The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| 3M Co. | COM | 88579Y101 | 1,024,840 | 7,497 | SH | SOLE | 7,497 | 0 | 0 | ||
| AbbVie Inc. | COM | 00287Y109 | 744,895 | 3,772 | SH | SOLE | 3,772 | 0 | 0 | ||
| Advanced Drainage Systems Inc. | COM | 00790R104 | 332,865 | 2,118 | SH | SOLE | 2,118 | 0 | 0 | ||
| Alphabet Inc. | COM | 02079K305 | 1,240,392 | 7,479 | SH | SOLE | 7,479 | 0 | 0 | ||
| Altria Group Inc. | COM | 02209S103 | 137,802,376 | 2,699,890 | SH | SOLE | 2,167,877 | 0 | 532,013 | ||
| American Express Co. | COM | 025816109 | 5,258,297 | 19,389 | SH | SOLE | 19,389 | 0 | 0 | ||
| American States Water Co. | COM | 029899101 | 721,458 | 8,662 | SH | SOLE | 8,662 | 0 | 0 | ||
| American Water Works Company I | COM | 030420103 | 1,269,217 | 8,679 | SH | SOLE | 8,679 | 0 | 0 | ||
| Ameris Bancorp | COM | 03076K108 | 1,042,287 | 16,706 | SH | SOLE | 16,706 | 0 | 0 | ||
| Apple Inc. | COM | 037833100 | 1,501,452 | 6,444 | SH | SOLE | 6,444 | 0 | 0 | ||
| Applied Materials Inc. | COM | 038222105 | 3,712,063 | 18,372 | SH | SOLE | 18,372 | 0 | 0 | ||
| Archer-Daniels-Midland Co. | COM | 039483102 | 1,385,371 | 23,190 | SH | SOLE | 23,190 | 0 | 0 | ||
| Arrow Electronics Inc. | COM | 042735100 | 3,088,298 | 23,250 | SH | SOLE | 23,250 | 0 | 0 | ||
| Artesian Resources Corp. | COM | 043113208 | 308,297 | 8,292 | SH | SOLE | 8,292 | 0 | 0 | ||
| AT&T Inc. | COM | 00206R102 | 159,831,658 | 7,265,075 | SH | SOLE | 5,135,873 | 0 | 2,129,202 | ||
| Axalta Coating Systems Ltd. | COM | G0750C108 | 3,555,776 | 98,253 | SH | SOLE | 98,253 | 0 | 0 | ||
| Bank of America Corp. | COM | 060505104 | 237,002,576 | 5,972,847 | SH | SOLE | 4,506,249 | 0 | 1,466,598 | ||
| Baxter International Inc. | COM | 071813109 | 55,057,913 | 1,450,037 | SH | SOLE | 1,450,037 | 0 | 0 | ||
| BCE Inc. | COM | 05534B760 | 196,238,308 | 5,639,032 | SH | SOLE | 4,208,365 | 0 | 1,430,667 | ||
| BGSF Inc. | COM | 05601C105 | 318,689 | 37,849 | SH | SOLE | 37,849 | 0 | 0 | ||
| Blackstone Inc | COM | 09260D107 | 919,546 | 6,005 | SH | SOLE | 6,005 | 0 | 0 | ||
| BOEING CO/THE | COM | 097023105 | 1,264,213 | 8,315 | SH | SOLE | 8,315 | 0 | 0 | ||
| BorgWarner Inc. | COM | 099724106 | 3,249,153 | 89,533 | SH | SOLE | 89,533 | 0 | 0 | ||
| Bristol-Myers Squibb Co. | COM | 110122108 | 67,831,320 | 1,311,003 | SH | SOLE | 1,311,003 | 0 | 0 | ||
| Broadcom Ltd. | COM | 11135F101 | 206,342,111 | 1,196,186 | SH | SOLE | 836,512 | 0 | 359,674 | ||
| California Water Service Group | COM | 130788102 | 688,431 | 12,697 | SH | SOLE | 12,697 | 0 | 0 | ||
| Canadian National Railway Co. | COM | 136375102 | 2,143,494 | 18,297 | SH | SOLE | 18,297 | 0 | 0 | ||
| Canadian Pacific Kansas City L | COM | 13646K108 | 457,553 | 5,349 | SH | SOLE | 5,349 | 0 | 0 | ||
| Caterpillar Inc. | COM | 149123101 | 352,008 | 900 | SH | SOLE | 900 | 0 | 0 | ||
| Chevron Corp. | COM | 166764100 | 219,935,993 | 1,493,420 | SH | SOLE | 1,181,265 | 0 | 312,155 | ||
| Chubb Ltd. | COM | H1467J104 | 236,587,708 | 820,374 | SH | SOLE | 575,321 | 0 | 245,054 | ||
| Cisco Systems Inc. | COM | 17275R102 | 252,316,861 | 4,741,016 | SH | SOLE | 3,753,078 | 0 | 987,937 | ||
| Citigroup Inc. | COM | 172967424 | 138,712,262 | 2,215,851 | SH | SOLE | 1,483,639 | 0 | 732,212 | ||
| Civitas Resources Inc. | COM | 17888H103 | 342,884 | 6,767 | SH | SOLE | 6,767 | 0 | 0 | ||
| Coca Cola Euro Pacific Partner | COM | G25839104 | 51,570,713 | 654,866 | SH | SOLE | 439,004 | 0 | 215,862 | ||
| Comcast Corp. (Cl A) | COM | 20030N101 | 214,499,909 | 5,135,262 | SH | SOLE | 4,004,863 | 0 | 1,130,400 | ||
| Communication Services Select | COM | 81369Y852 | 560,480 | 6,200 | SH | SOLE | 6,200 | 0 | 0 | ||
| Conagra Brands Inc. | COM | 205887102 | 63,977,066 | 1,967,314 | SH | SOLE | 1,967,314 | 0 | 0 | ||
| ConocoPhillips | COM | 20825C104 | 134,778,052 | 1,280,187 | SH | SOLE | 959,252 | 0 | 320,934 | ||
| Consolidated Water Company Ltd | COM | G23773107 | 360,226 | 14,289 | SH | SOLE | 14,289 | 0 | 0 | ||
| Copa Holdings SA | COM | P31076105 | 15,453,384 | 164,678 | SH | SOLE | 164,678 | 0 | 0 | ||
| Core & Main Inc | COM | 21874C102 | 933,421 | 21,023 | SH | SOLE | 21,023 | 0 | 0 | ||
| Coterra Energy Inc. | COM | 127097103 | 594,726 | 24,832 | SH | SOLE | 24,832 | 0 | 0 | ||
| Cousins Properties Inc. | COM | 222795502 | 825,322 | 27,996 | SH | SOLE | 27,996 | 0 | 0 | ||
| Crocs Inc. | COM | 227046109 | 1,037,998 | 7,168 | SH | SOLE | 7,168 | 0 | 0 | ||
| Crown Castle Inc. | COM | 22822V101 | 132,240,132 | 1,114,728 | SH | SOLE | 792,871 | 0 | 321,857 | ||
| CSX Corp. | COM | 126408103 | 1,437,760 | 41,638 | SH | SOLE | 41,638 | 0 | 0 | ||
| Denny's Corp. | COM | 24869P104 | 768,092 | 119,084 | SH | SOLE | 119,084 | 0 | 0 | ||
| Devon Energy Corp. | COM | 25179M103 | 330,955 | 8,460 | SH | SOLE | 8,460 | 0 | 0 | ||
| Dominion Energy Inc. | COM | 25746U109 | 474,860 | 8,217 | SH | SOLE | 8,217 | 0 | 0 | ||
| Douglas Elliman Inc. | COM | 25961D105 | 1,160,388 | 634,092 | SH | SOLE | 634,092 | 0 | 0 | ||
| Dow Inc | COM | 260557103 | 189,025,135 | 3,460,098 | SH | SOLE | 2,655,013 | 0 | 805,084 | ||
| Duke Energy Corp. | COM | 26441C204 | 252,840,354 | 2,192,891 | SH | SOLE | 1,695,063 | 0 | 497,828 | ||
| DuPont De Nemours Inc. | COM | 26614N102 | 1,412,126 | 15,847 | SH | SOLE | 15,847 | 0 | 0 | ||
| Eaton Corp. PLC | COM | G29183103 | 4,939,450 | 14,903 | SH | SOLE | 14,903 | 0 | 0 | ||
| Ecolab Inc. | COM | 278865100 | 366,143 | 1,434 | SH | SOLE | 1,434 | 0 | 0 | ||
| Enbridge Inc. | COM | 29250N105 | 299,702 | 7,380 | SH | SOLE | 7,380 | 0 | 0 | ||
| Energy Select Sector SPDR Fund | COM | 81369Y506 | 429,430 | 4,891 | SH | SOLE | 4,891 | 0 | 0 | ||
| Energy Transfer LP | COM | 29273V100 | 5,259,408 | 327,689 | SH | SOLE | 327,689 | 0 | 0 | ||
| Enterprise Financial Services | COM | 293712105 | 428,636 | 8,362 | SH | SOLE | 8,362 | 0 | 0 | ||
| Enterprise Products Partners L | COM | 293792107 | 4,262,490 | 146,427 | SH | SOLE | 146,427 | 0 | 0 | ||
| EOG Resources Inc. | COM | 26875P101 | 68,938,231 | 560,793 | SH | SOLE | 560,793 | 0 | 0 | ||
| Essential Utilites Inc. | COM | 29670G102 | 866,514 | 22,466 | SH | SOLE | 22,466 | 0 | 0 | ||
| Exxon Mobil Corp. | COM | 30231G102 | 236,539,713 | 2,017,913 | SH | SOLE | 1,579,803 | 0 | 438,110 | ||
| Fidelity National Information | COM | 31620M106 | 1,544,015 | 18,436 | SH | SOLE | 18,436 | 0 | 0 | ||
| Financial Select Sector SPDR F | COM | 81369Y605 | 6,656,602 | 146,880 | SH | SOLE | 146,880 | 0 | 0 | ||
| First Horizon Corp. | COM | 320517105 | 1,234,480 | 79,490 | SH | SOLE | 79,490 | 0 | 0 | ||
| First Interstate Bancsystem In | COM | 32055Y201 | 490,481 | 15,987 | SH | SOLE | 15,987 | 0 | 0 | ||
| GE HealthCare Technologies Inc | COM | 36266G107 | 204,875 | 2,183 | SH | SOLE | 2,183 | 0 | 0 | ||
| GE Vernova LLC | COM | 36828A101 | 417,402 | 1,637 | SH | SOLE | 1,637 | 0 | 0 | ||
| General Dynamics Corp. | COM | 369550108 | 230,040,360 | 761,219 | SH | SOLE | 573,373 | 0 | 187,846 | ||
| General Electric Co. | COM | 369604301 | 1,235,388 | 6,551 | SH | SOLE | 6,551 | 0 | 0 | ||
| Genuine Parts Co. | COM | 372460105 | 179,981,878 | 1,288,530 | SH | SOLE | 983,936 | 0 | 304,594 | ||
| Global Water Resources Inc. | COM | 379463102 | 416,414 | 33,075 | SH | SOLE | 33,075 | 0 | 0 | ||
| Great Lakes Dredge & Dock Corp | COM | 390607109 | 1,610,374 | 152,932 | SH | SOLE | 152,932 | 0 | 0 | ||
| Health Care Select Sector SPDR | COM | 81369Y209 | 7,468,122 | 48,488 | SH | SOLE | 48,488 | 0 | 0 | ||
| Healthpeak Properties Inc | COM | 42250P103 | 202,195,964 | 8,841,100 | SH | SOLE | 6,819,492 | 0 | 2,021,608 | ||
| Highwoods Properties Inc. | COM | 431284108 | 1,097,654 | 32,756 | SH | SOLE | 32,756 | 0 | 0 | ||
| Honeywell International Inc. | COM | 438516106 | 3,759,534 | 18,191 | SH | SOLE | 18,191 | 0 | 0 | ||
| Hudson Pacific Properties, Inc | COM | 444097109 | 53,918 | 11,280 | SH | SOLE | 11,280 | 0 | 0 | ||
| Huntsman Corp. | COM | 447011107 | 441,311 | 18,236 | SH | SOLE | 18,236 | 0 | 0 | ||
| Industrial Select Sector SPDR | COM | 81369Y704 | 631,150 | 4,660 | SH | SOLE | 4,660 | 0 | 0 | ||
| International Business Machine | COM | 459200101 | 45,393,955 | 205,328 | SH | SOLE | 205,328 | 0 | 0 | ||
| International Paper Co. | COM | 460146103 | 242,296 | 4,960 | SH | SOLE | 4,960 | 0 | 0 | ||
| iShares MSCI India ETF | COM | 46429B598 | 7,499,039 | 128,123 | SH | SOLE | 128,123 | 0 | 0 | ||
| iShares MSCI Malaysia ETF | COM | 46434G814 | 8,300,915 | 306,873 | SH | SOLE | 306,873 | 0 | 0 | ||
| iShares MSCI South Korea ETF | COM | 464286772 | 10,359,793 | 161,973 | SH | SOLE | 161,973 | 0 | 0 | ||
| iShares MSCI Taiwan ETF | COM | 46434G772 | 9,410,874 | 174,696 | SH | SOLE | 174,696 | 0 | 0 | ||
| Johnson & Johnson | COM | 478160104 | 200,059,365 | 1,234,477 | SH | SOLE | 875,749 | 0 | 358,728 | ||
| Johnson Controls International | COM | G51502105 | 251,098,285 | 3,235,386 | SH | SOLE | 2,429,348 | 0 | 806,038 | ||
| JP Morgan Chase & Co. | COM | 46625H100 | 286,154,483 | 1,357,083 | SH | SOLE | 991,751 | 0 | 365,332 | ||
| Kenvue Inc | COM | 49177J102 | 214,785,483 | 9,286,013 | SH | SOLE | 7,013,631 | 0 | 2,272,383 | ||
| Kimberly-Clark Corp. | COM | 494368103 | 797,053 | 5,602 | SH | SOLE | 5,602 | 0 | 0 | ||
| Korn Ferry | COM | 500643200 | 940,274 | 12,497 | SH | SOLE | 12,497 | 0 | 0 | ||
| Latham Group Inc. | COM | 51819L107 | 813,144 | 119,580 | SH | SOLE | 119,580 | 0 | 0 | ||
| Laureate Education Inc. | COM | 518613203 | 12,619,614 | 759,760 | SH | SOLE | 759,760 | 0 | 0 | ||
| LendingTree Inc. | COM | 52603B107 | 2,307,157 | 39,758 | SH | SOLE | 39,758 | 0 | 0 | ||
| Li Auto Inc. | COM | 50202M102 | 239,443 | 9,335 | SH | SOLE | 9,335 | 0 | 0 | ||
| Linde PLC | COM | G54950103 | 476,480 | 1,000 | SH | SOLE | 1,000 | 0 | 0 | ||
| Lindsay Corp. | COM | 535555106 | 213,134 | 1,710 | SH | SOLE | 1,710 | 0 | 0 | ||
| LoanDepot Inc. | COM | 53946R106 | 1,224,640 | 448,586 | SH | SOLE | 448,586 | 0 | 0 | ||
| Lowe's Companies Inc. | COM | 548661107 | 158,194,910 | 584,068 | SH | SOLE | 431,351 | 0 | 152,718 | ||
| M/I Homes Inc. | COM | 55305B101 | 1,003,827 | 5,858 | SH | SOLE | 5,858 | 0 | 0 | ||
| Malibu Boats Inc. | COM | 56117J100 | 737,545 | 19,004 | SH | SOLE | 19,004 | 0 | 0 | ||
| Marriot Vacations Worldwide Co | COM | 57164Y107 | 838,480 | 11,411 | SH | SOLE | 11,411 | 0 | 0 | ||
| Masco Corp. | COM | 574599106 | 444,378 | 5,294 | SH | SOLE | 5,294 | 0 | 0 | ||
| Masterbrand Inc. | COM | 57638P104 | 787,672 | 42,485 | SH | SOLE | 42,485 | 0 | 0 | ||
| Materials Select Sector SPDR F | COM | 81369Y100 | 387,930 | 4,025 | SH | SOLE | 4,025 | 0 | 0 | ||
| McDonald's Corp. | COM | 580135101 | 2,464,704 | 8,094 | SH | SOLE | 8,094 | 0 | 0 | ||
| Medtronic PLC | COM | G5960L103 | 246,283,269 | 2,735,569 | SH | SOLE | 2,153,292 | 0 | 582,277 | ||
| Merck & Co. Inc. | COM | 58933Y105 | 232,986,040 | 2,051,656 | SH | SOLE | 1,642,785 | 0 | 408,871 | ||
| Microsoft Corp. | COM | 594918104 | 102,196,283 | 237,500 | SH | SOLE | 186,453 | 0 | 51,047 | ||
| Middlesex Water Co. | COM | 596680108 | 308,129 | 4,723 | SH | SOLE | 4,723 | 0 | 0 | ||
| Mondelez International Inc. | COM | 609207105 | 44,445,479 | 603,305 | SH | SOLE | 603,305 | 0 | 0 | ||
| Morgan Stanley | COM | 617446448 | 256,630,197 | 2,461,917 | SH | SOLE | 1,905,017 | 0 | 556,900 | ||
| NextEra Energy Inc. | COM | 65339F101 | 223,975,114 | 2,649,652 | SH | SOLE | 1,801,216 | 0 | 848,437 | ||
| Oracle Corp. | COM | 68389X105 | 6,003,533 | 35,232 | SH | SOLE | 35,232 | 0 | 0 | ||
| Packaging Corp. of America | COM | 695156109 | 2,805,154 | 13,023 | SH | SOLE | 13,023 | 0 | 0 | ||
| PennyMac Financial Services In | COM | 70932M107 | 766,220 | 6,723 | SH | SOLE | 6,723 | 0 | 0 | ||
| Pentair PLC | COM | G7S00T104 | 630,843 | 6,451 | SH | SOLE | 6,451 | 0 | 0 | ||
| PepsiCo Inc. | COM | 713448108 | 1,455,798 | 8,561 | SH | SOLE | 8,561 | 0 | 0 | ||
| Pfizer Inc. | COM | 717081103 | 122,386,505 | 4,228,974 | SH | SOLE | 2,727,711 | 0 | 1,501,263 | ||
| Philip Morris International In | COM | 718172109 | 261,959,766 | 2,157,823 | SH | SOLE | 1,627,164 | 0 | 530,659 | ||
| Pool Corp. | COM | 73278L105 | 641,314 | 1,702 | SH | SOLE | 1,702 | 0 | 0 | ||
| Portland General Electric Co. | COM | 736508847 | 772,388 | 16,125 | SH | SOLE | 16,125 | 0 | 0 | ||
| PotlatchDeltic Corp | COM | 737630103 | 240,837 | 5,346 | SH | SOLE | 5,346 | 0 | 0 | ||
| PPL Corp. | COM | 69351T106 | 62,651,795 | 1,893,948 | SH | SOLE | 1,893,948 | 0 | 0 | ||
| Premier Financial Corp | COM | 74052F108 | 818,466 | 34,858 | SH | SOLE | 34,858 | 0 | 0 | ||
| Prologis Inc. | COM | 74340W103 | 398,919 | 3,159 | SH | SOLE | 3,159 | 0 | 0 | ||
| Public Service Enterprise Grou | COM | 744573106 | 802,801 | 8,999 | SH | SOLE | 8,999 | 0 | 0 | ||
| Public Storage | COM | 74460D109 | 688,078 | 1,891 | SH | SOLE | 1,891 | 0 | 0 | ||
| Qualcomm Inc. | COM | 747525103 | 83,581,616 | 491,512 | SH | SOLE | 348,106 | 0 | 143,406 | ||
| Ralph Lauren Corp. | COM | 751212101 | 1,190,362 | 6,140 | SH | SOLE | 6,140 | 0 | 0 | ||
| Raymond James Financial Inc. | COM | 754730109 | 1,238,193 | 10,111 | SH | SOLE | 10,111 | 0 | 0 | ||
| Rayonier Inc. | COM | 754907103 | 344,744 | 10,713 | SH | SOLE | 10,713 | 0 | 0 | ||
| RTX Corp | COM | 75513E101 | 258,858,880 | 2,136,504 | SH | SOLE | 1,663,260 | 0 | 473,244 | ||
| Select Water Solutions Inc. | COM | 81617J301 | 726,845 | 65,305 | SH | SOLE | 65,305 | 0 | 0 | ||
| Sempra | COM | 816851109 | 4,386,895 | 52,456 | SH | SOLE | 52,456 | 0 | 0 | ||
| Sensata Technologies Holding P | COM | G8060N102 | 1,094,483 | 30,521 | SH | SOLE | 30,521 | 0 | 0 | ||
| Simon Property Group Inc. | COM | 828806109 | 1,808,514 | 10,700 | SH | SOLE | 10,700 | 0 | 0 | ||
| Simons First National Corp. | COM | 828730200 | 527,601 | 24,494 | SH | SOLE | 24,494 | 0 | 0 | ||
| Sitio Royalties Corp | COM | 82983N108 | 390,104 | 18,719 | SH | SOLE | 18,719 | 0 | 0 | ||
| SJW Group | COM | 784305104 | 318,036 | 5,473 | SH | SOLE | 5,473 | 0 | 0 | ||
| Smurfit Westrock PLC | COM | G8267P108 | 60,837,700 | 1,231,034 | SH | SOLE | 803,227 | 0 | 427,807 | ||
| SouthState Corp. | COM | 840441109 | 593,817 | 6,110 | SH | SOLE | 6,110 | 0 | 0 | ||
| SPDR Bloomberg 1-3 Month T-Bil | COM | 78468R663 | 1,004,401 | 10,940 | SH | SOLE | 10,940 | 0 | 0 | ||
| SPDR S&P500 ETF Trust | COM | 78462F103 | 646,054 | 1,126 | SH | SOLE | 1,126 | 0 | 0 | ||
| Stantec Inc. | COM | 85472N109 | 339,893 | 4,227 | SH | SOLE | 4,227 | 0 | 0 | ||
| Sysco Corp. | COM | 871829107 | 13,259,350 | 169,861 | SH | SOLE | 169,861 | 0 | 0 | ||
| Target Corp. | COM | 87612E106 | 145,843,125 | 935,732 | SH | SOLE | 654,644 | 0 | 281,088 | ||
| Terex Corp. | COM | 880779103 | 647,830 | 12,244 | SH | SOLE | 12,244 | 0 | 0 | ||
| Tetra Tech Inc. | COM | 88162G103 | 519,656 | 11,019 | SH | SOLE | 11,019 | 0 | 0 | ||
| The Allstate Corp. | COM | 020002101 | 3,585,144 | 18,904 | SH | SOLE | 18,904 | 0 | 0 | ||
| The Cigna Group | COM | 125523100 | 4,434,432 | 12,800 | SH | SOLE | 12,800 | 0 | 0 | ||
| The Coca-Cola Co. | COM | 191216100 | 734,337 | 10,219 | SH | SOLE | 10,219 | 0 | 0 | ||
| The JM Smucker Co. | COM | 832696405 | 1,586,289 | 13,099 | SH | SOLE | 13,099 | 0 | 0 | ||
| The PNC Financial Services Gro | COM | 693475105 | 3,305,488 | 17,882 | SH | SOLE | 17,882 | 0 | 0 | ||
| The Procter & Gamble Co. | COM | 742718109 | 1,646,093 | 9,504 | SH | SOLE | 9,504 | 0 | 0 | ||
| The Travelers Companies Inc. | COM | 89417E109 | 174,029,895 | 743,336 | SH | SOLE | 591,981 | 0 | 151,355 | ||
| The Walt Disney Co. | COM | 254687106 | 3,075,868 | 31,977 | SH | SOLE | 31,977 | 0 | 0 | ||
| The York Water Co. | COM | 987184108 | 415,731 | 11,098 | SH | SOLE | 11,098 | 0 | 0 | ||
| Trip.com Group Ltd. (ADR) | COM | 89677Q107 | 11,035,735 | 185,693 | SH | SOLE | 185,693 | 0 | 0 | ||
| Truist Financial Corp | COM | 89832Q109 | 193,701,159 | 4,528,902 | SH | SOLE | 3,408,583 | 0 | 1,120,319 | ||
| Under Armour Inc. (class C) | COM | 904311206 | 286,079 | 34,220 | SH | SOLE | 34,220 | 0 | 0 | ||
| Union Pacific Corp. | COM | 907818108 | 2,593,463 | 10,522 | SH | SOLE | 10,522 | 0 | 0 | ||
| Unisys Corp. | COM | 909214306 | 241,843 | 42,578 | SH | SOLE | 42,578 | 0 | 0 | ||
| United Parcel Service Inc. | COM | 911312106 | 140,362,084 | 1,029,500 | SH | SOLE | 791,750 | 0 | 237,750 | ||
| Valmont Industries Inc. | COM | 920253101 | 339,531 | 1,171 | SH | SOLE | 1,171 | 0 | 0 | ||
| VanEck Vietnam ETF | COM | 92189F817 | 967,063 | 75,670 | SH | SOLE | 75,670 | 0 | 0 | ||
| Vanguard FTSE Emerging Markets | COM | 922042858 | 451,034 | 9,426 | SH | SOLE | 9,426 | 0 | 0 | ||
| Varex Imaging Corp. | COM | 92214X106 | 157,475 | 13,211 | SH | SOLE | 13,211 | 0 | 0 | ||
| Veralto Corp. | COM | 92338C103 | 409,184 | 3,658 | SH | SOLE | 3,658 | 0 | 0 | ||
| Verizon Communications Inc. | COM | 92343V104 | 66,223,200 | 1,474,576 | SH | SOLE | 1,474,576 | 0 | 0 | ||
| Vici Properties Inc. | COM | 925652109 | 217,740,531 | 6,536,792 | SH | SOLE | 5,243,916 | 0 | 1,292,876 | ||
| Viper Energy Inc | COM | 927959106 | 1,292,221 | 28,646 | SH | SOLE | 28,646 | 0 | 0 | ||
| Walmart Inc. | COM | 931142103 | 4,417,590 | 54,707 | SH | SOLE | 54,707 | 0 | 0 | ||
| Warner Brothers Discovery Inc. | COM | 934423104 | 678,835 | 82,283 | SH | SOLE | 82,283 | 0 | 0 | ||
| Weyerhaeuser Co. | COM | 962166104 | 505,090 | 14,917 | SH | SOLE | 14,917 | 0 | 0 | ||
| WisdomTree India Earnings Fund | COM | 97717W422 | 9,437,937 | 187,038 | SH | SOLE | 187,038 | 0 | 0 | ||
| WP Carey Inc. | COM | 92936U109 | 356,543 | 5,723 | SH | SOLE | 5,723 | 0 | 0 | ||
| Xylem Inc. | COM | 98419M100 | 531,343 | 3,935 | SH | SOLE | 3,935 | 0 | 0 | ||
| Zurn Elkay Water Solutions Cor | COM | 98983L108 | 395,628 | 11,008 | SH | SOLE | 11,008 | 0 | 0 | ||
| HudBay Minerals Inc. | COM | 443628102 | 573,750 | 62,370 | SH | SOLE | 62,370 | 0 | 0 | ||
| Airtel Africa PLC | COM | 50050N103 | 6,667,930 | 4,374,513 | SH | SOLE | 4,374,513 | 0 | 0 | ||
| ASE Technology Holding Company | ADR | 00215W100 | 43,034,470 | 4,409,269 | SH | SOLE | 2,910,557 | 0 | 1,498,712 | ||
| BHP Group Ltd. (ADR) | ADR | 088606108 | 13,633,820 | 219,511 | SH | SOLE | 127,155 | 0 | 92,356 | ||
| British American Tobacco PLC ( | ADR | 110448107 | 45,036,402 | 1,231,176 | SH | SOLE | 821,420 | 0 | 409,755 | ||
| Central Asia Metals PLC | COM | 874080104 | 411,573 | 157,370 | SH | SOLE | 157,370 | 0 | 0 | ||
| Coca-Cola Femsa SAB de CV (ADR | ADR | 191241108 | 46,588,780 | 525,122 | SH | SOLE | 315,093 | 0 | 210,029 | ||
| Companhia de Saneamento Basico | ADR | 20441A102 | 170,031 | 10,280 | SH | SOLE | 10,280 | 0 | 0 | ||
| Diageo PLC (ADR) | ADR | 25243Q205 | 84,391,939 | 601,339 | SH | SOLE | 411,779 | 0 | 189,560 | ||
| Glencore PLC | COM | 38149E101 | 4,466,351 | 781,011 | SH | SOLE | 781,011 | 0 | 0 | ||
| ICICI Bank Ltd. (ADR) | ADR | 45104G104 | 43,398,945 | 1,453,901 | SH | SOLE | 1,453,901 | 0 | 0 | ||
| Itau Unibanco Holding SA (ADR) | ADR | 465562106 | 524,067 | 78,807 | SH | SOLE | 78,807 | 0 | 0 | ||
| Kaspi.kz JSC | ADR | 48581R205 | 22,028,114 | 207,832 | SH | SOLE | 207,832 | 0 | 0 | ||
| KB Financial Group Inc. (ADR) | ADR | 48241A105 | 10,099,521 | 163,555 | SH | SOLE | 163,555 | 0 | 0 | ||
| Novartis AG (ADR) | ADR | 66987V109 | 259,021,379 | 2,251,968 | SH | SOLE | 1,528,061 | 0 | 723,907 | ||
| Petroleo Brasileiro SA (ADR) | ADR | 71654V408 | 36,048,515 | 2,501,632 | SH | SOLE | 1,849,237 | 0 | 652,395 | ||
| Rio Tinto PLC (ADR) | ADR | 767204100 | 63,792,703 | 896,343 | SH | SOLE | 737,367 | 0 | 158,975 | ||
| Sanofi (ADR) | ADR | 80105N105 | 16,743,542 | 290,535 | SH | SOLE | 164,967 | 0 | 125,568 | ||
| Shell PLC (ADR) | ADR | 780259305 | 29,527,809 | 447,730 | SH | SOLE | 247,288 | 0 | 200,442 | ||
| Suzano SA (ADR) | ADR | 86959K105 | 164,650 | 16,465 | SH | SOLE | 16,465 | 0 | 0 | ||
| Taiwan Semiconductor Manufactu | ADR | 874039100 | 53,179,664 | 306,211 | SH | SOLE | 306,211 | 0 | 0 | ||
| TotalEnergies SE (ADR) | ADR | 89151E109 | 26,931,361 | 416,765 | SH | SOLE | 308,455 | 0 | 108,310 | ||
| Toyota Motor Corp. (ADR) | ADR | 892331307 | 22,662,506 | 126,911 | SH | SOLE | 73,336 | 0 | 53,575 | ||
| Unilever PLC (ADR) | ADR | 904767704 | 178,072,726 | 2,741,267 | SH | SOLE | 1,940,129 | 0 | 801,138 | ||
