Swiss Re Ltd
Swiss Re Ltd reported 237 US-listed holdings worth $1.10 billion in its 13F for the quarter ended 30 June 2026, filed 11 August 2026. Its largest: iShares Core S&P 500 ETF (89.7%), NVIDIA Corp. (0.7%) and Apple Inc. (0.6%). Against the quarter before, it opened 48 positions, added to 189, trimmed 0 and sold out of 50.
Reported holdings$1.10B+6613.3% on Q1 2026
Positions237-2 on Q1 2026
The largest ten93.4%of its reported holdings
Latest 13FQ2 2026filed 11 August 2026
Added to
The 14 largest of its 237 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What it did on the quarter
Opened 48Added 189Sold out 50
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 48
- Sandisk Corp. SNDK$909,492
- Palo Alto Networks Inc. PANW$432,072
- Marvell Technology, Inc. MRVL$306,827
- Marriott International Inc. MAR$291,654
- ROSS Stores, Inc. ROST$277,769
- Wheaton Precious Metals Corp. WPM$258,059
- Comcast Corp. CMCSA$238,700
- Ecolab Inc. ECL$238,212
and 40 more in the table below
Added to 189
- iShares Core S&P 500 ETF IVV+1.3 million shares · +2917582%
- NVIDIA Corp. NVDA+35,370 shares · +718%
- Apple Inc. AAPL+21,664 shares · +780%
- Microsoft Corp. MSFT+13,428 shares · +837%
- Alphabet Inc. GOOGL+10,558 shares · +729%
- Alphabet Inc. GOOG+9,676 shares · +770%
- Amazon.com Inc. AMZN+13,476 shares · +827%
- Micron Technology Inc. MU+2,389 shares · +587%
and 181 more in the table below
Sold out of 50
- Invesco Exchange Traded FD T RSP$5.5 million last quarter
- Honeywell International Inc. HON$50,179 last quarter
- Emcor Group, Inc. EME$30,271 last quarter
- Celestica Inc. CLS$27,558 last quarter
- Fastenal Co. FAST$24,406 last quarter
- Cintas Corp. CTAS$22,665 last quarter
- Williams Companies, Inc. WMB$19,796 last quarter
- DoorDash, Inc. DASH$18,619 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| iShares Core S&P 500 ETF IVV | 1,312,957 | $985.5 million | 89.71% | +1,312,912 |
| NVIDIA Corp. NVDA | 40,297 | $8.1 million | 0.73% | +35,370 |
| Apple Inc. AAPL | 24,441 | $7.1 million | 0.64% | +21,664 |
| Microsoft Corp. MSFT | 15,033 | $5.6 million | 0.51% | +13,428 |
| Alphabet Inc. GOOGL | 12,006 | $4.3 million | 0.39% | +10,558 |
| Alphabet Inc. GOOG | 10,932 | $3.9 million | 0.35% | +9,676 |
| Amazon.com Inc. AMZN | 15,106 | $3.6 million | 0.33% | +13,476 |
| Micron Technology Inc. MU | 2,796 | $3.2 million | 0.29% | +2,389 |
| Broadcom Inc. AVGO | 6,896 | $2.6 million | 0.24% | +5,958 |
| Meta Platforms, Inc. META | 3,948 | $2.2 million | 0.20% | +3,474 |
| Tesla, Inc. TSLA | 5,009 | $2.1 million | 0.19% | +4,614 |
| Eli Lilly & Co. LLY | 1,655 | $2.0 million | 0.18% | +1,494 |
| Lam Research Corp. LRCX | 4,095 | $1.8 million | 0.16% | +3,448 |
| Advanced Micro Devices Inc. AMD | 2,929 | $1.7 million | 0.15% | +2,525 |
| Applied Materials Inc. AMAT | 2,344 | $1.7 million | 0.15% | +2,051 |
| Caterpillar Inc. CAT | 1,428 | $1.5 million | 0.14% | +1,200 |
| Johnson & Johnson JNJ | 5,719 | $1.5 million | 0.13% | +5,196 |
| Visa Inc. V | 4,126 | $1.4 million | 0.13% | +3,559 |
| JPMorgan Chase & Co. JPM | 3,843 | $1.3 million | 0.11% | +3,509 |
| Intel Corp. INTC | 7,968 | $1.1 million | 0.10% | +7,171 |
| Berkshire Hathaway Inc. Class B BRKB | 2,187 | $1.1 million | 0.10% | +2,027 |
| KLA Corp. KLAC | 3,480 | $1.0 million | 0.10% | +3,416 |
| GE Vernova Inc. GEV | 891 | $1.0 million | 0.10% | +791 |
| Walmart Inc. WMT | 8,571 | $970,751 | 0.09% | +7,920 |
| Sandisk Corp. SNDK | 400 | $909,492 | 0.08% | new |
| Mastercard Inc. MA | 1,701 | $873,634 | 0.08% | +1,454 |
| Cisco Systems, Inc. CSCO | 7,074 | $830,912 | 0.08% | +6,617 |
| Merck & Co., Inc. MRK | 6,058 | $778,453 | 0.07% | +5,521 |
| AbbVie Inc. ABBV | 2,915 | $733,531 | 0.07% | +2,707 |
| Western Digital Corp. WDC | 1,139 | $727,502 | 0.07% | +952 |
| Costco Wholesale Corp. COST | 759 | $710,022 | 0.06% | +679 |
| Procter & Gamble Co. PG | 4,646 | $681,289 | 0.06% | +4,208 |
| Royal Bank of Canada RY | 3,076 | $636,688 | 0.06% | +2,734 |
| TJX Companies Inc. TJX | 4,141 | $627,362 | 0.06% | +3,412 |
| Coca-Cola Co. KO | 7,669 | $623,260 | 0.06% | +6,775 |
| Citigroup Inc. C | 4,193 | $586,852 | 0.05% | +3,693 |
| Toronto-Dominion Bank TD | 4,732 | $575,107 | 0.05% | +4,193 |
| General Electric Co. GE | 1,537 | $574,423 | 0.05% | +1,212 |
| Netflix Inc. NFLX | 7,973 | $569,272 | 0.05% | +7,123 |
| Home Depot, Inc. HD | 1,569 | $553,355 | 0.05% | +1,407 |
| UnitedHealth Group Inc. UNH | 1,319 | $548,216 | 0.05% | +1,212 |
| Bank of America Corp. BAC | 9,496 | $541,082 | 0.05% | +8,673 |
| RTX Corp. RTX | 2,841 | $539,023 | 0.05% | +2,461 |
| Analog Devices Inc. ADI | 1,279 | $507,980 | 0.05% | +1,213 |
| Corning Inc. GLW | 1,944 | $496,556 | 0.05% | +1,515 |
| Texas Instruments Inc. TXN | 1,638 | $488,239 | 0.04% | +1,506 |
| Palantir Technologies Inc. PLTR | 4,118 | $480,447 | 0.04% | +3,676 |
| American Express Co. AXP | 1,403 | $474,565 | 0.04% | +1,298 |
| Goldman Sachs Group Inc. GS | 468 | $473,321 | 0.04% | +379 |
| International Business Machines Corp. IBM | 1,632 | $458,935 | 0.04% | +1,405 |
| Oracle Corp. ORCL | 3,065 | $449,176 | 0.04% | +2,507 |
| Philip Morris International Inc. PM | 2,428 | $439,249 | 0.04% | +2,180 |
| Palo Alto Networks Inc. PANW | 1,267 | $432,072 | 0.04% | new |
| Amphenol Corp. APH | 2,418 | $426,342 | 0.04% | +1,861 |
| Qualcomm Inc. QCOM | 2,187 | $404,136 | 0.04% | +1,911 |
| Welltower Inc. WELL | 1,704 | $386,757 | 0.04% | +1,549 |
| Bank of Montreal BMO | 2,149 | $379,669 | 0.03% | +1,859 |
| CrowdStrike Holdings, Inc. CRWD | 493 | $376,228 | 0.03% | +453 |
| NextEra Energy Inc. NEE | 4,069 | $357,136 | 0.03% | +3,870 |
| Union Pacific Corp. UNP | 1,307 | $355,504 | 0.03% | +1,142 |
| Thermo Fisher Scientific Inc. TMO | 685 | $343,432 | 0.03% | +637 |
| Wells Fargo & Company WFC | 4,111 | $339,733 | 0.03% | +3,792 |
| PepsiCo Inc. PEP | 2,500 | $338,500 | 0.03% | +2,306 |
| Parker-Hannifin Corp. PH | 345 | $337,451 | 0.03% | +333 |
| Morgan Stanley MS | 1,609 | $336,345 | 0.03% | +1,379 |
| McDonald's Corp. MCD | 1,232 | $333,022 | 0.03% | +1,114 |
| BlackRock, Inc. BLK | 344 | $330,777 | 0.03% | +313 |
| Arista Networks, Inc. ANET | 1,946 | $330,586 | 0.03% | +1,567 |
| Keysight Technologies, Inc. KEYS | 936 | $327,666 | 0.03% | +873 |
| Booking Holdings Inc. BKNG | 1,766 | $314,772 | 0.03% | +1,761 |
| Automatic Data Processing Inc. ADP | 1,382 | $309,499 | 0.03% | +1,214 |
| Marvell Technology, Inc. MRVL | 1,030 | $306,827 | 0.03% | new |
| Shopify Inc. SHOP | 2,648 | $302,828 | 0.03% | +2,370 |
| Bank of Nova Scotia BNS | 3,453 | $299,999 | 0.03% | +3,043 |
| Walt Disney Co. DIS | 3,071 | $295,584 | 0.03% | +2,851 |
| Abbott Laboratories ABT | 3,239 | $293,907 | 0.03% | +2,848 |
| Marriott International Inc. MAR | 787 | $291,654 | 0.03% | new |
| Freeport-McMoRan Inc. FCX | 4,571 | $287,470 | 0.03% | +4,172 |
| Amgen Inc. AMGN | 784 | $283,902 | 0.03% | +740 |
| Charles Schwab Corp. SCHW | 3,056 | $281,977 | 0.03% | +2,923 |
| Robinhood Markets, Inc. HOOD | 2,774 | $278,177 | 0.03% | +2,537 |
| ROSS Stores, Inc. ROST | 1,305 | $277,769 | 0.03% | new |
| ServiceNow, Inc. NOW | 2,729 | $270,935 | 0.02% | +2,589 |
| Verizon Communications Inc. VZ | 6,287 | $266,192 | 0.02% | +5,719 |
| Gilead Sciences, Inc. GILD | 2,083 | $263,166 | 0.02% | +1,832 |
| Howmet Aerospace Inc. HWM | 976 | $262,407 | 0.02% | +873 |
| Fortinet, Inc. FTNT | 1,694 | $260,232 | 0.02% | +1,219 |
| Wheaton Precious Metals Corp. WPM | 2,295 | $258,059 | 0.02% | new |
| Humana Inc. HUM | 647 | $257,001 | 0.02% | +600 |
| Chipotle Mexican Grill Inc. CMG | 7,505 | $255,170 | 0.02% | +6,245 |
| Intuitive Surgical Inc. ISRG | 632 | $251,334 | 0.02% | +590 |
| Teradyne, Inc. TER | 505 | $244,339 | 0.02% | +408 |
| Comcast Corp. CMCSA | 9,723 | $238,700 | 0.02% | new |
| Simon Property Group Inc. SPG | 1,066 | $238,411 | 0.02% | +957 |
| United Parcel Service Inc. UPS | 2,216 | $238,220 | 0.02% | +2,052 |
| Ecolab Inc. ECL | 855 | $238,212 | 0.02% | new |
| General Dynamics Corp. GD | 670 | $237,341 | 0.02% | new |
| Agnico Eagle Mines Ltd AEM | 1,528 | $237,313 | 0.02% | +1,244 |
| Quanta Services, Inc. PWR | 328 | $236,173 | 0.02% | +276 |
| Starbucks Corp. SBUX | 2,287 | $233,709 | 0.02% | +2,014 |
| Lockheed Martin Corp. LMT | 450 | $229,257 | 0.02% | +400 |
| Newmont Corp. NEM | 2,423 | $226,308 | 0.02% | +2,160 |
| CVS Health Corp. CVS | 2,187 | $226,245 | 0.02% | +1,860 |
| Comfort Systems USA Inc. FIX | 114 | $225,942 | 0.02% | +93 |
| Regeneron Pharmaceuticals, Inc. REGN | 362 | $225,721 | 0.02% | +337 |
| Hewlett Packard Enterprise Co. HPE | 4,953 | $223,430 | 0.02% | new |
| Danaher Corp. DHR | 1,165 | $221,909 | 0.02% | +1,091 |
| CBRE Group, Inc. CBRE | 1,642 | $221,161 | 0.02% | +1,485 |
| Prologis, Inc. PLD | 1,606 | $217,565 | 0.02% | new |
| Boeing Co. BA | 1,001 | $216,686 | 0.02% | +861 |
| Salesforce, Inc. CRM | 1,380 | $216,191 | 0.02% | +1,276 |
| Carrier Global Corp. CARR | 2,915 | $213,815 | 0.02% | +2,499 |
| AppLovin Corp. APP | 413 | $212,790 | 0.02% | +353 |
| Vertiv Holdings Co. VRT | 626 | $209,597 | 0.02% | +510 |
| Sherwin Williams Co. SHW | 608 | $209,347 | 0.02% | +550 |
| AT&T Inc. T | 10,084 | $208,739 | 0.02% | +9,239 |
| Deere & Co. DE | 327 | $207,426 | 0.02% | +303 |
| Vici Properties Inc. VICI | 7,795 | $206,957 | 0.02% | +7,154 |
| S&P Global Inc. SPGI | 503 | $204,852 | 0.02% | +428 |
| Manulife Financial Corporation MFC | 5,012 | $203,187 | 0.02% | +4,604 |
| Northrop Grumman Corp. NOC | 397 | $202,196 | 0.02% | new |
| Rockwell Automation, Inc. ROK | 406 | $201,002 | 0.02% | new |
| Datadog, Inc. DDOG | 758 | $197,353 | 0.02% | +696 |
| Progressive Corp. PGR | 902 | $197,042 | 0.02% | +745 |
| Snowflake Inc. SNOW | 768 | $195,456 | 0.02% | +708 |
| Lowe's Companies Inc. LOW | 883 | $194,693 | 0.02% | +779 |
| Dell Technologies Inc. DELL | 449 | $193,726 | 0.02% | +353 |
| Sempra SRE | 2,081 | $192,930 | 0.02% | new |
| Emerson Electric Co. EMR | 1,343 | $192,250 | 0.02% | +1,201 |
| Monster Beverage Corp. MNST | 1,988 | $191,087 | 0.02% | +1,754 |
| Royal Caribbean Cruises Ltd. RCL | 601 | $190,836 | 0.02% | new |
| American Tower Corp. AMT | 1,164 | $190,395 | 0.02% | +1,019 |
| Enbridge Inc ENB | 3,427 | $185,769 | 0.02% | +3,117 |
| Capital One Financial Corp. COF | 925 | $185,574 | 0.02% | +834 |
| Paychex Inc. PAYX | 1,885 | $185,352 | 0.02% | +1,669 |
| Nucor Corp. NUE | 824 | $183,546 | 0.02% | new |
| Arthur J. Gallagher & Co. AJG | 794 | $182,279 | 0.02% | +705 |
| Blackstone Inc. BX | 1,539 | $181,094 | 0.02% | +1,410 |
| Cheniere Energy Inc. LNG | 753 | $179,975 | 0.02% | new |
| Truist Financial Corp. TFC | 3,522 | $175,466 | 0.02% | +2,989 |
| IDEXX Laboratories Inc. IDXX | 332 | $174,778 | 0.02% | +312 |
| Travelers Companies, Inc. TRV | 527 | $173,973 | 0.02% | +447 |
| Hilton Worldwide Holdings Inc. HLT | 525 | $173,492 | 0.02% | new |
| PNC Financial Services Group, Inc. PNC | 701 | $172,600 | 0.02% | new |
| Canadian Imperial Bank of Commerce CM | 1,498 | $172,432 | 0.02% | +1,261 |
| Vertex Pharmaceuticals Inc. VRTX | 345 | $171,372 | 0.02% | +284 |
| Adobe Inc. ADBE | 827 | $169,552 | 0.02% | +736 |
| Cummins Inc. CMI | 237 | $169,031 | 0.02% | +201 |
| General Motors Co. GM | 2,177 | $167,803 | 0.02% | +2,052 |
| Mondelez International, Inc. MDLZ | 2,898 | $167,620 | 0.02% | +2,639 |
| SLB Limited SLB | 3,596 | $167,178 | 0.02% | +2,423 |
| M&T Bank Corp. MTB | 700 | $166,607 | 0.02% | new |
| O'Reilly Automotive, Inc. ORLY | 1,804 | $166,130 | 0.02% | +1,658 |
| Sun Life Financial Inc. SLF | 2,084 | $163,551 | 0.01% | new |
| Public Storage PSA | 511 | $162,656 | 0.01% | +460 |
| FedEx Corp. FDX | 519 | $162,514 | 0.01% | +457 |
| Cadence Design Systems Inc. CDNS | 430 | $161,388 | 0.01% | +336 |
| Bank of New York Mellon Corp. BNY | 1,116 | $161,385 | 0.01% | +922 |
| Westinghouse Air Brake Technologies Corp. WAB | 596 | $160,682 | 0.01% | +514 |
| Altria Group, Inc. MO | 2,232 | $160,592 | 0.01% | +1,995 |
| Moody's Corp. MCO | 354 | $160,334 | 0.01% | +335 |
| CME Group Inc. CME | 722 | $159,439 | 0.01% | +662 |
| Nutrien Ltd. NTR | 2,523 | $158,883 | 0.01% | +2,223 |
| Stryker Corp. SYK | 499 | $157,105 | 0.01% | +465 |
| Illinois Tool Works Inc. ITW | 579 | $156,602 | 0.01% | +506 |
| HCA Healthcare, Inc. HCA | 395 | $154,007 | 0.01% | new |
| T-Mobile US, Inc. TMUS | 918 | $153,976 | 0.01% | +776 |
| Crown Castle Inc. CCI | 2,029 | $153,656 | 0.01% | new |
| Intercontinental Exchange, Inc. ICE | 1,247 | $153,518 | 0.01% | +1,075 |
| Fiserv Inc. FISV | 3,093 | $151,712 | 0.01% | new |
| Marsh & McLennan Companies, Inc. MRSH | 901 | $150,170 | 0.01% | +742 |
| Waste Management Inc. WM | 668 | $148,884 | 0.01% | +619 |
| U.S. Bancorp USB | 2,433 | $146,953 | 0.01% | +2,170 |
| Entergy Corp. ETR | 1,271 | $145,987 | 0.01% | +1,049 |
| Canadian Pacific Kansas City LT CP | 1,673 | $144,986 | 0.01% | new |
| Uber Technologies, Inc. UBER | 2,001 | $144,392 | 0.01% | +1,551 |
| Electronic Arts Inc EA | 697 | $142,913 | 0.01% | +625 |
| AMETEK Inc. AME | 583 | $141,051 | 0.01% | +532 |
| Huntington Bancshares Inc. HBAN | 7,939 | $140,758 | 0.01% | +6,834 |
| Cigna Group CI | 503 | $138,667 | 0.01% | +462 |
| Brookfield Corporation BN | 3,203 | $136,600 | 0.01% | +2,724 |
| Ford Motor Co. F | 9,805 | $136,290 | 0.01% | new |
| Franco Nev Corp. FNV | 646 | $134,737 | 0.01% | +553 |
| Yum! Brands, Inc. YUM | 838 | $133,963 | 0.01% | new |
| Paccar Inc. PCAR | 1,115 | $133,934 | 0.01% | +983 |
| Halliburton Co. HAL | 3,939 | $133,729 | 0.01% | new |
| Equinix Inc. EQIX | 128 | $133,426 | 0.01% | +111 |
| Coherent Corp. COHR | 337 | $132,936 | 0.01% | new |
| Old Dominion Freight Line, Inc. ODFL | 607 | $131,476 | 0.01% | new |
| Ferguson Enterprises Inc. FERG | 548 | $130,057 | 0.01% | +457 |
| CSX Corp. CSX | 2,698 | $128,236 | 0.01% | new |
| D.R. Horton, Inc. DHI | 784 | $127,698 | 0.01% | +679 |
| Cloudflare Inc. NET | 507 | $124,357 | 0.01% | +411 |
| Nike, Inc. NKE | 3,026 | $124,217 | 0.01% | +2,760 |
| Kimberly Clark Corp. KMB | 1,131 | $124,150 | 0.01% | +1,036 |
| Ciena Corp. CIEN | 253 | $124,112 | 0.01% | +210 |
| Pfizer Inc. PFE | 5,152 | $124,060 | 0.01% | +4,376 |
| Pg&E Corp. PCG | 7,371 | $123,980 | 0.01% | +6,538 |
| Cameco Corp. CCJ | 1,205 | $122,772 | 0.01% | +987 |
| Realty Income Corp. O | 1,971 | $122,123 | 0.01% | new |
| Edwards Lifesciences Corp. EW | 1,346 | $121,759 | 0.01% | new |
| Apollo Global Management, Inc. APO | 1,015 | $120,085 | 0.01% | +903 |
| L3Harris Technologies, Inc. LHX | 412 | $119,723 | 0.01% | new |
| Warner Bros. Discovery, Inc. WBD | 4,478 | $119,383 | 0.01% | +3,585 |
| Intuit Inc. INTU | 455 | $118,755 | 0.01% | new |
| Autozone Inc. AZO | 37 | $118,250 | 0.01% | new |
| Martin Marietta Materials Inc. MLM | 204 | $117,647 | 0.01% | new |
| Boston Scientific Corp. BSX | 2,748 | $117,285 | 0.01% | +2,475 |
| Bristol-Myers Squibb Co. BMY | 2,029 | $116,911 | 0.01% | +1,559 |
| Ebay Inc. EBAY | 1,045 | $116,779 | 0.01% | +868 |
| Autodesk, Inc. ADSK | 594 | $115,485 | 0.01% | +487 |
| MSCI Inc. MSCI | 206 | $115,368 | 0.01% | new |
| Block, Inc. XYZ | 1,507 | $114,532 | 0.01% | +1,298 |
| 3M Co. MMM | 698 | $113,013 | 0.01% | +615 |
| Constellation Energy Corp. CEG | 453 | $112,512 | 0.01% | +398 |
| Waste Connections Inc. WCN | 673 | $112,127 | 0.01% | new |
| Ameriprise Financial Inc. AMP | 244 | $111,937 | 0.01% | +220 |
| Carvana Co. CVNA | 1,697 | $111,697 | 0.01% | new |
| Occidental Petroleum Corp. OXY | 2,299 | $111,662 | 0.01% | new |
| Becton Dickinson & Co. BDX | 725 | $109,714 | 0.01% | +655 |
| Canadian Natl Ry Co. CNI | 901 | $107,478 | 0.01% | new |
| Kenvue Inc. KVUE | 5,610 | $107,207 | 0.01% | +4,965 |
| Republic Services, Inc. RSG | 499 | $106,327 | 0.01% | new |
| Qnity Electronics, Inc. Q | 646 | $105,498 | 0.01% | new |
| Cboe Global Markets, Inc. CBOE | 428 | $103,863 | 0.01% | +373 |
| Baker Hughes Co. BKR | 1,866 | $103,563 | 0.01% | +1,500 |
| Take-Two Interactive Software, Inc. TTWO | 408 | $101,992 | 0.01% | +352 |
| Honeywell International Inc. HON | 454 | $101,651 | 0.01% | new |
| Colgate-Palmolive Co. CL | 1,106 | $101,398 | 0.01% | +931 |
| Honeywell Aerospace Inc. Com HONA | 454 | $100,370 | 0.01% | new |
| Archer-Daniels-Midland Co. ADM | 1,266 | $96,722 | 0.01% | +1,086 |
| Microchip Technology Inc. MCHP | 1,040 | $94,848 | 0.01% | new |
| McKesson Corp. MCK | 121 | $91,428 | 0.01% | +89 |
| Nasdaq, Inc. NDAQ | 1,131 | $89,145 | 0.01% | +1,005 |
| Axon Enterprise, Inc. AXON | 136 | $76,243 | 0.01% | +109 |
| Fedex Fght Hldg Co. Inc. Common Stock FDXF | 259 | $39,109 | 0.00% | new |
| Vanguard Ftse Developed Markets VEA | 431 | $30,709 | 0.00% | +259 |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.