GPS Funds I NPORT-P GuideMark World ex-US Fund (Dec 2024 report)

GuideMark World ex-US Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 98.3%	Shares		Value
Australia - 5.5%
ANZ Group Holdings Ltd.		15,176	$	267,398
Aristocrat Leisure, Ltd.		1,362		57,518
ASX, Ltd.		849		34,141
BHP Billiton, Ltd.		17,283		421,615
BlueScope Steel, Ltd.		11,358		131,334
Brambles Ltd.		6,507		77,389
CAR Group Ltd.		3,150		70,100
Cochlear, Ltd.		1,711		306,403
Coles Group, Ltd.		27,425		320,147
Commonwealth Bank of Australia		4,886		462,319
CSL, Ltd.		1,019		177,765
Endeavour Group, Ltd.		11,468		29,750
Fortescue Ltd.		9,558		107,628
Insurance Australia Group, Ltd.		17,009		88,961
Lottery Corp. Ltd.		102,440		312,448
Macquarie Group, Ltd.		1,188		162,474
Medibank Private, Ltd.		25,983		60,901
National Australia Bank, Ltd.		15,989		366,345
Northern Star Resources Ltd.		4,571		43,430
Origin Energy, Ltd.		11,398		76,778
Pro Medicus Ltd.		4,327		668,402
Qantas Airways Ltd. (a)		6,752		37,379
QBE Insurance Group, Ltd.		10,558		125,385
REA Group, Ltd.		1,279		184,001
Rio Tinto, Ltd.		1,854		134,439
SGH Ltd.		605		17,211
Suncorp Group, Ltd.		12,034		141,385
Telstra Group Ltd.		9,679		23,988
Wesfarmers, Ltd.		9,270		409,526
Westpac Banking Corp.		16,178		322,929
WiseTech Global Ltd.		715		53,377
Woolworths, Ltd.		13,689		258,047
				5,950,913
Austria - 0.2%
Erste Group Bank AG		4,144		256,498
Belgium - 0.6%
Ageas SA		3,538		172,018
Anheuser-Busch InBev SA		3,040		152,195
KBC Group NV		420		32,428
Lotus Bakeries NV		2		22,386
UCB SA		1,211		241,066
				620,093
Canada - 11.8%
Agnico Eagle Mines Ltd.		2,235		174,857
Air Canada (a)		4,730		73,248
Alimentation Couche-Tard, Inc.		5,917		328,153
AltaGas Ltd.		5,137		119,647
Bank of Montreal		1,910		185,426
Bank of Nova Scotia		3,860		207,279
Brookfield Asset Management Ltd. - Class A		1,513		82,057
Brookfield Corp.		2,969		170,649
Canadian Imperial Bank of Commerce		3,216		203,437
Canadian Natural Resources, Ltd.		11,085		342,240
Canadian Pacific Kansas City Ltd.		240		17,377
Canadian Tire Corp. Ltd. - Class A		2,662		280,043
Canadian Utilities, Ltd. - Class A		981		23,784
Cenovus Energy, Inc.		28,169		427,008
CGI, Inc.		1,152		126,047
Constellation Software, Inc.		261		807,069
Descartes Systems Group, Inc. (a)		1,155		131,293
Dollarama, Inc.		4,676		456,328
Element Fleet Management Corp.		3,144		63,560
Empire Co. Ltd.		22,134		675,823
Enbridge, Inc.		5,564		236,154
Fairfax Financial Holdings Ltd.		374		520,366
FirstService Corp.		275		49,815
George Weston, Ltd.		2,699		419,726
Gildan Activewear, Inc.		969		45,604
Great-West Lifeco, Inc.		5,299		175,730
Hydro One, Ltd. (b)		1,513		46,597
iA Financial Corp., Inc.		1,756		162,865
IGM Financial, Inc.		884		28,234
Imperial Oil, Ltd.		4,099		252,621
Intact Financial Corp.		439		79,933
Ivanhoe Mines Ltd. - Class A (a)		5,362		63,638
Keyera Corp.		2,581		78,932
Kinross Gold Corp.		12,372		114,902
Loblaw Cos. Ltd.		5,094		670,376
Lundin Mining Corp.		1,344		11,566
Manulife Financial Corp.		12,076		370,988
MEG Energy Corp.		4,083		67,035
Metro, Inc.		1,993		124,991
National Bank of Canada		1,450		132,184
Nutrien Ltd.		3,725		166,678
Onex Corp.		1,632		127,476
Open Text Corp.		1,873		53,006
Parkland Corp. (b)		7,994		180,796
Pembina Pipeline Corp.		4,741		175,167
Power Corp. of Canada		4,813		150,137
Quebecor, Inc. - Class B		2,448		53,645
Royal Bank of Canada		6,421		774,210
Saputo, Inc.		5,107		88,785
Shopify, Inc. - Class A (a)		2,602		276,935
Stantec, Inc.		2,009		157,623
Sun Life Financial, Inc.		1,085		64,423
Suncor Energy, Inc.		13,180		470,462
TC Energy Corp.		3,434		160,036
TFI International, Inc.		555		74,996
Thomson Reuters Corp.		627		100,681
TMX Group Ltd.		4,995		153,869
Toronto-Dominion Bank		5,930		315,714
Wheaton Precious Metals Corp.		1,596		89,834
WSP Global, Inc.		3,022		531,806
				12,713,861
China - 0.0%(c)
Yangzijiang Shipbuilding Holdings, Ltd.		23,012		50,301
Denmark - 2.8%
AP Moller - Maersk AS - Class A		179		287,988
AP Moller - Maersk AS - Class B		175		291,158
Danske Bank AS		2,847		80,720
Demant AS (a)		1,447		53,259
Genmab AS (a)		273		57,014
Novo Nordisk AS - Class B		18,431		1,590,260
Novonesis – Class B		425		24,083
Pandora AS		1,786		326,759
Rockwool AS - Class B		591		210,299
Zealand Pharma AS (a)		764		75,999
				2,997,539
Finland - 0.6%
Kone OYJ - Class B		891		43,436
Nokia OYJ		73,328		324,361
Orion Oyj - Class B		6,082		269,516
Wartsila OYJ Abp		2,698		47,816
				685,129
France - 9.5%
Accor SA		1,968		95,719
Air Liquide SA		528		85,832
Airbus SE		492		78,784
Alstom SA (a)		938		20,930
Arkema SA		886		67,418
AXA SA		12,537		446,188
BioMerieux		783		83,805
BNP Paribas SA		4,901		300,906
Bollore SE		22,490		138,292
Bouygues SA		13,347		395,213
Bureau Veritas SA		826		25,094
Canal+ SADIR (a)		20,243		51,444
Capgemini SE		718		117,269
Carrefour SA		19,740		280,956
Cie de Saint-Gobain SA		5,171		459,504
Cie Generale des Etablissements Michelin SCA		4,350		143,139
Credit Agricole SA		22,232		305,902
Danone SA		2,291		154,825
Dassault Aviation SA		515		105,233
Dassault Systemes SE		1,454		50,314
Eiffage SA		3,813		334,367
EssilorLuxottica SA		620		151,237
Hermes International SCA		208		499,070
Ipsen SA		4,309		493,901
La Francaise des Jeux SAEM (b)		11,463		441,447
L'Oreal SA		1,552		549,413
Louis Hachette Group (a)		20,243		31,663
LVMH Moet Hennessy Louis Vuitton SE		1,254		824,873
Orange SA		19,338		192,951
Publicis Groupe SA		1,978		210,577
Rexel SA		10,346		263,508
Safran SA		1,214		265,997
Sanofi SA		5,846		568,295
Schneider Electric SE		1,427		355,261
SEB SA		2,694		243,455
Societe Generale SA		5,276		148,074
Sodexo SA		251		20,683
Teleperformance		1,980		169,831
Thales SA		228		32,740
TotalEnergies SE		13,179		734,267
Vinci SA		2,687		276,645
				10,215,022
Germany - 9.2%
adidas AG		1,947		478,893
Allianz SE		1,446		444,447
Bayer AG		25,211		503,589
Bechtle AG		2,689		86,242
Beiersdorf AG		715		92,064
Brenntag SE		923		55,508
Commerzbank AG		10,218		167,805
Continental AG		2,922		196,895
CTS Eventim AG & Co. KGaA		298		25,192
Deutsche Bank AG		35,373		610,429
Deutsche Boerse AG		711		163,783
Deutsche Lufthansa AG		10,450		67,159
Deutsche Post AG		11,721		413,780
Deutsche Telekom AG		20,409		611,517
Evonik Industries AG		11,679		203,005
Fresenius Medical Care AG		9,480		431,632
Fresenius SE & Co. KGaA (a)		8,661		300,632
Hannover Rueck SE		284		71,119
Heidelberg Materials AG		2,972		367,230
Henkel AG & Co. KGaA		444		34,210
Knorr-Bremse AG		1,861		135,074
Mercedes-Benz Group AG		6,945		387,196
Merck KGaA		646		94,008
MTU Aero Engines AG		370		123,579
Muenchener Rueckversicherungs-Gesellschaft AG		602		303,747
Nemetschek SE		1,286		124,925
Puma SE		4,706		216,386
Rational AG		438		375,151
Rheinmetall AG		515		329,038
SAP SE		4,441		1,092,373
Scout24 SE (b)		400		35,296
Siemens AG		2,063		402,274
Siemens Energy AG (a)		7,868		417,568
Symrise AG		348		37,122
Talanx AG		3,041		258,642
Zalando SE (a)(b)		8,891		297,433
				9,954,943
Hong Kong - 1.9%
AIA Group, Ltd.		8,037		57,729
BOC Hong Kong Holdings, Ltd.		75,554		241,254
CK Hutchison Holdings, Ltd.		64,884		344,952
CK Infrastructure Holdings Ltd.		9,340		69,335
Hang Seng Bank, Ltd.		5,100		62,469
HKT Trust and HKT, Ltd. - Stapled Security		32,221		39,794
Hong Kong Exchange & Clearing, Ltd.		4,480		167,681
Jardine Matheson Holdings, Ltd.		10,142		415,145
Power Asstes Holdings Ltd.		6,587		45,874
SITC International Holdings Co. Ltd.		16,028		42,502
Techtronic Industries Co. Ltd.		10,078		132,485
WH Group, Ltd. (b)		506,696		390,477
				2,009,697
Ireland - 0.7%
AerCap Holdings NV		1,034		98,954
AIB Group PLC		9,957		55,061
Bank of Ireland Group PLC		3,608		32,903
DCC PLC		2,161		138,468
Experian PLC		4,060		174,497
James Hardie Industries PLC (a)		4,057		125,040
Kerry Group Plc - Class A		538		51,888
Kingspan Group PLC		213		15,485
Kingspan Group PLC (a)		206		15,052
				707,348
Israel - 1.4%
Azrieli Group, Ltd.		324		26,741
Bank Hapoalim BM		4,017		48,494
Bank Leumi Le-Israel BM		5,888		70,051
Check Point Software Technologies, Ltd. (a)		974		181,846
CyberArk Software, Ltd. (a)		320		106,608
ICL Group Ltd.		34,241		169,111
Monday.com Ltd. (a)(d)		432		101,710
Teva Pharmaceutical Industries Ltd. - ADR (a)		21,015		463,171
Wix.com, Ltd. (a)		1,699		364,520
				1,532,252
Italy - 3.0%
Banco BPM SpA		21,122		171,017
Enel SpA		18,648		133,076
Eni SpA		24,355		333,136
FinecoBank Banca Fineco SpA		7,414		129,395
Generali		12,098		342,276
Intesa Sanpaolo SpA		52,897		212,160
Leonardo SpA		8,319		223,813
Mediobanca Banca di Credito Finanziario SpA		7,991		116,700
Moncler SpA		4,805		253,659
Poste Italiane SpA (b)		19,325		273,315
Prysmian SpA		4,534		290,160
UniCredit SpA		9,915		397,080
Unipol Gruppo SpA		24,782		309,490
				3,185,277
Japan - 19.7%
Advantest Corp.		6,250		355,368
Aisin Corp.		27,651		308,922
Ajinomoto Co., Inc.		2,201		89,605
ANA Holdings, Inc.		8,003		145,251
Asahi Group Holdings, Ltd.		12,714		133,379
Asahi Kasei Corp.		16,567		114,151
Asics Corp.		19,476		379,934
Astellas Pharma, Inc.		8,974		87,144
Bandai Namco Holdings, Inc.		4,568		108,925
Bridgestone Corp.		2,016		67,764
Brother Industries, Ltd.		12,512		211,653
Canon, Inc.		4,684		152,144
Capcom Co. Ltd.		7,552		164,283
Chugai Pharmaceutical Co. Ltd.		4,057		178,837
Concordia Financial Group Ltd.		8,680		47,735
Dai-ichi Life Holdings, Inc.		6,251		166,566
Daiichi Sankyo Co. Ltd.		6,504		177,971
Daikin Industries, Ltd.		347		40,488
Daito Trust Construction Co. Ltd.		197		22,024
Daiwa Securities Group, Inc.		7,361		48,573
Denso Corp.		3,664		50,516
Disco Corp.		756		200,550
Don Quijote Co., Ltd.		4,433		120,430
Eisai Co. Ltd.		4,784		130,266
ENEOS Holdings, Inc.		70,880		371,847
Fast Retailing Co. Ltd.		905		305,294
Fuji Electric Co. Ltd.		510		27,265
FUJIFILM Holdings Corp.		2,278		47,131
Fujikura Ltd.		4,682		191,146
Fujitsu, Ltd.		10,090		177,247
Hikari Tsushin, Inc.		93		20,186
Hitachi Construction Machinery Co. Ltd.		1,977		43,817
Hitachi, Ltd.		21,950		537,557
Hoya Corp.		3,102		384,978
Idemitsu Kosan Co. Ltd.		45,331		298,596
Inpex Corp. (d)		21,730		273,395
Isuzu Motors Ltd.		4,320		58,767
ITOCHU Corp.		7,070		347,663
Japan Airlines Co. Ltd.		14,041		221,348
Japan Exchange Group, Inc.		5,453		60,503
Japan Post Bank Co. Ltd.		10,073		95,206
Japan Post Holdings Co. Ltd.		23,229		218,765
Japan Post Insurance Co. Ltd.		14,812		272,068
Japan Tobacco, Inc.		6,038		154,892
Kajima Corp.		1,979		35,849
Kansai Electric Power Co., Inc.		21,127		234,169
Kao Corp.		1,400		56,646
Kawasaki Kisen Kaisha Ltd.		5,762		81,975
KDDI Corp.		1,912		60,898
Keyence Corp.		158		64,222
Kirin Holdings Co. Ltd.		3,453		44,834
Komatsu, Ltd.		564		15,365
Konami Holdings Corp.		1,435		134,273
Lasertec Corp.		436		40,873
Marubeni Corp.		9,658		144,953
MatsukiyoCocokara & Co.		11,386		165,768
McDonald's Holdings Co. Japan Ltd.		384		15,084
Mitsubishi Chemical Group Corp.		49,609		250,557
Mitsubishi Corp.		13,910		227,592
Mitsubishi Electric Corp.		6,630		111,953
Mitsubishi Estate Co. Ltd.		2,494		34,621
Mitsubishi HC Capital, Inc.		26,984		177,831
Mitsubishi Heavy Industries, Ltd.		14,775		206,022
Mitsubishi UFJ Financial Group, Inc.		45,176		527,416
Mitsui & Co. Ltd.		13,637		282,819
Mitsui Chemicals, Inc.		2,115		46,169
Mizuho Financial Group, Inc.		18,464		450,753
MonotaRO Co. Ltd.		26,935		457,728
MS & AD Insurance Group Holdings, Inc.		5,584		120,601
NEC Corp.		1,282		109,710
Nintendo Co. Ltd.		2,918		169,950
Nippon Sanso Holdings Corp.		437		12,126
Nippon Steel Corp.		4,161		83,618
Nippon Telegraph & Telephone Corp.		300,555		300,213
Nippon Yusen KK		1,184		39,408
Nitori Holdings Co. Ltd.		578		68,489
Nitto Denko Corp.		1,230		20,564
Nomura Holdings, Inc.		23,164		134,394
Obayashi Corp.		1,346		17,723
Olympus Corp.		13,449		200,797
Ono Pharmaceutical Co. Ltd.		6,737		70,142
Oracle Corp.		882		84,413
ORIX Corp.		7,117		152,901
Otsuka Holdings Co. Ltd.		4,458		242,515
Panasonic Holdings Corp.		30,827		315,071
Rakuten, Inc. (a)		14,576		78,528
Recruit Holdings Co. Ltd.		13,538		940,998
Renesas Electronics Corp.		3,913		49,519
Resona Holdings, Inc.		14,631		105,472
Ricoh Co. Ltd.		34,091		387,160
SBI Holdings,  Inc.		1,493		37,498
Seiko Epson Corp.		8,737		157,642
Sekisui House Ltd.		3,875		92,396
Seven & i Holdings Co. Ltd.		13,209		207,086
Shin-Etsu Chemical Co. Ltd.		1,001		32,970
Shiseido Co. Ltd.		13,674		241,800
Shizuoka Financial Group, Inc.		3,886		31,516
SoftBank Corp.		24,954		31,500
SoftBank Group Corp.		564		32,230
Sompo Holdings, Inc.		10,884		282,007
Sony Group Corp.		5,545		116,864
Subaru Corp.		21,964		390,263
Sumitomo Corp.		9,738		210,742
Sumitomo Electric Industries Ltd.		13,656		244,135
Sumitomo Mitsui Financial Group, Inc.		21,214		509,141
Sumitomo Mitsui Trust Group, Inc.		4,119		96,218
Suzuki Motor Corp.		4,745		53,165
Sysmex Corp.		8,913		163,417
T&D Holdings, Inc.		2,732		50,006
TDK Corp.		10,110		130,203
Tokio Marine Holdings, Inc.		9,142		328,089
Tokyo Electron, Ltd.		1,667		250,582
Tokyo Gas Co. Ltd.		11,827		327,687
TOPPAN Holdings, Inc.		1,722		45,681
Toyota Motor Corp.		22,625		441,759
Toyota Tsusho Corp.		12,490		220,880
Trend Micro, Inc. (a)		5,062		272,908
Yakult Honsha Co. Ltd.		1,457		27,599
Yokogawa Electric Corp.		2,135		45,410
Z Holdings Corp.		9,730		25,727
Zensho Holdings Co. Ltd.		7,785		440,886
ZOZO, Inc.		17,463		537,824
				21,258,663
Jersey - 0.1%
Glencore PLC		28,495		125,496
Jordan - 0.1%
Hikma Pharmaceuticals PLC		4,111		102,494
Luxembourg - 0.3%
CVC Capital Partners PLC (a)(b)		8,385		185,417
Eurofins Scientific SE (a)		425		21,676
Tenaris SA		6,345		119,784
				326,877
Netherlands - 4.0%
ABN AMRO Bank NV (b)		12,068		186,228
Adyen NV (a)(b)		34		50,527
Aegon Ltd.		13,697		81,507
ArcelorMittal SA		3,223		74,884
Argenx SE (a)		59		36,445
ASML Holding NV		1,644		1,151,516
Euronext NV (b)		1,329		149,097
EXOR NV		4,514		413,825
Ferrari NV		451		192,441
Havas NV (a)		20,243		34,020
Heineken Holding NV		1,976		118,471
ING Groep NV		15,678		245,699
JDE Peet's NV		3,027		52,007
Koninklijke Ahold Delhaize NV		16,450		537,578
Koninklijke KPN NV		26,765		97,597
Koninklijke Philips NV (a)		2,727		69,078
NN Group NV		4,855		211,720
Randstad Holding NV		4,762		200,492
Universal Music Group NV		2,591		66,276
Wolters Kluwer NV		2,409		400,242
				4,369,650
New Zealand - 0.4%
Fisher & Paykel Healthcare Corp. Ltd.		12,639		271,652
Xero Ltd. (a)		1,703		177,219
				448,871
Norway - 0.7%
DNB Bank ASA		2,740		54,702
Equinor ASA		5,640		133,775
Gjensidige Forsikring ASA		4,653		82,159
Kongsberg Gruppen ASA		2,486		279,692
Orkla ASA		16,541		143,099
Telenor ASA		5,412		60,383
				753,810
Poland - 0.2%
InPost SA (a)		15,603		266,377
Portugal - 0.2%
Galp Energia SGPS SA		1,006		16,674
Jeronimo Martins SGPS SA		12,689		242,505
				259,179
Singapore - 1.5%
DBS Group Holdings, Ltd.		10,771		345,162
Oversea-Chinese Banking Corp. Ltd.		23,733		289,853
Sea Ltd. - ADR (a)		1,703		180,688
Singapore Airlines Ltd.		37,701		177,740
Singapore Exchange, Ltd.		26,601		247,964
Singapore Telecommunications Ltd.		62,221		140,173
United Overseas Bank, Ltd.		7,372		195,770
Wilmar International Ltd.		22,047		50,041
				1,627,391
Spain - 2.6%
ACS, Actividades de Construccion y Servicios SA		8,391		420,494
Aena SME SA (b)		290		59,189
Amadeus IT Holdings SA		526		37,127
Banco Bilbao Vizcaya Argentaria SA		43,108		421,788
Banco de Sabadell SA		75,905		147,504
Banco Santander SA		105,968		490,235
CaixaBank SA		23,506		127,618
Ferrovial SE		605		25,395
Grifols SA (a)		3,355		31,705
Iberdrola SA		13,793		190,071
Industria de Diseno Textil SA		10,389		532,166
Telefonica SA		78,467		320,215
				2,803,507
Sweden - 2.5%
Assa Abloy AB - Class B		2,676		79,039
Atlas Copco AB - Class A		12,210		186,345
Atlas Copco AB - Class B		9,073		122,585
Essity AB - Class B		3,279		87,675
Evolution AB (b)		250		19,279
H & M Hennes & Mauritz AB - Class B		28,099		378,742
Industrivarden AB		1,341		42,356
Industrivarden AB - Class C		1,333		42,135
Indutrade AB		1,448		36,282
Investment AB Latour - Class B		1,095		27,313
Investor AB (a)		11,296		299,196
Lifco AB (a)		1,279		37,071
Saab AB – Class B		2,239		47,304
Securitas AB - Class B		3,852		47,626
Skandinaviska Enskilda Banken AB - Class A		9,220		126,352
Skanska AB - Class B		2,258		47,480
Spotify Technology SA (a)		493		220,558
Svenska Handelsbanken AB - Class A		3,277		33,835
Swedbank AB - Class A		4,188		82,696
Swedish Orphan Biovitrum AB (a)		3,749		107,678
Tele2 AB - B Shares - Class B		10,644		105,104
Telefonaktiebolaget LM Ericsson - Class B		38,368		310,722
Telia Co. AB		43,672		121,386
Volvo AB - Class B		1,420		34,509
				2,643,268
Switzerland - 6.7%
ABB, Ltd.		5,674		306,388
Baloise Holding AG		591		107,091
Cie Financiere Richemont SA		817		123,591
Coca-Cola HBC AG		2,925		99,923
Dufry AG		4,279		171,775
EMS-Chemie Holding AG		89		60,055
Geberit AG		308		174,674
Givaudan SA		33		144,256
Holcim AG		3,328		320,436
Kuehne & Nagel International AG		1,088		249,635
Logitech International SA		2,971		245,245
Lonza Group AG		69		40,727
Nestle SA		10,668		875,237
Novartis AG		10,890		1,060,221
Partners Group Holding AG		260		353,156
Roche Holding AG		437		130,531
Roche Holding AG		3,616		1,011,058
Sandoz Group AG		1,574		64,522
Schindler Holding AG		223		60,835
Schindler Holding AG		210		58,020
SGS SA		2,900		290,921
Sonova Holding AG		356		116,415
STMicroelectronics NV		3,906		97,833
Straumann Holding AG		991		124,828
Swatch Group AG		188		34,171
Swiss Life Holding AG		194		149,781
Swiss Re AG		1,293		187,271
UBS Group AG		5,921		181,282
VAT Group AG (b)		316		119,484
Zurich Insurance Group AG		439		261,102
				7,220,464
United Kingdom - 12.0%
3i Group PLC		12,969		577,289
Admiral Group PLC		9,072		299,701
Associated British Foods PLC		3,738		95,350
AstraZeneca PLC		8,426		1,098,574
Auto Trader Group PLC (b)		50,360		498,303
Aviva PLC - Class B (a)		12,456		73,006
BAE Systems PLC		19,410		278,440
Barclays PLC		106,472		356,168
Berkeley Group Holdings PLC		1,151		56,015
BP PLC		108,546		536,537
British American Tobacco PLC		10,175		367,160
Bunzl PLC		3,422		140,901
Centrica PLC		185,604		309,656
Coca-Cola Europacific Partners PLC		739		56,763
Compass Group PLC		2,100		69,874
Diageo PLC		2,901		92,187
Entain PLC		1,543		13,246
GSK PLC		21,282		358,968
Haleon PLC		8,476		39,965
Hargreaves Lansdown PLC		31,796		436,308
HSBC Holdings PLC		87,250		857,061
Imperial Brands PLC		8,302		265,487
InterContinental Hotels Group PLC		1,440		179,169
J Sainsbury PLC		84,144		287,530
JD Sports Fashion PLC		185,307		221,486
Kingfisher PLC		90,718		281,983
Lloyds Banking Group PLC		307,915		210,283
London Stock Exchange Group PLC		950		134,096
Marks & Spencer Group PLC		8,467		39,652
National Grid PLC		1,937		23,012
NatWest Group PLC		47,236		236,710
Next PLC		3,653		433,325
Reckitt Benckiser Group PLC		945		57,201
RELX PLC		11,435		518,106
Rio Tinto PLC		4,322		255,127
Rolls-Royce Holdings PLC (a)		52,481		372,161
Sage Group PLC		24,883		395,351
Shell PLC		24,199		754,303
Smith & Nephew PLC		4,009		49,681
Standard Chartered PLC		18,740		230,711
Taylor Wimpey PLC		21,399		32,569
Tesco PLC		89,024		409,451
Unilever PLC		5,131		291,545
Vodafone Group PLC		476,598		406,574
Wise PLC - Class A (a)		23,705		315,070
				13,012,055
United States - 0.1%
RB Global, Inc.		748		67,512
TOTAL COMMON STOCKS (Cost $75,742,497)				106,164,487
INVESTMENT COMPANIES - 0.4%	Shares		Value
Canada – 0.0%(c)
iShares MSCI Canada ETF (d)		1,010		40,703
Japan – 0.4%
iShares MSCI EAFE ETF (d)		5,691		430,297
TOTAL INVESTMENT COMPANIES (Cost $435,323)				470,100
REAL ESTATE INVESTMENT TRUSTS - 0.3%	Shares		Value
Australia - 0.2%
Goodman Group		8,125		178,603
Scentre Group, Ltd.		17,567		37,187
				215,790
France - 0.1%
Klepierre		3,025		87,119
Unibail-Rodamco-Westfield		993		74,787
				161,906
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $402,688)				377,696
PREFERRED STOCKS - 0.1%	Shares		Value
Germany - 0.1%
Henkel AG & Co. KGaA, 0.00%,		523		45,886
Porsche Automobil Holding SE, 0.00%,		697		26,264
TOTAL PREFERRED STOCKS (Cost $68,734)				72,150
WARRANTS - 0.0%(c)	Contracts		Value
Canada - 0.0%(c)
Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00  (a)(e)		282		0
TOTAL WARRANTS (Cost $0)				0
SHORT-TERM INVESTMENTS - 3.7%			Value
Investments Purchased with Proceeds from Securities Lending - 3.7%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 4.51% (f)		3,993,149		3,993,149
Money Market Funds - 0.0%(c)	Shares
JPMorgan U.S. Government Money Market Fund - Class IM, 4.45% (f)		502		502
TOTAL SHORT-TERM INVESTMENTS (Cost $3,993,651)				3,993,651
TOTAL INVESTMENTS - 102.8% (Cost $80,642,893)				111,078,984
Liabilities in Excess of Other Assets - (2.8)%				(3,054,190	)
TOTAL NET ASSETS - 100.0%			$	108,024,794
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $2,752,088 or 2.5% of the Fund’s net assets.
(c)	Represents less than 0.05% of net assets.
(d)	All or a portion of this security is on loan as of December 31, 2024. The total market value of these securities was $3,894,758 which represented 3.6% of net assets.
(e)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2024.
(f)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Sector Classification as of December 31, 2024

(% of Net Assets)

Financials	$	25,819,686		24.0	%
Industrials		18,822,680		17.3
Consumer Discretionary		12,985,313		12.4
Health Care		12,862,274		11.9
Consumer Staples		10,020,534		9.2
Information Technology		9,112,516		8.4
Energy		5,962,765		5.5
Communication Services		4,838,811		4.6
Materials		4,079,171		3.7
Utilities		1,599,686		1.4
Real Estate		510,897		0.3
Investments Purchased with Proceeds from Securities Lending		3,993,149		3.7
Money Market Funds		502		0.0
Liabilities in Excess of Other Assets		(2,583,190	)	(2.4	)
		108,024,794		100.0	%