NPORT-EX 2 aqaurius.htm NPORT-EX

AQUARIUS INTERNATIONAL FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
             
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 88.3%
            
Advertising — 0.1%
            
Dentsu, Inc.
    
1,800
    
$
58,289
  
Publicis Groupe SA*
    
2,188
      
144,007
  
WPP, PLC*
    
3,536
      
37,162
  
             
239,458
  
Aerospace/Defense — 2.2%
                
Airbus Group SE
    
1,185
      
136,033
  
BAE Systems, PLC
    
263,386
      
2,608,515
  
Bharat Electronics Ltd.
    
491,775
      
638,682
  
CAE, Inc.*
    
1,578
      
34,021
  
Dassault Aviation SA
    
263
      
41,806
  
Elbit Systems Ltd.
    
2,255
      
395,893
  
Elbit Systems Ltd.
    
271
      
47,325
  
MTU Aero Engines AG, ADR
    
562
      
58,982
  
Rheinmetall AG
    
6,859
      
1,401,815
  
Safran SA
    
348
      
43,008
  
Thales SA
    
22,060
      
2,822,040
  
             
8,228,120
  
Agriculture — 0.3%
                
British American Tabacco, PLC, SP ADR
    
5,128
      
211,633
  
Imperial Brands, PLC, SP ADR
    
3,146
      
80,742
  
Japan Tobacco, Inc.
    
6,900
      
141,170
  
RLX Technology, Inc. ADR*
    
23,295
      
53,579
  
SLC Agricola SA
    
44,596
      
385,000
  
Swedish Match
    
4,980
      
54,681
  
Wilmar International Ltd.
    
29,000
      
87,972
  
             
1,014,777
  
Airlines — 1.0%
                
Ryanair Holding, PLC, SP ADR*
    
48,632
      
3,680,956
  
Apparel — 2.3%
                
Adidas AG
    
23,963
      
3,089,035
  
Gildan Activewear, Inc.
    
5,757
      
166,320
  
Hermes International
    
80
      
130,023
  
LVMH Moet Hennessy Louis Vuitton SE
    
6,075
      
4,714,395
  
LVMH Moet Hennessy Louis Vuitton SE, ADR
    
2,000
      
306,000
  
Samsonite International SA(a)*
    
146,400
      
396,833
  
             
8,802,606
  
Auto Manufacturers — 0.6%
                
Bayerische Motoren Werke AG, SP ADR
    
3,309
      
100,263
  
Daimler AG
    
3,623
      
246,159
  
Daimler Truck Holding AG*
    
1,811
      
59,696
  
Ferrari NV
    
141
      
31,472
  
Ferrari NV, ADR
    
642
      
143,198
  
Hyundai Motor Co.
    
545
      
71,003
  
Iveco Group NV*
    
1,324
      
8,942
  
Li Auto, Inc. ADR*
    
2,942
      
64,724
  
Stellantis NV
    
5,160
      
81,212
  
Tata Motors, Ltd., SP ADR*
    
32,755
      
894,211
  
Toyota Motor Corp.
    
3,000
      
44,165
  
Toyota Motor Corp., SP ADR*
    
1,862
      
274,999
  
Volkswagen AG, ADR
    
5,060
      
97,354
  
Volvo AB, Class B
    
3,636
      
66,799
  
XPeng, Inc. ADR*
    
3,429
      
37,067
  
             
2,221,264
  
Auto Parts & Equipment — 0.4%
                
Cie Generale des Etablissements Michelin SCA
    
1,852
      
52,175
  
Hyundai Mobis Co., Ltd.
    
322
      
52,705
  
KPIT Technologies Ltd.
    
38,079
      
337,986
  
LG Energy Solution Ltd.*
    
1,693
      
765,858
  
Magna International, Inc.
    
3,010
      
185,386
  
Vitesco Technologies Group AG, Class A*
    
88
      
4,670
  
Weichai Power Co Ltd.
    
24,000
      
31,932
  
             
1,430,712
  
Banks — 9.0%
                
Australia & New Zealand Banking Group Ltd.
    
5,980
      
100,970
  
Banco do Brasil SA*
    
68,200
      
465,632
  
Banco do Brasil SA, SP ADR
    
7,146
      
48,271
  
Banco Santander SA
    
37,238
      
111,113
  
Bangkok Bank
    
339,600
      
1,383,278
  
Bank Central Asia Tbk PT
    
1,048,615
      
622,960
  
Bank Leumi Le Israel
    
361,611
      
3,314,889
  
Bank Mandiri Persero Tbk PT
    
1,232,500
      
831,398
  
Bank Mandiri Persero Tbk PT, ADR
    
5,112
      
67,708
  
Bank Montreal
    
867
      
84,819
  
Bank of Ireland Group, PLC
    
427,963
      
3,548,703
  
Bank of Nova Scotia, (The)
    
2,250
      
117,450
  
Bank Rakyat Indonesia Persero Tbk PT, ADR
    
1,382
      
21,511
  
Barclays, PLC
    
126,063
      
246,589
  
Bendigo & Adelaide Bank Ltd.
    
12,614
      
78,748
  
BNP Paribas SA
    
2,636
      
148,123
  
BOC Hong Kong Holdings Ltd.
    
49,500
      
158,004
  
CaixaBank SA
    
65,952
      
245,199
  
Canadian Imperial Bank of Commerce
    
1,146
      
55,203
  
Chiba Bank Ltd/The
    
4,900
      
29,782
  
China Merchants Bank Co., Ltd.
    
35,063
      
178,087
  
China Merchants Bank Co., Ltd., ADR
    
554
      
14,105
  
Commerzbank AG*
    
18,102
      
151,625
  
Commonwealth Bank Of Australia
    
4,044
      
298,031
  
Concordia Financial Group Ltd.
    
11,723
      
40,750
  
Credicorp, Ltd.
    
3,296
      
506,101
  
Dah Sing Financial Holdings Ltd.
    
222,400
      
496,801
  
DBS Group Holdings Ltd.
    
105,200
      
2,743,485
  
DBS Group Holdings, Ltd., SP ADR
    
2,227
      
230,428
  
Deutsche Bank AG
    
8,776
      
93,289
  
DNB Bank ASA
    
12,189
      
238,004
  
FinecoBank Banca Fineco SpA
    
131,635
      
2,137,986
  
FirstRand Ltd.
    
13,495
      
52,448
  
Fukuoka Financial Group, Inc.
    
3,000
      
58,779
  
Grupo Financiero Banorte SAB de CV
    
143,785
      
1,153,991
  
HDFC Bank Ltd.
    
134,516
      
2,667,859
  
HDFC Bank, Ltd., ADR
    
8,744
      
617,064
  
HSBC Holdings, PLC, SP ADR
    
9,910
      
305,823
  
ICICI Bank, Ltd., SP ADR
    
75,427
      
1,789,128
  
ING Groep NV
    
7,103
      
86,137
  
Intesa Sanpaolo
    
14,336
      
31,830
  
Japan Post Bank Co., Ltd.
    
3,700
      
28,283
  
Macquarie Group Ltd.
    
749
      
92,113
  
Mediobanca Banca di Credito Finanziario SpA
    
3,974
      
38,404
  
Mitsubishi UFJ Financial Group Inc., SP ADR
    
53,334
      
291,204
  
National Australia Bank Ltd.
    
7,689
      
165,497
  
National Australia Bank, Ltd., SP ADR
    
11,208
      
121,214
  
Nedbank Group, Ltd., SP ADR
    
2,666
      
35,218
  
Nordea Bank Abp
    
11,504
      
120,896
  
Nordea Bank Abp
    
93
      
979
  
Oversea-Chinese Bank Corp., Ltd.
    
9,000
      
82,950
  
Qatar National Bank QPSC
    
126,900
      
686,076
  
Royal Bank Canada
    
3,806
      
379,763
  
SCB X PCL
    
118,500
      
355,794
  
Shinhan Financial Group Co., Ltd., SP ADR
    
9,162
      
265,881
  
Shizuoka Financial Group, Inc.
    
3,900
      
28,575
  
Societe Generale SA
    
2,392
      
60,205
  
Standard Bank Group Ltd.
    
48,381
      
509,161
  
State Bank of India
    
123,613
      
918,784
  
Sumitomo Mitsui Financial Group Inc., SP ADR
    
56,610
      
384,948
  
Svenska Handelsbanken AB, Class A
    
294,056
      
2,986,976
  
TCS Group Holding, PLC*(a)(b)
    
3,732
      
–
  
Toronto-Dominion Bank, (The)
    
3,414
      
227,850
  
UBS Group AG
    
13,717
      
253,115
  
UniCredit SpA
    
2,917
      
39,840
  
United Overseas Bank Ltd.
    
20,100
      
463,455
  
Woori Financial Group, Inc., SP ADR
    
4,696
      
141,490
  
             
34,250,772
  
Beverages — 3.1%
                
Ambev SA, ADR*
    
196,221
      
598,474
  
Anheuser-Busch InBev SA NV, SP ADR
    
2,592
      
152,643
  
Arca Continental SAB de CV
    
28,700
      
238,894
  
Carlsberg A/S
    
499
      
63,081
  
China Resources Beer Holdings Co., Ltd.
    
24,000
      
166,302
  
Coca-Cola European Partners, PLC
    
476
      
25,271
  
Compania Cervecerias Unidas SA, SP ADR
    
4,167
      
50,754
  
Davide Campari-Milano NV
    
5,538
      
58,367
  
Diageo, PLC
    
123,485
      
5,702,807
  
Diageo, PLC, SP ADR
    
2,046
      
381,681
  
Endeavour Group Ltd/Australia
    
2,137
      
10,148
  
Fomento Economico Mexicano SAB de CV, SP ADR
    
461
      
36,820
  
Heineken Holding NV
    
434
      
32,858
  
Kweichow Moutai Co., Ltd.
    
1,583
      
356,742
  
Pernod Ricard SA
    
300
      
59,516
  
Thai Beverage, PLC
    
7,924,600
      
3,711,281
  
Tsingtao Brewery Co, Ltd.
    
10,000
      
94,666
  
             
11,740,305
  
Biotechnology — 0.5%
                
Argenx SE, ADR*
    
245
      
97,503
  
CSL Ltd.
    
920
      
189,021
  
CSL Ltd., SP ADR
    
1,030
      
105,688
  
Genmab A/S*
    
2,073
      
960,618
  
Genmab A/S, SP ADR*
    
2,330
      
108,415
  
Innovent Biologics, Inc.(a)*
    
57,500
      
232,204
  
Samsung Biologics Co Ltd.(a)*
    
432
      
293,820
  
             
1,987,269
  
Building Materials — 1.1%
                
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A
    
85,800
      
400,289
  
CRH, PLC
    
80,421
      
3,233,059
  
CRH, PLC, SP ADR
    
1,441
      
58,144
  
Daikin Industries Ltd.
    
149
      
24,573
  
Daikin Industries, Ltd., SP ADR*
    
820
      
13,440
  
Geberit AG
    
202
      
96,830
  
James Hardie Industries PLC
    
2,896
      
58,137
  
Kingspan Group, PLC
    
554
      
31,448
  
LafargeHolcim Ltd.*
    
2,013
      
105,159
  
Rinnai Corp.
    
400
      
29,879
  
Semen Indonesia Persero Tbk PT, ADR
    
2,421
      
23,399
  
Sika AG
    
437
      
111,680
  
             
4,186,037
  
Chemicals — 1.4%
                
Air Liquide SA
    
14,918
      
2,171,937
  
Air Liquide SA, ADR
    
1,948
      
56,375
  
Asahi Kasei Corp.
    
6,000
      
44,594
  
BASF SE
    
1,976
      
100,609
  
Chr Hansen Holdings
    
439
      
27,095
  
Croda International, PLC
    
584
      
48,294
  
Daqo New Energy Corp. ADR*
    
804
      
45,756
  
EMS-Chemie Holding AG
    
143
      
99,636
  
FUCHS PETROLUB SE
    
35,221
      
1,052,085
  
Givaudan SA
    
27
      
91,278
  
Givaudan SA, ADR
    
600
      
40,422
  
Hanwha Solutions Corp.*
    
14,901
      
589,812
  
ICL Group Ltd.
    
12,592
      
104,388
  
Koninklijke DSM NV
    
785
      
101,818
  
LG Chem Ltd.
    
385
      
219,770
  
Nippon Sanso Holdings Corp.
    
1,500
      
25,071
  
Nissan Chemical Corp.
    
500
      
24,822
  
Nutrien Ltd.
    
850
      
68,340
  
Shin Etsu Chemical Co., Ltd., ADR*
    
2,744
      
88,768
  
Shin-Etsu Chemical Co., Ltd.
    
654
      
84,631
  
Solvay SA
    
373
      
37,000
  
Sumitomo Chemical Co., Ltd.
    
13,000
      
47,396
  
Symrise AG
    
500
      
57,345
  
Umicore SA, ADR
    
3,052
      
27,376
  
             
5,254,618
  
Coal — 0.1%
                
China Shenhua Energy Co., Ltd.
    
39,000
      
120,879
  
Commercial Services — 3.3%
                
Abu Dhabi Ports Co PJSC*
    
148,391
      
235,425
  
Adyen NV(a)*
    
1,159
      
1,825,802
  
Allfunds Group, PLC
    
135,516
      
1,014,340
  
Amadeus IT Group SA, ADR*
    
1,437
      
77,282
  
Ashtead Group, PLC
    
44,413
      
2,710,744
  
Bidvest Group, Ltd., (The)
    
3,146
      
42,285
  
Bureau Veritas SA
    
1,739
      
45,607
  
China Merchants Port Holdings Co., Ltd.
    
60,000
      
87,578
  
Dai Nippon Printing Co Ltd.
    
1,200
      
24,854
  
Edenred
    
1,223
      
67,191
  
Experian, PLC
    
2,543
      
89,975
  
GMO Payment Gateway, Inc.
    
300
      
27,162
  
International Container Terminal Services, Inc.
    
40,107
      
146,030
  
Intertek Group, PLC
    
1,279
      
62,709
  
Localiza Rent a Car SA*
    
31,400
      
362,628
  
Localiza Rent a Car SA, SP ADR
    
4,006
      
46,269
  
New Oriental Education & Technology Group, Inc. ADR*
    
15,774
      
453,345
  
Offcn Education Technology Co., Ltd.*
    
166,400
      
116,442
  
Recruit Holdings Co., Ltd.
    
3,892
      
125,927
  
RELX, PLC
    
162,228
      
4,549,044
  
Rentokil Initial, PLC
    
7,414
      
48,842
  
Ritchie Bros Auctioneers, Inc.
    
545
      
29,893
  
TAL Education Group, ADR*
    
7,594
      
45,336
  
TravelSky Technology Ltd.
    
51,000
      
103,621
  
Worldline SA (France)(a)*
    
595
      
28,186
  
             
12,366,517
  
Computers — 1.1%
                
AutoStore Holdings Ltd.(a)*
    
461,982
      
856,820
  
CGI, Inc.*
    
1,307
      
114,114
  
Computershare Ltd.
    
1,973
      
37,402
  
CyberArk Software Ltd.*
    
576
      
85,864
  
EPAM Systems, Inc.*
    
629
      
231,837
  
Infosys Ltd., SP ADR
    
38,775
      
789,071
  
Lenovo Group Ltd.
    
32,000
      
27,329
  
Nomura Research Institute Ltd.
    
67,700
      
1,500,147
  
NTT Data Corp.
    
3,100
      
47,959
  
Tata Consultancy Services Ltd.
    
4,630
      
194,439
  
Teleperformance
    
266
      
60,723
  
Wipro, Ltd., ADR
    
44,055
      
225,562
  
             
4,171,267
  
Cosmetics/Personal Care — 2.0%
                
Beiersdorf AG
    
432
      
46,982
  
Dabur India Ltd.
    
41,042
      
297,694
  
Essity AB, Class B
    
5,178
      
126,793
  
Haleon Plc, ADR*
    
9,632
      
66,364
  
Haleon Plc*
    
208,987
      
726,327
  
Kose Corp.
    
200
      
21,360
  
Lion Corp.
    
800
      
8,560
  
L'Oreal SA
    
148
      
55,582
  
L'Oreal SA, ADR
    
3,400
      
252,994
  
Proya Cosmetics Co., Ltd.
    
33,477
      
797,991
  
Shiseido Co., Ltd.
    
1,200
      
51,252
  
Unicharm Corp.
    
3,287
      
122,259
  
Unilever, PLC
    
87,546
      
4,390,469
  
Unilever, PLC, SP ADR
    
9,303
      
468,685
  
             
7,433,312
  
Distribution/Wholesale — 3.6%
                
Azelis Group NV
    
84,780
      
2,265,162
  
Bunzl, PLC
    
134,103
      
4,959,551
  
Ferguson, PLC
    
14,145
      
1,603,639
  
Ferguson, PLC
    
28,886
      
3,386,306
  
IMCD NV
    
8,427
      
1,246,395
  
ITOCHU Corp.
    
3,700
      
116,206
  
ITOCHU Corp., ADR*
    
426
      
26,634
  
Mitsui & Co., Ltd.
    
3,159
      
91,686
  
Sendas Distribuidora SA
    
2,775
      
53,696
  
             
13,749,275
  
Diversified Finanancial Services — 1.9%
                
Banco BTG Pactual SA*
    
64,045
      
309,775
  
Capitec Bank Holdings Ltd.
    
1,633
      
193,878
  
Deutsche Boerse AG
    
17,834
      
3,277,447
  
Deutsche Boerse AG, ADR
    
2,810
      
51,592
  
Futu Holdings Ltd. ADR*
    
852
      
52,390
  
Hong Kong Exchange & Clearing Ltd.
    
1,780
      
70,768
  
Housing Development Finance Corp., Ltd.
    
26,492
      
880,594
  
Japan Exchange Group, Inc., ADR
    
76,900
      
1,113,447
  
KB Financial Group, Inc.
    
12,336
      
489,835
  
KB Financial Group, Inc., ADR
    
6,431
      
253,446
  
London Stock Exchange Group, PLC
    
791
      
79,207
  
London Stock Exchange Group, PLC, ADR
    
2,464
      
61,280
  
Sanlam Ltd., SP ADR
    
5,156
      
33,566
  
SBI Holdings, Inc. (Japan)
    
2,600
      
49,879
  
Singapore Exchange Ltd.
    
6,000
      
40,160
  
St James's Place, PLC
    
5,807
      
81,618
  
             
7,038,882
  
Electric — 0.7%
                
China Longyuan Power Group Corp. Ltd.
    
18,000
      
22,200
  
China Resources Power Holdings Co Ltd.
    
14,000
      
26,098
  
Dubai Electricity & Water Authority PJSC
    
625,948
      
397,065
  
E.ON SE
    
4,732
      
45,368
  
Electricite de France SA
    
2,132
      
26,683
  
Elia Group SA/NV
    
285
      
40,609
  
Enel SpA
    
25,288
      
136,424
  
Engie SA, SP ADR
    
8,968
      
136,314
  
Equatorial Energia SA
    
65,800
      
348,822
  
Fortis, Inc.
    
5,559
      
223,972
  
Fortum Oyj
    
2,493
      
39,728
  
Iberdrola SA
    
11,694
      
132,113
  
Iberdrola SA, SP ADR
    
1,618
      
72,956
  
Meridian Energy Ltd.
    
15,956
      
49,524
  
National Grid, PLC
    
5,579
      
68,628
  
National Grid, PLC, SP ADR
    
2,605
      
160,468
  
Orsted A/S(a)
    
320
      
28,019
  
Power Assets Holdings Ltd.
    
41,500
      
214,083
  
Power Grid Corp. of India Ltd.
    
134,029
      
369,801
  
RWE AG
    
1,019
      
44,858
  
SSE, PLC, ADR
    
5,415
      
111,766
  
Tokyo Electric Power Co Holdings, Inc.*
    
7,500
      
27,361
  
             
2,722,860
  
Electrical Components & Equipment — 0.6%
                
ABB, Ltd.
    
4,533
      
142,464
  
Delta Electronics, Inc.
    
66,000
      
652,655
  
Legrand SA
    
12,934
      
1,053,878
  
Schneider Electric SE
    
698
      
103,077
  
Schneider Electric SE, ADR
    
4,025
      
117,611
  
             
2,069,685
  
Electronics — 0.5%
                
AAC Technologies Holdings, Inc.*
    
32,000
      
74,827
  
Azbil Corp.
    
1,400
      
43,084
  
BYD Electronic International Co., Ltd.
    
23,500
      
78,341
  
Hirose Electric Co., Ltd.
    
427
      
57,149
  
Hon Hai Precision
    
193,353
      
633,093
  
Hoya Corp.
    
670
      
69,332
  
Hoya Corp., SP ADR*
    
487
      
50,463
  
Kyocera Corp.
    
500
      
25,541
  
Murata Manufacturing Co., Ltd.
    
1,619
      
88,807
  
Murata Manufacturing Co., Ltd., ADR*
    
5,048
      
69,158
  
Nidec Corp.
    
78
      
4,912
  
Nidec Corp., SP ADR*
    
4,640
      
72,662
  
Shenzhen Inovance Technology Co., Ltd., Class A
    
47,100
      
468,348
  
Sinbon Electronics Co Ltd.
    
21,000
      
185,501
  
             
1,921,218
  
Energy-Alternate Sources — 0.2%
                
Energy Absolute PCL
    
170,800
      
470,364
  
Siemens Gamesa Renewable Energy SA*
    
1,493
      
28,134
  
Suzhou Maxwell Technologies Co Ltd.
    
800
      
48,447
  
Suzhou Maxwell Technologies Co., Ltd.
    
5,100
      
308,850
  
Vestas Wind System
    
2,480
      
64,436
  
             
920,231
  
Engineering & Construction — 0.5%
                
Airports of Thailand PCL*
    
277,500
      
592,651
  
Auckland International Airport Ltd.*
    
13,450
      
68,547
  
Ferrovial SA
    
3,085
      
82,963
  
Grupo Aeroportuario del Pacifico SAB de CV, SP ADR, Class B
    
392
      
63,720
  
Grupo Aeroportuario del Sureste SAB de CV, SP ADR
    
471
      
116,474
  
Larsen & Toubro Ltd.
    
27,680
      
707,439
  
Sitios Latinoamerica SAB de CV*
    
7,257
      
3,235
  
Vinci SA
    
317
      
32,006
  
Vinci SA, ADR
    
3,476
      
87,838
  
             
1,754,873
  
Entertainment — 0.1%
                
Aristocrat Leisure Ltd.
    
1,067
      
25,640
  
Evolution AB, ADR
    
336
      
34,621
  
Lottery Corp. Ltd., (The)*
    
8,950
      
28,279
  
MultiChoice Group
    
5,548
      
38,182
  
MultiChoice Group, Ltd., ADR
    
93
      
647
  
OPAP SA
    
16,254
      
225,061
  
Oriental Land Co., Ltd.
    
613
      
88,610
  
Paddy Power Betfair, PLC*
    
244
      
36,655
  
             
477,695
  
Environmental Control — 0.0%
                
China Conch Environment Protection Holdings Ltd.*
    
21,500
      
9,337
  
China Conch Venture Holdings Ltd.
    
31,000
      
70,942
  
             
80,279
  
Food — 1.4%
                
Aeon Co., Ltd.
    
5,200
      
107,316
  
Ajinomoto Co, Inc.
    
1,500
      
47,494
  
Associated British Foods, PLC
    
1,593
      
30,552
  
Barry Callebaut AG
    
25
      
51,060
  
China Mengniu Dairy Co., Ltd.*
    
32,703
      
147,088
  
Chocoladefabriken Lindt & Spruengli AG
    
6
      
63,116
  
Cia Brasileira de Distribuicao, SP ADR
    
2,775
      
10,823
  
Coles Group Ltd.
    
9,503
      
109,755
  
Danone SA
    
2,502
      
131,499
  
JBS SA, ADR
    
690
      
5,699
  
Koninklijke Ahold Delhaize NV
    
88,625
      
2,582,730
  
Koninklijke Ahold Delhaize NV, SP ADR
    
4,031
      
117,268
  
MASAN GROUP Corp.
    
54,060
      
225,444
  
Minerva SA/Brazil
    
108,500
      
260,307
  
Nestle SA
    
1,322
      
157,349
  
Nestle SA, SP ADR
    
6,845
      
814,487
  
Nisshin Seifun Group, Inc.
    
2,700
      
31,828
  
Seven & i Holdings Co., Ltd.
    
2,400
      
97,654
  
Seven & i Holdings Co., Ltd., ADR*
    
3,000
      
60,990
  
Tesco, PLC
    
14,561
      
40,119
  
Want Want China Holdings Ltd.
    
38,000
      
25,795
  
Yakult Honsha Co., Ltd.
    
1,400
      
89,349
  
             
5,207,722
  
Food Service — 0.5%
                
Compass Group, PLC
    
75,622
      
1,724,033
  
Compass Group, PLC, SP ADR
    
7,353
      
166,472
  
             
1,890,505
  
Forest Products & Paper — 0.0%
                
Suzano Papel e Celulose SA, ADR
    
3,086
      
31,385
  
Svenska Cellulosa AB SCA
    
4,527
      
61,552
  
UPM-Kymmene Corp.
    
1,590
      
58,371
  
             
151,308
  
Gas — 0.0%
                
ENN Energy Holdings Ltd.
    
6,000
      
85,026
  
Hand/Machine Tools — 0.4%
                
Alleima AB*
    
657
      
2,574
  
Amada Co., Ltd.
    
174,200
      
1,404,385
  
Schindler Holding AG
    
651
      
117,217
  
Techtronic Industrials Co., Ltd.
    
7,000
      
85,331
  
             
1,609,507
  
Healthcare-Products — 3.0%
                
Alcon, Inc.
    
61,711
      
4,255,568
  
Alcon, Inc., ADR
    
1,673
      
115,253
  
Asahi Intecc Co., Ltd.
    
1,900
      
34,012
  
China Medical System Holdings Ltd.
    
21,000
      
30,758
  
Cochlear Ltd.
    
376
      
55,301
  
Coloplast A/S, ADR
    
1,070
      
12,583
  
Coloplast A/S, Class B
    
327
      
38,657
  
Essilor International Cie Generale d'Opitque SA
    
26,573
      
4,962,163
  
EssilorLuxottica SA, ADR
    
144
      
13,437
  
Getinge AB
    
1,494
      
34,918
  
Sartorius Stedim Biotech
    
3,628
      
1,238,253
  
Shandong Weigao Group Medical Polymer Co., Ltd.
    
24,000
      
35,179
  
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
    
9,900
      
454,475
  
Smith & Nephew, PLC
    
2,921
      
38,502
  
Sonova Holding AG
    
143
      
37,131
  
Terumo Corp.
    
2,162
      
64,254
  
             
11,420,444
  
Healthcare-Services — 0.3%
                
Aier Eye Hospital Group Co., Ltd.
    
43,100
      
165,231
  
BioMerieux
    
307
      
30,977
  
Lonza Group AG
    
182
      
95,749
  
Lonza Group AG, ADR
    
370
      
19,358
  
Max Healthcare Institute Ltd.*
    
58,390
      
323,667
  
Sonic Healthcare Ltd., SP ADR
    
3,345
      
73,155
  
WuXi AppTec Co., Ltd.(a)
    
29,000
      
292,418
  
Wuxi Biologics Cayman, Inc.(a)*
    
21,536
      
141,141
  
             
1,141,696
  
Holding Companies-Diversification — 0.1%
                
MELI Kaszek Pioneer Corp.*
    
23,189
      
229,571
  
Swire Pacific, Ltd., Class A
    
5,000
      
39,297
  
             
268,868
  
Home Furnishings — 0.1%
                
Electrolux AB
    
972
      
13,901
  
Hoshizaki Corp.
    
800
      
27,151
  
Sony Corp., SP ADR
    
4,806
      
399,235
  
             
440,287
  
Insurance — 5.3%
                
Admiral Group, PLC
    
54,750
      
1,338,532
  
Aegon NV
    
14,288
      
70,047
  
Ageas SA NV
    
2,481
      
100,461
  
AIA Group Ltd.
    
110,600
      
1,123,100
  
AIA Group, Ltd., SP ADR
    
12,131
      
487,666
  
Allianz SE, SP ADR
    
6,060
      
129,381
  
Aon, PLC, Class A
    
23,759
      
7,324,425
  
AXA SA
    
2,251
      
63,633
  
Baloise Holding AG
    
522
      
78,948
  
Cathay Financials Holdings Co., Ltd.
    
24,000
      
34,153
  
China Pacific Insurance Group Co., Ltd.
    
40,400
      
92,012
  
Dai-ichi Life Holdings, Inc.
    
6,692
      
124,124
  
Hannover Rueck SE
    
421
      
79,919
  
Lancashire Holdings Ltd.
    
348,744
      
2,522,942
  
Legal & General Group, PLC
    
36,815
      
112,934
  
M&G PLC
    
12,144
      
28,377
  
Manulife Finanical Corp.
    
6,860
      
123,686
  
MS&AD Insurance Group Holdings, Inc.*
    
900
      
26,713
  
Muenchener Rueckversicherungs-Gesellschaft AG
    
295
      
93,178
  
New China Life Insurance Co., Ltd.
    
45,800
      
107,509
  
NN Group NV
    
3,039
      
129,877
  
PICC Property & Casualty Co., Ltd.
    
48,000
      
48,629
  
Ping An Insurance Group Co. of China, Ltd.
    
149,500
      
923,014
  
Sampo, Class A, PLC
    
58,140
      
2,944,409
  
Sompo Holdings, Inc.
    
600
      
26,465
  
Sun Life Financial, Inc.
    
2,753
      
130,492
  
Suncorp Group Ltd.
    
18,597
      
151,341
  
Swiss Re AG
    
544
      
48,757
  
T&D Holdings, Inc.
    
5,200
      
63,218
  
Tokio Marine Holdings, Inc.
    
4,200
      
86,641
  
Topdanmark AS
    
31,867
      
1,666,435
  
Zurich Insurance Group AG
    
126
      
60,535
  
             
20,341,553
  
Internet — 2.9%
                
Alibaba Group Holding Ltd.*
    
101,900
      
1,108,994
  
Auto Trader Group, PLC(a)
    
5,141
      
35,490
  
Coupang, Inc.*
    
17,144
      
333,965
  
Delivery Hero SE(a)*
    
740
      
32,392
  
iQIYI, Inc., ADR*
    
12,194
      
36,216
  
JD.com, Inc., ADR
    
2,393
      
136,832
  
JOYY, Inc., ADR
    
2,046
      
62,321
  
Kakaku.com, Inc.
    
1,700
      
30,556
  
Meituan Dianping, Class B(a)*
    
45,600
      
983,002
  
Mercadolibre, Inc.*
    
718
      
668,447
  
MonotaRO Co., Ltd.
    
27,600
      
477,488
  
Naspers, Ltd., SP ADR
    
4,780
      
146,603
  
Naver Corp.
    
1,426
      
207,289
  
Pinduoduo, Inc., ADR*
    
7,792
      
639,256
  
Prosus NV*
    
2,237
      
146,387
  
Rakuten, Inc.
    
5,500
      
26,425
  
Sea, Ltd., ADR*
    
1,601
      
93,450
  
Seek Ltd.
    
4,272
      
65,522
  
Tencent Holdings Ltd.
    
113,630
      
4,297,068
  
Trend Micro Inc/Japan
    
500
      
25,090
  
Trip.com Group Ltd., ADR*
    
30,311
      
968,437
  
United Internet AG
    
2,260
      
48,047
  
Wix.com Ltd.*
    
389
      
35,201
  
Zomato Ltd.*
    
359,292
      
292,630
  
ZOZO, Inc.
    
1,100
      
27,771
  
             
10,924,879
  
Investment Companies — 1.2%
                
Groupe Bruxelles Lambert SA
    
57,253
      
4,621,189
  
L E Lundbergforetagen AB
    
1,867
      
81,568
  
             
4,702,757
  
Iron/Steel — 0.3%
                
BlueScope Steel Ltd.
    
6,357
      
76,620
  
Cia Siderurgica Nacional SA, SP ADR
    
41,580
      
127,235
  
Fortescue Metals Group Ltd.
    
5,658
      
75,306
  
Hitachi Metals Ltd.*
    
1,900
      
29,954
  
Nippon Steel & Sumitomo Metal Corp.
    
8,000
      
128,170
  
Posco, SP ADR
    
3,580
      
204,275
  
Vale SA, SP ADR
    
36,215
      
597,548
  
             
1,239,108
  
Leisure Time — 0.0%
                
Shimano, Inc.
    
236
      
40,766
  
Yamaha Corp.
    
600
      
23,890
  
             
64,656
  
Life Sciences Tools & Services — 0.5%
                
Eurofins Scientific SE
    
26,320
      
1,827,031
  
Lodging — 0.3%
                
Galaxy Entertainment Group, Ltd.
    
101,000
      
614,026
  
Huazhu Group, Ltd., ADR
    
1,879
      
71,928
  
InterContinental Hotels Group, PLC
    
1,515
      
88,178
  
Melco Resorts & Entertainment, Ltd., ADR*
    
25,625
      
218,581
  
             
992,713
  
Machinery-Construction & Mining — 0.9%
                
Epiroc AB, Class A
    
72,194
      
1,390,167
  
Hitachi Ltd., ADR*
    
1,830
      
196,121
  
Hitachi, Ltd.
    
901
      
48,185
  
Komatsu Ltd.
    
4,400
      
102,223
  
Mitsubishi Electical Corp.
    
5,500
      
55,120
  
Siemens Energy AG
    
960
      
16,124
  
Weir Group, PLC, (The)
    
80,256
      
1,745,012
  
             
3,552,952
  
Machinery-Diversified — 1.3%
                
Accelleron Industries AG*
    
226
      
4,592
  
Atlas Copco AB
    
6,804
      
84,811
  
Atlas Copco AB, Class A, SP ADR
    
6,624
      
80,879
  
CNH Industrial NV
    
6,623
      
106,742
  
GEA Group AG
    
86,565
      
3,539,763
  
Haitian International Holdings Ltd.
    
31,000
      
80,811
  
Husqvarna AB
    
4,490
      
35,250
  
Jiangsu Hengli Hydraulic Co Ltd.
    
41,800
      
387,008
  
Keyence Corp.
    
500
      
211,566
  
KION Group AG
    
1,235
      
35,328
  
Kubota Corp., SP ADR*
    
883
      
65,501
  
Omron Corp.
    
500
      
26,006
  
SMC Corp.
    
110
      
50,194
  
SMC Corp., ADR*
    
2,280
      
51,938
  
Spirax-Sarco Engineering, PLC
    
358
      
48,893
  
Sumitomo Heavy Industries Ltd.
    
2,000
      
42,658
  
WEG SA
    
36,100
      
270,541
  
             
5,122,481
  
Media — 1.8%
                
Informa, PLC
    
4,850
      
36,372
  
Pearson, PLC, SP ADR
    
15,198
      
182,528
  
Shaw Communications, Inc., Class B
    
9,386
      
256,144
  
Thomson Reuters Corp.
    
1,419
      
167,044
  
Wolters Kluwer
    
56,460
      
6,222,508
  
Wolters Kluwer NV, SP ADR
    
667
      
73,530
  
             
6,938,126
  
Metal Fabricate/Hardware — 0.1%
                
Bharat Forge Ltd.
    
32,452
      
344,163
  
Mining — 1.2%
                
Agnico Eagle Mines Ltd.
    
1,485
      
74,799
  
Antofagasta, PLC
    
8,790
      
152,090
  
Barrick Gold Corp.
    
6,196
      
101,119
  
BHP Billiton Ltd., SP ADR
    
4,374
      
274,687
  
Boliden AB*
    
2,900
      
109,543
  
Cameco Corp.
    
3,460
      
84,355
  
Cia de Minas Buenaventura, ADR
    
21,430
      
174,869
  
Franco-Nevada Corp.
    
1,038
      
151,673
  
Groupo Mexico SAB de CV SA
    
294,871
      
1,199,719
  
Hecla Mining Co.
    
58,247
      
317,446
  
Ivanhoe Mines Ltd.*
    
57,400
      
513,769
  
MMC Norilsk Nickel PJSC, ADR(a)(b)
    
2,034
      
20
  
Norsk Hydro ASA
    
15,202
      
114,473
  
Polyus PJSC*(a)(b)
    
1,719
      
–
  
Rio Tinto, PLC, SP ADR
    
1,210
      
83,054
  
South32 Ltd.
    
44,192
      
122,745
  
Southern Copper Corp.
    
3,807
      
232,303
  
Sumitomo Metal Mining Co., Ltd.
    
2,000
      
67,457
  
Teck Resources, Ltd., Class B
    
8,215
      
304,694
  
United Tractors Tbk PT
    
223,700
      
440,005
  
Wheaton Precious Metals Corp.
    
2,998
      
117,012
  
Zijin Mining Group Co Ltd.
    
24,000
      
31,854
  
             
4,667,686
  
Miscellaneous Manufacturing — 0.1%
                
Alstom SA
    
1,445
      
37,940
  
Knorr-Bremse AG
    
679
      
38,706
  
Orica Ltd.
    
5,536
      
56,111
  
Siemens AG
    
1,920
      
266,276
  
Sunny Optical Technology Group Co., Ltd.
    
1,469
      
17,488
  
Toshiba Corp.
    
1,296
      
44,201
  
             
460,722
  
Office/Business Equipment — 0.0%
                
Canon, Inc.
    
2,700
      
63,112
  
Fujifilm Holdings Corp.
    
1,800
      
96,826
  
             
159,938
  
Oil & Gas — 4.2%
                
Aker BP ASA
    
1,947
      
67,736
  
BP, PLC, SP ADR
    
1
      
36
  
Canadian Natural Resources Ltd.
    
4,335
      
258,886
  
DCC, PLC
    
83,327
      
4,437,380
  
Eni SpA
    
97,787
      
1,458,010
  
Equinor ASA
    
45,245
      
1,742,421
  
Equinor ASA, SP ADR
    
3,137
      
120,712
  
Exxon Mobil Corp.
    
9,686
      
1,078,439
  
Galp Energia SGPS SA
    
3,396
      
41,845
  
Imperial Oil Ltd.
    
2,792
      
159,284
  
Inpex Corp.
    
6,228
      
68,630
  
Neste Oyj
    
756
      
39,022
  
OMV AG
    
4,843
      
257,027
  
Petro Rio SA*
    
52,900
      
365,453
  
Petroleo Brasileiro, SP ADR
    
10,959
      
128,111
  
PTT Exploration & Production PCL
    
102,900
      
548,665
  
Reliance Industries Ltd.
    
39,498
      
1,328,615
  
Repsol SA
    
7,844
      
121,115
  
Santos Ltd.
    
19,946
      
99,492
  
Shell Plc, ADR
    
49,183
      
2,875,730
  
Total SA, SP ADR
    
7,259
      
453,107
  
Ultrapar Participacoes SA, SP ADR*
    
10,793
      
29,249
  
Woodside Energy Group Ltd.
    
7,291
      
184,130
  
             
15,863,095
  
Pharmaceuticals — 8.7%
                
Alfresa Holdings Corp.
    
260,800
      
3,175,394
  
Aspen Pharmacare Holdings, Ltd., ADR
    
6,986
      
57,669
  
Astellas Pharma, Inc.
    
115,100
      
1,785,158
  
AstraZeneca, PLC
    
23,614
      
3,195,947
  
AstraZeneca, PLC, SP ADR
    
8,296
      
563,879
  
Bayer AG
    
1,690
      
98,083
  
Chugai Pharmaceutical Co., Ltd.
    
2,000
      
53,261
  
Cipla Ltd/India
    
46,299
      
651,366
  
CSPC Pharmaceutical Group Ltd.
    
23,040
      
29,683
  
Daiichi Sankyo Co., Ltd.
    
3,548
      
117,512
  
Daiichi Sankyo Co., Ltd., ADR*
    
876
      
28,917
  
Dr. Reddy's Laboratories, Ltd., ADR
    
3,953
      
222,593
  
GSK Plc
    
170,180
      
2,893,757
  
GSK Plc, ADR
    
1
      
35
  
Kyowa Kirin Co Ltd.
    
2,500
      
58,078
  
Merck KGaA
    
587
      
107,548
  
Novartis AG
    
46,199
      
4,109,611
  
Novartis AG, SP ADR
    
5,833
      
522,403
  
Novo Nordisk A/S
    
27,586
      
3,460,336
  
Novo-Nordisk AS, SP ADR
    
6,449
      
803,545
  
Ono Pharmaceutical Co., Ltd.
    
2,900
      
74,322
  
Orion Corporation, Class B
    
672
      
35,480
  
Recordati SPA
    
65,278
      
2,793,288
  
Roche Holdings AG
    
10,300
      
3,364,226
  
Roche Holdings AG, SP ADR
    
15,336
      
627,549
  
Sanofi
    
36,465
      
3,293,872
  
Sanofi, ADR*
    
7,172
      
325,250
  
Shanghai Fosun Pharmaceutical Group Co Ltd.
    
10,000
      
33,423
  
SINOPHARM GROUP Co.
    
36,400
      
86,356
  
Sun Pharmaceutical Industries Ltd.
    
48,974
      
631,524
  
UCB SA
    
810
      
65,381
  
             
33,265,446
  
Pipelines — 0.1%
                
Enbridge, Inc.
    
6,937
      
286,429
  
TC Energy Corp.
    
3,139
      
139,622
  
             
426,051
  
Private Equity — 0.3%
                
3i Group, PLC
    
3,463
      
56,899
  
Antin Infrastructure Partners SA
    
14,222
      
329,732
  
Bridgepoint Group, PLC(a)
    
152,117
      
360,263
  
Macquarie Korea Infrastructure Fund
    
30,578
      
263,644
  
Partners Group Holding AG
    
95
      
94,655
  
             
1,105,193
  
Real Estate — 0.8%
                
China Resources Land Ltd.
    
33,714
      
156,599
  
CK Asset Holdings Ltd.
    
20,500
      
122,703
  
Corp. Inmobiliaria Vesta SAB de CV
    
155,400
      
347,061
  
Daito Trust Construction Co., Ltd.
    
300
      
33,475
  
DLF Ltd.
    
117,421
      
584,019
  
Emaar Properties PJSC
    
297,344
      
494,367
  
Great Eagle Holdings, Ltd.
    
377,662
      
737,363
  
Henderson Land Development Co., Ltd
    
23,000
      
75,820
  
Iguatemi SA
    
52,600
      
191,370
  
KE Holdings, Inc. ADR*
    
4,582
      
77,528
  
Mitsui Fudosan Co., Ltd.
    
1,300
      
26,355
  
REA Group Ltd.
    
633
      
53,933
  
Sekisui House Ltd.
    
4,000
      
74,895
  
Sunac Services Holdings Ltd.(a)
    
619
      
257
  
Swire Properties Ltd.
    
22,200
      
50,000
  
Vonovia SE
    
1,533
      
38,078
  
Wharf Holdings Ltd., (The)
    
27,000
      
73,046
  
Wharf Real Estate Investment Co., Ltd.
    
14,000
      
64,969
  
             
3,201,838
  
REITS — 0.1%
                
Ascendas Real Estate Investment Trust
    
23,000
      
47,397
  
CapitaLand Mall Trust
    
25,000
      
38,346
  
Goodman Group
    
6,677
      
88,336
  
GPT Group/The
    
9,864
      
30,410
  
Japan Real Estate Investment Corp.
    
9
      
39,877
  
Japan Retail Fund Investment Corp.
    
76
      
60,966
  
Mirvac Group
    
19,373
      
29,728
  
Scentre Group
    
14,492
      
29,559
  
Segro, PLC
    
2,361
      
22,848
  
Stockland
    
11,630
      
30,365
  
Unibail-Rodamco-Westfield*
    
938
      
50,559
  
United Urban Investment Corp.
    
51
      
57,262
  
             
525,653
  
Retail — 2.4%
                
Abu Dhabi National Oil Co for Distribution PJSC
    
319,455
      
396,444
  
Alibaba Health Information Technology, Ltd.*
    
58,000
      
48,961
  
ANTA Sports Products Ltd.
    
15,361
      
182,569
  
Astra International Tbk PT, ADR
    
3,615
      
27,781
  
Cie Financiere Richemont SA, ADR
    
12,160
      
160,390
  
Fast Retailing Co., Ltd.
    
147
      
87,412
  
Hennes & Mauritz AB, Class B
    
6,863
      
76,951
  
Jardine Cycle & Carriage Ltd.
    
4,000
      
89,215
  
JD Health International, Inc.(a)*
    
46,950
      
421,827
  
Lojas Renner SA*
    
89,700
      
396,873
  
McDonald's Holdings Co Japan Ltd.
    
2,600
      
96,299
  
Natura & Co. Holding SA, ADR
    
4,493
      
20,084
  
Next, PLC
    
952
      
68,037
  
PriceSmart, Inc.
    
3,511
      
249,421
  
Restaurant Brands International, Inc.
    
3,260
      
216,301
  
Shanghai Pharmaceuticals Holding Co Ltd.
    
39,800
      
66,366
  
Sundrug Co., Ltd.
    
23,000
      
613,885
  
Swatch Group AG, (The)
    
12,571
      
3,363,835
  
Tsuruha Holdings
    
28,100
      
1,819,638
  
Wal-Mart de Mexico SAB de CV, SP ADR
    
1,815
      
72,146
  
Welcia Holdings Co., Ltd.
    
4,000
      
88,229
  
Yum China Holdings, Inc.
    
5,971
      
329,122
  
Zalando SE(a)*
    
717
      
22,552
  
Zhongsheng Group Holdings Ltd.
    
23,000
      
118,653
  
             
9,032,991
  
Semiconductors — 6.8%
                
ASE Technology Holding Co., Ltd. ADR
    
6,033
      
41,024
  
ASML Holding NV
    
2,053
      
1,253,403
  
ASML Holding NV, ADR
    
2,214
      
1,346,378
  
Hamamatsu Photonics KK
    
800
      
42,243
  
Mediatek, Inc.
    
10,000
      
241,638
  
Parade Technologies Ltd.
    
12,000
      
314,930
  
Rohm Co., Ltd.
    
40
      
3,211
  
Samsung Electronic Co., Ltd.
    
113,560
      
5,456,439
  
Samsung Electronic Co., Ltd., GDR
    
3,812
      
4,528,102
  
SK Hynix, Inc.
    
12,458
      
822,228
  
SUMCO Corp.
    
34
      
509
  
Taiwan Semiconductor Manufacturing Co., Ltd.
    
260,122
      
4,177,521
  
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR
    
84,850
      
7,040,853
  
Tokyo Electron Ltd.
    
400
      
135,749
  
Tokyo Electron, Ltd., ADR*
    
1,048
      
88,661
  
United Microelectronics Corp., SP ADR*
    
36,418
      
274,592
  
             
25,767,481
  
Shipbuilding — 0.2%
                
Hyundai Mipo Dockyard Co., Ltd.*
    
7,308
      
486,661
  
Yangzijiang Shipbuilding Holdings Ltd.
    
332,100
      
351,718
  
             
838,379
  
Software — 1.4%
                
Bilibili, Inc., SP ADR*
    
6,322
      
109,750
  
BlackBerry Ltd.*
    
10,732
      
52,265
  
Dassault Systemes SE
    
2,375
      
88,558
  
Dassault Systemes SE, ADR
    
2,450
      
90,209
  
Kaspi.KZ JSC
    
8,853
      
681,770
  
Kingdee International Software Group Co., Ltd.*
    
41,000
      
69,188
  
Kingsoft Corp. Ltd.
    
21,000
      
67,100
  
NetEase, Inc.
    
91,700
      
1,325,857
  
NetEase, Inc., ADR
    
2,660
      
189,179
  
Nexon Co., Ltd.
    
2,300
      
48,742
  
Playtech, PLC*
    
148,394
      
991,630
  
SAP SE, SP ADR
    
3,821
      
423,634
  
SimCorp A/S
    
19,809
      
1,288,777
  
TeamViewer AG, ADR*
    
4,442
      
28,051
  
             
5,454,710
  
Telecommunications — 3.1%
                
America Movil SAB de CV, Class L, SP ADR
    
22,927
      
446,159
  
BCE, Inc.
    
5,954
      
283,649
  
Bharti Airtel Ltd.
    
45,928
      
479,961
  
Chunghwa Telecom Co., Ltd.
    
81,000
      
298,154
  
Chunghwa Telecom Co., Ltd., SP ADR
    
4,171
      
152,325
  
Deutsche Telekom AG
    
1,461
      
29,721
  
Deutsche Telekom AG, SP ADR
    
5,690
      
116,190
  
Elisa OYJ
    
1,238
      
64,398
  
GDS Holdings, Ltd., ADR*
    
7,526
      
119,663
  
Hikari Tsushin, Inc.
    
200
      
28,070
  
HKT Trust & HKT Ltd.
    
35,000
      
42,676
  
KDDI Corp.
    
170,748
      
5,078,827
  
KT Corp.
    
23,618
      
674,218
  
Millicom International Cellular SA, SDR*
    
116
      
1,574
  
MTN Group Ltd.
    
23,254
      
190,559
  
NICE Ltd., SP ADR*
    
455
      
88,347
  
Nippon Telegraph & Telephone Corp.
    
4,900
      
135,872
  
Nippon Telegraph & Telephone Corp., ADR*
    
984
      
27,306
  
Nokia OYJ, SP ADR
    
12,708
      
62,650
  
Orange SA
    
4,154
      
42,210
  
PLDT, Inc., SP ADR
    
2,630
      
78,479
  
Rogers Communications, Inc., Class B
    
1,009
      
46,545
  
Singapore Telecommunications Ltd.
    
60,600
      
121,832
  
SK Telecom Co Ltd. ADR
    
1
      
21
  
Swisscom AG
    
80
      
43,141
  
Telefonaktiebolaget LM Ericsson, Class B
    
425,317
      
2,684,458
  
Telefonica Brasil SA, ADR
    
3,360
      
24,562
  
Telefonica SA
    
9,725
      
36,300
  
Telekomunikasi Indonesia Persero Tbk PT
    
1,444,800
      
372,722
  
Turkcell Iletisim Hizmetleri AS, ADR
    
15,018
      
67,581
  
Vodafone Group, PLC, SP ADR
    
2,125
      
23,864
  
             
11,862,034
  
Toys/Games/Hobbies — 0.1%
                
Bandai Namco Holdings, Inc.
    
800
      
53,008
  
Nintendo Co., Ltd.
    
2,700
      
115,768
  
Nintendo Co., Ltd., ADR*
    
5,760
      
61,805
  
             
230,581
  
Transportation — 0.9%
                
Canadian National Railway Co.
    
3,433
      
440,900
  
Canadian Pacific Railway Ltd.
    
1,055
      
86,415
  
COSCO SHIPPING Holdings Co., Ltd.
    
21,500
      
23,515
  
Deutsche Post AG, SP ADR
    
1,603
      
63,992
  
DSV AS
    
11,097
      
1,775,446
  
DSV PANALPINA A S, ADR
    
826
      
65,279
  
East Japan Railway Co.
    
1,500
      
85,044
  
Getlink SE
    
1,582
      
26,143
  
Keio Corp.
    
1,500
      
56,194
  
Keisei Electric Railway Co., Ltd.
    
1,000
      
28,648
  
Kintetsu Group Holdings Co., Ltd.
    
800
      
28,593
  
Mitsui OSK Lines Ltd.
    
9,000
      
222,915
  
Qatar Gas Transport Co Ltd.
    
254,080
      
278,115
  
Rumo SA
    
66,200
      
247,101
  
SG Holdings Co., Ltd.
    
3,200
      
49,895
  
Tobu Railway Co., Ltd.
    
2,100
      
50,697
  
West Japan Railway Co.
    
600
      
25,560
  
             
3,554,452
  
Water — 0.9%
                
Cia de Saneamento Basico do Estado de Sao Paulo, ADR*
    
4,592
      
53,038
  
Guangdong Investment Ltd.
    
30,000
      
27,662
  
United Utilities Group, PLC
    
273,500
      
3,392,486
  
             
3,473,186
  
TOTAL COMMON STOCKS
                
(Cost $315,284,520)
            
336,019,085
  
EXCHANGE TRADED FUNDS - 0.2%
                
Diversified Financial Services — 0.2%
                
iShares MSCI Saudi Arabia ETF
    
24,914
      
982,359
  
TOTAL EXCHANGE TRADED FUNDS
                
(Cost $1,015,821)
            
982,359
  
PREFERRED STOCKS - 0.3%
                
Auto Manufacturers — 0.0%
                
Porsche Auto SE 4.403%
    
851
      
52,310
  
Banks — 0.0%
                
Banco Bradesco SA, ADR 4.070%*
    
44,550
      
132,314
  
Bancolombia SA, SP ADR 8.129%
    
1,414
      
37,612
  
             
169,926
  
Chemicals — 0.2%
                
FUCHS PETROLUB SE 3.062%
    
15,802
      
553,517
  
Cosmetics/Personal Care — 0.1%
                
LG Household & Health Care Ltd. 4.311%
    
1,190
      
254,510
  
TOTAL PREFERRED STOCKS
                
(Cost $1,569,281)
            
1,030,263
  
SHORT-TERM INVESTMENTS - 10.9%
                
U.S. Bank Money Market Deposit Account, 3.50%(c)
    
41,602,207
      
41,602,207
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $41,602,207)
            
41,602,207
  
TOTAL INVESTMENTS - 99.7%
                
(Cost $359,471,829)
            
379,633,914
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%
            
983,916
  
NET ASSETS - 100.0%
          
$
380,617,830
  
   

*
Non-income producing security.
      
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of November 30, 2022, total market value of Rule 144A securities is $5,951,026 and represents 1.60% of net assets.
      
(b)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of November 30, 2022, these securities amounted to $20 or 0% of net assets.
      
(c)
The rate shown is as of November 30, 2022.
      
         
ADR
American Depositary Receipt
      
GDR
Global Depositary Receipt
      
PLC
Public Limited Company
      
REIT
Real Estate Investment Trust
      
SDR
Special Drawing Right
      
SP ADR
Sponsored ADR
      
         
The accompanying notes are an integral part of the financial statements.


AQUARIUS INTERNATIONAL FUND
NOTES TO PORTFOLIO OF INVESTMENTS
November 30, 2022 (UNAUDITED)
   
PORTFOLIO VALUATION – The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.
   
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
   
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
   
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
   
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
   
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

     
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
 
AQUARIUS INTERNATIONAL FUND
                        
 
Common Stocks
  
$
336,019,085
    
$
70,017,244
    
$
266,001,821
    
$
20
  
 
Exchange-Traded Funds
    
982,359
      
982,359
      
–
      
–
  
 
Preferred Stocks
    
1,030,263
      
169,926
      
860,337
      
–
  
 
Short-Term Investments
    
41,602,207
      
41,602,207
      
–
      
–
  
 
Total Investments*
  
$
379,633,914
    
$
112,771,736
    
$
266,862,158
    
$
20
  
                                   
 
* Please refer to Portfolio of Investments for further details.
                  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
   
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
   
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
   
For the period ended November 30, 2022, the Fund had no Level 3 transfers.
   
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.