UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-06200
Schwab Investments Schwab 1000 Index Fund
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Jonathan de St. Paer
Schwab Investments Schwab 1000 Index Fund
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrants telephone number, including area code: (415) 636-7000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
Item 1: Report(s) to Shareholders.
1 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes. |
* | The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes. |
Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process, portfolio management and implementation, and development of investment strategies for passive equity Schwab Funds and Schwab ETFs. 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, Portfolio Manager, 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. |
Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc. |
Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the 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. |
Jane Qin, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining Schwab in 2012, Ms. Qin spent more than four years at The Bank of New York Mellon Corporation. During that time, Ms. Qin spent more than two years as an associate equity portfolio manager and nearly two years as a performance analyst. She also worked at Wells Fargo Funds Management as a mutual fund analyst and at CIGNA Reinsurance in the risk management group as a risk analyst. |
David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. 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). |
Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
Fund: Schwab S&P 500 Index Fund (5/19/97) | -9.66% | 0.19% | 13.63% | 13.60% |
S&P 500® Index | -9.65% | 0.21% | 13.66% | 13.67% |
Fund Category: Morningstar Large Blend2 | -9.87% | -1.68% | 11.99% | 12.20% |
Fund Expense Ratio3: 0.02% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
Fund: Schwab 1000 Index Fund (4/2/91) | -11.58% | -2.37% | 13.24% | 13.23% |
Schwab 1000 Index® | -11.56% | -2.34% | 13.27% | 13.39% |
Russell 1000® Index | -11.29% | -2.10% | 13.44% | 13.53% |
Fund Category: Morningstar Large Blend2 | -9.87% | -1.68% | 11.99% | 12.20% |
Fund Expense Ratio3: 0.05% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | As a result of the Schwab 1000 Index®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities. |
3 | Not annualized. |
4 | Less than 0.5%. |
5 | Portfolio turnover rate excludes in-kind transactions. |
6 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
7 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
Fund: Schwab Small-Cap Index Fund (5/19/97) | -18.36% | -16.84% | 7.30% | 10.11% |
Russell 2000® Index | -18.38% | -16.87% | 7.24% | 10.06% |
Fund Category: Morningstar Small Blend2 | -12.59% | -9.66% | 7.41% | 9.91% |
Fund Expense Ratio3: 0.04% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
Fund: Schwab Total Stock Market Index Fund (6/1/99) | -11.97% | -3.37% | 12.88% | 13.16% |
Dow Jones U.S. Total Stock Market IndexSM | -11.98% | -3.36% | 12.92% | 13.20% |
Fund Category: Morningstar Large Blend2 | -9.87% | -1.68% | 11.99% | 12.20% |
Fund Expense Ratio3: 0.03% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception |
Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) | -17.86% | -5.39% | 16.62% | 15.61% |
Russell 1000® Growth Index | -17.84% | -5.35% | 16.68% | 15.67% |
Fund Category: Morningstar Large Growth2 | -21.15% | -12.09% | 12.19% | N/A |
Fund Expense Ratio3: 0.035% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | Less than 0.05%. |
5 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception |
Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) | -3.95% | 1.28% | 9.50% | 7.98% |
Russell 1000® Value Index | -3.94% | 1.32% | 9.58% | 8.07% |
Fund Category: Morningstar Large Value2 | -2.30% | 3.13% | 10.25% | N/A |
Fund Expense Ratio3: 0.035% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 3 Years | Since Inception |
Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) | -12.53% | -6.13% | 10.44% | 9.51% |
Russell Midcap® Index | -12.54% | -6.10% | 10.48% | 9.56% |
Fund Category: Morningstar Mid-Cap Blend2 | -9.48% | -5.53% | 9.55% | N/A |
Fund Expense Ratio3: 0.04% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
3 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | This list is not a recommendation of any security by the investment adviser. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
Fund: Schwab International Index Fund (5/19/97) | -12.76% | -8.88% | 4.64% | 5.69% |
MSCI EAFE® Index (Net)3 | -11.80% | -8.15% | 4.77% | 5.77% |
International Spliced Index | -11.80% | -8.15% | 4.77% | 5.81% |
Fund Category: Morningstar Foreign Large Blend4 | -12.88% | -10.29% | 4.37% | 5.34% |
Fund Expense Ratio5: 0.06% |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
2 | The fund’s performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information. |
3 | The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes. |
4 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date. |
5 | As stated in the prospectus. |
1 | Excludes derivatives. |
2 | Not annualized. |
3 | This list is not a recommendation of any security by the investment adviser. |
4 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
EXPENSE
RATIO (ANNUALIZED) 1 |
BEGINNING
ACCOUNT VALUE AT 11/1/21 |
ENDING
ACCOUNT VALUE (NET OF EXPENSES) AT 4/30/22 |
EXPENSES
PAID DURING PERIOD 11/1/21-4/30/222 | |
Schwab S&P 500 Index Fund | ||||
Actual Return | 0.02% | $1,000.00 | $ 903.40 | $0.09 |
Hypothetical 5% Return | 0.02% | $1,000.00 | $1,024.70 | $0.10 |
Schwab 1000 Index Fund | ||||
Actual Return | 0.05% | $1,000.00 | $ 884.20 | $0.23 |
Hypothetical 5% Return | 0.05% | $1,000.00 | $1,024.55 | $0.25 |
Schwab Small-Cap Index Fund | ||||
Actual Return | 0.04% | $1,000.00 | $ 816.40 | $0.18 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,024.60 | $0.20 |
Schwab Total Stock Market Index Fund | ||||
Actual Return | 0.03% | $1,000.00 | $ 880.30 | $0.14 |
Hypothetical 5% Return | 0.03% | $1,000.00 | $1,024.65 | $0.15 |
Schwab U.S. Large-Cap Growth Index Fund | ||||
Actual Return | 0.035% | $1,000.00 | $ 821.40 | $0.16 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,024.62 | $0.18 |
Schwab U.S. Large-Cap Value Index Fund | ||||
Actual Return | 0.035% | $1,000.00 | $ 960.50 | $0.17 |
Hypothetical 5% Return | 0.035% | $1,000.00 | $1,024.62 | $0.18 |
Schwab U.S. Mid-Cap Index Fund | ||||
Actual Return | 0.04% | $1,000.00 | $ 874.70 | $0.19 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,024.60 | $0.20 |
Schwab International Index Fund | ||||
Actual Return | 0.06% | $1,000.00 | $ 872.40 | $0.28 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.50 | $0.30 |
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 181 days of the period, and divided by the 365 days of the fiscal year. |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
11/1/17–
10/31/18 |
11/1/16–
10/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $71.21 | $50.75 | $47.17 | $42.41 | $40.23 | $33.38 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.49 | 0.90 | 1.02 | 0.92 | 0.80 | 0.74 |
Net realized and unrealized gains (losses) | (7.25) | 20.60 | 3.52 | 4.86 | 2.12 | 6.99 |
Total from investment operations | (6.76) | 21.50 | 4.54 | 5.78 | 2.92 | 7.73 |
Less distributions: | ||||||
Distributions from net investment income | (0.86) | (1.04) | (0.87) | (0.84) | (0.72) | (0.69) |
Distributions from net realized gains | (0.07) | — | (0.09) | (0.18) | (0.02) | (0.19) |
Total distributions | (0.93) | (1.04) | (0.96) | (1.02) | (0.74) | (0.88) |
Net asset value at end of period | $63.52 | $71.21 | $50.75 | $47.17 | $42.41 | $40.23 |
Total return | (9.66%) 2 | 42.89% | 9.69% | 14.30% | 7.29% | 23.57% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.02% 3 | 0.02% | 0.02% | 0.02% 4 | 0.03% | 0.05% 5 |
Net operating expenses | N/A | N/A | N/A | N/A | N/A 6 | 0.05% 5 |
Net investment income (loss) | 1.40% 3 | 1.42% | 2.11% | 2.11% | 1.88% | 2.01% |
Portfolio turnover rate | 1% 2 | 3% | 4% | 3% | 2% | 2% |
Net assets, end of period (x 1,000,000) | $63,594 | $67,401 | $44,184 | $40,232 | $34,410 | $29,999 |
* | Unaudited. |
1 | Calculated based on the average shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
4 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.02%. The ratio presented for period ended 10/31/19 is a blended ratio. |
5 | Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio. |
6 | Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated. |
VALUE
AT 10/31/21 |
PURCHASES | SALES | REALIZED
GAINS (LOSSES) |
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) |
VALUE
AT 4/30/22 |
BALANCE
OF SHARES HELD AT 4/30/22 |
DIVIDENDS
RECEIVED | |
COMMON STOCKS 0.3% OF NET ASSETS | ||||||||
Diversified Financials 0.3% | ||||||||
The Charles Schwab Corp. | $210,537,870 | $13,291,123 | ($445,373) | ($5,215) | ($43,083,781) | $180,294,624 | 2,718,146 | $1,006,175 |
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 | $63,292,904,445 | $— | $— | $63,292,904,445 |
Short-Term Investments1 | — | 219,125,946 | — | 219,125,946 |
Liabilities | ||||
Futures Contracts2 | (18,686,779) | — | — | (18,686,779) |
Total | $63,274,217,666 | $219,125,946 | $— | $63,493,343,612 |
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 $83,576,481) | $180,294,624 | |
Investments in securities, at value - unaffiliated (cost $28,830,059,646) | 63,331,735,767 | |
Deposit with broker for futures contracts | 22,310,400 | |
Receivables: | ||
Fund shares sold | 81,380,562 | |
Dividends | 49,957,403 | |
Interest | + | 2,374 |
Total assets | 63,665,681,130 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 60,846,153 | |
Variation margin on futures contracts | 10,043,123 | |
Investment adviser fees | + | 1,152,379 |
Total liabilities | 72,041,655 | |
Net assets | $63,593,639,475 | |
Net Assets by Source | ||
Capital received from investors | $29,073,542,747 | |
Total distributable earnings | + | 34,520,096,728 |
Net assets | $63,593,639,475 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$63,593,639,475 | 1,001,178,636 | $63.52 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - affiliated | $1,006,175 | |
Dividends received from securities - unaffiliated (net of foreign withholding tax of $99,561) | 483,053,176 | |
Interest received from securities - unaffiliated | 52,459 | |
Securities on loan, net | + | 18,348 |
Total investment income | 484,130,158 | |
Expenses | ||
Investment adviser fees | 6,815,726 | |
Total expenses | – | 6,815,726 |
Net investment income | 477,314,432 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (5,215) | |
Net realized losses on sales of securities - unaffiliated | (13,016,693) | |
Net realized gains on futures contracts | + | 5,455,094 |
Net realized losses | (7,566,814) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (43,083,781) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (7,171,803,411) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (33,516,331) |
Net change in unrealized appreciation (depreciation) | + | (7,248,403,523) |
Net realized and unrealized losses | (7,255,970,337) | |
Decrease in net assets resulting from operations | ($6,778,655,905) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $477,314,432 | $819,770,960 | |
Net realized gains (losses) | (7,566,814) | 171,562,608 | |
Net change in unrealized appreciation (depreciation) | + | (7,248,403,523) | 18,463,816,059 |
Increase (decrease) in net assets resulting from operations | ($6,778,655,905) | $19,455,149,627 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($892,809,698) | ($913,293,066) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 120,848,829 | $8,436,200,570 | 196,724,074 | $12,273,054,924 | |
Shares reinvested | 10,113,771 | 728,899,776 | 13,207,873 | 748,622,260 | |
Shares redeemed | + | (76,301,434) | (5,301,220,714) | (133,977,878) | (8,346,566,792) |
Net transactions in fund shares | 54,661,166 | $3,863,879,632 | 75,954,069 | $4,675,110,392 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 946,517,470 | $67,401,225,446 | 870,563,401 | $44,184,258,493 | |
Total increase (decrease) | + | 54,661,166 | (3,807,585,971) | 75,954,069 | 23,216,966,953 |
End of period | 1,001,178,636 | $63,593,639,475 | 946,517,470 | $67,401,225,446 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
11/1/17–
10/31/18 |
11/1/16–
10/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $102.69 | $73.73 | $68.68 | $64.19 | $62.61 | $52.40 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.65 | 1.24 | 1.38 | 1.38 | 1.18 | 1.08 |
Net realized and unrealized gains (losses) | (12.30) | 30.02 | 5.81 | 6.73 | 3.05 | 10.96 |
Total from investment operations | (11.65) | 31.26 | 7.19 | 8.11 | 4.23 | 12.04 |
Less distributions: | ||||||
Distributions from net investment income | (1.23) | (1.42) | (1.29) | (1.28) | (1.10) | (0.97) |
Distributions from net realized gains | (0.58) | (0.88) | (0.85) | (2.34) | (1.55) | (0.86) |
Total distributions | (1.81) | (2.30) | (2.14) | (3.62) | (2.65) | (1.83) |
Net asset value at end of period | $89.23 | $102.69 | $73.73 | $68.68 | $64.19 | $62.61 |
Total return | (11.58%) 2 | 43.16% | 10.60% | 14.20% | 6.84% | 23.52% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% 3 | 0.05% | 0.05% | 0.05% | 0.05% | 0.14% 4 |
Net operating expenses | N/A | N/A | N/A | N/A | N/A 5 | 0.12% 4 |
Net investment income (loss) | 1.32% 3 | 1.36% | 1.97% | 2.15% | 1.82% | 1.87% |
Portfolio turnover rate | 0% 2,6,7 | 5% 7 | 4% | 5% | 4% | 5% |
Net assets, end of period (x 1,000,000) | $12,518 | $14,222 | $9,774 | $9,346 | $7,909 | $7,681 |
* | Unaudited. |
1 | Calculated based on the average shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
4 | Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio. |
5 | Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated. |
6 | Less than 0.5% |
7 | Portfolio turnover rate excludes in-kind transactions. |
VALUE
AT 10/31/21 |
PURCHASES | SALES | REALIZED
GAINS (LOSSES) |
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) |
VALUE
AT 4/30/22 |
BALANCE
OF SHARES HELD AT 4/30/22 |
DIVIDENDS
RECEIVED | |
COMMON STOCKS 0.3% OF NET ASSETS | ||||||||
Diversified Financials 0.3% | ||||||||
The Charles Schwab Corp. | $39,021,425 | $496,924 | ($56,556) | ($926) | ($7,549,703) | $31,911,164 | 481,097 | $181,105 |
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 | $12,483,330,622 | $— | $— | $12,483,330,622 |
Short-Term Investments1 | 34,626,718 | — | — | 34,626,718 |
Liabilities | ||||
Futures Contracts2 | (2,176,829) | — | — | (2,176,829) |
Total | $12,515,780,511 | $— | $— | $12,515,780,511 |
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 $4,280,622) | $31,911,164 | |
Investments in securities, at value - unaffiliated (cost $3,184,762,322) including securities on loan of $7,211,114 | 12,486,046,176 | |
Deposit with broker for futures contracts | 2,844,000 | |
Receivables: | ||
Fund shares sold | 10,423,601 | |
Dividends | 9,446,665 | |
Income from securities on loan | + | 25,127 |
Total assets | 12,540,696,733 | |
Liabilities | ||
Collateral held for securities on loan | 7,709,245 | |
Payables: | ||
Fund shares redeemed | 11,320,626 | |
Investments bought | 2,015,574 | |
Variation margin on futures contracts | 1,362,030 | |
Investment adviser fees | + | 569,652 |
Total liabilities | 22,977,127 | |
Net assets | $12,517,719,606 | |
Net Assets by Source | ||
Capital received from investors | $3,044,327,916 | |
Total distributable earnings | + | 9,473,391,690 |
Net assets | $12,517,719,606 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$12,517,719,606 | 140,280,675 | $89.23 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - affiliated | $181,105 | |
Dividends received from securities - unaffiliated (net of foreign withholding tax of $20,499) | 94,365,554 | |
Securities on loan, net | + | 64,105 |
Total investment income | 94,610,764 | |
Expenses | ||
Investment adviser fees | 3,441,176 | |
Total expenses | – | 3,441,176 |
Net investment income | 91,169,588 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (926) | |
Net realized gains on sales of securities - unaffiliated | 14,480,371 | |
Net realized gains on sales of in-kind redemptions - unaffiliated | 64,339,741 | |
Net realized gains on futures contracts | + | 548,576 |
Net realized gains | 79,367,762 | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (7,549,703) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (1,792,869,374) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (4,269,470) |
Net change in unrealized appreciation (depreciation) | + | (1,804,688,547) |
Net realized and unrealized losses | (1,725,320,785) | |
Decrease in net assets resulting from operations | ($1,634,151,197) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $91,169,588 | $171,096,348 | |
Net realized gains | 79,367,762 | 158,449,688 | |
Net change in unrealized appreciation (depreciation) | + | (1,804,688,547) | 3,932,270,152 |
Increase (decrease) in net assets resulting from operations | ($1,634,151,197) | $4,261,816,188 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($249,966,849) | ($306,286,999) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 6,728,710 | $657,353,938 | 15,568,422 | $1,394,601,301 | |
Shares reinvested | 1,982,815 | 202,881,568 | 3,026,807 | 250,256,414 | |
Shares redeemed | + | (6,930,538) | (680,612,710) | (12,663,564) | (1,152,112,463) |
Net transactions in fund shares | 1,780,987 | $179,622,796 | 5,931,665 | $492,745,252 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 138,499,688 | $14,222,214,856 | 132,568,023 | $9,773,940,415 | |
Total increase (decrease) | + | 1,780,987 | (1,704,495,250) | 5,931,665 | 4,448,274,441 |
End of period | 140,280,675 | $12,517,719,606 | 138,499,688 | $14,222,214,856 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
11/1/17–
10/31/18 |
11/1/16–
10/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $39.97 | $27.18 | $28.84 | $30.48 | $31.45 | $25.60 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.24 | 0.37 | 0.35 | 0.40 | 0.43 | 0.38 |
Net realized and unrealized gains (losses) | (7.09) | 13.29 | (0.23) | 0.54 | 0.20 | 6.62 |
Total from investment operations | (6.85) | 13.66 | 0.12 | 0.94 | 0.63 | 7.00 |
Less distributions: | ||||||
Distributions from net investment income | (0.42) | (0.38) | (0.42) | (0.40) | (0.39) | (0.39) |
Distributions from net realized gains | (2.77) | (0.49) | (1.36) | (2.18) | (1.21) | (0.76) |
Total distributions | (3.19) | (0.87) | (1.78) | (2.58) | (1.60) | (1.15) |
Net asset value at end of period | $29.93 | $39.97 | $27.18 | $28.84 | $30.48 | $31.45 |
Total return | (18.36%) 2 | 50.82% | 0.00% | 4.95% | 1.93% | 27.84% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04% 3 | 0.04% | 0.04% | 0.04% 4 | 0.05% | 0.10% 5 |
Net operating expenses | N/A | N/A | N/A | N/A | N/A 6 | 0.09% 5 |
Net investment income (loss) | 1.39% 3 | 0.98% | 1.31% | 1.43% | 1.33% | 1.31% |
Portfolio turnover rate | 4% 2 | 19% 7 | 21% | 14% | 17% | 11% |
Net assets, end of period (x 1,000,000) | $5,538 | $6,587 | $3,988 | $4,187 | $3,874 | $3,531 |
* | Unaudited. |
1 | Calculated based on the average shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
4 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 10/31/19 is a blended ratio. |
5 | Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio. |
6 | Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated. |
7 | Portfolio turnover rate excludes in-kind transactions. |
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 | $5,298,732,839 | $— | $— | $5,298,732,839 |
Materials | 223,740,900 | — | 0* | 223,740,900 |
Rights 1 | ||||
Health Care Equipment & Services | — | — | 0* | 0 |
Media & Entertainment | — | — | 14,883 | 14,883 |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 323,476 | 323,476 |
Short-Term Investments1 | 42,078,528 | — | — | 42,078,528 |
Time Deposits | — | 32,765,746 | — | 32,765,746 |
Liabilities | ||||
Futures Contracts2 | (887,786) | — | — | (887,786) |
Total | $5,563,664,481 | $32,765,746 | $338,359 | $5,596,768,586 |
* | Level 3 amount shown includes securities determined to have no value at April 30, 2022. |
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 $4,540,365,194) including securities on loan of $39,084,099 | $5,597,656,372 | |
Deposit with broker for futures contracts | 2,160,000 | |
Receivables: | ||
Fund shares sold | 4,975,087 | |
Dividends | 1,486,348 | |
Income from securities on loan | 235,472 | |
Investments sold | + | 84,886 |
Total assets | 5,606,598,165 | |
Liabilities | ||
Collateral held for securities on loan | 42,078,528 | |
Payables: | ||
Investments bought | 18,378,338 | |
Fund shares redeemed | 7,276,927 | |
Variation margin on futures contracts | 474,166 | |
Investment adviser fees | + | 201,715 |
Total liabilities | 68,409,674 | |
Net assets | $5,538,188,491 | |
Net Assets by Source | ||
Capital received from investors | $4,596,636,501 | |
Total distributable earnings | + | 941,551,990 |
Net assets | $5,538,188,491 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$5,538,188,491 | 185,053,730 | $29.93 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $41,864) | $43,109,808 | |
Interest received from securities - unaffiliated | 3,610 | |
Securities on loan, net | + | 1,288,642 |
Total investment income | 44,402,060 | |
Expenses | ||
Investment adviser fees | 1,238,526 | |
Total expenses | – | 1,238,526 |
Net investment income | 43,163,534 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 33,791,086 | |
Net realized losses on futures contracts | + | (6,512,033) |
Net realized gains | 27,279,053 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (1,302,850,758) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (1,343,953) |
Net change in unrealized appreciation (depreciation) | + | (1,304,194,711) |
Net realized and unrealized losses | (1,276,915,658) | |
Decrease in net assets resulting from operations | ($1,233,752,124) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $43,163,534 | $58,753,702 | |
Net realized gains | 27,279,053 | 428,156,754 | |
Net change in unrealized appreciation (depreciation) | + | (1,304,194,711) | 1,575,126,021 |
Increase (decrease) in net assets resulting from operations | ($1,233,752,124) | $2,062,036,477 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($531,629,821) | ($129,889,789) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 24,007,136 | $832,144,518 | 42,300,482 | $1,579,406,837 | |
Shares reinvested | 12,345,025 | 436,396,621 | 3,127,037 | 106,319,237 | |
Shares redeemed | + | (16,099,311) | (551,966,682) | (27,339,753) | (1,019,048,338) |
Net transactions in fund shares | 20,252,850 | $716,574,457 | 18,087,766 | $666,677,736 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 164,800,880 | $6,586,995,979 | 146,713,114 | $3,988,171,555 | |
Total increase (decrease) | + | 20,252,850 | (1,048,807,488) | 18,087,766 | 2,598,824,424 |
End of period | 185,053,730 | $5,538,188,491 | 164,800,880 | $6,586,995,979 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
11/1/17–
10/31/18 |
11/1/16–
10/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $81.64 | $57.62 | $53.42 | $48.38 | $46.25 | $38.19 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.53 | 1.00 | 1.07 | 0.99 | 0.88 | 0.80 |
Net realized and unrealized gains (losses) | (10.15) | 24.10 | 4.21 | 5.18 | 2.12 | 8.19 |
Total from investment operations | (9.62) | 25.10 | 5.28 | 6.17 | 3.00 | 8.99 |
Less distributions: | ||||||
Distributions from net investment income | (0.96) | (1.08) | (0.94) | (0.90) | (0.76) | (0.74) |
Distributions from net realized gains | (0.24) | — | (0.14) | (0.23) | (0.11) | (0.19) |
Total distributions | (1.20) | (1.08) | (1.08) | (1.13) | (0.87) | (0.93) |
Net asset value at end of period | $70.82 | $81.64 | $57.62 | $53.42 | $48.38 | $46.25 |
Total return | (11.97%) 2 | 44.01% | 9.94% | 13.37% | 6.51% | 23.89% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.03% 3 | 0.03% | 0.03% | 0.03% | 0.03% | 0.05% 4 |
Net operating expenses | N/A | N/A | N/A | N/A | N/A 5 | 0.05% 4 |
Net investment income (loss) | 1.36% 3 | 1.37% | 1.96% | 1.99% | 1.80% | 1.89% |
Portfolio turnover rate | 1% 2 | 3% | 4% | 3% | 4% | 2% |
Net assets, end of period (x 1,000,000) | $16,712 | $18,232 | $11,487 | $10,220 | $8,410 | $6,720 |
* | Unaudited. |
1 | Calculated based on the average shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
4 | Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio. |
5 | Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated. |
VALUE
AT 10/31/21 |
PURCHASES | SALES | REALIZED
GAINS (LOSSES) |
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) |
VALUE
AT 4/30/22 |
BALANCE
OF SHARES HELD AT 4/30/22 |
DIVIDENDS
RECEIVED | |
COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
Diversified Financials 0.2% | ||||||||
The Charles Schwab Corp. | $46,634,301 | $2,770,256 | $— | $— | ($9,511,838) | $39,892,719 | 601,428 | $221,231 |
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 | $15,650,779,359 | $— | $— | $15,650,779,359 |
Automobiles & Components | 387,415,243 | — | 14,063 | 387,429,306 |
Real Estate | 620,895,519 | — | 0* | 620,895,519 |
Preferred Stocks1 | ||||
Software & Services | — | — | 587 | 587 |
Rights 1 | ||||
Consumer Durables & Apparel | — | — | 720 | 720 |
Media & Entertainment | — | — | 1,566 | 1,566 |
Pharmaceuticals, Biotechnology & Life Sciences | — | — | 14,798 | 14,798 |
Short-Term Investments1 | 18,188,915 | — | — | 18,188,915 |
Time Deposits | — | 92,449,791 | — | 92,449,791 |
Liabilities | ||||
Futures Contracts2 | (2,367,018) | — | — | (2,367,018) |
Total | $16,674,912,018 | $92,449,791 | $31,734 | $16,767,393,543 |
* | Level 3 amount shown includes securities determined to have no value at April 30, 2022. |
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 $21,828,690) | $39,892,719 | |
Investments in securities, at value - unaffiliated (cost $9,171,798,989) including securities on loan of $17,040,836 | 16,729,867,842 | |
Deposit with broker for futures contracts | 5,574,400 | |
Receivables: | ||
Fund shares sold | 17,448,335 | |
Dividends | 12,070,502 | |
Income from securities on loan | + | 172,754 |
Total assets | 16,805,026,552 | |
Liabilities | ||
Collateral held for securities on loan | 18,188,915 | |
Payables: | ||
Investments bought | 63,573,088 | |
Fund shares redeemed | 9,136,728 | |
Variation margin on futures contracts | 1,607,632 | |
Investment adviser fees | + | 455,037 |
Total liabilities | 92,961,400 | |
Net assets | $16,712,065,152 | |
Net Assets by Source | ||
Capital received from investors | $9,177,792,801 | |
Total distributable earnings | + | 7,534,272,351 |
Net assets | $16,712,065,152 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$16,712,065,152 | 235,978,994 | $70.82 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - affiliated | $221,231 | |
Dividends received from securities - unaffiliated (net of foreign withholding tax of $27,616) | 124,556,658 | |
Interest received from securities - unaffiliated | 12,020 | |
Securities on loan, net | + | 1,255,227 |
Total investment income | 126,045,136 | |
Expenses | ||
Investment adviser fees | 2,713,199 | |
Total expenses | – | 2,713,199 |
Net investment income | 123,331,937 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 453,353 | |
Net realized losses on futures contracts | + | (2,216,191) |
Net realized losses | (1,762,838) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (9,511,838) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (2,372,807,307) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (5,612,097) |
Net change in unrealized appreciation (depreciation) | + | (2,387,931,242) |
Net realized and unrealized losses | (2,389,694,080) | |
Decrease in net assets resulting from operations | ($2,266,362,143) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $123,331,937 | $213,096,831 | |
Net realized gains (losses) | (1,762,838) | 34,732,921 | |
Net change in unrealized appreciation (depreciation) | + | (2,387,931,242) | 5,009,497,999 |
Increase (decrease) in net assets resulting from operations | ($2,266,362,143) | $5,257,327,751 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($271,189,903) | ($218,157,695) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 24,414,489 | $1,925,409,983 | 45,495,323 | $3,270,028,626 | |
Shares reinvested | 2,402,741 | 195,366,858 | 2,374,705 | 156,303,072 | |
Shares redeemed | + | (14,159,582) | (1,102,837,568) | (23,925,141) | (1,721,261,599) |
Net transactions in fund shares | 12,657,648 | $1,017,939,273 | 23,944,887 | $1,705,070,099 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 223,321,346 | $18,231,677,925 | 199,376,459 | $11,487,437,770 | |
Total increase (decrease) | + | 12,657,648 | (1,519,612,773) | 23,944,887 | 6,744,240,155 |
End of period | 235,978,994 | $16,712,065,152 | 223,321,346 | $18,231,677,925 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
12/20/17
1– 10/31/18 |
||
Per-Share Data | ||||||
Net asset value at beginning of period | $89.23 | $62.76 | $49.06 | $42.37 | $40.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.30 | 0.56 | 0.55 | 0.57 | 0.46 | |
Net realized and unrealized gains (losses) | (15.92) | 26.39 | 13.65 | 6.52 | 1.91 3 | |
Total from investment operations | (15.62) | 26.95 | 14.20 | 7.09 | 2.37 | |
Less distributions: | ||||||
Distributions from net investment income | (0.51) | (0.48) | (0.50) | (0.40) | — | |
Distributions from net realized gains | (1.07) | — | — | — | — | |
Total distributions | (1.58) | (0.48) | (0.50) | (0.40) | — | |
Net asset value at end of period | $72.03 | $89.23 | $62.76 | $49.06 | $42.37 | |
Total return | (17.86%) 4 | 43.14% | 29.16% | 17.04% | 5.93% 4 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.035% 5 | 0.035% | 0.035% | 0.035% 6 | 0.040% 5,7 | |
Net operating expenses | N/A | N/A | N/A | N/A | 0.02% 5,7 | |
Net investment income (loss) | 0.72% 5 | 0.73% | 0.97% | 1.27% | 1.23% 5 | |
Portfolio turnover rate | 1% 4 | 18% | 41% | 46% | 23% 4 | |
Net assets, end of period (x 1,000,000) | $842 | $881 | $487 | $166 | $93 |
* | Unaudited. |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | 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 sales and repurchases of fund shares in relation to fluctuating market values. |
4 | Not annualized. |
5 | Annualized. |
6 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended 10/31/19 is a blended ratio. |
7 | The investment adviser voluntarily agreed to waive the fund’s management fees to 0.00% beginning with the fund’s commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio. |
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 | $836,112,426 | $— | $— | $836,112,426 |
Investment Companies1 | 755,625 | — | — | 755,625 |
Short-Term Investments1 | 3,839,024 | — | — | 3,839,024 |
Liabilities | ||||
Futures Contracts2 | (185,685) | — | — | (185,685) |
Total | $840,521,390 | $— | $— | $840,521,390 |
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 $676,776,570) including securities on loan of $726,210 | $840,707,075 | |
Deposit with broker for futures contracts | 299,200 | |
Receivables: | ||
Fund shares sold | 2,410,415 | |
Dividends | 341,680 | |
Income from securities on loan | + | 2,383 |
Total assets | 843,760,753 | |
Liabilities | ||
Collateral held for securities on loan | 771,635 | |
Payables: | ||
Fund shares redeemed | 1,043,516 | |
Variation margin on futures contracts | 160,363 | |
Investment adviser fees | + | 26,739 |
Total liabilities | 2,002,253 | |
Net assets | $841,758,500 | |
Net Assets by Source | ||
Capital received from investors | $687,643,380 | |
Total distributable earnings | + | 154,115,120 |
Net assets | $841,758,500 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$841,758,500 | 11,686,776 | $72.03 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $819) | $3,357,823 | |
Securities on loan, net | + | 5,719 |
Total investment income | 3,363,542 | |
Expenses | ||
Investment adviser fees | 155,436 | |
Total expenses | – | 155,436 |
Net investment income | 3,208,106 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (1,440,662) | |
Net realized losses on futures contracts | + | (518,910) |
Net realized losses | (1,959,572) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (174,596,085) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (212,914) |
Net change in unrealized appreciation (depreciation) | + | (174,808,999) |
Net realized and unrealized losses | (176,768,571) | |
Decrease in net assets resulting from operations | ($173,560,465) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $3,208,106 | $5,029,957 | |
Net realized gains (losses) | (1,959,572) | 16,292,898 | |
Net change in unrealized appreciation (depreciation) | + | (174,808,999) | 214,527,301 |
Increase (decrease) in net assets resulting from operations | ($173,560,465) | $235,850,156 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($16,277,055) | ($3,820,481) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,191,178 | $263,473,659 | 4,598,477 | $352,197,876 | |
Shares reinvested | 157,797 | 14,184,348 | 45,814 | 3,263,376 | |
Shares redeemed | + | (1,537,670) | (127,221,196) | (2,532,061) | (193,536,712) |
Net transactions in fund shares | 1,811,305 | $150,436,811 | 2,112,230 | $161,924,540 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 9,875,471 | $881,159,209 | 7,763,241 | $487,204,994 | |
Total increase (decrease) | + | 1,811,305 | (39,400,709) | 2,112,230 | 393,954,215 |
End of period | 11,686,776 | $841,758,500 | 9,875,471 | $881,159,209 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
12/20/17
1– 10/31/18 |
||
Per-Share Data | ||||||
Net asset value at beginning of period | $53.65 | $38.09 | $43.06 | $39.51 | $40.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.52 | 0.97 | 1.00 | 1.13 | 0.82 | |
Net realized and unrealized gains (losses) | (2.53) | 15.47 | (4.07) | 3.10 | (1.31) | |
Total from investment operations | (2.01) | 16.44 | (3.07) | 4.23 | (0.49) | |
Less distributions: | ||||||
Distributions from net investment income | (0.91) | (0.88) | (1.06) | (0.62) | — | |
Distributions from net realized gains | (1.64) | — | (0.84) | (0.06) | — | |
Total distributions | (2.55) | (0.88) | (1.90) | (0.68) | — | |
Net asset value at end of period | $49.09 | $53.65 | $38.09 | $43.06 | $39.51 | |
Total return | (3.95%) 3 | 43.70% | (7.69%) | 11.08% | (1.23%) 3 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.035% 4 | 0.035% | 0.035% | 0.035% 5 | 0.040% 4,6 | |
Net operating expenses | N/A | N/A | N/A | N/A | 0.02% 4,6 | |
Net investment income (loss) | 2.02% 4 | 1.97% | 2.57% | 2.79% | 2.36% 4 | |
Portfolio turnover rate | 3% 3 | 20% | 50% | 22% | 22% 3 | |
Net assets, end of period (x 1,000,000) | $613 | $576 | $331 | $212 | $70 |
* | Unaudited. |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Not annualized. |
4 | Annualized. |
5 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended 10/31/19 is a blended ratio. |
6 | The investment adviser voluntarily agreed to waive the fund’s management fees to 0.00% beginning with the fund’s commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio. |
VALUE
AT 10/31/21 |
PURCHASES | SALES | REALIZED
GAINS (LOSSES) |
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) |
VALUE
AT 4/30/22 |
BALANCE
OF SHARES HELD AT 4/30/22 |
DIVIDENDS
RECEIVED | |
COMMON STOCKS 0.5% OF NET ASSETS | ||||||||
Diversified Financials 0.5% | ||||||||
The Charles Schwab Corp. | $3,397,519 | $523,896 | ($54,917) | ($8,137) | ($752,857) | $3,105,504 | 46,819 | $16,124 |
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 | $610,727,385 | $— | $— | $610,727,385 |
Investment Companies1 | 641,363 | — | — | 641,363 |
Short-Term Investments1 | 4,808,527 | — | — | 4,808,527 |
Liabilities | ||||
Futures Contracts2 | (18,209) | — | — | (18,209) |
Total | $616,159,066 | $— | $— | $616,159,066 |
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 $2,222,282) | $3,105,504 | |
Investments in securities, at value - unaffiliated (cost $497,613,371) including securities on loan of $307,536 | 613,071,771 | |
Deposit with broker for futures contracts | 189,700 | |
Receivables: | ||
Fund shares sold | 976,118 | |
Dividends | 671,105 | |
Income from securities on loan | + | 827 |
Total assets | 618,015,025 | |
Liabilities | ||
Collateral held for securities on loan | 330,582 | |
Payables: | ||
Investments bought | 3,442,993 | |
Fund shares redeemed | 1,521,640 | |
Variation margin on futures contracts | 52,828 | |
Investment adviser fees | + | 19,106 |
Total liabilities | 5,367,149 | |
Net assets | $612,647,876 | |
Net Assets by Source | ||
Capital received from investors | $518,787,740 | |
Total distributable earnings | + | 93,860,136 |
Net assets | $612,647,876 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$612,647,876 | 12,480,544 | $49.09 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - affiliated | $16,124 | |
Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,596) | 6,125,526 | |
Securities on loan, net | + | 2,197 |
Total investment income | 6,143,847 | |
Expenses | ||
Investment adviser fees | 104,600 | |
Total expenses | – | 104,600 |
Net investment income | 6,039,247 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - affiliated | (8,137) | |
Net realized losses on sales of securities - unaffiliated | (618,252) | |
Net realized losses on futures contracts | + | (122,761) |
Net realized losses | (749,150) | |
Net change in unrealized appreciation (depreciation) on securities - affiliated | (752,857) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (30,355,938) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (34,327) |
Net change in unrealized appreciation (depreciation) | + | (31,143,122) |
Net realized and unrealized losses | (31,892,272) | |
Decrease in net assets resulting from operations | ($25,853,025) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $6,039,247 | $9,554,564 | |
Net realized gains (losses) | (749,150) | 18,696,413 | |
Net change in unrealized appreciation (depreciation) | + | (31,143,122) | 125,598,537 |
Increase (decrease) in net assets resulting from operations | ($25,853,025) | $153,849,514 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($27,740,131) | ($7,759,956) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 2,600,223 | $134,546,541 | 3,972,069 | $193,635,977 | |
Shares reinvested | 416,349 | 21,312,908 | 129,214 | 5,614,330 | |
Shares redeemed | + | (1,270,929) | (65,590,550) | (2,064,619) | (100,690,119) |
Net transactions in fund shares | 1,745,643 | $90,268,899 | 2,036,664 | $98,560,188 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 10,734,901 | $575,972,133 | 8,698,237 | $331,322,387 | |
Total increase | + | 1,745,643 | 36,675,743 | 2,036,664 | 244,649,746 |
End of period | 12,480,544 | $612,647,876 | 10,734,901 | $575,972,133 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
12/20/17
1– 10/31/18 |
||
Per-Share Data | ||||||
Net asset value at beginning of period | $64.44 | $44.98 | $44.29 | $39.55 | $40.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.43 | 0.69 | 0.72 | 0.70 | 0.59 | |
Net realized and unrealized gains (losses) | (8.29) | 19.54 | 1.09 | 4.54 | (1.04) | |
Total from investment operations | (7.86) | 20.23 | 1.81 | 5.24 | (0.45) | |
Less distributions: | ||||||
Distributions from net investment income | (0.63) | (0.77) | (0.64) | (0.42) | — | |
Distributions from net realized gains | (1.22) | — | (0.48) | (0.08) | — | |
Total distributions | (1.85) | (0.77) | (1.12) | (0.50) | — | |
Net asset value at end of period | $54.73 | $64.44 | $44.98 | $44.29 | $39.55 | |
Total return | (12.53%) 3 | 45.35% | 4.04% | 13.61% | (1.13%) 3 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04% 4 | 0.04% | 0.04% | 0.04% 5 | 0.05% 4,6 | |
Net operating expenses | N/A | N/A | N/A | N/A | 0.03% 4,6 | |
Net investment income (loss) | 1.42% 4 | 1.19% | 1.69% | 1.67% | 1.65% 4 | |
Portfolio turnover rate | 3% 3 | 14% | 29% | 21% | 15% 3 | |
Net assets, end of period (x 1,000,000) | $899 | $891 | $483 | $357 | $171 |
* | Unaudited. |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Not annualized. |
4 | Annualized. |
5 | Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 10/31/19 is a blended ratio. |
6 | The investment adviser voluntarily agreed to waive the fund’s management fees to 0.00% beginning with the fund’s commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio. |
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 | $896,601,367 | $— | $— | $896,601,367 |
Investment Companies1 | 395,945 | — | — | 395,945 |
Short-Term Investments1 | 2,799,414 | — | — | 2,799,414 |
Liabilities | ||||
Futures Contracts2 | (79,012) | — | — | (79,012) |
Total | $899,717,714 | $— | $— | $899,717,714 |
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 $777,452,662) including securities on loan of $1,538,624 | $899,796,726 | |
Deposit with broker for futures contracts | 175,500 | |
Receivables: | ||
Fund shares sold | 1,529,307 | |
Dividends | 364,451 | |
Investments sold | 185,630 | |
Income from securities on loan | + | 7,521 |
Total assets | 902,059,135 | |
Liabilities | ||
Collateral held for securities on loan | 1,641,845 | |
Payables: | ||
Fund shares redeemed | 878,877 | |
Investments bought | 583,639 | |
Variation margin on futures contracts | 33,483 | |
Investment adviser fees | + | 32,418 |
Total liabilities | 3,170,262 | |
Net assets | $898,888,873 | |
Net Assets by Source | ||
Capital received from investors | $784,393,619 | |
Total distributable earnings | + | 114,495,254 |
Net assets | $898,888,873 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$898,888,873 | 16,424,001 | $54.73 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,620) | $6,642,933 | |
Securities on loan, net | + | 17,939 |
Total investment income | 6,660,872 | |
Expenses | ||
Investment adviser fees | 182,116 | |
Total expenses | – | 182,116 |
Net investment income | 6,478,756 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 3,462,471 | |
Net realized losses on futures contracts | + | (287,715) |
Net realized gains | 3,174,756 | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (132,667,047) | |
Net change in unrealized appreciation (depreciation) on futures contracts | + | (79,013) |
Net change in unrealized appreciation (depreciation) | + | (132,746,060) |
Net realized and unrealized losses | (129,571,304) | |
Decrease in net assets resulting from operations | ($123,092,548) |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $6,478,756 | $8,467,009 | |
Net realized gains | 3,174,756 | 17,872,949 | |
Net change in unrealized appreciation (depreciation) | + | (132,746,060) | 208,470,779 |
Increase (decrease) in net assets resulting from operations | ($123,092,548) | $234,810,737 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($26,457,808) | ($8,319,433) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 3,824,144 | $229,905,084 | 5,533,289 | $322,845,672 | |
Shares reinvested | 355,335 | 21,909,932 | 134,151 | 7,065,741 | |
Shares redeemed | + | (1,577,144) | (94,072,736) | (2,583,256) | (148,682,619) |
Net transactions in fund shares | 2,602,335 | $157,742,280 | 3,084,184 | $181,228,794 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 13,821,666 | $890,696,949 | 10,737,482 | $482,976,851 | |
Total increase | + | 2,602,335 | 8,191,924 | 3,084,184 | 407,720,098 |
End of period | 16,424,001 | $898,888,873 | 13,821,666 | $890,696,949 |
11/1/21–
4/30/22* |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
11/1/17–
10/31/18 |
11/1/16–
10/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $24.45 | $18.56 | $20.48 | $19.00 | $21.01 | $17.52 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.33 | 0.64 | 0.47 | 0.64 | 0.62 | 0.55 |
Net realized and unrealized gains (losses) | (3.37) | 5.66 | (1.75) | 1.39 | (2.06) | 3.49 |
Total from investment operations | (3.04) | 6.30 | (1.28) | 2.03 | (1.44) | 4.04 |
Less distributions: | ||||||
Distributions from net investment income | (0.79) | (0.41) | (0.64) | (0.55) | (0.57) | (0.55) |
Net asset value at end of period | $20.62 | $24.45 | $18.56 | $20.48 | $19.00 | $21.01 |
Total return | (12.76%) 2 | 34.24% | (6.56%) | 11.27% | (7.11%) | 23.76% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.06% 3 | 0.06% | 0.06% | 0.06% | 0.06% | 0.11% 4 |
Net operating expenses | N/A | N/A | N/A | N/A | N/A 5 | 0.10% 4 |
Net investment income (loss) | 2.87% 3 | 2.76% | 2.47% | 3.32% | 2.99% | 2.88% |
Portfolio turnover rate | 2% 2 | 3% | 7% | 5% | 5% | 3% |
Net assets, end of period (x 1,000,000) | $8,042 | $8,781 | $5,937 | $5,443 | $4,314 | $4,128 |
* | Unaudited. |
1 | Calculated based on the average shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
4 | Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio. |
5 | Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated. |
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 | $— | $4,964,315,267 | $— | $4,964,315,267 |
Hong Kong | 17,099,532 | 216,789,762 | — | 233,889,294 |
Ireland | 9,414,102 | 38,483,559 | — | 47,897,661 |
Israel | 20,931,654 | 36,648,888 | — | 57,580,542 |
Netherlands | 8,806,560 | 323,640,972 | — | 332,447,532 |
Norway | 1,039,672 | 59,548,638 | — | 60,588,310 |
Portugal | — | 16,901,749 | 0* | 16,901,749 |
Singapore | 15,842,588 | 99,497,421 | — | 115,340,009 |
Switzerland | 11,483,379 | 827,175,205 | — | 838,658,584 |
United Kingdom | — | 1,250,035,671 | 0* | 1,250,035,671 |
Preferred Stocks1 | — | 36,862,143 | — | 36,862,143 |
Short-Term Investments1 | — | 27,776,965 | — | 27,776,965 |
Money Market Funds | 16,371,298 | — | — | 16,371,298 |
Liabilities | ||||
Futures Contracts2 | (4,429,453) | — | — | (4,429,453) |
Total | $96,559,332 | $7,897,676,240 | $— | $7,994,235,572 |
* | Level 3 amount shown includes securities determined to have no value at April 30, 2022. |
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 $6,669,754,657) including securities on loan of $14,929,008 | $7,998,665,025 | |
Foreign currency, at value (cost $330,717) | 322,755 | |
Deposit with broker for futures contracts | 5,738,330 | |
Receivables: | ||
Dividends | 31,593,056 | |
Foreign tax reclaims | 18,987,808 | |
Fund shares sold | 10,838,245 | |
Investments sold | 9,496 | |
Income from securities on loan | + | 1,806 |
Total assets | 8,066,156,521 | |
Liabilities | ||
Collateral held for securities on loan | 16,371,298 | |
Payables: | ||
Fund shares redeemed | 5,993,748 | |
Variation margin on futures contracts | 1,052,658 | |
Investment adviser fees | + | 639,062 |
Total liabilities | 24,056,766 | |
Net assets | $8,042,099,755 | |
Net Assets by Source | ||
Capital received from investors | $7,178,230,890 | |
Total distributable earnings | + | 863,868,865 |
Net assets | $8,042,099,755 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares
Outstanding |
= | NAV |
$8,042,099,755 | 389,980,653 | $20.62 | ||
For the period November 1, 2021 through April 30, 2022; unaudited | ||
Investment Income | ||
Dividends received from securities - unaffiliated (net of foreign withholding tax of $12,979,287) | $125,452,994 | |
Securities on loan, net | + | 158,786 |
Total investment income | 125,611,780 | |
Expenses | ||
Investment adviser fees | 2,576,614 | |
Professional fees | + | 14,603* |
Total expenses | 2,591,217 | |
Expense reduction | – | 14,603* |
Net expenses | – | 2,576,614 |
Net investment income | 123,035,166 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net realized losses on sales of securities - unaffiliated | (47,175,647) | |
Net realized losses on futures contracts | (3,161,002) | |
Net realized losses on foreign currency transactions | + | (674,871) |
Net realized losses | (51,011,520) | |
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | (1,217,537,476) | |
Net change in unrealized appreciation (depreciation) on futures contracts | (4,975,443) | |
Net change in unrealized appreciation (depreciation) on foreign currency translations | + | (2,523,088) |
Net change in unrealized appreciation (depreciation) | + | (1,225,036,007) |
Net realized and unrealized losses | (1,276,047,527) | |
Decrease in net assets resulting from operations | ($1,153,012,361) |
* | Professional fees associated with the filing of tax claims in the European Union deemed to be non-routine expenses of the fund. See financial notes 2(d) and 4 for additional information. |
OPERATIONS | |||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||
Net investment income | $123,035,166 | $220,308,471 | |
Net realized losses | (51,011,520) | (12,480,045) | |
Net change in unrealized appreciation (depreciation) | + | (1,225,036,007) | 1,870,184,169 |
Increase (decrease) in net assets resulting from operations | ($1,153,012,361) | $2,078,012,595 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($287,643,160) | ($134,266,147) |
TRANSACTIONS IN FUND SHARES | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares sold | 52,472,608 | $1,194,752,234 | 84,577,903 | $1,955,546,476 | |
Shares reinvested | 8,669,014 | 198,780,492 | 4,139,456 | 90,364,312 | |
Shares redeemed | + | (30,376,427) | (691,999,522) | (49,400,102) | (1,145,927,182) |
Net transactions in fund shares | 30,765,195 | $701,533,204 | 39,317,257 | $899,983,606 | |
SHARES OUTSTANDING AND NET ASSETS | |||||
11/1/21-4/30/22 | 11/1/20-10/31/21 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 359,215,458 | $8,781,222,072 | 319,898,201 | $5,937,492,018 | |
Total increase (decrease) | + | 30,765,195 | (739,122,317) | 39,317,257 | 2,843,730,054 |
End of period | 389,980,653 | $8,042,099,755 | 359,215,458 | $8,781,222,072 |
SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993) | |
Schwab S&P 500 Index Fund | Schwab Target 2045 Fund |
Schwab Small-Cap Index Fund | Schwab Target 2050 Fund |
Schwab Total Stock Market Index Fund | Schwab Target 2055 Fund |
Schwab 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 – Moderate Payout |
Schwab Target 2035 Fund | Schwab Monthly Income Fund – Enhanced Payout |
Schwab Target 2040 Fund | Schwab Monthly Income Fund – Maximum Payout |
SCHWAB INVESTMENTS (ORGANIZED OCTOBER 26, 1990) | |
Schwab 1000 Index Fund | Schwab Tax-Free Bond Fund |
Schwab Treasury Inflation Protected Securities Index Fund | Schwab California Tax-Free Bond Fund |
Schwab U.S. Aggregate Bond Index Fund | Schwab Opportunistic Municipal Bond Fund |
Schwab Short-Term Bond Index Fund | Schwab Global Real Estate Fund |
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 | 0.4% | 1.4% | 4.2% | —% | 1.3% |
Schwab MarketTrack Balanced Portfolio | 0.2% | 0.6% | 1.9% | —% | 0.5% |
Schwab MarketTrack Conservative Portfolio | 0.1% | 0.2% | 0.6% | —% | 0.2% |
Schwab MarketTrack Growth Portfolio | 0.4% | 1.4% | 3.2% | —% | 1.0% |
Schwab Target 2010 Fund | 0.0%* | —% | —% | 0.0%* | —% |
Schwab Target 2015 Fund | 0.0%* | —% | —% | 0.1% | —% |
Schwab Target 2020 Fund | 0.1% | —% | —% | 0.4% | —% |
Schwab Target 2025 Fund | 0.1% | —% | —% | 0.7% | —% |
Schwab Target 2030 Fund | 0.3% | —% | —% | 1.5% | —% |
Schwab Target 2035 Fund | 0.2% | —% | —% | 0.9% | —% |
Schwab Target 2040 Fund | 0.3% | —% | —% | 1.8% | —% |
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 | $145,544,546 | $53,500,774 | ($9,753,861) |
Schwab 1000 Index Fund | 13,127,546 | 10,858,991 | (63,244) |
Schwab Small-Cap Index Fund | 20,774,262 | 40,100,510 | (9,721,069) |
Schwab Total Stock Market Index Fund | 33,850,304 | 31,148,972 | (7,767,456) |
Schwab U.S. Large-Cap Growth Index Fund | 1,863,941 | 1,078,832 | (284,193) |
Schwab U.S. Large-Cap Value Index Fund | 1,090,116 | 1,198,310 | (157,055) |
Schwab U.S. Mid-Cap Index Fund | 1,582,449 | 1,408,603 | (409,291) |
Schwab International Index Fund | 12,276 | 7,736,559 | (2,046,654) |
NOTIONAL AMOUNTS | NUMBER OF CONTRACTS | |
Schwab S&P 500 Index Fund | $363,781,386 | 1,617 |
Schwab 1000 Index Fund | 55,829,020 | 247 |
Schwab Small-Cap Index Fund | 33,084,304 | 310 |
Schwab Total Stock Market Index Fund | 90,836,382 | 468 |
Schwab U.S. Large-Cap Growth Index Fund | 3,831,334 | 27 |
Schwab U.S. Large-Cap Value Index Fund | 2,750,683 | 32 |
Schwab U.S. Mid-Cap Index Fund | 4,229,716 | 16 |
Schwab International Index Fund | 57,834,211 | 529 |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES | |
Schwab S&P 500 Index Fund | $3,996,076,506 | $503,529,476 |
Schwab 1000 Index Fund | 197,276,131 | 55,894,573 |
Schwab Small-Cap Index Fund | 584,693,839 | 221,669,961 |
Schwab Total Stock Market Index Fund | 1,131,457,741 | 165,898,082 |
Schwab U.S. Large-Cap Growth Index Fund | 149,339,283 | 12,928,269 |
Schwab U.S. Large-Cap Value Index Fund | 88,255,094 | 16,780,738 |
Schwab U.S. Mid-Cap Index Fund | 174,439,087 | 28,484,434 |
Schwab International Index Fund | 710,558,388 | 194,782,075 |
IN-KIND
PURCHASES OF SECURITIES |
IN-KIND
SALES OF SECURITIES | |
Schwab 1000 Index Fund | $— | $70,468,259 |
9. Federal Income Taxes: |
TAX COST | GROSS
UNREALIZED APPRECIATION |
GROSS
UNREALIZED DEPRECIATION |
NET
UNREALIZED APPRECIATION (DEPRECIATION) | |
Schwab S&P 500 Index Fund | $29,291,328,754 | $35,122,487,101 | ($920,472,243) | $34,202,014,858 |
Schwab 1000 Index Fund | 3,206,399,347 | 9,590,282,627 | (280,901,463) | 9,309,381,164 |
Schwab Small-Cap Index Fund | 4,736,269,899 | 1,709,872,727 | (849,374,040) | 860,498,687 |
Schwab Total Stock Market Index Fund | 9,319,292,210 | 7,995,163,838 | (547,062,505) | 7,448,101,333 |
Schwab U.S. Large-Cap Growth Index Fund | 688,115,642 | 188,314,228 | (35,908,480) | 152,405,748 |
Schwab U.S. Large-Cap Value Index Fund | 526,576,765 | 106,259,509 | (16,677,208) | 89,582,301 |
Schwab U.S. Mid-Cap Index Fund | 794,618,334 | 159,428,442 | (54,329,062) | 105,099,380 |
Schwab International Index Fund | 6,907,535,501 | 1,636,510,148 | (549,810,077) | 1,086,700,071 |
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 | 209,234,970 |
PRIOR FISCAL YEAR END DISTRIBUTIONS | ||
ORDINARY
INCOME |
LONG-TERM
CAPITAL GAINS | |
Schwab S&P 500 Index Fund | $913,293,066 | $— |
Schwab 1000 Index Fund | 189,179,998 | 117,107,001 |
Schwab Small-Cap Index Fund | 57,108,519 | 72,781,270 |
Schwab Total Stock Market Index Fund | 218,157,695 | — |
Schwab U.S. Large-Cap Growth Index Fund | 3,820,481 | — |
Schwab U.S. Large-Cap Value Index Fund | 7,759,956 | — |
Schwab U.S. Mid-Cap Index Fund | 8,319,433 | — |
Schwab International Index Fund | 134,266,147 | — |
Independent Trustees | |||
Name,
Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal
Occupations During the Past Five Years |
Number
of Portfolios in Fund Complex Overseen by the Trustee |
Other Directorships |
Robert
W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. | 103 | 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. | 103 | 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. | 103 | 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). | 103 | None |
Kiran
M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Retired. | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) |
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.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; 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.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph
R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Managing Director (Jan. 2022 – present), Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (Feb. 2018 – Apr. 2022), The Charles Schwab Corporation; Managing Director (May 2022 – present) and Senior Executive Vice President (July 2015 – May 2022), Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – Apr. 2020), Charles Schwab Bank, SSB; Director (Nov. 2017 – Apr. 2020), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Senior Executive Vice President (Feb. 2016 – present) and Chief Financial Officer (Feb. 2016 – Aug. 2017), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | None |
Officers of the Trust | |
Name,
Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five Years |
Jonathan
de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Director (Mar. 2019 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
Mark
Fischer 1970 Treasurer, Chief Financial Officer and 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) |
Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Director (July 2020 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited. |
Omar
Aguilar 1970 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 2011) |
Chief Executive Officer (Jan. 2022 – present) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
Brett
Wander 1961 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 2011) |
Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
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) |
Senior Vice President 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) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
Item 2: Code of Ethics.
Not applicable to this semi-annual report.
Item 3: Audit Committee Financial Expert.
Not applicable to this semi-annual report.
Item 4: Principal Accountant Fees and Services.
Not applicable to this semi-annual report.
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 Registrants disclosure controls and procedures, as of a date within 90 days of the filing date, Registrants Chief Executive Officer, Jonathan de St. Paer and Registrants Chief Financial Officer, Mark Fischer, have concluded that Registrants disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrants 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 Registrants internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrants internal control over financial reporting. |
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a) | (1) Code of ethics not applicable to this semi-annual report. |
(2) |
(3) | Not applicable. |
(b) |
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 Investments Schwab 1000 Index Fund
By: | /s/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | June 17, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | June 17, 2022 | |
By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | June 17, 2022 |