PMC Diversified Equity Fund | ||||||
Schedule of Investments | ||||||
May 31, 2023 (Unaudited) | ||||||
Shares | Value | |||||
COMMON STOCKS - 73.78% | ||||||
Automobiles & Components - 2.22% | ||||||
American Axle & Manufacturing Holdings, Inc. (a)(c) | 15,795 | $ | 106,616 | |||
Bayerische Motoren Werke AG - ADR | 87,773 | 3,193,182 | ||||
BorgWarner, Inc. (c) | 52,016 | 2,305,869 | ||||
Bridgestone Corp. - ADR | 16,750 | 337,513 | ||||
Geely Automobile Holdings Ltd. - ADR | 2,379 | 55,240 | ||||
General Motors Co. | 14,916 | 483,428 | ||||
Harley-Davidson, Inc. (c) | 6,547 | 203,677 | ||||
Honda Motor Co. Ltd. - ADR | 105,433 | 2,995,352 | ||||
Isuzu Motors Ltd. - ADR (c) | 23,423 | 271,004 | ||||
Mazda Motor Corp. - ADR | 336,453 | 1,416,467 | ||||
Mercedes-Benz Group AG - ADR | 175,580 | 3,276,322 | ||||
Renault SA - ADR | 195,692 | 1,303,309 | ||||
Subaru Corp. - ADR | 135,236 | 1,153,563 | ||||
Sumitomo Electric Industries Ltd. - ADR (c) | 57,515 | 678,102 | ||||
Suzuki Motor Corp. - ADR | 2,739 | 357,412 | ||||
Thor Industries, Inc. (c) | 5,792 | 453,340 | ||||
Valeo - ADR | 4,717 | 45,896 | ||||
Volkswagen AG - ADR | 23,553 | 355,179 | ||||
18,991,471 | ||||||
Banks - 3.32% | ||||||
ABN AMRO Bank NV - ADR | 81,960 | 1,193,338 | ||||
Akbank TAS - ADR | 245,491 | 402,605 | ||||
Associated Banc-Corp | 710 | 10,515 | ||||
Banco BBVA Argentina SA - ADR | 22,878 | 100,206 | ||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 603,317 | 3,933,628 | ||||
Banco de Chile - ADR | 6,736 | 136,067 | ||||
Banco do Brasil SA - ADR | 79,433 | 687,890 | ||||
Banco Macro SA - ADR | 3,300 | 57,948 | ||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand - ADR (e)(g) | 35,066 | 224,436 | ||||
Banco Santander SA - ADR | 274,278 | 880,432 | ||||
Bank Central Asia Tbk PT - ADR (c) | 5,478 | 83,211 | ||||
Bank Hapoalim BM - ADR | 7,076 | 286,295 | ||||
Bank Mandiri Persero Tbk PT - ADR | 26,646 | 359,854 | ||||
Bank of China Ltd. - ADR | 152,904 | 1,492,343 | ||||
Bank of East Asia Ltd. - ADR | 130,225 | 156,270 | ||||
Bank OZK (c) | 330 | 11,411 | ||||
Barclays PLC - ADR | 28,690 | 215,749 | ||||
BNP Paribas SA - ADR | 97,315 | 2,824,082 | ||||
CaixaBank SA - ADR | 499,573 | 590,995 | ||||
Commerzbank AG - ADR (a) | 33,966 | 342,717 | ||||
Credit Agricole SA - ADR (c) | 6,402 | 36,747 | ||||
DBS Group Holdings Ltd. - ADR | 359 | 32,554 | ||||
Erste Group Bank AG - ADR | 4,001 | 64,176 | ||||
First Citizens BancShares, Inc. (c) | 133 | 165,878 | ||||
FNB Corp/PA (c) | 5,793 | 63,665 | ||||
Grupo Financiero Banorte SAB de CV - ADR | 151 | 6,084 | ||||
HSBC Holdings PLC - ADR | 34,257 | 1,261,343 | ||||
Huntington Bancshares, Inc. (c) | 4,280 | 44,127 | ||||
ICICI Bank Ltd. - ADR | 39,940 | 915,425 | ||||
ING Groep NV - ADR | 337,211 | 4,137,580 | ||||
Intesa Sanpaolo SpA - ADR | 2,330 | 32,457 | ||||
Mediobanca Banca di Credito Finanziario SpA - ADR (c) | 67,579 | 744,045 | ||||
Mizuho Financial Group, Inc. - ADR | 421,286 | 1,230,155 | ||||
NatWest Group PLC - ADR (a)(c) | 40,422 | 261,530 | ||||
OFG Bancorp (b) | 7,117 | 172,658 | ||||
Oversea-Chinese Banking Corp. Ltd. - ADR (c) | 98,263 | 1,764,803 | ||||
Piraeus Financial Holdings SA - ADR | 127,125 | 378,833 | ||||
Provident Financial Services, Inc. (c) | 699 | 11,100 | ||||
Regions Financial Corp. (c) | 6,897 | 119,111 | ||||
S&T Bancorp, Inc. (c) | 403 | 10,808 | ||||
Sberbank of Russia PJSC - ADR (a)(e)(g) | 119,989 | – | ||||
Shinhan Financial Group Co. Ltd. - ADR | 7,927 | 208,084 | ||||
Standard Chartered PLC - ADR (c) | 80,527 | 1,280,379 | ||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 62,208 | 501,396 | ||||
Swedbank AB - ADR | 32,911 | 504,526 | ||||
Texas Capital Bancshares, Inc. (a) | 238 | 11,257 | ||||
Turkiye Garanti Bankasi AS - ADR | 268,605 | 333,070 | ||||
UniCredit SpA - ADR (c) | 6,719 | 64,502 | ||||
Western Alliance Bancorp (c) | 380 | 12,882 | ||||
28,359,167 | ||||||
Capital Goods - 6.35% | ||||||
AAR Corp. (a) | 6,425 | 321,957 | ||||
ABB Ltd. - ADR | 1,046 | 38,127 | ||||
ACS Actividades de Construccion y Servicios SA - ADR | 281,783 | 1,863,995 | ||||
Acuity Brands, Inc. (c) | 66 | 9,946 | ||||
AGCO Corp. | 1,101 | 121,418 | ||||
Allison Transmission Holdings, Inc. | 6,587 | 311,565 | ||||
Apogee Enterprises, Inc. | 5,813 | 214,558 | ||||
Applied Industrial Technologies, Inc. | 81 | 9,960 | ||||
Ashtead Group PLC - ADR | 146 | 35,316 | ||||
Assa Abloy AB - ADR | 3,037 | 33,680 | ||||
Astra International, Tbk PT - ADR | 30,213 | 258,925 | ||||
Atkore, Inc. (a)(c) | 2,848 | 332,561 | ||||
BAE Systems PLC - ADR | 17,293 | 812,598 | ||||
Balfour Beatty PLC - ADR | 56,399 | 503,643 | ||||
Beacon Roofing Supply, Inc. (a)(c) | 6,335 | 405,060 | ||||
Bidvest Group Ltd. - ADR | 173 | 4,210 | ||||
Boise Cascade Co. (c) | 2,736 | 196,500 | ||||
Bouygues SA - ADR | 92,988 | 593,263 | ||||
Builders FirstSource, Inc. (a) | 8,856 | 1,026,854 | ||||
Caterpillar, Inc. | 2,278 | 468,699 | ||||
Cie de Saint-Gobain - ADR | 97,556 | 1,087,750 | ||||
CK Hutchison Holdings Ltd. - ADR | 124,183 | 747,582 | ||||
Comfort Systems USA, Inc. | 1,476 | 218,418 | ||||
Crane Co. | 139 | 10,100 | ||||
Cummins, Inc. | 6,913 | 1,413,086 | ||||
Daimler Truck Holding AG - ADR (a) | 2,504 | 37,936 | ||||
Deere & Co. | 106 | 36,674 | ||||
EMCOR Group, Inc. | 5,105 | 841,508 | ||||
Encore Wire Corp. (c) | 3,111 | 509,177 | ||||
EnerSys (c) | 125 | 12,159 | ||||
Ferguson PLC (b) | 333 | 48,255 | ||||
General Dynamics Corp. | 189 | 38,590 | ||||
General Electric Co. | 19,304 | 1,959,935 | ||||
Gibraltar Industries, Inc. (a) | 244 | 12,761 | ||||
GMS, Inc. (a)(c) | 7,633 | 483,398 | ||||
Granite Construction, Inc. (c) | 284 | 10,278 | ||||
Hitachi Ltd. - ADR | 17,637 | 2,027,902 | ||||
Hubbell, Inc. (c) | 4,212 | 1,189,721 | ||||
Ingersoll Rand, Inc. (c) | 682 | 38,642 | ||||
ITOCHU Corp. - ADR | 34,187 | 2,309,331 | ||||
Jardine Matheson Holdings Ltd. - ADR | 647 | 31,153 | ||||
JGC Holdings Corp. - ADR (a) | 34,206 | 826,759 | ||||
Kawasaki Heavy Industries Ltd. - ADR (c) | 106,182 | 890,761 | ||||
Keppel Corp Ltd. - ADR | 55,641 | 518,852 | ||||
Kingspan Group PLC - ADR | 536 | 36,035 | ||||
KOC Holding AS - ADR | 13,285 | 253,611 | ||||
Komatsu Ltd. - ADR | 45,571 | 1,069,096 | ||||
Leonardo SpA - ADR | 236,522 | 1,255,933 | ||||
Lockheed Martin Corp. | 628 | 278,838 | ||||
Marubeni Corp. - ADR | 10,758 | 1,534,306 | ||||
Masco Corp. | 764 | 36,916 | ||||
Mitsui & Co. Ltd. - ADR (c) | 3,197 | 2,014,653 | ||||
Moog, Inc. - Class A | 115 | 11,179 | ||||
Mueller Industries, Inc. (c) | 8,401 | 623,858 | ||||
Northrop Grumman Corp. | 91 | 39,630 | ||||
NOW, Inc. (a) | 15,414 | 137,030 | ||||
NSK Ltd. - ADR | 5,457 | 66,466 | ||||
Owens Corning | 5,867 | 623,838 | ||||
PACCAR, Inc. | 35,590 | 2,447,880 | ||||
Prysmian SpA - ADR | 125,883 | 2,340,164 | ||||
Quanex Building Products Corp. | 11,715 | 246,132 | ||||
Rexel SA - ADR (c) | 62,088 | 1,244,244 | ||||
Rheinmetall AG - ADR | 14,760 | 745,675 | ||||
Rolls-Royce Holdings PLC - ADR | 18,103 | 31,680 | ||||
Rush Enterprises, Inc. - Class A (c) | 10,785 | 563,732 | ||||
Rush Enterprises, Inc. - Class B | 2,207 | 128,425 | ||||
Schneider Electric SE - ADR | 1,102 | 37,964 | ||||
Siemens AG - ADR | 4,258 | 349,582 | ||||
Skanska AB - ADR | 2,236 | 29,672 | ||||
SKF AB - ADR | 1,897 | 30,143 | ||||
SMC Corp. - ADR | 1,313 | 35,110 | ||||
Smiths Group PLC - ADR | 1,577 | 31,461 | ||||
Snap-on, Inc. (c) | 19,457 | 4,842,069 | ||||
Standex International Corp. | 76 | 10,350 | ||||
Sumitomo Corp. - ADR (c) | 86,800 | 1,643,992 | ||||
Terex Corp. | 5,730 | 265,700 | ||||
Textron, Inc. | 637 | 39,411 | ||||
Thales SA - ADR | 1,086 | 30,375 | ||||
Thermon Group Holdings, Inc. (a) | 10,672 | 244,816 | ||||
THK Co. Ltd. - ADR (c) | 24,109 | 251,819 | ||||
Timken Co. (c) | 6,892 | 493,123 | ||||
TOTO Ltd. - ADR (c) | 2,024 | 61,246 | ||||
Trane Technologies PLC (b) | 248 | 40,481 | ||||
Travis Perkins PLC - ADR | 17,443 | 189,693 | ||||
Triton International Ltd. (b) | 10,725 | 886,314 | ||||
UFP Industries, Inc. | 8,145 | 636,125 | ||||
United Rentals, Inc. (c) | 4,445 | 1,483,697 | ||||
Univar Solutions, Inc. (a) | 10,670 | 380,065 | ||||
Valmont Industries, Inc. | 39 | 10,229 | ||||
Vinci SA - ADR | 72,865 | 2,072,281 | ||||
Volvo AB - ADR | 1,949 | 35,920 | ||||
Wabash National Corp. (c) | 8,882 | 208,283 | ||||
WESCO International, Inc. | 297 | 40,802 | ||||
Westinghouse Air Brake Technologies Corp. | 3,564 | 330,133 | ||||
WW Grainger, Inc. | 1,397 | 906,681 | ||||
54,210,421 | ||||||
Commercial & Professional Services - 0.56% | ||||||
ABM Industries, Inc. | 1,014 | 44,778 | ||||
Brady Corp. - Class A | 206 | 9,822 | ||||
Brambles Ltd. - ADR | 78,851 | 1,396,845 | ||||
CACI International, Inc. - Class A (a) | 387 | 115,798 | ||||
Cintas Corp. | 103 | 48,630 | ||||
Clean Harbors, Inc. (a)(c) | 87 | 12,215 | ||||
Copart, Inc. (a) | 485 | 42,481 | ||||
Dai Nippon Printing Co. Ltd. - ADR | 12,176 | 172,303 | ||||
HeadHunter Group PLC - ADR (a)(e)(g) | 3,254 | 48,908 | ||||
Huron Consulting Group, Inc. (a) | 269 | 21,864 | ||||
Mitie Group PLC - ADR (c) | 65,943 | 302,019 | ||||
Randstad NV - ADR | 57,474 | 1,410,412 | ||||
Science Applications International Corp. (c) | 3,730 | 363,041 | ||||
TaskUS, Inc. (a)(c) | 8,433 | 91,498 | ||||
TechnoPro Holdings, Inc. - ADR | 6,775 | 28,980 | ||||
TOPPAN, Inc. - ADR | 67,889 | 722,000 | ||||
4,831,594 | ||||||
Consumer Discretionary Distribution & Retail - 2.83% | ||||||
Academy Sports & Outdoors, Inc. (c) | 7,305 | 357,653 | ||||
Alibaba Group Holding Ltd. - ADR (a) | 18,497 | 1,471,436 | ||||
Arhaus, Inc. (a) | 14,148 | 100,026 | ||||
Asbury Automotive Group, Inc. (a)(c) | 2,175 | 454,814 | ||||
ASOS PLC - ADR (a) | 14,050 | 59,994 | ||||
AutoNation, Inc. (a)(c) | 3,684 | 482,309 | ||||
AutoZone, Inc. (a) | 557 | 1,329,470 | ||||
B&M European Value Retail SA - ADR | 2,582 | 65,441 | ||||
Baozun, Inc. - ADR (a) | 46,449 | 182,545 | ||||
Best Buy Co., Inc. | 554 | 40,259 | ||||
Brilliant Earth Group, Inc. (a) | 3,232 | 10,827 | ||||
Buckle, Inc. (c) | 6,746 | 207,170 | ||||
Caleres, Inc. (c) | 8,907 | 153,735 | ||||
Cango, Inc. - ADR | 8,630 | 10,097 | ||||
Dick's Sporting Goods, Inc. (c) | 2,886 | 367,994 | ||||
Dillard's, Inc. - Class A (c) | 580 | 159,680 | ||||
Dufry AG - ADR (a) | 115,855 | 519,030 | ||||
Fast Retailing Co. Ltd. - ADR | 42,987 | 1,003,746 | ||||
Foot Locker, Inc. (c) | 5,116 | 129,537 | ||||
Genuine Parts Co. | 15,118 | 2,251,523 | ||||
Group 1 Automotive, Inc. (c) | 2,124 | 474,735 | ||||
Guess?, Inc. (c) | 7,320 | 140,617 | ||||
Industria de Diseno Textil SA - ADR | 65,461 | 1,112,837 | ||||
JD.com, Inc. - ADR | 4,403 | 143,538 | ||||
Jumia Technologies AG - ADR (a)(c) | 78,837 | 219,955 | ||||
Kingfisher PLC - ADR | 76,506 | 438,379 | ||||
LKQ Corp. | 37,329 | 1,969,105 | ||||
Lojas Renner SA - ADR (c) | 3,437 | 12,923 | ||||
Lowe's Companies, Inc. | 1,416 | 284,800 | ||||
MINISO Group Holding Ltd. - ADR | 15,214 | 231,253 | ||||
Murphy USA, Inc. | 866 | 239,380 | ||||
MYT Netherlands Parent BV - ADR (a) | 13,514 | 56,083 | ||||
Nitori Holdings Co. Ltd. - ADR | 13,441 | 163,577 | ||||
ODP Corp. (a) | 2,737 | 109,644 | ||||
O'Reilly Automotive, Inc. (a) | 1,005 | 907,827 | ||||
Pan Pacific International Holdings Corp. - ADR | 45,074 | 767,610 | ||||
PDD Holdings, Inc. - ADR (a) | 13,318 | 869,932 | ||||
Penske Automotive Group, Inc. (c) | 4,276 | 591,029 | ||||
Prosus NV - ADR (c) | 43,774 | 580,443 | ||||
Ross Stores, Inc. | 1,832 | 189,832 | ||||
Signet Jewelers Ltd. (b) | 2,529 | 160,566 | ||||
Sonic Automotive, Inc. - Class A | 6,556 | 271,681 | ||||
TJX Cos., Inc. | 20,668 | 1,587,096 | ||||
Ulta Beauty, Inc. (a) | 4,220 | 1,729,483 | ||||
Urban Outfitters, Inc. (a) | 6,451 | 198,820 | ||||
Vibra Energia SA - ADR (c) | 17,671 | 110,444 | ||||
Vipshop Holdings Ltd. - ADR (a) | 49,969 | 715,556 | ||||
Williams-Sonoma, Inc. (c) | 2,692 | 305,569 | ||||
Woolworths Holdings Ltd. (b) | 64,038 | 195,316 | ||||
24,135,316 | ||||||
Consumer Durables & Apparel - 4.04% | ||||||
Arcelik AS - ADR (a) | 10,518 | 222,982 | ||||
Bandai Namco Holdings, Inc. - ADR | 29,160 | 340,589 | ||||
Barratt Developments PLC - ADR | 51,135 | 587,030 | ||||
Burberry Group PLC - ADR | 40,060 | 1,073,608 | ||||
Cavco Industries, Inc. (a) | 126 | 31,371 | ||||
Cie Financiere Richemont SA - ADR | 81,011 | 1,286,455 | ||||
DR Horton, Inc. (c) | 45,541 | 4,865,601 | ||||
Haier Smart Home Co. Ltd. - ADR | 8,255 | 93,859 | ||||
Hermes International - ADR (c) | 6,247 | 1,275,512 | ||||
HUGO BOSS AG - ADR | 16,558 | 223,864 | ||||
KB Home | 7,702 | 333,728 | ||||
Kering SA - ADR (c) | 12,563 | 670,613 | ||||
La-Z-Boy, Inc. (c) | 10,221 | 273,105 | ||||
Lennar Corp. - Class A | 34,762 | 3,723,705 | ||||
Lennar Corp. - Class B | 23,633 | 2,234,500 | ||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 21,454 | 3,756,381 | ||||
MDC Holdings, Inc. (c) | 1,842 | 74,196 | ||||
Meritage Homes Corp. | 4,173 | 481,272 | ||||
NVR, Inc. (a) | 246 | 1,366,338 | ||||
Oxford Industries, Inc. (c) | 2,921 | 291,925 | ||||
Panasonic Holdings Corp. - ADR | 46,344 | 481,978 | ||||
Pandora A/S - ADR | 10,934 | 218,680 | ||||
PRADA SpA - ADR | 24,051 | 317,834 | ||||
PulteGroup, Inc. | 72,754 | 4,807,585 | ||||
PVH Corp. (c) | 2,098 | 180,470 | ||||
Ralph Lauren Corp. (c) | 2,180 | 231,756 | ||||
Sega Sammy Holdings, Inc. - ADR | 84,503 | 407,304 | ||||
Sekisui House Ltd. - ADR | 44,460 | 870,971 | ||||
Skechers U.S.A., Inc. - Class A (a) | 4,422 | 227,158 | ||||
Skyline Champion Corp. (a) | 2,941 | 170,960 | ||||
Swatch Group AG - ADR | 91,236 | 1,359,416 | ||||
Tapestry, Inc. (c) | 10,833 | 433,537 | ||||
Taylor Morrison Home Corp. (a)(c) | 13,043 | 553,414 | ||||
Toll Brothers, Inc. | 9,651 | 653,373 | ||||
Tri Pointe Homes, Inc. (a)(c) | 8,336 | 243,495 | ||||
Yue Yuen Industrial Holdings Ltd. - ADR (c) | 17,762 | 108,526 | ||||
34,473,091 | ||||||
Consumer Services - 0.76% | ||||||
Adtalem Global Education, Inc. (a)(c) | 7,870 | 326,604 | ||||
Booking Holdings, Inc. (a) | 59 | 148,017 | ||||
Chegg, Inc. (a) | 1,153 | 10,354 | ||||
Darden Restaurants, Inc. (c) | 9,730 | 1,542,399 | ||||
Evolution AB - ADR | 1,403 | 185,140 | ||||
Flutter Entertainment PLC - ADR (a) | 3,744 | 368,073 | ||||
Gaotu Techedu, Inc. - ADR (a) | 53,482 | 126,218 | ||||
Graham Holdings Co. - Class B | 45 | 25,414 | ||||
Grand Canyon Education, Inc. (a) | 1,031 | 108,008 | ||||
H&R Block, Inc. (c) | 6,582 | 196,473 | ||||
Light & Wonder, Inc. (a) | 2,702 | 157,500 | ||||
Luckin Coffee, Inc. - ADR (a) | 14,169 | 255,467 | ||||
Melco Resorts & Entertainment Ltd. - ADR (a) | 7,939 | 87,726 | ||||
MGM Resorts International | 11,116 | 436,748 | ||||
New Oriental Education & Technology Group, Inc. - ADR (a) | 7,278 | 274,162 | ||||
OPAP SA - ADR | 17,498 | 151,358 | ||||
Pearson PLC - ADR | 43,483 | 428,307 | ||||
Sodexo SA - ADR | 33,242 | 719,024 | ||||
Strategic Education, Inc. (c) | 2,665 | 210,295 | ||||
Stride, Inc. (a) | 1,963 | 79,325 | ||||
TAL Education Group - ADR (a) | 48,935 | 265,717 | ||||
Texas Roadhouse, Inc. (c) | 1,490 | 160,771 | ||||
Trip.com Group Ltd. - ADR (a) | 3,785 | 119,530 | ||||
Tuniu Corp. - ADR (a) | 36,974 | 41,041 | ||||
Youdao, Inc. - ADR (a) | 10,768 | 47,918 | ||||
Yum! Brands, Inc. | 287 | 36,934 | ||||
6,508,523 | ||||||
Consumer Staples Distribution & Retail - 1.49% | ||||||
111, Inc. - ADR (a) | 1,897 | 4,724 | ||||
Andersons, Inc. | 278 | 10,845 | ||||
BJ's Wholesale Club Holdings, Inc. (a) | 868 | 54,380 | ||||
Casey's General Stores, Inc. | 1,556 | 351,111 | ||||
Dollar General Corp. | 182 | 36,598 | ||||
Dollar Tree, Inc. (a) | 5,507 | 742,784 | ||||
J Sainsbury PLC - ADR | 50,465 | 678,502 | ||||
Jeronimo Martins SGPS SA - ADR (c) | 15,785 | 763,520 | ||||
Koninklijke Ahold Delhaize NV - ADR | 71,685 | 2,270,981 | ||||
Kroger Co. (c) | 17,845 | 808,914 | ||||
Marks & Spencer Group PLC - ADR (a) | 471,164 | 2,148,508 | ||||
Performance Food Group Co. (a)(c) | 6,341 | 350,594 | ||||
PriceSmart, Inc. | 163 | 11,814 | ||||
Sendas Distribuidora SA - ADR | 1,514 | 16,154 | ||||
Seven & i Holdings Co. Ltd. - ADR | 50,146 | 1,046,046 | ||||
Sprouts Farmers Market, Inc. (a)(c) | 6,813 | 235,457 | ||||
Walmart, Inc. | 19,367 | 2,844,431 | ||||
Weis Markets, Inc. (c) | 5,779 | 344,082 | ||||
12,719,445 | ||||||
Energy - 2.51% | ||||||
Antero Resources Corp. (a) | 8,945 | 182,567 | ||||
Arch Resources, Inc. (c) | 720 | 74,412 | ||||
BP PLC - ADR | 34,864 | 1,175,265 | ||||
Chesapeake Energy Corp. (c) | 4,484 | 337,421 | ||||
Chevron Corp. | 254 | 38,257 | ||||
Civitas Resources, Inc. | 3,988 | 266,398 | ||||
Comstock Resources, Inc. (c) | 13,597 | 126,724 | ||||
ConocoPhillips | 10,303 | 1,023,088 | ||||
CVR Energy, Inc. | 971 | 22,731 | ||||
Eni SpA - ADR | 39,321 | 1,044,366 | ||||
EQT Corp. (c) | 25,637 | 891,398 | ||||
Equinor ASA - ADR (c) | 5,686 | 144,026 | ||||
Exxon Mobil Corp. | 52,470 | 5,361,386 | ||||
Galp Energia SGPS SA - ADR (c) | 6,487 | 34,186 | ||||
Gazprom Neft PJSC - ADR (a)(e)(g) | 6,793 | – | ||||
Gazprom PJSC - ADR (a)(b)(e)(g) | 186,205 | – | ||||
HF Sinclair Corp. (c) | 8,351 | 346,065 | ||||
Inpex Corp. - ADR | 3,017 | 31,316 | ||||
LUKOIL PJSC - ADR (a)(e)(g) | 10,626 | – | ||||
Marathon Oil Corp. | 1,774 | 39,312 | ||||
Marathon Petroleum Corp. | 12,381 | 1,298,892 | ||||
OMV AG - ADR | 5,067 | 228,167 | ||||
PBF Energy, Inc. - Class A | 9,689 | 356,652 | ||||
PDC Energy, Inc. | 1,925 | 132,094 | ||||
Peabody Energy Corp. (c) | 7,913 | 143,700 | ||||
Petroleo Brasileiro SA - ADR | 18,050 | 208,297 | ||||
Phillips 66 | 2,163 | 198,152 | ||||
Repsol SA - ADR | 18,914 | 255,906 | ||||
Shell PLC - ADR | 53,315 | 2,985,641 | ||||
SM Energy Co. (c) | 3,758 | 98,798 | ||||
Southwestern Energy Co. (a) | 5,426 | 25,882 | ||||
Surgutneftegas PJSC - ADR (a)(e)(g) | 15,549 | – | ||||
TotalEnergies SE - ADR | 54,364 | 3,060,694 | ||||
Valero Energy Corp. | 7,908 | 846,472 | ||||
Vista Energy SAB de CV - ADR (a) | 9,679 | 200,065 | ||||
YPF SA - ADR (a) | 23,008 | 252,858 | ||||
21,431,188 | ||||||
Financial Services - 4.10% | ||||||
3i Group PLC - ADR | 182,978 | 2,250,628 | ||||
Adyen NV - ADR (a) | 2,106 | 34,454 | ||||
Affiliated Managers Group, Inc. | 5,207 | 724,242 | ||||
Ameriprise Financial, Inc. | 3,116 | 930,033 | ||||
AMTD IDEA Group - ADR (a) | 35,426 | 53,493 | ||||
Avantax, Inc. (a)(c) | 498 | 10,538 | ||||
Capital One Financial Corp. | 460 | 47,937 | ||||
Deutsche Bank AG (b) | 82,869 | 839,463 | ||||
Discover Financial Services | 15,942 | 1,637,882 | ||||
Enact Holdings, Inc. | 13,646 | 332,144 | ||||
Equitable Holdings, Inc. | 3,357 | 82,381 | ||||
Essent Group Ltd. (b) | 14,343 | 633,530 | ||||
Evercore, Inc. - Class A (c) | 1,887 | 203,702 | ||||
Federated Hermes, Inc. | 281 | 9,675 | ||||
FinVolution Group - ADR | 141,669 | 546,842 | ||||
FirstCash Holdings, Inc. | 3,860 | 380,364 | ||||
Fiserv, Inc. (a) | 39,248 | 4,403,234 | ||||
FleetCor Technologies, Inc. (a)(c) | 175 | 39,646 | ||||
Franklin Resources, Inc. (c) | 54,748 | 1,314,499 | ||||
Futu Holdings Ltd. - ADR (a)(c) | 18,921 | 697,428 | ||||
GCM Grosvenor, Inc. | 11,823 | 81,579 | ||||
Goldman Sachs Group, Inc. | 6,240 | 2,021,136 | ||||
Interactive Brokers Group, Inc. | 524 | 40,469 | ||||
Invesco Ltd. (b) | 798 | 11,475 | ||||
Jackson Financial, Inc. (c) | 13,093 | 362,676 | ||||
Jefferies Financial Group, Inc. | 27,043 | 813,183 | ||||
Jiayin Group, Inc. - ADR (a) | 20,307 | 124,888 | ||||
Julius Baer Group Ltd. - ADR | 10,845 | 133,068 | ||||
Lazard Ltd. (b) | 365 | 10,472 | ||||
LendingClub Corp. (a) | 21,842 | 179,104 | ||||
LexinFintech Holdings Ltd. - ADR (a) | 83,525 | 167,885 | ||||
LPL Financial Holdings, Inc. | 1,347 | 262,369 | ||||
MasterCard, Inc. - Class A | 5,673 | 2,070,758 | ||||
MGIC Investment Corp. | 48,927 | 739,776 | ||||
Morgan Stanley | 482 | 39,408 | ||||
Mr Cooper Group, Inc. (a) | 11,316 | 523,478 | ||||
Navient Corp. | 9,106 | 137,956 | ||||
Nelnet, Inc. - Class A (c) | 8,087 | 748,049 | ||||
OneMain Holdings, Inc. (c) | 8,540 | 323,324 | ||||
ORIX Corp. - ADR | 3,021 | 254,972 | ||||
PennyMac Financial Services, Inc. (c) | 11,961 | 730,099 | ||||
PROG Holdings, Inc. (a) | 586 | 19,121 | ||||
Qifu Technology, Inc. - ADR | 23,036 | 316,745 | ||||
QIWI PLC - ADR (a)(e)(g) | 29,317 | 166,227 | ||||
Qudian, Inc. - ADR (a) | 8,284 | 11,432 | ||||
Radian Group, Inc. | 22,857 | 583,768 | ||||
Rocket Cos, Inc. - Class A (a)(c) | 110,859 | 889,089 | ||||
Shift4 Payments, Inc. (a)(c) | 1,717 | 107,690 | ||||
State Street Corp. | 12,140 | 825,763 | ||||
Synchrony Financial | 1,467 | 45,418 | ||||
Toast, Inc. (a) | 2,038 | 42,737 | ||||
TPG, Inc. | 384 | 9,907 | ||||
UBS Group AG (b) | 148,037 | 2,799,379 | ||||
Up Fintech Holding Ltd. - ADR (a) | 1,572 | 4,763 | ||||
Victory Capital Holdings, Inc. (c) | 1,032 | 31,961 | ||||
Virtus Investment Partners, Inc. | 61 | 11,638 | ||||
Visa, Inc. (c) | 17,856 | 3,946,713 | ||||
WEX, Inc. (a) | 60 | 9,951 | ||||
Worldline SA/France - ADR (a)(c) | 6,976 | 136,102 | ||||
Yiren Digital Ltd. - ADR (a) | 30,920 | 62,458 | ||||
34,969,101 | ||||||
Food, Beverage & Tobacco - 2.93% | ||||||
Ajinomoto Co., Inc. - ADR | 12,706 | 491,849 | ||||
Altria Group, Inc. | 16,785 | 745,590 | ||||
Anheuser-Busch InBev SA/NV - ADR | 551 | 29,423 | ||||
Archer-Daniels-Midland Co. | 28,053 | 1,981,944 | ||||
Associated British Foods PLC - ADR | 2,362 | 53,665 | ||||
British American Tobacco PLC - ADR | 37,208 | 1,179,866 | ||||
Cal-Maine Foods, Inc. (c) | 7,020 | 333,801 | ||||
Campbell Soup Co. (c) | 40,973 | 2,071,185 | ||||
Coca-Cola Bottlers Japan Holdings, Inc. - ADR | 6,196 | 33,954 | ||||
Coca-Cola Femsa SAB de CV - ADR | 7,254 | 600,776 | ||||
Coca-Cola HBC AG - ADR | 1,463 | 43,608 | ||||
Conagra Foods, Inc. (c) | 18,527 | 646,036 | ||||
Embotelladora Andina SA - Class B - ADR | 8,592 | 133,176 | ||||
First Pacific Co. Ltd. - ADR | 239,608 | 431,294 | ||||
General Mills, Inc. | 35,744 | 3,008,216 | ||||
Heineken Holding NV - ADR | 887 | 37,839 | ||||
Hershey Co. | 145 | 37,657 | ||||
Imperial Brands PLC - ADR | 54,623 | 1,159,100 | ||||
Ingredion, Inc. | 4,440 | 464,424 | ||||
Japan Tobacco, Inc. - ADR (c) | 355,447 | 3,853,045 | ||||
JBS SA - ADR | 708 | 4,737 | ||||
JM Smucker Co. (c) | 4,543 | 665,958 | ||||
Kirin Holdings Co. Ltd. - ADR (c) | 127,183 | 1,895,027 | ||||
Lamb Weston Holdings, Inc. | 485 | 53,932 | ||||
Marfrig Global Foods SA - ADR | 14,345 | 18,218 | ||||
Mondelez International, Inc. - Class A | 510 | 37,439 | ||||
Oatly Group AB - ADR (a)(c) | 47,143 | 74,486 | ||||
PepsiCo, Inc. | 14,583 | 2,659,211 | ||||
Premier Foods PLC - ADR | 28,725 | 239,423 | ||||
Seaboard Corp. | 3 | 11,398 | ||||
SLC Agricola SA - ADR | 3,418 | 23,926 | ||||
Suntory Beverage & Food Ltd. - ADR | 2,096 | 38,545 | ||||
Tiger Brands Ltd. - ADR | 6,980 | 53,188 | ||||
Treasury Wine Estates Ltd. - ADR | 29,164 | 218,438 | ||||
Universal Corp. | 1,132 | 58,355 | ||||
Vector Group Ltd. | 975 | 11,417 | ||||
WH Group Ltd. - ADR | 434 | 4,548 | ||||
Wilmar International Ltd. - ADR (c) | 57,938 | 1,653,551 | ||||
25,058,245 | ||||||
Health Care Equipment & Services - 3.02% | ||||||
Acadia Healthcare Co., Inc. (a)(c) | 5,349 | 377,800 | ||||
AdaptHealth Corp. (a) | 17,618 | 184,637 | ||||
AmerisourceBergen Corp. | 232 | 39,475 | ||||
AMN Healthcare Services, Inc. (a)(c) | 3,103 | 294,661 | ||||
Ansell Ltd. - ADR | 12,921 | 902,532 | ||||
Apollo Medical Holdings, Inc. (a) | 3,959 | 125,184 | ||||
Avanos Medical, Inc. (a) | 6,483 | 158,834 | ||||
Axonics, Inc. (a) | 432 | 20,904 | ||||
Cardinal Health, Inc. | 11,771 | 968,753 | ||||
Chemed Corp. (c) | 797 | 425,415 | ||||
Cigna Corp. | 6,774 | 1,675,955 | ||||
Cochlear Ltd. - ADR | 2,274 | 180,010 | ||||
ConvaTec Group PLC - ADR | 12,669 | 128,020 | ||||
EDAP TMS SA - ADR (a) | 18,043 | 179,528 | ||||
Elekta AB - ADR | 4,919 | 35,810 | ||||
Elevance Health, Inc. | 4,225 | 1,892,040 | ||||
Encompass Health Corp. | 7,810 | 484,376 | ||||
Ensign Group, Inc. (c) | 4,034 | 357,453 | ||||
EssilorLuxottica SA - ADR | 43,824 | 3,951,172 | ||||
Getinge AB - ADR | 1,466 | 33,718 | ||||
Globus Medical, Inc. (a)(c) | 1,539 | 83,306 | ||||
Haemonetics Corp. (a) | 4,608 | 389,837 | ||||
HCA Healthcare, Inc. | 839 | 221,655 | ||||
Henry Schein, Inc. (a) | 520 | 38,428 | ||||
Hims & Hers Health, Inc. (a) | 36,715 | 328,232 | ||||
Hologic, Inc. (a) | 16,706 | 1,317,936 | ||||
Humana, Inc. | 2,639 | 1,324,435 | ||||
Innovage Holding Corp. (a)(c) | 3,680 | 24,766 | ||||
Inspire Medical Systems, Inc. (a)(c) | 905 | 264,703 | ||||
Koninklijke Philips NV (b) | 2,212 | 41,754 | ||||
Lantheus Holdings, Inc. (a)(c) | 4,179 | 361,860 | ||||
McKesson Corp. | 2,907 | 1,136,172 | ||||
Merit Medical Systems, Inc. (a) | 4,697 | 387,033 | ||||
NextGen Healthcare, Inc. (a) | 2,126 | 33,102 | ||||
Option Care Health, Inc. (a) | 10,076 | 277,594 | ||||
Patterson Companies, Inc. | 5,737 | 150,252 | ||||
Penumbra, Inc. (a) | 831 | 255,400 | ||||
Privia Health Group, Inc. (a) | 3,969 | 99,027 | ||||
QuidelOrtho Corp. (a) | 903 | 76,881 | ||||
Select Medical Holdings Corp. (c) | 4,575 | 125,218 | ||||
Shockwave Medical, Inc. (a)(c) | 1,148 | 315,803 | ||||
Siemens Healthineers AG - ADR (c) | 5,063 | 143,435 | ||||
Sinopharm Group Co. Ltd. - ADR | 29,327 | 478,910 | ||||
Smith & Nephew PLC - ADR | 23,875 | 713,863 | ||||
Sonic Healthcare Ltd. - ADR | 5,330 | 121,417 | ||||
Sonova Holding AG - ADR | 630 | 32,306 | ||||
STAAR Surgical Co. (a) | 3,099 | 179,804 | ||||
Straumann Holding AG - ADR (c) | 2,048 | 29,696 | ||||
UnitedHealth Group, Inc. | 8,380 | 4,083,070 | ||||
Universal Health Services, Inc. - Class B (c) | 2,156 | 284,872 | ||||
Veradigm, Inc. (a)(c) | 2,112 | 24,879 | ||||
Zimmer Biomet Holdings, Inc. | 290 | 36,929 | ||||
25,798,852 | ||||||
Household & Personal Products - 0.40% | ||||||
Beiersdorf AG - ADR | 10,335 | 262,509 | ||||
Herbalife Ltd. (a)(b) | 717 | 8,489 | ||||
Kose Corp. - ADR | 1,469 | 29,351 | ||||
L'Oreal SA - ADR | 4,259 | 363,846 | ||||
Olaplex Holdings, Inc. (a)(c) | 63,725 | 201,371 | ||||
Unilever PLC - ADR | 50,890 | 2,541,447 | ||||
3,407,013 | ||||||
Insurance - 3.45% | ||||||
Aflac, Inc. | 64,388 | 4,134,353 | ||||
Ambac Financial Group, Inc. (a) | 18,597 | 259,056 | ||||
American Equity Invesment Life Holding Co. (c) | 7,477 | 294,968 | ||||
American Financial Group, Inc. | 90 | 10,104 | ||||
American International Group, Inc. | 40,910 | 2,161,275 | ||||
Arch Capital Group Ltd. (a)(b) | 516 | 35,965 | ||||
Assicurazioni Generali SpA - ADR (c) | 100,593 | 959,657 | ||||
AXA SA - ADR | 128,295 | 3,629,466 | ||||
BB Seguridade Participacoes SA - ADR | 42,175 | 262,539 | ||||
Chubb Ltd. (b) | 198 | 36,788 | ||||
CNO Financial Group, Inc. | 9,156 | 198,777 | ||||
Everest Re Group Ltd. (b) | 4,342 | 1,476,367 | ||||
Genworth Financial, Inc. - Class A (a) | 57,405 | 307,117 | ||||
Globe Life, Inc. | 7,082 | 730,721 | ||||
Hannover Rueck SE - ADR (c) | 1,027 | 109,478 | ||||
Hartford Financial Services Group, Inc. | 23,193 | 1,589,184 | ||||
Loews Corp. | 20,312 | 1,137,472 | ||||
MS&AD Insurance Group Holdings, Inc. - ADR | 15,129 | 254,167 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG - ADR | 14,349 | 513,551 | ||||
National Western Life Group, Inc. - Class A | 317 | 118,254 | ||||
Old Republic International Corp. (c) | 23,260 | 569,637 | ||||
Oscar Health, Inc. (a) | 9,358 | 68,688 | ||||
Principal Financial Group, Inc. (c) | 50,304 | 3,292,900 | ||||
RLI Corp. (c) | 1,173 | 145,276 | ||||
Sampo OYJ - ADR | 1,315 | 30,206 | ||||
Suncorp Group Ltd. - ADR (c) | 26,784 | 235,164 | ||||
Tokio Marine Holdings, Inc. - ADR | 55,467 | 1,235,250 | ||||
Travelers Companies, Inc. | 12,982 | 2,197,074 | ||||
United Fire Group, Inc. | 1,625 | 34,905 | ||||
Unum Group | 11,681 | 507,539 | ||||
W.R. Berkley Corp. | 19,472 | 1,084,201 | ||||
Willis Towers Watson PLC (b) | 8,294 | 1,815,142 | ||||
29,435,241 | ||||||
Materials - 2.77% | ||||||
Air Liquide SA - ADR | 1,342 | 44,984 | ||||
Albemarle Corp. (c) | 1,192 | 230,688 | ||||
Alpha Metallurgical Resources, Inc. (c) | 1,427 | 192,602 | ||||
Anglo American PLC - ADR | 2,241 | 31,127 | ||||
APERAM SA (b)(c) | 15,102 | 495,572 | ||||
ArcelorMittal SA (b) | 27,986 | 698,251 | ||||
Berry Global Group, Inc. (c) | 202 | 11,556 | ||||
BHP Group Ltd. - ADR | 47,007 | 2,580,685 | ||||
Boliden AB - ADR (c) | 3,150 | 192,465 | ||||
CF Industries Holdings, Inc. | 7,376 | 453,698 | ||||
Commercial Metals Co. | 12,839 | 548,867 | ||||
Dow, Inc. (c) | 759 | 37,024 | ||||
Fortescue Metals Group Ltd. - ADR | 19,501 | 484,600 | ||||
Glencore PLC - ADR | 150,848 | 1,537,141 | ||||
Greif, Inc. - Class A | 4,885 | 293,589 | ||||
Greif, Inc. - Class B | 2,222 | 155,429 | ||||
Heidelberg Materials AG - ADR | 4,976 | 71,256 | ||||
Holcim Ltd. - ADR | 60,244 | 742,206 | ||||
Incitec Pivot Ltd. - ADR | 322,856 | 636,479 | ||||
International Paper Co. | 1,255 | 36,947 | ||||
Johnson Matthey PLC - ADR (c) | 3,997 | 173,370 | ||||
K+S AG - ADR (c) | 28,811 | 233,657 | ||||
Koppers Holdings, Inc. | 346 | 10,020 | ||||
Kuraray Co. Ltd. - ADR | 8,304 | 235,028 | ||||
LyondellBasell Industries NV - Class A (b) | 524 | 44,823 | ||||
Mechel PJSC - ADR (a)(e)(g) | 59,509 | – | ||||
Mosaic Co. (c) | 16,280 | 520,309 | ||||
Nippon Steel Corp. - ADR | 177,963 | 1,162,098 | ||||
Nitto Denko Corp. - ADR | 939 | 33,165 | ||||
Norsk Hydro ASA - ADR | 155,688 | 943,469 | ||||
Nucor Corp. | 10,660 | 1,407,760 | ||||
O-I Glass, Inc. (a) | 575 | 11,914 | ||||
Olin Corp. | 4,572 | 216,301 | ||||
Packaging Corp. of America (c) | 300 | 37,209 | ||||
Pactiv Evergreen, Inc. | 1,395 | 9,793 | ||||
POSCO Holdings, Inc. - ADR | 1,888 | 128,157 | ||||
Reliance Steel & Aluminum Co. | 4,869 | 1,142,657 | ||||
Rio Tinto PLC - ADR | 14,346 | 847,131 | ||||
Sappi Ltd. - ADR | 27,439 | 63,933 | ||||
Sasol Ltd. - ADR | 386 | 4,462 | ||||
Sibanye Stillwater Ltd. - ADR | 4,124 | 29,445 | ||||
Sims Ltd. - ADR | 3,495 | 32,084 | ||||
Sociedad Quimica y Minera de Chile SA - ADR | 1,019 | 65,389 | ||||
South32 Ltd. - ADR (c) | 78,715 | 1,008,339 | ||||
Steel Dynamics, Inc. | 10,428 | 958,333 | ||||
Sumitomo Metal Mining Co. Ltd. - ADR | 4,104 | 30,780 | ||||
Suzano SA - ADR (c) | 608 | 5,393 | ||||
Ternium SA - ADR | 7,686 | 286,765 | ||||
thyssenkrupp AG - ADR (c) | 28,083 | 195,458 | ||||
United States Steel Corp. (c) | 3,393 | 70,982 | ||||
Vale SA - ADR | 78,569 | 996,255 | ||||
Warrior Met Coal, Inc. | 6,058 | 198,581 | ||||
Westlake Corp. (c) | 4,416 | 459,043 | ||||
Wienerberger AG - ADR | 179,458 | 1,016,630 | ||||
Yara International ASA - ADR | 85,793 | 1,612,051 | ||||
23,665,950 | ||||||
Media & Entertainment - 4.02% | ||||||
Autohome, Inc. - ADR | 9,029 | 258,410 | ||||
Baidu, Inc. - ADR (a) | 207 | 25,430 | ||||
Bilibili, Inc. - ADR (a)(c) | 778 | 12,183 | ||||
Cars.com, Inc. (a)(c) | 11,054 | 195,103 | ||||
Comcast Corp. - Class A | 49,865 | 1,962,188 | ||||
Dentsu Group, Inc. - ADR (c) | 7,371 | 236,019 | ||||
DISH Network Corp. - Class A (a)(c) | 48,791 | 313,726 | ||||
DouYu International Holdings Ltd. - ADR (a) | 139,732 | 134,897 | ||||
Electronic Arts, Inc. | 3,668 | 469,504 | ||||
Eutelsat Communications SA - ADR | 236,006 | 387,026 | ||||
Fox Corp. - Class A (c) | 78,136 | 2,437,843 | ||||
Fox Corp. - Class B | 82,455 | 2,408,511 | ||||
Gravity Co. Ltd. - ADR (a)(c) | 2,223 | 122,554 | ||||
Grupo Televisa SAB - ADR | 15,556 | 74,824 | ||||
Hello Group, Inc. - ADR (c) | 58,500 | 472,095 | ||||
HUYA, Inc. - ADR (a) | 30,432 | 88,557 | ||||
Informa PLC - ADR | 7,090 | 123,012 | ||||
Interpublic Group of Companies, Inc. (c) | 56,779 | 2,111,611 | ||||
iQIYI, Inc. - ADR (a) | 8,825 | 35,830 | ||||
ITV PLC - ADR (c) | 28,492 | 249,049 | ||||
JOYY, Inc. - ADR (c) | 15,752 | 390,650 | ||||
Liberty Media Corp-Liberty SiriusXM (a) | 17,145 | 479,717 | ||||
Liberty Media Corp-Liberty SiriusXM (a) | 12,866 | 359,733 | ||||
Meta Platforms, Inc. - Class A (a) | 21,260 | 5,627,946 | ||||
NetEase, Inc. - ADR | 1,115 | 94,864 | ||||
Netflix, Inc. (a) | 1,906 | 753,308 | ||||
News Corp. - Class A | 155,426 | 2,845,850 | ||||
News Corp. - Class B | 70,589 | 1,304,485 | ||||
Nexon Co. Ltd. - ADR | 1,500 | 30,045 | ||||
Nexstar Media Group, Inc. - Class A (c) | 4,869 | 734,829 | ||||
Omnicom Group, Inc. (c) | 26,701 | 2,354,761 | ||||
Paramount Global - Class A (c) | 16,131 | 283,422 | ||||
Pinterest, Inc. (a) | 19,667 | 470,828 | ||||
Publicis Groupe SA - ADR | 81,775 | 1,524,286 | ||||
ROBLOX Corp. (a) | 1,316 | 55,088 | ||||
Scholastic Corp. | 6,720 | 285,466 | ||||
Sciplay Corp. - Class A (a) | 21,763 | 421,985 | ||||
Sea Ltd. - ADR (a) | 6,717 | 385,623 | ||||
Shutterstock, Inc. | 2,093 | 104,169 | ||||
Sohu.com Ltd. - ADR (a) | 30,693 | 347,445 | ||||
So-Young International, Inc. - ADR (a) | 15,655 | 32,719 | ||||
Tencent Holdings Ltd. - ADR | 46,638 | 1,843,599 | ||||
Tencent Music Entertainment Group - ADR (a) | 1,162 | 8,064 | ||||
Trade Desk, Inc. - Class A (a)(c) | 11,658 | 816,993 | ||||
Trivago NV - ADR (a) | 97,320 | 114,838 | ||||
Warner Music Group Corp. - Class A | 3,019 | 73,815 | ||||
Yalla Group Ltd. - ADR (a)(c) | 73,891 | 311,081 | ||||
Yelp, Inc. (a) | 3,441 | 115,274 | ||||
Ziff Davis, Inc. (a) | 167 | 9,860 | ||||
ZipRecruiter, Inc. (a) | 3,200 | 49,504 | ||||
34,348,619 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences - 7.27% | ||||||
Abcam PLC - ADR (a) | 2,639 | 42,620 | ||||
Amarin Corp. PLC - ADR (a) | 150,064 | 175,575 | ||||
Amgen, Inc. | 4,378 | 966,006 | ||||
Astellas Pharma, Inc. - ADR | 12,468 | 196,620 | ||||
AstraZeneca PLC - ADR | 55,308 | 4,041,908 | ||||
Avadel Pharmaceuticals PLC - ADR (a)(c) | 11,663 | 161,533 | ||||
Bavarian Nordic A/S - ADR (a) | 27,985 | 248,787 | ||||
Bayer AG - ADR | 120,139 | 1,679,543 | ||||
Biogen, Inc. (a) | 8,026 | 2,378,987 | ||||
BioNTech SE - ADR | 5,950 | 625,226 | ||||
Bristol-Myers Squibb Co. | 56,572 | 3,645,500 | ||||
Cellectis SA - ADR (a) | 18,727 | 35,581 | ||||
Chugai Pharmaceutical Co. Ltd. - ADR | 9,932 | 133,386 | ||||
Clinuvel Pharmaceuticals Ltd. - ADR | 4,588 | 54,964 | ||||
Corcept Therapeutics, Inc. (a)(c) | 3,287 | 77,212 | ||||
CryoPort, Inc. (a)(c) | 5,406 | 99,524 | ||||
CSPC Pharmaceutical Group Ltd. - ADR | 54,421 | 187,208 | ||||
Cullinan Oncology, Inc. (a) | 5,393 | 55,440 | ||||
Daiichi Sankyo Co. Ltd. - ADR | 26,109 | 848,543 | ||||
DBV Technologies SA - ADR (a)(c) | 22,494 | 43,863 | ||||
Eli Lilly & Co. | 91 | 39,081 | ||||
Genfit SA - ADR (a) | 40,348 | 164,216 | ||||
Genmab A/S - ADR (a)(c) | 17,527 | 687,234 | ||||
Gilead Sciences, Inc. | 52,520 | 4,040,888 | ||||
Grifols SA - ADR (a) | 12,831 | 105,727 | ||||
GSK PLC - ADR | 16,383 | 550,469 | ||||
Harmony Biosciences Holdings, Inc. (a)(c) | 5,293 | 183,032 | ||||
HUTCHMED China Ltd. - ADR (a)(c) | 11,340 | 136,080 | ||||
Hypera SA - ADR | 21,716 | 175,900 | ||||
Indivior PLC - ADR (a) | 19,545 | 439,763 | ||||
Ipsen SA - ADR | 30,650 | 890,383 | ||||
Ironwood Pharmaceuticals, Inc. (a)(c) | 28,195 | 306,762 | ||||
Jazz Pharmaceuticals PLC (a)(b) | 3,220 | 412,675 | ||||
Kiniksa Pharmaceuticals Ltd. (a)(b) | 34,488 | 478,004 | ||||
Ligand Pharmaceuticals, Inc. (a) | 2,377 | 166,580 | ||||
Maravai LifeSciences Holdings, Inc. - Class A (a) | 7,006 | 89,957 | ||||
Medpace Holdings, Inc. (a) | 1,916 | 396,555 | ||||
Merck & Co., Inc. | 50,810 | 5,609,931 | ||||
Merck KGaA - ADR (c) | 2,998 | 104,870 | ||||
Mereo Biopharma Group PLC - ADR (a) | 39,185 | 39,577 | ||||
Mettler-Toledo International, Inc. (a) | 29 | 38,334 | ||||
Moderna, Inc. (a) | 15,534 | 1,983,847 | ||||
Neurocrine Biosciences, Inc. (a) | 2,852 | 255,340 | ||||
Novartis AG - ADR | 78,670 | 7,571,987 | ||||
Novo Nordisk A/S - ADR | 22,659 | 3,635,863 | ||||
Nuvalent, Inc. (a)(c) | 3,208 | 135,057 | ||||
Olink Holding AB - ADR (a)(c) | 15,577 | 303,440 | ||||
Ono Pharmaceutical Co. Ltd. - ADR | 10,978 | 67,844 | ||||
Otsuka Holdings Co. Ltd. - ADR | 40,450 | 745,898 | ||||
Perrigo Co. PLC (b) | 2,660 | 85,014 | ||||
Pfizer, Inc. | 41,585 | 1,581,062 | ||||
Prestige Consumer Healthcare, Inc. (a) | 3,244 | 185,654 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 2,258 | 1,660,894 | ||||
Repligen Corp. (a)(c) | 1,972 | 331,138 | ||||
Roche Holding AG - ADR | 23,949 | 948,141 | ||||
Sanofi - ADR | 51,366 | 2,620,693 | ||||
Shionogi & Co Ltd. - ADR | 18,538 | 206,328 | ||||
Supernus Pharmaceuticals, Inc. (a) | 10,658 | 353,206 | ||||
Taisho Pharmaceutical Holdings Co. Ltd. - ADR | 45,707 | 416,391 | ||||
Takeda Pharmaceutical Co. Ltd. - ADR | 214,966 | 3,405,061 | ||||
Teva Pharmaceutical Industries Ltd. - ADR (a) | 83,890 | 604,008 | ||||
Twist Bioscience Corp. (a)(c) | 1,646 | 24,937 | ||||
United Therapeutics Corp. (a) | 2,159 | 452,829 | ||||
Veracyte, Inc. (a)(c) | 39,939 | 1,033,621 | ||||
Verona Pharma PLC - ADR (a) | 1,660 | 35,723 | ||||
Vertex Pharmaceuticals, Inc. (a) | 3,674 | 1,188,796 | ||||
Viatris, Inc. | 148,265 | 1,356,625 | ||||
Wuxi Biologics Cayman, Inc. - ADR (a) | 13,335 | 136,017 | ||||
Zai Lab Ltd. - ADR (a) | 155 | 5,036 | ||||
62,084,494 | ||||||
Real Estate Management & Development - 0.37% | ||||||
CBRE Group, Inc. - Class A (a) | 543 | 40,682 | ||||
Daiwa House Industry Co. Ltd. - ADR | 1,542 | 40,015 | ||||
Forestar Group, Inc. (a) | 10,292 | 209,236 | ||||
IRSA Inversiones y Representaciones SA - ADR | 919 | 5,597 | ||||
KE Holdings, Inc. - ADR (a) | 13,460 | 191,670 | ||||
Longfor Group Holdings Ltd. - ADR | 560 | 10,766 | ||||
Marcus & Millichap, Inc. | 2,945 | 86,436 | ||||
Mitsubishi Estate Co. Ltd. - ADR | 2,736 | 31,245 | ||||
Mitsui Fudosan Co. Ltd. - ADR (c) | 632 | 36,150 | ||||
RMR Group, Inc. - Class A | 11,065 | 238,229 | ||||
Sun Hung Kai Properties Ltd. - ADR (c) | 79,442 | 1,020,035 | ||||
Swire Pacific Ltd. - Class A - ADR | 164,636 | 1,084,952 | ||||
Zillow Group, Inc. - Class A (a) | 1,014 | 45,417 | ||||
Zillow Group, Inc. - Class C (a)(c) | 2,218 | 101,163 | ||||
3,141,593 | ||||||
Semiconductors & Semiconductor Equipment - 7.84% | ||||||
Advantest Corp. - ADR | 7,862 | 988,647 | ||||
Allegro MicroSystems, Inc. (a)(c) | 731 | 28,750 | ||||
Amkor Technology, Inc. | 13,681 | 339,015 | ||||
Analog Devices, Inc. | 23,749 | 4,219,960 | ||||
Applied Materials, Inc. | 30,460 | 4,060,318 | ||||
ASE Technology Holding Co Ltd. - ADR | 108,459 | 826,458 | ||||
ASML Holding NV (b) | 2,699 | 1,951,188 | ||||
ASMPT Ltd. - ADR (c) | 25,879 | 659,915 | ||||
Axcelis Technologies, Inc. (a)(c) | 983 | 154,872 | ||||
Broadcom, Inc. | 7,134 | 5,763,988 | ||||
Cirrus Logic, Inc. (a) | 7,184 | 558,053 | ||||
Daqo New Energy Corp. - ADR (a) | 14,698 | 528,393 | ||||
Diodes, Inc. (a) | 5,158 | 463,395 | ||||
Disco Corp. - ADR | 101,562 | 1,464,524 | ||||
Enphase Energy, Inc. (a) | 949 | 165,012 | ||||
First Solar, Inc. (a) | 301 | 61,091 | ||||
Himax Technologies, Inc. - ADR (c) | 44,323 | 304,942 | ||||
Infineon Technologies AG - ADR | 34,695 | 1,287,185 | ||||
JinkoSolar Holding Co. Ltd. - ADR (a) | 4,552 | 190,774 | ||||
KLA Corp. | 9,013 | 3,992,669 | ||||
Lam Research Corp. | 6,489 | 4,001,766 | ||||
Lattice Semiconductor Corp. (a)(c) | 234 | 19,027 | ||||
MACOM Technology Solutions Holdings, Inc. (a)(c) | 2,359 | 141,139 | ||||
Microchip Technology, Inc. (c) | 68,324 | 5,142,064 | ||||
Micron Technology, Inc. | 11,566 | 788,801 | ||||
Monolithic Power Systems, Inc. (c) | 1,473 | 721,637 | ||||
NVIDIA Corp. | 8,672 | 3,280,964 | ||||
ON Semiconductor Corp. (a)(c) | 48,604 | 4,063,294 | ||||
Onto Innovation, Inc. (a)(c) | 5,170 | 555,000 | ||||
QUALCOMM, Inc. | 17,222 | 1,953,147 | ||||
Rambus, Inc. (a) | 2,374 | 151,841 | ||||
Renesas Electronics Corp. - ADR (a) | 266,296 | 2,146,346 | ||||
Rohm Co. Ltd. - ADR (c) | 33,532 | 1,414,380 | ||||
Silicon Laboratories, Inc. (a)(c) | 671 | 94,390 | ||||
Skyworks Solutions, Inc. | 22,497 | 2,328,664 | ||||
STMicroelectronics NV (b) | 80,626 | 3,502,393 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 21,909 | 2,160,008 | ||||
Texas Instruments, Inc. | 32,513 | 5,653,360 | ||||
Tokyo Electron Ltd. - ADR | 535 | 36,332 | ||||
United Microelectronics Corp. - ADR | 87,817 | 725,368 | ||||
Universal Display Corp. | 150 | 22,100 | ||||
66,911,170 | ||||||
Software & Services - 2.08% | ||||||
Adeia, Inc. | 11,625 | 114,041 | ||||
Aspen Technology, Inc. (a) | 901 | 147,692 | ||||
Atos SE - ADR (a)(c) | 57,225 | 165,666 | ||||
Capgemini SE - ADR | 9,160 | 322,066 | ||||
Chindata Group Holdings Ltd. - ADR (a) | 34,556 | 196,969 | ||||
Cognizant Technology Solutions Corp. - Class A | 7,645 | 477,736 | ||||
Digital Turbine, Inc. (a)(c) | 10,514 | 96,098 | ||||
Dolby Laboratories, Inc. - Class A | 1,563 | 128,994 | ||||
DoubleVerify Holdings, Inc. (a) | 581 | 20,259 | ||||
Dropbox, Inc. (a) | 20,565 | 473,406 | ||||
Ebix, Inc. (c) | 8,896 | 177,208 | ||||
EPAM Systems, Inc. (a) | 2,232 | 572,776 | ||||
Fair Isaac Corp. (a) | 834 | 656,917 | ||||
Gartner, Inc. (a) | 4,688 | 1,607,328 | ||||
GoDaddy, Inc. (a) | 7,785 | 571,263 | ||||
Kingsoft Cloud Holdings Ltd. - ADR (a) | 8,373 | 37,344 | ||||
Microsoft Corp. | 19,732 | 6,479,792 | ||||
N-able, Inc. (a)(c) | 13,519 | 191,970 | ||||
OneConnect Financial Technology Co. Ltd. - ADR (a) | 5,536 | 18,767 | ||||
Opera Ltd. - ADR | 6,609 | 104,026 | ||||
Oracle Corp. | 9,690 | 1,026,559 | ||||
Palantir Technologies, Inc. (a)(c) | 52,041 | 765,523 | ||||
Progress Software Corp. (c) | 3,982 | 238,920 | ||||
SAP SE - ADR | 302 | 39,393 | ||||
SPS Commerce, Inc. (a)(c) | 143 | 22,279 | ||||
Squarespace, Inc. (a) | 593 | 17,428 | ||||
Synopsys, Inc. (a) | 6,319 | 2,874,893 | ||||
Tuya, Inc. - ADR (a) | 3,086 | 6,110 | ||||
Vnet Group, Inc. - ADR (a) | 36,852 | 94,710 | ||||
Xunlei Ltd. - ADR (a) | 58,122 | 77,883 | ||||
17,724,016 | ||||||
Technology Hardware & Equipment - 5.65% | ||||||
Advanced Energy Industries, Inc. (c) | 4,744 | 465,624 | ||||
Amphenol Corp. - Class A | 95,220 | 7,184,350 | ||||
Apple, Inc. | 42,259 | 7,490,407 | ||||
Arista Networks, Inc. (a)(c) | 8,018 | 1,333,714 | ||||
Avnet, Inc. (c) | 6,174 | 270,668 | ||||
Belden, Inc. | 5,176 | 452,848 | ||||
Canaan, Inc. - ADR (a)(c) | 210,155 | 428,716 | ||||
CDW Corp. | 7,947 | 1,364,420 | ||||
Cisco Systems, Inc. | 30,101 | 1,495,117 | ||||
Corning, Inc. | 96,199 | 2,963,891 | ||||
Fabrinet (a)(b) | 4,815 | 545,154 | ||||
Hewlett Packard Enterprise Co. | 87,571 | 1,262,774 | ||||
Insight Enterprises, Inc. (a)(c) | 6,480 | 876,226 | ||||
Jabil, Inc. | 12,796 | 1,145,498 | ||||
Juniper Networks, Inc. | 69,718 | 2,117,336 | ||||
Keysight Technologies, Inc. (a) | 22,538 | 3,646,648 | ||||
Konica Minolta, Inc. - ADR | 36,996 | 243,064 | ||||
Lenovo Group Ltd. - ADR | 16,856 | 320,770 | ||||
Littelfuse, Inc. | 687 | 175,899 | ||||
Logitech International SA (b) | 15,926 | 1,016,716 | ||||
Methode Electronics, Inc. | 3,313 | 142,625 | ||||
National Instruments Corp. | 4,664 | 269,579 | ||||
NetApp, Inc. | 10,940 | 725,869 | ||||
NetScout Systems, Inc. (a) | 864 | 26,369 | ||||
Nokia Oyj - ADR | 463,370 | 1,858,114 | ||||
OSI Systems, Inc. (a) | 4,358 | 518,646 | ||||
Plexus Corp. (a) | 1,421 | 128,856 | ||||
Ricoh Co Ltd. - ADR (c) | 77,162 | 655,877 | ||||
Sanmina Corp. (a)(c) | 14,008 | 742,984 | ||||
Seiko Epson Corp. - ADR (c) | 66,308 | 497,310 | ||||
Super Micro Computer, Inc. (a)(c) | 4,356 | 975,526 | ||||
TDK Corp. - ADR | 39,503 | 1,510,595 | ||||
TE Connectivity Ltd. (b) | 19,691 | 2,411,754 | ||||
Teledyne Technologies, Inc. (a) | 3,146 | 1,222,693 | ||||
Telefonaktiebolaget LM Ericsson - ADR | 116,701 | 602,177 | ||||
Vishay Intertechnology, Inc. | 23,966 | 617,843 | ||||
VTech Holdings Ltd. - ADR (c) | 83,297 | 501,864 | ||||
48,208,521 | ||||||
Telecommunication Services - 1.70% | ||||||
America Movil SAB de CV - ADR (a) | 1,614 | 34,314 | ||||
AT&T, Inc. | 259,071 | 4,075,187 | ||||
ATN International, Inc. | 1,151 | 43,197 | ||||
Bandwidth, Inc. (a) | 14,432 | 171,741 | ||||
Deutsche Telekom AG - ADR | 81,240 | 1,802,716 | ||||
Frontier Communications Parent, Inc. (a) | 20,383 | 303,299 | ||||
KDDI Corp. - ADR | 1,992 | 30,697 | ||||
Koninklijke KPN NV - ADR | 17,831 | 61,517 | ||||
KT Corp. - ADR | 61,142 | 722,698 | ||||
Magyar Telekom Telecommunications PLC - ADR | 37,978 | 226,539 | ||||
Mobile TeleSystems PJSC - ADR (a)(e)(g) | 46,068 | – | ||||
Nippon Telegraph & Telephone Corp. - ADR | 50,338 | 1,431,109 | ||||
Orange SA - ADR | 256,372 | 3,084,155 | ||||
Rostelecom PJSC - ADR (a)(e)(g) | 24,510 | – | ||||
SK Telecom Co. Ltd. - ADR (c) | 5,072 | 106,005 | ||||
SoftBank Corp. - ADR | 2,917 | 31,037 | ||||
Spark New Zealand Ltd. - ADR | 31,629 | 495,943 | ||||
Swisscom AG - ADR | 610 | 38,759 | ||||
Telecom Italia SpA/Milano - ADR (a) | 18,217 | 46,452 | ||||
Telecom Italia SpA/Milano - ADR (a) | 12,756 | 33,803 | ||||
Telenor ASA - ADR | 2,955 | 30,230 | ||||
T-Mobile US, Inc. (a) | 13,013 | 1,786,033 | ||||
14,555,431 | ||||||
Transportation - 1.96% | ||||||
Air France-KLM - ADR | 23,040 | 40,550 | ||||
AP Moeller - Maersk A/S - ADR | 72,119 | 602,194 | ||||
ArcBest Corp. (c) | 2,399 | 200,988 | ||||
Avis Budget Group, Inc. (a) | 66 | 11,074 | ||||
bpost SA - ADR | 8,226 | 33,891 | ||||
CH Robinson Worldwide, Inc. (c) | 2,966 | 280,406 | ||||
Delta Air Lines, Inc. (a) | 1,195 | 43,414 | ||||
Deutsche Lufthansa AG - ADR (a) | 41,166 | 402,978 | ||||
Deutsche Post AG - ADR | 22,128 | 998,194 | ||||
DiDi Global, Inc. - ADR (a) | 44,968 | 115,118 | ||||
DSV A/S - ADR | 12,305 | 1,189,524 | ||||
Expeditors International of Washington, Inc. (c) | 19,357 | 2,135,271 | ||||
FedEx Corp. | 1,537 | 335,035 | ||||
Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 1,933 | 159,762 | ||||
Grupo Aeroportuario del Pacifico SAB de CV - ADR | 190 | 33,598 | ||||
Grupo Aeroportuario del Sureste SAB de CV - ADR | 1,718 | 481,641 | ||||
Heartland Express, Inc. | 8,722 | 136,063 | ||||
Hertz Global Holdings, Inc. (a) | 688 | 10,788 | ||||
Hub Group, Inc. - Class A (a) | 4,471 | 328,887 | ||||
International Distributions Services PLC - ADR | 130,797 | 638,289 | ||||
JB Hunt Transport Services, Inc. | 5,016 | 837,521 | ||||
Knight-Swift Transportation Holdings, Inc. | 11,133 | 612,204 | ||||
Kuehne + Nagel International AG - ADR (c) | 25,420 | 1,449,956 | ||||
Landstar System, Inc. (c) | 1,652 | 289,728 | ||||
Matson, Inc. (c) | 200 | 13,666 | ||||
Nippon Yusen KK - ADR | 213,012 | 896,781 | ||||
Ryanair Holdings PLC - ADR (a) | 6,570 | 690,376 | ||||
Ryder System, Inc. | 6,026 | 475,030 | ||||
Schneider National, Inc. - Class B (c) | 25,457 | 659,845 | ||||
United Airlines Holdings, Inc. (a) | 47,663 | 2,262,325 | ||||
United Parcel Service, Inc. - Class B | 232 | 38,744 | ||||
Werner Enterprises, Inc. (c) | 7,364 | 323,427 | ||||
ZTO Express Cayman, Inc. - ADR | 246 | 6,209 | ||||
16,733,477 | ||||||
Utilities - 2.14% | ||||||
AGL Energy Ltd. - ADR | 45,057 | 265,836 | ||||
CenterPoint Energy, Inc. (c) | 34,638 | 977,138 | ||||
Central Puerto SA - ADR | 2,760 | 17,995 | ||||
Centrica PLC - ADR | 6,823 | 39,505 | ||||
Cia Energetica de Minas Gerais - ADR (c) | 39,665 | 136,051 | ||||
Consolidated Edison, Inc. | 46,780 | 4,364,573 | ||||
Edison International | 679 | 45,846 | ||||
EDP Energias de Portugal SA - ADR | 717 | 34,986 | ||||
Enel Chile SA - ADR | 35,875 | 100,450 | ||||
Engie SA - ADR | 157,549 | 2,355,358 | ||||
ENN Energy Holdings Ltd. - ADR | 5,352 | 248,761 | ||||
Entergy Corp. | 416 | 40,851 | ||||
Evergy, Inc. | 726 | 41,999 | ||||
Exelon Corp. | 951 | 37,707 | ||||
Iberdrola SA - ADR | 65,982 | 3,225,201 | ||||
Kunlun Energy Co. Ltd. - ADR (c) | 7,803 | 62,580 | ||||
National Grid PLC - ADR (c) | 22,960 | 1,592,276 | ||||
Naturgy Energy Group SA - ADR | 6,548 | 36,734 | ||||
New Jersey Resources Corp. | 242 | 11,725 | ||||
OGE Energy Corp. | 3,682 | 129,901 | ||||
Otter Tail Corp. | 5,775 | 428,563 | ||||
Pampa Energia SA - ADR (a) | 5,601 | 207,237 | ||||
PG&E Corp. (a) | 99,395 | 1,683,751 | ||||
Pinnacle West Capital Corp. (c) | 9,178 | 709,276 | ||||
Portland General Electric Co. (c) | 205 | 9,990 | ||||
PPL Corp. | 1,611 | 42,208 | ||||
Public Service Enterprise Group, Inc. | 622 | 37,165 | ||||
Red Electrica Corp. SA - ADR | 24,509 | 207,346 | ||||
Spire, Inc. | 4,357 | 281,331 | ||||
Terna - Rete Elettrica Nazionale - ADR | 1,238 | 31,235 | ||||
Tokyo Gas Co. Ltd. - ADR (c) | 73,679 | 776,946 | ||||
Veolia Environnement SA - ADR | 3,067 | 45,545 | ||||
Xcel Energy, Inc. | 577 | 37,672 | ||||
18,263,738 | ||||||
TOTAL COMMON STOCKS (Cost $533,874,522) | 629,965,677 | |||||
PREFERRED STOCKS - 0.14% | ||||||
Automobiles & Components - 0.06% | ||||||
Volkswagen AG - ADR, 23.666% (d) | 44,400 | 552,780 | ||||
Energy - 0.04% | ||||||
Petroleo Brasileiro SA - ADR, 20.688% (d) | 29,425 | 302,489 | ||||
Surgutneftegas PJSC - ADR (a)(d)(e)(g) | 47,748 | – | ||||
302,489 | ||||||
Materials - 0.04% | ||||||
Gerdau SA - ADR, 13.611% (d) | 69,288 | 327,039 | ||||
Utilities - 0.00% | ||||||
Cia Energetica de Minas Gerais - ADR, 10.073% (d) | 11,233 | 25,499 | ||||
TOTAL PREFERRED STOCKS (Cost $1,459,005) | 1,207,807 | |||||
EXCHANGE-TRADED FUNDS - 21.85% | ||||||
iShares Core S&P Small-Cap ETF | 91,025 | 8,413,441 | ||||
iShares MSCI EAFE ETF (c) | 260,911 | 18,438,580 | ||||
iShares MSCI Emerging Markets ETF | 102,211 | 3,903,438 | ||||
iShares Russell 1000 ETF (c) | 59,429 | 13,612,807 | ||||
iShares Russell 2000 ETF (c) | 31,414 | 5,458,811 | ||||
SPDR S&P 500 ETF Trust (c) | 57,896 | 24,191,844 | ||||
Vanguard FTSE All-World ex-US ETF | 482,389 | 25,383,309 | ||||
Vanguard FTSE Developed Markets ETF (c) | 566,087 | 25,264,463 | ||||
Vanguard FTSE Emerging Markets ETF (c) | 131,412 | 5,131,639 | ||||
Vanguard Large-Cap ETF | 126,800 | 24,207,387 | ||||
Vanguard S&P 500 ETF | 63,016 | 24,191,212 | ||||
Vanguard Small-Cap ETF (c) | 45,480 | 8,351,038 | ||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $180,379,977) | 186,547,969 | |||||
REAL ESTATE INVESTMENT TRUSTS - 2.15% | ||||||
Commercial & Professional Services - 0.02% | ||||||
CoreCivic, Inc. (a) | 735 | 6,336 | ||||
GEO Group, Inc. (a)(c) | 23,556 | 175,727 | ||||
182,063 | ||||||
Consumer Durables & Apparel - 0.04% | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes - ADR | 79,476 | 305,108 | ||||
Equity Real Estate Investment Trusts (REITs) - 2.06% | ||||||
Apartment Investment and Management Co. | 1,228 | 9,959 | ||||
Apple Hospitality REIT, Inc. (c) | 61,260 | 890,108 | ||||
Boston Properties, Inc. | 820 | 39,909 | ||||
British Land Co. PLC - ADR | 7,495 | 32,229 | ||||
Brixmor Property Group, Inc. | 16,009 | 320,660 | ||||
Corporate Office Properties Trust | 6,471 | 147,669 | ||||
DiamondRock Hospitality Co. | 35,578 | 279,287 | ||||
EPR Properties (c) | 13,199 | 550,530 | ||||
Essential Properties Realty Trust, Inc. | 478 | 11,439 | ||||
Getty Realty Corp. (c) | 10,863 | 372,275 | ||||
Global Net Lease, Inc. (c) | 52,004 | 500,278 | ||||
Host Hotels & Resorts, Inc. | 272,385 | 4,521,591 | ||||
InvenTrust Properties Corp. | 3,663 | 78,718 | ||||
Iron Mountain, Inc. (c) | 2,610 | 139,426 | ||||
LTC Properties, Inc. | 5,884 | 188,935 | ||||
Medical Properties Trust, Inc. (c) | 51,875 | 427,969 | ||||
Omega Healthcare Investors, Inc. (c) | 354 | 10,553 | ||||
PotlatchDeltic Corp. (c) | 8,862 | 412,349 | ||||
Public Storage | 2,224 | 630,059 | ||||
Regency Centers Corp. | 48,069 | 2,704,843 | ||||
Service Properties Trust (c) | 12,746 | 104,645 | ||||
Simon Property Group, Inc. | 19,366 | 2,036,335 | ||||
SITE Centers Corp. | 894 | 10,656 | ||||
Sunstone Hotel Investors, Inc. | 36,349 | 358,765 | ||||
Tanger Factory Outlet Centers, Inc. (c) | 11,782 | 239,999 | ||||
Urstadt Biddle Properties, Inc. - Class A | 13,777 | 266,585 | ||||
VICI Properties, Inc. | 21,075 | 651,850 | ||||
Weyerhaeuser Co. | 18,874 | 540,929 | ||||
WP Carey, Inc. (c) | 16,164 | 1,121,135 | ||||
17,599,685 | ||||||
Financial Services - 0.03% | ||||||
Apollo Commercial Real Estate Finance, Inc. | 7,786 | 78,561 | ||||
Ladder Capital Corp. | 17,378 | 165,612 | ||||
Rithm Capital Corp. | 1,317 | 10,720 | ||||
254,893 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $19,510,056) | 18,341,749 | |||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 23.77% | ||||||
Money Market Fund - 23.77% | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.220% (f) | 202,934,814 | 202,934,814 | ||||
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $202,934,814) | 202,934,814 | |||||
SHORT-TERM INVESTMENTS - 1.76% | ||||||
First American Government Obligations Fund, Class X, 4.965% (f) | 15,063,631 | 15,063,631 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,063,631) | 15,063,631 | |||||
Total Investments (Cost $953,222,005) - 123.45% | 1,054,061,647 | |||||
Liabilities in Excess of Other Assets - (23.45)% | (200,193,012) | |||||
TOTAL NET ASSETS - 100.00% | $ | 853,868,635 | ||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. | |||||
(b) | Foreign issued security. | |||||
(c) | All or portion of this security is out on loan as of May 31, 2023. Total value of securities out on loan is $195,199,745. | |||||
(d) | Perpetual preferred stock with no stated maturity. | |||||
(e) | Represents an illiquid security. The total market value of these securities were $439,571, representing 0.05% of net assets. | |||||
(f) | The rate shown represents the seven day yield at May 31, 2023. | |||||
(g) | Fair valued security. Value determined using significant unobservable inputs. | |||||
Abbreviations | ||||||
AB | Aktiebolag is a Swedish term for a stock company. | |||||
ADR | American Depositary Receipt | |||||
AG | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders. | |||||
A/S | An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability. | |||||
ASA | Allmennaksjeselskap is a Norwegian term for a stock company. | |||||
KGaA | Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares. | |||||
NV | Naamloze Vennootschap is a Dutch term for publicly traded companies. | |||||
OYJ | Julkinen osakeyhtio is a Finnish term for publicly-traded companies. | |||||
PJSC | An abbreviation used by many countries to signify an open joint-stock company. | |||||
PLC | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. | |||||
SA | An abbreviation used by many countries to signify a publicly traded company. | |||||
SAB de CV | Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital. | |||||
SE | Societas Europea is a term for a European Public Limited Liability Company. | |||||
SpA | Soicieta per Azioni is an Italian term for limited share company. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. | ||||||
and Standard & Poors Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been | ||||||
licensed for use by U.S. Bancorp Fund Services, LLC. | ||||||
The accompanying notes are an integral part of these schedule of investments. |
Summary of Fair Value Exposure at May 31, 2023 | |||||||
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements requires the Fund to classify securities based on valuation method. These inputs are summarized in the three broad levels listed below: | |||||||
Level 1 - Quoted prices in active markets for identical securities. | |||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) | |||||||
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 Funds' investments carried at fair value as of May 31, 2023. |
Level 1 | Level 2 | Level 3^ | Total | |||||||||||||
Assets: | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 626,143,227 | $ | 3,382,879 | $ | 439,571 | $ | 629,965,677 | ||||||||
Preferred Stocks* | 1,207,807 | - | - | 1,207,807 | ||||||||||||
Exchange-Traded Funds | 186,547,969 | - | - | 186,547,969 | ||||||||||||
Real Estate Investment Trusts* | 18,341,749 | - | - | 18,341,749 | ||||||||||||
Total Equity | 832,240,752 | 3,382,879 | 439,571 | 836,063,202 | ||||||||||||
Money Market Funds | 217,998,445 | - | - | 217,998,445 | ||||||||||||
Total Investments in Securities | $ | 1,050,239,197 | $ | 3,382,879 | $ | 439,571 | $ | 1,054,061,647 |
* For further breakdown by industry, please refer to the Schedule of Investments. | |||||||
^ The Fund measures Level 3 activity as of the end of each financial reporting period. | |||||||
As of May 31, 2023, the Fund held level 3 investments that were valued at the most recent trade price in an inactive market. The Level 3 investments in securities represented less than 1% of the Fund’s net assets and were not considered a significant portion of the Fund’s portfolio. As the Level 3 investments were not considered significant to the financial statements, a reconciliation of Level 3 investments for the period ended May 31, 2023 is not presented. |