UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07704
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)
Omar Aguilar
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, 2023
Item 1: Report(s) to Shareholders.
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11 | |
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46 | |
49 |
Total Return for the 12 Months Ended October 31, 2023 | |
Schwab International Opportunities Fund1 (Ticker Symbol: SWMIX) | 7.15% 2 |
MSCI EAFE® Index (Net)3 | 14.40% |
Fund Category: Morningstar Foreign Large Growth4 | 9.08% |
Performance Details | pages 6-9 |
John Greves, CFA, Managing Director and Head of Multi-Asset Strategies for Schwab Asset Management, is responsible for the day-to-day co-management of the fund. Prior to joining Schwab in 2016, Mr. Greves worked at Russell Investment Management Company (Russell Investments) for 13 years, most recently as a portfolio manager for multi-asset solutions where he managed multiple target date funds, chaired the multi-asset advisory team, and co-authored papers on glide path methodology and benchmarking. Prior to that, he served in several roles for Russell Investments including associate portfolio manager for multi-asset solutions and senior portfolio analyst for multi-asset solutions. |
Tony Creasy, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the fund. Prior to his current role, he was a portfolio manager on the Multi-Asset Strategies Team, responsible for the daily management of several multi-asset portfolios. He also spent several years as lead analyst on the Schwab Asset Management Investment Manager Research Team. Prior to that, Mr. Creasy was an institutional investment analyst for Schwab’s retirement investment services group, providing mutual fund analysis to support the Schwab Focus List™. |
David Rios, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day management of the portion of the fund that is invested in accordance with a particular index. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation). |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Opportunities Fund (4/2/04)2 | 7.15% 4 | 2.26% | 2.38% |
MSCI EAFE® Index (Net)5 | 14.40% | 4.10% | 3.05% |
Fund Category: Morningstar Foreign Large Growth6 | 9.08% | 4.18% | 3.75% |
Fund Expense Ratio7: 0.84% |
Investment Managers | Investment Style | % of Net Assets |
Charles Schwab Investment Management, Inc., dba Schwab Asset Management2 | International Large-Cap Developed | 24.4% |
American Century Investment Management, Inc. | International Small-Cap Growth | 23.9% |
Harris Associates L.P. | International Large-Cap Value | 22.7% |
Columbia Management Investment Advisers, LLC3 | International All-Cap Blend | 15.3% |
Baillie Gifford Overseas Limited | International Growth | 7.2% |
Cash and other assets4 | 6.5% |
Number of Holdings | 938 |
Weighted Average Market Cap (millions) | $62,665 |
Price/Earnings Ratio (P/E) | 14.4 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 63% |
EXPENSE RATIO (ANNUALIZED) 1,2 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/23 3 | |
Schwab International Opportunities Fund | ||||
Actual Return | 0.86% | $1,000.00 | $880.20 | $4.08 |
Hypothetical 5% Return | 0.86% | $1,000.00 | $1,020.87 | $4.38 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. Acquired fund fees and expenses were less than 0.01% during the period May 1, 2023 through October 31, 2023 (see financial note 4, Expense Limitation, for additional information). |
3 | Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/191 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $16.90 | $30.60 | $24.37 | $22.89 | $22.89 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | ||||||
Net realized and unrealized gains (losses) | 0.91 | (9.58 ) | 7.94 | 1.95 | 1.74 | |
Total from investment operations | 1.24 | (9.32 ) | 7.95 | 1.95 | 2.05 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.45 ) | (4.10 ) | (1.72 ) | (0.04 ) | (1.76 ) | |
Total distributions | (0.65 ) | (4.38 ) | (1.72 ) | (0.47 ) | (2.05 ) | |
Net asset value at end of period | $17.49 | $16.90 | $30.60 | $24.37 | $22.89 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Effective February 26, 2019, the Investor Share class, and the Select Share class were consolidated into a single class of shares of the fund. The financial history as shown in the financial highlights is that of the former Select Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Ratio excludes less than 0.01% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds and are subject to a contractual expense limitation (see financial note 4, Expense Limitation, for additional information). |
5 | Effective February 25, 2022, the net operating expense limitation was lowered from 1.25% to 0.86%. The ratio presented for the period ended October 31, 2022 is a blended ratio. |
6 | Ratio includes less than 0.005% of non-routine proxy expenses. |
7 | Less than 0.005%. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 90.7% OF NET ASSETS | ||
Australia 3.2% | ||
AGL Energy Ltd. | 14,149 | 96,722 |
Allkem Ltd. * | 230,722 | 1,409,871 |
ALS Ltd. | 7,059 | 48,311 |
Altium Ltd. | 56,711 | 1,430,451 |
Alumina Ltd. * | 54,255 | 26,961 |
Amcor PLC | 26,375 | 232,716 |
BHP Group Ltd. | 83,584 | 2,366,052 |
BlueScope Steel Ltd. | 9,036 | 108,319 |
Boral Ltd. * | 6,053 | 17,353 |
Brambles Ltd. | 32,737 | 273,215 |
carsales.com Ltd. | 160,235 | 2,824,503 |
Charter Hall Group | 9,814 | 54,369 |
Cleanaway Waste Management Ltd. | 33,947 | 48,359 |
Cochlear Ltd. | 1,752 | 268,536 |
Coles Group Ltd. | 27,156 | 263,568 |
Computershare Ltd. | 33,828 | 533,872 |
CSR Ltd. | 11,803 | 42,174 |
Deterra Royalties Ltd. | 11,613 | 34,700 |
Downer EDI Ltd. | 13,233 | 31,826 |
Flight Centre Travel Group Ltd. | 2,700 | 32,096 |
Fortescue Metals Group Ltd. | 40,733 | 579,460 |
Goodman Group | 54,592 | 722,356 |
Harvey Norman Holdings Ltd. | 10,475 | 24,485 |
IDP Education Ltd. | 5,650 | 78,062 |
IGO Ltd. | 15,709 | 95,124 |
Iluka Resources Ltd. | 11,773 | 54,365 |
Incitec Pivot Ltd. | 32,434 | 56,619 |
Insurance Australia Group Ltd. | 74,404 | 268,415 |
James Hardie Industries PLC * | 10,319 | 257,453 |
JB Hi-Fi Ltd. | 2,973 | 85,459 |
Lottery Corp. Ltd. | 38,673 | 111,632 |
Magellan Financial Group Ltd. | 8,083 | 33,543 |
Medibank Pvt Ltd. | 163,307 | 356,381 |
Metcash Ltd. | 18,085 | 42,352 |
New Hope Corp. Ltd. | 14,746 | 54,267 |
NEXTDC Ltd. * | 313,758 | 2,355,964 |
Northern Star Resources Ltd. | 373,940 | 2,738,281 |
Origin Energy Ltd. | 35,151 | 203,906 |
Orora Ltd. | 23,052 | 36,125 |
Paladin Energy Ltd. * | 1,571,907 | 947,240 |
Pilbara Minerals Ltd. | 81,635 | 191,760 |
Pinnacle Investment Management Group Ltd. | 110,977 | 550,019 |
Platinum Asset Management Ltd. | 29,880 | 21,367 |
Pro Medicus Ltd. | 853 | 40,631 |
Qantas Airways Ltd. * | 22,872 | 71,656 |
Qube Holdings Ltd. | 28,355 | 48,082 |
REA Group Ltd. | 1,462 | 134,218 |
Reece Ltd. | 4,685 | 52,236 |
Region RE Ltd. | 36,474 | 45,607 |
Rio Tinto Ltd. | 8,392 | 626,866 |
Santos Ltd. | 497,200 | 2,426,066 |
Seven Group Holdings Ltd. | 111,408 | 1,968,760 |
Star Entertainment Group Ltd. * | 30,008 | 10,137 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Steadfast Group Ltd. | 679,731 | 2,337,420 |
Tabcorp Holdings Ltd. | 34,380 | 16,964 |
Transurban Group | 45,496 | 342,516 |
Wesfarmers Ltd. | 30,241 | 972,968 |
Whitehaven Coal Ltd. | 19,502 | 91,860 |
Woolworths Group Ltd. | 24,524 | 548,964 |
Worley Ltd. | 7,327 | 76,593 |
Yancoal Australia Ltd. | 4,549 | 13,969 |
29,834,122 | ||
Austria 0.1% | ||
ANDRITZ AG | 1,549 | 71,299 |
Eurotelesites AG * | 745 | 2,507 |
Kontron AG | 42,118 | 848,947 |
OMV AG | 4,003 | 175,565 |
Telekom Austria AG | 2,982 | 20,825 |
Verbund AG | 1,843 | 160,132 |
voestalpine AG | 2,237 | 55,860 |
1,335,135 | ||
Belgium 0.4% | ||
Anheuser-Busch InBev SA | 56,900 | 3,237,499 |
Elia Group SA | 635 | 60,297 |
Lotus Bakeries NV | 8 | 59,254 |
Solvay SA | 1,551 | 163,965 |
Warehouses De Pauw CVA | 2,812 | 69,576 |
3,590,591 | ||
Brazil 1.5% | ||
Direcional Engenharia SA | 395,400 | 1,361,460 |
MercadoLibre, Inc. * | 8,054 | 9,992,920 |
TOTVS SA | 313,800 | 1,575,302 |
YDUQS Participacoes SA | 426,700 | 1,500,549 |
14,430,231 | ||
Canada 6.2% | ||
Alamos Gold, Inc., Class A | 228,095 | 2,824,151 |
Alimentation Couche-Tard, Inc. | 20,538 | 1,118,020 |
ATS Corp. * | 37,906 | 1,276,517 |
BCE, Inc. | 5,875 | 218,096 |
Boyd Group Services, Inc. | 15,090 | 2,572,727 |
Brookfield Asset Management Ltd., Class A | 16,241 | 465,534 |
Brookfield Infrastructure Corp., Class A | 57,550 | 1,482,488 |
Cameco Corp. | 52,753 | 2,158,125 |
Canadian National Railway Co. | 15,230 | 1,611,464 |
Canadian Natural Resources Ltd. | 27,565 | 1,750,405 |
Canadian Pacific Kansas City Ltd. | 14,875 | 1,056,133 |
Capstone Copper Corp. * | 329,980 | 1,123,134 |
Celestica, Inc. * | 44,242 | 1,033,051 |
Cenovus Energy, Inc. | 36,768 | 700,494 |
CGI, Inc. * | 3,841 | 370,819 |
Constellation Software, Inc. | 284 | 569,333 |
Descartes Systems Group, Inc. * | 16,880 | 1,220,034 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Dollarama, Inc. | 6,059 | 413,764 |
Energy Fuels, Inc. * | 121,306 | 971,661 |
ERO Copper Corp. * | 115,061 | 1,561,527 |
Finning International, Inc. | 98,454 | 2,638,219 |
FirstService Corp. | 12,554 | 1,776,015 |
Franco-Nevada Corp. | 2,795 | 340,016 |
Hydro One Ltd. | 4,592 | 119,076 |
IGM Financial, Inc. | 2,650 | 59,660 |
Imperial Oil Ltd. | 4,940 | 281,528 |
Kinaxis, Inc. * | 13,038 | 1,273,197 |
Loblaw Cos. Ltd. | 2,517 | 205,861 |
Lundin Gold, Inc. | 216,118 | 2,605,728 |
Magna International, Inc. | 5,455 | 262,139 |
Metro, Inc. | 4,227 | 214,711 |
Nutrien Ltd. | 9,564 | 513,666 |
Nutrien Ltd. | 7,623 | 409,355 |
Open Text Corp. | 105,051 | 3,507,382 |
Pan American Silver Corp. | 50,233 | 733,904 |
Precision Drilling Corp. * | 18,143 | 1,051,620 |
Primo Water Corp. | 202,806 | 2,648,646 |
Saputo, Inc. | 4,635 | 93,586 |
Shopify, Inc., Class A * | 22,912 | 1,081,217 |
Sigma Lithium Corp. * | 69,776 | 1,706,023 |
Stantec, Inc. | 80,667 | 4,935,709 |
Suncor Energy, Inc. | 33,301 | 1,078,455 |
TELUS Corp. | 7,360 | 118,673 |
Thomson Reuters Corp. | 7,057 | 845,313 |
Tourmaline Oil Corp. | 6,612 | 349,636 |
Vermilion Energy, Inc. | 60,346 | 870,189 |
Waste Connections, Inc. | 4,055 | 525,052 |
Wheaton Precious Metals Corp. | 7,393 | 312,247 |
Whitecap Resources, Inc. | 288,097 | 2,225,000 |
57,279,300 | ||
China 1.6% | ||
Alibaba Group Holding Ltd. * | 340,740 | 3,507,943 |
Kanzhun Ltd., ADR * | 80,231 | 1,187,419 |
Meituan, B Shares * | 219,990 | 3,118,359 |
NIO, Inc., ADR * | 91,441 | 667,519 |
PDD Holdings, Inc., ADR * | 9,871 | 1,001,117 |
Tencent Holdings Ltd. | 62,400 | 2,309,345 |
Tongcheng Travel Holdings Ltd. * | 844,000 | 1,612,421 |
Vipshop Holdings Ltd., ADR * | 23,405 | 333,755 |
Xtep International Holdings Ltd. | 1,274,000 | 1,158,235 |
14,896,113 | ||
Denmark 2.4% | ||
AP Moller - Maersk AS, Class A | 81 | 132,254 |
AP Moller - Maersk AS, Class B | 134 | 223,275 |
Carlsberg AS, Class B | 2,658 | 316,762 |
Chr Hansen Holding AS | 1,551 | 105,840 |
DSV AS | 17,960 | 2,683,958 |
Genmab AS * | 7,936 | 2,243,371 |
H Lundbeck AS | 5,437 | 28,419 |
Jyske Bank AS * | 29,644 | 2,089,142 |
NKT AS * | 32,418 | 1,629,952 |
Novo Nordisk AS, Class B | 123,058 | 11,872,169 |
Novozymes AS, Class B | 4,670 | 209,884 |
Orsted AS | 4,113 | 198,736 |
Pandora AS | 2,256 | 255,877 |
ROCKWOOL AS, B Shares | 253 | 56,298 |
22,045,937 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Finland 0.4% | ||
Elisa OYJ | 3,358 | 142,408 |
Kesko OYJ, B Shares | 4,807 | 81,294 |
Kone OYJ, B Shares | 9,863 | 427,101 |
Metso OYJ | 10,398 | 91,611 |
Neste OYJ | 10,795 | 362,797 |
Nokia OYJ | 83,830 | 279,211 |
Orion OYJ, B Shares | 3,069 | 122,102 |
UPM-Kymmene OYJ | 73,871 | 2,487,674 |
3,994,198 | ||
France 9.5% | ||
Accor SA | 115,011 | 3,669,150 |
Aeroports de Paris SA | 491 | 55,139 |
Air Liquide SA | 9,523 | 1,631,787 |
Airbus SE | 10,419 | 1,396,939 |
Alten SA | 3,762 | 444,397 |
ArcelorMittal SA | 13,519 | 299,138 |
AXA SA | 65,258 | 1,933,622 |
BioMerieux | 981 | 94,188 |
BNP Paribas SA | 111,603 | 6,417,620 |
Bollore SE | 15,516 | 84,703 |
Bureau Veritas SA | 5,659 | 128,899 |
Capgemini SE | 26,700 | 4,718,659 |
Cie de Saint-Gobain SA | 9,805 | 533,727 |
Danone SA | 58,104 | 3,456,634 |
Dassault Aviation SA | 472 | 93,828 |
Edenred SE | 41,137 | 2,189,783 |
Eiffage SA | 27,641 | 2,508,436 |
Elis SA | 193,478 | 3,173,035 |
Engie SA | 34,382 | 546,842 |
EssilorLuxottica SA | 4,831 | 874,814 |
Eurofins Scientific SE | 53,927 | 2,736,027 |
Gaztransport Et Technigaz SA | 18,375 | 2,350,347 |
Hermes International SCA | 2,435 | 4,543,284 |
Ipsen SA | 960 | 113,465 |
JCDecaux SE * | 1,170 | 18,304 |
Kering SA | 22,573 | 9,180,473 |
La Francaise des Jeux SAEM | 2,602 | 83,933 |
Legrand SA | 4,109 | 355,455 |
L'Oreal SA | 9,658 | 4,059,552 |
LVMH Moet Hennessy Louis Vuitton SE | 5,883 | 4,211,818 |
Publicis Groupe SA | 37,842 | 2,881,415 |
Remy Cointreau SA | 410 | 46,584 |
Rexel SA | 5,329 | 108,833 |
Safran SA | 6,854 | 1,070,728 |
Sanofi SA | 59,400 | 5,393,890 |
Sartorius Stedim Biotech | 403 | 75,451 |
Schneider Electric SE | 12,548 | 1,930,601 |
SES-imagotag SA * | 10,006 | 1,001,792 |
SOITEC * | 406 | 60,599 |
STMicroelectronics NV | 16,652 | 634,776 |
Teleperformance SE | 1,102 | 126,776 |
Thales SA | 1,951 | 287,924 |
TotalEnergies SE | 86,617 | 5,790,995 |
Ubisoft Entertainment SA * | 41,583 | 1,185,688 |
Valeo SE | 182,279 | 2,408,469 |
Vinci SA | 8,710 | 963,103 |
Worldline SA * | 159,712 | 2,030,885 |
87,902,507 | ||
Germany 8.8% | ||
adidas AG | 16,200 | 2,880,486 |
AIXTRON SE | 61,951 | 1,740,870 |
Allianz SE | 20,570 | 4,818,368 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
BASF SE | 15,951 | 737,050 |
Bayer AG | 120,523 | 5,207,625 |
Bayerische Motoren Werke AG | 52,631 | 4,894,910 |
Beiersdorf AG | 2,622 | 344,845 |
Brenntag SE | 38,804 | 2,885,527 |
Carl Zeiss Meditec AG, Bearer Shares | 777 | 67,469 |
Continental AG | 76,627 | 5,002,897 |
Covestro AG * | 4,088 | 207,107 |
CTS Eventim AG & Co. KGaA | 39,432 | 2,387,455 |
Daimler Truck Holding AG | 136,631 | 4,292,977 |
Delivery Hero SE * | 95,693 | 2,445,540 |
Deutsche Lufthansa AG * | 13,548 | 94,998 |
Deutsche Post AG | 21,155 | 825,965 |
Duerr AG | 28,833 | 593,254 |
DWS Group GmbH & Co. KGaA | 1,221 | 35,841 |
E.ON SE | 161,413 | 1,920,512 |
Evonik Industries AG | 3,866 | 71,153 |
Fielmann Group AG | 464 | 19,986 |
Fresenius Medical Care AG & Co. KGaA | 134,200 | 4,458,951 |
Fresenius SE & Co. KGaA | 170,600 | 4,388,390 |
FUCHS SE | 1,104 | 37,077 |
GEA Group AG | 4,315 | 147,575 |
Gerresheimer AG | 31,387 | 2,927,566 |
Heidelberg Materials AG | 2,348 | 170,449 |
Hella GmbH & Co. KGaA | 433 | 32,975 |
HelloFresh SE * | 83,803 | 1,833,039 |
Henkel AG & Co. KGaA | 40,396 | 2,553,042 |
HOCHTIEF AG | 408 | 42,266 |
Hugo Boss AG | 30,470 | 1,782,037 |
KION Group AG | 65,547 | 2,011,118 |
Mercedes-Benz Group AG | 94,994 | 5,588,901 |
MTU Aero Engines AG | 1,083 | 203,557 |
Nemetschek SE | 1,388 | 103,716 |
Novem Group SA | 65,331 | 413,225 |
Rational AG | 153 | 87,253 |
RTL Group SA | 1,131 | 39,558 |
SAP SE | 42,870 | 5,750,253 |
Scout24 SE | 22,629 | 1,392,138 |
Siemens AG | 24,400 | 3,237,852 |
Telefonica Deutschland Holding AG | 19,011 | 32,320 |
thyssenkrupp AG | 239,500 | 1,669,233 |
Wacker Chemie AG | 316 | 38,781 |
Zalando SE * | 71,741 | 1,678,056 |
82,094,163 | ||
Greece 0.2% | ||
JUMBO SA | 32,683 | 859,706 |
National Bank of Greece SA * | 189,080 | 1,082,927 |
1,942,633 | ||
Guernsey 0.2% | ||
Burford Capital Ltd. | 118,664 | 1,476,180 |
Hong Kong 0.8% | ||
AAC Technologies Holdings, Inc. | 12,000 | 21,600 |
ASMPT Ltd. | 5,800 | 49,123 |
Budweiser Brewing Co. APAC Ltd. | 48,600 | 92,357 |
Cathay Pacific Airways Ltd. * | 15,000 | 15,079 |
Chow Tai Fook Jewellery Group Ltd. | 31,600 | 44,623 |
CK Asset Holdings Ltd. | 38,000 | 189,936 |
CK Infrastructure Holdings Ltd. | 11,000 | 50,985 |
CLP Holdings Ltd. | 32,500 | 237,860 |
ESR Group Ltd. | 63,000 | 80,948 |
First Pacific Co. Ltd. | 44,000 | 16,657 |
Hong Kong & China Gas Co. Ltd. | 221,000 | 153,840 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Johnson Electric Holdings Ltd. | 9,500 | 11,785 |
Lenovo Group Ltd. | 128,000 | 148,958 |
Link REIT | 68,900 | 316,192 |
L'Occitane International SA | 10,250 | 26,345 |
Man Wah Holdings Ltd. | 40,800 | 25,340 |
NagaCorp Ltd. * | 26,000 | 11,168 |
Nexteer Automotive Group Ltd. | 21,000 | 10,123 |
NWS Holdings Ltd. | 24,000 | 28,398 |
Orient Overseas International Ltd. | 4,000 | 50,439 |
Power Assets Holdings Ltd. | 38,500 | 184,062 |
PRADA SpA | 9,100 | 54,819 |
Samsonite International SA * | 1,387,800 | 4,298,180 |
Sino Land Co. Ltd. | 53,069 | 52,980 |
SITC International Holdings Co. Ltd. | 37,000 | 56,995 |
Sun Hung Kai Properties Ltd. | 22,500 | 231,046 |
Techtronic Industries Co. Ltd. | 22,500 | 205,414 |
United Energy Group Ltd. | 168,000 | 26,825 |
Vitasoy International Holdings Ltd. | 22,000 | 27,141 |
VTech Holdings Ltd. | 4,500 | 26,185 |
WH Group Ltd. | 1,290,650 | 770,819 |
Xinyi Glass Holdings Ltd. | 43,839 | 50,372 |
Yue Yuen Industrial Holdings Ltd. | 17,500 | 20,461 |
7,587,055 | ||
India 2.1% | ||
Axis Bank Ltd. | 140,732 | 1,660,610 |
Coforge Ltd. | 19,024 | 1,139,921 |
Kalyan Jewellers India Ltd. | 541,146 | 1,878,471 |
KEI Industries Ltd. | 78,723 | 2,267,023 |
Max Healthcare Institute Ltd. | 537,636 | 3,704,940 |
Phoenix Mills Ltd. | 25,173 | 548,865 |
Prestige Estates Projects Ltd. | 355,659 | 3,272,065 |
PVR Inox Ltd. * | 58,687 | 1,126,791 |
Varun Beverages Ltd. | 208,639 | 2,277,260 |
WNS Holdings Ltd., ADR * | 27,738 | 1,506,728 |
19,382,674 | ||
Indonesia 0.2% | ||
Ace Hardware Indonesia Tbk. PT | 27,008,600 | 1,360,207 |
Bank Mandiri Persero Tbk. PT | 810,000 | 289,374 |
1,649,581 | ||
Ireland 0.8% | ||
Bank of Ireland Group PLC | 116,247 | 1,041,773 |
Flutter Entertainment PLC * | 15,371 | 2,414,127 |
Glanbia PLC | 5,228 | 82,312 |
Kerry Group PLC, Class A | 2,454 | 189,556 |
Kingspan Group PLC | 2,869 | 193,080 |
Ryanair Holdings PLC, ADR * | 42,121 | 3,694,012 |
7,614,860 | ||
Israel 1.4% | ||
Airport City Ltd. * | 1,274 | 16,776 |
Amot Investments Ltd. | 4,605 | 19,285 |
Azrieli Group Ltd. | 715 | 30,786 |
Bank Hapoalim BM | 198,380 | 1,419,001 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 55,141 | 67,851 |
Big Shopping Centers Ltd. * | 217 | 15,210 |
Camtek Ltd. * | 30,495 | 1,604,037 |
Check Point Software Technologies Ltd. * | 21,915 | 2,942,089 |
CyberArk Software Ltd. * | 14,665 | 2,399,781 |
Delek Group Ltd. | 224 | 24,506 |
Elbit Systems Ltd. | 568 | 105,649 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Electra Ltd. | 42 | 13,305 |
Fattal Holdings 1998 Ltd. * | 113 | 9,348 |
ICL Group Ltd. | 22,046 | 107,229 |
Inmode Ltd. * | 58,519 | 1,117,713 |
Israel Corp. Ltd. * | 100 | 21,585 |
Melisron Ltd. | 643 | 34,853 |
Mivne Real Estate KD Ltd. | 16,584 | 35,784 |
Nice Ltd. * | 1,784 | 273,479 |
Nova Ltd. *(a) | 775 | 74,211 |
Nova Ltd. *(a) | 21,780 | 2,068,447 |
SolarEdge Technologies, Inc. * | 4,101 | 311,471 |
Strauss Group Ltd. * | 1,100 | 20,381 |
Teva Pharmaceutical Industries Ltd. * | 21,468 | 184,283 |
Tower Semiconductor Ltd. * | 3,117 | 72,390 |
12,989,450 | ||
Italy 1.8% | ||
A2A SpA | 44,431 | 83,396 |
Brembo SpA | 98,675 | 1,061,713 |
Buzzi SpA | 1,705 | 45,147 |
Enel SpA | 170,255 | 1,080,707 |
Eni SpA | 57,380 | 938,029 |
Ferrari NV | 19,244 | 5,825,234 |
Hera SpA | 20,682 | 58,180 |
Interpump Group SpA | 1,356 | 56,700 |
Intesa Sanpaolo SpA | 2,159,700 | 5,627,727 |
Moncler SpA | 5,344 | 277,552 |
Prysmian SpA | 5,185 | 194,163 |
Reply SpA | 482 | 45,481 |
Stellantis NV | 53,791 | 1,004,942 |
Terna - Rete Elettrica Nazionale | 25,741 | 197,100 |
16,496,071 | ||
Japan 13.5% | ||
ABC-Mart, Inc. | 2,100 | 32,527 |
Acom Co. Ltd. | 12,600 | 29,589 |
Advantest Corp. | 16,700 | 430,169 |
AGC, Inc. | 2,900 | 98,655 |
Aica Kogyo Co. Ltd. | 1,200 | 27,571 |
Ain Holdings, Inc. | 600 | 16,965 |
Air Water, Inc. | 3,000 | 37,826 |
Aisin Corp. | 3,100 | 107,988 |
Amada Co. Ltd. | 8,300 | 80,514 |
Amano Corp. | 2,000 | 40,853 |
Amvis Holdings, Inc. | 129,600 | 2,210,868 |
ANA Holdings, Inc. * | 3,700 | 72,638 |
Anritsu Corp. | 3,500 | 26,054 |
As One Corp. | 500 | 15,935 |
Asahi Intecc Co. Ltd. | 3,100 | 52,088 |
Asics Corp. | 134,500 | 4,260,554 |
Astellas Pharma, Inc. | 34,600 | 437,685 |
Azbil Corp. | 3,300 | 97,511 |
Bandai Namco Holdings, Inc. | 16,100 | 333,568 |
BayCurrent Consulting, Inc. | 49,121 | 1,233,269 |
Bridgestone Corp. | 10,300 | 389,806 |
Calbee, Inc. | 2,000 | 38,421 |
Canon Marketing Japan, Inc. | 1,000 | 23,981 |
Canon, Inc. | 14,500 | 342,790 |
Capcom Co. Ltd. | 5,000 | 160,947 |
Chubu Electric Power Co., Inc. | 15,700 | 189,721 |
Chugai Pharmaceutical Co. Ltd. | 13,200 | 391,467 |
Chugoku Electric Power Co., Inc. | 5,600 | 35,018 |
COMSYS Holdings Corp. | 2,800 | 57,597 |
Cosmo Energy Holdings Co. Ltd. | 1,500 | 54,871 |
Cosmos Pharmaceutical Corp. | 300 | 31,220 |
Dai Nippon Printing Co. Ltd. | 4,100 | 106,958 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Daicel Corp. | 4,000 | 34,015 |
Daifuku Co. Ltd. | 7,426 | 122,699 |
Daiichikosho Co. Ltd. | 2,000 | 29,563 |
Daito Trust Construction Co. Ltd. | 1,800 | 193,079 |
Denso Corp. | 106,760 | 1,576,454 |
Descente Ltd. | 1,000 | 27,891 |
Disco Corp. | 2,000 | 353,198 |
Electric Power Development Co. Ltd. | 3,600 | 55,190 |
ENEOS Holdings, Inc. | 71,000 | 263,085 |
Fancl Corp. | 2,000 | 29,901 |
FANUC Corp. | 27,700 | 687,414 |
Food & Life Cos. Ltd. | 1,700 | 28,653 |
FP Partner, Inc. * | 77,400 | 2,127,887 |
Fuji Electric Co. Ltd. | 2,800 | 106,609 |
Fujikura Ltd. | 5,200 | 37,347 |
Fujitsu Ltd. | 29,100 | 3,769,831 |
Furukawa Electric Co. Ltd. | 900 | 13,486 |
GMO Financial Gate, Inc. | 11,800 | 661,541 |
GMO Payment Gateway, Inc. | 700 | 27,957 |
Goldwin, Inc. | 1,000 | 63,157 |
GS Yuasa Corp. | 1,100 | 17,746 |
GungHo Online Entertainment, Inc. | 1,000 | 15,078 |
Hakuhodo DY Holdings, Inc. | 4,200 | 34,084 |
Hamamatsu Photonics KK | 2,800 | 104,000 |
Harmonic Drive Systems, Inc. | 1,200 | 25,991 |
Hirose Electric Co. Ltd. | 800 | 90,639 |
Hitachi Ltd. | 35,978 | 2,280,522 |
Honda Motor Co. Ltd. | 80,600 | 826,051 |
Horiba Ltd. | 800 | 40,449 |
Hoshizaki Corp. | 70,700 | 2,283,231 |
House Foods Group, Inc. | 1,500 | 31,674 |
Hoya Corp. | 8,100 | 779,776 |
Idemitsu Kosan Co. Ltd. | 5,900 | 133,960 |
Information Services International-Dentsu Ltd. | 500 | 16,970 |
INFRONEER Holdings, Inc. | 3,800 | 40,086 |
Inpex Corp. | 24,800 | 359,869 |
Internet Initiative Japan, Inc. | 82,900 | 1,339,548 |
Invincible Investment Corp. | 6,709 | 2,580,284 |
Isetan Mitsukoshi Holdings Ltd. | 6,200 | 69,942 |
Isuzu Motors Ltd. | 12,100 | 134,923 |
ITOCHU Corp. | 105,020 | 3,782,928 |
Itochu Techno-Solutions Corp. | 700 | 20,078 |
Iwatani Corp. | 1,234 | 59,020 |
Japan Airlines Co. Ltd. | 3,900 | 71,697 |
Japan Airport Terminal Co. Ltd. | 47,800 | 2,102,197 |
Japan Aviation Electronics Industry Ltd. | 700 | 13,194 |
Jeol Ltd. | 800 | 22,587 |
JFE Holdings, Inc. | 10,700 | 149,082 |
JGC Holdings Corp. | 6,300 | 77,597 |
JMDC, Inc. | 38,200 | 1,069,844 |
JSR Corp. | 4,500 | 120,447 |
JTEKT Corp. | 4,100 | 33,804 |
Justsystems Corp. | 18,965 | 337,965 |
Kakaku.com, Inc. | 3,600 | 34,720 |
Kamigumi Co. Ltd. | 2,800 | 56,802 |
Kandenko Co. Ltd. | 2,600 | 24,092 |
Kansai Electric Power Co., Inc. | 11,500 | 147,244 |
Kansai Paint Co. Ltd. | 4,400 | 64,393 |
Kawasaki Kisen Kaisha Ltd. | 5,500 | 188,595 |
KDDI Corp. | 31,700 | 948,297 |
Kewpie Corp. | 1,800 | 31,242 |
Keyence Corp. | 5,300 | 2,051,728 |
Kikkoman Corp. | 4,300 | 244,647 |
Kinden Corp. | 57,827 | 875,931 |
Kintetsu Group Holdings Co. Ltd. | 4,400 | 123,802 |
Kobayashi Pharmaceutical Co. Ltd. | 1,500 | 61,925 |
Kobe Bussan Co. Ltd. | 2,200 | 54,446 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Koei Tecmo Holdings Co. Ltd. | 3,900 | 50,925 |
Koito Manufacturing Co. Ltd. | 5,800 | 86,900 |
Kokuyo Co. Ltd. | 1,300 | 20,150 |
Komatsu Ltd. | 102,300 | 2,350,484 |
Konami Group Corp. | 1,600 | 82,883 |
Kose Corp. | 700 | 46,376 |
Kotobuki Spirits Co. Ltd. | 207,000 | 2,748,748 |
Kurita Water Industries Ltd. | 2,300 | 69,882 |
Kyowa Kirin Co. Ltd. | 4,400 | 69,011 |
Kyudenko Corp. | 700 | 20,910 |
Kyushu Electric Power Co., Inc. * | 7,300 | 46,641 |
Lasertec Corp. | 1,800 | 297,324 |
Lion Corp. | 5,200 | 49,903 |
M3, Inc. | 88,400 | 1,361,465 |
Mabuchi Motor Co. Ltd. | 1,300 | 37,140 |
Macnica Holdings, Inc. | 42,601 | 1,730,854 |
Mani, Inc. | 1,200 | 16,324 |
Marubeni Corp. | 28,000 | 409,410 |
Maruichi Steel Tube Ltd. | 1,700 | 42,188 |
MatsukiyoCocokara & Co. | 292,203 | 5,125,761 |
Mazda Motor Corp. | 9,400 | 90,860 |
McDonald's Holdings Co. Japan Ltd. | 2,200 | 85,597 |
Mebuki Financial Group, Inc. | 383,337 | 1,160,443 |
Medipal Holdings Corp. | 3,100 | 52,120 |
MEIJI Holdings Co. Ltd. | 5,800 | 142,761 |
MISUMI Group, Inc. | 6,900 | 104,457 |
Mitsubishi Chemical Group Corp. | 22,200 | 125,621 |
Mitsubishi Corp. | 24,300 | 1,132,758 |
Mitsubishi Electric Corp. | 30,100 | 345,142 |
Mitsubishi Gas Chemical Co., Inc. | 3,200 | 43,251 |
Mitsubishi Logistics Corp. | 1,100 | 28,776 |
Mitsubishi Motors Corp. | 12,600 | 41,159 |
Mitsubishi UFJ Financial Group, Inc. | 366,144 | 3,071,636 |
Mitsui & Co. Ltd. | 31,100 | 1,130,304 |
Mitsui Chemicals, Inc. | 2,900 | 73,093 |
Mitsui Mining & Smelting Co. Ltd. | 800 | 20,773 |
Mitsui OSK Lines Ltd. | 6,900 | 178,139 |
Miura Co. Ltd. | 2,500 | 48,472 |
Money Forward, Inc. * | 64,100 | 1,619,040 |
MonotaRO Co. Ltd. | 6,400 | 51,149 |
m-up Holdings, Inc. | 134,100 | 1,085,919 |
Murata Manufacturing Co. Ltd. | 25,800 | 441,938 |
Nabtesco Corp. | 1,900 | 33,652 |
Nagase & Co. Ltd. | 1,600 | 24,239 |
NET One Systems Co. Ltd. | 1,800 | 27,473 |
Nexon Co. Ltd. | 11,700 | 214,686 |
NGK Insulators Ltd. | 4,600 | 56,204 |
NHK Spring Co. Ltd. | 2,500 | 17,690 |
Nifco, Inc. | 1,900 | 44,559 |
Nihon M&A Center Holdings, Inc. | 16,300 | 74,447 |
Nintendo Co. Ltd. | 28,800 | 1,189,855 |
Nippon Kayaku Co. Ltd. | 4,600 | 39,516 |
Nippon Sanso Holdings Corp. | 2,500 | 63,046 |
Nippon Shinyaku Co. Ltd. | 800 | 32,445 |
Nippon Shokubai Co. Ltd. | 900 | 33,428 |
Nippon Steel Corp. | 15,200 | 327,846 |
Nippon Telegraph & Telephone Corp. | 454,000 | 534,256 |
Nippon Yusen KK | 12,400 | 303,394 |
Nishi-Nippon Railroad Co. Ltd. | 1,100 | 17,772 |
Nissan Chemical Corp. | 3,814 | 155,555 |
Nisshin Seifun Group, Inc. | 4,000 | 60,335 |
Nissin Foods Holdings Co. Ltd. | 1,700 | 147,915 |
Niterra Co. Ltd. | 4,100 | 91,769 |
Nitori Holdings Co. Ltd. | 1,400 | 151,613 |
Nitto Denko Corp. | 3,900 | 252,352 |
Noevir Holdings Co. Ltd. | 400 | 14,029 |
NOF Corp. | 1,900 | 74,957 |
NOK Corp. | 1,900 | 22,522 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
NS Solutions Corp. | 600 | 17,424 |
NSK Ltd. | 7,200 | 38,753 |
Obayashi Corp. | 15,400 | 131,913 |
OBIC Business Consultants Co. Ltd. | 600 | 25,776 |
Obic Co. Ltd. | 1,600 | 236,506 |
OKUMA Corp. | 900 | 37,053 |
Omron Corp. | 2,900 | 103,899 |
Ono Pharmaceutical Co. Ltd. | 8,200 | 141,610 |
Open House Group Co. Ltd. | 2,000 | 65,921 |
Oracle Corp. | 900 | 63,846 |
Oriental Land Co. Ltd. | 24,400 | 789,227 |
ORIX Corp. | 117,150 | 2,130,529 |
Osaka Gas Co. Ltd. | 7,100 | 133,890 |
OSG Corp. | 1,700 | 19,398 |
Otsuka Corp. | 33,207 | 1,331,421 |
PALTAC Corp. | 600 | 19,450 |
Panasonic Holdings Corp. | 32,700 | 286,893 |
Persol Holdings Co. Ltd. | 51,000 | 76,470 |
Pigeon Corp. | 2,400 | 25,483 |
Pola Orbis Holdings, Inc. | 1,800 | 18,080 |
Rakus Co. Ltd. | 2,600 | 32,372 |
Recruit Holdings Co. Ltd. | 115,700 | 3,317,431 |
Relo Group, Inc. | 2,500 | 24,785 |
Resonac Holdings Corp. | 3,300 | 53,497 |
Resorttrust, Inc. | 900 | 12,951 |
Rinnai Corp. | 2,600 | 47,761 |
Rohm Co. Ltd. | 5,600 | 89,723 |
Rohto Pharmaceutical Co. Ltd. | 121,400 | 2,832,421 |
Round One Corp. | 325,056 | 1,179,146 |
Ryohin Keikaku Co. Ltd. | 185,000 | 2,608,365 |
Sankyo Co. Ltd. | 75,124 | 3,121,994 |
Sankyu, Inc. | 1,000 | 30,110 |
Sanrio Co. Ltd. | 52,144 | 2,220,473 |
Santen Pharmaceutical Co. Ltd. | 5,500 | 47,704 |
Sanwa Holdings Corp. | 4,616 | 62,280 |
SCREEN Holdings Co. Ltd. | 1,600 | 74,387 |
Secom Co. Ltd. | 5,000 | 347,274 |
Sega Sammy Holdings, Inc. | 4,200 | 65,686 |
Seino Holdings Co. Ltd. | 3,200 | 46,547 |
Sekisui Chemical Co. Ltd. | 6,700 | 91,769 |
SG Holdings Co. Ltd. | 11,800 | 167,260 |
SHIFT, Inc. * | 300 | 54,432 |
Shikoku Electric Power Co., Inc. | 2,700 | 18,435 |
Shimadzu Corp. | 7,300 | 172,618 |
Shimamura Co. Ltd. | 15,805 | 1,559,792 |
Shimano, Inc. | 2,200 | 316,593 |
Shimizu Corp. | 9,800 | 69,742 |
Shin-Etsu Chemical Co. Ltd. | 58,700 | 1,755,328 |
Shinko Electric Industries Co. Ltd. | 1,400 | 44,952 |
Shionogi & Co. Ltd. | 6,400 | 298,013 |
Ship Healthcare Holdings, Inc. | 88,295 | 1,363,196 |
SHO-BOND Holdings Co. Ltd. | 1,000 | 39,383 |
SMC Corp. | 1,500 | 692,644 |
SMS Co. Ltd. | 1,400 | 22,215 |
Socionext, Inc. | 24,600 | 2,399,411 |
Sohgo Security Services Co. Ltd. | 6,000 | 35,137 |
Sojitz Corp. | 3,900 | 80,985 |
Square Enix Holdings Co. Ltd. | 2,100 | 69,766 |
Stanley Electric Co. Ltd. | 3,900 | 62,379 |
Subaru Corp. | 17,500 | 302,930 |
Sugi Holdings Co. Ltd. | 800 | 32,383 |
SUMCO Corp. | 7,200 | 93,039 |
Sumitomo Bakelite Co. Ltd. | 600 | 26,699 |
Sumitomo Chemical Co. Ltd. | 24,500 | 62,273 |
Sumitomo Electric Industries Ltd. | 13,900 | 145,925 |
Sundrug Co. Ltd. | 1,100 | 29,911 |
Suntory Beverage & Food Ltd. | 36,654 | 1,103,031 |
Suzuken Co. Ltd. | 1,500 | 45,945 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Suzuki Motor Corp. | 9,200 | 357,070 |
Sysmex Corp. | 3,000 | 143,708 |
Takara Holdings, Inc. | 3,500 | 29,175 |
Takeda Pharmaceutical Co. Ltd. | 96,143 | 2,609,775 |
TBS Holdings, Inc. | 900 | 14,672 |
TechnoPro Holdings, Inc. | 68,500 | 1,357,042 |
THK Co. Ltd. | 2,200 | 39,318 |
TIS, Inc. | 5,500 | 117,782 |
Toei Animation Co. Ltd. | 200 | 18,009 |
Toho Co. Ltd. | 3,000 | 102,489 |
Toho Gas Co. Ltd. | 2,400 | 41,331 |
Tohoku Electric Power Co., Inc. | 9,500 | 59,319 |
Tokai Carbon Co. Ltd. | 3,300 | 25,324 |
Tokyo Electric Power Co. Holdings, Inc. * | 28,700 | 121,451 |
Tokyo Electron Ltd. | 10,900 | 1,440,300 |
Tokyo Gas Co. Ltd. | 11,800 | 264,994 |
Tokyo Ohka Kogyo Co. Ltd. | 26,300 | 1,519,634 |
TOPPAN Holdings, Inc. | 100,389 | 2,315,359 |
Toyo Suisan Kaisha Ltd. | 57,000 | 2,629,463 |
Toyoda Gosei Co. Ltd. | 1,300 | 25,828 |
Toyota Boshoku Corp. | 1,300 | 22,608 |
Toyota Tsusho Corp. | 5,300 | 282,152 |
Trend Micro, Inc. | 2,200 | 82,906 |
TS Tech Co. Ltd. | 2,400 | 26,880 |
Unicharm Corp. | 9,300 | 316,004 |
USS Co. Ltd. | 91,276 | 1,595,404 |
West Japan Railway Co. | 3,700 | 141,024 |
Workman Co. Ltd. | 1,200 | 30,916 |
Yakult Honsha Co. Ltd. | 6,000 | 141,390 |
Yamato Holdings Co. Ltd. | 8,400 | 139,911 |
Yamato Kogyo Co. Ltd. | 1,000 | 47,911 |
Yokogawa Electric Corp. | 5,500 | 99,854 |
Zenkoku Hosho Co. Ltd. | 2,500 | 79,946 |
Zensho Holdings Co. Ltd. | 1,900 | 99,867 |
Zeon Corp. | 2,300 | 19,011 |
ZOZO, Inc. | 2,800 | 53,241 |
124,865,653 | ||
Jersey 0.1% | ||
TP ICAP Group PLC | 740,105 | 1,417,116 |
Luxembourg 0.0% | ||
Tenaris SA | 13,278 | 210,342 |
Mexico 0.6% | ||
Corp. Inmobiliaria Vesta SAB de CV | 73,804 | 2,320,398 |
Gruma SAB de CV, B Shares | 67,552 | 1,175,500 |
Vista Energy SAB de CV * | 81,453 | 2,217,150 |
5,713,048 | ||
Netherlands 5.6% | ||
Adyen NV * | 5,495 | 3,706,300 |
Akzo Nobel NV | 27,900 | 1,871,663 |
ASM International NV | 1,058 | 436,616 |
ASML Holding NV | 27,190 | 16,344,465 |
ASR Nederland NV | 69,059 | 2,577,176 |
Basic-Fit NV * | 29,314 | 749,893 |
BE Semiconductor Industries NV | 15,821 | 1,634,304 |
CTP NV | 2,603 | 37,950 |
DSM-Firmenich AG | 2,638 | 239,150 |
EXOR NV | 49,331 | 4,234,039 |
Heineken Holding NV | 2,113 | 160,764 |
Heineken NV | 27,305 | 2,453,176 |
IMCD NV | 1,304 | 156,996 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
ING Groep NV | 229,121 | 2,937,451 |
InPost SA * | 3,792 | 37,521 |
JDE Peet's NV | 2,275 | 63,164 |
Koninklijke Ahold Delhaize NV | 110,827 | 3,281,786 |
Koninklijke KPN NV | 55,216 | 185,591 |
OCI NV | 3,030 | 70,601 |
Prosus NV * | 267,716 | 7,486,836 |
Randstad NV | 3,208 | 166,125 |
Redcare Pharmacy NV * | 20,384 | 2,282,501 |
Universal Music Group NV | 20,019 | 490,242 |
Wolters Kluwer NV | 6,204 | 796,010 |
52,400,320 | ||
New Zealand 0.1% | ||
a2 Milk Co. Ltd. * | 20,564 | 50,079 |
Air New Zealand Ltd. | 44,364 | 17,317 |
EBOS Group Ltd. | 3,763 | 76,819 |
Fisher & Paykel Healthcare Corp. Ltd. | 16,328 | 197,959 |
Mainfreight Ltd. | 2,085 | 69,594 |
Mercury NZ Ltd. | 12,696 | 43,640 |
Meridian Energy Ltd. | 19,055 | 53,666 |
SKYCITY Entertainment Group Ltd. | 17,073 | 18,600 |
Spark New Zealand Ltd. | 40,644 | 117,994 |
645,668 | ||
Norway 0.6% | ||
Aker ASA, A Shares | 1,472 | 88,520 |
AutoStore Holdings Ltd. * | 12,870 | 14,250 |
Equinor ASA | 27,333 | 916,290 |
Norsk Hydro ASA | 37,225 | 212,283 |
Salmar ASA | 23,469 | 1,112,780 |
Schibsted ASA, A Shares | 865 | 17,329 |
Schibsted ASA, B Shares | 1,613 | 29,930 |
Seadrill Ltd. * | 53,010 | 2,094,955 |
TOMRA Systems ASA | 3,593 | 28,479 |
Var Energi ASA | 10,818 | 36,548 |
Yara International ASA | 21,011 | 687,521 |
5,238,885 | ||
Panama 0.2% | ||
Copa Holdings SA, Class A | 21,231 | 1,733,511 |
Poland 0.0% | ||
Dino Polska SA * | 1,372 | 130,004 |
Portugal 0.1% | ||
EDP - Energias de Portugal SA | 57,554 | 241,871 |
Galp Energia SGPS SA | 13,974 | 210,375 |
Jeronimo Martins SGPS SA | 7,330 | 168,992 |
621,238 | ||
Republic of Korea 2.5% | ||
AfreecaTV Co. Ltd. | 9,199 | 458,051 |
BGF retail Co. Ltd. | 224 | 22,907 |
Celltrion Healthcare Co. Ltd. | 2,341 | 115,799 |
Cheil Worldwide, Inc. | 2,093 | 30,818 |
CosmoAM&T Co. Ltd. * | 381 | 39,667 |
Coupang, Inc., Class A * | 92,104 | 1,565,768 |
Doosan Bobcat, Inc. | 1,263 | 36,287 |
E-MART, Inc. | 259 | 13,963 |
F&F Co. Ltd. | 548 | 37,990 |
GS Holdings Corp. | 959 | 28,005 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
GS Retail Co. Ltd. | 725 | 13,060 |
Hankook Tire & Technology Co. Ltd. | 1,568 | 44,487 |
Hanmi Pharm Co. Ltd. | 158 | 33,036 |
Hanwha Aerospace Co. Ltd. | 529 | 39,771 |
HD Hyundai Infracore Co. Ltd. | 2,184 | 10,837 |
HMM Co. Ltd. | 7,385 | 79,989 |
Hotel Shilla Co. Ltd. | 821 | 37,988 |
HYBE Co. Ltd. * | 319 | 51,953 |
Hyundai Engineering & Construction Co. Ltd. | 1,199 | 29,736 |
Hyundai Glovis Co. Ltd. | 474 | 60,156 |
Hyundai Mipo Dockyard Co. Ltd. * | 549 | 28,291 |
Hyundai Mobis Co. Ltd. | 1,497 | 231,833 |
Hyundai Wia Corp. | 276 | 11,489 |
JYP Entertainment Corp. | 39,317 | 2,992,798 |
Kangwon Land, Inc. | 3,463 | 37,707 |
KEPCO Plant Service & Engineering Co. Ltd. | 654 | 15,824 |
Kia Corp. | 7,067 | 403,748 |
Korea Aerospace Industries Ltd. | 2,010 | 66,138 |
Korean Air Lines Co. Ltd. | 3,906 | 59,430 |
Krafton, Inc. * | 549 | 66,831 |
KT&G Corp. | 3,002 | 189,376 |
Kumho Petrochemical Co. Ltd. | 347 | 32,613 |
LG Corp. | 1,768 | 101,199 |
LG Electronics, Inc. | 1,988 | 147,476 |
LG H&H Co. Ltd. | 261 | 61,190 |
LG Innotek Co. Ltd. | 286 | 47,468 |
LG Uplus Corp. | 3,806 | 28,525 |
LOTTE Fine Chemical Co. Ltd. | 408 | 16,948 |
NAVER Corp. | 30,335 | 4,240,928 |
NCSoft Corp. | 485 | 83,792 |
NongShim Co. Ltd. | 84 | 27,627 |
OCI Holdings Co. Ltd. | 192 | 13,872 |
Orion Corp. | 618 | 54,696 |
Pan Ocean Co. Ltd. | 6,331 | 20,212 |
People & Technology, Inc. | 24,952 | 914,889 |
S-1 Corp. | 463 | 18,713 |
Samsung C&T Corp. | 2,147 | 169,754 |
Samsung Electronics Co. Ltd. | 165,590 | 8,242,222 |
Samsung Engineering Co. Ltd. * | 4,454 | 78,500 |
Samsung SDI Co. Ltd. | 1,320 | 417,958 |
Samsung SDS Co. Ltd. | 1,034 | 105,990 |
Shinsegae, Inc. | 119 | 14,905 |
S-Oil Corp. | 689 | 34,004 |
Youngone Corp. | 34,619 | 1,391,666 |
Yuhan Corp. | 1,410 | 60,106 |
23,178,986 | ||
Singapore 0.6% | ||
CapitaLand Ascendas REIT | 64,800 | 123,123 |
City Developments Ltd. | 10,500 | 48,466 |
ComfortDelGro Corp. Ltd. | 53,500 | 51,674 |
DBS Group Holdings Ltd. | 83,733 | 2,011,544 |
DFI Retail Group Holdings Ltd. | 5,300 | 11,305 |
Frasers Logistics & Commercial Trust | 85,800 | 65,174 |
Genting Singapore Ltd. | 142,500 | 89,526 |
Hutchison Port Holdings Trust, Class U | 74,900 | 11,765 |
Jardine Cycle & Carriage Ltd. | 2,500 | 51,499 |
Jardine Matheson Holdings Ltd. | 3,200 | 129,668 |
Keppel DC REIT | 29,800 | 36,776 |
Keppel REIT | 40,300 | 23,401 |
Mapletree Industrial Trust | 29,400 | 46,214 |
Mapletree Logistics Trust | 58,500 | 62,820 |
Mapletree Pan Asia Commercial Trust | 36,400 | 35,377 |
Netlink NBN Trust | 43,900 | 26,619 |
Olam Group Ltd. | 19,600 | 14,203 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Seatrium Ltd. * | 564,300 | 46,216 |
Singapore Airlines Ltd. | 33,900 | 151,372 |
Singapore Exchange Ltd. | 47,300 | 327,489 |
Singapore Telecommunications Ltd. | 124,500 | 216,340 |
Suntec Real Estate Investment Trust | 36,200 | 29,091 |
Venture Corp. Ltd. | 176,236 | 1,504,760 |
Wilmar International Ltd. | 35,600 | 92,552 |
5,206,974 | ||
South Africa 0.4% | ||
Aspen Pharmacare Holdings Ltd. | 148,232 | 1,346,436 |
Bidvest Group Ltd. | 158,290 | 2,240,562 |
Impala Platinum Holdings Ltd. | 62,147 | 258,879 |
3,845,877 | ||
Spain 0.9% | ||
ACS Actividades de Construccion y Servicios SA | 3,487 | 126,104 |
Aena SME SA | 1,531 | 222,149 |
Amadeus IT Group SA | 57,985 | 3,309,367 |
Cia de Distribucion Integral Logista Holdings SA | 52,413 | 1,287,011 |
Corp. ACCIONA Energias Renovables SA | 1,339 | 36,242 |
Endesa SA | 6,844 | 128,768 |
Fluidra SA | 19,509 | 343,957 |
Iberdrola SA | 114,913 | 1,278,064 |
Industria de Diseno Textil SA | 30,718 | 1,060,323 |
International Consolidated Airlines Group SA * | 27,755 | 48,762 |
Naturgy Energy Group SA | 3,723 | 105,341 |
Repsol SA | 34,507 | 505,257 |
8,451,345 | ||
Sweden 2.6% | ||
Assa Abloy AB, B Shares | 17,351 | 369,838 |
Atlas Copco AB, A Shares | 55,958 | 724,601 |
Atlas Copco AB, B Shares | 118,861 | 1,335,195 |
Axfood AB | 2,777 | 61,401 |
Boliden AB | 7,912 | 202,809 |
Epiroc AB, A Shares | 10,759 | 177,251 |
Epiroc AB, B Shares | 6,651 | 92,351 |
Evolution AB | 5,408 | 481,882 |
Fortnox AB | 184,873 | 732,823 |
H & M Hennes & Mauritz AB, B Shares | 14,368 | 193,029 |
Holmen AB, B Shares | 2,011 | 75,895 |
Kinnevik AB, B Shares * | 63,537 | 543,274 |
Lifco AB, B Shares | 4,159 | 76,101 |
Saab AB, B Shares | 85,172 | 4,375,404 |
Sandvik AB | 103,491 | 1,762,763 |
SKF AB, B Shares | 221,042 | 3,583,635 |
Spotify Technology SA * | 21,586 | 3,556,509 |
SSAB AB, A Shares | 6,952 | 41,646 |
SSAB AB, B Shares | 19,311 | 112,034 |
Sweco AB, B Shares | 4,205 | 38,771 |
Swedish Orphan Biovitrum AB * | 3,229 | 66,428 |
Tele2 AB, B Shares | 13,755 | 97,683 |
Telefonaktiebolaget LM Ericsson, B Shares | 53,908 | 241,493 |
Trelleborg AB, B Shares | 50,074 | 1,266,325 |
Volvo AB, A Shares | 3,347 | 67,105 |
Volvo AB, B Shares | 191,492 | 3,794,450 |
Volvo Car AB, B Shares * | 12,641 | 43,600 |
24,114,296 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Switzerland 5.1% | ||
ABB Ltd. | 32,154 | 1,080,301 |
Bachem Holding AG | 742 | 53,901 |
Barry Callebaut AG | 50 | 75,810 |
Belimo Holding AG | 266 | 111,991 |
BKW AG | 419 | 70,437 |
Chocoladefabriken Lindt & Spruengli AG | 3 | 326,499 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 27 | 298,923 |
Cie Financiere Richemont SA, Class A | 24,384 | 2,876,714 |
Clariant AG * | 4,159 | 59,091 |
Dufry AG * | 36,026 | 1,262,864 |
Emmi AG | 34 | 32,103 |
EMS-Chemie Holding AG | 210 | 143,653 |
Geberit AG | 978 | 455,370 |
Georg Fischer AG | 1,709 | 88,682 |
Holcim AG * | 65,096 | 4,024,740 |
Kuehne & Nagel International AG | 1,510 | 407,192 |
Landis+Gyr Group AG | 15,086 | 1,119,259 |
Logitech International SA | 4,130 | 325,078 |
Lonza Group AG | 1,185 | 414,992 |
Nestle SA | 74,965 | 8,084,130 |
Novartis AG | 81,604 | 7,639,730 |
Partners Group Holding AG | 1,374 | 1,454,879 |
Roche Holding AG | 34,476 | 8,884,795 |
Roche Holding AG, Bearer Shares | 723 | 197,026 |
Sandoz Group AG * | 15,032 | 390,817 |
Schindler Holding AG | 384 | 74,857 |
Schindler Holding AG, Participation Certificates | 9,244 | 1,870,272 |
SGS SA | 3,232 | 263,959 |
Sika AG | 3,039 | 727,261 |
Sonova Holding AG | 1,226 | 290,578 |
Swatch Group AG | 1,484 | 71,871 |
Swatch Group AG, Bearer Shares | 9,715 | 2,486,806 |
Swisscom AG | 518 | 310,380 |
Tecan Group AG | 210 | 60,438 |
UBS Group AG | 40,638 | 954,848 |
VAT Group AG | 739 | 262,064 |
47,252,311 | ||
Taiwan 1.2% | ||
Chroma ATE, Inc. | 210,000 | 1,419,095 |
Gold Circuit Electronics Ltd. | 403,000 | 2,205,151 |
Lotes Co. Ltd. | 66,000 | 1,685,367 |
Poya International Co. Ltd. | 94,940 | 1,459,461 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 30,495 | 2,632,023 |
Wiwynn Corp. | 29,000 | 1,374,111 |
10,775,208 | ||
United Kingdom 13.6% | ||
3i Group PLC | 59,098 | 1,393,388 |
Abcam PLC, ADR * | 27,854 | 638,414 |
Admiral Group PLC | 12,558 | 373,132 |
Airtel Africa PLC | 23,954 | 32,987 |
Anglo American PLC | 18,788 | 478,710 |
Ashtead Group PLC | 43,297 | 2,483,188 |
AstraZeneca plc, ADR | 70,937 | 4,485,347 |
AstraZeneca PLC | 26,275 | 3,289,725 |
Auto Trader Group PLC | 23,543 | 178,085 |
B&M European Value Retail SA | 533,986 | 3,437,663 |
Barratt Developments PLC | 24,499 | 123,553 |
Berkeley Group Holdings PLC | 2,353 | 115,665 |
BP PLC | 407,752 | 2,489,739 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
British American Tobacco PLC | 97,841 | 2,922,746 |
BT Group PLC | 91,666 | 125,897 |
Bunzl PLC | 14,753 | 526,331 |
Burberry Group PLC | 9,423 | 194,209 |
Centrica PLC | 151,144 | 289,334 |
CNH Industrial NV | 548,801 | 6,081,800 |
Coca-Cola HBC AG * | 3,129 | 81,234 |
Compass Group PLC | 100,456 | 2,532,632 |
ConvaTec Group PLC | 717,373 | 1,780,482 |
CRH PLC | 14,617 | 784,448 |
Croda International PLC | 2,882 | 153,599 |
Darktrace PLC * | 391,347 | 1,669,973 |
DCC PLC | 44,764 | 2,486,820 |
Dechra Pharmaceuticals PLC | 1,733 | 80,323 |
Diageo PLC | 43,524 | 1,645,902 |
Diploma PLC | 65,307 | 2,264,247 |
DS Smith PLC | 30,195 | 104,730 |
Endeavour Mining PLC | 4,044 | 83,436 |
Experian PLC | 19,874 | 602,953 |
Ferguson PLC | 3,495 | 524,962 |
Games Workshop Group PLC | 16,347 | 1,965,439 |
Glencore PLC | 1,017,196 | 5,387,908 |
Golar LNG Ltd. | 37,439 | 839,757 |
Greggs PLC | 52,335 | 1,507,570 |
GSK PLC | 113,571 | 2,024,603 |
Haleon PLC | 114,614 | 459,383 |
Halma PLC | 5,491 | 123,484 |
Hargreaves Lansdown PLC | 23,175 | 199,593 |
Hikma Pharmaceuticals PLC | 2,541 | 58,874 |
Howden Joinery Group PLC | 15,038 | 116,787 |
IMI PLC | 4,155 | 74,204 |
Indivior PLC * | 110,764 | 2,120,391 |
Informa PLC | 157,697 | 1,366,361 |
InterContinental Hotels Group PLC | 4,114 | 291,528 |
Intermediate Capital Group PLC | 186,682 | 2,972,162 |
Intertek Group PLC | 3,122 | 145,403 |
J Sainsbury PLC | 37,348 | 116,855 |
JD Sports Fashion PLC | 1,120,628 | 1,742,391 |
John Wood Group PLC * | 141,752 | 245,483 |
Just Group PLC | 603,868 | 554,882 |
Liberty Global PLC, Class A * | 132,300 | 2,058,588 |
Liberty Global PLC, Class C * | 119,938 | 2,034,149 |
Lloyds Banking Group PLC | 15,030,610 | 7,315,379 |
Melrose Industries PLC | 470,377 | 2,678,220 |
Mondi PLC | 10,112 | 163,567 |
Next PLC | 2,766 | 231,908 |
Ocado Group PLC * | 304,375 | 1,727,363 |
Persimmon PLC | 8,512 | 105,413 |
Prudential PLC | 494,800 | 5,173,817 |
Reckitt Benckiser Group PLC | 43,149 | 2,886,967 |
RELX PLC | 39,771 | 1,389,109 |
Renishaw PLC | 985 | 37,008 |
Rightmove PLC | 24,399 | 140,700 |
Rio Tinto PLC | 27,581 | 1,759,680 |
Rolls-Royce Holdings PLC * | 133,465 | 351,310 |
RS Group PLC | 10,590 | 87,393 |
Schroders PLC | 865,041 | 3,895,326 |
Shell PLC | 287,651 | 9,270,078 |
Smiths Group PLC | 68,197 | 1,337,727 |
Smurfit Kappa Group PLC | 6,564 | 214,279 |
Spectris PLC | 10,958 | 414,069 |
SSE PLC | 16,329 | 324,515 |
Tate & Lyle PLC | 11,010 | 84,374 |
Taylor Wimpey PLC | 93,358 | 126,093 |
TechnipFMC PLC | 149,910 | 3,226,063 |
Tesco PLC | 170,173 | 558,433 |
Unilever PLC | 47,487 | 2,249,014 |
UNITE Group PLC | 7,808 | 82,628 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
United Utilities Group PLC | 9,959 | 128,805 |
Vodafone Group PLC | 3,154,968 | 2,904,267 |
Weir Group PLC | 121,102 | 2,515,357 |
Wise PLC, Class A * | 17,665 | 143,576 |
WPP PLC | 421,500 | 3,629,628 |
126,013,515 | ||
United States 1.4% | ||
ACADIA Pharmaceuticals, Inc. * | 4,564 | 103,009 |
Broadcom, Inc. | 2,178 | 1,832,504 |
Ginkgo Bioworks Holdings, Inc. * | 180,171 | 246,834 |
Illumina, Inc. * | 2,099 | 229,673 |
Insmed, Inc. * | 15,916 | 398,855 |
Jazz Pharmaceuticals PLC * | 16,040 | 2,037,401 |
Livent Corp. * | 65,156 | 950,626 |
Moderna, Inc. * | 29,086 | 2,209,373 |
NVIDIA Corp. | 8,452 | 3,446,726 |
Sage Therapeutics, Inc. * | 5,545 | 103,858 |
Tesla, Inc. * | 7,085 | 1,422,951 |
12,981,810 | ||
Total Common Stocks (Cost $842,622,110) | 841,336,908 | |
PREFERRED STOCKS 0.6% OF NET ASSETS | ||
Germany 0.1% | ||
Bayerische Motoren Werke AG | 1,020 | 86,730 |
FUCHS SE | 1,665 | 67,624 |
Henkel AG & Co. KGaA | 2,820 | 203,421 |
357,775 | ||
Republic of Korea 0.5% | ||
Hyundai Motor Co. | 334 | 24,665 |
Hyundai Motor Co. 2nd | 506 | 37,592 |
Samsung Electronics Co. Ltd. | 114,289 | 4,562,955 |
4,625,212 | ||
Total Preferred Stocks (Cost $6,521,090) | 4,982,987 | |
WARRANTS 0.0% OF NET ASSETS | ||
Canada 0.0% | ||
Constellation Software, Inc. | ||
expires 03/31/40 *(b) | 344 | 1,722 |
Total Warrants (Cost $0) | 1,722 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
INVESTMENT COMPANIES 4.4% OF NET ASSETS | ||
United States 4.4% | ||
iShares MSCI EAFE ETF | 77,942 | 5,215,879 |
Schwab Emerging Markets Equity ETF (c) | 1,524,985 | 35,333,880 |
40,549,759 | ||
Total Investment Companies (Cost $50,551,165) | 40,549,759 |
SHORT-TERM INVESTMENTS 3.5% OF NET ASSETS | ||
Money Market Funds 3.5% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d) | 32,619,487 | 32,619,487 |
Total Short-Term Investments (Cost $32,619,487) | 32,619,487 | |
Total Investments in Securities (Cost $932,313,852) | 919,490,863 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
MSCI EAFE Index, expires 12/15/23 | 267 | 26,354,235 | (1,386,590 ) |
SETTLEMENT DATE | COUNTERPARTY | CURRENCY TO BE RECEIVED | AMOUNT OF CURRENCY TO BE RECEIVED | CURRENCY TO BE DELIVERED | AMOUNT OF CURRENCY TO BE DELIVERED | UNREALIZED APPRECIATION (DEPRECIATION) ($) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||
12/14/23 | HSBC Bank USA | AUD | 7,144,000 | USD | 4,516,453 | 21,661 |
12/14/23 | Morgan Stanley & Co. | CHF | 2,748,000 | USD | 3,079,752 | (44,777 ) |
12/14/23 | HSBC Bank USA | DKK | 10,350,000 | USD | 1,468,160 | 2,533 |
12/14/23 | Wells Fargo Bank NA | EUR | 2,401,000 | USD | 2,542,995 | 2,262 |
12/14/23 | HSBC Bank USA | EUR | 7,356,000 | USD | 7,784,173 | 13,792 |
12/14/23 | HSBC Bank USA | GBP | 1,929,000 | USD | 2,338,844 | 6,476 |
12/14/23 | Wells Fargo Bank NA | NOK | 3,169,000 | USD | 283,636 | 401 |
12/14/23 | Morgan Stanley & Co. | SEK | 41,857,000 | USD | 3,808,564 | (51,461 ) |
12/14/23 | Wells Fargo Bank NA | USD | 1,983,713 | AUD | 3,127,000 | (2,664 ) |
12/14/23 | Wells Fargo Bank NA | USD | 849,479 | CAD | 1,178,000 | (594 ) |
12/14/23 | Morgan Stanley & Co. | USD | 5,264,664 | CAD | 7,219,000 | 55,264 |
12/14/23 | HSBC Bank USA | USD | 282,373 | CHF | 256,000 | (362 ) |
12/14/23 | Barclays Bank PLC | USD | 425,067 | GBP | 350,000 | (471 ) |
12/14/23 | Morgan Stanley & Co. | USD | 2,636,133 | JPY | 391,802,000 | 33,542 |
12/14/23 | Morgan Stanley & Co. | USD | 583,622 | NOK | 6,459,000 | 4,702 |
12/14/23 | Wells Fargo Bank NA | USD | 2,260,475 | SEK | 25,240,000 | (5,079 ) |
12/14/23 | Morgan Stanley & Co. | USD | 2,636,519 | SGD | 3,614,000 | (7,966 ) |
Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 27,259 |
* | Non-income producing security. |
(a) | Security is traded on separate exchanges for the same issuer. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | Issuer is affiliated with the fund’s investment adviser. |
(d) | The rate shown is the annualized 7-day yield. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
AUD — | Australian Dollar |
CAD — | Canadian Dollar |
CHF — | Swiss Franc |
DKK — | Danish Krone |
EUR — | Euro |
GBP — | British Pound |
JPY — | Japanese Yen |
NOK — | Norwegian Krone |
SEK — | Swedish Krona |
SGD — | Singapore Dollar |
USD — | U.S. Dollar |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
INVESTMENT COMPANIES 3.8% OF NET ASSETS | ||||||||
United States 3.8% | ||||||||
Schwab Emerging Markets Equity ETF | $39,114,003 | $— | ($6,873,476 ) | ($1,515,424 ) | $4,608,777 | $35,333,880 | 1,524,985 | $1,311,967 |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying fund. |
DESCRIPTION | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL |
Assets | ||||
Common Stocks1 | $— | $378,411,182 | $— | $378,411,182 |
Austria | 23,332 | 1,311,803 | — | 1,335,135 |
Belgium | 59,254 | 3,531,337 | — | 3,590,591 |
Brazil | 14,430,231 | — | — | 14,430,231 |
Canada | 57,279,300 | — | — | 57,279,300 |
China | 3,189,810 | 11,706,303 | — | 14,896,113 |
Finland | 142,408 | 3,851,790 | — | 3,994,198 |
Greece | 859,706 | 1,082,927 | — | 1,942,633 |
Guernsey | 1,476,180 | — | — | 1,476,180 |
India | 5,760,533 | 13,622,141 | — | 19,382,674 |
Indonesia | 1,360,207 | 289,374 | — | 1,649,581 |
Ireland | 3,776,324 | 3,838,536 | — | 7,614,860 |
Israel | 10,443,538 | 2,545,912 | — | 12,989,450 |
Mexico | 5,713,048 | — | — | 5,713,048 |
Netherlands | 7,550,000 | 44,850,320 | — | 52,400,320 |
New Zealand | 327,595 | 318,073 | — | 645,668 |
Norway | 2,094,955 | 3,143,930 | — | 5,238,885 |
Panama | 1,733,511 | — | — | 1,733,511 |
Republic of Korea | 1,565,768 | 21,613,218 | — | 23,178,986 |
South Africa | 3,586,998 | 258,879 | — | 3,845,877 |
Spain | 36,242 | 8,415,103 | — | 8,451,345 |
Sweden | 3,556,509 | 20,557,787 | — | 24,114,296 |
Switzerland | 717,316 | 46,534,995 | — | 47,252,311 |
Taiwan | 2,632,023 | 8,143,185 | — | 10,775,208 |
United Kingdom | 19,363,004 | 106,650,511 | — | 126,013,515 |
United States | 12,981,810 | — | — | 12,981,810 |
Preferred Stocks1 | — | 4,982,987 | — | 4,982,987 |
Warrants1 | ||||
Canada | — | — | 1,722 | 1,722 |
Investment Companies1 | 40,549,759 | — | — | 40,549,759 |
Short-Term Investments1 | 32,619,487 | — | — | 32,619,487 |
Forward Foreign Currency Exchange Contracts2 | — | 140,633 | — | 140,633 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts2 | — | (113,374 ) | — | (113,374 ) |
Futures Contracts2 | (1,386,590 ) | — | — | (1,386,590 ) |
Total | $232,442,258 | $685,687,552 | $1,722 | $918,131,532 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $45,166,700) | $35,333,880 | |
Investments in securities, at value - unaffiliated (cost $887,147,152) | 884,156,983 | |
Foreign currency, at value (cost $696,840) | 695,420 | |
Deposit with broker for futures contracts | 4,561,920 | |
Receivables: | ||
Investments sold | 2,744,991 | |
Fund shares sold | 1,507,548 | |
Dividends | 1,458,528 | |
Foreign tax reclaims | 918,608 | |
Variation margin on future contracts | 73,917 | |
Unrealized appreciation on forward foreign currency exchange contracts | 140,633 | |
Prepaid expenses | + | 14,928 |
Total assets | 931,607,356 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,981,065 | |
Foreign capital gains tax | 695,794 | |
Investment adviser and administrator fees | 490,513 | |
IRS compliance fee for foreign withholding tax claims | 345,663 | |
Fund shares redeemed | 147,957 | |
Shareholder service fees | 118,295 | |
Unrealized depreciation on forward foreign currency exchange contracts | 113,374 | |
Accrued expenses | + | 458,099 |
Total liabilities | 4,350,760 | |
Net assets | $927,256,596 | |
Net Assets by Source | ||
Capital received from investors | $1,018,180,666 | |
Total distributable loss | + | (90,924,070 ) |
Net assets | $927,256,596 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$927,256,596 | 53,003,108 | $17.49 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,170,996) | $25,791,190 | |
Dividends received from securities - affiliated | 1,311,967 | |
IRS compliance fee for foreign withholding tax claims | (345,663 ) | |
Securities on loan, net | + | 13,751 |
Total investment income | 26,771,245 | |
Expenses | ||
Investment adviser and administrator fees | 6,620,901 | |
Shareholder service fees | 1,565,645 | |
Custodian fees | 353,710 | |
Portfolio accounting fees | 140,991 | |
Professional fees | 73,343 1 | |
Registration fees | 42,760 | |
Shareholder reports | 40,918 | |
Independent trustees’ fees | 8,458 | |
Transfer agent fees | 4,017 | |
Other expenses | + | 92,130 |
Total expenses | 8,942,873 | |
Expense reduction | – | 7,517 1 |
Net expenses | – | 8,935,356 |
Net investment income | 17,835,889 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (1,515,424 ) | |
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $331,608) | (68,646,750 ) | |
Net realized gains on futures contracts | 6,615,059 | |
Net realized losses on foreign currency transactions | + | (71,968 ) |
Net realized losses | (63,619,083 ) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 4,608,777 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($130,905)) | 130,671,298 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (2,153,634 ) | |
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | 27,259 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 71,632 |
Net change in unrealized appreciation (depreciation) | + | 133,225,332 |
Net realized and unrealized gains | 69,606,249 | |
Increase in net assets resulting from operations | $87,442,138 |
1 | Includes professional fees of $4,023 associated with the filing of foreign withholding tax claims in the European Union and $20,000 associated with preparing the filing of a closing agreement with the IRS, fees are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $17,835,889 | $15,132,183 | |
Net realized gains (losses) | (63,619,083 ) | 24,453,572 | |
Net change in unrealized appreciation (depreciation) | + | 133,225,332 | (573,589,854 ) |
Increase (decrease) in net assets resulting from operations | $87,442,138 | ($534,004,099 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($37,690,344 ) | ($214,877,749 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,756,655 | $68,666,016 | 12,166,159 | $258,391,714 | |
Shares reinvested | 1,624,978 | 30,354,599 | 7,035,847 | 170,408,203 | |
Shares redeemed | + | (10,451,780 ) | (203,167,707 ) | (9,976,603 ) | (192,980,903 ) |
Net transactions in fund shares | (5,070,147 ) | ($104,147,092 ) | 9,225,403 | $235,819,014 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 58,073,255 | $981,651,894 | 48,847,852 | $1,494,714,728 | |
Total increase (decrease) | + | (5,070,147 ) | (54,395,298 ) | 9,225,403 | (513,062,834 ) |
End of period | 53,003,108 | $927,256,596 | 58,073,255 | $981,651,894 |
SCHWAB CAPITAL TRUST | |
Schwab International Opportunities Fund | Schwab Target 2045 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2050 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2055 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2060 Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2065 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 Health Care Fund | Schwab Target 2040 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab Balanced Fund | 5.9 % |
Schwab Target 2010 Fund | 0.2 % |
Schwab Target 2015 Fund | 0.3 % |
Schwab Target 2020 Fund | 1.8 % |
Schwab Target 2025 Fund | 3.2 % |
Schwab Target 2030 Fund | 8.1 % |
Schwab Target 2035 Fund | 5.4 % |
Schwab Target 2040 Fund | 11.6 % |
Schwab Target 2045 Fund | 3.1 % |
Schwab Target 2050 Fund | 3.3 % |
Schwab Target 2055 Fund | 2.3 % |
Schwab Target 2060 Fund | 0.8 % |
Schwab Target 2065 Fund | 0.2 % |
Schwab Emerging Markets Equity ETF | 0.5 % |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES |
$633,164,553 | $760,931,346 |
8. Derivatives:
ASSET DERIVATIVES | FAIR VALUE |
Equity Index Futures Contracts1 | $— |
Forward Foreign Currency Exchange Contracts2 | 140,633 |
LIABILITY DERIVATIVES | FAIR VALUE |
Equity Index Futures Contracts3 | ($1,386,590 ) |
Forward Foreign Currency Exchange Contracts4 | (113,374 ) |
1 | Includes cumulative unrealized appreciation of futures contracts as reported in the Portfolio Holdings. Only current day’s variation margin on futures contracts 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 Portfolio Holdings. Only current day’s variation margin on futures contracts 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 gains1 | $6,615,059 |
Net change in unrealized appreciation (depreciation)2 | (2,153,634 ) |
Forward Foreign Currency Exchange Contracts | |
Realized gains1 | — |
Net change in unrealized appreciation (depreciation)2 | 27,259 |
1 | Statement of Operations location: Net realized gains 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. |
COUNTERPARTY | GROSS AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES | FINANCIAL INSTRUMENTS AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED | NET AMOUNT(a) |
HSBC Bank USA | $44,462 | ($362 ) | $— | $44,100 |
Morgan Stanley & Co. | 93,508 | (93,508 ) | — | — |
Wells Fargo Bank NA | 2,663 | (2,663 ) | — | — |
Total | $140,633 | ($96,533 ) | $— | $44,100 |
COUNTERPARTY | GROSS AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES | FINANCIAL INSTRUMENTS AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED | NET AMOUNT(a) |
HSBC Bank USA | ($362 ) | $362 | $— | $— |
Morgan Stanley & Co. | (104,204 ) | 93,508 | — | (10,696 ) |
Barclays Bank PLC | (471 ) | — | — | (471 ) |
Wells Fargo Bank NA | (8,337 ) | 2,663 | — | (5,674 ) |
Total | ($113,374 ) | $96,533 | $— | ($16,841 ) |
(a) | Represents the net amount due from/due to the counterparty in the event of default. |
9. Federal Income Taxes:
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
$950,230,947 | $96,683,206 | ($128,782,621 ) | ($32,099,415 ) | |
UNDISTRIBUTED ORDINARY INCOME | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | NET OTHER UNREALIZED APPRECIATION (DEPRECIATION) | CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES | TOTAL |
$17,259,529 | ($32,099,415 ) | ($724,549 ) | ($75,359,635 ) | ($90,924,070 ) |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
$11,433,730 | $26,256,614 | $57,006,279 | $157,871,470 |
10. Subsequent Events:
Denver, Colorado
December 15, 2023
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Core Equity Fund (Ticker Symbol: SWANX) | 9.99% |
S&P 500® Index | 10.14% |
Fund Category: Morningstar Large Blend1 | 7.62% |
Performance Details | pages 7-9 |
Schwab Dividend Equity Fund2 (Ticker Symbol: SWDSX) | -1.74% |
Russell 1000® Value Index | 0.13% |
Fund Category: Morningstar Large Value1 | 0.68% |
Performance Details | pages 10-12 |
Schwab Large-Cap Growth Fund (Ticker Symbol: SWLSX) | 19.37% |
Russell 1000® Growth Index | 18.95% |
Fund Category: Morningstar Large Growth1 | 14.19% |
Performance Details | pages 13-15 |
Schwab Small-Cap Equity Fund (Ticker Symbol: SWSCX) | -3.68% |
Russell 2000® Index | -8.56% |
Fund Category: Morningstar Small Blend1 | -4.86% |
Performance Details | pages 16-18 |
Schwab Health Care Fund2 (Ticker Symbol: SWHFX) | -4.04% |
Dow Jones Global Health Care Index | -2.01% |
Fund Category: Morningstar Health1 | -11.04% |
Performance Details | pages 19-21 |
Schwab International Core Equity Fund2 (Ticker Symbol: SICNX) | 16.74% |
MSCI EAFE® Index (Net)3 | 14.40% |
Fund Category: Morningstar Foreign Large Blend1 | 13.03% |
Performance Details | pages 22-24 |
Bill McMahon, CFA, Managing Director and Chief Investment Officer of Active Equity Strategies for Schwab Asset Management, is responsible for investment management, research, and portfolio construction for Schwab Asset Management’s active equity strategies and solutions. He is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund, Schwab Core Equity Fund, and Schwab Dividend Equity Fund. Mr. McMahon has more than 20 years of experience in the financial services industry. Prior to his current role, Mr. McMahon was an SVP in Charles Schwab Investment Advisory, Inc. (CSIA), serving as CIO and as a member of the portfolio management team for the ThomasPartners Strategies. Mr. McMahon co-founded ThomasPartners, Inc. in 2001 and served as partner of the firm until its acquisition by the Charles Schwab Corporation in 2012 and subsequent merger with CSIA in 2018. Mr. McMahon began his career at State Street Corporation, with the latter half of his tenure with State Street Global Advisors. |
Iain Clayton, CFA, FRM, Senior Portfolio Manager and Head of Quantitative Portfolio Management for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Core Equity Fund, Schwab International Core Equity Fund, Schwab Small-Cap Equity Fund, and Schwab Health Care Fund. Mr. Clayton also leads Schwab Asset Management’s quantitative investment management team. Prior to joining Schwab in 2013, Mr. Clayton spent more than five years at SSI Investment Management where he was a portfolio manager and the 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. |
Brian Hillburn, CFA, Senior Portfolio Manager and the Director of Fundamental Research for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Core Equity Fund. Mr. Hillburn also provides fundamental equity research coverage for the ThomasPartners Strategies and the Schwab Active Equity Funds. Previously, Mr. Hillburn was a senior equity research analyst for the ThomasPartners Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Mr. Hillburn was an equity analyst at Rockland Trust, and earlier positions include equity research analysis roles on mutual fund teams at Wells Capital and Morgan Stanley Investment Management. |
Wei Li, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab International Core Equity Fund, Schwab Dividend Equity Fund, Schwab Small-Cap Equity Fund, and Schwab Health Care Fund. Prior to joining Schwab in 2012, Ms. Li spent more than 10 years at Barclays Global Investors (now known as BlackRock) 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. |
Gretchen Novak, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund. Ms. Novak also provides fundamental equity research coverage of certain industry sectors for the ThomasPartners Strategies and the Schwab Active Equity Funds. Previously, Ms. Novak was a director and senior equity research analyst for the ThomasPartners Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Ms. Novak was a senior portfolio manager at Mazama Capital Management, Inc., where she oversaw the equity research and portfolio management of the firm’s consumer discretionary and staples sectors. Prior to Mazama Capital, Ms. Novak was an equity analyst at Cramer Rosenthal McGlynn, LLC. |
Jim Serhant, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Dividend Equity Fund and the ThomasPartners Balanced Strategies. Mr. Serhant also provides fundamental equity research coverage of certain industry sectors for the ThomasPartners Strategies and the Schwab Active Equity Funds. Prior to joining Schwab in 2016, Mr. Serhant was an executive vice president at Hartford Investment Management where he was the head of high yield and a senior portfolio manager, overseeing the credit research and portfolio management of the firm’s high yield strategies. Previously, he was a fixed income analyst at Delaware Investments and JP Morgan. |
Holly Emerson, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund and Schwab Small-Cap Equity Fund. Prior to joining Schwab in 2014, Ms. Emerson spent nearly 10 years at Algert Coldiron Investors LLC (now known as Algert Global), a quantitative market-neutral hedge fund manager. She held a number of positions at Algert, including assistant portfolio manager and director of operations. In her various roles, she acted as the lead portfolio manager for the Canadian fund, conducted macroeconomic research, and managed relationships with prime brokerage investment banks. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Core Equity Fund (7/1/96) | 9.99% | 8.86% | 9.38% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Fund Category: Morningstar Large Blend2 | 7.62% | 9.67% | 9.69% |
Fund Expense Ratio3: 0.73% |
Number of Holdings | 53 |
Weighted Average Market Cap (millions) | $774,266 |
Price/Earnings Ratio (P/E) | 23.4 |
Price/Book Ratio (P/B) | 4.7 |
Portfolio Turnover Rate | 14% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Dividend Equity Fund (9/2/03) | -1.74% | 4.85% | 5.76% |
Russell 1000® Value Index | 0.13% | 6.60% | 7.60% |
Dividend Equity Spliced Index | 0.13% | 6.60% | 7.85% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Fund Category: Morningstar Large Value3 | 0.68% | 7.10% | 7.62% |
Fund Expense Ratios4: Net 0.89%; Gross 0.90% |
30-Day SEC Yield | 2.35% |
Number of Holdings | 53 |
Weighted Average Market Cap (millions) | $301,643 |
Price/Earnings Ratio (P/E) | 16.7 |
Price/Book Ratio (P/B) | 2.9 |
Portfolio Turnover Rate | 8% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Large-Cap Growth Fund (10/3/05) | 19.37% | 12.14% | 11.66% |
Russell 1000® Growth Index | 18.95% | 14.22% | 13.82% |
Fund Category: Morningstar Large Growth2 | 14.19% | 10.68% | 10.98% |
Fund Expense Ratios3: Net 0.99%; Gross 1.02% |
Number of Holdings | 56 |
Weighted Average Market Cap (millions) | $984,784 |
Price/Earnings Ratio (P/E) | 31.4 |
Price/Book Ratio (P/B) | 10.3 |
Portfolio Turnover Rate | 17% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Equity Fund (7/1/03) | -3.68% | 4.34% | 6.30% |
Russell 2000® Index | -8.56% | 3.31% | 5.63% |
Fund Category: Morningstar Small Blend2 | -4.86% | 4.61% | 5.83% |
Fund Expense Ratio3: 1.09% |
Number of Holdings | 352 |
Weighted Average Market Cap (millions) | $2,987 |
Price/Earnings Ratio (P/E) | 10.6 |
Price/Book Ratio (P/B) | 1.8 |
Portfolio Turnover Rate | 43% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Health Care Fund (7/3/00) | -4.04% | 6.97% | 9.04% |
Dow Jones Global Health Care Index | -2.01% | 6.58% | 8.35% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Fund Category: Morningstar Health3 | -11.04% | 4.02% | 8.22% |
Fund Expense Ratio4: 0.80% |
Number of Holdings | 70 |
Weighted Average Market Cap (millions) | $184,394 |
Price/Earnings Ratio (P/E) | 26.1 |
Price/Book Ratio (P/B) | 4.2 |
Portfolio Turnover Rate | 53% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Core Equity Fund (5/30/08) | 16.74% | 3.16% | 2.75% |
MSCI EAFE® Index (Net)3 | 14.40% | 4.10% | 3.05% |
Fund Category: Morningstar Foreign Large Blend4 | 13.03% | 3.87% | 2.92% |
Fund Expense Ratios5: Net 0.86%; Gross 0.89% |
Number of Holdings | 139 |
Weighted Average Market Cap (millions) | $96,571 |
Price/Earnings Ratio (P/E) | 9.6 |
Price/Book Ratio (P/B) | 1.5 |
Portfolio Turnover Rate | 62% |
EXPENSE RATIO (ANNUALIZED) 1 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/23 2 | |
Schwab Core Equity Fund | ||||
Actual Return | 0.73% | $1,000.00 | $997.80 | $3.68 |
Hypothetical 5% Return | 0.73% | $1,000.00 | $1,021.53 | $3.72 |
Schwab Dividend Equity Fund | ||||
Actual Return | 0.88% | $1,000.00 | $950.20 | $4.33 |
Hypothetical 5% Return | 0.88% | $1,000.00 | $1,020.77 | $4.48 |
Schwab Large-Cap Growth Fund | ||||
Actual Return | 0.99% | $1,000.00 | $1,055.50 | $5.13 |
Hypothetical 5% Return | 0.99% | $1,000.00 | $1,020.21 | $5.04 |
Schwab Small-Cap Equity Fund | ||||
Actual Return | 1.08% | $1,000.00 | $986.90 | $5.41 |
Hypothetical 5% Return | 1.08% | $1,000.00 | $1,019.76 | $5.50 |
Schwab Health Care Fund | ||||
Actual Return | 0.78% | $1,000.00 | $934.30 | $3.80 |
Hypothetical 5% Return | 0.78% | $1,000.00 | $1,021.27 | $3.97 |
Schwab International Core Equity Fund | ||||
Actual Return | 0.86% | $1,000.00 | $953.50 | $4.23 |
Hypothetical 5% Return | 0.86% | $1,000.00 | $1,020.87 | $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 the 184 days in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $19.46 | $29.22 | $22.24 | $21.87 | $22.40 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 1.57 | (3.16 ) | 7.90 | 0.82 | 1.99 | |
Total from investment operations | 1.78 | (2.90 ) | 8.11 | 1.02 | 2.20 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (2.52 ) | (6.60 ) | (0.93 ) | (0.45 ) | (2.46 ) | |
Total distributions | (2.79 ) | (6.86 ) | (1.13 ) | (0.65 ) | (2.73 ) | |
Net asset value at end of period | $18.45 | $19.46 | $29.22 | $22.24 | $21.87 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.7% OF NET ASSETS | ||
Banks 0.4% | ||
East West Bancorp, Inc. | 98,196 | 5,265,270 |
Capital Goods 4.4% | ||
A O Smith Corp. | 259,182 | 18,080,536 |
Fastenal Co. | 122,982 | 7,174,770 |
General Dynamics Corp. | 45,415 | 10,959,094 |
Lockheed Martin Corp. | 15,326 | 6,967,812 |
Parker-Hannifin Corp. | 12,337 | 4,551,243 |
Watsco, Inc. | 12,936 | 4,513,241 |
52,246,696 | ||
Commercial & Professional Services 2.2% | ||
Republic Services, Inc., Class A | 95,577 | 14,192,229 |
Rollins, Inc. | 334,978 | 12,598,522 |
26,790,751 | ||
Consumer Discretionary Distribution & Retail 7.2% | ||
Amazon.com, Inc. * | 394,176 | 52,460,884 |
Home Depot, Inc. | 36,635 | 10,429,618 |
TJX Cos., Inc. | 261,519 | 23,031,978 |
85,922,480 | ||
Consumer Services 3.4% | ||
McDonald's Corp. | 50,040 | 13,118,987 |
Starbucks Corp. | 295,544 | 27,260,978 |
40,379,965 | ||
Consumer Staples Distribution & Retail 2.6% | ||
Costco Wholesale Corp. | 26,388 | 14,577,787 |
Walmart, Inc. | 99,765 | 16,302,598 |
30,880,385 | ||
Energy 5.5% | ||
EOG Resources, Inc. | 209,950 | 26,506,188 |
Exxon Mobil Corp. | 377,413 | 39,949,166 |
66,455,354 | ||
Equity Real Estate Investment Trusts (REITs) 0.9% | ||
Public Storage | 46,451 | 11,088,318 |
Financial Services 11.4% | ||
Berkshire Hathaway, Inc., Class B * | 91,198 | 31,128,614 |
CME Group, Inc. | 113,889 | 24,310,746 |
Fidelity National Information Services, Inc. | 525,275 | 25,796,255 |
PayPal Holdings, Inc. * | 452,716 | 23,450,689 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Visa, Inc., Class A | 134,673 | 31,661,622 |
136,347,926 | ||
Food, Beverage & Tobacco 4.9% | ||
Coca-Cola Co. | 518,913 | 29,313,395 |
Constellation Brands, Inc., Class A | 91,600 | 21,448,140 |
Diageo PLC, ADR | 54,716 | 8,398,906 |
59,160,441 | ||
Health Care Equipment & Services 7.8% | ||
Abbott Laboratories | 186,054 | 17,591,406 |
Boston Scientific Corp. * | 290,769 | 14,884,465 |
CVS Health Corp. | 350,654 | 24,198,632 |
Intuitive Surgical, Inc. * | 85,130 | 22,322,789 |
UnitedHealth Group, Inc. | 27,797 | 14,886,961 |
93,884,253 | ||
Household & Personal Products 2.8% | ||
Estee Lauder Cos., Inc., Class A | 54,905 | 7,075,607 |
Kenvue, Inc. | 794,004 | 14,768,475 |
L'Oreal SA, Sponsored ADR | 141,090 | 11,836,040 |
33,680,122 | ||
Materials 0.7% | ||
Linde PLC | 23,368 | 8,930,315 |
Media & Entertainment 9.6% | ||
Alphabet, Inc., Class A * | 649,580 | 80,599,886 |
Meta Platforms, Inc., Class A * | 114,677 | 34,548,740 |
115,148,626 | ||
Pharmaceuticals, Biotechnology & Life Sciences 9.2% | ||
Eli Lilly & Co. | 21,268 | 11,780,983 |
Johnson & Johnson | 215,776 | 32,008,212 |
Pfizer, Inc. | 464,288 | 14,188,641 |
Roche Holding AG, Sponsored ADR | 439,715 | 14,215,986 |
Thermo Fisher Scientific, Inc. | 32,190 | 14,317,147 |
Zoetis, Inc. | 151,573 | 23,796,961 |
110,307,930 | ||
Semiconductors & Semiconductor Equipment 4.9% | ||
ASML Holding NV NY Registry Shares | 20,750 | 12,425,308 |
Broadcom, Inc. | 55,414 | 46,623,677 |
59,048,985 | ||
Software & Services 12.2% | ||
Accenture PLC, Class A | 37,155 | 11,038,379 |
Adobe, Inc. * | 21,000 | 11,173,260 |
Fortinet, Inc. * | 219,005 | 12,520,516 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Microsoft Corp. | 328,583 | 111,097,198 |
145,829,353 | ||
Technology Hardware & Equipment 8.0% | ||
Apple, Inc. | 561,309 | 95,854,738 |
Utilities 1.6% | ||
Duke Energy Corp. | 209,354 | 18,609,477 |
Total Common Stocks (Cost $850,015,084) | 1,195,831,385 |
SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS | ||
Money Market Funds 0.3% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (a) | 3,670,593 | 3,670,593 |
Total Short-Term Investments (Cost $3,670,593) | 3,670,593 | |
Total Investments in Securities (Cost $853,685,677) | 1,199,501,978 |
* | Non-income producing security. |
(a) | The rate shown is the annualized 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 Stocks1 | $1,195,831,385 | $— | $— | $1,195,831,385 |
Short-Term Investments1 | 3,670,593 | — | — | 3,670,593 |
Total | $1,199,501,978 | $— | $— | $1,199,501,978 |
1 | As categorized in the Portfolio Holdings. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $853,685,677) | $1,199,501,978 | |
Receivables: | ||
Dividends | 652,566 | |
Foreign tax reclaims | 499,645 | |
Fund shares sold | 18,011 | |
Income from securities on loan | 5 | |
Prepaid expenses | + | 12,382 |
Total assets | 1,200,684,587 | |
Liabilities | ||
Payables: | ||
Investment adviser and administrator fees | 471,542 | |
Fund shares redeemed | 361,233 | |
Shareholder service fees | 243,975 | |
Accrued expenses | + | 157,084 |
Total liabilities | 1,233,834 | |
Net assets | $1,199,450,753 | |
Net Assets by Source | ||
Capital received from investors | $819,203,041 | |
Total distributable earnings | + | 380,247,712 |
Net assets | $1,199,450,753 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,199,450,753 | 65,003,632 | $18.45 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $132,691) | $23,161,968 | |
Securities on loan, net | + | 628 |
Total investment income | 23,162,596 | |
Expenses | ||
Investment adviser and administrator fees | 5,921,359 | |
Shareholder service fees | 3,020,882 | |
Custodian fees | 53,633 | |
Portfolio accounting fees | 51,800 | |
Shareholder reports | 37,508 | |
Professional fees | 34,226 | |
Registration fees | 29,949 | |
Independent trustees’ fees | 8,970 | |
Transfer agent fees | 5,595 | |
Proxy fees1 | 2,199 | |
Other expenses | + | 38,449 |
Total expenses | 9,204,570 | |
Expense reduction | – | 4,764 |
Net expenses | – | 9,199,806 |
Net investment income | 13,962,790 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 23,836,741 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 84,423,447 |
Net realized and unrealized gains | 108,260,188 | |
Increase in net assets resulting from operations | $122,222,978 |
1 | Proxy fees are non-routine expenses (see financial note 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $13,962,790 | $17,731,958 | |
Net realized gains | 23,836,741 | 161,943,070 | |
Net change in unrealized appreciation (depreciation) | + | 84,423,447 | (384,220,325 ) |
Increase (decrease) in net assets resulting from operations | $122,222,978 | ($204,545,297 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($178,308,221 ) | ($439,343,161 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,398,439 | $25,573,378 | 2,450,800 | $60,722,098 | |
Shares reinvested | 9,184,555 | 159,902,917 | 10,780,617 | 251,727,418 | |
Shares redeemed | + | (10,722,232 ) | (197,774,526 ) | (11,757,059 ) | (260,849,903 ) |
Net transactions in fund shares | (139,238 ) | ($12,298,231 ) | 1,474,358 | $51,599,613 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 65,142,870 | $1,267,834,227 | 63,668,512 | $1,860,123,072 | |
Total increase (decrease) | + | (139,238 ) | (68,383,474 ) | 1,474,358 | (592,288,845 ) |
End of period | 65,003,632 | $1,199,450,753 | 65,142,870 | $1,267,834,227 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.92 | $16.92 | $12.14 | $15.07 | $15.43 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (0.48 ) | (0.81 ) | 4.80 | (2.15 ) | 0.93 | |
Total from investment operations | (0.19 ) | (0.52 ) | 5.11 | (1.87 ) | 1.16 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.62 ) | (2.19 ) | — | (0.80 ) | (1.28 ) | |
Total distributions | (0.93 ) | (2.48 ) | (0.33 ) | (1.06 ) | (1.52 ) | |
Net asset value at end of period | $12.80 | $13.92 | $16.92 | $12.14 | $15.07 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.9% OF NET ASSETS | ||
Banks 6.4% | ||
Bank of America Corp. | 270,000 | 7,111,800 |
JPMorgan Chase & Co. | 125,000 | 17,382,500 |
Truist Financial Corp. | 140,000 | 3,970,400 |
28,464,700 | ||
Capital Goods 8.9% | ||
Fastenal Co. | 62,000 | 3,617,080 |
General Dynamics Corp. | 15,000 | 3,619,650 |
Illinois Tool Works, Inc. | 18,500 | 4,146,220 |
Lockheed Martin Corp. | 32,000 | 14,548,480 |
Parker-Hannifin Corp. | 13,000 | 4,795,830 |
RTX Corp. | 58,000 | 4,720,620 |
Watsco, Inc. | 12,500 | 4,361,125 |
39,809,005 | ||
Consumer Discretionary Distribution & Retail 5.3% | ||
Genuine Parts Co. | 35,000 | 4,510,100 |
Home Depot, Inc. | 33,500 | 9,537,115 |
TJX Cos., Inc. | 110,000 | 9,687,700 |
23,734,915 | ||
Consumer Services 2.3% | ||
McDonald's Corp. | 39,000 | 10,224,630 |
Consumer Staples Distribution & Retail 2.7% | ||
Walmart, Inc. | 75,000 | 12,255,750 |
Energy 8.4% | ||
Chevron Corp. | 100,000 | 14,573,000 |
Exxon Mobil Corp. | 170,000 | 17,994,500 |
Kinder Morgan, Inc. | 290,000 | 4,698,000 |
37,265,500 | ||
Equity Real Estate Investment Trusts (REITs) 2.7% | ||
Crown Castle, Inc. | 48,750 | 4,532,775 |
Lamar Advertising Co., Class A | 40,000 | 3,290,800 |
Public Storage | 17,500 | 4,177,425 |
12,001,000 | ||
Financial Services 8.5% | ||
BlackRock, Inc. | 16,500 | 10,102,620 |
Fidelity National Information Services, Inc. | 155,000 | 7,612,050 |
Morgan Stanley | 155,000 | 10,977,100 |
Visa, Inc., Class A | 38,500 | 9,051,350 |
37,743,120 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Food, Beverage & Tobacco 8.1% | ||
Altria Group, Inc. | 120,000 | 4,820,400 |
Coca-Cola Co. | 320,000 | 18,076,800 |
Philip Morris International, Inc. | 150,000 | 13,374,000 |
36,271,200 | ||
Health Care Equipment & Services 7.8% | ||
Abbott Laboratories | 77,000 | 7,280,350 |
CVS Health Corp. | 110,000 | 7,591,100 |
Medtronic PLC | 113,000 | 7,973,280 |
UnitedHealth Group, Inc. | 22,000 | 11,782,320 |
34,627,050 | ||
Household & Personal Products 4.5% | ||
Kenvue, Inc. | 280,000 | 5,208,000 |
Procter & Gamble Co. | 100,000 | 15,003,000 |
20,211,000 | ||
Insurance 2.0% | ||
Allstate Corp. | 70,000 | 8,969,100 |
Materials 0.6% | ||
PPG Industries, Inc. | 23,000 | 2,823,710 |
Media & Entertainment 3.0% | ||
Comcast Corp., Class A | 275,000 | 11,354,750 |
Omnicom Group, Inc. | 26,250 | 1,966,388 |
13,321,138 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.7% | ||
Johnson & Johnson | 72,310 | 10,726,465 |
Pfizer, Inc. | 295,000 | 9,015,200 |
Roche Holding AG | 40,663 | 10,479,244 |
Zoetis, Inc. | 25,000 | 3,925,000 |
34,145,909 | ||
Semiconductors & Semiconductor Equipment 3.2% | ||
Broadcom, Inc. | 16,800 | 14,135,016 |
Software & Services 7.6% | ||
Accenture PLC, Class A | 36,500 | 10,843,785 |
International Business Machines Corp. | 60,000 | 8,678,400 |
Microsoft Corp. | 43,000 | 14,538,730 |
34,060,915 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Technology Hardware & Equipment 4.4% | ||
Apple, Inc. | 26,000 | 4,440,020 |
Cisco Systems, Inc. | 287,500 | 14,987,375 |
19,427,395 | ||
Telecommunication Services 2.2% | ||
BCE, Inc. | 65,000 | 2,413,450 |
Verizon Communications, Inc. | 210,000 | 7,377,300 |
9,790,750 | ||
Transportation 0.9% | ||
United Parcel Service, Inc., Class B | 30,000 | 4,237,500 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Utilities 2.7% | ||
Duke Energy Corp. | 110,000 | 9,777,900 |
Eversource Energy | 40,000 | 2,151,600 |
11,929,500 | ||
Total Common Stocks (Cost $398,239,586) | 445,448,803 | |
Total Investments in Securities (Cost $398,239,586) | 445,448,803 |
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 Stocks1 | $411,302,894 | $— | $— | $411,302,894 |
Pharmaceuticals, Biotechnology & Life Sciences | 23,666,665 | 10,479,244 | — | 34,145,909 |
Total | $434,969,559 | $10,479,244 | $— | $445,448,803 |
1 | As categorized in the Portfolio Holdings. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $398,239,586) | $445,448,803 | |
Cash | 311,631 | |
Receivables: | ||
Dividends | 657,300 | |
Foreign tax reclaims | 349,068 | |
Fund shares sold | 17,442 | |
Prepaid expenses | + | 15,176 |
Total assets | 446,799,420 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 307,588 | |
Investment adviser and administrator fees | 231,441 | |
Shareholder service fees | 90,623 | |
Accrued expenses | + | 85,870 |
Total liabilities | 715,522 | |
Net assets | $446,083,898 | |
Net Assets by Source | ||
Capital received from investors | $398,438,575 | |
Total distributable earnings | + | 47,645,323 |
Net assets | $446,083,898 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$446,083,898 | 34,853,833 | $12.80 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $94,231) | $15,224,097 | |
Interest received from securities - unaffiliated | + | 17,091 |
Total investment income | 15,241,188 | |
Expenses | ||
Investment adviser and administrator fees | 3,100,699 | |
Shareholder service fees | 1,182,408 | |
Professional fees | 32,804 | |
Portfolio accounting fees | 29,187 | |
Registration fees | 25,289 | |
Shareholder reports | 24,204 | |
Independent trustees’ fees | 7,151 | |
Transfer agent fees | 4,172 | |
Custodian fees | 2,968 | |
Other expenses | + | 7,745 |
Total expenses | 4,416,627 | |
Expense reduction | – | 3,572 |
Net expenses | – | 4,413,055 |
Net investment income | 10,828,133 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 754,307 | |
Net realized gains on foreign currency transactions | + | 4,233 |
Net realized gains | 758,540 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (17,945,295 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 26,043 |
Net change in unrealized appreciation (depreciation) | + | (17,919,252 ) |
Net realized and unrealized losses | (17,160,712 ) | |
Decrease in net assets resulting from operations | ($6,332,579 ) |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $10,828,133 | $11,931,314 | |
Net realized gains | 758,540 | 22,242,811 | |
Net change in unrealized appreciation (depreciation) | + | (17,919,252 ) | (57,105,258 ) |
Decrease in net assets from operations | ($6,332,579 ) | ($22,931,133 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($34,391,214 ) | ($97,765,390 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,647,548 | $22,504,313 | 2,342,249 | $34,630,897 | |
Shares reinvested | 1,976,602 | 27,111,544 | 5,269,146 | 79,189,907 | |
Shares redeemed | + | (6,431,601 ) | (87,138,179 ) | (9,583,602 ) | (139,558,823 ) |
Net transactions in fund shares | (2,807,451 ) | ($37,522,322 ) | (1,972,207 ) | ($25,738,019 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 37,661,284 | $524,330,013 | 39,633,491 | $670,764,555 | |
Total decrease | + | (2,807,451 ) | (78,246,115 ) | (1,972,207 ) | (146,434,542 ) |
End of period | 34,853,833 | $446,083,898 | 37,661,284 | $524,330,013 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $20.80 | $28.96 | $20.85 | $18.07 | $18.04 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 3.95 | (5.97 ) | 8.42 | 3.76 | 1.79 | |
Total from investment operations | 3.96 | (5.98 ) | 8.36 | 3.76 | 1.85 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.41 ) | (2.18 ) | (0.25 ) | (0.95 ) | (1.75 ) | |
Total distributions | (0.41 ) | (2.18 ) | (0.25 ) | (0.98 ) | (1.82 ) | |
Net asset value at end of period | $24.35 | $20.80 | $28.96 | $20.85 | $18.07 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Per-share amount was less than $0.005. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 94.1% OF NET ASSETS | ||
Automobiles & Components 1.2% | ||
Tesla, Inc. * | 17,116 | 3,437,577 |
Capital Goods 4.8% | ||
Fastenal Co. | 38,044 | 2,219,487 |
Illinois Tool Works, Inc. | 4,799 | 1,075,552 |
Lockheed Martin Corp. | 7,652 | 3,478,905 |
Parker-Hannifin Corp. | 10,673 | 3,937,377 |
Quanta Services, Inc. | 9,885 | 1,651,981 |
Watsco, Inc. | 3,371 | 1,176,108 |
13,539,410 | ||
Commercial & Professional Services 1.5% | ||
Paychex, Inc. | 13,902 | 1,543,817 |
Republic Services, Inc., Class A | 17,758 | 2,636,886 |
4,180,703 | ||
Consumer Discretionary Distribution & Retail 8.0% | ||
Amazon.com, Inc. * | 114,359 | 15,220,039 |
Home Depot, Inc. | 12,073 | 3,437,062 |
O'Reilly Automotive, Inc. * | 1,888 | 1,756,671 |
TJX Cos., Inc. | 25,285 | 2,226,850 |
22,640,622 | ||
Consumer Durables & Apparel 1.9% | ||
Deckers Outdoor Corp. * | 3,962 | 2,365,552 |
NIKE, Inc., Class B | 28,300 | 2,908,391 |
5,273,943 | ||
Consumer Services 3.6% | ||
Airbnb, Inc., Class A * | 22,675 | 2,682,226 |
McDonald's Corp. | 11,088 | 2,906,941 |
Starbucks Corp. | 48,462 | 4,470,135 |
10,059,302 | ||
Consumer Staples Distribution & Retail 1.4% | ||
Costco Wholesale Corp. | 7,253 | 4,006,847 |
Energy 0.7% | ||
EOG Resources, Inc. | 14,768 | 1,864,460 |
Equity Real Estate Investment Trusts (REITs) 0.8% | ||
American Tower Corp. | 6,424 | 1,144,692 |
Public Storage | 4,253 | 1,015,234 |
2,159,926 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Financial Services 4.6% | ||
Interactive Brokers Group, Inc., Class A | 18,507 | 1,481,856 |
Mastercard, Inc., Class A | 11,969 | 4,504,533 |
MSCI, Inc., Class A | 2,815 | 1,327,413 |
Visa, Inc., Class A | 24,440 | 5,745,844 |
13,059,646 | ||
Food, Beverage & Tobacco 2.9% | ||
Constellation Brands, Inc., Class A | 10,649 | 2,493,463 |
Diageo PLC, ADR | 12,155 | 1,865,793 |
PepsiCo, Inc. | 14,805 | 2,417,361 |
Philip Morris International, Inc. | 14,946 | 1,332,585 |
8,109,202 | ||
Health Care Equipment & Services 4.9% | ||
Edwards Lifesciences Corp. * | 27,680 | 1,763,770 |
IDEXX Laboratories, Inc. * | 3,556 | 1,420,515 |
Intuitive Surgical, Inc. * | 16,517 | 4,331,088 |
UnitedHealth Group, Inc. | 11,673 | 6,251,592 |
13,766,965 | ||
Insurance 1.1% | ||
Arthur J Gallagher & Co. | 13,345 | 3,142,614 |
Media & Entertainment 9.4% | ||
Alphabet, Inc., Class A * | 120,240 | 14,919,379 |
Meta Platforms, Inc., Class A * | 29,703 | 8,948,623 |
Netflix, Inc. * | 6,145 | 2,529,835 |
26,397,837 | ||
Pharmaceuticals, Biotechnology & Life Sciences 4.7% | ||
Eli Lilly & Co. | 12,008 | 6,651,591 |
Thermo Fisher Scientific, Inc. | 7,927 | 3,525,692 |
Zoetis, Inc. | 20,079 | 3,152,403 |
13,329,686 | ||
Semiconductors & Semiconductor Equipment 8.9% | ||
Advanced Micro Devices, Inc. * | 21,181 | 2,086,329 |
ASML Holding NV NY Registry Shares | 5,852 | 3,504,236 |
Broadcom, Inc. | 9,252 | 7,784,355 |
NVIDIA Corp. | 28,981 | 11,818,452 |
25,193,372 | ||
Software & Services 22.4% | ||
Accenture PLC, Class A | 12,870 | 3,823,548 |
Adobe, Inc. * | 10,158 | 5,404,666 |
Fortinet, Inc. * | 56,169 | 3,211,182 |
Gartner, Inc. * | 10,548 | 3,502,358 |
Intuit, Inc. | 4,573 | 2,263,406 |
Microsoft Corp. | 99,364 | 33,595,962 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Oracle Corp. | 26,734 | 2,764,296 |
Palo Alto Networks, Inc. * | 18,418 | 4,475,942 |
ServiceNow, Inc. * | 2,645 | 1,538,993 |
Synopsys, Inc. * | 5,560 | 2,610,086 |
63,190,439 | ||
Technology Hardware & Equipment 11.3% | ||
Apple, Inc. | 186,176 | 31,793,275 |
Total Common Stocks (Cost $137,917,111) | 265,145,826 | |
Total Investments in Securities (Cost $137,917,111) | 265,145,826 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 20 | 4,212,250 | (298,984 ) |
* | Non-income producing security. |
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 Stocks1 | $265,145,826 | $— | $— | $265,145,826 |
Liabilities | ||||
Futures Contracts2 | (298,984 ) | — | — | (298,984 ) |
Total | $264,846,842 | $— | $— | $264,846,842 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $137,917,111) | $265,145,826 | |
Cash | 16,668,851 | |
Deposit with broker for futures contracts | 224,000 | |
Receivables: | ||
Dividends | 38,238 | |
Fund shares sold | 37,704 | |
Variation margin on future contracts | 26,500 | |
Foreign tax reclaims | 4,849 | |
Prepaid expenses | + | 17,734 |
Total assets | 282,163,702 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 234,232 | |
Investment adviser and administrator fees | 165,894 | |
Shareholder service fees | 56,270 | |
Accrued expenses | + | 67,230 |
Total liabilities | 523,626 | |
Net assets | $281,640,076 | |
Net Assets by Source | ||
Capital received from investors | $157,748,290 | |
Total distributable earnings | + | 123,891,786 |
Net assets | $281,640,076 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$281,640,076 | 11,564,245 | $24.35 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $5,592) | $2,275,436 | |
Interest received from securities - unaffiliated | 269,683 | |
Securities on loan, net | + | 568 |
Total investment income | 2,545,687 | |
Expenses | ||
Investment adviser and administrator fees | 1,808,890 | |
Shareholder service fees | 594,991 | |
Portfolio accounting fees | 47,227 | |
Professional fees | 35,029 | |
Registration fees | 29,290 | |
Shareholder reports | 13,513 | |
Independent trustees’ fees | 6,515 | |
Transfer agent fees | 2,303 | |
Custodian fees | 1,492 | |
Other expenses | + | 3,452 |
Total expenses | 2,542,702 | |
Expense reduction | – | 55,478 |
Net expenses | – | 2,487,224 |
Net investment income | 58,463 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (3,209,287 ) | |
Net realized gains on futures contracts | + | 178,250 |
Net realized losses | (3,031,037 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 43,935,942 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (237,947 ) |
Net change in unrealized appreciation (depreciation) | + | 43,697,995 |
Net realized and unrealized gains | 40,666,958 | |
Increase in net assets resulting from operations | $40,725,421 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income (loss) | $58,463 | ($138,003 ) | |
Net realized gains (losses) | (3,031,037 ) | 4,410,744 | |
Net change in unrealized appreciation (depreciation) | + | 43,697,995 | (69,192,329 ) |
Increase (decrease) in net assets resulting from operations | $40,725,421 | ($64,919,588 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($4,337,314 ) | ($22,163,876 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,619,801 | $63,452,086 | 1,374,258 | $34,040,262 | |
Shares reinvested | 177,666 | 3,755,874 | 704,838 | 19,242,083 | |
Shares redeemed | + | (1,727,327 ) | (40,285,189 ) | (1,681,639 ) | (40,316,352 ) |
Net transactions in fund shares | 1,070,140 | $26,922,771 | 397,457 | $12,965,993 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 10,494,105 | $218,329,198 | 10,096,648 | $292,446,669 | |
Total increase (decrease) | + | 1,070,140 | 63,310,878 | 397,457 | (74,117,471 ) |
End of period | 11,564,245 | $281,640,076 | 10,494,105 | $218,329,198 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.94 | $23.77 | $15.02 | $16.68 | $20.87 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (0.71 ) | (2.27 ) | 8.76 | (1.67 ) | (0.35 )2 | |
Total from investment operations | (0.64 ) | (2.24 ) | 8.78 | (1.64 ) | (0.33 ) | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (1.68 ) | (2.56 ) | — | — | (3.85 ) | |
Total distributions | (1.70 ) | (2.59 ) | (0.03 ) | (0.02 ) | (3.86 ) | |
Net asset value at end of period | $16.60 | $18.94 | $23.77 | $15.02 | $16.68 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 96.1% OF NET ASSETS | ||
Automobiles & Components 2.1% | ||
Adient PLC * | 19,412 | 653,990 |
American Axle & Manufacturing Holdings, Inc. * | 282,501 | 1,906,882 |
Fox Factory Holding Corp. * | 4,917 | 400,588 |
Goodyear Tire & Rubber Co. * | 40,816 | 485,710 |
Modine Manufacturing Co. * | 71,185 | 2,811,807 |
Patrick Industries, Inc. | 20,743 | 1,558,836 |
Visteon Corp. * | 9,566 | 1,101,334 |
Winnebago Industries, Inc. | 19,570 | 1,134,082 |
10,053,229 | ||
Banks 7.7% | ||
Associated Banc-Corp. | 283,604 | 4,597,221 |
Axos Financial, Inc. * | 12,857 | 463,238 |
Cathay General Bancorp | 14,906 | 505,462 |
CVB Financial Corp. | 81,317 | 1,270,172 |
Eagle Bancorp, Inc. | 33,074 | 644,282 |
Enterprise Financial Services Corp. | 49,137 | 1,708,493 |
First BanCorp | 118,067 | 1,576,194 |
Great Southern Bancorp, Inc. | 37,856 | 1,882,200 |
Hancock Whitney Corp. | 56,384 | 1,941,301 |
HomeTrust Bancshares, Inc. | 36,484 | 751,935 |
International Bancshares Corp. | 96,763 | 4,241,122 |
Mercantile Bank Corp. | 80,576 | 2,654,173 |
Metropolitan Bank Holding Corp. * | 9,073 | 294,056 |
OceanFirst Financial Corp. | 56,964 | 721,164 |
Old Second Bancorp, Inc. | 55,345 | 750,478 |
Peapack-Gladstone Financial Corp. | 66,488 | 1,553,825 |
Premier Financial Corp. | 58,933 | 1,022,488 |
Renasant Corp. | 66,293 | 1,616,886 |
Republic Bancorp, Inc., Class A | 29,304 | 1,294,944 |
Trustmark Corp. | 52,006 | 1,045,841 |
UMB Financial Corp. | 34,016 | 2,133,483 |
Univest Financial Corp. | 74,816 | 1,246,435 |
WaFd, Inc. | 53,428 | 1,318,603 |
WesBanco, Inc. | 54,069 | 1,318,743 |
Westamerica BanCorp | 10,745 | 507,594 |
Western New England Bancorp, Inc. | 39,105 | 280,383 |
37,340,716 | ||
Capital Goods 13.0% | ||
AAR Corp. * | 59,739 | 3,546,107 |
AeroVironment, Inc. * | 23,032 | 2,640,849 |
Alamo Group, Inc. | 1,240 | 198,772 |
Allient, Inc. | 20,003 | 552,083 |
Applied Industrial Technologies, Inc. | 8,582 | 1,317,423 |
Array Technologies, Inc. * | 60,827 | 1,054,132 |
Atkore, Inc. * | 49,030 | 6,093,448 |
AZZ, Inc. | 8,881 | 419,805 |
Blue Bird Corp. * | 40,378 | 735,283 |
Boise Cascade Co. | 14,013 | 1,313,719 |
Ducommun, Inc. * | 21,903 | 1,047,840 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
EMCOR Group, Inc. | 26,931 | 5,565,291 |
Encore Wire Corp. | 7,228 | 1,292,583 |
EnerSys | 39,371 | 3,369,370 |
Helios Technologies, Inc. | 12,420 | 642,362 |
Herc Holdings, Inc. | 10,232 | 1,092,675 |
Hillenbrand, Inc. | 15,692 | 596,767 |
IES Holdings, Inc. * | 23,668 | 1,472,860 |
JELD-WEN Holding, Inc. * | 73,662 | 834,591 |
Moog, Inc., Class A | 36,008 | 4,178,728 |
Mueller Industries, Inc. | 130,638 | 4,926,359 |
MYR Group, Inc. * | 11,827 | 1,369,921 |
Preformed Line Products Co. | 9,869 | 1,335,769 |
REV Group, Inc. | 105,648 | 1,504,428 |
Shoals Technologies Group, Inc., Class A * | 29,734 | 456,714 |
Simpson Manufacturing Co., Inc. | 15,794 | 2,103,445 |
SPX Technologies, Inc. * | 9,150 | 733,098 |
Sterling Infrastructure, Inc. * | 47,856 | 3,486,310 |
Terex Corp. | 41,534 | 1,902,257 |
Thermon Group Holdings, Inc. * | 41,005 | 1,094,423 |
Titan International, Inc. * | 103,699 | 1,178,021 |
UFP Industries, Inc. | 20,619 | 1,962,310 |
V2X, Inc. * | 13,983 | 714,112 |
Wabash National Corp. | 42,901 | 887,622 |
Watts Water Technologies, Inc., Class A | 5,805 | 1,004,323 |
62,623,800 | ||
Commercial & Professional Services 2.6% | ||
Brink's Co. | 13,573 | 907,491 |
Casella Waste Systems, Inc., Class A * | 19,178 | 1,446,980 |
Cimpress PLC * | 28,148 | 1,679,591 |
Conduent, Inc. * | 211,335 | 674,159 |
ExlService Holdings, Inc. * | 104,720 | 2,734,239 |
IBEX Holdings Ltd. * | 41,632 | 679,434 |
Insperity, Inc. | 7,628 | 807,348 |
Kforce, Inc. | 29,014 | 1,771,015 |
Legalzoom.com, Inc. * | 107,566 | 1,072,433 |
Mastech Digital, Inc. * | 20,611 | 180,346 |
NV5 Global, Inc. * | 3,880 | 366,078 |
TriNet Group, Inc. * | 3,542 | 363,940 |
12,683,054 | ||
Consumer Discretionary Distribution & Retail 1.8% | ||
Buckle, Inc. | 19,762 | 667,363 |
Build-A-Bear Workshop, Inc. | 54,997 | 1,363,926 |
Caleres, Inc. | 20,191 | 516,486 |
CarParts.com, Inc. * | 319,180 | 903,279 |
Dillard's, Inc., Class A | 4,168 | 1,293,956 |
Group 1 Automotive, Inc. | 7,928 | 2,000,472 |
Macy's, Inc. | 69,503 | 846,546 |
Signet Jewelers Ltd. | 13,397 | 935,512 |
8,527,540 | ||
Consumer Durables & Apparel 1.5% | ||
Crocs, Inc. * | 13,283 | 1,186,437 |
La-Z-Boy, Inc. | 14,013 | 409,740 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Malibu Boats, Inc., Class A * | 27,226 | 1,187,598 |
MasterCraft Boat Holdings, Inc. * | 79,471 | 1,624,387 |
Oxford Industries, Inc. | 9,747 | 822,647 |
Skyline Champion Corp. * | 18,398 | 1,078,675 |
Solo Brands, Inc., Class A * | 106,447 | 409,821 |
Vista Outdoor, Inc. * | 12,338 | 309,931 |
7,029,236 | ||
Consumer Services 3.7% | ||
Bloomin' Brands, Inc. | 119,304 | 2,784,555 |
Boyd Gaming Corp. | 34,708 | 1,917,617 |
Dave & Buster's Entertainment, Inc. * | 24,644 | 861,061 |
Everi Holdings, Inc. * | 50,705 | 547,107 |
Frontdoor, Inc. * | 48,278 | 1,396,682 |
Hilton Grand Vacations, Inc. * | 60,285 | 2,167,246 |
Inspired Entertainment, Inc. * | 82,270 | 821,055 |
International Game Technology PLC | 19,494 | 495,537 |
Light & Wonder, Inc. * | 12,679 | 926,962 |
PlayAGS, Inc. * | 125,369 | 895,135 |
SeaWorld Entertainment, Inc. * | 40,112 | 1,728,025 |
Stride, Inc. * | 26,972 | 1,482,921 |
Target Hospitality Corp. * | 12,771 | 175,346 |
Texas Roadhouse, Inc., Class A | 16,545 | 1,679,979 |
17,879,228 | ||
Consumer Staples Distribution & Retail 0.9% | ||
Andersons, Inc. | 82,220 | 4,121,689 |
BJ's Wholesale Club Holdings, Inc. * | 1,874 | 127,657 |
PriceSmart, Inc. | 3,346 | 209,091 |
4,458,437 | ||
Energy 8.1% | ||
California Resources Corp. | 11,361 | 597,475 |
ChampionX Corp. | 30,581 | 941,895 |
Chord Energy Corp. | 5,763 | 952,739 |
Civitas Resources, Inc. | 11,895 | 897,240 |
CONSOL Energy, Inc. | 39,826 | 3,659,611 |
CVR Energy, Inc. | 74,214 | 2,430,508 |
Equitrans Midstream Corp. | 45,997 | 407,993 |
Liberty Energy, Inc., Class A | 330,495 | 6,510,751 |
Magnolia Oil & Gas Corp., Class A | 52,421 | 1,176,851 |
Matador Resources Co. | 39,715 | 2,450,018 |
Murphy Oil Corp. | 14,925 | 669,685 |
Par Pacific Holdings, Inc. * | 57,002 | 1,870,806 |
Patterson-UTI Energy, Inc. | 285,534 | 3,626,282 |
PBF Energy, Inc., Class A | 66,393 | 3,155,659 |
Peabody Energy Corp. | 27,391 | 646,154 |
RPC, Inc. | 134,081 | 1,115,554 |
SM Energy Co. | 53,225 | 2,146,032 |
Southwestern Energy Co. * | 49,438 | 352,493 |
Teekay Corp. * | 116,886 | 821,709 |
Teekay Tankers Ltd., Class A | 33,393 | 1,659,632 |
U.S. Silica Holdings, Inc. * | 178,439 | 2,153,759 |
W&T Offshore, Inc. * | 151,384 | 628,244 |
38,871,090 | ||
Equity Real Estate Investment Trusts (REITs) 5.7% | ||
American Assets Trust, Inc. | 32,229 | 572,065 |
Apple Hospitality REIT, Inc. | 303,501 | 4,758,896 |
Armada Hoffler Properties, Inc. | 244,009 | 2,430,330 |
BRT Apartments Corp. | 8,355 | 135,602 |
CareTrust REIT, Inc. | 48,538 | 1,044,538 |
COPT Defense Properties | 56,092 | 1,278,897 |
DiamondRock Hospitality Co. | 287,226 | 2,220,257 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
EastGroup Properties, Inc. | 16,695 | 2,725,459 |
Empire State Realty Trust, Inc., Class A | 224,158 | 1,813,438 |
Paramount Group, Inc. | 107,689 | 460,909 |
Ryman Hospitality Properties, Inc. | 74,294 | 6,359,566 |
Sabra Health Care REIT, Inc. | 48,950 | 667,678 |
SITE Centers Corp. | 74,696 | 870,955 |
Tanger Factory Outlet Centers, Inc. | 44,000 | 992,200 |
Uniti Group, Inc. | 71,621 | 329,457 |
Urban Edge Properties | 64,162 | 1,017,609 |
27,677,856 | ||
Financial Services 5.6% | ||
Donnelley Financial Solutions, Inc. * | 18,902 | 1,028,836 |
Enact Holdings, Inc. | 46,559 | 1,283,166 |
Enova International, Inc. * | 67,277 | 2,683,007 |
Essent Group Ltd. | 27,018 | 1,276,330 |
EVERTEC, Inc. | 13,758 | 437,229 |
Federal Agricultural Mortgage Corp., Class C | 15,930 | 2,366,561 |
Jackson Financial, Inc., Class A | 31,507 | 1,156,622 |
Merchants Bancorp | 9,966 | 297,884 |
MGIC Investment Corp. | 95,345 | 1,605,610 |
NMI Holdings, Inc., Class A * | 75,095 | 2,053,848 |
OneMain Holdings, Inc. | 40,460 | 1,453,728 |
Oportun Financial Corp. * | 64,300 | 376,155 |
Piper Sandler Cos. | 2,645 | 369,903 |
Radian Group, Inc. | 58,696 | 1,487,357 |
Regional Management Corp. | 48,070 | 1,195,020 |
StepStone Group, Inc., Class A | 38,659 | 1,094,050 |
Stifel Financial Corp. | 42,385 | 2,415,945 |
StoneX Group, Inc. * | 17,191 | 1,638,646 |
Victory Capital Holdings, Inc., Class A | 14,274 | 420,512 |
Virtus Investment Partners, Inc. | 12,939 | 2,383,752 |
27,024,161 | ||
Food, Beverage & Tobacco 2.5% | ||
Cal-Maine Foods, Inc. | 16,422 | 744,081 |
Coca-Cola Consolidated, Inc. | 8,347 | 5,312,114 |
National Beverage Corp. * | 36,784 | 1,706,042 |
Primo Water Corp. | 189,849 | 2,479,428 |
Simply Good Foods Co. * | 2,100 | 78,309 |
Vector Group Ltd. | 172,970 | 1,778,132 |
12,098,106 | ||
Health Care Equipment & Services 4.2% | ||
Addus HomeCare Corp. * | 5,252 | 414,383 |
AirSculpt Technologies, Inc. *(a) | 44,104 | 264,624 |
AMN Healthcare Services, Inc. * | 7,267 | 551,275 |
Avanos Medical, Inc. * | 31,760 | 583,114 |
Axonics, Inc. * | 8,943 | 457,971 |
Cerus Corp. * | 270,093 | 378,130 |
Ensign Group, Inc. | 15,157 | 1,464,166 |
Haemonetics Corp. * | 12,962 | 1,104,751 |
Hims & Hers Health, Inc. * | 189,621 | 1,133,934 |
Inmode Ltd. * | 24,287 | 463,882 |
Inspire Medical Systems, Inc. * | 1,777 | 261,503 |
Lantheus Holdings, Inc. * | 54,307 | 3,508,232 |
LivaNova PLC * | 10,347 | 507,520 |
Merit Medical Systems, Inc. * | 50,725 | 3,486,837 |
OmniAb, Inc., Class A *(b) | 5,508 | 0 |
OmniAb, Inc., Class B *(b) | 5,508 | 0 |
Option Care Health, Inc. * | 53,116 | 1,472,907 |
OraSure Technologies, Inc. * | 157,626 | 813,350 |
Tenet Healthcare Corp. * | 8,781 | 471,540 |
UFP Technologies, Inc. * | 2,246 | 350,196 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Utah Medical Products, Inc. | 4,981 | 396,089 |
Veradigm, Inc. * | 86,267 | 1,137,862 |
Zimvie, Inc. * | 53,773 | 379,637 |
Zynex, Inc. *(a) | 75,538 | 670,777 |
20,272,680 | ||
Household & Personal Products 0.5% | ||
elf Beauty, Inc. * | 10,574 | 979,470 |
Medifast, Inc. | 13,522 | 935,181 |
Nature's Sunshine Products, Inc. * | 37,813 | 676,853 |
2,591,504 | ||
Insurance 1.8% | ||
American Equity Investment Life Holding Co. | 39,161 | 2,073,967 |
CNO Financial Group, Inc. | 179,972 | 4,171,751 |
Employers Holdings, Inc. | 13,779 | 523,602 |
Genworth Financial, Inc., Class A * | 105,366 | 631,142 |
Investors Title Co. | 1,858 | 267,199 |
Kinsale Capital Group, Inc. | 2,736 | 913,578 |
8,581,239 | ||
Materials 4.4% | ||
AdvanSix, Inc. | 13,996 | 385,590 |
Alpha Metallurgical Resources, Inc. | 4,791 | 1,053,828 |
Arch Resources, Inc. | 8,548 | 1,289,295 |
Avient Corp. | 71,456 | 2,259,439 |
Cabot Corp. | 17,523 | 1,164,929 |
Commercial Metals Co. | 20,853 | 881,873 |
Constellium SE, Class A * | 220,404 | 3,482,383 |
Ecovyst, Inc. * | 230,004 | 2,116,037 |
Ingevity Corp. * | 7,366 | 296,702 |
LSB Industries, Inc. * | 24,763 | 225,591 |
O-I Glass, Inc. * | 56,088 | 866,560 |
Orion SA | 116,107 | 2,356,972 |
Quaker Chemical Corp. | 7,812 | 1,122,741 |
Rayonier Advanced Materials, Inc. * | 105,791 | 293,041 |
Ryerson Holding Corp. | 41,255 | 1,198,458 |
SunCoke Energy, Inc. | 216,983 | 2,063,508 |
21,056,947 | ||
Media & Entertainment 2.1% | ||
AMC Networks, Inc., Class A * | 88,455 | 1,043,769 |
Cars.com, Inc. * | 48,886 | 744,534 |
Entravision Communications Corp., Class A | 227,618 | 814,872 |
Gaia, Inc., Class A * | 44,500 | 120,150 |
Gannett Co., Inc. * | 148,450 | 347,373 |
Gray Television, Inc. | 138,864 | 905,393 |
iHeartMedia, Inc., Class A * | 97,406 | 228,904 |
IMAX Corp. * | 54,112 | 985,380 |
Shutterstock, Inc. | 21,642 | 880,397 |
Yelp, Inc., Class A * | 85,755 | 3,618,003 |
Ziff Davis, Inc. * | 10,428 | 630,477 |
10,319,252 | ||
Pharmaceuticals, Biotechnology & Life Sciences 11.2% | ||
2seventy bio, Inc. * | 197,336 | 481,500 |
ACADIA Pharmaceuticals, Inc. * | 130,149 | 2,937,463 |
Agios Pharmaceuticals, Inc. * | 22,874 | 480,583 |
Alkermes PLC * | 117,209 | 2,835,286 |
Amicus Therapeutics, Inc. * | 152,254 | 1,670,226 |
Amneal Pharmaceuticals, Inc. * | 447,489 | 1,731,782 |
Amphastar Pharmaceuticals, Inc. * | 32,714 | 1,480,963 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Amylyx Pharmaceuticals, Inc. * | 29,523 | 481,520 |
ANI Pharmaceuticals, Inc. * | 24,982 | 1,542,389 |
Arcus Biosciences, Inc. * | 34,756 | 546,017 |
Arrowhead Pharmaceuticals, Inc. * | 32,572 | 800,945 |
Arvinas, Inc. * | 24,829 | 400,243 |
Assertio Holdings, Inc. * | 186,168 | 400,261 |
Aurinia Pharmaceuticals, Inc. * | 123,092 | 903,495 |
Beam Therapeutics, Inc. * | 12,397 | 262,073 |
Bridgebio Pharma, Inc. * | 91,987 | 2,395,341 |
Cara Therapeutics, Inc. * | 194,145 | 250,447 |
Catalyst Pharmaceuticals, Inc. * | 131,363 | 1,630,215 |
Collegium Pharmaceutical, Inc. * | 32,695 | 711,443 |
Deciphera Pharmaceuticals, Inc. * | 78,471 | 940,867 |
Denali Therapeutics, Inc. * | 36,824 | 693,396 |
Dynavax Technologies Corp. * | 42,203 | 599,705 |
Eagle Pharmaceuticals, Inc. * | 25,921 | 355,895 |
Editas Medicine, Inc. * | 58,785 | 392,684 |
Fate Therapeutics, Inc. * | 331,124 | 599,334 |
Halozyme Therapeutics, Inc. * | 33,244 | 1,125,974 |
Harmony Biosciences Holdings, Inc. * | 22,922 | 539,584 |
Harvard Bioscience, Inc. * | 126,539 | 555,506 |
ImmunoGen, Inc. * | 60,492 | 898,911 |
Ironwood Pharmaceuticals, Inc., Class A * | 155,237 | 1,392,476 |
Karuna Therapeutics, Inc. * | 4,784 | 797,062 |
Kiniksa Pharmaceuticals Ltd., Class A * | 121,415 | 1,851,579 |
Ligand Pharmaceuticals, Inc. * | 28,305 | 1,480,068 |
MacroGenics, Inc. * | 356,212 | 1,859,427 |
Medpace Holdings, Inc. * | 25,005 | 6,067,963 |
MiMedx Group, Inc. * | 219,484 | 1,439,815 |
Morphic Holding, Inc. * | 9,921 | 197,924 |
Myriad Genetics, Inc. * | 18,320 | 285,426 |
Nurix Therapeutics, Inc. * | 218,375 | 1,220,716 |
Organogenesis Holdings, Inc., Class A * | 265,465 | 594,642 |
Phibro Animal Health Corp., Class A | 79,718 | 870,521 |
Prestige Consumer Healthcare, Inc. * | 39,175 | 2,325,428 |
PTC Therapeutics, Inc. * | 27,076 | 507,675 |
Rigel Pharmaceuticals, Inc. * | 286,774 | 231,513 |
TG Therapeutics, Inc. * | 30,413 | 235,092 |
Travere Therapeutics, Inc. * | 27,136 | 175,841 |
Vanda Pharmaceuticals, Inc. * | 196,999 | 862,856 |
Veracyte, Inc. * | 84,876 | 1,758,631 |
Vericel Corp. * | 19,832 | 697,690 |
Vir Biotechnology, Inc. * | 30,877 | 244,855 |
Xencor, Inc. * | 23,893 | 414,544 |
54,155,792 | ||
Real Estate Management & Development 0.1% | ||
eXp World Holdings, Inc. | 26,931 | 357,374 |
Semiconductors & Semiconductor Equipment 2.3% | ||
Ambarella, Inc. * | 5,097 | 229,314 |
Amkor Technology, Inc. | 29,727 | 620,105 |
Axcelis Technologies, Inc. * | 20,820 | 2,654,550 |
Diodes, Inc. * | 18,066 | 1,175,735 |
Lattice Semiconductor Corp. * | 64,917 | 3,610,034 |
MaxLinear, Inc. * | 41,976 | 638,035 |
Onto Innovation, Inc. * | 5,610 | 630,396 |
Photronics, Inc. * | 45,125 | 828,495 |
Synaptics, Inc. * | 8,663 | 724,747 |
11,111,411 | ||
Software & Services 6.7% | ||
8x8, Inc. * | 315,131 | 750,012 |
Agilysys, Inc. * | 4,228 | 362,720 |
Alarm.com Holdings, Inc. * | 10,732 | 548,727 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Asana, Inc., Class A * | 42,621 | 787,210 |
BlackLine, Inc. * | 35,649 | 1,750,366 |
Box, Inc., Class A * | 167,928 | 4,174,690 |
CommVault Systems, Inc. * | 10,126 | 661,734 |
Domo, Inc., Class B * | 74,301 | 606,296 |
eGain Corp. * | 188,200 | 1,132,964 |
Everbridge, Inc. * | 54,978 | 1,133,097 |
Hackett Group, Inc. | 64,409 | 1,435,677 |
PagerDuty, Inc. * | 107,748 | 2,173,277 |
Q2 Holdings, Inc. * | 71,042 | 2,133,391 |
Qualys, Inc. * | 35,767 | 5,470,563 |
Sprinklr, Inc., Class A * | 75,428 | 1,025,066 |
Sprout Social, Inc., Class A * | 27,507 | 1,190,503 |
Tenable Holdings, Inc. * | 16,251 | 684,330 |
Unisys Corp. * | 298,137 | 828,821 |
Weave Communications, Inc. * | 77,820 | 557,191 |
Workiva, Inc., Class A * | 29,345 | 2,555,656 |
Yext, Inc. * | 109,304 | 659,103 |
Zeta Global Holdings Corp., Class A * | 92,943 | 724,955 |
Zuora, Inc., Class A * | 117,441 | 870,238 |
32,216,587 | ||
Technology Hardware & Equipment 4.0% | ||
Arlo Technologies, Inc. * | 140,046 | 1,188,991 |
Bel Fuse, Inc., Class B | 5,697 | 308,663 |
Belden, Inc. | 31,827 | 2,256,534 |
Calix, Inc. * | 7,357 | 243,664 |
CommScope Holding Co., Inc. * | 256,955 | 380,293 |
ePlus, Inc. * | 5,999 | 374,938 |
Extreme Networks, Inc. * | 151,517 | 3,124,281 |
Fabrinet * | 16,503 | 2,557,965 |
OSI Systems, Inc. * | 15,389 | 1,604,611 |
Sanmina Corp. * | 8,821 | 448,724 |
Super Micro Computer, Inc. * | 14,576 | 3,490,515 |
Vishay Intertechnology, Inc. | 89,781 | 1,996,729 |
Xerox Holdings Corp. | 85,124 | 1,092,992 |
19,068,900 | ||
Telecommunication Services 0.8% | ||
Iridium Communications, Inc. | 32,245 | 1,194,677 |
Liberty Latin America Ltd., Class A * | 333,190 | 2,275,688 |
Ooma, Inc. * | 32,459 | 354,128 |
3,824,493 | ||
Transportation 1.0% | ||
ArcBest Corp. | 4,717 | 513,587 |
Daseke, Inc. * | 248,260 | 1,102,274 |
Forward Air Corp. | 15,666 | 1,009,047 |
Hub Group, Inc., Class A * | 10,756 | 739,475 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Matson, Inc. | 14,599 | 1,270,843 |
Radiant Logistics, Inc. * | 69,136 | 405,137 |
5,040,363 | ||
Utilities 1.8% | ||
Chesapeake Utilities Corp. | 8,539 | 756,641 |
Clearway Energy, Inc., Class A | 105,973 | 2,158,670 |
Consolidated Water Co. Ltd. | 15,291 | 451,390 |
Genie Energy Ltd., Class B | 28,081 | 557,127 |
New Jersey Resources Corp. | 20,859 | 846,458 |
Otter Tail Corp. | 52,190 | 4,015,499 |
Via Renewables, Inc., Class A | 21,017 | 118,956 |
8,904,741 | ||
Total Common Stocks (Cost $461,210,267) | 463,767,736 |
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS | ||
Money Market Funds 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 901,550 | 901,550 |
Total Short-Term Investments (Cost $901,550) | 901,550 | |
Total Investments in Securities (Cost $462,111,817) | 464,669,286 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
Russell 2000 Index, e-mini, expires 12/15/23 | 150 | 12,513,000 | (1,528,380 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $886,296. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
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 Stocks1 | $443,495,056 | $— | $— | $443,495,056 |
Health Care Equipment & Services | 20,272,680 | — | 0 * | 20,272,680 |
Short-Term Investments1 | 901,550 | — | — | 901,550 |
Liabilities | ||||
Futures Contracts2 | (1,528,380 ) | — | — | (1,528,380 ) |
Total | $463,140,906 | $— | $— | $463,140,906 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $462,111,817) including securities on loan of $886,296 | $464,669,286 | |
Cash | 17,906,651 | |
Deposit with broker for futures contracts | 930,000 | |
Receivables: | ||
Variation margin on future contracts | 111,000 | |
Dividends | 106,893 | |
Fund shares sold | 96,463 | |
Investments sold | 31,813 | |
Income from securities on loan | 2,604 | |
Prepaid expenses | + | 16,812 |
Total assets | 483,871,522 | |
Liabilities | ||
Collateral held for securities on loan | 901,550 | |
Payables: | ||
Investment adviser and administrator fees | 331,892 | |
Fund shares redeemed | 171,780 | |
Shareholder service fees | 101,435 | |
Accrued expenses | + | 84,926 |
Total liabilities | 1,591,583 | |
Net assets | $482,279,939 | |
Net Assets by Source | ||
Capital received from investors | $482,569,071 | |
Total distributable loss | + | (289,132 ) |
Net assets | $482,279,939 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$482,279,939 | 29,045,304 | $16.60 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $17,107) | $7,338,963 | |
Interest received from securities - unaffiliated | 290,403 | |
Securities on loan, net | + | 24,395 |
Total investment income | 7,653,761 | |
Expenses | ||
Investment adviser and administrator fees | 4,263,263 | |
Shareholder service fees | 1,292,154 | |
Portfolio accounting fees | 52,482 | |
Professional fees | 36,094 | |
Registration fees | 25,953 | |
Shareholder reports | 21,502 | |
Independent trustees’ fees | 7,212 | |
Custodian fees | 6,718 | |
Transfer agent fees | 2,699 | |
Proxy fees1 | 714 | |
Other expenses | + | 6,138 |
Total expenses | 5,714,929 | |
Expense reduction | – | 2,306 |
Net expenses | – | 5,712,623 |
Net investment income | 1,941,138 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (1,970,714 ) | |
Net realized losses on futures contracts | + | (234,659 ) |
Net realized losses | (2,205,373 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (14,869,399 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,528,380 ) |
Net change in unrealized appreciation (depreciation) | + | (16,397,779 ) |
Net realized and unrealized losses | (18,603,152 ) | |
Decrease in net assets resulting from operations | ($16,662,014 ) |
1 | Proxy fees are non-routine expenses (see financial note 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $1,941,138 | $755,100 | |
Net realized gains (losses) | (2,205,373 ) | 47,112,621 | |
Net change in unrealized appreciation (depreciation) | + | (16,397,779 ) | (116,734,506 ) |
Decrease in net assets from operations | ($16,662,014 ) | ($68,866,785 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($48,159,983 ) | ($73,439,993 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,298,167 | $40,190,557 | 2,182,967 | $45,773,419 | |
Shares reinvested | 2,100,068 | 36,121,156 | 2,701,118 | 55,345,927 | |
Shares redeemed | + | (4,004,689 ) | (71,810,121 ) | (4,395,790 ) | (85,701,441 ) |
Net transactions in fund shares | 393,546 | $4,501,592 | 488,295 | $15,417,905 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 28,651,758 | $542,600,344 | 28,163,463 | $669,489,217 | |
Total increase (decrease) | + | 393,546 | (60,320,405 ) | 488,295 | (126,888,873 ) |
End of period | 29,045,304 | $482,279,939 | 28,651,758 | $542,600,344 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $26.08 | $30.58 | $26.27 | $25.08 | $25.85 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (1.14 ) | (1.13 ) | 7.09 | 2.11 | 1.27 | |
Total from investment operations | (0.94 ) | (0.93 ) | 7.30 | 2.37 | 1.53 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.90 ) | (3.34 ) | (2.76 ) | (0.89 ) | (2.06 ) | |
Total distributions | (1.09 ) | (3.57 ) | (2.99 ) | (1.18 ) | (2.30 ) | |
Net asset value at end of period | $24.05 | $26.08 | $30.58 | $26.27 | $25.08 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.2% OF NET ASSETS | ||
Australia 1.0% | ||
Cochlear Ltd. | 37,991 | 5,823,037 |
Pro Medicus Ltd. | 37,578 | 1,789,950 |
7,612,987 | ||
Belgium 0.3% | ||
UCB SA | 27,137 | 1,984,800 |
Denmark 4.8% | ||
Novo Nordisk AS, Class B | 364,322 | 35,148,405 |
France 2.3% | ||
BioMerieux | 20,046 | 1,924,665 |
Ipsen SA | 52,377 | 6,190,565 |
Sanofi SA | 100,008 | 9,081,350 |
17,196,580 | ||
Ireland 2.6% | ||
Medtronic PLC | 265,176 | 18,710,819 |
Japan 2.2% | ||
Astellas Pharma, Inc. | 486,400 | 6,152,897 |
Hoya Corp. | 40,800 | 3,927,758 |
Ono Pharmaceutical Co. Ltd. | 113,000 | 1,951,451 |
Otsuka Holdings Co. Ltd. | 25,000 | 841,149 |
Shionogi & Co. Ltd. | 62,800 | 2,924,257 |
15,797,512 | ||
Switzerland 5.0% | ||
Novartis AG | 234,058 | 21,912,406 |
Roche Holding AG | 57,811 | 14,898,448 |
36,810,854 | ||
United Kingdom 4.0% | ||
AstraZeneca PLC | 153,385 | 19,204,356 |
ConvaTec Group PLC | 533,895 | 1,325,099 |
GSK PLC | 507,922 | 9,054,604 |
29,584,059 | ||
United States 77.0% | ||
Abbott Laboratories | 192,684 | 18,218,272 |
AbbVie, Inc. | 159,114 | 22,463,714 |
Agilent Technologies, Inc. | 91,173 | 9,424,553 |
Align Technology, Inc. * | 6,100 | 1,125,999 |
Alkermes PLC * | 114,503 | 2,769,828 |
Amgen, Inc. | 82,877 | 21,191,649 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Amphastar Pharmaceuticals, Inc. * | 28,890 | 1,307,850 |
Becton Dickinson & Co. | 58,074 | 14,679,946 |
Biogen, Inc. * | 34,933 | 8,297,985 |
BioMarin Pharmaceutical, Inc. * | 73,957 | 6,023,798 |
Boston Scientific Corp. * | 38,577 | 1,974,757 |
Bristol-Myers Squibb Co. | 169,918 | 8,755,875 |
Cardinal Health, Inc. | 41,972 | 3,819,452 |
Cigna Group | 68,890 | 21,300,788 |
Cooper Cos., Inc. | 5,133 | 1,600,213 |
CVS Health Corp. | 9,928 | 685,131 |
Danaher Corp. | 42,006 | 8,065,992 |
DENTSPLY SIRONA, Inc. | 125,538 | 3,817,611 |
Edwards Lifesciences Corp. * | 85,087 | 5,421,744 |
Elanco Animal Health, Inc. * | 449,435 | 3,959,522 |
Elevance Health, Inc. | 37,311 | 16,793,308 |
Eli Lilly & Co. | 95,499 | 52,899,761 |
Gilead Sciences, Inc. | 297,096 | 23,333,920 |
Halozyme Therapeutics, Inc. * | 176,891 | 5,991,298 |
HCA Healthcare, Inc. | 5,707 | 1,290,581 |
Hologic, Inc. * | 117,098 | 7,748,375 |
Humana, Inc. | 24,138 | 12,640,829 |
Incyte Corp. * | 42,696 | 2,302,595 |
Intuitive Surgical, Inc. * | 25,451 | 6,673,761 |
IQVIA Holdings, Inc. * | 62,840 | 11,363,357 |
Jazz Pharmaceuticals PLC * | 79,482 | 10,095,804 |
Johnson & Johnson | 203,709 | 30,218,193 |
Lantheus Holdings, Inc. * | 37,670 | 2,433,482 |
McKesson Corp. | 28,598 | 13,022,385 |
Medpace Holdings, Inc. * | 24,405 | 5,922,361 |
Merck & Co., Inc. | 335,525 | 34,458,417 |
Merit Medical Systems, Inc. * | 44,501 | 3,058,999 |
Mettler-Toledo International, Inc. * | 9,603 | 9,460,876 |
Option Care Health, Inc. * | 134,549 | 3,731,044 |
Pfizer, Inc. | 348,474 | 10,649,365 |
Prestige Consumer Healthcare, Inc. * | 91,003 | 5,401,938 |
Quanterix Corp. * | 29,196 | 634,137 |
Regeneron Pharmaceuticals, Inc. * | 8,376 | 6,532,359 |
Stryker Corp. | 28,597 | 7,727,481 |
Thermo Fisher Scientific, Inc. | 24,114 | 10,725,184 |
United Therapeutics Corp. * | 33,883 | 7,551,165 |
UnitedHealth Group, Inc. | 93,840 | 50,256,950 |
Veeva Systems, Inc., Class A * | 13,260 | 2,555,335 |
Veracyte, Inc. * | 39,324 | 814,793 |
Vertex Pharmaceuticals, Inc. * | 60,877 | 22,044,170 |
Zimmer Biomet Holdings, Inc. | 78,904 | 8,238,367 |
Zoetis, Inc. | 83,002 | 13,031,314 |
564,506,583 | ||
Total Common Stocks (Cost $518,680,148) | 727,352,599 | |
Total Investments in Securities (Cost $518,680,148) | 727,352,599 |
* | Non-income producing security. |
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 Stocks1 | $583,217,402 | $— | $— | $583,217,402 |
Australia | — | 7,612,987 | — | 7,612,987 |
Belgium | — | 1,984,800 | — | 1,984,800 |
Denmark | — | 35,148,405 | — | 35,148,405 |
France | — | 17,196,580 | — | 17,196,580 |
Japan | — | 15,797,512 | — | 15,797,512 |
Switzerland | — | 36,810,854 | — | 36,810,854 |
United Kingdom | 1,325,099 | 28,258,960 | — | 29,584,059 |
Total | $584,542,501 | $142,810,098 | $— | $727,352,599 |
1 | As categorized in the Portfolio Holdings. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $518,680,148) | $727,352,599 | |
Cash | 954,714 | |
Foreign currency, at value (cost $424,903) | 424,752 | |
Receivables: | ||
Investments sold | 8,447,597 | |
Foreign tax reclaims | 831,715 | |
Dividends | 646,299 | |
Fund shares sold | 38,175 | |
Prepaid expenses | + | 11,825 |
Total assets | 738,707,676 | |
Liabilities | ||
Payables: | ||
Investments bought | 4,373,547 | |
Fund shares redeemed | 454,418 | |
Investment adviser and administrator fees | 331,004 | |
Shareholder service fees | 152,373 | |
Accrued expenses | + | 111,000 |
Total liabilities | 5,422,342 | |
Net assets | $733,285,334 | |
Net Assets by Source | ||
Capital received from investors | $499,068,502 | |
Total distributable earnings | + | 234,216,832 |
Net assets | $733,285,334 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$733,285,334 | 30,488,343 | $24.05 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $331,623) | $12,757,668 | |
Interest received from securities - unaffiliated | 9,434 | |
Securities on loan, net | + | 25,189 |
Total investment income | 12,792,291 | |
Expenses | ||
Investment adviser and administrator fees | 4,316,797 | |
Shareholder service fees | 1,905,399 | |
Shareholder reports | 37,356 | |
Professional fees | 33,597 | |
Registration fees | 33,203 | |
Portfolio accounting fees | 27,555 | |
Custodian fees | 13,571 | |
Independent trustees’ fees | 7,902 | |
Transfer agent fees | 5,771 | |
Proxy fees1 | 1,225 | |
Other expenses | + | 18,819 |
Total expenses | 6,401,195 | |
Expense reduction | – | 5,054 |
Net expenses | – | 6,396,141 |
Net investment income | 6,396,150 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 21,225,519 | |
Net realized gains on foreign currency transactions | + | 55,660 |
Net realized gains | 21,281,179 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (58,098,735 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 76,218 |
Net change in unrealized appreciation (depreciation) | + | (58,022,517 ) |
Net realized and unrealized losses | (36,741,338 ) | |
Decrease in net assets resulting from operations | ($30,345,188 ) |
1 | Proxy fees are non-routine expenses (see financial note 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $6,396,150 | $6,442,173 | |
Net realized gains | 21,281,179 | 27,130,150 | |
Net change in unrealized appreciation (depreciation) | + | (58,022,517 ) | (67,606,202 ) |
Decrease in net assets from operations | ($30,345,188 ) | ($34,033,879 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($34,603,137 ) | ($104,700,574 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,914,250 | $49,354,082 | 2,461,080 | $66,220,931 | |
Shares reinvested | 1,116,087 | 30,056,232 | 3,264,406 | 91,174,878 | |
Shares redeemed | + | (4,324,885 ) | (110,204,717 ) | (3,426,455 ) | (91,270,455 ) |
Net transactions in fund shares | (1,294,548 ) | ($30,794,403 ) | 2,299,031 | $66,125,354 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 31,782,891 | $829,028,062 | 29,483,860 | $901,637,161 | |
Total increase (decrease) | + | (1,294,548 ) | (95,742,728 ) | 2,299,031 | (72,609,099 ) |
End of period | 30,488,343 | $733,285,334 | 31,782,891 | $829,028,062 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $8.71 | $11.55 | $9.11 | $10.04 | $9.64 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 1.18 | (2.86 ) | 2.34 | (0.71 ) | 0.41 | |
Total from investment operations | 1.45 | (2.52 ) | 2.55 | (0.57 ) | 0.65 | |
Less distributions: | ||||||
Distributions from net investment income | (0.32 ) | (0.32 ) | (0.11 ) | (0.36 ) | (0.25 ) | |
Net asset value at end of period | $9.84 | $8.71 | $11.55 | $9.11 | $10.04 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | ||||||
Gross operating expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 97.6% OF NET ASSETS | ||
Australia 5.8% | ||
ANZ Group Holdings Ltd. | 206,416 | 3,254,969 |
Aristocrat Leisure Ltd. | 153,174 | 3,765,030 |
BHP Group Ltd. | 341,183 | 9,658,028 |
BlueScope Steel Ltd. | 41,000 | 491,486 |
Fortescue Metals Group Ltd. | 89,000 | 1,266,097 |
National Australia Bank Ltd. | 108,648 | 1,946,347 |
Qantas Airways Ltd. * | 385,482 | 1,207,678 |
QBE Insurance Group Ltd. | 69,919 | 693,324 |
Sonic Healthcare Ltd. | 127,838 | 2,340,849 |
Suncorp Group Ltd. | 231,557 | 1,970,929 |
Technology One Ltd. | 335,762 | 3,113,786 |
29,708,523 | ||
Austria 1.0% | ||
Erste Group Bank AG | 23,066 | 825,977 |
Wienerberger AG | 169,020 | 4,094,838 |
4,920,815 | ||
Brazil 0.3% | ||
Banco do Brasil SA | 177,100 | 1,698,375 |
Canada 2.0% | ||
CGI, Inc. * | 66,709 | 6,440,239 |
Imperial Oil Ltd. | 51,700 | 2,946,350 |
Suncor Energy, Inc. | 19,600 | 634,747 |
10,021,336 | ||
China 0.7% | ||
COSCO SHIPPING Holdings Co. Ltd., H Shares | 1,977,500 | 2,011,191 |
Tencent Holdings Ltd. | 38,500 | 1,424,836 |
3,436,027 | ||
Denmark 4.6% | ||
Novo Nordisk AS, Class B | 229,750 | 22,165,409 |
Pandora AS | 12,369 | 1,402,898 |
23,568,307 | ||
France 12.5% | ||
BNP Paribas SA | 35,323 | 2,031,214 |
Cie de Saint-Gobain SA | 118,432 | 6,446,746 |
Eiffage SA | 55,801 | 5,063,972 |
Engie SA | 321,374 | 5,111,416 |
Hermes International SCA | 1,695 | 3,162,574 |
Ipsen SA | 57,701 | 6,819,822 |
L'Oreal SA | 25,318 | 10,641,926 |
LVMH Moet Hennessy Louis Vuitton SE | 10,241 | 7,331,843 |
Sanofi SA | 22,454 | 2,038,963 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Societe Generale SA | 139,513 | 3,135,104 |
TotalEnergies SE | 183,203 | 12,248,493 |
64,032,073 | ||
Germany 7.8% | ||
Allianz SE | 17,113 | 4,008,592 |
Bayerische Motoren Werke AG | 48,762 | 4,535,076 |
Deutsche Telekom AG | 259,900 | 5,640,782 |
Heidelberg Materials AG | 107,711 | 7,819,101 |
Infineon Technologies AG | 85,787 | 2,505,856 |
Mercedes-Benz Group AG | 57,599 | 3,388,794 |
SAP SE | 38,147 | 5,116,746 |
Siemens AG | 52,477 | 6,963,638 |
39,978,585 | ||
Greece 0.5% | ||
OPAP SA | 147,339 | 2,495,671 |
Hong Kong 0.9% | ||
China CITIC Bank Corp. Ltd., H Shares | 1,982,000 | 884,186 |
NetEase, Inc. | 57,000 | 1,219,888 |
PetroChina Co. Ltd., H Shares | 3,942,000 | 2,573,004 |
4,677,078 | ||
Israel 0.3% | ||
Check Point Software Technologies Ltd. * | 11,600 | 1,557,300 |
Italy 3.1% | ||
Assicurazioni Generali SpA | 61,244 | 1,216,529 |
Stellantis NV | 335,309 | 6,264,358 |
UniCredit SpA | 122,000 | 3,058,493 |
Unipol Gruppo SpA | 967,764 | 5,242,940 |
15,782,320 | ||
Japan 22.0% | ||
Advantest Corp. | 27,600 | 710,938 |
BayCurrent Consulting, Inc. | 21,800 | 547,327 |
Canon, Inc. | 25,200 | 595,745 |
Dai-ichi Life Holdings, Inc. | 53,200 | 1,123,851 |
Denso Corp. | 148,000 | 2,185,417 |
DMG Mori Co. Ltd. | 83,900 | 1,387,706 |
Fujikura Ltd. | 327,800 | 2,354,296 |
Hitachi Ltd. | 60,000 | 3,803,195 |
Honda Motor Co. Ltd. | 393,900 | 4,036,991 |
Hoya Corp. | 52,003 | 5,006,256 |
Inpex Corp. | 298,100 | 4,325,689 |
Japan Exchange Group, Inc. | 236,700 | 4,680,694 |
Japan Post Insurance Co. Ltd. | 49,100 | 945,473 |
Japan Tobacco, Inc. | 157,782 | 3,672,985 |
KDDI Corp. | 113,800 | 3,404,296 |
Lawson, Inc. | 126,900 | 6,113,302 |
Marubeni Corp. | 161,000 | 2,354,106 |
Mitsubishi Corp. | 94,900 | 4,423,815 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Nexon Co. Ltd. | 105,400 | 1,934,011 |
Nippon Building Fund, Inc. | 325 | 1,305,828 |
NIPPON EXPRESS HOLDINGS, Inc. | 25,800 | 1,326,001 |
Obic Co. Ltd. | 9,530 | 1,408,689 |
Ono Pharmaceutical Co. Ltd. | 208,100 | 3,593,779 |
Oracle Corp. | 29,200 | 2,071,439 |
ORIX Corp. | 364,000 | 6,619,826 |
Recruit Holdings Co. Ltd. | 37,000 | 1,060,890 |
Renesas Electronics Corp. * | 24,800 | 325,763 |
Sega Sammy Holdings, Inc. | 224,400 | 3,509,519 |
Sekisui House Ltd. | 117,000 | 2,291,181 |
Shimamura Co. Ltd. | 10,600 | 1,046,111 |
Shin-Etsu Chemical Co. Ltd. | 183,300 | 5,481,287 |
Sompo Holdings, Inc. | 18,600 | 805,751 |
Sony Group Corp. | 37,800 | 3,142,648 |
Sumitomo Mitsui Financial Group, Inc. | 156,100 | 7,525,265 |
Suntory Beverage & Food Ltd. | 70,600 | 2,124,569 |
Tokyo Electron Ltd. | 25,400 | 3,356,296 |
Tokyo Gas Co. Ltd. | 97,000 | 2,178,344 |
Toyo Suisan Kaisha Ltd. | 38,000 | 1,752,975 |
Toyota Motor Corp. | 362,000 | 6,332,734 |
Yakult Honsha Co. Ltd. | 61,000 | 1,437,461 |
112,302,449 | ||
Netherlands 5.7% | ||
ABN AMRO Bank NV, GDR | 158,364 | 2,132,942 |
ASML Holding NV | 22,797 | 13,703,743 |
Koninklijke Ahold Delhaize NV | 249,725 | 7,394,803 |
Wolters Kluwer NV | 46,365 | 5,948,907 |
29,180,395 | ||
Norway 0.6% | ||
Equinor ASA | 68,221 | 2,286,986 |
Norsk Hydro ASA | 161,279 | 919,727 |
3,206,713 | ||
Republic of Korea 1.5% | ||
Doosan Bobcat, Inc. | 107,318 | 3,083,354 |
Kia Corp. | 62,597 | 3,576,256 |
Samsung Electronics Co. Ltd. | 18,033 | 897,590 |
7,557,200 | ||
Singapore 0.9% | ||
Jardine Cycle & Carriage Ltd. | 104,500 | 2,152,676 |
Jardine Matheson Holdings Ltd. | 63,600 | 2,577,142 |
4,729,818 | ||
Spain 1.8% | ||
Banco Bilbao Vizcaya Argentaria SA | 300,000 | 2,360,169 |
Banco Santander SA (a) | 1,078,329 | 3,966,022 |
Endesa SA | 105,189 | 1,979,096 |
Industria de Diseno Textil SA | 24,116 | 832,436 |
9,137,723 | ||
Sweden 1.2% | ||
Assa Abloy AB, B Shares | 26,900 | 573,375 |
Atlas Copco AB, A Shares | 237,205 | 3,071,572 |
Nordea Bank Abp | 144,421 | 1,521,073 |
Sandvik AB | 22,805 | 388,438 |
SSAB AB, A Shares | 85,965 | 514,975 |
6,069,433 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Switzerland 7.9% | ||
ABB Ltd. | 57,000 | 1,915,069 |
Holcim AG * | 108,480 | 6,707,075 |
Nestle SA | 95,008 | 10,245,542 |
Novartis AG | 161,239 | 15,095,124 |
Roche Holding AG | 23,233 | 5,987,366 |
UBS Group AG | 30,535 | 717,464 |
40,667,640 | ||
Taiwan 0.8% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 237,000 | 3,870,804 |
United Kingdom 15.7% | ||
AstraZeneca PLC | 25,860 | 3,237,765 |
BAE Systems PLC | 418,574 | 5,628,298 |
Burberry Group PLC | 50,263 | 1,035,923 |
Centrica PLC | 4,158,288 | 7,960,195 |
CRH PLC | 75,224 | 4,037,033 |
Games Workshop Group PLC | 20,302 | 2,440,959 |
Glencore PLC | 508,625 | 2,694,097 |
GSK PLC | 336,163 | 5,992,697 |
Hikma Pharmaceuticals PLC | 71,900 | 1,665,889 |
Howden Joinery Group PLC | 292,851 | 2,274,311 |
HSBC Holdings PLC | 1,147,535 | 8,285,680 |
Imperial Brands PLC | 180,648 | 3,848,554 |
Investec PLC | 821,614 | 4,554,752 |
Land Securities Group PLC | 63,841 | 442,527 |
Legal & General Group PLC | 830,297 | 2,139,262 |
Man Group PLC | 1,287,933 | 3,443,464 |
NatWest Group PLC | 702,672 | 1,528,885 |
Next PLC | 34,804 | 2,918,050 |
Rio Tinto PLC | 38,893 | 2,481,391 |
Shell PLC | 299,996 | 9,667,919 |
Tesco PLC | 762,547 | 2,502,342 |
Unilever PLC | 28,498 | 1,349,683 |
80,129,676 | ||
Total Common Stocks (Cost $451,174,280) | 498,728,261 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 2.6% OF NET ASSETS | ||
Money Market Funds 2.6% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (b) | 9,720,612 | 9,720,612 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (b)(c) | 3,666,000 | 3,666,000 |
13,386,612 | ||
Total Short-Term Investments (Cost $13,386,612) | 13,386,612 | |
Total Investments in Securities (Cost $464,560,892) | 512,114,873 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $3,370,826. |
(b) | The rate shown is the annualized 7-day yield. |
(c) | Security purchased with cash collateral received for securities on loan. |
GDR — | Global 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 Stocks1 | $— | $293,019,125 | $— | $293,019,125 |
Brazil | 1,698,375 | — | — | 1,698,375 |
Canada | 10,021,336 | — | — | 10,021,336 |
Israel | 1,557,300 | — | — | 1,557,300 |
Japan | 6,113,302 | 106,189,147 | — | 112,302,449 |
United Kingdom | 4,554,752 | 75,574,924 | — | 80,129,676 |
Short-Term Investments1 | 13,386,612 | — | — | 13,386,612 |
Total | $37,331,677 | $474,783,196 | $— | $512,114,873 |
1 | As categorized in the Portfolio Holdings. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $464,560,892) including securities on loan of $3,370,826 | $512,114,873 | |
Foreign currency, at value (cost $640,180) | 640,362 | |
Receivables: | ||
Dividends | 1,324,156 | |
Foreign tax reclaims | 1,135,593 | |
Fund shares sold | 301,738 | |
Income from securities on loan | 1,911 | |
Prepaid expenses | + | 11,364 |
Total assets | 515,529,997 | |
Liabilities | ||
Collateral held for securities on loan | 3,666,000 | |
Payables: | ||
Investment adviser and administrator fees | 247,088 | |
IRS compliance fee for foreign withholding tax claims | 141,830 | |
Shareholder service fees | 99,262 | |
Fund shares redeemed | 60,117 | |
Accrued expenses | + | 171,541 |
Total liabilities | 4,385,838 | |
Net assets | $511,144,159 | |
Net Assets by Source | ||
Capital received from investors | $555,629,353 | |
Total distributable loss | + | (44,485,194 ) |
Net assets | $511,144,159 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$511,144,159 | 51,940,187 | $9.84 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,570,723) | $19,097,682 | |
IRS compliance fee for foreign withholding tax claims | (141,830 ) | |
Securities on loan, net | + | 86,147 |
Total investment income | 19,041,999 | |
Expenses | ||
Investment adviser and administrator fees | 3,138,184 | |
Shareholder service fees | 1,327,806 | |
Professional fees | 65,197 1 | |
Custodian fees | 57,729 | |
Portfolio accounting fees | 32,304 | |
Registration fees | 24,325 | |
Shareholder reports | 21,646 | |
Transfer agent fees | 15,986 | |
Independent trustees’ fees | 7,224 | |
Other expenses | + | 18,383 |
Total expenses | 4,708,784 | |
Expense reduction | – | 29,735 1 |
Net expenses | – | 4,679,049 |
Net investment income | 14,362,950 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 5,782,551 | |
Net realized losses on foreign currency transactions | + | (430,617 ) |
Net realized gains | 5,351,934 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 65,214,386 | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 118,970 |
Net change in unrealized appreciation (depreciation) | + | 65,333,356 |
Net realized and unrealized gains | 70,685,290 | |
Increase in net assets resulting from operations | $85,048,240 |
1 | Includes professional fees of $4,179 associated with the filing of foreign withholding tax claims in the European Union and $20,000 associated with preparing the filing of a closing agreement with the IRS, fees are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $14,362,950 | $20,646,356 | |
Net realized gains (losses) | 5,351,934 | (34,734,177 ) | |
Net change in unrealized appreciation (depreciation) | + | 65,333,356 | (139,565,958 ) |
Increase (decrease) in net assets resulting from operations | $85,048,240 | ($153,653,779 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($18,031,388 ) | ($19,624,124 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,846,614 | $18,701,524 | 7,796,290 | $80,239,327 | |
Shares reinvested | 1,694,173 | 16,162,412 | 1,446,960 | 16,191,478 | |
Shares redeemed | + | (9,868,515 ) | (98,116,676 ) | (10,921,575 ) | (108,391,973 ) |
Net transactions in fund shares | (6,327,728 ) | ($63,252,740 ) | (1,678,325 ) | ($11,961,168 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 58,267,915 | $507,380,047 | 59,946,240 | $692,619,118 | |
Total increase (decrease) | + | (6,327,728 ) | 3,764,112 | (1,678,325 ) | (185,239,071 ) |
End of period | 51,940,187 | $511,144,159 | 58,267,915 | $507,380,047 |
SCHWAB CAPITAL TRUST | |
Schwab Core Equity Fund | Schwab Target 2045 Fund |
Schwab Dividend Equity Fund | Schwab Target 2050 Fund |
Schwab Large-Cap Growth Fund | Schwab Target 2055 Fund |
Schwab Small-Cap Equity Fund | Schwab Target 2060 Fund |
Schwab Health Care Fund | Schwab Target 2065 Fund |
Schwab International Core Equity Fund | Schwab Fundamental US Large Company Index Fund |
Schwab S&P 500 Index Fund | Schwab Fundamental US Small Company Index Fund |
Schwab Small-Cap Index Fund® | Schwab Fundamental International Large Company Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Fundamental International Small Company Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental Emerging Markets Large Company Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental Global Real Estate Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2010 Index Fund |
Schwab International Index Fund® | Schwab Target 2015 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
Schwab International Opportunities Fund | Schwab Target 2040 Index Fund |
Schwab Balanced Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
Schwab Target 2030 Fund | Schwab Monthly Income Fund - Target Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund - Flexible Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund - Income Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
% OF AVERAGE DAILY NET ASSETS | SCHWAB CORE EQUITY FUND | SCHWAB DIVIDEND EQUITY FUND | SCHWAB LARGE-CAP GROWTH FUND | SCHWAB SMALL-CAP EQUITY FUND | SCHWAB INTERNATIONAL CORE EQUITY FUND |
Flat rate | 0.47 % | 0.62 % | 0.72 % | 0.81 % | 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 HEALTH CARE FUND | SCHWAB INTERNATIONAL CORE EQUITY FUND |
0.75 % | 0.89 % | 0.99 % | 1.12 % | 0.82 % | 0.86 % |
UNDERLYING FUNDS | |||
SCHWAB CORE EQUITY FUND | SCHWAB SMALL-CAP EQUITY FUND | SCHWAB INTERNATIONAL CORE EQUITY FUND | |
Schwab Balanced Fund | 13.2 % | 9.8 % | — % |
Schwab Target 2010 Fund | 0.1 % | 0.1 % | 0.3 % |
Schwab Target 2015 Fund | 0.1 % | 0.1 % | 0.3 % |
Schwab Target 2020 Fund | 0.5 % | 1.0 % | 2.5 % |
Schwab Target 2025 Fund | 0.9 % | 1.7 % | 4.5 % |
Schwab Target 2030 Fund | 2.6 % | 5.1 % | 11.3 % |
Schwab Target 2035 Fund | 1.6 % | 3.5 % | 7.5 % |
Schwab Target 2040 Fund | 3.6 % | 8.0 % | 16.5 % |
Schwab Target 2045 Fund | 0.8 % | 2.2 % | 4.2 % |
Schwab Target 2050 Fund | 0.9 % | 2.5 % | 4.4 % |
Schwab Target 2055 Fund | 0.6 % | 1.8 % | 3.1 % |
Schwab Target 2060 Fund | 0.2 % | 0.6 % | 1.1 % |
Schwab Target 2065 Fund | 0.0 %* | 0.1 % | 0.2 % |
* | Less than 0.05% |
5. Board of Trustees:
6. Borrowing from Banks:
7. Derivatives:
NOTIONAL AMOUNTS | NUMBER OF CONTRACTS | |
Schwab Core Equity Fund | $— | — |
Schwab Dividend Equity Fund | — | — |
Schwab Large-Cap Growth Fund | 2,452,212 | 11 |
Schwab Small-Cap Equity Fund | 5,357,250 | 58 |
Schwab Health Care Fund | — | — |
Schwab International Core Equity Fund | — | — |
8. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES | |
Schwab Core Equity Fund | $180,653,644 | $357,724,622 |
Schwab Dividend Equity Fund | 40,332,028 | 98,149,681 |
Schwab Large-Cap Growth Fund | 53,851,047 | 41,430,770 |
Schwab Small-Cap Equity Fund | 220,032,444 | 276,340,913 |
Schwab Health Care Fund | 427,849,202 | 489,077,046 |
Schwab International Core Equity Fund | 325,092,594 | 391,758,744 |
9. Federal Income Taxes:
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab Core Equity Fund | $853,708,594 | $435,674,869 | ($89,881,485 ) | $345,793,384 |
Schwab Dividend Equity Fund | 399,283,153 | 75,464,196 | (29,298,546 ) | 46,165,650 |
Schwab Large-Cap Growth Fund | 137,618,127 | 133,707,220 | (6,478,505 ) | 127,228,715 |
Schwab Small-Cap Equity Fund | 460,927,355 | 82,261,651 | (80,048,100 ) | 2,213,551 |
Schwab Health Care Fund | 520,240,790 | 233,034,000 | (25,922,191 ) | 207,111,809 |
Schwab International Core Equity Fund | 465,696,500 | 69,781,320 | (23,362,947 ) | 46,418,373 |
UNDISTRIBUTED ORDINARY INCOME | UNDISTRIBUTED LONG-TERM CAPITAL GAINS | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | NET OTHER UNREALIZED APPRECIATION (DEPRECIATION) | CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES | TOTAL | |
Schwab Core Equity Fund | $10,647,395 | $23,806,933 | $345,793,384 | $— | $— | $380,247,712 |
Schwab Dividend Equity Fund | 849,474 | 617,738 | 46,165,650 | 12,461 | — | 47,645,323 |
Schwab Large-Cap Growth Fund | — | — | 127,228,715 | — | (3,336,929 ) | 123,891,786 |
Schwab Small-Cap Equity Fund | 1,498,681 | — | 2,213,551 | — | (4,001,364 ) | (289,132 ) |
Schwab Health Care Fund | 6,282,871 | 20,820,117 | 207,111,809 | 2,035 | — | 234,216,832 |
Schwab International Core Equity Fund | 13,630,376 | — | 46,418,373 | (14,238 ) | (104,519,705 ) | (44,485,194 ) |
Schwab Core Equity Fund | $— |
Schwab Dividend Equity Fund | — |
Schwab Large-Cap Growth Fund | 3,268,984 |
Schwab Small-Cap Equity Fund | 4,001,364 |
Schwab Health Care Fund | — |
Schwab International Core Equity Fund | 104,519,705 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab Core Equity Fund | $17,094,456 | $161,213,765 | $194,345,554 | $244,997,607 |
Schwab Dividend Equity Fund | 11,160,645 | 23,230,569 | 30,011,611 | 67,753,779 |
Schwab Large-Cap Growth Fund | 45,563 | 4,291,751 | 5,704,425 | 16,459,451 |
Schwab Small-Cap Equity Fund | 658,510 | 47,501,473 | 825,168 | 72,614,825 |
Schwab Health Care Fund | 6,173,136 | 28,430,001 | 28,840,838 | 75,859,736 |
Schwab International Core Equity Fund | 18,031,388 | — | 19,624,124 | — |
10. Subsequent Events:
Denver, Colorado
December 15, 2023
Schwab Core Equity Fund | 100.00 % |
Schwab Dividend Equity Fund | 100.00 % |
Schwab Large-Cap Growth Fund | 100.00 % |
Schwab Small-Cap Equity Fund | 100.00 % |
Schwab Health Care Fund | 100.00 % |
Schwab International Core Equity Fund | — % |
Schwab Core Equity Fund | $17,094,456 |
Schwab Dividend Equity Fund | 11,160,645 |
Schwab Large-Cap Growth Fund | 45,563 |
Schwab Small-Cap Equity Fund | 658,510 |
Schwab Health Care Fund | 6,173,136 |
Schwab International Core Equity Fund | 18,872,343 |
Schwab Core Equity Fund | $161,213,765 |
Schwab Dividend Equity Fund | 23,230,569 |
Schwab Large-Cap Growth Fund | 4,291,751 |
Schwab Small-Cap Equity Fund | 47,501,473 |
Schwab Health Care Fund | 28,430,001 |
Schwab International Core Equity Fund | — |
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Balanced Fund (Ticker Symbol: SWOBX) | 6.74% |
Balanced Blended Index | 5.24% |
Fund Category: Morningstar Moderate Allocation1 | 4.16% |
Performance Details | pages 6-8 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the fund. Prior to joining Schwab 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 (now known as BlackRock). |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the fund. Mr. Hayes has been with Schwab since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond investment specialist for two years and as a registered representative for two years for Charles Schwab & Co., Inc. |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the fund. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also 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) | 6.74% | 5.28% | 5.94% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Balanced Blended Index | 5.24% | 6.17% | 6.69% |
Fund Category: Morningstar Moderate Allocation2 | 4.16% | 5.08% | 5.22% |
Fund Expense Ratios3: Net 0.49%; Gross 0.52% |
Number of Holdings | 7 |
Portfolio Turnover Rate | 10% |
EXPENSE RATIO (ANNUALIZED)1,2 | EFFECTIVE EXPENSE RATIO (ANNUALIZED)3,4 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/232,5 | EFFECTIVE EXPENSES PAID DURING PERIOD 5/1/23-10/31/234,5 | |
Schwab Balanced Fund | ||||||
Actual Return | 0.00% | 0.50% | $1,000.00 | $974.70 | $0.00 | $2.49 |
Hypothetical 5% Return | 0.00% | 0.50% | $1,000.00 | $1,025.21 | $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 expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio 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 in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.11 | $19.74 | $16.50 | $15.99 | $15.41 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.68 | (3.62 ) | 3.58 | 1.13 | 1.32 | |
Total from investment operations | 0.95 | (3.41 ) | 3.77 | 1.33 | 1.56 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (1.18 ) | (0.37 ) | (0.34 ) | (0.60 ) | (0.61 ) | |
Total distributions | (1.42 ) | (1.22 ) | (0.53 ) | (0.82 ) | (0.98 ) | |
Net asset value at end of period | $14.64 | $15.11 | $19.74 | $16.50 | $15.99 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 99.7% OF NET ASSETS | ||||||||
U.S. Stocks 50.4% | ||||||||
Large-Cap 42.3% | ||||||||
Schwab Core Equity Fund | $169,123,771 | $23,392,301 | ($27,365,026 ) | ($5,588,035 ) | ($1,282,318 ) | $158,280,693 | 8,578,899 | $23,392,301 |
Schwab Select Large Cap Growth Fund * | 90,341,359 | 10,563,661 | (21,109,358 ) | (8,061,613 ) | 17,691,944 | 89,425,993 | 4,167,101 | 10,563,661 |
247,706,686 | ||||||||
Small-Cap 8.1% | ||||||||
Schwab Small-Cap Equity Fund | 55,190,549 | 4,883,859 | (6,312,667 ) | 375,894 | (6,889,148 ) | 47,248,487 | 2,846,294 | 4,883,859 |
294,955,173 | ||||||||
International Stocks 9.4% | ||||||||
Developed Markets 9.4% | ||||||||
Schwab International Opportunities Fund | 57,148,155 | 2,091,894 | (6,960,211 ) | (1,302,592 ) | 3,851,663 | 54,828,909 | 3,134,872 | 2,091,894 |
Fixed Income 37.2% | ||||||||
Intermediate-Term Bond 37.2% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 229,130,407 | 21,153,109 | (26,072,914 ) | (6,055,889 ) | (326,148 ) | 217,828,565 | 26,056,048 | 7,272,931 |
Money Market Funds 2.7% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 13,833,236 | 1,690,293 | — | — | 4,287 | 15,527,816 | 15,523,159 | 709,405 |
Total Affiliated Underlying Funds (Cost $617,553,213) | $614,767,477 | $63,775,117 | ($87,820,176 ) | ($20,632,235 ) | $13,050,280 | $583,140,463 | $48,914,051 | |
UNAFFILIATED UNDERLYING FUNDS 0.2% OF NET ASSETS | ||||||||
Money Market Funds 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30% (b) | $1,339,502 | 1,339,502 | ||||||
Total Unaffiliated Underlying Funds (Cost $1,339,502) | $1,339,502 | |||||||
Total Investments in Securities (Cost $618,892,715) | $584,479,965 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(c) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $617,553,213) | $583,140,463 | |
Investments in securities, at value - unaffiliated (cost $1,339,502) | 1,339,502 | |
Receivables: | ||
Investments sold | 970,663 | |
Dividends | 723,760 | |
Fund shares sold | 129,221 | |
Due from investment adviser | 7,465 | |
Prepaid expenses | + | 17,597 |
Total assets | 586,328,671 | |
Liabilities | ||
Payables: | ||
Investments bought | 657,588 | |
Fund shares redeemed | 470,943 | |
Accrued expenses | + | 54,773 |
Total liabilities | 1,183,304 | |
Net assets | $585,145,367 | |
Net Assets by Source | ||
Capital received from investors | $608,369,831 | |
Total distributable loss | + | (23,224,464 ) |
Net assets | $585,145,367 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$585,145,367 | 39,973,916 | $14.64 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $10,926,083 | |
Dividends received from securities - unaffiliated | + | 155,288 |
Total investment income | 11,081,371 | |
Expenses | ||
Registration fees | 41,243 | |
Shareholder reports | 38,396 | |
Professional fees | 24,154 | |
Portfolio accounting fees | 23,011 | |
Transfer agent fees | 8,083 | |
Independent trustees’ fees | 7,432 | |
Custodian fees | 2,868 | |
Other expenses | + | 7,016 |
Total expenses | 152,203 | |
Expense reduction | – | 152,203 |
Net expenses | – | — |
Net investment income | 11,081,371 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 37,987,968 | |
Net realized losses on sales of securities - affiliated | + | (20,632,235 ) |
Net realized gains | 17,355,733 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | + | 13,050,280 |
Net realized and unrealized gains | 30,406,013 | |
Increase in net assets resulting from operations | $41,487,384 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $11,081,371 | $9,212,900 | |
Net realized gains | 17,355,733 | 72,889,246 | |
Net change in unrealized appreciation (depreciation) | + | 13,050,280 | (234,394,313 ) |
Increase (decrease) in net assets resulting from operations | $41,487,384 | ($152,292,167 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($56,655,490 ) | ($53,966,826 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 4,280,755 | $64,732,121 | 10,090,100 | $184,284,944 | |
Shares reinvested | 3,536,115 | 49,470,251 | 2,499,461 | 47,414,756 | |
Shares redeemed | + | (8,843,149 ) | (133,389,812 ) | (12,303,468 ) | (209,751,334 ) |
Net transactions in fund shares | (1,026,279 ) | ($19,187,440 ) | 286,093 | $21,948,366 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 41,000,195 | $619,500,913 | 40,714,102 | $803,811,540 | |
Total increase (decrease) | + | (1,026,279 ) | (34,355,546 ) | 286,093 | (184,310,627 ) |
End of period | 39,973,916 | $585,145,367 | 41,000,195 | $619,500,913 |
SCHWAB CAPITAL TRUST | |
Schwab Balanced Fund | Schwab Target 2045 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2050 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2055 Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2060 Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2065 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 International Opportunities 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 Health Care Fund | Schwab Target 2040 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
2. Significant Accounting Policies:
4. Affiliates and Affiliated Transactions:
Schwab Core Equity Fund | 13.2 % |
Schwab International Opportunities Fund | 5.9 % |
Schwab Select Large Cap Growth Fund | 4.9 % |
Schwab Small-Cap Equity Fund | 9.8 % |
Schwab U.S. Aggregate Bond Index Fund | 5.2 % |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.3 % |
5. Board of Trustees:
6. Borrowing from Banks:
7. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES |
$63,775,117 | $87,820,176 |
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
$636,132,435 | $6,638,253 | ($58,290,723 ) | ($51,652,470 ) | |
UNDISTRIBUTED ORDINARY INCOME | UNDISTRIBUTED LONG-TERM CAPITAL GAINS | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | TOTAL |
$6,819,276 | $21,608,730 | ($51,652,470 ) | ($23,224,464 ) |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
$9,522,266 | $47,133,224 | $38,253,293 | $15,713,533 |
9. Subsequent Events:
Denver, Colorado
December 15, 2023
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab S&P 500 Index Fund (Ticker Symbol: SWPPX) | 10.11% |
S&P 500® Index | 10.14% |
Fund Category: Morningstar Large Blend1 | 7.62% |
Performance Details | pages 6-8 |
Schwab 1000 Index Fund (Ticker Symbol: SNXFX) | 9.35% |
Schwab 1000 Index® | 9.39% |
Russell 1000® Index | 9.48% |
Fund Category: Morningstar Large Blend1 | 7.62% |
Performance Details | pages 9-11 |
Schwab Small-Cap Index Fund (Ticker Symbol: SWSSX) | -8.47% |
Russell 2000® Index | -8.56% |
Fund Category: Morningstar Small Blend1 | -4.86% |
Performance Details | pages 12-14 |
Schwab Total Stock Market Index Fund (Ticker Symbol: SWTSX) | 8.38% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% |
Fund Category: Morningstar Large Blend1 | 7.62% |
Performance Details | pages 15-17 |
Total Return for the 12 Months Ended October 31, 2023 | |
Schwab U.S. Large-Cap Growth Index Fund (Ticker Symbol: SWLGX) | 18.89% |
Russell 1000® Growth Index | 18.95% |
Fund Category: Morningstar Large Growth1 | 14.19% |
Performance Details | pages 18-20 |
Schwab U.S. Large-Cap Value Index Fund (Ticker Symbol: SWLVX) | 0.11% |
Russell 1000® Value Index | 0.13% |
Fund Category: Morningstar Large Value1 | 0.68% |
Performance Details | pages 21-23 |
Schwab U.S. Mid-Cap Index Fund (Ticker Symbol: SWMCX) | -1.03% |
Russell Midcap® Index | -1.01% |
Fund Category: Morningstar Mid-Cap Blend1 | -0.80% |
Performance Details | pages 24-26 |
Schwab International Index Fund2 (Ticker Symbol: SWISX) | 15.30% |
MSCI EAFE® Index (Net)3 | 14.40% |
Fund Category: Morningstar Foreign Large Blend1 | 13.03% |
Performance Details | pages 27-29 |
Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs, and Schwab Personalized Indexing™ separately managed accounts. Before joining Schwab 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 the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. 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, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab 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. |
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the oversight and day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab 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. |
David Rios, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation). |
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2018, Ms. Zau was at BlackRock for three years, most recently as a multi-asset portfolio investment consultant where she advised institutional clients on asset allocation and strategy, constructed risk decomposition and portfolio optimization, and conducted scenario analyses for the core multi-asset target risk strategies. She spent the preceding three years as a derivatives specialist at Mellon Capital. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab S&P 500 Index Fund (5/19/97) | 10.11% | 10.99% | 11.12% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Fund Category: Morningstar Large Blend2 | 7.62% | 9.67% | 9.69% |
Fund Expense Ratio3: 0.02% |
Number of Holdings | 502 |
Weighted Average Market Cap (millions) | $648,236 |
Price/Earnings Ratio (P/E) | 21.2 |
Price/Book Ratio (P/B) | 3.7 |
Portfolio Turnover Rate | 2% 2 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab 1000 Index Fund (4/2/91) | 9.35% | 10.49% | 10.64% |
Schwab 1000 Index® | 9.39% | 10.54% | 10.76% |
Russell 1000® Index | 9.48% | 10.71% | 10.88% |
Fund Category: Morningstar Large Blend2 | 7.62% | 9.67% | 9.69% |
Fund Expense Ratio3: 0.05% |
Number of Holdings | 997 2 |
Weighted Average Market Cap (millions) | $589,023 |
Price/Earnings Ratio (P/E) | 20.4 |
Price/Book Ratio (P/B) | 3.6 |
Portfolio Turnover Rate | 3% 3 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Index Fund (5/19/97) | -8.47% | 3.37% | 5.68% |
Russell 2000® Index | -8.56% | 3.31% | 5.63% |
Fund Category: Morningstar Small Blend2 | -4.86% | 4.61% | 5.83% |
Fund Expense Ratio3: 0.04% |
Number of Holdings | 1,985 |
Weighted Average Market Cap (millions) | $2,659 |
Price/Earnings Ratio (P/E) | 12.2 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 10% 2 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Total Stock Market Index Fund (6/1/99) | 8.38% | 10.07% | 10.39% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Fund Category: Morningstar Large Blend2 | 7.62% | 9.67% | 9.69% |
Fund Expense Ratio3: 0.03% |
Number of Holdings | 3,450 |
Weighted Average Market Cap (millions) | $561,371 |
Price/Earnings Ratio (P/E) | 20.0 |
Price/Book Ratio (P/B) | 3.4 |
Portfolio Turnover Rate | 2% |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) | 18.89% | 14.16% | 13.05% |
Russell 1000® Growth Index | 18.95% | 14.22% | 13.11% |
Fund Category: Morningstar Large Growth2 | 14.19% | 10.68% | N/A |
Fund Expense Ratio3: 0.035% |
Number of Holdings | 443 |
Weighted Average Market Cap (millions) | $995,634 |
Price/Earnings Ratio (P/E) | 30.1 |
Price/Book Ratio (P/B) | 9.9 |
Portfolio Turnover Rate | 20% 2 |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) | 0.11% | 6.52% | 5.31% |
Russell 1000® Value Index | 0.13% | 6.60% | 5.38% |
Fund Category: Morningstar Large Value2 | 0.68% | 7.10% | N/A |
Fund Expense Ratio3: 0.035% |
Number of Holdings | 835 |
Weighted Average Market Cap (millions) | $133,082 |
Price/Earnings Ratio (P/E) | 14.8 |
Price/Book Ratio (P/B) | 2.0 |
Portfolio Turnover Rate | 42% 2 |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) | -1.03% | 7.10% | 5.81% |
Russell Midcap® Index | -1.01% | 7.14% | 5.86% |
Fund Category: Morningstar Mid-Cap Blend2 | -0.80% | 6.58% | N/A |
Fund Expense Ratio3: 0.04% |
Number of Holdings | 803 |
Weighted Average Market Cap (millions) | $20,847 |
Price/Earnings Ratio (P/E) | 16.0 |
Price/Book Ratio (P/B) | 2.4 |
Portfolio Turnover Rate | 8% 2 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Index Fund (5/19/97) | 15.30% | 4.35% | 3.16% |
MSCI EAFE® Index (Net)3 | 14.40% | 4.10% | 3.05% |
Fund Category: Morningstar Foreign Large Blend4 | 13.03% | 3.87% | 2.92% |
Fund Expense Ratio5: 0.06% |
Number of Holdings | 799 |
Weighted Average Market Cap (millions) | $79,259 |
Price/Earnings Ratio (P/E) | 12.3 |
Price/Book Ratio (P/B) | 1.6 |
Portfolio Turnover Rate | 13% |
EXPENSE RATIO (ANNUALIZED) 1 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/23 2 | |
Schwab S&P 500 Index Fund | ||||
Actual Return | 0.02% | $1,000.00 | $1,013.90 | $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 | $1,013.10 | $0.25 |
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 | $947.30 | $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 | $1,009.80 | $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 | $1,066.40 | $0.18 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,025.03 | $0.18 |
Schwab U.S. Large-Cap Value Index Fund | ||||
Actual Return | 0.035% | $1,000.00 | $957.60 | $0.17 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,025.03 | $0.18 |
Schwab U.S. Mid-Cap Index Fund | ||||
Actual Return | 0.04% | $1,000.00 | $953.60 | $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 | $925.10 | $0.29 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
1 | Based on the most recent six-month expense ratio. |
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 in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $60.02 | $71.21 | $50.75 | $47.17 | $42.41 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 4.94 | (11.23 ) | 20.60 | 3.52 | 4.86 | |
Total from investment operations | 5.99 | (10.26 ) | 21.50 | 4.54 | 5.78 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (0.07 ) | — | (0.09 ) | (0.18 ) | |
Total distributions | (0.98 ) | (0.93 ) | (1.04 ) | (0.96 ) | (1.02 ) | |
Net asset value at end of period | $65.03 | $60.02 | $71.21 | $50.75 | $47.17 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.02%. The ratio presented for period ended October 31, 2019 is a blended ratio. |
4 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.6% OF NET ASSETS | ||
Automobiles & Components 1.9% | ||
Aptiv PLC * | 560,941 | 48,914,055 |
BorgWarner, Inc. | 468,710 | 17,295,399 |
Ford Motor Co. | 7,801,635 | 76,065,941 |
General Motors Co. | 2,733,772 | 77,092,371 |
Tesla, Inc. * | 5,486,548 | 1,101,918,300 |
1,321,286,066 | ||
Banks 2.9% | ||
Bank of America Corp. | 13,736,053 | 361,807,636 |
Citigroup, Inc. | 3,826,509 | 151,108,840 |
Citizens Financial Group, Inc. | 941,391 | 22,056,791 |
Comerica, Inc. | 260,678 | 10,270,713 |
Fifth Third Bancorp | 1,349,467 | 31,995,863 |
Huntington Bancshares, Inc. | 2,889,171 | 27,880,500 |
JPMorgan Chase & Co. | 5,774,071 | 802,942,313 |
KeyCorp | 1,848,149 | 18,888,083 |
M&T Bank Corp. | 330,805 | 37,298,265 |
PNC Financial Services Group, Inc. | 789,952 | 90,425,805 |
Regions Financial Corp. | 1,861,869 | 27,052,957 |
Truist Financial Corp. | 2,640,585 | 74,886,991 |
U.S. Bancorp | 3,088,712 | 98,468,139 |
Wells Fargo & Co. | 7,269,599 | 289,111,952 |
Zions Bancorp NA | 300,973 | 9,285,017 |
2,053,479,865 | ||
Capital Goods 5.5% | ||
3M Co. | 1,094,858 | 99,577,335 |
A O Smith Corp. | 250,305 | 17,461,277 |
Allegion PLC | 176,202 | 17,331,229 |
AMETEK, Inc. | 457,377 | 64,384,960 |
Axon Enterprise, Inc. * | 139,160 | 28,456,828 |
Boeing Co. * | 1,126,590 | 210,469,544 |
Carrier Global Corp. | 1,664,220 | 79,316,725 |
Caterpillar, Inc. | 1,013,598 | 229,123,828 |
Cummins, Inc. | 281,916 | 60,978,431 |
Deere & Co. | 541,762 | 197,938,164 |
Dover Corp. | 278,957 | 36,250,462 |
Eaton Corp. PLC | 792,782 | 164,827,306 |
Emerson Electric Co. | 1,137,624 | 101,214,407 |
Fastenal Co. | 1,137,671 | 66,371,726 |
Fortive Corp. | 697,872 | 45,557,084 |
Generac Holdings, Inc. * | 123,420 | 10,375,919 |
General Dynamics Corp. | 449,467 | 108,460,882 |
General Electric Co. | 2,162,487 | 234,910,963 |
Honeywell International, Inc. | 1,319,217 | 241,759,707 |
Howmet Aerospace, Inc. | 776,241 | 34,232,228 |
Hubbell, Inc., Class B | 106,280 | 28,706,228 |
Huntington Ingalls Industries, Inc. | 79,892 | 17,561,860 |
IDEX Corp. | 149,976 | 28,706,906 |
Illinois Tool Works, Inc. | 547,106 | 122,617,397 |
Ingersoll Rand, Inc. | 804,096 | 48,792,545 |
Johnson Controls International PLC | 1,348,705 | 66,113,519 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
L3Harris Technologies, Inc. | 376,656 | 67,575,853 |
Lockheed Martin Corp. | 445,321 | 202,460,740 |
Masco Corp. | 447,117 | 23,290,325 |
Nordson Corp. | 107,161 | 22,781,357 |
Northrop Grumman Corp. | 282,854 | 133,345,861 |
Otis Worldwide Corp. | 818,349 | 63,184,726 |
PACCAR, Inc. | 1,037,459 | 85,621,491 |
Parker-Hannifin Corp. | 255,291 | 94,179,403 |
Pentair PLC | 328,834 | 19,111,832 |
Quanta Services, Inc. | 288,151 | 48,155,795 |
Rockwell Automation, Inc. | 228,299 | 59,999,260 |
RTX Corp. | 2,891,948 | 235,375,648 |
Snap-on, Inc. | 104,802 | 27,032,628 |
Stanley Black & Decker, Inc. | 303,440 | 25,807,572 |
Textron, Inc. | 393,806 | 29,929,256 |
Trane Technologies PLC | 453,111 | 86,231,554 |
TransDigm Group, Inc. * | 109,510 | 90,684,136 |
United Rentals, Inc. | 135,384 | 55,002,458 |
Westinghouse Air Brake Technologies Corp. | 353,984 | 37,529,384 |
WW Grainger, Inc. | 88,452 | 64,554,923 |
Xylem, Inc. | 478,639 | 44,771,892 |
3,878,123,554 | ||
Commercial & Professional Services 1.3% | ||
Automatic Data Processing, Inc. | 818,573 | 178,629,000 |
Broadridge Financial Solutions, Inc. | 233,939 | 39,919,351 |
Ceridian HCM Holding, Inc. * | 309,566 | 19,815,320 |
Cintas Corp. | 171,725 | 87,085,182 |
Copart, Inc. * | 1,728,158 | 75,209,436 |
Equifax, Inc. | 244,944 | 41,535,154 |
Jacobs Solutions, Inc. | 249,116 | 33,207,163 |
Leidos Holdings, Inc. | 273,749 | 27,134,001 |
Paychex, Inc. | 638,229 | 70,875,330 |
Paycom Software, Inc. | 97,567 | 23,900,988 |
Republic Services, Inc., Class A | 408,133 | 60,603,669 |
Robert Half, Inc. | 213,957 | 15,997,565 |
Rollins, Inc. | 554,817 | 20,866,667 |
Veralto Corp. * | 432,860 | 29,867,340 |
Verisk Analytics, Inc., Class A | 288,150 | 65,513,784 |
Waste Management, Inc. | 733,008 | 120,455,205 |
910,615,155 | ||
Consumer Discretionary Distribution & Retail 5.6% | ||
Amazon.com, Inc. * | 18,040,207 | 2,400,971,150 |
AutoZone, Inc. * | 36,074 | 89,359,988 |
Bath & Body Works, Inc. | 454,055 | 13,462,731 |
Best Buy Co., Inc. | 385,076 | 25,730,778 |
CarMax, Inc. * | 315,198 | 19,255,446 |
eBay, Inc. | 1,061,813 | 41,654,924 |
Etsy, Inc. * | 242,096 | 15,082,581 |
Genuine Parts Co. | 279,032 | 35,956,063 |
Home Depot, Inc. | 1,997,571 | 568,688,488 |
LKQ Corp. | 534,299 | 23,466,412 |
Lowe's Cos., Inc. | 1,164,280 | 221,876,839 |
O'Reilly Automotive, Inc. * | 120,154 | 111,796,088 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Pool Corp. | 77,216 | 24,382,496 |
Ross Stores, Inc. | 676,688 | 78,475,507 |
TJX Cos., Inc. | 2,283,409 | 201,099,831 |
Tractor Supply Co. | 215,773 | 41,549,249 |
Ulta Beauty, Inc. * | 98,761 | 37,658,557 |
3,950,467,128 | ||
Consumer Durables & Apparel 0.9% | ||
DR Horton, Inc. | 603,727 | 63,029,099 |
Garmin Ltd. | 303,733 | 31,141,745 |
Hasbro, Inc. | 256,989 | 11,603,053 |
Lennar Corp., Class A | 500,517 | 53,395,154 |
Lululemon Athletica, Inc. * | 229,742 | 90,398,882 |
Mohawk Industries, Inc. * | 105,752 | 8,500,346 |
NIKE, Inc., Class B | 2,434,087 | 250,151,121 |
NVR, Inc. * | 6,490 | 35,127,904 |
PulteGroup, Inc. | 437,655 | 32,207,031 |
Ralph Lauren Corp., Class A | 81,965 | 9,223,521 |
Tapestry, Inc. | 455,848 | 12,563,171 |
VF Corp. | 655,623 | 9,657,327 |
Whirlpool Corp. | 108,327 | 11,326,671 |
618,325,025 | ||
Consumer Services 2.1% | ||
Airbnb, Inc., Class A * | 845,692 | 100,036,907 |
Booking Holdings, Inc. * | 70,916 | 197,824,437 |
Caesars Entertainment, Inc. * | 429,814 | 17,145,280 |
Carnival Corp. * | 2,006,840 | 22,998,386 |
Chipotle Mexican Grill, Inc., Class A * | 54,814 | 106,459,751 |
Darden Restaurants, Inc. | 240,453 | 34,993,125 |
Domino's Pizza, Inc. | 69,360 | 23,512,346 |
Expedia Group, Inc. * | 275,419 | 26,244,676 |
Hilton Worldwide Holdings, Inc. | 519,600 | 78,734,988 |
Las Vegas Sands Corp. | 656,082 | 31,137,652 |
Marriott International, Inc., Class A | 497,120 | 93,736,947 |
McDonald's Corp. | 1,447,972 | 379,614,819 |
MGM Resorts International * | 562,664 | 19,648,227 |
Norwegian Cruise Line Holdings Ltd. * | 843,721 | 11,474,606 |
Royal Caribbean Cruises Ltd. * | 468,475 | 39,693,887 |
Starbucks Corp. | 2,275,784 | 209,918,316 |
Wynn Resorts Ltd. | 190,852 | 16,752,989 |
Yum! Brands, Inc. | 556,600 | 67,270,676 |
1,477,198,015 | ||
Consumer Staples Distribution & Retail 1.9% | ||
Costco Wholesale Corp. | 880,486 | 486,415,686 |
Dollar General Corp. | 435,652 | 51,860,014 |
Dollar Tree, Inc. * | 415,987 | 46,211,996 |
Kroger Co. | 1,315,656 | 59,691,313 |
Sysco Corp. | 1,001,363 | 66,580,626 |
Target Corp. | 915,424 | 101,419,825 |
Walgreens Boots Alliance, Inc. | 1,425,832 | 30,056,538 |
Walmart, Inc. | 2,835,694 | 463,380,756 |
1,305,616,754 | ||
Energy 4.5% | ||
APA Corp. | 613,463 | 24,366,750 |
Baker Hughes Co., Class A | 2,004,084 | 68,980,571 |
Chevron Corp. | 3,525,260 | 513,736,140 |
ConocoPhillips | 2,379,283 | 282,658,820 |
Coterra Energy, Inc. | 1,505,049 | 41,388,848 |
Devon Energy Corp. | 1,273,172 | 59,291,620 |
Diamondback Energy, Inc. | 354,781 | 56,878,490 |
EOG Resources, Inc. | 1,156,921 | 146,061,276 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
EQT Corp. | 721,021 | 30,556,870 |
Exxon Mobil Corp. | 7,953,904 | 841,920,738 |
Halliburton Co. | 1,789,560 | 70,401,290 |
Hess Corp. | 549,187 | 79,302,603 |
Kinder Morgan, Inc. | 3,856,768 | 62,479,642 |
Marathon Oil Corp. | 1,205,388 | 32,919,146 |
Marathon Petroleum Corp. | 795,179 | 120,270,824 |
Occidental Petroleum Corp. | 1,318,585 | 81,501,739 |
ONEOK, Inc. | 1,156,508 | 75,404,322 |
Phillips 66 | 883,752 | 100,809,591 |
Pioneer Natural Resources Co. | 462,540 | 110,547,060 |
Schlumberger NV | 2,823,740 | 157,169,368 |
Targa Resources Corp. | 444,813 | 37,190,815 |
Valero Energy Corp. | 701,636 | 89,107,772 |
Williams Cos., Inc. | 2,411,502 | 82,955,669 |
3,165,899,964 | ||
Equity Real Estate Investment Trusts (REITs) 2.2% | ||
Alexandria Real Estate Equities, Inc. | 308,973 | 28,774,655 |
American Tower Corp. | 926,368 | 165,069,514 |
AvalonBay Communities, Inc. | 281,075 | 46,585,370 |
Boston Properties, Inc. | 287,303 | 15,390,822 |
Camden Property Trust | 213,098 | 18,087,758 |
Crown Castle, Inc. | 862,587 | 80,203,339 |
Digital Realty Trust, Inc. | 602,325 | 74,905,137 |
Equinix, Inc. | 185,995 | 135,709,392 |
Equity Residential | 688,039 | 38,069,198 |
Essex Property Trust, Inc. | 126,699 | 27,103,450 |
Extra Space Storage, Inc. | 417,921 | 43,292,436 |
Federal Realty Investment Trust | 145,014 | 13,223,827 |
Healthpeak Properties, Inc. | 1,091,486 | 16,972,607 |
Host Hotels & Resorts, Inc. | 1,418,041 | 21,951,275 |
Invitation Homes, Inc. | 1,143,514 | 33,950,931 |
Iron Mountain, Inc. | 578,157 | 34,151,734 |
Kimco Realty Corp. | 1,219,836 | 21,883,858 |
Mid-America Apartment Communities, Inc. | 232,731 | 27,497,168 |
Prologis, Inc. | 1,835,612 | 184,937,909 |
Public Storage | 314,289 | 75,023,927 |
Realty Income Corp. | 1,409,840 | 66,798,219 |
Regency Centers Corp. | 328,643 | 19,804,027 |
SBA Communications Corp., Class A | 215,028 | 44,861,292 |
Simon Property Group, Inc. | 650,469 | 71,480,038 |
UDR, Inc. | 602,950 | 19,179,840 |
Ventas, Inc. | 798,604 | 33,908,726 |
VICI Properties, Inc., Class A | 2,009,077 | 56,053,248 |
Welltower, Inc. | 1,030,657 | 86,173,232 |
Weyerhaeuser Co. | 1,456,193 | 41,778,177 |
1,542,821,106 | ||
Financial Services 7.5% | ||
American Express Co. | 1,155,978 | 168,807,467 |
Ameriprise Financial, Inc. | 203,316 | 63,957,114 |
Bank of New York Mellon Corp. | 1,541,842 | 65,528,285 |
Berkshire Hathaway, Inc., Class B * | 3,623,455 | 1,236,793,895 |
BlackRock, Inc. | 278,850 | 170,734,278 |
Blackstone, Inc. | 1,410,828 | 130,289,966 |
Capital One Financial Corp. | 757,601 | 76,737,405 |
Cboe Global Markets, Inc. | 209,936 | 34,406,411 |
Charles Schwab Corp. (a) | 2,933,646 | 152,666,938 |
CME Group, Inc. | 714,844 | 152,590,600 |
Discover Financial Services | 496,274 | 40,734,170 |
FactSet Research Systems, Inc. | 75,915 | 32,786,929 |
Fidelity National Information Services, Inc. | 1,175,656 | 57,736,466 |
Fiserv, Inc. * | 1,211,715 | 137,832,581 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
FleetCor Technologies, Inc. * | 146,751 | 33,043,923 |
Franklin Resources, Inc. | 564,886 | 12,873,752 |
Global Payments, Inc. | 515,801 | 54,788,382 |
Goldman Sachs Group, Inc. | 655,020 | 198,870,622 |
Intercontinental Exchange, Inc. | 1,137,887 | 122,254,579 |
Invesco Ltd. | 894,233 | 11,598,202 |
Jack Henry & Associates, Inc. | 146,174 | 20,609,072 |
MarketAxess Holdings, Inc. | 75,819 | 16,206,311 |
Mastercard, Inc., Class A | 1,653,122 | 622,152,465 |
Moody's Corp. | 313,551 | 96,573,708 |
Morgan Stanley | 2,535,003 | 179,528,913 |
MSCI, Inc., Class A | 156,791 | 73,934,796 |
Nasdaq, Inc. | 672,378 | 33,349,949 |
Northern Trust Corp. | 412,429 | 27,183,196 |
PayPal Holdings, Inc. * | 2,183,307 | 113,095,303 |
Raymond James Financial, Inc. | 374,011 | 35,695,610 |
S&P Global, Inc. | 646,534 | 225,840,792 |
State Street Corp. | 633,273 | 40,928,434 |
Synchrony Financial | 836,538 | 23,464,891 |
T Rowe Price Group, Inc. | 445,514 | 40,319,017 |
Visa, Inc., Class A | 3,192,511 | 750,559,336 |
5,254,473,758 | ||
Food, Beverage & Tobacco 3.2% | ||
Altria Group, Inc. | 3,526,444 | 141,657,256 |
Archer-Daniels-Midland Co. | 1,065,098 | 76,229,064 |
Brown-Forman Corp., Class B | 364,103 | 20,448,024 |
Bunge Ltd. | 297,688 | 31,548,974 |
Campbell Soup Co. | 394,808 | 15,954,191 |
Coca-Cola Co. | 7,732,798 | 436,825,759 |
Conagra Brands, Inc. | 948,646 | 25,954,955 |
Constellation Brands, Inc., Class A | 320,752 | 75,104,081 |
General Mills, Inc. | 1,162,835 | 75,863,355 |
Hershey Co. | 296,685 | 55,583,935 |
Hormel Foods Corp. | 577,536 | 18,798,797 |
J M Smucker Co. | 203,805 | 23,201,161 |
Kellanova | 523,863 | 26,439,366 |
Keurig Dr Pepper, Inc. | 2,000,519 | 60,675,741 |
Kraft Heinz Co. | 1,589,511 | 50,006,016 |
Lamb Weston Holdings, Inc. | 288,164 | 25,877,127 |
McCormick & Co., Inc. - Non Voting Shares | 498,924 | 31,881,244 |
Molson Coors Beverage Co., Class B | 369,635 | 21,353,814 |
Mondelez International, Inc., Class A | 2,703,001 | 178,965,696 |
Monster Beverage Corp. * | 1,477,720 | 75,511,492 |
PepsiCo, Inc. | 2,735,115 | 446,589,577 |
Philip Morris International, Inc. | 3,084,339 | 274,999,665 |
Tyson Foods, Inc., Class A | 567,800 | 26,317,530 |
2,215,786,820 | ||
Health Care Equipment & Services 5.6% | ||
Abbott Laboratories | 3,447,965 | 326,005,091 |
Align Technology, Inc. * | 141,171 | 26,058,755 |
Baxter International, Inc. | 1,007,195 | 32,663,334 |
Becton Dickinson & Co. | 576,512 | 145,730,703 |
Boston Scientific Corp. * | 2,909,803 | 148,952,816 |
Cardinal Health, Inc. | 505,497 | 46,000,227 |
Cencora, Inc. | 330,504 | 61,192,816 |
Centene Corp. * | 1,075,167 | 74,165,020 |
Cigna Group | 588,080 | 181,834,336 |
Cooper Cos., Inc. | 98,610 | 30,741,667 |
CVS Health Corp. | 2,551,959 | 176,110,691 |
DaVita, Inc. * | 107,976 | 8,338,986 |
DENTSPLY SIRONA, Inc. | 418,386 | 12,723,118 |
Dexcom, Inc. * | 771,982 | 68,575,161 |
Edwards Lifesciences Corp. * | 1,208,777 | 77,023,270 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Elevance Health, Inc. | 468,207 | 210,735,289 |
GE HealthCare Technologies, Inc. | 777,149 | 51,734,809 |
HCA Healthcare, Inc. | 400,652 | 90,603,443 |
Henry Schein, Inc. * | 258,053 | 16,768,284 |
Hologic, Inc. * | 485,333 | 32,114,485 |
Humana, Inc. | 246,371 | 129,022,029 |
IDEXX Laboratories, Inc. * | 164,568 | 65,739,979 |
Insulet Corp. * | 138,504 | 18,361,475 |
Intuitive Surgical, Inc. * | 698,104 | 183,056,831 |
Laboratory Corp. of America Holdings | 176,878 | 35,327,843 |
McKesson Corp. | 268,280 | 122,163,981 |
Medtronic PLC | 2,644,860 | 186,621,322 |
Molina Healthcare, Inc. * | 115,947 | 38,604,554 |
Quest Diagnostics, Inc. | 221,791 | 28,855,009 |
ResMed, Inc. | 292,516 | 41,309,109 |
STERIS PLC | 196,853 | 41,335,193 |
Stryker Corp. | 671,574 | 181,472,726 |
Teleflex, Inc. | 92,448 | 17,079,768 |
UnitedHealth Group, Inc. | 1,840,466 | 985,679,971 |
Universal Health Services, Inc., Class B | 122,797 | 15,458,914 |
Zimmer Biomet Holdings, Inc. | 415,627 | 43,395,615 |
3,951,556,620 | ||
Household & Personal Products 1.6% | ||
Church & Dwight Co., Inc. | 487,096 | 44,296,510 |
Clorox Co. | 246,745 | 29,041,886 |
Colgate-Palmolive Co. | 1,644,414 | 123,528,380 |
Estee Lauder Cos., Inc., Class A | 459,811 | 59,255,844 |
Kenvue, Inc. | 3,432,812 | 63,850,303 |
Kimberly-Clark Corp. | 671,223 | 80,305,120 |
Procter & Gamble Co. | 4,683,708 | 702,696,711 |
1,102,974,754 | ||
Insurance 2.3% | ||
Aflac, Inc. | 1,074,718 | 83,946,223 |
Allstate Corp. | 520,110 | 66,641,694 |
American International Group, Inc. | 1,417,132 | 86,884,363 |
Aon PLC, Class A | 403,291 | 124,778,236 |
Arch Capital Group Ltd. * | 740,509 | 64,187,320 |
Arthur J Gallagher & Co. | 428,955 | 101,014,613 |
Assurant, Inc. | 105,406 | 15,694,953 |
Brown & Brown, Inc. | 465,398 | 32,307,929 |
Chubb Ltd. | 816,085 | 175,148,163 |
Cincinnati Financial Corp. | 312,025 | 31,099,532 |
Everest Group Ltd. | 85,886 | 33,978,219 |
Globe Life, Inc. | 171,367 | 19,940,264 |
Hartford Financial Services Group, Inc. | 609,280 | 44,751,616 |
Loews Corp. | 365,421 | 23,390,598 |
Marsh & McLennan Cos., Inc. | 981,432 | 186,128,579 |
MetLife, Inc. | 1,254,306 | 75,270,903 |
Principal Financial Group, Inc. | 442,755 | 29,965,658 |
Progressive Corp. | 1,162,994 | 183,857,722 |
Prudential Financial, Inc. | 721,218 | 65,948,174 |
Travelers Cos., Inc. | 454,883 | 76,165,610 |
W R Berkley Corp. | 404,672 | 27,282,986 |
Willis Towers Watson PLC | 207,717 | 48,998,363 |
1,597,381,718 | ||
Materials 2.4% | ||
Air Products & Chemicals, Inc. | 441,670 | 124,745,275 |
Albemarle Corp. | 233,179 | 29,562,434 |
Amcor PLC | 2,926,637 | 26,017,803 |
Avery Dennison Corp. | 159,534 | 27,770,083 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Ball Corp. | 627,561 | 30,217,062 |
Celanese Corp., Class A | 197,351 | 22,598,663 |
CF Industries Holdings, Inc. | 386,203 | 30,811,275 |
Corteva, Inc. | 1,411,043 | 67,927,610 |
Dow, Inc. | 1,394,815 | 67,425,357 |
DuPont de Nemours, Inc. | 913,598 | 66,583,022 |
Eastman Chemical Co. | 235,536 | 17,601,605 |
Ecolab, Inc. | 503,393 | 84,439,142 |
FMC Corp. | 245,192 | 13,044,215 |
Freeport-McMoRan, Inc. | 2,843,712 | 96,060,591 |
International Flavors & Fragrances, Inc. | 505,042 | 34,519,621 |
International Paper Co. | 692,752 | 23,366,525 |
Linde PLC | 969,495 | 370,502,209 |
LyondellBasell Industries NV, Class A | 507,741 | 45,818,548 |
Martin Marietta Materials, Inc. | 122,543 | 50,112,735 |
Mosaic Co. | 661,293 | 21,478,797 |
Newmont Corp. | 1,583,405 | 59,330,185 |
Nucor Corp. | 494,867 | 73,136,394 |
Packaging Corp. of America | 178,836 | 27,370,850 |
PPG Industries, Inc. | 469,240 | 57,608,595 |
Sealed Air Corp. | 282,046 | 8,684,196 |
Sherwin-Williams Co. | 470,495 | 112,076,614 |
Steel Dynamics, Inc. | 309,859 | 33,003,082 |
Vulcan Materials Co. | 264,594 | 51,990,075 |
Westrock Co. | 506,440 | 18,196,389 |
1,691,998,952 | ||
Media & Entertainment 7.7% | ||
Alphabet, Inc., Class A * | 11,788,218 | 1,462,682,089 |
Alphabet, Inc., Class C * | 10,027,575 | 1,256,455,147 |
Charter Communications, Inc., Class A * | 202,218 | 81,453,410 |
Comcast Corp., Class A | 8,177,421 | 337,645,713 |
Electronic Arts, Inc. | 488,735 | 60,500,506 |
Fox Corp., Class A | 743,680 | 22,600,435 |
Interpublic Group of Cos., Inc. | 772,426 | 21,936,898 |
Live Nation Entertainment, Inc. * | 281,788 | 22,548,676 |
Match Group, Inc. * | 556,488 | 19,254,485 |
Meta Platforms, Inc., Class A * | 4,416,028 | 1,330,416,756 |
Netflix, Inc. * | 880,484 | 362,486,458 |
News Corp., Class A | 1,000,337 | 20,686,969 |
Omnicom Group, Inc. | 391,075 | 29,295,428 |
Paramount Global, Class B (b) | 947,557 | 10,309,420 |
Take-Two Interactive Software, Inc. * | 312,554 | 41,804,098 |
Walt Disney Co. * | 3,635,569 | 296,626,075 |
Warner Bros Discovery, Inc. * | 4,418,872 | 43,923,588 |
5,420,626,151 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.5% | ||
AbbVie, Inc. | 3,506,954 | 495,111,766 |
Agilent Technologies, Inc. | 585,570 | 60,530,371 |
Amgen, Inc. | 1,062,789 | 271,755,147 |
Biogen, Inc. * | 287,566 | 68,308,428 |
Bio-Rad Laboratories, Inc., Class A * | 41,888 | 11,530,929 |
Bio-Techne Corp. | 309,867 | 16,928,034 |
Bristol-Myers Squibb Co. | 4,150,818 | 213,891,651 |
Catalent, Inc. * | 358,010 | 12,311,964 |
Charles River Laboratories International, Inc. * | 102,764 | 17,301,347 |
Danaher Corp. | 1,305,652 | 250,711,297 |
Eli Lilly & Co. | 1,584,362 | 877,625,643 |
Gilead Sciences, Inc. | 2,475,693 | 194,440,928 |
Illumina, Inc. * | 314,966 | 34,463,580 |
Incyte Corp. * | 371,460 | 20,032,838 |
IQVIA Holdings, Inc. * | 364,746 | 65,957,019 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Johnson & Johnson | 4,784,459 | 709,726,648 |
Merck & Co., Inc. | 5,041,775 | 517,790,292 |
Mettler-Toledo International, Inc. * | 43,454 | 42,810,881 |
Moderna, Inc. * | 656,423 | 49,861,891 |
Pfizer, Inc. | 11,217,901 | 342,819,054 |
Regeneron Pharmaceuticals, Inc. * | 212,083 | 165,401,411 |
Revvity, Inc. | 246,449 | 20,418,300 |
Thermo Fisher Scientific, Inc. | 766,840 | 341,067,427 |
Vertex Pharmaceuticals, Inc. * | 512,806 | 185,692,181 |
Viatris, Inc. | 2,386,624 | 21,240,954 |
Waters Corp. * | 116,895 | 27,882,964 |
West Pharmaceutical Services, Inc. | 146,350 | 46,581,741 |
Zoetis, Inc. | 914,678 | 143,604,446 |
5,225,799,132 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A * | 616,498 | 42,747,972 |
CoStar Group, Inc. * | 810,881 | 59,526,774 |
102,274,746 | ||
Semiconductors & Semiconductor Equipment 7.2% | ||
Advanced Micro Devices, Inc. * | 3,210,160 | 316,200,760 |
Analog Devices, Inc. | 996,262 | 156,741,900 |
Applied Materials, Inc. | 1,668,485 | 220,823,990 |
Broadcom, Inc. | 819,960 | 689,889,745 |
Enphase Energy, Inc. * | 270,796 | 21,549,946 |
First Solar, Inc. * | 210,623 | 30,003,246 |
Intel Corp. | 8,321,095 | 303,719,968 |
KLA Corp. | 271,839 | 127,682,778 |
Lam Research Corp. | 264,848 | 155,788,891 |
Microchip Technology, Inc. | 1,082,275 | 77,155,385 |
Micron Technology, Inc. | 2,176,662 | 145,553,388 |
Monolithic Power Systems, Inc. | 94,968 | 41,951,164 |
NVIDIA Corp. | 4,907,618 | 2,001,326,620 |
NXP Semiconductors NV | 512,224 | 88,322,784 |
ON Semiconductor Corp. * | 856,692 | 53,663,187 |
Qorvo, Inc. * | 195,909 | 17,126,365 |
QUALCOMM, Inc. | 2,217,369 | 241,671,047 |
Skyworks Solutions, Inc. | 317,685 | 27,555,997 |
SolarEdge Technologies, Inc. * | 112,648 | 8,555,616 |
Teradyne, Inc. | 306,132 | 25,491,612 |
Texas Instruments, Inc. | 1,804,029 | 256,190,158 |
5,006,964,547 | ||
Software & Services 12.0% | ||
Accenture PLC, Class A | 1,253,320 | 372,348,839 |
Adobe, Inc. * | 905,624 | 481,846,305 |
Akamai Technologies, Inc. * | 301,205 | 31,123,513 |
ANSYS, Inc. * | 172,168 | 47,907,468 |
Autodesk, Inc. * | 424,650 | 83,923,579 |
Cadence Design Systems, Inc. * | 540,265 | 129,582,560 |
Cognizant Technology Solutions Corp., Class A | 1,004,718 | 64,774,169 |
EPAM Systems, Inc. * | 114,760 | 24,968,333 |
Fair Isaac Corp. * | 49,558 | 41,919,625 |
Fortinet, Inc. * | 1,298,388 | 74,228,842 |
Gartner, Inc. * | 156,267 | 51,886,895 |
Gen Digital, Inc. | 1,116,366 | 18,598,658 |
International Business Machines Corp. | 1,810,069 | 261,808,380 |
Intuit, Inc. | 556,448 | 275,413,938 |
Microsoft Corp. | 14,762,123 | 4,991,221,408 |
Oracle Corp. | 3,127,902 | 323,425,067 |
Palo Alto Networks, Inc. * | 607,751 | 147,695,648 |
PTC, Inc. * | 236,750 | 33,244,435 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Roper Technologies, Inc. | 211,692 | 103,426,360 |
Salesforce, Inc. * | 1,935,231 | 388,652,442 |
ServiceNow, Inc. * | 405,326 | 235,838,933 |
Synopsys, Inc. * | 302,390 | 141,953,962 |
Tyler Technologies, Inc. * | 83,223 | 31,033,857 |
VeriSign, Inc. * | 178,188 | 35,577,016 |
8,392,400,232 | ||
Technology Hardware & Equipment 8.8% | ||
Amphenol Corp., Class A | 1,182,919 | 95,284,125 |
Apple, Inc. | 29,199,688 | 4,986,430,720 |
Arista Networks, Inc. * | 497,122 | 99,608,335 |
CDW Corp. | 265,744 | 53,255,098 |
Cisco Systems, Inc. | 8,096,692 | 422,080,554 |
Corning, Inc. | 1,528,752 | 40,909,403 |
F5, Inc. * | 119,109 | 18,055,733 |
Hewlett Packard Enterprise Co. | 2,557,666 | 39,336,903 |
HP, Inc. | 1,729,671 | 45,542,237 |
Juniper Networks, Inc. | 635,718 | 17,113,529 |
Keysight Technologies, Inc. * | 355,231 | 43,355,944 |
Motorola Solutions, Inc. | 331,850 | 92,406,950 |
NetApp, Inc. | 418,736 | 30,475,606 |
Seagate Technology Holdings PLC | 385,144 | 26,286,078 |
TE Connectivity Ltd. | 624,554 | 73,603,689 |
Teledyne Technologies, Inc. * | 93,221 | 34,919,654 |
Trimble, Inc. * | 492,807 | 23,225,994 |
Western Digital Corp. * | 635,752 | 25,525,443 |
Zebra Technologies Corp., Class A * | 101,798 | 21,319,555 |
6,188,735,550 | ||
Telecommunication Services 0.9% | ||
AT&T, Inc. | 14,204,276 | 218,745,850 |
T-Mobile U.S., Inc. * | 1,028,785 | 148,001,010 |
Verizon Communications, Inc. | 8,352,965 | 293,439,661 |
660,186,521 | ||
Transportation 1.5% | ||
Alaska Air Group, Inc. * | 252,607 | 7,989,959 |
American Airlines Group, Inc. * | 1,312,281 | 14,631,933 |
CH Robinson Worldwide, Inc. | 233,332 | 19,093,558 |
CSX Corp. | 3,989,442 | 119,084,844 |
Delta Air Lines, Inc. | 1,277,700 | 39,928,125 |
Expeditors International of Washington, Inc. | 293,199 | 32,031,991 |
FedEx Corp. | 460,183 | 110,489,938 |
JB Hunt Transport Services, Inc. | 161,797 | 27,808,050 |
Norfolk Southern Corp. | 450,447 | 85,940,783 |
Old Dominion Freight Line, Inc. | 177,940 | 67,022,880 |
Southwest Airlines Co. | 1,183,066 | 26,299,557 |
Union Pacific Corp. | 1,210,922 | 251,399,517 |
United Airlines Holdings, Inc. * | 651,929 | 22,824,034 |
United Parcel Service, Inc., Class B | 1,437,070 | 202,986,138 |
1,027,531,307 | ||
Utilities 2.5% | ||
AES Corp. | 1,332,692 | 19,857,111 |
Alliant Energy Corp. | 501,843 | 24,484,920 |
Ameren Corp. | 523,144 | 39,607,232 |
American Electric Power Co., Inc. | 1,023,385 | 77,306,503 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
American Water Works Co., Inc. | 388,087 | 45,658,435 |
Atmos Energy Corp. | 294,789 | 31,736,984 |
CenterPoint Energy, Inc. | 1,257,327 | 33,796,950 |
CMS Energy Corp. | 578,780 | 31,450,905 |
Consolidated Edison, Inc. | 683,012 | 59,961,623 |
Constellation Energy Corp. | 637,141 | 71,945,962 |
Dominion Energy, Inc. | 1,664,471 | 67,111,471 |
DTE Energy Co. | 410,173 | 39,532,474 |
Duke Energy Corp. | 1,531,952 | 136,175,213 |
Edison International | 763,535 | 48,148,517 |
Entergy Corp. | 419,536 | 40,103,446 |
Evergy, Inc. | 459,043 | 22,557,373 |
Eversource Energy | 693,523 | 37,304,602 |
Exelon Corp. | 1,978,787 | 77,053,966 |
FirstEnergy Corp. | 1,025,801 | 36,518,516 |
NextEra Energy, Inc. | 4,020,897 | 234,418,295 |
NiSource, Inc. | 825,919 | 20,780,122 |
NRG Energy, Inc. | 454,921 | 19,279,552 |
PG&E Corp. * | 4,164,112 | 67,875,026 |
Pinnacle West Capital Corp. | 222,362 | 16,494,813 |
PPL Corp. | 1,466,142 | 36,023,109 |
Public Service Enterprise Group, Inc. | 990,177 | 61,044,412 |
Sempra | 1,249,225 | 87,483,227 |
Southern Co. | 2,167,321 | 145,860,703 |
WEC Energy Group, Inc. | 628,010 | 51,113,734 |
Xcel Energy, Inc. | 1,096,257 | 64,975,152 |
1,745,660,348 | ||
Total Common Stocks (Cost $33,807,512,884) | 69,808,183,788 |
SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS | ||
Money Market Funds 0.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 4,306,500 | 4,306,500 |
Total Short-Term Investments (Cost $4,306,500) | 4,306,500 | |
Total Investments in Securities (Cost $33,811,819,384) | 69,812,490,288 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 1,149 | 241,993,763 | (5,802,388 ) |
* | 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 $4,164,864. |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
Financial Services 0.2% | ||||||||
Charles Schwab Corp. | $226,553,277 | $10,216,157 | ($3,760,943 ) | ($1,782,158 ) | ($78,559,395 ) | $152,666,938 | 2,933,646 | $2,792,837 |
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 Stocks1 | $69,808,183,788 | $— | $— | $69,808,183,788 |
Short-Term Investments1 | 4,306,500 | — | — | 4,306,500 |
Liabilities | ||||
Futures Contracts2 | (5,802,388 ) | — | — | (5,802,388 ) |
Total | $69,806,687,900 | $— | $— | $69,806,687,900 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $96,876,976) | $152,666,938 | |
Investments in securities, at value - unaffiliated (cost $33,714,942,408) including securities on loan of $4,164,864 | 69,659,823,350 | |
Cash | 163,736,332 | |
Deposit with broker for futures contracts | 23,688,000 | |
Receivables: | ||
Dividends | 51,556,461 | |
Fund shares sold | 45,317,178 | |
Variation margin on future contracts | 1,516,324 | |
Income from securities on loan | + | 331 |
Total assets | 70,098,304,914 | |
Liabilities | ||
Collateral held for securities on loan | 4,306,500 | |
Payables: | ||
Fund shares redeemed | 30,606,026 | |
Investment adviser fees | + | 1,170,988 |
Total liabilities | 36,083,514 | |
Net assets | $70,062,221,400 | |
Net Assets by Source | ||
Capital received from investors | $33,961,179,857 | |
Total distributable earnings | + | 36,101,041,543 |
Net assets | $70,062,221,400 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$70,062,221,400 | 1,077,460,116 | $65.03 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $291,377) | $1,099,602,662 | |
Interest received from securities - unaffiliated | 6,777,990 | |
Dividends received from securities - affiliated | 2,792,837 | |
Securities on loan, net | + | 699,705 |
Total investment income | 1,109,873,194 | |
Expenses | ||
Investment adviser fees | 13,484,296 | |
Proxy fees1 | + | 29,036 |
Total expenses | – | 13,513,332 |
Net investment income | 1,096,359,862 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (1,782,158 ) | |
Net realized losses on sales of securities - unaffiliated | (274,813,233 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 5,526,860 | |
Net realized gains on futures contracts | + | 10,967,202 |
Net realized losses | (260,101,329 ) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (78,559,395 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 5,356,430,035 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (13,876,368 ) |
Net change in unrealized appreciation (depreciation) | + | 5,263,994,272 |
Net realized and unrealized gains | 5,003,892,943 | |
Increase in net assets resulting from operations | $6,100,252,805 |
1 | Proxy fees are non-routine expenses (see financial note 2(e) for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $1,096,359,862 | $966,947,258 | |
Net realized losses | (260,101,329 ) | (162,413,170 ) | |
Net change in unrealized appreciation (depreciation) | + | 5,263,994,272 | (11,097,236,764 ) |
Increase (decrease) in net assets resulting from operations | $6,100,252,805 | ($10,292,702,676 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($999,828,367 ) | ($892,809,698 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 176,030,065 | $11,382,757,051 | 210,459,089 | $13,861,852,248 | |
Shares reinvested | 13,335,796 | 802,281,581 | 10,113,772 | 728,899,804 | |
Shares redeemed | + | (129,402,948 ) | (8,291,585,464 ) | (149,593,128 ) | (9,738,121,330 ) |
Net transactions in fund shares | 59,962,913 | $3,893,453,168 | 70,979,733 | $4,852,630,722 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 1,017,497,203 | $61,068,343,794 | 946,517,470 | $67,401,225,446 | |
Total increase (decrease) | + | 59,962,913 | 8,993,877,606 | 70,979,733 | (6,332,881,652 ) |
End of period | 1,077,460,116 | $70,062,221,400 | 1,017,497,203 | $61,068,343,794 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $84.03 | $102.69 | $73.73 | $68.68 | $64.19 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 6.34 | (18.14 ) | 30.02 | 5.81 | 6.73 | |
Total from investment operations | 7.75 | (16.85 ) | 31.26 | 7.19 | 8.11 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (0.58 ) | (0.88 ) | (0.85 ) | (2.34 ) | |
Total distributions | (1.32 ) | (1.81 ) | (2.30 ) | (2.14 ) | (3.62 ) | |
Net asset value at end of period | $90.46 | $84.03 | $102.69 | $73.73 | $68.68 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.4% OF NET ASSETS | ||
Automobiles & Components 1.8% | ||
Aptiv PLC * | 93,010 | 8,110,472 |
Autoliv, Inc. | 24,784 | 2,271,454 |
BorgWarner, Inc. | 77,100 | 2,844,990 |
Ford Motor Co. | 1,289,426 | 12,571,903 |
Fox Factory Holding Corp. * | 13,800 | 1,124,286 |
General Motors Co. | 451,810 | 12,741,042 |
Gentex Corp. | 77,781 | 2,230,759 |
Harley-Davidson, Inc. | 41,353 | 1,110,328 |
Lear Corp. | 19,120 | 2,481,011 |
Lucid Group, Inc. *(a) | 291,763 | 1,202,064 |
Rivian Automotive, Inc., Class A * | 219,167 | 3,554,889 |
Tesla, Inc. * | 907,158 | 182,193,613 |
Thor Industries, Inc. | 17,593 | 1,546,952 |
233,983,763 | ||
Banks 2.9% | ||
Bank of America Corp. | 2,271,149 | 59,822,065 |
Bank OZK | 33,399 | 1,196,018 |
BOK Financial Corp. | 8,724 | 571,597 |
Citigroup, Inc. | 632,625 | 24,982,361 |
Citizens Financial Group, Inc. | 155,594 | 3,645,567 |
Columbia Banking System, Inc. | 69,514 | 1,367,340 |
Comerica, Inc. | 43,856 | 1,727,926 |
Commerce Bancshares, Inc. | 37,391 | 1,639,969 |
Cullen/Frost Bankers, Inc. | 21,276 | 1,935,903 |
East West Bancorp, Inc. | 46,775 | 2,508,076 |
Fifth Third Bancorp | 224,092 | 5,313,221 |
First Citizens BancShares, Inc., Class A | 3,916 | 5,406,978 |
First Horizon Corp. | 185,007 | 1,988,825 |
Home BancShares, Inc. | 62,038 | 1,268,677 |
Huntington Bancshares, Inc. | 476,079 | 4,594,162 |
JPMorgan Chase & Co. | 954,697 | 132,760,165 |
KeyCorp | 303,786 | 3,104,693 |
M&T Bank Corp. | 54,260 | 6,117,815 |
New York Community Bancorp, Inc. | 234,071 | 2,218,993 |
Old National Bancorp | 100,089 | 1,371,219 |
Pinnacle Financial Partners, Inc. | 25,092 | 1,564,737 |
PNC Financial Services Group, Inc. | 131,031 | 14,999,119 |
Popular, Inc. | 23,499 | 1,528,375 |
Prosperity Bancshares, Inc. | 31,192 | 1,701,212 |
Regions Financial Corp. | 306,289 | 4,450,379 |
SouthState Corp. | 25,298 | 1,672,198 |
Synovus Financial Corp. | 50,166 | 1,307,828 |
Truist Financial Corp. | 437,183 | 12,398,510 |
U.S. Bancorp | 510,673 | 16,280,255 |
Valley National Bancorp | 137,143 | 1,066,973 |
Webster Financial Corp. | 56,405 | 2,141,698 |
Wells Fargo & Co. | 1,201,971 | 47,802,387 |
Western Alliance Bancorp | 35,083 | 1,441,911 |
Wintrust Financial Corp. | 20,348 | 1,519,792 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Zions Bancorp NA | 48,988 | 1,511,280 |
374,928,224 | ||
Capital Goods 6.1% | ||
3M Co. | 180,964 | 16,458,676 |
A O Smith Corp. | 41,147 | 2,870,415 |
AAON, Inc. | 22,244 | 1,211,853 |
Acuity Brands, Inc. | 10,107 | 1,637,031 |
Advanced Drainage Systems, Inc. | 22,761 | 2,431,558 |
AECOM | 45,706 | 3,498,794 |
AGCO Corp. | 20,552 | 2,356,492 |
Air Lease Corp., Class A | 34,596 | 1,198,059 |
Allegion PLC | 28,469 | 2,800,211 |
Allison Transmission Holdings, Inc. | 29,247 | 1,474,634 |
AMETEK, Inc. | 75,676 | 10,652,911 |
API Group Corp. * | 67,212 | 1,738,774 |
Applied Industrial Technologies, Inc. | 12,697 | 1,949,116 |
Atkore, Inc. * | 12,454 | 1,547,783 |
Axon Enterprise, Inc. * | 22,857 | 4,674,028 |
AZEK Co., Inc., Class A * | 49,224 | 1,289,669 |
Beacon Roofing Supply, Inc. * | 17,470 | 1,243,340 |
Boeing Co. * | 186,273 | 34,799,522 |
Boise Cascade Co. | 12,987 | 1,217,531 |
Builders FirstSource, Inc. * | 40,971 | 4,446,173 |
BWX Technologies, Inc. | 30,471 | 2,263,386 |
Carlisle Cos., Inc. | 16,386 | 4,163,519 |
Carrier Global Corp. | 275,508 | 13,130,711 |
Caterpillar, Inc. | 167,590 | 37,883,719 |
Chart Industries, Inc. * | 13,722 | 1,594,908 |
Comfort Systems USA, Inc. | 11,703 | 2,128,191 |
Core & Main, Inc., Class A * | 34,451 | 1,036,286 |
Crane Co. | 16,478 | 1,603,804 |
Cummins, Inc. | 46,411 | 10,038,699 |
Curtiss-Wright Corp. | 12,430 | 2,471,208 |
Deere & Co. | 89,576 | 32,727,487 |
Donaldson Co., Inc. | 39,129 | 2,256,178 |
Dover Corp. | 45,810 | 5,953,009 |
Eaton Corp. PLC | 131,078 | 27,252,427 |
EMCOR Group, Inc. | 15,417 | 3,185,923 |
Emerson Electric Co. | 187,991 | 16,725,559 |
Esab Corp. | 18,609 | 1,177,950 |
Fastenal Co. | 188,655 | 11,006,133 |
Ferguson PLC | 66,860 | 10,042,372 |
Flowserve Corp. | 43,341 | 1,591,482 |
Fluor Corp. * | 47,095 | 1,567,793 |
Fortive Corp. | 116,782 | 7,623,529 |
Fortune Brands Innovations, Inc. | 42,058 | 2,346,836 |
Franklin Electric Co., Inc. | 13,152 | 1,140,541 |
Generac Holdings, Inc. * | 20,544 | 1,727,134 |
General Dynamics Corp. | 74,450 | 17,965,529 |
General Electric Co. | 357,550 | 38,840,656 |
Graco, Inc. | 55,549 | 4,130,068 |
HEICO Corp. | 33,347 | 5,282,498 |
Hexcel Corp. | 27,945 | 1,730,354 |
Honeywell International, Inc. | 218,122 | 39,973,038 |
Howmet Aerospace, Inc. | 128,592 | 5,670,907 |
Hubbell, Inc., Class B | 17,507 | 4,728,641 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Huntington Ingalls Industries, Inc. | 12,927 | 2,841,613 |
IDEX Corp. | 24,858 | 4,758,070 |
Illinois Tool Works, Inc. | 90,400 | 20,260,448 |
Ingersoll Rand, Inc. | 132,510 | 8,040,707 |
ITT, Inc. | 27,187 | 2,537,906 |
Johnson Controls International PLC | 222,930 | 10,928,029 |
L3Harris Technologies, Inc. | 62,064 | 11,134,902 |
Lennox International, Inc. | 10,473 | 3,880,665 |
Leonardo DRS, Inc. * | 17,697 | 337,482 |
Lincoln Electric Holdings, Inc. | 18,713 | 3,271,032 |
Lockheed Martin Corp. | 73,630 | 33,475,143 |
Masco Corp. | 73,186 | 3,812,259 |
MasTec, Inc. * | 20,487 | 1,217,747 |
Middleby Corp. * | 17,694 | 1,997,122 |
MSC Industrial Direct Co., Inc., Class A | 15,575 | 1,475,731 |
Mueller Industries, Inc. | 37,422 | 1,411,184 |
Nordson Corp. | 17,784 | 3,780,701 |
Northrop Grumman Corp. | 46,758 | 22,043,124 |
nVent Electric PLC | 54,759 | 2,635,551 |
Oshkosh Corp. | 20,996 | 1,841,979 |
Otis Worldwide Corp. | 134,870 | 10,413,313 |
Owens Corning | 29,623 | 3,358,360 |
PACCAR, Inc. | 172,586 | 14,243,523 |
Parker-Hannifin Corp. | 42,033 | 15,506,394 |
Pentair PLC | 53,666 | 3,119,068 |
Plug Power, Inc. *(a) | 178,600 | 1,051,954 |
Quanta Services, Inc. | 47,474 | 7,933,855 |
RBC Bearings, Inc. * | 9,793 | 2,152,893 |
Regal Rexnord Corp. | 21,997 | 2,604,665 |
Rockwell Automation, Inc. | 37,667 | 9,899,264 |
RTX Corp. | 478,161 | 38,917,524 |
Sensata Technologies Holding PLC | 50,073 | 1,596,327 |
Simpson Manufacturing Co., Inc. | 14,012 | 1,866,118 |
SiteOne Landscape Supply, Inc. * | 14,826 | 2,042,578 |
Snap-on, Inc. | 17,404 | 4,489,188 |
Stanley Black & Decker, Inc. | 49,836 | 4,238,552 |
Textron, Inc. | 65,017 | 4,941,292 |
Timken Co. | 21,550 | 1,489,536 |
Toro Co. | 33,580 | 2,714,607 |
Trane Technologies PLC | 75,267 | 14,324,063 |
TransDigm Group, Inc. * | 18,091 | 14,980,976 |
Trex Co., Inc. * | 36,051 | 2,026,427 |
UFP Industries, Inc. | 19,933 | 1,897,024 |
United Rentals, Inc. | 22,369 | 9,087,854 |
Valmont Industries, Inc. | 6,959 | 1,370,297 |
Vertiv Holdings Co., Class A | 114,750 | 4,506,232 |
Watsco, Inc. | 11,032 | 3,848,954 |
Watts Water Technologies, Inc., Class A | 9,019 | 1,560,377 |
WESCO International, Inc. | 14,388 | 1,844,542 |
Westinghouse Air Brake Technologies Corp. | 59,352 | 6,292,499 |
WillScot Mobile Mini Holdings Corp. * | 64,966 | 2,560,310 |
Woodward, Inc. | 20,274 | 2,528,168 |
WW Grainger, Inc. | 14,576 | 10,638,002 |
Xylem, Inc. | 79,116 | 7,400,511 |
Zurn Elkay Water Solutions Corp. | 47,551 | 1,258,199 |
780,841,886 | ||
Commercial & Professional Services 1.5% | ||
Automatic Data Processing, Inc. | 135,345 | 29,534,986 |
Booz Allen Hamilton Holding Corp., Class A | 43,720 | 5,243,340 |
Broadridge Financial Solutions, Inc. | 38,607 | 6,587,899 |
CACI International, Inc., Class A * | 7,522 | 2,442,845 |
Casella Waste Systems, Inc., Class A * | 19,409 | 1,464,409 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Ceridian HCM Holding, Inc. * | 51,236 | 3,279,616 |
Cintas Corp. | 28,539 | 14,472,698 |
Clarivate PLC * | 140,745 | 897,953 |
Clean Harbors, Inc. * | 16,507 | 2,536,631 |
Copart, Inc. * | 284,737 | 12,391,754 |
Dun & Bradstreet Holdings, Inc. | 78,413 | 686,898 |
Equifax, Inc. | 40,176 | 6,812,644 |
ExlService Holdings, Inc. * | 55,352 | 1,445,241 |
Exponent, Inc. | 17,432 | 1,277,591 |
FTI Consulting, Inc. * | 11,273 | 2,392,807 |
Genpact Ltd. | 54,268 | 1,820,149 |
Jacobs Solutions, Inc. | 41,212 | 5,493,560 |
KBR, Inc. | 43,803 | 2,547,144 |
Leidos Holdings, Inc. | 44,760 | 4,436,611 |
Maximus, Inc. | 20,024 | 1,496,193 |
MSA Safety, Inc. | 12,118 | 1,913,190 |
Parsons Corp. * | 13,384 | 756,865 |
Paychex, Inc. | 105,126 | 11,674,242 |
Paycom Software, Inc. | 16,302 | 3,993,501 |
Paylocity Holding Corp. * | 14,155 | 2,539,407 |
RB Global, Inc. | 59,729 | 3,906,277 |
Republic Services, Inc., Class A | 67,315 | 9,995,604 |
Robert Half, Inc. | 35,413 | 2,647,830 |
Rollins, Inc. | 91,966 | 3,458,841 |
Science Applications International Corp. | 17,361 | 1,896,516 |
SS&C Technologies Holdings, Inc. | 71,316 | 3,583,629 |
Tetra Tech, Inc. | 17,628 | 2,660,241 |
TransUnion | 62,961 | 2,762,729 |
TriNet Group, Inc. * | 11,024 | 1,132,716 |
Veralto Corp. * | 71,740 | 4,950,060 |
Verisk Analytics, Inc., Class A | 47,725 | 10,850,756 |
Vestis Corp. * | 42,956 | 656,797 |
Waste Management, Inc. | 121,140 | 19,906,936 |
196,547,106 | ||
Consumer Discretionary Distribution & Retail 5.3% | ||
Amazon.com, Inc. * | 2,982,807 | 396,981,784 |
Asbury Automotive Group, Inc. * | 6,775 | 1,296,532 |
AutoNation, Inc. * | 8,845 | 1,150,558 |
AutoZone, Inc. * | 5,949 | 14,736,446 |
Bath & Body Works, Inc. | 75,621 | 2,242,163 |
Best Buy Co., Inc. | 64,029 | 4,278,418 |
Burlington Stores, Inc. * | 21,395 | 2,589,437 |
CarMax, Inc. * | 52,336 | 3,197,206 |
Carvana Co., Class A * | 31,543 | 851,661 |
Dick's Sporting Goods, Inc. | 20,933 | 2,238,784 |
Dillard's, Inc., Class A | 1,161 | 360,432 |
eBay, Inc. | 174,502 | 6,845,713 |
Etsy, Inc. * | 40,747 | 2,538,538 |
Five Below, Inc. * | 18,296 | 3,183,138 |
Floor & Decor Holdings, Inc., Class A * | 34,554 | 2,847,250 |
GameStop Corp., Class A *(a) | 88,308 | 1,216,001 |
Genuine Parts Co. | 46,007 | 5,928,462 |
Home Depot, Inc. | 330,283 | 94,028,267 |
Lithia Motors, Inc., Class A | 8,919 | 2,160,271 |
LKQ Corp. | 87,798 | 3,856,088 |
Lowe's Cos., Inc. | 192,505 | 36,685,678 |
Murphy USA, Inc. | 6,364 | 2,308,159 |
Ollie's Bargain Outlet Holdings, Inc. * | 20,340 | 1,571,062 |
O'Reilly Automotive, Inc. * | 19,859 | 18,477,608 |
Penske Automotive Group, Inc. | 6,449 | 922,723 |
Pool Corp. | 12,890 | 4,070,275 |
RH * | 5,098 | 1,111,160 |
Ross Stores, Inc. | 111,664 | 12,949,674 |
TJX Cos., Inc. | 377,544 | 33,250,300 |
Tractor Supply Co. | 35,686 | 6,871,696 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Ulta Beauty, Inc. * | 16,338 | 6,229,843 |
Valvoline, Inc. | 45,860 | 1,360,666 |
Wayfair, Inc., Class A * | 29,644 | 1,263,131 |
Williams-Sonoma, Inc. | 21,158 | 3,178,778 |
682,777,902 | ||
Consumer Durables & Apparel 1.1% | ||
Brunswick Corp. | 23,169 | 1,609,550 |
Capri Holdings Ltd. * | 38,108 | 1,950,368 |
Columbia Sportswear Co. | 11,637 | 858,811 |
Crocs, Inc. * | 19,885 | 1,776,128 |
Deckers Outdoor Corp. * | 8,666 | 5,174,122 |
DR Horton, Inc. | 99,777 | 10,416,719 |
Garmin Ltd. | 50,510 | 5,178,790 |
Hasbro, Inc. | 43,116 | 1,946,687 |
KB Home | 25,673 | 1,134,747 |
Lennar Corp., Class A | 82,780 | 8,830,970 |
Lululemon Athletica, Inc. * | 37,894 | 14,910,531 |
Mattel, Inc. * | 115,874 | 2,210,876 |
Meritage Homes Corp. | 12,145 | 1,384,773 |
Mohawk Industries, Inc. * | 17,641 | 1,417,984 |
Newell Brands, Inc. | 131,270 | 882,134 |
NIKE, Inc., Class B | 402,457 | 41,360,506 |
NVR, Inc. * | 1,071 | 5,796,916 |
Polaris, Inc. | 17,177 | 1,484,436 |
PulteGroup, Inc. | 71,966 | 5,295,978 |
PVH Corp. | 20,703 | 1,539,268 |
Ralph Lauren Corp., Class A | 13,353 | 1,502,613 |
SharkNinja, Inc. * | 15,934 | 665,404 |
Skechers USA, Inc., Class A * | 44,474 | 2,144,536 |
Tapestry, Inc. | 76,690 | 2,113,576 |
Taylor Morrison Home Corp., Class A * | 36,093 | 1,383,084 |
Tempur Sealy International, Inc. | 55,661 | 2,222,544 |
Toll Brothers, Inc. | 35,895 | 2,538,136 |
TopBuild Corp. * | 10,503 | 2,402,666 |
VF Corp. | 106,108 | 1,562,971 |
Whirlpool Corp. | 18,113 | 1,893,895 |
YETI Holdings, Inc. * | 28,594 | 1,215,817 |
134,805,536 | ||
Consumer Services 2.2% | ||
ADT, Inc. | 81,572 | 461,697 |
Airbnb, Inc., Class A * | 140,231 | 16,587,925 |
Aramark | 85,912 | 2,313,610 |
Booking Holdings, Inc. * | 11,725 | 32,707,591 |
Boyd Gaming Corp. | 23,728 | 1,310,972 |
Bright Horizons Family Solutions, Inc. * | 19,049 | 1,410,769 |
Caesars Entertainment, Inc. * | 70,757 | 2,822,497 |
Carnival Corp. * | 331,029 | 3,793,592 |
Chipotle Mexican Grill, Inc., Class A * | 9,075 | 17,625,465 |
Choice Hotels International, Inc. | 8,126 | 897,923 |
Churchill Downs, Inc. | 22,452 | 2,466,128 |
Darden Restaurants, Inc. | 40,053 | 5,828,913 |
Domino's Pizza, Inc. | 11,429 | 3,874,317 |
DoorDash, Inc., Class A * | 98,419 | 7,376,504 |
DraftKings, Inc., Class A * | 152,661 | 4,216,497 |
Duolingo, Inc. * | 11,616 | 1,696,517 |
Expedia Group, Inc. * | 45,282 | 4,314,922 |
H&R Block, Inc. | 51,517 | 2,114,773 |
Hilton Grand Vacations, Inc. * | 23,542 | 846,335 |
Hilton Worldwide Holdings, Inc. | 85,794 | 13,000,365 |
Hyatt Hotels Corp., Class A | 14,822 | 1,518,366 |
Las Vegas Sands Corp. | 107,369 | 5,095,733 |
Light & Wonder, Inc. * | 30,105 | 2,200,976 |
Marriott International, Inc., Class A | 82,459 | 15,548,469 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
McDonald's Corp. | 239,411 | 62,766,382 |
MGM Resorts International * | 92,409 | 3,226,922 |
Norwegian Cruise Line Holdings Ltd. * | 139,998 | 1,903,973 |
Planet Fitness, Inc., Class A * | 28,067 | 1,551,263 |
Royal Caribbean Cruises Ltd. * | 77,277 | 6,547,680 |
Service Corp. International | 48,840 | 2,657,873 |
Starbucks Corp. | 376,283 | 34,708,344 |
Texas Roadhouse, Inc., Class A | 21,570 | 2,190,218 |
Vail Resorts, Inc. | 12,694 | 2,694,301 |
Wingstop, Inc. | 9,864 | 1,802,843 |
Wyndham Hotels & Resorts, Inc. | 27,442 | 1,986,801 |
Wynn Resorts Ltd. | 31,874 | 2,797,900 |
Yum! Brands, Inc. | 91,855 | 11,101,595 |
285,966,951 | ||
Consumer Staples Distribution & Retail 1.8% | ||
Albertsons Cos., Inc., Class A | 131,963 | 2,863,597 |
BJ's Wholesale Club Holdings, Inc. * | 44,145 | 3,007,157 |
Casey's General Stores, Inc. | 12,222 | 3,323,284 |
Costco Wholesale Corp. | 145,582 | 80,425,320 |
Dollar General Corp. | 71,827 | 8,550,286 |
Dollar Tree, Inc. * | 68,808 | 7,643,881 |
Kroger Co. | 217,171 | 9,853,048 |
Performance Food Group Co. * | 51,509 | 2,975,160 |
Sysco Corp. | 165,982 | 11,036,143 |
Target Corp. | 151,874 | 16,826,121 |
U.S. Foods Holding Corp. * | 74,835 | 2,914,075 |
Walgreens Boots Alliance, Inc. | 235,518 | 4,964,719 |
Walmart, Inc. | 468,860 | 76,616,413 |
230,999,204 | ||
Energy 4.6% | ||
Antero Midstream Corp. | 113,320 | 1,398,369 |
Antero Resources Corp. * | 92,890 | 2,734,682 |
APA Corp. | 100,220 | 3,980,738 |
Baker Hughes Co., Class A | 332,701 | 11,451,568 |
ChampionX Corp. | 63,755 | 1,963,654 |
Cheniere Energy, Inc. | 78,830 | 13,118,889 |
Chesapeake Energy Corp. | 36,769 | 3,165,075 |
Chevron Corp. | 582,874 | 84,942,228 |
Chord Energy Corp. | 13,795 | 2,280,589 |
Civitas Resources, Inc. | 27,942 | 2,107,665 |
ConocoPhillips | 393,396 | 46,735,445 |
Coterra Energy, Inc. | 247,454 | 6,804,985 |
Denbury, Inc. * | 16,689 | 1,483,485 |
Devon Energy Corp. | 211,898 | 9,868,090 |
Diamondback Energy, Inc. | 58,491 | 9,377,277 |
DTE Midstream LLC. | 32,329 | 1,744,796 |
EOG Resources, Inc. | 191,282 | 24,149,352 |
EQT Corp. | 119,338 | 5,057,544 |
Exxon Mobil Corp. | 1,315,116 | 139,205,029 |
Halliburton Co. | 296,047 | 11,646,489 |
Hess Corp. | 90,876 | 13,122,494 |
HF Sinclair Corp. | 47,659 | 2,639,355 |
Kinder Morgan, Inc. | 635,935 | 10,302,147 |
Magnolia Oil & Gas Corp., Class A | 61,817 | 1,387,792 |
Marathon Oil Corp. | 198,136 | 5,411,094 |
Marathon Petroleum Corp. | 131,387 | 19,872,284 |
Matador Resources Co. | 36,362 | 2,243,172 |
Murphy Oil Corp. | 48,795 | 2,189,432 |
New Fortress Energy, Inc. | 21,766 | 659,510 |
Noble Corp. PLC | 35,442 | 1,654,787 |
NOV, Inc. | 127,779 | 2,550,469 |
Occidental Petroleum Corp. | 218,412 | 13,500,046 |
ONEOK, Inc. | 191,808 | 12,505,882 |
Ovintiv, Inc. | 83,116 | 3,989,568 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Patterson-UTI Energy, Inc. | 105,450 | 1,339,215 |
PBF Energy, Inc., Class A | 36,360 | 1,728,191 |
Permian Resources Corp., Class A | 120,707 | 1,758,701 |
Phillips 66 | 146,401 | 16,699,962 |
Pioneer Natural Resources Co. | 76,626 | 18,313,614 |
Range Resources Corp. | 79,999 | 2,867,164 |
Schlumberger NV | 466,883 | 25,986,708 |
SM Energy Co. | 38,363 | 1,546,796 |
Southwestern Energy Co. * | 357,017 | 2,545,531 |
Targa Resources Corp. | 73,596 | 6,153,362 |
TechnipFMC PLC | 143,413 | 3,086,248 |
Texas Pacific Land Corp. | 2,062 | 3,806,349 |
Transocean Ltd. * | 221,262 | 1,464,754 |
Valaris Ltd. * | 20,857 | 1,377,396 |
Valero Energy Corp. | 115,659 | 14,688,693 |
Weatherford International PLC * | 23,565 | 2,193,666 |
Williams Cos., Inc. | 398,678 | 13,714,523 |
594,514,854 | ||
Equity Real Estate Investment Trusts (REITs) 2.4% | ||
Agree Realty Corp. | 31,906 | 1,784,822 |
Alexandria Real Estate Equities, Inc. | 51,981 | 4,840,991 |
American Homes 4 Rent, Class A | 105,564 | 3,456,165 |
American Tower Corp. | 153,198 | 27,298,352 |
Americold Realty Trust, Inc. | 83,294 | 2,183,969 |
Apartment Income REIT Corp. | 50,717 | 1,481,444 |
AvalonBay Communities, Inc. | 46,493 | 7,705,750 |
Boston Properties, Inc. | 47,345 | 2,536,272 |
Brixmor Property Group, Inc. | 98,553 | 2,048,917 |
Camden Property Trust | 35,247 | 2,991,765 |
Crown Castle, Inc. | 142,269 | 13,228,172 |
CubeSmart | 74,249 | 2,531,148 |
Digital Realty Trust, Inc. | 99,171 | 12,332,906 |
EastGroup Properties, Inc. | 15,066 | 2,459,524 |
Equinix, Inc. | 30,738 | 22,427,674 |
Equity LifeStyle Properties, Inc. | 61,225 | 4,028,605 |
Equity Residential | 113,371 | 6,272,817 |
Essex Property Trust, Inc. | 20,895 | 4,469,858 |
Extra Space Storage, Inc. | 69,293 | 7,178,062 |
Federal Realty Investment Trust | 23,656 | 2,157,191 |
First Industrial Realty Trust, Inc. | 42,373 | 1,792,378 |
Gaming & Leisure Properties, Inc. | 86,664 | 3,933,679 |
Healthcare Realty Trust, Inc., Class A | 126,483 | 1,815,031 |
Healthpeak Properties, Inc. | 181,384 | 2,820,521 |
Host Hotels & Resorts, Inc. | 231,585 | 3,584,936 |
Invitation Homes, Inc. | 188,432 | 5,594,546 |
Iron Mountain, Inc. | 95,233 | 5,625,413 |
Kilroy Realty Corp. | 36,066 | 1,030,766 |
Kimco Realty Corp. | 204,764 | 3,673,466 |
Kite Realty Group Trust | 73,241 | 1,561,498 |
Lamar Advertising Co., Class A | 28,930 | 2,380,071 |
Medical Properties Trust, Inc. | 195,366 | 933,849 |
Mid-America Apartment Communities, Inc. | 38,003 | 4,490,054 |
NNN REIT, Inc. | 60,482 | 2,197,311 |
Omega Healthcare Investors, Inc. | 80,418 | 2,661,836 |
Prologis, Inc. | 303,504 | 30,578,028 |
Public Storage | 51,867 | 12,381,172 |
Rayonier, Inc. | 45,440 | 1,146,906 |
Realty Income Corp. | 232,508 | 11,016,229 |
Regency Centers Corp. | 54,256 | 3,269,467 |
Rexford Industrial Realty, Inc. | 68,084 | 2,943,952 |
Ryman Hospitality Properties, Inc. | 20,306 | 1,738,194 |
SBA Communications Corp., Class A | 35,468 | 7,399,689 |
Simon Property Group, Inc. | 107,357 | 11,797,461 |
Spirit Realty Capital, Inc. | 46,810 | 1,684,692 |
STAG Industrial, Inc. | 58,921 | 1,957,356 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Sun Communities, Inc. | 40,514 | 4,506,777 |
Terreno Realty Corp. | 27,741 | 1,478,040 |
UDR, Inc. | 99,840 | 3,175,910 |
Ventas, Inc. | 132,059 | 5,607,225 |
VICI Properties, Inc., Class A | 333,849 | 9,314,387 |
Vornado Realty Trust | 50,441 | 968,467 |
Welltower, Inc. | 170,033 | 14,216,459 |
Weyerhaeuser Co. | 239,449 | 6,869,792 |
WP Carey, Inc. | 70,746 | 3,795,523 |
313,355,485 | ||
Financial Services 7.6% | ||
Affiliated Managers Group, Inc. | 11,392 | 1,398,482 |
Affirm Holdings, Inc. * | 71,539 | 1,259,802 |
AGNC Investment Corp. | 203,374 | 1,500,900 |
Ally Financial, Inc. | 89,346 | 2,161,280 |
American Express Co. | 191,132 | 27,911,006 |
Ameriprise Financial, Inc. | 33,658 | 10,587,797 |
Annaly Capital Management, Inc. | 159,627 | 2,491,777 |
Apollo Global Management, Inc. | 143,199 | 11,089,331 |
Ares Management Corp., Class A | 54,216 | 5,345,155 |
Bank of New York Mellon Corp. | 255,188 | 10,845,490 |
Berkshire Hathaway, Inc., Class B * | 599,110 | 204,494,216 |
BlackRock, Inc. | 46,106 | 28,229,782 |
Blackstone, Inc. | 233,182 | 21,534,358 |
Block, Inc. * | 180,994 | 7,285,008 |
Blue Owl Capital, Inc., Class A | 133,762 | 1,649,285 |
Capital One Financial Corp. | 125,078 | 12,669,151 |
Carlyle Group, Inc. | 71,992 | 1,982,660 |
Cboe Global Markets, Inc. | 34,479 | 5,650,763 |
Charles Schwab Corp. (b) | 484,700 | 25,223,788 |
CME Group, Inc. | 118,183 | 25,227,343 |
Coinbase Global, Inc., Class A * | 55,814 | 4,304,376 |
Corebridge Financial, Inc. | 54,413 | 1,088,260 |
Credit Acceptance Corp. * | 2,124 | 854,761 |
Discover Financial Services | 81,904 | 6,722,680 |
Enact Holdings, Inc. | 9,788 | 269,757 |
Equitable Holdings, Inc. | 106,904 | 2,840,439 |
Essent Group Ltd. | 36,414 | 1,720,197 |
Evercore, Inc., Class A | 11,493 | 1,496,159 |
FactSet Research Systems, Inc. | 12,495 | 5,396,466 |
Fidelity National Information Services, Inc. | 194,206 | 9,537,457 |
Fiserv, Inc. * | 200,269 | 22,780,599 |
FleetCor Technologies, Inc. * | 24,134 | 5,434,253 |
Franklin Resources, Inc. | 94,999 | 2,165,027 |
Global Payments, Inc. | 85,235 | 9,053,662 |
Goldman Sachs Group, Inc. | 108,302 | 32,881,570 |
Houlihan Lokey, Inc., Class A | 16,846 | 1,693,360 |
Interactive Brokers Group, Inc., Class A | 35,015 | 2,803,651 |
Intercontinental Exchange, Inc. | 188,084 | 20,207,745 |
Invesco Ltd. | 146,958 | 1,906,045 |
Jack Henry & Associates, Inc. | 23,683 | 3,339,066 |
Janus Henderson Group PLC | 43,410 | 1,001,469 |
Jefferies Financial Group, Inc. | 57,898 | 1,863,158 |
KKR & Co., Inc. | 212,343 | 11,763,802 |
LPL Financial Holdings, Inc. | 25,020 | 5,617,490 |
MarketAxess Holdings, Inc. | 12,378 | 2,645,798 |
Mastercard, Inc., Class A | 273,331 | 102,868,122 |
MGIC Investment Corp. | 90,097 | 1,517,233 |
Moody's Corp. | 51,917 | 15,990,436 |
Morgan Stanley | 419,143 | 29,683,707 |
Morningstar, Inc. | 8,561 | 2,167,988 |
MSCI, Inc., Class A | 25,916 | 12,220,690 |
Nasdaq, Inc. | 111,616 | 5,536,154 |
Northern Trust Corp. | 68,033 | 4,484,055 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
OneMain Holdings, Inc. | 40,289 | 1,447,584 |
PayPal Holdings, Inc. * | 361,031 | 18,701,406 |
Raymond James Financial, Inc. | 61,637 | 5,882,635 |
Remitly Global, Inc. * | 43,486 | 1,171,078 |
Rithm Capital Corp. | 160,559 | 1,498,015 |
Robinhood Markets, Inc., Class A * | 181,123 | 1,655,464 |
S&P Global, Inc. | 106,899 | 37,340,890 |
SEI Investments Co. | 33,613 | 1,803,674 |
SoFi Technologies, Inc. * | 311,954 | 2,355,253 |
Starwood Property Trust, Inc. | 98,071 | 1,740,760 |
State Street Corp. | 104,513 | 6,754,675 |
Stifel Financial Corp. | 34,453 | 1,963,821 |
Synchrony Financial | 137,429 | 3,854,883 |
T Rowe Price Group, Inc. | 73,653 | 6,665,597 |
Toast, Inc., Class A * | 118,892 | 1,901,083 |
Tradeweb Markets, Inc., Class A | 37,916 | 3,412,819 |
Visa, Inc., Class A | 527,857 | 124,099,181 |
Voya Financial, Inc. | 34,719 | 2,318,188 |
Western Union Co. | 127,784 | 1,442,681 |
WEX, Inc. * | 14,090 | 2,345,703 |
970,748,396 | ||
Food, Beverage & Tobacco 3.0% | ||
Altria Group, Inc. | 582,989 | 23,418,668 |
Archer-Daniels-Midland Co. | 176,632 | 12,641,552 |
Brown-Forman Corp., Class B | 60,000 | 3,369,600 |
Bunge Ltd. | 49,242 | 5,218,667 |
Campbell Soup Co. | 64,335 | 2,599,777 |
Celsius Holdings, Inc. * | 16,134 | 2,453,820 |
Coca-Cola Co. | 1,278,557 | 72,225,685 |
Coca-Cola Consolidated, Inc. | 1,545 | 983,253 |
Conagra Brands, Inc. | 157,208 | 4,301,211 |
Constellation Brands, Inc., Class A | 53,242 | 12,466,614 |
Darling Ingredients, Inc. * | 51,885 | 2,297,987 |
Flowers Foods, Inc. | 65,838 | 1,443,827 |
General Mills, Inc. | 191,702 | 12,506,639 |
Hershey Co. | 49,145 | 9,207,316 |
Hormel Foods Corp. | 95,622 | 3,112,496 |
Ingredion, Inc. | 21,766 | 2,036,862 |
J M Smucker Co. | 33,517 | 3,815,575 |
Kellanova | 86,599 | 4,370,652 |
Keurig Dr Pepper, Inc. | 330,124 | 10,012,661 |
Kraft Heinz Co. | 261,431 | 8,224,619 |
Lamb Weston Holdings, Inc. | 48,152 | 4,324,050 |
Lancaster Colony Corp. | 6,855 | 1,159,660 |
McCormick & Co., Inc. - Non Voting Shares | 82,095 | 5,245,871 |
Molson Coors Beverage Co., Class B | 60,833 | 3,514,322 |
Mondelez International, Inc., Class A | 446,920 | 29,590,573 |
Monster Beverage Corp. * | 244,978 | 12,518,376 |
National Beverage Corp. * | 7,583 | 351,700 |
PepsiCo, Inc. | 452,230 | 73,840,114 |
Philip Morris International, Inc. | 509,971 | 45,469,014 |
Pilgrim's Pride Corp. * | 11,843 | 301,997 |
Post Holdings, Inc. * | 16,862 | 1,353,681 |
Tyson Foods, Inc., Class A | 93,170 | 4,318,430 |
WK Kellogg Co. * | 21,231 | 212,735 |
378,908,004 | ||
Health Care Equipment & Services 5.4% | ||
Abbott Laboratories | 570,094 | 53,902,388 |
Acadia Healthcare Co., Inc. * | 30,436 | 2,237,350 |
agilon health, Inc. * | 99,327 | 1,787,886 |
Align Technology, Inc. * | 23,291 | 4,299,286 |
Baxter International, Inc. | 167,277 | 5,424,793 |
Becton Dickinson & Co. | 95,306 | 24,091,451 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Boston Scientific Corp. * | 481,022 | 24,623,516 |
Cardinal Health, Inc. | 83,905 | 7,635,355 |
Cencora, Inc. | 54,800 | 10,146,220 |
Centene Corp. * | 177,688 | 12,256,918 |
Chemed Corp. | 4,967 | 2,794,683 |
Cigna Group | 97,234 | 30,064,753 |
Cooper Cos., Inc. | 16,334 | 5,092,125 |
CVS Health Corp. | 421,946 | 29,118,493 |
DaVita, Inc. * | 17,575 | 1,357,317 |
DENTSPLY SIRONA, Inc. | 70,164 | 2,133,687 |
Dexcom, Inc. * | 127,993 | 11,369,618 |
Edwards Lifesciences Corp. * | 199,186 | 12,692,132 |
Elevance Health, Inc. | 77,414 | 34,843,267 |
Encompass Health Corp. | 33,148 | 2,073,739 |
Ensign Group, Inc. | 18,467 | 1,783,912 |
Envista Holdings Corp. * | 54,024 | 1,257,138 |
GE HealthCare Technologies, Inc. | 128,072 | 8,525,753 |
Globus Medical, Inc., Class A * | 39,371 | 1,799,648 |
Haemonetics Corp. * | 16,597 | 1,414,562 |
HCA Healthcare, Inc. | 65,950 | 14,913,933 |
HealthEquity, Inc. * | 28,181 | 2,020,014 |
Henry Schein, Inc. * | 42,438 | 2,757,621 |
Hologic, Inc. * | 81,263 | 5,377,173 |
Humana, Inc. | 40,732 | 21,330,941 |
IDEXX Laboratories, Inc. * | 27,193 | 10,862,788 |
Inspire Medical Systems, Inc. * | 9,880 | 1,453,941 |
Insulet Corp. * | 22,633 | 3,000,457 |
Intuitive Surgical, Inc. * | 115,426 | 30,267,006 |
Laboratory Corp. of America Holdings | 28,863 | 5,764,807 |
Lantheus Holdings, Inc. * | 22,460 | 1,450,916 |
Masimo Corp. * | 14,577 | 1,182,632 |
McKesson Corp. | 44,322 | 20,182,466 |
Medtronic PLC | 437,307 | 30,856,382 |
Molina Healthcare, Inc. * | 19,195 | 6,390,975 |
Neogen Corp. * | 64,750 | 964,128 |
Option Care Health, Inc. * | 59,258 | 1,643,224 |
Penumbra, Inc. * | 12,628 | 2,413,842 |
Quest Diagnostics, Inc. | 37,011 | 4,815,131 |
QuidelOrtho Corp. * | 16,191 | 988,946 |
R1 RCM, Inc. * | 65,068 | 767,152 |
ResMed, Inc. | 48,072 | 6,788,728 |
Shockwave Medical, Inc. * | 12,128 | 2,501,521 |
STERIS PLC | 32,318 | 6,786,134 |
Stryker Corp. | 111,039 | 30,004,959 |
Surgery Partners, Inc. * | 21,874 | 505,946 |
Teleflex, Inc. | 15,519 | 2,867,135 |
Tenet Healthcare Corp. * | 33,736 | 1,811,623 |
UnitedHealth Group, Inc. | 304,307 | 162,974,657 |
Universal Health Services, Inc., Class B | 20,215 | 2,544,866 |
Veeva Systems, Inc., Class A * | 47,765 | 9,204,793 |
Zimmer Biomet Holdings, Inc. | 68,329 | 7,134,231 |
695,255,058 | ||
Household & Personal Products 1.5% | ||
BellRing Brands, Inc. * | 43,140 | 1,886,512 |
Church & Dwight Co., Inc. | 80,831 | 7,350,771 |
Clorox Co. | 40,870 | 4,810,399 |
Colgate-Palmolive Co. | 271,027 | 20,359,548 |
Coty, Inc., Class A * | 116,692 | 1,093,404 |
elf Beauty, Inc. * | 17,857 | 1,654,094 |
Estee Lauder Cos., Inc., Class A | 76,079 | 9,804,301 |
Inter Parfums, Inc. | 5,918 | 752,237 |
Kenvue, Inc. | 565,308 | 10,514,729 |
Kimberly-Clark Corp. | 111,354 | 13,322,393 |
Procter & Gamble Co. | 774,414 | 116,185,332 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Reynolds Consumer Products, Inc. | 17,599 | 447,543 |
188,181,263 | ||
Insurance 2.4% | ||
Aflac, Inc. | 177,949 | 13,899,596 |
Allstate Corp. | 85,692 | 10,979,716 |
American Financial Group, Inc. | 21,822 | 2,386,454 |
American International Group, Inc. | 234,178 | 14,357,453 |
Aon PLC, Class A | 66,645 | 20,619,963 |
Arch Capital Group Ltd. * | 122,003 | 10,575,220 |
Arthur J Gallagher & Co. | 70,797 | 16,671,986 |
Assurant, Inc. | 17,196 | 2,560,484 |
Axis Capital Holdings Ltd. | 24,671 | 1,408,714 |
Brown & Brown, Inc. | 77,801 | 5,400,945 |
Chubb Ltd. | 134,933 | 28,959,321 |
Cincinnati Financial Corp. | 51,196 | 5,102,705 |
CNA Financial Corp. | 10,480 | 423,392 |
Erie Indemnity Co., Class A | 8,245 | 2,277,187 |
Everest Group Ltd. | 14,353 | 5,678,334 |
Fidelity National Financial, Inc. | 84,998 | 3,322,572 |
First American Financial Corp. | 34,035 | 1,750,760 |
Globe Life, Inc. | 28,587 | 3,326,383 |
Hartford Financial Services Group, Inc. | 100,278 | 7,365,419 |
Kinsale Capital Group, Inc. | 7,167 | 2,393,133 |
Lincoln National Corp. | 56,360 | 1,226,957 |
Loews Corp. | 59,961 | 3,838,104 |
Markel Group, Inc. * | 4,402 | 6,473,229 |
Marsh & McLennan Cos., Inc. | 162,272 | 30,774,885 |
MetLife, Inc. | 207,007 | 12,422,490 |
Old Republic International Corp. | 90,426 | 2,475,864 |
Primerica, Inc. | 11,581 | 2,213,824 |
Principal Financial Group, Inc. | 72,849 | 4,930,420 |
Progressive Corp. | 192,292 | 30,399,442 |
Prudential Financial, Inc. | 119,050 | 10,885,932 |
Reinsurance Group of America, Inc. | 21,401 | 3,198,808 |
RenaissanceRe Holdings Ltd. | 17,020 | 3,737,422 |
RLI Corp. | 13,011 | 1,733,586 |
Ryan Specialty Holdings, Inc., Class A * | 32,735 | 1,414,152 |
Selective Insurance Group, Inc. | 20,045 | 2,086,885 |
Travelers Cos., Inc. | 75,276 | 12,604,214 |
Unum Group | 61,506 | 3,007,643 |
W R Berkley Corp. | 66,834 | 4,505,948 |
Willis Towers Watson PLC | 34,337 | 8,099,755 |
305,489,297 | ||
Materials 2.6% | ||
Air Products & Chemicals, Inc. | 73,023 | 20,624,616 |
Albemarle Corp. | 38,378 | 4,865,563 |
Alcoa Corp. | 58,364 | 1,496,453 |
Amcor PLC | 484,801 | 4,309,881 |
AptarGroup, Inc. | 21,613 | 2,642,621 |
Ashland, Inc. | 17,232 | 1,320,488 |
ATI, Inc. * | 42,313 | 1,598,162 |
Avery Dennison Corp. | 26,726 | 4,652,195 |
Axalta Coating Systems Ltd. * | 73,146 | 1,918,620 |
Balchem Corp. | 10,774 | 1,252,370 |
Ball Corp. | 103,875 | 5,001,581 |
Berry Global Group, Inc. | 38,225 | 2,102,375 |
Celanese Corp., Class A | 32,992 | 3,777,914 |
CF Industries Holdings, Inc. | 63,323 | 5,051,909 |
Chemours Co. | 49,159 | 1,185,223 |
Cleveland-Cliffs, Inc. * | 168,536 | 2,828,034 |
Commercial Metals Co. | 37,770 | 1,597,293 |
Corteva, Inc. | 234,655 | 11,296,292 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Crown Holdings, Inc. | 39,751 | 3,203,931 |
Dow, Inc. | 230,606 | 11,147,494 |
DuPont de Nemours, Inc. | 151,555 | 11,045,328 |
Eagle Materials, Inc. | 11,430 | 1,759,191 |
Eastman Chemical Co. | 38,554 | 2,881,140 |
Ecolab, Inc. | 83,200 | 13,955,968 |
Element Solutions, Inc. | 74,009 | 1,349,184 |
FMC Corp. | 40,253 | 2,141,460 |
Freeport-McMoRan, Inc. | 471,687 | 15,933,587 |
Graphic Packaging Holding Co. | 98,942 | 2,128,242 |
Huntsman Corp. | 53,525 | 1,248,738 |
International Flavors & Fragrances, Inc. | 83,250 | 5,690,137 |
International Paper Co. | 112,527 | 3,795,536 |
Linde PLC | 160,298 | 61,259,484 |
Louisiana-Pacific Corp. | 21,230 | 1,088,674 |
LyondellBasell Industries NV, Class A | 84,438 | 7,619,685 |
Martin Marietta Materials, Inc. | 20,425 | 8,352,599 |
Mosaic Co. | 107,810 | 3,501,669 |
NewMarket Corp. | 2,270 | 1,094,480 |
Newmont Corp. | 260,563 | 9,763,296 |
Nucor Corp. | 81,487 | 12,042,964 |
Olin Corp. | 41,469 | 1,771,556 |
Packaging Corp. of America | 29,634 | 4,535,484 |
PPG Industries, Inc. | 77,232 | 9,481,773 |
Reliance Steel & Aluminum Co. | 19,159 | 4,873,666 |
Royal Gold, Inc. | 21,829 | 2,277,420 |
RPM International, Inc. | 42,085 | 3,841,098 |
Sealed Air Corp. | 47,159 | 1,452,026 |
Sherwin-Williams Co. | 77,720 | 18,513,681 |
Silgan Holdings, Inc. | 27,344 | 1,095,401 |
Sonoco Products Co. | 32,329 | 1,674,965 |
Steel Dynamics, Inc. | 51,053 | 5,437,655 |
Summit Materials, Inc., Class A * | 39,104 | 1,286,522 |
U.S. Steel Corp. | 74,258 | 2,516,604 |
Vulcan Materials Co. | 43,991 | 8,643,792 |
Westlake Corp. | 11,307 | 1,304,376 |
Westrock Co. | 84,636 | 3,040,971 |
330,271,367 | ||
Media & Entertainment 7.4% | ||
Alphabet, Inc., Class A * | 1,949,089 | 241,842,963 |
Alphabet, Inc., Class C * | 1,657,981 | 207,745,019 |
Charter Communications, Inc., Class A * | 33,511 | 13,498,231 |
Comcast Corp., Class A | 1,352,072 | 55,827,053 |
Electronic Arts, Inc. | 80,764 | 9,997,776 |
Endeavor Group Holdings, Inc., Class A | 62,581 | 1,424,344 |
Fox Corp., Class A | 122,371 | 3,718,855 |
IAC, Inc. * | 23,099 | 982,862 |
Interpublic Group of Cos., Inc. | 125,398 | 3,561,303 |
Liberty Broadband Corp., Class C * | 37,734 | 3,143,620 |
Liberty Media Corp.-Liberty Formula One, Class C * | 68,100 | 4,405,389 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 48,500 | 1,190,675 |
Live Nation Entertainment, Inc. * | 46,617 | 3,730,292 |
Match Group, Inc. * | 90,497 | 3,131,196 |
Meta Platforms, Inc., Class A * | 730,156 | 219,974,098 |
Netflix, Inc. * | 145,581 | 59,934,242 |
New York Times Co., Class A | 53,955 | 2,174,926 |
News Corp., Class A | 125,716 | 2,599,807 |
Nexstar Media Group, Inc., Class A | 11,113 | 1,556,709 |
Omnicom Group, Inc. | 64,795 | 4,853,793 |
Paramount Global, Class B | 159,144 | 1,731,487 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Pinterest, Inc., Class A * | 190,858 | 5,702,837 |
ROBLOX Corp., Class A * | 158,075 | 5,028,366 |
Roku, Inc. * | 40,753 | 2,427,656 |
Sirius XM Holdings, Inc. (a) | 214,050 | 916,134 |
Snap, Inc., Class A * | 336,605 | 3,369,416 |
Take-Two Interactive Software, Inc. * | 51,778 | 6,925,307 |
TKO Group Holdings, Inc. | 17,000 | 1,393,660 |
Trade Desk, Inc., Class A * | 146,572 | 10,400,749 |
Walt Disney Co. * | 601,113 | 49,044,810 |
Warner Bros Discovery, Inc. * | 726,226 | 7,218,686 |
Warner Music Group Corp., Class A | 45,495 | 1,423,994 |
ZoomInfo Technologies, Inc., Class A * | 100,435 | 1,301,638 |
942,177,893 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.3% | ||
10X Genomics, Inc., Class A * | 34,014 | 1,200,014 |
AbbVie, Inc. | 579,847 | 81,862,799 |
ACADIA Pharmaceuticals, Inc. * | 39,378 | 888,761 |
Agilent Technologies, Inc. | 96,943 | 10,020,998 |
Alkermes PLC * | 54,557 | 1,319,734 |
Alnylam Pharmaceuticals, Inc. * | 40,783 | 6,190,859 |
Amgen, Inc. | 175,724 | 44,932,627 |
Apellis Pharmaceuticals, Inc. * | 34,335 | 1,670,741 |
Avantor, Inc. * | 222,080 | 3,870,854 |
Biogen, Inc. * | 47,466 | 11,275,074 |
BioMarin Pharmaceutical, Inc. * | 61,975 | 5,047,864 |
Bio-Rad Laboratories, Inc., Class A * | 6,869 | 1,890,898 |
Bio-Techne Corp. | 51,921 | 2,836,444 |
Bridgebio Pharma, Inc. * | 39,577 | 1,030,585 |
Bristol-Myers Squibb Co. | 686,305 | 35,365,297 |
Bruker Corp. | 32,700 | 1,863,900 |
Catalent, Inc. * | 60,440 | 2,078,532 |
Charles River Laboratories International, Inc. * | 16,899 | 2,845,116 |
Danaher Corp. | 215,879 | 41,453,086 |
Elanco Animal Health, Inc. * | 162,894 | 1,435,096 |
Eli Lilly & Co. | 261,962 | 145,108,611 |
Exact Sciences Corp. * | 58,701 | 3,615,395 |
Exelixis, Inc. * | 104,476 | 2,151,161 |
Gilead Sciences, Inc. | 409,336 | 32,149,249 |
Halozyme Therapeutics, Inc. * | 42,934 | 1,454,175 |
Illumina, Inc. * | 51,764 | 5,664,017 |
Incyte Corp. * | 61,911 | 3,338,860 |
Intra-Cellular Therapies, Inc. * | 29,575 | 1,471,652 |
Ionis Pharmaceuticals, Inc. * | 47,141 | 2,086,932 |
IQVIA Holdings, Inc. * | 60,069 | 10,862,277 |
Jazz Pharmaceuticals PLC * | 20,615 | 2,618,517 |
Johnson & Johnson | 791,073 | 117,347,769 |
Karuna Therapeutics, Inc. * | 11,776 | 1,961,999 |
Medpace Holdings, Inc. * | 7,639 | 1,853,756 |
Merck & Co., Inc. | 833,618 | 85,612,569 |
Mettler-Toledo International, Inc. * | 7,179 | 7,072,751 |
Moderna, Inc. * | 108,893 | 8,271,512 |
Natera, Inc. * | 35,379 | 1,396,409 |
Neurocrine Biosciences, Inc. * | 32,210 | 3,573,377 |
Organon & Co. | 81,415 | 1,204,128 |
Perrigo Co. PLC | 43,091 | 1,191,035 |
Pfizer, Inc. | 1,854,792 | 56,682,443 |
Regeneron Pharmaceuticals, Inc. * | 35,066 | 27,347,623 |
Repligen Corp. * | 17,121 | 2,303,802 |
Revvity, Inc. | 40,855 | 3,384,837 |
Roivant Sciences Ltd. * | 106,086 | 916,583 |
Royalty Pharma PLC, Class A | 127,798 | 3,433,932 |
Sarepta Therapeutics, Inc. * | 30,735 | 2,068,773 |
Seagen, Inc. * | 46,142 | 9,819,479 |
Sotera Health Co. * | 31,432 | 397,929 |
Thermo Fisher Scientific, Inc. | 126,791 | 56,392,833 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
United Therapeutics Corp. * | 15,453 | 3,443,856 |
Vaxcyte, Inc. * | 28,062 | 1,349,782 |
Vertex Pharmaceuticals, Inc. * | 84,789 | 30,702,945 |
Viatris, Inc. | 390,619 | 3,476,509 |
Waters Corp. * | 19,478 | 4,646,087 |
West Pharmaceutical Services, Inc. | 24,195 | 7,701,027 |
Zoetis, Inc. | 151,222 | 23,741,854 |
936,895,724 | ||
Real Estate Management & Development 0.2% | ||
CBRE Group, Inc., Class A * | 101,648 | 7,048,273 |
CoStar Group, Inc. * | 133,822 | 9,823,873 |
Jones Lang LaSalle, Inc. * | 15,862 | 2,029,067 |
Zillow Group, Inc., Class C * | 52,001 | 1,885,036 |
20,786,249 | ||
Semiconductors & Semiconductor Equipment 6.7% | ||
Advanced Micro Devices, Inc. * | 530,775 | 52,281,337 |
Allegro MicroSystems, Inc. * | 23,617 | 613,097 |
Amkor Technology, Inc. | 35,628 | 743,200 |
Analog Devices, Inc. | 164,724 | 25,916,027 |
Applied Materials, Inc. | 275,871 | 36,511,527 |
Axcelis Technologies, Inc. * | 10,789 | 1,375,597 |
Broadcom, Inc. | 135,574 | 114,067,896 |
Cirrus Logic, Inc. * | 18,227 | 1,219,933 |
Enphase Energy, Inc. * | 44,692 | 3,556,589 |
Entegris, Inc. | 49,440 | 4,352,698 |
First Solar, Inc. * | 35,019 | 4,988,457 |
GLOBALFOUNDRIES, Inc. *(a) | 27,339 | 1,356,561 |
Intel Corp. | 1,375,828 | 50,217,722 |
KLA Corp. | 44,804 | 21,044,439 |
Lam Research Corp. | 43,790 | 25,758,154 |
Lattice Semiconductor Corp. * | 45,514 | 2,531,033 |
MACOM Technology Solutions Holdings, Inc. * | 17,768 | 1,253,355 |
Marvell Technology, Inc. | 281,937 | 13,313,065 |
Microchip Technology, Inc. | 178,632 | 12,734,675 |
Micron Technology, Inc. | 359,884 | 24,065,443 |
MKS Instruments, Inc. | 20,756 | 1,362,839 |
Monolithic Power Systems, Inc. | 15,681 | 6,926,925 |
NVIDIA Corp. | 811,436 | 330,903,601 |
NXP Semiconductors NV | 84,515 | 14,572,921 |
ON Semiconductor Corp. * | 141,490 | 8,862,934 |
Onto Innovation, Inc. * | 16,132 | 1,812,753 |
Power Integrations, Inc. | 19,120 | 1,325,590 |
Qorvo, Inc. * | 32,329 | 2,826,201 |
QUALCOMM, Inc. | 366,625 | 39,958,459 |
Rambus, Inc. * | 35,774 | 1,943,601 |
Skyworks Solutions, Inc. | 52,505 | 4,554,284 |
SolarEdge Technologies, Inc. * | 18,663 | 1,417,455 |
Teradyne, Inc. | 50,318 | 4,189,980 |
Texas Instruments, Inc. | 298,282 | 42,359,027 |
Universal Display Corp. | 14,283 | 1,987,908 |
Wolfspeed, Inc. * | 40,813 | 1,381,112 |
864,286,395 | ||
Software & Services 12.3% | ||
Accenture PLC, Class A | 207,227 | 61,565,069 |
Adobe, Inc. * | 149,738 | 79,669,600 |
Akamai Technologies, Inc. * | 50,133 | 5,180,243 |
Amdocs Ltd. | 39,099 | 3,134,176 |
ANSYS, Inc. * | 28,579 | 7,952,393 |
AppLovin Corp., Class A * | 44,509 | 1,621,908 |
Aspen Technology, Inc. * | 9,171 | 1,630,145 |
Atlassian Corp., Class A * | 49,787 | 8,993,524 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Autodesk, Inc. * | 70,061 | 13,846,155 |
Bentley Systems, Inc., Class B | 75,482 | 3,671,444 |
Bill Holdings, Inc. * | 32,089 | 2,929,405 |
Cadence Design Systems, Inc. * | 89,296 | 21,417,646 |
CCC Intelligent Solutions Holdings, Inc. * | 66,873 | 720,222 |
Cloudflare, Inc., Class A * | 96,653 | 5,479,259 |
Cognizant Technology Solutions Corp., Class A | 165,538 | 10,672,235 |
Confluent, Inc., Class A * | 69,646 | 2,013,466 |
Crowdstrike Holdings, Inc., Class A * | 73,481 | 12,989,236 |
Datadog, Inc., Class A * | 98,051 | 7,988,215 |
DocuSign, Inc., Class A * | 66,944 | 2,602,783 |
Dolby Laboratories, Inc., Class A | 19,626 | 1,588,528 |
DoubleVerify Holdings, Inc. * | 41,340 | 1,150,492 |
Dropbox, Inc., Class A * | 84,678 | 2,227,031 |
Dynatrace, Inc. * | 78,042 | 3,489,258 |
Elastic NV * | 25,696 | 1,928,228 |
EPAM Systems, Inc. * | 18,867 | 4,104,893 |
Fair Isaac Corp. * | 8,143 | 6,887,919 |
Five9, Inc. * | 24,501 | 1,417,873 |
Fortinet, Inc. * | 213,608 | 12,211,969 |
Gartner, Inc. * | 26,109 | 8,669,232 |
Gen Digital, Inc. | 184,768 | 3,078,235 |
Gitlab, Inc., Class A * | 26,303 | 1,138,394 |
GoDaddy, Inc., Class A * | 48,346 | 3,540,378 |
Guidewire Software, Inc. * | 26,933 | 2,427,471 |
HubSpot, Inc. * | 16,394 | 6,947,285 |
Informatica, Inc., Class A * | 12,317 | 236,240 |
International Business Machines Corp. | 299,281 | 43,288,004 |
Intuit, Inc. | 92,004 | 45,537,380 |
Manhattan Associates, Inc. * | 20,148 | 3,928,457 |
Microsoft Corp. | 2,440,801 | 825,259,226 |
MongoDB, Inc., Class A * | 23,128 | 7,969,678 |
New Relic, Inc. * | 17,776 | 1,540,646 |
Nutanix, Inc., Class A * | 78,145 | 2,828,068 |
Okta, Inc. * | 51,282 | 3,456,920 |
Oracle Corp. | 517,174 | 53,475,792 |
Palantir Technologies, Inc., Class A * | 624,063 | 9,236,132 |
Palo Alto Networks, Inc. * | 100,478 | 24,418,164 |
Procore Technologies, Inc. * | 29,112 | 1,778,452 |
PTC, Inc. * | 38,936 | 5,467,393 |
Qualys, Inc. * | 12,068 | 1,845,801 |
Roper Technologies, Inc. | 35,088 | 17,142,944 |
Salesforce, Inc. * | 319,975 | 64,260,579 |
Samsara, Inc., Class A * | 50,229 | 1,158,783 |
ServiceNow, Inc. * | 67,017 | 38,993,841 |
Smartsheet, Inc., Class A * | 44,429 | 1,756,723 |
Snowflake, Inc., Class A * | 106,837 | 15,505,254 |
Splunk, Inc. * | 50,209 | 7,388,756 |
SPS Commerce, Inc. * | 12,367 | 1,982,925 |
Synopsys, Inc. * | 49,987 | 23,465,897 |
Tenable Holdings, Inc. * | 38,159 | 1,606,876 |
Teradata Corp. * | 32,845 | 1,403,138 |
Twilio, Inc., Class A * | 59,441 | 3,046,946 |
Tyler Technologies, Inc. * | 13,842 | 5,161,682 |
UiPath, Inc., Class A * | 132,494 | 2,057,632 |
Unity Software, Inc. * | 79,311 | 2,012,120 |
VeriSign, Inc. * | 29,426 | 5,875,195 |
VMware, Inc., Class A * | 72,281 | 10,527,728 |
Workday, Inc., Class A * | 67,430 | 14,275,605 |
Workiva, Inc., Class A * | 15,581 | 1,356,949 |
Zoom Video Communications, Inc., Class A * | 82,371 | 4,940,613 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Zscaler, Inc. * | 28,728 | 4,558,846 |
1,573,629,695 | ||
Technology Hardware & Equipment 8.3% | ||
Advanced Energy Industries, Inc. | 12,551 | 1,095,200 |
Amphenol Corp., Class A | 195,637 | 15,758,560 |
Apple, Inc. | 4,827,940 | 824,467,314 |
Arista Networks, Inc. * | 82,463 | 16,523,111 |
Arrow Electronics, Inc. * | 18,094 | 2,052,040 |
Avnet, Inc. | 30,117 | 1,395,321 |
Badger Meter, Inc. | 9,639 | 1,335,483 |
CDW Corp. | 43,903 | 8,798,161 |
Ciena Corp. * | 49,018 | 2,068,560 |
Cisco Systems, Inc. | 1,338,724 | 69,787,682 |
Cognex Corp. | 55,685 | 2,004,103 |
Coherent Corp. * | 42,891 | 1,269,574 |
Corning, Inc. | 252,692 | 6,762,038 |
Dell Technologies, Inc., Class C | 84,512 | 5,654,698 |
F5, Inc. * | 19,564 | 2,965,707 |
Fabrinet * | 11,889 | 1,842,795 |
Hewlett Packard Enterprise Co. | 422,970 | 6,505,279 |
HP, Inc. | 283,863 | 7,474,113 |
Insight Enterprises, Inc. * | 9,901 | 1,418,813 |
IPG Photonics Corp. * | 9,544 | 819,830 |
Jabil, Inc. | 42,900 | 5,268,120 |
Juniper Networks, Inc. | 106,046 | 2,854,758 |
Keysight Technologies, Inc. * | 58,734 | 7,168,485 |
Littelfuse, Inc. | 8,248 | 1,787,094 |
Motorola Solutions, Inc. | 54,760 | 15,248,470 |
NetApp, Inc. | 69,176 | 5,034,629 |
Novanta, Inc. * | 11,729 | 1,548,932 |
Pure Storage, Inc., Class A * | 95,540 | 3,230,207 |
Seagate Technology Holdings PLC | 63,258 | 4,317,358 |
Super Micro Computer, Inc. * | 14,964 | 3,583,429 |
TD SYNNEX Corp. | 17,041 | 1,562,319 |
TE Connectivity Ltd. | 103,162 | 12,157,642 |
Teledyne Technologies, Inc. * | 15,371 | 5,757,823 |
Trimble, Inc. * | 81,822 | 3,856,271 |
Ubiquiti, Inc. | 1,380 | 167,601 |
Vontier Corp. | 51,143 | 1,511,787 |
Western Digital Corp. * | 104,367 | 4,190,335 |
Zebra Technologies Corp., Class A * | 16,966 | 3,553,189 |
1,062,796,831 | ||
Telecommunication Services 0.9% | ||
AT&T, Inc. | 2,348,566 | 36,167,916 |
GCI Liberty, Inc. *(c) | 32,171 | 5,809 |
Iridium Communications, Inc. | 41,371 | 1,532,795 |
Liberty Global PLC, Class C * | 72,355 | 1,227,141 |
T-Mobile U.S., Inc. * | 170,109 | 24,471,881 |
Verizon Communications, Inc. | 1,381,097 | 48,517,938 |
111,923,480 | ||
Transportation 1.7% | ||
Alaska Air Group, Inc. * | 42,500 | 1,344,275 |
American Airlines Group, Inc. * | 215,056 | 2,397,874 |
Avis Budget Group, Inc. * | 6,498 | 1,057,874 |
CH Robinson Worldwide, Inc. | 38,234 | 3,128,688 |
CSX Corp. | 660,138 | 19,705,119 |
Delta Air Lines, Inc. | 212,280 | 6,633,750 |
Expeditors International of Washington, Inc. | 48,546 | 5,303,651 |
FedEx Corp. | 76,073 | 18,265,127 |
GXO Logistics, Inc. * | 39,400 | 1,990,094 |
Hertz Global Holdings, Inc. * | 44,500 | 375,135 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
JB Hunt Transport Services, Inc. | 26,742 | 4,596,148 |
Joby Aviation, Inc. * | 121,223 | 638,845 |
Kirby Corp. * | 19,683 | 1,470,320 |
Knight-Swift Transportation Holdings, Inc. | 53,305 | 2,606,082 |
Landstar System, Inc. | 11,603 | 1,911,942 |
Lyft, Inc., Class A * | 113,445 | 1,040,291 |
Norfolk Southern Corp. | 74,515 | 14,216,717 |
Old Dominion Freight Line, Inc. | 29,359 | 11,058,361 |
Ryder System, Inc. | 14,964 | 1,459,589 |
Saia, Inc. * | 8,786 | 3,149,693 |
Southwest Airlines Co. | 194,508 | 4,323,913 |
Uber Technologies, Inc. * | 671,331 | 29,055,206 |
U-Haul Holding Co. - Non Voting | 32,657 | 1,541,737 |
Union Pacific Corp. | 200,216 | 41,566,844 |
United Airlines Holdings, Inc. * | 107,003 | 3,746,175 |
United Parcel Service, Inc., Class B | 237,608 | 33,562,130 |
XPO, Inc. * | 38,277 | 2,901,779 |
219,047,359 | ||
Utilities 2.4% | ||
AES Corp. | 216,441 | 3,224,971 |
Alliant Energy Corp. | 83,132 | 4,056,010 |
Ameren Corp. | 85,802 | 6,496,069 |
American Electric Power Co., Inc. | 169,955 | 12,838,401 |
American Water Works Co., Inc. | 63,753 | 7,500,541 |
Atmos Energy Corp. | 48,517 | 5,223,340 |
Avangrid, Inc. | 23,070 | 689,101 |
CenterPoint Energy, Inc. | 208,319 | 5,599,615 |
CMS Energy Corp. | 96,313 | 5,233,648 |
Consolidated Edison, Inc. | 112,984 | 9,918,865 |
Constellation Energy Corp. | 105,304 | 11,890,928 |
Dominion Energy, Inc. | 274,473 | 11,066,751 |
DTE Energy Co. | 67,358 | 6,491,964 |
Duke Energy Corp. | 253,190 | 22,506,059 |
Edison International | 125,470 | 7,912,138 |
Entergy Corp. | 69,083 | 6,603,644 |
Essential Utilities, Inc. | 81,203 | 2,717,052 |
Evergy, Inc. | 74,698 | 3,670,660 |
Eversource Energy | 114,259 | 6,145,992 |
Exelon Corp. | 328,286 | 12,783,457 |
FirstEnergy Corp. | 168,791 | 6,008,960 |
IDACORP, Inc. | 16,635 | 1,575,501 |
National Fuel Gas Co. | 29,331 | 1,494,414 |
NextEra Energy, Inc. | 664,824 | 38,759,239 |
NiSource, Inc. | 136,452 | 3,433,132 |
NRG Energy, Inc. | 75,942 | 3,218,422 |
OGE Energy Corp. | 66,167 | 2,262,911 |
Ormat Technologies, Inc. | 17,207 | 1,058,919 |
PG&E Corp. * | 684,960 | 11,164,848 |
Pinnacle West Capital Corp. | 37,505 | 2,782,121 |
Portland General Electric Co. | 33,396 | 1,336,508 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
PPL Corp. | 243,968 | 5,994,294 |
Public Service Enterprise Group, Inc. | 164,882 | 10,164,975 |
Sempra | 207,021 | 14,497,681 |
Southern Co. | 358,263 | 24,111,100 |
Southwest Gas Holdings, Inc. | 19,818 | 1,161,533 |
UGI Corp. | 71,234 | 1,481,667 |
Vistra Corp. | 115,754 | 3,787,471 |
WEC Energy Group, Inc. | 103,411 | 8,416,621 |
Xcel Energy, Inc. | 180,488 | 10,697,524 |
305,977,047 | ||
Total Common Stocks (Cost $3,321,129,676) | 12,735,094,969 |
SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS | ||
Money Market Funds 0.5% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d) | 58,430,139 | 58,430,139 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d)(e) | 5,516,720 | 5,516,720 |
63,946,859 | ||
Total Short-Term Investments (Cost $63,946,859) | 63,946,859 | |
Total Investments in Securities (Cost $3,385,076,535) | 12,799,041,828 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 353 | 74,346,213 | (3,225,072 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $5,448,948. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(d) | The rate shown is the annualized 7-day yield. |
(e) | Security purchased with cash collateral received for securities on loan. |
REIT — | Real Estate Investment Trust |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
Financial Services 0.2% | ||||||||
Charles Schwab Corp. | $39,532,015 | $388,538 | ($1,031,954 ) | ($270,143 ) | ($13,394,668 ) | $25,223,788 | 484,700 | $479,074 |
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 Stocks1 | $12,623,171,489 | $— | $— | $12,623,171,489 |
Telecommunication Services | 111,917,671 | — | 5,809 | 111,923,480 |
Short-Term Investments1 | 63,946,859 | — | — | 63,946,859 |
Liabilities | ||||
Futures Contracts2 | (3,225,072 ) | — | — | (3,225,072 ) |
Total | $12,795,810,947 | $— | $5,809 | $12,795,816,756 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $4,378,393) | $25,223,788 | |
Investments in securities, at value - unaffiliated (cost $3,380,698,142) including securities on loan of $5,448,948 | 12,773,818,040 | |
Deposit with broker for futures contracts | 5,275,200 | |
Receivables: | ||
Dividends | 9,268,500 | |
Fund shares sold | 7,778,223 | |
Variation margin on future contracts | 458,734 | |
Income from securities on loan | + | 22,118 |
Total assets | 12,821,844,603 | |
Liabilities | ||
Collateral held for securities on loan | 5,516,720 | |
Payables: | ||
Fund shares redeemed | 4,758,657 | |
Investment adviser fees | 536,669 | |
Investments bought | + | 433,840 |
Total liabilities | 11,245,886 | |
Net assets | $12,810,598,717 | |
Net Assets by Source | ||
Capital received from investors | $3,342,848,713 | |
Total distributable earnings | + | 9,467,750,004 |
Net assets | $12,810,598,717 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$12,810,598,717 | 141,610,007 | $90.46 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $54,987) | $204,909,348 | |
Dividends received from securities - affiliated | 479,074 | |
Interest received from securities - unaffiliated | 178,005 | |
Securities on loan, net | + | 1,258,499 |
Total investment income | 206,824,926 | |
Expenses | ||
Investment adviser fees | 6,377,808 | |
Total expenses | – | 6,377,808 |
Net investment income | 200,447,118 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (270,143 ) | |
Net realized losses on sales of securities - unaffiliated | (24,420,379 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 54,811,504 | |
Net realized gains on futures contracts | + | 5,135,518 |
Net realized gains | 35,256,500 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (13,394,668 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 886,325,180 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (4,973,645 ) |
Net change in unrealized appreciation (depreciation) | + | 867,956,867 |
Net realized and unrealized gains | 903,213,367 | |
Increase in net assets resulting from operations | $1,103,660,485 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $200,447,118 | $181,344,830 | |
Net realized gains | 35,256,500 | 24,600,426 | |
Net change in unrealized appreciation (depreciation) | + | 867,956,867 | (2,588,642,760 ) |
Increase (decrease) in net assets resulting from operations | $1,103,660,485 | ($2,382,697,504 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($187,210,509 ) | ($249,966,849 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 10,449,076 | $932,613,677 | 15,172,044 | $1,385,599,712 | |
Shares reinvested | 1,790,033 | 150,434,406 | 1,982,815 | 202,881,568 | |
Shares redeemed | + | (12,095,922 ) | (1,077,003,486 ) | (14,187,727 ) | (1,289,927,639 ) |
Net transactions in fund shares | 143,187 | $6,044,597 | 2,967,132 | $298,553,641 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 141,466,820 | $11,888,104,144 | 138,499,688 | $14,222,214,856 | |
Total increase (decrease) | + | 143,187 | 922,494,573 | 2,967,132 | (2,334,110,712 ) |
End of period | 141,610,007 | $12,810,598,717 | 141,466,820 | $11,888,104,144 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $29.87 | $39.97 | $27.18 | $28.84 | $30.48 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (2.98 ) | (7.31 ) | 13.29 | (0.23 ) | 0.54 | |
Total from investment operations | (2.51 ) | (6.91 ) | 13.66 | 0.12 | 0.94 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (2.77 ) | (0.49 ) | (1.36 ) | (2.18 ) | |
Total distributions | (0.37 ) | (3.19 ) | (0.87 ) | (1.78 ) | (2.58 ) | |
Net asset value at end of period | $26.99 | $29.87 | $39.97 | $27.18 | $28.84 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended October 31, 2019 is a blended ratio. |
4 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.5% OF NET ASSETS | ||
Automobiles & Components 1.5% | ||
Adient PLC * | 222,436 | 7,493,869 |
American Axle & Manufacturing Holdings, Inc. * | 266,730 | 1,800,428 |
Atmus Filtration Technologies, Inc. *(a) | 38,038 | 713,593 |
Cooper-Standard Holdings, Inc. * | 38,648 | 480,008 |
Dana, Inc. | 303,403 | 3,483,066 |
Dorman Products, Inc. * | 61,307 | 3,812,069 |
Fisker, Inc. *(a) | 457,200 | 2,057,400 |
Fox Factory Holding Corp. * | 99,313 | 8,091,030 |
Gentherm, Inc. * | 77,209 | 3,105,346 |
Goodyear Tire & Rubber Co. * | 655,507 | 7,800,533 |
Holley, Inc. * | 122,088 | 518,874 |
LCI Industries | 57,549 | 6,243,491 |
Livewire Group, Inc., Class A * | 25,196 | 270,101 |
Luminar Technologies, Inc., Class A *(a) | 631,016 | 2,000,321 |
Modine Manufacturing Co. * | 119,789 | 4,731,666 |
Patrick Industries, Inc. | 49,795 | 3,742,094 |
Solid Power, Inc. *(a) | 354,285 | 467,656 |
Standard Motor Products, Inc. | 49,609 | 1,732,842 |
Stoneridge, Inc. * | 61,766 | 1,004,933 |
Visteon Corp. * | 65,468 | 7,537,331 |
Winnebago Industries, Inc. | 68,102 | 3,946,511 |
Workhorse Group, Inc. * | 421,617 | 175,856 |
XPEL, Inc. * | 52,855 | 2,447,187 |
73,656,205 | ||
Banks 8.8% | ||
1st Source Corp. | 38,939 | 1,776,397 |
ACNB Corp. | 19,860 | 683,383 |
Amalgamated Financial Corp. | 41,966 | 765,460 |
Amerant Bancorp, Inc. | 59,902 | 1,092,013 |
American National Bankshares, Inc. | 24,195 | 923,281 |
Ameris Bancorp | 153,750 | 5,734,875 |
Ames National Corp. | 19,703 | 333,375 |
Arrow Financial Corp. | 33,709 | 718,339 |
Associated Banc-Corp. | 352,595 | 5,715,565 |
Atlantic Union Bankshares Corp. | 174,862 | 5,037,774 |
Axos Financial, Inc. * | 132,364 | 4,769,075 |
Banc of California, Inc. | 126,229 | 1,415,027 |
BancFirst Corp. | 51,316 | 4,162,241 |
Bancorp, Inc. * | 123,394 | 4,398,996 |
Bank First Corp. | 21,844 | 1,725,021 |
Bank of Hawaii Corp. (a) | 91,321 | 4,510,344 |
Bank of Marin Bancorp | 37,397 | 628,270 |
Bank of NT Butterfield & Son Ltd. | 116,301 | 2,937,763 |
Bank7 Corp. | 8,538 | 178,786 |
BankUnited, Inc. | 173,506 | 3,784,166 |
Bankwell Financial Group, Inc. | 13,580 | 332,303 |
Banner Corp. | 79,928 | 3,373,761 |
Bar Harbor Bankshares | 35,173 | 880,028 |
BayCom Corp. | 26,848 | 531,590 |
BCB Bancorp, Inc. | 35,520 | 365,146 |
Berkshire Hills Bancorp, Inc. | 102,926 | 2,018,379 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Blue Foundry Bancorp * | 53,523 | 404,099 |
Blue Ridge Bankshares, Inc. | 40,458 | 127,443 |
Bridgewater Bancshares, Inc. * | 46,748 | 450,183 |
Brookline Bancorp, Inc. | 204,316 | 1,663,132 |
Burke & Herbert Financial Services Corp. | 15,257 | 682,446 |
Business First Bancshares, Inc. | 56,231 | 1,098,754 |
Byline Bancorp, Inc. | 57,529 | 1,091,325 |
C&F Financial Corp. | 7,510 | 395,477 |
Cadence Bank | 424,263 | 8,985,890 |
Cambridge Bancorp | 17,579 | 944,168 |
Camden National Corp. | 33,158 | 966,887 |
Capital Bancorp, Inc. | 22,071 | 451,131 |
Capital City Bank Group, Inc. | 30,711 | 877,413 |
Capitol Federal Financial, Inc. | 299,541 | 1,557,613 |
Capstar Financial Holdings, Inc. | 44,839 | 680,656 |
Carter Bankshares, Inc. * | 54,016 | 608,220 |
Cathay General Bancorp | 161,972 | 5,492,471 |
Central Pacific Financial Corp. | 61,763 | 974,620 |
Central Valley Community Bancorp | 22,845 | 360,266 |
Chemung Financial Corp. | 8,015 | 330,859 |
ChoiceOne Financial Services, Inc. | 15,973 | 301,411 |
Citizens & Northern Corp. | 34,639 | 626,966 |
Citizens Financial Services, Inc. | 8,765 | 433,429 |
City Holding Co. | 34,608 | 3,141,714 |
Civista Bancshares, Inc. | 36,983 | 539,212 |
CNB Financial Corp. | 48,199 | 876,258 |
Coastal Financial Corp. * | 25,147 | 934,714 |
Codorus Valley Bancorp, Inc. | 21,960 | 430,855 |
Colony Bankcorp, Inc. | 37,758 | 375,692 |
Columbia Financial, Inc. * | 68,823 | 1,108,050 |
Community Bank System, Inc. | 123,814 | 4,946,369 |
Community Trust Bancorp, Inc. | 35,986 | 1,351,634 |
ConnectOne Bancorp, Inc. | 85,762 | 1,397,063 |
CrossFirst Bankshares, Inc. * | 103,580 | 1,095,876 |
Customers Bancorp, Inc. * | 66,732 | 2,683,294 |
CVB Financial Corp. | 309,769 | 4,838,592 |
Dime Community Bancshares, Inc. | 80,900 | 1,487,751 |
Eagle Bancorp, Inc. | 68,033 | 1,325,283 |
Eastern Bankshares, Inc. | 361,027 | 3,974,907 |
Enterprise Bancorp, Inc. | 22,352 | 588,081 |
Enterprise Financial Services Corp. | 84,145 | 2,925,722 |
Equity Bancshares, Inc., Class A | 33,905 | 820,501 |
Esquire Financial Holdings, Inc. | 16,277 | 745,487 |
ESSA Bancorp, Inc. | 19,870 | 330,835 |
Evans Bancorp, Inc. | 11,987 | 296,319 |
Farmers & Merchants Bancorp, Inc. | 29,405 | 512,235 |
Farmers National Banc Corp. | 85,667 | 967,180 |
FB Financial Corp. | 82,636 | 2,427,019 |
Fidelity D&D Bancorp, Inc. | 10,660 | 477,568 |
Financial Institutions, Inc. | 36,295 | 574,913 |
First BanCorp | 412,011 | 5,500,347 |
First Bancorp, Inc. | 22,376 | 524,270 |
First Bancorp/Southern Pines NC | 92,541 | 2,685,540 |
First Bancshares, Inc. | 70,997 | 1,719,547 |
First Bank | 49,473 | 547,171 |
First Busey Corp. | 120,995 | 2,402,961 |
First Business Financial Services, Inc. | 17,970 | 551,679 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
First Commonwealth Financial Corp. | 237,675 | 2,894,881 |
First Community Bankshares, Inc. | 40,878 | 1,334,667 |
First Community Corp. | 16,859 | 298,404 |
First Financial Bancorp | 219,398 | 4,058,863 |
First Financial Bankshares, Inc. | 303,819 | 7,306,847 |
First Financial Corp. | 27,612 | 950,129 |
First Foundation, Inc. | 117,153 | 531,875 |
First Interstate BancSystem, Inc., Class A | 192,339 | 4,437,261 |
First Merchants Corp. | 137,869 | 3,765,202 |
First Mid Bancshares, Inc. | 44,440 | 1,214,101 |
First of Long Island Corp. | 48,755 | 523,629 |
First Western Financial, Inc. * | 19,610 | 262,186 |
Five Star Bancorp | 29,213 | 568,777 |
Flushing Financial Corp. | 66,458 | 820,092 |
FS Bancorp, Inc. | 15,155 | 437,525 |
Fulton Financial Corp. | 378,793 | 4,920,521 |
FVCBankcorp, Inc. * | 38,926 | 425,072 |
German American Bancorp, Inc. | 65,635 | 1,793,805 |
Glacier Bancorp, Inc. | 259,935 | 7,847,438 |
Great Southern Bancorp, Inc. | 21,005 | 1,044,369 |
Greene County Bancorp, Inc. | 16,070 | 380,859 |
Guaranty Bancshares, Inc. | 19,319 | 551,171 |
Hancock Whitney Corp. | 202,364 | 6,967,393 |
Hanmi Financial Corp. | 70,691 | 1,037,744 |
HarborOne Bancorp, Inc. | 98,418 | 968,433 |
HBT Financial, Inc. | 32,117 | 578,106 |
Heartland Financial USA, Inc. | 98,225 | 2,691,365 |
Heritage Commerce Corp. | 137,423 | 1,124,120 |
Heritage Financial Corp. | 80,344 | 1,307,197 |
Hilltop Holdings, Inc. | 108,287 | 2,990,887 |
Hingham Institution For Savings | 3,403 | 505,618 |
Home Bancorp, Inc. | 16,575 | 568,025 |
Home BancShares, Inc. | 444,135 | 9,082,561 |
HomeStreet, Inc. | 41,302 | 199,489 |
HomeTrust Bancshares, Inc. | 36,711 | 756,614 |
Hope Bancorp, Inc. | 268,978 | 2,356,247 |
Horizon Bancorp, Inc. | 100,236 | 951,240 |
Independent Bank Corp. | 102,884 | 5,020,739 |
Independent Bank Corp. | 47,525 | 948,124 |
Independent Bank Group, Inc. | 84,525 | 2,987,959 |
International Bancshares Corp. | 124,827 | 5,471,167 |
John Marshall Bancorp, Inc. | 28,487 | 523,591 |
Kearny Financial Corp. | 133,065 | 923,471 |
Lakeland Bancorp, Inc. | 145,953 | 1,646,350 |
Lakeland Financial Corp. | 57,699 | 2,841,676 |
LCNB Corp. | 24,178 | 338,250 |
Live Oak Bancshares, Inc. | 78,504 | 2,264,840 |
Luther Burbank Corp. | 26,543 | 216,060 |
Macatawa Bank Corp. | 63,157 | 576,623 |
MainStreet Bancshares, Inc. | 15,928 | 307,092 |
Mercantile Bank Corp. | 36,487 | 1,201,882 |
Metrocity Bankshares, Inc. | 43,141 | 864,546 |
Metropolitan Bank Holding Corp. * | 24,654 | 799,036 |
Mid Penn Bancorp, Inc. | 32,531 | 620,041 |
Middlefield Banc Corp. | 17,969 | 458,209 |
Midland States Bancorp, Inc. | 49,530 | 1,080,745 |
MidWestOne Financial Group, Inc. | 33,833 | 673,953 |
MVB Financial Corp. | 25,950 | 509,917 |
National Bank Holdings Corp., Class A | 85,712 | 2,672,500 |
National Bankshares, Inc. (a) | 13,212 | 310,482 |
NBT Bancorp, Inc. | 106,554 | 3,566,362 |
Nicolet Bankshares, Inc. | 30,024 | 2,186,348 |
Northeast Bank | 15,251 | 728,083 |
Northeast Community Bancorp, Inc. | 30,612 | 466,527 |
Northfield Bancorp, Inc. | 96,471 | 829,651 |
Northrim BanCorp, Inc. | 13,248 | 552,574 |
Northwest Bancshares, Inc. | 295,634 | 3,080,506 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Norwood Financial Corp. | 16,877 | 432,220 |
Oak Valley Bancorp | 15,395 | 384,105 |
OceanFirst Financial Corp. | 136,197 | 1,724,254 |
OFG Bancorp | 108,178 | 3,204,232 |
Old National Bancorp | 682,163 | 9,345,633 |
Old Second Bancorp, Inc. | 100,536 | 1,363,268 |
Orange County Bancorp, Inc. | 11,677 | 514,956 |
Origin Bancorp, Inc. | 68,140 | 2,016,263 |
Orrstown Financial Services, Inc. | 24,627 | 519,876 |
Pacific Premier Bancorp, Inc. | 220,902 | 4,197,138 |
PacWest Bancorp (a) | 274,976 | 1,946,830 |
Park National Corp. | 33,270 | 3,373,245 |
Parke Bancorp, Inc. | 23,991 | 404,008 |
Pathward Financial, Inc. | 62,391 | 2,825,688 |
PCB Bancorp | 24,946 | 383,669 |
Peapack-Gladstone Financial Corp. | 39,605 | 925,569 |
Penns Woods Bancorp, Inc. | 15,676 | 330,450 |
Peoples Bancorp, Inc. | 78,997 | 2,178,737 |
Peoples Financial Services Corp. | 15,956 | 625,635 |
Pioneer Bancorp, Inc. * | 26,534 | 217,579 |
Plumas Bancorp | 12,503 | 426,977 |
Ponce Financial Group, Inc. * | 46,752 | 363,731 |
Preferred Bank | 31,327 | 1,866,149 |
Premier Financial Corp. | 81,858 | 1,420,236 |
Primis Financial Corp. | 46,338 | 433,724 |
Princeton Bancorp, Inc. | 11,623 | 348,690 |
Provident Financial Services, Inc. | 170,635 | 2,397,422 |
QCR Holdings, Inc. | 38,345 | 1,819,470 |
RBB Bancorp | 40,328 | 466,595 |
Red River Bancshares, Inc. | 11,017 | 512,070 |
Renasant Corp. | 128,027 | 3,122,579 |
Republic Bancorp, Inc., Class A | 20,250 | 894,847 |
S&T Bancorp, Inc. | 90,522 | 2,331,847 |
Sandy Spring Bancorp, Inc. | 102,223 | 2,090,460 |
Seacoast Banking Corp. of Florida | 196,268 | 3,966,576 |
ServisFirst Bancshares, Inc. | 118,608 | 5,593,553 |
Shore Bancshares, Inc. | 70,493 | 723,258 |
Sierra Bancorp | 31,634 | 556,758 |
Simmons First National Corp., Class A | 293,955 | 4,177,101 |
SmartFinancial, Inc. | 37,412 | 780,040 |
South Plains Financial, Inc. | 28,427 | 762,412 |
Southern First Bancshares, Inc. * | 17,543 | 473,661 |
Southern Missouri Bancorp, Inc. | 20,211 | 817,535 |
Southern States Bancshares, Inc. | 17,156 | 398,362 |
Southside Bancshares, Inc. | 68,791 | 1,836,720 |
SouthState Corp. | 177,257 | 11,716,688 |
Stellar Bancorp, Inc. | 113,393 | 2,465,164 |
Sterling Bancorp, Inc. * | 52,754 | 292,257 |
Stock Yards Bancorp, Inc. | 63,133 | 2,469,132 |
Summit Financial Group, Inc. | 25,570 | 549,755 |
Texas Capital Bancshares, Inc. * | 111,607 | 6,145,081 |
Third Coast Bancshares, Inc. * | 30,195 | 468,324 |
Timberland Bancorp, Inc. | 17,272 | 486,898 |
Tompkins Financial Corp. | 32,471 | 1,626,148 |
Towne Bank | 163,681 | 3,918,523 |
TriCo Bancshares | 72,346 | 2,340,393 |
Triumph Financial, Inc. | 51,568 | 3,210,108 |
TrustCo Bank Corp. | 43,114 | 1,100,700 |
Trustmark Corp. | 141,265 | 2,840,839 |
UMB Financial Corp. | 103,103 | 6,466,620 |
United Bankshares, Inc. | 304,674 | 8,664,929 |
United Community Banks, Inc. | 269,131 | 5,945,104 |
Unity Bancorp, Inc. | 16,909 | 406,831 |
Univest Financial Corp. | 67,205 | 1,119,635 |
USCB Financial Holdings, Inc. * | 24,056 | 258,361 |
Valley National Bancorp | 1,005,083 | 7,819,546 |
Veritex Holdings, Inc. | 122,323 | 2,106,402 |
Virginia National Bankshares Corp. (a) | 10,808 | 332,130 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
WaFd, Inc. | 152,680 | 3,768,142 |
Washington Trust Bancorp, Inc. | 39,704 | 920,736 |
WesBanco, Inc. | 133,842 | 3,264,406 |
West BanCorp, Inc. | 38,597 | 634,149 |
Westamerica BanCorp | 60,299 | 2,848,525 |
WSFS Financial Corp. | 142,384 | 5,040,394 |
431,240,921 | ||
Capital Goods 11.4% | ||
374Water, Inc. *(a) | 135,387 | 232,866 |
3D Systems Corp. * | 300,083 | 1,119,310 |
AAON, Inc. | 157,719 | 8,592,531 |
AAR Corp. * | 80,297 | 4,766,430 |
AeroVironment, Inc. * | 60,670 | 6,956,422 |
AerSale Corp. * | 60,368 | 923,027 |
Alamo Group, Inc. | 23,525 | 3,771,058 |
Albany International Corp., Class A | 72,867 | 5,946,676 |
Allient, Inc. | 29,872 | 824,467 |
Alta Equipment Group, Inc. | 53,314 | 489,956 |
Ameresco, Inc., Class A * | 74,918 | 1,959,106 |
American Woodmark Corp. * | 38,163 | 2,565,698 |
Amprius Technologies, Inc. *(a) | 12,291 | 35,767 |
API Group Corp. * | 487,001 | 12,598,716 |
Apogee Enterprises, Inc. | 51,441 | 2,207,848 |
Applied Industrial Technologies, Inc. | 89,844 | 13,791,952 |
Archer Aviation, Inc., Class A *(a) | 353,818 | 1,680,636 |
Arcosa, Inc. | 112,939 | 7,800,697 |
Argan, Inc. | 29,379 | 1,343,795 |
Array Technologies, Inc. * | 352,700 | 6,112,291 |
Astec Industries, Inc. | 52,868 | 2,116,835 |
Astronics Corp. * | 60,294 | 924,307 |
Atkore, Inc. * | 89,983 | 11,183,087 |
AZZ, Inc. | 57,692 | 2,727,101 |
Babcock & Wilcox Enterprises, Inc. * | 140,086 | 368,426 |
Barnes Group, Inc. | 114,159 | 2,373,366 |
Beacon Roofing Supply, Inc. * | 125,598 | 8,938,810 |
Blink Charging Co. *(a) | 125,706 | 299,180 |
Bloom Energy Corp., Class A * | 448,978 | 4,669,371 |
Blue Bird Corp. * | 41,525 | 756,170 |
BlueLinx Holdings, Inc. * | 20,531 | 1,459,959 |
Boise Cascade Co. | 92,467 | 8,668,781 |
Bowman Consulting Group Ltd., Class A * | 24,162 | 641,984 |
Brookfield Business Corp., Class A | 60,870 | 865,571 |
Cadre Holdings, Inc. | 45,424 | 1,274,143 |
Chart Industries, Inc. * | 100,068 | 11,630,904 |
Columbus McKinnon Corp. | 65,631 | 2,006,340 |
Comfort Systems USA, Inc. | 82,412 | 14,986,622 |
Commercial Vehicle Group, Inc. * | 73,434 | 511,835 |
Concrete Pumping Holdings, Inc. * | 59,286 | 416,781 |
Construction Partners, Inc., Class A * | 93,271 | 3,586,270 |
CSW Industrials, Inc. | 35,935 | 6,369,838 |
Custom Truck One Source, Inc. * | 132,151 | 762,511 |
Desktop Metal, Inc., Class A *(a) | 650,004 | 563,163 |
Distribution Solutions Group, Inc. * | 20,714 | 624,527 |
Douglas Dynamics, Inc. | 52,145 | 1,266,081 |
Dragonfly Energy Holdings Corp. *(a) | 64,702 | 53,321 |
Ducommun, Inc. * | 30,265 | 1,447,878 |
DXP Enterprises, Inc. * | 32,551 | 1,061,163 |
Dycom Industries, Inc. * | 66,764 | 5,686,958 |
Encore Wire Corp. | 37,209 | 6,654,085 |
Energy Recovery, Inc. * | 129,298 | 1,965,330 |
Energy Vault Holdings, Inc. *(a) | 224,131 | 450,503 |
Enerpac Tool Group Corp., Class A | 130,962 | 3,706,225 |
EnerSys | 96,057 | 8,220,558 |
Eneti, Inc. | 58,990 | 598,749 |
Enovix Corp. *(a) | 319,122 | 2,843,377 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
EnPro Industries, Inc. | 48,778 | 5,417,285 |
Eos Energy Enterprises, Inc. *(a) | 244,036 | 429,503 |
ESCO Technologies, Inc. | 59,703 | 5,804,326 |
ESS Tech, Inc. *(a) | 225,253 | 270,304 |
Eve Holding, Inc. * | 41,374 | 310,305 |
EVI Industries, Inc. | 11,811 | 303,897 |
Federal Signal Corp. | 139,520 | 8,097,741 |
Fluence Energy, Inc. * | 91,977 | 1,593,042 |
Fluor Corp. * | 332,029 | 11,053,245 |
Franklin Electric Co., Inc. | 107,530 | 9,325,002 |
FTAI Aviation Ltd. | 231,735 | 8,715,553 |
FTC Solar, Inc. * | 145,416 | 155,595 |
FuelCell Energy, Inc. *(a) | 943,818 | 1,028,762 |
GATX Corp. | 82,671 | 8,645,733 |
Gencor Industries, Inc. * | 24,095 | 342,149 |
Gibraltar Industries, Inc. * | 71,217 | 4,334,267 |
Global Industrial Co. | 30,837 | 985,242 |
GMS, Inc. * | 95,516 | 5,585,776 |
Gorman-Rupp Co. | 53,762 | 1,588,667 |
GrafTech International Ltd. | 453,900 | 1,565,955 |
Granite Construction, Inc. | 102,678 | 4,156,405 |
Great Lakes Dredge & Dock Corp. * | 152,054 | 1,155,610 |
Greenbrier Cos., Inc. | 71,032 | 2,456,997 |
Griffon Corp. | 102,296 | 4,085,702 |
H&E Equipment Services, Inc. | 74,585 | 3,037,101 |
Helios Technologies, Inc. | 76,308 | 3,946,650 |
Herc Holdings, Inc. | 65,850 | 7,032,122 |
Hillenbrand, Inc. | 161,136 | 6,128,002 |
Hillman Solutions Corp. * | 453,801 | 2,976,935 |
Hudson Technologies, Inc. * | 102,311 | 1,317,766 |
Hyliion Holdings Corp. * | 337,387 | 201,184 |
Hyster-Yale Materials Handling, Inc. | 25,126 | 1,005,291 |
IES Holdings, Inc. * | 19,063 | 1,186,290 |
INNOVATE Corp. * | 125,932 | 153,637 |
Insteel Industries, Inc. | 43,403 | 1,211,378 |
Janus International Group, Inc. * | 198,215 | 1,855,292 |
JELD-WEN Holding, Inc. * | 197,797 | 2,241,040 |
John Bean Technologies Corp. | 74,194 | 7,717,660 |
Kadant, Inc. | 27,261 | 5,997,420 |
Kaman Corp. | 65,060 | 1,210,767 |
Karat Packaging, Inc. | 12,968 | 267,530 |
Kennametal, Inc. | 187,537 | 4,333,980 |
Kratos Defense & Security Solutions, Inc. * | 291,577 | 4,971,388 |
Leonardo DRS, Inc. * | 117,705 | 2,244,634 |
Limbach Holdings, Inc. * | 21,046 | 627,171 |
Lindsay Corp. | 25,674 | 3,207,196 |
LSI Industries, Inc. | 61,422 | 913,959 |
Luxfer Holdings PLC | 62,745 | 518,901 |
Manitowoc Co., Inc. * | 80,608 | 1,031,782 |
Masonite International Corp. * | 51,723 | 4,093,358 |
Masterbrand, Inc. * | 302,820 | 3,364,330 |
Mayville Engineering Co., Inc. * | 25,250 | 305,273 |
McGrath RentCorp | 57,377 | 5,772,126 |
Microvast Holdings, Inc. * | 240,268 | 295,530 |
Miller Industries, Inc. | 25,846 | 940,019 |
Moog, Inc., Class A | 66,064 | 7,666,727 |
MRC Global, Inc. * | 195,996 | 2,059,918 |
Mueller Industries, Inc. | 260,973 | 9,841,292 |
Mueller Water Products, Inc., Class A | 360,844 | 4,463,640 |
MYR Group, Inc. * | 38,269 | 4,432,698 |
National Presto Industries, Inc. | 12,159 | 908,885 |
NEXTracker, Inc., Class A * | 115,739 | 4,023,088 |
Nikola Corp. *(a) | 1,459,384 | 1,576,135 |
Northwest Pipe Co. * | 23,373 | 637,148 |
NOW, Inc. * | 247,799 | 2,730,745 |
NuScale Power Corp. *(a) | 126,882 | 428,861 |
Omega Flex, Inc. | 7,478 | 546,417 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Park Aerospace Corp. | 43,058 | 632,091 |
Park-Ohio Holdings Corp. | 19,192 | 435,275 |
PGT Innovations, Inc. * | 131,628 | 3,940,942 |
Powell Industries, Inc. | 21,240 | 1,628,046 |
Preformed Line Products Co. | 5,778 | 782,052 |
Primoris Services Corp. | 123,138 | 3,701,528 |
Proto Labs, Inc. * | 61,824 | 1,459,665 |
Quanex Building Products Corp. | 77,057 | 2,068,980 |
Redwire Corp. *(a) | 17,938 | 48,074 |
Resideo Technologies, Inc. * | 340,257 | 4,926,921 |
REV Group, Inc. | 74,022 | 1,054,073 |
Rocket Lab USA, Inc. * | 646,746 | 2,735,736 |
Rush Enterprises, Inc., Class A | 145,113 | 5,163,121 |
Rush Enterprises, Inc., Class B | 21,319 | 862,140 |
SES AI Corp. *(a) | 285,413 | 516,598 |
Shoals Technologies Group, Inc., Class A * | 399,501 | 6,136,335 |
Shyft Group, Inc. | 79,483 | 872,723 |
Simpson Manufacturing Co., Inc. | 99,929 | 13,308,544 |
SKYX Platforms Corp. * | 147,033 | 233,782 |
Southland Holdings, Inc. *(a) | 12,894 | 81,232 |
SPX Technologies, Inc. * | 102,769 | 8,233,852 |
Standex International Corp. | 27,516 | 3,950,472 |
Stem, Inc. *(a) | 328,779 | 1,111,273 |
Sterling Infrastructure, Inc. * | 69,791 | 5,084,274 |
SunPower Corp. *(a) | 201,271 | 859,427 |
Tennant Co. | 43,275 | 3,211,871 |
Terex Corp. | 156,435 | 7,164,723 |
Terran Orbital Corp. *(a) | 194,774 | 155,605 |
Textainer Group Holdings Ltd. | 97,908 | 4,809,241 |
Thermon Group Holdings, Inc. * | 78,025 | 2,082,487 |
Titan International, Inc. * | 121,187 | 1,376,684 |
Titan Machinery, Inc. * | 47,688 | 1,184,570 |
TPI Composites, Inc. *(a) | 96,647 | 223,255 |
Transcat, Inc. * | 17,085 | 1,537,992 |
Trinity Industries, Inc. | 189,118 | 3,939,328 |
Triumph Group, Inc. * | 148,686 | 1,109,198 |
Tutor Perini Corp. * | 100,464 | 724,345 |
UFP Industries, Inc. | 139,831 | 13,307,716 |
V2X, Inc. * | 26,672 | 1,362,139 |
Velo3D, Inc. *(a) | 203,467 | 268,576 |
Veritiv Corp. | 30,505 | 5,167,852 |
Vicor Corp. * | 51,445 | 1,992,979 |
Virgin Galactic Holdings, Inc. *(a) | 597,625 | 884,485 |
Wabash National Corp. | 110,374 | 2,283,638 |
Watts Water Technologies, Inc., Class A | 63,681 | 11,017,450 |
Willis Lease Finance Corp. * | 7,276 | 325,092 |
Xometry, Inc., Class A * | 78,404 | 1,140,778 |
Zurn Elkay Water Solutions Corp. | 344,493 | 9,115,285 |
557,440,133 | ||
Commercial & Professional Services 4.2% | ||
ABM Industries, Inc. | 154,195 | 6,066,031 |
ACCO Brands Corp. | 214,469 | 1,085,213 |
ACV Auctions, Inc., Class A * | 295,901 | 3,944,360 |
Alight, Inc., Class A * | 925,324 | 6,144,151 |
Aris Water Solutions, Inc., Class A | 68,341 | 570,647 |
ASGN, Inc. * | 112,235 | 9,367,133 |
Asure Software, Inc. * | 43,262 | 365,997 |
Barrett Business Services, Inc. | 15,489 | 1,416,624 |
Blacksky Technology, Inc. *(a) | 286,430 | 340,852 |
BrightView Holdings, Inc. * | 97,763 | 658,923 |
Brink's Co. | 107,495 | 7,187,116 |
Casella Waste Systems, Inc., Class A * | 131,439 | 9,917,073 |
CBIZ, Inc. * | 111,795 | 5,808,868 |
CECO Environmental Corp. * | 69,503 | 1,124,559 |
Cimpress PLC * | 41,431 | 2,472,188 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
CompX International, Inc. | 4,778 | 89,922 |
Conduent, Inc. * | 398,492 | 1,271,189 |
CoreCivic, Inc. * | 264,017 | 3,353,016 |
CRA International, Inc. | 15,957 | 1,549,584 |
CSG Systems International, Inc. | 73,447 | 3,441,726 |
Deluxe Corp. | 100,561 | 1,714,565 |
Ennis, Inc. | 59,108 | 1,262,547 |
Enviri Corp. * | 182,247 | 1,046,098 |
ExlService Holdings, Inc. * | 376,407 | 9,827,987 |
Exponent, Inc. | 117,900 | 8,640,891 |
First Advantage Corp. | 128,050 | 1,665,930 |
FiscalNote Holdings, Inc. *(a) | 142,336 | 189,307 |
Forrester Research, Inc. * | 27,766 | 644,171 |
Franklin Covey Co. * | 26,854 | 1,058,316 |
GEO Group, Inc. * | 281,070 | 2,456,552 |
Healthcare Services Group, Inc. | 173,822 | 1,651,309 |
Heidrick & Struggles International, Inc. | 45,950 | 1,118,423 |
HireQuest, Inc. | 12,249 | 186,675 |
HireRight Holdings Corp. * | 34,037 | 313,481 |
HNI Corp. | 107,751 | 3,737,882 |
Huron Consulting Group, Inc. * | 44,327 | 4,404,331 |
IBEX Holdings Ltd. * | 25,006 | 408,098 |
ICF International, Inc. | 43,588 | 5,523,907 |
Innodata, Inc. * | 60,590 | 454,425 |
Insperity, Inc. | 84,854 | 8,980,947 |
Interface, Inc., Class A | 132,902 | 1,181,499 |
Kelly Services, Inc., Class A | 73,814 | 1,317,580 |
Kforce, Inc. | 44,994 | 2,746,434 |
Korn Ferry | 121,533 | 5,532,182 |
LanzaTech Global, Inc. *(a) | 47,134 | 165,912 |
Legalzoom.com, Inc. * | 241,793 | 2,410,676 |
Li-Cycle Holdings Corp. *(a) | 318,432 | 426,699 |
Liquidity Services, Inc. * | 54,236 | 1,045,128 |
Matthews International Corp., Class A | 68,968 | 2,444,226 |
Maximus, Inc. | 141,607 | 10,580,875 |
MillerKnoll, Inc. | 177,096 | 4,161,756 |
Mistras Group, Inc. * | 47,603 | 260,388 |
Montrose Environmental Group, Inc. * | 64,991 | 1,502,592 |
NL Industries, Inc. | 18,784 | 93,544 |
NV5 Global, Inc. * | 32,074 | 3,026,182 |
OPENLANE, Inc. * | 251,914 | 3,383,205 |
Parsons Corp. * | 96,069 | 5,432,702 |
Performant Financial Corp. * | 153,846 | 358,461 |
Pitney Bowes, Inc. | 406,210 | 1,312,058 |
Planet Labs PBC * | 388,266 | 838,655 |
Quad/Graphics, Inc. * | 71,062 | 347,493 |
Resources Connection, Inc. | 75,842 | 1,021,592 |
Skillsoft Corp. * | 10,299 | 193,621 |
SP Plus Corp. * | 45,680 | 2,308,210 |
Steelcase, Inc., Class A | 216,266 | 2,359,462 |
Sterling Check Corp. * | 72,439 | 809,868 |
TriNet Group, Inc. * | 87,672 | 9,008,298 |
TrueBlue, Inc. * | 70,434 | 779,704 |
TTEC Holdings, Inc. | 44,925 | 924,556 |
UniFirst Corp. | 34,854 | 5,731,043 |
Upwork, Inc. * | 289,173 | 3,021,858 |
Verra Mobility Corp., Class A * | 324,984 | 6,424,934 |
Viad Corp. * | 47,581 | 1,152,888 |
VSE Corp. | 29,537 | 1,589,091 |
Willdan Group, Inc. * | 27,961 | 493,232 |
205,847,618 | ||
Consumer Discretionary Distribution & Retail 2.6% | ||
1-800-Flowers.com, Inc., Class A * | 59,538 | 447,130 |
Aaron's Co., Inc. | 70,517 | 522,531 |
Abercrombie & Fitch Co., Class A * | 113,637 | 6,911,402 |
Academy Sports & Outdoors, Inc. | 173,832 | 7,794,627 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
American Eagle Outfitters, Inc. | 425,371 | 7,431,231 |
America's Car-Mart, Inc. * | 13,927 | 932,830 |
Arko Corp. | 190,526 | 1,438,471 |
Asbury Automotive Group, Inc. * | 48,206 | 9,225,182 |
BARK, Inc. * | 308,341 | 329,925 |
Big 5 Sporting Goods Corp. (a) | 49,178 | 347,197 |
Big Lots, Inc. | 65,069 | 296,715 |
Boot Barn Holdings, Inc. * | 69,123 | 4,804,048 |
Buckle, Inc. | 71,113 | 2,401,486 |
Build-A-Bear Workshop, Inc. | 30,384 | 753,523 |
Caleres, Inc. | 80,968 | 2,071,161 |
Camping World Holdings, Inc., Class A | 97,376 | 1,631,048 |
CarParts.com, Inc. * | 121,182 | 342,945 |
Carvana Co., Class A * | 223,330 | 6,029,910 |
Cato Corp., Class A | 39,806 | 283,817 |
Chico's FAS, Inc. * | 281,793 | 2,107,812 |
Children's Place, Inc. * | 28,118 | 769,590 |
ContextLogic, Inc., Class A *(a) | 50,471 | 197,846 |
Designer Brands, Inc., Class A | 115,824 | 1,170,981 |
Destination XL Group, Inc. * | 133,281 | 554,449 |
Dillard's, Inc., Class A | 8,100 | 2,514,645 |
Duluth Holdings, Inc., Class B * | 31,550 | 158,696 |
Envela Corp. * | 17,343 | 67,985 |
EVgo, Inc., Class A *(a) | 235,755 | 486,834 |
Foot Locker, Inc. | 191,224 | 4,013,792 |
Genesco, Inc. * | 27,605 | 756,653 |
Group 1 Automotive, Inc. | 32,420 | 8,180,539 |
GrowGeneration Corp. * | 133,787 | 272,925 |
Guess?, Inc. | 67,239 | 1,445,638 |
Haverty Furniture Cos., Inc. | 34,412 | 896,433 |
Hibbett, Inc. | 29,379 | 1,353,491 |
J Jill, Inc. * | 10,402 | 298,017 |
Lands' End, Inc. * | 34,061 | 213,903 |
Lazydays Holdings, Inc. * | 52,161 | 329,136 |
Leslie's, Inc. * | 413,101 | 2,040,719 |
MarineMax, Inc. * | 49,419 | 1,353,092 |
Monro, Inc. | 72,619 | 1,802,404 |
National Vision Holdings, Inc. * | 181,497 | 2,820,463 |
ODP Corp. * | 76,629 | 3,442,175 |
OneWater Marine, Inc., Class A * | 27,455 | 621,307 |
Overstock.com, Inc. * | 105,212 | 1,641,307 |
PetMed Express, Inc. | 49,439 | 340,635 |
Qurate Retail, Inc., Class B * | 3,032 | 24,377 |
Rent the Runway, Inc., Class A * | 109,914 | 59,013 |
Revolve Group, Inc. * | 94,887 | 1,304,696 |
Sally Beauty Holdings, Inc. * | 250,115 | 2,125,977 |
Savers Value Village, Inc. * | 59,838 | 895,775 |
Shoe Carnival, Inc. | 42,195 | 965,422 |
Signet Jewelers Ltd. | 103,857 | 7,252,334 |
Sleep Number Corp. * | 49,793 | 810,132 |
Sonic Automotive, Inc., Class A | 36,728 | 1,757,435 |
Sportsman's Warehouse Holdings, Inc. * | 86,556 | 440,570 |
Stitch Fix, Inc., Class A * | 201,134 | 659,720 |
ThredUp, Inc., Class A * | 164,143 | 528,540 |
Tile Shop Holdings, Inc. * | 71,038 | 389,999 |
Tilly's, Inc., Class A * | 51,150 | 414,315 |
Torrid Holdings, Inc. *(a) | 27,619 | 64,352 |
Upbound Group, Inc. | 127,777 | 3,329,869 |
Urban Outfitters, Inc. * | 148,561 | 5,143,182 |
Warby Parker, Inc., Class A * | 197,263 | 2,560,474 |
Weyco Group, Inc. | 13,968 | 403,955 |
Winmark Corp. | 6,644 | 2,679,658 |
Zumiez, Inc. * | 38,060 | 625,326 |
126,281,767 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Consumer Durables & Apparel 2.9% | ||
Acushnet Holdings Corp. | 72,859 | 3,712,895 |
Allbirds, Inc., Class A * | 236,333 | 204,381 |
AMMO, Inc. * | 205,203 | 597,141 |
Beazer Homes USA, Inc. * | 68,162 | 1,648,839 |
Cavco Industries, Inc. * | 20,366 | 5,081,521 |
Century Communities, Inc. | 66,237 | 4,073,575 |
Clarus Corp. | 66,909 | 387,403 |
Cricut, Inc., Class A (a) | 110,371 | 941,465 |
Dream Finders Homes, Inc., Class A * | 56,102 | 1,104,648 |
Escalade, Inc. | 22,762 | 387,864 |
Ethan Allen Interiors, Inc. | 52,832 | 1,387,368 |
Figs, Inc., Class A * | 298,202 | 1,643,093 |
Fossil Group, Inc. * | 110,605 | 172,544 |
Funko, Inc., Class A * | 83,313 | 642,343 |
G-III Apparel Group Ltd. * | 96,381 | 2,462,535 |
GoPro, Inc., Class A * | 299,752 | 752,377 |
Green Brick Partners, Inc. * | 60,758 | 2,351,335 |
Hanesbrands, Inc. | 815,968 | 3,418,906 |
Helen of Troy Ltd. * | 56,089 | 5,514,670 |
Hooker Furnishings Corp. | 25,132 | 420,207 |
Hovnanian Enterprises, Inc., Class A * | 11,024 | 765,947 |
Installed Building Products, Inc. | 55,179 | 6,161,839 |
iRobot Corp. * | 63,783 | 2,100,374 |
JAKKS Pacific, Inc. * | 16,519 | 277,024 |
Johnson Outdoors, Inc., Class A | 12,872 | 612,064 |
KB Home | 168,721 | 7,457,468 |
Kontoor Brands, Inc. | 130,853 | 6,078,122 |
Landsea Homes Corp. * | 33,563 | 249,709 |
Latham Group, Inc. * | 88,803 | 203,359 |
La-Z-Boy, Inc. | 100,797 | 2,947,304 |
Legacy Housing Corp. * | 23,975 | 443,777 |
LGI Homes, Inc. * | 48,381 | 4,572,488 |
Lovesac Co. * | 32,088 | 528,168 |
M/I Homes, Inc. * | 62,714 | 5,146,938 |
Malibu Boats, Inc., Class A * | 47,354 | 2,065,581 |
Marine Products Corp. | 19,228 | 187,281 |
MasterCraft Boat Holdings, Inc. * | 40,660 | 831,090 |
MDC Holdings, Inc. | 136,828 | 5,192,623 |
Meritage Homes Corp. | 84,800 | 9,668,896 |
Movado Group, Inc. | 36,078 | 1,005,133 |
Oxford Industries, Inc. | 34,725 | 2,930,790 |
Purple Innovation, Inc., Class A (a) | 127,139 | 123,325 |
Rocky Brands, Inc. | 15,946 | 195,817 |
Skyline Champion Corp. * | 124,755 | 7,314,386 |
Smith & Wesson Brands, Inc. | 105,783 | 1,558,184 |
Snap One Holdings Corp. * | 44,848 | 335,911 |
Solo Brands, Inc., Class A * | 50,191 | 193,235 |
Sonos, Inc. * | 294,004 | 3,169,363 |
Steven Madden Ltd. | 174,959 | 5,736,906 |
Sturm Ruger & Co., Inc. | 40,753 | 2,255,679 |
Taylor Morrison Home Corp., Class A * | 244,938 | 9,386,024 |
Topgolf Callaway Brands Corp. * | 335,717 | 4,102,462 |
Traeger, Inc. * | 81,565 | 214,516 |
Tri Pointe Homes, Inc. * | 231,037 | 5,789,787 |
United Homes Group, Inc. * | 14,068 | 94,256 |
Vera Bradley, Inc. * | 59,937 | 438,739 |
Vista Outdoor, Inc. * | 133,999 | 3,366,055 |
Vizio Holding Corp., Class A * | 177,587 | 903,918 |
VOXX International Corp., Class A * | 27,479 | 251,982 |
Wolverine World Wide, Inc. | 181,825 | 1,463,691 |
143,225,321 | ||
Consumer Services 3.5% | ||
2U, Inc. * | 182,090 | 386,031 |
Accel Entertainment, Inc., Class A * | 124,866 | 1,229,930 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Adtalem Global Education, Inc. * | 100,971 | 5,230,298 |
Bally's Corp. * | 68,465 | 624,401 |
Biglari Holdings, Inc., Class B * | 1,689 | 249,584 |
BJ's Restaurants, Inc. * | 52,571 | 1,352,126 |
Bloomin' Brands, Inc. | 203,775 | 4,756,108 |
Bluegreen Vacations Holding Corp., Class A | 25,436 | 852,360 |
Bowlero Corp. *(a) | 69,705 | 703,323 |
Brinker International, Inc. * | 102,376 | 3,472,594 |
Carriage Services, Inc., Class A | 30,656 | 662,170 |
Carrols Restaurant Group, Inc. * | 88,329 | 507,892 |
Century Casinos, Inc. * | 62,870 | 275,371 |
Cheesecake Factory, Inc. | 113,193 | 3,516,907 |
Chegg, Inc. * | 274,949 | 2,070,366 |
Chuy's Holdings, Inc. * | 41,703 | 1,403,723 |
Coursera, Inc. * | 303,041 | 5,254,731 |
Cracker Barrel Old Country Store, Inc. | 51,445 | 3,413,890 |
Dave & Buster's Entertainment, Inc. * | 84,131 | 2,939,537 |
Denny's Corp. * | 126,245 | 1,088,232 |
Dine Brands Global, Inc. | 36,555 | 1,801,796 |
Duolingo, Inc. * | 66,793 | 9,755,118 |
El Pollo Loco Holdings, Inc. * | 65,447 | 546,482 |
European Wax Center, Inc., Class A * | 78,946 | 1,166,032 |
Everi Holdings, Inc. * | 196,228 | 2,117,300 |
First Watch Restaurant Group, Inc. * | 51,369 | 858,376 |
Frontdoor, Inc. * | 191,565 | 5,541,975 |
Full House Resorts, Inc. * | 75,097 | 281,614 |
Global Business Travel Group I *(a) | 73,773 | 363,701 |
Golden Entertainment, Inc. | 47,460 | 1,488,346 |
Graham Holdings Co., Class B | 8,323 | 4,816,687 |
Hilton Grand Vacations, Inc. * | 189,748 | 6,821,441 |
Inspired Entertainment, Inc. * | 49,619 | 495,198 |
International Game Technology PLC | 253,132 | 6,434,615 |
Jack in the Box, Inc. | 47,804 | 3,020,257 |
Krispy Kreme, Inc. | 203,458 | 2,630,712 |
Kura Sushi USA, Inc., Class A * | 13,633 | 778,990 |
Laureate Education, Inc. | 305,438 | 4,318,893 |
Life Time Group Holdings, Inc. * | 105,026 | 1,241,407 |
Light & Wonder, Inc. * | 212,611 | 15,543,990 |
Lincoln Educational Services Corp. * | 57,320 | 490,086 |
Lindblad Expeditions Holdings, Inc. * | 81,251 | 505,381 |
Monarch Casino & Resort, Inc. | 31,458 | 1,893,457 |
Mondee Holdings, Inc., Class A *(a) | 103,793 | 382,996 |
Nathan's Famous, Inc. | 6,447 | 422,021 |
Nerdy, Inc. * | 141,611 | 436,162 |
Noodles & Co., Class A * | 91,768 | 195,466 |
ONE Group Hospitality, Inc. * | 50,200 | 221,382 |
OneSpaWorld Holdings Ltd. * | 195,003 | 2,043,631 |
Papa John's International, Inc. | 76,636 | 4,982,873 |
Perdoceo Education Corp. | 156,468 | 2,830,506 |
PlayAGS, Inc. * | 84,442 | 602,916 |
Portillo's, Inc., Class A * | 106,261 | 1,588,602 |
Potbelly Corp. * | 59,667 | 525,070 |
RCI Hospitality Holdings, Inc. | 20,220 | 1,102,192 |
Red Robin Gourmet Burgers, Inc. * | 38,900 | 314,701 |
Red Rock Resorts, Inc., Class A | 110,750 | 4,380,162 |
Rover Group, Inc., Class A * | 216,552 | 1,396,760 |
Rush Street Interactive, Inc. * | 144,195 | 514,776 |
Sabre Corp. * | 773,094 | 2,705,829 |
SeaWorld Entertainment, Inc. * | 84,512 | 3,640,777 |
Shake Shack, Inc., Class A * | 88,027 | 4,933,033 |
Six Flags Entertainment Corp. * | 168,753 | 3,358,185 |
Strategic Education, Inc. | 52,750 | 4,341,853 |
Stride, Inc. * | 98,732 | 5,428,285 |
Super Group SGHC Ltd. * | 316,048 | 1,210,464 |
Sweetgreen, Inc., Class A * | 224,531 | 2,319,405 |
Target Hospitality Corp. * | 73,266 | 1,005,942 |
Udemy, Inc. * | 200,437 | 1,789,902 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Universal Technical Institute, Inc. * | 74,931 | 654,148 |
WW International, Inc. * | 127,364 | 995,986 |
Xponential Fitness, Inc., Class A * | 57,138 | 815,359 |
168,040,812 | ||
Consumer Staples Distribution & Retail 0.6% | ||
Andersons, Inc. | 74,660 | 3,742,706 |
Chefs' Warehouse, Inc. * | 81,975 | 1,559,984 |
HF Foods Group, Inc. * | 92,601 | 374,108 |
Ingles Markets, Inc., Class A | 32,691 | 2,622,472 |
Natural Grocers by Vitamin Cottage, Inc. | 21,758 | 273,498 |
PriceSmart, Inc. | 60,218 | 3,763,023 |
SpartanNash Co. | 80,434 | 1,808,961 |
Sprouts Farmers Market, Inc. * | 241,152 | 10,133,207 |
United Natural Foods, Inc. * | 136,527 | 1,990,564 |
Village Super Market, Inc., Class A | 20,691 | 506,309 |
Weis Markets, Inc. | 38,356 | 2,496,975 |
29,271,807 | ||
Energy 8.6% | ||
Amplify Energy Corp. * | 82,931 | 576,370 |
Archrock, Inc. | 324,008 | 4,105,181 |
Ardmore Shipping Corp. | 95,178 | 1,264,916 |
Atlas Energy Solutions, Inc., Class A | 38,496 | 701,012 |
Berry Corp. | 178,093 | 1,487,077 |
Borr Drilling Ltd. * | 510,711 | 3,130,658 |
Bristow Group, Inc. * | 54,622 | 1,427,819 |
Cactus, Inc., Class A | 150,604 | 7,069,352 |
California Resources Corp. | 167,200 | 8,793,048 |
Callon Petroleum Co. * | 142,604 | 5,326,259 |
Centrus Energy Corp., Class A * | 28,553 | 1,515,308 |
ChampionX Corp. | 463,263 | 14,268,500 |
Chord Energy Corp. | 97,428 | 16,106,797 |
Civitas Resources, Inc. | 161,194 | 12,158,863 |
Clean Energy Fuels Corp. * | 391,421 | 1,366,059 |
CNX Resources Corp. * | 370,662 | 8,050,779 |
Comstock Resources, Inc. | 213,969 | 2,696,009 |
CONSOL Energy, Inc. | 77,811 | 7,150,053 |
Core Laboratories, Inc. | 109,099 | 2,336,901 |
Crescent Energy Co., Class A | 89,371 | 1,088,539 |
CVR Energy, Inc. | 69,166 | 2,265,187 |
Delek U.S. Holdings, Inc. | 151,388 | 3,989,074 |
Denbury, Inc. * | 118,575 | 10,540,132 |
DHT Holdings, Inc. | 318,286 | 3,539,340 |
Diamond Offshore Drilling, Inc. * | 236,235 | 2,931,676 |
DMC Global, Inc. * | 45,749 | 866,944 |
Dorian LPG Ltd. | 74,761 | 2,390,109 |
Dril-Quip, Inc. * | 79,552 | 1,723,096 |
Earthstone Energy, Inc., Class A * | 132,986 | 2,815,314 |
Empire Petroleum Corp. * | 29,248 | 244,513 |
Encore Energy Corp. * | 333,871 | 1,101,774 |
Energy Fuels, Inc. *(a) | 365,161 | 2,924,940 |
Enviva, Inc. | 71,575 | 259,102 |
Equitrans Midstream Corp. | 1,016,888 | 9,019,797 |
Evolution Petroleum Corp. | 72,903 | 468,766 |
Excelerate Energy, Inc., Class A | 42,820 | 608,900 |
Expro Group Holdings NV * | 205,631 | 3,238,688 |
FLEX LNG Ltd. | 69,428 | 2,120,331 |
Forum Energy Technologies, Inc. * | 22,424 | 488,170 |
Gevo, Inc. * | 534,500 | 571,915 |
Golar LNG Ltd. | 235,845 | 5,290,003 |
Granite Ridge Resources, Inc. | 59,395 | 365,873 |
Green Plains, Inc. * | 135,651 | 3,985,426 |
Gulfport Energy Corp. * | 25,444 | 3,145,133 |
Hallador Energy Co. * | 54,569 | 762,875 |
Helix Energy Solutions Group, Inc. * | 333,995 | 3,273,151 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Helmerich & Payne, Inc. | 226,684 | 8,969,886 |
HighPeak Energy, Inc. | 27,792 | 492,196 |
International Seaways, Inc. | 94,635 | 4,550,997 |
Kinetik Holdings, Inc., Class A | 40,121 | 1,421,888 |
KLX Energy Services Holdings, Inc. *(a) | 28,956 | 297,668 |
Kodiak Gas Services, Inc. * | 35,513 | 610,468 |
Kosmos Energy Ltd. * | 1,062,882 | 7,695,266 |
Liberty Energy, Inc., Class A | 387,033 | 7,624,550 |
Magnolia Oil & Gas Corp., Class A | 426,841 | 9,582,580 |
Mammoth Energy Services, Inc. * | 53,242 | 215,630 |
Matador Resources Co. | 263,793 | 16,273,390 |
Murphy Oil Corp. | 346,001 | 15,525,065 |
Nabors Industries Ltd. * | 21,333 | 2,082,954 |
NACCO Industries, Inc., Class A | 9,708 | 335,411 |
Newpark Resources, Inc. * | 172,650 | 1,194,738 |
NextDecade Corp. * | 74,659 | 327,753 |
Noble Corp. PLC | 257,674 | 12,030,799 |
Nordic American Tankers Ltd. | 478,923 | 2,198,257 |
Northern Oil & Gas, Inc. | 190,710 | 7,311,821 |
Oceaneering International, Inc. * | 233,928 | 5,144,077 |
Oil States International, Inc. * | 146,584 | 1,064,200 |
Overseas Shipholding Group, Inc., Class A * | 146,275 | 715,285 |
Par Pacific Holdings, Inc. * | 128,804 | 4,227,347 |
Patterson-UTI Energy, Inc. | 823,168 | 10,454,234 |
PBF Energy, Inc., Class A | 265,040 | 12,597,351 |
Peabody Energy Corp. | 290,171 | 6,845,134 |
Permian Resources Corp., Class A | 642,236 | 9,357,379 |
PrimeEnergy Resources Corp. * | 1,690 | 180,695 |
ProFrac Holding Corp., Class A * | 60,024 | 565,426 |
ProPetro Holding Corp. * | 229,964 | 2,410,023 |
Ranger Energy Services, Inc. | 35,430 | 411,342 |
REX American Resources Corp. * | 35,946 | 1,366,307 |
Riley Exploration Permian, Inc. | 20,223 | 640,058 |
Ring Energy, Inc. * | 287,671 | 500,548 |
RPC, Inc. | 197,793 | 1,645,638 |
SandRidge Energy, Inc. | 74,639 | 1,183,028 |
Scorpio Tankers, Inc. | 114,955 | 6,454,723 |
SEACOR Marine Holdings, Inc. * | 56,785 | 787,040 |
Seadrill Ltd. * | 117,625 | 4,648,540 |
Select Water Solutions, Inc. | 187,683 | 1,396,362 |
SFL Corp. Ltd. | 267,471 | 2,904,735 |
SilverBow Resources, Inc. * | 40,702 | 1,387,938 |
Sitio Royalties Corp., Class A | 187,952 | 4,646,170 |
SM Energy Co. | 279,490 | 11,269,037 |
Solaris Oilfield Infrastructure, Inc., Class A | 71,145 | 657,380 |
Talos Energy, Inc. * | 255,575 | 3,961,413 |
Teekay Corp. * | 155,973 | 1,096,490 |
Teekay Tankers Ltd., Class A | 55,659 | 2,766,252 |
Tellurian, Inc. *(a) | 1,231,293 | 849,592 |
TETRA Technologies, Inc. * | 291,669 | 1,382,511 |
Tidewater, Inc. * | 110,600 | 7,559,510 |
U.S. Silica Holdings, Inc. * | 175,624 | 2,119,782 |
Uranium Energy Corp. * | 857,369 | 5,101,346 |
VAALCO Energy, Inc. | 252,649 | 1,129,341 |
Valaris Ltd. * | 142,908 | 9,437,644 |
Verde Clean Fuels, Inc. *(a) | 9,811 | 41,206 |
Vertex Energy, Inc. * | 149,334 | 643,630 |
Vital Energy, Inc. * | 39,503 | 1,976,730 |
Vitesse Energy, Inc. | 58,146 | 1,377,479 |
W&T Offshore, Inc. * | 231,053 | 958,870 |
Weatherford International PLC * | 165,760 | 15,430,598 |
World Kinect Corp. | 143,227 | 2,649,700 |
420,233,137 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Equity Real Estate Investment Trusts (REITs) 5.4% | ||
Acadia Realty Trust | 216,808 | 3,104,691 |
Alexander & Baldwin, Inc. | 168,398 | 2,660,688 |
Alexander's, Inc. | 5,047 | 948,786 |
Alpine Income Property Trust, Inc. | 29,791 | 458,781 |
American Assets Trust, Inc. | 113,880 | 2,021,370 |
Apartment Investment & Management Co., Class A * | 345,131 | 2,022,468 |
Apple Hospitality REIT, Inc. | 502,419 | 7,877,930 |
Armada Hoffler Properties, Inc. | 157,917 | 1,572,853 |
Braemar Hotels & Resorts, Inc. | 149,968 | 392,916 |
Brandywine Realty Trust | 393,165 | 1,470,437 |
Broadstone Net Lease, Inc. | 437,661 | 6,192,903 |
BRT Apartments Corp. | 27,278 | 442,722 |
CareTrust REIT, Inc. | 233,170 | 5,017,818 |
CBL & Associates Properties, Inc. | 62,290 | 1,291,272 |
Centerspace | 35,287 | 1,714,242 |
Chatham Lodging Trust | 112,044 | 1,036,407 |
City Office REIT, Inc. | 89,169 | 339,734 |
Clipper Realty, Inc. | 24,413 | 115,962 |
Community Healthcare Trust, Inc. | 59,773 | 1,713,692 |
COPT Defense Properties | 262,525 | 5,985,570 |
CTO Realty Growth, Inc. | 51,873 | 839,824 |
DiamondRock Hospitality Co. | 490,255 | 3,789,671 |
Diversified Healthcare Trust | 555,429 | 1,149,738 |
Douglas Emmett, Inc. | 383,318 | 4,296,995 |
Easterly Government Properties, Inc., Class A | 219,652 | 2,363,456 |
Elme Communities | 203,934 | 2,602,198 |
Empire State Realty Trust, Inc., Class A | 307,941 | 2,491,243 |
Equity Commonwealth | 244,104 | 4,623,330 |
Essential Properties Realty Trust, Inc. | 363,308 | 7,974,611 |
Farmland Partners, Inc. | 111,108 | 1,157,745 |
Four Corners Property Trust, Inc. | 201,582 | 4,293,697 |
Getty Realty Corp. | 104,081 | 2,770,636 |
Gladstone Commercial Corp. | 93,352 | 1,115,556 |
Gladstone Land Corp. | 77,485 | 1,058,445 |
Global Medical REIT, Inc. | 141,289 | 1,223,563 |
Global Net Lease, Inc. | 454,190 | 3,606,269 |
Hersha Hospitality Trust, Class A | 74,023 | 734,308 |
Hudson Pacific Properties, Inc. | 319,831 | 1,426,446 |
Independence Realty Trust, Inc. | 525,877 | 6,515,616 |
Innovative Industrial Properties, Inc. | 65,010 | 4,669,668 |
InvenTrust Properties Corp. | 158,572 | 3,980,157 |
JBG SMITH Properties | 254,238 | 3,272,043 |
Kite Realty Group Trust | 506,884 | 10,806,767 |
LTC Properties, Inc. | 95,948 | 3,032,916 |
LXP Industrial Trust | 675,098 | 5,340,025 |
Macerich Co. | 502,066 | 4,880,082 |
National Health Investors, Inc. | 97,083 | 4,858,033 |
NETSTREIT Corp. | 157,186 | 2,239,900 |
NexPoint Diversified Real Estate Trust | 70,977 | 559,299 |
NexPoint Residential Trust, Inc. | 52,862 | 1,426,745 |
Office Properties Income Trust | 115,251 | 517,477 |
One Liberty Properties, Inc. | 37,178 | 684,075 |
Orion Office REIT, Inc. | 133,172 | 636,562 |
Outfront Media, Inc. | 343,668 | 3,354,200 |
Paramount Group, Inc. | 432,669 | 1,851,823 |
Peakstone Realty Trust | 83,535 | 1,079,272 |
Pebblebrook Hotel Trust | 283,314 | 3,379,936 |
Phillips Edison & Co., Inc. | 274,664 | 9,698,386 |
Physicians Realty Trust | 554,209 | 6,018,710 |
Piedmont Office Realty Trust, Inc., Class A | 284,911 | 1,484,386 |
Plymouth Industrial REIT, Inc. | 100,149 | 1,996,971 |
Postal Realty Trust, Inc., Class A | 43,735 | 579,051 |
PotlatchDeltic Corp. | 184,209 | 7,893,356 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Retail Opportunity Investments Corp. | 287,264 | 3,372,479 |
RLJ Lodging Trust | 364,345 | 3,424,843 |
RPT Realty | 200,629 | 2,164,787 |
Ryman Hospitality Properties, Inc. | 134,500 | 11,513,200 |
Sabra Health Care REIT, Inc. | 538,895 | 7,350,528 |
Safehold, Inc. | 102,760 | 1,671,905 |
Saul Centers, Inc. | 27,115 | 942,789 |
Service Properties Trust | 382,739 | 2,774,858 |
SITE Centers Corp. | 444,443 | 5,182,205 |
SL Green Realty Corp. | 150,892 | 4,419,627 |
Star Holdings * | 29,626 | 339,218 |
Summit Hotel Properties, Inc. | 242,354 | 1,366,877 |
Sunstone Hotel Investors, Inc. | 485,001 | 4,510,509 |
Tanger Factory Outlet Centers, Inc. | 237,429 | 5,354,024 |
Terreno Realty Corp. | 190,366 | 10,142,700 |
UMH Properties, Inc. | 128,995 | 1,781,421 |
Uniti Group, Inc. | 554,223 | 2,549,426 |
Universal Health Realty Income Trust | 29,783 | 1,144,859 |
Urban Edge Properties | 267,615 | 4,244,374 |
Veris Residential, Inc. | 183,592 | 2,458,297 |
Whitestone REIT | 112,759 | 1,121,952 |
Xenia Hotels & Resorts, Inc. | 256,026 | 2,977,582 |
265,462,889 | ||
Financial Services 5.7% | ||
Acacia Research Corp. * | 86,870 | 311,863 |
AFC Gamma, Inc. | 39,552 | 418,460 |
Alerus Financial Corp. | 43,052 | 745,230 |
AlTi Global, Inc. *(a) | 48,082 | 301,474 |
A-Mark Precious Metals, Inc. | 44,262 | 1,198,615 |
Angel Oak Mortgage REIT, Inc. (a) | 27,502 | 230,192 |
Apollo Commercial Real Estate Finance, Inc. | 331,349 | 3,300,236 |
Arbor Realty Trust, Inc. (a) | 424,300 | 5,350,423 |
Ares Commercial Real Estate Corp. | 120,459 | 1,104,609 |
ARMOUR Residential REIT, Inc. | 105,901 | 1,542,978 |
Artisan Partners Asset Management, Inc., Class A | 143,233 | 4,726,689 |
AssetMark Financial Holdings, Inc. * | 50,837 | 1,215,513 |
Atlanticus Holdings Corp. * | 10,585 | 309,717 |
Avantax, Inc. * | 89,535 | 2,310,898 |
AvidXchange Holdings, Inc. * | 346,649 | 2,995,047 |
B Riley Financial, Inc. (a) | 43,133 | 1,561,846 |
Bakkt Holdings, Inc. *(a) | 180,604 | 182,410 |
Banco Latinoamericano de Comercio Exterior SA, Class E | 63,705 | 1,438,459 |
BGC Group, Inc., Class A | 732,856 | 4,301,865 |
Blackstone Mortgage Trust, Inc., Class A (a) | 401,159 | 8,003,122 |
Bread Financial Holdings, Inc. | 117,830 | 3,184,945 |
Brightsphere Investment Group, Inc. | 75,285 | 1,178,963 |
BrightSpire Capital, Inc., Class A | 301,585 | 1,706,971 |
Cannae Holdings, Inc. * | 166,172 | 2,716,912 |
Cantaloupe, Inc. * | 134,673 | 886,148 |
Cass Information Systems, Inc. | 31,666 | 1,197,291 |
Chicago Atlantic Real Estate Finance, Inc. | 39,254 | 553,089 |
Chimera Investment Corp. | 540,501 | 2,594,405 |
Claros Mortgage Trust, Inc. | 211,422 | 2,205,131 |
Cohen & Steers, Inc. | 60,695 | 3,170,707 |
Compass Diversified Holdings | 146,825 | 2,522,454 |
Consumer Portfolio Services, Inc. * | 18,128 | 167,684 |
Diamond Hill Investment Group, Inc. | 6,551 | 1,029,162 |
Donnelley Financial Solutions, Inc. * | 57,454 | 3,127,221 |
Dynex Capital, Inc. | 125,693 | 1,261,958 |
Ellington Financial, Inc. | 152,636 | 1,836,211 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Enact Holdings, Inc. | 69,704 | 1,921,042 |
Encore Capital Group, Inc. * | 54,059 | 2,036,943 |
Enova International, Inc. * | 70,569 | 2,814,292 |
Essent Group Ltd. | 246,486 | 11,643,999 |
EVERTEC, Inc. | 151,852 | 4,825,857 |
Federal Agricultural Mortgage Corp., Class C | 21,187 | 3,147,541 |
Finance of America Cos., Inc., Class A * | 122,094 | 126,978 |
FirstCash Holdings, Inc. | 87,705 | 9,552,829 |
Flywire Corp. * | 223,610 | 6,012,873 |
Forge Global Holdings, Inc. * | 263,715 | 669,836 |
Franklin BSP Realty Trust, Inc. | 193,310 | 2,437,639 |
GCM Grosvenor, Inc., Class A | 94,805 | 763,180 |
Granite Point Mortgage Trust, Inc. | 116,783 | 490,489 |
Green Dot Corp., Class A * | 109,286 | 1,221,817 |
Hamilton Lane, Inc., Class A | 85,141 | 7,162,061 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 240,849 | 4,128,152 |
I3 Verticals, Inc., Class A * | 52,251 | 979,706 |
International Money Express, Inc. * | 76,032 | 1,213,471 |
Invesco Mortgage Capital, Inc. | 95,918 | 655,120 |
Jackson Financial, Inc., Class A | 192,841 | 7,079,193 |
KKR Real Estate Finance Trust, Inc. | 136,040 | 1,420,258 |
Ladder Capital Corp. REIT, Class A | 263,253 | 2,661,488 |
LendingClub Corp. * | 249,179 | 1,293,239 |
LendingTree, Inc. * | 24,029 | 317,904 |
MarketWise, Inc. | 72,420 | 157,151 |
Marqeta, Inc., Class A * | 1,142,906 | 5,908,824 |
Merchants Bancorp | 37,242 | 1,113,163 |
MFA Financial, Inc. | 238,196 | 2,117,562 |
Moelis & Co., Class A | 155,539 | 6,476,644 |
Mr Cooper Group, Inc. * | 152,456 | 8,618,338 |
Navient Corp. | 207,014 | 3,293,593 |
Nelnet, Inc., Class A | 33,789 | 2,865,645 |
NerdWallet, Inc., Class A * | 78,286 | 843,923 |
New York Mortgage Trust, Inc. | 212,701 | 1,656,941 |
NewtekOne, Inc. | 54,976 | 762,517 |
Nexpoint Real Estate Finance, Inc. | 18,441 | 273,480 |
NMI Holdings, Inc., Class A * | 191,050 | 5,225,217 |
Ocwen Financial Corp. * | 14,688 | 353,100 |
Open Lending Corp., Class A * | 233,096 | 1,396,245 |
OppFi, Inc. * | 32,243 | 71,902 |
Orchid Island Capital, Inc. | 102,360 | 642,821 |
P10, Inc., Class A | 99,779 | 939,918 |
Pagseguro Digital Ltd., Class A * | 463,226 | 3,270,376 |
Patria Investments Ltd., Class A | 127,268 | 1,640,485 |
Payoneer Global, Inc. * | 618,762 | 3,582,632 |
Paysafe Ltd. * | 76,701 | 745,537 |
Paysign, Inc. * | 74,618 | 137,297 |
PennyMac Financial Services, Inc. | 59,467 | 3,996,182 |
PennyMac Mortgage Investment Trust | 205,494 | 2,599,499 |
Perella Weinberg Partners, Class A | 97,056 | 952,119 |
Piper Sandler Cos. | 40,293 | 5,634,976 |
PJT Partners, Inc., Class A | 55,067 | 4,315,050 |
PRA Group, Inc. * | 90,845 | 1,118,302 |
Priority Technology Holdings, Inc. * | 39,369 | 147,634 |
PROG Holdings, Inc. * | 107,416 | 2,942,124 |
Radian Group, Inc. | 366,348 | 9,283,258 |
Ready Capital Corp. | 373,450 | 3,521,633 |
Redwood Trust, Inc. | 266,773 | 1,675,334 |
Regional Management Corp. | 18,120 | 450,463 |
Remitly Global, Inc. * | 304,389 | 8,197,196 |
Repay Holdings Corp., Class A * | 188,032 | 1,126,312 |
Sculptor Capital Management, Inc., Class A | 48,578 | 614,512 |
Security National Financial Corp., Class A * | 28,551 | 197,287 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Silvercrest Asset Management Group, Inc., Class A | 23,341 | 414,303 |
StepStone Group, Inc., Class A | 125,838 | 3,561,215 |
StoneCo Ltd., Class A * | 678,523 | 6,727,556 |
StoneX Group, Inc. * | 41,675 | 3,972,461 |
SWK Holdings Corp. * | 8,736 | 140,999 |
TPG RE Finance Trust, Inc. | 160,051 | 881,881 |
Two Harbors Investment Corp. | 225,723 | 2,620,644 |
Upstart Holdings, Inc. *(a) | 167,746 | 4,030,936 |
Value Line, Inc. | 2,043 | 83,661 |
Velocity Financial, Inc. * | 19,685 | 227,362 |
Victory Capital Holdings, Inc., Class A | 62,979 | 1,855,361 |
Virtus Investment Partners, Inc. | 16,074 | 2,961,313 |
Walker & Dunlop, Inc. | 73,907 | 4,789,174 |
Waterstone Financial, Inc. | 42,186 | 455,609 |
WisdomTree, Inc. | 321,707 | 1,994,583 |
World Acceptance Corp. * | 9,390 | 926,042 |
279,973,097 | ||
Food, Beverage & Tobacco 1.8% | ||
Alico, Inc. | 16,272 | 397,688 |
B&G Foods, Inc. | 166,237 | 1,341,533 |
Benson Hill, Inc. * | 395,910 | 60,970 |
Beyond Meat, Inc. *(a) | 136,791 | 816,642 |
BRC, Inc., Class A *(a) | 85,233 | 247,176 |
Calavo Growers, Inc. | 40,071 | 1,015,399 |
Cal-Maine Foods, Inc. | 89,015 | 4,033,270 |
Coca-Cola Consolidated, Inc. | 11,128 | 7,081,970 |
Dole PLC | 166,930 | 1,906,341 |
Duckhorn Portfolio, Inc. * | 102,863 | 1,072,861 |
Forafric Global PLC *(a) | 11,937 | 131,784 |
Fresh Del Monte Produce, Inc. | 79,441 | 1,986,025 |
Hain Celestial Group, Inc. * | 208,210 | 2,300,720 |
Hostess Brands, Inc., Class A * | 309,195 | 10,327,113 |
Ispire Technology, Inc. *(a) | 6,235 | 49,444 |
J & J Snack Foods Corp. | 35,142 | 5,503,589 |
John B Sanfilippo & Son, Inc. | 20,880 | 2,135,189 |
Lancaster Colony Corp. | 45,502 | 7,697,573 |
Limoneira Co. | 40,022 | 571,914 |
MGP Ingredients, Inc. | 37,007 | 3,503,083 |
Mission Produce, Inc. * | 112,027 | 1,054,174 |
National Beverage Corp. * | 55,078 | 2,554,518 |
Primo Water Corp. | 364,299 | 4,757,745 |
Seneca Foods Corp., Class A * | 12,270 | 670,555 |
Simply Good Foods Co. * | 211,492 | 7,886,537 |
Sovos Brands, Inc. * | 118,675 | 2,576,434 |
SunOpta, Inc. * | 209,952 | 806,216 |
TreeHouse Foods, Inc. * | 119,690 | 4,989,876 |
Turning Point Brands, Inc. | 39,858 | 799,153 |
Universal Corp. | 56,026 | 2,521,170 |
Utz Brands, Inc. | 167,452 | 2,041,240 |
Vector Group Ltd. | 339,401 | 3,489,042 |
Vita Coco Co., Inc. * | 65,935 | 1,786,838 |
Vital Farms, Inc. * | 72,242 | 798,997 |
Westrock Coffee Co. * | 64,942 | 535,122 |
Zevia PBC, Class A * | 56,995 | 110,570 |
89,558,471 | ||
Health Care Equipment & Services 6.0% | ||
23andMe Holding Co., Class A * | 603,722 | 511,413 |
Accolade, Inc. * | 159,903 | 1,039,369 |
Accuray, Inc. * | 213,230 | 562,927 |
AdaptHealth Corp., Class A * | 223,923 | 1,641,356 |
Addus HomeCare Corp. * | 36,300 | 2,864,070 |
Agiliti, Inc. * | 67,769 | 381,539 |
AirSculpt Technologies, Inc. *(a) | 31,209 | 187,254 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Alignment Healthcare, Inc. * | 197,170 | 1,356,530 |
Alphatec Holdings, Inc. * | 187,042 | 1,717,046 |
American Well Corp., Class A * | 568,020 | 664,583 |
AMN Healthcare Services, Inc. * | 92,658 | 7,029,036 |
AngioDynamics, Inc. * | 86,268 | 534,862 |
Apollo Medical Holdings, Inc. * | 100,108 | 3,124,371 |
Artivion, Inc. * | 91,061 | 1,160,117 |
AtriCure, Inc. * | 108,421 | 3,755,703 |
Atrion Corp. | 3,171 | 1,084,419 |
Avanos Medical, Inc. * | 107,721 | 1,977,758 |
Aveanna Healthcare Holdings, Inc. * | 116,553 | 160,843 |
Axogen, Inc. * | 97,727 | 367,453 |
Axonics, Inc. * | 114,371 | 5,856,939 |
Beyond Air, Inc. * | 58,597 | 136,531 |
Brookdale Senior Living, Inc. * | 435,991 | 1,704,725 |
Butterfly Network, Inc. *(a) | 320,332 | 271,289 |
Cano Health, Inc. * | 622,112 | 81,808 |
CareMax, Inc. * | 171,777 | 343,554 |
Castle Biosciences, Inc. * | 58,206 | 909,178 |
Cerus Corp. * | 413,494 | 578,892 |
ClearPoint Neuro, Inc. * | 52,401 | 288,205 |
Community Health Systems, Inc. * | 293,855 | 628,850 |
Computer Programs & Systems, Inc. * | 32,648 | 460,010 |
CONMED Corp. | 71,450 | 6,963,517 |
CorVel Corp. * | 20,328 | 3,942,412 |
Cross Country Healthcare, Inc. * | 80,354 | 1,860,999 |
Cutera, Inc. * | 42,386 | 131,820 |
CVRx, Inc. * | 25,423 | 340,160 |
Definitive Healthcare Corp., Class A * | 105,909 | 610,036 |
DocGo, Inc. * | 179,464 | 1,066,016 |
Embecta Corp. | 134,589 | 2,034,986 |
Enhabit, Inc. * | 116,490 | 858,531 |
Ensign Group, Inc. | 126,929 | 12,261,341 |
Evolent Health, Inc., Class A * | 256,291 | 6,261,189 |
Fulgent Genetics, Inc. * | 47,234 | 1,130,782 |
Glaukos Corp. * | 109,067 | 7,438,369 |
Guardant Health, Inc. * | 263,077 | 6,808,433 |
Haemonetics Corp. * | 116,707 | 9,946,938 |
Health Catalyst, Inc. * | 128,979 | 966,053 |
HealthEquity, Inc. * | 195,633 | 14,022,973 |
HealthStream, Inc. | 56,460 | 1,434,084 |
Hims & Hers Health, Inc. * | 285,471 | 1,707,117 |
Inari Medical, Inc. * | 124,510 | 7,559,002 |
InfuSystem Holdings, Inc. * | 41,516 | 397,723 |
Inmode Ltd. * | 180,561 | 3,448,715 |
Innovage Holding Corp. *(a) | 43,240 | 234,793 |
Inogen, Inc. * | 57,840 | 258,545 |
Integer Holdings Corp. * | 77,284 | 6,273,142 |
Invitae Corp. *(a) | 600,769 | 363,886 |
iRadimed Corp. | 17,205 | 700,932 |
iRhythm Technologies, Inc. * | 71,400 | 5,606,328 |
Joint Corp. * | 32,546 | 254,184 |
KORU Medical Systems, Inc. * | 79,915 | 181,407 |
Lantheus Holdings, Inc. * | 158,326 | 10,227,860 |
LeMaitre Vascular, Inc. | 45,911 | 2,230,356 |
LifeStance Health Group, Inc. * | 248,199 | 1,447,000 |
LivaNova PLC * | 126,238 | 6,191,974 |
Merit Medical Systems, Inc. * | 132,324 | 9,095,952 |
ModivCare, Inc. * | 29,476 | 1,245,066 |
Multiplan Corp. * | 918,186 | 1,551,734 |
Nano-X Imaging Ltd. *(a) | 110,163 | 556,323 |
National HealthCare Corp. | 29,188 | 1,966,104 |
National Research Corp. | 33,856 | 1,430,755 |
Neogen Corp. * | 507,096 | 7,550,659 |
NeoGenomics, Inc. * | 296,562 | 4,157,799 |
Nevro Corp. * | 81,841 | 1,180,966 |
NextGen Healthcare, Inc. * | 127,746 | 3,055,684 |
OmniAb, Inc., Class A *(b) | 12,825 | 0 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
OmniAb, Inc., Class B *(b) | 12,825 | 0 |
Omnicell, Inc. * | 104,896 | 3,728,004 |
OPKO Health, Inc. * | 932,061 | 1,165,076 |
OptimizeRx Corp. * | 38,018 | 306,425 |
Option Care Health, Inc. * | 395,922 | 10,978,917 |
OraSure Technologies, Inc. * | 166,008 | 856,601 |
Orchestra BioMed Holdings, Inc. *(a) | 33,684 | 157,978 |
Orthofix Medical, Inc. * | 81,269 | 897,210 |
OrthoPediatrics Corp. * | 36,647 | 896,386 |
Outset Medical, Inc. * | 113,729 | 402,601 |
Owens & Minor, Inc. * | 172,454 | 2,471,266 |
P3 Health Partners, Inc. * | 91,086 | 130,253 |
Paragon 28, Inc. * | 101,294 | 874,167 |
Patterson Cos., Inc. | 199,926 | 6,089,746 |
Pediatrix Medical Group, Inc. * | 195,477 | 2,240,166 |
Pennant Group, Inc. * | 66,207 | 719,670 |
PetIQ, Inc., Class A * | 63,782 | 1,197,188 |
Phreesia, Inc. * | 119,625 | 1,634,077 |
Privia Health Group, Inc. * | 257,538 | 5,413,449 |
PROCEPT BioRobotics Corp. * | 83,866 | 2,246,770 |
Progyny, Inc. * | 182,788 | 5,640,838 |
Pulmonx Corp. * | 86,854 | 763,447 |
Pulse Biosciences, Inc. * | 36,922 | 166,887 |
Quipt Home Medical Corp. * | 92,231 | 436,253 |
RadNet, Inc. * | 138,257 | 3,727,409 |
RxSight, Inc. * | 62,562 | 1,385,123 |
Sanara Medtech, Inc. * | 8,678 | 238,558 |
Schrodinger, Inc. * | 127,024 | 2,756,421 |
Select Medical Holdings Corp. | 242,079 | 5,502,456 |
Semler Scientific, Inc. * | 11,433 | 333,501 |
Sharecare, Inc. * | 737,171 | 774,029 |
SI-BONE, Inc. * | 81,488 | 1,386,111 |
Sight Sciences, Inc. * | 57,621 | 91,329 |
Silk Road Medical, Inc. * | 88,405 | 663,922 |
Simulations Plus, Inc. | 36,601 | 1,290,917 |
STAAR Surgical Co. * | 113,033 | 4,727,040 |
Surgery Partners, Inc. * | 156,852 | 3,627,987 |
Surmodics, Inc. * | 32,293 | 951,352 |
Tactile Systems Technology, Inc. * | 54,309 | 593,054 |
Tela Bio, Inc. * | 39,312 | 229,582 |
TransMedics Group, Inc. * | 74,044 | 2,775,169 |
Treace Medical Concepts, Inc. * | 104,050 | 1,043,621 |
U.S. Physical Therapy, Inc. | 34,017 | 2,861,170 |
UFP Technologies, Inc. * | 16,476 | 2,568,938 |
Utah Medical Products, Inc. | 8,156 | 648,565 |
Varex Imaging Corp. * | 90,813 | 1,639,175 |
Veradigm, Inc. * | 252,020 | 3,324,144 |
Vicarious Surgical, Inc. * | 160,158 | 66,065 |
Viemed Healthcare, Inc. * | 78,034 | 492,394 |
Zimvie, Inc. * | 59,072 | 417,048 |
Zynex, Inc. *(a) | 45,051 | 400,053 |
292,261,783 | ||
Household & Personal Products 1.3% | ||
Beauty Health Co. * | 189,099 | 765,851 |
BellRing Brands, Inc. * | 312,089 | 13,647,652 |
Central Garden & Pet Co. * | 23,004 | 1,003,664 |
Central Garden & Pet Co., Class A * | 91,653 | 3,637,707 |
Edgewell Personal Care Co. | 119,269 | 4,162,488 |
elf Beauty, Inc. * | 124,217 | 11,506,221 |
Energizer Holdings, Inc. | 166,800 | 5,267,544 |
Herbalife Ltd. * | 230,849 | 3,289,598 |
Inter Parfums, Inc. | 42,826 | 5,443,613 |
Medifast, Inc. | 25,064 | 1,733,426 |
Nature's Sunshine Products, Inc. * | 30,137 | 539,452 |
Nu Skin Enterprises, Inc., Class A | 115,697 | 2,197,086 |
Oil-Dri Corp. of America | 11,663 | 668,057 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
USANA Health Sciences, Inc. * | 26,254 | 1,195,870 |
Waldencast PLC, Class A *(a) | 83,204 | 639,007 |
WD-40 Co. | 31,609 | 6,682,143 |
62,379,379 | ||
Insurance 2.0% | ||
Ambac Financial Group, Inc. * | 103,224 | 1,252,107 |
American Coastal Insurance Corp., Class C *(a) | 44,838 | 335,837 |
American Equity Investment Life Holding Co. | 181,010 | 9,586,290 |
AMERISAFE, Inc. | 44,455 | 2,265,871 |
Argo Group International Holdings Ltd. | 74,579 | 2,225,437 |
BRP Group, Inc., Class A * | 140,010 | 2,930,409 |
CNO Financial Group, Inc. | 264,998 | 6,142,654 |
Crawford & Co., Class A | 33,123 | 303,075 |
Donegal Group, Inc., Class A | 35,156 | 496,403 |
eHealth, Inc. * | 63,725 | 546,760 |
Employers Holdings, Inc. | 62,407 | 2,371,466 |
Enstar Group Ltd. * | 27,777 | 6,582,316 |
F&G Annuities & Life, Inc. | 43,853 | 1,345,849 |
Fidelis Insurance Holdings Ltd. * | 35,180 | 497,445 |
Genworth Financial, Inc., Class A * | 1,110,423 | 6,651,434 |
GoHealth, Inc., Class A * | 8,961 | 125,812 |
Goosehead Insurance, Inc., Class A * | 50,007 | 3,243,954 |
Greenlight Capital Re Ltd., Class A * | 59,100 | 658,965 |
HCI Group, Inc. | 14,918 | 879,714 |
Hippo Holdings, Inc. * | 23,956 | 172,485 |
Horace Mann Educators Corp. | 95,544 | 3,031,611 |
Investors Title Co. | 2,791 | 401,374 |
James River Group Holdings Ltd. | 85,539 | 1,176,161 |
Kingsway Financial Services, Inc. * | 24,339 | 187,897 |
Lemonade, Inc. *(a) | 119,094 | 1,302,888 |
Maiden Holdings Ltd. * | 207,487 | 340,279 |
MBIA, Inc. * | 113,966 | 784,086 |
Mercury General Corp. | 62,641 | 1,934,354 |
National Western Life Group, Inc., Class A | 5,308 | 2,542,001 |
NI Holdings, Inc. * | 18,872 | 239,486 |
Oscar Health, Inc., Class A * | 360,795 | 1,847,270 |
Palomar Holdings, Inc. * | 56,659 | 2,837,483 |
ProAssurance Corp. | 126,027 | 2,142,459 |
Safety Insurance Group, Inc. | 33,468 | 2,515,790 |
Selective Insurance Group, Inc. | 140,181 | 14,594,244 |
Selectquote, Inc. * | 311,916 | 411,729 |
SiriusPoint Ltd. * | 213,395 | 2,101,941 |
Skyward Specialty Insurance Group, Inc. * | 55,924 | 1,574,261 |
Stewart Information Services Corp. | 62,221 | 2,717,191 |
Tiptree, Inc. | 56,487 | 853,519 |
Trupanion, Inc. *(a) | 92,111 | 1,897,487 |
United Fire Group, Inc. | 48,770 | 982,228 |
Universal Insurance Holdings, Inc. | 59,590 | 933,179 |
95,963,201 | ||
Materials 4.5% | ||
5E Advanced Materials, Inc. * | 89,888 | 202,248 |
AdvanSix, Inc. | 61,921 | 1,705,924 |
Alpha Metallurgical Resources, Inc. | 29,087 | 6,397,977 |
American Vanguard Corp. | 62,841 | 588,192 |
Arch Resources, Inc. | 42,657 | 6,433,955 |
Aspen Aerogels, Inc. * | 121,078 | 934,722 |
ATI, Inc. * | 300,258 | 11,340,745 |
Avient Corp. | 210,529 | 6,656,927 |
Balchem Corp. | 74,470 | 8,656,393 |
Cabot Corp. | 128,955 | 8,572,928 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Caledonia Mining Corp. PLC | 40,160 | 444,571 |
Carpenter Technology Corp. | 112,198 | 7,037,059 |
Century Aluminum Co. * | 124,036 | 819,878 |
Chase Corp. | 17,664 | 2,244,388 |
Clearwater Paper Corp. * | 38,806 | 1,312,031 |
Coeur Mining, Inc. * | 774,155 | 1,943,129 |
Commercial Metals Co. | 272,752 | 11,534,682 |
Compass Minerals International, Inc. | 79,791 | 1,966,050 |
Constellium SE, Class A * | 294,265 | 4,649,387 |
Contango ORE, Inc. * | 8,522 | 145,300 |
Core Molding Technologies, Inc. * | 17,711 | 453,047 |
Dakota Gold Corp. * | 126,675 | 364,824 |
Danimer Scientific, Inc. *(a) | 200,587 | 286,839 |
Ecovyst, Inc. * | 222,133 | 2,043,624 |
FutureFuel Corp. | 59,766 | 391,467 |
Glatfelter Corp. * | 102,934 | 178,076 |
Greif, Inc., Class A | 68,572 | 4,354,322 |
Hawkins, Inc. | 45,013 | 2,585,097 |
Haynes International, Inc. | 28,965 | 1,246,219 |
HB Fuller Co. | 125,969 | 8,332,849 |
Hecla Mining Co. | 1,422,484 | 5,789,510 |
i-80 Gold Corp. * | 441,666 | 618,332 |
Ingevity Corp. * | 84,843 | 3,417,476 |
Innospec, Inc. | 57,943 | 5,678,414 |
Intrepid Potash, Inc. * | 25,392 | 505,047 |
Ivanhoe Electric, Inc. * | 128,765 | 1,318,554 |
Kaiser Aluminum Corp. | 37,084 | 2,106,371 |
Knife River Corp. * | 131,726 | 6,628,452 |
Koppers Holdings, Inc. | 46,626 | 1,705,113 |
Kronos Worldwide, Inc. | 53,774 | 371,041 |
Livent Corp. * | 420,650 | 6,137,283 |
LSB Industries, Inc. * | 127,331 | 1,159,985 |
Materion Corp. | 47,746 | 4,630,407 |
Mativ Holdings, Inc. | 127,603 | 1,671,600 |
Minerals Technologies, Inc. | 75,853 | 4,100,613 |
Myers Industries, Inc. | 84,444 | 1,416,126 |
NioCorp Developments Ltd. * | 4,462 | 19,990 |
Novagold Resources, Inc. * | 562,904 | 1,981,422 |
O-I Glass, Inc. * | 361,666 | 5,587,740 |
Olympic Steel, Inc. | 22,892 | 1,162,227 |
Origin Materials, Inc. * | 270,638 | 267,526 |
Orion SA | 130,321 | 2,645,516 |
Pactiv Evergreen, Inc. | 94,503 | 814,616 |
Perimeter Solutions SA * | 363,993 | 1,164,778 |
Perpetua Resources Corp. * | 86,353 | 311,734 |
Piedmont Lithium, Inc. * | 41,302 | 1,134,566 |
PolyMet Mining Corp. * | 78,797 | 165,474 |
PureCycle Technologies, Inc. *(a) | 271,992 | 1,210,364 |
Quaker Chemical Corp. | 32,274 | 4,638,419 |
Ramaco Resources, Inc., Class A | 51,532 | 607,047 |
Ramaco Resources, Inc., Class B | 10,643 | 133,144 |
Ranpak Holdings Corp., Class A * | 103,795 | 327,992 |
Rayonier Advanced Materials, Inc. * | 146,630 | 406,165 |
Ryerson Holding Corp. | 56,410 | 1,638,710 |
Schnitzer Steel Industries, Inc., Class A | 60,701 | 1,378,520 |
Sensient Technologies Corp. | 98,058 | 5,532,432 |
Stepan Co. | 49,638 | 3,712,922 |
Summit Materials, Inc., Class A * | 278,104 | 9,149,607 |
SunCoke Energy, Inc. | 193,930 | 1,844,274 |
Sylvamo Corp. | 84,940 | 3,762,842 |
TimkenSteel Corp. * | 101,768 | 2,068,943 |
Tredegar Corp. | 60,362 | 270,422 |
TriMas Corp. | 96,531 | 2,337,016 |
Trinseo PLC | 80,925 | 500,926 |
Tronox Holdings PLC | 271,369 | 2,900,935 |
U.S. Lime & Minerals, Inc. | 4,793 | 948,966 |
Valhi, Inc. | 5,287 | 59,003 |
Warrior Met Coal, Inc. | 120,432 | 5,868,651 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Worthington Industries, Inc. | 71,684 | 4,417,168 |
220,047,231 | ||
Media & Entertainment 1.8% | ||
Advantage Solutions, Inc. * | 200,887 | 462,040 |
AMC Networks, Inc., Class A * | 73,080 | 862,344 |
Atlanta Braves Holdings, Inc., Class C * | 131,775 | 4,583,135 |
Boston Omaha Corp., Class A * | 55,280 | 786,634 |
Bumble, Inc., Class A * | 236,246 | 3,175,146 |
Cardlytics, Inc. * | 77,937 | 965,639 |
Cargurus, Inc. * | 227,764 | 3,924,374 |
Cars.com, Inc. * | 154,772 | 2,357,178 |
Cinemark Holdings, Inc. * | 256,158 | 4,224,045 |
Clear Channel Outdoor Holdings, Inc. * | 864,936 | 951,430 |
Daily Journal Corp. * | 3,127 | 909,613 |
DHI Group, Inc. * | 101,333 | 277,652 |
Emerald Holding, Inc. * | 35,666 | 177,617 |
Entravision Communications Corp., Class A | 144,704 | 518,040 |
Eventbrite, Inc., Class A * | 178,748 | 1,480,033 |
EverQuote, Inc., Class A * | 48,465 | 416,314 |
EW Scripps Co., Class A * | 139,579 | 763,497 |
fuboTV, Inc. * | 663,197 | 1,604,937 |
Gambling.com Group Ltd. * | 26,411 | 342,287 |
Gannett Co., Inc. * | 339,542 | 794,528 |
Gray Television, Inc. | 192,704 | 1,256,430 |
Grindr, Inc. *(a) | 98,379 | 585,355 |
iHeartMedia, Inc., Class A * | 234,740 | 551,639 |
IMAX Corp. * | 104,988 | 1,911,832 |
Integral Ad Science Holding Corp. * | 110,463 | 1,268,115 |
John Wiley & Sons, Inc., Class A | 98,985 | 2,996,276 |
Lions Gate Entertainment Corp., Class A * | 395,811 | 3,111,074 |
Loop Media, Inc. * | 83,321 | 24,930 |
Madison Square Garden Entertainment Corp., Class A * | 100,316 | 3,057,632 |
Magnite, Inc. * | 310,083 | 2,058,951 |
Marcus Corp. | 57,255 | 889,743 |
MediaAlpha, Inc., Class A * | 49,804 | 511,985 |
Nextdoor Holdings, Inc. * | 332,726 | 605,561 |
Outbrain, Inc. * | 93,813 | 400,582 |
Playstudios, Inc. * | 195,601 | 553,551 |
PubMatic, Inc., Class A * | 99,791 | 1,124,645 |
QuinStreet, Inc. * | 121,468 | 1,373,803 |
Reservoir Media, Inc. * | 45,337 | 255,247 |
Scholastic Corp. | 63,592 | 2,346,545 |
Shutterstock, Inc. | 57,453 | 2,337,188 |
Sinclair, Inc. | 75,857 | 824,566 |
Sphere Entertainment Co. * | 60,953 | 2,005,963 |
Stagwell, Inc., Class A * | 182,161 | 750,503 |
System1, Inc. * | 80,049 | 92,857 |
TechTarget, Inc. * | 60,146 | 1,514,476 |
TEGNA, Inc. | 470,055 | 6,820,498 |
Thryv Holdings, Inc. * | 71,527 | 1,246,716 |
Townsquare Media, Inc., Class A | 26,692 | 229,551 |
TrueCar, Inc. * | 201,568 | 368,869 |
Urban One, Inc. * | 23,446 | 124,498 |
Urban One, Inc., Class A * | 24,438 | 132,698 |
Vimeo, Inc. * | 351,992 | 1,084,135 |
Vivid Seats, Inc., Class A * | 54,220 | 318,814 |
WideOpenWest, Inc. * | 117,264 | 825,539 |
Yelp, Inc., Class A * | 156,379 | 6,597,630 |
Ziff Davis, Inc. * | 109,572 | 6,624,723 |
ZipRecruiter, Inc., Class A * | 160,478 | 1,709,091 |
88,068,694 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
2seventy bio, Inc. * | 116,417 | 284,057 |
4D Molecular Therapeutics, Inc. * | 90,436 | 971,283 |
89bio, Inc. * | 143,947 | 1,065,208 |
Aadi Bioscience, Inc. * | 37,075 | 162,389 |
ACADIA Pharmaceuticals, Inc. * | 281,903 | 6,362,551 |
ACELYRIN, Inc. * | 76,601 | 780,181 |
Aclaris Therapeutics, Inc. * | 160,330 | 798,443 |
Acrivon Therapeutics, Inc. * | 19,871 | 104,124 |
Actinium Pharmaceuticals, Inc. *(a) | 63,682 | 355,346 |
Adaptive Biotechnologies Corp. * | 261,983 | 1,163,205 |
Adicet Bio, Inc. * | 69,460 | 91,687 |
ADMA Biologics, Inc. * | 493,104 | 1,666,692 |
Aerovate Therapeutics, Inc. * | 25,879 | 274,576 |
Agenus, Inc. * | 814,499 | 651,599 |
Agios Pharmaceuticals, Inc. * | 128,868 | 2,707,517 |
Akero Therapeutics, Inc. * | 118,813 | 1,416,251 |
Akoya Biosciences, Inc. * | 51,893 | 181,626 |
Aldeyra Therapeutics, Inc. * | 106,476 | 182,074 |
Alector, Inc. * | 147,204 | 765,461 |
Alkermes PLC * | 386,003 | 9,337,413 |
Allakos, Inc. * | 151,975 | 290,272 |
Allogene Therapeutics, Inc. * | 190,324 | 536,714 |
Allovir, Inc. * | 118,150 | 177,225 |
Alpine Immune Sciences, Inc. * | 74,754 | 765,481 |
Altimmune, Inc. * | 112,999 | 272,328 |
ALX Oncology Holdings, Inc. *(a) | 49,458 | 356,098 |
Amicus Therapeutics, Inc. * | 652,907 | 7,162,390 |
Amneal Pharmaceuticals, Inc. * | 284,820 | 1,102,253 |
Amphastar Pharmaceuticals, Inc. * | 88,460 | 4,004,584 |
Amylyx Pharmaceuticals, Inc. * | 118,253 | 1,928,706 |
AnaptysBio, Inc. * | 43,360 | 707,202 |
Anavex Life Sciences Corp. * | 165,974 | 926,135 |
ANI Pharmaceuticals, Inc. * | 33,913 | 2,093,789 |
Anika Therapeutics, Inc. * | 33,470 | 652,665 |
Annexon, Inc. * | 104,336 | 236,843 |
Apogee Therapeutics, Inc. * | 45,017 | 773,392 |
Arbutus Biopharma Corp. * | 298,677 | 546,579 |
Arcellx, Inc. * | 88,027 | 3,102,952 |
Arcturus Therapeutics Holdings, Inc. * | 54,083 | 1,032,985 |
Arcus Biosciences, Inc. * | 122,992 | 1,932,204 |
Arcutis Biotherapeutics, Inc. * | 117,287 | 263,896 |
Ardelyx, Inc. * | 498,092 | 1,967,463 |
Arrowhead Pharmaceuticals, Inc. * | 235,389 | 5,788,216 |
ARS Pharmaceuticals, Inc. *(a) | 55,441 | 197,924 |
Arvinas, Inc. * | 114,313 | 1,842,726 |
Assertio Holdings, Inc. * | 204,683 | 440,068 |
Astria Therapeutics, Inc. * | 58,402 | 291,426 |
Atara Biotherapeutics, Inc. * | 235,645 | 303,982 |
Atea Pharmaceuticals, Inc. * | 175,215 | 569,449 |
Aura Biosciences, Inc. * | 62,798 | 512,432 |
Aurinia Pharmaceuticals, Inc. * | 314,942 | 2,311,674 |
Avid Bioservices, Inc. * | 143,075 | 879,911 |
Avidity Biosciences, Inc. * | 163,012 | 839,512 |
Avita Medical, Inc. * | 58,978 | 549,085 |
Axsome Therapeutics, Inc. * | 81,850 | 5,097,618 |
Beam Therapeutics, Inc. * | 161,933 | 3,423,264 |
BioAtla, Inc. * | 101,115 | 148,639 |
BioCryst Pharmaceuticals, Inc. * | 439,800 | 2,414,502 |
Biohaven Ltd. * | 135,156 | 3,582,986 |
BioLife Solutions, Inc. * | 80,247 | 810,495 |
Biomea Fusion, Inc. * | 45,939 | 469,497 |
Biote Corp., Class A * | 32,001 | 170,565 |
BioVie, Inc., Class A *(a) | 7,586 | 33,075 |
Bioxcel Therapeutics, Inc. *(a) | 43,852 | 176,066 |
Bluebird Bio, Inc. * | 252,264 | 744,179 |
Blueprint Medicines Corp. * | 141,631 | 8,336,401 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Bridgebio Pharma, Inc. * | 266,769 | 6,946,665 |
Bright Green Corp. * | 137,897 | 50,222 |
Cabaletta Bio, Inc. * | 79,420 | 1,132,529 |
Cara Therapeutics, Inc. * | 107,050 | 138,095 |
CareDx, Inc. * | 122,357 | 661,951 |
Caribou Biosciences, Inc. * | 172,480 | 626,102 |
Carisma Therapeutics, Inc. (a) | 60,952 | 182,856 |
Cassava Sciences, Inc. *(a) | 92,784 | 1,869,598 |
Catalyst Pharmaceuticals, Inc. * | 233,593 | 2,898,889 |
Celcuity, Inc. * | 42,225 | 449,696 |
Celldex Therapeutics, Inc. * | 107,672 | 2,532,445 |
Century Therapeutics, Inc. * | 53,526 | 81,895 |
Cerevel Therapeutics Holdings, Inc. * | 144,463 | 3,416,550 |
Citius Pharmaceuticals, Inc. * | 280,921 | 211,421 |
Codexis, Inc. * | 152,407 | 252,996 |
Cogent Biosciences, Inc. * | 189,718 | 1,548,099 |
Coherus Biosciences, Inc. * | 230,377 | 771,763 |
Collegium Pharmaceutical, Inc. * | 81,064 | 1,763,953 |
Compass Therapeutics, Inc. * | 220,509 | 396,916 |
Corcept Therapeutics, Inc. * | 186,700 | 5,242,536 |
CorMedix, Inc. * | 120,650 | 419,862 |
Crinetics Pharmaceuticals, Inc. * | 150,584 | 4,410,605 |
CryoPort, Inc. * | 93,029 | 902,381 |
Cue Biopharma, Inc. * | 79,008 | 165,917 |
Cullinan Oncology, Inc. * | 56,987 | 531,689 |
Cymabay Therapeutics, Inc. * | 227,703 | 3,729,775 |
Cytek Biosciences, Inc. * | 283,274 | 1,192,584 |
Cytokinetics, Inc. * | 217,048 | 7,566,293 |
Day One Biopharmaceuticals, Inc. * | 146,850 | 1,737,235 |
Deciphera Pharmaceuticals, Inc. * | 121,028 | 1,451,126 |
Denali Therapeutics, Inc. * | 274,839 | 5,175,218 |
Design Therapeutics, Inc. * | 74,915 | 152,827 |
Disc Medicine, Inc. * | 20,355 | 932,463 |
Dynavax Technologies Corp. * | 301,816 | 4,288,805 |
Dyne Therapeutics, Inc. * | 99,907 | 704,344 |
Eagle Pharmaceuticals, Inc. * | 23,660 | 324,852 |
Edgewise Therapeutics, Inc. * | 101,907 | 652,205 |
Editas Medicine, Inc. * | 189,881 | 1,268,405 |
Emergent BioSolutions, Inc. * | 115,644 | 241,696 |
Enanta Pharmaceuticals, Inc. * | 46,447 | 418,952 |
Enliven Therapeutics, Inc. *(a) | 54,118 | 670,522 |
Entrada Therapeutics, Inc. * | 50,752 | 812,540 |
EQRx, Inc. * | 737,879 | 1,608,576 |
Erasca, Inc. * | 184,468 | 426,121 |
Evolus, Inc. * | 97,327 | 739,685 |
Eyenovia, Inc. * | 63,574 | 82,646 |
EyePoint Pharmaceuticals, Inc. * | 59,869 | 360,411 |
Fate Therapeutics, Inc. * | 196,922 | 356,429 |
Fennec Pharmaceuticals, Inc. *(a) | 41,497 | 285,499 |
FibroGen, Inc. * | 209,142 | 113,146 |
Foghorn Therapeutics, Inc. * | 46,468 | 155,668 |
Genelux Corp. * | 42,791 | 620,897 |
Generation Bio Co. * | 103,517 | 97,130 |
Geron Corp. * | 1,155,146 | 2,194,777 |
Graphite Bio, Inc. * | 64,045 | 159,472 |
Gritstone bio, Inc. * | 200,640 | 381,216 |
Halozyme Therapeutics, Inc. * | 302,098 | 10,232,059 |
Harmony Biosciences Holdings, Inc. * | 76,767 | 1,807,095 |
Harrow, Inc. * | 67,555 | 968,401 |
Harvard Bioscience, Inc. * | 95,864 | 420,843 |
Heron Therapeutics, Inc. * | 236,703 | 150,756 |
HilleVax, Inc. * | 50,595 | 556,545 |
Humacyte, Inc. *(a) | 139,564 | 295,876 |
Icosavax, Inc. * | 62,965 | 387,235 |
Ideaya Biosciences, Inc. * | 125,911 | 3,421,002 |
IGM Biosciences, Inc. * | 27,273 | 107,456 |
Ikena Oncology, Inc. * | 57,668 | 232,402 |
Immuneering Corp., Class A *(a) | 51,835 | 364,400 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
ImmunityBio, Inc. *(a) | 267,987 | 841,479 |
ImmunoGen, Inc. * | 557,603 | 8,285,981 |
Immunovant, Inc. * | 125,757 | 4,156,269 |
Inhibrx, Inc. * | 80,716 | 1,248,677 |
Innoviva, Inc. * | 139,539 | 1,731,679 |
Inozyme Pharma, Inc. * | 83,116 | 246,855 |
Insmed, Inc. * | 306,657 | 7,684,824 |
Intellia Therapeutics, Inc. * | 205,241 | 5,141,287 |
Intercept Pharmaceuticals, Inc. * | 94,863 | 1,795,757 |
Intra-Cellular Therapies, Inc. * | 217,980 | 10,846,685 |
Iovance Biotherapeutics, Inc. * | 534,477 | 2,041,702 |
Ironwood Pharmaceuticals, Inc., Class A * | 321,550 | 2,884,303 |
iTeos Therapeutics, Inc. * | 56,655 | 569,949 |
Janux Therapeutics, Inc. * | 42,167 | 270,712 |
KalVista Pharmaceuticals, Inc. * | 56,302 | 478,004 |
Karyopharm Therapeutics, Inc. * | 258,909 | 225,251 |
Keros Therapeutics, Inc. * | 52,705 | 1,504,201 |
Kezar Life Sciences, Inc. * | 163,132 | 117,634 |
Kiniksa Pharmaceuticals Ltd., Class A * | 72,762 | 1,109,620 |
Kodiak Sciences, Inc. * | 74,143 | 107,507 |
Krystal Biotech, Inc. * | 50,387 | 5,888,729 |
Kura Oncology, Inc. * | 162,787 | 1,375,550 |
Kymera Therapeutics, Inc. * | 87,559 | 1,021,814 |
Larimar Therapeutics, Inc. * | 58,626 | 171,774 |
Lexicon Pharmaceuticals, Inc. * | 211,809 | 262,643 |
Ligand Pharmaceuticals, Inc. * | 38,784 | 2,028,015 |
Lineage Cell Therapeutics, Inc. * | 295,032 | 336,336 |
Liquidia Corp. * | 112,343 | 731,353 |
Longboard Pharmaceuticals, Inc. * | 35,609 | 192,823 |
Lyell Immunopharma, Inc. * | 401,603 | 664,653 |
MacroGenics, Inc. * | 143,912 | 751,221 |
Madrigal Pharmaceuticals, Inc. * | 31,755 | 4,171,972 |
MannKind Corp. * | 597,256 | 2,562,228 |
Marinus Pharmaceuticals, Inc. * | 119,360 | 828,358 |
MaxCyte, Inc. * | 199,789 | 591,375 |
MeiraGTx Holdings PLC * | 74,544 | 336,939 |
Merrimack Pharmaceuticals, Inc. * | 23,947 | 292,872 |
Mersana Therapeutics, Inc. * | 249,834 | 297,302 |
Mesa Laboratories, Inc. | 11,917 | 1,118,172 |
MiMedx Group, Inc. * | 270,195 | 1,772,479 |
Mineralys Therapeutics, Inc. * | 31,902 | 246,602 |
Mirum Pharmaceuticals, Inc. * | 57,971 | 1,590,145 |
Monte Rosa Therapeutics, Inc. *(a) | 69,530 | 236,402 |
Morphic Holding, Inc. * | 80,674 | 1,609,446 |
Myriad Genetics, Inc. * | 188,686 | 2,939,728 |
NanoString Technologies, Inc. *(a) | 108,037 | 149,091 |
Nautilus Biotechnology, Inc. * | 123,222 | 315,448 |
NGM Biopharmaceuticals, Inc. * | 99,615 | 84,663 |
Nkarta, Inc. * | 69,109 | 140,291 |
Novavax, Inc. *(a) | 201,768 | 1,343,775 |
Nurix Therapeutics, Inc. * | 111,926 | 625,666 |
Nuvalent, Inc., Class A * | 55,783 | 2,905,736 |
Nuvation Bio, Inc. * | 332,937 | 320,818 |
Nuvectis Pharma, Inc. *(a) | 17,590 | 157,431 |
Ocean Biomedical, Inc. *(a) | 19,835 | 33,323 |
Ocular Therapeutix, Inc. * | 178,401 | 508,443 |
Olema Pharmaceuticals, Inc. * | 63,257 | 840,686 |
Omega Therapeutics, Inc. *(a) | 55,712 | 76,325 |
Omeros Corp. *(a) | 139,171 | 165,613 |
OmniAb, Inc. * | 217,882 | 991,363 |
Optinose, Inc. * | 166,635 | 188,298 |
Organogenesis Holdings, Inc., Class A * | 160,584 | 359,708 |
ORIC Pharmaceuticals, Inc. * | 89,229 | 597,834 |
Outlook Therapeutics, Inc. * | 354,615 | 212,769 |
Ovid therapeutics, Inc. * | 143,715 | 510,188 |
Pacific Biosciences of California, Inc. * | 587,001 | 3,627,666 |
Pacira BioSciences, Inc. * | 106,429 | 3,007,684 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
PDS Biotechnology Corp. *(a) | 63,925 | 266,567 |
PepGen, Inc. * | 22,976 | 117,637 |
Phathom Pharmaceuticals, Inc. * | 71,250 | 662,625 |
Phibro Animal Health Corp., Class A | 46,774 | 510,772 |
Pliant Therapeutics, Inc. * | 131,635 | 1,931,085 |
PMV Pharmaceuticals, Inc. * | 88,482 | 133,608 |
Point Biopharma Global, Inc. * | 210,633 | 2,666,614 |
Poseida Therapeutics, Inc., Class A * | 155,344 | 313,795 |
Precigen, Inc. * | 308,868 | 349,021 |
Prelude Therapeutics, Inc. * | 33,475 | 56,573 |
Prestige Consumer Healthcare, Inc. * | 115,952 | 6,882,911 |
Prime Medicine, Inc. *(a) | 91,504 | 593,861 |
ProKidney Corp. *(a) | 103,938 | 169,419 |
Protagonist Therapeutics, Inc. * | 133,373 | 1,939,243 |
Protalix BioTherapeutics, Inc. *(a) | 153,561 | 256,447 |
Prothena Corp. PLC * | 96,325 | 3,512,009 |
PTC Therapeutics, Inc. * | 164,393 | 3,082,369 |
Quanterix Corp. * | 82,430 | 1,790,380 |
Quantum-Si, Inc. * | 244,937 | 293,924 |
Rain Oncology, Inc. * | 38,822 | 41,540 |
Rallybio Corp. * | 69,890 | 293,538 |
RAPT Therapeutics, Inc. * | 68,290 | 898,014 |
Recursion Pharmaceuticals, Inc., Class A * | 317,524 | 1,676,527 |
REGENXBIO, Inc. * | 95,307 | 1,228,507 |
Relay Therapeutics, Inc. * | 210,784 | 1,391,174 |
Reneo Pharmaceuticals, Inc. * | 30,078 | 243,331 |
Replimune Group, Inc. * | 97,481 | 1,420,298 |
Revance Therapeutics, Inc. * | 193,469 | 1,526,470 |
REVOLUTION Medicines, Inc. * | 235,923 | 4,671,275 |
Rhythm Pharmaceuticals, Inc. * | 119,512 | 2,761,922 |
Rigel Pharmaceuticals, Inc. * | 391,223 | 315,834 |
Rocket Pharmaceuticals, Inc. * | 130,307 | 2,358,557 |
Sage Therapeutics, Inc. * | 122,391 | 2,292,383 |
Sagimet Biosciences, Inc., Class A * | 12,562 | 45,977 |
Sana Biotechnology, Inc. * | 215,995 | 639,345 |
Sangamo Therapeutics, Inc. * | 332,998 | 209,855 |
Savara, Inc. * | 208,514 | 763,161 |
Scholar Rock Holding Corp. * | 100,296 | 1,179,481 |
Scilex Holding Co. *(b) | 147,603 | 227,793 |
scPharmaceuticals, Inc. *(a) | 69,785 | 373,350 |
Seer, Inc., Class A * | 134,013 | 219,781 |
Selecta Biosciences, Inc. * | 265,512 | 331,890 |
Seres Therapeutics, Inc. * | 225,395 | 344,854 |
SIGA Technologies, Inc. | 110,027 | 561,138 |
SomaLogic, Inc. * | 345,970 | 771,513 |
SpringWorks Therapeutics, Inc. * | 135,132 | 3,094,523 |
Stoke Therapeutics, Inc. * | 63,060 | 240,259 |
Summit Therapeutics, Inc. *(a) | 264,912 | 513,929 |
Supernus Pharmaceuticals, Inc. * | 114,050 | 2,720,092 |
Sutro Biopharma, Inc. * | 137,495 | 378,111 |
Syndax Pharmaceuticals, Inc. * | 153,181 | 2,156,788 |
Tango Therapeutics, Inc. * | 105,374 | 885,142 |
Taro Pharmaceutical Industries Ltd. * | 19,416 | 659,367 |
Tarsus Pharmaceuticals, Inc. * | 54,709 | 779,056 |
Tenaya Therapeutics, Inc. * | 104,636 | 190,438 |
Terns Pharmaceuticals, Inc. * | 97,966 | 515,301 |
TG Therapeutics, Inc. * | 320,602 | 2,478,253 |
Theravance Biopharma, Inc. * | 130,255 | 1,229,607 |
Theseus Pharmaceuticals, Inc. *(a) | 46,263 | 106,405 |
Third Harmonic Bio, Inc. * | 44,524 | 284,954 |
Travere Therapeutics, Inc. * | 171,282 | 1,109,907 |
Trevi Therapeutics, Inc. * | 95,150 | 169,367 |
Turnstone Biologics Corp. * | 15,169 | 54,002 |
Twist Bioscience Corp. * | 132,425 | 2,087,018 |
Tyra Biosciences, Inc. *(a) | 32,661 | 378,868 |
UroGen Pharma Ltd. * | 46,394 | 520,077 |
Vanda Pharmaceuticals, Inc. * | 134,964 | 591,142 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Vaxcyte, Inc. * | 218,215 | 10,496,141 |
Vaxxinity, Inc., Class A * | 97,417 | 112,030 |
Ventyx Biosciences, Inc. * | 108,426 | 1,563,503 |
Vera Therapeutics, Inc., Class A * | 78,329 | 816,188 |
Veracyte, Inc. * | 169,703 | 3,516,246 |
Vericel Corp. * | 111,065 | 3,907,267 |
Verrica Pharmaceuticals, Inc. *(a) | 47,719 | 175,606 |
Verve Therapeutics, Inc. * | 116,839 | 1,406,742 |
Vigil Neuroscience, Inc. * | 36,733 | 257,131 |
Viking Therapeutics, Inc. * | 223,531 | 2,192,839 |
Vir Biotechnology, Inc. * | 194,105 | 1,539,253 |
Viridian Therapeutics, Inc. * | 98,987 | 1,237,337 |
Vor BioPharma, Inc. * | 86,126 | 157,611 |
Voyager Therapeutics, Inc. * | 75,727 | 497,526 |
WaVe Life Sciences Ltd. * | 139,718 | 751,683 |
X4 Pharmaceuticals, Inc. * | 281,457 | 225,306 |
Xencor, Inc. * | 134,706 | 2,337,149 |
Xeris Biopharma Holdings, Inc. * | 304,173 | 556,637 |
XOMA Corp. * | 16,717 | 315,115 |
Y-mAbs Therapeutics, Inc. * | 89,490 | 477,877 |
Zentalis Pharmaceuticals, Inc. * | 135,588 | 2,218,220 |
Zevra Therapeutics, Inc. *(a) | 79,293 | 355,233 |
Zura Bio Ltd., Class A *(a) | 27,522 | 129,353 |
Zymeworks, Inc. * | 125,491 | 880,947 |
405,590,787 | ||
Real Estate Management & Development 0.7% | ||
American Realty Investors, Inc. * | 3,281 | 41,177 |
Anywhere Real Estate, Inc. * | 249,257 | 1,164,030 |
Compass, Inc., Class A * | 696,484 | 1,379,038 |
Cushman & Wakefield PLC * | 385,624 | 2,842,049 |
DigitalBridge Group, Inc. | 377,265 | 5,979,650 |
Douglas Elliman, Inc. | 190,918 | 337,925 |
eXp World Holdings, Inc. | 166,033 | 2,203,258 |
Forestar Group, Inc. * | 42,878 | 1,018,353 |
FRP Holdings, Inc. * | 15,568 | 837,403 |
Kennedy-Wilson Holdings, Inc. | 278,859 | 3,588,915 |
Marcus & Millichap, Inc. | 54,900 | 1,575,630 |
Maui Land & Pineapple Co., Inc. * | 17,243 | 252,438 |
Newmark Group, Inc., Class A | 317,378 | 1,799,533 |
Opendoor Technologies, Inc. * | 1,274,879 | 2,422,270 |
RE/MAX Holdings, Inc., Class A | 39,978 | 430,163 |
Redfin Corp. * | 249,419 | 1,162,293 |
RMR Group, Inc., Class A | 35,196 | 792,614 |
St. Joe Co. | 80,386 | 3,749,203 |
Stratus Properties, Inc. * | 12,884 | 330,732 |
Tejon Ranch Co. * | 49,531 | 768,721 |
Transcontinental Realty Investors, Inc. * | 4,321 | 131,272 |
32,806,667 | ||
Semiconductors & Semiconductor Equipment 2.8% | ||
ACM Research, Inc., Class A * | 111,539 | 1,516,930 |
Aehr Test Systems * | 60,098 | 1,415,909 |
Alpha & Omega Semiconductor Ltd. * | 53,564 | 1,270,538 |
Ambarella, Inc. * | 87,977 | 3,958,085 |
Amkor Technology, Inc. | 238,765 | 4,980,638 |
Atomera, Inc. *(a) | 52,547 | 336,301 |
Axcelis Technologies, Inc. * | 75,877 | 9,674,318 |
CEVA, Inc. * | 53,847 | 924,553 |
Cohu, Inc. * | 108,897 | 3,282,156 |
Credo Technology Group Holding Ltd. * | 226,259 | 3,217,403 |
Diodes, Inc. * | 105,207 | 6,846,872 |
FormFactor, Inc. * | 179,906 | 6,095,215 |
Ichor Holdings Ltd. * | 66,440 | 1,611,834 |
Impinj, Inc. * | 53,624 | 3,464,647 |
indie Semiconductor, Inc., Class A * | 321,740 | 1,573,309 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
inTEST Corp. * | 24,537 | 317,263 |
Kulicke & Soffa Industries, Inc. | 129,292 | 5,379,840 |
MACOM Technology Solutions Holdings, Inc. * | 126,569 | 8,928,177 |
Maxeon Solar Technologies Ltd. * | 67,876 | 423,546 |
MaxLinear, Inc. * | 174,171 | 2,647,399 |
Navitas Semiconductor Corp., Class A * | 252,339 | 1,322,256 |
NVE Corp. | 11,221 | 763,028 |
Onto Innovation, Inc. * | 114,011 | 12,811,416 |
PDF Solutions, Inc. * | 71,205 | 1,889,069 |
Photronics, Inc. * | 141,647 | 2,600,639 |
Power Integrations, Inc. | 132,248 | 9,168,754 |
Rambus, Inc. * | 253,849 | 13,791,616 |
Semtech Corp. * | 149,537 | 2,087,537 |
Silicon Laboratories, Inc. * | 73,946 | 6,816,342 |
SiTime Corp. * | 39,984 | 3,990,403 |
SkyWater Technology, Inc. * | 40,238 | 198,373 |
SMART Global Holdings, Inc. * | 112,212 | 1,537,304 |
Synaptics, Inc. * | 91,881 | 7,686,765 |
Transphorm, Inc. * | 72,625 | 189,551 |
Ultra Clean Holdings, Inc. * | 103,160 | 2,461,398 |
Veeco Instruments, Inc. * | 117,943 | 2,823,555 |
138,002,939 | ||
Software & Services 6.0% | ||
8x8, Inc. * | 269,347 | 641,046 |
A10 Networks, Inc. | 164,399 | 1,787,017 |
ACI Worldwide, Inc. * | 251,980 | 5,132,833 |
Adeia, Inc. | 248,697 | 2,096,516 |
Agilysys, Inc. * | 46,530 | 3,991,809 |
Alarm.com Holdings, Inc. * | 111,527 | 5,702,375 |
Alkami Technology, Inc. * | 91,319 | 1,639,176 |
Altair Engineering, Inc., Class A * | 125,130 | 7,773,076 |
American Software, Inc., Class A | 75,403 | 827,171 |
Amplitude, Inc., Class A * | 156,336 | 1,557,107 |
Appfolio, Inc., Class A * | 44,710 | 8,386,255 |
Appian Corp., Class A * | 95,610 | 3,772,771 |
Applied Digital Corp. *(a) | 157,957 | 770,830 |
Asana, Inc., Class A * | 185,511 | 3,426,388 |
Aurora Innovation, Inc. * | 781,249 | 1,367,186 |
AvePoint, Inc. * | 357,165 | 2,675,166 |
BigBear.ai Holdings, Inc. *(a) | 77,149 | 97,979 |
BigCommerce Holdings, Inc. * | 154,976 | 1,377,737 |
Bit Digital, Inc. *(a) | 165,280 | 347,088 |
Blackbaud, Inc. * | 101,524 | 6,639,670 |
BlackLine, Inc. * | 131,216 | 6,442,706 |
Box, Inc., Class A * | 328,202 | 8,159,102 |
Braze, Inc., Class A * | 121,971 | 5,193,525 |
Brightcove, Inc. * | 99,091 | 305,200 |
C3.ai, Inc., Class A *(a) | 140,532 | 3,428,981 |
Cerence, Inc. * | 93,954 | 1,438,436 |
Cipher Mining, Inc. *(a) | 96,211 | 320,383 |
Cleanspark, Inc. * | 255,093 | 1,045,881 |
Clear Secure, Inc., Class A | 194,441 | 3,270,498 |
CommVault Systems, Inc. * | 102,583 | 6,703,799 |
Consensus Cloud Solutions, Inc. * | 46,066 | 994,565 |
CoreCard Corp. * | 16,551 | 353,695 |
Couchbase, Inc. * | 79,633 | 1,239,089 |
CS Disco, Inc. * | 55,158 | 309,436 |
CXApp, Inc. * | 4,459 | 5,485 |
Digimarc Corp. *(a) | 33,002 | 856,072 |
Digital Turbine, Inc. * | 222,570 | 1,054,982 |
DigitalOcean Holdings, Inc. * | 147,755 | 3,023,067 |
Domo, Inc., Class B * | 72,723 | 593,420 |
E2open Parent Holdings, Inc. * | 391,872 | 1,132,510 |
Ebix, Inc. | 61,100 | 372,099 |
eGain Corp. * | 48,556 | 292,307 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Enfusion, Inc., Class A * | 87,124 | 723,129 |
EngageSmart, Inc. * | 113,091 | 2,561,511 |
Envestnet, Inc. * | 116,742 | 4,319,454 |
Everbridge, Inc. * | 94,868 | 1,955,229 |
EverCommerce, Inc. * | 56,211 | 538,501 |
Expensify, Inc., Class A * | 126,263 | 337,122 |
Fastly, Inc., Class A * | 276,352 | 4,054,084 |
Freshworks, Inc., Class A * | 377,646 | 6,774,969 |
Grid Dynamics Holdings, Inc. * | 129,610 | 1,314,245 |
Hackett Group, Inc. | 58,428 | 1,302,360 |
Information Services Group, Inc. | 80,240 | 325,774 |
Instructure Holdings, Inc. * | 45,554 | 1,121,995 |
Intapp, Inc. * | 51,473 | 1,760,377 |
InterDigital, Inc. | 62,390 | 4,694,847 |
Jamf Holding Corp. * | 162,267 | 2,606,008 |
Kaltura, Inc. * | 189,727 | 326,330 |
LivePerson, Inc. * | 166,390 | 439,270 |
LiveRamp Holdings, Inc. * | 153,525 | 4,246,501 |
LiveVox Holdings, Inc. * | 53,042 | 191,482 |
Marathon Digital Holdings, Inc. *(a) | 397,521 | 3,502,160 |
Matterport, Inc. * | 579,140 | 1,181,446 |
MeridianLink, Inc. * | 60,855 | 999,239 |
MicroStrategy, Inc., Class A *(a) | 25,727 | 10,892,555 |
Mitek Systems, Inc. * | 100,286 | 1,071,054 |
Model N, Inc. * | 86,965 | 2,095,856 |
N-able, Inc. * | 162,985 | 2,112,286 |
NextNav, Inc. *(a) | 128,776 | 600,096 |
Olo, Inc., Class A * | 238,965 | 1,221,111 |
ON24, Inc. | 74,711 | 459,473 |
OneSpan, Inc. * | 92,711 | 732,417 |
PagerDuty, Inc. * | 206,998 | 4,175,150 |
Perficient, Inc. * | 80,038 | 4,657,411 |
PowerSchool Holdings, Inc., Class A * | 130,261 | 2,594,799 |
Progress Software Corp. | 101,315 | 5,205,565 |
PROS Holdings, Inc. * | 104,356 | 3,250,689 |
Q2 Holdings, Inc. * | 132,673 | 3,984,170 |
Qualys, Inc. * | 86,597 | 13,245,011 |
Rackspace Technology, Inc. * | 147,037 | 179,385 |
Rapid7, Inc. * | 139,819 | 6,500,185 |
Red Violet, Inc. * | 26,789 | 530,154 |
Rimini Street, Inc. * | 123,429 | 267,841 |
Riot Platforms, Inc. * | 396,087 | 3,873,731 |
Sapiens International Corp. NV | 71,861 | 1,832,455 |
SEMrush Holdings, Inc., Class A * | 71,636 | 578,819 |
SolarWinds Corp. * | 118,078 | 1,087,498 |
SoundHound AI, Inc., Class A *(a) | 320,069 | 508,910 |
SoundThinking, Inc. * | 22,013 | 332,176 |
Sprinklr, Inc., Class A * | 239,621 | 3,256,449 |
Sprout Social, Inc., Class A * | 110,960 | 4,802,349 |
SPS Commerce, Inc. * | 85,440 | 13,699,450 |
Squarespace, Inc., Class A * | 103,733 | 2,947,055 |
Tenable Holdings, Inc. * | 265,793 | 11,192,543 |
Terawulf, Inc. *(a) | 313,207 | 347,660 |
Thoughtworks Holding, Inc. * | 213,919 | 725,185 |
Tucows, Inc., Class A * | 22,699 | 383,386 |
Unisys Corp. * | 151,967 | 422,468 |
Varonis Systems, Inc., Class B * | 253,153 | 8,516,067 |
Verint Systems, Inc. * | 145,300 | 2,733,093 |
Veritone, Inc. *(a) | 59,872 | 150,279 |
Viant Technology, Inc., Class A * | 33,212 | 179,013 |
Weave Communications, Inc. * | 78,122 | 559,353 |
Workiva, Inc., Class A * | 113,842 | 9,914,500 |
Xperi, Inc. * | 97,748 | 829,880 |
Yext, Inc. * | 249,598 | 1,505,076 |
Zeta Global Holdings Corp., Class A * | 320,466 | 2,499,635 |
Zuora, Inc., Class A * | 302,514 | 2,241,629 |
290,714,334 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Technology Hardware & Equipment 4.1% | ||
908 Devices, Inc. * | 50,129 | 297,265 |
ADTRAN Holdings, Inc. | 180,015 | 1,182,699 |
Advanced Energy Industries, Inc. | 87,574 | 7,641,707 |
Aeva Technologies, Inc. * | 181,556 | 90,415 |
Akoustis Technologies, Inc. * | 157,892 | 80,051 |
Arlo Technologies, Inc. * | 204,896 | 1,739,567 |
Aviat Networks, Inc. * | 25,313 | 675,857 |
Avid Technology, Inc. * | 79,429 | 2,146,172 |
Badger Meter, Inc. | 68,487 | 9,488,874 |
Bel Fuse, Inc., Class B | 24,209 | 1,311,644 |
Belden, Inc. | 98,965 | 7,016,618 |
Benchmark Electronics, Inc. | 82,612 | 2,000,037 |
Calix, Inc. * | 137,281 | 4,546,747 |
Cambium Networks Corp. * | 27,989 | 139,385 |
Clearfield, Inc. * | 30,271 | 727,109 |
Climb Global Solutions, Inc. | 9,506 | 422,827 |
CommScope Holding Co., Inc. * | 486,945 | 720,679 |
CompoSecure, Inc. *(a) | 37,585 | 226,638 |
Comtech Telecommunications Corp. | 62,916 | 767,575 |
Corsair Gaming, Inc. * | 85,420 | 1,092,522 |
CPI Card Group, Inc. * | 9,729 | 161,015 |
CTS Corp. | 72,771 | 2,722,363 |
Daktronics, Inc. * | 89,106 | 857,200 |
Digi International, Inc. * | 81,726 | 2,057,861 |
DZS, Inc. * | 49,884 | 63,353 |
Eastman Kodak Co. * | 136,742 | 508,680 |
ePlus, Inc. * | 61,970 | 3,873,125 |
Evolv Technologies Holdings, Inc. * | 260,284 | 1,106,207 |
Extreme Networks, Inc. * | 294,342 | 6,069,332 |
Fabrinet * | 85,689 | 13,281,795 |
FARO Technologies, Inc. * | 43,814 | 563,886 |
Harmonic, Inc. * | 255,244 | 2,754,083 |
Immersion Corp. | 71,559 | 457,262 |
Infinera Corp. * | 466,259 | 1,366,139 |
Insight Enterprises, Inc. * | 66,831 | 9,576,882 |
Intevac, Inc. * | 58,321 | 187,210 |
IonQ, Inc. *(a) | 375,179 | 3,616,726 |
Iteris, Inc. * | 97,633 | 431,538 |
Itron, Inc. * | 106,046 | 6,074,315 |
Kimball Electronics, Inc. * | 55,396 | 1,451,375 |
Knowles Corp. * | 208,484 | 2,708,207 |
KVH Industries, Inc. * | 42,847 | 200,524 |
Lightwave Logic, Inc. *(a) | 269,784 | 1,222,122 |
Luna Innovations, Inc. * | 73,436 | 417,116 |
Methode Electronics, Inc. | 82,195 | 1,879,800 |
MicroVision, Inc. *(a) | 408,351 | 771,783 |
Mirion Technologies, Inc., Class A * | 467,927 | 3,242,734 |
Napco Security Technologies, Inc. | 73,809 | 1,355,871 |
NETGEAR, Inc. * | 67,308 | 850,773 |
NetScout Systems, Inc. * | 158,897 | 3,468,721 |
nLight, Inc. * | 101,882 | 848,677 |
Novanta, Inc. * | 83,353 | 11,007,597 |
OSI Systems, Inc. * | 36,935 | 3,851,212 |
PAR Technology Corp. * | 62,056 | 1,811,415 |
PC Connection, Inc. | 26,531 | 1,421,531 |
Plexus Corp. * | 63,917 | 6,284,319 |
Presto Automation, Inc. * | 7,273 | 9,746 |
Ribbon Communications, Inc. * | 210,312 | 395,387 |
Richardson Electronics Ltd. | 27,359 | 313,808 |
Rogers Corp. * | 40,362 | 4,960,086 |
Sanmina Corp. * | 134,430 | 6,838,454 |
ScanSource, Inc. * | 57,868 | 1,759,187 |
SmartRent, Inc. * | 426,135 | 1,026,985 |
Super Micro Computer, Inc. * | 107,972 | 25,856,055 |
TTM Technologies, Inc. * | 237,197 | 2,725,394 |
Turtle Beach Corp. * | 36,132 | 298,089 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Viavi Solutions, Inc. * | 513,663 | 3,996,298 |
Vishay Intertechnology, Inc. | 300,663 | 6,686,745 |
Vishay Precision Group, Inc. * | 28,778 | 861,038 |
Vuzix Corp. *(a) | 142,266 | 462,364 |
Xerox Holdings Corp. | 267,786 | 3,438,372 |
200,465,145 | ||
Telecommunication Services 0.6% | ||
Anterix, Inc. * | 29,760 | 907,382 |
AST SpaceMobile, Inc., Class A *(a) | 185,615 | 614,386 |
ATN International, Inc. | 25,568 | 791,330 |
Bandwidth, Inc., Class A * | 55,573 | 589,630 |
Charge Enterprises, Inc. * | 312,226 | 89,047 |
Cogent Communications Holdings, Inc. | 100,792 | 6,549,464 |
Consolidated Communications Holdings, Inc. * | 177,117 | 738,578 |
EchoStar Corp., Class A * | 79,384 | 1,100,262 |
Globalstar, Inc. * | 1,614,674 | 2,276,690 |
Gogo, Inc. * | 154,894 | 1,626,387 |
IDT Corp., Class B * | 36,769 | 1,031,370 |
Liberty Latin America Ltd., Class C * | 415,937 | 2,849,168 |
Lumen Technologies, Inc. * | 2,347,907 | 3,427,944 |
Ooma, Inc. * | 54,517 | 594,781 |
Shenandoah Telecommunications Co. | 113,077 | 2,675,402 |
Spok Holdings, Inc. | 42,479 | 633,362 |
Telephone & Data Systems, Inc. | 229,563 | 4,175,751 |
Tingo Group, Inc. *(a) | 279,175 | 218,147 |
30,889,081 | ||
Transportation 1.4% | ||
Air Transport Services Group, Inc. * | 130,984 | 2,563,357 |
Allegiant Travel Co. | 36,721 | 2,446,353 |
ArcBest Corp. | 56,167 | 6,115,463 |
Blade Air Mobility, Inc. * | 142,325 | 303,152 |
Costamare, Inc. | 113,489 | 1,024,806 |
Covenant Logistics Group, Inc., Class A | 19,216 | 758,744 |
Daseke, Inc. * | 92,588 | 411,091 |
Eagle Bulk Shipping, Inc. (a) | 21,378 | 872,222 |
Forward Air Corp. | 60,879 | 3,921,216 |
Frontier Group Holdings, Inc. * | 87,125 | 295,354 |
FTAI Infrastructure, Inc. | 233,934 | 715,838 |
Genco Shipping & Trading Ltd. | 97,407 | 1,282,850 |
Golden Ocean Group Ltd. | 286,863 | 2,079,757 |
Hawaiian Holdings, Inc. * | 118,142 | 497,378 |
Heartland Express, Inc. | 109,951 | 1,282,029 |
Himalaya Shipping Ltd. * | 21,574 | 97,946 |
Hub Group, Inc., Class A * | 73,164 | 5,030,025 |
JetBlue Airways Corp. * | 768,692 | 2,890,282 |
Joby Aviation, Inc. *(a) | 648,832 | 3,419,345 |
Marten Transport Ltd. | 135,210 | 2,376,992 |
Matson, Inc. | 83,019 | 7,226,804 |
PAM Transportation Services, Inc. * | 15,390 | 265,785 |
Pangaea Logistics Solutions Ltd. | 83,274 | 482,156 |
Radiant Logistics, Inc. * | 84,440 | 494,818 |
RXO, Inc. * | 270,531 | 4,736,998 |
Safe Bulkers, Inc. | 159,863 | 501,970 |
SkyWest, Inc. * | 102,633 | 4,328,034 |
Spirit Airlines, Inc. | 255,653 | 2,934,896 |
Sun Country Airlines Holdings, Inc. * | 87,033 | 1,133,170 |
TuSimple Holdings, Inc., Class A * | 377,582 | 404,013 |
Universal Logistics Holdings, Inc. | 15,506 | 347,024 |
Werner Enterprises, Inc. | 147,514 | 5,357,708 |
66,597,576 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Utilities 3.0% | ||
ALLETE, Inc. | 134,559 | 7,204,289 |
Altus Power, Inc., Class A * | 146,074 | 775,653 |
American States Water Co. | 86,372 | 6,741,335 |
Artesian Resources Corp., Class A | 21,635 | 850,256 |
Avista Corp. | 175,748 | 5,569,454 |
Black Hills Corp. | 155,229 | 7,505,322 |
Brookfield Infrastructure Corp., Class A | 279,066 | 7,188,740 |
Cadiz, Inc. * | 92,704 | 280,893 |
California Water Service Group | 134,552 | 6,549,991 |
Chesapeake Utilities Corp. | 40,741 | 3,610,060 |
Consolidated Water Co. Ltd. | 35,276 | 1,041,348 |
Genie Energy Ltd., Class B | 47,050 | 933,472 |
Global Water Resources, Inc. | 25,957 | 273,327 |
MGE Energy, Inc. | 84,946 | 6,084,682 |
Middlesex Water Co. | 40,736 | 2,587,958 |
Montauk Renewables, Inc. * | 155,833 | 1,567,680 |
New Jersey Resources Corp. | 226,296 | 9,183,092 |
Northwest Natural Holding Co. | 83,381 | 3,060,917 |
Northwestern Energy Group, Inc. | 139,843 | 6,713,862 |
ONE Gas, Inc. | 128,510 | 7,762,004 |
Ormat Technologies, Inc. | 124,506 | 7,662,099 |
Otter Tail Corp. | 96,116 | 7,395,165 |
PNM Resources, Inc. | 199,602 | 8,435,181 |
Portland General Electric Co. | 226,148 | 9,050,443 |
Pure Cycle Corp. * | 44,714 | 427,466 |
RGC Resources, Inc. | 18,313 | 286,415 |
SJW Group | 74,419 | 4,649,699 |
Southwest Gas Holdings, Inc. | 143,828 | 8,429,759 |
Spire, Inc. | 120,185 | 6,685,892 |
Sunnova Energy International, Inc. *(a) | 234,742 | 2,143,194 |
Unitil Corp. | 37,308 | 1,703,856 |
York Water Co. | 32,972 | 1,189,300 |
143,542,804 | ||
Total Common Stocks (Cost $4,356,954,456) | 4,857,561,799 | |
RIGHTS 0.0% OF NET ASSETS | ||
Consumer Discretionary Distribution & Retail 0.0% | ||
Lazydays Holdings, Inc. expires 11/14/23 strike USD 6.40 *(a)(b) | 52,161 | 0 |
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Aduro Biotech, Inc. CVR *(b) | 27,867 | 72,998 |
Gtx, Inc. CVR *(b) | 592 | 1,214 |
Jounce Therapeutics, Inc. CVR *(b) | 100,774 | 3,023 |
Tobira Therapeutics, Inc. CVR *(b) | 14,029 | 67,059 |
144,294 | ||
Total Rights (Cost $2,055) | 144,294 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 1.7% OF NET ASSETS | ||
Money Market Funds 1.7% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 82,018,212 | 82,018,212 |
Total Short-Term Investments (Cost $82,018,212) | 82,018,212 | |
Total Investments in Securities (Cost $4,438,974,723) | 4,939,724,305 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
Russell 2000 Index, e-mini, expires 12/15/23 | 254 | 21,188,680 | (764,354 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $79,372,143. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
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 Stocks1 | $4,159,709,229 | $— | $— | $4,159,709,229 |
Health Care Equipment & Services | 292,261,783 | — | 0 * | 292,261,783 |
Pharmaceuticals, Biotechnology & Life Sciences | 405,362,994 | — | 227,793 | 405,590,787 |
Rights1 | ||||
Consumer Discretionary Distribution & Retail | — | — | 0 * | 0 |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 144,294 | 144,294 |
Short-Term Investments1 | 82,018,212 | — | — | 82,018,212 |
Liabilities | ||||
Futures Contracts2 | (764,354 ) | — | — | (764,354 ) |
Total | $4,938,587,864 | $— | $372,087 | $4,938,959,951 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $4,438,974,723) including securities on loan of $79,372,143 | $4,939,724,305 | |
Cash | 11,878,484 | |
Deposit with broker for futures contracts | 1,841,400 | |
Receivables: | ||
Fund shares sold | 10,186,440 | |
Dividends | 1,426,956 | |
Income from securities on loan | 433,610 | |
Variation margin on future contracts | + | 133,769 |
Total assets | 4,965,624,964 | |
Liabilities | ||
Collateral held for securities on loan | 82,018,212 | |
Payables: | ||
Fund shares redeemed | 2,083,980 | |
Investments bought | 216,539 | |
Investment adviser fees | + | 165,284 |
Total liabilities | 84,484,015 | |
Net assets | $4,881,140,949 | |
Net Assets by Source | ||
Capital received from investors | $4,760,040,267 | |
Total distributable earnings | + | 121,100,682 |
Net assets | $4,881,140,949 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$4,881,140,949 | 180,858,508 | $26.99 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $113,840) | $80,668,796 | |
Interest received from securities - unaffiliated | 615,882 | |
Securities on loan, net | + | 6,823,878 |
Total investment income | 88,108,556 | |
Expenses | ||
Investment adviser fees | 2,148,087 | |
Total expenses | – | 2,148,087 |
Net investment income | 85,960,469 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (143,882,700 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 182,882,581 | |
Net realized losses on futures contracts | + | (3,802,557 ) |
Net realized gains | 35,197,324 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (572,275,283 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,041,039 ) |
Net change in unrealized appreciation (depreciation) | + | (573,316,322 ) |
Net realized and unrealized losses | (538,118,998 ) | |
Decrease in net assets resulting from operations | ($452,158,529 ) |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $85,960,469 | $72,101,489 | |
Net realized gains (losses) | 35,197,324 | (17,488,993 ) | |
Net change in unrealized appreciation (depreciation) | + | (573,316,322 ) | (1,287,296,553 ) |
Decrease in net assets from operations | ($452,158,529 ) | ($1,232,684,057 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($67,319,807 ) | ($531,629,821 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 37,521,878 | $1,105,017,562 | 45,597,167 | $1,444,544,971 | |
Shares reinvested | 1,875,048 | 53,907,613 | 12,345,025 | 436,396,621 | |
Shares redeemed | + | (38,355,459 ) | (1,130,035,083 ) | (42,926,031 ) | (1,331,894,500 ) |
Net transactions in fund shares | 1,041,467 | $28,890,092 | 15,016,161 | $549,047,092 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 179,817,041 | $5,371,729,193 | 164,800,880 | $6,586,995,979 | |
Total increase (decrease) | + | 1,041,467 | (490,588,244 ) | 15,016,161 | (1,215,266,786 ) |
End of period | 180,858,508 | $4,881,140,949 | 179,817,041 | $5,371,729,193 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $66.82 | $81.64 | $57.62 | $53.42 | $48.38 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 4.39 | (14.67 ) | 24.10 | 4.21 | 5.18 | |
Total from investment operations | 5.52 | (13.62 ) | 25.10 | 5.28 | 6.17 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (0.24 ) | — | (0.14 ) | (0.23 ) | |
Total distributions | (1.05 ) | (1.20 ) | (1.08 ) | (1.08 ) | (1.13 ) | |
Net asset value at end of period | $71.29 | $66.82 | $81.64 | $57.62 | $53.42 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.5% OF NET ASSETS | ||
Automobiles & Components 1.8% | ||
Adient PLC * | 40,665 | 1,370,004 |
American Axle & Manufacturing Holdings, Inc. * | 48,530 | 327,578 |
Aptiv PLC * | 122,675 | 10,697,260 |
Atmus Filtration Technologies, Inc. *(a) | 6,861 | 128,712 |
Autoliv, Inc. | 33,157 | 3,038,839 |
BorgWarner, Inc. | 103,066 | 3,803,135 |
Canoo, Inc. * | 143,402 | 39,306 |
Cooper-Standard Holdings, Inc. * | 8,444 | 104,874 |
Dana, Inc. | 54,773 | 628,794 |
Dorman Products, Inc. * | 12,163 | 756,295 |
Envirotech Vehicles, Inc. * | 9,637 | 13,203 |
Faraday Future Intelligent Electric, Inc. *(a) | 5,078 | 5,383 |
Fisker, Inc. *(a) | 77,198 | 347,391 |
Ford Motor Co. | 1,710,664 | 16,678,974 |
Fox Factory Holding Corp. * | 18,890 | 1,538,968 |
Garrett Motion, Inc. * | 66,397 | 468,763 |
General Motors Co. | 599,024 | 16,892,477 |
Gentex Corp. | 101,842 | 2,920,829 |
Gentherm, Inc. * | 14,378 | 578,283 |
Goodyear Tire & Rubber Co. * | 127,808 | 1,520,915 |
Harley-Davidson, Inc. | 56,679 | 1,521,831 |
Holley, Inc. * | 22,922 | 97,419 |
LCI Industries | 10,934 | 1,186,230 |
Lear Corp. | 25,374 | 3,292,530 |
Lucid Group, Inc. *(a) | 386,730 | 1,593,328 |
Luminar Technologies, Inc., Class A *(a) | 106,930 | 338,968 |
Mobileye Global, Inc., Class A * | 32,755 | 1,168,371 |
Modine Manufacturing Co. * | 22,575 | 891,712 |
Motorcar Parts of America, Inc. * | 7,218 | 52,114 |
Mullen Automotive, Inc. * | 261,579 | 69,894 |
Patrick Industries, Inc. | 9,154 | 687,923 |
Phinia, Inc. | 20,144 | 521,327 |
QuantumScape Corp., Class A * | 152,156 | 794,254 |
Rivian Automotive, Inc., Class A * | 289,925 | 4,702,583 |
Solid Power, Inc. * | 46,229 | 61,022 |
Standard Motor Products, Inc. | 7,798 | 272,384 |
Stoneridge, Inc. * | 11,655 | 189,627 |
Strattec Security Corp. * | 1,500 | 34,125 |
Superior Industries International, Inc. * | 10,350 | 28,670 |
Tesla, Inc. * | 1,201,561 | 241,321,511 |
Thor Industries, Inc. | 23,131 | 2,033,909 |
Visteon Corp. * | 12,716 | 1,463,993 |
Winnebago Industries, Inc. | 13,059 | 756,769 |
Workhorse Group, Inc. * | 79,433 | 33,132 |
Worksport Ltd. *(a) | 13,921 | 20,046 |
XPEL, Inc. * | 9,832 | 455,222 |
325,448,877 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Banks 3.2% | ||
1895 Bancorp of Wisconsin, Inc. * | 1,526 | 9,324 |
1st Source Corp. | 6,934 | 316,329 |
ACNB Corp. | 3,576 | 123,050 |
Affinity Bancshares, Inc. * | 1,146 | 17,018 |
Amalgamated Financial Corp. | 7,518 | 137,128 |
Amerant Bancorp, Inc. | 10,892 | 198,561 |
American National Bankshares, Inc. | 4,310 | 164,470 |
Ameris Bancorp | 27,705 | 1,033,397 |
AmeriServ Financial, Inc. | 4,001 | 10,203 |
Ames National Corp. | 4,056 | 68,628 |
Arrow Financial Corp. | 6,961 | 148,339 |
Associated Banc-Corp. | 64,229 | 1,041,152 |
Atlantic Union Bankshares Corp. | 31,642 | 911,606 |
Auburn National BanCorp, Inc. | 800 | 16,800 |
Axos Financial, Inc. * | 22,536 | 811,972 |
Banc of California, Inc. | 23,171 | 259,747 |
BancFirst Corp. | 6,480 | 525,593 |
Bancorp, Inc. * | 23,768 | 847,329 |
Bank First Corp. | 3,759 | 296,848 |
Bank of America Corp. | 3,008,213 | 79,236,330 |
Bank of Hawaii Corp. (a) | 16,982 | 838,741 |
Bank of Marin Bancorp | 6,631 | 111,401 |
Bank of the James Financial Group, Inc. | 2,744 | 26,397 |
Bank OZK | 46,860 | 1,678,057 |
Bank7 Corp. | 2,054 | 43,011 |
BankFinancial Corp. | 3,213 | 26,989 |
BankUnited, Inc. | 32,097 | 700,036 |
Bankwell Financial Group, Inc. | 2,376 | 58,141 |
Banner Corp. | 14,660 | 618,799 |
Bar Harbor Bankshares | 5,903 | 147,693 |
BayCom Corp. | 4,901 | 97,040 |
Bayfirst Financial Corp. | 784 | 7,816 |
BCB Bancorp, Inc. | 7,033 | 72,299 |
Berkshire Hills Bancorp, Inc. | 19,410 | 380,630 |
Blue Foundry Bancorp * | 9,742 | 73,552 |
Blue Ridge Bankshares, Inc. | 5,502 | 17,331 |
Bogota Financial Corp. * | 1,050 | 7,539 |
BOK Financial Corp. | 12,146 | 795,806 |
Bridgewater Bancshares, Inc. * | 8,542 | 82,259 |
Broadway Financial Corp. * | 20,059 | 15,552 |
Brookline Bancorp, Inc. | 38,717 | 315,156 |
Burke & Herbert Financial Services Corp. | 2,960 | 132,401 |
Business First Bancshares, Inc. | 9,475 | 185,142 |
Byline Bancorp, Inc. | 14,729 | 279,409 |
C&F Financial Corp. | 1,200 | 63,192 |
Cadence Bank | 79,900 | 1,692,282 |
California BanCorp * | 2,455 | 50,254 |
Cambridge Bancorp | 3,535 | 189,865 |
Camden National Corp. | 5,912 | 172,394 |
Capital Bancorp, Inc. | 3,170 | 64,795 |
Capital City Bank Group, Inc. | 5,558 | 158,792 |
Capitol Federal Financial, Inc. | 53,473 | 278,060 |
Capstar Financial Holdings, Inc. | 7,364 | 111,786 |
Carter Bankshares, Inc. * | 9,825 | 110,630 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Catalyst Bancorp, Inc. * | 1,359 | 15,017 |
Cathay General Bancorp | 31,365 | 1,063,587 |
CB Financial Services, Inc. | 2,090 | 44,141 |
Central Pacific Financial Corp. | 11,311 | 178,488 |
Central Valley Community Bancorp | 3,998 | 63,048 |
CF Bankshares, Inc. | 2,505 | 38,201 |
Chemung Financial Corp. | 1,306 | 53,912 |
ChoiceOne Financial Services, Inc. | 2,484 | 46,873 |
Citigroup, Inc. | 837,933 | 33,089,974 |
Citizens & Northern Corp. | 5,947 | 107,641 |
Citizens Community Bancorp, Inc. | 3,309 | 29,185 |
Citizens Financial Group, Inc. | 205,926 | 4,824,846 |
Citizens Financial Services, Inc. | 1,994 | 98,603 |
Citizens Holding Co. | 2,977 | 29,800 |
City Holding Co. | 6,363 | 577,633 |
Civista Bancshares, Inc. | 5,755 | 83,908 |
CNB Financial Corp. | 8,219 | 149,421 |
Coastal Financial Corp. * | 5,270 | 195,886 |
Codorus Valley Bancorp, Inc. | 4,360 | 85,543 |
Colony Bankcorp, Inc. | 7,200 | 71,640 |
Columbia Banking System, Inc. | 93,886 | 1,846,738 |
Columbia Financial, Inc. * | 14,396 | 231,776 |
Comerica, Inc. | 56,628 | 2,231,143 |
Commerce Bancshares, Inc. | 50,412 | 2,211,070 |
Community Bank System, Inc. | 23,037 | 920,328 |
Community Trust Bancorp, Inc. | 6,370 | 239,257 |
Community West Bancshares | 3,580 | 45,144 |
ConnectOne Bancorp, Inc. | 14,768 | 240,571 |
CrossFirst Bankshares, Inc. * | 17,616 | 186,377 |
Cullen/Frost Bankers, Inc. | 27,895 | 2,538,166 |
Cullman Bancorp, Inc. | 1,374 | 14,180 |
Customers Bancorp, Inc. * | 12,356 | 496,835 |
CVB Financial Corp. | 55,973 | 874,298 |
Dime Community Bancshares, Inc. | 13,235 | 243,392 |
Eagle Bancorp Montana, Inc. | 2,563 | 29,961 |
Eagle Bancorp, Inc. | 13,609 | 265,103 |
East West Bancorp, Inc. | 62,487 | 3,350,553 |
Eastern Bankshares, Inc. | 67,979 | 748,449 |
ECB Bancorp, Inc. * | 4,412 | 44,341 |
Enterprise Bancorp, Inc. | 3,412 | 89,770 |
Enterprise Financial Services Corp. | 15,939 | 554,199 |
Equity Bancshares, Inc., Class A | 6,351 | 153,694 |
Esquire Financial Holdings, Inc. | 3,256 | 149,125 |
ESSA Bancorp, Inc. | 3,176 | 52,880 |
Evans Bancorp, Inc. | 2,622 | 64,816 |
Farmers & Merchants Bancorp, Inc. | 6,004 | 104,590 |
Farmers National Banc Corp. | 14,833 | 167,465 |
FB Financial Corp. | 14,601 | 428,831 |
Fidelity D&D Bancorp, Inc. (a) | 1,779 | 79,699 |
Fifth Third Bancorp | 296,271 | 7,024,585 |
Financial Institutions, Inc. | 6,134 | 97,163 |
Finward Bancorp | 1,806 | 32,752 |
Finwise Bancorp * | 4,562 | 38,777 |
First BanCorp | 76,777 | 1,024,973 |
First Bancorp, Inc. | 3,588 | 84,067 |
First Bancorp/Southern Pines NC | 17,318 | 502,568 |
First Bancshares, Inc. | 11,989 | 290,374 |
First Bank | 9,056 | 100,159 |
First Busey Corp. | 21,193 | 420,893 |
First Business Financial Services, Inc. | 2,713 | 83,289 |
First Capital, Inc. | 1,074 | 25,776 |
First Citizens BancShares, Inc., Class A | 5,157 | 7,120,476 |
First Commonwealth Financial Corp. | 43,700 | 532,266 |
First Community Bankshares, Inc. | 8,451 | 275,925 |
First Community Corp. | 3,520 | 62,304 |
First Financial Bancorp | 42,225 | 781,163 |
First Financial Bankshares, Inc. | 55,700 | 1,339,585 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
First Financial Corp. | 4,167 | 143,386 |
First Financial Northwest, Inc. | 2,960 | 32,086 |
First Foundation, Inc. | 23,207 | 105,360 |
First Guaranty Bancshares, Inc. | 2,887 | 30,314 |
First Hawaiian, Inc. | 53,985 | 967,951 |
First Horizon Corp. | 243,323 | 2,615,722 |
First Internet Bancorp | 3,435 | 56,231 |
First Interstate BancSystem, Inc., Class A | 37,307 | 860,672 |
First Merchants Corp. | 25,485 | 695,995 |
First Mid Bancshares, Inc. | 7,599 | 207,605 |
First National Corp. | 2,648 | 50,047 |
First Northwest Bancorp | 3,416 | 44,374 |
First of Long Island Corp. | 9,603 | 103,136 |
First Savings Financial Group, Inc. | 2,389 | 35,357 |
First Seacoast Bancorp, Inc. * | 3,389 | 22,571 |
First U.S. Bancshares, Inc. | 4,841 | 41,608 |
First United Corp. | 2,849 | 46,667 |
First Western Financial, Inc. * | 2,786 | 37,249 |
Five Star Bancorp | 4,893 | 95,267 |
Flushing Financial Corp. | 12,108 | 149,413 |
FNB Corp. | 156,334 | 1,671,210 |
FNCB Bancorp, Inc. | 8,643 | 48,747 |
Franklin Financial Services Corp. | 1,992 | 63,744 |
FS Bancorp, Inc. | 3,171 | 91,547 |
Fulton Financial Corp. | 71,236 | 925,356 |
FVCBankcorp, Inc. * | 8,954 | 97,778 |
German American Bancorp, Inc. | 11,788 | 322,166 |
Glacier Bancorp, Inc. | 47,813 | 1,443,474 |
Great Southern Bancorp, Inc. | 4,013 | 199,526 |
Greene County Bancorp, Inc. | 3,212 | 76,124 |
Guaranty Bancshares, Inc. | 3,536 | 100,882 |
Hancock Whitney Corp. | 37,529 | 1,292,123 |
Hanmi Financial Corp. | 13,522 | 198,503 |
HarborOne Bancorp, Inc. | 18,808 | 185,071 |
Hawthorn Bancshares, Inc. | 2,065 | 36,034 |
HBT Financial, Inc. | 5,821 | 104,778 |
Heartland Financial USA, Inc. | 15,796 | 432,810 |
Heritage Commerce Corp. | 26,186 | 214,201 |
Heritage Financial Corp. | 14,372 | 233,832 |
Hilltop Holdings, Inc. | 19,849 | 548,229 |
Hingham Institution For Savings | 707 | 105,046 |
HMN Financial, Inc. | 2,233 | 40,641 |
Home Bancorp, Inc. | 3,387 | 116,072 |
Home BancShares, Inc. | 80,550 | 1,647,248 |
HomeStreet, Inc. | 8,389 | 40,519 |
HomeTrust Bancshares, Inc. | 6,363 | 131,141 |
Hope Bancorp, Inc. | 50,215 | 439,883 |
Horizon Bancorp, Inc. | 16,744 | 158,901 |
Huntington Bancshares, Inc. | 628,985 | 6,069,705 |
IF Bancorp, Inc. | 584 | 8,176 |
Independent Bank Corp. | 19,247 | 939,254 |
Independent Bank Corp. | 9,444 | 188,408 |
Independent Bank Group, Inc. | 15,071 | 532,760 |
International Bancshares Corp. | 22,759 | 997,527 |
Investar Holding Corp. | 3,333 | 31,597 |
John Marshall Bancorp, Inc. | 4,443 | 81,662 |
JPMorgan Chase & Co. | 1,264,529 | 175,845,403 |
Kearny Financial Corp. | 30,246 | 209,907 |
KeyCorp | 410,880 | 4,199,194 |
Lakeland Bancorp, Inc. | 27,779 | 313,347 |
Lakeland Financial Corp. | 10,817 | 532,737 |
Landmark Bancorp, Inc. | 1,978 | 33,013 |
LCNB Corp. | 4,732 | 66,201 |
LINKBANCORP, Inc. | 5,773 | 36,081 |
Live Oak Bancshares, Inc. | 14,105 | 406,929 |
Luther Burbank Corp. | 2,989 | 24,330 |
M&T Bank Corp. | 72,092 | 8,128,373 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Macatawa Bank Corp. | 10,493 | 95,801 |
Magyar Bancorp, Inc. | 1,051 | 9,459 |
MainStreet Bancshares, Inc. | 3,000 | 57,840 |
Mercantile Bank Corp. | 5,802 | 191,118 |
Meridian Corp. | 3,846 | 38,460 |
Metrocity Bankshares, Inc. | 7,678 | 153,867 |
Metropolitan Bank Holding Corp. * | 4,799 | 155,536 |
Mid Penn Bancorp, Inc. | 5,597 | 106,679 |
Middlefield Banc Corp. | 3,452 | 88,026 |
Midland States Bancorp, Inc. | 8,785 | 191,689 |
MidWestOne Financial Group, Inc. | 5,792 | 115,377 |
MVB Financial Corp. | 4,605 | 90,488 |
National Bank Holdings Corp., Class A | 15,969 | 497,913 |
National Bankshares, Inc. | 2,506 | 58,891 |
NBT Bancorp, Inc. | 20,149 | 674,387 |
New York Community Bancorp, Inc. | 319,185 | 3,025,878 |
Nicolet Bankshares, Inc. | 5,917 | 430,876 |
Northeast Bank | 3,001 | 143,268 |
Northeast Community Bancorp, Inc. | 5,675 | 86,487 |
Northfield Bancorp, Inc. | 18,804 | 161,714 |
Northrim BanCorp, Inc. | 2,596 | 108,279 |
Northwest Bancshares, Inc. | 54,295 | 565,754 |
Norwood Financial Corp. | 3,060 | 78,367 |
NSTS Bancorp, Inc. * | 1,610 | 13,862 |
Oak Valley Bancorp | 3,707 | 92,490 |
OceanFirst Financial Corp. | 25,110 | 317,893 |
OFG Bancorp | 20,123 | 596,043 |
Ohio Valley Banc Corp. | 1,400 | 33,460 |
Old National Bancorp | 130,974 | 1,794,344 |
Old Point Financial Corp. | 1,643 | 25,582 |
Old Second Bancorp, Inc. | 17,372 | 235,564 |
OP Bancorp | 5,203 | 43,965 |
Orange County Bancorp, Inc. | 1,662 | 73,294 |
Origin Bancorp, Inc. | 12,052 | 356,619 |
Orrstown Financial Services, Inc. | 4,595 | 97,000 |
Pacific Premier Bancorp, Inc. | 40,415 | 767,885 |
PacWest Bancorp | 49,961 | 353,724 |
Park National Corp. | 6,164 | 624,968 |
Parke Bancorp, Inc. | 4,518 | 76,083 |
Partners Bancorp | 5,380 | 39,005 |
Pathfinder Bancorp, Inc. | 593 | 7,602 |
Pathward Financial, Inc. | 11,847 | 536,551 |
PB Bankshares, Inc. * | 2,277 | 26,527 |
PCB Bancorp | 4,081 | 62,766 |
Peapack-Gladstone Financial Corp. | 6,657 | 155,574 |
Penns Woods Bancorp, Inc. | 2,250 | 47,430 |
Peoples Bancorp of North Carolina, Inc. | 1,896 | 42,660 |
Peoples Bancorp, Inc. | 13,377 | 368,938 |
Peoples Financial Services Corp. | 2,693 | 105,593 |
Pinnacle Financial Partners, Inc. | 34,143 | 2,129,157 |
Pioneer Bancorp, Inc. * | 2,717 | 22,279 |
Plumas Bancorp | 2,267 | 77,418 |
PNC Financial Services Group, Inc. | 173,550 | 19,866,269 |
Ponce Financial Group, Inc. * | 10,983 | 85,448 |
Popular, Inc. | 32,118 | 2,088,955 |
Preferred Bank | 5,696 | 339,311 |
Premier Financial Corp. | 14,638 | 253,969 |
Primis Financial Corp. | 10,278 | 96,202 |
Princeton Bancorp, Inc. | 1,590 | 47,700 |
Prosperity Bancshares, Inc. | 41,003 | 2,236,304 |
Provident Bancorp, Inc. * | 6,035 | 58,540 |
Provident Financial Holdings, Inc. | 3,562 | 42,566 |
Provident Financial Services, Inc. | 32,096 | 450,949 |
QCR Holdings, Inc. | 7,130 | 338,319 |
RBB Bancorp | 6,055 | 70,056 |
Red River Bancshares, Inc. | 1,974 | 91,752 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Regions Financial Corp. | 407,797 | 5,925,290 |
Renasant Corp. | 23,632 | 576,384 |
Republic Bancorp, Inc., Class A | 3,781 | 167,082 |
Richmond Mutual BanCorp, Inc. | 4,348 | 42,654 |
Riverview Bancorp, Inc. | 6,215 | 33,250 |
S&T Bancorp, Inc. | 16,257 | 418,780 |
Sandy Spring Bancorp, Inc. | 19,518 | 399,143 |
SB Financial Group, Inc. | 3,301 | 46,115 |
Seacoast Banking Corp. of Florida | 37,995 | 767,879 |
ServisFirst Bancshares, Inc. | 20,812 | 981,494 |
Shore Bancshares, Inc. | 11,833 | 121,407 |
Sierra Bancorp | 5,854 | 103,030 |
Simmons First National Corp., Class A | 54,646 | 776,520 |
SmartFinancial, Inc. | 6,197 | 129,207 |
Sound Financial Bancorp, Inc. | 596 | 21,873 |
South Plains Financial, Inc. | 5,663 | 151,882 |
Southern California Bancorp * | 11,392 | 153,222 |
Southern First Bancshares, Inc. * | 2,967 | 80,109 |
Southern Missouri Bancorp, Inc. | 4,045 | 163,620 |
Southern States Bancshares, Inc. | 2,910 | 67,570 |
Southside Bancshares, Inc. | 12,464 | 332,789 |
SouthState Corp. | 33,092 | 2,187,381 |
Stellar Bancorp, Inc. | 19,486 | 423,626 |
Sterling Bancorp, Inc. * | 9,738 | 53,949 |
Stock Yards Bancorp, Inc. | 13,389 | 523,644 |
Summit Financial Group, Inc. | 6,235 | 134,053 |
Summit State Bank | 1,071 | 13,655 |
Synovus Financial Corp. | 63,167 | 1,646,764 |
TC Bancshares, Inc. | 3,005 | 40,297 |
Territorial Bancorp, Inc. | 4,386 | 33,860 |
Texas Capital Bancshares, Inc. * | 20,746 | 1,142,275 |
Third Coast Bancshares, Inc. * | 6,287 | 97,511 |
Timberland Bancorp, Inc. | 3,571 | 100,666 |
Tompkins Financial Corp. | 5,291 | 264,973 |
Towne Bank | 28,315 | 677,861 |
TriCo Bancshares | 14,278 | 461,893 |
Triumph Financial, Inc. | 9,395 | 584,839 |
Truist Financial Corp. | 581,019 | 16,477,699 |
TrustCo Bank Corp. | 7,608 | 194,232 |
Trustmark Corp. | 26,268 | 528,249 |
U.S. Bancorp | 678,819 | 21,640,750 |
UMB Financial Corp. | 18,535 | 1,162,515 |
Union Bankshares, Inc. | 2,125 | 57,354 |
United Bancorp, Inc. | 3,371 | 34,013 |
United Bankshares, Inc. | 60,481 | 1,720,080 |
United Community Banks, Inc. | 53,201 | 1,175,210 |
United Security Bancshares | 6,461 | 50,202 |
Unity Bancorp, Inc. | 2,383 | 57,335 |
Univest Financial Corp. | 12,810 | 213,415 |
USCB Financial Holdings, Inc. * | 5,422 | 58,232 |
Valley National Bancorp | 191,195 | 1,487,497 |
Veritex Holdings, Inc. | 23,608 | 406,530 |
Virginia National Bankshares Corp. | 2,256 | 69,327 |
WaFd, Inc. | 28,038 | 691,978 |
Washington Trust Bancorp, Inc. | 7,375 | 171,026 |
Webster Financial Corp. | 75,290 | 2,858,761 |
Wells Fargo & Co. | 1,592,051 | 63,315,868 |
WesBanco, Inc. | 25,094 | 612,043 |
West BanCorp, Inc. | 6,294 | 103,410 |
Westamerica BanCorp | 11,683 | 551,905 |
Western Alliance Bancorp | 48,934 | 2,011,187 |
Western New England Bancorp, Inc. | 10,349 | 74,202 |
William Penn Bancorp | 4,788 | 58,318 |
Wintrust Financial Corp. | 27,248 | 2,035,153 |
WSFS Financial Corp. | 26,068 | 922,807 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Zions Bancorp NA | 63,860 | 1,970,081 |
573,888,161 | ||
Capital Goods 6.3% | ||
374Water, Inc. * | 24,532 | 42,195 |
3D Systems Corp. * | 57,208 | 213,386 |
3M Co. | 240,189 | 21,845,190 |
A O Smith Corp. | 54,738 | 3,818,523 |
AAON, Inc. | 29,344 | 1,598,661 |
AAR Corp. * | 14,100 | 836,976 |
Acuity Brands, Inc. | 13,602 | 2,203,116 |
Advanced Drainage Systems, Inc. | 30,043 | 3,209,494 |
AECOM | 60,036 | 4,595,756 |
AeroVironment, Inc. * | 10,943 | 1,254,724 |
AerSale Corp. * | 13,422 | 205,222 |
AGCO Corp. | 27,408 | 3,142,601 |
AgEagle Aerial Systems, Inc. * | 81,955 | 8,351 |
Air Lease Corp., Class A | 44,479 | 1,540,308 |
Alamo Group, Inc. | 4,523 | 725,037 |
Albany International Corp., Class A | 13,181 | 1,075,701 |
Allegion PLC | 38,575 | 3,794,237 |
Allient, Inc. | 6,061 | 167,284 |
Allison Transmission Holdings, Inc. | 39,327 | 1,982,867 |
Alpha Pro Tech Ltd. * | 5,970 | 23,880 |
Alta Equipment Group, Inc. | 10,115 | 92,957 |
Ameresco, Inc., Class A * | 14,647 | 383,019 |
American Superconductor Corp. * | 15,966 | 100,027 |
American Woodmark Corp. * | 7,275 | 489,098 |
AMETEK, Inc. | 100,390 | 14,131,900 |
Amprius Technologies, Inc. *(a) | 6,864 | 19,974 |
API Group Corp. * | 90,411 | 2,338,933 |
Apogee Enterprises, Inc. | 9,815 | 421,260 |
Applied Industrial Technologies, Inc. | 16,678 | 2,560,240 |
Archer Aviation, Inc., Class A *(a) | 64,194 | 304,922 |
Arcosa, Inc. | 21,785 | 1,504,690 |
Argan, Inc. | 5,730 | 262,090 |
Armstrong World Industries, Inc. | 19,307 | 1,465,208 |
Array Technologies, Inc. * | 60,932 | 1,055,952 |
Astec Industries, Inc. | 9,833 | 393,713 |
Astra Space, Inc. * | 7,403 | 5,914 |
Astronics Corp. * | 12,013 | 184,159 |
Atkore, Inc. * | 16,714 | 2,077,216 |
Axon Enterprise, Inc. * | 30,521 | 6,241,239 |
AZEK Co., Inc., Class A * | 64,846 | 1,698,965 |
AZZ, Inc. | 11,203 | 529,566 |
Babcock & Wilcox Enterprises, Inc. * | 30,009 | 78,924 |
Barnes Group, Inc. | 21,513 | 447,255 |
Beacon Roofing Supply, Inc. * | 23,620 | 1,681,035 |
Beam Global *(a) | 3,328 | 18,237 |
Blink Charging Co. *(a) | 21,494 | 51,156 |
Bloom Energy Corp., Class A * | 91,759 | 954,294 |
Blue Bird Corp. * | 7,221 | 131,494 |
BlueLinx Holdings, Inc. * | 3,850 | 273,774 |
Boeing Co. * | 246,725 | 46,093,165 |
Boise Cascade Co. | 16,895 | 1,583,906 |
Bowman Consulting Group Ltd., Class A * | 3,474 | 92,304 |
Broadwind, Inc. * | 7,298 | 19,121 |
Builders FirstSource, Inc. * | 54,165 | 5,877,986 |
BWX Technologies, Inc. | 40,184 | 2,984,868 |
Cadre Holdings, Inc. | 6,467 | 181,399 |
Carlisle Cos., Inc. | 21,626 | 5,494,950 |
Carrier Global Corp. | 364,880 | 17,390,181 |
Caterpillar, Inc. | 221,979 | 50,178,353 |
ChargePoint Holdings, Inc. *(a) | 132,752 | 337,190 |
Chart Industries, Inc. * | 18,137 | 2,108,064 |
CNH Industrial NV | 425,011 | 4,666,621 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Columbus McKinnon Corp. | 11,948 | 365,250 |
Comfort Systems USA, Inc. | 15,740 | 2,862,319 |
Commercial Vehicle Group, Inc. * | 13,417 | 93,516 |
Concrete Pumping Holdings, Inc. * | 9,442 | 66,377 |
Construction Partners, Inc., Class A * | 19,811 | 761,733 |
Core & Main, Inc., Class A * | 45,606 | 1,371,828 |
CPI Aerostructures, Inc. * | 9,173 | 27,712 |
Crane Co. | 21,790 | 2,120,821 |
CSW Industrials, Inc. | 6,682 | 1,184,451 |
Cummins, Inc. | 61,832 | 13,374,262 |
Curtiss-Wright Corp. | 16,857 | 3,351,340 |
Custom Truck One Source, Inc. * | 24,214 | 139,715 |
Deere & Co. | 118,647 | 43,348,868 |
Desktop Metal, Inc., Class A *(a) | 101,606 | 88,031 |
Distribution Solutions Group, Inc. * | 4,920 | 148,338 |
Donaldson Co., Inc. | 53,496 | 3,084,579 |
Douglas Dynamics, Inc. | 10,577 | 256,810 |
Dover Corp. | 60,693 | 7,887,055 |
Ducommun, Inc. * | 6,692 | 320,145 |
DXP Enterprises, Inc. * | 6,811 | 222,039 |
Dycom Industries, Inc. * | 12,629 | 1,075,738 |
Eastern Co. | 1,809 | 29,396 |
Eaton Corp. PLC | 173,617 | 36,096,710 |
EMCOR Group, Inc. | 20,265 | 4,187,762 |
Emerson Electric Co. | 248,896 | 22,144,277 |
Encore Wire Corp. | 7,565 | 1,352,849 |
Energy Recovery, Inc. * | 23,814 | 361,973 |
Energy Vault Holdings, Inc. *(a) | 35,879 | 72,117 |
Enerpac Tool Group Corp., Class A | 24,176 | 684,181 |
EnerSys | 17,485 | 1,496,366 |
Enovix Corp. *(a) | 58,328 | 519,702 |
EnPro Industries, Inc. | 8,888 | 987,101 |
Eos Energy Enterprises, Inc. * | 51,020 | 89,795 |
Esab Corp. | 24,750 | 1,566,675 |
ESCO Technologies, Inc. | 10,984 | 1,067,864 |
Eve Holding, Inc. * | 13,706 | 102,795 |
EVI Industries, Inc. | 2,765 | 71,143 |
Fastenal Co. | 249,285 | 14,543,287 |
Federal Signal Corp. | 27,302 | 1,584,608 |
Ferguson PLC | 88,645 | 13,314,479 |
Flowserve Corp. | 56,151 | 2,061,865 |
Fluence Energy, Inc. * | 15,762 | 272,998 |
Fluor Corp. * | 63,458 | 2,112,517 |
Flux Power Holdings, Inc. * | 3,973 | 12,992 |
Fortive Corp. | 153,743 | 10,036,343 |
Fortune Brands Innovations, Inc. | 55,721 | 3,109,232 |
Franklin Electric Co., Inc. | 17,679 | 1,533,123 |
FreightCar America, Inc. * | 5,033 | 13,287 |
FTAI Aviation Ltd. | 42,202 | 1,587,217 |
FTC Solar, Inc. * | 19,667 | 21,044 |
FuelCell Energy, Inc. *(a) | 175,423 | 191,211 |
Gates Industrial Corp. PLC * | 62,527 | 682,795 |
GATX Corp. | 15,221 | 1,591,812 |
Gencor Industries, Inc. * | 3,418 | 48,536 |
Generac Holdings, Inc. * | 27,474 | 2,309,739 |
General Dynamics Corp. | 98,612 | 23,796,062 |
General Electric Co. | 473,587 | 51,445,756 |
Gibraltar Industries, Inc. * | 13,337 | 811,690 |
Global Industrial Co. | 6,777 | 216,525 |
GMS, Inc. * | 17,591 | 1,028,722 |
Gorman-Rupp Co. | 9,748 | 288,053 |
Graco, Inc. | 73,526 | 5,466,658 |
GrafTech International Ltd. | 82,134 | 283,362 |
Graham Corp. * | 4,043 | 63,030 |
Granite Construction, Inc. | 18,734 | 758,352 |
Great Lakes Dredge & Dock Corp. * | 30,154 | 229,170 |
Greenbrier Cos., Inc. | 15,526 | 537,044 |
Griffon Corp. | 17,893 | 714,646 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
H&E Equipment Services, Inc. | 14,463 | 588,933 |
Hayward Holdings, Inc. * | 54,969 | 577,175 |
HEICO Corp. | 43,936 | 6,959,902 |
Helios Technologies, Inc. | 13,876 | 717,667 |
Herc Holdings, Inc. | 12,367 | 1,320,672 |
Hexcel Corp. | 37,494 | 2,321,628 |
Hillenbrand, Inc. | 29,737 | 1,130,898 |
Hillman Solutions Corp. * | 86,449 | 567,105 |
Honeywell International, Inc. | 288,910 | 52,945,647 |
Howmet Aerospace, Inc. | 169,951 | 7,494,839 |
Hubbell, Inc., Class B | 23,307 | 6,295,221 |
Hudson Technologies, Inc. * | 17,443 | 224,666 |
Huntington Ingalls Industries, Inc. | 17,184 | 3,777,387 |
Hurco Cos., Inc. | 3,214 | 64,280 |
Hydrofarm Holdings Group, Inc. * | 27,153 | 27,110 |
Hyliion Holdings Corp. * | 54,325 | 32,394 |
Hyster-Yale Materials Handling, Inc. | 4,451 | 178,085 |
Hyzon Motors, Inc. * | 59,135 | 46,125 |
Ideal Power, Inc. * | 3,471 | 25,928 |
IDEX Corp. | 32,770 | 6,272,506 |
IES Holdings, Inc. * | 3,807 | 236,910 |
Illinois Tool Works, Inc. | 119,737 | 26,835,456 |
Ingersoll Rand, Inc. | 176,692 | 10,721,671 |
INNOVATE Corp. * | 23,119 | 28,205 |
Innovative Solutions & Support, Inc. * | 6,865 | 50,046 |
Insteel Industries, Inc. | 8,973 | 250,436 |
Intuitive Machines, Inc. * | 4,780 | 14,292 |
ITT, Inc. | 35,365 | 3,301,323 |
Janus International Group, Inc. * | 42,467 | 397,491 |
JELD-WEN Holding, Inc. * | 35,262 | 399,518 |
John Bean Technologies Corp. | 13,560 | 1,410,511 |
Johnson Controls International PLC | 296,219 | 14,520,655 |
Kadant, Inc. | 5,113 | 1,124,860 |
Kaman Corp. | 12,339 | 229,629 |
Karat Packaging, Inc. | 3,014 | 62,179 |
Kennametal, Inc. | 34,295 | 792,557 |
Kratos Defense & Security Solutions, Inc. * | 54,273 | 925,355 |
KULR Technology Group, Inc. * | 32,998 | 9,546 |
L B Foster Co., Class A * | 5,290 | 103,790 |
L3Harris Technologies, Inc. | 82,382 | 14,780,155 |
Lennox International, Inc. | 13,796 | 5,111,970 |
Leonardo DRS, Inc. * | 21,532 | 410,615 |
Limbach Holdings, Inc. * | 4,683 | 139,553 |
Lincoln Electric Holdings, Inc. | 25,229 | 4,410,029 |
Lindsay Corp. | 4,679 | 584,501 |
Lockheed Martin Corp. | 97,526 | 44,339,221 |
LS Starrett Co., Class A * | 2,865 | 28,851 |
LSI Industries, Inc. | 12,912 | 192,131 |
Luxfer Holdings PLC | 12,212 | 100,993 |
Manitex International, Inc. * | 9,465 | 37,955 |
Manitowoc Co., Inc. * | 15,925 | 203,840 |
Markforged Holding Corp. * | 47,003 | 30,373 |
Masco Corp. | 98,158 | 5,113,050 |
Masonite International Corp. * | 9,341 | 739,247 |
MasTec, Inc. * | 25,998 | 1,545,321 |
Masterbrand, Inc. * | 54,311 | 603,395 |
Matrix Service Co. * | 10,847 | 126,368 |
Mayville Engineering Co., Inc. * | 3,327 | 40,223 |
McGrath RentCorp | 10,367 | 1,042,920 |
MDU Resources Group, Inc. | 87,691 | 1,631,930 |
Mega Matrix Corp. * | 24,173 | 17,376 |
Mercury Systems, Inc. * | 22,496 | 809,406 |
Microvast Holdings, Inc. * | 86,292 | 106,139 |
Middleby Corp. * | 22,968 | 2,592,398 |
Miller Industries, Inc. | 5,104 | 185,632 |
Momentus, Inc., Class A *(a) | 1,099 | 3,901 |
Moog, Inc., Class A | 12,101 | 1,404,321 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
MRC Global, Inc. * | 35,400 | 372,054 |
MSC Industrial Direct Co., Inc., Class A | 21,058 | 1,995,246 |
Mueller Industries, Inc. | 49,884 | 1,881,126 |
Mueller Water Products, Inc., Class A | 66,450 | 821,987 |
MYR Group, Inc. * | 7,153 | 828,532 |
National Presto Industries, Inc. | 2,215 | 165,571 |
Nauticus Robotics, Inc. *(a) | 9,395 | 17,851 |
NeoVolta, Inc. *(a) | 12,964 | 27,484 |
Net Power, Inc. *(a) | 11,532 | 152,453 |
NEXTracker, Inc., Class A * | 21,934 | 762,426 |
Nikola Corp. *(a) | 326,966 | 353,123 |
NN, Inc. * | 28,401 | 51,122 |
Nordson Corp. | 23,479 | 4,991,401 |
Northrop Grumman Corp. | 61,885 | 29,174,446 |
Northwest Pipe Co. * | 4,286 | 116,836 |
NOW, Inc. * | 46,130 | 508,353 |
NuScale Power Corp. *(a) | 18,303 | 61,864 |
nVent Electric PLC | 72,676 | 3,497,896 |
Ocean Power Technologies, Inc. * | 48,625 | 14,490 |
Omega Flex, Inc. | 1,422 | 103,906 |
Optex Systems Holdings, Inc. * | 1,633 | 6,369 |
Orion Energy Systems, Inc. * | 16,987 | 16,987 |
Orion Group Holdings, Inc. * | 16,674 | 80,035 |
Oshkosh Corp. | 28,150 | 2,469,600 |
Otis Worldwide Corp. | 179,552 | 13,863,210 |
Owens Corning | 38,859 | 4,405,445 |
PACCAR, Inc. | 227,081 | 18,740,995 |
Park Aerospace Corp. | 8,310 | 121,991 |
Parker-Hannifin Corp. | 55,826 | 20,594,770 |
Park-Ohio Holdings Corp. | 3,931 | 89,155 |
Pentair PLC | 72,070 | 4,188,708 |
Perma-Pipe International Holdings, Inc. * | 3,363 | 22,229 |
PGT Innovations, Inc. * | 25,562 | 765,326 |
Plug Power, Inc. *(a) | 232,674 | 1,370,450 |
Powell Industries, Inc. | 4,127 | 316,335 |
Preformed Line Products Co. | 1,284 | 173,789 |
Primoris Services Corp. | 23,266 | 699,376 |
Proto Labs, Inc. * | 11,556 | 272,837 |
Quanex Building Products Corp. | 14,804 | 397,487 |
Quanta Services, Inc. | 63,076 | 10,541,261 |
RBC Bearings, Inc. * | 12,479 | 2,743,383 |
Redwire Corp. *(a) | 10,290 | 27,577 |
Regal Rexnord Corp. | 28,905 | 3,422,641 |
Resideo Technologies, Inc. * | 63,274 | 916,208 |
REV Group, Inc. | 13,601 | 193,678 |
Rocket Lab USA, Inc. * | 115,703 | 489,424 |
Rockwell Automation, Inc. | 49,860 | 13,103,707 |
RTX Corp. | 633,340 | 51,547,543 |
Rush Enterprises, Inc., Class A | 27,445 | 976,493 |
Rush Enterprises, Inc., Class B | 4,245 | 171,668 |
Sarcos Technology & Robotics Corp. * | 16,115 | 8,222 |
Sensata Technologies Holding PLC | 65,693 | 2,094,293 |
SES AI Corp. * | 59,899 | 108,417 |
Shoals Technologies Group, Inc., Class A * | 72,821 | 1,118,531 |
Shyft Group, Inc. | 13,268 | 145,683 |
Simpson Manufacturing Co., Inc. | 18,782 | 2,501,387 |
SiteOne Landscape Supply, Inc. * | 19,687 | 2,712,278 |
SKYX Platforms Corp. * | 16,813 | 26,733 |
Snap-on, Inc. | 23,067 | 5,949,902 |
Southland Holdings, Inc. *(a) | 4,155 | 26,177 |
Spirit AeroSystems Holdings, Inc., Class A * | 44,832 | 1,013,203 |
SPX Technologies, Inc. * | 19,627 | 1,572,515 |
Standex International Corp. | 5,059 | 726,321 |
Stanley Black & Decker, Inc. | 66,959 | 5,694,863 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Stem, Inc. *(a) | 64,349 | 217,500 |
Sterling Infrastructure, Inc. * | 13,007 | 947,560 |
SunPower Corp. *(a) | 35,778 | 152,772 |
Sunrun, Inc. * | 92,678 | 894,343 |
Sunworks, Inc. * | 17,256 | 5,872 |
Symbotic, Inc. *(a) | 6,367 | 216,669 |
Taylor Devices, Inc. * | 2,017 | 44,661 |
TechPrecision Corp. * | 4,478 | 32,376 |
Tecnoglass, Inc. | 8,161 | 266,701 |
Tennant Co. | 8,134 | 603,705 |
Terex Corp. | 29,185 | 1,336,673 |
Terran Orbital Corp. *(a) | 23,493 | 18,769 |
Textron, Inc. | 85,830 | 6,523,080 |
Thermon Group Holdings, Inc. * | 14,491 | 386,765 |
Timken Co. | 28,359 | 1,960,174 |
Titan International, Inc. * | 20,997 | 238,526 |
Titan Machinery, Inc. * | 8,199 | 203,663 |
Toro Co. | 45,758 | 3,699,077 |
TPI Composites, Inc. * | 19,088 | 44,093 |
Trane Technologies PLC | 99,143 | 18,867,904 |
Transcat, Inc. * | 2,965 | 266,909 |
TransDigm Group, Inc. * | 24,037 | 19,904,799 |
Trex Co., Inc. * | 48,094 | 2,703,364 |
Trinity Industries, Inc. | 34,521 | 719,072 |
Triumph Group, Inc. * | 38,079 | 284,069 |
Tutor Perini Corp. * | 18,907 | 136,319 |
Twin Disc, Inc. * | 5,599 | 76,930 |
UFP Industries, Inc. | 26,688 | 2,539,897 |
Ultralife Corp. * | 6,691 | 49,647 |
United Rentals, Inc. | 29,616 | 12,032,092 |
Urban-Gro, Inc. * | 4,382 | 5,916 |
V2X, Inc. * | 4,770 | 243,604 |
Valmont Industries, Inc. | 9,070 | 1,785,974 |
Velo3D, Inc. *(a) | 23,266 | 30,711 |
Veritiv Corp. | 5,972 | 1,011,717 |
Vertiv Holdings Co., Class A | 151,898 | 5,965,034 |
Vicor Corp. * | 9,399 | 364,117 |
Virgin Galactic Holdings, Inc. * | 152,772 | 226,103 |
VirTra, Inc. * | 3,586 | 16,962 |
Wabash National Corp. | 19,725 | 408,110 |
Watsco, Inc. | 14,687 | 5,124,147 |
Watts Water Technologies, Inc., Class A | 11,711 | 2,026,120 |
WESCO International, Inc. | 19,326 | 2,477,593 |
Westinghouse Air Brake Technologies Corp. | 78,117 | 8,281,964 |
Westwater Resources, Inc. * | 34,475 | 20,685 |
Willis Lease Finance Corp. * | 1,159 | 51,784 |
WillScot Mobile Mini Holdings Corp. * | 85,819 | 3,382,127 |
Woodward, Inc. | 26,487 | 3,302,929 |
WW Grainger, Inc. | 19,344 | 14,117,832 |
Xometry, Inc., Class A * | 18,299 | 266,250 |
Xylem, Inc. | 104,792 | 9,802,244 |
Zurn Elkay Water Solutions Corp. | 61,936 | 1,638,827 |
1,120,401,128 | ||
Commercial & Professional Services 1.7% | ||
ABM Industries, Inc. | 28,429 | 1,118,397 |
ACCO Brands Corp. | 38,516 | 194,891 |
Acme United Corp. | 1,454 | 48,709 |
ACV Auctions, Inc., Class A * | 61,272 | 816,756 |
Alight, Inc., Class A * | 157,521 | 1,045,939 |
Aqua Metals, Inc. * | 23,651 | 19,455 |
ARC Document Solutions, Inc. | 19,042 | 52,937 |
Aris Water Solutions, Inc., Class A | 14,973 | 125,025 |
ASGN, Inc. * | 21,209 | 1,770,103 |
Asure Software, Inc. * | 7,413 | 62,714 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Automatic Data Processing, Inc. | 179,268 | 39,119,863 |
Barrett Business Services, Inc. | 3,084 | 282,063 |
BGSF, Inc. | 6,465 | 59,931 |
Blacksky Technology, Inc. *(a) | 43,595 | 51,878 |
Booz Allen Hamilton Holding Corp., Class A | 56,756 | 6,806,747 |
Brady Corp., Class A | 19,596 | 1,008,410 |
BrightView Holdings, Inc. * | 19,228 | 129,597 |
Brink's Co. | 19,911 | 1,331,249 |
Broadridge Financial Solutions, Inc. | 51,511 | 8,789,837 |
CACI International, Inc., Class A * | 9,806 | 3,184,597 |
Casella Waste Systems, Inc., Class A * | 25,307 | 1,909,413 |
CBIZ, Inc. * | 21,058 | 1,094,174 |
CECO Environmental Corp. * | 12,430 | 201,117 |
Ceridian HCM Holding, Inc. * | 67,657 | 4,330,725 |
Cimpress PLC * | 8,208 | 489,771 |
Cintas Corp. | 37,692 | 19,114,367 |
Clarivate PLC * | 188,317 | 1,201,462 |
Clean Harbors, Inc. * | 21,609 | 3,320,655 |
Concentrix Corp. | 18,956 | 1,444,637 |
Conduent, Inc. * | 68,566 | 218,726 |
Copart, Inc. * | 378,220 | 16,460,134 |
CoreCivic, Inc. * | 49,662 | 630,707 |
CRA International, Inc. | 2,904 | 282,007 |
CSG Systems International, Inc. | 12,935 | 606,134 |
Deluxe Corp. | 19,740 | 336,567 |
DLH Holdings Corp. * | 3,968 | 54,282 |
Driven Brands Holdings, Inc. * | 23,892 | 271,891 |
Dun & Bradstreet Holdings, Inc. | 103,398 | 905,766 |
Ennis, Inc. | 10,401 | 222,165 |
Enviri Corp. * | 34,248 | 196,584 |
Equifax, Inc. | 53,157 | 9,013,832 |
ExlService Holdings, Inc. * | 71,740 | 1,873,131 |
Exponent, Inc. | 22,633 | 1,658,773 |
First Advantage Corp. | 24,470 | 318,355 |
FiscalNote Holdings, Inc. * | 31,549 | 41,960 |
Forrester Research, Inc. * | 4,414 | 102,405 |
Franklin Covey Co. * | 5,263 | 207,415 |
FTI Consulting, Inc. * | 14,805 | 3,142,509 |
GEE Group, Inc. * | 66,522 | 35,722 |
Genpact Ltd. | 72,608 | 2,435,272 |
GEO Group, Inc. * | 52,634 | 460,021 |
Healthcare Services Group, Inc. | 33,424 | 317,528 |
Heidrick & Struggles International, Inc. | 8,008 | 194,915 |
HireQuest, Inc. | 1,724 | 26,274 |
HireRight Holdings Corp. * | 8,556 | 78,801 |
HNI Corp. | 20,010 | 694,147 |
Hudson Global, Inc. * | 1,522 | 22,328 |
Huron Consulting Group, Inc. * | 8,075 | 802,332 |
ICF International, Inc. | 7,219 | 914,864 |
Innodata, Inc. * | 11,159 | 83,693 |
Insperity, Inc. | 15,439 | 1,634,064 |
Interface, Inc., Class A | 23,118 | 205,519 |
Jacobs Solutions, Inc. | 55,086 | 7,342,964 |
KBR, Inc. | 59,922 | 3,484,464 |
Kelly Services, Inc., Class A | 14,539 | 259,521 |
Kforce, Inc. | 8,111 | 495,095 |
Knightscope, Inc., Class A * | 18,211 | 12,047 |
Korn Ferry | 22,604 | 1,028,934 |
LanzaTech Global, Inc. *(a) | 41,157 | 144,873 |
Legalzoom.com, Inc. * | 49,739 | 495,898 |
Leidos Holdings, Inc. | 60,041 | 5,951,264 |
Liquidity Services, Inc. * | 10,485 | 202,046 |
ManpowerGroup, Inc. | 21,518 | 1,505,614 |
Mastech Digital, Inc. * | 3,073 | 26,889 |
Matthews International Corp., Class A | 12,972 | 459,728 |
Maximus, Inc. | 26,071 | 1,948,025 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
MillerKnoll, Inc. | 32,897 | 773,080 |
Mistras Group, Inc. * | 7,028 | 38,443 |
Montrose Environmental Group, Inc. * | 11,954 | 276,376 |
MSA Safety, Inc. | 16,258 | 2,566,813 |
NL Industries, Inc. | 5,834 | 29,053 |
NV5 Global, Inc. * | 5,244 | 494,771 |
Odyssey Marine Exploration, Inc., Class B * | 9,740 | 36,135 |
OPENLANE, Inc. * | 46,068 | 618,693 |
Parsons Corp. * | 17,738 | 1,003,084 |
Paychex, Inc. | 139,758 | 15,520,126 |
Paycom Software, Inc. | 21,568 | 5,283,513 |
Paycor HCM, Inc. * | 29,019 | 626,230 |
Paylocity Holding Corp. * | 18,726 | 3,359,444 |
Performant Financial Corp. * | 24,843 | 57,884 |
Perma-Fix Environmental Services, Inc. * | 5,410 | 50,313 |
Pitney Bowes, Inc. | 72,387 | 233,810 |
Planet Labs PBC * | 85,241 | 184,121 |
Quad/Graphics, Inc. * | 10,911 | 53,355 |
Quest Resource Holding Corp. * | 7,972 | 57,797 |
RB Global, Inc. | 79,590 | 5,205,186 |
RCM Technologies, Inc. * | 3,160 | 62,631 |
Republic Services, Inc., Class A | 89,657 | 13,313,168 |
Resources Connection, Inc. | 13,566 | 182,734 |
Robert Half, Inc. | 46,821 | 3,500,806 |
Rollins, Inc. | 121,743 | 4,578,754 |
Science Applications International Corp. | 23,132 | 2,526,940 |
SP Plus Corp. * | 8,590 | 434,053 |
Spire Global, Inc. * | 4,765 | 17,297 |
SS&C Technologies Holdings, Inc. | 94,298 | 4,738,475 |
Steel Connect, Inc. * | 3,096 | 28,205 |
Steelcase, Inc., Class A | 41,203 | 449,525 |
Stericycle, Inc. * | 39,698 | 1,637,146 |
Sterling Check Corp. * | 9,867 | 110,313 |
TaskUS, Inc., Class A * | 10,367 | 96,206 |
Team, Inc. * | 2,284 | 19,117 |
Tetra Tech, Inc. | 23,354 | 3,524,352 |
TransUnion | 83,988 | 3,685,393 |
TriNet Group, Inc. * | 14,527 | 1,492,649 |
TrueBlue, Inc. * | 14,017 | 155,168 |
TTEC Holdings, Inc. | 8,462 | 174,148 |
UniFirst Corp. | 6,373 | 1,047,912 |
Upwork, Inc. * | 54,356 | 568,020 |
Veralto Corp. * | 94,939 | 6,550,791 |
Verisk Analytics, Inc., Class A | 63,096 | 14,345,507 |
Verra Mobility Corp., Class A * | 74,041 | 1,463,791 |
Vestis Corp. * | 56,611 | 865,582 |
Viad Corp. * | 9,565 | 231,760 |
VSE Corp. | 6,424 | 345,611 |
Waste Management, Inc. | 160,391 | 26,357,053 |
Where Food Comes From, Inc. * | 1,066 | 14,391 |
Willdan Group, Inc. * | 5,928 | 104,570 |
296,021,899 | ||
Consumer Discretionary Distribution & Retail 5.2% | ||
1-800-Flowers.com, Inc., Class A * | 11,856 | 89,039 |
1stdibs.com, Inc. * | 9,755 | 41,069 |
Aaron's Co., Inc. | 12,845 | 95,181 |
Abercrombie & Fitch Co., Class A * | 21,705 | 1,320,098 |
Academy Sports & Outdoors, Inc. | 33,236 | 1,490,302 |
Advance Auto Parts, Inc. | 26,209 | 1,363,654 |
Amazon.com, Inc. * | 3,950,249 | 525,738,639 |
AMCON Distributing Co. | 430 | 84,280 |
American Eagle Outfitters, Inc. | 79,500 | 1,388,865 |
America's Car-Mart, Inc. * | 2,651 | 177,564 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Arhaus, Inc. * | 18,293 | 157,686 |
Arko Corp. | 30,423 | 229,694 |
Asbury Automotive Group, Inc. * | 8,789 | 1,681,951 |
AutoNation, Inc. * | 11,624 | 1,512,050 |
AutoZone, Inc. * | 7,908 | 19,589,144 |
BARK, Inc. * | 57,147 | 61,147 |
Barnes & Noble Education, Inc. * | 11,885 | 12,123 |
Bath & Body Works, Inc. | 100,703 | 2,985,844 |
Best Buy Co., Inc. | 84,547 | 5,649,431 |
Big 5 Sporting Goods Corp. (a) | 12,375 | 87,367 |
Big Lots, Inc. | 11,917 | 54,342 |
Boot Barn Holdings, Inc. * | 12,699 | 882,580 |
Brilliant Earth Group, Inc., Class A * | 4,000 | 11,640 |
Buckle, Inc. | 12,881 | 434,991 |
Build-A-Bear Workshop, Inc. | 4,907 | 121,694 |
Burlington Stores, Inc. * | 28,439 | 3,441,972 |
Caleres, Inc. | 14,963 | 382,754 |
Camping World Holdings, Inc., Class A | 17,775 | 297,731 |
CarMax, Inc. * | 69,113 | 4,222,113 |
CarParts.com, Inc. * | 19,856 | 56,192 |
Carvana Co., Class A *(a) | 41,777 | 1,127,979 |
Cato Corp., Class A | 7,948 | 56,669 |
Chewy, Inc., Class A * | 50,757 | 981,133 |
Chico's FAS, Inc. * | 51,645 | 386,305 |
Children's Place, Inc. * | 5,140 | 140,682 |
Citi Trends, Inc. * | 3,328 | 80,205 |
Container Store Group, Inc. * | 14,357 | 26,560 |
ContextLogic, Inc., Class A *(a) | 9,687 | 37,973 |
Designer Brands, Inc., Class A | 22,662 | 229,113 |
Destination XL Group, Inc. * | 23,026 | 95,788 |
Dick's Sporting Goods, Inc. | 27,007 | 2,888,399 |
Dillard's, Inc., Class A | 1,388 | 430,905 |
Duluth Holdings, Inc., Class B * | 5,930 | 29,828 |
eBay, Inc. | 231,533 | 9,083,040 |
Envela Corp. * | 4,047 | 15,864 |
Etsy, Inc. * | 54,215 | 3,377,594 |
EVgo, Inc., Class A * | 53,220 | 109,899 |
Express, Inc. *(a) | 2,375 | 21,137 |
Five Below, Inc. * | 24,340 | 4,234,673 |
Floor & Decor Holdings, Inc., Class A * | 46,494 | 3,831,106 |
Foot Locker, Inc. | 33,338 | 699,765 |
GameStop Corp., Class A *(a) | 116,868 | 1,609,272 |
Gap, Inc. | 90,320 | 1,156,096 |
Genesco, Inc. * | 5,301 | 145,300 |
Genuine Parts Co. | 60,750 | 7,828,245 |
Group 1 Automotive, Inc. | 6,053 | 1,527,353 |
Groupon, Inc., Class A *(a) | 10,000 | 127,900 |
Grove Collaborative Holdings *(a) | 30,520 | 48,832 |
GrowGeneration Corp. * | 25,514 | 52,049 |
Guess?, Inc. | 12,378 | 266,127 |
Haverty Furniture Cos., Inc. | 5,993 | 156,118 |
Hibbett, Inc. | 5,232 | 241,038 |
Home Depot, Inc. | 437,471 | 124,543,619 |
J Jill, Inc. * | 1,560 | 44,694 |
Kirkland's, Inc. *(a) | 6,028 | 9,645 |
Kohl's Corp. | 47,586 | 1,073,064 |
Lands' End, Inc. * | 4,426 | 27,795 |
Lazydays Holdings, Inc. * | 5,770 | 36,409 |
Leslie's, Inc. * | 81,713 | 403,662 |
Lithia Motors, Inc., Class A | 12,151 | 2,943,094 |
LKQ Corp. | 116,291 | 5,107,501 |
LL Flooring Holdings, Inc. * | 17,182 | 55,670 |
Lowe's Cos., Inc. | 254,979 | 48,591,348 |
Macy's, Inc. | 117,487 | 1,430,992 |
MarineMax, Inc. * | 9,973 | 273,061 |
Monro, Inc. | 13,330 | 330,851 |
Murphy USA, Inc. | 8,746 | 3,172,087 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
National Vision Holdings, Inc. * | 33,045 | 513,519 |
Nordstrom, Inc. | 41,618 | 581,820 |
ODP Corp. * | 14,773 | 663,603 |
Ollie's Bargain Outlet Holdings, Inc. * | 26,937 | 2,080,614 |
OneWater Marine, Inc., Class A * | 4,282 | 96,902 |
O'Reilly Automotive, Inc. * | 26,283 | 24,454,754 |
Overstock.com, Inc. * | 19,472 | 303,763 |
Penske Automotive Group, Inc. | 8,480 | 1,213,318 |
Petco Health & Wellness Co., Inc., Class A * | 33,512 | 115,951 |
PetMed Express, Inc. | 10,374 | 71,477 |
Pool Corp. | 16,980 | 5,361,775 |
RealReal, Inc. * | 43,796 | 60,001 |
Rent the Runway, Inc., Class A * | 22,080 | 11,855 |
Revolve Group, Inc. * | 18,087 | 248,696 |
RH * | 6,720 | 1,464,691 |
Ross Stores, Inc. | 148,150 | 17,180,955 |
RumbleON, Inc., Class B *(a) | 6,108 | 38,908 |
Sally Beauty Holdings, Inc. * | 44,879 | 381,471 |
Savers Value Village, Inc. * | 10,670 | 159,730 |
Shoe Carnival, Inc. | 7,662 | 175,307 |
Signet Jewelers Ltd. | 19,313 | 1,348,627 |
Sleep Number Corp. * | 9,204 | 149,749 |
Sonic Automotive, Inc., Class A | 6,954 | 332,749 |
Sportsman's Warehouse Holdings, Inc. * | 14,642 | 74,528 |
Stitch Fix, Inc., Class A * | 35,867 | 117,644 |
Tandy Leather Factory, Inc. * | 3,329 | 13,982 |
ThredUp, Inc., Class A * | 31,702 | 102,080 |
Tile Shop Holdings, Inc. * | 15,152 | 83,184 |
Tilly's, Inc., Class A * | 9,759 | 79,048 |
TJX Cos., Inc. | 500,070 | 44,041,165 |
Tractor Supply Co. | 47,495 | 9,145,637 |
Ulta Beauty, Inc. * | 21,587 | 8,231,339 |
Upbound Group, Inc. | 18,453 | 480,885 |
Urban Outfitters, Inc. * | 25,860 | 895,273 |
Valvoline, Inc. | 59,821 | 1,774,889 |
Victoria's Secret & Co. * | 34,060 | 608,993 |
Vroom, Inc. * | 52,000 | 42,120 |
Warby Parker, Inc., Class A * | 32,957 | 427,782 |
Wayfair, Inc., Class A * | 39,254 | 1,672,613 |
Weyco Group, Inc. | 3,125 | 90,375 |
Williams-Sonoma, Inc. | 27,838 | 4,182,381 |
Winmark Corp. | 1,169 | 471,481 |
Zumiez, Inc. * | 6,961 | 114,369 |
932,407,579 | ||
Consumer Durables & Apparel 1.2% | ||
Acushnet Holdings Corp. | 13,529 | 689,438 |
Allbirds, Inc., Class A * | 39,597 | 34,243 |
American Outdoor Brands, Inc. * | 6,310 | 56,033 |
AMMO, Inc. * | 41,078 | 119,537 |
Aterian, Inc. * | 39,259 | 10,800 |
Bassett Furniture Industries, Inc. | 4,101 | 63,114 |
Beazer Homes USA, Inc. * | 12,137 | 293,594 |
Brunswick Corp. | 30,217 | 2,099,175 |
Capri Holdings Ltd. * | 50,432 | 2,581,110 |
Carter's, Inc. | 16,335 | 1,097,059 |
Cavco Industries, Inc. * | 3,534 | 881,768 |
Century Communities, Inc. | 12,516 | 769,734 |
Clarus Corp. | 11,806 | 68,357 |
Columbia Sportswear Co. | 15,285 | 1,128,033 |
Cricut, Inc., Class A (a) | 21,338 | 182,013 |
Crocs, Inc. * | 26,530 | 2,369,660 |
Crown Crafts, Inc. | 5,621 | 23,664 |
Culp, Inc. * | 2,586 | 14,145 |
Deckers Outdoor Corp. * | 11,484 | 6,856,637 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Delta Apparel, Inc. * | 1,907 | 15,962 |
DR Horton, Inc. | 132,730 | 13,857,012 |
Dream Finders Homes, Inc., Class A * | 8,602 | 169,373 |
Escalade, Inc. | 3,803 | 64,803 |
Ethan Allen Interiors, Inc. | 10,573 | 277,647 |
Figs, Inc., Class A * | 52,953 | 291,771 |
Flexsteel Industries, Inc. | 2,656 | 51,287 |
Fossil Group, Inc. * | 19,967 | 31,149 |
Funko, Inc., Class A * | 14,201 | 109,490 |
Garmin Ltd. | 66,621 | 6,830,651 |
G-III Apparel Group Ltd. * | 17,626 | 450,344 |
GoPro, Inc., Class A * | 54,737 | 137,390 |
Green Brick Partners, Inc. * | 11,324 | 438,239 |
Hamilton Beach Brands Holding Co., Class A | 3,706 | 45,658 |
Hanesbrands, Inc. | 148,070 | 620,413 |
Hasbro, Inc. | 56,075 | 2,531,786 |
Helen of Troy Ltd. * | 10,307 | 1,013,384 |
Hooker Furnishings Corp. | 5,571 | 93,147 |
Hovnanian Enterprises, Inc., Class A * | 2,021 | 140,419 |
Installed Building Products, Inc. | 10,180 | 1,136,801 |
iRobot Corp. * | 11,608 | 382,251 |
JAKKS Pacific, Inc. * | 2,200 | 36,894 |
Johnson Outdoors, Inc., Class A | 2,681 | 127,482 |
KB Home | 34,561 | 1,527,596 |
Kontoor Brands, Inc. | 21,676 | 1,006,850 |
Lakeland Industries, Inc. | 3,608 | 52,713 |
Landsea Homes Corp. * | 6,542 | 48,672 |
Latham Group, Inc. * | 20,641 | 47,268 |
La-Z-Boy, Inc. | 19,021 | 556,174 |
Legacy Housing Corp. * | 4,652 | 86,109 |
Leggett & Platt, Inc. | 57,945 | 1,357,651 |
Lennar Corp., Class A | 115,352 | 12,305,751 |
Levi Strauss & Co., Class A | 43,160 | 589,997 |
LGI Homes, Inc. * | 9,067 | 856,922 |
Lifetime Brands, Inc. | 5,690 | 30,385 |
Live Ventures, Inc. * | 537 | 14,870 |
Lovesac Co. * | 6,938 | 114,199 |
Lululemon Athletica, Inc. * | 50,423 | 19,840,442 |
M/I Homes, Inc. * | 11,942 | 980,080 |
Malibu Boats, Inc., Class A * | 8,904 | 388,392 |
Marine Products Corp. | 5,165 | 50,307 |
MasterCraft Boat Holdings, Inc. * | 7,841 | 160,270 |
Mattel, Inc. * | 156,329 | 2,982,757 |
MDC Holdings, Inc. | 25,745 | 977,023 |
Meritage Homes Corp. | 15,753 | 1,796,157 |
Mohawk Industries, Inc. * | 22,924 | 1,842,631 |
Movado Group, Inc. | 6,936 | 193,237 |
Newell Brands, Inc. | 169,930 | 1,141,930 |
NIKE, Inc., Class B | 533,068 | 54,783,398 |
NVR, Inc. * | 1,412 | 7,642,619 |
Oxford Industries, Inc. | 6,214 | 524,462 |
Peloton Interactive, Inc., Class A * | 145,342 | 691,828 |
Polaris, Inc. | 23,112 | 1,997,339 |
PulteGroup, Inc. | 95,014 | 6,992,080 |
Purple Innovation, Inc., Class A | 27,507 | 26,682 |
PVH Corp. | 26,860 | 1,997,041 |
Ralph Lauren Corp., Class A | 17,382 | 1,955,996 |
Rocky Brands, Inc. | 2,880 | 35,366 |
Skechers USA, Inc., Class A * | 59,269 | 2,857,951 |
Skyline Champion Corp. * | 22,950 | 1,345,559 |
Smith & Wesson Brands, Inc. | 20,549 | 302,687 |
Snap One Holdings Corp. * | 8,443 | 63,238 |
Solo Brands, Inc., Class A * | 14,864 | 57,226 |
Sonos, Inc. * | 54,410 | 586,540 |
Steven Madden Ltd. | 30,191 | 989,963 |
Sturm Ruger & Co., Inc. | 7,968 | 441,029 |
Superior Group of Cos., Inc. | 5,398 | 43,184 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Tapestry, Inc. | 102,456 | 2,823,687 |
Taylor Morrison Home Corp., Class A * | 46,849 | 1,795,254 |
Tempur Sealy International, Inc. | 73,834 | 2,948,192 |
Toll Brothers, Inc. | 47,297 | 3,344,371 |
TopBuild Corp. * | 13,942 | 3,189,372 |
Topgolf Callaway Brands Corp. * | 60,859 | 743,697 |
Traeger, Inc. * | 23,917 | 62,902 |
Tri Pointe Homes, Inc. * | 43,323 | 1,085,674 |
Tupperware Brands Corp. *(a) | 19,817 | 40,427 |
Under Armour, Inc., Class A * | 168,301 | 1,152,862 |
Unifi, Inc. * | 5,875 | 39,480 |
United Homes Group, Inc. * | 3,328 | 22,298 |
Universal Electronics, Inc. * | 5,590 | 43,882 |
Vera Bradley, Inc. * | 11,087 | 81,157 |
VF Corp. | 142,246 | 2,095,284 |
Vista Outdoor, Inc. * | 23,977 | 602,302 |
Vizio Holding Corp., Class A * | 45,618 | 232,196 |
VOXX International Corp., Class A * | 5,522 | 50,637 |
Whirlpool Corp. | 23,591 | 2,466,675 |
Wolverine World Wide, Inc. | 33,611 | 270,569 |
YETI Holdings, Inc. * | 38,879 | 1,653,135 |
Yunhong Green CTI Ltd. * | 20,213 | 55,788 |
205,273,879 | ||
Consumer Services 2.3% | ||
Accel Entertainment, Inc., Class A * | 23,774 | 234,174 |
ADT, Inc. | 94,955 | 537,445 |
Adtalem Global Education, Inc. * | 18,725 | 969,955 |
Airbnb, Inc., Class A * | 185,627 | 21,957,818 |
American Public Education, Inc. * | 19,174 | 79,956 |
Aramark | 113,223 | 3,049,095 |
Bally's Corp. * | 11,844 | 108,017 |
Beachbody Co., Inc. * | 60,569 | 12,592 |
Biglari Holdings, Inc., Class B * | 514 | 75,954 |
BJ's Restaurants, Inc. * | 10,196 | 262,241 |
Bloomin' Brands, Inc. | 36,977 | 863,043 |
Bluegreen Vacations Holding Corp., Class A | 4,616 | 154,682 |
Booking Holdings, Inc. * | 15,531 | 43,324,656 |
Bowlero Corp. *(a) | 23,768 | 239,819 |
Boyd Gaming Corp. | 30,860 | 1,705,015 |
Bright Horizons Family Solutions, Inc. * | 24,905 | 1,844,464 |
Brinker International, Inc. * | 18,764 | 636,475 |
Caesars Entertainment, Inc. * | 94,159 | 3,756,003 |
Canterbury Park Holding Corp. | 1,452 | 28,677 |
Carnival Corp. * | 436,703 | 5,004,616 |
Carriage Services, Inc., Class A | 5,752 | 124,243 |
Carrols Restaurant Group, Inc. * | 16,994 | 97,716 |
Cava Group, Inc. *(a) | 6,946 | 219,424 |
Century Casinos, Inc. * | 13,792 | 60,409 |
Cheesecake Factory, Inc. | 20,167 | 626,589 |
Chegg, Inc. * | 50,436 | 379,783 |
Chipotle Mexican Grill, Inc., Class A * | 12,017 | 23,339,417 |
Choice Hotels International, Inc. | 10,607 | 1,172,074 |
Churchill Downs, Inc. | 29,675 | 3,259,502 |
Chuy's Holdings, Inc. * | 8,171 | 275,036 |
Coursera, Inc. * | 45,455 | 788,190 |
Cracker Barrel Old Country Store, Inc. | 9,479 | 629,026 |
Darden Restaurants, Inc. | 52,761 | 7,678,308 |
Dave & Buster's Entertainment, Inc. * | 14,984 | 523,541 |
Denny's Corp. * | 24,016 | 207,018 |
Dine Brands Global, Inc. | 6,725 | 331,475 |
Domino's Pizza, Inc. | 15,212 | 5,156,716 |
DoorDash, Inc., Class A * | 130,239 | 9,761,413 |
DraftKings, Inc., Class A * | 201,278 | 5,559,298 |
Duolingo, Inc. * | 15,396 | 2,248,586 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Dutch Bros, Inc., Class A *(a) | 22,574 | 549,451 |
El Pollo Loco Holdings, Inc. * | 9,086 | 75,868 |
European Wax Center, Inc., Class A * | 14,659 | 216,513 |
Everi Holdings, Inc. * | 38,486 | 415,264 |
Expedia Group, Inc. * | 59,896 | 5,707,490 |
First Watch Restaurant Group, Inc. * | 10,809 | 180,618 |
Flanigan's Enterprises, Inc. | 25 | 710 |
Frontdoor, Inc. * | 35,506 | 1,027,189 |
Full House Resorts, Inc. * | 15,255 | 57,206 |
GAN Ltd. * | 31,476 | 27,589 |
Global Business Travel Group I *(a) | 25,286 | 124,660 |
Golden Entertainment, Inc. | 9,398 | 294,721 |
Graham Holdings Co., Class B | 1,610 | 931,739 |
Grand Canyon Education, Inc. * | 12,940 | 1,531,190 |
H&R Block, Inc. | 65,821 | 2,701,952 |
Hall of Fame Resort & Entertainment Co. *(a) | 3,097 | 8,114 |
Hilton Grand Vacations, Inc. * | 32,843 | 1,180,706 |
Hilton Worldwide Holdings, Inc. | 113,962 | 17,268,662 |
Hyatt Hotels Corp., Class A | 19,972 | 2,045,932 |
Inspirato, Inc. * | 1,919 | 8,407 |
Inspired Entertainment, Inc. * | 10,938 | 109,161 |
Jack in the Box, Inc. | 8,973 | 566,914 |
Krispy Kreme, Inc. | 37,458 | 484,332 |
Kura Sushi USA, Inc., Class A * | 2,156 | 123,194 |
Las Vegas Sands Corp. | 142,732 | 6,774,061 |
Laureate Education, Inc. | 58,971 | 833,850 |
Life Time Group Holdings, Inc. * | 24,073 | 284,543 |
Light & Wonder, Inc. * | 40,135 | 2,934,270 |
Lincoln Educational Services Corp. * | 10,639 | 90,964 |
Lindblad Expeditions Holdings, Inc. * | 13,166 | 81,893 |
Marriott International, Inc., Class A | 109,068 | 20,565,862 |
Marriott Vacations Worldwide Corp. | 14,742 | 1,324,716 |
McDonald's Corp. | 317,108 | 83,136,204 |
MGM Resorts International * | 121,984 | 4,259,681 |
Mister Car Wash, Inc. * | 34,014 | 176,873 |
Monarch Casino & Resort, Inc. | 5,776 | 347,657 |
Mondee Holdings, Inc., Class A *(a) | 17,472 | 64,472 |
Nathan's Famous, Inc. | 1,235 | 80,843 |
Nerdy, Inc. * | 26,826 | 82,624 |
Noodles & Co., Class A * | 16,309 | 34,738 |
Norwegian Cruise Line Holdings Ltd. * | 187,915 | 2,555,644 |
ONE Group Hospitality, Inc. * | 12,060 | 53,185 |
OneSpaWorld Holdings Ltd. * | 40,012 | 419,326 |
Papa John's International, Inc. | 14,323 | 931,282 |
Penn Entertainment, Inc. * | 66,091 | 1,303,975 |
Perdoceo Education Corp. | 27,838 | 503,589 |
Planet Fitness, Inc., Class A * | 36,462 | 2,015,255 |
Playa Hotels & Resorts NV * | 52,884 | 382,351 |
PlayAGS, Inc. * | 10,629 | 75,891 |
Portillo's, Inc., Class A * | 18,362 | 274,512 |
Potbelly Corp. * | 11,690 | 102,872 |
Rave Restaurant Group, Inc. * | 45,012 | 100,827 |
RCI Hospitality Holdings, Inc. | 3,668 | 199,943 |
Red Robin Gourmet Burgers, Inc. * | 6,715 | 54,324 |
Red Rock Resorts, Inc., Class A | 21,179 | 837,630 |
Regis Corp. * | 32,822 | 19,168 |
Rover Group, Inc., Class A * | 43,669 | 281,665 |
Royal Caribbean Cruises Ltd. * | 102,307 | 8,668,472 |
Rush Street Interactive, Inc. * | 31,726 | 113,262 |
Sabre Corp. * | 140,098 | 490,343 |
SeaWorld Entertainment, Inc. * | 16,942 | 729,861 |
Service Corp. International | 64,904 | 3,532,076 |
Shake Shack, Inc., Class A * | 15,960 | 894,398 |
Six Flags Entertainment Corp. * | 32,321 | 643,188 |
Soho House & Co., Inc. * | 16,810 | 121,032 |
Starbucks Corp. | 498,400 | 45,972,416 |
Strategic Education, Inc. | 9,508 | 782,604 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Stride, Inc. * | 17,428 | 958,191 |
Sweetgreen, Inc., Class A * | 40,339 | 416,702 |
Target Hospitality Corp. * | 10,745 | 147,529 |
Texas Roadhouse, Inc., Class A | 28,666 | 2,910,746 |
Travel & Leisure Co. | 32,601 | 1,109,412 |
Udemy, Inc. * | 40,027 | 357,441 |
Universal Technical Institute, Inc. * | 13,710 | 119,688 |
Vail Resorts, Inc. | 16,774 | 3,560,282 |
Wendy's Co. | 72,028 | 1,369,973 |
Wingstop, Inc. | 12,885 | 2,354,992 |
WW International, Inc. * | 36,376 | 284,460 |
Wyndham Hotels & Resorts, Inc. | 36,885 | 2,670,474 |
Wynn Resorts Ltd. | 42,144 | 3,699,400 |
Xponential Fitness, Inc., Class A * | 9,583 | 136,749 |
Yum! Brands, Inc. | 121,929 | 14,736,339 |
410,884,763 | ||
Consumer Staples Distribution & Retail 1.8% | ||
Albertsons Cos., Inc., Class A | 173,997 | 3,775,735 |
Andersons, Inc. | 13,831 | 693,348 |
BJ's Wholesale Club Holdings, Inc. * | 59,170 | 4,030,660 |
Casey's General Stores, Inc. | 16,398 | 4,458,780 |
Chefs' Warehouse, Inc. * | 14,908 | 283,699 |
Costco Wholesale Corp. | 192,828 | 106,525,900 |
Dollar General Corp. | 95,325 | 11,347,488 |
Dollar Tree, Inc. * | 90,836 | 10,090,971 |
Grocery Outlet Holding Corp. * | 43,207 | 1,195,538 |
HF Foods Group, Inc. * | 16,494 | 66,636 |
Ingles Markets, Inc., Class A | 6,246 | 501,054 |
Kroger Co. | 288,055 | 13,069,055 |
Natural Grocers by Vitamin Cottage, Inc. | 4,452 | 55,962 |
Performance Food Group Co. * | 68,528 | 3,958,177 |
PriceSmart, Inc. | 10,701 | 668,706 |
SpartanNash Co. | 15,368 | 345,626 |
Sprouts Farmers Market, Inc. * | 44,197 | 1,857,158 |
Sysco Corp. | 219,413 | 14,588,770 |
Target Corp. | 200,644 | 22,229,349 |
U.S. Foods Holding Corp. * | 99,403 | 3,870,753 |
United Natural Foods, Inc. * | 25,620 | 373,540 |
Village Super Market, Inc., Class A | 2,371 | 58,018 |
Walgreens Boots Alliance, Inc. | 311,926 | 6,575,400 |
Walmart, Inc. | 621,021 | 101,481,042 |
Weis Markets, Inc. | 7,027 | 457,458 |
312,558,823 | ||
Energy 4.6% | ||
Adams Resources & Energy, Inc. | 794 | 25,281 |
Aemetis, Inc. *(a) | 14,199 | 67,303 |
American Resources Corp. * | 38,760 | 56,590 |
Amplify Energy Corp. * | 16,372 | 113,785 |
Antero Midstream Corp. | 151,508 | 1,869,609 |
Antero Resources Corp. * | 122,833 | 3,616,204 |
APA Corp. | 134,006 | 5,322,718 |
Archrock, Inc. | 57,597 | 729,754 |
Atlas Energy Solutions, Inc., Class A | 7,382 | 134,426 |
Baker Hughes Co., Class A | 437,961 | 15,074,618 |
Berry Corp. | 27,783 | 231,988 |
Bristow Group, Inc. * | 9,727 | 254,264 |
Cactus, Inc., Class A | 29,031 | 1,362,715 |
California Resources Corp. | 28,025 | 1,473,835 |
Callon Petroleum Co. * | 24,841 | 927,811 |
Centrus Energy Corp., Class A * | 5,939 | 315,183 |
ChampionX Corp. | 85,479 | 2,632,753 |
Cheniere Energy, Inc. | 104,824 | 17,444,810 |
Chesapeake Energy Corp. | 48,686 | 4,190,891 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Chevron Corp. | 772,036 | 112,508,806 |
Chord Energy Corp. | 17,735 | 2,931,950 |
Civitas Resources, Inc. | 37,086 | 2,797,397 |
Clean Energy Fuels Corp. * | 78,451 | 273,794 |
CNX Resources Corp. * | 70,699 | 1,535,582 |
Comstock Resources, Inc. | 38,848 | 489,485 |
Comstock, Inc. * | 59,927 | 25,169 |
ConocoPhillips | 521,066 | 61,902,641 |
CONSOL Energy, Inc. | 12,540 | 1,152,301 |
Core Laboratories, Inc. | 20,776 | 445,022 |
Coterra Energy, Inc. | 329,576 | 9,063,340 |
Crescent Energy Co., Class A | 31,190 | 379,894 |
CVR Energy, Inc. | 11,947 | 391,264 |
Delek U.S. Holdings, Inc. | 25,894 | 682,307 |
Denbury, Inc. * | 22,601 | 2,009,003 |
Devon Energy Corp. | 278,458 | 12,967,789 |
Diamond Offshore Drilling, Inc. * | 43,981 | 545,804 |
Diamondback Energy, Inc. | 77,932 | 12,494,058 |
DMC Global, Inc. * | 8,614 | 163,235 |
Dorian LPG Ltd. | 14,057 | 449,402 |
Dril-Quip, Inc. * | 14,876 | 322,214 |
DTE Midstream LLC. | 41,697 | 2,250,387 |
Earthstone Energy, Inc., Class A * | 27,723 | 586,896 |
Empire Petroleum Corp. * | 3,665 | 30,639 |
Enviva, Inc. | 18,962 | 68,642 |
EOG Resources, Inc. | 253,360 | 31,986,700 |
Epsilon Energy Ltd. | 5,425 | 30,977 |
EQT Corp. | 157,219 | 6,662,941 |
Equitrans Midstream Corp. | 186,653 | 1,655,612 |
Evolution Petroleum Corp. | 15,426 | 99,189 |
Excelerate Energy, Inc., Class A | 7,154 | 101,730 |
Expro Group Holdings NV * | 37,621 | 592,531 |
Exxon Mobil Corp. | 1,741,915 | 184,381,703 |
Forum Energy Technologies, Inc. * | 4,222 | 91,913 |
Geospace Technologies Corp. * | 3,725 | 44,663 |
Gevo, Inc. * | 101,823 | 108,951 |
Granite Ridge Resources, Inc. | 7,482 | 46,089 |
Green Plains, Inc. * | 25,362 | 745,136 |
Gulf Island Fabrication, Inc. * | 6,007 | 23,668 |
Gulfport Energy Corp. * | 4,553 | 562,796 |
Hallador Energy Co. * | 10,747 | 150,243 |
Halliburton Co. | 391,947 | 15,419,195 |
Helix Energy Solutions Group, Inc. * | 60,683 | 594,693 |
Helmerich & Payne, Inc. | 44,341 | 1,754,573 |
Hess Corp. | 120,247 | 17,363,667 |
HF Sinclair Corp. | 63,057 | 3,492,097 |
HighPeak Energy, Inc. (a) | 5,507 | 97,529 |
Houston American Energy Corp. *(a) | 4,107 | 7,885 |
Independence Contract Drilling, Inc. *(a) | 7,301 | 19,494 |
International Seaways, Inc. | 15,418 | 741,452 |
Kinder Morgan, Inc. | 841,128 | 13,626,274 |
Kinetik Holdings, Inc., Class A | 7,389 | 261,866 |
KLX Energy Services Holdings, Inc. *(a) | 8,329 | 85,622 |
Kodiak Gas Services, Inc. * | 7,753 | 133,274 |
Kosmos Energy Ltd. * | 198,763 | 1,439,044 |
Liberty Energy, Inc., Class A | 69,697 | 1,373,031 |
Lightbridge Corp. * | 5,562 | 23,917 |
Magnolia Oil & Gas Corp., Class A | 80,926 | 1,816,789 |
Mammoth Energy Services, Inc. * | 10,739 | 43,493 |
Marathon Oil Corp. | 262,178 | 7,160,081 |
Marathon Petroleum Corp. | 173,985 | 26,315,231 |
Matador Resources Co. | 48,163 | 2,971,175 |
Murphy Oil Corp. | 64,788 | 2,907,038 |
Nabors Industries Ltd. * | 3,829 | 373,864 |
NACCO Industries, Inc., Class A | 1,966 | 67,925 |
Natural Gas Services Group, Inc. * | 4,213 | 61,847 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
New Fortress Energy, Inc. | 28,877 | 874,973 |
Newpark Resources, Inc. * | 32,811 | 227,052 |
NextDecade Corp. * | 29,505 | 129,527 |
Nine Energy Service, Inc. * | 5,821 | 20,490 |
Noble Corp. PLC | 47,096 | 2,198,912 |
Northern Oil & Gas, Inc. | 39,270 | 1,505,612 |
NOV, Inc. | 169,189 | 3,377,012 |
Occidental Petroleum Corp. | 289,079 | 17,867,973 |
Oceaneering International, Inc. * | 43,414 | 954,674 |
Oil States International, Inc. * | 29,052 | 210,918 |
ONEOK, Inc. | 253,848 | 16,550,890 |
OPAL Fuels, Inc., Class A * | 5,715 | 32,918 |
Overseas Shipholding Group, Inc., Class A * | 30,088 | 147,130 |
Ovintiv, Inc. | 110,028 | 5,281,344 |
Par Pacific Holdings, Inc. * | 23,654 | 776,324 |
Patterson-UTI Energy, Inc. | 136,150 | 1,729,105 |
PBF Energy, Inc., Class A | 47,059 | 2,236,714 |
Peabody Energy Corp. | 49,804 | 1,174,876 |
Permian Resources Corp., Class A | 120,393 | 1,754,126 |
Phillips 66 | 193,814 | 22,108,363 |
PHX Minerals, Inc. | 18,580 | 64,287 |
Pioneer Natural Resources Co. | 101,447 | 24,245,834 |
PrimeEnergy Resources Corp. * | 362 | 38,705 |
Profire Energy, Inc. * | 27,669 | 51,188 |
ProFrac Holding Corp., Class A * | 13,542 | 127,566 |
ProPetro Holding Corp. * | 39,887 | 418,016 |
Range Resources Corp. | 105,890 | 3,795,098 |
Ranger Energy Services, Inc. | 5,075 | 58,921 |
REX American Resources Corp. * | 6,150 | 233,762 |
Riley Exploration Permian, Inc. | 1,796 | 56,843 |
Ring Energy, Inc. * | 11,664 | 20,295 |
RPC, Inc. | 36,343 | 302,374 |
SandRidge Energy, Inc. | 12,685 | 201,057 |
Schlumberger NV | 618,403 | 34,420,311 |
SEACOR Marine Holdings, Inc. * | 10,252 | 142,093 |
Select Water Solutions, Inc. | 33,094 | 246,219 |
SilverBow Resources, Inc. * | 5,751 | 196,109 |
Sitio Royalties Corp., Class A | 35,149 | 868,883 |
SM Energy Co. | 52,363 | 2,111,276 |
Smart Sand, Inc. * | 17,439 | 36,099 |
Solaris Oilfield Infrastructure, Inc., Class A | 15,678 | 144,865 |
Southwestern Energy Co. * | 483,892 | 3,450,150 |
Talos Energy, Inc. * | 46,507 | 720,859 |
Targa Resources Corp. | 97,176 | 8,124,885 |
TechnipFMC PLC | 189,399 | 4,075,866 |
Tellurian, Inc. *(a) | 286,293 | 197,542 |
TETRA Technologies, Inc. * | 48,733 | 230,994 |
Texas Pacific Land Corp. | 2,702 | 4,987,757 |
Tidewater, Inc. * | 20,662 | 1,412,248 |
Transocean Ltd. * | 293,473 | 1,942,791 |
U.S. Silica Holdings, Inc. * | 33,313 | 402,088 |
Uranium Energy Corp. * | 167,322 | 995,566 |
VAALCO Energy, Inc. | 43,433 | 194,146 |
Valaris Ltd. * | 27,793 | 1,835,450 |
Valero Energy Corp. | 153,753 | 19,526,631 |
Vertex Energy, Inc. * | 44,352 | 191,157 |
Vital Energy, Inc. * | 7,911 | 395,866 |
Vitesse Energy, Inc. | 10,573 | 250,474 |
W&T Offshore, Inc. * | 41,992 | 174,267 |
Weatherford International PLC * | 31,356 | 2,918,930 |
Williams Cos., Inc. | 530,180 | 18,238,192 |
World Kinect Corp. | 27,459 | 507,992 |
825,460,042 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Equity Real Estate Investment Trusts (REITs) 2.6% | ||
Acadia Realty Trust | 40,417 | 578,771 |
Agree Realty Corp. | 42,077 | 2,353,787 |
Alexander & Baldwin, Inc. | 30,000 | 474,000 |
Alexander's, Inc. | 964 | 181,222 |
Alexandria Real Estate Equities, Inc. | 67,546 | 6,290,559 |
Alpine Income Property Trust, Inc. | 4,623 | 71,194 |
American Assets Trust, Inc. | 21,772 | 386,453 |
American Homes 4 Rent, Class A | 139,525 | 4,568,049 |
American Tower Corp. | 202,839 | 36,143,881 |
Americold Realty Trust, Inc. | 110,384 | 2,894,269 |
Apartment Income REIT Corp. | 66,082 | 1,930,255 |
Apartment Investment & Management Co., Class A * | 64,227 | 376,370 |
Apple Hospitality REIT, Inc. | 95,824 | 1,502,520 |
Armada Hoffler Properties, Inc. | 28,123 | 280,105 |
Ashford Hospitality Trust, Inc. * | 12,463 | 26,297 |
AvalonBay Communities, Inc. | 61,891 | 10,257,814 |
Bluerock Homes Trust, Inc. * | 1,536 | 21,013 |
Boston Properties, Inc. | 62,879 | 3,368,428 |
Braemar Hotels & Resorts, Inc. | 24,766 | 64,887 |
Brandywine Realty Trust | 80,539 | 301,216 |
Brixmor Property Group, Inc. | 133,490 | 2,775,257 |
Broadstone Net Lease, Inc. | 80,962 | 1,145,612 |
BRT Apartments Corp. | 5,530 | 89,752 |
Camden Property Trust | 46,606 | 3,955,917 |
CareTrust REIT, Inc. | 42,114 | 906,293 |
CBL & Associates Properties, Inc. | 10,443 | 216,483 |
Centerspace | 6,268 | 304,499 |
Chatham Lodging Trust | 21,672 | 200,466 |
City Office REIT, Inc. | 16,407 | 62,511 |
Clipper Realty, Inc. | 5,283 | 25,094 |
Community Healthcare Trust, Inc. | 10,035 | 287,703 |
COPT Defense Properties | 47,650 | 1,086,420 |
Cousins Properties, Inc. | 66,079 | 1,180,832 |
Creative Media & Community Trust Corp. | 3,238 | 12,952 |
Crown Castle, Inc. | 188,636 | 17,539,375 |
CTO Realty Growth, Inc. | 7,821 | 126,622 |
CubeSmart | 96,770 | 3,298,889 |
DiamondRock Hospitality Co. | 88,294 | 682,513 |
Digital Realty Trust, Inc. | 132,057 | 16,422,609 |
Diversified Healthcare Trust | 100,000 | 207,000 |
Douglas Emmett, Inc. | 73,469 | 823,588 |
Easterly Government Properties, Inc., Class A | 42,425 | 456,493 |
EastGroup Properties, Inc. | 19,938 | 3,254,879 |
Elme Communities | 40,011 | 510,540 |
Empire State Realty Trust, Inc., Class A | 58,131 | 470,280 |
EPR Properties | 32,596 | 1,391,849 |
Equinix, Inc. | 40,713 | 29,705,833 |
Equity Commonwealth | 45,821 | 867,850 |
Equity LifeStyle Properties, Inc. | 80,968 | 5,327,694 |
Equity Residential | 149,692 | 8,282,458 |
Essential Properties Realty Trust, Inc. | 69,415 | 1,523,659 |
Essex Property Trust, Inc. | 27,940 | 5,976,925 |
Extra Space Storage, Inc. | 91,920 | 9,521,993 |
Farmland Partners, Inc. | 21,207 | 220,977 |
Federal Realty Investment Trust | 31,529 | 2,875,130 |
First Industrial Realty Trust, Inc. | 56,614 | 2,394,772 |
Four Corners Property Trust, Inc. | 38,002 | 809,443 |
Franklin Street Properties Corp., Class C | 36,290 | 63,145 |
Gaming & Leisure Properties, Inc. | 115,079 | 5,223,436 |
Getty Realty Corp. | 19,661 | 523,376 |
Gladstone Commercial Corp. | 16,360 | 195,502 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Gladstone Land Corp. | 14,746 | 201,430 |
Global Medical REIT, Inc. | 26,096 | 225,991 |
Global Net Lease, Inc. | 84,810 | 673,391 |
Global Self Storage, Inc. | 1,987 | 8,981 |
Healthcare Realty Trust, Inc., Class A | 163,781 | 2,350,257 |
Healthpeak Properties, Inc. | 239,295 | 3,721,037 |
Hersha Hospitality Trust, Class A | 15,131 | 150,100 |
Highwoods Properties, Inc. | 45,436 | 812,850 |
Host Hotels & Resorts, Inc. | 307,528 | 4,760,533 |
Hudson Pacific Properties, Inc. | 56,547 | 252,200 |
Independence Realty Trust, Inc. | 96,227 | 1,192,253 |
Industrial Logistics Properties Trust | 24,875 | 62,188 |
Innovative Industrial Properties, Inc. | 11,890 | 854,059 |
InvenTrust Properties Corp. | 29,223 | 733,497 |
Invitation Homes, Inc. | 249,134 | 7,396,788 |
Iron Mountain, Inc. | 126,567 | 7,476,313 |
JBG SMITH Properties | 40,899 | 526,370 |
Kilroy Realty Corp. | 45,921 | 1,312,422 |
Kimco Realty Corp. | 270,529 | 4,853,290 |
Kite Realty Group Trust | 94,845 | 2,022,095 |
Lamar Advertising Co., Class A | 38,423 | 3,161,060 |
LTC Properties, Inc. | 17,442 | 551,342 |
LXP Industrial Trust | 127,057 | 1,005,021 |
Macerich Co. | 90,884 | 883,393 |
Medical Properties Trust, Inc. | 257,579 | 1,231,228 |
Mid-America Apartment Communities, Inc. | 50,705 | 5,990,796 |
Modiv Industrial, Inc., Class C | 3,196 | 49,123 |
National Health Investors, Inc. | 18,522 | 926,841 |
National Storage Affiliates Trust | 35,246 | 1,005,216 |
NETSTREIT Corp. | 27,995 | 398,929 |
New Century Financial Corp. *(b) | 3,600 | 0 |
NexPoint Diversified Real Estate Trust | 15,273 | 120,351 |
NexPoint Residential Trust, Inc. | 9,644 | 260,292 |
NNN REIT, Inc. | 78,944 | 2,868,036 |
Office Properties Income Trust | 20,035 | 89,957 |
Omega Healthcare Investors, Inc. | 106,528 | 3,526,077 |
One Liberty Properties, Inc. | 6,163 | 113,399 |
Orion Office REIT, Inc. | 24,022 | 114,825 |
Outfront Media, Inc. | 61,918 | 604,320 |
Paramount Group, Inc. | 73,678 | 315,342 |
Park Hotels & Resorts, Inc. | 92,416 | 1,065,557 |
Peakstone Realty Trust | 15,426 | 199,304 |
Pebblebrook Hotel Trust | 53,690 | 640,522 |
Phillips Edison & Co., Inc. | 50,485 | 1,782,625 |
Physicians Realty Trust | 104,342 | 1,133,154 |
Piedmont Office Realty Trust, Inc., Class A | 53,125 | 276,781 |
Plymouth Industrial REIT, Inc. | 16,461 | 328,232 |
Postal Realty Trust, Inc., Class A | 7,337 | 97,142 |
PotlatchDeltic Corp. | 34,042 | 1,458,700 |
Presidio Property Trust, Inc., Class A | 8,865 | 5,204 |
Prologis, Inc. | 402,001 | 40,501,601 |
Public Storage | 69,046 | 16,481,971 |
Rayonier, Inc. | 59,676 | 1,506,222 |
Realty Income Corp. | 308,980 | 14,639,472 |
Regency Centers Corp. | 72,300 | 4,356,798 |
Retail Opportunity Investments Corp. | 53,563 | 628,830 |
Rexford Industrial Realty, Inc. | 90,182 | 3,899,470 |
RLJ Lodging Trust | 69,831 | 656,411 |
RPT Realty | 37,081 | 400,104 |
Ryman Hospitality Properties, Inc. | 26,463 | 2,265,233 |
Sabra Health Care REIT, Inc. | 104,314 | 1,422,843 |
Safehold, Inc. | 21,044 | 342,386 |
Saul Centers, Inc. | 5,768 | 200,553 |
SBA Communications Corp., Class A | 47,273 | 9,862,566 |
Service Properties Trust | 70,215 | 509,059 |
Simon Property Group, Inc. | 142,281 | 15,635,259 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SITE Centers Corp. | 76,787 | 895,336 |
SL Green Realty Corp. (a) | 28,543 | 836,024 |
Spirit Realty Capital, Inc. | 63,125 | 2,271,869 |
STAG Industrial, Inc. | 77,133 | 2,562,358 |
Star Holdings * | 6,000 | 68,700 |
Summit Hotel Properties, Inc. | 47,221 | 266,326 |
Sun Communities, Inc. | 54,135 | 6,021,977 |
Sunstone Hotel Investors, Inc. | 90,577 | 842,366 |
Tanger Factory Outlet Centers, Inc. | 44,779 | 1,009,766 |
Terreno Realty Corp. | 37,093 | 1,976,315 |
UDR, Inc. | 131,623 | 4,186,928 |
UMH Properties, Inc. | 25,601 | 353,550 |
Uniti Group, Inc. | 99,003 | 455,414 |
Universal Health Realty Income Trust | 5,432 | 208,806 |
Urban Edge Properties | 49,559 | 786,006 |
Ventas, Inc. | 175,886 | 7,468,120 |
Veris Residential, Inc. | 34,121 | 456,880 |
VICI Properties, Inc., Class A | 441,177 | 12,308,838 |
Vornado Realty Trust | 71,356 | 1,370,035 |
Welltower, Inc. | 226,103 | 18,904,472 |
Weyerhaeuser Co. | 317,548 | 9,110,452 |
Whitestone REIT | 20,066 | 199,657 |
WP Carey, Inc. | 93,246 | 5,002,648 |
Xenia Hotels & Resorts, Inc. | 45,844 | 533,166 |
464,211,312 | ||
Financial Services 7.5% | ||
Acacia Research Corp. * | 29,703 | 106,634 |
ACRES Commercial Realty Corp. | 3,144 | 22,794 |
AFC Gamma, Inc. | 8,444 | 89,338 |
Affiliated Managers Group, Inc. | 15,236 | 1,870,371 |
Affirm Holdings, Inc. * | 92,102 | 1,621,916 |
AG Mortgage Investment Trust, Inc. | 10,503 | 52,935 |
AGNC Investment Corp. | 264,524 | 1,952,187 |
Alerus Financial Corp. | 8,490 | 146,962 |
Ally Financial, Inc. | 117,746 | 2,848,276 |
AlTi Global, Inc. *(a) | 9,783 | 61,339 |
A-Mark Precious Metals, Inc. | 8,227 | 222,787 |
American Express Co. | 253,161 | 36,969,101 |
Ameriprise Financial, Inc. | 44,507 | 14,000,567 |
Angel Oak Mortgage REIT, Inc. (a) | 9,942 | 83,215 |
Annaly Capital Management, Inc. | 215,804 | 3,368,700 |
Apollo Commercial Real Estate Finance, Inc. | 52,570 | 523,597 |
Apollo Global Management, Inc. | 189,484 | 14,673,641 |
Arbor Realty Trust, Inc. (a) | 83,347 | 1,051,006 |
Ares Commercial Real Estate Corp. | 22,535 | 206,646 |
Ares Management Corp., Class A | 71,921 | 7,090,691 |
Arlington Asset Investment Corp., Class A * | 17,051 | 70,762 |
ARMOUR Residential REIT, Inc. (a) | 21,511 | 313,415 |
Artisan Partners Asset Management, Inc., Class A | 28,952 | 955,416 |
AssetMark Financial Holdings, Inc. * | 9,288 | 222,076 |
Associated Capital Group, Inc., Class A | 1,818 | 61,158 |
Atlanticus Holdings Corp. * | 2,144 | 62,733 |
Avantax, Inc. * | 16,880 | 435,673 |
AvidXchange Holdings, Inc. * | 75,290 | 650,506 |
B Riley Financial, Inc. | 6,796 | 246,083 |
Bakkt Holdings, Inc. *(a) | 25,312 | 25,565 |
Bank of New York Mellon Corp. | 339,799 | 14,441,457 |
Beneficient, Class A * | 37,842 | 23,046 |
Berkshire Hathaway, Inc., Class B * | 793,541 | 270,859,350 |
BGC Group, Inc., Class A | 171,274 | 1,005,378 |
BlackRock, Inc. | 61,068 | 37,390,715 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Blackstone Mortgage Trust, Inc., Class A (a) | 73,656 | 1,469,437 |
Blackstone, Inc. | 308,835 | 28,520,912 |
Block, Inc. * | 238,516 | 9,600,269 |
Blue Owl Capital, Inc., Class A | 177,687 | 2,190,881 |
BM Technologies, Inc. * | 10,210 | 23,995 |
Bread Financial Holdings, Inc. | 21,541 | 582,253 |
Bridge Investment Group Holdings, Inc., Class A | 13,376 | 97,377 |
Brightsphere Investment Group, Inc. | 14,000 | 219,240 |
BrightSpire Capital, Inc., Class A | 52,714 | 298,361 |
Cannae Holdings, Inc. * | 31,447 | 514,158 |
Cantaloupe, Inc. * | 26,721 | 175,824 |
Capital One Financial Corp. | 165,667 | 16,780,410 |
Carlyle Group, Inc. | 93,095 | 2,563,836 |
Cass Information Systems, Inc. | 5,702 | 215,593 |
Cboe Global Markets, Inc. | 45,697 | 7,489,281 |
Charles Schwab Corp. (c) | 641,257 | 33,371,014 |
Cherry Hill Mortgage Investment Corp. | 15,001 | 44,553 |
Chicago Atlantic Real Estate Finance, Inc. | 9,254 | 130,389 |
Chimera Investment Corp. | 98,492 | 472,762 |
Claros Mortgage Trust, Inc. | 50,991 | 531,836 |
CME Group, Inc. | 156,537 | 33,414,388 |
Cohen & Steers, Inc. | 10,667 | 557,244 |
Coinbase Global, Inc., Class A * | 73,623 | 5,677,806 |
Consumer Portfolio Services, Inc. * | 5,099 | 47,166 |
Corebridge Financial, Inc. | 71,988 | 1,439,760 |
Credit Acceptance Corp. * | 2,821 | 1,135,255 |
Diamond Hill Investment Group, Inc. | 1,364 | 214,284 |
Discover Financial Services | 109,392 | 8,978,895 |
Donnelley Financial Solutions, Inc. * | 11,044 | 601,125 |
Dynex Capital, Inc. | 22,582 | 226,723 |
Ellington Financial, Inc. (a) | 27,679 | 332,978 |
Ellington Residential Mortgage REIT | 6,980 | 36,854 |
Enact Holdings, Inc. | 11,516 | 317,381 |
Encore Capital Group, Inc. * | 9,929 | 374,125 |
Enova International, Inc. * | 13,316 | 531,042 |
Equitable Holdings, Inc. | 141,540 | 3,760,718 |
Essent Group Ltd. | 47,371 | 2,237,806 |
Euronet Worldwide, Inc. * | 20,230 | 1,554,473 |
Evercore, Inc., Class A | 15,127 | 1,969,233 |
EVERTEC, Inc. | 27,273 | 866,736 |
EZCORP, Inc., Class A * | 25,151 | 206,238 |
FactSet Research Systems, Inc. | 16,665 | 7,197,447 |
Federal Agricultural Mortgage Corp., Class C | 4,622 | 686,644 |
Federated Hermes, Inc. | 38,340 | 1,215,378 |
Fidelity National Information Services, Inc. | 257,865 | 12,663,750 |
Finance of America Cos., Inc., Class A * | 18,960 | 19,718 |
FirstCash Holdings, Inc. | 15,825 | 1,723,659 |
Fiserv, Inc. * | 265,263 | 30,173,666 |
FleetCor Technologies, Inc. * | 32,034 | 7,213,096 |
Flywire Corp. * | 46,352 | 1,246,405 |
Forge Global Holdings, Inc. * | 45,163 | 114,714 |
Franklin BSP Realty Trust, Inc. | 34,676 | 437,264 |
Franklin Resources, Inc. | 123,813 | 2,821,698 |
GCM Grosvenor, Inc., Class A | 19,770 | 159,148 |
Global Payments, Inc. | 112,747 | 11,975,986 |
Goldman Sachs Group, Inc. | 143,450 | 43,552,854 |
Granite Point Mortgage Trust, Inc. | 23,489 | 98,654 |
Great Ajax Corp. | 9,397 | 40,595 |
Green Dot Corp., Class A * | 20,026 | 223,891 |
Greenhill & Co., Inc. | 6,539 | 96,843 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Guild Holdings Co., Class A | 4,604 | 48,480 |
Hamilton Lane, Inc., Class A | 15,773 | 1,326,825 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 45,054 | 772,226 |
Heritage Global, Inc. * | 16,791 | 51,884 |
Houlihan Lokey, Inc., Class A | 22,459 | 2,257,579 |
I3 Verticals, Inc., Class A * | 10,325 | 193,594 |
Interactive Brokers Group, Inc., Class A | 46,475 | 3,721,253 |
Intercontinental Exchange, Inc. | 248,492 | 26,697,980 |
International Money Express, Inc. * | 13,887 | 221,637 |
Invesco Ltd. | 195,239 | 2,532,250 |
Invesco Mortgage Capital, Inc. | 18,784 | 128,295 |
Jack Henry & Associates, Inc. | 31,928 | 4,501,529 |
Jackson Financial, Inc., Class A | 31,704 | 1,163,854 |
Janus Henderson Group PLC | 59,917 | 1,382,285 |
Jefferies Financial Group, Inc. | 77,444 | 2,492,148 |
Katapult Holdings, Inc. * | 2,511 | 25,512 |
KKR & Co., Inc. | 280,929 | 15,563,467 |
KKR Real Estate Finance Trust, Inc. | 24,272 | 253,400 |
Ladder Capital Corp. REIT, Class A | 45,751 | 462,543 |
Lazard Ltd., Class A | 48,303 | 1,341,374 |
LendingClub Corp. * | 46,098 | 239,249 |
LendingTree, Inc. * | 4,315 | 57,087 |
loanDepot, Inc., Class A * | 36,984 | 43,641 |
LPL Financial Holdings, Inc. | 33,150 | 7,442,838 |
Lument Finance Trust, Inc. | 24,035 | 46,868 |
Manhattan Bridge Capital, Inc. | 7,727 | 36,085 |
MarketAxess Holdings, Inc. | 16,313 | 3,486,904 |
Marqeta, Inc., Class A * | 185,915 | 961,181 |
Mastercard, Inc., Class A | 362,036 | 136,252,249 |
Medallion Financial Corp. | 6,557 | 47,801 |
Merchants Bancorp | 10,145 | 303,234 |
MFA Financial, Inc. | 47,437 | 421,715 |
MGIC Investment Corp. | 121,838 | 2,051,752 |
Moelis & Co., Class A | 28,769 | 1,197,941 |
Moneylion, Inc. * | 4,499 | 86,561 |
Moody's Corp. | 68,510 | 21,101,080 |
Morgan Stanley | 555,169 | 39,317,069 |
Morningstar, Inc. | 11,354 | 2,875,287 |
Mr Cooper Group, Inc. * | 29,229 | 1,652,315 |
MSCI, Inc., Class A | 34,490 | 16,263,759 |
Nasdaq, Inc. | 148,301 | 7,355,730 |
Navient Corp. | 37,356 | 594,334 |
NCR Atleos Corp. * | 28,536 | 629,493 |
Nelnet, Inc., Class A | 7,716 | 654,394 |
NerdWallet, Inc., Class A * | 14,084 | 151,826 |
New York Mortgage Trust, Inc. | 40,532 | 315,744 |
NewtekOne, Inc. | 11,192 | 155,233 |
Nexpoint Real Estate Finance, Inc. | 5,703 | 84,575 |
Nicholas Financial, Inc. * | 6,032 | 28,350 |
NMI Holdings, Inc., Class A * | 36,089 | 987,034 |
Northern Trust Corp. | 90,832 | 5,986,737 |
Ocwen Financial Corp. * | 3,090 | 74,284 |
OneMain Holdings, Inc. | 51,828 | 1,862,180 |
Open Lending Corp., Class A * | 44,911 | 269,017 |
Oportun Financial Corp. * | 13,044 | 76,307 |
Oppenheimer Holdings, Inc., Class A | 3,500 | 122,745 |
OppFi, Inc. * | 7,166 | 15,980 |
Orchid Island Capital, Inc. (a) | 18,141 | 113,925 |
P10, Inc., Class A | 18,945 | 178,462 |
Paymentus Holdings, Inc., Class A * | 8,752 | 127,429 |
Payoneer Global, Inc. * | 113,997 | 660,043 |
PayPal Holdings, Inc. * | 477,867 | 24,753,511 |
Paysign, Inc. * | 9,553 | 17,578 |
PennyMac Financial Services, Inc. | 12,693 | 852,970 |
PennyMac Mortgage Investment Trust | 37,798 | 478,145 |
Perella Weinberg Partners, Class A | 19,698 | 193,237 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Piper Sandler Cos. | 6,420 | 897,837 |
PJT Partners, Inc., Class A | 9,326 | 730,785 |
PRA Group, Inc. * | 16,584 | 204,149 |
Priority Technology Holdings, Inc. * | 9,469 | 35,509 |
PROG Holdings, Inc. * | 19,924 | 545,718 |
Radian Group, Inc. | 67,423 | 1,708,499 |
Raymond James Financial, Inc. | 81,680 | 7,795,539 |
Ready Capital Corp. | 69,762 | 657,856 |
Redwood Trust, Inc. | 51,019 | 320,399 |
Regional Management Corp. | 3,411 | 84,797 |
Remitly Global, Inc. * | 57,817 | 1,557,012 |
Repay Holdings Corp., Class A * | 32,506 | 194,711 |
Rithm Capital Corp. | 214,168 | 1,998,187 |
Robinhood Markets, Inc., Class A * | 240,497 | 2,198,143 |
Rocket Cos., Inc., Class A * | 53,100 | 392,409 |
Ryvyl, Inc. * | 1,042 | 1,917 |
S&P Global, Inc. | 141,592 | 49,459,502 |
Sachem Capital Corp. | 16,351 | 53,141 |
Safeguard Scientifics, Inc. * | 12,218 | 12,218 |
Sculptor Capital Management, Inc., Class A | 7,668 | 97,000 |
Security National Financial Corp., Class A * | 7,050 | 48,716 |
SEI Investments Co. | 43,948 | 2,358,250 |
Seven Hills Realty Trust | 5,666 | 59,040 |
Shift4 Payments, Inc., Class A * | 24,581 | 1,094,346 |
Silvercrest Asset Management Group, Inc., Class A | 3,213 | 57,031 |
SLM Corp. | 97,988 | 1,273,844 |
SoFi Technologies, Inc. * | 413,121 | 3,119,064 |
Starwood Property Trust, Inc. | 132,523 | 2,352,283 |
State Street Corp. | 138,292 | 8,937,812 |
StepStone Group, Inc., Class A | 20,845 | 589,913 |
Stifel Financial Corp. | 45,549 | 2,596,293 |
StoneX Group, Inc. * | 7,479 | 712,898 |
SWK Holdings Corp. * | 1,451 | 23,419 |
Synchrony Financial | 181,469 | 5,090,205 |
T Rowe Price Group, Inc. | 97,849 | 8,855,334 |
TFS Financial Corp. | 19,389 | 229,954 |
Toast, Inc., Class A * | 157,745 | 2,522,343 |
TPG RE Finance Trust, Inc. | 24,952 | 137,486 |
TPG, Inc. | 27,003 | 746,363 |
Tradeweb Markets, Inc., Class A | 49,428 | 4,449,014 |
Two Harbors Investment Corp. | 42,715 | 495,921 |
U.S. Global Investors, Inc., Class A | 6,234 | 17,206 |
Upstart Holdings, Inc. *(a) | 30,973 | 744,281 |
Usio, Inc. * | 17,787 | 35,396 |
UWM Holdings Corp. (a) | 43,383 | 210,408 |
Velocity Financial, Inc. * | 8,532 | 98,545 |
Victory Capital Holdings, Inc., Class A | 16,586 | 488,624 |
Virtu Financial, Inc., Class A | 42,853 | 792,352 |
Virtus Investment Partners, Inc. | 2,899 | 534,083 |
Visa, Inc., Class A | 699,164 | 164,373,456 |
Voya Financial, Inc. | 45,960 | 3,068,749 |
Walker & Dunlop, Inc. | 14,790 | 958,392 |
Waterstone Financial, Inc. | 8,861 | 95,699 |
Western Asset Mortgage Capital Corp. | 2,307 | 19,010 |
Western Union Co. | 164,344 | 1,855,444 |
Westwood Holdings Group, Inc. | 2,653 | 24,116 |
WEX, Inc. * | 18,840 | 3,136,483 |
WisdomTree, Inc. | 51,234 | 317,651 |
World Acceptance Corp. * | 1,349 | 133,038 |
1,342,519,841 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Food, Beverage & Tobacco 2.9% | ||
Alico, Inc. | 2,213 | 54,086 |
Altria Group, Inc. | 772,189 | 31,018,832 |
Archer-Daniels-Midland Co. | 233,641 | 16,721,686 |
B&G Foods, Inc. | 31,414 | 253,511 |
Beyond Meat, Inc. *(a) | 25,353 | 151,357 |
Boston Beer Co., Inc., Class A * | 4,028 | 1,345,151 |
BRC, Inc., Class A *(a) | 18,823 | 54,587 |
Brown-Forman Corp., Class B | 104,974 | 5,895,340 |
Bunge Ltd. | 65,514 | 6,943,174 |
Calavo Growers, Inc. | 7,291 | 184,754 |
Cal-Maine Foods, Inc. | 16,707 | 756,994 |
Campbell Soup Co. | 85,551 | 3,457,116 |
Celsius Holdings, Inc. * | 21,387 | 3,252,749 |
Coca-Cola Co. | 1,693,492 | 95,665,363 |
Coca-Cola Consolidated, Inc. | 2,124 | 1,351,735 |
Conagra Brands, Inc. | 207,944 | 5,689,348 |
Constellation Brands, Inc., Class A | 70,135 | 16,422,110 |
Darling Ingredients, Inc. * | 70,050 | 3,102,514 |
Duckhorn Portfolio, Inc. * | 19,046 | 198,650 |
Farmer Bros Co. * | 11,781 | 29,688 |
Flowers Foods, Inc. | 86,037 | 1,886,791 |
Fresh Del Monte Produce, Inc. | 13,508 | 337,700 |
Freshpet, Inc. * | 20,776 | 1,192,542 |
General Mills, Inc. | 255,277 | 16,654,271 |
Hain Celestial Group, Inc. * | 38,429 | 424,640 |
Hershey Co. | 65,008 | 12,179,249 |
Hormel Foods Corp. | 127,218 | 4,140,946 |
Hostess Brands, Inc., Class A * | 57,228 | 1,911,415 |
Ingredion, Inc. | 29,234 | 2,735,718 |
J & J Snack Foods Corp. | 6,454 | 1,010,761 |
J M Smucker Co. | 44,358 | 5,049,715 |
John B Sanfilippo & Son, Inc. | 3,955 | 404,438 |
Kellanova | 114,545 | 5,781,086 |
Keurig Dr Pepper, Inc. | 436,547 | 13,240,470 |
Kraft Heinz Co. | 348,391 | 10,960,381 |
Lamb Weston Holdings, Inc. | 63,344 | 5,688,291 |
Lancaster Colony Corp. | 8,881 | 1,502,399 |
Lifecore Biomedical, Inc. * | 10,427 | 73,198 |
Limoneira Co. | 7,226 | 103,260 |
Mama's Creations, Inc. * | 7,154 | 24,181 |
McCormick & Co., Inc. - Non Voting Shares | 108,667 | 6,943,821 |
MGP Ingredients, Inc. | 6,516 | 616,805 |
Mission Produce, Inc. * | 18,304 | 172,241 |
Molson Coors Beverage Co., Class B | 80,619 | 4,657,360 |
Mondelez International, Inc., Class A | 591,961 | 39,193,738 |
Monster Beverage Corp. * | 324,380 | 16,575,818 |
National Beverage Corp. * | 9,990 | 463,336 |
PepsiCo, Inc. | 598,994 | 97,803,740 |
Philip Morris International, Inc. | 675,474 | 60,225,262 |
Pilgrim's Pride Corp. * | 19,693 | 502,171 |
Post Holdings, Inc. * | 22,205 | 1,782,617 |
Real Good Food Co., Inc. * | 3,502 | 8,195 |
Sadot Group, Inc. * | 27,734 | 18,856 |
Seaboard Corp. | 109 | 382,258 |
Seneca Foods Corp., Class A * | 2,612 | 142,746 |
Simply Good Foods Co. * | 39,777 | 1,483,284 |
Sovos Brands, Inc. * | 27,678 | 600,889 |
Splash Beverage Group, Inc. * | 20,360 | 11,780 |
Tootsie Roll Industries, Inc. | 7,422 | 230,898 |
TreeHouse Foods, Inc. * | 22,159 | 923,809 |
Turning Point Brands, Inc. | 6,017 | 120,641 |
Tyson Foods, Inc., Class A | 124,445 | 5,768,026 |
Universal Corp. | 10,446 | 470,070 |
Utz Brands, Inc. | 29,813 | 363,420 |
Vector Group Ltd. | 56,584 | 581,683 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Vintage Wine Estates, Inc. * | 29,567 | 17,164 |
Vita Coco Co., Inc. * | 13,490 | 365,579 |
Vital Farms, Inc. * | 11,214 | 124,027 |
Westrock Coffee Co. * | 15,240 | 125,578 |
Whole Earth Brands, Inc. * | 12,768 | 45,199 |
WK Kellogg Co. * | 28,636 | 286,933 |
Zevia PBC, Class A * | 20,011 | 38,821 |
518,896,962 | ||
Health Care Equipment & Services 5.5% | ||
23andMe Holding Co., Class A * | 128,087 | 108,503 |
Abbott Laboratories | 755,109 | 71,395,556 |
Acadia Healthcare Co., Inc. * | 40,696 | 2,991,563 |
Accelerate Diagnostics, Inc. *(a) | 3,050 | 18,270 |
Accolade, Inc. * | 26,536 | 172,484 |
Accuray, Inc. * | 36,635 | 96,716 |
AdaptHealth Corp., Class A * | 32,364 | 237,228 |
Addus HomeCare Corp. * | 7,000 | 552,300 |
Agiliti, Inc. * | 14,918 | 83,988 |
agilon health, Inc. * | 129,930 | 2,338,740 |
AirSculpt Technologies, Inc. * | 4,242 | 25,452 |
Akili, Inc., Class A * | 8,840 | 3,169 |
Align Technology, Inc. * | 31,898 | 5,888,052 |
Alignment Healthcare, Inc. * | 51,148 | 351,898 |
Alphatec Holdings, Inc. * | 41,583 | 381,732 |
Amedisys, Inc. * | 14,148 | 1,294,401 |
American Well Corp., Class A * | 105,430 | 123,353 |
AMN Healthcare Services, Inc. * | 17,098 | 1,297,054 |
AngioDynamics, Inc. * | 16,851 | 104,476 |
Apollo Medical Holdings, Inc. * | 17,158 | 535,501 |
Apyx Medical Corp. * | 12,488 | 28,598 |
Artivion, Inc. * | 17,724 | 225,804 |
Asensus Surgical, Inc. * | 88,725 | 20,070 |
AtriCure, Inc. * | 20,192 | 699,451 |
Atrion Corp. | 563 | 192,535 |
Augmedix, Inc. * | 11,589 | 50,992 |
Avanos Medical, Inc. * | 19,723 | 362,114 |
Aveanna Healthcare Holdings, Inc. * | 23,737 | 32,757 |
Axogen, Inc. * | 16,795 | 63,149 |
Axonics, Inc. * | 21,846 | 1,118,734 |
Baxter International, Inc. | 219,344 | 7,113,326 |
Becton Dickinson & Co. | 126,236 | 31,909,936 |
Beyond Air, Inc. * | 14,110 | 32,876 |
Biodesix, Inc. * | 20,622 | 29,283 |
BioSig Technologies, Inc. * | 30,064 | 10,381 |
Bioventus, Inc., Class A * | 16,149 | 60,236 |
Boston Scientific Corp. * | 637,318 | 32,624,308 |
Brookdale Senior Living, Inc. * | 79,540 | 311,001 |
Cano Health, Inc. * | 94,011 | 12,362 |
Cardinal Health, Inc. | 111,214 | 10,120,474 |
CareMax, Inc. * | 30,662 | 61,324 |
Castle Biosciences, Inc. * | 11,444 | 178,755 |
Cencora, Inc. | 72,329 | 13,391,714 |
Centene Corp. * | 235,116 | 16,218,302 |
Certara, Inc. * | 45,805 | 558,363 |
Cerus Corp. * | 76,254 | 106,756 |
Chemed Corp. | 6,653 | 3,743,310 |
Cigna Group | 128,790 | 39,821,868 |
ClearPoint Neuro, Inc. * | 10,369 | 57,030 |
Clover Health Investments Corp., Class A * | 144,282 | 137,544 |
Community Health Systems, Inc. * | 51,561 | 110,341 |
Computer Programs & Systems, Inc. * | 6,539 | 92,135 |
CONMED Corp. | 13,083 | 1,275,069 |
Cooper Cos., Inc. | 21,686 | 6,760,611 |
CorVel Corp. * | 3,909 | 758,111 |
Cross Country Healthcare, Inc. * | 14,884 | 344,713 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Cutera, Inc. * | 7,952 | 24,731 |
CVRx, Inc. * | 5,810 | 77,738 |
CVS Health Corp. | 558,882 | 38,568,447 |
CytoSorbents Corp. * | 15,994 | 24,631 |
DaVita, Inc. * | 23,506 | 1,815,368 |
Definitive Healthcare Corp., Class A * | 18,692 | 107,666 |
Delcath Systems, Inc. * | 6,977 | 21,978 |
DENTSPLY SIRONA, Inc. | 91,479 | 2,781,876 |
Dexcom, Inc. * | 171,964 | 15,275,562 |
DocGo, Inc. * | 34,222 | 203,279 |
Doximity, Inc., Class A * | 54,666 | 1,116,826 |
Edwards Lifesciences Corp. * | 264,975 | 16,884,207 |
ElectroCore, Inc. * | 3,035 | 18,574 |
Electromed, Inc. * | 3,594 | 37,845 |
Elevance Health, Inc. | 102,538 | 46,151,328 |
Embecta Corp. | 24,775 | 374,598 |
Encompass Health Corp. | 44,378 | 2,776,288 |
Enhabit, Inc. * | 23,015 | 169,621 |
Enovis Corp. * | 22,222 | 1,019,990 |
Ensign Group, Inc. | 24,076 | 2,325,742 |
Envista Holdings Corp. * | 70,523 | 1,641,070 |
enVVeno Medical Corp. * | 2,462 | 10,833 |
Enzo Biochem, Inc. * | 13,471 | 18,051 |
Evolent Health, Inc., Class A * | 49,527 | 1,209,945 |
FONAR Corp. * | 3,312 | 44,878 |
Forian, Inc. * | 7,513 | 18,482 |
Fulgent Genetics, Inc. * | 9,036 | 216,322 |
GE HealthCare Technologies, Inc. | 170,859 | 11,374,084 |
GeneDx Holdings Corp. * | 7,651 | 14,231 |
Glaukos Corp. * | 20,801 | 1,418,628 |
Globus Medical, Inc., Class A * | 51,118 | 2,336,604 |
GoodRx Holdings, Inc., Class A * | 32,958 | 162,483 |
Great Elm Group, Inc. * | 9,772 | 17,394 |
Guardant Health, Inc. * | 51,488 | 1,332,509 |
Haemonetics Corp. * | 22,522 | 1,919,550 |
HCA Healthcare, Inc. | 87,699 | 19,832,252 |
Health Catalyst, Inc. * | 24,057 | 180,187 |
HealthEquity, Inc. * | 36,896 | 2,644,705 |
HealthStream, Inc. | 10,329 | 262,357 |
HeartBeam, Inc. * | 14,543 | 18,033 |
Henry Schein, Inc. * | 57,438 | 3,732,321 |
Hims & Hers Health, Inc. * | 69,336 | 414,629 |
Hologic, Inc. * | 106,557 | 7,050,877 |
Humana, Inc. | 53,923 | 28,238,936 |
Hyperfine, Inc. * | 14,647 | 18,309 |
ICU Medical, Inc. * | 9,260 | 908,036 |
IDEXX Laboratories, Inc. * | 36,056 | 14,403,290 |
Inari Medical, Inc. * | 22,228 | 1,349,462 |
InfuSystem Holdings, Inc. * | 10,655 | 102,075 |
Innovage Holding Corp. *(a) | 7,015 | 38,091 |
Inspire Medical Systems, Inc. * | 12,922 | 1,901,602 |
Insulet Corp. * | 30,263 | 4,011,966 |
Integer Holdings Corp. * | 14,115 | 1,145,715 |
Integra LifeSciences Holdings Corp. * | 30,669 | 1,102,857 |
Intuitive Surgical, Inc. * | 152,886 | 40,089,767 |
Invitae Corp. *(a) | 111,935 | 67,799 |
iRadimed Corp. | 3,278 | 133,546 |
iRhythm Technologies, Inc. * | 13,221 | 1,038,113 |
Joint Corp. * | 7,452 | 58,200 |
Know Labs, Inc. * | 35,048 | 9,396 |
KORU Medical Systems, Inc. * | 12,813 | 29,086 |
Laboratory Corp. of America Holdings | 38,367 | 7,663,041 |
Lantheus Holdings, Inc. * | 30,497 | 1,970,106 |
LeMaitre Vascular, Inc. | 8,388 | 407,489 |
LENSAR, Inc. * | 11,846 | 25,469 |
LifeMD, Inc. * | 20,209 | 126,508 |
LifeStance Health Group, Inc. * | 40,123 | 233,917 |
LivaNova PLC * | 22,985 | 1,127,414 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Masimo Corp. * | 19,387 | 1,572,867 |
McKesson Corp. | 58,709 | 26,733,730 |
Medtronic PLC | 579,228 | 40,870,328 |
Merit Medical Systems, Inc. * | 24,753 | 1,701,521 |
Milestone Scientific, Inc. * | 34,400 | 30,038 |
ModivCare, Inc. * | 5,394 | 227,843 |
Molina Healthcare, Inc. * | 25,275 | 8,415,311 |
Multiplan Corp. * | 104,525 | 176,647 |
National HealthCare Corp. | 5,672 | 382,066 |
National Research Corp. | 6,098 | 257,701 |
Neogen Corp. * | 86,123 | 1,282,371 |
NeoGenomics, Inc. * | 54,415 | 762,898 |
NeuroPace, Inc. * | 4,356 | 29,403 |
Nevro Corp. * | 15,398 | 222,193 |
NextGen Healthcare, Inc. * | 25,865 | 618,691 |
Novocure Ltd. * | 43,948 | 584,508 |
OmniAb, Inc., Class A *(b) | 2,395 | 0 |
OmniAb, Inc., Class B *(b) | 2,395 | 0 |
Omnicell, Inc. * | 19,225 | 683,257 |
OPKO Health, Inc. * | 185,881 | 232,351 |
OptimizeRx Corp. * | 6,885 | 55,493 |
Option Care Health, Inc. * | 78,760 | 2,184,015 |
OraSure Technologies, Inc. * | 30,500 | 157,380 |
Orchestra BioMed Holdings, Inc. *(a) | 5,514 | 25,861 |
Orthofix Medical, Inc. * | 14,213 | 156,912 |
OrthoPediatrics Corp. * | 7,124 | 174,253 |
Outset Medical, Inc. * | 20,864 | 73,859 |
Owens & Minor, Inc. * | 33,542 | 480,657 |
P3 Health Partners, Inc. * | 13,641 | 19,507 |
Paragon 28, Inc. * | 18,302 | 157,946 |
Patterson Cos., Inc. | 37,137 | 1,131,193 |
PAVmed, Inc. * | 79,503 | 20,774 |
Pediatrix Medical Group, Inc. * | 35,753 | 409,729 |
Pennant Group, Inc. * | 13,217 | 143,669 |
Penumbra, Inc. * | 16,774 | 3,206,350 |
PetIQ, Inc., Class A * | 11,858 | 222,575 |
Phreesia, Inc. * | 23,389 | 319,494 |
Premier, Inc., Class A | 50,734 | 975,107 |
Privia Health Group, Inc. * | 45,235 | 950,840 |
PROCEPT BioRobotics Corp. * | 19,661 | 526,718 |
Pro-Dex, Inc. * | 1,916 | 33,568 |
Progyny, Inc. * | 36,695 | 1,132,408 |
ProSomnus, Inc. * | 6,286 | 4,240 |
Pulmonx Corp. * | 15,144 | 133,116 |
Pulse Biosciences, Inc. * | 6,773 | 30,614 |
Quest Diagnostics, Inc. | 49,122 | 6,390,772 |
QuidelOrtho Corp. * | 21,668 | 1,323,481 |
R1 RCM, Inc. * | 86,444 | 1,019,175 |
RadNet, Inc. * | 27,654 | 745,552 |
ResMed, Inc. | 64,239 | 9,071,832 |
Rockwell Medical, Inc. * | 7,846 | 13,966 |
RxSight, Inc. * | 8,369 | 185,290 |
Sanara Medtech, Inc. * | 1,654 | 45,468 |
Schrodinger, Inc. * | 22,939 | 497,776 |
Select Medical Holdings Corp. | 44,439 | 1,010,098 |
Semler Scientific, Inc. * | 1,873 | 54,635 |
Senseonics Holdings, Inc. * | 216,699 | 107,049 |
Sensus Healthcare, Inc. * | 6,026 | 13,197 |
Sharecare, Inc. * | 140,168 | 147,176 |
Shockwave Medical, Inc. * | 16,153 | 3,331,718 |
SI-BONE, Inc. * | 13,781 | 234,415 |
Sight Sciences, Inc. * | 12,929 | 20,492 |
Silk Road Medical, Inc. * | 17,297 | 129,900 |
Simulations Plus, Inc. | 7,164 | 252,674 |
Sonendo, Inc. * | 24,344 | 6,200 |
Sonida Senior Living, Inc. * | 1,604 | 14,773 |
STAAR Surgical Co. * | 21,071 | 881,189 |
Stereotaxis, Inc. * | 22,696 | 34,271 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
STERIS PLC | 42,934 | 9,015,281 |
Streamline Health Solutions, Inc. * | 29,028 | 12,511 |
Stryker Corp. | 147,075 | 39,742,606 |
Surgery Partners, Inc. * | 29,768 | 688,534 |
Surmodics, Inc. * | 7,188 | 211,758 |
Tabula Rasa HealthCare, Inc. * | 11,729 | 122,333 |
Tactile Systems Technology, Inc. * | 10,021 | 109,429 |
Talkspace, Inc. * | 38,082 | 67,786 |
Tandem Diabetes Care, Inc. * | 27,515 | 476,010 |
Tela Bio, Inc. * | 6,599 | 38,538 |
Teladoc Health, Inc. * | 70,938 | 1,173,315 |
Teleflex, Inc. | 20,373 | 3,763,912 |
Tenet Healthcare Corp. * | 43,583 | 2,340,407 |
TransMedics Group, Inc. * | 13,741 | 515,013 |
Treace Medical Concepts, Inc. * | 15,042 | 150,871 |
U.S. Physical Therapy, Inc. | 6,261 | 526,613 |
UFP Technologies, Inc. * | 2,930 | 456,846 |
UnitedHealth Group, Inc. | 403,064 | 215,864,956 |
Universal Health Services, Inc., Class B | 26,947 | 3,392,358 |
Utah Medical Products, Inc. | 1,365 | 108,545 |
Varex Imaging Corp. * | 17,095 | 308,565 |
Veeva Systems, Inc., Class A * | 63,324 | 12,203,168 |
Veradigm, Inc. * | 45,945 | 606,015 |
Vivani Medical, Inc. * | 30,017 | 31,818 |
VolitionRX Ltd. * | 15,384 | 11,890 |
Zimmer Biomet Holdings, Inc. | 91,223 | 9,524,593 |
Zimvie, Inc. * | 8,294 | 58,556 |
Zomedica Corp. * | 412,334 | 69,272 |
Zynex, Inc. *(a) | 7,546 | 67,008 |
973,181,287 | ||
Household & Personal Products 1.4% | ||
Beauty Health Co. * | 39,541 | 160,141 |
BellRing Brands, Inc. * | 57,059 | 2,495,190 |
Central Garden & Pet Co. * | 4,564 | 199,127 |
Central Garden & Pet Co., Class A * | 17,026 | 675,762 |
Church & Dwight Co., Inc. | 106,817 | 9,713,938 |
Clorox Co. | 53,756 | 6,327,081 |
Colgate-Palmolive Co. | 359,879 | 27,034,110 |
Coty, Inc., Class A * | 158,018 | 1,480,629 |
Edgewell Personal Care Co. | 22,085 | 770,767 |
elf Beauty, Inc. * | 23,691 | 2,194,497 |
Energizer Holdings, Inc. | 28,154 | 889,103 |
Estee Lauder Cos., Inc., Class A | 100,625 | 12,967,544 |
Herbalife Ltd. * | 41,704 | 594,282 |
Inter Parfums, Inc. | 7,612 | 967,561 |
Kenvue, Inc. | 751,229 | 13,972,859 |
Kimberly-Clark Corp. | 147,170 | 17,607,419 |
Lifevantage Corp. | 7,299 | 54,816 |
Medifast, Inc. | 4,730 | 327,127 |
Natural Alternatives International, Inc. * | 3,654 | 22,107 |
Natural Health Trends Corp. | 6,750 | 37,665 |
Nature's Sunshine Products, Inc. * | 4,762 | 85,240 |
Nu Skin Enterprises, Inc., Class A | 22,078 | 419,261 |
Oil-Dri Corp. of America | 1,961 | 112,326 |
Procter & Gamble Co. | 1,025,738 | 153,891,472 |
Reynolds Consumer Products, Inc. | 22,637 | 575,659 |
Spectrum Brands Holdings, Inc. | 15,631 | 1,177,327 |
United-Guardian, Inc. | 3,342 | 19,885 |
USANA Health Sciences, Inc. * | 4,815 | 219,323 |
WD-40 Co. | 5,885 | 1,244,089 |
256,236,307 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Insurance 2.4% | ||
Aflac, Inc. | 235,486 | 18,393,811 |
Allstate Corp. | 113,892 | 14,592,982 |
Ambac Financial Group, Inc. * | 18,028 | 218,680 |
American Coastal Insurance Corp., Class C *(a) | 6,372 | 47,726 |
American Equity Investment Life Holding Co. | 26,839 | 1,421,393 |
American Financial Group, Inc. | 28,887 | 3,159,082 |
American International Group, Inc. | 309,770 | 18,991,999 |
AMERISAFE, Inc. | 8,109 | 413,316 |
Aon PLC, Class A | 88,274 | 27,311,975 |
Arch Capital Group Ltd. * | 162,284 | 14,066,777 |
Argo Group International Holdings Ltd. | 15,722 | 469,144 |
Arthur J Gallagher & Co. | 93,824 | 22,094,614 |
Assurant, Inc. | 22,911 | 3,411,448 |
Assured Guaranty Ltd. | 23,994 | 1,497,226 |
Axis Capital Holdings Ltd. | 33,514 | 1,913,649 |
Brighthouse Financial, Inc. * | 29,722 | 1,346,407 |
Brown & Brown, Inc. | 102,358 | 7,105,692 |
BRP Group, Inc., Class A * | 28,110 | 588,342 |
Chubb Ltd. | 178,724 | 38,357,745 |
Cincinnati Financial Corp. | 68,491 | 6,826,498 |
Citizens, Inc., Class A *(a) | 24,606 | 73,572 |
CNA Financial Corp. | 11,952 | 482,861 |
CNO Financial Group, Inc. | 48,627 | 1,127,174 |
Crawford & Co., Class A | 10,215 | 93,467 |
Donegal Group, Inc., Class A | 6,507 | 91,879 |
eHealth, Inc. * | 13,577 | 116,491 |
Employers Holdings, Inc. | 11,659 | 443,042 |
Enstar Group Ltd. * | 5,831 | 1,381,772 |
Erie Indemnity Co., Class A | 10,952 | 3,024,833 |
Everest Group Ltd. | 18,901 | 7,477,614 |
F&G Annuities & Life, Inc. | 7,821 | 240,019 |
Fidelity National Financial, Inc. | 112,043 | 4,379,761 |
First American Financial Corp. | 44,086 | 2,267,784 |
Genworth Financial, Inc., Class A * | 204,265 | 1,223,547 |
Globe Life, Inc. | 37,662 | 4,382,350 |
GoHealth, Inc., Class A * | 3,311 | 46,486 |
Goosehead Insurance, Inc., Class A * | 10,057 | 652,397 |
Greenlight Capital Re Ltd., Class A * | 9,834 | 109,649 |
Hagerty, Inc., Class A * | 15,234 | 117,606 |
Hallmark Financial Services, Inc. * | 1,236 | 2,373 |
Hanover Insurance Group, Inc. | 15,508 | 1,817,693 |
Hartford Financial Services Group, Inc. | 132,461 | 9,729,260 |
HCI Group, Inc. | 3,137 | 184,989 |
Heritage Insurance Holdings, Inc. * | 10,125 | 59,839 |
Hippo Holdings, Inc. *(a) | 7,344 | 52,877 |
Horace Mann Educators Corp. | 17,846 | 566,253 |
ICC Holdings, Inc. * | 5,650 | 88,083 |
Investors Title Co. | 697 | 100,235 |
James River Group Holdings Ltd. | 15,431 | 212,176 |
Kemper Corp. | 27,177 | 1,083,819 |
Kingsway Financial Services, Inc. * | 5,983 | 46,189 |
Kinsale Capital Group, Inc. | 9,590 | 3,202,197 |
Lemonade, Inc. *(a) | 27,928 | 305,532 |
Lincoln National Corp. | 74,630 | 1,624,695 |
Loews Corp. | 80,602 | 5,159,334 |
Maiden Holdings Ltd. * | 32,952 | 54,041 |
Markel Group, Inc. * | 5,741 | 8,442,255 |
Marsh & McLennan Cos., Inc. | 214,935 | 40,762,423 |
MBIA, Inc. * | 22,069 | 151,835 |
Mercury General Corp. | 11,235 | 346,937 |
MetLife, Inc. | 273,960 | 16,440,340 |
Midwest Holding, Inc. * | 576 | 15,034 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
National Western Life Group, Inc., Class A | 978 | 468,364 |
NI Holdings, Inc. * | 3,782 | 47,993 |
Old Republic International Corp. | 113,560 | 3,109,273 |
Oscar Health, Inc., Class A * | 63,645 | 325,862 |
Palomar Holdings, Inc. * | 10,660 | 533,853 |
Primerica, Inc. | 15,617 | 2,985,346 |
Principal Financial Group, Inc. | 96,273 | 6,515,757 |
ProAssurance Corp. | 24,020 | 408,340 |
Progressive Corp. | 254,697 | 40,265,049 |
Prudential Financial, Inc. | 158,079 | 14,454,744 |
Reinsurance Group of America, Inc. | 29,042 | 4,340,908 |
RenaissanceRe Holdings Ltd. | 22,234 | 4,882,364 |
RLI Corp. | 17,462 | 2,326,637 |
Root, Inc., Class A * | 9,666 | 87,381 |
Ryan Specialty Holdings, Inc., Class A * | 43,833 | 1,893,586 |
Safety Insurance Group, Inc. | 6,404 | 481,389 |
Selective Insurance Group, Inc. | 25,815 | 2,687,600 |
Selectquote, Inc. * | 53,616 | 70,773 |
SiriusPoint Ltd. * | 34,981 | 344,563 |
Skyward Specialty Insurance Group, Inc. * | 12,447 | 350,383 |
Stewart Information Services Corp. | 12,159 | 530,983 |
Tiptree, Inc. | 9,652 | 145,842 |
Travelers Cos., Inc. | 99,620 | 16,680,373 |
Trupanion, Inc. * | 14,817 | 305,230 |
United Fire Group, Inc. | 9,091 | 183,093 |
Universal Insurance Holdings, Inc. | 11,138 | 174,421 |
Unum Group | 79,372 | 3,881,291 |
W R Berkley Corp. | 88,593 | 5,972,940 |
White Mountains Insurance Group Ltd. | 1,116 | 1,596,717 |
Willis Towers Watson PLC | 45,430 | 10,716,483 |
427,176,757 | ||
Materials 2.7% | ||
AdvanSix, Inc. | 11,778 | 324,484 |
Air Products & Chemicals, Inc. | 96,664 | 27,301,780 |
Albemarle Corp. | 51,137 | 6,483,149 |
Alcoa Corp. | 76,743 | 1,967,691 |
Alpha Metallurgical Resources, Inc. | 5,295 | 1,164,688 |
Alto Ingredients, Inc. * | 33,727 | 140,304 |
Amcor PLC | 636,476 | 5,658,272 |
American Vanguard Corp. | 11,255 | 105,347 |
Ampco-Pittsburgh Corp. * | 7,848 | 20,797 |
AptarGroup, Inc. | 28,807 | 3,522,232 |
Arch Resources, Inc. | 7,976 | 1,203,020 |
Ascent Industries Co. * | 4,646 | 38,794 |
Ashland, Inc. | 22,474 | 1,722,183 |
Aspen Aerogels, Inc. * | 28,080 | 216,778 |
ATI, Inc. * | 55,065 | 2,079,805 |
Avery Dennison Corp. | 35,317 | 6,147,630 |
Avient Corp. | 40,064 | 1,266,824 |
Axalta Coating Systems Ltd. * | 98,418 | 2,581,504 |
Balchem Corp. | 13,911 | 1,617,015 |
Ball Corp. | 136,664 | 6,580,372 |
Berry Global Group, Inc. | 51,759 | 2,846,745 |
Cabot Corp. | 24,259 | 1,612,738 |
Carpenter Technology Corp. | 20,540 | 1,288,269 |
Celanese Corp., Class A | 43,852 | 5,021,493 |
Century Aluminum Co. * | 22,913 | 151,455 |
CF Industries Holdings, Inc. | 83,702 | 6,677,746 |
Chase Corp. | 3,369 | 428,065 |
Chemours Co. | 63,948 | 1,541,786 |
Clearwater Paper Corp. * | 7,639 | 258,275 |
Cleveland-Cliffs, Inc. * | 221,368 | 3,714,555 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Coeur Mining, Inc. * | 145,423 | 365,012 |
Commercial Metals Co. | 51,545 | 2,179,838 |
Compass Minerals International, Inc. | 14,554 | 358,611 |
Contango ORE, Inc. * | 1,750 | 29,838 |
Core Molding Technologies, Inc. * | 2,885 | 73,798 |
Corteva, Inc. | 309,174 | 14,883,636 |
Crown Holdings, Inc. | 52,589 | 4,238,673 |
Dakota Gold Corp. * | 24,511 | 70,592 |
Danimer Scientific, Inc. *(a) | 37,658 | 53,851 |
Dow, Inc. | 306,694 | 14,825,588 |
DuPont de Nemours, Inc. | 199,120 | 14,511,866 |
Eagle Materials, Inc. | 15,456 | 2,378,833 |
Eastman Chemical Co. | 52,192 | 3,900,308 |
Ecolab, Inc. | 110,639 | 18,558,586 |
Ecovyst, Inc. * | 46,051 | 423,669 |
Element Solutions, Inc. | 95,542 | 1,741,731 |
Flotek Industries, Inc. * | 5,580 | 23,380 |
FMC Corp. | 54,126 | 2,879,503 |
Freeport-McMoRan, Inc. | 624,487 | 21,095,171 |
Friedman Industries, Inc. | 2,834 | 27,376 |
FutureFuel Corp. | 9,399 | 61,563 |
Gatos Silver, Inc. * | 17,898 | 87,163 |
Ginkgo Bioworks Holdings, Inc. *(a) | 585,011 | 801,465 |
Gold Resource Corp. | 39,537 | 15,894 |
Graphic Packaging Holding Co. | 131,933 | 2,837,879 |
Greif, Inc., Class A | 13,364 | 848,614 |
Hawkins, Inc. | 8,063 | 463,058 |
Haynes International, Inc. | 5,389 | 231,862 |
HB Fuller Co. | 23,053 | 1,524,956 |
Hecla Mining Co. | 248,268 | 1,010,451 |
Huntsman Corp. | 73,671 | 1,718,744 |
Hycroft Mining Holding Corp. * | 60,156 | 13,361 |
Idaho Strategic Resources, Inc. * | 4,628 | 25,361 |
Ingevity Corp. * | 14,768 | 594,855 |
Innospec, Inc. | 10,861 | 1,064,378 |
International Flavors & Fragrances, Inc. | 110,901 | 7,580,083 |
International Paper Co. | 151,497 | 5,109,994 |
Intrepid Potash, Inc. * | 3,965 | 78,864 |
Kaiser Aluminum Corp. | 6,881 | 390,841 |
Knife River Corp. * | 21,482 | 1,080,974 |
Koppers Holdings, Inc. | 8,623 | 315,343 |
Kronos Worldwide, Inc. | 9,190 | 63,411 |
Linde PLC | 212,321 | 81,140,593 |
Livent Corp. * | 76,633 | 1,118,075 |
Loop Industries, Inc. *(a) | 9,523 | 30,378 |
Louisiana-Pacific Corp. | 28,037 | 1,437,737 |
LSB Industries, Inc. * | 21,659 | 197,314 |
LyondellBasell Industries NV, Class A | 111,137 | 10,029,003 |
Martin Marietta Materials, Inc. | 26,950 | 11,020,933 |
Materion Corp. | 8,847 | 857,982 |
Mativ Holdings, Inc. | 23,942 | 313,640 |
McEwen Mining, Inc. * | 18,704 | 129,619 |
Mercer International, Inc. | 18,274 | 145,096 |
Minerals Technologies, Inc. | 13,718 | 741,595 |
Mosaic Co. | 144,903 | 4,706,449 |
MP Materials Corp. * | 63,304 | 1,038,186 |
Myers Industries, Inc. | 15,888 | 266,442 |
NewMarket Corp. | 3,028 | 1,459,950 |
Newmont Corp. | 346,426 | 12,980,582 |
Northern Technologies International Corp. | 2,657 | 33,186 |
Nucor Corp. | 108,463 | 16,029,747 |
O-I Glass, Inc. * | 65,831 | 1,017,089 |
Olin Corp. | 54,947 | 2,347,336 |
Olympic Steel, Inc. | 4,090 | 207,649 |
Origin Materials, Inc. * | 53,958 | 53,337 |
Orion SA | 23,188 | 470,716 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Packaging Corp. of America | 39,172 | 5,995,275 |
Pactiv Evergreen, Inc. | 15,063 | 129,843 |
Perimeter Solutions SA * | 64,240 | 205,568 |
Piedmont Lithium, Inc. * | 6,862 | 188,499 |
PPG Industries, Inc. | 102,198 | 12,546,848 |
PureCycle Technologies, Inc. *(a) | 55,133 | 245,342 |
Quaker Chemical Corp. | 5,787 | 831,708 |
Ramaco Resources, Inc., Class A | 10,591 | 124,762 |
Ramaco Resources, Inc., Class B | 2,118 | 26,496 |
Ranpak Holdings Corp., Class A * | 15,372 | 48,576 |
Rayonier Advanced Materials, Inc. * | 26,864 | 74,413 |
Reliance Steel & Aluminum Co. | 25,549 | 6,499,155 |
Royal Gold, Inc. | 28,503 | 2,973,718 |
RPM International, Inc. | 56,234 | 5,132,477 |
Ryerson Holding Corp. | 12,949 | 376,168 |
Schnitzer Steel Industries, Inc., Class A | 11,633 | 264,185 |
Scotts Miracle-Gro Co. | 17,796 | 790,854 |
Sealed Air Corp. | 62,347 | 1,919,664 |
Sensient Technologies Corp. | 17,965 | 1,013,585 |
Sherwin-Williams Co. | 102,942 | 24,521,814 |
Silgan Holdings, Inc. | 37,619 | 1,507,017 |
Smith-Midland Corp. * | 1,800 | 36,342 |
Solitario Resources Corp. * | 44,899 | 23,042 |
Sonoco Products Co. | 42,541 | 2,204,049 |
Steel Dynamics, Inc. | 67,523 | 7,191,875 |
Stepan Co. | 9,304 | 695,939 |
Summit Materials, Inc., Class A * | 50,640 | 1,666,066 |
SunCoke Energy, Inc. | 34,174 | 324,995 |
Sylvamo Corp. | 15,710 | 695,953 |
TimkenSteel Corp. * | 16,743 | 340,385 |
Tredegar Corp. | 10,770 | 48,250 |
TriMas Corp. | 17,344 | 419,898 |
Trinseo PLC | 14,826 | 91,773 |
Tronox Holdings PLC | 49,611 | 530,342 |
U.S. Antimony Corp. * | 59,275 | 20,076 |
U.S. Gold Corp. * | 7,270 | 24,209 |
U.S. Lime & Minerals, Inc. | 962 | 190,466 |
U.S. Steel Corp. | 98,168 | 3,326,914 |
Universal Stainless & Alloy Products, Inc. * | 5,210 | 75,232 |
Valhi, Inc. | 1,628 | 18,168 |
Vulcan Materials Co. | 57,745 | 11,346,315 |
Warrior Met Coal, Inc. | 22,693 | 1,105,830 |
Westlake Corp. | 13,853 | 1,598,082 |
Westrock Co. | 111,369 | 4,001,488 |
Worthington Industries, Inc. | 12,939 | 797,301 |
472,184,361 | ||
Media & Entertainment 7.2% | ||
Advantage Solutions, Inc. * | 42,984 | 98,863 |
Alphabet, Inc., Class A * | 2,581,097 | 320,262,516 |
Alphabet, Inc., Class C * | 2,195,541 | 275,101,287 |
Altice USA, Inc., Class A * | 96,653 | 279,327 |
AMC Entertainment Holdings, Inc., Class A * | 25,116 | 268,239 |
AMC Networks, Inc., Class A * | 11,743 | 138,567 |
Arena Group Holdings, Inc. * | 4,958 | 20,972 |
Atlanta Braves Holdings, Inc., Class C * | 21,892 | 761,404 |
Boston Omaha Corp., Class A * | 8,359 | 118,949 |
Bumble, Inc., Class A * | 43,395 | 583,229 |
Cable One, Inc. | 2,015 | 1,107,988 |
Cardlytics, Inc. * | 13,998 | 173,435 |
Cargurus, Inc. * | 38,901 | 670,264 |
Cars.com, Inc. * | 26,286 | 400,336 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Charter Communications, Inc., Class A * | 44,335 | 17,858,138 |
Cinemark Holdings, Inc. * | 47,010 | 775,195 |
Clear Channel Outdoor Holdings, Inc. * | 153,084 | 168,392 |
Comcast Corp., Class A | 1,790,866 | 73,944,857 |
comScore, Inc. * | 46,051 | 29,468 |
Cumulus Media, Inc., Class A * | 7,422 | 33,473 |
CuriosityStream, Inc. * | 23,041 | 12,258 |
Daily Journal Corp. * | 412 | 119,847 |
DHI Group, Inc. * | 17,605 | 48,238 |
DISH Network Corp., Class A * | 107,474 | 526,623 |
Electronic Arts, Inc. | 107,508 | 13,308,415 |
Emerald Holding, Inc. * | 6,732 | 33,525 |
Endeavor Group Holdings, Inc., Class A | 82,142 | 1,869,552 |
Entravision Communications Corp., Class A | 34,841 | 124,731 |
Eventbrite, Inc., Class A * | 35,982 | 297,931 |
EverQuote, Inc., Class A * | 8,283 | 71,151 |
EW Scripps Co., Class A * | 25,886 | 141,596 |
Fluent, Inc. * | 30,212 | 14,774 |
Fox Corp., Class A | 162,985 | 4,953,114 |
fuboTV, Inc. * | 129,071 | 312,352 |
Gaia, Inc., Class A * | 10,263 | 27,710 |
Gannett Co., Inc. * | 69,602 | 162,869 |
Getty Images Holdings, Inc. *(a) | 18,585 | 78,615 |
Golden Matrix Group, Inc. * | 8,251 | 20,958 |
Gray Television, Inc. | 36,454 | 237,680 |
Grindr, Inc. * | 10,471 | 62,302 |
Harte Hanks, Inc. * | 3,347 | 21,856 |
IAC, Inc. * | 30,436 | 1,295,052 |
iHeartMedia, Inc., Class A * | 43,715 | 102,730 |
Innovid Corp. * | 35,745 | 35,745 |
Integral Ad Science Holding Corp. * | 20,230 | 232,240 |
Interpublic Group of Cos., Inc. | 167,394 | 4,753,990 |
IZEA Worldwide, Inc. * | 8,623 | 18,626 |
John Wiley & Sons, Inc., Class A | 18,846 | 570,468 |
Lee Enterprises, Inc. * | 1,545 | 13,812 |
Liberty Broadband Corp., Class C * | 57,527 | 4,792,574 |
Liberty Media Corp.-Liberty Formula One, Class C * | 99,957 | 6,466,218 |
Liberty Media Corp.-Liberty Live, Class C * | 28,755 | 916,422 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 97,899 | 2,403,420 |
Lions Gate Entertainment Corp., Class A * | 77,512 | 609,244 |
Live Nation Entertainment, Inc. * | 61,645 | 4,932,833 |
LiveOne, Inc. * | 39,793 | 38,042 |
Madison Square Garden Entertainment Corp., Class A * | 18,450 | 562,356 |
Madison Square Garden Sports Corp. * | 7,599 | 1,277,696 |
Magnite, Inc. * | 51,501 | 341,967 |
Marchex, Inc., Class B * | 24,313 | 31,850 |
Marcus Corp. | 10,398 | 161,585 |
Match Group, Inc. * | 121,155 | 4,191,963 |
MediaAlpha, Inc., Class A * | 11,398 | 117,171 |
Meta Platforms, Inc., Class A * | 966,865 | 291,287,419 |
National CineMedia, Inc. *(a) | 44,303 | 173,225 |
Netflix, Inc. * | 192,827 | 79,384,948 |
New York Times Co., Class A | 70,255 | 2,831,979 |
News Corp., Class A | 219,008 | 4,529,085 |
Nexstar Media Group, Inc., Class A | 14,534 | 2,035,923 |
Nextdoor Holdings, Inc. * | 62,506 | 113,761 |
Omnicom Group, Inc. | 86,584 | 6,486,007 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Outbrain, Inc. * | 10,250 | 43,768 |
Paramount Global, Class B | 214,712 | 2,336,067 |
Pinterest, Inc., Class A * | 252,614 | 7,548,106 |
Playstudios, Inc. * | 40,501 | 114,618 |
Playtika Holding Corp. * | 30,485 | 256,074 |
PodcastOne, Inc. * | 1,895 | 5,988 |
PSQ Holdings, Inc. * | 8,011 | 47,425 |
PubMatic, Inc., Class A * | 19,401 | 218,649 |
QuinStreet, Inc. * | 21,564 | 243,889 |
Reading International, Inc., Class B * | 1,251 | 15,763 |
Reservoir Media, Inc. * | 14,527 | 81,787 |
ROBLOX Corp., Class A * | 209,234 | 6,655,734 |
Roku, Inc. * | 54,145 | 3,225,418 |
Rumble, Inc. *(a) | 34,234 | 153,711 |
Saga Communications, Inc., Class A | 1,989 | 38,587 |
Scholastic Corp. | 12,861 | 474,571 |
Shutterstock, Inc. | 10,396 | 422,909 |
Sinclair, Inc. | 15,351 | 166,865 |
Sirius XM Holdings, Inc. (a) | 278,423 | 1,191,650 |
Skillz, Inc., Class A * | 6,303 | 32,271 |
Snap, Inc., Class A * | 436,540 | 4,369,765 |
Sphere Entertainment Co. * | 11,111 | 365,663 |
Stagwell, Inc., Class A * | 43,953 | 181,086 |
Take-Two Interactive Software, Inc. * | 68,742 | 9,194,243 |
TechTarget, Inc. * | 11,292 | 284,333 |
TEGNA, Inc. | 88,242 | 1,280,391 |
Thryv Holdings, Inc. * | 12,739 | 222,041 |
TKO Group Holdings, Inc. | 22,979 | 1,883,818 |
Townsquare Media, Inc., Class A | 6,366 | 54,748 |
Trade Desk, Inc., Class A * | 193,569 | 13,735,656 |
Travelzoo * | 4,020 | 28,261 |
TripAdvisor, Inc. * | 45,081 | 665,396 |
Troika Media Group, Inc. * | 10,340 | 10,754 |
TrueCar, Inc. * | 41,115 | 75,240 |
Urban One, Inc. * | 6,214 | 32,996 |
Urban One, Inc., Class A * | 6,023 | 32,705 |
Vimeo, Inc. * | 71,535 | 220,328 |
Vivid Seats, Inc., Class A * | 9,000 | 52,920 |
Walt Disney Co. * | 796,194 | 64,961,468 |
Warner Bros Discovery, Inc. * | 959,875 | 9,541,158 |
Warner Music Group Corp., Class A | 60,256 | 1,886,013 |
WideOpenWest, Inc. * | 23,881 | 168,122 |
Yelp, Inc., Class A * | 29,475 | 1,243,550 |
Zedge, Inc., Class B * | 11,319 | 21,732 |
Ziff Davis, Inc. * | 20,262 | 1,225,041 |
ZipRecruiter, Inc., Class A * | 33,246 | 354,070 |
ZoomInfo Technologies, Inc., Class A * | 132,890 | 1,722,254 |
1,273,036,949 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.4% | ||
10X Genomics, Inc., Class A * | 45,093 | 1,590,881 |
180 Life Sciences Corp. * | 348,908 | 149,507 |
4D Molecular Therapeutics, Inc. * | 16,081 | 172,710 |
89bio, Inc. * | 29,991 | 221,933 |
Aadi Bioscience, Inc. * | 8,294 | 36,328 |
AbbVie, Inc. | 768,027 | 108,430,052 |
Abeona Therapeutics, Inc. * | 8,850 | 33,807 |
Absci Corp. * | 23,263 | 30,242 |
ACADIA Pharmaceuticals, Inc. * | 63,466 | 1,432,428 |
AcelRx Pharmaceuticals, Inc. * | 6,381 | 3,318 |
ACELYRIN, Inc. * | 13,426 | 136,744 |
Achieve Life Sciences, Inc. * | 8,279 | 33,282 |
Aclaris Therapeutics, Inc. * | 25,691 | 127,941 |
Acrivon Therapeutics, Inc. * | 3,170 | 16,611 |
Actinium Pharmaceuticals, Inc. *(a) | 12,526 | 69,895 |
Acumen Pharmaceuticals, Inc. * | 9,845 | 18,410 |
Adaptive Biotechnologies Corp. * | 49,145 | 218,204 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
ADMA Biologics, Inc. * | 83,730 | 283,007 |
Adverum Biotechnologies, Inc. * | 36,413 | 32,626 |
Aerovate Therapeutics, Inc. * | 3,663 | 38,864 |
Agenus, Inc. * | 140,185 | 112,148 |
Agilent Technologies, Inc. | 128,225 | 13,254,618 |
Agios Pharmaceuticals, Inc. * | 24,055 | 505,396 |
Akebia Therapeutics, Inc. * | 79,804 | 70,228 |
Akero Therapeutics, Inc. * | 24,455 | 291,504 |
Akoya Biosciences, Inc. * | 7,848 | 27,468 |
Alaunos Therapeutics, Inc. * | 110,297 | 8,824 |
Aldeyra Therapeutics, Inc. * | 19,049 | 32,574 |
Alector, Inc. * | 26,074 | 135,585 |
Aligos Therapeutics, Inc. * | 31,383 | 18,830 |
Alkermes PLC * | 71,451 | 1,728,400 |
Allakos, Inc. * | 29,756 | 56,834 |
Allogene Therapeutics, Inc. * | 38,872 | 109,619 |
Alnylam Pharmaceuticals, Inc. * | 54,590 | 8,286,762 |
Alpine Immune Sciences, Inc. * | 13,710 | 140,390 |
Altimmune, Inc. * | 20,396 | 49,154 |
ALX Oncology Holdings, Inc. *(a) | 10,211 | 73,519 |
Alzamend Neuro, Inc. * | 3,538 | 6,227 |
Amgen, Inc. | 232,752 | 59,514,686 |
Amicus Therapeutics, Inc. * | 109,362 | 1,199,701 |
Amneal Pharmaceuticals, Inc. * | 45,474 | 175,984 |
Amphastar Pharmaceuticals, Inc. * | 16,418 | 743,243 |
Amylyx Pharmaceuticals, Inc. * | 17,199 | 280,516 |
AnaptysBio, Inc. * | 7,265 | 118,492 |
Anavex Life Sciences Corp. * | 36,218 | 202,096 |
ANI Pharmaceuticals, Inc. * | 7,569 | 467,310 |
Anika Therapeutics, Inc. * | 5,811 | 113,314 |
Anixa Biosciences, Inc. * | 12,785 | 40,401 |
Annexon, Inc. * | 19,332 | 43,884 |
Annovis Bio, Inc. * | 2,061 | 13,623 |
Apellis Pharmaceuticals, Inc. * | 44,448 | 2,162,840 |
Apogee Therapeutics, Inc. * | 9,804 | 168,433 |
Applied Therapeutics, Inc. * | 24,504 | 58,810 |
AquaBounty Technologies, Inc. * | 2,202 | 4,999 |
Aquestive Therapeutics, Inc. * | 19,078 | 29,952 |
Arbutus Biopharma Corp. * | 50,681 | 92,746 |
ARCA biopharma, Inc. * | 14,988 | 26,679 |
Arcellx, Inc. * | 12,793 | 450,953 |
Arcturus Therapeutics Holdings, Inc. * | 10,133 | 193,540 |
Arcus Biosciences, Inc. * | 21,937 | 344,630 |
Arcutis Biotherapeutics, Inc. * | 17,059 | 38,383 |
Ardelyx, Inc. * | 92,346 | 364,767 |
Arrowhead Pharmaceuticals, Inc. * | 46,222 | 1,136,599 |
ARS Pharmaceuticals, Inc. *(a) | 16,170 | 57,727 |
Arvinas, Inc. * | 24,238 | 390,717 |
Assembly Biosciences, Inc. * | 32,452 | 28,457 |
Assertio Holdings, Inc. * | 40,135 | 86,290 |
Astria Therapeutics, Inc. * | 9,822 | 49,012 |
Atara Biotherapeutics, Inc. * | 41,098 | 53,016 |
Atea Pharmaceuticals, Inc. * | 33,404 | 108,563 |
Atossa Therapeutics, Inc. * | 45,962 | 30,813 |
Atreca, Inc., Class A * | 22,959 | 4,821 |
aTyr Pharma, Inc. * | 26,689 | 33,361 |
Aura Biosciences, Inc. * | 9,925 | 80,988 |
Avantor, Inc. * | 292,647 | 5,100,837 |
Avid Bioservices, Inc. * | 27,120 | 166,788 |
Avidity Biosciences, Inc. * | 31,152 | 160,433 |
Avita Medical, Inc. * | 10,054 | 93,603 |
Avrobio, Inc. * | 9,797 | 15,577 |
Axcella Health, Inc. * | 730 | 3,993 |
Axsome Therapeutics, Inc. * | 17,254 | 1,074,579 |
Azenta, Inc. * | 26,231 | 1,192,199 |
Beam Therapeutics, Inc. * | 31,404 | 663,881 |
BioAtla, Inc. * | 18,434 | 27,098 |
BioCryst Pharmaceuticals, Inc. * | 80,837 | 443,795 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Biogen, Inc. * | 63,127 | 14,995,188 |
Biohaven Ltd. * | 26,982 | 715,293 |
BioLife Solutions, Inc. * | 14,953 | 151,025 |
BioMarin Pharmaceutical, Inc. * | 81,620 | 6,647,949 |
Biomea Fusion, Inc. * | 9,488 | 96,967 |
Bionano Genomics, Inc. *(a) | 27,990 | 38,626 |
Biora Therapeutics, Inc. * | 8,398 | 16,334 |
Bio-Rad Laboratories, Inc., Class A * | 9,172 | 2,524,868 |
Biote Corp., Class A * | 7,115 | 37,923 |
Bio-Techne Corp. | 68,638 | 3,749,694 |
BioVie, Inc., Class A *(a) | 4,021 | 17,532 |
Black Diamond Therapeutics, Inc. * | 14,484 | 27,230 |
Bluebird Bio, Inc. * | 47,349 | 139,680 |
Blueprint Medicines Corp. * | 26,097 | 1,536,069 |
Bolt Biotherapeutics, Inc. * | 3,417 | 3,349 |
BrainStorm Cell Therapeutics, Inc. * | 11,287 | 1,704 |
Bridgebio Pharma, Inc. * | 52,453 | 1,365,876 |
Bright Green Corp. * | 28,510 | 10,383 |
Bristol-Myers Squibb Co. | 909,034 | 46,842,522 |
Bruker Corp. | 43,457 | 2,477,049 |
C4 Therapeutics, Inc. * | 21,536 | 32,089 |
Cabaletta Bio, Inc. * | 16,585 | 236,502 |
Capricor Therapeutics, Inc. * | 13,479 | 38,011 |
Cara Therapeutics, Inc. * | 20,844 | 26,889 |
Cardiff Oncology, Inc. * | 16,399 | 17,547 |
CareDx, Inc. * | 22,269 | 120,475 |
Caribou Biosciences, Inc. * | 40,353 | 146,481 |
Carisma Therapeutics, Inc. (a) | 11,791 | 35,373 |
Cassava Sciences, Inc. *(a) | 17,259 | 347,769 |
Catalent, Inc. * | 77,740 | 2,673,479 |
Catalyst Pharmaceuticals, Inc. * | 42,971 | 533,270 |
Celcuity, Inc. * | 4,926 | 52,462 |
Celldex Therapeutics, Inc. * | 19,973 | 469,765 |
CEL-SCI Corp. *(a) | 16,481 | 26,864 |
Cerevel Therapeutics Holdings, Inc. * | 38,421 | 908,657 |
Champions Oncology, Inc. * | 6,854 | 37,423 |
Charles River Laboratories International, Inc. * | 22,431 | 3,776,483 |
ChromaDex Corp. * | 24,667 | 32,560 |
Cibus, Inc. *(a) | 7,726 | 83,054 |
Cidara Therapeutics, Inc. * | 26,814 | 20,566 |
Citius Pharmaceuticals, Inc. * | 76,073 | 57,253 |
Clearside Biomedical, Inc. * | 20,216 | 14,649 |
Clene, Inc. * | 25,692 | 10,020 |
Cogent Biosciences, Inc. * | 35,766 | 291,851 |
Cognition Therapeutics, Inc. * | 11,965 | 13,401 |
Coherus Biosciences, Inc. * | 35,313 | 118,299 |
Collegium Pharmaceutical, Inc. * | 14,303 | 311,233 |
Compass Therapeutics, Inc. * | 42,767 | 76,981 |
Corbus Pharmaceuticals Holdings, Inc. * | 3,313 | 18,056 |
Corcept Therapeutics, Inc. * | 38,291 | 1,075,211 |
CorMedix, Inc. * | 22,604 | 78,662 |
Corvus Pharmaceuticals, Inc. * | 15,668 | 17,705 |
Crinetics Pharmaceuticals, Inc. * | 24,945 | 730,639 |
CRISPR Therapeutics AG *(b) | 33,946 | 1,321,518 |
CryoPort, Inc. * | 20,286 | 196,774 |
Cue Biopharma, Inc. * | 17,072 | 35,851 |
Cullinan Oncology, Inc. * | 10,191 | 95,082 |
Curis, Inc. * | 2,854 | 13,499 |
Cymabay Therapeutics, Inc. * | 45,601 | 746,944 |
Cyteir Therapeutics, Inc. * | 15,972 | 47,916 |
Cytek Biosciences, Inc. * | 46,745 | 196,796 |
Cytokinetics, Inc. * | 41,350 | 1,441,461 |
CytomX Therapeutics, Inc. * | 24,817 | 27,299 |
Danaher Corp. | 285,939 | 54,906,007 |
Dare Bioscience, Inc. * | 30,532 | 13,068 |
Day One Biopharmaceuticals, Inc. * | 25,478 | 301,405 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Deciphera Pharmaceuticals, Inc. * | 24,491 | 293,647 |
Denali Therapeutics, Inc. * | 55,676 | 1,048,379 |
DermTech, Inc. *(a) | 11,512 | 15,656 |
DiaMedica Therapeutics, Inc. * | 13,251 | 28,887 |
Dianthus Therapeutics, Inc. * | 1,710 | 20,520 |
Disc Medicine, Inc. * | 5,436 | 249,023 |
Durect Corp. * | 11,344 | 31,196 |
Dyadic International, Inc. * | 16,336 | 26,464 |
Dynavax Technologies Corp. * | 58,800 | 835,548 |
Dyne Therapeutics, Inc. * | 13,729 | 96,789 |
Eagle Pharmaceuticals, Inc. * | 4,393 | 60,316 |
Edgewise Therapeutics, Inc. * | 18,744 | 119,962 |
Editas Medicine, Inc. * | 29,920 | 199,866 |
Eiger BioPharmaceuticals, Inc. * | 33,436 | 8,727 |
Elanco Animal Health, Inc. * | 215,060 | 1,894,679 |
Eledon Pharmaceuticals, Inc. * | 14,987 | 23,380 |
Eli Lilly & Co. | 346,977 | 192,200,970 |
Elicio Operating Co., Inc. * | 2,363 | 15,667 |
Enanta Pharmaceuticals, Inc. * | 8,668 | 78,185 |
Enliven Therapeutics, Inc. *(a) | 8,344 | 103,382 |
Entrada Therapeutics, Inc. * | 7,643 | 122,364 |
EQRx, Inc. * | 106,931 | 233,110 |
Erasca, Inc. * | 37,301 | 86,165 |
Esperion Therapeutics, Inc. * | 57,991 | 48,063 |
Eton Pharmaceuticals, Inc. * | 13,239 | 55,869 |
Evolus, Inc. * | 17,279 | 131,320 |
Exact Sciences Corp. * | 78,408 | 4,829,149 |
Exelixis, Inc. * | 150,515 | 3,099,104 |
Eyenovia, Inc. * | 12,362 | 16,071 |
EyePoint Pharmaceuticals, Inc. * | 11,679 | 70,308 |
Foghorn Therapeutics, Inc. * | 8,974 | 30,063 |
Fortrea Holdings, Inc. * | 38,369 | 1,089,680 |
Frequency Therapeutics, Inc. * | 23,364 | 5,675 |
Fulcrum Therapeutics, Inc. * | 24,485 | 89,125 |
G1 Therapeutics, Inc. * | 21,516 | 35,501 |
Gain Therapeutics, Inc. * | 7,043 | 20,143 |
Galectin Therapeutics, Inc. * | 17,413 | 35,523 |
Galecto, Inc. * | 15,761 | 8,355 |
Genelux Corp. * | 9,191 | 133,361 |
Generation Bio Co. * | 24,023 | 22,541 |
Genprex, Inc. * | 29,742 | 6,573 |
Geron Corp. * | 188,447 | 358,049 |
Gilead Sciences, Inc. | 542,246 | 42,588,001 |
GlycoMimetics, Inc. * | 22,361 | 27,951 |
Gossamer Bio, Inc. * | 38,544 | 19,272 |
Graphite Bio, Inc. * | 17,740 | 44,173 |
Greenwich Lifesciences, Inc. * | 2,671 | 22,036 |
Halozyme Therapeutics, Inc. * | 56,540 | 1,915,010 |
Harmony Biosciences Holdings, Inc. * | 13,388 | 315,154 |
Harrow, Inc. * | 12,577 | 180,291 |
Harvard Bioscience, Inc. * | 14,274 | 62,663 |
Heron Therapeutics, Inc. * | 51,211 | 32,616 |
HilleVax, Inc. * | 5,558 | 61,138 |
Homology Medicines, Inc. * | 21,971 | 22,850 |
Hookipa Pharma, Inc. * | 36,285 | 15,675 |
Humacyte, Inc. *(a) | 22,996 | 48,752 |
Icosavax, Inc. * | 8,894 | 54,698 |
Ideaya Biosciences, Inc. * | 25,564 | 694,574 |
IGM Biosciences, Inc. * | 4,577 | 18,033 |
Ikena Oncology, Inc. * | 12,066 | 48,626 |
Illumina, Inc. * | 68,881 | 7,536,959 |
Immuneering Corp., Class A *(a) | 8,677 | 60,999 |
Immunic, Inc. *(a) | 25,000 | 26,500 |
ImmunityBio, Inc. *(a) | 60,586 | 190,240 |
ImmunoGen, Inc. * | 99,900 | 1,484,514 |
Immunome, Inc. * | 7,511 | 66,097 |
Immunovant, Inc. * | 23,486 | 776,212 |
IN8bio, Inc. * | 13,105 | 12,319 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Incyte Corp. * | 81,840 | 4,413,631 |
Inhibrx, Inc. * | 13,459 | 208,211 |
Inmune Bio, Inc. * | 5,159 | 37,609 |
Innoviva, Inc. * | 24,927 | 309,344 |
Inovio Pharmaceuticals, Inc. * | 132,910 | 48,419 |
Inozyme Pharma, Inc. * | 10,879 | 32,311 |
Insmed, Inc. * | 63,877 | 1,600,758 |
Instil Bio, Inc. * | 59,627 | 22,122 |
Intellia Therapeutics, Inc. * | 37,913 | 949,721 |
Intercept Pharmaceuticals, Inc. * | 16,133 | 305,398 |
Intra-Cellular Therapies, Inc. * | 38,421 | 1,911,829 |
Invivyd, Inc. * | 24,069 | 38,029 |
Ionis Pharmaceuticals, Inc. * | 61,661 | 2,729,732 |
Iovance Biotherapeutics, Inc. * | 96,581 | 368,939 |
IQVIA Holdings, Inc. * | 79,513 | 14,378,336 |
Ironwood Pharmaceuticals, Inc., Class A * | 56,987 | 511,173 |
iTeos Therapeutics, Inc. * | 10,503 | 105,660 |
Janux Therapeutics, Inc. * | 6,583 | 42,263 |
Jasper Therapeutics, Inc. * | 36,899 | 25,220 |
Jazz Pharmaceuticals PLC * | 27,628 | 3,509,309 |
Johnson & Johnson | 1,047,803 | 155,431,097 |
KalVista Pharmaceuticals, Inc. * | 8,852 | 75,153 |
Karuna Therapeutics, Inc. * | 15,711 | 2,617,610 |
Keros Therapeutics, Inc. * | 10,741 | 306,548 |
Kezar Life Sciences, Inc. * | 182,308 | 131,462 |
Kineta, Inc. | 8,000 | 33,920 |
Kiniksa Pharmaceuticals Ltd., Class A * | 12,806 | 195,291 |
Kinnate Biopharma, Inc. * | 9,080 | 10,079 |
Kodiak Sciences, Inc. * | 15,730 | 22,809 |
Kronos Bio, Inc. * | 16,500 | 14,436 |
Krystal Biotech, Inc. * | 10,641 | 1,243,614 |
Kura Oncology, Inc. * | 27,728 | 234,302 |
Kymera Therapeutics, Inc. * | 16,569 | 193,360 |
Lantern Pharma, Inc. * | 657 | 1,633 |
Larimar Therapeutics, Inc. * | 15,137 | 44,351 |
Lexicon Pharmaceuticals, Inc. * | 46,637 | 57,830 |
Ligand Pharmaceuticals, Inc. * | 7,105 | 371,520 |
Lineage Cell Therapeutics, Inc. * | 68,183 | 77,729 |
Lipocine, Inc. * | 2,942 | 7,502 |
Liquidia Corp. * | 20,793 | 135,362 |
Longboard Pharmaceuticals, Inc. * | 7,324 | 39,659 |
Lyell Immunopharma, Inc. * | 61,098 | 101,117 |
Lyra Therapeutics, Inc. * | 9,060 | 26,908 |
MacroGenics, Inc. * | 24,123 | 125,922 |
Madrigal Pharmaceuticals, Inc. * | 6,755 | 887,472 |
MannKind Corp. * | 113,573 | 487,228 |
Maravai LifeSciences Holdings, Inc., Class A * | 48,185 | 330,549 |
Marinus Pharmaceuticals, Inc. * | 19,569 | 135,809 |
MaxCyte, Inc. * | 38,683 | 114,502 |
MediciNova, Inc. * | 17,843 | 34,080 |
Medpace Holdings, Inc. * | 10,142 | 2,461,159 |
MEI Pharma, Inc. * | 4,822 | 32,886 |
Merck & Co., Inc. | 1,104,155 | 113,396,718 |
Merrimack Pharmaceuticals, Inc. * | 5,681 | 69,479 |
Mersana Therapeutics, Inc. * | 44,571 | 53,039 |
Mesa Laboratories, Inc. | 2,222 | 208,490 |
Mettler-Toledo International, Inc. * | 9,548 | 9,406,690 |
MiMedx Group, Inc. * | 51,298 | 336,515 |
Mind Medicine MindMed, Inc. * | 18,372 | 47,032 |
Mineralys Therapeutics, Inc. * | 5,051 | 39,044 |
MiNK Therapeutics, Inc. * | 1,744 | 1,779 |
Mirati Therapeutics, Inc. * | 26,605 | 1,477,376 |
Miromatrix Medical, Inc. * | 11,036 | 36,640 |
Mirum Pharmaceuticals, Inc. * | 14,627 | 401,219 |
Moderna, Inc. * | 143,815 | 10,924,187 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Moleculin Biotech, Inc. * | 5,479 | 2,653 |
Monte Rosa Therapeutics, Inc. * | 13,679 | 46,509 |
Morphic Holding, Inc. * | 17,544 | 350,003 |
Mustang Bio, Inc. * | 5,943 | 9,747 |
Myriad Genetics, Inc. * | 34,998 | 545,269 |
Natera, Inc. * | 47,049 | 1,857,024 |
Nautilus Biotechnology, Inc. * | 22,256 | 56,975 |
Nektar Therapeutics, Class A * | 99,411 | 46,624 |
Neurocrine Biosciences, Inc. * | 42,863 | 4,755,221 |
NextCure, Inc. * | 10,000 | 10,300 |
Novavax, Inc. *(a) | 37,078 | 246,939 |
NRX Pharmaceuticals, Inc. * | 43,732 | 14,213 |
Nurix Therapeutics, Inc. * | 17,851 | 99,787 |
Nuvalent, Inc., Class A * | 13,827 | 720,248 |
Nuvectis Pharma, Inc. *(a) | 2,330 | 20,854 |
Ocean Biomedical, Inc. *(a) | 6,470 | 10,870 |
Ocugen, Inc. * | 170,254 | 62,636 |
Ocular Therapeutix, Inc. * | 36,014 | 102,640 |
Ocuphire Pharma, Inc. * | 5,599 | 15,957 |
Olema Pharmaceuticals, Inc. * | 18,580 | 246,928 |
Omega Therapeutics, Inc. * | 9,399 | 12,877 |
Omeros Corp. *(a) | 26,846 | 31,947 |
OmniAb, Inc. * | 48,133 | 219,005 |
Oncternal Therapeutics, Inc. * | 32,249 | 10,945 |
Optinose, Inc. * | 36,174 | 40,877 |
Oragenics, Inc. * | 1,680 | 6,114 |
Organogenesis Holdings, Inc., Class A * | 29,326 | 65,690 |
Organon & Co. | 112,824 | 1,668,667 |
ORIC Pharmaceuticals, Inc. * | 16,653 | 111,575 |
Ovid therapeutics, Inc. * | 26,321 | 93,440 |
Pacific Biosciences of California, Inc. * | 99,022 | 611,956 |
Pacira BioSciences, Inc. * | 19,757 | 558,333 |
Palatin Technologies, Inc. * | 5,171 | 10,652 |
Passage Bio, Inc. * | 7,891 | 5,050 |
PDS Biotechnology Corp. *(a) | 13,278 | 55,369 |
PepGen, Inc. * | 4,814 | 24,648 |
Perrigo Co. PLC | 58,233 | 1,609,560 |
Personalis, Inc. * | 22,941 | 22,074 |
Perspective Therapeutics, Inc. * | 116,009 | 30,046 |
Pfizer, Inc. | 2,456,735 | 75,077,822 |
PharmaCyte Biotech, Inc. * | 5,947 | 12,608 |
Phathom Pharmaceuticals, Inc. * | 11,258 | 104,699 |
Phibro Animal Health Corp., Class A | 8,185 | 89,380 |
Pliant Therapeutics, Inc. * | 25,045 | 367,410 |
PMV Pharmaceuticals, Inc. * | 14,570 | 22,001 |
Point Biopharma Global, Inc. * | 40,904 | 517,845 |
Poseida Therapeutics, Inc., Class A * | 19,911 | 40,220 |
Praxis Precision Medicines, Inc. * | 21,152 | 21,787 |
Precigen, Inc. * | 67,713 | 76,516 |
Prelude Therapeutics, Inc. * | 7,515 | 12,700 |
Prestige Consumer Healthcare, Inc. * | 21,494 | 1,275,884 |
Prime Medicine, Inc. *(a) | 18,724 | 121,519 |
ProKidney Corp. *(a) | 17,259 | 28,132 |
ProPhase Labs, Inc. * | 5,896 | 25,883 |
Protagonist Therapeutics, Inc. * | 23,130 | 336,310 |
Prothena Corp. PLC * | 17,365 | 633,128 |
PTC Therapeutics, Inc. * | 31,922 | 598,537 |
Puma Biotechnology, Inc. * | 19,453 | 47,854 |
Pyxis Oncology, Inc. * | 6,524 | 10,895 |
Quanterix Corp. * | 14,993 | 325,648 |
Quantum-Si, Inc. * | 32,018 | 38,422 |
Quince Therapeutics, Inc. * | 11,013 | 10,689 |
Rallybio Corp. * | 7,128 | 29,938 |
Rani Therapeutics Holdings, Inc., Class A * | 2,793 | 5,474 |
Rapid Micro Biosystems, Inc., Class A * | 6,797 | 7,001 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
RAPT Therapeutics, Inc. * | 10,996 | 144,597 |
Recursion Pharmaceuticals, Inc., Class A * | 69,639 | 367,694 |
Regeneron Pharmaceuticals, Inc. * | 46,446 | 36,222,771 |
REGENXBIO, Inc. * | 16,406 | 211,473 |
Regulus Therapeutics, Inc. * | 9,113 | 11,118 |
Relay Therapeutics, Inc. * | 58,957 | 389,116 |
Relmada Therapeutics, Inc. * | 12,505 | 37,390 |
Reneo Pharmaceuticals, Inc. * | 7,425 | 60,068 |
RenovoRx, Inc. * | 49,232 | 52,678 |
Repligen Corp. * | 22,747 | 3,060,836 |
Replimune Group, Inc. * | 24,096 | 351,079 |
Revance Therapeutics, Inc. * | 36,568 | 288,522 |
Reviva Pharmaceuticals Holdings, Inc. *(a) | 4,892 | 22,943 |
REVOLUTION Medicines, Inc. * | 43,835 | 867,933 |
Revvity, Inc. | 54,597 | 4,523,361 |
Rezolute, Inc. * | 13,757 | 13,309 |
Rhythm Pharmaceuticals, Inc. * | 22,511 | 520,229 |
Rigel Pharmaceuticals, Inc. * | 65,618 | 52,973 |
Rocket Pharmaceuticals, Inc. * | 35,447 | 641,591 |
Roivant Sciences Ltd. * | 141,513 | 1,222,672 |
Royalty Pharma PLC, Class A | 168,881 | 4,537,832 |
SAB Biotherapeutics, Inc. * | 16,238 | 16,236 |
Sage Therapeutics, Inc. * | 22,552 | 422,399 |
Sana Biotechnology, Inc. * | 38,121 | 112,838 |
Sangamo Therapeutics, Inc. * | 80,106 | 50,483 |
Sarepta Therapeutics, Inc. * | 40,733 | 2,741,738 |
Savara, Inc. * | 40,048 | 146,576 |
Scholar Rock Holding Corp. * | 13,870 | 163,111 |
Scilex Holding Co. *(b) | 30,357 | 46,849 |
scPharmaceuticals, Inc. * | 7,807 | 41,767 |
SCYNEXIS, Inc. * | 8,875 | 16,774 |
Seagen, Inc. * | 61,235 | 13,031,420 |
Seelos Therapeutics, Inc. * | 99,356 | 18,450 |
Seer, Inc., Class A * | 17,867 | 29,302 |
Selecta Biosciences, Inc. * | 59,796 | 74,745 |
SELLAS Life Sciences Group, Inc. * | 16,238 | 15,752 |
Sera Prognostics, Inc., Class A * | 12,000 | 21,000 |
Seres Therapeutics, Inc. * | 40,525 | 62,003 |
Shattuck Labs, Inc. * | 20,881 | 33,827 |
SIGA Technologies, Inc. | 17,097 | 87,195 |
Societal CDMO, Inc. * | 37,047 | 12,766 |
Solid Biosciences, Inc. * | 4,276 | 9,535 |
SomaLogic, Inc. * | 72,426 | 161,510 |
Sotera Health Co. * | 43,614 | 552,153 |
Spero Therapeutics, Inc. * | 28,565 | 30,850 |
SpringWorks Therapeutics, Inc. * | 24,215 | 554,523 |
Spruce Biosciences, Inc. * | 15,289 | 17,429 |
Standard BioTools, Inc. * | 31,192 | 62,072 |
Stoke Therapeutics, Inc. * | 12,708 | 48,417 |
Summit Therapeutics, Inc. *(a) | 46,158 | 89,547 |
Supernus Pharmaceuticals, Inc. * | 23,188 | 553,034 |
Sutro Biopharma, Inc. * | 23,381 | 64,298 |
Syndax Pharmaceuticals, Inc. * | 28,799 | 405,490 |
Synlogic, Inc. * | 1,666 | 3,149 |
Syros Pharmaceuticals, Inc. * | 4,670 | 11,628 |
Tango Therapeutics, Inc. * | 18,079 | 151,864 |
Tarsus Pharmaceuticals, Inc. * | 8,807 | 125,412 |
Taysha Gene Therapies, Inc. * | 16,140 | 37,768 |
Tenaya Therapeutics, Inc. * | 14,896 | 27,111 |
Terns Pharmaceuticals, Inc. * | 16,643 | 87,542 |
TG Therapeutics, Inc. * | 60,796 | 469,953 |
TherapeuticsMD, Inc. * | 7,060 | 15,038 |
Theravance Biopharma, Inc. * | 21,449 | 202,479 |
Theriva Biologics, Inc. * | 13,566 | 6,078 |
Thermo Fisher Scientific, Inc. | 167,939 | 74,694,229 |
Theseus Pharmaceuticals, Inc. *(a) | 9,940 | 22,862 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Third Harmonic Bio, Inc. * | 5,232 | 33,485 |
Tourmaline Bio, Inc. | 1,370 | 22,591 |
Travere Therapeutics, Inc. * | 29,285 | 189,767 |
Trevi Therapeutics, Inc. * | 12,557 | 22,351 |
Twist Bioscience Corp. * | 25,495 | 401,801 |
Tyra Biosciences, Inc. * | 6,880 | 79,808 |
Ultragenyx Pharmaceutical, Inc. * | 34,727 | 1,229,336 |
uniQure NV * | 18,083 | 103,073 |
United Therapeutics Corp. * | 20,493 | 4,567,070 |
UNITY Biotechnology, Inc. * | 4,595 | 9,144 |
Vanda Pharmaceuticals, Inc. * | 24,287 | 106,377 |
Vaxart, Inc. * | 314,821 | 207,971 |
Vaxcyte, Inc. * | 37,490 | 1,803,269 |
Vaxxinity, Inc., Class A *(a) | 22,917 | 26,355 |
Ventyx Biosciences, Inc. * | 20,885 | 301,162 |
Vera Therapeutics, Inc., Class A * | 12,309 | 128,260 |
Veracyte, Inc. * | 30,348 | 628,811 |
Verastem, Inc. * | 7,159 | 44,959 |
Vericel Corp. * | 20,027 | 704,550 |
Verrica Pharmaceuticals, Inc. *(a) | 7,637 | 28,104 |
Vertex Pharmaceuticals, Inc. * | 112,407 | 40,703,699 |
Verve Therapeutics, Inc. * | 18,886 | 227,387 |
Viatris, Inc. | 527,718 | 4,696,690 |
Vigil Neuroscience, Inc. * | 5,235 | 36,645 |
Viking Therapeutics, Inc. * | 44,820 | 439,684 |
Vir Biotechnology, Inc. * | 41,660 | 330,364 |
Viracta Therapeutics, Inc. * | 12,430 | 7,707 |
Viridian Therapeutics, Inc. * | 18,686 | 233,575 |
Vor BioPharma, Inc. * | 17,792 | 32,559 |
Voyager Therapeutics, Inc. * | 12,446 | 81,770 |
Waters Corp. * | 25,492 | 6,080,607 |
WaVe Life Sciences Ltd. * | 29,975 | 161,265 |
Werewolf Therapeutics, Inc. * | 6,982 | 17,455 |
West Pharmaceutical Services, Inc. | 32,001 | 10,185,598 |
X4 Pharmaceuticals, Inc. * | 42,386 | 33,930 |
XBiotech, Inc. * | 10,477 | 43,794 |
Xencor, Inc. * | 25,852 | 448,532 |
Xeris Biopharma Holdings, Inc. * | 60,840 | 111,337 |
Xilio Therapeutics, Inc. * | 11,925 | 25,639 |
XOMA Corp. * | 2,843 | 53,591 |
Y-mAbs Therapeutics, Inc. * | 14,556 | 77,729 |
Zentalis Pharmaceuticals, Inc. * | 24,484 | 400,558 |
Zevra Therapeutics, Inc. * | 11,139 | 49,903 |
Zoetis, Inc. | 200,298 | 31,446,786 |
Zura Bio Ltd., Class A *(a) | 5,513 | 25,911 |
1,317,127,258 | ||
Real Estate Management & Development 0.2% | ||
Altisource Portfolio Solutions SA * | 9,415 | 35,400 |
AMREP Corp. * | 2,361 | 39,405 |
Anywhere Real Estate, Inc. * | 48,041 | 224,352 |
CBRE Group, Inc., Class A * | 134,475 | 9,324,497 |
Compass, Inc., Class A * | 148,596 | 294,220 |
CoStar Group, Inc. * | 177,484 | 13,029,101 |
Cushman & Wakefield PLC * | 70,899 | 522,526 |
DigitalBridge Group, Inc. | 63,571 | 1,007,600 |
Doma Holdings, Inc. * | 1,501 | 6,199 |
Douglas Elliman, Inc. | 28,072 | 49,687 |
eXp World Holdings, Inc. | 31,554 | 418,722 |
Fathom Holdings, Inc. * | 2,686 | 7,333 |
Forestar Group, Inc. * | 6,900 | 163,875 |
FRP Holdings, Inc. * | 2,978 | 160,187 |
Howard Hughes Holdings, Inc. * | 14,474 | 960,060 |
InterGroup Corp. * | 1,138 | 30,612 |
Jones Lang LaSalle, Inc. * | 20,507 | 2,623,255 |
Kennedy-Wilson Holdings, Inc. | 52,161 | 671,312 |
Marcus & Millichap, Inc. | 11,056 | 317,307 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Maui Land & Pineapple Co., Inc. * | 3,498 | 51,211 |
Newmark Group, Inc., Class A | 53,804 | 305,069 |
Offerpad Solutions, Inc. * | 8,794 | 69,912 |
Opendoor Technologies, Inc. * | 251,531 | 477,909 |
Rafael Holdings, Inc., Class B * | 1,046 | 1,862 |
RE/MAX Holdings, Inc., Class A | 6,967 | 74,965 |
Redfin Corp. * | 46,168 | 215,143 |
RMR Group, Inc., Class A | 6,145 | 138,385 |
Seritage Growth Properties, Class A * | 16,651 | 120,553 |
St. Joe Co. | 15,558 | 725,625 |
Stratus Properties, Inc. * | 3,398 | 87,227 |
Tejon Ranch Co. * | 11,108 | 172,396 |
WeWork, Inc., Class A *(a) | 7,890 | 17,989 |
Zillow Group, Inc., Class C * | 92,725 | 3,361,281 |
35,705,177 | ||
Semiconductors & Semiconductor Equipment 6.5% | ||
ACM Research, Inc., Class A * | 22,189 | 301,770 |
Advanced Micro Devices, Inc. * | 703,029 | 69,248,356 |
Aehr Test Systems * | 11,116 | 261,893 |
Allegro MicroSystems, Inc. * | 29,795 | 773,478 |
Alpha & Omega Semiconductor Ltd. * | 9,994 | 237,058 |
Ambarella, Inc. * | 16,219 | 729,693 |
Amkor Technology, Inc. | 45,775 | 954,866 |
Amtech Systems, Inc. * | 6,347 | 45,476 |
Analog Devices, Inc. | 218,183 | 34,326,731 |
Applied Materials, Inc. | 365,400 | 48,360,690 |
Atomera, Inc. *(a) | 12,488 | 79,923 |
Axcelis Technologies, Inc. * | 14,115 | 1,799,662 |
AXT, Inc. * | 15,887 | 31,615 |
Broadcom, Inc. | 179,572 | 151,086,494 |
CEVA, Inc. * | 10,247 | 175,941 |
Cirrus Logic, Inc. * | 23,648 | 1,582,761 |
Cohu, Inc. * | 20,047 | 604,217 |
Credo Technology Group Holding Ltd. * | 50,392 | 716,574 |
CVD Equipment Corp. * | 3,009 | 17,482 |
Diodes, Inc. * | 19,535 | 1,271,338 |
Enphase Energy, Inc. * | 59,223 | 4,712,966 |
Entegris, Inc. | 64,985 | 5,721,279 |
Everspin Technologies, Inc. * | 8,698 | 84,110 |
First Solar, Inc. * | 46,365 | 6,604,694 |
FormFactor, Inc. * | 33,029 | 1,119,023 |
GSI Technology, Inc. * | 8,052 | 15,862 |
Ichor Holdings Ltd. * | 12,049 | 292,309 |
Impinj, Inc. * | 9,452 | 610,694 |
indie Semiconductor, Inc., Class A * | 56,060 | 274,133 |
Intel Corp. | 1,822,330 | 66,515,045 |
inTEST Corp. * | 4,591 | 59,362 |
KLA Corp. | 59,491 | 27,942,923 |
Kopin Corp. * | 40,189 | 49,432 |
Kulicke & Soffa Industries, Inc. | 25,768 | 1,072,206 |
Lam Research Corp. | 58,002 | 34,117,936 |
Lattice Semiconductor Corp. * | 59,972 | 3,335,043 |
MACOM Technology Solutions Holdings, Inc. * | 23,035 | 1,624,889 |
Marvell Technology, Inc. | 374,213 | 17,670,338 |
MaxLinear, Inc. * | 31,865 | 484,348 |
Meta Materials, Inc. * | 393,855 | 47,656 |
Microchip Technology, Inc. | 237,391 | 16,923,604 |
Micron Technology, Inc. | 476,600 | 31,870,242 |
MKS Instruments, Inc. | 27,580 | 1,810,903 |
Monolithic Power Systems, Inc. | 20,743 | 9,163,013 |
Navitas Semiconductor Corp., Class A * | 53,865 | 282,253 |
NVE Corp. | 1,912 | 130,016 |
NVIDIA Corp. | 1,074,492 | 438,177,838 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
NXP Semiconductors NV | 112,456 | 19,390,788 |
ON Semiconductor Corp. * | 188,331 | 11,797,054 |
Onto Innovation, Inc. * | 21,746 | 2,443,598 |
PDF Solutions, Inc. * | 12,456 | 330,458 |
Photronics, Inc. * | 27,001 | 495,738 |
Pixelworks, Inc. * | 21,959 | 26,790 |
Power Integrations, Inc. | 24,536 | 1,701,081 |
Qorvo, Inc. * | 42,910 | 3,751,192 |
QUALCOMM, Inc. | 485,607 | 52,926,307 |
QuickLogic Corp. * | 7,578 | 70,930 |
Rambus, Inc. * | 48,235 | 2,620,608 |
Rigetti Computing, Inc. * | 30,086 | 31,891 |
Semtech Corp. * | 27,200 | 379,712 |
Silicon Laboratories, Inc. * | 13,805 | 1,272,545 |
SiTime Corp. * | 7,254 | 723,949 |
SkyWater Technology, Inc. * | 2,749 | 13,553 |
Skyworks Solutions, Inc. | 69,254 | 6,007,092 |
SMART Global Holdings, Inc. * | 21,681 | 297,030 |
SolarEdge Technologies, Inc. * | 24,687 | 1,874,978 |
Synaptics, Inc. * | 16,813 | 1,406,576 |
Teradyne, Inc. | 67,193 | 5,595,161 |
Texas Instruments, Inc. | 395,085 | 56,106,021 |
Transphorm, Inc. * | 11,592 | 30,255 |
Trio-Tech International * | 2,059 | 14,022 |
Ultra Clean Holdings, Inc. * | 21,314 | 508,552 |
Universal Display Corp. | 18,753 | 2,610,043 |
Veeco Instruments, Inc. * | 24,931 | 596,848 |
Wolfspeed, Inc. * | 53,532 | 1,811,523 |
1,158,152,430 | ||
Software & Services 12.0% | ||
8x8, Inc. * | 46,219 | 110,001 |
A10 Networks, Inc. | 27,651 | 300,566 |
Accenture PLC, Class A | 274,479 | 81,544,966 |
ACI Worldwide, Inc. * | 46,527 | 947,755 |
Adeia, Inc. | 47,028 | 396,446 |
Adobe, Inc. * | 198,333 | 105,525,056 |
Agilysys, Inc. * | 8,573 | 735,478 |
Akamai Technologies, Inc. * | 65,876 | 6,806,967 |
Alarm.com Holdings, Inc. * | 22,683 | 1,159,782 |
Alkami Technology, Inc. * | 15,859 | 284,669 |
Altair Engineering, Inc., Class A * | 24,227 | 1,504,981 |
Alteryx, Inc., Class A * | 27,268 | 872,849 |
American Software, Inc., Class A | 13,798 | 151,364 |
Amplitude, Inc., Class A * | 27,091 | 269,826 |
ANSYS, Inc. * | 37,696 | 10,489,289 |
Appfolio, Inc., Class A * | 8,785 | 1,647,802 |
Appian Corp., Class A * | 17,792 | 702,072 |
Applied Digital Corp. * | 28,011 | 136,694 |
AppLovin Corp., Class A * | 58,930 | 2,147,409 |
Arteris, Inc. * | 9,920 | 54,064 |
Asana, Inc., Class A * | 34,549 | 638,120 |
Aspen Technology, Inc. * | 12,573 | 2,234,851 |
Atlassian Corp., Class A * | 66,037 | 11,928,924 |
AudioEye, Inc. * | 4,308 | 19,128 |
Aurora Innovation, Inc. * | 328,387 | 574,677 |
Autodesk, Inc. * | 93,158 | 18,410,816 |
AvePoint, Inc. * | 39,999 | 299,593 |
Backblaze, Inc., Class A * | 5,377 | 28,014 |
Bentley Systems, Inc., Class B | 99,873 | 4,857,823 |
BigCommerce Holdings, Inc. * | 27,578 | 245,168 |
Bill Holdings, Inc. * | 42,499 | 3,879,734 |
Blackbaud, Inc. * | 18,300 | 1,196,820 |
BlackLine, Inc. * | 22,134 | 1,086,779 |
Blend Labs, Inc., Class A * | 73,956 | 89,487 |
Box, Inc., Class A * | 61,960 | 1,540,326 |
Braze, Inc., Class A * | 20,845 | 887,580 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Brightcove, Inc. * | 15,409 | 47,460 |
C3.ai, Inc., Class A *(a) | 40,940 | 998,936 |
Cadence Design Systems, Inc. * | 118,264 | 28,365,620 |
Castellum, Inc. * | 34,318 | 18,017 |
CCC Intelligent Solutions Holdings, Inc. * | 88,515 | 953,307 |
Cerence, Inc. * | 17,854 | 273,345 |
Cipher Mining, Inc. *(a) | 16,000 | 53,280 |
Cleanspark, Inc. * | 73,985 | 303,339 |
Clear Secure, Inc., Class A | 35,287 | 593,527 |
Clearwater Analytics Holdings, Inc., Class A * | 39,541 | 714,901 |
Cloudflare, Inc., Class A * | 127,018 | 7,200,650 |
Cognizant Technology Solutions Corp., Class A | 219,990 | 14,182,755 |
CommVault Systems, Inc. * | 19,014 | 1,242,565 |
Computer Task Group, Inc. * | 7,864 | 81,628 |
Confluent, Inc., Class A * | 92,336 | 2,669,434 |
Consensus Cloud Solutions, Inc. * | 7,116 | 153,634 |
CoreCard Corp. * | 2,218 | 47,399 |
Couchbase, Inc. * | 10,823 | 168,406 |
Crowdstrike Holdings, Inc., Class A * | 97,459 | 17,227,827 |
CS Disco, Inc. * | 8,360 | 46,900 |
CSP, Inc. | 2,909 | 60,653 |
DarioHealth Corp. *(a) | 10,290 | 13,171 |
Datadog, Inc., Class A * | 129,779 | 10,573,095 |
Dave, Inc. *(a) | 5,855 | 29,626 |
DecisionPoint Systems, Inc. * | 4,188 | 21,610 |
Digimarc Corp. * | 5,752 | 149,207 |
Digital Turbine, Inc. * | 39,598 | 187,695 |
DigitalOcean Holdings, Inc. * | 24,086 | 492,800 |
DocuSign, Inc., Class A * | 88,487 | 3,440,375 |
Dolby Laboratories, Inc., Class A | 26,426 | 2,138,920 |
Domo, Inc., Class B * | 14,774 | 120,556 |
DoubleVerify Holdings, Inc. * | 54,733 | 1,523,219 |
Dropbox, Inc., Class A * | 112,036 | 2,946,547 |
D-Wave Quantum, Inc. * | 23,310 | 16,830 |
DXC Technology Co. * | 89,096 | 1,797,066 |
Dynatrace, Inc. * | 103,310 | 4,618,990 |
E2open Parent Holdings, Inc. * | 73,998 | 213,854 |
Ebix, Inc. | 10,319 | 62,843 |
Edgio, Inc. * | 117,132 | 91,621 |
eGain Corp. * | 7,634 | 45,957 |
Elastic NV * | 34,780 | 2,609,891 |
Enfusion, Inc., Class A * | 18,455 | 153,177 |
EngageSmart, Inc. * | 20,503 | 464,393 |
Envestnet, Inc. * | 21,407 | 792,059 |
EPAM Systems, Inc. * | 25,266 | 5,497,124 |
Everbridge, Inc. * | 16,799 | 346,227 |
EverCommerce, Inc. * | 12,868 | 123,275 |
Expensify, Inc., Class A * | 18,547 | 49,520 |
Fair Isaac Corp. * | 10,779 | 9,117,633 |
Fastly, Inc., Class A * | 49,899 | 732,018 |
Five9, Inc. * | 32,050 | 1,854,733 |
Fortinet, Inc. * | 283,850 | 16,227,704 |
Freshworks, Inc., Class A * | 71,818 | 1,288,415 |
Gartner, Inc. * | 34,311 | 11,392,624 |
Gen Digital, Inc. | 243,719 | 4,060,359 |
Gitlab, Inc., Class A * | 34,834 | 1,507,616 |
Glimpse Group, Inc. * | 1,370 | 1,288 |
GoDaddy, Inc., Class A * | 63,722 | 4,666,362 |
Grid Dynamics Holdings, Inc. * | 23,721 | 240,531 |
Guidewire Software, Inc. * | 35,881 | 3,233,955 |
Hackett Group, Inc. | 9,720 | 216,659 |
HashiCorp, Inc., Class A * | 44,803 | 882,171 |
HubSpot, Inc. * | 21,722 | 9,205,132 |
Informatica, Inc., Class A * | 15,704 | 301,203 |
Information Services Group, Inc. | 16,112 | 65,415 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Instructure Holdings, Inc. * | 7,414 | 182,607 |
Intapp, Inc. * | 11,932 | 408,074 |
Intellicheck, Inc. * | 12,962 | 23,980 |
InterDigital, Inc. | 11,325 | 852,206 |
International Business Machines Corp. | 396,407 | 57,336,308 |
Intuit, Inc. | 121,863 | 60,316,092 |
Issuer Direct Corp. * | 1,318 | 22,986 |
Jamf Holding Corp. * | 24,817 | 398,561 |
Kaltura, Inc. * | 33,164 | 57,042 |
Kyndryl Holdings, Inc. * | 99,687 | 1,458,421 |
LivePerson, Inc. * | 29,329 | 77,429 |
LiveRamp Holdings, Inc. * | 30,335 | 839,066 |
LiveVox Holdings, Inc. * | 12,597 | 45,475 |
Manhattan Associates, Inc. * | 26,778 | 5,221,174 |
Marathon Digital Holdings, Inc. *(a) | 71,998 | 634,302 |
MariaDB PLC * | 13,835 | 6,187 |
Matterport, Inc. * | 104,115 | 212,395 |
MeridianLink, Inc. * | 8,842 | 145,186 |
Microsoft Corp. | 3,232,291 | 1,092,869,910 |
MicroStrategy, Inc., Class A * | 5,281 | 2,235,923 |
Mitek Systems, Inc. * | 18,641 | 199,086 |
Model N, Inc. * | 14,577 | 351,306 |
MongoDB, Inc., Class A * | 30,724 | 10,587,183 |
N-able, Inc. * | 29,867 | 387,076 |
nCino, Inc. * | 26,902 | 755,946 |
NCR Voyix Corp. * | 57,071 | 872,616 |
New Relic, Inc. * | 23,553 | 2,041,339 |
NextNav, Inc. *(a) | 23,511 | 109,561 |
Nutanix, Inc., Class A * | 102,615 | 3,713,637 |
Okta, Inc. * | 67,807 | 4,570,870 |
Olo, Inc., Class A * | 44,208 | 225,903 |
OMNIQ Corp. * | 3,906 | 2,476 |
ON24, Inc. | 17,135 | 105,380 |
OneSpan, Inc. * | 14,940 | 118,026 |
Oracle Corp. | 685,014 | 70,830,448 |
PagerDuty, Inc. * | 40,603 | 818,963 |
Palantir Technologies, Inc., Class A * | 826,118 | 12,226,546 |
Palo Alto Networks, Inc. * | 133,087 | 32,342,803 |
Park City Group, Inc. (a) | 6,299 | 61,352 |
Pegasystems, Inc. | 17,857 | 763,208 |
Perficient, Inc. * | 14,763 | 859,059 |
Porch Group, Inc. * | 33,000 | 18,563 |
PowerSchool Holdings, Inc., Class A * | 25,358 | 505,131 |
Procore Technologies, Inc. * | 38,619 | 2,359,235 |
Progress Software Corp. | 18,695 | 960,549 |
PROS Holdings, Inc. * | 18,413 | 573,565 |
PTC, Inc. * | 51,507 | 7,232,613 |
Q2 Holdings, Inc. * | 25,051 | 752,282 |
Qualys, Inc. * | 15,973 | 2,443,070 |
Quantum Computing, Inc. *(a) | 10,216 | 7,423 |
Rackspace Technology, Inc. * | 28,860 | 35,209 |
Rapid7, Inc. * | 26,026 | 1,209,949 |
Red Violet, Inc. * | 5,306 | 105,006 |
Rekor Systems, Inc. * | 22,007 | 60,519 |
Research Solutions, Inc. * | 18,069 | 42,281 |
Rimini Street, Inc. * | 21,843 | 47,399 |
RingCentral, Inc., Class A * | 37,195 | 988,643 |
Riot Platforms, Inc. * | 76,842 | 751,515 |
Roper Technologies, Inc. | 46,468 | 22,702,871 |
Salesforce, Inc. * | 423,818 | 85,115,369 |
Samsara, Inc., Class A * | 66,659 | 1,537,823 |
SecureWorks Corp., Class A * | 5,067 | 29,794 |
SEMrush Holdings, Inc., Class A * | 17,212 | 139,073 |
SentinelOne, Inc., Class A * | 106,405 | 1,663,110 |
ServiceNow, Inc. * | 88,767 | 51,649,079 |
Smartsheet, Inc., Class A * | 59,249 | 2,342,705 |
Smith Micro Software, Inc. * | 24,721 | 26,204 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Snowflake, Inc., Class A * | 141,987 | 20,606,573 |
SolarWinds Corp. * | 20,785 | 191,430 |
SoundHound AI, Inc., Class A *(a) | 100,991 | 160,576 |
SoundThinking, Inc. * | 3,910 | 59,002 |
Splunk, Inc. * | 66,211 | 9,743,611 |
Sprinklr, Inc., Class A * | 46,111 | 626,648 |
Sprout Social, Inc., Class A * | 20,873 | 903,383 |
SPS Commerce, Inc. * | 16,126 | 2,585,643 |
Squarespace, Inc., Class A * | 20,734 | 589,053 |
SRAX, Inc. *(b) | 9,789 | 587 |
Synchronoss Technologies, Inc. * | 37,860 | 17,416 |
Synopsys, Inc. * | 66,210 | 31,081,622 |
Telos Corp. * | 25,409 | 58,949 |
Tenable Holdings, Inc. * | 49,284 | 2,075,349 |
Teradata Corp. * | 42,588 | 1,819,359 |
Terawulf, Inc. *(a) | 50,627 | 56,196 |
Thoughtworks Holding, Inc. * | 49,108 | 166,476 |
Tucows, Inc., Class A * | 4,136 | 69,857 |
Twilio, Inc., Class A * | 78,686 | 4,033,444 |
Tyler Technologies, Inc. * | 18,245 | 6,803,560 |
UiPath, Inc., Class A * | 175,108 | 2,719,427 |
Unisys Corp. * | 28,890 | 80,314 |
Unity Software, Inc. * | 104,970 | 2,663,089 |
Varonis Systems, Inc., Class B * | 47,281 | 1,590,533 |
Verint Systems, Inc. * | 27,662 | 520,322 |
VeriSign, Inc. * | 38,915 | 7,769,769 |
Vertex, Inc., Class A * | 17,186 | 416,073 |
Viant Technology, Inc., Class A * | 10,390 | 56,002 |
VMware, Inc., Class A * | 95,714 | 13,940,744 |
Weave Communications, Inc. * | 12,631 | 90,438 |
WM Technology, Inc. * | 40,927 | 44,610 |
Workday, Inc., Class A * | 89,544 | 18,957,360 |
Workiva, Inc., Class A * | 20,752 | 1,807,292 |
Xperi, Inc. * | 20,285 | 172,220 |
Yext, Inc. * | 46,726 | 281,758 |
Zeta Global Holdings Corp., Class A * | 65,475 | 510,705 |
Zoom Video Communications, Inc., Class A * | 108,934 | 6,533,861 |
Zscaler, Inc. * | 38,020 | 6,033,394 |
Zuora, Inc., Class A * | 53,921 | 399,555 |
2,137,444,213 | ||
Technology Hardware & Equipment 8.1% | ||
908 Devices, Inc. * | 8,267 | 49,023 |
ADTRAN Holdings, Inc. | 33,081 | 217,342 |
Advanced Energy Industries, Inc. | 16,209 | 1,414,397 |
AEye, Inc. * | 68,009 | 13,969 |
Airgain, Inc. * | 7,096 | 23,488 |
Akoustis Technologies, Inc. * | 28,099 | 14,246 |
Amphenol Corp., Class A | 259,291 | 20,885,890 |
Apple, Inc. | 6,393,644 | 1,091,842,586 |
Applied Optoelectronics, Inc. * | 18,315 | 136,080 |
Arista Networks, Inc. * | 109,231 | 21,886,615 |
Arlo Technologies, Inc. * | 40,417 | 343,140 |
Arrow Electronics, Inc. * | 24,110 | 2,734,315 |
AstroNova, Inc. * | 4,083 | 55,447 |
Aviat Networks, Inc. * | 4,936 | 131,791 |
Avid Technology, Inc. * | 14,380 | 388,548 |
Avnet, Inc. | 39,184 | 1,815,395 |
Badger Meter, Inc. | 13,065 | 1,810,156 |
Bel Fuse, Inc., Class A | 1,180 | 61,089 |
Bel Fuse, Inc., Class B | 4,185 | 226,743 |
Belden, Inc. | 18,105 | 1,283,645 |
Benchmark Electronics, Inc. | 14,875 | 360,124 |
Boxlight Corp., Class A * | 5,871 | 9,922 |
Calix, Inc. * | 24,990 | 827,669 |
Cambium Networks Corp. * | 4,047 | 20,154 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
CDW Corp. | 58,397 | 11,702,759 |
Ciena Corp. * | 64,087 | 2,704,471 |
Cisco Systems, Inc. | 1,773,186 | 92,436,186 |
Clearfield, Inc. * | 5,453 | 130,981 |
ClearSign Technologies Corp. * | 25,555 | 20,955 |
Climb Global Solutions, Inc. | 1,603 | 71,301 |
Coda Octopus Group, Inc. * | 1,343 | 8,864 |
Cognex Corp. | 75,897 | 2,731,533 |
Coherent Corp. * | 56,739 | 1,679,474 |
CommScope Holding Co., Inc. * | 88,343 | 130,748 |
CompoSecure, Inc. * | 5,277 | 31,820 |
Comtech Telecommunications Corp. | 11,741 | 143,240 |
Corning, Inc. | 334,758 | 8,958,124 |
Corsair Gaming, Inc. * | 17,044 | 217,993 |
CPI Card Group, Inc. * | 1,805 | 29,873 |
Crane NXT Co. | 20,920 | 1,087,840 |
CTS Corp. | 13,417 | 501,930 |
Daktronics, Inc. * | 15,645 | 150,505 |
Dell Technologies, Inc., Class C | 110,806 | 7,414,029 |
Digi International, Inc. * | 17,947 | 451,905 |
Eastman Kodak Co. * | 29,007 | 107,906 |
ePlus, Inc. * | 11,248 | 703,000 |
Evolv Technologies Holdings, Inc. * | 31,854 | 135,380 |
Extreme Networks, Inc. * | 55,202 | 1,138,265 |
F5, Inc. * | 25,791 | 3,909,658 |
Fabrinet * | 15,642 | 2,424,510 |
FARO Technologies, Inc. * | 8,279 | 106,551 |
Focus Universal, Inc. *(a) | 10,500 | 18,690 |
Frequency Electronics, Inc. | 4,719 | 34,873 |
Genasys, Inc. * | 20,918 | 37,234 |
Harmonic, Inc. * | 48,599 | 524,383 |
Hewlett Packard Enterprise Co. | 562,124 | 8,645,467 |
HP, Inc. | 377,811 | 9,947,764 |
Identiv, Inc. * | 8,288 | 50,474 |
Immersion Corp. | 13,101 | 83,715 |
Infinera Corp. * | 81,798 | 239,668 |
Inseego Corp. * | 42,053 | 19,037 |
Insight Enterprises, Inc. * | 13,131 | 1,881,672 |
Intevac, Inc. * | 11,887 | 38,157 |
IonQ, Inc. *(a) | 74,268 | 715,944 |
IPG Photonics Corp. * | 13,349 | 1,146,679 |
Iteris, Inc. * | 21,639 | 95,644 |
Itron, Inc. * | 19,611 | 1,123,318 |
Jabil, Inc. | 57,251 | 7,030,423 |
Juniper Networks, Inc. | 141,821 | 3,817,821 |
Key Tronic Corp. * | 4,943 | 18,833 |
Keysight Technologies, Inc. * | 77,796 | 9,495,002 |
Kimball Electronics, Inc. * | 10,963 | 287,231 |
Knowles Corp. * | 40,205 | 522,263 |
KVH Industries, Inc. * | 5,414 | 25,338 |
Lantronix, Inc. * | 11,128 | 50,855 |
LightPath Technologies, Inc., Class A * | 24,173 | 38,435 |
Lightwave Logic, Inc. *(a) | 49,166 | 222,722 |
Littelfuse, Inc. | 11,080 | 2,400,704 |
Lumentum Holdings, Inc. * | 29,766 | 1,167,125 |
Luna Innovations, Inc. * | 15,596 | 88,585 |
Methode Electronics, Inc. | 15,172 | 346,984 |
MicroVision, Inc. *(a) | 76,762 | 145,080 |
Mirion Technologies, Inc., Class A * | 82,287 | 570,249 |
Motorola Solutions, Inc. | 72,767 | 20,262,699 |
Movano, Inc. * | 16,747 | 16,747 |
Movella Holdings, Inc. * | 14,710 | 6,472 |
Napco Security Technologies, Inc. | 12,442 | 228,560 |
Neonode, Inc. * | 4,440 | 4,928 |
NetApp, Inc. | 91,157 | 6,634,406 |
NETGEAR, Inc. * | 13,065 | 165,142 |
NetScout Systems, Inc. * | 32,036 | 699,346 |
nLight, Inc. * | 20,404 | 169,965 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Novanta, Inc. * | 15,969 | 2,108,866 |
One Stop Systems, Inc. * | 12,911 | 25,822 |
OSI Systems, Inc. * | 6,538 | 681,717 |
Ouster, Inc. * | 11,961 | 45,691 |
PAR Technology Corp. * | 12,016 | 350,747 |
PC Connection, Inc. | 4,459 | 238,913 |
PCTEL, Inc. | 8,960 | 61,376 |
Plexus Corp. * | 12,143 | 1,193,900 |
Powerfleet, Inc. * | 11,361 | 21,018 |
Presto Automation, Inc. * | 1,038 | 1,391 |
Pure Storage, Inc., Class A * | 126,669 | 4,282,679 |
Quantum Corp. * | 57,798 | 25,732 |
Red Cat Holdings, Inc. * | 18,398 | 16,006 |
Research Frontiers, Inc. * | 21,870 | 23,620 |
RF Industries Ltd. * | 7,044 | 20,850 |
Ribbon Communications, Inc. * | 38,255 | 71,919 |
Richardson Electronics Ltd. | 5,554 | 63,704 |
Rogers Corp. * | 7,252 | 891,198 |
Sanmina Corp. * | 24,694 | 1,256,184 |
ScanSource, Inc. * | 10,228 | 310,931 |
Seagate Technology Holdings PLC | 84,069 | 5,737,709 |
SmartRent, Inc. * | 88,649 | 213,644 |
Sono-Tek Corp. * | 2,719 | 13,731 |
Super Micro Computer, Inc. * | 19,861 | 4,756,114 |
TD SYNNEX Corp. | 22,492 | 2,062,067 |
TE Connectivity Ltd. | 136,649 | 16,104,085 |
Teledyne Technologies, Inc. * | 20,443 | 7,657,744 |
TransAct Technologies, Inc. * | 3,397 | 19,906 |
Trimble, Inc. * | 109,046 | 5,139,338 |
TTM Technologies, Inc. * | 43,639 | 501,412 |
Turtle Beach Corp. * | 6,086 | 50,210 |
Ubiquiti, Inc. | 1,828 | 222,011 |
Viasat, Inc. * | 32,706 | 603,099 |
Viavi Solutions, Inc. * | 96,616 | 751,673 |
Vishay Intertechnology, Inc. | 54,946 | 1,221,999 |
Vishay Precision Group, Inc. * | 5,394 | 161,389 |
Vontier Corp. | 66,725 | 1,972,391 |
Vuzix Corp. *(a) | 26,677 | 86,700 |
Western Digital Corp. * | 139,638 | 5,606,466 |
Wrap Technologies, Inc. *(a) | 21,515 | 54,648 |
Xerox Holdings Corp. | 48,642 | 624,563 |
Zebra Technologies Corp., Class A * | 22,390 | 4,689,138 |
1,434,642,510 | ||
Telecommunication Services 0.9% | ||
Anterix, Inc. * | 8,567 | 261,208 |
AST SpaceMobile, Inc., Class A *(a) | 49,621 | 164,246 |
AT&T, Inc. | 3,110,754 | 47,905,612 |
ATN International, Inc. | 5,256 | 162,673 |
Bandwidth, Inc., Class A * | 7,523 | 79,819 |
Cogent Communications Holdings, Inc. | 18,826 | 1,223,313 |
Consolidated Communications Holdings, Inc. * | 28,849 | 120,300 |
EchoStar Corp., Class A * | 15,741 | 218,170 |
Frontier Communications Parent, Inc. * | 95,225 | 1,706,432 |
GCI Liberty, Inc. *(b) | 35,715 | 6,449 |
Globalstar, Inc. * | 306,760 | 432,532 |
Gogo, Inc. * | 27,853 | 292,457 |
IDT Corp., Class B * | 8,928 | 250,430 |
Iridium Communications, Inc. | 54,138 | 2,005,813 |
Liberty Global PLC, Class C * | 165,514 | 2,807,117 |
Liberty Latin America Ltd., Class C * | 78,742 | 539,383 |
Lumen Technologies, Inc. * | 466,434 | 680,994 |
NII Holdings, Inc. Escrow *(b) | 28,127 | 16,876 |
Ooma, Inc. * | 9,711 | 105,947 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Shenandoah Telecommunications Co. | 21,835 | 516,616 |
Spok Holdings, Inc. | 9,849 | 146,849 |
SurgePays, Inc. * | 2,477 | 10,750 |
Telephone & Data Systems, Inc. | 41,042 | 746,554 |
Tingo Group, Inc. *(a) | 61,490 | 48,048 |
T-Mobile U.S., Inc. * | 225,242 | 32,403,314 |
U.S. Cellular Corp. * | 5,896 | 247,809 |
Verizon Communications, Inc. | 1,829,310 | 64,263,660 |
157,363,371 | ||
Transportation 1.7% | ||
Air Transport Services Group, Inc. * | 23,833 | 466,412 |
Alaska Air Group, Inc. * | 54,536 | 1,724,974 |
Allegiant Travel Co. | 6,715 | 447,353 |
American Airlines Group, Inc. * | 282,442 | 3,149,228 |
ArcBest Corp. | 10,461 | 1,138,994 |
Avis Budget Group, Inc. * | 8,591 | 1,398,615 |
Blade Air Mobility, Inc. * | 26,008 | 55,397 |
CH Robinson Worldwide, Inc. | 50,980 | 4,171,693 |
Covenant Logistics Group, Inc., Class A | 3,394 | 134,012 |
CSX Corp. | 873,017 | 26,059,557 |
Daseke, Inc. * | 19,052 | 84,591 |
Delta Air Lines, Inc. | 280,035 | 8,751,094 |
Eagle Bulk Shipping, Inc. (a) | 1,899 | 77,479 |
Expeditors International of Washington, Inc. | 64,117 | 7,004,782 |
FedEx Corp. | 100,742 | 24,188,154 |
Forward Air Corp. | 10,964 | 706,191 |
Frontier Group Holdings, Inc. * | 16,091 | 54,549 |
FTAI Infrastructure, Inc. | 43,117 | 131,938 |
Genco Shipping & Trading Ltd. | 21,083 | 277,663 |
GXO Logistics, Inc. * | 51,230 | 2,587,627 |
Hawaiian Holdings, Inc. * | 23,476 | 98,834 |
Heartland Express, Inc. | 18,795 | 219,150 |
Hertz Global Holdings, Inc. * | 58,859 | 496,181 |
Hub Group, Inc., Class A * | 13,719 | 943,181 |
JB Hunt Transport Services, Inc. | 35,427 | 6,088,839 |
JetBlue Airways Corp. * | 143,460 | 539,410 |
Joby Aviation, Inc. *(a) | 158,044 | 832,892 |
Kirby Corp. * | 25,967 | 1,939,735 |
Knight-Swift Transportation Holdings, Inc. | 70,949 | 3,468,697 |
Landstar System, Inc. | 15,678 | 2,583,421 |
Lyft, Inc., Class A * | 150,442 | 1,379,553 |
Marten Transport Ltd. | 24,450 | 429,831 |
Matson, Inc. | 15,481 | 1,347,621 |
Mesa Air Group, Inc. * | 12,880 | 6,233 |
Norfolk Southern Corp. | 98,781 | 18,846,427 |
Old Dominion Freight Line, Inc. | 39,039 | 14,704,430 |
PAM Transportation Services, Inc. * | 3,071 | 53,036 |
Pangaea Logistics Solutions Ltd. | 13,298 | 76,995 |
Radiant Logistics, Inc. * | 16,850 | 98,741 |
RXO, Inc. * | 49,898 | 873,714 |
Ryder System, Inc. | 19,907 | 1,941,729 |
Saia, Inc. * | 11,424 | 4,095,390 |
Schneider National, Inc., Class B | 16,152 | 409,130 |
SkyWest, Inc. * | 19,023 | 802,200 |
Southwest Airlines Co. | 257,979 | 5,734,873 |
Spirit Airlines, Inc. | 47,850 | 549,318 |
Sun Country Airlines Holdings, Inc. * | 20,591 | 268,095 |
Surf Air Mobility, Inc. * | 48,023 | 58,588 |
TuSimple Holdings, Inc., Class A * | 61,687 | 66,005 |
Uber Technologies, Inc. * | 889,201 | 38,484,619 |
U-Haul Holding Co. * | 4,034 | 198,150 |
U-Haul Holding Co. - Non Voting | 43,245 | 2,041,596 |
Union Pacific Corp. | 265,193 | 55,056,719 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
United Airlines Holdings, Inc. * | 141,547 | 4,955,560 |
United Parcel Service, Inc., Class B | 314,720 | 44,454,200 |
Universal Logistics Holdings, Inc. | 3,300 | 73,854 |
Werner Enterprises, Inc. | 27,659 | 1,004,575 |
XPO, Inc. * | 49,960 | 3,787,468 |
301,619,293 | ||
Utilities 2.4% | ||
AES Corp. | 293,531 | 4,373,612 |
ALLETE, Inc. | 24,735 | 1,324,312 |
Alliant Energy Corp. | 109,729 | 5,353,678 |
Altus Power, Inc., Class A * | 33,848 | 179,733 |
Ameren Corp. | 114,928 | 8,701,199 |
American Electric Power Co., Inc. | 224,253 | 16,940,072 |
American States Water Co. | 15,639 | 1,220,624 |
American Water Works Co., Inc. | 84,644 | 9,958,367 |
Artesian Resources Corp., Class A | 5,123 | 201,334 |
Atmos Energy Corp. | 64,484 | 6,942,347 |
Avangrid, Inc. | 29,923 | 893,800 |
Avista Corp. | 32,777 | 1,038,703 |
Black Hills Corp. | 28,622 | 1,383,874 |
Cadiz, Inc. * | 22,878 | 69,320 |
California Water Service Group | 24,419 | 1,188,717 |
CenterPoint Energy, Inc. | 273,814 | 7,360,120 |
Chesapeake Utilities Corp. | 7,516 | 665,993 |
Clearway Energy, Inc., Class C | 49,671 | 1,078,357 |
CMS Energy Corp. | 127,205 | 6,912,320 |
Consolidated Edison, Inc. | 150,619 | 13,222,842 |
Consolidated Water Co. Ltd. | 7,055 | 208,264 |
Constellation Energy Corp. | 140,322 | 15,845,160 |
Dominion Energy, Inc. | 364,023 | 14,677,407 |
DTE Energy Co. | 89,763 | 8,651,358 |
Duke Energy Corp. | 335,359 | 29,810,062 |
Edison International | 167,218 | 10,544,767 |
Entergy Corp. | 91,725 | 8,767,993 |
Essential Utilities, Inc. | 105,505 | 3,530,197 |
Evergy, Inc. | 100,352 | 4,931,297 |
Eversource Energy | 151,290 | 8,137,889 |
Exelon Corp. | 433,640 | 16,885,942 |
FirstEnergy Corp. | 224,177 | 7,980,701 |
Genie Energy Ltd., Class B | 9,550 | 189,472 |
Global Water Resources, Inc. | 4,694 | 49,428 |
Hawaiian Electric Industries, Inc. | 47,139 | 611,864 |
IDACORP, Inc. | 21,782 | 2,062,973 |
MGE Energy, Inc. | 15,717 | 1,125,809 |
Middlesex Water Co. | 7,892 | 501,379 |
Montauk Renewables, Inc. * | 25,936 | 260,916 |
National Fuel Gas Co. | 40,811 | 2,079,320 |
New Jersey Resources Corp. | 43,656 | 1,771,560 |
NextEra Energy, Inc. | 880,582 | 51,337,931 |
NiSource, Inc. | 178,654 | 4,494,935 |
Northwest Natural Holding Co. | 14,999 | 550,613 |
Northwestern Energy Group, Inc. | 25,944 | 1,245,571 |
NRG Energy, Inc. | 99,225 | 4,205,156 |
OGE Energy Corp. | 85,976 | 2,940,379 |
ONE Gas, Inc. | 23,827 | 1,439,151 |
Ormat Technologies, Inc. | 23,704 | 1,458,744 |
Otter Tail Corp. | 17,988 | 1,383,997 |
PG&E Corp. * | 912,547 | 14,874,516 |
Pinnacle West Capital Corp. | 49,843 | 3,697,354 |
PNM Resources, Inc. | 37,120 | 1,568,691 |
Portland General Electric Co. | 44,770 | 1,791,695 |
PPL Corp. | 319,770 | 7,856,749 |
Public Service Enterprise Group, Inc. | 216,577 | 13,351,972 |
Pure Cycle Corp. * | 8,445 | 80,734 |
RGC Resources, Inc. | 3,883 | 60,730 |
Sempra | 274,208 | 19,202,786 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SJW Group | 12,159 | 759,694 |
Southern Co. | 474,886 | 31,959,828 |
Southwest Gas Holdings, Inc. | 26,424 | 1,548,711 |
Spire, Inc. | 22,405 | 1,246,390 |
Spruce Power Holding Corp. * | 8,683 | 32,301 |
Sunnova Energy International, Inc. *(a) | 43,239 | 394,772 |
UGI Corp. | 90,241 | 1,877,013 |
Unitil Corp. | 7,063 | 322,567 |
Via Renewables, Inc., Class A | 1,312 | 7,426 |
Vistra Corp. | 150,239 | 4,915,820 |
WEC Energy Group, Inc. | 136,895 | 11,141,884 |
Xcel Energy, Inc. | 240,034 | 14,226,815 |
York Water Co. | 6,196 | 223,490 |
427,831,497 | ||
Total Common Stocks (Cost $9,941,574,595) | 17,699,674,676 | |
RIGHTS 0.0% OF NET ASSETS | ||
Consumer Discretionary Distribution & Retail 0.0% | ||
Lazydays Holdings, Inc. expires 11/14/23 strike USD 6.40 *(a)(b) | 5,770 | 0 |
Pharmaceuticals, Biotechnology & Life Sciences 0.0% | ||
Aduro Biotech, Inc. CVR *(b) | 5,747 | 15,055 |
F-star Therapeutics, Inc. Agonist CVR *(b) | 975 | 421 |
F-star Therapeutics, Inc. Antagonist CVR *(b) | 975 | 421 |
IMARA, Inc. CVR *(b) | 11,519 | 3,686 |
Magenta Therapeutics, Inc. CVR *(b) | 27,369 | 1,341 |
Pardes Biosciences, Inc. CVR *(b) | 19,235 | 577 |
Satsuma Pharmaceuticals, Inc. CVR *(b) | 5,234 | 995 |
Sesen Bio CVR *(b) | 67,895 | 0 |
Surface Oncology, Inc. CVR *(b) | 44,721 | 4,200 |
Zynerba Pharmaceuticals, Inc. CVR *(b) | 37,596 | 7,297 |
33,993 | ||
Total Rights (Cost $15,683) | 33,993 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS | ||
Money Market Funds 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d)(e) | 25,205,384 | 25,205,384 |
Total Short-Term Investments (Cost $25,205,384) | 25,205,384 | |
Total Investments in Securities (Cost $9,966,795,662) | 17,724,914,053 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
Russell 2000 Index, e-mini, expires 12/15/23 | 161 | 13,430,620 | (622,761 ) |
S&P 500 Index, e-mini, expires 12/15/23 | 356 | 74,978,050 | (2,174,825 ) |
(2,797,586 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $24,469,112. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | Issuer is affiliated with the fund’s investment adviser. |
(d) | The rate shown is the annualized 7-day yield. |
(e) | Security purchased with cash collateral received for securities on loan. |
CVR — | Contingent Value Rights |
REIT — | Real Estate Investment Trust |
USD — | U.S. Dollar |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
Financial Services 0.2% | ||||||||
Charles Schwab Corp. | $50,203,015 | $1,872,124 | ($943,989 ) | ($442,741 ) | ($17,317,395 ) | $33,371,014 | 641,257 | $618,273 |
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 Stocks1 | $12,650,347,235 | $— | $— | $12,650,347,235 |
Equity Real Estate Investment Trusts (REITs) | 464,211,312 | — | 0 * | 464,211,312 |
Health Care Equipment & Services | 973,181,287 | — | 0 * | 973,181,287 |
Pharmaceuticals, Biotechnology & Life Sciences | 1,315,758,891 | — | 1,368,367 | 1,317,127,258 |
Software & Services | 2,137,443,626 | — | 587 | 2,137,444,213 |
Telecommunication Services | 157,340,046 | — | 23,325 | 157,363,371 |
Rights1 | ||||
Consumer Discretionary Distribution & Retail | — | — | 0 * | 0 |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 33,993 * | 33,993 |
Short-Term Investments1 | 25,205,384 | — | — | 25,205,384 |
Liabilities | ||||
Futures Contracts2 | (2,797,586 ) | — | — | (2,797,586 ) |
Total | $17,720,690,195 | $— | $1,426,272 | $17,722,116,467 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $24,261,759) | $33,371,014 | |
Investments in securities, at value - unaffiliated (cost $9,942,533,903) including securities on loan of $24,469,112 | 17,691,543,039 | |
Cash | 68,618,348 | |
Deposit with broker for futures contracts | 7,741,400 | |
Receivables: | ||
Dividends | 12,190,052 | |
Fund shares sold | 8,429,088 | |
Variation margin on future contracts | 577,266 | |
Income from securities on loan | + | 140,227 |
Total assets | 17,822,610,434 | |
Liabilities | ||
Collateral held for securities on loan | 25,205,384 | |
Payables: | ||
Fund shares redeemed | 10,051,340 | |
Investment adviser fees | + | 446,951 |
Total liabilities | 35,703,675 | |
Net assets | $17,786,906,759 | |
Net Assets by Source | ||
Capital received from investors | $10,105,396,338 | |
Total distributable earnings | + | 7,681,510,421 |
Net assets | $17,786,906,759 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$17,786,906,759 | 249,509,895 | $71.29 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $81,196) | $277,012,961 | |
Interest received from securities - unaffiliated | 1,762,196 | |
Dividends received from securities - affiliated | 618,273 | |
Securities on loan, net | + | 3,413,652 |
Total investment income | 282,807,082 | |
Expenses | ||
Investment adviser fees | 5,260,075 | |
Proxy fees1 | + | 9,086 |
Total expenses | – | 5,269,161 |
Net investment income | 277,537,921 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (442,741 ) | |
Net realized losses on sales of securities - unaffiliated | (121,619,383 ) | |
Net realized gains on futures contracts | + | 2,586,065 |
Net realized losses | (119,476,059 ) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (17,317,395 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 1,210,267,150 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (5,745,837 ) |
Net change in unrealized appreciation (depreciation) | + | 1,187,203,918 |
Net realized and unrealized gains | 1,067,727,859 | |
Increase in net assets resulting from operations | $1,345,265,780 |
1 | Proxy fees are non-routine expenses (see financial note 2(e) for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $277,537,921 | $245,763,721 | |
Net realized losses | (119,476,059 ) | (62,772,870 ) | |
Net change in unrealized appreciation (depreciation) | + | 1,187,203,918 | (3,393,580,219 ) |
Increase (decrease) in net assets resulting from operations | $1,345,265,780 | ($3,210,589,368 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($253,821,250 ) | ($271,189,903 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 34,717,416 | $2,458,225,307 | 42,748,598 | $3,156,883,859 | |
Shares reinvested | 2,670,248 | 178,132,255 | 2,402,741 | 195,366,859 | |
Shares redeemed | + | (28,004,932 ) | (1,987,092,998 ) | (28,345,522 ) | (2,055,951,707 ) |
Net transactions in fund shares | 9,382,732 | $649,264,564 | 16,805,817 | $1,296,299,011 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 240,127,163 | $16,046,197,665 | 223,321,346 | $18,231,677,925 | |
Total increase (decrease) | + | 9,382,732 | 1,740,709,094 | 16,805,817 | (2,185,480,260 ) |
End of period | 249,509,895 | $17,786,906,759 | 240,127,163 | $16,046,197,665 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $66.09 | $89.23 | $62.76 | $49.06 | $42.37 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 11.71 | (22.20 ) | 26.39 | 13.65 | 6.52 | |
Total from investment operations | 12.38 | (21.56 ) | 26.95 | 14.20 | 7.09 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (1.07 ) | — | — | — | |
Total distributions | (0.59 ) | (1.58 ) | (0.48 ) | (0.50 ) | (0.40 ) | |
Net asset value at end of period | $77.88 | $66.09 | $89.23 | $62.76 | $49.06 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.0005% of non-routine proxy expenses. |
3 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended October 31, 2019 is a blended ratio. |
4 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.3% OF NET ASSETS | ||
Automobiles & Components 2.7% | ||
Tesla, Inc. * | 179,830 | 36,117,057 |
Banks 0.1% | ||
First Citizens BancShares, Inc., Class A | 75 | 103,555 |
NU Holdings Ltd., Class A * | 102,659 | 841,804 |
945,359 | ||
Capital Goods 2.9% | ||
A O Smith Corp. | 834 | 58,180 |
Advanced Drainage Systems, Inc. | 4,384 | 468,343 |
Allegion PLC | 5,242 | 515,603 |
Allison Transmission Holdings, Inc. | 521 | 26,269 |
Armstrong World Industries, Inc. | 740 | 56,159 |
Axon Enterprise, Inc. * | 4,515 | 923,272 |
Boeing Co. * | 4,908 | 916,912 |
BWX Technologies, Inc. | 988 | 73,389 |
Caterpillar, Inc. | 25,198 | 5,696,008 |
ChargePoint Holdings, Inc. * | 20,303 | 51,570 |
Deere & Co. | 16,418 | 5,998,480 |
Donaldson Co., Inc. | 3,114 | 179,553 |
EMCOR Group, Inc. | 1,067 | 220,495 |
Fastenal Co. | 27,811 | 1,622,494 |
Ferguson PLC | 712 | 106,942 |
Graco, Inc. | 4,414 | 328,181 |
HEICO Corp. | 6,544 | 1,036,635 |
Honeywell International, Inc. | 5,680 | 1,040,917 |
Hubbell, Inc., Class B | 1,623 | 438,372 |
IDEX Corp. | 369 | 70,630 |
Illinois Tool Works, Inc. | 16,222 | 3,635,675 |
Lincoln Electric Holdings, Inc. | 3,464 | 605,507 |
Lockheed Martin Corp. | 14,747 | 6,704,576 |
Northrop Grumman Corp. | 532 | 250,801 |
Otis Worldwide Corp. | 1,515 | 116,973 |
Quanta Services, Inc. | 2,454 | 410,112 |
Rockwell Automation, Inc. | 7,507 | 1,972,915 |
SiteOne Landscape Supply, Inc. * | 888 | 122,340 |
Spirit AeroSystems Holdings, Inc., Class A * | 588 | 13,289 |
Toro Co. | 6,680 | 540,011 |
Trane Technologies PLC | 4,370 | 831,655 |
TransDigm Group, Inc. * | 575 | 476,152 |
Trex Co., Inc. * | 6,977 | 392,177 |
United Rentals, Inc. | 907 | 368,487 |
Valmont Industries, Inc. | 94 | 18,509 |
Vertiv Holdings Co., Class A | 1,705 | 66,955 |
Watsco, Inc. | 544 | 189,796 |
WillScot Mobile Mini Holdings Corp. * | 3,119 | 122,920 |
WW Grainger, Inc. | 2,925 | 2,134,753 |
Xylem, Inc. | 1,831 | 171,272 |
38,973,279 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Commercial & Professional Services 1.8% | ||
Automatic Data Processing, Inc. | 23,101 | 5,041,100 |
Booz Allen Hamilton Holding Corp., Class A | 8,393 | 1,006,573 |
Broadridge Financial Solutions, Inc. | 6,350 | 1,083,564 |
Ceridian HCM Holding, Inc. * | 833 | 53,320 |
Cintas Corp. | 5,075 | 2,573,634 |
Copart, Inc. * | 56,244 | 2,447,739 |
Equifax, Inc. | 5,435 | 921,613 |
FTI Consulting, Inc. * | 419 | 88,937 |
Genpact Ltd. | 2,803 | 94,013 |
KBR, Inc. | 3,403 | 197,884 |
MSA Safety, Inc. | 417 | 65,836 |
Paychex, Inc. | 20,885 | 2,319,279 |
Paycom Software, Inc. | 3,349 | 820,405 |
Paycor HCM, Inc. * | 1,707 | 36,837 |
Paylocity Holding Corp. * | 2,742 | 491,915 |
RB Global, Inc. | 8,951 | 585,395 |
Rollins, Inc. | 16,451 | 618,722 |
Tetra Tech, Inc. | 623 | 94,017 |
Verisk Analytics, Inc., Class A | 9,257 | 2,104,672 |
Waste Management, Inc. | 23,819 | 3,914,176 |
24,559,631 | ||
Consumer Discretionary Distribution & Retail 9.2% | ||
Amazon.com, Inc. * | 586,525 | 78,060,612 |
AutoZone, Inc. * | 981 | 2,430,064 |
Best Buy Co., Inc. | 1,680 | 112,258 |
Burlington Stores, Inc. * | 4,157 | 503,122 |
CarMax, Inc. * | 608 | 37,143 |
Coupang, Inc., Class A * | 71,054 | 1,207,918 |
Dick's Sporting Goods, Inc. | 310 | 33,154 |
eBay, Inc. | 2,448 | 96,035 |
Etsy, Inc. * | 4,772 | 297,296 |
Five Below, Inc. * | 3,542 | 616,237 |
Floor & Decor Holdings, Inc., Class A * | 6,740 | 555,376 |
Home Depot, Inc. | 66,034 | 18,799,219 |
Lowe's Cos., Inc. | 28,016 | 5,339,009 |
Murphy USA, Inc. | 1,207 | 437,767 |
Ollie's Bargain Outlet Holdings, Inc. * | 1,282 | 99,022 |
O'Reilly Automotive, Inc. * | 3,320 | 3,089,061 |
Pool Corp. | 2,465 | 778,373 |
RH * | 185 | 40,323 |
Ross Stores, Inc. | 20,495 | 2,376,805 |
TJX Cos., Inc. | 75,096 | 6,613,705 |
Tractor Supply Co. | 7,181 | 1,382,773 |
Ulta Beauty, Inc. * | 3,241 | 1,235,826 |
Valvoline, Inc. | 2,880 | 85,450 |
Victoria's Secret & Co. * | 2,246 | 40,158 |
Wayfair, Inc., Class A * | 1,835 | 78,189 |
Williams-Sonoma, Inc. | 521 | 78,275 |
124,423,170 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Consumer Durables & Apparel 0.7% | ||
Brunswick Corp. | 393 | 27,302 |
Crocs, Inc. * | 3,915 | 349,688 |
Deckers Outdoor Corp. * | 1,703 | 1,016,793 |
Lululemon Athletica, Inc. * | 7,264 | 2,858,239 |
NIKE, Inc., Class B | 41,371 | 4,251,698 |
NVR, Inc. * | 17 | 92,014 |
Peloton Interactive, Inc., Class A * | 20,387 | 97,042 |
Polaris, Inc. | 310 | 26,790 |
Skechers USA, Inc., Class A * | 676 | 32,597 |
Tapestry, Inc. | 852 | 23,481 |
Tempur Sealy International, Inc. | 2,210 | 88,245 |
TopBuild Corp. * | 120 | 27,451 |
YETI Holdings, Inc. * | 5,608 | 238,452 |
9,129,792 | ||
Consumer Services 2.9% | ||
Airbnb, Inc., Class A * | 26,489 | 3,133,384 |
Booking Holdings, Inc. * | 2,423 | 6,759,104 |
Bright Horizons Family Solutions, Inc. * | 406 | 30,068 |
Caesars Entertainment, Inc. * | 5,430 | 216,603 |
Cava Group, Inc. *(a) | 773 | 24,419 |
Chipotle Mexican Grill, Inc., Class A * | 1,794 | 3,484,307 |
Choice Hotels International, Inc. | 1,919 | 212,050 |
Churchill Downs, Inc. | 4,600 | 505,264 |
Darden Restaurants, Inc. | 3,756 | 546,611 |
Domino's Pizza, Inc. | 2,296 | 778,321 |
DoorDash, Inc., Class A * | 15,316 | 1,147,934 |
DraftKings, Inc., Class A * | 26,947 | 744,276 |
Expedia Group, Inc. * | 6,868 | 654,452 |
Grand Canyon Education, Inc. * | 515 | 60,940 |
H&R Block, Inc. | 6,337 | 260,134 |
Hilton Worldwide Holdings, Inc. | 7,764 | 1,176,479 |
Las Vegas Sands Corp. | 19,987 | 948,583 |
Marriott International, Inc., Class A | 16,220 | 3,058,443 |
McDonald's Corp. | 19,625 | 5,145,086 |
Norwegian Cruise Line Holdings Ltd. * | 6,492 | 88,291 |
Planet Fitness, Inc., Class A * | 2,510 | 138,728 |
Royal Caribbean Cruises Ltd. * | 4,545 | 385,098 |
Service Corp. International | 3,447 | 187,586 |
Starbucks Corp. | 73,493 | 6,778,994 |
Texas Roadhouse, Inc., Class A | 4,410 | 447,791 |
Travel & Leisure Co. | 2,004 | 68,196 |
Vail Resorts, Inc. | 220 | 46,695 |
Wendy's Co. | 11,825 | 224,912 |
Wingstop, Inc. | 1,931 | 352,929 |
Wyndham Hotels & Resorts, Inc. | 396 | 28,670 |
Wynn Resorts Ltd. | 436 | 38,272 |
Yum! Brands, Inc. | 16,177 | 1,955,152 |
39,627,772 | ||
Consumer Staples Distribution & Retail 1.8% | ||
Albertsons Cos., Inc., Class A | 2,454 | 53,252 |
BJ's Wholesale Club Holdings, Inc. * | 3,012 | 205,177 |
Casey's General Stores, Inc. | 353 | 95,984 |
Costco Wholesale Corp. | 28,890 | 15,959,992 |
Dollar General Corp. | 14,204 | 1,690,844 |
Performance Food Group Co. * | 4,783 | 276,266 |
Sysco Corp. | 33,296 | 2,213,851 |
Target Corp. | 30,058 | 3,330,126 |
23,825,492 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Energy 0.6% | ||
Antero Midstream Corp. | 6,540 | 80,704 |
APA Corp. | 17,726 | 704,077 |
Cheniere Energy, Inc. | 15,792 | 2,628,105 |
Halliburton Co. | 11,714 | 460,829 |
Hess Corp. | 10,054 | 1,451,797 |
New Fortress Energy, Inc. | 4,316 | 130,775 |
ONEOK, Inc. | 1,482 | 96,626 |
Ovintiv, Inc. | 7,345 | 352,560 |
Targa Resources Corp. | 14,866 | 1,242,946 |
Texas Pacific Land Corp. | 376 | 694,077 |
7,842,496 | ||
Equity Real Estate Investment Trusts (REITs) 0.8% | ||
American Tower Corp. | 30,340 | 5,406,285 |
Crown Castle, Inc. | 2,946 | 273,919 |
Equinix, Inc. | 3,069 | 2,239,265 |
Equity LifeStyle Properties, Inc. | 3,656 | 240,565 |
Iron Mountain, Inc. | 9,396 | 555,022 |
Lamar Advertising Co., Class A | 4,279 | 352,033 |
Public Storage | 5,910 | 1,410,776 |
SBA Communications Corp., Class A | 779 | 162,523 |
Simon Property Group, Inc. | 4,537 | 498,571 |
Sun Communities, Inc. | 1,663 | 184,992 |
UDR, Inc. | 946 | 30,092 |
11,354,043 | ||
Financial Services 5.5% | ||
American Express Co. | 12,809 | 1,870,498 |
Ameriprise Financial, Inc. | 6,894 | 2,168,646 |
Apollo Global Management, Inc. | 34,072 | 2,638,536 |
Ares Management Corp., Class A | 10,623 | 1,047,322 |
Blackstone, Inc. | 46,433 | 4,288,088 |
Block, Inc. * | 12,973 | 522,163 |
Blue Owl Capital, Inc., Class A | 4,250 | 52,402 |
Equitable Holdings, Inc. | 23,578 | 626,467 |
Euronet Worldwide, Inc. * | 1,534 | 117,873 |
FactSet Research Systems, Inc. | 2,474 | 1,068,496 |
Fiserv, Inc. * | 10,967 | 1,247,496 |
FleetCor Technologies, Inc. * | 4,324 | 973,635 |
Houlihan Lokey, Inc., Class A | 244 | 24,527 |
Jack Henry & Associates, Inc. | 1,507 | 212,472 |
KKR & Co., Inc. | 10,411 | 576,769 |
LPL Financial Holdings, Inc. | 5,109 | 1,147,073 |
MarketAxess Holdings, Inc. | 2,384 | 509,580 |
Mastercard, Inc., Class A | 54,707 | 20,588,979 |
Moody's Corp. | 9,482 | 2,920,456 |
Morningstar, Inc. | 1,649 | 417,593 |
MSCI, Inc., Class A | 2,490 | 1,174,159 |
PayPal Holdings, Inc. * | 66,421 | 3,440,608 |
Rocket Cos., Inc., Class A * | 2,946 | 21,771 |
S&P Global, Inc. | 1,746 | 609,895 |
Shift4 Payments, Inc., Class A * | 3,546 | 157,868 |
SLM Corp. | 5,718 | 74,334 |
Toast, Inc., Class A * | 22,807 | 364,684 |
TPG, Inc. | 1,223 | 33,804 |
Tradeweb Markets, Inc., Class A | 2,599 | 233,936 |
UWM Holdings Corp. | 2,410 | 11,689 |
Visa, Inc., Class A | 105,564 | 24,818,096 |
Western Union Co. | 3,182 | 35,925 |
WEX, Inc. * | 1,259 | 209,598 |
XP, Inc., Class A | 1,831 | 36,620 |
74,242,058 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Food, Beverage & Tobacco 1.7% | ||
Boston Beer Co., Inc., Class A * | 565 | 188,682 |
Brown-Forman Corp., Class B | 12,054 | 676,953 |
Celsius Holdings, Inc. * | 3,085 | 469,198 |
Coca-Cola Co. | 126,048 | 7,120,452 |
Constellation Brands, Inc., Class A | 1,007 | 235,789 |
Freshpet, Inc. * | 794 | 45,576 |
Hershey Co. | 7,084 | 1,327,187 |
Lamb Weston Holdings, Inc. | 8,888 | 798,142 |
Monster Beverage Corp. * | 48,653 | 2,486,168 |
PepsiCo, Inc. | 61,966 | 10,117,808 |
23,465,955 | ||
Health Care Equipment & Services 4.3% | ||
Abbott Laboratories | 7,318 | 691,917 |
agilon health, Inc. * | 16,673 | 300,114 |
Align Technology, Inc. * | 4,945 | 912,798 |
Cardinal Health, Inc. | 8,441 | 768,131 |
Cencora, Inc. | 10,490 | 1,942,224 |
Certara, Inc. * | 2,902 | 35,375 |
Chemed Corp. | 671 | 377,538 |
Cigna Group | 1,418 | 438,446 |
DaVita, Inc. * | 3,466 | 267,679 |
Dexcom, Inc. * | 25,303 | 2,247,665 |
Doximity, Inc., Class A * | 3,506 | 71,628 |
Edwards Lifesciences Corp. * | 39,420 | 2,511,842 |
Elevance Health, Inc. | 2,085 | 938,438 |
Encompass Health Corp. | 407 | 25,462 |
GE HealthCare Technologies, Inc. | 1,868 | 124,353 |
Globus Medical, Inc., Class A * | 2,192 | 100,196 |
HCA Healthcare, Inc. | 2,731 | 617,588 |
Humana, Inc. | 3,515 | 1,840,770 |
IDEXX Laboratories, Inc. * | 5,379 | 2,148,749 |
Inspire Medical Systems, Inc. * | 1,846 | 271,657 |
Insulet Corp. * | 4,456 | 590,732 |
Intuitive Surgical, Inc. * | 22,736 | 5,961,834 |
Masimo Corp. * | 2,807 | 227,732 |
McKesson Corp. | 3,352 | 1,526,367 |
Molina Healthcare, Inc. * | 2,025 | 674,224 |
Novocure Ltd. * | 6,577 | 87,474 |
Penumbra, Inc. * | 2,336 | 446,526 |
ResMed, Inc. | 9,402 | 1,327,750 |
Shockwave Medical, Inc. * | 2,334 | 481,411 |
Stryker Corp. | 5,943 | 1,605,917 |
Tandem Diabetes Care, Inc. * | 516 | 8,927 |
UnitedHealth Group, Inc. | 50,967 | 27,295,887 |
Veeva Systems, Inc., Class A * | 9,377 | 1,807,042 |
58,674,393 | ||
Household & Personal Products 0.8% | ||
Church & Dwight Co., Inc. | 14,253 | 1,296,168 |
Clorox Co. | 8,006 | 942,306 |
Estee Lauder Cos., Inc., Class A | 4,786 | 616,772 |
Kenvue, Inc. | 37,758 | 702,299 |
Kimberly-Clark Corp. | 20,650 | 2,470,566 |
Procter & Gamble Co. | 28,885 | 4,333,616 |
10,361,727 | ||
Insurance 0.9% | ||
Arch Capital Group Ltd. * | 3,298 | 285,871 |
Arthur J Gallagher & Co. | 780 | 183,682 |
Brighthouse Financial, Inc. * | 407 | 18,437 |
Brown & Brown, Inc. | 5,975 | 414,785 |
Everest Group Ltd. | 364 | 144,006 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Kinsale Capital Group, Inc. | 1,410 | 470,813 |
Lincoln National Corp. | 1,111 | 24,186 |
Marsh & McLennan Cos., Inc. | 25,831 | 4,898,849 |
Primerica, Inc. | 1,506 | 287,887 |
Progressive Corp. | 28,559 | 4,514,892 |
RenaissanceRe Holdings Ltd. | 879 | 193,020 |
RLI Corp. | 596 | 79,411 |
Ryan Specialty Holdings, Inc., Class A * | 5,989 | 258,725 |
Willis Towers Watson PLC | 843 | 198,855 |
11,973,419 | ||
Materials 0.7% | ||
Ardagh Metal Packaging SA | 7,135 | 24,045 |
Avery Dennison Corp. | 1,719 | 299,226 |
Axalta Coating Systems Ltd. * | 1,280 | 33,574 |
Eagle Materials, Inc. | 1,543 | 237,483 |
Ecolab, Inc. | 12,684 | 2,127,614 |
FMC Corp. | 1,108 | 58,946 |
Ginkgo Bioworks Holdings, Inc. * | 10,975 | 15,036 |
Graphic Packaging Holding Co. | 10,493 | 225,704 |
Linde PLC | 3,055 | 1,167,499 |
PPG Industries, Inc. | 3,798 | 466,280 |
RPM International, Inc. | 1,574 | 143,659 |
Scotts Miracle-Gro Co. | 2,686 | 119,366 |
Sealed Air Corp. | 4,988 | 153,581 |
Sherwin-Williams Co. | 12,955 | 3,086,011 |
Southern Copper Corp. | 5,513 | 390,872 |
Vulcan Materials Co. | 1,909 | 375,099 |
8,923,995 | ||
Media & Entertainment 11.4% | ||
Alphabet, Inc., Class A * | 386,671 | 47,978,138 |
Alphabet, Inc., Class C * | 330,849 | 41,455,380 |
Cable One, Inc. | 34 | 18,695 |
Charter Communications, Inc., Class A * | 6,694 | 2,696,343 |
Liberty Broadband Corp., Class C * | 1,722 | 143,460 |
Live Nation Entertainment, Inc. * | 2,298 | 183,886 |
Match Group, Inc. * | 17,026 | 589,100 |
Meta Platforms, Inc., Class A * | 144,167 | 43,433,192 |
Netflix, Inc. * | 28,587 | 11,768,982 |
Nexstar Media Group, Inc., Class A | 720 | 100,858 |
Pinterest, Inc., Class A * | 39,424 | 1,177,989 |
Playtika Holding Corp. * | 1,393 | 11,701 |
ROBLOX Corp., Class A * | 29,800 | 947,938 |
Roku, Inc. * | 988 | 58,855 |
Spotify Technology SA * | 9,086 | 1,497,009 |
TKO Group Holdings, Inc. | 2,779 | 227,822 |
Trade Desk, Inc., Class A * | 28,848 | 2,047,054 |
ZoomInfo Technologies, Inc., Class A * | 12,208 | 158,216 |
154,494,618 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.7% | ||
10X Genomics, Inc., Class A * | 5,897 | 208,046 |
AbbVie, Inc. | 115,091 | 16,248,547 |
Agilent Technologies, Inc. | 15,805 | 1,633,763 |
Alnylam Pharmaceuticals, Inc. * | 6,408 | 972,734 |
Amgen, Inc. | 23,626 | 6,041,168 |
Apellis Pharmaceuticals, Inc. * | 6,420 | 312,397 |
BioMarin Pharmaceutical, Inc. * | 1,392 | 113,378 |
Bio-Techne Corp. | 9,767 | 533,571 |
Bruker Corp. | 6,836 | 389,652 |
Eli Lilly & Co. | 55,161 | 30,555,333 |
Exact Sciences Corp. * | 4,022 | 247,715 |
Exelixis, Inc. * | 15,304 | 315,109 |
ICON PLC, ADR * | 781 | 190,533 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Illumina, Inc. * | 3,114 | 340,734 |
Incyte Corp. * | 8,749 | 471,834 |
Ionis Pharmaceuticals, Inc. * | 7,875 | 348,626 |
IQVIA Holdings, Inc. * | 11,165 | 2,018,967 |
Jazz Pharmaceuticals PLC * | 2,028 | 257,597 |
Karuna Therapeutics, Inc. * | 2,047 | 341,051 |
Maravai LifeSciences Holdings, Inc., Class A * | 4,056 | 27,824 |
Medpace Holdings, Inc. * | 1,506 | 365,461 |
Merck & Co., Inc. | 30,560 | 3,138,512 |
Mettler-Toledo International, Inc. * | 1,412 | 1,391,102 |
Natera, Inc. * | 6,695 | 264,252 |
Neurocrine Biosciences, Inc. * | 6,238 | 692,044 |
Regeneron Pharmaceuticals, Inc. * | 459 | 357,970 |
Repligen Corp. * | 1,577 | 212,201 |
Roivant Sciences Ltd. * | 21,522 | 185,950 |
Sarepta Therapeutics, Inc. * | 5,757 | 387,504 |
Seagen, Inc. * | 9,173 | 1,952,106 |
Sotera Health Co. * | 4,756 | 60,211 |
Thermo Fisher Scientific, Inc. | 15,522 | 6,903,720 |
Ultragenyx Pharmaceutical, Inc. * | 4,354 | 154,132 |
Vertex Pharmaceuticals, Inc. * | 15,356 | 5,560,561 |
Waters Corp. * | 3,794 | 904,983 |
West Pharmaceutical Services, Inc. | 4,797 | 1,526,837 |
Zoetis, Inc. | 30,125 | 4,729,625 |
90,355,750 | ||
Real Estate Management & Development 0.1% | ||
CoStar Group, Inc. * | 11,522 | 845,830 |
Semiconductors & Semiconductor Equipment 9.0% | ||
Advanced Micro Devices, Inc. * | 59,352 | 5,846,172 |
Allegro MicroSystems, Inc. * | 4,834 | 125,491 |
Applied Materials, Inc. | 46,630 | 6,171,480 |
Broadcom, Inc. | 26,343 | 22,164,210 |
Enphase Energy, Inc. * | 8,630 | 686,775 |
Entegris, Inc. | 525 | 46,221 |
KLA Corp. | 8,967 | 4,211,800 |
Lam Research Corp. | 8,273 | 4,866,344 |
Lattice Semiconductor Corp. * | 8,857 | 492,538 |
Microchip Technology, Inc. | 25,248 | 1,799,930 |
Monolithic Power Systems, Inc. | 2,944 | 1,300,483 |
NVIDIA Corp. | 154,668 | 63,073,610 |
QUALCOMM, Inc. | 63,481 | 6,918,794 |
Teradyne, Inc. | 8,613 | 717,205 |
Texas Instruments, Inc. | 24,086 | 3,420,453 |
Universal Display Corp. | 1,390 | 193,460 |
122,034,966 | ||
Software & Services 20.5% | ||
Accenture PLC, Class A | 41,239 | 12,251,695 |
Adobe, Inc. * | 29,877 | 15,896,357 |
Alteryx, Inc., Class A * | 3,910 | 125,159 |
ANSYS, Inc. * | 4,650 | 1,293,909 |
AppLovin Corp., Class A * | 3,553 | 129,471 |
Atlassian Corp., Class A * | 9,374 | 1,693,319 |
Autodesk, Inc. * | 14,053 | 2,777,294 |
Bentley Systems, Inc., Class B | 11,519 | 560,284 |
Cadence Design Systems, Inc. * | 17,622 | 4,226,637 |
Cloudflare, Inc., Class A * | 18,530 | 1,050,466 |
Confluent, Inc., Class A * | 11,918 | 344,549 |
Crowdstrike Holdings, Inc., Class A * | 13,764 | 2,433,062 |
Datadog, Inc., Class A * | 17,689 | 1,441,123 |
DocuSign, Inc., Class A * | 13,014 | 505,984 |
DoubleVerify Holdings, Inc. * | 8,134 | 226,369 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Dropbox, Inc., Class A * | 14,888 | 391,554 |
Dynatrace, Inc. * | 16,016 | 716,075 |
Elastic NV * | 5,004 | 375,500 |
EPAM Systems, Inc. * | 3,583 | 779,553 |
Fair Isaac Corp. * | 1,572 | 1,329,708 |
Five9, Inc. * | 4,574 | 264,697 |
Fortinet, Inc. * | 42,973 | 2,456,766 |
Gartner, Inc. * | 5,020 | 1,666,841 |
Gen Digital, Inc. | 5,525 | 92,047 |
Gitlab, Inc., Class A * | 5,672 | 245,484 |
Globant SA * | 2,659 | 452,801 |
GoDaddy, Inc., Class A * | 6,015 | 440,479 |
HashiCorp, Inc., Class A * | 4,422 | 87,069 |
HubSpot, Inc. * | 3,017 | 1,278,514 |
Informatica, Inc., Class A * | 276 | 5,294 |
Intuit, Inc. | 17,834 | 8,826,938 |
Manhattan Associates, Inc. * | 4,074 | 794,349 |
Microsoft Corp. | 484,752 | 163,899,499 |
MongoDB, Inc., Class A * | 4,254 | 1,465,886 |
nCino, Inc. * | 546 | 15,343 |
New Relic, Inc. * | 3,617 | 313,485 |
Nutanix, Inc., Class A * | 3,599 | 130,248 |
Okta, Inc. * | 630 | 42,468 |
Oracle Corp. | 40,831 | 4,221,925 |
Palantir Technologies, Inc., Class A * | 121,353 | 1,796,024 |
Palo Alto Networks, Inc. * | 19,684 | 4,783,606 |
Pegasystems, Inc. | 2,746 | 117,364 |
Procore Technologies, Inc. * | 5,051 | 308,566 |
PTC, Inc. * | 3,879 | 544,689 |
RingCentral, Inc., Class A * | 5,565 | 147,918 |
Salesforce, Inc. * | 46,586 | 9,355,866 |
SentinelOne, Inc., Class A * | 2,261 | 35,340 |
ServiceNow, Inc. * | 13,315 | 7,747,333 |
Smartsheet, Inc., Class A * | 8,080 | 319,483 |
Snowflake, Inc., Class A * | 20,200 | 2,931,626 |
Splunk, Inc. * | 9,894 | 1,456,001 |
Synopsys, Inc. * | 9,893 | 4,644,170 |
Teradata Corp. * | 6,521 | 278,577 |
Twilio, Inc., Class A * | 1,796 | 92,063 |
Tyler Technologies, Inc. * | 2,084 | 777,124 |
UiPath, Inc., Class A * | 18,534 | 287,833 |
Unity Software, Inc. * | 7,387 | 187,408 |
VeriSign, Inc. * | 330 | 65,888 |
VMware, Inc., Class A * | 13,956 | 2,032,691 |
Workday, Inc., Class A * | 12,915 | 2,734,235 |
Zscaler, Inc. * | 5,623 | 892,314 |
276,784,320 | ||
Technology Hardware & Equipment 13.1% | ||
Amphenol Corp., Class A | 19,312 | 1,555,582 |
Apple, Inc. | 972,056 | 165,998,003 |
Arista Networks, Inc. * | 16,389 | 3,283,864 |
CDW Corp. | 8,322 | 1,667,729 |
HP, Inc. | 11,721 | 308,614 |
Jabil, Inc. | 5,171 | 634,999 |
Keysight Technologies, Inc. * | 2,918 | 356,142 |
Motorola Solutions, Inc. | 9,864 | 2,746,729 |
NetApp, Inc. | 5,639 | 410,406 |
Pure Storage, Inc., Class A * | 14,550 | 491,936 |
Ubiquiti, Inc. | 232 | 28,176 |
Vontier Corp. | 3,200 | 94,592 |
Zebra Technologies Corp., Class A * | 576 | 120,632 |
177,697,404 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Telecommunication Services 0.0% | ||
Iridium Communications, Inc. | 7,484 | 277,282 |
Transportation 1.1% | ||
American Airlines Group, Inc. * | 15,845 | 176,672 |
Avis Budget Group, Inc. * | 461 | 75,051 |
CH Robinson Worldwide, Inc. | 5,747 | 470,277 |
CSX Corp. | 14,580 | 435,213 |
Delta Air Lines, Inc. | 2,116 | 66,125 |
Expeditors International of Washington, Inc. | 1,333 | 145,630 |
JB Hunt Transport Services, Inc. | 1,023 | 175,823 |
Landstar System, Inc. | 1,836 | 302,536 |
Lyft, Inc., Class A * | 21,886 | 200,695 |
Old Dominion Freight Line, Inc. | 5,954 | 2,242,634 |
Saia, Inc. * | 182 | 65,245 |
Uber Technologies, Inc. * | 126,217 | 5,462,672 |
U-Haul Holding Co. * | 196 | 9,627 |
U-Haul Holding Co. - Non Voting | 2,433 | 114,862 |
Union Pacific Corp. | 17,037 | 3,537,051 |
United Parcel Service, Inc., Class B | 13,167 | 1,859,839 |
15,339,952 | ||
Utilities 0.0% | ||
AES Corp. | 26,072 | 388,473 |
Vistra Corp. | 6,677 | 218,471 |
606,944 | ||
Total Common Stocks (Cost $1,039,349,985) | 1,342,876,704 | |
INVESTMENT COMPANIES 0.2% OF NET ASSETS | ||
Equity Funds 0.2% | ||
iShares Russell 1000 Growth ETF | 7,700 | 2,018,247 |
Total Investment Companies (Cost $2,082,758) | 2,018,247 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
Money Market Funds 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (b) | 5,374,109 | 5,374,109 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (b)(c) | 22,225 | 22,225 |
5,396,334 | ||
Total Short-Term Investments (Cost $5,396,334) | 5,396,334 | |
Total Investments in Securities (Cost $1,046,829,077) | 1,350,291,285 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 31 | 6,528,988 | (77,154 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $22,113. |
(b) | The rate shown is the annualized 7-day yield. |
(c) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
ETF — | Exchange-traded fund |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.0% OF NET ASSETS | ||||||||
Financial Services 0.0% | ||||||||
Charles Schwab Corp. | $3,444,771 | $583,795 | ($2,802,403 ) | ($581,993 ) | ($644,170 ) | $— | — | $32,745 |
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 Stocks1 | $1,342,876,704 | $— | $— | $1,342,876,704 |
Investment Companies1 | 2,018,247 | — | — | 2,018,247 |
Short-Term Investments1 | 5,396,334 | — | — | 5,396,334 |
Liabilities | ||||
Futures Contracts2 | (77,154 ) | — | — | (77,154 ) |
Total | $1,350,214,131 | $— | $— | $1,350,214,131 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $1,046,829,077) including securities on loan of $22,113 | $1,350,291,285 | |
Cash | 53,116 | |
Deposit with broker for futures contracts | 560,000 | |
Receivables: | ||
Fund shares sold | 1,733,966 | |
Dividends | 555,976 | |
Variation margin on future contracts | 39,829 | |
Income from securities on loan | + | 447 |
Total assets | 1,353,234,619 | |
Liabilities | ||
Collateral held for securities on loan | 22,225 | |
Payables: | ||
Fund shares redeemed | 1,093,930 | |
Investment adviser fees | 39,110 | |
Investments bought | + | 26,321 |
Total liabilities | 1,181,586 | |
Net assets | $1,352,053,033 | |
Net Assets by Source | ||
Capital received from investors | $1,117,443,060 | |
Total distributable earnings | + | 234,609,973 |
Net assets | $1,352,053,033 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,352,053,033 | 17,361,398 | $77.88 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $681) | $10,591,342 | |
Dividends received from securities - affiliated | 32,745 | |
Securities on loan, net | + | 28,128 |
Total investment income | 10,652,215 | |
Expenses | ||
Investment adviser fees | 395,924 | |
Total expenses | – | 395,924 |
Net investment income | 10,256,291 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (581,993 ) | |
Net realized losses on sales of securities - unaffiliated | (23,915,415 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 14,817,528 | |
Net realized gains on futures contracts | + | 508,993 |
Net realized losses | (9,170,887 ) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (644,170 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 176,832,374 | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (188,028 ) |
Net change in unrealized appreciation (depreciation) | + | 176,000,176 |
Net realized and unrealized gains | 166,829,289 | |
Increase in net assets resulting from operations | $177,085,580 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $10,256,291 | $7,639,170 | |
Net realized losses | (9,170,887 ) | (43,977,680 ) | |
Net change in unrealized appreciation (depreciation) | + | 176,000,176 | (211,168,941 ) |
Increase (decrease) in net assets resulting from operations | $177,085,580 | ($247,507,451 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($8,433,385 ) | ($16,277,055 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 8,578,433 | $642,610,935 | 7,588,954 | $563,493,219 | |
Shares reinvested | 108,233 | 7,134,711 | 157,797 | 14,184,348 | |
Shares redeemed | + | (5,382,041 ) | (395,332,838 ) | (3,565,449 ) | (266,064,240 ) |
Net transactions in fund shares | 3,304,625 | $254,412,808 | 4,181,302 | $311,613,327 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 14,056,773 | $928,988,030 | 9,875,471 | $881,159,209 | |
Total increase | + | 3,304,625 | 423,065,003 | 4,181,302 | 47,828,821 |
End of period | 17,361,398 | $1,352,053,033 | 14,056,773 | $928,988,030 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $47.51 | $53.65 | $38.09 | $43.06 | $39.51 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (1.04 ) | (4.60 ) | 15.47 | (4.07 ) | 3.10 | |
Total from investment operations | 0.08 | (3.59 ) | 16.44 | (3.07 ) | 4.23 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.06 ) | (1.64 ) | — | (0.84 ) | (0.06 ) | |
Total distributions | (1.09 ) | (2.55 ) | (0.88 ) | (1.90 ) | (0.68 ) | |
Net asset value at end of period | $46.50 | $47.51 | $53.65 | $38.09 | $43.06 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.0005% of non-routine proxy expenses. |
3 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended October 31, 2019 is a blended ratio. |
4 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.3% OF NET ASSETS | ||
Automobiles & Components 0.8% | ||
Aptiv PLC * | 8,884 | 774,685 |
BorgWarner, Inc. | 7,674 | 283,171 |
Ford Motor Co. | 128,845 | 1,256,239 |
General Motors Co. | 45,070 | 1,270,974 |
Gentex Corp. | 7,624 | 218,656 |
Harley-Davidson, Inc. | 4,284 | 115,025 |
Lear Corp. | 1,933 | 250,826 |
Lucid Group, Inc. *(a) | 24,163 | 99,552 |
Phinia, Inc. | 1,530 | 39,596 |
QuantumScape Corp., Class A * | 9,666 | 50,457 |
Rivian Automotive, Inc., Class A * | 21,805 | 353,677 |
Thor Industries, Inc. | 1,700 | 149,481 |
4,862,339 | ||
Banks 6.3% | ||
Bank of America Corp. | 228,771 | 6,025,828 |
Bank OZK | 3,529 | 126,374 |
BOK Financial Corp. | 924 | 60,540 |
Citigroup, Inc. | 63,876 | 2,522,463 |
Citizens Financial Group, Inc. | 15,553 | 364,407 |
Columbia Banking System, Inc. | 6,825 | 134,248 |
Comerica, Inc. | 4,285 | 168,829 |
Commerce Bancshares, Inc. | 3,720 | 163,159 |
Cullen/Frost Bankers, Inc. | 1,960 | 178,340 |
East West Bancorp, Inc. | 4,632 | 248,368 |
Fifth Third Bancorp | 22,278 | 528,211 |
First Citizens BancShares, Inc., Class A | 318 | 439,075 |
First Hawaiian, Inc. | 4,143 | 74,284 |
First Horizon Corp. | 18,124 | 194,833 |
FNB Corp. | 11,733 | 125,426 |
Huntington Bancshares, Inc. | 47,205 | 455,528 |
JPMorgan Chase & Co. | 94,807 | 13,183,861 |
KeyCorp | 30,634 | 313,080 |
M&T Bank Corp. | 5,429 | 612,120 |
New York Community Bancorp, Inc. | 23,476 | 222,553 |
NU Holdings Ltd., Class A * | 23,705 | 194,381 |
Pinnacle Financial Partners, Inc. | 2,447 | 152,595 |
PNC Financial Services Group, Inc. | 13,077 | 1,496,924 |
Popular, Inc. | 2,293 | 149,137 |
Prosperity Bancshares, Inc. | 2,839 | 154,839 |
Regions Financial Corp. | 30,723 | 446,405 |
Synovus Financial Corp. | 4,729 | 123,285 |
Truist Financial Corp. | 43,549 | 1,235,050 |
U.S. Bancorp | 50,323 | 1,604,297 |
Webster Financial Corp. | 5,732 | 217,644 |
Wells Fargo & Co. | 120,537 | 4,793,757 |
Western Alliance Bancorp | 3,585 | 147,344 |
Wintrust Financial Corp. | 1,981 | 147,961 |
Zions Bancorp NA | 4,824 | 148,820 |
37,153,966 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Capital Goods 9.6% | ||
3M Co. | 18,056 | 1,642,193 |
A O Smith Corp. | 3,570 | 249,043 |
Acuity Brands, Inc. | 1,016 | 164,562 |
AECOM | 4,302 | 329,318 |
AGCO Corp. | 2,066 | 236,888 |
Air Lease Corp., Class A | 3,396 | 117,603 |
Allegion PLC | 207 | 20,361 |
Allison Transmission Holdings, Inc. | 2,666 | 134,420 |
AMETEK, Inc. | 7,550 | 1,062,814 |
Armstrong World Industries, Inc. | 1,035 | 78,546 |
AZEK Co., Inc., Class A * | 4,318 | 113,132 |
Boeing Co. * | 15,823 | 2,956,053 |
Builders FirstSource, Inc. * | 4,178 | 453,397 |
BWX Technologies, Inc. | 2,465 | 183,100 |
Carlisle Cos., Inc. | 1,631 | 414,421 |
Carrier Global Corp. | 27,350 | 1,303,501 |
Caterpillar, Inc. | 4,240 | 958,452 |
CNH Industrial NV | 32,095 | 352,403 |
Core & Main, Inc., Class A * | 3,553 | 106,874 |
Crane Co. | 1,574 | 153,197 |
Cummins, Inc. | 4,654 | 1,006,660 |
Curtiss-Wright Corp. | 1,257 | 249,904 |
Deere & Co. | 580 | 211,909 |
Donaldson Co., Inc. | 2,307 | 133,022 |
Dover Corp. | 4,578 | 594,911 |
Eaton Corp. PLC | 13,078 | 2,719,047 |
EMCOR Group, Inc. | 1,000 | 206,650 |
Emerson Electric Co. | 18,741 | 1,667,387 |
Esab Corp. | 1,857 | 117,548 |
Fastenal Co. | 4,726 | 275,715 |
Ferguson PLC | 6,407 | 962,331 |
Flowserve Corp. | 4,257 | 156,317 |
Fortive Corp. | 11,608 | 757,770 |
Fortune Brands Innovations, Inc. | 4,168 | 232,574 |
Gates Industrial Corp. PLC * | 3,439 | 37,554 |
Generac Holdings, Inc. * | 1,976 | 166,122 |
General Dynamics Corp. | 8,037 | 1,939,408 |
General Electric Co. | 35,606 | 3,867,880 |
Graco, Inc. | 3,259 | 242,307 |
Hayward Holdings, Inc. * | 4,372 | 45,906 |
HEICO Corp. | 361 | 57,186 |
Hexcel Corp. | 2,741 | 169,723 |
Honeywell International, Inc. | 19,046 | 3,490,370 |
Howmet Aerospace, Inc. | 12,448 | 548,957 |
Hubbell, Inc., Class B | 961 | 259,566 |
Huntington Ingalls Industries, Inc. | 1,278 | 280,930 |
IDEX Corp. | 2,280 | 436,415 |
Illinois Tool Works, Inc. | 1,845 | 413,501 |
Ingersoll Rand, Inc. | 13,285 | 806,134 |
ITT, Inc. | 2,724 | 254,285 |
Johnson Controls International PLC | 22,556 | 1,105,695 |
L3Harris Technologies, Inc. | 6,210 | 1,114,136 |
Lennox International, Inc. | 1,050 | 389,067 |
Lincoln Electric Holdings, Inc. | 118 | 20,626 |
Masco Corp. | 7,378 | 384,320 |
MasTec, Inc. * | 2,024 | 120,307 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
MDU Resources Group, Inc. | 6,637 | 123,515 |
Mercury Systems, Inc. * | 1,633 | 58,755 |
Middleby Corp. * | 1,732 | 195,491 |
MSC Industrial Direct Co., Inc., Class A | 1,495 | 141,651 |
Nordson Corp. | 1,877 | 399,031 |
Northrop Grumman Corp. | 4,433 | 2,089,849 |
nVent Electric PLC | 5,415 | 260,624 |
Oshkosh Corp. | 2,122 | 186,163 |
Otis Worldwide Corp. | 12,770 | 985,972 |
Owens Corning | 2,946 | 333,988 |
PACCAR, Inc. | 16,831 | 1,389,062 |
Parker-Hannifin Corp. | 4,195 | 1,547,577 |
Pentair PLC | 5,392 | 313,383 |
Plug Power, Inc. *(a) | 17,480 | 102,957 |
Quanta Services, Inc. | 3,477 | 581,076 |
RBC Bearings, Inc. * | 934 | 205,331 |
Regal Rexnord Corp. | 2,175 | 257,542 |
RTX Corp. | 47,994 | 3,906,232 |
Sensata Technologies Holding PLC | 4,908 | 156,467 |
SiteOne Landscape Supply, Inc. * | 983 | 135,428 |
Snap-on, Inc. | 1,708 | 440,562 |
Spirit AeroSystems Holdings, Inc., Class A * | 3,082 | 69,653 |
Stanley Black & Decker, Inc. | 5,028 | 427,631 |
Sunrun, Inc. * | 7,022 | 67,762 |
Textron, Inc. | 6,500 | 494,000 |
Timken Co. | 2,034 | 140,590 |
Trane Technologies PLC | 5,270 | 1,002,934 |
TransDigm Group, Inc. * | 1,430 | 1,184,169 |
United Rentals, Inc. | 1,790 | 727,223 |
Valmont Industries, Inc. | 628 | 123,660 |
Vertiv Holdings Co., Class A | 10,457 | 410,646 |
Watsco, Inc. | 821 | 286,439 |
WESCO International, Inc. | 1,441 | 184,736 |
Westinghouse Air Brake Technologies Corp. | 5,852 | 620,429 |
WillScot Mobile Mini Holdings Corp. * | 4,865 | 191,730 |
Woodward, Inc. | 1,951 | 243,290 |
Xylem, Inc. | 6,857 | 641,404 |
57,099,370 | ||
Commercial & Professional Services 1.2% | ||
Automatic Data Processing, Inc. | 1,929 | 420,946 |
Broadridge Financial Solutions, Inc. | 635 | 108,356 |
CACI International, Inc., Class A * | 744 | 241,621 |
Ceridian HCM Holding, Inc. * | 4,438 | 284,076 |
Cintas Corp. | 311 | 157,714 |
Clarivate PLC * | 15,396 | 98,226 |
Clean Harbors, Inc. * | 1,668 | 256,322 |
Concentrix Corp. | 1,455 | 110,886 |
Driven Brands Holdings, Inc. * | 1,939 | 22,066 |
Dun & Bradstreet Holdings, Inc. | 8,820 | 77,263 |
Equifax, Inc. | 1,240 | 210,267 |
FTI Consulting, Inc. * | 885 | 187,850 |
Genpact Ltd. | 4,382 | 146,972 |
Jacobs Solutions, Inc. | 4,129 | 550,396 |
KBR, Inc. | 2,800 | 162,820 |
Leidos Holdings, Inc. | 4,479 | 443,959 |
ManpowerGroup, Inc. | 1,640 | 114,751 |
MSA Safety, Inc. | 998 | 157,564 |
Paycor HCM, Inc. * | 971 | 20,954 |
RB Global, Inc. | 1,384 | 90,514 |
Republic Services, Inc., Class A | 6,780 | 1,006,762 |
Robert Half, Inc. | 3,468 | 259,302 |
Science Applications International Corp. | 1,750 | 191,170 |
SS&C Technologies Holdings, Inc. | 7,136 | 358,584 |
Stericycle, Inc. * | 3,019 | 124,504 |
Tetra Tech, Inc. | 1,433 | 216,254 |
TransUnion | 6,341 | 278,243 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Veralto Corp. * | 7,205 | 497,145 |
Vestis Corp. * | 3,855 | 58,943 |
Waste Management, Inc. | 1,356 | 222,832 |
7,077,262 | ||
Consumer Discretionary Distribution & Retail 1.0% | ||
Advance Auto Parts, Inc. | 1,969 | 102,447 |
AutoNation, Inc. * | 958 | 124,617 |
AutoZone, Inc. * | 99 | 245,236 |
Bath & Body Works, Inc. | 7,557 | 224,065 |
Best Buy Co., Inc. | 5,518 | 368,713 |
CarMax, Inc. * | 4,896 | 299,097 |
Dick's Sporting Goods, Inc. | 1,841 | 196,895 |
eBay, Inc. | 16,455 | 645,530 |
Etsy, Inc. * | 1,777 | 110,707 |
GameStop Corp., Class A *(a) | 8,730 | 120,212 |
Gap, Inc. | 6,353 | 81,318 |
Genuine Parts Co. | 4,604 | 593,271 |
Kohl's Corp. | 3,582 | 80,774 |
Lithia Motors, Inc., Class A | 893 | 216,293 |
LKQ Corp. | 8,742 | 383,949 |
Lowe's Cos., Inc. | 5,142 | 979,911 |
Macy's, Inc. | 8,810 | 107,306 |
Murphy USA, Inc. | 34 | 12,331 |
Nordstrom, Inc. | 3,773 | 52,746 |
Ollie's Bargain Outlet Holdings, Inc. * | 1,392 | 107,518 |
O'Reilly Automotive, Inc. * | 297 | 276,341 |
Penske Automotive Group, Inc. | 667 | 95,434 |
Petco Health & Wellness Co., Inc., Class A * | 2,724 | 9,425 |
RH * | 470 | 102,441 |
Ross Stores, Inc. | 731 | 84,774 |
Valvoline, Inc. | 3,968 | 117,731 |
Victoria's Secret & Co. * | 1,411 | 25,229 |
Wayfair, Inc., Class A * | 1,760 | 74,994 |
Williams-Sonoma, Inc. | 1,830 | 274,939 |
6,114,244 | ||
Consumer Durables & Apparel 1.4% | ||
Brunswick Corp. | 2,125 | 147,624 |
Capri Holdings Ltd. * | 3,781 | 193,512 |
Carter's, Inc. | 1,197 | 80,391 |
Columbia Sportswear Co. | 1,162 | 85,756 |
DR Horton, Inc. | 10,215 | 1,066,446 |
Garmin Ltd. | 5,051 | 517,879 |
Hasbro, Inc. | 4,308 | 194,506 |
Leggett & Platt, Inc. | 4,389 | 102,834 |
Lennar Corp., Class A | 8,569 | 914,141 |
Mattel, Inc. * | 11,622 | 221,748 |
Mohawk Industries, Inc. * | 1,722 | 138,414 |
Newell Brands, Inc. | 12,387 | 83,241 |
NIKE, Inc., Class B | 18,239 | 1,874,422 |
NVR, Inc. * | 88 | 476,311 |
Polaris, Inc. | 1,598 | 138,099 |
PulteGroup, Inc. | 7,156 | 526,610 |
PVH Corp. | 2,032 | 151,079 |
Ralph Lauren Corp., Class A | 1,300 | 146,289 |
Skechers USA, Inc., Class A * | 4,091 | 197,268 |
Tapestry, Inc. | 7,300 | 201,188 |
Tempur Sealy International, Inc. | 4,327 | 172,777 |
Toll Brothers, Inc. | 3,593 | 254,061 |
TopBuild Corp. * | 978 | 223,727 |
Under Armour, Inc., Class A * | 12,265 | 84,015 |
VF Corp. | 11,402 | 167,951 |
Whirlpool Corp. | 1,767 | 184,757 |
8,545,046 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Consumer Services 1.5% | ||
ADT, Inc. | 7,110 | 40,243 |
Aramark | 7,710 | 207,630 |
Boyd Gaming Corp. | 2,393 | 132,213 |
Bright Horizons Family Solutions, Inc. * | 1,646 | 121,903 |
Caesars Entertainment, Inc. * | 4,026 | 160,597 |
Carnival Corp. * | 32,669 | 374,387 |
Cava Group, Inc. * | 116 | 3,664 |
Darden Restaurants, Inc. | 2,118 | 308,233 |
DoorDash, Inc., Class A * | 2,133 | 159,868 |
Expedia Group, Inc. * | 1,262 | 120,256 |
Grand Canyon Education, Inc. * | 710 | 84,014 |
H&R Block, Inc. | 1,751 | 71,879 |
Hilton Worldwide Holdings, Inc. | 4,574 | 693,098 |
Hyatt Hotels Corp., Class A | 1,492 | 152,841 |
Las Vegas Sands Corp. | 709 | 33,649 |
Marriott Vacations Worldwide Corp. | 1,205 | 108,281 |
McDonald's Corp. | 14,060 | 3,686,110 |
MGM Resorts International * | 9,613 | 335,686 |
Mister Car Wash, Inc. * | 2,427 | 12,620 |
Norwegian Cruise Line Holdings Ltd. * | 10,434 | 141,902 |
Penn Entertainment, Inc. * | 5,079 | 100,209 |
Planet Fitness, Inc., Class A * | 1,461 | 80,750 |
Royal Caribbean Cruises Ltd. * | 5,369 | 454,915 |
Service Corp. International | 3,044 | 165,655 |
Travel & Leisure Co. | 1,281 | 43,592 |
Vail Resorts, Inc. | 1,135 | 240,904 |
Wyndham Hotels & Resorts, Inc. | 2,547 | 184,403 |
Wynn Resorts Ltd. | 3,212 | 281,949 |
Yum! Brands, Inc. | 1,115 | 134,759 |
8,636,210 | ||
Consumer Staples Distribution & Retail 1.9% | ||
Albertsons Cos., Inc., Class A | 12,535 | 272,010 |
BJ's Wholesale Club Holdings, Inc. * | 2,834 | 193,052 |
Casey's General Stores, Inc. | 1,050 | 285,505 |
Dollar Tree, Inc. * | 6,846 | 760,522 |
Grocery Outlet Holding Corp. * | 3,075 | 85,085 |
Kroger Co. | 21,420 | 971,825 |
Performance Food Group Co. * | 2,647 | 152,891 |
U.S. Foods Holding Corp. * | 7,458 | 290,415 |
Walgreens Boots Alliance, Inc. | 23,513 | 495,654 |
Walmart, Inc. | 46,880 | 7,660,661 |
11,167,620 | ||
Energy 8.9% | ||
Antero Midstream Corp. | 7,327 | 90,415 |
Antero Resources Corp. * | 9,230 | 271,731 |
APA Corp. | 1,181 | 46,909 |
Baker Hughes Co., Class A | 33,255 | 1,144,637 |
Chesapeake Energy Corp. | 4,169 | 358,868 |
Chevron Corp. | 58,113 | 8,468,808 |
ConocoPhillips | 39,823 | 4,730,972 |
Coterra Energy, Inc. | 24,500 | 673,750 |
Devon Energy Corp. | 21,040 | 979,833 |
Diamondback Energy, Inc. | 5,946 | 953,263 |
DTE Midstream LLC. | 3,199 | 172,650 |
EOG Resources, Inc. | 19,300 | 2,436,625 |
EQT Corp. | 11,830 | 501,355 |
Exxon Mobil Corp. | 131,563 | 13,925,944 |
Halliburton Co. | 23,563 | 926,968 |
Hess Corp. | 4,032 | 582,221 |
HF Sinclair Corp. | 4,652 | 257,628 |
Kinder Morgan, Inc. | 64,387 | 1,043,069 |
Marathon Oil Corp. | 20,397 | 557,042 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Marathon Petroleum Corp. | 13,924 | 2,106,005 |
NOV, Inc. | 12,781 | 255,109 |
Occidental Petroleum Corp. | 22,903 | 1,415,634 |
ONEOK, Inc. | 13,864 | 903,933 |
Ovintiv, Inc. | 4,660 | 223,680 |
Phillips 66 | 15,129 | 1,725,765 |
Pioneer Natural Resources Co. | 7,642 | 1,826,438 |
Range Resources Corp. | 7,640 | 273,818 |
Schlumberger NV | 46,788 | 2,604,220 |
Southwestern Energy Co. * | 36,188 | 258,020 |
TechnipFMC PLC | 14,455 | 311,072 |
Valero Energy Corp. | 11,560 | 1,468,120 |
Williams Cos., Inc. | 39,981 | 1,375,346 |
52,869,848 | ||
Equity Real Estate Investment Trusts (REITs) 4.3% | ||
Agree Realty Corp. | 3,017 | 168,771 |
Alexandria Real Estate Equities, Inc. | 5,629 | 524,229 |
American Homes 4 Rent, Class A | 10,935 | 358,012 |
Americold Realty Trust, Inc. | 8,891 | 233,122 |
Apartment Income REIT Corp. | 4,841 | 141,406 |
AvalonBay Communities, Inc. | 4,652 | 771,022 |
Boston Properties, Inc. | 5,158 | 276,314 |
Brixmor Property Group, Inc. | 9,752 | 202,744 |
Camden Property Trust | 3,411 | 289,526 |
Cousins Properties, Inc. | 5,033 | 89,940 |
Crown Castle, Inc. | 12,700 | 1,180,846 |
CubeSmart | 7,364 | 251,039 |
Digital Realty Trust, Inc. | 9,802 | 1,218,977 |
EastGroup Properties, Inc. | 1,446 | 236,060 |
EPR Properties | 2,417 | 103,206 |
Equinix, Inc. | 1,527 | 1,114,160 |
Equity LifeStyle Properties, Inc. | 3,940 | 259,252 |
Equity Residential | 12,243 | 677,405 |
Essex Property Trust, Inc. | 2,095 | 448,162 |
Extra Space Storage, Inc. | 6,864 | 711,042 |
Federal Realty Investment Trust | 2,666 | 243,113 |
First Industrial Realty Trust, Inc. | 4,362 | 184,513 |
Gaming & Leisure Properties, Inc. | 8,257 | 374,785 |
Healthcare Realty Trust, Inc., Class A | 12,370 | 177,510 |
Healthpeak Properties, Inc. | 17,982 | 279,620 |
Highwoods Properties, Inc. | 3,385 | 60,558 |
Host Hotels & Resorts, Inc. | 23,224 | 359,508 |
Invitation Homes, Inc. | 20,060 | 595,581 |
Iron Mountain, Inc. | 4,813 | 284,304 |
Kilroy Realty Corp. | 3,798 | 108,547 |
Kimco Realty Corp. | 19,882 | 356,683 |
Lamar Advertising Co., Class A | 661 | 54,380 |
Medical Properties Trust, Inc. | 19,330 | 92,397 |
Mid-America Apartment Communities, Inc. | 3,810 | 450,152 |
National Storage Affiliates Trust | 2,599 | 74,123 |
NNN REIT, Inc. | 5,989 | 217,580 |
Omega Healthcare Investors, Inc. | 7,719 | 255,499 |
Park Hotels & Resorts, Inc. | 6,870 | 79,211 |
Prologis, Inc. | 30,299 | 3,052,624 |
Public Storage | 2,155 | 514,420 |
Rayonier, Inc. | 4,780 | 120,647 |
Realty Income Corp. | 22,116 | 1,047,856 |
Regency Centers Corp. | 5,936 | 357,703 |
Rexford Industrial Realty, Inc. | 6,765 | 292,519 |
SBA Communications Corp., Class A | 3,169 | 661,148 |
Simon Property Group, Inc. | 8,330 | 915,384 |
Spirit Realty Capital, Inc. | 4,587 | 165,086 |
STAG Industrial, Inc. | 5,847 | 194,237 |
Sun Communities, Inc. | 3,156 | 351,073 |
UDR, Inc. | 10,173 | 323,603 |
Ventas, Inc. | 13,113 | 556,778 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
VICI Properties, Inc., Class A | 32,952 | 919,361 |
Vornado Realty Trust | 5,746 | 110,323 |
Welltower, Inc. | 16,313 | 1,363,930 |
Weyerhaeuser Co. | 24,039 | 689,679 |
WP Carey, Inc. | 6,962 | 373,511 |
25,513,181 | ||
Financial Services 10.2% | ||
Affiliated Managers Group, Inc. | 1,164 | 142,893 |
Affirm Holdings, Inc. * | 7,084 | 124,749 |
AGNC Investment Corp. | 19,272 | 142,227 |
Ally Financial, Inc. | 8,927 | 215,944 |
American Express Co. | 13,058 | 1,906,860 |
Annaly Capital Management, Inc. | 16,241 | 253,522 |
Bank of New York Mellon Corp. | 25,600 | 1,088,000 |
Berkshire Hathaway, Inc., Class B * | 60,143 | 20,528,610 |
BlackRock, Inc. | 4,882 | 2,989,151 |
Block, Inc. * | 11,177 | 449,874 |
Blue Owl Capital, Inc., Class A | 12,419 | 153,126 |
Capital One Financial Corp. | 12,445 | 1,260,554 |
Carlyle Group, Inc. | 6,970 | 191,954 |
Cboe Global Markets, Inc. | 3,452 | 565,748 |
Charles Schwab Corp. (b) | 48,490 | 2,523,420 |
CME Group, Inc. | 11,791 | 2,516,907 |
Coinbase Global, Inc., Class A * | 5,478 | 422,463 |
Corebridge Financial, Inc. | 4,817 | 96,340 |
Credit Acceptance Corp. * | 207 | 83,303 |
Discover Financial Services | 8,189 | 672,153 |
Euronet Worldwide, Inc. * | 781 | 60,012 |
Evercore, Inc., Class A | 1,160 | 151,009 |
Fidelity National Information Services, Inc. | 19,434 | 954,404 |
Fiserv, Inc. * | 14,478 | 1,646,873 |
FleetCor Technologies, Inc. * | 169 | 38,054 |
Franklin Resources, Inc. | 9,392 | 214,044 |
Global Payments, Inc. | 8,588 | 912,217 |
Goldman Sachs Group, Inc. | 10,604 | 3,219,480 |
Houlihan Lokey, Inc., Class A | 1,551 | 155,907 |
Interactive Brokers Group, Inc., Class A | 3,316 | 265,512 |
Intercontinental Exchange, Inc. | 18,589 | 1,997,202 |
Invesco Ltd. | 11,830 | 153,435 |
Jack Henry & Associates, Inc. | 1,639 | 231,083 |
Janus Henderson Group PLC | 4,425 | 102,085 |
Jefferies Financial Group, Inc. | 6,282 | 202,155 |
KKR & Co., Inc. | 15,986 | 885,624 |
Lazard Ltd., Class A | 3,611 | 100,277 |
MGIC Investment Corp. | 9,267 | 156,056 |
Moody's Corp. | 455 | 140,140 |
Morgan Stanley | 39,486 | 2,796,399 |
MSCI, Inc., Class A | 1,260 | 594,153 |
Nasdaq, Inc. | 11,210 | 556,016 |
NCR Atleos Corp. * | 2,105 | 46,436 |
Northern Trust Corp. | 6,724 | 443,179 |
OneMain Holdings, Inc. | 3,653 | 131,252 |
PayPal Holdings, Inc. * | 3,495 | 181,041 |
Raymond James Financial, Inc. | 6,210 | 592,682 |
Rithm Capital Corp. | 15,726 | 146,724 |
Robinhood Markets, Inc., Class A * | 21,621 | 197,616 |
Rocket Cos., Inc., Class A * | 2,515 | 18,586 |
S&P Global, Inc. | 9,661 | 3,374,684 |
SEI Investments Co. | 3,312 | 177,722 |
SLM Corp. | 4,554 | 59,202 |
SoFi Technologies, Inc. * | 30,253 | 228,410 |
Starwood Property Trust, Inc. | 9,746 | 172,992 |
State Street Corp. | 10,443 | 674,931 |
Stifel Financial Corp. | 3,391 | 193,287 |
Synchrony Financial | 13,663 | 383,247 |
T Rowe Price Group, Inc. | 7,240 | 655,220 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
TFS Financial Corp. | 1,688 | 20,020 |
TPG, Inc. | 1,534 | 42,400 |
Tradeweb Markets, Inc., Class A | 2,445 | 220,074 |
UWM Holdings Corp. | 1,931 | 9,365 |
Virtu Financial, Inc., Class A | 2,861 | 52,900 |
Voya Financial, Inc. | 3,236 | 216,068 |
Western Union Co. | 10,394 | 117,348 |
WEX, Inc. * | 753 | 125,359 |
XP, Inc., Class A | 10,051 | 201,020 |
60,541,700 | ||
Food, Beverage & Tobacco 4.4% | ||
Altria Group, Inc. | 58,661 | 2,356,412 |
Archer-Daniels-Midland Co. | 17,528 | 1,254,479 |
Boston Beer Co., Inc., Class A * | 23 | 7,681 |
Brown-Forman Corp., Class B | 1,579 | 88,677 |
Bunge Ltd. | 4,900 | 519,302 |
Campbell Soup Co. | 6,303 | 254,704 |
Coca-Cola Co. | 64,470 | 3,641,910 |
Conagra Brands, Inc. | 15,611 | 427,117 |
Constellation Brands, Inc., Class A | 4,759 | 1,114,320 |
Darling Ingredients, Inc. * | 5,226 | 231,459 |
Flowers Foods, Inc. | 6,119 | 134,190 |
Freshpet, Inc. * | 1,080 | 61,992 |
General Mills, Inc. | 19,287 | 1,258,284 |
Hershey Co. | 1,253 | 234,749 |
Hormel Foods Corp. | 9,511 | 309,583 |
Ingredion, Inc. | 2,180 | 204,004 |
J M Smucker Co. | 3,242 | 369,069 |
Kellanova | 8,527 | 430,358 |
Keurig Dr Pepper, Inc. | 31,291 | 949,056 |
Kraft Heinz Co. | 26,372 | 829,663 |
Lamb Weston Holdings, Inc. | 255 | 22,899 |
McCormick & Co., Inc. - Non Voting Shares | 8,262 | 527,942 |
Molson Coors Beverage Co., Class B | 5,745 | 331,889 |
Mondelez International, Inc., Class A | 44,662 | 2,957,071 |
PepsiCo, Inc. | 13,981 | 2,282,818 |
Philip Morris International, Inc. | 50,969 | 4,544,396 |
Pilgrim's Pride Corp. * | 1,296 | 33,048 |
Post Holdings, Inc. * | 1,742 | 139,848 |
Seaboard Corp. | 8 | 28,055 |
Tyson Foods, Inc., Class A | 9,119 | 422,666 |
WK Kellogg Co. * | 2,133 | 21,373 |
25,989,014 | ||
Health Care Equipment & Services 6.7% | ||
Abbott Laboratories | 53,273 | 5,036,962 |
Acadia Healthcare Co., Inc. * | 2,962 | 217,737 |
agilon health, Inc. * | 970 | 17,460 |
Amedisys, Inc. * | 1,038 | 94,967 |
Baxter International, Inc. | 16,633 | 539,408 |
Becton Dickinson & Co. | 9,307 | 2,352,623 |
Boston Scientific Corp. * | 47,153 | 2,413,762 |
Cardinal Health, Inc. | 4,090 | 372,190 |
Centene Corp. * | 17,760 | 1,225,085 |
Certara, Inc. * | 2,606 | 31,767 |
Chemed Corp. | 138 | 77,646 |
Cigna Group | 8,879 | 2,745,387 |
Cooper Cos., Inc. | 1,594 | 496,929 |
CVS Health Corp. | 42,054 | 2,902,147 |
DENTSPLY SIRONA, Inc. | 6,977 | 212,171 |
Doximity, Inc., Class A * | 2,156 | 44,047 |
Elevance Health, Inc. | 6,750 | 3,038,107 |
Encompass Health Corp. | 2,997 | 187,492 |
Enovis Corp. * | 1,755 | 80,555 |
Envista Holdings Corp. * | 5,332 | 124,076 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
GE HealthCare Technologies, Inc. | 11,827 | 787,323 |
Globus Medical, Inc., Class A * | 2,755 | 125,931 |
HCA Healthcare, Inc. | 5,325 | 1,204,195 |
Henry Schein, Inc. * | 4,288 | 278,634 |
Hologic, Inc. * | 7,974 | 527,640 |
Humana, Inc. | 2,322 | 1,216,008 |
ICU Medical, Inc. * | 656 | 64,327 |
Integra LifeSciences Holdings Corp. * | 2,309 | 83,032 |
Laboratory Corp. of America Holdings | 2,904 | 580,016 |
McKesson Corp. | 2,756 | 1,254,972 |
Medtronic PLC | 43,623 | 3,078,039 |
Molina Healthcare, Inc. * | 868 | 289,001 |
Premier, Inc., Class A | 3,861 | 74,208 |
Quest Diagnostics, Inc. | 3,675 | 478,117 |
QuidelOrtho Corp. * | 1,740 | 106,279 |
R1 RCM, Inc. * | 4,949 | 58,349 |
STERIS PLC | 3,255 | 683,485 |
Stryker Corp. | 8,703 | 2,351,725 |
Tandem Diabetes Care, Inc. * | 1,902 | 32,905 |
Teladoc Health, Inc. * | 5,306 | 87,761 |
Teleflex, Inc. | 1,546 | 285,624 |
Tenet Healthcare Corp. * | 3,286 | 176,458 |
UnitedHealth Group, Inc. | 4,854 | 2,599,608 |
Universal Health Services, Inc., Class B | 1,997 | 251,402 |
Zimmer Biomet Holdings, Inc. | 6,893 | 719,698 |
39,605,255 | ||
Household & Personal Products 2.2% | ||
Church & Dwight Co., Inc. | 829 | 75,389 |
Colgate-Palmolive Co. | 26,951 | 2,024,559 |
Coty, Inc., Class A * | 11,827 | 110,819 |
Estee Lauder Cos., Inc., Class A | 5,171 | 666,387 |
Kenvue, Inc. | 37,650 | 700,290 |
Kimberly-Clark Corp. | 654 | 78,245 |
Olaplex Holdings, Inc. * | 4,247 | 6,031 |
Procter & Gamble Co. | 62,786 | 9,419,784 |
Reynolds Consumer Products, Inc. | 1,822 | 46,333 |
Spectrum Brands Holdings, Inc. | 1,307 | 98,443 |
13,226,280 | ||
Insurance 4.2% | ||
Aflac, Inc. | 19,759 | 1,543,375 |
Allstate Corp. | 8,610 | 1,103,199 |
American Financial Group, Inc. | 2,396 | 262,027 |
American International Group, Inc. | 23,760 | 1,456,726 |
Aon PLC, Class A | 6,639 | 2,054,107 |
Arch Capital Group Ltd. * | 10,084 | 874,081 |
Arthur J Gallagher & Co. | 6,562 | 1,545,285 |
Assurant, Inc. | 1,725 | 256,853 |
Assured Guaranty Ltd. | 1,881 | 117,374 |
Axis Capital Holdings Ltd. | 2,530 | 144,463 |
Brighthouse Financial, Inc. * | 1,932 | 87,520 |
Brown & Brown, Inc. | 4,754 | 330,023 |
Chubb Ltd. | 13,537 | 2,905,311 |
Cincinnati Financial Corp. | 5,038 | 502,137 |
CNA Financial Corp. | 818 | 33,047 |
Everest Group Ltd. | 1,218 | 481,865 |
Fidelity National Financial, Inc. | 8,525 | 333,242 |
First American Financial Corp. | 3,262 | 167,797 |
Globe Life, Inc. | 2,890 | 336,280 |
Hanover Insurance Group, Inc. | 1,156 | 135,495 |
Hartford Financial Services Group, Inc. | 9,996 | 734,206 |
Kemper Corp. | 1,937 | 77,248 |
Lincoln National Corp. | 4,991 | 108,654 |
Loews Corp. | 6,071 | 388,605 |
Markel Group, Inc. * | 431 | 633,794 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Marsh & McLennan Cos., Inc. | 3,235 | 613,518 |
MetLife, Inc. | 21,235 | 1,274,312 |
Old Republic International Corp. | 8,857 | 242,505 |
Primerica, Inc. | 415 | 79,331 |
Principal Financial Group, Inc. | 7,934 | 536,973 |
Progressive Corp. | 4,818 | 761,678 |
Prudential Financial, Inc. | 12,049 | 1,101,761 |
Reinsurance Group of America, Inc. | 2,186 | 326,741 |
RenaissanceRe Holdings Ltd. | 1,217 | 267,241 |
RLI Corp. | 1,019 | 135,772 |
Travelers Cos., Inc. | 7,569 | 1,267,353 |
Unum Group | 6,465 | 316,138 |
W R Berkley Corp. | 6,654 | 448,613 |
White Mountains Insurance Group Ltd. | 82 | 117,322 |
Willis Towers Watson PLC | 3,015 | 711,208 |
24,813,180 | ||
Materials 4.9% | ||
Air Products & Chemicals, Inc. | 7,283 | 2,057,011 |
Albemarle Corp. | 3,843 | 487,216 |
Alcoa Corp. | 5,776 | 148,097 |
Amcor PLC | 48,563 | 431,725 |
AptarGroup, Inc. | 2,156 | 263,614 |
Ardagh Metal Packaging SA | 323 | 1,088 |
Ashland, Inc. | 1,559 | 119,466 |
Avery Dennison Corp. | 1,783 | 310,367 |
Axalta Coating Systems Ltd. * | 6,429 | 168,633 |
Ball Corp. | 10,111 | 486,845 |
Berry Global Group, Inc. | 3,885 | 213,675 |
Celanese Corp., Class A | 3,243 | 371,356 |
CF Industries Holdings, Inc. | 6,416 | 511,868 |
Chemours Co. | 4,848 | 116,885 |
Cleveland-Cliffs, Inc. * | 16,772 | 281,434 |
Corteva, Inc. | 23,418 | 1,127,343 |
Crown Holdings, Inc. | 3,492 | 281,455 |
Dow, Inc. | 23,234 | 1,123,132 |
DuPont de Nemours, Inc. | 15,072 | 1,098,447 |
Eagle Materials, Inc. | 401 | 61,718 |
Eastman Chemical Co. | 3,904 | 291,746 |
Ecolab, Inc. | 1,815 | 304,448 |
Element Solutions, Inc. | 7,268 | 132,496 |
FMC Corp. | 3,506 | 186,519 |
Freeport-McMoRan, Inc. | 46,907 | 1,584,518 |
Ginkgo Bioworks Holdings, Inc. *(a) | 45,445 | 62,260 |
Graphic Packaging Holding Co. | 4,579 | 98,494 |
Huntsman Corp. | 5,526 | 128,922 |
International Flavors & Fragrances, Inc. | 8,380 | 572,773 |
International Paper Co. | 11,382 | 383,915 |
Linde PLC | 14,597 | 5,578,389 |
Louisiana-Pacific Corp. | 2,115 | 108,457 |
LyondellBasell Industries NV, Class A | 8,492 | 766,318 |
Martin Marietta Materials, Inc. | 2,026 | 828,512 |
Mosaic Co. | 10,876 | 353,252 |
MP Materials Corp. * | 3,407 | 55,875 |
NewMarket Corp. | 203 | 97,876 |
Newmont Corp. | 37,875 | 1,419,176 |
Nucor Corp. | 8,264 | 1,221,337 |
Olin Corp. | 4,205 | 179,638 |
Packaging Corp. of America | 2,903 | 444,304 |
PPG Industries, Inc. | 5,771 | 708,506 |
Reliance Steel & Aluminum Co. | 1,919 | 488,155 |
Royal Gold, Inc. | 2,163 | 225,666 |
RPM International, Inc. | 3,383 | 308,766 |
Sealed Air Corp. | 2,110 | 64,967 |
Sherwin-Williams Co. | 1,308 | 311,579 |
Silgan Holdings, Inc. | 2,720 | 108,963 |
Sonoco Products Co. | 3,184 | 164,963 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SSR Mining, Inc. | 6,683 | 92,760 |
Steel Dynamics, Inc. | 5,282 | 562,586 |
U.S. Steel Corp. | 7,227 | 244,923 |
Vulcan Materials Co. | 3,392 | 666,494 |
Westlake Corp. | 1,063 | 122,628 |
Westrock Co. | 8,363 | 300,483 |
28,832,039 | ||
Media & Entertainment 2.9% | ||
AMC Entertainment Holdings, Inc., Class A * | 1,840 | 19,651 |
Cable One, Inc. | 168 | 92,378 |
Comcast Corp., Class A | 134,386 | 5,548,798 |
DISH Network Corp., Class A * | 8,243 | 40,391 |
Electronic Arts, Inc. | 8,993 | 1,113,243 |
Fox Corp., Class A | 12,758 | 387,716 |
IAC, Inc. * | 2,414 | 102,716 |
Interpublic Group of Cos., Inc. | 12,664 | 359,658 |
Liberty Broadband Corp., Class C * | 3,466 | 288,752 |
Liberty Media Corp.-Liberty Formula One, Class C * | 7,036 | 455,159 |
Liberty Media Corp.-Liberty Live, Class C * | 2,199 | 70,082 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 7,504 | 184,223 |
Live Nation Entertainment, Inc. * | 3,984 | 318,800 |
Madison Square Garden Sports Corp. * | 605 | 101,725 |
Match Group, Inc. * | 945 | 32,697 |
New York Times Co., Class A | 5,258 | 211,950 |
News Corp., Class A | 16,488 | 340,972 |
Nexstar Media Group, Inc., Class A | 746 | 104,500 |
Omnicom Group, Inc. | 6,475 | 485,042 |
Paramount Global, Class B | 19,400 | 211,072 |
Roku, Inc. * | 3,564 | 212,307 |
Sirius XM Holdings, Inc. (a) | 20,980 | 89,794 |
Take-Two Interactive Software, Inc. * | 5,413 | 723,989 |
TripAdvisor, Inc. * | 3,672 | 54,199 |
Walt Disney Co. * | 60,060 | 4,900,295 |
Warner Bros Discovery, Inc. * | 72,324 | 718,901 |
ZoomInfo Technologies, Inc., Class A * | 4,867 | 63,076 |
17,232,086 | ||
Pharmaceuticals, Biotechnology & Life Sciences 8.3% | ||
Agilent Technologies, Inc. | 1,800 | 186,066 |
Alnylam Pharmaceuticals, Inc. * | 794 | 120,529 |
Amgen, Inc. | 5,614 | 1,435,500 |
Avantor, Inc. * | 22,138 | 385,865 |
Azenta, Inc. * | 2,105 | 95,672 |
Biogen, Inc. * | 4,729 | 1,123,327 |
BioMarin Pharmaceutical, Inc. * | 5,416 | 441,133 |
Bio-Rad Laboratories, Inc., Class A * | 693 | 190,769 |
Bio-Techne Corp. | 290 | 15,843 |
Bristol-Myers Squibb Co. | 69,042 | 3,557,734 |
Catalent, Inc. * | 5,924 | 203,726 |
Charles River Laboratories International, Inc. * | 1,669 | 280,993 |
Danaher Corp. | 21,616 | 4,150,704 |
Elanco Animal Health, Inc. * | 15,961 | 140,616 |
Exact Sciences Corp. * | 3,846 | 236,875 |
Exelixis, Inc. * | 2,777 | 57,179 |
Fortrea Holdings, Inc. * | 2,882 | 81,849 |
Gilead Sciences, Inc. | 41,049 | 3,223,989 |
ICON PLC, ADR * | 2,276 | 555,253 |
Illumina, Inc. * | 3,643 | 398,617 |
Incyte Corp. * | 1,556 | 83,915 |
Ionis Pharmaceuticals, Inc. * | 643 | 28,466 |
IQVIA Holdings, Inc. * | 439 | 79,384 |
Jazz Pharmaceuticals PLC * | 963 | 122,320 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Johnson & Johnson | 79,154 | 11,741,704 |
Karuna Therapeutics, Inc. * | 122 | 20,326 |
Maravai LifeSciences Holdings, Inc., Class A * | 1,500 | 10,290 |
Merck & Co., Inc. | 68,075 | 6,991,303 |
Mirati Therapeutics, Inc. * | 1,507 | 83,684 |
Moderna, Inc. * | 10,913 | 828,952 |
Organon & Co. | 8,313 | 122,949 |
Perrigo Co. PLC | 4,385 | 121,201 |
Pfizer, Inc. | 185,578 | 5,671,264 |
QIAGEN NV * | 7,484 | 280,126 |
Regeneron Pharmaceuticals, Inc. * | 3,171 | 2,473,031 |
Repligen Corp. * | 1,010 | 135,906 |
Revvity, Inc. | 4,144 | 343,330 |
Roivant Sciences Ltd. * | 689 | 5,953 |
Royalty Pharma PLC, Class A | 12,211 | 328,110 |
Sotera Health Co. * | 950 | 12,027 |
Thermo Fisher Scientific, Inc. | 4,865 | 2,163,806 |
United Therapeutics Corp. * | 1,484 | 330,724 |
Vertex Pharmaceuticals, Inc. * | 723 | 261,806 |
Viatris, Inc. | 39,319 | 349,939 |
49,472,755 | ||
Real Estate Management & Development 0.3% | ||
CBRE Group, Inc., Class A * | 10,168 | 705,049 |
CoStar Group, Inc. * | 7,564 | 555,273 |
Howard Hughes Holdings, Inc. * | 1,094 | 72,565 |
Jones Lang LaSalle, Inc. * | 1,564 | 200,067 |
Zillow Group, Inc., Class C * | 6,868 | 248,965 |
1,781,919 | ||
Semiconductors & Semiconductor Equipment 3.5% | ||
Advanced Micro Devices, Inc. * | 22,690 | 2,234,965 |
Analog Devices, Inc. | 16,603 | 2,612,150 |
Applied Materials, Inc. | 4,297 | 568,708 |
Cirrus Logic, Inc. * | 1,798 | 120,340 |
Entegris, Inc. | 4,653 | 409,650 |
First Solar, Inc. * | 3,493 | 497,578 |
GLOBALFOUNDRIES, Inc. *(a) | 2,562 | 127,126 |
Intel Corp. | 137,113 | 5,004,624 |
Lam Research Corp. | 232 | 136,467 |
Marvell Technology, Inc. | 28,055 | 1,324,757 |
Microchip Technology, Inc. | 5,072 | 361,583 |
Micron Technology, Inc. | 35,893 | 2,400,165 |
MKS Instruments, Inc. | 2,156 | 141,563 |
ON Semiconductor Corp. * | 14,154 | 886,607 |
Qorvo, Inc. * | 3,221 | 281,580 |
QUALCOMM, Inc. | 4,690 | 511,163 |
Skyworks Solutions, Inc. | 5,218 | 452,609 |
Teradyne, Inc. | 844 | 70,280 |
Texas Instruments, Inc. | 17,650 | 2,506,477 |
Universal Display Corp. | 841 | 117,050 |
Wolfspeed, Inc. * | 4,114 | 139,218 |
20,904,660 | ||
Software & Services 2.9% | ||
Akamai Technologies, Inc. * | 5,050 | 521,817 |
Amdocs Ltd. | 3,911 | 313,506 |
ANSYS, Inc. * | 495 | 137,739 |
AppLovin Corp., Class A * | 5,085 | 185,297 |
Aspen Technology, Inc. * | 908 | 161,397 |
Bentley Systems, Inc., Class B | 476 | 23,153 |
Bill Holdings, Inc. * | 3,372 | 307,830 |
CCC Intelligent Solutions Holdings, Inc. * | 6,580 | 70,867 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Cognizant Technology Solutions Corp., Class A | 16,676 | 1,075,102 |
Dolby Laboratories, Inc., Class A | 1,928 | 156,052 |
Dropbox, Inc., Class A * | 951 | 25,011 |
DXC Technology Co. * | 6,850 | 138,165 |
Gen Digital, Inc. | 15,394 | 256,464 |
GoDaddy, Inc., Class A * | 1,979 | 144,922 |
Guidewire Software, Inc. * | 2,691 | 242,540 |
HashiCorp, Inc., Class A * | 1,029 | 20,261 |
Informatica, Inc., Class A * | 1,270 | 24,359 |
International Business Machines Corp. | 29,842 | 4,316,347 |
Kyndryl Holdings, Inc. * | 7,413 | 108,452 |
nCino, Inc. * | 2,084 | 58,560 |
NCR Voyix Corp. * | 4,210 | 64,371 |
Nutanix, Inc., Class A * | 5,743 | 207,839 |
Okta, Inc. * | 4,620 | 311,434 |
Oracle Corp. | 29,414 | 3,041,408 |
PTC, Inc. * | 1,803 | 253,177 |
Roper Technologies, Inc. | 3,471 | 1,695,826 |
Salesforce, Inc. * | 7,647 | 1,535,747 |
SentinelOne, Inc., Class A * | 6,546 | 102,314 |
Twilio, Inc., Class A * | 4,659 | 238,820 |
Tyler Technologies, Inc. * | 336 | 125,294 |
UiPath, Inc., Class A * | 2,781 | 43,189 |
Unity Software, Inc. * | 5,666 | 143,746 |
VeriSign, Inc. * | 2,813 | 561,644 |
Zoom Video Communications, Inc., Class A * | 8,235 | 493,935 |
17,106,585 | ||
Technology Hardware & Equipment 2.5% | ||
Amphenol Corp., Class A | 9,513 | 766,272 |
Arrow Electronics, Inc. * | 1,891 | 214,458 |
Avnet, Inc. | 2,959 | 137,090 |
CDW Corp. | 259 | 51,904 |
Ciena Corp. * | 4,830 | 203,826 |
Cisco Systems, Inc. | 134,670 | 7,020,347 |
Cognex Corp. | 5,703 | 205,251 |
Coherent Corp. * | 3,881 | 114,878 |
Corning, Inc. | 24,966 | 668,090 |
Crane NXT Co. | 1,560 | 81,120 |
F5, Inc. * | 1,983 | 300,603 |
Hewlett Packard Enterprise Co. | 42,452 | 652,912 |
HP, Inc. | 22,576 | 594,426 |
IPG Photonics Corp. * | 976 | 83,838 |
Jabil, Inc. | 1,546 | 189,849 |
Juniper Networks, Inc. | 10,478 | 282,068 |
Keysight Technologies, Inc. * | 4,333 | 528,843 |
Littelfuse, Inc. | 792 | 171,603 |
Lumentum Holdings, Inc. * | 2,269 | 88,967 |
Motorola Solutions, Inc. | 431 | 120,016 |
NetApp, Inc. | 4,175 | 303,856 |
Pure Storage, Inc., Class A * | 2,007 | 67,857 |
TD SYNNEX Corp. | 1,542 | 141,371 |
Teledyne Technologies, Inc. * | 1,529 | 572,748 |
Trimble, Inc. * | 8,086 | 381,093 |
Ubiquiti, Inc. | 21 | 2,550 |
Viasat, Inc. * | 3,891 | 71,750 |
Vontier Corp. | 3,332 | 98,494 |
Western Digital Corp. * | 10,484 | 420,933 |
Zebra Technologies Corp., Class A * | 1,383 | 289,642 |
14,826,655 | ||
Telecommunication Services 1.9% | ||
AT&T, Inc. | 235,136 | 3,621,094 |
Frontier Communications Parent, Inc. * | 8,078 | 144,758 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
GCI Liberty, Inc. *(c) | 2,247 | 406 |
Iridium Communications, Inc. | 260 | 9,633 |
T-Mobile U.S., Inc. * | 17,489 | 2,515,968 |
Verizon Communications, Inc. | 138,216 | 4,855,528 |
11,147,387 | ||
Transportation 2.4% | ||
Alaska Air Group, Inc. * | 4,082 | 129,114 |
American Airlines Group, Inc. * | 13,288 | 148,161 |
Avis Budget Group, Inc. * | 437 | 71,144 |
CH Robinson Worldwide, Inc. | 830 | 67,919 |
CSX Corp. | 58,487 | 1,745,837 |
Delta Air Lines, Inc. | 19,989 | 624,656 |
Expeditors International of Washington, Inc. | 4,318 | 471,742 |
FedEx Corp. | 7,615 | 1,828,362 |
GXO Logistics, Inc. * | 3,869 | 195,423 |
Hertz Global Holdings, Inc. * | 4,408 | 37,160 |
JB Hunt Transport Services, Inc. | 2,169 | 372,786 |
Kirby Corp. * | 1,939 | 144,843 |
Knight-Swift Transportation Holdings, Inc. | 5,146 | 251,588 |
Landstar System, Inc. | 246 | 40,536 |
Norfolk Southern Corp. | 7,461 | 1,423,484 |
Old Dominion Freight Line, Inc. | 221 | 83,242 |
Ryder System, Inc. | 1,461 | 142,506 |
Saia, Inc. * | 770 | 276,037 |
Schneider National, Inc., Class B | 1,825 | 46,227 |
Southwest Airlines Co. | 19,509 | 433,685 |
U-Haul Holding Co. * | 143 | 7,024 |
U-Haul Holding Co. - Non Voting | 2,040 | 96,308 |
Union Pacific Corp. | 11,451 | 2,377,342 |
United Airlines Holdings, Inc. * | 10,737 | 375,902 |
United Parcel Service, Inc., Class B | 17,196 | 2,428,935 |
XPO, Inc. * | 3,749 | 284,212 |
14,104,175 | ||
Utilities 5.1% | ||
AES Corp. | 8,492 | 126,531 |
Alliant Energy Corp. | 8,259 | 402,957 |
Ameren Corp. | 8,596 | 650,803 |
American Electric Power Co., Inc. | 16,912 | 1,277,532 |
American Water Works Co., Inc. | 6,396 | 752,489 |
Atmos Energy Corp. | 4,730 | 509,232 |
Avangrid, Inc. | 2,316 | 69,179 |
Brookfield Renewable Corp., Class A | 4,372 | 99,507 |
CenterPoint Energy, Inc. | 20,714 | 556,792 |
Clearway Energy, Inc., Class C | 3,771 | 81,868 |
CMS Energy Corp. | 9,546 | 518,730 |
Consolidated Edison, Inc. | 11,391 | 1,000,016 |
Constellation Energy Corp. | 10,756 | 1,214,567 |
Dominion Energy, Inc. | 27,446 | 1,106,623 |
DTE Energy Co. | 6,762 | 651,721 |
Duke Energy Corp. | 25,314 | 2,250,161 |
Edison International | 12,407 | 782,385 |
Entergy Corp. | 6,947 | 664,064 |
Essential Utilities, Inc. | 7,993 | 267,446 |
Evergy, Inc. | 7,313 | 359,361 |
Eversource Energy | 11,442 | 615,465 |
Exelon Corp. | 32,638 | 1,270,924 |
FirstEnergy Corp. | 17,875 | 636,350 |
Hawaiian Electric Industries, Inc. | 3,674 | 47,688 |
IDACORP, Inc. | 1,645 | 155,798 |
National Fuel Gas Co. | 2,904 | 147,959 |
NextEra Energy, Inc. | 66,487 | 3,876,192 |
NiSource, Inc. | 13,587 | 341,849 |
NRG Energy, Inc. | 7,599 | 322,046 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
OGE Energy Corp. | 6,516 | 222,847 |
PG&E Corp. * | 65,551 | 1,068,481 |
Pinnacle West Capital Corp. | 3,728 | 276,543 |
PPL Corp. | 24,226 | 595,233 |
Public Service Enterprise Group, Inc. | 16,325 | 1,006,436 |
Sempra | 20,687 | 1,448,711 |
Southern Co. | 35,787 | 2,408,465 |
UGI Corp. | 6,807 | 141,586 |
Vistra Corp. | 8,615 | 281,883 |
WEC Energy Group, Inc. | 10,358 | 843,038 |
Xcel Energy, Inc. | 18,088 | 1,072,076 |
30,121,534 | ||
Total Common Stocks (Cost $515,864,535) | 588,744,310 | |
INVESTMENT COMPANIES 0.2% OF NET ASSETS | ||
Equity Funds 0.2% | ||
iShares Russell 1000 Value ETF | 6,200 | 907,804 |
Total Investment Companies (Cost $941,349) | 907,804 |
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
Money Market Funds 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d) | 2,045,255 | 2,045,255 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (d)(e) | 539,668 | 539,668 |
2,584,923 | ||
Total Short-Term Investments (Cost $2,584,923) | 2,584,923 | |
Total Investments in Securities (Cost $519,390,807) | 592,237,037 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 14 | 2,948,575 | (207 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $533,609. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(d) | The rate shown is the annualized 7-day yield. |
(e) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.4% OF NET ASSETS | ||||||||
Financial Services 0.4% | ||||||||
Charles Schwab Corp. | $1,897,739 | $1,917,153 | ($635,600 ) | ($13,219 ) | ($642,653 ) | $2,523,420 | 48,490 | $29,324 |
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 Stocks1 | $577,596,923 | $— | $— | $577,596,923 |
Telecommunication Services | 11,146,981 | — | 406 | 11,147,387 |
Investment Companies1 | 907,804 | — | — | 907,804 |
Short-Term Investments1 | 2,584,923 | — | — | 2,584,923 |
Liabilities | ||||
Futures Contracts2 | (207 ) | — | — | (207 ) |
Total | $592,236,424 | $— | $406 | $592,236,830 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $2,307,597) | $2,523,420 | |
Investments in securities, at value - unaffiliated (cost $517,083,210) including securities on loan of $533,609 | 589,713,617 | |
Deposit with broker for futures contracts | 112,000 | |
Receivables: | ||
Fund shares sold | 786,829 | |
Dividends | 636,939 | |
Variation margin on future contracts | 16,778 | |
Investments sold | 12,456 | |
Income from securities on loan | + | 2,225 |
Total assets | 593,804,264 | |
Liabilities | ||
Collateral held for securities on loan | 539,668 | |
Payables: | ||
Fund shares redeemed | 581,848 | |
Investment adviser fees | 17,363 | |
Due to custodian | + | 12,456 |
Total liabilities | 1,151,335 | |
Net assets | $592,652,929 | |
Net Assets by Source | ||
Capital received from investors | $549,534,218 | |
Total distributable earnings | + | 43,118,711 |
Net assets | $592,652,929 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$592,652,929 | 12,744,022 | $46.50 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,907) | $14,670,946 | |
Dividends received from securities - affiliated | 29,324 | |
Securities on loan, net | + | 111,619 |
Total investment income | 14,811,889 | |
Expenses | ||
Investment adviser fees | 221,361 | |
Total expenses | – | 221,361 |
Net investment income | 14,590,528 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (13,219 ) | |
Net realized losses on sales of securities - unaffiliated | (12,441,979 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 13,097,362 | |
Net realized losses on futures contracts | + | (39,071 ) |
Net realized gains | 603,093 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (642,653 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (10,546,975 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (109,331 ) |
Net change in unrealized appreciation (depreciation) | + | (11,298,959 ) |
Net realized and unrealized losses | (10,695,866 ) | |
Increase in net assets resulting from operations | $3,894,662 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $14,590,528 | $12,544,703 | |
Net realized gains | 603,093 | 5,446,498 | |
Net change in unrealized appreciation (depreciation) | + | (11,298,959 ) | (63,321,553 ) |
Increase (decrease) in net assets resulting from operations | $3,894,662 | ($45,330,352 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($14,210,885 ) | ($27,740,131 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 5,801,820 | $283,185,301 | 5,720,926 | $280,961,274 | |
Shares reinvested | 239,623 | 11,415,609 | 416,349 | 21,312,908 | |
Shares redeemed | + | (6,931,984 ) | (339,427,728 ) | (3,237,613 ) | (157,379,862 ) |
Net transactions in fund shares | (890,541 ) | ($44,826,818 ) | 2,899,662 | $144,894,320 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 13,634,563 | $647,795,970 | 10,734,901 | $575,972,133 | |
Total increase (decrease) | + | (890,541 ) | (55,143,041 ) | 2,899,662 | 71,823,837 |
End of period | 12,744,022 | $592,652,929 | 13,634,563 | $647,795,970 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $51.84 | $64.44 | $44.98 | $44.29 | $39.55 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (1.40 ) | (11.54 ) | 19.54 | 1.09 | 4.54 | |
Total from investment operations | (0.51 ) | (10.75 ) | 20.23 | 1.81 | 5.24 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.04 ) | (1.22 ) | — | (0.48 ) | (0.08 ) | |
Total distributions | (0.81 ) | (1.85 ) | (0.77 ) | (1.12 ) | (0.50 ) | |
Net asset value at end of period | $50.52 | $51.84 | $64.44 | $44.98 | $44.29 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended October 31, 2019 is a blended ratio. |
4 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.5% OF NET ASSETS | ||
Automobiles & Components 0.8% | ||
Aptiv PLC * | 31,751 | 2,768,687 |
BorgWarner, Inc. | 27,276 | 1,006,484 |
Gentex Corp. | 27,491 | 788,442 |
Harley-Davidson, Inc. | 15,237 | 409,114 |
Lear Corp. | 6,879 | 892,619 |
Lucid Group, Inc. *(a) | 87,561 | 360,751 |
Phinia, Inc. | 5,527 | 143,039 |
QuantumScape Corp., Class A * | 34,290 | 178,994 |
Rivian Automotive, Inc., Class A * | 77,835 | 1,262,484 |
Thor Industries, Inc. | 6,028 | 530,042 |
8,340,656 | ||
Banks 2.3% | ||
Bank OZK | 12,718 | 455,432 |
BOK Financial Corp. | 3,332 | 218,313 |
Citizens Financial Group, Inc. | 55,591 | 1,302,497 |
Columbia Banking System, Inc. | 24,461 | 481,148 |
Comerica, Inc. | 15,402 | 606,839 |
Commerce Bancshares, Inc. | 13,374 | 586,584 |
Cullen/Frost Bankers, Inc. | 6,929 | 630,470 |
East West Bancorp, Inc. | 16,464 | 882,800 |
Fifth Third Bancorp | 79,618 | 1,887,743 |
First Citizens BancShares, Inc., Class A | 1,273 | 1,757,682 |
First Hawaiian, Inc. | 14,932 | 267,731 |
First Horizon Corp. | 64,963 | 698,352 |
FNB Corp. | 42,129 | 450,359 |
Huntington Bancshares, Inc. | 168,700 | 1,627,955 |
KeyCorp | 109,421 | 1,118,283 |
M&T Bank Corp. | 19,401 | 2,187,463 |
New York Community Bancorp, Inc. | 83,349 | 790,148 |
NU Holdings Ltd., Class A * | 270,566 | 2,218,641 |
Pinnacle Financial Partners, Inc. | 8,846 | 551,636 |
Popular, Inc. | 8,234 | 535,539 |
Prosperity Bancshares, Inc. | 10,161 | 554,181 |
Regions Financial Corp. | 109,637 | 1,593,026 |
Synovus Financial Corp. | 16,946 | 441,782 |
Webster Financial Corp. | 20,286 | 770,259 |
Western Alliance Bancorp | 12,716 | 522,628 |
Wintrust Financial Corp. | 7,105 | 530,672 |
Zions Bancorp NA | 17,110 | 527,843 |
24,196,006 | ||
Capital Goods 12.3% | ||
A O Smith Corp. | 14,371 | 1,002,521 |
Acuity Brands, Inc. | 3,653 | 591,676 |
Advanced Drainage Systems, Inc. | 7,993 | 853,892 |
AECOM | 15,314 | 1,172,287 |
AGCO Corp. | 7,339 | 841,490 |
Air Lease Corp., Class A | 12,168 | 421,378 |
Allegion PLC | 10,316 | 1,014,682 |
Allison Transmission Holdings, Inc. | 10,654 | 537,175 |
AMETEK, Inc. | 26,982 | 3,798,256 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Armstrong World Industries, Inc. | 5,245 | 398,043 |
Axon Enterprise, Inc. * | 8,158 | 1,668,229 |
AZEK Co., Inc., Class A * | 15,383 | 403,035 |
Builders FirstSource, Inc. * | 14,932 | 1,620,421 |
BWX Technologies, Inc. | 10,742 | 797,916 |
Carlisle Cos., Inc. | 5,821 | 1,479,058 |
Carrier Global Corp. | 97,744 | 4,658,479 |
ChargePoint Holdings, Inc. *(a) | 35,035 | 88,989 |
CNH Industrial NV | 114,766 | 1,260,131 |
Core & Main, Inc., Class A * | 12,677 | 381,324 |
Crane Co. | 5,637 | 548,649 |
Cummins, Inc. | 16,634 | 3,597,934 |
Curtiss-Wright Corp. | 4,472 | 889,078 |
Donaldson Co., Inc. | 14,149 | 815,831 |
Dover Corp. | 16,362 | 2,126,242 |
EMCOR Group, Inc. | 5,481 | 1,132,649 |
Esab Corp. | 6,652 | 421,072 |
Fastenal Co. | 66,984 | 3,907,847 |
Ferguson PLC | 24,205 | 3,635,591 |
Flowserve Corp. | 15,391 | 565,158 |
Fortive Corp. | 41,483 | 2,708,010 |
Fortune Brands Innovations, Inc. | 14,813 | 826,565 |
Gates Industrial Corp. PLC * | 12,598 | 137,570 |
Generac Holdings, Inc. * | 7,116 | 598,242 |
Graco, Inc. | 19,601 | 1,457,334 |
Hayward Holdings, Inc. * | 15,391 | 161,606 |
HEICO Corp. | 12,803 | 2,028,123 |
Hexcel Corp. | 9,861 | 610,593 |
Howmet Aerospace, Inc. | 44,486 | 1,961,833 |
Hubbell, Inc., Class B | 6,283 | 1,697,038 |
Huntington Ingalls Industries, Inc. | 4,609 | 1,013,150 |
IDEX Corp. | 8,867 | 1,697,232 |
Ingersoll Rand, Inc. | 47,477 | 2,880,904 |
ITT, Inc. | 9,678 | 903,441 |
Lennox International, Inc. | 3,753 | 1,390,637 |
Lincoln Electric Holdings, Inc. | 6,555 | 1,145,814 |
Masco Corp. | 26,394 | 1,374,863 |
MasTec, Inc. * | 7,320 | 435,101 |
MDU Resources Group, Inc. | 23,762 | 442,211 |
Mercury Systems, Inc. * | 5,800 | 208,684 |
Middleby Corp. * | 6,232 | 703,406 |
MSC Industrial Direct Co., Inc., Class A | 5,377 | 509,471 |
Nordson Corp. | 6,710 | 1,426,479 |
nVent Electric PLC | 19,335 | 930,594 |
Oshkosh Corp. | 7,618 | 668,327 |
Otis Worldwide Corp. | 48,498 | 3,744,531 |
Owens Corning | 10,545 | 1,195,487 |
PACCAR, Inc. | 60,152 | 4,964,345 |
Parker-Hannifin Corp. | 14,993 | 5,531,068 |
Pentair PLC | 19,266 | 1,119,740 |
Plug Power, Inc. *(a) | 61,484 | 362,141 |
Quanta Services, Inc. | 16,861 | 2,817,810 |
RBC Bearings, Inc. * | 3,304 | 726,351 |
Regal Rexnord Corp. | 7,737 | 916,138 |
Rockwell Automation, Inc. | 13,480 | 3,542,679 |
Sensata Technologies Holding PLC | 17,646 | 562,554 |
SiteOne Landscape Supply, Inc. * | 5,216 | 718,608 |
Snap-on, Inc. | 6,105 | 1,574,724 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Spirit AeroSystems Holdings, Inc., Class A * | 12,222 | 276,217 |
Stanley Black & Decker, Inc. | 17,960 | 1,527,498 |
Sunrun, Inc. * | 24,819 | 239,503 |
Textron, Inc. | 23,193 | 1,762,668 |
Timken Co. | 7,296 | 504,300 |
Toro Co. | 12,174 | 984,146 |
Trane Technologies PLC | 26,715 | 5,084,132 |
TransDigm Group, Inc. * | 6,150 | 5,092,753 |
Trex Co., Inc. * | 12,691 | 713,361 |
United Rentals, Inc. | 8,048 | 3,269,661 |
Valmont Industries, Inc. | 2,441 | 480,657 |
Vertiv Holdings Co., Class A | 40,256 | 1,580,853 |
Watsco, Inc. | 3,896 | 1,359,275 |
WESCO International, Inc. | 5,188 | 665,102 |
Westinghouse Air Brake Technologies Corp. | 20,914 | 2,217,302 |
WillScot Mobile Mini Holdings Corp. * | 23,038 | 907,928 |
Woodward, Inc. | 6,925 | 863,547 |
WW Grainger, Inc. | 5,236 | 3,821,390 |
Xylem, Inc. | 27,817 | 2,602,002 |
130,274,732 | ||
Commercial & Professional Services 4.6% | ||
Booz Allen Hamilton Holding Corp., Class A | 15,251 | 1,829,052 |
Broadridge Financial Solutions, Inc. | 13,747 | 2,345,788 |
CACI International, Inc., Class A * | 2,650 | 860,614 |
Ceridian HCM Holding, Inc. * | 17,323 | 1,108,845 |
Cintas Corp. | 10,165 | 5,154,875 |
Clarivate PLC * | 54,964 | 350,670 |
Clean Harbors, Inc. * | 5,932 | 911,570 |
Concentrix Corp. | 5,136 | 391,415 |
Copart, Inc. * | 100,656 | 4,380,549 |
Driven Brands Holdings, Inc. * | 7,100 | 80,798 |
Dun & Bradstreet Holdings, Inc. | 32,181 | 281,906 |
Equifax, Inc. | 14,294 | 2,423,834 |
FTI Consulting, Inc. * | 3,889 | 825,479 |
Genpact Ltd. | 21,003 | 704,441 |
Jacobs Solutions, Inc. | 14,756 | 1,966,975 |
KBR, Inc. | 15,833 | 920,689 |
Leidos Holdings, Inc. | 16,014 | 1,587,308 |
ManpowerGroup, Inc. | 5,869 | 410,654 |
MSA Safety, Inc. | 4,311 | 680,621 |
Paychex, Inc. | 37,804 | 4,198,134 |
Paycom Software, Inc. | 6,059 | 1,484,273 |
Paycor HCM, Inc. * | 6,480 | 139,838 |
Paylocity Holding Corp. * | 4,913 | 881,392 |
RB Global, Inc. | 21,323 | 1,394,524 |
Republic Services, Inc., Class A | 24,231 | 3,598,061 |
Robert Half, Inc. | 12,331 | 921,989 |
Rollins, Inc. | 29,990 | 1,127,924 |
Science Applications International Corp. | 6,299 | 688,103 |
SS&C Technologies Holdings, Inc. | 25,530 | 1,282,883 |
Stericycle, Inc. * | 10,836 | 446,877 |
Tetra Tech, Inc. | 6,201 | 935,793 |
TransUnion | 22,696 | 995,900 |
Verisk Analytics, Inc., Class A | 16,739 | 3,805,779 |
Vestis Corp. * | 13,898 | 212,500 |
49,330,053 | ||
Consumer Discretionary Distribution & Retail 3.3% | ||
Advance Auto Parts, Inc. | 6,936 | 360,880 |
AutoNation, Inc. * | 3,462 | 450,337 |
Bath & Body Works, Inc. | 26,822 | 795,272 |
Best Buy Co., Inc. | 22,857 | 1,527,305 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Burlington Stores, Inc. * | 7,563 | 915,350 |
CarMax, Inc. * | 18,486 | 1,129,310 |
Coupang, Inc., Class A * | 128,514 | 2,184,738 |
Dick's Sporting Goods, Inc. | 7,041 | 753,035 |
eBay, Inc. | 62,693 | 2,459,446 |
Etsy, Inc. * | 14,378 | 895,749 |
Five Below, Inc. * | 6,437 | 1,119,909 |
Floor & Decor Holdings, Inc., Class A * | 12,169 | 1,002,726 |
GameStop Corp., Class A *(a) | 31,571 | 434,733 |
Gap, Inc. | 22,668 | 290,150 |
Genuine Parts Co. | 16,452 | 2,120,005 |
Kohl's Corp. | 12,877 | 290,376 |
Lithia Motors, Inc., Class A | 3,174 | 768,774 |
LKQ Corp. | 31,260 | 1,372,939 |
Macy's, Inc. | 31,722 | 386,374 |
Murphy USA, Inc. | 2,324 | 842,892 |
Nordstrom, Inc. | 13,576 | 189,792 |
Ollie's Bargain Outlet Holdings, Inc. * | 7,212 | 557,055 |
Penske Automotive Group, Inc. | 2,357 | 337,240 |
Petco Health & Wellness Co., Inc., Class A * | 9,048 | 31,306 |
Pool Corp. | 4,458 | 1,407,703 |
RH * | 2,032 | 442,895 |
Ross Stores, Inc. | 39,399 | 4,569,102 |
Tractor Supply Co. | 12,846 | 2,473,626 |
Ulta Beauty, Inc. * | 5,867 | 2,237,146 |
Valvoline, Inc. | 19,382 | 575,064 |
Victoria's Secret & Co. * | 9,100 | 162,708 |
Wayfair, Inc., Class A * | 9,671 | 412,081 |
Williams-Sonoma, Inc. | 7,485 | 1,124,546 |
34,620,564 | ||
Consumer Durables & Apparel 2.6% | ||
Brunswick Corp. | 8,302 | 576,740 |
Capri Holdings Ltd. * | 13,405 | 686,068 |
Carter's, Inc. | 4,315 | 289,795 |
Columbia Sportswear Co. | 4,162 | 307,156 |
Crocs, Inc. * | 7,126 | 636,494 |
Deckers Outdoor Corp. * | 3,073 | 1,834,765 |
DR Horton, Inc. | 36,505 | 3,811,122 |
Garmin Ltd. | 18,022 | 1,847,796 |
Hasbro, Inc. | 15,271 | 689,486 |
Leggett & Platt, Inc. | 15,487 | 362,860 |
Lennar Corp., Class A | 30,630 | 3,267,608 |
Mattel, Inc. * | 41,302 | 788,042 |
Mohawk Industries, Inc. * | 6,214 | 499,481 |
Newell Brands, Inc. | 44,525 | 299,208 |
NVR, Inc. * | 346 | 1,872,767 |
Peloton Interactive, Inc., Class A * | 37,164 | 176,901 |
Polaris, Inc. | 6,311 | 545,397 |
PulteGroup, Inc. | 25,575 | 1,882,064 |
PVH Corp. | 7,347 | 546,250 |
Ralph Lauren Corp., Class A | 4,697 | 528,553 |
Skechers USA, Inc., Class A * | 15,624 | 753,389 |
Tapestry, Inc. | 27,582 | 760,160 |
Tempur Sealy International, Inc. | 19,632 | 783,906 |
Toll Brothers, Inc. | 12,818 | 906,361 |
TopBuild Corp. * | 3,709 | 848,471 |
Under Armour, Inc., Class A * | 44,614 | 305,606 |
VF Corp. | 40,854 | 601,779 |
Whirlpool Corp. | 6,253 | 653,814 |
YETI Holdings, Inc. * | 10,227 | 434,852 |
27,496,891 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Consumer Services 3.4% | ||
ADT, Inc. | 24,665 | 139,604 |
Aramark | 27,501 | 740,602 |
Boyd Gaming Corp. | 8,586 | 474,376 |
Bright Horizons Family Solutions, Inc. * | 6,758 | 500,497 |
Caesars Entertainment, Inc. * | 24,186 | 964,780 |
Carnival Corp. * | 116,650 | 1,336,809 |
Cava Group, Inc. *(a) | 1,847 | 58,347 |
Choice Hotels International, Inc. | 3,541 | 391,281 |
Churchill Downs, Inc. | 8,326 | 914,528 |
Darden Restaurants, Inc. | 14,158 | 2,060,414 |
Domino's Pizza, Inc. | 4,153 | 1,407,825 |
DoorDash, Inc., Class A * | 35,389 | 2,652,406 |
DraftKings, Inc., Class A * | 49,062 | 1,355,092 |
Expedia Group, Inc. * | 16,845 | 1,605,160 |
Grand Canyon Education, Inc. * | 3,531 | 417,823 |
H&R Block, Inc. | 17,872 | 733,646 |
Hilton Worldwide Holdings, Inc. | 30,161 | 4,570,296 |
Hyatt Hotels Corp., Class A | 5,368 | 549,898 |
Marriott Vacations Worldwide Corp. | 4,258 | 382,624 |
MGM Resorts International * | 34,354 | 1,199,642 |
Mister Car Wash, Inc. * | 8,810 | 45,812 |
Norwegian Cruise Line Holdings Ltd. * | 49,717 | 676,151 |
Penn Entertainment, Inc. * | 17,900 | 353,167 |
Planet Fitness, Inc., Class A * | 10,013 | 553,419 |
Royal Caribbean Cruises Ltd. * | 27,453 | 2,326,093 |
Service Corp. International | 17,186 | 935,262 |
Texas Roadhouse, Inc., Class A | 7,813 | 793,332 |
Travel & Leisure Co. | 8,480 | 288,574 |
Vail Resorts, Inc. | 4,474 | 949,606 |
Wendy's Co. | 20,215 | 384,489 |
Wingstop, Inc. | 3,516 | 642,619 |
Wyndham Hotels & Resorts, Inc. | 9,824 | 711,258 |
Wynn Resorts Ltd. | 12,206 | 1,071,443 |
Yum! Brands, Inc. | 32,893 | 3,975,448 |
36,162,323 | ||
Consumer Staples Distribution & Retail 1.3% | ||
Albertsons Cos., Inc., Class A | 48,695 | 1,056,681 |
BJ's Wholesale Club Holdings, Inc. * | 15,626 | 1,064,443 |
Casey's General Stores, Inc. | 4,367 | 1,187,431 |
Dollar Tree, Inc. * | 24,465 | 2,717,817 |
Grocery Outlet Holding Corp. * | 11,195 | 309,766 |
Kroger Co. | 76,550 | 3,473,073 |
Performance Food Group Co. * | 17,939 | 1,036,157 |
U.S. Foods Holding Corp. * | 26,531 | 1,033,117 |
Walgreens Boots Alliance, Inc. | 84,032 | 1,771,395 |
13,649,880 | ||
Energy 5.6% | ||
Antero Midstream Corp. | 39,846 | 491,700 |
Antero Resources Corp. * | 33,097 | 974,376 |
APA Corp. | 36,399 | 1,445,768 |
Baker Hughes Co., Class A | 118,846 | 4,090,679 |
Cheniere Energy, Inc. | 28,448 | 4,734,316 |
Chesapeake Energy Corp. | 14,890 | 1,281,731 |
Coterra Energy, Inc. | 87,559 | 2,407,873 |
Devon Energy Corp. | 75,192 | 3,501,691 |
Diamondback Energy, Inc. | 21,251 | 3,406,960 |
DTE Midstream LLC. | 11,376 | 613,963 |
EQT Corp. | 42,278 | 1,791,742 |
Halliburton Co. | 105,394 | 4,146,200 |
Hess Corp. | 32,604 | 4,708,018 |
HF Sinclair Corp. | 16,545 | 916,262 |
Marathon Oil Corp. | 72,895 | 1,990,762 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
New Fortress Energy, Inc. | 7,617 | 230,795 |
NOV, Inc. | 45,891 | 915,984 |
ONEOK, Inc. | 52,429 | 3,418,371 |
Ovintiv, Inc. | 30,113 | 1,445,424 |
Phillips 66 | 54,068 | 6,167,537 |
Range Resources Corp. | 27,447 | 983,700 |
Southwestern Energy Co. * | 128,509 | 916,269 |
Targa Resources Corp. | 26,224 | 2,192,589 |
TechnipFMC PLC | 51,546 | 1,109,270 |
Texas Pacific Land Corp. | 678 | 1,251,554 |
Williams Cos., Inc. | 142,885 | 4,915,244 |
60,048,778 | ||
Equity Real Estate Investment Trusts (REITs) 7.0% | ||
Agree Realty Corp. | 10,771 | 602,530 |
Alexandria Real Estate Equities, Inc. | 20,118 | 1,873,589 |
American Homes 4 Rent, Class A | 39,083 | 1,279,577 |
Americold Realty Trust, Inc. | 31,608 | 828,762 |
Apartment Income REIT Corp. | 17,361 | 507,115 |
AvalonBay Communities, Inc. | 16,625 | 2,755,428 |
Boston Properties, Inc. | 18,342 | 982,581 |
Brixmor Property Group, Inc. | 34,982 | 727,276 |
Camden Property Trust | 12,128 | 1,029,425 |
Cousins Properties, Inc. | 17,741 | 317,032 |
CubeSmart | 26,227 | 894,078 |
Digital Realty Trust, Inc. | 35,030 | 4,356,331 |
EastGroup Properties, Inc. | 5,143 | 839,595 |
EPR Properties | 8,712 | 372,002 |
Equity LifeStyle Properties, Inc. | 20,845 | 1,371,601 |
Equity Residential | 43,755 | 2,420,964 |
Essex Property Trust, Inc. | 7,488 | 1,601,833 |
Extra Space Storage, Inc. | 24,532 | 2,541,270 |
Federal Realty Investment Trust | 9,482 | 864,664 |
First Industrial Realty Trust, Inc. | 15,426 | 652,520 |
Gaming & Leisure Properties, Inc. | 29,429 | 1,335,782 |
Healthcare Realty Trust, Inc., Class A | 44,455 | 637,929 |
Healthpeak Properties, Inc. | 63,977 | 994,842 |
Highwoods Properties, Inc. | 12,251 | 219,170 |
Host Hotels & Resorts, Inc. | 82,717 | 1,280,459 |
Invitation Homes, Inc. | 71,690 | 2,128,476 |
Iron Mountain, Inc. | 33,966 | 2,006,372 |
Kilroy Realty Corp. | 13,592 | 388,459 |
Kimco Realty Corp. | 71,033 | 1,274,332 |
Lamar Advertising Co., Class A | 10,198 | 838,989 |
Medical Properties Trust, Inc. | 69,820 | 333,740 |
Mid-America Apartment Communities, Inc. | 13,618 | 1,608,967 |
National Storage Affiliates Trust | 9,383 | 267,603 |
NNN REIT, Inc. | 21,207 | 770,450 |
Omega Healthcare Investors, Inc. | 27,443 | 908,363 |
Park Hotels & Resorts, Inc. | 25,170 | 290,210 |
Rayonier, Inc. | 17,217 | 434,557 |
Realty Income Corp. | 79,039 | 3,744,868 |
Regency Centers Corp. | 21,209 | 1,278,054 |
Rexford Industrial Realty, Inc. | 24,184 | 1,045,716 |
SBA Communications Corp., Class A | 12,597 | 2,628,112 |
Simon Property Group, Inc. | 38,068 | 4,183,293 |
Spirit Realty Capital, Inc. | 16,532 | 594,987 |
STAG Industrial, Inc. | 20,984 | 697,089 |
Sun Communities, Inc. | 14,413 | 1,603,302 |
UDR, Inc. | 38,531 | 1,225,671 |
Ventas, Inc. | 46,863 | 1,989,803 |
VICI Properties, Inc., Class A | 117,764 | 3,285,616 |
Vornado Realty Trust | 20,847 | 400,262 |
Welltower, Inc. | 58,299 | 4,874,379 |
Weyerhaeuser Co. | 85,911 | 2,464,787 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
WP Carey, Inc. | 24,893 | 1,335,509 |
73,888,321 | ||
Financial Services 7.6% | ||
Affiliated Managers Group, Inc. | 4,201 | 515,715 |
Affirm Holdings, Inc. * | 25,596 | 450,745 |
AGNC Investment Corp. | 69,563 | 513,375 |
Ally Financial, Inc. | 31,767 | 768,444 |
Ameriprise Financial, Inc. | 12,334 | 3,879,906 |
Annaly Capital Management, Inc. | 58,096 | 906,878 |
Apollo Global Management, Inc. | 61,205 | 4,739,715 |
Ares Management Corp., Class A | 18,795 | 1,852,999 |
Bank of New York Mellon Corp. | 91,488 | 3,888,240 |
Block, Inc. * | 63,605 | 2,560,101 |
Blue Owl Capital, Inc., Class A | 52,397 | 646,055 |
Carlyle Group, Inc. | 24,654 | 678,971 |
Cboe Global Markets, Inc. | 12,335 | 2,021,583 |
Coinbase Global, Inc., Class A * | 19,553 | 1,507,927 |
Corebridge Financial, Inc. | 17,417 | 348,340 |
Credit Acceptance Corp. * | 753 | 303,030 |
Discover Financial Services | 29,265 | 2,402,071 |
Equitable Holdings, Inc. | 41,980 | 1,115,409 |
Euronet Worldwide, Inc. * | 5,556 | 426,923 |
Evercore, Inc., Class A | 4,195 | 546,105 |
FactSet Research Systems, Inc. | 4,501 | 1,943,937 |
Fidelity National Information Services, Inc. | 69,452 | 3,410,788 |
FleetCor Technologies, Inc. * | 8,430 | 1,898,183 |
Franklin Resources, Inc. | 33,499 | 763,442 |
Global Payments, Inc. | 30,691 | 3,259,998 |
Houlihan Lokey, Inc., Class A | 5,916 | 594,676 |
Interactive Brokers Group, Inc., Class A | 11,823 | 946,668 |
Invesco Ltd. | 42,580 | 552,263 |
Jack Henry & Associates, Inc. | 8,539 | 1,203,914 |
Janus Henderson Group PLC | 15,628 | 360,538 |
Jefferies Financial Group, Inc. | 22,284 | 717,099 |
KKR & Co., Inc. | 75,771 | 4,197,713 |
Lazard Ltd., Class A | 12,783 | 354,984 |
LPL Financial Holdings, Inc. | 9,148 | 2,053,909 |
MarketAxess Holdings, Inc. | 4,336 | 926,820 |
MGIC Investment Corp. | 33,265 | 560,183 |
Morningstar, Inc. | 3,005 | 760,986 |
MSCI, Inc., Class A | 9,009 | 4,248,194 |
Nasdaq, Inc. | 40,061 | 1,987,026 |
NCR Atleos Corp. * | 7,444 | 164,215 |
Northern Trust Corp. | 24,032 | 1,583,949 |
OneMain Holdings, Inc. | 13,113 | 471,150 |
Raymond James Financial, Inc. | 22,193 | 2,118,100 |
Rithm Capital Corp. | 56,262 | 524,924 |
Robinhood Markets, Inc., Class A * | 77,589 | 709,163 |
Rocket Cos., Inc., Class A * | 14,725 | 108,818 |
SEI Investments Co. | 11,895 | 638,286 |
Shift4 Payments, Inc., Class A * | 6,383 | 284,171 |
SLM Corp. | 26,344 | 342,472 |
SoFi Technologies, Inc. * | 107,632 | 812,622 |
Starwood Property Trust, Inc. | 34,472 | 611,878 |
State Street Corp. | 37,320 | 2,411,992 |
Stifel Financial Corp. | 12,083 | 688,731 |
Synchrony Financial | 48,856 | 1,370,411 |
T Rowe Price Group, Inc. | 25,873 | 2,341,506 |
TFS Financial Corp. | 5,907 | 70,057 |
Toast, Inc., Class A * | 41,656 | 666,079 |
TPG, Inc. | 7,598 | 210,009 |
Tradeweb Markets, Inc., Class A | 13,476 | 1,212,975 |
UWM Holdings Corp. | 10,495 | 50,901 |
Virtu Financial, Inc., Class A | 10,562 | 195,291 |
Voya Financial, Inc. | 11,435 | 763,515 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Western Union Co. | 43,869 | 495,281 |
WEX, Inc. * | 5,002 | 832,733 |
XP, Inc., Class A | 38,961 | 779,220 |
81,272,302 | ||
Food, Beverage & Tobacco 1.9% | ||
Boston Beer Co., Inc., Class A * | 1,101 | 367,679 |
Brown-Forman Corp., Class B | 27,451 | 1,541,648 |
Bunge Ltd. | 17,513 | 1,856,028 |
Campbell Soup Co. | 22,429 | 906,356 |
Celsius Holdings, Inc. * | 5,615 | 853,985 |
Conagra Brands, Inc. | 55,803 | 1,526,770 |
Darling Ingredients, Inc. * | 18,567 | 822,332 |
Flowers Foods, Inc. | 22,046 | 483,469 |
Freshpet, Inc. * | 5,367 | 308,066 |
Hormel Foods Corp. | 34,011 | 1,107,058 |
Ingredion, Inc. | 7,708 | 721,315 |
J M Smucker Co. | 11,590 | 1,319,406 |
Kellanova | 30,481 | 1,538,376 |
Lamb Weston Holdings, Inc. | 17,049 | 1,531,000 |
McCormick & Co., Inc. - Non Voting Shares | 29,476 | 1,883,516 |
Molson Coors Beverage Co., Class B | 20,523 | 1,185,614 |
Pilgrim's Pride Corp. * | 4,723 | 120,436 |
Post Holdings, Inc. * | 6,261 | 502,633 |
Seaboard Corp. | 31 | 108,715 |
Tyson Foods, Inc., Class A | 32,596 | 1,510,825 |
WK Kellogg Co. * | 7,499 | 75,140 |
20,270,367 | ||
Health Care Equipment & Services 5.1% | ||
Acadia Healthcare Co., Inc. * | 10,481 | 770,458 |
agilon health, Inc. * | 33,915 | 610,470 |
Align Technology, Inc. * | 8,955 | 1,653,003 |
Amedisys, Inc. * | 3,745 | 342,630 |
Baxter International, Inc. | 59,299 | 1,923,067 |
Cardinal Health, Inc. | 29,902 | 2,721,082 |
Cencora, Inc. | 18,962 | 3,510,814 |
Certara, Inc. * | 14,174 | 172,781 |
Chemed Corp. | 1,725 | 970,571 |
Cooper Cos., Inc. | 5,698 | 1,776,351 |
DaVita, Inc. * | 6,340 | 489,638 |
DENTSPLY SIRONA, Inc. | 24,793 | 753,955 |
Dexcom, Inc. * | 45,375 | 4,030,661 |
Doximity, Inc., Class A * | 13,900 | 283,977 |
Encompass Health Corp. | 11,608 | 726,196 |
Enovis Corp. * | 6,145 | 282,056 |
Envista Holdings Corp. * | 19,256 | 448,087 |
Globus Medical, Inc., Class A * | 13,862 | 633,632 |
Henry Schein, Inc. * | 15,318 | 995,364 |
Hologic, Inc. * | 28,498 | 1,885,713 |
ICU Medical, Inc. * | 2,345 | 229,951 |
IDEXX Laboratories, Inc. * | 9,661 | 3,859,280 |
Inspire Medical Systems, Inc. * | 3,385 | 498,137 |
Insulet Corp. * | 8,143 | 1,079,518 |
Integra LifeSciences Holdings Corp. * | 8,423 | 302,891 |
Laboratory Corp. of America Holdings | 10,377 | 2,072,598 |
Masimo Corp. * | 5,090 | 412,952 |
Molina Healthcare, Inc. * | 6,776 | 2,256,069 |
Novocure Ltd. * | 12,247 | 162,885 |
Penumbra, Inc. * | 4,247 | 811,814 |
Premier, Inc., Class A | 14,030 | 269,657 |
Quest Diagnostics, Inc. | 13,135 | 1,708,863 |
QuidelOrtho Corp. * | 6,301 | 384,865 |
R1 RCM, Inc. * | 17,972 | 211,890 |
ResMed, Inc. | 17,031 | 2,405,118 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Shockwave Medical, Inc. * | 4,252 | 877,018 |
STERIS PLC | 11,634 | 2,442,907 |
Tandem Diabetes Care, Inc. * | 7,506 | 129,854 |
Teladoc Health, Inc. * | 19,070 | 315,418 |
Teleflex, Inc. | 5,494 | 1,015,016 |
Tenet Healthcare Corp. * | 11,804 | 633,875 |
Universal Health Services, Inc., Class B | 7,091 | 892,686 |
Veeva Systems, Inc., Class A * | 16,988 | 3,273,757 |
Zimmer Biomet Holdings, Inc. | 24,634 | 2,572,036 |
53,799,561 | ||
Household & Personal Products 0.5% | ||
Church & Dwight Co., Inc. | 28,654 | 2,605,795 |
Clorox Co. | 14,506 | 1,707,356 |
Coty, Inc., Class A * | 41,901 | 392,612 |
Olaplex Holdings, Inc. * | 16,475 | 23,394 |
Reynolds Consumer Products, Inc. | 6,439 | 163,744 |
Spectrum Brands Holdings, Inc. | 4,711 | 354,833 |
5,247,734 | ||
Insurance 5.3% | ||
Aflac, Inc. | 70,613 | 5,515,581 |
Allstate Corp. | 30,770 | 3,942,560 |
American Financial Group, Inc. | 8,551 | 935,137 |
Arch Capital Group Ltd. * | 41,954 | 3,636,573 |
Arthur J Gallagher & Co. | 24,842 | 5,850,043 |
Assurant, Inc. | 6,190 | 921,691 |
Assured Guaranty Ltd. | 6,648 | 414,835 |
Axis Capital Holdings Ltd. | 9,108 | 520,067 |
Brighthouse Financial, Inc. * | 7,806 | 353,612 |
Brown & Brown, Inc. | 27,808 | 1,930,431 |
Cincinnati Financial Corp. | 18,006 | 1,794,658 |
CNA Financial Corp. | 2,993 | 120,917 |
Everest Group Ltd. | 5,025 | 1,987,991 |
Fidelity National Financial, Inc. | 30,457 | 1,190,564 |
First American Financial Corp. | 11,733 | 603,546 |
Globe Life, Inc. | 10,315 | 1,200,253 |
Hanover Insurance Group, Inc. | 4,178 | 489,703 |
Hartford Financial Services Group, Inc. | 35,722 | 2,623,781 |
Kemper Corp. | 7,055 | 281,353 |
Kinsale Capital Group, Inc. | 2,551 | 851,804 |
Lincoln National Corp. | 19,824 | 431,569 |
Loews Corp. | 21,704 | 1,389,273 |
Markel Group, Inc. * | 1,541 | 2,266,071 |
Old Republic International Corp. | 31,524 | 863,127 |
Primerica, Inc. | 4,239 | 810,327 |
Principal Financial Group, Inc. | 28,356 | 1,919,134 |
Prudential Financial, Inc. | 43,062 | 3,937,589 |
Reinsurance Group of America, Inc. | 7,806 | 1,166,763 |
RenaissanceRe Holdings Ltd. | 5,894 | 1,294,264 |
RLI Corp. | 4,713 | 627,960 |
Ryan Specialty Holdings, Inc., Class A * | 10,905 | 471,096 |
Unum Group | 23,073 | 1,128,270 |
W R Berkley Corp. | 23,744 | 1,600,821 |
White Mountains Insurance Group Ltd. | 289 | 413,487 |
Willis Towers Watson PLC | 12,314 | 2,904,750 |
56,389,601 | ||
Materials 5.9% | ||
Albemarle Corp. | 13,733 | 1,741,070 |
Alcoa Corp. | 20,884 | 535,466 |
Amcor PLC | 173,580 | 1,543,126 |
AptarGroup, Inc. | 7,669 | 937,689 |
Ardagh Metal Packaging SA | 17,226 | 58,052 |
Ashland, Inc. | 5,535 | 424,147 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Avery Dennison Corp. | 9,469 | 1,648,269 |
Axalta Coating Systems Ltd. * | 25,907 | 679,541 |
Ball Corp. | 36,134 | 1,739,852 |
Berry Global Group, Inc. | 13,935 | 766,425 |
Celanese Corp., Class A | 11,598 | 1,328,087 |
CF Industries Holdings, Inc. | 22,929 | 1,829,276 |
Chemours Co. | 17,365 | 418,670 |
Cleveland-Cliffs, Inc. * | 59,564 | 999,484 |
Corteva, Inc. | 83,693 | 4,028,981 |
Crown Holdings, Inc. | 12,408 | 1,000,085 |
DuPont de Nemours, Inc. | 53,864 | 3,925,608 |
Eagle Materials, Inc. | 4,114 | 633,186 |
Eastman Chemical Co. | 13,868 | 1,036,356 |
Element Solutions, Inc. | 26,179 | 477,243 |
FMC Corp. | 14,615 | 777,518 |
Ginkgo Bioworks Holdings, Inc. *(a) | 181,501 | 248,656 |
Graphic Packaging Holding Co. | 35,672 | 767,305 |
Huntsman Corp. | 19,933 | 465,037 |
International Flavors & Fragrances, Inc. | 29,950 | 2,047,082 |
International Paper Co. | 40,638 | 1,370,720 |
Louisiana-Pacific Corp. | 7,568 | 388,087 |
LyondellBasell Industries NV, Class A | 30,348 | 2,738,603 |
Martin Marietta Materials, Inc. | 7,241 | 2,961,134 |
Mosaic Co. | 38,839 | 1,261,491 |
MP Materials Corp. * | 12,209 | 200,227 |
NewMarket Corp. | 729 | 351,487 |
Nucor Corp. | 29,534 | 4,364,830 |
Olin Corp. | 15,090 | 644,645 |
Packaging Corp. of America | 10,377 | 1,588,200 |
PPG Industries, Inc. | 27,536 | 3,380,595 |
Reliance Steel & Aluminum Co. | 6,857 | 1,744,284 |
Royal Gold, Inc. | 7,676 | 800,837 |
RPM International, Inc. | 14,922 | 1,361,931 |
Scotts Miracle-Gro Co. | 4,859 | 215,934 |
Sealed Air Corp. | 16,888 | 519,981 |
Silgan Holdings, Inc. | 9,755 | 390,785 |
Sonoco Products Co. | 11,451 | 593,276 |
SSR Mining, Inc. | 24,272 | 336,895 |
Steel Dynamics, Inc. | 18,841 | 2,006,755 |
U.S. Steel Corp. | 25,966 | 879,988 |
Vulcan Materials Co. | 15,540 | 3,053,454 |
Westlake Corp. | 3,813 | 439,868 |
Westrock Co. | 29,845 | 1,072,331 |
62,722,549 | ||
Media & Entertainment 3.5% | ||
AMC Entertainment Holdings, Inc., Class A * | 7,159 | 76,458 |
Cable One, Inc. | 659 | 362,364 |
DISH Network Corp., Class A * | 28,623 | 140,253 |
Electronic Arts, Inc. | 32,139 | 3,978,487 |
Fox Corp., Class A | 45,642 | 1,387,061 |
IAC, Inc. * | 8,617 | 366,653 |
Interpublic Group of Cos., Inc. | 45,252 | 1,285,157 |
Liberty Broadband Corp., Class C * | 15,603 | 1,299,886 |
Liberty Media Corp.-Liberty Formula One, Class C * | 25,215 | 1,631,158 |
Liberty Media Corp.-Liberty Live, Class C * | 7,660 | 244,124 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 26,596 | 652,932 |
Live Nation Entertainment, Inc. * | 18,359 | 1,469,087 |
Madison Square Garden Sports Corp. * | 2,174 | 365,536 |
Match Group, Inc. * | 32,623 | 1,128,756 |
New York Times Co., Class A | 19,002 | 765,971 |
News Corp., Class A | 58,784 | 1,215,653 |
Nexstar Media Group, Inc., Class A | 4,014 | 562,281 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Omnicom Group, Inc. | 23,142 | 1,733,567 |
Paramount Global, Class B | 69,011 | 750,840 |
Pinterest, Inc., Class A * | 69,581 | 2,079,080 |
Playtika Holding Corp. * | 2,563 | 21,529 |
ROBLOX Corp., Class A * | 53,848 | 1,712,905 |
Roku, Inc. * | 14,423 | 859,178 |
Sirius XM Holdings, Inc. (a) | 75,865 | 324,702 |
Spotify Technology SA * | 16,445 | 2,709,478 |
Take-Two Interactive Software, Inc. * | 19,343 | 2,587,126 |
TKO Group Holdings, Inc. | 5,079 | 416,377 |
Trade Desk, Inc., Class A * | 51,697 | 3,668,419 |
TripAdvisor, Inc. * | 13,163 | 194,286 |
Warner Bros Discovery, Inc. * | 258,471 | 2,569,202 |
ZoomInfo Technologies, Inc., Class A * | 36,621 | 474,608 |
37,033,114 | ||
Pharmaceuticals, Biotechnology & Life Sciences 5.2% | ||
10X Genomics, Inc., Class A * | 10,728 | 378,484 |
Agilent Technologies, Inc. | 34,645 | 3,581,254 |
Alnylam Pharmaceuticals, Inc. * | 14,520 | 2,204,136 |
Apellis Pharmaceuticals, Inc. * | 11,681 | 568,398 |
Avantor, Inc. * | 79,177 | 1,380,055 |
Azenta, Inc. * | 7,512 | 341,420 |
Biogen, Inc. * | 16,902 | 4,014,901 |
BioMarin Pharmaceutical, Inc. * | 21,946 | 1,787,502 |
Bio-Rad Laboratories, Inc., Class A * | 2,466 | 678,841 |
Bio-Techne Corp. | 18,281 | 998,691 |
Bruker Corp. | 12,410 | 707,370 |
Catalent, Inc. * | 21,041 | 723,600 |
Charles River Laboratories International, Inc. * | 5,966 | 1,004,436 |
Elanco Animal Health, Inc. * | 57,440 | 506,046 |
Exact Sciences Corp. * | 20,961 | 1,290,988 |
Exelixis, Inc. * | 37,651 | 775,234 |
Fortrea Holdings, Inc. * | 10,376 | 294,678 |
ICON PLC, ADR * | 9,558 | 2,331,770 |
Illumina, Inc. * | 18,548 | 2,029,522 |
Incyte Corp. * | 21,647 | 1,167,423 |
Ionis Pharmaceuticals, Inc. * | 16,640 | 736,653 |
IQVIA Holdings, Inc. * | 21,628 | 3,910,991 |
Jazz Pharmaceuticals PLC * | 7,157 | 909,082 |
Karuna Therapeutics, Inc. * | 4,162 | 693,431 |
Maravai LifeSciences Holdings, Inc., Class A * | 12,970 | 88,974 |
Medpace Holdings, Inc. * | 2,727 | 661,761 |
Mettler-Toledo International, Inc. * | 2,555 | 2,517,186 |
Mirati Therapeutics, Inc. * | 5,314 | 295,086 |
Natera, Inc. * | 12,190 | 481,139 |
Neurocrine Biosciences, Inc. * | 11,344 | 1,258,503 |
Organon & Co. | 30,062 | 444,617 |
Perrigo Co. PLC | 15,785 | 436,297 |
QIAGEN NV * | 26,596 | 995,488 |
Repligen Corp. * | 6,497 | 874,236 |
Revvity, Inc. | 14,825 | 1,228,251 |
Roivant Sciences Ltd. * | 40,515 | 350,050 |
Royalty Pharma PLC, Class A | 43,601 | 1,171,559 |
Sarepta Therapeutics, Inc. * | 10,503 | 706,957 |
Seagen, Inc. * | 16,440 | 3,498,596 |
Sotera Health Co. * | 11,592 | 146,755 |
Ultragenyx Pharmaceutical, Inc. * | 7,932 | 280,793 |
United Therapeutics Corp. * | 5,300 | 1,181,158 |
Viatris, Inc. | 140,508 | 1,250,521 |
Waters Corp. * | 6,869 | 1,638,463 |
West Pharmaceutical Services, Inc. | 8,681 | 2,763,076 |
55,284,372 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A * | 36,340 | 2,519,816 |
CoStar Group, Inc. * | 47,423 | 3,481,322 |
Howard Hughes Holdings, Inc. * | 3,922 | 260,146 |
Jones Lang LaSalle, Inc. * | 5,560 | 711,235 |
Zillow Group, Inc., Class C * | 24,478 | 887,328 |
7,859,847 | ||
Semiconductors & Semiconductor Equipment 2.6% | ||
Allegro MicroSystems, Inc. * | 8,727 | 226,553 |
Cirrus Logic, Inc. * | 6,486 | 434,108 |
Enphase Energy, Inc. * | 15,625 | 1,243,438 |
Entegris, Inc. | 17,515 | 1,542,021 |
First Solar, Inc. * | 12,482 | 1,778,061 |
GLOBALFOUNDRIES, Inc. *(a) | 9,172 | 455,115 |
Lattice Semiconductor Corp. * | 15,999 | 889,704 |
Marvell Technology, Inc. | 100,265 | 4,734,513 |
Microchip Technology, Inc. | 63,101 | 4,498,470 |
MKS Instruments, Inc. | 7,767 | 509,981 |
Monolithic Power Systems, Inc. | 5,322 | 2,350,940 |
ON Semiconductor Corp. * | 50,583 | 3,168,519 |
Qorvo, Inc. * | 11,455 | 1,001,396 |
Skyworks Solutions, Inc. | 18,648 | 1,617,528 |
Teradyne, Inc. | 18,283 | 1,522,425 |
Universal Display Corp. | 5,482 | 762,985 |
Wolfspeed, Inc. * | 14,597 | 493,962 |
27,229,719 | ||
Software & Services 6.7% | ||
Akamai Technologies, Inc. * | 18,047 | 1,864,797 |
Alteryx, Inc., Class A * | 7,213 | 230,888 |
Amdocs Ltd. | 13,973 | 1,120,076 |
ANSYS, Inc. * | 10,180 | 2,832,687 |
AppLovin Corp., Class A * | 24,586 | 895,914 |
Aspen Technology, Inc. * | 3,277 | 582,487 |
Bentley Systems, Inc., Class B | 22,567 | 1,097,659 |
Bill Holdings, Inc. * | 12,047 | 1,099,771 |
CCC Intelligent Solutions Holdings, Inc. * | 23,678 | 255,012 |
Cloudflare, Inc., Class A * | 33,732 | 1,912,267 |
Cognizant Technology Solutions Corp., Class A | 59,597 | 3,842,219 |
Confluent, Inc., Class A * | 21,710 | 627,636 |
Crowdstrike Holdings, Inc., Class A * | 24,695 | 4,365,335 |
Datadog, Inc., Class A * | 32,034 | 2,609,810 |
DocuSign, Inc., Class A * | 23,666 | 920,134 |
Dolby Laboratories, Inc., Class A | 6,965 | 563,747 |
DoubleVerify Holdings, Inc. * | 14,708 | 409,324 |
Dropbox, Inc., Class A * | 30,298 | 796,837 |
DXC Technology Co. * | 24,706 | 498,320 |
Dynatrace, Inc. * | 28,247 | 1,262,923 |
Elastic NV * | 9,088 | 681,964 |
EPAM Systems, Inc. * | 6,524 | 1,419,427 |
Fair Isaac Corp. * | 2,842 | 2,403,963 |
Five9, Inc. * | 8,352 | 483,330 |
Gartner, Inc. * | 9,004 | 2,989,688 |
Gen Digital, Inc. | 65,069 | 1,084,050 |
Gitlab, Inc., Class A * | 10,333 | 447,212 |
Globant SA * | 4,830 | 822,501 |
GoDaddy, Inc., Class A * | 18,094 | 1,325,024 |
Guidewire Software, Inc. * | 9,565 | 862,093 |
HashiCorp, Inc., Class A * | 11,291 | 222,320 |
HubSpot, Inc. * | 5,356 | 2,269,712 |
Informatica, Inc., Class A * | 4,940 | 94,749 |
Kyndryl Holdings, Inc. * | 26,497 | 387,651 |
Manhattan Associates, Inc. * | 7,231 | 1,409,900 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
MongoDB, Inc., Class A * | 7,704 | 2,654,721 |
nCino, Inc. * | 8,213 | 230,785 |
NCR Voyix Corp. * | 14,889 | 227,653 |
New Relic, Inc. * | 6,585 | 570,722 |
Nutanix, Inc., Class A * | 26,886 | 973,004 |
Okta, Inc. * | 17,635 | 1,188,775 |
Palantir Technologies, Inc., Class A * | 219,738 | 3,252,122 |
Pegasystems, Inc. | 4,846 | 207,118 |
Procore Technologies, Inc. * | 9,194 | 561,661 |
PTC, Inc. * | 13,436 | 1,886,683 |
RingCentral, Inc., Class A * | 10,001 | 265,827 |
SentinelOne, Inc., Class A * | 26,822 | 419,228 |
Smartsheet, Inc., Class A * | 14,743 | 582,938 |
Splunk, Inc. * | 17,912 | 2,635,930 |
Teradata Corp. * | 11,747 | 501,832 |
Twilio, Inc., Class A * | 19,790 | 1,014,435 |
Tyler Technologies, Inc. * | 4,881 | 1,820,125 |
UiPath, Inc., Class A * | 43,900 | 681,767 |
Unity Software, Inc. * | 33,632 | 853,244 |
VeriSign, Inc. * | 10,616 | 2,119,591 |
Zoom Video Communications, Inc., Class A * | 29,430 | 1,765,211 |
Zscaler, Inc. * | 10,236 | 1,624,351 |
70,729,150 | ||
Technology Hardware & Equipment 3.5% | ||
Amphenol Corp., Class A | 68,409 | 5,510,345 |
Arrow Electronics, Inc. * | 6,718 | 761,888 |
Avnet, Inc. | 10,681 | 494,851 |
CDW Corp. | 15,855 | 3,177,342 |
Ciena Corp. * | 17,354 | 732,339 |
Cognex Corp. | 20,285 | 730,057 |
Coherent Corp. * | 14,009 | 414,666 |
Corning, Inc. | 89,223 | 2,387,608 |
Crane NXT Co. | 5,634 | 292,968 |
F5, Inc. * | 7,084 | 1,073,864 |
Hewlett Packard Enterprise Co. | 151,714 | 2,333,361 |
HP, Inc. | 101,361 | 2,668,835 |
IPG Photonics Corp. * | 3,520 | 302,368 |
Jabil, Inc. | 14,959 | 1,836,965 |
Juniper Networks, Inc. | 37,342 | 1,005,247 |
Keysight Technologies, Inc. * | 20,815 | 2,540,471 |
Littelfuse, Inc. | 2,830 | 613,176 |
Lumentum Holdings, Inc. * | 8,018 | 314,386 |
NetApp, Inc. | 24,720 | 1,799,122 |
Pure Storage, Inc., Class A * | 33,031 | 1,116,778 |
TD SYNNEX Corp. | 5,515 | 505,615 |
Teledyne Technologies, Inc. * | 5,465 | 2,047,134 |
Trimble, Inc. * | 28,917 | 1,362,858 |
Ubiquiti, Inc. | 469 | 56,960 |
Viasat, Inc. * | 13,767 | 253,864 |
Vontier Corp. | 18,186 | 537,578 |
Western Digital Corp. * | 37,472 | 1,504,501 |
Zebra Technologies Corp., Class A * | 6,008 | 1,258,255 |
37,633,402 | ||
Telecommunication Services 0.1% | ||
Frontier Communications Parent, Inc. * | 28,825 | 516,544 |
GCI Liberty, Inc. *(b) | 6,049 | 1,092 |
Iridium Communications, Inc. | 14,592 | 540,634 |
1,058,270 | ||
Transportation 2.1% | ||
Alaska Air Group, Inc. * | 14,744 | 466,353 |
American Airlines Group, Inc. * | 76,081 | 848,303 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Avis Budget Group, Inc. * | 2,415 | 393,162 |
CH Robinson Worldwide, Inc. | 13,504 | 1,105,032 |
Delta Air Lines, Inc. | 75,277 | 2,352,406 |
Expeditors International of Washington, Inc. | 17,841 | 1,949,129 |
GXO Logistics, Inc. * | 13,654 | 689,664 |
Hertz Global Holdings, Inc. * | 16,083 | 135,580 |
JB Hunt Transport Services, Inc. | 9,653 | 1,659,061 |
Kirby Corp. * | 6,946 | 518,866 |
Knight-Swift Transportation Holdings, Inc. | 18,303 | 894,834 |
Landstar System, Inc. | 4,210 | 693,724 |
Lyft, Inc., Class A * | 39,151 | 359,015 |
Old Dominion Freight Line, Inc. | 11,572 | 4,358,710 |
Ryder System, Inc. | 5,271 | 514,133 |
Saia, Inc. * | 3,118 | 1,117,772 |
Schneider National, Inc., Class B | 6,373 | 161,428 |
Southwest Airlines Co. | 69,728 | 1,550,054 |
U-Haul Holding Co. * | 878 | 43,127 |
U-Haul Holding Co. - Non Voting | 11,716 | 553,112 |
United Airlines Holdings, Inc. * | 38,338 | 1,342,213 |
XPO, Inc. * | 13,330 | 1,010,547 |
22,716,225 | ||
Utilities 5.6% | ||
AES Corp. | 78,457 | 1,169,009 |
Alliant Energy Corp. | 29,482 | 1,438,427 |
Ameren Corp. | 30,719 | 2,325,736 |
American Water Works Co., Inc. | 22,858 | 2,689,244 |
Atmos Energy Corp. | 16,906 | 1,820,100 |
Avangrid, Inc. | 8,396 | 250,789 |
Brookfield Renewable Corp., Class A | 15,578 | 354,555 |
CenterPoint Energy, Inc. | 74,029 | 1,989,900 |
Clearway Energy, Inc., Class C | 13,442 | 291,826 |
CMS Energy Corp. | 34,115 | 1,853,809 |
Consolidated Edison, Inc. | 40,708 | 3,573,755 |
Constellation Energy Corp. | 38,438 | 4,340,419 |
DTE Energy Co. | 24,167 | 2,329,215 |
Edison International | 44,341 | 2,796,143 |
Entergy Corp. | 24,829 | 2,373,404 |
Essential Utilities, Inc. | 28,409 | 950,565 |
Evergy, Inc. | 26,140 | 1,284,520 |
Eversource Energy | 40,892 | 2,199,581 |
FirstEnergy Corp. | 63,882 | 2,274,199 |
Hawaiian Electric Industries, Inc. | 12,885 | 167,247 |
IDACORP, Inc. | 5,890 | 557,842 |
National Fuel Gas Co. | 10,379 | 528,810 |
NiSource, Inc. | 48,533 | 1,221,090 |
NRG Energy, Inc. | 27,100 | 1,148,498 |
OGE Energy Corp. | 23,363 | 799,015 |
PG&E Corp. * | 234,267 | 3,818,552 |
Pinnacle West Capital Corp. | 13,243 | 982,366 |
PPL Corp. | 86,580 | 2,127,271 |
Public Service Enterprise Group, Inc. | 58,342 | 3,596,784 |
UGI Corp. | 24,534 | 510,307 |
Vistra Corp. | 43,255 | 1,415,304 |
WEC Energy Group, Inc. | 37,019 | 3,012,976 |
Xcel Energy, Inc. | 64,642 | 3,831,331 |
60,022,589 | ||
Total Common Stocks (Cost $1,026,813,129) | 1,057,277,006 | |
SECURITY | NUMBER OF SHARES | VALUE ($) |
INVESTMENT COMPANIES 0.1% OF NET ASSETS | ||
Equity Funds 0.1% | ||
iShares Russell Mid-Cap ETF | 24,300 | 1,598,697 |
Total Investment Companies (Cost $1,665,135) | 1,598,697 |
SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS | ||
Money Market Funds 0.8% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c) | 5,782,306 | 5,782,306 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 2,193,735 | 2,193,735 |
7,976,041 | ||
Total Short-Term Investments (Cost $7,976,041) | 7,976,041 | |
Total Investments in Securities (Cost $1,036,454,305) | 1,066,851,744 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED APPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 400 Mid-Cap Index, e-mini, expires 12/15/23 | 16 | 3,800,160 | 19,894 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $2,161,996. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
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 Stocks1 | $1,056,218,736 | $— | $— | $1,056,218,736 |
Telecommunication Services | 1,057,178 | — | 1,092 | 1,058,270 |
Investment Companies1 | 1,598,697 | — | — | 1,598,697 |
Short-Term Investments1 | 7,976,041 | — | — | 7,976,041 |
Futures Contracts2 | 19,894 | — | — | 19,894 |
Total | $1,066,870,546 | $— | $1,092 | $1,066,871,638 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $1,036,454,305) including securities on loan of $2,161,996 | $1,066,851,744 | |
Deposit with broker for futures contracts | 331,200 | |
Receivables: | ||
Fund shares sold | 917,163 | |
Dividends | 525,204 | |
Variation margin on future contracts | 49,937 | |
Interest | 20,596 | |
Income from securities on loan | + | 9,152 |
Total assets | 1,068,704,996 | |
Liabilities | ||
Collateral held for securities on loan | 2,193,735 | |
Payables: | ||
Investments bought | 3,470,445 | |
Fund shares redeemed | 170,652 | |
Investment adviser fees | + | 35,698 |
Total liabilities | 5,870,530 | |
Net assets | $1,062,834,466 | |
Net Assets by Source | ||
Capital received from investors | $1,065,544,108 | |
Total distributable loss | + | (2,709,642 ) |
Net assets | $1,062,834,466 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,062,834,466 | 21,036,444 | $50.52 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $7,318) | $17,227,811 | |
Securities on loan, net | + | 375,314 |
Total investment income | 17,603,125 | |
Expenses | ||
Investment adviser fees | 415,161 | |
Total expenses | – | 415,161 |
Net investment income | 17,187,964 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (20,239,104 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 23,895,133 | |
Net realized losses on futures contracts | + | (571,125 ) |
Net realized gains | 3,084,904 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (41,745,492 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (185,860 ) |
Net change in unrealized appreciation (depreciation) | + | (41,931,352 ) |
Net realized and unrealized losses | (38,846,448 ) | |
Decrease in net assets resulting from operations | ($21,658,484 ) |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $17,187,964 | $12,651,355 | |
Net realized gains (losses) | 3,084,904 | (12,154 ) | |
Net change in unrealized appreciation (depreciation) | + | (41,931,352 ) | (182,662,427 ) |
Decrease in net assets from operations | ($21,658,484 ) | ($170,023,226 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($14,308,048 ) | ($26,457,808 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 7,273,631 | $391,888,488 | 6,524,271 | $369,067,984 | |
Shares reinvested | 225,612 | 11,761,152 | 355,335 | 21,909,932 | |
Shares redeemed | + | (3,886,346 ) | (208,151,675 ) | (3,277,725 ) | (181,890,798 ) |
Net transactions in fund shares | 3,612,897 | $195,497,965 | 3,601,881 | $209,087,118 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 17,423,547 | $903,303,033 | 13,821,666 | $890,696,949 | |
Total increase | + | 3,612,897 | 159,531,433 | 3,601,881 | 12,606,084 |
End of period | 21,036,444 | $1,062,834,466 | 17,423,547 | $903,303,033 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $18.17 | $24.45 | $18.56 | $20.48 | $19.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 2.13 | (6.14 ) | 5.66 | (1.75 ) | 1.39 | |
Total from investment operations | 2.76 | (5.49 ) | 6.30 | (1.28 ) | 2.03 | |
Less distributions: | ||||||
Distributions from net investment income | (0.54 ) | (0.79 ) | (0.41 ) | (0.64 ) | (0.55 ) | |
Net asset value at end of period | $20.39 | $18.17 | $24.45 | $18.56 | $20.48 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 98.6% OF NET ASSETS | ||
Australia 7.1% | ||
Ampol Ltd. | 132,449 | 2,685,768 |
ANZ Group Holdings Ltd. | 1,664,108 | 26,241,279 |
APA Group | 711,358 | 3,728,896 |
Aristocrat Leisure Ltd. | 326,234 | 8,018,860 |
ASX Ltd. | 106,793 | 3,815,452 |
Aurizon Holdings Ltd. | 1,016,278 | 2,213,569 |
BHP Group Ltd. | 2,804,139 | 79,378,081 |
BlueScope Steel Ltd. | 249,789 | 2,994,335 |
Brambles Ltd. | 768,945 | 6,417,423 |
Cochlear Ltd. | 36,452 | 5,587,148 |
Coles Group Ltd. | 739,642 | 7,178,731 |
Commonwealth Bank of Australia | 927,853 | 57,077,664 |
Computershare Ltd. | 318,031 | 5,019,147 |
CSL Ltd. | 267,021 | 39,463,597 |
Dexus | 594,607 | 2,455,838 |
Endeavour Group Ltd. | 785,098 | 2,466,341 |
Fortescue Metals Group Ltd. | 936,091 | 13,316,657 |
Goodman Group | 939,871 | 12,436,275 |
GPT Group | 1,092,997 | 2,522,450 |
IDP Education Ltd. | 135,290 | 1,869,216 |
IGO Ltd. | 368,999 | 2,234,425 |
Insurance Australia Group Ltd. | 1,354,155 | 4,885,163 |
James Hardie Industries PLC * | 242,624 | 6,053,326 |
Lendlease Corp. Ltd. | 382,560 | 1,515,125 |
Lottery Corp. Ltd. | 1,224,049 | 3,533,300 |
Macquarie Group Ltd. | 203,633 | 20,931,414 |
Medibank Pvt Ltd. | 1,489,889 | 3,251,352 |
Mineral Resources Ltd. | 96,450 | 3,554,879 |
Mirvac Group | 2,172,766 | 2,520,959 |
National Australia Bank Ltd. | 1,738,639 | 31,146,403 |
Northern Star Resources Ltd. | 640,005 | 4,686,617 |
Orica Ltd. | 250,452 | 2,340,203 |
Origin Energy Ltd. | 952,877 | 5,527,499 |
Pilbara Minerals Ltd. | 1,494,332 | 3,510,179 |
Qantas Airways Ltd. * | 455,512 | 1,427,075 |
QBE Insurance Group Ltd. | 826,012 | 8,190,822 |
Ramsay Health Care Ltd. | 102,097 | 3,161,340 |
REA Group Ltd. | 29,385 | 2,697,680 |
Reece Ltd. | 131,932 | 1,471,004 |
Rio Tinto Ltd. | 206,154 | 15,399,306 |
Santos Ltd. | 1,800,181 | 8,783,905 |
Scentre Group | 2,828,711 | 4,382,214 |
SEEK Ltd. | 198,291 | 2,615,989 |
Sonic Healthcare Ltd. | 246,701 | 4,517,356 |
South32 Ltd. | 2,531,447 | 5,415,732 |
Stockland | 1,336,324 | 3,016,004 |
Suncorp Group Ltd. | 701,728 | 5,972,855 |
Telstra Group Ltd. | 2,247,410 | 5,449,694 |
Transurban Group | 1,705,161 | 12,837,284 |
Treasury Wine Estates Ltd. (a) | 389,551 | 2,959,285 |
Vicinity Ltd. | 2,160,138 | 2,339,712 |
Washington H Soul Pattinson & Co. Ltd. | 126,623 | 2,697,558 |
Wesfarmers Ltd. | 627,670 | 20,194,539 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Westpac Banking Corp. | 1,943,294 | 25,518,890 |
WiseTech Global Ltd. | 91,970 | 3,424,159 |
Woodside Energy Group Ltd. | 1,051,003 | 22,890,627 |
Woolworths Group Ltd. | 674,382 | 15,095,884 |
Xero Ltd. * | 79,724 | 5,450,508 |
566,486,993 | ||
Austria 0.2% | ||
Erste Group Bank AG | 190,289 | 6,814,110 |
OMV AG | 81,452 | 3,572,339 |
Verbund AG | 37,628 | 3,269,374 |
voestalpine AG | 64,179 | 1,602,614 |
15,258,437 | ||
Belgium 1.0% | ||
Ageas SA | 88,598 | 3,403,300 |
Anheuser-Busch InBev SA | 481,458 | 27,394,023 |
Argenx SE * | 30,977 | 14,571,012 |
D'ieteren Group | 11,407 | 1,694,405 |
Elia Group SA | 16,766 | 1,592,033 |
Groupe Bruxelles Lambert NV | 53,192 | 3,890,492 |
KBC Group NV | 138,706 | 7,633,663 |
Lotus Bakeries NV | 215 | 1,592,441 |
Sofina SA | 8,336 | 1,583,625 |
Solvay SA | 40,976 | 4,331,802 |
UCB SA | 70,071 | 5,124,993 |
Umicore SA | 114,477 | 2,723,732 |
Warehouses De Pauw CVA | 92,407 | 2,286,381 |
77,821,902 | ||
Denmark 3.4% | ||
AP Moller - Maersk AS, Class A | 1,699 | 2,774,061 |
AP Moller - Maersk AS, Class B | 2,663 | 4,437,173 |
Carlsberg AS, Class B | 54,635 | 6,511,023 |
Chr Hansen Holding AS | 58,358 | 3,982,332 |
Coloplast AS, Class B | 75,942 | 7,919,558 |
Danske Bank AS | 381,488 | 8,949,219 |
Demant AS * | 53,826 | 2,053,975 |
DSV AS | 102,932 | 15,382,250 |
Genmab AS * | 36,588 | 10,342,800 |
Novo Nordisk AS, Class B | 1,806,142 | 174,249,730 |
Novozymes AS, Class B | 113,155 | 5,085,519 |
Orsted AS | 104,926 | 5,069,931 |
Pandora AS | 46,798 | 5,307,853 |
ROCKWOOL AS, B Shares | 4,990 | 1,110,388 |
Tryg AS | 193,960 | 3,787,565 |
Vestas Wind Systems AS * | 559,685 | 12,131,041 |
269,094,418 | ||
Finland 0.8% | ||
Elisa OYJ | 77,986 | 3,307,282 |
Fortum OYJ | 248,622 | 2,951,996 |
Kesko OYJ, B Shares | 148,607 | 2,513,166 |
Kone OYJ, B Shares | 188,348 | 8,156,102 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Metso OYJ | 374,219 | 3,297,030 |
Neste OYJ | 234,813 | 7,891,577 |
Nokia OYJ | 2,970,710 | 9,894,486 |
Orion OYJ, B Shares | 59,753 | 2,377,304 |
Sampo OYJ, A Shares | 254,628 | 10,014,216 |
Stora Enso OYJ, R Shares | 321,685 | 3,866,137 |
UPM-Kymmene OYJ | 294,260 | 9,909,475 |
Wartsila OYJ Abp | 262,967 | 3,138,115 |
67,316,886 | ||
France 11.9% | ||
Accor SA | 102,175 | 3,259,648 |
Aeroports de Paris SA | 15,894 | 1,784,876 |
Air Liquide SA | 289,485 | 49,603,881 |
Airbus SE | 328,082 | 43,987,970 |
Alstom SA | 155,105 | 2,100,503 |
Amundi SA | 34,423 | 1,798,234 |
ArcelorMittal SA | 283,083 | 6,263,847 |
Arkema SA | 33,223 | 3,113,087 |
AXA SA | 1,015,361 | 30,085,578 |
BioMerieux | 23,071 | 2,215,102 |
BNP Paribas SA | 580,883 | 33,403,099 |
Bollore SE | 410,407 | 2,240,431 |
Bouygues SA | 105,287 | 3,703,892 |
Bureau Veritas SA | 163,196 | 3,717,242 |
Capgemini SE | 91,222 | 16,121,556 |
Carrefour SA | 331,913 | 5,818,920 |
Cie de Saint-Gobain SA | 255,867 | 13,927,905 |
Cie Generale des Etablissements Michelin SCA | 375,767 | 11,163,456 |
Covivio SA | 25,895 | 1,109,714 |
Credit Agricole SA | 670,030 | 8,090,540 |
Danone SA | 356,317 | 21,197,462 |
Dassault Aviation SA | 11,433 | 2,272,757 |
Dassault Systemes SE | 370,861 | 15,277,016 |
Edenred SE | 138,137 | 7,353,235 |
Eiffage SA | 40,776 | 3,700,445 |
Engie SA | 1,010,849 | 16,077,436 |
EssilorLuxottica SA | 163,451 | 29,598,269 |
Eurazeo SE | 23,826 | 1,343,230 |
Eurofins Scientific SE | 74,335 | 3,771,443 |
Euronext NV | 46,272 | 3,226,943 |
Gecina SA | 26,175 | 2,570,145 |
Getlink SE | 198,033 | 3,197,973 |
Hermes International SCA | 17,552 | 32,748,961 |
Ipsen SA | 20,935 | 2,474,359 |
Kering SA | 41,281 | 16,789,045 |
Klepierre SA | 116,208 | 2,821,969 |
La Francaise des Jeux SAEM | 57,938 | 1,868,902 |
Legrand SA | 147,663 | 12,773,789 |
L'Oreal SA | 133,521 | 56,122,942 |
LVMH Moet Hennessy Louis Vuitton SE | 152,897 | 109,463,601 |
Orange SA | 1,031,181 | 12,128,794 |
Pernod Ricard SA | 113,403 | 20,137,689 |
Publicis Groupe SA | 126,788 | 9,654,057 |
Remy Cointreau SA | 12,394 | 1,408,215 |
Renault SA | 106,554 | 3,738,364 |
Safran SA | 189,144 | 29,547,974 |
Sanofi SA | 628,784 | 57,097,508 |
Sartorius Stedim Biotech | 15,278 | 2,860,391 |
Schneider Electric SE | 301,231 | 46,346,588 |
SEB SA | 13,670 | 1,351,776 |
Societe Generale SA | 403,326 | 9,063,450 |
Sodexo SA | 49,028 | 5,188,564 |
STMicroelectronics NV | 378,068 | 14,411,987 |
Teleperformance SE | 32,822 | 3,775,897 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Thales SA | 58,120 | 8,577,208 |
TotalEnergies SE | 1,243,748 | 83,153,873 |
Unibail-Rodamco-Westfield * | 64,798 | 3,210,688 |
Valeo SE | 113,893 | 1,504,878 |
Veolia Environnement SA | 376,854 | 10,325,949 |
Vinci SA | 293,835 | 32,490,634 |
Vivendi SE | 366,575 | 3,287,261 |
Wendel SE | 15,141 | 1,134,174 |
Worldline SA * | 133,552 | 1,698,237 |
950,253,559 | ||
Germany 7.8% | ||
adidas AG | 89,733 | 15,955,226 |
Allianz SE | 223,037 | 52,244,742 |
BASF SE | 494,546 | 22,851,560 |
Bayer AG | 544,239 | 23,515,782 |
Bayerische Motoren Werke AG | 165,297 | 15,373,334 |
Bechtle AG | 45,534 | 2,035,042 |
Beiersdorf AG | 55,642 | 7,318,035 |
Brenntag SE | 81,467 | 6,058,016 |
Carl Zeiss Meditec AG, Bearer Shares | 22,012 | 1,911,357 |
Commerzbank AG | 589,237 | 6,355,248 |
Continental AG | 60,950 | 3,979,362 |
Covestro AG * | 106,920 | 5,416,799 |
Daimler Truck Holding AG | 273,181 | 8,583,408 |
Delivery Hero SE * | 94,905 | 2,425,402 |
Deutsche Bank AG | 1,073,196 | 11,810,041 |
Deutsche Boerse AG | 105,145 | 17,306,500 |
Deutsche Lufthansa AG * | 325,424 | 2,281,863 |
Deutsche Post AG | 548,551 | 21,417,347 |
Deutsche Telekom AG | 1,794,276 | 38,942,364 |
E.ON SE | 1,240,073 | 14,754,540 |
Evonik Industries AG | 115,709 | 2,129,610 |
Fresenius Medical Care AG & Co. KGaA | 113,215 | 3,761,700 |
Fresenius SE & Co. KGaA | 234,428 | 6,030,255 |
GEA Group AG | 83,193 | 2,845,235 |
Hannover Rueck SE | 33,318 | 7,357,059 |
Heidelberg Materials AG | 78,526 | 5,700,464 |
HelloFresh SE * | 83,695 | 1,830,677 |
Henkel AG & Co. KGaA | 57,267 | 3,619,296 |
Infineon Technologies AG | 722,605 | 21,107,442 |
Knorr-Bremse AG | 41,353 | 2,309,751 |
LEG Immobilien SE * | 40,762 | 2,548,099 |
Mercedes-Benz Group AG | 443,766 | 26,108,640 |
Merck KGaA | 71,624 | 10,817,974 |
MTU Aero Engines AG | 29,840 | 5,608,627 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 75,441 | 30,275,074 |
Nemetschek SE | 32,032 | 2,393,538 |
Puma SE | 57,914 | 3,281,878 |
QIAGEN NV * | 126,423 | 4,711,545 |
Rational AG | 2,762 | 1,575,110 |
Rheinmetall AG | 24,109 | 6,921,535 |
RWE AG | 350,056 | 13,395,034 |
SAP SE | 577,672 | 77,484,490 |
Scout24 SE | 42,169 | 2,594,240 |
Siemens AG | 420,602 | 55,813,401 |
Siemens Energy AG * | 287,879 | 2,559,511 |
Siemens Healthineers AG | 156,161 | 7,682,615 |
Symrise AG, Class A | 73,439 | 7,504,678 |
Talanx AG | 36,070 | 2,273,104 |
Telefonica Deutschland Holding AG | 516,776 | 878,558 |
Volkswagen AG | 17,448 | 2,016,987 |
Vonovia SE | 406,315 | 9,354,217 |
Wacker Chemie AG | 10,026 | 1,230,422 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Zalando SE * | 123,103 | 2,879,438 |
617,136,172 | ||
Hong Kong 2.3% | ||
AIA Group Ltd. | 6,393,800 | 55,522,498 |
BOC Hong Kong Holdings Ltd. | 2,050,090 | 5,421,544 |
Budweiser Brewing Co. APAC Ltd. | 936,400 | 1,779,484 |
CK Asset Holdings Ltd. | 1,091,711 | 5,456,725 |
CK Hutchison Holdings Ltd. | 1,486,525 | 7,525,211 |
CK Infrastructure Holdings Ltd. | 347,500 | 1,610,676 |
CLP Holdings Ltd. | 910,926 | 6,666,869 |
ESR Group Ltd. | 1,209,134 | 1,553,611 |
Futu Holdings Ltd., ADR * | 30,527 | 1,692,722 |
Galaxy Entertainment Group Ltd. | 1,211,000 | 6,807,592 |
Hang Lung Properties Ltd. | 1,004,000 | 1,319,715 |
Hang Seng Bank Ltd. | 425,040 | 4,859,519 |
Henderson Land Development Co. Ltd. | 805,735 | 2,108,172 |
HKT Trust & HKT Ltd. | 2,116,000 | 2,191,720 |
Hong Kong & China Gas Co. Ltd. | 6,201,696 | 4,317,055 |
Hong Kong Exchanges & Clearing Ltd. | 666,865 | 23,328,700 |
Hongkong Land Holdings Ltd. | 599,401 | 1,901,133 |
Jardine Matheson Holdings Ltd. | 88,717 | 3,594,911 |
Link REIT | 1,402,840 | 6,437,828 |
MTR Corp. Ltd. | 877,860 | 3,281,602 |
New World Development Co. Ltd. | 828,778 | 1,521,071 |
Power Assets Holdings Ltd. | 770,438 | 3,683,329 |
Sands China Ltd. * | 1,336,000 | 3,596,578 |
Sino Land Co. Ltd. | 2,048,425 | 2,044,999 |
SITC International Holdings Co. Ltd. | 716,000 | 1,102,930 |
Sun Hung Kai Properties Ltd. | 801,604 | 8,231,431 |
Swire Pacific Ltd., A Shares | 216,590 | 1,383,542 |
Swire Properties Ltd. | 628,400 | 1,216,712 |
Techtronic Industries Co. Ltd. | 762,500 | 6,961,263 |
WH Group Ltd. | 4,780,289 | 2,854,946 |
Wharf Real Estate Investment Co. Ltd. | 927,188 | 3,243,340 |
Xinyi Glass Holdings Ltd. | 901,700 | 1,036,071 |
184,253,499 | ||
Ireland 0.5% | ||
AIB Group PLC | 775,572 | 3,367,163 |
Bank of Ireland Group PLC | 575,786 | 5,160,031 |
Flutter Entertainment PLC * | 97,393 | 15,296,273 |
Kerry Group PLC, Class A | 86,535 | 6,684,294 |
Kingspan Group PLC | 84,698 | 5,700,078 |
Smurfit Kappa Group PLC | 141,364 | 4,607,892 |
40,815,731 | ||
Israel 0.6% | ||
Azrieli Group Ltd. | 23,908 | 1,029,411 |
Bank Hapoalim BM | 705,600 | 5,047,118 |
Bank Leumi Le-Israel BM | 852,772 | 5,492,633 |
Check Point Software Technologies Ltd. * | 51,728 | 6,944,484 |
CyberArk Software Ltd. * | 22,687 | 3,712,501 |
Elbit Systems Ltd. | 14,715 | 2,737,009 |
Global-e Online Ltd. * | 50,422 | 1,770,316 |
ICL Group Ltd. | 422,222 | 2,053,635 |
Israel Discount Bank Ltd., A Shares | 681,424 | 2,995,086 |
Mizrahi Tefahot Bank Ltd. | 84,407 | 2,612,532 |
Monday.com Ltd. * | 12,092 | 1,571,839 |
Nice Ltd. * | 35,074 | 5,376,694 |
Teva Pharmaceutical Industries Ltd., ADR * | 620,981 | 5,328,017 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Wix.com Ltd. * | 29,969 | 2,394,523 |
49,065,798 | ||
Italy 2.7% | ||
Amplifon SpA | 66,880 | 1,890,259 |
Assicurazioni Generali SpA | 562,486 | 11,173,021 |
CNH Industrial NV | 568,382 | 6,298,796 |
Davide Campari-Milano NV | 288,043 | 3,183,959 |
DiaSorin SpA | 11,975 | 1,073,228 |
Enel SpA | 4,509,857 | 28,626,681 |
Eni SpA | 1,307,700 | 21,377,842 |
Ferrari NV | 69,820 | 21,134,786 |
FinecoBank Banca Fineco SpA | 338,068 | 3,988,067 |
Infrastrutture Wireless Italiane SpA | 183,185 | 2,005,845 |
Intesa Sanpaolo SpA | 8,610,754 | 22,437,825 |
Mediobanca Banca di Credito Finanziario SpA (b) | 312,469 | 3,732,581 |
Moncler SpA | 115,369 | 5,991,940 |
Nexi SpA * | 326,368 | 1,896,462 |
Poste Italiane SpA | 290,297 | 2,874,009 |
Prysmian SpA | 145,137 | 5,434,946 |
Recordati Industria Chimica e Farmaceutica SpA | 57,161 | 2,643,946 |
Snam SpA | 1,122,315 | 5,146,422 |
Stellantis NV | 1,224,048 | 22,868,085 |
Telecom Italia SpA * | 5,362,285 | 1,386,487 |
Tenaris SA | 262,174 | 4,153,197 |
Terna - Rete Elettrica Nazionale | 790,091 | 6,049,753 |
UniCredit SpA | 1,020,585 | 25,585,670 |
210,953,807 | ||
Japan 22.8% | ||
Advantest Corp. | 423,992 | 10,921,448 |
Aeon Co. Ltd. | 361,500 | 7,605,822 |
AGC, Inc. | 105,793 | 3,598,980 |
Aisin Corp. | 81,100 | 2,825,106 |
Ajinomoto Co., Inc. | 249,200 | 9,101,449 |
ANA Holdings, Inc. * | 85,300 | 1,674,597 |
Asahi Group Holdings Ltd. | 266,600 | 9,643,026 |
Asahi Intecc Co. Ltd. | 121,400 | 2,039,838 |
Asahi Kasei Corp. | 683,000 | 4,198,935 |
Astellas Pharma, Inc. | 1,000,750 | 12,659,357 |
Azbil Corp. | 63,100 | 1,864,520 |
Bandai Namco Holdings, Inc. | 332,000 | 6,878,542 |
BayCurrent Consulting, Inc. | 73,200 | 1,837,814 |
Bridgestone Corp. | 315,157 | 11,927,181 |
Brother Industries Ltd. | 127,700 | 1,992,152 |
Canon, Inc. | 551,495 | 13,037,714 |
Capcom Co. Ltd. | 95,900 | 3,086,956 |
Central Japan Railway Co. | 398,100 | 8,960,592 |
Chiba Bank Ltd. | 293,000 | 2,182,422 |
Chubu Electric Power Co., Inc. | 357,300 | 4,317,665 |
Chugai Pharmaceutical Co. Ltd. | 371,700 | 11,023,345 |
Concordia Financial Group Ltd. | 586,700 | 2,726,042 |
CyberAgent, Inc. | 233,200 | 1,224,171 |
Dai Nippon Printing Co. Ltd. | 121,048 | 3,157,811 |
Daifuku Co. Ltd. | 167,890 | 2,774,028 |
Dai-ichi Life Holdings, Inc. | 520,300 | 10,991,345 |
Daiichi Sankyo Co. Ltd. | 1,023,700 | 26,395,277 |
Daikin Industries Ltd. | 145,900 | 21,035,699 |
Daito Trust Construction Co. Ltd. | 34,200 | 3,668,510 |
Daiwa House Industry Co. Ltd. | 326,500 | 8,980,596 |
Daiwa House REIT Investment Corp. | 1,223 | 2,164,401 |
Daiwa Securities Group, Inc. | 736,600 | 4,247,582 |
Denso Corp. | 958,900 | 14,159,436 |
Dentsu Group, Inc. | 112,000 | 3,253,149 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Disco Corp. | 50,900 | 8,988,890 |
East Japan Railway Co. | 166,660 | 8,655,868 |
Eisai Co. Ltd. | 139,600 | 7,395,774 |
ENEOS Holdings, Inc. | 1,590,700 | 5,894,206 |
FANUC Corp. | 527,200 | 13,083,204 |
Fast Retailing Co. Ltd. | 96,800 | 21,431,172 |
Fuji Electric Co. Ltd. | 70,200 | 2,672,838 |
FUJIFILM Holdings Corp. | 206,511 | 11,295,689 |
Fujitsu Ltd. | 97,300 | 12,604,968 |
GLP J-Reit * | 2,633 | 2,358,265 |
GMO Payment Gateway, Inc. | 23,400 | 934,578 |
Hakuhodo DY Holdings, Inc. | 121,600 | 986,808 |
Hamamatsu Photonics KK | 79,700 | 2,960,298 |
Hankyu Hanshin Holdings, Inc. | 126,200 | 3,970,705 |
Hikari Tsushin, Inc. | 10,993 | 1,585,991 |
Hirose Electric Co. Ltd. | 16,664 | 1,888,015 |
Hitachi Construction Machinery Co. Ltd. | 64,953 | 1,678,108 |
Hitachi Ltd. | 519,215 | 32,911,262 |
Honda Motor Co. Ltd. | 2,555,217 | 26,187,836 |
Hoshizaki Corp. | 60,400 | 1,950,596 |
Hoya Corp. | 196,007 | 18,869,318 |
Hulic Co. Ltd. | 216,600 | 1,985,816 |
Ibiden Co. Ltd. | 61,600 | 2,626,406 |
Idemitsu Kosan Co. Ltd. | 112,103 | 2,545,309 |
Iida Group Holdings Co. Ltd. | 92,100 | 1,430,054 |
Inpex Corp. | 537,400 | 7,798,138 |
Isuzu Motors Ltd. | 332,700 | 3,709,821 |
ITOCHU Corp. | 657,700 | 23,691,028 |
Japan Airlines Co. Ltd. | 85,600 | 1,573,651 |
Japan Exchange Group, Inc. | 277,700 | 5,491,460 |
Japan Metropolitan Fund Invest | 3,872 | 2,498,783 |
Japan Post Bank Co. Ltd. | 799,600 | 7,411,653 |
Japan Post Holdings Co. Ltd. | 1,243,500 | 11,006,471 |
Japan Post Insurance Co. Ltd. | 109,600 | 2,110,466 |
Japan Real Estate Investment Corp. | 671 | 2,492,310 |
Japan Tobacco, Inc. | 663,700 | 15,450,177 |
JFE Holdings, Inc. | 270,500 | 3,768,839 |
JSR Corp. | 97,500 | 2,609,680 |
Kajima Corp. | 232,900 | 3,849,228 |
Kansai Electric Power Co., Inc. | 390,200 | 4,996,055 |
Kao Corp. | 257,619 | 9,398,944 |
Kawasaki Kisen Kaisha Ltd. | 76,200 | 2,612,895 |
KDDI Corp. | 827,200 | 24,745,460 |
Keio Corp. | 56,600 | 1,679,574 |
Keisei Electric Railway Co. Ltd. | 71,156 | 2,680,420 |
Kenedix Office Investment Corp. | 2,292 | 2,390,529 |
Keyence Corp. | 107,700 | 41,692,657 |
Kikkoman Corp. | 74,977 | 4,265,798 |
Kintetsu Group Holdings Co. Ltd. | 99,200 | 2,791,166 |
Kirin Holdings Co. Ltd. | 427,900 | 6,013,414 |
Kobayashi Pharmaceutical Co. Ltd. | 27,600 | 1,139,417 |
Kobe Bussan Co. Ltd. | 88,400 | 2,187,728 |
Koei Tecmo Holdings Co. Ltd. | 64,200 | 838,302 |
Koito Manufacturing Co. Ltd. | 122,800 | 1,839,879 |
Komatsu Ltd. | 511,709 | 11,757,223 |
Konami Group Corp. | 55,500 | 2,875,016 |
Kose Corp. | 18,100 | 1,199,143 |
Kubota Corp. | 560,400 | 7,536,955 |
Kurita Water Industries Ltd. | 56,647 | 1,721,130 |
Kyocera Corp. | 177,300 | 8,739,366 |
Kyowa Kirin Co. Ltd. | 149,200 | 2,340,095 |
Lasertec Corp. | 41,700 | 6,888,013 |
Lixil Corp. | 165,087 | 1,810,190 |
LY Corp. | 1,519,700 | 3,874,454 |
M3, Inc. | 244,000 | 3,757,890 |
Makita Corp. | 123,200 | 3,184,330 |
Marubeni Corp. | 799,100 | 11,684,262 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
MatsukiyoCocokara & Co. | 189,800 | 3,329,430 |
Mazda Motor Corp. | 314,200 | 3,037,054 |
McDonald's Holdings Co. Japan Ltd. | 48,100 | 1,871,464 |
MEIJI Holdings Co. Ltd. | 128,300 | 3,157,977 |
MINEBEA MITSUMI, Inc. | 200,000 | 3,135,858 |
MISUMI Group, Inc. | 154,500 | 2,338,923 |
Mitsubishi Chemical Group Corp. | 703,300 | 3,979,697 |
Mitsubishi Corp. | 636,400 | 29,666,134 |
Mitsubishi Electric Corp. | 1,069,100 | 12,258,844 |
Mitsubishi Estate Co. Ltd. | 621,302 | 7,952,864 |
Mitsubishi HC Capital, Inc. | 444,838 | 2,932,474 |
Mitsubishi Heavy Industries Ltd. | 177,400 | 9,136,926 |
Mitsubishi UFJ Financial Group, Inc. | 6,319,109 | 53,011,935 |
Mitsui & Co. Ltd. | 726,700 | 26,411,305 |
Mitsui Chemicals, Inc. | 93,500 | 2,356,618 |
Mitsui Fudosan Co. Ltd. | 491,977 | 10,663,531 |
Mitsui OSK Lines Ltd. | 189,800 | 4,900,122 |
Mizuho Financial Group, Inc. | 1,334,613 | 22,659,567 |
MonotaRO Co. Ltd. | 152,000 | 1,214,782 |
MS&AD Insurance Group Holdings, Inc. | 237,162 | 8,689,737 |
Murata Manufacturing Co. Ltd. | 953,200 | 16,327,722 |
NEC Corp. | 135,500 | 6,524,406 |
Nexon Co. Ltd. | 188,500 | 3,458,834 |
NGK Insulators Ltd. | 131,600 | 1,607,922 |
NIDEC Corp. | 230,900 | 8,469,653 |
Nintendo Co. Ltd. | 574,890 | 23,751,245 |
Nippon Building Fund, Inc. | 831 | 3,338,903 |
NIPPON EXPRESS HOLDINGS, Inc. | 41,400 | 2,127,769 |
Nippon Paint Holdings Co. Ltd. | 540,700 | 3,635,183 |
Nippon Prologis REIT, Inc. * | 1,269 | 2,258,027 |
Nippon Sanso Holdings Corp. | 95,500 | 2,408,366 |
Nippon Steel Corp. | 472,241 | 10,185,692 |
Nippon Telegraph & Telephone Corp. | 16,527,575 | 19,449,233 |
Nippon Yusen KK | 267,800 | 6,552,327 |
Nissan Chemical Corp. | 68,766 | 2,804,633 |
Nissan Motor Co. Ltd. | 1,282,896 | 4,936,559 |
Nissin Foods Holdings Co. Ltd. | 34,000 | 2,958,293 |
Nitori Holdings Co. Ltd. | 44,300 | 4,797,457 |
Nitto Denko Corp. | 78,400 | 5,072,931 |
Nomura Holdings, Inc. | 1,661,700 | 6,419,822 |
Nomura Real Estate Holdings, Inc. | 61,500 | 1,436,399 |
Nomura Real Estate Master Fund, Inc. * | 2,290 | 2,526,919 |
Nomura Research Institute Ltd. | 213,100 | 5,593,860 |
NTT Data Group Corp. | 348,200 | 4,293,273 |
Obayashi Corp. | 358,000 | 3,066,558 |
Obic Co. Ltd. | 38,500 | 5,690,927 |
Odakyu Electric Railway Co. Ltd. | 183,900 | 2,618,060 |
Oji Holdings Corp. | 488,600 | 2,089,683 |
Olympus Corp. | 700,900 | 9,360,766 |
Omron Corp. | 96,900 | 3,471,657 |
Ono Pharmaceutical Co. Ltd. | 214,700 | 3,707,757 |
Open House Group Co. Ltd. | 46,900 | 1,545,840 |
Oracle Corp. | 21,200 | 1,503,921 |
Oriental Land Co. Ltd. | 603,900 | 19,533,363 |
ORIX Corp. | 647,700 | 11,779,290 |
Osaka Gas Co. Ltd. | 206,900 | 3,901,673 |
Otsuka Corp. | 63,000 | 2,525,960 |
Otsuka Holdings Co. Ltd. | 216,100 | 7,270,888 |
Pan Pacific International Holdings Corp. | 210,000 | 4,066,829 |
Panasonic Holdings Corp. | 1,221,712 | 10,718,679 |
Persol Holdings Co. Ltd. | 1,065,000 | 1,596,877 |
Rakuten Group, Inc. | 825,420 | 3,053,162 |
Recruit Holdings Co. Ltd. | 797,900 | 22,877,945 |
Renesas Electronics Corp. * | 704,500 | 9,254,044 |
Resona Holdings, Inc. | 1,183,985 | 6,326,409 |
Ricoh Co. Ltd. | 300,800 | 2,438,016 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Rohm Co. Ltd. | 193,400 | 3,098,646 |
SBI Holdings, Inc. | 134,990 | 2,904,300 |
SCSK Corp. | 85,600 | 1,461,214 |
Secom Co. Ltd. | 116,000 | 8,056,757 |
Seiko Epson Corp. | 164,900 | 2,289,335 |
Sekisui Chemical Co. Ltd. | 219,300 | 3,003,724 |
Sekisui House Ltd. | 328,469 | 6,432,325 |
Seven & i Holdings Co. Ltd. | 416,603 | 15,263,792 |
SG Holdings Co. Ltd. | 183,328 | 2,598,603 |
Sharp Corp. * | 143,000 | 894,066 |
Shimadzu Corp. | 136,000 | 3,215,895 |
Shimano, Inc. | 42,600 | 6,130,398 |
Shimizu Corp. | 304,100 | 2,164,123 |
Shin-Etsu Chemical Co. Ltd. | 1,008,000 | 30,142,594 |
Shionogi & Co. Ltd. | 144,400 | 6,723,929 |
Shiseido Co. Ltd. | 221,300 | 7,018,633 |
Shizuoka Financial Group, Inc. | 248,100 | 2,109,781 |
SMC Corp. | 31,700 | 14,637,886 |
SoftBank Corp. | 1,586,800 | 17,941,722 |
SoftBank Group Corp. | 569,500 | 23,323,335 |
Sompo Holdings, Inc. | 163,500 | 7,082,811 |
Sony Group Corp. | 697,700 | 58,005,972 |
Square Enix Holdings Co. Ltd. | 46,700 | 1,551,457 |
Subaru Corp. | 339,800 | 5,882,037 |
SUMCO Corp. | 191,300 | 2,472,007 |
Sumitomo Chemical Co. Ltd. | 810,100 | 2,059,082 |
Sumitomo Corp. | 578,300 | 11,368,024 |
Sumitomo Electric Industries Ltd. | 394,000 | 4,136,302 |
Sumitomo Metal Mining Co. Ltd. | 136,700 | 3,840,170 |
Sumitomo Mitsui Financial Group, Inc. | 702,646 | 33,873,141 |
Sumitomo Mitsui Trust Holdings, Inc. | 181,100 | 6,790,668 |
Sumitomo Realty & Development Co. Ltd. | 158,000 | 3,964,841 |
Suntory Beverage & Food Ltd. | 76,700 | 2,308,137 |
Suzuki Motor Corp. | 203,500 | 7,898,243 |
Sysmex Corp. | 93,000 | 4,454,961 |
T&D Holdings, Inc. | 276,800 | 4,937,895 |
Taisei Corp. | 93,700 | 3,177,620 |
Takeda Pharmaceutical Co. Ltd. | 874,890 | 23,748,650 |
TDK Corp. | 214,900 | 8,040,529 |
Terumo Corp. | 372,800 | 10,199,130 |
TIS, Inc. | 121,600 | 2,604,044 |
Tobu Railway Co. Ltd. | 105,000 | 2,527,290 |
Toho Co. Ltd. | 61,408 | 2,097,886 |
Tokio Marine Holdings, Inc. | 997,597 | 22,318,458 |
Tokyo Electric Power Co. Holdings, Inc. * | 844,990 | 3,575,777 |
Tokyo Electron Ltd. | 261,000 | 34,487,928 |
Tokyo Gas Co. Ltd. | 216,540 | 4,862,873 |
Tokyu Corp. | 289,200 | 3,264,788 |
TOPPAN Holdings, Inc. | 136,300 | 3,143,605 |
Toray Industries, Inc. | 759,800 | 3,675,790 |
Toshiba Corp. * | 50,417 | 1,532,709 |
Tosoh Corp. | 145,100 | 1,776,636 |
TOTO Ltd. | 72,500 | 1,748,091 |
Toyota Industries Corp. | 81,000 | 6,003,291 |
Toyota Motor Corp. | 5,868,915 | 102,669,268 |
Toyota Tsusho Corp. | 117,469 | 6,253,614 |
Trend Micro, Inc. | 73,100 | 2,754,745 |
Unicharm Corp. | 223,200 | 7,584,086 |
USS Co. Ltd. | 112,800 | 1,971,620 |
Welcia Holdings Co. Ltd. | 49,900 | 827,133 |
West Japan Railway Co. | 120,732 | 4,601,645 |
Yakult Honsha Co. Ltd. | 147,600 | 3,478,183 |
Yamaha Corp. | 74,900 | 2,000,573 |
Yamaha Motor Co. Ltd. | 168,500 | 4,117,609 |
Yamato Holdings Co. Ltd. | 146,300 | 2,436,775 |
Yaskawa Electric Corp. | 132,700 | 4,343,686 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Yokogawa Electric Corp. | 129,400 | 2,349,285 |
Zensho Holdings Co. Ltd. | 49,900 | 2,622,835 |
ZOZO, Inc. | 76,600 | 1,456,529 |
1,813,477,953 | ||
Netherlands 4.4% | ||
ABN AMRO Bank NV, GDR | 221,666 | 2,985,531 |
Adyen NV * | 12,019 | 8,106,646 |
Aegon Ltd. | 938,638 | 4,564,847 |
AerCap Holdings NV * | 96,727 | 6,008,681 |
Akzo Nobel NV | 94,444 | 6,335,746 |
ASM International NV | 26,007 | 10,732,571 |
ASML Holding NV | 223,116 | 134,119,592 |
ASR Nederland NV | 88,696 | 3,309,999 |
BE Semiconductor Industries NV | 42,774 | 4,418,541 |
Coca-Cola Europacific Partners PLC | 113,820 | 6,659,608 |
DSM-Firmenich AG | 102,958 | 9,333,741 |
EXOR NV | 63,971 | 5,490,578 |
Heineken Holding NV | 71,003 | 5,402,157 |
Heineken NV | 159,680 | 14,346,204 |
IMCD NV | 31,826 | 3,831,710 |
ING Groep NV | 2,003,998 | 25,692,306 |
JDE Peet's NV | 71,218 | 1,977,336 |
Koninklijke Ahold Delhaize NV | 537,771 | 15,924,360 |
Koninklijke KPN NV | 1,792,184 | 6,023,850 |
Koninklijke Philips NV | 514,650 | 9,789,916 |
NN Group NV | 139,480 | 4,473,456 |
OCI NV | 58,728 | 1,368,408 |
Prosus NV * | 845,876 | 23,655,422 |
Randstad NV | 61,166 | 3,167,466 |
Universal Music Group NV | 453,280 | 11,100,295 |
Wolters Kluwer NV | 142,509 | 18,284,757 |
347,103,724 | ||
New Zealand 0.2% | ||
Auckland International Airport Ltd. | 676,459 | 2,892,730 |
EBOS Group Ltd. | 85,411 | 1,743,599 |
Fisher & Paykel Healthcare Corp. Ltd. | 323,810 | 3,925,841 |
Mercury NZ Ltd. | 385,432 | 1,324,860 |
Meridian Energy Ltd. | 683,511 | 1,925,013 |
Spark New Zealand Ltd. | 1,036,536 | 3,009,187 |
14,821,230 | ||
Norway 0.7% | ||
Adevinta ASA * | 158,344 | 1,391,772 |
Aker BP ASA | 175,932 | 5,070,643 |
DNB Bank ASA | 513,117 | 9,257,579 |
Equinor ASA | 498,640 | 16,716,006 |
Gjensidige Forsikring ASA | 107,885 | 1,617,925 |
Kongsberg Gruppen ASA | 47,698 | 1,948,448 |
Mowi ASA | 244,357 | 3,970,717 |
Norsk Hydro ASA | 736,735 | 4,201,383 |
Orkla ASA | 419,507 | 2,891,449 |
Salmar ASA | 40,289 | 1,910,298 |
Telenor ASA | 382,260 | 3,907,612 |
Yara International ASA | 91,735 | 3,001,747 |
55,885,579 | ||
Portugal 0.2% | ||
EDP - Energias de Portugal SA | 1,746,865 | 7,341,195 |
EDP Renovaveis SA | 174,499 | 2,807,156 |
Galp Energia SGPS SA | 271,197 | 4,082,806 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Jeronimo Martins SGPS SA | 157,896 | 3,640,272 |
17,871,429 | ||
Singapore 1.4% | ||
CapitaLand Ascendas REIT | 2,035,995 | 3,868,480 |
CapitaLand Integrated Commercial Trust | 3,011,110 | 3,869,937 |
CapitaLand Investment Ltd. | 1,428,749 | 3,067,784 |
City Developments Ltd. | 285,600 | 1,318,275 |
DBS Group Holdings Ltd. | 1,001,393 | 24,056,780 |
Genting Singapore Ltd. | 3,585,400 | 2,252,545 |
Grab Holdings Ltd., Class A * | 1,036,760 | 3,182,853 |
Jardine Cycle & Carriage Ltd. | 54,600 | 1,124,747 |
Keppel Corp. Ltd. | 804,700 | 3,652,810 |
Keppel REIT | 160,940 | 93,452 |
Mapletree Logistics Trust | 1,890,128 | 2,029,711 |
Mapletree Pan Asia Commercial Trust | 1,439,400 | 1,398,960 |
Oversea-Chinese Banking Corp. Ltd. | 1,866,101 | 17,300,830 |
Sea Ltd., ADR * | 201,924 | 8,420,231 |
Seatrium Ltd. * | 23,813,225 | 1,950,279 |
Sembcorp Industries Ltd. | 514,400 | 1,725,763 |
Singapore Airlines Ltd. | 818,650 | 3,655,485 |
Singapore Exchange Ltd. | 468,400 | 3,243,041 |
Singapore Technologies Engineering Ltd. | 910,449 | 2,499,416 |
Singapore Telecommunications Ltd. | 4,559,137 | 7,922,293 |
United Overseas Bank Ltd. | 699,533 | 13,798,070 |
UOL Group Ltd. | 242,672 | 1,045,148 |
Wilmar International Ltd. | 1,066,034 | 2,771,458 |
114,248,348 | ||
Spain 2.6% | ||
Acciona SA | 13,188 | 1,662,659 |
ACS Actividades de Construccion y Servicios SA | 121,134 | 4,380,686 |
Aena SME SA | 41,443 | 6,013,406 |
Amadeus IT Group SA | 249,464 | 14,237,612 |
Banco Bilbao Vizcaya Argentaria SA | 3,300,415 | 25,965,123 |
Banco Santander SA | 8,958,980 | 32,950,531 |
CaixaBank SA | 2,282,671 | 9,280,290 |
Cellnex Telecom SA | 314,073 | 9,232,519 |
Corp. ACCIONA Energias Renovables SA | 35,430 | 958,956 |
Enagas SA | 137,799 | 2,305,196 |
Endesa SA | 174,227 | 3,278,023 |
Ferrovial SE | 280,972 | 8,456,145 |
Grifols SA * | 163,200 | 1,831,317 |
Iberdrola SA | 3,367,506 | 37,453,462 |
Industria de Diseno Textil SA | 603,957 | 20,847,368 |
Naturgy Energy Group SA | 71,565 | 2,024,908 |
Redeia Corp. SA | 224,853 | 3,506,564 |
Repsol SA | 706,542 | 10,345,292 |
Telefonica SA | 2,869,477 | 11,083,746 |
205,813,803 | ||
Sweden 3.0% | ||
Alfa Laval AB | 160,061 | 5,187,058 |
Assa Abloy AB, B Shares | 554,291 | 11,814,754 |
Atlas Copco AB, A Shares | 1,488,346 | 19,272,619 |
Atlas Copco AB, B Shares | 863,395 | 9,698,726 |
Beijer Ref AB | 208,232 | 1,979,524 |
Boliden AB | 151,643 | 3,887,086 |
Epiroc AB, A Shares | 360,905 | 5,945,807 |
Epiroc AB, B Shares | 222,125 | 3,084,275 |
EQT AB | 197,154 | 3,601,965 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Essity AB, B Shares | 338,601 | 7,720,730 |
Evolution AB | 101,686 | 9,060,773 |
Fastighets AB Balder, B Shares * | 354,296 | 1,505,333 |
Getinge AB, B Shares | 123,687 | 2,226,754 |
H & M Hennes & Mauritz AB, B Shares (b) | 358,794 | 4,820,278 |
Hexagon AB, B Shares | 1,152,036 | 9,388,667 |
Holmen AB, B Shares | 51,878 | 1,957,868 |
Husqvarna AB, B Shares | 196,751 | 1,274,899 |
Industrivarden AB, A Shares | 70,705 | 1,829,520 |
Industrivarden AB, C Shares | 84,874 | 2,188,841 |
Indutrade AB | 148,535 | 2,632,539 |
Investment AB Latour, B Shares | 81,680 | 1,414,561 |
Investor AB, B Shares | 959,684 | 17,617,013 |
L E Lundbergforetagen AB, B Shares | 40,960 | 1,672,805 |
Lifco AB, B Shares | 125,473 | 2,295,899 |
Nibe Industrier AB, B Shares | 842,772 | 4,853,829 |
Nordea Bank Abp | 1,785,903 | 18,809,516 |
Saab AB, B Shares | 44,034 | 2,262,088 |
Sagax AB, B Shares | 111,773 | 2,023,417 |
Sandvik AB | 592,048 | 10,084,359 |
Securitas AB, B Shares | 275,103 | 2,203,687 |
Skandinaviska Enskilda Banken AB, A Shares | 879,765 | 9,817,748 |
Skanska AB, B Shares | 191,665 | 2,877,643 |
SKF AB, B Shares | 189,512 | 3,072,456 |
Svenska Cellulosa AB SCA, B Shares | 334,834 | 4,594,409 |
Svenska Handelsbanken AB, A Shares | 808,865 | 6,896,132 |
Swedbank AB, A Shares | 470,275 | 7,723,472 |
Swedish Orphan Biovitrum AB * | 102,781 | 2,114,432 |
Tele2 AB, B Shares | 297,520 | 2,112,880 |
Telefonaktiebolaget LM Ericsson, B Shares | 1,624,627 | 7,277,888 |
Telia Co. AB | 1,317,913 | 2,793,903 |
Volvo AB, A Shares | 107,265 | 2,150,587 |
Volvo AB, B Shares | 839,157 | 16,628,055 |
Volvo Car AB, B Shares * | 331,440 | 1,143,167 |
241,517,962 | ||
Switzerland 9.8% | ||
ABB Ltd. | 884,687 | 29,723,456 |
Adecco Group AG | 88,523 | 3,350,024 |
Alcon, Inc. | 277,072 | 19,831,741 |
Bachem Holding AG | 19,156 | 1,391,551 |
Baloise Holding AG | 25,580 | 3,672,926 |
Banque Cantonale Vaudoise | 16,863 | 1,906,097 |
Barry Callebaut AG | 1,921 | 2,912,615 |
BKW AG | 12,091 | 2,032,593 |
Chocoladefabriken Lindt & Spruengli AG | 59 | 6,421,151 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 541 | 5,989,523 |
Cie Financiere Richemont SA, Class A | 289,043 | 34,099,980 |
Clariant AG * | 117,758 | 1,673,096 |
Dufry AG * | 51,245 | 1,796,355 |
EMS-Chemie Holding AG | 3,849 | 2,632,946 |
Geberit AG | 18,445 | 8,588,243 |
Givaudan SA | 5,109 | 17,005,411 |
Helvetia Holding AG | 21,139 | 2,841,796 |
Holcim AG * | 285,942 | 17,679,153 |
Julius Baer Group Ltd. | 114,211 | 6,768,337 |
Kuehne & Nagel International AG | 30,009 | 8,092,336 |
Logitech International SA | 90,865 | 7,152,106 |
Lonza Group AG | 41,259 | 14,449,063 |
Nestle SA | 1,477,516 | 159,333,443 |
Novartis AG | 1,134,166 | 106,180,119 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Partners Group Holding AG | 12,571 | 13,310,974 |
Roche Holding AG | 388,753 | 100,185,366 |
Roche Holding AG, Bearer Shares | 17,847 | 4,863,505 |
Sandoz Group AG * | 227,105 | 5,904,505 |
Schindler Holding AG | 12,826 | 2,500,312 |
Schindler Holding AG, Participation Certificates | 22,667 | 4,586,050 |
SGS SA | 83,083 | 6,785,440 |
SIG Group AG * | 169,287 | 3,732,217 |
Sika AG | 80,981 | 19,379,513 |
Sonova Holding AG | 28,871 | 6,842,809 |
Straumann Holding AG | 62,301 | 7,362,986 |
Swatch Group AG | 28,927 | 1,400,957 |
Swatch Group AG, Bearer Shares | 15,721 | 4,024,198 |
Swiss Life Holding AG | 16,329 | 10,487,800 |
Swiss Prime Site AG | 42,597 | 3,959,302 |
Swiss Re AG | 166,752 | 18,219,788 |
Swisscom AG | 14,336 | 8,589,971 |
Temenos AG | 36,069 | 2,598,612 |
UBS Group AG | 1,820,372 | 42,772,240 |
VAT Group AG | 14,974 | 5,310,072 |
Zurich Insurance Group AG | 83,119 | 39,480,904 |
777,821,582 | ||
United Kingdom 15.2% | ||
3i Group PLC | 537,729 | 12,678,345 |
abrdn PLC | 1,058,952 | 2,021,640 |
Admiral Group PLC | 117,465 | 3,490,206 |
Anglo American PLC | 703,678 | 17,929,417 |
Antofagasta PLC | 217,763 | 3,560,756 |
Ashtead Group PLC | 242,657 | 13,916,970 |
Associated British Foods PLC | 192,472 | 4,747,908 |
AstraZeneca PLC | 857,745 | 107,392,769 |
Auto Trader Group PLC | 517,432 | 3,913,984 |
Aviva PLC | 1,515,547 | 7,340,653 |
BAE Systems PLC | 1,684,984 | 22,656,906 |
Barclays PLC | 8,610,835 | 13,820,785 |
Barratt Developments PLC | 541,307 | 2,729,917 |
Berkeley Group Holdings PLC | 57,236 | 2,813,527 |
BP PLC | 9,601,537 | 58,627,107 |
British American Tobacco PLC | 1,176,681 | 35,150,289 |
BT Group PLC | 3,580,105 | 4,917,010 |
Bunzl PLC | 186,773 | 6,663,346 |
Burberry Group PLC | 209,478 | 4,317,352 |
Centrica PLC | 3,081,066 | 5,898,073 |
Coca-Cola HBC AG * | 122,420 | 3,178,226 |
Compass Group PLC | 958,606 | 24,167,758 |
CRH PLC | 422,624 | 22,680,888 |
Croda International PLC | 77,544 | 4,132,795 |
DCC PLC | 52,861 | 2,936,640 |
Diageo PLC | 1,244,825 | 47,074,269 |
Endeavour Mining PLC | 99,285 | 2,048,460 |
Entain PLC | 355,088 | 4,031,063 |
Experian PLC | 509,182 | 15,447,965 |
Glencore PLC | 5,830,173 | 30,881,398 |
GSK PLC | 2,265,766 | 40,391,269 |
Haleon PLC | 3,065,653 | 12,287,398 |
Halma PLC | 209,803 | 4,718,122 |
Hargreaves Lansdown PLC | 203,101 | 1,749,197 |
Hikma Pharmaceuticals PLC | 91,392 | 2,117,509 |
HSBC Holdings PLC | 10,936,583 | 78,966,675 |
Imperial Brands PLC | 478,377 | 10,191,421 |
Informa PLC | 774,853 | 6,713,692 |
InterContinental Hotels Group PLC | 93,199 | 6,604,315 |
Intertek Group PLC | 87,912 | 4,094,378 |
J Sainsbury PLC | 919,672 | 2,877,485 |
JD Sports Fashion PLC | 1,407,828 | 2,188,939 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Johnson Matthey PLC | 102,778 | 1,868,420 |
Kingfisher PLC | 1,063,645 | 2,716,034 |
Land Securities Group PLC | 400,895 | 2,778,884 |
Legal & General Group PLC | 3,316,426 | 8,544,779 |
Lloyds Banking Group PLC | 35,652,492 | 17,352,023 |
London Stock Exchange Group PLC | 235,044 | 23,714,771 |
M&G PLC | 1,247,946 | 3,013,581 |
Melrose Industries PLC | 748,938 | 4,264,283 |
Mondi PLC | 266,197 | 4,305,870 |
National Grid PLC | 2,035,286 | 24,266,651 |
NatWest Group PLC | 3,219,803 | 7,005,699 |
Next PLC | 66,815 | 5,601,929 |
NMC Health PLC *(a) | 48,950 | 0 |
Ocado Group PLC * | 317,888 | 1,804,051 |
Pearson PLC | 358,203 | 4,146,459 |
Persimmon PLC | 173,839 | 2,152,822 |
Phoenix Group Holdings PLC | 408,826 | 2,258,309 |
Prudential PLC | 1,525,112 | 15,947,151 |
Reckitt Benckiser Group PLC | 396,976 | 26,560,443 |
RELX PLC | 1,046,980 | 36,568,592 |
Rentokil Initial PLC | 1,393,189 | 7,094,797 |
Rio Tinto PLC | 622,240 | 39,699,194 |
Rolls-Royce Holdings PLC * | 4,658,436 | 12,262,044 |
Sage Group PLC | 564,456 | 6,668,375 |
Schroders PLC | 450,998 | 2,030,868 |
Segro PLC | 648,072 | 5,633,132 |
Severn Trent PLC | 145,263 | 4,689,429 |
Shell PLC | 3,709,206 | 119,535,932 |
Smith & Nephew PLC | 486,414 | 5,443,517 |
Smiths Group PLC | 193,875 | 3,802,980 |
Spirax-Sarco Engineering PLC | 40,637 | 4,056,123 |
SSE PLC | 603,456 | 11,992,816 |
St. James's Place PLC | 305,834 | 2,384,215 |
Standard Chartered PLC | 1,311,766 | 10,057,743 |
Taylor Wimpey PLC | 1,954,959 | 2,640,451 |
Tesco PLC | 3,961,331 | 12,999,336 |
Unilever PLC | 1,391,414 | 65,898,230 |
United Utilities Group PLC | 376,016 | 4,863,225 |
Vodafone Group PLC | 12,742,066 | 11,729,550 |
Whitbread PLC | 110,177 | 4,467,471 |
Wise PLC, Class A * | 340,431 | 2,766,934 |
WPP PLC | 596,924 | 5,140,243 |
1,204,794,178 | ||
Total Common Stocks (Cost $6,328,980,208) | 7,841,812,990 | |
PREFERRED STOCKS 0.4% OF NET ASSETS | ||
Germany 0.4% | ||
Bayerische Motoren Werke AG | 33,020 | 2,807,678 |
Dr Ing hc F Porsche AG | 63,211 | 5,540,130 |
Henkel AG & Co. KGaA | 94,047 | 6,784,089 |
Porsche Automobil Holding SE | 84,253 | 3,771,004 |
Sartorius AG | 14,563 | 3,650,067 |
Volkswagen AG | 112,717 | 11,953,713 |
34,506,681 | ||
Total Preferred Stocks (Cost $40,544,576) | 34,506,681 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS | ||
Money Market Funds 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 8,238,215 | 8,238,215 |
Total Short-Term Investments (Cost $8,238,215) | 8,238,215 | |
Total Investments in Securities (Cost $6,377,762,999) | 7,884,557,886 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
MSCI EAFE Index, expires 12/15/23 | 787 | 77,680,835 | (1,865,397 ) |
* | Non-income producing security. |
(a) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $7,996,851. |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
CVA — | Dutch Certificate |
GDR — | Global 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 Stocks1 | $— | $4,232,265,047 | $— | $4,232,265,047 |
Australia | — | 563,527,708 | 2,959,285 | 566,486,993 |
Belgium | 1,592,441 | 76,229,461 | — | 77,821,902 |
Finland | 3,307,282 | 64,009,604 | — | 67,316,886 |
Hong Kong | 1,692,722 | 182,560,777 | — | 184,253,499 |
Israel | 21,721,680 | 27,344,118 | — | 49,065,798 |
Netherlands | 38,301,047 | 308,802,677 | — | 347,103,724 |
New Zealand | 8,143,431 | 6,677,799 | — | 14,821,230 |
Singapore | 11,603,084 | 102,645,264 | — | 114,248,348 |
Spain | 958,956 | 204,854,847 | — | 205,813,803 |
Switzerland | 12,325,656 | 765,495,926 | — | 777,821,582 |
United Kingdom | 4,689,429 | 1,200,104,749 | 0 * | 1,204,794,178 |
Preferred Stocks1 | — | 34,506,681 | — | 34,506,681 |
Short-Term Investments1 | 8,238,215 | — | — | 8,238,215 |
Liabilities | ||||
Futures Contracts2 | (1,865,397 ) | — | — | (1,865,397 ) |
Total | $110,708,546 | $7,769,024,658 | $2,959,285 | $7,882,692,489 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $6,377,762,999) including securities on loan of $7,996,851 | $7,884,557,886 | |
Cash | 20,268,718 | |
Foreign currency, at value (cost $9,443,735) | 9,399,778 | |
Deposit with broker for futures contracts | 7,618,964 | |
Receivables: | ||
Dividends | 19,402,543 | |
Foreign tax reclaims | 19,356,174 | |
Fund shares sold | 3,120,118 | |
Variation margin on future contracts | 227,624 | |
Income from securities on loan | + | 26,208 |
Total assets | 7,963,978,013 | |
Liabilities | ||
Collateral held for securities on loan | 8,238,215 | |
Payables: | ||
Fund shares redeemed | 2,763,384 | |
Investment adviser fees | 408,529 | |
Investments bought | + | 94,038 |
Total liabilities | 11,504,166 | |
Net assets | $7,952,473,847 | |
Net Assets by Source | ||
Capital received from investors | $7,199,771,663 | |
Total distributable earnings | + | 752,702,184 |
Net assets | $7,952,473,847 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$7,952,473,847 | 390,028,673 | $20.39 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $29,240,437) | $257,710,989 | |
Securities on loan, net | + | 539,360 |
Total investment income | 258,250,349 | |
Expenses | ||
Investment adviser fees | 5,085,069 | |
Professional fees | + | 18,786 1 |
Total expenses | 5,103,855 | |
Expense reduction | – | 18,786 1 |
Net expenses | – | 5,085,069 |
Net investment income | 253,165,280 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (328,192,042 ) | |
Net realized gains on futures contracts | 5,115,692 | |
Net realized losses on foreign currency transactions | + | (1,321,068 ) |
Net realized losses | (324,397,418 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 1,142,894,980 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (2,348,898 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 1,991,758 |
Net change in unrealized appreciation (depreciation) | + | 1,142,537,840 |
Net realized and unrealized gains | 818,140,422 | |
Increase in net assets resulting from operations | $1,071,305,702 |
1 | Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $253,165,280 | $252,527,401 | |
Net realized losses | (324,397,418 ) | (192,317,997 ) | |
Net change in unrealized appreciation (depreciation) | + | 1,142,537,840 | (2,185,003,271 ) |
Increase (decrease) in net assets resulting from operations | $1,071,305,702 | ($2,124,793,867 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($210,690,877 ) | ($287,643,160 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 103,868,172 | $2,222,077,962 | 98,990,068 | $2,090,708,813 | |
Shares reinvested | 7,715,248 | 151,373,159 | 8,669,015 | 198,780,492 | |
Shares redeemed | + | (113,838,437 ) | (2,408,660,480 ) | (74,590,851 ) | (1,531,205,969 ) |
Net transactions in fund shares | (2,255,017 ) | ($35,209,359 ) | 33,068,232 | $758,283,336 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 392,283,690 | $7,127,068,381 | 359,215,458 | $8,781,222,072 | |
Total increase (decrease) | + | (2,255,017 ) | 825,405,466 | 33,068,232 | (1,654,153,691 ) |
End of period | 390,028,673 | $7,952,473,847 | 392,283,690 | $7,127,068,381 |
SCHWAB CAPITAL TRUST | |
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 Target 2065 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 |
Schwab International Opportunities 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 Health Care Fund | Schwab Target 2040 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
SCHWAB INVESTMENTS | |
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 Opportunistic Municipal Bond Fund |
Schwab Short-Term Bond Index Fund | Schwab Global Real Estate Fund |
2. Significant Accounting Policies:
3. Risk Factors:
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 % |
UNDERLYING FUNDS | |||||
SCHWAB S&P 500 INDEX FUND | SCHWAB SMALL-CAP INDEX FUND | SCHWAB U.S. LARGE-CAP GROWTH INDEX FUND | SCHWAB U.S. MID-CAP INDEX FUND | SCHWAB INTERNATIONAL INDEX FUND | |
Schwab MarketTrack All Equity Portfolio | 0.3 % | 1.5 % | 2.7 % | — % | 1.3 % |
Schwab MarketTrack Balanced Portfolio | 0.2 % | 0.7 % | 1.2 % | — % | 0.5 % |
Schwab MarketTrack Conservative Portfolio | 0.0 %* | 0.2 % | 0.3 % | — % | 0.1 % |
Schwab MarketTrack Growth Portfolio | 0.3 % | 1.5 % | 2.0 % | — % | 1.0 % |
Schwab Target 2010 Fund | 0.0 %* | — % | — % | 0.1 % | — % |
Schwab Target 2015 Fund | 0.0 %* | — % | — % | 0.1 % | — % |
Schwab Target 2020 Fund | 0.1 % | — % | — % | 0.4 % | — % |
Schwab Target 2025 Fund | 0.1 % | — % | — % | 0.5 % | — % |
Schwab Target 2030 Fund | 0.2 % | — % | — % | 1.1 % | — % |
Schwab Target 2035 Fund | 0.1 % | — % | — % | 0.7 % | — % |
Schwab Target 2040 Fund | 0.3 % | — % | — % | 1.5 % | — % |
Schwab Target 2045 Fund | 0.1 % | — % | — % | 0.4 % | — % |
Schwab Target 2050 Fund | 0.1 % | — % | — % | 0.4 % | — % |
Schwab Target 2055 Fund | 0.0 %* | — % | — % | 0.3 % | — % |
Schwab Target 2060 Fund | 0.0 %* | — % | — % | 0.1 % | — % |
Schwab Target 2065 Fund | 0.0 %* | — % | — % | 0.0 %* | — % |
* | Less than 0.05% |
PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) | |
Schwab S&P 500 Index Fund | $268,624,093 | $214,405,462 | ($114,375,875 ) |
Schwab 1000 Index Fund | 113,667,791 | 76,828,872 | (23,703,753 ) |
Schwab Small-Cap Index Fund | 41,342,307 | 49,647,976 | (1,732,753 ) |
Schwab Total Stock Market Index Fund | 87,341,053 | 63,339,657 | (47,519,562 ) |
Schwab U.S. Large-Cap Growth Index Fund | 90,695,520 | 60,047,427 | (3,723,577 ) |
Schwab U.S. Large-Cap Value Index Fund | 82,955,212 | 51,424,165 | 6,064,551 |
Schwab U.S. Mid-Cap Index Fund | 54,528,501 | 17,604,201 | (10,467,939 ) |
Schwab International Index Fund | 87,782,617 | 66,908,767 | (20,621,068 ) |
5. Board of Trustees:
6. Borrowing from Banks:
7. Derivatives:
NOTIONAL AMOUNTS | NUMBER OF CONTRACTS | |
Schwab S&P 500 Index Fund | $299,249,224 | 1,425 |
Schwab 1000 Index Fund | 56,475,331 | 269 |
Schwab Small-Cap Index Fund | 26,493,932 | 288 |
Schwab Total Stock Market Index Fund | 78,813,355 | 448 |
Schwab U.S. Large-Cap Growth Index Fund | 5,154,048 | 35 |
Schwab U.S. Large-Cap Value Index Fund | 2,713,332 | 28 |
Schwab U.S. Mid-Cap Index Fund | 4,798,538 | 19 |
Schwab International Index Fund | 59,953,751 | 583 |
8. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES | |
Schwab S&P 500 Index Fund | $5,316,530,968 | $1,195,697,031 |
Schwab 1000 Index Fund | 503,219,551 | 379,169,408 |
Schwab Small-Cap Index Fund | 1,022,966,609 | 547,969,378 |
Schwab Total Stock Market Index Fund | 1,168,617,235 | 400,135,798 |
Schwab U.S. Large-Cap Growth Index Fund | 520,508,827 | 231,312,209 |
Schwab U.S. Large-Cap Value Index Fund | 262,393,314 | 276,915,650 |
Schwab U.S. Mid-Cap Index Fund | 331,512,303 | 80,224,291 |
Schwab International Index Fund | 1,084,041,914 | 1,109,228,899 |
IN-KIND PURCHASES OF SECURITIES | IN-KIND SALES OF SECURITIES | |
Schwab S&P 500 Index Fund | $— | $5,777,790 |
Schwab 1000 Index Fund | — | 60,390,746 |
Schwab Small-Cap Index Fund | — | 222,798,604 |
Schwab U.S. Large-Cap Growth Index Fund | — | 28,855,362 |
Schwab U.S. Large-Cap Value Index Fund | — | 24,955,411 |
Schwab U.S. Mid-Cap Index Fund | — | 38,923,811 |
9. Federal Income Taxes:
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab S&P 500 Index Fund | $34,317,849,317 | $37,918,410,164 | ($2,429,571,581 ) | $35,488,838,583 |
Schwab 1000 Index Fund | 3,380,555,648 | 9,692,499,042 | (277,237,934 ) | 9,415,261,108 |
Schwab Small-Cap Index Fund | 4,749,040,518 | 1,490,558,650 | (1,300,639,217 ) | 189,919,433 |
Schwab Total Stock Market Index Fund | 10,152,227,373 | 8,399,998,560 | (830,109,466 ) | 7,569,889,094 |
Schwab U.S. Large-Cap Growth Index Fund | 1,085,372,399 | 288,189,564 | (23,347,832 ) | 264,841,732 |
Schwab U.S. Large-Cap Value Index Fund | 562,244,749 | 103,490,539 | (73,498,458 ) | 29,992,081 |
Schwab U.S. Mid-Cap Index Fund | 1,071,650,951 | 157,645,382 | (162,424,695 ) | (4,779,313 ) |
Schwab International Index Fund | 6,826,369,250 | 1,983,241,983 | (926,918,744 ) | 1,056,323,239 |
UNDISTRIBUTED ORDINARY INCOME | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | NET OTHER UNREALIZED APPRECIATION (DEPRECIATION) | CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES | TOTAL | |
Schwab S&P 500 Index Fund | $880,812,319 | $35,488,838,583 | $— | ($268,609,359 ) | $36,101,041,543 |
Schwab 1000 Index Fund | 159,307,189 | 9,415,261,108 | — | (106,818,293 ) | 9,467,750,004 |
Schwab Small-Cap Index Fund | 66,076,876 | 189,919,433 | — | (134,895,627 ) | 121,100,682 |
Schwab Total Stock Market Index Fund | 221,060,936 | 7,569,889,094 | — | (109,439,609 ) | 7,681,510,421 |
Schwab U.S. Large-Cap Growth Index Fund | 8,175,622 | 264,841,732 | — | (38,407,381 ) | 234,609,973 |
Schwab U.S. Large-Cap Value Index Fund | 13,126,630 | 29,992,081 | — | — | 43,118,711 |
Schwab U.S. Mid-Cap Index Fund | 13,552,130 | (4,779,313 ) | — | (11,482,459 ) | (2,709,642 ) |
Schwab International Index Fund | 257,311,485 | 1,056,323,239 | (423,904 ) | (560,508,636 ) | 752,702,184 |
Schwab S&P 500 Index Fund | $268,609,359 |
Schwab 1000 Index Fund | 106,818,293 |
Schwab Small-Cap Index Fund | 134,895,627 |
Schwab Total Stock Market Index Fund | 109,439,609 |
Schwab U.S. Large-Cap Growth Index Fund | 38,407,381 |
Schwab U.S. Large-Cap Value Index Fund | — |
Schwab U.S. Mid-Cap Index Fund | 11,482,459 |
Schwab International Index Fund | 560,508,636 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab S&P 500 Index Fund | $999,828,367 | $— | $827,352,159 | $65,457,539 |
Schwab 1000 Index Fund | 187,210,509 | — | 170,064,667 | 79,902,182 |
Schwab Small-Cap Index Fund | 67,319,807 | — | 131,927,919 | 399,701,902 |
Schwab Total Stock Market Index Fund | 253,821,250 | — | 225,603,990 | 45,585,913 |
Schwab U.S. Large-Cap Growth Index Fund | 8,433,385 | — | 6,371,109 | 9,905,946 |
Schwab U.S. Large-Cap Value Index Fund | 13,415,952 | 794,933 | 17,495,710 | 10,244,421 |
Schwab U.S. Mid-Cap Index Fund | 13,525,251 | 782,797 | 11,729,695 | 14,728,113 |
Schwab International Index Fund | 210,690,877 | — | 287,643,160 | — |
10. Subsequent Events:
Denver, Colorado
December 15, 2023
Schwab S&P 500 Index Fund | 94.15 % |
Schwab 1000 Index Fund | 94.75 % |
Schwab Small-Cap Index Fund | 76.21 % |
Schwab Total Stock Market Index Fund | 92.08 % |
Schwab U.S. Large-Cap Growth Index Fund | 94.97 % |
Schwab U.S. Large-Cap Value Index Fund | 90.52 % |
Schwab U.S. Mid-Cap Index Fund | 84.11 % |
Schwab International Index Fund | — % |
Schwab S&P 500 Index Fund | $989,728,581 |
Schwab 1000 Index Fund | 183,145,173 |
Schwab Small-Cap Index Fund | 52,706,065 |
Schwab Total Stock Market Index Fund | 241,122,882 |
Schwab U.S. Large-Cap Growth Index Fund | 8,205,812 |
Schwab U.S. Large-Cap Value Index Fund | 12,820,161 |
Schwab U.S. Mid-Cap Index Fund | 11,799,919 |
Schwab International Index Fund | 224,355,900 |
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 | 794,933 |
Schwab U.S. Mid-Cap Index Fund | 782,797 |
Schwab International Index Fund | — |
Schwab S&P 500 Index Fund | $10,099,786 |
Schwab 1000 Index Fund | 4,065,336 |
Schwab Small-Cap Index Fund | 9,862,365 |
Schwab Total Stock Market Index Fund | 11,956,854 |
Schwab U.S. Large-Cap Growth Index Fund | 227,573 |
Schwab U.S. Large-Cap Value Index Fund | 515,324 |
Schwab U.S. Mid-Cap Index Fund | 1,336,283 |
Schwab International Index Fund | — |
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
US Large Company Index Fund
US Small Company Index Fund
Large Company Index Fund
Small Company Index Fund
Large Company Index Fund
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Fundamental US Large Company Index Fund (Ticker Symbol: SFLNX) | 4.48% |
Russell RAFITM US Large Company Index | 4.69% |
Russell 1000® Index | 9.48% |
Fund Category: Morningstar Large Value1 | 0.68% |
Performance Details | pages 6-8 |
Schwab Fundamental US Small Company Index Fund (Ticker Symbol: SFSNX) | -3.04% |
Russell RAFITM US Small Company Index | -2.84% |
Russell 2000® Index | -8.56% |
Fund Category: Morningstar Small Blend1 | -4.86% |
Performance Details | pages 9-11 |
Schwab Fundamental International Large Company Index Fund2 (Ticker Symbol: SFNNX) | 17.40% |
Russell RAFITM Developed ex US Large Company Index (Net)3 | 16.82% |
MSCI EAFE® Index (Net)3 | 14.40% |
Fund Category: Morningstar Foreign Large Value1 | 15.86% |
Performance Details | pages 12-14 |
Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Fundamental International Small Company Index Fund2 (Ticker Symbol: SFILX) | 11.76% |
Russell RAFITM Developed ex US Small Company Index (Net)3 | 11.44% |
S&P Developed ex-U.S. Small Cap Index (Net)3 | 6.90% |
Fund Category: Morningstar Foreign Small/Mid Value1 | 14.24% |
Performance Details | pages 15-17 |
Schwab Fundamental Emerging Markets Large Company Index Fund2 (Ticker Symbol: SFENX) | 15.14% |
Russell RAFITM Emerging Markets Large Company Index (Net)3 | 15.90% |
MSCI Emerging Markets Index (Net)3 | 10.80% |
Fund Category: Morningstar Diversified Emerging Markets1 | 11.15% |
Performance Details | pages 18-20 |
Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs, and Schwab Personalized Indexing™ separately managed accounts. Before joining Schwab 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 the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. 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, CFA, Senior Portfolio Manager for Schwab Asset Management, 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 Schwab 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. |
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the oversight and 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 Schwab 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. |
David Rios, Portfolio Manager for Schwab Asset Management, 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 this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation). |
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, 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 Schwab in 2018, Ms. Zau was at BlackRock for three years, most recently as a multi-asset portfolio investment consultant where she advised institutional clients on asset allocation and strategy, constructed risk decomposition and portfolio optimization, and conducted scenario analyses for the core multi-asset target risk strategies. She spent the preceding three years as a derivatives specialist at Mellon Capital. |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Large Company Index Fund (4/2/07) | 4.48% | 10.34% | 10.00% |
Russell RAFITM US Large Company Index | 4.69% | 10.59% | 10.30% |
Russell 1000® Index | 9.48% | 10.71% | 10.88% |
Fund Category: Morningstar Large Value2 | 0.68% | 7.10% | 7.62% |
Fund Expense Ratio3: 0.25% |
Number of Holdings | 729 |
Weighted Average Market Cap (millions) | $390,437 |
Price/Earnings Ratio (P/E) | 14.6 |
Price/Book Ratio (P/B) | 2.2 |
Portfolio Turnover Rate | 7% 2 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental US Small Company Index Fund (4/2/07) | -3.04% | 5.89% | 7.07% |
Russell RAFITM US Small Company Index | -2.84% | 6.07% | 7.31% |
Russell 2000® Index | -8.56% | 3.31% | 5.63% |
Fund Category: Morningstar Small Blend2 | -4.86% | 4.61% | 5.83% |
Fund Expense Ratio3: 0.25% |
Number of Holdings | 964 |
Weighted Average Market Cap (millions) | $4,709 |
Price/Earnings Ratio (P/E) | 13.1 |
Price/Book Ratio (P/B) | 1.4 |
Portfolio Turnover Rate | 22% 2 |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental International Large Company Index Fund (4/2/07) | 17.40% | 5.37% | 3.78% |
Russell RAFITM Developed ex US Large Company Index (Net)2 | 16.82% | 5.32% | 3.87% |
MSCI EAFE® Index (Net)2 | 14.40% | 4.10% | 3.05% |
Fund Category: Morningstar Foreign Large Value4 | 15.86% | 3.76% | 2.28% |
Fund Expense Ratio5: 0.25% |
Number of Holdings | 926 |
Weighted Average Market Cap (millions) | $63,585 |
Price/Earnings Ratio (P/E) | 9.2 |
Price/Book Ratio (P/B) | 1.1 |
Portfolio Turnover Rate | 15% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental International Small Company Index Fund (1/31/08) | 11.76% | 2.09% | 3.41% |
Russell RAFITM Developed ex US Small Company Index (Net)2 | 11.44% | 2.27% | 3.70% |
S&P Developed ex-U.S. Small Cap Index (Net)2 | 6.90% | 1.46% | 2.97% |
Fund Category: Morningstar Foreign Small/Mid Value4 | 14.24% | 3.68% | 3.15% |
Fund Expense Ratio5: 0.39% |
Number of Holdings | 1,741 |
Weighted Average Market Cap (millions) | $3,145 |
Price/Earnings Ratio (P/E) | 11.0 |
Price/Book Ratio (P/B) | 1.0 |
Portfolio Turnover Rate | 23% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Fundamental Emerging Markets Large Company Index Fund (1/31/08) | 15.14% | 2.55% | 1.81% |
Russell RAFITM Emerging Markets Large Company Index (Net)2 | 15.90% | 2.98% | 2.33% |
MSCI Emerging Markets Index (Net)2 | 10.80% | 1.59% | 1.19% |
Fund Category: Morningstar Diversified Emerging Markets4 | 11.15% | 2.52% | 1.26% |
Fund Expense Ratio5: 0.39% |
Number of Holdings | 345 |
Weighted Average Market Cap (millions) | $77,491 |
Price/Earnings Ratio (P/E) | 7.3 |
Price/Book Ratio (P/B) | 1.1 |
Portfolio Turnover Rate | 20% |
EXPENSE RATIO (ANNUALIZED) 1 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/23 2 | |
Schwab Fundamental US Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $989.10 | $1.25 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.95 | $1.28 |
Schwab Fundamental US Small Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $964.40 | $1.24 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.95 | $1.28 |
Schwab Fundamental International Large Company Index Fund | ||||
Actual Return | 0.25% | $1,000.00 | $959.00 | $1.23 |
Hypothetical 5% Return | 0.25% | $1,000.00 | $1,023.95 | $1.28 |
Schwab Fundamental International Small Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $919.80 | $1.89 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.24 | $1.99 |
Schwab Fundamental Emerging Markets Large Company Index Fund | ||||
Actual Return | 0.39% | $1,000.00 | $968.60 | $1.94 |
Hypothetical 5% Return | 0.39% | $1,000.00 | $1,023.24 | $1.99 |
1 | Based on the most recent six-month expense ratio. |
2 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $21.19 | $23.19 | $16.28 | $17.56 | $17.47 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.49 | (1.33 ) | 7.64 | (0.75 ) | 1.08 | |
Total from investment operations | 0.94 | (0.90 ) | 8.03 | (0.33 ) | 1.50 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | — | (0.70 ) | (0.68 ) | (0.52 ) | (0.99 ) | |
Total distributions | (0.44 ) | (1.10 ) | (1.12 ) | (0.95 ) | (1.41 ) | |
Net asset value at end of period | $21.69 | $21.19 | $23.19 | $16.28 | $17.56 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.5% OF NET ASSETS | ||
Automobiles & Components 1.4% | ||
Adient PLC * | 46,577 | 1,569,179 |
Aptiv PLC * | 60,291 | 5,257,375 |
Autoliv, Inc. | 32,000 | 2,932,800 |
BorgWarner, Inc. | 105,412 | 3,889,703 |
Dana, Inc. | 113,078 | 1,298,135 |
Ford Motor Co. | 2,242,185 | 21,861,304 |
General Motors Co. | 1,174,732 | 33,127,442 |
Gentex Corp. | 84,391 | 2,420,334 |
Goodyear Tire & Rubber Co. * | 336,586 | 4,005,373 |
Harley-Davidson, Inc. | 51,582 | 1,384,977 |
Lear Corp. | 41,943 | 5,442,524 |
Phinia, Inc. | 21,748 | 562,838 |
Tesla, Inc. * | 39,337 | 7,900,443 |
Thor Industries, Inc. | 29,792 | 2,619,611 |
94,272,038 | ||
Banks 6.3% | ||
Bank of America Corp. | 2,640,464 | 69,549,822 |
Citigroup, Inc. | 1,702,401 | 67,227,815 |
Citizens Financial Group, Inc. | 199,454 | 4,673,207 |
Comerica, Inc. | 76,821 | 3,026,747 |
Credicorp Ltd. | 23,683 | 2,959,428 |
East West Bancorp, Inc. | 27,048 | 1,450,314 |
Fifth Third Bancorp | 257,925 | 6,115,402 |
First Horizon Corp. | 112,485 | 1,209,214 |
Huntington Bancshares, Inc. | 341,437 | 3,294,867 |
JPMorgan Chase & Co. | 910,123 | 126,561,704 |
KeyCorp | 441,218 | 4,509,248 |
M&T Bank Corp. | 52,387 | 5,906,634 |
New York Community Bancorp, Inc. | 183,010 | 1,734,935 |
PNC Financial Services Group, Inc. | 133,784 | 15,314,254 |
Popular, Inc. | 31,053 | 2,019,687 |
Regions Financial Corp. | 246,887 | 3,587,268 |
Synovus Financial Corp. | 43,324 | 1,129,457 |
Truist Financial Corp. | 381,164 | 10,809,811 |
U.S. Bancorp | 561,095 | 17,887,709 |
Wells Fargo & Co. | 1,934,467 | 76,933,752 |
Zions Bancorp NA | 84,856 | 2,617,808 |
428,519,083 | ||
Capital Goods 6.6% | ||
3M Co. | 233,238 | 21,212,996 |
A O Smith Corp. | 29,203 | 2,037,201 |
Acuity Brands, Inc. | 13,135 | 2,127,476 |
AECOM | 37,915 | 2,902,393 |
AerCap Holdings NV * | 31,700 | 1,969,204 |
AGCO Corp. | 21,564 | 2,472,528 |
Air Lease Corp., Class A | 36,200 | 1,253,606 |
Allegion PLC | 15,231 | 1,498,121 |
Allison Transmission Holdings, Inc. | 53,280 | 2,686,378 |
AMETEK, Inc. | 23,562 | 3,316,823 |
Boeing Co. * | 101,423 | 18,947,845 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Boise Cascade Co. | 23,602 | 2,212,688 |
Carlisle Cos., Inc. | 11,209 | 2,848,095 |
Carrier Global Corp. | 171,552 | 8,176,168 |
Caterpillar, Inc. | 104,667 | 23,659,975 |
Cummins, Inc. | 49,505 | 10,707,931 |
Curtiss-Wright Corp. | 8,245 | 1,639,188 |
Deere & Co. | 38,086 | 13,915,101 |
Donaldson Co., Inc. | 25,922 | 1,494,663 |
Dover Corp. | 27,743 | 3,605,203 |
Eaton Corp. PLC | 78,981 | 16,420,940 |
EMCOR Group, Inc. | 15,874 | 3,280,362 |
Emerson Electric Co. | 136,832 | 12,173,943 |
Fastenal Co. | 85,003 | 4,959,075 |
Flowserve Corp. | 40,013 | 1,469,277 |
Fluor Corp. * | 51,796 | 1,724,289 |
Fortive Corp. | 35,836 | 2,339,374 |
Fortune Brands Innovations, Inc. | 44,744 | 2,496,715 |
General Dynamics Corp. | 67,334 | 16,248,368 |
General Electric Co. | 193,889 | 21,062,162 |
Graco, Inc. | 20,115 | 1,495,550 |
Hexcel Corp. | 20,300 | 1,256,976 |
Honeywell International, Inc. | 136,514 | 25,017,556 |
Howmet Aerospace, Inc. | 72,934 | 3,216,389 |
Hubbell, Inc., Class B | 8,427 | 2,276,133 |
Huntington Ingalls Industries, Inc. | 15,045 | 3,307,192 |
IDEX Corp. | 8,679 | 1,661,247 |
Illinois Tool Works, Inc. | 51,003 | 11,430,792 |
Ingersoll Rand, Inc. | 27,435 | 1,664,756 |
ITT, Inc. | 17,856 | 1,666,858 |
Johnson Controls International PLC | 163,526 | 8,016,045 |
L3Harris Technologies, Inc. | 51,517 | 9,242,665 |
Lennox International, Inc. | 5,644 | 2,091,328 |
Lincoln Electric Holdings, Inc. | 9,456 | 1,652,909 |
Lockheed Martin Corp. | 49,884 | 22,679,262 |
Masco Corp. | 67,321 | 3,506,751 |
MasTec, Inc. * | 19,168 | 1,139,346 |
MDU Resources Group, Inc. | 73,402 | 1,366,011 |
Middleby Corp. * | 9,607 | 1,084,342 |
MSC Industrial Direct Co., Inc., Class A | 17,281 | 1,637,375 |
Mueller Industries, Inc. | 37,134 | 1,400,323 |
Nordson Corp. | 6,600 | 1,403,094 |
Northrop Grumman Corp. | 30,896 | 14,565,301 |
nVent Electric PLC | 33,318 | 1,603,595 |
Oshkosh Corp. | 32,138 | 2,819,467 |
Otis Worldwide Corp. | 42,994 | 3,319,567 |
Owens Corning | 34,706 | 3,934,619 |
PACCAR, Inc. | 127,189 | 10,496,908 |
Parker-Hannifin Corp. | 20,003 | 7,379,307 |
Pentair PLC | 40,923 | 2,378,445 |
Quanta Services, Inc. | 23,584 | 3,941,358 |
Regal Rexnord Corp. | 14,002 | 1,657,977 |
Resideo Technologies, Inc. * | 79,001 | 1,143,934 |
Rockwell Automation, Inc. | 16,149 | 4,244,119 |
RTX Corp. | 223,662 | 18,203,850 |
Sensata Technologies Holding PLC | 42,531 | 1,355,888 |
Snap-on, Inc. | 13,712 | 3,536,873 |
Spirit AeroSystems Holdings, Inc., Class A * | 66,788 | 1,509,409 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Stanley Black & Decker, Inc. | 73,065 | 6,214,178 |
Textron, Inc. | 64,974 | 4,938,024 |
Timken Co. | 18,408 | 1,272,361 |
Toro Co. | 15,426 | 1,247,038 |
Trane Technologies PLC | 31,478 | 5,990,578 |
TransDigm Group, Inc. * | 6,610 | 5,473,675 |
UFP Industries, Inc. | 24,050 | 2,288,839 |
United Rentals, Inc. | 16,973 | 6,895,621 |
Watsco, Inc. | 6,653 | 2,321,165 |
WESCO International, Inc. | 14,527 | 1,862,361 |
Westinghouse Air Brake Technologies Corp. | 30,545 | 3,238,381 |
WW Grainger, Inc. | 7,347 | 5,362,061 |
Xylem, Inc. | 26,028 | 2,434,659 |
450,700,546 | ||
Commercial & Professional Services 1.2% | ||
ABM Industries, Inc. | 35,357 | 1,390,944 |
ASGN, Inc. * | 17,123 | 1,429,086 |
Automatic Data Processing, Inc. | 43,057 | 9,395,899 |
Booz Allen Hamilton Holding Corp., Class A | 23,974 | 2,875,202 |
Broadridge Financial Solutions, Inc. | 16,143 | 2,754,642 |
CACI International, Inc., Class A * | 6,124 | 1,988,830 |
Cintas Corp. | 10,141 | 5,142,704 |
Concentrix Corp. | 12,770 | 973,202 |
Copart, Inc. * | 43,990 | 1,914,445 |
Equifax, Inc. | 10,684 | 1,811,686 |
Genpact Ltd. | 42,921 | 1,439,570 |
Jacobs Solutions, Inc. | 33,381 | 4,449,687 |
KBR, Inc. | 25,096 | 1,459,332 |
Leidos Holdings, Inc. | 45,632 | 4,523,044 |
ManpowerGroup, Inc. | 56,270 | 3,937,212 |
Maximus, Inc. | 20,067 | 1,499,406 |
Paychex, Inc. | 37,468 | 4,160,821 |
Republic Services, Inc., Class A | 31,706 | 4,708,024 |
Robert Half, Inc. | 39,979 | 2,989,230 |
Science Applications International Corp. | 17,061 | 1,863,744 |
SS&C Technologies Holdings, Inc. | 39,962 | 2,008,091 |
TransUnion | 23,046 | 1,011,258 |
Veralto Corp. * | 15,528 | 1,071,432 |
Verisk Analytics, Inc., Class A | 14,030 | 3,189,861 |
Vestis Corp. * | 36,487 | 557,886 |
Waste Management, Inc. | 66,907 | 10,994,827 |
79,540,065 | ||
Consumer Discretionary Distribution & Retail 4.2% | ||
Academy Sports & Outdoors, Inc. | 23,429 | 1,050,556 |
Advance Auto Parts, Inc. | 32,964 | 1,715,117 |
Amazon.com, Inc. * | 728,611 | 96,970,838 |
Asbury Automotive Group, Inc. * | 7,490 | 1,433,361 |
AutoNation, Inc. * | 25,399 | 3,303,902 |
AutoZone, Inc. * | 1,522 | 3,770,192 |
Bath & Body Works, Inc. | 70,829 | 2,100,080 |
Best Buy Co., Inc. | 159,295 | 10,644,092 |
Big Lots, Inc. (a) | 187,364 | 854,380 |
Burlington Stores, Inc. * | 8,633 | 1,044,852 |
CarMax, Inc. * | 68,443 | 4,181,183 |
Dick's Sporting Goods, Inc. | 19,300 | 2,064,135 |
eBay, Inc. | 256,657 | 10,068,654 |
Foot Locker, Inc. | 83,255 | 1,747,522 |
Gap, Inc. | 206,752 | 2,646,426 |
Genuine Parts Co. | 28,376 | 3,656,531 |
Group 1 Automotive, Inc. | 11,117 | 2,805,153 |
Home Depot, Inc. | 174,613 | 49,710,575 |
Kohl's Corp. | 277,055 | 6,247,590 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Lithia Motors, Inc., Class A | 13,680 | 3,313,433 |
LKQ Corp. | 81,189 | 3,565,821 |
Lowe's Cos., Inc. | 127,911 | 24,375,999 |
Macy's, Inc. | 270,534 | 3,295,104 |
Murphy USA, Inc. | 8,871 | 3,217,423 |
Nordstrom, Inc. | 94,196 | 1,316,860 |
ODP Corp. * | 43,472 | 1,952,762 |
O'Reilly Automotive, Inc. * | 8,031 | 7,472,364 |
Penske Automotive Group, Inc. | 11,657 | 1,667,883 |
Pool Corp. | 4,432 | 1,399,493 |
Qurate Retail, Inc. * | 3,421,273 | 1,507,755 |
Ross Stores, Inc. | 48,166 | 5,585,811 |
TJX Cos., Inc. | 179,228 | 15,784,610 |
Tractor Supply Co. | 17,130 | 3,298,553 |
Ulta Beauty, Inc. * | 5,515 | 2,102,925 |
Williams-Sonoma, Inc. | 21,166 | 3,179,980 |
289,051,915 | ||
Consumer Durables & Apparel 1.6% | ||
Brunswick Corp. | 27,537 | 1,912,995 |
Capri Holdings Ltd. * | 45,321 | 2,319,529 |
Carter's, Inc. | 22,422 | 1,505,862 |
Deckers Outdoor Corp. * | 3,808 | 2,273,604 |
DR Horton, Inc. | 96,768 | 10,102,579 |
Garmin Ltd. | 22,443 | 2,301,081 |
Hanesbrands, Inc. | 404,795 | 1,696,091 |
Hasbro, Inc. | 40,283 | 1,818,777 |
KB Home | 40,618 | 1,795,316 |
Leggett & Platt, Inc. | 63,061 | 1,477,519 |
Lennar Corp., Class A | 100,187 | 10,687,949 |
Lululemon Athletica, Inc. * | 7,935 | 3,122,264 |
MDC Holdings, Inc. | 33,880 | 1,285,746 |
Meritage Homes Corp. | 17,327 | 1,975,625 |
Mohawk Industries, Inc. * | 41,156 | 3,308,119 |
Newell Brands, Inc. | 234,655 | 1,576,882 |
NIKE, Inc., Class B | 166,637 | 17,125,284 |
NVR, Inc. * | 811 | 4,389,635 |
Polaris, Inc. | 19,381 | 1,674,906 |
PulteGroup, Inc. | 108,593 | 7,991,359 |
PVH Corp. | 43,988 | 3,270,508 |
Ralph Lauren Corp., Class A | 16,308 | 1,835,139 |
Skechers USA, Inc., Class A * | 35,150 | 1,694,933 |
Tapestry, Inc. | 70,923 | 1,954,638 |
Taylor Morrison Home Corp., Class A * | 53,332 | 2,043,682 |
Tempur Sealy International, Inc. | 35,100 | 1,401,543 |
Toll Brothers, Inc. | 45,650 | 3,227,911 |
Tri Pointe Homes, Inc. * | 73,522 | 1,842,461 |
VF Corp. | 213,123 | 3,139,302 |
Whirlpool Corp. | 47,269 | 4,942,447 |
105,693,686 | ||
Consumer Services 1.7% | ||
Aramark | 70,267 | 1,892,290 |
Booking Holdings, Inc. * | 5,884 | 16,413,771 |
Carnival Corp. * | 464,576 | 5,324,041 |
Chipotle Mexican Grill, Inc., Class A * | 1,321 | 2,565,646 |
Darden Restaurants, Inc. | 22,764 | 3,312,845 |
Domino's Pizza, Inc. | 8,224 | 2,787,854 |
Expedia Group, Inc. * | 20,384 | 1,942,391 |
H&R Block, Inc. | 40,195 | 1,650,005 |
Hilton Worldwide Holdings, Inc. | 26,741 | 4,052,064 |
Las Vegas Sands Corp. | 78,067 | 3,705,060 |
Marriott International, Inc., Class A | 32,123 | 6,057,113 |
McDonald's Corp. | 100,863 | 26,443,253 |
MGM Resorts International * | 112,118 | 3,915,160 |
Penn Entertainment, Inc. * | 50,362 | 993,642 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Royal Caribbean Cruises Ltd. * | 34,618 | 2,933,183 |
Service Corp. International | 25,660 | 1,396,417 |
Starbucks Corp. | 212,184 | 19,571,852 |
Travel & Leisure Co. | 37,590 | 1,279,188 |
Vail Resorts, Inc. | 6,047 | 1,283,476 |
Wynn Resorts Ltd. | 16,250 | 1,426,425 |
Yum! Brands, Inc. | 53,052 | 6,411,865 |
115,357,541 | ||
Consumer Staples Distribution & Retail 3.4% | ||
BJ's Wholesale Club Holdings, Inc. * | 17,285 | 1,177,454 |
Casey's General Stores, Inc. | 13,178 | 3,583,230 |
Costco Wholesale Corp. | 76,059 | 42,018,034 |
Dollar General Corp. | 56,156 | 6,684,810 |
Dollar Tree, Inc. * | 44,873 | 4,984,942 |
Kroger Co. | 464,248 | 21,062,932 |
Performance Food Group Co. * | 55,209 | 3,188,872 |
SpartanNash Co. | 61,913 | 1,392,423 |
Sprouts Farmers Market, Inc. * | 48,966 | 2,057,551 |
Sysco Corp. | 116,366 | 7,737,175 |
Target Corp. | 197,887 | 21,923,901 |
U.S. Foods Holding Corp. * | 117,527 | 4,576,501 |
United Natural Foods, Inc. * | 65,196 | 950,558 |
Walgreens Boots Alliance, Inc. | 897,987 | 18,929,566 |
Walmart, Inc. | 552,967 | 90,360,338 |
230,628,287 | ||
Energy 7.1% | ||
Antero Resources Corp. * | 55,601 | 1,636,894 |
APA Corp. | 74,765 | 2,969,666 |
Baker Hughes Co., Class A | 377,489 | 12,993,171 |
Cheniere Energy, Inc. | 19,847 | 3,302,938 |
Chevron Corp. | 567,184 | 82,655,724 |
CNX Resources Corp. * | 75,514 | 1,640,164 |
ConocoPhillips | 275,921 | 32,779,415 |
Delek U.S. Holdings, Inc. | 49,079 | 1,293,232 |
Devon Energy Corp. | 100,148 | 4,663,892 |
Diamondback Energy, Inc. | 14,575 | 2,336,664 |
EOG Resources, Inc. | 114,371 | 14,439,339 |
Equitrans Midstream Corp. | 186,573 | 1,654,903 |
Exxon Mobil Corp. | 1,220,872 | 129,229,301 |
Halliburton Co. | 165,211 | 6,499,401 |
Helmerich & Payne, Inc. | 38,909 | 1,539,629 |
Hess Corp. | 21,138 | 3,052,327 |
HF Sinclair Corp. | 81,010 | 4,486,334 |
Kinder Morgan, Inc. | 741,774 | 12,016,739 |
Marathon Oil Corp. | 202,313 | 5,525,168 |
Marathon Petroleum Corp. | 209,252 | 31,649,365 |
Murphy Oil Corp. | 43,183 | 1,937,621 |
NOV, Inc. | 113,112 | 2,257,716 |
Occidental Petroleum Corp. | 161,789 | 10,000,178 |
ONEOK, Inc. | 116,406 | 7,589,671 |
Ovintiv, Inc. | 73,717 | 3,538,416 |
PBF Energy, Inc., Class A | 51,829 | 2,463,432 |
Peabody Energy Corp. | 62,482 | 1,473,950 |
Phillips 66 | 263,731 | 30,083,795 |
Pioneer Natural Resources Co. | 30,368 | 7,257,952 |
Schlumberger NV | 241,843 | 13,460,981 |
Southwestern Energy Co. * | 202,498 | 1,443,811 |
Targa Resources Corp. | 39,489 | 3,301,675 |
TechnipFMC PLC | 105,262 | 2,265,238 |
Valero Energy Corp. | 226,088 | 28,713,176 |
Williams Cos., Inc. | 280,745 | 9,657,628 |
World Kinect Corp. | 253,385 | 4,687,623 |
486,497,129 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Equity Real Estate Investment Trusts (REITs) 1.7% | ||
Alexandria Real Estate Equities, Inc. | 17,091 | 1,591,685 |
American Tower Corp. | 45,138 | 8,043,140 |
AvalonBay Communities, Inc. | 20,718 | 3,433,801 |
Boston Properties, Inc. | 54,637 | 2,926,904 |
Brixmor Property Group, Inc. | 75,802 | 1,575,924 |
Camden Property Trust | 13,764 | 1,168,288 |
Crown Castle, Inc. | 63,915 | 5,942,817 |
Digital Realty Trust, Inc. | 44,436 | 5,526,061 |
Equinix, Inc. | 8,148 | 5,945,107 |
Equity Residential | 63,003 | 3,485,956 |
Essex Property Trust, Inc. | 9,840 | 2,104,973 |
Extra Space Storage, Inc. | 19,486 | 2,018,555 |
Gaming & Leisure Properties, Inc. | 30,784 | 1,397,286 |
Healthpeak Properties, Inc. | 106,395 | 1,654,442 |
Host Hotels & Resorts, Inc. | 212,378 | 3,287,611 |
Invitation Homes, Inc. | 61,960 | 1,839,592 |
Iron Mountain, Inc. | 63,387 | 3,744,270 |
Kimco Realty Corp. | 87,633 | 1,572,136 |
Lamar Advertising Co., Class A | 16,296 | 1,340,672 |
Medical Properties Trust, Inc. | 162,526 | 776,874 |
Mid-America Apartment Communities, Inc. | 15,596 | 1,842,667 |
Omega Healthcare Investors, Inc. | 47,449 | 1,570,562 |
Park Hotels & Resorts, Inc. | 159,721 | 1,841,583 |
Prologis, Inc. | 49,384 | 4,975,438 |
Public Storage | 13,209 | 3,153,120 |
Realty Income Corp. | 37,892 | 1,795,323 |
Regency Centers Corp. | 26,952 | 1,624,128 |
SBA Communications Corp., Class A | 5,678 | 1,184,601 |
Service Properties Trust | 199,479 | 1,446,223 |
Simon Property Group, Inc. | 63,173 | 6,942,081 |
SL Green Realty Corp. (a) | 52,375 | 1,534,064 |
Sun Communities, Inc. | 12,722 | 1,415,195 |
UDR, Inc. | 40,367 | 1,284,074 |
Ventas, Inc. | 119,871 | 5,089,723 |
VICI Properties, Inc., Class A | 43,492 | 1,213,427 |
Vornado Realty Trust | 116,903 | 2,244,538 |
Welltower, Inc. | 84,687 | 7,080,680 |
Weyerhaeuser Co. | 224,659 | 6,445,467 |
WP Carey, Inc. | 22,523 | 1,208,359 |
113,267,347 | ||
Financial Services 7.7% | ||
Affiliated Managers Group, Inc. | 15,672 | 1,923,895 |
AGNC Investment Corp. | 162,642 | 1,200,298 |
Ally Financial, Inc. | 291,900 | 7,061,061 |
American Express Co. | 141,038 | 20,595,779 |
Ameriprise Financial, Inc. | 25,594 | 8,051,105 |
Annaly Capital Management, Inc. | 102,609 | 1,601,726 |
Apollo Global Management, Inc. | 27,782 | 2,151,438 |
Bank of New York Mellon Corp. | 339,088 | 14,411,240 |
Berkshire Hathaway, Inc., Class A * | 89 | 46,086,425 |
Berkshire Hathaway, Inc., Class B * | 333,797 | 113,934,930 |
BlackRock, Inc. | 24,104 | 14,758,397 |
Blackstone, Inc. | 67,731 | 6,254,958 |
Bread Financial Holdings, Inc. | 87,982 | 2,378,153 |
Capital One Financial Corp. | 252,032 | 25,528,321 |
Carlyle Group, Inc. | 47,773 | 1,315,668 |
Cboe Global Markets, Inc. | 10,968 | 1,797,545 |
Charles Schwab Corp. (b) | 113,200 | 5,890,928 |
Chimera Investment Corp. | 234,445 | 1,125,336 |
CME Group, Inc. | 33,435 | 7,137,035 |
Coinbase Global, Inc., Class A * | 15,491 | 1,194,666 |
Discover Financial Services | 134,147 | 11,010,786 |
Equitable Holdings, Inc. | 94,148 | 2,501,512 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Evercore, Inc., Class A | 15,942 | 2,075,330 |
Fidelity National Information Services, Inc. | 150,646 | 7,398,225 |
Fiserv, Inc. * | 52,698 | 5,994,397 |
FleetCor Technologies, Inc. * | 15,126 | 3,405,921 |
Franklin Resources, Inc. | 163,032 | 3,715,499 |
Global Payments, Inc. | 50,067 | 5,318,117 |
Goldman Sachs Group, Inc. | 100,347 | 30,466,353 |
Intercontinental Exchange, Inc. | 69,411 | 7,457,518 |
Invesco Ltd. | 188,136 | 2,440,124 |
Jack Henry & Associates, Inc. | 10,306 | 1,453,043 |
Janus Henderson Group PLC | 68,386 | 1,577,665 |
Jefferies Financial Group, Inc. | 79,703 | 2,564,843 |
KKR & Co., Inc. | 91,438 | 5,065,665 |
Lazard Ltd., Class A | 42,091 | 1,168,867 |
LPL Financial Holdings, Inc. | 10,289 | 2,310,086 |
Mastercard, Inc., Class A | 52,375 | 19,711,331 |
MGIC Investment Corp. | 98,996 | 1,667,093 |
Moody's Corp. | 14,368 | 4,425,344 |
Morgan Stanley | 262,754 | 18,608,238 |
MSCI, Inc., Class A | 3,931 | 1,853,663 |
Nasdaq, Inc. | 35,453 | 1,758,469 |
Navient Corp. | 132,512 | 2,108,266 |
NCR Atleos Corp. * | 35,242 | 777,439 |
Northern Trust Corp. | 60,413 | 3,981,821 |
OneMain Holdings, Inc. | 90,605 | 3,255,438 |
PayPal Holdings, Inc. * | 177,097 | 9,173,625 |
Radian Group, Inc. | 58,221 | 1,475,320 |
Raymond James Financial, Inc. | 27,097 | 2,586,138 |
Rithm Capital Corp. | 210,990 | 1,968,537 |
S&P Global, Inc. | 25,135 | 8,779,907 |
SEI Investments Co. | 28,538 | 1,531,349 |
SLM Corp. | 141,599 | 1,840,787 |
Starwood Property Trust, Inc. | 84,020 | 1,491,355 |
State Street Corp. | 92,151 | 5,955,719 |
Synchrony Financial | 509,775 | 14,299,189 |
T Rowe Price Group, Inc. | 81,883 | 7,410,411 |
Visa, Inc., Class A | 111,534 | 26,221,643 |
Voya Financial, Inc. | 29,710 | 1,983,737 |
Western Union Co. | 248,673 | 2,807,518 |
525,995,192 | ||
Food, Beverage & Tobacco 3.4% | ||
Altria Group, Inc. | 595,138 | 23,906,693 |
Archer-Daniels-Midland Co. | 237,944 | 17,029,652 |
Bunge Ltd. | 77,746 | 8,239,521 |
Campbell Soup Co. | 51,645 | 2,086,974 |
Coca-Cola Co. | 501,647 | 28,338,039 |
Coca-Cola Europacific Partners PLC | 54,831 | 3,208,162 |
Conagra Brands, Inc. | 146,230 | 4,000,853 |
Constellation Brands, Inc., Class A | 24,472 | 5,730,119 |
Darling Ingredients, Inc. * | 29,089 | 1,288,352 |
Flowers Foods, Inc. | 57,508 | 1,261,150 |
General Mills, Inc. | 127,156 | 8,295,657 |
Hershey Co. | 14,423 | 2,702,149 |
Hormel Foods Corp. | 71,260 | 2,319,513 |
Ingredion, Inc. | 31,243 | 2,923,720 |
J M Smucker Co. | 35,188 | 4,005,802 |
Kellanova | 66,492 | 3,355,851 |
Keurig Dr Pepper, Inc. | 157,489 | 4,776,641 |
Kraft Heinz Co. | 234,886 | 7,389,514 |
Lamb Weston Holdings, Inc. | 15,119 | 1,357,686 |
McCormick & Co., Inc. - Non Voting Shares | 32,752 | 2,092,853 |
Molson Coors Beverage Co., Class B | 78,497 | 4,534,772 |
Mondelez International, Inc., Class A | 263,895 | 17,472,488 |
Monster Beverage Corp. * | 66,718 | 3,409,290 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
PepsiCo, Inc. | 204,778 | 33,436,152 |
Philip Morris International, Inc. | 332,516 | 29,647,127 |
Post Holdings, Inc. * | 18,519 | 1,486,705 |
Tyson Foods, Inc., Class A | 239,253 | 11,089,377 |
WK Kellogg Co. * | 16,152 | 161,843 |
235,546,655 | ||
Health Care Equipment & Services 6.1% | ||
Abbott Laboratories | 215,744 | 20,398,595 |
Align Technology, Inc. * | 6,933 | 1,279,762 |
Baxter International, Inc. | 168,575 | 5,466,887 |
Becton Dickinson & Co. | 36,476 | 9,220,403 |
Boston Scientific Corp. * | 107,161 | 5,485,572 |
Cardinal Health, Inc. | 84,790 | 7,715,890 |
Cencora, Inc. | 12,054 | 2,231,798 |
Centene Corp. * | 254,644 | 17,565,343 |
Chemed Corp. | 2,619 | 1,473,580 |
Cigna Group | 112,445 | 34,767,994 |
Cooper Cos., Inc. | 5,080 | 1,583,690 |
CVS Health Corp. | 766,412 | 52,890,092 |
DaVita, Inc. * | 48,853 | 3,772,917 |
DENTSPLY SIRONA, Inc. | 60,152 | 1,829,222 |
Edwards Lifesciences Corp. * | 35,785 | 2,280,220 |
Elevance Health, Inc. | 74,870 | 33,698,238 |
Encompass Health Corp. | 25,056 | 1,567,503 |
HCA Healthcare, Inc. | 54,368 | 12,294,780 |
Henry Schein, Inc. * | 46,025 | 2,990,705 |
Hologic, Inc. * | 38,544 | 2,550,457 |
Humana, Inc. | 43,022 | 22,530,191 |
IDEXX Laboratories, Inc. * | 4,032 | 1,610,663 |
Intuitive Surgical, Inc. * | 16,258 | 4,263,173 |
Laboratory Corp. of America Holdings | 29,034 | 5,798,961 |
McKesson Corp. | 21,303 | 9,700,534 |
Medtronic PLC | 340,812 | 24,047,695 |
Molina Healthcare, Inc. * | 12,075 | 4,020,371 |
Owens & Minor, Inc. * | 67,426 | 966,215 |
Patterson Cos., Inc. | 45,088 | 1,373,381 |
Quest Diagnostics, Inc. | 37,223 | 4,842,712 |
ResMed, Inc. | 10,566 | 1,492,131 |
STERIS PLC | 10,649 | 2,236,077 |
Stryker Corp. | 32,722 | 8,842,139 |
Teleflex, Inc. | 6,742 | 1,245,585 |
Tenet Healthcare Corp. * | 53,005 | 2,846,369 |
UnitedHealth Group, Inc. | 168,156 | 90,057,627 |
Universal Health Services, Inc., Class B | 40,536 | 5,103,077 |
Zimmer Biomet Holdings, Inc. | 35,445 | 3,700,812 |
415,741,361 | ||
Household & Personal Products 1.3% | ||
Church & Dwight Co., Inc. | 38,079 | 3,462,904 |
Clorox Co. | 20,121 | 2,368,242 |
Colgate-Palmolive Co. | 140,201 | 10,531,899 |
Estee Lauder Cos., Inc., Class A | 24,995 | 3,221,106 |
Kimberly-Clark Corp. | 68,263 | 8,166,985 |
Procter & Gamble Co. | 415,951 | 62,405,129 |
90,156,265 | ||
Insurance 3.6% | ||
Aflac, Inc. | 188,341 | 14,711,316 |
Allstate Corp. | 146,155 | 18,726,840 |
American Financial Group, Inc. | 22,931 | 2,507,734 |
American International Group, Inc. | 355,826 | 21,815,692 |
Aon PLC, Class A | 29,640 | 9,170,616 |
Arch Capital Group Ltd. * | 50,001 | 4,334,087 |
Arthur J Gallagher & Co. | 16,087 | 3,788,328 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Assurant, Inc. | 13,908 | 2,070,901 |
Assured Guaranty Ltd. | 29,315 | 1,829,256 |
Brown & Brown, Inc. | 23,834 | 1,654,556 |
Chubb Ltd. | 89,694 | 19,250,126 |
Cincinnati Financial Corp. | 41,669 | 4,153,149 |
CNO Financial Group, Inc. | 109,721 | 2,543,333 |
Everest Group Ltd. | 7,866 | 3,111,947 |
Fidelity National Financial, Inc. | 100,393 | 3,924,362 |
First American Financial Corp. | 52,564 | 2,703,892 |
Genworth Financial, Inc., Class A * | 402,306 | 2,409,813 |
Globe Life, Inc. | 23,776 | 2,766,575 |
Hanover Insurance Group, Inc. | 13,976 | 1,638,127 |
Hartford Financial Services Group, Inc. | 119,809 | 8,799,971 |
Kemper Corp. | 28,866 | 1,151,176 |
Lincoln National Corp. | 159,400 | 3,470,138 |
Loews Corp. | 63,515 | 4,065,595 |
Markel Group, Inc. * | 2,461 | 3,618,950 |
Marsh & McLennan Cos., Inc. | 55,561 | 10,537,144 |
MetLife, Inc. | 280,419 | 16,827,944 |
Old Republic International Corp. | 119,632 | 3,275,524 |
Primerica, Inc. | 9,023 | 1,724,837 |
Principal Financial Group, Inc. | 71,624 | 4,847,512 |
Progressive Corp. | 102,893 | 16,266,355 |
Prudential Financial, Inc. | 181,819 | 16,625,529 |
Reinsurance Group of America, Inc. | 20,258 | 3,027,963 |
RenaissanceRe Holdings Ltd. | 7,313 | 1,605,862 |
Travelers Cos., Inc. | 112,857 | 18,896,776 |
Unum Group | 85,642 | 4,187,894 |
W R Berkley Corp. | 36,825 | 2,482,742 |
Willis Towers Watson PLC | 19,783 | 4,666,612 |
249,189,174 | ||
Materials 3.5% | ||
Air Products & Chemicals, Inc. | 29,628 | 8,368,132 |
Albemarle Corp. | 10,123 | 1,283,394 |
Alcoa Corp. | 91,509 | 2,346,291 |
AptarGroup, Inc. | 13,361 | 1,633,649 |
Avery Dennison Corp. | 16,399 | 2,854,574 |
Axalta Coating Systems Ltd. * | 55,907 | 1,466,441 |
Ball Corp. | 77,869 | 3,749,392 |
Berry Global Group, Inc. | 45,931 | 2,526,205 |
Celanese Corp., Class A | 47,502 | 5,439,454 |
CF Industries Holdings, Inc. | 45,407 | 3,622,570 |
Chemours Co. | 72,218 | 1,741,176 |
Cleveland-Cliffs, Inc. * | 122,894 | 2,062,161 |
Commercial Metals Co. | 38,190 | 1,615,055 |
Corteva, Inc. | 103,704 | 4,992,311 |
Crown Holdings, Inc. | 31,479 | 2,537,207 |
Dow, Inc. | 269,928 | 13,048,320 |
DuPont de Nemours, Inc. | 181,230 | 13,208,042 |
Eagle Materials, Inc. | 8,599 | 1,323,472 |
Eastman Chemical Co. | 67,881 | 5,072,747 |
Ecolab, Inc. | 38,421 | 6,444,739 |
FMC Corp. | 20,248 | 1,077,194 |
Freeport-McMoRan, Inc. | 244,338 | 8,253,738 |
Graphic Packaging Holding Co. | 92,000 | 1,978,920 |
Huntsman Corp. | 107,512 | 2,508,255 |
International Flavors & Fragrances, Inc. | 41,063 | 2,806,656 |
International Paper Co. | 254,166 | 8,573,019 |
Knife River Corp. * | 17,743 | 892,828 |
Linde PLC | 65,541 | 25,047,149 |
Louisiana-Pacific Corp. | 30,487 | 1,563,373 |
LyondellBasell Industries NV, Class A | 133,352 | 12,033,684 |
Martin Marietta Materials, Inc. | 8,088 | 3,307,507 |
Mosaic Co. | 105,458 | 3,425,276 |
Newmont Corp. | 311,049 | 11,655,006 |
Nucor Corp. | 91,154 | 13,471,650 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
O-I Glass, Inc. * | 86,942 | 1,343,254 |
Olin Corp. | 39,069 | 1,669,028 |
Packaging Corp. of America | 29,409 | 4,501,047 |
PPG Industries, Inc. | 57,851 | 7,102,367 |
Reliance Steel & Aluminum Co. | 23,949 | 6,092,147 |
RPM International, Inc. | 25,535 | 2,330,579 |
Sealed Air Corp. | 54,527 | 1,678,886 |
Sherwin-Williams Co. | 22,352 | 5,324,470 |
Sonoco Products Co. | 38,115 | 1,974,738 |
Steel Dynamics, Inc. | 58,977 | 6,281,640 |
U.S. Steel Corp. | 176,594 | 5,984,771 |
Vulcan Materials Co. | 16,573 | 3,256,429 |
Warrior Met Coal, Inc. | 39,068 | 1,903,784 |
Westrock Co. | 224,758 | 8,075,555 |
239,448,282 | ||
Media & Entertainment 7.1% | ||
Alphabet, Inc., Class A * | 701,413 | 87,031,325 |
Alphabet, Inc., Class C * | 632,630 | 79,268,539 |
Charter Communications, Inc., Class A * | 70,202 | 28,277,365 |
Comcast Corp., Class A | 1,632,394 | 67,401,548 |
DISH Network Corp., Class A * | 329,324 | 1,613,688 |
Electronic Arts, Inc. | 48,766 | 6,036,743 |
Fox Corp., Class A | 167,843 | 5,100,749 |
Interpublic Group of Cos., Inc. | 90,604 | 2,573,154 |
Liberty Media Corp.-Liberty Live, Class C * | 41,084 | 1,309,347 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 158,569 | 3,892,869 |
Meta Platforms, Inc., Class A * | 471,640 | 142,090,983 |
Netflix, Inc. * | 19,272 | 7,934,090 |
News Corp., Class A | 147,207 | 3,044,241 |
Nexstar Media Group, Inc., Class A | 12,824 | 1,796,386 |
Omnicom Group, Inc. | 66,298 | 4,966,383 |
Paramount Global, Class B | 572,494 | 6,228,735 |
Take-Two Interactive Software, Inc. * | 16,207 | 2,167,686 |
TEGNA, Inc. | 87,847 | 1,274,660 |
Walt Disney Co. * | 372,443 | 30,387,624 |
Warner Bros Discovery, Inc. * | 478,619 | 4,757,473 |
487,153,588 | ||
Pharmaceuticals, Biotechnology & Life Sciences 5.5% | ||
AbbVie, Inc. | 234,686 | 33,132,970 |
Agilent Technologies, Inc. | 32,189 | 3,327,377 |
Amgen, Inc. | 132,126 | 33,784,618 |
Avantor, Inc. * | 60,529 | 1,055,020 |
Biogen, Inc. * | 38,352 | 9,110,134 |
Bristol-Myers Squibb Co. | 394,560 | 20,331,677 |
Catalent, Inc. * | 27,690 | 952,259 |
Danaher Corp. | 46,363 | 8,902,623 |
Eli Lilly & Co. | 32,820 | 18,179,983 |
Fortrea Holdings, Inc. * | 28,860 | 819,624 |
Gilead Sciences, Inc. | 344,691 | 27,072,031 |
ICON PLC, ADR * | 6,924 | 1,689,179 |
Illumina, Inc. * | 13,332 | 1,458,787 |
IQVIA Holdings, Inc. * | 30,156 | 5,453,110 |
Jazz Pharmaceuticals PLC * | 12,579 | 1,597,785 |
Johnson & Johnson | 474,358 | 70,366,266 |
Merck & Co., Inc. | 380,299 | 39,056,707 |
Mettler-Toledo International, Inc. * | 1,864 | 1,836,413 |
Moderna, Inc. * | 17,268 | 1,311,677 |
Organon & Co. | 167,859 | 2,482,635 |
Perrigo Co. PLC | 71,564 | 1,978,029 |
Pfizer, Inc. | 1,522,136 | 46,516,476 |
Regeneron Pharmaceuticals, Inc. * | 11,027 | 8,599,847 |
Revvity, Inc. | 15,223 | 1,261,226 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Thermo Fisher Scientific, Inc. | 34,769 | 15,464,208 |
United Therapeutics Corp. * | 5,890 | 1,312,645 |
Vertex Pharmaceuticals, Inc. * | 12,168 | 4,406,154 |
Viatris, Inc. | 625,393 | 5,565,998 |
Waters Corp. * | 9,353 | 2,230,971 |
West Pharmaceutical Services, Inc. | 4,643 | 1,477,820 |
Zoetis, Inc. | 34,287 | 5,383,059 |
376,117,308 | ||
Real Estate Management & Development 0.2% | ||
Anywhere Real Estate, Inc. * | 268,579 | 1,254,264 |
CBRE Group, Inc., Class A * | 83,268 | 5,773,803 |
DigitalBridge Group, Inc. | 125,117 | 1,983,104 |
Jones Lang LaSalle, Inc. * | 28,814 | 3,685,887 |
12,697,058 | ||
Semiconductors & Semiconductor Equipment 4.6% | ||
Advanced Micro Devices, Inc. * | 64,379 | 6,341,331 |
Analog Devices, Inc. | 43,022 | 6,768,651 |
Applied Materials, Inc. | 139,463 | 18,457,928 |
Broadcom, Inc. | 43,170 | 36,321,943 |
First Solar, Inc. * | 8,477 | 1,207,549 |
Intel Corp. | 3,041,539 | 111,016,173 |
KLA Corp. | 12,414 | 5,830,856 |
Lam Research Corp. | 20,259 | 11,916,749 |
Marvell Technology, Inc. | 47,820 | 2,258,060 |
Microchip Technology, Inc. | 51,917 | 3,701,163 |
Micron Technology, Inc. | 403,136 | 26,957,704 |
MKS Instruments, Inc. | 15,157 | 995,209 |
NVIDIA Corp. | 48,419 | 19,745,268 |
NXP Semiconductors NV | 40,553 | 6,992,554 |
ON Semiconductor Corp. * | 35,629 | 2,231,801 |
Qorvo, Inc. * | 37,221 | 3,253,860 |
QUALCOMM, Inc. | 249,236 | 27,164,232 |
Skyworks Solutions, Inc. | 42,214 | 3,661,642 |
Teradyne, Inc. | 27,879 | 2,321,484 |
Texas Instruments, Inc. | 139,071 | 19,749,473 |
316,893,630 | ||
Software & Services 5.7% | ||
Accenture PLC, Class A | 81,581 | 24,236,899 |
Adobe, Inc. * | 34,100 | 18,143,246 |
Akamai Technologies, Inc. * | 31,442 | 3,248,902 |
Amdocs Ltd. | 35,821 | 2,871,411 |
ANSYS, Inc. * | 5,303 | 1,475,613 |
Autodesk, Inc. * | 9,016 | 1,781,832 |
Cadence Design Systems, Inc. * | 11,110 | 2,664,734 |
Check Point Software Technologies Ltd. * | 18,885 | 2,535,311 |
Cognizant Technology Solutions Corp., Class A | 209,741 | 13,522,002 |
DXC Technology Co. * | 166,919 | 3,366,756 |
Fortinet, Inc. * | 24,000 | 1,372,080 |
Gartner, Inc. * | 5,164 | 1,714,655 |
Gen Digital, Inc. | 127,327 | 2,121,268 |
International Business Machines Corp. | 286,564 | 41,448,617 |
Intuit, Inc. | 16,065 | 7,951,372 |
Kyndryl Holdings, Inc. * | 334,366 | 4,891,775 |
Microsoft Corp. | 584,847 | 197,742,619 |
NCR Voyix Corp. * | 70,484 | 1,077,700 |
Oracle Corp. | 297,996 | 30,812,786 |
Palo Alto Networks, Inc. * | 9,447 | 2,295,810 |
Roper Technologies, Inc. | 8,630 | 4,216,359 |
Salesforce, Inc. * | 44,704 | 8,977,904 |
Synopsys, Inc. * | 5,858 | 2,749,980 |
VeriSign, Inc. * | 6,779 | 1,353,495 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
VMware, Inc., Class A * | 41,594 | 6,058,166 |
388,631,292 | ||
Technology Hardware & Equipment 7.2% | ||
Amphenol Corp., Class A | 63,804 | 5,139,412 |
Apple, Inc. | 1,784,316 | 304,707,643 |
Arista Networks, Inc. * | 10,206 | 2,044,976 |
Arrow Electronics, Inc. * | 53,496 | 6,066,981 |
Avnet, Inc. | 128,243 | 5,941,498 |
CDW Corp. | 23,109 | 4,631,044 |
Ciena Corp. * | 38,467 | 1,623,307 |
Cisco Systems, Inc. | 1,251,713 | 65,251,799 |
Corning, Inc. | 272,640 | 7,295,846 |
F5, Inc. * | 14,085 | 2,135,145 |
Flex Ltd. * | 186,165 | 4,788,164 |
Hewlett Packard Enterprise Co. | 933,474 | 14,356,830 |
HP, Inc. | 472,693 | 12,446,007 |
Insight Enterprises, Inc. * | 11,773 | 1,687,071 |
Jabil, Inc. | 49,530 | 6,082,284 |
Juniper Networks, Inc. | 128,016 | 3,446,191 |
Keysight Technologies, Inc. * | 13,270 | 1,619,604 |
Motorola Solutions, Inc. | 13,776 | 3,836,065 |
NetApp, Inc. | 67,725 | 4,929,026 |
Sanmina Corp. * | 38,453 | 1,956,104 |
Seagate Technology Holdings PLC | 98,431 | 6,717,916 |
TD SYNNEX Corp. | 13,318 | 1,220,994 |
TE Connectivity Ltd. | 61,886 | 7,293,265 |
Teledyne Technologies, Inc. * | 3,977 | 1,489,744 |
Trimble, Inc. * | 34,532 | 1,627,493 |
Vishay Intertechnology, Inc. | 57,650 | 1,282,136 |
Western Digital Corp. * | 223,265 | 8,964,090 |
Xerox Holdings Corp. | 168,812 | 2,167,546 |
Zebra Technologies Corp., Class A * | 7,463 | 1,562,976 |
492,311,157 | ||
Telecommunication Services 3.1% | ||
AT&T, Inc. | 5,725,692 | 88,175,657 |
Liberty Global PLC, Class C * | 374,903 | 6,358,355 |
Lumen Technologies, Inc. * | 4,639,655 | 6,773,896 |
Telephone & Data Systems, Inc. | 191,320 | 3,480,111 |
T-Mobile U.S., Inc. * | 93,855 | 13,501,980 |
Verizon Communications, Inc. | 2,573,655 | 90,412,500 |
208,702,499 | ||
Transportation 2.0% | ||
Avis Budget Group, Inc. * | 12,723 | 2,071,304 |
CH Robinson Worldwide, Inc. | 51,870 | 4,244,522 |
CSX Corp. | 545,857 | 16,293,832 |
Delta Air Lines, Inc. | 51,549 | 1,610,906 |
Expeditors International of Washington, Inc. | 41,881 | 4,575,499 |
FedEx Corp. | 103,668 | 24,890,687 |
GXO Logistics, Inc. * | 30,718 | 1,551,566 |
JB Hunt Transport Services, Inc. | 18,530 | 3,184,751 |
Knight-Swift Transportation Holdings, Inc. | 50,569 | 2,472,318 |
Landstar System, Inc. | 10,365 | 1,707,945 |
Norfolk Southern Corp. | 64,961 | 12,393,909 |
Old Dominion Freight Line, Inc. | 9,804 | 3,692,775 |
Ryder System, Inc. | 40,696 | 3,969,488 |
Southwest Airlines Co. | 64,573 | 1,435,458 |
Uber Technologies, Inc. * | 56,362 | 2,439,347 |
Union Pacific Corp. | 147,278 | 30,576,386 |
United Airlines Holdings, Inc. * | 34,071 | 1,192,826 |
United Parcel Service, Inc., Class B | 119,096 | 16,822,310 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Werner Enterprises, Inc. | 33,218 | 1,206,478 |
ZIM Integrated Shipping Services Ltd. (a) | 103,191 | 798,698 |
137,131,005 | ||
Utilities 3.3% | ||
AES Corp. | 246,701 | 3,675,845 |
Alliant Energy Corp. | 55,717 | 2,718,432 |
Ameren Corp. | 59,460 | 4,501,717 |
American Electric Power Co., Inc. | 138,140 | 10,435,096 |
American Water Works Co., Inc. | 24,578 | 2,891,602 |
Atmos Energy Corp. | 22,789 | 2,453,464 |
Black Hills Corp. | 21,511 | 1,040,057 |
CenterPoint Energy, Inc. | 164,632 | 4,425,308 |
CMS Energy Corp. | 74,465 | 4,046,428 |
Consolidated Edison, Inc. | 104,726 | 9,193,896 |
Constellation Energy Corp. | 41,387 | 4,673,420 |
Dominion Energy, Inc. | 255,817 | 10,314,541 |
DTE Energy Co. | 54,641 | 5,266,300 |
Duke Energy Corp. | 237,178 | 21,082,752 |
Edison International | 107,488 | 6,778,193 |
Entergy Corp. | 66,855 | 6,390,670 |
Evergy, Inc. | 93,840 | 4,611,298 |
Eversource Energy | 89,656 | 4,822,596 |
Exelon Corp. | 356,661 | 13,888,379 |
FirstEnergy Corp. | 195,177 | 6,948,301 |
National Fuel Gas Co. | 24,149 | 1,230,392 |
NextEra Energy, Inc. | 250,597 | 14,609,805 |
NiSource, Inc. | 109,063 | 2,744,025 |
NRG Energy, Inc. | 126,161 | 5,346,703 |
OGE Energy Corp. | 58,926 | 2,015,269 |
PG&E Corp. * | 127,931 | 2,085,275 |
Pinnacle West Capital Corp. | 40,695 | 3,018,755 |
Portland General Electric Co. | 29,844 | 1,194,357 |
PPL Corp. | 306,451 | 7,529,501 |
Public Service Enterprise Group, Inc. | 126,172 | 7,778,504 |
Sempra | 114,588 | 8,024,598 |
Southern Co. | 276,530 | 18,610,469 |
Southwest Gas Holdings, Inc. | 24,002 | 1,406,757 |
UGI Corp. | 115,111 | 2,394,309 |
Vistra Corp. | 195,102 | 6,383,737 |
WEC Energy Group, Inc. | 67,529 | 5,496,185 |
Xcel Energy, Inc. | 133,348 | 7,903,536 |
227,930,472 | ||
Total Common Stocks (Cost $4,456,023,704) | 6,797,172,575 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
Money Market Funds 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c) | 26,233,216 | 26,233,216 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 2,446,275 | 2,446,275 |
28,679,491 | ||
Total Short-Term Investments (Cost $28,679,491) | 28,679,491 | |
Total Investments in Securities (Cost $4,484,703,195) | 6,825,852,066 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 12/15/23 | 169 | 35,593,513 | (1,105,772 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $2,345,929. |
(b) | Issuer is affiliated with the fund’s investment adviser. |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.1% OF NET ASSETS | ||||||||
Financial Services 0.1% | ||||||||
Charles Schwab Corp. | $6,547,679 | $1,918,370 | ($90,863 ) | ($31,406 ) | ($2,452,852 ) | $5,890,928 | 113,200 | $87,198 |
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 Stocks1 | $6,797,172,575 | $— | $— | $6,797,172,575 |
Short-Term Investments1 | 28,679,491 | — | — | 28,679,491 |
Liabilities | ||||
Futures Contracts2 | (1,105,772 ) | — | — | (1,105,772 ) |
Total | $6,824,746,294 | $— | $— | $6,824,746,294 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - affiliated (cost $4,122,487) | $5,890,928 | |
Investments in securities, at value - unaffiliated (cost $4,480,580,708) including securities on loan of $2,345,929 | 6,819,961,138 | |
Deposit with broker for futures contracts | 3,371,200 | |
Receivables: | ||
Dividends | 8,505,129 | |
Fund shares sold | 6,966,410 | |
Variation margin on future contracts | 241,935 | |
Income from securities on loan | + | 7,549 |
Total assets | 6,844,944,289 | |
Liabilities | ||
Collateral held for securities on loan | 2,446,275 | |
Payables: | ||
Fund shares redeemed | 5,114,891 | |
Investment adviser fees | + | 1,414,491 |
Total liabilities | 8,975,657 | |
Net assets | $6,835,968,632 | |
Net Assets by Source | ||
Capital received from investors | $4,561,692,820 | |
Total distributable earnings | + | 2,274,275,812 |
Net assets | $6,835,968,632 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$6,835,968,632 | 315,147,371 | $21.69 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $66,860) | $156,399,093 | |
Interest received from securities - unaffiliated | 148,147 | |
Dividends received from securities - affiliated | 87,198 | |
Securities on loan, net | + | 150,913 |
Total investment income | 156,785,351 | |
Expenses | ||
Investment adviser fees | 17,069,762 | |
Proxy fees1 | + | 9,616 |
Total expenses | – | 17,079,378 |
Net investment income | 139,705,973 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (31,406 ) | |
Net realized losses on sales of securities - unaffiliated | (44,380,263 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 375,737,666 | |
Net realized gains on futures contracts | + | 658,640 |
Net realized gains | 331,984,637 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (2,452,852 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (185,601,203 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,541,493 ) |
Net change in unrealized appreciation (depreciation) | + | (189,595,548 ) |
Net realized and unrealized gains | 142,389,089 | |
Increase in net assets resulting from operations | $282,095,062 |
1 | Proxy fees are non-routine expenses (see financial note 2(e) for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $139,705,973 | $131,737,756 | |
Net realized gains | 331,984,637 | 345,491,240 | |
Net change in unrealized appreciation (depreciation) | + | (189,595,548 ) | (774,463,060 ) |
Increase (decrease) in net assets resulting from operations | $282,095,062 | ($297,234,064 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($133,865,719 ) | ($324,469,338 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 85,365,922 | $1,869,192,647 | 97,191,423 | $2,125,844,925 | |
Shares reinvested | 4,461,960 | 94,504,309 | 9,796,275 | 221,297,842 | |
Shares redeemed | + | (79,488,125 ) | (1,736,335,999 ) | (96,242,413 ) | (2,085,588,810 ) |
Net transactions in fund shares | 10,339,757 | $227,360,957 | 10,745,285 | $261,553,957 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 304,807,614 | $6,460,378,332 | 294,062,329 | $6,820,527,777 | |
Total increase (decrease) | + | 10,339,757 | 375,590,300 | 10,745,285 | (360,149,445 ) |
End of period | 315,147,371 | $6,835,968,632 | 304,807,614 | $6,460,378,332 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.22 | $19.32 | $11.97 | $13.85 | $14.68 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | (0.67 ) | (2.17 ) | 7.38 | (1.53 ) | 0.32 | |
Total from investment operations | (0.44 ) | (1.95 ) | 7.56 | (1.36 ) | 0.52 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.81 ) | (1.91 ) | — | (0.32 ) | (1.13 ) | |
Total distributions | (0.98 ) | (2.15 ) | (0.21 ) | (0.52 ) | (1.35 ) | |
Net asset value at end of period | $13.80 | $15.22 | $19.32 | $11.97 | $13.85 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
3 | Portfolio turnover rate excludes in-kind transactions. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.7% OF NET ASSETS | ||
Automobiles & Components 1.4% | ||
American Axle & Manufacturing Holdings, Inc. * | 330,584 | 2,231,442 |
Cooper-Standard Holdings, Inc. * | 183,078 | 2,273,829 |
Dorman Products, Inc. * | 19,183 | 1,192,799 |
Fox Factory Holding Corp. * | 10,905 | 888,430 |
Gentherm, Inc. * | 25,575 | 1,028,627 |
LCI Industries | 27,315 | 2,963,404 |
Modine Manufacturing Co. * | 51,636 | 2,039,622 |
Patrick Industries, Inc. | 29,099 | 2,186,790 |
Standard Motor Products, Inc. | 38,786 | 1,354,795 |
Stoneridge, Inc. * | 41,060 | 668,046 |
Visteon Corp. * | 22,488 | 2,589,043 |
Winnebago Industries, Inc. | 40,025 | 2,319,449 |
21,736,276 | ||
Banks 7.6% | ||
1st Source Corp. | 12,397 | 565,551 |
Ameris Bancorp | 33,450 | 1,247,685 |
Associated Banc-Corp. | 152,478 | 2,471,668 |
Axos Financial, Inc. * | 30,194 | 1,087,890 |
BancFirst Corp. | 5,174 | 419,663 |
Bank of Hawaii Corp. (a) | 35,137 | 1,735,416 |
Bank of NT Butterfield & Son Ltd. | 45,250 | 1,143,015 |
Bank OZK | 73,375 | 2,627,559 |
BankUnited, Inc. | 128,582 | 2,804,373 |
Banner Corp. | 28,794 | 1,215,395 |
BOK Financial Corp. | 18,701 | 1,225,289 |
Brookline Bancorp, Inc. | 65,806 | 535,661 |
Cadence Bank | 105,551 | 2,235,570 |
Capitol Federal Financial, Inc. | 159,431 | 829,041 |
Cathay General Bancorp | 56,508 | 1,916,186 |
Central Pacific Financial Corp. | 35,386 | 558,391 |
City Holding Co. | 7,073 | 642,087 |
Columbia Banking System, Inc. | 152,980 | 3,009,117 |
Commerce Bancshares, Inc. | 50,604 | 2,219,491 |
Community Bank System, Inc. | 28,005 | 1,118,800 |
ConnectOne Bancorp, Inc. | 22,083 | 359,732 |
Cullen/Frost Bankers, Inc. | 27,058 | 2,462,007 |
Customers Bancorp, Inc. * | 26,450 | 1,063,554 |
CVB Financial Corp. | 80,811 | 1,262,268 |
Eagle Bancorp, Inc. | 36,251 | 706,169 |
Eastern Bankshares, Inc. | 54,387 | 598,801 |
Enterprise Financial Services Corp. | 15,378 | 534,693 |
First BanCorp | 101,350 | 1,353,022 |
First Bancorp/Southern Pines NC | 16,323 | 473,693 |
First Busey Corp. | 40,936 | 812,989 |
First Citizens BancShares, Inc., Class A | 2,994 | 4,133,936 |
First Commonwealth Financial Corp. | 65,332 | 795,744 |
First Financial Bancorp | 71,347 | 1,319,919 |
First Financial Bankshares, Inc. | 36,736 | 883,501 |
First Hawaiian, Inc. | 137,672 | 2,468,459 |
First Interstate BancSystem, Inc., Class A | 49,624 | 1,144,826 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
First Merchants Corp. | 35,870 | 979,610 |
FNB Corp. | 260,078 | 2,780,234 |
Fulton Financial Corp. | 132,558 | 1,721,928 |
Glacier Bancorp, Inc. | 52,168 | 1,574,952 |
Hancock Whitney Corp. | 63,215 | 2,176,492 |
Hanmi Financial Corp. | 30,378 | 445,949 |
Heartland Financial USA, Inc. | 27,992 | 766,981 |
Heritage Financial Corp. | 26,929 | 438,135 |
Hilltop Holdings, Inc. | 62,022 | 1,713,048 |
HomeStreet, Inc. | 62,246 | 300,648 |
Hope Bancorp, Inc. | 155,213 | 1,359,666 |
Independent Bank Corp. | 18,329 | 894,455 |
Independent Bank Group, Inc. | 22,280 | 787,598 |
International Bancshares Corp. | 32,585 | 1,428,201 |
Kearny Financial Corp. | 74,901 | 519,813 |
Lakeland Bancorp, Inc. | 27,124 | 305,959 |
Lakeland Financial Corp. | 10,396 | 512,003 |
NBT Bancorp, Inc. | 26,958 | 902,284 |
Northwest Bancshares, Inc. | 95,741 | 997,621 |
OceanFirst Financial Corp. | 36,712 | 464,774 |
OFG Bancorp | 33,359 | 988,094 |
Old National Bancorp | 150,733 | 2,065,042 |
Pacific Premier Bancorp, Inc. | 54,901 | 1,043,119 |
PacWest Bancorp | 293,012 | 2,074,525 |
Park National Corp. | 8,746 | 886,757 |
Pathward Financial, Inc. | 16,716 | 757,068 |
Pinnacle Financial Partners, Inc. | 35,480 | 2,212,533 |
Premier Financial Corp. | 23,513 | 407,951 |
Prosperity Bancshares, Inc. | 48,755 | 2,659,098 |
Provident Financial Services, Inc. | 58,940 | 828,107 |
Renasant Corp. | 40,196 | 980,380 |
S&T Bancorp, Inc. | 27,801 | 716,154 |
Sandy Spring Bancorp, Inc. | 39,092 | 799,431 |
Simmons First National Corp., Class A | 105,294 | 1,496,228 |
Southside Bancshares, Inc. | 23,348 | 623,392 |
SouthState Corp. | 30,154 | 1,993,179 |
Texas Capital Bancshares, Inc. * | 31,075 | 1,710,989 |
Tompkins Financial Corp. | 10,172 | 509,414 |
Towne Bank | 43,573 | 1,043,138 |
TriCo Bancshares | 15,295 | 494,793 |
Trustmark Corp. | 59,123 | 1,188,964 |
UMB Financial Corp. | 27,612 | 1,731,825 |
United Bankshares, Inc. | 78,281 | 2,226,312 |
United Community Banks, Inc. | 47,490 | 1,049,054 |
Valley National Bancorp | 283,010 | 2,201,818 |
Veritex Holdings, Inc. | 28,641 | 493,198 |
WaFd, Inc. | 77,851 | 1,921,363 |
Washington Trust Bancorp, Inc. | 17,685 | 410,115 |
Webster Financial Corp. | 63,888 | 2,425,827 |
WesBanco, Inc. | 50,880 | 1,240,963 |
Westamerica BanCorp | 13,832 | 653,424 |
Western Alliance Bancorp | 51,402 | 2,112,622 |
Wintrust Financial Corp. | 34,452 | 2,573,220 |
WSFS Financial Corp. | 26,142 | 925,427 |
116,495,036 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Capital Goods 11.9% | ||
AAON, Inc. | 15,426 | 840,409 |
AAR Corp. * | 40,029 | 2,376,121 |
Advanced Drainage Systems, Inc. | 15,343 | 1,639,093 |
Alamo Group, Inc. | 7,196 | 1,153,519 |
Albany International Corp., Class A | 18,083 | 1,475,754 |
American Woodmark Corp. * | 33,430 | 2,247,499 |
API Group Corp. * | 86,714 | 2,243,291 |
Apogee Enterprises, Inc. | 38,470 | 1,651,132 |
Applied Industrial Technologies, Inc. | 22,438 | 3,444,457 |
Arcosa, Inc. | 41,558 | 2,870,411 |
Argan, Inc. | 17,838 | 815,910 |
Armstrong World Industries, Inc. | 35,916 | 2,725,665 |
Astec Industries, Inc. | 34,290 | 1,372,972 |
Atkore, Inc. * | 16,440 | 2,043,163 |
AZEK Co., Inc., Class A * | 36,624 | 959,549 |
AZZ, Inc. | 36,416 | 1,721,384 |
Barnes Group, Inc. | 63,191 | 1,313,741 |
Beacon Roofing Supply, Inc. * | 50,434 | 3,589,388 |
BWX Technologies, Inc. | 50,097 | 3,721,205 |
Columbus McKinnon Corp. | 26,296 | 803,869 |
Comfort Systems USA, Inc. | 16,368 | 2,976,521 |
Construction Partners, Inc., Class A * | 21,008 | 807,758 |
Core & Main, Inc., Class A * | 31,624 | 951,250 |
Crane Co. | 28,700 | 2,793,371 |
CSW Industrials, Inc. | 4,618 | 818,587 |
Douglas Dynamics, Inc. | 19,476 | 472,877 |
Ducommun, Inc. * | 10,048 | 480,696 |
DXP Enterprises, Inc. * | 26,167 | 853,044 |
Dycom Industries, Inc. * | 33,867 | 2,884,791 |
Encore Wire Corp. | 15,501 | 2,772,044 |
Enerpac Tool Group Corp., Class A | 26,199 | 741,432 |
EnerSys | 39,648 | 3,393,076 |
EnPro Industries, Inc. | 12,984 | 1,442,003 |
Esab Corp. | 30,473 | 1,928,941 |
ESCO Technologies, Inc. | 12,539 | 1,219,042 |
Federal Signal Corp. | 31,362 | 1,820,251 |
Franklin Electric Co., Inc. | 22,989 | 1,993,606 |
FTAI Aviation Ltd. | 40,084 | 1,507,559 |
Gates Industrial Corp. PLC * | 122,950 | 1,342,614 |
GATX Corp. | 33,377 | 3,490,567 |
Generac Holdings, Inc. * | 29,565 | 2,485,530 |
Gibraltar Industries, Inc. * | 25,523 | 1,553,330 |
GMS, Inc. * | 44,092 | 2,578,500 |
Gorman-Rupp Co. | 26,026 | 769,068 |
GrafTech International Ltd. | 585,896 | 2,021,341 |
Granite Construction, Inc. | 66,437 | 2,689,370 |
Great Lakes Dredge & Dock Corp. * | 107,648 | 818,125 |
Greenbrier Cos., Inc. | 82,103 | 2,839,943 |
Griffon Corp. | 36,329 | 1,450,980 |
H&E Equipment Services, Inc. | 38,670 | 1,574,642 |
HEICO Corp. | 18,931 | 2,998,860 |
Herc Holdings, Inc. | 20,577 | 2,197,418 |
Hillenbrand, Inc. | 51,395 | 1,954,552 |
Hillman Solutions Corp. * | 81,140 | 532,278 |
JELD-WEN Holding, Inc. * | 258,285 | 2,926,369 |
John Bean Technologies Corp. | 17,721 | 1,843,338 |
Kadant, Inc. | 4,738 | 1,042,360 |
Kaman Corp. | 62,801 | 1,168,727 |
Kennametal, Inc. | 106,744 | 2,466,854 |
Kratos Defense & Security Solutions, Inc. * | 62,308 | 1,062,351 |
Lindsay Corp. | 5,106 | 637,842 |
Manitowoc Co., Inc. * | 90,723 | 1,161,254 |
Masonite International Corp. * | 30,334 | 2,400,633 |
McGrath RentCorp | 14,595 | 1,468,257 |
Mercury Systems, Inc. * | 23,025 | 828,440 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Moog, Inc., Class A | 27,949 | 3,243,481 |
MRC Global, Inc. * | 158,621 | 1,667,107 |
Mueller Water Products, Inc., Class A | 118,564 | 1,466,637 |
MYR Group, Inc. * | 14,351 | 1,662,276 |
National Presto Industries, Inc. | 8,985 | 671,629 |
NOW, Inc. * | 217,415 | 2,395,913 |
PGT Innovations, Inc. * | 37,798 | 1,131,672 |
Primoris Services Corp. | 97,370 | 2,926,942 |
Proto Labs, Inc. * | 33,804 | 798,112 |
Quanex Building Products Corp. | 46,246 | 1,241,705 |
RBC Bearings, Inc. * | 5,504 | 1,209,999 |
REV Group, Inc. | 71,488 | 1,017,989 |
Rush Enterprises, Inc., Class A | 96,142 | 3,420,732 |
Shyft Group, Inc. | 38,336 | 420,929 |
Simpson Manufacturing Co., Inc. | 22,974 | 3,059,677 |
SiteOne Landscape Supply, Inc. * | 16,999 | 2,341,952 |
SPX Technologies, Inc. * | 14,840 | 1,188,981 |
Standex International Corp. | 8,096 | 1,162,343 |
Sterling Infrastructure, Inc. * | 17,557 | 1,279,027 |
Tennant Co. | 15,633 | 1,160,281 |
Terex Corp. | 63,615 | 2,913,567 |
Textainer Group Holdings Ltd. | 34,557 | 1,697,440 |
Titan Machinery, Inc. * | 28,293 | 702,798 |
TPI Composites, Inc. *(a) | 75,633 | 174,712 |
Trex Co., Inc. * | 35,192 | 1,978,142 |
Trinity Industries, Inc. | 107,510 | 2,239,433 |
Tutor Perini Corp. * | 319,801 | 2,305,765 |
Valmont Industries, Inc. | 11,580 | 2,280,218 |
Veritiv Corp. | 24,643 | 4,174,771 |
Vertiv Holdings Co., Class A | 62,904 | 2,470,240 |
Wabash National Corp. | 74,309 | 1,537,453 |
Watts Water Technologies, Inc., Class A | 12,880 | 2,228,369 |
WillScot Mobile Mini Holdings Corp. * | 34,438 | 1,357,202 |
Woodward, Inc. | 32,784 | 4,088,165 |
Zurn Elkay Water Solutions Corp. | 35,634 | 942,876 |
181,727,459 | ||
Commercial & Professional Services 5.8% | ||
ACCO Brands Corp. | 323,737 | 1,638,109 |
Barrett Business Services, Inc. | 6,386 | 584,064 |
BrightView Holdings, Inc. * | 147,590 | 994,757 |
Brink's Co. | 33,135 | 2,215,406 |
Casella Waste Systems, Inc., Class A * | 9,464 | 714,059 |
CBIZ, Inc. * | 23,140 | 1,202,354 |
Ceridian HCM Holding, Inc. * | 9,306 | 595,677 |
Cimpress PLC * | 34,846 | 2,079,261 |
Clarivate PLC * | 142,419 | 908,633 |
Clean Harbors, Inc. * | 24,977 | 3,838,216 |
Conduent, Inc. * | 456,620 | 1,456,618 |
CoreCivic, Inc. * | 332,449 | 4,222,102 |
CRA International, Inc. | 3,826 | 371,543 |
CSG Systems International, Inc. | 25,230 | 1,182,278 |
Deluxe Corp. | 145,279 | 2,477,007 |
Dun & Bradstreet Holdings, Inc. | 135,690 | 1,188,644 |
Ennis, Inc. | 29,899 | 638,643 |
Enviri Corp. * | 195,041 | 1,119,535 |
ExlService Holdings, Inc. * | 49,826 | 1,300,957 |
Exponent, Inc. | 10,813 | 792,485 |
FTI Consulting, Inc. * | 20,968 | 4,450,668 |
GEO Group, Inc. * | 383,481 | 3,351,624 |
Healthcare Services Group, Inc. | 180,075 | 1,710,712 |
Heidrick & Struggles International, Inc. | 21,214 | 516,349 |
HNI Corp. | 85,052 | 2,950,454 |
Huron Consulting Group, Inc. * | 9,911 | 984,757 |
ICF International, Inc. | 13,359 | 1,692,986 |
Insperity, Inc. | 15,037 | 1,591,516 |
Interface, Inc., Class A | 121,810 | 1,082,891 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Kelly Services, Inc., Class A | 201,165 | 3,590,795 |
Kforce, Inc. | 24,410 | 1,489,986 |
Korn Ferry | 53,153 | 2,419,525 |
Matthews International Corp., Class A | 38,982 | 1,381,522 |
MillerKnoll, Inc. | 133,647 | 3,140,704 |
MSA Safety, Inc. | 11,842 | 1,869,615 |
NV5 Global, Inc. * | 4,318 | 407,403 |
OPENLANE, Inc. * | 168,414 | 2,261,800 |
Parsons Corp. * | 23,063 | 1,304,213 |
Paycom Software, Inc. | 4,843 | 1,186,390 |
Pitney Bowes, Inc. | 584,562 | 1,888,135 |
Resources Connection, Inc. | 55,380 | 745,969 |
Rollins, Inc. | 49,479 | 1,860,905 |
SP Plus Corp. * | 17,417 | 880,081 |
Steelcase, Inc., Class A | 318,620 | 3,476,144 |
Stericycle, Inc. * | 59,932 | 2,471,596 |
Tetra Tech, Inc. | 21,300 | 3,214,383 |
TriNet Group, Inc. * | 21,758 | 2,235,634 |
TrueBlue, Inc. * | 113,967 | 1,261,615 |
TTEC Holdings, Inc. | 18,972 | 390,444 |
UniFirst Corp. | 15,187 | 2,497,198 |
Verra Mobility Corp., Class A * | 41,185 | 814,227 |
88,640,589 | ||
Consumer Discretionary Distribution & Retail 4.9% | ||
1-800-Flowers.com, Inc., Class A * | 71,267 | 535,215 |
Aaron's Co., Inc. | 133,234 | 987,264 |
Abercrombie & Fitch Co., Class A * | 116,545 | 7,088,267 |
American Eagle Outfitters, Inc. | 273,936 | 4,785,662 |
America's Car-Mart, Inc. * | 7,531 | 504,426 |
Arko Corp. | 85,632 | 646,522 |
Big 5 Sporting Goods Corp. (a) | 90,310 | 637,589 |
Boot Barn Holdings, Inc. * | 13,864 | 963,548 |
Buckle, Inc. | 37,290 | 1,259,283 |
Caleres, Inc. | 40,949 | 1,047,475 |
Camping World Holdings, Inc., Class A | 28,967 | 485,197 |
Chico's FAS, Inc. * | 188,766 | 1,411,970 |
Children's Place, Inc. * | 33,263 | 910,408 |
Citi Trends, Inc. * | 37,582 | 905,726 |
Conn's, Inc. * | 138,163 | 407,581 |
Container Store Group, Inc. * | 146,744 | 271,476 |
ContextLogic, Inc., Class A *(a) | 100,255 | 393,000 |
Designer Brands, Inc., Class A | 133,438 | 1,349,058 |
Dillard's, Inc., Class A | 5,781 | 1,794,711 |
Etsy, Inc. * | 25,691 | 1,600,549 |
Five Below, Inc. * | 11,254 | 1,957,971 |
Floor & Decor Holdings, Inc., Class A * | 22,266 | 1,834,718 |
GameStop Corp., Class A *(a) | 164,579 | 2,266,253 |
Genesco, Inc. * | 42,682 | 1,169,914 |
Guess?, Inc. | 67,059 | 1,441,769 |
Haverty Furniture Cos., Inc. | 37,225 | 969,711 |
Hibbett, Inc. | 31,446 | 1,448,717 |
Leslie's, Inc. * | 45,503 | 224,785 |
LL Flooring Holdings, Inc. * | 122,163 | 395,808 |
MarineMax, Inc. * | 51,112 | 1,399,447 |
MercadoLibre, Inc. * | 1,251 | 1,552,166 |
Monro, Inc. | 36,076 | 895,406 |
National Vision Holdings, Inc. * | 56,087 | 871,592 |
Ollie's Bargain Outlet Holdings, Inc. * | 37,716 | 2,913,184 |
Overstock.com, Inc. * | 71,169 | 1,110,236 |
Petco Health & Wellness Co., Inc., Class A * | 89,621 | 310,089 |
PetMed Express, Inc. | 38,963 | 268,455 |
RH * | 7,134 | 1,554,927 |
Sally Beauty Holdings, Inc. * | 251,542 | 2,138,107 |
Shoe Carnival, Inc. | 33,749 | 772,177 |
Signet Jewelers Ltd. | 50,501 | 3,526,485 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Sleep Number Corp. * | 88,824 | 1,445,166 |
Sonic Automotive, Inc., Class A | 50,604 | 2,421,401 |
Stitch Fix, Inc., Class A * | 247,861 | 812,984 |
Upbound Group, Inc. | 86,134 | 2,244,652 |
Urban Outfitters, Inc. * | 112,617 | 3,898,801 |
Valvoline, Inc. | 76,912 | 2,281,979 |
Victoria's Secret & Co. * | 112,847 | 2,017,704 |
Vroom, Inc. * | 902,650 | 731,147 |
Wayfair, Inc., Class A * | 20,555 | 875,849 |
Zumiez, Inc. * | 57,995 | 952,858 |
74,689,385 | ||
Consumer Durables & Apparel 4.0% | ||
Acushnet Holdings Corp. | 24,486 | 1,247,807 |
Beazer Homes USA, Inc. * | 67,617 | 1,635,655 |
Cavco Industries, Inc. * | 6,292 | 1,569,917 |
Century Communities, Inc. | 39,445 | 2,425,868 |
Columbia Sportswear Co. | 37,949 | 2,800,636 |
Crocs, Inc. * | 24,653 | 2,202,006 |
Ethan Allen Interiors, Inc. | 35,978 | 944,782 |
Fossil Group, Inc. * | 346,193 | 540,061 |
G-III Apparel Group Ltd. * | 156,204 | 3,991,012 |
GoPro, Inc., Class A * | 94,895 | 238,186 |
Helen of Troy Ltd. * | 29,620 | 2,912,238 |
Installed Building Products, Inc. | 11,227 | 1,253,719 |
iRobot Corp. * | 46,213 | 1,521,794 |
Kontoor Brands, Inc. | 36,160 | 1,679,632 |
La-Z-Boy, Inc. | 79,981 | 2,338,644 |
LGI Homes, Inc. * | 23,571 | 2,227,695 |
M/I Homes, Inc. * | 45,116 | 3,702,670 |
Mattel, Inc. * | 163,318 | 3,116,107 |
Movado Group, Inc. | 19,353 | 539,175 |
Oxford Industries, Inc. | 11,955 | 1,009,002 |
Peloton Interactive, Inc., Class A * | 73,740 | 351,002 |
SharkNinja, Inc. * | 47,523 | 1,984,561 |
Skyline Champion Corp. * | 25,789 | 1,512,009 |
Smith & Wesson Brands, Inc. | 122,862 | 1,809,757 |
Sonos, Inc. * | 60,211 | 649,075 |
Steven Madden Ltd. | 85,381 | 2,799,643 |
Sturm Ruger & Co., Inc. | 27,247 | 1,508,122 |
TopBuild Corp. * | 16,861 | 3,857,122 |
Topgolf Callaway Brands Corp. * | 62,455 | 763,200 |
Tupperware Brands Corp. *(a) | 721,573 | 1,472,009 |
Under Armour, Inc., Class A * | 374,853 | 2,567,743 |
Vista Outdoor, Inc. * | 63,196 | 1,587,484 |
Wolverine World Wide, Inc. | 204,097 | 1,642,981 |
YETI Holdings, Inc. * | 28,609 | 1,216,455 |
61,617,769 | ||
Consumer Services 5.2% | ||
ADT, Inc. | 347,206 | 1,965,186 |
Adtalem Global Education, Inc. * | 60,083 | 3,112,299 |
Airbnb, Inc., Class A * | 6,958 | 823,062 |
Arcos Dorados Holdings, Inc., Class A | 102,572 | 925,199 |
BJ's Restaurants, Inc. * | 27,820 | 715,530 |
Bloomin' Brands, Inc. | 82,255 | 1,919,832 |
Boyd Gaming Corp. | 40,742 | 2,250,995 |
Bright Horizons Family Solutions, Inc. * | 25,965 | 1,922,968 |
Brinker International, Inc. * | 46,087 | 1,563,271 |
Caesars Entertainment, Inc. * | 63,300 | 2,525,037 |
Carriage Services, Inc., Class A | 13,622 | 294,235 |
Cheesecake Factory, Inc. | 34,559 | 1,073,748 |
Choice Hotels International, Inc. | 8,113 | 896,487 |
Churchill Downs, Inc. | 21,882 | 2,403,519 |
Cracker Barrel Old Country Store, Inc. | 33,671 | 2,234,408 |
Dave & Buster's Entertainment, Inc. * | 34,040 | 1,189,358 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Denny's Corp. * | 68,868 | 593,642 |
Dine Brands Global, Inc. | 10,115 | 498,568 |
DoorDash, Inc., Class A * | 17,021 | 1,275,724 |
Everi Holdings, Inc. * | 48,547 | 523,822 |
Frontdoor, Inc. * | 35,755 | 1,034,392 |
Graham Holdings Co., Class B | 5,307 | 3,071,267 |
Grand Canyon Education, Inc. * | 28,946 | 3,425,180 |
Hilton Grand Vacations, Inc. * | 37,464 | 1,346,831 |
Hyatt Hotels Corp., Class A | 25,907 | 2,653,913 |
International Game Technology PLC | 93,698 | 2,381,803 |
Jack in the Box, Inc. | 34,108 | 2,154,943 |
Laureate Education, Inc. | 176,651 | 2,497,845 |
Light & Wonder, Inc. * | 50,337 | 3,680,138 |
Marriott Vacations Worldwide Corp. | 28,373 | 2,549,598 |
Norwegian Cruise Line Holdings Ltd. * | 146,568 | 1,993,325 |
Papa John's International, Inc. | 10,398 | 676,078 |
Perdoceo Education Corp. | 80,746 | 1,460,695 |
Planet Fitness, Inc., Class A * | 24,363 | 1,346,543 |
Red Rock Resorts, Inc., Class A | 30,244 | 1,196,150 |
Sabre Corp. * | 485,430 | 1,699,005 |
SeaWorld Entertainment, Inc. * | 15,159 | 653,050 |
Six Flags Entertainment Corp. * | 124,804 | 2,483,600 |
Strategic Education, Inc. | 18,876 | 1,553,684 |
Stride, Inc. * | 33,299 | 1,830,779 |
Texas Roadhouse, Inc., Class A | 32,222 | 3,271,822 |
Wendy's Co. | 121,005 | 2,301,515 |
Wingstop, Inc. | 3,484 | 636,771 |
WW International, Inc. * | 171,724 | 1,342,882 |
Wyndham Hotels & Resorts, Inc. | 39,078 | 2,829,247 |
78,777,946 | ||
Consumer Staples Distribution & Retail 0.9% | ||
Andersons, Inc. | 67,424 | 3,379,965 |
Chefs' Warehouse, Inc. * | 22,893 | 435,654 |
Grocery Outlet Holding Corp. * | 58,130 | 1,608,457 |
Ingles Markets, Inc., Class A | 35,108 | 2,816,364 |
PriceSmart, Inc. | 36,175 | 2,260,575 |
Weis Markets, Inc. | 37,091 | 2,414,624 |
12,915,639 | ||
Energy 4.7% | ||
Antero Midstream Corp. | 113,544 | 1,401,133 |
Archrock, Inc. | 171,158 | 2,168,572 |
Berry Corp. | 108,482 | 905,825 |
Cactus, Inc., Class A | 14,433 | 677,485 |
California Resources Corp. | 44,513 | 2,340,939 |
Callon Petroleum Co. * | 13,575 | 507,026 |
ChampionX Corp. | 50,182 | 1,545,606 |
Chord Energy Corp. | 5,249 | 867,765 |
Civitas Resources, Inc. | 10,256 | 773,610 |
Comstock Resources, Inc. | 39,293 | 495,092 |
CONSOL Energy, Inc. | 28,753 | 2,642,113 |
Core Laboratories, Inc. | 41,173 | 881,926 |
CVR Energy, Inc. | 44,931 | 1,471,490 |
Denbury, Inc. * | 10,336 | 918,767 |
DHT Holdings, Inc. | 147,968 | 1,645,404 |
Diamond Offshore Drilling, Inc. * | 35,846 | 444,849 |
Dorian LPG Ltd. | 29,729 | 950,436 |
Dril-Quip, Inc. * | 33,653 | 728,924 |
DTE Midstream LLC. | 43,053 | 2,323,570 |
EQT Corp. | 88,941 | 3,769,319 |
Geopark Ltd. | 38,575 | 381,121 |
Golar LNG Ltd. | 39,444 | 884,729 |
Green Plains, Inc. * | 58,180 | 1,709,328 |
Helix Energy Solutions Group, Inc. * | 157,703 | 1,545,489 |
International Seaways, Inc. | 14,379 | 691,486 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Kosmos Energy Ltd. * | 264,282 | 1,913,402 |
Liberty Energy, Inc., Class A | 109,753 | 2,162,134 |
Magnolia Oil & Gas Corp., Class A | 30,717 | 689,597 |
Matador Resources Co. | 36,952 | 2,279,569 |
Nabors Industries Ltd. * | 19,097 | 1,864,631 |
Oceaneering International, Inc. * | 81,088 | 1,783,125 |
Oil States International, Inc. * | 106,931 | 776,319 |
Par Pacific Holdings, Inc. * | 29,674 | 973,901 |
Patterson-UTI Energy, Inc. | 314,161 | 3,989,845 |
Permian Resources Corp., Class A | 69,859 | 1,017,846 |
ProPetro Holding Corp. * | 177,495 | 1,860,148 |
Range Resources Corp. | 55,705 | 1,996,467 |
RPC, Inc. | 88,610 | 737,235 |
Scorpio Tankers, Inc. | 21,521 | 1,208,404 |
Select Water Solutions, Inc. | 64,657 | 481,048 |
SFL Corp. Ltd. | 158,114 | 1,717,118 |
SM Energy Co. | 95,612 | 3,855,076 |
Talos Energy, Inc. * | 78,808 | 1,221,524 |
Teekay Tankers Ltd., Class A | 21,070 | 1,047,179 |
Texas Pacific Land Corp. | 661 | 1,220,173 |
Transocean Ltd. * | 427,544 | 2,830,341 |
Tsakos Energy Navigation Ltd. | 27,800 | 612,434 |
Valaris Ltd. * | 12,155 | 802,716 |
Weatherford International PLC * | 25,492 | 2,373,050 |
72,085,286 | ||
Equity Real Estate Investment Trusts (REITs) 8.1% | ||
Acadia Realty Trust | 76,534 | 1,095,967 |
Agree Realty Corp. | 13,486 | 754,407 |
Alexander & Baldwin, Inc. | 91,763 | 1,449,855 |
American Assets Trust, Inc. | 43,915 | 779,491 |
American Homes 4 Rent, Class A | 86,270 | 2,824,480 |
Americold Realty Trust, Inc. | 108,971 | 2,857,220 |
Apartment Income REIT Corp. | 90,936 | 2,656,241 |
Apple Hospitality REIT, Inc. | 209,729 | 3,288,551 |
Ashford Hospitality Trust, Inc. * | 244,973 | 516,893 |
Brandywine Realty Trust | 470,273 | 1,758,821 |
Broadstone Net Lease, Inc. | 44,044 | 623,223 |
CBL & Associates Properties, Inc. (a) | 35,312 | 732,018 |
Centerspace | 10,284 | 499,597 |
Chatham Lodging Trust | 64,656 | 598,068 |
COPT Defense Properties | 88,291 | 2,013,035 |
Cousins Properties, Inc. | 113,432 | 2,027,030 |
CubeSmart | 67,267 | 2,293,132 |
DiamondRock Hospitality Co. | 257,558 | 1,990,923 |
Diversified Healthcare Trust | 3,035,667 | 6,283,831 |
Douglas Emmett, Inc. | 220,571 | 2,472,601 |
Easterly Government Properties, Inc., Class A | 62,081 | 667,992 |
EastGroup Properties, Inc. | 8,719 | 1,423,377 |
Elme Communities | 73,452 | 937,247 |
Empire State Realty Trust, Inc., Class A | 207,546 | 1,679,047 |
EPR Properties | 59,598 | 2,544,835 |
Equity Commonwealth | 35,521 | 672,768 |
Equity LifeStyle Properties, Inc. | 54,059 | 3,557,082 |
Essential Properties Realty Trust, Inc. | 25,671 | 563,478 |
Federal Realty Investment Trust | 38,408 | 3,502,425 |
First Industrial Realty Trust, Inc. | 36,747 | 1,554,398 |
Four Corners Property Trust, Inc. | 27,485 | 585,430 |
Getty Realty Corp. | 17,494 | 465,690 |
Global Net Lease, Inc. | 193,281 | 1,534,651 |
Healthcare Realty Trust, Inc., Class A | 193,836 | 2,781,547 |
Highwoods Properties, Inc. | 126,877 | 2,269,830 |
HomeBanc Corp. *(b) | 6,875 | 0 |
Hudson Pacific Properties, Inc. | 382,947 | 1,707,944 |
Independence Realty Trust, Inc. | 38,472 | 476,668 |
Industrial Logistics Properties Trust | 293,256 | 733,140 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
JBG SMITH Properties | 127,193 | 1,636,974 |
Kilroy Realty Corp. | 95,576 | 2,731,562 |
Kite Realty Group Trust | 67,486 | 1,438,801 |
LTC Properties, Inc. | 21,852 | 690,742 |
LXP Industrial Trust | 163,022 | 1,289,504 |
Macerich Co. | 337,186 | 3,277,448 |
National Health Investors, Inc. | 24,975 | 1,249,749 |
National Storage Affiliates Trust | 24,419 | 696,430 |
NNN REIT, Inc. | 68,427 | 2,485,953 |
Office Properties Income Trust | 197,586 | 887,161 |
Outfront Media, Inc. | 173,279 | 1,691,203 |
Paramount Group, Inc. | 456,877 | 1,955,434 |
Pebblebrook Hotel Trust | 119,197 | 1,422,020 |
Phillips Edison & Co., Inc. | 41,134 | 1,452,442 |
Physicians Realty Trust | 133,186 | 1,446,400 |
Piedmont Office Realty Trust, Inc., Class A | 310,506 | 1,617,736 |
PotlatchDeltic Corp. | 59,559 | 2,552,103 |
Rayonier, Inc. | 81,296 | 2,051,911 |
Retail Opportunity Investments Corp. | 83,232 | 977,144 |
Rexford Industrial Realty, Inc. | 22,093 | 955,301 |
RLJ Lodging Trust | 266,688 | 2,506,867 |
RPT Realty | 89,945 | 970,507 |
Ryman Hospitality Properties, Inc. | 19,993 | 1,711,401 |
Sabra Health Care REIT, Inc. | 218,124 | 2,975,211 |
SITE Centers Corp. | 168,931 | 1,969,735 |
Spirit Realty Capital, Inc. | 54,691 | 1,968,329 |
STAG Industrial, Inc. | 55,484 | 1,843,178 |
Star Holdings * | 36,585 | 418,898 |
Sunstone Hotel Investors, Inc. | 224,832 | 2,090,938 |
Tanger Factory Outlet Centers, Inc. | 83,531 | 1,883,624 |
Terreno Realty Corp. | 13,491 | 718,800 |
Uniti Group, Inc. | 638,247 | 2,935,936 |
Urban Edge Properties | 98,837 | 1,567,555 |
Veris Residential, Inc. | 69,869 | 935,546 |
Xenia Hotels & Resorts, Inc. | 156,123 | 1,815,710 |
123,991,186 | ||
Financial Services 6.2% | ||
A-Mark Precious Metals, Inc. | 48,751 | 1,320,177 |
Apollo Commercial Real Estate Finance, Inc. | 153,863 | 1,532,476 |
Arbor Realty Trust, Inc. (a) | 91,676 | 1,156,034 |
Ares Management Corp., Class A | 18,354 | 1,809,521 |
Artisan Partners Asset Management, Inc., Class A | 61,684 | 2,035,572 |
B Riley Financial, Inc. (a) | 27,598 | 999,324 |
BGC Group, Inc., Class A | 319,446 | 1,875,148 |
Blackstone Mortgage Trust, Inc., Class A (a) | 122,927 | 2,452,394 |
Block, Inc. * | 41,427 | 1,667,437 |
Brightsphere Investment Group, Inc. | 82,908 | 1,298,339 |
BrightSpire Capital, Inc., Class A | 90,234 | 510,724 |
Cannae Holdings, Inc. * | 51,401 | 840,406 |
Cohen & Steers, Inc. | 14,813 | 773,831 |
Compass Diversified Holdings | 87,867 | 1,509,555 |
Corebridge Financial, Inc. | 95,268 | 1,905,360 |
Credit Acceptance Corp. * | 6,654 | 2,677,769 |
Diamond Hill Investment Group, Inc. | 2,891 | 454,176 |
Donnelley Financial Solutions, Inc. * | 20,867 | 1,135,791 |
Encore Capital Group, Inc. * | 38,002 | 1,431,915 |
Enova International, Inc. * | 39,423 | 1,572,189 |
Essent Group Ltd. | 58,092 | 2,744,266 |
Euronet Worldwide, Inc. * | 32,556 | 2,501,603 |
EVERTEC, Inc. | 31,163 | 990,360 |
FactSet Research Systems, Inc. | 7,873 | 3,400,270 |
FirstCash Holdings, Inc. | 29,435 | 3,206,060 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Granite Point Mortgage Trust, Inc. | 89,823 | 377,257 |
Green Dot Corp., Class A * | 61,219 | 684,428 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15,997 | 274,189 |
Houlihan Lokey, Inc., Class A | 21,848 | 2,196,161 |
Interactive Brokers Group, Inc., Class A | 12,305 | 985,261 |
Jackson Financial, Inc., Class A | 70,562 | 2,590,331 |
KKR Real Estate Finance Trust, Inc. | 45,908 | 479,280 |
Ladder Capital Corp. REIT, Class A | 129,397 | 1,308,204 |
LendingTree, Inc. * | 25,740 | 340,540 |
MarketAxess Holdings, Inc. | 7,550 | 1,613,813 |
MFA Financial, Inc. | 176,163 | 1,566,089 |
Moelis & Co., Class A | 52,514 | 2,186,683 |
Morningstar, Inc. | 6,543 | 1,656,949 |
Mr Cooper Group, Inc. * | 39,642 | 2,240,962 |
Nelnet, Inc., Class A | 11,943 | 1,012,886 |
New York Mortgage Trust, Inc. | 131,977 | 1,028,101 |
NMI Holdings, Inc., Class A * | 37,360 | 1,021,796 |
Pagseguro Digital Ltd., Class A * | 129,672 | 915,484 |
Paysafe Ltd. * | 64,956 | 631,372 |
PennyMac Financial Services, Inc. | 35,346 | 2,375,251 |
PennyMac Mortgage Investment Trust | 119,840 | 1,515,976 |
Piper Sandler Cos. | 10,398 | 1,454,160 |
PJT Partners, Inc., Class A | 6,620 | 518,743 |
PRA Group, Inc. * | 55,908 | 688,228 |
PROG Holdings, Inc. * | 149,909 | 4,106,008 |
Redwood Trust, Inc. | 151,359 | 950,535 |
StepStone Group, Inc., Class A | 16,107 | 455,828 |
Stifel Financial Corp. | 50,411 | 2,873,427 |
StoneCo Ltd., Class A * | 93,225 | 924,326 |
TPG RE Finance Trust, Inc. | 125,753 | 692,899 |
TPG, Inc. | 48,281 | 1,334,487 |
Tradeweb Markets, Inc., Class A | 16,948 | 1,525,490 |
Two Harbors Investment Corp. | 91,518 | 1,062,524 |
Virtu Financial, Inc., Class A | 100,216 | 1,852,994 |
Virtus Investment Partners, Inc. | 5,163 | 951,180 |
Walker & Dunlop, Inc. | 26,938 | 1,745,582 |
WEX, Inc. * | 12,755 | 2,123,452 |
World Acceptance Corp. * | 11,123 | 1,096,950 |
XP, Inc., Class A | 59,570 | 1,191,400 |
94,349,923 | ||
Food, Beverage & Tobacco 2.6% | ||
Adecoagro SA | 165,299 | 1,743,904 |
B&G Foods, Inc. | 201,665 | 1,627,437 |
Boston Beer Co., Inc., Class A * | 5,259 | 1,756,243 |
Brown-Forman Corp., Class B | 56,614 | 3,179,442 |
Calavo Growers, Inc. | 36,718 | 930,434 |
Cal-Maine Foods, Inc. | 32,315 | 1,464,193 |
Coca-Cola Consolidated, Inc. | 2,328 | 1,481,562 |
Dole PLC | 169,057 | 1,930,631 |
Fresh Del Monte Produce, Inc. | 111,106 | 2,777,650 |
Hain Celestial Group, Inc. * | 183,610 | 2,028,891 |
Hostess Brands, Inc., Class A * | 60,791 | 2,030,419 |
J & J Snack Foods Corp. | 9,815 | 1,537,127 |
John B Sanfilippo & Son, Inc. | 11,299 | 1,155,436 |
Lancaster Colony Corp. | 10,084 | 1,705,910 |
Mission Produce, Inc. * | 51,638 | 485,914 |
National Beverage Corp. * | 13,944 | 646,723 |
Nomad Foods Ltd. * | 167,862 | 2,319,853 |
Pilgrim's Pride Corp. * | 74,930 | 1,910,715 |
Seneca Foods Corp., Class A * | 14,948 | 816,908 |
Simply Good Foods Co. * | 16,633 | 620,245 |
TreeHouse Foods, Inc. * | 66,806 | 2,785,142 |
Universal Corp. | 56,616 | 2,547,720 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Vector Group Ltd. | 132,261 | 1,359,643 |
38,842,142 | ||
Health Care Equipment & Services 4.0% | ||
Acadia Healthcare Co., Inc. * | 40,551 | 2,980,904 |
AdaptHealth Corp., Class A * | 38,519 | 282,344 |
Addus HomeCare Corp. * | 7,322 | 577,706 |
Amedisys, Inc. * | 24,406 | 2,232,905 |
AMN Healthcare Services, Inc. * | 26,428 | 2,004,828 |
Avanos Medical, Inc. * | 32,358 | 594,093 |
Brookdale Senior Living, Inc. * | 412,824 | 1,614,142 |
Community Health Systems, Inc. * | 775,003 | 1,658,506 |
CONMED Corp. | 11,684 | 1,138,723 |
Cross Country Healthcare, Inc. * | 25,596 | 592,803 |
Dexcom, Inc. * | 12,994 | 1,154,257 |
Embecta Corp. | 108,320 | 1,637,798 |
Enhabit, Inc. * | 122,940 | 906,068 |
Enovis Corp. * | 33,737 | 1,548,528 |
Ensign Group, Inc. | 18,250 | 1,762,950 |
Envista Holdings Corp. * | 104,878 | 2,440,511 |
Fulgent Genetics, Inc. * | 13,874 | 332,144 |
Globus Medical, Inc., Class A * | 48,759 | 2,228,774 |
Haemonetics Corp. * | 20,324 | 1,732,214 |
HealthEquity, Inc. * | 12,256 | 878,510 |
ICU Medical, Inc. * | 11,142 | 1,092,584 |
Insulet Corp. * | 1,846 | 244,724 |
Integer Holdings Corp. * | 22,747 | 1,846,374 |
Integra LifeSciences Holdings Corp. * | 30,254 | 1,087,934 |
LivaNova PLC * | 15,626 | 766,455 |
Masimo Corp. * | 15,197 | 1,232,933 |
Merit Medical Systems, Inc. * | 16,201 | 1,113,657 |
ModivCare, Inc. * | 15,653 | 661,183 |
Multiplan Corp. * | 1,136,297 | 1,920,342 |
National HealthCare Corp. | 14,511 | 977,461 |
Neogen Corp. * | 50,604 | 753,494 |
NextGen Healthcare, Inc. * | 37,322 | 892,742 |
OmniAb, Inc., Class A *(b) | 2,660 | 0 |
OmniAb, Inc., Class B *(b) | 2,660 | 0 |
Omnicell, Inc. * | 18,682 | 663,958 |
OPKO Health, Inc. * | 453,604 | 567,005 |
Option Care Health, Inc. * | 48,983 | 1,358,299 |
Orthofix Medical, Inc. * | 29,704 | 327,932 |
Pediatrix Medical Group, Inc. * | 166,561 | 1,908,789 |
Penumbra, Inc. * | 1,707 | 326,293 |
Premier, Inc., Class A | 120,730 | 2,320,431 |
QuidelOrtho Corp. * | 25,887 | 1,581,178 |
RadNet, Inc. * | 24,506 | 660,682 |
Select Medical Holdings Corp. | 113,317 | 2,575,695 |
Teladoc Health, Inc. * | 39,548 | 654,124 |
U.S. Physical Therapy, Inc. | 6,263 | 526,781 |
Varex Imaging Corp. * | 36,865 | 665,413 |
Veeva Systems, Inc., Class A * | 12,491 | 2,407,141 |
Veradigm, Inc. * | 186,218 | 2,456,215 |
Zimvie, Inc. * | 75,411 | 532,402 |
60,420,929 | ||
Household & Personal Products 1.5% | ||
BellRing Brands, Inc. * | 12,570 | 549,686 |
Central Garden & Pet Co., Class A * | 39,354 | 1,561,960 |
Coty, Inc., Class A * | 188,308 | 1,764,446 |
Edgewell Personal Care Co. | 55,548 | 1,938,625 |
Energizer Holdings, Inc. | 54,562 | 1,723,068 |
Herbalife Ltd. * | 195,665 | 2,788,226 |
Inter Parfums, Inc. | 5,481 | 696,690 |
Medifast, Inc. | 12,887 | 891,265 |
Nu Skin Enterprises, Inc., Class A | 116,263 | 2,207,834 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Reynolds Consumer Products, Inc. | 36,379 | 925,118 |
Spectrum Brands Holdings, Inc. | 64,918 | 4,889,624 |
USANA Health Sciences, Inc. * | 24,569 | 1,119,118 |
WD-40 Co. | 5,114 | 1,081,100 |
22,136,760 | ||
Insurance 2.2% | ||
Ambac Financial Group, Inc. * | 57,675 | 699,598 |
American Equity Investment Life Holding Co. | 87,090 | 4,612,286 |
Argo Group International Holdings Ltd. | 38,316 | 1,143,349 |
Axis Capital Holdings Ltd. | 54,634 | 3,119,601 |
Brighthouse Financial, Inc. * | 13,609 | 616,488 |
CNA Financial Corp. | 34,343 | 1,387,457 |
Employers Holdings, Inc. | 34,863 | 1,324,794 |
Enstar Group Ltd. * | 8,298 | 1,966,377 |
Horace Mann Educators Corp. | 34,892 | 1,107,123 |
James River Group Holdings Ltd. | 43,934 | 604,093 |
MBIA, Inc. * | 73,032 | 502,460 |
Mercury General Corp. | 55,591 | 1,716,650 |
ProAssurance Corp. | 94,026 | 1,598,442 |
RLI Corp. | 11,073 | 1,475,367 |
Safety Insurance Group, Inc. | 17,975 | 1,351,181 |
Selective Insurance Group, Inc. | 28,631 | 2,980,773 |
SiriusPoint Ltd. * | 70,217 | 691,638 |
Stewart Information Services Corp. | 57,430 | 2,507,968 |
United Fire Group, Inc. | 33,298 | 670,622 |
Universal Insurance Holdings, Inc. | 71,856 | 1,125,265 |
White Mountains Insurance Group Ltd. | 1,968 | 2,815,716 |
34,017,248 | ||
Materials 6.1% | ||
AdvanSix, Inc. | 36,987 | 1,018,992 |
Alpha Metallurgical Resources, Inc. | 9,046 | 1,989,758 |
Alto Ingredients, Inc. * | 407,575 | 1,695,512 |
American Vanguard Corp. | 30,129 | 282,007 |
Arch Resources, Inc. | 18,294 | 2,759,284 |
Ashland, Inc. | 36,989 | 2,834,467 |
ATI, Inc. * | 32,622 | 1,232,133 |
Avient Corp. | 90,766 | 2,870,021 |
Balchem Corp. | 10,436 | 1,213,081 |
Cabot Corp. | 44,034 | 2,927,380 |
Carpenter Technology Corp. | 49,753 | 3,120,508 |
Century Aluminum Co. * | 77,099 | 509,624 |
Clearwater Paper Corp. * | 37,259 | 1,259,727 |
Coeur Mining, Inc. * | 300,373 | 753,936 |
Compass Minerals International, Inc. | 49,745 | 1,225,717 |
Constellium SE, Class A * | 145,263 | 2,295,155 |
Ecovyst, Inc. * | 80,529 | 740,867 |
Element Solutions, Inc. | 155,904 | 2,842,130 |
Glatfelter Corp. * | 304,931 | 527,531 |
Greif, Inc., Class A | 32,008 | 2,032,508 |
Hawkins, Inc. | 15,662 | 899,469 |
HB Fuller Co. | 41,962 | 2,775,786 |
Hecla Mining Co. | 262,838 | 1,069,751 |
Ingevity Corp. * | 31,406 | 1,265,034 |
Innospec, Inc. | 19,869 | 1,947,162 |
Kaiser Aluminum Corp. | 25,994 | 1,476,459 |
Koppers Holdings, Inc. | 36,562 | 1,337,072 |
Livent Corp. * | 25,350 | 369,857 |
Materion Corp. | 14,635 | 1,419,302 |
Mativ Holdings, Inc. | 101,011 | 1,323,244 |
Mercer International, Inc. | 112,136 | 890,360 |
Minerals Technologies, Inc. | 39,640 | 2,142,938 |
Myers Industries, Inc. | 34,327 | 575,664 |
NewMarket Corp. | 6,206 | 2,992,223 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Olympic Steel, Inc. | 25,433 | 1,291,233 |
Orion SA | 68,038 | 1,381,171 |
Pactiv Evergreen, Inc. | 132,009 | 1,137,918 |
Quaker Chemical Corp. | 5,631 | 809,287 |
Royal Gold, Inc. | 17,788 | 1,855,822 |
Ryerson Holding Corp. | 22,513 | 654,003 |
Schnitzer Steel Industries, Inc., Class A | 72,608 | 1,648,928 |
Scotts Miracle-Gro Co. | 58,787 | 2,612,494 |
Sensient Technologies Corp. | 36,455 | 2,056,791 |
Southern Copper Corp. | 42,995 | 3,048,346 |
Stepan Co. | 26,340 | 1,970,232 |
Summit Materials, Inc., Class A * | 90,004 | 2,961,132 |
SunCoke Energy, Inc. | 168,984 | 1,607,038 |
Sylvamo Corp. | 91,086 | 4,035,110 |
TimkenSteel Corp. * | 63,382 | 1,288,556 |
TriMas Corp. | 39,729 | 961,839 |
Trinseo PLC | 186,033 | 1,151,544 |
Tronox Holdings PLC | 185,283 | 1,980,675 |
Westlake Corp. | 29,497 | 3,402,774 |
Worthington Industries, Inc. | 46,777 | 2,882,399 |
93,351,951 | ||
Media & Entertainment 3.4% | ||
AMC Entertainment Holdings, Inc., Class A * | 16,547 | 176,722 |
AMC Networks, Inc., Class A * | 208,170 | 2,456,406 |
Bumble, Inc., Class A * | 36,132 | 485,614 |
Cable One, Inc. | 4,205 | 2,312,203 |
Cargurus, Inc. * | 29,130 | 501,910 |
Cars.com, Inc. * | 38,586 | 587,665 |
Cinemark Holdings, Inc. * | 164,149 | 2,706,817 |
Clear Channel Outdoor Holdings, Inc. * | 1,711,324 | 1,882,456 |
EW Scripps Co., Class A * | 105,356 | 576,297 |
Gannett Co., Inc. * | 466,784 | 1,092,275 |
Gray Television, Inc. | 256,386 | 1,671,637 |
IAC, Inc. * | 40,336 | 1,716,297 |
iHeartMedia, Inc., Class A * | 531,761 | 1,249,638 |
John Wiley & Sons, Inc., Class A | 52,102 | 1,577,128 |
Liberty Broadband Corp., Class C * | 6,177 | 514,606 |
Liberty Media Corp.-Liberty Formula One, Class C * | 34,376 | 2,223,783 |
Lions Gate Entertainment Corp., Class A * | 268,966 | 2,114,073 |
Madison Square Garden Entertainment Corp., Class A * | 14,417 | 439,430 |
Match Group, Inc. * | 61,636 | 2,132,606 |
New York Times Co., Class A | 70,680 | 2,849,111 |
Pinterest, Inc., Class A * | 54,852 | 1,638,978 |
Roku, Inc. * | 17,837 | 1,062,550 |
Scholastic Corp. | 37,925 | 1,399,432 |
Shutterstock, Inc. | 12,305 | 500,567 |
Sinclair, Inc. | 70,720 | 768,726 |
Sirius XM Holdings, Inc. (a) | 551,602 | 2,360,857 |
Sphere Entertainment Co. * | 10,816 | 355,955 |
Spotify Technology SA * | 27,355 | 4,507,010 |
Taboola.com Ltd. * | 132,139 | 484,950 |
Thryv Holdings, Inc. * | 50,269 | 876,189 |
Trade Desk, Inc., Class A * | 12,543 | 890,051 |
TripAdvisor, Inc. * | 95,411 | 1,408,266 |
WideOpenWest, Inc. * | 84,839 | 597,267 |
Yelp, Inc., Class A * | 74,960 | 3,162,562 |
Ziff Davis, Inc. * | 36,420 | 2,201,953 |
ZoomInfo Technologies, Inc., Class A * | 24,927 | 323,054 |
51,805,041 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Pharmaceuticals, Biotechnology & Life Sciences 2.0% | ||
Alkermes PLC * | 31,736 | 767,694 |
Azenta, Inc. * | 20,597 | 936,134 |
BioMarin Pharmaceutical, Inc. * | 18,937 | 1,542,419 |
Bio-Rad Laboratories, Inc., Class A * | 7,317 | 2,014,224 |
Bio-Techne Corp. | 23,425 | 1,279,708 |
Bruker Corp. | 32,174 | 1,833,918 |
Charles River Laboratories International, Inc. * | 16,128 | 2,715,310 |
Corcept Therapeutics, Inc. * | 32,148 | 902,716 |
Elanco Animal Health, Inc. * | 281,290 | 2,478,165 |
Emergent BioSolutions, Inc. * | 240,875 | 503,429 |
Exact Sciences Corp. * | 10,558 | 650,267 |
Exelixis, Inc. * | 112,728 | 2,321,069 |
Halozyme Therapeutics, Inc. * | 13,291 | 450,166 |
Incyte Corp. * | 35,400 | 1,909,122 |
Innoviva, Inc. * | 65,105 | 807,953 |
Medpace Holdings, Inc. * | 4,713 | 1,143,704 |
Myriad Genetics, Inc. * | 43,318 | 674,894 |
Neurocrine Biosciences, Inc. * | 6,638 | 736,420 |
Prestige Consumer Healthcare, Inc. * | 28,843 | 1,712,120 |
Repligen Corp. * | 3,030 | 407,717 |
Royalty Pharma PLC, Class A | 95,029 | 2,553,429 |
Seagen, Inc. * | 6,393 | 1,360,494 |
Supernus Pharmaceuticals, Inc. * | 22,235 | 530,305 |
30,231,377 | ||
Real Estate Management & Development 0.8% | ||
CoStar Group, Inc. * | 38,811 | 2,849,116 |
Cushman & Wakefield PLC * | 219,865 | 1,620,405 |
Douglas Elliman, Inc. | 164,638 | 291,409 |
eXp World Holdings, Inc. | 33,694 | 447,119 |
Howard Hughes Holdings, Inc. * | 15,251 | 1,011,599 |
Kennedy-Wilson Holdings, Inc. | 114,518 | 1,473,847 |
Marcus & Millichap, Inc. | 25,247 | 724,589 |
Newmark Group, Inc., Class A | 179,060 | 1,015,270 |
Opendoor Technologies, Inc. * | 404,595 | 768,730 |
RMR Group, Inc., Class A | 16,942 | 381,534 |
Zillow Group, Inc., Class C * | 49,887 | 1,808,404 |
12,392,022 | ||
Semiconductors & Semiconductor Equipment 2.0% | ||
Amkor Technology, Inc. | 111,163 | 2,318,860 |
Axcelis Technologies, Inc. * | 6,413 | 817,658 |
Cirrus Logic, Inc. * | 45,118 | 3,019,748 |
Cohu, Inc. * | 16,909 | 509,637 |
Diodes, Inc. * | 26,241 | 1,707,764 |
Enphase Energy, Inc. * | 4,365 | 347,367 |
Entegris, Inc. | 42,383 | 3,731,399 |
FormFactor, Inc. * | 38,639 | 1,309,089 |
GLOBALFOUNDRIES, Inc. *(a) | 12,515 | 620,994 |
Ichor Holdings Ltd. * | 25,943 | 629,377 |
Kulicke & Soffa Industries, Inc. | 37,748 | 1,570,694 |
Lattice Semiconductor Corp. * | 8,401 | 467,180 |
Magnachip Semiconductor Corp. * | 70,780 | 523,064 |
Monolithic Power Systems, Inc. | 4,019 | 1,775,353 |
Onto Innovation, Inc. * | 10,343 | 1,162,243 |
Photronics, Inc. * | 63,174 | 1,159,875 |
Power Integrations, Inc. | 17,799 | 1,234,005 |
Semtech Corp. * | 53,957 | 753,240 |
Silicon Laboratories, Inc. * | 17,397 | 1,603,655 |
SMART Global Holdings, Inc. * | 43,934 | 601,896 |
SolarEdge Technologies, Inc. * | 5,885 | 446,966 |
Synaptics, Inc. * | 20,036 | 1,676,212 |
Ultra Clean Holdings, Inc. * | 38,490 | 918,371 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Universal Display Corp. | 8,154 | 1,134,874 |
Wolfspeed, Inc. * | 16,437 | 556,228 |
30,595,749 | ||
Software & Services 4.0% | ||
ACI Worldwide, Inc. * | 78,921 | 1,607,621 |
Alarm.com Holdings, Inc. * | 12,136 | 620,514 |
AppLovin Corp., Class A * | 31,315 | 1,141,119 |
Bentley Systems, Inc., Class B | 26,041 | 1,266,634 |
Blackbaud, Inc. * | 14,916 | 975,506 |
Cerence, Inc. * | 38,584 | 590,721 |
CommVault Systems, Inc. * | 22,042 | 1,440,445 |
Consensus Cloud Solutions, Inc. * | 18,817 | 406,259 |
Dolby Laboratories, Inc., Class A | 31,311 | 2,534,312 |
Dropbox, Inc., Class A * | 127,662 | 3,357,511 |
Ebix, Inc. (a) | 55,098 | 335,547 |
Envestnet, Inc. * | 17,156 | 634,772 |
EPAM Systems, Inc. * | 12,758 | 2,775,758 |
Fair Isaac Corp. * | 4,570 | 3,865,626 |
Globant SA * | 6,400 | 1,089,856 |
GoDaddy, Inc., Class A * | 43,668 | 3,197,808 |
Guidewire Software, Inc. * | 10,595 | 954,927 |
InterDigital, Inc. | 24,882 | 1,872,371 |
LiveRamp Holdings, Inc. * | 65,789 | 1,819,724 |
Manhattan Associates, Inc. * | 11,463 | 2,235,056 |
Palantir Technologies, Inc., Class A * | 55,004 | 814,059 |
Pegasystems, Inc. | 16,430 | 702,218 |
Perficient, Inc. * | 11,821 | 687,864 |
Progress Software Corp. | 17,126 | 879,934 |
PTC, Inc. * | 11,669 | 1,638,561 |
Qualys, Inc. * | 7,319 | 1,119,441 |
Rackspace Technology, Inc. * | 271,867 | 331,678 |
RingCentral, Inc., Class A * | 51,019 | 1,356,085 |
ServiceNow, Inc. * | 5,984 | 3,481,790 |
Snowflake, Inc., Class A * | 2,917 | 423,344 |
Splunk, Inc. * | 28,277 | 4,161,243 |
SPS Commerce, Inc. * | 2,625 | 420,893 |
Teradata Corp. * | 78,853 | 3,368,600 |
Twilio, Inc., Class A * | 25,824 | 1,323,738 |
Tyler Technologies, Inc. * | 5,337 | 1,990,167 |
Unisys Corp. * | 256,661 | 713,518 |
Verint Systems, Inc. * | 20,087 | 377,836 |
Workday, Inc., Class A * | 8,614 | 1,823,670 |
Zoom Video Communications, Inc., Class A * | 31,627 | 1,896,987 |
60,233,713 | ||
Technology Hardware & Equipment 3.8% | ||
ADTRAN Holdings, Inc. | 60,795 | 399,423 |
Advanced Energy Industries, Inc. | 16,727 | 1,459,598 |
Badger Meter, Inc. | 7,237 | 1,002,686 |
Belden, Inc. | 25,696 | 1,821,846 |
Benchmark Electronics, Inc. | 114,535 | 2,772,892 |
Cognex Corp. | 56,157 | 2,021,090 |
Coherent Corp. * | 68,362 | 2,023,515 |
CommScope Holding Co., Inc. * | 522,313 | 773,023 |
Comtech Telecommunications Corp. | 61,736 | 753,179 |
Crane NXT Co. | 29,012 | 1,508,624 |
CTS Corp. | 18,849 | 705,141 |
ePlus, Inc. * | 31,904 | 1,994,000 |
Fabrinet * | 19,575 | 3,034,125 |
IPG Photonics Corp. * | 24,795 | 2,129,891 |
Itron, Inc. * | 28,561 | 1,635,974 |
Knowles Corp. * | 87,554 | 1,137,326 |
Littelfuse, Inc. | 11,397 | 2,469,388 |
Lumentum Holdings, Inc. * | 42,405 | 1,662,700 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Methode Electronics, Inc. | 41,894 | 958,116 |
NETGEAR, Inc. * | 85,402 | 1,079,481 |
NetScout Systems, Inc. * | 68,972 | 1,505,659 |
Novanta, Inc. * | 5,142 | 679,053 |
OSI Systems, Inc. * | 14,007 | 1,460,510 |
PC Connection, Inc. | 27,387 | 1,467,396 |
Plexus Corp. * | 32,790 | 3,223,913 |
Pure Storage, Inc., Class A * | 19,239 | 650,471 |
Rogers Corp. * | 11,782 | 1,447,890 |
ScanSource, Inc. * | 83,887 | 2,550,165 |
Stratasys Ltd. * | 50,186 | 510,392 |
Super Micro Computer, Inc. * | 21,936 | 5,253,014 |
TTM Technologies, Inc. * | 206,029 | 2,367,273 |
Viasat, Inc. * | 74,163 | 1,367,566 |
Viavi Solutions, Inc. * | 135,035 | 1,050,572 |
Vontier Corp. | 121,886 | 3,602,950 |
58,478,842 | ||
Telecommunication Services 0.9% | ||
ATN International, Inc. | 15,578 | 482,139 |
Cogent Communications Holdings, Inc. | 19,525 | 1,268,735 |
Consolidated Communications Holdings, Inc. * | 338,105 | 1,409,898 |
EchoStar Corp., Class A * | 89,354 | 1,238,447 |
Frontier Communications Parent, Inc. * | 168,763 | 3,024,233 |
GCI Liberty, Inc. *(b) | 14,650 | 2,645 |
Iridium Communications, Inc. | 25,105 | 930,140 |
Liberty Latin America Ltd., Class C * | 463,039 | 3,171,817 |
Shenandoah Telecommunications Co. | 61,799 | 1,462,164 |
12,990,218 | ||
Transportation 3.0% | ||
Air Transport Services Group, Inc. * | 80,436 | 1,574,133 |
Alaska Air Group, Inc. * | 37,020 | 1,170,943 |
American Airlines Group, Inc. * | 198,018 | 2,207,901 |
ArcBest Corp. | 33,399 | 3,636,483 |
Costamare, Inc. | 68,603 | 619,485 |
Covenant Logistics Group, Inc., Class A | 17,269 | 681,866 |
Danaos Corp. | 11,512 | 762,785 |
Daseke, Inc. * | 409,374 | 1,817,621 |
Forward Air Corp. | 22,537 | 1,451,608 |
Genco Shipping & Trading Ltd. | 29,343 | 386,447 |
Golden Ocean Group Ltd. (a) | 141,907 | 1,028,826 |
Heartland Express, Inc. | 59,843 | 697,769 |
Hub Group, Inc., Class A * | 45,860 | 3,152,875 |
JetBlue Airways Corp. * | 208,974 | 785,742 |
Kirby Corp. * | 37,450 | 2,797,515 |
Lyft, Inc., Class A * | 106,952 | 980,750 |
Marten Transport Ltd. | 58,611 | 1,030,381 |
Matson, Inc. | 10,832 | 942,926 |
RXO, Inc. * | 150,844 | 2,641,278 |
Saia, Inc. * | 9,391 | 3,366,580 |
Schneider National, Inc., Class B | 81,506 | 2,064,547 |
SkyWest, Inc. * | 44,630 | 1,882,047 |
Spirit Airlines, Inc. | 36,208 | 415,668 |
Star Bulk Carriers Corp. (a) | 40,808 | 761,885 |
U-Haul Holding Co. - Non Voting | 61,752 | 2,915,312 |
XPO, Inc. * | 78,171 | 5,926,143 |
45,699,516 | ||
Utilities 2.7% | ||
ALLETE, Inc. | 50,097 | 2,682,193 |
American States Water Co. | 12,528 | 977,810 |
Atlantica Sustainable Infrastructure PLC | 71,473 | 1,294,376 |
Avangrid, Inc. | 66,321 | 1,981,008 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Avista Corp. | 78,348 | 2,482,848 |
California Water Service Group | 24,628 | 1,198,891 |
Chesapeake Utilities Corp. | 8,641 | 765,679 |
Clearway Energy, Inc., Class C | 48,542 | 1,053,847 |
Essential Utilities, Inc. | 84,120 | 2,814,655 |
Hawaiian Electric Industries, Inc. | 144,993 | 1,882,009 |
IDACORP, Inc. | 33,192 | 3,143,614 |
MGE Energy, Inc. | 18,657 | 1,336,401 |
New Jersey Resources Corp. | 60,998 | 2,475,299 |
Northwest Natural Holding Co. | 30,388 | 1,115,544 |
Northwestern Energy Group, Inc. | 54,394 | 2,611,456 |
ONE Gas, Inc. | 40,332 | 2,436,053 |
Ormat Technologies, Inc. | 19,168 | 1,179,599 |
Otter Tail Corp. | 24,108 | 1,854,870 |
PNM Resources, Inc. | 68,721 | 2,904,150 |
ReNew Energy Global PLC, Class A * | 97,187 | 524,810 |
SJW Group | 12,290 | 767,879 |
Spire, Inc. | 48,807 | 2,715,133 |
Unitil Corp. | 14,788 | 675,368 |
40,873,492 | ||
Total Common Stocks (Cost $1,363,689,288) | 1,519,095,494 |
SHORT-TERM INVESTMENTS 1.4% OF NET ASSETS | ||
Money Market Funds 1.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c) | 8,076,659 | 8,076,659 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 14,089,374 | 14,089,374 |
22,166,033 | ||
Total Short-Term Investments (Cost $22,166,033) | 22,166,033 | |
Total Investments in Securities (Cost $1,385,855,321) | 1,541,261,527 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
Russell 2000 Index, e-mini, expires 12/15/23 | 59 | 4,921,780 | (244,695 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $13,638,856. |
(b) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
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 Stocks1 | $1,321,693,161 | $— | $— | $1,321,693,161 |
Equity Real Estate Investment Trusts (REITs) | 123,991,186 | — | 0 * | 123,991,186 |
Health Care Equipment & Services | 60,420,929 | — | 0 * | 60,420,929 |
Telecommunication Services | 12,987,573 | — | 2,645 | 12,990,218 |
Short-Term Investments1 | 22,166,033 | — | — | 22,166,033 |
Liabilities | ||||
Futures Contracts2 | (244,695 ) | — | — | (244,695 ) |
Total | $1,541,014,187 | $— | $2,645 | $1,541,016,832 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $1,385,855,321) including securities on loan of $13,638,856 | $1,541,261,527 | |
Deposit with broker for futures contracts | 632,400 | |
Receivables: | ||
Fund shares sold | 3,055,426 | |
Dividends | 657,387 | |
Variation margin on future contracts | 77,102 | |
Income from securities on loan | + | 66,934 |
Total assets | 1,545,750,776 | |
Liabilities | ||
Collateral held for securities on loan | 14,089,374 | |
Payables: | ||
Investments bought | 6,117,054 | |
Fund shares redeemed | 1,438,342 | |
Investment adviser fees | + | 321,202 |
Total liabilities | 21,965,972 | |
Net assets | $1,523,784,804 | |
Net Assets by Source | ||
Capital received from investors | $1,443,730,235 | |
Total distributable earnings | + | 80,054,569 |
Net assets | $1,523,784,804 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,523,784,804 | 110,381,471 | $13.80 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $16,405) | $28,576,184 | |
Interest received from securities - unaffiliated | 29,928 | |
Securities on loan, net | + | 1,229,458 |
Total investment income | 29,835,570 | |
Expenses | ||
Investment adviser fees | 4,119,154 | |
Total expenses | – | 4,119,154 |
Net investment income | 25,716,416 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (22,026,073 ) | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 132,459,827 | |
Net realized losses on futures contracts | + | (2,208,487 ) |
Net realized gains | 108,225,267 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (183,691,361 ) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (314,936 ) |
Net change in unrealized appreciation (depreciation) | + | (184,006,297 ) |
Net realized and unrealized losses | (75,781,030 ) | |
Decrease in net assets resulting from operations | ($50,064,614 ) |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $25,716,416 | $23,445,588 | |
Net realized gains | 108,225,267 | 207,633,759 | |
Net change in unrealized appreciation (depreciation) | + | (184,006,297 ) | (445,738,040 ) |
Decrease in net assets from operations | ($50,064,614 ) | ($214,658,693 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($105,778,873 ) | ($209,192,167 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 35,632,360 | $523,918,723 | 39,427,994 | $631,702,221 | |
Shares reinvested | 5,548,590 | 78,789,982 | 8,654,231 | 148,679,691 | |
Shares redeemed | + | (37,952,579 ) | (554,276,467 ) | (41,616,527 ) | (670,809,902 ) |
Net transactions in fund shares | 3,228,371 | $48,432,238 | 6,465,698 | $109,572,010 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 107,153,100 | $1,631,196,053 | 100,687,402 | $1,945,474,903 | |
Total increase (decrease) | + | 3,228,371 | (107,411,249 ) | 6,465,698 | (314,278,850 ) |
End of period | 110,381,471 | $1,523,784,804 | 107,153,100 | $1,631,196,053 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $8.41 | $10.56 | $7.51 | $8.98 | $8.69 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 1.11 | (2.10 ) | 2.96 | (1.35 ) | 0.27 | |
Total from investment operations | 1.44 | (1.76 ) | 3.27 | (1.14 ) | 0.57 | |
Less distributions: | ||||||
Distributions from net investment income | (0.26 ) | (0.39 ) | (0.22 ) | (0.33 ) | (0.28 ) | |
Net asset value at end of period | $9.59 | $8.41 | $10.56 | $7.51 | $8.98 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 98.1% OF NET ASSETS | ||
Australia 4.7% | ||
AGL Energy Ltd. | 313,659 | 2,144,155 |
Amcor PLC | 155,937 | 1,375,888 |
AMP Ltd. | 788,456 | 525,341 |
Ampol Ltd. | 67,618 | 1,371,141 |
ANZ Group Holdings Ltd. | 400,449 | 6,314,671 |
APA Group | 118,299 | 620,116 |
Aristocrat Leisure Ltd. | 29,185 | 717,370 |
Aurizon Holdings Ltd. | 392,602 | 855,132 |
BHP Group Ltd. | 580,525 | 16,433,194 |
BlueScope Steel Ltd. | 126,443 | 1,515,730 |
Brambles Ltd. | 161,539 | 1,348,164 |
Coles Group Ltd. | 157,717 | 1,530,751 |
Commonwealth Bank of Australia | 133,941 | 8,239,494 |
Computershare Ltd. | 31,272 | 493,533 |
CSL Ltd. | 13,481 | 1,992,385 |
Downer EDI Ltd. | 259,296 | 623,621 |
Endeavour Group Ltd. | 142,783 | 448,545 |
Fortescue Metals Group Ltd. | 220,181 | 3,132,254 |
Goodman Group | 44,099 | 583,513 |
Incitec Pivot Ltd. | 266,481 | 465,191 |
Insurance Australia Group Ltd. | 278,536 | 1,004,829 |
James Hardie Industries PLC * | 22,549 | 562,584 |
JB Hi-Fi Ltd. | 21,176 | 608,703 |
Lendlease Corp. Ltd. | 216,515 | 857,506 |
Macquarie Group Ltd. | 22,393 | 2,301,774 |
Medibank Pvt Ltd. | 408,149 | 890,695 |
Metcash Ltd. | 248,826 | 582,709 |
Mineral Resources Ltd. | 9,939 | 366,324 |
Mirvac Group | 387,688 | 449,816 |
National Australia Bank Ltd. | 321,949 | 5,767,473 |
Orica Ltd. | 52,541 | 490,939 |
Origin Energy Ltd. | 216,738 | 1,257,265 |
QBE Insurance Group Ltd. | 111,406 | 1,104,714 |
Ramsay Health Care Ltd. | 16,371 | 506,913 |
Rio Tinto Ltd. | 72,804 | 5,438,319 |
Santos Ltd. | 206,251 | 1,006,393 |
Scentre Group | 491,591 | 761,568 |
Sims Ltd. | 49,777 | 396,791 |
Sonic Healthcare Ltd. | 47,182 | 863,952 |
South32 Ltd. | 648,521 | 1,387,434 |
Stockland | 307,049 | 692,991 |
Suncorp Group Ltd. | 204,269 | 1,738,664 |
Telstra Group Ltd. | 736,906 | 1,786,907 |
Transurban Group | 130,969 | 985,999 |
Treasury Wine Estates Ltd. (a) | 62,170 | 472,284 |
Wesfarmers Ltd. | 121,666 | 3,914,460 |
Westpac Banking Corp. | 476,581 | 6,258,352 |
Woodside Energy Group Ltd. | 86,463 | 1,883,146 |
Woolworths Group Ltd. | 115,656 | 2,588,933 |
Worley Ltd. | 48,015 | 501,923 |
98,160,549 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Austria 0.3% | ||
BAWAG Group AG * | 11,558 | 514,798 |
Erste Group Bank AG | 47,769 | 1,710,573 |
OMV AG | 36,872 | 1,617,140 |
Raiffeisen Bank International AG * | 44,316 | 642,039 |
voestalpine AG | 40,648 | 1,015,021 |
Wienerberger AG | 21,094 | 511,043 |
6,010,614 | ||
Belgium 0.7% | ||
Ageas SA | 37,526 | 1,441,480 |
Anheuser-Busch InBev SA | 106,464 | 6,057,594 |
Colruyt Group NV | 19,973 | 826,592 |
Groupe Bruxelles Lambert NV | 20,353 | 1,488,630 |
KBC Group NV | 30,696 | 1,689,350 |
Proximus SADP | 83,995 | 696,194 |
Solvay SA | 12,857 | 1,359,185 |
UCB SA | 11,263 | 823,776 |
Umicore SA | 43,994 | 1,046,742 |
15,429,543 | ||
Canada 6.6% | ||
Agnico Eagle Mines Ltd. | 29,057 | 1,362,803 |
Algonquin Power & Utilities Corp. | 78,318 | 394,202 |
Alimentation Couche-Tard, Inc. | 102,217 | 5,564,349 |
AltaGas Ltd. | 33,430 | 620,989 |
ARC Resources Ltd. | 39,328 | 632,708 |
Atco Ltd., Class I | 21,453 | 549,958 |
B2Gold Corp. | 134,950 | 432,074 |
Bank of Montreal | 54,200 | 4,095,632 |
Bank of Nova Scotia | 155,312 | 6,288,638 |
Barrick Gold Corp. | 202,538 | 3,235,058 |
Bausch Health Cos., Inc. * | 99,422 | 676,794 |
BCE, Inc. | 43,250 | 1,605,560 |
Canadian Imperial Bank of Commerce | 98,636 | 3,478,844 |
Canadian National Railway Co. | 37,015 | 3,916,503 |
Canadian Natural Resources Ltd. | 95,543 | 6,067,075 |
Canadian Pacific Kansas City Ltd. | 29,923 | 2,124,549 |
Canadian Tire Corp. Ltd., Class A | 11,204 | 1,080,690 |
Cenovus Energy, Inc. | 77,746 | 1,481,197 |
CGI, Inc. * | 19,474 | 1,880,064 |
CI Financial Corp. | 59,199 | 536,601 |
Constellation Software, Inc. | 290 | 581,361 |
Crescent Point Energy Corp. | 76,285 | 611,710 |
Dollarama, Inc. | 11,196 | 764,566 |
Emera, Inc. | 33,357 | 1,092,537 |
Enbridge, Inc. | 220,392 | 7,062,715 |
Fairfax Financial Holdings Ltd. | 2,432 | 2,023,869 |
Finning International, Inc. | 26,047 | 697,968 |
First Quantum Minerals Ltd. | 39,547 | 458,280 |
Fortis, Inc. | 53,524 | 2,125,135 |
Franco-Nevada Corp. | 3,510 | 426,996 |
George Weston Ltd. | 13,411 | 1,454,684 |
Gildan Activewear, Inc. | 24,013 | 682,078 |
Great-West Lifeco, Inc. | 28,105 | 778,651 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Hydro One Ltd. | 26,940 | 698,585 |
iA Financial Corp., Inc. | 9,128 | 531,126 |
Imperial Oil Ltd. | 25,779 | 1,469,129 |
Intact Financial Corp. | 7,592 | 1,066,685 |
Keyera Corp. | 27,993 | 651,000 |
Kinross Gold Corp. | 258,139 | 1,347,702 |
Linamar Corp. | 12,116 | 523,869 |
Loblaw Cos. Ltd. | 22,714 | 1,857,741 |
Lundin Mining Corp. | 97,251 | 607,315 |
Magna International, Inc. | 90,908 | 4,368,566 |
Manulife Financial Corp. | 223,091 | 3,883,481 |
Methanex Corp. | 12,126 | 500,692 |
Metro, Inc. | 28,293 | 1,437,144 |
National Bank of Canada | 23,818 | 1,480,864 |
Northland Power, Inc. | 21,405 | 300,835 |
Nutrien Ltd. | 66,368 | 3,564,513 |
Onex Corp. | 40,377 | 2,262,917 |
Open Text Corp. | 21,564 | 719,966 |
Parkland Corp. | 31,303 | 947,386 |
Pembina Pipeline Corp. | 51,027 | 1,570,458 |
Power Corp. of Canada | 68,421 | 1,648,419 |
Restaurant Brands International, Inc. | 14,264 | 958,134 |
RioCan Real Estate Investment Trust | 37,109 | 450,901 |
Royal Bank of Canada | 108,532 | 8,668,473 |
Saputo, Inc. | 36,046 | 727,808 |
SNC-Lavalin Group, Inc. | 29,235 | 812,066 |
Sun Life Financial, Inc. | 50,465 | 2,304,996 |
Suncor Energy, Inc. | 238,056 | 7,709,461 |
TC Energy Corp. | 106,834 | 3,679,388 |
Teck Resources Ltd., Class B | 53,930 | 1,905,585 |
TELUS Corp. | 57,488 | 926,938 |
TFI International, Inc. | 5,280 | 584,103 |
Thomson Reuters Corp. | 7,664 | 918,022 |
Toronto-Dominion Bank | 147,686 | 8,249,329 |
Tourmaline Oil Corp. | 11,474 | 606,734 |
Waste Connections, Inc. | 9,209 | 1,192,405 |
West Fraser Timber Co. Ltd. | 18,076 | 1,219,926 |
Wheaton Precious Metals Corp. | 11,634 | 491,367 |
WSP Global, Inc. | 6,422 | 840,475 |
138,469,342 | ||
Denmark 0.9% | ||
AP Moller - Maersk AS, Class A | 755 | 1,232,735 |
AP Moller - Maersk AS, Class B | 1,318 | 2,196,092 |
Carlsberg AS, Class B | 8,105 | 965,898 |
Coloplast AS, Class B | 5,823 | 607,248 |
Danske Bank AS | 88,898 | 2,085,433 |
DSV AS | 9,681 | 1,446,737 |
ISS AS | 31,041 | 449,240 |
Novo Nordisk AS, Class B | 71,497 | 6,897,759 |
Novozymes AS, Class B | 13,271 | 596,438 |
Orsted AS | 14,061 | 679,415 |
Pandora AS | 9,866 | 1,119,007 |
Vestas Wind Systems AS * | 69,199 | 1,499,872 |
19,775,874 | ||
Finland 1.0% | ||
Elisa OYJ | 12,458 | 528,327 |
Fortum OYJ | 88,545 | 1,051,333 |
Huhtamaki OYJ | 14,160 | 486,766 |
Kesko OYJ, B Shares | 46,617 | 788,363 |
Kone OYJ, B Shares | 29,069 | 1,258,785 |
Mandatum OYJ * | 46,036 | 177,892 |
Neste OYJ | 40,781 | 1,370,565 |
Nokia OYJ | 740,864 | 2,467,581 |
Nokian Renkaat OYJ | 63,452 | 479,860 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Nordea Bank Abp | 406,034 | 4,278,153 |
Outokumpu OYJ | 128,024 | 525,318 |
Sampo OYJ, A Shares | 46,036 | 1,810,541 |
Stora Enso OYJ, R Shares | 113,505 | 1,364,148 |
UPM-Kymmene OYJ | 81,931 | 2,759,102 |
Valmet OYJ | 16,267 | 365,053 |
Wartsila OYJ Abp | 72,478 | 864,916 |
20,576,703 | ||
France 8.4% | ||
Accor SA | 15,768 | 503,040 |
Air Liquide SA | 35,635 | 6,106,134 |
Airbus SE | 21,854 | 2,930,100 |
ALD SA | 49,217 | 331,051 |
Alstom SA | 34,338 | 465,021 |
Amundi SA | 7,710 | 402,765 |
Arkema SA | 15,565 | 1,458,484 |
Atos SE *(b) | 93,697 | 656,983 |
AXA SA | 230,625 | 6,833,517 |
BNP Paribas SA | 186,148 | 10,704,256 |
Bollore SE | 127,441 | 695,706 |
Bouygues SA | 73,428 | 2,583,124 |
Bureau Veritas SA | 18,718 | 426,354 |
Capgemini SE | 11,559 | 2,042,808 |
Carrefour SA | 225,471 | 3,952,836 |
Casino Guichard Perrachon SA *(b) | 102,248 | 97,691 |
Cie de Saint-Gobain SA | 100,805 | 5,487,235 |
Cie Generale des Etablissements Michelin SCA | 147,590 | 4,384,670 |
Credit Agricole SA | 208,163 | 2,513,546 |
Danone SA | 82,317 | 4,897,076 |
Dassault Systemes SE | 14,294 | 588,818 |
Edenred SE | 8,346 | 444,270 |
Eiffage SA | 15,769 | 1,431,046 |
Elis SA | 41,454 | 679,845 |
Engie SA | 356,382 | 5,668,214 |
EssilorLuxottica SA | 13,876 | 2,512,714 |
Eurazeo SE | 8,477 | 477,905 |
Eurofins Scientific SE | 7,804 | 395,942 |
Eutelsat Communications SACA (b) | 67,640 | 288,841 |
Faurecia SE * | 68,091 | 1,147,377 |
Hermes International SCA | 465 | 867,609 |
Kering SA | 4,537 | 1,845,205 |
Klepierre SA | 22,939 | 557,046 |
Legrand SA | 16,845 | 1,457,200 |
L'Oreal SA | 11,131 | 4,678,698 |
LVMH Moet Hennessy Louis Vuitton SE | 8,098 | 5,797,604 |
Orange SA | 659,784 | 7,760,407 |
Pernod Ricard SA | 10,082 | 1,790,325 |
Publicis Groupe SA | 24,645 | 1,876,552 |
Renault SA | 96,927 | 3,400,608 |
Rexel SA | 60,882 | 1,243,379 |
Rubis SCA | 30,810 | 670,812 |
Safran SA | 19,557 | 3,055,184 |
Sanofi SA | 117,473 | 10,667,281 |
Schneider Electric SE | 35,273 | 5,427,009 |
SCOR SE | 38,167 | 1,139,455 |
SEB SA | 5,171 | 511,341 |
SES SA, Class A | 117,317 | 684,485 |
Societe Generale SA | 226,479 | 5,089,384 |
Sodexo SA | 9,992 | 1,057,439 |
STMicroelectronics NV | 34,723 | 1,323,644 |
Teleperformance SE | 5,304 | 610,181 |
Thales SA | 6,528 | 963,386 |
TotalEnergies SE | 451,953 | 30,216,445 |
Unibail-Rodamco-Westfield * | 13,109 | 649,540 |
Valeo SE | 100,200 | 1,323,951 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Veolia Environnement SA | 92,141 | 2,524,700 |
Vinci SA | 54,420 | 6,017,460 |
Vivendi SE | 69,222 | 620,748 |
Wendel SE | 6,791 | 508,697 |
175,443,144 | ||
Germany 7.1% | ||
adidas AG | 22,910 | 4,073,576 |
Allianz SE | 52,964 | 12,406,419 |
Aurubis AG | 15,738 | 1,297,392 |
BASF SE | 252,204 | 11,653,628 |
Bayer AG | 117,944 | 5,096,190 |
Bayerische Motoren Werke AG | 82,643 | 7,686,155 |
Beiersdorf AG | 5,415 | 712,181 |
Brenntag SE | 22,441 | 1,668,749 |
Commerzbank AG | 111,996 | 1,207,939 |
Continental AG | 40,124 | 2,619,654 |
Covestro AG * | 67,502 | 3,419,797 |
Daimler Truck Holding AG | 55,889 | 1,756,045 |
Deutsche Bank AG | 236,716 | 2,604,953 |
Deutsche Boerse AG | 6,955 | 1,144,769 |
Deutsche Lufthansa AG * | 111,372 | 780,937 |
Deutsche Post AG | 165,865 | 6,475,949 |
Deutsche Telekom AG | 642,650 | 13,947,860 |
E.ON SE | 352,239 | 4,190,983 |
Evonik Industries AG | 52,267 | 961,968 |
Freenet AG | 26,033 | 660,793 |
Fresenius Medical Care AG & Co. KGaA | 60,534 | 2,011,312 |
Fresenius SE & Co. KGaA | 145,134 | 3,733,321 |
GEA Group AG | 16,670 | 570,121 |
Hannover Rueck SE | 5,177 | 1,143,151 |
Heidelberg Materials AG | 38,529 | 2,796,949 |
Henkel AG & Co. KGaA | 16,138 | 1,019,928 |
Infineon Technologies AG | 58,688 | 1,714,289 |
K+S AG | 36,587 | 615,072 |
KION Group AG | 23,449 | 719,464 |
Kloeckner & Co. SE | 56,554 | 351,103 |
Knorr-Bremse AG | 8,778 | 490,291 |
LANXESS AG | 26,246 | 601,416 |
Mercedes-Benz Group AG | 172,762 | 10,164,323 |
Merck KGaA | 7,113 | 1,074,336 |
METRO AG * | 71,411 | 453,861 |
MTU Aero Engines AG | 3,211 | 603,529 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 11,571 | 4,643,534 |
ProSiebenSat.1 Media SE | 61,564 | 345,323 |
Puma SE | 8,702 | 493,126 |
Rheinmetall AG | 3,380 | 970,376 |
RWE AG | 51,437 | 1,968,258 |
Salzgitter AG | 16,524 | 412,884 |
SAP SE | 64,359 | 8,632,622 |
Siemens AG | 65,023 | 8,628,477 |
Siemens Energy AG * | 91,844 | 816,578 |
Siemens Healthineers AG | 15,534 | 764,222 |
Symrise AG, Class A | 6,469 | 661,062 |
Telefonica Deutschland Holding AG | 254,134 | 432,047 |
thyssenkrupp AG | 220,412 | 1,536,196 |
United Internet AG | 38,854 | 807,840 |
Volkswagen AG | 13,334 | 1,541,409 |
Vonovia SE | 80,385 | 1,850,630 |
Zalando SE * | 18,302 | 428,092 |
147,361,079 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Hong Kong 1.7% | ||
AIA Group Ltd. | 664,000 | 5,766,045 |
BOC Hong Kong Holdings Ltd. | 444,000 | 1,174,176 |
CK Asset Holdings Ltd. | 304,500 | 1,521,990 |
CK Hutchison Holdings Ltd. | 925,088 | 4,683,058 |
CLP Holdings Ltd. | 263,000 | 1,924,840 |
Galaxy Entertainment Group Ltd. | 120,000 | 674,576 |
Hang Seng Bank Ltd. | 75,200 | 859,768 |
Henderson Land Development Co. Ltd. | 160,300 | 419,418 |
Hong Kong & China Gas Co. Ltd. | 1,093,676 | 761,317 |
Hong Kong Exchanges & Clearing Ltd. | 23,306 | 815,305 |
Hongkong Land Holdings Ltd. | 148,211 | 470,084 |
Jardine Matheson Holdings Ltd. | 65,946 | 2,672,205 |
Lenovo Group Ltd. | 1,680,000 | 1,955,068 |
Link REIT | 129,000 | 591,999 |
MTR Corp. Ltd. | 139,147 | 520,157 |
New World Development Co. Ltd. | 514,422 | 944,128 |
Orient Overseas International Ltd. | 26,500 | 334,159 |
PCCW Ltd. | 1,053,000 | 515,377 |
Sands China Ltd. * | 180,800 | 486,723 |
Sino Land Co. Ltd. | 380,000 | 379,364 |
Sun Hung Kai Properties Ltd. | 202,564 | 2,080,069 |
Swire Pacific Ltd., A Shares | 148,300 | 947,316 |
Swire Pacific Ltd., B Shares | 210,000 | 215,607 |
Techtronic Industries Co. Ltd. | 77,706 | 709,419 |
WH Group Ltd. | 3,941,999 | 2,354,292 |
Wharf Real Estate Investment Co. Ltd. | 142,000 | 496,722 |
Xinyi Glass Holdings Ltd. | 285,894 | 328,498 |
34,601,680 | ||
Ireland 0.1% | ||
Bank of Ireland Group PLC | 70,830 | 634,758 |
Kerry Group PLC, Class A | 11,395 | 880,193 |
Kingspan Group PLC | 9,653 | 649,636 |
2,164,587 | ||
Israel 0.2% | ||
Bank Hapoalim BM | 106,355 | 760,752 |
Bank Leumi Le-Israel BM | 146,100 | 941,018 |
ICL Group Ltd. | 93,507 | 454,806 |
Israel Discount Bank Ltd., A Shares | 94,649 | 416,014 |
Teva Pharmaceutical Industries Ltd. * | 96,666 | 829,790 |
3,402,380 | ||
Italy 3.0% | ||
A2A SpA | 388,904 | 729,970 |
Assicurazioni Generali SpA | 208,532 | 4,142,205 |
Banco BPM SpA | 226,094 | 1,156,773 |
CNH Industrial NV | 108,059 | 1,197,507 |
Enel SpA | 1,712,450 | 10,869,915 |
Eni SpA | 614,274 | 10,041,946 |
Ferrari NV | 2,754 | 833,647 |
Hera SpA | 181,101 | 509,454 |
Intesa Sanpaolo SpA | 2,674,506 | 6,969,204 |
Iveco Group NV * | 40,765 | 343,558 |
Leonardo SpA | 86,891 | 1,313,139 |
Mediobanca Banca di Credito Finanziario SpA (b) | 67,280 | 803,689 |
Pirelli & C SpA | 95,251 | 424,370 |
Poste Italiane SpA | 60,413 | 598,103 |
Prysmian SpA | 25,110 | 940,294 |
Snam SpA | 206,543 | 947,111 |
Stellantis NV | 547,407 | 10,226,846 |
Telecom Italia SpA * | 8,723,593 | 2,255,596 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Tenaris SA | 42,332 | 670,597 |
Terna - Rete Elettrica Nazionale | 99,546 | 762,227 |
UniCredit SpA | 271,889 | 6,816,152 |
Unipol Gruppo SpA | 112,827 | 611,249 |
63,163,552 | ||
Japan 27.8% | ||
Advantest Corp. | 32,700 | 842,307 |
Aeon Co. Ltd. | 136,900 | 2,880,324 |
AGC, Inc. | 57,200 | 1,945,891 |
Air Water, Inc. | 57,100 | 719,957 |
Aisin Corp. | 89,400 | 3,114,236 |
Ajinomoto Co., Inc. | 39,700 | 1,449,950 |
Alfresa Holdings Corp. | 108,400 | 1,717,119 |
Alps Alpine Co. Ltd. | 108,800 | 892,836 |
Amada Co. Ltd. | 68,200 | 661,571 |
Asahi Group Holdings Ltd. | 71,900 | 2,600,651 |
Asahi Kasei Corp. | 437,500 | 2,689,655 |
Astellas Pharma, Inc. | 192,900 | 2,440,160 |
Bandai Namco Holdings, Inc. | 60,200 | 1,247,254 |
Bridgestone Corp. | 127,776 | 4,835,709 |
Brother Industries Ltd. | 73,700 | 1,149,738 |
Canon, Inc. | 204,700 | 4,839,246 |
Central Japan Railway Co. | 138,300 | 3,112,911 |
Chubu Electric Power Co., Inc. | 272,885 | 3,297,582 |
Chugai Pharmaceutical Co. Ltd. | 35,500 | 1,052,808 |
Chugoku Electric Power Co., Inc. | 139,800 | 874,196 |
Coca-Cola Bottlers Japan Holdings, Inc. | 64,200 | 860,829 |
COMSYS Holdings Corp. | 32,700 | 672,647 |
Concordia Financial Group Ltd. | 127,400 | 591,951 |
Cosmo Energy Holdings Co. Ltd. | 40,800 | 1,492,505 |
Dai Nippon Printing Co. Ltd. | 63,800 | 1,664,367 |
Daicel Corp. | 76,200 | 647,980 |
Daido Steel Co. Ltd. | 13,800 | 541,367 |
Daifuku Co. Ltd. | 30,070 | 496,843 |
Dai-ichi Life Holdings, Inc. | 168,600 | 3,561,678 |
Daiichi Sankyo Co. Ltd. | 59,260 | 1,527,971 |
Daikin Industries Ltd. | 21,000 | 3,027,756 |
Daito Trust Construction Co. Ltd. | 15,800 | 1,694,809 |
Daiwa House Industry Co. Ltd. | 194,081 | 5,338,325 |
Daiwa Securities Group, Inc. | 205,500 | 1,185,010 |
Daiwabo Holdings Co. Ltd. | 34,670 | 658,962 |
Denka Co. Ltd. | 30,200 | 545,518 |
Denso Corp. | 322,800 | 4,766,572 |
Dentsu Group, Inc. | 28,701 | 833,649 |
DIC Corp. | 39,700 | 626,004 |
Dowa Holdings Co. Ltd. | 15,570 | 475,980 |
East Japan Railway Co. | 65,118 | 3,382,052 |
Ebara Corp. | 15,700 | 695,252 |
EDION Corp. | 57,900 | 577,482 |
Eisai Co. Ltd. | 22,000 | 1,165,523 |
Electric Power Development Co. Ltd. | 74,100 | 1,136,003 |
ENEOS Holdings, Inc. | 1,958,050 | 7,255,391 |
EXEO Group, Inc. | 33,101 | 687,500 |
FANUC Corp. | 73,800 | 1,831,450 |
Fast Retailing Co. Ltd. | 6,800 | 1,505,496 |
Fuji Electric Co. Ltd. | 21,400 | 814,797 |
FUJIFILM Holdings Corp. | 53,200 | 2,909,921 |
Fujikura Ltd. | 70,500 | 506,339 |
Fujitsu Ltd. | 33,300 | 4,313,930 |
Furukawa Electric Co. Ltd. | 37,000 | 554,430 |
GS Yuasa Corp. | 27,719 | 447,193 |
Hakuhodo DY Holdings, Inc. | 66,500 | 539,660 |
Hankyu Hanshin Holdings, Inc. | 28,900 | 909,298 |
Hanwa Co. Ltd. | 22,900 | 690,277 |
Haseko Corp. | 88,700 | 1,091,617 |
Hino Motors Ltd. * | 191,665 | 557,865 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Hitachi Construction Machinery Co. Ltd. | 25,350 | 654,936 |
Hitachi Ltd. | 158,200 | 10,027,757 |
Hokkaido Electric Power Co., Inc. | 147,800 | 621,753 |
Honda Motor Co. Ltd. | 1,873,700 | 19,203,124 |
Hoya Corp. | 16,350 | 1,573,991 |
Idemitsu Kosan Co. Ltd. | 136,469 | 3,098,541 |
IHI Corp. | 33,400 | 641,019 |
Iida Group Holdings Co. Ltd. | 55,500 | 861,759 |
INFRONEER Holdings, Inc. | 49,700 | 524,278 |
Inpex Corp. | 195,000 | 2,829,618 |
Isetan Mitsukoshi Holdings Ltd. | 80,100 | 903,605 |
Isuzu Motors Ltd. | 143,300 | 1,597,888 |
ITOCHU Corp. | 222,200 | 8,003,872 |
Itoham Yonekyu Holdings, Inc. | 17,592 | 486,180 |
Iwatani Corp. | 14,151 | 676,821 |
J Front Retailing Co. Ltd. | 49,400 | 470,945 |
Japan Exchange Group, Inc. | 33,000 | 652,568 |
Japan Post Holdings Co. Ltd. | 530,400 | 4,694,678 |
Japan Post Insurance Co. Ltd. | 54,600 | 1,051,382 |
Japan Tobacco, Inc. | 180,900 | 4,211,145 |
JFE Holdings, Inc. | 237,600 | 3,310,448 |
JGC Holdings Corp. | 45,600 | 561,654 |
JSR Corp. | 24,300 | 650,412 |
JTEKT Corp. | 128,000 | 1,055,356 |
Kajima Corp. | 134,800 | 2,227,892 |
Kaneka Corp. | 30,100 | 736,601 |
Kanematsu Corp. | 37,367 | 504,961 |
Kansai Electric Power Co., Inc. | 260,200 | 3,331,557 |
Kao Corp. | 71,247 | 2,599,368 |
Kawasaki Heavy Industries Ltd. | 43,400 | 957,917 |
Kawasaki Kisen Kaisha Ltd. | 24,100 | 826,388 |
KDDI Corp. | 292,900 | 8,762,023 |
Kewpie Corp. | 32,700 | 567,566 |
Keyence Corp. | 4,092 | 1,584,089 |
Kikkoman Corp. | 13,900 | 790,837 |
Kinden Corp. | 45,000 | 681,635 |
Kintetsu Group Holdings Co. Ltd. | 19,400 | 545,853 |
Kirin Holdings Co. Ltd. | 141,900 | 1,994,166 |
Kobe Steel Ltd. | 188,200 | 2,225,175 |
Koito Manufacturing Co. Ltd. | 59,700 | 894,469 |
Komatsu Ltd. | 168,000 | 3,860,033 |
Konica Minolta, Inc. * | 288,900 | 809,202 |
K's Holdings Corp. | 81,900 | 762,144 |
Kubota Corp. | 165,900 | 2,231,229 |
Kuraray Co. Ltd. | 109,700 | 1,255,096 |
Kurita Water Industries Ltd. | 10,953 | 332,790 |
Kyocera Corp. | 51,400 | 2,533,578 |
Kyushu Electric Power Co., Inc. * | 283,100 | 1,808,764 |
Kyushu Railway Co. | 27,300 | 558,184 |
Lion Corp. | 45,621 | 437,810 |
Lixil Corp. | 94,600 | 1,037,296 |
LY Corp. | 274,500 | 699,834 |
Makita Corp. | 42,490 | 1,098,232 |
Marubeni Corp. | 282,700 | 4,133,576 |
MatsukiyoCocokara & Co. | 45,000 | 789,380 |
Mazda Motor Corp. | 318,100 | 3,074,751 |
Medipal Holdings Corp. | 81,072 | 1,363,062 |
MEIJI Holdings Co. Ltd. | 69,300 | 1,705,751 |
MINEBEA MITSUMI, Inc. | 72,600 | 1,138,317 |
MISUMI Group, Inc. | 28,300 | 428,424 |
Mitsubishi Chemical Group Corp. | 520,600 | 2,945,870 |
Mitsubishi Corp. | 236,600 | 11,029,238 |
Mitsubishi Electric Corp. | 532,200 | 6,102,476 |
Mitsubishi Estate Co. Ltd. | 162,800 | 2,083,892 |
Mitsubishi Gas Chemical Co., Inc. | 59,187 | 799,963 |
Mitsubishi Heavy Industries Ltd. | 69,900 | 3,600,176 |
Mitsubishi Materials Corp. | 72,100 | 1,158,619 |
Mitsubishi Motors Corp. | 171,800 | 561,197 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Mitsubishi Shokuhin Co. Ltd. | 21,914 | 577,827 |
Mitsubishi UFJ Financial Group, Inc. | 1,408,934 | 11,819,755 |
Mitsui & Co. Ltd. | 238,500 | 8,668,084 |
Mitsui Chemicals, Inc. | 57,000 | 1,436,655 |
Mitsui Fudosan Co. Ltd. | 134,900 | 2,923,938 |
Mitsui Mining & Smelting Co. Ltd. | 23,800 | 618,005 |
Mitsui OSK Lines Ltd. | 50,900 | 1,314,100 |
Mizuho Financial Group, Inc. | 355,821 | 6,041,264 |
Morinaga Milk Industry Co. Ltd. | 14,234 | 555,196 |
MS&AD Insurance Group Holdings, Inc. | 80,990 | 2,967,515 |
Murata Manufacturing Co. Ltd. | 185,700 | 3,180,925 |
Nagase & Co. Ltd. | 45,400 | 687,769 |
Nagoya Railroad Co. Ltd. | 36,900 | 516,555 |
NEC Corp. | 68,100 | 3,279,056 |
NGK Insulators Ltd. | 61,300 | 748,979 |
NH Foods Ltd. | 47,900 | 1,437,150 |
NHK Spring Co. Ltd. | 73,000 | 516,548 |
Nichirei Corp. | 26,600 | 575,731 |
NIDEC Corp. | 36,300 | 1,331,522 |
Nikon Corp. | 74,400 | 706,384 |
Nintendo Co. Ltd. | 83,700 | 3,458,017 |
Nippon Electric Glass Co. Ltd. | 27,900 | 557,784 |
Nippon Light Metal Holdings Co. Ltd. | 46,520 | 510,237 |
Nippon Paper Industries Co. Ltd. * | 91,200 | 793,542 |
Nippon Steel Corp. | 247,600 | 5,340,445 |
Nippon Telegraph & Telephone Corp. | 6,207,025 | 7,304,270 |
Nippon Yusen KK | 90,500 | 2,214,285 |
Nissan Chemical Corp. | 11,164 | 455,326 |
Nissan Motor Co. Ltd. | 1,100,800 | 4,235,857 |
Nisshin Seifun Group, Inc. | 64,930 | 979,390 |
Nissin Foods Holdings Co. Ltd. | 6,300 | 548,154 |
Nissui Corp. | 114,557 | 555,893 |
Niterra Co. Ltd. | 42,900 | 960,222 |
Nitori Holdings Co. Ltd. | 7,900 | 855,528 |
Nitto Denko Corp. | 27,000 | 1,747,055 |
NOK Corp. | 56,000 | 663,812 |
Nomura Holdings, Inc. | 446,600 | 1,725,397 |
Nomura Real Estate Holdings, Inc. | 23,100 | 539,525 |
Nomura Research Institute Ltd. | 26,900 | 706,123 |
NSK Ltd. | 175,800 | 946,230 |
NTT Data Group Corp. | 95,000 | 1,171,341 |
Obayashi Corp. | 242,502 | 2,077,225 |
Oji Holdings Corp. | 388,100 | 1,659,857 |
Olympus Corp. | 72,900 | 973,605 |
Omron Corp. | 26,283 | 941,647 |
Ono Pharmaceutical Co. Ltd. | 36,900 | 637,244 |
Oriental Land Co. Ltd. | 15,900 | 514,291 |
ORIX Corp. | 166,600 | 3,029,843 |
Osaka Gas Co. Ltd. | 119,900 | 2,261,047 |
Otsuka Corp. | 17,200 | 689,627 |
Otsuka Holdings Co. Ltd. | 61,400 | 2,065,861 |
PALTAC Corp. | 15,700 | 508,939 |
Pan Pacific International Holdings Corp. | 33,800 | 654,566 |
Panasonic Holdings Corp. | 694,250 | 6,090,996 |
Penta-Ocean Construction Co. Ltd. | 93,514 | 549,762 |
Persol Holdings Co. Ltd. | 329,000 | 493,307 |
Recruit Holdings Co. Ltd. | 102,900 | 2,950,420 |
Renesas Electronics Corp. * | 61,500 | 807,841 |
Rengo Co. Ltd. | 87,017 | 576,264 |
Resona Holdings, Inc. | 249,558 | 1,333,468 |
Resonac Holdings Corp. | 63,100 | 1,022,928 |
Ricoh Co. Ltd. | 229,900 | 1,863,364 |
Rohm Co. Ltd. | 42,000 | 672,922 |
Ryohin Keikaku Co. Ltd. | 54,700 | 771,230 |
San-Ai Obbli Co. Ltd. | 33,100 | 357,397 |
Sankyu, Inc. | 16,200 | 487,785 |
Santen Pharmaceutical Co. Ltd. | 61,000 | 529,086 |
Sanwa Holdings Corp. | 45,930 | 619,699 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SBI Holdings, Inc. | 36,900 | 793,901 |
Secom Co. Ltd. | 27,100 | 1,882,225 |
Seiko Epson Corp. | 66,800 | 927,396 |
Seino Holdings Co. Ltd. | 54,500 | 792,753 |
Sekisui Chemical Co. Ltd. | 92,700 | 1,269,700 |
Sekisui House Ltd. | 138,983 | 2,721,669 |
Seven & i Holdings Co. Ltd. | 133,600 | 4,894,930 |
SG Holdings Co. Ltd. | 72,700 | 1,030,494 |
Sharp Corp. * | 72,300 | 452,035 |
Shikoku Electric Power Co., Inc. | 78,800 | 538,044 |
Shimadzu Corp. | 23,100 | 546,229 |
Shimamura Co. Ltd. | 6,600 | 651,352 |
Shimano, Inc. | 6,200 | 892,218 |
Shimizu Corp. | 208,100 | 1,480,941 |
Shin-Etsu Chemical Co. Ltd. | 169,900 | 5,080,582 |
Shionogi & Co. Ltd. | 24,500 | 1,140,833 |
Shiseido Co. Ltd. | 29,300 | 929,263 |
SMC Corp. | 3,500 | 1,616,170 |
SoftBank Corp. | 534,700 | 6,045,777 |
SoftBank Group Corp. | 248,800 | 10,189,369 |
Sohgo Security Services Co. Ltd. | 82,105 | 480,824 |
Sojitz Corp. | 61,660 | 1,280,393 |
Sompo Holdings, Inc. | 56,500 | 2,447,577 |
Sony Group Corp. | 108,907 | 9,054,402 |
Stanley Electric Co. Ltd. | 36,475 | 583,403 |
Subaru Corp. | 225,900 | 3,910,395 |
SUMCO Corp. | 49,500 | 639,646 |
Sumitomo Chemical Co. Ltd. | 690,900 | 1,756,104 |
Sumitomo Corp. | 232,700 | 4,574,337 |
Sumitomo Electric Industries Ltd. | 312,600 | 3,281,746 |
Sumitomo Forestry Co. Ltd. | 35,400 | 835,846 |
Sumitomo Heavy Industries Ltd. | 46,500 | 1,064,373 |
Sumitomo Metal Mining Co. Ltd. | 45,500 | 1,278,184 |
Sumitomo Mitsui Financial Group, Inc. | 176,910 | 8,528,473 |
Sumitomo Mitsui Trust Holdings, Inc. | 45,900 | 1,721,102 |
Sumitomo Realty & Development Co. Ltd. | 56,900 | 1,427,845 |
Sumitomo Rubber Industries Ltd. | 89,900 | 912,001 |
Sundrug Co. Ltd. | 18,062 | 491,142 |
Suntory Beverage & Food Ltd. | 22,300 | 671,075 |
Suzuken Co. Ltd. | 46,330 | 1,419,079 |
Suzuki Motor Corp. | 117,800 | 4,572,054 |
Sysmex Corp. | 12,400 | 593,995 |
T&D Holdings, Inc. | 62,950 | 1,122,979 |
Taiheiyo Cement Corp. | 64,042 | 1,097,528 |
Taisei Corp. | 54,900 | 1,861,807 |
Taiyo Yuden Co. Ltd. | 19,300 | 432,676 |
Takashimaya Co. Ltd. | 36,200 | 492,290 |
Takeda Pharmaceutical Co. Ltd. | 203,021 | 5,510,950 |
TDK Corp. | 57,100 | 2,136,409 |
Teijin Ltd. | 106,400 | 963,034 |
Terumo Corp. | 42,700 | 1,168,194 |
TIS, Inc. | 25,700 | 550,361 |
Tobu Railway Co. Ltd. | 27,800 | 669,130 |
Toho Gas Co. Ltd. | 32,300 | 556,248 |
Toho Holdings Co. Ltd. | 31,000 | 698,836 |
Tohoku Electric Power Co., Inc. | 350,800 | 2,190,430 |
Tokio Marine Holdings, Inc. | 201,500 | 4,508,002 |
Tokuyama Corp. | 30,775 | 466,585 |
Tokyo Electric Power Co. Holdings, Inc. * | 1,214,700 | 5,140,294 |
Tokyo Electron Ltd. | 29,700 | 3,924,488 |
Tokyo Gas Co. Ltd. | 122,300 | 2,746,510 |
Tokyu Corp. | 78,400 | 885,060 |
Tokyu Fudosan Holdings Corp. | 137,100 | 798,789 |
TOPPAN Holdings, Inc. | 83,000 | 1,914,301 |
Toray Industries, Inc. | 461,600 | 2,233,146 |
Toshiba Corp. * | 15,900 | 483,370 |
Tosoh Corp. | 113,500 | 1,389,719 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
TOTO Ltd. | 25,200 | 607,612 |
Toyo Seikan Group Holdings Ltd. | 59,700 | 1,003,705 |
Toyo Suisan Kaisha Ltd. | 14,547 | 671,067 |
Toyoda Gosei Co. Ltd. | 32,600 | 647,683 |
Toyota Industries Corp. | 29,600 | 2,193,795 |
Toyota Motor Corp. | 2,106,990 | 36,859,133 |
Toyota Tsusho Corp. | 67,100 | 3,572,155 |
TS Tech Co. Ltd. | 40,200 | 450,248 |
Tsuruha Holdings, Inc. | 10,000 | 734,566 |
UBE Corp. | 51,900 | 799,197 |
Unicharm Corp. | 23,600 | 801,902 |
West Japan Railway Co. | 38,463 | 1,466,000 |
Yakult Honsha Co. Ltd. | 19,600 | 461,873 |
Yamada Holdings Co. Ltd. | 371,200 | 1,173,945 |
Yamaha Corp. | 19,500 | 520,844 |
Yamaha Motor Co. Ltd. | 77,800 | 1,901,187 |
Yamato Holdings Co. Ltd. | 101,300 | 1,687,254 |
Yamazaki Baking Co. Ltd. | 46,500 | 983,226 |
Yaskawa Electric Corp. | 18,900 | 618,656 |
Yokogawa Electric Corp. | 33,800 | 613,646 |
Yokohama Rubber Co. Ltd. | 37,400 | 691,136 |
580,190,866 | ||
Netherlands 2.6% | ||
Aalberts NV | 11,920 | 372,169 |
ABN AMRO Bank NV, GDR | 85,921 | 1,157,236 |
Aegon Ltd. | 359,522 | 1,748,452 |
Akzo Nobel NV | 44,240 | 2,967,827 |
APERAM SA | 15,783 | 437,350 |
ArcelorMittal SA | 210,030 | 4,647,385 |
ASML Holding NV | 8,990 | 5,404,073 |
ASR Nederland NV | 25,086 | 936,171 |
DSM-Firmenich AG | 18,000 | 1,631,805 |
EXOR NV | 45,803 | 3,931,233 |
Heineken Holding NV | 16,026 | 1,219,314 |
Heineken NV | 19,655 | 1,765,873 |
ING Groep NV | 497,877 | 6,383,045 |
Koninklijke Ahold Delhaize NV | 269,050 | 7,967,051 |
Koninklijke KPN NV | 493,623 | 1,659,155 |
Koninklijke Philips NV | 214,722 | 4,084,544 |
NN Group NV | 72,424 | 2,322,810 |
Prosus NV * | 20,027 | 560,067 |
Randstad NV | 34,972 | 1,811,016 |
SBM Offshore NV | 33,405 | 416,041 |
Signify NV | 31,166 | 807,911 |
Wolters Kluwer NV | 10,671 | 1,369,153 |
53,599,681 | ||
New Zealand 0.1% | ||
Fletcher Building Ltd. | 235,385 | 593,219 |
Spark New Zealand Ltd. | 222,428 | 645,735 |
1,238,954 | ||
Norway 0.7% | ||
Aker BP ASA | 22,084 | 636,496 |
DNB Bank ASA | 120,640 | 2,176,569 |
Equinor ASA | 151,728 | 5,086,408 |
Mowi ASA | 65,376 | 1,062,337 |
Norsk Hydro ASA | 245,477 | 1,399,883 |
Orkla ASA | 114,588 | 789,797 |
Subsea 7 SA | 54,474 | 715,561 |
Telenor ASA | 180,527 | 1,845,418 |
Yara International ASA | 36,149 | 1,182,865 |
14,895,334 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Poland 0.3% | ||
KGHM Polska Miedz SA | 28,670 | 765,067 |
ORLEN SA | 173,136 | 2,737,958 |
PGE Polska Grupa Energetyczna SA * | 291,172 | 505,683 |
Powszechna Kasa Oszczednosci Bank Polski SA * | 92,325 | 956,373 |
Powszechny Zaklad Ubezpieczen SA | 121,206 | 1,371,552 |
6,336,633 | ||
Portugal 0.2% | ||
EDP - Energias de Portugal SA | 462,535 | 1,943,802 |
Galp Energia SGPS SA | 115,085 | 1,732,577 |
Jeronimo Martins SGPS SA | 30,233 | 697,018 |
4,373,397 | ||
Republic of Korea 6.2% | ||
Amorepacific Corp. | 5,294 | 496,927 |
BNK Financial Group, Inc. | 113,679 | 572,164 |
CJ CheilJedang Corp. | 3,279 | 686,939 |
CJ Corp. | 14,116 | 880,505 |
Coway Co. Ltd. | 14,494 | 463,819 |
DB Insurance Co. Ltd. | 15,225 | 990,521 |
DL E&C Co. Ltd. | 23,652 | 601,168 |
Doosan Enerbility Co. Ltd. * | 43,075 | 429,198 |
E-MART, Inc. | 17,065 | 920,024 |
GS Engineering & Construction Corp. | 45,428 | 444,645 |
GS Holdings Corp. | 36,017 | 1,051,763 |
Hana Financial Group, Inc. | 75,650 | 2,199,657 |
Hankook Tire & Technology Co. Ltd. | 28,168 | 799,169 |
Hanwha Corp. | 43,433 | 715,434 |
Hanwha Galleria Corp. * | 15,329 | 11,473 |
Hanwha Solutions Corp. * | 17,316 | 368,835 |
HD Hyundai Co. Ltd. | 20,872 | 888,988 |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. * | 9,883 | 662,982 |
HMM Co. Ltd. | 39,679 | 429,775 |
Hyundai Engineering & Construction Co. Ltd. | 32,760 | 812,473 |
Hyundai Glovis Co. Ltd. | 6,956 | 882,792 |
Hyundai Marine & Fire Insurance Co. Ltd. | 27,329 | 637,502 |
Hyundai Mobis Co. Ltd. | 21,879 | 3,388,286 |
Hyundai Motor Co. | 38,769 | 4,884,278 |
Hyundai Steel Co. | 56,295 | 1,369,004 |
Industrial Bank of Korea | 76,470 | 632,864 |
KB Financial Group, Inc. | 84,243 | 3,211,195 |
Kia Corp. | 72,884 | 4,163,967 |
Korea Electric Power Corp. * | 224,422 | 2,809,071 |
Korea Gas Corp. * | 24,256 | 411,059 |
Korea Zinc Co. Ltd. | 1,888 | 656,115 |
Korean Air Lines Co. Ltd. | 33,413 | 508,385 |
KT&G Corp. | 18,918 | 1,193,409 |
Kumho Petrochemical Co. Ltd. | 5,165 | 485,440 |
LG Chem Ltd. | 5,176 | 1,696,393 |
LG Corp. | 10,029 | 574,050 |
LG Display Co. Ltd. * | 168,953 | 1,528,808 |
LG Electronics, Inc. | 44,291 | 3,285,639 |
LG H&H Co. Ltd. | 1,837 | 430,674 |
LG Innotek Co. Ltd. | 2,848 | 472,689 |
LG Uplus Corp. | 120,553 | 903,510 |
Lotte Chemical Corp. | 9,274 | 1,007,128 |
Lotte Shopping Co. Ltd. | 9,843 | 526,390 |
NAVER Corp. | 5,920 | 827,634 |
POSCO Holdings, Inc. | 28,355 | 8,680,179 |
Posco International Corp. | 24,491 | 913,518 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Samsung C&T Corp. | 19,044 | 1,505,727 |
Samsung Electro-Mechanics Co. Ltd. | 10,243 | 947,078 |
Samsung Electronics Co. Ltd. | 883,770 | 43,989,544 |
Samsung Fire & Marine Insurance Co. Ltd. | 8,882 | 1,698,438 |
Samsung Life Insurance Co. Ltd. | 17,265 | 924,356 |
Samsung SDI Co. Ltd. | 2,294 | 726,360 |
Samsung SDS Co. Ltd. | 8,601 | 881,645 |
Shinhan Financial Group Co. Ltd. | 113,162 | 2,908,741 |
SK Hynix, Inc. | 107,543 | 9,339,260 |
SK Innovation Co. Ltd. * | 18,304 | 1,667,577 |
SK, Inc. | 23,312 | 2,457,804 |
S-Oil Corp. | 11,838 | 584,236 |
Woori Financial Group, Inc. | 170,905 | 1,509,561 |
129,646,765 | ||
Singapore 0.7% | ||
ComfortDelGro Corp. Ltd. | 614,500 | 593,523 |
DBS Group Holdings Ltd. | 133,844 | 3,215,377 |
Jardine Cycle & Carriage Ltd. | 23,200 | 477,915 |
Keppel Corp. Ltd. | 158,000 | 717,216 |
Keppel REIT | 31,600 | 18,349 |
Oversea-Chinese Banking Corp. Ltd. | 292,644 | 2,713,135 |
Singapore Airlines Ltd. | 124,270 | 554,898 |
Singapore Telecommunications Ltd. | 1,013,586 | 1,761,282 |
United Overseas Bank Ltd. | 107,252 | 2,115,512 |
Venture Corp. Ltd. | 41,000 | 350,071 |
Wilmar International Ltd. | 561,166 | 1,458,910 |
13,976,188 | ||
Spain 3.0% | ||
Acciona SA | 2,847 | 358,932 |
Acerinox SA | 55,101 | 536,840 |
ACS Actividades de Construccion y Servicios SA | 54,874 | 1,984,461 |
Aena SME SA | 5,186 | 752,492 |
Amadeus IT Group SA | 18,750 | 1,070,115 |
Banco Bilbao Vizcaya Argentaria SA | 1,152,581 | 9,067,619 |
Banco de Sabadell SA | 1,248,258 | 1,552,076 |
Banco Santander SA | 4,375,092 | 16,091,297 |
CaixaBank SA | 204,740 | 832,379 |
Enagas SA | 34,731 | 581,004 |
Endesa SA | 58,639 | 1,103,273 |
Ferrovial SE | 22,643 | 681,465 |
Grifols SA * | 46,985 | 527,233 |
Iberdrola SA | 721,756 | 8,027,383 |
Industria de Diseno Textil SA | 83,787 | 2,892,157 |
Mapfre SA | 277,346 | 576,525 |
Naturgy Energy Group SA | 27,434 | 776,236 |
Redeia Corp. SA | 45,088 | 703,144 |
Repsol SA | 348,260 | 5,099,274 |
Telefonica SA | 2,391,010 | 9,235,602 |
62,449,507 | ||
Sweden 1.9% | ||
Alfa Laval AB | 22,117 | 716,740 |
Assa Abloy AB, B Shares | 69,738 | 1,486,471 |
Atlas Copco AB, A Shares | 130,224 | 1,686,273 |
Atlas Copco AB, B Shares | 78,636 | 883,337 |
Boliden AB | 47,824 | 1,225,879 |
Electrolux AB, B Shares * | 61,896 | 520,868 |
Epiroc AB, A Shares | 33,625 | 553,962 |
Epiroc AB, B Shares | 19,879 | 276,026 |
Essity AB, B Shares | 73,975 | 1,686,767 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
H & M Hennes & Mauritz AB, B Shares (b) | 137,140 | 1,842,430 |
Hexagon AB, B Shares | 87,886 | 716,238 |
Husqvarna AB, B Shares | 64,755 | 419,597 |
Industrivarden AB, A Shares | 11,179 | 289,261 |
Industrivarden AB, C Shares | 9,867 | 254,463 |
Investor AB, A Shares | 51,299 | 933,710 |
Investor AB, B Shares | 167,702 | 3,078,522 |
Sandvik AB | 100,617 | 1,713,810 |
Securitas AB, B Shares | 118,659 | 950,507 |
Skandinaviska Enskilda Banken AB, A Shares | 137,720 | 1,536,888 |
Skanska AB, B Shares | 92,720 | 1,392,091 |
SKF AB, B Shares | 72,893 | 1,181,775 |
SSAB AB, A Shares | 62,736 | 375,821 |
SSAB AB, B Shares | 156,468 | 907,757 |
Svenska Cellulosa AB SCA, B Shares | 49,284 | 676,248 |
Svenska Handelsbanken AB, A Shares | 173,453 | 1,478,806 |
Swedbank AB, A Shares | 125,166 | 2,055,640 |
Tele2 AB, B Shares | 105,672 | 750,444 |
Telefonaktiebolaget LM Ericsson, B Shares | 441,534 | 1,977,953 |
Telia Co. AB | 812,393 | 1,722,229 |
Trelleborg AB, B Shares | 24,050 | 608,202 |
Volvo AB, A Shares | 35,418 | 710,106 |
Volvo AB, B Shares | 248,229 | 4,918,705 |
Volvo Car AB, B Shares * | 91,964 | 317,192 |
39,844,718 | ||
Switzerland 4.8% | ||
ABB Ltd. | 111,009 | 3,729,648 |
Adecco Group AG | 61,128 | 2,313,300 |
Alcon, Inc. | 18,626 | 1,333,177 |
Baloise Holding AG | 4,527 | 650,013 |
Barry Callebaut AG | 331 | 501,861 |
Chocoladefabriken Lindt & Spruengli AG | 4 | 435,332 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 37 | 409,635 |
Cie Financiere Richemont SA, Class A | 23,992 | 2,830,467 |
DKSH Holding AG | 6,586 | 403,276 |
Galenica AG | 5,684 | 429,420 |
Geberit AG | 2,111 | 982,910 |
Georg Fischer AG | 8,463 | 439,157 |
Givaudan SA | 391 | 1,301,452 |
Helvetia Holding AG | 3,375 | 453,714 |
Holcim AG * | 83,282 | 5,149,140 |
Julius Baer Group Ltd. | 13,984 | 828,715 |
Kuehne & Nagel International AG | 3,600 | 970,789 |
Logitech International SA | 10,819 | 851,578 |
Lonza Group AG | 2,117 | 741,382 |
Nestle SA | 174,545 | 18,822,710 |
Novartis AG | 132,114 | 12,368,454 |
Partners Group Holding AG | 870 | 921,211 |
Roche Holding AG | 61,530 | 15,856,869 |
Roche Holding AG, Bearer Shares | 2,385 | 649,939 |
Sandoz Group AG * | 26,209 | 681,408 |
Schindler Holding AG | 1,746 | 340,367 |
Schindler Holding AG, Participation Certificates | 2,973 | 601,506 |
SGS SA | 10,958 | 894,947 |
Sika AG | 4,947 | 1,183,864 |
Sonova Holding AG | 2,449 | 580,445 |
Swatch Group AG | 7,118 | 344,730 |
Swatch Group AG, Bearer Shares | 3,632 | 929,705 |
Swiss Life Holding AG | 2,904 | 1,865,183 |
Swiss Prime Site AG | 5,994 | 557,130 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Swiss Re AG | 29,922 | 3,269,361 |
Swisscom AG | 3,131 | 1,876,060 |
UBS Group AG | 329,262 | 7,736,481 |
Zurich Insurance Group AG | 13,631 | 6,474,623 |
100,709,959 | ||
United Kingdom 15.1% | ||
3i Group PLC | 60,660 | 1,430,216 |
abrdn PLC | 569,498 | 1,087,226 |
Admiral Group PLC | 25,295 | 751,583 |
Anglo American PLC | 229,233 | 5,840,760 |
Antofagasta PLC | 40,846 | 667,894 |
Ashtead Group PLC | 29,099 | 1,668,898 |
Associated British Foods PLC | 68,190 | 1,682,114 |
AstraZeneca PLC | 52,783 | 6,608,622 |
Aviva PLC | 582,607 | 2,821,896 |
B&M European Value Retail SA | 115,594 | 744,164 |
BAE Systems PLC | 277,628 | 3,733,087 |
Balfour Beatty PLC | 134,274 | 504,624 |
Barclays PLC | 3,046,766 | 4,890,199 |
Barratt Developments PLC | 278,844 | 1,406,265 |
Bellway PLC | 35,086 | 892,893 |
Berkeley Group Holdings PLC | 19,110 | 939,382 |
BP PLC | 4,074,099 | 24,876,500 |
British American Tobacco PLC | 372,254 | 11,120,122 |
BT Group PLC | 2,836,264 | 3,895,399 |
Bunzl PLC | 32,460 | 1,158,049 |
Burberry Group PLC | 35,006 | 721,475 |
Centrica PLC | 1,251,565 | 2,395,866 |
Coca-Cola HBC AG * | 23,524 | 610,722 |
Compass Group PLC | 144,216 | 3,635,881 |
CRH PLC | 99,738 | 5,352,622 |
Croda International PLC | 7,531 | 401,373 |
Currys PLC | 1,294,885 | 705,223 |
DCC PLC | 28,558 | 1,586,511 |
Diageo PLC | 103,808 | 3,925,601 |
Direct Line Insurance Group PLC * | 478,590 | 882,403 |
Dowlais Group PLC | 156,325 | 190,323 |
DS Smith PLC | 289,609 | 1,004,500 |
Entain PLC | 40,039 | 454,534 |
Experian PLC | 39,619 | 1,201,992 |
Ferguson PLC | 19,413 | 2,915,905 |
Firstgroup PLC | 444,929 | 856,221 |
Flutter Entertainment PLC * | 4,092 | 643,530 |
Glencore PLC | 3,136,546 | 16,613,731 |
GSK PLC | 469,466 | 8,369,065 |
Haleon PLC | 545,668 | 2,187,084 |
Hays PLC | 510,730 | 598,499 |
HSBC Holdings PLC | 2,238,360 | 16,161,890 |
IMI PLC | 25,059 | 447,530 |
Imperial Brands PLC | 185,234 | 3,946,255 |
Inchcape PLC | 88,058 | 713,928 |
Informa PLC | 82,487 | 714,706 |
International Distributions Services PLC * | 530,162 | 1,627,717 |
Intertek Group PLC | 15,694 | 730,926 |
ITV PLC | 810,194 | 630,844 |
J Sainsbury PLC | 739,303 | 2,313,144 |
John Wood Group PLC * | 452,301 | 783,284 |
Johnson Matthey PLC | 65,978 | 1,199,426 |
Kingfisher PLC | 788,232 | 2,012,763 |
Land Securities Group PLC | 60,759 | 421,163 |
Legal & General Group PLC | 832,761 | 2,145,610 |
Lloyds Banking Group PLC | 12,255,212 | 5,964,596 |
London Stock Exchange Group PLC | 7,143 | 720,693 |
M&G PLC | 914,413 | 2,208,155 |
Man Group PLC | 180,732 | 483,212 |
Marks & Spencer Group PLC * | 722,405 | 1,907,570 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Melrose Industries PLC | 155,224 | 883,810 |
Mondi PLC | 111,927 | 1,810,475 |
National Grid PLC | 456,875 | 5,447,306 |
NatWest Group PLC | 574,759 | 1,250,570 |
Next PLC | 11,321 | 949,180 |
Pearson PLC | 97,275 | 1,126,028 |
Persimmon PLC | 127,534 | 1,579,381 |
Phoenix Group Holdings PLC | 95,053 | 525,062 |
Prudential PLC | 198,601 | 2,076,648 |
Reckitt Benckiser Group PLC | 40,915 | 2,737,497 |
RELX PLC | 88,690 | 3,097,737 |
Rentokil Initial PLC | 94,075 | 479,076 |
Rio Tinto PLC | 205,989 | 13,142,192 |
Sage Group PLC | 62,803 | 741,943 |
Severn Trent PLC | 25,529 | 824,136 |
Shell PLC | 1,748,394 | 56,345,187 |
Smith & Nephew PLC | 87,155 | 975,362 |
Smiths Group PLC | 36,303 | 712,106 |
Smurfit Kappa Group PLC | 42,149 | 1,375,935 |
Spectris PLC | 11,879 | 448,871 |
SSE PLC | 158,845 | 3,156,815 |
St. James's Place PLC | 37,747 | 294,267 |
Standard Chartered PLC | 280,210 | 2,148,463 |
Tate & Lyle PLC | 73,012 | 559,521 |
Taylor Wimpey PLC | 1,017,593 | 1,374,404 |
Tesco PLC | 2,226,630 | 7,306,815 |
Travis Perkins PLC | 77,523 | 698,493 |
Unilever PLC | 228,364 | 10,815,461 |
United Utilities Group PLC | 72,284 | 934,889 |
Vodafone Group PLC | 12,245,214 | 11,272,179 |
Whitbread PLC | 16,527 | 670,139 |
WPP PLC | 169,947 | 1,463,451 |
314,329,765 | ||
Total Common Stocks (Cost $1,815,154,057) | 2,046,150,814 | |
PREFERRED STOCKS 1.0% OF NET ASSETS | ||
Germany 0.6% | ||
Bayerische Motoren Werke AG | 14,997 | 1,275,189 |
FUCHS SE | 15,573 | 632,498 |
Henkel AG & Co. KGaA | 26,329 | 1,899,245 |
Volkswagen AG | 83,966 | 8,904,650 |
12,711,582 | ||
Italy 0.0% | ||
Telecom Italia SpA * | 4,911,220 | 1,278,927 |
Republic of Korea 0.4% | ||
Hyundai Motor Co. | 6,096 | 450,170 |
Hyundai Motor Co. 2nd | 9,818 | 729,399 |
LG Chem Ltd. | 773 | 161,446 |
LG H&H Co. Ltd. | 418 | 43,927 |
Samsung Electronics Co. Ltd. | 160,353 | 6,402,047 |
7,786,989 | ||
Spain 0.0% | ||
Grifols SA, B Shares * | 38,175 | 305,402 |
Total Preferred Stocks (Cost $24,369,456) | 22,082,900 | |
SECURITY | NUMBER OF SHARES | VALUE ($) |
WARRANTS 0.0% OF NET ASSETS | ||
Canada 0.0% | ||
Constellation Software, Inc. | ||
expires 03/31/40 *(a) | 290 | 1,451 |
Total Warrants (Cost $0) | 1,451 |
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS | ||
Money Market Funds 0.2% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 3,526,177 | 3,526,177 |
Total Short-Term Investments (Cost $3,526,177) | 3,526,177 | |
Total Investments in Securities (Cost $1,843,049,690) | 2,071,761,342 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
MSCI EAFE Index, expires 12/15/23 | 176 | 17,372,080 | (341,882 ) |
* | Non-income producing security. |
(a) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $3,447,289. |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
GDR — | Global 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 Stocks1 | $— | $592,752,870 | $— | $592,752,870 |
Australia | — | 97,688,265 | 472,284 | 98,160,549 |
Canada | 138,469,342 | — | — | 138,469,342 |
Finland | 706,219 | 19,870,484 | — | 20,576,703 |
Germany | 807,840 | 146,553,239 | — | 147,361,079 |
Japan | 983,226 | 579,207,640 | — | 580,190,866 |
Netherlands | 560,067 | 53,039,614 | — | 53,599,681 |
Switzerland | 1,520,016 | 99,189,943 | — | 100,709,959 |
United Kingdom | 3,515,998 | 310,813,767 | — | 314,329,765 |
Preferred Stocks1 | — | 22,082,900 | — | 22,082,900 |
Warrants1 | ||||
Canada | — | — | 1,451 | 1,451 |
Short-Term Investments1 | 3,526,177 | — | — | 3,526,177 |
Liabilities | ||||
Futures Contracts2 | (341,882 ) | — | — | (341,882 ) |
Total | $149,747,003 | $1,921,198,722 | $473,735 | $2,071,419,460 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $1,843,049,690) including securities on loan of $3,447,289 | $2,071,761,342 | |
Cash | 4,287,111 | |
Foreign currency, at value (cost $1,355,553) | 1,354,233 | |
Deposit with broker for futures contracts | 1,457,207 | |
Receivables: | ||
Dividends | 7,537,985 | |
Foreign tax reclaims | 2,397,946 | |
Fund shares sold | 1,416,489 | |
Variation margin on future contracts | 47,857 | |
Income from securities on loan | + | 19,009 |
Total assets | 2,090,279,179 | |
Liabilities | ||
Collateral held for securities on loan | 3,526,177 | |
Payables: | ||
Fund shares redeemed | 849,936 | |
Investment adviser fees | 433,261 | |
Investments bought | + | 59,910 |
Total liabilities | 4,869,284 | |
Net assets | $2,085,409,895 | |
Net Assets by Source | ||
Capital received from investors | $2,006,101,214 | |
Total distributable earnings | + | 79,308,681 |
Net assets | $2,085,409,895 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,085,409,895 | 217,395,480 | $9.59 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $9,132,161) | $71,001,154 | |
Interest received from securities - unaffiliated | 173,454 | |
Securities on loan, net | + | 259,212 |
Total investment income | 71,433,820 | |
Expenses | ||
Investment adviser fees | 4,892,183 | |
Professional fees | 19,021 1 | |
Proxy fees2 | + | 728 |
Total expenses | 4,911,932 | |
Expense reduction | – | 19,021 1 |
Net expenses | – | 4,892,911 |
Net investment income | 66,540,909 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (34,464,924 ) | |
Net realized gains on futures contracts | 1,102,755 | |
Net realized losses on foreign currency transactions | + | (336,962 ) |
Net realized losses | (33,699,131 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 225,061,901 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (725,289 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 216,095 |
Net change in unrealized appreciation (depreciation) | + | 224,552,707 |
Net realized and unrealized gains | 190,853,576 | |
Increase in net assets resulting from operations | $257,394,485 |
1 | Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
2 | Proxy fees are non-routine expenses (see financial note 2(e) for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $66,540,909 | $53,264,802 | |
Net realized losses | (33,699,131 ) | (28,067,161 ) | |
Net change in unrealized appreciation (depreciation) | + | 224,552,707 | (318,729,237 ) |
Increase (decrease) in net assets resulting from operations | $257,394,485 | ($293,531,596 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($49,119,207 ) | ($52,079,126 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 71,601,319 | $703,060,604 | 82,237,833 | $778,069,159 | |
Shares reinvested | 3,661,238 | 32,731,464 | 3,235,712 | 31,904,115 | |
Shares redeemed | + | (43,832,250 ) | (423,334,845 ) | (32,691,719 ) | (305,948,761 ) |
Net transactions in fund shares | 31,430,307 | $312,457,223 | 52,781,826 | $504,024,513 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 185,965,173 | $1,564,677,394 | 133,183,347 | $1,406,263,603 | |
Total increase | + | 31,430,307 | 520,732,501 | 52,781,826 | 158,413,791 |
End of period | 217,395,480 | $2,085,409,895 | 185,965,173 | $1,564,677,394 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $10.66 | $15.42 | $11.46 | $12.57 | $12.67 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.95 | (4.21 ) | 3.96 | (0.97 ) | 0.25 | |
Total from investment operations | 1.25 | (3.91 ) | 4.23 | (0.75 ) | 0.54 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.33 ) | (0.44 ) | — | — | (0.34 ) | |
Total distributions | (0.56 ) | (0.85 ) | (0.27 ) | (0.36 ) | (0.64 ) | |
Net asset value at end of period | $11.35 | $10.66 | $15.42 | $11.46 | $12.57 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.1% OF NET ASSETS | ||
Australia 5.1% | ||
Adbri Ltd. * | 256,859 | 322,689 |
ALS Ltd. | 55,791 | 381,825 |
Ansell Ltd. | 38,388 | 518,653 |
Appen Ltd. * | 56,508 | 32,506 |
ARB Corp. Ltd. | 7,472 | 139,430 |
ASX Ltd. | 12,339 | 440,842 |
Austal Ltd. | 180,309 | 194,444 |
Bank of Queensland Ltd. | 141,221 | 458,918 |
Bapcor Ltd. | 71,300 | 242,695 |
Beach Energy Ltd. | 490,370 | 482,991 |
Bega Cheese Ltd. | 115,904 | 205,365 |
Bendigo & Adelaide Bank Ltd. | 123,389 | 683,624 |
Boral Ltd. * | 123,413 | 353,798 |
Breville Group Ltd. | 15,201 | 206,018 |
carsales.com Ltd. | 16,145 | 284,592 |
Challenger Ltd. | 88,546 | 330,158 |
Champion Iron Ltd. | 66,292 | 301,529 |
Charter Hall Group | 33,243 | 184,166 |
Charter Hall Retail REIT | 49,329 | 95,853 |
Cleanaway Waste Management Ltd. | 278,745 | 397,085 |
Cochlear Ltd. | 3,112 | 476,989 |
Collins Foods Ltd. | 23,434 | 135,891 |
Coronado Global Resources, Inc. | 240,841 | 264,931 |
Costa Group Holdings Ltd. | 105,762 | 208,605 |
Credit Corp. Group Ltd. | 9,087 | 70,107 |
Cromwell Property Group | 319,754 | 65,208 |
CSR Ltd. | 166,224 | 593,950 |
Dexus | 124,097 | 512,544 |
Domino's Pizza Enterprises Ltd. | 6,169 | 199,931 |
Eagers Automotive Ltd. | 55,822 | 459,113 |
Elders Ltd. | 50,789 | 191,652 |
Evolution Mining Ltd. | 378,417 | 846,373 |
EVT Ltd. | 19,746 | 130,929 |
FleetPartners Group Ltd. * | 156,523 | 247,238 |
Flight Centre Travel Group Ltd. | 20,635 | 245,295 |
G8 Education Ltd. | 288,679 | 174,452 |
GPT Group | 192,288 | 443,768 |
GrainCorp Ltd., Class A | 96,476 | 426,390 |
GUD Holdings Ltd. | 21,288 | 144,765 |
Harvey Norman Holdings Ltd. | 201,519 | 471,044 |
Healius Ltd. * | 146,086 | 168,355 |
Helia Group Ltd. | 116,745 | 268,484 |
IGO Ltd. | 29,180 | 176,696 |
Iluka Resources Ltd. | 40,451 | 186,793 |
Inghams Group Ltd. | 62,642 | 146,716 |
Insignia Financial Ltd. | 150,668 | 198,159 |
InvoCare Ltd. | 15,907 | 128,016 |
IRESS Ltd. | 36,398 | 116,063 |
Link Administration Holdings Ltd. | 136,101 | 103,313 |
Lottery Corp. Ltd. | 135,504 | 391,141 |
Lynas Rare Earths Ltd. * | 17,048 | 76,688 |
Magellan Financial Group Ltd. | 49,843 | 206,843 |
McMillan Shakespeare Ltd. | 17,308 | 184,456 |
Monadelphous Group Ltd. | 29,400 | 263,382 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
National Storage REIT | 54,158 | 69,051 |
nib holdings Ltd. | 80,556 | 371,252 |
Nine Entertainment Co. Holdings Ltd. | 248,019 | 292,263 |
Northern Star Resources Ltd. | 79,502 | 582,176 |
NRW Holdings Ltd. | 201,732 | 322,227 |
Nufarm Ltd. | 115,367 | 318,783 |
oOh!media Ltd. | 151,005 | 125,285 |
Orora Ltd. | 347,153 | 544,033 |
Perenti Ltd. * | 437,546 | 295,859 |
Perpetual Ltd. | 20,475 | 250,316 |
Perseus Mining Ltd. | 115,906 | 123,841 |
Platinum Asset Management Ltd. | 169,541 | 121,240 |
Premier Investments Ltd. | 12,261 | 177,788 |
Qantas Airways Ltd. * | 160,760 | 503,646 |
Qube Holdings Ltd. | 227,064 | 385,037 |
Ramelius Resources Ltd. | 221,647 | 230,207 |
REA Group Ltd. | 1,807 | 165,891 |
Reece Ltd. | 24,590 | 274,171 |
Region RE Ltd. | 112,116 | 140,189 |
Regis Resources Ltd. * | 277,617 | 300,535 |
Reliance Worldwide Corp. Ltd. | 132,354 | 295,012 |
Sandfire Resources Ltd. * | 83,349 | 316,164 |
SEEK Ltd. | 28,436 | 375,147 |
Service Stream Ltd. | 311,329 | 173,928 |
Seven Group Holdings Ltd. | 19,175 | 338,853 |
Sigma Healthcare Ltd. | 510,422 | 209,377 |
Silver Lake Resources Ltd. * | 199,718 | 131,365 |
Southern Cross Media Group Ltd. | 251,969 | 144,845 |
St Barbara Ltd. * | 1,012,320 | 111,557 |
Star Entertainment Group Ltd. * | 636,615 | 215,059 |
Steadfast Group Ltd. | 50,854 | 174,874 |
Super Retail Group Ltd. | 50,530 | 425,175 |
Tabcorp Holdings Ltd. | 333,017 | 164,320 |
TPG Telecom Ltd. | 57,537 | 189,796 |
Vicinity Ltd. | 591,489 | 640,660 |
Virgin Australia Holdings Pty. Ltd. *(a) | 176,214 | 0 |
Viva Energy Group Ltd. | 389,841 | 701,994 |
Washington H Soul Pattinson & Co. Ltd. | 17,169 | 365,766 |
Waypoint REIT Ltd. | 64,716 | 87,401 |
Westgold Resources Ltd. * | 98,904 | 129,455 |
Whitehaven Coal Ltd. | 128,777 | 606,576 |
Yancoal Australia Ltd. | 37,958 | 116,559 |
26,689,134 | ||
Austria 0.6% | ||
ANDRITZ AG | 13,786 | 634,557 |
AT&S Austria Technologie & Systemtechnik AG | 6,429 | 161,407 |
CA Immobilien Anlagen AG | 4,231 | 143,064 |
EVN AG | 9,452 | 256,530 |
Lenzing AG * | 5,673 | 220,891 |
Mayr Melnhof Karton AG | 2,404 | 282,827 |
Oesterreichische Post AG | 8,799 | 280,703 |
Strabag SE | 10,044 | 397,109 |
UNIQA Insurance Group AG | 29,185 | 235,650 |
Verbund AG | 4,239 | 368,313 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 11,073 | 297,009 |
3,278,060 | ||
Belgium 1.0% | ||
Ackermans & van Haaren NV | 4,226 | 627,362 |
Aedifica SA | 1,961 | 106,983 |
Barco NV | 10,848 | 166,559 |
Bekaert SA | 14,834 | 600,635 |
bpost SA | 98,182 | 531,898 |
Cofinimmo SA | 3,726 | 231,703 |
D'ieteren Group | 2,842 | 422,153 |
Elia Group SA | 3,907 | 370,993 |
Euronav NV | 20,962 | 374,619 |
Fagron | 8,275 | 145,425 |
Gimv NV | 2,175 | 84,106 |
KBC Ancora | 4,139 | 156,557 |
Lotus Bakeries NV | 13 | 96,287 |
Melexis NV | 2,150 | 158,274 |
Ontex Group NV * | 64,727 | 473,603 |
Recticel SA | 11,778 | 105,951 |
Sofina SA | 2,233 | 424,212 |
Warehouses De Pauw CVA | 6,751 | 167,037 |
5,244,357 | ||
Canada 7.7% | ||
ADENTRA, Inc. | 6,551 | 119,989 |
Advantage Energy Ltd. * | 15,929 | 115,670 |
Aecon Group, Inc. | 43,942 | 323,208 |
Ag Growth International, Inc. | 3,272 | 114,836 |
Air Canada * | 30,476 | 367,668 |
Alamos Gold, Inc., Class A | 33,617 | 416,228 |
Algoma Steel Group, Inc. | 53,067 | 371,192 |
Allied Properties Real Estate Investment Trust | 20,920 | 239,107 |
Altus Group Ltd. | 3,545 | 120,403 |
Aritzia, Inc. * | 5,462 | 84,958 |
Artis Real Estate Investment Trust | 39,740 | 176,527 |
ATS Corp. * | 4,684 | 157,738 |
AutoCanada, Inc. * | 12,406 | 214,438 |
Badger Infrastructure Solution | 6,952 | 184,133 |
Baytex Energy Corp. | 66,888 | 289,402 |
Birchcliff Energy Ltd. | 42,256 | 233,410 |
BlackBerry Ltd. * | 32,597 | 117,295 |
Boardwalk Real Estate Investment Trust | 4,102 | 191,560 |
Bombardier, Inc., Class B * | 12,387 | 397,402 |
Boralex, Inc., Class A | 7,097 | 132,088 |
Boyd Group Services, Inc. | 1,948 | 332,119 |
Brookfield Business Corp., Class A | 9,714 | 137,436 |
Brookfield Infrastructure Corp., Class A | 14,151 | 364,400 |
Brookfield Reinsurance Ltd. * | 4,448 | 130,481 |
Brookfield Renewable Corp., Class A | 9,847 | 224,029 |
BRP, Inc. | 4,928 | 333,082 |
CAE, Inc. * | 29,723 | 620,716 |
Cameco Corp. | 18,101 | 740,487 |
Canaccord Genuity Group, Inc. | 30,678 | 158,616 |
Canada Goose Holdings, Inc. * | 4,985 | 55,287 |
Canadian Apartment Properties REIT | 15,840 | 466,262 |
Canadian Western Bank | 19,903 | 394,400 |
Canfor Corp. * | 36,490 | 373,123 |
Capital Power Corp. | 20,713 | 530,091 |
Cascades, Inc. | 83,107 | 673,606 |
Celestica, Inc. * | 54,258 | 1,266,509 |
Centerra Gold, Inc. | 108,757 | 552,902 |
CES Energy Solutions Corp. | 73,478 | 192,338 |
Chartwell Retirement Residences | 42,715 | 312,951 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Chemtrade Logistics Income Fund | 41,830 | 245,837 |
Choice Properties Real Estate Investment Trust | 25,853 | 224,460 |
Chorus Aviation, Inc. * | 80,870 | 121,298 |
Cineplex, Inc. * | 23,688 | 142,461 |
Cogeco Communications, Inc. | 3,925 | 154,594 |
Cogeco, Inc. | 6,227 | 211,675 |
Colliers International Group, Inc. | 2,443 | 221,460 |
Crombie Real Estate Investment Trust | 21,439 | 188,301 |
Definity Financial Corp. | 4,014 | 110,977 |
Descartes Systems Group, Inc. * | 2,169 | 156,769 |
Doman Building Materials Group Ltd. | 37,373 | 181,643 |
Dorel Industries, Inc., Class B * | 36,836 | 143,439 |
Dream Industrial Real Estate Investment Trust | 13,582 | 114,689 |
Dream Office Real Estate Investment Trust | 15,169 | 83,133 |
Dundee Precious Metals, Inc. | 29,962 | 196,398 |
ECN Capital Corp. | 57,216 | 79,217 |
Eldorado Gold Corp. * | 30,788 | 333,023 |
Element Fleet Management Corp. | 38,452 | 520,180 |
Enerflex Ltd. | 56,910 | 226,532 |
Enerplus Corp. | 23,574 | 398,637 |
Enghouse Systems Ltd. | 5,497 | 129,066 |
Ensign Energy Services, Inc. * | 77,004 | 141,042 |
EQB, Inc. | 2,548 | 126,449 |
Equinox Gold Corp. * | 27,020 | 118,270 |
ERO Copper Corp. * | 5,428 | 73,665 |
Exchange Income Corp. | 5,258 | 161,712 |
Extendicare, Inc. | 22,776 | 96,245 |
Fiera Capital Corp., Class A | 22,263 | 74,812 |
First Capital Real Estate Investment Trust | 41,479 | 390,039 |
FirstService Corp. | 2,288 | 323,760 |
Fortuna Silver Mines, Inc. * | 48,916 | 137,215 |
Frontera Energy Corp. * | 28,937 | 245,393 |
GFL Environmental, Inc. | 6,841 | 197,078 |
Gibson Energy, Inc. | 44,222 | 671,900 |
goeasy Ltd. | 1,517 | 120,332 |
Granite Real Estate Investment Trust | 3,476 | 158,291 |
H&R Real Estate Investment Trust | 73,833 | 454,152 |
Hudbay Minerals, Inc. | 77,607 | 338,578 |
IAMGOLD Corp. * | 196,831 | 503,876 |
IGM Financial, Inc. | 16,800 | 378,220 |
Innergex Renewable Energy, Inc. | 19,209 | 118,294 |
Interfor Corp. * | 34,657 | 427,605 |
International Petroleum Corp. * | 15,498 | 161,937 |
Kelt Exploration Ltd. * | 21,334 | 121,227 |
Killam Apartment Real Estate Investment Trust | 12,330 | 139,327 |
Laurentian Bank of Canada | 11,514 | 210,893 |
Maple Leaf Foods, Inc. | 22,719 | 452,332 |
Martinrea International, Inc. | 57,953 | 477,666 |
MEG Energy Corp. * | 41,493 | 819,836 |
Mullen Group Ltd. | 26,570 | 252,144 |
NFI Group, Inc. * | 53,996 | 504,625 |
North West Co., Inc. | 14,037 | 357,922 |
NorthWest Healthcare Properties Real Estate Investment Trust | 34,379 | 99,412 |
NuVista Energy Ltd. * | 22,472 | 217,955 |
Obsidian Energy Ltd. * | 20,321 | 172,767 |
OceanaGold Corp. | 194,445 | 325,302 |
Pan American Silver Corp. | 49,959 | 729,886 |
Paramount Resources Ltd., Class A | 4,182 | 100,513 |
Parex Resources, Inc. | 34,399 | 659,330 |
Pason Systems, Inc. | 13,302 | 127,481 |
Peyto Exploration & Development Corp. | 34,369 | 361,844 |
PrairieSky Royalty Ltd. | 10,905 | 191,481 |
Precision Drilling Corp. * | 5,413 | 313,753 |
Premium Brands Holdings Corp., Class A | 6,691 | 430,772 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Primaris Real Estate Investment Trust | 8,665 | 77,668 |
Primo Water Corp. | 30,815 | 401,978 |
Quebecor, Inc., Class B | 22,821 | 470,819 |
RB Global, Inc. | 12,692 | 830,574 |
Real Matters, Inc. * | 20,099 | 70,874 |
Richelieu Hardware Ltd. | 8,832 | 264,180 |
Rogers Sugar, Inc. | 24,646 | 91,528 |
Russel Metals, Inc. | 27,319 | 680,636 |
Secure Energy Services, Inc. | 55,107 | 305,984 |
Shawcor Ltd. * | 20,347 | 213,044 |
Shopify, Inc., Class A * | 10,471 | 494,499 |
Sienna Senior Living, Inc. | 17,978 | 130,030 |
Sleep Country Canada Holdings, Inc. | 9,736 | 153,543 |
SmartCentres Real Estate Investment Trust | 21,637 | 335,301 |
SSR Mining, Inc. | 26,342 | 364,524 |
Stantec, Inc. | 12,131 | 742,250 |
Stelco Holdings, Inc. | 12,933 | 364,465 |
Stella-Jones, Inc. | 13,793 | 722,498 |
Superior Plus Corp. | 54,636 | 367,195 |
TMX Group Ltd. | 18,707 | 389,586 |
Torex Gold Resources, Inc. * | 32,067 | 309,166 |
Toromont Industries Ltd. | 9,346 | 703,604 |
TransAlta Corp. | 63,107 | 461,897 |
Transcontinental, Inc., Class A | 49,138 | 361,780 |
Trican Well Service Ltd. | 63,340 | 214,216 |
Tricon Residential, Inc. | 20,741 | 137,451 |
Vermilion Energy, Inc. | 52,433 | 756,578 |
Wajax Corp. | 11,339 | 244,155 |
Western Forest Products, Inc. | 348,242 | 180,807 |
Westshore Terminals Investment Corp. | 7,602 | 128,221 |
Whitecap Resources, Inc. | 28,789 | 222,340 |
Winpak Ltd. | 5,863 | 159,644 |
40,246,244 | ||
Denmark 1.5% | ||
Alm Brand AS | 101,032 | 146,223 |
Chr Hansen Holding AS | 8,361 | 570,552 |
D/S Norden AS | 6,898 | 391,919 |
Demant AS * | 10,966 | 418,457 |
Dfds AS | 9,782 | 282,574 |
FLSmidth & Co. AS | 15,599 | 585,008 |
Genmab AS * | 1,371 | 387,558 |
GN Store Nord AS * | 23,279 | 388,445 |
H Lundbeck AS | 74,721 | 390,570 |
Jyske Bank AS * | 8,347 | 588,250 |
Matas AS | 11,800 | 153,569 |
NKT AS * | 5,054 | 254,111 |
Per Aarsleff Holding AS | 8,420 | 368,293 |
Ringkjoebing Landbobank AS | 1,306 | 178,006 |
ROCKWOOL AS, B Shares | 1,594 | 354,701 |
Royal Unibrew AS | 6,597 | 477,219 |
Scandinavian Tobacco Group AS, A Shares | 19,017 | 282,373 |
Schouw & Co. AS | 4,906 | 302,762 |
Solar AS, B Shares | 2,665 | 159,036 |
Spar Nord Bank AS | 9,595 | 145,380 |
Sydbank AS | 9,500 | 412,677 |
Topdanmark AS | 5,982 | 268,138 |
Tryg AS | 29,863 | 583,151 |
8,088,972 | ||
Finland 0.9% | ||
Cargotec OYJ, B Shares | 12,449 | 491,388 |
Caverion OYJ | 9,517 | 85,897 |
Finnair OYJ *(b) | 266,172 | 16,238 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Kamux Corp. | 21,485 | 116,068 |
Kemira OYJ | 29,385 | 475,774 |
Kojamo OYJ | 24,301 | 207,599 |
Konecranes OYJ | 21,237 | 696,324 |
Metsa Board OYJ, B Shares | 44,078 | 333,744 |
Metso OYJ | 43,340 | 381,844 |
Orion OYJ, B Shares | 13,898 | 552,939 |
Terveystalo OYJ | 21,384 | 147,899 |
TietoEVRY OYJ | 20,613 | 432,451 |
Tokmanni Group Corp. | 14,078 | 190,104 |
Uponor OYJ | 12,614 | 382,174 |
YIT OYJ | 133,734 | 237,971 |
4,748,414 | ||
France 3.3% | ||
Aeroports de Paris SA | 3,507 | 393,832 |
Air France-KLM * | 42,808 | 484,199 |
Altarea SCA | 1,098 | 78,176 |
Alten SA | 4,119 | 486,569 |
Beneteau SACA | 10,706 | 129,180 |
BioMerieux | 4,384 | 420,918 |
Carmila SA | 10,296 | 144,272 |
CGG SA * | 681,223 | 482,014 |
Cie Plastic Omnium SE | 34,882 | 392,214 |
Clariane SE (b) | 69,400 | 262,256 |
Coface SA | 22,492 | 271,372 |
Covivio SA | 9,985 | 427,901 |
Dassault Aviation SA | 2,299 | 457,016 |
Derichebourg SA | 51,996 | 225,390 |
Elior Group SA * | 190,506 | 361,466 |
Eramet SA | 2,710 | 187,663 |
Esso SA Francaise | 1,964 | 120,531 |
Euronext NV | 5,835 | 406,925 |
Fnac Darty SA | 18,306 | 430,153 |
Gaztransport Et Technigaz SA | 2,322 | 297,007 |
Gecina SA | 5,704 | 560,081 |
Getlink SE | 28,136 | 454,360 |
ICADE | 12,556 | 410,271 |
Imerys SA | 16,606 | 440,313 |
Ipsen SA | 3,896 | 460,478 |
IPSOS SA | 9,354 | 454,581 |
JCDecaux SE * | 21,694 | 339,387 |
La Francaise des Jeux SAEM | 8,253 | 266,217 |
Maisons du Monde SA | 31,509 | 158,446 |
Mercialys SA | 28,758 | 244,969 |
Metropole Television SA | 30,766 | 385,620 |
Nexans SA | 6,850 | 485,248 |
Nexity SA | 32,577 | 455,181 |
Orpea SA *(b) | 261,889 | 266,502 |
Quadient SA | 21,740 | 454,523 |
Remy Cointreau SA | 1,689 | 191,905 |
Sartorius Stedim Biotech | 681 | 127,499 |
SMCP SA * | 22,272 | 79,175 |
Societe BIC SA | 8,773 | 550,665 |
SOITEC * | 936 | 139,706 |
Sopra Steria Group SACA | 3,406 | 611,500 |
SPIE SA | 26,500 | 696,884 |
Television Francaise 1 SA | 59,963 | 422,556 |
Trigano SA | 2,228 | 292,574 |
Ubisoft Entertainment SA * | 28,475 | 811,930 |
Vallourec SACA * | 13,247 | 159,102 |
Verallia SA | 12,885 | 418,974 |
Vicat SACA | 11,259 | 345,689 |
Virbac SACA | 584 | 167,683 |
Worldline SA * | 16,972 | 215,815 |
17,526,888 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Germany 3.8% | ||
1&1 AG | 30,496 | 524,570 |
ADLER Group SA * | 299,298 | 132,375 |
AIXTRON SE | 3,202 | 89,979 |
Aroundtown SA * | 271,708 | 614,012 |
Auto1 Group SE * | 18,869 | 111,067 |
BayWa AG | 6,684 | 223,127 |
Bechtle AG | 16,374 | 731,800 |
Befesa SA | 6,119 | 179,002 |
Bilfinger SE | 13,682 | 502,138 |
BRANICKS Group AG | 17,085 | 70,698 |
CANCOM SE | 11,578 | 289,060 |
Carl Zeiss Meditec AG, Bearer Shares | 2,245 | 194,939 |
Ceconomy AG * | 177,931 | 338,553 |
CompuGroup Medical SE & Co. KgaA | 2,959 | 108,497 |
CTS Eventim AG & Co. KGaA | 3,024 | 183,092 |
Delivery Hero SE * | 3,966 | 101,356 |
Deutsche Pfandbriefbank AG | 42,986 | 287,506 |
Deutsche Wohnen SE | 6,862 | 147,659 |
Deutz AG | 77,064 | 312,325 |
Duerr AG | 14,227 | 292,728 |
DWS Group GmbH & Co. KGaA | 9,076 | 266,417 |
ElringKlinger AG | 23,320 | 131,594 |
Encavis AG * | 7,416 | 96,843 |
Evotec SE * | 7,295 | 126,131 |
Fielmann Group AG | 4,751 | 204,643 |
Fraport AG Frankfurt Airport Services Worldwide * | 7,994 | 397,298 |
Gerresheimer AG | 5,365 | 500,411 |
Grand City Properties SA * | 31,274 | 279,655 |
GRENKE AG | 6,623 | 141,932 |
Hamburger Hafen und Logistik AG | 13,040 | 231,548 |
Heidelberger Druckmaschinen AG * | 77,210 | 92,619 |
Hella GmbH & Co. KGaA | 4,840 | 368,589 |
HelloFresh SE * | 18,511 | 404,895 |
Hensoldt AG | 2,575 | 76,303 |
HOCHTIEF AG | 8,193 | 848,731 |
Hornbach Holding AG & Co. KGaA | 6,761 | 403,658 |
Hugo Boss AG | 10,115 | 591,576 |
Jenoptik AG | 7,870 | 186,938 |
JOST Werke SE | 3,376 | 154,913 |
Kontron AG | 8,590 | 173,143 |
Krones AG | 3,284 | 320,101 |
LEG Immobilien SE * | 10,014 | 625,992 |
Nemetschek SE | 1,978 | 147,803 |
Nordex SE * | 17,987 | 189,754 |
Norma Group SE | 16,785 | 296,129 |
QIAGEN NV * | 12,788 | 476,584 |
Rational AG | 292 | 166,521 |
RTL Group SA | 17,001 | 594,627 |
SAF-Holland SE | 20,308 | 271,512 |
Sartorius AG | 47 | 9,678 |
Scout24 SE | 6,406 | 394,098 |
Siltronic AG | 6,073 | 521,813 |
Sixt SE | 3,106 | 267,984 |
Stabilus SE | 5,256 | 333,735 |
Stroeer SE & Co. KGaA | 5,597 | 256,075 |
Suedzucker AG | 25,666 | 388,810 |
Synlab AG | 25,058 | 262,885 |
TAG Immobilien AG * | 51,988 | 568,436 |
Takkt AG | 15,552 | 199,112 |
Talanx AG | 12,695 | 800,029 |
TeamViewer SE * | 5,129 | 78,916 |
Vitesco Technologies Group AG, Class A * | 9,529 | 931,992 |
Wacker Chemie AG | 3,042 | 373,324 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Wacker Neuson SE | 10,133 | 185,944 |
19,774,174 | ||
Hong Kong 2.8% | ||
AAC Technologies Holdings, Inc. | 339,500 | 611,112 |
ASMPT Ltd. | 80,700 | 683,493 |
Bank of East Asia Ltd. | 428,990 | 509,482 |
BOC Aviation Ltd. | 40,500 | 249,078 |
Brightoil Petroleum Holdings Ltd. *(a) | 1,150,000 | 0 |
Budweiser Brewing Co. APAC Ltd. | 157,100 | 298,544 |
Cathay Pacific Airways Ltd. *(b) | 284,363 | 285,868 |
Chow Tai Fook Jewellery Group Ltd. | 262,400 | 370,541 |
CITIC Telecom International Holdings Ltd. | 575,000 | 219,229 |
CK Infrastructure Holdings Ltd. | 39,500 | 183,084 |
Cowell e Holdings, Inc. * | 105,000 | 251,906 |
DFI Retail Group Holdings Ltd. | 141,520 | 301,865 |
Esprit Holdings Ltd. * | 2,152,500 | 91,008 |
Fortune Real Estate Investment Trust | 233,000 | 130,361 |
Hang Lung Properties Ltd. | 318,000 | 417,997 |
HKBN Ltd. | 341,500 | 118,267 |
Huabao International Holdings Ltd. | 297,735 | 100,166 |
Hysan Development Co. Ltd. | 109,000 | 200,642 |
IGG, Inc. * | 858,900 | 302,140 |
Jinchuan Group International Resources Co. Ltd. | 3,948,000 | 240,395 |
JS Global Lifestyle Co. Ltd. | 213,000 | 33,545 |
Kerry Logistics Network Ltd. | 207,000 | 175,566 |
Kerry Properties Ltd. | 368,500 | 620,107 |
L'Occitane International SA | 62,250 | 159,997 |
Luk Fook Holdings International Ltd. | 152,000 | 377,081 |
Man Wah Holdings Ltd. | 344,000 | 213,648 |
Melco International Development Ltd. * | 448,000 | 313,149 |
MMG Ltd. * | 1,340,000 | 395,144 |
Nexteer Automotive Group Ltd. | 580,000 | 279,602 |
NWS Holdings Ltd. | 540,000 | 638,949 |
Pacific Basin Shipping Ltd. | 1,803,000 | 521,740 |
PC Partner Group Ltd. | 212,000 | 84,927 |
Power Assets Holdings Ltd. | 22,143 | 105,862 |
Powerlong Real Estate Holdings Ltd. *(b) | 3,874,000 | 385,772 |
PRADA SpA | 43,500 | 262,046 |
Samsonite International SA * | 129,857 | 402,182 |
Singamas Container Holdings Ltd. | 3,508,989 | 242,146 |
SITC International Holdings Co. Ltd. | 262,000 | 403,586 |
SJM Holdings Ltd. * | 571,500 | 198,358 |
Swire Properties Ltd. | 154,200 | 298,563 |
Texhong International Group Ltd. * | 324,500 | 176,921 |
Truly International Holdings Ltd. | 1,720,000 | 176,533 |
United Energy Group Ltd. | 1,476,000 | 235,675 |
United Laboratories International Holdings Ltd. | 114,000 | 116,369 |
Value Partners Group Ltd. | 458,000 | 158,302 |
Vitasoy International Holdings Ltd. | 134,000 | 165,313 |
VSTECS Holdings Ltd. | 652,000 | 329,683 |
VTech Holdings Ltd. | 82,200 | 478,307 |
Wharf Holdings Ltd. | 320,000 | 811,983 |
Wynn Macau Ltd. * | 310,000 | 274,538 |
14,600,772 | ||
Ireland 0.4% | ||
AIB Group PLC | 134,819 | 585,320 |
Cairn Homes PLC | 192,839 | 227,724 |
Dalata Hotel Group PLC | 34,426 | 146,069 |
Glanbia PLC | 49,285 | 775,969 |
Irish Continental Group PLC | 26,971 | 123,055 |
1,858,137 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Israel 1.2% | ||
Alony Hetz Properties & Investments Ltd. | 14,518 | 70,822 |
Ashdod Refinery Ltd. * | 4,085 | 80,214 |
Ashtrom Group Ltd. | 5,798 | 62,467 |
Azrieli Group Ltd. | 2,607 | 112,250 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 415,910 | 511,776 |
Cellcom Israel Ltd. * | 36,730 | 90,439 |
Clal Insurance Enterprises Holdings Ltd. * | 13,097 | 163,609 |
Delek Automotive Systems Ltd. | 18,981 | 87,742 |
Delek Group Ltd. | 2,555 | 279,507 |
Elbit Systems Ltd. | 2,339 | 435,057 |
Elco Ltd. | 2,330 | 55,694 |
FIBI Holdings Ltd. | 5,255 | 185,018 |
First International Bank Of Israel Ltd. | 6,641 | 226,058 |
Formula Systems 1985 Ltd. | 1,889 | 107,079 |
G City Ltd. | 54,402 | 131,765 |
Harel Insurance Investments & Financial Services Ltd. | 29,600 | 190,114 |
Isracard Ltd. | 46,446 | 144,785 |
Israel Corp. Ltd. * | 1,757 | 379,243 |
Mivne Real Estate KD Ltd. | 51,466 | 111,049 |
Mizrahi Tefahot Bank Ltd. | 15,186 | 470,031 |
Neto Malinda Trading Ltd. * | 4,300 | 39,085 |
Nice Ltd. * | 3,035 | 465,253 |
Oil Refineries Ltd. | 1,345,334 | 368,785 |
Partner Communications Co. Ltd. * | 27,688 | 100,575 |
Paz Oil Co. Ltd. * | 4,085 | 290,438 |
Phoenix Holdings Ltd. | 24,768 | 210,304 |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,447 | 78,140 |
Shikun & Binui Ltd. * | 54,428 | 122,894 |
Shufersal Ltd. * | 89,379 | 377,324 |
Strauss Group Ltd. * | 6,891 | 127,676 |
Tower Semiconductor Ltd. * | 14,924 | 346,598 |
6,421,791 | ||
Italy 2.6% | ||
ACEA SpA | 16,679 | 200,833 |
Alitalia - Linee Aeree Italiane SpA *(a) | 14,782 | 0 |
Amplifon SpA | 8,380 | 236,848 |
Anima Holding SpA | 94,851 | 387,643 |
Azimut Holding SpA | 23,205 | 488,950 |
Banca Generali SpA | 8,741 | 283,553 |
Banca IFIS SpA | 8,700 | 148,785 |
Banca Mediolanum SpA | 41,834 | 341,598 |
Banca Monte dei Paschi di Siena SpA * | 82,655 | 223,790 |
Banca Popolare di Sondrio SPA | 93,146 | 508,226 |
BFF Bank SpA | 25,309 | 243,318 |
BPER Banca | 289,147 | 940,927 |
Brembo SpA | 30,120 | 324,082 |
Buzzi SpA | 26,033 | 689,332 |
Cementir Holding NV | 16,696 | 139,032 |
Credito Emiliano SpA | 15,796 | 128,084 |
Danieli & C Officine Meccaniche SpA | 1,972 | 52,164 |
Davide Campari-Milano NV | 28,181 | 311,506 |
De' Longhi SpA | 16,103 | 360,307 |
DiaSorin SpA | 1,925 | 172,523 |
doValue SpA | 16,519 | 56,806 |
Enav SpA | 54,190 | 180,613 |
ERG SpA | 9,706 | 238,484 |
Esprinet SpA | 38,143 | 180,319 |
Fincantieri SpA *(b) | 210,621 | 112,321 |
FinecoBank Banca Fineco SpA | 38,087 | 449,299 |
Infrastrutture Wireless Italiane SpA | 17,337 | 189,837 |
Interpump Group SpA | 8,575 | 358,558 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Iren SpA | 338,969 | 679,271 |
Italgas SpA | 125,998 | 640,297 |
Maire Tecnimont SpA | 45,313 | 210,707 |
MARR SpA | 11,341 | 134,607 |
MFE-MediaForEurope NV, Class A | 183,562 | 332,983 |
MFE-MediaForEurope NV, Class B | 57,101 | 151,349 |
Moncler SpA | 11,975 | 621,948 |
Nexi SpA * | 25,792 | 149,872 |
OVS SpA | 94,474 | 167,315 |
Piaggio & C SpA | 43,524 | 117,040 |
Recordati Industria Chimica e Farmaceutica SpA | 10,681 | 494,043 |
Reply SpA | 1,971 | 185,980 |
Saipem SpA * | 113,881 | 173,535 |
Salvatore Ferragamo SpA | 11,462 | 140,237 |
Saras SpA | 453,239 | 658,828 |
Technogym SpA | 17,597 | 132,467 |
Unieuro SpA (b) | 17,435 | 161,609 |
UnipolSai Assicurazioni SpA | 127,208 | 301,502 |
Webuild SpA | 111,757 | 201,269 |
13,602,597 | ||
Japan 36.5% | ||
77 Bank Ltd. | 14,900 | 332,107 |
ABC-Mart, Inc. | 19,000 | 294,292 |
Acom Co. Ltd. | 131,000 | 307,627 |
Activia Properties, Inc. | 73 | 197,501 |
Adastria Co. Ltd. | 14,480 | 303,874 |
ADEKA Corp. | 43,800 | 732,259 |
Advance Residence Investment Corp. | 105 | 228,291 |
Aeon Delight Co. Ltd. | 11,100 | 244,752 |
AEON Financial Service Co. Ltd. | 49,600 | 408,876 |
Aeon Hokkaido Corp. | 21,900 | 127,424 |
Aeon Mall Co. Ltd. | 41,930 | 476,800 |
AEON REIT Investment Corp. | 202 | 192,302 |
Ai Holdings Corp. | 7,900 | 122,295 |
Aica Kogyo Co. Ltd. | 19,800 | 454,916 |
Aichi Steel Corp. | 17,100 | 400,679 |
Aida Engineering Ltd. | 27,500 | 162,540 |
Aiful Corp. | 67,300 | 169,494 |
Ain Holdings, Inc. | 12,100 | 342,119 |
Alconix Corp. | 23,600 | 213,732 |
Alpen Co. Ltd. | 12,300 | 159,358 |
Amano Corp. | 22,100 | 451,421 |
ANA Holdings, Inc. * | 37,300 | 732,268 |
Anritsu Corp. | 44,600 | 332,009 |
AOKI Holdings, Inc. | 32,500 | 212,884 |
Aoyama Trading Co. Ltd. | 52,200 | 523,582 |
Aozora Bank Ltd. (b) | 32,200 | 656,773 |
Arata Corp. | 19,700 | 733,195 |
ARCLANDS Corp. | 14,300 | 153,175 |
Arcs Co. Ltd. | 41,600 | 794,912 |
ARE Holdings, Inc. | 23,300 | 294,973 |
Ariake Japan Co. Ltd. | 3,800 | 120,175 |
As One Corp. | 3,380 | 107,720 |
Asahi Diamond Industrial Co. Ltd. | 20,800 | 118,838 |
Asahi Intecc Co. Ltd. | 9,900 | 166,346 |
Asanuma Corp. | 7,900 | 186,275 |
Asics Corp. | 23,600 | 747,577 |
ASKUL Corp. | 14,700 | 191,899 |
Autobacs Seven Co. Ltd. | 37,400 | 384,696 |
Avex, Inc. | 17,000 | 155,251 |
Awa Bank Ltd. | 10,300 | 171,117 |
Azbil Corp. | 24,800 | 732,807 |
BayCurrent Consulting, Inc. | 4,000 | 100,427 |
Belc Co. Ltd. | 5,300 | 248,575 |
Bell System24 Holdings, Inc. * | 11,500 | 117,963 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Belluna Co. Ltd. | 37,300 | 151,560 |
Benesse Holdings, Inc. | 34,500 | 407,907 |
Bic Camera, Inc. | 93,000 | 704,096 |
BIPROGY, Inc. | 18,500 | 461,432 |
BML, Inc. | 9,100 | 172,211 |
Bunka Shutter Co. Ltd. | 29,500 | 248,795 |
C Uyemura & Co. Ltd. | 1,900 | 103,161 |
Calbee, Inc. | 24,000 | 461,050 |
Canon Electronics, Inc. | 10,800 | 137,688 |
Canon Marketing Japan, Inc. | 22,700 | 544,359 |
Capcom Co. Ltd. | 8,800 | 283,266 |
Casio Computer Co. Ltd. | 83,600 | 669,887 |
Cawachi Ltd. | 14,100 | 235,801 |
Central Glass Co. Ltd. | 13,300 | 252,068 |
Chiba Bank Ltd. | 90,400 | 673,348 |
Chudenko Corp. | 14,100 | 229,463 |
Chugoku Marine Paints Ltd. | 19,700 | 178,199 |
Citizen Watch Co. Ltd. | 112,500 | 656,102 |
CKD Corp. | 20,000 | 251,511 |
CMK Corp. | 32,600 | 143,644 |
Colowide Co. Ltd. | 9,700 | 151,029 |
Comforia Residential REIT, Inc. | 49 | 103,991 |
Cosmos Pharmaceutical Corp. | 5,170 | 538,029 |
Create SD Holdings Co. Ltd. | 8,800 | 188,714 |
Credit Saison Co. Ltd. | 52,800 | 791,462 |
CyberAgent, Inc. | 90,100 | 472,975 |
Daihen Corp. | 7,600 | 239,537 |
Daiho Corp. | 6,300 | 160,914 |
Daiichikosho Co. Ltd. | 21,700 | 320,758 |
Daiken Corp. | 2,600 | 51,628 |
Daiki Aluminium Industry Co. Ltd. | 20,100 | 166,386 |
Daikokutenbussan Co. Ltd. | 3,600 | 152,564 |
Daio Paper Corp. | 56,400 | 463,390 |
Daiseki Co. Ltd. | 6,560 | 181,171 |
Daishi Hokuetsu Financial Group, Inc. | 10,400 | 271,575 |
Daito Pharmaceutical Co. Ltd. | 7,700 | 98,372 |
Daiwa House REIT Investment Corp. | 175 | 309,706 |
Daiwa Office Investment Corp. | 29 | 126,859 |
Daiwa Securities Living Investments Corp. | 165 | 122,002 |
DCM Holdings Co. Ltd. | 64,600 | 504,430 |
DeNA Co. Ltd. | 23,486 | 229,438 |
Descente Ltd. | 6,152 | 171,585 |
Dexerials Corp. | 8,300 | 189,326 |
Disco Corp. | 6,325 | 1,116,989 |
DMG Mori Co. Ltd. | 29,400 | 486,276 |
Doshisha Co. Ltd. | 13,100 | 195,018 |
Doutor Nichires Holdings Co. Ltd. | 15,000 | 216,580 |
DTS Corp. | 10,000 | 205,384 |
Duskin Co. Ltd. | 17,600 | 383,727 |
DyDo Group Holdings, Inc. | 5,300 | 205,120 |
Eagle Industry Co. Ltd. | 21,700 | 236,564 |
Earth Corp. | 6,300 | 207,229 |
Eizo Corp. | 7,750 | 248,679 |
Elecom Co. Ltd. | 15,127 | 171,519 |
en Japan, Inc. | 7,500 | 111,869 |
eRex Co. Ltd. (b) | 9,900 | 48,811 |
Exedy Corp. | 33,900 | 566,007 |
Ezaki Glico Co. Ltd. | 25,400 | 738,306 |
Fancl Corp. | 11,900 | 177,912 |
FCC Co. Ltd. | 31,000 | 367,847 |
Ferrotec Holdings Corp. | 8,500 | 149,406 |
Food & Life Cos. Ltd. | 13,000 | 219,112 |
Foster Electric Co. Ltd. | 30,898 | 183,880 |
FP Corp. | 12,160 | 234,161 |
Frontier Real Estate Investment Corp. | 43 | 128,640 |
Fuji Co. Ltd. | 17,300 | 218,704 |
Fuji Corp. | 31,838 | 479,412 |
Fuji Media Holdings, Inc. | 31,000 | 307,883 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Fuji Oil Co. Ltd. | 89,300 | 187,376 |
Fuji Oil Holdings, Inc. | 25,900 | 411,404 |
Fuji Seal International, Inc. | 26,400 | 294,074 |
Fuji Soft, Inc. | 9,400 | 338,262 |
Fujicco Co. Ltd. | 8,400 | 108,387 |
Fujimi, Inc. | 7,200 | 143,725 |
Fujimori Kogyo Co. Ltd. | 10,300 | 259,901 |
Fujitec Co. Ltd. | 16,700 | 362,559 |
Fujitsu General Ltd. | 12,610 | 224,265 |
Fukuoka Financial Group, Inc. | 30,800 | 814,159 |
Fukuoka REIT Corp. | 110 | 118,433 |
Fukuyama Transporting Co. Ltd. | 17,499 | 478,216 |
Fuso Chemical Co. Ltd. | 4,500 | 122,274 |
Fuyo General Lease Co. Ltd. | 3,345 | 271,951 |
Gakken Holdings Co. Ltd. | 19,100 | 106,301 |
Geo Holdings Corp. | 25,300 | 395,525 |
GLOBERIDE, Inc. | 9,000 | 116,147 |
Glory Ltd. | 27,200 | 507,125 |
GLP J-Reit * | 292 | 261,532 |
GMO internet group, Inc. | 9,500 | 138,365 |
Godo Steel Ltd. | 7,000 | 203,223 |
Goldwin, Inc. | 2,800 | 176,839 |
Gree, Inc. | 22,800 | 85,205 |
G-Tekt Corp. | 18,900 | 220,575 |
GungHo Online Entertainment, Inc. | 10,950 | 165,099 |
Gunma Bank Ltd. | 105,800 | 511,286 |
Gunze Ltd. | 10,700 | 320,852 |
H.U. Group Holdings, Inc. | 28,700 | 482,333 |
H2O Retailing Corp. | 76,600 | 820,623 |
Hachijuni Bank Ltd. | 88,600 | 504,588 |
Hakuto Co. Ltd. | 3,700 | 125,123 |
Hamamatsu Photonics KK | 10,400 | 386,287 |
Happinet Corp. | 11,300 | 191,353 |
Harmonic Drive Systems, Inc. | 2,800 | 60,646 |
Hazama Ando Corp. | 97,800 | 756,974 |
Heiwa Corp. | 14,800 | 209,499 |
Heiwa Real Estate Co. Ltd. | 5,300 | 135,674 |
Heiwado Co. Ltd. | 29,600 | 484,140 |
Hikari Tsushin, Inc. | 3,950 | 569,878 |
Hirata Corp. | 3,100 | 141,029 |
Hirose Electric Co. Ltd. | 5,039 | 570,914 |
HIS Co. Ltd. *(b) | 10,400 | 117,394 |
Hisamitsu Pharmaceutical Co., Inc. | 15,600 | 497,569 |
Hitachi Zosen Corp. | 80,000 | 417,326 |
Hogy Medical Co. Ltd. | 5,100 | 110,814 |
Hokuetsu Corp. | 73,700 | 565,478 |
Hokuhoku Financial Group, Inc. | 51,800 | 604,769 |
Hokuriku Electric Power Co. * | 160,600 | 796,614 |
Hokuto Corp. | 9,100 | 109,211 |
Horiba Ltd. | 10,900 | 551,118 |
Hoshizaki Corp. | 18,500 | 597,451 |
Hosiden Corp. | 39,000 | 458,376 |
Hosokawa Micron Corp. | 5,100 | 143,143 |
House Foods Group, Inc. | 28,400 | 599,696 |
Hulic Co. Ltd. | 76,400 | 700,445 |
Hulic Reit, Inc. | 103 | 105,070 |
Hyakugo Bank Ltd. | 52,100 | 196,988 |
Hyakujushi Bank Ltd. | 9,500 | 180,899 |
Ibiden Co. Ltd. | 17,400 | 741,874 |
Idec Corp. | 5,600 | 100,484 |
IDOM, Inc. | 29,300 | 176,318 |
Iino Kaiun Kaisha Ltd. | 25,100 | 180,035 |
Inaba Denki Sangyo Co. Ltd. | 29,900 | 623,501 |
Inabata & Co. Ltd. | 34,400 | 718,169 |
Industrial & Infrastructure Fund Investment Corp. | 162 | 145,605 |
Intage Holdings, Inc. | 6,400 | 70,821 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Integrated Design & Engineering Holdings Co. Ltd. | 5,600 | 124,306 |
Internet Initiative Japan, Inc. | 15,800 | 255,306 |
Invincible Investment Corp. | 374 | 143,841 |
Iriso Electronics Co. Ltd. | 4,700 | 110,960 |
Ishihara Sangyo Kaisha Ltd. | 24,000 | 224,838 |
Ito En Ltd. | 14,700 | 477,683 |
Itochu Enex Co. Ltd. | 51,900 | 510,147 |
Itochu Techno-Solutions Corp. | 8,500 | 243,807 |
Izumi Co. Ltd. | 32,500 | 821,779 |
Jaccs Co. Ltd. | 9,100 | 312,797 |
JAFCO Group Co. Ltd. | 16,400 | 176,641 |
Japan Airlines Co. Ltd. | 42,300 | 777,634 |
Japan Airport Terminal Co. Ltd. | 3,800 | 167,120 |
Japan Aviation Electronics Industry Ltd. | 19,100 | 360,007 |
Japan Excellent, Inc. | 188 | 165,011 |
Japan Hotel REIT Investment Corp. | 346 | 157,303 |
Japan Lifeline Co. Ltd. | 22,200 | 169,283 |
Japan Logistics Fund, Inc. | 66 | 122,251 |
Japan Metropolitan Fund Invest | 723 | 466,586 |
Japan Petroleum Exploration Co. Ltd. | 12,700 | 434,868 |
Japan Post Bank Co. Ltd. | 79,100 | 733,194 |
Japan Prime Realty Investment Corp. | 98 | 229,545 |
Japan Real Estate Investment Corp. | 133 | 494,005 |
Japan Steel Works Ltd. | 19,500 | 316,382 |
Japan Wool Textile Co. Ltd. | 32,200 | 292,748 |
Jeol Ltd. | 5,600 | 158,107 |
Joshin Denki Co. Ltd. | 31,100 | 494,020 |
Joyful Honda Co. Ltd. | 33,200 | 389,940 |
Juki Corp. | 30,800 | 121,535 |
JVCKenwood Corp. | 116,400 | 500,257 |
Kadokawa Corp. | 12,200 | 235,009 |
Kaga Electronics Co. Ltd. | 8,400 | 336,129 |
Kagome Co. Ltd. | 16,300 | 339,095 |
Kakaku.com, Inc. | 16,500 | 159,134 |
Kaken Pharmaceutical Co. Ltd. | 12,482 | 276,416 |
Kameda Seika Co. Ltd. | 3,600 | 97,302 |
Kamigumi Co. Ltd. | 36,300 | 736,402 |
Kanamoto Co. Ltd. | 24,700 | 400,860 |
Kandenko Co. Ltd. | 86,300 | 799,684 |
Kansai Paint Co. Ltd. | 46,260 | 677,001 |
Kanto Denka Kogyo Co. Ltd. | 23,100 | 122,068 |
Katitas Co. Ltd. | 7,061 | 94,246 |
Kato Sangyo Co. Ltd. | 22,600 | 635,445 |
Keihan Holdings Co. Ltd. | 20,500 | 501,388 |
Keikyu Corp. | 57,600 | 488,357 |
Keio Corp. | 22,400 | 664,708 |
Keisei Electric Railway Co. Ltd. | 16,200 | 610,248 |
Keiyo Bank Ltd. | 36,100 | 163,792 |
Kenedix Office Investment Corp. | 188 | 196,082 |
Kenedix Residential Next Investment Corp. *(a) | 75 | 104,781 |
Kenedix Retail REIT Corp. *(a) | 67 | 117,235 |
KFC Holdings Japan Ltd. | 5,800 | 115,537 |
KH Neochem Co. Ltd. | 13,300 | 201,464 |
Kissei Pharmaceutical Co. Ltd. | 7,100 | 150,172 |
Kitz Corp. | 43,400 | 293,262 |
Kiyo Bank Ltd. | 16,700 | 172,393 |
Koa Corp. | 9,200 | 88,655 |
Kobayashi Pharmaceutical Co. Ltd. | 8,400 | 346,779 |
Kobe Bussan Co. Ltd. | 8,000 | 197,984 |
Koei Tecmo Holdings Co. Ltd. | 10,460 | 136,583 |
Kohnan Shoji Co. Ltd. | 17,200 | 445,875 |
Kojima Co. Ltd. | 26,100 | 114,081 |
Kokuyo Co. Ltd. | 38,300 | 593,649 |
Komeri Co. Ltd. | 20,600 | 427,158 |
Konami Group Corp. | 13,500 | 699,328 |
Konoike Transport Co. Ltd. | 14,900 | 197,212 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Kose Corp. | 4,900 | 324,630 |
KPP Group Holdings Co. Ltd. | 31,900 | 137,866 |
Kumagai Gumi Co. Ltd. | 28,200 | 706,724 |
Kumiai Chemical Industry Co. Ltd. | 26,200 | 190,964 |
Kura Sushi, Inc. | 5,500 | 130,895 |
Kureha Corp. | 7,200 | 427,600 |
Kusuri No. Aoki Holdings Co. Ltd. | 4,000 | 262,071 |
KYB Corp. | 11,300 | 333,824 |
Kyoei Steel Ltd. | 20,900 | 265,125 |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 20,400 | 248,489 |
Kyorin Pharmaceutical Co. Ltd. | 17,900 | 211,138 |
Kyoritsu Maintenance Co. Ltd. | 3,500 | 133,861 |
Kyoto Financial Group, Inc. | 7,200 | 408,195 |
Kyowa Kirin Co. Ltd. | 34,500 | 541,108 |
Kyudenko Corp. | 21,800 | 651,187 |
Kyushu Financial Group, Inc. | 84,100 | 529,954 |
LaSalle Logiport REIT | 84 | 82,381 |
Lasertec Corp. | 700 | 115,626 |
Lawson, Inc. | 14,883 | 716,976 |
Life Corp. | 17,700 | 417,235 |
Lintec Corp. | 30,000 | 495,878 |
M3, Inc. | 18,400 | 283,382 |
Mabuchi Motor Co. Ltd. | 17,000 | 485,682 |
Macnica Holdings, Inc. | 23,800 | 966,980 |
Makino Milling Machine Co. Ltd. | 9,250 | 385,987 |
Mandom Corp. | 17,500 | 160,522 |
Marubun Corp. | 12,100 | 88,414 |
Maruha Nichiro Corp. | 37,300 | 638,519 |
Marui Group Co. Ltd. | 36,100 | 570,854 |
Maruichi Steel Tube Ltd. | 20,400 | 506,254 |
MARUKA FURUSATO Corp. | 5,000 | 91,817 |
Maruwa Co. Ltd. | 900 | 157,917 |
Matsuda Sangyo Co. Ltd. | 13,000 | 226,412 |
Max Co. Ltd. | 11,800 | 199,138 |
Maxell Ltd. | 22,600 | 241,724 |
McDonald's Holdings Co. Japan Ltd. | 10,700 | 416,313 |
MCJ Co. Ltd. | 33,100 | 238,134 |
Mebuki Financial Group, Inc. | 253,076 | 766,115 |
Megachips Corp. | 7,100 | 183,057 |
Megmilk Snow Brand Co. Ltd. | 48,600 | 783,333 |
Meidensha Corp. | 24,600 | 385,405 |
Meiko Electronics Co. Ltd. | 7,900 | 163,861 |
MEITEC Group Holdings, Inc. | 16,200 | 285,121 |
Menicon Co. Ltd. | 8,000 | 92,744 |
METAWATER Co. Ltd. | 8,900 | 112,201 |
Mimasu Semiconductor Industry Co. Ltd. | 6,600 | 107,026 |
MIRAIT ONE Corp. | 60,400 | 800,526 |
Mirarth Holdings, Inc. | 54,200 | 157,993 |
Mitsubishi HC Capital, Inc. | 87,100 | 574,183 |
Mitsubishi Logisnext Co. Ltd. | 37,200 | 291,849 |
Mitsubishi Logistics Corp. | 20,900 | 546,742 |
Mitsubishi Pencil Co. Ltd. | 9,600 | 118,340 |
Mitsuboshi Belting Ltd. | 3,000 | 86,607 |
Mitsui E&S Co. Ltd. | 52,000 | 142,559 |
Mitsui High-Tec, Inc. | 2,070 | 87,401 |
Mitsui Matsushima Holdings Co. Ltd. | 6,100 | 111,628 |
Mitsui-Soko Holdings Co. Ltd. | 11,400 | 324,713 |
Miura Co. Ltd. | 15,500 | 300,529 |
MIXI, Inc. | 20,300 | 307,465 |
Mizuho Leasing Co. Ltd. | 7,100 | 225,885 |
Mizuno Corp. | 12,000 | 352,026 |
Mochida Pharmaceutical Co. Ltd. | 9,600 | 211,541 |
Modec, Inc. * | 13,500 | 148,481 |
Monex Group, Inc. | 31,000 | 136,343 |
MonotaRO Co. Ltd. | 13,200 | 105,494 |
Mori Hills REIT Investment Corp. | 117 | 109,506 |
Morinaga & Co. Ltd. | 14,700 | 530,145 |
MOS Food Services, Inc. | 6,500 | 141,798 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Musashi Seimitsu Industry Co. Ltd. | 24,400 | 234,843 |
Musashino Bank Ltd. | 9,600 | 181,012 |
Nabtesco Corp. | 34,200 | 605,740 |
Nachi-Fujikoshi Corp. | 12,900 | 321,455 |
Nakanishi, Inc. | 5,200 | 114,209 |
Nankai Electric Railway Co. Ltd. | 25,600 | 490,285 |
Nanto Bank Ltd. | 8,900 | 160,197 |
NEC Networks & System Integration Corp. | 22,100 | 299,094 |
NET One Systems Co. Ltd. | 17,448 | 266,307 |
Nexon Co. Ltd. | 32,622 | 598,589 |
Nextage Co. Ltd. | 4,400 | 60,792 |
Nichias Corp. | 26,900 | 533,689 |
Nichicon Corp. | 21,800 | 182,200 |
Nichiha Corp. | 14,400 | 284,342 |
Nifco, Inc. | 24,000 | 562,853 |
Nihon Chouzai Co. Ltd. | 14,672 | 137,746 |
Nihon Kohden Corp. | 20,300 | 479,461 |
Nihon M&A Center Holdings, Inc. | 22,600 | 103,221 |
Nihon Parkerizing Co. Ltd. | 39,900 | 289,577 |
Nikkiso Co. Ltd. | 32,800 | 208,924 |
Nikkon Holdings Co. Ltd. | 25,500 | 541,078 |
Nippn Corp. | 33,200 | 505,613 |
Nippon Accommodations Fund, Inc. | 39 | 157,123 |
Nippon Building Fund, Inc. | 146 | 586,618 |
Nippon Carbon Co. Ltd. | 4,100 | 120,098 |
Nippon Chemi-Con Corp. * | 14,700 | 124,635 |
Nippon Coke & Engineering Co. Ltd. * | 169,716 | 124,887 |
Nippon Denko Co. Ltd. | 56,800 | 109,450 |
Nippon Densetsu Kogyo Co. Ltd. | 21,500 | 293,110 |
Nippon Gas Co. Ltd. | 23,400 | 351,690 |
Nippon Kanzai Holdings Co. Ltd. | 5,900 | 97,806 |
Nippon Kayaku Co. Ltd. | 72,100 | 619,375 |
Nippon Paint Holdings Co. Ltd. | 86,701 | 582,900 |
Nippon Prologis REIT, Inc. * | 141 | 250,892 |
NIPPON REIT Investment Corp. | 51 | 117,826 |
Nippon Road Co. Ltd. | 8,500 | 111,683 |
Nippon Sanso Holdings Corp. | 30,900 | 779,251 |
Nippon Sheet Glass Co. Ltd. * | 103,300 | 453,868 |
Nippon Shinyaku Co. Ltd. | 8,200 | 332,560 |
Nippon Shokubai Co. Ltd. | 19,646 | 729,692 |
Nippon Soda Co. Ltd. | 11,200 | 401,551 |
Nippon Thompson Co. Ltd. | 30,200 | 107,632 |
Nippon Yakin Kogyo Co. Ltd. | 6,610 | 176,290 |
Nipro Corp. | 67,800 | 516,260 |
Nishimatsu Construction Co. Ltd. | 13,600 | 327,446 |
Nishimatsuya Chain Co. Ltd. | 18,300 | 235,046 |
Nishi-Nippon Financial Holdings, Inc. | 41,700 | 498,028 |
Nishi-Nippon Railroad Co. Ltd. | 26,400 | 426,538 |
Nishio Holdings Co. Ltd. | 11,500 | 254,823 |
Nissha Co. Ltd. | 19,400 | 201,699 |
Nisshin Oillio Group Ltd. | 17,700 | 494,352 |
Nisshinbo Holdings, Inc. | 91,300 | 660,389 |
Nitta Corp. | 7,200 | 162,576 |
Nittetsu Mining Co. Ltd. | 9,400 | 295,982 |
Nitto Boseki Co. Ltd. | 10,600 | 238,563 |
Nitto Kogyo Corp. | 12,000 | 274,281 |
Noevir Holdings Co. Ltd. | 3,000 | 105,220 |
NOF Corp. | 13,400 | 528,643 |
Nohmi Bosai Ltd. | 10,000 | 120,410 |
Nojima Corp. | 60,900 | 542,390 |
Nomura Co. Ltd. | 29,000 | 166,970 |
Nomura Real Estate Master Fund, Inc. * | 496 | 547,315 |
Noritake Co. Ltd. | 8,500 | 330,831 |
Noritz Corp. | 24,200 | 254,058 |
North Pacific Bank Ltd. | 83,800 | 215,801 |
NS Solutions Corp. | 9,600 | 278,779 |
NS United Kaiun Kaisha Ltd. | 5,800 | 164,868 |
NSD Co. Ltd. | 11,200 | 194,867 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
NTN Corp. | 308,703 | 549,939 |
NTT UD REIT Investment Corp. | 148 | 122,006 |
Obic Co. Ltd. | 2,700 | 399,104 |
Odakyu Electric Railway Co. Ltd. | 60,500 | 861,298 |
Ogaki Kyoritsu Bank Ltd. | 11,700 | 163,394 |
Oiles Corp. | 8,500 | 107,636 |
Okamura Corp. | 36,200 | 515,367 |
Okasan Securities Group, Inc. | 47,100 | 212,975 |
Oki Electric Industry Co. Ltd. | 96,300 | 581,000 |
Okinawa Cellular Telephone Co. | 5,200 | 109,983 |
Okinawa Electric Power Co., Inc. | 47,482 | 346,710 |
OKUMA Corp. | 11,900 | 489,929 |
Okumura Corp. | 18,300 | 559,787 |
Onoken Co. Ltd. | 25,600 | 284,589 |
Onward Holdings Co. Ltd. | 71,200 | 225,445 |
Open House Group Co. Ltd. | 15,900 | 524,069 |
Oracle Corp. | 5,000 | 354,698 |
Organo Corp. | 5,400 | 178,042 |
Orient Corp. | 28,760 | 214,400 |
Orix JREIT, Inc. | 282 | 324,092 |
Osaka Soda Co. Ltd. | 7,100 | 416,987 |
OSG Corp. | 26,700 | 304,663 |
Outsourcing, Inc. | 37,800 | 280,888 |
Oyo Corp. | 7,200 | 110,049 |
Pacific Industrial Co. Ltd. | 35,000 | 321,290 |
Pack Corp. | 4,800 | 106,693 |
Paramount Bed Holdings Co. Ltd. | 12,600 | 214,674 |
Park24 Co. Ltd. * | 23,000 | 259,113 |
Pasona Group, Inc. | 12,100 | 108,241 |
PHC Holdings Corp. | 8,400 | 79,440 |
Pigeon Corp. | 27,800 | 295,177 |
Pilot Corp. | 10,100 | 342,748 |
Piolax, Inc. | 7,400 | 109,288 |
Pola Orbis Holdings, Inc. | 24,000 | 241,073 |
Press Kogyo Co. Ltd. | 95,300 | 408,172 |
Prima Meat Packers Ltd. | 28,000 | 425,999 |
Qol Holdings Co. Ltd. | 16,000 | 184,689 |
Raito Kogyo Co. Ltd. | 16,900 | 218,751 |
Rakuten Group, Inc. | 145,683 | 538,870 |
Relo Group, Inc. | 13,700 | 135,823 |
Resorttrust, Inc. | 13,588 | 195,533 |
Retail Partners Co. Ltd. | 34,000 | 387,742 |
Rinnai Corp. | 33,800 | 620,887 |
Rohto Pharmaceutical Co. Ltd. | 24,800 | 578,616 |
Round One Corp. | 37,300 | 135,306 |
Ryobi Ltd. | 32,200 | 603,969 |
Ryosan Co. Ltd. | 12,400 | 390,758 |
Ryoyo Electro Corp. | 7,900 | 187,626 |
S Foods, Inc. | 16,100 | 340,574 |
Saibu Gas Holdings Co. Ltd. | 10,800 | 137,005 |
Saizeriya Co. Ltd. | 7,400 | 300,674 |
Sakai Chemical Industry Co. Ltd. | 13,200 | 180,720 |
Sakai Moving Service Co. Ltd. | 7,400 | 126,303 |
Sakata Seed Corp. | 5,600 | 150,683 |
SAMTY Co. Ltd. | 7,700 | 126,615 |
San-A Co. Ltd. | 9,400 | 291,197 |
Sangetsu Corp. | 20,300 | 381,496 |
San-In Godo Bank Ltd. | 35,300 | 243,138 |
Sanken Electric Co. Ltd. | 3,900 | 193,971 |
Sanki Engineering Co. Ltd. | 32,100 | 373,114 |
Sankyo Co. Ltd. | 7,100 | 295,061 |
Sanoh Industrial Co. Ltd. | 24,652 | 143,982 |
Sanyo Chemical Industries Ltd. | 7,450 | 198,064 |
Sanyo Denki Co. Ltd. | 3,500 | 129,478 |
Sanyo Special Steel Co. Ltd. | 11,000 | 187,470 |
Sapporo Holdings Ltd. | 19,600 | 690,040 |
Sato Holdings Corp. | 12,600 | 169,226 |
SBS Holdings, Inc. | 5,200 | 92,318 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SCREEN Holdings Co. Ltd. | 16,600 | 771,769 |
Scroll Corp. | 13,700 | 85,527 |
SCSK Corp. | 29,428 | 502,344 |
Sega Sammy Holdings, Inc. | 41,600 | 650,606 |
Seibu Holdings, Inc. | 56,255 | 549,300 |
Seiko Group Corp. | 12,400 | 193,640 |
Seiren Co. Ltd. | 13,000 | 192,841 |
Sekisui House Reit, Inc. | 321 | 169,063 |
Sekisui Jushi Corp. | 10,300 | 167,967 |
Senko Group Holdings Co. Ltd. | 73,700 | 507,777 |
Senshu Ikeda Holdings, Inc. | 80,300 | 188,717 |
Seria Co. Ltd. | 16,300 | 225,924 |
Seven Bank Ltd. | 171,000 | 338,583 |
Shibaura Machine Co. Ltd. | 8,500 | 210,476 |
Shiga Bank Ltd. | 9,300 | 245,941 |
Shindengen Electric Manufacturing Co. Ltd. | 5,000 | 94,588 |
Shin-Etsu Polymer Co. Ltd. | 13,500 | 122,520 |
Shinko Electric Industries Co. Ltd. | 9,100 | 292,191 |
Shinmaywa Industries Ltd. | 38,900 | 310,419 |
Ship Healthcare Holdings, Inc. | 29,400 | 453,910 |
Shizuoka Gas Co. Ltd. | 36,700 | 249,356 |
SHO-BOND Holdings Co. Ltd. | 5,500 | 216,607 |
Shoei Foods Corp. | 5,300 | 150,193 |
Siix Corp. | 22,900 | 214,539 |
Sinfonia Technology Co. Ltd. | 13,800 | 144,703 |
SKY Perfect JSAT Holdings, Inc. | 65,400 | 302,700 |
Skylark Holdings Co. Ltd. * | 51,300 | 756,869 |
Sodick Co. Ltd. | 25,500 | 128,618 |
Sotetsu Holdings, Inc. | 21,400 | 377,752 |
Square Enix Holdings Co. Ltd. | 15,300 | 508,293 |
Star Micronics Co. Ltd. | 12,800 | 153,883 |
Starts Corp., Inc. | 12,900 | 245,005 |
Sugi Holdings Co. Ltd. | 15,900 | 643,606 |
Sumida Corp. | 10,226 | 87,859 |
Sumitomo Bakelite Co. Ltd. | 10,800 | 480,577 |
Sumitomo Mitsui Construction Co. Ltd. | 168,080 | 445,924 |
Sumitomo Osaka Cement Co. Ltd. | 25,100 | 584,295 |
Sumitomo Pharma Co. Ltd. | 113,031 | 345,158 |
Sumitomo Seika Chemicals Co. Ltd. | 4,000 | 123,020 |
Sumitomo Warehouse Co. Ltd. | 19,200 | 307,384 |
Sun Frontier Fudousan Co. Ltd. | 12,500 | 121,288 |
Suruga Bank Ltd. | 74,800 | 319,607 |
SWCC Corp. | 14,700 | 204,393 |
Systena Corp. | 49,100 | 83,588 |
Tachi-S Co. Ltd. | 34,000 | 373,037 |
Tadano Ltd. | 47,000 | 353,351 |
Taikisha Ltd. | 14,400 | 419,036 |
Taisho Pharmaceutical Holdings Co. Ltd. | 14,300 | 566,252 |
Taiyo Holdings Co. Ltd. | 8,200 | 133,734 |
Takamatsu Construction Group Co. Ltd. | 13,700 | 249,436 |
Takaoka Toko Co. Ltd. | 8,084 | 110,289 |
Takara Holdings, Inc. | 71,963 | 599,861 |
Takara Standard Co. Ltd. | 30,800 | 373,888 |
Takasago Thermal Engineering Co. Ltd. | 30,000 | 592,338 |
Takeuchi Manufacturing Co. Ltd. | 10,900 | 310,989 |
Takuma Co. Ltd. | 27,200 | 263,885 |
Tama Home Co. Ltd. | 3,410 | 77,050 |
Tamura Corp. | 29,900 | 97,554 |
Tanseisha Co. Ltd. | 29,300 | 164,636 |
TBS Holdings, Inc. | 15,000 | 244,533 |
TechnoPro Holdings, Inc. | 13,300 | 263,484 |
T-Gaia Corp. | 17,000 | 202,478 |
THK Co. Ltd. | 37,000 | 661,251 |
TKC Corp. | 5,300 | 123,633 |
Toa Corp. | 10,200 | 253,666 |
Toagosei Co. Ltd. | 58,500 | 536,710 |
Tocalo Co. Ltd. | 15,600 | 141,005 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Toda Corp. | 121,700 | 675,847 |
Toei Co. Ltd. | 1,300 | 152,623 |
Toho Co. Ltd. | 15,700 | 536,360 |
Toho Zinc Co. Ltd. | 12,000 | 127,342 |
Tokai Carbon Co. Ltd. | 71,100 | 545,613 |
TOKAI Holdings Corp. | 61,600 | 397,265 |
Tokai Rika Co. Ltd. | 50,169 | 787,267 |
Tokai Tokyo Financial Holdings, Inc. | 55,400 | 188,167 |
Token Corp. | 6,450 | 338,498 |
Tokushu Tokai Paper Co. Ltd. | 4,100 | 97,796 |
Tokyo Century Corp. | 13,800 | 531,696 |
Tokyo Ohka Kogyo Co. Ltd. | 6,600 | 381,353 |
Tokyo Seimitsu Co. Ltd. | 9,700 | 453,430 |
Tokyo Steel Manufacturing Co. Ltd. | 27,100 | 313,224 |
Tokyo Tatemono Co. Ltd. | 58,400 | 775,454 |
Tokyu Construction Co. Ltd. | 62,900 | 323,649 |
Tokyu REIT, Inc. | 80 | 95,463 |
TOMONY Holdings, Inc. | 35,000 | 117,944 |
Tomy Co. Ltd. | 34,200 | 471,707 |
Topcon Corp. | 27,400 | 249,855 |
Topre Corp. | 46,300 | 498,902 |
Toshiba TEC Corp. | 11,100 | 241,287 |
Totetsu Kogyo Co. Ltd. | 16,000 | 311,818 |
Towa Pharmaceutical Co. Ltd. | 12,300 | 226,103 |
Toyo Construction Co. Ltd. | 36,100 | 294,556 |
Toyo Ink SC Holdings Co. Ltd. | 28,800 | 489,253 |
Toyo Tire Corp. | 58,700 | 871,879 |
Toyobo Co. Ltd. | 89,700 | 601,835 |
Toyota Boshoku Corp. | 48,000 | 834,764 |
TPR Co. Ltd. | 33,600 | 393,858 |
Trancom Co. Ltd. | 3,900 | 179,174 |
Transcosmos, Inc. | 13,000 | 264,732 |
Trend Micro, Inc. | 16,200 | 610,491 |
Trusco Nakayama Corp. | 19,900 | 300,340 |
TSI Holdings Co. Ltd. | 62,800 | 335,281 |
Tsubaki Nakashima Co. Ltd. | 23,300 | 113,935 |
Tsubakimoto Chain Co. | 24,500 | 619,317 |
Tsugami Corp. | 17,000 | 121,804 |
Tsumura & Co. | 20,990 | 375,580 |
TV Asahi Holdings Corp. | 16,290 | 175,606 |
UACJ Corp. | 27,430 | 558,344 |
Uchida Yoko Co. Ltd. | 5,300 | 243,922 |
Ulvac, Inc. | 14,800 | 508,960 |
Unipres Corp. | 63,300 | 446,163 |
United Arrows Ltd. | 16,600 | 211,881 |
United Super Markets Holdings, Inc. | 65,800 | 467,011 |
United Urban Investment Corp. | 353 | 355,883 |
Ushio, Inc. | 32,200 | 392,693 |
USS Co. Ltd. | 30,173 | 527,391 |
UT Group Co. Ltd. * | 5,800 | 71,640 |
V Technology Co. Ltd. | 8,000 | 98,895 |
Valor Holdings Co. Ltd. | 46,200 | 723,234 |
Valqua Ltd. | 5,400 | 133,220 |
VT Holdings Co. Ltd. | 54,400 | 183,188 |
Wacoal Holdings Corp. | 21,200 | 484,579 |
Wacom Co. Ltd. | 45,100 | 155,486 |
Warabeya Nichiyo Holdings Co. Ltd. | 19,400 | 445,675 |
Welcia Holdings Co. Ltd. | 32,200 | 533,741 |
Workman Co. Ltd. (b) | 4,000 | 103,053 |
World Co. Ltd. | 15,500 | 160,179 |
Xebio Holdings Co. Ltd. | 28,414 | 182,872 |
Yachiyo Industry Co. Ltd. | 11,400 | 105,276 |
YAMABIKO Corp. | 16,400 | 155,797 |
Yamaguchi Financial Group, Inc. | 50,100 | 459,790 |
Yamato Kogyo Co. Ltd. | 7,700 | 368,913 |
Yamazen Corp. | 63,200 | 512,013 |
Yaoko Co. Ltd. | 8,392 | 432,039 |
Yellow Hat Ltd. | 18,200 | 220,201 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Yodogawa Steel Works Ltd. | 17,100 | 400,342 |
Yokogawa Bridge Holdings Corp. | 15,300 | 252,901 |
Yokowo Co. Ltd. | 9,600 | 79,437 |
Yondoshi Holdings, Inc. | 10,000 | 125,426 |
Yoshinoya Holdings Co. Ltd. | 14,300 | 334,198 |
Yuasa Trading Co. Ltd. | 14,800 | 404,805 |
Zenkoku Hosho Co. Ltd. | 5,900 | 188,672 |
Zensho Holdings Co. Ltd. | 13,700 | 720,097 |
Zeon Corp. | 63,500 | 524,857 |
ZERIA Pharmaceutical Co. Ltd. | 8,000 | 106,282 |
Zojirushi Corp. | 12,000 | 123,448 |
ZOZO, Inc. | 10,600 | 201,556 |
191,353,117 | ||
Luxembourg 0.0% | ||
Espirito Santo Financial Group SA *(a) | 69,773 | 0 |
Netherlands 1.4% | ||
Adyen NV * | 407 | 274,516 |
Allfunds Group PLC | 22,935 | 117,384 |
AMG Critical Materials NV | 3,188 | 83,142 |
Arcadis NV | 13,375 | 565,292 |
ASM International NV | 2,009 | 829,074 |
Basic-Fit NV *(b) | 3,858 | 98,693 |
BE Semiconductor Industries NV | 5,575 | 575,896 |
Corbion NV | 11,826 | 204,811 |
Eurocommercial Properties NV | 9,411 | 202,039 |
ForFarmers NV | 60,575 | 148,705 |
Fugro NV * | 21,193 | 350,044 |
IMCD NV | 4,731 | 569,591 |
JDE Peet's NV | 13,270 | 368,436 |
Just Eat Takeaway.com NV * | 14,663 | 178,679 |
Koninklijke BAM Groep NV | 171,793 | 354,991 |
Koninklijke Heijmans NV | 16,088 | 184,801 |
Koninklijke Vopak NV | 15,575 | 525,144 |
OCI NV | 14,488 | 337,582 |
PostNL NV | 254,444 | 474,127 |
Sligro Food Group NV | 19,259 | 328,563 |
TKH Group NV | 10,904 | 398,857 |
Van Lanschot Kempen NV | 5,597 | 150,414 |
Wereldhave NV | 13,166 | 198,536 |
7,519,317 | ||
New Zealand 0.8% | ||
a2 Milk Co. Ltd. * | 91,896 | 223,791 |
Auckland International Airport Ltd. | 64,730 | 276,804 |
Chorus Ltd. | 74,271 | 310,660 |
Contact Energy Ltd. | 156,907 | 712,115 |
EBOS Group Ltd. | 27,559 | 562,595 |
Fisher & Paykel Healthcare Corp. Ltd. | 41,356 | 501,396 |
Freightways Group Ltd. | 24,444 | 106,096 |
Infratil Ltd. | 40,528 | 232,065 |
Mainfreight Ltd. | 10,735 | 358,315 |
Mercury NZ Ltd. | 93,187 | 320,315 |
Meridian Energy Ltd. | 185,411 | 522,184 |
Ryman Healthcare Ltd. | 42,535 | 141,017 |
4,267,353 | ||
Norway 1.6% | ||
Aker ASA, A Shares | 3,180 | 191,232 |
Aker Solutions ASA | 52,458 | 209,478 |
Atea ASA * | 29,144 | 303,155 |
Austevoll Seafood ASA | 40,772 | 278,659 |
Bakkafrost P | 5,458 | 246,372 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Borregaard ASA | 14,250 | 193,394 |
BW LPG Ltd. | 24,657 | 348,744 |
BW Offshore Ltd. | 58,225 | 121,679 |
DNO ASA | 264,788 | 269,944 |
Elkem ASA | 126,061 | 195,000 |
Elmera Group ASA | 88,639 | 189,165 |
Europris ASA | 36,499 | 206,870 |
Gjensidige Forsikring ASA | 28,061 | 420,824 |
Grieg Seafood ASA | 16,824 | 111,674 |
Kongsberg Automotive ASA * | 595,366 | 105,804 |
Kongsberg Gruppen ASA | 6,378 | 260,539 |
Leroy Seafood Group ASA | 83,329 | 330,075 |
Odfjell Drilling Ltd. | 42,626 | 149,205 |
PGS ASA * | 373,804 | 339,689 |
Salmar ASA | 9,840 | 466,563 |
Schibsted ASA, A Shares | 8,602 | 172,333 |
Schibsted ASA, B Shares | 10,410 | 193,164 |
SpareBank 1 Nord Norge | 27,506 | 232,610 |
SpareBank 1 SMN | 28,428 | 344,932 |
SpareBank 1 SR-Bank ASA | 32,877 | 357,081 |
Stolt-Nielsen Ltd. | 6,264 | 206,072 |
Storebrand ASA | 75,971 | 634,430 |
TGS ASA | 27,366 | 374,252 |
TOMRA Systems ASA | 18,965 | 150,324 |
Var Energi ASA | 61,866 | 209,009 |
Veidekke ASA | 35,269 | 304,355 |
Wallenius Wilhelmsen ASA | 27,340 | 229,774 |
8,346,401 | ||
Poland 1.5% | ||
Alior Bank SA * | 35,540 | 559,497 |
Allegro.eu SA * | 21,041 | 150,933 |
Asseco Poland SA | 26,215 | 479,991 |
Bank Millennium SA * | 120,088 | 208,950 |
Bank Polska Kasa Opieki SA | 35,209 | 1,069,902 |
CCC SA * | 10,132 | 95,894 |
CD Projekt SA | 3,605 | 90,005 |
Cyfrowy Polsat SA * | 156,041 | 486,527 |
Dino Polska SA * | 2,203 | 208,746 |
Enea SA * | 277,426 | 480,873 |
Grupa Azoty SA * | 39,240 | 205,314 |
Grupa Kety SA | 1,891 | 318,981 |
Jastrzebska Spolka Weglowa SA * | 34,431 | 409,024 |
Kernel Holding SA * | 86,428 | 147,020 |
KRUK SA | 1,891 | 209,191 |
LPP SA | 119 | 383,354 |
mBank SA * | 2,098 | 259,362 |
Orange Polska SA | 339,350 | 629,458 |
Pepco Group NV * | 15,600 | 63,229 |
Santander Bank Polska SA * | 5,101 | 554,004 |
Tauron Polska Energia SA * | 1,068,442 | 939,660 |
7,949,915 | ||
Portugal 0.4% | ||
CTT-Correios de Portugal SA | 37,603 | 143,435 |
EDP Renovaveis SA | 13,643 | 219,474 |
Navigator Co. SA | 84,175 | 335,088 |
NOS SGPS SA | 91,612 | 334,812 |
REN - Redes Energeticas Nacionais SGPS SA | 101,431 | 264,069 |
Sonae SGPS SA | 523,895 | 515,398 |
1,812,276 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Republic of Korea 7.7% | ||
AJ Networks Co. Ltd. | 23,831 | 68,564 |
AMOREPACIFIC Group | 17,520 | 372,183 |
Asia Paper Manufacturing Co. Ltd. | 3,123 | 90,837 |
Asiana Airlines, Inc. * | 30,929 | 255,797 |
BGF retail Co. Ltd. | 2,250 | 230,088 |
BH Co. Ltd. | 6,774 | 94,393 |
Celltrion Healthcare Co. Ltd. | 3,258 | 161,159 |
Celltrion, Inc. | 4,508 | 500,628 |
Cheil Worldwide, Inc. | 25,775 | 379,520 |
Chong Kun Dang Pharmaceutical Corp. | 2,486 | 174,682 |
CJ ENM Co. Ltd. * | 7,609 | 294,250 |
CJ Logistics Corp. | 7,572 | 425,710 |
Com2uSCorp | 3,777 | 117,824 |
Cosmax, Inc. * | 1,264 | 127,088 |
Daeduck Electronics Co. Ltd. | 7,347 | 109,410 |
Daehan Flour Mill Co. Ltd. | 1,272 | 114,909 |
Daesang Corp. | 19,993 | 294,761 |
Daesang Holdings Co. Ltd. | 21,629 | 105,693 |
Daewoo Engineering & Construction Co. Ltd. * | 145,299 | 423,905 |
Daou Technology, Inc. | 17,398 | 210,586 |
DB HiTek Co. Ltd. | 7,560 | 272,927 |
DGB Financial Group, Inc. | 102,983 | 599,797 |
DL Holdings Co. Ltd. | 6,641 | 209,151 |
Dongjin Semichem Co. Ltd. | 4,379 | 97,738 |
Dongkuk CM Co. Ltd. * | 20,612 | 105,155 |
Dongkuk Holdings Co. Ltd. | 10,747 | 68,678 |
Dongkuk Steel Mill Co. Ltd. * | 34,200 | 267,717 |
Doosan Bobcat, Inc. | 7,785 | 223,671 |
Doosan Co. Ltd. | 5,624 | 310,282 |
Easy Holdings Co. Ltd. | 56,534 | 107,980 |
Fila Holdings Corp. | 18,254 | 483,351 |
Gradiant Corp. | 12,117 | 96,992 |
Green Cross Corp. | 1,345 | 95,869 |
Green Cross Holdings Corp. | 10,311 | 103,534 |
GS Global Corp. * | 66,953 | 111,014 |
GS Retail Co. Ltd. | 26,100 | 470,177 |
Handsome Co. Ltd. | 11,299 | 156,220 |
Hanmi Pharm Co. Ltd. | 594 | 124,197 |
Hanon Systems | 51,539 | 262,989 |
Hansae Co. Ltd. | 7,566 | 128,556 |
Hanshin Construction Co. Ltd. | 20,779 | 107,659 |
Hansol Chemical Co. Ltd. | 1,028 | 114,720 |
Hansol Paper Co. Ltd. | 23,571 | 174,519 |
Hanssem Co. Ltd. | 3,600 | 130,758 |
Hanwha Aerospace Co. Ltd. | 6,140 | 461,611 |
Hanwha General Insurance Co. Ltd. * | 120,462 | 370,464 |
Hanwha Life Insurance Co. Ltd. * | 337,690 | 693,939 |
Hanwha Ocean Co. Ltd. * | 15,541 | 271,785 |
Harim Holdings Co. Ltd. | 48,298 | 237,092 |
HD Hyundai Construction Equipment Co. Ltd. | 6,172 | 203,716 |
HD Hyundai Heavy Industries Co. Ltd. | 1,600 | 121,313 |
HD Hyundai Infracore Co. Ltd. | 38,337 | 190,220 |
HDC Hyundai Development Co-Engineering & Construction, Class E | 62,074 | 536,069 |
Hite Jinro Co. Ltd. | 10,332 | 162,826 |
HL Mando Co. Ltd. | 17,074 | 415,806 |
Hotel Shilla Co. Ltd. | 5,638 | 260,875 |
Hyosung Advanced Materials Corp. | 671 | 177,946 |
Hyosung Chemical Corp. * | 1,842 | 119,102 |
Hyosung Corp. | 4,751 | 207,800 |
Hyosung Heavy Industries Corp. * | 2,926 | 371,125 |
Hyosung TNC Corp. | 2,117 | 561,093 |
HYUNDAI Corp. | 11,398 | 149,210 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Hyundai Department Store Co. Ltd. | 9,476 | 375,292 |
Hyundai Elevator Co. Ltd. | 8,076 | 258,596 |
Hyundai GF Holdings | 38,036 | 98,207 |
Hyundai Green Food * | 21,211 | 177,786 |
Hyundai Mipo Dockyard Co. Ltd. * | 4,320 | 222,620 |
Hyundai Rotem Co. Ltd. * | 6,923 | 119,690 |
Hyundai Wia Corp. | 14,361 | 597,815 |
Innocean Worldwide, Inc. | 4,438 | 143,633 |
INTOPS Co. Ltd. | 5,749 | 102,086 |
IS Dongseo Co. Ltd. * | 5,967 | 111,477 |
JB Financial Group Co. Ltd. | 64,542 | 482,777 |
Kakao Corp. | 12,320 | 347,249 |
Kangwon Land, Inc. | 21,485 | 233,941 |
KCC Corp. | 2,113 | 372,407 |
KCC Glass Corp. | 5,970 | 179,329 |
KEPCO Plant Service & Engineering Co. Ltd. | 8,602 | 208,128 |
KG Chemical Corp. | 21,216 | 95,324 |
KISWIRE Ltd. | 9,150 | 128,131 |
KIWOOM Securities Co. Ltd. | 3,563 | 213,028 |
Kolmar Korea Co. Ltd. | 3,666 | 145,780 |
Kolon Corp. | 10,904 | 128,423 |
Kolon Industries, Inc. | 15,005 | 484,711 |
Korea Aerospace Industries Ltd. | 6,305 | 207,464 |
Korea Electric Terminal Co. Ltd. | 3,760 | 175,849 |
Korea Investment Holdings Co. Ltd. | 14,340 | 536,081 |
Korea Line Corp. * | 57,752 | 71,611 |
Korea Petrochemical Ind Co. Ltd. | 3,000 | 354,382 |
Korean Reinsurance Co. | 61,791 | 406,427 |
Krafton, Inc. * | 2,416 | 294,105 |
Kukdo Chemical Co. Ltd. | 3,534 | 102,381 |
Kumho Tire Co., Inc. * | 55,264 | 172,167 |
KUMHOE&C Co. Ltd. | 33,393 | 125,126 |
Kwang Dong Pharmaceutical Co. Ltd. | 27,671 | 151,367 |
Kyeryong Construction Industrial Co. Ltd. | 7,069 | 66,142 |
LG Energy Solution Ltd. * | 872 | 249,975 |
Lotte Chilsung Beverage Co. Ltd. | 1,342 | 144,713 |
Lotte Corp. | 13,007 | 250,855 |
LOTTE Fine Chemical Co. Ltd. | 7,886 | 327,578 |
Lotte Rental Co. Ltd. | 8,634 | 164,661 |
LS Corp. | 11,462 | 666,429 |
LS Electric Co. Ltd. | 6,244 | 297,030 |
LX Hausys Ltd. | 9,907 | 281,091 |
LX International Corp. | 25,083 | 463,234 |
LX Semicon Co. Ltd. | 2,656 | 141,869 |
Mcnex Co. Ltd. | 6,369 | 131,211 |
Meritz Financial Group, Inc. | 33,587 | 1,250,001 |
Mirae Asset Securities Co. Ltd. | 82,606 | 404,662 |
NCSoft Corp. | 2,754 | 475,800 |
Netmarble Corp. * | 3,455 | 99,190 |
Nexen Tire Corp. | 27,148 | 149,836 |
NH Investment & Securities Co. Ltd. | 46,604 | 334,357 |
NHN Corp. * | 7,825 | 124,125 |
NongShim Co. Ltd. | 1,162 | 382,176 |
OCI Co. Ltd. * | 2,041 | 157,938 |
OCI Holdings Co. Ltd. | 4,691 | 338,935 |
Orion Corp. | 4,424 | 391,547 |
Orion Holdings Corp. | 13,478 | 158,490 |
Pan Ocean Co. Ltd. | 69,602 | 222,212 |
Partron Co. Ltd. | 26,767 | 172,378 |
Poongsan Corp. | 15,828 | 422,406 |
POSCO Future M Co. Ltd. | 559 | 98,509 |
S-1 Corp. | 8,248 | 333,360 |
Samchully Co. Ltd. | 1,728 | 118,473 |
Samsung Card Co. Ltd. | 14,179 | 329,318 |
Samsung Engineering Co. Ltd. * | 28,197 | 496,962 |
Samsung Heavy Industries Co. Ltd. * | 95,357 | 483,410 |
Samsung Securities Co. Ltd. | 17,303 | 453,275 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SAMT Co. Ltd. | 79,118 | 149,056 |
Samyang Corp. | 4,580 | 141,147 |
Samyang Holdings Corp. | 5,478 | 275,844 |
SD Biosensor, Inc. | 8,960 | 64,022 |
SeAH Besteel Holdings Corp. | 12,189 | 196,905 |
SeAH Steel Corp. | 774 | 70,749 |
SeAH Steel Holdings Corp. | 750 | 111,361 |
Sebang Global Battery Co. Ltd. | 5,015 | 183,841 |
Seegene, Inc. | 7,046 | 99,811 |
Seohan Co. Ltd. | 150,655 | 101,426 |
Seohee Construction Co. Ltd. | 168,184 | 173,408 |
Seoul Semiconductor Co. Ltd. | 21,510 | 160,955 |
Seoyon E-Hwa Co. Ltd. | 13,528 | 143,563 |
SFA Engineering Corp. | 8,909 | 184,306 |
Shinsegae, Inc. | 4,233 | 530,186 |
SIMMTECH Co. Ltd. | 4,029 | 98,837 |
SK Chemicals Co. Ltd. | 3,886 | 162,686 |
SK Discovery Co. Ltd. | 12,209 | 334,739 |
SK Gas Ltd. | 2,430 | 266,545 |
SK Networks Co. Ltd. | 194,910 | 804,884 |
SKC Co. Ltd. | 3,701 | 216,441 |
SL Corp. | 6,417 | 141,773 |
SNT Motiv Co. Ltd. | 4,056 | 121,590 |
Songwon Industrial Co. Ltd. | 8,620 | 109,613 |
Soulbrain Co. Ltd. | 816 | 140,909 |
SSANGYONG C&E Co. Ltd. | 33,696 | 139,077 |
Sungwoo Hitech Co. Ltd. | 45,116 | 264,403 |
TKG Huchems Co. Ltd. | 9,529 | 154,462 |
Unid Co. Ltd. | 2,042 | 115,623 |
WONIK IPS Co. Ltd. | 7,620 | 170,376 |
Young Poong Corp. | 407 | 141,892 |
Youngone Corp. | 11,309 | 454,616 |
Youngone Holdings Co. Ltd. | 3,013 | 174,804 |
Yuhan Corp. | 6,467 | 275,676 |
40,168,694 | ||
Singapore 1.3% | ||
CapitaLand Ascendas REIT | 268,821 | 510,772 |
CapitaLand Ascott Trust | 237,004 | 155,831 |
CapitaLand China Trust | 143,800 | 82,960 |
CapitaLand Integrated Commercial Trust | 301,901 | 388,009 |
CapitaLand Investment Ltd. | 170,498 | 366,090 |
City Developments Ltd. | 73,500 | 339,262 |
First Resources Ltd. | 120,200 | 132,716 |
Frasers Logistics & Commercial Trust | 152,800 | 116,068 |
Genting Singapore Ltd. | 847,500 | 532,446 |
Hutchison Port Holdings Trust, Class U | 2,967,100 | 466,054 |
Keppel Infrastructure Trust | 763,615 | 245,401 |
Manulife U.S. Real Estate Investment Trust | 857,500 | 42,897 |
Mapletree Industrial Trust | 128,266 | 201,622 |
Mapletree Logistics Trust | 189,132 | 203,099 |
Mapletree Pan Asia Commercial Trust | 142,292 | 138,294 |
Netlink NBN Trust | 274,100 | 166,202 |
Olam Group Ltd. | 468,200 | 339,274 |
SATS Ltd. * | 124,649 | 224,234 |
Seatrium Ltd. * | 2,631,960 | 215,555 |
Sembcorp Industries Ltd. | 141,800 | 475,726 |
Singapore Exchange Ltd. | 70,100 | 485,348 |
Singapore Technologies Engineering Ltd. | 244,600 | 671,490 |
Suntec Real Estate Investment Trust | 171,300 | 137,658 |
UOL Group Ltd. | 85,801 | 369,531 |
7,006,539 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Spain 1.3% | ||
Abengoa SA, B Shares *(a) | 66,135,341 | 0 |
Almirall SA | 12,448 | 113,332 |
Applus Services SA | 45,307 | 476,996 |
Atresmedia Corp. de Medios de Comunicacion SA | 34,158 | 127,992 |
Bankinter SA | 91,833 | 580,702 |
Caja de Ahorros del Mediterraneo *(a) | 5,382 | 0 |
Cellnex Telecom SA | 15,708 | 461,754 |
Cia de Distribucion Integral Logista Holdings SA | 12,080 | 296,627 |
CIE Automotive SA | 10,547 | 268,916 |
Construcciones y Auxiliar de Ferrocarriles SA | 5,970 | 178,332 |
Corp. ACCIONA Energias Renovables SA | 3,362 | 90,997 |
Ebro Foods SA | 28,099 | 478,083 |
Ence Energia y Celulosa SA | 37,169 | 111,189 |
Faes Farma SA | 52,611 | 165,257 |
Fluidra SA | 14,539 | 256,333 |
Gestamp Automocion SA | 89,707 | 330,102 |
Indra Sistemas SA | 23,346 | 327,805 |
Inmobiliaria Colonial Socimi SA | 33,991 | 190,699 |
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 178,176 | 153,462 |
Melia Hotels International SA * | 24,950 | 138,809 |
Merlin Properties Socimi SA | 60,197 | 501,910 |
Obrascon Huarte Lain SA * | 280,346 | 115,465 |
Prosegur Compania de Seguridad SA | 185,996 | 278,113 |
Sacyr SA | 127,069 | 366,922 |
Unicaja Banco SA | 169,858 | 176,978 |
Vidrala SA | 2,044 | 151,921 |
Viscofan SA | 6,804 | 393,312 |
6,732,008 | ||
Sweden 3.5% | ||
AAK AB | 27,722 | 527,202 |
AddLife AB, B Shares | 9,489 | 61,985 |
AddTech AB, B Shares | 11,485 | 168,833 |
AFRY AB | 27,969 | 293,873 |
Ambea AB | 37,719 | 140,097 |
Arjo AB, B Shares | 58,183 | 194,589 |
Attendo AB * | 58,153 | 184,163 |
Avanza Bank Holding AB | 4,510 | 76,241 |
Axfood AB | 19,629 | 434,007 |
Beijer Alma AB | 7,201 | 114,442 |
Beijer Ref AB | 15,462 | 146,987 |
Betsson AB, Class B * | 30,773 | 309,710 |
Bilia AB, A Shares | 37,424 | 347,741 |
Billerud Aktiebolag | 71,817 | 667,222 |
Bonava AB, B Shares * | 154,222 | 241,548 |
Bravida Holding AB | 45,193 | 282,768 |
Byggmax Group AB * | 48,253 | 122,909 |
Castellum AB | 43,649 | 418,322 |
Clas Ohlson AB, B Shares | 20,655 | 216,956 |
Cloetta AB, B Shares | 82,749 | 132,621 |
Coor Service Management Holding AB | 39,212 | 135,174 |
Dometic Group AB | 87,873 | 542,248 |
Dustin Group AB *(b) | 46,670 | 52,471 |
Electrolux Professional AB, B Shares | 31,423 | 127,126 |
Elekta AB, B Shares | 67,313 | 458,522 |
EQT AB | 9,863 | 180,195 |
Evolution AB | 3,234 | 288,167 |
Fabege AB | 26,996 | 201,419 |
Fastighets AB Balder, B Shares * | 50,510 | 214,607 |
Getinge AB, B Shares | 36,125 | 650,363 |
Granges AB | 37,608 | 362,080 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Hexpol AB | 48,621 | 431,513 |
Holmen AB, B Shares | 16,610 | 626,859 |
Indutrade AB | 22,084 | 391,403 |
Instalco AB | 20,601 | 57,672 |
Intrum AB (b) | 54,527 | 280,067 |
Investment AB Latour, B Shares | 8,193 | 141,889 |
Inwido AB | 18,166 | 185,637 |
JM AB | 34,799 | 371,360 |
Kinnevik AB, B Shares * | 52,182 | 446,183 |
L E Lundbergforetagen AB, B Shares | 9,744 | 397,945 |
Lagercrantz Group AB, B Shares | 8,024 | 73,246 |
Lifco AB, B Shares | 12,841 | 234,964 |
Lindab International AB | 18,756 | 289,018 |
Loomis AB | 21,635 | 562,017 |
MEKO AB | 16,419 | 132,088 |
Mycronic AB | 7,683 | 168,310 |
NCC AB, B Shares | 55,191 | 565,392 |
New Wave Group AB, B Shares | 17,115 | 111,770 |
Nibe Industrier AB, B Shares | 61,001 | 351,327 |
Nobia AB * | 206,626 | 153,660 |
Nolato AB, B Shares | 40,325 | 178,365 |
Pandox AB | 12,393 | 121,984 |
Peab AB, B Shares | 142,789 | 532,271 |
Ratos AB, B Shares | 100,432 | 279,776 |
Resurs Holding AB | 84,349 | 164,557 |
Saab AB, B Shares | 12,701 | 652,468 |
Sagax AB, B Shares | 4,024 | 72,846 |
Samhallsbyggnadsbolaget i Norden AB (b) | 275,382 | 80,102 |
Samhallsbyggnadsbolaget i Norden AB, D Shares | 4,738 | 1,481 |
Scandi Standard AB | 29,491 | 147,423 |
Scandic Hotels Group AB * | 44,195 | 148,957 |
Sinch AB * | 42,904 | 67,991 |
Storskogen Group AB, B Shares | 234,294 | 138,815 |
Sweco AB, B Shares | 32,432 | 299,027 |
Swedish Orphan Biovitrum AB * | 16,933 | 348,349 |
Tethys Oil AB * | 24,031 | 122,916 |
Thule Group AB | 16,995 | 386,832 |
Viaplay Group AB, B Shares * | 24,313 | 52,142 |
Wihlborgs Fastigheter AB | 29,466 | 191,000 |
18,254,210 | ||
Switzerland 2.7% | ||
Accelleron Industries AG | 8,511 | 210,214 |
Allreal Holding AG | 2,288 | 367,145 |
ALSO Holding AG | 1,319 | 336,466 |
ams-OSRAM AG * | 86,904 | 310,107 |
Arbonia AG | 17,501 | 148,912 |
Aryzta AG * | 171,684 | 314,664 |
Autoneum Holding AG * | 1,333 | 151,339 |
Banque Cantonale Vaudoise | 2,747 | 310,505 |
Belimo Holding AG | 590 | 248,400 |
BKW AG | 2,095 | 352,186 |
Bucher Industries AG | 1,366 | 487,616 |
Burckhardt Compression Holding AG | 227 | 115,071 |
Bystronic AG | 495 | 236,599 |
Cembra Money Bank AG | 4,703 | 324,274 |
Clariant AG * | 48,464 | 688,573 |
Comet Holding AG | 535 | 105,227 |
Daetwyler Holding AG | 880 | 155,704 |
dormakaba Holding AG | 811 | 370,702 |
Dufry AG * | 18,622 | 652,780 |
Emmi AG | 333 | 314,423 |
EMS-Chemie Holding AG | 677 | 463,108 |
Flughafen Zurich AG | 2,068 | 386,430 |
Forbo Holding AG | 212 | 233,801 |
Huber & Suhner AG | 3,396 | 232,560 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Implenia AG | 3,919 | 121,901 |
Inficon Holding AG | 165 | 178,593 |
Interroll Holding AG | 55 | 145,000 |
Kardex Holding AG | 644 | 124,509 |
Komax Holding AG | 475 | 94,300 |
Landis+Gyr Group AG | 4,525 | 335,719 |
Mobimo Holding AG | 863 | 238,371 |
OC Oerlikon Corp. AG | 77,742 | 309,702 |
PSP Swiss Property AG | 2,824 | 347,463 |
Schweiter Technologies AG | 360 | 201,044 |
SFS Group AG | 3,092 | 309,333 |
Siegfried Holding AG | 255 | 202,220 |
SIG Group AG * | 30,765 | 678,266 |
Softwareone Holding AG | 18,963 | 373,626 |
St Galler Kantonalbank AG | 269 | 145,937 |
Stadler Rail AG | 7,263 | 245,738 |
Straumann Holding AG | 3,145 | 371,689 |
Sulzer AG | 3,063 | 252,793 |
Tecan Group AG | 660 | 189,948 |
Temenos AG | 5,567 | 401,078 |
u-blox Holding AG | 1,110 | 104,996 |
Valiant Holding AG | 2,093 | 228,203 |
VAT Group AG | 1,199 | 425,189 |
Vontobel Holding AG | 4,068 | 237,970 |
Zehnder Group AG | 2,496 | 128,964 |
13,909,358 | ||
United Kingdom 9.5% | ||
4imprint Group PLC | 2,745 | 167,998 |
888 Holdings PLC * | 127,977 | 126,928 |
AG Barr PLC | 13,636 | 81,461 |
Airtel Africa PLC | 300,930 | 414,412 |
Ashmore Group PLC | 91,445 | 188,394 |
ASOS PLC *(b) | 49,219 | 237,774 |
Assura PLC | 220,198 | 109,572 |
Auto Trader Group PLC | 50,128 | 379,181 |
Babcock International Group PLC * | 59,915 | 285,077 |
Bank of Georgia Group PLC | 4,749 | 192,213 |
Beazley PLC | 53,555 | 335,488 |
Big Yellow Group PLC | 11,897 | 138,363 |
Bodycote PLC | 53,940 | 376,322 |
British Land Co. PLC | 148,470 | 538,245 |
Britvic PLC | 46,660 | 475,254 |
C&C Group PLC | 138,683 | 234,639 |
Capita PLC * | 553,678 | 112,857 |
Card Factory PLC * | 193,285 | 227,880 |
Carnival PLC * | 36,395 | 373,534 |
Centamin PLC | 495,769 | 496,896 |
Chemring Group PLC | 49,176 | 167,060 |
Clarkson PLC | 3,516 | 113,035 |
Close Brothers Group PLC | 41,843 | 406,213 |
Coats Group PLC | 336,498 | 276,481 |
Computacenter PLC | 19,102 | 597,464 |
ConvaTec Group PLC | 201,658 | 500,505 |
Cranswick PLC | 16,998 | 722,718 |
Crest Nicholson Holdings PLC | 154,882 | 301,202 |
Dechra Pharmaceuticals PLC | 5,128 | 237,677 |
Deliveroo PLC, Class A *(b) | 85,526 | 135,138 |
Derwent London PLC | 11,112 | 246,953 |
DFS Furniture PLC | 82,108 | 102,792 |
Diploma PLC | 7,870 | 272,859 |
DiscoverIE Group PLC | 13,054 | 97,896 |
Diversified Energy Co. PLC | 107,944 | 87,814 |
Domino's Pizza Group PLC | 41,469 | 173,034 |
Dr Martens PLC | 98,463 | 139,602 |
Drax Group PLC | 104,158 | 535,006 |
Dunelm Group PLC | 17,901 | 212,305 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
easyJet PLC * | 96,916 | 432,340 |
Elementis PLC * | 169,770 | 244,401 |
Endeavour Mining PLC | 17,214 | 355,161 |
EnQuest PLC * | 1,225,309 | 240,909 |
Essentra PLC | 148,742 | 268,651 |
FDM Group Holdings PLC | 16,387 | 86,938 |
Ferrexpo PLC * | 442,033 | 406,981 |
Forterra PLC | 76,584 | 125,291 |
Frasers Group PLC * | 27,167 | 265,503 |
Fresnillo PLC | 43,687 | 294,039 |
Future PLC | 7,781 | 84,015 |
Games Workshop Group PLC | 2,713 | 326,191 |
Genuit Group PLC | 56,961 | 183,780 |
Genus PLC | 6,112 | 158,990 |
Grafton Group PLC | 74,224 | 695,652 |
Grainger PLC | 74,544 | 206,035 |
Great Portland Estates PLC | 25,686 | 121,758 |
Greencore Group PLC * | 303,241 | 332,206 |
Greggs PLC | 13,775 | 396,805 |
Gulf Keystone Petroleum Ltd. | 55,422 | 81,659 |
Halfords Group PLC | 152,983 | 373,864 |
Halma PLC | 26,973 | 606,578 |
Hammerson PLC | 624,819 | 167,380 |
Harbour Energy PLC | 159,442 | 492,810 |
Hargreaves Lansdown PLC | 46,534 | 400,772 |
Hikma Pharmaceuticals PLC | 35,672 | 826,503 |
Hill & Smith PLC | 15,106 | 302,816 |
Hilton Food Group PLC | 29,364 | 233,059 |
Hiscox Ltd. | 28,931 | 329,840 |
Hochschild Mining PLC * | 242,580 | 276,349 |
Howden Joinery Group PLC | 88,770 | 689,397 |
Hunting PLC | 54,378 | 191,341 |
Ibstock PLC | 107,982 | 160,777 |
IG Group Holdings PLC | 82,715 | 642,579 |
Indivior PLC * | 7,553 | 144,590 |
InterContinental Hotels Group PLC | 12,110 | 858,145 |
Intermediate Capital Group PLC | 35,992 | 573,028 |
International Consolidated Airlines Group SA * | 331,552 | 582,499 |
Investec PLC | 94,579 | 524,314 |
IWG PLC * | 312,727 | 501,737 |
J D Wetherspoon PLC * | 26,792 | 205,806 |
JD Sports Fashion PLC | 339,165 | 527,345 |
Jupiter Fund Management PLC | 280,715 | 268,159 |
Just Group PLC | 487,806 | 448,235 |
Keller Group PLC | 36,994 | 348,474 |
Kier Group PLC * | 334,729 | 410,101 |
Lancashire Holdings Ltd. | 22,849 | 157,744 |
LondonMetric Property PLC | 58,433 | 117,751 |
Mapeley Ltd. *(a) | 2,199 | 0 |
Marshalls PLC | 55,895 | 140,593 |
Marston's PLC * | 388,840 | 137,452 |
Mitchells & Butlers PLC * | 121,157 | 305,418 |
Mitie Group PLC | 288,183 | 345,892 |
Mobico Group PLC | 416,738 | 317,480 |
Molten Ventures PLC * | 32,913 | 94,170 |
Moneysupermarket.com Group PLC | 105,777 | 333,799 |
Morgan Advanced Materials PLC | 83,928 | 229,523 |
Morgan Sindall Group PLC | 19,900 | 454,724 |
NCC Group PLC | 61,054 | 79,106 |
Ninety One PLC | 40,713 | 78,235 |
Ocado Group PLC * | 39,939 | 226,658 |
OSB Group PLC | 65,570 | 239,399 |
Oxford Instruments PLC | 5,216 | 114,243 |
Pagegroup PLC | 95,967 | 439,786 |
Paragon Banking Group PLC | 42,811 | 230,825 |
Pennon Group PLC | 81,158 | 716,645 |
Petrofac Ltd. *(b) | 318,669 | 182,043 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Pets at Home Group PLC | 110,120 | 375,838 |
Playtech PLC * | 70,296 | 335,442 |
Plus500 Ltd. | 30,570 | 524,275 |
Premier Foods PLC | 183,497 | 261,393 |
Primary Health Properties PLC | 106,090 | 115,730 |
QinetiQ Group PLC | 106,776 | 429,574 |
Quilter PLC | 329,789 | 320,921 |
Rathbones Group PLC | 7,011 | 127,894 |
Reach PLC | 180,297 | 167,205 |
Redde Northgate PLC | 114,760 | 468,669 |
Redrow PLC | 116,097 | 686,641 |
Renewi PLC * | 22,916 | 163,498 |
Renishaw PLC | 3,623 | 136,123 |
Restaurant Group PLC * | 316,451 | 261,164 |
RHI Magnesita NV | 11,252 | 351,226 |
Rightmove PLC | 41,759 | 240,809 |
Rolls-Royce Holdings PLC * | 440,016 | 1,158,220 |
Rotork PLC | 125,133 | 447,466 |
RS Group PLC | 70,699 | 583,438 |
Sabre Insurance Group PLC | 106,392 | 190,092 |
Safestore Holdings PLC | 15,455 | 128,609 |
Saga PLC * | 153,700 | 205,870 |
Savills PLC | 38,533 | 368,825 |
Schroders PLC | 127,412 | 573,743 |
Segro PLC | 56,196 | 488,463 |
Serco Group PLC | 330,809 | 574,977 |
Sirius Real Estate Ltd. | 139,565 | 135,608 |
Softcat PLC | 11,210 | 172,359 |
Speedy Hire PLC | 368,562 | 135,510 |
Spirax-Sarco Engineering PLC | 5,192 | 518,232 |
Spire Healthcare Group PLC | 65,817 | 170,794 |
Spirent Communications PLC | 91,443 | 108,088 |
SSP Group PLC * | 143,749 | 314,495 |
SThree PLC | 54,590 | 233,050 |
Synthomer PLC * | 42,546 | 98,293 |
TBC Bank Group PLC | 6,550 | 213,758 |
Telecom Plus PLC | 10,850 | 203,617 |
THG PLC * | 216,071 | 184,462 |
TI Fluid Systems PLC | 265,948 | 399,532 |
TP ICAP Group PLC | 272,580 | 521,922 |
Tritax Big Box REIT PLC | 110,693 | 184,295 |
TT Electronics PLC | 62,763 | 120,531 |
TUI AG * | 89,892 | 454,330 |
Tullow Oil PLC * | 358,184 | 144,451 |
Tyman PLC | 82,352 | 243,230 |
UNITE Group PLC | 14,959 | 158,304 |
Vanquis Banking Group PLC | 127,257 | 178,804 |
Vesuvius PLC | 94,723 | 463,978 |
Victrex PLC | 17,758 | 297,211 |
Videndum PLC | 11,495 | 43,172 |
Virgin Money U.K. PLC | 142,375 | 258,663 |
Vistry Group PLC | 84,602 | 729,211 |
Watches of Switzerland Group PLC * | 21,215 | 129,530 |
Weir Group PLC | 35,668 | 740,844 |
WH Smith PLC | 13,068 | 184,248 |
Wickes Group PLC | 141,069 | 220,129 |
Workspace Group PLC | 23,505 | 138,149 |
XP Power Ltd. | 2,933 | 39,166 |
49,977,602 | ||
Total Common Stocks (Cost $484,262,470) | 519,376,330 | |
SECURITY | NUMBER OF SHARES | VALUE ($) |
PREFERRED STOCKS 0.2% OF NET ASSETS | ||
Germany 0.2% | ||
Draegerwerk AG & Co. KGaA | 8,077 | 407,329 |
Sartorius AG | 598 | 149,883 |
Sixt SE | 3,669 | 211,397 |
768,609 | ||
Italy 0.0% | ||
Danieli & C Officine Meccaniche SpA | 9,908 | 200,195 |
Total Preferred Stocks (Cost $840,846) | 968,804 | |
RIGHTS 0.0% OF NET ASSETS | ||
Finland 0.0% | ||
Finnair Oyj | ||
expires 11/17/23, strike EUR 0.03 *(a) | 266,172 | 104,938 |
Republic of Korea 0.0% | ||
Hanwha Ocean Co. Ltd. | ||
expires 11/09/23, strike KRW 16,730.00 *(a) | 6,918 | 8,964 |
Spain 0.0% | ||
Vidrala SA | ||
expires 11/08/23 * | 2,044 | 7,537 |
Total Rights (Cost $190,639) | 121,439 | |
WARRANTS 0.0% OF NET ASSETS | ||
Italy 0.0% | ||
Webuild SpA | ||
expires 08/02/30 *(a) | 9,173 | 16,520 |
Total Warrants (Cost $0) | 16,520 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
SHORT-TERM INVESTMENTS 0.6% OF NET ASSETS | ||
Money Market Funds 0.6% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (c)(d) | 3,173,192 | 3,173,192 |
Total Short-Term Investments (Cost $3,173,192) | 3,173,192 | |
Total Investments in Securities (Cost $488,467,147) | 523,656,285 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
MSCI EAFE Index, expires 12/15/23 | 40 | 3,948,200 | (139,222 ) |
* | Non-income producing security. |
(a) | Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). |
(b) | All or a portion of this security is on loan. Securities on loan were valued at $2,942,587. |
(c) | The rate shown is the annualized 7-day yield. |
(d) | Security purchased with cash collateral received for securities on loan. |
CVA — | Dutch Certificate |
REIT — | Real Estate Investment Trust |
EUR — | Euro |
KRW — | South Korean Won |
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 Stocks1 | ||||
Australia | 194,444 | 26,494,690 | 0 * | 26,689,134 |
Austria | 834,242 | 2,443,818 | — | 3,278,060 |
Belgium | 1,002,804 | 4,241,553 | — | 5,244,357 |
Canada | 40,246,244 | — | — | 40,246,244 |
Denmark | 153,569 | 7,935,403 | — | 8,088,972 |
Finland | 85,897 | 4,662,517 | — | 4,748,414 |
France | 422,556 | 17,104,332 | — | 17,526,888 |
Germany | 850,447 | 18,923,727 | — | 19,774,174 |
Hong Kong | 360,413 | 14,240,359 | 0 * | 14,600,772 |
Ireland | 922,038 | 936,099 | — | 1,858,137 |
Israel | 632,869 | 5,788,922 | — | 6,421,791 |
Italy | 844,655 | 12,757,942 | 0 * | 13,602,597 |
Japan | 716,976 | 190,414,125 | 222,016 | 191,353,117 |
Luxembourg | — | — | 0 * | 0 |
Netherlands | 368,436 | 7,150,881 | — | 7,519,317 |
New Zealand | 2,140,517 | 2,126,836 | — | 4,267,353 |
Norway | 1,658,165 | 6,688,236 | — | 8,346,401 |
Poland | 147,020 | 7,802,895 | — | 7,949,915 |
Portugal | 478,247 | 1,334,029 | — | 1,812,276 |
Republic of Korea | 282,941 | 39,885,753 | — | 40,168,694 |
Singapore | 245,401 | 6,761,138 | — | 7,006,539 |
Spain | 1,199,538 | 5,532,470 | 0 * | 6,732,008 |
Sweden | 1,039,960 | 17,214,250 | — | 18,254,210 |
Switzerland | 624,857 | 13,284,501 | — | 13,909,358 |
United Kingdom | 21,821,521 | 28,156,081 | 0 * | 49,977,602 |
Preferred Stocks1 | — | 968,804 | — | 968,804 |
Rights1 | ||||
Finland | — | — | 104,938 | 104,938 |
Republic of Korea | — | — | 8,964 | 8,964 |
Spain | 7,537 | — | — | 7,537 |
Warrants1 | ||||
Italy | — | — | 16,520 | 16,520 |
Short-Term Investments1 | 3,173,192 | — | — | 3,173,192 |
Liabilities | ||||
Futures Contracts2 | (139,222 ) | — | — | (139,222 ) |
Total | $80,315,264 | $442,849,361 | $352,438 | $523,517,063 |
* | Level 3 amount shown includes securities determined to have no value at October 31, 2023. |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $488,467,147) including securities on loan of $2,942,587 | $523,656,285 | |
Cash | 80,221 | |
Foreign currency, at value (cost $503,727) | 502,644 | |
Deposit with broker for futures contracts | 225,740 | |
Receivables: | ||
Dividends | 1,759,242 | |
Foreign tax reclaims | 783,237 | |
Fund shares sold | 501,148 | |
Investments sold | 395,942 | |
Income from securities on loan | 41,728 | |
Variation margin on future contracts | + | 10,981 |
Total assets | 527,957,168 | |
Liabilities | ||
Collateral held for securities on loan | 3,173,192 | |
Payables: | ||
Fund shares redeemed | 321,165 | |
Investment adviser fees | + | 170,572 |
Total liabilities | 3,664,929 | |
Net assets | $524,292,239 | |
Net Assets by Source | ||
Capital received from investors | $524,982,055 | |
Total distributable loss | + | (689,816 ) |
Net assets | $524,292,239 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$524,292,239 | 46,210,264 | $11.35 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,544,270) | $16,393,507 | |
Securities on loan, net | + | 226,110 |
Total investment income | 16,619,617 | |
Expenses | ||
Investment adviser fees | 2,260,775 | |
Professional fees | + | 1,046 1 |
Total expenses | 2,261,821 | |
Expense reduction | – | 1,046 1 |
Net expenses | – | 2,260,775 |
Net investment income | 14,358,842 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (1,987,375 ) | |
Net realized gains on futures contracts | 457,894 | |
Net realized losses on foreign currency transactions | + | (138,733 ) |
Net realized losses | (1,668,214 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | 52,408,827 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (230,639 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 95,379 |
Net change in unrealized appreciation (depreciation) | + | 52,273,567 |
Net realized and unrealized gains | 50,605,353 | |
Increase in net assets resulting from operations | $64,964,195 |
1 | Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $14,358,842 | $14,492,772 | |
Net realized gains (losses) | (1,668,214 ) | 18,775,216 | |
Net change in unrealized appreciation (depreciation) | + | 52,273,567 | (219,007,630 ) |
Increase (decrease) in net assets resulting from operations | $64,964,195 | ($185,739,642 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($26,973,296 ) | ($39,276,717 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 6,830,988 | $81,876,035 | 12,218,154 | $151,544,356 | |
Shares reinvested | 1,831,459 | 20,622,221 | 2,187,522 | 30,100,308 | |
Shares redeemed | + | (12,204,707 ) | (146,380,570 ) | (10,584,869 ) | (134,793,600 ) |
Net transactions in fund shares | (3,542,260 ) | ($43,882,314 ) | 3,820,807 | $46,851,064 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 49,752,524 | $530,183,654 | 45,931,717 | $708,348,949 | |
Total increase (decrease) | + | (3,542,260 ) | (5,891,415 ) | 3,820,807 | (178,165,295 ) |
End of period | 46,210,264 | $524,292,239 | 49,752,524 | $530,183,654 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $7.35 | $10.24 | $7.51 | $9.25 | $8.60 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.71 | (2.96 ) | 2.63 | (1.65 ) | 0.54 | |
Total from investment operations | 1.10 | (2.44 ) | 2.99 | (1.38 ) | 0.89 | |
Less distributions: | ||||||
Distributions from net investment income | (0.43 ) | (0.45 ) | (0.26 ) | (0.36 ) | (0.24 ) | |
Net asset value at end of period | $8.02 | $7.35 | $10.24 | $7.51 | $9.25 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 94.4% OF NET ASSETS | ||
Brazil 8.1% | ||
Ambev SA | 777,804 | 1,983,946 |
B3 SA - Brasil Bolsa Balcao | 494,798 | 1,089,355 |
Banco Bradesco SA | 472,444 | 1,151,651 |
Banco do Brasil SA | 336,806 | 3,229,944 |
Banco Santander Brasil SA | 133,007 | 710,180 |
BRF SA * | 492,811 | 1,042,950 |
Centrais Eletricas Brasileiras SA | 223,335 | 1,543,312 |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 82,374 | 953,671 |
Cia Energetica de Minas Gerais | 56,303 | 171,977 |
Cia Siderurgica Nacional SA | 307,337 | 716,871 |
Equatorial Energia SA | 142,536 | 893,368 |
Itau Unibanco Holding SA | 103,315 | 465,576 |
JBS SA | 1,066,518 | 4,237,091 |
Natura & Co. Holding SA * | 258,600 | 653,969 |
Petroleo Brasileiro SA | 1,662,537 | 12,477,890 |
Suzano SA | 109,012 | 1,115,039 |
Telefonica Brasil SA | 187,645 | 1,683,753 |
Ultrapar Participacoes SA | 587,625 | 2,383,484 |
Vale SA | 1,142,471 | 15,635,543 |
Vibra Energia SA | 1,006,888 | 3,952,261 |
56,091,831 | ||
Chile 0.6% | ||
Banco de Chile | 7,561,102 | 776,645 |
Cencosud SA | 698,648 | 1,131,888 |
Empresas CMPC SA | 462,822 | 827,391 |
Empresas Copec SA | 220,075 | 1,456,921 |
4,192,845 | ||
China 33.7% | ||
Agile Group Holdings Ltd. *(a) | 4,848,000 | 464,562 |
Agricultural Bank of China Ltd., A Shares | 2,716,400 | 1,328,605 |
Agricultural Bank of China Ltd., H Shares | 12,069,600 | 4,457,984 |
Alibaba Group Holding Ltd. * | 1,452,092 | 14,949,393 |
Aluminum Corp. of China Ltd., A Shares | 330,300 | 278,973 |
Aluminum Corp. of China Ltd., H Shares | 1,500,000 | 802,396 |
Anhui Conch Cement Co. Ltd., A Shares | 152,800 | 503,641 |
Anhui Conch Cement Co. Ltd., H Shares | 658,000 | 1,637,561 |
ANTA Sports Products Ltd. | 68,000 | 769,045 |
BAIC Motor Corp. Ltd., H Shares | 5,187,500 | 1,513,918 |
Baidu, Inc., A Shares * | 256,800 | 3,371,476 |
Bank of China Ltd., A Shares | 1,371,900 | 728,844 |
Bank of China Ltd., H Shares | 30,528,234 | 10,664,582 |
Bank of Communications Co. Ltd., A Shares | 1,114,600 | 854,799 |
Bank of Communications Co. Ltd., H Shares | 3,190,000 | 1,886,903 |
Baoshan Iron & Steel Co. Ltd., A Shares | 850,700 | 725,303 |
Beijing Enterprises Holdings Ltd. | 230,000 | 766,328 |
BYD Co. Ltd., A Shares | 3,900 | 126,834 |
BYD Co. Ltd., H Shares | 29,500 | 897,098 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
China Cinda Asset Management Co. Ltd., H Shares | 7,130,000 | 693,342 |
China CITIC Bank Corp. Ltd., A Shares | 302,500 | 221,712 |
China CITIC Bank Corp. Ltd., H Shares | 4,632,000 | 2,066,373 |
China Communications Services Corp. Ltd., H Shares | 2,114,000 | 864,681 |
China Construction Bank Corp., A Shares | 291,200 | 248,671 |
China Construction Bank Corp., H Shares | 43,338,960 | 24,510,691 |
China Everbright Bank Co. Ltd., A Shares | 1,589,000 | 642,769 |
China Everbright Bank Co. Ltd., H Shares | 1,549,000 | 441,847 |
China Everbright Environment Group Ltd. | 2,182,000 | 744,883 |
China Gas Holdings Ltd. | 1,050,200 | 944,136 |
China Hongqiao Group Ltd. | 1,125,000 | 1,053,240 |
China Jinmao Holdings Group Ltd. (a) | 4,944,000 | 606,415 |
China Life Insurance Co. Ltd., H Shares | 749,000 | 1,014,444 |
China Mengniu Dairy Co. Ltd. | 381,000 | 1,244,017 |
China Merchants Bank Co. Ltd., A Shares | 291,000 | 1,220,229 |
China Merchants Bank Co. Ltd., H Shares | 821,150 | 3,114,861 |
China Minsheng Banking Corp. Ltd., A Shares | 1,678,600 | 850,457 |
China Minsheng Banking Corp. Ltd., H Shares | 4,471,410 | 1,486,568 |
China National Building Material Co. Ltd., H Shares | 5,400,000 | 2,570,375 |
China Overseas Land & Investment Ltd. | 1,569,000 | 2,960,874 |
China Pacific Insurance Group Co. Ltd., A Shares | 99,500 | 375,980 |
China Pacific Insurance Group Co. Ltd., H Shares | 608,000 | 1,497,728 |
China Petroleum & Chemical Corp., A Shares | 1,990,200 | 1,481,005 |
China Petroleum & Chemical Corp., H Shares | 23,490,400 | 12,013,877 |
China Railway Group Ltd., A Shares | 748,700 | 617,068 |
China Railway Group Ltd., H Shares | 2,141,000 | 1,010,475 |
China Resources Cement Holdings Ltd. | 1,786,000 | 459,232 |
China Resources Gas Group Ltd. | 207,100 | 612,213 |
China Resources Land Ltd. | 737,000 | 2,758,669 |
China Resources Power Holdings Co. Ltd. | 652,000 | 1,263,504 |
China Shenhua Energy Co. Ltd., A Shares | 145,100 | 598,886 |
China Shenhua Energy Co. Ltd., H Shares | 925,000 | 2,835,098 |
China State Construction Engineering Corp. Ltd., A Shares | 1,632,800 | 1,151,755 |
China Taiping Insurance Holdings Co. Ltd. | 859,800 | 794,263 |
China Tower Corp. Ltd., H Shares | 14,596,000 | 1,361,087 |
China United Network Communications Ltd., A Shares | 1,136,950 | 690,604 |
China Vanke Co. Ltd., A Shares | 362,500 | 558,848 |
China Vanke Co. Ltd., H Shares | 1,140,200 | 1,066,721 |
CITIC Ltd. | 2,655,000 | 2,256,585 |
COSCO SHIPPING Holdings Co. Ltd., A Shares | 229,900 | 306,176 |
COSCO SHIPPING Holdings Co. Ltd., H Shares | 734,000 | 746,505 |
Country Garden Holdings Co. Ltd. *(a) | 19,512,289 | 1,744,842 |
CRRC Corp. Ltd., A Shares | 492,430 | 358,459 |
CRRC Corp. Ltd., H Shares | 1,123,000 | 467,868 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
CSPC Pharmaceutical Group Ltd. | 998,000 | 871,722 |
Dongfeng Motor Group Co. Ltd., H Shares | 2,013,000 | 886,171 |
ENN Energy Holdings Ltd. | 113,300 | 858,264 |
Fosun International Ltd. | 1,546,000 | 926,271 |
GCL Technology Holdings Ltd. | 2,564,000 | 377,594 |
Geely Automobile Holdings Ltd. | 1,548,000 | 1,757,483 |
Guangdong Investment Ltd. | 812,000 | 554,094 |
Guangzhou R&F Properties Co. Ltd., H Shares * | 6,919,746 | 972,931 |
Haier Smart Home Co. Ltd., A Shares | 67,400 | 204,106 |
Haier Smart Home Co. Ltd., H Shares | 362,000 | 1,032,543 |
Hengan International Group Co. Ltd. | 209,000 | 700,003 |
Huaneng Power International, Inc., A Shares * | 159,300 | 165,106 |
Huaneng Power International, Inc., H Shares * | 1,484,000 | 694,441 |
Industrial & Commercial Bank of China Ltd., A Shares | 1,991,700 | 1,283,639 |
Industrial & Commercial Bank of China Ltd., H Shares | 31,374,172 | 15,035,899 |
Industrial Bank Co. Ltd., A Shares | 486,500 | 999,795 |
JD.com, Inc., A Shares | 380,421 | 4,836,352 |
Jiangxi Copper Co. Ltd., A Shares | 115,600 | 288,770 |
Jiangxi Copper Co. Ltd., H Shares | 842,000 | 1,190,550 |
Kingboard Holdings Ltd. | 504,500 | 1,228,596 |
Kunlun Energy Co. Ltd. | 2,264,000 | 1,886,146 |
Kweichow Moutai Co. Ltd., A Shares | 2,900 | 665,670 |
Legend Holdings Corp., H Shares | 859,300 | 766,230 |
Longfor Group Holdings Ltd. | 747,000 | 1,087,453 |
Lufax Holding Ltd., ADR | 421,033 | 402,002 |
Meituan, B Shares * | 94,870 | 1,344,783 |
NetEase, Inc. | 141,143 | 3,020,679 |
New China Life Insurance Co. Ltd., A Shares | 31,900 | 145,299 |
New China Life Insurance Co. Ltd., H Shares | 222,000 | 486,992 |
Nine Dragons Paper Holdings Ltd. * | 1,157,000 | 658,656 |
People's Insurance Co. Group of China Ltd., A Shares | 117,900 | 85,780 |
People's Insurance Co. Group of China Ltd., H Shares | 1,955,000 | 645,070 |
PetroChina Co. Ltd., A Shares | 675,400 | 655,716 |
PetroChina Co. Ltd., H Shares | 11,884,000 | 7,756,868 |
PICC Property & Casualty Co. Ltd., H Shares | 2,456,000 | 2,804,642 |
Ping An Bank Co. Ltd., A Shares | 410,300 | 584,901 |
Ping An Insurance Group Co. of China Ltd., A Shares | 213,600 | 1,322,770 |
Ping An Insurance Group Co. of China Ltd., H Shares | 1,838,000 | 9,323,209 |
Postal Savings Bank of China Co. Ltd., A Shares | 360,700 | 224,564 |
Postal Savings Bank of China Co. Ltd., H Shares | 2,458,000 | 1,121,902 |
SAIC Motor Corp. Ltd., A Shares | 443,000 | 876,641 |
Seazen Group Ltd. * | 3,892,000 | 631,630 |
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,153,500 | 1,071,899 |
Shenzhou International Group Holdings Ltd. | 87,800 | 862,413 |
Sinopharm Group Co. Ltd., H Shares | 762,800 | 1,824,070 |
Sunny Optical Technology Group Co. Ltd. | 78,400 | 656,829 |
Tencent Holdings Ltd. | 388,200 | 14,366,789 |
Tingyi Cayman Islands Holding Corp. | 481,768 | 639,053 |
Trip.com Group Ltd. * | 14,500 | 494,183 |
Vipshop Holdings Ltd., ADR * | 115,367 | 1,645,133 |
Weichai Power Co. Ltd., A Shares | 138,200 | 261,777 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Weichai Power Co. Ltd., H Shares | 605,000 | 905,577 |
Xiaomi Corp., B Shares * | 2,194,600 | 3,934,968 |
Yankuang Energy Group Co. Ltd., A Shares | 27,550 | 73,344 |
Yankuang Energy Group Co. Ltd., H Shares | 608,000 | 1,055,949 |
Yum China Holdings, Inc. | 41,400 | 2,169,445 |
Zhongsheng Group Holdings Ltd. | 226,500 | 523,055 |
Zijin Mining Group Co. Ltd., A Shares | 148,800 | 251,533 |
Zijin Mining Group Co. Ltd., H Shares | 564,000 | 872,458 |
234,226,686 | ||
Colombia 0.3% | ||
Bancolombia SA | 91,549 | 652,809 |
Ecopetrol SA | 2,283,666 | 1,344,345 |
1,997,154 | ||
Czech Republic 0.1% | ||
CEZ AS | 23,237 | 994,292 |
Greece 0.3% | ||
Alpha Services & Holdings SA * | 727,270 | 1,088,674 |
Hellenic Telecommunications Organization SA | 59,073 | 827,990 |
1,916,664 | ||
Hungary 0.5% | ||
MOL Hungarian Oil & Gas PLC | 224,607 | 1,787,163 |
OTP Bank Nyrt | 44,870 | 1,670,061 |
3,457,224 | ||
India 11.8% | ||
Axis Bank Ltd. | 154,841 | 1,827,094 |
Bharat Petroleum Corp. Ltd. | 652,426 | 2,735,070 |
Bharti Airtel Ltd. | 181,014 | 1,988,006 |
Bharti Airtel Ltd-Partly Paid Shares | 3,085 | 19,876 |
Coal India Ltd. | 489,360 | 1,847,203 |
GAIL India Ltd. | 1,046,377 | 1,502,409 |
Grasim Industries Ltd. | 67,516 | 1,530,177 |
HCL Technologies Ltd. | 102,728 | 1,575,685 |
Hero MotoCorp Ltd. | 32,298 | 1,198,559 |
Hindalco Industries Ltd. | 429,521 | 2,370,849 |
Hindustan Petroleum Corp. Ltd. * | 745,302 | 2,217,342 |
Hindustan Unilever Ltd. | 39,073 | 1,166,071 |
ICICI Bank Ltd. | 78,029 | 858,460 |
Indian Oil Corp. Ltd. | 3,262,799 | 3,514,808 |
Infosys Ltd. | 361,265 | 5,941,279 |
ITC Ltd. | 244,520 | 1,258,677 |
Jio Financial Services Ltd. * | 318,875 | 838,754 |
JSW Steel Ltd. | 154,844 | 1,370,072 |
Larsen & Toubro Ltd. | 63,051 | 2,218,821 |
Mahindra & Mahindra Ltd. | 107,081 | 1,876,624 |
Maruti Suzuki India Ltd. | 13,715 | 1,712,683 |
NTPC Ltd. | 1,065,161 | 3,017,762 |
Oil & Natural Gas Corp. Ltd. | 2,090,417 | 4,677,486 |
Petronet LNG Ltd. | 273,804 | 656,297 |
Power Finance Corp. Ltd. | 673,626 | 1,994,938 |
Power Grid Corp. of India Ltd. | 638,291 | 1,550,240 |
Rajesh Exports Ltd. * | 248,150 | 1,338,521 |
REC Ltd. | 458,068 | 1,583,313 |
Reliance Industries Ltd. | 325,522 | 8,951,132 |
State Bank of India | 208,480 | 1,416,638 |
Steel Authority of India Ltd. | 716,156 | 721,586 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Sun Pharmaceutical Industries Ltd. | 68,896 | 900,756 |
Tata Consultancy Services Ltd. | 91,790 | 3,715,988 |
Tata Motors Ltd. | 383,167 | 2,894,065 |
Tata Motors Ltd., A Shares, DVR | 74,406 | 375,695 |
Tata Steel Ltd. | 2,726,603 | 3,890,826 |
Tech Mahindra Ltd. | 83,733 | 1,141,124 |
UltraTech Cement Ltd. | 7,828 | 792,225 |
UPL Ltd. | 88,126 | 572,198 |
Vedanta Ltd. | 493,887 | 1,285,255 |
Wipro Ltd. | 197,885 | 908,435 |
81,952,999 | ||
Indonesia 1.4% | ||
Astra International Tbk. PT | 5,172,200 | 1,881,541 |
Bank Central Asia Tbk. PT | 2,339,700 | 1,288,989 |
Bank Mandiri Persero Tbk. PT | 4,701,000 | 1,679,442 |
Bank Rakyat Indonesia Persero Tbk. PT | 6,303,696 | 1,971,064 |
Telkom Indonesia Persero Tbk. PT | 10,731,600 | 2,352,535 |
United Tractors Tbk. PT | 525,600 | 831,766 |
10,005,337 | ||
Kuwait 0.5% | ||
Kuwait Finance House KSCP | 464,452 | 1,027,543 |
Mobile Telecommunications Co. KSCP | 623,110 | 969,353 |
National Bank of Kuwait SAKP | 649,485 | 1,841,129 |
3,838,025 | ||
Malaysia 1.7% | ||
Axiata Group Bhd. | 1,680,413 | 768,856 |
CIMB Group Holdings Bhd. | 1,266,953 | 1,517,932 |
Genting Bhd. | 923,400 | 781,366 |
Malayan Banking Bhd. | 1,310,240 | 2,481,013 |
Petronas Chemicals Group Bhd. | 524,200 | 808,319 |
Public Bank Bhd. | 1,707,025 | 1,490,919 |
Sime Darby Bhd. | 1,635,200 | 785,905 |
Tenaga Nasional Bhd. | 1,460,600 | 3,034,933 |
11,669,243 | ||
Mexico 3.3% | ||
Alfa SAB de CV, A Shares | 2,161,188 | 1,347,371 |
America Movil SAB de CV | 6,229,971 | 5,145,281 |
Cemex SAB de CV, Series CPO * | 4,744,306 | 2,849,899 |
Controladora AXTEL SAB de CV * | 1,989,500 | 25,381 |
Fomento Economico Mexicano SAB de CV | 324,915 | 3,677,528 |
Grupo Bimbo SAB de CV, Series A | 256,500 | 1,043,983 |
Grupo Financiero Banorte SAB de CV, O Shares | 375,992 | 3,051,481 |
Grupo Mexico SAB de CV, Series B | 605,249 | 2,468,465 |
Grupo Televisa SAB, Series CPO | 1,323,012 | 606,873 |
Orbia Advance Corp. SAB de CV | 396,100 | 641,748 |
Wal-Mart de Mexico SAB de CV | 674,493 | 2,414,168 |
23,272,178 | ||
Qatar 0.7% | ||
Ooredoo QPSC | 304,892 | 828,174 |
Qatar Fuel QSC | 170,129 | 693,880 |
Qatar Islamic Bank SAQ | 149,099 | 712,530 |
Qatar National Bank QPSC | 564,561 | 2,308,792 |
4,543,376 | ||
SECURITY | NUMBER OF SHARES | VALUE ($) |
Saudi Arabia 2.3% | ||
Al Rajhi Bank | 92,643 | 1,658,362 |
Riyad Bank | 113,736 | 804,907 |
Saudi Arabian Oil Co. | 291,073 | 2,585,995 |
Saudi Basic Industries Corp. | 197,361 | 4,055,620 |
Saudi Electricity Co. | 247,953 | 1,177,217 |
Saudi National Bank | 201,862 | 1,806,291 |
Saudi Telecom Co. | 291,377 | 2,984,897 |
Yanbu National Petrochemical Co. | 62,161 | 628,265 |
15,701,554 | ||
South Africa 4.4% | ||
Absa Group Ltd. | 229,876 | 2,097,534 |
Anglo American Platinum Ltd. | 15,509 | 518,180 |
Anglogold Ashanti PLC | 80,868 | 1,492,758 |
Bid Corp. Ltd. | 68,485 | 1,452,893 |
Bidvest Group Ltd. | 75,292 | 1,065,743 |
Exxaro Resources Ltd. | 84,311 | 846,222 |
FirstRand Ltd. | 904,624 | 2,982,269 |
Gold Fields Ltd. | 136,423 | 1,799,684 |
Impala Platinum Holdings Ltd. | 184,904 | 770,234 |
MTN Group Ltd. | 606,560 | 2,960,957 |
MultiChoice Group * | 129,987 | 486,889 |
Naspers Ltd., N Shares * | 8,419 | 1,314,213 |
Nedbank Group Ltd. | 123,391 | 1,327,889 |
Old Mutual Ltd. | 1,523,822 | 968,869 |
Sanlam Ltd. | 367,783 | 1,289,979 |
Sappi Ltd. | 393,569 | 827,999 |
Sasol Ltd. | 145,597 | 1,840,307 |
Shoprite Holdings Ltd. | 104,041 | 1,333,232 |
Sibanye Stillwater Ltd. | 1,068,303 | 1,362,675 |
Standard Bank Group Ltd. | 327,445 | 3,213,222 |
Vodacom Group Ltd. | 175,369 | 954,685 |
30,906,433 | ||
Taiwan 19.3% | ||
Acer, Inc. | 1,080,496 | 1,141,961 |
ASE Technology Holding Co. Ltd. | 920,000 | 3,220,901 |
Asia Cement Corp. | 616,000 | 760,683 |
Asustek Computer, Inc. | 301,041 | 3,156,453 |
AUO Corp. | 4,570,440 | 2,212,298 |
Catcher Technology Co. Ltd. | 256,000 | 1,436,132 |
Cathay Financial Holding Co. Ltd. | 1,666,622 | 2,261,688 |
Chailease Holding Co. Ltd. | 122,353 | 663,710 |
China Development Financial Holding Corp. * | 2,423,000 | 846,981 |
China Steel Corp. | 3,137,198 | 2,340,518 |
Chunghwa Telecom Co. Ltd. | 616,956 | 2,206,568 |
Compal Electronics, Inc. | 3,053,305 | 2,655,870 |
CTBC Financial Holding Co. Ltd. | 2,887,201 | 2,174,360 |
Delta Electronics, Inc. | 204,590 | 1,843,742 |
E.Sun Financial Holding Co. Ltd. | 1,149,988 | 847,356 |
Evergreen Marine Corp. Taiwan Ltd. | 360,000 | 1,198,000 |
Far Eastern New Century Corp. | 1,385,817 | 1,262,635 |
First Financial Holding Co. Ltd. | 1,120,147 | 896,281 |
Formosa Chemicals & Fibre Corp. | 1,130,442 | 2,126,898 |
Formosa Petrochemical Corp. | 399,330 | 975,577 |
Formosa Plastics Corp. | 809,732 | 1,925,681 |
Foxconn Technology Co. Ltd. | 485,317 | 787,442 |
Fubon Financial Holding Co. Ltd. | 1,474,335 | 2,741,665 |
Hon Hai Precision Industry Co. Ltd. | 6,258,572 | 18,680,045 |
Hotai Motor Co. Ltd. | 34,720 | 647,845 |
Innolux Corp. * | 5,764,604 | 2,173,065 |
Inventec Corp. | 1,392,639 | 1,744,648 |
Largan Precision Co. Ltd. | 16,050 | 1,027,952 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Lite-On Technology Corp., ADR | 465,167 | 1,448,302 |
MediaTek, Inc. | 156,838 | 4,093,370 |
Mega Financial Holding Co. Ltd. | 1,254,783 | 1,423,845 |
Micro-Star International Co. Ltd. | 173,000 | 885,644 |
Nan Ya Plastics Corp. | 1,294,622 | 2,477,028 |
Novatek Microelectronics Corp. | 93,000 | 1,309,725 |
Pegatron Corp. | 1,467,264 | 3,424,040 |
Pou Chen Corp. | 1,436,267 | 1,280,234 |
Powertech Technology, Inc. | 300,000 | 974,650 |
President Chain Store Corp. | 93,237 | 741,640 |
Quanta Computer, Inc. | 759,500 | 4,484,320 |
Shin Kong Financial Holding Co. Ltd. * | 2,715,000 | 729,380 |
Synnex Technology International Corp. | 602,850 | 1,279,432 |
Taiwan Cement Corp. | 1,324,926 | 1,320,178 |
Taiwan Cooperative Financial Holding Co. Ltd. | 930,155 | 722,328 |
Taiwan Mobile Co. Ltd. | 271,196 | 801,456 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,664,803 | 27,190,405 |
Uni-President Enterprises Corp. | 1,090,678 | 2,288,185 |
United Microelectronics Corp. | 1,912,965 | 2,751,062 |
Walsin Lihwa Corp. | 758,420 | 807,173 |
Wistron Corp. | 1,461,682 | 4,075,900 |
WPG Holdings Ltd. | 1,005,880 | 2,225,839 |
Yageo Corp. | 61,714 | 1,006,156 |
Yang Ming Marine Transport Corp. | 624,000 | 813,308 |
Yuanta Financial Holding Co. Ltd. | 1,716,070 | 1,289,312 |
Zhen Ding Technology Holding Ltd. | 214,000 | 647,016 |
134,446,883 | ||
Thailand 2.9% | ||
Advanced Info Service PCL | 182,575 | 1,118,255 |
Bangkok Bank PCL | 167,900 | 735,755 |
Charoen Pokphand Foods PCL | 2,287,100 | 1,189,717 |
CP ALL PCL | 712,600 | 1,095,174 |
Kasikornbank PCL | 383,400 | 1,402,189 |
Krung Thai Bank PCL | 1,653,300 | 864,451 |
PTT Exploration & Production PCL | 253,700 | 1,158,604 |
PTT Global Chemical PCL | 1,234,300 | 1,185,453 |
PTT PCL | 7,628,070 | 7,060,494 |
SCB X PCL | 515,500 | 1,413,370 |
Siam Cement PCL | 259,900 | 2,081,951 |
Thai Oil PCL | 575,885 | 754,008 |
20,059,421 | ||
Turkey 1.4% | ||
Akbank TAS | 1,440,345 | 1,498,365 |
BIM Birlesik Magazalar AS | 117,113 | 1,124,844 |
Eregli Demir ve Celik Fabrikalari TAS * | 601,812 | 805,657 |
Haci Omer Sabanci Holding AS | 386,617 | 730,387 |
KOC Holding AS | 230,005 | 1,112,553 |
Turk Hava Yollari AO * | 126,113 | 967,693 |
Turkcell Iletisim Hizmetleri AS * | 602,521 | 1,021,249 |
Turkiye Is Bankasi AS, Class C | 1,396,530 | 1,038,060 |
Turkiye Petrol Rafinerileri AS | 233,606 | 1,172,009 |
9,470,817 | ||
United Arab Emirates 1.1% | ||
Abu Dhabi Commercial Bank PJSC | 415,981 | 909,428 |
Dubai Islamic Bank PJSC | 496,202 | 729,511 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Emaar Properties PJSC | 965,763 | 1,759,411 |
Emirates Telecommunications Group Co. PJSC | 480,271 | 2,413,777 |
First Abu Dhabi Bank PJSC | 538,267 | 1,858,215 |
7,670,342 | ||
Total Common Stocks (Cost $599,500,558) | 656,413,304 | |
PREFERRED STOCKS 4.8% OF NET ASSETS | ||
Brazil 4.7% | ||
Banco Bradesco SA | 1,563,324 | 4,337,959 |
Centrais Eletricas Brasileiras SA, B Shares | 59,729 | 455,512 |
Cia Energetica de Minas Gerais | 406,644 | 946,894 |
Cia Paranaense de Energia, B Shares | 529,000 | 880,311 |
Gerdau SA | 401,321 | 1,732,882 |
Itau Unibanco Holding SA | 1,151,537 | 6,125,695 |
Metalurgica Gerdau SA | 535,365 | 1,096,905 |
Petroleo Brasileiro SA | 2,519,515 | 17,360,629 |
32,936,787 | ||
Colombia 0.1% | ||
Bancolombia SA | 153,112 | 982,060 |
Total Preferred Stocks (Cost $24,236,560) | 33,918,847 |
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
Money Market Funds 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30% (b)(c) | 2,678,463 | 2,678,463 |
Total Short-Term Investments (Cost $2,678,463) | 2,678,463 | |
Total Investments in Securities (Cost $626,415,581) | 693,010,614 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED DEPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
MSCI Emerging Markets Index, expires 12/15/23 | 110 | 5,055,600 | (88,056 ) |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. Securities on loan were valued at $2,057,787. |
(b) | The rate shown is the annualized 7-day yield. |
(c) | Security purchased with cash collateral received for securities on loan. |
ADR — | American Depositary Receipt |
DVR — | Differential Voting Rights |
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 Stocks1 | $— | $170,266,330 | $— | $170,266,330 |
Brazil | 56,091,831 | — | — | 56,091,831 |
Chile | 3,416,200 | 776,645 | — | 4,192,845 |
China | 3,701,751 | 230,524,935 | — | 234,226,686 |
Colombia | 1,997,154 | — | — | 1,997,154 |
Czech Republic | 994,292 | — | — | 994,292 |
Hungary | 1,787,163 | 1,670,061 | — | 3,457,224 |
India | 838,754 | 81,114,245 | — | 81,952,999 |
Malaysia | 3,034,933 | 8,634,310 | — | 11,669,243 |
Mexico | 23,272,178 | — | — | 23,272,178 |
Qatar | 4,543,376 | — | — | 4,543,376 |
Saudi Arabia | 804,907 | 14,896,647 | — | 15,701,554 |
South Africa | 17,196,570 | 13,709,863 | — | 30,906,433 |
Turkey | 5,342,538 | 4,128,279 | — | 9,470,817 |
United Arab Emirates | 5,181,420 | 2,488,922 | — | 7,670,342 |
Preferred Stocks1 | 33,918,847 | — | — | 33,918,847 |
Short-Term Investments1 | 2,678,463 | — | — | 2,678,463 |
Liabilities | ||||
Futures Contracts2 | (88,056 ) | — | — | (88,056 ) |
Total | $164,712,321 | $528,210,237 | $— | $692,922,558 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
Assets | ||
Investments in securities, at value - unaffiliated (cost $626,415,581) including securities on loan of $2,057,787 | $693,010,614 | |
Cash | 2,233,978 | |
Foreign currency, at value (cost $1,587,607) | 1,594,031 | |
Deposit with broker for futures contracts | 483,424 | |
Receivables: | ||
Fund shares sold | 2,095,491 | |
Dividends | 1,706,652 | |
Income from securities on loan | + | 35,553 |
Total assets | 701,159,743 | |
Liabilities | ||
Collateral held for securities on loan | 2,678,463 | |
Payables: | ||
Foreign capital gains tax | 2,533,222 | |
Fund shares redeemed | 252,654 | |
Investment adviser fees | 227,054 | |
Variation margin on futures contracts | + | 23,509 |
Total liabilities | 5,714,902 | |
Net assets | $695,444,841 | |
Net Assets by Source | ||
Capital received from investors | $766,436,097 | |
Total distributable loss | + | (70,991,256 ) |
Net assets | $695,444,841 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$695,444,841 | 86,751,995 | $8.02 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $4,253,110) | $36,543,955 | |
Interest received from securities - unaffiliated | 53,286 | |
Securities on loan, net | + | 169,594 |
Total investment income | 36,766,835 | |
Expenses | ||
Investment adviser fees | 2,792,211 | |
Total expenses | – | 2,792,211 |
Net investment income | 33,974,624 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $694,664) | (3,427,998 ) | |
Net realized losses on futures contracts | (65,986 ) | |
Net realized losses on foreign currency transactions | + | (42,365 ) |
Net realized losses | (3,536,349 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($470,313)) | 60,818,850 | |
Net change in unrealized appreciation (depreciation) on futures contracts | (59,646 ) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (18,855 ) |
Net change in unrealized appreciation (depreciation) | + | 60,740,349 |
Net realized and unrealized gains | 57,204,000 | |
Increase in net assets resulting from operations | $91,178,624 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $33,974,624 | $39,197,035 | |
Net realized losses | (3,536,349 ) | (53,802,422 ) | |
Net change in unrealized appreciation (depreciation) | + | 60,740,349 | (172,215,393 ) |
Increase (decrease) in net assets resulting from operations | $91,178,624 | ($186,820,780 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($35,727,633 ) | ($30,189,359 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 22,274,568 | $182,839,887 | 31,322,904 | $273,449,095 | |
Shares reinvested | 2,947,877 | 22,698,652 | 2,271,110 | 21,734,518 | |
Shares redeemed | + | (20,616,360 ) | (169,703,400 ) | (20,544,222 ) | (181,666,566 ) |
Net transactions in fund shares | 4,606,085 | $35,835,139 | 13,049,792 | $113,517,047 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 82,145,910 | $604,158,711 | 69,096,118 | $707,651,803 | |
Total increase (decrease) | + | 4,606,085 | 91,286,130 | 13,049,792 | (103,493,092 ) |
End of period | 86,751,995 | $695,444,841 | 82,145,910 | $604,158,711 |
SCHWAB CAPITAL TRUST | |
Schwab Fundamental US Large Company Index Fund | Schwab Target 2015 Fund |
Schwab Fundamental US Small Company Index Fund | Schwab Target 2020 Fund |
Schwab Fundamental International Large Company Index Fund | Schwab Target 2025 Fund |
Schwab Fundamental International Small Company Index Fund | Schwab Target 2030 Fund |
Schwab Fundamental Emerging Markets Large Company Index Fund | Schwab Target 2035 Fund |
Schwab Fundamental Global Real Estate Index Fund | Schwab Target 2040 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2045 Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2050 Fund |
Schwab 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 Target 2065 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 |
Schwab International Opportunities 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 Target 2065 Index Fund |
Schwab Health Care Fund | Schwab Monthly Income Fund - Target Payout |
Schwab International Core Equity Fund | Schwab Monthly Income Fund - Flexible Payout |
Schwab Target 2010 Fund | Schwab Monthly Income Fund - Income Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
SCHWAB FUNDAMENTAL US LARGE COMPANY INDEX FUND | SCHWAB FUNDAMENTAL US SMALL COMPANY INDEX FUND | SCHWAB FUNDAMENTAL INTERNATIONAL LARGE COMPANY INDEX FUND | SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX FUND | SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND |
0.25 % | 0.25 % | 0.25 % | 0.39 % | 0.39 % |
UNDERLYING FUNDS | |||||
SCHWAB FUNDAMENTAL US LARGE COMPANY INDEX FUND | SCHWAB FUNDAMENTAL US SMALL COMPANY INDEX FUND | SCHWAB FUNDAMENTAL INTERNATIONAL LARGE COMPANY INDEX FUND | SCHWAB FUNDAMENTAL INTERNATIONAL SMALL COMPANY INDEX FUND | SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND | |
Schwab MarketTrack All Equity Portfolio | 1.4 % | 2.2 % | 2.1 % | 6.9 % | 5.2 % |
Schwab MarketTrack Balanced Portfolio | 0.7 % | 0.9 % | 0.7 % | 2.5 % | 1.9 % |
Schwab MarketTrack Conservative Portfolio | 0.2 % | 0.2 % | 0.2 % | 0.6 % | 0.5 % |
Schwab MarketTrack Growth Portfolio | 1.4 % | 2.0 % | 1.6 % | 5.1 % | 3.9 % |
Schwab Target 2010 Fund | 0.0 %* | — % | 0.0 %* | — % | — % |
Schwab Target 2015 Fund | 0.0 %* | — % | 0.0 %* | — % | — % |
Schwab Target 2020 Fund | 0.1 % | — % | 0.1 % | — % | — % |
Schwab Target 2025 Fund | 0.1 % | — % | 0.1 % | — % | — % |
Schwab Target 2030 Fund | 0.3 % | — % | 0.4 % | — % | — % |
Schwab Target 2035 Fund | 0.3 % | — % | 0.2 % | — % | — % |
Schwab Target 2040 Fund | 0.6 % | — % | 0.5 % | — % | — % |
Schwab Target 2045 Fund | 0.2 % | — % | 0.1 % | — % | — % |
Schwab Target 2050 Fund | 0.2 % | — % | 0.1 % | — % | — % |
Schwab Target 2055 Fund | 0.1 % | — % | 0.1 % | — % | — % |
Schwab Target 2060 Fund | 0.0 %* | — % | 0.0 %* | — % | — % |
Schwab Target 2065 Fund | 0.0 %* | — % | 0.0 %* | — % | — % |
* | Less than 0.05% |
PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) | |
Schwab Fundamental US Large Company Index Fund | $205,132,419 | $131,611,883 | ($13,958,835 ) |
Schwab Fundamental US Small Company Index Fund | 49,782,121 | 46,179,056 | 2,913,381 |
Schwab Fundamental International Large Company Index Fund | 41,577,683 | 43,491,308 | (1,718,977 ) |
Schwab Fundamental International Small Company Index Fund | 25,967,868 | 16,359,685 | 3,688,359 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 12,274,725 | 3,997,061 | (674,359 ) |
5. Board of Trustees:
6. Borrowing from Banks:
NOTIONAL AMOUNTS | NUMBER OF CONTRACTS | |
Schwab Fundamental US Large Company Index Fund | $30,369,468 | 145 |
Schwab Fundamental US Small Company Index Fund | 7,274,959 | 79 |
Schwab Fundamental International Large Company Index Fund | 15,822,079 | 154 |
Schwab Fundamental International Small Company Index Fund | 3,630,447 | 35 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 4,744,039 | 97 |
8. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES | |
Schwab Fundamental US Large Company Index Fund | $1,269,608,609 | $472,677,508 |
Schwab Fundamental US Small Company Index Fund | 579,589,068 | 363,659,328 |
Schwab Fundamental International Large Company Index Fund | 610,003,684 | 280,491,800 |
Schwab Fundamental International Small Company Index Fund | 131,574,949 | 184,297,937 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 170,705,558 | 139,990,881 |
IN-KIND PURCHASES OF SECURITIES | IN-KIND SALES OF SECURITIES | |
Schwab Fundamental US Large Company Index Fund | $— | $570,475,353 |
Schwab Fundamental US Small Company Index Fund | — | 206,277,280 |
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab Fundamental US Large Company Index Fund | $4,618,567,973 | $2,561,816,042 | ($355,637,721 ) | $2,206,178,321 |
Schwab Fundamental US Small Company Index Fund | 1,468,752,393 | 353,598,151 | (281,333,712 ) | 72,264,439 |
Schwab Fundamental International Large Company Index Fund | 2,006,520,653 | 341,111,095 | (276,212,288 ) | 64,898,807 |
Schwab Fundamental International Small Company Index Fund | 538,547,001 | 101,517,057 | (116,546,995 ) | (15,029,938 ) |
Schwab Fundamental Emerging Markets Large Company Index Fund | 691,084,544 | 75,241,297 | (73,403,283 ) | 1,838,014 |
UNDISTRIBUTED ORDINARY INCOME | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | NET OTHER UNREALIZED APPRECIATION (DEPRECIATION) | CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES | TOTAL | |
Schwab Fundamental US Large Company Index Fund | $111,899,526 | $2,206,178,321 | $— | ($43,802,035 ) | $2,274,275,812 |
Schwab Fundamental US Small Company Index Fund | 18,709,095 | 72,264,439 | (11 ) | (10,918,954 ) | 80,054,569 |
Schwab Fundamental International Large Company Index Fund | 67,356,902 | 64,898,807 | (128,501 ) | (52,818,527 ) | 79,308,681 |
Schwab Fundamental International Small Company Index Fund | 16,616,262 | (15,029,938 ) | (59,680 ) | (2,216,460 ) | (689,816 ) |
Schwab Fundamental Emerging Markets Large Company Index Fund | 32,626,801 | 1,838,014 | (2,553,699 ) | (102,902,372 ) | (70,991,256 ) |
Schwab Fundamental US Large Company Index Fund | $43,802,035 |
Schwab Fundamental US Small Company Index Fund | 10,918,954 |
Schwab Fundamental International Large Company Index Fund | 52,818,527 |
Schwab Fundamental International Small Company Index Fund | 2,216,460 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 102,902,372 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab Fundamental US Large Company Index Fund | $133,865,719 | $— | $136,690,830 | $187,778,508 |
Schwab Fundamental US Small Company Index Fund | 18,239,275 | 87,539,598 | 53,750,563 | 155,441,604 |
Schwab Fundamental International Large Company Index Fund | 49,119,207 | — | 52,079,126 | — |
Schwab Fundamental International Small Company Index Fund | 11,013,851 | 15,959,445 | 19,730,992 | 19,545,725 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 35,727,633 | — | 30,189,359 | — |
10. Subsequent Events:
Denver, Colorado
December 15, 2023
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 | 7,255,522 | 80,133,313 |
Schwab Fundamental International Small Company Index Fund | 2,164,907 | 18,637,469 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 4,871,595 | 40,773,133 |
Schwab Fundamental US Large Company Index Fund | 100.00 % |
Schwab Fundamental US Small Company Index Fund | 90.72 % |
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 | $133,865,719 |
Schwab Fundamental US Small Company Index Fund | 16,690,656 |
Schwab Fundamental International Large Company Index Fund | 54,669,038 |
Schwab Fundamental International Small Company Index Fund | 12,338,867 |
Schwab Fundamental Emerging Markets Large Company Index Fund | 19,645,528 |
Schwab Fundamental US Large Company Index Fund | $— |
Schwab Fundamental US Small Company Index Fund | 87,539,598 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | 15,959,445 |
Schwab Fundamental Emerging Markets Large Company Index Fund | — |
Schwab Fundamental US Large Company Index Fund | $— |
Schwab Fundamental US Small Company Index Fund | 1,548,619 |
Schwab Fundamental International Large Company Index Fund | — |
Schwab Fundamental International Small Company Index Fund | — |
Schwab Fundamental Emerging Markets Large Company Index Fund | — |
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
All Equity Portfolio™
Growth Portfolio™
Balanced Portfolio™
Conservative Portfolio™
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab MarketTrack All Equity Portfolio (Ticker Symbol: SWEGX) | 7.32% |
All Equity Composite Index | 7.67% |
Fund Category: Morningstar Aggressive Allocation1 | 4.49% |
Performance Details | pages 6-8 |
Schwab MarketTrack Growth Portfolio (Ticker Symbol: SWHGX) | 5.68% |
Growth Composite Index | 6.04% |
Fund Category: Morningstar Moderately Aggressive Allocation1 | 4.49% |
Performance Details | pages 9-11 |
Schwab MarketTrack Balanced Portfolio (Ticker Symbol: SWBGX) | 4.47% |
Balanced Composite Index | 4.87% |
Fund Category: Morningstar Moderate Allocation1 | 4.16% |
Performance Details | pages 12-14 |
Schwab MarketTrack Conservative Portfolio (Ticker Symbol: SWCGX) | 3.01% |
Conservative Composite Index | 3.46% |
Fund Category: Morningstar Moderately Conservative Allocation1 | 2.73% |
Performance Details | pages 15-17 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Prior to joining Schwab 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 (now known as BlackRock). |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Mr. Hayes has been with Schwab since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond investment specialist for two years and as a registered representative for two years for Charles Schwab & Co., Inc. |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also 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) | 7.32% | 6.77% | 7.02% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
All Equity Composite Index | 7.67% | 7.20% | 7.55% |
Fund Category: Morningstar Aggressive Allocation2 | 4.49% | 5.93% | 6.20% |
Fund Expense Ratio3: 0.51% |
Number of Holdings | 10 |
Portfolio Turnover Rate | 10% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Growth Portfolio (11/20/95) | 5.68% | 5.82% | 6.13% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Growth Composite Index | 6.04% | 6.28% | 6.65% |
Fund Category: Morningstar Moderately Aggressive Allocation2 | 4.49% | 5.40% | 5.58% |
Fund Expense Ratio3: 0.50% |
Number of Holdings | 12 |
Portfolio Turnover Rate | 10% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Balanced Portfolio (11/20/95) | 4.47% | 4.45% | 4.82% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Balanced Composite Index | 4.87% | 4.92% | 5.35% |
Fund Category: Morningstar Moderate Allocation2 | 4.16% | 5.08% | 5.22% |
Fund Expense Ratio3: 0.49% |
Number of Holdings | 13 |
Portfolio Turnover Rate | 11% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab MarketTrack Conservative Portfolio (11/20/95) | 3.01% | 2.88% | 3.35% |
S&P 500® Index | 10.14% | 11.01% | 11.18% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Conservative Composite Index | 3.46% | 3.39% | 3.93% |
Fund Category: Morningstar Moderately Conservative Allocation2 | 2.73% | 2.95% | 3.30% |
Fund Expense Ratio3: 0.50% |
Number of Holdings | 13 |
Portfolio Turnover Rate | 9% |
EXPENSE RATIO (ANNUALIZED)1,2 | EFFECTIVE EXPENSE RATIO (ANNUALIZED)3,4 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/23 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/232,5 | EFFECTIVE EXPENSES PAID DURING PERIOD 5/1/23-10/31/234,5 | |
Schwab MarketTrack All Equity Portfolio | ||||||
Actual Return | 0.39% | 0.51% | $1,000.00 | $973.60 | $1.94 | $2.54 |
Hypothetical 5% Return | 0.39% | 0.51% | $1,000.00 | $1,023.24 | $1.99 | $2.60 |
Schwab MarketTrack Growth Portfolio | ||||||
Actual Return | 0.39% | 0.50% | $1,000.00 | $971.70 | $1.94 | $2.48 |
Hypothetical 5% Return | 0.39% | 0.50% | $1,000.00 | $1,023.24 | $1.99 | $2.55 |
Schwab MarketTrack Balanced Portfolio | ||||||
Actual Return | 0.39% | 0.48% | $1,000.00 | $965.10 | $1.93 | $2.38 |
Hypothetical 5% Return | 0.39% | 0.48% | $1,000.00 | $1,023.24 | $1.99 | $2.45 |
Schwab MarketTrack Conservative Portfolio | ||||||
Actual Return | 0.42% | 0.50% | $1,000.00 | $957.10 | $2.07 | $2.47 |
Hypothetical 5% Return | 0.42% | 0.50% | $1,000.00 | $1,023.09 | $2.14 | $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 expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio 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 in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $19.11 | $23.89 | $17.73 | $19.15 | $18.33 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 1.04 | (4.23 ) | 7.21 | (0.54 ) | 1.30 | |
Total from investment operations | 1.36 | (3.86 ) | 7.50 | (0.17 ) | 1.61 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.62 ) | (0.47 ) | (1.13 ) | (0.72 ) | (0.43 ) | |
Total distributions | (0.92 ) | (0.92 ) | (1.34 ) | (1.25 ) | (0.79 ) | |
Net asset value at end of period | $19.55 | $19.11 | $23.89 | $17.73 | $19.15 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS | ||||||||
U.S. Stocks 64.7% | ||||||||
Large-Cap 49.9% | ||||||||
Schwab Fundamental US Large Company Index Fund | $95,624,733 | $6,129,445 | ($5,436,779 ) | $310,589 | $2,074,628 | $98,702,616 | 4,550,605 | $1,961,634 |
Schwab S&P 500 Index Fund | 220,952,420 | 12,820,971 | (23,577,346 ) | 7,850,597 | 11,338,722 | 229,385,364 | 3,527,378 | 3,637,126 |
Schwab U.S. Large-Cap Growth Index Fund | 33,751,460 | 3,850,764 | (7,395,930 ) | 863,183 | 5,559,420 | 36,628,897 | 470,325 | 317,718 |
364,716,877 | ||||||||
Small-Cap 14.8% | ||||||||
Schwab Fundamental US Small Company Index Fund | 32,087,598 | 6,717,254 | (3,227,519 ) | (67,588 ) | (2,749,447 ) | 32,760,298 | 2,373,935 | 2,075,575 |
Schwab Small-Cap Index Fund | 73,832,645 | 16,491,193 | (7,831,026 ) | (1,162,010 ) | (6,092,176 ) | 75,238,626 | 2,787,648 | 941,797 |
107,998,924 | ||||||||
472,715,801 | ||||||||
International Stocks 29.8% | ||||||||
Developed Markets 24.8% | ||||||||
Schwab Fundamental International Large Company Index Fund | 41,791,765 | 3,054,837 | (6,985,981 ) | 447,734 | 5,512,044 | 43,820,399 | 4,569,385 | 1,251,693 |
Schwab Fundamental International Small Company Index Fund | 34,417,065 | 4,776,379 | (5,434,591 ) | (801,153 ) | 3,163,194 | 36,120,894 | 3,182,458 | 1,737,621 |
Schwab International Index Fund | 96,128,305 | 9,842,619 | (16,457,133 ) | (723,198 ) | 12,545,532 | 101,336,125 | 4,969,893 | 2,702,537 |
181,277,418 | ||||||||
Emerging Markets 5.0% | ||||||||
Schwab Fundamental Emerging Markets Large Company Index Fund | 34,280,771 | 5,147,499 | (6,292,734 ) | (184,449 ) | 3,558,862 | 36,509,949 | 4,552,363 | 1,887,156 |
217,787,367 | ||||||||
Real Estate 5.0% | ||||||||
U.S. REITs 5.0% | ||||||||
Schwab U.S. REIT ETF | 32,899,142 | 9,238,388 | (920,527 ) | (47,789 ) | (4,414,041 ) | 36,755,173 | 2,135,687 | 1,189,488 |
Total Affiliated Underlying Funds (Cost $445,191,626) | $695,765,904 | $78,069,349 | ($83,559,566 ) | $6,485,916 | $30,496,738 | $727,258,341 | $17,702,345 | |
Total Investments in Securities (Cost $445,191,626) | $727,258,341 |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Assets | ||
Investments in securities, at value - affiliated (cost $445,191,626) | $727,258,341 | |
Cash | 3,269,298 | |
Receivables: | ||
Investments sold | 3,664,503 | |
Fund shares sold | 78,443 | |
Prepaid expenses | + | 13,669 |
Total assets | 734,284,254 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,319,395 | |
Shareholder service fees | 146,584 | |
Fund shares redeemed | 117,998 | |
Investment adviser and administrator fees | 79,469 | |
Accrued expenses | + | 50,212 |
Total liabilities | 3,713,658 | |
Net assets | $730,570,596 | |
Net Assets by Source | ||
Capital received from investors | $449,010,189 | |
Total distributable earnings | + | 281,560,407 |
Net assets | $730,570,596 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$730,570,596 | 37,375,844 | $19.55 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $14,956,337 | |
Interest received from securities - unaffiliated | + | 82,109 |
Total investment income | 15,038,446 | |
Expenses | ||
Shareholder service fees | 1,789,358 | |
Investment adviser and administrator fees | 983,562 | |
Shareholder reports | 47,354 | |
Registration fees | 32,953 | |
Portfolio accounting fees | 24,422 | |
Professional fees | 22,262 | |
Independent trustees’ fees | 7,737 | |
Transfer agent fees | 4,369 | |
Custodian fees | 509 | |
Other expenses | + | 7,755 |
Total expenses | 2,920,281 | |
Expense reduction | – | 3,757 |
Net expenses | – | 2,916,524 |
Net investment income | 12,121,922 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 2,746,008 | |
Net realized gains on sales of securities - affiliated | + | 6,485,916 |
Net realized gains | 9,231,924 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | + | 30,496,738 |
Net realized and unrealized gains | 39,728,662 | |
Increase in net assets resulting from operations | $51,850,584 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $12,121,922 | $13,600,336 | |
Net realized gains | 9,231,924 | 24,519,820 | |
Net change in unrealized appreciation (depreciation) | + | 30,496,738 | (181,792,539 ) |
Increase (decrease) in net assets resulting from operations | $51,850,584 | ($143,672,383 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($33,442,416 ) | ($32,780,380 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,710,311 | $74,403,438 | 3,208,269 | $68,237,077 | |
Shares reinvested | 1,577,571 | 29,611,009 | 1,243,501 | 29,160,110 | |
Shares redeemed | + | (4,493,650 ) | (90,750,860 ) | (3,924,534 ) | (83,312,796 ) |
Net transactions in fund shares | 794,232 | $13,263,587 | 527,236 | $14,084,391 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 36,581,612 | $698,898,841 | 36,054,376 | $861,267,213 | |
Total increase (decrease) | + | 794,232 | 31,671,755 | 527,236 | (162,368,372 ) |
End of period | 37,375,844 | $730,570,596 | 36,581,612 | $698,898,841 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $22.39 | $27.84 | $22.42 | $23.54 | $22.67 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.81 | (4.49 ) | 7.03 | (0.20 ) | 1.62 | |
Total from investment operations | 1.24 | (4.09 ) | 7.38 | 0.23 | 2.03 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.61 ) | (0.92 ) | (1.57 ) | (0.88 ) | (0.71 ) | |
Total distributions | (0.99 ) | (1.36 ) | (1.96 ) | (1.35 ) | (1.16 ) | |
Net asset value at end of period | $22.64 | $22.39 | $27.84 | $22.42 | $23.54 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 99.8% OF NET ASSETS | ||||||||
U.S. Stocks 56.1% | ||||||||
Large-Cap 43.4% | ||||||||
Schwab Fundamental US Large Company Index Fund | $97,756,577 | $2,001,639 | ($4,505,295 ) | $932,212 | $1,592,087 | $97,777,220 | 4,507,940 | $2,001,639 |
Schwab S&P 500 Index Fund | 226,079,079 | 8,747,841 | (26,865,169 ) | 15,260,181 | 4,301,383 | 227,523,315 | 3,498,744 | 3,692,809 |
Schwab U.S. Large-Cap Growth Index Fund | 25,769,558 | 1,915,077 | (5,511,603 ) | 1,127,168 | 3,664,898 | 26,965,098 | 346,239 | 236,647 |
352,265,633 | ||||||||
Small-Cap 12.7% | ||||||||
Schwab Fundamental US Small Company Index Fund | 31,404,736 | 7,043,733 | (5,035,183 ) | (30,071 ) | (2,636,003 ) | 30,747,212 | 2,228,059 | 2,031,403 |
Schwab Small-Cap Index Fund | 73,025,783 | 15,451,600 | (9,545,523 ) | (1,431,754 ) | (5,473,388 ) | 72,026,718 | 2,668,645 | 919,368 |
102,773,930 | ||||||||
455,039,563 | ||||||||
International Stocks 20.0% | ||||||||
Developed Markets 16.7% | ||||||||
Schwab Fundamental International Large Company Index Fund | 32,253,756 | 1,933,278 | (6,436,440 ) | 729,201 | 3,906,282 | 32,386,077 | 3,377,067 | 957,152 |
Schwab Fundamental International Small Company Index Fund | 25,887,763 | 3,112,026 | (4,053,018 ) | (438,403 ) | 2,284,262 | 26,792,630 | 2,360,584 | 1,319,885 |
Schwab International Index Fund | 75,071,899 | 6,591,845 | (15,066,378 ) | 254,436 | 9,131,187 | 75,982,989 | 3,726,483 | 2,091,580 |
135,161,696 | ||||||||
Emerging Markets 3.3% | ||||||||
Schwab Fundamental Emerging Markets Large Company Index Fund | 26,183,179 | 4,417,868 | (6,128,676 ) | 161,845 | 2,527,630 | 27,161,846 | 3,386,764 | 1,439,469 |
162,323,542 | ||||||||
Real Estate 4.0% | ||||||||
U.S. REITs 4.0% | ||||||||
Schwab U.S. REIT ETF | 31,100,879 | 6,516,361 | (1,151,789 ) | (79,503 ) | (3,738,165 ) | 32,647,783 | 1,897,024 | 1,060,561 |
Fixed Income 16.0% | ||||||||
Intermediate-Term Bond 16.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 126,088,640 | 23,080,703 | (15,192,356 ) | (3,479,832 ) | (777,071 ) | 129,720,084 | 15,516,756 | 4,282,082 |
Money Market Funds 3.7% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 26,792,734 | 3,338,429 | — | — | 8,308 | 30,139,471 | 30,130,432 | 1,375,599 |
Total Affiliated Underlying Funds (Cost $532,506,459) | $797,414,583 | $84,150,400 | ($99,491,430 ) | $13,005,480 | $14,791,410 | $809,870,443 | $21,408,194 | |
Total Investments in Securities (Cost $532,506,459) | $809,870,443 |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Assets | ||
Investments in securities, at value - affiliated (cost $532,506,459) | $809,870,443 | |
Cash | 2,146,250 | |
Receivables: | ||
Investments sold | 4,384,551 | |
Dividends | 478,054 | |
Fund shares sold | 127,922 | |
Prepaid expenses | + | 18,160 |
Total assets | 817,025,380 | |
Liabilities | ||
Payables: | ||
Investments bought | 4,829,979 | |
Fund shares redeemed | 199,949 | |
Shareholder service fees | 165,158 | |
Investment adviser and administrator fees | 88,193 | |
Accrued expenses | + | 49,824 |
Total liabilities | 5,333,103 | |
Net assets | $811,692,277 | |
Net Assets by Source | ||
Capital received from investors | $518,125,578 | |
Total distributable earnings | + | 293,566,699 |
Net assets | $811,692,277 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$811,692,277 | 35,853,325 | $22.64 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $18,945,930 | |
Interest received from securities - unaffiliated | + | 123,657 |
Total investment income | 19,069,587 | |
Expenses | ||
Shareholder service fees | 2,037,523 | |
Investment adviser and administrator fees | 1,101,426 | |
Shareholder reports | 45,143 | |
Registration fees | 31,390 | |
Portfolio accounting fees | �� | 25,023 |
Professional fees | 22,491 | |
Independent trustees’ fees | 7,959 | |
Transfer agent fees | 4,452 | |
Proxy fees1 | 918 | |
Custodian fees | 586 | |
Other expenses | + | 8,602 |
Total expenses | 3,285,513 | |
Expense reduction | – | 3,730 |
Net expenses | – | 3,281,783 |
Net investment income | 15,787,804 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 2,462,264 | |
Net realized gains on sales of securities - affiliated | + | 13,005,480 |
Net realized gains | 15,467,744 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | + | 14,791,410 |
Net realized and unrealized gains | 30,259,154 | |
Increase in net assets resulting from operations | $46,046,958 |
1 | Proxy fees are non-routine expenses (see financial note 4 for additional information). |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $15,787,804 | $14,536,971 | |
Net realized gains | 15,467,744 | 22,882,801 | |
Net change in unrealized appreciation (depreciation) | + | 14,791,410 | (187,438,456 ) |
Increase (decrease) in net assets resulting from operations | $46,046,958 | ($150,018,684 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($35,300,600 ) | ($47,953,508 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,520,611 | $58,610,427 | 3,110,088 | $77,344,476 | |
Shares reinvested | 1,468,211 | 32,256,601 | 1,629,745 | 43,937,930 | |
Shares redeemed | + | (3,945,752 ) | (91,827,581 ) | (4,205,157 ) | (103,649,624 ) |
Net transactions in fund shares | 43,070 | ($960,553 ) | 534,676 | $17,632,782 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 35,810,255 | $801,906,472 | 35,275,579 | $982,245,882 | |
Total increase (decrease) | + | 43,070 | 9,785,805 | 534,676 | (180,339,410 ) |
End of period | 35,853,325 | $811,692,277 | 35,810,255 | $801,906,472 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $17.36 | $21.53 | $18.38 | $18.75 | $18.24 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.38 | (3.45 ) | 4.11 | 0.10 | 1.32 | |
Total from investment operations | 0.76 | (3.13 ) | 4.39 | 0.45 | 1.68 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.39 ) | (0.71 ) | (0.92 ) | (0.43 ) | (0.78 ) | |
Total distributions | (0.70 ) | (1.04 ) | (1.24 ) | (0.82 ) | (1.17 ) | |
Net asset value at end of period | $17.42 | $17.36 | $21.53 | $18.38 | $18.75 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 99.6% OF NET ASSETS | ||||||||
U.S. Stocks 42.0% | ||||||||
Large-Cap 33.0% | ||||||||
Schwab Fundamental US Large Company Index Fund | $47,195,010 | $1,616,109 | ($3,196,242 ) | $592,823 | $664,658 | $46,872,358 | 2,161,012 | $975,082 |
Schwab S&P 500 Index Fund | 109,667,907 | 6,656,394 | (16,781,281 ) | 9,173,395 | 439,302 | 109,155,717 | 1,678,544 | 1,777,827 |
Schwab U.S. Large-Cap Growth Index Fund | 15,693,035 | 921,775 | (3,614,497 ) | 850,569 | 1,965,799 | 15,816,681 | 203,090 | 139,478 |
171,844,756 | ||||||||
Small-Cap 9.0% | ||||||||
Schwab Fundamental US Small Company Index Fund | 14,176,529 | 3,142,352 | (2,137,048 ) | 198,077 | (1,393,558 ) | 13,986,352 | 1,013,504 | 917,003 |
Schwab Small-Cap Index Fund | 33,164,113 | 7,420,771 | (4,885,201 ) | 92,189 | (3,151,156 ) | 32,640,716 | 1,209,363 | 422,435 |
46,627,068 | ||||||||
218,471,824 | ||||||||
International Stocks 15.0% | ||||||||
Developed Markets 12.5% | ||||||||
Schwab Fundamental International Large Company Index Fund | 16,022,538 | 1,031,964 | (3,911,027 ) | 492,060 | 1,843,636 | 15,479,171 | 1,614,095 | 456,666 |
Schwab Fundamental International Small Company Index Fund | 12,869,452 | 1,829,967 | (2,647,247 ) | (124,030 ) | 1,116,069 | 13,044,211 | 1,149,270 | 632,340 |
Schwab International Index Fund | 36,868,979 | 3,081,514 | (8,255,689 ) | 555,560 | 4,133,907 | 36,384,271 | 1,784,417 | 999,363 |
64,907,653 | ||||||||
Emerging Markets 2.5% | ||||||||
Schwab Fundamental Emerging Markets Large Company Index Fund | 12,313,581 | 2,019,177 | (2,543,548 ) | 56,221 | 1,196,601 | 13,042,032 | 1,626,189 | 693,854 |
77,949,685 | ||||||||
Real Estate 3.0% | ||||||||
U.S. REITs 3.0% | ||||||||
Schwab U.S. REIT ETF | 15,412,856 | 2,865,326 | (872,135 ) | (55,602 ) | (1,743,608 ) | 15,606,837 | 906,847 | 513,146 |
Fixed Income 36.0% | ||||||||
Intermediate-Term Bond 35.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 180,589,752 | 26,824,564 | (19,997,654 ) | (4,402,023 ) | (1,351,125 ) | 181,663,514 | 21,730,085 | 6,007,726 |
Short-Term Bond 1.0% | ||||||||
Schwab Short-Term Bond Index Fund | 4,975,661 | 579,272 | (338,658 ) | (36,880 ) | 20,811 | 5,200,206 | 558,561 | 161,641 |
186,863,720 | ||||||||
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
Money Market Funds 3.6% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | $17,918,226 | $864,528 | $— | $— | $5,420 | $18,788,174 | 18,782,540 | $886,158 |
Total Affiliated Underlying Funds (Cost $400,731,792) | $516,867,639 | $58,853,713 | ($69,180,227 ) | $7,392,359 | $3,746,756 | $517,680,240 | $14,582,719 | |
Total Investments in Securities (Cost $400,731,792) | $517,680,240 |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Assets | ||
Investments in securities, at value - affiliated (cost $400,731,792) | $517,680,240 | |
Cash | 1,951,021 | |
Receivables: | ||
Investments sold | 3,147,093 | |
Dividends | 628,798 | |
Fund shares sold | 191,953 | |
Prepaid expenses | + | 19,704 |
Total assets | 523,618,809 | |
Liabilities | ||
Payables: | ||
Investments bought | 3,400,524 | |
Fund shares redeemed | 399,788 | |
Shareholder service fees | 105,483 | |
Investment adviser and administrator fees | 56,375 | |
Accrued expenses | + | 41,326 |
Total liabilities | 4,003,496 | |
Net assets | $519,615,313 | |
Net Assets by Source | ||
Capital received from investors | $395,048,299 | |
Total distributable earnings | + | 124,567,014 |
Net assets | $519,615,313 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$519,615,313 | 29,830,764 | $17.42 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $13,449,606 | |
Interest received from securities - unaffiliated | + | 76,614 |
Total investment income | 13,526,220 | |
Expenses | ||
Shareholder service fees | 1,315,956 | |
Investment adviser and administrator fees | 706,324 | |
Registration fees | 31,504 | |
Shareholder reports | 27,285 | |
Portfolio accounting fees | 23,140 | |
Professional fees | 21,856 | |
Independent trustees’ fees | 7,233 | |
Transfer agent fees | 2,942 | |
Custodian fees | 551 | |
Other expenses | + | 6,213 |
Total expenses | 2,143,004 | |
Expense reduction | – | 2,528 |
Net expenses | – | 2,140,476 |
Net investment income | 11,385,744 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 1,133,113 | |
Net realized gains on sales of securities - affiliated | + | 7,392,359 |
Net realized gains | 8,525,472 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | + | 3,746,756 |
Net realized and unrealized gains | 12,272,228 | |
Increase in net assets resulting from operations | $23,657,972 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $11,385,744 | $9,896,666 | |
Net realized gains | 8,525,472 | 11,259,633 | |
Net change in unrealized appreciation (depreciation) | + | 3,746,756 | (119,667,044 ) |
Increase (decrease) in net assets resulting from operations | $23,657,972 | ($98,510,745 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($20,946,171 ) | ($31,823,550 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,705,855 | $48,665,734 | 3,053,833 | $59,625,179 | |
Shares reinvested | 1,106,066 | 18,946,912 | 1,384,745 | 28,747,318 | |
Shares redeemed | + | (3,904,221 ) | (70,183,048 ) | (4,931,534 ) | (93,440,331 ) |
Net transactions in fund shares | (92,300 ) | ($2,570,402 ) | (492,956 ) | ($5,067,834 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 29,923,064 | $519,473,914 | 30,416,020 | $654,876,043 | |
Total increase (decrease) | + | (92,300 ) | 141,399 | (492,956 ) | (135,402,129 ) |
End of period | 29,830,764 | $519,615,313 | 29,923,064 | $519,473,914 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.90 | $18.47 | $16.50 | $16.43 | $15.63 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.10 | (2.97 ) | 2.27 | 0.27 | 1.18 | |
Total from investment operations | 0.46 | (2.68 ) | 2.53 | 0.57 | 1.53 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.32 ) | (0.59 ) | (0.29 ) | (0.19 ) | (0.37 ) | |
Total distributions | (0.68 ) | (0.89 ) | (0.56 ) | (0.50 ) | (0.73 ) | |
Net asset value at end of period | $14.68 | $14.90 | $18.47 | $16.50 | $16.43 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 99.9% OF NET ASSETS | ||||||||
U.S. Stocks 28.0% | ||||||||
Large-Cap 22.0% | ||||||||
Schwab Fundamental US Large Company Index Fund | $13,711,361 | $494,109 | ($2,871,230 ) | $826,507 | ($437,254 ) | $11,723,493 | 540,502 | $278,298 |
Schwab S&P 500 Index Fund | 32,151,221 | 1,532,753 | (9,009,918 ) | 6,287,479 | (3,502,437 ) | 27,459,098 | 422,253 | 507,703 |
Schwab U.S. Large-Cap Growth Index Fund | 4,668,710 | 401,399 | (1,976,908 ) | 553,554 | 246,112 | 3,892,867 | 49,985 | 38,594 |
43,075,458 | ||||||||
Small-Cap 6.0% | ||||||||
Schwab Fundamental US Small Company Index Fund | 4,156,460 | 939,409 | (1,288,196 ) | 157,336 | (462,638 ) | 3,502,371 | 253,795 | 268,859 |
Schwab Small-Cap Index Fund | 9,638,631 | 1,908,846 | (2,624,050 ) | 794,065 | (1,543,746 ) | 8,173,746 | 302,844 | 118,076 |
11,676,117 | ||||||||
54,751,575 | ||||||||
International Stocks 10.0% | ||||||||
Developed Markets 8.3% | ||||||||
Schwab Fundamental International Large Company Index Fund | 4,677,297 | 128,741 | (1,607,254 ) | 274,069 | 411,955 | 3,884,808 | 405,089 | 128,741 |
Schwab Fundamental International Small Company Index Fund | 3,769,235 | 544,873 | (1,376,540 ) | 34,615 | 274,872 | 3,247,055 | 286,084 | 182,724 |
Schwab International Index Fund | 10,763,448 | 997,812 | (4,074,053 ) | 1,325,866 | 96,752 | 9,109,825 | 446,779 | 284,681 |
16,241,688 | ||||||||
Emerging Markets 1.7% | ||||||||
Schwab Fundamental Emerging Markets Large Company Index Fund | 3,671,489 | 521,711 | (1,320,049 ) | 90,520 | 302,998 | 3,266,669 | 407,315 | 199,618 |
19,508,357 | ||||||||
Real Estate 2.0% | ||||||||
U.S. REITs 2.0% | ||||||||
Schwab U.S. REIT ETF | 4,616,828 | 579,801 | (847,572 ) | (82,377 ) | (356,069 ) | 3,910,611 | 227,229 | 139,100 |
Fixed Income 56.0% | ||||||||
Intermediate-Term Bond 55.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 124,728,873 | 10,878,429 | (25,510,798 ) | (4,077,790 ) | 1,212,505 | 107,231,219 | 12,826,701 | 3,826,827 |
Short-Term Bond 1.0% | ||||||||
Schwab Short-Term Bond Index Fund | 2,297,908 | 65,304 | (410,219 ) | (37,200 ) | 37,368 | 1,953,161 | 209,792 | 65,502 |
109,184,380 | ||||||||
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
Money Market Funds 3.9% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | $8,043,203 | $383,819 | ($800,000 ) | ($320 ) | $2,673 | $7,629,375 | 7,627,086 | $391,630 |
Total Affiliated Underlying Funds (Cost $174,078,029) | $226,894,664 | $19,377,006 | ($53,716,787 ) | $6,146,324 | ($3,716,909 ) | $194,984,298 | $6,430,353 | |
Total Investments in Securities (Cost $174,078,029) | $194,984,298 |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
ETF — | Exchange-traded fund |
REIT — | Real Estate Investment Trust |
Assets | ||
Investments in securities, at value - affiliated (cost $174,078,029) | $194,984,298 | |
Cash | 750,496 | |
Receivables: | ||
Investments sold | 997,853 | |
Dividends | 360,247 | |
Fund shares sold | 86,992 | |
Prepaid expenses | + | 13,161 |
Total assets | 197,193,047 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,259,922 | |
Fund shares redeemed | 744,948 | |
Shareholder service fees | 40,469 | |
Investment adviser and administrator fees | 21,273 | |
Accrued expenses | + | 34,689 |
Total liabilities | 2,101,301 | |
Net assets | $195,091,746 | |
Net Assets by Source | ||
Capital received from investors | $171,147,303 | |
Total distributable earnings | + | 23,944,443 |
Net assets | $195,091,746 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$195,091,746 | 13,289,841 | $14.68 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $6,099,714 | |
Interest received from securities - unaffiliated | + | 12,573 |
Total investment income | 6,112,287 | |
Expenses | ||
Shareholder service fees | 538,717 | |
Investment adviser and administrator fees | 287,450 | |
Registration fees | 25,719 | |
Professional fees | 21,171 | |
Portfolio accounting fees | 20,976 | |
Shareholder reports | 13,939 | |
Independent trustees’ fees | 6,470 | |
Transfer agent fees | 1,628 | |
Custodian fees | 558 | |
Other expenses | + | 3,479 |
Total expenses | 920,107 | |
Expense reduction | – | 1,410 |
Net expenses | – | 918,697 |
Net investment income | 5,193,590 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 330,639 | |
Net realized gains on sales of securities - affiliated | + | 6,146,324 |
Net realized gains | 6,476,963 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | + | (3,716,909 ) |
Net realized and unrealized gains | 2,760,054 | |
Increase in net assets resulting from operations | $7,953,644 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $5,193,590 | $4,970,604 | |
Net realized gains | 6,476,963 | 4,276,692 | |
Net change in unrealized appreciation (depreciation) | + | (3,716,909 ) | (57,009,146 ) |
Increase (decrease) in net assets resulting from operations | $7,953,644 | ($47,761,850 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($9,825,182 ) | ($15,825,504 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 839,172 | $12,876,136 | 2,222,481 | $37,874,315 | |
Shares reinvested | 567,726 | 8,497,016 | 773,587 | 13,558,318 | |
Shares redeemed | + | (3,421,970 ) | (52,400,401 ) | (5,830,067 ) | (94,964,552 ) |
Net transactions in fund shares | (2,015,072 ) | ($31,027,249 ) | (2,833,999 ) | ($43,531,919 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 15,304,913 | $227,990,533 | 18,138,912 | $335,109,806 | |
Total decrease | + | (2,015,072 ) | (32,898,787 ) | (2,833,999 ) | (107,119,273 ) |
End of period | 13,289,841 | $195,091,746 | 15,304,913 | $227,990,533 |
SCHWAB CAPITAL TRUST | |
Schwab MarketTrack All Equity Portfolio | Schwab Target 2045 Fund |
Schwab MarketTrack Growth Portfolio | Schwab Target 2050 Fund |
Schwab MarketTrack Balanced Portfolio | Schwab Target 2055 Fund |
Schwab MarketTrack Conservative Portfolio | Schwab Target 2060 Fund |
Schwab S&P 500 Index Fund | Schwab Target 2065 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 |
Schwab International Opportunities 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 Health Care Fund | Schwab Target 2040 Index Fund |
Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
Schwab Target 2030 Fund | Schwab Monthly Income Fund - Target Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund - Flexible Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund - Income Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
SCHWAB MARKETTRACK ALL EQUITY PORTFOLIO | SCHWAB MARKETTRACK GROWTH PORTFOLIO | SCHWAB MARKETTRACK BALANCED PORTFOLIO | SCHWAB MARKETTRACK CONSERVATIVE PORTFOLIO |
0.50 % | 0.50 % | 0.50 % | 0.50 % |
UNDERLYING FUNDS | SCHWAB MARKETTRACK ALL EQUITY PORTFOLIO | SCHWAB MARKETTRACK GROWTH PORTFOLIO | SCHWAB MARKETTRACK BALANCED PORTFOLIO | SCHWAB MARKETTRACK CONSERVATIVE PORTFOLIO |
Schwab Fundamental Emerging Markets Large Company Index Fund | 5.2 % | 3.9 % | 1.9 % | 0.5 % |
Schwab Fundamental International Large Company Index Fund | 2.1 % | 1.6 % | 0.7 % | 0.2 % |
Schwab Fundamental International Small Company Index Fund | 6.9 % | 5.1 % | 2.5 % | 0.6 % |
Schwab Fundamental US Large Company Index Fund | 1.4 % | 1.4 % | 0.7 % | 0.2 % |
Schwab Fundamental US Small Company Index Fund | 2.2 % | 2.0 % | 0.9 % | 0.2 % |
Schwab International Index Fund | 1.3 % | 1.0 % | 0.5 % | 0.1 % |
Schwab S&P 500 Index Fund | 0.3 % | 0.3 % | 0.2 % | 0.0 %* |
Schwab Short-Term Bond Index Fund | — % | — % | 0.3 % | 0.1 % |
Schwab Small-Cap Index Fund | 1.5 % | 1.5 % | 0.7 % | 0.2 % |
Schwab U.S. Aggregate Bond Index Fund | — % | 3.1 % | 4.3 % | 2.6 % |
Schwab U.S. Large-Cap Growth Index Fund | 2.7 % | 2.0 % | 1.2 % | 0.3 % |
Schwab U.S. REIT ETF | 0.7 % | 0.6 % | 0.3 % | 0.1 % |
Schwab Variable Share Price Money Fund, Ultra Shares | — % | 0.6 % | 0.4 % | 0.1 % |
* | Less than 0.05% |
PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) | |
Schwab MarketTrack All Equity Portfolio | $56,421 | $35,174 | ($3,085 ) |
Schwab MarketTrack Growth Portfolio | — | — | — |
Schwab MarketTrack Balanced Portfolio | — | 213,760 | (18,049 ) |
Schwab MarketTrack Conservative Portfolio | — | 95,283 | (27,800 ) |
5. Board of Trustees:
6. Borrowing from Banks:
PURCHASES OF SECURITIES | SALES OF SECURITIES | |
Schwab MarketTrack All Equity Portfolio | $78,069,349 | $83,559,566 |
Schwab MarketTrack Growth Portfolio | 84,150,400 | 99,491,430 |
Schwab MarketTrack Balanced Portfolio | 58,853,713 | 69,180,227 |
Schwab MarketTrack Conservative Portfolio | 19,377,006 | 53,716,787 |
8. Federal Income Taxes:
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab MarketTrack All Equity Portfolio | $458,564,478 | $288,687,008 | ($19,993,145 ) | $268,693,863 |
Schwab MarketTrack Growth Portfolio | 537,097,558 | 305,684,996 | (32,912,111 ) | 272,772,885 |
Schwab MarketTrack Balanced Portfolio | 408,758,692 | 151,307,966 | (42,386,418 ) | 108,921,548 |
Schwab MarketTrack Conservative Portfolio | 179,661,954 | 39,756,317 | (24,433,973 ) | 15,322,344 |
UNDISTRIBUTED ORDINARY INCOME | UNDISTRIBUTED LONG-TERM CAPITAL GAINS | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | TOTAL | |
Schwab MarketTrack All Equity Portfolio | $3,003,260 | $9,863,284 | $268,693,863 | $281,560,407 |
Schwab MarketTrack Growth Portfolio | 4,477,211 | 16,316,603 | 272,772,885 | 293,566,699 |
Schwab MarketTrack Balanced Portfolio | 5,338,512 | 10,306,954 | 108,921,548 | 124,567,014 |
Schwab MarketTrack Conservative Portfolio | 517,649 | 8,104,450 | 15,322,344 | 23,944,443 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab MarketTrack All Equity Portfolio | $10,865,426 | $22,576,990 | $19,017,789 | $13,762,591 |
Schwab MarketTrack Growth Portfolio | 13,427,485 | 21,873,115 | 16,666,445 | 31,287,063 |
Schwab MarketTrack Balanced Portfolio | 9,217,623 | 11,728,548 | 11,374,707 | 20,448,843 |
Schwab MarketTrack Conservative Portfolio | 5,105,118 | 4,720,064 | 5,450,344 | 10,375,160 |
9. Subsequent Events:
Denver, Colorado
December 15, 2023
FOREIGN TAX CREDIT | FOREIGN SOURCE INCOME | |
Schwab MarketTrack All Equity Portfolio | $819,195 | $6,550,803 |
Schwab MarketTrack Growth Portfolio | 627,629 | 5,027,069 |
Schwab MarketTrack Balanced Portfolio | 300,830 | 2,408,048 |
Schwab MarketTrack Conservative Portfolio | 86,051 | 687,641 |
Schwab MarketTrack All Equity Portfolio | 47.84 % |
Schwab MarketTrack Growth Portfolio | 37.96 % |
Schwab MarketTrack Balanced Portfolio | 27.26 % |
Schwab MarketTrack Conservative Portfolio | 17.03 % |
Schwab MarketTrack All Equity Portfolio | $10,985,978 |
Schwab MarketTrack Growth Portfolio | 9,332,079 |
Schwab MarketTrack Balanced Portfolio | 4,576,751 |
Schwab MarketTrack Conservative Portfolio | 1,540,719 |
Schwab MarketTrack All Equity Portfolio | $22,576,990 |
Schwab MarketTrack Growth Portfolio | 21,873,115 |
Schwab MarketTrack Balanced Portfolio | 11,728,548 |
Schwab MarketTrack Conservative Portfolio | 4,720,064 |
Schwab MarketTrack All Equity Portfolio | $1,016,863 |
Schwab MarketTrack Growth Portfolio | 881,759 |
Schwab MarketTrack Balanced Portfolio | 405,832 |
Schwab MarketTrack Conservative Portfolio | 139,290 |
Schwab MarketTrack All Equity Portfolio | — % |
Schwab MarketTrack Growth Portfolio | 26.89 % |
Schwab MarketTrack Balanced Portfolio | 46.20 % |
Schwab MarketTrack Conservative Portfolio | 66.84 % |
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
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Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Target 2010 Fund (Ticker Symbol: SWBRX) | 4.24% |
Target 2010 Composite Index | 4.02% |
Fund Category: Morningstar Target-Date 2000-20101 | 3.97% |
Performance Details | pages 7-9 |
Schwab Target 2015 Fund (Ticker Symbol: SWGRX) | 4.53% |
Target 2015 Composite Index | 4.34% |
Fund Category: Morningstar Target-Date 20151 | 4.03% |
Performance Details | pages 10-12 |
Schwab Target 2020 Fund (Ticker Symbol: SWCRX) | 4.68% |
Target 2020 Composite Index | 4.56% |
Fund Category: Morningstar Target-Date 20201 | 4.20% |
Performance Details | pages 13-15 |
Schwab Target 2025 Fund (Ticker Symbol: SWHRX) | 5.46% |
Target 2025 Composite Index | 5.34% |
Fund Category: Morningstar Target-Date 20251 | 4.44% |
Performance Details | pages 16-18 |
Schwab Target 2030 Fund (Ticker Symbol: SWDRX) | 6.52% |
Target 2030 Composite Index | 6.33% |
Fund Category: Morningstar Target-Date 20301 | 5.12% |
Performance Details | pages 19-21 |
Schwab Target 2035 Fund (Ticker Symbol: SWIRX) | 7.22% |
Target 2035 Composite Index | 7.01% |
Fund Category: Morningstar Target-Date 20351 | 6.06% |
Performance Details | pages 22-24 |
Total Return for the 12 Months Ended October 31, 2023 | |
Schwab Target 2040 Fund (Ticker Symbol: SWERX) | 7.79% |
Target 2040 Composite Index | 7.52% |
Fund Category: Morningstar Target-Date 20401 | 6.84% |
Performance Details | pages 25-27 |
Schwab Target 2045 Fund (Ticker Symbol: SWMRX) | 8.24% |
Target 2045 Composite Index | 7.92% |
Fund Category: Morningstar Target-Date 20451 | 7.49% |
Performance Details | pages 28-30 |
Schwab Target 2050 Fund (Ticker Symbol: SWNRX) | 8.62% |
Target 2050 Composite Index | 8.13% |
Fund Category: Morningstar Target-Date 20501 | 7.72% |
Performance Details | pages 31-33 |
Schwab Target 2055 Fund (Ticker Symbol: SWORX) | 8.62% |
Target 2055 Composite Index | 8.25% |
Fund Category: Morningstar Target-Date 20551 | 7.81% |
Performance Details | pages 34-36 |
Schwab Target 2060 Fund (Ticker Symbol: SWPRX) | 8.82% |
Target 2060 Composite Index | 8.37% |
Fund Category: Morningstar Target-Date 20601 | 7.87% |
Performance Details | pages 37-39 |
Schwab Target 2065 Fund (Ticker Symbol: SWQRX) | 8.75% |
Target 2065 Composite Index | 8.42% |
Fund Category: Morningstar Target-Date 2065+1 | 8.21% |
Performance Details | pages 40-42 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Prior to joining Schwab 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 (now known as BlackRock). |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Mr. Hayes has been with Schwab since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond investment specialist for two years and as a registered representative for two years for Charles Schwab & Co., Inc. |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is responsible for the co-management of the funds. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also 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) | 4.24% | 3.21% | 3.52% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2010 Composite Index | 4.02% | 3.38% | 3.77% |
Fund Category: Morningstar Target-Date 2000-20102 | 3.97% | 3.21% | 3.54% |
Fund Expense Ratios3: Net 0.26%; Gross 0.40% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 14% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2015 Fund (3/12/08) | 4.53% | 3.37% | 3.68% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2015 Composite Index | 4.34% | 3.59% | 3.98% |
Fund Category: Morningstar Target-Date 20152 | 4.03% | 3.59% | 4.00% |
Fund Expense Ratios3: Net 0.28%; Gross 0.39% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 7% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2020 Fund (7/1/05) | 4.68% | 3.49% | 4.09% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2020 Composite Index | 4.56% | 3.76% | 4.45% |
Fund Category: Morningstar Target-Date 20202 | 4.20% | 3.73% | 4.26% |
Fund Expense Ratios3: Net 0.29%; Gross 0.32% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 7% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2025 Fund (3/12/08) | 5.46% | 4.23% | 4.78% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2025 Composite Index | 5.34% | 4.61% | 5.23% |
Fund Category: Morningstar Target-Date 20252 | 4.44% | 4.09% | 4.58% |
Fund Expense Ratios3: Net 0.35%; Gross 0.38% |
Number of Holdings | 22 |
Portfolio Turnover Rate | 10% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2030 Fund (7/1/05) | 6.52% | 4.85% | 5.32% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2030 Composite Index | 6.33% | 5.30% | 5.82% |
Fund Category: Morningstar Target-Date 20302 | 5.12% | 4.81% | 5.18% |
Fund Expense Ratios3: Net 0.42%; Gross 0.44% |
Number of Holdings | 22 |
Portfolio Turnover Rate | 9% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2035 Fund (3/12/08) | 7.22% | 5.25% | 5.70% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2035 Composite Index | 7.01% | 5.78% | 6.27% |
Fund Category: Morningstar Target-Date 20352 | 6.06% | 5.49% | 5.72% |
Fund Expense Ratios3: Net 0.47%; Gross 0.50% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 10% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2040 Fund (7/1/05) | 7.79% | 5.60% | 6.03% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2040 Composite Index | 7.52% | 6.16% | 6.64% |
Fund Category: Morningstar Target-Date 20402 | 6.84% | 6.05% | 6.15% |
Fund Expense Ratios3: Net 0.50%; Gross 0.52% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 9% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2045 Fund (1/23/13) | 8.24% | 5.89% | 6.25% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2045 Composite Index | 7.92% | 6.49% | 6.90% |
Fund Category: Morningstar Target-Date 20452 | 7.49% | 6.45% | 6.39% |
Fund Expense Ratios3: Net 0.54%; Gross 0.59% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 5% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2050 Fund (1/23/13) | 8.62% | 6.07% | 6.41% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2050 Composite Index | 8.13% | 6.65% | 7.05% |
Fund Category: Morningstar Target-Date 20502 | 7.72% | 6.55% | 6.48% |
Fund Expense Ratios3: Net 0.56%; Gross 0.61% |
Number of Holdings | 21 |
Portfolio Turnover Rate | 5% |
Fund and Inception Date | 1 Year | 5 Years | 10 Years |
Fund: Schwab Target 2055 Fund (1/23/13) | 8.62% | 6.08% | 6.47% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.43% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | 0.88% |
Target 2055 Composite Index | 8.25% | 6.76% | 7.16% |
Fund Category: Morningstar Target-Date 20552 | 7.81% | 6.62% | 6.52% |
Fund Expense Ratios3: Net 0.58%; Gross 0.65% |
Number of Holdings | 20 |
Portfolio Turnover Rate | 4% |
Fund and Inception Date | 1 Year | 5 Years | Since Inception |
Fund: Schwab Target 2060 Fund (8/25/16) | 8.82% | 6.20% | 6.90% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 10.10% | 10.84% |
Bloomberg US Aggregate Bond Index | 0.36% | -0.06% | -0.31% |
Target 2060 Composite Index | 8.37% | 6.88% | 7.54% |
Fund Category: Morningstar Target-Date 20602 | 7.87% | 6.68% | N/A |
Fund Expense Ratios3: Net 0.59%; Gross 0.79% |
Number of Holdings | 19 |
Portfolio Turnover Rate | 4% |
Fund and Inception Date | 1 Year | Since Inception |
Fund: Schwab Target 2065 Fund (2/25/21) | 8.75% | -1.37% |
Dow Jones U.S. Total Stock Market IndexSM | 8.39% | 2.63% |
Bloomberg US Aggregate Bond Index | 0.36% | -5.55% |
Target 2065 Composite Index | 8.42% | -0.27% |
Fund Category: Morningstar Target-Date 2065+2 | 8.21% | N/A |
Fund Expense Ratios3: Net 0.59%; Gross 1.69% |
Number of Holdings | 18 |
Portfolio Turnover Rate | 4% |
EXPENSE RATIO (ANNUALIZED)1,2 | EFFECTIVE EXPENSE RATIO (ANNUALIZED)3,4 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/232 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/232,5 | EFFECTIVE EXPENSES PAID DURING PERIOD 5/1/23-10/31/234,5 | |
Schwab Target 2010 Fund | ||||||
Actual Return | 0.00% | 0.25% | $1,000.00 | $965.90 | $0.00 | $1.24 |
Hypothetical 5% Return | 0.00% | 0.25% | $1,000.00 | $1,025.21 | $0.00 | $1.28 |
Schwab Target 2015 Fund | ||||||
Actual Return | 0.00% | 0.27% | $1,000.00 | $965.30 | $0.00 | $1.34 |
Hypothetical 5% Return | 0.00% | 0.27% | $1,000.00 | $1,025.21 | $0.00 | $1.38 |
Schwab Target 2020 Fund | ||||||
Actual Return | 0.00% | 0.28% | $1,000.00 | $965.70 | $0.00 | $1.39 |
Hypothetical 5% Return | 0.00% | 0.28% | $1,000.00 | $1,025.21 | $0.00 | $1.43 |
Schwab Target 2025 Fund | ||||||
Actual Return | 0.00% | 0.33% | $1,000.00 | $966.80 | $0.00 | $1.64 |
Hypothetical 5% Return | 0.00% | 0.33% | $1,000.00 | $1,025.21 | $0.00 | $1.68 |
Schwab Target 2030 Fund | ||||||
Actual Return | 0.00% | 0.40% | $1,000.00 | $969.60 | $0.00 | $1.99 |
Hypothetical 5% Return | 0.00% | 0.40% | $1,000.00 | $1,025.21 | $0.00 | $2.04 |
Schwab Target 2035 Fund | ||||||
Actual Return | 0.00% | 0.45% | $1,000.00 | $971.20 | $0.00 | $2.24 |
Hypothetical 5% Return | 0.00% | 0.45% | $1,000.00 | $1,025.21 | $0.00 | $2.29 |
Schwab Target 2040 Fund | ||||||
Actual Return | 0.00% | 0.49% | $1,000.00 | $973.20 | $0.00 | $2.44 |
Hypothetical 5% Return | 0.00% | 0.49% | $1,000.00 | $1,025.21 | $0.00 | $2.50 |
Schwab Target 2045 Fund | ||||||
Actual Return | 0.00% | 0.53% | $1,000.00 | $974.20 | $0.00 | $2.64 |
Hypothetical 5% Return | 0.00% | 0.53% | $1,000.00 | $1,025.21 | $0.00 | $2.70 |
Schwab Target 2050 Fund | ||||||
Actual Return | 0.00% | 0.55% | $1,000.00 | $973.90 | $0.00 | $2.74 |
Hypothetical 5% Return | 0.00% | 0.55% | $1,000.00 | $1,025.21 | $0.00 | $2.80 |
Schwab Target 2055 Fund | ||||||
Actual Return | 0.00% | 0.57% | $1,000.00 | $972.90 | $0.00 | $2.83 |
Hypothetical 5% Return | 0.00% | 0.57% | $1,000.00 | $1,025.21 | $0.00 | $2.91 |
EXPENSE RATIO (ANNUALIZED)1,2 | EFFECTIVE EXPENSE RATIO (ANNUALIZED)3,4 | BEGINNING ACCOUNT VALUE AT 5/1/23 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 10/31/232 | EXPENSES PAID DURING PERIOD 5/1/23-10/31/232,5 | EFFECTIVE EXPENSES PAID DURING PERIOD 5/1/23-10/31/234,5 | |
Schwab Target 2060 Fund | ||||||
Actual Return | 0.00% | 0.58% | $1,000.00 | $973.70 | $0.00 | $2.89 |
Hypothetical 5% Return | 0.00% | 0.58% | $1,000.00 | $1,025.21 | $0.00 | $2.96 |
Schwab Target 2065 Fund | ||||||
Actual Return | 0.00% | 0.58% | $1,000.00 | $973.90 | $0.00 | $2.89 |
Hypothetical 5% Return | 0.00% | 0.58% | $1,000.00 | $1,025.21 | $0.00 | $2.96 |
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 expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio 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 in the period, and divided by the 365 days in the fiscal year. |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.23 | $15.21 | $13.76 | $13.57 | $13.06 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.16 | (2.55 ) | 1.61 | 0.57 | 0.97 | |
Total from investment operations | 0.51 | (2.27 ) | 1.83 | 0.84 | 1.27 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.25 ) | (0.41 ) | (0.11 ) | (0.31 ) | (0.42 ) | |
Total distributions | (0.55 ) | (0.71 ) | (0.38 ) | (0.65 ) | (0.76 ) | |
Net asset value at end of period | $12.19 | $12.23 | $15.21 | $13.76 | $13.57 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 75.8% OF NET ASSETS | ||||||||
U.S. Stocks 20.9% | ||||||||
Large-Cap 18.2% | ||||||||
Schwab Core Equity Fund | $826,164 | $118,325 | ($211,546 ) | $21,951 | ($58,372 ) | $696,522 | 37,752 | $118,325 |
Schwab Fundamental US Large Company Index Fund | 978,652 | 70,220 | (213,552 ) | (7,063 ) | 36,540 | 864,797 | 39,871 | 20,220 |
Schwab S&P 500 Index Fund | 5,568,093 | 1,004,527 | (1,668,978 ) | 478,213 | 22,219 | 5,404,074 | 83,101 | 94,527 |
Schwab Select Large Cap Growth Fund * | 1,015,537 | 118,747 | (308,375 ) | (103,952 ) | 200,857 | 922,814 | 43,002 | 118,747 |
7,888,207 | ||||||||
Mid-Cap 1.3% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 310,945 | 325,648 | (81,720 ) | 5,851 | (15,435 ) | 545,289 | 10,794 | 5,647 |
Small-Cap 1.4% | ||||||||
Schwab Small-Cap Equity Fund | 705,428 | 253,624 | (274,103 ) | 1,989 | (71,443 ) | 615,495 | 37,078 | 60,625 |
9,048,991 | ||||||||
International Stocks 7.7% | ||||||||
Developed Markets 7.7% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 191,482 | (60,000 ) | 960 | (3,365 ) | 129,077 | 13,460 | — |
Schwab International Core Equity Fund | 1,678,548 | 126,142 | (734,561 ) | (7,384 ) | 244,960 | 1,307,705 | 132,897 | 56,142 |
Schwab International Opportunities Fund | 2,348,144 | 248,168 | (893,421 ) | (173,851 ) | 343,263 | 1,872,303 | 107,050 | 88,168 |
3,309,085 | ||||||||
Real Estate 2.4% | ||||||||
Global Real Estate 2.4% | ||||||||
Schwab Global Real Estate Fund | 1,180,683 | 130,654 | (203,102 ) | (50,948 ) | (23,889 ) | 1,033,398 | 189,614 | 40,654 |
Fixed Income 40.7% | ||||||||
Inflation-Protected Bond 6.7% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 3,062,555 | 398,753 | (370,000 ) | (43,188 ) | (143,246 ) | 2,904,874 | 296,114 | 166,900 |
Intermediate-Term Bond 25.9% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 11,807,858 | 1,355,598 | (1,641,000 ) | (249,582 ) | (75,088 ) | 11,197,786 | 1,339,448 | 381,149 |
Short-Term Bond 8.1% | ||||||||
Schwab Short-Term Bond Index Fund | 4,518,216 | 403,272 | (1,400,000 ) | (87,347 ) | 96,251 | 3,530,392 | 379,204 | 115,402 |
17,633,052 | ||||||||
Money Market Funds 4.1% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 1,707,758 | 82,396 | — | — | 517 | 1,790,671 | 1,790,134 | 84,458 |
Total Affiliated Underlying Funds (Cost $31,067,085) | $35,708,581 | $4,827,556 | ($8,060,358 ) | ($214,351 ) | $553,769 | $32,815,197 | $1,350,964 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 23.7% OF NET ASSETS | ||||||||
U.S. Stocks 5.5% | ||||||||
Large-Cap 5.1% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $1,097,081 | 19,103 | ||||||
Dodge & Cox Stock Fund, Class I | 1,126,436 | 5,157 | ||||||
2,223,517 | ||||||||
Small-Cap 0.4% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 178,032 | 5,335 | ||||||
2,401,549 | ||||||||
Fixed Income 18.2% | ||||||||
Intermediate-Term Bond 16.2% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 5,931,294 | 650,361 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 378,748 | 41,258 | ||||||
Western Asset Core Plus Bond Fund, Class I | 698,444 | 81,214 | ||||||
7,008,486 | ||||||||
International Bond 2.0% | ||||||||
PIMCO International Bond Fund (U.S. Dollar- Hedged), Institutional Class | 871,673 | 93,227 | ||||||
7,880,159 | ||||||||
Total Unaffiliated Underlying Funds (Cost $11,098,346) | $10,281,708 | |||||||
Total Investments in Securities (Cost $42,165,431) | $43,096,905 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $31,067,085) | $32,815,197 | |
Investments in securities, at value - unaffiliated (cost $11,098,346) | 10,281,708 | |
Cash | 478,960 | |
Receivables: | ||
Dividends | 54,975 | |
Due from investment adviser | 4,780 | |
Fund shares sold | 765 | |
Prepaid expenses | + | 10,210 |
Total assets | 43,646,595 | |
Liabilities | ||
Payables: | ||
Investments bought | 311,254 | |
Fund shares redeemed | 95 | |
Accrued expenses | + | 28,682 |
Total liabilities | 340,031 | |
Net assets | $43,306,564 | |
Net Assets by Source | ||
Capital received from investors | $42,060,184 | |
Total distributable earnings | + | 1,246,380 |
Net assets | $43,306,564 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$43,306,564 | 3,553,563 | $12.19 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $976,487 | |
Dividends received from securities - unaffiliated | 306,407 | |
Interest received from securities - unaffiliated | + | 8,748 |
Total investment income | 1,291,642 | |
Expenses | ||
Professional fees | 22,892 | |
Registration fees | 19,744 | |
Portfolio accounting fees | 11,023 | |
Independent trustees’ fees | 6,046 | |
Shareholder reports | 4,259 | |
Transfer agent fees | 1,303 | |
Custodian fees | 543 | |
Other expenses | + | 2,019 |
Total expenses | 67,829 | |
Expense reduction | – | 67,829 |
Net expenses | – | — |
Net investment income | 1,291,642 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 374,477 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 181,855 | |
Net realized losses on sales of securities - affiliated | (214,351 ) | |
Net realized losses on sales of securities - unaffiliated | + | (78,163 ) |
Net realized gains | 263,818 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 553,769 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 3,241 |
Net change in unrealized appreciation (depreciation) | + | 557,010 |
Net realized and unrealized gains | 820,828 | |
Increase in net assets resulting from operations | $2,112,470 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $1,291,642 | $1,127,766 | |
Net realized gains | 263,818 | 784,891 | |
Net change in unrealized appreciation (depreciation) | + | 557,010 | (11,194,504 ) |
Increase (decrease) in net assets resulting from operations | $2,112,470 | ($9,281,847 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($2,099,711 ) | ($3,070,834 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 387,660 | $4,816,480 | 570,204 | $7,624,804 | |
Shares reinvested | 154,395 | 1,854,287 | 188,385 | 2,752,308 | |
Shares redeemed | + | (778,380 ) | (9,735,905 ) | (1,273,388 ) | (17,142,875 ) |
Net transactions in fund shares | (236,325 ) | ($3,065,138 ) | (514,799 ) | ($6,765,763 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 3,789,888 | $46,358,943 | 4,304,687 | $65,477,387 | |
Total decrease | + | (236,325 ) | (3,052,379 ) | (514,799 ) | (19,118,444 ) |
End of period | 3,553,563 | $43,306,564 | 3,789,888 | $46,358,943 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $10.48 | $13.36 | $12.18 | $12.07 | $11.49 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.17 | (2.24 ) | 1.54 | 0.50 | 0.86 | |
Total from investment operations | 0.46 | (2.01 ) | 1.73 | 0.75 | 1.13 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.39 ) | (0.59 ) | (0.31 ) | (0.33 ) | (0.25 ) | |
Total distributions | (0.65 ) | (0.87 ) | (0.55 ) | (0.64 ) | (0.55 ) | |
Net asset value at end of period | $10.29 | $10.48 | $13.36 | $12.18 | $12.07 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS | ||||||||
U.S. Stocks 22.4% | ||||||||
Large-Cap 19.7% | ||||||||
Schwab Core Equity Fund | $1,110,851 | $159,098 | ($318,866 ) | $49,058 | ($101,580 ) | $898,561 | 48,702 | $159,098 |
Schwab Fundamental US Large Company Index Fund | 1,306,242 | 25,381 | (300,000 ) | (4,758 ) | 44,093 | 1,070,958 | 49,376 | 25,381 |
Schwab S&P 500 Index Fund | 7,789,834 | 124,070 | (1,951,099 ) | 1,355,064 | (668,510 ) | 6,649,359 | 102,251 | 124,070 |
Schwab Select Large Cap Growth Fund * | 1,064,728 | 124,499 | (210,520 ) | (45,025 ) | 172,419 | 1,106,101 | 51,542 | 124,499 |
9,724,979 | ||||||||
Mid-Cap 1.3% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 446,819 | 221,148 | — | — | (27,133 ) | 640,834 | 12,685 | 6,995 |
Small-Cap 1.4% | ||||||||
Schwab Small-Cap Equity Fund | 925,566 | 83,154 | (192,847 ) | 9,801 | (110,539 ) | 715,135 | 43,080 | 83,154 |
11,080,948 | ||||||||
International Stocks 8.7% | ||||||||
Developed Markets 8.7% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 265,514 | (80,001 ) | 4,598 | (4,829 ) | 185,282 | 19,320 | — |
Schwab International Core Equity Fund | 2,398,451 | 79,244 | (1,044,921 ) | (57 ) | 332,393 | 1,765,110 | 179,381 | 79,244 |
Schwab International Opportunities Fund | 3,360,046 | 173,136 | (1,452,831 ) | 6,769 | 256,775 | 2,343,895 | 134,013 | 123,136 |
4,294,287 | ||||||||
Real Estate 2.6% | ||||||||
Global Real Estate 2.6% | ||||||||
Schwab Global Real Estate Fund | 1,613,749 | 54,127 | (298,691 ) | (50,704 ) | (38,645 ) | 1,279,836 | 234,832 | 54,127 |
Fixed Income 38.1% | ||||||||
Inflation-Protected Bond 6.3% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 3,659,414 | 264,524 | (591,000 ) | (52,371 ) | (151,531 ) | 3,129,036 | 318,964 | 187,577 |
Intermediate-Term Bond 24.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 13,464,248 | 804,105 | (2,032,999 ) | (284,456 ) | (30,686 ) | 11,920,212 | 1,425,863 | 422,046 |
Short-Term Bond 7.7% | ||||||||
Schwab Short-Term Bond Index Fund | 5,279,826 | 222,099 | (1,735,000 ) | (109,252 ) | 122,501 | 3,780,174 | 406,034 | 126,976 |
18,829,422 | ||||||||
Money Market Funds 4.1% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 1,957,711 | 94,191 | (50,000 ) | (5 ) | 591 | 2,002,488 | 2,001,888 | 96,435 |
Total Affiliated Underlying Funds (Cost $34,657,999) | $44,377,485 | $2,694,290 | ($10,258,775 ) | $878,662 | ($204,681 ) | $37,486,981 | $1,612,738 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 24.0% OF NET ASSETS | ||||||||
U.S. Stocks 6.2% | ||||||||
Large-Cap 5.8% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $1,421,062 | 24,744 | ||||||
Dodge & Cox Stock Fund, Class I | 1,440,065 | 6,593 | ||||||
2,861,127 | ||||||||
Small-Cap 0.4% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 220,649 | 6,612 | ||||||
3,081,776 | ||||||||
Fixed Income 17.8% | ||||||||
Intermediate-Term Bond 15.7% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 5,995,492 | 657,400 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 536,168 | 58,406 | ||||||
Western Asset Core Plus Bond Fund, Class I | 1,219,761 | 141,833 | ||||||
7,751,421 | ||||||||
International Bond 2.1% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,042,553 | 111,503 | ||||||
8,793,974 | ||||||||
Total Unaffiliated Underlying Funds (Cost $12,812,984) | $11,875,750 | |||||||
Total Investments in Securities (Cost $47,470,983) | $49,362,731 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $34,657,999) | $37,486,981 | |
Investments in securities, at value - unaffiliated (cost $12,812,984) | 11,875,750 | |
Receivables: | ||
Investments sold | 90,000 | |
Dividends | 61,300 | |
Due from investment adviser | 4,721 | |
Fund shares sold | 2,409 | |
Prepaid expenses | + | 3,902 |
Total assets | 49,525,063 | |
Liabilities | ||
Payables: | ||
Investments bought | 54,928 | |
Due to custodian | 37,967 | |
Fund shares redeemed | 918 | |
Accrued expenses | + | 29,054 |
Total liabilities | 122,867 | |
Net assets | $49,402,196 | |
Net Assets by Source | ||
Capital received from investors | $45,620,544 | |
Total distributable earnings | + | 3,781,652 |
Net assets | $49,402,196 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$49,402,196 | 4,802,282 | $10.29 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $1,145,672 | |
Dividends received from securities - unaffiliated | 362,526 | |
Interest received from securities - unaffiliated | + | 5,853 |
Total investment income | 1,514,051 | |
Expenses | ||
Professional fees | 22,905 | |
Registration fees | 18,420 | |
Portfolio accounting fees | 11,098 | |
Independent trustees’ fees | 6,068 | |
Shareholder reports | 4,367 | |
Transfer agent fees | 1,868 | |
Custodian fees | 559 | |
Other expenses | + | 2,096 |
Total expenses | 67,381 | |
Expense reduction | – | 67,381 |
Net expenses | – | — |
Net investment income | 1,514,051 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 467,066 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 240,879 | |
Net realized gains on sales of securities - affiliated | 878,662 | |
Net realized losses on sales of securities - unaffiliated | + | (97,291 ) |
Net realized gains | 1,489,316 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (204,681 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 49,170 |
Net change in unrealized appreciation (depreciation) | + | (155,511 ) |
Net realized and unrealized gains | 1,333,805 | |
Increase in net assets resulting from operations | $2,847,856 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $1,514,051 | $1,373,612 | |
Net realized gains | 1,489,316 | 2,475,134 | |
Net change in unrealized appreciation (depreciation) | + | (155,511 ) | (16,076,607 ) |
Increase (decrease) in net assets resulting from operations | $2,847,856 | ($12,227,861 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($3,520,737 ) | ($5,182,871 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 104,249 | $1,110,701 | 297,978 | $3,496,419 | |
Shares reinvested | 317,518 | 3,213,282 | 380,762 | 4,793,794 | |
Shares redeemed | + | (1,141,958 ) | (12,128,296 ) | (1,248,825 ) | (14,398,775 ) |
Net transactions in fund shares | (720,191 ) | ($7,804,313 ) | (570,085 ) | ($6,108,562 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 5,522,473 | $57,879,390 | 6,092,558 | $81,398,684 | |
Total decrease | + | (720,191 ) | (8,477,194 ) | (570,085 ) | (23,519,294 ) |
End of period | 4,802,282 | $49,402,196 | 5,522,473 | $57,879,390 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.55 | $16.14 | $14.55 | $14.46 | $13.87 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.24 | (2.72 ) | 1.94 | 0.58 | 1.04 | |
Total from investment operations | 0.58 | (2.44 ) | 2.17 | 0.88 | 1.36 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.44 ) | (0.80 ) | (0.29 ) | (0.43 ) | (0.42 ) | |
Total distributions | (0.75 ) | (1.15 ) | (0.58 ) | (0.79 ) | (0.77 ) | |
Net asset value at end of period | $12.38 | $12.55 | $16.14 | $14.55 | $14.46 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS | ||||||||
U.S. Stocks 23.7% | ||||||||
Large-Cap 20.9% | ||||||||
Schwab Core Equity Fund | $8,292,907 | $1,107,502 | ($2,515,909 ) | $404,302 | ($713,998 ) | $6,574,804 | 356,358 | $1,107,502 |
Schwab Fundamental US Large Company Index Fund | 6,138,957 | 476,835 | — | — | 139,100 | 6,754,892 | 311,429 | 126,835 |
Schwab S&P 500 Index Fund | 55,195,348 | 901,683 | (14,660,189 ) | 11,022,809 | (6,139,733 ) | 46,319,918 | 712,285 | 901,683 |
Schwab Select Large Cap Growth Fund * | 6,434,942 | 752,441 | — | — | 708,565 | 7,895,948 | 367,938 | 752,441 |
67,545,562 | ||||||||
Mid-Cap 1.4% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 3,310,975 | 1,963,003 | (600,000 ) | 11,553 | (203,510 ) | 4,482,021 | 88,718 | 51,830 |
Small-Cap 1.4% | ||||||||
Schwab Small-Cap Equity Fund | 6,086,616 | 546,831 | (1,218,685 ) | 147,954 | (780,615 ) | 4,782,101 | 288,078 | 546,831 |
76,809,684 | ||||||||
International Stocks 9.6% | ||||||||
Developed Markets 9.6% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 1,930,731 | (210,000 ) | 10,348 | (43,981 ) | 1,687,098 | 175,923 | — |
Schwab International Core Equity Fund | 17,430,537 | 565,034 | (7,895,653 ) | 88,348 | 2,356,454 | 12,544,720 | 1,274,870 | 565,034 |
Schwab International Opportunities Fund | 24,565,295 | 867,821 | (10,666,910 ) | (575,149 ) | 2,552,101 | 16,743,158 | 957,299 | 867,821 |
30,974,976 | ||||||||
Real Estate 2.7% | ||||||||
Global Real Estate 2.7% | ||||||||
Schwab Global Real Estate Fund | 11,428,058 | 371,248 | (2,465,921 ) | (706,230 ) | 57,340 | 8,684,495 | 1,593,485 | 371,248 |
Fixed Income 36.2% | ||||||||
Inflation-Protected Bond 6.1% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 23,534,113 | 1,697,843 | (4,272,566 ) | (426,592 ) | (894,252 ) | 19,638,546 | 2,001,891 | 1,203,483 |
Intermediate-Term Bond 22.9% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 85,184,431 | 5,244,495 | (14,533,706 ) | (2,066,574 ) | 126,713 | 73,955,359 | 8,846,335 | 2,643,955 |
Short-Term Bond 7.2% | ||||||||
Schwab Short-Term Bond Index Fund | 32,998,417 | 1,371,757 | (11,140,000 ) | (694,238 ) | 786,341 | 23,322,277 | 2,505,078 | 796,538 |
116,916,182 | ||||||||
Money Market Funds 3.7% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 12,062,266 | 579,152 | (600,000 ) | 32 | 3,617 | 12,045,067 | 12,041,454 | 592,291 |
Total Affiliated Underlying Funds (Cost $222,108,782) | $292,662,862 | $18,376,376 | ($70,779,539 ) | $7,216,563 | ($2,045,858 ) | $245,430,404 | $10,527,492 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 24.0% OF NET ASSETS | ||||||||
U.S. Stocks 6.6% | ||||||||
Large-Cap 6.1% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $9,664,993 | 168,292 | ||||||
Dodge & Cox Stock Fund, Class I | 10,069,339 | 46,101 | ||||||
19,734,332 | ||||||||
Small-Cap 0.5% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 1,602,918 | 48,035 | ||||||
21,337,250 | ||||||||
Fixed Income 17.4% | ||||||||
Intermediate-Term Bond 15.2% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 35,700,466 | 3,914,525 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 4,052,808 | 441,482 | ||||||
Western Asset Core Plus Bond Fund, Class I | 9,330,577 | 1,084,951 | ||||||
49,083,851 | ||||||||
International Bond 2.2% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 7,214,367 | 771,590 | ||||||
56,298,218 | ||||||||
Total Unaffiliated Underlying Funds (Cost $83,888,420) | $77,635,468 | |||||||
Total Investments in Securities (Cost $305,997,202) | $323,065,872 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $222,108,782) | $245,430,404 | |
Investments in securities, at value - unaffiliated (cost $83,888,420) | 77,635,468 | |
Cash | 231,998 | |
Receivables: | ||
Investments sold | 500,000 | |
Dividends | 389,144 | |
Due from investment adviser | 5,334 | |
Fund shares sold | 4,995 | |
Prepaid expenses | + | 11,518 |
Total assets | 324,208,861 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 479,042 | |
Investments bought | 350,379 | |
Accrued expenses | + | 40,005 |
Total liabilities | 869,426 | |
Net assets | $323,339,435 | |
Net Assets by Source | ||
Capital received from investors | $290,411,497 | |
Total distributable earnings | + | 32,927,938 |
Net assets | $323,339,435 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$323,339,435 | 26,108,522 | $12.38 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $7,428,401 | |
Dividends received from securities - unaffiliated | 2,385,404 | |
Interest received from securities - unaffiliated | + | 30,317 |
Total investment income | 9,844,122 | |
Expenses | ||
Professional fees | 23,509 | |
Registration fees | 22,550 | |
Portfolio accounting fees | 21,964 | |
Shareholder reports | 14,780 | |
Independent trustees’ fees | 6,829 | |
Transfer agent fees | 2,484 | |
Custodian fees | 536 | |
Other expenses | + | 4,585 |
Total expenses | 97,237 | |
Expense reduction | – | 97,237 |
Net expenses | – | — |
Net investment income | 9,844,122 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 3,099,091 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 1,742,488 | |
Net realized gains on sales of securities - affiliated | 7,216,563 | |
Net realized losses on sales of securities - unaffiliated | + | (181,924 ) |
Net realized gains | 11,876,218 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (2,045,858 ) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | (41,576 ) |
Net change in unrealized appreciation (depreciation) | + | (2,087,434 ) |
Net realized and unrealized gains | 9,788,784 | |
Increase in net assets resulting from operations | $19,632,906 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $9,844,122 | $8,989,486 | |
Net realized gains | 11,876,218 | 15,778,863 | |
Net change in unrealized appreciation (depreciation) | + | (2,087,434 ) | (105,913,687 ) |
Increase (decrease) in net assets resulting from operations | $19,632,906 | ($81,145,338 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($21,994,178 ) | ($37,368,972 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 965,580 | $12,253,161 | 1,284,284 | $18,669,459 | |
Shares reinvested | 1,686,974 | 20,530,467 | 2,320,540 | 35,086,570 | |
Shares redeemed | + | (7,129,103 ) | (91,046,134 ) | (5,910,068 ) | (82,290,268 ) |
Net transactions in fund shares | (4,476,549 ) | ($58,262,506 ) | (2,305,244 ) | ($28,534,239 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 30,585,071 | $383,963,213 | 32,890,315 | $531,011,762 | |
Total decrease | + | (4,476,549 ) | (60,623,778 ) | (2,305,244 ) | (147,048,549 ) |
End of period | 26,108,522 | $323,339,435 | 30,585,071 | $383,963,213 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.43 | $17.30 | $14.81 | $14.74 | $14.10 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.37 | (3.09 ) | 2.74 | 0.55 | 1.10 | |
Total from investment operations | 0.72 | (2.82 ) | 2.96 | 0.86 | 1.40 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.45 ) | (0.66 ) | (0.19 ) | (0.44 ) | (0.42 ) | |
Total distributions | (0.75 ) | (1.05 ) | (0.47 ) | (0.79 ) | (0.76 ) | |
Net asset value at end of period | $13.40 | $13.43 | $17.30 | $14.81 | $14.74 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 74.4% OF NET ASSETS | ||||||||
U.S. Stocks 26.3% | ||||||||
Large-Cap 23.3% | ||||||||
Schwab Core Equity Fund | $14,329,466 | $2,052,295 | ($4,645,710 ) | $301,646 | ($1,020,332 ) | $11,017,365 | 597,147 | $2,052,295 |
Schwab Fundamental US Large Company Index Fund | 8,345,262 | 1,446,287 | — | — | 179,170 | 9,970,719 | 459,692 | 172,419 |
Schwab S&P 500 Index Fund | 83,904,912 | 1,370,689 | (21,498,014 ) | 9,557,333 | (2,492,277 ) | 70,842,643 | 1,089,384 | 1,370,689 |
Schwab Select Large Cap Growth Fund * | 10,638,293 | 1,243,941 | (1,023,780 ) | (320,233 ) | 1,550,339 | 12,088,560 | 563,307 | 1,243,941 |
103,919,287 | ||||||||
Mid-Cap 1.2% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 5,264,531 | 82,411 | — | — | (136,596 ) | 5,210,346 | 103,134 | 82,411 |
Small-Cap 1.8% | ||||||||
Schwab Small-Cap Equity Fund | 10,592,938 | 951,687 | (2,178,203 ) | 207,252 | (1,362,899 ) | 8,210,775 | 494,625 | 951,687 |
117,340,408 | ||||||||
International Stocks 12.4% | ||||||||
Developed Markets 12.4% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 3,271,375 | (300,000 ) | 2,119 | (75,546 ) | 2,897,948 | 302,184 | — |
Schwab International Core Equity Fund | 28,797,712 | 1,370,651 | (11,030,985 ) | (119,416 ) | 4,009,496 | 23,027,458 | 2,340,189 | 970,651 |
Schwab International Opportunities Fund | 41,541,259 | 1,552,392 | (16,997,650 ) | (3,396,547 ) | 6,679,738 | 29,379,192 | 1,679,771 | 1,552,392 |
55,304,598 | ||||||||
Real Estate 3.4% | ||||||||
Global Real Estate 3.4% | ||||||||
Schwab Global Real Estate Fund | 17,761,496 | 592,623 | (2,463,127 ) | (563,649 ) | (460,793 ) | 14,866,550 | 2,727,807 | 592,623 |
Fixed Income 29.3% | ||||||||
Inflation-Protected Bond 4.2% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 17,537,680 | 5,432,965 | (3,095,000 ) | (650,283 ) | (562,879 ) | 18,662,483 | 1,902,394 | 978,411 |
Intermediate-Term Bond 19.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 85,748,757 | 12,728,124 | (10,640,000 ) | (2,045,926 ) | (700,804 ) | 85,090,151 | 10,178,248 | 2,899,629 |
Short-Term Bond 6.0% | ||||||||
Schwab Short-Term Bond Index Fund | 32,760,535 | 1,850,321 | (7,745,000 ) | (622,067 ) | 649,576 | 26,893,365 | 2,888,654 | 869,435 |
130,645,999 | ||||||||
Money Market Funds 3.0% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 12,758,249 | 615,567 | — | — | 3,859 | 13,377,675 | 13,373,663 | 630,967 |
Total Affiliated Underlying Funds (Cost $302,980,488) | $369,981,090 | $34,561,328 | ($81,617,469 ) | $2,350,229 | $6,260,052 | $331,535,230 | $14,367,550 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 25.3% OF NET ASSETS | ||||||||
U.S. Stocks 7.8% | ||||||||
Large-Cap 7.2% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $15,475,662 | 269,470 | ||||||
Dodge & Cox Stock Fund, Class I | 16,405,289 | 75,109 | ||||||
31,880,951 | ||||||||
Small-Cap 0.6% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 2,808,257 | 84,155 | ||||||
34,689,208 | ||||||||
International Stocks 0.3% | ||||||||
Emerging Markets 0.3% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 1,302,974 | 172,351 | ||||||
Fixed Income 17.2% | ||||||||
Intermediate-Term Bond 14.0% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 38,179,972 | 4,186,400 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 7,857,566 | 855,944 | ||||||
Western Asset Core Plus Bond Fund, Class I | 16,653,562 | 1,936,461 | ||||||
62,691,100 | ||||||||
International Bond 3.2% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 14,191,600 | 1,517,818 | ||||||
76,882,700 | ||||||||
Total Unaffiliated Underlying Funds (Cost $121,093,093) | $112,874,882 | |||||||
Total Investments in Securities (Cost $424,073,581) | $444,410,112 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $302,980,488) | $331,535,230 | |
Investments in securities, at value - unaffiliated (cost $121,093,093) | 112,874,882 | |
Cash | 1,134,333 | |
Receivables: | ||
Investments sold | 614,124 | |
Dividends | 483,950 | |
Fund shares sold | 63,638 | |
Due from investment adviser | 6,215 | |
Prepaid expenses | + | 6,313 |
Total assets | 446,718,685 | |
Liabilities | ||
Payables: | ||
Investments bought | 844,119 | |
Fund shares redeemed | 117,813 | |
Accrued expenses | + | 42,590 |
Total liabilities | 1,004,522 | |
Net assets | $445,714,163 | |
Net Assets by Source | ||
Capital received from investors | $412,060,244 | |
Total distributable earnings | + | 33,653,919 |
Net assets | $445,714,163 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$445,714,163 | 33,256,889 | $13.40 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $9,098,273 | |
Dividends received from securities - unaffiliated | 3,297,637 | |
Interest received from securities - unaffiliated | + | 55,896 |
Total investment income | 12,451,806 | |
Expenses | ||
Registration fees | 26,483 | |
Professional fees | 23,843 | |
Portfolio accounting fees | 22,769 | |
Shareholder reports | 16,922 | |
Independent trustees’ fees | 7,121 | |
Transfer agent fees | 6,582 | |
Custodian fees | 536 | |
Other expenses | + | 5,808 |
Total expenses | 110,064 | |
Expense reduction | – | 110,064 |
Net expenses | – | — |
Net investment income | 12,451,806 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 5,269,277 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 2,686,578 | |
Net realized gains on sales of securities - affiliated | 2,350,229 | |
Net realized losses on sales of securities - unaffiliated | + | (605,610 ) |
Net realized gains | 9,700,474 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 6,260,052 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 293,930 |
Net change in unrealized appreciation (depreciation) | + | 6,553,982 |
Net realized and unrealized gains | 16,254,456 | |
Increase in net assets resulting from operations | $28,706,262 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $12,451,806 | $10,555,630 | |
Net realized gains | 9,700,474 | 21,076,429 | |
Net change in unrealized appreciation (depreciation) | + | 6,553,982 | (142,690,861 ) |
Increase (decrease) in net assets resulting from operations | $28,706,262 | ($111,058,802 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($27,021,252 ) | ($40,238,108 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,826,540 | $25,160,840 | 3,386,870 | $52,261,525 | |
Shares reinvested | 1,957,997 | 25,630,179 | 2,343,986 | 38,464,811 | |
Shares redeemed | + | (7,373,494 ) | (101,613,524 ) | (7,174,723 ) | (106,813,544 ) |
Net transactions in fund shares | (3,588,957 ) | ($50,822,505 ) | (1,443,867 ) | ($16,087,208 ) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 36,845,846 | $494,851,658 | 38,289,713 | $662,235,776 | |
Total decrease | + | (3,588,957 ) | (49,137,495 ) | (1,443,867 ) | (167,384,118 ) |
End of period | 33,256,889 | $445,714,163 | 36,845,846 | $494,851,658 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.39 | $18.88 | $15.67 | $15.79 | $15.24 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.22 | |||||
Net realized and unrealized gains (losses) | 0.58 | (3.53 ) | 3.54 | 0.57 | 1.21 | |
Total from investment operations | 0.91 | (3.26 ) | 3.76 | 0.90 | 1.51 | |
Less distributions: | ||||||
Distributions from net investment income | (0.27 ) | |||||
Distributions from net realized gains | (0.65 ) | (0.78 ) | (0.28 ) | (0.65 ) | (0.59 ) | |
Total distributions | (0.94 ) | (1.23 ) | (0.55 ) | (1.02 ) | (0.96 ) | |
Net asset value at end of period | $14.36 | $14.39 | $18.88 | $15.67 | $15.79 | |
Total return | 24.38 % | |||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00 % | |||||
Gross operating expenses2 | 0.01 % | |||||
Net investment income (loss) | 1.21 % | |||||
Portfolio turnover rate | 14 % | |||||
Net assets, end of period (x 1,000) | $1,166,390 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 73.1% OF NET ASSETS | ||||||||
U.S. Stocks 32.6% | ||||||||
Large-Cap 28.5% | ||||||||
Schwab Core Equity Fund | $32,445,258 | $4,646,875 | ($5,116,033 ) | $334,582 | ($1,713,374 ) | $30,597,308 | 1,658,391 | $4,646,875 |
Schwab Fundamental US Large Company Index Fund | 21,830,992 | 451,043 | — | — | 525,986 | 22,808,021 | 1,051,545 | 451,043 |
Schwab S&P 500 Index Fund | 171,179,899 | 2,796,433 | (25,380,933 ) | 8,191,605 | 6,668,778 | 163,455,782 | 2,513,544 | 2,796,433 |
Schwab Select Large Cap Growth Fund * | 29,002,992 | 4,539,521 | (1,453,392 ) | (461,050 ) | 3,895,927 | 35,523,998 | 1,655,359 | 3,391,334 |
252,385,109 | ||||||||
Mid-Cap 1.3% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 11,694,004 | 183,057 | — | — | (303,417 ) | 11,573,644 | 229,090 | 183,057 |
Small-Cap 2.8% | ||||||||
Schwab Small-Cap Equity Fund | 26,985,882 | 2,424,455 | (1,400,000 ) | 84,872 | (3,372,751 ) | 24,722,458 | 1,489,305 | 2,424,455 |
288,681,211 | ||||||||
International Stocks 15.9% | ||||||||
Developed Markets 15.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 7,871,887 | — | — | (199,997 ) | 7,671,890 | 799,989 | — |
Schwab International Core Equity Fund | 65,372,837 | 2,259,746 | (18,447,671 ) | (812,114 ) | 9,600,692 | 57,973,490 | 5,891,615 | 2,259,746 |
Schwab International Opportunities Fund | 93,059,884 | 3,544,258 | (27,701,562 ) | (5,797,382 ) | 11,865,185 | 74,970,383 | 4,286,471 | 3,544,258 |
140,615,763 | ||||||||
Real Estate 4.1% | ||||||||
Global Real Estate 4.1% | ||||||||
Schwab Global Real Estate Fund | 39,349,502 | 1,381,504 | (2,009,844 ) | (394,683 ) | (2,392,417 ) | 35,934,062 | 6,593,406 | 1,381,504 |
Fixed Income 18.5% | ||||||||
Inflation-Protected Bond 1.4% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 10,878,574 | 3,864,708 | (1,280,000 ) | (272,702 ) | (534,779 ) | 12,655,801 | 1,290,092 | 623,982 |
Intermediate-Term Bond 13.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 105,717,569 | 19,552,264 | (5,670,000 ) | (1,347,670 ) | (2,801,173 ) | 115,450,990 | 13,809,927 | 3,776,620 |
Short-Term Bond 4.1% | ||||||||
Schwab Short-Term Bond Index Fund | 40,460,152 | 2,378,386 | (6,910,000 ) | (635,343 ) | 636,050 | 35,929,245 | 3,859,210 | 1,128,285 |
164,036,036 | ||||||||
Money Market Funds 2.0% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 14,781,105 | 3,270,316 | — | — | 4,726 | 18,056,147 | 18,050,732 | 794,191 |
Total Affiliated Underlying Funds (Cost $544,140,130) | $662,758,650 | $59,164,453 | ($95,369,435 ) | ($1,109,885 ) | $21,879,436 | $647,323,219 | $27,401,783 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 26.4% OF NET ASSETS | ||||||||
U.S. Stocks 9.5% | ||||||||
Large-Cap 8.7% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $35,023,015 | 609,838 | ||||||
Dodge & Cox Stock Fund, Class I | 41,361,075 | 189,365 | ||||||
76,384,090 | ||||||||
Small-Cap 0.8% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 7,341,922 | 220,016 | ||||||
83,726,012 | ||||||||
International Stocks 1.1% | ||||||||
Emerging Markets 1.1% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 9,997,567 | 1,322,430 | ||||||
Fixed Income 15.8% | ||||||||
Intermediate-Term Bond 11.7% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 45,890,132 | 5,031,813 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 23,010,854 | 2,506,629 | ||||||
Western Asset Core Plus Bond Fund, Class I | 34,940,703 | 4,062,872 | ||||||
103,841,689 | ||||||||
International Bond 4.1% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 35,943,572 | 3,844,232 | ||||||
139,785,261 | ||||||||
Total Unaffiliated Underlying Funds (Cost $247,911,629) | $233,508,840 | |||||||
Total Investments in Securities (Cost $792,051,759) | $880,832,059 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $544,140,130) | $647,323,219 | |
Investments in securities, at value - unaffiliated (cost $247,911,629) | 233,508,840 | |
Cash | 2,779,704 | |
Receivables: | ||
Investments sold | 980,000 | |
Dividends | 751,155 | |
Fund shares sold | 489,046 | |
Due from investment adviser | 6,544 | |
Prepaid expenses | + | 15,478 |
Total assets | 885,853,986 | |
Liabilities | ||
Payables: | ||
Investments bought | 691,508 | |
Fund shares redeemed | 181,752 | |
Accrued expenses | + | 52,072 |
Total liabilities | 925,332 | |
Net assets | $884,928,654 | |
Net Assets by Source | ||
Capital received from investors | $775,994,229 | |
Total distributable earnings | + | 108,934,425 |
Net assets | $884,928,654 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$884,928,654 | 61,618,850 | $14.36 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $14,850,791 | |
Dividends received from securities - unaffiliated | 6,247,000 | |
Interest received from securities - unaffiliated | + | 129,568 |
Total investment income | 21,227,359 | |
Expenses | ||
Shareholder reports | 31,526 | |
Registration fees | 30,947 | |
Portfolio accounting fees | 25,547 | |
Professional fees | 24,782 | |
Independent trustees’ fees | 8,185 | |
Transfer agent fees | 2,944 | |
Custodian fees | 541 | |
Other expenses | + | 9,500 |
Total expenses | 133,972 | |
Expense reduction | – | 133,972 |
Net expenses | – | — |
Net investment income | 21,227,359 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 12,550,992 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 5,697,363 | |
Net realized losses on sales of securities - affiliated | (1,109,885 ) | |
Net realized losses on sales of securities - unaffiliated | + | (1,573,970 ) |
Net realized gains | 15,564,500 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 21,879,436 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 1,449,716 |
Net change in unrealized appreciation (depreciation) | + | 23,329,152 |
Net realized and unrealized gains | 38,893,652 | |
Increase in net assets resulting from operations | $60,121,011 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $21,227,359 | $17,018,159 | |
Net realized gains | 15,564,500 | 51,804,274 | |
Net change in unrealized appreciation (depreciation) | + | 23,329,152 | (280,356,993 ) |
Increase (decrease) in net assets resulting from operations | $60,121,011 | ($211,534,560 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($57,998,012 ) | ($76,077,422 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,870,873 | $57,220,365 | 4,812,363 | $80,128,583 | |
Shares reinvested | 3,996,448 | 55,590,589 | 4,101,491 | 73,252,632 | |
Shares redeemed | + | (8,851,702 ) | (131,012,136 ) | (8,083,930 ) | (131,152,076 ) |
Net transactions in fund shares | (984,381 ) | ($18,201,182 ) | 829,924 | $22,229,139 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 62,603,231 | $901,006,837 | 61,773,307 | $1,166,389,680 | |
Total increase (decrease) | + | (984,381 ) | (16,078,183 ) | 829,924 | (265,382,843 ) |
End of period | 61,618,850 | $884,928,654 | 62,603,231 | $901,006,837 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $14.51 | $19.05 | $15.34 | $15.46 | $14.94 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.70 | (3.73 ) | 3.99 | 0.53 | 1.19 | |
Total from investment operations | 1.01 | (3.48 ) | 4.19 | 0.84 | 1.47 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.76 ) | (0.58 ) | (0.24 ) | (0.62 ) | (0.59 ) | |
Total distributions | (1.03 ) | (1.06 ) | (0.48 ) | (0.96 ) | (0.95 ) | |
Net asset value at end of period | $14.49 | $14.51 | $19.05 | $15.34 | $15.46 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 73.7% OF NET ASSETS | ||||||||
U.S. Stocks 36.7% | ||||||||
Large-Cap 31.8% | ||||||||
Schwab Core Equity Fund | $19,218,390 | $2,752,496 | ($1,917,980 ) | ($17,079 ) | ($821,570 ) | $19,214,257 | 1,041,423 | $2,752,496 |
Schwab Fundamental US Large Company Index Fund | 20,875,291 | 431,298 | (550,567 ) | 3,625 | 525,678 | 21,285,325 | 981,343 | 431,298 |
Schwab S&P 500 Index Fund | 94,686,248 | 1,546,815 | (9,338,250 ) | 1,340,314 | 6,974,134 | 95,209,261 | 1,464,082 | 1,546,815 |
Schwab Select Large Cap Growth Fund * | 19,285,660 | 3,627,112 | (2,275,964 ) | (767,005 ) | 3,174,751 | 23,044,554 | 1,073,838 | 2,255,082 |
158,753,397 | ||||||||
Mid-Cap 1.6% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 7,498,973 | 547,388 | — | — | (216,079 ) | 7,830,282 | 154,994 | 117,388 |
Small-Cap 3.3% | ||||||||
Schwab Small-Cap Equity Fund | 19,558,178 | 1,670,444 | (2,269,288 ) | (131,111 ) | (2,125,136 ) | 16,703,087 | 1,006,210 | 1,670,444 |
183,286,766 | ||||||||
International Stocks 18.8% | ||||||||
Developed Markets 18.8% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 5,013,344 | — | — | (127,371 ) | 4,885,973 | 509,486 | — |
Schwab International Core Equity Fund | 39,543,453 | 1,426,849 | (7,796,151 ) | (1,136,956 ) | 6,393,887 | 38,431,082 | 3,905,598 | 1,426,849 |
Schwab International Opportunities Fund | 55,559,513 | 3,541,199 | (12,080,993 ) | (3,047,930 ) | 6,255,828 | 50,227,617 | 2,871,791 | 2,134,222 |
93,544,672 | ||||||||
Real Estate 4.7% | ||||||||
Global Real Estate 4.7% | ||||||||
Schwab Global Real Estate Fund | 23,285,865 | 2,184,008 | — | — | (1,946,165 ) | 23,523,708 | 4,316,277 | 857,700 |
Fixed Income 12.0% | ||||||||
Intermediate-Term Bond 9.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 41,403,828 | 7,159,419 | (1,575,617 ) | (391,547 ) | (1,231,461 ) | 45,364,622 | 5,426,390 | 1,487,358 |
Short-Term Bond 2.9% | ||||||||
Schwab Short-Term Bond Index Fund | 15,749,824 | 1,126,592 | (2,532,793 ) | (242,871 ) | 251,118 | 14,351,870 | 1,541,554 | 426,752 |
59,716,492 | ||||||||
Money Market Funds 1.5% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 6,066,373 | 1,298,012 | — | — | 1,935 | 7,366,320 | 7,364,111 | 307,707 |
Total Affiliated Underlying Funds (Cost $324,554,538) | $362,731,596 | $32,324,976 | ($40,337,603 ) | ($4,390,560 ) | $17,109,549 | $367,437,958 | $15,414,111 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 26.0% OF NET ASSETS | ||||||||
U.S. Stocks 10.6% | ||||||||
Large-Cap 9.6% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $23,085,845 | 401,982 | ||||||
Dodge & Cox Stock Fund, Class I | 24,772,543 | 113,417 | ||||||
47,858,388 | ||||||||
Small-Cap 1.0% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 5,139,840 | 154,026 | ||||||
52,998,228 | ||||||||
International Stocks 2.0% | ||||||||
Emerging Markets 2.0% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 9,736,555 | 1,287,904 | ||||||
Fixed Income 13.4% | ||||||||
Intermediate-Term Bond 9.6% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 16,657,541 | 1,826,485 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 14,272,864 | 1,554,778 | ||||||
Western Asset Core Plus Bond Fund, Class I | 16,697,516 | 1,941,572 | ||||||
47,627,921 | ||||||||
International Bond 3.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 19,181,122 | 2,051,457 | ||||||
66,809,043 | ||||||||
Total Unaffiliated Underlying Funds (Cost $137,669,286) | $129,543,826 | |||||||
Total Investments in Securities (Cost $462,223,824) | $496,981,784 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $324,554,538) | $367,437,958 | |
Investments in securities, at value - unaffiliated (cost $137,669,286) | 129,543,826 | |
Cash | 1,780,899 | |
Receivables: | ||
Investments sold | 1,431,600 | |
Dividends | 323,993 | |
Fund shares sold | 161,621 | |
Due from investment adviser | 6,745 | |
Prepaid expenses | + | 7,970 |
Total assets | 500,694,612 | |
Liabilities | ||
Payables: | ||
Investments bought | 1,753,127 | |
Fund shares redeemed | 282,950 | |
Accrued expenses | + | 44,073 |
Total liabilities | 2,080,150 | |
Net assets | $498,614,462 | |
Net Assets by Source | ||
Capital received from investors | $455,130,849 | |
Total distributable earnings | + | 43,483,613 |
Net assets | $498,614,462 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$498,614,462 | 34,403,602 | $14.49 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $7,529,474 | |
Dividends received from securities - unaffiliated | 3,065,837 | |
Interest received from securities - unaffiliated | + | 72,869 |
Total investment income | 10,668,180 | |
Expenses | ||
Registration fees | 28,589 | |
Professional fees | 23,900 | |
Portfolio accounting fees | 22,966 | |
Shareholder reports | 19,374 | |
Transfer agent fees | 7,875 | |
Independent trustees’ fees | 7,165 | |
Custodian fees | 496 | |
Other expenses | + | 5,813 |
Total expenses | 116,178 | |
Expense reduction | – | 116,178 |
Net expenses | – | — |
Net investment income | 10,668,180 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 7,884,637 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 3,279,982 | |
Net realized losses on sales of securities - affiliated | (4,390,560 ) | |
Net realized losses on sales of securities - unaffiliated | + | (623,373 ) |
Net realized gains | 6,150,686 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 17,109,549 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 1,057,966 |
Net change in unrealized appreciation (depreciation) | + | 18,167,515 |
Net realized and unrealized gains | 24,318,201 | |
Increase in net assets resulting from operations | $34,986,381 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $10,668,180 | $8,518,164 | |
Net realized gains | 6,150,686 | 32,324,722 | |
Net change in unrealized appreciation (depreciation) | + | 18,167,515 | (159,288,631 ) |
Increase (decrease) in net assets resulting from operations | $34,986,381 | ($118,445,745 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($33,982,796 ) | ($34,334,971 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,295,271 | $49,254,475 | 3,692,487 | $62,406,093 | |
Shares reinvested | 2,360,849 | 32,957,455 | 1,828,575 | 33,316,650 | |
Shares redeemed | + | (4,502,542 ) | (67,194,797 ) | (4,400,937 ) | (72,542,793 ) |
Net transactions in fund shares | 1,153,578 | $15,017,133 | 1,120,125 | $23,179,950 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 33,250,024 | $482,593,744 | 32,129,899 | $612,194,510 | |
Total increase (decrease) | + | 1,153,578 | 16,020,718 | 1,120,125 | (129,600,766 ) |
End of period | 34,403,602 | $498,614,462 | 33,250,024 | $482,593,744 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $15.33 | $20.52 | $16.24 | $16.61 | $16.27 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.20 | 0.28 | ||||
Net realized and unrealized gains (losses) | 0.84 | (4.10 ) | 4.68 | 0.56 | 1.28 | |
Total from investment operations | 1.14 | (3.84 ) | 4.88 | 0.88 | 1.56 | |
Less distributions: | ||||||
Distributions from net investment income | (0.24 ) | (0.39 ) | ||||
Distributions from net realized gains | (0.94 ) | (0.81 ) | (0.36 ) | (0.90 ) | (0.83 ) | |
Total distributions | (1.21 ) | (1.35 ) | (0.60 ) | (1.25 ) | (1.22 ) | |
Net asset value at end of period | $15.26 | $15.33 | $20.52 | $16.24 | $16.61 | |
Total return | 30.57 % | 10.90 % | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | 0.00 % | 0.00 % | ||||
Gross operating expenses2 | 0.01 % | 0.02 % | ||||
Net investment income (loss) | 1.05 % | 1.78 % | ||||
Portfolio turnover rate | 14 % | 15 % | ||||
Net assets, end of period (x 1,000) | $1,235,538 | $1,011,558 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 74.4% OF NET ASSETS | ||||||||
U.S. Stocks 39.9% | ||||||||
Large-Cap 34.4% | ||||||||
Schwab Core Equity Fund | $41,499,241 | $5,943,604 | ($2,729,194 ) | $220,309 | ($2,028,129 ) | $42,905,831 | 2,325,519 | $5,943,604 |
Schwab Fundamental US Large Company Index Fund | 40,652,024 | 839,899 | — | — | 979,451 | 42,471,374 | 1,958,109 | 839,899 |
Schwab S&P 500 Index Fund | 202,140,292 | 3,302,208 | (26,126,050 ) | 3,254,500 | 14,053,371 | 196,624,321 | 3,023,594 | 3,302,208 |
Schwab Select Large Cap Growth Fund * | 45,175,783 | 8,280,877 | (3,832,216 ) | (1,246,558 ) | 6,831,086 | 55,208,972 | 2,572,645 | 5,282,426 |
337,210,498 | ||||||||
Mid-Cap 1.6% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 15,713,224 | 245,974 | — | — | (407,702 ) | 15,551,496 | 307,828 | 245,974 |
Small-Cap 3.9% | ||||||||
Schwab Small-Cap Equity Fund | 43,425,211 | 3,901,391 | (3,461,958 ) | 157,185 | (5,367,390 ) | 38,654,439 | 2,328,581 | 3,901,391 |
391,416,433 | ||||||||
International Stocks 20.7% | ||||||||
Developed Markets 20.7% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 11,061,506 | — | — | (281,034 ) | 10,780,472 | 1,124,137 | — |
Schwab International Core Equity Fund | 83,038,692 | 2,999,273 | (12,620,128 ) | (1,367,800 ) | 12,304,386 | 84,354,423 | 8,572,604 | 2,999,273 |
Schwab International Opportunities Fund | 121,426,506 | 4,613,596 | (25,044,499 ) | (5,978,652 ) | 12,864,719 | 107,881,670 | 6,168,192 | 4,613,596 |
203,016,565 | ||||||||
Real Estate 5.0% | ||||||||
Global Real Estate 5.0% | ||||||||
Schwab Global Real Estate Fund | 51,215,066 | 1,865,474 | — | — | (4,096,104 ) | 48,984,436 | 8,987,970 | 1,865,474 |
Fixed Income 7.9% | ||||||||
Intermediate-Term Bond 6.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 58,426,328 | 4,175,354 | (1,600,001 ) | (419,622 ) | (1,454,361 ) | 59,127,698 | 7,072,691 | 1,968,184 |
Short-Term Bond 1.9% | ||||||||
Schwab Short-Term Bond Index Fund | 21,059,178 | 1,374,037 | (3,470,001 ) | (300,904 ) | 337,229 | 18,999,539 | 2,040,767 | 572,548 |
78,127,237 | ||||||||
Money Market Funds 0.9% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 4,918,529 | 3,589,945 | — | — | 1,821 | 8,510,295 | 8,507,743 | 303,793 |
Total Affiliated Underlying Funds (Cost $592,627,024) | $728,690,074 | $52,193,138 | ($78,884,047 ) | ($5,681,542 ) | $33,737,343 | $730,054,966 | $31,838,370 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 25.1% OF NET ASSETS | ||||||||
U.S. Stocks 12.2% | ||||||||
Large-Cap 10.9% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $50,062,107 | 871,707 | ||||||
Dodge & Cox Stock Fund, Class I | 57,197,968 | 261,871 | ||||||
107,260,075 | ||||||||
Small-Cap 1.3% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 12,492,575 | 374,365 | ||||||
119,752,650 | ||||||||
International Stocks 2.8% | ||||||||
Emerging Markets 2.8% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 27,802,583 | 3,677,590 | ||||||
Fixed Income 10.1% | ||||||||
Intermediate-Term Bond 7.3% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 23,384,365 | 2,564,075 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 28,428,809 | 3,096,820 | ||||||
Western Asset Core Plus Bond Fund, Class I | 20,168,567 | 2,345,182 | ||||||
71,981,741 | ||||||||
International Bond 2.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 27,149,781 | 2,903,720 | ||||||
99,131,522 | ||||||||
Total Unaffiliated Underlying Funds (Cost $257,945,754) | $246,686,755 | |||||||
Total Investments in Securities (Cost $850,572,778) | $976,741,721 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $592,627,024) | $730,054,966 | |
Investments in securities, at value - unaffiliated (cost $257,945,754) | 246,686,755 | |
Cash | 2,708,519 | |
Receivables: | ||
Investments sold | 2,170,000 | |
Dividends | 420,207 | |
Fund shares sold | 157,749 | |
Due from investment adviser | 6,531 | |
Prepaid expenses | + | 19,667 |
Total assets | 982,224,394 | |
Liabilities | ||
Payables: | ||
Investments bought | 391,182 | |
Fund shares redeemed | 201,063 | |
Accrued expenses | + | 61,398 |
Total liabilities | 653,643 | |
Net assets | $981,570,751 | |
Net Assets by Source | ||
Capital received from investors | $837,994,609 | |
Total distributable earnings | + | 143,576,142 |
Net assets | $981,570,751 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$981,570,751 | 64,343,459 | $15.26 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $14,106,341 | |
Dividends received from securities - unaffiliated | 5,207,577 | |
Interest received from securities - unaffiliated | + | 152,156 |
Total investment income | 19,466,074 | |
Expenses | ||
Shareholder reports | 43,870 | |
Registration fees | 30,126 | |
Portfolio accounting fees | 26,029 | |
Professional fees | 24,942 | |
Independent trustees’ fees | 8,376 | |
Transfer agent fees | 3,670 | |
Custodian fees | 519 | |
Other expenses | + | 10,023 |
Total expenses | 147,555 | |
Expense reduction | – | 147,555 |
Net expenses | – | — |
Net investment income | 19,466,074 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 17,732,029 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 6,893,395 | |
Net realized losses on sales of securities - affiliated | (5,681,542 ) | |
Net realized losses on sales of securities - unaffiliated | + | (1,453,437 ) |
Net realized gains | 17,490,445 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 33,737,343 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 4,433,072 |
Net change in unrealized appreciation (depreciation) | + | 38,170,415 |
Net realized and unrealized gains | 55,660,860 | |
Increase in net assets resulting from operations | $75,126,934 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $19,466,074 | $16,325,754 | |
Net realized gains | 17,490,445 | 74,680,862 | |
Net change in unrealized appreciation (depreciation) | + | 38,170,415 | (337,324,995 ) |
Increase (decrease) in net assets resulting from operations | $75,126,934 | ($246,318,379 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($75,174,911 ) | ($81,174,869 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,880,454 | $61,126,903 | 4,935,695 | $87,389,811 | |
Shares reinvested | 5,022,820 | 73,483,874 | 4,103,345 | 79,686,963 | |
Shares redeemed | + | (7,173,346 ) | (112,713,878 ) | (6,646,804 ) | (115,399,889 ) |
Net transactions in fund shares | 1,729,928 | $21,896,899 | 2,392,236 | $51,676,885 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 62,613,531 | $959,721,829 | 60,221,295 | $1,235,538,192 | |
Total increase (decrease) | + | 1,729,928 | 21,848,922 | 2,392,236 | (275,816,363 ) |
End of period | 64,343,459 | $981,570,751 | 62,613,531 | $959,721,829 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.54 | $17.97 | $13.83 | $13.88 | $13.35 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.83 | (3.76 ) | 4.36 | 0.46 | 1.09 | |
Total from investment operations | 1.07 | (3.54 ) | 4.52 | 0.71 | 1.31 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.79 ) | (0.40 ) | (0.20 ) | (0.48 ) | (0.47 ) | |
Total distributions | (1.02 ) | (0.89 ) | (0.38 ) | (0.76 ) | (0.78 ) | |
Net asset value at end of period | $13.59 | $13.54 | $17.97 | $13.83 | $13.88 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 76.9% OF NET ASSETS | ||||||||
U.S. Stocks 43.2% | ||||||||
Large-Cap 36.9% | ||||||||
Schwab Core Equity Fund | $9,148,532 | $1,310,271 | $— | $— | ($396,551 ) | $10,062,252 | 545,380 | $1,310,271 |
Schwab Fundamental US Large Company Index Fund | 10,321,556 | 863,250 | — | — | 263,961 | 11,448,767 | 527,836 | 213,250 |
Schwab S&P 500 Index Fund | 42,795,978 | 1,980,780 | (500,000 ) | (199 ) | 3,598,809 | 47,875,368 | 736,204 | 699,125 |
Schwab Select Large Cap Growth Fund * | 13,457,746 | 2,743,275 | (1,056,778 ) | (321,201 ) | 2,103,034 | 16,926,076 | 788,727 | 1,573,621 |
86,312,463 | ||||||||
Mid-Cap 1.8% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 3,472,391 | 926,184 | — | — | (152,627 ) | 4,245,948 | 84,045 | 54,356 |
Small-Cap 4.5% | ||||||||
Schwab Small-Cap Equity Fund | 11,345,497 | 2,286,095 | (1,713,025 ) | (303,234 ) | (992,565 ) | 10,622,768 | 639,926 | 986,096 |
101,181,179 | ||||||||
International Stocks 22.6% | ||||||||
Developed Markets 22.6% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 2,657,377 | — | — | (67,515 ) | 2,589,862 | 270,059 | — |
Schwab International Core Equity Fund | 18,951,106 | 1,406,900 | (1,465,320 ) | (208,408 ) | 2,718,911 | 21,403,189 | 2,175,121 | 691,900 |
Schwab International Opportunities Fund | 28,764,281 | 4,224,930 | (5,539,893 ) | (2,191,997 ) | 3,621,361 | 28,878,682 | 1,651,154 | 1,104,930 |
52,871,733 | ||||||||
Real Estate 5.6% | ||||||||
Global Real Estate 5.6% | ||||||||
Schwab Global Real Estate Fund | 11,818,634 | 2,359,431 | — | — | (1,160,744 ) | 13,017,321 | 2,388,499 | 467,208 |
Fixed Income 4.9% | ||||||||
Intermediate-Term Bond 3.7% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 6,926,746 | 2,464,346 | (470,914 ) | (124,836 ) | (233,563 ) | 8,561,779 | 1,024,136 | 266,478 |
Short-Term Bond 1.2% | ||||||||
Schwab Short-Term Bond Index Fund | 2,687,055 | 232,672 | — | — | (4,673 ) | 2,915,054 | 313,110 | 82,956 |
11,476,833 | ||||||||
Money Market Funds 0.6% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 428,943 | 1,026,013 | — | — | 230 | 1,455,186 | 1,454,750 | 28,904 |
Total Affiliated Underlying Funds (Cost $173,361,899) | $160,118,465 | $24,481,524 | ($10,745,930 ) | ($3,149,875 ) | $9,298,068 | $180,002,252 | $7,479,095 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 22.8% OF NET ASSETS | ||||||||
U.S. Stocks 11.8% | ||||||||
Large-Cap 10.4% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $10,193,961 | 177,502 | ||||||
Dodge & Cox Stock Fund, Class I | 14,261,985 | 65,296 | ||||||
24,455,946 | ||||||||
Small-Cap 1.4% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 3,259,929 | 97,690 | ||||||
27,715,875 | ||||||||
International Stocks 3.8% | ||||||||
Emerging Markets 3.8% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 8,857,998 | 1,171,693 | ||||||
Fixed Income 7.2% | ||||||||
Intermediate-Term Bond 5.3% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 3,449,147 | 378,196 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 5,919,099 | 644,782 | ||||||
Western Asset Core Plus Bond Fund, Class I | 3,070,038 | 356,981 | ||||||
12,438,284 | ||||||||
International Bond 1.9% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 4,432,583 | 474,073 | ||||||
16,870,867 | ||||||||
Total Unaffiliated Underlying Funds (Cost $56,029,462) | $53,444,740 | |||||||
Total Investments in Securities (Cost $229,391,361) | $233,446,992 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $173,361,899) | $180,002,252 | |
Investments in securities, at value - unaffiliated (cost $56,029,462) | 53,444,740 | |
Cash | 538,098 | |
Receivables: | ||
Investments sold | 200,913 | |
Fund shares sold | 64,582 | |
Dividends | 63,417 | |
Due from investment adviser | 6,968 | |
Prepaid expenses | + | 5,024 |
Total assets | 234,325,994 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 112,732 | |
Investments bought | 58,661 | |
Accrued expenses | + | 40,744 |
Total liabilities | 212,137 | |
Net assets | $234,113,857 | |
Net Assets by Source | ||
Capital received from investors | $226,727,520 | |
Total distributable earnings | + | 7,386,337 |
Net assets | $234,113,857 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$234,113,857 | 17,226,710 | $13.59 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $2,975,422 | |
Dividends received from securities - unaffiliated | 996,501 | |
Interest received from securities - unaffiliated | + | 42,204 |
Total investment income | 4,014,127 | |
Expenses | ||
Registration fees | 24,328 | |
Professional fees | 23,309 | |
Portfolio accounting fees | 20,560 | |
Shareholder reports | 12,999 | |
Independent trustees’ fees | 6,482 | |
Transfer agent fees | 4,032 | |
Custodian fees | 522 | |
Other expenses | + | 3,356 |
Total expenses | 95,588 | |
Expense reduction | – | 95,588 |
Net expenses | – | — |
Net investment income | 4,014,127 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 4,503,673 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 1,340,536 | |
Net realized losses on sales of securities - affiliated | (3,149,875 ) | |
Net realized losses on sales of securities - unaffiliated | + | (265,855 ) |
Net realized gains | 2,428,479 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 9,298,068 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 972,174 |
Net change in unrealized appreciation (depreciation) | + | 10,270,242 |
Net realized and unrealized gains | 12,698,721 | |
Increase in net assets resulting from operations | $16,712,848 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $4,014,127 | $3,353,338 | |
Net realized gains | 2,428,479 | 15,807,328 | |
Net change in unrealized appreciation (depreciation) | + | 10,270,242 | (72,602,137 ) |
Increase (decrease) in net assets resulting from operations | $16,712,848 | ($53,441,471 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($15,583,985 ) | ($12,672,803 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,884,713 | $40,305,680 | 2,459,577 | $38,547,342 | |
Shares reinvested | 1,176,879 | 15,287,654 | 714,175 | 12,369,502 | |
Shares redeemed | + | (2,066,030 ) | (28,811,539 ) | (1,981,375 ) | (30,893,311 ) |
Net transactions in fund shares | 1,995,562 | $26,781,795 | 1,192,377 | $20,023,533 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 15,231,148 | $206,203,199 | 14,038,771 | $252,293,940 | |
Total increase (decrease) | + | 1,995,562 | 27,910,658 | 1,192,377 | (46,090,741 ) |
End of period | 17,226,710 | $234,113,857 | 15,231,148 | $206,203,199 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.74 | $18.48 | $14.03 | $14.03 | $13.49 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.89 | (3.90 ) | 4.66 | 0.45 | 1.11 | |
Total from investment operations | 1.13 | (3.68 ) | 4.82 | 0.70 | 1.32 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.85 ) | (0.53 ) | (0.20 ) | (0.43 ) | (0.47 ) | |
Total distributions | (1.08 ) | (1.06 ) | (0.37 ) | (0.70 ) | (0.78 ) | |
Net asset value at end of period | $13.79 | $13.74 | $18.48 | $14.03 | $14.03 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 78.5% OF NET ASSETS | ||||||||
U.S. Stocks 45.3% | ||||||||
Large-Cap 38.3% | ||||||||
Schwab Core Equity Fund | $9,356,146 | $1,806,569 | $— | $— | ($390,946 ) | $10,771,769 | 583,836 | $1,340,006 |
Schwab Fundamental US Large Company Index Fund | 10,937,885 | 1,485,985 | — | — | 224,543 | 12,648,413 | 583,145 | 225,984 |
Schwab S&P 500 Index Fund | 41,211,669 | 1,773,243 | (600,000 ) | (19,751 ) | 3,599,031 | 45,964,192 | 706,815 | 673,243 |
Schwab Select Large Cap Growth Fund * | 15,306,770 | 3,558,708 | (350,000 ) | (188,577 ) | 2,317,662 | 20,644,563 | 962,002 | 1,789,828 |
90,028,937 | ||||||||
Mid-Cap 1.9% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 3,531,016 | 1,145,695 | — | — | (165,736 ) | 4,510,975 | 89,291 | 55,274 |
Small-Cap 5.1% | ||||||||
Schwab Small-Cap Equity Fund | 11,977,527 | 2,224,751 | (695,601 ) | (142,729 ) | (1,325,160 ) | 12,038,788 | 725,228 | 1,054,752 |
106,578,700 | ||||||||
International Stocks 23.9% | ||||||||
Developed Markets 23.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 2,783,156 | — | — | (70,710 ) | 2,712,446 | 282,841 | — |
Schwab International Core Equity Fund | 20,423,982 | 1,815,676 | (2,213,632 ) | (391,847 ) | 3,030,408 | 22,664,587 | 2,303,312 | 745,675 |
Schwab International Opportunities Fund | 29,636,568 | 5,293,437 | (5,145,171 ) | (2,260,358 ) | 3,445,996 | 30,970,472 | 1,770,753 | 1,138,437 |
56,347,505 | ||||||||
Real Estate 5.9% | ||||||||
Global Real Estate 5.9% | ||||||||
Schwab Global Real Estate Fund | 12,421,900 | 2,758,883 | — | — | (1,230,251 ) | 13,950,532 | 2,559,731 | 494,498 |
Fixed Income 3.1% | ||||||||
Intermediate-Term Bond 2.3% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 5,588,502 | 357,219 | (350,000 ) | (79,234 ) | (88,268 ) | 5,428,219 | 649,309 | 177,759 |
Short-Term Bond 0.8% | ||||||||
Schwab Short-Term Bond Index Fund | 1,651,101 | 460,646 | (260,000 ) | (12,694 ) | 8,902 | 1,847,955 | 198,491 | 50,828 |
7,276,174 | ||||||||
Money Market Funds 0.3% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.39% (b) | 28,287 | 604,556 | — | — | 69 | 632,912 | 632,722 | 6,013 |
Total Affiliated Underlying Funds (Cost $179,096,121) | $162,071,353 | $26,068,524 | ($9,614,404 ) | ($3,095,190 ) | $9,355,540 | $184,785,823 | $7,752,297 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 21.1% OF NET ASSETS | ||||||||
U.S. Stocks 11.5% | ||||||||
Large-Cap 10.0% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $9,287,092 | 161,712 | ||||||
Dodge & Cox Stock Fund, Class I | 14,304,437 | 65,491 | ||||||
23,591,529 | ||||||||
Small-Cap 1.5% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 3,585,849 | 107,457 | ||||||
27,177,378 | ||||||||
International Stocks 4.5% | ||||||||
Emerging Markets 4.5% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 10,571,180 | 1,398,304 | ||||||
Fixed Income 5.1% | ||||||||
Intermediate-Term Bond 3.8% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 2,253,868 | 247,135 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 4,614,340 | 502,651 | ||||||
Western Asset Core Plus Bond Fund, Class I | 1,994,997 | 231,976 | ||||||
8,863,205 | ||||||||
International Bond 1.3% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 3,081,037 | 329,523 | ||||||
11,944,242 | ||||||||
Total Unaffiliated Underlying Funds (Cost $51,559,191) | $49,692,800 | |||||||
Total Investments in Securities (Cost $230,655,312) | $234,478,623 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
(b) | The rate shown is the annualized 7-day yield. |
Assets | ||
Investments in securities, at value - affiliated (cost $179,096,121) | $184,785,823 | |
Investments in securities, at value - unaffiliated (cost $51,559,191) | 49,692,800 | |
Cash | 1,192,425 | |
Receivables: | ||
Fund shares sold | 98,497 | |
Dividends | 40,043 | |
Due from investment adviser | 7,190 | |
Prepaid expenses | + | 5,101 |
Total assets | 235,821,879 | |
Liabilities | ||
Payables: | ||
Investments bought | 317,720 | |
Fund shares redeemed | 139,299 | |
Accrued expenses | + | 42,250 |
Total liabilities | 499,269 | |
Net assets | $235,322,610 | |
Net Assets by Source | ||
Capital received from investors | $228,543,634 | |
Total distributable earnings | + | 6,778,976 |
Net assets | $235,322,610 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$235,322,610 | 17,064,637 | $13.79 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $2,914,418 | |
Dividends received from securities - unaffiliated | 885,675 | |
Interest received from securities - unaffiliated | + | 37,106 |
Total investment income | 3,837,199 | |
Expenses | ||
Registration fees | 24,228 | |
Professional fees | 23,304 | |
Portfolio accounting fees | 20,564 | |
Shareholder reports | 15,707 | |
Independent trustees’ fees | 6,480 | |
Transfer agent fees | 4,377 | |
Custodian fees | 523 | |
Other expenses | + | 3,338 |
Total expenses | 98,521 | |
Expense reduction | – | 98,521 |
Net expenses | – | — |
Net investment income | 3,837,199 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 4,837,879 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 1,229,267 | |
Net realized losses on sales of securities - affiliated | (3,095,190 ) | |
Net realized losses on sales of securities - unaffiliated | + | (508,586 ) |
Net realized gains | 2,463,370 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 9,355,540 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 1,473,060 |
Net change in unrealized appreciation (depreciation) | + | 10,828,600 |
Net realized and unrealized gains | 13,291,970 | |
Increase in net assets resulting from operations | $17,129,169 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $3,837,199 | $3,237,311 | |
Net realized gains | 2,463,370 | 16,579,302 | |
Net change in unrealized appreciation (depreciation) | + | 10,828,600 | (73,652,999 ) |
Increase (decrease) in net assets resulting from operations | $17,129,169 | ($53,836,386 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($16,148,300 ) | ($14,164,921 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,268,068 | $46,529,735 | 2,707,954 | $42,898,468 | |
Shares reinvested | 1,194,885 | 15,724,675 | 779,861 | 13,787,936 | |
Shares redeemed | + | (2,239,251 ) | (31,808,554 ) | (1,908,268 ) | (29,847,949 ) |
Net transactions in fund shares | 2,223,702 | $30,445,856 | 1,579,547 | $26,838,455 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 14,840,935 | $203,895,885 | 13,261,388 | $245,058,737 | |
Total increase (decrease) | + | 2,223,702 | 31,426,725 | 1,579,547 | (41,162,852 ) |
End of period | 17,064,637 | $235,322,610 | 14,840,935 | $203,895,885 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $13.97 | $18.74 | $14.11 | $14.15 | $13.60 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.92 | (4.05 ) | 4.83 | 0.45 | 1.10 | |
Total from investment operations | 1.15 | (3.82 ) | 4.98 | 0.69 | 1.31 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.89 ) | (0.41 ) | (0.19 ) | (0.46 ) | (0.45 ) | |
Total distributions | (1.12 ) | (0.95 ) | (0.35 ) | (0.73 ) | (0.76 ) | |
Net asset value at end of period | $14.00 | $13.97 | $18.74 | $14.11 | $14.15 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 79.7% OF NET ASSETS | ||||||||
U.S. Stocks 46.5% | ||||||||
Large-Cap 39.3% | ||||||||
Schwab Core Equity Fund | $6,240,346 | $1,496,436 | $— | $— | ($238,507 ) | $7,498,275 | 406,411 | $893,754 |
Schwab Fundamental US Large Company Index Fund | 7,508,334 | 1,811,972 | — | — | 133,867 | 9,454,173 | 435,877 | 161,971 |
Schwab S&P 500 Index Fund | 27,114,769 | 1,892,953 | — | — | 2,356,442 | 31,364,164 | 482,303 | 442,953 |
Schwab Select Large Cap Growth Fund * | 11,008,755 | 2,722,315 | — | — | 1,530,823 | 15,261,893 | 711,179 | 1,287,259 |
63,578,505 | ||||||||
Mid-Cap 1.9% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 2,273,781 | 1,009,196 | — | — | (125,213 ) | 3,157,764 | 62,505 | 35,594 |
Small-Cap 5.3% | ||||||||
Schwab Small-Cap Equity Fund | 8,219,833 | 1,834,804 | (542,427 ) | (119,873 ) | (884,650 ) | 8,507,687 | 512,511 | 722,804 |
75,243,956 | ||||||||
International Stocks 24.6% | ||||||||
Developed Markets 24.6% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 2,049,148 | — | — | (53,434 ) | 1,995,714 | 208,104 | — |
Schwab International Core Equity Fund | 14,069,333 | 1,528,152 | (1,383,489 ) | (263,184 ) | 2,033,527 | 15,984,339 | 1,624,425 | 508,152 |
Schwab International Opportunities Fund | 20,055,778 | 4,275,408 | (3,317,915 ) | (1,406,054 ) | 2,135,251 | 21,742,468 | 1,243,137 | 770,408 |
39,722,521 | ||||||||
Real Estate 6.2% | ||||||||
Global Real Estate 6.2% | ||||||||
Schwab Global Real Estate Fund | 8,520,415 | 2,485,753 | — | — | (942,496 ) | 10,063,672 | 1,846,545 | 344,821 |
Fixed Income 2.4% | ||||||||
Intermediate-Term Bond 1.8% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 2,198,825 | 808,803 | — | — | (114,090 ) | 2,893,538 | 346,117 | 89,090 |
Short-Term Bond 0.6% | ||||||||
Schwab Short-Term Bond Index Fund | 1,152,808 | 125,874 | (340,000 ) | (31,257 ) | 28,758 | 936,183 | 100,557 | 25,966 |
3,829,721 | ||||||||
Total Affiliated Underlying Funds (Cost $127,080,845) | $108,362,977 | $22,040,814 | ($5,583,831 ) | ($1,820,368 ) | $5,860,278 | $128,859,870 | $5,282,772 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 19.8% OF NET ASSETS | ||||||||
U.S. Stocks 11.1% | ||||||||
Large-Cap 9.4% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $5,307,959 | 92,425 | ||||||
Dodge & Cox Stock Fund, Class I | 9,875,371 | 45,213 | ||||||
15,183,330 | ||||||||
Small-Cap 1.7% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 2,787,415 | 83,531 | ||||||
17,970,745 | ||||||||
International Stocks 5.0% | ||||||||
Emerging Markets 5.0% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 8,087,126 | 1,069,726 | ||||||
Fixed Income 3.7% | ||||||||
Intermediate-Term Bond 2.6% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 367,297 | 40,274 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 2,714,552 | 295,703 | ||||||
Western Asset Core Plus Bond Fund, Class I | 1,111,445 | 129,238 | ||||||
4,193,294 | ||||||||
International Bond 1.1% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,664,651 | 178,038 | ||||||
5,857,945 | ||||||||
Total Unaffiliated Underlying Funds (Cost $33,387,236) | $31,915,816 | |||||||
Total Investments in Securities (Cost $160,468,081) | $160,775,686 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
Assets | ||
Investments in securities, at value - affiliated (cost $127,080,845) | $128,859,870 | |
Investments in securities, at value - unaffiliated (cost $33,387,236) | 31,915,816 | |
Cash | 934,488 | |
Receivables: | ||
Fund shares sold | 56,115 | |
Dividends | 20,653 | |
Due from investment adviser | 6,673 | |
Prepaid expenses | + | 4,660 |
Total assets | 161,798,275 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 88,379 | |
Investments bought | 20,213 | |
Accrued expenses | + | 36,096 |
Total liabilities | 144,688 | |
Net assets | $161,653,587 | |
Net Assets by Source | ||
Capital received from investors | $159,172,751 | |
Total distributable earnings | + | 2,480,836 |
Net assets | $161,653,587 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$161,653,587 | 11,542,625 | $14.00 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $1,935,825 | |
Dividends received from securities - unaffiliated | 535,538 | |
Interest received from securities - unaffiliated | + | 22,423 |
Total investment income | 2,493,786 | |
Expenses | ||
Registration fees | 23,379 | |
Professional fees | 23,143 | |
Shareholder reports | 14,843 | |
Portfolio accounting fees | 11,735 | |
Independent trustees’ fees | 6,301 | |
Transfer agent fees | 3,407 | |
Custodian fees | 492 | |
Other expenses | + | 2,777 |
Total expenses | 86,077 | |
Expense reduction | – | 86,077 |
Net expenses | – | — |
Net investment income | 2,493,786 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 3,346,947 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 772,172 | |
Net realized losses on sales of securities - affiliated | (1,820,368 ) | |
Net realized losses on sales of securities - unaffiliated | + | (164,019 ) |
Net realized gains | 2,134,732 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 5,860,278 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 769,567 |
Net change in unrealized appreciation (depreciation) | + | 6,629,845 |
Net realized and unrealized gains | 8,764,577 | |
Increase in net assets resulting from operations | $11,258,363 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $2,493,786 | $2,112,720 | |
Net realized gains | 2,134,732 | 11,291,343 | |
Net change in unrealized appreciation (depreciation) | + | 6,629,845 | (49,186,020 ) |
Increase (decrease) in net assets resulting from operations | $11,258,363 | ($35,781,957 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($10,946,566 ) | ($8,207,354 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,251,549 | $32,480,869 | 2,031,561 | $32,815,671 | |
Shares reinvested | 801,400 | 10,714,714 | 442,294 | 7,983,406 | |
Shares redeemed | + | (1,223,651 ) | (17,594,557 ) | (1,204,703 ) | (19,292,293 ) |
Net transactions in fund shares | 1,829,298 | $25,601,026 | 1,269,152 | $21,506,784 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 9,713,327 | $135,740,764 | 8,444,175 | $158,223,291 | |
Total increase (decrease) | + | 1,829,298 | 25,912,823 | 1,269,152 | (22,482,527 ) |
End of period | 11,542,625 | $161,653,587 | 9,713,327 | $135,740,764 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 11/1/20– 10/31/21 | 11/1/19– 10/31/20 | 11/1/18– 10/31/19 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $12.26 | $16.42 | $12.21 | $12.16 | $11.53 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | ||||||
Net realized and unrealized gains (losses) | 0.85 | (3.61 ) | 4.34 | 0.38 | 0.99 | |
Total from investment operations | 1.05 | (3.42 ) | 4.46 | 0.58 | 1.15 | |
Less distributions: | ||||||
Distributions from net investment income | ||||||
Distributions from net realized gains | (0.53 ) | (0.27 ) | (0.12 ) | (0.31 ) | (0.26 ) | |
Total distributions | (0.73 ) | (0.74 ) | (0.25 ) | (0.53 ) | (0.52 ) | |
Net asset value at end of period | $12.58 | $12.26 | $16.42 | $12.21 | $12.16 | |
Total return | ||||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses2 | ||||||
Gross operating expenses2 | ||||||
Net investment income (loss) | ||||||
Portfolio turnover rate | ||||||
Net assets, end of period (x 1,000) |
1 | Calculated based on the average shares outstanding during the period. |
2 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
3 | Ratio includes less than 0.005% of non-routine proxy expenses. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 80.7% OF NET ASSETS | ||||||||
U.S. Stocks 47.6% | ||||||||
Large-Cap 40.2% | ||||||||
Schwab Core Equity Fund | $1,906,023 | $682,984 | $— | $— | ($75,961 ) | $2,513,046 | 136,208 | $272,984 |
Schwab Fundamental US Large Company Index Fund | 2,379,828 | 826,170 | — | — | 46,901 | 3,252,899 | 149,972 | 49,169 |
Schwab S&P 500 Index Fund | 7,909,075 | 2,462,735 | (265,000 ) | (19,217 ) | 710,765 | 10,798,358 | 166,052 | 132,735 |
Schwab Select Large Cap Growth Fund * | 3,813,622 | 930,929 | — | — | 487,307 | 5,231,858 | 243,796 | 445,929 |
21,796,161 | ||||||||
Mid-Cap 2.0% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 752,172 | 375,773 | — | — | (39,639 ) | 1,088,306 | 21,542 | 11,774 |
Small-Cap 5.4% | ||||||||
Schwab Small-Cap Equity Fund | 2,301,005 | 1,083,071 | (88,344 ) | (21,148 ) | (309,817 ) | 2,964,767 | 178,600 | 218,071 |
25,849,234 | ||||||||
International Stocks 25.0% | ||||||||
Developed Markets 25.0% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 656,113 | — | — | (17,220 ) | 638,893 | 66,621 | — |
Schwab International Core Equity Fund | 4,161,272 | 1,321,480 | (382,901 ) | (69,399 ) | 574,068 | 5,604,520 | 569,565 | 156,480 |
Schwab International Opportunities Fund | 6,142,873 | 2,133,248 | (1,074,981 ) | (513,330 ) | 631,809 | 7,319,619 | 418,503 | 235,248 |
13,563,032 | ||||||||
Real Estate 6.4% | ||||||||
Global Real Estate 6.4% | ||||||||
Schwab Global Real Estate Fund | 2,650,647 | 1,141,334 | — | — | (326,141 ) | 3,465,840 | 635,934 | 114,334 |
Fixed Income 1.7% | ||||||||
Intermediate-Term Bond 1.2% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 436,257 | 209,822 | — | — | (26,840 ) | 619,239 | 74,072 | 18,067 |
Short-Term Bond 0.5% | ||||||||
Schwab Short-Term Bond Index Fund | 200,989 | 82,048 | — | — | (1,719 ) | 281,318 | 30,217 | 7,076 |
900,557 | ||||||||
Total Affiliated Underlying Funds (Cost $44,745,577) | $32,653,763 | $11,905,707 | ($1,811,226 ) | ($623,094 ) | $1,653,513 | $43,778,663 | $1,661,867 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 18.9% OF NET ASSETS | ||||||||
U.S. Stocks 11.1% | ||||||||
Large-Cap 9.3% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $1,565,485 | 27,259 | ||||||
Dodge & Cox Stock Fund, Class I | 3,493,725 | 15,995 | ||||||
5,059,210 | ||||||||
Small-Cap 1.8% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 990,360 | 29,678 | ||||||
6,049,570 | ||||||||
International Stocks 5.6% | ||||||||
Emerging Markets 5.6% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 3,020,148 | 399,490 | ||||||
Fixed Income 2.2% | ||||||||
Intermediate-Term Bond 1.5% | ||||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 678,075 | 73,864 | ||||||
Western Asset Core Plus Bond Fund, Class I | 137,102 | 15,942 | ||||||
815,177 | ||||||||
International Bond 0.7% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 356,523 | 38,131 | ||||||
1,171,700 | ||||||||
Total Unaffiliated Underlying Funds (Cost $10,753,621) | $10,241,418 | |||||||
Total Investments in Securities (Cost $55,499,198) | $54,020,081 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
Assets | ||
Investments in securities, at value - affiliated (cost $44,745,577) | $43,778,663 | |
Investments in securities, at value - unaffiliated (cost $10,753,621) | 10,241,418 | |
Cash | 383,706 | |
Receivables: | ||
Fund shares sold | 24,420 | |
Due from investment adviser | 5,655 | |
Dividends | 4,261 | |
Prepaid expenses | + | 11,307 |
Total assets | 54,449,430 | |
Liabilities | ||
Payables: | ||
Investments bought | 129,164 | |
Fund shares redeemed | 25,813 | |
Accrued expenses | + | 33,301 |
Total liabilities | 188,278 | |
Net assets | $54,261,152 | |
Net Assets by Source | ||
Capital received from investors | $55,822,976 | |
Total distributable loss | + | (1,561,824 ) |
Net assets | $54,261,152 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$54,261,152 | 4,314,687 | $12.58 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $589,492 | |
Dividends received from securities - unaffiliated | 147,527 | |
Interest received from securities - unaffiliated | + | 7,939 |
Total investment income | 744,958 | |
Expenses | ||
Professional fees | 22,903 | |
Registration fees | 21,392 | |
Portfolio accounting fees | 11,057 | |
Shareholder reports | 10,078 | |
Independent trustees’ fees | 6,047 | |
Transfer agent fees | 1,043 | |
Custodian fees | 664 | |
Other expenses | + | 1,992 |
Total expenses | 75,176 | |
Expense reduction | – | 75,176 |
Net expenses | – | — |
Net investment income | 744,958 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 1,072,375 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 213,473 | |
Net realized losses on sales of securities - affiliated | (623,094 ) | |
Net realized losses on sales of securities - unaffiliated | + | (111,592 ) |
Net realized gains | 551,162 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 1,653,513 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 251,880 |
Net change in unrealized appreciation (depreciation) | + | 1,905,393 |
Net realized and unrealized gains | 2,456,555 | |
Increase in net assets resulting from operations | $3,201,513 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $744,958 | $548,580 | |
Net realized gains | 551,162 | 1,862,258 | |
Net change in unrealized appreciation (depreciation) | + | 1,905,393 | (12,129,289 ) |
Increase (decrease) in net assets resulting from operations | $3,201,513 | ($9,718,451 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($2,434,558 ) | ($1,894,146 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 1,409,211 | $18,306,037 | 1,472,977 | $20,023,654 | |
Shares reinvested | 197,532 | 2,368,404 | 115,712 | 1,840,977 | |
Shares redeemed | + | (533,948 ) | (6,921,007 ) | (787,575 ) | (10,587,897 ) |
Net transactions in fund shares | 1,072,795 | $13,753,434 | 801,114 | $11,276,734 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 3,241,892 | $39,740,763 | 2,440,778 | $40,076,626 | |
Total increase (decrease) | + | 1,072,795 | 14,520,389 | 801,114 | (335,863 ) |
End of period | 4,314,687 | $54,261,152 | 3,241,892 | $39,740,763 |
11/1/22– 10/31/23 | 11/1/21– 10/31/22 | 2/26/211– 10/31/21 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $8.63 | $11.33 | $10.00 | |||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.03 | |||||
Net realized and unrealized gains (losses) | 0.61 | (2.51 ) | 1.30 | |||
Total from investment operations | 0.73 | (2.40 ) | 1.33 | |||
Less distributions: | ||||||
Distributions from net investment income | — | |||||
Distributions from net realized gains | (0.29 ) | — | — | |||
Total distributions | (0.42 ) | (0.30 ) | — | |||
Net asset value at end of period | $8.94 | $8.63 | $11.33 | |||
Total return | 13.30 %3 | |||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses4 | 0.00 %6 | |||||
Gross operating expenses4 | 1.90 %6 | |||||
Net investment income (loss) | 0.35 %6 | |||||
Portfolio turnover rate | 34 %3 | |||||
Net assets, end of period (x 1,000) | $4,489 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Not annualized. |
4 | Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
5 | Ratio includes less than 0.005% of non-routine proxy expenses. |
6 | Annualized. |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS | ||||||||
U.S. Stocks 48.7% | ||||||||
Large-Cap 40.9% | ||||||||
Schwab Core Equity Fund | $320,507 | $274,117 | $— | $— | ($12,418 ) | $582,206 | 31,556 | $48,117 |
Schwab Fundamental US Large Company Index Fund | 395,448 | 348,658 | — | — | 3,983 | 748,089 | 34,490 | 8,658 |
Schwab S&P 500 Index Fund | 1,318,648 | 1,131,533 | (83,896 ) | (4,979 ) | 125,148 | 2,486,454 | 38,235 | 23,131 |
Schwab Select Large Cap Growth Fund * | 623,625 | 544,406 | (23,000 ) | (11,764 ) | 111,133 | 1,244,400 | 57,987 | 79,406 |
5,061,149 | ||||||||
Mid-Cap 2.1% | ||||||||
Schwab U.S. Mid-Cap Index Fund * | 117,344 | 162,049 | (7,108 ) | (1,128 ) | (9,293 ) | 261,864 | 5,183 | 2,050 |
Small-Cap 5.7% | ||||||||
Schwab Small-Cap Equity Fund | 375,251 | 400,362 | — | — | (69,435 ) | 706,178 | 42,541 | 39,361 |
6,029,191 | ||||||||
International Stocks 25.4% | ||||||||
Developed Markets 25.4% | ||||||||
Schwab Fundamental International Large Company Index Fund | — | 185,634 | (25,000 ) | (1,153 ) | (3,296 ) | 156,185 | 16,286 | — |
Schwab International Core Equity Fund | 737,144 | 473,913 | (30,403 ) | (3,251 ) | 82,852 | 1,260,255 | 128,075 | 26,913 |
Schwab International Opportunities Fund | 1,011,213 | 895,000 | (132,099 ) | (72,212 ) | 35,536 | 1,737,438 | 99,339 | 39,438 |
3,153,878 | ||||||||
Real Estate 6.4% | ||||||||
Global Real Estate 6.4% | ||||||||
Schwab Global Real Estate Fund | 434,086 | 488,727 | (50,000 ) | (21,864 ) | (59,118 ) | 791,831 | 145,290 | 23,772 |
Fixed Income 1.1% | ||||||||
Intermediate-Term Bond 0.5% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 28,329 | 37,886 | — | — | (3,111 ) | 63,104 | 7,548 | 1,623 |
Short-Term Bond 0.6% | ||||||||
Schwab Short-Term Bond Index Fund | 31,877 | 38,532 | — | — | (484 ) | 69,925 | 7,511 | 1,538 |
133,029 | ||||||||
Total Affiliated Underlying Funds (Cost $11,081,346) | $5,393,472 | $4,980,817 | ($351,506 ) | ($116,351 ) | $201,497 | $10,107,929 | $294,007 | |
SECURITY | VALUE AT 10/31/22 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 10/31/23 | BALANCE OF SHARES HELD AT 10/31/23 | DISTRIBUTIONS RECEIVED(a) |
UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS | ||||||||
U.S. Stocks 10.8% | ||||||||
Large-Cap 8.9% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $326,091 | 5,678 | ||||||
Dodge & Cox Stock Fund, Class I | 780,838 | 3,575 | ||||||
1,106,929 | ||||||||
Small-Cap 1.9% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 228,192 | 6,838 | ||||||
1,335,121 | ||||||||
International Stocks 5.6% | ||||||||
Emerging Markets 5.6% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 701,146 | 92,744 | ||||||
Fixed Income 1.5% | ||||||||
Intermediate-Term Bond 1.0% | ||||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 127,330 | 13,870 | ||||||
International Bond 0.5% | ||||||||
PIMCO International Bond Fund (U.S. Dollar- Hedged), Institutional Class | 59,357 | 6,348 | ||||||
186,687 | ||||||||
Total Unaffiliated Underlying Funds (Cost $2,472,334) | $2,222,954 | |||||||
Total Investments in Securities (Cost $13,553,680) | $12,330,883 |
* | Non-income producing security. |
(a) | Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). |
Assets | ||
Investments in securities, at value - affiliated (cost $11,081,346) | $10,107,929 | |
Investments in securities, at value - unaffiliated (cost $2,472,334) | 2,222,954 | |
Cash | 98,398 | |
Receivables: | ||
Due from investment adviser | 5,597 | |
Fund shares sold | 4,738 | |
Dividends | 565 | |
Prepaid expenses | + | 3,505 |
Total assets | 12,443,686 | |
Liabilities | ||
Payables: | ||
Investments bought | 14,552 | |
Fund shares redeemed | 8,032 | |
Accrued expenses | + | 29,866 |
Total liabilities | 52,450 | |
Net assets | $12,391,236 | |
Net Assets by Source | ||
Capital received from investors | $13,643,723 | |
Total distributable loss | + | (1,252,487 ) |
Net assets | $12,391,236 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$12,391,236 | 1,386,209 | $8.94 | ||
For the period November 1, 2022 through October 31, 2023 | ||
Investment Income | ||
Dividends received from securities - affiliated | $104,685 | |
Dividends received from securities - unaffiliated | + | 28,627 |
Total investment income | 133,312 | |
Expenses | ||
Professional fees | 27,440 | |
Registration fees | 18,462 | |
Portfolio accounting fees | 10,790 | |
Independent trustees’ fees | 5,955 | |
Shareholder reports | 4,400 | |
Transfer agent fees | 903 | |
Custodian fees | 745 | |
Other expenses | + | 1,772 |
Total expenses | 70,467 | |
Expense reduction | – | 70,467 |
Net expenses | – | — |
Net investment income | 133,312 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Realized capital gain distributions received from underlying funds - affiliated | 189,322 | |
Realized capital gain distributions received from underlying funds - unaffiliated | 40,415 | |
Net realized losses on sales of securities - affiliated | (116,351 ) | |
Net realized losses on sales of securities - unaffiliated | + | (18,517 ) |
Net realized gains | 94,869 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | 201,497 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | 20,234 |
Net change in unrealized appreciation (depreciation) | + | 221,731 |
Net realized and unrealized gains | 316,600 | |
Increase in net assets resulting from operations | $449,912 |
OPERATIONS | |||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||
Net investment income | $133,312 | $67,003 | |
Net realized gains | 94,869 | 162,871 | |
Net change in unrealized appreciation (depreciation) | + | 221,731 | (1,687,414 ) |
Increase (decrease) in net assets resulting from operations | $449,912 | ($1,457,540 ) | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($358,283 ) | ($132,928 ) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 751,424 | $6,932,354 | 558,480 | $5,553,563 | |
Shares reinvested | 40,172 | 342,268 | 10,020 | 112,123 | |
Shares redeemed | + | (171,622 ) | (1,585,540 ) | (198,386 ) | (1,953,828 ) |
Net transactions in fund shares | 619,974 | $5,689,082 | 370,114 | $3,711,858 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/22-10/31/23 | 11/1/21-10/31/22 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 766,235 | $6,610,525 | 396,121 | $4,489,135 | |
Total increase | + | 619,974 | 5,780,711 | 370,114 | 2,121,390 |
End of period | 1,386,209 | $12,391,236 | 766,235 | $6,610,525 |
SCHWAB CAPITAL TRUST | |
Schwab Target 2010 Fund | Schwab Dividend Equity Fund |
Schwab Target 2015 Fund | Schwab Large-Cap Growth Fund |
Schwab Target 2020 Fund | Schwab Small-Cap Equity Fund |
Schwab Target 2025 Fund | Schwab 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 Target 2065 Fund | Schwab Target 2010 Index Fund |
Schwab S&P 500 Index Fund | Schwab Target 2015 Index Fund |
Schwab Small-Cap Index Fund® | Schwab Target 2020 Index Fund |
Schwab Total Stock Market Index Fund® | Schwab Target 2025 Index Fund |
Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2030 Index Fund |
Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2035 Index Fund |
Schwab U.S. Mid-Cap Index Fund | Schwab Target 2040 Index Fund |
Schwab International Index Fund® | Schwab Target 2045 Index Fund |
Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2050 Index Fund |
Schwab MarketTrack Growth Portfolio™ | Schwab Target 2055 Index Fund |
Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2060 Index Fund |
Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2065 Index Fund |
Schwab International Opportunities Fund | Schwab Monthly Income Fund - Target Payout |
Schwab Balanced Fund | Schwab Monthly Income Fund - Flexible Payout |
Schwab Core Equity Fund | Schwab Monthly Income Fund - Income Payout |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
UNDERLYING FUNDS | SCHWAB TARGET 2010 FUND | SCHWAB TARGET 2015 FUND | SCHWAB TARGET 2020 FUND | SCHWAB TARGET 2025 FUND | SCHWAB TARGET 2030 FUND | SCHWAB TARGET 2035 FUND | SCHWAB TARGET 2040 FUND | SCHWAB TARGET 2045 FUND | SCHWAB TARGET 2050 FUND | SCHWAB TARGET 2055 FUND | SCHWAB TARGET 2060 FUND | SCHWAB TARGET 2065 FUND |
Schwab Core Equity Fund | 0.1 % | 0.1 % | 0.5 % | 0.9 % | 2.6 % | 1.6 % | 3.6 % | 0.8 % | 0.9 % | 0.6 % | 0.2 % | 0.0 %* |
Schwab Fundamental International Large Company Index Fund | 0.0 %* | 0.0 %* | 0.1 % | 0.1 % | 0.4 % | 0.2 % | 0.5 % | 0.1 % | 0.1 % | 0.1 % | 0.0 %* | 0.0 %* |
Schwab Fundamental US Large Company Index Fund | 0.0 %* | 0.0 %* | 0.1 % | 0.1 % | 0.3 % | 0.3 % | 0.6 % | 0.2 % | 0.2 % | 0.1 % | 0.0 %* | 0.0 %* |
Schwab Global Real Estate Fund | 0.4 % | 0.5 % | 3.3 % | 5.7 % | 13.9 % | 9.1 % | 18.9 % | 5.0 % | 5.4 % | 3.9 % | 1.3 % | 0.3 % |
Schwab International Core Equity Fund | 0.3 % | 0.3 % | 2.5 % | 4.5 % | 11.3 % | 7.5 % | 16.5 % | 4.2 % | 4.4 % | 3.1 % | 1.1 % | 0.2 % |
Schwab International Opportunities Fund | 0.2 % | 0.3 % | 1.8 % | 3.2 % | 8.1 % | 5.4 % | 11.6 % | 3.1 % | 3.3 % | 2.3 % | 0.8 % | 0.2 % |
Schwab S&P 500 Index Fund | 0.0 %* | 0.0 %* | 0.1 % | 0.1 % | 0.2 % | 0.1 % | 0.3 % | 0.1 % | 0.1 % | 0.0 %* | 0.0 %* | 0.0 %* |
Schwab Select Large Cap Growth Fund | 0.1 % | 0.1 % | 0.4 % | 0.7 % | 1.9 % | 1.3 % | 3.0 % | 0.9 % | 1.1 % | 0.8 % | 0.3 % | 0.1 % |
Schwab Short-Term Bond Index Fund | 0.2 % | 0.3 % | 1.6 % | 1.8 % | 2.4 % | 1.0 % | 1.3 % | 0.2 % | 0.1 % | 0.1 % | 0.0 %* | 0.0 %* |
Schwab Small-Cap Equity Fund | 0.1 % | 0.1 % | 1.0 % | 1.7 % | 5.1 % | 3.5 % | 8.0 % | 2.2 % | 2.5 % | 1.8 % | 0.6 % | 0.1 % |
Schwab Treasury Inflation Protected Securities Index Fund | 0.1 % | 0.1 % | 0.8 % | 0.7 % | 0.5 % | — % | — % | — % | — % | — % | — % | — % |
Schwab U.S. Aggregate Bond Index Fund | 0.3 % | 0.3 % | 1.8 % | 2.0 % | 2.7 % | 1.1 % | 1.4 % | 0.2 % | 0.1 % | 0.1 % | 0.0 %* | 0.0 %* |
Schwab U.S. Mid Cap Index Fund | 0.1 % | 0.1 % | 0.4 % | 0.5 % | 1.1 % | 0.7 % | 1.5 % | 0.4 % | 0.4 % | 0.3 % | 0.1 % | 0.0 %* |
Schwab Variable Share Price Money Fund, Ultra Shares | 0.0 %* | 0.0 %* | 0.2 % | 0.3 % | 0.3 % | 0.1 % | 0.2 % | 0.0 %* | 0.0 %* | — % | — % | — % |
* | Less than 0.05% |
5. Board of Trustees:
7. Purchases and Sales of Investment Securities:
PURCHASES OF SECURITIES | SALES OF SECURITIES | |
Schwab Target 2010 Fund | $6,672,936 | $9,806,803 |
Schwab Target 2015 Fund | 3,881,901 | 12,595,574 |
Schwab Target 2020 Fund | 24,886,176 | 88,275,019 |
Schwab Target 2025 Fund | 46,991,990 | 103,163,975 |
Schwab Target 2030 Fund | 87,752,915 | 122,467,250 |
Schwab Target 2035 Fund | 52,241,852 | 48,757,660 |
Schwab Target 2040 Fund | 91,997,691 | 99,293,655 |
Schwab Target 2045 Fund | 34,289,789 | 12,510,401 |
Schwab Target 2050 Fund | 35,854,120 | 11,216,246 |
Schwab Target 2055 Fund | 27,521,237 | 6,448,452 |
Schwab Target 2060 Fund | 15,115,804 | 2,021,178 |
Schwab Target 2065 Fund | 6,049,266 | 381,506 |
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab Target 2010 Fund | $43,326,716 | $3,956,538 | ($4,186,349 ) | ($229,811 ) |
Schwab Target 2015 Fund | 48,145,337 | 6,636,879 | (5,419,485 ) | 1,217,394 |
Schwab Target 2020 Fund | 309,811,435 | 49,108,171 | (35,853,734 ) | 13,254,437 |
Schwab Target 2025 Fund | 429,568,140 | 60,838,861 | (45,996,889 ) | 14,841,972 |
Schwab Target 2030 Fund | 801,424,176 | 157,257,297 | (77,849,414 ) | 79,407,883 |
Schwab Target 2035 Fund | 465,454,214 | 75,502,096 | (43,974,526 ) | 31,527,570 |
Schwab Target 2040 Fund | 859,844,171 | 193,408,116 | (76,510,566 ) | 116,897,550 |
Schwab Target 2045 Fund | 230,221,006 | 23,924,300 | (20,698,314 ) | 3,225,986 |
Schwab Target 2050 Fund | 232,783,993 | 22,635,519 | (20,940,889 ) | 1,694,630 |
Schwab Target 2055 Fund | 161,664,344 | 13,604,333 | (14,492,991 ) | (888,658 ) |
Schwab Target 2060 Fund | 56,676,742 | 2,641,403 | (5,298,064 ) | (2,656,661 ) |
Schwab Target 2065 Fund | 13,849,937 | 30,149 | (1,549,203 ) | (1,519,054 ) |
UNDISTRIBUTED ORDINARY INCOME | UNDISTRIBUTED LONG-TERM CAPITAL GAINS | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | TOTAL | |
Schwab Target 2010 Fund | $857,022 | $619,169 | ($229,811 ) | $1,246,380 |
Schwab Target 2015 Fund | 970,757 | 1,593,501 | 1,217,394 | 3,781,652 |
Schwab Target 2020 Fund | 6,237,644 | 13,435,857 | 13,254,437 | 32,927,938 |
Schwab Target 2025 Fund | 7,448,991 | 11,362,956 | 14,841,972 | 33,653,919 |
Schwab Target 2030 Fund | 11,435,789 | 18,090,753 | 79,407,883 | 108,934,425 |
Schwab Target 2035 Fund | 5,099,328 | 6,856,715 | 31,527,570 | 43,483,613 |
Schwab Target 2040 Fund | 7,855,909 | 18,822,683 | 116,897,550 | 143,576,142 |
Schwab Target 2045 Fund | 1,434,117 | 2,726,234 | 3,225,986 | 7,386,337 |
Schwab Target 2050 Fund | 1,167,252 | 3,917,094 | 1,694,630 | 6,778,976 |
Schwab Target 2055 Fund | 698,053 | 2,671,441 | (888,658 ) | 2,480,836 |
Schwab Target 2060 Fund | 195,648 | 899,189 | (2,656,661 ) | (1,561,824 ) |
Schwab Target 2065 Fund | 38,442 | 228,125 | (1,519,054 ) | (1,252,487 ) |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab Target 2010 Fund | $1,132,493 | $967,218 | $1,331,099 | $1,739,735 |
Schwab Target 2015 Fund | 1,400,648 | 2,120,089 | 1,744,930 | 3,437,941 |
Schwab Target 2020 Fund | 9,076,587 | 12,917,591 | 11,812,575 | 25,556,397 |
Schwab Target 2025 Fund | 10,833,138 | 16,188,114 | 15,900,882 | 24,337,226 |
Schwab Target 2030 Fund | 17,801,309 | 40,196,703 | 29,568,203 | 46,509,219 |
Schwab Target 2035 Fund | 8,906,155 | 25,076,641 | 16,504,016 | 17,830,955 |
Schwab Target 2040 Fund | 16,978,583 | 58,196,328 | 34,399,189 | 46,775,680 |
Schwab Target 2045 Fund | 3,497,260 | 12,086,725 | 7,204,576 | 5,468,227 |
Schwab Target 2050 Fund | 3,437,553 | 12,710,747 | 7,536,621 | 6,628,300 |
Schwab Target 2055 Fund | 2,250,258 | 8,696,308 | 4,779,602 | 3,427,752 |
Schwab Target 2060 Fund | 660,373 | 1,774,185 | 1,250,419 | 643,727 |
Schwab Target 2065 Fund | 122,241 | 236,042 | 132,928 | — |
9. Subsequent Events:
Denver, Colorado
December 15, 2023
FOREIGN TAX CREDIT | FOREIGN SOURCE INCOME | |
Schwab Target 2010 Fund | $1,534 | $80,186 |
Schwab Target 2015 Fund | 2,151 | 112,817 |
Schwab Target 2020 Fund | 15,218 | 801,584 |
Schwab Target 2025 Fund | 35,278 | 1,426,827 |
Schwab Target 2030 Fund | 133,335 | 3,503,801 |
Schwab Target 2035 Fund | 100,764 | 2,252,312 |
Schwab Target 2040 Fund | 271,816 | 4,996,738 |
Schwab Target 2045 Fund | 70,068 | 1,190,728 |
Schwab Target 2050 Fund | 87,697 | 1,318,219 |
Schwab Target 2055 Fund | 61,670 | 904,447 |
Schwab Target 2060 Fund | 20,540 | 284,051 |
Schwab Target 2065 Fund | 3,575 | 48,777 |
Schwab Target 2010 Fund | 11.45 % |
Schwab Target 2015 Fund | 11.98 % |
Schwab Target 2020 Fund | 12.64 % |
Schwab Target 2025 Fund | 15.34 % |
Schwab Target 2030 Fund | 18.76 % |
Schwab Target 2035 Fund | 21.94 % |
Schwab Target 2040 Fund | 25.28 % |
Schwab Target 2045 Fund | 27.56 % |
Schwab Target 2050 Fund | 28.89 % |
Schwab Target 2055 Fund | 30.01 % |
Schwab Target 2060 Fund | 30.79 % |
Schwab Target 2065 Fund | 30.18 % |
Schwab Target 2010 Fund | $231,558 |
Schwab Target 2015 Fund | 298,173 |
Schwab Target 2020 Fund | 2,074,099 |
Schwab Target 2025 Fund | 3,153,023 |
Schwab Target 2030 Fund | 6,710,738 |
Schwab Target 2035 Fund | 4,090,878 |
Schwab Target 2040 Fund | 9,221,384 |
Schwab Target 2045 Fund | 2,163,745 |
Schwab Target 2050 Fund | 2,364,396 |
Schwab Target 2055 Fund | 1,636,433 |
Schwab Target 2060 Fund | 508,286 |
Schwab Target 2065 Fund | 90,838 |
Schwab Target 2010 Fund | $967,218 |
Schwab Target 2015 Fund | 2,120,089 |
Schwab Target 2020 Fund | 12,917,591 |
Schwab Target 2025 Fund | 16,188,114 |
Schwab Target 2030 Fund | 40,196,703 |
Schwab Target 2035 Fund | 25,076,641 |
Schwab Target 2040 Fund | 58,196,328 |
Schwab Target 2045 Fund | 12,086,725 |
Schwab Target 2050 Fund | 12,710,747 |
Schwab Target 2055 Fund | 8,696,308 |
Schwab Target 2060 Fund | 1,774,185 |
Schwab Target 2065 Fund | 236,042 |
Schwab Target 2010 Fund | $11,841 |
Schwab Target 2015 Fund | 16,118 |
Schwab Target 2020 Fund | 110,226 |
Schwab Target 2025 Fund | 170,309 |
Schwab Target 2030 Fund | 386,328 |
Schwab Target 2035 Fund | 246,247 |
Schwab Target 2040 Fund | 578,093 |
Schwab Target 2045 Fund | 147,676 |
Schwab Target 2050 Fund | 164,926 |
Schwab Target 2055 Fund | 117,215 |
Schwab Target 2060 Fund | 39,111 |
Schwab Target 2065 Fund | 7,861 |
Schwab Target 2010 Fund | 50.89 % |
Schwab Target 2015 Fund | 48.86 % |
Schwab Target 2020 Fund | 47.28 % |
Schwab Target 2025 Fund | 37.22 % |
Schwab Target 2030 Fund | 27.42 % |
Schwab Target 2035 Fund | 20.62 % |
Schwab Target 2040 Fund | 14.86 % |
Schwab Target 2045 Fund | 10.05 % |
Schwab Target 2050 Fund | 6.91 % |
Schwab Target 2055 Fund | 5.32 % |
Schwab Target 2060 Fund | 3.36 % |
Schwab Target 2065 Fund | 2.03 % |
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 |
Michael J. Beer 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 2022) | Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management). | 106 | Director (2016 – 2019), Principal Funds, Inc. |
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. | 106 | None |
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) | Retired. | 106 | None |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 106 | Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
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) | Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). | 106 | 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 |
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). | 106 | None |
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 106 | None |
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) | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Co-Chairman of the Board (July 2022 – present) and Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Co-Chairman of the Board (July 2022 – present) and Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Manager (Sept. 2023 – present), TD Ameritrade Holding LLC; Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 106 | Director (2008 – present), The Charles Schwab Corporation |
Richard A. Wurster2 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 2022) | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 106 | 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 |
Omar Aguilar 1970 Chief Executive Officer, President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs. |
Mark Fischer 1970 Chief Operating 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) | Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 – present), Managing Director (Mar. 2023 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc. |
Dana Smith 1965 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 2023) | Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022), Charles Schwab & Co., Inc. |
Patrick Cassidy 1964 Vice President and Chief Investment 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) | Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Investment Officer (Oct. 2023 – present), and Senior Vice President (Oct. 2012 – Mar. 2023), Charles Schwab Investment Management, Inc. |
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) | Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (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) | Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (Aug. 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
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. | |
(e) | Not applicable. | |
(f)(1) | Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR. |
Item 3: Audit Committee Financial Expert.
Registrant’s Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.
The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.
Item 4: Principal Accountant Fees and Services.
Registrant is composed of fifty-two operational series. Thirty-six series have a fiscal year-end of October 31, whose annual financial statements are reported in Item 1, three series have a fiscal year-end of December 31, twelve series have a fiscal year-end of March 31, and one series has a fiscal year-end of the last day of February. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to the fifty-two operational series during 2023/2024 and 2022/2023, based on their respective 2023/2024 and 2022/2023 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 Fees1 | (b) Audit-Related Fees2 | (c) Tax Fees3 | (d) All Other Fees | |||||||||||||||||||||||||||
Fiscal Year 2023/2024 | Fiscal Year 2022/2023 | Fiscal Year 2023/2024 | Fiscal Year 2022/2023 | Fiscal Year 2023/2024 | Fiscal Year 2022/2023 | Fiscal Year 2023/2024 | Fiscal Year 2022/2023 | |||||||||||||||||||||||
$ | 1,272,477 | $ | 1,195,825 | $ | 90,000 | $ | 90,000 | $ | 170,820 | $ | 161,200 | $ | 0 | $ | 0 |
1 | The nature of the services includes audit of the registrant’s annual financial statements and normally provided services in connection with regulatory filings for those fiscal years. |
2 | 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. |
3 | The nature of the services includes tax compliance, tax advice and tax planning. |
(e) | (1) | Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | ||
(2) | There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant. |
2022/2023: $3,651,860 | 2021/2022: $ | 8,528,894 |
(h) | During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Schedule of Investments.
The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) | Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Omar Aguilar and Registrant’s Chief Financial Officer, Dana Smith, 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. |
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
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/ Omar Aguilar | |
Omar Aguilar Chief Executive Officer | ||
Date: | December 15, 2023 |
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/ Omar Aguilar | |
Omar Aguilar Chief Executive Officer | ||
Date: | December 15, 2023 | |
By: | /s/ Dana Smith | |
Dana Smith Chief Financial Officer | ||
Date: | December 15, 2023 |