|
Schwab
International Dividend Equity ETF |
SCHY |
|
Schwab
International Equity ETF |
SCHF |
|
Schwab
International Small-Cap Equity ETF |
SCHC |
|
Schwab
Emerging Markets Equity ETF |
SCHE |
|
2 | |
|
3 | |
|
| |
|
4 | |
|
6 | |
|
8 | |
|
10 | |
|
12 | |
|
| |
|
13 | |
|
20 | |
|
38 | |
|
61 | |
|
86 | |
|
98 | |
|
99 | |
|
103 |
|
Total
Returns for the 6 Months Ended February 28, 2023 | |
|
Schwab
International Dividend Equity ETF
(Ticker Symbol: SCHY) |
|
|
Market
Price Return1 |
8.95% |
|
NAV
Return1 |
8.59% |
|
Dow
Jones International Dividend 100 Index (Net)2
|
8.66% |
|
ETF
Category: Morningstar Foreign Large Value3
|
13.12% |
|
Performance
Details |
pages
4-5 |
|
|
|
|
Schwab
International Equity ETF
(Ticker Symbol: SCHF) |
|
|
Market
Price Return1 |
11.06% |
|
NAV
Return1 |
10.69% |
|
FTSE
Developed ex US Index (Net)2
|
10.64% |
|
ETF
Category: Morningstar Foreign Large Blend3
|
10.56% |
|
Performance
Details |
pages
6-7 |
|
|
|
|
Schwab
International Small-Cap Equity ETF
(Ticker Symbol: SCHC) |
|
|
Market
Price Return1 |
7.93% |
|
NAV
Return1 |
7.51%4
|
|
FTSE
Developed Small Cap ex US Liquid Index (Net)2
|
7.47% |
|
ETF
Category: Morningstar Foreign Small/Mid Blend3
|
9.26% |
|
Performance
Details |
pages
8-9 |
|
|
|
|
Schwab
Emerging Markets Equity ETF
(Ticker Symbol: SCHE) |
|
|
Market
Price Return1 |
-1.91% |
|
NAV
Return1 |
-2.50% |
|
FTSE
Emerging Index (Net)2
|
-2.61% |
|
ETF
Category: Morningstar Diversified Emerging Markets3
|
0.48% |
|
Performance
Details |
pages
10-11 |
 |
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. 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. |
 |
Chuck
Craig1,
CFA,
Senior Portfolio Manager for Schwab Asset Management, is responsible for
the oversight
and
day-to-day co-management of the funds. 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. |
 |
David
Rios,
Portfolio Manager for Schwab Asset Management, is responsible for the
day-to-day
co-management
of the funds. 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 |
6
Months |
1
Year |
Since
Inception* |
|
Fund:
Schwab International Dividend Equity ETF
(4/29/21) |
|
|
|
|
Market
Price Return2
|
8.95% |
-7.21% |
-1.77% |
|
NAV
Return2
|
8.59% |
-6.71% |
-1.62% |
|
Dow
Jones International Dividend 100 Index (Net)3
|
8.66% |
-6.73% |
-1.56% |
|
ETF
Category: Morningstar Foreign Large Value4
|
13.12% |
-1.89% |
N/A |
|
Fund
Expense Ratio5:
0.14% | |||
|
Number
of Holdings |
105 |
|
Weighted
Average Market Cap (millions) |
$62,642 |
|
Price/Earnings
Ratio (P/E) |
11.2 |
|
Price/Book
Ratio (P/B) |
2.3 |
|
Portfolio
Turnover Rate |
16%2,3
|
|
Fund
and Inception Date |
6
Months |
1
Year |
5
Years |
10
Years |
|
Fund:
Schwab International Equity ETF
(11/3/09) |
|
|
|
|
|
Market
Price Return2
|
11.06% |
-4.41% |
2.92% |
4.83% |
|
NAV
Return2
|
10.69% |
-4.53% |
2.88% |
4.84% |
|
FTSE
Developed ex US Index (Net)3
|
10.64% |
-4.68% |
2.74% |
4.75% |
|
ETF
Category: Morningstar Foreign Large Blend4
|
10.56% |
-5.16% |
2.18% |
4.52% |
|
Fund
Expense Ratio5:
0.06% | ||||
|
Number
of Holdings |
1,550 |
|
Weighted
Average Market Cap (millions) |
$73,722 |
|
Price/Earnings
Ratio (P/E) |
13.1 |
|
Price/Book
Ratio (P/B) |
1.6 |
|
Portfolio
Turnover Rate |
3%2,3
|
|
Fund
and Inception Date |
6
Months |
1
Year |
5
Years |
10
Years |
|
Fund:
Schwab International Small-Cap Equity ETF
(1/14/10) |
|
|
|
|
|
Market
Price Return2
|
7.93% |
-9.80% |
0.56% |
4.32% |
|
NAV
Return2
|
7.51%3
|
-9.71% |
0.58% |
4.42% |
|
FTSE
Developed Small Cap ex US Liquid Index (Net)4
|
7.47% |
-9.92% |
0.44% |
4.35% |
|
ETF
Category: Morningstar Foreign Small/Mid Blend5
|
9.26% |
-8.52% |
0.99% |
5.39% |
|
Fund
Expense Ratio6:
0.11% | ||||
|
Number
of Holdings |
2,139 |
|
Weighted
Average Market Cap (millions) |
$2,805 |
|
Price/Earnings
Ratio (P/E) |
11.8 |
|
Price/Book
Ratio (P/B) |
1.2 |
|
Portfolio
Turnover Rate |
8%2,3
|
|
Fund
and Inception Date |
6
Months |
1
Year |
5
Years |
10
Years |
|
Fund:
Schwab Emerging Markets Equity ETF
(1/14/10) |
|
|
|
|
|
Market
Price Return2
|
-1.91% |
-14.56% |
-0.97% |
1.84% |
|
NAV
Return2
|
-2.50% |
-13.19% |
-1.10% |
1.91% |
|
FTSE
Emerging Index (Net)3
|
-2.61% |
-14.10% |
-0.98% |
2.03% |
|
ETF
Category: Morningstar Diversified Emerging Markets4
|
0.48% |
-13.62% |
-1.43% |
1.57% |
|
Fund
Expense Ratio5:
0.11% | ||||
|
Number
of Holdings |
1807 |
|
Weighted
Average Market Cap (millions) |
$91,777 |
|
Price/Earnings
Ratio (P/E) |
10.9 |
|
Price/Book
Ratio (P/B) |
1.9 |
|
Portfolio
Turnover Rate |
6%2,3
|
|
|
EXPENSE
RATIO
(ANNUALIZED)
1
|
BEGINNING
ACCOUNT
VALUE
AT
9/1/22 |
ENDING
ACCOUNT
VALUE
(NET OF
EXPENSES)
AT
2/28/23 |
EXPENSES
PAID
DURING
PERIOD
9/1/22-2/28/23
2
|
|
Schwab
International Dividend Equity ETF |
|
|
|
|
|
Actual
Return |
0.14% |
$1,000.00 |
$1,085.90 |
$0.72 |
|
Hypothetical
5% Return |
0.14% |
$1,000.00 |
$1,024.10 |
$0.70 |
|
Schwab
International Equity ETF |
|
|
|
|
|
Actual
Return |
0.06% |
$1,000.00 |
$1,106.90 |
$0.31 |
|
Hypothetical
5% Return |
0.06% |
$1,000.00 |
$1,024.50 |
$0.30 |
|
Schwab
International Small-Cap Equity ETF |
|
|
|
|
|
Actual
Return |
0.11% |
$1,000.00 |
$1,074.70 |
$0.57 |
|
Hypothetical
5% Return |
0.11% |
$1,000.00 |
$1,024.25 |
$0.55 |
|
Schwab
Emerging Markets Equity ETF |
|
|
|
|
|
Actual
Return |
0.11% |
$1,000.00 |
$975.00 |
$0.54 |
|
Hypothetical
5% Return |
0.11% |
$1,000.00 |
$1,024.25 |
$0.55 |
|
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 181 days in the
period, and divided
by
365 days in the fiscal year. |
|
|
9/1/22–
2/28/23* |
9/1/21–
8/31/22 |
4/29/211–
8/31/21 |
|
|
|
|
Per-Share
Data | ||||||
|
Net
asset value at beginning of period |
$21.72 |
$26.07 |
$25.00 |
|
|
|
|
Income
(loss) from investment operations: |
|
|
|
|
|
|
|
Net
investment income (loss)2
|
0.30 |
1.37 |
0.41 |
|
|
|
|
Net
realized and unrealized gains (losses) |
1.56 |
(5.09) |
0.71 |
|
|
|
|
Total
from investment operations |
1.86 |
(3.72) |
1.12 |
|
|
|
|
Less
distributions: |
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.59) |
(0.63) |
(0.05) |
|
|
|
|
Net
asset value at end of period |
$22.99 |
$21.72 |
$26.07 |
|
|
|
|
Total
return |
8.59%3
|
(14.47%) |
4.48%3
|
|
|
|
|
Ratios/Supplemental
Data | ||||||
|
Ratios
to average net assets: |
|
|
|
|
|
|
|
Total
expenses |
0.14%4,5
|
0.14%5
|
0.14%4
|
|
|
|
|
Net
investment income (loss) |
2.71%4
|
5.72% |
4.76%4
|
|
|
|
|
Portfolio
turnover rate6
|
16%3
|
45% |
3%3
|
|
|
|
|
Net
assets, end of period (x 1,000,000) |
$660 |
$439 |
$102 |
|
|
|
|
* |
Unaudited. |
|
1 |
Commencement
of operations. |
|
2 |
Calculated
based on the average shares outstanding during the
period. |
|
3 |
Not
annualized. |
|
4 |
Annualized. |
|
5 |
Ratio
includes less than 0.005% of non-routine proxy
expenses. |
|
6 |
Portfolio
turnover rate excludes securities received or delivered from processing of
in-kind creations or
redemptions. |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
COMMON
STOCKS
99.6% OF NET ASSETS
| ||
|
| ||
|
Australia
12.4%
| ||
|
Aurizon
Holdings Ltd.
|
1,668,549 |
3,724,367 |
|
BHP
Group Ltd.
|
827,728 |
25,229,671 |
|
Rio
Tinto Ltd.
|
334,107 |
26,299,867 |
|
Wesfarmers
Ltd.
|
809,791 |
26,343,031 |
|
|
|
81,596,936 |
|
| ||
|
Belgium
0.2%
| ||
|
Etablissements
Franz Colruyt N.V.
|
16,250 |
440,996 |
|
Proximus
SADP
|
63,469 |
586,934 |
|
|
|
1,027,930 |
|
| ||
|
Brazil
0.0%
| ||
|
Porto
Seguro S.A.
|
36,107 |
183,070 |
|
| ||
|
Canada
7.3%
| ||
|
BCE,
Inc.
|
123,540 |
5,478,064 |
|
Great-West
Lifeco, Inc.
|
51,907 |
1,419,441 |
|
Quebecor,
Inc., Class B
|
63,784 |
1,512,319 |
|
Sun
Life Financial, Inc.
|
112,036 |
5,426,313 |
|
The
Bank of Nova Scotia
|
226,984 |
11,243,748 |
|
The
Toronto-Dominion Bank
|
345,952 |
23,085,489 |
|
|
|
48,165,374 |
|
| ||
|
China
3.2%
| ||
|
Anhui
Conch Cement Co., Ltd., H Shares
|
1,451,965 |
5,327,294 |
|
China
Construction Bank Corp., H Shares
|
18,786,631 |
11,488,098 |
|
China
Life Insurance Co., Ltd., H Shares
|
1,419,396 |
2,404,990 |
|
China
Shenhua Energy Co., Ltd., H Shares
|
231,822 |
696,987 |
|
Hengan
International Group Co., Ltd.
|
191,631 |
881,314 |
|
Jiangsu
Expressway Co., Ltd., H Shares
|
84,312 |
80,558 |
|
|
|
20,879,241 |
|
| ||
|
Finland
3.7%
| ||
|
Elisa
Oyj
|
61,764 |
3,518,700 |
|
Kesko
Oyj, B Shares
|
79,693 |
1,738,463 |
|
Kone
Oyj, B Shares
|
365,136 |
19,032,202 |
|
|
|
24,289,365 |
|
| ||
|
Germany
10.3%
| ||
|
Allianz
SE
|
77,893 |
18,350,826 |
|
Deutsche
Post AG
|
646,768 |
27,518,219 |
|
E.ON
SE
|
2,032,372 |
22,296,905 |
|
|
|
68,165,950 |
|
| ||
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
India
1.0%
| ||
|
Colgate-Palmolive
(India) Ltd.
|
38,586 |
687,773 |
|
HCL
Technologies Ltd.
|
73,633 |
959,832 |
|
Indian
Oil Corp., Ltd.
|
260,737 |
239,865 |
|
ITC
Ltd.
|
868,915 |
3,959,479 |
|
Petronet
LNG Ltd.
|
50,918 |
137,077 |
|
Power
Grid Corp. of India Ltd.
|
234,712 |
631,019 |
|
|
|
6,615,045 |
|
| ||
|
Italy
4.7%
| ||
|
Assicurazioni
Generali S.p.A.
|
229,788 |
4,559,445 |
|
Enel
S.p.A.
|
4,730,360 |
26,672,992 |
|
|
|
31,232,437 |
|
| ||
|
Japan
8.4%
| ||
|
ABC-Mart,
Inc.
|
28,461 |
1,401,999 |
|
Daito
Trust Construction Co., Ltd.
|
62,417 |
5,879,016 |
|
Japan
Tobacco, Inc.
|
320,320 |
6,512,691 |
|
KDDI
Corp.
|
643,398 |
18,827,474 |
|
K's
Holdings Corp.
|
152,030 |
1,310,305 |
|
Nintendo
Co., Ltd.
|
479,979 |
18,055,371 |
|
Seven
Bank Ltd.
|
142,090 |
285,818 |
|
Sompo
Holdings, Inc.
|
66,301 |
2,842,063 |
|
|
|
55,114,737 |
|
| ||
|
Malaysia
0.0%
| ||
|
Petronas
Gas Berhad
|
51,807 |
192,335 |
|
| ||
|
Mexico
1.7%
| ||
|
America
Movil S.A.B. de C.V., Series L
|
7,847,337 |
8,127,828 |
|
Arca
Continental S.A.B. de C.V.
|
136,483 |
1,150,107 |
|
Coca-Cola
Femsa S.A.B. de C.V.
|
154,047 |
1,112,501 |
|
Kimberly-Clark
de Mexico S.A.B. de C.V.,
A
Shares
|
408,139 |
817,614 |
|
Sitios
Latinoamerica S.A.B. de C.V. * |
610,675 |
245,603 |
|
|
|
11,453,653 |
|
| ||
|
Netherlands
1.5%
| ||
|
Koninklijke
Ahold Delhaize N.V.
|
304,453 |
9,691,020 |
|
| ||
|
New
Zealand 0.9%
| ||
|
Contact
Energy Ltd.
|
708,421 |
3,361,990 |
|
Spark
New Zealand Ltd.
|
769,671 |
2,384,248 |
|
|
|
5,746,238 |
|
| ||
|
Norway
2.0%
| ||
|
Gjensidige
Forsikring A.S.A.
|
36,056 |
642,603 |
|
Telenor
A.S.A.
|
264,371 |
2,978,040 |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
Yara
International A.S.A.
|
200,274 |
9,564,095 |
|
|
|
13,184,738 |
|
| ||
|
Philippines
0.1%
| ||
|
PLDT,
Inc.
|
35,307 |
819,684 |
|
| ||
|
Qatar
0.1%
| ||
|
Industries
Qatar QSC
|
137,393 |
525,162 |
|
| ||
|
Republic
of Korea 0.4%
| ||
|
GS
Retail Co., Ltd.
|
12,635 |
275,473 |
|
Korean
Reinsurance Co.
|
17,797 |
109,748 |
|
KT&G
Corp.
|
32,027 |
2,146,831 |
|
|
|
2,532,052 |
|
| ||
|
Russia
0.0%
| ||
|
Severstal
PAO
*(a)(b) |
708 |
266 |
|
| ||
|
Saudi
Arabia 2.9%
| ||
|
Advanced
Petrochemical Co.
|
156,961 |
2,020,230 |
|
Jarir
Marketing Co.
|
4,042 |
159,196 |
|
SABIC
Agri-Nutrients Co.
|
286,188 |
10,188,724 |
|
Saudi
Telecom Co.
|
739,182 |
6,923,707 |
|
|
|
19,291,857 |
|
| ||
|
Singapore
0.7%
| ||
|
Singapore
Exchange Ltd.
|
156,247 |
1,010,966 |
|
Singapore
Technologies Engineering Ltd.
|
1,407,384 |
3,732,393 |
|
|
|
4,743,359 |
|
| ||
|
South
Africa 0.3%
| ||
|
Vodacom
Group Ltd.
|
300,536 |
2,074,548 |
|
| ||
|
Spain
1.0%
| ||
|
Red
Electrica Corp. S.A.
|
391,707 |
6,526,020 |
|
| ||
|
Sweden
0.3%
| ||
|
Tele2
AB, B Shares
|
226,156 |
2,089,242 |
|
| ||
|
Switzerland
9.5%
| ||
|
EMS-Chemie
Holding AG
|
8,331 |
6,337,693 |
|
Roche
Holding AG
|
80,913 |
23,464,554 |
|
SGS
S.A.
|
5,495 |
12,652,131 |
|
Swisscom
AG
|
10,435 |
6,461,962 |
|
Zurich
Insurance Group AG
|
28,676 |
13,658,007 |
|
|
|
62,574,347 |
|
| ||
|
Taiwan
4.2%
| ||
|
Advantech
Co., Ltd.
|
30,084 |
352,483 |
|
Asia
Cement Corp.
|
3,131,850 |
4,599,691 |
|
Asustek
Computer, Inc.
|
48,290 |
440,592 |
|
Cheng
Loong Corp.
|
1,185,321 |
1,122,319 |
|
Chicony
Electronics Co., Ltd.
|
44,000 |
132,854 |
|
Chunghwa
Telecom Co., Ltd.
|
1,560,684 |
5,916,047 |
|
Great
Wall Enterprise Co., Ltd.
|
222,094 |
368,827 |
|
Lite-On
Technology Corp.
|
151,926 |
346,539 |
|
Quanta
Computer, Inc.
|
190,511 |
500,827 |
|
Radiant
Opto-Electronics Corp.
|
31,334 |
108,493 |
|
Simplo
Technology Co., Ltd.
|
11,356 |
110,319 |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
Synnex
Technology International Corp.
|
86,000 |
176,406 |
|
Taiwan
Cement Corp.
|
8,084,811 |
10,388,105 |
|
Uni-President
Enterprises Corp.
|
1,390,012 |
3,079,335 |
|
Wistron
Corp.
|
192,854 |
209,820 |
|
|
|
27,852,657 |
|
| ||
|
Thailand
0.2%
| ||
|
Intouch
Holdings PCL NVDR
|
476,299 |
953,508 |
|
Supalai
PCL NVDR
|
45,212 |
29,168 |
|
Tisco
Financial Group PCL NVDR
|
74,196 |
216,240 |
|
|
|
1,198,916 |
|
| ||
|
Turkey
0.1%
| ||
|
BIM
Birlesik Magazalar A/S
|
130,212 |
940,087 |
|
| ||
|
United
Arab Emirates 1.5%
| ||
|
Emirates
Telecommunications Group Co.
PJSC
|
1,428,228 |
9,915,955 |
|
| ||
|
United
Kingdom 21.0%
| ||
|
Admiral
Group plc
|
52,314 |
1,393,979 |
|
BAE
Systems plc
|
2,584,067 |
28,093,024 |
|
British
American Tobacco plc
|
623,782 |
23,739,123 |
|
GSK
plc
|
1,425,327 |
24,596,292 |
|
Haleon
plc
|
1,479,300 |
5,765,846 |
|
Imperial
Brands plc
|
279,402 |
6,782,070 |
|
Schroders
plc
|
174,332 |
1,049,787 |
|
SSE
plc
|
949,033 |
20,054,856 |
|
St.
James's Place plc
|
104,122 |
1,615,398 |
|
Unilever
plc
|
511,232 |
25,598,643 |
|
|
|
138,689,018 |
|
Total
Common Stocks
(Cost
$670,510,538) |
657,311,239 | |
|
| ||
|
PREFERRED
STOCKS
0.0% OF NET ASSETS
| ||
|
| ||
|
Russia
0.0%
| ||
|
Sberbank
of Russia PJSC
*(a)(b) |
69,290 |
2,428 |
|
Total
Preferred Stocks
(Cost
$260,897) |
2,428 | |
|
|
|
|
|
SHORT-TERM
INVESTMENTS
0.1% OF NET ASSETS
| ||
|
| ||
|
Money
Market Funds 0.1%
| ||
|
State
Street Institutional U.S. Government
Money
Market Fund, Premier Class
4.43%
(c) |
335,052 |
335,052 |
|
Total
Short-Term Investments
(Cost
$335,052) |
335,052 | |
|
Total
Investments in Securities
(Cost
$671,106,487) |
657,648,719 | |
|
|
NUMBER
OF
CONTRACTS |
NOTIONAL
AMOUNT
($) |
CURRENT
VALUE/
UNREALIZED
DEPRECIATION
($) |
|
FUTURES
CONTRACTS
| |||
|
Long |
|
|
|
|
MSCI
EAFE Index, expires
03/17/23 |
21 |
2,148,930 |
(38,895) |
|
MSCI
Emerging Markets Index,
expires
03/17/23 |
4 |
192,580 |
(3,993) |
|
Net
Unrealized Depreciation |
(42,888) | ||
|
* |
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) |
Trading
in Russian securities listed on the Moscow Exchange, Russian ADRs,
and
Russian GDRs are subject to trade restrictions; and therefore, the ability
of
the
fund to buy these securities is currently not permitted, and the ability
of the
fund
to sell these securities is uncertain. |
|
(c) |
The
rate shown is the annualized 7-day
yield. |
|
ADR
— |
American
Depositary Receipt |
|
GDR
— |
Global
Depositary Receipt |
|
NVDR
— |
Non-Voting
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
|
$657,310,973 |
$— |
$— |
$657,310,973 |
|
Russia |
— |
— |
266 |
266 |
|
Preferred
Stocks1
|
|
|
|
|
|
Russia |
— |
— |
2,428 |
2,428 |
|
Short-Term
Investments1
|
335,052 |
— |
— |
335,052 |
|
Liabilities |
|
|
|
|
|
Futures
Contracts2
|
(42,888) |
— |
— |
(42,888) |
|
Total |
$657,603,137 |
$— |
$2,694 |
$657,605,831 |
|
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
$671,106,487) |
|
$657,648,719 |
|
Foreign
currency, at value (cost $406,382) |
|
404,103 |
|
Deposit
with broker for futures contracts |
|
126,381 |
|
Receivables: |
|
|
|
Dividends |
|
1,972,492 |
|
Foreign
tax reclaims |
+ |
205,618 |
|
Total
assets |
|
660,357,313 |
|
| ||
|
Liabilities | ||
|
Payables: |
|
|
|
Investments
bought |
|
336,225 |
|
Foreign
capital gains tax |
|
138,221 |
|
Management
fees |
|
69,932 |
|
Variation
margin on futures contracts |
|
17,349 |
|
Due
to custodian
|
+ |
1,471 |
|
Total
liabilities |
|
563,198 |
|
Net
assets |
|
$659,794,115 |
|
| ||
|
Net
Assets by Source | ||
|
Capital
received from investors |
|
$694,932,226 |
|
Total
distributable loss |
+ |
(35,138,111) |
|
Net
assets |
|
$659,794,115 |
|
Net
Asset Value (NAV)
| ||||
|
Net
Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
|
$659,794,115 |
|
28,700,000 |
|
$22.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the period September 1, 2022 through February 28, 2023;
unaudited
| ||
|
Investment
Income
| ||
|
Dividends
received from securities - unaffiliated (net of foreign withholding tax of
$542,964) |
|
$7,404,434 |
|
Securities
on loan, net |
+ |
16,727 |
|
Total
investment income
|
|
7,421,161 |
|
| ||
|
Expenses | ||
|
Management
fees |
|
363,938 |
|
Proxy
fees1
|
+ |
3,045 |
|
Total
expenses |
– |
366,983 |
|
Net
investment income |
|
7,054,178 |
|
| ||
|
REALIZED
AND UNREALIZED GAINS (LOSSES) | ||
|
Net
realized losses on sales of securities -
unaffiliated |
|
(15,017,113) |
|
Net
realized gains on sales of in-kind redemptions -
unaffiliated |
|
737,028 |
|
Net
realized gains on futures contracts |
|
87,201 |
|
Net
realized losses on foreign currency transactions |
+ |
(137,900) |
|
Net
realized losses |
|
(14,330,784) |
|
Net
change in unrealized appreciation (depreciation) on securities -
unaffiliated (net of change in foreign capital gains tax of
($120,568)) |
|
48,292,203 |
|
Net
change in unrealized appreciation (depreciation) on futures
contracts |
|
101,781 |
|
Net
change in unrealized appreciation (depreciation) on foreign currency
translations |
+ |
63,856 |
|
Net
change in unrealized appreciation (depreciation) |
+ |
48,457,840 |
|
Net
realized and unrealized gains |
|
34,127,056 |
|
Increase
in net assets resulting from operations |
|
$41,181,234 |
|
1 |
Proxy
fees are non-routine expenses (see financial note 2(e) for additional
information). |
|
OPERATIONS | |||
|
|
9/1/22-2/28/23 |
9/1/21-8/31/22 | |
|
Net
investment income |
|
$7,054,178 |
$15,354,078 |
|
Net
realized losses |
|
(14,330,784) |
(10,069,847) |
|
Net
change in unrealized appreciation (depreciation) |
+ |
48,457,840 |
(62,483,819) |
|
Increase
(decrease) in net assets resulting from operations |
|
$41,181,234 |
($57,199,588) |
|
| |||
|
DISTRIBUTIONS
TO SHAREHOLDERS | |||
|
Total
distributions |
|
($13,407,950) |
($6,562,600) |
|
TRANSACTIONS
IN FUND SHARES | |||||
|
|
9/1/22-2/28/23 |
9/1/21-8/31/22 | |||
|
|
|
SHARES |
VALUE |
SHARES |
VALUE |
|
Shares
sold |
|
8,800,000 |
$199,816,839 |
16,500,000 |
$405,762,453 |
|
Shares
redeemed |
+ |
(300,000) |
(6,617,393) |
(200,000) |
(4,842,514) |
|
Net
transactions in fund shares
|
|
8,500,000 |
$193,199,446 |
16,300,000 |
$400,919,939 |
|
| |||||
|
SHARES
OUTSTANDING AND NET ASSETS | |||||
|
|
9/1/22-2/28/23 |
9/1/21-8/31/22 | |||
|
|
|
SHARES |
NET
ASSETS |
SHARES |
NET
ASSETS |
|
Beginning
of period |
|
20,200,000 |
$438,821,385 |
3,900,000 |
$101,663,634 |
|
Total
increase |
+ |
8,500,000 |
220,972,730 |
16,300,000 |
337,157,751 |
|
End
of period |
|
28,700,000 |
$659,794,115 |
20,200,000 |
$438,821,385 |
|
|
9/1/22–
2/28/23* |
9/1/21–
8/31/22 |
9/1/20–
8/31/21 |
9/1/19–
8/31/20 |
9/1/18–
8/31/19 |
9/1/17–
8/31/18 |
|
Per-Share
Data | ||||||
|
Net
asset value at beginning of period |
$31.32 |
$40.05 |
$32.11 |
$30.82 |
$33.25 |
$32.51 |
|
Income
(loss) from investment operations: |
|
|
|
|
|
|
|
Net
investment income (loss)1
|
0.33 |
1.16 |
0.95 |
0.77 |
1.00 |
0.98 |
|
Net
realized and unrealized gains (losses) |
2.98 |
(8.71) |
7.84 |
1.49 |
(2.30) |
0.56 |
|
Total
from investment operations |
3.31 |
(7.55) |
8.79 |
2.26 |
(1.30) |
1.54 |
|
Less
distributions: |
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.63) |
(1.18) |
(0.85) |
(0.97) |
(1.13) |
(0.80) |
|
Net
asset value at end of period |
$34.00 |
$31.32 |
$40.05 |
$32.11 |
$30.82 |
$33.25 |
|
Total
return |
10.69%2
|
(19.27%) |
27.62% |
7.37% |
(3.79%) |
4.70% |
|
Ratios/Supplemental
Data | ||||||
|
Ratios
to average net assets: |
|
|
|
|
|
|
|
Total
expenses |
0.06%3,4
|
0.06%4
|
0.06% |
0.06% |
0.06% |
0.06% |
|
Net
investment income (loss) |
2.07%3
|
3.20% |
2.59% |
2.50% |
3.22% |
2.91% |
|
Portfolio
turnover rate5
|
3%2
|
6% |
6% |
6% |
8% |
5% |
|
Net
assets, end of period (x 1,000,000) |
$30,070 |
$26,120 |
$28,338 |
$19,844 |
$18,139 |
$16,294 |
|
* |
Unaudited. |
|
1 |
Calculated
based on the average shares outstanding during the
period. |
|
2 |
Not
annualized. |
|
3 |
Annualized. |
|
4 |
Ratio
includes less than 0.005% of non-routine proxy
expenses. |
|
5 |
Portfolio
turnover rate excludes securities received or delivered from processing of
in-kind creations or
redemptions. |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
COMMON
STOCKS
98.9% OF NET ASSETS
| ||
|
| ||
|
Australia
7.1%
| ||
|
Adbri
Ltd.
|
790,361 |
911,396 |
|
AGL
Energy Ltd.
|
1,103,205 |
5,133,231 |
|
Allkem
Ltd. * |
925,029 |
7,080,056 |
|
ALS
Ltd.
|
799,479 |
6,841,545 |
|
Altium
Ltd.
|
197,456 |
5,214,330 |
|
Alumina
Ltd.
|
4,230,326 |
4,293,345 |
|
Amcor
plc
|
2,459,254 |
27,413,326 |
|
AMP
Ltd. * |
5,113,081 |
3,568,687 |
|
Ampol
Ltd.
|
390,045 |
8,669,368 |
|
Ansell
Ltd.
|
196,059 |
3,586,923 |
|
ANZ
Group Holdings Ltd.
|
4,902,333 |
81,490,171 |
|
APA
Group
|
1,899,936 |
13,747,515 |
|
Aristocrat
Leisure Ltd.
|
1,082,975 |
26,685,324 |
|
ASX
Ltd.
|
310,105 |
14,228,482 |
|
Atlas
Arteria Ltd.
|
2,365,463 |
10,910,829 |
|
Aurizon
Holdings Ltd.
|
2,894,991 |
6,461,907 |
|
Bank
of Queensland Ltd.
|
1,085,738 |
5,169,104 |
|
Beach
Energy Ltd.
|
3,008,299 |
2,870,536 |
|
Bendigo
& Adelaide Bank Ltd.
|
897,102 |
5,916,518 |
|
BHP
Group Ltd.
|
8,203,594 |
250,050,710 |
|
BlueScope
Steel Ltd.
|
756,288 |
9,720,657 |
|
Boral
Ltd. * |
496,433 |
1,218,562 |
|
Brambles
Ltd.
|
2,262,786 |
19,638,465 |
|
carsales.com
Ltd.
|
550,848 |
8,428,529 |
|
Challenger
Ltd.
|
1,092,510 |
5,518,140 |
|
Charter
Hall Group
|
776,763 |
6,971,915 |
|
Cleanaway
Waste Management Ltd.
|
3,720,372 |
6,673,497 |
|
Cochlear
Ltd.
|
103,808 |
15,556,055 |
|
Coles
Group Ltd.
|
2,050,353 |
25,136,686 |
|
Commonwealth
Bank of Australia
|
2,784,744 |
189,085,017 |
|
Computershare
Ltd.
|
879,446 |
14,707,754 |
|
CSL
Ltd.
|
784,572 |
156,765,306 |
|
CSR
Ltd.
|
768,906 |
2,639,226 |
|
Deterra
Royalties Ltd.
|
705,162 |
2,125,602 |
|
Dexus
|
1,726,213 |
9,813,128 |
|
Domain
Holdings Australia Ltd.
|
461,477 |
964,711 |
|
Domino's
Pizza Enterprises Ltd.
|
99,148 |
3,340,349 |
|
Downer
EDI Ltd.
|
1,083,303 |
2,308,461 |
|
Endeavour
Group Ltd.
|
2,227,499 |
10,259,441 |
|
Evolution
Mining Ltd.
|
2,836,960 |
5,203,644 |
|
Flight
Centre Travel Group Ltd. * |
247,390 |
3,136,357 |
|
Fortescue
Metals Group Ltd.
|
2,615,923 |
37,750,632 |
|
Goodman
Group
|
3,011,231 |
40,328,198 |
|
Harvey
Norman Holdings Ltd.
|
963,997 |
2,502,776 |
|
IDP
Education Ltd.
|
297,607 |
5,759,842 |
|
IGO
Ltd.
|
1,018,852 |
9,021,138 |
|
Iluka
Resources Ltd.
|
684,230 |
4,807,899 |
|
Incitec
Pivot Ltd.
|
3,171,635 |
7,357,447 |
|
Insignia
Financial Ltd.
|
972,365 |
2,150,744 |
|
Insurance
Australia Group Ltd.
|
4,064,163 |
12,744,112 |
|
James
Hardie Industries plc
|
714,876 |
14,958,843 |
|
JB
Hi-Fi Ltd.
|
172,479 |
4,866,463 |
|
Lendlease
Corp., Ltd.
|
1,142,084 |
5,884,057 |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
Lynas
Rare Earths Ltd. * |
1,434,204 |
7,930,677 |
|
Macquarie
Group Ltd.
|
568,150 |
72,611,191 |
|
Magellan
Financial Group Ltd.
(a) |
214,967 |
1,240,884 |
|
Medibank
Pvt Ltd.
|
4,509,123 |
10,156,032 |
|
Metcash
Ltd.
|
1,522,447 |
4,178,516 |
|
Mineral
Resources Ltd.
|
268,448 |
14,945,669 |
|
Mirvac
Group
|
6,342,619 |
9,709,122 |
|
National
Australia Bank Ltd.
|
5,181,353 |
104,821,395 |
|
Newcrest
Mining Ltd.
|
1,461,336 |
22,212,094 |
|
NEXTDC
Ltd. * |
765,587 |
5,302,131 |
|
Northern
Star Resources Ltd.
|
1,864,443 |
13,038,072 |
|
Nufarm
Ltd.
|
644,047 |
2,523,360 |
|
Orica
Ltd.
|
723,371 |
7,902,447 |
|
Origin
Energy Ltd.
|
2,779,896 |
15,015,734 |
|
Orora
Ltd.
|
1,398,050 |
3,327,997 |
|
OZ
Minerals Ltd.
|
534,454 |
10,109,477 |
|
Perpetual
Ltd.
|
191,848 |
3,155,401 |
|
Pilbara
Minerals Ltd. * |
4,228,814 |
11,891,596 |
|
Platinum
Asset Management Ltd.
|
930,183 |
1,179,266 |
|
Pro
Medicus Ltd.
|
68,477 |
2,817,288 |
|
Qantas
Airways Ltd. * |
1,335,816 |
5,783,186 |
|
QBE
Insurance Group Ltd.
|
2,389,651 |
24,300,842 |
|
Qube
Holdings Ltd.
|
2,751,474 |
5,974,572 |
|
Ramsay
Health Care Ltd.
|
284,505 |
12,959,873 |
|
REA
Group Ltd.
|
81,634 |
6,763,982 |
|
Reece
Ltd.
|
333,821 |
3,723,357 |
|
Region
RE Ltd.
|
2,025,102 |
3,482,351 |
|
Rio
Tinto Ltd.
|
613,484 |
48,291,559 |
|
Santos
Ltd.
|
4,962,132 |
23,423,503 |
|
Scentre
Group
|
8,344,728 |
16,769,262 |
|
SEEK
Ltd.
|
570,380 |
9,300,495 |
|
Seven
Group Holdings Ltd.
|
223,026 |
3,681,734 |
|
Sims
Ltd.
|
266,040 |
2,865,084 |
|
Sonic
Healthcare Ltd.
|
775,453 |
16,843,475 |
|
South32
Ltd.
|
7,510,452 |
21,980,689 |
|
Stockland
|
3,840,729 |
9,945,586 |
|
Suncorp
Group Ltd.
|
2,033,578 |
17,621,767 |
|
Tabcorp
Holdings Ltd.
|
3,689,656 |
2,513,001 |
|
Telstra
Group Ltd.
|
6,654,799 |
18,668,687 |
|
The
GPT Group
|
3,105,245 |
9,862,847 |
|
The
Lottery Corp., Ltd. * |
3,650,601 |
12,776,657 |
|
The
Star Entertainment Grp Ltd. * |
1,473,316 |
1,465,458 |
|
TPG
Telecom Ltd.
|
595,105 |
2,034,638 |
|
Transurban
Group
|
5,049,243 |
48,282,306 |
|
Treasury
Wine Estates Ltd.
|
1,161,487 |
10,973,319 |
|
Vicinity
Ltd.
|
6,240,099 |
8,584,345 |
|
Washington
H Soul Pattinson & Co.,
Ltd.
|
426,813 |
8,392,873 |
|
Wesfarmers
Ltd.
|
1,847,307 |
60,094,105 |
|
Westpac
Banking Corp.
|
5,686,616 |
86,397,384 |
|
Whitehaven
Coal Ltd.
|
1,236,013 |
6,026,246 |
|
WiseTech
Global Ltd.
|
258,921 |
11,000,016 |
|
Woodside
Energy Group Ltd.
|
3,077,012 |
74,512,665 |
|
Woolworths
Group Ltd.
|
1,983,138 |
49,374,206 |
|
Worley
Ltd.
|
622,372 |
6,366,799 |
|
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
|
Xero
Ltd. * |
207,811 |
10,888,675 |
|
|
|
2,123,580,849 |
|
| ||
|
Austria
0.2%
| ||
|
ANDRITZ
AG
|
115,537 |
7,161,706 |
|
Erste
Group Bank AG
|
526,781 |
20,770,663 |
|
OMV
AG
|
229,235 |
11,209,518 |
|
Raiffeisen
Bank International AG * |
204,685 |
3,429,683 |
|
Telekom
Austria AG * |
261,768 |
1,959,892 |
|
Verbund
AG
|
108,203 |
9,420,920 |
|
Voestalpine
AG
|
193,011 |
7,168,183 |
|
|
|
61,120,565 |
|
| ||
|
Belgium
0.9%
| ||
|
Ackermans
& van Haaren N.V.
|
36,407 |
6,189,126 |
|
Ageas
S.A./N.V.
|
300,995 |
13,639,644 |
|
Anheuser-Busch
InBev S.A./N.V.
|
1,410,350 |
85,597,587 |
|
Argenx
SE * |
90,090 |
32,693,956 |
|
D'ieteren
Group
|
37,325 |
7,263,514 |
|
Elia
Group S.A./N.V.
|
60,449 |
8,000,453 |
|
Etablissements
Franz Colruyt N.V.
|
80,638 |
2,188,371 |
|
Groupe
Bruxelles Lambert N.V.
|
160,835 |
13,563,376 |
|
KBC
Group N.V.
|
445,187 |
33,378,957 |
|
Proximus
SADP
|
239,387 |
2,213,747 |
|
Sofina
S.A.
|
24,136 |
6,050,951 |
|
Solvay
S.A.
|
112,113 |
12,870,480 |
|
UCB
S.A.
|
195,049 |
16,833,417 |
|
Umicore
S.A.
|
326,444 |
10,929,345 |
|
Warehouses
De Pauw CVA
|
263,718 |
8,099,332 |
|
|
|
259,512,256 |
|
| ||
|
Canada
8.5%
| ||
|
Agnico
Eagle Mines Ltd.
|
744,053 |
34,332,079 |
|
Alimentation
Couche-Tard, Inc.
|
1,275,700 |
59,978,374 |
|
Bank
of Montreal
|
1,118,972 |
106,287,751 |
|
Barrick
Gold Corp.
|
2,899,894 |
46,966,589 |
|
BCE,
Inc.
|
490,648 |
21,756,524 |
|
Brookfield
Asset Management Ltd.
|
567,840 |
19,148,360 |
|
Brookfield
Corp.
|
2,272,340 |
75,775,266 |
|
Canadian
Imperial Bank of Commerce
|
1,466,964 |
67,236,074 |
|
Canadian
National Railway Co.
|
987,780 |
112,755,437 |
|
Canadian
Natural Resources Ltd.
|
1,777,174 |
100,655,835 |
|
Canadian
Pacific Railway Ltd.
|
1,514,129 |
115,251,525 |
|
Canadian
Tire Corp., Ltd., Class A
|
88,913 |
11,108,166 |
|
Canadian
Utilities Ltd., Class A
|
187,357 |
4,925,269 |
|
Cenovus
Energy, Inc.
|
1,954,585 |
36,121,311 |
|
CGI,
Inc. * |
341,478 |
30,685,239 |
|
Constellation
Software, Inc.
|
31,170 |
53,714,648 |
|
Dollarama,
Inc.
|
445,606 |
25,797,984 |
|
Enbridge,
Inc.
|
3,293,330 |
123,827,950 |
|
Fairfax
Financial Holdings Ltd.
|
34,492 |
24,168,595 |
|
Fortis,
Inc.
|
777,434 |
30,835,827 |
|
Franco-Nevada
Corp.
|
309,321 |
39,571,368 |
|
George
Weston Ltd.
|
112,797 |
14,163,316 |
|
Great-West
Lifeco, Inc.
|
442,842 |
12,109,888 |
|
Hydro
One Ltd.
|
513,782 |
13,362,974 |
|
IGM
Financial, Inc.
|
134,772 |
4,110,128 |
|
Imperial
Oil Ltd.
|
311,710 |
15,452,134 |
|
Intact
Financial Corp.
|
287,359 |
41,371,507 |
|
Loblaw
Cos., Ltd.
|
250,007 |
21,413,431 |
|
Lumine
Group, Inc.
*(b) |
93,521 |
959,630 |
|
Magna
International, Inc.
|
435,517 |
|