PORTFOLIO OF INVESTMENTS – as of September 30, 2021 (Unaudited)
Gateway Fund
Shares | Description | Value (†) | ||||
Common Stocks – 96.4% of Net Assets |
| |||||
Aerospace & Defense – 1.3% |
| |||||
148,078 | Boeing Co. (The)(a)(b) | $ | 32,568,275 | |||
41,278 | HEICO Corp.(b) | 5,443,330 | ||||
552,963 | Raytheon Technologies Corp.(b) | 47,532,700 | ||||
24,274 | TransDigm Group, Inc.(a)(b) | 15,160,812 | ||||
|
| |||||
100,705,117 | ||||||
|
| |||||
Air Freight & Logistics – 0.5% |
| |||||
36,648 | GXO Logistics, Inc.(a)(b) | 2,874,669 | ||||
216,722 | United Parcel Service, Inc., Class B(b) | 39,465,076 | ||||
|
| |||||
42,339,745 | ||||||
|
| |||||
Airlines – 0.3% |
| |||||
153,012 | Alaska Air Group, Inc.(a)(b) | 8,966,503 | ||||
399,876 | JetBlue Airways Corp.(a)(b) | 6,114,104 | ||||
144,851 | United Airlines Holdings, Inc.(a)(b) | 6,890,562 | ||||
|
| |||||
21,971,169 | ||||||
|
| |||||
Auto Components – 0.1% |
| |||||
36,852 | Autoliv, Inc.(b) | 3,158,953 | ||||
106,265 | Goodyear Tire & Rubber Co. (The)(a) | 1,880,891 | ||||
|
| |||||
5,039,844 | ||||||
|
| |||||
Automobiles – 2.1% |
| |||||
1,495,937 | Ford Motor Co.(a)(b) | 21,182,468 | ||||
339,114 | General Motors Co.(a)(b) | 17,874,699 | ||||
156,098 | Tesla, Inc.(a)(b) | 121,050,877 | ||||
|
| |||||
160,108,044 | ||||||
|
| |||||
Banks – 4.4% |
| |||||
266,138 | Associated Banc-Corp(b) | 5,700,676 | ||||
2,238,164 | Bank of America Corp.(b) | 95,010,062 | ||||
607,150 | Citigroup, Inc.(b) | 42,609,787 | ||||
878,394 | JPMorgan Chase & Co.(b) | 143,784,314 | ||||
16,401 | Signature Bank(b) | 4,465,664 | ||||
980,841 | Wells Fargo & Co.(b) | 45,520,831 | ||||
|
| |||||
337,091,334 | ||||||
|
| |||||
Beverages – 1.3% |
| |||||
392,260 | Keurig Dr Pepper, Inc.(b) | 13,399,602 | ||||
254,709 | Monster Beverage Corp.(a)(b) | 22,625,800 | ||||
429,766 | PepsiCo, Inc.(b) | 64,641,104 | ||||
|
| |||||
100,666,506 | ||||||
|
| |||||
Biotechnology – 1.7% |
| |||||
451,188 | AbbVie, Inc.(b) | 48,669,650 | ||||
156,204 | Amgen, Inc.(b) | 33,216,781 | ||||
49,083 | Biogen, Inc.(a)(b) | 13,889,998 | ||||
39,516 | Exact Sciences Corp.(a)(b) | 3,771,802 | ||||
36,830 | Ionis Pharmaceuticals, Inc.(a) | 1,235,278 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Biotechnology – continued |
| |||||
29,913 | Moderna, Inc.(a)(b) | $ | 11,512,317 | |||
21,063 | Seagen, Inc.(a)(b) | 3,576,497 | ||||
98,419 | Vertex Pharmaceuticals, Inc.(a)(b) | 17,852,223 | ||||
|
| |||||
133,724,546 | ||||||
|
| |||||
Building Products – 0.3% |
| |||||
355,197 | Carrier Global Corp.(b) | 18,384,997 | ||||
20,800 | Lennox International, Inc.(b) | 6,118,736 | ||||
|
| |||||
24,503,733 | ||||||
|
| |||||
Capital Markets – 2.1% |
| |||||
404,895 | Charles Schwab Corp. (The)(b) | 29,492,552 | ||||
14,601 | FactSet Research Systems, Inc.(b) | 5,764,183 | ||||
247,065 | Intercontinental Exchange, Inc.(b) | 28,368,003 | ||||
507,716 | Morgan Stanley(b) | 49,405,844 | ||||
41,804 | MSCI, Inc.(b) | 25,431,045 | ||||
58,940 | S&P Global, Inc.(b) | 25,043,017 | ||||
|
| |||||
163,504,644 | ||||||
|
| |||||
Chemicals – 1.4% |
| |||||
83,434 | Ashland Global Holdings, Inc.(b) | 7,435,638 | ||||
104,391 | Celanese Corp.(b) | 15,725,460 | ||||
335,148 | Corteva, Inc.(b) | 14,103,028 | ||||
295,277 | Dow, Inc.(b) | 16,996,144 | ||||
125,392 | Eastman Chemical Co.(b) | 12,631,990 | ||||
31,084 | Ingevity Corp.(a) | 2,218,465 | ||||
167,820 | LyondellBasell Industries NV, Class A(b) | 15,749,907 | ||||
192,960 | Mosaic Co. (The)(b) | 6,892,531 | ||||
115,834 | Olin Corp.(b) | 5,588,991 | ||||
95,921 | RPM International, Inc.(b) | 7,448,266 | ||||
195,010 | Valvoline, Inc.(b) | 6,080,412 | ||||
|
| |||||
110,870,832 | ||||||
|
| |||||
Commercial Services & Supplies – 0.8% |
| |||||
122,157 | Copart, Inc.(a)(b) | 16,945,619 | ||||
69,341 | Waste Connections, Inc.(b) | 8,732,112 | ||||
244,724 | Waste Management, Inc.(b) | 36,551,977 | ||||
|
| |||||
62,229,708 | ||||||
|
| |||||
Communications Equipment – 0.9% |
| |||||
1,344,808 | Cisco Systems, Inc.(b) | 73,197,899 | ||||
|
| |||||
Construction Materials – 0.2% |
| |||||
43,244 | Martin Marietta Materials, Inc.(b) | 14,775,610 | ||||
|
| |||||
Consumer Finance – 0.6% |
| |||||
121,623 | Ally Financial, Inc.(b) | 6,208,854 | ||||
180,444 | Discover Financial Services(b) | 22,167,546 | ||||
445,997 | Synchrony Financial(b) | 21,800,333 | ||||
|
| |||||
50,176,733 | ||||||
|
|
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Containers & Packaging – 0.5% |
| |||||
73,855 | Avery Dennison Corp.(b) | $ | 15,303,495 | |||
86,722 | Crown Holdings, Inc.(b) | 8,739,843 | ||||
94,495 | Sonoco Products Co.(b) | 5,630,012 | ||||
213,615 | WestRock Co.(b) | 10,644,435 | ||||
|
| |||||
40,317,785 | ||||||
|
| |||||
Distributors – 0.2% |
| |||||
107,529 | Genuine Parts Co.(b) | 13,035,741 | ||||
|
| |||||
Diversified Consumer Services – 0.1% |
| |||||
67,454 | Service Corp. International(b) | 4,064,778 | ||||
|
| |||||
Diversified Financial Services – 1.6% |
| |||||
432,825 | Berkshire Hathaway, Inc., Class B(a)(b) | 118,135,256 | ||||
133,431 | Voya Financial, Inc.(b) | 8,191,329 | ||||
|
| |||||
126,326,585 | ||||||
|
| |||||
Diversified Telecommunication Services – 1.2% |
| |||||
1,505,542 | AT&T, Inc.(b) | 40,664,689 | ||||
119,721 | Liberty Global PLC, Class C(a)(b) | 3,526,981 | ||||
862,921 | Verizon Communications, Inc.(b) | 46,606,363 | ||||
|
| |||||
90,798,033 | ||||||
|
| |||||
Electric Utilities – 1.0% |
| |||||
323,243 | Alliant Energy Corp.(b) | 18,095,143 | ||||
396,896 | American Electric Power Co., Inc.(b) | 32,220,017 | ||||
198,810 | Evergy, Inc.(b) | 12,365,982 | ||||
272,603 | FirstEnergy Corp.(b) | 9,710,119 | ||||
154,286 | OGE Energy Corp.(b) | 5,085,267 | ||||
|
| |||||
77,476,528 | ||||||
|
| |||||
Electrical Equipment – 0.5% |
| |||||
197,284 | Eaton Corp. PLC(b) | 29,456,474 | ||||
50,567 | Hubbell, Inc.(b) | 9,135,940 | ||||
|
| |||||
38,592,414 | ||||||
|
| |||||
Electronic Equipment, Instruments & Components – 0.8% |
| |||||
97,069 | CDW Corp.(b) | 17,668,500 | ||||
375,436 | Corning, Inc.(b) | 13,699,660 | ||||
26,442 | Teledyne Technologies, Inc.(a)(b) | 11,358,954 | ||||
60,225 | Trimble, Inc.(a)(b) | 4,953,506 | ||||
33,350 | Zebra Technologies Corp., Class A(a)(b) | 17,189,257 | ||||
|
| |||||
64,869,877 | ||||||
|
| |||||
Energy Equipment & Services – 0.2% |
| |||||
563,151 | Halliburton Co.(b) | 12,175,325 | ||||
168,318 | Helmerich & Payne, Inc.(b) | 4,613,596 | ||||
|
| |||||
16,788,921 | ||||||
|
| |||||
Entertainment – 2.0% |
| |||||
81,510 | Live Nation Entertainment, Inc.(a)(b) | 7,428,006 | ||||
109,443 | Netflix, Inc.(a)(b) | 66,797,441 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Entertainment – continued |
| |||||
6,573 | Roku, Inc.(a)(b) | $ | 2,059,649 | |||
451,374 | Walt Disney Co. (The)(a)(b) | 76,358,940 | ||||
|
| |||||
152,644,036 | ||||||
|
| |||||
Food & Staples Retailing – 1.6% |
| |||||
26,487 | Casey’s General Stores, Inc.(b) | 4,991,475 | ||||
133,502 | Costco Wholesale Corp.(b) | 59,989,124 | ||||
20,166 | U.S. Foods Holding Corp.(a) | 698,953 | ||||
396,050 | Walmart, Inc.(b) | 55,201,449 | ||||
|
| |||||
120,881,001 | ||||||
|
| |||||
Food Products – 0.8% |
| |||||
94,003 | Bunge Ltd.(b) | 7,644,324 | ||||
97,614 | Lamb Weston Holdings, Inc.(b) | 5,990,571 | ||||
698,295 | Mondelez International, Inc., Class A(b) | 40,626,803 | ||||
43,185 | Post Holdings, Inc.(a)(b) | 4,757,260 | ||||
|
| |||||
59,018,958 | ||||||
|
| |||||
Gas Utilities – 0.0% |
| |||||
76,973 | UGI Corp.(b) | 3,280,589 | ||||
|
| |||||
Health Care Equipment & Supplies – 3.1% |
| |||||
496,897 | Abbott Laboratories(b) | 58,698,443 | ||||
233,533 | Baxter International, Inc.(b) | 18,783,059 | ||||
554,460 | Boston Scientific Corp.(a)(b) | 24,058,019 | ||||
257,529 | Edwards Lifesciences Corp.(a)(b) | 29,154,858 | ||||
13,103 | Insulet Corp.(a)(b) | 3,724,266 | ||||
41,413 | Intuitive Surgical, Inc.(a)(b) | 41,170,734 | ||||
308,944 | Medtronic PLC(b) | 38,726,130 | ||||
55,109 | STERIS PLC(b) | 11,257,666 | ||||
29,772 | Teleflex, Inc.(b) | 11,210,647 | ||||
|
| |||||
236,783,822 | ||||||
|
| |||||
Health Care Providers & Services – 2.7% |
| |||||
83,702 | Anthem, Inc.(b) | 31,204,106 | ||||
391,630 | CVS Health Corp.(b) | 33,233,722 | ||||
120,815 | HCA Healthcare, Inc.(b) | 29,324,217 | ||||
16,707 | Molina Healthcare, Inc.(a)(b) | 4,532,776 | ||||
263,072 | UnitedHealth Group, Inc.(b) | 102,792,753 | ||||
65,316 | Universal Health Services, Inc., Class B(b) | 9,037,775 | ||||
|
| |||||
210,125,349 | ||||||
|
| |||||
Health Care Technology – 0.1% |
| |||||
35,189 | Veeva Systems, Inc., Class A(a)(b) | 10,140,414 | ||||
|
| |||||
Hotels, Restaurants & Leisure – 1.7% |
| |||||
10,433 | Booking Holdings, Inc.(a)(b) | 24,766,586 | ||||
47,244 | DraftKings, Inc., Class A(a)(b) | 2,275,271 | ||||
153,850 | Hilton Grand Vacations, Inc.(a)(b) | 7,318,644 | ||||
168,770 | Hilton Worldwide Holdings, Inc.(a)(b) | 22,296,205 | ||||
228,480 | McDonald’s Corp.(b) | 55,088,813 | ||||
281,162 | Melco Resorts & Entertainment Ltd., Sponsored ADR(a)(b) | 2,879,099 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Hotels, Restaurants & Leisure – continued |
| |||||
163,196 | Restaurant Brands International, Inc.(b) | $ | 9,985,963 | |||
12,225 | Vail Resorts, Inc.(a)(b) | 4,083,761 | ||||
208,390 | Wendy’s Co. (The)(b) | 4,517,895 | ||||
|
| |||||
133,212,237 | ||||||
|
| |||||
Household Durables – 0.3% |
| |||||
205,127 | Newell Brands, Inc.(b) | 4,541,512 | ||||
2,420 | NVR, Inc.(a)(b) | 11,601,674 | ||||
129,073 | Toll Brothers, Inc.(b) | 7,136,446 | ||||
|
| |||||
23,279,632 | ||||||
|
| |||||
Household Products – 1.4% |
| |||||
93,008 | Clorox Co. (The)(b) | 15,403,055 | ||||
657,113 | Procter & Gamble Co. (The)(b) | 91,864,397 | ||||
|
| |||||
107,267,452 | ||||||
|
| |||||
Industrial Conglomerates – 1.4% |
| |||||
205,207 | 3M Co.(b) | 35,997,412 | ||||
246,077 | General Electric Co.(b) | 25,353,313 | ||||
213,732 | Honeywell International, Inc.(b) | 45,371,029 | ||||
|
| |||||
106,721,754 | ||||||
|
| |||||
Insurance – 2.0% |
| |||||
577,052 | Aflac, Inc.(b) | 30,081,721 | ||||
164,123 | Allstate Corp. (The)(b) | 20,894,499 | ||||
62,761 | American Financial Group, Inc.(b) | 7,897,217 | ||||
103,353 | Aon PLC, Class A(b) | 29,535,187 | ||||
117,173 | Arch Capital Group Ltd.(a)(b) | 4,473,665 | ||||
187,556 | Arthur J. Gallagher & Co.(b) | 27,880,199 | ||||
104,917 | Brown & Brown, Inc.(b) | 5,817,648 | ||||
74,687 | Fidelity National Financial, Inc.(b) | 3,386,309 | ||||
134,308 | Lincoln National Corp.(b) | 9,233,675 | ||||
3,155 | Markel Corp.(a)(b) | 3,770,635 | ||||
25,430 | RenaissanceRe Holdings Ltd.(b) | 3,544,942 | ||||
262,207 | Unum Group(b) | 6,570,907 | ||||
|
| |||||
153,086,604 | ||||||
|
| |||||
Interactive Media & Services – 6.7% |
| |||||
28,078 | Alphabet, Inc., Class A(a)(b) | 75,067,095 | ||||
92,726 | Alphabet, Inc., Class C(a)(b) | 247,143,535 | ||||
519,296 | Facebook, Inc., Class A(a)(b) | 176,243,869 | ||||
15,605 | Match Group, Inc.(a) | 2,449,829 | ||||
209,215 | Twitter, Inc.(a)(b) | 12,634,494 | ||||
15,415 | Zillow Group, Inc., Class C(a)(b) | 1,358,678 | ||||
|
| |||||
514,897,500 | ||||||
|
| |||||
Internet & Direct Marketing Retail – 4.0% |
| |||||
91,728 | Amazon.com, Inc.(a)(b) | 301,330,149 | ||||
2,538 | MercadoLibre, Inc.(a)(b) | 4,262,317 | ||||
|
| |||||
305,592,466 | ||||||
|
|
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
IT Services – 4.5% |
| |||||
147,645 | Automatic Data Processing, Inc.(b) | $ | 29,517,188 | |||
14,418 | EPAM Systems, Inc.(a)(b) | 8,225,181 | ||||
153,925 | Fidelity National Information Services, Inc.(b) | 18,729,594 | ||||
167,934 | MasterCard, Inc., Class A(b) | 58,387,293 | ||||
201,842 | Paychex, Inc.(b) | 22,697,133 | ||||
302,437 | PayPal Holdings, Inc.(a)(b) | 78,697,132 | ||||
2,168 | Shopify, Inc., Class A(a)(b) | 2,939,331 | ||||
15,642 | Square, Inc., Class A(a)(b) | 3,751,577 | ||||
8,665 | Twilio, Inc., Class A(a)(b) | 2,764,568 | ||||
84,449 | VeriSign, Inc.(a)(b) | 17,312,890 | ||||
452,945 | Visa, Inc., Class A(b) | 100,893,499 | ||||
|
| |||||
343,915,386 | ||||||
|
| |||||
Leisure Products – 0.0% |
| |||||
1,696 | Polaris, Inc. | 202,943 | ||||
|
| |||||
Life Sciences Tools & Services – 1.0% |
| |||||
17,245 | ICON PLC(a)(b) | 4,518,535 | ||||
50,834 | Illumina, Inc.(a)(b) | 20,618,779 | ||||
89,614 | Thermo Fisher Scientific, Inc.(b) | 51,199,166 | ||||
|
| |||||
76,336,480 | ||||||
|
| |||||
Machinery – 1.6% |
| |||||
183,760 | Caterpillar, Inc.(b) | 35,276,407 | ||||
89,903 | Cummins, Inc.(b) | 20,188,618 | ||||
93,353 | Deere & Co.(b) | 31,279,790 | ||||
62,061 | Parker-Hannifin Corp.(b) | 17,353,497 | ||||
121,067 | Pentair PLC(b) | 8,793,096 | ||||
37,954 | Snap-on, Inc.(b) | 7,930,488 | ||||
63,733 | Timken Co. (The)(b) | 4,169,413 | ||||
|
| |||||
124,991,309 | ||||||
|
| |||||
Media – 1.0% |
| |||||
1,105,162 | Comcast Corp., Class A(b) | 61,811,711 | ||||
54,224 | Discovery, Inc., Series A(a) | 1,376,205 | ||||
33,220 | Liberty Broadband Corp., Class C(a)(b) | 5,737,094 | ||||
230,860 | News Corp., Class B(b) | 5,362,878 | ||||
532,406 | Sirius XM Holdings, Inc.(b) | 3,247,676 | ||||
|
| |||||
77,535,564 | ||||||
|
| |||||
Metals & Mining – 0.3% |
| |||||
283,427 | Freeport-McMoRan, Inc.(b) | 9,219,880 | ||||
96,794 | Southern Copper Corp.(b) | 5,434,015 | ||||
137,093 | Steel Dynamics, Inc.(b) | 8,017,199 | ||||
81,631 | Worthington Industries, Inc.(b) | 4,301,954 | ||||
|
| |||||
26,973,048 | ||||||
|
| |||||
Multi-Utilities – 1.3% |
| |||||
365,428 | Ameren Corp.(b) | 29,599,668 | ||||
301,545 | CenterPoint Energy, Inc.(b) | 7,418,007 | ||||
274,361 | Consolidated Edison, Inc.(b) | 19,915,865 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Multi-Utilities – continued |
| |||||
335,214 | Public Service Enterprise Group, Inc.(b) | $ | 20,414,533 | |||
227,581 | WEC Energy Group, Inc.(b) | 20,072,644 | ||||
|
| |||||
97,420,717 | ||||||
|
| |||||
Multiline Retail – 0.6% |
| |||||
44,499 | Nordstrom, Inc.(a) | 1,176,999 | ||||
182,363 | Target Corp.(b) | 41,719,183 | ||||
|
| |||||
42,896,182 | ||||||
|
| |||||
Oil, Gas & Consumable Fuels – 2.4% |
| |||||
61,621 | Cheniere Energy, Inc.(a)(b) | 6,018,523 | ||||
470,720 | Chevron Corp.(b) | 47,754,544 | ||||
511,581 | ConocoPhillips(b) | 34,669,844 | ||||
927,867 | Exxon Mobil Corp.(b) | 54,577,137 | ||||
61,556 | HollyFrontier Corp.(b) | 2,039,350 | ||||
494,591 | Occidental Petroleum Corp.(b) | 14,630,002 | ||||
226,052 | ONEOK, Inc.(b) | 13,108,755 | ||||
199,417 | Phillips 66(b) | 13,965,173 | ||||
|
| |||||
186,763,328 | ||||||
|
| |||||
Personal Products – 0.0% |
| |||||
29,528 | Herbalife Nutrition Ltd.(a) | 1,251,397 | ||||
|
| |||||
Pharmaceuticals – 3.7% |
| |||||
648,038 | Bristol-Myers Squibb Co.(b) | 38,344,408 | ||||
198,985 | Eli Lilly & Co.(b) | 45,975,484 | ||||
1,556 | Jazz Pharmaceuticals PLC(a) | 202,607 | ||||
590,946 | Johnson & Johnson(b) | 95,437,779 | ||||
597,588 | Merck & Co., Inc.(b) | 44,884,835 | ||||
59,758 | Organon & Co. | 1,959,465 | ||||
1,353,932 | Pfizer, Inc.(b) | 58,232,615 | ||||
268,191 | Viatris, Inc.(b) | 3,633,988 | ||||
|
| |||||
288,671,181 | ||||||
|
| |||||
Professional Services – 0.3% |
| |||||
12,340 | Booz Allen Hamilton Holding Corp. | 979,179 | ||||
97,840 | CoStar Group, Inc.(a)(b) | 8,420,110 | ||||
46,675 | ManpowerGroup, Inc.(b) | 5,053,969 | ||||
53,234 | TransUnion(b) | 5,978,711 | ||||
|
| |||||
20,431,969 | ||||||
|
| |||||
REITs - Apartments – 0.6% |
| |||||
252,006 | American Homes 4 Rent, Class A(b) | 9,606,469 | ||||
85,332 | Camden Property Trust(b) | 12,583,910 | ||||
346,842 | Invitation Homes, Inc.(b) | 13,294,454 | ||||
265,036 | UDR, Inc.(b) | 14,041,607 | ||||
|
| |||||
49,526,440 | ||||||
|
| |||||
REITs - Diversified – 0.7% |
| |||||
115,876 | American Tower Corp.(b) | 30,754,649 | ||||
361,090 | Duke Realty Corp.(b) | 17,285,378 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
REITs - Diversified – continued |
| |||||
58,688 | W.P. Carey, Inc.(b) | $ | 4,286,572 | |||
|
| |||||
52,326,599 | ||||||
|
| |||||
REITs - Health Care – 0.3% |
| |||||
260,504 | Healthcare Realty Trust, Inc.(b) | 7,757,809 | ||||
453,565 | Medical Properties Trust, Inc.(b) | 9,103,050 | ||||
194,772 | Sabra Health Care REIT, Inc.(b) | 2,867,044 | ||||
|
| |||||
19,727,903 | ||||||
|
| |||||
REITs - Manufactured Homes – 0.3% |
| |||||
143,552 | Equity LifeStyle Properties, Inc.(b) | 11,211,411 | ||||
48,503 | Sun Communities, Inc.(b) | 8,977,906 | ||||
|
| |||||
20,189,317 | ||||||
|
| |||||
REITs - Mortgage – 0.1% |
| |||||
645,874 | Annaly Capital Management, Inc.(b) | 5,438,259 | ||||
|
| |||||
REITs - Office Property – 0.1% |
| |||||
188,262 | Douglas Emmett, Inc.(b) | 5,950,962 | ||||
61,813 | Kilroy Realty Corp.(b) | 4,092,639 | ||||
|
| |||||
10,043,601 | ||||||
|
| |||||
REITs - Regional Malls – 0.2% |
| |||||
96,120 | Simon Property Group, Inc.(b) | 12,492,716 | ||||
|
| |||||
REITs - Single Tenant – 0.1% |
| |||||
144,199 | National Retail Properties, Inc.(b) | 6,227,955 | ||||
|
| |||||
REITs - Storage – 0.1% |
| |||||
127,880 | CubeSmart(b) | 6,195,786 | ||||
|
| |||||
Road & Rail – 0.9% |
| |||||
115,540 | Canadian Pacific Railway Ltd.(b) | 7,518,188 | ||||
1,067,511 | CSX Corp.(b) | 31,747,777 | ||||
47,741 | J.B. Hunt Transport Services, Inc.(b) | 7,983,250 | ||||
47,143 | Lyft, Inc., Class A(a)(b) | 2,526,393 | ||||
62,946 | Old Dominion Freight Line, Inc.(b) | 18,001,297 | ||||
53,335 | Uber Technologies, Inc.(a)(b) | 2,389,408 | ||||
36,648 | XPO Logistics, Inc.(a)(b) | 2,916,448 | ||||
|
| |||||
73,082,761 | ||||||
|
| |||||
Semiconductors & Semiconductor Equipment – 5.6% |
| |||||
326,538 | Advanced Micro Devices, Inc.(a)(b) | 33,600,760 | ||||
170,421 | Analog Devices, Inc.(b) | 28,542,109 | ||||
177,248 | Applied Materials, Inc.(b) | 22,817,135 | ||||
100,260 | Broadcom, Inc.(b) | 48,619,082 | ||||
899,017 | Intel Corp.(b) | 47,899,626 | ||||
83,719 | Marvell Technology, Inc.(b) | 5,049,093 | ||||
304,535 | Micron Technology, Inc.(b) | 21,615,894 | ||||
585,416 | NVIDIA Corp.(b) | 121,274,779 | ||||
297,317 | QUALCOMM, Inc.(b) | 38,347,947 | ||||
106,600 | Teradyne, Inc.(b) | 11,637,522 |
Shares | Description | Value (†) | ||||
Common Stocks – continued |
| |||||
Semiconductors & Semiconductor Equipment – continued |
| |||||
271,612 | Texas Instruments, Inc.(b) | $ | 52,206,542 | |||
|
| |||||
431,610,489 | ||||||
|
| |||||
Software – 9.6% |
| |||||
140,675 | Adobe, Inc.(a)(b) | 80,989,411 | ||||
10,167 | Black Knight, Inc.(a) | 732,024 | ||||
188,193 | Cadence Design Systems, Inc.(a)(b) | 28,499,948 | ||||
78,761 | Fortinet, Inc.(a)(b) | 23,001,362 | ||||
1,609,191 | Microsoft Corp.(b) | 453,663,127 | ||||
114,308 | Nuance Communications, Inc.(a)(b) | 6,291,512 | ||||
505,856 | Oracle Corp.(b) | 44,075,233 | ||||
15,761 | Palo Alto Networks, Inc.(a)(b) | 7,549,519 | ||||
41,380 | PTC, Inc.(a)(b) | 4,956,910 | ||||
177,844 | salesforce.com, Inc.(a)(b) | 48,234,850 | ||||
52,154 | ServiceNow, Inc.(a)(b) | 32,453,870 | ||||
21,371 | SS&C Technologies Holdings, Inc. | 1,483,147 | ||||
22,602 | Workday, Inc., Class A(a)(b) | 5,648,014 | ||||
6,930 | Zoom Video Communications, Inc., Class A(a) | 1,812,195 | ||||
|
| |||||
739,391,122 | ||||||
|
| |||||
Specialty Retail – 2.0% |
| |||||
112,737 | American Eagle Outfitters, Inc.(b) | 2,908,614 | ||||
17,696 | Burlington Stores, Inc.(a)(b) | 5,018,055 | ||||
38,409 | Foot Locker, Inc.(b) | 1,753,755 | ||||
283,319 | Home Depot, Inc. (The)(b) | 93,002,295 | ||||
244,064 | Lowe’s Cos., Inc.(b) | 49,510,823 | ||||
|
| |||||
152,193,542 | ||||||
|
| |||||
Technology Hardware, Storage & Peripherals – 6.1% |
| |||||
3,298,492 | Apple, Inc.(b) | 466,736,618 | ||||
38,399 | Dell Technologies, Inc., Class C(a)(b) | 3,995,032 | ||||
|
| |||||
470,731,650 | ||||||
|
| |||||
Textiles, Apparel & Luxury Goods – 0.6% |
| |||||
16,507 | Lululemon Athletica, Inc.(a)(b) | 6,680,383 | ||||
301,320 | NIKE, Inc., Class B(b) | 43,760,703 | ||||
|
| |||||
50,441,086 | ||||||
|
| |||||
Tobacco – 0.5% |
| |||||
835,913 | Altria Group, Inc.(b) | 38,050,760 | ||||
|
| |||||
Trading Companies & Distributors – 0.0% |
| |||||
29,008 | GATX Corp. | 2,597,956 | ||||
|
| |||||
Total Common Stocks (Identified Cost $2,795,781,828) | 7,437,765,386 | |||||
|
| |||||
Total Purchased Options – 1.1% (Identified Cost $83,929,789) (see detail below) | 88,619,560 | |||||
|
|
Principal | Description | Value (†) | ||||
Short-Term Investments – 2.0% | ||||||
$ 153,046,498 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2021 at 0.000% to be repurchased at $153,046,498 on 10/01/2021 collateralized by $48,001,700 U.S. Treasury Bond, 5.000% due 5/15/2037 valued at $69,493,693; $20,000,000 U.S. Treasury Bond, 4.250% due 5/15/2039 valued at $27,254,680; $31,841,000 U.S. Treasury Bond, 4.500% due 8/15/2039 valued at $44,699,287; $17,013,900 U.S. Treasury Bond, 1.125% due 8/15/2040 valued at $14,659,861 including accrued interest(c) (Identified Cost $153,046,498) | $ | 153,046,498 | |||
|
| |||||
Total Investments – 99.5% (Identified Cost $3,032,758,115) | 7,679,431,444 | |||||
Other assets less liabilities – 0.5% | 34,836,715 | |||||
|
| |||||
Net Assets – 100.0% | $ | 7,714,268,159 | ||||
|
|
Purchased Options – 1.1%
|
| |||||||||||||||||||||||
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value (†) | ||||||||||||||||||
Index Options – 1.1% |
| |||||||||||||||||||||||
S&P 500® Index, Put(a)(d) | 10/15/2021 | 3,975 | 2,545 | $ | 1,096,268,930 | $ | 10,344,153 | $ | 2,532,275 | |||||||||||||||
S&P 500® Index, Put(a)(d) | 11/19/2021 | 3,950 | 2,545 | 1,096,268,930 | 10,766,623 | 11,198,000 | ||||||||||||||||||
S&P 500® Index, Put(a)(d) | 11/19/2021 | 3,975 | 2,544 | 1,095,838,176 | 14,921,832 | 12,223,920 | ||||||||||||||||||
S&P 500® Index, Put(a)(d) | 11/19/2021 | 4,000 | 2,545 | 1,096,268,930 | 14,260,907 | 13,297,625 | ||||||||||||||||||
S&P 500® Index, Put(a)(d) | 11/19/2021 | 4,025 | 1,972 | 849,446,888 | 7,606,536 | 10,816,420 | ||||||||||||||||||
S&P 500® Index, Put(a)(d) | 12/17/2021 | 4,000 | 4,952 | 2,133,093,808 | 26,029,738 | 38,551,320 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total | $ | 83,929,789 | $ | 88,619,560 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Written Options – (0.2%)
|
| |||||||||||||||||||||||
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Premiums (Received) | Value (†) | ||||||||||||||||||
Index Options – (0.2%) |
| |||||||||||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,425 | (1,900) | $ | (818,432,600) | $ | (18,641,850) | $ | (2,736,000) | |||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,450 | (1,900) | (818,432,600) | (13,905,150) | (1,634,000) | ||||||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,475 | (1,901) | (818,863,354) | (18,982,436) | (921,985) | ||||||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,500 | (1,900) | (818,432,600) | (13,547,950) | (541,500) | ||||||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,525 | (1,900) | (818,432,600) | (11,780,950) | (323,000) | ||||||||||||||||||
S&P 500® Index, Call(d) | 10/15/2021 | 4,600 | (1,901) | (818,863,354) | (7,374,929) | (104,555) |
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Premiums (Received) | Value (†) | ||||||||||||||||||
Index Options – continued |
| |||||||||||||||||||||||
S&P 500® Index, Call(d) | 11/19/2021 | 4,500 | (1,900 | ) | $ | (818,432,600 | ) | $ | (21,535,550 | ) | $ | (4,845,000 | ) | |||||||||||
S&P 500® Index, Call(d) | 11/19/2021 | 4,525 | (1,901 | ) | (818,863,354 | ) | (16,935,059 | ) | (3,507,345 | ) | ||||||||||||||
S&P 500® Index, Call(d) | 11/19/2021 | 4,600 | (1,900 | ) | (818,432,600 | ) | (14,032,450 | ) | (1,273,000 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||||
Total | $ | (136,736,324 | ) | $ | (15,886,385 | ) | ||||||||||||||||||
|
|
|
|
(†) | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Domestic exchange-traded index and single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the NYSE. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
| |
(a) | Non-income producing security.
| |
(b) | Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
| |
(c) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of September 30, 2021, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
(d) | The Fund’s investment strategy makes use of exchange-traded options. Exchange-traded options are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced. The Fund writes (sells) index call options and purchases index put options. When the Fund writes an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or the Fund enters into a closing purchase transaction. When an index call option expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of an index call option, bears the risk of an unfavorable change in the market value of the index underlying the written option. When the Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or the Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When the Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid. | |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. | |
REITs | Real Estate Investment Trusts |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
• | Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2021, at value:
Asset Valuation Inputs
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 7,437,765,386 | $ | — | $ | — | $ | 7,437,765,386 | ||||||||
Purchased Options* | 88,619,560 | — | — | 88,619,560 | ||||||||||||
Short-Term Investments | — | 153,046,498 | — | 153,046,498 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 7,526,384,946 | $ | 153,046,498 | $ | — | $ | 7,679,431,444 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Valuation Inputs
|
| |||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Written Options* | $ | (15,886,385 | ) | $ | — | $ | — | $ | (15,886,385 | ) | ||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Derivatives
Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include written index call options and purchased index put options.
The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. To meet this investment goal, the Fund invests in a broadly diversified portfolio of common stocks, while also writing index call options. Writing index call options can reduce the Fund’s volatility, provide a steady cash flow and be an important source of the Fund’s return, although it also may reduce the Fund’s ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price. The combination of the diversified stock portfolio, the steady cash flow from writing of index call options and the downside protection from purchased index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. During the period ended September 30, 2021, written index call options and purchased index put options were used in accordance with this objective.
The following is a summary of derivative instruments for the Fund as of September 30, 2021:
Assets | Investments at value 1 | |||
Exchange-traded asset derivatives | ||||
Equity contracts | $ | 88,619,560 | ||
Liabilities | Options written at value | |||
Exchange-traded liability derivatives | ||||
Equity contracts | $ | (15,886,385 | ) |
1 | Represents purchased options, at value. |
The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.
Industry Summary at September 30, 2021 (Unaudited)
Software | 9.6 | % | ||
Interactive Media & Services | 6.7 | |||
Technology Hardware, Storage & Peripherals | 6.1 | |||
Semiconductors & Semiconductor Equipment | 5.6 | |||
IT Services | 4.5 | |||
Banks | 4.4 | |||
Internet & Direct Marketing Retail | 4.0 | |||
Pharmaceuticals | 3.7 | |||
Health Care Equipment & Supplies | 3.1 | |||
Health Care Providers & Services | 2.7 | |||
Oil, Gas & Consumable Fuels | 2.4 | |||
Capital Markets | 2.1 | |||
Automobiles | 2.1 | |||
Insurance | 2.0 | |||
Entertainment | 2.0 | |||
Specialty Retail | 2.0 | |||
Other Investments, less than 2% each | 34.5 | |||
Short-Term Investments | 2.0 | |||
|
| |||
Total Investments | 99.5 | |||
Other assets less liabilities (including open written options) | 0.5 | |||
|
| |||
Net Assets | 100.0 | % | ||
|
|