NPORT-EX 2 aquarius.htm NPORT-EX

Aquarius International Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)

COMMON STOCKS - 90.2%
  
Shares
    
Value
Advertising - 0.1%
    
Dentsu Group, Inc.
  
1,800
   $
 47,649
Publicis Groupe SA
  
2,188
    
   245,766
WPP PLC
  
3,536
    
   37,011
         
   330,426
             
Aerospace/Defense - 4.1%
    
Airbus Group SE
  
15,549
    
   2,644,903
BAE Systems PLC
  
406,821
    
   7,243,817
BAE Systems PLC - ADR
  
1,742
    
   125,319
CAE, Inc.(a)
  
1,578
    
   29,635
Dassault Aviation SA
  
263
    
   57,080
Elbit Systems Ltd.
  
666
    
   128,438
Hanwha Aerospace Co. Ltd.
  
2,193
    
   327,072
Hindustan Aeronautics Ltd.
  
15,220
    
   907,232
MTU Aero Engines AG - ADR
  
562
    
   69,739
Rheinmetall AG
  
10,690
    
   6,161,906
Rolls-Royce Holdings PLC(a)
  
6,406
    
   37,416
Safran SA
  
580
    
   135,839
Thales SA
  
24,245
    
   4,403,150
         
   22,271,546
             
Agriculture - 0.1%
    
British American Tobacco PLC - ADR
  
6,668
    
   206,908
Imperial Brands PLC - ADR
  
3,146
    
   78,367
Japan Tobacco, Inc.
  
6,900
    
   195,772
RLX Technology, Inc. - ADR
  
23,295
    
   44,027
Wilmar International Ltd.
  
16,500
    
   37,841
         
   562,915
             
Airlines - 0.2%
    
Ryanair Holdings PLC - ADR
  
7,904
    
   961,443
Singapore Airlines Ltd.
  
9,900
    
   49,713
         
   1,011,156
             
Apparel - 1.1%
    
Adidas AG
  
273
    
   69,142
Gildan Activewear, Inc.
  
5,757
    
   220,320
Hermes International SCA
  
322
    
   764,303
Kering SA
  
1,330
    
   459,800
LVMH Moet Hennessy Louis Vuitton SE - ADR
  
2,000
    
   321,480
LVMH Moet Hennessy Louis Vuitton SE
  
4,645
    
   3,714,797
Puma SE
  
811
    
   42,117
Samsonite International SA(a)(b)
  
60,300
    
   191,651
         
   5,783,610
             
Auto Manufacturers - 2.1%
    
Bayerische Motoren Werke AG - ADR
  
3,309
    
   111,646
BYD Co. Ltd. - Class H
  
4,000
    
   112,237
Daimler AG
  
3,623
    
   262,947
Daimler Truck Holding AG
  
27,771
    
   1,188,212
Ferrari NV
  
642
    
   263,862
Ferrari NV
  
141
    
   58,103
Ford Otomotiv Sanayi AS
  
10,232
    
   346,235
Geely Automobile Holdings, Ltd.
  
31,000
    
   37,734
Honda Motor Co. Ltd.
  
178,400
    
   2,020,151
Honda Motor Co. Ltd. - ADR
  
1,291
    
   43,791
Hyundai Motor Co.
  
529
    
   97,074
Isuzu Motors Ltd.
  
2,700
    
   36,185
Iveco Group NV
  
92,049
    
   1,103,747
Kia Corp.
  
11,113
    
   948,564
Li Auto, Inc. - ADR(a)
  
1,693
    
   34,283
Mahindra & Mahindra Ltd.
  
15,330
    
   460,349
Mazda Motor Corp.
  
3,100
    
   32,683
NIO, Inc. - ADR(a)
  
6,526
    
   35,175
Nissan Motor Co. Ltd. - ADR
  
4,601
    
   32,851
Stellantis NV
  
52,334
    
   1,160,479
Stellantis NV
  
2,278
    
   50,731
Subaru Corp.
  
34,700
    
   775,708
Suzuki Motor Corp.
  
120,100
    
   1,431,821
Toyota Motor Corp. - ADR
  
1,862
    
   405,004
Toyota Motor Corp.
  
7,100
    
   154,657
Volkswagen AG
  
702
    
   100,657
Volvo AB - Class B
  
3,636
    
   97,863
XPeng, Inc. - ADR(a)
  
2,396
    
   19,911
         
   11,422,660
             
Auto Parts & Equipment - 0.3%
    
Aisin Corp.
  
1,100
    
   41,051
Cie Generale des Etablissements Michelin SCA
  
1,852
    
   75,108
Contemporary Amperex Technology Co. Ltd. - Class A
  
27,800
    
   757,006
Denso Corp.
  
3,600
    
   58,502
Fuyao Glass Industry Group Co. Ltd. - Class A
  
37,700
    
   240,647
Hankook Tire & Technology Co. Ltd.
  
15,344
    
   486,203
Hyundai Mobis Co. Ltd.
  
302
    
   47,086
Magna International, Inc.
  
3,010
    
   136,082
Vitesco Technologies Group AG
  
88
    
   6,147
Weichai Power Co. Ltd. - Class H
  
24,000
    
   43,112
         
   1,890,944
             
Banks - 9.8%
    
AIB Group PLC
  
329,646
    
   1,875,906
ANZ Group Holdings Ltd.
  
5,980
    
   112,866
Banco do Brasil SA
  
453,800
    
   2,354,170
Banco do Brasil SA - ADR
  
22,592
    
   117,930
Banco Santander SA
  
37,238
    
   196,383
Bank Central Asia Tbk PT
  
1,051,600
    
   598,332
Bank Mandiri Persero Tbk PT
  
2,759,400
    
   1,000,739
Bank Mandiri Persero Tbk PT - ADR
  
5,112
    
   73,613
Bank Montreal
  
867
    
   77,258
Bank of Nova Scotia
  
2,673
    
   126,513
Bank Rakyat Indonesia Persero Tbk PT - ADR
  
1,382
    
   18,491
Bankinter SA
  
200,807
    
   1,773,769
Barclays PLC
  
126,063
    
   356,038
BDO Unibank, Inc.
  
181,150
    
   402,418
Bendigo & Adelaide Bank Ltd.
  
12,614
    
   92,005
BNP Paribas SA
  
2,636
    
   194,580
CaixaBank SA
  
65,952
    
   377,711
Canadian Imperial Bank of Commerce
  
1,139
    
   56,426
Chiba Bank Ltd.
  
4,900
    
   46,832
China Merchants Bank Co. Ltd. - Class H
  
227,063
    
   1,017,392
Commerzbank AG
  
176,158
    
   2,991,045
Commonwealth Bank Of Australia
  
4,512
    
   360,640
Computershare Ltd.
  
2,023
    
   35,756
Concordia Financial Group Ltd.
  
11,723
    
   70,786
Credicorp Ltd.
  
5,402
    
   893,059
DBS Group Holdings Ltd. - ADR
  
2,450
    
   261,750
DBS Group Holdings Ltd.
  
110,310
    
   2,941,506
Deutsche Bank AG
  
8,776
    
   146,384
DNB Bank ASA
  
87,010
    
   1,701,023
Erste Group Bank AG
  
20,482
    
   1,006,486
FinecoBank Banca Fineco SpA
  
273,300
    
   4,432,516
FirstRand Ltd.
  
13,495
    
   46,819
Fukuoka Financial Group, Inc.
  
3,000
    
   87,774
Grupo Financiero Banorte SAB de CV
  
125,185
    
   1,189,171
Grupo Financiero Banorte SAB de CV, SP ADR - ADR
  
666
    
   31,628
Grupo Financiero Galicia SA - ADR
  
8,967
    
   321,467
Hana Financial Group, Inc.
  
42,763
    
   1,909,608
Hang Seng Bank, Ltd.
  
3,000
    
   41,800
HDFC Bank Ltd. - ADR
  
12,962
    
   750,370
HDFC Bank Ltd.
  
230,343
    
   4,231,135
HSBC Holdings PLC - ADR
  
9,910
    
   442,482
ICICI Bank Ltd. - ADR
  
90,133
    
   2,410,156
Industrial & Commercial Bank of China Ltd. - Class H
  
1,253,000
    
   709,872
ING Groep NV
  
171,554
    
   3,064,864
Intesa Sanpaolo
  
14,336
    
   56,473
Japan Post Bank Co. Ltd.
  
3,700
    
   36,652
KBC Group NV
  
799
    
   58,351
Macquarie Group Ltd.
  
1,021
    
   130,353
Macquarie Group, Ltd. - ADR
  
1,203
    
   153,515
Mediobanca Banca di Credito Finanziario SpA
  
3,974
    
   62,899
Mitsubishi UFJ Financial Group, Inc. - ADR
  
53,334
    
   567,474
National Australia Bank Ltd.
  
7,689
    
   174,152
National Australia Bank Ltd. - ADR
  
11,208
    
   126,538
National Bank of Greece SA(a)
  
138,971
    
   1,203,304
NatWest Group PLC
  
713,301
    
   2,885,497
Nedbank Group Ltd. - ADR
  
2,666
    
   32,541
Nordea Bank Abp
  
93
    
   1,143
Nordea Bank Abp
  
11,504
    
   141,469
NU Holdings Ltd. - Class A(a)
  
40,170
    
   477,220
Oversea-Chinese Banking Corp. Ltd.
  
9,000
    
   96,859
Royal Bank Canada
  
3,116
    
   340,485
Shinhan Financial Group Co. Ltd. - ADR
  
9,162
    
   315,173
Shizuoka Financial Group, Inc.
  
3,900
    
   40,280
Societe Generale SA
  
2,392
    
   71,647
Standard Bank Group Ltd.
  
9,099
    
   86,923
Sumitomo Mitsui Financial Group, Inc.
  
26,600
    
   1,740,947
Sumitomo Mitsui Financial Group, Inc. - ADR
  
56,610
    
   742,157
Sumitomo Mitsui Trust Holdings, Inc.
  
1,600
    
   37,199
Svenska Handelsbanken AB - Class A
  
107,507
    
   1,011,708
TCS Group Holding PLC - GDR(a)(c)
  
3,732
    
   0
Toronto-Dominion Bank
  
3,414
    
   190,911
UBS Group AG
  
13,717
    
   436,388
UniCredit SpA
  
2,917
    
   116,133
United Overseas Bank Ltd.
  
6,000
    
   136,812
Woori Financial Group, Inc. - ADR
  
4,696
    
   146,093
Yapi ve Kredi Bankasi AS
  
926,035
    
   928,815
         
   53,493,580
             
Beverages - 1.4%
    
Anheuser-Busch InBev SA/NV - ADR
  
2,592
    
   163,477
Arca Continental SAB de CV
  
60,200
    
   617,133
Asahi Group Holdings Ltd.
  
97,300
    
   3,569,590
Carlsberg A/S - Class B
  
499
    
   67,699
Cia Cervecerias Unidas SA - ADR
  
4,167
    
   52,129
Coca-Cola Europacific Partners PLC
  
24,724
    
   1,822,406
Coca-Cola HBC AG
  
1,058
    
   35,903
Davide Campari-Milano NV
  
5,538
    
   55,478
Diageo PLC - ADR
  
2,046
    
   276,394
Endeavour Group Ltd.
  
2,137
    
   7,084
Fomento Economico Mexicano SAB de CV - ADR
  
461
    
   52,840
Heineken Holding NV
  
434
    
   35,620
Heineken NV - ADR
  
3,534
    
   176,665
Kweichow Moutai Co. Ltd. - Class A
  
1,600
    
   364,010
Pernod Ricard SA - ADR
  
1,065
    
   31,865
Remy Cointreau SA
  
344
    
   32,210
         
   7,360,503
             
Biotechnology - 0.4%
    
Argenx SE - ADR(a)
  
238
    
   88,303
CSL Ltd. - ADR
  
3,938
    
   371,157
CSL Ltd.
  
628
    
   117,554
Genmab AS(a)
  
6,330
    
   1,786,699
         
   2,363,713
             
Building Materials - 1.4%
    
Ambuja Cements Ltd.
  
70,612
    
   536,560
Cie de Saint-Gobain SA
  
15,583
    
   1,375,839
CRH PLC
  
52,229
    
   4,121,702
CRH PLC
  
1,441
    
   117,816
Daikin Industries Ltd.
  
549
    
   80,226
Geberit AG
  
202
    
   124,244
Imerys SA
  
22,998
    
   901,316
James Hardie Industries PLC(a)
  
2,896
    
   90,276
Kingspan Group PLC
  
554
    
   53,371
LafargeHolcim Ltd.
  
2,013
    
   176,842
Sika AG
  
437
    
   133,219
Svenska Cellulosa AB SCA - Class B
  
4,527
    
   69,467
         
   7,780,878
             
Chemicals - 2.3%
    
Air Liquide SA
  
15,475
    
   3,046,614
Air Liquide SA - ADR
  
1,948
    
   76,537
Asahi Kasei Corp.
  
6,000
    
   39,102
BASF SE
  
1,905
    
   100,825
Brenntag SE
  
387
    
   27,878
Croda International PLC
  
584
    
   34,116
EMS-Chemie Holding AG
  
143
    
   118,504
Evonik Industries AG
  
113,649
    
   2,503,511
Givaudan SA
  
27
    
   127,286
Givaudan SA - ADR
  
600
    
   56,382
ICL Group Ltd.
  
12,592
    
   59,560
Kansai Paint Co. Ltd.
  
127,700
    
   2,132,479
Kumho Petrochemical Co. Ltd.
  
10,104
    
   1,079,472
LG Chem Ltd.
  
385
    
   98,398
Linde PLC
  
489
    
   212,969
Mitsubishi Chemical Group Corp.
  
372,200
    
   1,971,236
Nippon Sanso Holdings Corp.
  
20,900
    
   619,404
Novonesis (Novozymes) B
  
673
    
   40,128
Shin-Etsu Chemical Co. Ltd. - ADR
  
6,860
    
   127,802
Shin-Etsu Chemical Co. Ltd.
  
3,270
    
   122,064
Syensqo SA
  
373
    
   37,331
Symrise AG
  
500
    
   59,725
         
   12,691,323
             
Coal - 0.9%
    
China Shenhua Energy Co. Ltd. - Class H
  
39,000
    
   189,472
Peabody Energy Corp.
  
60,435
    
   1,497,579
Teck Resources Ltd. - Class B
  
8,215
    
   427,591
Teck Resources Ltd. - Class B
  
55,410
    
   2,881,995
         
   4,996,637
             
Commercial Services - 3.6%
    
Abu Dhabi Ports Co. PJSC(a)
  
150,395
    
   208,003
Adani Ports & Special Economic Zone Ltd.
  
47,921
    
   826,868
Adyen NV(a)(b)
  
1,313
    
   1,702,672
Amadeus IT Group SA - ADR
  
1,437
    
   102,314
Ashtead Group PLC
  
64,869
    
   4,751,181
Bidvest Group Ltd.
  
3,146
    
   41,132
Bureau Veritas SA
  
1,739
    
   52,374
China Merchants Port Holdings Co. Ltd.
  
60,000
    
   85,458
Edenred SE
  
49,738
    
   2,320,842
Experian PLC
  
2,543
    
   117,837
International Container Terminal Services, Inc.
  
65,067
    
   379,817
Intertek Group PLC
  
1,279
    
   78,497
Localiza Rent a Car SA - ADR
  
4,006
    
   31,808
New Oriental Education & Technology Group, Inc. - ADR(a)
  
13,379
    
   1,069,383
RB Global, Inc.
  
1,064
    
   77,332
Recruit Holdings Co. Ltd.
  
3,292
    
   166,186
RELX PLC
  
148,142
    
   6,498,489
Rentokil Initial PLC
  
139,976
    
   746,241
Santos Brasil Participacoes SA
  
167,700
    
   368,557
Secom Co. Ltd.
  
300
    
   18,668
TAL Education Group - ADR(a)
  
7,594
    
   86,268
         
   19,729,927
             
Computers - 1.8%
    
Asia Vital Components Co. Ltd.
  
19,000
    
   450,996
AutoStore Holdings Ltd.(a)(b)
  
403,052
    
   572,184
BayCurrent Consulting, Inc.
  
67,800
    
   1,381,608
Capgemini SE
  
5,087
    
   1,030,633
CGI, Inc.(a)
  
1,307
    
   129,393
Check Point Software Technologies Ltd.(a)
  
499
    
   75,100
Cognizant Technology Solutions Corp. - Class A
  
5,895
    
   389,954
CyberArk Software Ltd.(a)
  
576
    
   132,048
Infosys Ltd. - ADR
  
28,588
    
   478,849
Lenovo Group Ltd.
  
32,000
    
   46,096
Logitech International SA
  
444
    
   44,404
Nomura Research Institute Ltd.
  
68,800
    
   1,841,947
NTT Data Group Corp.
  
3,100
    
   47,671
Quanta Computer, Inc.
  
50,000
    
   424,819
Teleperformance SE
  
11,634
    
   1,330,831
Wipro Ltd. - ADR
  
106,432
    
   548,125
Wiwynn Corp.
  
9,000
    
   688,811
         
   9,613,469
             
Cosmetics/Personal Care - 0.3%
    
Beiersdorf AG
  
432
    
   67,727
Colgate-Palmolive India Ltd.
  
10,032
    
   319,604
Essity AB - Class B
  
5,178
    
   133,035
Haleon PLC - ADR
  
9,632
    
   81,294
L'Oreal SA - ADR
  
3,400
    
   335,002
L'Oreal SA
  
148
    
   73,053
Shiseido Co. Ltd.
  
1,200
    
   38,085
Unicharm Corp.
  
1,487
    
   47,988
Unilever PLC - ADR
  
9,303
    
   509,339
         
   1,605,127
             
Distribution/Wholesale - 2.7%
    
Azelis Group NV
  
115,204
    
   2,450,595
Bunzl PLC
  
137,025
    
   5,151,456
Ferguson PLC
  
14,015
    
   2,868,486
IMCD NV
  
11,598
    
   1,769,910
ITOCHU Corp.
  
3,700
    
   174,664
ITOCHU Corp. - ADR
  
426
    
   40,304
Mitsubishi Corp.
  
4,000
    
   84,426
Mitsui & Co. Ltd.
  
3,159
    
   160,838
Rexel SA
  
41,004
    
   1,246,102
Sendas Distribuidora S/A - ADR(a)
  
2,775
    
   32,356
Zhongji Innolight Co. Ltd. - Class A
  
20,200
    
   436,028
Zhongji Innolight Co. Ltd. - Class A
  
10,200
    
   220,173
         
   14,635,338
             
Diversified Financial Services - 2.6%
    
Allfunds Group PLC
  
105,152
    
   632,047
Deutsche Boerse AG
  
23,007
    
   4,584,744
Deutsche Boerse AG - ADR
  
2,810
    
   55,807
Euronext NV(b)
  
21,948
    
   2,161,130
Futu Holdings Ltd. - ADR(a)
  
852
    
   64,019
Hong Kong Exchanges & Clearing Ltd.
  
39,980
    
   1,352,369
Japan Exchange Group, Inc.
  
68,600
    
   1,612,441
KB Financial Group, Inc. - ADR
  
6,431
    
   370,040
KB Financial Group, Inc.
  
42,255
    
   2,429,252
London Stock Exchange Group PLC
  
791
    
   92,718
London Stock Exchange Group PLC - ADR
  
2,464
    
   72,959
Power Finance Corp. Ltd.
  
128,712
    
   761,143
Sanlam Ltd. - ADR
  
5,156
    
   38,618
SBI Holdings, Inc.
  
2,600
    
   67,338
Singapore Exchange Ltd.
  
6,000
    
   42,530
         
   14,337,155
             
Electric - 2.2%
    
Algonquin Power & Utilities Corp.
  
5,049
    
   31,859
China Resources Power Holdings Co. Ltd.
  
14,000
    
   39,691
CLP Holdings Ltd.
  
13,500
    
   106,968
Dubai Electricity & Water Authority PJSC
  
728,813
    
   454,386
E.ON SE
  
4,732
    
   63,371
Elia Group SA/NV
  
329
    
   33,510
Enel SpA
  
420,509
    
   3,053,184
Engie SA - ADR
  
8,968
    
   151,739
Fortis, Inc.
  
3,636
    
   145,404
Fortum Oyj
  
157,377
    
   2,404,549
Iberdrola SA - ADR
  
1,618
    
   85,463
Iberdrola SA
  
11,895
    
   156,999
JSW Energy Ltd.
  
82,127
    
   603,253
Mercury NZ Ltd.
  
7,755
    
   31,843
Meridian Energy Ltd.
  
15,956
    
   66,303
National Grid PLC - ADR
  
2,605
    
   150,725
National Grid PLC
  
5,579
    
   63,210
NTPC Ltd.
  
110,388
    
   475,177
Orsted A/S(a)(b)
  
622
    
   38,151
Power Assets Holdings Ltd.
  
11,000
    
   61,076
RWE AG
  
719
    
   27,325
SSE PLC - ADR
  
5,415
    
   123,516
SSE PLC
  
156,061
    
   3,510,753
Tokyo Electric Power Co. Holdings, Inc.(a)
  
7,500
    
   45,026
         
   11,923,481
             
Electrical Components & Equipment - 0.1%
    
Legrand SA
  
942
    
   102,285
Schneider Electric SE - ADR
  
4,025
    
   200,686
Schneider Electric SE
  
698
    
   174,137
         
   477,108
             
Electronics - 0.4%
    
AAC Technologies Holdings, Inc.
  
32,000
    
   98,827
ABB Ltd.
  
4,533
    
   249,929
BYD Electronic International Co. Ltd.
  
23,500
    
   102,083
Hirose Electric Co. Ltd.
  
327
    
   36,479
Hon Hai Precision Industry Co. Ltd.
  
87,353
    
   465,198
Hoya Corp.
  
670
    
   81,561
Hoya Corp. - ADR
  
487
    
   58,956
Lotes Co. Ltd.
  
8,000
    
   399,304
Murata Manufacturing Co. Ltd.
  
4,857
    
   91,872
Murata Manufacturing Co. Ltd. - ADR
  
7,572
    
   71,025
NIDEC CORP
  
1,000
    
   49,849
TDK Corp.
  
800
    
   40,181
Yageo Corp.
  
24,000
    
   492,677
         
   2,237,941
             
Energy-Alternate Sources - 0.0%(d)
    
Vestas Wind Systems AS(a)
  
2,480
    
   69,585
             
Engineering & Construction - 1.1%
    
Acciona SA
  
286
    
   36,718
Auckland International Airport Ltd.
  
13,450
    
   64,488
Cellnex Telecom SA(b)
  
973
    
   35,544
Ferrovial SE
  
3,085
    
   121,921
GMR Airports Infrastructure Ltd.(a)
  
475,189
    
   482,646
Grupo Aeroportuario del Pacifico SAB de CV - ADR
  
392
    
   73,955
Grupo Aeroportuario del Sureste SAB de CV - ADR
  
471
    
   158,063
Larsen & Toubro Ltd.
  
7,595
    
   334,256
Samsung C&T Corp.
  
9,309
    
   911,062
SPIE SA
  
69,831
    
   2,888,672
Stantec, Inc.
  
424
    
   34,208
Taisei Corp.
  
900
    
   34,172
Technip Energies NV
  
31,674
    
   766,300
Vinci SA
  
905
    
   112,937
Vinci SA - ADR
  
1,124
    
   34,956
         
   6,089,898
             
Entertainment - 0.4%
    
Evolution AB - ADR
  
336
    
   36,147
Flutter Entertainment PLC(a)
  
244
    
   46,954
Genting Singapore Ltd.
  
2,392,600
    
   1,613,829
Lottery Corp. Ltd.
  
8,950
    
   29,145
OPAP SA
  
21,717
    
   345,212
Oriental Land Co., Ltd.
  
3,065
    
   85,687
         
   2,156,974
             
Environmental Control - 0.0%(d)
    
China Conch Environment Protection Holdings Ltd.(a)
  
21,500
    
   2,514
GFL Environmental, Inc.
  
1,083
    
   34,082
         
   36,596
             
Food - 1.7%
    
Aeon Co. Ltd.
  
5,200
    
   112,159
Ajinomoto Co., Inc.
  
1,500
    
   53,629
Barry Callebaut AG
  
49
    
   85,171
BIM Birlesik Magazalar AS
  
55,793
    
   831,097
Carrefour SA
  
1,978
    
   32,256
Chocoladefabriken Lindt & Spruengli AG
  
6
    
   69,831
Coles Group Ltd.
  
4,059
    
   44,499
Danone SA
  
3,030
    
   195,404
Gruma SAB de CV - Class B
  
2,475
    
   48,186
Koninklijke Ahold Delhaize NV - ADR
  
4,031
    
   124,759
Koninklijke Ahold Delhaize NV
  
112,797
    
   3,498,166
Nestle SA - ADR
  
5,773
    
   613,670
Nisshin Seifun Group, Inc.
  
2,700
    
   30,311
Nissin Foods Holdings Co. Ltd.
  
1,300
    
   32,813
Nomad Foods Ltd.
  
69,576
    
   1,221,755
Ocado Group PLC(a)
  
7,857
    
   37,893
Seven & i Holdings Co. Ltd. - ADR
  
2,700
    
   34,749
Seven & i Holdings Co. Ltd.
  
1,800
    
   23,232
Tesco PLC
  
528,787
    
   2,103,449
Woolworths Group Ltd.
  
1,710
    
   36,063
Yakult Honsha Co. Ltd.
  
1,700
    
   31,015
         
   9,260,107
             
Food Service - 1.0%
    
Compass Group PLC - ADR
  
7,353
    
   206,914
Compass Group PLC
  
178,134
    
   5,001,295
         
   5,208,209
             
Forest Products & Paper - 0.0%(d)
    
Suzano Papel e Celulose SA - ADR
  
6,573
    
   61,457
UPM-Kymmene Corp.
  
1,590
    
   60,781
         
   122,238
             
Gas - 0.0%(d)
    
ENN Energy Holdings Ltd.
  
4,400
    
   40,647
             
Hand/Machine Tools - 0.0%(d)
    
Alleima AB
  
657
    
   4,490
Schindler Holding AG
  
651
    
   165,074
Techtronic Industries Co. Ltd.
  
4,500
    
   55,358
         
   224,922
             
Healthcare-Products - 0.3%
    
Alcon, Inc.
  
1,673
    
   149,115
Asahi Intecc Co. Ltd.
  
1,900
    
   27,456
Cochlear Ltd.
  
376
    
   81,025
Coloplast AS - Class B
  
327
    
   39,331
Essilor International Cie Generale d'Opitque SA
  
608
    
   136,346
EssilorLuxottica SA - ADR
  
144
    
   16,116
Fisher & Paykel Healthcare Corp. Ltd.
  
2,201
    
   39,912
FUJIFILM Holdings Corp.
  
5,400
    
   123,313
Getinge AB - Class B
  
1,494
    
   26,732
Olympus Corp.
  
1,400
    
   22,095
Repligen Corp.(a)
  
1,332
    
   198,588
Smith & Nephew PLC
  
59,705
    
   755,475
Sonova Holding AG
  
143
    
   45,434
Terumo Corp.
  
324
    
   5,519
         
   1,666,457
             
Healthcare-Services - 0.4%
    
Bangkok Dusit Medical, NVDR - NVDR
  
452,700
    
   332,528
BioMerieux
  
307
    
   32,600
Eurofins Scientific SE(a)
  
21,658
    
   1,307,334
Fresenius Medical Care AG
  
918
    
   39,157
Lonza Group AG
  
182
    
   98,799
Lonza Group AG - ADR
  
370
    
   20,054
Max Healthcare Institute Ltd.
  
35,580
    
   321,026
Sonic Healthcare Ltd. - ADR
  
1,106
    
   18,105
         
   2,169,603
             
Holding Companies-Diversified - 0.1%
    
Jardine Matheson Holdings, Ltd.
  
800
    
   29,484
YTL Corp. Bhd
  
736,900
    
   564,215
         
   593,699
             
Home Builders - 0.3%
    
Barratt Developments PLC
  
206,129
    
   1,336,626
Sekisui House Ltd.
  
4,000
    
   90,070
         
   1,426,696
             
Home Furnishings - 0.7%
    
Electrolux AB - Class B(a)
  
972
    
   9,314
Haier Smart Home Co. Ltd.
  
30,200
    
   123,227
Haier Smart Home Co. Ltd. - Class A
  
117,500
    
   479,442
Hoshizaki Corp.
  
800
    
   28,729
Panasonic Holdings Corp.
  
145,100
    
   1,281,645
Sharp Corp.(a)
  
6,400
    
   39,546
Sony Group Corp. - ADR
  
4,806
    
   395,726
Sony Group Corp.
  
15,500
    
   1,272,562
         
   3,630,191
             
Household Products/Wares - 0.0%(d)
    
Henkel AG & Co. KGaA
  
889
    
   71,235
Reckitt Benckiser Group PLC - ADR
  
6,055
    
   69,572
         
   140,807
             
Insurance - 5.4%
    
Admiral Group PLC
  
59,995
    
   2,081,502
Aegon Ltd.
  
14,288
    
   92,676
Ageas SA NV
  
2,481
    
   123,771
AIA Group Ltd. - ADR
  
5,302
    
   165,210
Allianz SE - ADR
  
4,740
    
   137,839
Allianz SE
  
132
    
   38,641
Aon PLC - Class A
  
22,549
    
   6,350,700
AXA SA
  
33,377
    
   1,205,121
Baloise Holding AG
  
522
    
   90,188
Beazley PLC
  
441,074
    
   3,900,028
Cathay Financial Holding Co. Ltd.
  
24,000
    
   41,764
China Pacific Insurance Group Co. Ltd. - Class H
  
40,400
    
   105,919
Dai-ichi Life Holdings, Inc.
  
6,692
    
   180,055
Everest Group Ltd.
  
7,135
    
   2,789,286
Hannover Rueck SE
  
421
    
   104,664
Hiscox Ltd.
  
128,108
    
   1,877,443
ICICI Lombard General Insurance Co. Ltd.(b)
  
26,479
    
   502,321
Japan Post Holdings Co. Ltd.
  
237,900
    
   2,297,278
Legal & General Group PLC
  
36,815
    
   118,071
M&G PLC
  
12,144
    
   31,049
Mandatum Oyj
  
2,616
    
   11,756
Manulife Financial Corp.
  
6,860
    
   178,086
MS&AD Insurance Group Holdings, Inc.
  
2,700
    
   56,160
Muenchener Rueckversicherungs-Gesellschaft AG
  
295
    
   147,115
New China Life Insurance Co. Ltd. - Class H
  
45,800
    
   94,025
NN Group NV
  
3,039
    
   141,797
PICC Property & Casualty Co. Ltd. - Class H
  
48,000
    
   62,552
Ping An Insurance Group Co. of China Ltd. - Class H
  
24,500
    
   124,614
Powszechny Zaklad Ubezpieczen SA
  
91,001
    
   1,158,171
Sampo Oyj
  
58,176
    
   2,490,197
Samsung Life Insurance Co. Ltd.
  
9,836
    
   601,000
Sompo Holdings, Inc.
  
1,800
    
   38,097
Sun Life Financial, Inc.
  
2,753
    
   138,008
Suncorp Group Ltd.
  
18,597
    
   197,524
Swiss Re AG
  
544
    
   69,375
T&D Holdings, Inc.
  
5,200
    
   94,007
Tokio Marine Holdings, Inc.
  
4,200
    
   145,510
Topdanmark AS
  
31,474
    
   1,342,307
Zurich Insurance Group AG - ADR
  
3,590
    
   188,726
Zurich Insurance Group AG
  
270
    
   142,103
         
   29,654,656
             
Internet - 3.2%
    
Alibaba Group Holding Ltd. - ADR
  
4,499
    
   352,452
Alibaba Group Holding Ltd.
  
152,300
    
   1,487,139
Auto Trader Group PLC(b)
  
5,141
    
   54,080
Autohome, Inc. - ADR
  
1,323
    
   37,573
Bilibili, Inc. - ADR(a)
  
4,363
    
   63,351
iQIYI, Inc. - ADR(a)
  
12,194
    
   56,458
JD.com, Inc. - ADR
  
28,053
    
   830,930
JOYY, Inc. - ADR
  
2,046
    
   61,094
LY Corp.
  
14,900
    
   35,410
M3, Inc.
  
3,200
    
   31,030
Meituan - ADR(a)
  
4,650
    
   126,619
Meituan - Class B(a)(b)
  
33,700
    
   459,202
MercadoLibre, Inc.(a)
  
324
    
   559,088
MonotaRO Co. Ltd.
  
124,600
    
   1,316,204
Naspers Ltd. - ADR
  
4,780
    
   190,626
Naspers Ltd.
  
2,191
    
   434,329
NAVER Corp.
  
1,223
    
   151,406
PDD Holdings, Inc. - ADR(a)
  
8,343
    
   1,249,614
Prosus NV
  
4,876
    
   177,022
Rakuten Group, Inc.(a)
  
7,200
    
   37,448
Sea Ltd. - ADR(a)
  
5,525
    
   373,048
SEEK Ltd.
  
4,272
    
   64,332
Shopify, Inc. - Class A(a)
  
1,397
    
   82,633
Tencent Holdings Ltd. - ADR
  
15,036
    
   699,625
Tencent Holdings Ltd.
  
127,630
    
   5,921,214
Tencent Music Entertainment Group, ADR - ADR
  
76,164
    
   1,100,570
Trip.com Group Ltd. - ADR(a)
  
21,882
    
   1,127,142
Weibo Corp. - ADR
  
3,702
    
   32,763
Wix.com Ltd.(a)
  
389
    
   62,668
         
   17,175,070
             
Investment Companies - 0.0%(d)
    
L E Lundbergforetagen AB - Class B
  
1,867
    
   94,987
             
Iron/Steel - 0.2%
    
BlueScope Steel Ltd.
  
6,357
    
   89,709
Cia Siderurgica Nacional SA - ADR
  
41,580
    
   103,534
Fortescue Ltd.
  
5,658
    
   93,499
Nippon Steel Corp.
  
8,000
    
   175,138
POSCO Holdings, Inc. - ADR
  
3,580
    
   241,328
Vale SA - ADR
  
12,347
    
   148,782
         
   851,990
             
Leisure Time - 0.1%
    
Bajaj Auto Ltd.
  
3,278
    
   357,011
Shimano, Inc.
  
236
    
   38,515
Yamaha Corp.
  
1,300
    
   29,581
         
   425,107
             
Lodging - 0.1%
    
City Developments Ltd.
  
7,900
    
   32,886
Galaxy Entertainment Group Ltd.
  
10,000
    
   48,182
H World Group Ltd. - ADR
  
1,879
    
   69,955
Indian Hotels Co. Ltd.
  
33,098
    
   221,525
InterContinental Hotels Group PLC
  
1,515
    
   153,846
         
   526,394
             
Machinery-Construction & Mining - 2.7%
    
Epiroc AB(a)
  
79,278
    
   1,664,052
HD Hyundai Electric Co. Ltd.
  
2,410
    
   523,465
Hitachi Ltd. - ADR
  
1,830
    
   376,120
Hitachi Ltd.
  
25,701
    
   2,646,886
Komatsu Ltd.
  
4,400
    
   129,320
Mitsubishi Electric Corp.
  
158,800
    
   2,759,522
Mitsubishi Heavy Industries Ltd.
  
145,200
    
   1,270,174
Siemens Energy AG(a)
  
960
    
   26,142
Weir Group, PLC
  
194,522
    
   5,315,897
         
   14,711,578
             
Machinery-Diversified - 1.2%
    
Accelleron Industries AG
  
226
    
   9,158
ANDRITZ AG
  
14,343
    
   861,434
Atlas Copco AB - ADR
  
6,624
    
   127,048
Atlas Copco AB - Class A
  
6,804
    
   131,074
FANUC Corp.
  
1,000
    
   27,992
Haitian International Holdings Ltd.
  
31,000
    
   95,083
Husqvarna AB - Class B
  
4,490
    
   37,388
IMI PLC
  
94,474
    
   2,258,052
Keyence Corp.
  
500
    
   225,381
KION Group AG
  
1,235
    
   58,426
Kone Oyj - Class B
  
45,269
    
   2,309,575
Kubota Corp. - ADR
  
883
    
   62,481
NARI Technology Co. Ltd. - Class A
  
115,620
    
   358,742
SMC Corp. - ADR
  
2,280
    
   57,456
SMC Corp.
  
110
    
   55,553
Spirax-Sarco Engineering PLC
  
358
    
   40,937
Sumitomo Heavy Industries Ltd.
  
2,000
    
   54,417
         
   6,770,197
             
Media - 1.6%
    
Informa PLC
  
130,325
    
   1,418,452
Pearson PLC - ADR
  
15,198
    
   183,440
Thomson Reuters Corp.
  
1,367
    
   235,274
Vivendi SE
  
3,398
    
   37,419
Wolters Kluwer
  
41,750
    
   6,658,663
Wolters Kluwer NV - ADR
  
667
    
   106,820
         
   8,640,068
             
Metal Fabricate/Hardware - 0.7%
    
King Slide Works Co. Ltd.
  
8,000
    
   281,215
Tenaris SA
  
64,294
    
   1,062,285
Vallourec SACA(a)
  
124,521
    
   2,230,215
         
   3,573,715
             
Mining - 3.2%
    
Agnico Eagle Mines Ltd.
  
1,485
    
   101,292
Alamos Gold, Inc. - Class A
  
30,396
    
   507,917
Allied Gold Corp.(a)
  
270,686
    
   611,697
Antofagasta PLC
  
8,790
    
   249,333
Barrick Gold Corp.
  
6,196
    
   105,890
BHP Group Ltd. - ADR
  
3,707
    
   220,678
Boliden AB
  
2,900
    
   101,654
Cameco Corp.
  
25,611
    
   1,421,667
Capstone Copper Corp.(a)
  
124,622
    
   877,781
Endeavour Mining PLC
  
48,544
    
   1,053,903
Franco-Nevada Corp.
  
1,038
    
   128,504
Glencore PLC
  
338,144
    
   2,084,204
GMK Norilskiy Nickel PAO - ADR(a)(c)
  
2,034
    
   20
Kinross Gold Corp.
  
593,986
    
   4,824,407
Norsk Hydro ASA
  
15,202
    
   102,942
Polyus PJSC(a)(c)
  
1,719
    
   0
Rio Tinto PLC - ADR
  
1,210
    
   84,821
South32 Ltd.
  
44,192
    
   117,089
Southern Copper Corp.
  
38,502
    
   4,567,507
Sumitomo Metal Mining Co. Ltd.
  
2,000
    
   65,109
Wheaton Precious Metals Corp.
  
2,998
    
   165,220
Zijin Mining Group Co. Ltd. - Class H
  
24,000
    
   50,974
         
   17,442,609
             
Miscellaneous Manufacturing - 1.1%
    
Aalberts NV
  
31,299
    
   1,497,588
Knorr-Bremse AG
  
679
    
   52,292
Orica Ltd.
  
5,536
    
   67,745
Siemens AG
  
22,658
    
   4,367,115
         
   5,984,740
             
Office-Business Equipment - 0.0%(d)
    
Canon, Inc.
  
2,700
    
   78,576
             
Oil & Gas - 5.0%
    
Aker BP ASA
  
841
    
   21,712
BP PLC
  
565,730
    
   3,538,895
BP PLC - ADR
  
1
    
   38
Canadian Natural Resources Ltd.
  
4,335
    
   333,058
Cenovus Energy, Inc.
  
213,360
    
   4,447,381
Cosan SA - ADR
  
3,083
    
   32,310
DCC PLC
  
452
    
   33,009
Equinor ASA
  
74,876
    
   2,173,481
Equinor ASA - ADR
  
3,137
    
   91,412
Galp Energia SGPS SA
  
3,396
    
   71,415
Imperial Oil Ltd.
  
2,792
    
   196,836
Inpex Corp.
  
6,228
    
   96,097
MEG Energy Corp.(a)
  
46,848
    
   1,017,082
OMV AG
  
4,843
    
   244,757
PetroChina Co. Ltd. - Class H
  
1,284,000
    
   1,316,560
Petroleo Brasileiro SA - ADR
  
10,959
    
   170,412
Reliance Industries Ltd.
  
39,260
    
   1,346,850
Repsol SA
  
7,844
    
   128,050
Santos Ltd.
  
19,946
    
   101,346
Shell PLC
  
36,685
    
   1,333,539
Shell PLC
  
75,806
    
   2,736,183
Shell PLC - ADR
  
74,643
    
   5,432,518
TotalEnergies SE - ADR
  
7,259
    
   530,778
Ultrapar Participacoes SA - ADR
  
10,793
    
   47,813
Vista Energy SAB de CV - ADR(a)
  
22,066
    
   1,069,098
Woodside Energy Group Ltd.
  
7,291
    
   134,909
YPF SA - ADR(a)
  
15,756
    
   365,697
         
   27,011,236
             
Pharmaceuticals - 6.5%
    
Aspen Pharmacare Holdings Ltd. - ADR
  
6,986
    
   86,347
Astellas Pharma, Inc.
  
3,500
    
   34,362
AstraZeneca PLC - ADR
  
9,096
    
   709,670
AstraZeneca PLC
  
38,026
    
   5,911,070
Bayer AG
  
1,188
    
   36,549
Celltrion, Inc.
  
567
    
   72,378
Chugai Pharmaceutical Co. Ltd.
  
63,400
    
   1,928,993
Cipla Ltd.
  
13,082
    
   227,247
Daiichi Sankyo Co. Ltd.
  
3,548
    
   125,241
Daiichi Sankyo Co. Ltd. - ADR
  
876
    
   31,002
Dr Reddy's Laboratories Ltd. - ADR
  
6,965
    
   478,356
Eisai Co. Ltd.
  
800
    
   34,344
GSK PLC
  
79,996
    
   1,794,941
GSK PLC - ADR
  
3,977
    
   178,050
Hikma Pharmaceuticals PLC
  
43,442
    
   1,074,035
Merck KGaA
  
587
    
   106,687
Novartis AG - ADR
  
5,833
    
   601,557
Novartis AG
  
53,676
    
   5,555,356
Novo Nordisk AS - ADR
  
12,898
    
   1,744,842
Novo Nordisk AS
  
44,439
    
   6,020,957
Orion Oyj - Class B
  
672
    
   27,329
Recordati SPA
  
56,489
    
   2,981,642
Roche Holding AG - ADR
  
13,624
    
   436,104
Roche Holdings AG
  
12,667
    
   3,234,099
Sandoz Group AG - ADR
  
1,166
    
   41,381
Sanofi SA - ADR
  
5,762
    
   282,511
Sinopharm Group Co. Ltd. - Class H
  
36,400
    
   99,056
Sun Pharmaceutical Industries Ltd.
  
20,864
    
   365,400
Suzuken Co Ltd.
  
29,000
    
   875,541
UCB SA
  
810
    
   113,619
         
   35,208,666
             
Pipelines - 0.0%(d)
    
Enbridge, Inc.
  
6,937
    
   253,755
TC Energy Corp.
  
521
    
   20,090
         
   273,845
             
Private Equity - 0.4%
    
3i Group PLC
  
3,463
    
   127,600
Antin Infrastructure Partners SA
  
15,748
    
   219,653
Eurazeo SA
  
15,086
    
   1,273,413
Macquarie Korea Infrastructure Fund
  
49,750
    
   453,914
Partners Group Holding AG
  
95
    
   127,854
         
   2,202,434
             
Real Estate - 0.7%
    
Aldar Properties PJSC
  
316,803
    
   474,379
Corp. Inmobiliaria Vesta SAB de CV
  
182,600
    
   637,564
Daito Trust Construction Co. Ltd.
  
300
    
   31,685
Direcional Engenharia SA
  
68,338
    
   319,767
DLF Ltd.
  
61,864
    
   605,977
Emaar Properties PJSC
  
351,571
    
   733,187
FirstService Corp.
  
230
    
   33,838
Henderson Land Development Co. Ltd.
  
23,000
    
   71,966
Hongkong Land Holdings Ltd.
  
7,900
    
   26,855
Iguatemi SA
  
92,100
    
   356,410
KE Holdings, Inc. - ADR
  
4,582
    
   77,756
REA Group Ltd.
  
633
    
   79,162
Sunac Services Holdings Ltd.(b)
  
619
    
   149
Swire Pacific Ltd. - Class A
  
5,000
    
   43,523
Vonovia SE
  
1,074
    
   33,762
Wharf Holdings Ltd.
  
14,000
    
   41,703
         
   3,567,683
             
REITS - 0.3%
    
Ascendas Real Estate Investment Trust
  
23,000
    
   44,569
CapitaLand Mall Trust
  
25,000
    
   36,414
Fibra Uno Administracion SAB de CV
  
525,500
    
   743,347
GLP J-Reit
  
60
    
   49,889
Goodman Group
  
6,677
    
   150,062
GPT Group
  
9,864
    
   27,672
Japan Retail Fund Investment Corp.
  
123
    
   72,445
KDX Realty Investment Corp.
  
39
    
   37,658
Link
  
8,800
    
   37,104
Mirvac Group
  
19,373
    
   25,444
Nomura Real Estate Master Fund, Inc.
  
41
    
   38,526
Scentre Group
  
14,492
    
   30,580
Segro PLC
  
2,361
    
   27,726
Stockland
  
11,630
    
   35,045
Unibail-Rodamco-Westfield
  
938
    
   82,647
United Urban Investment Corp.
  
51
    
   45,451
         
   1,484,579
             
Retail - 1.7%
    
Alsea SAB de CV
  
71,300
    
   282,611
ANTA Sports Products Ltd.
  
12,561
    
   134,562
Associated British Foods PLC
  
1,593
    
   52,046
Astra International Tbk PT - ADR
  
3,615
    
   18,907
BBB Foods, Inc. - Class A(a)
  
4,411
    
   120,156
Cie Financiere Richemont SA - ADR
  
12,160
    
   194,682
Fast Retailing Co. Ltd.
  
441
    
   113,261
H & M Hennes & Mauritz AB - Class B
  
6,863
    
   121,353
Industria de Diseno Textil SA
  
3,052
    
   145,127
Jardine Cycle & Carriage Ltd.
  
4,000
    
   76,487
Li Ning Co. Ltd.
  
77,500
    
   203,511
McDonald's Holdings Co. Japan Ltd.
  
2,600
    
   106,502
Next PLC
  
952
    
   114,020
Pan Pacific International Holdings Corp.
  
1,500
    
   38,801
Restaurant Brands International, Inc.
  
3,260
    
   223,571
Ryohin Keikaku Co. Ltd.
  
175,900
    
   2,889,722
Shanghai Pharmaceuticals Holding Co. Ltd. - Class H
  
39,800
    
   59,090
Sugi Holdings Co. Ltd.
  
25,800
    
   400,432
Sundrug Co. Ltd.
  
25,500
    
   648,608
Tsuruha Holdings, Inc.
  
30,800
    
   1,827,979
USS Co. Ltd.
  
3,400
    
   26,585
Wal-Mart de Mexico SAB de CV - ADR
  
1,815
    
   67,972
WH Smith PLC
  
105,573
    
   1,547,044
         
   9,413,029
             
Semiconductors - 9.4%
    
ASE Technology Holding Co. Ltd. - ADR
  
6,033
    
   65,036
ASM International NV
  
3,377
    
   2,376,421
ASML Holding NV
  
1,129
    
   1,084,235
ASML Holding NV
  
3,319
    
   3,175,512
ASMPT Ltd.
  
30,700
    
   367,143
ASPEED Technology, Inc.
  
6,000
    
   679,057
Infineon Technologies AG
  
81,528
    
   3,298,487
King Yuan Electronics Co. Ltd.
  
133,000
    
   364,213
LEENO Industrial, Inc.
  
1,180
    
   228,679
MediaTek, Inc.
  
31,000
    
   1,187,117
Renesas Electronics Corp.
  
192,300
    
   3,543,439
Samsung Electronics Co. Ltd.
  
257,316
    
   13,633,331
SK Hynix, Inc.
  
13,654
    
   1,881,361
SUMCO Corp.
  
34
    
   511
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
  
67,291
    
   10,163,633
Taiwan Semiconductor Manufacturing Co. Ltd.
  
320,122
    
   8,197,666
Tokyo Electron Ltd.
  
1,200
    
   254,830
Tokyo Electron Ltd. - ADR
  
1,572
    
   166,884
United Microelectronics Corp. - ADR
  
36,418
    
   309,553
         
   50,977,108
             
Shipbuilding - 0.1%
    
Mazagon Dock Shipbuilders Ltd.
  
287
    
   10,976
Samsung Heavy Industries Co. Ltd.(a)
  
66,296
    
   441,845
         
   452,821
             
Software - 0.5%
    
Dassault Systemes SE - ADR
  
2,450
    
   99,323
Dassault Systemes SE
  
2,375
    
   96,524
Kaspi.KZ JSC - ADR
  
11,225
    
   1,418,840
NetEase, Inc. - ADR
  
2,660
    
   236,820
Nexon Co. Ltd.
  
2,300
    
   39,505
Open Text Corp.
  
1,156
    
   33,813
SAP SE - ADR
  
3,821
    
   697,103
TeamViewer SE - ADR(a)
  
4,442
    
   27,740
         
   2,649,668
             
Telecommunications - 1.5%
    
America Movil SAB de CV - ADR
  
7,257
    
   134,545
BCE, Inc.
  
5,900
    
   201,839
Bharti Airtel Ltd.
  
42,056
    
   692,530
Chunghwa Telecom Co. Ltd.
  
102,000
    
   403,590
Chunghwa Telecom Co. Ltd. - ADR
  
4,171
    
   165,213
Deutsche Telekom AG - ADR
  
5,690
    
   138,267
Deutsche Telekom AG
  
1,461
    
   35,523
Elisa OYJ
  
493
    
   22,971
Hikari Tsushin, Inc.
  
200
    
   32,828
KDDI Corp.
  
114,448
    
   3,153,589
KT Corp.
  
52,948
    
   1,413,688
Millicom International Cellular SA, SDR(a)
  
116
    
   2,914
MTN Group Ltd.
  
23,254
    
   102,035
Nice Ltd. - ADR(a)
  
288
    
   52,868
Nippon Telegraph & Telephone Corp. - ADR
  
984
    
   24,059
Nippon Telegraph & Telephone Corp.
  
75,000
    
   73,651
Orange SA
  
4,154
    
   48,505
PLDT, Inc. - ADR
  
5,294
    
   133,673
Singapore Telecommunications Ltd.
  
60,600
    
   111,477
SK Telecom Co. Ltd. - ADR
  
1
    
   21
SoftBank Corp.
  
2,800
    
   33,573
SoftBank Group Corp.
  
1,300
    
   75,228
Swisscom AG
  
80
    
   44,381
Tele2 AB - Class B
  
3,689
    
   36,078
Telefonaktiebolaget LM Ericsson - Class B
  
6,504
    
   40,075
Telefonica Brasil SA
  
53,600
    
   448,223
Telefonica Brasil SA - ADR
  
43,411
    
   363,350
Telefonica SA
  
9,725
    
   45,448
Turkcell Iletisim Hizmetleri AS - ADR
  
15,018
    
   115,188
         
   8,145,330
             
Toys/Games/Hobbies - 0.0%(d)
    
Bandai Namco Holdings, Inc.
  
2,400
    
   43,783
Nintendo Co. Ltd. - ADR
  
5,760
    
   78,221
Nintendo Co. Ltd.
  
700
    
   38,066
         
   160,070
             
Transportation - 0.7%
    
Canadian National Railway Co.
  
3,433
    
   437,124
Canadian Pacific Kansas City Ltd.
  
1,018
    
   80,788
DHL Group - ADR
  
1,603
    
   67,582
DSV AS
  
9,829
    
   1,513,365
DSV AS - ADR
  
826
    
   63,354
East Japan Railway Co.
  
4,500
    
   78,037
Getlink SE
  
1,582
    
   27,879
Indian Railway Catering & Tourism Corp. Ltd.
  
44,762
    
   548,062
Keisei Electric Railway Co. Ltd.
  
22,300
    
   800,939
Kuehne + Nagel International AG
  
126
    
   35,734
Mitsui OSK Lines Ltd.
  
9,000
    
   296,662
MTR Corp. Ltd.
  
9,500
    
   32,282
NIPPON EXPRESS HOLDINGS INC
  
500
    
   24,642
West Japan Railway Co.
  
900
    
   17,955
         
   4,024,405
             
Water - 0.0%(d)
    
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR
  
4,592
    
   64,977
Severn Trent PLC
  
1,062
    
   32,451
         
   97,428
TOTAL COMMON STOCKS (Cost $393,588,382)
    
 490,954,055
             
PREFERRED STOCKS - 0.4%
  
Shares
    
Value
Auto Manufacturers - 0.0%(d)
    
Porsche Auto SE,
  
851
    
   46,957
             
Banks - 0.2%
    
Banco Bradesco SA,
  
44,550
    
   109,593
Bancolombia SA,
  
1,414
    
   50,140
Itau Unibanco Holdings, SP ADR,
  
99,725
    
   597,353
           
   757,086
             
Semiconductors - 0.2%
    
Samsung Electronics Co. Ltd.,
  
27,955
    
   1,219,708
TOTAL PREFERRED STOCKS (Cost $2,099,417)
    
   2,023,751
             
EXCHANGE TRADED FUNDS - 0.2%
  
Shares
    
Value
iShares MSCI Saudi Arabia ETF
  
22,384
    
   897,822
TOTAL EXCHANGE TRADED FUNDS (Cost $851,536)
    
   897,822
             
RIGHTS - 0.0%(d)
  
Contracts
    
Value
Electric - 0.0%(d)
    
National Grid PLC, Expires 06/10/2024, Exercise Price $6.45(a)
  
1,627
    
   4,065
TOTAL RIGHTS (Cost $4,333)
    
   4,065
             
SHORT-TERM INVESTMENTS - 8.5%
        
Money Market Funds - 8.5%
  
Shares
    
 
First American Treasury Obligations Fund - Class X, 5.22%(e)
  
46,325,170
    
   46,325,170
TOTAL SHORT-TERM INVESTMENTS (Cost $46,325,170)
    
   46,325,170
             
TOTAL INVESTMENTS - 99.3% (Cost $442,868,838)
   $
540,204,863
Other Assets in Excess of Liabilities - 0.7%
    
3,968,585
TOTAL NET ASSETS - 100.0%
    
 
   $
544,173,448
     
Percentages are stated as a percent of net assets.
    

ADR - American Depositary Receipt
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
GDR - Global Depositary Receipt
NV - Naamloze Vennootschap
NVDR - Non-Voting Depositary Receipt
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SA - Sociedad Anónima
SA/NV - Societe Anonime/Naamloze Vennootschap
SAB de CV - Sociedad Anónima Bursátil de Capital Variable

(a)
Non-income producing security.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $5,717,084 or 1.1% of the Fund’s net assets.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $20 or 0.0% of net assets as of May 31, 2024.
(d)
Represents less than 0.05% of net assets.
(e)
The rate shown represents the 7-day effective yield as of May 31, 2024.
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 Fund are valued using the closing price or the last sales 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. 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 are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. 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.
 
The following is a summary of the inputs used, as of Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
115,972,851
      
374,981,184
      
20
      
490,954,055
  
  Preferred Stocks
    
757,086
      
1,266,665
      
–
      
2,023,751
  
  Exchange Traded Funds
    
897,822
      
–
      
–
      
897,822
  
  Rights
    
4,065
      
–
      
–
      
4,065
  
  Money Market Funds
    
46,325,170
      
–
      
–
      
46,325,170
  
Total Investments
    
163,956,994
      
376,247,849
      
20
      
540,204,863
  
   
Refer to the Schedule of Investments for additional information.
  

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 May 31, 2024, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.