|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 98.9%
|
|||||
|
|
Australia — 33.5%
|
|
|||
|
18,570
|
AGL Energy Ltd. (AUD) (c)
|
$122,574
|
|||
|
2,399
|
Ampol Ltd. (AUD) (c)
|
35,291
|
|||
|
4,806
|
ANZ Group Holdings Ltd.
(AUD) (c)
|
87,994
|
|||
|
9,437
|
APA Group (AUD) (c)
|
46,749
|
|||
|
3,730
|
Aristocrat Leisure Ltd.
(AUD) (c)
|
150,853
|
|||
|
20,744
|
Aurizon Holdings Ltd.
(AUD) (c)
|
40,327
|
|||
|
18,857
|
Bendigo & Adelaide Bank Ltd.
(AUD) (c)
|
126,178
|
|||
|
13,126
|
BlueScope Steel Ltd. (AUD) (c)
|
175,809
|
|||
|
11,485
|
Brambles Ltd. (AUD) (c)
|
145,093
|
|||
|
4,054
|
Coles Group Ltd. (AUD) (c)
|
49,624
|
|||
|
1,082
|
Commonwealth Bank of
Australia (AUD) (c)
|
102,892
|
|||
|
78,502
|
Evolution Mining Ltd.
(AUD) (c)
|
351,249
|
|||
|
14,091
|
Fortescue Ltd. (AUD) (c)
|
136,388
|
|||
|
14,704
|
GPT Group (The) (AUD) (c)
|
40,330
|
|||
|
29,694
|
Insurance Australia Group Ltd.
(AUD) (c)
|
144,448
|
|||
|
4,557
|
JB Hi-Fi Ltd. (AUD) (c)
|
266,358
|
|||
|
946
|
Macquarie Group Ltd.
(AUD) (c)
|
117,727
|
|||
|
3,921
|
National Australia Bank Ltd.
(AUD) (c)
|
84,336
|
|||
|
13,685
|
Northern Star Resources Ltd.
(AUD) (c)
|
157,996
|
|||
|
3,948
|
Orica Ltd. (AUD) (c)
|
42,197
|
|||
|
14,631
|
Origin Energy Ltd. (AUD) (c)
|
96,819
|
|||
|
1,635
|
Pro Medicus Ltd. (AUD) (c)
|
206,951
|
|||
|
49,280
|
Qantas Airways Ltd. (AUD) (c)
|
280,953
|
|||
|
55,329
|
Qube Holdings Ltd. (AUD) (c)
|
136,993
|
|||
|
1,760
|
Ramsay Health Care Ltd.
(AUD) (c)
|
37,803
|
|||
|
2,569
|
Reece Ltd. (AUD) (c)
|
25,490
|
|||
|
1,701
|
Rio Tinto Ltd. (AUD) (c)
|
123,425
|
|||
|
41,670
|
Santos Ltd. (AUD) (c)
|
174,616
|
|||
|
1,708
|
SGH Ltd. (AUD) (c)
|
53,616
|
|||
|
13,974
|
Stockland (AUD) (c)
|
43,118
|
|||
|
4,108
|
Suncorp Group Ltd. (AUD) (c)
|
49,755
|
|||
|
9,196
|
Technology One Ltd. (AUD) (c)
|
161,751
|
|||
|
14,057
|
Telix Pharmaceuticals Ltd.
(AUD) (c) (d)
|
235,354
|
|||
|
11,483
|
Westpac Banking Corp.
(AUD) (c)
|
228,827
|
|||
|
2,655
|
WiseTech Global Ltd. (AUD) (c)
|
136,913
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Australia (Continued)
|
|
|||
|
8,718
|
Woodside Energy Group Ltd.
(AUD) (c)
|
$126,655
|
|||
|
59,421
|
Yancoal Australia Ltd.
(AUD) (c)
|
188,523
|
|||
|
|
|
4,731,975
|
|||
|
|
Cayman Islands — 7.2%
|
|
|||
|
172,000
|
Central New Energy Holding
Group Ltd. (HKD) (c) (d) (e)
|
195,462
|
|||
|
45,832
|
CK Asset Holdings Ltd.
(HKD) (c)
|
185,434
|
|||
|
43,991
|
CK Hutchison Holdings Ltd.
(HKD) (c)
|
247,975
|
|||
|
211,000
|
Sino Biopharmaceutical Ltd.
(HKD) (c)
|
102,023
|
|||
|
18,522
|
SITC International Holdings Co.,
Ltd. (HKD)
|
50,343
|
|||
|
256,220
|
WH Group Ltd.
(HKD) (c) (f) (g)
|
235,262
|
|||
|
|
|
1,016,499
|
|||
|
|
Hong Kong — 4.3%
|
|
|||
|
15,546
|
Henderson Land Development
Co., Ltd. (HKD) (c)
|
44,715
|
|||
|
10,000
|
Link REIT (HKD) (c)
|
46,862
|
|||
|
8,000
|
Power Assets Holdings Ltd.
(HKD) (c)
|
47,908
|
|||
|
4,426
|
Sun Hung Kai Properties Ltd.
(HKD) (c)
|
42,169
|
|||
|
29,351
|
Swire Pacific Ltd., Class A
(HKD) (c)
|
259,049
|
|||
|
13,500
|
Techtronic Industries Co., Ltd.
(HKD) (c)
|
161,788
|
|||
|
|
|
602,491
|
|||
|
|
New Zealand — 1.8%
|
|
|||
|
2,209
|
EBOS Group Ltd. (NZD) (c)
|
47,891
|
|||
|
4,596
|
Fisher & Paykel Healthcare
Corp., Ltd. (NZD) (c)
|
87,712
|
|||
|
13,037
|
Infratil Ltd. (NZD) (c)
|
76,922
|
|||
|
490
|
Xero Ltd. (AUD) (c) (d)
|
47,894
|
|||
|
|
|
260,419
|
|||
|
|
Singapore — 8.7%
|
|
|||
|
3,400
|
DBS Group Holdings Ltd.
(SGD) (c)
|
116,761
|
|||
|
223,300
|
Genting Singapore Ltd.
(SGD) (c)
|
123,907
|
|||
|
44,000
|
Mapletree Pan Asia Commercial
Trust (SGD) (c)
|
40,781
|
|||
|
109,200
|
Seatrium Ltd. (SGD) (c) (d) (e)
|
170,342
|
|||
|
23,400
|
Sembcorp Industries Ltd.
(SGD) (c)
|
109,510
|
|||
|
38,200
|
Singapore Airlines Ltd.
(SGD) (c)
|
192,432
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Singapore (Continued)
|
|
|||
|
27,900
|
Singapore Technologies
Engineering Ltd. (SGD) (c)
|
$140,118
|
|||
|
20,100
|
Singapore Telecommunications
Ltd. (SGD) (c)
|
50,981
|
|||
|
58,200
|
Wilmar International Ltd.
(SGD) (c)
|
144,315
|
|||
|
79,300
|
Yangzijiang Shipbuilding
Holdings Ltd. (SGD) (c)
|
139,174
|
|||
|
|
|
1,228,321
|
|||
|
|
South Korea — 43.4%
|
|
|||
|
808
|
Alteogen, Inc. (KRW) (c) (d)
|
197,509
|
|||
|
900
|
Amorepacific Corp. (KRW) (c)
|
62,350
|
|||
|
2,354
|
DB Insurance Co., Ltd.
(KRW) (c)
|
142,200
|
|||
|
2,260
|
Hana Financial Group, Inc.
(KRW) (c)
|
92,277
|
|||
|
1,737
|
HD Hyundai Co., Ltd.
(KRW) (c)
|
85,894
|
|||
|
802
|
HD Hyundai Electric Co., Ltd.
(KRW) (c)
|
163,672
|
|||
|
1,761
|
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW) (c)
|
242,497
|
|||
|
17,834
|
HMM Co., Ltd. (KRW) (c)
|
238,149
|
|||
|
1,519
|
Hyundai Mobis Co., Ltd.
(KRW) (c)
|
270,313
|
|||
|
1,354
|
Hyundai Motor Co. (KRW) (c)
|
182,885
|
|||
|
6,162
|
Hyundai Rotem Co., Ltd.
(KRW) (c)
|
443,167
|
|||
|
14,193
|
Industrial Bank of Korea
(KRW) (c)
|
137,719
|
|||
|
1,642
|
KB Financial Group, Inc.
(KRW) (c)
|
89,002
|
|||
|
3,308
|
Kia Corp. (KRW) (c)
|
209,226
|
|||
|
12,864
|
Korea Electric Power Corp.
(KRW) (c)
|
189,848
|
|||
|
384
|
Korea Zinc Co., Ltd. (KRW) (c)
|
203,339
|
|||
|
14,654
|
Korean Air Lines Co., Ltd.
(KRW) (c)
|
213,332
|
|||
|
965
|
Krafton, Inc. (KRW) (c) (d)
|
220,686
|
|||
|
5,941
|
KT Corp. (KRW) (c)
|
200,096
|
|||
|
1,220
|
KT&G Corp. (KRW) (c)
|
83,914
|
|||
|
1,680
|
LG Corp. (KRW) (c)
|
74,096
|
|||
|
1,911
|
LG Electronics, Inc. (KRW) (c)
|
100,802
|
|||
|
2,723
|
Meritz Financial Group, Inc.
(KRW) (c)
|
227,637
|
|||
|
346
|
POSCO Holdings, Inc.
(KRW) (c)
|
65,985
|
|||
|
1,447
|
Samsung C&T Corp. (KRW) (c)
|
115,580
|
|||
|
1,496
|
Samsung Electro-Mechanics Co.,
Ltd. (KRW) (c)
|
132,507
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
South Korea (Continued)
|
|
|||
|
5,373
|
Samsung Electronics Co., Ltd.
(KRW) (c)
|
$213,015
|
|||
|
26,357
|
Samsung Heavy Industries Co.,
Ltd. (KRW) (c) (d)
|
243,127
|
|||
|
351
|
Samsung SDI Co., Ltd.
(KRW) (c)
|
45,361
|
|||
|
859
|
Samsung SDS Co., Ltd.
(KRW) (c)
|
68,023
|
|||
|
5,954
|
Shinhan Financial Group Co.,
Ltd. (KRW) (c)
|
190,545
|
|||
|
1,278
|
SK Biopharmaceuticals Co., Ltd.
(KRW) (c) (d)
|
87,169
|
|||
|
3,272
|
SK Square Co., Ltd.
(KRW) (c) (d)
|
209,595
|
|||
|
4,729
|
SK Telecom Co., Ltd.
(KRW) (c)
|
178,130
|
|||
|
5,400
|
S-Oil Corp. (KRW) (c)
|
206,192
|
|||
|
12,792
|
Woori Financial Group, Inc.
(KRW) (c)
|
144,456
|
|||
|
2,317
|
Yuhan Corp. (KRW) (c)
|
173,363
|
|||
|
|
|
6,143,658
|
|||
|
|
Total Common Stocks
|
13,983,363
|
|||
|
|
(Cost $13,071,993)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 2.0%
|
|||||
|
$282,300
|
JPMorgan Chase & Co.,
4.36% (h), dated 03/31/25,
due 04/01/25, with a maturity
value of $282,334.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.38% to
4.63%, due 02/15/42 to
02/15/55. The value of the
collateral including accrued
interest is $287,946. (i)
|
282,300
|
|||
|
|
(Cost $282,300)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 100.9%
|
14,265,663
|
|||
|
|
(Cost $13,354,293)
|
|
|||
|
|
Net Other Assets and
Liabilities — (0.9)%
|
(126,894
)
|
|||
|
|
Net Assets — 100.0%
|
$14,138,769
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $13,933,020 or 98.5% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
Non-income producing security.
|
|
(e)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $264,865 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $282,300.
|
|
(f)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(g)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(h)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(i)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
AUD
|
– Australian Dollar
|
|
HKD
|
– Hong Kong Dollar
|
|
KRW
|
– South Korean Won
|
|
NZD
|
– New Zealand Dollar
|
|
SGD
|
– Singapore Dollar
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Industrials
|
29.3%
|
|
Financials
|
15.1
|
|
Consumer Discretionary
|
9.2
|
|
Materials
|
8.8
|
|
Health Care
|
8.2
|
|
Energy
|
5.7
|
|
Information Technology
|
5.7
|
|
Communication Services
|
4.6
|
|
Utilities
|
4.3
|
|
All Other
|
9.1
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
KRW
|
43.1%
|
|
AUD
|
33.5
|
|
HKD
|
11.3
|
|
SGD
|
8.6
|
|
USD
|
2.0
|
|
NZD
|
1.5
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Cayman Islands
|
$ 1,016,499
|
$ 50,343
|
$ 966,156
|
$ —
|
|
Other Country
Categories*
|
12,966,864
|
—
|
12,966,864
|
—
|
|
Repurchase Agreements
|
282,300
|
—
|
282,300
|
—
|
|
Total Investments
|
$14,265,663
|
$50,343
|
$14,215,320
|
$—
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.1%
|
|||||
|
|
Austria — 4.2%
|
|
|||
|
9,997
|
ANDRITZ AG (EUR) (c)
|
$560,894
|
|||
|
22,873
|
BAWAG Group AG
(EUR) (c) (d) (e)
|
2,359,678
|
|||
|
32,301
|
Erste Group Bank AG (EUR) (c)
|
2,234,302
|
|||
|
33,177
|
OMV AG (EUR) (c)
|
1,708,501
|
|||
|
71,259
|
Raiffeisen Bank International
AG (EUR) (c)
|
1,838,450
|
|||
|
27,218
|
voestalpine AG (EUR) (c)
|
665,882
|
|||
|
|
|
9,367,707
|
|||
|
|
Belgium — 3.7%
|
|
|||
|
6,674
|
Ackermans & van Haaren N.V.
(EUR) (c)
|
1,446,752
|
|||
|
19,918
|
Ageas S.A./N.V. (EUR) (c)
|
1,193,955
|
|||
|
38,040
|
Colruyt Group N.V. (EUR) (c)
|
1,562,729
|
|||
|
22,743
|
Groupe Bruxelles Lambert N.V.
(EUR) (c)
|
1,697,057
|
|||
|
4,456
|
KBC Group N.V. (EUR) (c)
|
406,137
|
|||
|
3,763
|
Sofina S.A. (EUR) (c)
|
963,703
|
|||
|
5,893
|
UCB S.A. (EUR) (c)
|
1,037,553
|
|||
|
|
|
8,307,886
|
|||
|
|
Bermuda — 0.8%
|
|
|||
|
55,161
|
Aegon Ltd. (EUR) (c)
|
362,289
|
|||
|
92,401
|
Hiscox Ltd. (GBP) (c)
|
1,407,441
|
|||
|
|
|
1,769,730
|
|||
|
|
Denmark — 2.2%
|
|
|||
|
843
|
A.P. Moller - Maersk A/S,
Class B (DKK) (c)
|
1,467,182
|
|||
|
41,418
|
ALK-Abello A/S (DKK) (c) (f)
|
835,771
|
|||
|
54,778
|
H. Lundbeck A/S (DKK) (c)
|
275,980
|
|||
|
9,097
|
Jyske Bank A/S (DKK) (c)
|
728,979
|
|||
|
11,249
|
NKT A/S (DKK) (c) (f)
|
766,468
|
|||
|
2,264
|
ROCKWOOL A/S, Class B
(DKK) (c)
|
938,446
|
|||
|
|
|
5,012,826
|
|||
|
|
Finland — 1.7%
|
|
|||
|
64,515
|
Fortum Oyj (EUR) (c) (g)
|
1,056,469
|
|||
|
23,604
|
Konecranes Oyj (EUR) (c)
|
1,510,609
|
|||
|
36,508
|
Neste Oyj (EUR) (c) (g)
|
337,672
|
|||
|
47,488
|
Wartsila Oyj Abp (EUR) (c)
|
847,353
|
|||
|
|
|
3,752,103
|
|||
|
|
France — 9.3%
|
|
|||
|
51,221
|
Alstom S.A. (EUR) (c) (f)
|
1,134,584
|
|||
|
7,443
|
Arkema S.A. (EUR) (c)
|
569,921
|
|||
|
5,169
|
BNP Paribas S.A. (EUR) (c)
|
432,023
|
|||
|
31,753
|
Bouygues S.A. (EUR) (c)
|
1,251,719
|
|||
|
62,347
|
Carrefour S.A. (EUR) (c)
|
891,684
|
|||
|
3,893
|
Cie de Saint-Gobain S.A.
(EUR) (c)
|
387,809
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
France (Continued)
|
|
|||
|
26,179
|
Cie Generale des Etablissements
Michelin S.C.A. (EUR) (c)
|
$920,105
|
|||
|
46,364
|
Credit Agricole S.A. (EUR) (c)
|
844,154
|
|||
|
7,345
|
Eiffage S.A. (EUR) (c)
|
855,172
|
|||
|
33,956
|
Elis S.A. (EUR) (c)
|
758,327
|
|||
|
41,014
|
Engie S.A. (EUR) (c)
|
799,194
|
|||
|
5,758
|
Ipsen S.A. (EUR) (c)
|
663,212
|
|||
|
12,089
|
Nexans S.A. (EUR) (c)
|
1,186,819
|
|||
|
92,806
|
Orange S.A. (EUR) (c)
|
1,202,226
|
|||
|
32,641
|
Renault S.A. (EUR) (c)
|
1,653,485
|
|||
|
24,503
|
Rexel S.A. (EUR) (c)
|
660,381
|
|||
|
42,708
|
Societe Generale S.A. (EUR) (c)
|
1,926,731
|
|||
|
13,686
|
Teleperformance SE (EUR) (c)
|
1,376,147
|
|||
|
27,195
|
TotalEnergies SE (EUR) (c)
|
1,752,260
|
|||
|
191,488
|
Vivendi SE (EUR) (c)
|
574,023
|
|||
|
10,398
|
Wendel SE (EUR) (c)
|
1,005,267
|
|||
|
|
|
20,845,243
|
|||
|
|
Germany — 14.6%
|
|
|||
|
20,092
|
Bayerische Motoren Werke AG
(EUR) (c)
|
1,620,171
|
|||
|
96,269
|
Commerzbank AG (EUR) (c)
|
2,203,121
|
|||
|
21,889
|
Continental AG (EUR) (c)
|
1,543,613
|
|||
|
13,633
|
CTS Eventim AG & Co. KGaA
(EUR) (c)
|
1,367,698
|
|||
|
28,382
|
Daimler Truck Holding AG
(EUR) (c)
|
1,149,746
|
|||
|
43,922
|
Delivery Hero SE
(EUR) (c) (d) (e) (f)
|
1,053,148
|
|||
|
82,120
|
Deutsche Bank AG (EUR) (c)
|
1,957,514
|
|||
|
193,417
|
Deutsche Lufthansa AG
(EUR) (c) (g)
|
1,409,284
|
|||
|
24,114
|
Deutsche Telekom AG
(EUR) (c)
|
890,291
|
|||
|
7,948
|
DHL Group (EUR) (c)
|
341,235
|
|||
|
4,451
|
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (c) (d) (e)
|
222,919
|
|||
|
19,072
|
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (c) (f)
|
1,196,865
|
|||
|
16,663
|
Fresenius Medical Care AG
(EUR) (c)
|
829,153
|
|||
|
9,296
|
Fresenius SE & Co. KGaA
(EUR) (c) (f)
|
396,882
|
|||
|
7,238
|
GEA Group AG (EUR) (c)
|
439,992
|
|||
|
13,040
|
Heidelberg Materials AG
(EUR) (c)
|
2,247,811
|
|||
|
36,043
|
KION Group AG (EUR) (c)
|
1,511,513
|
|||
|
3,984
|
Knorr-Bremse AG (EUR) (c)
|
362,565
|
|||
|
4,933
|
Krones AG (EUR) (c)
|
672,790
|
|||
|
3,393
|
LEG Immobilien SE (EUR) (c)
|
239,837
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Germany (Continued)
|
|
|||
|
27,410
|
Mercedes-Benz Group AG
(EUR) (c)
|
$1,619,161
|
|||
|
1,135
|
MTU Aero Engines AG
(EUR) (c)
|
394,383
|
|||
|
38,727
|
Porsche Automobil Holding SE
(Preference Shares) (EUR) (c)
|
1,458,408
|
|||
|
38,945
|
RWE AG (EUR)
|
1,390,517
|
|||
|
48,106
|
Siemens Energy AG
(EUR) (c) (f)
|
2,851,829
|
|||
|
16,717
|
Volkswagen AG (Preference
Shares) (EUR) (c)
|
1,705,778
|
|||
|
42,967
|
Zalando SE (EUR) (c) (d) (e) (f)
|
1,490,328
|
|||
|
|
|
32,566,552
|
|||
|
|
Greece — 3.4%
|
|
|||
|
463,807
|
Eurobank Ergasias Services and
Holdings S.A. (EUR) (c)
|
1,245,909
|
|||
|
61,621
|
Hellenic Telecommunications
Organization S.A. (EUR) (c)
|
1,002,495
|
|||
|
35,973
|
Metlen Energy & Metals S.A.
(EUR) (c)
|
1,585,366
|
|||
|
124,350
|
National Bank of Greece S.A.
(EUR) (c)
|
1,278,069
|
|||
|
249,480
|
Piraeus Financial Holdings S.A.
(EUR) (c)
|
1,370,833
|
|||
|
79,279
|
Public Power Corp. S.A.
(EUR) (c)
|
1,190,454
|
|||
|
|
|
7,673,126
|
|||
|
|
Ireland — 1.8%
|
|
|||
|
185,522
|
AIB Group PLC (EUR) (c)
|
1,198,329
|
|||
|
31,722
|
Bank of Ireland Group PLC
(EUR) (c)
|
374,807
|
|||
|
4,519
|
Flutter Entertainment PLC
(GBP) (c) (f)
|
1,001,808
|
|||
|
20,124
|
Glanbia PLC (EUR) (c)
|
221,758
|
|||
|
28,995
|
Ryanair Holdings PLC, ADR
|
1,228,518
|
|||
|
|
|
4,025,220
|
|||
|
|
Italy — 10.0%
|
|
|||
|
613,638
|
A2A S.p.A. (EUR) (c)
|
1,478,905
|
|||
|
306,996
|
Banca Monte dei Paschi di Siena
S.p.A. (EUR) (c) (g)
|
2,441,621
|
|||
|
105,041
|
Banco BPM S.p.A. (EUR) (c)
|
1,068,904
|
|||
|
252,018
|
BPER Banca S.p.A. (EUR) (c)
|
1,978,270
|
|||
|
44,438
|
Buzzi S.p.A. (EUR) (c)
|
2,138,335
|
|||
|
93,019
|
Eni S.p.A. (EUR) (c)
|
1,438,686
|
|||
|
24,521
|
Generali (EUR) (c)
|
861,403
|
|||
|
88,826
|
Hera S.p.A. (EUR) (c)
|
384,785
|
|||
|
331,643
|
Intesa Sanpaolo S.p.A.
(EUR) (c)
|
1,709,184
|
|||
|
117,190
|
Italgas S.p.A. (EUR) (c)
|
840,278
|
|||
|
15,893
|
Leonardo S.p.A. (EUR) (c)
|
773,973
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Italy (Continued)
|
|
|||
|
233,520
|
Pirelli & C S.p.A.
(EUR) (c) (d) (e)
|
$1,390,021
|
|||
|
14,639
|
Prysmian S.p.A. (EUR) (c)
|
805,836
|
|||
|
2,550,471
|
Telecom Italia S.p.A.
(EUR) (c) (f)
|
861,552
|
|||
|
32,330
|
UniCredit S.p.A. (EUR) (c)
|
1,814,758
|
|||
|
149,095
|
Unipol Assicurazoni S.p.A.
(EUR) (c)
|
2,386,709
|
|||
|
|
|
22,373,220
|
|||
|
|
Luxembourg — 1.3%
|
|
|||
|
225,413
|
Aroundtown S.A. (EUR) (c) (f)
|
617,615
|
|||
|
112,548
|
Tenaris S.A. (EUR) (c)
|
2,202,429
|
|||
|
|
|
2,820,044
|
|||
|
|
Netherlands — 3.7%
|
|
|||
|
26,193
|
Aalberts N.V. (EUR) (c)
|
893,077
|
|||
|
39,269
|
ABN AMRO Bank N.V.
(EUR) (c) (d) (e)
|
827,455
|
|||
|
5,116
|
Arcadis N.V. (EUR) (c)
|
261,182
|
|||
|
655
|
Argenx SE (EUR) (c) (f)
|
386,514
|
|||
|
3,265
|
Euronext N.V. (EUR) (c) (d) (e)
|
473,857
|
|||
|
10,253
|
Koninklijke Ahold Delhaize
N.V. (EUR) (c)
|
383,003
|
|||
|
43,259
|
Koninklijke Philips N.V.
(EUR) (c) (h)
|
1,101,296
|
|||
|
22,900
|
Koninklijke Vopak N.V.
(EUR) (c)
|
994,888
|
|||
|
21,316
|
NN Group N.V. (EUR) (c)
|
1,186,149
|
|||
|
8,105
|
Prosus N.V. (EUR) (c)
|
376,553
|
|||
|
59,693
|
STMicroelectronics N.V.
(EUR) (c)
|
1,308,925
|
|||
|
|
|
8,192,899
|
|||
|
|
Norway — 5.5%
|
|
|||
|
82,673
|
Aker BP ASA (NOK) (c)
|
1,960,099
|
|||
|
72,192
|
Equinor ASA (NOK) (c)
|
1,906,501
|
|||
|
18,121
|
Kongsberg Gruppen ASA
(NOK) (c)
|
2,656,813
|
|||
|
112,823
|
Orkla ASA (NOK) (c)
|
1,237,272
|
|||
|
54,905
|
Schibsted ASA, Class A
(NOK) (c)
|
1,479,625
|
|||
|
129,080
|
Storebrand ASA (NOK) (c)
|
1,637,284
|
|||
|
150,568
|
Wallenius Wilhelmsen ASA
(NOK) (c)
|
1,045,589
|
|||
|
11,195
|
Yara International ASA
(NOK) (c)
|
337,703
|
|||
|
|
|
12,260,886
|
|||
|
|
Portugal — 1.5%
|
|
|||
|
3,924,165
|
Banco Comercial Portugues
S.A., Class R (EUR) (c)
|
2,372,668
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Portugal (Continued)
|
|
|||
|
77,565
|
EDP S.A. (EUR) (c)
|
$261,262
|
|||
|
37,878
|
Galp Energia SGPS S.A.
(EUR) (c)
|
663,625
|
|||
|
|
|
3,297,555
|
|||
|
|
Spain — 6.0%
|
|
|||
|
9,982
|
Acciona S.A. (EUR) (c)
|
1,306,475
|
|||
|
32,773
|
Banco Bilbao Vizcaya
Argentaria S.A. (EUR) (c)
|
447,274
|
|||
|
833,345
|
Banco de Sabadell S.A.
(EUR) (c)
|
2,339,753
|
|||
|
138,320
|
Banco Santander S.A. (EUR) (c)
|
931,853
|
|||
|
237,264
|
CaixaBank S.A. (EUR) (c)
|
1,848,229
|
|||
|
62,235
|
Grifols S.A. (EUR) (c) (f)
|
554,076
|
|||
|
6,044
|
Industria de Diseno Textil S.A.
(EUR) (c)
|
300,943
|
|||
|
644,424
|
International Consolidated
Airlines Group S.A. (GBP) (c)
|
2,180,579
|
|||
|
532,356
|
Mapfre S.A. (EUR) (c)
|
1,640,178
|
|||
|
134,307
|
Repsol S.A. (EUR) (c)
|
1,783,270
|
|||
|
|
|
13,332,630
|
|||
|
|
Sweden — 8.4%
|
|
|||
|
35,497
|
AddTech AB, Class B (SEK) (c)
|
1,039,621
|
|||
|
21,074
|
Assa Abloy AB, Class B
(SEK) (c)
|
632,668
|
|||
|
41,794
|
Boliden AB (SEK) (c)
|
1,371,372
|
|||
|
11,357
|
Essity AB, Class B (SEK) (c) (g)
|
322,666
|
|||
|
80,688
|
Fastighets AB Balder, Class B
(SEK) (f)
|
504,912
|
|||
|
48,212
|
Industrivarden AB, Class C
(SEK) (c)
|
1,771,171
|
|||
|
11,405
|
Indutrade AB (SEK) (c)
|
316,054
|
|||
|
57,582
|
Investor AB, Class B (SEK) (c)
|
1,717,332
|
|||
|
21,541
|
Lifco AB, Class B (SEK) (c)
|
764,141
|
|||
|
44,329
|
Nordnet AB publ (SEK) (c)
|
1,030,804
|
|||
|
139,622
|
Securitas AB, Class B (SEK) (c)
|
1,975,787
|
|||
|
16,995
|
Skanska AB, Class B (SEK) (c)
|
375,097
|
|||
|
346,103
|
SSAB AB, Class B (SEK) (c)
|
2,108,853
|
|||
|
104,575
|
Sweco AB, Class B (SEK) (c)
|
1,877,021
|
|||
|
22,014
|
Swedish Orphan Biovitrum AB
(SEK) (c) (f)
|
630,838
|
|||
|
140,750
|
Telefonaktiebolaget LM
Ericsson, Class B
(SEK) (c) (g)
|
1,095,142
|
|||
|
219,213
|
Telia Co., AB (SEK) (c)
|
790,448
|
|||
|
13,421
|
Volvo AB, Class B (SEK) (c) (g)
|
393,750
|
|||
|
|
|
18,717,677
|
|||
|
|
Switzerland — 4.8%
|
|
|||
|
27,331
|
Accelleron Industries AG
(CHF) (c)
|
1,267,238
|
|||
|
6,945
|
Baloise Holding AG (CHF) (c)
|
1,457,583
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Switzerland (Continued)
|
|
|||
|
192
|
Barry Callebaut AG (CHF) (c)
|
$254,287
|
|||
|
497
|
Belimo Holding AG (CHF) (c)
|
306,408
|
|||
|
1,562
|
Bucher Industries AG (CHF) (c)
|
655,584
|
|||
|
10,293
|
DSM-Firmenich AG (EUR) (c)
|
1,018,991
|
|||
|
4,103
|
Helvetia Holding AG (CHF) (c)
|
851,011
|
|||
|
527
|
Siegfried Holding AG (CHF) (c)
|
541,513
|
|||
|
8,658
|
Sulzer AG (CHF) (c)
|
1,476,745
|
|||
|
3,305
|
Swatch Group (The) AG
(CHF) (c)
|
569,936
|
|||
|
542
|
Swisscom AG (CHF) (c)
|
312,328
|
|||
|
1,968
|
Swissquote Group Holding S.A.
(CHF) (c)
|
850,052
|
|||
|
6,636
|
VZ Holding AG (CHF) (c)
|
1,267,819
|
|||
|
|
|
10,829,495
|
|||
|
|
United Kingdom — 16.2%
|
|
|||
|
40,051
|
3i Group PLC (GBP) (c)
|
1,883,232
|
|||
|
22,977
|
Associated British Foods PLC
(GBP) (c)
|
569,634
|
|||
|
30,506
|
Auto Trader Group PLC
(GBP) (c) (d) (e)
|
294,983
|
|||
|
54,741
|
Aviva PLC (GBP) (c)
|
394,526
|
|||
|
235,787
|
Barclays PLC (GBP) (c)
|
886,571
|
|||
|
173,936
|
Beazley PLC (GBP) (c)
|
2,094,851
|
|||
|
8,500
|
Bellway PLC (GBP) (c)
|
261,937
|
|||
|
5,609
|
Berkeley Group Holdings PLC
(GBP) (c)
|
261,056
|
|||
|
202,754
|
BP PLC (GBP) (c)
|
1,137,750
|
|||
|
357,984
|
BT Group PLC (GBP) (c)
|
767,865
|
|||
|
907,774
|
Centrica PLC (GBP) (c)
|
1,757,687
|
|||
|
101,819
|
easyJet PLC (GBP) (c)
|
585,475
|
|||
|
114,619
|
Evraz PLC (GBP) (c) (f) (i) (j)
|
0
|
|||
|
127,045
|
Frasers Group PLC (GBP) (c) (f)
|
1,025,341
|
|||
|
43,292
|
Fresnillo PLC (GBP) (c)
|
526,357
|
|||
|
115,037
|
IG Group Holdings PLC
(GBP) (c)
|
1,419,352
|
|||
|
36,549
|
Imperial Brands PLC (GBP) (c)
|
1,352,388
|
|||
|
268,852
|
J Sainsbury PLC (GBP) (c)
|
819,487
|
|||
|
343,693
|
JD Sports Fashion PLC
(GBP) (c)
|
303,907
|
|||
|
411,071
|
Kingfisher PLC (GBP) (c)
|
1,354,077
|
|||
|
450,220
|
Lloyds Banking Group PLC
(GBP) (c)
|
422,271
|
|||
|
355,246
|
Marks & Spencer Group PLC
(GBP) (c)
|
1,640,127
|
|||
|
18,630
|
Mondi PLC (GBP) (c)
|
277,909
|
|||
|
384,893
|
NatWest Group PLC (GBP) (c)
|
2,272,569
|
|||
|
26,121
|
Pearson PLC (GBP) (c)
|
413,222
|
|||
|
32,215
|
Persimmon PLC (GBP) (c)
|
498,272
|
|||
|
141,946
|
Phoenix Group Holdings PLC
(GBP) (c)
|
1,053,706
|
|||
|
19,983
|
Rio Tinto PLC (GBP) (c)
|
1,199,190
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
United Kingdom (Continued)
|
|
|||
|
200,858
|
Rolls-Royce Holdings PLC
(GBP) (c) (f)
|
$1,952,222
|
|||
|
43,668
|
Shell PLC (GBP) (c)
|
1,589,537
|
|||
|
180,334
|
St. James’s Place PLC (GBP) (c)
|
2,292,397
|
|||
|
133,534
|
Standard Chartered PLC
(GBP) (c)
|
1,981,570
|
|||
|
369,013
|
Tesco PLC (GBP) (c)
|
1,587,607
|
|||
|
60,811
|
Vistry Group PLC (GBP) (c) (f)
|
448,866
|
|||
|
1,058,354
|
Vodafone Group PLC (GBP) (c)
|
994,457
|
|||
|
|
|
36,320,398
|
|||
|
|
Total Common Stocks
|
221,465,197
|
|||
|
|
(Cost $193,451,776)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
149,636
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (k)
|
149,636
|
|||
|
|
(Cost $149,636)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 1.9%
|
|||||
|
$1,524,827
|
Daiwa Capital Markets America,
Inc., 4.36% (k), dated
03/31/25, due 04/01/25, with a
maturity value of $1,525,012.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/22/25 to
02/15/45. The value of the
collateral including accrued
interest is $1,555,325. (l)
|
1,524,827
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
|
|||||
|
$1,524,827
|
Mizuho Financial Group, Inc.,
4.35% (k), dated 03/31/25,
due 04/01/25, with a maturity
value of $1,525,011.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 07/31/31.
The value of the collateral
including accrued interest is
$1,555,324. (l)
|
$1,524,827
|
|||
|
1,306,995
|
RBC Dominion Securities, Inc.,
4.35% (k), dated 03/31/25,
due 04/01/25, with a maturity
value of $1,307,153.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $1,333,135. (l)
|
1,306,995
|
|||
|
|
Total Repurchase Agreements
|
4,356,649
|
|||
|
|
(Cost $4,356,649)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 101.1%
|
225,971,482
|
|||
|
|
(Cost $197,958,061)
|
|
|||
|
|
Net Other Assets and
Liabilities — (1.1)%
|
(2,364,333
)
|
|||
|
|
Net Assets — 100.0%
|
$223,607,149
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $218,341,250 or 97.6% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(e)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(f)
|
Non-income producing security.
|
|
(g)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $3,684,594 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $4,356,649.
|
|
(h)
|
Non-income producing security which makes payment-in-
kind distributions.
|
|
(i)
|
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
|
|
(j)
|
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs in the Additional
Information section).
|
|
(k)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(l)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
ADR
|
– American Depositary Receipt
|
|
CHF
|
– Swiss Franc
|
|
DKK
|
– Danish Krone
|
|
EUR
|
– Euro
|
|
GBP
|
– British Pound Sterling
|
|
NOK
|
– Norwegian Krone
|
|
SEK
|
– Swedish Krona
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Financials
|
33.9%
|
|
Industrials
|
22.4
|
|
Consumer Discretionary
|
9.5
|
|
Energy
|
7.7
|
|
Materials
|
5.5
|
|
Consumer Staples
|
4.8
|
|
Communication Services
|
4.7
|
|
Utilities
|
4.6
|
|
Health Care
|
3.2
|
|
All Other
|
3.7
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
EUR
|
59.1%
|
|
GBP
|
18.1
|
|
SEK
|
8.3
|
|
NOK
|
5.4
|
|
CHF
|
4.3
|
|
USD
|
2.6
|
|
DKK
|
2.2
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Germany
|
$ 32,566,552
|
$ 1,390,517
|
$ 31,176,035
|
$ —
|
|
Ireland
|
4,025,220
|
1,228,518
|
2,796,702
|
—
|
|
Sweden
|
18,717,677
|
504,912
|
18,212,765
|
—
|
|
United Kingdom
|
36,320,398
|
—
|
36,320,398
|
—**
|
|
Other Country
Categories*
|
129,835,350
|
—
|
129,835,350
|
—
|
|
Money Market
Funds
|
149,636
|
149,636
|
—
|
—
|
|
Repurchase
Agreements
|
4,356,649
|
—
|
4,356,649
|
—
|
|
Total Investments
|
$225,971,482
|
$3,273,583
|
$222,697,899
|
$—**
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
**
|
Investment is valued at $0.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.1%
|
|||||
|
|
Bermuda — 2.1%
|
|
|||
|
1,195
|
Credicorp Ltd.
|
$222,461
|
|||
|
|
Brazil — 52.6%
|
|
|||
|
29,892
|
Ambev S.A. (BRL)
|
70,717
|
|||
|
26,599
|
Banco Bradesco S.A. (Preference
Shares) (BRL)
|
59,058
|
|||
|
11,754
|
Banco BTG Pactual S.A. (BRL)
|
69,414
|
|||
|
43,343
|
Banco do Brasil S.A. (BRL)
|
214,115
|
|||
|
13,770
|
Banco Santander Brasil S.A.
(BRL)
|
64,477
|
|||
|
11,013
|
BB Seguridade Participacoes
S.A. (BRL)
|
77,776
|
|||
|
33,066
|
BRF S.A. (BRL)
|
114,036
|
|||
|
17,376
|
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
|
310,587
|
|||
|
137,785
|
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
|
247,733
|
|||
|
76,739
|
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
|
139,991
|
|||
|
89,676
|
Cosan S.A. (BRL)
|
116,133
|
|||
|
40,931
|
Embraer S.A. (BRL) (c)
|
471,609
|
|||
|
9,209
|
Engie Brasil Energia S.A. (BRL)
|
62,292
|
|||
|
24,061
|
Equatorial Energia S.A. (BRL)
|
134,927
|
|||
|
102,798
|
Gerdau S.A. (Preference Shares)
(BRL)
|
291,472
|
|||
|
35,887
|
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
|
197,533
|
|||
|
149,643
|
Itausa S.A. (Preference Shares)
(BRL)
|
247,812
|
|||
|
49,660
|
JBS S.A. (BRL)
|
357,757
|
|||
|
9,535
|
Localiza Rent a Car S.A. (BRL)
|
56,126
|
|||
|
54,525
|
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
|
355,063
|
|||
|
36,251
|
PRIO S.A. (BRL) (c)
|
252,835
|
|||
|
252,250
|
Raizen S.A. (Preference Shares)
(BRL)
|
81,778
|
|||
|
63,480
|
Rede D’Or Sao Luiz S.A.
(BRL) (d) (e)
|
313,704
|
|||
|
28,140
|
Telefonica Brasil S.A. (BRL)
|
245,725
|
|||
|
62,897
|
TIM S.A. (BRL)
|
198,398
|
|||
|
30,915
|
Vale S.A. (BRL)
|
307,175
|
|||
|
83,908
|
Vibra Energia S.A. (BRL)
|
261,438
|
|||
|
21,567
|
WEG S.A. (BRL)
|
171,131
|
|||
|
|
|
5,490,812
|
|||
|
|
Cayman Islands — 1.6%
|
|
|||
|
15,779
|
NU Holdings Ltd., Class A (c)
|
161,577
|
|||
|
|
Chile — 10.6%
|
|
|||
|
2,303
|
Banco de Credito e Inversiones
S.A. (CLP)
|
85,107
|
|||
|
71,346
|
Cencosud S.A. (CLP)
|
217,899
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Chile (Continued)
|
|
|||
|
32,266
|
Empresas Copec S.A. (CLP)
|
$222,573
|
|||
|
97,216
|
Falabella S.A. (CLP)
|
405,434
|
|||
|
11,143,638
|
Latam Airlines Group S.A.
(CLP)
|
174,629
|
|||
|
|
|
1,105,642
|
|||
|
|
Colombia — 2.6%
|
|
|||
|
27,213
|
Bancolombia S.A. (Preference
Shares) (COP)
|
274,212
|
|||
|
|
Mexico — 29.6%
|
|
|||
|
233,393
|
Cemex S.A.B. de C.V.,
Series CPO (MXN)
|
131,725
|
|||
|
40,547
|
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
|
370,628
|
|||
|
48,020
|
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
|
226,672
|
|||
|
246,679
|
Fibra Uno Administracion S.A.
de C.V. (MXN)
|
288,211
|
|||
|
14,668
|
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
|
143,229
|
|||
|
15,463
|
Gruma S.A.B. de C.V., Class B
(MXN)
|
279,210
|
|||
|
8,233
|
Grupo Aeroportuario del
Pacifico S.A.B. de C.V.,
Class B (MXN)
|
152,233
|
|||
|
2,526
|
Grupo Aeroportuario del Sureste
S.A.B. de C.V., Class B
(MXN)
|
69,151
|
|||
|
48,143
|
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
|
271,668
|
|||
|
10,087
|
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
|
69,958
|
|||
|
63,111
|
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN) (c)
|
141,830
|
|||
|
38,630
|
Grupo Mexico S.A.B. de C.V.,
Series B (MXN)
|
193,145
|
|||
|
21,634
|
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
|
401,399
|
|||
|
109,724
|
Prologis Property Mexico S.A.
de C.V. (MXN)
|
351,082
|
|||
|
|
|
3,090,141
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 99.1%
|
10,344,845
|
|||
|
|
(Cost $9,574,637)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.9%
|
94,759
|
|||
|
|
Net Assets — 100.0%
|
$10,439,604
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
Non-income producing security.
|
|
(d)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(e)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
BRL
|
– Brazilian Real
|
|
CLP
|
– Chilean Peso
|
|
COP
|
– Colombian Peso
|
|
MXN
|
– Mexican Peso
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Financials
|
18.2%
|
|
Consumer Staples
|
17.6
|
|
Materials
|
12.8
|
|
Consumer Discretionary
|
11.6
|
|
Industrials
|
10.6
|
|
Utilities
|
8.7
|
|
Energy
|
7.0
|
|
Real Estate
|
6.2
|
|
Communication Services
|
4.3
|
|
Health Care
|
3.0
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
BRL
|
53.1%
|
|
MXN
|
29.9
|
|
CLP
|
10.7
|
|
USD
|
3.7
|
|
COP
|
2.6
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 10,344,845
|
$ 10,344,845
|
$ —
|
$ —
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 99.1%
|
|||||
|
|
Aerospace & Defense — 3.8%
|
|
|||
|
18,216
|
Embraer S.A. (BRL) (b)
|
$209,886
|
|||
|
|
Banks — 6.4%
|
|
|||
|
17,665
|
Banco Bradesco S.A. (Preference
Shares) (BRL)
|
39,222
|
|||
|
16,939
|
Banco do Brasil S.A. (BRL)
|
83,679
|
|||
|
8,573
|
Banco Santander Brasil S.A.
(BRL)
|
40,142
|
|||
|
14,655
|
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
|
80,665
|
|||
|
69,856
|
Itausa S.A. (Preference Shares)
(BRL)
|
115,683
|
|||
|
|
|
359,391
|
|||
|
|
Commercial Services &
Supplies — 1.8%
|
|
|||
|
3,149
|
Ambipar Participacoes e
Empreendimentos S.A.
(BRL) (b)
|
67,787
|
|||
|
14,607
|
GPS Participacoes e
Empreendimentos S.A.
(BRL) (c)
|
33,405
|
|||
|
|
|
101,192
|
|||
|
|
Consumer Staples Distribution
& Retail — 1.4%
|
|
|||
|
37,606
|
Atacadao S.A. (BRL)
|
47,778
|
|||
|
9,282
|
Raia Drogasil S.A. (BRL)
|
30,986
|
|||
|
|
|
78,764
|
|||
|
|
Containers & Packaging —
1.5%
|
|
|||
|
26,471
|
Klabin S.A. (BRL)
|
86,560
|
|||
|
|
Diversified Telecommunication
Services — 2.1%
|
|
|||
|
13,131
|
Telefonica Brasil S.A. (BRL)
|
114,663
|
|||
|
|
Electric Utilities — 14.1%
|
|
|||
|
17,994
|
Centrais Eletricas Brasileiras
S.A. (BRL)
|
128,622
|
|||
|
73,703
|
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
|
132,515
|
|||
|
44,745
|
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
|
81,626
|
|||
|
22,446
|
Energisa S.A. (BRL)
|
157,338
|
|||
|
7,453
|
Equatorial Energia S.A. (BRL)
|
41,794
|
|||
|
35,586
|
Isa Energia Brasil S.A.
(Preference Shares) (BRL)
|
139,315
|
|||
|
18,689
|
Transmissora Alianca de Energia
Eletrica S.A. (BRL)
|
110,239
|
|||
|
|
|
791,449
|
|||
|
|
Electrical Equipment — 2.2%
|
|
|||
|
15,517
|
WEG S.A. (BRL)
|
123,126
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Financial Services — 5.2%
|
|
|||
|
21,173
|
Pagseguro Digital Ltd.,
Class A (b)
|
$161,550
|
|||
|
12,473
|
StoneCo Ltd., Class A (b)
|
130,717
|
|||
|
|
|
292,267
|
|||
|
|
Food Products — 10.9%
|
|
|||
|
40,361
|
BRF S.A. (BRL)
|
139,194
|
|||
|
28,197
|
JBS S.A. (BRL)
|
203,135
|
|||
|
60,103
|
Marfrig Global Foods S.A.
(BRL)
|
190,217
|
|||
|
23,395
|
SLC Agricola S.A. (BRL)
|
76,255
|
|||
|
|
|
608,801
|
|||
|
|
Health Care Providers &
Services — 2.1%
|
|
|||
|
24,159
|
Rede D’Or Sao Luiz S.A.
(BRL) (c) (d)
|
119,388
|
|||
|
|
Hotels, Restaurants & Leisure
— 0.8%
|
|
|||
|
12,040
|
Smartfit Escola de Ginastica e
Danca S.A. (BRL)
|
43,084
|
|||
|
|
Insurance — 5.7%
|
|
|||
|
16,974
|
BB Seguridade Participacoes
S.A. (BRL)
|
119,874
|
|||
|
28,004
|
Porto Seguro S.A. (BRL)
|
196,297
|
|||
|
|
|
316,171
|
|||
|
|
Metals & Mining — 8.4%
|
|
|||
|
56,425
|
Gerdau S.A. (Preference Shares)
(BRL)
|
159,987
|
|||
|
79,887
|
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
|
125,295
|
|||
|
18,764
|
Vale S.A. (BRL)
|
186,441
|
|||
|
|
|
471,723
|
|||
|
|
Oil, Gas & Consumable Fuels
— 9.0%
|
|
|||
|
17,364
|
Brava Energia (BRL)
|
70,290
|
|||
|
75,261
|
Cosan S.A. (BRL)
|
97,465
|
|||
|
22,626
|
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
|
147,339
|
|||
|
10,172
|
PRIO S.A. (BRL) (b)
|
70,945
|
|||
|
38,673
|
Ultrapar Participacoes S.A.
(BRL)
|
115,956
|
|||
|
|
|
501,995
|
|||
|
|
Paper & Forest Products —
2.2%
|
|
|||
|
13,254
|
Suzano S.A. (BRL)
|
122,960
|
|||
|
|
Pharmaceuticals — 1.4%
|
|
|||
|
22,632
|
Hypera S.A. (BRL)
|
76,822
|
|||
|
|
Real Estate Management &
Development — 0.7%
|
|
|||
|
11,276
|
Allos S.A. (BRL)
|
37,801
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Software — 0.8%
|
|
|||
|
7,634
|
TOTVS S.A. (BRL)
|
$44,642
|
|||
|
|
Specialty Retail — 5.6%
|
|
|||
|
33,781
|
Lojas Renner S.A. (BRL)
|
72,399
|
|||
|
189,077
|
Raizen S.A. (Preference Shares)
(BRL)
|
61,298
|
|||
|
57,374
|
Vibra Energia S.A. (BRL)
|
178,764
|
|||
|
|
|
312,461
|
|||
|
|
Transportation Infrastructure
— 0.7%
|
|
|||
|
20,079
|
CCR S.A. (BRL)
|
40,957
|
|||
|
|
Water Utilities — 9.1%
|
|
|||
|
9,252
|
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
|
165,375
|
|||
|
49,162
|
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
|
170,149
|
|||
|
36,832
|
Cia De Sanena Do Parana (BRL)
|
174,141
|
|||
|
|
|
509,665
|
|||
|
|
Wireless Telecommunication
Services — 3.2%
|
|
|||
|
56,550
|
TIM S.A. (BRL)
|
178,377
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 99.1%
|
5,542,145
|
|||
|
|
(Cost $4,836,954)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.9%
|
52,243
|
|||
|
|
Net Assets — 100.0%
|
$5,594,388
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(d)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
BRL
|
– Brazilian Real
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
Brazil
|
93.9%
|
|
Cayman Islands
|
5.2
|
|
Total Investments
|
99.1
|
|
Net Other Assets and Liabilities
|
0.9
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
BRL
|
94.7%
|
|
USD
|
5.3
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 5,542,145
|
$ 5,542,145
|
$ —
|
$ —
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 99.9%
|
|||||
|
|
Automobiles — 4.3%
|
|
|||
|
622,302
|
Geely Automobile Holdings Ltd.
(HKD) (b)
|
$1,335,838
|
|||
|
135,046
|
Great Wall Motor Co., Ltd.,
Class H (HKD) (b)
|
236,835
|
|||
|
|
|
1,572,673
|
|||
|
|
Banks — 5.5%
|
|
|||
|
1,249,200
|
Agricultural Bank of China Ltd.,
Class H (HKD) (b)
|
752,302
|
|||
|
343,916
|
China CITIC Bank Corp., Ltd.,
Class H (HKD) (b)
|
269,769
|
|||
|
569,630
|
China Construction Bank Corp.,
Class H (HKD) (b)
|
504,786
|
|||
|
536,400
|
China Minsheng Banking Corp.,
Ltd., Class H (HKD) (b)
|
241,872
|
|||
|
396,258
|
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD) (b)
|
269,923
|
|||
|
|
|
2,038,652
|
|||
|
|
Broadline Retail — 0.5%
|
|
|||
|
39,216
|
MINISO Group Holding Ltd.
(HKD) (b)
|
180,759
|
|||
|
|
Capital Markets — 2.2%
|
|
|||
|
5,810,806
|
China Cinda Asset Management
Co., Ltd., Class H (HKD) (b)
|
828,481
|
|||
|
|
Communications Equipment
— 2.5%
|
|
|||
|
87,862
|
BYD Electronic International
Co., Ltd. (HKD) (b)
|
458,109
|
|||
|
151,526
|
ZTE Corp., Class H (HKD) (b)
|
467,528
|
|||
|
|
|
925,637
|
|||
|
|
Construction & Engineering
— 3.8%
|
|
|||
|
1,863,936
|
China Railway Group Ltd.,
Class H (HKD) (b)
|
824,575
|
|||
|
450,956
|
China State Construction
International Holdings Ltd.
(HKD) (b)
|
583,713
|
|||
|
|
|
1,408,288
|
|||
|
|
Diversified Telecommunication
Services — 2.4%
|
|
|||
|
658,808
|
China Tower Corp., Ltd.,
Class H (HKD) (b) (c) (d)
|
887,448
|
|||
|
|
Electrical Equipment — 4.8%
|
|
|||
|
1,410,446
|
Goldwind Science &
Technology Co., Ltd., Class H
(HKD) (b)
|
888,249
|
|||
|
2,607,440
|
Shanghai Electric Group Co.,
Ltd., Class H (HKD) (b) (e) (f)
|
870,742
|
|||
|
|
|
1,758,991
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Electronic Equipment,
Instruments & Components
— 1.6%
|
|
|||
|
98,428
|
AAC Technologies Holdings,
Inc. (HKD) (b)
|
$600,527
|
|||
|
|
Entertainment — 2.1%
|
|
|||
|
753,192
|
China Ruyi Holdings Ltd.
(HKD) (b) (e) (f)
|
231,568
|
|||
|
109,685
|
Kingsoft Corp., Ltd. (HKD) (b)
|
534,180
|
|||
|
|
|
765,748
|
|||
|
|
Health Care Providers &
Services — 1.1%
|
|
|||
|
173,340
|
Sinopharm Group Co., Ltd.,
Class H (HKD) (b)
|
402,253
|
|||
|
|
Hotels, Restaurants & Leisure
— 1.8%
|
|
|||
|
10,224
|
Trip.com Group Ltd. (HKD) (b)
|
649,907
|
|||
|
|
Independent Power and
Renewable Electricity
Producers — 4.3%
|
|
|||
|
1,746,064
|
China Power International
Development Ltd. (HKD) (b)
|
658,548
|
|||
|
390,826
|
China Resources Power
Holdings Co., Ltd. (HKD) (b)
|
929,727
|
|||
|
|
|
1,588,275
|
|||
|
|
Insurance — 7.0%
|
|
|||
|
8,481,876
|
China Reinsurance Group Corp.,
Class H (HKD) (b)
|
1,049,365
|
|||
|
1,906,502
|
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD) (b)
|
987,579
|
|||
|
301,926
|
PICC Property & Casualty Co.,
Ltd., Class H (HKD) (b)
|
559,079
|
|||
|
|
|
2,596,023
|
|||
|
|
Interactive Media & Services
— 2.1%
|
|
|||
|
66,936
|
Baidu, Inc., Class A
(HKD) (b) (e)
|
772,586
|
|||
|
|
IT Services — 2.1%
|
|
|||
|
242,786
|
GDS Holdings Ltd., Class A
(HKD) (b) (e)
|
767,901
|
|||
|
|
Machinery — 1.8%
|
|
|||
|
242,602
|
Sinotruk Hong Kong Ltd.
(HKD) (b)
|
658,935
|
|||
|
|
Marine Transportation —
3.2%
|
|
|||
|
80,096
|
Orient Overseas International
Ltd. (HKD) (b)
|
1,185,641
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Metals & Mining — 5.8%
|
|
|||
|
784,506
|
China Hongqiao Group Ltd.
(HKD) (b)
|
$1,622,853
|
|||
|
296,596
|
Jiangxi Copper Co., Ltd.,
Class H (HKD) (b)
|
521,919
|
|||
|
|
|
2,144,772
|
|||
|
|
Oil, Gas & Consumable Fuels
— 10.7%
|
|
|||
|
794,436
|
China Coal Energy Co., Ltd.,
Class H (HKD) (b)
|
810,962
|
|||
|
828,662
|
China Petroleum & Chemical
Corp., Class H (HKD) (b)
|
437,204
|
|||
|
575,594
|
Inner Mongolia Yitai Coal Co.,
Ltd., Class B (b)
|
1,254,283
|
|||
|
1,510,296
|
PetroChina Co., Ltd., Class H
(HKD) (b)
|
1,224,484
|
|||
|
207,017
|
Yankuang Energy Group Co.,
Ltd., Class H (HKD) (b)
|
214,879
|
|||
|
|
|
3,941,812
|
|||
|
|
Passenger Airlines — 7.7%
|
|
|||
|
1,432,830
|
Air China Ltd., Class H
(HKD) (b) (e) (f)
|
903,414
|
|||
|
2,848,550
|
China Eastern Airlines Corp.,
Ltd., Class H (HKD) (b) (e) (f)
|
921,090
|
|||
|
2,260,398
|
China Southern Airlines Co.,
Ltd., Class H (HKD) (b) (e)
|
1,030,241
|
|||
|
|
|
2,854,745
|
|||
|
|
Pharmaceuticals — 1.2%
|
|
|||
|
323,608
|
China Resources Pharmaceutical
Group Ltd. (HKD) (b) (c) (d)
|
210,384
|
|||
|
385,926
|
CSPC Pharmaceutical Group
Ltd. (HKD) (b)
|
245,277
|
|||
|
|
|
455,661
|
|||
|
|
Real Estate Management &
Development — 5.0%
|
|
|||
|
446,536
|
China Overseas Land &
Investment Ltd. (HKD) (b)
|
799,281
|
|||
|
245,394
|
China Resources Land Ltd.
(HKD) (b)
|
814,023
|
|||
|
184,622
|
Longfor Group Holdings Ltd.
(HKD) (b) (c) (d)
|
233,598
|
|||
|
|
|
1,846,902
|
|||
|
|
Specialty Retail — 5.6%
|
|
|||
|
102,810
|
Pop Mart International Group
Ltd. (HKD) (b) (c) (d)
|
2,077,865
|
|||
|
|
Technology Hardware, Storage
& Peripherals — 4.6%
|
|
|||
|
267,436
|
Xiaomi Corp., Class B
(HKD) (b) (c) (d) (e)
|
1,692,263
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Trading Companies &
Distributors — 3.2%
|
|
|||
|
152,846
|
BOC Aviation Ltd.
(HKD) (b) (c) (d)
|
$1,194,121
|
|||
|
|
Transportation Infrastructure
— 1.9%
|
|
|||
|
399,926
|
China Merchants Port Holdings
Co., Ltd. (HKD) (b)
|
687,647
|
|||
|
|
Water Utilities — 1.1%
|
|
|||
|
548,972
|
Guangdong Investment Ltd.
(HKD) (b)
|
404,173
|
|||
|
|
Total Common Stocks
|
36,888,686
|
|||
|
|
(Cost $34,854,779)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
23,388
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (g)
|
23,388
|
|||
|
|
(Cost $23,388)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 6.9%
|
|||||
|
$1,000,000
|
Daiwa Capital Markets America,
Inc., 4.36% (g), dated
03/31/25, due 04/01/25, with a
maturity value of $1,000,121.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/22/25 to
02/15/45. The value of the
collateral including accrued
interest is $1,020,001. (h)
|
1,000,000
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS (Continued)
|
|||||
|
$1,000,000
|
Mizuho Financial Group, Inc.,
4.35% (g), dated 03/31/25,
due 04/01/25, with a maturity
value of $1,000,121.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 07/31/31.
The value of the collateral
including accrued interest is
$1,020,000. (h)
|
$1,000,000
|
|||
|
556,330
|
RBC Dominion Securities, Inc.,
4.35% (g), dated 03/31/25,
due 04/01/25, with a maturity
value of $556,397.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $567,457. (h)
|
556,330
|
|||
|
|
Total Repurchase Agreements
|
2,556,330
|
|||
|
|
(Cost $2,556,330)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 106.9%
|
39,468,404
|
|||
|
|
(Cost $37,434,497)
|
|
|||
|
|
Net Other Assets and
Liabilities — (6.9)%
|
(2,562,518
)
|
|||
|
|
Net Assets — 100.0%
|
$36,905,886
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $36,888,686 or 99.9% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(c)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(d)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(e)
|
Non-income producing security.
|
|
(f)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $2,392,603 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $2,556,330.
|
|
(g)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(h)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
HKD
|
– Hong Kong Dollar
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
China
|
47.0%
|
|
Cayman Islands
|
32.2
|
|
Hong Kong
|
13.7
|
|
Bermuda
|
3.8
|
|
Singapore
|
3.2
|
|
United States
|
2.8
|
|
Japan
|
2.7
|
|
Canada
|
1.5
|
|
Total Investments
|
106.9
|
|
Net Other Assets and Liabilities
|
(6.9)
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
HKD
|
90.3%
|
|
USD
|
9.7
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 36,888,686
|
$ —
|
$ 36,888,686
|
$ —
|
|
Money Market Funds
|
23,388
|
23,388
|
—
|
—
|
|
Repurchase Agreements
|
2,556,330
|
—
|
2,556,330
|
—
|
|
Total Investments
|
$39,468,404
|
$23,388
|
$39,445,016
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 98.7%
|
|||||
|
|
Automobile Components —
4.5%
|
|
|||
|
87,100
|
Aisin Corp. (JPY) (b)
|
$951,384
|
|||
|
58,000
|
Bridgestone Corp. (JPY) (b)
|
2,330,025
|
|||
|
45,700
|
Niterra Co., Ltd. (JPY) (b)
|
1,394,097
|
|||
|
135,600
|
Sumitomo Electric Industries
Ltd. (JPY) (b)
|
2,263,153
|
|||
|
|
|
6,938,659
|
|||
|
|
Automobiles — 8.5%
|
|
|||
|
201,700
|
Honda Motor Co., Ltd. (JPY) (b)
|
1,825,299
|
|||
|
107,600
|
Isuzu Motors Ltd. (JPY) (b)
|
1,463,102
|
|||
|
726,700
|
Mitsubishi Motors Corp.
(JPY) (b) (c)
|
2,003,763
|
|||
|
645,000
|
Nissan Motor Co., Ltd.
(JPY) (b) (d)
|
1,654,215
|
|||
|
137,200
|
Subaru Corp. (JPY) (b)
|
2,457,137
|
|||
|
173,000
|
Suzuki Motor Corp. (JPY) (b)
|
2,123,596
|
|||
|
24,600
|
Toyota Motor Corp. (JPY) (b)
|
434,862
|
|||
|
165,300
|
Yamaha Motor Co., Ltd.
(JPY) (b)
|
1,323,445
|
|||
|
|
|
13,285,419
|
|||
|
|
Banks — 7.5%
|
|
|||
|
167,700
|
Mitsubishi UFJ Financial Group,
Inc. (JPY) (b)
|
2,286,391
|
|||
|
99,900
|
Mizuho Financial Group, Inc.
(JPY) (b)
|
2,741,629
|
|||
|
52,500
|
Rakuten Bank Ltd. (JPY) (b) (d)
|
2,282,931
|
|||
|
135,300
|
Resona Holdings, Inc. (JPY) (b)
|
1,181,414
|
|||
|
82,300
|
Sumitomo Mitsui Financial
Group, Inc. (JPY) (b)
|
2,116,313
|
|||
|
41,900
|
Sumitomo Mitsui Trust Group,
Inc. (JPY) (b)
|
1,054,677
|
|||
|
|
|
11,663,355
|
|||
|
|
Broadline Retail — 1.5%
|
|
|||
|
86,100
|
Ryohin Keikaku Co., Ltd.
(JPY) (b)
|
2,352,122
|
|||
|
|
Building Products — 1.1%
|
|
|||
|
52,800
|
Sanwa Holdings Corp. (JPY) (b)
|
1,694,322
|
|||
|
|
Capital Markets — 1.6%
|
|
|||
|
415,600
|
Nomura Holdings, Inc. (JPY) (b)
|
2,560,895
|
|||
|
|
Chemicals — 4.2%
|
|
|||
|
70,900
|
Asahi Kasei Corp. (JPY) (b)
|
497,056
|
|||
|
101,800
|
Kuraray Co., Ltd. (JPY) (b)
|
1,254,428
|
|||
|
290,400
|
Mitsubishi Chemical Group
Corp. (JPY) (b)
|
1,435,007
|
|||
|
28,900
|
Nitto Denko Corp. (JPY) (b)
|
534,551
|
|||
|
38,600
|
Resonac Holdings Corp.
(JPY) (b)
|
771,511
|
|||
|
309,200
|
Toray Industries, Inc. (JPY) (b)
|
2,113,047
|
|||
|
|
|
6,605,600
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Commercial Services &
Supplies — 1.6%
|
|
|||
|
139,500
|
Dai Nippon Printing Co., Ltd.
(JPY) (b)
|
$1,986,123
|
|||
|
18,400
|
TOPPAN Holdings, Inc.
(JPY) (b)
|
503,006
|
|||
|
|
|
2,489,129
|
|||
|
|
Construction & Engineering
— 4.0%
|
|
|||
|
184,900
|
Obayashi Corp. (JPY) (b)
|
2,466,630
|
|||
|
185,400
|
Shimizu Corp. (JPY) (b)
|
1,650,152
|
|||
|
46,600
|
Taisei Corp. (JPY) (b)
|
2,074,239
|
|||
|
|
|
6,191,021
|
|||
|
|
Consumer Staples Distribution
& Retail — 0.9%
|
|
|||
|
93,400
|
Seven & i Holdings Co., Ltd.
(JPY) (b)
|
1,352,517
|
|||
|
|
Electric Utilities — 4.2%
|
|
|||
|
233,800
|
Chubu Electric Power Co., Inc.
(JPY) (b)
|
2,534,912
|
|||
|
176,600
|
Kansai Electric Power (The) Co.,
Inc. (JPY) (b)
|
2,095,894
|
|||
|
651,800
|
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (b) (d)
|
1,876,337
|
|||
|
|
|
6,507,143
|
|||
|
|
Electrical Equipment — 0.8%
|
|
|||
|
35,500
|
Fujikura Ltd. (JPY) (b)
|
1,314,739
|
|||
|
|
Entertainment — 0.8%
|
|
|||
|
5,200
|
Konami Group Corp. (JPY) (b)
|
614,028
|
|||
|
12,600
|
Toho Co., Ltd. (JPY) (b)
|
626,091
|
|||
|
|
|
1,240,119
|
|||
|
|
Financial Services — 1.9%
|
|
|||
|
148,600
|
Mitsubishi HC Capital, Inc.
(JPY) (b) (c)
|
1,006,975
|
|||
|
22,700
|
ORIX Corp. (JPY) (b)
|
473,951
|
|||
|
144,900
|
Tokyo Century Corp. (JPY) (b)
|
1,419,275
|
|||
|
|
|
2,900,201
|
|||
|
|
Food Products — 0.3%
|
|
|||
|
7,200
|
Toyo Suisan Kaisha Ltd.
(JPY) (b)
|
426,119
|
|||
|
|
Gas Utilities — 1.4%
|
|
|||
|
44,700
|
Osaka Gas Co., Ltd. (JPY) (b)
|
1,011,441
|
|||
|
35,400
|
Tokyo Gas Co., Ltd. (JPY) (b)
|
1,126,096
|
|||
|
|
|
2,137,537
|
|||
|
|
Ground Transportation —
3.5%
|
|
|||
|
130,500
|
Central Japan Railway Co.
(JPY) (b)
|
2,489,176
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Ground Transportation
(Continued)
|
|
|||
|
218,300
|
Keisei Electric Railway Co., Ltd.
(JPY) (b)
|
$1,972,341
|
|||
|
48,300
|
Seibu Holdings, Inc. (JPY) (b)
|
1,070,498
|
|||
|
|
|
5,532,015
|
|||
|
|
Hotels, Restaurants & Leisure
— 1.2%
|
|
|||
|
34,500
|
Zensho Holdings Co., Ltd.
(JPY) (b)
|
1,860,392
|
|||
|
|
Household Durables — 2.0%
|
|
|||
|
141,300
|
Panasonic Holdings Corp.
(JPY) (b)
|
1,685,639
|
|||
|
23,000
|
Sony Group Corp. (JPY) (b)
|
581,969
|
|||
|
29,200
|
Sumitomo Forestry Co., Ltd.
(JPY) (b)
|
880,338
|
|||
|
|
|
3,147,946
|
|||
|
|
Industrial Conglomerates —
0.3%
|
|
|||
|
28,500
|
Sekisui Chemical Co., Ltd.
(JPY) (b)
|
486,091
|
|||
|
|
Insurance — 5.8%
|
|
|||
|
292,400
|
Dai-ichi Life Holdings, Inc.
(JPY) (b)
|
2,232,629
|
|||
|
26,600
|
Japan Post Insurance Co., Ltd.
(JPY) (b)
|
542,107
|
|||
|
94,000
|
Sompo Holdings, Inc.
(JPY) (b) (c)
|
2,862,413
|
|||
|
133,200
|
T&D Holdings, Inc. (JPY) (b)
|
2,850,885
|
|||
|
13,500
|
Tokio Marine Holdings, Inc.
(JPY) (b)
|
525,188
|
|||
|
|
|
9,013,222
|
|||
|
|
IT Services — 1.2%
|
|
|||
|
102,200
|
NTT Data Group Corp. (JPY) (b)
|
1,851,359
|
|||
|
|
Leisure Products — 0.9%
|
|
|||
|
41,000
|
Bandai Namco Holdings, Inc.
(JPY) (b)
|
1,375,446
|
|||
|
|
Machinery — 9.1%
|
|
|||
|
66,000
|
Hitachi Construction Machinery
Co., Ltd. (JPY) (b) (c)
|
1,758,566
|
|||
|
37,100
|
Hoshizaki Corp. (JPY) (b)
|
1,436,090
|
|||
|
41,600
|
IHI Corp. (JPY) (b)
|
2,903,216
|
|||
|
53,200
|
Kawasaki Heavy Industries Ltd.
(JPY) (b)
|
3,211,156
|
|||
|
35,600
|
Komatsu Ltd. (JPY) (b)
|
1,042,479
|
|||
|
168,400
|
Kubota Corp. (JPY) (b)
|
2,080,987
|
|||
|
104,500
|
Mitsubishi Heavy Industries Ltd.
(JPY) (b)
|
1,794,641
|
|||
|
|
|
14,227,135
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Marine Transportation —
4.6%
|
|
|||
|
171,700
|
Kawasaki Kisen Kaisha Ltd.
(JPY) (b) (c)
|
$2,333,816
|
|||
|
70,300
|
Mitsui OSK Lines Ltd.
(JPY) (b) (c)
|
2,447,650
|
|||
|
73,400
|
Nippon Yusen KK (JPY) (b)
|
2,425,730
|
|||
|
|
|
7,207,196
|
|||
|
|
Media — 1.1%
|
|
|||
|
84,500
|
Nippon Television Holdings,
Inc. (JPY) (b)
|
1,735,528
|
|||
|
|
Metals & Mining — 3.3%
|
|
|||
|
174,000
|
JFE Holdings, Inc. (JPY) (b) (c)
|
2,136,113
|
|||
|
121,600
|
Nippon Steel Corp. (JPY) (b) (c)
|
2,602,370
|
|||
|
21,400
|
Sumitomo Metal Mining Co.,
Ltd. (JPY) (b)
|
467,779
|
|||
|
|
|
5,206,262
|
|||
|
|
Oil, Gas & Consumable Fuels
— 3.4%
|
|
|||
|
187,400
|
ENEOS Holdings, Inc. (JPY) (b)
|
988,350
|
|||
|
224,300
|
Idemitsu Kosan Co., Ltd.
(JPY) (b)
|
1,586,540
|
|||
|
196,400
|
Inpex Corp. (JPY) (b)
|
2,724,224
|
|||
|
|
|
5,299,114
|
|||
|
|
Passenger Airlines — 1.0%
|
|
|||
|
54,000
|
ANA Holdings, Inc.
(JPY) (b) (c)
|
996,772
|
|||
|
31,100
|
Japan Airlines Co., Ltd.
(JPY) (b) (c)
|
532,723
|
|||
|
|
|
1,529,495
|
|||
|
|
Pharmaceuticals — 2.9%
|
|
|||
|
236,800
|
Ono Pharmaceutical Co., Ltd.
(JPY) (b) (c)
|
2,547,648
|
|||
|
27,000
|
Otsuka Holdings Co., Ltd.
(JPY) (b)
|
1,406,970
|
|||
|
34,900
|
Shionogi & Co., Ltd. (JPY) (b)
|
526,806
|
|||
|
|
|
4,481,424
|
|||
|
|
Professional Services — 0.5%
|
|
|||
|
13,900
|
Recruit Holdings Co., Ltd.
(JPY) (b)
|
720,177
|
|||
|
|
Real Estate Management &
Development — 0.7%
|
|
|||
|
15,900
|
Daiwa House Industry Co., Ltd.
(JPY) (b)
|
525,885
|
|||
|
99,000
|
Nomura Real Estate Holdings,
Inc. (JPY) (b) (c)
|
577,721
|
|||
|
|
|
1,103,606
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Semiconductors &
Semiconductor Equipment
— 1.3%
|
|
|||
|
33,700
|
Advantest Corp. (JPY) (b)
|
$1,502,228
|
|||
|
37,800
|
Renesas Electronics Corp.
(JPY) (b)
|
506,998
|
|||
|
|
|
2,009,226
|
|||
|
|
Specialty Retail — 2.3%
|
|
|||
|
1,400
|
Fast Retailing Co., Ltd. (JPY) (b)
|
416,768
|
|||
|
69,900
|
Sanrio Co., Ltd. (JPY) (b)
|
3,233,967
|
|||
|
|
|
3,650,735
|
|||
|
|
Technology Hardware, Storage
& Peripherals — 2.1%
|
|
|||
|
30,000
|
Canon, Inc. (JPY) (b)
|
935,495
|
|||
|
213,700
|
Ricoh Co., Ltd. (JPY) (b)
|
2,260,553
|
|||
|
|
|
3,196,048
|
|||
|
|
Textiles, Apparel & Luxury
Goods — 0.7%
|
|
|||
|
49,800
|
Asics Corp. (JPY) (b)
|
1,056,137
|
|||
|
|
Trading Companies &
Distributors — 5.2%
|
|
|||
|
97,100
|
Marubeni Corp. (JPY) (b)
|
1,557,660
|
|||
|
59,500
|
Mitsubishi Corp. (JPY) (b)
|
1,050,458
|
|||
|
46,800
|
Mitsui & Co., Ltd. (JPY) (b)
|
882,331
|
|||
|
57,900
|
MonotaRO Co., Ltd. (JPY) (b)
|
1,081,615
|
|||
|
95,500
|
Sojitz Corp. (JPY) (b) (c)
|
2,104,844
|
|||
|
22,600
|
Sumitomo Corp. (JPY) (b)
|
515,684
|
|||
|
54,700
|
Toyota Tsusho Corp. (JPY) (b)
|
921,578
|
|||
|
|
|
8,114,170
|
|||
|
|
Wireless Telecommunication
Services — 0.8%
|
|
|||
|
25,300
|
SoftBank Group Corp. (JPY) (b)
|
1,294,093
|
|||
|
|
Total Common Stocks
|
153,755,714
|
|||
|
|
(Cost $139,131,806)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
185,095
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (e)
|
185,095
|
|||
|
|
(Cost $185,095)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 12.2%
|
|||||
|
$6,619,780
|
Daiwa Capital Markets America,
Inc., 4.36% (e), dated
03/31/25, due 04/01/25, with a
maturity value of $6,620,582.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/22/25 to
02/15/45. The value of the
collateral including accrued
interest is $6,752,180. (f)
|
$6,619,780
|
|||
|
6,619,780
|
Mizuho Financial Group, Inc.,
4.35% (e), dated 03/31/25, due
04/01/25, with a maturity
value of $6,620,580.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 07/31/31.
The value of the collateral
including accrued interest is
$6,752,177. (f)
|
6,619,780
|
|||
|
5,674,097
|
RBC Dominion Securities, Inc.,
4.35% (e), dated 03/31/25, due
04/01/25, with a maturity
value of $5,674,783.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $5,787,579. (f)
|
5,674,097
|
|||
|
|
Total Repurchase Agreements
|
18,913,657
|
|||
|
|
(Cost $18,913,657)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 111.0%
|
172,854,466
|
|||
|
|
(Cost $158,230,558)
|
|
|||
|
|
Net Other Assets and
Liabilities — (11.0)%
|
(17,102,781
)
|
|||
|
|
Net Assets — 100.0%
|
$155,751,685
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $153,755,714 or 98.7% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(c)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $17,626,506 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $18,913,657.
|
|
(d)
|
Non-income producing security.
|
|
(e)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(f)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
JPY
|
– Japanese Yen
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
Japan
|
103.0%
|
|
United States
|
4.4
|
|
Canada
|
3.6
|
|
Total Investments
|
111.0
|
|
Net Other Assets and Liabilities
|
(11.0)
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
JPY
|
89.0%
|
|
USD
|
11.0
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 153,755,714
|
$ —
|
$ 153,755,714
|
$ —
|
|
Money Market
Funds
|
185,095
|
185,095
|
—
|
—
|
|
Repurchase
Agreements
|
18,913,657
|
—
|
18,913,657
|
—
|
|
Total Investments
|
$172,854,466
|
$185,095
|
$172,669,371
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.0%
|
|||||
|
|
Australia — 6.0%
|
|
|||
|
56,915
|
AGL Energy Ltd. (AUD) (c)
|
$375,676
|
|||
|
22,980
|
Aristocrat Leisure Ltd.
(AUD) (c)
|
929,385
|
|||
|
90,987
|
BlueScope Steel Ltd. (AUD) (c)
|
1,218,678
|
|||
|
35,381
|
Brambles Ltd. (AUD) (c)
|
446,977
|
|||
|
580,436
|
Evolution Mining Ltd.
(AUD) (c)
|
2,597,102
|
|||
|
97,675
|
Fortescue Ltd. (AUD) (c)
|
945,402
|
|||
|
182,964
|
Insurance Australia Group Ltd.
(AUD) (c)
|
890,039
|
|||
|
33,691
|
JB Hi-Fi Ltd. (AUD) (c)
|
1,969,250
|
|||
|
5,795
|
Macquarie Group Ltd.
(AUD) (c)
|
721,170
|
|||
|
84,322
|
Northern Star Resources Ltd.
(AUD) (c)
|
973,515
|
|||
|
15,109
|
Pro Medicus Ltd. (AUD) (c)
|
1,912,434
|
|||
|
460,395
|
Qantas Airways Ltd. (AUD) (c)
|
2,624,783
|
|||
|
5,215
|
Rio Tinto Ltd. (AUD) (c)
|
378,401
|
|||
|
287,738
|
Santos Ltd. (AUD) (c)
|
1,205,753
|
|||
|
84,657
|
Technology One Ltd. (AUD) (c)
|
1,489,058
|
|||
|
97,439
|
Telix Pharmaceuticals Ltd.
(AUD) (c) (d)
|
1,631,404
|
|||
|
84,906
|
Westpac Banking Corp.
(AUD) (c)
|
1,691,964
|
|||
|
19,631
|
WiseTech Global Ltd. (AUD) (c)
|
1,012,334
|
|||
|
53,437
|
Woodside Energy Group Ltd.
(AUD) (c)
|
776,331
|
|||
|
549,189
|
Yancoal Australia Ltd.
(AUD) (c) (e)
|
1,742,393
|
|||
|
|
|
25,532,049
|
|||
|
|
Austria — 2.2%
|
|
|||
|
30,089
|
BAWAG Group AG
(EUR) (c) (f) (g)
|
3,104,112
|
|||
|
42,491
|
Erste Group Bank AG (EUR) (c)
|
2,939,158
|
|||
|
32,732
|
OMV AG (EUR) (c)
|
1,685,585
|
|||
|
70,303
|
Raiffeisen Bank International
AG (EUR) (c)
|
1,813,786
|
|||
|
|
|
9,542,641
|
|||
|
|
Belgium — 1.9%
|
|
|||
|
8,779
|
Ackermans & van Haaren N.V.
(EUR) (c)
|
1,903,062
|
|||
|
8,735
|
Ageas S.A./N.V. (EUR) (c)
|
523,607
|
|||
|
50,040
|
Colruyt Group N.V. (EUR) (c)
|
2,055,704
|
|||
|
29,917
|
Groupe Bruxelles Lambert N.V.
(EUR) (c)
|
2,232,373
|
|||
|
3,300
|
Sofina S.A. (EUR) (c)
|
845,128
|
|||
|
2,584
|
UCB S.A. (EUR) (c)
|
454,953
|
|||
|
|
|
8,014,827
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Bermuda — 0.4%
|
|
|||
|
17,541
|
Brookfield Wealth Solutions Ltd.
(CAD)
|
$916,635
|
|||
|
60,774
|
Hiscox Ltd. (GBP) (c)
|
925,702
|
|||
|
|
|
1,842,337
|
|||
|
|
Canada — 13.8%
|
|
|||
|
23,168
|
Agnico Eagle Mines Ltd. (CAD)
|
2,510,075
|
|||
|
70,245
|
Alamos Gold, Inc., Class A
(CAD)
|
1,876,877
|
|||
|
110,418
|
ARC Resources Ltd. (CAD)
|
2,219,793
|
|||
|
23,459
|
Barrick Gold Corp. (CAD)
|
455,470
|
|||
|
30,659
|
Bombardier, Inc., Class B
(CAD) (d)
|
1,725,281
|
|||
|
9,869
|
Brookfield Asset Management
Ltd., Class A (CAD)
|
477,728
|
|||
|
43,925
|
Brookfield Corp. (CAD)
|
2,298,733
|
|||
|
32,235
|
Brookfield Infrastructure Corp.,
Class A (CAD)
|
1,164,138
|
|||
|
38,033
|
Canadian Imperial Bank of
Commerce (CAD) (e)
|
2,139,447
|
|||
|
14,052
|
Canadian Natural Resources Ltd.
(CAD)
|
432,384
|
|||
|
25,668
|
Capital Power Corp. (CAD) (e)
|
853,133
|
|||
|
15,307
|
CCL Industries, Inc., Class B
(CAD)
|
747,666
|
|||
|
9,127
|
Celestica, Inc. (CAD) (d)
|
719,987
|
|||
|
111,590
|
Cenovus Energy, Inc. (CAD)
|
1,550,884
|
|||
|
3,074
|
Colliers International Group, Inc.
(CAD)
|
372,007
|
|||
|
143
|
Constellation Software, Inc.
(CAD)
|
452,871
|
|||
|
57,882
|
Definity Financial Corp. (CAD)
|
2,571,818
|
|||
|
65,825
|
Element Fleet Management
Corp. (CAD)
|
1,308,678
|
|||
|
45,804
|
Empire Co., Ltd., Class A
(CAD)
|
1,535,765
|
|||
|
1,848
|
Fairfax Financial Holdings Ltd.
(CAD)
|
2,670,890
|
|||
|
13,900
|
George Weston Ltd. (CAD)
|
2,369,679
|
|||
|
29,738
|
Gildan Activewear, Inc. (CAD)
|
1,314,709
|
|||
|
11,259
|
iA Financial Corp., Inc. (CAD)
|
1,069,216
|
|||
|
13,263
|
Imperial Oil Ltd. (CAD)
|
958,055
|
|||
|
4,860
|
Intact Financial Corp. (CAD)
|
992,939
|
|||
|
14,964
|
Keyera Corp. (CAD)
|
465,126
|
|||
|
149,417
|
Kinross Gold Corp. (CAD)
|
1,882,443
|
|||
|
14,017
|
Loblaw Cos., Ltd. (CAD)
|
1,964,260
|
|||
|
21,574
|
Lundin Gold, Inc. (CAD)
|
668,036
|
|||
|
22,748
|
Magna International, Inc. (CAD)
|
773,152
|
|||
|
31,575
|
Manulife Financial Corp. (CAD)
|
983,860
|
|||
|
99,337
|
MEG Energy Corp. (CAD)
|
1,741,616
|
|||
|
14,763
|
Metro, Inc. (CAD)
|
1,026,603
|
|||
|
19,760
|
National Bank of Canada
(CAD) (e)
|
1,630,864
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Canada (Continued)
|
|
|||
|
33,307
|
Onex Corp. (CAD)
|
$2,229,108
|
|||
|
14,017
|
Open Text Corp. (CAD)
|
353,773
|
|||
|
44,691
|
Pan American Silver Corp.
(CAD)
|
1,154,348
|
|||
|
53,613
|
Quebecor, Inc., Class B (CAD)
|
1,352,759
|
|||
|
14,954
|
Royal Bank of Canada (CAD)
|
1,684,475
|
|||
|
50,564
|
Suncor Energy, Inc. (CAD)
|
1,957,838
|
|||
|
14,886
|
TMX Group Ltd. (CAD)
|
543,491
|
|||
|
20,359
|
Tourmaline Oil Corp. (CAD)
|
981,838
|
|||
|
7,640
|
Wheaton Precious Metals Corp.
(CAD)
|
592,863
|
|||
|
312,395
|
Whitecap Resources, Inc.
(CAD) (e)
|
2,010,200
|
|||
|
|
|
58,784,876
|
|||
|
|
Cayman Islands — 1.3%
|
|
|||
|
1,589,122
|
Central New Energy Holding
Group Ltd. (HKD) (c) (d) (e)
|
1,805,892
|
|||
|
212,170
|
CK Asset Holdings Ltd.
(HKD) (c)
|
858,430
|
|||
|
243,562
|
CK Hutchison Holdings Ltd.
(HKD) (c)
|
1,372,944
|
|||
|
1,819,768
|
WH Group Ltd.
(HKD) (c) (f) (g)
|
1,670,919
|
|||
|
|
|
5,708,185
|
|||
|
|
Denmark — 0.5%
|
|
|||
|
554
|
A.P. Moller - Maersk A/S,
Class B (DKK) (c)
|
964,198
|
|||
|
18,161
|
ALK-Abello A/S (DKK) (c) (d)
|
366,470
|
|||
|
9,866
|
NKT A/S (DKK) (c) (d)
|
672,235
|
|||
|
|
|
2,002,903
|
|||
|
|
Finland — 0.5%
|
|
|||
|
31,049
|
Konecranes Oyj (EUR) (c)
|
1,987,075
|
|||
|
|
France — 1.9%
|
|
|||
|
13,924
|
Bouygues S.A. (EUR) (c)
|
548,891
|
|||
|
12,722
|
Nexans S.A. (EUR) (c)
|
1,248,963
|
|||
|
40,694
|
Orange S.A. (EUR) (c)
|
527,158
|
|||
|
21,468
|
Renault S.A. (EUR) (c)
|
1,087,498
|
|||
|
18,727
|
Societe Generale S.A. (EUR) (c)
|
844,851
|
|||
|
13,501
|
Teleperformance SE (EUR) (c)
|
1,357,545
|
|||
|
28,618
|
TotalEnergies SE (EUR) (c)
|
1,843,948
|
|||
|
125,946
|
Vivendi SE (EUR) (c)
|
377,548
|
|||
|
4,559
|
Wendel SE (EUR) (c)
|
440,759
|
|||
|
|
|
8,277,161
|
|||
|
|
Germany — 6.3%
|
|
|||
|
26,429
|
Bayerische Motoren Werke AG
(EUR) (c)
|
2,131,171
|
|||
|
126,637
|
Commerzbank AG (EUR) (c)
|
2,898,094
|
|||
|
7,199
|
Continental AG (EUR) (c)
|
507,674
|
|||
|
8,967
|
CTS Eventim AG & Co. KGaA
(EUR) (c)
|
899,593
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Germany (Continued)
|
|
|||
|
24,891
|
Daimler Truck Holding AG
(EUR) (c)
|
$1,008,327
|
|||
|
57,777
|
Delivery Hero SE
(EUR) (c) (d) (f) (g)
|
1,385,359
|
|||
|
81,017
|
Deutsche Bank AG (EUR) (c)
|
1,931,221
|
|||
|
127,214
|
Deutsche Lufthansa AG
(EUR) (c)
|
926,912
|
|||
|
12,865
|
Heidelberg Materials AG
(EUR) (c)
|
2,217,645
|
|||
|
23,707
|
KION Group AG (EUR) (c)
|
994,186
|
|||
|
36,056
|
Mercedes-Benz Group AG
(EUR) (c)
|
2,129,897
|
|||
|
50,941
|
Porsche Automobil Holding SE
(Preference Shares) (EUR) (c)
|
1,918,371
|
|||
|
38,421
|
RWE AG (EUR)
|
1,371,808
|
|||
|
63,280
|
Siemens Energy AG
(EUR) (c) (d)
|
3,751,378
|
|||
|
17,593
|
Volkswagen AG (Preference
Shares) (EUR) (c)
|
1,795,163
|
|||
|
28,261
|
Zalando SE (EUR) (c) (d) (f) (g)
|
980,244
|
|||
|
|
|
26,847,043
|
|||
|
|
Greece — 0.5%
|
|
|||
|
406,740
|
Eurobank Ergasias Services and
Holdings S.A. (EUR) (c)
|
1,092,612
|
|||
|
11,830
|
Metlen Energy & Metals S.A.
(EUR) (c)
|
521,360
|
|||
|
109,393
|
Piraeus Financial Holdings S.A.
(EUR) (c)
|
601,088
|
|||
|
|
|
2,215,060
|
|||
|
|
Hong Kong — 0.7%
|
|
|||
|
273,205
|
Swire Pacific Ltd., Class A
(HKD) (c)
|
2,411,277
|
|||
|
61,581
|
Techtronic Industries Co., Ltd.
(HKD) (c)
|
738,004
|
|||
|
|
|
3,149,281
|
|||
|
|
Ireland — 0.2%
|
|
|||
|
1,982
|
Flutter Entertainment PLC
(GBP) (c) (d)
|
439,386
|
|||
|
12,714
|
Ryanair Holdings PLC, ADR
|
538,692
|
|||
|
|
|
978,078
|
|||
|
|
Israel — 1.0%
|
|
|||
|
143,043
|
Bank Leumi Le-Israel BM
(ILS) (c)
|
1,926,302
|
|||
|
78,632
|
Teva Pharmaceutical Industries
Ltd. (ILS) (c) (d)
|
1,210,641
|
|||
|
31,649
|
Tower Semiconductor Ltd.
(ILS) (c) (d)
|
1,123,632
|
|||
|
|
|
4,260,575
|
|||
|
|
Italy — 4.3%
|
|
|||
|
605,403
|
A2A S.p.A. (EUR) (c)
|
1,459,058
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Italy (Continued)
|
|
|||
|
403,835
|
Banca Monte dei Paschi di Siena
S.p.A. (EUR) (c)
|
$3,211,807
|
|||
|
331,513
|
BPER Banca S.p.A. (EUR) (c)
|
2,602,283
|
|||
|
58,454
|
Buzzi S.p.A. (EUR) (c)
|
2,812,779
|
|||
|
61,181
|
Eni S.p.A. (EUR) (c)
|
946,261
|
|||
|
436,258
|
Intesa Sanpaolo S.p.A.
(EUR) (c)
|
2,248,337
|
|||
|
153,591
|
Pirelli & C S.p.A.
(EUR) (c) (f) (g)
|
914,246
|
|||
|
31,896
|
UniCredit S.p.A. (EUR) (c)
|
1,790,396
|
|||
|
156,901
|
Unipol Assicurazoni S.p.A.
(EUR) (c)
|
2,511,667
|
|||
|
|
|
18,496,834
|
|||
|
|
Japan — 28.6%
|
|
|||
|
34,300
|
Aeon Co., Ltd. (JPY) (c)
|
860,241
|
|||
|
84,800
|
Aisin Corp. (JPY) (c)
|
926,261
|
|||
|
21,700
|
ANA Holdings, Inc.
(JPY) (c) (e)
|
400,555
|
|||
|
89,100
|
Asics Corp. (JPY) (c)
|
1,889,595
|
|||
|
48,600
|
Bridgestone Corp. (JPY) (c)
|
1,952,400
|
|||
|
80,500
|
Central Japan Railway Co.
(JPY) (c)
|
1,535,469
|
|||
|
198,800
|
Chubu Electric Power Co., Inc.
(JPY) (c)
|
2,155,434
|
|||
|
34,200
|
Cosmo Energy Holdings Co.,
Ltd. (JPY) (c) (e)
|
1,470,744
|
|||
|
18,600
|
Credit Saison Co., Ltd. (JPY) (c)
|
442,091
|
|||
|
52,400
|
Dai Nippon Printing Co., Ltd.
(JPY) (c)
|
746,042
|
|||
|
29,700
|
Daiwa House Industry Co., Ltd.
(JPY) (c)
|
982,314
|
|||
|
343,200
|
ENEOS Holdings, Inc. (JPY) (c)
|
1,810,040
|
|||
|
55,500
|
Fujikura Ltd. (JPY) (c)
|
2,055,437
|
|||
|
68,300
|
Fujitsu Ltd. (JPY) (c)
|
1,359,231
|
|||
|
77,000
|
Hitachi Construction Machinery
Co., Ltd. (JPY) (c) (e)
|
2,051,660
|
|||
|
221,600
|
Honda Motor Co., Ltd. (JPY) (c)
|
2,005,386
|
|||
|
325,000
|
Idemitsu Kosan Co., Ltd.
(JPY) (c)
|
2,298,821
|
|||
|
44,900
|
IHI Corp. (JPY) (c)
|
3,133,519
|
|||
|
172,400
|
Inpex Corp. (JPY) (c)
|
2,391,325
|
|||
|
138,400
|
Isuzu Motors Ltd. (JPY) (c)
|
1,881,908
|
|||
|
26,600
|
Japan Airlines Co., Ltd.
(JPY) (c) (e)
|
455,641
|
|||
|
139,300
|
JFE Holdings, Inc. (JPY) (c) (e)
|
1,710,118
|
|||
|
112,800
|
Kansai Electric Power (The) Co.,
Inc. (JPY) (c)
|
1,338,714
|
|||
|
90,500
|
Kawasaki Kisen Kaisha Ltd.
(JPY) (c) (e)
|
1,230,112
|
|||
|
140,900
|
Keisei Electric Railway Co., Ltd.
(JPY) (c)
|
1,273,032
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Japan (Continued)
|
|
|||
|
21,200
|
Kinden Corp. (JPY) (c)
|
$475,396
|
|||
|
29,500
|
Kobe Bussan Co., Ltd. (JPY) (c)
|
686,831
|
|||
|
156,200
|
Kobe Steel Ltd. (JPY) (c)
|
1,812,997
|
|||
|
50,500
|
Komatsu Ltd. (JPY) (c)
|
1,478,798
|
|||
|
18,300
|
Konami Group Corp. (JPY) (c)
|
2,160,906
|
|||
|
65,700
|
Kubota Corp. (JPY) (c)
|
811,881
|
|||
|
63,000
|
Kuraray Co., Ltd. (JPY) (c)
|
776,316
|
|||
|
85,500
|
Kyushu Electric Power Co., Inc.
(JPY) (c)
|
746,742
|
|||
|
32,300
|
Kyushu Railway Co. (JPY) (c)
|
788,726
|
|||
|
85,700
|
Marubeni Corp. (JPY) (c)
|
1,374,784
|
|||
|
312,200
|
Mazda Motor Corp. (JPY) (c) (e)
|
1,997,568
|
|||
|
145,400
|
Mitsubishi Chemical Group
Corp. (JPY) (c)
|
718,492
|
|||
|
66,200
|
Mitsubishi HC Capital, Inc.
(JPY) (c)
|
448,599
|
|||
|
157,800
|
Mitsubishi Heavy Industries Ltd.
(JPY) (c)
|
2,709,994
|
|||
|
63,000
|
Mitsui & Co., Ltd. (JPY) (c)
|
1,187,753
|
|||
|
35,100
|
Mitsui Chemicals, Inc. (JPY) (c)
|
788,369
|
|||
|
67,900
|
Mitsui OSK Lines Ltd.
(JPY) (c) (e)
|
2,364,089
|
|||
|
83,600
|
MonotaRO Co., Ltd. (JPY) (c)
|
1,561,710
|
|||
|
104,500
|
Nippon Steel Corp. (JPY) (c) (e)
|
2,236,412
|
|||
|
455,100
|
Nippon Telegraph & Telephone
Corp. (JPY) (c)
|
439,841
|
|||
|
64,000
|
Nippon Yusen KK (JPY) (c)
|
2,115,078
|
|||
|
664,000
|
Nissan Motor Co., Ltd.
(JPY) (c) (d)
|
1,702,944
|
|||
|
66,900
|
Niterra Co., Ltd. (JPY) (c)
|
2,040,811
|
|||
|
28,000
|
Nitto Denko Corp. (JPY) (c)
|
517,904
|
|||
|
71,600
|
NS Solutions Corp. (JPY) (c) (e)
|
1,838,753
|
|||
|
52,000
|
NTT Data Group Corp. (JPY) (c)
|
941,983
|
|||
|
174,800
|
Ono Pharmaceutical Co., Ltd.
(JPY) (c) (e)
|
1,880,612
|
|||
|
37,100
|
Open House Group Co., Ltd.
(JPY) (c) (e)
|
1,382,956
|
|||
|
41,500
|
Osaka Gas Co., Ltd. (JPY) (c)
|
939,034
|
|||
|
33,000
|
Otsuka Holdings Co., Ltd.
(JPY) (c)
|
1,719,630
|
|||
|
215,000
|
Panasonic Holdings Corp.
(JPY) (c)
|
2,564,843
|
|||
|
72,200
|
Rakuten Group, Inc.
(JPY) (c) (d)
|
414,209
|
|||
|
64,200
|
Renesas Electronics Corp.
(JPY) (c)
|
861,092
|
|||
|
130,000
|
Ricoh Co., Ltd. (JPY) (c)
|
1,375,161
|
|||
|
83,200
|
Rohm Co., Ltd. (JPY) (c) (e)
|
803,847
|
|||
|
64,700
|
Sanrio Co., Ltd. (JPY) (c)
|
2,993,386
|
|||
|
88,500
|
Sanwa Holdings Corp. (JPY) (c)
|
2,839,914
|
|||
|
23,400
|
Sega Sammy Holdings, Inc.
(JPY) (c)
|
451,825
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Japan (Continued)
|
|
|||
|
104,700
|
Seibu Holdings, Inc. (JPY) (c)
|
$2,320,520
|
|||
|
59,900
|
Sekisui Chemical Co., Ltd.
(JPY) (c)
|
1,021,644
|
|||
|
67,300
|
Sekisui House Ltd. (JPY) (c)
|
1,506,317
|
|||
|
32,500
|
Shionogi & Co., Ltd. (JPY) (c)
|
490,578
|
|||
|
59,600
|
Sojitz Corp. (JPY) (c)
|
1,313,599
|
|||
|
134,600
|
Subaru Corp. (JPY) (c)
|
2,410,574
|
|||
|
41,900
|
Sumitomo Corp. (JPY) (c)
|
956,068
|
|||
|
116,400
|
Sumitomo Electric Industries
Ltd. (JPY) (c)
|
1,942,707
|
|||
|
47,100
|
Sumitomo Forestry Co., Ltd.
(JPY) (c)
|
1,419,998
|
|||
|
167,800
|
Suzuki Motor Corp. (JPY) (c)
|
2,059,765
|
|||
|
10,700
|
Taisei Corp. (JPY) (c)
|
476,274
|
|||
|
243,700
|
Tohoku Electric Power Co., Inc.
(JPY) (c)
|
1,681,546
|
|||
|
41,600
|
Tokyo Century Corp. (JPY) (c)
|
407,466
|
|||
|
314,700
|
Tokyo Electric Power Co.
Holdings, Inc. (JPY) (c) (d)
|
905,927
|
|||
|
60,100
|
Tokyo Gas Co., Ltd. (JPY) (c)
|
1,911,818
|
|||
|
37,600
|
TOTO Ltd. (JPY) (c) (e)
|
977,190
|
|||
|
6,000
|
Toyota Industries Corp.
(JPY) (c)
|
513,164
|
|||
|
78,800
|
Toyota Motor Corp. (JPY) (c)
|
1,392,971
|
|||
|
77,500
|
Toyota Tsusho Corp. (JPY) (c)
|
1,305,709
|
|||
|
15,700
|
Trend Micro, Inc. (JPY) (c)
|
1,059,876
|
|||
|
208,800
|
Yamaha Motor Co., Ltd.
(JPY) (c)
|
1,671,720
|
|||
|
33,600
|
Zensho Holdings Co., Ltd.
(JPY) (c)
|
1,811,860
|
|||
|
115,500
|
ZOZO, Inc. (JPY) (c)
|
1,106,237
|
|||
|
|
|
121,969,804
|
|||
|
|
Luxembourg — 0.7%
|
|
|||
|
148,049
|
Tenaris S.A. (EUR) (c)
|
2,897,141
|
|||
|
|
Netherlands — 0.9%
|
|
|||
|
11,485
|
Aalberts N.V. (EUR) (c)
|
391,593
|
|||
|
42,679
|
Koninklijke Philips N.V.
(EUR) (c) (h)
|
1,086,530
|
|||
|
10,041
|
Koninklijke Vopak N.V.
(EUR) (c)
|
436,230
|
|||
|
9,347
|
NN Group N.V. (EUR) (c)
|
520,123
|
|||
|
62,820
|
STMicroelectronics N.V.
(EUR) (c)
|
1,377,492
|
|||
|
|
|
3,811,968
|
|||
|
|
New Zealand — 0.1%
|
|
|||
|
21,127
|
Fisher & Paykel Healthcare
Corp., Ltd. (NZD) (c)
|
403,196
|
|||
|
|
Norway — 2.8%
|
|
|||
|
87,000
|
Aker BP ASA (NOK) (c)
|
2,062,688
|
|||
|
56,979
|
Equinor ASA (NOK) (c)
|
1,504,744
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Norway (Continued)
|
|
|||
|
19,069
|
Kongsberg Gruppen ASA
(NOK) (c)
|
$2,795,804
|
|||
|
98,941
|
Orkla ASA (NOK) (c)
|
1,085,036
|
|||
|
57,779
|
Schibsted ASA, Class A
(NOK) (c)
|
1,557,076
|
|||
|
127,348
|
Storebrand ASA (NOK) (c)
|
1,615,314
|
|||
|
198,062
|
Wallenius Wilhelmsen ASA
(NOK) (c)
|
1,375,402
|
|||
|
|
|
11,996,064
|
|||
|
|
Portugal — 0.7%
|
|
|||
|
5,162,001
|
Banco Comercial Portugues
S.A., Class R (EUR) (c)
|
3,121,101
|
|||
|
|
Singapore — 0.7%
|
|
|||
|
684,400
|
Genting Singapore Ltd.
(SGD) (c)
|
379,768
|
|||
|
336,400
|
Seatrium Ltd. (SGD) (c) (d) (e)
|
524,755
|
|||
|
352,300
|
Singapore Airlines Ltd.
(SGD) (c)
|
1,774,704
|
|||
|
178,700
|
Wilmar International Ltd.
(SGD) (c)
|
443,112
|
|||
|
|
|
3,122,339
|
|||
|
|
South Korea — 8.9%
|
|
|||
|
5,604
|
Alteogen, Inc. (KRW) (c) (d)
|
1,369,855
|
|||
|
4,136
|
Amorepacific Corp. (KRW) (c)
|
286,535
|
|||
|
16,318
|
DB Insurance Co., Ltd.
(KRW) (c)
|
985,732
|
|||
|
7,984
|
HD Hyundai Co., Ltd.
(KRW) (c)
|
394,805
|
|||
|
5,562
|
HD Hyundai Electric Co., Ltd.
(KRW) (c)
|
1,135,090
|
|||
|
16,272
|
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW) (c)
|
2,240,722
|
|||
|
131,859
|
HMM Co., Ltd. (KRW) (c)
|
1,760,802
|
|||
|
14,042
|
Hyundai Mobis Co., Ltd.
(KRW) (c)
|
2,498,839
|
|||
|
12,517
|
Hyundai Motor Co. (KRW) (c)
|
1,690,671
|
|||
|
56,981
|
Hyundai Rotem Co., Ltd.
(KRW) (c)
|
4,098,036
|
|||
|
7,550
|
KB Financial Group, Inc.
(KRW) (c)
|
409,238
|
|||
|
30,573
|
Kia Corp. (KRW) (c)
|
1,933,701
|
|||
|
89,173
|
Korea Electric Power Corp.
(KRW) (c)
|
1,316,024
|
|||
|
888
|
Korea Zinc Co., Ltd. (KRW) (c)
|
470,222
|
|||
|
108,353
|
Korean Air Lines Co., Ltd.
(KRW) (c)
|
1,577,397
|
|||
|
7,134
|
Krafton, Inc. (KRW) (c) (d)
|
1,631,475
|
|||
|
59,231
|
KT Corp. (KRW) (c)
|
1,994,935
|
|||
|
5,857
|
LG Electronics, Inc. (KRW) (c)
|
308,946
|
|||
|
18,873
|
Meritz Financial Group, Inc.
(KRW) (c)
|
1,577,742
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
South Korea (Continued)
|
|
|||
|
4,432
|
Samsung C&T Corp. (KRW) (c)
|
$354,009
|
|||
|
29,797
|
Samsung Electronics Co., Ltd.
(KRW) (c)
|
1,181,316
|
|||
|
182,703
|
Samsung Heavy Industries Co.,
Ltd. (KRW) (c) (d)
|
1,685,323
|
|||
|
55,030
|
Shinhan Financial Group Co.,
Ltd. (KRW) (c)
|
1,761,117
|
|||
|
15,119
|
SK Square Co., Ltd.
(KRW) (c) (d)
|
968,480
|
|||
|
32,783
|
SK Telecom Co., Ltd.
(KRW) (c)
|
1,234,856
|
|||
|
39,924
|
S-Oil Corp. (KRW) (c)
|
1,524,445
|
|||
|
39,409
|
Woori Financial Group, Inc.
(KRW) (c)
|
445,034
|
|||
|
12,851
|
Yuhan Corp. (KRW) (c)
|
961,540
|
|||
|
|
|
37,796,887
|
|||
|
|
Spain — 3.2%
|
|
|||
|
9,848
|
Acciona S.A. (EUR) (c)
|
1,288,937
|
|||
|
1,096,216
|
Banco de Sabadell S.A.
(EUR) (c)
|
3,077,807
|
|||
|
90,976
|
Banco Santander S.A. (EUR) (c)
|
612,899
|
|||
|
234,080
|
CaixaBank S.A. (EUR) (c)
|
1,823,427
|
|||
|
847,701
|
International Consolidated
Airlines Group S.A. (GBP) (c)
|
2,868,421
|
|||
|
525,211
|
Mapfre S.A. (EUR) (c)
|
1,618,164
|
|||
|
176,672
|
Repsol S.A. (EUR) (c)
|
2,345,774
|
|||
|
|
|
13,635,429
|
|||
|
|
Sweden — 3.0%
|
|
|||
|
27,488
|
Boliden AB (SEK) (c)
|
901,954
|
|||
|
63,419
|
Industrivarden AB, Class C
(SEK) (c)
|
2,329,833
|
|||
|
75,746
|
Investor AB, Class B (SEK) (c)
|
2,259,057
|
|||
|
19,437
|
Nordnet AB publ (SEK) (c)
|
451,978
|
|||
|
146,932
|
Securitas AB, Class B (SEK) (c)
|
2,079,230
|
|||
|
455,278
|
SSAB AB, Class B (SEK) (c)
|
2,774,071
|
|||
|
110,050
|
Sweco AB, Class B (SEK) (c)
|
1,975,292
|
|||
|
|
|
12,771,415
|
|||
|
|
Switzerland — 1.4%
|
|
|||
|
35,951
|
Accelleron Industries AG
(CHF) (c)
|
1,666,916
|
|||
|
4,568
|
Baloise Holding AG (CHF) (c)
|
958,710
|
|||
|
13,539
|
DSM-Firmenich AG (EUR) (c)
|
1,340,340
|
|||
|
5,694
|
Sulzer AG (CHF) (c)
|
971,193
|
|||
|
1,295
|
Swissquote Group Holding S.A.
(CHF) (c)
|
559,358
|
|||
|
2,910
|
VZ Holding AG (CHF) (c)
|
555,960
|
|||
|
|
|
6,052,477
|
|||
|
|
United Kingdom — 6.5%
|
|
|||
|
31,610
|
3i Group PLC (GBP) (c)
|
1,486,329
|
|||
|
183,041
|
Beazley PLC (GBP) (c)
|
2,204,510
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
United Kingdom (Continued)
|
|
|||
|
895,592
|
Centrica PLC (GBP) (c)
|
$1,734,100
|
|||
|
83,559
|
Frasers Group PLC
(GBP) (c) (d)
|
674,379
|
|||
|
37,831
|
IG Group Holdings PLC
(GBP) (c)
|
466,767
|
|||
|
32,051
|
Imperial Brands PLC (GBP) (c)
|
1,185,953
|
|||
|
540,738
|
Kingfisher PLC (GBP) (c)
|
1,781,203
|
|||
|
467,305
|
Marks & Spencer Group PLC
(GBP) (c)
|
2,157,489
|
|||
|
506,304
|
NatWest Group PLC (GBP) (c)
|
2,989,430
|
|||
|
124,481
|
Phoenix Group Holdings PLC
(GBP) (c)
|
924,058
|
|||
|
6,572
|
Rio Tinto PLC (GBP) (c)
|
394,389
|
|||
|
264,215
|
Rolls-Royce Holdings PLC
(GBP) (c) (d)
|
2,568,015
|
|||
|
43,081
|
Shell PLC (GBP) (c)
|
1,568,170
|
|||
|
237,218
|
St. James’s Place PLC (GBP) (c)
|
3,015,504
|
|||
|
87,828
|
Standard Chartered PLC
(GBP) (c)
|
1,303,319
|
|||
|
485,414
|
Tesco PLC (GBP) (c)
|
2,088,399
|
|||
|
53,328
|
Vistry Group PLC (GBP) (c) (d)
|
393,632
|
|||
|
928,134
|
Vodafone Group PLC (GBP) (c)
|
872,099
|
|||
|
|
|
27,807,745
|
|||
|
|
Total Common Stocks
|
423,024,491
|
|||
|
|
(Cost $378,693,598)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
368,699
|
Dreyfus Government Cash
Management Fund,
Institutional Shares - 4.23% (i)
|
368,699
|
|||
|
|
(Cost $368,699)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 5.3%
|
|||||
|
$7,919,871
|
Daiwa Capital Markets America,
Inc., 4.36% (i), dated
03/31/25, due 04/01/25, with a
maturity value of $7,920,830.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/22/25 to
02/15/45. The value of the
collateral including accrued
interest is $8,078,273. (j)
|
7,919,871
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS (Continued)
|
|||||
|
$7,919,871
|
Mizuho Financial Group, Inc.,
4.35% (i), dated 03/31/25, due
04/01/25, with a maturity
value of $7,920,828.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 07/31/31.
The value of the collateral
including accrued interest is
$8,078,270. (j)
|
$7,919,871
|
|||
|
6,788,461
|
RBC Dominion Securities, Inc.,
4.35% (i), dated 03/31/25, due
04/01/25, with a maturity
value of $6,789,281.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $6,924,230. (j)
|
6,788,461
|
|||
|
|
Total Repurchase Agreements
|
22,628,203
|
|||
|
|
(Cost $22,628,203)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 104.4%
|
446,021,393
|
|||
|
|
(Cost $401,690,500)
|
|
|||
|
|
Net Other Assets and
Liabilities — (4.4)%
|
(18,856,300
)
|
|||
|
|
Net Assets — 100.0%
|
$427,165,093
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $361,412,480 or 84.6% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
Non-income producing security.
|
|
(e)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $21,519,941 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $22,628,203.
|
|
(f)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(g)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(h)
|
Non-income producing security which makes payment-in-
kind distributions.
|
|
(i)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(j)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
ADR
|
– American Depositary Receipt
|
|
AUD
|
– Australian Dollar
|
|
CAD
|
– Canadian Dollar
|
|
CHF
|
– Swiss Franc
|
|
DKK
|
– Danish Krone
|
|
EUR
|
– Euro
|
|
GBP
|
– British Pound Sterling
|
|
HKD
|
– Hong Kong Dollar
|
|
ILS
|
– Israeli Shekel
|
|
JPY
|
– Japanese Yen
|
|
KRW
|
– South Korean Won
|
|
NOK
|
– Norwegian Krone
|
|
NZD
|
– New Zealand Dollar
|
|
SEK
|
– Swedish Krona
|
|
SGD
|
– Singapore Dollar
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Industrials
|
22.7%
|
|
Financials
|
21.6
|
|
Consumer Discretionary
|
14.7
|
|
Energy
|
9.2
|
|
Materials
|
7.9
|
|
Repurchase Agreements
|
5.1
|
|
Consumer Staples
|
4.4
|
|
Utilities
|
4.3
|
|
Information Technology
|
3.6
|
|
All Other
|
6.5
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
JPY
|
27.3%
|
|
EUR
|
21.8
|
|
CAD
|
13.4
|
|
KRW
|
8.5
|
|
GBP
|
7.2
|
|
AUD
|
5.7
|
|
USD
|
5.3
|
|
SEK
|
2.9
|
|
NOK
|
2.7
|
|
HKD
|
2.0
|
|
CHF
|
1.1
|
|
ILS
|
0.9
|
|
SGD
|
0.7
|
|
DKK
|
0.4
|
|
NZD
|
0.1
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Bermuda
|
$ 1,842,337
|
$ 916,635
|
$ 925,702
|
$ —
|
|
Canada
|
58,784,876
|
58,784,876
|
—
|
—
|
|
Germany
|
26,847,043
|
1,371,808
|
25,475,235
|
—
|
|
Ireland
|
978,078
|
538,692
|
439,386
|
—
|
|
Other Country
Categories*
|
334,572,157
|
—
|
334,572,157
|
—
|
|
Money Market
Funds
|
368,699
|
368,699
|
—
|
—
|
|
Repurchase
Agreements
|
22,628,203
|
—
|
22,628,203
|
—
|
|
Total Investments
|
$446,021,393
|
$61,980,710
|
$384,040,683
|
$—
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.5%
|
|||||
|
|
Bermuda — 2.4%
|
|
|||
|
969,896
|
China Gas Holdings Ltd.
(HKD) (c)
|
$884,387
|
|||
|
670,996
|
China Resources Gas Group Ltd.
(HKD) (c)
|
2,001,779
|
|||
|
1,748,040
|
Kunlun Energy Co., Ltd.
(HKD) (c)
|
1,708,131
|
|||
|
317,629
|
Orient Overseas International
Ltd. (HKD) (c)
|
4,701,783
|
|||
|
|
|
9,296,080
|
|||
|
|
Brazil — 9.3%
|
|
|||
|
180,879
|
Banco do Brasil S.A. (BRL)
|
893,547
|
|||
|
1,724,945
|
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
|
3,101,392
|
|||
|
375,843
|
Cosan S.A. (BRL)
|
486,726
|
|||
|
512,412
|
Embraer S.A. (BRL) (d)
|
5,904,036
|
|||
|
1,286,936
|
Gerdau S.A. (Preference Shares)
(BRL)
|
3,648,963
|
|||
|
1,398,897
|
Itausa S.A. (Preference Shares)
(BRL)
|
2,316,603
|
|||
|
310,856
|
JBS S.A. (BRL)
|
2,239,447
|
|||
|
546,083
|
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
|
3,556,054
|
|||
|
453,831
|
PRIO S.A. (BRL) (d)
|
3,165,273
|
|||
|
317,881
|
Rede D’Or Sao Luiz S.A.
(BRL) (e) (f)
|
1,570,897
|
|||
|
176,131
|
Telefonica Brasil S.A. (BRL)
|
1,538,015
|
|||
|
524,953
|
TIM S.A. (BRL)
|
1,655,873
|
|||
|
309,620
|
Vale S.A. (BRL)
|
3,076,423
|
|||
|
840,359
|
Vibra Energia S.A. (BRL)
|
2,618,367
|
|||
|
90,381
|
WEG S.A. (BRL)
|
717,162
|
|||
|
|
|
36,488,778
|
|||
|
|
Cayman Islands — 19.3%
|
|
|||
|
255,021
|
Alibaba Group Holding Ltd.
(HKD) (c)
|
4,219,573
|
|||
|
145,400
|
BeiGene Ltd. (HKD) (c) (d)
|
3,075,362
|
|||
|
108,556
|
Bilibili, Inc., Class Z
(HKD) (c) (d)
|
2,081,763
|
|||
|
2,705,237
|
China Hongqiao Group Ltd.
(HKD) (c)
|
5,596,136
|
|||
|
489,400
|
China Resources Land Ltd.
(HKD) (c)
|
1,623,442
|
|||
|
2,896,862
|
China State Construction
International Holdings Ltd.
(HKD) (c)
|
3,749,668
|
|||
|
2,878,201
|
Geely Automobile Holdings Ltd.
(HKD) (c)
|
6,178,368
|
|||
|
2,504,263
|
JD Logistics, Inc.
(HKD) (c) (d) (e) (f)
|
4,046,906
|
|||
|
209,800
|
JD.com, Inc., Class A (HKD) (c)
|
4,315,909
|
|||
|
163,100
|
Meituan, Class B
(HKD) (c) (d) (e) (f)
|
3,281,975
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Cayman Islands (Continued)
|
|
|||
|
658,400
|
Pop Mart International Group
Ltd. (HKD) (c) (e) (f)
|
$13,306,743
|
|||
|
121,921
|
Sunny Optical Technology
Group Co., Ltd. (HKD) (c)
|
1,125,506
|
|||
|
57,125
|
Trip.com Group Ltd. (HKD) (c)
|
3,631,255
|
|||
|
1,558,217
|
Xiaomi Corp., Class B
(HKD) (c) (d) (e) (f)
|
9,859,977
|
|||
|
3,785,975
|
Xinyi Glass Holdings Ltd.
(HKD) (c)
|
3,745,483
|
|||
|
6,645,581
|
Xinyi Solar Holdings Ltd.
(HKD) (c)
|
2,567,941
|
|||
|
1,945,014
|
Zhongsheng Group Holdings
Ltd. (HKD) (c)
|
3,425,381
|
|||
|
|
|
75,831,388
|
|||
|
|
Chile — 1.0%
|
|
|||
|
269,292
|
Empresas Copec S.A. (CLP)
|
1,857,597
|
|||
|
486,831
|
Falabella S.A. (CLP)
|
2,030,300
|
|||
|
|
|
3,887,897
|
|||
|
|
China — 17.3%
|
|
|||
|
74,100
|
BYD Co., Ltd., Class H
(HKD) (c)
|
3,752,167
|
|||
|
19,477,275
|
China Cinda Asset Management
Co., Ltd., Class H (HKD) (c)
|
2,776,992
|
|||
|
2,168,275
|
China Coal Energy Co., Ltd.,
Class H (HKD) (c)
|
2,213,379
|
|||
|
2,385,404
|
China Construction Bank Corp.,
Class H (HKD) (c)
|
2,113,860
|
|||
|
2,656,046
|
China Everbright Bank Co., Ltd.,
Class H (HKD) (c)
|
1,082,606
|
|||
|
751,246
|
China Pacific Insurance Group
Co., Ltd., Class H (HKD) (c)
|
2,366,813
|
|||
|
4,346,097
|
China Petroleum & Chemical
Corp., Class H (HKD) (c)
|
2,293,013
|
|||
|
5,155,547
|
China Railway Group Ltd.,
Class H (HKD) (c)
|
2,280,730
|
|||
|
7,560,901
|
China Southern Airlines Co.,
Ltd., Class H (HKD) (c) (d)
|
3,446,097
|
|||
|
2,723,052
|
China Tower Corp., Ltd.,
Class H (HKD) (c) (e) (f)
|
3,668,089
|
|||
|
1,364,996
|
CITIC Securities Co., Ltd.,
Class H (HKD) (c)
|
3,577,664
|
|||
|
1,837,060
|
CMOC Group Ltd., Class H
(HKD) (c)
|
1,518,537
|
|||
|
1,613,053
|
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD) (c)
|
2,545,119
|
|||
|
268,425
|
Fuyao Glass Industry Group Co.,
Ltd., Class H (HKD) (c) (e) (f)
|
1,920,356
|
|||
|
5,982,897
|
Goldwind Science &
Technology Co., Ltd., Class H
(HKD) (c)
|
3,767,818
|
|||
|
2,417,763
|
Great Wall Motor Co., Ltd.,
Class H (HKD) (c)
|
4,240,125
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
China (Continued)
|
|
|||
|
224,825
|
Haier Smart Home Co., Ltd.,
Class H (HKD) (c)
|
$724,727
|
|||
|
967,279
|
Hisense Home Appliances
Group Co., Ltd., Class H
(HKD) (c) (g)
|
3,244,962
|
|||
|
2,105,245
|
Inner Mongolia Yitai Coal Co.,
Ltd., Class B (c)
|
4,587,563
|
|||
|
886,006
|
Jiangxi Copper Co., Ltd.,
Class H (HKD) (c)
|
1,559,101
|
|||
|
7,559,943
|
People’s Insurance Co. Group of
China (The) Ltd., Class H
(HKD) (c)
|
3,916,094
|
|||
|
4,423,331
|
PetroChina Co., Ltd., Class H
(HKD) (c)
|
3,586,251
|
|||
|
2,353,463
|
Qingdao Port International Co.,
Ltd., Class H
(HKD) (c) (e) (f) (g)
|
1,947,253
|
|||
|
1,011,476
|
Sinopharm Group Co., Ltd.,
Class H (HKD) (c)
|
2,347,231
|
|||
|
5,284,987
|
Sinotrans Ltd., Class H
(HKD) (c)
|
2,553,961
|
|||
|
|
|
68,030,508
|
|||
|
|
Colombia — 0.6%
|
|
|||
|
227,127
|
Bancolombia S.A. (Preference
Shares) (COP)
|
2,288,649
|
|||
|
|
Hong Kong — 5.8%
|
|
|||
|
754,042
|
Beijing Enterprises Holdings
Ltd. (HKD) (c)
|
2,855,028
|
|||
|
2,265,979
|
China Merchants Port Holdings
Co., Ltd. (HKD) (c)
|
3,896,207
|
|||
|
880,702
|
China Overseas Land &
Investment Ltd. (HKD) (c)
|
1,576,419
|
|||
|
3,780,238
|
China Power International
Development Ltd. (HKD) (c)
|
1,425,761
|
|||
|
2,333,413
|
China Resources Pharmaceutical
Group Ltd. (HKD) (c) (e) (f)
|
1,516,995
|
|||
|
996,621
|
China Resources Power
Holdings Co., Ltd. (HKD) (c)
|
2,370,838
|
|||
|
2,243,838
|
China Taiping Insurance
Holdings Co., Ltd. (HKD) (c)
|
3,416,106
|
|||
|
1,407,977
|
Fosun International Ltd.
(HKD) (c)
|
755,123
|
|||
|
1,340,280
|
Guangdong Investment Ltd.
(HKD) (c)
|
986,762
|
|||
|
1,501,434
|
Sinotruk Hong Kong Ltd.
(HKD) (c)
|
4,078,069
|
|||
|
|
|
22,877,308
|
|||
|
|
Hungary — 2.1%
|
|
|||
|
603,153
|
MOL Hungarian Oil & Gas PLC
(HUF) (c)
|
4,756,406
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Hungary (Continued)
|
|
|||
|
17,254
|
OTP Bank Nyrt (HUF) (c)
|
$1,160,882
|
|||
|
87,857
|
Richter Gedeon Nyrt (HUF) (c)
|
2,424,230
|
|||
|
|
|
8,341,518
|
|||
|
|
India — 7.9%
|
|
|||
|
18,374
|
Bajaj Auto Ltd. (INR) (c)
|
1,686,684
|
|||
|
76,660
|
Bajaj Finserv Ltd. (INR) (c)
|
1,792,719
|
|||
|
817,942
|
Bharat Petroleum Corp., Ltd.
(INR) (c)
|
2,648,939
|
|||
|
82,134
|
BSE Ltd. (INR) (c)
|
5,229,456
|
|||
|
314,825
|
GAIL India Ltd. (INR) (c)
|
670,761
|
|||
|
200,086
|
Hindalco Industries Ltd.
(INR) (c)
|
1,587,712
|
|||
|
858,589
|
Hindustan Petroleum Corp. Ltd.
(INR) (c)
|
3,593,970
|
|||
|
48,877
|
Mahindra & Mahindra Ltd.
(INR) (c)
|
1,517,104
|
|||
|
170,683
|
NTPC Ltd. (INR) (c)
|
709,623
|
|||
|
390,848
|
Oil India Ltd. (INR) (c)
|
1,763,326
|
|||
|
310,005
|
Power Finance Corp., Ltd.
(INR) (c)
|
1,491,614
|
|||
|
142,346
|
Rail Vikas Nigam Ltd.
(INR) (c) (f)
|
580,155
|
|||
|
1,789,342
|
Samvardhana Motherson
International Ltd. (INR) (c)
|
2,716,938
|
|||
|
2,835,094
|
Suzlon Energy Ltd. (INR) (c) (d)
|
1,864,673
|
|||
|
156,755
|
Tata Power (The) Co., Ltd.
(INR) (c)
|
684,576
|
|||
|
442,693
|
Vedanta Ltd. (INR) (c)
|
2,385,551
|
|||
|
|
|
30,923,801
|
|||
|
|
Indonesia — 2.6%
|
|
|||
|
17,936,217
|
Alamtri Resources Indonesia
Tbk PT (IDR) (c) (h)
|
1,992,557
|
|||
|
10,825,653
|
Astra International Tbk PT
(IDR) (c) (h)
|
3,203,849
|
|||
|
9,142,076
|
Telkom Indonesia Persero Tbk
PT (IDR) (c) (h)
|
1,327,702
|
|||
|
2,517,021
|
United Tractors Tbk PT
(IDR) (c) (h)
|
3,568,128
|
|||
|
|
|
10,092,236
|
|||
|
|
Malaysia — 1.9%
|
|
|||
|
924,700
|
CIMB Group Holdings Bhd
(MYR) (c)
|
1,465,115
|
|||
|
4,607,600
|
Gamuda Bhd (MYR) (c)
|
4,386,552
|
|||
|
2,034,700
|
YTL Power International Bhd
(MYR) (c)
|
1,536,070
|
|||
|
|
|
7,387,737
|
|||
|
|
Mexico — 4.1%
|
|
|||
|
507,610
|
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
|
4,639,914
|
|||
|
601,160
|
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
|
2,837,697
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Mexico (Continued)
|
|
|||
|
2,316,136
|
Fibra Uno Administracion S.A.
de C.V. (MXN)
|
$2,706,092
|
|||
|
120,287
|
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
|
678,773
|
|||
|
396,751
|
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN) (d)
|
891,621
|
|||
|
1,373,645
|
Prologis Property Mexico S.A.
de C.V. (MXN)
|
4,395,234
|
|||
|
|
|
16,149,331
|
|||
|
|
Netherlands — 0.2%
|
|
|||
|
106,628
|
NEPI Rockcastle N.V. (ZAR)
|
770,676
|
|||
|
|
Philippines — 0.8%
|
|
|||
|
125,160
|
International Container Terminal
Services, Inc. (PHP) (c)
|
777,777
|
|||
|
1,930,780
|
Metropolitan Bank & Trust Co.
(PHP) (c)
|
2,467,050
|
|||
|
|
|
3,244,827
|
|||
|
|
Poland — 1.9%
|
|
|||
|
39,771
|
CD Projekt S.A. (PLN) (c)
|
2,185,548
|
|||
|
309,921
|
ORLEN S.A. (PLN) (c)
|
5,458,844
|
|||
|
|
|
7,644,392
|
|||
|
|
Russia — 0.0%
|
|
|||
|
76,383,797
|
Inter RAO UES PJSC
(RUB) (c) (d) (h) (i)
|
0
|
|||
|
11,679
|
Magnit PJSC
(RUB) (c) (d) (h) (i)
|
0
|
|||
|
4,142,443
|
Magnitogorsk Iron & Steel
Works PJSC
(RUB) (c) (d) (h) (i)
|
0
|
|||
|
262,800,255
|
RusHydro PJSC
(RUB) (c) (d) (h) (i)
|
0
|
|||
|
403,137
|
Tatneft PJSC
(RUB) (c) (d) (h) (i)
|
0
|
|||
|
|
|
0
|
|||
|
|
Singapore — 0.9%
|
|
|||
|
436,243
|
BOC Aviation Ltd.
(HKD) (c) (e) (f)
|
3,408,181
|
|||
|
|
South Africa — 3.7%
|
|
|||
|
15,323
|
Capitec Bank Holdings Ltd.
(ZAR) (c)
|
2,606,146
|
|||
|
78,378
|
Clicks Group Ltd. (ZAR)
|
1,447,994
|
|||
|
187,291
|
FirstRand Ltd. (ZAR) (c)
|
736,020
|
|||
|
87,318
|
Harmony Gold Mining Co., Ltd.
(ZAR) (c)
|
1,278,747
|
|||
|
208,128
|
Nedbank Group Ltd. (ZAR)
|
2,920,149
|
|||
|
809,371
|
OUTsurance Group Ltd. (ZAR)
|
3,076,802
|
|||
|
1,937,276
|
Pepkor Holdings Ltd.
(ZAR) (e) (f)
|
2,697,500
|
|||
|
|
|
14,763,358
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Taiwan — 6.6%
|
|
|||
|
154,978
|
Asustek Computer, Inc.
(TWD) (c)
|
$2,883,545
|
|||
|
1,288,804
|
Cathay Financial Holding Co.,
Ltd. (TWD) (c)
|
2,404,956
|
|||
|
2,285,467
|
Eva Airways Corp. (TWD) (c)
|
2,812,063
|
|||
|
710,651
|
Evergreen Marine Corp. Taiwan
Ltd. (TWD) (c)
|
4,764,650
|
|||
|
743,966
|
Far Eastern New Century Corp.
(TWD) (c)
|
742,909
|
|||
|
1,580,099
|
Fubon Financial Holding Co.,
Ltd. (TWD) (c)
|
4,108,695
|
|||
|
3,462,817
|
KGI Financial Holding Co., Ltd.
(TWD) (c)
|
1,808,370
|
|||
|
56,023
|
Nien Made Enterprise Co., Ltd.
(TWD) (c)
|
672,528
|
|||
|
583,615
|
Ruentex Development Co., Ltd.
(TWD) (c)
|
622,877
|
|||
|
327,621
|
Uni-President Enterprises Corp.
(TWD) (c)
|
798,933
|
|||
|
531,012
|
United Microelectronics Corp.
(TWD) (c)
|
742,473
|
|||
|
1,656,141
|
Yang Ming Marine Transport
Corp. (TWD) (c)
|
3,746,546
|
|||
|
|
|
26,108,545
|
|||
|
|
Thailand — 2.6%
|
|
|||
|
443,300
|
CP ALL PCL (THB) (c)
|
648,484
|
|||
|
271,300
|
Delta Electronics Thailand PCL
(THB) (c)
|
534,381
|
|||
|
192,900
|
Kasikornbank PCL (THB) (c)
|
921,666
|
|||
|
1,410,300
|
Krung Thai Bank PCL (THB) (c)
|
1,005,661
|
|||
|
1,109,400
|
PTT Exploration & Production
PCL (THB) (c)
|
3,821,298
|
|||
|
3,416,600
|
PTT PCL (THB) (c)
|
3,226,738
|
|||
|
|
|
10,158,228
|
|||
|
|
Turkey — 8.5%
|
|
|||
|
2,004,012
|
Akbank T.A.S. (TRY) (c)
|
2,760,091
|
|||
|
248,766
|
BIM Birlesik Magazalar A/S
(TRY)
|
3,004,072
|
|||
|
1,082,875
|
Coca-Cola Icecek A/S (TRY) (c)
|
1,525,631
|
|||
|
3,461,145
|
Eregli Demir ve Celik
Fabrikalari T.A.S. (TRY) (c)
|
2,053,844
|
|||
|
67,238
|
Ford Otomotiv Sanayi A/S
(TRY)
|
1,876,409
|
|||
|
1,268,081
|
Haci Omer Sabanci Holding A/S
(TRY) (c)
|
2,806,380
|
|||
|
28,708,749
|
Sasa Polyester Sanayi A/S
(TRY) (c) (d)
|
2,827,938
|
|||
|
541,427
|
Turk Hava Yollari AO
(TRY) (c) (d)
|
4,434,287
|
|||
|
972,547
|
Turkcell Iletisim Hizmetleri A/S
(TRY) (c)
|
2,454,403
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Turkey (Continued)
|
|
|||
|
2,195,024
|
Turkiye Is Bankasi A/S, Class C
(TRY) (c)
|
$709,030
|
|||
|
994,257
|
Turkiye Petrol Rafinerileri A/S
(TRY) (c)
|
3,614,628
|
|||
|
6,744,290
|
Turkiye Vakiflar Bankasi TAO,
Class D (TRY) (c) (d)
|
4,258,401
|
|||
|
1,996,241
|
Yapi ve Kredi Bankasi A/S
(TRY) (c)
|
1,265,130
|
|||
|
|
|
33,590,244
|
|||
|
|
Total Common Stocks
|
391,283,682
|
|||
|
|
(Cost $380,670,582)
|
|
|||
|
MONEY MARKET FUNDS — 0.0%
|
|||||
|
237,630
|
Dreyfus Government Cash
Management Fund,
Institutional Shares - 4.23% (j)
|
237,630
|
|||
|
|
(Cost $237,630)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 0.4%
|
|||||
|
$540,736
|
Bank of America Corp.,
4.36% (j), dated 03/31/25, due
04/01/25, with a maturity
value of $540,801.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.38%, due 05/15/34 to
11/15/48. The value of the
collateral including accrued
interest is $551,551. (k)
|
540,736
|
|||
|
1,000,000
|
RBC Dominion Securities, Inc.,
4.35% (j), dated 03/31/25, due
04/01/25, with a maturity
value of $1,000,121.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $1,020,000. (k)
|
1,000,000
|
|||
|
|
Total Repurchase Agreements
|
1,540,736
|
|||
|
|
(Cost $1,540,736)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 99.9%
|
393,062,048
|
|||
|
|
(Cost $382,448,948)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.1%
|
334,811
|
|||
|
|
Net Assets — 100.0%
|
$393,396,859
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $316,675,425 or 80.5% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
Non-income producing security.
|
|
(e)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(f)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(g)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $1,448,819 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $1,540,736.
|
|
(h)
|
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
|
|
(i)
|
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs in the Additional
Information section).
|
|
(j)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(k)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
BRL
|
– Brazilian Real
|
|
CLP
|
– Chilean Peso
|
|
COP
|
– Colombian Peso
|
|
HKD
|
– Hong Kong Dollar
|
|
HUF
|
– Hungarian Forint
|
|
IDR
|
– Indonesian Rupiah
|
|
INR
|
– Indian Rupee
|
|
MXN
|
– Mexican Peso
|
|
MYR
|
– Malaysian Ringgit
|
|
PHP
|
– Philippine Peso
|
|
PLN
|
– Polish Zloty
|
|
RUB
|
– Russian Ruble
|
|
THB
|
– Thai Baht
|
|
TRY
|
– Turkish Lira
|
|
TWD
|
– New Taiwan Dollar
|
|
USD
|
– United States Dollar
|
|
ZAR
|
– South African Rand
|
|
Sector Allocation
|
% of Total
Investments
|
|
Industrials
|
20.1%
|
|
Consumer Discretionary
|
18.5
|
|
Financials
|
18.0
|
|
Energy
|
13.8
|
|
Materials
|
6.5
|
|
Utilities
|
4.8
|
|
Information Technology
|
4.5
|
|
Consumer Staples
|
3.8
|
|
Communication Services
|
3.8
|
|
All Other
|
6.2
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
HKD
|
44.5%
|
|
BRL
|
9.3
|
|
TRY
|
8.5
|
|
INR
|
7.9
|
|
TWD
|
6.6
|
|
MXN
|
4.1
|
|
ZAR
|
3.9
|
|
THB
|
2.6
|
|
IDR
|
2.6
|
|
HUF
|
2.1
|
|
PLN
|
1.9
|
|
MYR
|
1.9
|
|
USD
|
1.7
|
|
CLP
|
1.0
|
|
PHP
|
0.8
|
|
COP
|
0.6
|
|
RUB
|
0.0‡
|
|
Total
|
100.0%
|
|
‡
|
Investments are valued at $0.
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common
Stocks:
|
|
|
|
|
|
Brazil
|
$ 36,488,778
|
$ 36,488,778
|
$ —
|
$ —
|
|
Chile
|
3,887,897
|
3,887,897
|
—
|
—
|
|
Colombia
|
2,288,649
|
2,288,649
|
—
|
—
|
|
Mexico
|
16,149,331
|
16,149,331
|
—
|
—
|
|
Netherlands
|
770,676
|
770,676
|
—
|
—
|
|
Russia
|
—**
|
—
|
—
|
—**
|
|
South Africa
|
14,763,358
|
10,142,445
|
4,620,913
|
—
|
|
Turkey
|
33,590,244
|
4,880,481
|
28,709,763
|
—
|
|
Other
Country
Categories*
|
283,344,749
|
—
|
283,344,749
|
—
|
|
Money Market
Funds
|
237,630
|
237,630
|
—
|
—
|
|
Repurchase
Agreements
|
1,540,736
|
—
|
1,540,736
|
—
|
|
Total
Investments
|
$393,062,048
|
$74,845,887
|
$318,216,161
|
$—**
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
**
|
Investments are valued at $0.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 99.5%
|
|||||
|
|
Aerospace & Defense — 9.3%
|
|
|||
|
673
|
MTU Aero Engines AG
(EUR) (b)
|
$233,850
|
|||
|
882
|
Rheinmetall AG (EUR) (b)
|
1,262,077
|
|||
|
|
|
1,495,927
|
|||
|
|
Air Freight & Logistics —
3.4%
|
|
|||
|
12,767
|
DHL Group (EUR) (b)
|
548,131
|
|||
|
|
Automobile Components —
2.9%
|
|
|||
|
6,692
|
Continental AG (EUR) (b)
|
471,920
|
|||
|
|
Automobiles — 16.1%
|
|
|||
|
6,866
|
Bayerische Motoren Werke AG
(EUR) (b)
|
553,658
|
|||
|
5,567
|
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (b) (c) (d)
|
278,812
|
|||
|
10,079
|
Mercedes-Benz Group AG
(EUR) (b)
|
595,386
|
|||
|
14,917
|
Porsche Automobil Holding SE
(Preference Shares) (EUR) (b)
|
561,755
|
|||
|
6,090
|
Volkswagen AG (Preference
Shares) (EUR) (b)
|
621,414
|
|||
|
|
|
2,611,025
|
|||
|
|
Banks — 3.9%
|
|
|||
|
27,586
|
Commerzbank AG (EUR) (b)
|
631,307
|
|||
|
|
Capital Markets — 6.6%
|
|
|||
|
32,585
|
Deutsche Bank AG (EUR) (b)
|
776,736
|
|||
|
974
|
Deutsche Boerse AG (EUR) (b)
|
287,389
|
|||
|
|
|
1,064,125
|
|||
|
|
Chemicals — 4.1%
|
|
|||
|
2,554
|
BASF SE (EUR) (b)
|
128,030
|
|||
|
12,964
|
Evonik Industries AG (EUR) (b)
|
281,047
|
|||
|
5,207
|
FUCHS SE (Preference Shares)
(EUR) (b)
|
250,883
|
|||
|
|
|
659,960
|
|||
|
|
Construction & Engineering
— 4.4%
|
|
|||
|
4,180
|
HOCHTIEF AG (EUR) (b)
|
714,699
|
|||
|
|
Construction Materials —
3.9%
|
|
|||
|
3,635
|
Heidelberg Materials AG
(EUR) (b)
|
626,595
|
|||
|
|
Diversified Telecommunication
Services — 2.6%
|
|
|||
|
11,262
|
Deutsche Telekom AG
(EUR) (b)
|
415,794
|
|||
|
|
Electrical Equipment — 3.9%
|
|
|||
|
10,761
|
Siemens Energy AG
(EUR) (b) (e)
|
637,936
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Health Care Providers &
Services — 3.1%
|
|
|||
|
7,366
|
Fresenius Medical Care AG
(EUR) (b)
|
$366,533
|
|||
|
3,234
|
Fresenius SE & Co. KGaA
(EUR) (b) (e)
|
138,072
|
|||
|
|
|
504,605
|
|||
|
|
Independent Power and
Renewable Electricity
Producers — 3.3%
|
|
|||
|
15,045
|
RWE AG (EUR)
|
537,176
|
|||
|
|
Industrial Conglomerates —
0.8%
|
|
|||
|
575
|
Siemens AG (EUR) (b)
|
132,795
|
|||
|
|
Insurance — 4.3%
|
|
|||
|
734
|
Allianz SE (EUR) (b)
|
280,910
|
|||
|
3,961
|
Talanx AG (EUR) (b)
|
416,604
|
|||
|
|
|
697,514
|
|||
|
|
Interactive Media & Services
— 1.6%
|
|
|||
|
2,548
|
Scout24 SE (EUR) (b) (c) (d)
|
266,834
|
|||
|
|
Machinery — 5.6%
|
|
|||
|
8,828
|
Daimler Truck Holding AG
(EUR) (b)
|
357,620
|
|||
|
6,804
|
GEA Group AG (EUR) (b)
|
413,609
|
|||
|
1,541
|
Knorr-Bremse AG (EUR) (b)
|
140,239
|
|||
|
|
|
911,468
|
|||
|
|
Multi-Utilities — 0.9%
|
|
|||
|
9,645
|
E.ON SE (EUR) (b)
|
145,589
|
|||
|
|
Passenger Airlines — 3.2%
|
|
|||
|
70,237
|
Deutsche Lufthansa AG
(EUR) (b) (f)
|
511,764
|
|||
|
|
Pharmaceuticals — 3.0%
|
|
|||
|
11,229
|
Bayer AG (EUR) (b)
|
269,182
|
|||
|
1,549
|
Merck KGaA (EUR) (b)
|
213,158
|
|||
|
|
|
482,340
|
|||
|
|
Real Estate Management &
Development — 0.6%
|
|
|||
|
37,127
|
Aroundtown S.A. (EUR) (b) (e)
|
101,725
|
|||
|
|
Semiconductors &
Semiconductor Equipment
— 0.7%
|
|
|||
|
3,453
|
Infineon Technologies AG
(EUR) (b)
|
115,106
|
|||
|
|
Software — 3.9%
|
|
|||
|
1,157
|
Nemetschek SE (EUR) (b)
|
134,879
|
|||
|
1,835
|
SAP SE (EUR) (b)
|
491,689
|
|||
|
|
|
626,568
|
|||
|
|
Specialty Retail — 2.9%
|
|
|||
|
13,392
|
Zalando SE (EUR) (b) (c) (d) (e)
|
464,507
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Trading Companies &
Distributors — 2.3%
|
|
|||
|
5,621
|
Brenntag SE (EUR) (b)
|
$364,341
|
|||
|
|
Transportation Infrastructure
— 2.2%
|
|
|||
|
5,560
|
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (b) (e)
|
348,918
|
|||
|
|
Total Common Stocks
|
16,088,669
|
|||
|
|
(Cost $15,261,932)
|
|
|||
|
MONEY MARKET FUNDS — 0.3%
|
|||||
|
45,041
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (g)
|
45,041
|
|||
|
|
(Cost $45,041)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 1.7%
|
|||||
|
$272,983
|
JPMorgan Chase & Co.,
4.36% (g), dated 03/31/25,
due 04/01/25, with a maturity
value of $273,016.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.38% to
4.63%, due 02/15/42 to
02/15/55. The value of the
collateral including accrued
interest is $278,443. (h)
|
272,983
|
|||
|
|
(Cost $272,983)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 101.5%
|
16,406,693
|
|||
|
|
(Cost $15,579,956)
|
|
|||
|
|
Net Other Assets and
Liabilities — (1.5)%
|
(238,800
)
|
|||
|
|
Net Assets — 100.0%
|
$16,167,893
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $15,551,493 or 96.2% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(c)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(d)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(e)
|
Non-income producing security.
|
|
(f)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $249,241 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $272,983.
|
|
(g)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(h)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
EUR
|
– Euro
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
Germany
|
98.9%
|
|
United States
|
2.0
|
|
Luxembourg
|
0.6
|
|
Total Investments
|
101.5
|
|
Net Other Assets and Liabilities
|
(1.5)
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
EUR
|
98.0%
|
|
USD
|
2.0
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Independent Power
and Renewable
Electricity
Producers
|
$ 537,176
|
$ 537,176
|
$ —
|
$ —
|
|
Other Industry
Categories*
|
15,551,493
|
—
|
15,551,493
|
—
|
|
Money Market Funds
|
45,041
|
45,041
|
—
|
—
|
|
Repurchase
Agreements
|
272,983
|
—
|
272,983
|
—
|
|
Total Investments
|
$16,406,693
|
$582,217
|
$15,824,476
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 99.3%
|
|||||
|
|
Aerospace & Defense — 2.3%
|
|
|||
|
128,457
|
Rolls-Royce Holdings PLC
(GBP) (b) (c)
|
$1,248,527
|
|||
|
|
Banks — 10.6%
|
|
|||
|
272,387
|
Barclays PLC (GBP) (c)
|
1,024,189
|
|||
|
93,010
|
HSBC Holdings PLC (GBP) (c)
|
1,054,412
|
|||
|
1,000,009
|
Lloyds Banking Group PLC
(GBP) (c)
|
937,929
|
|||
|
227,060
|
NatWest Group PLC (GBP) (c)
|
1,340,657
|
|||
|
92,354
|
Standard Chartered PLC
(GBP) (c)
|
1,370,482
|
|||
|
|
|
5,727,669
|
|||
|
|
Beverages — 1.7%
|
|
|||
|
20,051
|
Coca-Cola HBC AG (GBP) (c)
|
908,110
|
|||
|
|
Broadline Retail — 2.0%
|
|
|||
|
156,559
|
B&M European Value Retail
S.A. (GBP) (c)
|
528,843
|
|||
|
3,845
|
Next PLC (GBP) (c)
|
553,972
|
|||
|
|
|
1,082,815
|
|||
|
|
Capital Markets — 6.5%
|
|
|||
|
25,617
|
3i Group PLC (GBP) (c)
|
1,204,533
|
|||
|
3,236
|
London Stock Exchange
Group PLC (GBP) (c)
|
480,636
|
|||
|
112,856
|
Schroders PLC (GBP) (c)
|
510,956
|
|||
|
105,185
|
St. James’s Place PLC (GBP) (c)
|
1,337,107
|
|||
|
|
|
3,533,232
|
|||
|
|
Chemicals — 0.4%
|
|
|||
|
5,394
|
Croda International PLC
(GBP) (c)
|
204,928
|
|||
|
|
Commercial Services &
Supplies — 0.4%
|
|
|||
|
45,559
|
Rentokil Initial PLC (GBP) (c)
|
206,754
|
|||
|
|
Consumer Staples Distribution
& Retail — 4.7%
|
|
|||
|
266,962
|
J Sainsbury PLC (GBP) (c)
|
813,726
|
|||
|
194,516
|
Marks & Spencer Group PLC
(GBP) (c)
|
898,056
|
|||
|
198,318
|
Tesco PLC (GBP) (c)
|
853,225
|
|||
|
|
|
2,565,007
|
|||
|
|
Containers & Packaging —
0.7%
|
|
|||
|
8,462
|
Smurfit WestRock PLC
(GBP) (c)
|
379,827
|
|||
|
|
Diversified Consumer Services
— 1.3%
|
|
|||
|
42,731
|
Pearson PLC (GBP) (c)
|
675,985
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Diversified REITs — 0.9%
|
|
|||
|
50,666
|
British Land (The) Co., PLC
(GBP) (c)
|
$242,586
|
|||
|
101,389
|
LondonMetric Property PLC
(GBP) (c)
|
240,757
|
|||
|
|
|
483,343
|
|||
|
|
Diversified Telecommunication
Services — 2.0%
|
|
|||
|
507,051
|
BT Group PLC (GBP) (c)
|
1,087,609
|
|||
|
|
Electric Utilities — 1.7%
|
|
|||
|
45,537
|
SSE PLC (GBP) (c)
|
937,993
|
|||
|
|
Electronic Equipment,
Instruments & Components
— 0.4%
|
|
|||
|
6,791
|
Halma PLC (GBP) (c)
|
227,850
|
|||
|
|
Financial Services — 2.4%
|
|
|||
|
184,586
|
M&G PLC (GBP) (c)
|
475,487
|
|||
|
68,518
|
Wise PLC, Class A
(GBP) (b) (c)
|
841,055
|
|||
|
|
|
1,316,542
|
|||
|
|
Food Products — 2.1%
|
|
|||
|
44,690
|
Associated British Foods PLC
(GBP) (c)
|
1,107,932
|
|||
|
|
Health Care Equipment &
Supplies — 0.5%
|
|
|||
|
18,419
|
Smith & Nephew PLC (GBP) (c)
|
259,019
|
|||
|
|
Hotels, Restaurants & Leisure
— 6.9%
|
|
|||
|
50,387
|
Carnival PLC (GBP) (b) (c)
|
881,145
|
|||
|
27,438
|
Compass Group PLC (GBP) (c)
|
907,552
|
|||
|
3,525
|
Flutter Entertainment PLC
(GBP) (b) (c)
|
781,450
|
|||
|
7,338
|
InterContinental Hotels
Group PLC (GBP) (c)
|
790,088
|
|||
|
12,397
|
Whitbread PLC (GBP) (c)
|
394,921
|
|||
|
|
|
3,755,156
|
|||
|
|
Household Durables — 3.7%
|
|
|||
|
18,728
|
Berkeley Group Holdings PLC
(GBP) (c)
|
871,644
|
|||
|
45,727
|
Persimmon PLC (GBP) (c)
|
707,264
|
|||
|
299,102
|
Taylor Wimpey PLC (GBP) (c)
|
420,238
|
|||
|
|
|
1,999,146
|
|||
|
|
Industrial Conglomerates —
1.4%
|
|
|||
|
7,105
|
DCC PLC (GBP) (c)
|
474,843
|
|||
|
10,623
|
Smiths Group PLC (GBP) (c)
|
266,564
|
|||
|
|
|
741,407
|
|||
|
|
Insurance — 8.4%
|
|
|||
|
13,813
|
Admiral Group PLC (GBP) (c)
|
509,980
|
|||
|
116,853
|
Aviva PLC (GBP) (c)
|
842,175
|
|||
|
111,820
|
Beazley PLC (GBP) (c)
|
1,346,738
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Insurance (Continued)
|
|
|||
|
84,304
|
Hiscox Ltd. (GBP) (c)
|
$1,284,109
|
|||
|
71,609
|
Phoenix Group Holdings PLC
(GBP) (c)
|
531,574
|
|||
|
|
|
4,514,576
|
|||
|
|
Interactive Media & Services
— 0.9%
|
|
|||
|
56,903
|
Rightmove PLC (GBP) (c)
|
506,618
|
|||
|
|
Leisure Products — 1.4%
|
|
|||
|
4,116
|
Games Workshop Group PLC
(GBP) (c)
|
747,888
|
|||
|
|
Machinery — 1.4%
|
|
|||
|
20,055
|
IMI PLC (GBP) (c)
|
493,335
|
|||
|
8,361
|
Weir Group (The) PLC
(GBP) (c)
|
252,581
|
|||
|
|
|
745,916
|
|||
|
|
Media — 0.9%
|
|
|||
|
66,208
|
WPP PLC (GBP) (c)
|
503,119
|
|||
|
|
Metals & Mining — 4.6%
|
|
|||
|
11,484
|
Antofagasta PLC (GBP) (c)
|
250,025
|
|||
|
153,120
|
Evraz PLC (GBP) (b) (c) (d) (e)
|
0
|
|||
|
88,142
|
Fresnillo PLC (GBP) (c)
|
1,071,656
|
|||
|
19,331
|
Rio Tinto PLC (GBP) (c)
|
1,160,063
|
|||
|
|
|
2,481,744
|
|||
|
|
Multi-Utilities — 2.4%
|
|
|||
|
546,712
|
Centrica PLC (GBP) (c)
|
1,058,577
|
|||
|
19,221
|
National Grid PLC (GBP) (c)
|
250,724
|
|||
|
|
|
1,309,301
|
|||
|
|
Oil, Gas & Consumable Fuels
— 4.3%
|
|
|||
|
139,391
|
BP PLC (GBP) (c)
|
782,190
|
|||
|
71,496
|
Harbour Energy PLC (GBP) (c)
|
194,425
|
|||
|
36,874
|
Shell PLC (GBP) (c)
|
1,342,232
|
|||
|
|
|
2,318,847
|
|||
|
|
Paper & Forest Products —
1.7%
|
|
|||
|
61,276
|
Mondi PLC (GBP) (c)
|
914,073
|
|||
|
|
Passenger Airlines — 3.6%
|
|
|||
|
163,037
|
easyJet PLC (GBP) (c)
|
937,487
|
|||
|
302,421
|
International Consolidated
Airlines Group S.A. (GBP) (c)
|
1,023,322
|
|||
|
|
|
1,960,809
|
|||
|
|
Personal Care Products —
0.4%
|
|
|||
|
4,015
|
Unilever PLC (GBP) (c)
|
239,564
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Pharmaceuticals — 1.7%
|
|
|||
|
48,384
|
Haleon PLC (GBP) (c)
|
$244,350
|
|||
|
27,486
|
Hikma Pharmaceuticals PLC
(GBP) (c)
|
694,357
|
|||
|
|
|
938,707
|
|||
|
|
Residential REITs — 1.3%
|
|
|||
|
67,924
|
UNITE Group (The) PLC
(GBP) (c)
|
714,807
|
|||
|
|
Software — 1.3%
|
|
|||
|
43,033
|
Sage Group (The) PLC
(GBP) (c)
|
675,635
|
|||
|
|
Specialty Retail — 3.2%
|
|
|||
|
571,225
|
JD Sports Fashion PLC
(GBP) (c)
|
505,100
|
|||
|
367,112
|
Kingfisher PLC (GBP) (c)
|
1,209,275
|
|||
|
|
|
1,714,375
|
|||
|
|
Tobacco — 3.4%
|
|
|||
|
12,681
|
British American Tobacco PLC
(GBP) (c)
|
520,233
|
|||
|
35,762
|
Imperial Brands PLC (GBP) (c)
|
1,323,267
|
|||
|
|
|
1,843,500
|
|||
|
|
Trading Companies &
Distributors — 3.1%
|
|
|||
|
11,033
|
Ashtead Group PLC (GBP) (c)
|
596,521
|
|||
|
5,540
|
Bunzl PLC (GBP) (c)
|
213,105
|
|||
|
8,593
|
Diploma PLC (GBP) (c)
|
430,162
|
|||
|
46,024
|
Howden Joinery Group PLC
(GBP) (c)
|
430,431
|
|||
|
|
|
1,670,219
|
|||
|
|
Water Utilities — 0.4%
|
|
|||
|
17,366
|
United Utilities Group PLC
(GBP) (c)
|
226,592
|
|||
|
|
Wireless Telecommunication
Services — 2.3%
|
|
|||
|
1,336,762
|
Vodafone Group PLC (GBP) (c)
|
1,256,056
|
|||
|
|
Total Common Stocks
|
53,731,197
|
|||
|
|
(Cost $49,397,834)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
22,526
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (f)
|
22,526
|
|||
|
|
(Cost $22,526)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 99.4%
|
53,753,723
|
|||
|
|
(Cost $49,420,360)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.6%
|
349,616
|
|||
|
|
Net Assets — 100.0%
|
$54,103,339
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $53,731,197 or 99.3% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
|
|
(e)
|
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs in the Additional
Information section).
|
|
(f)
|
Rate shown reflects yield as of March 31, 2025.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
GBP
|
– British Pound Sterling
|
|
REITs
|
– Real Estate Investment Trusts
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
United Kingdom
|
88.4%
|
|
Ireland
|
3.0
|
|
Bermuda
|
2.4
|
|
Spain
|
1.9
|
|
Switzerland
|
1.7
|
|
Luxembourg
|
1.0
|
|
Jersey
|
0.9
|
|
United States
|
0.1
|
|
Total Investments
|
99.4
|
|
Net Other Assets and Liabilities
|
0.6
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
GBP
|
100.0%
|
|
USD
|
0.0‡
|
|
Total
|
100.0%
|
|
‡
|
Amount is less than 0.1%.
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Metals & Mining
|
$ 2,481,744
|
$ —
|
$ 2,481,744
|
$ —**
|
|
Other Industry
Categories*
|
51,249,453
|
—
|
51,249,453
|
—
|
|
Money Market Funds
|
22,526
|
22,526
|
—
|
—
|
|
Total Investments
|
$53,753,723
|
$22,526
|
$53,731,197
|
$—**
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
**
|
Investment is valued at $0.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 100.7%
|
|||||
|
|
Aerospace & Defense — 2.0%
|
|
|||
|
1,322,772
|
Bharat Electronics Ltd. (INR) (b)
|
$4,626,986
|
|||
|
|
Automobiles — 12.0%
|
|
|||
|
49,572
|
Bajaj Auto Ltd. (INR) (b)
|
4,550,577
|
|||
|
73,072
|
Eicher Motors Ltd. (INR) (b)
|
4,558,500
|
|||
|
109,393
|
Hero MotoCorp Ltd. (INR) (b)
|
4,747,288
|
|||
|
145,055
|
Mahindra & Mahindra Ltd.
(INR) (b)
|
4,502,394
|
|||
|
33,438
|
Maruti Suzuki India Ltd.
(INR) (b)
|
4,491,937
|
|||
|
558,738
|
Tata Motors Ltd. (INR) (b)
|
4,380,877
|
|||
|
|
|
27,231,573
|
|||
|
|
Banks — 12.2%
|
|
|||
|
354,809
|
Axis Bank Ltd. (INR) (b)
|
4,551,300
|
|||
|
217,888
|
HDFC Bank Ltd. (INR) (b)
|
4,644,547
|
|||
|
295,357
|
ICICI Bank Ltd. (INR) (b)
|
4,642,428
|
|||
|
622,983
|
IndusInd Bank Ltd. (INR) (b)
|
4,714,046
|
|||
|
182,890
|
Kotak Mahindra Bank Ltd.
(INR) (b)
|
4,629,988
|
|||
|
513,517
|
State Bank of India (INR) (b)
|
4,616,881
|
|||
|
|
|
27,799,190
|
|||
|
|
Chemicals — 2.1%
|
|
|||
|
170,276
|
Asian Paints Ltd. (INR) (b)
|
4,652,277
|
|||
|
|
Construction & Engineering
— 2.0%
|
|
|||
|
114,385
|
Larsen & Toubro Ltd. (INR) (b)
|
4,651,613
|
|||
|
|
Construction Materials —
4.1%
|
|
|||
|
154,458
|
Grasim Industries Ltd. (INR) (b)
|
4,703,992
|
|||
|
34,749
|
UltraTech Cement Ltd. (INR) (b)
|
4,660,924
|
|||
|
|
|
9,364,916
|
|||
|
|
Consumer Finance — 4.0%
|
|
|||
|
43,770
|
Bajaj Finance Ltd. (INR) (b)
|
4,560,342
|
|||
|
585,054
|
Shriram Finance, Ltd. (INR) (b)
|
4,467,961
|
|||
|
|
|
9,028,303
|
|||
|
|
Electric Utilities — 2.0%
|
|
|||
|
1,363,819
|
Power Grid Corp. of India Ltd.
(INR) (b)
|
4,615,380
|
|||
|
|
Financial Services — 4.1%
|
|
|||
|
204,042
|
Bajaj Finserv Ltd. (INR) (b)
|
4,771,589
|
|||
|
1,744,259
|
Jio Financial Services Ltd.
(INR) (b) (c)
|
4,619,263
|
|||
|
|
|
9,390,852
|
|||
|
|
Food Products — 4.1%
|
|
|||
|
176,008
|
Nestle India Ltd. (INR) (b)
|
4,624,809
|
|||
|
408,851
|
Tata Consumer Products Ltd.
(INR) (b)
|
4,772,116
|
|||
|
|
|
9,396,925
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Health Care Providers &
Services — 2.0%
|
|
|||
|
59,727
|
Apollo Hospitals Enterprise Ltd.
(INR) (b)
|
$4,612,933
|
|||
|
|
Hotels, Restaurants & Leisure
— 2.0%
|
|
|||
|
1,891,575
|
Zomato Ltd. (INR) (b) (c)
|
4,443,481
|
|||
|
|
Independent Power and
Renewable Electricity
Producers — 2.0%
|
|
|||
|
1,081,540
|
NTPC Ltd. (INR) (b)
|
4,496,553
|
|||
|
|
Insurance — 4.1%
|
|
|||
|
589,617
|
HDFC Life Insurance Co., Ltd.
(INR) (b) (d) (e)
|
4,712,223
|
|||
|
254,862
|
SBI Life Insurance Co., Ltd.
(INR) (b) (d) (e)
|
4,597,131
|
|||
|
|
|
9,309,354
|
|||
|
|
IT Services — 9.9%
|
|
|||
|
244,243
|
HCL Technologies Ltd.
(INR) (b)
|
4,524,679
|
|||
|
243,711
|
Infosys Ltd. (INR) (b)
|
4,465,653
|
|||
|
108,501
|
Tata Consultancy Services Ltd.
(INR) (b)
|
4,564,266
|
|||
|
272,670
|
Tech Mahindra Ltd. (INR) (b)
|
4,497,527
|
|||
|
1,464,470
|
Wipro Ltd. (INR) (b)
|
4,466,696
|
|||
|
|
|
22,518,821
|
|||
|
|
Metals & Mining — 6.0%
|
|
|||
|
572,314
|
Hindalco Industries Ltd.
(INR) (b)
|
4,541,397
|
|||
|
373,807
|
JSW Steel Ltd. (INR) (b)
|
4,610,357
|
|||
|
2,532,197
|
Tata Steel Ltd. (INR) (b)
|
4,523,527
|
|||
|
|
|
13,675,281
|
|||
|
|
Oil, Gas & Consumable Fuels
— 6.1%
|
|
|||
|
996,413
|
Coal India Ltd. (INR) (b)
|
4,619,500
|
|||
|
1,638,271
|
Oil & Natural Gas Corp., Ltd.
(INR) (b)
|
4,708,109
|
|||
|
308,741
|
Reliance Industries Ltd.
(INR) (b)
|
4,590,155
|
|||
|
|
|
13,917,764
|
|||
|
|
Personal Care Products —
2.0%
|
|
|||
|
174,733
|
Hindustan Unilever Ltd.
(INR) (b)
|
4,614,227
|
|||
|
|
Pharmaceuticals — 5.9%
|
|
|||
|
262,620
|
Cipla Ltd. (INR) (b)
|
4,413,299
|
|||
|
336,931
|
Dr. Reddy’s Laboratories Ltd.
(INR) (b)
|
4,501,920
|
|||
|
224,888
|
Sun Pharmaceutical Industries
Ltd. (INR) (b)
|
4,557,296
|
|||
|
|
|
13,472,515
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (Continued)
|
|||||
|
|
Specialty Retail — 2.1%
|
|
|||
|
76,541
|
Trent, Ltd. (INR) (b)
|
$4,744,721
|
|||
|
|
Textiles, Apparel & Luxury
Goods — 2.0%
|
|
|||
|
129,964
|
Titan Co., Ltd. (INR) (b)
|
4,638,098
|
|||
|
|
Tobacco — 2.0%
|
|
|||
|
968,451
|
ITC Ltd. (INR) (b)
|
4,627,455
|
|||
|
|
Trading Companies &
Distributors — 2.0%
|
|
|||
|
171,039
|
Adani Enterprises Ltd. (INR) (b)
|
4,612,632
|
|||
|
|
Transportation Infrastructure
— 2.0%
|
|
|||
|
335,635
|
Adani Ports & Special Economic
Zone Ltd. (INR) (b)
|
4,621,509
|
|||
|
|
Wireless Telecommunication
Services — 2.0%
|
|
|||
|
229,339
|
Bharti Airtel Ltd. (INR) (b)
|
4,636,383
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 100.7%
|
229,699,742
|
|||
|
|
(Cost $196,132,766)
|
|
|||
|
|
Net Other Assets and
Liabilities — (0.7)%
|
(1,661,890
)
|
|||
|
|
Net Assets — 100.0%
|
$228,037,852
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $229,699,742 or 100.7% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(c)
|
Non-income producing security.
|
|
(d)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(e)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
INR
|
– Indian Rupee
|
|
Country Allocation†
|
% of Net
Assets
|
|
India
|
100.7%
|
|
Total Investments
|
100.7
|
|
Net Other Assets and Liabilities
|
(0.7)
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
INR
|
100.0%
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 229,699,742
|
$ —
|
$ 229,699,742
|
$ —
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) — 97.5%
|
|||||
|
|
Banks — 0.9%
|
|
|||
|
5,307
|
Banque Cantonale Vaudoise
(CHF) (b)
|
$579,910
|
|||
|
|
Building Products — 1.4%
|
|
|||
|
1,478
|
Belimo Holding AG (CHF) (b)
|
911,208
|
|||
|
|
Capital Markets — 15.7%
|
|
|||
|
101,012
|
EFG International AG (CHF) (b)
|
1,506,773
|
|||
|
37,769
|
Julius Baer Group Ltd.
(CHF) (b)
|
2,617,997
|
|||
|
6,366
|
Swissquote Group Holding S.A.
(CHF) (b)
|
2,749,711
|
|||
|
47,938
|
UBS Group AG (CHF) (b)
|
1,472,396
|
|||
|
9,231
|
VZ Holding AG (CHF) (b)
|
1,763,598
|
|||
|
|
|
10,110,475
|
|||
|
|
Construction Materials —
4.2%
|
|
|||
|
25,361
|
Holcim AG (CHF) (b)
|
2,729,179
|
|||
|
|
Containers & Packaging —
2.1%
|
|
|||
|
74,346
|
SIG Group AG (CHF) (b)
|
1,374,612
|
|||
|
|
Diversified Telecommunication
Services — 3.1%
|
|
|||
|
3,513
|
Swisscom AG (CHF) (b)
|
2,024,372
|
|||
|
|
Electric Utilities — 4.0%
|
|
|||
|
14,750
|
BKW AG (CHF) (b)
|
2,579,834
|
|||
|
|
Electrical Equipment — 3.4%
|
|
|||
|
47,442
|
Accelleron Industries AG
(CHF) (b)
|
2,199,712
|
|||
|
|
Food Products — 5.9%
|
|
|||
|
736
|
Barry Callebaut AG (CHF) (b)
|
974,768
|
|||
|
1,806
|
Emmi AG (CHF) (b)
|
1,657,302
|
|||
|
11,835
|
Nestle S.A. (CHF) (b)
|
1,196,005
|
|||
|
|
|
3,828,075
|
|||
|
|
Health Care Equipment &
Supplies — 2.6%
|
|
|||
|
17,286
|
Alcon AG (CHF) (b)
|
1,640,182
|
|||
|
|
Insurance — 14.5%
|
|
|||
|
5,400
|
Baloise Holding AG (CHF) (b)
|
1,133,326
|
|||
|
11,864
|
Helvetia Holding AG (CHF) (b)
|
2,460,735
|
|||
|
633
|
Swiss Life Holding AG
(CHF) (b)
|
577,492
|
|||
|
16,887
|
Swiss Re AG (CHF) (b)
|
2,873,811
|
|||
|
3,290
|
Zurich Insurance Group AG
(CHF) (b)
|
2,296,447
|
|||
|
|
|
9,341,811
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Life Sciences Tools & Services
— 3.1%
|
|
|||
|
2,481
|
Lonza Group AG (CHF) (b)
|
$1,532,687
|
|||
|
449
|
Siegfried Holding AG (CHF) (b)
|
461,365
|
|||
|
|
|
1,994,052
|
|||
|
|
Machinery — 8.4%
|
|
|||
|
25,818
|
Georg Fischer AG (CHF) (b)
|
1,889,591
|
|||
|
1,770
|
Schindler Holding AG (CHF) (b)
|
554,738
|
|||
|
14,112
|
SFS Group AG (CHF) (b)
|
1,783,523
|
|||
|
6,765
|
Sulzer AG (CHF) (b)
|
1,153,867
|
|||
|
|
|
5,381,719
|
|||
|
|
Marine Transportation —
1.5%
|
|
|||
|
4,265
|
Kuehne + Nagel International
AG (CHF) (b)
|
984,920
|
|||
|
|
Pharmaceuticals — 8.3%
|
|
|||
|
24,978
|
Novartis AG (CHF) (b)
|
2,774,302
|
|||
|
1,734
|
Roche Holding AG (CHF) (b)
|
570,707
|
|||
|
47,684
|
Sandoz Group AG (CHF) (b)
|
1,999,583
|
|||
|
|
|
5,344,592
|
|||
|
|
Professional Services — 4.5%
|
|
|||
|
79,267
|
Adecco Group AG (CHF) (b)
|
2,383,613
|
|||
|
4,876
|
SGS S.A. (CHF) (b)
|
485,838
|
|||
|
|
|
2,869,451
|
|||
|
|
Real Estate Management &
Development — 0.8%
|
|
|||
|
3,438
|
PSP Swiss Property AG
(CHF) (b)
|
537,090
|
|||
|
|
Software — 0.8%
|
|
|||
|
6,913
|
Temenos AG (CHF) (b)
|
536,740
|
|||
|
|
Specialty Retail — 2.5%
|
|
|||
|
36,580
|
Avolta AG (CHF) (b)
|
1,602,370
|
|||
|
|
Technology Hardware, Storage
& Peripherals — 1.6%
|
|
|||
|
11,810
|
Logitech International S.A.
(CHF) (b)
|
1,000,723
|
|||
|
|
Textiles, Apparel & Luxury
Goods — 3.6%
|
|
|||
|
13,427
|
Swatch Group (The) AG
(CHF) (b)
|
2,315,440
|
|||
|
|
Trading Companies &
Distributors — 1.6%
|
|
|||
|
13,168
|
DKSH Holding AG (CHF) (b)
|
1,002,711
|
|||
|
|
Transportation Infrastructure
— 3.0%
|
|
|||
|
8,145
|
Flughafen Zurich AG (CHF) (b)
|
1,932,234
|
|||
|
|
Total Common Stocks
|
62,821,412
|
|||
|
|
(Cost $57,344,986)
|
|
|||
|
Shares
|
Description
|
Value
|
|||
|
MONEY MARKET FUNDS — 0.2%
|
|||||
|
137,983
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (c)
|
$137,983
|
|||
|
|
(Cost $137,983)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 97.7%
|
62,959,395
|
|||
|
|
(Cost $57,482,969)
|
|
|||
|
|
Net Other Assets and
Liabilities — 2.3%
|
1,483,238
|
|||
|
|
Net Assets — 100.0%
|
$64,442,633
|
|||
|
(a)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(b)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $62,821,412 or 97.5% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(c)
|
Rate shown reflects yield as of March 31, 2025.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
CHF
|
– Swiss Franc
|
|
USD
|
– United States Dollar
|
|
Country Allocation†
|
% of Net
Assets
|
|
Switzerland
|
97.5%
|
|
United States
|
0.2
|
|
Total Investments
|
97.7
|
|
Net Other Assets and Liabilities
|
2.3
|
|
Total
|
100.0%
|
|
†
|
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
CHF
|
99.8%
|
|
USD
|
0.2
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks*
|
$ 62,821,412
|
$ —
|
$ 62,821,412
|
$ —
|
|
Money Market Funds
|
137,983
|
137,983
|
—
|
—
|
|
Total Investments
|
$62,959,395
|
$137,983
|
$62,821,412
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.0%
|
|||||
|
|
Australia — 4.6%
|
|
|||
|
5,923
|
AMP Ltd. (AUD) (c)
|
$4,612
|
|||
|
2,147
|
Australian Clinical Labs Ltd.
(AUD) (c) (d)
|
4,009
|
|||
|
7,488
|
Bega Cheese Ltd. (AUD) (c)
|
24,961
|
|||
|
1,955
|
Codan Ltd. (AUD) (c)
|
19,163
|
|||
|
46,585
|
Firefinch Ltd.
(AUD) (c) (e) (f) (g) (h)
|
0
|
|||
|
5,567
|
G8 Education Ltd. (AUD) (c)
|
4,521
|
|||
|
3,824
|
Genesis Minerals Ltd.
(AUD) (c) (f)
|
8,981
|
|||
|
3,881
|
Helia Group Ltd. (AUD) (c)
|
9,764
|
|||
|
270
|
HUB24 Ltd. (AUD) (c)
|
11,640
|
|||
|
25,168
|
Karoon Energy Ltd. (AUD) (c)
|
25,044
|
|||
|
8,745
|
NRW Holdings Ltd. (AUD) (c)
|
15,193
|
|||
|
4,803
|
Nuix Ltd. (AUD) (c) (f)
|
9,312
|
|||
|
21,682
|
Perenti Ltd. (AUD) (c)
|
18,177
|
|||
|
6,037
|
Perseus Mining Ltd. (AUD) (c)
|
12,699
|
|||
|
7,162
|
Ramelius Resources Ltd.
(AUD) (c)
|
10,735
|
|||
|
6,363
|
Regis Healthcare, Ltd.
(AUD) (c)
|
27,083
|
|||
|
21,291
|
Resolute Mining Ltd.
(AUD) (c) (f)
|
6,221
|
|||
|
2,180
|
Sandfire Resources Ltd.
(AUD) (c) (f)
|
14,241
|
|||
|
7,385
|
Stanmore Resources Ltd.
(AUD) (c)
|
9,843
|
|||
|
434
|
Super Retail Group Ltd.
(AUD) (c)
|
3,531
|
|||
|
1,187
|
Temple & Webster Group Ltd.
(AUD) (c) (f)
|
12,332
|
|||
|
8,657
|
Ventia Services Group Pty Ltd.
(AUD) (c)
|
21,880
|
|||
|
9,081
|
West African Resources Ltd.
(AUD) (c) (f)
|
13,318
|
|||
|
|
|
287,260
|
|||
|
|
Belgium — 0.6%
|
|
|||
|
265
|
Bekaert S.A. (EUR) (c)
|
9,522
|
|||
|
378
|
Galapagos N.V. (EUR) (c) (f) (g)
|
9,531
|
|||
|
2,099
|
Proximus SADP (EUR) (c)
|
15,510
|
|||
|
139
|
Solvay S.A. (EUR) (c)
|
4,945
|
|||
|
|
|
39,508
|
|||
|
|
Bermuda — 1.7%
|
|
|||
|
10,500
|
First Pacific Co., Ltd. (HKD) (c)
|
6,363
|
|||
|
1,300
|
Lancashire Holdings Ltd. (GBP)
|
9,706
|
|||
|
12,750
|
Luk Fook Holdings International
Ltd. (HKD) (c)
|
25,097
|
|||
|
10,500
|
Nine Dragons Paper Holdings
Ltd. (HKD) (c) (f)
|
4,437
|
|||
|
5,654
|
Odfjell Drilling Ltd. (NOK) (c)
|
31,401
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Bermuda (Continued)
|
|
|||
|
590
|
Stolt-Nielsen Ltd. (NOK)
|
$13,768
|
|||
|
11,250
|
Yue Yuen Industrial Holdings
Ltd. (HKD) (c)
|
18,075
|
|||
|
|
|
108,847
|
|||
|
|
Canada — 8.8%
|
|
|||
|
1,059
|
Aecon Group, Inc. (CAD)
|
12,466
|
|||
|
290
|
Aritzia, Inc. (CAD) (f)
|
10,193
|
|||
|
1,223
|
Bird Construction, Inc. (CAD)
|
18,502
|
|||
|
172
|
Boardwalk Real Estate
Investment Trust (CAD)
|
8,020
|
|||
|
3,461
|
Cardinal Energy Ltd. (CAD) (g)
|
15,561
|
|||
|
3,041
|
Centerra Gold, Inc. (CAD)
|
19,294
|
|||
|
2,961
|
CES Energy Solutions Corp.
(CAD)
|
15,226
|
|||
|
539
|
Dundee Precious Metals, Inc.
(CAD)
|
7,146
|
|||
|
942
|
Eldorado Gold Corp. (CAD) (f)
|
15,835
|
|||
|
283
|
EQB, Inc. (CAD)
|
19,182
|
|||
|
1,790
|
Equinox Gold Corp. (CAD) (f)
|
12,302
|
|||
|
1,174
|
Fortuna Mining Corp. (CAD) (f)
|
7,138
|
|||
|
52
|
Hammond Power Solutions, Inc.
(CAD)
|
2,750
|
|||
|
1,187
|
Hudbay Minerals, Inc. (CAD)
|
8,999
|
|||
|
2,083
|
IAMGOLD Corp. (CAD) (f)
|
12,998
|
|||
|
421
|
Jamieson Wellness, Inc.
(CAD) (d) (i)
|
8,935
|
|||
|
585
|
Linamar Corp. (CAD)
|
20,265
|
|||
|
2,579
|
Martinrea International, Inc.
(CAD)
|
12,581
|
|||
|
850
|
MDA Space Ltd. (CAD) (f)
|
16,237
|
|||
|
1,883
|
New Gold, Inc. (CAD) (f)
|
6,961
|
|||
|
3,352
|
Nexus Industrial REIT (CAD)
|
16,002
|
|||
|
432
|
North West (The) Co., Inc.
(CAD)
|
15,262
|
|||
|
3,320
|
NuVista Energy Ltd. (CAD) (f)
|
31,376
|
|||
|
1,593
|
Paramount Resources Ltd.,
Class A (CAD)
|
20,645
|
|||
|
3,076
|
Parex Resources, Inc. (CAD)
|
28,686
|
|||
|
479
|
Peyto Exploration &
Development Corp. (CAD) (g)
|
6,068
|
|||
|
443
|
Precision Drilling Corp.
(CAD) (f)
|
20,595
|
|||
|
3,018
|
Secure Waste Infrastructure
Corp. (CAD)
|
32,884
|
|||
|
1,318
|
Sienna Senior Living, Inc.
(CAD)
|
15,204
|
|||
|
3,760
|
Silvercorp Metals, Inc. (CAD)
|
14,501
|
|||
|
1,398
|
TELUS International CDA, Inc.
(CAD) (f)
|
3,750
|
|||
|
1,144
|
Torex Gold Resources, Inc.
(CAD) (f)
|
31,680
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Canada (Continued)
|
|
|||
|
822
|
Transcontinental, Inc., Class A
(CAD)
|
$10,659
|
|||
|
3,096
|
Trican Well Service Ltd. (CAD)
|
10,026
|
|||
|
513
|
Trisura Group Ltd. (CAD) (f)
|
11,917
|
|||
|
5,000
|
Well Health Technologies Corp.
(CAD) (f)
|
14,384
|
|||
|
1,745
|
Wesdome Gold Mines Ltd.
(CAD) (f)
|
20,784
|
|||
|
|
|
555,014
|
|||
|
|
Cayman Islands — 1.2%
|
|
|||
|
22,500
|
Mongolian Mining Corp.
(HKD) (c) (f)
|
15,662
|
|||
|
16,500
|
United Laboratories International
Holdings (The) Ltd.
(HKD) (c)
|
31,052
|
|||
|
39,000
|
Vobile Group Ltd.
(HKD) (c) (d) (f)
|
20,675
|
|||
|
6,000
|
Wasion Holdings Ltd. (HKD) (c)
|
6,339
|
|||
|
|
|
73,728
|
|||
|
|
Denmark — 0.5%
|
|
|||
|
315
|
Bavarian Nordic A/S
(DKK) (c) (f)
|
6,858
|
|||
|
656
|
D/S Norden A/S (DKK) (c)
|
16,549
|
|||
|
425
|
DFDS A/S (DKK) (c) (f)
|
5,565
|
|||
|
355
|
Scandinavian Tobacco Group
A/S (DKK) (c) (d) (i)
|
5,170
|
|||
|
|
|
34,142
|
|||
|
|
Finland — 0.1%
|
|
|||
|
93
|
Cargotec Oyj, Class B (EUR) (c)
|
4,238
|
|||
|
53
|
QT Group Oyj (EUR) (c) (f)
|
4,308
|
|||
|
|
|
8,546
|
|||
|
|
France — 2.2%
|
|
|||
|
1,511
|
Beneteau SACA (EUR) (c)
|
13,147
|
|||
|
5,390
|
Elior Group S.A.
(EUR) (c) (d) (f) (i)
|
14,812
|
|||
|
4,353
|
Emeis S.A. (EUR) (c) (f)
|
51,908
|
|||
|
531
|
Forvia SE (EUR) (c)
|
4,357
|
|||
|
404
|
Mercialys S.A. (EUR) (c)
|
5,067
|
|||
|
416
|
Nexity S.A. (EUR) (c) (f)
|
4,432
|
|||
|
546
|
Opmobility (EUR) (c)
|
5,424
|
|||
|
200
|
Rubis S.C.A. (EUR) (c)
|
5,650
|
|||
|
127
|
Trigano S.A. (EUR) (c)
|
14,271
|
|||
|
1,455
|
Ubisoft Entertainment S.A.
(EUR) (c) (f)
|
17,596
|
|||
|
|
|
136,664
|
|||
|
|
Germany — 2.9%
|
|
|||
|
74
|
Aurubis AG (EUR) (c)
|
7,020
|
|||
|
1,930
|
Auto1 Group SE
(EUR) (c) (d) (f) (i)
|
42,934
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Germany (Continued)
|
|
|||
|
3,281
|
Deutsche Pfandbriefbank AG
(EUR) (c) (d) (f) (i)
|
$19,187
|
|||
|
3,266
|
Deutz AG (EUR) (c)
|
24,014
|
|||
|
1,407
|
Nordex SE (EUR) (c) (f)
|
21,728
|
|||
|
1,356
|
SMA Solar Technology AG
(EUR) (c)
|
22,287
|
|||
|
1,736
|
Suedzucker AG (EUR) (c)
|
21,621
|
|||
|
214
|
SUSS MicroTec SE (EUR) (c)
|
8,023
|
|||
|
1,179
|
TAG Immobilien AG
(EUR) (c) (f)
|
16,076
|
|||
|
|
|
182,890
|
|||
|
|
Greece — 0.4%
|
|
|||
|
3,231
|
FF Group (EUR) (c) (e) (f) (h)
|
0
|
|||
|
1,152
|
Motor Oil Hellas Corinth
Refineries S.A. (EUR) (c)
|
27,605
|
|||
|
|
|
27,605
|
|||
|
|
Hong Kong — 0.1%
|
|
|||
|
13,500
|
SJM Holdings Ltd. (HKD) (c) (f)
|
4,169
|
|||
|
|
Ireland — 0.4%
|
|
|||
|
11,072
|
Greencore Group PLC (GBP) (c)
|
24,350
|
|||
|
|
Isle Of Man — 0.3%
|
|
|||
|
2,167
|
Playtech PLC (GBP) (f)
|
19,511
|
|||
|
|
Israel — 3.8%
|
|
|||
|
1,168
|
Aura Investments Ltd. (ILS) (c)
|
5,252
|
|||
|
642
|
Clal Insurance Enterprises
Holdings Ltd. (ILS) (c)
|
15,767
|
|||
|
47
|
Delek Group Ltd. (ILS) (c)
|
7,304
|
|||
|
1,685
|
Harel Insurance Investments &
Financial Services Ltd.
(ILS) (c)
|
26,952
|
|||
|
25
|
Israel Corp., Ltd. (ILS) (c)
|
6,739
|
|||
|
747
|
Menora Mivtachim Holdings
Ltd. (ILS) (c)
|
37,457
|
|||
|
12,000
|
Migdal Insurance & Financial
Holding Ltd. (ILS) (c)
|
21,787
|
|||
|
105,768
|
Oil Refineries Ltd. (ILS) (c)
|
25,161
|
|||
|
1,936
|
Phoenix Financial Ltd. (ILS) (c)
|
35,982
|
|||
|
333
|
Plus500 Ltd. (GBP) (c)
|
11,821
|
|||
|
3,071
|
Shufersal Ltd. (ILS) (c)
|
29,091
|
|||
|
1,155
|
Tel Aviv Stock Exchange Ltd.
(ILS) (c)
|
13,616
|
|||
|
|
|
236,929
|
|||
|
|
Italy — 2.2%
|
|
|||
|
3,594
|
Anima Holding S.p.A.
(EUR) (c) (d) (i)
|
27,213
|
|||
|
894
|
Banca IFIS S.p.A. (EUR) (c)
|
20,812
|
|||
|
983
|
Credito Emiliano S.p.A.
(EUR) (c)
|
13,386
|
|||
|
227
|
Danieli & C Officine
Meccaniche S.p.A. (EUR) (c)
|
5,841
|
|||
|
660
|
Maire S.p.A. (EUR) (c)
|
6,321
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Italy (Continued)
|
|
|||
|
8,454
|
OVS S.p.A. (EUR) (c) (d) (i)
|
$29,107
|
|||
|
9,647
|
Webuild S.p.A. (EUR) (c)
|
33,220
|
|||
|
|
|
135,900
|
|||
|
|
Japan — 41.0%
|
|
|||
|
2,800
|
Aisan Industry Co., Ltd.
(JPY) (c)
|
39,505
|
|||
|
400
|
Arata Corp. (JPY) (c)
|
8,398
|
|||
|
900
|
ARE Holdings, Inc. (JPY) (c)
|
11,930
|
|||
|
300
|
Argo Graphics, Inc. (JPY) (c)
|
10,443
|
|||
|
1,000
|
Artience Co., Ltd. (JPY) (c)
|
20,704
|
|||
|
600
|
ASAHI YUKIZAI Corp.
(JPY) (c)
|
14,577
|
|||
|
2,000
|
Bic Camera, Inc. (JPY) (c)
|
20,961
|
|||
|
900
|
Central Glass Co., Ltd. (JPY) (c)
|
19,538
|
|||
|
1,600
|
Chugoku Electric Power (The)
Co., Inc. (JPY) (c)
|
9,194
|
|||
|
1,700
|
Citizen Watch Co., Ltd.
(JPY) (c)
|
10,173
|
|||
|
2,300
|
Daicel Corp. (JPY) (c)
|
20,039
|
|||
|
2,800
|
Daido Steel Co., Ltd. (JPY) (c)
|
22,337
|
|||
|
300
|
Daikokutenbussan Co., Ltd.
(JPY) (c)
|
13,215
|
|||
|
500
|
DCM Holdings Co., Ltd.
(JPY) (c)
|
4,649
|
|||
|
300
|
Dowa Holdings Co., Ltd.
(JPY) (c)
|
9,318
|
|||
|
800
|
DyDo Group Holdings, Inc.
(JPY) (c)
|
15,280
|
|||
|
400
|
EDION Corp. (JPY) (c)
|
5,011
|
|||
|
1,000
|
Electric Power Development
Co., Ltd. (JPY) (c)
|
16,902
|
|||
|
1,300
|
FCC Co., Ltd. (JPY) (c)
|
27,164
|
|||
|
1,000
|
Ferrotec Holdings Corp.
(JPY) (c)
|
18,021
|
|||
|
1,000
|
Fuji Oil Co., Ltd. (JPY) (c)
|
20,487
|
|||
|
300
|
Fuji Seal International, Inc.
(JPY) (c)
|
5,261
|
|||
|
200
|
Fujita Kanko, Inc. (JPY) (c)
|
13,044
|
|||
|
300
|
Fujitec Co., Ltd. (JPY) (c)
|
11,916
|
|||
|
3,000
|
GENDA, Inc. (JPY) (c) (f)
|
26,986
|
|||
|
800
|
Genky DrugStores Co., Ltd.
(JPY) (c)
|
15,140
|
|||
|
1,500
|
Glory Ltd. (JPY) (c)
|
26,428
|
|||
|
1,000
|
Goldcrest Co., Ltd. (JPY) (c)
|
20,763
|
|||
|
800
|
GS Yuasa Corp. (JPY) (c)
|
12,818
|
|||
|
1,100
|
H2O Retailing Corp. (JPY) (c)
|
16,706
|
|||
|
1,900
|
Hamakyorex Co., Ltd. (JPY) (c)
|
16,355
|
|||
|
300
|
Hanwa Co., Ltd. (JPY) (c)
|
9,832
|
|||
|
900
|
Happinet Corp. (JPY) (c)
|
31,023
|
|||
|
1,700
|
Hino Motors, Ltd. (JPY) (c) (f)
|
4,798
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Japan (Continued)
|
|
|||
|
2,400
|
Hokkaido Electric Power Co.,
Inc. (JPY) (c)
|
$12,219
|
|||
|
2,500
|
Hokuriku Electric Power Co.
(JPY) (c)
|
13,910
|
|||
|
2,500
|
Iino Kaiun Kaisha Ltd. (JPY) (c)
|
16,705
|
|||
|
300
|
Japan Elevator Service Holdings
Co., Ltd. (JPY) (c)
|
5,517
|
|||
|
3,800
|
Japan Petroleum Exploration
Co., Ltd. (JPY) (c)
|
29,599
|
|||
|
600
|
JINS Holdings, Inc. (JPY) (c)
|
27,851
|
|||
|
1,200
|
JM Holdings Co., Ltd. (JPY) (c)
|
18,927
|
|||
|
1,500
|
JTEKT Corp. (JPY) (c)
|
11,360
|
|||
|
2,900
|
JVCKenwood Corp. (JPY) (c)
|
24,452
|
|||
|
300
|
Kakaku.com, Inc. (JPY) (c)
|
4,297
|
|||
|
1,800
|
Kandenko Co., Ltd. (JPY) (c)
|
32,413
|
|||
|
400
|
Kaneka Corp. (JPY) (c)
|
10,214
|
|||
|
3,300
|
Keikyu Corp. (JPY) (c)
|
33,301
|
|||
|
400
|
Kewpie Corp. (JPY) (c)
|
7,795
|
|||
|
2,300
|
Kitz Corp. (JPY) (c)
|
17,921
|
|||
|
1,100
|
Krosaki Harima Corp. (JPY) (c)
|
18,988
|
|||
|
3,700
|
Kumiai Chemical Industry Co.,
Ltd. (JPY) (c)
|
20,517
|
|||
|
300
|
Kurabo Industries Ltd. (JPY) (c)
|
11,993
|
|||
|
1,000
|
KYB Corp. (JPY) (c)
|
19,712
|
|||
|
1,800
|
Kyoei Steel Ltd. (JPY) (c)
|
22,738
|
|||
|
300
|
Kyudenko Corp. (JPY) (c)
|
9,680
|
|||
|
6,500
|
Leopalace21 Corp. (JPY) (c)
|
25,450
|
|||
|
2,500
|
Link And Motivation, Inc.
(JPY) (c)
|
8,779
|
|||
|
300
|
Makino Milling Machine Co.,
Ltd. (JPY) (c)
|
23,542
|
|||
|
700
|
Mars Group Holdings Corp.
(JPY) (c) (g)
|
14,793
|
|||
|
200
|
Maruha Nichiro Corp. (JPY) (c)
|
4,360
|
|||
|
1,200
|
Matsuda Sangyo Co., Ltd.
(JPY) (c)
|
27,937
|
|||
|
400
|
Matsuyafoods Holdings Co., Ltd.
(JPY) (c)
|
15,894
|
|||
|
600
|
Megmilk Snow Brand Co., Ltd.
(JPY) (c)
|
10,266
|
|||
|
1,800
|
Mitsubishi Logisnext Co., Ltd.
(JPY) (c)
|
25,763
|
|||
|
300
|
Mitsubishi Materials Corp.
(JPY) (c)
|
4,922
|
|||
|
10,200
|
Mitsubishi Motors Corp.
(JPY) (c) (g)
|
28,125
|
|||
|
3,500
|
Mitsui E&S Co., Ltd. (JPY) (c)
|
39,005
|
|||
|
600
|
Mitsui Mining & Smelting Co.,
Ltd. (JPY) (c)
|
17,576
|
|||
|
300
|
Mitsui-Soko Holdings Co., Ltd.
(JPY) (c)
|
15,975
|
|||
|
900
|
Mizuno Corp. (JPY) (c)
|
15,649
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Japan (Continued)
|
|
|||
|
1,200
|
Modec, Inc. (JPY) (c)
|
$33,312
|
|||
|
800
|
Musashi Seimitsu Industry Co.,
Ltd. (JPY) (c)
|
13,399
|
|||
|
2,800
|
Namura Shipbuilding Co., Ltd.
(JPY) (c)
|
43,450
|
|||
|
2,100
|
NHK Spring Co., Ltd. (JPY) (c)
|
22,730
|
|||
|
400
|
Nichias Corp. (JPY) (c)
|
12,411
|
|||
|
800
|
Nichicon Corp. (JPY) (c)
|
6,560
|
|||
|
1,800
|
Nippn Corp. (JPY) (c)
|
26,074
|
|||
|
500
|
Nippon Light Metal Holdings
Co., Ltd. (JPY) (c)
|
5,093
|
|||
|
1,600
|
Nippon Paper Industries Co.,
Ltd. (JPY) (c)
|
10,754
|
|||
|
900
|
Nippon Soda Co., Ltd. (JPY) (c)
|
17,488
|
|||
|
1,100
|
Nipro Corp. (JPY) (c)
|
9,985
|
|||
|
600
|
Nishimatsu Construction Co.,
Ltd. (JPY) (c)
|
19,328
|
|||
|
800
|
Nissin Corp. (JPY) (c)
|
25,465
|
|||
|
500
|
Nittetsu Mining Co., Ltd.
(JPY) (c)
|
22,063
|
|||
|
1,900
|
Nojima Corp. (JPY) (c)
|
32,134
|
|||
|
1,000
|
NOK Corp. (JPY) (c)
|
14,717
|
|||
|
400
|
Noritake Co., Ltd. (JPY) (c)
|
9,414
|
|||
|
400
|
Noritsu Koki Co., Ltd. (JPY) (c)
|
12,671
|
|||
|
900
|
NS United Kaiun Kaisha Ltd.
(JPY) (c)
|
24,182
|
|||
|
1,000
|
Odakyu Electric Railway Co.,
Ltd. (JPY) (c)
|
9,887
|
|||
|
4,000
|
Oki Electric Industry Co., Ltd.
(JPY) (c)
|
26,423
|
|||
|
500
|
Osaka Steel Co., Ltd.
(JPY) (c) (g)
|
9,558
|
|||
|
2,900
|
Pacific Industrial Co., Ltd.
(JPY) (c)
|
26,837
|
|||
|
300
|
PAL GROUP Holdings Co., Ltd.
(JPY) (c)
|
6,080
|
|||
|
1,800
|
Pasona Group, Inc. (JPY) (c)
|
26,006
|
|||
|
600
|
PeptiDream, Inc. (JPY) (c) (f)
|
8,781
|
|||
|
3,000
|
Persol Holdings Co., Ltd.
(JPY) (c)
|
4,999
|
|||
|
600
|
Raksul, Inc. (JPY) (c)
|
4,071
|
|||
|
2,300
|
Rengo Co., Ltd. (JPY) (c)
|
12,207
|
|||
|
1,000
|
Resorttrust, Inc. (JPY) (c)
|
9,764
|
|||
|
2,900
|
Round One Corp. (JPY) (c)
|
19,072
|
|||
|
500
|
Sakata INX Corp. (JPY) (c)
|
6,437
|
|||
|
200
|
Sakata Seed Corp. (JPY) (c)
|
4,504
|
|||
|
1,600
|
Sanki Engineering Co., Ltd.
(JPY) (c)
|
36,246
|
|||
|
1,500
|
Sankyo Co., Ltd. (JPY) (c)
|
21,920
|
|||
|
1,100
|
Sansan, Inc. (JPY) (c) (f)
|
14,216
|
|||
|
400
|
Sapporo Holdings Ltd. (JPY) (c)
|
20,432
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Japan (Continued)
|
|
|||
|
300
|
Seino Holdings Co., Ltd.
(JPY) (c)
|
$4,627
|
|||
|
1,900
|
Senko Group Holdings Co., Ltd.
(JPY) (c)
|
19,148
|
|||
|
400
|
Seria Co., Ltd. (JPY) (c)
|
6,639
|
|||
|
800
|
Shibaura Machine Co., Ltd.
(JPY) (c)
|
19,295
|
|||
|
600
|
Shibuya Corp. (JPY) (c)
|
12,928
|
|||
|
2,500
|
Shikoku Electric Power Co., Inc.
(JPY) (c)
|
19,335
|
|||
|
1,400
|
Shinagawa Refractories Co., Ltd.
(JPY) (c)
|
15,956
|
|||
|
1,000
|
Shinnihon Corp. (JPY) (c)
|
10,525
|
|||
|
2,900
|
Shizuoka Gas Co., Ltd. (JPY) (c)
|
21,842
|
|||
|
300
|
Sinfonia Technology Co., Ltd.
(JPY) (c)
|
12,134
|
|||
|
1,500
|
Sinko Industries Ltd. (JPY) (c)
|
12,130
|
|||
|
400
|
Starts Corp., Inc. (JPY) (c)
|
10,515
|
|||
|
900
|
Sugi Holdings Co., Ltd.
(JPY) (c)
|
16,871
|
|||
|
900
|
Sumitomo Densetsu Co., Ltd.
(JPY) (c)
|
29,410
|
|||
|
2,100
|
Sumitomo Riko Co., Ltd.
(JPY) (c)
|
24,567
|
|||
|
2,500
|
Sumitomo Rubber Industries
Ltd. (JPY) (c)
|
31,610
|
|||
|
400
|
Sun Frontier Fudousan Co., Ltd.
(JPY) (c)
|
5,252
|
|||
|
700
|
SWCC Corp. (JPY) (c)
|
29,332
|
|||
|
900
|
Taiheiyo Cement Corp. (JPY) (c)
|
23,564
|
|||
|
200
|
Takeuchi Manufacturing Co.,
Ltd. (JPY) (c)
|
6,872
|
|||
|
500
|
Tamron Co., Ltd. (JPY) (c)
|
11,657
|
|||
|
1,300
|
TechMatrix Corp. (JPY) (c)
|
17,206
|
|||
|
800
|
Toenec Corp. (JPY) (c)
|
5,190
|
|||
|
900
|
Toho Holdings Co., Ltd.
(JPY) (c)
|
26,842
|
|||
|
1,600
|
Tokai Rika Co., Ltd. (JPY) (c)
|
23,956
|
|||
|
500
|
Tokuyama Corp. (JPY) (c)
|
9,376
|
|||
|
800
|
Tokyo Steel Manufacturing Co.,
Ltd. (JPY) (c)
|
8,488
|
|||
|
1,000
|
Tomy Co., Ltd. (JPY) (c)
|
23,248
|
|||
|
2,200
|
Topre Corp. (JPY) (c)
|
27,822
|
|||
|
800
|
Tosoh Corp. (JPY) (c)
|
11,008
|
|||
|
1,900
|
Toyo Tire Corp. (JPY) (c)
|
34,893
|
|||
|
1,600
|
Toyoda Gosei Co., Ltd. (JPY) (c)
|
28,936
|
|||
|
1,700
|
Toyota Boshoku Corp. (JPY) (c)
|
22,670
|
|||
|
1,900
|
TRE Holdings Corp. (JPY) (c)
|
20,579
|
|||
|
1,200
|
Tsubakimoto Chain Co.
(JPY) (c)
|
14,874
|
|||
|
600
|
Tsuburaya Fields Holdings, Inc.
(JPY) (c)
|
7,018
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Japan (Continued)
|
|
|||
|
600
|
UACJ Corp. (JPY) (c)
|
$19,183
|
|||
|
600
|
UBE Corp. (JPY) (c)
|
8,760
|
|||
|
1,300
|
U-Next Holdings Co., Ltd.
(JPY) (c)
|
15,337
|
|||
|
400
|
Valor Holdings Co., Ltd.
(JPY) (c)
|
6,385
|
|||
|
600
|
YAMABIKO Corp. (JPY) (c)
|
9,611
|
|||
|
400
|
Yamato Kogyo Co., Ltd.
(JPY) (c)
|
21,208
|
|||
|
1,000
|
Yokohama Rubber (The) Co.,
Ltd. (JPY) (c)
|
23,059
|
|||
|
400
|
Yonex Co., Ltd. (JPY) (c)
|
6,392
|
|||
|
1,700
|
Zeon Corp. (JPY) (c)
|
17,067
|
|||
|
|
|
2,579,048
|
|||
|
|
Jersey — 0.3%
|
|
|||
|
3,644
|
Yellow Cake PLC
(GBP) (c) (d) (f) (i)
|
19,833
|
|||
|
|
Netherlands — 2.1%
|
|
|||
|
240
|
Fugro N.V. (EUR) (c)
|
3,465
|
|||
|
5,824
|
Koninklijke BAM Groep N.V.
(EUR) (c)
|
32,611
|
|||
|
945
|
Koninklijke Heijmans N.V.
(EUR) (c)
|
39,967
|
|||
|
6,319
|
MFE-MediaForEurope N.V.,
Class A (EUR) (c)
|
22,970
|
|||
|
459
|
Van Lanschot Kempen N.V.
(EUR) (c)
|
23,611
|
|||
|
658
|
Wereldhave N.V. (EUR) (c)
|
11,392
|
|||
|
|
|
134,016
|
|||
|
|
Norway — 1.5%
|
|
|||
|
12,176
|
Aker Solutions ASA (NOK) (c)
|
39,139
|
|||
|
923
|
Crayon Group Holding ASA
(NOK) (c) (d) (f) (i)
|
9,901
|
|||
|
1,971
|
DOF Group ASA (NOK) (c) (f)
|
17,532
|
|||
|
1,428
|
Hoegh Autoliners ASA
(NOK) (c)
|
10,459
|
|||
|
9,456
|
MPC Container Ships ASA
(NOK) (c)
|
14,349
|
|||
|
|
|
91,380
|
|||
|
|
Portugal — 0.4%
|
|
|||
|
20,640
|
Sonae SGPS S.A. (EUR) (c)
|
23,727
|
|||
|
|
Singapore — 0.7%
|
|
|||
|
3,066
|
Hafnia Ltd. (NOK) (c)
|
12,644
|
|||
|
9,700
|
SATS Ltd. (SGD) (c)
|
22,165
|
|||
|
2,500
|
UOL Group Ltd. (SGD) (c)
|
10,970
|
|||
|
|
|
45,779
|
|||
|
|
South Korea — 12.9%
|
|
|||
|
257
|
AMOREPACIFIC Group
(KRW) (c)
|
3,508
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
South Korea (Continued)
|
|
|||
|
3,953
|
BNK Financial Group, Inc.
(KRW) (c)
|
$27,727
|
|||
|
67
|
Chong Kun Dang
Pharmaceutical Corp.
(KRW) (c)
|
3,556
|
|||
|
24
|
CJ CheilJedang Corp. (KRW) (c)
|
4,032
|
|||
|
77
|
CJ Logistics Corp. (KRW) (c)
|
4,527
|
|||
|
518
|
CS Wind Corp. (KRW) (c)
|
11,988
|
|||
|
7,464
|
Daewoo Engineering &
Construction Co., Ltd.
(KRW) (c) (f)
|
16,050
|
|||
|
912
|
Daewoong Co., Ltd. (KRW) (c)
|
11,670
|
|||
|
709
|
DB HiTek Co., Ltd. (KRW) (c)
|
20,867
|
|||
|
572
|
DoubleUGames Co., Ltd.
(KRW) (c)
|
19,432
|
|||
|
104
|
F&F Co., Ltd. (KRW) (c)
|
4,493
|
|||
|
779
|
GS Engineering & Construction
Corp. (KRW) (c)
|
9,027
|
|||
|
840
|
GS Holdings Corp. (KRW) (c)
|
21,068
|
|||
|
2,595
|
Hanil Cement Co., Ltd.
(KRW) (c)
|
28,018
|
|||
|
260
|
Hanjin Kal Corp. (KRW) (c)
|
14,394
|
|||
|
862
|
Hankook Tire & Technology
Co., Ltd. (KRW) (c)
|
23,210
|
|||
|
72
|
HD HYUNDAI MIPO
(KRW) (c)
|
5,194
|
|||
|
1,602
|
HDC Hyundai Development
Co-Engineering &
Construction, Class E
(KRW) (c)
|
21,860
|
|||
|
146
|
HK inno N Corp. (KRW) (c)
|
3,467
|
|||
|
194
|
HL Mando Co., Ltd. (KRW) (c)
|
5,145
|
|||
|
82
|
Hyosung Heavy Industries Corp.
(KRW) (c)
|
24,461
|
|||
|
234
|
Hyundai Engineering &
Construction Co., Ltd.
(KRW) (c)
|
5,749
|
|||
|
433
|
Hyundai Marine & Fire
Insurance Co., Ltd.
(KRW) (c) (f)
|
6,449
|
|||
|
278
|
Hyundai Wia Corp. (KRW) (c)
|
8,402
|
|||
|
1,867
|
JB Financial Group Co., Ltd.
(KRW) (c)
|
22,212
|
|||
|
842
|
Kangwon Land, Inc.
(KRW) (c) (f)
|
9,576
|
|||
|
95
|
KCC Corp. (KRW) (c)
|
16,377
|
|||
|
288
|
Kolmar Korea Co., Ltd.
(KRW) (c)
|
12,372
|
|||
|
511
|
Korea Electric Terminal Co.,
Ltd. (KRW) (c)
|
23,364
|
|||
|
195
|
Korea Investment Holdings Co.,
Ltd. (KRW) (c)
|
9,751
|
|||
|
10,383
|
Korea Line Corp. (KRW) (c) (f)
|
11,338
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
South Korea (Continued)
|
|
|||
|
91
|
Kumho Petrochemical Co., Ltd.
(KRW) (c)
|
$7,514
|
|||
|
6,311
|
Kumho Tire Co., Inc.
(KRW) (c) (f)
|
20,352
|
|||
|
503
|
Kyung Dong Navien Co., Ltd.
(KRW) (c)
|
24,691
|
|||
|
131
|
LG Innotek Co., Ltd. (KRW) (c)
|
14,397
|
|||
|
2,186
|
LG Uplus Corp. (KRW) (c)
|
15,298
|
|||
|
290
|
LigaChem Biosciences, Inc.
(KRW) (c) (f)
|
18,895
|
|||
|
55
|
Lotte Chilsung Beverage Co.,
Ltd. (KRW) (c)
|
3,997
|
|||
|
596
|
LOTTE Fine Chemical Co., Ltd.
(KRW) (c)
|
15,072
|
|||
|
51
|
Lotte Wellfood Co., Ltd.
(KRW) (c)
|
4,041
|
|||
|
238
|
LX International Corp.
(KRW) (c)
|
4,099
|
|||
|
333
|
LX Semicon Co., Ltd.
(KRW) (c)
|
12,259
|
|||
|
2,546
|
Mirae Asset Securities Co., Ltd.
(KRW) (c)
|
15,968
|
|||
|
2,196
|
Myoung Shin Industrial Co., Ltd.
(KRW) (c)
|
12,608
|
|||
|
504
|
OCI Holdings Co., Ltd.
(KRW) (c)
|
22,303
|
|||
|
73
|
Orion Corp. (KRW) (c)
|
5,863
|
|||
|
34
|
Ottogi Corp. (KRW) (c)
|
9,563
|
|||
|
3,578
|
Pan Ocean Co., Ltd. (KRW) (c)
|
8,250
|
|||
|
148
|
PharmaResearch Co. Ltd.
(KRW) (c)
|
33,665
|
|||
|
350
|
Poongsan Corp. (KRW) (c)
|
14,887
|
|||
|
975
|
Samsung E&A Co., Ltd
(KRW) (c)
|
13,194
|
|||
|
164
|
Samsung Securities Co., Ltd.
(KRW) (c)
|
5,078
|
|||
|
696
|
SeAH Besteel Holdings Corp.
(KRW) (c)
|
8,325
|
|||
|
338
|
Sebang Global Battery Co., Ltd.
(KRW) (c)
|
15,016
|
|||
|
90
|
Shinsegae, Inc. (KRW) (c)
|
8,391
|
|||
|
309
|
Silicon2 Co., Ltd. (KRW) (c) (f)
|
5,199
|
|||
|
1,008
|
SL Corp. (KRW) (c)
|
26,583
|
|||
|
2,287
|
Solus Advanced Materials Co.,
Ltd. (KRW) (c)
|
12,065
|
|||
|
634
|
VT Co., Ltd. (KRW) (c) (f)
|
13,498
|
|||
|
884
|
Youngone Corp. (KRW) (c)
|
29,575
|
|||
|
|
|
809,930
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Spain — 0.1%
|
|
|||
|
1,771
|
Gestamp Automocion S.A.
(EUR) (c) (d) (i)
|
$4,991
|
|||
|
533
|
Let’s GOWEX S.A.
(EUR) (c) (e) (f) (h) (j)
|
0
|
|||
|
|
|
4,991
|
|||
|
|
Sweden — 2.6%
|
|
|||
|
1,364
|
AddLife AB, Class B (SEK) (c)
|
19,712
|
|||
|
3,078
|
Ambea AB (SEK) (c) (d) (i)
|
33,610
|
|||
|
545
|
BoneSupport Holding AB
(SEK) (c) (d) (f) (i)
|
15,991
|
|||
|
538
|
Bure Equity AB (SEK) (c)
|
17,387
|
|||
|
148
|
Hemnet Group AB (SEK) (c)
|
4,909
|
|||
|
166
|
Loomis AB (SEK) (c)
|
6,724
|
|||
|
478
|
Munters Group AB
(SEK) (c) (d) (i)
|
4,886
|
|||
|
979
|
NCC AB, Class B (SEK) (c)
|
18,576
|
|||
|
2,722
|
Peab AB, Class B (SEK) (c)
|
20,836
|
|||
|
1,598
|
Ratos AB, Class B (SEK) (c) (g)
|
5,129
|
|||
|
5,691
|
Storskogen Group AB, Class B
(SEK) (c)
|
7,402
|
|||
|
325
|
Xvivo Perfusion AB
(SEK) (c) (f)
|
9,139
|
|||
|
|
|
164,301
|
|||
|
|
Switzerland — 0.4%
|
|
|||
|
15
|
dormakaba Holding AG
(CHF) (c)
|
11,197
|
|||
|
291
|
Implenia AG (CHF) (c)
|
13,220
|
|||
|
|
|
24,417
|
|||
|
|
United Kingdom — 7.2%
|
|
|||
|
2,719
|
AJ Bell PLC (GBP) (c)
|
14,248
|
|||
|
4,729
|
Balfour Beatty PLC (GBP) (c)
|
26,620
|
|||
|
2,418
|
Bloomsbury Publishing PLC
(GBP) (c)
|
18,380
|
|||
|
243
|
Cranswick PLC (GBP)
|
15,397
|
|||
|
22,774
|
Currys PLC (GBP) (f)
|
25,594
|
|||
|
10,548
|
Deliveroo PLC
(GBP) (c) (d) (f) (i)
|
16,281
|
|||
|
483
|
Diversified Energy Co. PLC
(GBP) (c) (d) (g)
|
6,555
|
|||
|
2,529
|
Drax Group PLC (GBP)
|
19,127
|
|||
|
2,219
|
Hochschild Mining PLC
(GBP) (c) (f)
|
7,598
|
|||
|
5,432
|
Hunting PLC (GBP) (c)
|
21,319
|
|||
|
1,101
|
IntegraFin Holdings PLC
(GBP) (d)
|
4,352
|
|||
|
291
|
JET2 PLC (GBP) (c)
|
4,677
|
|||
|
14,635
|
Just Group PLC (GBP)
|
27,790
|
|||
|
1,261
|
Keller Group PLC (GBP) (c)
|
22,508
|
|||
|
333
|
Lion Finance Group PLC
(GBP) (c)
|
23,546
|
|||
|
4,136
|
Mitchells & Butlers PLC
(GBP) (c) (f)
|
11,363
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
United Kingdom (Continued)
|
|
|||
|
3,447
|
Mitie Group PLC (GBP) (c)
|
$5,149
|
|||
|
661
|
Morgan Sindall Group PLC
(GBP) (c)
|
28,351
|
|||
|
51,411
|
Pan African Resources PLC
(GBP)
|
28,191
|
|||
|
1,572
|
Paragon Banking Group PLC
(GBP)
|
14,956
|
|||
|
6,665
|
Premier Foods PLC (GBP) (c)
|
15,789
|
|||
|
907
|
QinetiQ Group PLC (GBP) (c)
|
4,548
|
|||
|
15,329
|
Quilter PLC (GBP) (d) (i)
|
29,187
|
|||
|
387
|
Renew Holdings PLC (GBP) (c)
|
3,328
|
|||
|
908
|
Safestore Holdings PLC
(GBP) (c)
|
7,229
|
|||
|
13,581
|
Target Healthcare REIT PLC
(GBP) (c)
|
16,266
|
|||
|
481
|
TORM PLC, Class A (DKK) (c)
|
7,876
|
|||
|
1,043
|
Vesuvius PLC (GBP)
|
5,261
|
|||
|
665
|
Volution Group PLC (GBP) (c)
|
4,649
|
|||
|
4,233
|
Zigup PLC (GBP) (c)
|
16,156
|
|||
|
|
|
452,291
|
|||
|
|
Total Common Stocks
|
6,224,776
|
|||
|
|
(Cost $6,124,853)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 1.7%
|
|||||
|
$104,302
|
JPMorgan Chase & Co.,
4.36% (k), dated 03/31/25,
due 04/01/25, with a maturity
value of $104,315.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.38% to
4.63%, due 02/15/42 to
02/15/55. The value of the
collateral including accrued
interest is $106,388. (l)
|
104,302
|
|||
|
|
(Cost $104,302)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 100.7%
|
6,329,078
|
|||
|
|
(Cost $6,229,155)
|
|
|||
|
|
Net Other Assets and
Liabilities — (0.7)%
|
(44,388
)
|
|||
|
|
Net Assets — 100.0%
|
$6,284,690
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $5,456,922 or 86.8% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the
Securities Act of 1933, as amended (the “1933 Act”).
|
|
(e)
|
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
|
|
(f)
|
Non-income producing security.
|
|
(g)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $74,747 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $104,302.
|
|
(h)
|
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs in the Additional
Information section).
|
|
(i)
|
This security is exempt from registration upon resale under
Rule 144A of the 1933 Act and may be resold in transactions
exempt from registration, normally to qualified institutional
buyers. This security is not restricted on the foreign
exchange where it trades freely without any additional
registration.
|
|
(j)
|
This issuer has filed for protection in bankruptcy court.
|
|
(k)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(l)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
AUD
|
– Australian Dollar
|
|
CAD
|
– Canadian Dollar
|
|
CHF
|
– Swiss Franc
|
|
DKK
|
– Danish Krone
|
|
EUR
|
– Euro
|
|
GBP
|
– British Pound Sterling
|
|
HKD
|
– Hong Kong Dollar
|
|
ILS
|
– Israeli Shekel
|
|
JPY
|
– Japanese Yen
|
|
KRW
|
– South Korean Won
|
|
NOK
|
– Norwegian Krone
|
|
SEK
|
– Swedish Krona
|
|
SGD
|
– Singapore Dollar
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Industrials
|
24.4%
|
|
Consumer Discretionary
|
20.6
|
|
Materials
|
13.8
|
|
Financials
|
8.8
|
|
Energy
|
7.7
|
|
Consumer Staples
|
7.0
|
|
Health Care
|
5.6
|
|
Information Technology
|
4.2
|
|
Real Estate
|
2.6
|
|
All Other
|
5.3
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
JPY
|
40.7%
|
|
KRW
|
12.8
|
|
EUR
|
11.0
|
|
CAD
|
8.8
|
|
GBP
|
8.4
|
|
AUD
|
4.5
|
|
ILS
|
3.5
|
|
SEK
|
2.6
|
|
NOK
|
2.4
|
|
HKD
|
2.1
|
|
USD
|
1.6
|
|
DKK
|
0.7
|
|
SGD
|
0.5
|
|
CHF
|
0.4
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Australia
|
$ 287,260
|
$ —
|
$ 287,260
|
$ —**
|
|
Bermuda
|
108,847
|
23,474
|
85,373
|
—
|
|
Canada
|
555,014
|
555,014
|
—
|
—
|
|
Greece
|
27,605
|
—
|
27,605
|
—**
|
|
Isle of Man
|
19,511
|
19,511
|
—
|
—
|
|
Spain
|
4,991
|
—
|
4,991
|
—**
|
|
United Kingdom
|
452,291
|
169,855
|
282,436
|
—
|
|
Other Country
Categories*
|
4,769,257
|
—
|
4,769,257
|
—
|
|
Repurchase Agreements
|
104,302
|
—
|
104,302
|
—
|
|
Total Investments
|
$6,329,078
|
$767,854
|
$5,561,224
|
$—**
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
**
|
Investments are valued at $0.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.6%
|
|||||
|
|
Bermuda — 2.1%
|
|
|||
|
2,793,732
|
CGN New Energy Holdings Co.,
Ltd. (HKD) (c)
|
$827,525
|
|||
|
1,378,920
|
China Water Affairs Group Ltd.
(HKD) (c) (d)
|
1,188,545
|
|||
|
2,087,003
|
Shenzhen International Holdings
Ltd. (HKD) (c)
|
2,110,878
|
|||
|
2,367,266
|
Sinopec Kantons Holdings Ltd.
(HKD) (c)
|
1,302,000
|
|||
|
|
|
5,428,948
|
|||
|
|
Brazil — 9.5%
|
|
|||
|
754,476
|
Banco Pan S.A. (Preference
Shares) (BRL)
|
963,844
|
|||
|
624,999
|
Bradespar S.A. (Preference
Shares) (BRL)
|
1,961,593
|
|||
|
722,141
|
C&A Modas S.A. (BRL)
|
1,343,942
|
|||
|
548,501
|
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
|
1,898,360
|
|||
|
428,679
|
Cia De Sanena Do Parana (BRL)
|
2,026,787
|
|||
|
113,036
|
Cury Construtora e
Incorporadora S.A. (BRL)
|
486,298
|
|||
|
246,345
|
Cyrela Brazil Realty S.A.
Empreendimentos e
Participacoes (BRL)
|
1,031,753
|
|||
|
56,430
|
Energisa S.A. (BRL)
|
395,552
|
|||
|
765,907
|
Grupo SBF S.A. (BRL)
|
1,573,032
|
|||
|
312,036
|
Isa Energia Brasil S.A.
(Preference Shares) (BRL)
|
1,221,580
|
|||
|
2,459,849
|
JHSF Participacoes S.A. (BRL)
|
1,801,850
|
|||
|
99,195
|
M. Dias Branco S.A. (BRL)
|
395,462
|
|||
|
953,771
|
Marcopolo S.A. (Preference
Shares) (BRL)
|
1,022,891
|
|||
|
555,901
|
Marfrig Global Foods S.A.
(BRL)
|
1,759,338
|
|||
|
694,367
|
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
|
1,089,046
|
|||
|
570,541
|
Petroreconcavo S.A. (BRL)
|
1,648,700
|
|||
|
277,290
|
Porto Seguro S.A. (BRL)
|
1,943,695
|
|||
|
289,297
|
Sao Martinho S.A. (BRL)
|
1,049,417
|
|||
|
98,308
|
Tupy S.A. (BRL)
|
313,541
|
|||
|
405,047
|
Usinas Siderurgicas de Minas
Gerais S.A.Usiminas, Class A
(Preference Shares) (BRL)
|
403,170
|
|||
|
|
|
24,329,851
|
|||
|
|
Cayman Islands — 16.1%
|
|
|||
|
2,545,214
|
361 Degrees International Ltd.
(HKD) (c)
|
1,449,938
|
|||
|
524,585
|
3SBio, Inc. (HKD) (c) (e) (f)
|
806,551
|
|||
|
31,861
|
Bizlink Holding, Inc. (TWD) (c)
|
495,242
|
|||
|
642,634
|
C&D International Investment
Group Ltd. (HKD) (c)
|
1,343,421
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Cayman Islands (Continued)
|
|
|||
|
1,429,912
|
China Conch Venture Holdings
Ltd. (HKD) (c)
|
$1,423,720
|
|||
|
660,308
|
China Education Group
Holdings Ltd.
(HKD) (c) (d) (f)
|
203,182
|
|||
|
3,651,171
|
China Lesso Group Holdings
Ltd. (HKD) (c)
|
1,645,733
|
|||
|
11,550
|
China Metal Recycling Holdings
Ltd. (HKD) (c) (g) (h) (i)
|
0
|
|||
|
3,278,228
|
China Resources Building
Materials Technology
Holdings Ltd. (HKD) (c)
|
729,971
|
|||
|
830,810
|
China Resources Medical
Holdings Co., Ltd. (HKD) (c)
|
397,561
|
|||
|
3,171,951
|
China Zhongwang Holdings Ltd.
(HKD) (c) (g) (h) (i)
|
0
|
|||
|
1,521,188
|
Consun Pharmaceutical Group
Ltd. (HKD) (c)
|
1,803,854
|
|||
|
1,499,043
|
EEKA Fashion Holdings Ltd.
(HKD) (c)
|
1,454,835
|
|||
|
3,739,331
|
Fufeng Group Ltd. (HKD) (c)
|
2,934,063
|
|||
|
659,990
|
GDS Holdings Ltd., Class A
(HKD) (c) (h)
|
2,087,464
|
|||
|
1,968,712
|
Greentown China Holdings Ltd.
(HKD) (c)
|
2,792,177
|
|||
|
971,922
|
Greentown Management
Holdings Co., Ltd.
(HKD) (c) (e) (f)
|
361,113
|
|||
|
139,375
|
Inter & Co., Inc., Class A (d)
|
763,775
|
|||
|
183,236
|
Kingboard Holdings Ltd.
(HKD) (c)
|
523,841
|
|||
|
675,047
|
Minth Group Ltd. (HKD) (c) (h)
|
1,800,301
|
|||
|
1,963,744
|
Newborn Town, Inc.
(HKD) (c) (f) (h)
|
1,489,406
|
|||
|
3,427,268
|
Q Technology Group Co., Ltd.
(HKD) (c) (d) (f) (h)
|
3,290,854
|
|||
|
7,096,182
|
Seazen Group Ltd.
(HKD) (c) (d) (h)
|
1,850,831
|
|||
|
5,503,602
|
Sunac China Holdings Ltd.
(HKD) (c) (h)
|
1,101,610
|
|||
|
3,145,821
|
TCL Electronics Holdings Ltd.
(HKD) (c)
|
3,813,260
|
|||
|
2,276,536
|
Tianneng Power International
Ltd. (HKD) (c)
|
2,025,743
|
|||
|
2,089,934
|
Topsports International Holdings
Ltd. (HKD) (c) (e) (f)
|
919,822
|
|||
|
310,136
|
Tuhu Car, Inc.
(HKD) (c) (e) (f) (h)
|
712,635
|
|||
|
771,218
|
VSTECS Holdings Ltd.
(HKD) (c)
|
662,548
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Cayman Islands (Continued)
|
|
|||
|
424,023
|
XD, Inc. (HKD) (c) (f) (h)
|
$1,764,107
|
|||
|
596,790
|
Xtep International Holdings Ltd.
(HKD) (c)
|
389,244
|
|||
|
|
|
41,036,802
|
|||
|
|
Chile — 2.4%
|
|
|||
|
10,264,325
|
Colbun S.A. (CLP)
|
1,443,107
|
|||
|
275,070
|
Embotelladora Andina S.A.,
Class B (Preference Shares)
(CLP)
|
1,028,391
|
|||
|
532,905
|
Empresas CMPC S.A. (CLP)
|
875,510
|
|||
|
42,094,101
|
Enel Chile S.A. (CLP)
|
2,768,030
|
|||
|
|
|
6,115,038
|
|||
|
|
China — 4.6%
|
|
|||
|
4,806,923
|
BAIC Motor Corp., Ltd.,
Class H (HKD) (c) (e) (f)
|
1,251,395
|
|||
|
253,016
|
CanSino Biologics, Inc., Class H
(HKD) (c) (d) (e) (f) (h)
|
1,087,479
|
|||
|
1,712,477
|
China Communications Services
Corp., Ltd., Class H
(HKD) (c)
|
937,275
|
|||
|
3,369,636
|
China Datang Corp. Renewable
Power Co., Ltd., Class H
(HKD) (c)
|
969,863
|
|||
|
1,053,786
|
China National Building
Material Co., Ltd., Class H
(HKD) (c) (d)
|
543,842
|
|||
|
3,234,048
|
Guangshen Railway Co., Ltd.,
Class H (HKD) (c)
|
723,942
|
|||
|
279,464
|
Onewo, Inc., Class H
(HKD) (c) (d)
|
819,942
|
|||
|
104,670
|
Poly Property Services Co., Ltd.,
Class H (HKD) (c) (f)
|
421,225
|
|||
|
2,680,409
|
Sinopec Engineering Group Co.,
Ltd., Class H (HKD) (c)
|
1,898,408
|
|||
|
357,024
|
Xinhua Winshare Publishing and
Media Co., Ltd., Class H
(HKD) (c)
|
495,019
|
|||
|
1,324,572
|
Zhejiang Expressway Co., Ltd.,
Class H (HKD) (c)
|
1,081,204
|
|||
|
909,221
|
ZhongAn Online P&C Insurance
Co., Ltd., Class H
(HKD) (c) (e) (f) (h)
|
1,437,304
|
|||
|
|
|
11,666,898
|
|||
|
|
Hong Kong — 4.4%
|
|
|||
|
2,883,635
|
China Everbright Environment
Group Ltd. (HKD) (c)
|
1,276,002
|
|||
|
9,243,260
|
China Jinmao Holdings Group
Ltd. (HKD) (c)
|
1,503,369
|
|||
|
562,191
|
China Nonferrous Mining Corp.,
Ltd. (HKD) (c)
|
407,872
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Hong Kong (Continued)
|
|
|||
|
1,708,534
|
China Overseas Grand Oceans
Group Ltd. (HKD) (c) (d)
|
$412,531
|
|||
|
720,649
|
China Tobacco International HK
Co., Ltd. (HKD) (c) (f)
|
2,155,320
|
|||
|
4,506,588
|
CITIC Telecom International
Holdings Ltd. (HKD) (c)
|
1,321,306
|
|||
|
1,267,515
|
Far East Horizon Ltd. (HKD)
|
1,037,605
|
|||
|
2,137,366
|
Genertec Universal Medical
Group Co., Ltd.
(HKD) (c) (e) (f)
|
1,438,789
|
|||
|
2,443,909
|
Shougang Fushan Resources
Group Ltd. (HKD) (c)
|
794,975
|
|||
|
1,133,511
|
Yuexiu Property Co., Ltd.
(HKD) (c) (d)
|
773,373
|
|||
|
|
|
11,121,142
|
|||
|
|
Hungary — 1.1%
|
|
|||
|
629,172
|
Magyar Telekom
Telecommunications PLC
(HUF)
|
2,746,462
|
|||
|
|
India — 2.4%
|
|
|||
|
81,192
|
Central Depository Services
India Ltd. (INR) (c) (f)
|
1,150,550
|
|||
|
1,176,813
|
IFCI Ltd. (INR) (c) (h)
|
588,814
|
|||
|
27,485
|
Multi Commodity Exchange of
India Ltd. (INR) (c)
|
1,698,049
|
|||
|
82,170
|
Natco Pharma Ltd. (INR) (c)
|
763,715
|
|||
|
867,678
|
NBCC India Ltd. (INR) (c)
|
824,707
|
|||
|
2,397,883
|
Reliance Power Ltd.
(INR) (c) (h)
|
1,195,820
|
|||
|
|
|
6,221,655
|
|||
|
|
Indonesia — 6.4%
|
|
|||
|
6,844,256
|
Bukit Asam Tbk PT
(IDR) (c) (g)
|
1,040,375
|
|||
|
61,102,346
|
Bumi Resources Minerals Tbk
PT (IDR) (c) (g) (h)
|
1,226,395
|
|||
|
11,809,697
|
Bumi Serpong Damai Tbk PT
(IDR) (c) (g) (h)
|
571,796
|
|||
|
3,249,373
|
Indah Kiat Pulp & Paper Tbk PT
(IDR) (c) (g)
|
960,902
|
|||
|
1,327,057
|
Indo Tambangraya Megah Tbk
PT (IDR) (c) (g)
|
1,837,527
|
|||
|
9,759,402
|
Japfa Comfeed Indonesia Tbk
PT (IDR) (c) (g)
|
1,179,473
|
|||
|
4,275,925
|
Jasa Marga Persero Tbk PT
(IDR) (c) (g)
|
1,025,392
|
|||
|
22,219,035
|
Medco Energi Internasional Tbk
PT (IDR) (c) (g)
|
1,374,744
|
|||
|
4,653,490
|
Pabrik Kertas Tjiwi Kimia Tbk
PT (IDR) (c) (g)
|
1,372,527
|
|||
|
81,328,354
|
Panin Financial Tbk PT
(IDR) (c) (g) (h)
|
1,799,807
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Indonesia (Continued)
|
|
|||
|
19,586,815
|
Perusahaan Gas Negara Tbk PT
(IDR) (c) (g)
|
$1,830,307
|
|||
|
1,854,029
|
Semen Indonesia Persero Tbk PT
(IDR) (c) (g)
|
295,578
|
|||
|
50,552,301
|
Summarecon Agung Tbk PT
(IDR) (c) (g)
|
1,194,685
|
|||
|
12,167,567
|
Timah Tbk PT (IDR) (c) (g) (h)
|
701,554
|
|||
|
|
|
16,411,062
|
|||
|
|
Malaysia — 5.9%
|
|
|||
|
860,100
|
Alliance Bank Malaysia Bhd
(MYR) (c)
|
896,205
|
|||
|
20,359,500
|
Bumi Armada Bhd (MYR) (c)
|
2,533,121
|
|||
|
9,665,600
|
CAPITAL A BHD
(MYR) (c) (h)
|
1,790,505
|
|||
|
2,518,100
|
Dayang Enterprise Holdings Bhd
(MYR) (c)
|
1,115,745
|
|||
|
3,207,500
|
Eco World Development Group
Bhd (MYR) (c)
|
1,429,863
|
|||
|
904,900
|
Genting Bhd (MYR) (c)
|
665,194
|
|||
|
1,239,800
|
Guan Chong Bhd (MYR) (c)
|
1,037,885
|
|||
|
653,200
|
IJM Corp. Bhd (MYR) (c)
|
310,995
|
|||
|
3,610,900
|
IOI Properties Group Bhd
(MYR) (c)
|
1,614,997
|
|||
|
3,891,600
|
Sime Darby Bhd (MYR) (c)
|
1,943,829
|
|||
|
5,207,600
|
Sime Darby Property Bhd
(MYR) (c)
|
1,584,634
|
|||
|
|
|
14,922,973
|
|||
|
|
Mexico — 2.9%
|
|
|||
|
855,846
|
Corp Inmobiliaria Vesta S.A.B.
de C.V. (MXN)
|
1,958,478
|
|||
|
185,200
|
GCC S.A.B. de C.V. (MXN)
|
1,700,461
|
|||
|
1,207,118
|
Genomma Lab Internacional
S.A.B. de C.V., Class B
(MXN)
|
1,493,524
|
|||
|
1,114,361
|
Megacable Holdings S.A.B. de
C.V., Series CPO (MXN)
|
2,338,772
|
|||
|
|
|
7,491,235
|
|||
|
|
Philippines — 0.7%
|
|
|||
|
142,510
|
GT Capital Holdings, Inc.
(PHP) (c)
|
1,270,350
|
|||
|
1,871,100
|
JG Summit Holdings, Inc.
(PHP) (c)
|
541,126
|
|||
|
|
|
1,811,476
|
|||
|
|
Poland — 2.8%
|
|
|||
|
61,467
|
Asseco Poland S.A. (PLN) (c)
|
2,517,724
|
|||
|
52,522
|
CCC S.A. (PLN) (c) (h)
|
3,191,191
|
|||
|
139,428
|
Cyfrowy Polsat S.A.
(PLN) (c) (h)
|
545,486
|
|||
|
421,319
|
Orange Polska S.A. (PLN) (c)
|
954,533
|
|||
|
|
|
7,208,934
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Russia — 0.0%
|
|
|||
|
653,736,712
|
Federal Grid Co. - Rosseti PJSC
(RUB) (c) (g) (h) (i)
|
$0
|
|||
|
580,351
|
Mechel PJSC
(RUB) (c) (g) (h) (i)
|
0
|
|||
|
|
|
0
|
|||
|
|
South Africa — 9.3%
|
|
|||
|
185,933
|
Exxaro Resources Ltd. (ZAR) (c)
|
1,505,552
|
|||
|
1,552,993
|
Fortress Real Estate Investments
Ltd., Class B (ZAR)
|
1,597,461
|
|||
|
255,999
|
Foschini Group Ltd. (ZAR)
|
1,735,795
|
|||
|
173,792
|
Hyprop Investments Ltd. (ZAR)
|
395,167
|
|||
|
1,356,959
|
Momentum Group Ltd. (ZAR)
|
2,309,828
|
|||
|
329,159
|
Motus Holdings Ltd. (ZAR) (c)
|
1,574,236
|
|||
|
147,989
|
Mr Price Group Ltd. (ZAR) (c)
|
1,795,094
|
|||
|
1,557,024
|
Netcare Ltd. (ZAR)
|
1,118,408
|
|||
|
583,789
|
Old Mutual Ltd. (ZAR)
|
378,898
|
|||
|
309,637
|
Pick n Pay Stores Ltd. (ZAR) (h)
|
463,231
|
|||
|
761,126
|
Raubex Group Ltd. (ZAR)
|
1,830,272
|
|||
|
680,789
|
Resilient REIT Ltd. (ZAR)
|
2,111,244
|
|||
|
295,039
|
SPAR Group (The) Ltd.
(ZAR) (c) (h)
|
1,907,386
|
|||
|
1,214,105
|
Telkom S.A. SOC Ltd.
(ZAR) (c) (h)
|
2,467,296
|
|||
|
364,370
|
Thungela Resources Ltd.
(ZAR) (c)
|
2,010,221
|
|||
|
34,326
|
Tiger Brands Ltd. (ZAR)
|
520,235
|
|||
|
|
|
23,720,324
|
|||
|
|
Taiwan — 12.0%
|
|
|||
|
869,096
|
Advancetek Enterprise Co., Ltd.
(TWD) (c)
|
2,149,319
|
|||
|
644,198
|
Asia Optical Co., Inc. (TWD) (c)
|
2,716,730
|
|||
|
228,425
|
Cheng Uei Precision Industry
Co., Ltd. (TWD) (c)
|
384,984
|
|||
|
597,062
|
China Motor Corp. (TWD) (c)
|
1,312,675
|
|||
|
391,672
|
ChipMOS Technologies, Inc.
(TWD) (c)
|
346,142
|
|||
|
966,297
|
Clevo Co. (TWD) (c)
|
1,374,371
|
|||
|
599,402
|
Da-Li Development Co., Ltd.
(TWD) (c)
|
873,488
|
|||
|
79,179
|
Elite Advanced Laser Corp.
(TWD) (c) (h)
|
574,663
|
|||
|
39,272
|
EZconn Corp. (TWD) (c)
|
502,305
|
|||
|
243,174
|
Global Brands Manufacture Ltd.
(TWD) (c)
|
474,569
|
|||
|
280,836
|
Goldsun Building Materials Co.,
Ltd. (TWD) (c)
|
347,363
|
|||
|
486,348
|
Hsin Kuang Steel Co., Ltd.
(TWD) (c)
|
688,669
|
|||
|
989,072
|
Huang Hsiang Construction
Corp. (TWD) (c)
|
1,929,026
|
|||
|
466,277
|
Johnson Health Tech Co., Ltd.
(TWD) (c)
|
2,799,648
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Taiwan (Continued)
|
|
|||
|
906,649
|
Kindom Development Co., Ltd.
(TWD) (c)
|
$1,464,051
|
|||
|
2,030,560
|
Kinpo Electronics (TWD) (c)
|
1,334,959
|
|||
|
1,627,448
|
Mercuries & Associates Holding
Ltd. (TWD) (c)
|
668,945
|
|||
|
3,889,217
|
Mercuries Life Insurance Co.,
Ltd. (TWD) (c) (h)
|
732,154
|
|||
|
140,217
|
Posiflex Technology, Inc.
(TWD) (c)
|
1,152,625
|
|||
|
1,218,897
|
Pou Chen Corp. (TWD) (c)
|
1,306,995
|
|||
|
564,912
|
Ruentex Industries Ltd.
(TWD) (c)
|
1,014,713
|
|||
|
103,800
|
Scientech Corp. (TWD) (c)
|
881,572
|
|||
|
491,228
|
Sincere Navigation Corp.
(TWD) (c)
|
367,490
|
|||
|
804,806
|
Taiwan Paiho Ltd. (TWD) (c)
|
1,541,499
|
|||
|
1,238,425
|
Tigerair Taiwan Co., Ltd.
(TWD) (c) (h)
|
3,401,151
|
|||
|
185,451
|
Tung Ho Steel Enterprise Corp.
(TWD) (c)
|
399,553
|
|||
|
|
|
30,739,659
|
|||
|
|
Thailand — 5.3%
|
|
|||
|
5,973,700
|
AP Thailand PCL (THB) (c)
|
1,333,079
|
|||
|
21,643,700
|
Asia Aviation PCL (THB) (c) (h)
|
1,085,963
|
|||
|
1,603,700
|
Bangchak Corp. PCL (THB) (c)
|
1,805,793
|
|||
|
2,418,500
|
Bangkok Airways PCL
(THB) (c)
|
1,320,148
|
|||
|
2,118,300
|
Banpu PCL (THB) (c)
|
258,469
|
|||
|
3,337,200
|
Energy Absolute PCL
(THB) (c) (h)
|
204,886
|
|||
|
20,045,900
|
Jasmine International PCL
(THB) (c) (j)
|
896,499
|
|||
|
497,800
|
PTT Global Chemical PCL
(THB) (c)
|
253,753
|
|||
|
1,659,400
|
Regional Container Lines PCL
(THB) (c)
|
1,154,292
|
|||
|
7,818,900
|
Sansiri PCL (THB) (c)
|
327,999
|
|||
|
1,194,700
|
Sri Trang Agro-Industry PCL
(THB) (c)
|
509,410
|
|||
|
4,856,600
|
Sri Trang Gloves Thailand PCL
(THB) (c)
|
1,022,449
|
|||
|
10,596,500
|
Star Petroleum Refining PCL
(THB) (c) (e) (f)
|
1,694,724
|
|||
|
1,449,900
|
Supalai PCL (THB) (c)
|
684,951
|
|||
|
1,457,000
|
Thai Oil PCL (THB) (c)
|
1,056,090
|
|||
|
|
|
13,608,505
|
|||
|
|
Turkey — 11.7%
|
|
|||
|
203,585
|
AG Anadolu Grubu Holding A/S
(TRY) (c)
|
1,582,292
|
|||
|
396,425
|
Anadolu Anonim Turk Sigorta
Sirketi (TRY) (c)
|
972,935
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Turkey (Continued)
|
|
|||
|
323,320
|
Anadolu Efes Biracilik Ve Malt
Sanayii A/S (TRY)
|
$1,423,724
|
|||
|
525,395
|
Aygaz A/S (TRY)
|
2,337,089
|
|||
|
11,294,485
|
Baticim Bati Anadolu Cimento
Sanayii A/S (TRY) (j)
|
1,300,663
|
|||
|
362,424
|
Dogus Otomotiv Servis ve
Ticaret A/S (TRY) (c)
|
2,189,650
|
|||
|
6,600,218
|
Emlak Konut Gayrimenkul
Yatirim Ortakligi A/S
(TRY) (c) (h)
|
2,250,126
|
|||
|
231,128
|
Koza Anadolu Metal Madencilik
Isletmeleri A/S (TRY) (c) (h)
|
528,702
|
|||
|
175,908
|
Mavi Giyim Sanayi Ve Ticaret
A/S, Class B (TRY) (c) (e) (f)
|
320,892
|
|||
|
70,520
|
Migros Ticaret A/S (TRY) (c)
|
919,889
|
|||
|
194,091
|
MLP Saglik Hizmetleri A/S
(TRY) (e) (f) (h)
|
1,621,368
|
|||
|
1,883,538
|
NET Holding A/S (TRY) (c) (h)
|
1,887,941
|
|||
|
265,222
|
Pegasus Hava Tasimaciligi A/S
(TRY) (c) (j)
|
1,799,789
|
|||
|
3,501,086
|
Petkim Petrokimya Holding A/S
(TRY) (c) (h)
|
1,574,002
|
|||
|
1,315,665
|
Sok Marketler Ticaret A/S
(TRY)
|
1,269,640
|
|||
|
190,632
|
TAV Havalimanlari Holding A/S
(TRY) (c) (h)
|
1,216,488
|
|||
|
305,133
|
Tekfen Holding A/S (TRY) (h)
|
1,206,139
|
|||
|
5,406,107
|
Turkiye Sinai Kalkinma Bankasi
A/S (TRY) (h)
|
1,567,091
|
|||
|
1,104,426
|
Turkiye Sise ve Cam Fabrikalari
A/S (TRY) (c)
|
1,121,822
|
|||
|
226,670
|
Ulker Biskuvi Sanayi A/S
(TRY) (c) (h)
|
719,575
|
|||
|
246,190
|
Vestel Elektronik Sanayi ve
Ticaret A/S (TRY) (c) (h)
|
317,027
|
|||
|
18,755,229
|
Zorlu Enerji Elektrik Uretim A/S
(TRY) (c) (h)
|
1,734,161
|
|||
|
|
|
29,861,005
|
|||
|
|
Total Common Stocks
|
254,441,969
|
|||
|
|
(Cost $260,530,256)
|
|
|||
|
MONEY MARKET FUNDS — 0.0%
|
|||||
|
74,854
|
Dreyfus Government Cash
Management Fund,
Institutional Shares -
4.23% (k)
|
74,854
|
|||
|
|
(Cost $74,854)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 2.3%
|
|||||
|
$2,056,039
|
Daiwa Capital Markets America,
Inc., 4.36% (k), dated
03/31/25, due 04/01/25, with a
maturity value of $2,056,288.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 04/22/25 to
02/15/45. The value of the
collateral including accrued
interest is $2,097,161. (l)
|
$2,056,039
|
|||
|
2,056,039
|
Mizuho Financial Group, Inc.,
4.35% (k), dated 03/31/25,
due 04/01/25, with a maturity
value of $2,056,287.
Collateralized by
U.S. Treasury Note, interest
rate of 4.13%, due 07/31/31.
The value of the collateral
including accrued interest is
$2,097,160. (l)
|
2,056,039
|
|||
|
1,762,321
|
RBC Dominion Securities, Inc.,
4.35% (k), dated 03/31/25,
due 04/01/25, with a maturity
value of $1,762,534.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.00%, due 04/15/26 to
02/15/54. The value of the
collateral including accrued
interest is $1,797,568. (l)
|
1,762,321
|
|||
|
|
Total Repurchase Agreements
|
5,874,399
|
|||
|
|
(Cost $5,874,399)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 101.9%
|
260,391,222
|
|||
|
|
(Cost $266,479,509)
|
|
|||
|
|
Net Other Assets and
Liabilities — (1.9)%
|
(4,867,710
)
|
|||
|
|
Net Assets — 100.0%
|
$255,523,512
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $188,771,750 or 73.9% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $3,312,968 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $5,874,399.
|
|
(e)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(f)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(g)
|
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
|
|
(h)
|
Non-income producing security.
|
|
(i)
|
This security’s value was determined using significant
unobservable inputs (see Valuation Inputs in the Additional
Information section).
|
|
(j)
|
Non-income producing security which makes payment-in-
kind distributions.
|
|
(k)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(l)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
BRL
|
– Brazilian Real
|
|
CLP
|
– Chilean Peso
|
|
HKD
|
– Hong Kong Dollar
|
|
HUF
|
– Hungarian Forint
|
|
IDR
|
– Indonesian Rupiah
|
|
INR
|
– Indian Rupee
|
|
MXN
|
– Mexican Peso
|
|
MYR
|
– Malaysian Ringgit
|
|
PHP
|
– Philippine Peso
|
|
PLN
|
– Polish Zloty
|
|
RUB
|
– Russian Ruble
|
|
THB
|
– Thai Baht
|
|
TRY
|
– Turkish Lira
|
|
TWD
|
– New Taiwan Dollar
|
|
USD
|
– United States Dollar
|
|
ZAR
|
– South African Rand
|
|
Sector Allocation
|
% of Total
Investments
|
|
Consumer Discretionary
|
16.2%
|
|
Industrials
|
14.5
|
|
Real Estate
|
13.9
|
|
Materials
|
8.1
|
|
Financials
|
7.8
|
|
Utilities
|
7.7
|
|
Energy
|
7.4
|
|
Information Technology
|
7.2
|
|
Communication Services
|
5.8
|
|
All Other
|
11.4
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
HKD
|
26.1%
|
|
TWD
|
12.0
|
|
TRY
|
11.5
|
|
BRL
|
9.3
|
|
ZAR
|
9.1
|
|
IDR
|
6.3
|
|
MYR
|
5.7
|
|
THB
|
5.2
|
|
MXN
|
2.9
|
|
PLN
|
2.8
|
|
USD
|
2.6
|
|
INR
|
2.4
|
|
CLP
|
2.3
|
|
HUF
|
1.1
|
|
PHP
|
0.7
|
|
RUB
|
0.0‡
|
|
Total
|
100.0%
|
|
‡
|
Investments are valued at $0.
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common
Stocks:
|
|
|
|
|
|
Brazil
|
$ 24,329,851
|
$ 24,329,851
|
$ —
|
$ —
|
|
Cayman
Islands
|
41,036,802
|
763,775
|
40,273,027
|
—**
|
|
Chile
|
6,115,038
|
6,115,038
|
—
|
—
|
|
Hong Kong
|
11,121,142
|
1,037,605
|
10,083,537
|
—
|
|
Hungary
|
2,746,462
|
2,746,462
|
—
|
—
|
|
Mexico
|
7,491,235
|
7,491,235
|
—
|
—
|
|
Russia
|
—**
|
—
|
—
|
—**
|
|
South Africa
|
23,720,324
|
12,460,539
|
11,259,785
|
—
|
|
Turkey
|
29,861,005
|
10,725,714
|
19,135,291
|
—
|
|
Other
Country
Categories*
|
108,020,110
|
—
|
108,020,110
|
—
|
|
Money Market
Funds
|
74,854
|
74,854
|
—
|
—
|
|
Repurchase
Agreements
|
5,874,399
|
—
|
5,874,399
|
—
|
|
Total
Investments
|
$260,391,222
|
$65,745,073
|
$194,646,149
|
$—**
|
|
*
|
See Portfolio of Investments for country breakout.
|
|
**
|
Investments are valued at $0.
|
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) — 99.5%
|
|||||
|
|
Austria — 6.3%
|
|
|||
|
3,892
|
ANDRITZ AG (EUR) (c)
|
$218,365
|
|||
|
5,910
|
BAWAG Group AG
(EUR) (c) (d) (e)
|
609,701
|
|||
|
8,357
|
Erste Group Bank AG (EUR) (c)
|
578,065
|
|||
|
10,718
|
OMV AG (EUR) (c)
|
551,940
|
|||
|
18,414
|
Raiffeisen Bank International
AG (EUR) (c)
|
475,073
|
|||
|
1,099
|
Verbund AG (EUR)
|
77,778
|
|||
|
10,580
|
voestalpine AG (EUR) (c)
|
258,837
|
|||
|
|
|
2,769,759
|
|||
|
|
Belgium — 6.0%
|
|
|||
|
2,150
|
Ackermans & van Haaren N.V.
(EUR) (c)
|
466,065
|
|||
|
6,861
|
Ageas S.A./N.V. (EUR) (c)
|
411,272
|
|||
|
9,840
|
Colruyt Group N.V. (EUR) (c)
|
404,239
|
|||
|
5,874
|
Groupe Bruxelles Lambert N.V.
(EUR) (c)
|
438,311
|
|||
|
2,315
|
KBC Group N.V. (EUR) (c)
|
210,998
|
|||
|
1,295
|
Sofina S.A. (EUR) (c)
|
331,649
|
|||
|
2,032
|
UCB S.A. (EUR) (c)
|
357,765
|
|||
|
|
|
2,620,299
|
|||
|
|
Bermuda — 0.4%
|
|
|||
|
28,574
|
Aegon Ltd. (EUR) (c)
|
187,670
|
|||
|
|
Finland — 3.2%
|
|
|||
|
11,137
|
Fortum Oyj (EUR) (c) (f)
|
182,374
|
|||
|
8,604
|
Kesko Oyj, Class B (EUR) (c)
|
175,870
|
|||
|
3,075
|
Kone Oyj, Class B (EUR) (c)
|
169,666
|
|||
|
6,099
|
Konecranes Oyj (EUR) (c)
|
390,324
|
|||
|
9,459
|
Neste Oyj (EUR) (c) (f)
|
87,489
|
|||
|
1,671
|
Orion Oyj, Class B (EUR) (c)
|
99,253
|
|||
|
2,869
|
Valmet Oyj (EUR) (c) (f)
|
77,816
|
|||
|
12,296
|
Wartsila Oyj Abp (EUR) (c)
|
219,404
|
|||
|
|
|
1,402,196
|
|||
|
|
France — 16.2%
|
|
|||
|
17,651
|
Alstom S.A. (EUR) (c) (g)
|
390,983
|
|||
|
1,935
|
Arkema S.A. (EUR) (c)
|
148,165
|
|||
|
1,346
|
BNP Paribas S.A. (EUR) (c)
|
112,498
|
|||
|
10,944
|
Bouygues S.A. (EUR) (c)
|
431,418
|
|||
|
2,771
|
Bureau Veritas S.A. (EUR) (c)
|
84,073
|
|||
|
16,149
|
Carrefour S.A. (EUR) (c)
|
230,962
|
|||
|
3,023
|
Cie de Saint-Gobain S.A.
(EUR) (c)
|
301,142
|
|||
|
6,782
|
Cie Generale des Etablissements
Michelin S.C.A. (EUR) (c)
|
238,365
|
|||
|
17,975
|
Credit Agricole S.A. (EUR) (c)
|
327,273
|
|||
|
2,849
|
Eiffage S.A. (EUR) (c)
|
331,707
|
|||
|
13,189
|
Elis S.A. (EUR) (c)
|
294,545
|
|||
|
15,903
|
Engie S.A. (EUR) (c)
|
309,884
|
|||
|
1,498
|
Ipsen S.A. (EUR) (c)
|
172,541
|
|||
|
322
|
Kering S.A. (EUR) (c)
|
66,989
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
France (Continued)
|
|
|||
|
2,796
|
Klepierre S.A. (EUR) (c)
|
$93,587
|
|||
|
3,119
|
Nexans S.A. (EUR) (c)
|
306,203
|
|||
|
31,979
|
Orange S.A. (EUR) (c)
|
414,262
|
|||
|
8,436
|
Renault S.A. (EUR) (c)
|
427,340
|
|||
|
6,346
|
Rexel S.A. (EUR) (c)
|
171,031
|
|||
|
795
|
SEB S.A. (EUR) (c)
|
75,196
|
|||
|
14,723
|
Societe Generale S.A. (EUR) (c)
|
664,214
|
|||
|
4,425
|
Teleperformance SE (EUR) (c)
|
444,940
|
|||
|
7,029
|
TotalEnergies SE (EUR) (c)
|
452,901
|
|||
|
776
|
Vinci S.A. (EUR) (c)
|
97,823
|
|||
|
73,874
|
Vivendi SE (EUR) (c)
|
221,452
|
|||
|
3,588
|
Wendel SE (EUR) (c)
|
346,884
|
|||
|
|
|
7,156,378
|
|||
|
|
Germany — 24.9%
|
|
|||
|
343
|
adidas AG (EUR) (c)
|
80,900
|
|||
|
548
|
Allianz SE (EUR) (c)
|
209,726
|
|||
|
5,189
|
Bayerische Motoren Werke AG
(EUR) (c)
|
418,429
|
|||
|
1,233
|
Brenntag SE (EUR) (c)
|
79,920
|
|||
|
24,888
|
Commerzbank AG (EUR) (c)
|
569,563
|
|||
|
5,661
|
Continental AG (EUR) (c)
|
399,214
|
|||
|
3,518
|
CTS Eventim AG & Co. KGaA
(EUR) (c)
|
352,935
|
|||
|
9,783
|
Daimler Truck Holding AG
(EUR) (c)
|
396,306
|
|||
|
11,346
|
Delivery Hero SE
(EUR) (c) (d) (e) (g)
|
272,051
|
|||
|
21,225
|
Deutsche Bank AG (EUR) (c)
|
505,945
|
|||
|
381
|
Deutsche Boerse AG (EUR) (c)
|
112,418
|
|||
|
62,490
|
Deutsche Lufthansa AG
(EUR) (c) (f)
|
455,318
|
|||
|
9,348
|
Deutsche Telekom AG
(EUR) (c)
|
345,129
|
|||
|
4,120
|
DHL Group (EUR) (c)
|
176,886
|
|||
|
1,156
|
Dr. Ing hc F Porsche AG
(Preference Shares)
(EUR) (c) (d) (e)
|
57,896
|
|||
|
3,930
|
Evonik Industries AG (EUR) (c)
|
85,199
|
|||
|
6,573
|
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (c) (g)
|
412,489
|
|||
|
6,459
|
Fresenius Medical Care AG
(EUR) (c)
|
321,401
|
|||
|
2,410
|
Fresenius SE & Co. KGaA
(EUR) (c) (g)
|
102,892
|
|||
|
3,745
|
GEA Group AG (EUR) (c)
|
227,655
|
|||
|
3,365
|
Heidelberg Materials AG
(EUR) (c)
|
580,052
|
|||
|
742
|
HOCHTIEF AG (EUR) (c)
|
126,868
|
|||
|
2,621
|
Infineon Technologies AG
(EUR) (c)
|
87,371
|
|||
|
9,313
|
KION Group AG (EUR) (c)
|
390,554
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Germany (Continued)
|
|
|||
|
3,096
|
Knorr-Bremse AG (EUR) (c)
|
$281,752
|
|||
|
1,917
|
Krones AG (EUR) (c)
|
261,451
|
|||
|
2,638
|
LEG Immobilien SE (EUR) (c)
|
186,469
|
|||
|
7,085
|
Mercedes-Benz Group AG
(EUR) (c)
|
418,525
|
|||
|
588
|
MTU Aero Engines AG
(EUR) (c)
|
204,315
|
|||
|
10,011
|
Porsche Automobil Holding SE
(Preference Shares) (EUR) (c)
|
377,001
|
|||
|
187
|
Rational AG (EUR) (c)
|
155,801
|
|||
|
12,581
|
RWE AG (EUR)
|
449,200
|
|||
|
400
|
SAP SE (EUR) (c)
|
107,180
|
|||
|
12,428
|
Siemens Energy AG
(EUR) (c) (g)
|
736,759
|
|||
|
665
|
Symrise AG (EUR) (c)
|
68,943
|
|||
|
4,316
|
Volkswagen AG (Preference
Shares) (EUR) (c)
|
440,398
|
|||
|
5,035
|
Vonovia SE (EUR) (c)
|
135,494
|
|||
|
11,099
|
Zalando SE (EUR) (c) (d) (e) (g)
|
384,973
|
|||
|
|
|
10,975,378
|
|||
|
|
Greece — 4.6%
|
|
|||
|
159,844
|
Eurobank Ergasias Services and
Holdings S.A. (EUR) (c)
|
429,383
|
|||
|
10,640
|
Hellenic Telecommunications
Organization S.A. (EUR) (c)
|
173,099
|
|||
|
6,973
|
Metlen Energy & Metals S.A.
(EUR) (c)
|
307,307
|
|||
|
32,146
|
National Bank of Greece S.A.
(EUR) (c)
|
330,397
|
|||
|
85,977
|
Piraeus Financial Holdings S.A.
(EUR) (c)
|
472,423
|
|||
|
20,485
|
Public Power Corp. S.A.
(EUR) (c)
|
307,603
|
|||
|
|
|
2,020,212
|
|||
|
|
Ireland — 2.0%
|
|
|||
|
47,955
|
AIB Group PLC (EUR) (c)
|
309,752
|
|||
|
16,434
|
Bank of Ireland Group PLC
(EUR) (c)
|
194,174
|
|||
|
10,429
|
Glanbia PLC (EUR) (c)
|
114,923
|
|||
|
5,946
|
Ryanair Holdings PLC, ADR
|
251,932
|
|||
|
|
|
870,781
|
|||
|
|
Italy — 15.5%
|
|
|||
|
158,610
|
A2A S.p.A. (EUR) (c)
|
382,260
|
|||
|
7,278
|
Banca Mediolanum S.p.A
(EUR) (c)
|
117,662
|
|||
|
79,346
|
Banca Monte dei Paschi di Siena
S.p.A. (EUR) (c) (f)
|
631,060
|
|||
|
27,150
|
Banco BPM S.p.A. (EUR) (c)
|
276,280
|
|||
|
65,135
|
BPER Banca S.p.A. (EUR) (c)
|
511,291
|
|||
|
11,479
|
Buzzi S.p.A. (EUR) (c)
|
552,364
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Italy (Continued)
|
|
|||
|
2,983
|
De’ Longhi S.p.A (EUR) (c)
|
$98,950
|
|||
|
24,038
|
Eni S.p.A. (EUR) (c)
|
371,786
|
|||
|
10,717
|
FinecoBank Banca Fineco S.p.A
(EUR) (c)
|
212,268
|
|||
|
12,675
|
Generali (EUR) (c)
|
445,263
|
|||
|
46,015
|
Hera S.p.A. (EUR) (c)
|
199,332
|
|||
|
85,725
|
Intesa Sanpaolo S.p.A.
(EUR) (c)
|
441,800
|
|||
|
30,346
|
Italgas S.p.A. (EUR) (c)
|
217,588
|
|||
|
4,120
|
Leonardo S.p.A. (EUR) (c)
|
200,640
|
|||
|
5,378
|
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR) (c)
|
100,879
|
|||
|
60,362
|
Pirelli & C S.p.A.
(EUR) (c) (d) (e)
|
359,303
|
|||
|
3,781
|
Prysmian S.p.A. (EUR) (c)
|
208,133
|
|||
|
41,648
|
Saipem S.p.A. (EUR) (c) (g)
|
96,630
|
|||
|
988,838
|
Telecom Italia S.p.A.
(EUR) (c) (g)
|
334,031
|
|||
|
8,358
|
UniCredit S.p.A. (EUR) (c)
|
469,154
|
|||
|
38,535
|
Unipol Assicurazoni S.p.A.
(EUR) (c)
|
616,867
|
|||
|
|
|
6,843,541
|
|||
|
|
Luxembourg — 1.8%
|
|
|||
|
87,572
|
Aroundtown S.A. (EUR) (c) (g)
|
239,941
|
|||
|
29,090
|
Tenaris S.A. (EUR) (c)
|
569,256
|
|||
|
|
|
809,197
|
|||
|
|
Netherlands — 6.8%
|
|
|||
|
4,522
|
Aalberts N.V. (EUR) (c)
|
154,182
|
|||
|
10,167
|
ABN AMRO Bank N.V.
(EUR) (c) (d) (e)
|
214,233
|
|||
|
2,644
|
Arcadis N.V. (EUR) (c)
|
134,982
|
|||
|
341
|
Argenx SE (EUR) (c) (g)
|
201,223
|
|||
|
1,878
|
ASR Nederland N.V. (EUR) (c)
|
107,962
|
|||
|
1,691
|
Euronext N.V. (EUR) (c) (d) (e)
|
245,419
|
|||
|
7,958
|
Koninklijke Ahold Delhaize
N.V. (EUR) (c)
|
297,273
|
|||
|
13,981
|
Koninklijke Philips N.V.
(EUR) (c) (h)
|
355,931
|
|||
|
5,929
|
Koninklijke Vopak N.V.
(EUR) (c)
|
257,585
|
|||
|
7,351
|
NN Group N.V. (EUR) (c)
|
409,053
|
|||
|
6,292
|
Prosus N.V. (EUR) (c)
|
292,322
|
|||
|
15,428
|
STMicroelectronics N.V.
(EUR) (c)
|
338,299
|
|||
|
|
|
3,008,464
|
|||
|
|
Portugal — 2.1%
|
|
|||
|
1,014,282
|
Banco Comercial Portugues
S.A., Class R (EUR) (c)
|
613,265
|
|||
|
Shares
|
Description
|
Value
|
|||
|
COMMON STOCKS (a) (b) (Continued)
|
|||||
|
|
Portugal (Continued)
|
|
|||
|
40,182
|
EDP S.A. (EUR) (c)
|
$135,345
|
|||
|
9,806
|
Galp Energia SGPS S.A.
(EUR) (c)
|
171,802
|
|||
|
|
|
920,412
|
|||
|
|
Spain — 8.9%
|
|
|||
|
3,228
|
Acciona S.A. (EUR) (c)
|
422,491
|
|||
|
3,971
|
ACS Actividades de
Construccion y Servicios S.A.
(EUR) (c)
|
227,274
|
|||
|
8,490
|
Banco Bilbao Vizcaya
Argentaria S.A. (EUR) (c)
|
115,868
|
|||
|
215,401
|
Banco de Sabadell S.A.
(EUR) (c)
|
604,774
|
|||
|
53,634
|
Banco Santander S.A. (EUR) (c)
|
361,329
|
|||
|
10,394
|
Bankinter S.A. (EUR) (c)
|
115,532
|
|||
|
61,330
|
CaixaBank S.A. (EUR) (c)
|
477,746
|
|||
|
24,129
|
Grifols S.A. (EUR) (c) (g)
|
214,820
|
|||
|
5,930
|
Iberdrola S.A. (EUR) (c)
|
95,758
|
|||
|
4,690
|
Industria de Diseno Textil S.A.
(EUR) (c)
|
233,525
|
|||
|
137,804
|
Mapfre S.A. (EUR) (c)
|
424,571
|
|||
|
4,715
|
Redeia Corp. S.A. (EUR) (c)
|
94,636
|
|||
|
34,713
|
Repsol S.A. (EUR) (c)
|
460,904
|
|||
|
18,750
|
Telefonica S.A. (EUR) (c)
|
88,376
|
|||
|
|
|
3,937,604
|
|||
|
|
Switzerland — 0.8%
|
|
|||
|
3,326
|
DSM-Firmenich AG (EUR) (c)
|
329,269
|
|||
|
|
Total Common Stocks
|
43,851,160
|
|||
|
|
(Cost $43,930,443)
|
|
|||
|
MONEY MARKET FUNDS — 0.2%
|
|||||
|
83,737
|
Dreyfus Government Cash
Management Fund,
Institutional Shares - 4.23% (i)
|
83,737
|
|||
|
|
(Cost $83,737)
|
|
|||
|
Principal
Value
|
Description
|
Value
|
|||
|
REPURCHASE AGREEMENTS — 1.8%
|
|||||
|
$796,286
|
JPMorgan Chase & Co.,
4.36% (i), dated 03/31/25, due
04/01/25, with a maturity
value of $796,382.
Collateralized by
U.S. Treasury Securities,
interest rates of 2.38% to
4.63%, due 02/15/42 to
02/15/55. The value of the
collateral including accrued
interest is $812,212. (j)
|
$796,286
|
|||
|
|
(Cost $796,286)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 101.5%
|
44,731,183
|
|||
|
|
(Cost $44,810,466)
|
|
|||
|
|
Net Other Assets and
Liabilities — (1.5)%
|
(647,181
)
|
|||
|
|
Net Assets — 100.0%
|
$44,084,002
|
|||
|
(a)
|
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index. For a
breakdown of the portfolio securities by sector, please see the
Sector Allocation table.
|
|
(b)
|
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
|
|
(c)
|
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At March 31, 2025, securities noted
as such are valued at $43,072,250 or 97.7% of net assets.
Certain of these securities are fair valued using a factor
provided by a third-party pricing service due to the change in
value between the foreign markets’ close and the New York
Stock Exchange close exceeding a certain threshold. On days
when this threshold is not exceeded, these securities are
typically valued at the last sale price on the exchange on
which they are principally traded.
|
|
(d)
|
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
|
|
(e)
|
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
|
|
(f)
|
All or a portion of this security is on loan for securities
lending. The remaining contractual maturity of all of the
securities lending transactions is overnight and continuous.
The aggregate value of such securities is $733,568 and the
total value of the collateral held by the Fund, including for
securities sold and pending settlement, is $796,286.
|
|
(g)
|
Non-income producing security.
|
|
(h)
|
Non-income producing security which makes payment-in-
kind distributions.
|
|
(i)
|
Rate shown reflects yield as of March 31, 2025.
|
|
(j)
|
This security serves as collateral for securities on loan.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
ADR
|
– American Depositary Receipt
|
|
EUR
|
– Euro
|
|
USD
|
– United States Dollar
|
|
Sector Allocation
|
% of Total
Investments
|
|
Financials
|
34.3%
|
|
Industrials
|
21.9
|
|
Consumer Discretionary
|
10.4
|
|
Energy
|
6.7
|
|
Utilities
|
6.4
|
|
Materials
|
4.5
|
|
Communication Services
|
4.3
|
|
Health Care
|
4.1
|
|
Consumer Staples
|
2.7
|
|
All Other
|
4.7
|
|
Total
|
100.0%
|
|
Currency Exposure Diversification
|
% of Total
Investments
|
|
EUR
|
97.5%
|
|
USD
|
2.5
|
|
Total
|
100.0%
|
|
|
Total
Value at
3/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Common Stocks:
|
|
|
|
|
|
Austria
|
$ 2,769,759
|
$ 77,778
|
$ 2,691,981
|
$ —
|
|
Germany
|
10,975,378
|
449,200
|
10,526,178
|
—
|
|
Ireland
|
870,781
|
251,932
|
618,849
|
—
|
|
Other Country
Categories*
|
29,235,242
|
—
|
29,235,242
|
—
|
|
Money Market Funds
|
83,737
|
83,737
|
—
|
—
|
|
Repurchase
Agreements
|
796,286
|
—
|
796,286
|
—
|
|
Total Investments
|
$44,731,183
|
$862,647
|
$43,868,536
|
$—
|
|
*
|
See Portfolio of Investments for country breakout.
|