |
Regeneron Pharmaceuticals, Inc. * | 5,118 | 1,567,541 |
Thermo Fisher Scientific, Inc. | 29,613 | 8,942,534 |
United Therapeutics Corp. * | 17,457 | 1,568,337 |
Waters Corp. * | 7,628 | 1,614,237 |
Zoetis, Inc. | 22,927 | 2,932,822 |
305,189,582 | ||
Real Estate 1.7% | ||
Alexandria Real Estate Equities, Inc. | 7,258 | 1,152,207 |
American Tower Corp. | 22,155 | 4,831,562 |
AvalonBay Communities, Inc. | 12,270 | 2,670,688 |
Boston Properties, Inc. | 22,897 | 3,141,468 |
Brixmor Property Group, Inc. | 71,102 | 1,565,666 |
Camden Property Trust | 10,768 | 1,231,536 |
CBRE Group, Inc., Class A * | 47,440 | 2,540,412 |
CoreCivic, Inc. | 73,462 | 1,121,030 |
Crown Castle International Corp. | 32,043 | 4,447,248 |
Digital Realty Trust, Inc. | 18,519 | 2,352,654 |
Duke Realty Corp. | 38,115 | 1,339,361 |
Equinix, Inc. | 5,168 | 2,929,119 |
Equity Residential | 42,827 | 3,797,042 |
Essex Property Trust, Inc. | 4,879 | 1,596,067 |
HCP, Inc. | 75,108 | 2,825,563 |
Host Hotels & Resorts, Inc. | 212,463 | 3,482,269 |
Iron Mountain, Inc. | 72,890 | 2,390,792 |
Jones Lang LaSalle, Inc. | 12,547 | 1,838,386 |
Kimco Realty Corp. | 70,723 | 1,524,788 |
Lamar Advertising Co., Class A | 13,164 | 1,053,252 |
Mid-America Apartment Communities, Inc. | 10,636 | 1,478,298 |
Outfront Media, Inc. | 46,289 | 1,217,864 |
Park Hotels & Resorts, Inc. | 56,387 | 1,310,998 |
Prologis, Inc. | 40,158 | 3,524,266 |
Public Storage | 11,434 | 2,548,181 |
Realogy Holdings Corp. | 169,742 | 1,337,567 |
Realty Income Corp. | 18,792 | 1,536,998 |
Senior Housing Properties Trust | 118,644 | 1,177,542 |
Service Properties Trust | 61,819 | 1,564,021 |
Simon Property Group, Inc. | 34,860 | 5,252,705 |
SL Green Realty Corp. | 17,427 | 1,456,897 |
The Macerich Co. | 35,170 | 967,175 |
UDR, Inc. | 24,977 | 1,255,094 |
Ventas, Inc. | 57,286 | 3,729,319 |
VEREIT, Inc. | 178,398 | 1,755,436 |
Vornado Realty Trust | 27,015 | 1,772,994 |
Welltower, Inc. | 58,826 | 5,334,930 |
Weyerhaeuser Co. | 170,755 | 4,987,754 |
WP Carey, Inc. | 13,082 | 1,204,329 |
91,243,478 | ||
Retailing 5.2% | ||
Aaron's, Inc. | 19,828 | 1,485,712 |
Abercrombie & Fitch Co., Class A | 69,064 | 1,118,146 |
Advance Auto Parts, Inc. | 14,500 | 2,355,960 |
Amazon.com, Inc. * | 9,078 | 16,128,520 |
American Eagle Outfitters, Inc. | 82,687 | 1,271,726 |
AutoNation, Inc. * | 43,623 | 2,218,230 |
AutoZone, Inc. * | 2,340 | 2,677,849 |
Bed Bath & Beyond, Inc.(b) | 463,554 | 6,350,690 |
Best Buy Co., Inc. | 123,019 | 8,836,455 |
Big Lots, Inc. | 57,766 | 1,251,789 |
Booking Holdings, Inc. * | 4,370 | 8,953,125 |
CarMax, Inc. * | 49,754 | 4,635,580 |
Security | Number of Shares | Value ($) |
Chico's FAS, Inc. | 273,989 | 942,522 |
Core-Mark Holding Co., Inc. | 57,642 | 1,759,234 |
Designer Brands, Inc. | 51,945 | 857,093 |
Dick's Sporting Goods, Inc. | 55,187 | 2,148,430 |
Dillard's, Inc., Class A(b) | 18,769 | 1,294,686 |
Dollar General Corp. | 68,571 | 10,994,674 |
Dollar Tree, Inc. * | 45,341 | 5,005,646 |
eBay, Inc. | 187,732 | 6,617,553 |
Expedia Group, Inc. | 16,037 | 2,191,616 |
Foot Locker, Inc. | 67,890 | 2,953,894 |
GameStop Corp., Class A(b) | 395,975 | 2,154,104 |
Genuine Parts Co. | 42,700 | 4,380,166 |
Group 1 Automotive, Inc. | 19,690 | 1,957,974 |
Kohl's Corp. | 136,022 | 6,972,488 |
L Brands, Inc. | 151,241 | 2,577,147 |
Lithia Motors, Inc., Class A | 10,801 | 1,700,941 |
LKQ Corp. * | 80,086 | 2,722,123 |
Lowe's Cos., Inc. | 211,645 | 23,621,698 |
Macy's, Inc. | 321,541 | 4,874,562 |
Murphy USA, Inc. * | 28,025 | 3,304,988 |
Nordstrom, Inc. | 79,769 | 2,863,707 |
O'Reilly Automotive, Inc. * | 12,673 | 5,519,218 |
Office Depot, Inc. | 896,215 | 1,846,203 |
Penske Automotive Group, Inc. | 23,821 | 1,160,559 |
Qurate Retail, Inc. Class A * | 288,161 | 2,749,056 |
Ross Stores, Inc. | 51,929 | 5,695,053 |
Sally Beauty Holdings, Inc. * | 73,644 | 1,141,482 |
Signet Jewelers Ltd. | 111,082 | 1,781,755 |
Target Corp. | 276,932 | 29,606,800 |
The Gap, Inc. | 175,212 | 2,848,947 |
The Home Depot, Inc. | 193,369 | 45,360,500 |
The TJX Cos., Inc. | 259,355 | 14,951,816 |
Tiffany & Co. | 27,321 | 3,401,738 |
Tractor Supply Co. | 28,066 | 2,666,831 |
Ulta Salon, Cosmetics & Fragrance, Inc. * | 5,188 | 1,209,582 |
Urban Outfitters, Inc. * | 44,553 | 1,278,671 |
Williams-Sonoma, Inc. | 32,701 | 2,184,100 |
272,581,339 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||
Analog Devices, Inc. | 29,959 | 3,194,528 |
Applied Materials, Inc. | 173,957 | 9,438,907 |
Broadcom, Inc. | 19,191 | 5,620,084 |
First Solar, Inc. * | 22,014 | 1,140,105 |
Intel Corp. | 1,135,116 | 64,168,107 |
KLA Corp. | 25,176 | 4,255,751 |
Lam Research Corp. | 19,669 | 5,331,086 |
Marvell Technology Group Ltd. | 82,976 | 2,023,785 |
Maxim Integrated Products, Inc. | 39,941 | 2,342,939 |
Microchip Technology, Inc. | 22,781 | 2,148,020 |
Micron Technology, Inc. * | 201,950 | 9,602,722 |
NVIDIA Corp. | 29,929 | 6,016,328 |
NXP Semiconductors N.V. | 41,389 | 4,705,102 |
ON Semiconductor Corp. * | 66,651 | 1,359,680 |
Qorvo, Inc. * | 27,459 | 2,220,335 |
QUALCOMM, Inc. | 441,144 | 35,485,623 |
Skyworks Solutions, Inc. | 37,043 | 3,373,136 |
Texas Instruments, Inc. | 145,702 | 17,191,379 |
Xilinx, Inc. | 25,671 | 2,329,387 |
181,947,004 | ||
Software & Services 6.2% | ||
Accenture plc, Class A | 74,722 | 13,854,953 |
Adobe, Inc. * | 13,509 | 3,754,556 |
Akamai Technologies, Inc. * | 22,484 | 1,944,866 |
Alliance Data Systems Corp. | 17,051 | 1,705,100 |
Security | Number of Shares | Value ($) |
Amdocs Ltd. | 39,378 | 2,567,446 |
ANSYS, Inc. * | 6,002 | 1,321,340 |
Autodesk, Inc. * | 7,598 | 1,119,641 |
Automatic Data Processing, Inc. | 40,086 | 6,503,152 |
Booz Allen Hamilton Holding Corp. | 24,075 | 1,694,158 |
Broadridge Financial Solutions, Inc. | 13,171 | 1,649,273 |
CACI International, Inc., Class A * | 5,648 | 1,263,740 |
Cadence Design Systems, Inc. * | 18,522 | 1,210,413 |
CDK Global, Inc. | 21,006 | 1,061,643 |
Check Point Software Technologies Ltd. * | 15,072 | 1,694,244 |
Citrix Systems, Inc. | 21,520 | 2,342,667 |
Cognizant Technology Solutions Corp., Class A | 103,029 | 6,278,587 |
Conduent, Inc. * | 157,971 | 976,261 |
DXC Technology Co. | 81,512 | 2,255,437 |
Fidelity National Information Services, Inc. | 45,078 | 5,939,477 |
Fiserv, Inc. * | 72,140 | 7,656,940 |
FleetCor Technologies, Inc. * | 4,556 | 1,340,466 |
Global Payments, Inc. | 23,409 | 3,960,335 |
International Business Machines Corp. | 400,677 | 53,582,535 |
Intuit, Inc. | 18,493 | 4,761,947 |
Jack Henry & Associates, Inc. | 8,263 | 1,169,710 |
Leidos Holdings, Inc. | 33,166 | 2,859,904 |
Mastercard, Inc., Class A | 47,323 | 13,099,480 |
Microsoft Corp. | 720,553 | 103,305,684 |
Oracle Corp. | 559,568 | 30,490,860 |
Paychex, Inc. | 35,681 | 2,984,359 |
PayPal Holdings, Inc. * | 42,815 | 4,457,041 |
Perspecta, Inc. | 34,765 | 922,663 |
Sabre Corp. | 45,137 | 1,059,817 |
salesforce.com, Inc. * | 10,627 | 1,663,019 |
Symantec Corp. | 197,379 | 4,516,032 |
Synopsys, Inc. * | 10,259 | 1,392,659 |
Teradata Corp. * | 43,407 | 1,299,171 |
The Western Union Co. | 150,792 | 3,778,848 |
VeriSign, Inc. * | 5,735 | 1,089,765 |
Visa, Inc., Class A | 101,023 | 18,068,974 |
322,597,163 | ||
Technology Hardware & Equipment 7.8% | ||
Amphenol Corp., Class A | 34,782 | 3,489,678 |
Anixter International, Inc. * | 19,581 | 1,620,328 |
Apple, Inc. | 1,036,086 | 257,736,753 |
Arrow Electronics, Inc. * | 60,112 | 4,765,679 |
Avnet, Inc. | 128,482 | 5,082,748 |
CDW Corp. | 19,879 | 2,542,723 |
Cisco Systems, Inc. | 786,448 | 37,364,144 |
CommScope Holding Co., Inc. * | 86,848 | 972,698 |
Corning, Inc. | 336,397 | 9,967,443 |
Dell Technologies, Inc., Class C * | 17,034 | 900,928 |
F5 Networks, Inc. * | 13,377 | 1,927,358 |
Flex Ltd. * | 349,743 | 4,109,480 |
FLIR Systems, Inc. | 21,737 | 1,120,760 |
Hewlett Packard Enterprise Co. | 815,971 | 13,390,084 |
HP, Inc. | 381,871 | 6,633,099 |
Jabil, Inc. | 116,975 | 4,307,019 |
Juniper Networks, Inc. | 154,519 | 3,835,162 |
Keysight Technologies, Inc. * | 13,980 | 1,410,722 |
Motorola Solutions, Inc. | 39,403 | 6,553,507 |
NCR Corp. * | 44,099 | 1,288,132 |
NetApp, Inc. | 69,143 | 3,863,711 |
Sanmina Corp. * | 53,071 | 1,630,872 |
Seagate Technology plc | 166,192 | 9,644,122 |
SYNNEX Corp. | 24,516 | 2,886,514 |
TE Connectivity Ltd. | 69,344 | 6,206,288 |
Tech Data Corp. * | 36,205 | 4,398,907 |
Trimble, Inc. * | 29,921 | 1,192,053 |
Security | Number of Shares | Value ($) |
Western Digital Corp. | 139,487 | 7,204,504 |
Xerox Holdings Corp. | 99,699 | 3,382,787 |
409,428,203 | ||
Telecommunication Services 3.9% | ||
AT&T, Inc. | 2,855,003 | 109,889,065 |
CenturyLink, Inc. | 882,037 | 11,413,559 |
Frontier Communications Corp. *(b) | 1,860,042 | 1,692,638 |
Sprint Corp. * | 269,156 | 1,671,459 |
T-Mobile US, Inc. * | 55,064 | 4,551,590 |
Telephone & Data Systems, Inc. | 58,399 | 1,523,630 |
Verizon Communications, Inc. | 1,221,338 | 73,854,309 |
204,596,250 | ||
Transportation 2.1% | ||
American Airlines Group, Inc. | 148,487 | 4,463,519 |
Avis Budget Group, Inc. * | 93,152 | 2,767,546 |
C.H. Robinson Worldwide, Inc. | 43,102 | 3,260,235 |
CSX Corp. | 133,272 | 9,365,024 |
Delta Air Lines, Inc. | 54,441 | 2,998,610 |
Expeditors International of Washington, Inc. | 46,047 | 3,358,668 |
FedEx Corp. | 96,586 | 14,744,819 |
Hertz Global Holdings, Inc. * | 186,186 | 2,515,373 |
JB Hunt Transport Services, Inc. | 19,503 | 2,292,773 |
Kansas City Southern | 19,008 | 2,675,946 |
Kirby Corp. * | 14,640 | 1,158,902 |
Knight-Swift Transportation Holdings, Inc. | 31,369 | 1,143,714 |
Landstar System, Inc. | 10,314 | 1,167,029 |
Macquarie Infrastructure Corp. | 28,200 | 1,216,548 |
Norfolk Southern Corp. | 50,241 | 9,143,862 |
Old Dominion Freight Line, Inc. | 8,765 | 1,595,931 |
Ryder System, Inc. | 45,007 | 2,188,691 |
Southwest Airlines Co. | 45,763 | 2,568,677 |
Union Pacific Corp. | 144,919 | 23,978,298 |
United Airlines Holdings, Inc. * | 25,648 | 2,329,864 |
United Parcel Service, Inc., Class B | 110,345 | 12,708,434 |
XPO Logistics, Inc. * | 21,298 | 1,627,167 |
109,269,630 | ||
Utilities 3.6% | ||
AES Corp. | 335,076 | 5,713,046 |
Alliant Energy Corp. | 39,919 | 2,129,279 |
Ameren Corp. | 51,361 | 3,990,750 |
American Electric Power Co., Inc. | 106,914 | 10,091,613 |
American Water Works Co., Inc. | 22,544 | 2,778,999 |
Atmos Energy Corp. | 16,420 | 1,846,922 |
CenterPoint Energy, Inc. | 122,767 | 3,568,837 |
CMS Energy Corp. | 56,423 | 3,606,558 |
Consolidated Edison, Inc. | 80,701 | 7,442,246 |
Dominion Energy, Inc. | 128,841 | 10,635,825 |
DTE Energy Co. | 38,970 | 4,961,660 |
Duke Energy Corp. | 188,689 | 17,785,825 |
Edison International | 98,346 | 6,185,963 |
Entergy Corp. | 51,067 | 6,203,619 |
Eversource Energy | 62,917 | 5,268,670 |
Exelon Corp. | 287,639 | 13,084,698 |
FirstEnergy Corp. | 81,698 | 3,947,647 |
NextEra Energy, Inc. | 62,107 | 14,802,582 |
NiSource, Inc. | 63,775 | 1,788,251 |
NRG Energy, Inc. | 43,461 | 1,743,655 |
OGE Energy Corp. | 39,272 | 1,691,052 |
PG&E Corp. * | 511,111 | 3,153,555 |
Pinnacle West Capital Corp. | 26,261 | 2,471,685 |
Portland General Electric Co. | 20,528 | 1,167,633 |
Security | Number of Shares | Value ($) |
PPL Corp. | 218,737 | 7,325,502 |
Public Service Enterprise Group, Inc. | 118,299 | 7,489,510 |
Sempra Energy | 45,710 | 6,605,552 |
The Southern Co. | 240,885 | 15,093,854 |
UGI Corp. | 43,846 | 2,090,139 |
Vistra Energy Corp. | 107,382 | 2,902,536 |
WEC Energy Group, Inc. | 47,830 | 4,515,152 |
Xcel Energy, Inc. | 104,669 | 6,647,528 |
188,730,343 | ||
Total Common Stock | ||
(Cost $3,386,667,826) | 5,222,356,553 | |
Other Investment Companies0.4% of net assets | ||
Money Market Fund 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(c) | 4,152,873 | 4,152,873 |
Securities Lending Collateral 0.3% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 14,746,015 | 14,746,015 |
Total Other Investment Companies | ||
(Cost $18,898,888) | 18,898,888 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
S&P 500 Index, e-mini, expires 12/20/19 | 93 | 14,116,470 | 328,686 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $13,611,262. |
(c) | The rate shown is the 7-day yield. |
Security | Number of Shares | Value ($) |
Common Stock99.7% of net assets | ||
Automobiles & Components 1.5% | ||
American Axle & Manufacturing Holdings, Inc. * | 375,634 | 3,140,300 |
Cooper-Standard Holding, Inc. * | 74,983 | 2,388,958 |
Delphi Technologies plc | 273,687 | 3,341,718 |
Dorman Products, Inc. * | 21,782 | 1,567,215 |
Garrett Motion, Inc. * | 109,651 | 1,041,685 |
Gentherm, Inc. * | 35,172 | 1,469,135 |
LCI Industries | 34,345 | 3,335,587 |
Modine Manufacturing Co. * | 98,824 | 1,129,558 |
Standard Motor Products, Inc. | 32,953 | 1,725,419 |
Stoneridge, Inc. * | 20,476 | 632,299 |
Superior Industries International, Inc. | 259,937 | 675,836 |
Tenneco, Inc., Class A | 279,301 | 3,516,400 |
Tesla, Inc. * | 5,208 | 1,640,103 |
Veoneer, Inc. * | 85,036 | 1,353,773 |
Winnebago Industries, Inc. | 46,428 | 2,231,794 |
29,189,780 | ||
Banks 7.3% | ||
Associated Banc-Corp. | 121,117 | 2,435,663 |
Atlantic Union Bankshares Corp. | 28,045 | 1,033,739 |
BancorpSouth Bank | 51,881 | 1,591,190 |
Bank of Hawaii Corp. | 29,072 | 2,538,276 |
Bank OZK | 62,693 | 1,759,166 |
BankUnited, Inc. | 83,383 | 2,860,037 |
Banner Corp. | 16,080 | 867,998 |
BOK Financial Corp. | 21,916 | 1,690,819 |
Boston Private Financial Holdings, Inc. | 56,719 | 638,089 |
Capitol Federal Financial, Inc. | 108,259 | 1,544,856 |
Cathay General Bancorp | 42,858 | 1,524,459 |
Central Pacific Financial Corp. | 30,280 | 875,698 |
Columbia Banking System, Inc. | 38,402 | 1,509,199 |
Commerce Bancshares, Inc. | 47,348 | 3,047,317 |
Community Bank System, Inc. | 20,365 | 1,380,340 |
Cullen/Frost Bankers, Inc. | 30,812 | 2,775,545 |
CVB Financial Corp. | 44,250 | 919,515 |
East West Bancorp, Inc. | 91,456 | 3,925,291 |
Essent Group Ltd. | 25,270 | 1,316,314 |
F.N.B. Corp. | 215,561 | 2,599,666 |
First BanCorp | 110,145 | 1,158,725 |
First Citizens BancShares, Inc., Class A | 3,720 | 1,829,942 |
First Commonwealth Financial Corp. | 67,936 | 957,218 |
First Financial Bancorp | 39,801 | 932,935 |
First Financial Bankshares, Inc. | 33,091 | 1,101,268 |
First Hawaiian, Inc. | 62,060 | 1,696,100 |
First Horizon National Corp. | 146,514 | 2,339,829 |
First Midwest Bancorp, Inc. | 51,692 | 1,061,754 |
Fulton Financial Corp. | 147,179 | 2,510,874 |
Glacier Bancorp, Inc. | 37,784 | 1,599,019 |
Great Western Bancorp, Inc. | 40,021 | 1,395,532 |
Hancock Whitney Corp. | 62,074 | 2,420,886 |
Hilltop Holdings, Inc. | 38,563 | 900,832 |
Home BancShares, Inc. | 70,501 | 1,302,858 |
Hope Bancorp, Inc. | 84,985 | 1,212,736 |
Security | Number of Shares | Value ($) |
IBERIABANK Corp. | 22,622 | 1,660,229 |
Independent Bank Corp. | 8,266 | 678,473 |
International Bancshares Corp. | 39,980 | 1,637,581 |
Investors Bancorp, Inc. | 151,273 | 1,822,840 |
LegacyTexas Financial Group, Inc. | 15,244 | 648,480 |
MGIC Investment Corp. | 222,370 | 3,048,693 |
National Bank Holdings Corp., Class A | 23,071 | 793,642 |
NBT Bancorp, Inc. | 29,376 | 1,167,696 |
Northwest Bancshares, Inc. | 70,882 | 1,195,779 |
Ocwen Financial Corp. * | 895,729 | 1,513,782 |
OFG Bancorp | 34,664 | 704,026 |
Old National Bancorp | 92,174 | 1,658,671 |
PacWest Bancorp | 98,573 | 3,646,215 |
Park National Corp. | 10,653 | 1,078,616 |
Pinnacle Financial Partners, Inc. | 14,420 | 848,184 |
Popular, Inc. | 67,962 | 3,701,211 |
Prosperity Bancshares, Inc. | 37,354 | 2,578,173 |
Provident Financial Services, Inc. | 39,367 | 982,207 |
Radian Group, Inc. | 134,907 | 3,386,166 |
Signature Bank | 22,015 | 2,604,815 |
Simmons First National Corp., Class A | 26,583 | 635,865 |
South State Corp. | 16,154 | 1,273,904 |
Sterling Bancorp | 38,259 | 751,789 |
SVB Financial Group * | 17,576 | 3,892,732 |
Synovus Financial Corp. | 104,661 | 3,544,868 |
TCF Financial Corp. | 102,957 | 4,076,068 |
Texas Capital Bancshares, Inc. * | 24,565 | 1,327,984 |
The Bank of N.T. Butterfield & Son Ltd. | 31,428 | 1,035,553 |
Trustmark Corp. | 47,465 | 1,628,999 |
UMB Financial Corp. | 23,949 | 1,562,912 |
Umpqua Holdings Corp. | 177,468 | 2,807,544 |
United Bankshares, Inc. | 52,837 | 2,089,175 |
United Community Banks, Inc. | 37,023 | 1,118,465 |
Valley National Bancorp | 202,685 | 2,347,092 |
Walker & Dunlop, Inc. | 24,314 | 1,531,539 |
Washington Federal, Inc. | 83,936 | 3,060,307 |
Webster Financial Corp. | 51,481 | 2,270,312 |
WesBanco, Inc. | 23,850 | 896,521 |
Westamerica Bancorp | 14,844 | 980,001 |
Western Alliance Bancorp | 30,553 | 1,507,179 |
Wintrust Financial Corp. | 27,961 | 1,784,471 |
Zions Bancorp NA | 89,623 | 4,344,027 |
139,076,471 | ||
Capital Goods 12.5% | ||
AAON, Inc. | 21,294 | 1,036,166 |
AAR Corp. | 69,265 | 2,891,814 |
Actuant Corp., Class A | 96,567 | 2,391,965 |
Aegion Corp. * | 86,851 | 1,882,061 |
Air Lease Corp. | 78,464 | 3,450,847 |
Aircastle Ltd. | 94,497 | 2,572,208 |
Alamo Group, Inc. | 12,151 | 1,300,886 |
Albany International Corp., Class A | 15,807 | 1,327,472 |
Allegion plc | 30,075 | 3,489,903 |
Altra Industrial Motion Corp. | 36,862 | 1,135,350 |
American Woodmark Corp. * | 14,779 | 1,465,486 |
Apogee Enterprises, Inc. | 46,645 | 1,751,053 |
Applied Industrial Technologies, Inc. | 66,519 | 3,980,497 |
Security | Number of Shares | Value ($) |
Arcosa, Inc. | 112,177 | 4,308,719 |
Argan, Inc. | 15,164 | 573,957 |
Armstrong World Industries, Inc. | 28,525 | 2,667,943 |
Astec Industries, Inc. | 57,840 | 2,029,606 |
Atkore International Group, Inc. * | 58,972 | 2,046,328 |
AZZ, Inc. | 35,812 | 1,389,147 |
Barnes Group, Inc. | 48,322 | 2,824,421 |
Beacon Roofing Supply, Inc. * | 99,170 | 3,078,237 |
BMC Stock Holdings, Inc. * | 102,586 | 2,768,796 |
Briggs & Stratton Corp. | 230,760 | 1,700,701 |
Builders FirstSource, Inc. * | 99,373 | 2,246,824 |
BWX Technologies, Inc. | 61,940 | 3,598,714 |
Caesarstone Ltd. | 39,290 | 663,608 |
Chart Industries, Inc. * | 18,599 | 1,090,459 |
Colfax Corp. * | 149,973 | 5,039,093 |
Comfort Systems USA, Inc. | 40,829 | 2,058,190 |
Continental Building Products, Inc. * | 26,291 | 786,364 |
Crane Co. | 43,207 | 3,306,200 |
Cubic Corp. | 22,713 | 1,674,857 |
Curtiss-Wright Corp. | 35,843 | 4,847,766 |
DXP Enterprises, Inc. * | 29,050 | 1,002,806 |
Dycom Industries, Inc. * | 54,754 | 2,496,235 |
Encore Wire Corp. | 38,416 | 2,158,979 |
EnPro Industries, Inc. | 19,766 | 1,374,725 |
ESCO Technologies, Inc. | 15,584 | 1,316,692 |
Federal Signal Corp. | 55,881 | 1,812,780 |
Franklin Electric Co., Inc. | 41,573 | 2,238,706 |
Gardner Denver Holdings, Inc. * | 24,388 | 776,270 |
Generac Holdings, Inc. * | 53,511 | 5,168,092 |
Gibraltar Industries, Inc. * | 28,602 | 1,522,484 |
GMS, Inc. * | 65,743 | 1,969,660 |
Graco, Inc. | 85,595 | 3,868,894 |
Granite Construction, Inc. | 73,405 | 1,727,954 |
Griffon Corp. | 92,198 | 1,964,739 |
H&E Equipment Services, Inc. | 70,956 | 2,408,247 |
Harsco Corp. * | 76,071 | 1,541,959 |
HEICO Corp. | 7,220 | 890,515 |
HEICO Corp., Class A | 14,452 | 1,376,842 |
Herc Holdings, Inc. * | 39,636 | 1,754,289 |
Hillenbrand, Inc. | 68,418 | 2,106,590 |
Hyster-Yale Materials Handling, Inc. | 27,370 | 1,388,206 |
Insteel Industries, Inc. | 30,126 | 574,503 |
ITT, Inc. | 76,846 | 4,568,495 |
JELD-WEN Holding, Inc. * | 56,981 | 973,805 |
John Bean Technologies Corp. | 11,542 | 1,186,171 |
Kaman Corp. | 29,017 | 1,702,427 |
Kennametal, Inc. | 95,708 | 2,962,163 |
Lennox International, Inc. | 16,641 | 4,116,318 |
Lindsay Corp. | 14,634 | 1,381,596 |
Lydall, Inc. * | 29,220 | 571,835 |
Masonite International Corp. * | 45,110 | 2,770,205 |
MasTec, Inc. * | 79,132 | 4,980,568 |
Meritor, Inc. * | 66,388 | 1,462,528 |
Milacron Holdings Corp. * | 86,466 | 1,445,712 |
Moog, Inc., Class A | 44,269 | 3,705,758 |
MRC Global, Inc. * | 216,030 | 2,454,101 |
Mueller Industries, Inc. | 144,446 | 4,444,603 |
Mueller Water Products, Inc., Class A | 146,687 | 1,716,238 |
MYR Group, Inc. * | 47,417 | 1,631,619 |
National Presto Industries, Inc. | 7,614 | 655,489 |
NOW, Inc. * | 301,178 | 3,174,416 |
nVent Electric plc | 130,918 | 3,018,969 |
Patrick Industries, Inc. * | 19,295 | 953,366 |
Primoris Services Corp. | 91,386 | 1,867,930 |
Proto Labs, Inc. * | 5,539 | 537,117 |
Quanex Building Products Corp. | 64,678 | 1,247,639 |
Raven Industries, Inc. | 28,965 | 1,010,299 |
RBC Bearings, Inc. * | 8,412 | 1,349,621 |
Security | Number of Shares | Value ($) |
Rexnord Corp. * | 93,059 | 2,632,639 |
Rush Enterprises, Inc., Class A | 78,253 | 3,418,874 |
Simpson Manufacturing Co., Inc. | 33,721 | 2,786,703 |
SiteOne Landscape Supply, Inc. * | 11,942 | 1,051,613 |
SPX FLOW, Inc. * | 59,024 | 2,672,607 |
Standex International Corp. | 15,811 | 1,198,158 |
Teledyne Technologies, Inc. * | 16,879 | 5,563,318 |
Tennant Co. | 20,259 | 1,568,654 |
Textainer Group Holdings Ltd. * | 99,033 | 1,024,992 |
The Greenbrier Cos., Inc. | 108,335 | 3,173,132 |
The Manitowoc Co., Inc. * | 37,988 | 484,727 |
The Middleby Corp. * | 28,149 | 3,404,622 |
Titan International, Inc. | 204,268 | 545,396 |
Titan Machinery, Inc. * | 65,495 | 1,087,217 |
Trex Co., Inc. * | 16,560 | 1,455,458 |
TriMas Corp. * | 37,832 | 1,222,730 |
Triton International Ltd. | 55,665 | 2,042,905 |
Triumph Group, Inc. | 98,748 | 2,050,996 |
Tutor Perini Corp. * | 218,006 | 3,372,553 |
Univar Solutions, Inc. * | 183,808 | 3,944,520 |
Universal Forest Products, Inc. | 124,976 | 6,293,791 |
Vectrus, Inc. * | 18,015 | 823,466 |
Veritiv Corp. * | 99,913 | 1,362,813 |
Wabash National Corp. | 181,346 | 2,585,994 |
Watts Water Technologies, Inc., Class A | 21,463 | 2,001,425 |
Welbilt, Inc. * | 85,867 | 1,628,038 |
Woodward, Inc. | 37,140 | 3,961,352 |
238,063,486 | ||
Commercial & Professional Services 5.4% | ||
ACCO Brands Corp. | 229,877 | 2,103,375 |
Advanced Disposal Services, Inc. * | 57,635 | 1,889,275 |
ASGN, Inc. * | 46,970 | 2,986,822 |
Brady Corp., Class A | 39,877 | 2,246,670 |
CBIZ, Inc. * | 46,330 | 1,268,052 |
Cimpress N.V. * | 10,256 | 1,355,023 |
Clean Harbors, Inc. * | 55,676 | 4,591,043 |
Copart, Inc. * | 59,752 | 4,937,905 |
CoStar Group, Inc. * | 3,479 | 1,911,780 |
Covanta Holding Corp. | 162,904 | 2,352,334 |
Deluxe Corp. | 92,832 | 4,811,483 |
Exponent, Inc. | 16,966 | 1,077,850 |
FTI Consulting, Inc. * | 34,579 | 3,764,616 |
Healthcare Services Group, Inc. | 74,883 | 1,824,150 |
Herman Miller, Inc. | 77,841 | 3,619,606 |
HNI Corp. | 81,936 | 3,113,568 |
Huron Consulting Group, Inc. * | 23,505 | 1,554,621 |
ICF International, Inc. | 18,803 | 1,611,229 |
InnerWorkings, Inc. * | 132,093 | 640,651 |
Insperity, Inc. | 11,446 | 1,209,041 |
Interface, Inc. | 105,336 | 1,751,738 |
Kelly Services, Inc., Class A | 168,428 | 4,043,956 |
Kforce, Inc. | 40,147 | 1,642,414 |
Knoll, Inc. | 68,434 | 1,829,925 |
Korn Ferry | 46,835 | 1,718,376 |
Matthews International Corp., Class A | 42,789 | 1,582,337 |
McGrath RentCorp | 23,149 | 1,766,500 |
Mobile Mini, Inc. | 39,033 | 1,468,421 |
MSA Safety, Inc. | 17,412 | 2,090,659 |
Quad Graphics, Inc. | 166,978 | 756,410 |
Resources Connection, Inc. | 54,014 | 791,305 |
Rollins, Inc. | 46,273 | 1,763,464 |
RR Donnelley & Sons Co. | 801,477 | 3,494,440 |
SP Plus Corp. * | 39,827 | 1,759,159 |
Steelcase, Inc., Class A | 184,182 | 3,217,660 |
Stericycle, Inc. * | 85,768 | 4,940,237 |
Team, Inc. * | 61,303 | 1,113,262 |
Security | Number of Shares | Value ($) |
Tetra Tech, Inc. | 46,487 | 4,066,218 |
The Brink's Co. | 30,233 | 2,568,596 |
TransUnion | 44,365 | 3,665,436 |
TrueBlue, Inc. * | 105,719 | 2,420,965 |
UniFirst Corp. | 15,858 | 3,184,921 |
US Ecology, Inc. | 10,549 | 656,464 |
Viad Corp. | 25,321 | 1,545,087 |
102,707,044 | ||
Consumer Durables & Apparel 4.0% | ||
Acushnet Holdings Corp. | 29,123 | 828,549 |
American Outdoor Brands Corp. * | 162,372 | 1,149,594 |
Beazer Homes USA, Inc. * | 68,010 | 1,020,830 |
Callaway Golf Co. | 79,524 | 1,607,975 |
Cavco Industries, Inc. * | 5,966 | 1,143,384 |
Columbia Sportswear Co. | 20,107 | 1,818,678 |
Crocs, Inc. * | 40,574 | 1,419,684 |
Deckers Outdoor Corp. * | 28,760 | 4,397,404 |
Ethan Allen Interiors, Inc. | 68,790 | 1,355,851 |
G-III Apparel Group Ltd. * | 93,053 | 2,336,561 |
Helen of Troy Ltd. * | 22,845 | 3,421,267 |
iRobot Corp. *(a) | 13,895 | 667,794 |
KB Home | 96,460 | 3,442,657 |
La-Z-Boy, Inc. | 90,899 | 3,227,823 |
M.D.C. Holdings, Inc. | 69,274 | 2,681,597 |
M/I Homes, Inc. * | 48,114 | 2,125,677 |
Meritage Homes Corp. * | 59,742 | 4,306,801 |
Movado Group, Inc. | 29,172 | 759,931 |
Oxford Industries, Inc. | 22,335 | 1,537,988 |
Skechers U.S.A., Inc., Class A * | 136,487 | 5,100,519 |
Steven Madden Ltd. | 111,610 | 4,596,100 |
Sturm, Ruger & Co., Inc. | 36,040 | 1,649,190 |
Taylor Morrison Home Corp. * | 193,112 | 4,837,456 |
Tempur Sealy International, Inc. * | 39,481 | 3,590,797 |
TopBuild Corp. * | 36,194 | 3,761,642 |
TRI Pointe Group, Inc. * | 203,036 | 3,195,787 |
Tupperware Brands Corp. | 176,542 | 1,700,099 |
Unifi, Inc. * | 42,369 | 1,156,674 |
Universal Electronics, Inc. * | 25,965 | 1,353,296 |
Vista Outdoor, Inc. * | 353,663 | 2,369,542 |
William Lyon Homes, Class A * | 42,806 | 828,296 |
Wolverine World Wide, Inc. | 98,603 | 2,926,537 |
76,315,980 | ||
Consumer Services 5.0% | ||
Adtalem Global Education, Inc. * | 77,624 | 2,311,643 |
American Public Education, Inc. * | 31,203 | 677,729 |
Arcos Dorados Holdings, Inc., Class A | 182,732 | 1,365,008 |
BJ's Restaurants, Inc. | 34,420 | 1,362,688 |
Bloomin' Brands, Inc. | 159,389 | 3,157,496 |
Boyd Gaming Corp. | 85,348 | 2,325,733 |
Bright Horizons Family Solutions, Inc. * | 19,914 | 2,957,627 |
Brinker International, Inc. | 102,172 | 4,541,545 |
Caesars Entertainment Corp. * | 128,939 | 1,583,371 |
Career Education Corp. * | 56,206 | 795,877 |
Choice Hotels International, Inc. | 15,104 | 1,336,402 |
Churchill Downs, Inc. | 20,025 | 2,603,050 |
Cracker Barrel Old Country Store, Inc. | 20,567 | 3,198,168 |
Dave & Buster's Entertainment, Inc. | 29,518 | 1,174,226 |
Denny's Corp. * | 31,078 | 625,289 |
Dine Brands Global, Inc. | 17,307 | 1,266,007 |
Dunkin' Brands Group, Inc. | 41,423 | 3,256,676 |
Eldorado Resorts, Inc. * | 13,975 | 625,661 |
Extended Stay America, Inc. | 242,284 | 3,442,856 |
frontdoor, Inc. * | 32,642 | 1,574,324 |
Graham Holdings Co., Class B | 5,263 | 3,313,901 |
Security | Number of Shares | Value ($) |
Grand Canyon Education, Inc. * | 17,676 | 1,625,485 |
Hilton Grand Vacations, Inc. * | 61,095 | 2,121,829 |
Houghton Mifflin Harcourt Co. * | 262,648 | 1,696,706 |
Hyatt Hotels Corp., Class A | 50,152 | 3,748,360 |
International Game Technology plc | 268,287 | 3,552,120 |
Jack in the Box, Inc. | 42,178 | 3,543,796 |
K12, Inc. * | 55,602 | 1,100,364 |
Laureate Education, Inc., Class A * | 90,152 | 1,393,299 |
Marriott Vacations Worldwide Corp. | 36,860 | 4,052,020 |
Papa John's International, Inc.(a) | 13,779 | 806,760 |
Penn National Gaming, Inc. * | 143,757 | 3,064,180 |
Red Rock Resorts, Inc., Class A | 64,095 | 1,395,989 |
Regis Corp. * | 98,868 | 2,036,681 |
Scientific Games Corp., Class A * | 48,283 | 1,158,309 |
SeaWorld Entertainment, Inc. * | 52,617 | 1,390,141 |
ServiceMaster Global Holdings, Inc. * | 41,673 | 1,682,756 |
Strategic Education, Inc. | 9,188 | 1,130,400 |
Texas Roadhouse, Inc. | 55,210 | 3,119,365 |
The Cheesecake Factory, Inc. | 85,645 | 3,579,105 |
Vail Resorts, Inc. | 14,738 | 3,424,669 |
WW International, Inc. * | 40,878 | 1,425,416 |
Wyndham Hotels & Resorts, Inc. | 77,017 | 4,156,607 |
94,699,634 | ||
Diversified Financials 4.2% | ||
Apollo Commercial Real Estate Finance, Inc. | 39,170 | 716,811 |
Artisan Partners Asset Management, Inc., Class A | 41,580 | 1,137,213 |
AXA Equitable Holdings, Inc. | 123,563 | 2,668,961 |
BGC Partners, Inc., Class A | 237,780 | 1,236,456 |
Blackstone Mortgage Trust, Inc., Class A | 39,445 | 1,431,854 |
Cannae Holdings, Inc. * | 117,653 | 3,435,468 |
Capstead Mortgage Corp. | 141,771 | 1,095,890 |
Cboe Global Markets, Inc. | 34,978 | 4,027,717 |
Chimera Investment Corp. | 212,744 | 4,310,193 |
Cohen & Steers, Inc. | 18,753 | 1,227,196 |
Credit Acceptance Corp. * | 4,974 | 2,177,667 |
Donnelley Financial Solutions, Inc. * | 80,789 | 912,916 |
E*TRADE Financial Corp. | 88,671 | 3,705,561 |
Eaton Vance Corp. | 103,712 | 4,729,267 |
Encore Capital Group, Inc. * | 26,450 | 877,876 |
Enova International, Inc. * | 45,506 | 1,068,936 |
Evercore, Inc., Class A | 40,658 | 2,994,055 |
Federated Investors, Inc., Class B | 116,112 | 3,708,617 |
FGL Holdings | 77,811 | 702,633 |
FirstCash, Inc. | 20,442 | 1,725,100 |
Green Dot Corp., Class A * | 19,568 | 564,341 |
Greenhill & Co., Inc. | 63,142 | 1,022,900 |
Houlihan Lokey, Inc. | 14,094 | 666,082 |
Invesco Mortgage Capital, Inc. | 120,041 | 1,889,445 |
Ladder Capital Corp. | 65,740 | 1,135,330 |
MarketAxess Holdings, Inc. | 5,774 | 2,128,239 |
MFA Financial, Inc. | 345,167 | 2,619,818 |
Moelis & Co., Class A | 21,438 | 764,908 |
Morningstar, Inc. | 9,194 | 1,487,957 |
Nelnet, Inc., Class A | 25,141 | 1,540,389 |
New York Mortgage Trust, Inc. | 193,121 | 1,208,938 |
OneMain Holdings, Inc. | 106,614 | 4,264,560 |
PennyMac Mortgage Investment Trust | 88,843 | 2,033,616 |
Piper Jaffray Cos. | 13,283 | 1,043,247 |
PRA Group, Inc. * | 66,596 | 2,259,602 |
Redwood Trust, Inc. | 84,247 | 1,376,596 |
SLM Corp. | 429,289 | 3,623,199 |
Stifel Financial Corp. | 33,122 | 1,854,170 |
Two Harbors Investment Corp. | 207,467 | 2,877,567 |
Security | Number of Shares | Value ($) |
WisdomTree Investments, Inc. | 115,629 | 590,864 |
World Acceptance Corp. * | 12,510 | 1,298,663 |
80,140,818 | ||
Energy 3.9% | ||
Apergy Corp. * | 54,654 | 1,375,641 |
Arch Coal, Inc., Class A | 20,454 | 1,613,616 |
Archrock, Inc. | 194,106 | 1,871,182 |
Basic Energy Services, Inc. * | 323,350 | 184,309 |
Cheniere Energy, Inc. * | 10,164 | 625,594 |
Chesapeake Energy Corp. *(a) | 693,288 | 929,006 |
Cimarex Energy Co. | 50,927 | 2,150,138 |
CNX Resources Corp. * | 351,451 | 2,962,732 |
CONSOL Energy, Inc. * | 55,001 | 727,663 |
Continental Resources, Inc. * | 54,902 | 1,617,962 |
Core Laboratories N.V. | 40,536 | 1,785,205 |
Cosan Ltd., Class A * | 301,816 | 5,076,545 |
CVR Energy, Inc. | 40,510 | 1,920,984 |
Delek US Holdings, Inc. | 102,032 | 4,076,178 |
Denbury Resources, Inc. * | 515,998 | 515,018 |
Diamond Offshore Drilling, Inc. *(a) | 407,354 | 2,154,903 |
Diamondback Energy, Inc. | 12,952 | 1,110,763 |
Dril-Quip, Inc. * | 65,237 | 2,676,022 |
EQT Corp. | 236,255 | 2,537,379 |
Equitrans Midstream Corp. | 140,345 | 1,953,602 |
Exterran Corp. * | 98,214 | 1,244,371 |
Frank's International N.V. * | 154,024 | 754,718 |
Green Plains, Inc. | 232,012 | 2,860,708 |
Helix Energy Solutions Group, Inc. * | 175,567 | 1,508,121 |
International Seaways, Inc. * | 47,012 | 1,181,882 |
Kosmos Energy Ltd. | 154,175 | 955,885 |
Matrix Service Co. * | 67,963 | 1,274,986 |
McDermott International, Inc. *(a) | 471,758 | 768,966 |
Newpark Resources, Inc. * | 170,225 | 1,021,350 |
Oasis Petroleum, Inc. * | 637,468 | 1,663,791 |
Oil States International, Inc. * | 188,888 | 2,695,432 |
Par Pacific Holdings, Inc. * | 34,448 | 780,247 |
Parsley Energy, Inc., Class A | 60,544 | 957,201 |
PDC Energy, Inc. * | 51,578 | 1,028,981 |
Peabody Energy Corp. | 92,362 | 972,572 |
Renewable Energy Group, Inc. * | 102,571 | 1,676,010 |
REX American Resources Corp. * | 14,443 | 1,168,728 |
RPC, Inc.(a) | 139,719 | 578,437 |
SandRidge Energy, Inc. * | 112,920 | 494,590 |
Scorpio Tankers, Inc. | 56,325 | 1,791,698 |
SEACOR Holdings, Inc. * | 25,571 | 1,097,252 |
SemGroup Corp., Class A | 181,005 | 2,914,180 |
Ship Finance International Ltd. | 108,256 | 1,566,464 |
Tidewater, Inc. * | 64,118 | 1,040,635 |
Unit Corp. * | 173,247 | 353,424 |
US Silica Holdings, Inc. | 128,755 | 574,247 |
Whiting Petroleum Corp. * | 195,741 | 1,240,998 |
WPX Energy, Inc. * | 291,858 | 2,912,743 |
74,943,059 | ||
Food & Staples Retailing 0.7% | ||
BJ's Wholesale Club Holdings, Inc. * | 44,301 | 1,182,837 |
Ingles Markets, Inc., Class A | 69,558 | 2,742,672 |
PriceSmart, Inc. | 45,152 | 3,345,763 |
Sprouts Farmers Market, Inc. * | 180,263 | 3,498,905 |
The Andersons, Inc. | 99,346 | 1,829,953 |
Weis Markets, Inc. | 35,931 | 1,382,984 |
13,983,114 | ||
Security | Number of Shares | Value ($) |
Food, Beverage & Tobacco 2.6% | ||
Adecoagro S.A. * | 187,283 | 1,110,588 |
B&G Foods, Inc.(a) | 93,441 | 1,453,008 |
Cal-Maine Foods, Inc. | 52,136 | 2,079,705 |
Calavo Growers, Inc. | 12,439 | 1,078,834 |
Coca-Cola Consolidated, Inc. | 1,974 | 541,587 |
Darling Ingredients, Inc. * | 202,770 | 3,913,461 |
Fresh Del Monte Produce, Inc. | 135,203 | 4,312,976 |
J&J Snack Foods Corp. | 10,907 | 2,080,619 |
John B. Sanfilippo & Son, Inc. | 13,808 | 1,465,305 |
Keurig Dr Pepper, Inc. | 61,415 | 1,729,446 |
Lamb Weston Holdings, Inc. | 42,482 | 3,315,295 |
Lancaster Colony Corp. | 14,343 | 1,996,259 |
Nomad Foods Ltd. * | 137,566 | 2,683,913 |
Pilgrim's Pride Corp. * | 109,818 | 3,334,074 |
Post Holdings, Inc. * | 32,639 | 3,358,553 |
Pyxus International, Inc. * | 41,444 | 473,290 |
The Boston Beer Co., Inc., Class A * | 5,260 | 1,969,660 |
The Hain Celestial Group, Inc. * | 125,941 | 2,977,245 |
TreeHouse Foods, Inc. * | 68,083 | 3,677,844 |
Universal Corp. | 72,727 | 3,985,440 |
Vector Group Ltd. | 170,706 | 2,082,613 |
49,619,715 | ||
Health Care Equipment & Services 3.7% | ||
ABIOMED, Inc. * | 2,397 | 497,569 |
Acadia Healthcare Co., Inc. * | 81,492 | 2,443,945 |
Align Technology, Inc. * | 11,464 | 2,892,253 |
Allscripts Healthcare Solutions, Inc. * | 155,140 | 1,697,232 |
Amedisys, Inc. * | 10,046 | 1,291,112 |
AMN Healthcare Services, Inc. * | 30,168 | 1,772,672 |
Avanos Medical, Inc. * | 34,558 | 1,521,934 |
Brookdale Senior Living, Inc. * | 478,786 | 3,519,077 |
Cantel Medical Corp. | 12,904 | 940,573 |
Chemed Corp. | 9,334 | 3,676,756 |
Community Health Systems, Inc. * | 1,384,721 | 4,901,912 |
CONMED Corp. | 14,775 | 1,625,545 |
Diplomat Pharmacy, Inc. * | 260,911 | 1,419,356 |
Globus Medical, Inc., Class A * | 24,956 | 1,306,946 |
Haemonetics Corp. * | 14,455 | 1,745,152 |
Hill-Rom Holdings, Inc. | 31,030 | 3,248,531 |
HMS Holdings Corp. * | 33,764 | 1,103,745 |
ICU Medical, Inc. * | 3,039 | 491,133 |
IDEXX Laboratories, Inc. * | 8,986 | 2,561,100 |
Integer Holdings Corp. * | 13,482 | 1,044,046 |
Integra LifeSciences Holdings Corp. * | 17,944 | 1,041,829 |
Invacare Corp. | 152,761 | 1,179,315 |
LHC Group, Inc. * | 9,888 | 1,097,271 |
LivaNova plc * | 13,576 | 960,230 |
Masimo Corp. * | 14,654 | 2,136,407 |
Merit Medical Systems, Inc. * | 14,108 | 291,401 |
Neogen Corp. * | 9,440 | 614,166 |
NextGen Healthcare, Inc. * | 51,078 | 863,474 |
NuVasive, Inc. * | 23,376 | 1,648,943 |
Orthofix Medical, Inc. * | 10,138 | 426,100 |
Pennant Group, Inc. * | 13,651 | 245,581 |
Premier, Inc., Class A * | 29,057 | 946,677 |
Select Medical Holdings Corp. * | 173,100 | 3,153,882 |
Teleflex, Inc. | 12,890 | 4,478,115 |
The Ensign Group, Inc. | 27,302 | 1,153,509 |
The Providence Service Corp. * | 17,288 | 1,104,185 |
Tivity Health, Inc. * | 65,729 | 1,065,467 |
Triple-S Management Corp., Class B * | 101,091 | 1,529,507 |
Varex Imaging Corp. * | 43,608 | 1,308,676 |
Security | Number of Shares | Value ($) |
Veeva Systems, Inc., Class A * | 4,429 | 628,165 |
West Pharmaceutical Services, Inc. | 26,961 | 3,878,070 |
69,451,559 | ||
Household & Personal Products 0.9% | ||
Avon Products, Inc. * | 1,100,846 | 4,722,629 |
Central Garden & Pet Co., Class A * | 51,414 | 1,453,988 |
Edgewell Personal Care Co. * | 92,918 | 3,252,130 |
Energizer Holdings, Inc. | 34,663 | 1,472,831 |
Spectrum Brands Holdings, Inc. | 64,613 | 3,244,219 |
USANA Health Sciences, Inc. * | 13,293 | 985,144 |
WD-40 Co. | 5,926 | 1,110,532 |
16,241,473 | ||
Insurance 2.6% | ||
Ambac Financial Group, Inc. * | 92,046 | 1,886,943 |
American Equity Investment Life Holding Co. | 140,941 | 3,478,424 |
American National Insurance Co. | 7,531 | 903,569 |
AMERISAFE, Inc. | 15,733 | 999,518 |
Argo Group International Holdings Ltd. | 29,845 | 1,846,510 |
Brighthouse Financial, Inc. * | 84,236 | 3,180,751 |
Brown & Brown, Inc. | 126,639 | 4,771,758 |
CNA Financial Corp. | 34,384 | 1,541,779 |
Employers Holdings, Inc. | 22,169 | 938,636 |
Enstar Group Ltd. * | 5,634 | 1,131,871 |
Horace Mann Educators Corp. | 32,389 | 1,410,865 |
James River Group Holdings Ltd. | 36,446 | 1,305,131 |
Kemper Corp. | 38,210 | 2,746,535 |
MBIA, Inc. * | 341,383 | 3,171,448 |
Mercury General Corp. | 35,036 | 1,683,830 |
National General Holdings Corp. | 44,904 | 957,353 |
Primerica, Inc. | 35,968 | 4,538,442 |
ProAssurance Corp. | 95,701 | 3,753,393 |
RLI Corp. | 17,917 | 1,743,683 |
Safety Insurance Group, Inc. | 13,372 | 1,299,758 |
Selective Insurance Group, Inc. | 32,598 | 2,253,174 |
Stewart Information Services Corp. | 52,885 | 2,164,054 |
United Fire Group, Inc. | 16,772 | 763,461 |
Universal Insurance Holdings, Inc. | 35,876 | 972,598 |
49,443,484 | ||
Materials 6.8% | ||
AdvanSix, Inc. * | 61,230 | 1,393,595 |
AK Steel Holding Corp. * | 706,506 | 1,667,354 |
Allegheny Technologies, Inc. * | 116,975 | 2,457,645 |
Axalta Coating Systems Ltd. * | 147,421 | 4,347,445 |
Balchem Corp. | 12,777 | 1,293,160 |
Boise Cascade Co. | 125,848 | 4,501,583 |
Cabot Corp. | 100,760 | 4,392,128 |
Carpenter Technology Corp. | 74,255 | 3,639,980 |
Century Aluminum Co. * | 145,314 | 847,181 |
Clearwater Paper Corp. * | 110,747 | 2,053,249 |
Cleveland-Cliffs, Inc.(a) | 343,769 | 2,485,450 |
Compass Minerals International, Inc. | 52,874 | 2,986,323 |
Constellium SE * | 105,009 | 1,399,770 |
Eagle Materials, Inc. | 34,852 | 3,183,382 |
Element Solutions, Inc. * | 225,859 | 2,452,829 |
Ferro Corp. * | 54,275 | 604,081 |
GCP Applied Technologies, Inc. * | 53,838 | 1,112,293 |
Greif, Inc., Class A | 64,792 | 2,537,903 |
H.B. Fuller Co. | 58,518 | 2,855,678 |
Hecla Mining Co. | 589,097 | 1,354,923 |
Ingevity Corp. * | 15,912 | 1,339,950 |
Innophos Holdings, Inc. | 65,083 | 2,123,007 |
Security | Number of Shares | Value ($) |
Innospec, Inc. | 23,271 | 2,126,039 |
Kaiser Aluminum Corp. | 25,382 | 2,717,905 |
Kraton Corp. * | 46,259 | 1,037,127 |
Louisiana-Pacific Corp. | 139,998 | 4,092,142 |
Materion Corp. | 30,100 | 1,710,884 |
Mercer International, Inc. | 44,873 | 547,451 |
Minerals Technologies, Inc. | 44,198 | 2,185,591 |
Myers Industries, Inc. | 35,400 | 599,322 |
Neenah, Inc. | 22,033 | 1,421,128 |
NewMarket Corp. | 7,769 | 3,771,772 |
Nexa Resources S.A. | 102,611 | 1,096,912 |
PolyOne Corp. | 141,995 | 4,550,940 |
Quaker Chemical Corp. | 7,020 | 1,073,218 |
Rayonier Advanced Materials, Inc. | 199,448 | 831,698 |
Resolute Forest Products, Inc. | 280,691 | 1,016,101 |
Royal Gold, Inc. | 17,104 | 1,974,486 |
Schnitzer Steel Industries, Inc., Class A | 95,147 | 2,030,437 |
Schweitzer-Mauduit International, Inc. | 55,274 | 2,238,044 |
Sensient Technologies Corp. | 52,422 | 3,279,520 |
Silgan Holdings, Inc. | 123,476 | 3,799,356 |
Southern Copper Corp. | 81,883 | 2,913,397 |
Stepan Co. | 26,071 | 2,547,658 |
Summit Materials, Inc., Class A * | 108,529 | 2,488,570 |
SunCoke Energy, Inc. * | 160,532 | 849,214 |
The Chemours Co. | 188,741 | 3,097,240 |
The Scotts Miracle-Gro Co. | 40,262 | 4,041,902 |
Trinseo S.A. | 95,949 | 4,077,832 |
Tronox Holdings plc, Class A * | 232,579 | 1,974,596 |
US Concrete, Inc. * | 14,335 | 749,147 |
Valvoline, Inc. | 95,144 | 2,030,373 |
Verso Corp., Class A * | 91,843 | 1,344,582 |
W.R. Grace & Co. | 49,918 | 3,317,051 |
Warrior Met Coal, Inc. | 86,437 | 1,683,793 |
Westlake Chemical Corp. | 41,586 | 2,627,819 |
Worthington Industries, Inc. | 83,805 | 3,084,862 |
129,957,018 | ||
Media & Entertainment 3.3% | ||
AMC Entertainment Holdings, Inc., Class A(a) | 148,458 | 1,391,051 |
AMC Networks, Inc., Class A * | 58,916 | 2,565,792 |
Cable One, Inc. | 1,568 | 2,078,180 |
Cars.com, Inc. * | 115,288 | 1,303,907 |
Gannett Co., Inc. | 380,450 | 4,127,882 |
Gray Television, Inc. * | 59,352 | 973,966 |
John Wiley & Sons, Inc., Class A | 57,962 | 2,670,309 |
Liberty Latin America Ltd., Class A * | 39,624 | 740,573 |
Liberty Latin America Ltd., Class C * | 104,963 | 1,932,369 |
Liberty Media Corp. - Liberty Formula One, Class A * | 5,101 | 206,233 |
Liberty Media Corp. - Liberty Formula One, Class C * | 40,693 | 1,729,453 |
Liberty TripAdvisor Holdings, Inc., Class A * | 82,840 | 799,406 |
Lions Gate Entertainment Corp., Class A * | 30,384 | 242,768 |
Lions Gate Entertainment Corp., Class B * | 60,844 | 455,722 |
Live Nation Entertainment, Inc. * | 48,619 | 3,427,639 |
Meredith Corp. | 49,099 | 1,851,032 |
MSG Networks, Inc., Class A * | 34,143 | 553,458 |
National CineMedia, Inc. | 194,513 | 1,632,937 |
New Media Investment Group, Inc.(a) | 152,707 | 1,345,349 |
Nexstar Media Group, Inc., Class A | 22,128 | 2,152,833 |
Scholastic Corp. | 58,811 | 2,264,224 |
Sinclair Broadcast Group, Inc., Class A | 79,492 | 3,166,961 |
Sirius XM Holdings, Inc. | 517,624 | 3,478,433 |
Take-Two Interactive Software, Inc. * | 27,451 | 3,303,728 |
TEGNA, Inc. | 319,756 | 4,805,933 |
Security | Number of Shares | Value ($) |
The Madison Square Garden Co., Class A * | 6,817 | 1,819,594 |
The New York Times Co., Class A | 57,065 | 1,763,309 |
TripAdvisor, Inc. * | 54,315 | 2,194,326 |
Twitter, Inc. * | 53,804 | 1,612,506 |
Yandex N.V., Class A * | 88,434 | 2,952,811 |
Yelp, Inc. * | 23,367 | 806,395 |
Zynga, Inc., Class A * | 334,116 | 2,061,496 |
62,410,575 | ||
Pharmaceuticals, Biotechnology & Life Sciences 2.1% | ||
Alkermes plc * | 25,012 | 488,484 |
Bio-Rad Laboratories, Inc., Class A * | 9,332 | 3,094,678 |
Bio-Techne Corp. | 9,532 | 1,984,276 |
BioMarin Pharmaceutical, Inc. * | 11,261 | 824,418 |
Bruker Corp. | 46,810 | 2,083,045 |
Cambrex Corp. * | 22,322 | 1,333,293 |
Catalent, Inc. * | 53,748 | 2,614,840 |
Charles River Laboratories International, Inc. * | 20,251 | 2,632,225 |
Emergent BioSolutions, Inc. * | 15,703 | 897,584 |
ICON plc * | 27,466 | 4,034,755 |
Incyte Corp. * | 6,740 | 565,621 |
Jazz Pharmaceuticals plc * | 30,506 | 3,832,469 |
Myriad Genetics, Inc. * | 98,519 | 3,317,135 |
PDL BioPharma, Inc. * | 704,077 | 1,985,497 |
PerkinElmer, Inc. | 48,180 | 4,141,553 |
PRA Health Sciences, Inc. * | 14,133 | 1,380,935 |
Prestige Consumer Healthcare, Inc. * | 45,574 | 1,616,054 |
Syneos Health, Inc. * | 18,677 | 936,652 |
Taro Pharmaceutical Industries Ltd. | 13,011 | 1,051,809 |
Vertex Pharmaceuticals, Inc. * | 4,946 | 966,844 |
39,782,167 | ||
Real Estate 10.8% | ||
Acadia Realty Trust | 37,502 | 1,049,306 |
Alexander & Baldwin, Inc. | 73,950 | 1,738,564 |
Altisource Portfolio Solutions S.A. * | 46,626 | 829,943 |
American Assets Trust, Inc. | 16,832 | 824,095 |
American Campus Communities, Inc. | 84,667 | 4,231,657 |
American Homes 4 Rent, Class A | 71,197 | 1,884,585 |
Apartment Investment & Management Co., Class A | 85,552 | 4,695,094 |
Apple Hospitality REIT, Inc. | 249,784 | 4,116,440 |
Brandywine Realty Trust | 175,427 | 2,680,525 |
Brookfield Property REIT, Inc., Class A | 80,507 | 1,521,582 |
Chatham Lodging Trust | 36,549 | 659,709 |
Colony Capital, Inc. | 597,081 | 3,343,654 |
Columbia Property Trust, Inc. | 132,279 | 2,714,365 |
CorePoint Lodging, Inc. | 114,412 | 1,126,958 |
CoreSite Realty Corp. | 7,028 | 825,790 |
Corporate Office Properties Trust | 85,810 | 2,543,408 |
Cousins Properties, Inc. | 65,605 | 2,632,729 |
CubeSmart | 71,079 | 2,253,204 |
CyrusOne, Inc. | 28,118 | 2,004,251 |
DiamondRock Hospitality Co. | 263,798 | 2,632,704 |
Douglas Emmett, Inc. | 70,248 | 3,043,143 |
EastGroup Properties, Inc. | 11,426 | 1,530,513 |
Empire State Realty Trust, Inc., Class A | 81,190 | 1,174,819 |
EPR Properties | 31,782 | 2,472,322 |
Equity Commonwealth | 62,399 | 2,008,000 |
Equity LifeStyle Properties, Inc. | 52,252 | 3,654,505 |
Extra Space Storage, Inc. | 37,481 | 4,207,992 |
Federal Realty Investment Trust | 30,506 | 4,149,121 |
First Industrial Realty Trust, Inc. | 46,308 | 1,950,030 |
Franklin Street Properties Corp. | 179,556 | 1,544,182 |
Security | Number of Shares | Value ($) |
Front Yard Residential Corp. | 73,027 | 903,344 |
Gaming & Leisure Properties, Inc. | 85,466 | 3,449,408 |
Global Net Lease, Inc. | 32,730 | 637,580 |
Healthcare Realty Trust, Inc. | 67,808 | 2,357,684 |
Healthcare Trust of America, Inc., Class A | 84,384 | 2,615,904 |
Hersha Hospitality Trust | 67,064 | 925,483 |
Highwoods Properties, Inc. | 75,825 | 3,548,610 |
HomeBanc Corp. *(b) | 6,875 | — |
Hudson Pacific Properties, Inc. | 57,092 | 2,050,745 |
Investors Real Estate Trust | 15,821 | 1,197,175 |
Invitation Homes, Inc. | 61,193 | 1,884,132 |
iStar, Inc. | 86,968 | 1,131,454 |
JBG SMITH Properties | 22,753 | 916,036 |
Kennedy-Wilson Holdings, Inc. | 62,895 | 1,447,214 |
Kilroy Realty Corp. | 38,695 | 3,247,671 |
Kite Realty Group Trust | 90,746 | 1,617,094 |
Lexington Realty Trust | 213,064 | 2,318,136 |
Liberty Property Trust | 86,535 | 5,111,622 |
Life Storage, Inc. | 21,537 | 2,345,810 |
LTC Properties, Inc. | 12,441 | 645,066 |
Mack-Cali Realty Corp. | 99,180 | 2,124,436 |
Medical Properties Trust, Inc. | 133,301 | 2,763,330 |
National Health Investors, Inc. | 13,744 | 1,179,098 |
National Retail Properties, Inc. | 51,386 | 3,027,149 |
Newmark Group, Inc., Class A | 66,112 | 702,109 |
Office Properties Income Trust | 53,122 | 1,693,529 |
Omega Healthcare Investors, Inc. | 99,465 | 4,380,439 |
Paramount Group, Inc. | 148,552 | 2,000,995 |
Pebblebrook Hotel Trust | 95,610 | 2,458,133 |
Physicians Realty Trust | 37,848 | 706,622 |
Piedmont Office Realty Trust, Inc., Class A | 163,296 | 3,664,362 |
PotlatchDeltic Corp. | 33,200 | 1,410,004 |
PS Business Parks, Inc. | 8,240 | 1,487,732 |
QTS Realty Trust, Inc., Class A | 24,801 | 1,329,086 |
Rayonier, Inc. | 117,903 | 3,181,023 |
Regency Centers Corp. | 49,545 | 3,331,406 |
Retail Opportunity Investments Corp. | 57,902 | 1,080,741 |
Retail Properties of America, Inc., Class A | 264,882 | 3,644,776 |
RLJ Lodging Trust | 209,454 | 3,437,140 |
RPT Realty | 89,744 | 1,301,288 |
Ryman Hospitality Properties, Inc. | 30,034 | 2,527,962 |
Sabra Health Care REIT, Inc. | 64,800 | 1,594,080 |
SBA Communications Corp. | 17,181 | 4,134,608 |
Seritage Growth Properties, Class A | 21,744 | 945,647 |
SITE Centers Corp. | 239,497 | 3,719,388 |
Spirit Realty Capital, Inc. | 72,102 | 3,593,564 |
STAG Industrial, Inc. | 36,907 | 1,145,593 |
STORE Capital Corp. | 40,621 | 1,645,151 |
Summit Hotel Properties, Inc. | 109,971 | 1,348,244 |
Sun Communities, Inc. | 23,631 | 3,843,582 |
Sunstone Hotel Investors, Inc. | 268,057 | 3,621,450 |
Tanger Factory Outlet Centers, Inc.(a) | 114,135 | 1,839,856 |
Taubman Centers, Inc. | 67,363 | 2,410,248 |
The GEO Group, Inc. | 187,131 | 2,848,134 |
The Howard Hughes Corp. * | 12,077 | 1,350,450 |
The St. Joe Co. * | 34,837 | 646,226 |
Uniti Group, Inc. | 310,304 | 2,147,304 |
Urban Edge Properties | 74,303 | 1,568,536 |
Washington Prime Group, Inc.(a) | 795,748 | 3,358,057 |
Washington Real Estate Investment Trust | 61,741 | 1,915,206 |
Weingarten Realty Investors | 95,414 | 3,027,486 |
Xenia Hotels & Resorts, Inc. | 166,264 | 3,499,857 |
206,027,385 | ||
Retailing 3.6% | ||
Asbury Automotive Group, Inc. * | 54,369 | 5,607,075 |
Ascena Retail Group, Inc. * | 3,705,205 | 1,304,973 |
Security | Number of Shares | Value ($) |
Barnes & Noble Education, Inc. * | 364,857 | 1,499,562 |
Big 5 Sporting Goods Corp.(a) | 378,962 | 1,212,678 |
Burlington Stores, Inc. * | 16,988 | 3,264,584 |
Caleres, Inc. | 129,438 | 2,785,506 |
Citi Trends, Inc. | 50,189 | 895,874 |
Conn's, Inc. * | 42,745 | 1,034,002 |
Five Below, Inc. * | 12,348 | 1,544,858 |
Genesco, Inc. * | 94,602 | 3,675,288 |
GNC Holdings, Inc., Class A *(a) | 1,937,302 | 5,114,477 |
Groupon, Inc. * | 715,395 | 1,988,798 |
GrubHub, Inc. * | 10,059 | 342,610 |
Guess?, Inc. | 167,959 | 2,813,313 |
Haverty Furniture Cos., Inc. | 62,268 | 1,129,541 |
Hibbett Sports, Inc. * | 116,481 | 2,779,237 |
Kirkland's, Inc. *(a) | 184,729 | 291,872 |
MercadoLibre, Inc. * | 1,915 | 998,711 |
Monro, Inc. | 20,543 | 1,440,270 |
National Vision Holdings, Inc. * | 24,721 | 588,360 |
Ollie's Bargain Outlet Holdings, Inc. * | 12,446 | 795,050 |
Overstock.com, Inc. * | 41,553 | 437,553 |
Party City Holdco, Inc. *(a) | 182,694 | 1,026,740 |
Pier 1 Imports, Inc. * | 144,273 | 812,257 |
Pool Corp. | 18,779 | 3,894,765 |
Rent-A-Center, Inc. | 87,964 | 2,275,629 |
RH * | 19,887 | 3,613,468 |
Shoe Carnival, Inc. | 35,489 | 1,177,880 |
Sleep Number Corp. * | 49,585 | 2,386,030 |
Stamps.com, Inc. * | 9,790 | 826,570 |
The Buckle, Inc. | 118,486 | 2,478,727 |
The Cato Corp., Class A | 116,856 | 2,043,811 |
The Children's Place, Inc. | 26,062 | 2,134,738 |
The Michaels Cos., Inc. * | 241,257 | 2,106,174 |
Vitamin Shoppe, Inc. * | 132,009 | 852,778 |
Zumiez, Inc. * | 54,753 | 1,747,168 |
68,920,927 | ||
Semiconductors & Semiconductor Equipment 2.7% | ||
Advanced Energy Industries, Inc. * | 24,856 | 1,468,990 |
Advanced Micro Devices, Inc. * | 37,425 | 1,269,830 |
Amkor Technology, Inc. * | 306,046 | 3,804,152 |
Brooks Automation, Inc. | 33,028 | 1,402,699 |
Cabot Microelectronics Corp. | 11,482 | 1,735,160 |
Cirrus Logic, Inc. * | 75,255 | 5,114,330 |
Cree, Inc. * | 84,692 | 4,042,349 |
Cypress Semiconductor Corp. | 197,765 | 4,601,991 |
Diodes, Inc. * | 32,193 | 1,501,803 |
Entegris, Inc. | 54,731 | 2,627,088 |
Kulicke & Soffa Industries, Inc. | 71,078 | 1,687,747 |
Mellanox Technologies Ltd. * | 9,576 | 1,079,215 |
MKS Instruments, Inc. | 31,893 | 3,451,460 |
Monolithic Power Systems, Inc. | 7,016 | 1,051,839 |
Photronics, Inc. * | 120,455 | 1,421,369 |
Power Integrations, Inc. | 15,519 | 1,413,936 |
Rambus, Inc. * | 54,883 | 759,855 |
Semtech Corp. * | 21,565 | 1,088,170 |
Silicon Laboratories, Inc. * | 16,432 | 1,745,736 |
Synaptics, Inc. * | 72,587 | 3,056,639 |
Teradyne, Inc. | 91,844 | 5,622,690 |
Xperi Corp. | 67,851 | 1,377,715 |
51,324,763 | ||
Software & Services 4.6% | ||
ACI Worldwide, Inc. * | 64,083 | 2,011,565 |
Aspen Technology, Inc. * | 16,940 | 1,949,963 |
Black Knight, Inc. * | 49,369 | 3,169,490 |
Blackbaud, Inc. | 8,006 | 672,104 |
Security | Number of Shares | Value ($) |
Cardtronics plc, Class A * | 42,828 | 1,467,287 |
Cerence, Inc. * | 18,110 | 280,705 |
CommVault Systems, Inc. * | 22,269 | 1,106,101 |
CoreLogic, Inc. * | 87,504 | 3,543,037 |
CSG Systems International, Inc. | 34,841 | 2,008,235 |
Ebix, Inc. | 13,511 | 575,974 |
EPAM Systems, Inc. * | 11,277 | 1,984,301 |
Euronet Worldwide, Inc. * | 17,644 | 2,471,395 |
EVERTEC, Inc. | 38,700 | 1,183,833 |
ExlService Holdings, Inc. * | 19,687 | 1,370,806 |
Fair Isaac Corp. * | 9,393 | 2,855,848 |
Fortinet, Inc. * | 13,396 | 1,092,578 |
Gartner, Inc. * | 25,728 | 3,964,170 |
Genpact Ltd. | 126,592 | 4,958,609 |
GoDaddy, Inc., Class A * | 9,790 | 636,644 |
InterXion Holding N.V. * | 16,559 | 1,460,835 |
j2 Global, Inc. | 29,375 | 2,789,450 |
KBR, Inc. | 178,676 | 5,031,516 |
LiveRamp Holdings, Inc. * | 32,174 | 1,257,682 |
LogMeIn, Inc. | 10,873 | 714,139 |
Manhattan Associates, Inc. * | 35,292 | 2,645,135 |
ManTech International Corp., Class A | 35,946 | 2,846,204 |
MAXIMUS, Inc. | 52,763 | 4,049,033 |
MicroStrategy, Inc., Class A * | 6,825 | 1,045,931 |
Net 1 UEPS Technologies, Inc. * | 178,880 | 524,118 |
NIC, Inc. | 33,857 | 796,317 |
Nuance Communications, Inc. * | 145,615 | 2,376,437 |
Perficient, Inc. * | 30,379 | 1,190,857 |
Presidio, Inc. | 45,446 | 754,404 |
Progress Software Corp. | 47,123 | 1,879,265 |
PTC, Inc. * | 26,937 | 1,802,355 |
Science Applications International Corp. | 43,305 | 3,577,859 |
SS&C Technologies Holdings, Inc. | 45,463 | 2,364,531 |
Sykes Enterprises, Inc. * | 69,882 | 2,159,004 |
TiVo Corp. | 171,351 | 1,394,797 |
Tyler Technologies, Inc. * | 6,054 | 1,625,620 |
Unisys Corp. * | 117,057 | 1,201,005 |
Verint Systems, Inc. * | 29,361 | 1,332,696 |
Virtusa Corp. * | 13,148 | 490,157 |
VMware, Inc., Class A | 22,619 | 3,579,909 |
WEX, Inc. * | 11,279 | 2,133,761 |
88,325,662 | ||
Technology Hardware & Equipment 4.6% | ||
ADTRAN, Inc. | 140,204 | 1,235,197 |
Arista Networks, Inc. * | 5,893 | 1,441,251 |
AVX Corp. | 63,196 | 968,163 |
Badger Meter, Inc. | 11,688 | 675,567 |
Belden, Inc. | 57,382 | 2,942,549 |
Benchmark Electronics, Inc. | 150,997 | 5,118,798 |
Ciena Corp. * | 64,413 | 2,391,011 |
Cognex Corp. | 42,027 | 2,163,970 |
Coherent, Inc. * | 15,084 | 2,246,309 |
Comtech Telecommunications Corp. | 38,958 | 1,361,582 |
CTS Corp. | 19,754 | 527,037 |
Dolby Laboratories, Inc., Class A | 34,028 | 2,189,021 |
EchoStar Corp., Class A * | 69,050 | 2,692,950 |
ePlus, Inc. * | 19,439 | 1,518,769 |
Fabrinet * | 26,704 | 1,501,566 |
Fitbit, Inc., Class A * | 283,842 | 1,754,144 |
II-VI, Inc. * | 60,393 | 2,002,028 |
Insight Enterprises, Inc. * | 86,493 | 5,308,940 |
InterDigital, Inc. | 36,962 | 1,982,272 |
IPG Photonics Corp. * | 15,882 | 2,132,635 |
Itron, Inc. * | 29,482 | 2,248,297 |
KEMET Corp. | 34,787 | 756,269 |
Knowles Corp. * | 110,981 | 2,394,970 |
Security | Number of Shares | Value ($) |
Littelfuse, Inc. | 10,998 | 1,930,919 |
Lumentum Holdings, Inc. * | 25,261 | 1,582,854 |
Methode Electronics, Inc. | 62,535 | 2,151,204 |
MTS Systems Corp. | 17,571 | 992,410 |
National Instruments Corp. | 62,788 | 2,598,795 |
NETGEAR, Inc. * | 37,835 | 1,027,977 |
NetScout Systems, Inc. * | 116,294 | 2,816,641 |
OSI Systems, Inc. * | 16,230 | 1,610,665 |
PC Connection, Inc. | 28,949 | 1,413,869 |
Plantronics, Inc. | 51,026 | 2,011,445 |
Plexus Corp. * | 54,311 | 4,015,755 |
Rogers Corp. * | 9,324 | 1,263,216 |
ScanSource, Inc. * | 102,065 | 3,296,700 |
Stratasys Ltd. * | 26,814 | 554,514 |
TTM Technologies, Inc. * | 191,725 | 2,245,100 |
ViaSat, Inc. * | 29,963 | 2,062,653 |
Viavi Solutions, Inc. * | 80,196 | 1,279,928 |
Vishay Intertechnology, Inc. | 200,958 | 4,049,304 |
Zebra Technologies Corp., Class A * | 12,074 | 2,872,042 |
87,329,286 | ||
Telecommunication Services 0.7% | ||
ATN International, Inc. | 8,904 | 527,384 |
Cogent Communications Holdings, Inc. | 21,399 | 1,254,837 |
Consolidated Communications Holdings, Inc. | 321,158 | 1,284,632 |
GCI Liberty, Inc., Class A * | 22,590 | 1,580,848 |
Intelsat S.A. * | 81,492 | 2,069,082 |
Iridium Communications, Inc. * | 43,083 | 1,054,241 |
Shenandoah Telecommunications Co. | 21,765 | 699,962 |
United States Cellular Corp. * | 24,994 | 930,277 |
Vonage Holdings Corp. * | 125,256 | 1,223,751 |
Zayo Group Holdings, Inc. * | 98,089 | 3,348,759 |
13,973,773 | ||
Transportation 2.6% | ||
Air Transport Services Group, Inc. * | 59,406 | 1,242,180 |
Alaska Air Group, Inc. | 75,045 | 5,210,374 |
Allegiant Travel Co. | 9,465 | 1,583,778 |
AMERCO | 7,082 | 2,868,493 |
ArcBest Corp. | 88,622 | 2,560,290 |
Copa Holdings S.A., Class A | 22,140 | 2,252,524 |
Costamare, Inc. | 171,169 | 1,345,388 |
Daseke, Inc. * | 547,505 | 1,472,788 |
Echo Global Logistics, Inc. * | 57,530 | 1,145,422 |
Forward Air Corp. | 29,468 | 2,038,302 |
Genesee & Wyoming, Inc., Class A * | 40,794 | 4,529,358 |
Hawaiian Holdings, Inc. | 45,181 | 1,292,628 |
Heartland Express, Inc. | 55,107 | 1,151,736 |
Hub Group, Inc., Class A * | 87,220 | 3,994,676 |
JetBlue Airways Corp. * | 260,248 | 5,022,786 |
Marten Transport Ltd. | 56,328 | 1,220,065 |
Saia, Inc. * | 29,362 | 2,619,090 |
Schneider National, Inc., Class B | 73,704 | 1,685,611 |
Seaspan Corp.(a) | 162,093 | 1,757,088 |
Spirit Airlines, Inc. * | 30,978 | 1,163,534 |
Werner Enterprises, Inc. | 82,973 | 3,028,515 |
YRC Worldwide, Inc. * | 265,342 | 888,896 |
50,073,522 | ||
Utilities 3.6% | ||
ALLETE, Inc. | 39,774 | 3,422,950 |
American States Water Co. | 19,098 | 1,816,793 |
Aqua America, Inc. | 85,844 | 3,891,308 |
Atlantica Yield plc | 53,893 | 1,293,971 |
Security | Number of Shares | Value ($) |
Avangrid, Inc. | 38,669 | 1,935,383 |
Avista Corp. | 76,820 | 3,689,665 |
Black Hills Corp. | 39,726 | 3,131,601 |
California Water Service Group | 25,953 | 1,452,589 |
Chesapeake Utilities Corp. | 9,909 | 939,373 |
Clearway Energy, Inc., Class A | 17,021 | 292,251 |
Clearway Energy, Inc., Class C | 34,932 | 633,317 |
El Paso Electric Co. | 38,802 | 2,588,481 |
Hawaiian Electric Industries, Inc. | 105,504 | 4,763,506 |
IDACORP, Inc. | 34,318 | 3,693,303 |
MGE Energy, Inc. | 22,461 | 1,730,395 |
National Fuel Gas Co. | 69,458 | 3,147,142 |
New Jersey Resources Corp. | 69,175 | 3,016,030 |
Northwest Natural Holding Co. | 24,165 | 1,676,084 |
NorthWestern Corp. | 43,853 | 3,180,220 |
ONE Gas, Inc. | 37,194 | 3,453,091 |
Ormat Technologies, Inc. | 22,178 | 1,697,948 |
Otter Tail Corp. | 32,849 | 1,861,881 |
Pattern Energy Group, Inc., Class A | 62,860 | 1,761,966 |
PNM Resources, Inc. | 75,556 | 3,940,245 |
South Jersey Industries, Inc. | 66,536 | 2,139,798 |
Southwest Gas Holdings, Inc. | 47,363 | 4,134,790 |
Spire, Inc. | 35,094 | 2,950,002 |
Unitil Corp. | 10,755 | 669,714 |
68,903,797 | ||
Total Common Stock | ||
(Cost $1,533,827,819) | 1,900,904,492 | |
Rights0.0% of net assets | ||
Materials 0.0% | ||
A. Schulman, Inc. CVR *(b) | 38,533 | 16,685 |
Total Rights | ||
(Cost $16,685) | 16,685 | |
Other Investment Companies1.5% of net assets | ||
Money Market Fund 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.75%(c) | 4,074,391 | 4,074,391 |
Securities Lending Collateral 1.3% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 24,789,589 | 24,789,589 |
Total Other Investment Companies | ||
(Cost $28,863,980) | 28,863,980 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
Russell 2000 Index, e-mini, expires 12/20/19 | 92 | 7,191,640 | 198,320 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $22,993,967. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock98.4% of net assets | ||
Australia 5.5% | ||
AGL Energy Ltd. | 65,872 | 899,193 |
Amcor plc | 95,769 | 917,025 |
AMP Ltd. | 951,128 | 1,201,788 |
APA Group | 59,524 | 478,112 |
Aurizon Holdings Ltd. | 218,473 | 888,800 |
Australia & New Zealand Banking Group Ltd. | 273,257 | 5,021,673 |
Bendigo & Adelaide Bank Ltd. | 43,826 | 321,643 |
BGP Holdings plc *(a) | 453,854 | 626 |
BHP Group Ltd. | 272,663 | 6,683,639 |
BlueScope Steel Ltd. | 67,792 | 620,580 |
Boral Ltd. | 119,550 | 415,068 |
Brambles Ltd. | 101,338 | 837,766 |
Caltex Australia Ltd. | 69,531 | 1,307,086 |
CIMIC Group Ltd. | 9,810 | 223,559 |
Coca-Cola Amatil Ltd. | 53,845 | 377,865 |
Coles Group Ltd. | 78,609 | 813,514 |
Commonwealth Bank of Australia | 130,350 | 7,067,589 |
Crown Resorts Ltd. | 40,616 | 348,916 |
CSL Ltd. | 10,158 | 1,791,427 |
Downer EDI Ltd. | 94,683 | 526,632 |
Fortescue Metals Group Ltd. | 208,365 | 1,275,323 |
Goodman Group | 35,241 | 349,917 |
GrainCorp Ltd., Class A | 49,252 | 245,440 |
Incitec Pivot Ltd. | 159,714 | 380,030 |
Insurance Australia Group Ltd. | 181,319 | 993,460 |
LendLease Group | 75,433 | 975,025 |
Macquarie Group Ltd. | 15,400 | 1,421,996 |
Medibank Pvt Ltd. | 247,349 | 576,502 |
Metcash Ltd. | 315,563 | 613,425 |
Mirvac Group | 230,727 | 511,263 |
National Australia Bank Ltd. | 272,381 | 5,346,603 |
Newcrest Mining Ltd. | 19,171 | 418,471 |
Oil Search Ltd. | 42,412 | 209,315 |
Orica Ltd. | 39,531 | 624,736 |
Origin Energy Ltd. | 198,842 | 1,078,013 |
QBE Insurance Group Ltd. | 119,481 | 1,039,531 |
Ramsay Health Care Ltd. | 6,580 | 310,909 |
Rio Tinto Ltd. | 34,283 | 2,143,818 |
Scentre Group | 236,630 | 625,211 |
Sims Metal Management Ltd. | 37,890 | 243,858 |
Sonic Healthcare Ltd. | 28,325 | 557,860 |
South32 Ltd. | 226,378 | 396,146 |
Stockland | 184,285 | 622,141 |
Suncorp Group Ltd. | 153,011 | 1,420,630 |
Tabcorp Holdings Ltd. | 93,788 | 310,780 |
Telstra Corp., Ltd. | 785,973 | 1,892,972 |
Transurban Group | 52,530 | 538,009 |
Viva Energy Group Ltd. | 218,490 | 300,934 |
Wesfarmers Ltd. | 159,019 | 4,369,033 |
Westpac Banking Corp. | 324,269 | 6,295,840 |
Woodside Petroleum Ltd. | 78,311 | 1,735,643 |
Security | Number of Shares | Value ($) |
Woolworths Group Ltd. | 170,014 | 4,384,002 |
Worley Ltd. | 36,972 | 347,028 |
73,296,365 | ||
Austria 0.3% | ||
ANDRITZ AG | 6,346 | 285,356 |
Erste Group Bank AG * | 25,661 | 907,574 |
OMV AG | 22,629 | 1,322,928 |
Raiffeisen Bank International AG | 16,369 | 403,320 |
voestalpine AG | 27,599 | 692,532 |
Wienerberger AG | 11,748 | 318,202 |
3,929,912 | ||
Belgium 0.8% | ||
Ageas | 20,977 | 1,209,758 |
Anheuser-Busch InBev S.A./N.V. | 49,255 | 3,975,735 |
Colruyt S.A. | 5,985 | 332,685 |
Groupe Bruxelles Lambert S.A. | 7,862 | 789,784 |
KBC Group N.V. | 23,118 | 1,625,525 |
Proximus | 19,523 | 599,957 |
Solvay S.A. | 8,407 | 914,059 |
UCB S.A. | 5,111 | 411,941 |
Umicore S.A. | 18,182 | 750,553 |
10,609,997 | ||
Canada 6.4% | ||
Agnico-Eagle Mines Ltd. | 8,995 | 552,840 |
Air Canada * | 9,900 | 352,524 |
Alimentation Couche-Tard, Inc., Class B | 58,180 | 1,744,826 |
AltaGas Ltd. | 22,200 | 322,946 |
ARC Resources Ltd. | 71,472 | 302,797 |
Atco Ltd., Class I | 10,789 | 379,266 |
Bank of Montreal | 41,461 | 3,069,203 |
Barrick Gold Corp. | 46,670 | 810,728 |
Bausch Health Cos., Inc. * | 37,609 | 934,871 |
BCE, Inc. | 29,022 | 1,376,733 |
Brookfield Asset Management, Inc., Class A | 42,232 | 2,335,249 |
Cameco Corp. | 29,167 | 260,424 |
Canadian Imperial Bank of Commerce | 29,638 | 2,527,252 |
Canadian National Railway Co. | 35,417 | 3,167,658 |
Canadian Natural Resources Ltd. | 102,745 | 2,590,662 |
Canadian Pacific Railway Ltd. | 7,050 | 1,603,178 |
Canadian Tire Corp., Ltd., Class A | 8,076 | 870,633 |
Celestica, Inc. * | 37,366 | 270,649 |
Cenovus Energy, Inc. | 172,695 | 1,471,140 |
CGI, Inc. * | 13,192 | 1,025,432 |
CI Financial Corp. | 33,315 | 484,890 |
Crescent Point Energy Corp. | 279,471 | 1,020,618 |
Dollarama, Inc. | 12,900 | 433,983 |
Empire Co., Ltd., Class A | 27,300 | 724,836 |
Enbridge, Inc. | 73,086 | 2,661,860 |
Encana Corp. | 97,568 | 382,242 |
Fairfax Financial Holdings Ltd. | 1,250 | 529,573 |
Security | Number of Shares | Value ($) |
Finning International, Inc. | 22,417 | 381,758 |
First Quantum Minerals Ltd. | 61,070 | 516,065 |
Fortis, Inc. | 22,336 | 927,967 |
George Weston Ltd. | 10,194 | 816,155 |
Gibson Energy, Inc. | 19,553 | 340,853 |
Gildan Activewear, Inc. | 11,700 | 298,918 |
Great-West Lifeco, Inc. | 19,454 | 473,094 |
H&R Real Estate Investment Trust | 20,800 | 351,852 |
Husky Energy, Inc. | 70,221 | 490,497 |
Hydro One Ltd. | 26,900 | 500,175 |
Imperial Oil Ltd. | 31,041 | 773,020 |
Intact Financial Corp. | 6,106 | 630,025 |
Inter Pipeline Ltd. | 27,974 | 469,596 |
Keyera Corp. | 14,600 | 338,424 |
Linamar Corp. | 8,600 | 280,442 |
Loblaw Cos., Ltd. | 18,543 | 988,885 |
Magna International, Inc. | 66,427 | 3,571,756 |
Manulife Financial Corp. | 118,100 | 2,199,524 |
Methanex Corp. | 8,300 | 314,519 |
Metro, Inc. | 20,294 | 858,231 |
National Bank of Canada | 19,533 | 1,008,758 |
Nutrien Ltd. | 17,200 | 822,847 |
Onex Corp. | 9,665 | 568,188 |
Open Text Corp. | 6,700 | 270,727 |
Pembina Pipeline Corp. | 20,778 | 731,513 |
Power Corp. of Canada | 57,644 | 1,333,983 |
Power Financial Corp. | 26,714 | 624,699 |
RioCan Real Estate Investment Trust | 17,500 | 351,169 |
Rogers Communications, Inc., Class B | 22,741 | 1,070,662 |
Royal Bank of Canada | 76,144 | 6,141,932 |
Saputo, Inc. | 16,875 | 489,427 |
Shaw Communications, Inc., Class B | 40,944 | 835,604 |
SNC-Lavalin Group, Inc. | 29,840 | 539,435 |
Sun Life Financial, Inc. | 35,075 | 1,573,595 |
Suncor Energy, Inc. | 153,937 | 4,576,853 |
TC Energy Corp. | 42,994 | 2,167,164 |
Teck Resources Ltd., Class B | 54,068 | 854,677 |
TELUS Corp. | 20,771 | 738,836 |
TFI International, Inc. | 8,500 | 270,856 |
The Bank of Nova Scotia | 83,615 | 4,795,594 |
The Toronto-Dominion Bank | 87,752 | 5,010,878 |
Thomson Reuters Corp. | 18,517 | 1,244,355 |
TransAlta Corp. | 56,921 | 336,228 |
Waste Connections, Inc. | 4,700 | 434,137 |
West Fraser Timber Co., Ltd. | 8,800 | 406,894 |
WSP Global, Inc. | 5,700 | 355,649 |
85,283,429 | ||
Denmark 0.9% | ||
AP Moeller - Maersk A/S, Series A | 843 | 1,012,650 |
AP Moeller - Maersk A/S, Series B | 1,187 | 1,514,139 |
Carlsberg A/S, Class B | 6,252 | 880,433 |
Coloplast A/S, Class B | 3,182 | 383,100 |
Danske Bank A/S | 70,764 | 1,011,255 |
DSV PANALPINA A/S | 8,488 | 824,941 |
ISS A/S | 24,321 | 636,754 |
Maersk Drilling A/S * | 4,231 | 238,833 |
Novo Nordisk A/S, Class B | 63,743 | 3,505,144 |
Novozymes A/S, B Shares | 9,167 | 432,128 |
Orsted A/S | 5,471 | 480,199 |
Pandora A/S | 10,993 | 540,922 |
Vestas Wind Systems A/S | 10,539 | 858,589 |
12,319,087 | ||
Security | Number of Shares | Value ($) |
Finland 1.0% | ||
Elisa Oyj | 8,161 | 445,723 |
Fortum Oyj | 33,147 | 810,034 |
Kesko Oyj, B Shares | 10,730 | 714,919 |
Kone Oyj, Class B | 18,348 | 1,168,323 |
Metso Oyj | 9,256 | 350,402 |
Neste Oyj | 24,378 | 880,837 |
Nokia Oyj | 373,003 | 1,369,297 |
Nokian Renkaat Oyj | 13,091 | 374,129 |
Nordea Bank Abp | 268,055 | 1,961,851 |
Outokumpu Oyj | 98,068 | 278,651 |
Sampo Oyj, A Shares | 28,043 | 1,149,198 |
Stora Enso Oyj, R Shares | 73,892 | 959,984 |
UPM-Kymmene Oyj | 57,769 | 1,881,504 |
Wartsila Oyj Abp | 33,795 | 357,036 |
12,701,888 | ||
France 9.2% | ||
Accor S.A. | 9,573 | 411,769 |
Air France-KLM * | 46,687 | 556,531 |
Air Liquide S.A. | 24,557 | 3,265,124 |
Airbus SE | 16,011 | 2,296,910 |
Alstom S.A. | 13,286 | 574,795 |
Arkema S.A. | 8,873 | 908,044 |
Atos SE | 9,376 | 727,639 |
AXA S.A. | 190,183 | 5,034,375 |
BNP Paribas S.A. | 133,971 | 7,001,263 |
Bollore S.A. | 70,119 | 303,781 |
Bollore S.A. New * | 444 | 1,892 |
Bouygues S.A. | 34,981 | 1,483,826 |
Bureau Veritas S.A. | 15,509 | 396,512 |
Capgemini SE | 9,567 | 1,078,489 |
Carrefour S.A. | 145,001 | 2,468,722 |
Casino Guichard Perrachon S.A.(b) | 23,180 | 1,250,493 |
CGG S.A. * | 179,843 | 419,244 |
CNP Assurances | 15,031 | 298,354 |
Compagnie de Saint-Gobain | 97,380 | 3,966,087 |
Compagnie Generale des Etablissements Michelin | 18,215 | 2,217,807 |
Credit Agricole S.A. | 105,179 | 1,372,412 |
Danone S.A. | 30,628 | 2,537,261 |
Dassault Systemes SE | 1,950 | 296,160 |
Eiffage S.A. | 8,489 | 911,770 |
Electricite de France S.A. | 99,627 | 1,029,228 |
Engie S.A. | 279,050 | 4,672,629 |
EssilorLuxottica S.A. | 7,238 | 1,105,201 |
Eurazeo SE | 6,079 | 424,183 |
Eutelsat Communications S.A. | 17,270 | 327,610 |
Faurecia SE | 15,489 | 722,843 |
Hermes International | 477 | 343,608 |
Iliad S.A. | 2,441 | 252,974 |
Ingenico Group S.A. | 3,469 | 370,944 |
Kering S.A. | 1,909 | 1,086,214 |
Klepierre S.A. | 9,860 | 367,534 |
L'Oreal S.A. | 8,169 | 2,385,852 |
Lagardere S.C.A. | 20,870 | 466,352 |
Legrand S.A. | 13,086 | 1,022,331 |
LVMH Moet Hennessy Louis Vuitton SE | 8,356 | 3,568,477 |
Natixis S.A. | 88,708 | 407,553 |
Orange S.A. | 296,681 | 4,774,929 |
Pernod-Ricard S.A. | 7,254 | 1,340,054 |
Peugeot S.A. | 79,804 | 2,021,125 |
Publicis Groupe S.A. | 17,008 | 731,999 |
Rallye S.A. | 75,916 | 706,987 |
Renault S.A. | 39,566 | 2,020,197 |
Security | Number of Shares | Value ($) |
Rexel S.A. | 93,855 | 1,163,568 |
Rubis SCA | 4,228 | 245,172 |
Safran S.A. | 10,539 | 1,669,271 |
Sanofi | 83,804 | 7,725,645 |
Schneider Electric SE | 43,042 | 4,000,339 |
SCOR SE | 14,160 | 597,256 |
SES S.A. | 33,322 | 645,944 |
Societe Generale S.A. | 175,541 | 4,992,193 |
Sodexo S.A. | 7,052 | 775,498 |
STMicroelectronics N.V. | 28,848 | 654,743 |
Suez | 53,804 | 839,210 |
TechnipFMC plc | 32,592 | 648,849 |
Teleperformance | 1,854 | 420,642 |
Thales S.A. | 4,293 | 419,682 |
TOTAL S.A. | 321,513 | 16,997,811 |
Valeo S.A. | 43,482 | 1,619,299 |
Veolia Environnement S.A. | 68,576 | 1,805,178 |
Vinci S.A. | 34,286 | 3,846,760 |
Vivendi S.A. | 77,073 | 2,146,298 |
Wendel S.A. | 2,878 | 408,092 |
121,549,534 | ||
Germany 8.1% | ||
adidas AG | 7,140 | 2,204,623 |
Allianz SE | 33,187 | 8,105,014 |
Aurubis AG | 14,220 | 699,148 |
BASF SE | 132,474 | 10,070,568 |
Bayer AG | 90,017 | 6,983,174 |
Bayerische Motoren Werke AG | 66,937 | 5,125,680 |
Beiersdorf AG | 3,601 | 426,319 |
Brenntag AG | 18,773 | 940,907 |
Commerzbank AG | 203,899 | 1,220,080 |
Continental AG | 17,004 | 2,277,529 |
Covestro AG | 25,072 | 1,204,005 |
Daimler AG | 186,459 | 10,899,061 |
Deutsche Bank AG | 288,369 | 2,091,174 |
Deutsche Boerse AG | 4,859 | 752,463 |
Deutsche Lufthansa AG | 56,223 | 973,962 |
Deutsche Pfandbriefbank AG | 23,029 | 314,722 |
Deutsche Post AG | 119,814 | 4,244,415 |
Deutsche Telekom AG | 406,294 | 7,148,970 |
Deutsche Wohnen SE | 6,128 | 231,040 |
E.ON SE | 310,266 | 3,128,867 |
Evonik Industries AG | 22,349 | 588,984 |
Freenet AG | 20,255 | 449,818 |
Fresenius Medical Care AG & Co. KGaA | 16,990 | 1,226,331 |
Fresenius SE & Co. KGaA | 38,812 | 2,043,656 |
GEA Group AG | 19,951 | 609,909 |
Hannover Rueck SE | 3,861 | 684,184 |
HeidelbergCement AG | 18,992 | 1,408,029 |
Henkel AG & Co. KGaA | 7,136 | 686,611 |
Hugo Boss AG | 7,165 | 302,094 |
Infineon Technologies AG | 48,679 | 942,852 |
K&S AG | 34,488 | 489,729 |
KION Group AG | 5,383 | 358,173 |
Kloeckner & Co. SE | 42,921 | 247,965 |
LANXESS AG | 10,927 | 710,028 |
Leoni AG * | 17,153 | 203,189 |
Merck KGaA | 5,657 | 674,690 |
METRO AG | 44,424 | 725,417 |
MTU Aero Engines AG | 1,720 | 459,981 |
Muenchener Rueckversicherungs-Gesellschaft AG | 12,810 | 3,559,125 |
OSRAM Licht AG | 13,684 | 610,470 |
ProSiebenSat.1 Media SE | 40,396 | 596,510 |
Security | Number of Shares | Value ($) |
Rheinmetall AG | 3,307 | 398,846 |
RTL Group S.A. | 5,231 | 265,803 |
RWE AG | 102,759 | 3,131,525 |
Salzgitter AG | 14,641 | 265,486 |
SAP SE | 30,852 | 4,087,935 |
Siemens AG | 69,389 | 8,007,490 |
Symrise AG | 3,611 | 347,042 |
Telefonica Deutschland Holding AG | 107,309 | 340,494 |
ThyssenKrupp AG | 57,711 | 822,993 |
Uniper SE | 56,525 | 1,761,689 |
United Internet AG | 8,807 | 265,869 |
Volkswagen AG | 5,921 | 1,119,307 |
Vonovia SE | 12,814 | 682,408 |
108,116,353 | ||
Hong Kong 1.6% | ||
AIA Group Ltd. | 280,800 | 2,796,268 |
BOC Hong Kong (Holdings) Ltd. | 204,000 | 700,867 |
China Mengniu Dairy Co., Ltd. * | 103,000 | 410,635 |
CK Asset Holdings Ltd. | 133,500 | 928,854 |
CK Hutchison Holdings Ltd. | 175,500 | 1,620,405 |
CLP Holdings Ltd. | 110,000 | 1,142,396 |
Galaxy Entertainment Group Ltd. | 85,000 | 585,279 |
Hang Seng Bank Ltd. | 28,100 | 586,309 |
Henderson Land Development Co., Ltd. | 53,300 | 266,211 |
Hong Kong & China Gas Co., Ltd. | 224,208 | 435,166 |
Hong Kong Exchanges & Clearing Ltd. | 13,121 | 408,772 |
Hongkong Land Holdings Ltd. | 50,300 | 276,318 |
Jardine Matheson Holdings Ltd. | 15,000 | 855,165 |
Jardine Strategic Holdings Ltd. | 12,790 | 413,012 |
Lenovo Group Ltd. | 978,000 | 681,806 |
Li & Fung Ltd. | 4,036,000 | 441,380 |
Link REIT | 36,500 | 397,536 |
MTR Corp., Ltd. | 76,364 | 437,855 |
New World Development Co., Ltd. | 516,689 | 739,090 |
Noble Group Ltd. *(a) | 18,617,693 | 205,274 |
PCCW Ltd. | 595,000 | 353,379 |
Sands China Ltd. | 144,000 | 709,289 |
Sino Land Co., Ltd. | 174,000 | 260,107 |
SJM Holdings Ltd. | 300,000 | 320,472 |
Sun Hung Kai Properties Ltd. | 88,000 | 1,333,491 |
Swire Pacific Ltd., Class A | 63,300 | 603,393 |
Swire Pacific Ltd., Class B | 101,251 | 149,520 |
Techtronic Industries Co., Ltd. | 51,000 | 398,566 |
The Wharf Holdings Ltd. | 213,000 | 483,351 |
Want Want China Holdings Ltd. | 375,000 | 315,903 |
WH Group Ltd. | 1,024,500 | 1,081,403 |
Wharf Real Estate Investment Co., Ltd. | 39,000 | 229,387 |
Wheelock & Co., Ltd. | 75,000 | 463,845 |
Yue Yuen Industrial Holdings Ltd. | 134,000 | 377,637 |
21,408,341 | ||
Ireland 0.1% | ||
Bank of Ireland Group plc | 78,439 | 378,079 |
Kerry Group plc, Class A | 4,617 | 558,188 |
936,267 | ||
Israel 0.2% | ||
Bank Hapoalim B.M. | 63,568 | 508,776 |
Bank Leumi Le-Israel B.M. | 62,643 | 456,307 |
Bezeq The Israeli Telecommunication Corp., Ltd. * | 651,735 | 430,024 |
Security | Number of Shares | Value ($) |
Israel Chemicals Ltd. | 78,499 | 348,933 |
Teva Pharmaceutical Industries Ltd. * | 119,001 | 974,791 |
2,718,831 | ||
Italy 3.4% | ||
A2A S.p.A. | 155,007 | 311,173 |
Assicurazioni Generali S.p.A. | 124,816 | 2,530,954 |
Atlantia S.p.A. | 40,206 | 993,326 |
Banco BPM S.p.A. * | 190,681 | 434,059 |
BPER Banca | 73,443 | 328,568 |
CNH Industrial N.V. | 108,416 | 1,180,396 |
Enel S.p.A. | 1,041,366 | 8,070,959 |
Eni S.p.A. | 510,251 | 7,741,010 |
EXOR N.V. | 37,411 | 2,868,077 |
Fiat Chrysler Automobiles N.V. | 224,877 | 3,489,813 |
Hera S.p.A. | 81,111 | 347,456 |
Intesa Sanpaolo S.p.A. | 1,705,811 | 4,274,462 |
Leonardo S.p.A. | 42,667 | 495,688 |
Mediobanca Banca di Credito Finanziario S.p.A. | 34,258 | 407,373 |
Pirelli & C S.p.A. | 43,605 | 252,076 |
Poste Italiane S.p.A | 38,558 | 468,341 |
Prysmian S.p.A. | 24,252 | 561,004 |
Saipem S.p.A. * | 78,888 | 358,076 |
Saras S.p.A. | 171,161 | 328,700 |
Snam S.p.A. | 154,925 | 795,370 |
Telecom Italia S.p.A. * | 3,379,766 | 1,978,156 |
Tenaris S.A. | 45,316 | 459,726 |
Terna - Rete Elettrica Nationale S.p.A. | 76,198 | 503,623 |
UniCredit S.p.A. | 353,659 | 4,486,883 |
Unione di Banche Italiane S.p.A. | 191,951 | 584,735 |
Unipol Gruppo S.p.A. | 78,985 | 440,820 |
44,690,824 | ||
Japan 24.8% | ||
Aeon Co., Ltd. | 82,900 | 1,667,977 |
AGC, Inc. | 36,500 | 1,283,342 |
Air Water, Inc. | 23,100 | 432,455 |
Aisin Seiki Co., Ltd. | 41,300 | 1,648,275 |
Ajinomoto Co., Inc. | 47,700 | 906,881 |
Alfresa Holdings Corp. | 27,900 | 622,975 |
Alps Alpine Co., Ltd. | 29,700 | 636,727 |
Amada Holdings Co., Ltd. | 32,000 | 364,419 |
ANA Holdings, Inc. | 15,400 | 528,812 |
Asahi Group Holdings Ltd. | 24,500 | 1,226,897 |
Asahi Kasei Corp. | 160,900 | 1,786,206 |
Asics Corp. | 21,000 | 360,535 |
Astellas Pharma, Inc. | 137,300 | 2,356,437 |
Bandai Namco Holdings, Inc. | 12,700 | 780,912 |
Bic Camera, Inc. | 22,300 | 243,473 |
Bridgestone Corp. | 92,300 | 3,835,056 |
Brother Industries Ltd. | 33,100 | 622,082 |
Canon, Inc. | 132,300 | 3,630,274 |
Casio Computer Co., Ltd. | 23,100 | 374,995 |
Central Japan Railway Co. | 12,300 | 2,523,149 |
Chubu Electric Power Co., Inc. | 118,400 | 1,776,265 |
Chugai Pharmaceutical Co., Ltd. | 4,500 | 378,701 |
Citizen Watch Co., Ltd. | 53,400 | 283,904 |
Coca-Cola Bottlers Japan Holdings, Inc. | 13,900 | 315,586 |
COMSYS Holdings Corp. | 11,400 | 336,313 |
Concordia Financial Group Ltd. | 98,600 | 402,084 |
Cosmo Energy Holdings Co., Ltd. | 19,200 | 410,580 |
Dai Nippon Printing Co., Ltd. | 52,100 | 1,391,513 |
Dai-ichi Life Holdings, Inc. | 104,400 | 1,701,658 |
Security | Number of Shares | Value ($) |
Daicel Corp. | 49,400 | 441,608 |
Daido Steel Co., Ltd. | 7,300 | 318,558 |
Daiichi Sankyo Co., Ltd. | 27,900 | 1,834,531 |
Daikin Industries Ltd. | 14,100 | 1,973,430 |
Daito Trust Construction Co., Ltd. | 6,600 | 874,635 |
Daiwa House Industry Co., Ltd. | 67,200 | 2,313,366 |
Daiwa Securities Group, Inc. | 161,200 | 724,562 |
Denka Co., Ltd. | 12,000 | 346,304 |
Denso Corp. | 65,300 | 3,031,874 |
Dentsu, Inc. | 17,101 | 611,356 |
DIC Corp. | 16,500 | 472,644 |
Dowa Holdings Co., Ltd. | 9,000 | 310,718 |
East Japan Railway Co. | 33,618 | 3,051,875 |
Ebara Corp. | 13,800 | 408,291 |
EDION Corp. | 31,600 | 314,045 |
Eisai Co., Ltd. | 11,000 | 796,279 |
Electric Power Development Co., Ltd. | 26,600 | 645,859 |
Fanuc Corp. | 8,900 | 1,755,518 |
Fast Retailing Co., Ltd. | 1,300 | 801,699 |
Fuji Electric Co., Ltd. | 13,800 | 438,586 |
FUJIFILM Holdings Corp. | 43,100 | 1,892,185 |
Fujikura Ltd. | 101,300 | 470,039 |
Fujitsu Ltd. | 31,200 | 2,765,225 |
Furukawa Electric Co., Ltd. | 13,900 | 388,523 |
H2O Retailing Corp. | 25,600 | 290,343 |
Hakuhodo DY Holdings, Inc. | 27,500 | 410,375 |
Hankyu Hanshin Holdings, Inc. | 17,300 | 692,294 |
Hanwa Co., Ltd. | 15,300 | 445,743 |
Haseko Corp. | 41,000 | 529,079 |
Hino Motors Ltd. | 59,600 | 563,477 |
Hitachi Construction Machinery Co., Ltd. | 12,700 | 327,815 |
Hitachi Ltd. | 173,300 | 6,467,979 |
Hitachi Metals Ltd. | 34,800 | 436,751 |
Hokuriku Electric Power Co. * | 39,900 | 284,377 |
Honda Motor Co., Ltd. | 375,700 | 10,164,179 |
Hoya Corp. | 13,150 | 1,162,160 |
Ibiden Co., Ltd. | 18,200 | 420,251 |
Idemitsu Kosan Co., Ltd. | 160,069 | 4,705,272 |
IHI Corp. | 20,100 | 495,327 |
Iida Group Holdings Co., Ltd. | 26,600 | 443,079 |
Inpex Corp. | 154,800 | 1,431,045 |
Isetan Mitsukoshi Holdings Ltd. | 76,100 | 606,910 |
Isuzu Motors Ltd. | 78,900 | 916,811 |
ITOCHU Corp. | 142,400 | 2,977,282 |
J. Front Retailing Co., Ltd. | 43,700 | 555,684 |
Japan Airlines Co., Ltd. | 13,000 | 405,107 |
Japan Display, Inc. *(b) | 578,000 | 337,707 |
Japan Post Bank Co., Ltd. | 30,200 | 300,415 |
Japan Post Holdings Co., Ltd. | 144,900 | 1,330,070 |
Japan Tobacco, Inc. | 115,800 | 2,617,393 |
JFE Holdings, Inc. | 144,400 | 1,806,103 |
JGC Holdings Corp. | 37,700 | 545,272 |
JSR Corp. | 24,400 | 458,079 |
JTEKT Corp. | 53,700 | 684,910 |
JXTG Holdings, Inc. | 685,650 | 3,204,892 |
K's Holdings Corp. | 37,100 | 423,879 |
Kajima Corp. | 52,900 | 726,982 |
Kaneka Corp. | 10,800 | 359,517 |
Kao Corp. | 19,900 | 1,599,933 |
Kawasaki Heavy Industries Ltd. | 29,200 | 700,751 |
Kawasaki Kisen Kaisha Ltd. * | 30,800 | 458,302 |
KDDI Corp. | 192,800 | 5,334,996 |
Keio Corp. | 5,500 | 340,249 |
Kewpie Corp. | 14,600 | 331,379 |
Keyence Corp. | 1,146 | 724,612 |
Kikkoman Corp. | 8,100 | 389,631 |
Kinden Corp. | 18,000 | 270,771 |
Security | Number of Shares | Value ($) |
Kintetsu Group Holdings Co., Ltd. | 11,400 | 621,367 |
Kirin Holdings Co., Ltd. | 67,600 | 1,434,090 |
Kobe Steel Ltd. | 129,100 | 694,109 |
Koito Manufacturing Co., Ltd. | 9,900 | 517,901 |
Komatsu Ltd. | 93,900 | 2,198,660 |
Konica Minolta, Inc. | 85,700 | 629,021 |
Kubota Corp. | 90,000 | 1,429,493 |
Kuraray Co., Ltd. | 53,000 | 630,557 |
Kyocera Corp. | 25,600 | 1,679,536 |
Kyushu Electric Power Co., Inc. | 71,100 | 710,535 |
Kyushu Railway Co. | 11,700 | 386,539 |
Leopalace21 Corp. *(b) | 109,900 | 299,859 |
LIXIL Group Corp. | 52,500 | 976,390 |
Makita Corp. | 16,300 | 548,183 |
Marubeni Corp. | 284,200 | 2,000,222 |
Matsumotokiyoshi Holdings Co., Ltd. | 8,900 | 313,496 |
Mazda Motor Corp. | 174,000 | 1,597,375 |
Medipal Holdings Corp. | 29,800 | 680,856 |
MEIJI Holdings Co., Ltd. | 11,500 | 828,895 |
Minebea Mitsumi, Inc. | 34,700 | 659,007 |
MISUMI Group, Inc. | 11,500 | 289,096 |
Mitsubishi Chemical Holdings Corp. | 244,300 | 1,861,865 |
Mitsubishi Corp. | 116,900 | 2,973,282 |
Mitsubishi Electric Corp. | 258,300 | 3,690,446 |
Mitsubishi Estate Co., Ltd. | 52,500 | 1,019,307 |
Mitsubishi Gas Chemical Co., Inc. | 31,200 | 440,136 |
Mitsubishi Heavy Industries Ltd. | 52,600 | 2,128,687 |
Mitsubishi Materials Corp. | 31,000 | 891,406 |
Mitsubishi Motors Corp. | 125,300 | 572,095 |
Mitsubishi Tanabe Pharma Corp. | 21,400 | 256,121 |
Mitsubishi UFJ Financial Group, Inc. | 1,305,934 | 6,770,338 |
Mitsui & Co., Ltd. | 209,500 | 3,597,945 |
Mitsui Chemicals, Inc. | 30,900 | 734,846 |
Mitsui Fudosan Co., Ltd. | 55,500 | 1,419,847 |
Mitsui Mining & Smelting Co., Ltd. | 14,100 | 394,062 |
Mitsui O.S.K. Lines Ltd. | 28,100 | 765,402 |
Mizuho Financial Group, Inc. | 2,383,116 | 3,699,729 |
MS&AD Insurance Group Holdings, Inc. | 48,790 | 1,575,488 |
Murata Manufacturing Co., Ltd. | 33,800 | 1,840,348 |
Nagase & Co., Ltd. | 29,400 | 444,559 |
Nagoya Railroad Co., Ltd. | 14,900 | 473,639 |
NEC Corp. | 38,100 | 1,509,926 |
NGK Insulators Ltd. | 27,700 | 425,548 |
NGK Spark Plug Co., Ltd. | 24,000 | 486,571 |
NH Foods Ltd. | 21,900 | 920,147 |
NHK Spring Co., Ltd. | 40,800 | 333,303 |
Nichirei Corp. | 11,400 | 261,799 |
Nidec Corp. | 6,900 | 1,015,858 |
Nikon Corp. | 42,200 | 538,063 |
Nintendo Co., Ltd. | 2,080 | 762,918 |
Nippon Electric Glass Co., Ltd. | 14,300 | 322,130 |
Nippon Express Co., Ltd. | 13,500 | 770,250 |
Nippon Paper Industries Co., Ltd. | 26,400 | 455,073 |
Nippon Shokubai Co., Ltd. | 4,300 | 265,150 |
Nippon Steel Corp. | 204,500 | 2,984,785 |
Nippon Steel Trading Corp. | 6,300 | 263,767 |
Nippon Telegraph & Telephone Corp. | 106,808 | 5,302,259 |
Nippon Yusen K.K. | 58,300 | 1,047,364 |
Nissan Motor Co., Ltd. | 476,900 | 3,009,515 |
Nisshin Seifun Group, Inc. | 20,730 | 410,956 |
Nisshinbo Holdings, Inc. | 34,000 | 283,076 |
Nissin Foods Holdings Co., Ltd. | 4,700 | 355,021 |
Nitori Holdings Co., Ltd. | 3,200 | 487,075 |
Nitto Denko Corp. | 20,400 | 1,128,644 |
NOK Corp. | 28,000 | 438,565 |
Nomura Holdings, Inc. | 395,000 | 1,795,268 |
Nomura Real Estate Holdings, Inc. | 14,200 | 336,531 |
Security | Number of Shares | Value ($) |
NSK Ltd. | 76,200 | 708,539 |
NTN Corp. | 116,400 | 360,904 |
NTT Data Corp. | 50,000 | 656,542 |
NTT DOCOMO, Inc. | 121,900 | 3,341,900 |
Obayashi Corp. | 85,000 | 874,768 |
Odakyu Electric Railway Co., Ltd. | 16,600 | 404,080 |
Oji Holdings Corp. | 146,000 | 754,855 |
Olympus Corp. | 57,800 | 786,449 |
Omron Corp. | 18,100 | 1,058,882 |
Ono Pharmaceutical Co., Ltd. | 15,000 | 282,553 |
Oriental Land Co., Ltd. | 3,800 | 557,084 |
ORIX Corp. | 98,300 | 1,544,774 |
Osaka Gas Co., Ltd. | 67,000 | 1,310,164 |
Otsuka Corp. | 7,600 | 306,416 |
Otsuka Holdings Co., Ltd. | 33,400 | 1,392,453 |
Pan Pacific International Holdings Corp. | 20,000 | 314,827 |
Panasonic Corp. | 385,750 | 3,241,989 |
Recruit Holdings Co., Ltd. | 36,400 | 1,209,719 |
Renesas Electronics Corp. * | 55,600 | 376,394 |
Resona Holdings, Inc. | 194,758 | 846,917 |
Ricoh Co., Ltd. | 130,800 | 1,164,854 |
Rohm Co., Ltd. | 6,700 | 530,833 |
Ryohin Keikaku Co., Ltd. | 13,800 | 307,219 |
San-Ai Oil Co., Ltd. | 30,900 | 323,500 |
Santen Pharmaceutical Co., Ltd. | 18,200 | 322,383 |
Secom Co., Ltd. | 10,900 | 1,010,031 |
Sega Sammy Holdings, Inc. | 21,900 | 308,201 |
Seiko Epson Corp. | 45,800 | 647,660 |
Seino Holdings Co., Ltd. | 25,900 | 333,022 |
Sekisui Chemical Co., Ltd. | 51,900 | 904,915 |
Sekisui House Ltd. | 87,300 | 1,882,570 |
Seven & i Holdings Co., Ltd. | 86,300 | 3,260,439 |
SG Holdings Co., Ltd. | 13,000 | 321,930 |
Shikoku Electric Power Co., Inc. | 24,400 | 241,887 |
Shimadzu Corp. | 12,900 | 344,509 |
Shimamura Co., Ltd. | 4,700 | 398,105 |
Shimano, Inc. | 3,000 | 499,352 |
Shimizu Corp. | 72,500 | 675,845 |
Shin-Etsu Chemical Co., Ltd. | 22,400 | 2,497,627 |
Shionogi & Co., Ltd. | 9,300 | 558,213 |
Shiseido Co., Ltd. | 9,100 | 750,276 |
Showa Denko K.K. | 16,500 | 462,939 |
Skylark Holdings Co., Ltd. | 15,900 | 288,587 |
SMC Corp. | 2,100 | 907,286 |
Softbank Corp. | 84,100 | 1,153,626 |
SoftBank Group Corp. | 127,800 | 4,916,006 |
Sojitz Corp. | 199,800 | 628,879 |
Sompo Holdings, Inc. | 33,700 | 1,324,615 |
Sony Corp. | 56,900 | 3,463,454 |
Stanley Electric Co., Ltd. | 14,600 | 404,029 |
Subaru Corp. | 104,300 | 2,988,978 |
Sumitomo Chemical Co., Ltd. | 262,100 | 1,198,944 |
Sumitomo Corp. | 127,700 | 2,074,153 |
Sumitomo Electric Industries Ltd. | 168,100 | 2,305,282 |
Sumitomo Forestry Co., Ltd. | 30,100 | 436,887 |
Sumitomo Heavy Industries Ltd. | 15,700 | 487,674 |
Sumitomo Metal Mining Co., Ltd. | 27,900 | 933,246 |
Sumitomo Mitsui Financial Group, Inc. | 131,010 | 4,651,270 |
Sumitomo Mitsui Trust Holdings, Inc. | 28,300 | 1,031,405 |
Sumitomo Realty & Development Co., Ltd. | 18,900 | 686,037 |
Sumitomo Rubber Industries Ltd. | 44,700 | 592,443 |
Suntory Beverage & Food Ltd. | 9,800 | 418,958 |
Suzuken Co., Ltd. | 11,730 | 626,310 |
Suzuki Motor Corp. | 45,600 | 2,152,964 |
Sysmex Corp. | 5,300 | 345,815 |
Security | Number of Shares | Value ($) |
T&D Holdings, Inc. | 54,550 | 607,563 |
Taiheiyo Cement Corp. | 20,000 | 565,779 |
Taisei Corp. | 20,900 | 824,158 |
Takashimaya Co., Ltd. | 34,200 | 396,994 |
Takeda Pharmaceutical Co., Ltd. | 69,521 | 2,512,006 |
TDK Corp. | 13,300 | 1,312,361 |
Teijin Ltd. | 31,900 | 639,223 |
Terumo Corp. | 21,700 | 708,217 |
The Chugoku Electric Power Co., Inc. | 44,500 | 592,818 |
The Kansai Electric Power Co., Inc. | 109,400 | 1,276,274 |
The Yokohama Rubber Co., Ltd. | 16,200 | 361,831 |
TIS, Inc. | 6,200 | 375,928 |
Tobu Railway Co., Ltd. | 16,200 | 540,592 |
Toho Gas Co., Ltd. | 9,800 | 381,696 |
Toho Holdings Co., Ltd. | 11,800 | 299,276 |
Tohoku Electric Power Co., Inc. | 111,000 | 1,140,833 |
Tokio Marine Holdings, Inc. | 44,300 | 2,395,105 |
Tokyo Electric Power Co. Holdings, Inc. * | 523,900 | 2,426,255 |
Tokyo Electron Ltd. | 6,900 | 1,397,930 |
Tokyo Gas Co., Ltd. | 67,700 | 1,652,626 |
Tokyu Corp. | 36,000 | 680,890 |
Tokyu Fudosan Holdings Corp. | 63,700 | 422,516 |
Toppan Printing Co., Ltd. | 53,700 | 993,198 |
Toray Industries, Inc. | 206,000 | 1,455,831 |
Toshiba Corp. | 22,100 | 755,735 |
Tosoh Corp. | 48,600 | 665,456 |
TOTO Ltd. | 11,600 | 473,579 |
Toyo Seikan Group Holdings Ltd. | 27,000 | 426,691 |
Toyo Suisan Kaisha Ltd. | 8,800 | 370,524 |
Toyoda Gosei Co., Ltd. | 17,700 | 414,086 |
Toyota Industries Corp. | 17,600 | 1,056,043 |
Toyota Motor Corp. | 303,318 | 21,044,471 |
Toyota Tsusho Corp. | 50,800 | 1,752,525 |
TS Tech Co., Ltd. | 12,300 | 393,938 |
Tsuruha Holdings, Inc. | 3,200 | 359,963 |
Ube Industries Ltd. | 22,000 | 471,046 |
Unicharm Corp. | 13,700 | 464,305 |
West Japan Railway Co. | 17,563 | 1,526,055 |
Yakult Honsha Co., Ltd. | 4,700 | 269,356 |
Yamada Denki Co., Ltd. | 173,900 | 840,542 |
Yamaha Corp. | 8,900 | 414,466 |
Yamaha Motor Co., Ltd. | 47,200 | 923,842 |
Yamato Holdings Co., Ltd. | 41,100 | 689,354 |
Yamazaki Baking Co., Ltd. | 19,800 | 337,564 |
Yaskawa Electric Corp. | 10,800 | 410,807 |
Yokogawa Electric Corp. | 18,200 | 333,477 |
Z Holdings Corp. | 167,400 | 515,377 |
329,034,142 | ||
Netherlands 2.4% | ||
Aalberts N.V. | 7,422 | 299,090 |
ABN AMRO Group N.V. CVA | 33,259 | 619,950 |
Aegon N.V. | 268,541 | 1,165,021 |
Akzo Nobel N.V. | 16,440 | 1,515,659 |
APERAM S.A. | 10,208 | 261,549 |
ArcelorMittal | 156,925 | 2,333,314 |
ASML Holding N.V. | 7,002 | 1,835,324 |
ASR Nederland N.V. | 12,460 | 456,766 |
Boskalis Westminster N.V. | 14,305 | 314,868 |
Heineken Holding N.V. | 8,518 | 812,749 |
Heineken N.V. | 11,644 | 1,189,079 |
ING Groep N.V. | 341,540 | 3,867,423 |
Koninklijke Ahold Delhaize N.V. | 164,736 | 4,105,230 |
Koninklijke DSM N.V. | 10,403 | 1,234,711 |
Koninklijke KPN N.V. | 374,904 | 1,163,840 |
Koninklijke Philips N.V. | 58,501 | 2,566,677 |
Security | Number of Shares | Value ($) |
NN Group N.V. | 22,786 | 869,443 |
Prosus N.V. * | 2,999 | 206,808 |
Randstad N.V. | 18,376 | 1,019,810 |
Signify N.V. | 26,859 | 786,970 |
SNS Reaal N.V. *(a)(b) | 124,822 | — |
Unibail-Rodamco-Westfield | 5,201 | 804,263 |
Unilever N.V. | 71,008 | 4,197,047 |
Wolters Kluwer N.V. | 10,318 | 759,952 |
32,385,543 | ||
New Zealand 0.1% | ||
Contact Energy Ltd. | 71,699 | 339,108 |
Fletcher Building Ltd. | 177,921 | 522,756 |
Spark New Zealand Ltd. | 193,204 | 554,237 |
1,416,101 | ||
Norway 0.7% | ||
DNB A.S.A. | 69,033 | 1,256,903 |
Equinor A.S.A. | 162,568 | 3,018,185 |
Mowi A.S.A. | 25,760 | 628,852 |
Norsk Hydro A.S.A. | 226,492 | 800,323 |
Orkla A.S.A. | 60,722 | 583,650 |
Seadrill Ltd. *(b) | 57,514 | 103,777 |
Subsea 7 S.A. | 47,212 | 443,543 |
Telenor A.S.A. | 66,491 | 1,244,429 |
Yara International A.S.A. | 26,644 | 1,037,949 |
9,117,611 | ||
Poland 0.3% | ||
Bank Polska Kasa Opieki S.A. | 16,020 | 452,416 |
Kghm Polska Miedz S.A. * | 22,898 | 502,007 |
PGE Polska Grupa Energetyczna S.A. * | 181,867 | 389,952 |
Polski Koncern Naftowy Orlen S.A. | 57,584 | 1,574,525 |
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 259,182 | 319,317 |
Powszechna Kasa Oszczednosci Bank Polski S.A. | 38,855 | 387,963 |
Powszechny Zaklad Ubezpieczen S.A. | 46,776 | 452,656 |
Tauron Polska Energia S.A. * | 665,762 | 288,144 |
4,366,980 | ||
Portugal 0.2% | ||
EDP - Energias de Portugal S.A. | 370,217 | 1,525,009 |
Galp Energia, SGPS, S.A. | 57,614 | 921,523 |
Jeronimo Martins, SGPS, S.A. | 24,734 | 415,621 |
2,862,153 | ||
Republic of Korea 5.2% | ||
Amorepacific Corp. | 2,204 | 362,587 |
CJ CheilJedang Corp. | 1,298 | 255,120 |
CJ Corp. | 4,203 | 297,080 |
Daelim Industrial Co., Ltd. | 3,786 | 294,284 |
DB Insurance Co., Ltd. | 7,672 | 332,624 |
Doosan Heavy Industries & Construction Co., Ltd. * | 54,818 | 289,064 |
E-Mart, Inc. | 5,325 | 509,356 |
GS Holdings Corp. | 10,913 | 465,081 |
Hana Financial Group, Inc. | 30,552 | 884,558 |
Hankook Tire & Technology Co., Ltd. | 15,564 | 415,016 |
Hanwha Chemical Corp. | 16,811 | 235,224 |
Security | Number of Shares | Value ($) |
Hanwha Corp. | 15,868 | 323,493 |
Hyundai Engineering & Construction Co., Ltd. | 12,686 | 467,391 |
Hyundai Glovis Co., Ltd. | 3,502 | 453,621 |
Hyundai Marine & Fire Insurance Co., Ltd. | 13,020 | 282,752 |
Hyundai Mobis Co., Ltd. | 12,784 | 2,607,086 |
Hyundai Motor Co. | 33,448 | 3,503,489 |
Hyundai Steel Co. | 22,691 | 617,987 |
Hyundai Wia Corp. | 8,226 | 361,494 |
Industrial Bank of Korea | 36,896 | 373,659 |
KB Financial Group, Inc. | 34,518 | 1,242,627 |
Kia Motors Corp. | 72,811 | 2,661,050 |
Korea Electric Power Corp. * | 104,619 | 2,287,036 |
Korea Gas Corp. | 9,139 | 308,765 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. * | 6,006 | 627,702 |
Korea Zinc Co., Ltd. | 1,019 | 379,713 |
Korean Air Lines Co., Ltd. | 14,877 | 318,421 |
KT&G Corp. | 8,045 | 690,596 |
LG Chem Ltd. | 4,904 | 1,293,896 |
LG Corp. | 7,621 | 454,338 |
LG Display Co., Ltd. * | 120,884 | 1,417,006 |
LG Electronics, Inc. | 29,737 | 1,704,204 |
LG Household & Health Care Ltd. | 308 | 333,286 |
LG Uplus Corp. | 37,611 | 434,507 |
Lotte Chemical Corp. | 2,639 | 513,428 |
Lotte Shopping Co., Ltd. | 3,666 | 391,830 |
NAVER Corp. | 3,445 | 485,733 |
POSCO | 19,603 | 3,556,877 |
Posco International Corp. | 17,303 | 270,425 |
S-Oil Corp. | 6,199 | 529,587 |
Samsung C&T Corp. | 4,359 | 373,266 |
Samsung Electro-Mechanics Co., Ltd. | 5,392 | 522,023 |
Samsung Electronics Co., Ltd. | 550,670 | 23,799,873 |
Samsung Fire & Marine Insurance Co., Ltd. | 3,498 | 650,711 |
Samsung Heavy Industries Co., Ltd. * | 52,252 | 324,443 |
Samsung Life Insurance Co., Ltd. | 6,976 | 423,634 |
Samsung SDI Co., Ltd. | 2,077 | 405,318 |
Samsung SDS Co., Ltd. | 1,857 | 320,734 |
Shinhan Financial Group Co., Ltd. | 45,115 | 1,643,769 |
SK Holdings Co., Ltd. | 3,591 | 796,679 |
SK Hynix, Inc. | 45,301 | 3,185,383 |
SK Innovation Co., Ltd. | 15,632 | 2,139,013 |
SK Networks Co., Ltd. | 92,316 | 460,465 |
SK Telecom Co., Ltd. | 2,378 | 486,054 |
Woongjin Coway Co., Ltd. | 3,848 | 303,620 |
Woori Financial Group, Inc. | 58,936 | 594,182 |
69,661,160 | ||
Singapore 0.8% | ||
CapitaLand Ltd. | 161,000 | 425,559 |
ComfortDelGro Corp., Ltd. | 236,600 | 399,542 |
DBS Group Holdings Ltd. | 83,656 | 1,594,556 |
Golden Agri-Resources Ltd. | 1,561,300 | 234,353 |
Hutchison Port Holdings Trust, Class U | 1,264,264 | 195,836 |
Jardine Cycle & Carriage Ltd. | 13,900 | 334,186 |
Keppel Corp., Ltd. | 179,300 | 902,844 |
Oversea-Chinese Banking Corp., Ltd. | 164,041 | 1,318,760 |
Sembcorp Industries Ltd. | 162,800 | 273,323 |
Singapore Airlines Ltd. | 83,470 | 576,925 |
Singapore Telecommunications Ltd. | 636,686 | 1,541,769 |
Security | Number of Shares | Value ($) |
United Overseas Bank Ltd. | 65,652 | 1,292,519 |
Wilmar International Ltd. | 326,566 | 897,886 |
9,988,058 | ||
Spain 3.1% | ||
Acerinox S.A. | 27,884 | 261,422 |
ACS Actividades de Construccion y Servicios S.A. | 29,956 | 1,215,558 |
Aena SME S.A. | 2,613 | 479,648 |
Amadeus IT Group S.A. | 11,135 | 823,748 |
Banco Bilbao Vizcaya Argentaria S.A. | 699,207 | 3,682,603 |
Banco De Sabadell S.A. | 1,060,589 | 1,165,831 |
Banco Santander S.A. | 2,639,623 | 10,598,872 |
Bankia S.A. | 124,224 | 236,997 |
Bankinter S.A. | 41,807 | 289,551 |
CaixaBank S.A. | 189,210 | 542,578 |
Enagas S.A. | 15,440 | 382,056 |
Endesa S.A. | 46,710 | 1,272,139 |
Ferrovial S.A. | 28,027 | 826,886 |
Grifols S.A. | 11,627 | 375,093 |
Iberdrola S.A. | 485,808 | 4,993,617 |
Industria de Diseno Textil S.A. | 49,506 | 1,542,647 |
Mapfre S.A. | 147,875 | 412,718 |
Naturgy Energy Group S.A. | 36,793 | 1,002,428 |
Red Electrica Corp. S.A. | 24,386 | 490,098 |
Repsol S.A. | 228,522 | 3,765,974 |
Telefonica S.A. | 874,825 | 6,718,025 |
41,078,489 | ||
Sweden 2.1% | ||
Alfa Laval AB | 18,599 | 430,479 |
Assa Abloy AB, Class B | 43,444 | 1,031,724 |
Atlas Copco AB, A Shares | 35,507 | 1,253,273 |
Atlas Copco AB, B Shares | 20,255 | 628,479 |
BillerudKorsnas AB | 22,510 | 270,729 |
Boliden AB | 29,720 | 801,473 |
Electrolux AB, B Shares | 26,165 | 687,913 |
Epiroc AB, Class A | 21,691 | 244,398 |
Epiroc AB, Class B | 15,190 | 165,440 |
Essity AB, Class B | 33,633 | 1,050,719 |
Hennes & Mauritz AB, B Shares | 123,082 | 2,579,737 |
Hexagon AB, B Shares | 8,146 | 417,058 |
Husqvarna AB, B Shares | 40,524 | 310,450 |
ICA Gruppen AB | 8,101 | 358,483 |
Industrivarden AB, A Shares | 7,098 | 157,120 |
Industrivarden AB, C Shares | 8,507 | 184,318 |
Investor AB, A Shares | 7,475 | 376,802 |
Investor AB, B Shares | 23,587 | 1,210,118 |
Kinnevik AB, Class B | 9,957 | 272,499 |
Sandvik AB | 77,186 | 1,363,670 |
Securitas AB, B Shares | 33,351 | 534,020 |
Skandinaviska Enskilda Banken AB, A Shares | 114,111 | 1,094,477 |
Skanska AB, B Shares | 51,181 | 1,090,505 |
SKF AB, B Shares | 47,712 | 863,881 |
SSAB AB, A Shares | 54,465 | 152,445 |
SSAB AB, B Shares | 100,831 | 254,015 |
Svenska Handelsbanken AB, A Shares | 124,315 | 1,247,601 |
Swedbank AB, A Shares | 92,958 | 1,302,647 |
Swedish Match AB | 9,579 | 450,006 |
Tele2 AB, B Shares | 45,264 | 647,961 |
Telefonaktiebolaget LM Ericsson, B Shares | 281,457 | 2,459,592 |
Telia Co. AB | 340,392 | 1,497,353 |
Security | Number of Shares | Value ($) |
Trelleborg AB, B Shares | 24,768 | 400,514 |
Volvo AB, B Shares | 146,138 | 2,189,990 |
27,979,889 | ||
Switzerland 5.4% | ||
ABB Ltd. | 166,871 | 3,504,288 |
Adecco Group AG | 28,556 | 1,697,544 |
Alcon, Inc. * | 21,503 | 1,271,647 |
Baloise Holding AG | 2,772 | 512,691 |
Chocoladefabriken Lindt & Spruengli AG | 3 | 245,717 |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 30 | 222,909 |
Cie Financiere Richemont S.A. | 30,200 | 2,373,151 |
Clariant AG * | 15,078 | 309,288 |
Credit Suisse Group AG * | 126,296 | 1,563,275 |
Geberit AG | 1,233 | 626,475 |
Georg Fischer AG | 390 | 372,470 |
Givaudan S.A. | 329 | 966,580 |
Julius Baer Group Ltd. * | 8,695 | 385,046 |
Kuehne & Nagel International AG | 4,121 | 665,777 |
LafargeHolcim Ltd. * | 45,716 | 2,359,790 |
Lonza Group AG * | 1,542 | 555,787 |
Nestle S.A. | 141,908 | 15,181,504 |
Novartis AG | 101,353 | 8,855,738 |
Pargesa Holding S.A. | 2,692 | 212,799 |
Roche Holding AG | 34,016 | 10,237,313 |
Roche Holding AG - Bearer Shares | 1,338 | 398,894 |
Schindler Holding AG | 838 | 198,450 |
Schindler Holding AG - Participation Certificates | 1,533 | 375,579 |
Schweizerische Nationalbank | 310 | 1,787,588 |
SGS S.A. | 244 | 636,377 |
Sika AG | 5,147 | 884,803 |
Sonova Holding AG | 1,364 | 313,008 |
Swiss Life Holding AG | 1,695 | 848,884 |
Swiss Prime Site AG * | 3,587 | 369,719 |
Swiss Re AG | 33,911 | 3,556,881 |
Swisscom AG | 2,306 | 1,179,506 |
The Swatch Group AG | 4,755 | 255,279 |
The Swatch Group AG - Bearer Shares | 3,163 | 877,031 |
UBS Group AG * | 217,342 | 2,572,277 |
Zurich Insurance Group AG | 11,891 | 4,657,705 |
71,031,770 | ||
United Kingdom 15.8% | ||
3i Group plc | 46,209 | 675,247 |
Admiral Group plc | 11,552 | 302,336 |
Aggreko plc | 40,157 | 411,691 |
Anglo American plc | 72,919 | 1,876,723 |
Antofagasta plc | 32,880 | 370,318 |
Ashtead Group plc | 27,392 | 833,972 |
Associated British Foods plc | 33,486 | 966,566 |
AstraZeneca plc | 58,258 | 5,681,158 |
Aviva plc | 347,453 | 1,872,788 |
Babcock International Group plc | 47,658 | 342,289 |
BAE Systems plc | 300,628 | 2,245,604 |
Barclays plc | 1,857,826 | 4,029,758 |
Barratt Developments plc | 103,953 | 850,107 |
Bellway plc | 11,531 | 471,957 |
BHP Group plc | 176,852 | 3,751,127 |
BP plc | 3,070,750 | 19,472,734 |
British American Tobacco plc | 163,172 | 5,707,081 |
BT Group plc | 1,405,839 | 3,730,895 |
Bunzl plc | 21,940 | 570,763 |
Security | Number of Shares | Value ($) |
Burberry Group plc | 28,483 | 755,283 |
Capita plc * | 231,213 | 467,704 |
Carnival plc | 12,812 | 512,695 |
Centrica plc | 1,669,208 | 1,570,836 |
Coca-Cola HBC AG * | 11,951 | 363,892 |
Compass Group plc | 79,701 | 2,121,967 |
CRH plc | 53,414 | 1,947,113 |
Croda International plc | 4,994 | 311,584 |
DCC plc | 8,482 | 795,437 |
Diageo plc | 79,161 | 3,240,137 |
Direct Line Insurance Group plc | 200,572 | 707,167 |
Dixons Carphone plc | 403,841 | 686,758 |
Drax Group plc | 88,331 | 339,580 |
DS Smith plc | 113,620 | 526,767 |
easyJet plc | 36,248 | 581,490 |
Experian plc | 32,828 | 1,034,781 |
Ferguson plc | 22,783 | 1,945,516 |
FirstGroup plc * | 432,836 | 723,830 |
Flutter Entertainment plc | 2,720 | 280,526 |
G4S plc | 185,330 | 497,044 |
GlaxoSmithKline plc | 325,847 | 7,463,505 |
Glencore plc * | 2,597,907 | 7,841,466 |
Hays plc | 178,193 | 362,635 |
Hiscox Ltd. | 14,064 | 271,588 |
HSBC Holdings plc | 1,493,939 | 11,286,871 |
IMI plc | 27,414 | 356,496 |
Imperial Brands plc | 105,965 | 2,324,391 |
Inchcape plc | 84,704 | 708,172 |
Informa plc | 42,300 | 425,168 |
Inmarsat plc | 56,745 | 404,814 |
InterContinental Hotels Group plc | 9,099 | 550,623 |
International Consolidated Airlines Group S.A. | 90,220 | 621,039 |
Intertek Group plc | 4,921 | 341,202 |
Investec plc | 55,663 | 315,579 |
ITV plc | 454,889 | 789,125 |
J. Sainsbury plc | 492,767 | 1,298,576 |
John Wood Group plc | 72,625 | 318,869 |
Johnson Matthey plc | 34,576 | 1,373,597 |
Kingfisher plc | 645,623 | 1,731,953 |
Land Securities Group plc | 42,783 | 521,119 |
Legal & General Group plc | 434,903 | 1,486,646 |
Lloyds Banking Group plc | 5,337,399 | 3,926,223 |
London Stock Exchange Group plc | 5,013 | 451,766 |
M&G plc * | 123,823 | 342,923 |
Marks & Spencer Group plc | 455,387 | 1,072,796 |
Meggitt plc | 65,668 | 531,341 |
Micro Focus International plc | 10,428 | 143,126 |
Mondi plc | 47,523 | 985,337 |
National Grid plc | 438,769 | 5,130,211 |
Next plc | 12,730 | 1,085,696 |
Pearson plc | 73,566 | 649,705 |
Pennon Group plc | 37,058 | 431,164 |
Persimmon plc | 29,101 | 858,371 |
Prudential plc | 122,333 | 2,136,771 |
Reckitt Benckiser Group plc | 30,888 | 2,390,163 |
RELX plc | 64,894 | 1,562,346 |
Rentokil Initial plc | 58,688 | 345,390 |
Rio Tinto plc | 100,460 | 5,230,129 |
Rolls-Royce Holdings plc * | 146,429 | 1,347,403 |
Royal Dutch Shell plc, A Shares | 467,168 | 13,542,304 |
Royal Dutch Shell plc, B Shares | 525,833 | 15,143,866 |
Royal Mail plc | 423,155 | 1,157,942 |
RSA Insurance Group plc | 64,865 | 438,831 |
Severn Trent plc | 22,391 | 654,044 |
Smith & Nephew plc | 37,471 | 804,368 |
Smiths Group plc | 32,400 | 677,278 |
Smurfit Kappa Group plc | 19,711 | 655,732 |
Security | Number of Shares | Value ($) |
SSE plc | 164,110 | 2,730,141 |
St. James's Place plc | 21,987 | 296,562 |
Standard Chartered plc | 281,238 | 2,551,934 |
Standard Life Aberdeen plc | 239,659 | 942,258 |
Tate & Lyle plc | 50,379 | 439,420 |
Taylor Wimpey plc | 369,876 | 793,274 |
Tesco plc | 949,756 | 2,899,180 |
The Berkeley Group Holdings plc | 11,925 | 679,718 |
The British Land Co., plc | 43,287 | 348,033 |
The Sage Group plc | 54,978 | 512,400 |
The Weir Group plc | 19,086 | 333,376 |
Travis Perkins plc | 47,410 | 880,600 |
TUI AG | 57,482 | 751,995 |
Unilever plc | 50,440 | 3,020,294 |
United Utilities Group plc | 63,304 | 714,804 |
Virgin Money UK plc | 157,384 | 280,044 |
Vodafone Group plc | 5,142,911 | 10,495,238 |
Whitbread plc | 11,280 | 593,741 |
William Hill plc | 168,837 | 432,253 |
WM Morrison Supermarkets plc | 560,859 | 1,448,897 |
WPP plc | 173,614 | 2,166,626 |
209,372,669 | ||
Total Common Stock | ||
(Cost $1,207,269,003) | 1,305,855,393 | |
Preferred Stock1.1% of net assets | ||
Germany 0.7% | ||
Bayerische Motoren Werke AG | 11,509 | 708,415 |
Fuchs Petrolub SE | 7,201 | 306,793 |
Henkel AG & Co. KGaA | 11,006 | 1,143,223 |
Volkswagen AG | 35,808 | 6,807,288 |
8,965,719 | ||
Italy 0.1% | ||
Telecom Italia S.p.A. - RSP | 1,847,982 | 1,069,619 |
Republic of Korea 0.3% | ||
Hyundai Motor Co., Ltd. | 5,864 | 367,746 |
Hyundai Motor Co., Ltd. 2nd | 8,388 | 570,581 |
LG Chem Ltd. | 863 | 127,286 |
Samsung Electronics Co., Ltd. | 95,903 | 3,375,864 |
4,441,477 | ||
United Kingdom 0.0% | ||
Rolls-Royce Holdings plc *(a) | 6,867,938 | 8,896 |
Total Preferred Stock | ||
(Cost $13,101,728) | 14,485,711 | |
Other Investment Company0.1% of net assets | ||
United States 0.1% | ||
Securities Lending Collateral 0.1% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 2,090,033 | 2,090,033 |
Total Other Investment Company | ||
(Cost $2,090,033) | 2,090,033 |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments0.0% of net assets | ||
Time Deposits 0.0% | ||
Brown Brothers Harriman | ||
Australian Dollar | ||
0.35%, 11/01/19(d) | 598 | 412 |
Canadian Dollar | ||
0.87%, 11/01/19(d) | 61,756 | 46,888 |
Danish Krone | ||
(0.95%), 11/01/19(d) | 5,146 | 768 |
Euro | ||
(0.67%), 11/01/19(d) | 34 | 38 |
Hong Kong Dollar | ||
2.30%, 11/01/19(d) | 156,042 | 19,914 |
New Zealand Dollar | ||
0.50%, 11/01/19(d) | 2 | 1 |
Norwegian Krone | ||
0.60%, 11/01/19(d) | 199,474 | 21,691 |
Pound Sterling | ||
0.38%, 11/01/19(d) | 14,157 | 18,339 |
Singapore Dollar | ||
0.55%, 11/01/19(d) | 1,348 | 991 |
Swedish Krona | ||
(0.37%), 11/01/19(d) | 150,077 | 15,543 |
Swiss Franc | ||
(1.57%), 11/01/19(d) | 3,164 | 3,207 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.27%), 11/01/19(d) | 2,724,913 | 25,233 |
Total Short-Term Investments | ||
(Cost $153,025) | 153,025 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 67 | 6,556,620 | 98,243 |
* | 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 $1,746,171. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
RSP — | Risparmio (Convertible Savings Shares) |
Security | Number of Shares | Value ($) |
Common Stock99.3% of net assets | ||
Australia 5.3% | ||
Adelaide Brighton Ltd. | 208,631 | 443,119 |
ALS Ltd. | 108,930 | 605,823 |
Ansell Ltd. | 36,883 | 701,396 |
Aristocrat Leisure Ltd. | 45,751 | 997,602 |
ASX Ltd. | 15,939 | 904,727 |
AusNet Services | 575,895 | 735,630 |
Australian Pharmaceutical Industries Ltd. | 463,191 | 423,222 |
Bank of Queensland Ltd.(a) | 146,692 | 915,513 |
Bapcor Ltd. | 35,036 | 172,710 |
Beach Energy Ltd. | 193,855 | 304,930 |
Bega Cheese Ltd.(a) | 94,283 | 232,493 |
Breville Group Ltd. | 26,723 | 283,012 |
carsales.com Ltd. | 30,810 | 330,175 |
Challenger Ltd. | 134,295 | 736,569 |
Charter Hall Retail REIT | 60,409 | 183,539 |
Cleanaway Waste Management Ltd. | 241,182 | 306,541 |
Cochlear Ltd. | 4,463 | 651,107 |
Computershare Ltd. | 86,267 | 941,644 |
Costa Group Holdings Ltd. | 53,510 | 105,238 |
Cromwell Property Group | 305,506 | 279,154 |
CSR Ltd. | 338,615 | 967,906 |
Dexus | 111,848 | 922,351 |
Domino's Pizza Enterprises Ltd. | 4,952 | 174,220 |
Eclipx Group Ltd. | 172,550 | 186,641 |
Evolution Mining Ltd. | 106,669 | 304,261 |
FlexiGroup Ltd. | 145,816 | 195,900 |
Flight Centre Travel Group Ltd. | 17,954 | 527,429 |
G.U.D. Holdings Ltd. | 26,983 | 201,224 |
G8 Education Ltd. | 163,357 | 289,958 |
Genworth Mortgage Insurance Australia Ltd. | 162,576 | 437,152 |
GWA Group Ltd. | 111,999 | 224,650 |
Harvey Norman Holdings Ltd.(a) | 214,501 | 605,218 |
Healius Ltd. | 333,895 | 709,776 |
Iluka Resources Ltd. | 70,796 | 458,252 |
Independence Group NL | 42,216 | 184,888 |
Inghams Group Ltd. | 74,900 | 160,354 |
InvoCare Ltd. | 22,199 | 200,641 |
IOOF Holdings Ltd. | 164,124 | 834,623 |
IRESS Ltd. | 22,436 | 197,032 |
James Hardie Industries plc | 58,503 | 1,004,742 |
JB Hi-Fi Ltd. | 47,765 | 1,220,666 |
Link Administration Holdings Ltd. | 58,420 | 225,279 |
MACA Ltd. | 341,450 | 223,957 |
Magellan Financial Group Ltd. | 6,000 | 199,008 |
McMillan Shakespeare Ltd. | 20,099 | 222,335 |
Mineral Resources Ltd. | 53,737 | 528,553 |
Monadelphous Group Ltd. | 60,235 | 637,537 |
Myer Holdings Ltd. * | 2,687,273 | 1,007,052 |
nib Holdings Ltd. | 110,333 | 533,355 |
Nine Entertainment Co. Holdings Ltd. | 380,650 | 482,982 |
Northern Star Resources Ltd. | 52,147 | 353,469 |
NRW Holdings Ltd. | 98,796 | 153,636 |
Nufarm Ltd. * | 145,111 | 592,170 |
Security | Number of Shares | Value ($) |
Orora Ltd. | 386,030 | 822,807 |
OZ Minerals Ltd. | 101,349 | 707,155 |
Pact Group Holdings Ltd. * | 119,582 | 199,640 |
Pendal Group Ltd. | 71,193 | 351,524 |
Perenti Global Ltd. | 192,609 | 303,417 |
Perpetual Ltd. | 14,214 | 352,378 |
Premier Investments Ltd. | 24,218 | 320,966 |
Qantas Airways Ltd. | 254,451 | 1,125,471 |
Qube Holdings Ltd. | 224,827 | 504,085 |
REA Group Ltd. | 2,142 | 160,756 |
Regis Resources Ltd. | 91,561 | 310,306 |
Resolute Mining Ltd. * | 290,824 | 243,625 |
Sandfire Resources NL | 74,706 | 298,369 |
Santos Ltd. | 221,494 | 1,238,930 |
SEEK Ltd. | 49,011 | 767,024 |
Seven Group Holdings Ltd. | 30,133 | 389,477 |
Seven West Media Ltd. * | 981,869 | 269,637 |
Sigma Healthcare Ltd. | 1,784,247 | 714,891 |
Southern Cross Media Group Ltd. | 308,813 | 174,423 |
St. Barbara Ltd. | 57,016 | 109,996 |
Super Retail Group Ltd. | 88,635 | 582,290 |
Sydney Airport | 118,655 | 718,627 |
Tassal Group Ltd. | 42,773 | 122,128 |
The GPT Group | 201,143 | 825,637 |
The Star Entertainment Grp Ltd. | 302,700 | 981,501 |
TPG Telecom Ltd. | 73,994 | 333,504 |
Treasury Wine Estates Ltd. | 79,455 | 963,244 |
Vicinity Centres | 512,357 | 943,107 |
Virgin Australia International Holdings *(b) | 176,214 | — |
Vocus Group Ltd. * | 51,808 | 118,778 |
Washington H Soul Pattinson & Co., Ltd. | 11,120 | 166,224 |
Whitehaven Coal Ltd. | 108,158 | 245,993 |
40,787,271 | ||
Austria 0.6% | ||
Austria Technologie & Systemtechnik AG | 13,534 | 251,851 |
BAWAG Group AG * | 9,216 | 380,901 |
CA Immobilien Anlagen AG | 7,633 | 294,122 |
DO & Co. AG | 1,496 | 139,152 |
EVN AG | 9,511 | 173,753 |
IMMOFINANZ AG * | 15,371 | 441,926 |
Lenzing AG | 5,777 | 608,507 |
Oesterreichische Post AG | 16,433 | 605,633 |
POLYTEC Holding AG(a) | 15,442 | 140,578 |
S IMMO AG | 9,779 | 247,669 |
UNIQA Insurance Group AG | 42,691 | 410,549 |
Verbund AG | 9,724 | 526,798 |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 15,498 | 420,023 |
Zumtobel Group AG * | 26,130 | 207,496 |
4,848,958 | ||
Security | Number of Shares | Value ($) |
Belgium 1.3% | ||
Ackermans & van Haaren N.V. | 5,049 | 773,991 |
AGFA-Gevaert N.V. * | 108,819 | 496,550 |
Barco N.V. | 2,163 | 471,068 |
Befimmo S.A. | 3,795 | 245,322 |
Bekaert S.A. | 29,356 | 819,259 |
bpost S.A. | 97,835 | 1,118,083 |
Cie d'Entreprises CFE | 3,094 | 298,249 |
Cofinimmo S.A. | 3,445 | 509,477 |
D'ieteren S.A./N.V. | 16,345 | 1,032,325 |
Econocom Group S.A. | 42,029 | 109,595 |
Elia System Operator S.A./N.V. | 5,988 | 516,241 |
Euronav N.V. | 51,030 | 575,492 |
Gimv N.V. | 2,805 | 168,444 |
Greenyard N.V.(a) | 42,211 | 204,318 |
Melexis N.V. | 2,305 | 161,742 |
Nyrstar N.V. * | 501,161 | 108,435 |
Ontex Group N.V. | 34,063 | 617,923 |
Orange Belgium S.A. | 15,797 | 347,435 |
Sofina S.A. | 1,174 | 259,797 |
Telenet Group Holding N.V. * | 15,669 | 769,833 |
Tessenderlo Group S.A. * | 10,548 | 348,969 |
9,952,548 | ||
Canada 7.9% | ||
Aecon Group, Inc. | 38,972 | 538,524 |
Aimia, Inc. * | 133,299 | 369,404 |
Alacer Gold Corp. * | 49,100 | 243,058 |
Algonquin Power & Utilities Corp. | 52,949 | 727,240 |
Allied Properties Real Estate Investment Trust | 11,800 | 480,027 |
Altus Group Ltd. | 5,900 | 163,503 |
Artis Real Estate Investment Trust | 63,673 | 599,457 |
ATS Automation Tooling Systems, Inc. * | 10,800 | 146,613 |
AutoCanada, Inc.(a) | 35,500 | 223,442 |
Badger Daylighting Ltd.(a) | 4,900 | 145,166 |
Baytex Energy Corp. * | 471,100 | 525,789 |
Birchcliff Energy Ltd. | 95,900 | 146,351 |
BlackBerry Ltd. * | 67,000 | 352,016 |
Boardwalk Real Estate Investment Trust(a) | 12,377 | 410,468 |
Bombardier, Inc., Class B * | 138,000 | 173,928 |
Bonavista Energy Corp. | 945,400 | 351,717 |
Bonterra Energy Corp. | 46,522 | 114,442 |
Boyd Group Income Fund | 1,600 | 223,121 |
BRP, Inc. | 5,600 | 251,237 |
CAE, Inc. | 41,919 | 1,051,237 |
Calfrac Well Services Ltd. *(a) | 120,300 | 102,297 |
Canadian Apartment Properties REIT | 16,199 | 674,477 |
Canadian Utilities Ltd., Class A | 38,600 | 1,125,675 |
Canadian Western Bank | 20,739 | 525,128 |
Canfor Corp. * | 57,695 | 697,369 |
Canfor Pulp Products, Inc. | 17,800 | 117,036 |
CanWel Building Materials Group Ltd. | 41,000 | 141,014 |
Capital Power Corp. | 34,799 | 834,109 |
Cascades, Inc. | 63,719 | 603,277 |
CCL Industries, Inc., Class B | 18,390 | 756,907 |
Centerra Gold, Inc. * | 88,177 | 751,824 |
CES Energy Solutions Corp. | 154,542 | 206,510 |
Chartwell Retirement Residences | 39,400 | 440,935 |
Chemtrade Logistics Income Fund(a) | 56,881 | 451,299 |
Choice Properties Real Estate Investment Trust | 24,500 | 258,560 |
Chorus Aviation, Inc.(a) | 46,300 | 274,545 |
Cineplex, Inc. | 30,060 | 512,373 |
Security | Number of Shares | Value ($) |
Cogeco Communications, Inc. | 3,831 | 331,151 |
Cogeco, Inc. | 8,300 | 642,335 |
Colliers International Group, Inc. | 4,434 | 297,093 |
Cominar Real Estate Investment Trust | 93,913 | 957,597 |
Constellation Software, Inc. | 943 | 931,351 |
Corus Entertainment, Inc., Class B | 91,743 | 352,456 |
Cott Corp. | 35,400 | 454,763 |
Crombie Real Estate Investment Trust | 25,800 | 309,890 |
Detour Gold Corp. * | 28,300 | 469,912 |
Dream Global Real Estate Investment Trust | 23,080 | 292,289 |
Dream Office Real Estate Investment Trust | 36,517 | 812,351 |
Eldorado Gold Corp. * | 75,561 | 636,225 |
Element Fleet Management Corp. | 31,200 | 265,310 |
Emera, Inc. | 11,600 | 480,258 |
Enerflex Ltd. | 42,849 | 335,739 |
Enerplus Corp. | 117,500 | 709,229 |
Ensign Energy Services, Inc. | 198,489 | 403,880 |
Exchange Income Corp.(a) | 12,130 | 359,268 |
Extendicare, Inc.(a) | 41,700 | 282,095 |
First Capital Realty, Inc. | 28,678 | 474,664 |
FirstService Corp. | 3,200 | 279,305 |
Franco-Nevada Corp. | 9,415 | 913,550 |
Frontera Energy Corp. | 53,200 | 426,537 |
Genworth MI Canada, Inc. | 11,905 | 480,864 |
Granite Real Estate Investment Trust | 5,704 | 282,450 |
Great Canadian Gaming Corp. * | 8,727 | 276,036 |
Home Capital Group, Inc. *(a) | 31,870 | 655,983 |
Horizon North Logistics, Inc. | 131,000 | 96,477 |
Hudbay Minerals, Inc. | 78,056 | 283,280 |
Hudson's Bay Co. | 106,600 | 807,735 |
IAMGOLD Corp. * | 126,668 | 476,051 |
IGM Financial, Inc. | 33,000 | 931,296 |
Innergex Renewable Energy, Inc. | 20,700 | 258,377 |
Interfor Corp. * | 43,095 | 513,698 |
Intertape Polymer Group, Inc. | 21,085 | 271,507 |
Just Energy Group, Inc. | 95,914 | 222,107 |
Kinross Gold Corp. * | 251,100 | 1,220,135 |
Kirkland Lake Gold Ltd. | 7,000 | 328,715 |
Laurentian Bank of Canada | 12,311 | 423,421 |
Lundin Mining Corp. | 151,825 | 766,560 |
Maple Leaf Foods, Inc. | 31,563 | 550,453 |
Martinrea International, Inc. | 88,571 | 722,233 |
Medical Facilities Corp. | 25,586 | 151,911 |
MEG Energy Corp. * | 146,162 | 561,521 |
Morneau Shepell, Inc.(a) | 10,912 | 262,713 |
Mullen Group Ltd. | 73,992 | 460,659 |
NFI Group, Inc. | 18,492 | 406,737 |
Norbord, Inc. | 21,000 | 606,195 |
Northland Power, Inc. | 24,846 | 496,128 |
Northview Apartment Real Estate Investment Trust | 9,700 | 212,544 |
OceanaGold Corp. | 174,072 | 417,635 |
Pan American Silver Corp. | 52,405 | 890,061 |
Parex Resources, Inc. * | 25,600 | 346,944 |
Parkland Fuel Corp. | 34,800 | 1,155,949 |
Pason Systems, Inc. | 19,996 | 214,671 |
Peyto Exploration & Development Corp.(a) | 178,802 | 357,034 |
PrairieSky Royalty Ltd. | 22,500 | 219,687 |
Precision Drilling Corp. * | 426,300 | 453,132 |
Premium Brands Holdings Corp. | 4,800 | 316,659 |
Quebecor, Inc., Class B | 32,900 | 764,861 |
Restaurant Brands International, Inc. | 12,500 | 817,800 |
Richelieu Hardware Ltd.(a) | 17,714 | 363,668 |
Ritchie Bros. Auctioneers, Inc. | 11,855 | 487,755 |
Rogers Sugar, Inc. | 44,770 | 184,573 |
Security | Number of Shares | Value ($) |
Russel Metals, Inc. | 54,117 | 888,323 |
Secure Energy Services, Inc. | 96,531 | 310,752 |
SEMAFO, Inc. * | 86,600 | 279,440 |
Seven Generations Energy Ltd., Class A * | 66,800 | 374,295 |
ShawCor Ltd. | 52,896 | 532,534 |
Sherritt International Corp. * | 214,500 | 39,086 |
SmartCentres Real Estate Investment Trust | 23,025 | 556,614 |
Stantec, Inc. | 31,248 | 666,668 |
Stella-Jones, Inc. | 12,500 | 346,595 |
Superior Plus Corp. | 82,543 | 745,149 |
The North West Co., Inc. | 20,315 | 434,649 |
The Stars Group, Inc. * | 15,000 | 326,399 |
TMX Group Ltd. | 7,200 | 629,091 |
Toromont Industries Ltd. | 13,881 | 716,762 |
Tourmaline Oil Corp. | 62,377 | 535,161 |
Transcontinental, Inc., Class A | 52,620 | 600,869 |
Trican Well Service Ltd. * | 449,566 | 293,544 |
Turquoise Hill Resources Ltd. * | 312,300 | 128,040 |
Uni-Select, Inc. | 30,920 | 250,017 |
Vermilion Energy, Inc.(a) | 50,500 | 667,148 |
Western Forest Products, Inc. | 387,495 | 382,464 |
WestJet Airlines Ltd. | 50,800 | 1,181,386 |
Westshore Terminals Investment Corp. | 15,856 | 274,961 |
Wheaton Precious Metals Corp. | 42,216 | 1,183,369 |
Whitecap Resources, Inc. | 189,300 | 527,470 |
Winpak Ltd. | 7,600 | 269,125 |
Yamana Gold, Inc. | 273,900 | 1,000,273 |
60,983,722 | ||
Denmark 1.1% | ||
Chr. Hansen Holding A/S | 5,788 | 444,378 |
D/S Norden A/S | 23,295 | 340,752 |
Demant A/S * | 12,862 | 339,752 |
Dfds A/S | 11,631 | 458,147 |
FLSmidth & Co. A/S | 19,625 | 703,427 |
Genmab A/S * | 762 | 166,493 |
GN Store Nord A/S | 13,441 | 591,309 |
H. Lundbeck A/S | 7,119 | 243,260 |
Jyske Bank A/S * | 21,872 | 727,575 |
Matas A/S | 24,940 | 191,168 |
Nilfisk Holding A/S * | 11,138 | 188,216 |
NKT A/S * | 21,205 | 372,022 |
Rockwool International A/S, B Shares | 2,086 | 409,979 |
Royal Unibrew A/S | 6,078 | 498,634 |
Scandinavian Tobacco Group A/S | 32,891 | 388,625 |
Schouw & Co. A/S | 5,470 | 392,515 |
SimCorp A/S | 3,034 | 271,476 |
Spar Nord Bank A/S | 19,760 | 193,027 |
Sydbank A/S | 30,697 | 602,136 |
Topdanmark A/S | 5,268 | 235,923 |
Tryg A/S | 22,230 | 621,352 |
8,380,166 | ||
Finland 1.3% | ||
Aktia Bank Oyj | 14,723 | 143,352 |
Cargotec Oyj, B Shares | 24,496 | 859,385 |
Caverion Oyj | 44,759 | 334,462 |
Cramo Oyj | 23,869 | 252,900 |
Finnair Oyj | 33,079 | 216,026 |
Huhtamaki Oyj | 26,451 | 1,224,827 |
Kemira Oyj | 43,682 | 709,601 |
Konecranes Oyj | 21,145 | 653,008 |
Metsa Board Oyj | 75,619 | 501,106 |
Orion Oyj, Class B | 28,367 | 1,258,491 |
Security | Number of Shares | Value ($) |
Outotec Oyj * | 73,642 | 474,637 |
Ramirent Oyj(a) | 45,995 | 448,346 |
Sanoma Oyj | 39,629 | 414,137 |
Tieto Oyj | 29,014 | 825,162 |
Tokmanni Group Corp. | 15,123 | 193,629 |
Uponor Oyj | 26,643 | 348,519 |
Valmet Oyj | 30,984 | 693,438 |
Yit Oyj | 57,454 | 345,081 |
9,896,107 | ||
France 4.2% | ||
Aeroports de Paris | 4,261 | 810,396 |
Albioma S.A. | 10,435 | 270,847 |
ALD S.A. | 67,639 | 959,320 |
Altarea S.C.A. | 910 | 200,086 |
Alten S.A. | 5,912 | 650,332 |
Altran Technologies S.A. | 56,120 | 892,251 |
Amundi S.A. | 10,691 | 764,056 |
Beneteau S.A. | 12,502 | 116,762 |
BioMerieux | 4,809 | 393,785 |
Bonduelle S.C.A. | 6,457 | 167,795 |
Cie Plastic Omnium S.A. | 27,182 | 742,517 |
Coface S.A. | 31,314 | 342,260 |
Covivio | 8,163 | 924,453 |
Dassault Aviation S.A. | 266 | 369,514 |
Derichebourg S.A. | 88,813 | 320,179 |
Edenred | 23,749 | 1,251,756 |
Elior Group S.A. | 68,826 | 891,341 |
Elis S.A. | 46,305 | 885,283 |
Eramet | 3,624 | 181,585 |
Eurofins Scientific SE | 981 | 497,361 |
Euronext N.V. | 9,651 | 778,566 |
Europcar Mobility Group | 42,845 | 157,349 |
Fnac Darty S.A. * | 6,737 | 389,971 |
Gaztransport Et Technigaz S.A. | 2,548 | 232,476 |
Gecina S.A. | 5,261 | 903,150 |
Getlink SE | 69,877 | 1,170,501 |
ICADE | 8,722 | 854,087 |
Imerys S.A. | 19,229 | 742,791 |
Ipsen S.A. | 3,352 | 357,282 |
IPSOS | 22,590 | 680,748 |
JCDecaux S.A. | 19,278 | 526,974 |
Kaufman & Broad S.A. | 7,121 | 271,661 |
Korian S.A. | 12,686 | 537,974 |
Latecoere SACA * | 55,274 | 236,954 |
LISI | 7,377 | 259,302 |
Maisons du Monde S.A. | 14,682 | 203,176 |
Mercialys S.A. | 25,802 | 359,843 |
Mersen S.A. | 4,708 | 153,277 |
Metropole Television S.A. | 30,458 | 535,831 |
Nexans S.A. | 25,582 | 1,040,986 |
Nexity S.A. | 16,234 | 840,243 |
Orpea | 6,010 | 723,863 |
Quadient | 35,466 | 759,549 |
Remy Cointreau S.A. | 2,788 | 373,098 |
Rothschild & Co. | 5,994 | 168,576 |
SEB S.A. | 5,463 | 830,119 |
Societe BIC S.A. | 11,805 | 819,591 |
Solocal Group *(a) | 361,870 | 283,227 |
Sopra Steria Group | 4,875 | 669,197 |
SPIE S.A. | 53,647 | 1,132,244 |
Tarkett S.A. | 24,619 | 400,904 |
Technicolor S.A. * | 665,144 | 556,519 |
Television Francaise | 66,691 | 559,656 |
Trigano S.A. | 1,621 | 146,195 |
UbiSoft Entertainment S.A. * | 11,054 | 653,283 |
Vallourec S.A. *(a) | 337,664 | 820,185 |
Security | Number of Shares | Value ($) |
Vicat S.A. | 9,128 | 387,068 |
Vilmorin & Cie S.A. | 3,336 | 182,441 |
32,330,736 | ||
Germany 3.7% | ||
1&1 Drillisch AG | 5,733 | 153,546 |
Aareal Bank AG | 24,454 | 820,962 |
Alstria Office REIT AG | 10,190 | 190,930 |
Aroundtown S.A. | 23,601 | 199,490 |
Axel Springer SE * | 13,262 | 924,444 |
Bauer AG | 11,360 | 180,925 |
BayWa AG | 21,662 | 633,703 |
Bechtle AG | 7,066 | 765,210 |
Bertrandt AG | 2,819 | 140,695 |
Bilfinger SE | 33,338 | 1,112,838 |
CANCOM SE | 6,819 | 364,693 |
Carl Zeiss Meditec AG, Class B | 2,033 | 221,605 |
CECONOMY AG * | 120,253 | 605,139 |
Cewe Stiftung & Co. KGaA | 1,585 | 152,443 |
CTS Eventim AG & Co. KGaA | 5,741 | 347,709 |
Deutsche Euroshop AG | 9,265 | 277,298 |
Deutz AG | 76,764 | 427,089 |
Dialog Semiconductor plc * | 22,152 | 996,403 |
Duerr AG | 20,168 | 595,028 |
DWS Group GmbH & Co. KGaA | 6,000 | 194,062 |
ElringKlinger AG * | 46,075 | 340,610 |
Fielmann AG | 5,043 | 388,925 |
Fraport AG Frankfurt Airport Services Worldwide | 9,253 | 773,390 |
Gerresheimer AG | 8,634 | 696,290 |
Grand City Properties S.A. | 8,188 | 191,692 |
GRENKE AG | 1,550 | 146,681 |
Hamburger Hafen und Logistik AG | 6,998 | 181,297 |
Hapag-Lloyd AG | 12,043 | 875,737 |
Heidelberger Druckmaschinen AG * | 211,795 | 274,852 |
Hella GmbH & Co. KGaA | 22,909 | 1,114,381 |
HOCHTIEF AG | 6,924 | 865,105 |
Hornbach Holding AG & Co. KGaA | 11,632 | 703,146 |
Indus Holding AG | 10,059 | 383,358 |
Jenoptik AG | 9,954 | 295,983 |
Knorr-Bremse AG | 4,320 | 435,989 |
Koenig & Bauer AG | 4,004 | 132,319 |
Krones AG | 7,388 | 482,674 |
LEG Immobilien AG | 6,426 | 738,115 |
Nordex SE * | 31,291 | 408,528 |
Norma Group SE | 10,022 | 367,909 |
Pfeiffer Vacuum Technology AG | 1,490 | 233,150 |
Puma SE | 12,294 | 924,840 |
QIAGEN N.V. * | 13,032 | 391,990 |
Rational AG | 209 | 159,018 |
Rhoen-Klinikum AG | 11,592 | 238,920 |
SAF-Holland S.A. | 26,550 | 187,451 |
Scout24 AG | 12,868 | 797,640 |
Siemens Healthineers AG | 10,136 | 430,652 |
Siltronic AG | 5,254 | 500,388 |
Sixt SE | 3,800 | 371,607 |
Software AG | 14,695 | 467,463 |
Stabilus S.A. | 3,734 | 209,633 |
Stroeer SE & Co. KGaA | 2,428 | 195,620 |
Suedzucker AG | 64,390 | 926,624 |
TAG Immobilien AG * | 17,727 | 430,797 |
Takkt AG | 18,328 | 217,903 |
Talanx AG * | 16,418 | 756,680 |
TLG Immobilien AG | 7,366 | 215,652 |
Wacker Chemie AG | 8,218 | 643,809 |
Wacker Neuson SE | 13,356 | 228,028 |
Security | Number of Shares | Value ($) |
Wirecard AG | 3,012 | 381,066 |
Zalando SE * | 12,459 | 540,185 |
28,550,309 | ||
Greece 0.0% | ||
TT Hellenic Postbank S.A. *(b) | 24,275 | — |
Hong Kong 3.8% | ||
AAC Technologies Holdings, Inc. | 166,000 | 1,074,235 |
ASM Pacific Technology Ltd. | 66,000 | 921,547 |
BOC Aviation Ltd. | 31,000 | 291,242 |
Brightoil Petroleum Holdings Ltd. *(b) | 1,150,000 | — |
Cafe De Coral Holdings Ltd. | 126,000 | 343,803 |
Cathay Pacific Airways Ltd. | 378,000 | 482,914 |
China Harmony New Energy Auto Holding Ltd. | 785,000 | 270,133 |
China Travel International Investment Hong Kong Ltd. | 1,126,000 | 177,756 |
Chow Tai Fook Jewellery Group Ltd. | 532,400 | 478,687 |
CITIC Telecom International Holdings Ltd. | 586,000 | 222,434 |
CK Infrastructure Holdings Ltd. | 30,000 | 215,902 |
Dah Sing Financial Holdings Ltd. | 54,000 | 200,938 |
Dairy Farm International Holdings Ltd. | 75,523 | 455,404 |
Esprit Holdings Ltd. * | 4,088,076 | 781,558 |
First Pacific Co., Ltd. | 2,528,000 | 967,119 |
Fortune REIT | 140,000 | 164,235 |
Giordano International Ltd. | 746,000 | 236,811 |
Global Brands Group Holding Ltd. | 5,348,823 | 368,191 |
Haitong International Securities Group Ltd. | 568,500 | 164,836 |
Hang Lung Group Ltd. | 338,000 | 846,566 |
Hang Lung Properties Ltd. | 450,000 | 989,191 |
Huabao International Holdings Ltd. | 322,000 | 117,711 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 896,000 | 162,081 |
Hysan Development Co., Ltd. | 74,000 | 291,652 |
IGG, Inc. | 135,000 | 88,221 |
Johnson Electric Holdings Ltd. | 216,500 | 395,349 |
K Wah International Holdings Ltd. | 555,000 | 303,290 |
Kerry Logistics Network Ltd. | 225,500 | 359,795 |
Kerry Properties Ltd. | 261,000 | 843,986 |
L'Occitane International S.A. | 145,250 | 327,000 |
Lifestyle International Holdings Ltd. | 143,000 | 150,524 |
Luk Fook Holdings International Ltd. | 222,000 | 589,657 |
Man Wah Holdings Ltd. | 670,400 | 456,607 |
Melco International Development Ltd. | 187,000 | 495,615 |
MGM China Holdings Ltd. | 202,000 | 319,863 |
Minth Group Ltd. | 159,500 | 564,180 |
MMG Ltd. * | 1,108,000 | 230,665 |
NagaCorp Ltd. | 140,000 | 254,392 |
NewOcean Energy Holdings Ltd. * | 1,096,000 | 177,633 |
Nexteer Automotive Group Ltd. | 262,000 | 244,189 |
NWS Holdings Ltd. | 394,000 | 586,382 |
Pacific Basin Shipping Ltd. | 1,660,000 | 384,352 |
Pacific Textile Holdings Ltd. | 278,000 | 202,215 |
Pou Sheng International Holdings Ltd. | 1,176,000 | 443,971 |
Power Assets Holdings Ltd. | 71,643 | 511,254 |
Prada S.p.A. | 185,700 | 638,412 |
Road King Infrastructure Ltd. | 122,000 | 223,188 |
Sa Sa International Holdings Ltd.(a) | 722,518 | 172,958 |
Samsonite International S.A. | 354,100 | 721,005 |
Semiconductor Manufacturing International Corp. * | 757,900 | 962,721 |
Shangri-La Asia Ltd. | 256,000 | 262,762 |
Security | Number of Shares | Value ($) |
Shougang Fushan Resources Group Ltd. | 1,418,000 | 292,601 |
Shui On Land Ltd. | 1,764,000 | 354,993 |
SITC International Holdings Co., Ltd. | 326,000 | 358,958 |
SmarTone Telecommunications Holdings Ltd. | 275,000 | 238,677 |
Sun Art Retail Group Ltd. | 896,000 | 914,271 |
Swire Properties Ltd. | 136,400 | 428,985 |
Television Broadcasts Ltd. | 224,200 | 369,813 |
The Bank of East Asia Ltd. | 283,867 | 683,807 |
Tingyi (Cayman Islands) Holding Corp. | 646,000 | 859,371 |
Towngas China Co., Ltd. * | 187,000 | 144,154 |
Truly International Holdings Ltd. * | 2,366,000 | 306,546 |
Uni-President China Holdings Ltd. | 352,000 | 363,592 |
Value Partners Group Ltd. | 229,000 | 120,550 |
Vitasoy International Holdings Ltd. | 60,000 | 243,978 |
VSTECS Holdings Ltd. | 622,000 | 316,977 |
VTech Holdings Ltd. | 81,200 | 711,947 |
Wynn Macau Ltd. | 320,400 | 695,294 |
Xinyi Glass Holdings Ltd. | 576,000 | 647,619 |
Xinyi Solar Holdings Ltd. | 330,850 | 186,942 |
29,374,207 | ||
Ireland 0.3% | ||
AIB Group plc | 125,890 | 403,243 |
Glanbia plc | 46,231 | 515,099 |
Irish Continental Group plc | 43,489 | 207,594 |
Kingspan Group plc | 19,418 | 1,006,179 |
Total Produce plc | 259,871 | 423,158 |
2,555,273 | ||
Israel 1.1% | ||
Azrieli Group Ltd. | 5,025 | 387,318 |
Cellcom Israel Ltd. * | 42,475 | 108,480 |
Clal Insurance Enterprise Holdings Ltd. * | 11,382 | 175,573 |
Delek Group Ltd. | 2,371 | 296,248 |
El Al Israel Airlines * | 655,403 | 252,532 |
Elbit Systems Ltd. | 4,096 | 671,567 |
First International Bank of Israel Ltd. * | 10,669 | 292,901 |
Gazit-Globe Ltd. | 46,966 | 473,302 |
Harel Insurance Investments & Finances Service Ltd. | 28,391 | 227,054 |
Israel Discount Bank Ltd., Class A | 240,066 | 1,097,059 |
Mehadrin Ltd. * | — | 3 |
Mizrahi Tefahot Bank Ltd. | 22,454 | 557,097 |
Nice Ltd. * | 4,858 | 766,303 |
Oil Refineries Ltd. | 941,897 | 483,593 |
Partner Communications Co., Ltd. * | 45,445 | 204,851 |
Paz Oil Co., Ltd. | 4,998 | 766,380 |
Shikun & Binui Ltd. | 68,877 | 273,328 |
Shufersal Ltd. | 27,039 | 182,839 |
The Israel Corp., Ltd. * | 2,734 | 521,895 |
The Phoenix Holdings Ltd. | 28,285 | 172,533 |
Tower Semiconductor Ltd. * | 28,764 | 635,747 |
8,546,603 | ||
Italy 2.4% | ||
ACEA S.p.A. | 18,030 | 358,831 |
Alitalia - Linee Aeree Italiane S.p.A. *(b) | 14,782 | — |
Amplifon S.p.A. | 11,455 | 288,074 |
Anima Holding S.p.A. | 110,862 | 481,259 |
Astaldi S.p.A. * | 385,104 | 284,333 |
Security | Number of Shares | Value ($) |
ASTM S.p.A. | 15,831 | 498,967 |
Autogrill S.p.A. | 58,167 | 575,084 |
Azimut Holding S.p.A. | 36,407 | 748,660 |
Banca Carige S.p.A. *(b) | 60,009,170 | 66,928 |
Banca Generali S.p.A. | 12,304 | 401,682 |
Banca IFIS S.p.A. | 9,239 | 156,743 |
Banca Mediolanum S.p.A. | 67,450 | 578,371 |
Banca Monte dei Paschi di Siena S.p.A. * | 195,430 | 314,945 |
Banca Popolare Di Sondrio Scarl | 362,003 | 723,972 |
Buzzi Unicem S.p.A. | 31,950 | 770,909 |
Cerved Group S.p.A. | 46,091 | 448,580 |
Danieli & C Officine Meccaniche S.p.A. | 24,156 | 417,050 |
Davide Campari-Milano S.p.A. | 48,308 | 443,096 |
De'Longhi S.p.A. | 19,554 | 360,181 |
DiaSorin S.p.A. | 2,189 | 246,812 |
Enav S.p.A. | 69,553 | 404,928 |
ERG S.p.A. | 22,371 | 473,520 |
Esprinet S.p.A. | 58,871 | 244,579 |
Ferrari N.V. | 6,378 | 1,021,481 |
Fincantieri S.p.A. * | 124,659 | 131,545 |
FinecoBank Banca Fineco S.p.A. | 37,551 | 423,325 |
Freni Brembo S.p.A. | 43,357 | 461,293 |
Industria Macchine Automatiche S.p.A. | 2,032 | 138,356 |
Infrastrutture Wireless Italiane S.p.A. | 17,437 | 178,917 |
Interpump Group S.p.A. | 11,452 | 313,937 |
Iren S.p.A. | 270,312 | 838,714 |
Italgas S.p.A. | 132,169 | 850,864 |
MARR S.p.A. | 10,082 | 211,879 |
Mediaset S.p.A. * | 207,632 | 620,978 |
Moncler S.p.A. | 12,574 | 485,215 |
OVS S.p.A. * | 262,466 | 523,739 |
Piaggio & C. S.p.A. | 51,320 | 161,507 |
Recordati S.p.A. | 12,162 | 511,097 |
Salini Impregilo S.p.A. *(a) | 141,450 | 287,991 |
Salvatore Ferragamo S.p.A. | 16,092 | 300,968 |
Societa Cattolica di Assicurazioni SC | 69,152 | 603,228 |
Societa Iniziative Autostradali e Servizi S.p.A. | 20,864 | 360,798 |
Tod's S.p.A. | 6,080 | 288,193 |
UnipolSai Assicurazioni S.p.A. | 257,302 | 718,119 |
18,719,648 | ||
Japan 35.2% | ||
ABC-Mart, Inc. | 7,000 | 479,958 |
Acom Co., Ltd. | 45,900 | 184,410 |
Adastria Co., Ltd. | 19,180 | 471,731 |
ADEKA Corp. | 58,200 | 832,903 |
Advantest Corp. | 18,100 | 823,703 |
Aeon Delight Co., Ltd. | 9,800 | 341,288 |
AEON Financial Service Co., Ltd. | 34,700 | 528,842 |
Aeon Mall Co., Ltd. | 37,330 | 597,244 |
Ahresty Corp. | 46,600 | 236,651 |
Aica Kogyo Co., Ltd. | 16,200 | 514,473 |
Aichi Steel Corp. | 13,600 | 442,620 |
Aida Engineering Ltd. | 34,900 | 297,070 |
Ain Holdings, Inc. | 7,000 | 400,534 |
Aisan Industry Co., Ltd. | 44,000 | 363,782 |
Alconix Corp. | 16,800 | 212,283 |
Alpen Co., Ltd. | 15,100 | 240,046 |
Amano Corp. | 20,100 | 594,290 |
Anritsu Corp.(a) | 24,100 | 459,593 |
AOKI Holdings, Inc. | 30,300 | 308,269 |
Aoyama Trading Co., Ltd. | 40,700 | 716,100 |
Aozora Bank Ltd. | 35,600 | 913,438 |
Arata Corp. | 16,200 | 607,327 |
Arcland Sakamoto Co., Ltd. | 21,400 | 252,439 |
Security | Number of Shares | Value ($) |
Arcs Co., Ltd. | 39,600 | 794,648 |
Asahi Diamond Industrial Co., Ltd. | 35,600 | 221,474 |
Asahi Holdings, Inc. | 16,400 | 381,798 |
ASKUL Corp. | 8,300 | 227,994 |
Autobacs Seven Co., Ltd. | 37,000 | 610,800 |
Avex, Inc. | 23,200 | 282,248 |
Axial Retailing, Inc. | 9,300 | 359,534 |
Azbil Corp. | 39,100 | 1,088,042 |
Belc Co., Ltd. | 4,400 | 211,625 |
Belluna Co., Ltd. | 21,100 | 137,942 |
Benesse Holdings, Inc. | 32,000 | 856,632 |
BML, Inc. | 7,500 | 220,005 |
Bunka Shutter Co., Ltd. | 38,900 | 337,653 |
Calbee, Inc. | 19,000 | 635,089 |
Canon Electronics, Inc. | 12,400 | 232,150 |
Canon Marketing Japan, Inc. | 31,100 | 658,005 |
Capcom Co., Ltd. | 14,800 | 349,333 |
Cawachi Ltd. | 16,300 | 332,519 |
Central Glass Co., Ltd. | 29,500 | 711,053 |
Chiyoda Co., Ltd. | 18,100 | 268,221 |
Chiyoda Corp. * | 208,200 | 538,341 |
Chubu Shiryo Co., Ltd. | 28,800 | 336,118 |
Chudenko Corp. | 13,300 | 306,608 |
Chugoku Marine Paints Ltd. | 29,700 | 287,151 |
CKD Corp. | 30,800 | 432,402 |
Cocokara fine, Inc. | 14,800 | 816,052 |
Colowide Co., Ltd. | 7,200 | 139,612 |
CONEXIO Corp. | 11,300 | 156,268 |
Cosmos Pharmaceutical Corp. | 2,300 | 474,975 |
Create SD Holdings Co., Ltd. | 8,700 | 215,554 |
Credit Saison Co., Ltd. | 84,300 | 1,220,726 |
CyberAgent, Inc. | 16,800 | 546,026 |
Daido Metal Co., Ltd. | 35,700 | 226,464 |
Daifuku Co., Ltd. | 13,700 | 726,946 |
Daihen Corp. | 10,900 | 341,606 |
Daiho Corp. | 10,100 | 285,352 |
Daiichikosho Co., Ltd. | 12,400 | 589,463 |
Daikyonishikawa Corp. | 44,100 | 338,802 |
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 11,800 | 355,106 |
Daio Paper Corp. | 42,400 | 565,180 |
Daiseki Co., Ltd. | 10,000 | 290,492 |
Daiwabo Holdings Co., Ltd. | 15,100 | 659,811 |
DCM Holdings Co., Ltd. | 70,300 | 695,913 |
Dena Co., Ltd. | 40,786 | 695,230 |
Descente Ltd. | 14,600 | 187,141 |
Dexerials Corp. | 31,700 | 279,829 |
Disco Corp. | 4,700 | 1,025,716 |
DMG Mori Co., Ltd. | 26,700 | 432,278 |
Doshisha Co., Ltd. | 16,000 | 253,556 |
Doutor Nichires Holdings Co., Ltd. | 14,900 | 298,364 |
DTS Corp. | 13,200 | 279,555 |
Duskin Co., Ltd. | 22,100 | 587,237 |
DyDo Group Holdings, Inc. | 6,000 | 250,126 |
Eagle Industry Co., Ltd. | 24,500 | 246,044 |
Earth Corp. | 5,100 | 269,188 |
Eizo Corp. | 7,450 | 277,076 |
Exedy Corp. | 29,300 | 690,151 |
Ezaki Glico Co., Ltd. | 17,200 | 798,139 |
F-Tech, Inc. | 19,100 | 135,429 |
F.C.C. Co., Ltd. | 21,800 | 451,049 |
FamilyMart Co., Ltd. | 27,300 | 677,209 |
Fancl Corp. | 9,800 | 276,938 |
Feed One Co., Ltd. | 119,700 | 187,428 |
Foster Electric Co., Ltd. | 30,600 | 547,076 |
FP Corp. | 5,000 | 310,439 |
Fuji Co., Ltd. | 19,700 | 354,456 |
Fuji Corp. | 33,338 | 553,586 |
Security | Number of Shares | Value ($) |
Fuji Media Holdings, Inc. | 21,700 | 293,223 |
Fuji Oil Co., Ltd. | 124,100 | 294,035 |
Fuji Oil Holdings, Inc. | 15,700 | 472,185 |
Fuji Seal International, Inc. | 10,400 | 258,333 |
Fuji Soft, Inc. | 7,700 | 335,419 |
Fujimori Kogyo Co., Ltd. | 10,200 | 360,632 |
Fujitec Co., Ltd. | 44,300 | 644,447 |
Fujitsu General Ltd. | 30,900 | 557,769 |
Fukuoka Financial Group, Inc. | 44,300 | 853,986 |
Fukuyama Transporting Co., Ltd. | 13,500 | 484,239 |
Funai Electric Co., Ltd. * | 31,900 | 175,845 |
Furukawa Co., Ltd. | 24,500 | 350,967 |
Futaba Corp. | 18,200 | 234,094 |
Futaba Industrial Co., Ltd. | 74,900 | 529,563 |
Fuyo General Lease Co., Ltd. | 4,300 | 280,268 |
G-Tekt Corp. | 24,200 | 417,215 |
Geo Holdings Corp. | 38,300 | 477,296 |
Glory Ltd. | 30,200 | 889,165 |
Gree, Inc. | 78,800 | 374,143 |
GS Yuasa Corp. | 51,700 | 942,505 |
GungHo Online Entertainment, Inc. | 24,750 | 536,045 |
Gunze Ltd. | 9,900 | 430,764 |
H-One Co., Ltd. | 21,100 | 142,527 |
H.I.S. Co., Ltd. | 12,200 | 316,599 |
Hakuto Co., Ltd. | 12,900 | 154,132 |
Hamakyorex Co., Ltd. | 6,400 | 218,372 |
Hamamatsu Photonics K.K. | 17,400 | 675,629 |
Happinet Corp. | 15,600 | 196,820 |
Hazama Ando Corp. | 114,200 | 884,833 |
Heiwa Corp. | 24,200 | 498,101 |
Heiwa Real Estate Co., Ltd. | 6,800 | 164,009 |
Heiwado Co., Ltd. | 25,900 | 479,828 |
Hikari Tsushin, Inc. | 3,100 | 679,510 |
Hirose Electric Co., Ltd. | 8,339 | 1,050,464 |
Hisamitsu Pharmaceutical Co., Inc. | 15,400 | 716,705 |
Hitachi Capital Corp. | 13,300 | 298,029 |
Hitachi Chemical Co., Ltd. | 48,700 | 1,603,194 |
Hitachi High-Technologies Corp. | 24,700 | 1,536,728 |
Hitachi Transport System Ltd. | 19,000 | 540,792 |
Hitachi Zosen Corp. | 192,100 | 649,123 |
Hokkaido Electric Power Co., Inc. | 153,400 | 805,134 |
Hokuetsu Corp. | 105,500 | 537,290 |
Hokuhoku Financial Group, Inc. | 56,600 | 553,652 |
Horiba Ltd. | 12,300 | 830,014 |
Hoshizaki Corp. | 10,500 | 892,524 |
Hosiden Corp. | 53,400 | 560,974 |
House Foods Group, Inc. | 16,900 | 640,549 |
Hulic Co., Ltd. | 53,400 | 579,750 |
IDOM, Inc. | 56,700 | 239,751 |
Iino Kaiun Kaisha Ltd. | 67,300 | 225,991 |
Inaba Denki Sangyo Co., Ltd. | 17,400 | 799,334 |
Inabata & Co., Ltd. | 59,900 | 784,206 |
Internet Initiative Japan, Inc. | 11,900 | 282,172 |
Iriso Electronics Co., Ltd. | 3,200 | 158,216 |
Iseki & Co., Ltd. | 15,800 | 240,301 |
Ishihara Sangyo Kaisha Ltd. | 27,300 | 281,843 |
Ito En Ltd. | 14,600 | 711,631 |
Itochu Enex Co., Ltd. | 62,600 | 523,084 |
Itochu Techno-Solutions Corp. | 24,600 | 662,498 |
Itoham Yonekyu Holdings, Inc. | 160,400 | 1,033,863 |
Iwatani Corp. | 29,600 | 1,026,435 |
Izumi Co., Ltd. | 17,000 | 639,512 |
Jaccs Co., Ltd. | 14,300 | 322,765 |
Jafco Co., Ltd. | 9,100 | 341,813 |
Japan Airport Terminal Co., Ltd. | 9,800 | 484,086 |
Japan Aviation Electronics Industry Ltd. | 33,000 | 614,751 |
Japan Exchange Group, Inc. | 59,500 | 982,256 |
Security | Number of Shares | Value ($) |
Japan Petroleum Exploration Co., Ltd. | 23,100 | 590,612 |
Japan Post Insurance Co., Ltd. | 23,700 | 373,887 |
Japan Pulp & Paper Co., Ltd. | 13,100 | 504,228 |
Joshin Denki Co., Ltd. | 23,300 | 467,196 |
Joyful Honda Co., Ltd. | 36,700 | 466,377 |
Juki Corp. | 18,200 | 164,164 |
JVCKenwood Corp. | 166,800 | 486,174 |
Kadokawa Dwango * | 25,800 | 368,787 |
Kaga Electronics Co., Ltd. | 23,100 | 447,764 |
Kagome Co., Ltd. | 21,700 | 546,945 |
Kakaku.com, Inc. | 12,000 | 278,638 |
Kaken Pharmaceutical Co., Ltd. | 10,300 | 504,996 |
Kameda Seika Co., Ltd. | 4,200 | 188,920 |
Kamigumi Co., Ltd. | 42,400 | 958,712 |
Kanamoto Co., Ltd. | 14,900 | 398,338 |
Kandenko Co., Ltd. | 62,400 | 590,015 |
Kanematsu Corp. | 80,300 | 978,281 |
Kansai Paint Co., Ltd. | 47,200 | 1,136,804 |
Kasai Kogyo Co., Ltd. | 49,600 | 401,441 |
Kato Sangyo Co., Ltd. | 23,400 | 742,785 |
Kato Works Co., Ltd. | 7,600 | 143,752 |
Keihan Holdings Co., Ltd. | 19,900 | 939,616 |
Keihin Corp. | 48,200 | 1,145,841 |
Keikyu Corp. | 51,800 | 1,031,111 |
Keisei Electric Railway Co., Ltd. | 21,900 | 895,391 |
KH Neochem Co., Ltd. | 10,400 | 253,260 |
Kintetsu World Express, Inc. | 24,200 | 391,370 |
Kissei Pharmaceutical Co., Ltd. | 8,900 | 229,285 |
Kitz Corp. | 48,700 | 331,888 |
Kobayashi Pharmaceutical Co., Ltd. | 7,700 | 615,692 |
Kohnan Shoji Co., Ltd. | 20,900 | 485,348 |
Kokusai Pulp & Paper Co., Ltd. | 70,300 | 214,185 |
Kokuyo Co., Ltd. | 45,800 | 672,088 |
Komeri Co., Ltd. | 22,400 | 480,039 |
Komori Corp. | 26,600 | 283,242 |
Konami Holdings Corp. | 18,000 | 790,178 |
Konishi Co., Ltd. | 16,200 | 228,672 |
Konoike Transport Co., Ltd. | 21,400 | 326,184 |
Kose Corp. | 3,100 | 549,611 |
Kumagai Gumi Co., Ltd. | 17,300 | 533,361 |
Kura Sushi, Inc. | 3,200 | 134,623 |
Kurabo Industries Ltd. | 19,000 | 435,032 |
Kureha Corp. | 8,000 | 511,310 |
Kurita Water Industries Ltd. | 39,900 | 1,148,625 |
Kusuri no Aoki Holdings Co., Ltd. | 2,000 | 149,155 |
KYB Corp. * | 28,200 | 900,591 |
Kyoei Steel Ltd. | 16,500 | 300,475 |
Kyokuto Kaihatsu Kogyo Co., Ltd. | 20,900 | 280,100 |
Kyokuyo Co., Ltd. | 9,000 | 240,966 |
KYORIN Holdings, Inc. | 18,500 | 324,046 |
Kyoritsu Maintenance Co., Ltd. | 4,300 | 190,214 |
Kyowa Exeo Corp. | 39,200 | 997,324 |
Kyowa Kirin Co., Ltd. | 51,400 | 945,761 |
Kyudenko Corp. | 15,200 | 496,685 |
Kyushu Financial Group, Inc. | 96,300 | 388,703 |
Lawson, Inc. | 15,600 | 860,596 |
Life Corp. | 16,300 | 374,129 |
Lintec Corp. | 28,100 | 590,179 |
Lion Corp. | 47,300 | 989,869 |
LIXIL VIVA Corp. | 11,400 | 197,108 |
M3, Inc. | 14,700 | 352,261 |
Mabuchi Motor Co., Ltd. | 18,300 | 741,462 |
Macnica Fuji Electronics Holdings, Inc. | 40,900 | 693,287 |
Maeda Corp. | 61,600 | 571,698 |
Maeda Road Construction Co., Ltd. | 32,100 | 690,578 |
Makino Milling Machine Co., Ltd. | 10,900 | 541,939 |
Mandom Corp. | 10,900 | 302,059 |
Marudai Food Co., Ltd. | 28,800 | 620,390 |
Security | Number of Shares | Value ($) |
Maruha Nichiro Corp. | 19,000 | 493,474 |
Marui Group Co., Ltd. | 43,000 | 955,905 |
Maruichi Steel Tube Ltd. | 20,600 | 562,551 |
Maruzen Showa Unyu Co., Ltd. | 6,600 | 185,496 |
Max Co., Ltd. | 17,100 | 313,719 |
Maxell Holdings Ltd. | 31,300 | 431,996 |
MCJ Co., Ltd. | 21,400 | 141,231 |
Mebuki Financial Group, Inc. | 277,900 | 706,036 |
Megmilk Snow Brand Co., Ltd. | 32,400 | 779,266 |
Meidensha Corp. | 27,900 | 535,279 |
Meitec Corp. | 6,500 | 338,847 |
Ministop Co., Ltd. | 9,000 | 121,070 |
Miraca Holdings, Inc. | 39,300 | 927,567 |
Mirait Holdings Corp. | 36,500 | 586,081 |
Mitsuba Corp. | 85,900 | 542,072 |
Mitsubishi Logistics Corp. | 24,500 | 621,925 |
Mitsubishi Pencil Co., Ltd. | 12,400 | 195,797 |
Mitsubishi Steel Manufacturing Co., Ltd. | 13,400 | 142,757 |
Mitsubishi UFJ Lease & Finance Co., Ltd. | 96,400 | 591,798 |
Mitsuboshi Belting Ltd. | 11,200 | 210,739 |
Mitsui E&S Holdings Co., Ltd. * | 101,000 | 1,022,289 |
Mitsui Matsushima Holdings Co., Ltd. | 11,400 | 135,935 |
Mitsui Sugar Co., Ltd. | 8,200 | 178,301 |
Mitsui-Soko Holdings Co., Ltd. | 15,600 | 252,949 |
Miura Co., Ltd. | 13,800 | 415,836 |
Mizuno Corp. | 15,000 | 392,332 |
Mochida Pharmaceutical Co., Ltd. | 6,900 | 275,364 |
Modec, Inc. | 6,200 | 170,068 |
Morinaga & Co., Ltd. | 9,600 | 474,235 |
Morinaga Milk Industry Co., Ltd. | 29,000 | 1,127,468 |
Morita Holdings Corp. | 14,200 | 237,922 |
MOS Food Services, Inc. | 8,200 | 207,405 |
Musashi Seimitsu Industry Co., Ltd. | 26,100 | 362,567 |
Nabtesco Corp. | 34,700 | 1,104,668 |
Nachi-Fujikoshi Corp. | 11,400 | 545,531 |
Namura Shipbuilding Co., Ltd. | 89,100 | 248,758 |
Nankai Electric Railway Co., Ltd. | 29,000 | 753,621 |
NEC Networks & System Integration Corp. | 13,500 | 426,114 |
NET One Systems Co., Ltd. | 18,300 | 493,378 |
Nexon Co., Ltd. * | 49,422 | 572,714 |
Nichi-iko Pharmaceutical Co., Ltd. | 19,100 | 223,795 |
Nichias Corp. | 28,600 | 603,349 |
Nichicon Corp. | 38,500 | 378,862 |
Nichiha Corp. | 12,300 | 353,677 |
NichiiGakkan Co., Ltd. | 17,100 | 289,921 |
Nifco, Inc. | 30,000 | 791,877 |
Nihon Kohden Corp. | 20,500 | 613,312 |
Nihon Parkerizing Co., Ltd. | 31,200 | 365,819 |
Nihon Unisys Ltd. | 16,500 | 544,656 |
Nikkiso Co., Ltd. | 26,900 | 290,621 |
Nikkon Holdings Co., Ltd. | 23,900 | 580,956 |
Nippo Corp. | 33,400 | 686,284 |
Nippon Chemi-Con Corp. | 15,000 | 247,940 |
Nippon Denko Co., Ltd. | 89,400 | 154,950 |
Nippon Densetsu Kogyo Co., Ltd. | 16,400 | 355,006 |
Nippon Flour Mills Co., Ltd. | 31,800 | 510,689 |
Nippon Gas Co., Ltd. | 13,400 | 379,294 |
Nippon Kayaku Co., Ltd. | 71,600 | 870,175 |
Nippon Koei Co., Ltd. | 9,700 | 300,084 |
Nippon Light Metal Holdings Co., Ltd. | 495,400 | 963,572 |
Nippon Paint Holdings Co., Ltd. | 19,400 | 1,056,533 |
Nippon Seiki Co., Ltd. | 34,000 | 525,688 |
Nippon Sheet Glass Co., Ltd. | 107,700 | 674,775 |
Nippon Shinyaku Co., Ltd. | 4,700 | 424,018 |
Nippon Signal Co., Ltd. | 31,500 | 362,993 |
Security | Number of Shares | Value ($) |
Nippon Soda Co., Ltd. | 18,100 | 482,102 |
Nippon Suisan Kaisha Ltd. | 142,400 | 815,532 |
Nippon Television Holdings, Inc. | 19,300 | 252,420 |
Nippon Yakin Kogyo Co., Ltd. | 7,010 | 153,879 |
Nipro Corp. | 55,100 | 646,079 |
Nishi-Nippon Financial Holdings, Inc. | 62,000 | 459,434 |
Nishi-Nippon Railroad Co., Ltd. | 36,300 | 842,247 |
Nishimatsu Construction Co., Ltd. | 35,700 | 743,306 |
Nishimatsuya Chain Co., Ltd. | 31,400 | 279,430 |
Nishio Rent All Co., Ltd. | 10,400 | 279,398 |
Nissan Chemical Corp. | 19,400 | 796,522 |
Nissan Shatai Co., Ltd. | 72,500 | 668,120 |
Nissha Co., Ltd. | 23,400 | 243,704 |
Nissin Electric Co., Ltd. | 14,900 | 174,431 |
Nissin Kogyo Co., Ltd. | 32,600 | 667,614 |
Nittetsu Mining Co., Ltd. | 7,600 | 318,792 |
Nitto Boseki Co., Ltd. | 12,900 | 393,261 |
Nitto Kogyo Corp. | 17,300 | 363,476 |
NOF Corp. | 18,600 | 628,290 |
Nojima Corp. | 18,600 | 329,950 |
Nomura Co., Ltd. | 14,800 | 182,659 |
Nomura Research Institute Ltd. | 60,080 | 1,275,541 |
Noritake Co., Ltd. | 6,900 | 316,997 |
Noritz Corp. | 33,300 | 411,651 |
North Pacific Bank Ltd. | 297,700 | 640,123 |
NS Solutions Corp. | 9,300 | 316,182 |
NS United Kaiun Kaisha Ltd. | 6,400 | 144,927 |
NSD Co., Ltd. | 8,600 | 265,092 |
Obic Co., Ltd. | 4,100 | 513,341 |
Oiles Corp. | 15,080 | 229,316 |
Okabe Co., Ltd. | 22,300 | 188,807 |
Okamoto Industries, Inc. | 4,800 | 185,374 |
Okamura Corp. | 43,500 | 436,240 |
Okasan Securities Group, Inc. | 91,600 | 323,457 |
Oki Electric Industry Co., Ltd. | 66,100 | 887,092 |
OKUMA Corp. | 12,200 | 728,952 |
Okumura Corp. | 16,100 | 456,042 |
Onoken Co., Ltd. | 17,000 | 222,923 |
Onward Holdings Co., Ltd. | 111,300 | 643,443 |
Open House Co., Ltd. | 12,200 | 311,766 |
Oracle Corp., Japan | 4,600 | 404,322 |
Orient Corp. | 221,700 | 323,887 |
Osaka Soda Co., Ltd. | 9,700 | 274,592 |
Osaki Electric Co., Ltd. | 23,600 | 163,403 |
OSG Corp. | 24,100 | 515,487 |
Pacific Industrial Co., Ltd. | 21,800 | 297,466 |
PALTAC Corp. | 17,500 | 843,946 |
Paramount Bed Holdings Co., Ltd. | 6,900 | 263,835 |
Park24 Co., Ltd. | 26,200 | 618,751 |
Penta-Ocean Construction Co., Ltd. | 141,000 | 864,955 |
Persol Holdings Co., Ltd. | 46,100 | 885,489 |
Pigeon Corp. | 11,000 | 537,002 |
Pilot Corp. | 6,900 | 279,848 |
Piolax, Inc. | 10,703 | 209,319 |
Plenus Co., Ltd. | 18,500 | 321,248 |
Pola Orbis Holdings, Inc. | 13,900 | 313,665 |
Press Kogyo Co., Ltd. | 95,300 | 404,213 |
Prima Meat Packers Ltd. | 22,200 | 548,600 |
Raito Kogyo Co., Ltd. | 20,200 | 321,037 |
Raiznext Corp. | 21,800 | 221,477 |
Rakuten, Inc. | 117,260 | 1,117,889 |
Relia, Inc. | 21,200 | 276,793 |
Relo Group, Inc. | 10,600 | 259,418 |
Rengo Co., Ltd. | 119,000 | 862,873 |
Resorttrust, Inc. | 18,700 | 298,417 |
Restar Holdings Corp. | 22,500 | 382,349 |
Riken Corp. | 6,100 | 226,329 |
Rinnai Corp. | 14,100 | 1,036,397 |
Security | Number of Shares | Value ($) |
Riso Kagaku Corp. | 14,300 | 234,952 |
Rohto Pharmaceutical Co., Ltd. | 20,300 | 609,863 |
Round One Corp. | 21,800 | 281,102 |
Royal Holdings Co., Ltd. | 9,500 | 239,916 |
Ryobi Ltd. | 26,400 | 491,361 |
Ryosan Co., Ltd. | 27,800 | 721,760 |
Ryoyo Electro Corp. | 18,200 | 323,000 |
S Foods, Inc. | 9,000 | 242,482 |
Saizeriya Co., Ltd. | 13,400 | 304,235 |
Sakai Chemical Industry Co., Ltd. | 10,600 | 264,473 |
Sakata INX Corp. | 31,300 | 353,786 |
Sakata Seed Corp. | 5,600 | 185,514 |
Sala Corp. | 26,400 | 158,375 |
San-A Co., Ltd. | 9,000 | 426,169 |
Sanden Holdings Corp. * | 54,700 | 356,218 |
Sangetsu Corp. | 25,300 | 478,342 |
Sanken Electric Co., Ltd. | 17,700 | 415,484 |
Sanki Engineering Co., Ltd. | 26,000 | 316,672 |
Sankyo Co., Ltd. | 14,100 | 493,467 |
Sankyo Tateyama, Inc. | 40,600 | 442,316 |
Sankyu, Inc. | 19,100 | 971,067 |
Sanoh Industrial Co., Ltd.(a) | 32,100 | 401,557 |
Sanrio Co., Ltd. | 14,900 | 298,734 |
Sanshin Electronics Co., Ltd. | 14,400 | 205,467 |
Sanwa Holdings Corp. | 79,700 | 932,141 |
Sanyo Chemical Industries Ltd. | 6,150 | 293,424 |
Sanyo Denki Co., Ltd. | 5,600 | 261,442 |
Sanyo Shokai Ltd. | 17,100 | 227,296 |
Sanyo Special Steel Co., Ltd. | 24,700 | 312,820 |
Sapporo Holdings Ltd. | 37,300 | 938,024 |
Sato Holdings Corp. | 9,100 | 267,872 |
Sawai Pharmaceutical Co., Ltd. | 10,500 | 592,482 |
SBI Holdings, Inc. | 42,500 | 924,304 |
SCREEN Holdings Co., Ltd. | 14,100 | 978,880 |
SCSK Corp. | 9,976 | 507,822 |
Seibu Holdings, Inc. | 58,400 | 1,030,760 |
Seiko Holdings Corp. | 19,000 | 466,564 |
Seiren Co., Ltd. | 21,800 | 268,755 |
Sekisui Jushi Corp. | 11,000 | 225,248 |
Senko Group Holdings Co., Ltd. | 72,900 | 586,377 |
Senshu Ikeda Holdings, Inc. | 114,500 | 205,353 |
Seven Bank Ltd. | 159,200 | 461,547 |
Sharp Corp. | 43,100 | 494,407 |
Shibuya Corp. | 5,000 | 136,394 |
Shima Seiki Manufacturing Ltd. | 8,200 | 196,059 |
Shimachu Co., Ltd. | 26,800 | 726,985 |
Shindengen Electric Manufacturing Co., Ltd. | 6,400 | 217,507 |
Shinko Electric Industries Co., Ltd. | 45,100 | 440,149 |
Shinko Shoji Co., Ltd. | 24,200 | 207,454 |
Shinmaywa Industries Ltd. | 45,800 | 564,213 |
Shinsei Bank Ltd. | 33,900 | 528,492 |
Shinsho Corp. | 10,300 | 243,882 |
Ship Healthcare Holdings, Inc. | 13,400 | 571,131 |
Shizuoka Gas Co., Ltd. | 52,100 | 450,422 |
SHO-BOND Holdings Co., Ltd. | 6,700 | 260,030 |
Shochiku Co., Ltd. | 1,900 | 278,788 |
Shoei Foods Corp.(a) | 5,400 | 158,610 |
Showa Corp. | 33,500 | 699,970 |
Siix Corp. | 27,500 | 416,946 |
Sintokogio Ltd. | 32,700 | 315,440 |
SKY Perfect JSAT Holdings, Inc. | 86,500 | 357,245 |
Sohgo Security Services Co., Ltd. | 17,100 | 928,835 |
Sony Financial Holdings, Inc. | 30,999 | 666,895 |
Sotetsu Holdings, Inc. | 20,200 | 536,721 |
Square Enix Holdings Co., Ltd. | 19,500 | 927,971 |
St. Marc Holdings Co., Ltd. | 8,800 | 196,303 |
Starts Corp., Inc. | 12,000 | 309,482 |
Security | Number of Shares | Value ($) |
Starzen Co., Ltd. | 10,800 | 455,235 |
Sugi Holdings Co., Ltd. | 16,000 | 888,117 |
Sumco Corp. | 63,300 | 1,051,468 |
Sumitomo Bakelite Co., Ltd. | 14,200 | 588,808 |
Sumitomo Dainippon Pharma Co., Ltd. | 30,200 | 527,085 |
Sumitomo Mitsui Construction Co., Ltd. | 89,780 | 509,515 |
Sumitomo Osaka Cement Co., Ltd. | 20,400 | 890,500 |
Sumitomo Riko Co., Ltd. | 44,100 | 383,725 |
Sumitomo Seika Chemicals Co., Ltd. | 7,000 | 222,821 |
Sundrug Co., Ltd. | 32,000 | 1,058,903 |
Suruga Bank Ltd. * | 128,900 | 560,225 |
Sushiro Global Holdings Ltd. | 4,400 | 302,513 |
T-Gaia Corp. | 16,400 | 394,411 |
Tachi-S Co., Ltd. | 38,300 | 508,683 |
Tachibana Eletech Co., Ltd. | 19,000 | 318,001 |
Tadano Ltd. | 68,800 | 623,620 |
Taihei Dengyo Kaisha Ltd. | 9,500 | 224,144 |
Taikisha Ltd. | 15,500 | 501,397 |
Taisho Pharmaceutical Holdings Co., Ltd. | 8,500 | 604,983 |
Taiyo Holdings Co., Ltd. | 4,300 | 155,834 |
Taiyo Nippon Sanso Corp. | 34,600 | 809,976 |
Taiyo Yuden Co., Ltd. | 47,600 | 1,258,826 |
Takamatsu Construction Group Co., Ltd. | 9,100 | 218,976 |
Takara Holdings, Inc. | 50,600 | 502,283 |
Takara Standard Co., Ltd. | 28,100 | 492,824 |
Takasago International Corp. | 9,900 | 248,453 |
Takasago Thermal Engineering Co., Ltd. | 29,400 | 531,885 |
Takeuchi Manufacturing Co., Ltd. | 15,000 | 234,395 |
Takuma Co., Ltd. | 22,300 | 265,368 |
Tamron Co., Ltd. | 10,000 | 218,370 |
Tamura Corp. | 32,600 | 186,705 |
TechnoPro Holdings, Inc. | 4,400 | 270,626 |
The 77 Bank Ltd. | 20,300 | 319,810 |
The Awa Bank Ltd. | 9,300 | 221,475 |
The Bank of Kyoto Ltd. | 10,600 | 419,554 |
The Chiba Bank Ltd. | 181,500 | 986,516 |
The Chugoku Bank Ltd. | 47,900 | 468,073 |
The Gunma Bank Ltd. | 158,300 | 532,702 |
The Hachijuni Bank Ltd. | 135,700 | 583,735 |
The Hiroshima Bank Ltd. | 115,500 | 588,744 |
The Hokkoku Bank Ltd. | 8,600 | 241,699 |
The Hyakugo Bank Ltd. | 60,000 | 193,129 |
The Hyakujushi Bank Ltd. | 10,600 | 220,287 |
The Iyo Bank Ltd. | 87,200 | 460,743 |
The Japan Steel Works Ltd. | 28,900 | 608,993 |
The Japan Wool Textile Co., Ltd. | 35,900 | 352,915 |
The Juroku Bank Ltd. | 13,700 | 313,516 |
The Keiyo Bank Ltd. | 49,700 | 311,688 |
The Kiyo Bank Ltd. | 20,300 | 313,212 |
The Musashino Bank Ltd. | 12,300 | 214,441 |
The Nanto Bank Ltd. | 11,900 | 301,754 |
The Nippon Road Co., Ltd. | 4,700 | 287,178 |
The Nisshin Oillio Group Ltd. | 18,400 | 644,307 |
The Ogaki Kyoritsu Bank Ltd. | 12,400 | 299,088 |
The Oita Bank Ltd. | 4,500 | 124,380 |
The Okinawa Electric Power Co., Inc. | 31,931 | 529,088 |
The San-in Godo Bank Ltd. | 43,100 | 252,809 |
The Shiga Bank Ltd. | 10,900 | 262,679 |
The Shizuoka Bank Ltd. | 128,000 | 972,643 |
The Sumitomo Warehouse Co., Ltd. | 28,900 | 391,668 |
THK Co., Ltd. | 36,800 | 1,058,195 |
Toa Corp. | 19,800 | 266,376 |
Toagosei Co., Ltd. | 64,800 | 718,228 |
Toda Corp. | 115,400 | 720,851 |
Security | Number of Shares | Value ($) |
Toei Co., Ltd. | 1,700 | 235,406 |
Toho Co., Ltd. | 19,900 | 803,670 |
Toho Zinc Co., Ltd. | 15,100 | 306,417 |
Tokai Carbon Co., Ltd.(a) | 33,900 | 342,352 |
TOKAI Holdings Corp. | 53,700 | 526,660 |
Tokai Rika Co., Ltd. | 49,800 | 961,154 |
Tokai Tokyo Financial Holdings, Inc. | 113,700 | 296,478 |
Token Corp. | 5,950 | 381,578 |
Tokuyama Corp. | 32,200 | 860,190 |
Tokyo Broadcasting System Holdings, Inc. | 16,000 | 255,127 |
Tokyo Century Corp. | 9,800 | 452,522 |
Tokyo Dome Corp. | 33,200 | 292,814 |
Tokyo Ohka Kogyo Co., Ltd. | 13,700 | 542,566 |
Tokyo Seimitsu Co., Ltd. | 13,700 | 440,031 |
Tokyo Steel Manufacturing Co., Ltd. | 43,000 | 346,181 |
Tokyo Tatemono Co., Ltd. | 64,100 | 911,981 |
Tokyu Construction Co., Ltd. | 39,800 | 315,231 |
TOMONY Holdings, Inc. | 40,700 | 141,710 |
Tomy Co., Ltd. | 31,700 | 343,764 |
Tonami Holdings Co., Ltd. | 3,500 | 161,519 |
Topcon Corp. | 30,800 | 424,687 |
Toppan Forms Co., Ltd. | 41,500 | 414,827 |
Topre Corp. | 28,400 | 492,816 |
Topy Industries Ltd. | 22,200 | 453,823 |
Toshiba Machine Co., Ltd. | 16,000 | 358,037 |
Toshiba Plant Systems & Services Corp. | 14,100 | 275,497 |
Toshiba TEC Corp. | 14,100 | 508,524 |
Totetsu Kogyo Co., Ltd. | 11,700 | 364,758 |
Towa Pharmaceutical Co., Ltd. | 5,500 | 141,035 |
Toyo Construction Co., Ltd. | 54,200 | 254,675 |
Toyo Ink SC Holdings Co., Ltd. | 30,600 | 745,786 |
Toyo Tire Corp. | 77,000 | 1,074,016 |
Toyobo Co., Ltd. | 69,200 | 935,379 |
Toyota Boshoku Corp. | 61,500 | 903,607 |
TPR Co., Ltd. | 24,900 | 445,761 |
Trancom Co., Ltd. | 3,800 | 250,782 |
Transcosmos, Inc. | 15,400 | 387,408 |
Trend Micro, Inc. | 17,400 | 878,252 |
Trusco Nakayama Corp. | 16,900 | 408,624 |
TSI Holdings Co., Ltd. | 79,300 | 414,182 |
Tsubaki Nakashima Co., Ltd. | 12,800 | 217,884 |
Tsubakimoto Chain Co. | 21,300 | 727,733 |
Tsukishima Kikai Co., Ltd. | 15,200 | 234,132 |
Tsumura & Co. | 18,600 | 512,234 |
TV Asahi Holdings Corp. | 13,200 | 206,170 |
UACJ Corp. | 34,230 | 627,027 |
Ulvac, Inc. | 15,000 | 656,241 |
Unipres Corp. | 50,600 | 827,598 |
United Arrows Ltd. | 12,300 | 376,001 |
United Super Markets Holdings, Inc. | 68,800 | 618,838 |
Unizo Holdings Co., Ltd. | 6,400 | 295,184 |
Ushio, Inc. | 49,600 | 741,264 |
USS Co., Ltd. | 30,800 | 596,540 |
Valor Holdings Co., Ltd. | 34,000 | 580,118 |
Vital KSK Holdings, Inc. | 30,800 | 314,483 |
VT Holdings Co., Ltd. | 60,700 | 271,255 |
Wacoal Holdings Corp. | 28,500 | 749,305 |
Wacom Co., Ltd. | 59,700 | 222,206 |
Wakita & Co., Ltd. | 24,600 | 248,657 |
Warabeya Nichiyo Holdings Co., Ltd. | 22,100 | 389,062 |
Welcia Holdings Co., Ltd. | 13,500 | 775,713 |
World Co., Ltd. | 7,800 | 179,581 |
Xebio Holdings Co., Ltd. | 27,900 | 312,659 |
Yamabiko Corp. | 25,100 | 284,938 |
Yamaguchi Financial Group, Inc. | 74,700 | 524,118 |
Yamato Kogyo Co., Ltd. | 15,000 | 389,125 |
Security | Number of Shares | Value ($) |
Yamazen Corp. | 54,700 | 505,035 |
Yaoko Co., Ltd. | 7,600 | 354,474 |
Yellow Hat Ltd. | 20,800 | 338,633 |
Yodogawa Steel Works Ltd. | 25,200 | 475,826 |
Yokogawa Bridge Holdings Corp. | 14,700 | 269,113 |
Yokohama Reito Co., Ltd. | 27,600 | 273,787 |
Yorozu Corp. | 28,400 | 362,948 |
Yoshinoya Holdings Co., Ltd. | 25,200 | 585,983 |
Yuasa Trading Co., Ltd. | 16,200 | 502,570 |
Yurtec Corp. | 43,300 | 267,738 |
Zenkoku Hosho Co., Ltd. | 4,300 | 179,521 |
Zensho Holdings Co., Ltd. | 21,900 | 463,199 |
Zeon Corp. | 77,300 | 880,578 |
ZERIA Pharmaceutical Co., Ltd. | 10,500 | 197,882 |
Zojirushi Corp. | 18,400 | 282,356 |
ZOZO, Inc.(a) | 14,600 | 340,077 |
272,745,582 | ||
Luxembourg 0.0% | ||
Espirito Santo Financial Group S.A. *(b) | 69,773 | — |
Netherlands 1.7% | ||
Accell Group N.V. | 12,434 | 308,863 |
Altice Europe N.V. * | 231,906 | 1,326,921 |
Altice Europe N.V., Class B * | 20,854 | 119,851 |
AMG Advanced Metallurgical Group N.V.(a) | 5,758 | 141,668 |
Arcadis N.V. | 45,491 | 899,359 |
ASM International N.V. | 8,662 | 873,318 |
BE Semiconductor Industries N.V. | 15,256 | 565,583 |
Brunel International N.V. | 17,677 | 163,697 |
Corbion N.V. | 22,822 | 659,242 |
Eurocommercial Properties N.V. CVA | 11,728 | 374,095 |
ForFarmers N.V. | 35,437 | 214,999 |
Fugro N.V. CVA *(a) | 86,241 | 781,751 |
GrandVision N.V. | 9,972 | 304,845 |
IMCD N.V. | 5,550 | 433,367 |
Intertrust N.V. | 11,273 | 214,597 |
Koninklijke BAM Groep N.V | 196,094 | 497,852 |
Koninklijke Volkerwessels N.V. | 21,975 | 510,954 |
Koninklijke Vopak N.V. | 16,924 | 929,731 |
NSI N.V. | 4,780 | 218,310 |
OCI N.V. * | 13,973 | 314,174 |
PostNL N.V. | 286,615 | 658,533 |
SBM Offshore N.V. | 53,760 | 927,118 |
Sligro Food Group N.V. | 20,248 | 515,368 |
TKH Group N.V. | 12,632 | 647,548 |
TomTom N.V. * | 17,595 | 199,255 |
Wereldhave N.V.(a) | 13,306 | 314,974 |
13,115,973 | ||
New Zealand 0.9% | ||
Air New Zealand Ltd. | 374,432 | 677,855 |
Auckland International Airport Ltd. | 80,041 | 477,030 |
Chorus Ltd. | 164,744 | 560,152 |
EBOS Group Ltd. | 30,881 | 487,747 |
Fisher & Paykel Healthcare Corp., Ltd. | 51,251 | 628,603 |
Freightways Ltd. | 25,971 | 128,130 |
Genesis Energy Ltd. | 215,287 | 452,266 |
Infratil Ltd. | 186,307 | 588,678 |
Mainfreight Ltd. | 18,602 | 479,207 |
Mercury NZ Ltd. | 183,670 | 584,068 |
Meridian Energy Ltd. | 272,320 | 802,715 |
SKY Network Television Ltd. | 679,683 | 392,800 |
Security | Number of Shares | Value ($) |
SKYCITY Entertainment Group Ltd. | 222,823 | 558,246 |
Z Energy Ltd. | 157,593 | 541,169 |
7,358,666 | ||
Norway 1.4% | ||
Adevinta A.S.A., Class B * | 21,878 | 249,799 |
Aker A.S.A., A Shares | 8,987 | 477,540 |
Aker BP A.S.A. | 6,820 | 189,169 |
Aker Solutions A.S.A. * | 122,964 | 283,907 |
Atea A.S.A. * | 39,516 | 499,301 |
Austevoll Seafood A.S.A. | 32,078 | 323,926 |
Bakkafrost P/F | 6,286 | 393,635 |
Borregaard A.S.A. | 31,220 | 300,803 |
BW LPG Ltd. | 70,281 | 492,205 |
BW Offshore Ltd. * | 33,020 | 252,193 |
DOF A.S.A. * | 399,760 | 60,209 |
Elkem A.S.A. | 67,329 | 160,023 |
Entra A.S.A. | 16,494 | 247,001 |
Europris A.S.A. | 84,265 | 228,685 |
Gjensidige Forsikring A.S.A. | 46,594 | 871,081 |
Kongsberg Automotive A.S.A. * | 302,729 | 157,683 |
Kongsberg Gruppen A.S.A. | 25,794 | 380,901 |
Kvaerner A.S.A. | 97,628 | 123,906 |
Leroy Seafood Group A.S.A. | 58,083 | 390,173 |
PGS A.S.A. * | 406,293 | 687,642 |
Salmar A.S.A. | 8,263 | 385,615 |
Schibsted A.S.A., B Shares | 9,283 | 259,004 |
Schibsted A.S.A., Class A | 8,797 | 258,354 |
Sparebank 1 Nord Norge | 42,524 | 329,888 |
SpareBank 1 SMN | 37,738 | 406,612 |
SpareBank 1 SR Bank A.S.A. | 34,379 | 366,364 |
Storebrand A.S.A. | 87,491 | 618,517 |
TGS NOPEC Geophysical Co., A.S.A. | 30,436 | 790,463 |
Tomra Systems A.S.A. | 11,281 | 304,060 |
Veidekke A.S.A. | 48,834 | 529,546 |
XXL A.S.A. * | 76,397 | 156,600 |
11,174,805 | ||
Poland 1.1% | ||
Alior Bank S.A. * | 22,884 | 161,675 |
Asseco Poland S.A. | 51,378 | 690,850 |
Bank Handlowy w Warszawie S.A. | 10,466 | 139,706 |
Bank Millennium S.A. * | 95,708 | 154,070 |
CCC S.A. | 3,612 | 105,524 |
Ciech S.A. * | 14,578 | 123,778 |
Cyfrowy Polsat S.A. | 75,603 | 548,383 |
Enea S.A. * | 248,520 | 549,181 |
Energa S.A. * | 375,506 | 604,787 |
Eurocash S.A. | 71,138 | 408,136 |
Grupa Azoty S.A. * | 50,671 | 465,645 |
Grupa Lotos S.A. | 43,761 | 1,092,846 |
Jastrzebska Spolka Weglowa S.A. | 23,157 | 117,663 |
Kernel Holding S.A. | 36,976 | 411,042 |
LPP S.A. | 172 | 367,420 |
mBank S.A. * | 2,443 | 244,131 |
Orange Polska S.A. * | 701,900 | 1,150,074 |
PLAY Communications S.A. | 71,582 | 567,920 |
Santander Bank Polska S.A. | 4,609 | 378,093 |
8,280,924 | ||
Portugal 0.4% | ||
Banco Espirito Santo S.A. *(b) | 320,558 | — |
CTT-Correios de Portugal S.A. | 138,020 | 440,866 |
EDP Renovaveis S.A. | 23,418 | 266,927 |
Mota-Engil SGPS, S.A. | 110,264 | 244,253 |
Security | Number of Shares | Value ($) |
NOS SGPS, S.A. | 73,642 | 437,820 |
Redes Energeticas Nacionais SGPS, S.A. | 135,661 | 402,670 |
Semapa-Sociedade de Investimento e Gestao | 17,464 | 240,517 |
Sonae SGPS, S.A. | 691,871 | 698,055 |
The Navigator Co., S.A. | 136,132 | 491,261 |
3,222,369 | ||
Republic of Korea 5.2% | ||
AK Holdings, Inc. | 3,800 | 102,010 |
AMOREPACIFIC Group | 12,350 | 895,038 |
Asiana Airlines, Inc. * | 81,930 | 374,722 |
BNK Financial Group, Inc. | 164,433 | 982,056 |
Celltrion, Inc. * | 1,645 | 281,542 |
Cheil Worldwide, Inc. | 18,997 | 403,791 |
CJ ENM Co., Ltd. | 2,871 | 406,328 |
CJ Hello Co., Ltd. | 23,408 | 122,649 |
CJ Logistics Corp. * | 2,772 | 375,151 |
Com2uSCorp | 1,827 | 154,032 |
Daeduck Electronics Co. | 22,965 | 210,693 |
Daesang Corp. | 15,570 | 286,736 |
Daewoo Engineering & Construction Co., Ltd. * | 113,855 | 424,568 |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. * | 12,930 | 311,831 |
DB HiTek Co., Ltd. | 13,596 | 198,341 |
DGB Financial Group, Inc. | 97,684 | 589,726 |
Dongkuk Steel Mill Co., Ltd. * | 119,487 | 602,152 |
Dongwon Industries Co., Ltd. | 677 | 124,382 |
Doosan Bobcat, Inc. | 10,220 | 275,558 |
Doosan Co., Ltd. | 7,029 | 469,129 |
Doosan Fuel Cell Co., Ltd. * | 23,507 | 155,979 |
Doosan Infracore Co., Ltd. * | 115,999 | 562,527 |
Doosan Solus Co., Ltd. * | 12,957 | 198,233 |
Fila Korea Ltd. | 3,038 | 149,903 |
Green Cross Corp. | 1,316 | 144,865 |
Green Cross Holdings Corp. | 7,409 | 132,083 |
GS Engineering & Construction Corp. | 19,813 | 524,564 |
GS Home Shopping, Inc. | 1,530 | 195,591 |
GS Retail Co., Ltd. | 15,080 | 495,610 |
Halla Holdings Corp. | 6,047 | 216,995 |
Hanjin Transportation Co., Ltd. | 7,821 | 207,091 |
Hanon Systems | 52,681 | 524,304 |
Hansol Paper Co., Ltd. | 17,610 | 221,602 |
Hanssem Co., Ltd. | 3,709 | 201,650 |
Hanwha Aerospace Co., Ltd. * | 15,272 | 496,083 |
Hanwha General Insurance Co., Ltd. | 114,928 | 275,643 |
Hanwha Life Insurance Co., Ltd. | 326,491 | 624,809 |
Harim Holdings Co., Ltd. | 35,505 | 274,271 |
HDC Holdings Co., Ltd. | 18,796 | 190,997 |
Hite Jinro Co., Ltd. | 16,470 | 402,468 |
Hotel Shilla Co., Ltd. | 6,820 | 453,372 |
Huchems Fine Chemical Corp. | 7,326 | 139,345 |
Hyosung Corp. | 4,793 | 340,465 |
Hyundai Corp. | 15,631 | 236,709 |
Hyundai Department Store Co., Ltd. | 8,258 | 524,306 |
Hyundai Elevator Co., Ltd. | 2,185 | 137,833 |
Hyundai Greenfood Co., Ltd. | 29,919 | 287,997 |
Hyundai Home Shopping Network Corp. | 2,580 | 187,396 |
Hyundai Merchant Marine Co., Ltd. * | 107,478 | 303,772 |
Hyundai Mipo Dockyard Co., Ltd. | 3,272 | 122,018 |
Hyundai Rotem Co., Ltd. * | 14,046 | 193,663 |
iMarketKorea, Inc. | 34,513 | 322,232 |
Interpark Holdings Corp. | 80,402 | 165,748 |
Security | Number of Shares | Value ($) |
IS Dongseo Co., Ltd. | 5,558 | 152,570 |
JB Financial Group Co., Ltd. | 72,543 | 332,865 |
Kakao Corp. | 2,545 | 308,842 |
Kangwon Land, Inc. | 26,288 | 707,781 |
KCC Corp. | 3,350 | 650,229 |
KEPCO Plant Service & Engineering Co., Ltd. | 10,687 | 299,040 |
Kolon Corp. | 11,166 | 166,064 |
Kolon Industries, Inc. | 18,140 | 734,367 |
Korea Aerospace Industries Ltd. | 15,514 | 506,399 |
Korea Investment Holdings Co., Ltd. | 6,630 | 385,166 |
Korea Petrochemical Ind Co., Ltd. | 2,788 | 284,634 |
Korean Reinsurance Co. | 70,361 | 479,384 |
Kumho Petrochemical Co., Ltd. | 8,774 | 525,336 |
Kumho Tire Co., Inc. * | 99,493 | 361,401 |
LF Corp. | 17,019 | 287,125 |
LG Hausys Ltd. | 9,088 | 464,581 |
LG Innotek Co., Ltd. | 10,792 | 1,120,962 |
LG International Corp. | 56,885 | 758,304 |
Lotte Chilsung Beverage Co., Ltd. | 1,631 | 192,117 |
Lotte Corp. | 5,350 | 167,472 |
LOTTE Fine Chemical Co., Ltd. | 7,577 | 287,291 |
LOTTE Himart Co., Ltd. | 16,041 | 417,161 |
LS Corp. | 22,353 | 930,745 |
LS Industrial Systems Co., Ltd. | 8,744 | 373,658 |
Mando Corp. | 30,984 | 949,716 |
Meritz Financial Group, Inc. | 13,894 | 148,498 |
Meritz Fire & Marine Insurance Co., Ltd. | 33,299 | 528,471 |
Meritz Securities Co., Ltd. | 43,264 | 167,257 |
Mirae Asset Daewoo Co., Ltd. | 52,392 | 321,212 |
Mirae Asset Life Insurance Co., Ltd. | 62,985 | 216,682 |
NCSoft Corp. | 1,429 | 634,184 |
Nexen Tire Corp. | 26,918 | 216,326 |
NH Investment & Securities Co., Ltd. | 20,013 | 207,528 |
NongShim Co., Ltd. | 1,921 | 399,880 |
OCI Co., Ltd. | 9,843 | 530,384 |
Orange Life Insurance Ltd. | 13,654 | 328,277 |
Ottogi Corp. | 411 | 199,681 |
Pan Ocean Co., Ltd. * | 71,389 | 269,089 |
Partron Co., Ltd. | 25,793 | 261,554 |
Poongsan Corp. | 23,567 | 406,450 |
S-1 Corp. | 5,009 | 403,407 |
Samsung Card Co., Ltd. | 15,457 | 445,868 |
Samsung Engineering Co., Ltd. * | 26,985 | 411,956 |
Samsung Securities Co., Ltd. | 11,208 | 322,897 |
Samyang Holding Corp. | 5,655 | 307,808 |
Seah Besteel Corp. | 16,933 | 232,988 |
Seoul Semiconductor Co., Ltd. | 15,434 | 177,353 |
Shinsegae, Inc. | 2,579 | 522,665 |
SK Gas Ltd. | 5,791 | 417,682 |
SKC Co., Ltd. | 11,351 | 432,942 |
SL Corp. | 7,444 | 134,198 |
Sungwoo Hitech Co., Ltd. | 121,238 | 360,431 |
Taekwang Industrial Co., Ltd. | 521 | 491,243 |
Taeyoung Engineering & Construction Co., Ltd. | 11,984 | 133,588 |
Tongyang, Inc. | 132,243 | 162,956 |
Winiadimchae Co., Ltd. * | 104,746 | 283,056 |
WONIK IPS Co., Ltd. | 9,183 | 260,784 |
Young Poong Corp. | 456 | 238,828 |
Youngone Corp. | 11,379 | 339,440 |
Yuhan Corp. | 1,569 | 302,449 |
40,261,781 | ||
Security | Number of Shares | Value ($) |
Singapore 1.5% | ||
Ascendas Real Estate Investment Trust | 308,900 | 719,444 |
Ascott Residence Trust | 170,000 | 172,296 |
Asian Pay Television Trust | 2,719,500 | 333,424 |
CapitaLand Commercial Trust | 148,502 | 223,642 |
CapitaLand Mall Trust | 268,800 | 501,539 |
City Developments Ltd. | 134,200 | 1,062,755 |
First Resources Ltd. | 115,700 | 129,920 |
Genting Singapore Ltd. | 1,231,200 | 849,421 |
Mapletree Commercial Trust | 158,500 | 271,302 |
Mapletree Industrial Trust | 165,944 | 310,841 |
Mapletree Logistics Trust | 233,316 | 287,983 |
Mapletree North Asia Commercial Trust | 250,900 | 235,862 |
Olam International Ltd. | 400,300 | 537,583 |
SATS Ltd. | 140,649 | 521,592 |
Sembcorp Marine Ltd. * | 383,996 | 385,863 |
Singapore Exchange Ltd. | 108,500 | 712,361 |
Singapore Post Ltd. | 498,000 | 351,119 |
Singapore Press Holdings Ltd. | 602,700 | 980,830 |
Singapore Technologies Engineering Ltd. | 340,700 | 998,028 |
StarHub Ltd. | 347,300 | 331,863 |
Suntec Real Estate Investment Trust | 170,100 | 232,375 |
UOL Group Ltd. | 94,901 | 543,392 |
Venture Corp., Ltd. | 82,400 | 955,809 |
11,649,244 | ||
Spain 1.4% | ||
Abengoa S.A., B Shares * | 64,026,477 | 695,092 |
Acciona S.A. | 10,835 | 1,128,772 |
Applus Services S.A. | 36,575 | 441,987 |
Bolsas y Mercados Espanoles, SHMSF, S.A. | 15,347 | 425,714 |
Caja de Ahorros del Mediterraneo *(b) | 5,382 | — |
Cellnex Telecom S.A. * | 8,532 | 368,146 |
Cia de Distribucion Integral Logista Holdings S.A. | 16,749 | 351,176 |
Cie Automotive S.A. | 10,391 | 258,812 |
Construcciones y Auxiliar de Ferrocarriles S.A. | 5,083 | 228,180 |
Distribuidora Internacional de Alimentacion S.A. *(a) | 1,222,199 | 238,409 |
Ebro Foods S.A. | 29,117 | 639,202 |
Ence Energia y Celulosa S.A. | 30,395 | 120,026 |
Euskaltel S.A. | 18,130 | 168,638 |
FAES FARMA S.A. | 48,386 | 278,054 |
Gestamp Automocion S.A. | 86,428 | 370,343 |
Indra Sistemas S.A. * | 14,859 | 143,540 |
Inmobiliaria Colonial Socimi S.A. | 12,275 | 158,622 |
Liberbank S.A. | 506,324 | 162,206 |
Mediaset Espana Comunicacion S.A. | 92,454 | 565,713 |
Melia Hotels International S.A. | 40,271 | 328,377 |
Merlin Properties Socimi S.A. | 14,756 | 217,220 |
Obrascon Huarte Lain S.A. *(a) | 610,001 | 703,278 |
Prosegur Cash S.A. | 73,536 | 114,986 |
Prosegur Cia de Seguridad S.A. | 119,299 | 463,028 |
Sacyr S.A. | 151,714 | 431,652 |
Siemens Gamesa Renewable Energy S.A. | 27,765 | 382,237 |
Tecnicas Reunidas S.A. * | 13,513 | 340,147 |
Unicaja Banco S.A. | 592,044 | 536,146 |
Security | Number of Shares | Value ($) |
Viscofan S.A. | 10,612 | 575,523 |
Zardoya Otis S.A. | 38,196 | 289,604 |
11,124,830 | ||
Sweden 3.2% | ||
AAK AB | 33,669 | 597,256 |
Adapteo Oyj * | 23,088 | 253,125 |
AF POYRY AB | 22,971 | 489,008 |
Arjo AB, B Shares | 59,251 | 244,370 |
Attendo AB | 46,024 | 234,798 |
Axfood AB | 39,571 | 852,313 |
Betsson AB * | 55,325 | 272,508 |
Bilia AB, A Shares | 45,916 | 460,783 |
Bonava AB, B Shares | 28,178 | 271,765 |
Bravida Holding AB | 54,789 | 504,858 |
Castellum AB | 31,728 | 648,382 |
Clas Ohlson AB, B Shares | 30,561 | 293,877 |
Cloetta AB, B Shares | 57,317 | 194,622 |
Coor Service Management Holding AB | 30,383 | 259,705 |
Dometic Group AB | 79,010 | 733,547 |
Elekta AB, B Shares | 43,521 | 606,283 |
Fabege AB | 21,062 | 314,549 |
Getinge AB, B Shares | 86,186 | 1,473,483 |
Granges AB | 28,865 | 280,981 |
Hemfosa Fastigheter AB | 22,880 | 235,655 |
Hexpol AB | 79,205 | 706,681 |
Holmen AB, B Shares | 37,061 | 1,093,695 |
Indutrade AB | 15,235 | 469,737 |
Intrum AB | 13,875 | 374,057 |
Inwido AB | 33,326 | 222,062 |
JM AB | 41,940 | 1,074,365 |
Kungsleden AB | 29,608 | 269,056 |
LE Lundbergfortagen AB, B Shares | 21,699 | 817,831 |
Lifco AB, B Shares | 4,643 | 231,581 |
Lindab International AB | 30,214 | 337,954 |
Loomis AB, Class B | 24,603 | 952,614 |
Lundin Petroleum AB | 4,859 | 160,921 |
Mekonomen AB * | 26,603 | 226,474 |
Modern Times Group MTG AB, B Shares * | 18,647 | 172,880 |
NCC AB, B Shares | 59,817 | 961,375 |
Nibe Industrier AB, B Shares | 38,818 | 531,513 |
Nobia AB | 75,730 | 483,536 |
Nolato AB, B Shares | 4,193 | 234,933 |
Nordic Entertainment Group AB, B Shares | 16,984 | 481,955 |
Pandox AB | 14,273 | 285,621 |
Peab AB | 112,614 | 949,612 |
Ratos AB, B Shares | 284,440 | 734,075 |
Saab AB, Class B | 20,076 | 619,986 |
SAS AB * | 227,578 | 355,833 |
Scandic Hotels Group AB | 38,342 | 368,926 |
Svenska Cellulosa AB, S.C.A., B Shares | 124,386 | 1,269,251 |
Sweco AB, B Shares | 12,726 | 447,760 |
Thule Group AB | 15,923 | 324,255 |
Wallenstam AB, B Shares | 14,041 | 153,782 |
Wihlborgs Fastigheter AB | 18,195 | 275,295 |
24,809,484 | ||
Switzerland 3.4% | ||
Allreal Holding AG * | 3,181 | 619,755 |
Alpiq Holding AG * | 2,183 | 157,999 |
ALSO Holding AG * | 2,158 | 321,247 |
ams AG * | 10,738 | 482,487 |
Arbonia AG * | 14,952 | 187,765 |
Security | Number of Shares | Value ($) |
Aryzta AG * | 1,024,207 | 809,051 |
Autoneum Holding AG | 2,461 | 276,079 |
Banque Cantonale Vaudoise | 452 | 354,423 |
Barry Callebaut AG | 326 | 688,935 |
Belimo Holding AG | 64 | 401,441 |
Bell Food Group AG * | 860 | 236,249 |
Berner Kantonalbank AG | 587 | 129,420 |
BKW AG | 4,935 | 364,247 |
Bobst Group S.A. | 2,265 | 118,818 |
Bucher Industries AG | 2,268 | 701,996 |
Burckhardt Compression Holding AG | 838 | 199,625 |
Cembra Money Bank AG | 5,564 | 590,037 |
Conzzeta AG | 393 | 342,631 |
Daetwyler Holding AG | 2,308 | 397,762 |
DKSH Holding AG | 14,867 | 706,941 |
dormakaba Holding AG, Series B * | 535 | 342,706 |
Dufry AG * | 9,295 | 808,439 |
Emmi AG | 502 | 424,906 |
EMS-Chemie Holding AG | 997 | 624,619 |
Flughafen Zuerich AG | 3,514 | 633,195 |
Forbo Holding AG | 248 | 395,186 |
Galenica AG * | 13,678 | 818,864 |
GAM Holding AG * | 193,993 | 647,588 |
Helvetia Holding AG | 7,611 | 1,069,096 |
Huber & Suhner AG | 4,176 | 278,217 |
Implenia AG | 13,318 | 507,551 |
Inficon Holding AG | 256 | 183,469 |
Komax Holding AG(a) | 650 | 138,318 |
Kudelski S.A. - BR * | 31,291 | 181,751 |
Landis+Gyr Group AG * | 7,617 | 707,263 |
Logitech International S.A. | 21,078 | 865,190 |
Mobimo Holding AG * | 1,279 | 360,428 |
OC Oerlikon Corp. AG | 57,955 | 594,743 |
Partners Group Holding AG | 1,143 | 893,210 |
PSP Swiss Property AG | 3,954 | 523,371 |
Rieter Holding AG | 1,720 | 234,455 |
Schweiter Technologies AG | 333 | 342,283 |
SFS Group AG | 4,880 | 432,312 |
Siegfried Holding AG * | 490 | 199,739 |
SIG Combibloc Group AG * | 19,110 | 264,954 |
Straumann Holding AG | 524 | 468,184 |
Sulzer AG | 7,193 | 727,445 |
Sunrise Communications Group AG * | 11,121 | 865,274 |
Tecan Group AG | 1,168 | 276,325 |
Temenos AG * | 2,134 | 305,313 |
u-blox Holding AG * | 1,870 | 151,577 |
Valiant Holding AG | 2,745 | 278,810 |
Valora Holding AG * | 2,118 | 606,590 |
VAT Group AG * | 2,688 | 395,221 |
Vifor Pharma AG | 7,322 | 1,153,063 |
Vontobel Holding AG | 5,083 | 296,357 |
26,082,920 | ||
United Kingdom 10.9% | ||
888 Holdings plc | 99,351 | 231,135 |
AA plc | 776,227 | 443,419 |
Ascential plc | 31,891 | 144,499 |
Ashmore Group plc | 65,480 | 394,954 |
Auto Trader Group plc | 44,825 | 326,608 |
B&M European Value Retail S.A. | 184,883 | 886,955 |
Balfour Beatty plc | 342,458 | 997,930 |
Bank of Georgia Group plc | 8,605 | 145,237 |
BBA Aviation plc | 289,136 | 1,137,500 |
BCA Marketplace plc | 239,409 | 731,880 |
Beazley plc | 111,484 | 847,314 |
Biffa plc | 68,312 | 225,644 |
Big Yellow Group plc | 11,157 | 165,121 |
Security | Number of Shares | Value ($) |
Bodycote plc | 70,576 | 654,375 |
Bovis Homes Group plc | 55,250 | 837,347 |
Brewin Dolphin Holdings plc | 62,280 | 268,481 |
Britvic plc | 58,558 | 748,359 |
C&C Group plc | 86,578 | 426,166 |
Card Factory plc | 184,830 | 405,577 |
Centamin plc | 429,199 | 649,229 |
Chemring Group plc | 125,852 | 327,675 |
Cineworld Group plc | 120,454 | 347,096 |
Clarkson plc | 4,517 | 165,001 |
Close Brothers Group plc | 42,158 | 755,945 |
Coats Group plc | 273,859 | 252,932 |
Cobham plc | 561,159 | 1,147,840 |
Computacenter plc | 39,146 | 692,740 |
ConvaTec Group plc | 336,164 | 858,806 |
Costain Group plc | 73,746 | 159,530 |
Countryside Properties plc | 68,672 | 314,307 |
Cranswick plc | 20,027 | 805,239 |
Crest Nicholson Holdings plc | 134,179 | 676,125 |
Daily Mail & General Trust plc | 58,738 | 668,869 |
De La Rue plc | 58,656 | 119,289 |
Dechra Pharmaceuticals plc | 3,936 | 134,263 |
Derwent London plc | 8,897 | 409,128 |
Dignity plc | 19,566 | 140,537 |
Diploma plc | 17,731 | 367,256 |
Domino's Pizza Group plc | 88,783 | 328,999 |
Dunelm Group plc | 30,406 | 310,956 |
EI Group plc * | 227,957 | 831,520 |
Electrocomponents plc | 98,133 | 865,839 |
Elementis plc | 233,222 | 448,810 |
Entertainment One Ltd. | 113,825 | 822,043 |
Equiniti Group plc | 55,014 | 153,692 |
Essentra plc | 118,145 | 583,691 |
Evraz plc | 122,578 | 584,937 |
Ferrexpo plc | 125,426 | 205,528 |
Fresnillo plc | 43,140 | 398,561 |
Galliford Try plc | 85,302 | 809,625 |
Games Workshop Group plc | 2,715 | 157,209 |
Genus plc | 8,003 | 300,683 |
Grafton Group plc | 99,996 | 1,012,584 |
Grainger plc | 91,801 | 305,372 |
Great Portland Estates plc | 34,663 | 353,638 |
Greencore Group plc | 194,730 | 585,458 |
Greggs plc | 27,583 | 634,442 |
GVC Holdings plc | 32,493 | 374,863 |
Halfords Group plc | 215,574 | 442,322 |
Halma plc | 36,093 | 875,812 |
Hammerson plc | 173,828 | 653,008 |
Hargreaves Lansdown plc | 16,108 | 369,892 |
Headlam Group plc | 55,555 | 346,863 |
Hikma Pharmaceuticals plc | 18,535 | 482,703 |
Hill & Smith Holdings plc | 20,223 | 343,166 |
HomeServe plc | 33,797 | 507,398 |
Howden Joinery Group plc | 142,294 | 1,064,968 |
Hunting plc | 59,564 | 304,389 |
Ibstock plc | 121,058 | 378,286 |
IG Group Holdings plc | 132,204 | 1,088,126 |
Indivior plc * | 656,102 | 332,304 |
Intermediate Capital Group plc | 61,755 | 1,188,519 |
International Personal Finance plc | 293,035 | 504,845 |
Intu Properties plc *(a) | 854,503 | 498,096 |
IWG plc | 192,349 | 958,141 |
J.D. Wetherspoon plc | 23,113 | 438,014 |
JD Sports Fashion plc | 53,576 | 532,948 |
John Laing Group plc | 70,845 | 335,470 |
Jupiter Fund Management plc | 170,899 | 758,760 |
Just Group plc * | 680,685 | 536,846 |
KAZ Minerals plc | 40,104 | 245,088 |
Security | Number of Shares | Value ($) |
Keller Group plc | 76,527 | 514,171 |
Kier Group plc(a) | 214,459 | 315,302 |
Lancashire Holdings Ltd. | 84,026 | 775,915 |
Lookers plc | 538,864 | 346,217 |
Man Group plc | 474,536 | 883,194 |
Mapeley Ltd. *(b) | 2,199 | — |
Marshalls plc | 35,873 | 330,621 |
Marston's plc | 391,809 | 625,784 |
McCarthy & Stone plc | 218,788 | 415,191 |
Mediclinic International plc | 88,083 | 417,705 |
Melrose Industries plc | 346,195 | 956,774 |
Merlin Entertainments plc | 170,657 | 1,005,418 |
Mitchells & Butlers plc * | 142,945 | 788,798 |
Mitie Group plc | 194,190 | 398,446 |
Moneysupermarket.com Group plc | 107,191 | 476,963 |
Morgan Advanced Materials plc | 125,544 | 383,141 |
Morgan Sindall Group plc | 25,870 | 428,937 |
N Brown Group plc | 198,907 | 322,583 |
National Express Group plc | 169,961 | 982,790 |
Northgate plc | 143,041 | 638,318 |
Ocado Group plc * | 18,686 | 322,077 |
OneSavings Bank plc | 36,661 | 171,014 |
Pagegroup plc | 114,258 | 658,325 |
Paragon Banking Group plc | 64,069 | 417,645 |
PayPoint plc | 17,320 | 205,060 |
Pendragon plc | 3,329,331 | 617,571 |
Petra Diamonds Ltd. * | 1,043,550 | 114,900 |
Petrofac Ltd. | 178,742 | 892,077 |
Pets at Home Group plc | 271,358 | 724,801 |
Phoenix Group Holdings plc | 132,246 | 1,207,953 |
Playtech plc | 168,499 | 857,636 |
Plus500 Ltd. | 36,092 | 374,014 |
Polymetal International plc | 66,311 | 1,090,650 |
Polypipe Group plc | 48,621 | 285,147 |
Premier Oil plc * | 815,346 | 876,107 |
Provident Financial plc | 177,648 | 1,014,372 |
PZ Cussons plc | 88,647 | 231,380 |
QinetiQ Group plc | 179,313 | 730,995 |
Quilter plc | 274,537 | 487,113 |
Rathbone Brothers plc | 7,062 | 189,816 |
Redrow plc | 66,660 | 519,670 |
Renewi plc | 363,024 | 139,081 |
Renishaw plc | 4,492 | 220,816 |
Rhi Magnesita N.V. | 4,028 | 181,537 |
Rightmove plc | 44,997 | 349,275 |
Rotork plc | 161,746 | 631,646 |
Royal Bank of Scotland Group plc | 170,229 | 470,554 |
RPS Group plc | 188,201 | 345,201 |
Safestore Holdings plc | 16,844 | 152,841 |
Saga plc | 943,791 | 573,616 |
Savills plc | 49,039 | 582,580 |
Schroders plc | 22,476 | 901,049 |
Segro plc | 76,532 | 837,207 |
Senior plc | 199,753 | 477,911 |
Serco Group plc * | 362,343 | 732,203 |
SIG plc | 505,741 | 737,656 |
Spectris plc | 32,249 | 999,772 |
Spirax-Sarco Engineering plc | 8,450 | 867,171 |
Spire Healthcare Group plc | 273,725 | 414,137 |
Sports Direct International plc * | 155,713 | 623,262 |
SSP Group plc | 72,152 | 594,975 |
St. Modwen Properties plc | 44,462 | 259,530 |
Stagecoach Group plc | 313,038 | 556,743 |
Stock Spirits Group plc | 66,062 | 175,171 |
Superdry plc | 56,610 | 300,599 |
Synthomer plc | 93,421 | 337,283 |
TalkTalk Telecom Group plc | 329,719 | 478,191 |
Ted Baker plc | 9,161 | 48,253 |
Security | Number of Shares | Value ($) |
Telecom Plus plc | 18,320 | 285,806 |
The Go-Ahead Group plc | 26,575 | 703,392 |
The Restaurant Group plc | 253,502 | 446,394 |
The Unite Group plc | 21,717 | 316,301 |
Thomas Cook Group plc *(a)(b) | 4,104,924 | — |
TP ICAP plc | 102,962 | 457,819 |
TT Electronics plc | 70,979 | 213,307 |
Tullow Oil plc | 120,015 | 320,719 |
Tyman plc | 85,084 | 234,204 |
UDG Healthcare plc | 64,670 | 648,269 |
Ultra Electronics Holdings plc | 23,390 | 590,781 |
Vesuvius plc | 104,104 | 538,595 |
Victrex plc | 19,100 | 542,602 |
WH Smith plc | 29,637 | 839,838 |
Wizz Air Holdings plc * | 7,527 | 372,741 |
84,758,341 | ||
Total Common Stock | ||
(Cost $703,620,154) | 769,510,467 | |
Preferred Stock0.3% of net assets | ||
Germany 0.3% | ||
Draegerwerk AG & Co. KGaA | 10,431 | 611,350 |
Jungheinrich AG | 23,081 | 585,569 |
Sartorius AG | 2,175 | 422,650 |
Schaeffler AG | 66,751 | 563,096 |
Sixt SE | 4,972 | 336,394 |
Total Preferred Stock | ||
(Cost $2,699,209) | 2,519,059 | |
Rights0.0% of net assets | ||
Australia 0.0% | ||
Costa Group Holdings Ltd. expires 11/18/19 * | 13,378 | 6,179 |
Italy 0.0% | ||
Mediaset S.p.A. expires 11/06/19 *(b) | 207,632 | — |
Norway 0.0% | ||
Adevinta A.S.A. expires 11/12/19 * | 8,893 | 1,359 |
XXL A.S.A. *(b) | 8,404 | 3,564 |
4,923 | ||
Singapore 0.0% | ||
Mapletree Commercial Trust expires 11/07/19 *(b) | 11,892 | 787 |
Spain 0.0% | ||
Distribuidora Internacional de Alimentacion S.A. expires 11/13/19 * | 12,221,990 | 245,361 |
Total Rights | ||
(Cost $553,874) | 257,250 | |
Security | Number of Shares | Value ($) |
Other Investment Company1.4% of net assets | ||
United States 1.4% | ||
Securities Lending Collateral 1.4% | ||
Wells Fargo Government Money Market Fund, Select Class 1.75%(c) | 11,114,235 | 11,114,235 |
Total Other Investment Company | ||
(Cost $11,114,235) | 11,114,235 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments0.1% of net assets | ||
Time Deposits 0.1% | ||
Brown Brothers Harriman | ||
Australian Dollar | ||
0.35%, 11/01/19(d) | 22,914 | 15,796 |
Canadian Dollar | ||
0.87%, 11/01/19(d) | 47,216 | 35,848 |
Danish Krone | ||
(0.95%), 11/01/19(d) | 14,751 | 2,202 |
Hong Kong Dollar | ||
2.30%, 11/01/19(d) | 145,052 | 18,511 |
New Zealand Dollar | ||
0.50%, 11/01/19(d) | 322 | 206 |
Norwegian Krone | ||
0.60%, 11/01/19(d) | 11,427 | 1,243 |
Singapore Dollar | ||
0.55%, 11/01/19(d) | 4,066 | 2,989 |
Swedish Krona | ||
(0.37%), 11/01/19(d) | 68,373 | 7,081 |
Swiss Franc | ||
(1.57%), 11/01/19(d) | 11,194 | 11,347 |
Citibank | ||
Euro | ||
(0.67%), 11/01/19(d) | 18,925 | 21,107 |
Pound Sterling | ||
0.38%, 11/01/19(d) | 82,654 | 107,065 |
Sumitomo Mitsui Banking Corp. | ||
Japanese Yen | ||
(0.27%), 11/01/19(d) | 4,948,221 | 45,821 |
Total Short-Term Investments | ||
(Cost $269,216) | 269,216 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI EAFE Index, expires 12/20/19 | 34 | 3,327,240 | 22,255 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $9,652,938. |
(b) | Fair-valued by management using significant unobservable inputs in accordance with procedures approved by fund’s Board of Trustees. |
(c) | The rate shown is the 7-day yield. |
(d) | The rate shown is the current daily overnight rate. |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
Security | Number of Shares | Value ($) |
Common Stock92.9% of net assets | ||
Brazil 6.3% | ||
Ambev S.A. | 757,350 | 3,282,070 |
B3 S.A. - Brasil Bolsa Balcao | 93,733 | 1,130,732 |
Banco Bradesco S.A. | 211,571 | 1,732,978 |
Banco do Brasil S.A. | 377,415 | 4,531,239 |
BRF S.A. * | 228,018 | 2,018,930 |
CCR S.A. | 269,100 | 1,103,105 |
Centrais Eletricas Brasileiras S.A. | 48,616 | 479,553 |
Cia Energetica de Minas Gerais | 37,300 | 139,044 |
Cielo S.A. | 433,734 | 817,611 |
Cogna Educacao | 317,700 | 766,029 |
Companhia de Saneamento Basico do Estado de Sao Paulo | 92,410 | 1,258,555 |
Embraer S.A. | 248,451 | 1,085,986 |
JBS S.A. | 481,000 | 3,392,966 |
Petrobras Distribuidora S.A. | 141,300 | 996,376 |
Petroleo Brasileiro S.A. | 783,658 | 6,389,631 |
Tim Participacoes S.A. | 303,747 | 864,927 |
Ultrapar Participacoes S.A. | 555,228 | 2,612,431 |
Vale S.A. * | 810,797 | 9,542,356 |
42,144,519 | ||
Chile 0.8% | ||
Cencosud S.A.(a) | 828,541 | 1,124,048 |
Empresas Copec S.A.(a) | 149,224 | 1,335,656 |
Enel Americas S.A.(a) | 7,177,409 | 1,344,653 |
Latam Airlines Group S.A.(a) | 91,063 | 1,007,033 |
S.A.C.I. Falabella(a) | 103,541 | 526,624 |
5,338,014 | ||
China 24.9% | ||
Agile Group Holdings Ltd. | 572,000 | 770,980 |
Agricultural Bank of China Ltd., H Shares | 9,032,600 | 3,716,947 |
Alibaba Group Holding Ltd. ADR * | 20,931 | 3,697,880 |
Anhui Conch Cement Co., Ltd., H Shares | 202,500 | 1,210,287 |
Baidu, Inc. ADR * | 18,983 | 1,933,419 |
Bank of China Ltd., H Shares | 26,364,234 | 10,750,933 |
Bank of Communications Co., Ltd., H Shares | 2,424,000 | 1,655,464 |
China Cinda Asset Management Co., Ltd., H Shares | 3,691,000 | 765,686 |
China CITIC Bank Corp., Ltd., H Shares | 3,030,000 | 1,756,372 |
China Communications Construction Co., Ltd., H Shares | 1,664,322 | 1,266,952 |
China Communications Services Corp., Ltd., H Shares | 965,000 | 595,914 |
China Construction Bank Corp., H Shares | 28,144,960 | 22,551,724 |
China Evergrande Group * | 423,000 | 1,029,690 |
China Huarong Asset Management Co., Ltd., H Shares | 6,680,000 | 986,199 |
Security | Number of Shares | Value ($) |
China Life Insurance Co., Ltd., H Shares | 804,000 | 2,067,638 |
China Merchants Bank Co., Ltd., H Shares | 629,150 | 3,000,561 |
China Minsheng Banking Corp., Ltd., H Shares | 2,260,800 | 1,581,363 |
China Mobile Ltd. | 1,646,055 | 13,376,987 |
China National Building Material Co., Ltd., H Shares | 1,940,000 | 1,635,078 |
China Overseas Land & Investment Ltd. | 768,000 | 2,423,417 |
China Pacific Insurance Group Co., Ltd., H Shares | 328,600 | 1,192,256 |
China Petroleum & Chemical Corp., H Shares | 21,030,400 | 11,961,559 |
China Railway Construction Corp., Ltd., H Shares | 882,500 | 965,267 |
China Railway Group Ltd., H Shares | 1,530,000 | 922,154 |
China Resources Beer Holdings Co., Ltd. | 219,000 | 1,122,818 |
China Resources Land Ltd. | 461,000 | 1,960,576 |
China Resources Power Holdings Co., Ltd. | 992,000 | 1,246,680 |
China Shenhua Energy Co., Ltd., H Shares | 1,356,500 | 2,754,969 |
China Telecom Corp., Ltd., H Shares | 6,690,000 | 2,845,983 |
China Unicom (Hong Kong) Ltd. | 2,979,056 | 2,932,877 |
China Vanke Co., Ltd., H Shares | 223,900 | 816,462 |
CITIC Ltd. | 1,680,000 | 2,210,012 |
CNOOC Ltd. | 4,933,075 | 7,341,648 |
Country Garden Holdings Co., Ltd. | 974,000 | 1,352,135 |
Dongfeng Motor Group Co., Ltd., H Shares | 989,000 | 992,078 |
ENN Energy Holdings Ltd. | 78,400 | 894,430 |
Fosun International Ltd. | 552,500 | 722,436 |
GCL-Poly Energy Holdings Ltd. * | 12,677,000 | 507,476 |
Geely Automobile Holdings Ltd. | 497,000 | 940,429 |
Great Wall Motor Co., Ltd., H Shares | 1,302,800 | 1,055,595 |
Guangzhou R&F Properties Co., Ltd., H Shares | 517,200 | 801,377 |
Haier Electronics Group Co., Ltd. | 321,000 | 916,483 |
Hengan International Group Co., Ltd. | 112,500 | 785,474 |
Huaneng Power International, Inc., H Shares | 2,192,000 | 1,041,145 |
Industrial & Commercial Bank of China Ltd., H Shares | 21,832,172 | 15,640,419 |
JD.com, Inc. ADR * | 39,652 | 1,235,160 |
Jiangxi Copper Co., Ltd., H Shares | 1,020,000 | 1,194,143 |
Kingboard Holdings Ltd. | 338,500 | 902,069 |
Kunlun Energy Co., Ltd. | 886,000 | 824,632 |
Longfor Group Holdings Ltd. | 229,500 | 952,459 |
NetEase, Inc. ADR | 4,646 | 1,328,106 |
PetroChina Co., Ltd., H Shares | 10,460,000 | 5,100,938 |
PICC Property & Casualty Co., Ltd., H Shares | 1,866,000 | 2,361,457 |
Ping An Insurance Group Co. of China Ltd., H Shares | 400,000 | 4,616,712 |
Shimao Property Holdings Ltd. | 372,000 | 1,246,231 |
Security | Number of Shares | Value ($) |
Sinopec Shanghai Petrochemical Co., Ltd., H Shares | 2,044,000 | 564,531 |
Sinopharm Group Co., Ltd., H Shares | 286,400 | 1,025,669 |
Tencent Holdings Ltd. | 128,700 | 5,220,447 |
167,268,783 | ||
Colombia 0.3% | ||
Bancolombia S.A. | 60,002 | 729,610 |
Ecopetrol S.A. | 1,570,633 | 1,412,640 |
2,142,250 | ||
Czech Republic 0.2% | ||
CEZ A/S | 58,846 | 1,342,303 |
Egypt 0.1% | ||
Commercial International Bank Egypt S.A.E. GDR | 126,297 | 623,907 |
Greece 1.2% | ||
Alpha Bank AE * | 1,061,604 | 2,265,238 |
Hellenic Telecommunications Organization S.A. | 64,078 | 971,832 |
National Bank of Greece S.A. * | 542,083 | 1,838,418 |
Piraeus Bank S.A. * | 815,465 | 2,844,203 |
7,919,691 | ||
Hungary 0.5% | ||
MOL Hungarian Oil & Gas plc | 189,523 | 1,874,241 |
OTP Bank plc | 31,675 | 1,460,754 |
3,334,995 | ||
India 7.3% | ||
Axis Bank Ltd. | 111,818 | 1,158,563 |
Bharat Petroleum Corp., Ltd. | 465,944 | 3,450,791 |
Bharti Airtel Ltd. | 356,472 | 1,880,897 |
Coal India Ltd. | 431,381 | 1,260,196 |
HCL Technologies Ltd. | 77,384 | 1,268,572 |
Hero MotoCorp Ltd. | 20,416 | 777,486 |
Hindalco Industries Ltd. | 387,192 | 1,023,534 |
Hindustan Petroleum Corp., Ltd. | 420,247 | 1,921,090 |
Housing Development Finance Corp., Ltd. | 80,681 | 2,421,402 |
Indian Oil Corp., Ltd. | 1,326,169 | 2,739,248 |
Infosys Ltd. | 439,383 | 4,225,046 |
ITC Ltd. | 273,808 | 993,702 |
JSW Steel Ltd. | 248,651 | 797,845 |
Mahindra & Mahindra Ltd. | 86,380 | 737,729 |
Maruti Suzuki India Ltd. | 9,795 | 1,043,645 |
NTPC Ltd. | 630,361 | 1,087,798 |
Oil & Natural Gas Corp., Ltd. | 1,421,110 | 2,836,345 |
Rajesh Exports Ltd. | 86,697 | 829,277 |
Reliance Industries Ltd. | 326,234 | 6,724,107 |
State Bank of India * | 407,418 | 1,791,775 |
Sun Pharmaceutical Industries Ltd. | 138,022 | 843,137 |
Tata Consultancy Services Ltd. | 79,299 | 2,537,490 |
Tata Motors Ltd. * | 1,169,492 | 2,891,831 |
Tata Motors Ltd., Class A * | 473,814 | 545,249 |
Tata Steel Ltd. | 127,810 | 684,341 |
Vedanta Ltd. | 805,830 | 1,681,871 |
Wipro Ltd. | 217,561 | 796,703 |
48,949,670 | ||
Security | Number of Shares | Value ($) |
Indonesia 1.3% | ||
PT Astra International Tbk | 4,229,800 | 2,092,062 |
PT Bank Central Asia Tbk | 459,200 | 1,027,840 |
PT Bank Mandiri (Persero) Tbk | 2,453,100 | 1,226,229 |
PT Bank Rakyat Indonesia (Persero) Tbk | 5,701,200 | 1,708,280 |
PT Telekomunikasi Indonesia (Persero) Tbk | 9,267,000 | 2,704,303 |
8,758,714 | ||
Kuwait 0.4% | ||
Kuwait Finance House KSCP | 267,081 | 602,603 |
Mobile Telecommunications Co. KSC | 537,544 | 1,001,767 |
National Bank of Kuwait SAKP | 236,753 | 734,293 |
2,338,663 | ||
Malaysia 1.7% | ||
Axiata Group Berhad | 1,293,473 | 1,329,512 |
CIMB Group Holdings Berhad | 1,203,680 | 1,510,643 |
Genting Berhad | 777,100 | 1,079,478 |
Malayan Banking Berhad | 938,261 | 1,929,470 |
Petronas Chemicals Group Berhad | 461,500 | 824,522 |
Public Bank Berhad | 319,165 | 1,549,021 |
Tenaga Nasional Berhad | 1,047,600 | 3,469,384 |
11,692,030 | ||
Mexico 4.3% | ||
Alfa S.A.B. de C.V., Class A | 1,625,500 | 1,409,473 |
America Movil S.A.B. de C.V., Series L | 12,010,619 | 9,515,340 |
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, Class B | 136,200 | 182,884 |
Cemex S.A.B. de C.V., Series CPO | 7,017,856 | 2,637,647 |
Coca-Cola Femsa S.A.B. de C.V. | 128,000 | 703,396 |
Fomento Economico Mexicano S.A.B. de C.V. | 416,915 | 3,699,602 |
Grupo Bimbo S.A.B. de C.V., Series A | 586,400 | 1,089,488 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 418,000 | 2,281,600 |
Grupo Mexico S.A.B. de C.V., Series B | 990,136 | 2,608,073 |
Grupo Televisa S.A.B., Series CPO | 674,417 | 1,489,316 |
Wal-Mart de Mexico S.A.B. de C.V. | 1,057,237 | 3,172,838 |
28,789,657 | ||
Philippines 0.3% | ||
PLDT, Inc. | 54,230 | 1,167,002 |
SM Investments Corp. | 39,550 | 801,774 |
1,968,776 | ||
Qatar 0.4% | ||
Ooredoo QPSC | 406,555 | 815,925 |
Qatar National Bank QPSC | 338,497 | 1,784,499 |
2,600,424 | ||
Russia 14.3% | ||
Alrosa PJSC | 734,550 | 853,890 |
Gazprom PJSC - USD | 8,687,630 | 35,226,072 |
Gazprom PJSC | 282,200 | 1,144,789 |
Inter RAO UES PJSC | 23,651,001 | 1,594,063 |
Lukoil PJSC | 250,510 | 23,125,953 |
Magnit PJSC | 52,672 | 2,654,854 |
Security | Number of Shares | Value ($) |
MMC Norilsk Nickel PJSC | 9,440 | 2,633,439 |
Mobile TeleSystems PJSC | 621,762 | 2,763,495 |
NovaTek PJSC | 100,150 | 2,124,122 |
Rosneft Oil Co. PJSC | 644,820 | 4,283,884 |
Rostelecom PJSC | 829,890 | 1,015,967 |
Sberbank of Russia PJSC | 2,067,000 | 7,571,721 |
Severstal PJSC | 65,310 | 898,538 |
Sistema PJSC FC | 8,084,700 | 1,836,763 |
Surgutneftegas PJSC | 3,970,505 | 2,662,585 |
Tatneft PJSC | 321,460 | 3,750,889 |
VTB Bank PJSC | 2,141,520,000 | 1,439,101 |
95,580,125 | ||
South Africa 5.7% | ||
Absa Group Ltd. | 234,458 | 2,404,620 |
AngloGold Ashanti Ltd. | 74,699 | 1,652,215 |
Aspen Pharmacare Holdings Ltd. * | 106,466 | 743,228 |
Barloworld Ltd. | 134,905 | 1,074,515 |
Bid Corp., Ltd. | 73,200 | 1,707,698 |
FirstRand Ltd. | 490,437 | 2,120,150 |
Gold Fields Ltd. | 340,624 | 2,115,405 |
MTN Group Ltd. | 1,084,865 | 6,714,860 |
MultiChoice Group * | 6,860 | 57,133 |
Naspers Ltd., N Shares | 7,585 | 1,073,342 |
Nedbank Group Ltd. | 83,598 | 1,268,206 |
Remgro Ltd. | 61,707 | 707,530 |
Sanlam Ltd. | 246,077 | 1,295,064 |
Sappi Ltd. | 244,943 | 628,999 |
Sasol Ltd. | 258,184 | 4,680,536 |
Shoprite Holdings Ltd. | 156,487 | 1,402,199 |
Standard Bank Group Ltd. | 277,590 | 3,186,802 |
Steinhoff International Holdings N.V. * | 16,021,650 | 1,039,093 |
The Bidvest Group Ltd. | 66,933 | 913,692 |
Tiger Brands Ltd. | 48,312 | 686,021 |
Vodacom Group Ltd. | 171,727 | 1,500,262 |
Woolworths Holdings Ltd. | 312,419 | 1,187,795 |
38,159,365 | ||
Taiwan 17.7% | ||
Acer, Inc. | 1,593,496 | 929,794 |
Asustek Computer, Inc. | 475,041 | 3,222,644 |
AU Optronics Corp. | 9,763,800 | 2,489,381 |
Catcher Technology Co., Ltd. | 195,000 | 1,652,841 |
Cathay Financial Holding Co., Ltd. | 1,252,599 | 1,658,013 |
Cheng Shin Rubber Industry Co., Ltd. | 697,000 | 1,095,422 |
China Steel Corp. | 3,245,198 | 2,498,753 |
Chunghwa Telecom Co., Ltd. | 730,906 | 2,691,536 |
Compal Electronics, Inc. | 4,404,305 | 2,629,227 |
CTBC Financial Holding Co., Ltd. | 2,550,201 | 1,772,932 |
Delta Electronics, Inc. | 413,590 | 1,815,860 |
Far Eastern New Century Corp. | 1,374,817 | 1,337,073 |
Far EasTone Telecommunications Co., Ltd. | 334,622 | 802,902 |
First Financial Holding Co., Ltd. | 1,199,346 | 879,418 |
Formosa Chemicals & Fibre Corp. | 724,442 | 2,105,718 |
Formosa Petrochemical Corp. | 325,330 | 1,036,210 |
Formosa Plastics Corp. | 645,732 | 2,072,732 |
Foxconn Technology Co., Ltd. | 432,317 | 924,504 |
Fubon Financial Holding Co., Ltd. | 1,750,674 | 2,561,298 |
Hon Hai Precision Industry Co., Ltd. | 8,197,572 | 21,650,629 |
Innolux Corp. | 13,262,357 | 2,939,820 |
Inventec Corp. | 1,949,639 | 1,412,662 |
Largan Precision Co., Ltd. | 8,050 | 1,181,211 |
Lite-On Technology Corp. | 848,167 | 1,397,629 |
MediaTek, Inc. | 302,338 | 4,037,679 |
Mega Financial Holding Co., Ltd. | 1,519,340 | 1,491,196 |
Security | Number of Shares | Value ($) |
Nan Ya Plastics Corp. | 1,124,622 | 2,657,563 |
Pegatron Corp. | 2,136,264 | 4,148,138 |
Pou Chen Corp. | 1,021,267 | 1,365,367 |
President Chain Store Corp. | 79,000 | 788,113 |
Quanta Computer, Inc. | 1,245,500 | 2,389,218 |
Synnex Technology International Corp. | 860,850 | 1,026,765 |
Taiwan Cement Corp. | 935,467 | 1,241,966 |
Taiwan Mobile Co., Ltd. | 245,334 | 914,748 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,646,803 | 25,938,135 |
Uni-President Enterprises Corp. | 872,678 | 2,155,847 |
United Microelectronics Corp. | 5,438,965 | 2,504,753 |
Walsin Lihwa Corp. | 1,731,000 | 846,526 |
Wistron Corp. | 2,499,682 | 2,291,709 |
WPG Holdings Ltd. | 1,142,880 | 1,448,868 |
Yuanta Financial Holding Co., Ltd. | 1,360,000 | 849,959 |
118,854,759 | ||
Thailand 3.1% | ||
Advanced Info Service PCL NVDR | 195,575 | 1,483,638 |
Charoen Pokphand Foods PCL NVDR | 1,031,700 | 863,065 |
CP ALL PCL NVDR | 358,700 | 927,147 |
Kasikornbank PCL NVDR | 268,600 | 1,235,952 |
Krung Thai Bnk Ltd. NVDR | 1,488,900 | 818,537 |
PTT Exploration & Production Public Co., Ltd. NVDR | 335,100 | 1,336,881 |
PTT Global Chemical PCL NVDR | 905,200 | 1,529,037 |
PTT PCL NVDR | 4,818,870 | 7,221,075 |
Thai Oil PCL NVDR | 531,200 | 1,204,946 |
The Siam Cement PCL NVDR | 198,200 | 2,410,226 |
The Siam Commercial Bank PCL NVDR | 468,000 | 1,734,552 |
20,765,056 | ||
Turkey 1.6% | ||
Akbank T.A.S. * | 1,235,147 | 1,492,261 |
BIM Birlesik Magazalar A/S | 105,165 | 870,420 |
Eregli Demir ve Celik Fabrikalari TAS | 681,358 | 778,902 |
Haci Omer Sabanci Holding A/S | 661,301 | 956,627 |
KOC Holding A/S | 468,499 | 1,535,643 |
Tupras-Turkiye Petrol Rafinerileri A/S | 52,029 | 1,132,480 |
Turk Hava Yollari AO * | 321,958 | 655,213 |
Turkcell Iletisim Hizmetleri A/S | 578,977 | 1,273,060 |
Turkiye Garanti Bankasi A/S * | 933,836 | 1,501,015 |
Turkiye Halk Bankasi A/S * | 804,528 | 736,842 |
10,932,463 | ||
United Arab Emirates 0.5% | ||
Abu Dhabi Commercial Bank PJSC | 332,464 | 705,257 |
Emaar Properties PJSC | 654,563 | 760,739 |
Emirates Telecommunications Group Co. PJSC | 300,468 | 1,354,775 |
First Abu Dhabi Bank PJSC | 160,090 | 662,577 |
3,483,348 | ||
Total Common Stock | ||
(Cost $559,587,702) | 622,987,512 | |
Security | Number of Shares | Value ($) |
Preferred Stock6.9% of net assets | ||
Brazil 5.1% | ||
Banco Bradesco S.A. | 793,994 | 6,962,915 |
Centrais Eletricas Brasileiras S.A., Class B | 35,620 | 364,060 |
Companhia Energetica de Minas Gerais | 469,408 | 1,597,661 |
Compania Brasileira de Distribuicao Grupo Pao de Acucar | 65,515 | 1,355,714 |
Gerdau S.A. | 503,806 | 1,687,100 |
Itau Unibanco Holding S.A. | 1,128,079 | 10,190,825 |
Itausa - Investimentos Itau S.A. | 310,307 | 1,060,793 |
Metalurgica Gerdau S.A. | 641,177 | 1,005,611 |
Petroleo Brasileiro S.A. | 1,007,354 | 7,633,334 |
Telefonica Brasil S.A. | 164,872 | 2,182,123 |
34,040,136 | ||
Colombia 0.2% | ||
Bancolombia S.A. | 98,757 | 1,289,100 |
Russia 1.6% | ||
Surgutneftegas PJSC | 4,085,900 | 2,400,977 |
Tatneft PJSC * | 20,890 | 215,037 |
Transneft PJSC | 3,189 | 8,280,533 |
10,896,547 | ||
Total Preferred Stock | ||
(Cost $32,389,168) | 46,225,783 | |
Security Rate, Maturity Date | Face Amount Local Currency | Value ($) |
Short-Term Investments0.0% of net assets | ||
Time Deposits 0.0% | ||
BNP Paribas | ||
U.S. Dollar | ||
1.18%, 11/01/19(b) | 84,039 | 84,039 |
Brown Brothers Harriman | ||
Euro | ||
(0.67%), 11/01/19(b) | 10,413 | 11,614 |
Hong Kong Dollar | ||
2.30%, 11/01/19(b) | 108,130 | 13,799 |
South African Rand | ||
5.04%, 11/01/19(b) | 1,025,426 | 67,862 |
Total Short-Term Investments | ||
(Cost $177,314) | 177,314 |
Number of Contracts | Notional Amount ($) | Current Value/ Unrealized Appreciation ($) | ||
Futures Contracts | ||||
Long | ||||
MSCI Emerging Markets Index, expires 12/20/19 | 31 | 1,614,170 | 14,105 |
* | 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 current daily overnight rate. |
ADR — | American Depositary Receipt |
GDR — | Global Depositary Receipt |
NVDR — | Non-Voting Depositary Receipt |
USD — | U.S. dollar |
Table of Contents
Report of Independent Registered Public Accounting Firm
TotheBoard of Trustees of Schwab Capital Trust and Shareholders of Schwab S&P 500 Index Fund, SchwabSmall-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.
Opinions 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, SchwabSmall-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, 2019, the related statements of operationsfor the year ended October 31, 2019, the statements of changes in net assetsfor 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 FormN-CSR) and the portfolio holdings (included in Item 6 of this FormN-CSR) as of October 31, 2019 (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, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and 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, SchwabSmall-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, 2019 and statements of changes in net assets for each of the two years in the period ended October 31, 2019. |
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 changes in net assets for the period December 20, 2017 (commencement of operations) through October 31, 2018 and for the year ended October 31, 2019. |
PricewaterhouseCoopers LLP, Three Embarcadero Center, San Francisco, CA 94111-4004 |
T: (415) 498 5000, F: (415) 498 7100,www.pwc.com/us |
Table of Contents
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Fund’s 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, 2019 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.
December 16, 2019 |
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 1989.
2 of 2
Table of Contents
Item 7: Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9: Purchases of Equity Securities byClosed-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, Jonathan de St. Paer 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 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: Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.
Not applicable.
Item 13: 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 Rule30a-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 Rule30a-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 FormN-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/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | December 16, 2019 |
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/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | December 16, 2019 |
By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | December 16, 2019 |